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5*^ 



iBovis Constinctmligrited 



* f^uritebuUder 

Telephone: 01-422 3488 


No. 27,627 


Thursday August 3 1978 


**15p 


* 8 * 


'X* 


* Steels? 4 

Stockholders 





_OONTlHg4TAL 56LLI>ia WIC& AUSTTttA Sth 15; haCIUM Fr 25; DEKMAflK K r 3.5; PRAHCE F» 3.0; GERMANY PM 2.8; ITALY L Mflg NETHEWUNPS FI 2.0: NORWAY Kr- 3.~S; PORTUGAL -Ex 20;;5PA1M Pa 40;-SWH3EN Kr 3J5; -SWITZERLAND Fr 3.0; EIRE ISp 



Government seeks extra £2bn. over seven years 


ENERAL 


BUSINESS 



Street 


rom 


Bid to raise N. Sea 
tax revenue by 10% 


UK reserves 
up $193m. 

BY PETER RIDDELL,- ECONOMICS CORRESPONDENT 


BY RAY DAFTEft, ENERGY CORRESPONDENT 



year 


aq has vowed to take revenge 
•r attacks on its foreign lnstitn- 
dus in what Baghdad believes 
an underground war between 
s agents and Yasser Arafat’s 
at ah guerrilla group. 

Tv/o gunmen wounded an 
•aqi diplomat in, Karachi in the 
test incident in what Iraq sees 
; *■ battles' in a war of the 
•ooks" (secret agents). One of 
iu Karachi attackers . was. 
ayonetted to death. 

In Paris, the three Iraqi 
■curity men involve/! ..in 
ionday night's shoot-out which 
idod with a policeman being 
died, were expelled^ Page 3 
In London, two Afabs, a. man 
nd a woman., accused .of con- 
if ring to murder- the Iraqi 
mb-jfisador. were remanded -in 
ttsi'idy tor a week. The. 11 
raqis ordered out of Britain left 
Jew throw with one claiming their 
v pul: ion was “an. American- 
wuired plot.” 

^eration for . 
aSmon victims 

he two elderly couples who 
sue botulism food poisoning 
fior eating a tin of red salmon 
nvu had throat operations in 
hrmingham to ease their breath- 
14 . The four's survival chances 
re rated no higher than 50-50. 
Seim men were taken ill after 
salmon sandwiches at a 
h:wnh.uu factory but botulism 
as been ruled out. The inert 
re recovering. 

&un deadlock 

nu realists at The Sim voted to 
*ium to work but the manage- 
>cnt said the decision was 
•..acceptable because- .the 
nirnalists had imposed condi- 
•t, ns— the main -one being that 
must be. offe«di-';a 
rn’l'jcUYity agreement within 
rven d:i) s. 

Sanctions vote - 

T.o O S. House of Ke present a- 
iyrs voted 10 lift trade sanctions: 
•i.tirrsi -Rhodesia at the end of 
he year provided a new, freely- 
tfeeied yuvernmont is installed. 

In iIm* Commons Mr. John 
)avies. Shadow Foreign Sec- 
T-i :i . said he was opposed to 
ifnng sanetifuw immediately nut 

. .nried the Tories may oppose 
ii‘ .-xieiiMon beyond November, 
lark anti page 9 

Bremen die :k. 

“hx urmmui died when -the- "roof 

•it .! blaring --New York.-auper- 
11 u !;ei ciillapsed, throwing them 
nt«. the liamcs below. At least 15 
uhiTs were injured in the New 
fork lire department's. worst 
ii-.i-.ivi tor 1- years. 

Free Bermuda 

\ Ituvul Commission has recom- 
■uemlcd that Bermuda, Britain's' 
.-.Id.-i; colony. should be giveh its 
Isidcprndcnrc. The rommissfoir- 
bu.\s U 1 . 1 L independence should . 
hi- the main issue in the islands 
general election next .year. 

Train safety 

Tiip Commons was told that 
virn-ier safety measures are 
hcinc imput'd on sleeper traims 
l ul I o win K Ihe Tauntbn rail disas- 
Ur in which 11 people- -died. 

Think Tank ‘No* 

A White Paper dismisses all the 
m-i-i c*intniversial suggestions 
font lined in a- Think Tank 
report which called* for major 
t-uis ir: Britain’s overseas, repre- 
Miiiali.in. Back and Page 9; 
LdUurisl comment, Page 18 


.• NEW YORK Stock Market 
surged in heavy trading to 
establish the Dow ' Jones 
industrial average at 883.49, a 
new high for the yean The 
22.78 gain in industrials was the 



Briefly - - - . 

Toktfl is iu ration water after 
nf the honest- July® on 

'nvdrd. 

London's pcpulalion h3s ; fallen 
below Till for ihe erst lime in 
To > ears:- 

Wild haar which escaped from a 
Linn was being hunled .near 
Rjsilduu. Ewes, gulf course. 
Trade Secretary Mr Edmund 
Lh'ii Mow to China for talks on 
trade and industry 

links. 


. biggest daily advance since 
January 27, 1975. ; Dealers 

attributed buying to a belief 
that interest rates- were at, or 
near, their peak - Turnover 
reached 47.47m shares. -: Pages 4 
and 30 

• EQUITIES paused -after the 
sale by Allied Breweries of its 
21.4 per cent Trust Bouses 
Forte stake. The FT Industrial 
Ordinary Index cosed from Its 
noon figure 'of 498.4— the best 
this year — to end a net 6-2 down 
at495,3. The- FT Actuaries All- 
share -Index however, Amoved 
nearer to its hi^iest-eyer level, 
to close 0.1 up at 226.72. 

•' GILTS traded quite briskly 
oa hopes of a fall inMLR. : The 
Govenunent Securities Mex 
closed fl.Ofiup *t 70.S& A, 

DOLLAR Temainpd weak in 
sffifferiif' Japan's internal prob- 
lems arising fr®m the yen’s 
rapid appreciation, and dosed 
unchanged at/ YX86.30. Its 
' trhd^-wei^ited' depredation was 
also unchanged at 941 per cent 

• STERLING closed 10 points 
up at 3L9280. The pound's 
trade4Vdgbted index remained 
unchanged at 62.3. 

•/GOLD traded nervously, re- 
flecting dollar movements, to 
dose SJ up at $2032. Trading 
was also restrained ahead of the 
IMF gold auction. The New 
York Comex August settlement 
was $202.60 *$201.40). 

Scott Lithgow 
wins contract 

• SCOTT LITHGOW, tlic lower 
Clyde shipyard, has won a £50m 
contract to build a North Sea 
emergency support vessel for 
British Petroleum. Back Page 

'•'LAKER AIRWAYS chairman 
Sir Freddie Laker has been 
awarded the right to run Sky- 
train flights to Los Angeles at 
loss than half - present normal 
fares.. Rack Page . 

• WESTERN EUROPEAN 
chemicals producers are prepar- 
ing an anti-dumping case against 
North American styrene manu- 
facturers- They have also re- 
jected "the latest U.S. offer in 
the Tokyo round of international 
trade talks. Back Page 

• COSTAIN International has 
been awarded a contract in 
excess of £50m by International 
Military Services to build work- 
shop facilities in Iran. 

• SAINT PIRAN, the mining and 
construction group, has been cen- 
sured by the City Take-over 
Panel for “regrettable lack of 
care" in its purchase or lm 
shares in Orrae Developments. 
Back Page 

COMPANIES 

• tHrT) GROUP pre-tax profits 
for the year ended March 31, 
187S rose 8 per cent. t0 £3.45m. 
Page 38" 

• GSI. a wholly-owned subsidiary 
of the Development Bank of 
Singapore, is expected to make 
a public offer of 25m of its shares 
before September. Page 24 


THE GOVERNMENT is planning 
to raise a further £2bn in taxes 
fro nr North Sea oil operators 
over the next seven years as 
a result of changes in the 
petroleum revenue tax. outlined 
yesterday. 

The extra revenue— equivalent 
to about a 10 per cent- increase 
on currently projected oil taxes 
— will largely be drawn from 
fields which have yet to be 
brought on stream. For the- 
Government is proposing to 
drastically reduce the amount 
of concessions allowed to com- 
panies before they are liable to 
payment of the tax. 

Up to now companies have 
been able to charge' 175 per 
cent of their capital expenditure 
against the tax — this is one 
reason the Government has so 
far not yet received a penny in 
revenue from this taxation In 
spite of big profits being 
reported for a number of fields. 

However, if the Government 
survives to introduce the tax 
changes through a Finance Bill 
next spring, this allowance will 
be reduced to 135 per cent 
effective from yesterday. 

Other proposed tax changes 
include an increase in the basic 
rate of petroleum revenue tax 
from 45 per cent to 60 per cent 
as from January 1, .and a reduc- 
tion in another -of -the allowances 
provided to companies: as from 

Details Page 6 ® 


the beginning of next year field reacted . strongly against the 
Operators wiM be allowed a pro- changes. Several companies in- 
duction rate of only 500,000 dicated that they would have to 
tonnes a year before becoming re-evaluate development pro- 
liable for the tax instead of lm grammes, 
tonnes a year as at present. Esso, one of the biggest North 
Mr. Joel Barnett, Chief Sea companies which has so far 
Secretary to tire Treasury, said spent over xlbn. said the pro- 
that with petroleum revenue tax posals .would have a significant 
continuing to be deductible for impact on anticipated income 
corporation the Government and a review of future projects 
would increase public take by costing many millions of pounds, 
about £150m in the coming lr was disturbed by the plans 
financial year WMtehall was particularly as the Government 
n«r that the total tax take promised a stable tax which 
between now and 1985 would be uscd 35 a short " 

in the range of f20bn to £25bn. term 

Shell UK its North Sea part* 
t-i . ner, which has also invested over 

Jr Utlire £ll> n on UK Continental 

shelf, was greatly concerned 
As a result of the proposed about an additional tax burden, 
changes, the total tax take would particularly as it was still some 
rise to about 75 per cent of North years away from an annual break- 
Sea profits as against- a present even position. Shell felt that the 
level of a little under 70 ner increased taxes would fall most 
cent heavily on future fields. As these 

Mr. Barnett added, however, would probably be less profitable 
that there was no intention of than the early fields, a relaxa- 
“ clobbering " oil conraanies. The tion in the tax burden probably 
Government was seeking to would have been more fitting in 
ensure that the industry had the national interest 
reasonable assurances for future UK Offshore Operators’ Asso- 
development and profitability, elation, representing North Sea 
Companies exploiting economic- companies, viewed the proposed 
ally marginal fields could still be changes “ with utter amazement” 
helped by the tax and corpora- Mr. George Williams, director 
tion tax concessions as well as general, commented: “We did 
bv refunded royalties, if neces- not anticipate anything like this." 
sary. The tax changes and other grow- 

However, the • Oil industry ing State controls in North Sea 

Parliament Page 9 9 Editorial comment Page 18 


activities - could - seriously - affect j 
industry confidence. ; 

Coincidental with the tax j 
announcement,- the Department 
of Energy set out its final con- 
ditions. for the next round of-off- 
sfaore licences. Mr. Anthony 
Wedgwood Benn, Energy Secre- 
tary, said the conditions reflected j 
the Government’s aim in pro- 
viding the State with a fairer 
share of offshore resources. 


Stake 


Consequently.- the Energy \ 
Department has rejected most of 
oil industry's objections to the ! 
sixth-round conditions. 

British National Oil Corpora- 
tion will be operator for the 
exploration phase in six of the 
46 blocks to be allocated -in the 
North Sea, the South Western 
Approaches, the Celtic Sea and 
the Irish Sea. 

Companies are to be invited 
to offer the corporation a greater 
stake than 51 per cent in 
licences. 

They will also be asked to pay 
for some of the corporation's 
exploration and appraisal 
expenses. 

However, as a concession to 
the industry, the Government 
has agreed that during the field 
development stage the corpora- 
tion will reimburse the com- 
panies and pay interest on the 
borrowed money. 

• Lex Back Page 


Paris air controllers call 
off work-to-rule for talks 


A SUBSTANTIAL AMOUNT 
of foreign currency flowed into 
the UK last month for the first 
time since the beginning of the 
year. 

The Treasury announced yes- 
terday that the official reserves 
rose by $193m to $16.73bn 
(£S.7bn J during July. 

After adjusting Tor repay- 
ment of official debt and new 
borrowing, the underlying 
inflow of foreign currency was 
S328 cti. This con iras is with a 
total outflow or $3.1 7 bn in the 
previous four months. 

The change is. largely 
explained by the renewed 
weakness of the I'.S. dollar, 
which created a demand for 
sterling. 

The Bank of England inter- 
vened regularly lu restrain the 
rise in the rale. Nonetheless, 
the increase was 3.8 per cent 
against the dollar daring the 
mouth and 1.6 per cent against 
a trade-weighted basket of 
other currencies. 

Announcement of the figures 
made little Impact on the 
foreign exchange market yes- 
terday. Sterling closed 10 
points higher at 8L9280 and 
the trade-weighted index was 
unchanged at 62,3. 

The underlying inflow was 
lower than earlier market esti- 
mates, which at one stage 
ranged up to $lbn. It became 
apparent earlier this week 
that this figure was tco high, 
hut even the actual Inflows 
are' unlikely to have been re- 
flected fully in the published 
reserves figures. 

This is because there are 
likely to have been forward 
transactions delaying receipt 
of currency until later months. 
The published figures are 
nevertheless reassuring for 
domestic money markets, since 
they suggest that the pressures 
from abroad boosting the 
money supply have not been' 
too large. 


Gold and 
“Currency 
20 -Reserves 


| 1975 1876 1977 1978 

Debt repayment and new 
borrowing continue to offset 
underlying trends. Last month 
a tolal of $222m was repaid, 
including a small part of the 
UK's drawing from the Inter- 
nationa! Monetary Fund and 
loans raised hy the National 
Water Council and the Post 
Office. New borrowings last 
month amounted to SS7m. 

This is ail part of the policy 
of spreading the burden of debt 
repayment away from the peak 
years of the early 1980s. 

So far in 1978 the Govern- 
ment has undertaken, or 
announced, repayment of about 
S4jbn, ont or $25bn due by 
1985. New borrowings 
amounted to about 8850m by 
the end of July. 

The main repayment pending 
is of Slbn to the IMF. for 
which no date has been fixed. 


£ in New York 


Auk. 2 FtwS-ii* 


rn-ot S1.9 oU-.9aSO 
1 nir.nth O.W-0.40 dis 
Suuntti* 1.1£- 1.12 «iis 
12 uirinilu 4.10-5.90 ill* 


0.-I.V0.S9 ,t„ 
1.04-u.9£ ,1,* 
3.95.3.70 ,1m 


■ BY DAVID CURRY 

ftfe MAJORITY of France’s air 
i traffic controllers have called off 
their, work-to-rule after the 
agreement of M. Joel le Thenle, 
Transfiprt Minister, to discuss 
their grievances on Tuesday. 

Controllers in, the vital Athis- 
Mons sector, which covers the 
Paris and northern region, met 
this morning and decided to seek 
a meeting with, the Minister. 
They called off their action^vhen 
this was arranged and the other 
three centres are almost certain 
to follow suit. 

This means that air traffic 
could be back to normal over 
the -weekend. 

The 2,500 controllers, who take 
charge of aircraft flying above 
11,000 feet in French air space, 
are drinandlng better pay and 
higher man ning levels, and 
immediate investment in modern 
electronic aids to replace equip- 
ment which, they claim, is up to 
■IS years old and inadequate to 
handle safely present traffic 
volumes. 

_At three of France’s four 
regional control centres— Brest. 


Bordeaux and Aix— controllers 
decided to resume their action 
if the Government did not agree 
to negotiate. 

Now there seems enough 
common ground between Govern- 
ment and controllers at least to 
put together a temporary agree- 
ment, provided that safety takes 
priority over pay as the central 
theme of the discussions^ 

The Government has said that 
the 1979 budget will provide for 
substantial investment in-'equip- 
ment and that manning levels 
and working conditions will 
improve. 

10% cancelled 

The Government, mindful of 
the need to keep its incomes 
policy intact, will he unwilling 
to concede anything which can 
be interpreted as a clear victory 
on pay to the controllers. But, 
since the controllers have 
chosen to emphasise the safety 
aspects of their protest, they 
may find it difficult to resume 
action iu the face of Govern- 


ment assurances about its 
concern to improve safety. 

French airlines are claiming 
that the weekend stories of 
packed departure lougges and 
inflamed tempers exaggerated 
the true impact of the work-to- 
rule— at least as far as getting 
away from Paris was concerned. 

Air Inter, the domestic airline, 
said it had to cancel little more 
than 10 per cent of its flights. 
Air France daimed that all its 
flights got away at least on the 
same day as scheduled and more 
than three-quarters of them 
within two hours of the planned 
time. However, this ignores the 
situation in the charter business, 
where long delays were much 
more frequent. 

• Manchester’s Ringway airport 
could be crippled by lightning 
strikes next week if an unofficial 
dispute involving 70 firemen is 
not settled. The airport, hit this 
week by the French air traffic 
controllers' work-to-rale^ could 
face more chaos from Wednesday. 

Rincway's firemen have been 


PARIS, August 2. 

on a work-to-rule for the past 
week in a manning row but they 
have warned of lightning strikes 
if their demands are not met — 
action which would stop all 
passenger aircraft. 

• Employees of Alitalia, Italy's 
national airline, will strike from 
noon to midnight over demands 
for better fringe benefits. All 
Alitalia flights from Rome 
airport will be cancelled and 
non-Italian airlines are expected 
to suffer delays because ground 
persoanel as well as flight staff 
will be involved. 

Negotiators failed earlier this 
week to reach agreement on 
union demands including over- 
time ' payments for employees 
working on some former national 
holidays which were abolished 
last year. 


Stock Exchange ‘anxiety’ 
on insider ban 


BY MARGARET REID 

: A CAUTIOUS note abnut the 
; Government’s plan legally to ban 
■insider trading — the use of uoo- 
( fidential information to make 
profits on share deals — has been 
i struck by the Stock Exchange 
• in Its latest evidence to the 
.Wilson committee on financial 
institutions. 

The Exchange is expected to 
intake a statement after a 
detailed study it is now conduct- 
ing of the Government's pro- 
posals in last month's White 
Paper. Changes in Company Law. 

Its evidence says: "There is 
ground for some anxiety about 
the extent of the definition of 


’ insider * and about the effect of 
such legislation od the willing- 
ness of persons to give evidence, 
thus incriminating themselves or 
their principals." 

In a joint statement with the 
City Take-over Panel in 1973, the 
Exchange recorded the view that 
insider dealing, properly defined, 
should be made a criminal 
offence. 

Some Stock Exchange per- 
sonalities are worried lest the 
proposed legislation against in- 
sider trading should make it very 
difficult for directors to deal in 
their company's shares. 

Details Page 6 


Allied sells all shares in THF 


BY KENNETH GOODING 

Ttra LONG and often acrimo- 
nious dispute between Allied 
Breweries and Trust Houses 
Forte ended yesterday when 
Allied sold all its THF shares 
for £48.37 m. - 

/ Nearly a quarter of the issued 
shares in THF, one of the world’s 
major, hotel and catering groups, 
was sold for around £5 7m within 
two hours yesterday morning by 
stockbrokers Cazenove and Co., 
with the total boosted because 
Sir ~ Charles Forte took the 
opportunity to sell some of his 
personal holding at the same 
time. 

rThe shares were placed in 
£dirly small bundles among a 
wide, assortment of- institutions. 
The discount on the previous 
market price was less than might 
lave been expected. 

Allied’s 21.499m shares were 
sold at 225p each, only 12p 
below the market price. Sir 
Charles probably collected a 
little less for the 4m shares he 
sold. 

The association between 
Allied, the Ind Coope. Tetley and 


An sells group, and THF, dates 
from October, 1971, when Allied 
made an unwelcome bid. At the 
time the THF board was split by 
internal strife. 

The bid was unsuccessful but 
Allied kept the 25 per cent 
shareholding it bad built up. 
Subsequently this percentage 
was reduced slightly when Allied 

Details Page 21 
Lex Back Page 

did not subscribe to a rights issue 
in 197S. 

Sir Charles also bought shares 
in THF at the time of the bid 
and is reputed to have spent 
£8m. He collected roughly £9m 
from yesterday's sale and this 
will be used to pay off borrow- 
ings incurred when he was 
buying. 

The dividend payments he has 
received would certainly not 
have covered the interest pay- 
ments Sir Charles has bad iq 
make on the borrowed money. 

Allied, for its part, will not 


have to borrow so heavily to 
finance its £164 in investment 
programme which is about - half- 
way completed. It could be pay- 
ing around 12 per cent on its 
borrowings as against the 6£ to 
7 per cent return on its THF 
investment _ Allied has been 
receiving in recent years in 
dividends — worth around £2.5m 
a year. 

The slock market reacted 
favourably as far as Allied was 
concerned and its shares rose 2£p 
to 93 p. 

Both camps were insisting last 
night that the share sales indi- 
cated no lack of confidence in the 
future of THF. Sir Charles 
pointed out he keeps more than 
S.5m shares. (worth around £18m) 
and that tie and his family— 
which between them account for 
well over 10 per cent of the 
issued capital— “continue to be 
totally committed to the group.” 

Mr. Keith Showering, chairman 
of Allied, said the timing of the 
sale was influenced by the 
healthy state of the stock market 



•Vtf.' • r>- ' : . •*- 


CONTENTS OF TODAY’S ISSUE 


CK5EF PRICE CHANCES YESTERDAY 


i i*i ices in pence unless otherwise 
indicated) 

RISES- 

F.-crhcn. !0pc 1980 ..£1041 + vjj 

Treasury i2;Pc j j 

H.ifcrr Perkins jjv'JgL-T * 

TjrU CurunionviNiUn a 

P.r.,«n ;-.nrl Jackson... » ; 10 

Kuroilivnn Sj J S 

Kwrr iC.i 4E « T J 

Grimiil- Photographic 48 + 4 

Mitinu lovs Sd + * 

'Suldeley ... : 

T»:m.v,-.- A i l 

i-.ir:tiu«rl Buiwon ... 1 W + 

Vm Mm... b2 ** ■» 

\ Ml and %u«bru..fla + 

KH» *.'J T ?.■ 

SI,, nr C.;in»£*t« - « + J 

Sirrlinx Credit T J 

Trans :«nd A mold ... 'Hh + 7. 


Vaiut Brow's: ... — . 329 + ® 

Victor Products 165 + S 

Wlgfall . ttU 2-W + 6 

Zenith. Carb. A' M T Z 

, FALLS 

Bourne HoUingswortfa 205 -8 
Dixons photographic 1« - 7 

Moihercare . DW " ® 

Thomson Org. 2J® “ 35 

Tniai Houses Form... 229 - s ■ 

BP ass.- J2 

i.isun ; 350 — G 

L ASMO ."Ops" ~ J5 

Sheff Transport - 10 

Siebens (UK) 555 ?S- 

TricontroL v MS ~ JO 

Free State Geriuld — “ * 

iSt. Helena ? 

Selection Trust 436 ~ »• 


European new? 2-3 

American news 4 

-Overseas news 3 

World trade news J 

Home news— general 6-8 

— labour 8 

— Parliament ... 9 


Herr Schmidt's economic 
package 3® 

Economic viewpoint: Pnt 


Technical page 10 

Marketing page 10 

-Arts page - 1” 

Leader page 18 

UK Companies ..... — .- 2021 
Mining 21 


Inti. Companies 22*24 

Euromarkets 22 

Overseas markets 30 

Money and Exchanges 30 

Farming, raw materials ... 31 

UK stock market 32 


not your trust in Princes 19 face of Spain 


FEATURES 

Business and the Courts: 
When Banks are forced to 

pay up - 16 

Basque threat to changing 


S. Africa’s urban founda- 
tion 3 

.6 French Pharmaceuticals ... 23 

F.T. SURVEY 

2 Alberta 11-15 


Aooof&lmciiis <B 

Appel fttmcttte AdvH. Zft-27-a 

Hmki » 

BwiittH OW- - — 
CmJMWOrri — “ 
CcokmiIc ' Indicators 3V 

Entertainment Guide 

- Em onlm 30 


FT.Acraaries l*dices 32. TV dad RotU# u 

Letters M Unit Trim* 33 

Uw - »• Weather 3* 

Lombard IS Bate Rates 30 

Men and Manors ... IS 
Radas .. H U 

Share tnlonnaUsa ... 34-35 INTERIM STATEMENTS 
Today's Events .. . . 19 Borins 8m. 23 

For latest Share lnder ’phone OJ-24S S026 


Rofesa Asmnacc ... 25 

ANNUAL STATEMENTS 
rhcitt i fi eid Prop*. 25 

Patens 20 

Imp. Cbbl Cos 25- 

Takette Chan. Inds. M 

wkntfuni Invests. — . 21 



ln!95Q we erected thevvorlds^ ^nesf lager to commemorate Sir Winston Churchill's visit lo Copenhagen. 
Never have so many owed so much to one brew 
ProbaWy the best lager in the world. 


i 









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UNRIVALLED OPPORTUNITY 


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Telephone 1*0+123.5. 


BOSCH 


Credit Aid Limited 


WHAT CAN \VE DO FOR YOU? 

By reducing debtor days. we increase your cash 
thereby improving your working capital 

THUS INCREASING YOUR PROFIT 
Contact in strictest confidence Cor 
/k Commercial Collection & Business Information 
XA A. B. Badenoch, A.C.A. D. W. Clark, A.C.A. 

\lr y Credit Aid Limited 


iiuw. 


dMev.-Srr.twS'ire*. Lonrion ECJV 6AA, Trleohone ■ 01 353 v;? 


EXPANDING WELL ESTABLISHED AND WELL CONDUCTED 
FAMILY HEATING ENGINEERS AND PLUMBING COMPANY IN 
SHEFFIELD AREA OPERATING IN DOMESTIC/COMMERCIAL 
AND INDUSTRIAL HELDS MAY BE INTERESTED IN 
JOINING A LARGE GROUP 

Experienced and energetic director team with good track record. 
Current turnover approx. £1.3 million and excellent profits. Full 
order books well ahead. 

Write Box G234I, Financial Times, 10 Cannon St., EC4P 4BY 


REAL ESTATE 


WANTED 


Asian RciUcor / Auctiotwvr from Singa- 
pore ix interested in an etcablishtd 
busincu of a itmilar nature. Would 
participate actively with a view of 
increasing remover through participa- 
tion m allied ’ficldt Possible funds 
from external accounts. Write in strict 
confidence to: 


Sox G3370, Financ'd Timei 
10 Cannon Street. EC4F 4BY 
giving phone number 


IF YOU HAVE GOOD 

SOCIAL AND 
BUSINESS CONNECTIONS 

with Banks. Receivers. Accountants or 
are actively involved in the real estate 
business or frequently associated in 
good investment propositions (liquida- 
tions) and earn for yourself a piece 
of the action without any investment, 
this Is an opportunity of a life time 
without frapardlslng your present posi- 
tion. Write In strictest confidence to 
The Foreign Interior. Box G2371 
Financial Timer 
• 10 Cannon Street, EC4P 4PY 
giving phone number. 


REPUBLIC OF IRELAND 
WHOLESALER 


Fancy goods; Toys; Jewellery; etc. 
Desires link unth English counterpart 
Re: Buying, etc. 


Write BoxG.2372, Financial Times, 
IQ, Cannon Street, EC4P 4BY. 


SUBSTANTIAL 

BRITISH COMPANY 


ENJOYING SALES OF D.M. 6 MILLION PER 
ANNUM TO THE GERMAN AUTOMOTIVE 
INDUSTRY 


is prepared to offer the facilities of its Hanover office to 
other companies seeking business with German companies in 
the automotive field. Facilities will include market repre- 
sentation, liaison with local warehousing and full secretarial 
cover. 

Write Box G.2374 Financial Times, 

10. Cannon Street. EC4P 4BY. 


THE WORLD DEMAND FOR FLAT PAI1ETS 
EXCEEDS £2,500 MILU0H PJL 

New patented United States pallet ripe for exploita- 
tion. Machinery available for early production. 
Marketing plan ready. Discussions to take place in 
U.S.A. in September. 

Further details -from Box G.2337. Financial Times, 
10, Cannon Street, EC4P 4BY.-- - 


Corporation & Income 

TAX 


can be 


SAVED 


and turned into 


CASH 


for 


CLOSE COMPANIES 
and their shareholders 


Write Bax G1377. Financial Timm 
IB Cannon Street. E C4P 4 BY 


For further information contact: 

K.Dean, 

ARBUTHtyOT FACTORS LTD., 
Breeds Place, Hastings, 

E. Sussex. 

Tel: 0424-430824 


SMALL PRIVATE 

PRECISION ENGINEERING 

CONCERN 

wish no sell Sifj holding* 
Eit. i4 years. Owner retiring 
Write Box G2364 
Financial Times 
10 Cannon Street. EC4P 4BY 


MANUFACTURER AND 
EXPORTER 

u Middle Ejst/Afric* of capita! equip, 
meat used in Construction Industry 
seeks informal tie up on mutual asms- 
anee/coflimistian basis with Manufac- 
turers /5upp lie re /Salesmen in this field. 


Write Box G23B1. Financial Timet 
10 Cannon Street. EC4P 4BY 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR 08 INCLUSIVE 
READY MADE £03 
COMPANY SEARCHES 


EXPRESS CO.' REGISTRATIONS LTD. 
30 City Road. ECI 
01-628 5434/5/7361. 9936 


| OVER 40.000 SCHOOLS AND EDUCA- 
• TtOH ESTABLISHMENTS can be reached 
. bv mail. The Educational Addressing and 
1 Mailing Service Derby House. Bedmll. 
| Surrey. RH1 3DM. Mprstham 2223. 


i START AN IMPORT. EXPORT AGENCY. 
No casual reaulrea Established over 
SO fears Clients In 62 countrus. Send 
S;A E.— wade Dept, F., P.O. Boa 
9. Marlborough. Wills. 


Factory reconditioned qnd. guaranteed 
by IBM. Buy. save op to 40 p.c. 
Leave 3 years from £3.70 weekly 
Rent frem £19 per month 


Phone: 01-641 2345 


BUSINESSES FOR SALE 


INVESTMENT REQUIRED 

By Security Equipment Company which ha* excellent exitcing pro- 
ducts and in addition, an even more exciting and entirely innovative 
concept in tor.il domestic, commercial and industrial anti-intruder 
protection which is now out of development and ready for 
manufacture and marketing. 

The success and brilliance of our development team ha* led us to 
the regrettable conclusion chat we cannot do justice to the future 
marketing of the results of its efforts. 

We are therefore looking for a party who is able and willing to 
inject the necessary funds (around £50.000) for a negotiable piece 
of the highly interesting action. 

For someone who on investigation is impressed and becomes as 
enthusiastic as we are in realising the potential of our system, we 
are willing, reluctantly, to pass on the fruits of our labours and 
inspiration as a total situation to ensure that they are properly 
exploited. 

Write So* 7. Financial Tunes, 10. Cannon Street, EC4P 4BY. 


ELECTRONICS 


COMPANY 


Manufacturers of Television and Video projection 
systems. Two model range and completed prototype 
model. Substantial .export sales. Full Manufacturing 
facility — S.E. England. Range of Finished Product 
and Component parts. Further details apply to: — 
Box G.2366, Financial Times, 

10, Cannon Street, EC4P 4BY. 


EMPLOYMENT 

AGENCY 


Gan-jinc 'tjism ‘o-ca t*w site of chu 
Mlipfishpd busmen. Ability and pro- 
fesi-onal approach to »ork hoi meant 
our A£C!Uf c> painting to a commission 
turnover of over £< 1.000 per week, 
mainly from r-mpprary professional 
recruitment in London ji opposed to 
our provincial offices, which oporate 
■uNi'.fullr. 

W( would prefer offers from a public 
company and will only entertain 
diKiimom with principal!. 


Wrfte Box C.?jlS£, Financial Timn, 
JO, Cannon Street. EC<P 4BY. 


INDUSTRIAL BUILDING 
MANUFACTURER 
FOR SALE 

located Wen Midlands 
TURNOVER £1.5 MILLION 
80 employees. Good profits. 
Part of large group now concen- 
trating in other areas. Manage- 
ment prepared to stay on. 

F.-iiKlpcti only write to 

Is* G.2383. Financial Timet. 

10. Cannon Street, £C4P 4BY 
lor further detail*. 


SHEET METAL 
FABRICATION COMPANY 


FOR SALE 

ESTABLISHED over 20 YEARS 
HERTFORDSHIRE BASED 
Turnover £1,500.000 p.s- Net MtiJt* 
£250,000. Current order book 
£1.000.000. Tax Ibssm tire* £250.000. 
Company eroding profitably, own 
produet range, owners retiring, offers 
invited ,A eaxets of £250.000. 
Principal only need apply to 
Bex 6.2321, Financial Timex. 

10, Cannon Street, FC4P 4BY. 


OFFSHORE FACILITIES in taxation saver* 

tiling. cremation, office manaoemeM. 
etc.. . BMerwriUen 0* U.K. resident. 
M ratine* will Be held iA London In 
AwvR, of bv arrange m en t , write Be* 
G 2357. Financial tiihm. 10. Cannon 
Street, ecap 4BY. 

INSULATION COMPANY lor sale L40.000 
sax Wtsea, Write Bov G.J375. Financial 
Timas. 10, Cannon Street. EC4P -BY. 


RESTAURANT 

NIGHTCLUB 

Prime position 
Mayfair 

Luxuriously furnished. 

Seating 250 people. 
Licensed until 3.00 am. 
Substantial figure 
required. 
Principals onlv. 
Write Box G.2360, 
Financial Times. 

10. Cannon Street. EC4P 4BY. 


FOR SALE 

HARDWARE WHOLESALER 

Prefitablv and well established. D.icr,- 
bution North Waist and Wen Mid- 
lands. Salas £220 000. Freehold prt- 
ntiui. Young mansjnniont. Net win 
approx. £60 000 Owner retiring. 
DIVERCO LIMITED 
4 Bank Street. Worcester 

0905 22303 


CANADA 


FRACTIONAL H.P. ELECTRIC MOTOR 
MANUFACTURING COMPANY 


Well established with modern highly productive 
equipment- Max. capacity around 12' million dollars. 
Principals only. 

Enquiries to: . : 

Bullock Worthington arid Jackson, Solicitors. 

. . 1. Booth Street. Manchester 2. 


FOR SALE 


AS A GOING CONCERN 
Residential Developers A Build lag 
Contractor! in Om Midlands 
5 pro i he re in traditional construed on. 
Excellent contracS. land bank, own 
modern freehold premises, t/o approx. 

£l.5m. Principals only please. 
Write Bor G.2363. Financial Timet, 
10. Cannon Street. £C4P 4BT. 


PRIVATE SCHOOL FOR SALE 

f within 25 milt at London/ 

100 pupils ( increasing) from 
11 to “A” Level \ ' 

Freehold Premises with HrattoiMter’i 
family ascent moditiefl. 

PRICE: £235.000, 

Write Box G. 2342. Flnonctel Timet. 
111. Cannon Street, EC4P.4BY. 


BUSINESSES WANTED 


CARDIFF 


CITY <3NTRE SHOP INVESTMENT 
FO* SALE FREEHOLD 
Currant income £7,900 per annqm 
Price tfiS.000 

coore a ahilwrighT 
10 Harcourt House 
|9s Cavendish Square. London. W| 
Tof: 01-500 4949 


BUILDING INDUSTRY 


Company actively engaged in the Building Industry 
seeks to acquire the whole or share of companies 
engaged in allied trades, i.e. cavity wall insulation, 
double glazing, wall coatings, etc. Retention of 
existing management is important 


If you would like to initiate discussions please write 
in confidence to Box G2339. Financial Times, JO 
Cannon Street, London EC4P 4BY. 


DIVERSIFY AND BUY 
MY COMPANY! 

Tunwwar £60,000. profit* £25.000 
plus, all on cowries work and expond- 
m fl ‘y *° £1 million plus. Sole pro* 
pi-tow tired of being on bis own will 
sell outright or ixpmd and davaiop 
tM company if required. All offers 
considered. Company ; s London based. 
Writ* Box G.237S. Financial Tlsm. 
18. Cannon Strew. BC4P 4BY. 


ELECTRONICS 


Electronics Division of substantial 
Public Company neks to expand Its 
activities by zeqairing first cion 
companies with good track records. 
Ample funds available for outright 
PlKCtHM. 


Write Box G.2324. Flnandd Time*. 
TO. Copiwh Street, EC4P 4 BY. 


- CIGARETTE VENDING 
WE REQUIRE 

A afiARCTTE VENDING ROUND 
IN THE WEST MIDLANDS 
widi • minimum turnover of £125.000 
par annum. Please scan asking price 
and quality of machine* and location. 

Write tor 
MR, JOHNSON 

t Theodora Owe. Oldbury, Worley 

West Midlands 




l 


Would also welcome replies from manufacturers of 
above lines not already represented in Ireland. 


IBM ELECTRIC 
TYPEWRITERS 


PRIVATE FINANCE COMPANY 


seeks participation in existing cor. 
poritc situations. Ideally applicant will 
be a manager with established track 
record who wishes sa expand present 
operations or who believes that a 
subsidiary or busmen being sold by 
hit employer! has unreal isad potential. 
Funds available £50.000-£2SD.00D 
Write Box G23B0. Financial Times 
fO Cannon Street. EC4P 4 BY 


RINGPARTS 

». (LEEDS) LTD.. 

This new energetic end 
enthusiastic organisation now 
exporting into European coun- 
tries is .desirous of . -obtaining 
agendes for ' air types of pro- 
ducts. especially those in" die 
motor and D.f.Y. industries. 


Manufacturing organisations 
large or small please send- im- 
mediate details - of -products. 
Finance available* to tin smalt 
organisations' to.:, help in 
production,. 

Telex:'5S7254- ' 

Tel: Leeds (0532) 634222 . 


or write to 


Mr. J. Tip lady. Goner*! Mamgur 
RINGPARTS (Leeds) LTD. 
Whitehall Rood, Loads LSU 5NL 


SWITZERLAND 


Save your time from 
administrative duties: 


'• We offer:' 

* Formation, domiciliation and 
administration of Swiss and 
Foreign companies 

* Accounting 

* Taxation 

* Law 

* Consultation and secretarial 

services 


SERYADOR SJL - 
6, rue Belloc 
1206 Geneva 
Tel. (022) 47 14 90 
Telex 28 92 28 Serv CH 


PRESTIGE CARS' WANTED 


TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
. PRIVATE CAR OWNBtS 
Are you obtaining th* best price for 
your iDW-fniloage prestige motor-carl 
Wc urgently require RoUs-Royca. 
Mercedes. Daimler. Jaguar. Vandan 
Wan BMW. Porsche, Ferrari. Miserttf, 
Lambtwrgbini, Jensen Convertible, 
Rover. Triumph and. Volvo cars. 

Open 7 days a week 
Collection anywhere in UK. Cash or 
Bankers' draft available. Telephone as 
for a Ann price or our buyer will call 

• - ROMANS OF WOKING LTD. 
Brock wood ( 04367) 4567 


ACQUISITION OF 
INSURANCE 
BROKERAGE 


Small Lloyd's Broken seeks to acquire 
Insurance brokerage with well 
balanced portfolio— Commission Income 
oot ieu> tiian £30.000— based London 
or Home Counties preferably — coo- 
imiuu of presen: numageaiont deur- 
.ablc bu; not essential. 

Pfnu? jerttf rctn auf dcftoU to strict 
■wnjdiipx h* s»m if— CS. Fmoncutl 
Times. TO. CanHvH at reel, SC4P 4 BY. 


GRP/FIBREGLASS 

MOULDING 

Well established privately owned 
moulding company in Southern England 
is currently increasing production 
capacity^ 

Above average calibre . design and 
engineering management seeks addi- 
tional sob-contract load or propositions 
'cading to early utilisation of this 
extra capacity. 

Conttrucclan, engineering, marine 
orientated and general industrial 
markets are currently being supplied. 
Write Sox G2353. Financial Timex 
JO Cannon Street, EC4P 4 BY 


Can we Manufacture your 
product and (juote you 
Free of Charge! . 


Fully equipped manufacturing company 
will quote with manufactured sample 
F.O.C. for any article. Large or small 
quantities. Using spire capacity — 
very rcawnable prises. 

Write Box C2379, Flnonciaf Timet 
10 Cannon Street. E C4P-4BY 


ISLE OF MAN 

OFF5HORE TAX SAFEGUARD 


Crup the opportunities in a low tax 
area, we specialise m the formation 
ol companies including nominee 
appointment. secretarial services., 
general agenev work, telex and general 
consultancy Including commercial 
. placements.. 

FuH details from P. A. Brown. BROWN 
BROTHERS LIMITED. Victory .How*. 
Prospect Kill, Douglas. Isle ®f BUI. 
Tel. 0624 25661. Tele* 82041. 


ATTRACTIVE SITE 
Lake District Town Centre 

Doyc.uper* wish immediate Planning 
permission arid Brit class tenants seek- 
ing premises require partner with 
capital and expertise to finance and 
rampleto the development. Excellent 
ii te ,n excellent area. Would suit 
Pension Fund. 

Wrfte Box G2369. Financial Timet 
10 Cannon Street, CC4P 4 BY 


SYNDICATE 


being formed for the purpose of pro- 
moting a novel and eliciting concept 
co cake advantage of the modem trend 
of youth in the field of entertainment, 
leisure and pleasure. Minimum 
participation £ 1.000. 

BUSINESS AMALGAMATIONS LTD. 

< Old Rond Street, London WlX 3TA 
01-429 8586 - Telou 262350 ImpMn 


ENGLISH EX COMPANY 
DIRECTOR 


resident Monte Carlo 


prod kmra-lcditc EEC coon tries, exten- 
sive •-xp'-rH-nce commerce, exporting. 
Coii. rk-ituii.-uiiKu. finance seeks 
boDortunny to use his abilities. 

IVritt Box G-2383, Financial Times. 
10. Cannun Sux-el. EC4P *BY. 


WANTED AS PRINCIPALS 

cantrotl.nq or 100"v Interest In 
■muted companies with property or 
assets 

UP TO £5M 

Wc are extremely X ex IBM and ran 
arrange the transaction to suit ttw tax 
position at Individual shareholders and 
directors. Principals. «dvtxrg and 
agents reply In conhdence to: 


METCALFE. HARDING & CO- 642. 

Old hum Road. Fnlh. worth. MuCluatar, 
Tel: ofiT-601 MSS. Telex 6SU93. 


A UMITED NUMBER OF 
OPPORTUNITIES 

are now available to invest In real 
estate in the lovely 

ALPINE TOWN OF CRANS 

Luc is good and money is safe in 
Switxerland. Oetolfa front: 

ANDREW BAINBRIDGE 

14 Dover Strot. London Wl 
{01-491 1452) 


NEWSLETTERS 

Because of expansion in other 
fields, we wish to sell 2 on-, 
going letters. These are in 
ineraj business areas. Prices 
19300 and £9300. 


Si 


Wrfte Box G.2373. Financial Timet. 
10. Canoon Street, EC4P 4&T. 


UMITED COMPANIES 
Formed irfUX & Worldwide 

irtCludifig 

ISLE OF MAN £133 

DELAWARE $400 

PANAMA 5870 

Contact: CCM Ltd.. S Praipvct HIH. 
Douglas. I.o. M. Tel: Douglas (0624) 
13713. Ttlvn 6179W BALIOM G 


Financial' Titans KPT8' 


11 ROPE AN NEWS 


warns oir 




BY PAUL BETTS 


ROME, August 2 . 


THE POWERFUL Italian .Com- 
munist party is - increasingly 
alarmed over the deepening rift 
now becoming .apparent inside 
Italy’s left-wing-forces. 

In a rare interview.. published 
here today, ; Sig. ’'/.Enrico 
Berlinguer/ ; the _ Communist 
leader, unambiguously expressed 
his concern over the growing 
split between his party and the 

Socialists. 

Tbis split represents one of 
the most significant ..political 
developments here In the. .past 
weeks. 

The Communist Jeader warned 
today that such a rift could 
seriously weaken the lett/wing 
parties as a whole, and said 
he was “ disturbed ” by the new 
line adopted by the Socialist 
secretary general, . .Sig. Benin o 
Cnud- 

Since their surprising electoral 
recovery in recent local polls, 
the Socialists have ' increasingly 
sought to express their autonomy 
and Independence from the Com- 
munist party fPGl), and indeed 
have questioned- the political 
ideology of the PCI . 

Daring the kidnapping of Sig. 
Aldo More, the former Christian 
Democrat president, . the 
Socialists openly went . against 


toe Communist., line of “no 
surrender " to the terrorists Mad 
'controversially urged the Govern- 
ment to negotiate the release of 
the Christian Democrat states- 
man. “ ''W- 

The Socialists have now joined 
forces with elements within the 
Christian Democrats . anB the 
small but influential. Republican 
Party in demands for t parlta- 
Trientary enquiry info- the . whole 
More affair. 

la regional administrations 
like Venice - run by Communist- 
Socialist juntas, the Socialists 
have gone as far as openly split- 
ting V“th their Communist allies. 

The ■ ■ Socialists, Italy's third 
.largest party,- now appear to be 
moving towards, an overture to 
the rating Christian Democrats, 
who, while not committing them- 
selves openly so far, clearly find 
-a .possible centre-left, alliance 
with the Socialists an attractive 
alternative to the. present coali- 
tion including the Communists. 
• But the ruling party, follow- 
ing its nation ar congress over 
the weekend, still sees this aa a 
longer term alternative and is 
not likely to seek a direct con- 
. frontation with the Communists 
at this stage. 

Sig. Berlinguer in _ his - inter- 


view today attacked .the cm. 
talist system, rejected- the ^ 
cept of a. Left alternative 
Italy bat. reiterated his .<^5 
formula of the “Com prom ft/ 
.storica/* or grand aHia ao^ ^ 
democratic forces^ defeat 
Le ninis m hut stressed' the Km 
pean . vocation of the 
warned r the minority Christ , 
Democrat Goverameat 
PCI would drop - out ' otf^l 
majority should the Coveanii^f 
delay activating the *U-pan 
programme agreed last 
After the delays oaosed'K 
/the More, affair and the-a^gg 
quent elections of X. new .pmi 
dent of the Republic, Sig. Gij^ 
Andreotti. the Prime Minister^ 
anxiously, attempting to rt^ 
through some of' the mate 
aspects of his programme ta 
so mute Communist CTitirismE 
The Government has air 
proposed a new Bill to 
Italy's troubled industries; 

Ii ament has approved the cm. 
troversia! Amnesty Bill : jEl 
minor offences, the' constrmt ta .1' 
market recovery plan hax 
approved, and tomorrow Sb 
. Andreotti -will meet represent 
tlves of the main parties 
supporting his adralrtistratioa"ij 
discuss the 1979 budget and the 
Government's three-year plan,- ' 



Spanish riot police lead . away their prisoners after a recent pro-Basque demonstration 

in Sail: Sebastian. '. 


THE BASQUE COUNTRY has 
spent most of the past 40 years 
out of step with the rest of Spain, 
but never more dangerously so 
than now, following toe violence 
set in motion by the storming 
of Pamplona's bull-ring on July 
8 by riot police. It culminated 
in the assassination of twcuArmy 



nt 


threat 


officers in Madrid on Ju)y v 21, 
‘ Corte 


the very day when -the Cortes 
finally approved the country’s 
new Constitution. These, killings 
once again raised the Recife' of 
intervention by the-' military 
disrupting Spain's tifcnsition to 
democracy. / 

These dates serve to crystalise 
the Basque country’s “separate 
development” diiring the past 
40 years. In 1937, Bilbao fell to 
the Nationalists, and .in the 
Euphoria of victory. Franco 
constitutionally . anathematised, 
the Basques, declaring the two 
northern, provinces of Vizcaya 
and Guipuzcoa M the traitor 
provinces." 

In the years that followed, 
this meant systematic- humilia- 
tion for the -Basques-^iolitical 
repression, cultural discrimina- 
tion and, above all, tile hostile 
presence of the para-military 
police forces — the Guardla Civil 
and Pollcia Armada — regarded 
'n Nationalist demonology as the 
“ forces of occupation." since 
they are recruited almost exclu- 
sively from outside the region. 

This policy of treating the 
Basque country as a separate 
entity -met its logical counterpart 
with the creation, in 1959, of 
the nationalist guerrilla organi- 
sation ETA (Euzkadi.ta Askata- 
suna — Freedom for the Basque 
Nation). The Francoist victory 
had left the Basque Nationalist 
Party (PNV) and the Socialist 
Party (PSOE) — both tradition- 
ally strong in the Basque 
country— political invalids. The 
one force retaining a nucleus of 
organised opposition, the Spanish 
Communist Party fPCE), was 
still suffering -from its failure 
to produce the definitive genera) 
strike. 

In this vacuum, ETA launched 
its “war of national liberation 
eventually becoming the one 
serious armed threat to' the 
FYanco regime. In December 
1973. Admiral Carrero Blanco, 
Franco's Premier and political 
executor, was assassinated in a 
spectacular explosion in Madrid. 

The third crucial date was 
December 1970, when - 16 ETA 
members were court-martialled 


■ to the 


In their torn being repudiated % 
growing numbers of Basque 
young people, who in the pra 
climate find ETAVmethoS&in 
more simple and attractive. 

Also -disturbing was the plaeej 
and time of the recent dis- 
turbances. They were timed. to 
coincide with attempts by -tiw 
major political parties to seam 


t 


u, ini' 


* ,1.; 


an easy passage • through Jhc 
te* fc 



;mg 

face of 




DAVID GARDNER in 
Barcelona reports that 
recent assassinations, 
apparently by the 
Basque ETA move- 
ment once again raise 
the spectre of interven- 
tion by the military 
disrupting the transi- 
tion to democracy in 
the. country. • 


to cru^ S "’ , '"^ le ' re ^™ e s . attem Pt 


- ETA by force brought 

thousands Into the street both 
nationally and intern atinnallv, 
and won ETA a consensus of tacit 
sympathy among the Basques. 

At the same time, the mass 
strike and the street demonstra- 
tion. the barricade and the 
Molotov cocktail, put in their 
first serious appearance. . This 
boosted the development of a 
powerful, if divided, radical and 
nationalist left while, discredit- 
ing tiie ETA strategy of tninoritv 
terrorism. And with the first 
signs that the expansion of the 
Spanish economy was beginning 
to falter. labour -conflicts came 
to contribute increasingly to the 
Basque country’s Instability. 

YTh en Franco died in Novem- 
ber 1975, the Basque country 
had spent sox mouths under a 
statp - of emergency — ah HL 
concealed war of attrition against 
the Basques which made shoot- 
mg policemen respectable again. 
An additional development was 
toe appearance of the so-called 
“uncontrolled elements”: neo- 
fasc«t commandos acting a s 
police auxiliaries, and. terrorisms 
tbe local population. 

The Government of Sr. Carlos 
Arias, in power from Franco's 
death to July. 1876, and the first 
-administration of Prime Minister 


Adolfo Suarez which governed 
untir last June's elections, 
reacted slowly to Basque 
nationalism. When it seemed 
that the unrest would spread to 
the rest of the country the 
Government reverted to the use 
□f force. In April. 1976. five 
people were killed when police 
attacked strikers in Vitoria. TTie 
putting down of. last May’s 
general strike in favour of an 
amnesty fur political prisoners 
left seven dead. 

T6£ success of tbe PNV and 
PSOE in the June elections, tbe 
iong-av/aited amnesty, the repeal- 
ing : pf the notorious “traitor 
provinces ” clause in the old con- 
stitution, and the setting up on 
a provisional basis of tbe semi- 
autonomous Basque General 
Council at the beginning of this 
year.' all combined to take some 
of the heat out of an inflam- 
matory situation. But these mea- 
sures have evidently not .-been 
enough to avoid this latest and 
most dangerous explosion of 
violence. 

There are a numher of new 
and disturbing elements in the 
present -situation: Police action 
of- the sort witnessed in Pamp- 
lona. or when a company of riot 
police packed the town of- Ren- 
teria- on- July 13,. has -formed part 
of tfie paramilitary forces’ stock- 
in-trade. But this was the -first 
occasion on which police officers 
blatantly countermanded ‘ the 
orders ■ of their superiors, - in 
these cases the civil governors 
of --Navarra and : Guipuzcoa 
respectively. 

Another disturbing, element is 
that the military wing of ETA 
has -breached out from its -staple 
diet of- killing policemen, Indus. 
tnaj'istA^LmcontriQlled elements." 
and' • recalcitrant ex-members. 
Recently it has shot dead a 
prominent journalist, and, on the 
available -evidence, two sentor 
army officers. At the same time, 
the radical left-wine and 


nationalist par ties which have 
ETA's violence, and 


Cortes for the new eonstituIJnB.i- 
wfth s minimum' of fuss aid 
polemic. ■ -. J '. 

The place— Pamplona— is ^iu 
capita] of the' province -41 
Navarra. Traditionally, this pro- 
vince has been a right-wing 
Stronghold, but in the past fin 
years, a vociferous radical lot 
has also emerged there. Whetbs 
it will form part of an autono- 
mous Basque country, has still to 
ba - decided, and in- consequent* 
the extreMIsts of both -left tod 
right still have everything to play 
for;' •-•,=: .. 

Against this violent back- 
ground, the constitutional debate 
was the framework within which 
attempts were made to defuse 
the situation. Tbe PNV insisted 
on recognising historic - Basqut 
rights, and leaving the way opa 
to an eventual Federal sol atira. 
The PSOE meanwhile Insisted oa 
the urgent need for the Basque 
General Council to be given toti 
powers, and in particular, power 
over the police. 

The Government's mistrust of 
the PNVs intentions was reiu 
forced by' the armed forcea 
trained to regard the preserva- 
tion of national unity as tbete 
mast sacred task. It appears t? 
have been more than - coinci- 
dence that the governing UnlW 
of the Democratic Centre shwrifl 
have reneged on the agreement 
they had concluded with tte 
PNV. in an attempt to extract aft 
unequivocal commitment to tbe 
unity of Spain as enshrined in 
the constitution, shortly; after 
tfaearmy chiefs of staff’met 
• The Government caniiot in 
any case be seen accepting pro: 
posals, which in a tougher form, 
are. among ETA's conditions for 
a ceasefire. ETA tor exampto 
demands the withdrawal tof d» 
police from the Basque country, 
while the PNV, the PSOE. anB 
the -PCE want to see the poll*® 
under local control and made UP 
of Basques. The difference, is 
Important but easily obscured- 

With demacratisatiott dn* . 
mately dependent on its accept^ 
ance by the armed forces and 
sections of the military allege#? 
itching to occupy the Basdd® 
country by force, the Govern-. 
ment is either unwilling or. ii* 
capable of giving the Basque 
country exceptional treatment 
in order to pull it back into step 
with the rest of Spain. But 
precisely to avoid the danger of 
separation, the Basques need w 
betreated as a separate £? se * 

The Government is again put- 
ting its main effort behtod to® 
police solution that ? has*’®®' 

latently eluded its predecessor^ 

Significantly, it has enlisted the 
help of a .West German anti*, 
terrorist expert who. it hop®* 
will suggest, ways pf. makw* 
Inroads into ETA’s operational 
capability. Bat the Basque pf°b?L 
Jem is a great deal more com- 
plex than ETA, -and- ultimate!?., 
requires a political solution; On* 
policeman I spoke .to recently; 
who after three yffar s in tbj 
Basque country,' one gunshot 
wound and one near miss: said 
he would resign if sent back. Hd 
summed up the reasons bitterly? 

“ The Government doesn't bare ; 
a policy in toe Basque country 
it has us. And we have to- two?, 
the consequences.'* ‘ '• 






])h 


i. 


i 


V-.i 




lu 


repudiated 
instead organised. 16 general 
strikes since December 1974 , are 


Fcumkial Tfjm, puMtfBca ;■ 

dor* antf.lwIMwi. U.-S.. wtaolBitM -• l . . 
Ulf. frcidul SM0.D0 (j|r nvjtl p«. 
second cits* posos* oaW at New tofk* • 
















-out 


„ by ROBERT MAUTHNSt . 

IE FRENCH Government 
day expelled three Iraqi 
pluiimis who were arrested by 
•lice two days ago, after taking 
rt m a gun battle outside the 
ityi embassy in which one 
■lire officer and . an .embassy 
curity guard were killed and 
o policemen. weie injured. * 
The decision was taken: by the 
•each Cabinet today 'after a 
otest meeting last , night by 
uidreds. of ■ detectives who 
arched to the Interior Ministry 
•outriding immediate ' retalia- 
ry steps by the Government. 
The police,, backed by some 
lling evidence provided by 
*ench television film, claimed 
■ at Iraqi sc curity. guards had 
■li berate ly fired on them as 
ey were leading a. Palestinian 
rrqrist to a car outside the 
aqi embassy. Before .surren- 
■- Ting, the gunman ha 1 ^ .-.kept 
- . ‘ ?ht people hostage in' the 
abassy throughout the day lr.-r 
A communique, today from~JL 
lymond Barre. the Fyench 
■inie Minister, corroborated the 
■lice version of events.. _ ft. eald 
c three arrested members" of 
e embassy staff, an attache and 
'O first secretaries, -had- taken 
•rt in the gun- battle. V' Since 


^ ey benefited from diplomatic 
r*$imunity no legal action could 

r ; taken aaainst them in France, 
ne French. Governments how- 


ever, demanded ..toar.toey be 
charged by the legdl authorities 
in Iraq. V . '* : , 

Th& Governments spokesman 
said after today’s Cabinet meet* 
ins that Prudent' .'Giscard 
d’Estamg considered that the 
outrage of the police at what 
bad happened " was- perfectly 
understandable..':-. Unfortunately 
the French authorities' hands 
were tied by- international- regula- 
tion^ regarding the” treatment of 
diplomats;- ' • r. 

Though' V-,tfie Government’s 
statements was accompanied by 
warm- praise- from M. Christian 
Bonnet^ tier Interior. Minister, for 
the way' the police had .carried 
out their duty* it only . Partly 
satisfied -the police.' Their union 
described the s tatem e nt 7 as a 
belated reaction. -and Called .for 
other members oF the ‘Iraqi 
emboss* to be- expelled: 

- Mr. "Mundhir Tawffir 'alAVan- 
dawi, the Iraqi - Ambassador to 
France, who yesterday,, claimed 
that the shooting -. had -: been 
started- by- an 'accomplice -of the 
terrorist, inside the embassy, said 
today '.that no m^ructfons- had 
been given to his^inbassy guards 
to open fire. It hasb&n assumed 
here that .the gpkrds .weye trying 
to shoot the terrorist as. he was 
being escorted to the car, "but that 
they then lost their, heads and 
started 1 firing indiscriminately. 


PARIS. August 2. 

.If the French Government has 
confined itself to expelling only 
three Iraqi diplomats it is clearly 
because it does not want to 
undermine permanently its 
relations with Baghdad. Iraq is 
France's second biggest supplier 
of oil after Saudi Arabia and' the 
two countries also have an 
important nuclear co-operation 
agreement The Indications . are 
that the Interior Ministry wanted 
the Government to take tougher 
steps, but that the 1 . Foreign 
Ministry was anxious not to blow 

up the affair. - 

Simon Henderson reports from 
Islamabad: One terrorist- was 
killed and two .other people were 
injured in Karachi today when 
two gunmen opened fire on the 
Iraqi consulate general soon after 
it opened. Police guards at the 
budding scuffled 'with the 
terrorists and one of the gunmen 
fell dead from bullet: wounds. A 
policeman was critically injured, 
and an administrative offieer 
from the consulate was also hurt. 
The surviving attacker was 
arrested. 

The attack is thought to be 
part of an inter-Arab feud 
similar to recent incidents in. 
Paris and London. 

Guards on Iraqi premises in 
Karachi and in the .capital, 
Islamabad, have- y ■ -' : been 

strengthened* ■ .. 



France, Algeria jointly 
look at Western Sahara 


Yen climbs 
to eighth 
consecutive 


Mr. Ndahaningi Sithode 


warns on arms move 


BY MFTW MUNIR 


^ R. BULENT ECEVIT, "the 
At urkish Prime Minister;- has 
V^acted. with mixed , feelings 
3 inwards -the repeal of the - arms 
■nbargo by the UB. House -of 
« epresentatives. :.He • : r ';has 
pf pressed fears that the. con- 
» ...tions attached to :the -:repeal- 
m V ight undermine, the --sinobth. 

. ’ :. 2 rvelopnient of . ■ Tio^ish- 

- m merican relations and makertije 
L . "j ttlenient oT the ..-Cyprus 

l : , | -yiesiion difficult. 

- j rThc initiative ot' PrfiSnlent ' 
\ ■ ; t.irier and most 'Congre^meri- 
.. ' ' \d shown • that “ a positive 

' ' * • mosphere exists for coopera- 
-.n between Turkey and", the 
S. to their mutual benefit,^ 
id Mr. Ecevit in a written state- 
. . cni issued here todhy. ' * : 

It is understood* that Mr. 
.luvii fears the condition^ ielat- 
.q to Cyprus may ’fie- exploited 
the' Greek side to - hialte 
, oubic during future disburse* 

' i-m of U.S. military and 
. . ‘-onomic aitf.to Turkey. ,\y 

Mr. Ecevit refrained' from 
" ' • •lamenting on thfr- ;;-h«po‘ 
•pressed T»y H President^ barter, 
ter the House vote, that lifting - 
■ •'• e embargo “* will -soon make 
. jssible the reopening of. cur 
ilitary installations in Turkey.” 
These installations, said tO .be 
.«■ niobl advanced land-baSed 
• i I it ary surveillance network In 
e trorld, were shut' dowzr by 


Ankara three years' agp. ln- retali- 
ation for the embarg^and- placed 
under. Turkish, -com- 

manders. - ^V;- 
Onty.one, the nudear egnipped 
strategic'' air base <£. tficfrlik, 
jlear the Syrian' b order -Was per- 
TOtted to caxrjr out-it^djales but . 
toesewere restricted w the; per- 
formance of NATO Activities. .At 
the: rest, U.S. servltja^i^; stayed 
on to maintain lie -s&n&tive 
equipment. , V. 7 . 
r The secret n egotiafidns . whi ch 
have. - been , in prows’’ recently 
on the "fate . of theseibt^es are 
now expected -to continue , iri a 
more maxed atmosphere!' - 
Informed sources ssytoat Mr. 
ECevit’s left-of-centre administra- 
tion will aUov^oniy -^vq-of the 
seven key installations forkesume 
their Activities. .The ties^ would 
either be- dismantled brinrned 
over id the Turkish army.- " 
These two are BSnop-. on the 
Black Sea and: Pirmclik ip'. the 


" east The most vital T^the Seven, 
t both are said to be essential for 
rihe effective ifUnctionhm ot the 
.SALT agreement -They would 
1 suffice for 7 t$e monicoring and 
i surveillance heeds qf the'U-S. 

Before being stot dow*n the 
' tX.S. bases monitored Soviet 
; n^al nrovemeutyln tee Mediter- 
L ranean and,, the .Black Sea and 
l eavesdropped *ju Soviet nuclear 
r explosions awd mlssiZe launches. 


ANKARA, August 2. 

Also due for discussion soon is 
the question of drafting , a new 
defence agreement to replace the 
one Turkey unilaterally abro- 
gated when .it shut the' bases. 
The most crucial issues in this 
will be the'xtatns of the bases 
and the amount of military aid to 
be transferred- by Washington to 
Turkey. The bases, however, are 
expected to resume .their duties 
before the negotiations on this 
treaty are completed. 

Our Nicosia , correspondent 
adds: The Cyprus Government 
today expressed “ bitterness, 
indignation and deep disappoint- 
ment " to the U.S. over the deci- 
sion to lift the arms embargo on 
Turkey. The "Foreign Ministry 
called in Mr. Galen Stone, U.S. 
ambassador to Cyprus, to express 
tiie Government’s feelings. 

But while registering its 
strong disapproval, the Govern- 
ment expressed hopes that the 
conditions attached to the move 
by the House of Representatives; 
would be 1 fulfilled and would 
help in the settrch for a Cyprus 
sejllement based on United 
Nations resolutions. The' Govern- 
ment stressed that the Carter 
AdmSnistration and the U.S. Con- 
gress\were how assuming “ enor- 
mous responsibilities and obliga- 
tions " iowards Cyprus and the 
region. .> 


JoumaUstsdefyMoscow court 


BY DAVID SATTER 

JVIET OFFICIALS hava 
*rvnt a summons on two ILS. 
lurnalisls who have defied -a 
useuw court order to publish 
•tractions in their newspapers 
ter lining a slander;’, case 
riiiicht against therm Tfce'^esal 
.•adline for printing the.Tetrae- 
nns in the New York Times and 
aJuinore Sun expired -today. - - 
l here was no indication, hdw* 

, cr, what further action would 
e taken against Mr. Craig Whlt- 
ey of the New York Times and 
tr. Ilal l'ipcr of. the Baltimore 
un, who have- also t been 
Stilt'd to divide court costs of 
.sg,2S9 t£l.SOO) between thexn. - 
Jnd^c Lev Almazov, who heard 
ne mil suit brought against the 
urre^pondeuts by . the Soviet;, 
late Committee for- Radio and. 
elcviRioii in tbo two men's 
bsene'e on July IS, said that-he 


had expected the :New York 
Times and the Baltimore Sun to 
publish retractions. 

“I was quite sure on the very 
last. day mere would be some* 
hevsaiiL .“I didn't think, 
a correspondent would break the 
law. Somehow it doesn’t seem 
fitting." 

Both tixe- New York Times and- 
the Baltimcfre Sun have said 
they wifi- -refu« to publish re- 
tractions of stories by Mr. Whit- 
ney and Mr. Piper quoting dissi- 
dent 1 . sources 1 ' as - saying that 
The.rnailOBally televised recanta- 
tion by Mr. Zviad Gamsakhurdia; 
a Georgian dissident, may have 
Wen fabricated." 

. Mr* GamsukhurdLa. wbo was 
sentenced to three years' hard 
labour. and two years’ exile after 
being convieted of anti-Soviet 
agitation last May,- made, a suxv 


Spy exchange proposals 


HE SOVIET UNION wants at 
mj« three Communist -spies 
emined in the West to he 
.vapped for the jailed Russian 
lenient, Mr. Anatoly Shcliaran- 
<v and other Jewish activtsts, 
Durccs hargainlng for his release 

iid today. -'— ■ ' 

. Nuputiatioas were at an 
rivanrni stage fur M r - Shchatan- 
K-y— tonvlcted of spying for the 
:1A bv a Moscou- court last 
ionih^-to ho exchanged; foe an 
micrlcan held in a U.S. jail and 
tt’o East .Germans detained m 
tTvst Germany, the negotiators 
aid. Thoy-dedined to name the 
pies, sajins details of 'timing 
ttd blntv or the three-way swap 
•ere still being worked out. . 


Danish trade 


VIENNA, August 2. . 
In addition to Mr. Sbcharan- 
sky. Western negotiators have 
been promised that five or six. 
Russian jews detained or exiled 
in the Soviet Union will shortly 
receive exit, papers allowing 
them to emigrate to Israel. Mr. 
Shcharansky. a prominent 
member of the “Helsinki 
Group "'-set up in the Soviet. 
Union to monitor Moscow s ful- 
filment- qf its human rights . 
pledges, was sentenced on July. 
14 to 13 years in jail and_ labour 
comp for treason and .anti-Sovier 
agitation after a trial uwt 

sparked widespread publicity 1 % 

the West. ... 

Reuter 


MOSCOW, August 2. 

prise- appearance at the civil 
court bearing and affirmed that 
the. televised interview corres^ 
ponded to what he had: said. 

The Baltimore Sun has said it 
Is .prepared to pay Mr. Piper’s 
Court costs and whatever fines he 
may incur. 

. : Mr, Almazov said that the next 
'step must be decided by a Soviet 
court at a hearing. He added, 
however, that he considered the 
ruling to have been humane and 
. said that the correspondents 
would have been dealt with more 
severely in either the UB. or 
-Britain. 

• Under Soviet law, the court 
can Impose fines of RsfiO i £38.50) 
^each time- the correspondents 
fail to meet the deadline Jor 
■retractions. These fines can be 
imposed up to Rs300. Soviet 
legal sources said that the State 
'Committee could also seek to 
have its denial printed as an 
..advertisement in the New York 
Times and the Baltimore Sun and 
.'seek the- costs from Mr. Whitney 
and Mr. Piper. 

:• Meanwhile, Mr. Jay Crawford, 
the Moscow representative of the 
UB. company, International 
, Harvester, returned to the 
Lefortovo- . KGB investigative 
.prison- today for more question- 
ing in connection with accusa- 
tions of currency speculation. 

” Mr. Crawford was dragged 
'from his car on' June 13 and 
arrested — in a .move apparently 
Jinked to the arrest of two Soviet 
-United Nations employees on 
-charges of espionage. He was 
held at Lefortovo for two weeks 
during which time he was inter- 
rogated almost daily before 
being called in for renewed 
questioning this week. Mr. Craw- 
ford has declined to discuss the 
intents of the interrogations. 


Si thole 
defends 
raid oyer 
border 

By Tony Hawkins 

SALISBURY, August 2. 
THE Reverend Ndahaningi 
Si thole tonight became the first 
black nationalist . member of 
the transitional Government 
publicly to defend Rhodesia's 
weekend raid into Mozambique. 

Speaking in a radio and 
television interview, air. 
Slthole — whose party had 
earlier this week, described 
the- raids as “ Ill-advised and 
disappointing ** — said the 
strikes against ZANLA 
guerrilla bases bad been neces- 
sary since external forces were 
bent on wrecking the March 3 
internal accord. 

“Sometimes we have to do 
things that we don’t, tike,” the 
ZANU leader said, adding that 
now the principle of majority 
rule had been conceded it was 
“our duty to d&end thar 
principle.” 

It was not a matter of 
“ agreeing or disagreeing ” 
with the strikes into 
Mozambique, be said. “We 
have created a democratic 
process, tint there are forces 
outside this country who would 
like to disrupt that democratic 
process." 

The raids were the first 
strikes across the border to be 
carried ont since the establish- 
ment of the interim govern- 
ment in March this year. . 

Mr. Sithole said also that it 
was the task of the 
Rhodesian - security forces to 
defend the political leadership 
against assassination attempts 
reportedly planned .by the 
Patriotic Front of Mr. Joshua 
Nkomo - and Mr. . Robert . 
Mugabe on Mr. Sithole hhnself, ' 
Bishop MuzbreM’a, Mr. Janies 
Chikerema, and Chief 
Jeremiah Chirau. 

Mr. Sithole said he agreed 
with Li-Gen. Walls, . com- 
mander of the Rhodesian ; 
security forces, that the eease-' ■ 
fire was not progressing i 
rapidly enough. 

But he insisted “ there is* no 1 
doubt that- real progress is 1 
being made." He said that : 
former guerrillas were: now 
operating on the side of the 
transitional Government and 
controlling- vast areas of 
Rhodesia. 

The leader of ZANtfs 
domestic wing agreed that a 
ceasefire was important as a 
preliminary step to the holding 
of onc-man-one-vote elections 
in December, bat a complete 
cessation of hostilities would 
not be necessary. 

Earlier today Mr. Ian Smith, 
the Rhodesian Prime Minister, 
told Parliament that even if 
the war continued at Its 
present level, elections would 
be held. He was hoping lor a 
significant de-escalation of the 
war by December, but even if 
this were not achieved the 
Government was determined, 
to press ahead with its election 
plans. 

Meanwhile a new cisis has 
erupted in Bishop Muzorewa’s 
United African National 
Council, with four senior 
members of his executive 
announcing their resignations 
because of the Bishop’s 
“Inept” leadership. 

The four men complained at 
the failure of the transitional 
government to end the war, 
and to eliminate racial dis- 
crimination, and are going to 
urge other members of the , 
party to force the Bishop to : 
withdraw from the transitional ' 
government. 

However, political observers ! 
here believe that the Bishop ! 
will head off this latest chal- ; 
lenge to his authority, since 
the party is now too deeply ! 
committed to the Salisbury ' 
accord to be able to poll out 1 
and relain any credibility. - 


BY DAVID CURRY 

FRANCE and Algeria are multi- 
plying their diplomatic 
contacts to try to find a solution 
to the problem of the former 
Spanish Sahara, currently 
divided between Mauritania and 
Morocco, whose control is being 
challenged by the separatist 
Polisario movement of Sahaians 
backed by Algiers. 

The way has been cleared for 
a peaceful settlement, appar- 
ently, by last month's overthrow 
in a military coup of the 
Mauritanian leader, Moktar Ould 
Daddab, to whose assistance 
France had come with military 
aircraft and logistics. 

The new regime has indicated 
that it has had enough of the 
war. which has imposed heavy 
strains on Mauritanian man- 
power, and threatened the 
security of its iron-ore deposits, 
which are essential to its 
economy. Two Ministers were 
recently m Paris to consult with 
the French Government. 

France and Algeria, as the 
“patrons” of the opposing. sides 
—the French also sustained the 
Moroccans — are central to the 
negotiations. Indeed, relations 
between France and Algiers, al- 
ways fragile and highly charged, 
deteriorated badly because of the 
guerrilla war. notably the deten- 
tion on Algerian soil by Polis&rio 
fighters of French hostages from 
the Mauritanian iron-ore mines, 
which He within the original 
Mauritanian colonial fronteir. 


RABAT; * 

■^^■moroc 


MAURITANIA 


Mr. Abdel Aziz Boutefika, the 
Algerian Foreign Minister, has 
just completed bis second trip 
to Paris in recent weeks. This 
follows a distinct improvement 
in the tone of exchanges between 
the two countries over the past 
months. 

As he left the Elysee yesterday 
Mr. Boutefika commented that 
there was a “ dynamic for peace,” 
and he went out of the way to 
praise France's posture as a 
mediator as “the role we have 
always conceived of for France 
in the region.” 

He gave no clear idea of what 
solution might be in the offing. 
though be referred several times 
to France's support for Mauri- 


PARIS, August 2. 

tania’s i960 frontier and for ^0 
principle of self-determination. 
This implies that Algeria en- 
visages some form of Saharan 
autonomy. He also commented 
that it would be up to France 
to persuade Morocco to fall into 
line with any proposed solution 
—a task which may be easier 
said than done. 

To-day the President of the 
Ivory Coast, M. Houphouet- 
Boigny dubbed by the French 

Pres 6 as “the wise man of 
Africa.” is at theElysee, and 
Africa,” is at the Elysee, and 
it is thought that he will be 
brought into the Saharan dis- 
cussions because of his role in 
the West African francophone 
community and his influence in 
the Organisation for African 
Unity. 

France would undoubtedly like 
to settle the Saharan problem, 
in order to reduce its recently- 
expanding military commitments 
in Africa and, just as Important, 
to improve its relations with 
Algeria. Although Algeria is no 
longer the primary’ trading 
partner k once was fAlgeria's 
commercial relations with Wash- 
ington are now more important 
than those with Paris), the com- 
mercial links arc still consider- 
able. In addition, relations with 
Algeria have a particular, almost 
psychological ‘ importance in 
France, because of the personal 
Jinks established through the 
long period of colonialism. . 


EPLF withdraws fromlKuwait sees 


two Eritrean towns 


sharp budget 
cutback 


BY DAN CONNELL KHARTOUM, August 2. 

By David Habakkuk 

THE Eritrean People’s Libera- movement the Eritrean Libera- THE KUWAITI budget for 1978- 
tion Front (EPLF) says it has tioh Front (ELF) over the past 1979, announced this week, plans 

voluntarily withdrawn from two fcw “ we ^'„ , . f° r a sharp curbing of expendi- 

key Eritrean towns in order to T* 1 * re . flect s the Govern- 

mount offensive operations t *>* t t*® withdrawals were not mentis growing concern to 
against Ethiopian government wider direct Ethiopian economise in the wake of the 

forces, according to the EPLFs military pressure, but he long-term decline in the country's 
Khartoum spokesman. • conceded that Ethiopia s budgetary surplus, exacerbated 

TJ« WPTF "niiltprt „m rtf P e “ etrat ?°n ° f ?L F “5“ bad in ^ last year ^ Qver 

, To ^ ErLi has pulled out of substantially increased the dollar's decline 

the Red Sea Port of Mjtssawa and preamr e on EPLF defences. me aou s decJ,ne - 
the important inland town of The spokesman termed the Projected public expenditure 
Decamare as well as other mQve s “tactical withdrawals" for year to the end of June, 
smaller positions in the face of ant j 53 ^ they would permit 1979, is KD 1.950m (£3.72Sm), 1.9 
a massive Ethiopian build-up in the EPLF to consolidate its per cent down on last year’s pro- 
the Red Sea territory which had defence of its main base area jected KD lOSSm. With inflation 
effectively placed them on the while freeing large mobile forces over the past year estimated 
defensive wide areas, the j 0 attack the government's now unofficially at some 15 per cent 
spokesman said here. extended supply and communica- this represents a sharp spending 

This is the first time the EPLF tions lines. cut in real terras, 

has yielded territory won from Ethiopia claims to have driven j- terms there has also 
Ihe government in more than the EPLF. out of Massawa and b(? £ TsigScan? decline iS 
three years. It follows a senes Decamare, and last mgbt anticipated 6 revenue which is 
“f Bthlopim ■victor ies iglna muouneeji Ittei :it ^UHen Adi kd l£)in[ V 197M9 (excluding 
the other mam independence Caieh from the EPLF. interest from overseas holdings), 

— as compared with lust year’s 

_ _ \ • KD 2,272m. Oilreveoues continue 

IMF team for Sudan ~ per ccn ‘ or 

\ „ _ However, following the sharp 

BY ALAN DARBY •• KHARTOUM, August 2 successive falls in Kuwait’s 


BY ALAN DARBY KHARTOUM, August 2 Recessive falls in Kuwaiti wouW haveTo , 

THE International Monetary Much of the land preparation ;!! of business if the yen rem 

Fund (IMF) is to send i.team work on fields which should JJJJ. PJOjBCted su^lua is above 200-to-the-dollar. 

to Sudan to assess damage to now 11376 been Phmted with S t-^P'oob* *' 3 ?- * aS fiUrve - v indicatine 

to Sudan to assess damagq to cottQo wag destroyed by ^ against KD 285m anticipated for niptcies for small-scale exp 

crops resulting from last week s floods and it is not clear when last year. Of this KD 230m— 10 waB the latest of a series 
floods which have affected 1.5m plantir ,g can begin. Cotton P er ce“* of total revenue— is to Hshed by the Ministry of 
acres of th e country s main account f or about two-thirds of 136 invested, as laid down by law. national Trade and Inc 
,7 grow^.g are3 : Sudan's foreign exchange earn- in the constitutionally inviolable since the yen began to dim 
The IMF s mission s visit could fngs. Reserve Fund for Future Genera- year. Many small-scale com) 

Fun if The immediate problem facing tions. bad predicted bankruptc 

emergency balance of payments a reas is health. Cases Kuwait now. estimates its exchange rates as low as 25 

support 0 f gastro-enteritis are being revenue losses from the decline to-the-dollur. Generally i 

The extent of the damage 10 reported and flood victims have of the dollar since tbe end .of seals exporters have p 

crops remains largely unassessed, been bitten by poisonous snakes. 1976 at $5 00m. remarkably resilient, 

SOUTH AFRICA’S URBAN FOUNDATION 

Foreign loans will aid townships 


By Robert Wood 

TOKYO. August 2. 

THE YEN climbed by 2 per 
cent on the Tokyo foreign 
exchanges today setting a new 
record high for the eighth con- 
secutive session. The dollar 
touched Y1S4.30 before closing 
at Y1 84.70, down Y3.30 from 
Tuesday. 

Mr. Toshio Koninto, Japan's 
International Trade and Industry 
Minister, called on the bank of 
Japan to intervene more actively 
on the foreign exchanges to cope 
with the yen’s rapid appreciation. 

In another development. Mr. 
Takeo Fukuda. the Prime 
Minister, called a meeting Of 
the Cabinet’s Council of 
Economic Ministers for Sep- 
tember 2 to deride on additional 
measures towards cutting trade 
surpluses and achieving 7 per 
cent real economic growth. 

One British banker based hers 
commented on today's yen rise: 
“The dollar frankly presents all 
the svmptoms of beiag totally 
out of control at the moment in 
the same sense that sterling was 
in crisis about two years uen." 

Turnover inday was Sfi47m. 
The Bank of .Janan was reported 
tn have avoided intervening Tor 
the third successive day. It was 
unclear who was buying the 
dollar at the new lower rates, 
although some profiMaking by 
the western banks who bought 
earlier in the yen’s rise was 
rennrted. 

“Nnhodv at the moment is 
hnidine dollars for a day more 
than thev have to.” a foreign 
banker said. 

It seemed certain that the 
dollar was oversold and many 
institutions were holding less 
than thpv would liter need for 
transactions. Most traders 
anneamd tn believe, however, 
that the dollar's cni’inse would 
continue until the US took new 
nnlicy initiatives and that those 
initiatives would not come soon. 
Thus manv. especially in Nnn- 
Jananese banks, expect to be 
able to buy dollars later at an 
even lower rate 

In the collapse of Sterling in 
1976, the pound fell Trom S2.CI5 
to SI .55 before rebounding 
sharply when the International 
Monetary Fund announced a 
support package. Many traders 
made money on the decline, but 
many fibers were caught severely 
oversold and lost money on the 
pound's recovery. 

Japan showed more anxiety 
about thp effects of the yen’s rise 
today than it had so far in the 
yen's current explosion upward. 
The Tokyo Dnw-Jones averaee 
plunged 34.59 points, and export 
oriented stocks were especially 
hard bit. Officials of tbe National 
Tax Administration agency pro- 
mised a large-scale investigation 
of possible tax evasion in foreign 
exchange gains and a survey 
found that producerrtr-about 
half the Japanese districts that 
specialise in small-scale "exports 
said they would have to go out 
of business if the yen remained 
above 200 -to-the-dollar. 

The survey indicating bank- 
ruptcies for small-scale exporters 
was the latest of a series pub- 
lished by the Ministry of Inter- 
national Trade and Industry 
since the yen began to climb last 
year. Many small-scale companies 
bad predicted bankruptcy at 
exchange rates as low as 250-yen- 
to-the-dollar. Generally small- 
scalo exporters have proved 
remarkably resilient. 


BY BERNARD SIMON IN JOHANNESBURG 


! THE URBAN FOUNDATION, a 
group Formed by prominent 
South African businessmen in 
1976 to improve life in black 
townships, has raised two foreign 
loons totalling SwFr 8 m (£L3in). 
The money will be used 'as 
bridging finance for the con- 
struction of about 700 houses for 
mixed race people in Western 
Cape and for blocks in Soweto. 

The banks providing the funds 
are Bank Leu of Geneva 
(SwFr 5m) and Kleinwort Ben- 
son (SwFr 3m). The loans have 
|a -maturity of three years, and 
I carry an Interest rate of 7 per 
| cent. They are guaranteed by 
several .of the large companies 
I which have already donated 
! money to the -urban foundation. 

Total promised contributions 
to the foundation now amount to 
some R16.5m (£9.7m) of which, 
over E4m has already been 
donated. Sixty companies have 
given money to the foundation. 
These include Anglo-American 
and De Beers (each of which 
have promised R2m, Barclays 
Bank iKIm), Shell (R300.000), 
Mobil (R250.000), Unilever 


(R200.000) and several other 
subsidiaries of British, U.S. and 
European concerns. 

By last month, the foundation 
bad started work on 95 projects, 
Its main priority is housing. 
Besides assisting in home design 
and construction, the foundation 
has set up a home improvement 
flrad, which lends money to town- 
ship residents, especially the 
relatively well-off, to improve 
their homes. 

The foundation has taken a 
leading part in encouraging the 
Government to recognise the per- 
manence of black city dwellers, 
and it helped formulate this 
year’s legislation providing for 
99-year leases, for township homes. 
Mr. Justice Steyo, director of the 
foundation, says that once this 
legislation has been implemented 
and the demand for such leases 
assessed, the foundation will con- 
sider raising more money abroad. 
. The foundation has launched 
several community projects, in- 
cluding tbe planting of trees and 
grass in Soweto, and the electri- 
fication of township schools.. It 


is also organising adult educa- 
tion courses and advice and 
training projects for black 
businessmen. 

A controversial aspect of the 
foundation's work has been its 
formulation earlier this year of 
a code of employment conduct 
similar to that drawn up by the 
EEC. The code aims to improve 
the lot of black workers, but has 
been criticised for being too 
vague and skirting some of the 
central .issues of South African 
labour relations, such as migrant 
labour and recognition of black 
trade unionism. 

Although the sums involved in 
the foundation's first foray into 
foreign capital markets are 
small, the loons are the first 
tangible sign of a growing 
willingness among international 
banks to consider loans to South 
African borrowers concerned 
with the socio-economic develop- 
ment of the non-white 
population. 

It is known that foreign banks 
have also been approached to 
help finance the R94m proiect for 
the electrification of Soweto. 


Although these efforts do not 
appear to have been successful 
so far, it is believed that Euro- 
pean banks have considered the 
initiatives at the highest level. 
Among reasons given for the 
lukewarm response, are the 
political connotations of loans 
involving the administrators of 
the black townships, the South 
African Government guarantee 
which would apply to these loans 
and the concessional terms 
demanded by the prospective 
borrowers. 

Continental bankers also report 
approaches by some private 
sector clients looking for finance 
for black development projects. 
Informal talks have already been 
held with South African 
Treasury officials on the Govern- 
ment's attitude to such black- 
orientated loans. 

Last month. West Germany's 
BaveHsch® Hypotheken Bank 
and Hill Samuel lead-managed a 
substantial private placement for 
the Corporation for Economic 
development, formerly the Bantu 
Investment Corporation. The 
loan was guaranteed by the 
South African Government. 


Zambia tensions come to a head 


balance better to consider alliance policy 


By Hilary Barnes . ; '•- 

COPENHAGEN, Aug. 2. 

A 21 PER CENt' fair in ** 
iorts of agricultural input goods 
nd a 29 per cent rire Jn agri- 
ultural exports accounted for 
our-fiflhs of the- improvement 
n Denmark’s trade: balance in 
he first half year, awdrdtjjj to 
ittreau of Statistics figured ' 
.The trade deficit few -froai 
JKi'DKr lObn, last 1 year -to j 
jKr 7-Ubn this year. Total ^x- 
tons rose 8.7 per «nt"td 
JKr 32,24bn and imports by 0,5 
)t?r cent to DKr 39.8Sbn. . . 

KMim-is of livestock products 
•at** 21 per cent or DKi’BTSro 
0 DKr S.fSSbn. incMng * 25 
icr rent, increase “I**, pljpheat 
to DKr 2i 2 2b n . - 


BY JIMMY BlffiNS 


LISBON, August-2. 


PORTUGAI/S " political crisis^ Party Vmational. council met for 
remained. In Ihe^balance tonight,- over eight hours today, without 
'with as yetno firm signs that the deddiugon a policy statement 
Socialists and too Conservative _ The CDS, whose withdrawal 
Christian Democrats (CDS) frwn the Government last week 
might agree’, to a new alUanee, led to the. collapse of a s «- 
augntagree 0 — month-old alliance, appear _to 

Such an agreement was have ’ skilfully turned the crisis 
strongly- indicated as the man m lts head. . Conservative 
viable solution- ' by President jea^rs said today that they bad 
Antonio Ramalho Eanes already, slated their -conditions 
speech to' the nation I j a st . n ** , v;-for the patching up af the 
The- President warned that if H iiian rt>* They added, that ii 
Portugal’s political leaders ma was- now .up jo the Socialists to 
not eome to • agreement by- this 2 Q^ e a “positive” move., 
weekend, he might have no - The Socialist Party is believed 
alternative other than caiung-.a-.to be' divided on whether or noi 
general election before the end to' agree to the conservative 
of this year. . demand that key ministries, such , 

Following * favourable CDS as Agriculture and Health,! 
reaction n the presidential should come under a different 1 
speech" this morning, the Socialist political leadership. . 


BY MICHAEL HOLMAN 

YESTERDAY'S announcement 
by Mr. Simon Kapwepwe. the 
former Zambian Vice-President, 
that he would challenge Presi- 
dent Kaunda in forthcoming 
elections, brings to a head 
rumbling political differences 
within Zambian society. 

In sharp contrast to Dr. 
Kaunda *s socialist programme 
and belief in isolating the white 
south, Mr. Kapwepwe delivered 
an eight-page election manifesto 
of economic and political 
pragmatism. 

Remarkably, given that Mr. 
Kapwepwe was once detained by 
President Kaunda. his manifesto 
was extensively reported on the 
front pages of both Government- 
controlled papers, as virell as on 
radio and television. 

Certainly it pulled no punches. 
Accusing the administration of 
“almost criminal mistakes” in 


its handling of the economy, he 
pledged reopening of the 
Rhodesian, border and direct 
trade with South Africa, 
“maximum support to private 
enterprise” immediate de- 
nationalisation of certain Stale- 
owned companies -and ‘'better 
use of imported technology, 
expertise and expatriates." 

On foreign policy, it advocated 
a more cautious approach: ” Our 
armed forces will only be. com- 
mitted to situations where other 
OAU or UN forces have been 
com mi lied." . 

No reference was made to 
Rhodesia's internal affairs but 
sources close to Mr. Kapwepwe 
today suggested that he would be 
prepared to reassess Zambia’s 
hostile attitude to the Salisbury 
agreement* . . 

. Clearly," . given Zambia's 
economic crisis, Mr, Kapwepwe 


LUSAKA, August 2. 

has no shortage of material for 
his campaign. But he faces two 
hurdles. The first is toe pos- 
sibility of a constitutional 
amendment setting down qualifi- 
cations for presidential 
candidates. 

The second is the un- 
precedented move by the 
national council of toe ruling 
United National Independence 
Party in June, when President 
Kaunda was declared sole party 
candidate — despite , toe fact that 
nominatiqn won due to take place 
at the general conference to be 
held next month. 

An editorial in today's Times 
of Zambia said that “ it must be 
very dear to all that the party, 
and through it the people of 
Zambia, have already made a 
decision that the incumbent 
President will be the sole presi- 
dential candidate.” 


HIGERIA — A SPECIAL SITUATION 

Two medical emergency air evacuations were executed by 
Trans-Care International last weekend (July 28-20). 

Despite communications failure at the Nigerian end. and the 
go-slow by French air controllers (who made no exceptions), 
both patients, one from Lagos, the other from Kano, are now 
safely progressing in hospitals in England. Their companies are 
delighted with our services. 

IF YOB HAVE PERSONNEL AHYWHERE IN THE WORLD 

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YOU MAKE ONE CALL - WE DO IT ALL 





* 


• Financial Times Thursday August 3 197$ 


American news 


r WORLD TRADE NFAVS 


U.S. to seek 


of Chileans 
over killing 


Wall Street disenchanted 
with chairman of the Fed 


BY JOHN WYLES 


NEW YORK, August 2. 


Bowater to 
raise U.S. 
newsprint 
cost by 5% 


Tm 


BY TERR^DOtoSWOfa^ MOTOR INDUSTRY CORRESPONDENT 


By David Buchan 
WASHINGTON, August 2. 
THE l'.S. is to request toe 
t-.v tradition of the former head 


STRONG RESERVATIONS on when it was revealed that. at a be ..obscurer and because Ur. 
Wall Street about recent state- meeting of. the Federal Reserve Miller appeared reluctant to de- 


Bjr Max Wilkinson 


OVERSEAS 'COMPONENT manu- foreign car stock.. But clearly been .fr' toe commercial veh^ 

— ■ a x ■ •- a £11 i.k« -ma aaMvoIw eontnr ’-whifn rirts MAn ^ 


merits by Mr. William Miller, and Board on June 30. Mr. Miller pend' as much as be has done I THE BOWATER _ Corporation] facturers continued to . -make they cdnnot fill the gap entirely, sector., -which oasoeen om nf 

a- —_is ■ — i ~ £— i mm *ViU wam*. . .KiRotinTi I hec ormnnnppn that Ifc IT S nrUjft i l*.annr<ino ib*a'Aa Tnr AL - fnna^on fwjnPhlMC ihfi StfOnCCr DrOullCt 


iiiua uro jirsM-itmj ./»' a U|k icpuiaLinn 5UJCV uic wuacuwa air. ucuiutiq aamaw. a acuiui thd i rs_ ana Wlli DC waTCnea — — . — t 

jury here for the murder in ™ a " rhs wSrmW a^nla^ded h bv ? n Wall Street was ithat the case vice-president at _ J. Henry M interest by Scandinavian *£ d Tr l d ^. r ±^^ . 


01 or thrown by military forces I short-term interest rates. 


his error in an appearance 


? flation airy Mevelopmeius. They ^f**^***™*^ change b^g fcre*by toe UK ^^orte in toe half year in total' toe UK balance „ 
1- argue that: the Fed should con- ““ “.“JS, industry because of toe decline have been better than expected, motor industry trade remained 


in IU7J. _ Mr - *J\ !,er .^s.been compared hefore ^ Ho0se Banking Com- argue that: the Fed should con- ,»?r Wuih? sSSFsnS industry because of toe decline have been better than expected, motor industry trade remained 

The Stale Department J? va “”!? y o lth hls Predecessor, initfee last Thursday but then Untie to posh up" interest rates “J* J* th t ,07?- 5 in toe vehicle manufacturing with' a 27 per cent expansion firmly positive, at £.hn i n the 

><csii-rday a *Jicd the Govern- 2i r 'n Ar «£ ur , Bu " ls ?. nd mady 0 *! caused further disappointment For as long ps I*.- necessary to “? 1 4^ nr iM h«iP hi on fallin'»i sectQr - **!** went up hy -ftem £3S7m to £491m. This first six months gainst fLfitm 

meat nr General Augusta Wall Street happily professed on Wall StTeet by expressing his bring money supply growth oacfc ™° c n 30 per cent from £35ftm tth£456n&.- improvement, however, has been worth of Imports. But importers 

Pinochet lu make "preventive l *J al lhcy h ® d barely no Deed the [,ope that interest rates would within its" targets and to dent “j*® *1 , 1077 while exporti^rose only 17 per completely overshadowed by the are nevertheless narrowing u* 

arrests" of the three indicted toanse at the top of the nations peak j n t j, e next few months and the Inflation rate. - - S'm « m a* cenl rjr0m ^802® to £937m. large 44 per cent increase in gap. Just a y ? ar M **? imports 

Ciii leans, and the U.S. embassy central bank. th3t by next year credit condi- Anxiety on the. money supply 10 f? expected ao row aays The general view of the indus- imports from a value of £629m amounted to only £l~bQ against 

in Santiago has since continued However, in the past few days tions would he a little easier. His front was" compounded on Fri- supply by the end of the current ^ j s that component imports to £906m. exports of £1.9bn— a 1 difference 

that the arrest reuuested questions have been raised about optimism vras based on toe day when Mr.-^filler disclosed y®® r - will continue to grow. This The most worrying feature for of £700m against £4Q9m this 

under the C.S.-L'hilc extradi- Mr. Miller s judgment in appear- grounds that slower economic that the Fed was leaving un- in Jiurope, prices are highly trend is being, fuelled by two the UK motor companies has year. . . 


mdor the l : .S.-L'hilc extradi- Mr. Millers judgment in appear- grounds that slower economic that the Fed was leaving on- In Europe, prices are highly trend is being, fuelled by two the UK motor companies has year. 

Gnu 1 real v. duly took plaee. A ln 3 10 fae ^ing a softer line on Growth coupled with more fiscal changed its long-term growth sensitive to small demand flue- main factors — the .rise fn. com- - - ' ' 

formal extradition reuuesi will inflation and toe outlook for discipline from the Carter rate targets. The significance of tuatlons m the U.S. since exports ponent parts for assembly by. the ■ . 


now he sent to 1 he Government interest rates than much of Wall administration which is cutting this lies in the fact that monetary of surplus prod uebon from North multinational ., car assemblers ; Value <rf UR motor industry exports and imports. J »'J «nw W?B 
in Santiago. Street believes desirable. It is its proposed 1979 budget deficit growth over the next year will American nulls have helped to (although this Is balanced by ■ E XF*”^5 £m / 0 lm P°. l Hi &n ) 

Gen. Pinochet has denied being argued that this has coo- from $ 6 Qbn to S43.5bu. would be measured on a base which depress prices throughout similar exports), and- the ■ _«, '22'-’ *5 ,, 

that hr was in anv wav impli- tribute d to the continuing weak- case the situation. has already risen sharply. Europe. Prices have also been increase in demand for parts for Components W ■ «« +17%, , jw +, 

caim in the murder" of Sr. ne5S ° r th c dollar in the foreign Tbls emphasis on gradually The Fed’s sharpest critics held at a low level by the con- foreign vehicles on British Care. . *j;l 387 + 27 % w + 

Lelclicr. who was a leading exchange markets at a time when reducing inflation, which will top maintain that this approach will turned over-capacity in Europe, roads- . Commercial vehicles 420 ’ S i 

elcmeni in the opposition toe Fed itse IF seems ta be relax- 7 per cent this year, through undermine the fight against in- although most newsprint mills The UK component manufao Other motor products 354 wo -- 8 % w k +, 
abroad to Ihe Right-wins ing its g . rip on the growth of the fiscal policy, has been badly re- flatlod hy permitting a too ex- are now running at higher turers are making a considerable All motor products 2,085 1,889 + 10 % . I,154 t, 

Piiiorftet regime. money supply. reived since the outlook for pansive monetary policy in the capacity than fine paper mills, effort to make parts for the . . — - ■ 


1977 
350 + 
629 + 
- 93 + 
82 + 
1.154 + 


Piiicirtiet regime. money supply. reived since the outlook for pansive monetary policy m me 

Also indicted "hy the grand Eyebrows were first raised interest rates is still judged to year ahead. 

Jtirj on riiarscN or murder and 

rorijpirjc} yesterday were four 

H 1 Withdrawal from Korea approved 

indicted luwause they co- * *■ 

s amimrifics BY OUR OWN CORRESPONDENT WASHINGTON. August 2. 

According to the indictment, 

tin* j.ssa^iiiatioii of Sr. Letleier PRESIDENT CARTER has won the House, like the Senate last tbey recognise that the with- 


1 

I Withdrawal from Korea approved 


BY OUR OWN CORRESPONDENT 


WASHINGTON. August 2. 


Although producers will be 
hoping to raise European prices, 
sharp increases are not likely. 
Total European consumption of 
newsprint is not expected to In- 
crease in the current year by 
more than about 5 per cent or 
possibly less, and the increase in 


Dutch sales may set record 


BY CHARLES BATCHELOR 


AMSTERDAM, August 1 


t0 Stay at ?b0Ut CAR SALES in Holland' could -accounted for most of the U.S. French company rising to mu* 
The UK which imoorts about a new reeord ' level of company’s sales with toe Opel ber five and Chrysler slipping to 

me urv, woicn impons aooui , cgnnnn 1 07 Q t* cnHntt -,n 4 th» Asi-nna mrvtels number six. 


im- U-IMU-Miiaiiuii 01 ?r. L.L-Iirirr rfic,aiuL:'u wnian nas won me nouse. iiKB me aenaie last mey tecuKiuae mu uie wiui-i me utv, wnicn impons aooui “““ T con nnn Vhto « tho ac«,n B mmlVlc number six 

was ordered _ by the former broad Congressional approval for week, insisted that each phase of draws 1 Poljcy-d_esig 7 i_ed to leave two thirds of its newsprint,, is a ™“ nd S5S L? S2lSi«i! toe in SS5 


uiuuru ■»* me iwwii oroau Goocressiona 1 approval lor week insisted tnat eacn pnase or two uiiras or 115 newspnni, is - — 7, . 

bis plan to withdraw over the the troop withdrawal be weighed * JS St no^ula^ S SSfiJufS 


was killed, along with an tnent. worth an estimated SSOOm. and that Congress be consulted peighbouring Japan. Therefore 
American woman colleague over to the Koreans. at each step. The Administration 3 gradual approach is needed. 

whrn Hie car he was driving Voting on the Military Aid Bill „/ ar . on i y 11 ann ° u ?om ® u ^ a * so th e Administration 

was blown up by a remotely- last night, the House of Repre- “ c ‘ a ' led P*ans to pull some 6.000 wantg ro matre gteeab | e troop 
rnotrrllrd bmnh near a sent all ves turned down an serv,c cmen out in l»7b-i3. fedudions, and when the US. 
Clv'-van legs' Inn. amendment which would have and has said that a U.S. air force army chief of staff last year 

The l.rieiier investigations allowed the Administration 10 contingent will *tay in South openly criticised Mr. Carter’s 
h?ve further sirainrd relations transfer only S9flm of US lvorea inaeanneiy. policy'.- he was promptly trans- 

briucen Washington and San- weaponry to South Korea. But Administration officials say f erred lo Europe. 

tiaco. Today, with some ' ' "• . 

membe"S arguing that the 

NY reporter stays free ' No-fauit car 

Tutt-rl to block some S24m ^ ■ 1 

worth or aims ready for deli- BY OUR OWN CORRESPONDS NEW YORK. August 2. IHSUKlilCC 2X0U 

^rclrveromenrcxIradR^ toe MR- MYRuN FARBER. a New a cause ctkbre within toe news . ' •- 

three indicted Chileans. Con- York Tunes reporter, was today jjjjw j ^ IQ COQgTeSS 

cress cut all military aid to S ,ven a l3 te wprteie from an corning freedom of the Press .0 .. 


in the curront year by about 4 the Dutch Motor Industry most popular cars position front joint twelfth m\ 

per cent, while demand in Ger- Assocation. % Ford retained. its number two Honda moved ^ to 11 from 14. 

many is expected to grow by only In February the association position, increasing sales by 16.7 But Datsun felL to Wlh positioa 

about 2 per cent. was forecasting that sales would per cent to 39,842 and raising its from 10. Total, sales by the six 


he about the same as the. -551,932 market share to 11.7 per cent Japanese companies In Holland 
figure in 1977 but Un favourable from 10.6 per cent The Ford —which also include Toyota, 
trend in the first half of - this Taunus model was the second Subaru and Mitsubishi— rose by 


will Jyear has. raised hbpes-vbf-'- an most popular -car with Dutch 3,777 to 63,0<E>, amounting for 
1 Will 1 even better performance s c ~' car buyers. I 8 B per cent of the market. 


take Belgium 
to EEC court 


Sales rose 5.5 per ceir£liF the Volkswagen retained its third Among the Japanese tom- 

first six months - or-'lflT&^to place m the list of manufacturers BL (formerly Ley l and) sold 


BY OUR OWN CORRESPONDE 


NEW YORK, August 2. 


gross cut all military aid to — — — u __ iM „ • - •• 

rbilo in 137S. hut allowed thu J.?.™ W SS S' S!? " By Doihl Lueelk, 


No-fault car 
insurance axed 
in Congress 


IU LUUiI 5W12 vehicles— an ■ increase of slip to 8.1 per cent from 8.7 per further to a.i per cent from 4.1 

■ 12.4 per' cent— and raising its cent. per cent. Volvo, the only cont- 

By Paul Taylor market share to 15.1 per cent Other changes included the pany which manufactures m 

CHANNEL CRUISE LINE, the frbin 14— per cent. • reversal of Hie positions of Holland, increased sales by 285 to 

Guernsey-based owner of toe GM’s German aubaldl^OpeL Peugeot and ..Chrysler with the 12,022 
controversial cruise and super- : — - 


delivery of weapons which had U.S. Supreme Court Justice threatened with imprisonment 
j Thuryood Marshall. and the New York Times with 


already been ordered. 


and the New York Times with 
stiff fines, because of bis refusal 


NEW YORK, August 2. 


market ship Aquamart, said 
yesterday it* would take the 
Belgian Government to the Euro- 
pean Court over toe dispute 
which has forced the company to 
suspend services. 

The cruise and shopping 
service between Oslend and 


Franco-Arab air engines plan 


BY ROBERT MAUTHNER 


PARIS, August 2. 


cS'-l'Z!- inJ “"Ilf, 0 !, U?®r;f J «i iCC 10 hand over to a New Jersey ONE OF the mo^ far- reaching Dunkirk was suspended by the THE FRENCH’ state-owned^ir- The p^totype of jtbis aircraft, national arms merchant and 

i iA.v^rrn j ud ” e notebooks and materials reforms proposed: lor the ^ U.S. company on Tuesday after Mr. craft engine company SN^CMA -Wiaith Is «quipp«i with the M-53 should concentrate more on civd 

!,m!iinMn ' a . rannt Sr Ey rf,|ali,l!! t0 re P orts h e wote insurance industry, theiesublish- Uasion Geens. . toe Belgian and the Arab. Organisatiqa t for> Sflt . >Ytagine produced by aircraft projects. But it is ron- 

«t ,'. ' noti-rimmi b havine and ^n fln^ '^ about a series 0Q deaths in hos- tnent- of no-faolf.reaKlnsutance. Finance- Minister, rejected an Industrialisation ' (AOIV are SNECMA. made its maiden flight sidered highly unlikely that the 

m^JSSLr reSS . u " n D,:als in Uradril. New. Jersey, in was effectively killed .hi -Congress oiler by toe company to pay VAT currently negotiating the crea- last spnng. . CGT*s objections will block the 

alT-.;*-"'* the indictment the jSIure Rvnm ’VVrp nf 1D55 ' 66 - 'His stDriex were partly Jast night when' the House 'Com- So goods sold aboard the vessel, tion of a joint eompa^ For the The AOi has indicated that it jotid venture. 

•K 3! « wlSf cS rcfused a furtoer sta^ Asa ins H\ urncn,a ' in the '***& of merce Committee rejected a Bill Mr. Frank Shaw, toe Aquamart construction of aeroengines in wants to actfiiire some ^160 Alpha- nfigottations 

; S.?wiK IS/il ""‘^r charges against Dr. which would , have made it operations manager said yester- E SJP^ • - ' /' ' Jets, equipped with .two Laraae SNEGBIA -and AOI .follows the 


srrio,M ' Th ” sr , r B Jz ajrws , major ^ ssraz ts k ,s ,r. s 


T*i-*!ro Spinoza, nne or the 
other Dina men indicted, 
were both under house arrest 
here lodny. Thr third indieated 
Dina nsent. Capf. Armando 
Fernandez, was nnder arrest In 
a "lilitary hospital In »he city, 
sufferin? from a nervons 


However, toe case is becoming conduct their case properly. 


232? material in order to I hitterly op posed 


auce supposedly because it would mission this week. pany (AFECOJ. Under a 20-year ^raiwe until theHelouan plant is rfdia^in-^utti^bia, caUed 

restrict victims’ access to The company expects the coDtracL -reneWable for c raaxi- captole. of undertaking toe work the Axab JSlectromc Companj. 

at* « ^ 5*5 sS? to the , j* Usas-gt- at JSHT 0 f JS M 2 ? SSffl'Sfe^.’JarS 


Brazil budget increased by 34% 


The deal, which- has already CSF'has a'-30 per-cent stake of 


BY DIANA SMITH 


RIO DE JANEIRO. 


disorder brought on. it was th E BRAZILIAN federal budget cent, respectively, of 
rennnpi. by the murder in- for 1978 W iU tola | 460bn dends on ae Federal 


vest i eat ion. 


me equip- 
m various 
lies, in- 
UK. 


Ch!lp;*.n< has conu* as n sur- 


uise service from is ■ still unclear ; what' the exact 
Ely 24 the Belgian- size of its participation will be. 
ed cu5tomd officials The pattern of previous' .joint 
duties on all goods ventures between the AOI and 


ct S3hn urViiio L “ c *aiue ui imoj jo levy neavy mines on au guuw> 'suuum uk nwi «uu 

ne local fiirfri. claims wtboUl Anting to pay a bought by passengers from the foreign companies has been 61^49 
torouBh taxes PJ° Portion to lawyers who pursue vessel’s supermarket because Per cent m favour of the AOI. 
ly death and the J r cI *' ras for'them. . they were being sold duty-free. Wtat has .been decided, how- 


$300m Boeing orders 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


death and 1,1 V lul lucl “- - tney were oemg sojo auiy-iree. “*r ; OVER . THE past few days, short-tD-medium " range 727-200 

According to supporters of the Mj- Shaw said the company Is ®Yf l r ' “ that toe French company Boting of the U.S. has won new airliners, to replace colder DC-0 
imqiifn- a reform ^ lo Congress, UB. lawyers examining the possibility of 11 orders -for jets worth over 5300m jet equipment, wlthnSelivery set 


Finance 
lia has 


Anti-trust inquiry 


will total Cr. llfibn ($6.33bn), torture of political prisoners in 
and the budget priorities will be Brazil, a British consulate 
for agriculture, education, snokesmnn «airi mdiv Ha nama^ 


kirk. He said a decision on u f f. .Jzf iibLif, in 8 afiielng existing equipment ordered two 737-200 jets, worth 

alternative routes would he doctors. It IS COnsidered_ Ukely • • * ^ . , =_ S22m. for rfe.Hwerv nert vear. 


p/r.s. ^ rrr 5„^'^*!Sr , Sa House to debate C bri 

Ir.'llauir’ilw.ii.l? anff-tnist The' latter two items will be Kratl'b ® Tn'id ihaS mu°l?Sfre „■ . . §?%«”.'« ‘ha/SsS^tu ^t or^MSd* b! Vm" m I£3?' S'oaS“sui? 5“‘ ° f ««? *““■ ."i* 11 s 3' 9m 

a " oca,ed 35 pcr cem and 30 1X1 n0 ” ,Dre deuils - aircraft noise dULA. JK* £ K ei S Bte bv T us a & 5T* S SlfiaiUS 

Tibvrr’ A 77 ^ o™ ssi?j5a^?ssajs 

- IMF stand -by credit for Guyana vo RK . An ^, * Sax** ™ D ' erted BriUsh 55-fWsa “ “ ““ ■*% r’lSySTSi m 

8Y ° UR ° WN CORRESPONDENT GEORGETOWN. Augusta. uSIfrito^indus StoSs sSiSd Z*'™™ ”7 ‘ n ““ ° f $38* A SJL f ^ - haS total, fnflow of ^derefo?iemU 

Tm*y»rilnn. wbirh amount to GUYANA is to receive just over The Guyana quota at toe IMF 3 faster fta n expected release hls JaW > ers and accountants. fighter-bomber, the Mirage 2000. placed a 3100m order for eight 220 jets of various kinds. 
nrirr-flTin*:. Howrver. the £9m (GS46.8m) from the Inter- j s j ust UD( j er £i6m anj tj, e of The so-called “quiet aircraft” — _____ 


alternative routes would be ti. ms n7rino di rirtir The biasest deal renorted is ® 22m ’ for delivery next year, 

taken within about two weeks. ... . cvrr.rwfA nn,«i>nt,. that worth * 156m from Thai in. LtoSps, the Irish Inter- 


« p-tizniiiic pirs’-ihle anti-trust The latter rwo items will be Kent, but said that he could give a 

vlnlr,ti"n'» by traders In the allocated 35 per cent and 30 per no more details. all Clall I101S6 

New York foreign exchnnee 

marLej our New York Staff — By Our Own Correspondent 

are alle?ati<*ns that tndepend. IMF stand-by credit for Guyana NEW YORK. August 2 

rnt foreign exchange brokrrs " " 

mr*^ hr ftiarrinc uniform eom- 
mic^innc on forei-n exchange 


U.S. COMPANY NEWS 


Jordan near decision on 
Dead Sea potash orders 


BY RAMI G. KHOURI 


AMMAN, August 2. 


Sea-Land able to join 
U.S.-Brazil cargo pool 


Dcnartinent wenlrf not elabo- national Monetary Fund as amount rpn-.vit.Tp h legislation far debate in toe , , « . ^ _ _ _ 

flclllji* credits, (otrfls £14lTI Jordan near decision on | Sea-Land able to join 

U C COMPANY NEWS A government statement said oew ‘- re dits, totals £14m. of toe House Rules Committee ^ ^ m -w*. ‘ 

“ here that £4m were In toe form Guyana has been reeling under two weeks ago threatened to I BAQ n nnTQCn APflAPC I I linn ryil AavrcA 

Hudson’s Bav In surmise of a one-year stand-by arrange- serious balance of payments dif- block full debate on the Bill L/V<IU kJvd IJUlddU UlUviO U d/ll LaTllU 1)001 ’ 

km r«p c<nr K L nn - nVmrri menl to heI P in economic ficulties since late 1976. They for two months or more. But O' 7 

. * rwT stabilisation, and the balance is have led to a wide range of yesterday- toe Committee voted BY RAMI G. KHOURI • AMMAN, August 2. BY DIANA SMITH RIO DE JANEIRO Xmmst2. 

sales ana prows ror tow- being provided from the DIF austerity measures intended to nine to six to send toe*- Bill to _ _ . . ■ 1 ^ 

Cola: Colonial Stores accepts compensatory financing facility conserve hard currency, in- the House floor on terms that P 0 * 3 ®* 1 company Production of 50,000 tons of AFTER A. long, controversial one other country, 'Colombia, 

revised offer from Grand because of an export shortfall eluding strict foreign exchange will make Its defeat more ™ lr oP' ement “g Jord *Pf magnesium annually is to be battle, the U.S. container line receives). 

Union — pose 22. last year. rationing by toe Bank of Guyana, difficult. SA-Om Dead Sea potash project earned out In co-operation with Sea-Land has been allowed to Once Sea-Land faited on its 

held an extraordinary general the Austrian company, Ruthner, become the fifth member oF a own to persuade Brazil to accept 

assembly of shareholders today and production of all three U.S.-BraztIlan cargo pool. non-ISO size containers it 

m • -m . " _ - raise the company's capital product is expected to start in T „ lnln tho nAA , . T _ . . • brooch r a nun* in Phila- 


BY DIANA SMITH 


RIO DE JANEIRO, August 2. 


Trod ii pconomir filsm tn nrrannfp w^wth e ? ti Khasawneh saM ' w iinTthfu 1 ?. K 

iruuudu euinuuiiL piau iu promoie growin con^^e saaa.'s c ^s wjrapMTSrjrts 


OTTAWA August 2. 


RY VICTOR MACKIE rv mw* A K* 18 "™ 11 : ^ ^ magnesium Will be ready in the operation) in Brazilian ports. It Robert Blackwell UB. Undefr 

BY victor MACM6 OTTAWA August 2. Potash Company chairman and coming few months, when de- must comply with ISO (Inter- secretary for Maritime Affairs, 

general manager, said the con- tailed work on obtaining the national Standards Organisation) heI P® d to Press its cause. 

THE CANADIAN Prime The new government policies sector will not lead the private country. And make no mistake, ,ract f0T the o®? 11 o£ toe project finance for these two projects 10, 20, 30 or 40 ft container « ^ Sea-Land had fbi{ed, Mr. 

Jlr. Pierre Trudeau. In will not be financed by increased sector in wages and benefits, fcut. the two are firmly linked." “the construction of the salt would have to be undertaken. Mr. norms to which Brazil adheres Blackwell failed: the Brazilians 
a surprise national television -.jQvemmeM spending, he said. Instead, there will be a strict Mr Trudeau hac n a . P ana and clay-core earth-fill Khasawneh estimated that the strictiv. To do SO, it will have were a ^amant that, unless S® a * 
mes«sc. lus unveiled an He pledged to finance the policy of comparability with the ^Jinr- a ii! a rfhfiS d y kes and aJ,ied dvi1 w ? rks “ A™* 1 Potash Company would to spend several months and V 01 ? -wmWied with ISO stan- 

ecunrniic (‘jckere which programme by cutting expendi- private sector. h “ k . " s A 1 ”. 01 will be awarded in December to require over SlOOm for the sums of money adapting its fleet $!. ards i it could not join the pool- 

included reductions in govern- ture and using "saved resources" 4 — The intrusion of envern- mpetlne* partv wzS* ThI on ® of nine short-listed com- magnesium and bromine facllt- and loading equipment Earlier this month, Mr. Black- 

mert expenditure and promised to stimulate the economy. m^t noli rie^nd SSwSf I. JS * anies: ix wiU P robab| y worth and thought some of this Sea-Land’s Sht S join, on its " e11 -took sudden action, instruct* 

tax cuts to stimulate the saving p* s[eps to KHtrunistnc L pol,ae * f d ! e f? , f! io “ fhe Snnortuni^fft^TSf around S150m. would have to be raised in the 0 vra 355 MooreS™? Eximbank to suspend freight 

economy ond boost Its growth - 0V crnment priorities he '*' !l1 be removed from individuals r * The second contract, for the commercial markets. Dptta.rjup snd Brayii'vw/romii flnancial assistance to the two 

towards ihe 5 per cent target announced thcsc P measures- Md bustnesses. Some functions Canada’s 11 ^nr refinery to produce the final Nearly all the S23Im in loans an^Llovd Brasilelro in Bra zUIan lines until Sea-Land 

Bmn '“" omio -- nr-sc SB u " ,a ^ sZ - 

&,* ff expenditure, with much of th, hmid of _g f ven™™t,pd ite^drag He M Ktion „ Mded now ■^"SSSSSL* ±.SS *J.."!L!!S» »“,*! S ul '« *•“ ** &i£5JS 


“**vv -**“1 “ — - “ i . _ •-'.uniwH u* . -- — — ® . . — iw iJuuui; SVClor.'LUUiu uic uiauucu uutuut ul 1.414 LU 1 J 4 some alaum 1 -VP 3 r in dvn,rt. ,T~ • vhvso, wficjT.cia imi ui« 

was more important to work on toe number of civil servants next ume»n Morocco. fuel inflation- once again unless of potash per year. potash and- soo™ a concesslons on Blackwell's '**• act was counter 

toe problems of the economy. year. The Government will “ I have come to toe conclusion they were closely watched.' TCiere He said preliminary plans are sales of bromine and refrartorS tHH'-.**,-. productive - to. a bread political 

Ho announced that toe Post '‘deliver more for less.- he that, while I believe we are on were too many young men. -and to form a joint venture company produced from maghesiui?Vh2? ihS^TSUFSSiS - ^ se W sin* if -came in an era 
Office will be converted from a promised. . the right course, we must now women not working, -mainly with Great Lakes. Corporation of full ^radnetliS te ™5S? SSi?" g! S? 'jyS’fflP.' ^ wben ' *“« has . already shown 

government department into a 3— The Government will get take much bolder action to because they could not find jobs, the U-S- to use the American Potash ourout will bfrais*edf?Jm it ia resistant to subtle US- 

Crown Corporation to try afld ‘very tough in public sector ensure our continued prosperity but some because they were u too company’s technology to prod nee 1.2m to 1 Sm tons anrnai 1 ^ hS c 3™»« I,n f s fresght official pressures in other fields 
resolve toe labour disputes. wage negotiations. The public and re-affirm the unity of the choosey," he said. 30,000 tons of bromine per year, the late 1980s, annually by financing a s si stan ce from Earn- and even more resistant to tbe 

Sanls (a CQncesfil0n W h lC fl on jy stick without the carrot 




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The Peugeot 604 TI and the racehorse have 
many things in common. Poise, dignity and 
immaculate breeding are some of themi Speed,' 
power and style are others. 

But, whilst only the privileged few can afford 
to own a racehorse, the well-priced 604 TI is in 
reach of many. Unlike the racehorse which is rather 
a delicate creature, the car is tough and reliable as 
well as. elegant. Tough and reliable because it’s 
designed that way. For as befits a thoroughbred, 
only the best is good enough; highly skilled 
designers and engineers, first class materials, and the 
most advanced-manufacturing technology all 
combine to produce this true thoroughbred. 

The oversquarc 2-7 litre V6 engine is built from 
lightweight aluminium, and has twin camshafts for 
maximum flexibility The benefit of using light- 
weight materials is reflected in the excellent fuel 
consumption figures (35 mpg at a constant 56mph”). 
Technically its at the head of the field taking full 
advantage of the latest developments.The Bosch 
K Jetronic fuel injection system accuratelymeters 
the fuel/air mixture to increase power and reduce 


petrol consumption. The electronic ignition system 
ensures super smooth starring, and the 5-speed 
manual gearbox means even smoother, quieter, 
more economical driving, especially at high speeds. 
Or, for those who prefer, there's the option of a 
3-speed automatic gearbox 

Comfort is naturally of the highest level and 
the specification of the 604 TI leaves little to be 
desired; 4 electrically operated windows, subtly 
tinted glass all round, electrically operated sunroof, 
power assisted steering, centralisecfpneumatic door 
locking system, rear fog lamps and a super deep 
lustre metallic paint finish to the body with a final 
coat of clear protective lacquer. The interior is as 
luxurious as you'd expect and where the 604 really 
scores is in its spaciousness. As Car magazine said. 
Tear leg room is almost to limousine standardsr 
The 604 SL (carburettor model) has always 
been competitively priced. The 604 TI, with, fuel 
injection and other refinements, represents, 
at £7582, a first class investment. 

And-the 604 thoroughbred won’t cost you a 
fortune to run. Its frugal with petrol as we’ve 


show : n 7 but in addition it requires main servicing 
only once a year, or 10,000 miles (with intermediate 
check and oil change every 6 months or 5,000 miles). 
The 6u4TI is also covered by Peugeot s straight- 
forward 12 month, unlimited mileage guarantee, 
and first-class service is assured by our network of 
fully trained Dealers across the UK. 

Let us tell you more about our thoroughbred - 
send now for details on the 604. 



4 

















!3 




6 


Financial Times Thursday August 


smm&m 


TFQSIE ' NEWS 




press 


moratorium terms 


Big spending on oil 


pollution ruled out 


BY IAN HARGREAVES. TRANSPORT CORRESPONDENT 


BY OUR SHIPPING CORRESPONDENT 

! THE GOVERNMENT . has 
THE GOVERNMENT is coming The meeting took no formal 1 rejected tbe case for a bio in- 
under increasing pressure from decision u> request an extension.’ crease , j n spending on resources 
shipowners in exiviid ■ ihe terms Inn i here was .strong support lori f 0r use in the' event of oil 
r«f a moratorium ..n their debi> uiri.-ning' the terms' of reference, pollution accidents at sea. 

AIihi*it«h rhe-re has been sym 


irds 


ivilh. British ship;. 

Under the presen i scheme. 

annouiii e.i ■Mrlic-r this year, 
shipninc cr>*iip. with uc'-l-s.-> m 
oilier Hnanual re.- oarers " are 
cvrluded frnm the plan. 

This cm*, hit ( all Ihe major 
l.'K lin>'r cem panic-.. «?\en ihmiuh 
must nf ihiw hate l in l V .mrt 
I IM 111 p -hlppIFIl! 


New look 

at Canvey 

Island 

refinery 

scheme 


Two inter-departmental 



By Paul Taytar 

MR. . PETER SHORE, Environ- 
ment Secretary, has ordered tbe 
re-opening of an ■ exploratory 
inqiiirv into a plan by' United 
aeflneries to build a 4m tonne 


■ ivines which j,ii bridn - ' 

icy as a re- nil 
slump in lilt 


thi«= -laue 

The general council argues 
ihji although ihu bigger opera- 
tic > may he able 
to cover 


No detailed work has hecn' Eleni V) and speeding up tines 
done on costing a radical over* of communication. 

I Sf 1 ? Although the reports do ' nor 

hSn^^hinc ? .h S s ° lnto detal1 ■bout either the 

an «dm within .4 hnurh gJE ^ Sfc£Z 

ment of Trade's organisation m~ e j ne ^wey island, 
both cases responded satis- re f W J S this 197S lnquiry int0 
factor! ly and mobilised od dt*. ^ application by United 
persal ships m good time. -Refineries, a consortium Fed by 
which leaked from the Amoco UnK report says that bating 
Cadiz. and pumping equipment should 

i . * , . i n One of the reports says: “In available on standby to 

ii> cross- Instead, the Government in- ^ presenl state of lcc hnolosy. lK » u,r y and pump heavier oils 
their hulk tends to create a Department nf conceivable at w orcjnhsa- -and that . there -should 


London’s population! 

down to lowest 

1 . • . • . » 

for seventy years. 


special 

vessels. 


-be a 


- - . . ■ ..... . i iiu kum-wduiE dt M..J gi.JiiuB- , — - - - *»«- » 

aio iiqu |i-.s:nL- money a* a re- nil .hippin" losses, this will not Trade unit m about sin Peop 1 *'. tion can 3 , ve anythin-’ approach- further review or compensation 

■ em from scaling down ; headed by someone with ex- - guarantee a^/inst large-- arrangements. 


nf i h<* pj-f-lun^i-d 
fmclii m.irkrts. 

A meetini! uf ihe General 
Gmincii nf Priii-h Shipping’s 
general pulirv eumnmtcr > ester- 

day reviewed the moratorium penalisation of the niosi efficient | abum 
scheme, which ha- not yei been owner.- in the industry on the 
used. although deals ar»- being grounds nf their diversification, 
negotiated with iwn or three- which the council regards as a 
small tramp -hip owners. skn of ^ood management. 


proven l them from scaling down ; neaoeo ty swuicouc K -y j n3 a guarantee asainst Jaree- 

'hipping iniere-jis in the | P« *1 nd^drarailira- scale «“«*! pollution following Mr. Edmund Del!, tbe Trade 
pie-em market ' { !”* command and adroraistra a major oiJ spillage. Secretary, in a Commons writ- 

The council also regards the ‘ ,on - . _ , ' ten renlv said that the smdie« 

liner .-.'mpanie-' exclusion as. The MlurvTor the job wH he Control at Sea had involved “a critical tS 

the Civil Service assistant sec ri»- "Indeed. large-scale coastal lamination" of contingency 
liw-rade” pollution is to be' expected in arrangements, but no'iotrease tn 

The' two "workin® parties con- such circumstances Moreover, resources would guarantee tb6 
eluded that it would be impos- there may be significant coastal absence of pollution id. a major 
sible to provide enough resources pollution after even a fairly oil spill-., ' 

to prevent serious coastal oollu- modest spill. _ The reports reject the idea 


repair orders 


Uon in the event of a super- 
tanker spill like that involving 
the Amoco Cadiz. Existing con- 
. lineencies have only _been 

CONTRACTS for move than L2m company was now able to offer activated ten times since 1970. 
h.m’ h««-n w.»n J.y the Tyne Ship- full nmhiliiy of labour between A* present. fbe De partin ent ->f 
• . . . f U- six \jrds. .Trade spends about £300.000 a 

v.im-n is part of Thc [hree contracts arc con- ' >'car on contingency arrange- a Royal Navy vessel during number of substandard tankers. 

version <»f a Norwegian pipelay- ments. The cosi of dealing with all pollution-fighting activities. A separate commttlee. headed 

ihe group's i r g V e--cl. refii of "a Cable »nd'*be_ Eleni V incident off the further research on chemical by Department of the .Environ- 


repair crimp. 
Lirui-h .Shiphmlder- 
Mv R. E.- Sillier. 


The working groups have con- that the Ministry of. Defence 
eluded, however, that other steps should assume control of all oif 
can he taken towards a “limned . pollution affairs and. say that 
enhancement" of available there should be further work at 
measures. an International level to tm- 

The-e include specifying prove arrangements over salvage 
operational control at .sea by contracts and to reduce the 


chief executive, /aid lhai three WircK-# 
Line : 'nd complex job- hud been ver-iun 
von by yard- without a repwra- supply 
non for .such vv.-rk , because the ship. 


■ cahfr* -hip: and con- > Suffolk coast in May is put 
nr an offshore marine!— m. but most of this will 
vessel, to a fireflghtinsi recoverable. . 


at dispersanis f these were found to menl officials, is to produce a 
be be useless in breaking up the report on beach-c leaning- opera- 
thick fuel oil spilled from the Lions. "-i" 


‘Better accountants’ bid 


COMPANIES ARE being cn- institute of Chartered Account- 
con raged io make* use of a °l s 10 England and Wales. 

specialised courses designed to ? rjver a wlde ran f ^f^bjects 
, . , s , from management studies and 

improve rhe performance of corporalc taxation and reporting 
qualified accountants in industry' to “communication and social 
and commerce. skills" — a reference to effec- 

The courses, developed by the live speaking and writing. 


Stricter safety on sleeper trains 


MR. JOHN HORAM. Trans- rinors 
port Undcr-Se«*rc*lary. ennKvmi-d i-lnar. 
yesterday that stri-ier sa r ely taken 


unlocked and gangways 
inner measures to be 


Factories 
plan will 
provide 
2,500 jobs 


By James McDonald 


Report allays fears 
of oil explosion 


FINANCIAL TIMES REPORTER 


A £lOm ADVANCE factories pro- 
gramme. which will provide about 
-',500 jobs in England's Assisted 


measure* are io In* impi-i-d on nun res in sleeping cars, and fire 
j* I coper trams following ilio extinguishers for attendants. 
Taunion rail fire m u-hn-h II Mr. Horavn said the. replace- 
pcople died. muni of old sleeper car stock on 

He told i he iJnnimons lhat the Penzance to London line was 
British Rul will <1 nelly enforce a matter for British Rail tu 
rrgulaiinn- to keep sleeper-car consider. 


Petroleum revenue tax 

The Treasury, in outlining the proposed changes in Petroleum 
Rcienue Tax, has dra«n up ihe financial profile of two hypo- 
thetical oil fields- comparing the results uoder the existing rules 
with those under ihe new tax rules. 

• Field A (total production 65 tonnes) 

£m. undiscuunicd 1977 prices 
Old rules New rules 

Total gross profits 

3.9A0 



Capital expenditure 

700 • 



Operating expenditure 

590 



Royalty 


360 

360 

PRT 


570 

750 

Corporation Tax 


870 

780 

Total Goiernmcni take 


1.800 

1.890 

Total prhatc take 


810 

720 

Percentage Guwrnmcnt Share 




of net profits 


69% 

72% 

Project internal rale of 




return <pcr annum > 


19 u o 

17-& 

Field B (total production 

30 tonnes) 

Total gross profits 

1,800 



Capital expenditure 

250 



Operating expenditure 

390 



Royally 


160 

160 

PRT 


160 

390 

Corporation Tax 


420 

310 

Totui Go» eminent lake 


740 

860 

Total private lake 


420 

300 

IVrecnta.^e iloivnimml share 




of nci [irolils 


64 "o 

74% 

Project Intvniul rale or 




return < per annum 1 



^ 


RISKS nf an explosion caused by Fife in particular — ff a group of 

radio transmissions at the pro- fanatics,- the Dalgety Bay action 

posed. Braefoot Bay Oil terminal group, were successful in pre- 

m Fife are “insignificant." the yenring this extremely important 

Health and Safety Executive says project from' making progress, 
in a report. . "The ScoMtsh Secretary called 

The Executive prepared a 51- for this report after receiving 
page report on hazards likely to representations from the group." 
uITpci the terminal and the multi- He added that the Secretary of 
.r c.-. 4 ..million -pound petro- chemical State had allowed until Sep- 

Min,sler ° r Sldte for | complex at Mossmurran. near t ember 4 for further representa- 

Mr Williams added .hat .he '■ K,rt< ' aldy Hons t0 be "» <,e “ him M 

Govemmeni had also asked the 
English Industrial Estates Cor- 
poration to start modernisation 
of its older factories. This should 
benefit the North in particular 


include fire precaution j Areas, was announced in the 


Commons yesterday by Mr. Alan ! 


but should also bring early bene- 
fits to Merseyside. 

The new programme for 
advance factories is tbe 11th in 
the regular senes undertaken hy 
the Government since raid-1974 
It involves 150.000 square feet 
of floor space for Liverpool and 
50.000 square feet' and 39 fac- 
tories elsewhere in England. 

Mr. Williams said many fac- 
tories had still to be buili under 
jthe previous programes. In the 
inner area of Newcastle upon 
Tyne, for example. 40.000 square 
feel was under construction and 
a further 120.000 square feel of 
factories would be built when 
land negotiations bad been enm 
Dieted 

“In addition to our own build 


It was asked for by Mr. Bruce question of radio transmissions 
Millan. Secretary of State, who as they might affect the twin 
yesterday fold Mr. Harry Gour- project at Mossmorran and 
lay. Labour MP for Kirkcaldy, Braefoot Bay. 
of the findings in a Commons He added: “I hope that soon 
written reply. after that he will be able to give 

Mr. Gourlay said: " It would a decision in respect of plaaning 
be a said day for Scotland — and approval for the project." 


the Italian national energy j 
group ENI. which eventually led 
to the Health and Snfety 1 
Executive's two-year study - bT ; 
Canvev Island and its report I 
published in June. ! 

Mr. Shore announced his 
decision to re-open the inquiry 
in the Commons yesterday in 
reply to a question from Sir 
Bernard Braine. He also con- 
firmed that the Occidental Group 
has withdrawn its appeal against 
planning refusal • for another 
refinery at Canvey. 

• United Refineries was granted 
outline planning permission for 
Us refinery in March 1973. but At 
the exploratory *. inquiry, the 
inspector recommended revoca- 
tion of permission because of 
overall risk. 

He also supported a 


BY PAUL TAYLOR 

FOR the first time in 70 years 
London's population has fallen 
below 7 in. The mid-1977 popu- 
lation -estimates, published 
..yesterday by the Office of 
Population Censuses and 
Surveys, show a continuing 
decline in Greater London's 
population. 

After peaking at about 8 jra 
just before World War II the 
total has since fallen steadily. 
In mld-1977 the population 
was estimated at 6,970.100. a 
fall of 87.400 over 1976 and 
471.500 since 1971. 

The figures also suggest that 
population growth hi England 
and Wales has halted at about 


4.9m. “However th&'slatlsfics- 
alsa show that movement' 
within England and^Wales has 
not .been uniform. 

The three Vorihtitf regions' 
bad little or no population; 
growth, while the South-West’ 
and East Anglia have hecn'. 
slow)* gaining. - 

Regional chances largely 1 

reflect u continuing exudus? 
from Hie Metropolitan areas-, 
with tbe North-West, which? 
contains Greater Manchester; 
and Merseyside, shelving one ‘ 
of the largest declines. : 

East Anglia is the most \ 
rapidly growing region.: 
increasing its popnlation hy : 
over 1 per cent a year. 


XJ.S. giants battle 
for office market 




ITT, the U.S.-based multi-national, fastest groyning sector of'jfie cdfirei : : 
■ ^communications group, will equipment market, which is itself ‘ 

i»,r e i n m ! Hn^XeTnd SuloSon market word processing equip- rapidly expanding. - ; . =? 

SL ?nr a stSdv of° the ' ment before the end of the year. Tbe application of .; inkm-; 
da?ge? of explosions at Canvey j according [to 'Mr. Jim T«trd, Ww proce ssors- and mmrtHttojju'..’r 
island. - v 0( ITT memories, to iyi*w«?e£s -.,nd: 

The final decision on the 
United Refineries . planning 


application held in abeyance 
while tbe Health and Safety 
Executive compiled Its.report 
The report gave- permission 
for further refinery develop- 
ment at Canvey island subject 
to additional safety measures. 


Business Systems (TJK). -. • . 

Foord’s announcement printers means a xle v.-Fiici v o. 


Mr 


No date has been fixed for 
the reopening of tbe United 
Refineries inquiry. ' Mr. Shore 
said be would discuss arrange- 
ments with the company and the 
local authority. 


EEC bank 
lends £10.7m 
fur airport 


ICI contract for Badger 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 


mg prugiame the Devtr.opmenl i ls 
Commission will be buiidins fac- 
tories in the rural parts of the 
listed Areas" he said “In par- 
ticular this should assist areas 
such as the South West.” 

Allocations of new English In- 
dustrial Estate Corporation 
plants for letting and sale bad 
been increasing- 
More than 400 factories bave 
now been announced for the 
English regions since July. 1974. 
providing about 4.75m square 
feet. When completed and occu- 
pied they will provide about 
18.500 jobs. 

Nearly 70 


BADGER, tbe British subsidiary production, 
of the US. process plant con- PVc is one of the most 
tractor, has been awarded the important basic plastics. ICI is 
engineering and procurement one of the world's leading maou- 
con tract for Imperial Chemical facturers in this sector. 

! Industries' polyvinyl' chloride It Is also building a VCM plant 
| plant to be built at Wilhelms- at Wilhelmsbaven that may bave 
: haven. Wesl Germany. an eventual capacity of 300.000 

The 115,000-tonnes-a-year plant tonnes a year. It recently 


A LOAN, equivalent to 110.75m 
has been granled by the Euro- 
pean investment Bank, the 
European Community's long-term 
finance institution, for half the 
estimated cost of extending 
Surabureh Airport in the Shet- 
land Islands. It is the main 
transit point for air communica- 
tions with North Sea oil and gas 
rigs. 

The loan has been provided to 
the Civil Aviation Authority For 
10 years at an interest rate of 
8.9 per cent. 


[.brings ITT' into ev« 'more direct- -routine- secretarial'- tasks ^an hp ; ■; 
competition with another ’giant, /irlly .-automated. ; * ’ ? 

U.S. multi-national— IBM.'. . - - TTT and IBM approach ihe ^ 

The two companies have fieep -office equipment business fri<nv 2 
edging into each other's .markets turd, different, if rtiplfffy .eon- ,. T 
for some years, but the-produc- verging, positions. IBM. is trad!-) 
tion of word processors will be-.tionaily strong in uoniruier: 


ihe single largest direct challenge' manufacture and electric !ype-j '5 
offered by ITT to. IBM.' writers, while ITT. is strone. in- - 

The word processing - equip- telecommunications and con-!, r. 
ment market Is regarded as the sumer electronics. )- 


Clearer prices law soon 


4-' 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 


ALL PRICES shown for con- The move follows a- proposal \ 
sumers must in future include -from the- -Director-Gcce'rai: >f ~ 
VAT or clearly show .the basic Fair Trading and ^-report from 
price plus the amount of VAT the Consumer Protection Advi,. 
in cash terms, says a draft Order ory Committee, 
from the Department of Prices y r . Fraser said th?rt rrom 
to be published today. August 14 the law on the *vt*cky .. 

Mr. John Fraser.' the. -Prices label” would be 'clearer hnd ■' 
Minister, announced thkTWhen more easily enforceable by local 
opening a consumer advice authorities, 
centre at Neath. South -Wales, Before the end of the year he 
yesterday. . hoped to see firm . action . on ; 

The proposed Ohier would bargain offers, including thos*> . 
apply not merely to .goods on makers' recommended price* ' 
display bur services ranging which in the case of small clcc- 
from repairs lo professional tricaJ goods the Price Comm is- : 
charges.' sion found misleading. 


Frozen icrajp 



FINANCIAL TIMES REPORTER 


part of a £2ffi)m investment acquired the local cblor-^lkali 
that ICI is undertaking at business of Alusufsse Atlantik. 
Wilhelmsbaven. in chlorine, which has a 110.000-tonne-a-year 
vinyl chloride monomer and PVC chlorine plant at Wilbelmshaven. 


THE RECLAMATION company supplied a rotary tunnel used in for example, was pu> into the 
of Mayer Newtfan, of Ertth. the process. tunnel and sprayed with liquid 

:~ b z— r :L[Z iSHs'ft srsisao ssstw* 

scale scrap redamanon plant in tQ em orittle materials. .the plant embrittled but the metal would 
the UK to operate on the prin* enables the separation of dif- not. It would remain in strands 
clple of cryogenics — tbe science /erent materials fed into tbe and .similarly tbe fabric would 
of very low temperatures. tunnel. remain unfrozen. 

Tbe cryogenic scrap Teclama- «p, e theory of fragmentation is These constituent parts would 
tton plant was sold by BOC. that If the composite scrap is then go into tbe normal separa- 
Brilain's largest industrial gas frozen at a Specific temperature lion process with the metal 
company. In a joint marketing one nf the constituent parts will being removed hy a magnet and 
project with Newell Dunford. of be embrittled during freezing, the fabric and embrittled rubber 
Doncaster. Yorkshire, which has BOC said that when a tyre, crumb being sifted out. 


STOCK EXCHANGE EVIDENCE TO WILSON COMMITTEE 


New doubts raised on ‘insider’ 



BY MARGARET REID 


MOTES — 

f. AuumcJ eo niio-’I reii I a -I pr>« o I £60 M' tonne 

.Mr. A in lain. v Wedgwood Bonn. Energy Secretary, also announced 
that the following 46 block*, would be offered in the s>ixih round 
of licences. The hlocks cover acreage In Ihe North Sea, west 
«f ihe Shetland Islands and ihe Soulh-Weslcrn Approaches. 
Those marked wllli an asterisk will be operated during at least 
l he exploration phase by ihe British National Oil Corporation. 
13/15. 1K/2S. 1:5/39. 13/30*. 14/26. 16/30. 16/ IS, 20/1. 20/2*. 
20/6. 211/5. 42/27. 47/3e. 47/4b. 47/5»b. 72/20. 73/1*. 73/7, 73/8. 
73/9. 75/11. 73/12. 75/16', 74/1. 74/2. 85/23. 85/24. 85/28*. 
85/29. S7/U. 104/20. 106/10. 107/11. 206/2, 200/3. 208/15, 208/19, 
208/20. 208/23. 208/24. 208/26*. 209/3. 208/6. 209/7. 209/13. 214/20. 


THE EFFECTIVENESS ; and normally ensnre attendance. Stock Exchange has been pre- UK securities industry should be of personal savings. Direct 

standard factories; appropriateness of the; non- “ The stock exchange does not, pared to enlarge tbe scope or its regulated on principles different investment by a farce number 

and 49 small nursery units are statutory self-regulation practised 3nd does not wish to, have investigations and to publish its from those applicable to other of private investors, with widely 
available in many A<s|si*d Area jin Britain's securities industry, subpoena powers or take findings. The first such case UK markets and prof ess ions."' spread objectives and iud'*mems 

Locations. Tbe Department of land the Stock Exchange’s iSfnlral evidence on oath; in the same which achieved widespread pub- The evidence surveys the inter- creates a liquid two. wav stock 

Industry says enquiries are (role in it. are emphasised ^n the way as the Take-over Panel it hefty was when, in 1976. it be- national role of the Slock market through which n«”’' 

buoyant, 103 units of 600 000 I Excha nge’s Stage II evidence :o must rely on its ability to obtain came evident that certain actions Exchange and identifies the monev can h* raised hv indusirv 

square feet were allocated to j the Wilson committee on flnan- the truth through questioning, taken by Scottish anj Universal stifling effects of UK Exchange on better term* 

rial institutions. ? High priority is always placed Investments warranted examine- Control policies, in tbe EEC increase in Hire*-, 

A description of the Exchange's on maintaining tbe conBden- Hon. it may justifiably be context. It concludes that there ' ^ , . ajrect inve.i- 

recent moves to tighten up tialuy or transactions but, where claimed tha* the publication of i s scope for a fully revitalised menI can on '>' achieved by a 

defences against abuses is the inquiry Is a matter of public the facts of Ihe case in the international role for the Stock combination nr reducing the rate 

another prominent feature of the interest or wpere tbe stock Stock Exchange’s report on its Exchange with a consequent of inflation and adopting o qolicv 

paper, entitled The role and exchange finds evidence of Investigation obviated the need channelling of European of fiscal neutrality towards ail 
functioning of the Stuck insider trading or breaches of for a further detailed examina- resources inlo UK investment- 
Exchange. "• the law, a public statement will tion ty the Department of 

References to the Government’s nurmally be made." 


I 30 


FT’s American 


weekly project 

the Financial times' us 

publishing project. World Busi- 
ness Weekly, will come out laier 
this year after completion of 
successful market tests. Details 
of the new masaxlne will be an- 
nounced next month. 


Notice of Redemption 

Clark Equipment Overseas Finance Corporation 

4|':^ Gaaruteed Debenture! Due 1981 


NOTICE I? HEREBY GIVEN that pursuant to (he provisions of the Indenture dated as of March 1, 
190o, ai supplemented, under which the above-described Debentures arc issued. Citibank, XA. as 
Miccc?iOr Trustee has selected ivo-OOu principal amount of such Debentures for redemption on 
September 1. PCS therein sometimes referred lo as the Redemption Date! through the operation of 
the Sinking fund ai ihe redemption price of lOO'/a of the principal amount thereof, together with 
accrued interest to said dan* a* follows: ...... 

SI. non COUPON DEBENTURES BEARING THE PREFIX LETTER M 


•ins TOO 1MR IT03 3454 7341 -6440 8(571 8818 9253 5684 11034 11455 12700 
6J0 700 1S:U 1587 0119 8282 8580 8811 9101 9633 1D261 11272 12100 12743 


12920 13921 14281 14885 
13224 - 14172 14487 - 


The Debentures specified above are to be redeemed for the Sinking Fund (a) at the Corporate 
Trust Department of Morgan Guaranty Trust Company- of New York, 23 Wall Street, JYew York, 
New York 
I -any, 10 

applicable there ty. at the principal . . 

London and Paris and the' principal offices of Amsterdam -Rotterdam Bank N.V. iff Amsterdam, 
friciitc Genera lc du Banquc S:A. in Brussels. Deutsche Bank Aktiengescllschaft ta Fra'oluiirt-, Banque 
ticncralc du Luxembourg in Luxembourg and Credit Industrie! d’Alsacc et de Lorraine in Luxem- 
Iwrjrg. the L'impJi.y's Paying A” cub. Payment at the offices reierred to in tbi above will be made 
l,v d L'liiU-J State- dollar chert: drawn onm bmk in New York City or by a transfer io a United 
.stales dollar cccnunt mainUinrd by the payee with a bank in New York City. On tbe Redemption 
Dale .such Debentures -hall become due and payable aL ihe Redemption Price, and on and after 
i-uch d-'.le interest on ihe said Debentures will cease to accrue. 

The Debentures specified above should be presented and surrendered at the offices set forth ixt file 
prveedinc paragraph on the said date together with all interest coupons maturing subsequent to the 
Redemption Dali-. Coupons due September 1, 197$ should be detached and -presented for payment 
in the usual manner. 

CLARK EQUIPMENT OVERSEAS 
FINANCE CORPORATION 


July 27, 157S 


sources into uin investment. savings, or at least reraovina th- 
This would depend, however, ‘ , in - 

Trade's inspectors. on the reetoratJon of foreign Iax disaa vantages of direci in- 

proposals legally to bair- insider The evidence goes on to say: *‘ Since 1976 tbe Stock Exchange confidence in the UK economy, vestment in industry and trade, 

trading— ihe use of coofidemiai "One major problem which the has undertaken a number of in- This could not be achieved with- "A reconciliation could he 

information to make personal stock exchange, like regulatory vesUgatioos involving the taking 0 ut changes In attitudes towards achieved between the poliev 

profits on share deals — reflect authorities in other countries, evidence from the public, it taxation of the fruits of invest- relating to the distribution or 

both some doubl about bow the has encouotered has been where «■* normally been found pos- ment or while nationalisation of wealth and the need to reward 

*vsiem would work as well as ihe a foreign bank has dealt for a sllJle J? obtain the necessary co- financial institutions and the direci investment in industry l,v 

approval earlier voiced by the customer. A bank's legal omuon. Completion of the in- direction of Investment remain exempting from tax rhe firs i.'sav. 

Exchange for the idea. responsibilities in its own Political possibilities. £o00 of an individual’s inmme 

On this subject. Ihe paper says: country may dictate that tbe »f o e " D ^ f a .. p ““ I,c ri ;~J^ Dealing with the much- from an mvosimenr »if this lynp. 

“The Stock Exchange has bank can reveal nothing about 5* »h" npISnm«mi ®f discussed question of rivalry for. as is proposed in France. Oihcr 

welcomed the proposal because the customer for w' 
the problems extend* beyond the dealt." 
area which can readily be the - - 

subject of voluntary non -statutory easy Way 

ground for some anxiely about The problem has been ‘statements' “where" %ppr£ overseas activities and earnings. A' suggestion ihai more .irten- 

the extent nf ihe di-finilion of 'encountered by the Panel on Dr j a i e -i n the belief (and with "The Slock Exchange is. tinn should he z\\n n i,i thf> 

insider and about the effect of Take-overs and Mergers as well jh e advice) that, having impar- howeveT. giving consideration to acronn lability for invo*tm<»nt 'j 

such legislation on the. willing- as by ihe securities and tj a J|y carried out an exaraina- the -adjustment of some of its funds- and in parrir th 3 r 1 

ness of persons to give evidence, exchange • commission in tion 'of the relevant facts, it had rules bearing on the overseas there might be a rode for j 

thus conceivably incriminating Washington. notwithstanding a public dutv lo disclose." activities- of member firms with management of pension fund* is « 
themselves or therr principals. Uial the latter is a statutory th _ * ri1 , 0 r it s b 3s ic n view 40 improving thPir ability also ventilated in ihv> eviHen---- a 

The importance of this question agency. The chairman of the «lf-reeulation the to .MHipete suecessfujiy for "Fund manaceineni m i»ht be O 

is demonstrated by (he fabt.that stock exchange has' put. tbe lp-ehanep savs _ thal tbe authoritv international business in non-L'K of a higher quali’y if (her? were rS 

il is one "f the firsi .subjects to diflicully io both the governor of lor the saneniisioH is drawn not securities, particularly in the a forum fnr criticism of ihr 

be considered in dciail by a (he Bank of England and to the # rom <f a tufo but from the con- case 0? securities of EEC coun- performance of tho fund \ hi-h :-*S 

committee of the Council for the Secretary of State for Trade, but sem of ibe users of the market. lries - This concern with the role dearee of itlsclOMirp is' mo-e 

Becurii ies . Industry. The; Stock a j S acknowledged that [here is »• The reijuiremenls for listing ? f ,h . e necessary _ when the emolnye^ 


Trade, and on one otl.-r occa- 
sion the fads, of the case were 
put before tbe pojicc. 


business with overseas business, countries, whose economies ar? IS 
the Exchange says that, like admired by commentator* m this Kl 
other parts of the financial com- country, have arrepjed the C? 
munity.it and its member firms ad van luges of incentive* such 


Exchange win be waichful f‘>r no easy solution lo this problem ace an effective uistrumenl for. is of increa a ing. importance for have no choice as m bow «ir hv 

any possible ' adverse - effects especially where', -a' foreign determining . standards, for new ! the Stock Exchange and the rest whom »heir pen«iun fund ;’s |/.£ 

arising from the proposedfostii- nominee is prevented 'from dis- issues and company conduct. ° r tlj e financial community. managed. 

lation and concerned to find ways closing the information by bis “The Stock " Exchange' is ’ ‘ • '* Af present the nenrior. funds 

The precis national legislation. • fortified by the physical concen- Helping SSVWgS growing at a fact ra*4 w»»i. ^ 

trrtldn of ; the mijority oT the . evidence focuses arten- 


of avoiding them. 

fnrmujaiiyn of .ihe provisions .will Und?r the heading of recent iraTIdn of'- the mkfority of the _. ' ,= aB " ' 't modern ierm? a I»>s« ibm 

be oflcoasiderable .-im'purlancc ** developments • in non-staiutory financial community ant) ^by iheir The eytaence focuses atten- .irlonii;,^ emmi mum ■stnrula'-H nf 
Discussing ils share dealing regulation the Exchange says belief that a voluntary ethical "On on (he increasing dominance- account ?Yrij:v iho^n vchn^n 
invesMgaiions. ihe exchange says thai. in the past, it "has leaded code achieves higher standards nf of institutional investment bust- funds they invest .in f | y. t *i„ (f 

thai during the year to March to res rict its regulatory and In- conduct wilhin ihe UK securi- ness — which between i9b3 ana anv d^ofosnr? tn Vn* central 

197S. 1JJ3S share price move- vesicatory activities to the tj C5 industry than would result I9 “ raised the proportion of public. Pn hi j c dlvclnsii-^ pVn'rirfnx 

merits were examined. and’56 pre- direct control of its own raem- from the imposition of detailed quoted shares held by in^tltu- 3 discipline over rh A fenfl't 

liminarv investigations ‘.' were bcrsandoflistedcompanies.lt statutory- requirements." ■ tlons from 26 per cent to 52 per activities nariirul 3 rlv hep' there 

caried out which 11 merited may «• -ll have been inhibited by The potnt is also-made that cent. while holdings of U on*v limited accn'in'ahi’ii-- to 

full inquiries. " The \ stock advice at that time that the there is ho special statutory Individuals Fell from 55 per cent * 

exchange has no legal power to Stock Exchance did not enjoy control over various other to 32 per cent, 

demand the attendance of a privilege in the event of publJc markets, such as commodities "The most effective way to 
member of the public but, in statement and was liable always and shipping, while professional arrest the trend towards the 

most cases, the realisation that to the risk of action against it .conduct is also -voluntarily domination of the stock market 

non ro-operation may involve in the Courts for. defamation. regulated. by the savings institutions is to 

publicity and comment will “In the past two years the "There is no reason why the encourage the direct investment 


flind m?mhp<-s. 

“ Conslderatinri «n«ght. Ho-,* - 

? v ?r. hf> given to ih,-.'o«!nhii;h- 
m°nt of a rod? of lt««t hii< i 'i^s 
practice fnr pension f’lr.rtv whi-h 
m ,n ht in H>»o (•nii’-v* ri^veio-i into 
a Pension Fund AvL‘‘ * 


\> 


l ! 

J 


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UP 




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• . . • . , !\ •' 

'• . ‘-i * ‘;V : : - • % 


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•Vt* - , -v- <•'■-'•; 'A *i 

l^v. yy v >. ;YY-?Yv-^ vw,f vjj 






.'. . ;• 


iihiw 


After a long study, one of the world's largest airlines concluded 
that the plane mile costs of the long-range L-1011 TriStar, the 
L-1011-500, are 8-10% below those of its nearest competitor. And 
that the plane mile costs of larger jetliners range up to 31 % above 
those of the L-1011-500. 

That airline will be operating the L-1 01 1 -500 in the near future. 

There are a number of reasons the L-1011-500 offers airlines 
such an advantage. 

Size is one. The wide body L-1 01 1-500 is the ideal size to replace 
aging, narrow body jetliners on routes throughput the world. And 
it also is the rightsize to augment larger airliners which have much 


higher plane mile costs. 

The L-1 Oil's Flight Management System is another reason. 
Called the biggest advance since the autopilot, this exclusive ■ 
L-1011 system saves millions in fuel over the life of each plane. 

This and other exclusive systems add up to the world's most 
advanced long-range jetliner. And many of those systems— such 
as Direct Lift Control, Autoland and the Flying Tail —also help 
make the L-1011-500 the worlds most comfortable long-range 
jetliner. The L-1011-500. Low in plane mile costs; advanced in 
technology; high in passenger appeal. No wonder it's called the 
wide body beautiful. 


The Lockheed L-1011-500 TriStar 

The worlds most advanced jetliner. 










8 


Financial 


HOME NEWS 


LABOUR NEWS 



Commission 
‘unhappy’ 
about new 


price 

demands 

By Maurice SamueUon 



'-A*. 



improve 


By MICHAEL CASSS4-, BUILDING CORRESPONDENT 


Revenue 
to vet 


THE .PRICE COMMISSION said 
yesterday that it was "very 
unhappy", that companies, had 
told customers it had approved 
price rises' which it had not in- 
vestigated. 


schemes 


THE PROSPECTS for ‘work in out in March, biit is nevertheless workers on rite this year than [ 
the construction industry con- far more encouraging than fhe last year. | 

tinue to improve steadily, accord- outiook a year ago. But there has been a marked ; 

ing to the ’National Federation At the same time. 39 per cent front ! THE REVENUE has 

of building Trades Employers. P f companies expect 


_. , . , . _ „ that they wHl carry out a greater (dg serious problems in recruit- j share owners hip schemes after 

The results of the latest state vo lume of work this veer than V 1 ? bricklayers, . carpenters, , ^ Bill receives Royal 

of trade inquiry by the federa- in the previous 12' months. a , maU i Assent on Monday. 

'.■The. fact that we do not in- j non among 050 building com- Fewer than 30 per cent believe . if S??S * r s “ “| Income tax concessions for the 
vestigate a price rise does nof panies show that the industry they will undertake fewer lit*. '5. in 1 emolovee share ownership form 

mean we filter approve orijemains more confident about contracts this year. wer?SaSS 

t Sa n P ^ Ve ° £ ,t " the Commis " : the^rate' oMmp'rov^men^iruiv^e «• federation suggests that buffi* flfV cement! i in the Bill which has now become 
S, °H n J. a J d ;. "if Hirf nn, i, hv r {eve! !m" S?her thaS 39 P®* “*« of companies are now Very few companies report the Finance Act. 1978. 

M^Rnhprr vlptPnn^i^ Unri^r 1 accelerating further also working at full; or almost serious delays, however. The concessions, • which 

Mr. Rooert Maclennan Under- ^iceieranng lurtner fun, capacity, compared with The results of the latest survey emanated from the liberal 

ana «-on-. According to the federation, only 27 per cent on the last two confirm that the -construction ipartv's influence on the Govern- 

sector as a whole is now ex-l^nt under the Lib-Lab pact, 

perienang more buoyant coudj-| were j mpro ved during the lega- 
tions than at any time lation’5 -Parliamentary- stages, 

recess ton began to- bite in 1973. ' 

New construction output this 


Secretary . lor Prices 

sumer Protection, had singled out i 35 pe r i.-ent- of 
Henry Wig fa 11 and Son; the tele- ■ reported more 

vision rental company, -for ' work than at- the time of the last T of>mtr 
special criticism. ; survey. LraoOUf prODiemS 

In a Commons written answer | The picture represents a The prospects for employment 


the companies inquiries. - 
inquiries for 


on Monday. Mr. Matfennan had j slightly . less bullish situation appear to have improved slightly year is now expected to rise by 


said that Wigfall had told its 
customers that it was authorised 
by the Commission" and his 
Department to increase rentals, 
even though the iucreases might 
not be permitted by . the. agree- 
ment with its customers. ' 

Notification of an increase to 
the Commission had no effect on 
the contractual rights of the 
consumer. 

Mr. Robert MorrelL. Wigfall’s 


than that which existed when the with a growing number of con- 1-2 per cent with - a repeat in 
last quarterly survey was carried tractors expecting to have more the following 12 months* 


UK power costs rise fastest 


BY SUE CAMERON 


Value 



afc.v*i 


Ashton . AMhaoqaaJ/i? 


Steel’s worker-di 




As a result -the periods that 
employees; have to hold their 
shares in order to gain tax- con- 
cessions - have been shortened. 
The' shares are taxed for only 
50 pe.r cent of their value if the 
shares -are sold after five years, 
25 per cent after seven years, 
and are tax-free after 10 years. 

The concessions do not come 
iHto force until the tax year 


INCREASES in the cost of per cent in Italy. 0-4 per cent in Germany was 5.01 US cents — 

sales director. . denied that his ! electricity for industry were Belgium. 6.5 per cent in France. 2.59p a kilowatt hour. Tn the* starting next ApriL but the-| 

company had told customers' 'that i greater in the UK than in any and 6.3 per cent in the' UK the average price was 3.45 ; island Revenue hopes that com- 

the rental increases .had official! other Common" Market country Netherlands. US cents — 1.78p a kilowatt hour. j pa nles interested in introducing 

approval. They had simply been {.during the 15-month period end- National Utility Service says As well as European "countries, | schemes will submit -them before 
informed that Wigfall had foi-J ing last March", according -to a that cost increases in Ireland, the survey covers Australia, ■ Q, en f 0r vetting, 
lowed (he necessary formula. ] survey carried out by National Denmark and Luxembourg were Canada. South Africa aud the 

-We are a "public company and i Utility Service, an energy cost- also lower than in. the UK but U.S. Averaage electricity costs 

are aware of our Legal obliga-i analysis "consultancy. they were not included in the for industry were lower in "these 

’ -* 1 The survey, published - yesier- survey. countries in March -than in the 

day. shows ' that the cost of Although cost increases were UK with the exception of the 
electricity for large and medium greater in the UK than in other U.S.. where they were marginally 

industrial consumers in the UK EEC countries,- the actual price higher. But the percentage 

went up by 15R per cent between of electricity rs" still considerably increase In * electricity costs 

December 1976 and last March, higher in Britain than in West during the period covered by 

Over the same period, elec- Germany, the Netherlands and the survey were either on a par 

tricity costs increased by only Belgium. In March, the average with- or else higher than in the 

2 per cent in West Germany. 5.9 price of electricity in West UK. . . 


tions, " he .said. 


Accepted 


Wigfall. with 'fewer than 
200,000 TV rental sets, was act- 
ing ho differently from larger 
rental concerns which had also 
increased charges. 

It was accepted practice, tod, 
that charges could be raised in 
the course of a contract. If the 
rise was unacceptable, the lessee 
could always terminate the json- 
trad at six months notice/ ■*- - 
In spite of Mr. Maclen nan's 
rebuke. Wigfall is standiagbyits 
increases, announced two months 
ago. They are for 5p to lOp a 
week, a rise of about, 10 per cent 
for the average set. 

Mr. Maclennan was replying to 
an MP. who- had asked whether 
clearance by the Price Coin- 


£300,000 for micro-processors 


The schemes have to meet cer- 
tain criteria." such " as being 
applicable to all .employees and 
not involving- a handout of more 
than £500 per- employee, -in order 
to qualify for the- tax concessions. 


Challenge over 
mental care 


BY OUR OWN CORRESPONDENT 


TYNE AND .-WEAR- County -Grant aid for three, yea rs is flaence the Enterprise Board in 
Council is to spend £300.000 over also being sought -from the siting the factory in Tyne and 
the next three years to set up Science Research Council and Wear." said the county council, 
a joint institute to research the Department of Industry. The Prof. Brian RandeiL who leads 
micro-electronic -processing. National Enterprise Board is the Newcastle University team. 

already a minority shareholder bailed the formation of the 
in Computer * Analysts and institute as "the second indus- 


By Paul Taylor 
A COMMITTEE'S review of the 
procedure under which 
psychiatric parents can apply 
for release was described as 
‘‘‘window-dressing" - by!. MIND, 
the National- Association' for 
Mental Health, yesterday. 

• -The- Committee, on Mental 
Health Review Tribunal Pro- 
cedures had suggested • in... 
discussion paper that tribunal 
procedures should be simplified 


The institute is being set up 

"feiH? company .byname. , Programme (UK). Wear hr thy ior,front or rom - jjgjg* IggBJ'Sl. JgfgiSa ffl !! !a 

.a • - ... . d |h j t lbe 

adequately 


margins oh domestic sets. Tbe advanced application of micro- 
inquiry, the second in two years, electronics in computer, systems. "By setting -up this institute Board's new company to design 
is due to be completed by the electronic engineering and elec- we hope to provide a special and and ' --'manufacture- micro- 

end of the month. Ironic technology. unique factor which -would -in- processors. 


question of 
patients' rights. . . . 

. Procedures of the . Mental 
Heaith Revieu; Tribunals. DHSS. 
I free. 



ANTHONY MORETON tries a bottle 


of Malvern water, said to be used ra 
by Schh . , . you know who for ft 


making her tea. 


Queen of waters holds 
mystifying attraction 


r-> 

w 

■« 

■ 

** • 

A 


•« •* 

' ' A 

; * vw.. 

t ' 



•/ t • W- 
: ♦ / 

;* .**-,•* j 



MALVERN WATER is bottled 
by the ** Schh . . . you know who ’* 
people and drunk by You Know 
Who. It is said, nudee. nudge, 
wink. wink, that she even makes 
her tea with it. 

Schweppes, naturally enough, 
wiin’t be drawn. Probably they 
diin'i know: perhaps the story U 
apocryphal. Still, it :s true ilia* 
Malvern water i> on the royal 
>ji'ht and n is thought that rho 
Oapen always takes a supply of 
it when she travels abroad. So 


it might be called tbe queen of 
waters. 

Certainly, it is found virtually 
only in up-market places and 
largely in the south. It is on 
the bars of the more expensive 
or more opulent hotels and! 
restaurants with whisky. Indeed, 
some discriminating whisky 
drinkers claim it is the only 
water to add to Scotch. 

Why there should be this 
mystique about Malvern water 
is difficult to understand. U is. 



CENTRO Dl HRENZE 
PER LA MODA ITALIANA 


PITTI-BIMBO 


FLORENCE 


2-5 September 1978 
PALAZZO DEGU AFFARI 


OFFICIAL COLLECTIONS. OF' 
CHILDREN'S FASHION 
SPRING-SUMMER 1973 


Aims'cn by :r, is . r mr.ei for b-ys^ a~z *-.? 


Fc- BTora.r.-i--'; .ire tslo* S'" 

Centro di Firenze per la ModattaUana 

1C9/l",Yia r.Her.a - rVi-s >* ,• - 1 - 2 * iOr~i j rc.-V_/3 


after all. only water. A recent 
water testing in a London 
evening newspaper claimed that 
the members of the panel 
“ practically fell asleep so deeply 
boring did we find it." 

Schweppes is careful not to 
make any claims about its being 
better. or having more 
medicinal properties, than any 
other water. All it claims is that 
Malvern water is absolutely pure. 
Hold a bottle up to the light and 
you can see its clarity. 

That purity gives.it a definite 
quality that many other waters 
do not have. To anyone 
accustomed to London tap water, 
Malvern water is a refreshing 
drink. Not only is London's 
drinking water drawn from the 
Thames and purified but it is 
aLso excessively hard. Similarly, 
there are springs in other parts 
of the country whi*th are acidic, 
such as Birmingham’s, or tangy 
w:*h iron, such as those in mid- 
tValp*. 

But there are aiso waters 
which arc beautifully dear and 
re fresh me and these are the 
equal of annhmg in a Schweppes 
bottle. What makes Malvern 
water special is that Schweppes 
ha< honied it and no one else 
has had the foresight to do any- 
thing about their o-*n waters. 



On the Mai vein water production line; 


Refinement 


Technically. Malvern water 
does not come from the elegant 
town itself. Malvern’s water is 
something quite different from 
Malvern water that -comes from 
the Primeswell spring, which 
Schweppes owns,; oh the other 
side of the hill from Ihe town. 
The pipe from the spring runs 
down from the well to the. town 
of Calwell. where it is filtered 
and bottled. 

In the days before Mr. Peter 
Walker set about reorganising 
local government. Malvern water 
actually came from Hereford- 
shire. whereas the town of 
Malvern- was in Worcestershire. 
Now that the counties have been 
merced into one conclomerate 
called Hereford and Worcester, 
sur'n a refinement. has vanished. 

To complicate matters further, 
the water from the Primeswell 
spring, also goes into the whole 
ramie of Schweppes drink? which 
arc produced at the Calwell plant 


— lemonades, bitter lemons, 
bitter oranges, tonics for gin; the 
lot. So anyone drinking a miser 
in tbe West Midlands is almost 
certainly drinking a flavoured 
drop of Malvern water. ' •*.' 

It is just over a century’ Since 
Malvern water was first bottled 
by Schweppes. One of the 
people whose family has been 
associated with Malvern water 
almost from the start is Frank 
Hill. now responsible as 
Schweppes' Midland regional 
factory manager for the Chi we II 
plant. . ; 

Frank Hi IPs grandfather joined 
Calwell soon after it starlet Both 
his father and his uncle followed 
and by the time he joined the 
company in 1936 they were in 
charge of the Vauxhall plant in 
London. - 

After tbe war when he . was 
one of the last men out of France 
through Dunkirk and one of the 
first back on D-Day with, the 
Americans on Omaha beach, he 
came to be in charge of Calwell 
in 1954. Next year, when -he 
relires. the link will be broken 
because there are no Hills in the 
firm to follow him. 

.He freely admits •’.‘■that 
Schweppes has taken a very con- 
servative line on Malvern water, 
in complete contrast to its 
aggressive selling of the mixers. 
"So far a* I can- remember 
there has never been an adver- 
tisement for Malvern water, 


Indeed, we have never really 
pushed it and so sales have 
remained pretty steady." 

Indeed, Schweppes has adopted 
such a conservative policy that it 
is exceedingly difficult, outside 
the trade, to buy it. 

That may be about tn change. 
Schweppes is thinking deeply 
about the future of Malvern 
water. Perrier, through an 
aggressive advertising campaign 
around Loudon, is making in- 
roads into an enlarging market 
for sparkling and bottled waters. 
Other lines, such as Appollinaris 
from Germany.' Sarr Pelegrino 

from Italy, and Evian, Coptrex, 

Vichy and Badoit from France 
are all doing welL 

Schweppes could easily join 
this league. But it would have 
to sell Malvern water through 
the grocers as well as through 
off-licences. It would have to he 
promoted. Perhaps it would have 
to have bubbles and carbon 
dioxide pumped in. 

So what shape, colour or 
material should the bottle be ? 
Should there be another label ? 
AJ1_ these questions are exer- 
cising the Sphweppes marketing 
men mightily. In the meantime, 
ail these foreigners are getting 
their brand names into the. 
British market. Which seems a 
pity in a country upon which 
water falls iq considerable 
"quantity and with. wh3t seems, m 
this vile' summer, to ■ be 
monotonous regularity. 


SIX TRADE unionists were 
appointed to the main board of - 
tbe British Steel- -Corporation 
yesterday, to become only the . . 
second group of worker 
-directors in a major British 
industry after the Post Office, 
writes our Labour Editor. - - 

The non-TUC managers 

union, the Steel Industry.' 
Management Association, has 
no representative for its 12,500 
members, but said yesterday: 
the possibility of- a seat later • 
bad not been ruled out by Mr. 
Eric Yarley, Industry Secre-- 
tairy. ' 

Fire of the new worker 
directors were introduced. yes-, 
terdiy by Mr. Gerald Kaufman, 


Minister of State (pictured 
-above). They are, (left: to 
right); Mr. Alan White and 
Mr- James McLaren of the Iron 
and Steel Trades Confedera- 
tion; Mr. Norman Lee 'of the 
General and Municipal 
Workers Union; Mr.' John 
- Tweddle of the National Union 
of Blastf urnacemen and Mr. 
John Lloyd of the Transport 
and General Workers Union. 
The sixth is Mr. Charles 
Abrahams of the foundry sec- 
tion. of the Engineers, . repre- 
senting the combined craft 
unions. 


Mr. Varley has also, appointed 
two British Steel executives, 
another * independent member 


. and two civil servant* to bring ?>• 
the board to- 20 meitAer* '’V 
instead of the present , ^ 

. including Sir Charles VlMfcrv- '- 

the chairman. "• ■" 

The ISTC wlli grt^anBffler -7l 
seat when Mr. Ward Grffflrtijr= ^ 
one : of the -present employe*-:-’ 
directors -(who do not repre-- ni 
• sent the unions 'directly); 
retires next Ma>. 

The prospect' of fthts thirdrS , 
seat could persuade -the 
elation to try ag£in to effect "a “to 1 
merger with the 1ST C. But Mr! “Si: 
Robert Muir, general secretary*"-' !! 
said last night hit) union wPuld ' ir, 
stin apply to join the TUC and - ^ y* 
oiriy then consider . whether * 
merger was appropriate. . -vi 


I*-#--** 

I.-J ... 





to free HMS Repulse 




BY PHILIP BASSETT. LABOUR STAFF 


HMS RESOLUTION, the Polaris 
submarine replaced by HMS 
Rev£nge,"which was freedlbjt-the 
Navy last week from industrial 
action by . civilian dock workers 
on Clydeside,- returned to' her 
base yesterday to face blacking 
by the dockyard workers in sup- 
port of their pay claim. 

Resolution, whose routine sea 
patrol had to be extended 
because of the blacking- of 
Revenge, sailed , into the Naval 
yard’s on the Clyde when the 
2,000 dockyard workers were 
taking part in a national one-day 
stoppage by all Britain's defence 
workers against - the Govern- 
ments 10 per .cent pay offer. . /, 
Union officials from : the ClyHe. 
bases' made it clear that tte> 
blacking would ; not cbnte jihio 


■■Tr 


The arrival of Resolution .will 2.000 -workers oh the. Clyde,.-, . 
increase pressure on the Navy 6,000 at Rosyth and a further:* 
to consider clearing Repulse 6,000. at Portsmouth canre-oaLr:?i 
from her base at Rosyth. where At Devonport dockyard 5^00-^ 
she 'and her sister ship Renown of -the .yard's 12^200 civilian-' 
are also being blacked/ The workers.came put A major ex-^: 
normal length of patrol for a ception to the pattern was w the 
Polaris submarine is two months, Chatham yard -in- Kent, .where -? 
and if Resolution is sttil penned' SjOOO turned up for work norm- V 
in on the Clyde at the end bf ally. The yard is being affected. 
that 'period, the recently-refitted though, by -.random., one-hour : 
Repulse would be the choice to stoppages. . s 

replace Revenge- The Royal Ordnance factory at 

Union leaders at Rosyth have Bishopton, - Strathclyde, wa* not -j,. 
pointed out that the Navy working, and workers at a 
would not be able to free similar factory at Cbbriey in- 
Repulse without the help of Lancashire wilT strike tn*Uy. . r 
civilian workers, as it did -at Talks on. the industrial civil 
Coulport on the Clyde with servants’ • pay claim Will; he . 

to Lai. - ..U4V Ci i i totU B .. 


force until the crews on ^oard 


wi* — — r- tt .. 

Revenge last week. ' resumed with the Civil ServLC* 

' -At' both Rosyth and the ClySe- . Department' .on. Monday. . . 
side bases." together' with the • Unions -representing severti ;, 
navsB "dockyard ht Portsmouth. 'hundred, mairitenance ." Wbrkert; 3 ' 

uWa • o inrt nar r4hcnfTn«Jh -nn at T7K' rinAi Will TllMt 


and wailing- to 
turned around. 


-there was a 100 per cent response on strike at UK docks Will. meet;., 
embark had to tlie call for a national stop- the " British ' Transport Docks- 
page bv defence workers. Some Board next Tuesday to discuss 





worry shop 



BY OUR GLASGOW CORRESPONDENT 


SHOP STEWARDS at Chrys'ler's steps 'Could be taken to avoid 
Linwood C3r plant" yesterday protracted stoppages of "this 
expressed concern about the com- nature "again." he said, 
pany's long-term future, once Mr. . Livingstone’s statement, 
Government financial support which -makes It dear that the 
expires at the end of next year, peace formula does- nothing to 
Transport Union shop stewards improve troubled industrial rela- 
agreed to recommend the new tions 4t the Scottish plant, came 
peace Formula to a mass meeting as Chrysler announced plans to 
of the 550 paint-shop strikers move . more than 3.000 strike- 
tomorrow. But Mr. James Living- bound~cars out of the factory, 
stone, their convenor, said they A Chrysler official said that- 
remained “deeply suspicious" providing Friday’s meeting 
of tbe motives of senior Chrysler agreed to return to work when 
management in allowing the dis- the plant reopens on Monday, 
pute to drag on. men would immediately start 


group 
annuls pa^t 
with union 


to 




By Nick Garnett. Labour Staff / 

A : UNION recognition ya«E.-lu&$7 
broken oiit.- between' ?the=~} 
Augustus - Barnett national off- 
licence chain and the Association s 
of Scientific, Technical - and La 
Managerial Staffs. The company .-.‘Jt 
has cancelled a recognition 
agreement only weeks after it 
was signed. 

The union, said yesterday that ;^L 
a recognition u and negotiating 
agreement for managers, v ‘ 
assistant managers and trainee '_ a 
managers -was. signed in': June 
after protracted talks; 

Mn David Ingram, the: union's'll 


a join, S3!U^75S=^jS!£g 

shop stewards meeting of all TGWU drivers in sympathy witn ■ saiQ mat ^ ter tfie um0 ° n aa ‘'’ 
unions after the resumption of the strikers— to showrooms all 
work to look seriously at what over tbe country. 


Post Office engineers 
black London HQ 


PQST OFFICE engineers 
yesterday began blacking all 
operations at the organisa- 
tion's central headquarters in 
London whieh house .some 
senior personnel, including Sir 
William Barlow, the Industry’s 
chairman. 

The blacking, which started 
at the same time as a national 
work-to-rule m support of the 


engineers* claim for a 35-hour 
week, involves the Installation 
and servicing of telephone 
equipment, maintenance of 
lifts and other plant and the 
cha offering of senior manage- 
ment in Post Office cars. 

The Post Office said fitters, 
power engineers and drivers, 
were involved in the sanctions. 
Fourteen drivers were sent 


home yesterday. 

UNDERGROUND ' WORKERS JU { 

downed tools at Pye Hill Ojlliery* --7 ■. 

Ambulance accident talks i J 


complained about -extra work - ?cy; 
caused by . redundancies the 
recognition agreement was dab- lh1< 
celled by management and wage 
rises of i per cent, together with 
improved' bonuses, were . imposed' 
by the company in place of 
per cent and productivity claim- ;" 1 

Mr. Brian Barnett, the com- ~ 
P»ny chairman, said yesterday 
that the agreement had been 
signed under 'duress from’ the :« 
union and had been umsttis^;, v 
factory. The managers conhK'-i . 
decide at their, annual con- ^3 », 
ference in October if they wanted- ijj " 
a union to. represent them and,^ 
wbat union that should bk 


Pit workers 
down tools 


rr* t 

■lii 

— * 


..The ISO men claimed they were "i sr 
TALKS will be held in Giasaow a f,pate -of accidents. j getting' “ pence rather than ] 

today over Bedford ambulances Two English ambulance services! pounds per week." ‘ .. " ,ij 

which have shed back wheels, confirmed'- recently that - they! The Toat TtnarH that J 7 

Officials from the Common had suffered a similar problem r incentive" pay was affected hvtee ^ f 
the Govern- with Bedfords. Wes* Midlands { 0? c ?aT 


ivhich administers and London overcame • it some f output at Pve Hill bad been low ‘ 
ambulance service, years ago by ensuring that: the I Tte *S S-’S ' 

jon officials and shop correct torque was applied to the I they expected £27 a week when ' \ 
try to persuade nut and the coreect LifiMemag the scheme began but last week W 
resume driving after sequence followed. ■ ' ! received, only 45p. •« : 


Pay codes ‘increase wages’ 


-.*■31 




BY PAUL TAYLOR 




ONE IN THREE companies paid 
more in wage increases during 
the past three years than they 
would probably have done if 
there had been no national 
“norms." 'This is the major find- 
ing of a confidential survey of 
managing directors attitudes to 
pay policy in 1S1 UK companies. 

The survey published today, 
and conducted in. the first half 
of Jdly-for ~rhe management 
magazine Chief Executive, shows 


that attitudes of Individual em- 
ployers to ’ pay restraint vary 
considerably and are. not always 
in accord with statements - by 
their representative bodies. . 

It shows that nearly one in 
five companies will consider 
ignoring the new Phase Four 
guidelines, but fewer'than one in 
three would welcome an immedi- 
ate return to free collective 
bargaining, and two in ■ five 
believe '■ there should be some 
kind of 'permanent' incomes 
policy in the UK. 


Sanctions, to support a pa? 
policy received “a surprising 
degree of support." " Almost 
three-quarters of the executives 
favoured a fines system. 

Perhaps less - surprisingly, 
company managing | directors 
reported an - .‘obvious loss -W 
morale among managers -and 
executives because of reduced 
salary : Increases, -but !e$s than. 
20 per cent. said .they in tended; to ' 
compensate staff . fr> r . lost ' fjscs 
when .pay restraint was finally 
removed. 


■r* l 

,-iti 


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f . 



1 





1 






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Financial Times Thursday August 3 1978 


PARLl AM EM AND POLITICS 



ft 


Davies launches fierce attack Barnett contrasts Tory 


•it- -3- 


cwua s 

^3. 

£"< licit 
~-iLTiC .* 

f 



bt John hunt! Parliament art correspondent 


policy 


attitudes to oil tax 


BY [YOR OWEN. PARLIAMENTARY STAFF 


iiL; hodo'ia. 


I’Zyr^f 
pi 'V 

j*c - i 


C.j» .j'J . 


I f\ 


A HINT that an incominq Cnn- set the rate of PRT no ance at f»s new level would 

semtive Government would he higher than -15 per c»?nt and we continue in be or" particular 
nL.Hci?, WV1R shadow it was proposed that the recommend his party at this sanctions had beea flouted over the Dar es-Salaam talks was the Jj kel >* T0 !? cre ”JL2\ e PeIroieiim ^ 3 1 ve r Serous allowances and value to small fields. The safe- 

, 2 ri«« ry l ^ de lL cl ^f Ruernllas, who wore . trying lo stage to call for their immediate a loos period bad undermined acceptance hy the Patriotic Front p e " nu ® Ta * t p RT> was swn relief* hccause or the -real no- guard provisions would remain 

I inn commons last -night that massacre them, should be. suspension. people's belief ihat they cnuld —under tremendous pressure hy Jir. Tom Kins, shadow Energy ceriainties at the lime unchanged. 

.'o any immediate brought into the security forces. -The lime will tome when he used again to bring about from tbe - front-line nreMdems Smiwy. In the Commons yes- “Now. however, though many “ir. nevertheless, there are 
” ,n * oF sanctions against In November. Mr. Tun Smith this parlv will bo fo Govern- peaceful change —that ihev miM accent that the lerda >'- uncertainties remain, we are in a uortnwhile developments which 

. had accepted universal suffrage mem and will deal with this “If sanctions' had been fully, armed forces would be controlled Wh ' ,e « r * >ri, ! | y adding any position to take stock, and it is prove in be uneconomic under 

nut he warned that ms party but the British Government hart question n f samiinns.'- he. Added firmlv and foirK- mol fori k.- „ precise conimumcn; tn the apparent that companies are the proposed new rates, the 



as aimort at satisfying mfiTubers a weak-kneed inrompetezrt way of situation for the future 
f his iivcn party who areJdivifled approaching 1 it. "..be declared to “if j t „„„„„ niear 




attitude 

.wrung a debate on Rhodesia, increased the danger 
illied his own backbenchers tion- had hs®® B 
•ith a blistering attack- on the -?PPT2®S“ as acove r 
- til icy pursued by I*. David WSft* condemnation 

wen Forei™n Secretnrv ~ - British people, 

wen. foreign Secretary. ^ Davies M - d m his 


v.. 




Dr. 


preserve that - u sanctions had oeen applied t n »he neccsity of nutting an in- — - - -- . , - 

more firmly and Tairly before- neutral fi^fe into These words were immediately the less well-placed fields. *n „ S p these powers, but 

— - . , u , . .... hand. 1 do not believe they thp Snsitiona! -leriod^ But he seized fln b - v Mr - Jot ‘ l **twtU Mr Barnett explained thai U Minister* stand ready to do so in 

T 1 the issue. Many Ton- MPs shouts of anger, from the Labour the time we come to the sane- would have occurred." rtirt nntbelieve t C,V «i.. Rr-iriih Chief Secretary to the Treasury. was not proposed to alter the appropriate circumsiance*. in 

Hieie Ihat sanctions must he benches. . lions order in mid-November In the last four months, since niwenuneni should h? ih-f, hv *ho drew a contra^ with I he M™«ure or the tax or to remove order that developments in the 

’moved now if any pmures* is The Tory attempt to pursue a ,hai ih e expectation of an the Internal settlement had been over JS-J ,/ attitude of the last Conservative the front-end loading of allow- national interest go ahead." 

. i he made towards a solution to persuasive approach »0 the internal sen foment and ihe signed, there had been 1.000 a * seme- ,- nvernmi?nt which _ he P3id. had ances which, together with the An „ r( .rpn-in- to the arranqo- 

iY? Rhodesian problem.. n n VCr J^n2« 8 Th? h0,tlin s nf an election between deaths. There had been too 2 reat a “virtually given away the Nonh safeguard provision* served to ments for the sixth round nf off- 

5 ‘In a clever and forceful met Wth no mpque- The December 4-5 seems realistic. Dr. Owen said: " It is com- ™J5 0 n in the neJnaners Sea." encourage the explo.taUon of shr>re lifenrin!:i including the 

wevh. Mr Davies, who was and the elections are to be held monly fell on tbe front benches anHParliament in ,n another bout of pre-e lection mansinol fields. blocks r»n offer! the Chief Secre- 

do propose that the tarv told the House. ** This early 
hould he increased announcement of nur intentions 
cent tu GO per cent °n lav wilt pnahlp the nil 

r^nn j t h a d been authority to increase PRT to 60 for chargeable periods ending companies to consider the prn- 

Owen would not be able to work to- „ Th k _ v . . per cent w-ould be sought in next after Deceiuher 31. 1978. We. posals and. if ihey wish, to dis- 

ine *ey que.tioD is morale. 0i „ - propose also that the 75 per cent cuss them with the Inland 

„ erv -.ent on to re- uplifht against PRT should be Revenue. ~ 

call that the Consemitives had reduced to 35 per cent m respect For *he Opposition. Mr. Kins 
criticised practically every ele- of qualifying expenditure under - ca ' d be would require an oppor- 
ment of PRT when it was intro- contracts' entered into after to- hmity to consider ihe Hove re- 
duced. day. and wo propose if halve the ment s proposals before making 

Asked by Mr. John Parrioe tL. oil allowance as from -Tan nary 1, de'ailed cnmmcoi 

North Comwalli to estimate the 1979. ’ Rut Conservative MPs had 

revenue likely to be gained “There u ill be special always placed great emphasis on 
from North Sea oil under the transitional arrangements for a P rn P? r tax regime a* the wav 
new tax regime in the coming uplift on expenditure under con- * n s p cure for ihe nation the 

with tracis already entered into." nenpfiis from North Sea oil 

Barnett staled that with . r . albrr ,ha ?. ,hP . r 5" v ‘*rnnie«it , 5 
continuing to be deductihln /‘hscssion wMh the British 
Corporation Tax it wax ‘“l « .orpnration and 

that the proposals »n™smr powers 

1 He su-neiTert lhat I 


"r argued ,ta, the Govern- *S7p"* tt "JS rt SS&-*wS 3S7 ” , ‘ nir, K'ffi "SSK !Sff ITthSS “bf iSSfni Th^"«.7Vr^ tolKSS 

. h D had fnVmH ihaf itr 'Jnshna mo vc w, old bring Britain , POfUia De *orhin, in morale. „prv Undeterred, he w 



iT«3 EHTffSSS &*&*■«« S-SX-SsS 

He warned, however. 0 f t ^e outside world was agamst If the Commons iurned aside 


abour 

.uestinn. 

•tal the Tones could no longer ft • Tbe Government's failure to f rn ! n lhat position, it would be 
kc a persuasive low level recognise the settlement bad taking a n extremely grave 
jp roach ro the Government's bolstered .up the Patriotic From decision, 
jlicy. 


.and led them to believe that they “Let there be no illusion that so.^ 



would 

Secretary's take " 


public suggested lhat ilie chances 

in Ihe h rnD, ' , '‘ r rt by The Government 


II was now essential for the could not lose. ’ were we to lift sanctions, wc " * believe the majority of ..j 1 ~n»inui^ h in° fnr d i ... kliS 

ritish Government to establish He had found that the country would be putting ourselves R ( J"jJ® fi l“* ; at „ l * e n e«>otiated settlenicnt ^ he^ieve announcement confirming that financial year 1979-*b. W, "! U] harp In He effeef on ihe 

mission in Salisbury and to set was permeated “by bandits who immediately into a major con- a rgi e that no ff i« rae "hA this is in the imprests of ^ Government had come to the •• rP -. ard(t lalPr Vf ,,„ t i, PrP discoveries which had 

time limit to the discussions were simply set on massacre" front a non with the UN. the !T a,ly ft 5 “ n .L ess JoSh Britain 1 believe this fo the conclusion lhat there was scope are ?nr! mmS iinwriafolfos Rm a,r 7 r, ybccn made aodfm- wh.ch 

. h , , a.E’F , rir.. ,, .r , M ^ mddis - awasrissa'^r. £'1 m T£ & ^ 

,1,e Tory as? Wester " friends and iKbM ffsrssusx MB wsffi!S , MSirras :; r /’s 

ctoHenge o. ^ 0wen rehllkE . d weslenl come into it." . shout an independent Zimbabwe ,h„ E?. bllc i,?ES? ‘I 6 '» make up ibe hulk of fiilur. 


For ih. Ooeernman. Dr Owen g™{ ******* 'SSHSt "‘p’lel “o'nVSl" Si moat msnidcan, and ‘under majori^ ruTe. wb‘e‘« wSfie » "»'■« that ibe middle 1980, will be Tn ,be ■vinh^ 

^."w'SmSt-SttS'AS The iJ’tt., important iaaues to come out of and btack can Uvc togefter." dT'affi iS 

Stop oU supplies — Tory 


ginning of 1975, the Government per year thereafter at today's 
deliberately adopted a cautious prices.” 

approach. He stressed that the oil allow- 


Docks decision not 
political— Rodgers 


Ministers 
ready for 
tax talks 


id still pinned his hopes on the settlement: "We would not 
•iriihiUty OF round-table talks recognise it but we would sup- 
ith all parties, including the po “ ll - . . ... ■_ ... 

preservatives of the internal He i urged strongly that Britain 

it foment African’s, the Patriotic l hoM «c«P a mission In SaJis- 
om and Mr. Tan Smith, the *»“* P^^^rly to deal with 
lortcsian Premier. ^ h e question of impartial obser- 

Mr Davies described the vers for the elections. This 

esenr situation as' paradoxical wouW provide reassurances lo For Ibe Liberals, Mr. Jeremy rewa had not been consulted effective much more quickly.” 

- could he near te a democratic rou» nriti « provide a great Thorpe said that by their vote about the Rhodesian attacks said Mr. du Cann. “Oil was 

insfer .<£ power, or we might uplift for moralc - ' . on Rhodesia tbe Opposition against Zambia and Mozambique, always the key. it still is.” 

near a situation of despoil a- At the moment, tiie Patriotic would convey tbe message: Mr. Edward du Cann. chair- He called for a major 

•n and disaster. - Front believed that -they had the “ Hold nn against tbe possibility mann of the 1922 Committee of diplomatic initiative, led by 

\ m -lii'ii- nan nf th* <*nilt for made. But the appoint- of a Conservative Government in Conservative Backbenchers, said Britain, aimed at stopping nil 

.*. | ., T | ,. r pussihilitv attached to ^ cnt u f | 3 mws ‘ on , wool 11 November. We will probably get t h a t the effective action immedi- supplies reaching Rhodesia, 

; .\ V - Pr I, Th fb r™”,' the balance back., towards sanctions lifted and you have a ale iy to cut off oil supplies could securing the removal of Cuban. MR. WILLIAM RODGERS. Trans- remark as nonsense and called Treasury, told the Commons last 

r, 'hid tried to avoid bartv nu ^? s «?' v „ v «u good son rung chance nf getting be the key lo securing a Rhodeaia Russian and East German P°n Secretary, rejected Cons er- on the Conservatives to make, night. 

innte' on Rhodesia .it West- n,? Ji! 1 * -5 . , *J l<?rilul settlement recog- KClt}ement supported by all “advisers” and iheir missiles and val,v * claims in the Commons clear their solution. He was rephins to a Commons 

■ivtor ■■ Rui ihn iniai Bum nf prcjiarat ions .for an all- ni-*ed. parties. other arms from southern Africa. y® s forday that he had taken a Mr. Norman Fowler. Tory nur^tinn frnm Mr Ke\-in 

irn riicnnnnintm'nnt party cor \ fe i re,1 i l * e ; , h e said lhis Things were so bad in Rhodesia Ta nf in, «« both ? n . d Pr“ v <di3g for a "massive Political decision to i keep open Transport spokesman, said there McNamara (Lab. Hull. CenU ask- 


FINANCIAL TIMES REPORTER 


THE GOVERNMENT is ready to 
take pan in talks to improve 
measures against international 
tax evasion. Mr. Robert Sheldon, 
Financial Secretary to the 



ver done anything about it said that he had seen their the Uvr. Silhofo had said they they would prove decisive in requiring all the parties con- docks had been taken "because whether there was miv nerman 

Nn •.rnsihle penwm in Rhodesia praciical and symbolic effect in couhj obtain a ceasefire but there 'weeks ralher than months. ceraed. Including Mr. Nkomo, to of pressure from any quarter ent future for the Roral docks 

not was Evidence that Bishop Muzo- "Sanctions could have been come lo the negotiating table. urVunmm*-- ~~ us- 


iiri accept a situation where Rhodesia. But he did 


international tax evasion. 

Mr. Sheldon said that the 
as his answers gave the impres- rec otnmendalion still . bad .to be 


f HITE PAPER ON OVERSEAS REPRESENTATION 

Need to maintain UK’s world role 

RNAN a AL TIMES REPORTER . 

STFK DAY'S White Paper on Britain's needs and Interests as xnatic Service and the Home services. term contracts. More flexible 

Representation begins a trading nation will, for the Civil Service. The detailed measures to which appointment, procedures for 

arguing the need for The foreseeable future, inevitably (iii) to improve the co- the latest reappraisal has led or senior grades are being con- 
mtcnancc nr Britain's world- rnntitiue lo be a dersive influence ordination of our nverseas will lead can be summarised as sldered. as is the phased intro 
ir rule despite the country's on our foreign policy. represen ta lion, and of the follows: ductfon of annual leave to ensure 

need power and economic The importance of economic resources devoted to it. both in 1— Thpre will be a programme that Diplomatic Service personnel 
fit*-- The geographical and lin d commercial activity must he Whitehall and ahroad. nf interchange between the serving abroad keep in touch 

online fads nf Ufe make it stressed: our oversells re prr»«Mi- Civ > to have the diplomatic Foreign and Commonwealth with Home Departments and axe 
iil.ihie Hiai today, as.- in tation has to be geared m ihe Service fully responsive to Office and 37 Government depart- not absent from their posts for 
vinu« centuries. British promotion of Britain's economic Government and British society, ments. The programme will over-long- periods because of 
■rests should extend round interests and export opportune mainlain a wide hut achieve 100 additional second- accumulated leave. 

world, il says- lies. But this does not mean lhat cost-effective system of residen- nienfo in each direction over the jn There will bp fomi mn«n? 

'he leu ennv.cnt believes that export promotion should hr a Hal representation overseas. next four or five years and will tal i nn , nr i' aPrprn ,_ J n! hp , w „" 

tain li-u- the asseis to defend pre-eminent requirement of ««vcr- We need lo put overseas ex- be supervised by Ministers. The Tl . p p- I( - P ., n pmumnnuLith 
iniei'rsK and effectively lo seas reprcsentaimn in ail coun- ponditure on missions abroad in programme will be supplemented r»w-icp md Thp ™i(.vvni Womp 
M 1 ..IC h.T ni.;«Tlives These tries of ihe world. The safe- proportion. Over pOm was h y short-term attachments and Dcomnicnts on ih* iJinriu« 
-is include our cconuraic and guarding of nur prosperity also . *n 19«6 by foreign by the j oin , training of members nnU< ip> iid in 1 fo.’ 

uarv -irt-ngOi -is a n;ilinn: depends nn ihe effeciivcnes- nf C 0 «mnes on their diplomatic of the Home civil Sereice and Senlo -e.t in anv EMmt? 

hiMoru.-al ii**s with many pur contribution to solving ihe representation in London against oiplomalic Service. The Govern- 5-1^' °'f-, ' C0lJ ^j r -‘; 

nber> nr ihe international prnhlems of world economic *?° re, 5 n Commonwealth nien£ tt . m cons jder the feasibility 7J} > *,u . ^ 

iimmiiy. Hie binding fnree nr management in ways which pro- expenditure overseas of of extending interchange to in- J n'i T^ Un , :-n A5 f f 

Kngli^h langiiage: our mote our interests. The parallel of our mam d UStr .. commerce, banking airtu ^ ent Pap ^' There will, from 

mo.lu.ncd standing in the .mpnrlance of nur wcuriiy and jnduslrial partners spends less X tode unions t,me 10 mn !l be , m . aJ0r P o!lc >' 

: and science and our cunlri- political interests, both in their U»n we do on overseas represen- • . * intensive review of 3 a P e ^. ,:,n ert i rna ! issues, pro- 

mn IO to- world's cultural n *n nghr and as an influence .There are at present c " duced oy toe Foreign and Com- 

ii.i'.V*. ami the example of ftn nur economic fortunes, must TTt? ® n Dsb Posts abroad with " , officers ; s neario" m . 0 ” w ^ al '‘ 7 :n conjunction 

ii.h ivtoi-.s an.l nur country's a j Sl -» he taken into account We UK-based staff; this is broadly in SmSeSn neana* W - I;n tae relevant Home Depart- 

. ,-r^uc » iv uf life shill not he orosoerous unless 1,ne w,th the number or posts compieuon. ment. 

I i V. lif IVhiiP t r"i e maintained by comparable 3- A system of wide but cost- U _ TI ,„ Government w,., 

. , M,.-n- is'ihc influence wc , nr Ihr countries. Once a mission has effective representation overseas publish t-n new series or papers: 

.... i , nr r a uvc and in mtii .hern Africa or !h** closed, reopening is a costly and will be established wiih r ^ ul ‘‘ Foreign Policy Documents ^and 

a- { . ^ u I«n « h 2 Middle East, for example, pn. Hi- t j mM . 0nsuini0R buslness missions' in countries *'hP re Backround Briefs Th-se will be 

rdmaK-d «.lh »ur and 0C nn nm , c ««« VccruttawnMO (h, Dipl^Hc S-SS »TKL?Sf flo* of 

ver the fn Public information 

conies ?H s H”25*L tI I!? SJmlS? of about ,h ’’ formulation and con- 
the number of „ r r,. rP ;„„ nn y,„„ 


Muu-imwiiMij apart, there ■ . .... 

came from stale ! Jl 0 sf z i°n F f Dn^ f There how r * ar *‘‘P>rete British Council 

in recent years, the ^ abroad can be merged 


duct of foreign policy. 

12 — A coiintry-by-cnunlry 


re- 


hand to see 


n.TK in democracy. extricably conneefod. The stand- - *®SJ u ™ ew the »ipl 

oiilic-illj. the document adds. , f Jh , s p-rjujupv. m the «*>es mTVice has changed o\- 

p,*vilion which we nrrupy in of world, is bound up wiih i^l,P CDerall ? n '. l j now L 7 an increase in 

Pnarip.! of intt-r- “„ r '", and „„ hlma „ r i K h,s. on a muoti broador base °f ^ ch " r ^.do POMS 

on.i! affairs gives us a more ^ ou . f 3T WP can niakc nur values, pntish society. In the 1950s, one jj ini-mission s 

i :..|.-iiwfo springboard for |j( SOPia i an d cnlt.ir.il. ™ seven of new admunstrotive a— H im 
i mm g»n-*i» ve and effective ^ n[iv . r «i„nd Our assessment r,r grade entrants came from 

^ uSjr o“ne ,° f «*«- on the presump- 

y iln> UWtis, we shall he the This said, the WTiiiP Papw* hive morels unde^ conridenlilon re ** ons fnr . , the rctoniion nf 

: -nenilMT of the European dPt! , artfS . there is sense in of "cruits have '* separ-fo c-tablishnienis. 

i ilium I v in He self-smlKcicni w hich the pursuit of our cron- tb T,? p dinate posts will also be con- ,S - Thc Council's rnfo. 

the increasingly scarce and none ohj relives la kes precedence loo. The ^oveni- .. . p - structure -nd administration will 

Ci.s.ir ciiiiimodiTr of energy OVPr all others. Uur ability to ^ riI1 a " '[ l ? *‘3,. establishment of bc revi ^" d ^ 

pcnnmntc- lifoto" v-t?: JC be l*&r *** which corresponds to Research Department in the SSSST^^ 

n'^ivnctitsof North Sea oil instructive partner in the Euro- our natJonal 5 > sWm education. bv”? per'wS rationaiirtog education aid 

hat we can re-invc>t in our pean Community and the Com- rrSm tin ufSi p activ.Tles nr the British Council. 

iMria! bait’ .mrt so help monweahh; to honour our inter- iraiilHlg 7— i\s a result of a nost-bv-part . Education and 

i-dy ih»* drt*foseoted stnu- n3 , ionaI conimiUucnls and obli- -An important consideration „1.:. 11; tl . t Trammc ..’reanwation fnr Over- 


ron- 

nf 


il problems 

isiry 


of British ga ,i ons; and.lo contribute, nor bearing on the size of missions infornl a tion L sta ff 


review, there will be a cut in „„ Countries 


and 

Council. 


the Tnlcr- 
and their 


main's objeeuves overseas tho bu iiding of a 



I* in safeguard the security 

.nr country; ^ 

n i 0 promote its prosperity: resort, on our economic justifiable public v. .»•»«—. •* f -,n5_- — - 

-» tn uphold and extend the s t r p n ' , rb. protection sendees were with- cft and 24-hcur basis. All the vernacular 

c values and freedoms of our ^ core of the Government's drawn from many posts and »»* ° f ™ services w:li be reviewed, 

mrr.i.x: approach to the whole issue of that public demand for these -"n k 3 ^ 16 ‘ The Government has 

ii j.,' honour nur commit- British overseas representation services is bound to increase with Office of Information *iU be coa- auihorired planning to he 

it* and I’biigations; is ,hat ir must, in as far as this lh e continued growth of com- sia H ere °: undertaken to maintain audi- 

.. (i , ivf.rk for a peaceful and , s humanlv possible, refleei faith- mercial effort overseas and of 1} “It 1 *. ?“?* ^2 bnity within the BBC's estimate 

tt-rtriii: fullv British soeictv in ihe tourism. Consular services will cut defence staff abroad by 25 of wh ai n technically considers 

h i„ c».ntrihure to the round— its altitudes, styles, therefore bo maintained on per cenL The prease deiails will essential. The necessary capital 

ii-i.*Ri.-n! of tin* above ohjec* values, iolcresis and concerns . approximately their prerem « e ££™ 1 °" a post-by-post review, investment programme is 
hr nfiiviriinc assistani-e to Thn Gnvpmmem has identified fovd But consular work will. . 9— A ifotaued renew of tne evr^iert tn cost some i20m over 



export 


Diplomatic The r.'itited Kingdom'^ nrerseoa 


TIip exports which so knowledge 

n-i» i nf thesp rnnstitiiie be- roprohmiailnn. _ ....... . 

'•V nneanwrirr and nne-lhird < ill to build a closer working broadly satisfactory and will Service ig id progress and will Fepresentotiofl. Command 7308. 
sruss ' njijenai product- relationship between the Dtplo- coounue lo provide these cover, among other Hungs, &hor.* SO. £J.3J. 


whatever. 

Tory MPs accused the Govern- sion that he did not believe that considered by the Committee Of 
ment of deciding to keep the fo be tbe case. Ministers of tbe Council of 

docks open because of the Mr. Rodgers said that his Europe. 

imminence of a General Election, decision was a serious attempt “In principle, the UK would, 
Mr. Ian Gow (C.. Eastbourne) to deal with the port's problems, however, be prepared to take part 
said that the failure to close “I would like to see the Port in any discussions which might 
the Royal docks would cost of London with a viable, stable eventually be arranged to con- 
oetween £250,000 and £500,000 a and prosperous future. The sider. by agreement among 
month. By using public money future of the port ties with alt member States, tbe improvement 
on this scale, there was nothing who work in it. They will decide of co-operation against inter- 
tn distinguish the Government whether the Rova] and other national tax evasion and offences, 
from highwaymen and bandits, docks stay open for a matter of and the initiation of measures to 
he declared. months, years, or for a long rime curtail international tax 

Mr. Rodgers described this ahead.'* avoidance " 


LEGAL NOTICES 


-in OtRIfir of ISTS 

In Hi? ITIriH COURT OF .IfSTICE 
OiiiKf-ry Divxion Companies Coun. in 
ih» M it Her of 50I.0NVILLE LIMITED 
anil tn ihe Mazier nr The Companies 
An. ISIS. 

XOTTCF TS HERESY CrVEN :har a 
Pi-Iii'en for ih.- Wlndma-llp nr Ihe above- 
namrrt Compan; hr ih,- Hi^h Conri nf 
Jun;io on ihr PUi d \T ft f -*Ul> 

1 PTS. pn-senied lo :h- so id r «un b>- 
•HIPAMTF IflVDfiV TRUST COM- 
PANY I I.MITF.I? of •• e Bedford Rov . 
I^ondnn. W.i.i and iha: Urn smd Penn -n 
ie rt'rei-intl m h“ beard herore ihe Conn 
«!i-ina si ihr Roral * nuns of -lus:i-e 
Siran-1. I.ond.m WC2A ’LL. on ih-- !Vh dar 
of Oriober I9TS. and any Creditor nr 
Coninljmorr of the said Company desirous 
to suro-in or mums'- the roafcina nf an 
Order on the caid Prtulon mar appear 
at th* time of hearing in person or by 
hM Conns-:! for that pnrpn**: and a copr 
of tin- P-.lllion will h- fnml«hed by :hr 
nndi-r«isned lo any Crwllior or Cnnirlhn- 
ror; nf ih< said Company reijulnnj; such 
copy on payment of ihe reculaied rharse 
for the same. 

WRIGHT & WEBB SYR ETT * SONS. 

nf 10 Soho Square. 

I.ondnn WIV fiEE. 

Ac»nrs for: Ralliwen. Landau * Co . 

Ram.:- 17 House. 51 Fountain Street. 

MancJiosier M2 SAN. 

Soiidiors for Ni' peitiluner. 

NOTE. — Any person wbo intends to 
appear on rhi- heannx of the said Fonnnn 
mini sen,- on. or send by pn*i ro. tho 
above-named police in tvT'i inc of hla 
mt- n:lon so in do- The noii r c musi siaif. 
:hc name and address of ih« iwr^mi u r . 
if a firm, ihe name jnl address of ih- 
dm and must I*-; jnpned hy ihe person 
or firm, or t»*s or rheir sol mi nr •'( any, 
and m,i*t he s-rved. or ,1 posted. mu*i 
sen* hy pnat -n sufUncm lime to 
rearh -he abnv-'-n.imed noi later ihan 
four o i-lniT m Hie afi- rpoon. of the i 
Sih day "t ->ciohcr I3T*. j 


No. 0O74ZS of |B7S 

Jn Tb? HIGH CillTRT OF .U’STICE 
Chanerrj- Division Companies Cnnr». In 
me Mailer of ALLEHWOBTH LIMITED 
and m iho Manor of Tho Companion 
Ac:. I*MS. 

NOTICE TS HERF.RY GIVFX. ihn a 
Pet'l.nii Tor ihe Windinc up ol ih-- ahnve. 
named Company by ihe Huh Court of 
Jusip-e v.-as nn thr ITtfi day -rf July 
ldrs pn-senied ro ihr said Court by 
II.U.IJHF.R LIMITED ■ company inmr- 
| poraivi in Nonhorn Ireland but harms 
it; principal place- of burirv-'s in England 
ai « Emusway. W.CJ. in Cmaier 
I <nrtnri — a i-r>-di|nr. and ihai the said 
Pe'timn is ijlrected !o he h> ard beiore 
the Coun sitiinc ai the Royal Count of 
Justice. Pirand. London WC2V 21.1.. on ihe 
Pih das of fVinber 1978. and an? endnor 
nr '.-ontrihuiory of ihe <uld Company 
drsirous 10 svppwt or oppose ih* mafcinc 
of an Order on the Mid Pent, on may 
appear ai »h-- Umr of hearins. m person 
or hr his counsel, for lhat porposc: and 
a epoy of rite Petition will be furnished 
br rhe undenuened to any ir«ll'»r or 
mninhu'oiT of ihe said Comp-im - r-uulnnc 
OTh copy on payment of iIk rcculatcd 
ebarse ror ihe same. 

4. F.. BARIN'! £ CO. T.-f JAH'. 

74 Ch a nee rr Lao-. 

London W(£A 1AA. 

Solicitor* for the Ptilijovr. 

N07E.— An?" person who intend* tn 
appear on rhe heanns of the Mid Petition 
i*in*i sene on or send by p"f( to the 
above-named, notice in vniine of bis 
inienilnn so id do. Th-.- notice must stale 
the name and address nf the person, nr. 
If a firm, the name and addr 


Vo. 0H33A5 Of IP7S 

In the HIGH CD CRT OF JUSTICE 
Chancery Dmsinn Ciwnpanl-s itnurt. In 
fhc Matter of BISADF PROPERTY CO. 
L.nilTED and m the Matter of The 
Companies Ad. 1M?. 

NOTICE IX HEREBY GIVEN, that a 
Peiiimn for the Wlndln* up nf th» alwre- 
named Company" be the Riah Court of 
Justice nas on th« ?4th day of July 
l#7f. pre-semed to iho said Coun by 
PALMER Sr HARVEY LTMITEP vehew 
resiatcred offii-e is sltuaie al ^ew 
Nm-ih Road. London Nz MD. Wholesale 
Tobacconists and Conrcciioner. a Creditor 
of ihe above-named Company, and that 
the M'd Petition L< direcifd to be heard 
Ivfn^ ihe cnun sttuns a? the Royal 
Courts or .lust Ice, Strand. London WCiA 
21. L, on the r*ih day of October 197S. 
and any creditor or contributory of Un- 
said Company- desirous to enpport or 
oppose me mafctns of an Order <wi die 
said T’riltioti may appear at the time 
of heart tu:. In person or by bis counsel, 
lor the: purpose: and a copy of the 
r -ution trill he furnished by ihe undcr- 
slEtted m any ffedfinr or pontrlbutory 
nf dir «».d Company rcnuinns such copy 
on pavmrni Df the repolaied eftarae for 
rhe same. 

ASHLEY K4LMS. 

T PAYE l L .1 CO.. 

.« Londnn Road. 

Southend on Sea. 

Esse*. SSI 100 

Ref: DW "RD S4S. Tel. OTW 3S(C5. 

Solicitors for the Petiuira»r. 

NciTE. — Any person who inrends 


Ann and must be su-ned "hy* ;he perron ' epp- er nn ih-' heartnc nf lh» said P-tilvon 
or firm, or h t s or ttirlr snp.-'ior -if any- [ "l''" ffrv m or send by pon to the 

and mnsi Ih! sorred or. if pns;ed mu*i 1 abnn'.nam.il hoiim jn -vnlinfi of tr.s 

be sent br pool in sofSci-n rime n, | mtcmion *o to do. The nor me mn«i stare 
i-radi the above-named nor lat-r !han n * m ' and address of iV- persnn. or. 
four o'clix-F in the afiemoon of rh< [ a fipm - :h *' Mm-.- and address of the 

Sih dav nf October IB7R I firn J.- arld hl -' FCTid by the person 

Or firm or hif or their solicitor 'if any 


Ip -he 


Nn wer-n nf if*:- 

HIGH riH'RT l IF 


CJian.-.-rr DIr:slnn r ■.mpB.-ii.-v. Cour;. In 
lb- Mailer nf SRAM. IS T-. JENNINGS 
5 I.'J’.IPAVV LIMITED .’nrl in the Maijtr 

Of The r.ompaniee ,\e* I PIC 

VOT1LF. IS HFRF.RY MVEN. Ih*l .t 
Petition fnr :h-- Windinz uo of ihe ubdii-- 
.iTn'd C-impany hy rh- fitch Coun or 
T-iMire -.••ay nn ;V fly ftas nf JuW 
1ST* pr.-vnied tn ih<- sa.d Conn hy 
STTlVART WRIGRTSDN 'SDlTHERNi 
LIMITED I Camnttnlr Stn-e; London 
ECJA Tii.T. and Thai :he *aid Petition 
i« directed ip be hrard b,-fnre rhe Conn 
ft'iunt: ai ihe Royjrl Coons of Jiisitre. 
Strand. I.nrdon W*2A .'LI., on On- 
9ih day nf October iotv jnd a ny rrciliinr 
ronn-iiniiory of rhe said Company 
desirous lo support nr appose the malting 
of an nrder on the uid Petition may 
appear at the inn" of hsarlns. )o p«r«on 
or hv hi* Conns- 1 for that purpose: and 
cupy of me Pennon * |i: be htmlsbed 


No. 0024W .jT 1ST - 

In the II I UR COURT ‘>r JUKTICE 
j Chan>" n ry Oinslun Cnmnani' = Court. In 
JUSTICE i the Matter nf VTLANTINE LIMITED 


and tn rhe Milter of Tbr Companies 
Act. I MV 

NOTICE IS HF-REBT RIVEN. lhai u 
Pciiiton lor ih- Winding up nf -tv- above- 
named Company by ihe Hi:h (nun nf 
.fustier was nn ihe nisi daj nf .Inly 
197*. presented to the *ad Coun by 
TfER MA-IFSTT'S ATTORNEY -GENERAL 
whose address pyr senin. is The Treasury 
Soll'-ltor. 1 Central BmWinFS. Mallhew 
Parker Sinn. Lnndon SWIH 9NN. and 
that the *aid Prririon k ^ircci-:-d to he 
heard before the Conn SltltHS a: 'be 
Royal Courts of Josilco. Sirand. Lonflnn 
wen 2LL. on UtP 18ih day nf October 
15T8. and any ereditor or enninbmorr 
of ihe said Company desirous m Nippon 
or oppose the mahinir of an Order on 
oif said Petition may appear a: ih* lime 
; bearin;. In ponton or by hi* counsel, 
for that purpose: and a copy of file 
Petition win be fumisbed by 


- ... . ... ;fi.- uno«r- 

by the undersimvd in anv <-rort'iar or j sicnr-l m any m-dnoj- n r cor tnbiil on - 
coni ribui cry of th- said Company reijulrina j or ihe said Company rcoitirins such roo" 
su--h c«pr on payment ol ihe reiulau.d ! on wj-mcni of ihe remlaird du,-« for 


and must b? s.-rred or. if pruned, must 
b" vni by do«i m tarffineoi lime tn 
ir-ai-h the above-named not Jater than 
Tnur oYlnci - in iho Jfifrnoan of tho 
s;h day of Dctobtr 197S 


ART GALLERIES 


FIELD BOURNE GALLERIES, 6$. Ouecn's 
Grove. St. Johns wood. 5S6 3600. 
LANDSCAPES by Rova I Academic is ns. 
MARBLE Carvings YOMA SA5BURGH. 


FINE ART SOCIETY. IdB Now Bond St.. 
W l. 01-629 SI IB. SUMMER EXHIBI- 
TION. 


MALL GALLERIES, The Mall. S.W.1. 
PASTEL SOCIETY 79th ANNUAL EXIEI- 
TION. Daily 10-5. Until August But. 
Asm. 20o. 


charge fnr the sam* - . 

HDVVEU.^I i>\'E^ Sr PARr.'ERS. 
l*a Wlmhl'-ijnn Rrldcc. 
fondin Swj« TNfl. 

Solicit ors :cr ih>- pitiuotwr 

TtoTT.— U.y p-r-on who .n'eiit -n . snv n»n:o-i W hp ,ui ndr ;p 

appear on ih- hcarin.- or :hi said P-tltvm ! appfar on ihr- hi-anne nf th- *aid p. -.i.nn 
nnt" — _ — - -* ' ■- •*■■ 


file samn 

TKEASUHV SOLICITOR. 

Mai (how Par* or street 

London SWIH pjf.V. 

Rnuninr for the Prtttioror 
N'TTR— anv ur>;on who .mndr 


MALL GALLERIES. The Mall. S.W.I. 
PAINTINGS AND DBJSCT5 BV MlHALY 
SCHENEB. Mon.-Fri. 10-5. Sat*. SB-1, 
Until August 14t*i. Adm. Free. 


, OMELL GALLERIES. Fine BDIitlt and 
FrenTS MODERN DRAY/INGS ond 
1 Modern Br|*i»o MARITIME PICTURES. 
42 nioemarie sw*s: PlecadiHv. W.l. 


our 


win sen- on nr r.d h--- pnsi in the .must sorr* on nr tend by p«-i :o fh- • 

ihov- -named notic- ir. ivn'is; nf hi* : ahnn-namcif. r.otior m mthip* nf h.« 

Tl'-n'ion ro :« £a Tit.- 's‘- <:t nitiM stair | Iniotition m io do. The nntir- mini etat.; 1 
Ills.- flam- efl-l addftsp 0! '.hi 7--rson, or | ihe n*m<- an.1 addre^i; of T h-» p-r-nn. or. 

ir * Hrm rhe nam* *-»i s'idr-^s of the ; if a firm, ;he natno and aridr'-"' nf" ih- 

hi iiV and muy- tv si-nM hy tbr gerson | firm. Httd tnu*T be signed h— -hr prrsnn 
’’ nr firm, or hi* or their wrttoimr ui anv. • 
and mnn ho pervert or. if pn«:e.l mu«t - 
be »ni hy post in suffie,->r. iihii :o j 

roarti th* 'S-ove-arinod nm later :h«r. ; 

fwir o MPejc -n th#, af^jonoo nf tne I 

13Ui day of Ocwbif 1973. 

1 


PERSONAL 


or Snn. or hi*i nr ?helr sohn-nr -if any 
and must !>•- -er'od nr. :f united, murr 
h- «?r.: br on",: -ji .pifScivni tint* tn 
reach ft- - ibnco-nMned not late' than 
four ■) cincSr :n -h- af:emoou of tho 
8th day of o sober IWS. 


CHELSEA FOOTBALL CLUB ha* a hn=wr 
pi-iva» tie, avaiiehie w* "eve *«»*?"• 
Ring Das id Caustic t tor ocUiW. Q--33A 
5813. 


V 


1 


10 


li 


-s'iW 


Th£ Marketing Scene 


Hbanaal T&nes Thursday August 3 1978- 


EDITED BY MICHAEL THOMPSON -NOEL 



makers watering at 



KENNETH GOODING describes the confusion in the £900m Scotch market 


NEVER BEFORE has the Scotch 
whisky market m the UK been 
in such a state of confusion, but 
then never before has 20 per 
cent or more of the market been 
up for grabs. With the market 
reaching at least 150m bottles a 
year worth around £900m at 
retail prices, rewards at stake are 
mouth watering. 

The gap appeared immediately 
the Distillers Company withdrew 
Johnnie Walker Red Label From 
British sale as a result of its 
dispute with the EEC Commis- 
sion. It then priced two other 
bi" brands. Black and White and 
Vat 69. out of the running by 
adding 50p a bottle, all of which 
was to protect overseas sales. 

Distillers has not just opted 
out of the market, however. It 
is putting much more weight 
behind Haig, a brand that 
already h3s 13 per cent of the 
market compared with Walker 
Red s 15 per cent. Haig has been 
allocated £900,000 For its new 
promotional 'push. 

Distillers has also launched 
new brands for Us existing 
marketing and sales forces to 
support. John Barr bas been 
introduced from the John 
Walker business and from 
Buchanan Booth Agencies, which 
handles Black and White, comes 
the Buchanan Blend. 

Among other recent changes. 
Seasrams. the Canadian-owned 
concern which is the world's 


biggest liquor group, has care- 
fully chosen its timing to kill off 
the former 100 Pipers and. in all 
but one supermarket chain, its 
Passport brands. Instead, Sea- 
gram's is offering an up-market 
brand, the Original Hundred 
Pipers. 

Life will be difficult far the 
newcomers, it probably takes 
three years for a new Scotch 
brand's potential to be Judged 
properly. The build up to a 
major position in the market will 
take several more years. 

Once established, though, a 

best-selling Scotch can look for- 
ward to 20 years or so of good, 
profitable sales, not only in the 
UK but in international markets. 
Successful promotion nf a new 
Scotch need; a subtle touch and 
a great deal of luck. 

It is a relatively simple matter 
to gcr fast and widespread dis- 
tribution in the take-home trade 
if yon offer a cut-price cheapie. 
But any attempt to put up the 
price will see it disappear from 
the shelves with even greater 
alacrity. For example, the 
aforementioned Passport was 
launched as a low-privet! brand 
and was unable to shuffle off this 
undesirable reputation fnter. 

Heavy advertising support for 
a new brand will almost certainly 
be wasted and might even inflict 
critical damage if the campaign 
takes a wrong approach. Advertis- 
ing of established brands is 


another m alter, and helps to con- 
firm consumer confidence. Even 
here, doubling up the budget 
certainly won't double sales 

The important starting point 
for any new Scotch is good dis- 
tribution. Probably distribution 
in the “on” trade— pubs, clubs 
and so on — is most important .of 

all, as customers get a chance to 
try the brand before making the 
comparatively large investment— 
around £4.29— for a full bottle to 
a take-home outlet. Total Scotch 
sales are probably split 50-50 

between 4> on ” outlets and the 
take-home ones. 

However, only one customer in 
four in a pub ever asks for a 
particular brand. The rest simply 
request "a Scotch." This means 
that most of the time the barman 
pours whatever Scotch his brewer 
is currently pushing. 

Only three brands are- asked 
for regularly in the UK: Bell’s, 
Teacher’s and. to a lesser extent, 
Famous Grouse. Significantly, 
they have all. built up steadily 
from a high-price platform. 

Bell’s and Teacher’s always 
tuok great care to be priced at 
least 10p above rival standard 
brands. Today, Beil’s is the best- 
selling Scotch in Britain with a 
possible 22 per cent market 
share. Teacher’s bas 16 per cent 
and after Haig. with its 
preriousiy-noted 13 per cent, 
comes a big nap before Grant's 
Standfast and White Horse with 5 


to 7 per cent each. ■ 

Famous Grouse is among the 
brands currently showing the 
fastest growth: - it is probably 
where Bell’s and Teacher's were 
in their development ten to 15 
years ago. It now has Jt least 
4 to 5 per cent of total "on" 
SJiles but less than.! per cent of 
the take-home trade. The time is 
now ripe for it to capitalise on 
Its growing popularity and com- 
mand more take-home’ business at 
healthy margins of profit for all 
involved.- - 

Because of Britain's peculiar 
drinks distribution system, with 
the brewers owning the majority 
of pubs and supplying most of 
the competing establishments 
like clubs and hotels, the sup- 
port oF a friendly" brewer can be 
valuable to a Scotch brand, but 
only If the association doesn't 
damage the- “image," something 
which is not always possible. 

Grant’s has managed so far to 
escape being labelled as “ a 
brewers’ brjfad u --and was ex- 
tremely well poised to get the 
most nut or the- -vacuum in the 
market that the Distillers Com- 
pany created. The brand is now 
Getting much more support from 
Bass Charrington, with its 9,000 
pubs, since Bass dropped the. 
agency for Vat 69 when the price 
went up. It has also replaced 
Vat 69 as the main pouring brand 
in the Greenall Whitley pubs, of 
which there are 1,500. 


Grant’s is marketed In the UK 
by a. company jointly owned by- 
Bass (30 per cent!. Allied 
Breweries,, .which also owns 
Teacher’s (30 per cent). Whit 
brea'd. owners of Long John (30 
per cent) and Wnu Grant, the 
privately-controlTed brand owner 
(10 per cent). : . 

Highland Queen, the Mac- 
donald Martin Distilleries brand, 
also seems already to have won 
something from the rearrange- 
ment of the market. -Bass has 
taken on the -agency- and High- 
land Queen is the nnly Scotch 
the brewer will offer to • the 
“ free " (non-hrewer-owned) 
trade in England " and Wales. 
Again. Highland Queen will take 
up some of the slack left by Vat 
69: 

On the other hand. Queen 
Anne, owned ■ by Glenli vet Distil- 
lers.- a corooany recently taken' 
over by Seagram, bas been 
dropped by the Courage- brewing 
group as a brand for the take- 
home; trade. -It is retained as one 
of the house whiskies, in the 
3.800 "Courage: pubs -but must 
certainly feel an adverse impact. 

There_is.stiti.nfi. point in look- 
ing for longer-term winners and 
losers for at least a couple of 
years. -In the meantime.- Scotch 
drinkers are having to think 
again about brand preferences. 
Perbaps they might also develop 
a little more brand loyalty in 
the process. 


TV ADVERTISING Michael Thompson-Noel 


Another 



RUNNING A MONOPOLY TV 
franchise in the midst of an 
advertising boom is not all fun 
and safari parks, as the current 
licence holders would un- 
doubtedly attest. Their case for 
ITV2 has been rejected by the 
Government, though they will 
have to wait until after the elec- 
tion to see how quickly, if at all. 
the White Paper on the future 
nf broadcasting is pushed boldly 
through as legislation. 

In tho meantime there is plenty 
of sniping from the wings. 
According to Chris Dickens, 
media account manager at J. 
Walter Thompson: “ Yet again 
we find ourselves moving inex- 
tricably towards another autumn 
television advertising period 
threatened by over-demand, allo- 
cations. rationing and almost a 
take-it*or-]eave-it attitude among 
many of the television contrac- 
tors’ sales personnel.” 

Naturally, the situation will be 
heavily influenced by the indivi- 
dual sales policies adopted by 
each of the contractors, but if 
any of them even slightly mis- 
reads the market, says Dickens. 


the residual minutage available 
will be sold at the eleventh hour 
under the guise of helping each 
contractor's "supporters"— that is 
those spending money on their 
products according to area share 
of hi uncs or sales (as assessed 
by the contractors), whichever js 
the greater. 

Writing in the first issue of 
Option*, a new media digest 
published by XWT. Mr. Dickens 
states: "Some mniraeiors have 
become so obsessed hy this share 
argument that they have hccun 
to lose sscht of the absolute sums 
nf money that are being 
discussed A product spendine 
£20.000 could hp far more 
import.int to them in their terms 
Ilian a nroducl spending £30.000 
. . . Dn television contractors 
have a God-given right to control 
our acces? to the medium and to 
mstrici our ability in communi- 
cate with people nn the hasis of 
an arbitrary' figure which, for 
many marketing strategies, 
carries no substanre whatso- 
ever ? " 

According to Mr. Dickens, the 
time has come fnr the contractors 
to eliminate restrictive elements 


from their rate cards altogether, 
particularly in the face of limited 
airtime availability. 

How full will the contractors 
be this autumn? First of ail Mr. 
Dickens looks back to last 
November when most contractors 
3'iuiifted they were virtually 
fully sold at the maximum rale 
avatiahle on their rate-cards 
after taking account of agreed 
discounts. The net ITCA adver- 
tise mem revenue last November 
was £34 "in. or £1.1 53m a day. a 
figure Mr Dickens considers an 
acceptable base for assessing the 
monthly potential rhts autumn. 

" If wc assume that Nr. vein- 
her. 1977. was seid at 97 per ci-nt 
o; ‘real’ potential (having 
allowed for no breaks in adult 
education programmes and the 
breaks at both ends of the day 
not being «oid at full rate), then 
at the rates applicable in 197? 
the maximum potential fo*- the 
aurumn or 1979 would be: Octo- 
ber. £36.$m: November. £3 5.6m; 
December. £36.Sm." 

Assuming that the- same 
degrees of test local and share 
discounts apply this autumn as 


last, and allovrtng-'for' an esti-' 
mated overall increase in the net- 
work's potential of 6 per cent. 
— there have been minor adjust- 
ments to some rate-cards since 
i3st autumn — Mr. Dickens 
calculates that in order for the 
network to be completely sold 
out this autumn it would need to 
show revenue gains of 12.7 per 
cent in October. 9 per cent in 
Xovemher and 34.5- per cent in 
December. 

“Even a conservative estimate 

nf the money -available to the 
medium in relatiorr.to 1977 would 
indicate an increase of «omo 15 
per cent. This means thnt. allow- 
ing for the Christinas downturn 
in demand, ihe autumn will he 
full in moat parts of the country. 

“The con tractors ’set* this. We 
can therefore expect consider- 
able pressures from them to 
bonk whatever is allocated m 
each product under threat of not 
getting anything else." 

According to Mr. Dickens: 
“Unless we see a considerable 
shift in the attitudes of the con- 
tractors, television will rapidly 
become an inflexible medium 


where introspective attitudes 
rule the day and rheTodividual 
needs . of agencies and their 
clients obtain a ratnimaJ degree 
of consideration." 

He' suggests that advertisers 
and- ^ gen cietr-fa ring - three kinds 
of pressure to bear’ on Individual 
contractors:’ ""First, those "con- 
tractors operating expenditure 
share discounts should be en- 
couraged to abolish them imme- 
diately. 

"Second, advertisers should be 
allowed the opportunity to freely 
move airUmi* from one product 
to another without any quid pro 
quo guarantees. When airtime 
is booked w«til in advance it. may 
. well be in the advertiser's short- 
term Interests to . substitute one 
product for another. .This is 
currently not possible' without 
extensive negotiations: ; • 

‘Third, it is about time that 
the television contractors' sales 
policies considered more closely 
the individnal marketing require- 
ments of advertisers. 

“I contend that, many current 
investors . in . the television 
medium cannot take much more 
of the present restrictive, inflex- 
ible attitudes. It is about time 
that the Boards of these televi- 
sion contractors woke up to the 
-fact that if competition existed, 
rather than monoooly. these 
attitudes would rapidiyiose them 

money." 




IS THIS A QUEUE? 


Totv KiHL- 




1 1 


0 u 


ii>v 


THIS IS THE QUEUE that winds through 
the poster that attacks unemployment that 
has fuelled the row about poll deal, advertising. 
This week the Labour Party complained to 
the British Code of Advertising Practices 
Committee that this dole .queue poster— one 
of the opening shots in the Conservative 
Party's estimated £2m election advertising 
campaign — was not at all what it seemed. The 
committee was also asked to consider the 
political broadcasts produced by the Conser- 
vative Party's .agency. Snatch! and Saatchi 
Garland Compton. In feet, political advertis- 
ing Is outside the committee’s scope* so it 
taking no action. 

According to Labour's acting general 
secretary. Reg Underhill, the queue “ consists 
entirely of employees of Saatchi and Saatchi. 
each or whom appears on the poster Arc limes, 
and does not .represent- a real queue of 
unemployed persons." 

As for the Saatchl party political commer- 
cials, Mr. Underhill m aintains that ** broad- 
casts of Ibis nature bring the advertising 
profession into contempt. Quite certainly. 


they mislead and/or deceive those- who 
or listen to them.” . 

The reeling last night among time closest a, 
to the Tory campaign was that if Labem" 
disliked the current poster. It hadn't, seen 
anything yet. “ The facts about unemWoy^ 
raent are crystal clean* said a senior spokes- 
man. - For ibis reason we think the poster 
perfectly valid. The dole queue was piti': 
torialised witb volunteers because' to 
used real unemployed people would. b are beea*& 
most Insensitive. They would . have -betq-. 
recognised and hnmiliated. ’ 

*' It is pure humbug for Labour to atbeK^ 
the Tory' use or an advertising agency jujjr ■* 
then turn round - and appoint its own team’* 7 
of advertising advisers. 

*• The success of the Saatchi campaign' so • 
far can best be judged by Labour's reaction^ 
to it. bnt Labour made a silly’ mistake' lay* 
castigating this particular poster. They as- 
didn't think their criticisms through. Theresa 
is work to come that will be more. emit en -, a 
tlous. What Labour bas done to the SaafchlJI 
dole queue is transform It— already— fato 
very famous poster.” - _ ‘.iy 

Wat ch this space. ' -~rn 


,? 

it 


f 


More close encounters 




LONDON'S TOP three agencies 
have bunched up so closely in 
the billings race that there is now 
virtually nothing between them. 
As the FT reported last Saturday, 
Kodak Is switching itp„. £3m 
account out oF J. Walter Thomp- 
son and into McCann-Erlckson 
from ne&t year— a bad blow for 
JWT but a move that underlines 
graphically the rate at which 
McCann has added on new busi- 
ness over the past 12 months, 
writes Michael Thompson-Noel. 

MEAL-type billings far the 
year to June, 1978. were: D’Arcy- 
MacManus and Masius, £49.2 m 
(+10.2 per cent), JWT. -£47.6m 
(+13.3 per cent), McCann-Erick- 
eon, £46.5m f+36.1 per cent). 
Including Kodak, the main 


McCann agency has added on no 
less than £15 65 di worth of gains 
and new assignments over the 
past year. These range from 
Tesco's £6.25m to £800,060 from 
the COl, £800.000 from the Gaf 
Corporation, etc. Apart from the 
resignation of a conflicting 
£350,000 account, losses over the 
same period have been non- 
existent. 

Of the three, JWT is the one 
clearly treading water, though 
before Kodak was snatched away 
It was showing ■ a 1977-78 net 
business gain (including accounts 
won from rivals as well as new 
business from existing clients) 
of approximately £6.55m. Over 
the past, year it has " lost 
Berger Paints, Access, Kraft 
Margarines and Rnses Lime 


Juice, among others, while fi* 
Pan Am business is to be iS: 
routed, probably to McCann. 0s 
the other hand, gains- -htdndtf 
BP Retail (£700,000). McBougalia; 
Baking Mixes (£600, 000),.-.. Crow®, 
Paints ( an-es Lima ted £Lm). -a*# 
SplJlers Springer - . (£800^00^. 
plus 'another 16 "individual .gains^ 
Still closing on the tofc three, 
is the British-owned .Saatchi 'and.; 
Saatchi Garland Compton;- which- 7 
in the year to June pushed its* 
MEAL-type billings* ta ' £41 .'flat 1 ' 
( +43.1 per cent— the 'best-pei^ 
centage gain among thetop. tear* 
Temporarily. JWTs long reigtf: 
as undisputed brand leader. 
over.' -But there is na.TKO: .the. 
sounds from Berkeley- Squat* 
indicate it is once more at work 
an the heavy bag. 




EDITED BY ARTHUR BENNETT AND TED SCH0ETERS 


• • 

^ -./V . ^ 


• MATERIALS 


Welded beams 


save 



SIGNIFICANT weight savings in 
construction and shipbuilding 
work arc offered by ihe use of 
v> elded steel beams lo replace 
the traditional rolled beams in 
various >bapev 

Twhdcspalkki Oy, a Finnish 
producer, report.-- tha< the 
RiVin»s run frum 30 to 50 per 
cent compared with rolled units 
of similar depth and flange width. 
Tr.e wejded product* range from 
2."»0 to "TOO mm deep wnh 
flanges from 50 in 800 mm wide 
and up to 50 mm thick. 

Th'* welding line has been set 
lie by the conip.m;. m a new 
factory with a capacity of 
■JO.iKifl :onne> 3 :• car and tin* com- 
Pdny attribute.- she weight saving 
for comparable strength to 
the succc-.s of the welding pro- 
cess- which permit# the use of 
Thinner **»hs 

Standard profiles produced 
mrlude 1-jspctionv for roof 
girder# and columns; H- sections: 
asymmetrical# for crane and 
bridge beams: box - ■.■ft ions: and 
I. and T-sci.iiuns fi>r yliipbu tid- 
ing. Tapered, curved and cam- 
bered products are also avail- 
able. 

The whole production process 
including transportation. is 
automared. with hni-rolled plate 
initially nhoi-blasted fur quality 

O HANDLING 


voiding. Run-weld tng takes 
place prior io flame cutting and 
there are two lines, one for the 
products for shipbuilding and 
the other for construction 
materials. _ 

Welding takes place without 
pre-assembly bj a submerged are 
method 

In construction beam work, 
plates are pre-bool before 
assembly so that ihe curvature 
welding imparl- is i-oniiiensated 
for. (Jo the shipbuilding line, 
assembly lake.- place in »»nc pai-i 
and the curvature is sub- 
sequently rolled out. 

•,'oinpleted product goes 
direct to an air'.-ss painting shop 
and is thoroughly dried, the 
various finches ranging from 
one coat of primer to several 
coals of paint, or any specified 
anii-cnrrosion system. 

inspection is n> standards laid 
down by L!nyJs. Dot Norske 
Veritas and the USSR Register 
nf Shmping. among others, the 
s-jme standards being used for 
shipbuilding and constructional 
beams. 

The whole process has been 
developed by the Finnish com- 
pany itself and it is now offering 
the know-how for licensing. 

Tehdaspalkki Oy. POB 69. 
34101 Ylivieska 10, Finland. 



® DATA PROCESSING 

Increases performance 


AVAILABLE TO users of com- 
puter output on microfilm in 
Britain are two enhancements 
which will considerably increase 
the performance of Installed 
Datagraphix equipment. One is 
a powerful read-write tape drive 
and the other a cartridge type 
disc drive with up to 12 Mega- 
bytes capacity. " 

For use with the 4500 and 
Auto income units, they can be 
installed in the field with 
operating units or specified as 
options on new units. 

Over 30 of the 1600/6250 tape 
units are in use on user sites in 
the U.S. and Europe. 

Incorporating automatic tape 
loading, the 1600/6256 bpi tape 
drive has the ability to accom- 
modate four tape transports. 
Apart from giving increased 
throughput and faster job turn- 
round. it provides greater data 
reliability. 

The new disc drive has two 
discs — nne fixed and one remov- 
able. Two models are available 
— one with three Megabyte 
removable discs and the second 
with six Megabyte removable 
discs. Average access time for 


the location of data in any track 
is less than SO microseconds. The 
new units use interchangeable. 
5440 cartridge, double-sided, 
oxide . coated discs in poly- 
carbonate dust-proof housings. 
Both fixed and removable discs 
can - be used to contain pro- 
grammes, job set-up parameters 
aod job accounting information. 

Datagraphix is at Drift Road, 
Windsor, on 034 47 5611. 

In- the meantime. Agfa- 
Gevaert has announced an agree- 
ment with Quantor Corp under 
which the former will add to the 
equipment it promotes and 
supports in. Britain, the various 
Qiiantor COM systems. Quantor 
is an NCR affiliate. 

At present the company main- 
tains 41 COM installations in the 
UK, including 31 Pertec units for 
which it originally had the 
franchise. It is promoting the 
Cal comp Series 2100 of which 
one has just been sold to Vickers 
Management Services with a 
further two to go to one of the 
large UK motor makers in the 
near future. 

Agfa-Gevaert, 27 Great West 
Road, Brentford. 01-560 2131. 


The big new 
name in 
engineering 


r 



NORTHERN ENGWfflWW INDUSTRIE 


Mr'HGf-P Or. ; 

■.CLARK" CHAPMAN 
R'EYRCLLE P ARSON 


This numerically-controlled lathe, the Computum 
290, was announced last Tuesday by Tl Churchill 
of Blaydon-on-Tyne, Tyne & Wear. It has a four- 
station universal front turret and there is the 


option of a six-station rear turning turret. Feeds, 
speeds, depths of cut and other factors needed to 
produce a finished component are alt carried in' 
code form on the control tape and the machine 
operates from the latter automatically. . 


Checking the tapes 


Big containers emptied 


AN open-fr.imc r.n«rd vibrating 
unit hevn dcviM«d for ensur- 
ing complete emptying of central 
base diwharse bulk containers 
and similar vessels. 

It overcomes problems caused 
by clntring or static build-up 
preventing free flow. of»on 
encountered with puwdcrs used 
in foods and industrial chcmi- 
c;:J processes, and particularly, 
with plastics granules. 

The discharger is mounted on 
special anti-vibration rubber 
mounUngc. Those ensure a high 
degree of isolation from the sup- 


porting stand and make far quiet 
running and easy servicing. 

Power is from two Triton 
BM2S contra-rotating motors. 
These are throe phase 415v. 
2-pole i hp continuously rated 
units. 

Adjustable out -of- balance 

weights are provided so that the 
correct centrifugal force settings 
are simple to achieve with 
accuracy when adjusting vibrat- 
ing amplitudes for specific appli- 
cations. 

Triton Engineering Co.. Kings- 
worth Industrial Estate. Wot Ton 
Road. Ashford. Kent TN23 2LB. 


electrical wire & cable? 


•H0 HINIHUH 
ORDER 


M&m 


NO MINIMUM 
LENGTH 


Thousands of types and sizes in stock for immediate delivery 

LONDON 01-561 8118 ABERDEENm4)3235S/2 
MANCHESTER 061-872-4915 

TRANSFER CALL01ARGESGLADtyACCB>TED 
SUHr EMERGENCY NUMBER 01 637 356? £>.1.409 


• INSTRUMENTS 

Timing the 
events 

MEASUREMENTS OF time 
between two events observed on 
a new loo MHz oscilloscope can 
be consistently made with 1 per 
cent accuracy. 

The Hewlett-Packard Model 
1742 A Delta Time Oscilloscope 
is also available with an optional 
34 digit autoranging digital 
multimeter which displays time 
in seconds, milliseconds, nr 
microseconds. This DHM option 
(034 or 035) can be ordered 
installed initially, or added later 
in the field because the delta 
time capability is io the basic 
oscilloscope. The DM.M C3n also 
be used to measure ac and dc 
voltage and current as well as 
resistance. 

In the delta time mode, the 
oscilloscope measures time be- 
tween two events on either 
channel A or B, or between an 
event on one channel and an 
event on the nther. Measure, 
meats of high-speed digital 
timing, transition times, propaga- 
tion delav. and clock phasing are 
rapid and with .greater accuracy 
than with traditional differential 
delay time base oscilloscopes. 

Vertical deflection factors 
range from 5 millivolts to 20 
volts ner division over the full 
too MHz range. Vertical deflec- 
tion factors may be increased 


to I and 2 millivolts per division 
on both vertical channels with a 
limes 5 vertical magnifier with 
a bandwidth to 40 MHz. Thus 
the 1742A has the high per- 
formance required for both 
laboratory and field applications. 

Hewlett Packard, King Street, 
Lane. Winnersh. Wokingham, 
Berks. Wokingham 7S4774. 


UNVEILED in Toronto by 
Philips Electronic Instruments is 
a new type nf electron micro- 
scope. the venue being the 
Internationa? Congress on Elec- 
tron Microscopy. 

The company said the new 
unit had a patented twin lens 
objective and a scanning trans- 
mission control unit, but was 
otherwise like the existing 
EM-400 microscope. 

Philips claimed that the modi- 
fications made possible a com- 
bination of imaging at atomic 
resolution with the capability to 
analyse materials “in partirles 
as small as one-billion th of a 
metre." 

The microscopp should he 
available in the U.5. by the first 
quarter of 1979. ' Existing 
EM-400s can be retro-fitted •with 
the new twin lens and control 
units. 


Improves 
accuracy of 
recorders 

MADE BY AstroMed in the U.S. 
aod available in the- U.K. from 
Russet Instruments is a position 
feedback galvanometer for use 
in direct writing recorders, 
aimed at increasing their 
accuracy. 

The unit is a self-contained 
S x 2.5 x 2 inch package with 
moving coil stylus arm on top. 
Input signals are fed directly to 
a multi-stage amplifier contained 
within • the package. r ' The 
amplified result is passed via a 
driver stage to the coil which 
surrounds a powerful permanent 
magnet. Any change in the 
position of the coil (which drives 
the stylus) is sensed by a trans- 
ducer which converts position 
into a proportional electrical 
signal. 

This position signal is com- 
pared with the original input to 
the recorder: if there is a differ- 
ence a servo amplifier stage pro- 
duces an output voltage to drive 
the Coil to a null position. The 
accuracy of (he system is claimed 
tr> be better than 0.5 per cent of 
fulL scaler • frequency -response- 
DC to 200 Hr. (flat from DC. to 
100' Hr. with 10 mm amplitude). 

More from the company at 
Sheen Park, Richmond, Surrey 
TW9 1UN (01-940 9981). 


INEXPENSIVE software pack- 
ages by Engineering Computer 
Services of Tam worth. Staffs, will 
allow owners of small Hewlett- 
Packard desk-top computers to 
prepare and verify their own 
tapes for numerically controlled 
machine tools.' 

They will run on the HP-9825 
nod include the AP 100 fnr 
machining centres and the AP 
200 -for turning centres, together 
with post-processors which allow 
the basic geometry to be turned 
into machining instructions on 
specific machine tools. Used to- 
gether. the packages offer users 
full 2$D tape preparation and 
verification facilities which are 
sufficient Cor around 90 per cent 
of all numerical work. 

The new systems will be of 
special interest to two categories 
of users first time users who are 
at 4he moment preparing their 
tapes manually or having their 
tapes prepared- by a tape prepar- 
ation bureau and wish to 
strengthen their in-house facility 
and cut job turn-round times: 
and to those who wish to extend 
their own in-house programming 
facilities. 

ALso available is a package 
deal consist! np of the computer, 
all the necessary peripherals, and 
the software. Two hardware 
options are available: the low- 
cost standard system consisting 
of com paler- (with 24 Kbyte, 
meniorv). HP-9872A oloticr. and 
Data Dynamics Z1P30 (?n eps) 
printing terminal with built-in 
tape punch/reader. The ex- 
tended option consists nf the 
above but with a high-speed Facit 
paper tape punch and reader 
and a ISO eps HP-263 LA line 
printer. 

Both the basic geometry pro- 


grams allow the user to verify 
work-to-date with the aid of the 
plotter after each stage of tape 
preparation. At any stage in tbe 
preparation of the program, the 
plotter can give the programmer 
an accurate drawing of the part 
tn be. machined, and the pro- 
grammer will be able to see at 
a glance whether he had made 
any mistakes to date. 

On existing batch-orientated 
bureau systems, ’ this Is not 
possible: the programmer has to 
wait until the tape has been com- 
pleted before . verification is 
possible. . This makes the identi- 
fication and correction of any 
errors more difficult. 

Engineering Computer Ser- 
vices, Piccadilly, Tamworth, 
Staffs B78 2ER. 


* COMPONENTS 

Universal 
float switch 

OFFERED by Gentech Interna- 
tional is a simple and inexpen- 
sive float ' switch made from 
stabilised glass-filled nylon and 
suitable for application!) ranging 
from vehicle radiators to domes- 
tic appliances. 

Fnr AC mains applications far 
example, H can switch loads up 
tn 15 watts and in general can 
operate at temperatures up to 
240 deg C. 

It consists basically nf a 
Pivoted Boat carrying a magnet 
able to operate n reed switch in 
the fixed portion. As the float 
leaves the vicinity of the reed 
with change of fluid level, tbe 


magnet" either closes or releases 
the reed contacts. 

Each part is totally enclosed 
in plastic and since only a mag- 
netic field is involved the device 
is intrinsically safe. No part il 
exposed to the fluid and there 
is no possibility of a short ar 
damage from corrosion. Installa- 
tion is by threaded bush in the 
tank-side. 

More from the company at 
Grangestone Industrial Estate, 
Girvaa, Ayrshire KA26 9f*S 
(0465 3581). i 

More power 
in less space 

TOROIDAL power transformers 
developed by Panne ko are o' 
variable geometry design so trot* 
for a particular rating the dhnOT\ 
siohs of a transformer can he; 
whatever is required, withm- 
limits, to suit the space a*SU- 
able. . r. 

It is now widely appreciate 
that compared with convention* 1 
laminated transformers of 15 ' 
similar rating, toroidal construe 
tion typically saves about 45 per 
cent of the volume and ^ 
reduce the height even mot® 
noticeably. • 

The variable .geometry 
takes these space savings a stag* 
further. It allows the shape to 
be changed in three ways: o? 
-altering the ratio or heigW w. 
diameter: by selecting a BJB&" 
core with the winding space fu|» 
utilised: or" by using a lartjj’- 
core with • only part of 160 
winding space utilised. . ■ 

Parmeko’s ". new 5500 sen*® 
provides .ratings up to 1 
(50 Hz) hnd within the 
range there is a selection .«* 
Standard -units „to give gwe* 
delivery for popular application^ 

More from' the company** 
Percy Road. Leicester LE2 Sr> 
(0533 832287). • 

• CONFERENCES ^ 

Treatment 
of water 

A TWO-DAY conference which 
will be used to drhw atteetioo to 
the marketing opportunities opw 
to suppliers of ‘chemicals. p' a ^J 
and services for the treatment.? 
water and industrial effluent nW 
been organised- by.-lfiwrt-a™ 
Sullivan. 

It will be held at the Mayft’J 
Hotel, London on October 38 an» 
19. Details from the organiw*- 
304-112 Marylebone Lane, London 
WLM 5FU, 








4 / 


■ -3 -1978 

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i%2r~2f doobtiai-jtta-W'Sfa wt .-:/V- . 

The QueeftToday opens the Commonwealth Games in Edmonton, 

Albertans . ,*i&...T>e given 0 f a Canadian province that has been spared the recession 

because of 'its oil and gas resources: But wealth has not warded 
off labour troubles, and medium term, problems need to be solved. 



%'.? v ^ivj£i#S7.:- : rfrra ; -iv. ; 

power 



ransom: the stadium • was 


Per Capita Personal Income: 

57,000 — 

CANADA ALBERTA 


ers 


prefeEerae^fo"~iJi^^ , t 

with ;iMhprf 

a respor^^.=tb«hpolicy -of cer- . . 

; l6car:&flti4ct&-L .actually re- 
ceives a margin of preference. 

: 'Trbjjr-being' in. theVCanadian 

-' vjjoor houst during the Great 
t- +:.y . ^Depression of -. .the ' 1930s, 

:.v£." - ' ;;■ ’ Alberta has advanced- rapidly 
* since; .oil-in ;$ubsltf&tial quanti- * 

^bes/was; discovered in 1947 in J® — -~vs lT •■-■■ tho 

,,, - . ... T ‘ the region of the ^provincial 25222,'“ 

capital, Edmonton.- 3he advance nerv ^ -1 ? c ^ r a 8 : e ? p ^ ri ‘ 

: ' : 3 V W T. ” becan,e breathless to-&e4970s. in Mo "^ ea ?- ^ 

™ ^ , Bfoy tbM per cenfc'flf-tJie 

■....' -v- ■ ■ . M-.-.-r -•'Canadian population wlitch lives general prosperity, in 

SHEIKHS of .the. North, in Alberta produees-.lL3r per th? expIana ' 

at it • again: ' promising ceiit or - the: Canat&u? gross 11011 for ^ stoppages. ■■ ^ 
fiscoveries have given, a ' new national pr'oduqV?Iiiye£tment None the less they -are a sure 

4V . mpetus to exploration ftr -gas Alberta was rising^ by. Per sigu 0181 not everything in 

..nd oil in Canada’s fastest cent a year during 1975*77, and Alberta is plain sailing. So are 
•• {rowing province, .which--- can the province now accounts for the human derelicts; who. beg 
ruly claim to be ' Ole 1 power- jg per cent o'£ Canadian; bnsi- for quarters for a cup of coffee 
l> ,iouse o£ the .country! ••■-•.!' : . nes' investmen t ^But-^and Mr. tor a drink) from- strangers in 
**!•' It was probably. ine^itablB -Loagheacf is the first to admit some sections of Edmonton and 

■ • ihat Alberta and its oil andigas- it— Alberta : remains ^utterly Calgary. Some of them are the _ 

;y oen (who . include nut^ 'only., -the dependent ; upon --.'oil;-',- -■£*§'■ ^and usual flotsam of boom towns; j* 1 '””'' F iilSB 1 between 200m and l.Sbn barrels. 

- n-iormal represfentati»es o£ .the ^ agrteulture for its J&nfr others are Canadians Who were I n ia#%W - 1 Th e smaller figure is assuredly 

i ndustry, but^ ''also fiarmera" .an d^'. - ^ There Ts a rev^%e -sTde to attracted to the province by its I 1971. 1972 1973 1974 1975 1976 I too low. The estimates compare 

■ virofessiopal peojfle' i havihg petrodollar mm--^HnusIng prosperity and found that there >■ « ■■ ■■■■ « ' ' vrith proved reserves of 5.6bn 

'"*.Jutter> should l»e l&ened-to ^the :in* ; Edmonton arid ; !'CaIgary, is little call for un&tdUed .. barrels of conventional oil in 

Irabs. ‘It also .was a bit unkind: where ^ more than '-r half ’ the labour. It must, however, be the province (which excludes 

Ifter a straggle, Alberta ! wa& papulation , lives, is^-tihe-'-ibost added that the unemployment not quite clear precisely when gas will command in the U.S. the oil to be extracted from the 

"■vrevented -from -charging’ 3pm- expensive in Canada/'thbugh a ratio in Alberta is low —some- construction will actually There could even be cheaper Athabasca oil sands and other 

Stic producers the full world benevolent provin^al W col- thing like h*if the &3 per cent begin. gas to be imported from Mexico unconventional sources). The 

■rice for oil when it shot hp'in lector, flush with oil and gas rev- of Canada as a whole (a figure The same is true of the big- in which case delays to the big new gas find is in the Elm- 

973. Instead the Ca n adian price ehaes, has otherwise pufchlbned that for methodological reasons gest venture of them all, for a Alaska line could become even worth region: as much as 450 



stOOO- 


p roved reserves are not yet con- 
nected up to collecting systems 
New finds may have to wait for 
several years before their turn 
comes. 

Mr. Hans MacieJ, technical 
director of the Canadian Petro- 
leum Association, bluntly 
described the market as miser- 
able and says the problem will 
be to maintain the momentum 
of exploration. 

The big new oil find is at west 
Pembina. Oil companies have 
told the National Energy Board 
that they believe it amounts to 


the case of heavy oil. By then, 
too, Alberta may be making 
so-colled synthetic natural gas 
from its ample coal stocks — 
the third of its great energy 
resources. 

The story of the sands has 
been a tantalising one: the 
possibility of profitable extrac- 
tion of oil has more than once 
appeared to be imminent With 
a special tax and royalty 
regime, Syncrude expects to 
make ends meet: but there is 
no guarantee that such will be 
the case. 

That question mark over- 
hanging the sands, with their 
potential resource greater than 
all the oil in Saudi Arabia, 
lends point to the determina- 
tion of Mr. Lougheed to diver- 
sify the provincial economy and 
to process hydrocarbons locally 
to get a better price. The 
ethane complex marks a start: 
it has already attracted a num- 
ber of plants producing deriva- 
tives. But there is no conclu- 
sive answer yet to the question 
whether Alberta can move on 
to finished products. The feed- 
stocks are there, but markets 
are far away. 


Shifts 


*ent up in steps>.' tmd! .'st -thei .impact "tiport AlbeyttoS' uf rather exaggerates the extent 
$12.75 a barrel since August boojm conditions. Moreover, tha of the evil). 

, is still well below , the world labour troubles that, have been 
nee- .•„.••.■• plaguing much .of rest of 

•Mr. Yeter Lougheed, the Canada have arrived’. Id. Alberta 
Temier — a technocrat if ‘ever after several yearsef : felative 
3 ere was one* who runs-.the labour peace. \rjVrv ‘ 

rovince like a. • well-bHed . . # ■>*•*. v‘ • 

hsln ess— speaks of the income Ntritpc * <T-- r ' 

'Hereby foregone as a' contrflm* . .7?*!;- . , 4 '*. 

ion that Alberta has. .made'and This year the construction 

i still making to Canadian industry has had strikes; so 
ederatioru. N on e the less ; he, ..have the .breweries ^and . the 
nd the rich, rewards _that electrical industry^. 'it'Siuce dustrial investment In the 
Jberta has reaped from its oil Edmonton is this yeah staging province. The world-scale 
nd coal, are^ looked upon with the Commonwealth Gamas there ethane petrochemical plant at 


pipeline to cany gas from longer than the 12 months or trillion (million million) cubic 
Alaska - through Canada to so how expected. feet are said to exist there, hut 

Edmonton, where it could be ■ Not even the oil and gas men they may be hard to get out of 
fed into rerigring systems are having it all their own way. a sandy formation, 
carrying gas to IJ.S. markets. Canadian Government restric- West Pembina means that the 
The Canadian section of the Hons ' upon exports of crude, exhaustion of the Alberta 

line, cost estimates for which imposed' in the interests of con- resources of conventional oil, 

range above .C$I0bn, is- to be servation, mean that production forecast in the mid-1990s, will 

built by a consortium mar- from the Albertan fields is run- be postponed, by how much no- 

shelled by S. • Robert Blair, ning at some 400.000 barrels a body can tell. By then, how- 

president of- Alberta Gas Trunk day -below capacity— a figure ever, according to the conser- 

Lme. that could increase to some vative forecast of the Alberta 

- Originally it was thought that 500,000 b/d by the end of the authorities* the oil sands and 

work would begin around the year as Syncrude comes on the heavy oils of the Cold River 

turn of 1978-79. But the stream. In the case of natural and Peace Lake regions will he 

..... .. , finanees.of the pipeline are un- gas- a conjuncture! setback to yielding some 950,000 barrels 

nvy In. : much of. the -rest 1 , of is - a tempting parallel wftH; the Joffre also , is almost complete, clear until the U.S. has worked demand and the competition of a day. It will be expensive oil: 

,'anada. . •. plympic Games ih3Iontr^L but and although a large benzene out ah energy policy and, more heavy fuel oil in the industries the sands must be mined, as at 

Mr. Longheed’s tfevofttm; ta in fact it does not seem that plant 4ias received the necesr ■ particularly, • until there is of Ontario have created a Syncrude, and then processed; 

ranadian national unity sfooufif thie 'Edmonton Games were&eld sary cabinet approval, it is still clarity about the price Alaskan similar picture. A third of the or processed underground in 


This is a problem that in 
the short run, could become 
worse since some of the big 
construction \ schemes in 
Alberta are coming to a con- 
clusion: first and foremost the 
C$2.1bn ‘Syncrude plant to 
extract oil from. the. Athabasca 
oils sands, has. been completed; 
it was the main dynamo of in- 


As the economic centre of 
gravity of Canada shifts west- 
ward and as the Pacific rim 
develops Alberta may find itself 
closer to them. 

In any case, nobody — least of 
all Mr. Lougheed — wishes to 
build up a classic manufactur- 
ing economy in Alberta. The 
emphasis is on high reward 
things that can be done with 
few people. 

The provincial Government 
for instance, takes pride in the 
support it has given to scientific 
research (though inevitably 
much of the emphasis has been 
on energy, such as the tech- 
nology needed in the oil sands, 
and even upon rival energy 
sources such as sun and wind). 
A proposal to provide additional 
money for science and medical 
research to the tune of, perhaps, 
$30m-$60m a year is expected 
to come out later this year. As 


it is. the University Hospital of 
Alberta already has a good 
reputation in North America. 
To those who wonder whether 
academic research can flourish 
in a world that is not precisely 
cosmopolitan, academics io 
Alberta point out that the Mayo 
Clinic also began in very nearly 
the middle of nowhere. 

On a more mundane level, 
Alberta hopes for investment, 
not least from Europe, in 
industries closely related rn 
what it already has. The oil 
and gas industries need ser- 
vicing: agriculture, with gross 
cash receipts last year of S2bn, 
requires tractors. The oil and 
gas revenues require financial 
institutions to channel them into 
profitable investment 

The vision has something 
almost middle class about it. in 
the good sense of those words. 
Good husbandry is of the 
essence of Mr. Lougheed' 1 ; 
policies, to ensure- that when 
and if the. oil runs out. Alberta 
need not return to the poor 
house. The Heritage Fund 
(discussed elsewhere in this 
survey) is typical: in it the 
Lougheed cabinet banks 30 per 
cent of its revenues from 
wasting natural resources as an 
investment fund to help finance 
diversification, but also as a nest 
egg for the future (and above 
all under rules which sujecTs 
it to control by the Cabinet 
rather than by the legislative 
assembly). 

When you see the cowboy 
boots and hats so freely sported 
in Edmonton and Calgary you 
may not believe it, but the 
province is steeped in the 
traditional values of - good 
husbandry and order. In how 
many other cities of the 
contemporary world would the 
crowd have spared a generous 
round of applause for the 
police, such as its contingent 
received in the Klondyke days 
carnival at Edmonton last 
months? And that’s more than 
can be said for the inappropri- 
ately silent float of the Society 
for the Preservation and 
Encouragement of Barber Shop 
Quartet Singing. 


7?:-.-- 

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were up 



roots 


The engineers and technlcians^who staff ouhEdmonton and Calgary offices grew up 
with Alberta’s oil. gas and petrochemical industry. They’ve probably designed more oil 
pumping stations than any other engineering: firm in Canada, and have worked on 
every interprovincial Pipelines station between Edmonton and Montreal. 

• TheyVe^wdrked'pri-gas plants/ refineries, gds gathering stationsrpetrochemicar 
: plants, fertilizer plants,- potash refineries. the;oiI sands, heavy oil studies and coal, 
gasification.- ^ Through The SNC Group they -qan draw on some of the top engineering 
'and project management talent serving the petroleum and chemical industries in North 
America The SNC Group has a proven tracicfecord' of projects completed on . 
schedule :an’d-under budget —for the petrofeum,. chemical and other-industries. . • . 

■ At SNCTottrup, w.e offer this febw-Tiow for your project — by Albertans, for ; 

' Alberiaris* Together we work to develop AIberta% resources and strengthen Alberta’s 

‘economy^- ■ . ^ 




A The SNC&oup 

SNCTottrup Services Ltd. 

" iOffiS, J 06th.Streef , Edmonton, Canada T5J2Y2 Telephone (403) 429-7211 . 
3040 BriwVaJtey Square H, 205-Sth Avenue S.W., Calgaly, Canada T2P 2V7 (403) 261-7790 


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Group 

Banque Nationale de Paris, France's leading 
commercial bank, has an international network 
extending over sixty-eight countries. 

In Canada BNP is represented by its subsidiary 

BNP Canada 
Inc. 


Montreal 

Head Office 

Tourdeta Bourse 

800 Place Victoria, Suite 3527 


Quebec 

500 Est, Grande Allee 


Toronto 

York Centre 

145 King Street West 

Vancouver 
IBM Tower 
Suite 1570 

701 Georgia Street, West 


and now. . . 

Edmonton 

Toronto DominionTower 
Edmonton Centre, Suite 605 


Wherever you do business we are there to 
help and advise you. 




*• "52 Banque Nationale de Pdris 
J ’ll Head Office:76 Boulevard desItaGens 75009 Paris . 
.si Tel: 244 45 46 Telex: 280 605 


•^.V.VAV.V.V.V.V.V.V.V.V.V.V.V.V.V.V.V/.V.V.V.V.V/.V.'i** 


•• 
• • 


- .. •’••• V.' : ; - 


fl 








12 


Financial Times Thiasday August v3; 


ALBERTA H 



Energy picture 




WHAT do VOL' DO when the 
oil run* nut? You so out and 
look for mure, and you begin 
lo make the stuff yourself. That, 
roughly, is what is happen- 
ing in Alberta. Canada's main 
domestic <ource of ya> and oil 
where not so long ago the de- 
cline of existing oil fields ap- 
peared ro he proceeding quickly. 

Rut lately the picture has 
changed. New oil lias been 
found in the west Pemhina dis- 
trict. near Edmonton, the first 
major find in years. The gas 
supply, which always did look 
more ample, has increased 
greatly. La-i year the surplus 
va- generally described as a 
■■■-rubble.' ‘ Xn» Mr. Hans Maciej. 
iiM-hnical director of the Can- 
adian Petroleum Association. 
say< that it is a bit: balloon. 

im tup of that, the turning 
point could hr in sight for the 
.<i«/alk-d synthetic oil. a product 
won by treating the sticky bitu- 
miiuiU' nics- of the almost 
m.Uiv.cai Alhabasca oil sands, 
and for Hie heavy oil. a slightly 
kis stick?, but still not liquid 
bitumen, in ihe areas of Peace 
River and u' Linydimnstcr «m 
the Alhcrta-Saskalchewan bor- 
der 

Ga- Iimi. might one day he 
made !\i man Alberta has- re- 
■ •n von I i!e reserves of more than 
llhn tonnes oi coal lof vary- 
ns qualities and accfASibility )'. 
and by the etui of the century 
could be m riling some of it info 
so-called synthetic natural ^as. 

The big news from the sands 
i« the Syncrude, a C$2. 1 bn plant 
to produce nil. i> in process of 
coming on stream. For a number 
of years another sands plant, 
that of li-eat Canadian Oil 
Samis, an affiliate ni Sun Oil of 
Chicago, has been producing 
synihvfu oil. but at a capacity 
of about HO.Pdtl h/d tt has been 
ion -mall and technical prob- 
lem- hive been great. As a 
r»- uh CO'S, though jr has madp 
at: occasional profit. has not so 


far been a paying proposition. 

Syncrude could he different. 
By the end of this year if 
expects lo be capable of produc- 
ing 108,000 h/d. rising to 
12ft.CkJ0 by 1982 after what is 
known in the industry as "de- 
bottlenecking.” In addition. Syn- 
crude has been built with 
back-up and double back-up 
systems at a number of 
point.' where GCOS has had 

failures, especially during the 
fierce winter in t he Fort 
AicMurray area when the sands 
freeze 'Olid. For instance. Syn- 
crude will mine the sand* by 
^cooping them up in giant 
h tickets drawn by cranes with 
booms longer than a football 
pitch, and store them ready Tor 
processing. That will permit 
production to continue if the 
draglines fail: At GCOS the sand 
goes straight into the processing 
plant from liie nunc: a break- 
down there .shuts down the* 
whole plant. 


MOVEMENTS OF QIL WTTHIN, TO AND FROM CANADA. 1977 

CONVENTIONAL AMD SYNTHETIC C"UDE OIL PENTANES PLUS AND EQUIVALENT 







MOVEMENTS OF NATURAL GAS WTTHIN. TO AND FROM. CANADA, 1977 

WUfeHUMVEniiW^UIMMT 


/ ; v~< iSw 1 







, ,V 



7 ■ w ’Or^K 
I ^><-1 -/ - L - 

"" r "‘ 


Favour 


Syncrude rpekons that it 
should be able lo operate profit- 
ably. though there is no denying 
that the rules have been bent 
in its favour. For a start it has 
been guaranteed the world 
price for its oil. ai present in 
the region uf 815 as against a 
Canadian - domestic price uf 
S12-75 since August I.. though u 
will ris*r -iu steps to the world 
level. Then the federal Govern- 
ment in Ottawa has created an 
especially favourable tax regime 
with generous depletion allow- 
ance*. fur heavy nil and oil 
sands. Moreover, the Govern- 
ment of Alberta is waiving 
ryyaliio fur at least five years 
at Syncrude, taking instead a 
.share uf a notional profil calcu- 
lated according to an agreed 
formula. Hence Alberta lakes 
nut lung unless there is a profit. 

The fax regime is extremely 
> (implicated, and further compli- 
cated by the fact that in theory 


MOVEMENTS OF COAL WITHIN. TO AND FROM CANADA. 1976 




. a t. . ' 

-SEE-'-.. u : V';- .- .... - 

^ r 5 7" * ’ ■ ’ ■ 


' ^»< 



at least both the federal provin- 
cial Governments can take their 
cut. But there is some reason to 
suppose that' the oil- companies 
believe it to be satisfactory 
since after a long queried of 
quiet proposals are coming from 
the ..industry for setting up 
further plants. 

The significant aspect is that 
these proposals have come from 
the private sector, whereas 
Syncrude t since the withdrawal 
oi Atlantic Richfield) is a mixed 
private-public enterprise. The 
main shareholder is - Imperial 
Oil (Exxon), with 31 \ per cent, 
followed by Cities Services 1 22 
per cenil and Gulf (15J per 
cent). The remainder, being 
Arco's original .rhare, was taken 
on by the Canadian. Albertan, 
and Ontario- Governments which 
propped up the venture. 

But now Shell has put up a 
proposal for a similar plant in 
the sands, estimated cost lat 
1977 prices) $2.4 bn: GCOS is 
thinking of expanding fS180m): 
Syncrude, all go. : ng well, will 
eventually wish to inslal another 
H4.INIO h/d (Slhn): and Imperial 
Oil has proposed a commercial 
scale heavy ml operation uf 
MS.'iOU h/d near Lloydminster 
<S4bn). In- addition Gulf and 
Perrncanada (owned by the 
Canadian Government) have In- 
v.ted Husky oil. object of a re- 
cent d-ng-dnng takeover battle, 
to jo:n them in developing 
Husky - * heavy n;l reserves near 
Lloyd minster. 

Like the cost, the ‘takes are 
enormous. The federal ministry 
of Energy.' Mines and Resources 
estimates that the oil sands and 
heavy nil areas contain 
altogether l.OVObn barrels, four 
fifths uf :t in the >ands. »>r 
which hetween S4bn and 2H2hn 
barrels are recoverable. 

-Tim fechnolngiex involved arc 
slill in their infancies. The 


mining method practised by 
GCOS and Syncrude does work, 
but is effective only down to a 
depth n[ at most 300 fceL. The 
present alternative, the so- 
called in situ method, functions 
only below 800 feet. It has been 
developed by Imperial's heavy 
Oil pilot plant using wpat is 
quaintly know as the huff and 
puff method. Huff — you inject 
steam into the bitumen to melt 
it: and, puff, up ft comes. It 
sounds and is very energy in- 
tensive : Imperial is planning to 
open a coal mine especially for 
its proposed large plant. It 
aiso is inefficient : most of the 
oil remains below ground. 


Partner 


The Alberta Oil Sands Tech- 
nology Research Authority is 
hoping to find a commercial 
partner Tor a pilot plant to test 
a new approach that could in- 
crease the recovery rate to 60 
or 70 per cent and could also 
work in the area between 200 
and 800 feet below ground. It 
is a method of tertiary recovery 
devised by the Russians which 
consists not of huffing down 
*team from the surface, but 
digging a mine shaft to a point 
below the bitumen and inject- 
ing the steam laterally from 
there. You waste less heat and 
cover a larger area than by in- 
jecting from the surface. 

Ottawa has set a target of 1m 
h/d from the sands and heavy 
ml by T990. but the authorities 
in Alberta think that 620.000 
h/d is more realistic. Their 
reason for doing so is not so 
much the financial and tech- 
nical difficulties, but the 
changed outlook for conven* 
tinnai oil. West Pembina has 
not yet been fully evaluated: 
estimates go as- high as 2bn 
barrels. The oil companies haye 
published estimates varying 
between I.5bn and 200m. the 


latter figure being too low. To 
put that into perspective one 
must add that present proved 
recoverable reserves are oJlbn- 
barrels. The point about west 
Pembina is that improved 
geoseismic methods alone hare 
made possible the discovery. 
The oil is. in vertical reservoirs 
a good deal harder to spot than 
the usual horizontal pool. More- 
over west Pembina is the result 
of the Albertan Government's 
licensing regulations which in 
effect tell oil companies to drill 
or lose- their leases. 

In the case of gas the new 
find is in a 26,000 square mile 
region ytj Elmwprth in *he 
northwest^of Alberta. __A stock 
of 450 trillion (irallioh million) 
cu. feet is talked of. dmt much 
of it is mixed in sand and may 
be bard to get out A portion 
In a conglomerate formation 
may amount to at any rate 6 
trillion cu. feet more easily 
recoverable. Even that looks 
substantial when compared with 
the 51.7 trillion cu. feet or 
recoverable reserves elsewhere 
in the province. 

Jronically all this good news 
is e'orahag at a moment when 
demand for gas and oil *s 
flagging for both conjunctural 
and - conservationist reasons. 
Albertan, oil production is 
running at some 400.000 b/d 
below' capacity because the 
federal Government has been 
rationing exports to the U.S. 
in the interests of Canadian 
self-sufficiency. It is not a 
policy that Albertans much like. 
The- “shut in" conventional 
capacity may even riae to some 
500.000 b/d when Syncrude is 
going full blast at the end of 
the year. In the longer term 
relief may come by enlarging 
pipeline capacity to Montreal. 
Quebec and the . Atlantic 
provinces are 'mainly dependent 
upon imports, ..-which" could_.be 
partially displaced. 


There is a similar story to be 
told about gas. About a third 
of the proved reserve is not yet 
connected up.-- The waiting 
period to be connected up is 
several years. Especially for 
small independent producers 
that can spell trouble since they 
have an undue wail for a return 
on tbeir costs, and bank loans 
are hard to get against uncon- 
nected reserves. Proposals 
have therefore been made to 
increase steeply gas exports to 
the U.S, Mr. Lougheed's Govern- 
ment in the past has pressed for 
a quid pro quo in the form of 
U.S. tariff concessions which 
.would benefit the Albertan 
farmers and petrochemical 
industry. That pressure appears 
to be a little, less urgent now, 
though neither the provincial 
□or the federal authorities have 
so far made up their minds' 

Poor demand for gas has to 
be blamed on the economist 
situation* in eastern Canada 
where industry needs less fuel 
than expected, and where the 
competition of residual fuel oil 
frutn the refineries is ruinous. 
Poor demaud also has taken its 
toll of the coal industry' in 
Alberta: shipments of metal- 
lurgical coal to Japan Gel! off 
from 5.2m tuns in 1976 4.4’ni 

tons in 1977 because demand 
for steel was down. An alterna- 
tive market is hard , to .find 
in eastern Canada, because of 
the distance. 

Temporary 

The best evidence that these 
troubles are considered tem- 
porary comes from the take- 
over scene in. the oil and gas 
industry. A number of bids have 
been made. -the most publicised 
of which was that for Husky. 
It ended, . at. .-.least. ..for the 
moment, with the nqvfs' that 
Alberta Gas Trunk Line, had 
secured 35 per cent of Husky. 



AGTL’s president. Mr. S. 
Robert Blair, has made it clear 
that he will go for majority 
control if anyone muscles in. 

Husky is of interest because 
it has gas and large lands in 
the heavy oil region of Lloyd- 
minster. Mr. Blair's coup was 
in a way typical : it could be 
sold both on the grounds that 
it was good for the Canadian 
West, and on tbe grounds that 
ii was good for AGTL. Much 
the same could be claimed 
when Mr. Bliar won the right to 
huild the Canadian section of 
the Alaskan Highway pipeline 
to take Alaskan gas to market 
in the U.S. If Alaska proves 
to be big enough, another coup 
may follow: there is talk of 
doubling the pipeline eventually 
to carry oil as well. . . 

... For the tiraS being, however, 
the difficulties President Carter 
is having putting together an 
energy policy, have delayed the 


gas pipeline. An ingeninnsj 
suggestion has been made M 
build the -southern parts first 
and use .them to export to lie 
U.S. Alberta's current gas sur- 
plus. For conservationist; 
reasons Ottawa may insist k 
that case that the ggs be re- 
placed later with izCiastam gai, 
but the difficulties qf drawing 
up acceptable agreements to 
that effect appear to be great. 

These are matters* the signifi- 
cance of which extends far 
beyond Albertan H- Canada b 
not running nut of cbaveptionil 
oil as quickly as^vwreceiujj 
believed; if there - is- gas galore 
for export: and if there is to fc 
not one Alaskan Highway pipe- 
line but two. the? the Gatadisp 
economic outlook in general atji 
.the payments outfdok.lri, partira-l 
lar will have "been- - ftdialW 
transformed. • : - V 11 

* W. I.. Lue&oal 


1 




tion is! 


fn Canada s fastest-growing and most 
prosperous province. Calgary Power 
| supplies over 62 °o of the electrical 
energy requirements. 

Alberta continues to have one of the 
stronger provincial economies and is 
among the faster-growing areas in 
North America. The high level of 
activity, mainly in the energy sector, 
and a rapidly expanding population 
with unemployment levels below the 
national average, have resulted in a 
sustained growth in demand for 
electric service. 

Calgary Power, the largest investor- 
owned electric utility in Canada is 
building today for Alberta’s tomorrow. 



CALGARY 

POWER 


Petrochemical projects 


St 




ALBERTA’S JUMP into the 
world league uf petrochemical 
producers conics next year when 
the St.abn complex now being 
built is completed. Thai will 
give i he sceptics the chance for 
their next round. They have 
hail :i field day with the project 
ever '■ince ihe province's 
premier Peter Lougheed. in 
defiance of the thinking nf the 
federal Government and of ihr 
convent lunal wisdom, set uiti six 
years ago to huild a petrochemi- 
cal industry in Alberta. So far. 
(he sceptres have been wrong. 
The plants have been financed 
and will he built and nut with 
iiu* second line businessmen 
that Canada’* provincial 
premiers suein to turn to so 
ufien when they warn to turn 
their dreams to reality but with 
fiiM-lme chemical producer* 
carry :»vj mil the project along 
vi- :iii l oral participants. 

Unassuming 

The key local participant js 
Alberta Gas Trunk Line of 
■.'algary. one uf ;h»- two com- 
panies t hat Mr Lnugheed most 
ufien rum.- to to carry out his 
plan.-. AGTL is headed by Mr. 
S. Ruber: Blair, a personally 
imasmininu entrepreneur who 
i- rapidly turning what was 
once a rather moribund luC3l 
pipeline company into an 
industrial Jiani Mr Blair, who 
v/a- also the force behind the 
group that won tin* right tn 
build ihe natural gas pipeline 
system Irom Alaska to ihe 
southern I listed Slate.-, has 
characteristically kept the key 
plant :n the complex to himself. 
That an ethylene plain with 
an annual capacity uf i.2bn lb 
now being le.iih near Red Deer, 
a city halfway between Edmon- 
ton and Calgary. The §350m- 
planl. i>eins huilt by AGTL sub- 
sidiary. Alberta Gas Ethylene, 
is "n schedule and on budget, 
according :*> Dr. John Suther- 
land of Albert Gas Ethylene. 
Completion is expected next 
.June with first production to 
begin in September. 

As its feedstock. th»* plant 
ml! use ethane that is being 
stripped from natural sas before 
it leaves the province or is used 
bv local utilities. The fnur 
stripping plant* will proriuc* 
about 80,000 barrels a day of 


ethane. 36.000 of which will be 
used by the ethylene plant, with 
ihe bulk. of the remainder being 
exported to the UJ5. via the 
Cochin Pipe Line. 

The use of ethane as a feed- 
stock gives the ethylene plant 
a number of advantages over 
plants thai use crude oil. The 
plant is relatively simple in 
design and less costly to build 
and operate than plants using 
crude oil. Nor does it produce 
by-products as crude oil plants 
do. This is rated a major 
advantage in current market 
conditions where by-product 
markets, particularly residual 
fuel oil. arc depressed in 
North America and likely to be 
so for some years. 

In contrast to (he Alberta 
project, the Sarnia. Ontario, 
ethylene plant of Petrosar. 
which is turning m a full year 
of production this year, is 
encountering major problems 
in the by-products market. 

Dow Chemical or Canada, a 
-ub.-idiary of D«w Chemical of 
Midland. Michigan, has con- 
tracted to buy ajj the output 
«>r the ethylene plant. Part or 
the ethylene will be- used in 
two plants that Dow is building 
near Fort Saskatchewan. 30 km 
cast of Edmonton. One of the 
Dow plums will have a capacity 
or 420m Jhs a year of ethylene 
oxide and erhylcm- glycol, while 
The other M ill produce 7 OOm lbs 
a year of vinyl ' chloride 
monomer. Dow will move 
surplus ethylene east through 
the Each in pipeline lo Us 
plants in Michigan and Ontario. 
Alberta Gas Trunk and Diamond 
Shamrock Canada, a subsidiary 
o! Diamond Shamrock Corpora- 
tion. are building a polyvinyl 
chloride plant near Fort 
Saskatchewan which will use 
vinyl chloride from Dow. The 
first pha*c of the PYC plant will 
have a capacity r«f 220m lbs a 
year with an ultimate annual 
capacity' of 4U0m !)>.< planned. 

If current plans materialise, 
this SJ.obn complex, almost ail 
of which is being built on 
budget and on schedule. »s only 
the firsr phase in the develop- 
ment of the industry ui the pro- 
vince. The export permits for 
the ethane run out at the end 
of 19S5 and Alberta Gas Ethy- 
lene plans to twin its plant by 
then if market conditions 
warrant. 


While the complex is located 
further from its market than 
most of its competitors, it has a 
number of advantages. Its 
supply of ethane is assured and 
the Alberta government has 
signed an agreement with the 
company to ensure that the 
natural gas from which the 
ethane is stripped will be priced 
in a way that ensures the 
viability of the plant. And by. 
taking advantage of Canadian 
tax laws the ethylene plant was 
financed in a way that will give 
it a low' interest rate in its 
early years of operation. Dr. 
Sutherland adds that the com- 
pany is also competitive with 
any capacity that might be built 
m tbc Middle East. He feels 
that Middle Eastern plants are 
more of a threat to the Euro- 
pean market, to which transport 
costs are much lower than if 
they tried to serve the North 
American market. Further- 
more. the cost of building a 
plant in the Middle East is 
much higher than ir is in 
Alberta. “Those are high cost 
situations. They have no local 
skilled labour and no infrastruc- 
ture.” He noted that an Alberta 
Gas Ethylene consultant was 
recently in the Middle East and 
was told that he could sell an 
ethylene plant there for twice 
what the Alberta plant is being 
built for if he were willing to, 
bid on a fiscal price basis. 

Dr. Sutherland is also confi- 
dent (hat the PVC plant will 
lead lo the building o a secon- 
dary processing industry in 
Alberta rh3t will use the plastic 
for many products. “At the 
moment, the downstream pro-| 
cessing industry in Canada is 
inhibited because it gets high 
cost raw material." Since the 
Alberta industry is export 
oriented and pricing its pro- 
ducts at world market levels, 
the . competitive position of| 
downstream manufacturing will 
be enhanced over the situation 
thai has typically prevailed in 
Canada. This will allow- proces- 
sors to be export oriented as 
well, he said. Processors re- 
quire much Jess lead time to 
build their plants than is needed 
for the complex to be. built 
so he is not up«et that there 
has not yet been a rush of. 
announcements of plans for pro- 
cessing plants. 


One. of the critical factors in 
the future of the industry is 
the outcome of the current 
round of world trade talks in 
Geneva. If tbe U5. lowers its 
petrochemicals tariffs as a re- 
sult- of the talks, it would make 
the current project more profit- 
able, although it is competitive 
under present tariff roles. What 
is more important is that a 
lowering of UJ5. tariffs is essen- 
tial for the building of further 
petrochemical projects in Al- 
berta. . The current project, 
while dependent in part on ex- 
port markets, is hasicaliy de- 
signed for the Canadian market. 
Future expansion would have to 
be more heavily weighted to the 
U.S. market, and lower tariffs 
are a prerequisite For successful 
market penetration. 

Alberta has tried to nudge the 
trade negotiations in the direc- 
tion of lower tariffs by linking 
its willingness to let more 
natural gas move out of the 
province for export to a lower- 
ing of tariffs on Its petrochemi- 
cal and agricultural products 
moving south. While the U.S. 
Government has enoueh sym- 
pathy for Alberta's position to 
have sent Vice-President Waller 


Mondale to AJberta to see Mr. 
Lougheed, even U.S. officials 
acknowledge that what happens 
to U.S. tariffs in Geneva is re- 
lated more to what happens be- 
tween tbe U.S. and the Com- 
munity and Japan than Canada. 


Fertiliser 


The world-scale ethylene 
complex, however, is not the 
unly string to Mr. Lougbeed’s 
petrochemical bow. A number 
of nitrogenous fertiliser plains 
built in the mid-1970s in the 
wake of the oil price in- 
creases and fertiliser short- 
ages are now in production. 
Alberta Gas Chemicals, a sub- 
sidiary of AGTL and Atlareo 
Developments of Edmonton, has 
plans to double the capacity of 
its Medicine Hat methanol 
plant, which now makes 1,200 
tons of methanol a day. 

And the second of. his 
favoured business partners. 
Alberta Energy of Calgary, is 
getting its piece of the petro- 
c-heniicaf action. Ir recently 
received provincial Government 
permission to build a $250m 
benzene plant with an annual 


.. 

i ■ 

w. # t 

^ ... 


capacity of l.lbn pounds 
benzene. The Government, hoif 
ever, is insisting that, the pls< 
be built further away -from E$ 

montan than Fort Saskatchewan 
and the company is - still studjj 
ing possible sites, according f 
Miss Arlene Moore. AEC’s seen 
tary. The consortium, whic 
includes Hudson's "Bay 'Oil an 
Gas. Mitsubishi Corp.-' and Mi! 
subishi Petrochemical alno 
with AEC, is currently negotii 1 
ing markets for the* henzwj 
and by-products amf;.wilf.^ ari T 
forward plant design, and tW 5 
struction . when these are coraj 
plete. The ; goal . is ‘ start ^ 
construction hi 1986'with coii* 
pletion in 1982., The' conkortioq 
will also be moving ah^ad wil$ 
plans to add. another -working 
interest partner with expen c®-* 
in the aromatics business or tw 
petrochemical indtrstix-., 

Moore said that one -oWfe 
decisions m be. hiade.ik wh*t _ 
to do with the by-produjts, * ue n 
as butane and naphlhaHhaL^I 
benzene plant wiJr'l predu^ a; 
One of the alternauvgs X 

considered - by the coiporuW^-.. . 
is a synthetic natural V V- 




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• D 


■a.'-’i 


PanGanadian 


2»w 


3 >\ 


V*.a 


• exploring for and producihg^ljf 
the energy to keep Canada 
moving forward. 

HEAD OFFICE: 

2000, 125 - 9th Ave. S.E., Calgary, Alberta, Canada. 

e LONDON OFFICE: 

6 Arlington Street — London SW1A IRE, England. 

PanGanadign Petroleum Limited 


J 


V ••• 





t. 



KMKM M 







Alberta 

convert 


and hydro-electric powen In addition, the 
province has JheAlbertaOiLSands 
estimated to crontain ultimate 
recoverable reserves of 20Q billion 
barrels of synthetic crude Oil (32 billion 
cubic metres). In^urie1978, the $2.4 


t r v '* 41 1 w 1 i* iUflifll 

i> i i » r> c» ) mnw i yr* d 

■i •] t [• ».‘ l | • I r • cXS i 1 1* [s» *>7 


MiX»j 

TI7-1 1 r» f~r* iTii*77? 


=J 1 1* tdteHiLsiilf Esin* 

If. 


ihdh 


agricultural and pehochemica I sectors 
which will attract Cfddffibnalfridustries to 
the prbvinceu 

Due to begin operation^ an schedule. In 
the summerof 1979, is a $1.5 blflibn 
ethylene-based petrochemical complex. 
This prbjecf involves 9 major plants and 
will prpvideirtew opportunities for 
dowhsireamsecbnaary manufacturing. 
The $10 billionriorthem pipeline project to 
carry Alaskan nafiiral gas to the 
American mainland will have a 




Alberta and the rest of Canada. Some 
$3 button of the total ewaenditure will be 
spent-in Alberta and other parts of ; - 
Canada. ' 

^jfM¥eiifures 

Welcomed 

With so mahy developments currently 


■■ 

RHM 



CANADA 

8*1 


reqoifecr. JQlnfventures anaifcensing ; 
arrangements between non-Canadian 
investors and Aibertan and Canadian 
partners are vreteomed by Alberta; The 
province welcomes foreign Investment, 
particularly Inthe areasof food ■ 

processing, petrochemicals, 
manufacturing steel ancf mmerais; and 
forest products; - 

Low Tax Rate 

The overall taxation rate in Alberta is the 
lowest in Canada. The province expects 
tdmaintaihthlspDsmon wen tnlolhe 

fut 1 


l.liKv 


mv 


I L. . ■ ■ 3L± 1 

Akcna 

GOVERNMENT OF ALBERTA 


To. learn more about investment opportunities offered by Alberta, please contact 

Alberta House, • . I4fh Floor, Capitol Squa re. Suite 703, 51 0 \ 


• • Alberta House, • • 14th Floor, Capitol Square, 

... 37 Hill Street, 10066 Jasper Avenue, 

-LONDON WIX7FD ENGLAND EDMONTON, ALBERTA CANADA 

Phone: AC’01499-3061 Telex: 51-23461 T5J0H4 

v.. , ; . Phone: (403) 427-2297 Telex: 037-3651 


Phone: (213) 624-6371 Telex: 0067-4157 











1 * 


-pfrdneial- 


ALBERTA IV 


On this page Wolf Luetkens reviews the progress of Edmonton — Alberta’s capital 
and host city for the Commonwealth Games — from a frontier trading post to its 
present affluence, and Doug Gilbert the impact of the Gaines on its future. 


bustling 

growth 


• . and will continue to be made has been set aside as parkland on. the oil service industries Games. 

| ITT 7 quickly. As is the nature oE for recreational purposes, in- and . small industry as dial- Jon fora^ won E^ontoj 

y IV booms, the current one, based eluding a golf course. Building tele: the Sun life of Canada, he says, 

on gas and oil, has produced is allowed only exceptionally. largest life assurance company E^ontoni^a 

_ side effects of distress in fair Close to the office towers Ob in the country, has established modern aty of ^ ® 

^ f measure. Housing prices have the northern shore a joint its western Canadian head- nnity. By t he Kg of 

T gone through the roof, the effort of the citizenry, who quarters there. Barclays Cana- Jury, he 

U1 suicide, divorce and alcoholism raised- funds with a will, has di an affiliate and that of Basque from its .present 600,000 inhab*- 

rates in Alberta are high, and recently ended in the comple- Natiouale de Paris (along with tants in the 
Edmonton is no exception, tion of a new home for the Warburg's a shareholder in re* 1 ?" '*° anything .. be twee p 
Unskilled workers, as opposed Citadel Theatre with two stages CCIBl is there. o0,000 8 -n 

to the skilled, who have been and a third performing area. Manufacturing never was the *J- w11 P* 3*®“ o™™ 1 

attracted by the golden puhli- The use of red bricks has saved strength of a province as thinly Toronto. Montreal or van- 
city, have found the going hard: it from the usual glass and populated as Alberta with couver. but Mr. Purvis says ne 
do wn-and-outs are not unknown concrete appearance of a fewer than 2m people- But does not mind: size is less tra- 
in downtown Edmonton, sprawl- theatrical machine. The artistic some 25.000 residents of the Portant than the quality of life, 
ing under a blanket on a bit director, Mr. Peter Coe, is an Edmonton area are occupied in That is a very Albertan senti- 
of grass waiting to be built over. Englishman who has set some manufacturing, the. biggest sec- ment. T^ie last thing Albertans 
Yet the visitor to Edmonton of the Canadian acting profes- tors being food and beverages want Ls swarms of immigrants 
will quickly be reminded of the sion by the ears , by insisting and -the processing of petro- from within or without .Canada 
TOE CAPITAL of Alberta and historic fact that the frontier on engaging foreign actors for i eum . With an' eye to migration creating an urban proletariat, 
venue of the Commonwealth in British North America was some of the. star parts. Cana- g a ifl 5 and to the possibility Bankers, technicians, scientists, 
Games opening today began as immeasurably less lawless than dian nationalism always is a tha t the oil will one day run doctors, computer men and the 
a North American frontier town what went on south of the U.S. ticklish issue, but Mr. Coe outi Edmonton has for long like. - are . .welcome.- The un- 
and that, at bottom, is what it border. Over and above that, appears, to have been upheld S0U ght additional ' investment skilled, provided they come 
has remained to this day. The Edmonton has largely been by the powers that be. through its Business Develop- from within Canada, cannot 

first Fort Edmonton an the spared the racial problems of As well as The theatre the ment Department. actually be kept out But they 

present site of the city was set the U.S., as has most of the town has a fulltime orchestra. may finish up dossing down on 

up in 1802 to trade in furs, then rest of Canada- There is no a small . ballet company (good 17py tVw r bit of grass 

the only source of wealth in the colour problem, in spite of an but not rich enough to afford XVC J ^ although Edmonton stiU 

region. It serviced trappers and ethnic mix that includes people anything better than a tape This department argues that the frontier things 

others in the trade by supplying of British. Slav. Scandinavian, recorder for its music), and an ja^nton ^ ^ kl jy t0 Alberta m0 ved a long way during 
them, among other things with Chinese, .and German origin. opera company that can only gg of the a century or thereabouts of 

pemmican. the dried meat of the afford a short season and does industria i investment and SO genuine urban lift The wealth 

prairies. Modern Edmonton to PflflC ' not seem to have widened its per cent of the jobs about to be ^ seized upon then by 

a great extent draws its econo- A “ uv appeal beyond the confines of ^ reated are wiam or 

mic strength from gas and oil. That is an important element the black tie and pearls circle. tKo ^ ra.mnnfon, jj s wm*. 

which are the main source of the in the “livability ” of the city These are all 
wealth of modem Albertans, wbich the Edmonton authorities 
supplying the extracting like to stress with more 

industry with the multiplicity of for making a good impression a or a ^ half . way line between Edmon- c^ - with its qpira and the 

services that it requires. than for elegance of diction. Government that has so much r5 Calearv Arbitrary it 

In the early days it was the They take especial pride in the inline from the oil and css ton "MOM* a handsome and erclnas 

gateway to a North which was 7,000 

only And it’is"on^"oflhe'two cenrres It 

now that North has a very- the North Saskatchewan River of the boom that oil and gas ^.°i tEFSui 

different significance. It con- has carved its way deep into Inre produced. The other is g™* “* * AS *2 ‘JK 

tains. the Athabasca oil sands the plains. Calgary, the historic rival to n0t t0 “ e “ JW.*" 1 and snob- 

which. potentially, contain more On the northern shore there the . s««th. where the multir grass. beiy. 'rtie grnff and the polite 

oil to be extracted than the stand the high-rise buddings oF national -oil companies and ... . • - T . nj „ 

whole of Saudi Arabia. Whether the downtown business centre big • Canadian financial you put that side, 

it can be done profitably with and of government, as well as nrstitutions have centred their mayor. Mr. C. J. rurvis, he wm 
current technology is something the mock-baroque of the domed Albertan operations. <nte the natural resourres of 

that is about to be put to the Legislative Building put up for But bang the seat of a the province and the existence 
test. The S2.1bo Syncrude the newly founded province of Government that has an invest- of a population which he 

scheme coming on stream on the Alberta in 1907-12. The southern ment fund of more than $Sbn describes as . dynamic and 

sands near Fort McMurray was pan of Edmonton is largely (about £1.4bn) at its disposal,' devoted to free enterprise. To 
to a great extent managed from residential, including many Edmonton inevitably has also him Edmonton s. potential 
Edmonton, where much of the needlessly tall blacks of flats, attracted financial institutions, sphere of busu^s extends. from 
equipment was pre-assembied. hut also has the campus of the One uf Canada’s newest the Yukon in the north as far 
As a frontier town. Edmonton University of Alberta — spacious chartered banks, CCIB, the south as California, 

was and is brash. The spacious greenery between handsome Canadian .Commercial and Mr. Purvis hopes for an 

streets may not he paved with buildings giving it a pleasingly Industrial Bankr --has- made- ifs^economic impart .ior. years tor 
coin hut fnrtim.'c have Hern aearfemie air The river vallev home in Edmonton with an eye come from the' Commonwealth 


'imrfeSe the trading arga, of Edmonton, panning for gold in the North 
^ That area as. somewhat Saskatchewan River hasby now 


**** Skis SSJSL a JLt n ii JfE arSiraiii? definTd as the area STS pZ 

rt E S of aorivincia o1 “• P rOTiD “ Dorth ° ! tbe ta-ted as irfiL The ujV 

half-way line between Edmon- its opera and the 

diction. Government that has so muen ir ‘ 

use especial pnae in the ie-nme frmn the oil and cas handseme andexclnare Edn»n- 

acres of green belt that industries that it does have diffi- . frjmcnrvTt ton Clul> * w striving to grve life 

«*•*■ The nateWM SLfifB SLSSEJSVta 



•v* ,.u 


Why invest in- Edmonton? if win continud^o^ed^fiWe 1 by Top: The Edmonion'skyliiie. Above; The Commonwealth Paolpt 

S]X)rts Centre. ■ - 




-1c 


Frontier 






Capital of Alberta. 


You'll hear a lot of cheers in Edmonton. And we hope you're going fo be 
here to do some of the cheering yourself. Because there ore more exciting 
things to cheer about in Edmonton this year than ever before. 




EraUNTOVSB 


August 3-12 


There's the XI Commonwealth 
Games fill August 12th, when 
Edmonton hosts competing teams 
from Commonwealth nations around 
the world. But even if you can't be 
here for the Games, you'll still finda 
wealth of fascinating things to see 
and do any time .of the year that you 
do visit. 

You can go on safari at the nearby 
Alberta Game Farm; step into the 
past at Ihe Provincial Museum and 
Archives; stroll through the recreated 
fur-trading post at Fort Edmonton 
Park; thrill to the exploits of aviation 
pioneers at the Aviation Hall of 
Fame; fake in a Canadian pro 
hockey game; bet on the 
thoroughbred, trotter, and pacer 
racing fun at Edmonton's Northlands 
Park; take In the spectacular Muttart 
Conservatory end Horticultural 
Centre, where tour glass pyramids 
house exotic foliage from every 
comer of the globe; and relive the 


days of the Klondike Gold Rush 
during Klondike Days in Edmonton — 
our annual mjd-summer ■ 
extravaganza featuring 10 fun-filled 
days of gold rush festivities, 
scheduled July 18 to 28. 1979. And 
be sure fo visit Jasper National Park 
and the Canadian Rockies, only a 
few hours' scenic drive from 
Edmonton. 

Those are just a few of the many 
things to see and do In Edmonton — . 
the gateway to Western Canada. 

For complete Information cm - 
Oanada's oil cmd action centre, 
write us specifying whether you 
require visitor and/or economic 
information. 



VMtcis Bureau 506 S - 103 Street. 
Edmcntoa Alberta. Canada I 6 H 5 G 5 





• ' 


WHEN the Queen steps to the name no more 


P 


- ... .......... .. 

r pan three 40 Centigrafle. the summers are firm, and they will jwin.; Caatfs 

microphone to open *the 11th Commonwealth countries;, could delightful with warm days, cool dlan theatre, will -eoentually^fc 
Commonwealth Games in the name no Caribbean Common- evenings and sunsets at 10 pm. much -the.' better for it 
brand new crown jewel of wealth countries; no African If the , visitor , wants to travel DuHng the Hast two- Weeks-^# 
western Canadian sports countries; and. 'opted for the west 4* hours by car he every yemv £ "Edrnbn^ 

stadiums this afternoon, she likes of the Netherlands, come to the resort are* of stages its' ammal eeTebriitiori^ 

will be participating in some- France, :and Germany when jasper and «he magnificence of. Klondike Days with the tfhdrl' 
thing of a statistical oddity. It asked about European Com- the Canadian Rocky -mountains, gamut ' of western 
will be the first time the monwwlth countries that would The, -tibree*our drive- south including ? ; lB90s ' dress;- ™ 
Commonwealth Games will have beSending teams. These are not ^ Columbia ice fields majorettes and brass bandit 
ever been opened and held in they . were told, ■ the Common fn ^ n jasper to .Banff - near 

a city where the majority of Market Games. • ■; SS& hSThew dSjed to 

the population has not been ^ sctod-rpopulation spent ^ .appropriate The lew 

educated in the. British trad> ^ ^ of this school JpL Jumping off point for -the goW 


tion. 


year immersed in work books most scenic TnomwaiTi drive in 


the European Alps as the t0 the Yukon was Dawson 


More than' 55 per cent of tbe on Commonwealth history, the world. 


City in the Yukon. That was the. 


city’s residents, according to Commonwealth sport and Com- ... ... , ...... 

— . - . . > Should he choose to stay m hall - girls ^ and the- poems 


Tj 


town of the gambling, the d; 

the latest Canadian Government tnonwealth iiteratore, narking n«hert 

census figures, are of central & e tim^» anyone has made Gty ^ wfllsee^a aty gfow- Robert 
and northern European origin; a semious effort to put together UI ® ®° fa ^ ts Dan ^ erous Dan ^cGrew. ■ 

most of them came to Canada a onality .compentHuin of the ? while all of . Edmonton coWd.mwe-appte? 5 s. 

in two great Immigration waves w ^ ^ poetry from “ anemptoyment . pr iaiei y hold “ Oil Week^ wkHc *, 

after World War I and World ^ BriaSi-^ditaoned areas of ^ ^ these the population, attired ht iafll 

Wartt Africa, ’• Australasia, the da ^ S| AJ1>erta ^ 4.4 per oatfits.^ ^except. that' oU doesiWfe 

Before that the area now Americas «iid Eoropel ce ^ . •- .^e the Image of street fttnf' 

known as. Edmonton was little *>,_ Edmonton’s delayed ■ rush, to these or any other days:; A ,wt 

more than ajur trading outpost the . big «hne has allowed tbe » nice to have rieSrby- as" 

somewhat to ^ north and S JZuk city to take adrantages of the security blanket, if-s 

west- of -the M *wild wes^ 5 made mistsdies others have made * -jf sort :of . 

popular by novelists and the particuiariy in the field you -want -lo dance. ' 

Bollywood - motion -picture in- m ^ ecoio^EdmoiLn has more But • Edmonton' do» h^f, 

K developed parkland -than any. casinos.. Alberta ; is. ^ . ' 

three decades bas It been trans- . rtkdifce for Wales, the ^ North America, and the province in Canada to allew tSjtf- jr 
formed into a major metro* a strong darialse for Wales, the form nf «mhi»n» ^ ’.ThA iadvuuh 


p:. 


potitan . centre 
industry. 


by the 


that 


mm*h<thnri entire North Saskatchewan form of gambling. Jhe fi 1 : 

rougnsnotl V: I J haw fn Kr» “lie ».!■ 


Imt sdiooi's competi- ^ •>«“ tunied JS?!S53SL^Lj 


Boom 


0 ij team- 

tions.^ ^UaSe 004 ' 3 MontnLT inw" almost a dream area frtr <*arity, and with tiiaT'.ih .n^ 

joggers and other Sports * h “e Jure limitations 6f theSa 
^ 

times what it was when a bit stamped. - ai redirect'fiigfits eyery dijr i. 

Imperial Leduc oU field was Edmonton is learning about When it «raes to professional Edmonton to Las Lega$;fpr1J 
discovered just south of the the. Commonwealth through con- sport, Edmonton fans lead the heavy gamblers. ^4*iEy-. 

city in the late 1940s. and per- tact with the Commonwealth. It country with their • turnouts. Boom towns ineyiiahhF-’bWK i 
haps only half of what it will is possible that as a result of The Edmonton Eskimo fifotball their seamy side. TTyoii Ijnftty 
be by the end of the 1980s. tbe Games our young, under-35 team has already sold more than trouble you ran find 
The continuing energy resource typical Edmontonian with his 38.000 season tickets for its monton, as. elsewhere! ■' Bqtslafi? ;■ 
boom has made Edmonton not oil-related affluence might soon games in the new Caramon- in the main downtbnrnarra.'a^V 
only the fastest growing city in; give up his annual vacation trek wealth Stadium, and that Is you will Have none!--. . 5* •’.*5^’' 
Canada, but also one of the to Hawaii and/or California and 1 8,000 'more than Montreal seUs' Edmonton has 


fastest growing cities in the give Britain a try. 


world. 


vi:«£ .U five .tunes the ****.. 


for-football in the 1976 Olympic provincial m useum /sevaiS V 
stadium working from a base of. gaUeries. some -. 


special. in. their offering i 


national ^e^ S such “as^e lot Edmonton, with the arena, the 16,000 seat.CoUseum P^ng selection ofc?* 


have the opportunity to learn a Edmonton’s new ice hockey artif&cts, and -a constantly 


Commonwealth Games. Plans eventual resuJrt when it where Games gymnastics wiU be There us«i to ; be 1 quitSatf 


are already well advanced to- t® travel the reverse held.' is second to none in of truth in the Cana'diaff 

wards staging a World Student “kSbt weaa be the case, too. Canada for design and com- ment that, while Mont 

Gaines some -time in the 1980s. What wiB they find? The ^ Qrt - _ - .could -live to eat 

Before the 1972 decision to irwsi notable thing anyone from Tb® city a ^S0 now offers the Sne JYSrich festaurmits, 


award the Commonwealth Britain or Europe will', notice best . theatre, ip. western of the country/ and . . 

Games to Canada, the average about Edmonton is the air you Canada, through the new Cita- west, haflto eat -to 11 ve^ 
Edmontonian, who is Canadian- breathe when you first step off del theatre, which is in its first That; happily, is po longer „v 
born, under 35, and the son of the aircraft. It is pollen free year °P erati on under the case.' Now that i&mohft 1 
parents who came. fram gener- to the delight of ail hay fever direction of Mr. Peter Coe, an affluence -has beeir - matcfe| 
ally tough circumstances In sufferers, and about as -dose to EngEsbrn 0 who has-been up; to- with the-: virtual- V&M 
Britain, the Ukraine. Germany, pollution free as re'u will find bis ears in a foss with the Cana- tnral Immigration 
Poland. Scandinavia, Holland, ^ t j 2C industrial worki. The dian Actors Equity Union over a wide variety of iwjifi'fli 
Italy. Hungary, Czechoslovakia; pi^n facades of the. hisi Hsb tbe use of non-Canadian talent restaurants in Edmontbft.' 
or France knew'tittle or nothing buddings -testify to that in the lead roles. Equity feels city's best restaurants .would ^ 
about the Commonwealth. — . - - that, . since Britain now well njre&-.In^nlreal.itsdf-.K i i 

That is one.-'of the . J “ a 


\ The Commonwealth has never . ■ rhe . [ f ir w ? th very 1 lov? ' restricts Canadian talent from - rnat i(! anp Qt me roore u 
played much of a rale in the bwnidiQr which makes an other- working in.- Britain, Canada HahXIi th* KSo 

life of the western Chadian. ^ stifling hot day acceptable, sh^ld raise its barriere in SStS 1 ,. %£& 

When Games officials were inter- and a cold winter day much defence.' Mr. Coeand the Cod- E^onWhfth^ J "' 

viewing potential information mo « bearable. Also, while it is father of the Edmonton stage a n f th B ' feth 4ho 

hostess candidates a few months tree that the wimers are long barrister' and executive 


ago they found that most, other and very cold, with temper* ducer.;Mr. Joseph Shoctor,* do 


than school teachers, could lures dropping as-tow as minus not' a^ee] 


pro- and .the^guesta ‘shouldvh^ 8 ^ 
_. , • do great tin» gettii 

They are bedding other.; . •_ j...- 




\ 














financial Times Thursday August '3 T97B 


$5 * 


ALBERTA V 


Below, John Howse profiles the man 

* . <1 ’ 1 II , . . V. * 


f - - - — — 

in die Albertan driving seat, Premier 

L and the mastermind behind 

7 « a _ C 


Peter Lougheed, ana me masienmou «*.«»»•■« 
the Province’s energy development, head of 
Alberta Gas Trunk Line, Robert Blair. 


Peter Lougheed 





PREMIER Peter Lougheed has P ’ 

Just about everything a politi- ■ 
ciaa could ever desire. He 
looks unbeatable at the forth- 
coming provincial election; his 
province has the most buoyant 
economy of all 10 Canadian 
provinces. It is oil rich, seeth- 
ing with ■ entrepreneurial 
fervour, alive with old- 
fasirioned optimism about free 
enterprise and tbe need to 
Work hard for the good life. 

;Yet Mr. Lougheed worries, 

Privately, about not being liked 
Personally in contrast to being 
loved by the voters at large, 
sod, publicly, about outsiders 
QSt liking Albertans. 

He is not as an eastern , _ .. _ fDh i, w i 

»»??=• =S sar.-ws sfA 



this province — once hard up 




so much natural gas that new 
discoveries face, at best a two 


during tbe great depression, 
has' turned greedy and self- 


/Alberta claims that it has 


can be linked to pipelines and 
markets. 

Few, then, will be leaving the 
house that Mr. Lougheed has 
built — and in his own terms is 


contributed an unmatched a eUiig-45i« hfa "election put 
*14bn to Canadas economy an e * fl t0 a record 35 years of 


sauce it agreed not to seek an 
immediate oil price rise to 
international levels in 19T3 


social credit rule in August 
1971. 

But quite a lot of ministers 


when the Arabs dropped their ‘IT whM. 

bombshell. “That's a very, ^ leavin3 ^ Caf:,inet 


wtT~iiSrU n ai“'mntribuaoi: Mr. ^us'.eed ^ ^ fliro 

control: as a rule ministers are 

given new portfolios after a 
legislative term to prevent 


unequalled in confederation, 
and we have accepted that as 

being part of this nation," Mr. - . .... „ r 

Lougheed recently told the era p i re- building, as Mr. 
Canadian Public Relations lougheed puts n No 

Society annual meeting in ^ an 3"T or , ba i th ,!L^r a hiriPt 
Edmonton. What he sought to ^tend to leave the Cabinet 
dispel for the image makers after the election due by 197SK 
was the image of Alberta — and The key defector is E " er §y 

of himseUMn other^artT of Warner Don Getty, who played 
the country as the land of oil Professional football for the 
rich sheikhs, jobs (Canada cur- Edmonton Eskimos when Mr. 
rently has lm unemployed) Loured himself was part of 
and disregard for the rest of the grid-iron team, and who was 
Canada, coupled with a hatred * mon E the lonely group of six 
of French-speaking Quebec. progressive conservative mem- 
_ * ... .. , bers to undertake the task of 

S? *J. d ga f. revenu “ unseating .the entrenched social 
"“LS credit machine. 


CAPITAL INVESTMENT in Legislative Assembly to set up 
.energy ventures in the province the fund, which is entitled to 30 
'of Aberta untir 1988 will easily per cent of the revenue the pro- 
exceed C$20bn (about £9.4bn). vince derives from wasting 
The provincial authorities esti- resources— principally oil and 
mate That almost C$9bn will sft gas. but also coal and some 
into the oil sands and heavy oil lesser minerals. Last year that 
deposits now on the verge of was almost C$lbn. This year it 
economic viability, and almost will be more, and there even is 
C$1.5bu into new coal mining a suggestion that tbe 30 per 
capacity. On top of tbat there cent share may be increased, 
will be some CSlObn for the 
planned Alaska Highway gas Jf^UrpOSG 
pipeline, not to -speak of the * 

current wave of exploration and The fund is supposed to pay 
drilling for conventional gas and its way, though the overriding 
0 i] purpose is to ensure that if and 

Clearly there is a gigantic job when the oil runs out 
of financing to be done, which Albertans have a viable 
has attracted tbe interest not economy. It has therefore m- 
nnly of the North American vested in irrigation schemes in 
banking fraternity. But on top the arid farm lands of southern 
of that. Alberta is booming, un- Alberta and -in encouraging 
like the rest of Canada, and the housing, which is extremely 
Government of Alberta is short and expensive in the two 
rolling in money. ' main cities, Edmonton and Cal- 

It closed its budget year on g»ry- Fu ? d 

March 31 last with a surplus of provided money for science and 
C5691m, and in sipte of in- medicine, and for research into 
creased spending in 197B-79, an energy matters such as the 
even greater surplus of C$709m extraction of oil from the oil 
has been budgeted for by the sands. One portion is reserved 
provincial Treasurer, Mr. Mere for lending to other Canadian 
Leitch. The figure is thoroughly Governments, a gesture towards 
deceptive, since another C$1. 3bn the somewhat strained unity of 
is to go into the Alberta ’Heri- Canada. In this way $97m has 
tage Savings Trust Fund, which been lent to two of Canada's 
had already climbed to C$3.4bn “have-not” provinces, New- 
by the end of the last financial found! and and New Brunswick, 
year. Alberta, therefore, has The concept of a govem- 
both investment requirements mental nest egg- is. not, of 
and financial resources to course, new. Kings in. history 
gladden a banker’s heart bad their war chests, for iri- 

Heritage Fund itself is a pro- Stance. But that does not make 
vider of funds: the last annual Premier Lougfeeed's peace 
report pot at C$2bn its holdings chest an everyday matter. As 
in very liquid investment. in th e case of the OPEC coun- 

The idea behind Heritage tries what has happened is that 
Fund is a very simple one. Mr. revenue rose much more. 
Peter Lougheed, the Premier of steeply than the absorptive 
Alberta, likens the position of capacity of the Albertan 
Albertans with their great economy; finding capital invest- 
wealth of oil and gas to that of meat outlets for. the sudden 
a man who sells off his house bit wealth would have been either 
by bit If he spends the pro- impossible— or even more 
ceeds he will be both broke wasteful than letting it flow 
and without a roof over his head into immediate consumption, 
once the last bit bas gone. Mr. Mr. Lougheed had an 
Lougheed therefore used his additional consideration. Tbe 
overwhelming majority in the device of the Heritage Fund 


strengthens the hand o£ his 
cabinet vis-4-vis the legislature. 
Immediate control of the fund 
lies with a cabinet committee, 
subject admittedly to scrutiny 
by the Legislative Assembly. 

Given the ascendancy of the 
Premier over the politics of 
Alberta, the Legislative 
Assembly would probably have 
followed his wishes in any case. 
But what happens if ever there 
is a change of leadership (not 
at the next election, which he 
is considered sure to win) is 
another matter. Elsewhere this 
snrt of war nr peace chest has 
at times vanished almost over- 
night. There is the additional 
consideration of how Heritage 
Fund can be fitted into an anti- 
cyclical fiscal policy, though for 
the present the restrictive effect 
of banking part of the oil in- 
come can only be of advantage 
in a boom province. 

As regards the purely fiscal 
aspects. the provincial 
Treasurer need not bewail the 
transfer of money from his bud- 
get to the fund. Alberta can 
afford to levy the lowest taxes 
in Canada and in his budget for 
1977-78 this spring Mr. Leitch 
was able to abolish the provin- 
cial petrol tax, giving Albertans 
the cheapest petrol in the 


dollars and the secular west- 
ward shift in North America 
have had their effect The great 
Canadian chartered banks have 
for long been established on 
almost every street corner in 
Alberta. But their regional 
management has been raised in 
status. Western Canada in the 
past used to complain that the 
banks were run from Montreal 
and Toronto, and that they 
channelled western money into 
the - industries of Ontario, far 
away in the east. That com- 
plaint has died out. Men run- 
ning the Albertan operations of 
the chartered banks assure one 
that they are not unduly 
hampered in their decisions. As 
regards tbe flow' of funds, no- 
body seems to be quite sure 
Whether Alberta is a net im- 
porter or exporter of capital. 
One fact remains: unlike some 
other Canadian provinces it 
does at least offer the prospect 
of plenty of investment 
opportunities. 


■tween retail banking and the- 
large corporate customer. Both 
have got off to.. a good start, 
reporting profits after tax from 
their first year of operations. 


country- 


Amenities 


Add to that some of the 
obvious amenities 'of life in. 
Alberta — superb beef, a land- 
scape made for a host of leisure 
activities, and a winter made 
tolerable by the lack of 
humidity and by efficient 
domestic heating systems burn- 
ing subsidised gas— and one 
might be surprised to find that 
the private financial institutions 
that have been flocking to 
Calgary and Edmonton claim 
tbat staff is hard to get. But 
such is the case. Expensive 
housing is one reason; a suspi- 
cion of the brash West 
among central Canadians 
another. 

However, the lure of the petro- 


The dullness of the economy 
elsewhere in Canada will ex- 
plain why even in Alberta 
bankers will tell one that there 
really are too many funds chas- 
.ing too few borrowers, and that 
rates are becoming exceedingly 
fine. In part that is the result 
of an intermediate stage reached 
in energy and petrochemical in- 
vestment: several large schemes 
have been almost completed,' and 
the next push has yet to begin. 
On ths other hand the construc- 
tion Industry Is booming: one 
wonders 1 when high rises will 
cease climbing from the Edmon- 
ton and Calgary building lots 
like Jack’s beanstalk. 

There are two special new- 
comers to the Albertan financial 
scene which have just begun to 
make their mark: the Canadian 
Commercial and Industrial Bank' 
at Edmonton, and Northland 
Bank in Calgtuy- Both have 
been founded with a deliberate 
intention of serving the long- 
alienated Canadian West; both 
are looking not to retail busi- 
ness, but to a market niche be- 


. Both are unusual on the 
Canadian banking scene In that 
they have foreign shareholders. 
In the case of CC3B, Warburg's 
and Basque Natlonale de Paris 
each hold 10 per cent of the 
equity (the maximum allowed 
by Canadian law); in the case 
of Northland, Deutsche Genos- 
senschnftsbank. the bank of the 
German credit unions is the 
foreign shareholder, and on an 
especially close relationship is 
maintained . with -co-operative 
banks in other European 
countries. Tbe Canadian credit 
union movement is among the 
founders and often refers clients 
to Northland if their credit 
needs exceed the scope of an 
individual credit union. 

CGEB looks to international 
markets and to the: small and 
medium sized Albertan entre- 
preneur to provide it with busi- 
ness. Unlike most of the other 
financial institutions that have 
come to Alberta or sprung up 
there, it has chosen to make its 
headquarters in .Edmonton 
rather than Calgary- The latter 
town has the oil company head- 
quarters; Edmonton has the 
provincial Government and 
smaller companies servicing the 
oil industry- • 

Between these two cities there 
is a century long rivalry: for the 
first railway link (Calgary won), 
to become the capital ( Edmon- 
ton did), and now for business 
primacy. Calgary* being oil 
headquarters, has probably had 
the better of that argument so 
far. Besides it is tbe seat of the 
two best known Alberta com-, 
parties, Atco, which does busi- 
ness worldwide with mobile 
housing for large construction 
sites; and Alberta Gas Truck 
Line, which is to build the 
Alaska Highway pipeline. 
Calgary also is the. seat of an 
office which will probably 
become headquarters of Royal 


FACTS AND FIGURES 

Population • 1*9» 

Area 258,730 sq. miles 

GDP (1977) C$22.7ba 

Labour force (1977) 890,000 

Unemployment (mid-1978) 4.7% 

Net value of production (1976) 
Agriculture CSlAbn 

Extractive industries CS6-5bn 

Electricity C534Sm 

Manufaetuiing C$L7bn 

Construction C?2.4bn 

Income from farming (1977) 

gross C$2.1bn 
net CSfilfm 

Mineral production (1977) 

Coal C8219m 

Natural gas C$2.99bn 

Grade oil C$4.16bn 

Sulphur CST&n. 


Trust* the largest Canadian 
trust company* if it ever decides 
to leave Montreal. Canada Per- 
manent , another trust company, 
has just moved its western 
Canadian headquarters to 
Calgary, whereas the Sun- Life 
of Canada,. largest life assurance 
company in the country has 
chosen Edmonton for that puri 
pose.. Edmonton is also the 
home of Oxford, a very well 
known property developer,. 

The European presence in 
Alberta goes beyond its indirect 
representation by the two 
young banks. Several French 
banks are represented and at 
least one British bank, through 
affiliates. One or two more 
British-owned institutions are 
expected to follow. The 
Japanese, despite their con- 
siderable industrial involvement 
in Alberta, do not seem to have 
shown up as financiers. Nor 
have the Germans, though 
rumours are rife that they may 
do so once Canadian legislation 
has been amen del, as it soon 
will be. to make access easier 
for foreign banks. 

WJLL 


pwbami C on jSyf^approachw . Mr ‘ G . etty My ? he home with oil pricing, high 


world levels. ^Alber^s main ■«» «* ^ «•? ^ petro- 


woe is a coy embarrassment of between politics and the time chemical and agricultural tariff 
riches. Its Heritage Fund, a he glV€S t0 wfe . and fo i* r changes with the UJ3.. has diffi- 
"rainy days** savings account, sons. He is also an oilman who C ulty getting across his real 
now tallies £3.3bn and the woul a dearJ >' Jove to return to stance on social issues as * 
newly emergent gnomes of lucrative and exhilarating Conservative. 

Edmonton seem hard-pressed to 011 P at ch- Other probable exits i^us there is an impression 
know what to do with it . be b - Deputy y, at jjj s government is insensi 

In almost miserly fashion, JttSiv-GwSfil Foster Uve tuwards W0T *? a S mothers. 

Mr. Lougheed plays down the housSk had Public “^ronment, its own civil 

EE's sf Dativesand 

wealth, why think of it as any SSSSftomfcs 18 ^ ^ Mr ‘ himself, with 

different from someone selling “ aerai pauuK> * his quiet manner and blue-eyed 

their house with the under- In many cases, money is the look, bas also been under p*es- 
standing that they will have to real attraction. The opportune- sure to try his hand in federal 
move out ten years later,”- he ties outside politics, in coo- Canadian politics. In 1976 he 
says. He is referring to a trast_ to provinces where public could have had the leadership 
somewhat vague estimate of the life is the only game in town, of the federal Progressive Con- 
peak producing years left to are dazzling. Yet it is in the so- servative Party for the asking. 
Alberta's crude oil wells. But called “people” issues, those He preferred to remain 
events seem to be overtaking that affect the relations between Alberta where his authority is 
the Premier’s pessixnism — a government and those of its unchallenged rather than brave 
modest new crude reserves are people in trouble, that the the quicksands of Ottawa. There 
being found, a second synthetic Lougheed dream team tends to is no reason to suppose that he 
oil plant comes on stream, this flounder. The Premier, so at bas changed his mind. 


Robert Blair 


S. ROBERT ("SCOTTY") BLAIR by Fetro-Canada, the state oil 
is a western Canadian with a company. At stake was Husky’s 
flair of upstaging his country's Tas * h® ay y ufi leases, straddling 
eastern business establishment £ he border between Alberto and 

and its traditional partner, the S^^ewan and the factual 
“ JJ ... , , ¥ a federal government comnutted 

U.S. multinational. t0 enerf y self-sufficiency will 

Hie 49-year-old Calgarian won guarantee international oil 
tiis biggest battle last year when prices along with a good possi- 
ble Canadian and U.S. govern- bility of tax incentives for any 
mentis approved his plan to upgrading plant to bring the 
bring Alaska gas south through ^ into production. Mri 
r ,„V. c Viifenn Blair, with h is low public profile 

Canadas Southern Yukon and and Ws hair dovm over 

Western provinces via. a $10bn his forehead to offset growing 
plus natural gas pipeline. baldness, refutes any fadle 
Losers in the lengthy, bitter understanding, 
and expensive^ saga were the Meanwhile he has AGTL plan- 
members of Canadian Arctic ning to extend Canada's gas 
Gas Pipeline consortiunwiil tnnsmissioasystemdefperinto 
majors and gas uansraission ^ Quebec heartland and the 
firms—who wrote off $idOm in- distant Maritime Provinces over the Alaska gas pipeline, is over- 
vested in J^euminary studies tfie not-inconsiderable objec- extended, especially with its 
Sf tions of the goliath nf Canadian SI 92m fresh bank credit line 

Site Pipeline, Transcanada Pipelines for the Husky purchase and its 
theMackeime River Valley to oE Toron ’ tn - AGTL is also study- involvement to no. less than 

ing I with Petro-Canada) the $7bn worth of capital projects. 
^ ^ feasil>iIily of stopping Arctic But he continues to confound 

Canadas cnj^rareia islands liquefied natural gas by the critics, many of whom 
hfs exSves icehr * ak " in S tanker to southern admittedly are still licking their 
Albem cS tcrmjnals - rounds from the northern pipe- 

TNrmk Line atone with the pip? Elsewhere AGTL again con- line decision. And an approving 
hIS* co-SDonsors Westcoast frorU s the Toronto establish- provincial government (which 

Ml ** « AGTL ^ son 
ljnes Wllh a competing bid to nominates four Board members 
expert Alberta natural gas. Mr. although the company has gone 
BIair claims the exports are public) sees him as the 



Southern Alberta sections of 


. . —..I* x„ necessary to finance the pre- entrepreneurial midwife of its 

Which could je parted next buUding flf aouthern parts of own industria i dream. 

tSf’«eree and the Americans tfie A,aska H tehway line, a pro- Mr. Blair, who confesses that 
S^fsorMHit their energy policy from w tL ic ^ TransCanada resented having to bow south 
“I we nr Me w *thdrew. The argument is to the U-S. during a stint work- 

lindirin in thf 0,41 wutiiem section could j ng m Calgary for a U.S.-owned 

ot P mSJ S be ^ for a slart t0 ex P. ort «™. rests his business 

west Under mT ■ AJberta ^ s ’ of whjch ^ere is a philosophy on the assertion that, 

bBMd AGTL has diversified temporary surplus, before^ tile Canadian ownership contributes 


itc “ovemment-endnrsmi of lhc pipeline comes on to a sense of national unity and 
from its govemmem-enaorsed frnrr , Ai ac u a ... .iono 


role o S mE sti pam from Alaska. self-confidence, both under siege 

monopt? y .. — . jj r> gj a j r j ias a ^ 0 put'AGTL now by a separatist Quebec 


sion within the province into 

SXacruring' anymore' ^ Sl.5hn petrochemical complex, national economy. 

into controlling the which comes on stream next Canadian ownership 


petrochemicals, steel, valve into a key role in the province's government and an uncertain 


Mr. 

AGTL 


and 

Blair 

share- 

funda* 


cently into controlling 

destiny of an integrated oil year with a giant cthylcno plant management, 
company. Husky Oil, a 35 per at Red Deer, 90 miles north of explained to 
cent stake in which was Calgary. holders. '* provide the 

aeairired in July. Some financial analysts mental assurance that political 

To win. Mr. Blair not only charg,. that Mr. Blair has and cultural leanings of the 
h»nt off a strong takeover bid heaped too much on AGTL’s business decision-makers in our 
Sir Husky f ro m Los Angeles- plate, that the company, faced country will he those shaped by 
based Occidental Petroleum, but with the task of putting mir national, regional and local 
brushed aside a competing bid together the Canadian sector of communities. ”■ 



Whether you 
prefer 

vacationing by 
caravan, by car, ; 
motorcoach or sfayirig at Alberta’s 
modem hotels and motels, you’ll : 
enjoy the resorttowns, activities, . 
marvellous scenery and relaxation- to 
be found in Alberta’s Canadian 
Rocky Mountains.- Whether you’re 
riding a 
mountain vi 


great experience. 
And there’s lots more 


in Alberta — ■ the exciting cities of 
Edmonton and Calgary, the Calgary 
Stampede; and Edmonton’s 
Klondike Days gold rush festival in 
July, ranches, free and open 
country, historical forts and much 


1* * 

h 


more. 


Western style deep into the ' 
mountains on horseback, hiking, N 
camping, swimming in hot mineral 
pools (or regular.swimming pools), 
taking a.boatcrtfise on a magnificent 
mountain lake; ;or fishing — it’s a 


covering rnr fare arid camper or car 


through CP Air or Air Canada. For 
literature, information on packages 
available, contact your Canadian 
airline, or travel agents or write 
Trariel Alberia, 37 Hill Street; 
London W1 for travel literature* 



CANADA 1*1 




,‘r 








' 16 

LOMBARD 


Financial Times Thursday August 3. 197Sr - 


Self-control 


in the City 


BY MICHAEL BLANDEN 


THE banking community of the Here, the UK banks hare felt it 
City of London is well pleased necessary to make quite strong 
with the progress made aver the representations to Brussels, 
past five years in its dealings There was a possibility some 
with the European Community, time a^o. for example, that the 
Proposals formulated before the Commission would take over and 
UK’s accession which would have apply generally the provisions of 
imposed an unacceptably, rigid the UK Act as originally drafted, 
form of banking regulation have before the baaks and other 
been superseded bv a much more members of the lending industry 
flexible EEC directive. had their chance to comment and 

Tile approach to harmonisa- criticise, pie industry remains 
tion-of banking law now adopted worried that efforts to push 
will leave the UK authorities ahead with moves to unjE^ t^e 
wide scope to continue with their European roles on consumer 
particular brand of informal and protection 
personal control without having ^ P l ™. e 1 ; .Jh nlfc important 

to adapt too far to the more practical Mnphcatlons 


legalistic approach common on 
the Continent. 

The basic obligations of the 
UK will be met by the introduc- . - 

tioa of the licensing system for source of independent 


Legal services 

Potentially the most important 


deposft*taking institutions set J* ithin 


out in the recently published however. 


of independent views 
the Brussels hierarchy, 
lies In the legal 


uu.1 111 me i L-l.cn u. V )JUUII9UCU r J Ipwie .n-iin 

draft Bill — a step which would se^u'es departracnt Th s a e .ain 

r_. ruts across the other lines or 


have been necessary in any case cuts arr l 0 ?,?. ' . . „ 

to sort out the mess highlighted r * s P° w ‘'” Ut >' “,"1 
by the fringe banking crisis of which one London banker des- 
1973-74 cribed not inaccurately as having 

The ' Bank of England and ™ le ” « the e uardians 

private sector bankers alike are of the Treaty of Rome, 
encouraged by the relationships l£ was believed m particular 
which are being built up with 01111 *jad played , a pa “, ,i n 
the Brussels Commission. A foe recent difficulties in reaching 
small group of senior bankers a compromise over the regulation 
representing the British of City money brokers, an issue 
Bankers' Association which raised as a result of last years 
recently visited Brussels found a complaints by Sarabe* The Corn- 
general willingness to discuss nmnitys rules on trade and 
issues affecting their members, competition make it probable 
And it must bo helpful that the that this question will come up 
man who includes financial again. . , 

institutions among his responsi- Ip > ls recent evidence to the 
bllities is the British Cnminis- Wilson committee the Bank has 
sioner. Mr Christopher made much of the importance of 
TugendhaL the self-regulatory and non- 

«. _ w . statutory aspects of the super- 

IV rtf einalp pntltv vision or financial institutions, 
l^rui MUglC tlllllj Gne of the main mechanisms 

The banks are also discovering, through which this operates is 
however, that the Commission is the establishment of associations 
not a single entity speaking with. 0 f various City groups which 
one voice on all the various areas take on responsibility for con- 
w4th which they are concerned, trolling their members with the 
One issue which is likely to support of the Bank, 
arouse growing * interest, for The foreign exchange brokers 
example, is the question of con- 3 iready form one such group, 
sumer protection as it relates to and thc Bank has been act j ve i0 

e w.'i lp T^? d , b ° r ™ w l?S- .. encouraging the formation of 

.T~* UK already ^has consider- anol b er organisation on similar 
a W® experience of the difficulties jj nes j 0 C over the sterling money 



is forced to pay iip 


■ 


A aCESCHANT BAjMTs role in of its clients. Mr. Gerald Chari- bank as well as withholding difference between the agreed veiy fortunate. Herr Koestler The 

a take-over bid and what con- ton, Mr. Hugh Charlton and Mr. from ■ them other information and the actual price which the" ran up *a overdraft of nave felt rawer baaiy about » 



for auv mss L UC UOIW ••«»» W. UUC vu a. *vau. •- »•“ “»»«• «n*““ M .-11 ‘“-.J w: ***** -v I . rm /1 ,w 

caused by prodding false and This amount represented the loss should be made good popular with private investors* sued him in German courts,. only non ' 

incomplete infonnation. were residual debit balance in the' by passing the shares over to though not with their bankers, to find out that it was by no Aracw _ w Trea^ *. 

the two main issues resolved by bank's books after a successful the bank in return for repay- if the European Court accepts meads a straight-forward matter prohibits resmmons on .me 
the Supreme Court of Eire in 1972 take-over bid by which Pat merit . of the full amount Herr Walter Koestler’s con- of debt collection, but a com: .; 


a judgment delivered on July Quinn Holdings gained control 
2 ? of a chain of public houses de- 

The Supreme Court con- ve l°,? ed J - G - M 0 ™ 1 *- a 
Snued a decision of tbe Presi- company. The Uiree 

deut of the Irish High Court defendants promoted this take- 
that the Northern Bank ™ >>id together with Mr. Pat 
Finance Corporation had been “ f 


BUSINESS AND THE COURTS 

BY A. H. HERMANN,. Legal Correspondent 


plicated case resting on the' vices; At their " request Wf '■ 
interpretation of EEC rules on German- court- referred the i 
cros^bordbr sendees. matter to the European Court, ; 

The German law views debts asking whether the refusal to ; 
arising from differential 'deals enforce- the debt is-not contrary \ 
as gambling debts, ' - arid- as to the EEC Treaty. - The answer j 
suchhot enforceable.' There will not come easily as- this, is j 


^n^VfraJdmeni misrepr^ bank They ended up by own- lnvested ^ th e three defend- tendon (in case 15778). that howe ^' SthwflS J - 

sentation when negotiating a ^ an ts. This, the Court ruled, overdrafts resulting from losses in client We in France- -at *}>*■ i 

take-over bid. But the court j ns. but with the feelme, that would not restore things to their on such differential deals made Jw of the dealing- • which ~ 

reversed the President's order th®y had been by the original . state as. the bank had on non-GermaU stock exchanges “ .. In thp client’s debt.- ? 

that the bank should repay bank. When sued, they made a never the shares. The need not be paid by thosewho faebig.’ r .. This long word means resoltM in tte cltenrs debt^T w- , 

£750,000 to its clients in. ex- counter-claim, stating that they bank, though financing the take- take refuge in Germany. that * iwn ‘^ d ^_ c ^ rvrmfn Cmnwiission thriuaht 

Phanee for the shares they had would never have entered .the over became a brinclnal ^ t . . in futures or options on German the Commission thought 

acquired for this money.- Jo- transaction if the bank had told in ^, e transaction and at aB Herf Ko * stler ’ ^ ho . “ a ..bourses and if be doe^tiie ' ^P? rt . 523S C- 

stead, the Supreme Court them the truth about the short- acte d as the defendants’ Gerinan - c,tizen ’ v> w “ S^nblmg resulting debts we enfojc^le ' - 

decided that the bank should comings of Mr. Pat Quinns agent its liabUity was that of in this way on the- Pans bourse m German courts, Accordingly refuse deb 1 t , e P°^“^.^^^- ^ 
pay damages calculated on the financial participation in the an agent advising his principal, between 1968 and 1973 when he German courts of the first and :J 

difference, if any. between the deal. 0n these grounds it was liable was employed as the administra- the second instance, took _tbe - 

true value of the shares and The Supreme Court found no to' pay damages for the fraydu- tive director of a: Franco- view that the greaterpert of rerrtres were renderea wool ij ^ 

what the clients of the bank reason to interfere with the lent inducements made by two German military research Herr Koestierir debt ui Srril^ LxTthl: * 

paid for them. High Cqurfs findings that in of its- officials. institute In . Saint-Louis enforceable, ' K would have agree i with tte Com 

Surprisingly the case from order to induce the defendants * + * (France) where ^ ^be also lived, been if, while living abrijail* lie importance ^of Afhcle ^99 j; 

wbirt^the FinanS Corcro ration to proceed with the take-over. DIFFERENTIAL deals, like The operations were carried out bought and sold his futures _ at be 5*5? i 

emerged with such a poor the bank had falsely informed options or share futures, are on his behalf by the Socidtd the Frankfurt bomne-fidt as tes even say Uj® 1 JJPJ*,' 
record was initiated by the them that Mr. Pat Quinn had transactions where no shares G6n6ral Alsadenne de Banque deals, were in -Paris, thej^ were ™°^ 

bank itself when it sued three deposited £200,000 with the need to change hands. Only the of Strasbourg, and were, not .gambling pure an J simple. ~ " 


of French law to Germany. 


Co-favourite Kintore faces 
strong challenge from South 


fcMT.KTAINMF.NT M 11)1 


of legislating in this field. The 
Consumer Credit Act reached 
the statute book in 1974, but 
even now a number of its pro- 


markets. This method of self- 
regulation involves at the very 
least placing some restrictions 


visions remain to be put into ? n e , nt, 5' i"!, h T h “” a h 5£ 
effect and there are considerable *1°“^ ^ese may 


reservations among the banks he.desipned to maintain accept- 


ed* finance tiouses directly * *!£*&"£* 

affected about some of the ways operate in the public interest 
in which they are being imple- Given the emphasis placed by 
mented. the EEi. rules on freedom of 

In Brussels, this area is the competition it will not be sup- 
responsibility not of the officials prising if tlie European authon- 
concerned with* banks but of a ties continue to_ take a close 
separate group, cutting across the interest in this kind of arrange- 
other lines of control within the ment, nor if the Bank should be 
Commission and under the ulti- called on to justify its approach 
mate authority of the Irish Com- to self-regulation before a wider 
missioner. Mr. Richard Burke. European audience. 


THERE WAS plenty of interest However, one factor which 
Yesterday in the ante-post prices could prejudice his chances is 
issued on the William HLL1 Gold more rain on the East Yorkshire 
Cup and it seems dear that course. Like his sire, Kintore 
Saturday’s race could provide one goes particularly well on a sound 
of the most competitive hand- surface and he will be attempt- 
caps ever run at Redcar. ing a formidable task in trying 

. Of the 15 still left in the mile to give lumps of .weight away 

to several well-fancied Southern-. 


I CC — These theatres accent certain credit 
cards bv tele phone or at. the Box office. 


RACING 

BY DOMINIC WIGAN 


chailengers if the ground comes 
up soft. . . 

Two Southern-based runners In 
receipt of weight from Kintore 
and, furthermore, clearly 
expected to go close off far-From 
harsh handicap marks are Smack-. 


BRIGHTON 

2.00 — Lord John*** 

2.30— Brindisi 

-300— Codebreaker . 

330— King Kermit- - 

4.00— Deepwater Blues* - 
430 — Hang-on Elvis 

PONTEFRACT] 


OPERA & BALLET 


COLISEUM. Credit «1 

I -B3t? 
MATT 


_ _ irds _ 

Rasttvatjoni oi-BM JIWi* 


01^40 5258. 


ENGLISH NATIONAL OPERA _ 
TooIbW. Sat. A Wed. next. 7.30 The 
Moaic Flats. (TomcMToWs perl, cmcodnU: 
Tino. next 7.30 La Bofcome. 104 balcony 


IMPORTANT- NOTICE! - produCtkM 

of MenotH's The Consul replaces scheduled 
nerts at Carmen For further details ring 
01.240 52 SO- Now booking for Sept. 


2.45 — Green Lass** 

3.45 — Clown Court 

4.45 — Heracles 
5.15— North West 


GYM DEBOURNE FESTIVAL OPERA With 
the London mUbarmonlc Orciwitn. Last 
Week Tonight Sat A Mon. next nc 

5.30 Cost Mu tone. Tom or. and Sun. at 
5.30r Tha Rake's Prouress. Possible 
returns only. Box office Qyndetouroe. 
Lowes. E. Sussex <0273 612411). 
(N.B. The curtain. tor Coal will rise at 

1.30 share: There is no possibility of 
admittance for latecomers. 


| ROYAL FESTIVAL HALL. 92B 1111 
Lau Peri. Tonight at -7.30: 


- However, like most other sons 

handicap only the Bill Watts over and Huaralino. both of of Habitat he almost certainly 
pair Ki tha iron and Running Jump whom could be at their best with needs yielding or at the very 
seem likely to come out. Their some cut in the ground. least good ground to produce hlx rm lon . B n* 

trainer will not be without a Smackover, the other joint bes . ^ i wouid not care to T* ■JfK! " 

runner, however, for that high- favourite with the sponsors and a chnn pp with him unless CO. with 

Class handlcapper Kintore will considered something of a 'good the rains persist -- " « yALEKY PANOV 

be.tryins to def>- 9 »t 5 lb. thior by his Nmgltct IliWIW today> „ ctagi tte ^ ^ HiU _ 


Kintore. who shares favouritism Ian Walker, proved that he is b rfSS’J 0 »be?ftiLMdnco3d i^o^ewil^yso. .mSlVl"j 

at 5—1 in the sponsors’ list, cer- still improving when wearing best bett of the MManoon couia j . S t*rr oi grw wnt m a 


tainiy appears to have the right down the odds-ori Philodantes at bwe S on and Pontef act ra oecri 
credentials for a bold effort in Goodwood hist week. and -Pontefact, respec-| 

the race. Huarlino. whose East Ilsley ave *y- 


GALA SEASON 
' Dancing at artery Mr t. 

MARGOT FONTEYN. MAIN A GIELGUD. 
NATALIE' MAKAROVA. TOKO MONO 
5KITO. GALINA PANOV, LYNN 


jp lUCC, il UiU UUU, tvuviOO uiiui Lidivj a anuwi uf4liiim rHnu* . tTPUt 

Tbe winner of 10 of his 22 trainer Gavin Hunter, is rarely Ian Balding sends Lord John, He^hen 1 ‘"i'ef feb1es n °°j okItSII, 


races to date, the Aberdeen geld- wide of the marie when sending a Young Einperor colt foil of I kiu-VH van ??ag y^vale^y "fZftov, 


ing would undoubtedly have runners North, has yet to recap- promise, to the seaside track for 
gone close to making it a 50 ture the form which saw him the Black Rock Stakes, 
per cent success rate had he got finishing little more than three At Pontefract Harry Thomson 
a clear passage when full of run- lengths behind Dactylagrapher Jones’ good-looking. Green Godl 
ning in Newmarket’s Ward Hill- in the William Hill Futurity at filly Green Lass could get backers* ~ 


SHIMIZU. 

BALLET 
Oralis from Box CHfka. 


COUPS DE 


_ THEATRES 

sponsored Bun bury Cup in which Doncaster on his final juvenile off to a healthy start in the I adglphi theatre, cc- oi-ub 7011 
he ultimately finished fourth. appearance. -- 


Carle ton Fillies Stakes.' 


Evas. 7.30. 
IRENE 


TTnirs. 3 0 5.L 4J). 
URINE IRENE 



THE BEST MUSICAL 
1976. 1977 and 1 97ai 


19781 

■RUG 


of 1 970. 1977 and 

- IRENE IRENE 

“LONDON’S BEST NIGHT OUT. 
-Sunday PAooiv. 

CREDIT CARD BOOKINGS 836^^611 


f Indicates programmes tn 
b&ck and white 


BBC J 

5.40 am Open University (Ultra 
High Frequency only). 955 Pad- 
d'uigton. 10.00 Jackanory. 10.15 
Taraan. tI0^5 Belle and Sebas- 
tian. 1.20 pm On the Move. 1.30 
Mister Men. 1A5 News. 2-00 
Show Jumping; The Lambert anfl 


7.25 Top of the Pops 
SJO The Hollywood 

' Joan Crawford 

9.25 I, Claudius 
9,00 News 

1020 Tbe Cormnonwealtb Games: 
Opening Ceremony 


\ A Si RV ' 


12.00 Wealher/Regional News 
All Regions as BBC-; 


-1 except at 
the following times: — 

Wales— 5.55 pm Wales Today. 


Butler' International Stakes. 4.1* 7.00 Heddiw. 12.00 .News and 
Regional News for England Weather for Wales. 

(exrept London). 4.20 Play Scotland — 555 pm Reporting 
School 4^15 Graham's Gang. 5.10 Scotland. 12JW Nows and Weather 
We’re Going Places. 5.35 The for Scotland. 

Wombles. Northern lretend—4.18 pm 

5.40 News Northern Ireland News. 5.55 

SJSS Nationwide (London and Scene Around Six. 12.00 News 
South-East only) and Weather for Northern 

R20 Nationwide Ireland. _ 

. 6 JO Holiday Report England— 5.55 pm Look SMt 

7.00 Dr. Who (Norwich): Look North (Leeds, 


Manchester, Newcastle): Midlands ATI- SCOTTISH 

Greats: Today (Birmingham): Points West 10 j» ani momc at HarrwoM. ims mje «n valley of tbe. Dinosaurs. HM5 
(Bristol): South Today (South- Bairlegnmnd H4S Children and Care. Junior Matuwe: " World of Ham Christian 

amnion)- Scottish t South West UJO Maalc Circta. XL55 The AdwnntreB Andersen.'* US pm item, and Road 

^ of Parsley US Pin ATV Neu-sdas*. 130 Report. 130 WUd, Wild World of Animals, 

ti'iymaucn j. Ena land Tlwlr Enel and. 3.20 Mar I Have 2.00 Women Only. 43B Island of Adren- 

Rnr 7 The Pleasure: (profile or Hammeranuih lore. SOS Teatime Tales. 5J20 Cross- 

wuv ' * Pal u is) 4J20 Solo One. MS Three For roads. 6J0 Scotland Today. 030 Weir's 

*.40 Em Open University The Hoad. MO ATV To day.. 1030 Garden- Way. 045 CarnocK Way. IX The Mld-| aldwych. 

11JUI piav Srhool fas BBC-1 420 *"* Today. 11.00 Dan August:, week Film: "Carry On Asaln Doctor." | Fully air 

1UHJ nay Dcnooi (as odli Siarrlng Kenneth Williams and Sidney 

BCJKDcK James. 1030 The Eniertalnera— Catherine 

in am Certain Women. 1145 dapper- Howe. DLOO Lat e Cal L IL B Emergency, 
board. 1130 WlMIKe Cinema. 1130 pm SOtJTHFRlV 

Border News. 120 Code R. 505 Sola ~ £2^*- 

One. 6 SO Laokaround Thursday. 745 
Carry On Again Docror." Marring Sidney 
James and Jim Dak. 1030 Borderere. ns 

U,go ni»«nFin« n« Rnninr Nm Sum. pioo w amen Only. 420 Dypamutt the 

of mars. 

CHANNEL 


830 3078. credit caM bias. 

8.30 _ arB. Party rates 


1071-3 from 

Man. Toes-, wed. and Frt *7.45 cm 
Thurs and Sat. 4.30 8.00. 

A THOUSAND TIME5 WELCOME IS 
LIONEL BART* 

OLIVER 


" MIRACULOUS MUSICAL." Fin. Tlmel. 
With ROY HUDD hfld JOAN TURNER. 
“CONSIDER. YOURSELF LUCKY .TO BE 
ABLE TO SEE IT AGAIN." Dally Mirror. 


I) 


4JS5 Open University 
7.00 News on 2 Headlines 

7.05 The British Connection? 
730 News on 2 

740 Gardeners’ World 

8.05 Top Gear 

830 BC: The Archaeology 
the Bible Lands- 


U40 CM. ixm Border W ews Sum- iJS, almost free. 


— ... . - — 836, 8*04. IlrtO. 036 6332. 
Fully air conditioned. ROYAL SHAKE- 
SPEARE COMPANY. Tonight, tomor. 
7.30. Sau z . do and 7.30. Strindberg's 
THE DANCE OF DEATH “ emerges as a 
wonderful niece o» woric" The Timas. 
With St**e Gooch's ■ THE WOMEN 
PIRATES ANN BONNEY AND MARY 
READ (next Mhf. id Aug.1. RSC also at 
THE WAREHOUSE isee under Wl and at 
tha Piccadilly Theatre In laa tour parts. 
Peter NicbotY PRIVATES ON PARADE. 


Glnbad Junior. 531 Cnnaiuada. -6-ts Day 
by Day. u» Scene Setfh East- MS UnF 


485 6224. lament lm _ 

One OR- <by Bob Wilson. ■ Tu«-5)L 
t .1 5 pm Suns.' 3.0 and 5.0 pm. No 
shorn on Monday.-.' 1 


F.T. CROSSWORD PUZZLE No. 3,735 


9.00 Midweek Cinema: "The iaa ^ a^^'Va'nihuiae Mem and 'JT s1ly ahail^me.T'jJS. MJAmek Movie: 

Rakes Progress starring whai's on where. «jd The Little House _. C 25 T almost free *ss 6224 h.in MK .m 

Rex Harrison on mirle. 5.15 The Practice. 6-06 g"gg .M* »g!S^ p J° aer I ^reu.t^pj^ 62 !^^"^*-,-^ 

Age with Channel News, MB Island of Ad iron rare. -? ew * Bnra.l saunden Tuos.-SaL 8.00 pm. No show. 

635 Summer Diary. 7.45 The Mkhreek _ Papcn _ *** I Mondays. 

Film : "Carry On Again Doctor.” 1038 TYNE TEES 

Channel Late News. 1032 Dowd The 9 J 5 am xhe Good Word, followed by 

Nonh Has Newa Headlinea. tlOJO Moro- 


1(L55 Fabric of an 
A. J. P. Taylor 
11.45 Late News on 2 
11.55 Closedown, readin, 



LONDON 


AMBASSADORS. CC. 01636 1171. 

Nightly at 8.00. Matinees lues. 2.45. 

1130 M'Linis. Ladles and GeMKimen. jng Movie : "Only Two Can Play,” siarrtn«l Patrick Cargill - and Tour anholy 
1Z25 am AcroaUlles et Prolections. ^ seBera and Mai Zette^a. li>M rn. wo!iVf“ o™ Thrnrer 

GRAMPIAN North Ea«_ News hnd_Lookaroand. U)| fay, ANTHONY SHAFFER 

435 im First Thine UJtB Cash and 

The Undersea Adventures of Company. il» The Company Men. XJO P ST r ""S utt On ' asSS DodSH^I 62 00 *° H"BSr *dTWi«5 

Captain Nemo. 1050 Spiderman. P" 1 . ^gmplan Newa^Hc-adUnea.^ * * Thn KonncU, wUliamBMd Sidney seat C7J0. 

.^tional of ffaStajJSS. KEE h5^^ 0 ,^ 3 7 B 3 6 %. VF'SSS 5-S2- 


9J0 am A Place in History. 9.55 
Paint Along with Nancy. 10.20 


3"!«fTSi i? 53TBt "S HKnJhon | ™ 


Time, 12.00 Little Blue. 12.10 pm Feature Film: “Cam' On Up The 
1 Rainbow. 12,30 Doctor! LOO News junale,'' starring Frankie Howvrd and 
Plus FT index. 120 Platfonn. 120 1120 am Menlona. 


ULSTER 

1839 am Mornlns Movie : 'Tarxan and I 


Young Ramsey. 225 The Crezz. 

320 Quick oq the Draw. 320 The 
Sullivans. t42Q Children's Film 
Matinee: * Tbe Wayfarers.’ 

5.45 News 

6.00 Dockland Rules OK 
6.40 Cartoon Time 
620 Crossroads 

7.1S Leave it to Charlie „„„„„ 

“Fantasy Island" starring SSSSo -wKEKZ 
Peter Lawford 
920 Great Expectations 
10.00 News 


the Great Elver." starring Mike Henry. 
L2n pm LunclUitne. US Ulster News 


'* Actor of the Evening Standard. 

"IS SUPERB.'' N.O.W. 

• SHUT YOUR EYES AJU D 
•„ THINK OF ENGLAND 
Wickedly fonnv," Timn. 


1Z25 Grampian Laie Niglit Headlines. 

GRANADA’ ITca mines. 420 Chu ClUh. 445 The Gone | ARTS theatre. -01-836 2132 . 

1020 am Rerum to ihe-PUitft 0 ! the Machine. 525 The AdvcMUtw of Black! TOM STOPPARD'S 


145 The Beauty. 630 Ulster Tclarlaion News. 6-051 „ 


DIRTY 


Apex. 1040 The Lost Lslanda. jtiJS __ 

BoaU«- UJSSMppy. U45 Rathy'c QUz. Croearoada. 630 Reports. 6.45 Want 
120 pm This Is Your fright. . 428 The job. 7.00 Cartoon Time. 745 Mid-week 
Llnte House on the Prairie. -5JUI The Movie: ‘‘Carry-On Again Doctor.” Burring 
Undersea Adventures or Captain Nemo. Kenneth Williams. Charles Hawtrey. I astoria theatre. 
535 Crossroads. 6.00 Granada Repons. Hatlie Jacques and Jim Dale. 1030 ““ 

630 Un Site. 745 “ Carry On Again Gardening Today, 1140 Hogan's Heroes. 

Doctor." starring Sidney James and 11 Bedtime. 

1030 Clapperboard 


Times. 


Hilarious . 

Monday to Thursday 830. Friday and 
Saturday at 7.00 and 9.15. 


Rd. 01-734 4291. ' Morv-Thurv^fl 0 ^ 
Frl. and Sat. 6.00 and B.*S [Buffet 
food ovaliablaj 
ELVIS 

Infectious.. appelUno. toot atamplna and 
heart-uiumping." Observer. Seats £2 00- 
£6.00. Half-hour before show bast avail- 
able seats £3-00. Mon.-ThursTarul Pr|. 
6 pin port. onlv. 


BEST. MUSICAL tiF THE YEAR 
KG STANDARD. AWARD- 


-EVENINC 


4 Two items for the table seen 
In shop window (5-5) 

6 Bird to throw round pitch (8) 

7 Anger due to change for the . 
immature (5-31 

5 5m noth fruit on the same day j 
t4. 4) 


ACROSS 

1 Courageous sort of person 
should make the headlines 
(4-4) 

5 Give confidence to fool going 
to river (6) 

9 Common each 24 boure (S) „ Rpfr: ,j n j I] „ from induleence I - *■" « m *■ BatI10 *-.72Z Dare Lw 

10 Feel it COUld be Cards dealt f, n \° 1 Trovla. 4J» Simon Hates. IIJJO Pvler 

.. c.—.k ,c. (lUI I F\n»Li -wj ib tH e Radio 1 Roadshow from 


North West. U4S Whal the -Papers Say. WESTWARD 

ii m The Law Ccnire. n.i* on A Linie "20 am Untamed World. 1040 Tree 
Night Mask. Top. Talcs. H4M CUppexhoard. 3130 The 

iam ail, in, cal™ . Cene Machine. 1227 pm Gas Honeyboui’s 

9* 1 No. Irs SeiWYTI Froggitt HTV • Birthdays. 120 Westward NtWE" Headlines. 

Ss?*'" Speaking Up mj0 •■Eienham Boy,” starring T&f Unle House on the Prairie. 

12.00 What the Papers bay Sobu. 120 pm Repori West Headlines. 5J5 tit. Practlca. 640 Westward Diary. | CAMBRIDGE, CC. .836 6056. Man to 

12J5 am Close: A painting by 12 s Report Wales Headlines. 130 Out J - 45 ^ " Ca £T y Thurs - a -°°- Friday _5iturdavs 5.45 'and 

Turner accompanied by the of Town - 2J» worn.™ only. «s Beryl s ***■■__ 

m.icU rtf X/nnrrhin Loi, Ufl Clli*» Club. LS iv g|ln t«n fiuB WUIlailW- .1C128 We8tV&ld L3R WeWL 1IL30 

music of Vaughan WlUiams 5J0 ‘ cn«srii a «ls IliO r« 3» WwTfiSi the Lte UJO The Andy Wlillaas 
All IBA Regions as London R-Pon wai«. 6.45 SurnvaL 745 The Shcw- U-M M Lorts^ LndJu and Gemls- 

except at the following times:— : «- , ' Cur 7 „Si I AssL 2 “i/nn^curiic 

^ Doernr." starrine Reunvih Wmianw and YORKSHIRE 

ANGLIA Sldw-y James. 1035 l>7u»t AboU tha ujjd M power witlWDT Glory. H30 1 cmicme«teil. 

« .■'■j Aruxnattfdl Classic : “The Blade Ccnu ~ e ' ' Tte White Stone. UJS The Woody Wood- 1 Tonights. Aug. 3 xt 7.00. Ami 5 at too 

Anw." 1345 Space 1905. 130 pm Tbe HTY/Cymrn/Waics— As HTV General pecker Show. 120 pm Calendar News. J look after lulu 

Entertainers— Ralph UcTeii. 2.00 Women Service except : 120-125 ppi Penawdao 420 Mr. Bug Coes to Town. 6 JB Calen-I Aug - 3 _§\_ 2 -Qd- Auo. 115 

only. 420 Lassie. 445 Westway. 525 Ncwyddlou Y Dydd. 420 Mlrl Uawr. 430- dar (Emley Moor and Belmont editions). 

Bygones. 6JD0 About Anglia. LB Arena. 445 Wstibethnn. 640422 y: Drdd. — . 


8-50 

m TOMBI 

Exciting Black Air lean Musical 
Pocked with variety." Dlv. Mirror. 

. Shi or km £2 THj.ts.mi. 

- • THIRD GREAT YEAR. 

Dinner and top-prke seat £8.75 Inc. 


- W %S2? 


THEATRES 


THEATRES 


ISSESa. 

BENJAMIN WHITPOI 


McKENZJi 

BENJAMIN WHITPOW In 

.""WBfflPMBT: 

enloyablo e*enire>.7 Sunday Times. 


01-437 1_5«. | REGENT. CC- <Q«tO_Clrc._Tt**i. .= 


“■5^: 


9862-3. THE GREAT AMERICAN BAv 
STAGE. MUSICAL. £«S. 6.30 p.m. ThoW- ^ 
and Sot.. 7 kmtv. and 9 b.m- - 


ROYAL COURT. ..730 174S- Air 


EVOA 8. Sat S A 820. world premlg-e r ; 
EO.IPSE by Leigh Jackson with Ann - 




L^^t^^TpAljr^GE^.'^ 

HOmI^ 7 ” 3 '] ROYALTY. Credit Card*. 01-4M *?04.,;} 

— 1 MoMay-THarad*v Evenlnga B-OO Friday. « 

5.30 and 6.45. Saturday! 3.00 and a.ooJ.x 
London crltm vote BILLY DANIELS In 1 ,': 
BUBBLING BROWN SUGAR 
Beat 'Musical o! 1977. 

Bookings accented. Major credit card* - 


. and B- 

Ergs- 8 DO- 


TH K edTtSr REGRETS 

HAYMAJKef. S "MO%^" eAj- j -- 
Wed 2:30. Saturday 420 and 8.00 
W “ PAUL SCOPIELD 

HARRY ANDREWS - 

ELEANOR TREVOR 

BRON PEACOCK 

and IRENE HANDLE In 

A new ol»v J* 7S£ D JMllSf naB 
Directed h» CA5PER WRtDE 
admirable day. hooen. well 


SADLER'S WELLS THEATRE. Rotetlery ■ 
Aug. 26. 


Ave.. E.C.l. 837 1672. Until 
Evas. 7.30 Mats. Sat. 220 . 

MARCEL MARCEAU 
- Magic • . Thl* Hinreme mime of nr 

An admirable MrJBBLMI con- Time.:' Erenlng Newt. 

ceivod. prop ylv wo rfcg whrrimi '* A rt SAVOY THEATRE. 01-836 BUS. 

fittingly y Cr. Card* 734 4772 ' Tom Com, In 

scoff eld at hla best,*' B. Levin., S. Time*. WHOSE LIFE IS IT ANYWAY*-.-- 


HER MAJESTY'S. CC. 0T-930 6606. 
PAUL R06E50N 


With ■ JAhll -ASHER 
“A MOMENTOUS PLAY. I URGE V06 
to -SEE IT.“ Gan- 

Ergs, at B.CO. Frl. A sat. 545 . A 8.49k- 


MagnUiceni 
theatre.'' D. 
Evening Standard. 


it." D. Exp. " SoeUMndlng SHAFTESBURY. CC. 01-863 6598- 

1 . Mall. ** Make It a masL Shaftesbury . Are. (High Halboni end]-, 
nderd. Limited Steson. - “FANTASTIC* 


KINO'S ROAD THIATBEj 352 748JJ. 
Mon. to Thur. 9.0. Frl.. Sat. 720. 9.30. 
TOE ROCKY HORROR SHOW 1 
DON'T DREAM IT. SEE ITT 


GODSPEU. - - - T 

“BURSTING WITH ENJOYMENT." D. Tei' 
Prices £z IS JL5. Beat s«at».£2.50 ■g-Aour 
before Shorn at Boa Ofllcs. Except -Znd- 
perf. Frl. -ft Sat. Mon.. Thors. a.iSL'Prr.: 
and Set.. 5.3Q and 820. - . 


LONDON PALLADIUM. CC.- 01-437 7373. STRAND. 01-836 2660. E**nfc»g 640.' 

NOW UNTIL AUSlISa- 19.- - TlMm. 340. Sal. S.M and £20. 

Mon- Toes.. Tlmrs. -and FPL it B. NO S6X PLfiASfr— . , - 

Wed and Sat. 6.10 iutd.820. 'WE’RE BRITISH - > 

TOE TWO RONNIES THE -WORLD'S GREATEST . 

, In a Spectacular Coiroh- Reree. LAUGHTER MAKER 

Book now on hot line 01-437 BOSS. -GOOD SEATS £4-0o-fc1 OO. : - 


LONDON PALLADIUM. 01 -437 7373. | ST. MARTI H^L CC. 836 1443. Cn.' 8,00. 

t * une ~ SE&4TV asm 1 ■ nd 8 ‘ 

THE MOUSETOAP 

wo * tD ’ s WM . 


Plus JOEY^ 1HATHERTCTN, 


LONDON PALLADIUM. 01-437 7373. 
Shot. 25th. For One Week Onhr. 

LENA MAI 

LYRIC THEATRE. 01-437 


'^^.lumena 


»EW.M.|^ STm2“n^ 


CC. 734 3051. 


vgyxrzoVtF a&j&sRi aot> ^ 




30 Super Revile 
tAZZLE DAZZLE* 

—■"<1 » 31 bjh. .. „ 

LOS REALES DGL PARAOOAY 


rr fill 


YEARS." Sunday Time*. 


. 'AIRS. 730 2S54. 

Last week. EmUnyj 7.30 a ijn. ~ • ■ 
DUSK EYES AND ENGLISH ^ARS 
- Nisei Baldwin. 


by 


MAYFAIR. 62? 3036. AJr Cond. Ev». 8. 
Sat. 5.30 and -8.30. Wed. Mat 340. 
\*ELSH NATIONAL THEATRE ca 
DYLAN THOMAS 5 

. UNDER MILK WOOD 


VAUDEVILLE. 836 9966. CC. Eva. 640. 
Mil. Tue e. 2 45. sat. 5 and B. 
°i n8 S , ..5i , iS lo ^. N - Oidcle GRAY - • 
w ANNOUNCED 


pe aerrect wnodurmir bv Agatha Christie. 


MErMaip. 248 7658. Rcrtaurant. 246 1 

^sveTyOTooBOY 

DESERVES FAVOUR 


mne nter Agath a _wlcn another who. 
eSSPm l i* Aeattie Chtittte is RjIMag the 
with another of her 

_ - murder -ntyHerMa." 

felhr^ Barker. .Evening Newa. 


A ptasr tor actom ajd orehertro_by.TQM 
STOPPARD * ANOREJPREVfN. 


AIR-ONDITIONED THEATRE. 


,RD 6 ANDRE PREVIN. Seat* £4. 
f« *EN JilSH ' LANGUAGE^%0 to! ’ 

HIGHEST COMIC-ART CAN- POSSIBLY »^LA > ??AI«rr2- r 'i 

MISS THIS PLAY." S. Time*. "At Ian SHEILA HAN COCI 

a meenlnoful and., brilliant and **rioui t '• 

political play!" CHve Baines NY Port. EVgs. 7.30. Mata. Wed. 

pun Extended 


ana fort. Z49*. 


NATIONAL THEATRE. 928 2252.. 

Olivier (ooen stead T«w» Sit , 
720 flow pr. prers.3 THE WOMAN 


WAREHOUSE... Oopjier ' Theatre. CovaM 
Garden. Kjfl eooe- Rovji Sfaakcspeenr 
Company- Toe*t, B40_ Peter ' Flannery-* 


new play by Edward Bond- 
LYTTELTON 


AMUSEMENT “an excrptKxUI' 

” “ " ' ~ til » 


Standby £ 1 . 


(prcscenlum stage]: Too't 

745 PLUNDER bv Beo Travw*. Tomor, 

corraLO? >,,> isnwUl*" audKeriumi Prom. I YTHITehall- 
season from Toes.: THE PASSION. 

Many excellent cheap seats all 3 theatres 
dev of porf. Ca? park. Restaurant 925 
2033. Credit cant bkgs 928 3052- 


? M F - Times. All Mars 
£1.80. AdVr Bkgs. Aldwych. Student 


01-930 6692-7763. 


S' 30 ' p 5- ■"6 Sa«. 6.46 and g.op- 

- - — nsattanhl 


Paid Raymond preMnts’ [hr 5 * 0 ^ 
Sesr Revue Of the Century 
'OEEjP- THROAT 
®til GREAT YEAR' 


OLD VIC 

'ECT AT THE OLD VIC 


PROSPI 


926 7616. WINDMILL THEATRE. CC. Of-437 6312. 

• Twice Nightly B .00 eiw 10 . 00 . ? 

_ , - her season. _ Sondavs 6.00 and 8 . 00 . 

...E LADY'S NOT FOR BURNING PAUL RAY MONO pres en ts • 

Derek Jacobi " eur and rime authority." , rip off - 

Standard- Eileen _ Atkina _ “ rtvettlng THE EROTIC EXPERIENCE OF THE"- 
phyalral fluidity." Financial Time*. A moder n era 

gem of a perforaiance _irwn Hobart Takes. to unprecedented, limit* what Ja 
Eodlson . . . Michael Denison. John pcrmtaaUHe On our stagr.- Ere. News?' 
Strident and Brenda -Bruce scoop up the 3rd GREAT year - 


toESth* NlSl“ To,,a ’ , 7 " 30 ' 


Eileen AtWns 


Robert Eddlson " 
GuarcOao. Fn. 7.30. fo 
Derek JJcoBl as IVAN 


Aopttst 16th. 


a supeTO Viola.” Tlniefc | *?22J»*A*raL O’-Bl* 3028. Credit Card 
brilliant . Feet e; | “»■ S™. 1071-3 Irwn e.30 a.m. Mon.- 
Thnr. 820. - Frl. and Sal. 5.1S end 6:30.- 

-very" -v 

M,r > w IBtfc—--' 

Supreme comedy on sea and rekaion.* . 


Sat 2.-30 and 7.30. 

IVANOV. Previews from 


OPEN AIR Rogent's Park. Tel. 486 2431 
lA OY* MAM 0,1 DESTINY » DARK 


OF THE SONNETS Tonight 8 . 00 . 
Kfa. wjat, 220 with MARIA AITXEN. 
tAN' TALBOT. HELEN WEIR. DAVID 
. , WHITWORTH 

A MIDSUMMER NIGHT’S DREAM 
Mat: Today 220 . Tomorrow A Sac. 745 
Peter Whitbread In EXIT BURBAGE 
Lunchtime Tomorrow f.is. 


WITH 

LAUGHTER." Guardian. 


CINEMAS 


P Wk£.^n«. 6 0 CC Fri. and B^O' I A «D 3 SHAFTESBURY AVE. 836 


JESUS CHRIST SUPERSTAR . 
briTV, Rl “ ano. Andrew Lloyd-Webber 


8861. . 

1 . 2001 


'.IE?; 

»l!A S 


PHOENIX. 01-638 2294. Evenlngi.al 8.15., 
Frlihr and Saturday 6.00 ano 640. 
"TIM BROOKE TAYLOR. GRAEME 
GARDEN make in laugh.” D Mall. 


ports ALL SEATS BKBLE. 
nim urn, , * P ^ CB ODYSSEY OH. 70mm 
Him. Wit. and Sun 2 . 2 S 7.00.- Late sKMi 
Frl. and Sat- 11 . 0 S. . — *"V 

£™ E . SWARM Wk. aiid Sau. aTbo.' 

9<>2> D, J 9< .a. 


Tha- Hit Comedy by ROYCE 8 YTDN. 
"LAUGH WHY 1 THOUGHT I WOULD 
HAVE DIED." Sunday Tima _ •• SHEER 

°%» " 


E*. standard. "GLORIOUS 
UOUS LAUGHTER.” Times 




_ at 7.00 

THE ASPERN PAPERS 


1UD Ufostyle. U20 What About [he 


7AS The MW- week pUm : “Carry On f comedy. 


Doctor, ” starring Kenneth 


. HTV West— As HTV General Service Acaln _ . _ _ 

S orters? UL30 Chopper Squad. 1225 am except : US-U30 pm Report West Head- WlUiams. UJfoWhat Ahont the Wortera? 
ie Living Word. lines. 622-U5 Soon W>-sl ULOB Danger Ui Paradise. 


01-930 2576 


Red. Price Pre*. Taaipht at 6 00 . 


Ooera Tomorrow af 7.00. °Subs jMon.-Frf. 


RADIO 1 

<S> Stereophonic broadcast 
t MerOoro Wave 


t. 3.00 and 820 Mat- Thur. 5.00 
EDWARD WOODWARD 
BARBARA JEFFORD Hi 


247m i- IM News. Los Joan and Hester 720 Let's Get This Settled- 7 JS EN3A : , 
Dickson, cello and piano - recital TSi. Story of mobDe eniertalnmeiu in world 
3M Father and Son iSi.- 2J5 Michel War n (2). 8 JM James Cameron with the 
Bereft, plana recfiai, parf l (SI.-3JS BBC Sound Arc&Im. EA5 My Brother mf 


8.00. Sat^ 

BA 

THE DARK HORSE 
with STACY DORNING end 
. PETER WOODWARD . 

A cracking New Play by Rosemary Anne 
Slaton. 


In Short ftaiki.jjm Michel 'BeroEf. part the Dock: Christmas Humphreys, QC in rermiiM im' tin rr «« , m ,v 
V 5 , re^w“ lh of convcftaiiM. 9-30 Kaleidoscope. 9J9 ”™J SiU M 5 30 a.jo; ThSra J oo' 

■S'- ^ L4S Homoword Bouud. -9M5 1 Newa. weather. UJ» The World Tonight. 1030 NOW in its second YEAR 



but 


(S) 

12 Pleased about soldiers 
stared fiercely (6) 

14 Nocturnal insect or Irrespon- 
sible person (3-2-5) 

18 Make up for converting men 
to space (10) 


it could be rash (S) 

17 Comprehends completely and 
makes money (S) 

29 Attempt to make a bit of 
brief fortune (6) 

20 Burning a mark on a tree (6) 


22 Want the French to be 21 Going out for second book | forMene Cop nxDtaD^s. 

critical .{&> 


Bernard Fait. 
H_ P. Keating. 
Bedtime. 1125 The I 

, , . ._ ..jlght. n » Today in I 

Worldwide,'* programnu- rrtxn US. >2B parilamenL wee j«ew& 

Proms. *78 “Orfeo ed Eurfaice," act 2 . __ _ _ „„ w 

RADIO 2 l^oom and vhf *si. 9io Beamunj Boofesaow By BBC Radio London 

SM are atom Summary. S.OZ Richard EurtdU^^'act'? {Si n ^3n 20fim and 919 VHF] 

c&“ 625 th P^Se E fo? TtSSnh'^’TJB ‘5^ ^ *™ A ? BlUU ^ = ' Hwr 

Brian 
BnlleUiL 


LESLIE PHILLIPS 
In six OF one 
A HALF DOZEN LAUGHS A MINUTE 


SECOND HILARIOUS YEAR 
"VERY FUNNY.i Son. T«. 


DRURY LANE. 01 -836 .81 OB. Mon. to 
sac 8 . 00 . Matinees Wed. and Sat. 3 00 . 

„ . A CHORUS LINE . 

“A rare devastating, joyous, astonishing 
stunner, i s. -Times. 3rd GREAT YEAR. 


uriiri^, ew Dramas in Verse. 1145 New* 9J» London Uva. 1ZB5 pm Call la 2JB3 duchess. 836 8243 Moo to 

Tornm* Schubcn Somt. 2M Showcase. 40 Homo Run. 7J» Jm "35®. B ot. 6 f” 4 s5l “15 

^ d?» fo?mne^cSS«n^ "**■ 3 VHF aniy-d.Q 5 . 7 jl » Mt *)** V***™.-.** tort 'IS, ..«««. .eH2BL.. 


Ttuirg. 
and 9 . 00 . 


23 Put out to fight and what's in 
it should not be sneezed at 
(S) 

24 The coldest here is in Paris 

25 Bad up to the time of going 
to pan of hospital (8) 

26 Complain about game (6) 

27 Spend a shorter time in bed 
and be fidgety (8) 


(6) 


Solution to Puzzle Ko. 3,734 


UJB Laic Night London. 1ZH As Radio 
X X2JI6 am Question Time From the Bouse ] 
of Common*. L05 Close : as Radio 2. 


1 The nudltv Is ttwinlng.” Dally Tel. 
9th Sensational- Year. 


I* 


DOWN 

1 Inspiration for soldiers in 
Bath (6) 

2 Room for shelter on the 
thoroughfare (6) 

3 Fish round be3d of Yar or 
Tpst (3, 3) 


□0 

m-m 

SEE 
0 E 

asn 

5 E 
ESC 
E ' 
E00I 

e n 

fflSB! 

a m 

E BE! 
B...03 

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Financial ■'times Thursday August 3 1978 

ecord Review. . 



S£m?T«S£?. op 0 ' 4 : SSfrt *SSS£ “ arTel ‘ IS 'v remans SUTSLSBT .ME, «*• * 

Maurizio Pollioi DC 253(1 fins nV? <-hLmw‘mti««> h v £ slowly over-expressively may be: but they are seriously 3S bento; !□ 

1«^5I “ 530 808 4,??_ s laboured, in the concert hall; but well as lovingly delivered, and by''"™'* nn * T 

Alban Bcr„ introduces ^lo the sometimes, notably in the adagio. Bolet with marvellous authority 
rg: Chamber Concerto. Pour reconliog studio Boulezs new and at one or two of the broader In hi s legendary set of 53 Erodes 

-* — first-movement climaxes, the pace on Chopins set of 27, Godowsky 

can seem a shade unyielding, attempted to create works that 


1338. 


, Berg and Bolet 

by DOMINIC GILL 

!^ l - £or the , mos , t P art refresh. and__ lovingly devoid of pro- 


Bayreuth Festival 




Der flieeende 



17 


by RONALD CRICHTON 


We climactic phrases of ih' 


Pieces for clarinet and piano 
op. 5, Piano sonata op 1. 
Daniel Barenboim. Pinchas 
Zukcrman, Anthony" 'Pay, 
Ensemble lnterCoatemporain/ 
Boulez. DG 2531 007 (£4.35) 

(Opln/Godowskt: Piano arranEe- 
ments. Jorge Bolet. L’Oiseau 
Lyre DSLO 26 (£3.99) 

■ If (here were ever to be a 
efinitive** recorded -perform a nee 
concept l heartily dislike) of 
e Boulez second piano sonata, 
en Pollinis would be that per- 
miance. He makes an astonish- 
g tour de forep of Boulez's 
uberant. and though dated 
til not outdated, virtuoso serial 
say of 1948: an account which 
far transcends both the rwo 
*yinus recordings (by Yvonne 
lrind and Claude Helffer) as to' 
akc them seem no more than 
■eparatnry studies; 

Foilini's is indeed the 6'rst 
•rformance I have heard a ny- 
^ here to hold so perfectly in 
fiance the rigorous formal 
nrfcins: of the music with its 
‘•-neiical and dramatic line — the 
-.ret movement polished to a 
ard. geralike shine, and at a 
roperly fiendish tempo, cxtnfme- 
: :mi raptde, a crotchet of about 
■ctronouie 136, blit 


' t W. -V 



Flying Dutchman or Flying herself from the window. 

the new Hollander la*J see her lying on the stones defeated Miss Balslev, but she by ably exotic but they 


opera Th*» drawNd vowel? sound suit- 

__ „„ 1111U11 ,, 1 ...,hehy ably exotic but they almost 

which opened this year’s Bay* w ’“ 1 3 circle of townsfolk round then been for more ih;tn two defeat comprehension, 

reuth Festival the Dresden oro- her - The costumes by Keinhard hours on 'tage in the poses of a Trom a Ion* essay in the pro- 

Harrv Heinrich have been updared to Nordic nut-casc drawn by Miineh. gramme by one of the production 

Queer ry uorer keeps the time of the opera's first pro- and only at the end did the assistant*. Dorothea Glatl-Bchr. 
Wagner’s heroine so firmly id the auction in 1843. To English physical effort seriously affect one learn? that ihc character nf 


relentless. could take keyboard virtuosity to j picture that the alternative title eyes there are overtones of Peter the musical performance. Erik has been built up os the 

DG fit the Chamber Concerto, heights undreamed of by their j becomes inescapable. This Senta Grimes: clearly this Norwegian Although the pmdui-iion is so only person capable uf under- 
for the first time, on one side original author. They are rather i " s oo .stage from the moment the * .-undins Sent*. Robert Srhunk 


metamorphoses 1 


fGodowsky's! curtain P arts - sc,,,n after the 
1 beginning of the overture, until 
i at i he end of the opera she lies. 


Pierre Boulez. 


of their record — so the move- 
ments can he heard without a 

break (as they should be when ........ 

ihey are played together in Book Review'S aBDCeU* Oil “.crumpled suicide, on the quay- 
fionuenep. though each with rr ; side. The overture is plaved as a 

separate endings supplied' by the Page 29 -mime-scene (this trick has 

composer, is also envisaged as a ° I become as much of a convention 

separate concert piece). On the jas the old way of keeping the 

second side, there are forthright own term! than arrangements or: ettnain down till the composer 
accounts of thp four little pieces transcriptions: they stand as! wanted it up> in Daland's gloomy 
for clarinet and piano, played by creations, extravagantly coy as 1 house with a storm raging out- 
Pay and Barenboim, and a they sometimes are. in their own J side, 
strong, lyrical account from right. 

Barenboim alone of the sonata 

OP 1. Warmly recommended. as a pair both of rtodowsky's 
The Cuban-American pianist metamorphoses of the G flat 
Jorge Bolet. pupil of Josef Hof- major Elude Op. 10 No. 5— the 
mann and David Saperton first, a mischievous reversal of 
l Uodowsky's son-in-law), only hands, with the triplets trails- 
appeared on the London concert ferred to the left: the second, 
scene two years ago— although he a transformation of all the 
is already long-established in material into a wicked “ three* 

America as a grand -romantic hand " elaboration, bright crys- 
pianist of the first rank. In this talline cascade. There are aiso 

country he was known until the wonderfully convincing re-, - - 

recently only to a handful of arrangements of the Etudes ini sing the Ballad. She is returned 
aficionados who managed to e minor Op. 10 No. 3 and E flat to her perch, in various states of 
discover the odd. rare imported minor op. 10 No. 6 for the left [frozen frenzy, for every scene in 
disc. But the record companies hand alone, delivered by Bolet; which the _ character 


It was a nice idea to include 


There is a bang, which syeo- 
tators nearer the front realised 
was the Dutchman's portrait fall- 
ing to the ground. Senta seizes 
the object, clutches it to her 
bosom, and climbs a ladder-stair- 
case to gaze intenth- out of a 
high window. Wall and window 
disappear for the first scene, but 
Senta remains skied, clearly 
visible, in tense, hysterical poses, 
until it is time (about an hour 
later) for her to be lowered to 


atfVUk as well as the concert agents have with giorious nonchalance fTf : directly involved. ' S 

, ... — never ensemble from 1RCAM in Paris. UC ^’ rea .‘L s S d *5?,?”™ *7 SO w Dd eas> j _and Bo,cti As this implies, the one-act 

--.c'-hanical, exquisitely moau- the Ensemble InterContemporaiu makes them sound as easy as; version without intervals is 

ted: the second movement a — doubly welcome also as the 5 ,,|^ tlon °J j Adim ' Carse — just try any two used. What is more. Bayreuth 

■minous tissue of sound, every first new recording of the 1° 1 was bars wilh botil han . ds '- T !\ e [ has returned to the original 

tal silence between voices Chamber Concerto to find its ?- e i„ ^oiseau Lyre in seC ond side offers six magoifi-i Dresden score which Wagner 
?autifully observed: the third a way into the catalogue for more Lon “- , n aunn^ nis last^visiL cently irresponsible re-workings I modified well before he added 


•illiant study in voltes face, than ten years. The performance As the sleeve-note affirms, it is of Chopin waltzes — most irresis- 
tch electric surge in place: the is a good one, clear add robust, not a recital for puritans. But it tible of all perhaps the Minute 
tale fast, tough and violent, cut in - impeccable -DG . sound, is, on the other hand, a recital for Waltz, starting poker-faced with 
tit as a bowstring — the quiet Three excellent soloists, Baren- purists — for those at least to the original notes, then flower- 
■da magically (never limply) boim. Zukerman and Pay, take whom pure joy. pure unalloyed ing. like some outrageous 
impended. Pollmi’s late Webern very much the front of the stage, fun, is acceptable. And more: for Beardsley bloom, into full-blown 
agment the op 27 Variations of Boulez’s tempi are generally fun can be serious. “Deliberately fantasy. 


Success in Spoleto 


by WILLIAM WEAVER 


As it concludes its twenty- The Jokes are rapid, disarming, eight-thirty — there is also theatre Weimar republic (suggestions of 
■si year the Festival of Two and then comes music of the at seven. In the festival's early Lang movies, of .V and Metro- 
nrlils is in an enviable position, higbest quality, carefully re- years, the spoken theatre was polis). they act out their severe 
{•'•rything it touches turns into hearsed, arranged to give variety, somewhat neglected, but now condemnation of Jews and homo- 
.ccess. if not actual gold. The presented on its own, without that Rontoln Valli, the dis- sexuals. and finally they do a 
?w opera productions have any erudite apparatus. • tinguished actor (do I begin to Shakespearean pantomime of 

ceived blistering reviews, but Italian's on the other, band, sound like Vidusso?), is artistic German history, from the death 

1 performances arc sold out, distrust the light touch. If director, the Jrama has acquired of Hindenhurg to the marriage of 
id if a ticket miraculously culture Is not serious, it cannot a new and welcome prominence Germany and Hitler. Everything 
•conies free, people are prompt be good. On Italian television in the festival calendar. One big is intensely stylized, not always 
fight over it. you will never see a Buster hit this year is the Italian immediately comprehensible, but 

The noonday chamber music Keaton movie without first seeing version of the Broadway hit Gin totally gripping, it is a work 
incerls are by now legendary, sonic " intellectual's profound Gnmc (with Franca Valeri and one would like to see several 
i most Italian cities, chamber critical appreciation; and .usually, Paolo Stoppa playing the Jessica times. 

usic — performed by young and after the film, there is a debate. Tandy and Hume Cronyn parts). Because the company does not 

iknuwn artists— would be box- with another batch of specialists. Legs conventional theatre is sive a dramatis personae but 


the Redemption music at the end 
of the overture and in the finale. 
The idea that Senta s Ballad is 
the core of the opera is hardly 
new— a fact hardly worth noting 
were newness or. shall we say, 
novelty not so highly valued in 
the German operatic world — but 
few producers can have pushed 
it so far. Everything is seen 
through her neurotic eyes, dis- 
torted,-chaoticaUy. violentlv’ The 
strong, simple framework of the 
opera built round the Ballad is 
broken up. The result is striking 
theatre, an interesting, often 
stimulating commentary on 
Wagner's opera, but a case- 
history, not the real thing. 

The Dutchman becomes 
erotic fantasy-figure, a product 
of Senta's overheated imagina- 
tion. He is first seen when the 
bows of his spectacularly docked 
ship (these bow- coal-black and 
moulded with long, imprison in 


sang him better than mo.-=t 
tenors, but he still seemed the 
muni lay figure. Th? steersman. 
Fraucisi-o Aralza. made :* more 
pot mm v effect with his lighter 
bu* m"T»? clearly projected ;one. 
Old Mary (he nur-:c. however, 
was given unusual life and 
authority by the well-remem- 
bered Anny Sehlemjn. Maui Sal- 
minen’s Da kind was admirable— 
a po l Lin'd, mil ward-go: n;^. ambi- 
tious man unlikely to .-pot what 
was wrong at home. 

It w:i« in 5 lie inurie for the 
lesrcr character* and the genre 
scorn*? ihai tin* conductor Doom? 
Russc.lt Davit*, most surely 
shirked his quality — the "harder" 
orehostnii'.n of 1S43 did not 
nuke m itch difference in the 
deep Bayreuth p:i. calculated to 
smooth our nay abrasive- 

ne*s. There were complaint? 
a him: extreme tempos, which 
may be another way of say me 
ilut there wjsn'l a feeling of 
sir*nij shapinj uf the win dp. The 
chor.ti sins ii)4 v. a< splendid as 

ever. ;.er iV }■"•*! net ten played 
down lhe feeling uf ivn sailor*’ 
ehururV*. o?*e liinfTIv .YorAegian. 
one -peci rally Dutch. Th** 
fiidden. -inioiT auiviiy on the 
st ran w ship in the last scene 
was stjcod as .i his production 
tiimi her t Utkin-.: place of course 
in Sonia's lurbulem mindi in 
the middle of whielt the stern 
une::peetedly appeared, down at 
«>age front, like a maritime 
Trojan Horse. 

The present Parsifal and 
TatinJifluser in t lie production* 
respectively nf Wolfgang Wagner 
and Gotz Friedrich, though they 
have been descrined here more 
than once, must have a brief 
word. Parsifal ctinu* up tremen- 
dously well under Horst Stein. 
Then Adam sang hi* first 
Gui'itvinanz. a lilt It- subdued in 

seaport was an even nosier place firmly centred nn Soma it is the first-act narration, excellent 
than Crabbe’s Borough, every equally strongly anchored to the in the third ;ui. Here Feier 
spinning - maiden a potential perso n a 1Hv of the Negro bass- Hoffmann's Parsifal, lamed in 
Mrs. Sedley. '.u.. the garden scene hv 



Simon Estes 




See poison. At the Teatro Caio Vidusso’s concerts this year al „ ' encoura oed and the sub- only a list of actresses and 
clisso here, crowds gather an have a theme, a general title: te ; ranean (literally: Spoleto also actors, it is impossible to single 

nir ahead of time and engage “K. and K. Musik ; and variety h _ ! , it . w*mpnt a mediaeval anyone out for praise. For that 

ckeifTSn 1 to^geffnto 0 SbeSST As UaX' drUleSTeSJ^d S?e plSSttioS Norbe 

■ ; ,alre. Uien to secure a place to introdu^s the program mj-jmd E^d" TeiS deTia Con ZTtT. be praised en masse. | CQPduCt ° r S part .. 0nly laSt ' He needs 

d..HxSt U fHio 1 )? rrnmn, r ay ^ iih lg n 1rrturrm- e T?i^ This ? rou P is directed by Gian- The sets and the music are j his chains he rolls down od to 

/’ f ™?&t >0 K " e i oun ^ *hirII Tett h*2Si' ‘■‘ aj,!o Sepe - wh0 is 3,50 Jts integral components of ibe piece, the landing stage, rather like 

S physical 0 v^fenee)? 0 * ^ - His - aa iSucb as "the text. uLrto ; Satan in Job. to begin “ Die Frist 


(not 
the 
frayed). 

crntMflpd ThP wiui ease, tteipea pernaps uy a . — : 7 ~ C ' — r ‘ r, 7-‘_7 ‘ U *uiu »* cim «;is .-vimurtas aod 

j attitude calls up a number of tempo judged too fast by some fac^porat^SentaV'dream-hfri. mm>Sio'ur "fS? e-^h" rolc^Tn^ 
-not very helpful associations- German critics but which could it would be diliicult to the Bayreuth chorus under 

Norbert Balaisch were outstand- 
both operas. 


s^Me^; ,s ^ Mind , rtneiUieDut c h 


";:? ,n c 5 a nwTBJS'caS K y? STM™ u ta|.„ “^5, VSS, 

Vadsworth/ that an a f Ur noon the youthful Richa/d Straus ra,sir *e jnd f as«nating. also responsible for -the cunous.jplay with a shadowy double, pre- 

M'tes has been in existence for ’cello sonata, we were told thar Sepe imagines a dramatic dolls house construction that.JsumabJy because *Jie apparition 
couple of vears, organized bv Strauss’s father ntayed the academy inspired by the tastes represents Weimar, and for the. isn't yet unmistakably estab- 
te musician and RAI chief French horn, that Joachim was of Dr. GbehbMs It is graduation stark costumes. Stefano Mar-jUshed as the figure of her 
lorciu V id use a. with a largely a famous violinist, that Hermann time, a Reich?minister comes to cuccis ever-present music, -dreams. Meanwhile, the singer 

at inn cast Comparisons 'are Levi was a great conductor. present diplomas (swastika arm- though it echoes Weill, Krenek., returns to the ship, whose bows 

icy i (ably made, and tbev are Unfortunatelv. the perform- bands), and m witness the Hollaender. and even Wagner, is! open this time to show a silver- 
, scn i. ’ antes, when they came, were school-leaving exercises which never mere pastiche; it has a i white, nacreous cavern streaked 

Americans traditionally dis- disappointing, under -rehearsed, are the core or the Sepe work, strong personality, contributing! with plant-roots. Peter Sy kora's 

u:i culture, long hair, un idiomatic. Never mind: the .As one would expect, the students to the shape and impact of the; scenery is continually on the 

cad erne: and Charles Wads- audience loved them, just as of the Academy are disciplined drama. move, forming and reforming 

urih. lo allay this distrust they love Wadsworth's, and. ihis down to their tnenails— here An unfortunate footnote: in ^ in^rior or Daland's bouse 

Yin ,f lhe audiences are to time, they went home uplifted Scpe’s production take.* on the choosing a title for his nlav, Sepe >' ilh bl 2 h - Hsnseatu- ^ brick walls, 
•me exrent Italian), clowns with also by the thought that they had aspect of an eerie. Jooss-like p i ck . ed ^ Dame 0 f t h e German • reconstituting it. for example 

'juging shamelessness, protend- added to their store of knowledge, ballet — and thoroughly braio- drama teacher Lilv Ackerraann ; for tn * duel s . n sc,eT1 e 3 between 

; n not to know any Italian, to Concerts at noon, and converts washed. (because of the alliteration with Senta and Erik, a dialogue mis 

irsct the tempi oF a quartet or. at six. and— in case you want to They perform .i parody nf life ^ cca demia apparentlvi castin*’ interpreied by the Dutchman 
iv titles of a group of songs, skip dinner before the opera at and culture under the wicked ^ er a n oe hbels creature. I. who bitterly lakes his leave. 

.have it on good authority (a 1 Her dream shattered, faced 

ling's Head 


rhe French have a song for it ! 

French popular songs are in- under the armpits, without a change of language is indicated ! sinister teacher is— entirely — a .her ladder-stair once again, still 
miparably belter titan any touch of glitter or gilt. Even (and. with respect to Mr. Reeves. ! fruit of his imagination. 1 clutching the portrait and throws 


Jewish former actress, who knew with the reality of marriage to 
and studied with Lilv Acker- the faithful but dull huntsman 
mann) that this, portrayal is Erik in an uncongenial setting 
unjust. Lily Aekermann was far' (yes. Senta is an outsider who 
from bting a Nazi, and so one can't or won’t come to terms with 
must remind oneself that Sepe's bourgeois society! s be mounts 


Coventry Cathedral 


her. and probably always have Ferre's anarchist “ Let it rock, how much better the songs sound 
■••n. and I don’t mean they coco! " is framed in poetic in French). Miss More does the 
e more pleasing. 1 mean they images, a very different thing St. Lazare song, aod an Yvette 
v better The 'poems are not from the rubbish of tbe punks. Guilbert number. “The actor’s 
•I'uwawjy "lyrics" designed The music, moreover, is for mistress,’’ and shares with Bill 
*irel> io fit the music, they are the. most part music in the way Homewood a piercingly moving 
jcin? as surely as “Miss Joan that Beethoven’s dance-tunes, piece about tbe old age of an 
unier-Dunne " is a poem. sa 5", are music, not only tuneful arranged marriage. Mr. Home- 
•irenver. they deal with real but atmospheric. Oh. of course wood scores in “II n'y a pas 
fp. not with ihc plastic fantasies there is sentimental escapism in d'amour heureux." wilh a lyric 
' pop; with failures as well as plenty if you look for it: but the by Aragon, and Sally Mates 
.roe* whores as well as programme put together by Peier scores in ** Dejeuner du matin." 

'mines nid people as well as Reeves (who has translated with a lyric by Prdvert. immedi- 
>ur£ Aristide Bruant’s sonc many of the songs) keeps to a atejy after, 
ir ihc tt-t in St. Larare prison, pretty decent level, with not Tbe evening is divided into 
■’orunn for her ponce until she more than a few duds among the sections in which the songs trace 
in cot medical clearance, SO songs of the evening. some kind of pattern — Paris first 

onl.i be in any anthology of Mr. Reeves is also one of the (usually translated as " Pares “). 

•ve-song* T collected. Leo quartet who perform the soncs. poets, lovers, history (from 
erre's cnniwtnation of modem choosing (or the mosr part those Villon to the summer of 1968). 
oet* Jacques Brel's little man that call for heavy emotion or music hall. home. John Hea- 
nmn-' hi« "irl with r ha" of s ha, T characterisation, like Brel's wood directs. David Wykes guides 
i , »* , sketch of the man in the bar. the music. Tbe performances are 

Boris viani* deeerter BllJ nomewood. Sally Mates and fult-bloeded and full-throated. 

■om the call-up — they conjure \j iin dy More complete the team, without a microphone in sight. 

P scenes fmin a world of buses. nf’ihpm able to deal capably 1 enjoyed it enormously, 
od gri’ccrs' shops, and sweat with the original French when a B. A. YOUNG 

ilbert Hall/Radio 3 

Academy of Ancient Music 

A glorious From of Vivaldi. Bach order of first, third, and second miraculous eight-port fuge. The 

ml Handel was given on Tues- time*, the sound seemed i» fill choral singing was only less than j fh . / Shearmen a"nd 5,or - v 

;av hv the Academy of. Ancient (he hail— a proposition nude assured and clear fn the «cep-j T , vlAr€ , nA n( tVia other 

Uisiv. whose standard of per for- somewhat easier when lhe tion ally 'testing opening subject 
lance on .period instruments is audience is as large as last rnai passes upward through the 
urely The most consistent, the night's— and yel to retain its voice groups— there were some 
iwi'mnwelanly. and ibc'most wonderful lightness and buoy- tenor bleats and male-alto 
hcrerly neconipiished Df any ancy of texlure. This must be shriek* on a climactic high note 
cch orchestra now plajing. In becuuse playing techniques have so treacherously and yet so in- 
complete Water Musit after been thoroughly mastered, and cvltably placed in the phrase, 
nc interval, directed by Christo- the instrumentalists now project The opening performance of 
her Hogwooil and given in the as a corporate body, a sensation the Vivaldi Gloria In D was iin- 

quilo unfamiliar in most siu- peccablv timed, and held to- 
dlous, cautious “authentic" gether by Mr. Preston with firm- 
execution. (The frequent need Qess 3n< j energy: yet it proved 
for re-tuning, and the odd blobs the least satisfactory of the 
on trumpet and horn, mattered evening. When care is taken 
not at^ all.) Each of the big 0 ' Ter instrumental timbre, one 
Handeltan tunes came swagger- waQts a similarly precise and 
ing and iiiting out wilh irresist- careful appiicatinn of vocal 
ible chariii. timbre, and the Christ Church 

In (he first half, the Academy choir sound, very beautiful on its 
had been joined by the choir of own terms, seemed simply too 
Christ Church Cathedral, Oxford, soft or grain, ton backward, for 
2 nd conducted by Simon Pre.-ton. ^ S ftlmnc. brightiy coloured 
with Mr. Hogwood as cunimuo VOpa ] invention-. A similar 
organist. The chural movement cr j tici6ni Cflu jd - L , e made ol the 
that is the sole remnant of lhe lhree soloists— Judith Nelson 
Bach Cantata No. bO. “ Nun ist ant j E m m a Kirkby. sopranos, and 


SAUDI ARABIA 

CUSTOM CLEARING 
AND 

FORWARDING 

AGENTS 


ALGH1THAR 
IMPORT & TRADING 
Tr-i Dammam 3JI9S 
F i t. BOX 1407. ALGHITHAR 
'ivirv: (101419 AlRhilbar S.J. 


Mystery plays 

by MICHAEL COVENEY 

It is an exciting theatrical Weavers' Fajeant ends with 
event to have the two extant P a * r of v.orried parents rescuing 

p.„y S IfeCOXI* P«. Elders. C °" Ver “- 

formed in the atmospheric ruins There ]C -; nore . though: the de- 
of the city's old cathedral. Under tail of Herod’s campaign is 
open, reasonably clear skies last beautiful 1 :' sustained in both 
night, hundreds of citizens were plays, and :be coiourfullv varie- 
iransported back across six cen- ?ated q ui lily of Ed Thomasons 
,, Tv,- direction brilliantly offset hv 

tunes to the timorous medieval the jjarshiy diametric pros res- 
pond of fixed siages peopled by &ion of - WQ wa iling mothers 
Bible familiars and crude tinging. rather well. tbe 
artisans. Lighting was excellent. Coventry Carol. Correctly 
the vocal projection of Belgrade placed ar The end of the firs 1 
Theatre members exemplary, pageant, and suns to lhe famous 
The sensible adaptation, doing music in the Oxford Book of 
for this materia! somethin? Carols, the effect in the fading 
similar in what Peter Barnes light, in iho shadow of medieval 
docs for Ben Jonson. is by Keith red hrick. is quite stunning. 
Miles. 1 am rv sure that it was a 

The two extant pageants are =«*«* "• 

wrn excerpts from the 

Taylors and of the Weaver*.. J' ,nt ' r 
They cover the *u»ry of Jesus 

the Annunciation to his ] *f£ n r. v’® b -\® 

misgu’deo . lrth-century lib- 
rarian!. Admittedly, there is 
a good, ‘'■•risk performance by 
We bpn, n with Isaiah intro- p ai j| Alexander as the full-grown 
duci ns the \ irgin Mary and Christ and a strikinplv staged 
sounding the dominant tone of Crucifixiur. (though noL alas, the 
inerriniem on account of lhe nr.e for comic artisans in the 
Lord's coming. But piety and York cveic*. 
empty religiosity never once gain The trouble is that too much 
a foothold. Within minutes, is crowded too quicklv into the 
Joseph is stomping through the final 30 minutes, a complaint 1 
acting arena, consumed in comic would not lodge if rhe two 
jealousy and accusing Mary of Coventry plays by themselves 
secular adulter?'. A comforting had not b- on so surprisingly and 
angel puts him right, but the interestin': ly cohesive. 

characler *» t»- 

by Ray Llewellyn and effectively experience, and. in addition to 
recapitulated after the Purifies- the good cffices of the Belgrade 
tlon >n the Temple, where he Theatre .'od Coventry CarhedraJ. 
launches into ihe stock Mystery it is :m sonant to note the adnur- 

ri a iwJ ameT!t for lhe lo: of able *i..s:dwins function ful- 
a added man. filled by the guilds of todav— 

in a wjv the two Coventry lhe Ml d!2nd Bank. West Midland 

Economic Build- 


from the Annunciation 
performance as wise 
prodigy in the Temple. 


da.c Heil.unc 1 die Kraft.- jnade Carolyn Waikinson. contralto- j plays ar ft hounded by the dear ^ 
a startlingly poweiful effcci. nf rbough T ^ e voices themselves j domestic action of Jesus. Marv J ' rL *' " p ’' . 

solemn asseveration and an were well schooled, and. in Miss* and Joseph, with colourful inter- ,n ^ Society, tne Town Wal' 
almost ferocious Old Testament Watkinson’s case, communicative. | ludes at the court of Herod and Tavern, the De Vere Hotel, and 
jubilation fused together in a . MAX LOPPERT;in the temple with Simian. The several others. 


NOTICE OF REDEMPTION . 

To tlie Holders of 

ENTE NAZIONALE IDROCARBURI 

E.N.L 

(National Eydrocarfaons Authority) 

6%% Sinking Fund Debentures due September 1, 1981 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the'Siiiking Fund for the Deben- 
tures of the above-described issue, Morgan Guaranty Trust Company of New York, as Fiscal Agent, 
has selected by lot for redemption on September I, 1978 ar the principal amount thereof $1,107,000 
principal amount of said Debentures bearing tbe following stria! numbers: 

DEBENTURES OF US. Sl-COO EACH 

M-37 2307 5331 4778 5454 60*5 6735 7527 8288 

44 2S3B 3333 -4793 5481 6076 6743 7528 3322 

57 2541 3497 4800 54K 6085 P757 7546 8328 

130 2555 3498 4802 5485 6107 BT78 7550 8335 

278 2607 3602 4803 5494 810S 6795 7569 8332 

368 2622 3632 4834 5517 blM 8804 7S76 8387 

373 2624 3627 4856 5519 6119 6823 7577 8389 

38 C 2634 3630 4869 5525 6132 6S24 7601 B414 

384 2646 3712 4893 5540 6134 6827 7629 8417 

386 2652 3775 4897 5547 6144 6S31 7650 8441 

392 2653 3904 4904 5548 6149 6360 7659 8443 

3B3 2662 3912 4907 5557 6163 6877 7675 B444 

414 2664 3925 4926 5060 6173 6878 7678 8457 

415 2659 3951 4929 5570 6175 6880 76S5 8406 

442 2711 3057 4931 5575 6181 6903 7688 8490 

519 2718 2960 4932 5582 6186 6917 7723 8507 

528 2723 3964 4938 5625 6198 69 IS 7730 8521 

534 2729 3975 4945 5648 6205 6926 7731 8538 

543 2738 3981 4958 5854 6206 8942 7748 8542 

555 2743 2993 4958 5657 6224 6950 7754 8557 

364 2746 4004 4968 5860 6244 8953 7761 8558 

572 2753 4044 4976 5663 62S7 6957 7V66 8587 

639 2757 4047 4978 5678 6205 7001 7772 8590 

657 2763 4071 4982 5666 6272 7002 7774 8613 

674 2760 4075 4990 5607 6270 7009 7786 8625 

787 2787 4077 4992 5704 6296 7022 7792 8828 

776 2793 4081 4996 5721 6297 7024 7793 8838 

833 2798 4001 5010 5726 6311 7035 7810 8645 

841 2799 4098 5013 5728 6315 7049 7841 8648 

1040 2802 4106 5040 5745 6319 7085 7854 8850 

1047 2819 4113 5047 5752 6335 7068 7868 8658 

1054 2871 4117 5080 5753 6338 7075 7876 8*71 

1058 2905 4120 5105 5768 6351 7081 7888 8694 

1158 2916 4125 5103 5775 6354 7102 7889 8702 

1240 2934 4173 5136 5766 6370 7117 7396 8718 

1249 2979 4178 5130 5793 6374 7123 7907 6735 

1255 2980 4191 5131 5796 6418 7128 7922 8740 

1258 2993 4193 5139 5821 0422 7149 7961 8771 

1261 2995 4137 5153 5825 6423 7164 7975 8775 

1262 3002 4202 5103 G844 G431 7213 7970 8798 

1254 3003 4204 5181 5S5I 6454 7217 7980 8818 

19T5 3007 4209 5X85 5880 6461 7224 7981 8833 

1981 2088 4213 5209 5881 6470 7226 8008 8849 

1385 3093 4231 5219 5882 6402 7231 8012 8E52 

2D22 3101 4247 5229 5884 6489 7243 8013 8860 

2025 3107 4250 5233 5891 6492 7267 8017 8875 

2026 3127 4260 5235 5833 6495 7276 8085 8883 

2102 3148 4261 5257 5911 6500 7281 8088 8887 

2127 3194 4285 5263 5915 6526 7293 8092 8899 

2170 3198 4411 5272 5913 6534 7341 8117 8301 

2180 3213 4413 5286 5929 6561 7353 8119 8906 

2181 3221 4415 5288 5933 6571 7366 8123 8938 

2182 3228 4420 5289 5934 6584 7383 8124 8939 

2168 3237 4421 5303 5933 6588 7385 8130 8948 

2192 3239 4441 S31B 5946 6593 7420 8140 8979 

2221 3243 4511 5334 5956 6598 7423 8147 8994 

2223 3252 4513 5373 5984 6609 7436 8150 8995 

2228 3254 4515 5378 5993 6619 7437 8156 9000 

2252 3271 4525 5383 5904 6623 7445 8206 9002 

2271 3273 4709 5393 6001 6625 7466 8207 9CI1 

2280 3279 4713 5400 6007 6651 7469 8225 9013 

£508 3289 4718 5401 6008 8881 7474 8347 9018 

2323 3334 4724 5407 6011 6688 7485 8250 9043 

2427 3305 4741 5413 6046 6704 7493 8259 9046 

243.1 2212 4756 5418 6054 67 OR 7494 8282 9056 . .. . 

2+14 3314 4772 5453 6058 6724 7525 8284 9062 1D0SG 10914 I2U8 14320 16382 18005 19470 

On September 1. 1978. there will become and be due and payable upon cadi Debenture the principal 
amount thereof, in such coin or currency of Lhe Untied Stales o; America as on said date i* legal tender 
for the payment therein of puhlic ami private debts, at the opt ton of the holder, either (a) at tbs 
corporate trust o5ice of Morgan Guaranty Trust Company of New York, 15 Broad Street* 
>'cw York* N.Y. 10015, or (b) subject to any laws and reeuUlions applicable [hereto with respect 
Id the payment, currency of payment or otherwise in the country of any of the following offices, at the 
principal office of Eanca Nsuaonale del Lavoie ia Rome or the principal office of Banc* Comoierciaie 
Italians in Milan or tbe main offices of Morgan Guaranty Tn:.-t Company of New York in London; 
Brunei*. Paris or Frankfurt or the main office of Aigemcne. Bank Nederlaiu' .V. in Amsterdam or 
the main office of Kredietbnnk SJL Luxembourgeoise in Luxenibourg-YHIc. 

Debentures surrendered for redemption should have attached all unmatured coupons appOItenaut 
thereto. Coupons due September 1, 1978 should be detached auu -rollected in the umal manner. 

From and after September 1. 1978 inlere!>l shall cease to accrue oa the Debentures herein designated 
for redemption. 

ENTE NAZIONALE IDROCARBURI 

By: MORGAN GUARANTY TRUST COMPANY 
of new York, Fiscal Agent 

July 27,1978 


9081 10I3C- 30319 12143 14360 1&493 38006 3 9491 

Oils IP’S?. 10943 12160 14268 16497 18014 39517 

9122 10149 10948 12168 143S0 16531 18020 19530 

9130 10157 10U5& 32855 14381 16579 18023 19539 

9133 10:--:4 11033 32G73 14382 1C5B0 18059 19361 

9137 10167 11076 12912 14393 16590 18063 195SS 

9139 10187 11128 12920 14410 16602 18083 19589 

9148 10;:-4 11136 1292S 14413 16935 13069 39574 

9152 10195 11186 12900 14429 1 6943 18094 19583 

9158 1CCC2 21177 13011 14441 18945 1SI04 19594 

0186 10213 21161 13016 14445 16971 1S266 19599 

9190 10225 11218 13029 144B3 16990 18268 19609 

9204 10251 11222 13058 14821 16992 13271 19813 

9206 10252 11227 13072 14822 16393 18272 296J3 

9233 1027P 21242 13079 14828 16995 18273 19631 

9249 10272 31271 13103 14925 17017 18278 196E3 

9257 10279 11277 13105 14981 17023 1S402 19686 

9264 10200 11284 13118 -14985 17035 18519 19690 

9266 103(16 11286 13131 15T123 17044 18529 19692 

9270 10:il5 31290 13152 15033 17049 18531 19698 

9272 10321 11297 13155 15042 17071 18543 19702 

9292 10349 11309 13238 15066 170B6 18553 19733 

9359 1036' 11322 13311 15079 17105 3B581 19734 

9370 10363 J1332 13315 15080 17123 18591 19737 

9376 19274 11J33 13357 15107 17143 18599 19750 

9338 JCCrirt 11336 33360 J5114 17154 1B67B 1&763 

9396 1059*3 11349 133M 15116 17155 18T18 19771 

9402 10402 11369 33387 15403 17173 18724 19784 

9403 10412 11376 13401 15416 1719T 18735 19789 

9412 10419 11413 13411 15426 17202 18747 19791 

9438 10422 11428 12424 15429* 17223 16749 19806 

9470 IMS* 11446 13434 15432 17257 18751 1SS0T 

9471 10457 11453 13437 15433 17279 18754 19819 

9474 10442 11433 13444 1&J3T 17280 38779 19827 

9479 1MM 11494 134S6 15439 17305 18783 19833 

9481 10-:C2 31531 13467 15465 1730G 1E803 19835 

9482 VMCU 11513 13489 15501 17310 18922 19856 

9512 1M90 11545 15480 15514 17325 18936 19860 

9533 104i-'3 11547 13497 15524 17330 18937 1986+ 

9537 10521 11548 13595 15S27 17333 18938 19873 

9541 10572 11554 13566 15528 17375 13999 19910 

9547 10574 11560 12573 15523 17379 39127 19913 

9550 10B79 11586 13574 15S34 17383 3914+ 19915 

9553 10S33 11570 13599 15530 17385 19148 19920 

D566 10565 1J582 137E8 15613 17400 30153 19923 

9579 10593 11608 13761 15E7P 17214 19171 1»2* 

9614 10>:25 11736 13767 15630 17339 19174 19946 

9633 10627 31748 13733 15666 3 7840 191T6 19950 

9662 10641 11749 12773 15722 17849 19178 19932 

9663 1D6P-! 11813 13798 15745 17850 19226 19962 

9666 10702 11*216 13605 15761 17R62 19228 19972 

9671 107C5 11830 33861 15777 17863 19233 

9673 10713 11831 13367 16106 17887 19237 

9677 1 0723 lli>32 13899 16107 17C94 19259 

9683 107—1 J 1347 13901 13103 1790+ 19260 

9687 10702 11868 13907 16138 1791+ 1926+ 

9693 10751 11P3G 13908 18152 17018 l?2eO 

9714 10753 1123? 13927 161D6 17927 1&413 

9T33 10763 11095 13951 36171 37945 39424 

9747 10577 12002 12370 16304 17946 19429 

9983 10?i-7 12019 14271 16314 17948 19438 

9968 1081-0 1203+ 342-31 16315 17950 13442 

9984 10503 32065 34294 16333 17952 19443 

9996 10!VW! 12081 1+295 1 6354 17969 19445 

10016 injOT 12085 1+293 16358 17978 39465 


NOTICE 

Tbe following Debentures previously called for redemption have net as yet been presented for payment: 
DEBENTURES OF U.S. *1,000 EACH 

M.ZMG 2654 2997 2731 2791 4001 4056 4090 413+ 4212 JOTJJS 33853 73909 1S9C4 14414 1S04S 35103 



SSS £52 212 22^2 52S2 52IS 1H5I 41W <239 13&54 ia?»5 isms 14392 15035 35093 


3212 2222 £28 SiS? 2252 125? 12 7 2 4123 4207 4^3 13^6 12593 issue 14337 isose Ilow 

-649 2693 -730 -<8t 3£»9 4055 4080 +133 4211 4248 13857 lji'36 13961 1+411 1M40 13102 


it • 

i- 


\ 



■.^financial' 319^^ 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Flnantimo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 


The political difficulties 


Thursday August 3 1378 


Schmidt’s economic 


Changing the 

rules 


BY ADRIAN DICKS in Bonn 

r HEN THE West German survival in national politics tion of income paid in tax up to maternity leave and industrial Herr Gerhard JStoltenberg, 


W HEN THE West German survival in national politics tion of income paid in tax up to maternity leave ana industrial Herr uenara 

Cabinet produced its when the voters go to the polls a new level of DM48,000 for research and development the Schleswiff-HoMein State tow pr^oanB-ffie 

hard-argued DM LL25bn in Hessen and Bavaria in early single taxpayers at which the should be at least partially Premier and CDU economic ““ JJJ s ? ,n * t Wdoe, 


• ■ untu'digucu i/iu iuuuu ui ucaKU ouu OaVOTJit ui w—f”. ” • . • _ — « • — - — — ~ j * ' iMnbaiifa 

(£3.1bn) economic package last October to elect new State progressive scale would then offset by an increase m value spokesman, has- already fired- a a annirers aream. . ; - 

Friday; it could claim to be first assemblies. If the FDP suffers once again apply. added Tax from 12; to 13 per wanting shot across the coali- it js prooabte that the 

among the seven participants at fresh reverses on the scale of The political attractions of cent from July 1979. After tion’s bows. . He has called for cellor him s e lf would have: Pft 

the Bonn world summit meeting those in lower Saxonv and this are easy enough to see. For the impact of this vAT increase, the .package to be “very, care- ferred a tax reform t£. * 

to have acted on its under- Hamburg in June the SFD is one thing, it is agreed by all the net retief to people earn- fully reviewed in all it& details long-term and more; carefab 

nvnmnle the rieht to nffwt the takings. “We have kept our painfully aware that its own parties and by most indepen- iug around DM20,000 would be — a starting position that considered kind to jet aneth* 

l eSrof deveiDoiiL new fields Promise*" Chancellor Helmut position in Bonn would have dent experts that the present minimal.. hardly encourages the Govern- “quick • fix" package 

arSnstthen^ifrn^viS Schmidt wrote in the mass- been seriously weakened. arrangements (themselves the. The point has now been, taken merit's hopes of a parUamentary measures, taken at least pwth 

: - witSS raSS?S Bn J- Z8i * u, £^ + It may be going too far to result of the 1074 tax reform) up by several left-wing mem- rush 3ob, . ... v - la rwponse to 

E ing the structure of corporation . The Chancellor is known _to suggest, as the weekly news are very unfair to those caught bers of the SPD Parliamentary Cannily, the CDU has so far Boons foreign partners. U* 
5 tal and thus its anntitStioiito have SCTt .. th . e .. same __^ l ^ eful . ! V ' ■ . A A ^ 

alone in its disappointment ifet 


THERE IS no reason in prin- example, the right to offset the ,, nPAiinr Hrfmnt 

^ ^ fl ffai wtt Drofite fro m flyistinp I Schmidt^ wrote in the mass- 

should not review the arrange- a C ainst “J-P™ 18 ‘I?®,,™? 11 ® circulation BQd-Zeitung. 

merits for taxing the profits of The Chancellor is known to 

oil companies operating in the £* tt!F5 SppS2S?n tS have « •“» 

North Sea. The peteoleum J^er sector o?indS 

revenue tax was conceived as a , _ over the weekend— tnougn at a 

form of excess profits levy It H “ e Government wants to triumphant Press conference at 
was introduced in 1975, and a 1Bcr “*l lts t ?, tal f ™ m the end of the Cabinet’s ttree- 

** ring fence " was drawn around Nortb Sa f. xt 13 therefore day conclave, he did not pass 
au oil company's North Sea larged limited to making up the opportunity to remind 
operations for corporation tax cban S es I* 1 * petroleum otter countries of their 

numoses. nartlv because it was avenue tax. But, because of obligations, notably President 
tte scal« bad p“ the ” front loading ” of develop- Carter of his promise to let 

viously been weighted too much ■“* . ** Z£S*J a t%± F S \ °l l rise t0 WOrld 

in Favour of the comnanies expenditure— a provision of the levels by 1980. 
which had been granted gSvem- designed to assist the Witt that, Herr Schmidt has 


mem liMnces to extract oil and ^ on “5“ 3,1 

nartlv heranca nf thp fnrthpr years of production — the yield appearances a - satisfied man, 

LbstutiS^Bts they were ex- pfISK ^ most nf Bonn's wnior 

Deeted to make as a result of t0 changes in the rate. The economic policy-making officials 

£U5£ of oU p“ces in 2 *- • ^ll-eanted 

1973-74 be reduced from lr5 per cent to break from the wearying 

135 per cent, but tbe change is business of drafting, redrafting 
Marginal not retroactive and so the extra and then starting all over again 

5 , PRT charge for fields whose on the package. 

After three years experience, development has already been 
the Government believes that paid for will be relatively small. tv a. 

its approach had still been too {The 15 percentage point Of?lIC2.tG 

cautious and that a greater increase in the PRT rate from ^ 

share of the benefits ought to 45 per cent to 60 per cent is in mciffcir 

accrue in the form of tax any case effectively reduced by lliiallCl. 

revenue. That could well be. the corporation tax offset). All _ . . . . . 

although it has not produced in all. Ministers expect the ^ et ^ 311111 t * ieir ac hi eve ' 

any evidence on which the changes to increase the total tax “ ents in tte words of the 



M 

M 

r» ■ 



f 


Herr Hans lUattboefer (left), SDP Minister of Finance, Opposition economic spokesman, Herr Gerhard Stoltenberg 

(centre) and FDP Economics Minister, Count Otto Lambsdorff. _ 


tte opportunity Has beauin 
lected to isiii^lifr xguf 
alise the tax system, JO that fe 

new package - am6ants, 5n ‘ the 

words of .the Frankfurter Aiw 
raeine Zeituag, merely to^T 
pairs intended to deal wkh ^ 
worst effects of refonag;'' - 
Unfortunately, the ' case fa 
stnicturai reform of the' tax aj. 
tern became hopelessly confused 
during the run-up to tte Boan 
summit with the case ftt , 
measure of domestic xtinmh. 
tion already being forcefully art. 
vocated by Count Lambs^orf 
and by tbe Economics Monistn*. 
chief policy maker. State Seer*, 
tary Otto SchlecbL The am. 
meat in brief, was - that in spfe 
of stronger exports dating tftg 
second quarter, firmer sea 
orders and a marked improve- 
ment in business confidence, hn 
additional boost' would be 
needed for 1979 in order to sinp 
unemployment from ’ ria» 
any further; partly betau* 


Tb™^ tb^ 6 mid-1980s, 10 raising ^ the itseIf * mere !y a set of propolis magazine Der Spiegel claims, by the rise in the general level party who have not hesitated to objected specffics^y only to the isforeSstrifl 

nature of the changes the average tax take from^ ^ each “ addl S onaI , and Q^tita- that HerrSchmidfs mainpur- of incomes In ■ > claaic oppose the Gov^nment before nidbiaai °[*?***lf ' rt add as ma^as 8(K).0(Wtofa 

Government is proposing to operator from about 70 percent substantif measures up pose in the package manoeuv- inflationary trap The trap, i* is over tax mattery O^y hwe Pos***™ total between now and the 

make to tbe petroleum revenue of gross profits to about 75 per 5 'l* 1 * ap ’ ?£2K 2S »» ... 


tax. They are likely to bear cent But the increase will be I P. roa uct, designed to achieve a Genscber both 


more heavily upon the smaller, greater for the operators of new I significant strengthening of figure and 


more marginal fields which fields, 
have yet to be developed than TJncertaintv 

imnn the earlipr anrt nrnrp UtlCeTlUiniy 


oth as a national tive to cheat the taxman by not words, yet Herr Schmidt need (worth about DM 2.3bn that «n,‘ at t i.p new napfaiwi if 
* l - d !fc Garins addia^KUmMnK. or tok te* no tan »e ta incre«e in ta msctedin -SaethtogTtofe 


demand and a higher rate of rumoured wishes of some in the as a disincentive to woric harder hair’s breadth majority with tax free allowance for small DreS€rrt form, contribute rowan* 
growth.” FDP to see him replaced as at all which he was formally re- firms paying turnover tax. The {J ■ Towaras 


imnn thp Pirlipr anrt nw,™ win-eMwiiyr gening me pacKage euacieu leader by Count Otto l>amD5* „ eiecieu ^uauceuur m jurcceui- party etiiuvu me uuwjjijuiui- m. „j »_ 

profitable fields, the current Whether the Government has is going to be a considerably dor ff t the Economics Minister, StiS^^ual «d 1976 “ to ,.? is . 8pr ^ “ ent of , la ^ er “ PBnl “ taSion Sftte rise h?3 

post-tax earnings from which in fact pitched its demands too “ Qre plicate matter, to Judge Nonetheless, the economic pack- ™ SfScSto mhSSm who vot “ , on coalition s^conjro- these relative trifles will do allowancefi ^ eternity S 
prompted the present review, high to leave sufficient the *2^8 ° age bears the marks of far- VerS,aI M ?- te r° nst It0e J®, '“g* wiU all put money into onS 

If there were anv doubt about incentive for the development objections being raised to it reaching concessions by the JJ 1 " to remember how quickly a 10- investment. However the State CQnsnm ^ pod Sg 

this nnp has nnK- tr> of smaller and more marginal inside and outside Parliament, SPD to the FDP— in fact it is , n iLr a . p , are lU5 L member majority in the governments, and most notably w ___ , 

the’ examples that were’ issued *e» d * is bard to judge at “this m<i . from the ranks of the two not unlike the measures which A^the Bundesta ^ can melt 'away, the SPD-FDP governed North thte ^ttevitably 1 ^ 1 !^^ 

yesterday to illustrate the effects stage. The 30 per cent return coalition parties as well as from count Lambsdorff bluntly core constituencj. As tbe Lower when such experienced SPD Rhine-Westphalia, stand to accounS) £ 

of the proposed chances on capital and other safeguard **** Christian Democratic called for on the eve of the sum- Sax0 .?? and H amb ti r g ejecuon nonconformists as . .Herr lose a good deal from the sup- ^ ljjK th US afficiakwhn 

ThP ^ Provisions designed for marginal opposition. Herr Schmidt's mi t m an open letter that showed, only a few of Manfred Coppik dr Herr^ ^Ernst pression of the pwroU tax. and 

a 1*%™™ for - **>»•* PW»ly fields remain, operators can Parliamentary problems in annoyed and embarrassed Herr them need to cast their votes Waltemathe say they. feel the are not yet satisfied they will or ttfoES) 

a desire to avoid introducing e | a j m relief fro „ r0 yaity translating his summit pledge Schmidt at the time. t0 protest lobbies (notably tax tax package “still needs to be get satisfactory compensation. 0 “I® 

*b C ? i! payments, as the Chief Secrerary j™ legislative fact ^by Januarr The most important element reformers) for the FDP to beta discussed by the party," neither On the broader issue of long- S $K dStndfcrttt! 

commendable enough. But it tQ ^ Treasury has said But lj when most of the measures | n the package, both politically serious trouble. The party’s Herr Schmidt nor the Bnndes- tern Ux ^fonn the CDU is rlisnTJiiP.nS!.,? ^ 

?hp° SnnSiS Ure ° £ the changes ttPRT are only the are intended to wme into force, and economically, is tbe pro- single-minded pursuit of the tag floor leader of the SPD. * ot ^ tSt the hoS^o ^afortt^«S S 

North tL ^ P a ™ latest of 8 seriea of new terms be f eve ? gre f t -ff posed adjustment to personal , in the past two months Herr Herbert ^ W ehner ^ will coaiition has tried to steal its ? n West German' imports^nd a 

^in!s rr>v ®P erat0 ”* T b e y are conditions the Government those of his distinguished income tax. It wiR account for has been aimed at a very underestimate the strength of Rothes, j s not Inconceivable substantial inmact an a visible 
paying roya ties and corporation has introduced concerning Suests in Bonn last month. DM10 9bn of tte total- net sp^c section of the voting the potential threat Sat when the kev RunSaS ^ AS! 

““,*£! SoraHvCm'niS ® N ? C , P«tt=Wo. S MlsS, ^ ^ -^eSion“f 

are however ” te /.^ w 2* te . ■“ L an A.^ u .“■»* “ lt » «* this reason Pill the •. tee’’^ets down-some time this first sixmootts of 


b rf Up ° n , the flari "S- and so forth. The worn the Free Democrats, JS* STbuZ that tte left winTof hS? 

rather ha n the nrnfit^Jhev ?* in8 toT bu f iness - particularly ? e ^Xr individuals in 1980, accord- Schmidt’s own Social Demo- - 

rather than the profits they in a n area of operation already ^ at ~ e P ac *age as a matter * 0 figures issued bv the eratic Partr has rearted «:n 
earn: and it would be difficult as unpredictable as the North o£ parliamentary urgency when „ s “52 J? 


blame 


au ttnhn to working put a -final the same period of 1977. 
version of tte package; ; the Those who had hoped to see 
opposition will pres^ for more the' opportunity used to put 


'±JSZ» «» s... UVo oveS ta Bundestag ratora, fran, ta Jg^ «*«. H« H» l»Mch ta ft. q^men. "* tarahon poh^ to wh.to c 


provisions which are helping ment, or its successor, would be summer recess towards the end 
some operators to reduce their wise to bear that in mind before of September. 


Matttoefer. JJ* 2* ^5 oposa ?f hav ? has the advantage over its own anomalies as tte “trap " now Iect the supply weaknesses 

Specifically, the Cabinet pro- framed. The embarrassing fact dissenters of being'able to pin t°- be tone -away with will not of West German economy 


current (although not their deciding the final shape of any 
eventual) tax burden — for changes in North Sea taxation 


In domestic political terms, JllSf on theDa tbe blame for bringing recur ' 


are, however, expressing .Awl-: 


The burial of 
Berrill 


purpose between the two P r °Posed for couples), and that relief under ue Cabinetrs pro- . w jth the objections of tbe CDU for tax reform has been used Economic Advisers (the “flw 

coalition parties which Herr ^ present jump in tax rates posato would be no more than opposition,, which possesses by up," has committed an economic wise men”), believes that tie 

Schmidt and the FDP leader, wbteh occurs at the DM16,000 DMSa a year, or about DM7 per virtue of its control of State ^ W ell & a political error. It net effects are likely to be very 

Herr Hans-Dietrich Genscher, income level should be monui, governments a majority in tte „ n1rpa ^ v 1J0 : nte<i ' t slight, perhaps improvins 

have been heavily stressing. The smoothed out Instead-of rising Another part of the package, Bundesrat, or Federal Upper F average capacity use but falling 

need 'for solidarity is plain abruptly from 22 per cent to of course, is the proposal that House, whose approval is 1021 . en Tax r8Iorrn was en_ well short of what 1 would be 

enough: the FDP will be fight- 30.8 per cent, there would be a the cuts in personal taxes and needed for the package to thusiastically taken up by the needed • to encourage subste^ 

ing for nothing less than its gradual increase in tte propor- increases in child allowance, become law. FDP as feasible for next tial job-creating new investment 


THE GOVERNMENT'S White 
Paper on British Overseas 
Representation, published yes- 
terday. is only the latest in a 
long line of statements — official 
and officially commissioned — 
that goes back to the Plowden 
Report of 1964. It is also far and 
away the best. 

In practice, the White Paper 
U a response to the Berrill — 
or "Think Tank" — report pub- 
lished exactly one year ago. But 
it is considerably more than 
that. Whereas Berrill was a one- 
off affair taking potshots all 
round, the White Paper reflects 
continuous thinking over a long 
period of time about Britain’s 
changing role in the world and 
the way overseas representation 
— and its direction from home 
— should best be adapted to it. 
Indeed if one wishes to take one 
single example of the cavalier 
nature of the Berrill approach, 
it is to be found in the number 
of recommendations in the 
Think Tank report which turn 
out to he already current 
practice. Where Berrill said 
“cut" or "change, " as often as 
not the cuts or changes had 
either taken place some time 
ago or been considered and 
found inappropriate. 


the change goes further than 
that. The approach of an in- 
creasing number of diplomats is 
quite different from that of a 
few yeans ago. It is no longer 
sufficient to say: “The French 
think this," or “The Germans 
think that" It is necessary to 
be able to talk to tbe home 
civil servants on their own 
ground whether the subject be 
aerospace, monetary co-opera- 
tion or whatever. It is a tribute 
to the Foreign Office-— not paid 
by Berrill — that this is now fre- 
quently tte case. 

BBC 


MEN AND MAHERS 


Prentice eyes 


portion of women are working 
outside the home, which pro- 


safest Scots seat with greater °pp° r - 


Jnterchange 


Berrill's main point, in so far 
as the report confined itself to 
tiie Foreign Office, was that the 
Diplomatic Service had some- 
how become out of touch with 
contemporary British life, with 
otter government departments 
and the country's reduced world 
role. If tte diplomats should not 
wear jeans, they should at least 
be merged with the Home Civil 
Service. Quite apart from tte 
argument that a declining 
power might actually require a 
more effective diplomatic pre- 
sence. the report understated 
the degree of adaptation that 
has already happened. It is the 
merit of the White Paper that 
ir now sets tte record straight. 

The principle of interchange 
between the Foreign Office and 
the Home Departments has been 
gradually accepted. About half 
of the senior staff of the UK 
mission to the European Com- 
munities already comes from 
.outside tte Foreign Office. But 


Of course, as the White Paper, 
admits, the process of inter- 
change could and should go 
much further. But it is not 
just a one-way street of putting 1 
the so-called realists from the 
Home Departments into titei 
Foreign Office. Some diplomats 
could put new life into the 
Home Civil Service, and might 
be able to do the job with far 
fewer people than employed by 
fsay) tte present Department 
of Trade or Industry. Tbe 
Foreign Office by now, after all, 
is used to having to work with 
limited resources constantly 
being scrutinised by public and 
internal reviews. It is perhaps 
time that the scrutiny was 
turned elsewhere. 

There are one or two otter 
Berrill proposals which have 
been firmly, if politely, rejected. 
The External Services of the 
BBC are to continue without 
much change and on the crucial 
question of ensuring audibility 

are actually to receive more 
money ratter than less. Simi- 
larly there is to be no whole- 
sale abolition of the British 
Council and the “.cultural 
diplomacy" of which the 
Berrill report was so dismissive. 

In the end there was one 
compelling argument: these are 
services of which we can be 
proud and which are tbe envy, 
of other countries. At tte same 1 
time, no other country with a 
comparable position in the 
world spends less on overseas 
representation than we do. and 
some spend more. Looking back, 
it is hard to see how tte Berrill 
conclusions could ever have 
been reached. 


After nine months of trying The two women researchers 
and perhaps not a minute too from the University of Illinois 
soon, former Labour Cabinet who prepared the report say 
Minister Reg Prentice may have violent crimes perpetrated by 
found a constituency from women are going up too, but at 
which to fight bis first general a slower rate. However* on a 
election as a Conservative. single day last month two out 
Hi s name bas been accepted of six New York bank robberies 
on to the Scottish candidates were pulled off by female 
list by Conservative Central gangsters. 

Office in Edinburgh; It has been With the ink hardly dry on its 
sent with those of other hope- pages, the report has already 
fuls to East Renfrewshire, been savaged by Women’s Lib 
where Mrs. Betty Harvie Ander- the shape of an attorney at the 
son, a former deputy speaker, is dauntingly named 'Women’s 
retiring. Grand Jury Project in New 

Prentice has the backing of York. She disputes its sugges- 
Teddy Taylor, the front-bench ^ ttat women get off more 
Scottish spokesman and MP for b Sbtly than men in the courts: 
neighbouring Cathcart: this she also argues: Tbe nse m 
gives him a head start over the buswess-gpe offences reflects 
local candidates. The two men J{J® fa ? 0?? ih^? men 
are still worlds apart politically. ** ” I «S2’ 111 

but Prentice would bolster ?“ *“ ,er t0 the 

Taylor’s constant campaign boo ^‘ keeper ' 
against the "grouse moor ' 

wing ” of the party. A TO U fid the Ring 

^at with Lord Harewood and 
Sr £ the man from the Wigan 

fate should be known by early observer there was stiff 

H* 3 # is it! 6 rfralry for having a chat with 

ScotJ ^ nd ^b* Peter Moores at the London 

Tones, witt a majority of 8.1IO Coliseum yesterday. Moores was 
o'er tne SNP last time. With the hero of the hour is almost a 
the present poor fortunes of tter Wagnerian style, for it has been 
nationalists, that could be support— to the tune of 

vastly improved. £125.000— which has made 

— possible the first full recording 

' , . „ of the “Ring” cycle in 

Taking the rap English. 

Vef . The recording lasts not far 

iSLn T?f r t- I c aIe b i StlQn , has short of 20 hours if you care to 
fallen. The L.S. enme rate is hear it right through non-stop, 
now rising faster among women Mo ores told me that he bad 

Sf 1 , fl« n ^S° rd,n i t0 a a recent Sunday listening 

ment-flnanced report — but it t 0 t j, e last-completed opera, 

i S nH^S^h^ e a « n «J raUd “ Twilight of the Gods.” from 
and forgery that are proving 2.30 p.m. till nine o'clock. 

S Ctn lU' ME l n0t h0ffil : Although he now°devotes him- 
Md armed self increasingly to tte chair- 
roMeri- manship of his family company, 

The report suggests that the Littlewoods Organisation, 
women have not suddenly Moores spent several years 
become more dishonest : they are working in opera— at Glynde- 
simply getting more chance to bourne, in Vienna and Italy, 
be crooked. “Witt tte women’s Moores also supported two of 
movement# a much greater pro- the cycle's leading singers, Rita 



dismaying many shareholders, 
including the institutions). So 
the cups of tea and biscuits 
provided at tbe a.g.m. seemed 
in keeping with the overall 
austerity. 

But London and Northern's 
annual festive beano, held in 
the evening, was thrown as 
usual in the sumptuous sur- 
roundings of the Middle Temple 
Hall. For 200 or more privileged 
guests (including ' bankers, 
brokers, dealers, MPs and tbe 
chairman of tte National Coal 
Board), epicurean standards 
were well maintained. 




connections in 
America’s 
Big Country 


“It wouldn’t surprise me to 
find we’ve already got Denis 
Howell 1 ” 


Taking the rap 


Hunter and Alberta Remedios, 
in their student days. Like him, 
they come from Lancashire. But 
as he admitted to me, that did 
not prevent some stormy 
moments during the seven years 
it has taken to complete tte 
project. "Rita is a very tough 
lady,” said Moores. 

The Wigan Observer reporter 
then engaged Moores in keen 
discussion of local issues. The 
Littlewoods boss lives in a 
Georgian mansion a few miles 
from the town. 


The five-course meal was 
accompanied by three carefully- 
chosen wines, and followed by 
a crusted port; liberal supplies 
of cognac and fine malt whisky 
were on hand as well. A pipe- 
major played delicate Scottish 
airs such as the Reel of Tulloch, 
Highland Whisky, and Mrs. 
Macleod of Raasay. 

So I can reassure tte small 
shareholder who brought up the 
subject of the dividend cut 
at tte earlier . a.g.m.. but who 
was not present in tte evening, 
that a tradition was fully 
maintained. 


London to Dallas— Fort T/Vbrfch non-stop. Dazfc " 

B raa iffs colourful 747 takes off daily from London i 
Gatwick at 1145 am to DaHas-Fort Worth, arriving at; 
3.05 pm. Arrival time accommodates connecting - 
Br arri ff flights to major cities throughout the Big 
Country and Mexico. For example: ; 


F r i volity eschewed 


Good night out 


Shareholders who turned up for 
the annual general meeting of 
the London and Northern Con- 
struction group — held in a 
Unitarian church hail in Essex 
Street— were hardly expecting 
lavish hospitality. After all, 
the group's fortunes have been 
decidedly mixed of late; during 
the last financial year London 
and Northern felt it necessary 
to cut its dividend from 3.25p 
to 2p net, conserving around 
£700,000 (but at the same time 


How much coverage have the 
Moscow media given to the 
Onassis-Kauzov wedding? None. 
Yesterday's Pravda had a front- 
page picture of two smiling rail- 
way workers in Siberia, but 
never a sign of the happy 
couple. Not even deep inside 
the paper was there a line, nor 
any socialist musings on the im- 
plications for Soviet shipping. 
The event was totally ignored 
by Moscow TV’s equivalent of 
“News at Ten.” One of Pravda’*, 
editors told David Satter, my 
colleague in Moscow: “We pay 
no attention to such matters. We 
read about it on the Reuters 
service, but did not even con- 
sider it” 



nrMurn 
L/LIN VLr\ 


1 / a mo a r n it\/ 
r\ HI MOttO oil? 


n r. r \/ . n r\ ait\/ 
(VILAIbU U I I 


rr. nr- r. 

v -v n j r;vi 


Call your travel agent car Braniff 
reservations on 01491 4631 . 


Observer 


BRANIFF 

^■TH 


MM 


<w 




>- r .5£J3 




Financial! 


Times Thursday August 3 1978 


*9 


ECONOMIC VIEWPOINT 


-1 5 . 

4. 

:« 


r 

I 


MANY Tears a^o when I first Opposition of the day •'Whom modern example is that of the straints and obligations. When a complex society it is difficult The real criticism of of law approach is nothing to do in practice' made for worse ze- 
“ jjqqJj. on Q, e jj ave they got?" as if everything Russian Revolution, which illus- a free market economist to see which people’s beliefs monetarism is the opposite of with, conservatism— in the U.S. suits. Examples indude housing 


Put not your trust in 



Treasury, I waf pulled up would be different if only a trates my point very welL So advocates profit maximisation count for how much. the vulgar one that It leaves for instance the Constitution policies which create shortages 

sharply by a brthr Principal suitably charismatic character long as one objective, whether he takes it for granted that this Closely related to the over* too much to market forces. On has been an indispensable safe- and impair mobility, labour 

who had been °i>>n the job of could be made Minister for this investment in heavy industry or should not be pursued by murder estimate of what governments the contrary modern monetarists guard for radicals, from the' and incomes policies which have 
checkin* some [passages on or that rearmament is imposed from or by bribery of government can do is an overestimate of are too statist and take too time of McCarthy to that of worsened both unemployment 

budgetary raatteri for°factuai When Mr Denis Healey Is the top, then the organisation officials. A market transaction what economists can achieve, seriously the arbitrary demarca- Nixon. ' and labour shortages, exchange 

accuracy But bil rebuke had asked the main lesson be has roodel holds and a dictatorship cannot take place without rules Unfortunately much of the tion of statisticians. The periods Much of what we accept as rate "management" which has 


1 LUWIV dJJVtU U1C aioill ivuuwaa - . M no 

nothing to do witj the techni- learned in bis four-and-a-half has some advantages. But as 
calities of buietary pro- years as Chancellor, he tends to soon as military-type objectives 
cedure. My frime had say it is that governments can give way to the muluiarious 
been to refer c passant in do much less than he had demands of peace, the economy 
an early draft of "pe Treasury’s earlier imagined. But it is can no longer be roanagea from 
growth rate.” Th ; really irri- terribly easy to draw the wrong on high. Indeed the very word 
tated my Treasur friend who lesson from this humbling re- economy is mislead infif and 
exclaimed “You mean the flection. Once it is realised that suggests a single enterprise 
economy's growth rate, not the governments cannot transform a under the control of a master 
Treasury's/' free society. Ministers easily father than interacting human 


He was. of courje. right The lapse into_ the ^ moralistic t0 ^ society 


nation is not a fafory and the approach. That is, they pretend 


objectives. su <* Z Control- as a gigantic organisation pur- 

Growth rates anj other nTorie “XSS* 

important aspect of national “ S Jchtodf the contrary society is a gronp- 

l.fo-depend u , m people. toe ^^acf of luff of many social organisations 

habits, institution beliefs and ™ial citizen at ms piace or ^ mdividuals with very 

procedures which fortunately "ork. different purposes, under a 

cannot b e manipiated at will 18 10 o' erioOK ulB Iaci - ■ - — =- 


l u e .l ° ac J that neoole function best with system of rules, written or tacit, 

. e !l^ e 5_ b> L th ?. cTbineS? Snitedaid tangible objectives, to enable them to live together. 


or inaction is the ue to every- it is extremely unclear and blind acceptance of the present support them but opinion. The the overseas balance on the interrelationship among indi- orders, bribes and. penalties at 
u The carica- controversial how best to pro- system or a return to the rules Sultan of Eppt or the Emperor other. In this toey.ftave worked viduals is not a recommendation the discretion of government 


thing that happens — — ^ ^ - — — D 

ture of this attitijle is to call mote these vast and vague which Mr. Gladstone knew. But of Rome might drive ms harm- completely and there is not a for accepting the status quo, as departments — as is often toe 

on the Premier To appoint a objectives — especially when it does mean channelling reform- less subjects like brute beasts, word for a monetarist to take it is often misrepresented as case in the U.S. 

Minister" to de& with the some of them, such as job- ing efforts into improving the against their sentiments and in- hack or repent But Such is being. But it does imply that In writing these columns it 

quality of family Fife, toe pro- preservation and higher pro- rules under which market clination ; but he must at least the statist temper of our times changes should be made in the has often been necessary to 

tection of toe lastline. toe ductivity, appear to be in con- activities are undertaken. have led his ^ mamelukes or that conventional opinion rules of the game, rather than point out that, although any 


££ As David Home remarked: ‘The governors have nothing to 
support them but opinion. The Saltan of Egypt or the Emperor 
of Rome might drive his harmless subjects like brute beasts, 
against their sentiments and indination; but he most at least 
have led his mamelukes or praetorian bands like men, by their 
opinion. 9 Thus ... it is neither markets nor state force which 
role, but people’s beliefs — although in a complex society it is 
difficult to see which people’s beliefs count for how much. J J 


natural and inevitable is due increased inflation, and high 
to rules, which could be, and at marginal tax rates which distort 
one time were; different the economy without benefiting 
Limited liability companies are the poor. Many more examples 
a creation of the law. So too could be gives; but the absolute 
are private property, and its level of taxation and govern* 
rights and obligations. There merit spending are not on my 
could be alternative rules under list. 

which the ownership of enter* The perversity of so much 
prises were vested, in workers government intervention is 
or local authorities nr groups of a standing temptation to 
consumers — I am neither advo- exaggerate toe measurable 
eating nor condemning such benefits of a freer regime, 
changes, merely indicating their There is, however, no guarantee 
possibility. that if every perverse govern - 

The argument between gov- ment intervention were re- 
erament by rule, and govern- moved, an economic miracle 
ment by discretionary edicts of would arrive. One of the lessons 
political leaders- cuts right of recent history is the wide 
across capitalist-socialist axgu- variety of different political 
meats about forms of ownership, regimes under which economies 


thlfm w These need not be selfish. People The one known peacetime and customs establishing owner- anger directed at ^economists In history In which the price Labour's belief in the blessings can flourish or stagnate. The 

in can work for others: and they device for enabling people of ship in toe first place, and the comes from people who beheve level was held roughly stable of intervention and the Conser- case for freedom fc weakened if 

nan hohavp in their business different aims and beliefs to rights that go with ownership — that a few, non-controverslal were those in which money had vative regard for authority and m-esented In the lanenane of 


women who sit in 
the officials who a i' 

rLeSbe^r t^toe" 1 run” ^bave in toeir bigness 

-r Q vernm E Tft” C wi toJothe* pS^LIlnd for tbe-rig'nils ^n'by prices and car. Thus it seems that in toe be f tole to splw ^problems, monetarism depends both on l ^“^Vw^pproa^Tfunfor- denra that iXlJe W«t Gera m 

nrnSl * L5h;«i th? aesthetic environment profits in the market People who l»t resort markets are backed and who blame the witehdoctors governments tying their hands tunately present-day Liberals is the -model of a prosperous 
hashaonened in tl^Sn^L But ask someone to work for find this thought "obscene” have by the force of toe State. But for not providing them. by a pre-mrdamed nUe and on do not offer a third philo- free enterprise economy, East 

has happened in t recent past, balance of payments, or toe rarely either tried to think out even that it not quite true. Law Excellent examples are the P^PJe not making substitutions sophical choice.) But as a matter Germany is also the most suc- 

r for POOd. or U<L r ■ «■ : .1 n f ri r/*omnnt itcnlf riatuanric ah , < .1 ■ . . fufuionn thAs, *1 f-cotp inhiph are . • . _ 1 ... I II I - . . • _ 


ucudvc ojj — , , - , . ; . . , , . • , - , vativeregard for authority and presented in toe language of 

affairs with a modicum of serve each other's interests are whether of a factory or a motor- and painless gimmicks ought to a gold or stiver base. Modern leadership both militate against growtomanship. Is it a coinci- 


r._ TOP najailCe Ul ui LUC “ * v “ _ . . uic J “ “ “ . . , ovymuui vuvavv.; vuionnuMiM* UClliUUlY IS RlriU LUC 1UWV bUv" 

W r i? a«rfnt E d e fJ d hI industrial Strategy, or to an alternative signalling and in- enforcement itself depends on control of the money supply between 1 thos ® ? s ? e ?,S rt ?i? h **** of Principle it is possible to cessful of toe Communist econ- 

evil will be attrjuted to he j n _ rease the growth rate, centive system, or tried to the individuals who have to do a nd floating exchange rates. 1DS1 d e the official definition of have socalised enterprises com- omies? 

choice made on piling day. — j u~ rarely give reform the workings of the the enforcing. These both have a limited but money supply- and those peting with each other under a 

Apart from market. A belief in rules and For as David Hume remarked: definite purpose: regulating the which are outside. - framework- of rule and to have 

question of incentives, markets does not mean either “The governors ha ve_ noth ing_to price level on the one hand, and The view of society as an private enterprise subject to 


and he will 


In the words of Dr. Johnson; 

Hmo small, of all that human 
hearts endure. 

That p art which laws or kings 
can cause or cure. 

Still to ourselves in every 
place consigned. 

Our oum felicity ire make or 
find. 

If Dr. Johnson erred, it is be- 


nceds of Inner Lotion or what- flict with each other at The real limitation of the praetorian bands like men, by believes that they have failed by policy derisions announced clever undergraduate can think cause 'Taws or kings" can 


ever is the headliri issue of the workplace level. market approach is rarely men- their opinion.” Thus in the last because they have done only the from the top. Countries need of government action which “cause” plenty of harm even if 

by the critics. It is that resort it Is neither markets nor job for which they are intended not have “policies," except in could improve toe workings, of they can “ cure " all too little. 


moment. How klepressingly Are there 
frequently one is axed at dinner governments 
parties in relaqm to the societies? The most 


not cases of tioned 


transforming markets presuppose a whole net- state force which rule, hut and have not been a miracle relation to each otoer^and even toe unaided market all too 
ist important work of, often implicit, con- people’s beliefs — although in cure-all drug. * here the fewer the better. A rule many government actions have 


Samuel firittan 


Microelejtronic 
engineering 


From the Chcirmal 
Mackintosh Consulmts. 


Sir, — I am not atkll clear why equipment industry to a signifi- three BBC current affairs . _ _ 

It. Toeman (July] 27) should cant degree. NEB's £SOm invest- grammes was- "unfair" — in our of the Annan Report deserve 


Letters to the Editor 


abilitv will obviously take some alone in being concerned about Broadcasting congeals into legis- 
time to achieve, these new moves BBC TV's editorial policy (July lation perhaps we should debate 
by the Government will improve 26). We are currently in corre- publicly^ some of its basic 
the prospects not only of the UK spoudence with the BBC about assumptions (Chapers 9 nnd 10) 
semiconductor industry as a three recent news stories con- about responsibility and account- 
whole but also of all the various cernlng our industry, in which ability for content and treatment 
sector of the British electronics we feel that the treatment by oF current affairs and news 

pro- items. Certainly the 522 pages 


study and 


doubt my comparl's qualifica; ment" in the new transatlantic view “unfair" to the extent of wider public 

tions for advisii; the UK company Inmos should give the disptayHig actual bias and discussion. 

Government aboi it* new uk full access to the most fcostitery to our industry, Martin E. Trowbridge, 

approaches to rail oelecti-onics. advanced design and production although that is admittedly just „ „ 

but since you have ublished his skills relevant to avant garde IC our opinion! Alembtc House. 

criticisms perhaps might first products (that is the 64K random ^ .-.-i 93, Albert Embankment, SEl* 

be allowed to rebut hem, before acce£s memory and micro* w t °. r o n “- 

proceeding to matti s of greater computers). At the same time, 

importance. j _ .toe Dol’s £70m support scheme '“dud* character assassination 


In the first place] Mackintosh for ^ British and UK-based b .v setection " in toe wider tie; at- -r •£ 3 q o ricTfV 
' is one of multi-national IC companies, plus ment ’. IS a llSK jf 


GENERAL 

The Queen opens Eleventh 
Commonwealth Games in Edmon- 
ton. Alberta. • 

Roll Committee of National 
Economic Development Council 
meets to finalise its view's on 
finance for small companies. 

Enterprise North East Exfiibi- 
tion opens. Bridge of Don Show- 
ground, Aberdeen tun til August 
6 ). 

London Chamber of Commerce 
Economic Affairs Committee 
meets, 69, Cannon Street, EC4, 
2.30 pm. 

Harrogate Festival of Arts and 
Sciences opens (until August 16). 
PARLIAMENTARY BUSINESS 

House of Commons: House 
meets at 11 am. Questions until 
noon. Adjournment debates until 
5 pm. It then adjourns for 


Today’s Events 


.Chester, 2-SO. Valor, 4, Dowgate 
Hill. EC, 12.15. 


summer recess until Tuesday, 
October 24. 

OFFICIAL STATISTICS 
Building society house prices 
and mortgage advances (second 
quarter). 

COMPANY RESULTS 
Final dividends: Austin (James) 
Steel Holdings; Best and May; 
Black (Peter) Holdings; Firth 
(G.M.) (Metals); James (John) 
Group; Malaysia Rubber, Kennedy 
(Allan); Midland Trust, Ransom 
(William) and See. Interim 
dividends: Adams and Gibbon; 
Hoover; Law Debenture Corpora- 
tion; River and Mercantile Trust; 
TACE: Vantona Group; Witter 
(Thomas). Interim figures only: 


Clarke Nick oils and' Coombs; Reed 
International. 


COMPANY MEETINGS 
Anglo-Endonesian, . 37, Queen 
Street, EC, 12. Anderson Strath- 
clyde, Central Hotel, Glasgow, 
12. Bradford Property Trust, 
Victoria Hotel, Bradford, 12. 
Christy Bros* 171, Broomfield 
Road, Chelmsford, 12. Chester- 
field Properties, Washington 
Hotel, W, 11. Chloride, London 
Hilton, W, 1130. Cropper (James), 
Bur Beside Mills, Kendal. 12. MK 
Electric. Abercom Rooms, EC, 12. 
Fuller Smith and Turner, Griffin 
Brewery, Chiswick. 11.30. Pitman, 
Connaught Rooms, WC, LL 
Reno Id, Wythenshavre. . Man- 


' OPERA 

English National Opera produc- 
tion of The Magic Flute, Coliseum 
Theatre, WC2. 7.30 pm. 

BALLET 

. Final performance by Batsheva 
Dance Company, with Galina and 
Valery Panov, Royal Festival Hall. 
SEI. 720 pm. 

LUNCHTIME MUSIC 
Metropolitan Police band con- 
cert. St Paul’s Cathedral steps, 
noon to 2 pm. 

SPORT 

Golf: Colgate women's tourna- 
ment, Sunning dale; PGA under-23 
match play championships. Belfry. 
Tennis: British junior champion- 
ships, Eastbourne. Show jumping: 
Hickstead meeting. 


business 


Consultants Com pa s' — ---- — uiuiu-uauuuKi iv. >.uui|iu>ic9. f*“ d _ u„ m\r 
the worlds largestjconsultancy ^ three separate schemes for ° d “ stry n A y 

companies specialidng in elec- encouraging the use of micro- Accidents and controversial 
tronics, having offief in the UK. processors, should give a very situations involving chemicals 
West Germany anc the United significant boost to this countiVs receive high-key sensa.- 

States and a world-’ ide clientele abilities in both the manufacture ,lonal cover ®g e - From Mr. W. Wilson 

of Governments and major ^d the application of the most of constructive activity by this sir,— I regret to say that I 
industrial corporal ons, includ- advanced semiconductor com- jodustry and the people in it are g ue Cameron's article on 
ins 34 internatioi il manufac- p 0 nente. ™ a !£. industrial disasters (July 28); 


turers of microelttronic pro- Although much still remains to Riven for the invisibility of the singularly divorced from its title 
■ of be done. I am encouraged to a t* rac ,iy,f, face “How to prevent another Flix- 


ducts. More specificllly. - uc UU uc. * »» ... . , . . - — - 

our .senior full-tini staff have believe that, in an analogy with . \ °"L achl ^^ ”^“1* 1 ck borough disaster." The starting 

considerable exautive ex- America's well-known Silicon viewer interest and appea . point of my argument is, of 
perience in microel«tromcs and. Valley, we might now be on the The news of police concern at course, that it simply cannot be 
before founding toil company, i wa y to making toe UK a “skill their treatment leads me to done— preventing disasters. With 
was managing direcpr of tmou- cluster" of leading producers, believe that what we had luck, planning, foresight and 
Automation Microetctronics— at designers and users of silicon hitherto regarded as our skill it is possible to reduce the 
I£ e °n D „ e ,» °l,,ra„ S 4 n 2 r inte Sra ted circuits— what 1 have parochial problem could have odds on repeating a particular 
^rru it d pnm okies Desnite" ^ bbed „ elsewhere as 1 Silicon W jd er social implications. failure, but avoiding one tfcat 


A unique monthly 


grated circuit comp nies. Despite isi^d 
our considerable ictivities in <Dr>) M< Mackintosh, 
other sectors of lectronics I Flemington Rood. Queensway, 
hope that Mr. Torn an will now Gtennrthes Fi/e. 
accept that our cedentials in 
the semiconductor sector are out- 
standingly good, de pile the fact 
that we do not [manufacture 
products. 

He further caslijates us for 
an “ivory towerr approach. From Mr. P. Trigg 
which is particularly inept in Sir,— We were disturbed 


The concept of high public 


has not occurred is rattier more 


service in broadcasting, de- ^lt.__S_af^ regulations did | 


Printed circuit 
industry 


veioped by Jo£ Re^ may now 
seem outdated and there may 

be strong public support for i^h U h^ttlr 

programme emphasis having ,1° t 

been shifted to entertainment as 
the principal raison d’etre for Sf*£J n iS* r 
TV. The occasion of the White prevention ^ n4 ^ ctorc 

Paper on Broadcasting, following impossible, 
fo 16 months after the Annan If Sue Cameron's article had 



light of our maii" and well- read the report on your Tech- Report, is perhaps a suitable been more property titled it 

known attempts during this nical Page (Julv 24), giving a trigger to review our conven- might have been read with an 

decade to get the British (and summary of toe Larsen Sweeney tional wisdom regarding editorial unenquiring mind, but it goes 

other) Governraen [s) and the report on toe UK printed circuit freedom on TV as it affects on, at some length, with views 

European semicom uctor indus- industry, and we have taken public interest in current affairs, mostly on toe activities of 

try as a whole to ^dopt a more steps, through the auspices of the The Secretary of State’s Pre- managers in this context It is 



and economic news. 


( in a report to NKDC a n d the aQ( ] published to refute the inter olio, requires the BBC to in which good practice can be 

then Ministry of Tetonolo^) we very dangerous allegations. Un- refrain from “editorialising,” in followed and because good prac- 

were strongly advocating a new fortunately this takes time to press sense, while retaining tice in man-made fabrications 
?a ,5 on n«. S i l n ‘ S arrange, and in toe meantime you its editorial function. This stems almost solely from tod 

1 J?™?-,™-.® thLlSlSon ? av l publ i shed a apparent contradiction adds a activities oi technologists— 

XSS, p ,Sf5!S.rir ?i?i furt h er “d. 100 ™ detailed sum- theological dimension to a activities of which non-tech- 

ment of integrated, circuit (IC) mar> . 0 f the Larsen Sweeney ma naaement guideline. Co 

production volumes to levels com- report. 


management guideline. Corre- nologlsts on the whole have but 
parable w there of competitors We are assured that offlcial ffTSS Mepe'nd^ 

turins ^of th'e'uK 1 semiconductor □"“deXbSt a h cUon n it U ?aK Broadcasting Auftority Act 19ra. miod «ls. from stress, stress 

industry alous entrepreneurial X S Mutest tte aS^ius in fs Sir Hugh Greene pointed reversals, «mperature t u corn- 
lines (i.e. to be free from the relation to quality, price and out however . We (the BBC) patibte materials, corrosion. 


constraints of operating as mere deliver^, and we wlllsuppoft that h f ve . t0 baIance different points chemical reactions and toe Hke. 
divisions of major muiti-prodnet actio J Jn every way poSSble. As of new in our programmes but and on toe whole, toe people 
corporations) and the aggressive ^ interim measure however, we P°* .necessarily within^ each who are unlikely to appreciate 


Every month The Banker presents a unique review of the 
world’s financial and economic news: Essential readingfor 
executives in banking, finance and industry, its balanced 
viewpoint and broad approach to national and international 
affairs has earned ita high reputation as a prime source of 
important banking and financial information. 

We invite you to put that reputation to the test. 

Complete and return the coupon below and well send you 
the next issue of The Banker. 


wii * — ii|i JUICIHU UJGuAUIC UUWr>(**f nc _ . _ - IITaII.Ijii. * « 

pursuit of all relevant markets— wish to say as emphatically as we programme. NOtoing these things (and their effects) 

especially in the United States. ^ tjhat we believe the UK to he ,s mo J e stultifying than toe best are engineers: 

These views we have never corrmeriTivp in oualitv -md tpeh- current affairs programme m . . 

changed, and it is with a sense noloS^wito bo?h American * and wflich a11 opposins opinions To -take toe further, the 

of some satisfaction and consider- £ Ur San manufacturers, and cail “ 1 each °" t £ 

able reUef that we have recently are ^nfident that information nn t0 suggest that “balance" able to give toe most compre- 
witnessed various agenries of toe ca _ be DreDaTe a to snonort that can be achi *ve d over a period of henave attention to these toaags 
irK Government taking actions briief asaJnst the cSnff of toe time - rather tban 111 a sinsle wouW ^ a . chartered engineer, 
to meet some, at least, of these ?S which you h^e given programme. consom , of too fact that 

criteria for success in i toe inte- s0 much * 8 If one were considering a ^ 

grated cireuit business. Q Ur belief is founded on the carefully constructed lecture °toer 'technological p ro- 

ll is- °f coupe. ^Possible to intonate knowledge gained of the course in which the student ^ ssl0 ^_ ar l e ^ t0 
present an analysis of al ^ of th ® Industry over 25 years, as holders would attend, and would be fjfcpos^oceS; but 

strategic of the original patent as equally attentive to, all the lec- in . geperahly I am convinced 

most complex of all lndustai^ in members of the UK represents- turevone might be tempted to of toevirtues of my case and 
the *P*«e tive body, and as co-licensors to agrS. Practically, however, and P r ! p f^ ed T t0 ff 30 ® further. 

P^ nted circuit companies world- considering a medium which is Inde ® d » 1 so “ far as to 

believe t&at no lndus^iaUsed wde> aod therefore i t wltb apparently seen largely as enter- ***, a (toietf safety officer of 
1 of ’ conaM *“^!* surprise that we tainment, one has to regard such a FTaxborau^i or any analogous 

and oroduction Of lntegrateQ r^nrl nt fha unmmnaKtivAnAce _ : I 3 ...... 1 :. wiiflw* shnilU TTUirp CrPnilontiv 


a ? d £ r ?^fJrt?,„?L 1 1 1 hS?nnc read 01 the uncompetitiveness a view as academic and unrealis- e ? fice should more frequently 
circuits < mcludin,, pultons and lQW technology of the UK tic. In the real world, balance, toan not be of the genus 
iXSof ftSSS “ dustry - c ^ e "®“ ce been to be fair and effect*?, must be’ described. 

of toese^coS T^ ers f companies contained in a single programme. 1 disclose a vested ihtsrest- 

JJSEtawSwrt ^ vS 5 supplying to industryjboto home ev0n though this may diminish I «m a chartered ^IncS-Sut 

SSltoMiSneto dmlOD £e ? nd <*^rseas. the m pnd\itt that it , impact as entertainment pa* ^ yeare of ambition. And 

» tjl; hac e d ic manufactur* 15 , re< l uired - M Some subjects are too important jn dosing, I would point out 

SSSSSSfi I&S ^ ar-ta-a-asi’ sS^.-^aSW 

it is vital to the future of the Peter ^ 


electronics equipment industry Director and General Manager, 
in Britain that it has direct and Tednnsraph and Telegnqto, 
immediate access Jo toe most Eosthompsteod Road. 
advanced IC technoiogy and BraeftneU, Berks. 

products and this, by and large. 

the foreign-owned semiconductor 


creating a “disaster" the I 
department appearance of a chartered 

This brings us to the crunch engineer in toe witness box) 
question of how much editorial explaining the “defendant’s 
judgment and selective derisions case might be a great deal more 
it is reasonable to put on the reassuring and helpful than lay 
shoulders of production staff — no matter how intelligent— 
properly selected for their conjecture. And at the very least 


the foreign-owneu semituuuMvi.u* rpT j ■ p oeiccicu cmi-Kfcmre. abo at me very 

companies have not always been J[^ y C0VCF32G OI artistic * oeative and te r jmi cal such an appearance would ehow 
disposed to provide. . ° abilities— in the absence of clear a • firm link between account- 

chemicals 


Tbe new British Government phpiYliPSlIC and agreed guidelines on what ability and skiti! 

strategy should therefore— in our is or is not “fair" and In the , w =i <r . n 

v ; ew — be entirely welcomed. From the Director-General, best interests of society rather ' ■ "■ 

Although success in terms of Chemical Industries Association, than simply good entertainment. Oakwood, 34, Chestnut Avenue, \ 
market penetration and profit- Sir, — ^The police are not Before toe White Paper on Chorleywood, Herts, 



/ 


1 






Itnaidal 


COMPANY NEWS + COMMENT 


Acrow keeps up momentum to top £13m 


CONTINUING THE progress made * 

in the first half, pre-tax profits of TVT VI TIP NTH 

.. Acrow, engineers, increased by -“-tI t 11/LliJL/i. 

■ £l-.13m to £7.SSm in the second 

half of Lhe year to March 5!, ‘ Current 

1978. and left the full year figure _ paymei 

£2 -41 in ahead ar £13.14m. Yeoman Inv. Trust ...int 3$ 

At the interim stage when Acrow 1.18 

profits were up from £4.0lm to W. Canning ...int. 1.55 

£,1.3 m rhe directors said that a Chloride ■■■- 3rd int.fi 0.06 

.record year for sales and profits City of London Brewery 0-96 

‘was well In sight. In the event Coghlans 12J) 

sales rose from £112j!itn to Dixons Photo. 1.51 

£147,22m. I*. H. Downing ...3rd inL 0.1" 

Stated yearly earnings per 25p English and NY int. 125 

’ share improved from B.Oop .to Gnome Photo 2.84 

!1.37p and the dividend is RFD Group *. 0.99 

increased from 2-26fi025p to VVm. SommervfUe 2.25 

2.53Q3R3p with a final of 1.155S85p Somportex 3.77 

net. A scrip issue on the basis Dividends shown pence per sha 
of one non voting A ordinary e Equivalent alter allowii 
share for every 10 ordinary or **A increased by rights and/or acqt 
non-voting is also proposed. with final. § Total of 3.935 p To 
Tax for the year took £B.a3m to charxge j n ACT. 

• (£5.61 mi and this time there were 
extraordinary debits or £0.79m. 

After minorities of £92374 

(£12,0331 the attributable balance II/ j 

- advanced from £5.Ilm to £5. 73m. VV . t .Hn VII Til 


DIVIDENDS ANNOUNCED 

Date Corrc" Total 


of sponding 

for 

last 

payment 

dir. • 

year 

year 

Sept. 15 

2.64 

— 

7-39 

. — 

1.02 

2^3 

227 

Dec. 1 


-s 

3fi3 

— 

0.D5G 

52 

4.65 

Aug. 31 

083 

2.76 

2.4 


12a 

125 

12.0 



1,14 

2.42 

2.16 

Oct. 2 

0.16 

U49 

10.33 

Oct 3 

1.05 

— 

2.6. 

Oct. 6 

2zA 

284 

2.54 

Sepl. 18 

0.BS 

1.6 

1.43 

Sept. 22 

2 . i 

2.73 

2.5 

Sept. 15 

3as 

3.77 

ZJ3S 


retaining the identity of the 
underlying Investments. 

The initial contributions to the 
fund wfll amount to £730.000 apd 
the fund is expected to Increase 
by about £2.3m in its first year of 
operation. - 


RFD goes 
ahead in 
second half 


Dividends shown pence per share net excepr where otherwise stated. 

9 Equivalent after allowing for scrip issue, t On capital 
increased by rights and/or acquisition issues. JTo reduce disparity, 
with final, § Total of 3.935p forecast 11 Compensating dividend due 
to change in ACT. 


- 

1977-78 

IB76-7T 

Himavnr 

H7.22i SU1 


Profit before ux 

13.191J3* 

10,729 JfM 

Tax 

b.120.578 

jbOT.lW 

Ertraord. dehit < . . 

7S7.-IIU 

12X35 

Mlnonir prafit 

■K,'I74 

I2.W3 

AiirlbuuWL- . . 

3.73I.SM 

j.lW.ISl 

rn-Tmihi' di\ 

I7.TJ-, 

17.323 

I'rdinary interim 

ish.si; 

:on.-j34 

Tinal 

fififl 914 

ill.tCM 

^dlUKUTIt nt 1H7K-I* 

*1.140 

— 

Ri-iairr.-d . . 

4.J37 9KJ 



W. Canning 
still sees 
good year 


Mr. W. A. da Vizier, chairman, 
reports that exports continue to 
grow and in the year under 
review amounted In £87.100,000 
— R2.B2 per cent nf the turnover 
of UK companies, ao increase of 
2S.65 per rent. 

This year, the company is wel- 
coming to the L'K over l.oofl dele- 
gates from 82 countries to the 
197S Acrow World Convention. 
This w ill stimulate further future 
export business, adds Mr. da 
■Vigter. 

All Acrow companies are fully 
set on expansion programmes and 
in continuing to modernise and 
extend rapacity. 'Research in the 
Acrow R and D Centres continues 
to provide back-up Tor all aspects 
- of the business with special 
emphasis on the improvement or 
.existing and the development of 
new products, 


PROFITS BEFORE tax of 
W. Canning fell slightly from 
£751,000 to £717.000 in the first 
half of 197S but the directors are 
Mill confident that results for the 
year will be satisfactory. 

The interim dividend Is stepped 
up from IAp to 1.65p and a total 
for the year of 3£35p is expected. 
Last year's total was 3.520 p from 
pre-tax profits of £I.54m. 

Earnings per 25p share for the 
first hair are given as 4.7p against 
3.3p. 


placed through the market at 
61 5/32 p per share nil paid. The 
rights was on a one-for-four basis 
at 94p per share to raise £Q,64m. 

The directors concerned are 
Mr. R. King (50-556 shares), Mr. 
P. R."' King (76.930 shares), Mr. 
IV. J. Hayden (15.069 shares) and 
Mr. M. R. King (80.980 shares). In 
addition the trustees of certain 
trusts in which the directors are 
not beneficially interested have 
sold their respective entitlements 
to an aggregate of 209.667 new 
shares. 


FOR THE year ended. March 31, 

1978, the RFD Group reports a 9 
per cent rise to £3.45m in pre-tax 
profits, with almost the entire 
increase coming in the second 
half. 

The directors point out that the 
growth rate was down on the last 
twu years because of the 
slackening of inflation and the 
strengthening of sterling, which 
reduced the apparently favourable 
effects of profits on stocks and 
overseas trading. There was also 
a downturn of nearly £300,000 in 
Holland. 1 


The group makes infla tables 
roducts. military software and 


Halma has 
to cut 


final 


• comment 


.Acrow's profit growth continues 
apace. Pre-tax profils art* 22J per 

■ cent hishcr on fhe back of a one- 
. fifth rise in turnover. To put 
■■ this performance in per.speclive. 

■ Acrow made profits of £2.7m in 
' 1973 and could make £l5m-£lRni 

in the current year. Given that 
its home market is stagnant (and 
is declining in real terms), world 
trade is fiat and the rise in 
sterling could he expected to bite 
into export margins. Arrow's re- 
cent performance is impressive. 
Last year it increased its exports 
by 29 per 'cent and they now 
account for around two-thirds of 
sides, against just a third five 
years ago. The company chair- 
.pian. Mr. Bill de Vigier, gives few 
clues to his company's success, 
! save to say that "we hustle a 
little bit harder." 


Helped by the completion or 
Reddish factory which will 


Reddish factory which will 
l-’ost container output from 8.000 
M'T annum to 12.000. this side 
•if the business has done 
v— r*mionaIly well as have exports 
'■ n-:rieu IlitraJ equipment. Mean- 
■y.lvle the important crane opera- 
tion*. ijust under half total turn- 
o-ert and Thomas Storey (pre- 
. fabricated bridges) continue to 
perform well. The “A" shares 
closed unchanged at f)4p last night 
where they are selling on eight 
.times earnings. Although the 
company's growth record shows 
..little sign of faltering Lhe main 
drawback is the non-enfranchise- 
ment of the shares. 


Sail* lr.wr li.sis 

Trad inn profit ; S14 SIR 

IrtU'JWl 97 68 

Profit before lax 717 751 

Tax 301 391 

Mlnonnes 4 — 

Extraordinary items ... :,s 2 

ALtnhutabln 570 3IS2 

Results reflect the low level of 
business activity in the UK and 
consequently materials activity 
got off to a slow start the direc- 
tors say. Exports, however, con- 
tinued to improve. 

The incidence of the comple- 
tion of engineering and effluent 
control contracts also affected 
profitability at the half year. 

Two new acquisitions — Copal 
Foundries and Hird-Brown 
acquired respect ively on Decem- 
ber 30. 1977. and April 4, 1978 — 
provided a contribution for the 
first time. After financing costs 
this amounted to £144,000 on a 
turnover of UJm. 

Due to the incidence of capital 
expenditure the tax charge for the 
half year is not necessarily repre- 
sentative of the charge which the 
company will incur on its full 
year trading, the directors explain. 

Referring to the recent pur- 
chase of assets, being mainly 
plant, machinery and stock, from 
the receiver of John Betts and 
Rons, the directors say the assets 
will be used to facilitate entry 
into the precious metal recovery 
industry and for this purpose, a 
new subsidiary company has been 
formed— John Betts Refiners. 


Mr. David Barber, the chairman 
of Raima, manufacturer of indus- 
trial safety systems, etc., said at 

the AGM it was disappointing that 
the directors were not free to 
implement' the doubled dividend, 
proposed In June, with a final 
payment of 1.398p. 

Under Government legislation, 
he said that the maximum- 
allowed final amount payable was 
now 0.2786p net per share, making 
a total of 1.3986p (1.259p) for the 
March 31. 1978. year. 

The chairman added that it was 
the directors intention to seek 
alternative means to increase Lhe 
dividend income of shareholders. 

.And he said he believed that 
the concession, permitting divi- 
dend increases to be in line with 
higher profits, were welcome and 
should be relevant when the 
directors review the dividend 
policy for the 1S7&79 year. 

As known pre-tax profits for 
the March 31. 1978, year advanced 
from £560,758 to a record 
£843,696: Mr. Barber revealed that 
profits for the first quarter of the 
current year were ahead of the 
same period last year. He said 
he was confident that profits for 
the first half would be a further 
improvement on last years record 
figures. 


products, military software and 
industrial safety equipment, and 
specialist textiles. On the 
inflatable^ products side there 
was a £200,000 profit downturn, 
but this was more -than offset by 
a £440,000 lift from military 
software and industrial safely 
equipment. 

Earnings for 1977 r 78 are shown 
at 17.3p (10.7p) per lOp share. 
The final dividend is 0.9959p for 
a net total of lii958p (1.4304p). 

The revised accounting policy 
for deferred tax together with 
the trading results has lifted 
dividend cover to 10.8 times (7.5) 
and the assets per ordinary share 
to Tip (5sp). 



Can lung tW.). 

CTty nf London PWY 


■ CogWans 

Dhcons .Photo ... 
Elliott (B.) 

English and NcwYortc 
Equity and law •• 
Eva Industries 
Gnome Photo 


Z Knott Mill » 

S. Mining Newt - 
S Off and Assuflated 

8 Property Parjwtlili 

JL jGrewp'1 ±- 

5 Scottish Amk >le 

8- - Slaw Carpets 

3 Somme nolle ( fm) 

4 . Warner HolMa i 

6 Yeoman Try** ' 


3I _ 

ips Z0“^ 
; 20 ^ 

“ 20^ 

,, XL-,. 

..2r>7 

? 21“ 

• -21 


Dixons Photo 




Freddie tom lieu 

Mr. Stanley Kalins, chairman of' Dixons Photographic. :' 


B. Elliott strengthens 
balance sheet 


■107MB im-17 
MOO MOD 


Turnover 18, 745 IS. SIR 

Infla tables 7.879 7.043 

Military and safety 5.883 4.489 

Specialist textiles 5.184 4.438 

Trading profit ..... S-383 3-1M 

Inflatablos - in 1.187 

M Hilary and ra lets' 1.588 1J46 

Specialist textiles — .. S24 7B0 

Interest receivable :. — «S 56 

Profit before tax 3JSL 3459 

U.K in *1.164 i.ew 

Overseas tax credit — 38 tss 

Net profit 2,3. □ 1.468 

Minority 3 — 

Exchange gains — 17 44 

CoOrttfUi W*0 51 — 

Attributable 2.336 ■ 1.512 

Preference dividends 4 4 

n rdf nary dividends 217 195 

Retained ... 2.113 1,013 


5.8S3 4.489 


3483 3483 

871 1467 


1.588 1446 

824 780 


•1.164 1.660 

38 tSS 


2,375 1.468 

S — 

17 44 

51 — 

2.336 . 1.512 


2415 1,013 


1 Reduced "foUowtna ED 19. t Dcbu. 

i comment 


Property 

Partnerships 


Equity & Law 
new fund 


The directors and other share- 
holders of Property Partnerships 
have decided not to take up their 
entitlement to about 62.3 per cent 
of the new shares offered by way 
of rights on Monday. 

Their entitlement of 442.202 new 
ordinary share has. instead, been 


Equity and Law (Managed 
Funds), the investment manage- 
ment subsidiary of Equity and 
Law Life Assurance Society, has 
launched a fixed interest fund to 
supplement its existing property 
and mixed funds previously avail- 
able. 

The company offers investment 
management services to pension 
schemes on the united principle, 
enabling trustees to have profes- 
sional management while still 


RFD's lack-lustre performance in 
the first six months has been 
followed by a 17 per cent profits 
rise in the second half, and the 
shares closed 31p higher at 74p. 
However, the outcome for the 
year still reflects a slowdown in 
the growth rate seen over the 
previous two periods, mainly 
because of the recession in the 
shipping industry which has hit 
the demand for life rafts. Here, 
volume sales are around 15 per 
cent lower and the profits con- 
tribution from the inflatable pro- 
ducts division dropped from 
.17 per cent to 29 per cent of total. 
With little support . from the 
smaller specialist textile division, 
RFD had to depend for Its growth 
on such products as military 
training aids (simulators, etc) and 


Industrial safety equipment where 
profits jumped by 39 per cent. 
This appears to be the only area 
at present which shows any 
growth potential. There are 
plans to shift the emphasis In the 
inflatable products division from 
marine applications (two thirds 
of profits) to aero and leisure, but 
this will take time to be effective. 
Meanwhile, the shares are on a 
p/e of 42 while the yield of 
3.3 per cent is covered almost II 
times. 


The balance sheet at B. Elliott 
and Company has been 
strengthened once again— bor- 
rowings represent only 20 per 
cent of shareholders' funds and 
cash' flow continues . to be. very 
satisfactory, Mr. F. M. Russell, the 
chairman, rays in his annual re- 
port 

However the group is currently 
Involved in a major development 
programme In the manufacturing 
plant? which will absorb about 
£5m over the next two years, the 
chairman says. 

For the year ended March 31, 
1978, profits before tax rose from 
£4. 3m to £5.6 m on turnover of 
£7*L33jm against £57.1 am. Tbe 
dividend is 5.325Sp <4.772p). 

Profit under CCA is reduced to 
£4.06m (£2- 63 ml after deprecia- 
tion, £480.000 (£425,000), cost of 
sales, fl.Tara (£2. 05m) and gear- 
ing. £690.000 (£800,000). 

The . machine tool manufac- 
turing division, of 1 which the 
Newall companies now form part, 
had a good year with few excep- 
tions the chairman, says. Butler 
and Nfewall Engineering were the 
major successes, the Butler 
profits being the highest of any 
unit for the second year running. 

Keighley Grinders and Snow 
also did well. Directors expect to 
invest some £3m over* the nest 
18 months on improvements and 
extension to the productive re- 
sources of this division, including 
a major development at the 
Peterborough works of Newall 
Engineering. 

In this division orders books 
generally are sound and the 
current financial year started with 
a substantial proportion of produc- 
tive capacity forward sold. 

The machine tool merchanting 
division produced an excellent 
performance. Once again the 
major contributors were Gate, 
Elgar and P.M.T., but two smaller 
companies. E.M. Equipment and 
Acton, had substantial increases 
in sales and profits. 


-tary dividend of 0-02SSp pet 25p 
share which is the further allow- 
able Increase in the final for .the 
year to September. SO, 1977. 

. Tbe dividend is payable" on 
September 29 as an addition . to 
tiie interim dividend, of 0.99825p 
net for the current year. 


Gnome up 
£54,000 


over year 


A SECOND half profit of £152402 
against £103,610 lifted pre-tax 
profit of Gnome Photographic 
Products from £252,114.to a peak 
£305, 796 . for the fuH May 31, 1978. 
year. Turnover was ahead at 
£1.41m compared with £U4m. - 

Stated earnings per lOp share 
are 5.740p (4J385p) and the^single 
dividend payment for the year 
is stepped up from 2.54ip to 
ZS375p net 

Pre-tax profit figure included 
interest and dividends received of 
£55451 against £76,036 but was 
subject to tax of £16M03 
(£129,412). Net profit emerged 
at £144,393 (£122.702) and was 
boosted by an extraordinary credit 
for the period of £9,720; last time 
there was ah extraordinary debit 
of £2,078. ■ . •" 


RECORD turnover of £t92-97m 
against nsSBm and 'profits 'before 

tax up from £8.73m to a peak 
£fc52m 'are reported by Dixons 
Photographic for the year ended 
Apri l 39 ,1078. • - 

- With first half profits showing 

an improvement from £4.4fim to 
£4.77m, the directors were expect- 
ing that the final results would 
.show satisfactory growth. ■ ■ ' 

- ■ Earnings per 10p share are 
shown at 22Ap (21.4P) for the year 
and a. final divi dend of Uiip 
makes a total of 2.4175p‘ compared 
with -2 J6ap previously. - 

: Year 

1S7T-T& 1976-77 

£980 £000 

Turnovert — ~ 1$** MB.WS 

Fnjcesatac ^'52 eMS! 

Pharmaceutical H'S? 

jaanutacturins L*g J’jig 

Tillered, sales J®* 

. processing 5®3 - _ 

-' Pharmaceutical ...... LOW 1.M8 

Manufacturing 

Overseas .... 3-®® ^ 

Overseas 

Net profit — M® 7l92 ? 

Minorities — — •— 

Exchange gain S2 

Off goocSxrffl — «« Sa 

DfvUenda — •' *®2 »SS 

Retained — 8483 6M7 

tBxchuUng VAT. 

The directors also announce 
-the acquisition of Branded Goods 
Wholesale (Stoke-on-Trent) and 
its subsidiary D.W3. (Enterprise 
Marketing). 

The consideration of £650,000 
will he satisfied by the issue of 
437^416 ordinary shares in 
Dixons ranking parr- passu with 
the ptris ft in g Dixons ordinary ex- 
. cept that they will not rank for 
dividends in 1977-78; 

Application trill be made to the 
Stock Exchange for the considera- 
tion shares to be admitted. 

Branded Goods distributes a 
wide range of chemists’ merchan- 
dise. It has recently established 
a voluntary retail trading associa- 
tion In the Midlands whose mem- 
bers trade under the “Enter- 
prise " symbol. Pre-tax profits for 
1978-77 were £84j377,'and turn- 


over, £3 Am. / Net assets . •*19- 
amount to nq less than.fi; , a?,.. ' 
aeXiex' 


. I 

Vvsitee 

atwL^ 


Sommervill^ 


\ 


>VTTH TURJ 
£4^6m to £5. 
Of WllUam Sc 
paper maker, 
£160,496 to £ 
to May 31. 19 
Earnings r 
given at 22i 
final dh-idend 
2.75p <2fip) t 
' After tax C 
the net balan 
to £148,^2. 


OVER up tram. '- : 
Jm, pre-tax proBta : 1 1 
HSf«vIUe and Sett - : ; , 
iurged ahead fniBi - 
4.005 in 'the y^r ;: ; 


E 25p share arkf i 
ClL4p) and jhai:', 
s ,225p net for *- ( | 


£165,413 (£85,042)- 
Mbse from £7^454 


£19,^48 
loss ;t 


Cog] 


THE DIRECTS 
bright steel a 
manufacturer, 
from a £306; 
tax Loss of £1 
31. 1978, yes 
slightly to £5 

At the inte 
revealed a ' 
from a £19( 
£35.938 loss. 

No earning: 
pared with 19! 
time but the 
tained at 12J3! 

Loss Was st 
of £59.286 (£ 
credit of £21,! 
of £4376 the 
for the year 


)RS of Coghlans, 
id hot Trolled bars 
report a turnround 
3 profit to a pre- 
,448 -for the March. 

on turnover up 
Dm against £5.5ftn. 
fm stage Coghlans 
B323H turnround 
033. profit .to a 




I are stated, com---, 
b per £1 share last 

dividend is main, 
ftp net . ; ' . 
fuck after -lpterest 
L179). With u tax 
1 against a dbarge 
! was a net profit 
F £2,053 (£301357), 


. *1 * r 

f !! 1 i • 


Scottish Amicable new 
premiums increase 


BARING BRO& 
DOWN AT / 
SIX MONTHS 


LOOKERS 


Following tbe reduction m the 
rate of ACT, the' directors of 
Lookers announce a supplemen- 


Tbe directors'' of Baring 
Brothers and Co. announce that 
the unaudited results for the six 
months to June 30, 1978 indicate 
that the profits for this period 
were at a lower level than those 
for the corresponding period in 
1977. 


Fodens Limited 

Statement by the Chairman,Mr.L.J.Tol!ey,C.B.E. 


BIDS AND DEALS 


Results for the year 

Our turnover increased to £52,735,000 
and our pre tax profits to £2,844,000. 
These results are considered satisfactory 
and confirm our continued growth and 
our ability to make profits when 
demand is only ordinary, which augurs 
well for times of high demand Exports, 
particularly to the Middle East, made an 
improved contribution to these results. 


'mainly on price and credit terms and is 
difficult to combat while UK interest 
rates are so high. 


BICC buys Wigan offshoot 


Dividends 

We are oleasod that our results enable us 
to take full advantage of permissions 
previously obtained to raise the 
ordinary dividend to 5p gross. This we 
hope will no some way in rewarding 
shareholders lor their loyalty and 
understanding. Preference shareholders 
will he paid the dividend of 10o net in 
i to: or da no. 1 with tho terms ol issue. 


Personnel 

Slow exports and impending model 
changes have made planning and 
production somewhat difficult recently 
with extra burdens from seemingly 
never ending changes being placed upon 
our managers and all employees. That 
they understand and continue to 
respond reflects great credit upon them, 
and our information and consultation 
arrangements, and we very much 
appreciate all their efforts. Sales 
personnel have worked hard and long to 
maintain a good order book in difficult 
markets and are gradually succeeding. 


BY DOBSON PARK 

Agreement has been reached 
for BICC to buy from Dobson 
Park Industries, the share capital 
of Heyes and Co. of Wigan, 
makers of - flameproof electrical 
equipment and lighting. 

The consideration ■ (payable in 
cash) will depend on the audited 
value of the assets of Heyes and 
Co but it not expected to exceed 
£400.000. 

Heyes will become part of 
BICC Components, whose product 
range Includes cable terminations 
and cable support systems, sold 
extensively to the oil and petro- 
chemical industry, where Heyes 
presently finds Its main outlets. 

BICC intends to improve the 
Heyes manufacturing facilities 
and to expand its activities into 
broader product and market areas. 


(UK) which holds 23 per cent of 
the shares. 


Financial Resources 

Thcsn have been reinforced by d £5m 
Medium Term Loan from our bankers, 
with normal ovnrdra It facilities 
continuing. Inflation of course continues 
to erode these resources and we shall 
need to increase our financial strengths 
further in the not too distant future. 


Current Activity 

Tne t_’ S marKei continues, to be fairly 
buo\ ant L>u* exports are slow due to 
demand hesitation in our mam 
markets - the Middle Eas: and Africa. 
We also have a gap in deliveries of 
specialised vehicles but supplies against 
new contracts will start later this year. 
The UK narkei is Tremendously 
competitive at present with European 
manufacturers making further 
penetrations to offset their own poor 
home markets. This competition is 


Future Prospects 

The first half of this year will reflect the 
slowness of exports and the gap in 
specialised vehicle deliveries rather than 
Dur hopes for the year as a whole. The 
second half should be good, and we 
expect our performance for the year to 
be reasonable, it should however be a 
year of consolidation following two 
years of fairly rapid recovery. New 
models are being introduced, our 
export organisation strengthened, and 
bv the end of the year we should be all 
set for further growth in 1979/80 and 
beyond. 


W. J. PYKE TO 
STAY LISTED 


ADWEST -FRENCH 
PURCHASE 

Ad west Group has acquired 80 
per cent of the capital or Ancient; 
Etablisse merits Bowden SA, a 
privately owned company, in 
France. The price is Equivalent 
to £298.0 00 w hich values the com- 
pany at £373.000. 

Bowden had net assets of 
£235,000 at end 1977 and turnover 
and pre-tax profits of £L13m and 
£103.000. respectively for the 12 
months ended on that date. 

Bowden has long standing asso- 
ciations with Ad west's wholly 
owned subsidiary. Bowden Con- 
trols in LlanellL Both, companies 
manufacture mechanical flexible 
linear controls. 


assets acquired was £133.188. The 
name is being changed to Cowles 
of Barnsley. 

Appleyard is 'an Austin/Morris 
distributor and a Jaguar /Daimler 
main dealer, it is many years 
since Cowie bad links with any 
of the Ley I and companies and it 
now looks forward to expanding 
and strengthening these renewed 
ties. 


RECORD NEW Ufe business dur- up tn the js 
ing the first half of this year Is a dull first t\ 
reported -by Scottish. Amicable The latest 
Ufe Assurance Society, with new Society’s s 
annual premiums In the UK ris~ ; Amicable ft 
big by 23 per .cent to £7 An. showed that 

Much of the growth came from £54m at the « 
the company's individual pension portfolio splii 
scheme for directors and execu- other fixed 
tives superannuation, where new cent), UK equ 
annual premiums jumped by 61 overseas equi 
per cent to £L3m. . and property 

Group life and pensions bust- The xnanaf 
ness resumed its growth trend market contin 
following- the introduction of the cheap and ad 
new State -pension scheme in invested posit 
April, with new annual pre mi u m s 
being 16 per cent higher at nearly • 

£2m. This latter figure ..does not 012 111 

include- contributions to . the , ° _ 

Society's managed fund sub- ||| 

The ' company’s self-employed t r _____ 

pension scheme, Flexf pension, JVIT126 

also proved to be popular with ** 

investors with annual premiums In line with 
at £L9m only slightly lower than In gold and 
the corresponding period in 1977 with the dolla 
when. - ' sales were extremely in July were 
buoyant in a doll market the previous 

However the number of con- The Internal 
tracts sold was slightly up on the tion said in Ji 
period. On individual life business, day that sal« 
contracts, connected with bouse 388459, comm 
mortgage repayment showed a Jnne and 313.C 
considerable increase this year On the . Lc 
and rales - of the company’s night Kruger 
flexible, endowment .were picking middle price < 


iond quarter after . 
aider. 

report from the * 
jsidlary, Seot&fc 
sions Investments, 
he fund stood at 
d of June with Its', - 
between Gilts- apd' 
nterest (295 pep- 
ies (48.6 per centim- 
es (78 per cent! ' 
I0.fi per cent). ■ 
rs febl the UK - 
es to he relatively 
> cates a fairfy fuE* 




rease 
i of 
rands 


In line with 


he current interetf .r 
{rowing disillusion.; 

. Krugerrand sales 
57 per cent up oo..-.- 
tonth. 

onal Gold Corpora- . 
hannesburg yestea-.r 
i in July totalled 
■ed with 232265 
0 In July last yran ri 
idon.' market not. . 
tnds dosed • at . a 1=.- 
' 8226}. • \i V? 


LAKE & ELLIOT 
DISPOSAL 



m 

• 

M 


fc . J > 


in 

SI 


7# 


Lake and Elliot has sold its sub- 
sidiary. Edmund Vaughan 
(Stampings). The deal involved 
EVS issuing £243,560 unsecured 
loan stock to L and E, thereby dis- 
charging its overdraft. L and E 
then sold the loan stock with the 


share capital of EVS for a total 
of £150.000 on the basis that the 


FDDEN 

the truckmakers 


tS77/7B\ 


Fodens Limited. Elwonh Works. Sandbach. Cheshire CW11 9HZ 
Phone. Sandbach 3244 ilB lines) Telex: 36163 

London Soles Office. 10 Hanover Street, London, wi Phone: 01-499 5932 


The offer document from 
Rrown Shipley and Co., on behalf 
or Mr. David Thompson foe the 
61.3 per cent of W. J. pyre he 
does nor already own does nothing 
to dispell any of the unusual 
Tactors in the case. 

The document does confirm that 
Mr. Thompson used to own the 
meat' company B. Thompson 
which was taken over by 
J. B. Eastwood, and lhat he is 
chairman and major shareholder 
in Uniflex Holdings, the Turniture 
group. 

It also confirms Mr. Thompson's 
earlier statement that he bought 
the 37.3 per cent Pyke family 
stake which triggered off the bid 
only as an investmenL ffe. now 
adds ' that he has “no present 

intention either to seek repre- 
sentation on the board of Fyke 
or to inrolve himself in any 
aspects of its day-to-day manage- 
ment." 

Furthermore, Mr. Thompson 
says that he intends to keep 
Pyke's listing as a public com- 
pany. If the offer is successful 
he will place in tho market 
sufficient shares to ensure that 
the listing is maintained. 

■ The offer, which win hot b6 
Increased, according to the docu- 
ment, is pitched at 30p. ThLs 
« the price Mr. Thompson paid 
the Pyke family for Its shares, 
although that deal did involve 
his taking on the responsibility 
for guaranteeing a £130.000 bank 
facility for the company. 

Yesterday in the market tbe 
shares remained at 45p. So far 
there does not appear to have 
been any move from the other 
major shareholder, Cyril Hurvitz 


PARKLAND TEXTILE 

Parkland Textile (Hold lugs) has 
reported to the- Stock- -Exchange 
that the number of “A" ordinary 
shares shown to be- owned by a 
director, Mr. J. A. J. Hanson, in 
the 1977 accounts was overstated 
by 22300. The Exchange released 
yesterday details' of Mr. Hanson's 
dealings reaching back. as long ago 
as January 1977. 

Mr. Hanson said yesterday that 
he had no comment to make at 
the moment on why the ‘dealings 
were being reported so late or 
why the figure In the 1977 
accounts was Incorrect, 

The details of Mr. Hanson's 
dealings are 'as follows: on Decem- 
ber 8, 1977. bought 2,500 ordinary 
shares at 73jp; on December 6, 
1977, 5,000 at 75! p; and on 

February 21. 197S, 2300 at 71p. 

On January 20. 1977, he sold 
5.000 “A" ordinary shares at 27p, 
on February 3 2,500 at 3lp, on 
December 6 5,000 at 70p, on 
December S 2,500 at 69p and on 
February 21, 1B7S, 2,300 at 65p. 
On June 7, 197S. he bought 5300 
“A” ordinary at 77ip. 


of £150.000 on the basis that the 
net assets .of EVS at the end. of 1 
July would not amount to less , 
than F 35,000. If they are less the 
price will be reduced accordingly, i 
EVS has been trading at a loss' 
over the last 12 months. 1 


If you have £5,000 or more to invent for a fixed ' 
period of 3 months or longer, telephone our ’ 1 
Treasury Department on. 01-623 41tt 1 or 
01-623 6744 for up-to-the-mlnute'cpmpetitive 
interest rates. Interest is paid without 
deduction of tax at source. ’ 




AMALGAMATED 

STORES 

The freehold Interest • In 
Lyntonia House. -Praed Street, W2, 
has been acquired by Amal- 
gamated Stores for £138549 cash. 

It has also 1 acquired a head 
leasehold interest in 147/153. 
Kings Road, Chelsea, SW3, for 
£180,000 cash, and- contracted to 
sell Its head leasehold Interest in 
Hans House, Hans Street, SWl, 
for £325,000. 


North Central 



Limited" . 

Bankers 


Treasury DepL, 31 Lombard St, London EC3V9BD. Telex: 864935. 


BASS CHARRINGTON 


J. A. DEVENISH 

J. A. Devcnfsb has received 
acoe prances in respect of 99 per 
cent of the capital Of Greenbank 
Hotel Company ’ (Falmouth). The 
offer has become unconditional 
and remains open. 


Hedges and Butler and Tennent 
Caledonian Breweries, both - Bins 
Charrfngton subsidiaries, are to 
combine their wine and spirit sell- 
ing organisations In Scotland. 

They will operate under the 
name of J. G. Thompson, an old 
established wine and spirit com- 
pany based in Scotland. 



ASSOCIATES DEALS 


COWIE PURCHASE 

T. Cowie has completed tbe 
purchase of Appleyard of Barns- 
ley* from the Appleyard Group, 
for £170.000 cash. At December 
31, 1R77, the net book value of the 


On. August 1. Hill Samuel 
bought for a discretionary invest- 
ment client 9.000 T.' Tilting at 
132p, 

Cazenove sold 150.000 Moonslde 
Trust at I05p on- behalf of ao 
associate of Moorside. 

J. Henry Schroder Wagg sold 
■17,500 Imperial . Group, at 82 Ip on 
behalf of associates, and pur- 
chased 25.000 at 83p -also on 
behalf of associates. 


U.S.$50,000,000 . 

Hapoalim International N.V. 

Guaranteed Floating Rate Notes 19S3 


For the six months'- 

' S/8/7S to 5/2/79 “ ' ; . '. v *■ 

The Notes krill- carry an . .-/• 

- interest rate of Per annum • V ' • . ; - ;V- 

Coupon Value 8474.89 . ; 

- Listed on the The Stock Exchange, London. • : 

Agent iBank— National Westminster' Bnnk Unvi t ^. London- l ; a" 


I 




- / 




X:ms 



[•ALLIED SELLS THF STAK 



21 



will never 
see the like again 


DIVEff^Jb'lftiU ifa£ar& apt 


bv 


BY KENNETH GOODINGS 

AMERiCA^IVEKSiFnm ri*tur& approval, by the Nwr'Ycrt: Stato .»lf*«nii*tulatMy state- up Ufa first milk bar in 1936, Grade and Bernard DeUont, now 

^w*rc^ ;.. grcrajv-: Anas' hasPuSS Serrtce-Geinnifssiraa^to and J"* 0 h »s helped to give Lord Grade and Lord Delfont 

arMnged a - 98M&'>' "(&58m) some' respects by "•' Bokum Foundation H h U5 w P°P ular catering in this country He won both battles. Early in 

■ 8?°^”^^: » of . Resources-' fibarebobtera. 5w to the fSS£j 1 wthSEw% Sh , lts r * put j ,tl0n . was soon at 1972 Lord Crowther. bis main 

to be M gSxrSyJSSra agreement, Bokum wfl) supply by an annual grant from Rossing between the twohave been bttter *,JP ,“ an ^ g out , of **« chairmanship to be 

the ^"g-Isfand Lighting. with^m lbs amounting to 2; per cent of afi b^fmtxSL ** $ES 1 h *"**$*!* ? e replaced by another of Sir 

EagJe ButteminMbl Stanj^n‘ of " 11781111011 coucehtratefe in the dividends distributed .to share- And. iStimueh the hid from K? 4 “fti* 0 ^mps— those for Charles* friends. Lord Thorney- 

Coroty w ™ Wipd 198fi to-mr .-Tbis is in holders after tut. or such greater £ jfS S&y in S?l Forte fnd those for Pickard, who croft Lord Crowther died soon 

&£« -r jlw «».;s&*ss ^.ervaM SSS^™»Sias»“ 

f* he «!d^ tS*cm^yl TJfthp RivPr^S: ^dMSa «£?!&£!?£ wbeathe S£ t^gover ff gSLff gSffijf V* ■ are mmy g b gf" gs .S*S 

domestic, expansion- - 1 {nmxamme KOwt Ixl V CITS immediate .-eS : of B50JW0 code was in its infancy. • Board meeting after he believe a merger between THF 

which' • Includes farther- • develop- Vi ■ — - v ‘ ‘ - *" - 




ww n y ij m 1 1 1 1 ii i m - « _ , . t w — — - — »• ■ - u - - - w * — ■■ ■> ■■ ■■ 

As a- tide " of Boardroom had been _ criticised in a Depart- and Allied would have been 


Se 


'iii, 


............ ..... immediate 

.,. . - ■/-.*■ * , r ■ ■ _ ..' (£30,000}.* ' The foondation's broad ™ ■ «* uuc vi wuuiuuiu — -, • _ --— — - — «■ — — »— --—— — ■—■ - »»»« 

ment of 'the Eagle Butfe mine. * C^APlmtip Hnnl aims. -will be to ^irirther the in trigae.- personality clashes and ment -J 2 V, ra ^ 1 .. report Mt Potentially disastrous. In par- 

The financing wflibear interest MuVBjpW . Ur*** practical educated-, of * young the use' of big' mo ney as a connected with THF. titular It would have made severe 

at a floating rate and- fa expected TB& At 3 S 3 ?tAliiAN Oiffs -Kobe P^te, increase understanding bludgeon, the Allied-THF saga The dispute dragged on and demands on Allied s management 
to be dfecWgad in. 10 year*, ^ltiver^ Iron ^ore-nartnCTBffib^ '• will amon S races- . aafl' . create of has scarcely been equalled. then Allied made its move. An resources and the debt position 

Citibank of NeL .Y&ft.as acem now 'htf &hVto'^traw'from its p QCO H r * 5 e opportunities to use It wds at 215 - pmon October **t of corporate hijacking" was of the combined group would 

bank, will leadrvh^^ Bn r.^ Hpy -' JaptmeSfrfir TW^ --atomeuile of “?S?d®S*e and iddllte. . _ ■ __ IS 1^71 that three Allied direc- .tiie way_ one critic described it. have been unwholesome. 

La ^*.y e a r coal sales of Anrax'irtm'we- diets' to . . 

n»e 115 per cent trf SSBf.fai and fenn" needs of. trtiier : bayerfe. 

total coal productituf ^ . . - - lT?v ‘ 

cent up , at 
ea nn ngfi were advetwAr 

oarfctm-Uic j™«*v irtraBecs xaia yeBir Foundation — - MSnf caairman ui iw at he jomea me rest of the THF fiartUy be room in one organisa- 

S a?a Wte5Sek%oa‘ the tune; and said they had come Board' for a while in rejecting tion, however large, fo? two 

v**™** 1 * of yA^sanr: f£ 2 L 8 m) for »iw. . .. to negotiate a merger. the offer. family dynasties. 

rnSSrer fe V- ' :izS' .It- was an auctions move. Even at that stage there were And any clash, between the 

TAVISTOCK' HAS • BSfSa&lf “ ked t^wS*AUled»s two both 5 riA and powerful 

6ZQ tons tn IS 1 m ■ A GOOD YEAR . | another for^raF^^But aLbl ^ ty - *° 041,11 down ^ atmos " ^pld have been heard far and 


JO Of — ■n. o rr“ - ao xstix LuaL tnree Amea airec- . 1 - ulr , — — — 

short* t director of ihefounda- i tors Joe Thorley, then chairman But to Lord Crowther, who had There is also the question of 
A. As . ,? P ” M r. • Jomi Sem infc . . H e[ of Allied _and later to become previous contacts with Allied's how would the two families — the 


the offer. family dynasties, 

ous move. Even at that stage there were And any clash, between the 

rftii, 

and 

nonets are-nrodneetf - SaiesTfroni ■'» wvi/ icau ' ?f 10l S er , 10 PV: for THF. But phere within THF. Allie d, itself wide. 

Butte, Amax*s second WbiaulphnrS stock? iie to other buyeii will The South African Johannes- S* a vn^oct of a series of mergers But for years Allied continued 

mine m Wyoming. ^Ww -due- to be aJlowai ab longa&tfe stockpile burg Consolidated group's main 9“? e ? an in the 1960s, had had more than to hope that a merger would be 

common stream in mMM878 and defieiencyVmade ? up no reason- coal subsidlaxy, Tavistock become its sj^e 0 f Boardroom up- possible. Although Sir Charles 

te, the current .-.bd&pair.-.-wn able notice. ■' - ? ■ Colilerfes, has achieved a record ernpajrasBmgly heavals. There were more to remained intractably opposed, 

e x pect ed - to modued^kpout L3m /The deal should allow higher pre-tax profit for -tiM -year to fc fy“. Houses ^^jiotels But it is fair to sav that the Allied view was that “chief 

i ons' . . Its.'. 1 fiill capacity working 
should produce approximately 


20m tons a year. 


■sue nouce. ... - ■ , ^nuenes, nas acmeveo a recora - neavais. mere were more XO remamea mere 

; r Ttie deal should allow higher pre-tax profit for - the -yew: to come. But it is fair to say that the Allied view 

production at : the vento^siSpe June SO of B16m (£fl.5m) com- ^ ^ at the time of the bid the Allied executives fade 

-Lambert peDet pUmt .*.V?ds would pared with RIASm in 1976-77, re- T 0 ^.. Holdhjgs unanimoua ahmittt. norations bo on 


away but cor- 

Board was unanimous about It- po rations go on for ever." - 
Sir Charles Forte was now Now the political dimate has 


U.S. CONBSWPR’S 
URANIUM DEAL 


ins 





Robe River 

win .the.. _ 

the venture 

America’s Long-, 
has entered' into 1 an . 

with Bokum Resources Of- Santa -.-r-. 77.--i — < 

Fe. New Mexico; under which; , lt-.P* r ce ® t * ., 
will provH&‘ibe«rt $^nif £28m>- - ; - ' • J ~ ' • ' 

to be used by BokuraTtr complete 
a uranium 1 mine aad inlBrpo the 

New. MeSido^ Prbp^ :to FOtQVDAIlON 

The agreement is-suWectto a ..The Rio: ’nntb^bb * group's 


;help offset increased operational ports Richard Eolfe from ml y T8 months 1 before. Aithon^ 

tSS J °AfS- eS adiStir 1 g for TavlstocVs ^w^ittSS & &*&L 0 ij£ *2®' “^“indS major* mer- 

^ SSL ZttZ ^Auer^ adjusting. ior_xawsiocws JSJ the THF Boardroom and aeainst gers of the past have been dis- 

overlap of int erests 

Allied and THF have 

beef- success and persuaded some been growing, dot lessening. So 
fri fends to support him in this for the past couple of years the 

11ir , Forte, who arrived endeavour, jprominenr among question has been not “whether" 

Tavistock has -increased its I in Britain at the age of 4. set them were showbiz brothers Lew Allied would sell but “when." 
dividend total for the past year 


brash 


THE 


to 200 cents from ISO cents and I 
the market is looking for ' con- 1 
turned improvements. This should 
augur well, -for results oft 
Johnnies ” to which Tavistock is 



outlook 1 
satisfactory 

After a recovery from a' £0J22m 

pre-tax loss to a 10.7m profit in nAcnn uKTikiM 
the year to April 28, 1978. Mr. BOARD MEETINGS 
James Hartley, the chairman of todav 

Shaw Carpets, is confident the . The foUowtns companies hare WHfiM 


current year will be a rewarding l 3 ' 1 ^ Board m«-UBCH to the stock 

one. Exduogr, saefl mcvUncs are nsualiy 

to hi, ™ ui d jUtenent he say, 5^^. a S^S°°ZjL^S^ 
despite the international available Vdwuier dividends concerned are 


that 


economic stagnation and over- ini' , rims or finals and the sutMlKlstons 
capacity for the production of below are based -thinly do ur 
earpets, he is confident the com- yu * Brs un,etabl %„ n-y , 
pany has a promising future. Ata Ja cn*™ e-- 

*^h e mam conditions to be ful- Lam.-ashin* Paper, Hoover, Lau 1 DctHSUUta 
ailed to ensure future prosperity Con).. River and Mercantile Trnst, Rtwr 
are excellent product and Styling' Pla,e and General investment Trac. 
good UK and export distribution _ 

production facdines operating John 3 antes, anon XonwjjTairiSSa 
efficiently; and low manning levels Rubber, Midland Trust William v-mm, 
with flexible working future dates 

He points out that the UK „ 

rerpet industry is capable of pro- cX 1 ,T,) - *S ” 

ducing 50 per cent more carpet Dreamland EiecM^i''A^uces a« is 
■than is actually sold, and that if &an<un sieich aod cbcatoa ..... ahs. u 
UK consumers bad’ spent the Johnson croup cleaners aue. ia 

MetaJ Closures 

Royal Daicti Petroleum 


AUC. 10 

AOZ. a 

- AUE. 3 

ADC- a 

AUE. 7 

-Aue. 7 

AUE. 7 


number of conditions, ittciudinfi; Boshing Uranium xott»3n Namibia an Important contributor. 





•a- 
■■ y. 


Dutch make 



;\v 


A. FURTHER tncpeafn' in jhitdr Oil «r 
natural gas- resources hw been . TEe 
foreshadowed by Neideclandae of the 
AardoUe Maatschappij. A compAny discovery 
announcement watedtlh^f drilling la«r Marph 
in the NortftSea had -retried the gte jMcfeMure^ -.vfidch'-iX 
presence -of natural gas reserves, could not be hr ' ' 

The drfliings are in Block L-W, The pTaa nnw 
north of Den Holder^ ^ ; •■/'.■'waHt &?'■ 2V5tm- 

But the company .added that.' ■ 7 . 'W ' * 


Sea strike 


announced that . a drillship has 


sp 

Il'W 


Exmouth Plateau, which covers believed it was entitled to. and 

ra* last year would obtain, some restitotion. . .. 

and offered Stockfis turned in profits of only Liivf half 

j__ rs-nmw £49,000 for 'the seven months to A U 1141U. 

SS» advance by 

ihe rreer?w.j^. yj w .* . “The preparation of. papers Ypfiman 

X --i - "7 ; ^-'.'..arepfe' -it JtfpSfi,' .... * . *. necessary, to formulate our claim A CtUUdll 

1 “ ‘ ' •* - ““11‘dijtf to' an . >hf Melbourne, Esso Exploration has proved a time-consuming task. For the fim half — » - nn . Knn 

theT, official and Broken HOI Proprietary We hope to institute proceedings Yeoman Investment Trust reports March 31 up to £4,583,000. 

Paris..’.- . announced that they will plug and within the next month or two gross income ahead, from £422^78 :r - 

Knott Mill 
in better 


Drilhng Sas, fwnnoed a t“the,Bourg 
Delta 0-2 weD ^r^tha Gutt of anno un cement 
Valencia, .off tho rest coast: of garette P«1 
Spain, Canada N<fftfiw«rt Xand ^ .* 
stated: Thtr ctrtfefthf J»a Htt U .The n»l 
per cent interest la tiie ventore, Plateau off 
for which the operator is ti» of Australia .0 being prepared to field in the Bass Strai 
Spanish; subsidiary of . fitpOulazd spud ia. v Waad8ldc Petroteuia has like the first, is dry. 

,L : -..r • :■ ;i-. . ; i'.i-'-v.ii frvr .* . . 






STAKES r 

.-vC ■.-.! - • -1. ‘ . tcriutnwru uy mub hib>cu»«u, _ is step pea up irom z.wp 10 ap per. . »«■- 

Laporte Industries (Holdings) Bribumk^ Anhw. Holdings has Wr^RflOO shares making total 245,000 JIS q K!*fcS2 1-81 year ® total payment was Knott 
—Kuwait luvesiment. Office -on cnuiMd its luriding to 727,447.{7S per cent). Jokai Tea Hold- 759 P- 


July 21 sold 25,000 shares lea 
interest at 
cent). . " ' ' 

RotOtkrrJi .X; 
non -beneficial, 
shares— preyf 
■ -interest 


fleial .• 

1.263,160. « 

Wh tthmii-JT.'-' ■ r 



atmTSF'* 1 ** b ^ ED '^ arffle " 165 ’ 000 {5JJ9 centh ms 4«S2t 

-.-_ Jermyn Investments ~ Acad* information on the current profits 

Sofrnd Piffosfoq: g. R. P. StoUPr -Investments (Guernsey) has performance of Stockfis, -and for 
h as.. sold ' XQO.Owf shares . by A. ’bought further 6,000 shares a three-monthly report from 
.private, placing. . , - .-.-. making holding 11.05 per cent the directors on the steps being 


same proportion on carpets in smh. -i 

19 ™iA ta ^ WBiBT.«te sS^S'ifrif,™ :::rr 

would have been some 2o per , av n Trauspon and TradtaE An*: IT 

cent higher. Finals- 

Its. £2 2m MUlitron computer ^ en *w. gjiTikdhi 

controlled dye injection machine ^ESaSFSStt 

m now working well and has c!5SS im« .“r” 

reached the stage where the Haubm mm 

machine has begun to pay off. hoh-oh] snunertog ........ 

Mr. Hartley sees little doubt that 0yan and Robinson 

a valuable return will he earned 
in the foreseeable future. The 

machine's 1976-77 start-up costs hand, the directors intend auh- 
were fnfiam. stantially improving liquidity in 

_*»® group's sales subsidiaries in the current financial year. 

France and Germany have moved At balance date fixed assets 
Into profit and are expected to were £4. 9m (£5. 72m! and net 
niamtam this improvement current assets £0.5 6m against 

There was a JEI.24W cash im- liabilities of £0.59m previously, 
provemeut in the year and with Meeting. Ossett. near Wakefield, 
no significant spending plans in August 30 at noon. 

Further growth seen 
by Warner Holidays 

FOR THE current year the direc- on target for another record year 
t 01 ?, of Warner Holidays are in turnover, following a 57 per 
looking towards a further im- cent increase in 1977 to £11 4m. 
E rt ?? ,n £ llt ,., in Profit. W Mr. “We are set fair for our tar- 
E. H. S. Warner, the chairman, geted sales for the year, and are 
in his annual statement determined to achieve our growth 

He reports that the total num- targets for 1B7S." he says. . 
ber of holidays sold this season The company's plan to double 
should be in excess of last year’s, its capital expenditure in the cur- 
£!?**"* profits of rent year, is being carried out 
£817410 (£477,926) were turned Mr. Dunkerley adds. ^ 

ti.- tr .•« - i> - Some 22 per cent of total ex- 

The Hotel KontiJd m Majorca port sales of aerosols from the 
fa weU booked, in line with the UK were made by the company 
197S upsurge in foreign holidays, m 1877, and the directors state 
and following a promising 5 art that the developing countries of 
t SLl^ gr ? t Progn^e from Man- the Middle East and Africa,' as 
Chester to Palma this facility will well as Europe, continue to offer 
ke e^^tenaeQ next season. major growth opportunities The 

of* vil ear f r th , e ^taroP?™ company is geared to exploit this 

market for incoming foreign challenge. 

tourists, a wholly-owned sub- 

EVA INDUSTRIES, the agricul- discovered are thought to have the UK’s own flrtb mefitingabout Sjjjgriam d S whS X wffl°i3Stake 
rural tool and engineering group. totafled.^0.000.Two directors 60 per cent of the country’s oil plgiJS ofthS 

that despite a company’s Eurocurrency loans. 

9 renewed pledge from President , A _ £422,000 m^jmn-term loan 

i- Carter to cut oil imports the effect £^,1?®®“ ^ te ? J , 5^^.? rc ^ ay 5 

aim 

at 

- - 

a hedge against inflation. coSSle tel 5 Enshsh and New Yoric Trust <ahi- 

As announced on- July 10. net “IfSf^JrSiEESS pany rose from £lm to £lJ8m. 

revenue before tax for the year to J555SS And after expenses, tax and 

March 31, 1978, increased from waapany preferencc diridends, earnings 

£254.615 to £322^53. The total art jjfl JJgthlue to ^ <?“ 1 * !tltlve available came out at 
dividend for the year is lifted °™er torms^ holiday. against £528,516 last time* 
from L95p to 2.0955P a Share. aD oUc5ion o? flds is ! equivalent to lfip per 25p share 
Additional funds Invested dur- increase dp compared with lfi5p. 

mg the year amounted to l" 93 * 1 * 8 de The interim dhrit 

0,000, bringing the total on 

- — -ee nee CflPltfll C01iUUlLlU6ll UI tiUHUdL'Lt»l nheorhifllT WQfl (*70 00,- WlrWVfAre 

for but not provided for in .the hoS to recoramend ?f 
accounts amount to £S3l,000 15S^iJfS55i?i 
(£57,000) and authorised but not Sn from enStanSf AohS. 

?£?&? ,or t0 *» <a 

n * conversion of £366,717 of 4f per 

hp TI held G at Mnt convertible unsecured lq4n 

wr “ST i i W f! d ^r, H te ^ st °ck 1990-95 on July 1, 1978. 

WC. on October 13 at noon. Valuation of investments. less 

net current liabilities, came ..to 
A 1 £43.18m (£4034m) and £41.07m 

RIUI Holdings, carpet re- /\CrOSOlS 85 at December 31, 1977. Pri6r 

taller, tells members in his annual charge capital took £2£0m 

statement that trading conditions a. w»V» 4- (£3 22m) and £3^2m, leaving 

in the current year to date show {#11 IdlHt- L attributable to ordinary stock JDf 

no marked improvement over last 0 - £40 32m (£37.Um) and £37 -85m. 

year. Mr. Peter Dunkerley, managing Net asset value per share is given 

As known the group reported a director of Aerosols International, as 101.5p fB4.7p) and 96.6p and 
turnround from a profit of £10,651 a subsidiary of Cadbury . 101 Jp (94p) and 959p adjusted 
to a loss of £182906 for the Schweppes, says: the company fa for conversion of loan stock, 
end February 27, 1978 year, and' Ls, ' I 


Eva considering legal action 
over Stockfis shortfall 


BY AHYS DAVID 


English & 

New York 
ahead so far 

First-half 1978 gross revenue of 


. , *■ . .. abandon the second well of a against various parties in rria- to £489,289. After , all charges 

YU the Exmouth series planned to test new struc^ tion to this very complex matter, inducting tax of £128,000 compared 

Wtc West Shelf , tares west of the Halibut offshore Mr. Astley said. He also promised with £113,000, net revenue rose 
IWd in the Bass Strait This well, that shareholders would be kept from £198,722 to £227,607. 

"■ " - - ■ informed on material develop- Earnings . per 25p share are 

ments which should be.brooght to shown to have risen from 333p . . . 

their attention. ' to 3.75p and .to reduce disparity nnCltlOII 

Earlier the Board had been with the final the interim dividend H VJ1UV,U 


The interim dividend is In-* 
creased to l-25p (1.05p) net 


criticised by one shareholder. Mr. is stepped up from' *2.64p" t o Sp* net Mr. P. R. Scoit. the chairman of 


Oil and 

Associated __ 

PllMngton Brothers: Lord PU-> 7T!Z.~. R %T_ Itaken to sort out the problems Shareholders in OH ^rri February 27* 1975 

kkutton? interests— beneficial and I was * however, rejected. ; Associated Investment Trust, again, not paying 

nMwhenflficial— have been reduced 35**^ v ^ fe °**«¥l?S tor M The discrepancies at Stockfis, which specialises in the oil indus- The chairman 



a dividend. 

discrepancies at Stockfis, which specialises in the oil Indus- The chairman adds, however, 
>er cent owned by try, should be able to view the that the restructuring of its retail 

Sheerwood group, future with reasonable optimism, stores has, he feels, placed the 

rv T T. T MU " 1 * y J ‘ r “*5 s ’ * u r ! S 0 Ji “^2 ■« thought to involve its sub- Mr. A S. W. Joseph, chairman, group in a much better position 

r Noi^ex^_ Invesfanent _Jgust^ j m ; ,jM)D0 shares and on July. 13 sold sidiaiy, Brownhills Sheet Metal say s in his annual statement to reap the benefit of any upturn 

*ent)-HPW - 25 1 000 shares. Total sharehold- and Engineering, which in 1976 He points out that the trust in trading conditions. And the 
01 a *rPiLr~ r ¥: I rrL P* r c6n h.. . ..-• mg of Mr. Hatts and his wife and accounted for more than half the participates in about 25 North Sea group’s active pursuit of this 

n - C ' t T Carlton Industries: L. ■ Roydoh,;jfomily interests now represent Stockfis pre-tax profit of £372,090. oil and gas- enterprises, and has a policy leads him to be cautiously 

1/11116 . chairman, has sold 100,060 shares: B.63 per cent The deficiencies in stock and “ satisfactory stake in this success- optimistic of prospects for the 

“EmT 1 1 tuT Western Board' Mills: H. H. 'BRIDGEND PROCESSES— G. R. other items which have now been ful venture” with production from 1978-79 year. 

Sleath * and ' R,*"J? Mitt^eR-^'' , Vogel; r cha^rIfflan; , has sold SOO.OTO'rAaronsorh director, disposed of 


acquired respectirelx 21 
2630': *are**t 

-Rwa /Werrtstey: . . . _, 

firvesffngnt .Trust hoi acquire^ » bas^TedoCed- his bo J ding of 
furt&er UO.OOP ordinary ^iaJ^ eMmary rifmTES"by 400,000. 

has., bought 10J 

V'-'&hukm 


from his, beneficial holdinit' ISp.OOO shares, 

Wind Son !Ho% <L EL HEATH AND CO. — J. J, 
jvjfttd -Hambleden, direct^ Burton; director', sold 10,000 shares 

’ at -280p. 

S. - ALLIED LEATHER INDUSTRIES 


IC Gas cautious on long ten 


- » , . _ .. The recent levels 'of profit Group 35,5 per cent (33A per £400,667 previously. A CCA state- 

^rgouowng directore nave sold growth shown by Antwerpse Gas- cent). ment shows profit -reduced to 

^ refere nce snares as follows ._F.^w. tnattschappij were unlikely to be Following the recently declared £530.000 after cost of sales, 

®teou 72 ' 5 * 6 ’ c - i,anly maintained indefinitely, the chair- Government policy regarding £102,000 and £28,000 gearing 

*- Carey '4J25. man of Imperial Contxnmxtal Gas dividend restraint, the company adjustment. 

fTf KEYSER ULLMANN HOLDINGS Association, Ur. F. E. Zollinger, is unable to proceed with the The dividend is 3£S36p 




W wi GUtoan*^ b*S D ?Urfter 10,000"— C. M. Keyser sold 12,000 shares warned shareholders yesterday of declaration of 'a final dividend. (3.39S2p). The amount of profit 

slwrw redudng hoIdlTig to 250 r 000^«t.WJp. the annual meeting. andmir * ^ ‘ 

shares malting hskUng X432.040 C6.67 per eem). . . Brooke Tool Engineering (Hold- Immediate prospects of Ant- g < ^L 

(102 per cehtL^TvS&tibnTre-- vte9(eiiD , "CH«ou and Wheels: tes)— Iirtpertei Group now hokls wnwe were encouraging but in s, - w °p- 
lutes lo change of trifatee.:- - On July 25 N. Ktanko. director, \miflUa shares (10.6S percent) as the long term utility companies 
Mills and Allen International— sold.. 30.000 shares at 55*p. His t «ault of exercising convertOie. cowd not grow taster than tne 
: . ".rr:TrT^ , Merest fa- now 612^11 sharer^ i%hfa and taking up its share of e 2>. D £™? s of countries m 

— ' 1 ' 08,Sper cent). . . -.-the MCOnt rights issue. tw?were obvtoiS*'! 

3SS.*, London Bwy. 



Wamford 3 
Investments j 

} 

PROFITS Net property ' J 
revenue increased by £1 B$,67S-% . 
htrt Inveswaint mcome hy;^ j - 
£ 52 , 04-1 due to the effecH^- . ",- 
tower interest rotes<mth#V' . : 
Group's liquidfunds.Tfei, total ->r ^ 
revenue trf the Group bMottt 


Limited 

Exttoclsifom’ihc Review bv- 
ihe Chairman, Mr. Ross Goobay 


and must restrict itself to the' two retained is substantial, says the 
dividends totalling chairman. This wiU greatly assist 
the financing of projects and 
provide ex tr a working capital 
Trading conditions remain 
difficult but the directors are 
looking forward to another 
satisfactory year. 

A revaluation of land; building, 
plant and machinery in April 
resulted in £1.5m for freehold and 

oriJlnarv -shares:- t uw kibwi bwujwi jlm tv j . leasehold land and bull dings and 

c .wamaiy snares. . j subsidiary, had been affected by _ ■ J , £578,057 for plant and machinery, 

f - 177S. 7B0 n rdinsrv shares. * . Negro ttl and Zambra— Jorebawt j the subdued level of industrial grt^ revenue down from The additional value of £366,149 

U£ or r^ IT . ’-Hoidtags between. July 24 and_26. 1 actfaipriu the country. Electricity net revenue of on land and buildings and 


Peak £1.5m 
at City of 


Interest in. 8,600.. shares. 

536p. 

Sogomaha Groap—Longbourne 

Holdiiigs has acquired further: 


, ■ ■ , - TTjni .l n.Ti Wlineuicui 111 1UIUAC Rialto 1U1 

L'T lto ? liSrSS; nuclear power stations was. not The result fa after all expenses noon. 

rtotjComben Gro up, .sold 1TO,000 quantifiable. and tax of £886m (toBlm), which 


to Carifcoc parent 
; da July 28 at 2iQp. 





. fax inctoa eed by £1 1 7^9 tjfcf,'. : 1 

£1 ,654.379. :^V 

PROSPECTS We Took : J'- 

lonvardtoasieadyiiqcreasetn T 
rom.ik; retpropeaw^. ' J- 
revenue os offices and^qjtipfc.._ v’ 
ccntihuo to bo letat firmsr 1 
rants thauiyear a^oopdtwMf > 
terms 8reB^e^torprtoi^iies-*^ t 
hold under oidlea^&etJow ._- '*' 
rents. When ureaier corrBdsncol 
returns to th^eeonomy wa can I 
flntteipffiaViromiBpidrisdirt- 
incomo s$ the amount of 
vacant space deweswqih™ ' 
quickly. ; . v ;;V ?: .v 

Sathbury HomtoplAn^qn EC2 


up 

“ iwn u« M«hk »*•* *w“> ■*“ “J tih^j fnrm A An M d m* 

7 W'&rn Oliv^Xtbe High tata^uryin^iron^ fiSd.^ *" & Slip 


Coto^vh^-ftotoP.uhwrtiy wound .Mortgage Brokers, 
up 58 companies. They were: ; Phillips and Partners. Cherry 
^NemB' 1 Enwaprises, Life Con- .Court Estates.- • 
struct! bit. . G^apen, Snowcrest .jlMtiiuim .■ Rr 


Omstriictittol^ Kensingt^ Aylestord Ckmtimtous ■ Stationery, 

Srtste' -Agents, - Mevrose^isniw Chftriwood International Aviation, 
LMtodatotlte, * BUw Onit Finance, Somerset BaUdozing 

Inveatin ems . Lewis Darios . Squareprop,- Star 


Fleetmain, Brush 


!nv«tmems, i^wis uayies 

(Blectrical), TrafleipulL 

Stoo^Properiios, NorS West- ^NortbumbMfand insurance 
Merti*tile Fbiaiice, Roselandia, Ctimpaay, AM (Pwtable 
Sentinel- Mortgage - .and Loan, B&UdisffS), Ashbumham Motors, 
SherejSbir Hotels.' The Bristol Bristol Property Company, Con- 
stone and Concroie -Company, tineatal Artistes ; M anagemen t. 
W h. Lambert and Sons Polntheath, Redwing -Trading 
(London). •" •' SFC, Fare-Deal Company: G. Veo and Son. Simon 
(Btttrtiws), Advance Con«ract«B ,-and Lei^u 
(Liverpool)-- - Comproperi, Glebelands Mort- 

E. ' J. Humphries Company, . gaaa Company, EJN.TJS, Crofton 
tfarstdn - Omitractare (Joyce). Joinery, and Honey Brown 
YalefenC -Vtonlee Oieese Com-' Fashions, 
pany, jftnridose, Aquarius.*; An order- tor the compulsory 
(Groce4?V Tbamesthead, Becken- -winding of Island Factors, made 
ham .' Electrical Contractors* on July 17, was rescinded, and; 
Lgwdark, Gelt Marine Financa, Bw' petition dismissed by consmit. 


■fiffsrasrasfs's ;s 

sh ®Jf a Xf t ,2£ v ? 1 . at J 2 8Wp 

Se weak sate of the woridpetro- f Jte SSifi5ta»KS» d to 
chemical markets. The figures n T ? 

were also affected, however, by £IJP JJJ i JrtSLf « 2 £f p 

exchange rate fluctuations which uarterjy di w- 

cost the group BFrlbn. and by will be 

per deferred 


Deutsche Bank 
offshoot for 
Singapore 

SINGAPORE July 28 . 


For 197S**Petrofina had a total share after deducting prior 
capitri budget of BFr 17Pn <14bn charges at redemption values is wholly-owned I merchant hank to 
tolWDVrfwhich lObn would be shown at 7&*p (67^J). Smsapore wjth a paid-up capital 

allocated to exploration and pro- of SS^5m (US51Jm). . 

duction. • Mr. Wolfgang Mathey, the man- 

Tnrntag to the UK suhridiaries. aging director of tte Singapore 

Mr. Zollinger said that Cator. Gas V-'UHwCutC subsidiary, said that the new 

had lived up to expectations, ■» . v bank, Deutsche Bank (Asia 

Century Power and light, how- [13S TTlIY Pfi Credit) would commence opera- 

ever, could not be expected to Don on September L • • ■ 

maintain Hie progression recently rforf The new bank, which, has an 

achieved. Output from the Hewett ■Jlfli U authorised capifal of JS$50m, 

gas field had raacbed its peak and in recent months, there has wiir include" Asian dollar market 

tixe rort of putting, the JOaureen been a redaction in the volume business in its operations. 

contracts received for plant and • Commerzbank is to open a 
mi Centurys profilabflity. (Cen- machinery at Coeksedge (Hold- branch toHmreKimsr - ^ 
Gary’s share of development costs togs), although there has been a U 5 • 

here would he £30m oxer three very good order intake for B - . • 
y^nO- constructional steelwork, Mr. B. 

as already known, IC Gas made Smith, the - chaiman tells 

pre-tax profits of £2&3m last year, shareholders. 

At the port-tax level UNERG Benefit should, now' be obtained 
accounted for 22.6 per cent (com- from the extra facilities available 

parol vnth 2 22 per cent fa 197ft- at the works, says Mr. Smith. _ 

1977), Aniwerpse 155 per emit For the year ended March 3L year to March 33- 1978, of 2.0261© 
R f ^ em), M ^ I978 > tax amounted making A591p (sane). Dividend 

cent (1£3 per cent), and Color to £603,886 compared with waiver totals £64,776 (£38£W0). 


WWTRUST 
AMENDS FINAL 

Win trust announces an 

amended final dividend for the 


NOTICE OF REDEMPTION : 

GOETAVERKEN 85 PER CENT : 

BONDS DUE 15th September 1987 ► 

US DOLLARS 40.000,000 : 

Notice is hereby given to the Bondholders of the above issuer 
that the amonnt redeemable on September 15th 1978 i.e.-; 
US Dollars 2,000.000 was bought in the market Amount; 
outstanding: US Dollars 3S.000.000. 

For Goetaverken Aren dal A3. 

(Formally A3. Goetaverken), 

Goeteborg 

Principal paying agent Bank of America International SA.' 
Luxembourg 


Britain’s First 
international Newsweekly 

World Hmes 

Brings the whole world to you every Thursday 
This Week's Issue 





Special Reports: 

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'« * . t '/..‘v } .,“•••*• • '•■«.’ V »'-■*. . ■'•' . l/ - » ; - '• - : 




•'-vr 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


NORTH AMERICAN NEWS 


EUROBONDS 




Ashland bid 
for Tosco 
shares 
blocked 


Hudson’s Bay makes a 


Sales and 


surprise offer for Zellers 


BY OUR OWN CORRESPONDENT 


MONTREAL, August 21, 


peaks for 
Coca-Cola 


Doublet earnings at floating 

„ . , rate notes 

financial group f or BNP 


By David Lasceltat 


NEW YORK, August 2. 
ASHLAND OIL, the large 
; Kentucky company, was re- 
' strained by a California court 
last night from purchasing any 
" more shares of Tosco, the Los 
Angeles-based oil refiner which 
it is seeking to control. 

- The order was made after 
Tosco told the courts that the 
purchase could contravene a 1975 
' ' anti-trust order forbidding Tosco 
' '' to sell its Avon refinery to any 
' of 40 large oil companies, 
—including Ashland. A spokesman 
for Ashland said today that the 
company would abide by the 
Order, which extends to August 
29. 

Asbland's bid for Tosco took 
the form of a proposal to buy 49 
per cent of its shares, either by 
open market or direct purchases. 
Tosco has yet to make any formal 
’comment on the move. 

? ' Ashland stated yesterday that 
on July 28 it held 464,000 Tosco 
. shares, which it had owned for 
. seven yean. 


HUDSON’S BAY Co. surprised 
the Canadian business world 
today by making a bid worth 
about C$132m, for Zeller's, a 
department and variety store 
chain. Although rumoura linking 
me two companies have been 
circulating for several months, it 
had been thought that Zellers 
would have been the company 
taking over the Bay — as Hudson’s 
Bay is familiarly known. 

Zeller's chairman, Mr. Joseph 
Segal, “ viewed the proposal- with 
favour.” The Bay is offering one 
share and C$16.50 cash for each 
four sham of Zellers. 

If successful, as seems likely, 
the take-over will hoist The Bay 
to second position among 
Canada's non-food retailers in 
terms of sales, behind Slmpson- 
Sears. and to No. 1 in terms of 
assets and net profit 

Combined sales of The Bay 
and Zellers will be about CglBbn. 
At 1977 year-end. The Bay 


reported sales of C51.427bn up 
from C$l.346bn in 1978, with 
earnings of C$29.88m against 
CS24.18m. It has just over 
CSlbn in assets. 

Zellers reported sales of 
C$5S6m in 1977 against CS407m 
a year earlier, while net profit 
more than doubled— C$1 L6m 

from CS5-83m. It has C$220 .5m 

In assets. 

Zellers earnings performance 
was greatly influenced by its 
take-over of The Field's enter- 

a rise in Western Canada,’ with 
S stores, which had been part 
of W. H. Grant the U.S. retailing 
giant which went bankrupt in 
1976. But Zellers is an aggressive 
company itself, with 156 outlets 
at the end of 1977 and plans for 
several more this year. 

While the take-over is judged 
as good for The Bay, which will 
add the acquired stores to its 
300-odd locations, analysts are 
sceptical about the value of the 
deal for Zellers shareholders. 
The bid is worth some 10 per 
cent more than the market price. 


fv 


hut with Its growth, Zellers could 
have expected a much better 
market price wi thin a couple of 
years. 

The experts predicted a tem- 

jrary easing in the value Of 

udson’s Bay shares now. Their 
value had risen from C$19 to 
CS24 in recent months on specu- 
lation of a take-over by Zellers, 
despite its lack of resources for 
such a gigantic task. But if 
recent performance continues, 
this should be reflected in a 
higher price later. Earlier this 
year it was predicted that 
results of the Bay Itself should 
improve over those of 1977. 

The take-over, if successful, 
will broaden the scope of The 
Bay’s coverage of Canadian 
retailing. Its own stores aim for 
the middle class segments of the 
market, while Zellers and Fields 
aiTT| for the' more economy 
minded shopper. There is no 
likelihood of tile acquired stores 
taking The Bay name because 
of the difference in their mer- 
chandising approach , 


NEW YORK, August 2. 
COCA-COLA announced net 
earnings • for fhe second 
quarter of 89 cents a share, 
against 79 cents last time. 
Total net earnings of $199J7m 
increased from $97Jm last 
year and sales of SLlffbn from 
$960m. 

Earnings for the half year 

jumped to $184Jha. or $L50 
from $163 -9m. or $L33- Sales 
were pushed ahead to S2.07bn 
from $l-76bn. 

Mr. J- Paul Austin, the 
chairman, said that, second 
qnarter and first half" results 
Were records 

Full -year 1977 and first 
quarter 1978 results were re- 
stated to include the opera- 
tions of Presto Products, which 
was merged into the company 
In May 1978 on a pooling of 
interest basis. - - 
AP-DJ 


boost Greyhound 


BY OUR FINANCIAL STAFF 


NEW YORK,' August 2. 


Household Finance 


NEWS ANALYSIS— XEROX AND IBM 


Lowering the patents barricades 


BY' MAX WILKINSON 


Higher second quarter earn- 
ings of $46Am or 99 cents a 
share, are announced by House- 
hold Finance Corporation, com- 
pared with 838.6m or 82 cents 
for the corresponding qnarter 
last year. AP-DJ reports. The 
latest quarter’s figure includes 
an unrealised foreign exchange 
of $2.2m against a loss of 
$L2m previously. Net earnings 
for the half-year were $75-3m 
or 81.57 against $60.4m or 
$L26 previously. 


GREYHOUND CORPORATION 
has announced net earning for 
the second quarter, of 45 cents 
a share against .cents previ- 
ously. Total net of 819.7m com- 
pares with 815.7m last time . and 
sales of SLlbn with- 8941m. 

First half share earnings of 
62 cents show an increase from 
56 cents in- the previous first 
half. 

Total net of 827.0m compares 
with $24-6m and- sales of $2.1bn 

with 81-Sbn. 

The 1977 figures-have been re- 
stated to allow for th# consolida- 
tion of Greyhound lines - of 
Canada, of minor foreign . sub- 
sidiaries previously unconsoli- 
dated and for the deconsolidation 
of certain companies included in 
the financial groiip. The changes 
had no effect on net income. 

In addition. retroactive’ r appli- 
eation requirements, of FASB 
No. 13 reduced previously re- 
ported net income for the 1977 
periods by $147,000 an d $29SftOO 


respectively, equal to 1 cent per 
share in each period. 

-to. Gerald H. Trantman. the 
«-hairmnw of the Board and chief 
executive, said that the-iacrease 
In ■ second quarter results 
occurred primarily from_ sub- 
stantial gains, reported -by. the 

financial group, which nearly 
doubled earnings from the com- 
parable period- 
Second quarter results for the 
group include the ear n i ngs of 
Verex "? Corporation acquired in. 
April. However, even . eliminat- 
ing Verex results for compari- 
son purposes, group profits were 
up by 58 per rent, partly as. a 
-result of the sale by Greyhound 
Toeing Financial Corporation of 
. equipment upon expiration of 
their leases. ■ 

.-\ AH' Greyhound’s other product 
groups were profitable in the 
quarter, said Mr. Trantman. and 
most surpassed their perform- 
ance In the previous year, "r 


By Francis GhiUs , r ;; 

THE. BOND markets werecqttirt 
agaip yesterday, both, the . dollaj 
and DM sectors. In tite jionar 
sector FRNs -were Sligh^y yj; 
while straights were unefcos^' 
except for some longer lamjn 
which hardened a shade: - Tena* 
ot the $25m convertible 7 fn' 
Texas International .'Airlines "to- 


be arranged by Smith Banter 

Hariis Uph 


Stores group agprees bid 


BY JOHN WYLES 


THE AGREEMENT between 
Xerox and International Business 
Machines to bury their legal 
hatchets marks a further lower- 
ing of the barricades of patent 
agreements in the office equip- 
ment business. 

The effectiveness of these 
. .patents, which helped to maintain 
-Xerox in a supreme position in 
the copier market for more than 

■ a decade, has been greatly eroded 
: in recent years. 

- This erosion has resulted partly 

- from the fact that many com- 
petitors axe now taking the risk 
of simply ignoring patents. They 

; reason, often correctly, that they 
* have a reasonable chance of not 

■ being caught or alternatively 
that the benefits obtained could 
be greater than penalties inflicted 
by the cumbersome processes of 
the law. 

The pirating of patents is some- 
' times made easier by the 
. enormous complexity of the 
patents files, which make it diffi- 
cult even for the companies 
.: holding a patent to keep track of 
; the developments of all possible 
; competitors. 

Xerox, for example, has filed 
well over 1,000 patents covering 
'.its developments in the - plain 
. paper copying field. 

The British Monopolies Com- 
mission reported in December. 
1976. that it had asked Bank 
Xerox to classify the live patents 
.which it still held. 

However, the Commission said: 

The classification was not 
■readily available' and would have 
•taken some time to complete.” 


The question which therefore 
arises, particularly in the minds 
of rivals; is whether these patents 
constitute an unrair barrier to 
commercial competition. For if 
the company- itself has difficulty 
In sorting out the immensely 
detailed tangle of patents, how 
could a new entrant to the field, 
particularly a smaller company. 
possibly make any sense' of 
them ? 

This line of argument was 
pursued energetically by the U.S 
Federal Trade Commission 
(FTC) in January .1973. 

It issued a complaint against 
Xerox, alleging a number of un- 
fair “acts practices and methods 
of competition,” which it said 
aimed to establish and preserve 
a monopoly position in the 
market 

After a vigorous dispute. 
Xerox agreed to a Consent Order 
drafted in October 1974 under 
which the company would licence 
all patents relating to copiers for 
a royalty of not more than half 
a per cent of revenues from each 
royalty-bearing product 

Moreover, under the Consent 
Order, a licensee could select 
three patents which it could use 
free of royalty. 

.The FTC. therefore, made a 
substantial breach in the protec- 
tinn which had hitherto been 
afforded by the patents; and 
although it did not in any sense 
legitimise the activities of 
pirates, it undoubtedly gave aid 
and comfort to some companies 
which had been sailing close to 
the wind. 


The weakening of the patent 
armoury came at a time when 
Xerox was coming under 
sustained pressure from com- 
petitors. notably from the 
Japanese, including Ricoh. Canon 
and Konishiroku, and in the 
U.S. from International Business 
Machines (IBM). 

Two factors made IBM the 
most dangerous competitor. The 
most obvious was Its huge size 
and the commanding position it 
already enjoyed ih other sectors 
of the office equipment market 

But perhaps equally- important 
IBM elected to cproe* into the 
copier business ^with * series of 
high performance, large volume 
machines, which attacked the 
most lucrative part of Xerox’s 
business. 

The Japanese, by contrast 
entered the market with cheaper, 
slower machines, competing; with 
the Xerox * ' products which 
generated lower revenues. IBM's 
highly successful Copier II is 
estimated to' have displaced some 
20.000 Xerox machines in the 
U5. and has - contributed 
seriously to Xerox's progressive 
loss of market 6hare. 

It was inevitable, therefore, 
that Xerox would retaliate 
vigorously with every weapon- at 
its disposal: and a series of suits 
for infringement of patent rights 
was one result. Competition 
between the two giants also 
resulted in a fierce price war. 

To compensate for its increased 
vulnerability in the copier mar- 
ket, Xerox made a large research 
commitment to word-processing, 
which is dominated by IBM with 


nearly an 80 per cent share of 
the US. market After the 
development of a rather un- 
successful system which was in- 
compatible with IBM's, Xerox 
revised its plans, and developed 
a system more Interchangeable 
with that of. IBM, 

This was clearly a sensible 
move, since it could not hope to 
win customers from IBM unless 
their electronic files could be 
shifted from one system to the 
other with relative ease. 

IBM failed patent infringement 
suits against Xerox relating to 
its word processor. So a sort 
of stalemate was reached, even 
though Xerox has probably only 
about 6 per cent of the word 
processing market in the U.S. 

Now, both companies have 
decided . .that ihoa.erpesse - .and 
management ‘effort needed to 
pursue- litigation' te'not' worth the- 
possible benefits. IBM paid 
Xerox an out of court settlement 
of $25 m, and, to prevent future 
wrangling, the companies have 
agreed to a flee exchange of 
patents. 

Both companies have other 
important cases outstanding; IBM 
with the FTC . and. -Xerox, with 
SCM which bas filed a..$1.6bn 
anti-trust suit against' it •' - 

These other .'legal battles, 
together with the growing outside 
competition in both copiers and 
word -processing, are doubtless 
the. main factors which have 
persuaded the two giants to stop 
fighting each other and to turn 
their fire on other enemies. 


Price fixing probe 

The Justice Department has 
been conducting a preliminary 
Investigation Into possible 
price fixing by New York 
foreign exchange brokers,' 
Reuter reports from Washing- 
ton. The preliminary Investi- 
gation is cursory and alms at 
deciding whether a more 
searching Inquiry Is called for. 
In New York, Mr. Philip J. 
D’Angelo, Foreign Exchange 
Brokers Association president, 
said he knew of no investi- 
gation. 


SIR JAMES GOLDSMITH'S HE. 
supermarket subsidiary Grand 
Union looked well set to acquire 
late yesterday when in a surprise 
late today when in a surprise 
move the directors of the 
Southern grocery chain recom* 
mended acceptance of a- substan-i 
tially increased tender offer. 

Colonial has been assembling 
a traditional legal defence since 
Grand Union first announced, its 
intention of making a tender 
offer at $30 a share on June 29. 
Early today. it received a set- 
back when a Virginia state body 
refused to hear a complaint 
against Grand Union's bid, and 
several' hours later this was 
followed by a joint announce- 
ment from Grand Union’s New 
Jersey headquarters that 
Colonial directors would support 


acceptance of a $35 a share offer. 
Tins raises the value of the offer 
from $114m to around 8133m. 

A successful merger would 
create the eighth largest super- 
market chain in the U-S, and 


would be Grand Union’s^ 
expansion since it was5*eqjiibj(f 
in 1973 by the Caveni»hr. ; sd& 


am should be- knofta - 
later today. .... 

One cuttent Issue iwftfch fa 
of considerable interest to tofe.' 
nations* banks Is a $50nx pifcfe. 
placement of five-year floats 
rate notes for Basque National# 
de Paris m the TJB. wafftoetThh 
is probably die' first tom that* 
non-U-S. bank bas done * 
{primary ptaee antoOft of-Slfflfc fe 
frKp UjS 

Since 3&K. begbmtag 
American investors hero beconfe 
more accustomed to floafae safe 
note ’ tovestawwt through" «*: 
growth of -a floating rate' Cert®, 
cate of Deposit marke t ia-ifar 
York. ‘ :' r ■ ■ - 

By going Abe private pta* 
meat route BNP hnS avoided rife 
problem of rtKntaarne and red 
tape involved far tile reeiStaatkoL 
watii tbe- Securities' anf 
Exchange Commfeskm, wtjfcfa ’fa 
needed before a’pufcttc tone on- 
be made far the UjS. A triple -a 
rating bos been obtained fawn 
Moody’s. 

The terms of this Issue &re th# 
same as those BNP offers Is 
Europe— a margin of a quarter 
of a point above the average-of 
the bid and offered rate for 
Eurodollars with no minimum 


qoj^ton.': The issue price is likely 


jddiary of General® Occidental e. 

Grand Union has in fad: been 
prevented from making, any 
acquis ti on for the past several 
years by a Federal Trade Com- 
mission decree which expired in 
the middle of last month. ' - - 

The Commission’s attitude to 
the takeover is now probably the 
greatest uncertainty hanging 
over the proposal, which will no 
doubt be closely scrutinised for 
Its anticompetitive implications. 


set at 99* and given that 

the -fees are smaller than would 
be the case in Europe, BNP fa 
getting its money far an almost 
identical cost 

Denominations are of 8350.000. 
Salomon Brothers are frmflKrig. 
the transaction. 

The -.steadier tone in the DM 
sector- has been confirmed by the 
fact that the Bundesbank has 
only had to buy between DM2r5m 
worth of bonds on the domestic- 
market every day this week, com- 
pared with a total of DML8bn fe 
the two weeks up to last Friday. 


SELECTED EURODOLLAR BONO PRICES 
WIID-DAY INDICATIONS 


TO 

M 

S 3 

98* 

S3 


STRAIGHTS. 

Alcan Australia 8*pc USB 

ABIEV -toe 1887'. ..... 

Australia ftpc im 

Australian M. * S. ttPC '81 
Barclays Bank Mpc 199* ~ 

Bowatcr Wpc 1893 9ft 

Can. N. Railway Sine 18M 95 

Credit National 8*pc 1966... 
Denmark Si PC 1964 

ECS Spc 1983 

ECS Slpc 1897 

KIB 8ipC 1803 

BMI 9*pc 1580 


Bfd Offer 


BS 

B8* 

m 

931 

Btt 

084 

974 

Hi 

571 

IBM 

SB 


Ericss on Sine 1800 

Esso 8 pc IBM Not. 

Gt." "Likes Paper Slpc ISM 
Hamers] ey SiPC 1552 
Hydro Quebec Spc 1 892 ... 

JCI »pc 1907 — 

I 5 E Canada Slpc 1838 1034 

Macmillan Bktedel 9 pc 1992 98 * 

Massey Ferguson 8 * pc Tl 

Micbelln Slpc 1988 

Midland Im. Fin. Slpc VS 
National Coal Bd. Spc 1587 
National Wstmnstr. 9 pc "M 
Natl. Wstmnstr. fpc •» ’B' 
Newfoundland Spc 1588 ... 
Nordic Imr. Bank Mpc 1888 


98* 

100 * 

95* 

93 * 

1001 

101 

90 * 

08* 


08* 

95* 

931 

99 

55* 

98 

Ml 

96 
80 
IM 
94* 
0ft 
*9 
K 

100 

0 » 

101 * 

SO* 

9ft* 

104 

97 
99* 
101* 
98* 
M 

in* 

101 * 

100* 

971' 


Norses Rom. BK. 8i pc 1992 

Norvtpe Slpc 1988 

Norsk Hydro 8fcoc 1992 ... 

Qaln 9pc 1988 

Porta Antosames 9pc 1991 

Pro 7. Quebec Spc 1995 

Prov. SaSkatdnra. Slpc VS 
Reed International Bpe 1987 

RHM Spc 1993 - 

Selection Trust SJpc 1890.- 
SbeH IntL Fin. 8*pc 1999-. 
Skaod. VnMUu fpc IBffl— 
SKF Spc 1987 — — — — ■ 
Sweden OCdam) Stac 1987 
United Biscuits Spc 1980 — 
Volvo 8pc 1987 ICsitb ~— 


95* 

95* 

««. 

100 

97* 

9 » 
97* 
08 
95- 
90* 
05*. 
88 
81 
Ml 
98 
93* 


98 
96* 
95* 
100* 

• 98 
9ft 
.98 
94 
951 
91* 

99 
98* 
011 
95* 
981 
■94 


KIB Mpc 1993 93* 

Finance for Ind. 91 pc 1987- M* - 
Finance for tod. Iflpc 1999 94 

neons IBipc 1987 — — — 970 

Cestemer 11 pc 1988 93 

INA 10PC 1988 m ‘ 

Snwntree lftpc UBS 90 

Sears lOipc 19S8 9Q 

Total OD Slpc 1934 90 . 


0ft 

«* 

93 

VS* 

83 

93* 

*1 

93 

01 


SNCF 1985 95 K pc 09 OH 

Stand, and Chad. 74 8*nc - 8Si go* 

Source: White WoM SeatrtiteS. 


CONVERTIBLES 
American Express 4*pc W 
Ashland 5pc 1988 


NOTES 

Australia 7*pe 1994 — 

Ben Canada ftpc 1987 

Hr. OntomMa Hyd. 7|pc *85 
Can. Pac_ 8*pc 1884 
Dow Chemical' Spc MSB- ... 
ECS ftpc 1983 


ECS 8*PC 1909 


is neSiharsn offer io s^f nor a soIicSisiiono^ gaffer to bw these securities. 
- ThsaSethm^~<^yiythePk)^jectaB.~~ : ' * 




$150,000,000 



: .V-' 


!> \j-pHiLiPMQWAi77 w .-' 

PHILIP MORRIS 

INCORPORATED 


9Ys% Sinking Fund Debentures Due 2003 


Price 100% 

*ad accrued intarast 


LefananBiofiieiBSSEflBl Lodi 

Xuusj^rofrtt 


Gdldmaa, Sachs & Co, 


The First Bosfoa OapoEsrifett 


Ttfemfl Lynch White Wdd Capital Markets Groro 

IfierallLjndiStaajFcBswriSmitiiJtttttpwated 


SabmoafioBSiBBg 


Bache Halsey Stoart Shields 

XaeMSOEStad 


Dillon, Read 8s Caine. 


E.F. Hutton Ss Company Inc. 
Loeb Rhoades, Homblower 8s Ca 
Rear, Steams & Co. 

July 19,1978 


Donaldson, Lufkin & Jenretta 
Fodder, Peabody 6s Co. ..... 

Warbm g Pariba s Becker 

Tiwaoi p on twl 


Dresel Burnham Lambert 

faaqnM 

Lazaxd Feezes 6 e Ca 


L.F«Ro£hsdiild, Unterberg, Towbin 


Werthrim 6s Cosine. 
Shearson Hayden Stone lac. 


EEC 75PC 1989 

EEC ftpc 1984 

Enso Gutsdt-Sipc 1984 ~ 
Gotarerken 71 pc 1982 __i. 
Rodcums Spc 1883 — .— 

Micbelln 8* pc 1983 

■Montreal urban 8 fpc' 1961 
New Bronswkk Spc 1984 ... 
Now Brans. Prov. 8|pc *88 
New Zealand S*pc 1989 ... 
Nordic Inv. Bk. ftpe 1984 

Norsk Hydro 7?pc 1982 

Norway. 7*pc 1963 

Ontario Hydro 8pc 1967 — 

Stager 8|pc 1832 

Si «f -Scot Etoq: SJpc 1981 
Sweden fK’dom'l ftpc 1982 
Swedish State Co.'7*flc W 

Telmex 9*pc 1904 

Temwco 7*pc 1987. May — 
Volkswagen ftpc 1987 — ~ 


S3* 

9B* 

93* 

SB f 

970 

«* 

M 

951 

94* 

98 
941 
9ft* 
981 
99* 
97 

99 
95* 
*H- 
S51 
93* 
93* 
99* 


94* 

93 

99 

91 *. 

94* 


/ 97* 
■ 9ft 
98} 
98 
95* 
941 
96* 
95* 
96t 
954 
97 
99* 
100 
97* 
9H 
90 
94* 
98* 
9ft 
94* 
U» 
98* 
.95* 
951 
991 
92* 
95* 


DM BONDS 

Asian Dev. Bank 5Jwr 1988 — B3 

BNDE 6*pc 1966 851 

Canada ftpc 1983 ......... 97 

Dai Norsks Ind. Bk. ftpc HD 971 
Deutsche Bank ftpc 1983 9tt 

ECS ftpc 1990 909 

Effl ftpc 1990 nWWU-i. in ^ 91* 
Etf Aquitaine ftpc 1988 93 

Zmatom 5*pc 1987 ,_ 2 -_ Bft- 

Flnland ftpc 1988 93* 

Foramarka Slpc 1990 94 

Mexico 6 pc 1985 9ft 

Norcem slpc 1989 98 

Norway ftPC TSSS .98* 

Norway ftpc 1983 94* 

PK Banken ftpc 198s M 

Prov. Qnebec Spc 1999 — . 96 
Rautarnukkl ftpc 1988 __ 93 

Spain *»c 1988 — 9ft 

Trondheim ftpc 1988 94* 

TVtWtawer-Co. Sdc IBSSa. 95* 

Venexnela Spa 1988 — 94 

World Bank ftpc 1990 . 9ft 


94.. 

9« 

98 
9SL 
97* 
US 
92* 
U 

»«7* 

941 

» 

9ft 

99 
*71 
95* 

93 
97 

94 


Babcock tc WUcox Stac W 
Beatrice Foods ftpc BB8— 
Beatrice Foods ftpc 1993— 

Beecbam ftpc 1992 

Borden 5 pc 1993 


81| 83 

in m 

Mft lift 
98 W| 


Broadway Hfte' ftpc 1987— 
Carnation 4pc 1987 — . 
Chevron 5 pc BISS 
Dan ftpc 1987 
Eastman Kodak 4*PO 3988. 
Economic Labs, ftpc 1987 
Firestone 5pc 1988 . 

Ford Spc 

•General Hlaetnc ftpc 1997 


10H 

MR 

98 

■a 

Ul* 

91* 

94 

77* 


111 

109 

nf 

77 


W 

81 

M 

® 


Gillette ftoc 1987 
Gould Spc 1987 


Golf and Western 5pc 1988 
Harris 500 1993 
HoneyweD 6pc 1888 .. — 
ia ftpc 1991 
INA 6pc 1997 


In cheap* ftpc 3992 . 
ITT ftpc 1987 


Iosco 6pc 1982 ..... 


90* 

to 

»5| 


Roms tan 7iaa 1990—.—..— 
J. Ray McDermott ftpc *87 
tfatsodtttn ftpc 1999 — 
Mitsui ^pc -1990 


STERLING BONDS 

Allied -Breweries lOioc VS 
Citicorp lope 1993 


FLOATING RATE NOTES 
Bank of Tokyo 1984 ftpc — 

B PCS -1884 ftpc 

BNP 083 81 is PC — 

BQK Worms 1985 9p« . — 

CCF 1985 MPC 

ni,M M arihrm *93 95jspc 

Credltanatalt 1984 Sine 

DG Bank 1SS2 9pc 

G ZB. 1961 8116 PC — _ 

IntL Westminster 1984 Spc 


CmmanMs s*pc 1999 _ 

BCS Mpc 1989 

EIB Slpc 1983 


SB* 00* 

93* 93* 

98 91 

94* 95* 

9ft 97* 


Lloyds 1988 8XSifipc 
LIES .3988 Spc 


Midland. Int. FS *37 SSuDC 
MMtinrf Int. FS *03 97x6 PO 
Nat. Wstmtastr. ‘96 9 5 k I> c 
OKB - 1883 Mpc 


99 

to* 

991 

97* • 

89* 

98* 

9S1 

99* 

991 

tot 

9ft 

99* 

9» 

9S4 

9ft 

9ft 


»* 
- 09* 

im. 

86* 

.881 

98* 

P* 

U» 

199* 

89* 

tti 

0ft 

89 

8» 

8ft 

100 


I. P. Morgan ftpc 1987 — 
Nabisco ftpc 1988 
Owns Illinois ftpc 1987 — 

J. .q,. Penney ftpc 1987 — 
Revlon ftpc 1967 _ — - 
Reynolds- Metats'dpc 1988— 

Sondvflt ftpc 1988 

Sperry Rand ftpc 1987 — 
Squibb ftpc 1987 ... 

Texaco ftpc 1088 
Toshiba ftpc 1S2 — 

Ty Co. 3pc 1984 


Ty Co. ftpe 1988 — 

Union Carbide ftpc 1983 — 
Warner Lambert ftpc 1987 
Warner Lambert ftpc 3088 
Xerox. Spc 1088 — — 


Source: Kidder, Peabody 


70 -> -m 
SSJ s W 
S3 H* 

78J •" 79 

US ' IM 
88 82* 

»l . aw 

37 8ft 

2£ S? 

107* t» 

n sft 

1U 3S 

14ft 14ft 

344 348 

19ft 138 
142* 3ffi 

00* Ut 
US*. M4 
134 23ft 

75* 77 

128* I* 
36* 88 

IM 116: 

65* 67 

84* » 

77* W 

33ft 
77' 78* 

IB 

Bit- gr 

8i a* 

77* • 7T 
77 7ft 

■ C m c ji i I H SL 


*TMs wmooncepient appears as s mailer af record only* 


PARSYLON CORPORATION 

IRAN 


us a 20.000.000 


VMedfran Term loam 


Guaranteed by 


INDUSTRIAL CREDIT BANK 


Arranged by 

HYPO BANK INTERNATIONAL & A- 


■ - . v- Provided by- - 

Banque Con tf nwrt a le da Luxwtbourg S.A. 
Continenial IlHnoIs NaHonal Bank 
and Trust Company of Chicago 
Hypobank International s, A. 
Nordfdauische Landexbank International S. A. 
United International Bank Limited 


'Agent 




HYPOBANK INTERNATIONAL S.A. 







\ 


t 









;AB©Kt : S 1978 


""(s 

«Hh 

M 


FINANC 


OM PAW 




•\£i£> 




*‘s: 


payout hopes 


IfPc ae '...■>■ --I 5 ? :. '•' • ' -■' • ; •: ' ■; ■ frankfurt, A ugust 2 . 

(k* ?Sk dun! 2 ?* 2 f¥' ’• nh0ll * h ’ **?*' total 7 ,mp *T 1 ed ^ D itidbn in 1977 . orders for large : mdustriai. plant ; 

D is siiU'recoverirte^^^^ , fts&^ Si«!S masked *® 8 per cent improve- Accordingly, no improvement is declined. 

losses of thfi CiS aS* al h .°°? e contrasting, with a foreseen in the group’s employ-. The order book for industrial 

in a WU^SStaSS 9 ** abrwd ^ St nt / 0 si H? n ' A wt 1d Pta« « the end of jSrS?d 

„ formance, thus ffiaktoSL'-isTiltelyllkelY tO'be “ bubhTinK over with drawing down -perform- the domestic labour force is at about the same level as the 

». that 1878 v T?® “ aDra . ^ the first half were the !*•&. while short-time Working etfdof 1977 , representing rather v 

ass* •sntrjsjst sa? wn — -v? ^-^.asrfflri srassiss » 

* P» AEG L nn ^,«„. . Wf of i^SSuSUm in tbe •Jfi*g 2 S 85 ^"«t*»^!*? ? 


Consortium | FRENCH pharmaceuticals 


By Paul Betts 

ROME- August 2 . 
CONSORTIUM of . leading. 


formed to New drug attracts 
rescue SIR . , . , 

investor interest 

BY DAVID CURRY IN PARIS 


technology sector, there was a ■ 
h pleasing increase " in domestic • 


than half of the bookings came Italian basks and special credit A SMALL French pharmaceuti- sales coxae from the ethical pro- 
from the home market. institutes was finally formed here cal concern called Pamir, a sub- ducts sector with fine chemicals. 

• Muenchener Rueckvereiche- today t0 rescue Sodeta s*™? , of the Elf-AquiKune oil over-the-counter remedies, and 
niugs-Geseilschaft, the large Italians Repine (SIR), one of the SSnr“in 5 S. C « ° 8 P^-Pharmaecutical goods, like 

Mussed reinsurance & country's major chemical groups IbJ toes ^e & ' *SSS re£? PT0 * QCU5 * makmB up ** 
cern, confirmed Its Intention of qq the verge of bankruptcy. around FFr 220 to cnier FFt 900 

SSfiF fS? 1 S? 78 ,*SSibSfe consortium ImSmJ* Uus year. Jg *«<■ ***£« 

earnings f Dr the year ended June 5 ^ # , %^SW” li a S t ^ ob ^ <* a » *** midtam 

30 as sufficient. institute, OU. which is heavily market excitement is anew drug sOme^FrMm rfowl 

‘ ' exposed m SIR. The chemical called Ticlid, which will go on • ShiI 

JSSi.t he ! srunp's accumulated debts are the market next year and . *■* almnst fnur timac that- 


‘ShTplus^n *:1B77 of ' The •group's’'’ order' - inflow 
' -,y'j d-, - '.Vi;'® .y..\ BkoiwH . virtual* no change at 


ttfiLfif -es-S £ 3 L%J “SJHLS-JS: 


JJJl* 0 .? * ‘P 8 ** 1 f ? 1 restricted investment levels of. previous year, gaining just wer j ir?J 52 than K tmT 

Overall sate; volume is ex- both industry- and the power 10 per cent to DM 3 - 7 bn 1 Dr ^ re thap , hlU 


P acted to total around- DM 1 4 b n utilities.- In contrast, oferseas (JfljSbn). 


• ‘ U-S- purchase 

bnabiq^^si^^.v ‘‘ f ~ ' for Dutch 

• CHANGE . ^IbalkneeBanir'bf Switeedand and Credit - mi hi i char *■/ ‘ 

; .. ^sheei. total and i deettb^ in. Suisse. Vi-:* • f.. •puUJISflejv. .• . 

• Voiksh^ W By Charles- Batqfwfer . - 


Nokia earnings increase 


, unwisiwra to loin over j*i.uwuhi. anaeu a< me uarapj-vaatuiar t v. iT-Li 

, or more than SLlbn. UK and Commonwealth Is lo be “JJKg, 

rue rescue plan comes eoiy 24 JK and commonwealth is to be lfcuUd^ balance ' sl,eet “ 

hours -after a government bill to b * . 1C! * wh,c h will also Beiarch expenditure has risen 

aid -financially troubled com- participate in research, while in - Tt £ n 

^bTq^TiXi 1 JaDan Daichli has iScned . a considerably faster than profits. 


BY LANCE KEYWORTH ' 


HELSINKI, August 2 . 


... ...4 a WjW ^.we ■.awoouneed.^.by 


panics. The bill approved by the i ap ?. n Daich,i has - a and last ye^ reach edFF?^lm 

Cabinet -last night suspends afireement. last year reached FFr 31 m- 

liquidation proceedings for com- Fareor is owned around 59 per Tll . "Z ., J 

panics with more than L 50 bn of cent- by Sanofl. itself a wholly- / ,s . dn * 
accumulated debts which are owned subsidiary .of ■ Elf- ^ aggressiv e expansion 
threatened .with bankruptcy. Aquitaine. In Europe outside Jr 1 ^ geared lo buying small 
The bill also enables the France, and in the U.S.. the laboratories, whose expertise- 


UMLVU UCMUI WUILU V-HUWW OUUD1UIO • -VI M»l“ .. — ^ , B 

HIGHER profits. are reported by it ties. -these two divisions that ttawtened .win, baaSruplcy. Aquilai iie. Ip Europe outride £j!g 

Oy Nokia AB, : 'one-of the largest accounted for most of the profit The bill also enables the m the - JJfc J*}.* !!^ rtiSe ' 

private companies in - Finland, to- 1977 . Pulp, paper and power, Government to appoint special sister company Labaz will. res^ch has n »r been 


AMSTERDAM.' August 2 . 


generally .Ip -fhef moncEirx ^ector -margins have - narxo*fflt^ having Germantown, 
naye -Tiad. a.- “ negative "V imbatt a negative influence on earnings SZ-Tm cash. 


: VoTkshMk is- the despite 

- T fourth "lareest rommSqj^ ^wnk volnme 
• x -Hr Switrcnamd ayrd ' tty, -hat erfrn t. - Custc 


.V a negative In'flnence-oif jearninjgs I B 2 . 7 m cash. 

IsV the .despite. ah mcnsaier.in '-business I ' AmuriMn 


Maryland; 


Consolidated net profits are the Finnish Rubber Works and commissioners to take interim handle raarkeun^ • matched by financial or 
-• FM 2 L 9 m (S 5 ^ 5 m) for 1977 . Nokia Plastics showed a modest control of a company if no Th e growth or Par cor is due to commercial know-how., 
less while parent company profits are growth in sales, well below the alternative rescue plans are pro- ® axjresvrve aequiMUon policy . 

njn- FM 19 m compared with FM 11 m. rate <df inflation. 1 posed- . geeroa to- buying small, laoora- The 1977 cash flow was FFr 35 m. 

•°[ Sales last year were FM 2 . 23 hn • NoUa’s overseas subsidiaries ! The . banking consortium i T ? e , grou ? , claiTTls *° b& * 

, of (S 534 An) on a consolidated basis .reported a satisfactory 145 per! formed here today will supervise taf^onanrifi ^°lr leader in calcium products, pnd 

ft* Sne^ie^leS^iiSmy tSS cenOncrease i n netioViring. itemporarUy the managenSt of SowS^arcoT co^te on a' ^H^ G ^a,J^ e , ared V n ^ s J 
nvpr «nM>rDriii WH' t Kahn ' NokTs's view nf oia immpriisrri ' SIR and formulate a financial ' ■ ^ . inglj towards problems of blood 


trepojT.Tsfdts in"- n 
• ,wj?fi‘the:,ti*nds'as 

... r -This weeK'pv .-the 


-..u — I. American ICU Cl 

atfrtime ' Customer a net j S'cMtidrata! cS 

■etjoiigh tocrease r pf .-'fSwfY - 130m - ro ™ 


m - neany-renoueh- increase— of - i SwFr- -MOm ■ to J — * — — wut lucrease jn v* r aarumi a aim recenny announced 1 S 7 S. cardio-vavuiu,. nrnhiamc 

ads^ischwedLeariier SwFr J.0 J 86bn‘ lB the: second i^oldines SL-'cenL i U #r n ?i Ver ,ar ? iely 10 devefemm mt o7 ! V I*®* n0 longer abJe tbe Sales ' last year " totalled itself is intended to prevent the 

y the "big. three." xruarter. Lending rose,S i»Fr 324m j rrt inflation. Production volumein July salaries - The group directly FFr 417m, making it the ninth blockage of the arteries followinz 

Cornoretum TJnirwv to SwW oaoh?- 'iSf” 111 offer for the remalnlng ihe group was unchanged The markets and the opening of n?w em0 j 0vs morp than oqoo oennip i n ih- rw rr. n( -h nhom.. urimes ,#uwn W 


Swiss Bank Cqiyoratiop. T?niop ,fe>/SwFr 


-••- a-‘.v..v/H-9Wjicl 






• •• •-> - -* 


CDwnioff^^ « the group ? C T nS l of n8w S& 5 T 3 S. TEW *SS to toe’ PhSS 

performances were recorded ontiete abroad wiU continue. but p th y e of the co Sm Sutiati (Sicer^ JSS rom? 2 " 5 KJlS? 5 w cb is colUborat- 

has turnover «rsiQw^ear^d the ^ ranlsb c ? bl€ .^ 0 ^ s Fulp. paper and • .power would clearly effect a' much percent of the national market. Jng wlthLabaz on research in 
'emnlaw < niMf r thiS} a M 7 -Sr«te t s , al ^L l, P 8 P^- ccn,) and Nokia steengthened market shares to larger number, especially on Its overseas sales are relatively this area, is already thinkinc 
York. - E - } gg t g- nies < 28-4 per ; -BtU and France and Norway last year- Sardinia. small. More than 60 per cent of a^ta ^ccLor tp ^ctid 5 

Washington and. San Francisco- ' • ' ■”• ' 

It specialises In- xmblieattons m .. 

the areas of bealth carel legisla- - ; - ; -' . 

tionand business regulations. r -■ .. : i - ---- 

- ICU hid 1977 sales of FI 228 m ' L . • • ••'. 

($ 103 xn). . ,V.: - . - ....... 


XLSpZ 5 *p 00 , 00 a ;«> j I Salen’s $ 22 m 


tanker sale 


THE ANNOUNCEMBifT APPEARS AS AMATTSH OF RECORD ONLY 


' •’ f~* Vj,: ' -tX ; . fortiicitfx WiOfi&S from ' . . -fX . 

" y . ^ls* A&gust 19 TBtol 3 t:^)niaiy W 79 -. '• • 
' i he notes wSl ^in'iran.lhtatst rite of perl^&nv 1 : . 

the interest pay^fe tta tlinSeWHt nrtKCst jwynieftt - 3 at^ 
3 stFeWai 7 l 9 W;ngri^<»iq>ofrNQ.l^^^ 
wifl hejU&$ 47 ^ 2 p(T IjLS. Sl^OOOmrteB - 

piAsent . ; 

■ UnMn^BiHiq^Ajabrs ^Eritt^aises— : 

.. - : ^ 

,v -': ~ 

y . • •• - ---ry. V- V-V i-~ ; • ’v^Sr 1 7 

.V; .- . • . - • Vri-.r -• • • -- Ate-. 


■'■ ‘ *.■■ . » . 


W‘\ ..«-v 


STOCKHOLM, August: 2 . 
THE SALEN Shipping -Group 
confirms the sale of one of its 
seven strong- super tanker fleet, 
the 350.000 deadweight ton “ Sea 
-Stratus." JheJsirU). has Jteen.sold. 
to Hong Kong interests for $ 2 2 m. 
or less than’ half of- the S 50 m 
original cost. .. 

Salen turned in a pre-tax loss 
last year of Skr 225 m- and expects 
to make further losses this year. 
By taking advantage 'of its 
inventory reserves and- deprecia- 
tion reserves it hopes to emerge 
with a break even bottom line 
figure as it did in 1977 - 

The company said that Salen 
expects to sell a further 350,000 
ton lankkr. Company policy is to 
dispose • -of ' tankers and con- 
centrate on the profitable reefer 
division and on refrigerated 
ships. • 


JULY 1978- 




.A. 


■ • *s>i .. dispose : Of tankers ana con- 

. - Weekly noLass^tvafua. centrate on the profitable reefer 

^ ^ 0B ; ADA - 0D re ^ ttd 

v ;-• . Outokumpu 

>Tok^lS^iiH«din^ (|p^rd) N.V. ]pfoftS fall 

rTi IJjSl S 47 - 9 B. . l \fl • '~ y y. - . SL-jMr- . -. Sy Our Own Correspondent 

% -Listeri on ^le AirBterctorrhStapi' ‘Exchange • ^ ug ^ st ^ . 

' OUTOKUMPU OY, tbe Finnish 

. httorownon :.Bareon, I i«|dmiue HwwtBticht 21 4. AmWorttan sixteewaed mining and refin 

' •' ' r: y r r '-Vy' '■ ■ . '• Bag. company, suffered to. fiscal 


U.S. $ 1 00 , 000,000 

FLOATING RATE 


¥18,500,000,000 U.S.S1 0,000,000 

FIXED RATE . FIXED RATE 




iSH 


Ctn-Ctopw; hoi4w-.^ t -99EMFj 


tO^OND INDICES 

^av«a&£ rtaj> 

- DM Bortfl* 


; 2.478 23.7.78 . 
8.735 4.7»»- 


“rrrVi^r.--. 



fc»a -rtts. * Stn. apmti 

alas 

8.912^ 

1 

wa r ;c*»v®«u«r; aw* 

aoit • 

9.214 


Statementfor the&monihs ended 30th June 1978 

The Directors- g^mgancft thfc x m audited 
. . ressults for tire six mortthfi. 30th June 1978 
. indicate that the' profits for this period, were at a 


in 1977* 

2nd August 1978 


'• mg company, suffered to. fiscal 
1877 from tow world prices for . 
__ fts mein products, copper, zinc. 

dick el and stainless, steel. 

■”n t_ A lthough, volume .-growth 
? speeded up. net earntogs for the 
■ Jrtaar fell by about 25 per ceiu 

• . FMS^m ' (Si. 6 m). ... . 

1 2 ir Turnover increased' by. MS 5 
\ p« cent to FM 1 . 38 bn, of which 
\ exports accounted for FMl. 05 hn 
~T ^tokumpu's production, capacity 
T** WtS almost fully utilised 
f. myo ugh out 1977 . New records 
ifltte set In tbe mining of ore 
‘ from the company's mines, and 
to the production of copper, 
;tockri, zinc and precious metals. 
The current ore reserves will 
: -secure the continuity of mining 
production at its present level 

- _wr.;tfin years. 

* Qrhe division that! expanded 
^ most rapidly in 1877 was teeb- 

- ttical exports. Invoicing tn- 
geased y 7 L 7 per cent to 

i »» 174 Bm. • due. in large part to 
■r fomiveries for the Norilsk smelter 

- project in Siberia. Other major 
■: export, markets were South 

_ IKarea, Mexico, Japan and 
t®ngland- - 


MULTICURRENCY TERM FINANCING 

CO-ORDINATED BY 

CHASE MANHATTAN LIMITED 


U.S. $ 1 00 . 000,000 


CHASE MAN H ATTAN LIMITED 

COMPAGNfE LUXBWBOURGEDISE DE LA DRESDNER BANK AG 
-DRESONER BANK INTERNATlONALr 

GRINDLAY B RABBITS LIMITED 

MIDLAND BAWC LIMITED 

NATIONAL WESTMINSTER BANK GROUP 

SECURITY PACB3C BABUC 

TORONTO OOMnUON BANK 

UNION BANK OF SUVITZERLAND 


¥ 1 8 , 500 , 000,000 


THE NIPPON CREDIT BANK, LTD. 


CCMANAidEOBr 


United States Copper Mine 

: .^and %;■ 

Integrated Metallurgjial Pla 


of-Cioa.Gi 


IruKari 

,Arutonju 


tbc Lakeahorc Mine 
on, 30 miles south. 


-QnhHficd p ax tii m nctay ohtalttdct^led jjaftoanatiott Tepirdmg this facility and 

ile^ protluciioa history by writmg or chlibig: * ■ ' 

; ... > ‘ /;'.p : ^ 

'■'■vv . WillsamA*' Gmfftth: • — " t 

- • - - - Hoda M ixrin g Coinpairf ; J 

P.aBoac 320 

miUr^jMaho 83873 - > 

Pxsone: ( 208 )..mi 2 Si • ’ ’ TbAi 326470 Heda Co Wde 

Th^re arc preestahlished term of say offer, but the Company reserves the 
right to .refuse any And. all bids for any reason. -AH proposals will he kept in the 

stncfostediirfideneeLr 


ayvAxtaoBr 


BANKFORGHWHNWlRTSCHAFr 
AKTIENGESBUSCHAFT 
INTERNATIONAL ENERGY . 
BAhKlflymnED 

MHJJ3N BANK. N.A. 

nedehlandsche 

MIDDENSTANDSBANKNV 


THE CHASE MAM^ATTAN BANK, N.A. 
m»KXAY5 BANK LMHH3 

IftffSB^TJONftLWBBTlVWSTBl 
BANK LASTED 
TDRCBtfTODtovBraONBWfiC 

SAMB UESHU XatES 

LAMBSITSA 

wrs^aATOMALaBwaAftoc 

UMTS3 

NELLCNBANK. NA. 
hBDeRLAICSECRSXETBANKW 

HANOiJECANADOB'JENATB^IALE 
■ (EUROPE] 

THE BANK CF YOKOHAMA 

LIMITED 

THE YAfiUDA THJBT AND 
8AMCWG COVPANY.UMITHD 
PROVBSEIAL BANK OF CANADA 
[ITJTBTW7K)N^1JWHTE3, NASSAU 
ubafsotoclactbo • .- 

rAVIADMVNI3S^B^CV¥.A/>0 

WDUSTf8ALBAI« 

FUJ BANK (SCHWVS2J AS 
THE MITSUBISHI TFUST AND 
aONKBUC CORPORATION 


BANDUE BRUXELLES 
LAMBERTS. A. 

IRAN OVERSEAS INVESTMENT 
BANKUMrTEO- " 

MSDLAND AND J^SWTHONAL 
BANKS UMITED 
IMH3ERLANDSE 
CRED1ETBANKNV 


COMPAGN£LUXBU^OURGEOSE 
DE LA DRESONER SANK AG 
-OnESDNFR BANK JNTBTJA71QNAL- 

MOLANOBANKLMTEO 

SECURITY PAI3FC BANK 
- LM0NBANCQESWI1ZS1AND 
.- fiasujxaffiURG,s.A. 

■■■.'■ . Ran overseas investment -■ : . 

-- ; - BANKLlMPm- 
' JWBOLAftdAitoBYl^^ 

BANKS UMTTEO 

NB3ERLANDSCHE 

MOOENSTANOSBAkKNV 

SORS UMITED 

' THE HQKKAIOOTAKUSHOKU 
BANK. UMTTEO 
-'BAt*: OF SCOTLAND 

The tdyo trust and banking 
CO.. LTD. 

: . BANOUEBELGEPOUB ' ' 
LTNDUSTRIESA • 

F. VAN LANSCHOT BANKERS! . 

G TOZEWTR ALE UNO BANK PER 
OSTERRSCHSCHBH 
SPARKASS&IA.G. 

UNION DE BANOUES ARABESET 
FRANCAISES-UAA.F. 


THE LONG-TERM CREDIT BANK 
OF JAPAN, UMiTED 


THE NIPPON CREDIT SANK CTO, 
TFEMfTSUBSHI TRUST AND ... 
BANKIfJG CORPORATION 

ASAHJ MUTUAL UE 
BVSURANCE COMPANY 

NPPON LIFE INSURANCE COMPANY 
THE MTTSJI TRUST AND 

BANKING COMPANY, LIMITED . 
THE tOYO TRUST AND , L 

BANKING COMPANY. UMTTEO 

DEUTSCHE BANK AG. (TOKYO BRANCH] 
THE CHUQ TRUST AND 

BANWNGCOMPANY, UMITED 
THENFPONTRIST AM3 
HANKING CD., LTD. 


THE MfTSUBBHf TRUST ANO 
BANKING CORPORATION 


THE LONG-TERM CREOTT BANK 
OF JAPAN. L1N8TED 

SUMITOMO MUTUAL UFE 
INSURAACE COMPANY 

MITSUI MUTUAL LIFE 
INSURANCE COMPANY 

THE DAWCH MUTUAL UFE 
BSBURANra COMPANY 

THE SUWHTOTaO TRUST AND 
BWWffJG COMWIY. LflWBTED 

THEYASUOATRUSTAND 

BAMONG COMPANY. LMITED 

THEftffiUlNaJTLlALLffE 
INSUFWNCE COMPANY 


THE NIPPON CREDIT BANK. LTD. 


THE CHABEMANHATTANBANK.NJL 







' Financial Times Thursday August : 3 


IM l K Wl lOWL FINANCIAL AM) COM PAN Y N EWS 


Takeover ! JWME8E prof 't s j Indian 

battle | Consolidated gains shown ^"“y. 

moves to | sr 80KRT wooo | rules 

Cndr^ morb'/if JAPANESE companies reporting four Japanese methods which electronics company. were; |*A|OYAf| 
Ollal C lilal IV Cl const. I id a led results this > ear allow for considerable discretion Y77.Sbn (around $410m). or 2.o ! lVl^AVU 

i have been able to report higher in accounting treatment of many times those of the parent coni*; _ 

By James Forth i pmfiis limn in their unconsoli- items. pany itself. Consolidated earn-J “7 >*- K. Sharma 


BY ROBERT WOOD 


TOKYO. August 2 


GSI planning 
to go public 


BY GEORGE LEE SINGAPORE, August 2. siaiemem 

A PUBLIC OFFER is planned SSlfon, The company has a _ . imn ,m Aumist ■» ' 

bv General Securities Invest- wholly-owned subsidiary'. General wIiaiS?* T*. 

ments (GSI), a whoUy-owned Securities Trading, which was SIME DABBjl “J 

subsidiary of the leading local Incorporated in June last year 

***: De?e,op ” ent Bafli of ^ 66 “t ^sssrassssfc 

S T>,p P bank is exnected to make second closed end UWWHt to its previous statements that 
a oJbiic^fferofOSm or i4° shares to be quoted on the Stock the SS400m balance of its pro- 

at P S-Sl each before the eniTof Change of Singapore. The first posed loan as «f 

the month. was Harimau. which was to finance 

GSI. which is a closed, end launched by a merchant banking The *jf SrhJSiiS 

investment trust, will at the subsidiary Of the Haw Par * ^ff^QiJS^SSn s 

same time seek a listing on the Brothers International group Swoe until Fridg^to • 

Stock Exchange of Singapore, some years ago and is now ggg. 1 d !?I* g 'J disSffiy * 

GSI was formed in late 1974 managed by the Overseas “WiSm loan or tare niroipimary - 


Sime Darby 
stands i % 
by loan 
statement 


By James Forth 

cvnvTv si,,„u ■) | dated remits in 72 per cent of The cross-holding of shares ings of Toshiba Corporation, an \ new DELHI, Annus t 2 

-rue- ! rases, according t« a survey by common in Japan makes the equally diversified but less profit- 1 * M ? IO » th „ 

THE TAKEOVER struggle; (he Tokyo Stock Exchange, holding of unprofitable sub- able electronics company that is, A major modification in the 

between meat processing groups; punished today aidlartes particularly easy. Sub- one of Hitachi's main com-; niles governing foreign equity 

Australian Conversion Services Lifted Japanese companies sidiaries and affiliates commonly petititors, were only Y 2.4 bn j fn companies In India was 

li nrf Al-icnnl Inniii trioc H'il mrir^rl 1 . . i - . - .... _i i — V. ^ n \ nnln oKiMif i r» n ,-. P cant -»*« na.. maa .i u.. jv. 


KUALA LUMPUR* August 2. 


NEW DELHI, August 2. 


remarket where both more Than jq per cent of “^eir L .j rC uiariy. and some may even of the parent company’s profits. Finance Hinkler, Mr. H. BL 

are busily buying consol i da led assets are required hold shares in the parent com- Of Toshiba s 34 subsidiaries. 10 Patel, to Parliament, when he 

w oilier. Last month; (Cl re p nr t consolidated results for pany. Thus even if a company showed a deficit. said that the companies would 


Australian Conversion Services Listed Japanese companies sidiaries and affiliates commonly petititors. were only V 2.4 bn j in companies in India was 
and Mascot Industries has moved ; wj£h sl ,|,. idiaries accounting for hold shares in each other. tel2m)— only about 17 per cent announced by (he Indian 
to the sharemarket where both more lhyn 10 per cent of 1t , e j r circularly, and some may even of the parent company’s profits. Finance Hinkler, Mr. H. U. 

companies are busily buying consolidated asse ts are required hold shares in the parent corn- Of Toshiba’s 34 subsidiaries. 10 Patel, to Parliament, when he 

snares in the oilier. Last month: t0 re p nr t consolidated results for pany. Thus even if a company showed a deficit. said that the companies would 

ACS announced a surprise ( hl , Ilril t i mb . vejr adopts a U.S. Securities and Ex- Not ail companies that show be permitted higher equity 

AS7.9m takeover offer for; p rcvio uslv the v had only been change Commission type of declines in profits under consoli- holdings if they invested 

Mascot. Both companies had required to report the results of accounting method. which dation are comparably badly off., profits in India that they would 
held a small equity in the other ^ parent company, including requires it to include a pro- however. Mitsui and Co andj otherwise have remitted 

for several years but since late income remitted "from sub- portion of the results of all Kancmatsu-Gosho. Two of the; abroad. 

last year Mascot bad been sidiaries. affiliates in which it has more major trading houses, both show Replying to a question on an 

accumulating further shares. i The extent to which con- ,han 3 P*-* r cem interest. it poorer results under consolida- application for retention of SI 

A few days before ACS : sol id j led reports present a ran rendHy reduce the portion of tion. But analysts say that per cenl equity by Hindustan 
announced iu offer. Mascot pur- better financial picture of its ownership in any subsidiary Mitsui is one of the nation’s Lever. Mr. Patel said that per- 
chased a holding of about 10 per! cum panic- than unconsolidated below 20 per cent by distributing strongest based trading om*; mission to retain a higher 

cem of ACS. taking its stake to ones, is a matter of debate in SO per cenl of the subsidiary’s panies. Its consolidated accounts,, equity share than f-at allowed 

just over 40 per cent. After ACS Japan. The new rules require shares among affiliates. follow practices used in the U.S^i under guidelines Issued under 

disclosed us intention to make a com pan j...-* to include only sub- Generally, profitable com* and the losses of some of its sub-j the o reign Exchange Regola- 

hid. Mascot applied to the courts sidiaries in which they own more panics have been making re I a- sidiaries indicate natural losses tion Aet (FERA) would be 
Tor an interlocutory injunction Ur than 5u per cenl of the shares, lively full disclosure, while for a trading company in a bad given if the profits were 1n- 


rapiidl. to help finance the lake- f subsidiaries to affiliates to reduce Nonetheless, the consolidated the other hand, is troubled with I Under the present guide- 
over. j ihHr beddings below the 50 per reports have proved revealing in large losses the extent of which; lines, all foreign companies 

Dnrin n the bearin' 1 both com- cenl level. Also, companies can many cases. was observed by the reduction must reduce their .foreign 

panies imderlonk to rerrain from cluing anv one of six differ* it The consolidated earnings of of its shareholding in at least ownership progressively to 40 
purchasing shares in the other. 1 accountin'.' methods, including Hitachi, the healthy, diversified one key subsidiary. per cent, but are permitted a 

The court earlier granted the' Dl^er holding If they 

injuncliun and released the com-' diversify ihclr activities into 

Blue Circle Southern financing Sacs'SsS 

in Mascot from about 5 percent of 5l *i per cent 

io nver lfi per cent while Muscoi ] BY OUR OWN CORRESPONDENT SYDNEY. August 2. ® wners ‘ ll B yras 

has increased its ACS stake to' a Drt° Baced * c0U P ,e °f T* ars 

44 per cent. The price of ACS BLUE CIRCLE Southern Cement, debentures, was drawn down in allowances for the new plant ag ®- 

shares has risen from AS2.50 to : Australia's largest cement maker, the period under arrangements development. The tax equals J™“> 5 indication k a 
AS3.0D under the hiiving while plans to raise about AS#.4m from entered into with Australian only 6.5 per cent compared with urther relaxation, and it is 


BY OUR OWN CORRESPONDENT 


SYDNEY. August 2. 


rhe Mascot price has moved up a rights i-:sue to help pay for trading banks, institutions and the normal company tax rale of expeelcd - that many foreign 
to A $0.80. a A*72.25m new cement plant other lenders for the provision 46percenL The directors expect companies will take advantage 

ACS planned to offi'r at least - cilffcnflj being built in New of the SA57.25m of debt finance that the group’s tax expense will °f it “Sophisticated tech- 


Afii fa a chare ind now will hc ; ® ou,h This brings the total drawn down continue at a reduced level for oology" is apparently being 

"required to match the highest l The issue is the second within io date to AttSra. another three years or so. defined loosely, since Hindu* 

price paid on Lhe market if it : 12 months and had been fore- The directors also announced The directors also attribute the 8ta /> Levers application in- 
proeeeds with a bid. The situa- i shadowed liy the directors. It will a rise in profit for the June half- improved result to increased volves the setting up of a 
lion w Further coniolicated bv the J lake the equity content of lhe year front ASl.fira to AS4.t5m sales — revenue rose from cement plant. There is 
fact that if either conipimv gains' financing package for the nqw (U.S.S5.3ml. The gain resulted $A39.9m to A£45.6m (U.S^52.3ml presently an acute scarcity of 
more than 5 n per cent of the!P ,Bnl to dollars AS15m. and com- largely from a reduction in lax — cost efficiencies and otfc*r cement, bat the technology 
other tbev will then have a sub- plete the equity contribution. provided, from AS1.36m to action taken to rationalise involved does not seem new or 
sidiarv ownin'* shares in the About AS22m .secured by AS:!34.000. rcllecting investment distribution and production. sophisticated, 
nurpnt n.inn.-mv iinripr rhn mm. The modest improvement in Mr. Patel said that “when 


parent company. Under the com- 1 
panics acl the subsidiary would 1 
be required to dispose of this! 
holding within twelve months.; 
unless court approval is obtained 
for an extended sale period. j 


Pastoral merger planned 


cement demand in NSW. evident ; 
lato last year continued in the 
first half, hut building, and 
therefore overall cement demand. 


sophisticated. 

Mr. Patel said that “when 
the question arises of reducing 
equity holdings of a foreign 
company it means redaction in 
considerable remittances in 


BY OUR OWN CORRESPONDENT 


SYDNEY. August 2. 


remained well below the levels foreign exchange abroad. Now, 


of four years or so ago. 
Building activity in both New 


ir whatever money is to be 
remitted abroad can be 


Tooth ami Co. Is to build a DENNYS. LASCELLES and A us- by Dennys acquiring the pood- South Wales and Victoria was] invested in the kind of aclivl- 
A.?I2m (US$13.Sm» lireiverv Indian Mercantile Land and Fin- will and assets of AMLF's husi- adversely affected by above | ties which we approve of. 
near the northern New South once Company (AMLFi plan to ness in exchange Tor Dennys avprage rainfall, but the group. j certainly it is something to 
Wales town of Lis mo re. designed . merge their wool broking and shares. AMLF. which already unlike the previous year.) which we do give considera- 
te produce 10m gallons of beer paslural agency business on a holds close to 15 per cent, m experienced few operating dis- : lion.” 

armuallv. Reuter reoorl* from ■ partnership basis. The merger the merged group, is a subsidiary ruptions from industrial disputes. — — 

Sydney." - will result in one of the largest of Wood Hall Trust or the UK. The interim dividend is un- I 

The brewer*, designed to woulhrokina and pastoral agency which means that control or the changed at 2.25 cents a share. | 

preside for future expansion. ; husi nesses in Victoria and lhe group will move overseas if the Associated Portland Cement j August 19/8 


will service north-eastern NSW. I Rivcrina dislricr or southern merger goes through. The pro- Manufacturers, of the UK. and 

and like the rccentlv acquired 'New South Wales. The directors posal is subject to the consent Broken Hill Proprietary Com- 

Coprage Brewery in Melbourne, of h.iih companies deserihed the of the Foreign Investment Re- pany each own 42.45 p e r cent of 

will help relieve pressure on I proposal as a sensible commer- view Board and to Dennys' share- the capital of Blue Circle 

prdHuetion capacity ai the two! rial nilinnnlisation. holders approving the issue of Southern with the public holding 

Svt&tev breweries. * • The merger will he effected the additional shares. the remainder. 


: This announcement appears as a mailer o; record oni/ July 1976 



Tor an interlocutory injunction to ■ than 5u per cem of the shares, lively full disclosure, while fo r a trading company in a bad given if the profits were 1n- 
p re vent ACS making a placement; Many companies have sold part unprofitable companies have year for the_ Japanese economy vested io "certain sopbisti- 
nf close to Jft per ccni nT its! of their -hares in unprofitable resorted to book-keeping devices, as a whole. Kanematsu-Gosho. on cated industries." 
eapiidl. to help finance the lake- f subsidiaries to affiliates to reduce Nonetheless. lhe consolidated the other hand, is troubled with I Under the present guide- 
over. ; i hHr holdings below the 50 per reports have proved revealing in large losses the extent of which; lines, all foreign companies 


higher holding If they 
diversify ihclr activities into 
areas involving "sophisticated 
technology" or exports or a 
combination or both. A hair- 
way point of 51 per cent 
foreign ownership was 
announced a couple or vears 
ago. 

Today’s indication is a 
urthfr relaxation, and it is 


l uui n®o iwai«6u tine ***uub5w — •_ — — — 1 aMinn * 

[ and its issued capital is currently Chinese Banking Corporation. sime had earlier - said tbit 
_ about SS75m of tbs 1 loan wmiW 

Dow Jones extends sSSSTiftiS 

while the balance would finance 

Times partnership !X£ ! Sw5 fc -si 

•®- j for large International companies 

BY GEORGE LEE SINGAPORE. August i *3^ 

DOW JONES and Company has Times, Singapore’s' leading news- immediate _ requirements, to 
ru r,b f r -tended its partnership paper with a dniis eireulaUon of % 

with -the * ead, JJ* Singapore news- New Nation Publishing, an take advantage of investment 
paper and publishing group, Jie unquoted company, publishes the opportunities when they 
Times Organisation. afternoon English newspaper, occurred. ■ 

Dow has acquired 153.179 New Nation, which has a daily It was not possible for Sime to 
shares in Strait Times Press circulation of 40.000. add anything Further until such 

f 1975 } and 36.000 shares in New Dow already has an interest projects were identified and the 
Nation Publishing, giving it in another member of the Times loans provided were drawn down 
approximately a 3 per ceot stake Organisation, Times Business to enable the company. to finance 
in each company. Dow paid a Publications, which publishes tty-ni- „ . „ . . 

total of SS1.2ra in cash for tbe Singapore’s only financial daily, . The Stock Exchange wul be 
acquisition. The vendor of the the Business Times. ( informed if such projects are 

shares however was not Both Dow and the Times I identified and firm decisions 

disclosed. Organisation are also partners | Sime said. 

Strait Times Press which is in the Asian Wall Street .Journal The tenns .of the proposed loan 
listed, on. the Stock Exchange of and the South China Morning yil) not be finalised until a loan 
Singapore publishes the Strait Post of Hong Kong. . . facility agreement is executed 

by all parties concerned, and 

- these parties would prefer not 

- nm . m " to make statements until terms 

Carlton Paper profits rise Appropriate information re- 

BY RICHARD ROLFE JOHANNESBURG, August 2. *jj JSStJcSf ■ thl 


| Singapore publishes the Strait Post of Hong Kong. . 

Carlton Paper profits rise 


BY RICHARD ROLFE 


JOHANNESBURG, August 2. 


THE REVIVAL in the South Corporation’s Sappi holds 50.1 agreement. 

African paper and packaging per cent. Carlton Paper is the Reuier 
industry which has already been leading manufacturer of tissues, ” 

evident in the results of Reed paper towels and related pro- Tnfxifj QpnilirPC 
Nampak, the local subsidiary of ducts. On turnover up from at.lJ[UUva 

Reed international, now in R25.5m to R26.7m fS30.7m ) its T Tl/" r>Amnnmr 

negotiations with Barlow Rand, operating profits ■ have risen U lV V 

and in Kobicr, the Union from R2.9m to R4.2ro (S4.8m). . 

Corporation subsidiary, have with the profit margin rising B Y ° ur ° WB corre*P or ' ae nt 
beeD reflected in another Union from 11.4 per cent to 15.8 per xnrw thtt mt Annnct ** ‘ 

Corporation subsidiary. Carlton cent. „ If 

Paper Corporation, for the -six The narrow increase in turn- 1 Government has 
months to pndJune e . ■ acquired UK-owned Lagan Jute 

The 5 control structure in ? ver ?u?aest * that . P™ fit Machinery Company, of Calcutta. 

Carlton Paper is that it is 78 per havc cnme from ,nt « rn * 1 co® 1 |The entire shareholding has been 

cent owned by Kimberley-Clark reductions and productivity . bought for Rs 165m fS2ml from 

South Africa.’ in which Union increases. I James Mackie Holdings^ Belfast 


.This announcement appears as a matter of record only. 1 


o 


Finsider SpA 

US$65,000,000 

' Medium Term Loan 
Arranged by 

Banc a Nazionale del Lavoro 

(London Branch) 


The Republic of Tunisia 
US $150,000,000 


In conjunction with 


Medium Term Loan 


Managed by: 


BankAmerba international Group 

Banque Nationale de Paris Commerzbank Aktiengesellschaft 

Citicorp International Group The National Commercial Bank 

Saudi Arabia. 


-Co-Managed by: 


Arab African International Bank - Cairo 
The Bank of Tokyo, Ltd. 

Banque Beige Limited 

(Member oi me Socieiv de Banqt e Group) 

• ,Banque de la Societe Financiere Europeenne 
'- Barclays Bank International Limited 


Credit Lyonnais 
DG Bank 

Deutsche Genossenscnatlsbank 

First Chicago Limited 

National Westminster Bank Group 

Provincial Bank of Canada (International) Limited 


Canadian imperial Bank ol Commerce (International) S.A. Union Tunisienne de Banques 
Provided by: 


- Bank of America NT&SA 
Banque Nationale de Paris 
! .Citibank N.A. 

‘‘Commerxbank Aktiengesellschaft 

•JThe National Commercial Bank 

Saudi Arabia . .. 

Arab African International Bank - Cairo 
The Bank of Tokyo, Ltd. 

■ Barclays Bank International Limited 
Canadian Imperial Bank of Commerce (International) S.A. 
Credit Lyonnais 
□G Bank International 
Soci£te Anonyms 

The First National Bank of Chicago 
International Westminster Bank Limited 


Provincial Bank of Canada (International)' Limited 
Societe Financiere Europeenne Finance Company N.V. 
Societe Generate de Banque S.A. 

Union Tunisienne de Banques 
The Fuji Bank, Limited 
Mellon Bank,N.A. 

Saudi International Bank 

Al-Barti- AI -Saudi Al-Alami Unwed 

Banque Europeenne de Tokyo 
Fuji Bank (Schweiz) AG 
Internationale Genossenschaftsbank AG 
Banque Bruxelles Lambert S.A. 

Banque Commerciale Pour f Europe du Nord 
• (Eurobank) 

Gulf Riyati Bank E.C. (Bahrain) 


Agent: 

BANK OF AMERICA 


Bank of Tokyo and Detroit (international) Iridustriai'Muitinationai investments 
Limited Limited 

Klein wort, Benson Limited . T rade Development Bank, London Branch J- 


The Bank of Yokohama Limited 
The Saitama Bank, Ltd. 


Nagrafin Bank Limited 

The Sumitomo Trust and Banking Co., Ltd. 


Funds provided by 


AP Bank Limited 

Banca Nazionale del Lavoro, London Branch 

Banco de Bilbao 

Bank of New Zealand 

Bank of Tokyo and Detroit ( International ) 

Limited 

The Bank of Yokohama Limited 
Banque Canadienne Nationale (Europe) 
Banque Commerciale pour I'Europe du Nord 


Hypobank Internationa! S;A. 

Industrial Multinational Investments Limited 
Kleinwort, Benson Limited 
Lavoro Bank Overseas N.V. 

Me/fori Bank, N.A. 

Nagrafin Bank Limited' 

Nordic Bank Limited 
‘The Saitama Bank, Ltd. 


(Eurobank), Paris 
Coutts &Co. International Banking Division 
Credita n sta It- Ba n k verei n 
European Arab Bank 
Genossenschaftliche Zentralbank AG, 
Vienna 


INTERNATIONAL LIMITED 


Saitama-Union International (Hong Kone 
The Sumitomo Trust and BankingCo., Ltd. 

Trade Development Bank Overseas Inc. 

UBAF Bank Limited 

UBAN-Arab Japanese Finance Limited 

Union de Banques Arabes et Francaises- U.B.A.F. 

Unione de Banche Arabe ed Europee (ftafia)S.p.A. 


Limited 



Mr. Shinbei Konishi, President. 
Takeda Chemical Industries, Ltd. 


Takeda Chemical 
Industries, Ltd. 

St H SB & X 5iil*3£*tt 


FINANCIAL SUMMARY FOR THE YEAR ENDED 31st MARCH, 1978 

WITH COMPARATIVE FIGURES FOR 1977 


Property, plant and equipment; tbs 

!c*s depreciation 

Investments and advances 
Current assets 241.478 

J. css current liabilities 125.889 


Other a«eis 


IV# Millions 

J978 


267.928 

146209 


Lest retirement and 
:«evcr3n« benefits 
Lonf-tcrm debt 
.Minority interest. 


18.701 

^33T 


19,148 

236*77 


Js&ned capital of 498 
shares 

Capital and revenue reserves 

Net sales 
Operating profit 
Intcrcst dividcnds and other 
income less interval und 
other expenses 

Provision for income taxes 
Minority interests 

Net earnings 


24.91 J 
3 30.675 

316.893 


Jew Millions 

2978 

24.945 
240,090 

347,928* 

37*477 

(250 ) 

21M7 


■ 78.138 
1 1689 


* 155.588 


itoJ3a 


ifiiois 


§»«««! M September. 1977. ¥3.75 per share-¥f 1 87fl million: 6 months to 31st March 1978 ¥3 75 t*r «*..« 

¥1.871 million. Thts last dividend is not reflected in the above figures. r n ’ Share- 

Copies of the Annual Report arc available from Morgan Guaranty Tnot Company of fork. 33 Lombard Street, London E£Jf* 3£ff. 



Financial Times Thursday August 3 1978 


Currency, Money and Gold Markets 

Af 7 - ■ * - ' 



drifts in 
thin trading 




THE POUND SPOT i FORWARD AGAINST £ 


.1 iig. 2 


lid I! h 


fliii'V 

Sjinswl 


«_! — f 


Pw iM'mth %/■<■»■ rL/wnmnili- 1 e-*. 


Conditions jn wvtordau'c Fnrpmn r>r vpw York that the 


r.!i.s 

i rlildilllin ft 
'.■iii-k. 

UvlylH.ll Kr 

lldlllqh K> 
IMJiik 
• Hvfl. Km-. . 
pound • spun. IV. 


Ji- 



Japanese authorities 
coming. under more 


have been 
and more 


An increase of Sl93m in ; Auotrta spii 
S«rlW i>. 


noinLs - „ , 

the UK official reserves in July 


■pressBftS a> curb the upward rise to Slti.735bii appeared to have 
oi- the* yen and various rumours little effect. Using Bank of Eog- 


/•U 1. 226 l.aaOO i- • >2M 
1.1860 2.1855 LI9S5 2 iB4S 
j.i 5 i- 4 . S 4 . 24*29 

6 l.E 0 . 2 JS 6 l.SSt 2 . 0 S 
IU.B 7 - IU./IJ- 
9. 2} 1. 5 

*7 2 <-'7.9* 8 i .45 ei. 70 

147. 1 J- 47.50 U7.2SU7.S5 
I «20 1.634 ‘U 22 1 628 
lu. 29 - i- if. 10 . 52 ; m.Sii 
3i9: i.m O.=0B.4l 

8 87 7.70 B.SS* 8.69* 
JSfl-tM 
2 b. 2 ! 38.37 
3 . 29 j i-iOi 


8 
6 
18 
8 

III; 

7 

Si? 

61; 

alj 456-365 
41}' 29.60.Z 4b 

I • 3 . 28 - 9 . 34 ; 


S.1I 
I S» 
5.30 
8. 7 
0.03 


II.&0-0.4Q-.I in 
t>,40-i *0 
7 Je >.’•& •-.(•in 
25 lb.r. j in 

lu.tS.' 10 . 70 ; j 3 ciirv|ini'l!-li- 
s.: 3 -i .94 i 27 a l <a |n | ni 
i 5 j- i5u ■■. ill' 

I 20-60 . .-liv 
I 1-S Mrt-rliN — O.IS 
' 2* 1A -ircpm — 1.74 
I »;-i; c.jm 2.50 
i l»-irc j<ni lilia' 2.07 
a. 40-3.06 i'1-iu. 14.76 
17-7 c»' pm I 5.08 
3-2 ... I'm ' 9.09 


'1.10 1.1)8 .|.m 2.34 
i 30 1. 10 .i.ni 7.10 
5 Tt -4 ■ j i . | m i 5.06 
65 55 1. .pm . 5.87 
SSi-K-di* —1.49 


2.24 lap-Esa r<* l>ni 7.24 
13 70 150 360 . . .iii -1142 
-4.07 lib llvc.*li- —1.65 
73-54 lirtrfl- '-2.10 


i;-l; pm 
4; 3; Ij-J.m 
4.V 2; ■'•i' iii* 1 
3,20-7.95 pipin' 
, 37-27 <-n)'pm 
‘ 77 8 67 j ...put 


1.06 

1.70 

1.61 

8-95 

4.52 

8.64 


Imperial 

Coatmeatal 

Gas 

nssociatioa 


2 d 


BELGIUM 


The.Antwerps& Gssma^sehappii^s -pufeftskeri net profit adyancego 
B.Frs.i 76 millioh ."-yjri tffe immediate futiiee.at least its. "22. 

performance Is likely to be encouraging; 

UNERG's rate of dividend was maintained with a pro rata « ’ 
payment to the shares issued during the year on the occasion- of the 
capital increase. ' r! 

' Most of our Belgian subsidiary companies were able to declare 
enhanced dividends, a fact which' is reflected in Contlbel's publis^&d 

. _ _ . _ - ' ' —x a eu nAn 


fcoW-thcy might . achieve this tend figures, the pound's trade i 
"cabotinded just recently, weighted index remained un- 


Bi.'lsian me is lor convertible francs. 
Financial franc 63.3U-65.60. 


Sis-raonrh farvard dollar 2 . 16 - 1 . 95 c pm 
12-mootb .1.97-3 4>7c Dm. 


IJowewen -jo the absence of any- changed throughout at 02.3. 

TOKYO — -The dollar continued 


dim;* concrete the dollar remained 

any 


finite any internal f( j d cc /f ne an( f dosed at V 1 S 4.70 
Problems- that may have arisen in compared with Y 187.93 on Tues-, 
»■ .«■ ...relation to the yen’s day.- After opemnir at Y 186 . 0 . the 


■ JaduL appreciation. 


The dollar 



1J.S. currency touched a record 
Tow of Y 184.30 just before the 
dose. Despite the Tact that 
various rumours circulating the 
market appear io be lo the dollar's 
benefit, should they at any time 
be substantiated, there is a grow- 
ing suspicion that the Japanese 
authorities may find it extremely 
difficult to stem the inflow of ( 
dollars or control Japan's huge! 
trade surplus. j 

FRANKFURT — The. dollar was 
fixed at DM compared with 

DM 2.0347 previously. Trading! 
was generally uneventful with 
very ‘little in lhc way of fresh I 
factors to influence the market.! 


THE 

DOLLAR-SPOT 


Day's 

Close 

Aasiut 2 

spread 


S 7 .U-B 8 .M 

S 8 .U 48 .B 6 

Cuildi-r 

2 JE 05 KL 2 XBO 



FORWARD AGAINST $ 


p a. Three months p.a. 


ILOM . 04 c ills 
0 .MHA pm 


BelnisD Vr 
Danish Kr 
D-Msrl: 
Pon. Ed 
Lira 

Nrwgn Hr 
French I -r 
Swedish Kr 
Yen 

Amina St* 
Swiss Kr 


32 J 3 S -31275 

5 J 500 - 5 - 55 S 5 

2 .D 42 S- 2 .IH 7 D 


I4UIW.HI 

5J53S4J650 

4 JWM .3780 

4 J 071 MJ 130 

135 . 711 - 186.50 


1 . 7 MO-L 7329 


5 J 54 S-S.S 58 S 

2.0CO-2.21MO 

45 . 3 WS. 4 S 

Bfl 2 J 8 -S*iS 0 

S. 3430 - 5 JOSD 

4.36704 JV 90 

ajimwLSWi 

1 85 . 15 - 1 36-15 

14 . 73 i 50 -M. 74 M 

1 . 7280 - 1. 7215 


3-83 

LS9 


-BJ34U0C rife — BJO | 
LM-LMc pm 2JU , 
14-121 e pm L54 


fl. 7 fr 4 l. 73 pr pm 4.16 2 j 2 -U 7 pf pm 4.72 


3 JL 5 - 3 JSllredl* - 3.88 1 JS- 1 D lire die - 4.04 


b'.S. cents per Canadian 9. 


04 Rnfii- 0 . 2 cpili- 6 .Zl USOJOc dlf - 8.44 ; 
L 25-1 Jly Pm 7.40 3 J 5 - 3 JMy pm 6 J 8 ] 
fl. 434 J. 88 c pm 5.93 2 . 944 L 89 C pm 6 J 9 1 


“I see no reason 
why the Association 
should not 
face the future 
with confidence.” 


net profit. It amounted to B.Frs.428 million, an increase of B.Frs.222 
million over the preceding year. You will, however, recall that * 
Contibel was precluded from taking into its 1977 accounts its share 
of UNERG’s dividend for 1976 amounting to B.Frs.193 million gross. 

For Petrofina 1977 was a trying'year. The consolidated net . r 
profit declined from B.Frs.6,028 million to B.Frs.5,030 million, 
a reduction of 16*'5%. 


UNITED KINGDOM 


Extracts from the Statement by 
the Chairman, Mr. F. E. Zollinger . 


During the year 1 977/78. Calor's capital expenditure amounted to v ' 
£25-8 million, an increase of almost 60% . . . and'pre-tax profit wa&; 
a shade below £10-8 million. 

Century’s pre-tax profit has risen from £625,000 to £1.165,000, 
but I must point out that the immediate future will not permit us to - . 
maintain the progression recently achieved. 


CURRENCY RATES I CURRENCY MOVEMENTS! 


■ cjoRcrt" at YJ 86.30 which was 
jincteuiged- from Tuesday but the 
-Say's ’range showed considerable 


on rumours of a possible 10 per, 
i-cnt increase in oil prices. The j 
Swiss franc climbed 10 a new' 
high acainsi ihc D-mark at 
DAI 1.1S70 to the franc from, 
DM 1.1817 cm Tuesday. 

PARIS — The dollar showed ! 
lit lie change against the French 


Trade' weighted average depreeia- during' the "day.’ The franc' also 
JLion. .was unchanged at 941 per showed little movement against 
ggnt -and -on a similar basis the other currencies and sterling 
SCn.'s appreciation improved from finished at FFr S.4030 from 
55-S per cent to 56.0 per cent. Fp r 5.4135 previously. 
i'/The*: Swiss franc was. firmer 51TLAN — Trading during the 
?£ainsr : the dollar and closed at morning saw the dollar rally 
SwFr 1.71121 from SwFr 1.7275 on against the lira and was quoted 
Tuesdai’ while the West German a t LS42J2 compared with the pre- 
Biark'was marginally stronger at vlous day's fixing or LS40.7. Both 
Dili 2.0.190 against DM2.0405. jh e V en" and Swiss franc were 
-Sterling spent an uneventful slightly off the record levels 
day trading in the range of achieved on Tuesday and while 
SI .9225-1 .9300. It was slightly conditions were quiet, there was 
easier during the morning but nothing concrete to explain the 
with little business taking place dollar's better performance. The 
rates, .were easily moved and it ve n closed at L4J*00 from L4.539 
was not until the afternoon when while the Swiss franc eased to 
selling of the dollar developed out L4S5.S1 against L490.75. 


An Dust 2 

Special 

Drawing 

Rights 

European 
Unit of 
Account 

Angnst 2 

Bank of Morgan 
England Guaranty 
Index changes •! 


.. O.tSStai 

0^54148 

SterUiu: 

62-29 


I’.S. dollar 

lJbifcfl 


L.5. dollar 

84.44 

- 9-2 


1.43766 

1.44183 

Canmli jo dollar .. 

8294 

-14.6 


.. 18.6063 

18.6943 

Ausinon schilling 

.. 130 54 

+17J 


.. 40.7075 

49.4096 

Balaian Iran-: 

. 109.32 

+1L0 


7.11168 

7.05341 

Danl'di krom? 

. LL3.M 

+ 4-8 

Df-aiMhc Mark ... 

.. 2J9123 

2.59423 

Dcstitlir Mark ... 

. 139 J# 

+34.1 

SUlId'T 

. 2 73827 

2J0126 

Swiss tranc 

. 193-39 

+87J 


.. 5.52512 

5JS34T 

•'.uiM.r 

. 119.21 

+16J 


1062.45 

1068.18 

••ivnch franc 

. 100.77 

- 2-6 

Ven .. 

2MJW- 

237.921 

Lira - ... 

55.90 

-46.7 

Vunroaian krijn.* 

.. b.VMl 

6.81403 

Vet. . .. 

1S7.49 

+56.0 

F*««la 

46.4211 

46.8581 

Based on Iradi- fccuhicd chap^es from 

Swedish kmna 

5.64261 

5.71693 

via»kliu'of< aart^nirni December. i8Ti 

Swiss franc 

. 218704 

2.19823 

• Rank al England 

hides =iuo> 


OTHER MARKETS 

Auk- 2 

r . * j 

£ 

N*li> Knurl 




htuBLrails Lhiitai 

I'lnRLD-l MnpkLn.... 

i rum froieim 

Urwwe bnchim.. . 



8 . 01^.05 •>. 1595 - 1615 iVnmnrk 

o..wy 10.75 


4 .B 5 4 / O 


1698-1688 

inn Kinl 

. 2 8 bti. 4 e . 1.58 Inpnp _..... 

.. 360-570 

Kuwait 11 ‘HMY • k Li 

U.'IB . 5 26 0.4687 .8739 >« 4 l wnirl 

1 . 1.25 10.40 

Ui*tiia Dnllai 

S«*rr Zr-ilnnd rv.llni 

4.44 4.46 3.5100 . : 1 20 ivni in.-n 

i.c .260 B 540 O , 471 -J teOI <im.ii 

* 3-30 

145 l£ 149 
. 2 ; 40 

-i men 1 arc Lin nr .. 

4 . 331 - - 3 S .4 5 ia :.. 550 i,.,.i«n Sfmp- 

i - 654 - 1.6825 >.8638 1 .- 727 Yu«.. >.<n 

1.9200 1>400 
35-37 


Summary of Group Results 


Ha 1 * iriv.-ii W, Xru.'nilnsi Ifi IM» r^l* 


EXCHANGE CROSS-RATES 


*- ' 2 

Kohh r>teiiina 

L."5. Ih'l.nl 

UeuisclieMnri.. 

itunli<r*t l«i 

nan u rr*u 

“ r mu i 

AAHII. <11 r 



... . 

. . r. . . 

J HuubA’ jller 1 Ida; 

' 1.' 

1.936 

4.935 

»S9 5 

o.u 05 

0.3 DO i 

4.*4b 

it 33 ! 

<f. .94 

i 2 00 

L’ .-S: DnUa r - 

0.519 

1. 

2 041 

186 5 

a 359 

I., 12 

<.i02 

8-15 

>.•38 

**..16 

fVuwcli'e Jf*rk 

. 0.2r4 

0.4S0 

1 

91 36 

x.136 

'■ u. 39 

1.178 

a 23 

58 

< j6 

JacorneM Ven‘4j>Xi 

«.7B2 

6 363 

> 10.95 

IOOO. 

<3 38 * . 

9.179 ! 

1 J 81 

-513. 

6 105 

172 5 

K|eVig1i- mmc-iEJ ' 

+1.1SKT 

iTvaV 

■ 4.c"aa i 

427.7 

IO. 1 

3.926 | 

3.1)51 1 

O 30 

, ..felO , 

.3.77 

<- n'lriRs Franc 

0.303 

0.?64 

>.192 

lue 9 

V 347 ! 

1 1 

1 86 \ 

•91.7 ; 

! O. 65 

18 79 

bulcfa Cnibler 

0.836 

0.454 

1 0.9k 7 

84 69 

1.980 

U.777 | 

* | 

382 2 | 

a. 17 , 

1- 61 

Ilallnu Lira 1.000 • 

0.616 

1.168 

8.425 

•JU1.6 

3.180 

/.034 ! 

'.616 1 

• o : 

l.. 50 1 

aB 21 

I'anadian Dollar ' 

0.456 

O.C79 

1.794 

1659 

■<-831 

■.r04 

i u 35 

739 5 


38 26 

Wt-l'rtsn Franc 100 

1.613 

d.UO 

b.»47 

579.8 

13.56 

5.323 

6.847 

2617 

3.539 

• 


EURO-CURRENCY INTEREST RATES- 


Auer. 2 ■ 

St ei liny 

..'KDarlliib 

Dollitr 

17 . 5 . Ih)Jlar 

DuK-b Guiiifj 

;* )•< Franc ' 1 

' 'V. tin ouui 

Mar' 

t nfiic» F n*«ii 

JiM-ian Lira 

4 si*n S 

1 «i"ile P » 

tShort. term 

n-ina 

89 

7 . ' 4-0 

43,5 

^-*8 


771 * 

11-15 

■■v l - 


7 dav» nirticc 

10 ) 2-11 

89 

7 &- 8 N 

4 i ,-5 

1 


7 >4 7 '* 

12 <4 > 5 U . 

^ r 


Moat b - ..... 

lOSa- 103 , 

9 ’«. 9«2 

7 I 3-734 

4 oh 4 fj 

lh >i;. 

3)8 

7 t b . i* 

•2 13 



Three iiiuuiIi. . 

lOsg- 10,4 

9 'S 9 )g 

e'ja.'s 

51 * 5 N. 

>n 1 - 


4 i, 8 - : 

U I; K l 2 



M\ moalh? ' 


BVc-m'j 

8 j S 8 Is 

b'vG* 


t ,) i : 

9 «* - 9-4 

12=4 13 -. 

KWIB 


One .veur .. .. 

Hi. U se 

9-938 

991 . 

6 s«- 6 ?^ 

SC> 3 - 2 >< 

4 . a -!.> 

ir.- v . ... 

loh 14 lj 


^lM)l 


TH-.' rollon Inc nominal rales wen* quaifd lor London dollar cciunuaios of d^oosl*. One momh S 00-S.in »r crni : ibn.-.- months S20-S.3U m-r c-m: si* monir.s i Ki a 
per tx-ni: no? year ajs»-9.W per «m. 

Long-term Eurodollar deposes: two years SM[,,.!>Sh P^r rent: three years Pfl|r,-Pr| h rvr cent: lour years 87n Sh * r cent: live vejrs per tern are 

nominal Was ins rales. 

Shon-lcrm rales aft call for S'erlille. IS ilnllais and I'jnadun dollan: two days noine lor tinldVrs and Snriss francs Asian rafts are ••losir.p rat»? in Snm.ij.-i- 


INTERNATIONAL MONEY MARKET 


New York rates lower 


Treasury bill rates were quoted 
sharply, lower yesterday with 13- 
week bills at 6.7H per cent from 
6.90 late 011 Tuesday and 26-week 
bills at 7.25 per cent compared 
with 7.34 per cent. One year bills 
were al-o easier -at 7.B3 per cent 
from 7.75 per cent. Federal funds 
were quoted on or just below S 
per cent and the Federal reserve 
onco more injected liquidity into 
Hie system of making overnight 
repurcha-e orders. Oae-month 
certificates of deposit showed 
little change at 7.75 per cent while 
tlie two-month rate fell to TiSS 
per cent Trom 7.90 per ccnL 
Three-month deposits were also 
easier at 7.95 per cent compared 
with S.02 per cent previously. 

Hankers acceptance offered 
rates were unchanged at 7.65 per 
cent for 30-days through to 8.10 
per cent for ISO day*. Similarly, 
high-grade commercial paper 
rate* were steady 31 7.70 per cent 
for 30-days. 7.35 per cent for 60- 


days and 7.95 per cent for 90- 
days. 

BRUSSELS — Deposit rates for 
the Belgian franc teommercial) 
were generally mixed with one- 
raontli at 51-6 per cent from 6-UJ 
per cent preA-iously and the three- 
month rate at tij-6? against Brt-fii 
per cent. On the other hand six- 
month deposits were firmer at 7S 
per cent compared with 6IJ-7J per 
cent while the one-year rale was 
unchanged at 7S-7J per cent. In 
the week ended July 31. (he Bel- 
gian Central Bank's foreign 
exchange reserves fell by about 
BFr -.I.Gbn lo BFr 92.4 Ibn. It is 
widely agreed that this fall is due 
almost entirely to support opera- 
tions carried out by the Bank in 
order to keep the franc above its 
lowest permitted level within the 
European • “snake." At yester- 
day's meeting or the Central 
Bank board, despite the weakness 
of the franc, the Lombard and 
discount rates were left un- 
changed at C per cent. 

FRANKFURT— German inter- 


bank money market rates were 
unchanged from Tuesday at 3.45 
per cent for calf money ihruugh 
to funds for sis months at 4.1 per 
cent. 

A MSTBRDAM — Inter- bank 
money market rates were 
generally easier with onc-momh 
runds falling to 5l-5i j>er cen; 
from 51-33 per cent and three 
months at 8A-6S per cent com- 
pared Arith 61-fij per cent pre- 
viously. Six-month rales were 
also easier at pec cent from 
ijJ-7 per cent while call money 
was slightly firmer at 4i-3 per 
cent from 4j-5 per cent. 

PARIS — Call money was slightly 
easier at 7J per cent compared 
with 71 per cent on Tuesday. 
Longer-term rates were unchanged 
:«t 7J-71 per cent for one-month. 
71-74 per cent for three-month. 
7J-75 per cent for six-month and 
SJ-SA per cent Tor 12-raonth. 

HONG KONG— Money market 
conditions were again easy with 
call money at 5i! per cent and 
overnight funds at 5i per cent. 


GOLD 



rise 


In fairly active trading gold 
improved S3 an uunce to close «*J 
S2031-204 in l he Londnn bull inn 
market yesterday. The metal 
opened .11 9203-21133 and was fixed 
■ al the same level in the mornmu 
i as in the afternoon at 8203.23 


j Trading remained nervous and 


was again a re flea ion of move- 


UK MONEY MARKET 


Free credit supply 


Bank of England Minimum 
Lending Rati- III per cent 
{since June S. 19781 
Da>' to day credit 


fall in l lie mile circulation. There i-nnccming a reduction in MLR. 
was a I an vxcew of Govern- Such an announcement would 
mem disbursements over revenue normally occur today. In the 
transfers to the Exchequer. interbank market ovcmichr loans 

«.>n lhc other hand, there was opened at Uj-lfl per vent and 



; An* £ 

»i<a. 1 

Iti iitin ,p tin 



minit-l 




..'20B 303; 

204 2043 4 
M/.b0 
. 1 12 19 




> 1 6.5h5 

\ltcrmxn hx'iu:.., 

. iOS.^i 

>205.10 


<A- 1- 5.i95 

Lll.fi.3II 

liol'l l.'ni.i- 



>(• •inc-lh.stil.y 
Kniuenmnd 

i'll; • is; 

1 

5214 216 . 


*. S; 10; 

. L 1 1 1 H2 

New >.ven*iKn*.... 

5; Gil) 

s n 59 ; 


>51.52 

.1 2 b, UD 4 

Uid sorcreiKn- 

. fiS/.fiOi 

SO; Si; 

, |*69-Sli 
.'tfiBg 51 D- . 

IjKllI L'rtlll- 


uiti-nHir i.piirtiiv 



rinmerrand 

:20Bj 2117 

?2»i-21Bj 


L* li, 

• A 1107 

)>« S»rrai|ii..... 

. ?57 



‘ CJU 51 

: Lso.iH 

*.*hl .*\neieJin>.. .. 

? BOj 



i i»; . 1, 

1 \6‘i «1> 

*i’d hjii'.-er 

- b7 2b9 

ISifih 4.5 

» k 1 l--ic>l- 

.•J .9 


• he r . 

« 4 8 

■Fit ’ »i 



1977/78 

£'000 

1976.77 

£'000 

Turnover {U.K. Subsidiaries only) 154,539 

127,079 

Profit before tax 

26,347 

22,199 

Taxation 

8,912 

6.60& 

Profit after tax 

17,435 

15,591 

Profit attributable to I.C.G.A. 

17,224 

15,456 

l.C.G.A. share of Unconsolidated 
Subsidiary and Associated 
Companies' retentions 
/not included above) 

4.350 

4.386 

Dividends 

3,996 

3.477. 

Earnings per £1 stock unit 

42-62p 

■3902p 


DIVIDENDS 

Your Directors. have declared a second interim dividend of 5*806p ^ 
per £1 ordinary capital stock unit and have stated that it was their - -. 
intention to recommend that a final dividend of 3-444p per £1 stock* 1 
unit be declared unless Government policy made this inappropriate. 
When this statement was released on 27th June, there was no 
indication as to what Government policy would be regarding 
dividend control after 1st August Last week, however, legislation ; 
was passed, prolonging and modifying the statutory limitation on - 
dividend increases. The regulations presently in force make it 
impossible for any company whose financial year ended before 
1st August to raise its dividend by more than 10%. 

Regrettably the Association /alls within this category. We are; "- 
consequently, unable to proceed with the declaration of a final 
diyidend and must restrict ourselves io two interim dividends 
totalling 9-806p per £1 stock unit 

Much has recently been written- on this subject in the financial 
press and I wish to add only one point to the critical opinions 
already expressed. I think it right to point out that the Association., 
was founded in 1824 because it was at that time accepted as 
self-evident that, if British industrial and commercial initiative was 
transplanted to the Continent, it could not fail to reap its just reward! 
Today we must sadly enough recognise that the spirit of courageous 
enterprise, which brought .our company into existence, is m danger v 
of being extinguished by legislation based on little more than 
political expediency. - J 


Copies of the full Speech and Report and Accounts can be obtained from - . . ; 
Hill Samuel Registrars. 6 Greencoaf Place, London SW1P 1PL. 


Him Bonds having boon pUeod, this announemont appotm aa ■ maUtr of nccnf only. 


New issue 


UNIROTAL 


August 3, 1978 


S. Rubber Uniroyal Holdings 

Luxembourg 


DM 35000000.- 

5 3 /4 °/o Bearer Bonds of 1978/19$^ 

- Private Placement - 

under the Irrevocable and unconditional Guarantee of 

Uniroyal, Inc., Middlebury, Connecticut/USA 




Berliner Handels-. und Frankfurter Bank 


DG BANK 

Deutsche Genossenschaftsbank 


Westdeutsche Landesbank 

GErozentrale 


REFUGE 


COMPANY LIMITED 


adequate supply in the London J. fi/eabk- net take-up or Treasury remained steady for the rest of 
nuinev market and for the lir.si b '' £ and numbers of loea lhc day with el.iMnu balances 
time since July 6. the authorities maturing in tiHlcial 

were not required lo give any ,n ^dtlirinn to 

....IcMnm IJismi/nl hnii>ps found . - SOftlenienl flf gill sllCS Sfltl 


taken at 9 J-!>i per cenL 
Discount houses' buyinu rates 
lor ihrep-nioufh Trpa.sur>' bills 
eased slightly in 9,' -94 per rent 


assistance. Discount houses found ' ^...uincn. o« ei. ^ias ann 
themselves in a much more com- ,ht rt "’ ale b T ihe authorities -»f 
fortable 
Hosing. 

per ceni^ L . 2 tlay’» moderate advances! pared with the pri-seni 10 pei- 

The market was helped by the Condition.- were generally quin cent, 
banks brin^hTg forwnriJ tialani'es ahead or any possible announce- Rales in Ihe table hcluw arc 
well above target and a - modest ment by the Bank of England nominal In home cases. 


ble position and in places i,. 1 r, L° d T Jlt ' amount of bills «hteh tinder the old market 
■»*» rf-iWnees iveri^- taken al 9 wu^bt at an earlier date. There related formula would have indi- 
■pnif - u ' ah a,sn the repayment of Tpcs- rated an MLR of 9} per cent enm- 


london money rates 


men!* m l lie dnihii-. ,\t nne point] 
the metal eased to $2U2i-2u3! 
while the best level aitained wa 3 
ai the close. Trsdinu was also 
restrained ahead of [lie IMF gold 
auction held later in the day m 
the U-S. 

In Paris the 121 kilo bar was 
fixed at Fr2ff.1.30 per kilo (Siw.Wi 
per _ounce) compared with 
Fi2Sjii.i 15204 :«» m the morning 
and Fr29.000 (9207.09) on Tucsdav 
ofiernnon 

In Frank-full ihe 121 kilo bar 
was Ji\ed ai D.tl J3JS75 per kilo 
(S203.-1M per ounce) compared 
with DM 13.075 (S207-50) on Tues- 
day. 


HALF-YEAR STATEMENT 1978 


ORDINARY BRANCH 

New Sums Assured 
New Annuities per annum 
New Premiums per annum 
New Single Premiums 



. “Seimic 


lain 

IdiLTl Aljlil, 

r .iMiii-t 


1 ) miiii 


bl-Nl 11 ' 



i.eriiHiaie 

: tniritanh 

Auibuaitv 

urai.-l»l'*r 

; Hinw- 

• L'louiniik 

iu«n.M 

I'l m-iin 

Hnuh 

r ui-lni >• 

ta «4 

.■I 



ln.|| 1 


> U.-I-. •« 

ei— ■' 

h. . i. 

■I... 4 , 

|i»H- ft 


- 

> 95)10 

a-a . 

. 


lulfl 

9 9 -i 



- 

i mv« norwM _ 

[ — .. •' - 

*“ 


10 <; 

10 


- 


— 

Y.in»-*jr 1 

7 Ini'* iwUt-e- 

f 97 r Vy. 

91 : 91 * ■ 
9 f: 9 V 

' 9 -? 

10 

iO-'j 10 1 ? 

! 10 

■ L.l> 

9 'v 9 >) 
91 i 

9 , 9 ... 

9 J i 

. lU'A 



9 h- 0 >i ■ 

91 i 

fl.i- 9 'r 

1 ILil 

I 101 , 

s': 

9 ,. 9 .- 

9 ,; 

101 . 


9 sfl 

9 >t 9 .'i 

M’: u 

I Ik-'- 

Hi) 

9 ... ai» 

9 ,:. 9 .-a 

1 U «4 


9 -i \ 

91 > 9:3 


9 .r 9 

Il % 

1 ’ j 

— 


9 9 .; 

10 >; 


l Q.i .j) 

9 . -io.: 

IO 14 

10 S 4 10*3 

9 >; Ip 

1 lilt- 


— 



— 

« 'Hi.- »c*r. 1 

l\».i tear-... ■ 1 


ID J 0 l„ 

9 .E 9 S) 

10 >3 

: 1 


• 

- 1 



! MONEY BATES 


r NEW YORK 


, Prune H jt ■- 

1 Kurt Fund-. . 

' TrriMio Hills 
! Trcanirv Hills 


> 1.1 nri-k i 

nii.'a’i'-'lc . 


8.0 

6.74 

7 J 5 


m 


New Sums Assured 
New Premiums per annum 


J GERMANY 

: iiiw win; 

: >iv< nichi 
hih- momh 
; Thn i- luuiiTj]^ 
1 Hlx mumiu. 


GENERAL BRANCH 

Total Premium Income 


' First 6 

First 6 


Months Months 

Year 

1978 

7977 

7977 

£’000 

rooo 

£*000 

44.543' 

35.822 

74.245 

546 

. 347 

656 

1.517 

1^48 

2.494 

347 

316 

629 

►J 

58,567 

52,505 1 00,520 

3.986 

3.442 

6,599 

2,811 

2,110 

4,310 


3 

3.45 
3.6 
3. 75 

4.1 


| FRANCE 

Dkiiiiiiii Hji.. 


Local auilwdB - and hnan»-c han't s vcvcn days' iiMiin?. kiIht-. wn dar-. IjswI ' L^i^er ivnn lueal nmn^auc i m,.rnit:hi 

, nummalb ilfr« stars Hi per mm: inur years IIMI. n.-r icrii. live year, n: per- crni. o Many bill raie- m mnnih . 

tjuylnu raipr tur pninc pancr. Burma rare, fur Iiuir.miuiili hjj.k hills «■*!» yvr uem: f<»ur-iiiwiiii irade mil- In - . ,irr ii-m ; Tftr.i mnnih;; 
Vourosimalc Tellinfi rates fur. uuc-nionih rrwwrv bill- [ht ivnr ivn-mr-nTn 9W»ft: per cen': awl thn—ni-'inh . inmiihs 

iL-r ccdl .Apimwinwie ’•BlHns rjie Jnr une-mnnm 0 “" — — - — - — — “■ - — 


ncr CCDl. .AppmillllJie -einna rj'r hit unomniim ujnn Bill. yfr- c^nl. *:id l«n-iil»ulh 9 - .-I'iu U^r C**lii: 4ii>] j 

ihrnf-in'iPtii 9he'- 9 i P^r ccni On*-mnrah irauc bill- in pit crai: i« n-mniith ip ivr i.-ni and al.-" thn-—mniiih Ui‘ n*-r. i - in JAPAN 
plnaocc H44pe B4ic Raiei •pnfilt-licd h\ ;h<- Finanrc Him-.- I"' mr i-ni rnnn Aiiuh.m 1 lUK Clearmq ■ K. - - 

Bunk Depotli Bates i H it -mall .-inn- at — »ro djv-' n iti.r* »:i-T per - uni Clearing Bank Bmc Raito fut lendins 10 per cent. • LjU ■ i'in«jiiiii:mnal' 
Treasury Bills: Averaae lender r«e» 'it din.-uunt 9.HW pvr seal. l^dls Piacmint Bate 


7 12S 
7 JUS 
7.4J75 
7.IUS 


REFUGE 

ASSURANCE COMPANY LTD 


Chief Office OXFORD ST. MANCHESTER M60 7 HA 


3.5 

4.5 

4.75 



Chesterfield 

Properties 


.c 


Audited results forthe year ended 31st December 1977 



1877 

1576 


£QOO's 

£000's 

Rental Income 

. 3.375 

2,906 

Profit before Taxation 

7,785 

1.543 

Attributable profit after Taxation 

860 

673 


Earnings per share 8.76p 

Dividends per Ordinary Share v 3.99p 

•Maximum permitted under currant legislation 


6^5p 

3.62 p ; 


A nnual G eneral Meeting : 1 1 am, 3r.d August 1 978 at the 
Burlington Suite, Washington Hotel, Curzon Street London W1Y 8AT, 


Copies of the Report end Accounts may be obtained from 
7 he Secretary. 38 Curzon Street. London Wt Y$EY 


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London 


The Gulf 


One of the largest commercial banks based inthe Gulf. \ now in a phase of dynamic 
expansion, requires the following executives:- 


Manager c.msoo 

A dynamic Manager, ideally aged 40 -45, with experience of the Middle East and 
a proven track record indicative of the initiative and drive to undertake the 
profitable development of a new branch. Re£ 6266. 


London Branch 


Marketing Officer e&ooo-cklooo 

lb develop profitable client relationships with British and UK based large 
international companies with interests in the Middle East. Initial concentration 
will be an the UK market. Re£ 6267. 

{The above appointments are open to men and women ) 


The Gulf 

Personnel Officer -International Division 


To establish and control a department to administer the personnel function 
within its International Division. A versatile outlook allied to broad experience, 
ideally in a bank, and a proven record of success is essential. Previous overseas 
.experience is highly advantageous. A remuneration package including tax free 
salary is negotiable in accordance with the best international standards. 
Pei: 6268. 


Executive- 
Syndicated loans 


c$35,QOO+bonus 


An experienced Loan Executive for the investment and corporate finance 
department to assist an established team in developing international lending 
operations. Candidates should have sound experience of putting together 
syndicated loans and/or performance guarantees and all aspects of international 
trade financing, together in each Case with a detailed knowledge of documenta- 
tion. Ref: 6269. 


Renewable contracts are for 2 years. 


•career development and overseas benefits 
l facilities aha 45 days holiday each year. 


Applications under Refs: 6266, 6267, 6289 to B. G. Luxton. 
Applications under Refi 6268 to G. N. Brown. 

Mervyn Hughes Group, 2/3 Cursitor Street, London EC4A INE. 
Telephone: 01-404 580L 


Mervyn Hughes Group 

Management Recruitment Consultants 


Ghvup Tax Consultant 

c £15000 phis car 


A # /he Charterhouse Group, based in the City of London but with 
■m numerous financial and trading subsidiaries in the United Kingdom 
J— and overseas, wishes to recruit a consultant to advise on the tax 
implications of all major proposals. He - or she - will help the financial 
directors of operating companies to recommend to their boards the most 
favourable tax policies to pursue, and will maintain good relationships with 
the Inland Revenue. 

The intention is not to set up a tax department but with the help of an 
assistant newly acquired from professional practice to put forward 
imaginative tax plans. Much of the work will be self-generated. 

Those in group finance with whom the consultant will most frequently 
communicate are graduates in their mid-thirties. The job will appeal to 
solicitors, chartered accountants and higher grade inspectors whose 
experience includes ad vising management on the taxation implications of 
theirdecisions. . 

Salary negotiable around £15000; car provided. 

Please write In confidence for a . TPl 

job description and application form to ft Tinp* 

David Prosser, Executive Selection 1 11\X 

Division, Southwark Towers, 32 London % \ Mprhni 1 Of* 

Bridge Street, London SEl 9SY, V V 7 - 

quoting MCS/3710. ▼ T Associates 


xL 


nee 

/aterhouse 

r Associates 


@ FINANCIAL MANAGER 


Maidenhead, Berks. 


to £10.000 


Kenowncd lor it financial disciplines and Contois, Black & Decker has a policy 
at rapidly promoting able acconrrtaiits toa variety of senior maaageniagi positions. 

The company new plans to appoint a Financial Manager who, reporting to 
the Financial Controller, will be zaspaas£blefar controlling- the preparation a£ 
monthly reports, cash management and the development of coaapat er bas e d 

* 2 W eMVHinKvirf a efnff 


successiui CamUadLU JUlKn. Haver uiaiiaAiwimj w ^ ** * **** 

y rf-p<sary in iontma accauntingwtiilst possessing the manflfftiioent skills and • 
potential to progress rapidly in a demanding environment 

Candidates will be qualified accountants withastxong technical 
background who have had exposure in a progressive rndustnal/coarmercial 
envir on m ent and previous experience of stall control. Probably aged 27-30 
they must have the ambition to take on greater management responsibility 
within two years. 

For more detailed information and apwsonal history form write to or 
telephone# Nigel V. Smith. fl.CJL. quoting reference: 2214 



Douglas Llambias Associates Lid. 

Acsaunisney Gt Management rtecmiUnent Oac B nl t a nta # 

4 10. Strand, LocdoB WC2R ONS. Tdk G 1-836 9S01 

121 , St. Vincent Sheet. Glasrow G 2 5 HW. Tel: 041-226 3101 

3 , Coates Float, Fri*nhurqhEH 3 7 AA.Teh 031-2257744 


aUemafivdy write to John Levy A.G.CJt.,at 

Black & Decker# Cannon Lane. Maidenhead, Berkshire. 


SAVE THE CHILDREN FUND 

ACCOUNTANT 

BANGLADESH 


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

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

Single person preferred. Preferred age 35 years. 

Applv: Overseas Personnel Officer, Save the Children Fund, 

157, Clapham Road, London SW9 OPT. • 




a Schlesingers 


Specialists in the management of private, 
institutional and pension funds. 


Schlesingers 9 rapidly expanding Unit Trust . 
Management Company is recruiting a Senior 
Managerforthe North. 

The requirement is for a person, preferred age 
28-45, to develop business with Professional Advisees 
(Accountants, Solicitors, Stockbrokers, Insurance 
Brokers) in the North Midlands and NorthWest 
England. Therefore the successful applicant (he/she) 
will ideally live in the Manchester area. This wiH 
involve not only marketing a range of Investment 
Services but also advising on their suitability for 
jhdividqalinYestors. - 

The applicant should have an understanding ■ 
and experience of investment, financial planning and 
marketing. Career prospects are excellent The 
generous remuneration package, which will include 
a Company car, profit sharing and btherbenefits,' 
will total £7-10,000 depending onesperience and 
ability. " 


Please Apply to JD. Bourne at - - 
SCHLESINGER TRUST MANAGERS LIMITED 
19 Hanover Square London W1 V 
Tel: 01^09 3100 


Head of Finance 
£12,000 plus 

Mediterranean base 


Thfepostis designed toaftractaprafesional 
who -wishes to build on his experience in Arabic 

j qiaalfiTiff m rnitriftspflri rlRvelnjin an cx^antlin g 
climate. 

The company, a subsidiary ofNL Industries 
Inc, New Jersey, (turnover £850j000j000) specialises 
in oU field services. Hanover intheEastem 
Hemisphere Division afNL Baroidbas more than ' ' 

■ doubled since 1976. 

The key task infills appointment is 
to tike chaise of thefanction in anoil 
p reducing country and strengthen the 

nrf-n imiingandr pprtrffr ^dj<y lplinE£ . 

The lask should take about three yeas. 
Further career options win then 
Open-Rewards and benefits are 
gmpmiK ^d diould&cffilato caCTlal 
saving. 

If you coosideryonhave Ifce ■ 
appropriate experience and 
qualifications, write faran : 
application form or senda career . 
resume to: 

FrankAbenrombie, 

Manage finployee TtelsSaas, 

Eastern Hemisphere Operafions, 

NL BaraM/NL Industries Inc, 
Academy House, 

- 26/28 Sockvilfe St, 
London WK2QL 


JM1 

15 (IS 

Xt* 

tens 

ilL’St 
m * 

1*2 & 

mm 


BANKING EXECUTIVE 


International Group based in; Hong Kong is seeking younger 
banker to head thi operating team of their affiliated Finance 
Company, reporting to the’ Group’s Finance Director. 


Experience in project financing and loan syndication and an 
existing international banking exposure would be decided assets. 
Remuneration and benefits will march experience and 
achievements. 


Applications with full CV.- should be submitted under Reference 
PC/321 to: 

Peter F. Brandon f 
WALTER JUDD LTD., 

Recruitment Division, la Bow Lane, London EC4M 9E3 
and will be treated in the strictest confidence. 


MANAGEMENT 

ACCOUNTANT 


COMPANY 

LOCATION 

APPLICANTS 




APPLICATIONS 
IN WRIT1 NS TO: 


Carl Freudenberg & Co. (UK) Ltd.~-part of 
a large international group with' diverse 
activities in many Industries, 
b a pleasant pari of the. East Midlands with 
easy access to motorways. - ;LJ 

Should be Qualified Accountants (preferably 
A-C.M.A.) in the age range’25-35 years with 
experience in both a manufacturing and 
marketing environment. 

The ability to interpret and communicate 
financial information to other members of 
the Management Team -is essential. Know- 
ledge of computer systems would be 
desirable. 

Attractive salary, bonus scheme, excellent 
company pension scheme, assistance given . 
with relocation expenses. ■ - - - 

K. D. Cutfifaert. Financial Director, 

Ctrl Freudenberg & Co.' (UK) Ltd., . , 
LUTTERWORTH, Leics., LE17 4DU. 


THE URANIUM INSTITUTE 

The industrial association and forum of the international nudear 
fuel industry, with offices in central London, requires 


TWO RESEARCH OFFICERS 


Experianca in one of the following fiaftf* is dmYibfe: Gnnsmfa. -E ne rgy 
( psrticularty the nodur industry). Geology or Mining (purktrlarfy economic 
aspects), or relevant international commodity or business research. 


Applicants should be grad Bates, aged 26*35. and must be idapmMe, self, 
propelled and capable of working u members of * small professional team. . 
Drafting ability is Important, and knowledge of language* would be «n- 
advamage. Rsponsfoilitiei - wrill include neural projects snd administration ' 
of study group meetings. 

Frequent travel, worldwide.'-- fe'a weeHbry per* of the job. A high .all round 
Standard is soogfit. and faBy ■owpetitive salaries (flegodaWeJ .ml) he paid. 
4J weeks. a year botidays^Tnnsfcrable. petvonal pension. . 

Apply (enclosing C.V.) before 3l*t August 197K Oi 
Terence Price, The Uranium Institute, 8th F«r 
New Zealand House, Haymarket, London SW1Y 4TE 



CAREER OPPORTIAITV 

in jiumgeht coaistnwe 


\ We are a rapidly growing intexnatioiial company lookingf or ^ 

ri ynami c ranriiHattx: for interesting and challenging work 
in tlris exciting field. / v . , r . " % 

I Our cUenfs include many of the best known International -.v. 

' companies in Europe. - 

l we want people with initiative ambition and an ability- te - : 
communicate with' others. The ideal age is betw^n 25 and 
35, and it is no disadvantage if you are at an early stage in ^ 
your career., • . . . . ' ' ^ 

l, -We wiR^sadi you our techniques . of; dran^cally.hn^ogi^;; ^^ 
busines^-^prafions— techniques wMcb-hSEve-- :been=feigetjr'^?^ 
effective in producing results in areas as widely .diversified -• 
as Managua ent, Manufacturing, Administration, . Marketing, . 
Sales, anaTraining. ~ 

I You: shoiM.be the kind of -p^rSoh: who likes tO htak^i hii ig s ^S^ 
happenr— who likes to directly see the results of your efforts#^ . 


Advancement in both responsibility; and-eani m gs is. rapid for 
those who demonstrate the ability to learn and do the 


While weekly travel is necessary, there Is no requirement ^^ 
<iange yodr place of residence;' * 


• Fluency jn German and English are necessary. Knowledge of 
additional Aguag^Willb&nn ass^t ^ ; ' V - . * j- - ?. . 

K you are interested in talking with us about _ ’ . 

THIS EXCITING CAREER 

, r f- ■ . \ v-J 

please send c.v. with details of education, experience andearnings - 
to BorF1041, Financial Times, 10, Gannon Street, EC&* 4RY. _ : 
The strictest confidence will be observed. 


b ( 


U.K. FINANCIAL CONTROLLER 

: WEST LONDON c £12,500 + car ‘ \ 


Our client is a major U.S. group engaged in the manufacture arid markets 
ing of high technology products, who show an outstanding growth record. 

They now se6k a Controtiar to take responsibility for their total U.K, finan- 
cial function including accounting, financial planning and analysis, .devel- 
opment of new management information systems, treasury responsibilities 
etc. The position reports to the European Financial Controller. V 

It is likely that the successful applicant will be a chartered accountant in 
his/her mid 30s who can demonstrate effective accounting and finance 
experience, preferably gained in a high technology environment withrir a 
U.S. company. Good cofirinunication and man management 'SkHte are 
essential. . •' 


I *n»\in 

N., 

I f * 




The group offers first class career prospects and an attractive remuneration 
package Relocation expenses are available where appropriate. 

Interested applicants should send a comprehensive curriculum vitae with 
contact telephone numbers to ROGER TIPPLE, who -is advising on -this 
position. 


Michael Page Partnership 


I * , 


18/19 SANDLAND ST. BEDFORD ROW LONDON IffCl 
01-242 0965/8 




A.. 

iif 




mh\ 


EUROBOND 

An e x pandi ng fafematicmal Bankin Brussels requnes a Bcrnd Eteddc; 


mn 




ls fn\i 


. . Uie candidate shouldbe; 

...... □inhisso’s, 

□ professioialfy qualified ^Eurobonds (FRN’s-Strai^ifs bondslvwfiidt 
ieas^ 3 av 4 years experience m this field, O fluent in JSngfisb, Firmer ' 
G erm a n and /or DaBj^D available as soon as possible. . ' 

We cfer a competitive salary v\*ich, after a period of trainna 

corninensui^rte'Wfefmtiative and peafbrmance.- ■ £.'■ 

jjjjggf send brief personal'and career d^ails, vviiich. Will be fepf ^ 
confidence quoting reference : /49a to Universal Media,: chaussie de' 











lO 3 v - -' r * 



at 


t ? . : 


4VP S 








accountant. 


[ jevaluate iracfappr&sbbu^ , and to set up 
f ^accountinga^ SysisraJiUso-to recruit and . : 


1 5 Thesijcce^ful candidate' 1 ® ^a^bnni^qiiBiified ' 

F ^ccbuni?yar wT^espenen^ senior • 

S jmanagig^ starter, a: <fiplb^trad^‘a^ 

1 1 There will be ah lS mcfr^xidfi^^ and fee^idaj^ wfilireflect : 


t, •j&eloGm^mgfcpsts and of ftie job. Ref. 851. 




I.' "I 




-' «.,-• J: 








canttict ffigatY.JSBdth .A.CA.. cpaotmgx«f«*»nc« Ho. 2215 
• Qammeroa/lf d L &i Mgh fciori ■'? 


Pgagfa^U timMoB A*«oclat*sItcL 



Travelling Project Accountant 

The Nigerian construction subsidiary of a long established 
UX group wishes to strengthen its West African accounting 
organisation. - . 

The appointee will assist the expatriate Financial Controller 
in improving the accounting systems and the training and 
supervision of local Nigerian accounts personnel It will 
be necessary to visit each site of operation and the head 
office in Lagos about once a month. Applicants must be 
qualified accountants who can demonstrate expertise in staff 
supervision and skills in sharp end accounting. 18 months 
bachelor status contracL-Group career prospects 
are excellent.' ‘‘ . Ref.852. 



: Management Search 


SCOTLAND 

Project Accountant 

A major British company in association with international 
interests needs an accountant for a new multi-million pound 
exciting development in Scotland. 

Following a period of induction training in London the 
accountant will report to management on all cost collection 
matters, liaise with members of the consortium on project account- 
ing procedures and present his/her reports as appropriate. 

The selected applicant will be a young qualified accountant 
who is capable of operating in an unstructured situation. Project 
costing experience in the offshore engineering or oil industry is 
desirable. A competitive salary will be paid and there is a car 
provided. Ref. 853. 


Please reply to Peter Barnett, quoting the appropriate reference 
number, Barnett Keel Ltd., Providence House, River Street, 
Windsor, Berkshire SL4 1QT. Tel: Windsor 57011. Telex: 849323. 



assistant controller 


is a privately owned international ‘ trading company involved in the distribution. 
Storage, shipping and trading of industrial chemicals based in Bermuda, with offices 
in Columbia. Ecuador, Venezuela, Brazil, Argentina. Chile, Guatemala, El Salvador, 
Mexico, the Dominion Republic, the United States. Spain and Holland. 

As part of our expansion programme we have recently acquired two companies 
in Spain which we are now in the process of re-organising. 

The controlling department, based in Bermuda is looking for an assistant controller 
to be based in Madrid, initially probably for two years. 

This person will have responsabilityfor improving the reliability of monthly reporting 
and to install group systems and procedures. He has to develop a sound basis tor 
the financing of the companies.. The job will obviously involve playing an active 
part with local management in the management of the company. 

It must be emphasized, however, that this position is not a short-term contract. 
After successful completion of this job the candidate will be relocated elsewhere 
in the group. 

It is essential that the candidate speaks Spanish. 

The company offers a basic salary tailored to local conditions, which will ensure a 
good standard of living, a company car and one month paid home leave annually. 
In* add it ion. the company operates a bonus system linked to profits and performance 
with the possibility of equal participation after some years. 

The company will pay full relocation expenses. 

Letters of application, which should be handwritten, along with a curriculum vitae. 
Write Box FI 040 Financial Times; 10 Cannon Street, EC4P 4BY. 



The M&agement Selection 


London —Cfffc v, : ; ■ 7 .. c £10,000 > car 

tojportw* f nt 5 Qr and which forms an integral part of the 

nwHai .ft srf^eSr^jnyplVKto^^etOTBu^ian^ing and through management 
s ucoesgon,- sfieks a new .Financial Director to complement 

other members of the 'rnana gerr ^t^t^^.'QveraH responefoiftty for accurate 

legal and secretarial matten^etfidio Company. Relevant caqtM^'witt be aged 
over 30, quafifled, experience at senSx-rranagement level, .preferably in a related 
Bnvfro iynent and (agabte tf tfisptey ing stren gth of character and sound business 

Telephone 023 tGA3u 7226&.4 hr^ service) quoting Bat. 1458/EHBaed Executive. 

Selection United, e&flpor t Tha Rotunda, Birmingham B2 4PB . 


TorTdc^ tiirmtnqnom toanctiester LoecK 


INTERNATIONAL BANKING 


3ftE0jrr /3Ua^^Xiyrir,y fSStMWSflOO 

“Ait!u)ugS &e^^t|i^t]<^'v^ in tErBls of sesjority, s^ 5 r an«J “ flavour-'* of 
orgMisatioo, afe’ w • AUfte ih that ability andWn&tttah wilF in no 

way be hindered: by aqy .lack of opportunity. Age range is flexible; the 
•criterwn Ja Tea21^Dtta^«pMoce:;- ! . ' • I 

E jjBO, , LOANS -i- 1**5000 

The immediale .feobireiaeat isa sound knowledge of igiro. Loans admin, 
but l&f Bank’ itself-** wen ejiahliahetf Consortium — Is ipfcfgeuea) ly expand- 
ing apd; therefore also looks for potential for development 

POCUtt^NTASTP CREDITS ; “ - - - ' 7 7" . - 16 55000 

Relatively smaTTbut growfog InfertwOonar Merchant BajoS' reeks to augment 
us .Doc. . Credits- team with". a young banker with .sDUQfLaU-rppzid. experience. 

EUROBOND SETTLEMENTS " - -/ /. ?i.h'v-"-- : -to £*300 

Excellent career opportunity with a veiy active dealing 'Bstak tot a yonng 
person ’with c.2. years direct experience of Eurobond admin, procedures. 

For forget Information on 'these' parilenlar- opporrttdjflteO^or tn». disco** 
:ro«r-owfi.tt*^/bl»e<^efi-fb , OD^fe general term*, in~c<#fid«iice of course— 
pJeasi.?4«ep£oB6 pith^r ^Oftn . CbivertBB, AXB- o^- Trevor .Williams. 

.- John ; - 7 ■ - 

“ CHIVERTON jl,S»«&M4nosRo«-. 













L i7 





control systei&sr&m -tosu3±}g.J±^J^A^t^ impleI^tlted T --and:-be fully 
conversant with company lavy. ^ 

The above;- position will be. fliled by person of strong character who 
is. jntewfcttti-: ijn' seeing . how a pfoblm is overqo^ie, As., opposed to., 
pfoyii^^^ltcknnot. : : r : :; T '’; i : .7777 T - : 7r ? '. 7 "7“ 

m.1. '—..MAH-nOm'rt. 41m -finurnM in t ft .ohlll] an (riHCT ' 


This is a hence i mm ediatelp 4va liable with the 

gpp^?and.iS'mo rg sii itedv to im unattached person^ who will he based: 

'V 7 ^7'; "■ '^-vI:G7%:-cS^ 7' rx'r':'Li:i 

F^n^al Times,. 10, Caanan Street, Eq4P 4BY^. 



£9000 Neg. 

We are a small London- 
based recruitment . con- 
sultancy with , a strong 
financial bias' and mem- 
bers of . the Financial 
Techniques Group, y 

Our . development is, 
geared to ah ability” to 
identify with and work 
closely for a varied 
clientele both large~and 
small in the London and 
Home -Counties areas. 

The role is challenging 
and unusual. A high 
degree, of commercial 
expertise is essential, age 
35+ and ideally a Busi- 
ness or Professional 
qualification. 

For an initial exchange 
of information call Bob- 
Miles on 01-348 6321. 

PERSONNEL RESOURCES LIB. 

Conslts. 



IFTTTTTMiTTTTfiTTTIu] 


Zurich Insurance Company 



?. e wish to engage an International Internal 
Auditor, to be resident in the United Kingdom, 
based at either London or Portsmouth. . 

Responsible directly to the Chief Auditor, ... 
Home Office, Zorich, the successful ^ndidate will 
undertake financial, operational and EDP auditing 
in Europe (including U.K.), U.S.A., Canada and 
eventually Australia. European involvement will 
be dependent upon expertise in foreign languages. 
Visits to each country will normally he for periods 
of between 1 and 4 weeks' duration and travel 
abroad will occupy about half the ^working yean 

Applicants, who may be male or female, 
should be Chartered Accountants aged 28-35 and 
have at least 5 years’ experience involving all 
aspects of accountancy, of which not less than 2 
years, should have been at senior level Experience 
of auditing large EDP systems is essential and it 
would be an advantage if knowledge of internal 


auditing procedures has been obtained within a 
large insurance company or bank. 

. Currently, the ability to speak French, 

German or Spanish would be a considerable assets 
" A top salary' is negotiable and additional 
benefits include Company car, subsidised 
mortgage, non-contributory pension and free Life 
Assurance. Re-location expenses, if necessary, will 
be paid by the Company. 

For full details please write giving a career 
history to:- 

Mr. E. Lucas. Manager for the UK and Ireland 

— —-s. Zurich Insurance Company Zurich House 
/ \ Stanhope Road Portsmouth POl 1DU 



ZURICH 

INSURANCE 


SENIOR APPOINTMENTS 

The competition for career opportunities, both in the U.K. 
and overseas, demands increasing involvement and expertise in 
career pfenning and the job search. 

•INTEREXEC provides the most comprehensive, professional and 
confidential service to assist the Senior Executive seeking a 
new appointment. ‘ . — 

Why waste time? — consult: 

The litterexec Regirter Limited 
The Worfd Trade Centre. London El HA 
01-481 9977 • 


CHIEF ACCOUNTANT C. £7.500 rtsoon- |i 
ubte *or accounting function or 5 Limltca I 
comoanies. Solid accounting. Background , I 
concolitfailonc. Pmocnd Aapointments ’ * 
Ol-sas 7921. 


TAX ACCOUNTANT 

The London head office of a large international industrial 
Group requires an additional Accountant to assist tbe Tax 
Manager in dealing with the wide range of taxation 
matters encountered in a multi-national group of companies. 
This - -will include negotiation and- agreement of tax 
liabilities of UK based companies and involvement in tax 
planning for'* both UK and continental companies Salary 
is -oegotiable-eirca- £7.000. Benefits include non-contributory 
pension, free BUPA. 

Applications in confidence Quoting reference 6270 to: 

D. G. Muggeridge, 

MERVYN HUGHES GROUP, 

2/3 Cursitor Street. London EC4 1NE. 

Tel: 01-4114 5801 


International Recrartment Specialists 
tor tiie Cofnmoiily Markets 



Cocoa 

Trader/Manager 

£l2^)OO-£l7,0OQ p^. basic— bonus/commission 

. A. Senior Cocoa Trader b required by a leading 
International Trading House to head a trading team 
responsible for Eurapean'operatigns. The person, 
appointed- could have a broking, dealing or user 
background. ' 

Trader Manager 

£12,000 p-a. or more, plus participation 
in profits. 

A trader with management experience i" all commodity 
futures -markets is required by a Swiss consortium to 
lead and motivate a London trading team. Some 
-experience of Unir Trust business an advantage. 
Telephone Graham Stewart or Colin Stanton. 


Egraont House ne Sliaf&slMxy Aveiwe London Wl • 
Te! Ell-439 1701 • 3 . -- . 


Jonathan Wren * Banking Appointments 

The personnel consultancy dealing exclusively with the banking profession 


MONEYDEALER Fnegot 

Copenhagen 

Our client is an international bank with a worldwide branch 
network. A vacancy has arisen at the bank's Copenhagen office 
for an English-speaking junior dealer to assist in running the 
Danish Kroner book. Applicants should be in their mid-20s, 
with approximately 2 -years' dealing experience, and will 
Ideally be single. The position carries an attractive salary and a 
competitive range of fringe benefits. 

- Contact: SOPHIE CLEGG 

AUDITOR £5,000-> 

An international merchant bank seeks an Internal Auditor to 
.augment its* 'present audit "operations. The idea ('candidate will 
be either a recently qualified-chartered Accountant, preferably 
from a City firm of Accountants, or a person with auditing 
experience gamed in a banking environment. The position is 
London -based. . * - Contact: RICHARD MEREDITH 

SECURITIES/CONTRACTS ' to £4.000 

This is an- opportunity for a young person with a Stock 
Exchange background .to join a leading and highly respected 
merchant bank-. Candidates should be in their 20s, with at least 
■3 years' experience on a busy Contracts Section. 

Contact: SOPHIE CLEGG 


170 Bishopsgate London EC2M 4LX 01-623 1266/7/8/9 











ACCOUWTAWCY S LEGAL 
PROFESSIONS SELECTION LTD 

35 l\lew Broad Street^ London EC3CVI 1NH 
Tel: D1-5S8 3576 Tefex SS7374 


AMSTERDAM 


ACCOUNTANT 


£7,800~£1 0,800 


EXPANDING INTERNATIONAL TRUST COMPANY 

Due tq expansion, applications are invited from candidates, aged 24-28. ACCA. ACMA or Part Qualified ACA, with good banking 
and, 'or commercial accounting experience. The successful candidate will be responsible for circa 25 efient companies covering 
all accounting work, statutory returns and correspondence. Essential qualities include the ability to set priorities and liais* 
effectively with clients. Knowledge of a European language would be an advantage though not essential. Initial salary negotiable 
£7JBQQ*£ 10,800 plus house loan scheme, non-contributory pension, re-location and home leave expenses and assistance with 
tuition fees. Applications in stricr confidence under reference AQQ4/FT to the Managing Direccor: 

A, varied and demanding position with prospects for continued study and increased earnings in the short term. 

gm PART QUALIFIED ACCOUNTANT 

AMSTERDAM £6,400- £9,000 

INTERNATIONAL BANK 

The same client requires Part Qualified Accountants. ACCA. ACMA or ACIS. as«d 23-27. preferably with a minimum of two 
years" banking and/or consolidation experience. The initial brief will cover the production of monthly profit and loss accounts, 
consolidation of all subsidiary company accounts, preparation of monthly management figures and statutory monthly returns 
to tight deadlines. Essential qualities include the ability to liaise effectively within a small department and a flexible approach 
to the work. Knowledge of a European language would be an advantage though net essential. Initial salary negotiable £6.430- 
£9.000 plus house loan scheme, nan-contributory pension, re-locarion and home leave expenses and assistance with tuition fees. 
Applications in strict confidence under reference PQA005/FT to the Managing Director: 

ACCOUNTANCY & LEGAL PROFESSIONS SELECTION LIMITED 
35 NEW BROAD STREET. LONDON EC2M 1NH. TELEPHONE 01-588 3588 or 01-588 3576. TELEX 887374. 



The Motor Division of a large international trading 
organisation invites applications from male or female 
-Accoununre. aged about 50 . who have commercial experience 
utilizing modern management accounting; techniques and ate 
experienced in the motor distribution trade. The successful 
candidate will be requited to assise ih monitoring all aspects of 
the car. truck and tractor trading and assembly activities of the 
Group's U.K. and overseas Companies. He/ she will be respon- 
sible for the analysis and. the interpretation of monthly manage- 
ment accounting mtornurion from the C/.k. and overseas 
motor companies and maintaining the closest liaison with these 
companies. Commercial flair and strong profit orientation as 
well as the ability to communicate lucidly, are essential. Initial 


salary negotiable from £ 8 , 000 . contributory ( 5 %) pension 
fund, free Life Assurance; free B.D.P.A., free Permanent 
Health Insurance, car, frve week annual holiday, use of an 
Executive Dining Room and a subsidised house mortgage after 
two years’ service with the Group. Assistance with relocation 
expenses if necessary. 

Please write with persona! details. qualitieatioDS and full 
career details to date to Position Number ASC 6902 , Austin 
knight Limited, London WiA iDS. 

Applications arc forwarded to the client concerned, there- 
fore companies in which you are not interested should be listed 
in a coveri ng letter to the Position Number Supervisor. 



AK A 


Royal Borough of Kingston uponThames 

Financial Management Opportunities 
in Local Government 

c £6,000 p. a 

Principal Accountant P 0. 2.(H) 
Principal Finance Officer P Q-i (G/fl) 

bothto £6.634p a. (inclusive) 


The Royal Borough, which is an Outer 
London Borough, covering a wide range of 
services including a Polytechnic, is seeking to 
strengthen its financial management. 

The main requirement for these positions is 
for well experienced qualified accountants. We 
are looking for persons with imagination 
and initiative, and the ability to present 
complex matters in a simple form. These 
positions report directly to Chief Officers 


responsible for financial matters in the 
Directorate of Finance and Administration. 
There may be further opportunities for less- 
experienced qualified Accountants to support 
these Senior appointments. 

Further details and application forms from 
Director of Finance and- Administration, 
Guildhall. Kingston upon Thames, Surrey. 
Tel. 01-546 2121, Ext. 208. Closing date: 

17th August. 


Group Management Accountant 


£9500 plus car 


Chloride Group Limited is the world's largest producer of rechargeable batteries, with 
annual sales in excess of £300 million and operations in 36 countries. 

Applications are invited for the position of Group Management Accountant at Group 
Head Office in Victoria. The man or woman appointed will head a small section 
responsible for Group Management accounting, budgeting and financial control. He or she 
will also be expected to contribute in rhe areas of financial planning and modelling, 
appraisal of capital projects and technical developments in the accounting field. The 
position offers considerable career potential. 

The successful candidate will b« a qualified accountant, probably aged 2B-32 and is likely 
to have had experience of management accounting in a well-managed international 
company. 

Please write with details of career and salary to date to: 

Mr. Bernard Garner 
Group Finance Manager 
Chloride Group Limited 
52 Grosvenor Gardens 
London SW1W OAU 


CHLORIDE 


We are seeking a mature person 
experienced in the general 
administration of a stockbroker's 
office or investment organisation. 

An attractive salary will be 
negotiated. 

B. J. Gallery 
ORD MINNETT 
01-626 7031 


Accountancy/ 
Bookkeeping 

Salaries £2,000-£8.0004- 

Jti’.t wig. write or call lor one dour 

Free Lists 

trf wupws flw ijxH? Kst ret) 
Consnerca & Industry [UMTsex) 
Liy fJFlQO £4,FiCl>-££ ,000 ' 
Part-quatiffed/Expericiicad 
Lht QF50 f 3.uOO-£?.OGO 
The Profession njfc r,-^. 

L»st PF10U 4 3.000 - 

Pxham '>ren Ay.tMtff; 

Apenr* 1. EF3R6EL' 

Tel: 01-638 3833 24ho<*? 


ASTLEY & PEARCE LIMITED 

STERLING DEALER 

Have a vacancy for an experienced 
Sterling Dealer, age 20-25. Salary 
negotiable. 

Usual fringe benefits. 

Applications in confidence to The Manag- 
ing Director, 20, St. Swi thin’s Lane, 
London, E.C.4. 


DEPUTY STAFF MANAGER 

This is a newly created position within a growing consortium bank 
for a capable and mature person with experience of staff and 
salary administration, personnel recruitment, current employment 
legislation and some knowledge of pensions, insurance, premises, 
etc., within a banking environment. Salary will be negotiable 
around £7.500 with the Usual Fringe benefits. 

CREDIT ANALYST 

A North American bank wishes to appoint an experienced credit 
analyst with knowledge of syndicated loans, preferably from a 
U.S- bank. This post will entail some marketing and client 
contact. Salary will be £6.000 to £7,000 for someone aged 
between 25 and 35. 

These positions are open to male or female applicants, 

BSB Banking Appointments 

113-117 CarnmStrat,lj3ndm EC4N5AX Tefywmil-625 7317 & 01-623 9161 
Recruitment Consultants 


"lax Manager 


Wait End 


c. £10,500 


For a substantial group of companies, part of a 
public group, providing banking and financial 
services - £400 m, turnover from instalment 
credit and leasing. *. 

The vacancy is caused by Ihe promotion of the 
incumbent, under whom the department has played" 
an important- rote in planning the Tax affairs of the 
group asyweij-as overseeing the compliance work. 

Suitable candidates, of either 5?*, ideally in their d&s~ 
must have at least three years’ experience of dealing 
with the tax. affairs pf large public companies. This 
_cari have' been gained in a professional office, a; 
'commerciartax-deparlmen forth? inland Revenue. 

Salary is negotiable and there is ah attractive, . 
•extensive range of fringe benefits. . 

-•Write-in confidence, quoting reference 2097/L, 'to' 

M. J. H. Coney.; . 

Mitchell & Co., 

1 Executive Selection Division, 

. I • .... I !©Queeh ; Victoria Sireet, 
mhhJI Blackfriars, London EC4V3PD. 


POST OFFICE STAFF 
SUPERANNUATION FUND 

. trainee Tv- 
money MARKET DEALER 

The Post Office Staff Superannuation Fund is the 
fastest growing pension fund in the United 
Kingdom. It makes investments in a wide range 
of quoted and unquoted securities. Total assets 
are valued at more than £1,500 million, including, 
bank deposits and other short-term cash invest- 
ments of more than £100 million. The Fund'is 
seeking a new recruit to join a small team 
responsible for managing these short-term 
investments. 

Applicants should hold a university degree 
and/or a professional qualification. The job would 
be open to new graduates intending to make a 
career in the investment field- The salary will be 
competitive. 

Applications, with a current curriculum vitae, 
should be sent to: — 

• G. M. Slough Esq., Senior Money Dealer 

- Post Office Staff Superanimation Fond 
• Equitable House. 47-51 King William Street ’ ■ 
LONDON EC4R 9DD 


ORD MINNETT 

MEMBERS OF . ' ' V 

THE SYDNEY STOCK EXCHANGE LIMITED-- 
EUROBOND MANAGER '• 

A vacancy exists in our London office for a senior 
person to manage all facets of our expanding 
Eurobond underwriting and trading, activities^ 

The successful applicant will possess the ability 
to negotiate bond issues on behalf of government 
and corporate borrowers as well as the syndication 
and placement of primary issues. A wide variety 
of dealing contracts and a knowledge of clearing 
procedures will be essential. 

We intend to specialise in the underwriting and 
marketing of Australian issues and it is envisaged 
that the position will involve regular visits to 
Australia. 

A highly competitive salary will be negotiated 
commensurate with experience and potential. 
Applications in confidence to: 

B.J. Gallery 
Ord Minnett 
One College Hiil 
London EC4R2RA 
01-626 7031 


Vickers da Costa Ltd. 

JAPANESE DEPARTMENT 

Due to an expansion of the department’s activities 
we require two additional members of staff in our 
London office: 

1) INVESTMENT ANALYST — The Ideal candidate 
would be in their early twenties with one or two years 
experience of investment analysis In either, a broking or 
institutional environment. Experience of the Japanese 
market is not essential as training will be given but a 
high degree of Involvement and commitment . will be 
expected at an early stage. 

2) INSTITUTIONAL SALES — The appointment- requires 
a young energetic person with a knowledge of Stock 
Exchange procedures to assist our client servicing team. 
This is a position of -responsibility and an ability to. work 
accurately under pressure is important. • 

Salaries for these appointments are negotiable 
and will be commensurate with experience and 
ability. Applicants should write to or phone Keith 
H. Palmer at Vickers da Costa Ltd., Regis House, 
King William Street, London EC4R 9AR (01-623 
2494). 


STOCKBROKERS 

Interesting opportunity. Additions.! young Assistant 
required by Partner in Private Clients Department 
of large firm. Candidate would be up to Stock 
Exchange exam level and capable of looking after 
clients’ portfolios without constant supervision. 

Write Box A6433, Financial Times . ■ 

10 Cannon Street, EC4P 4BY 


INVESTMENT ANALYST 

Medium rized Firm of Stockbrokers seeks a Research Analyst 
capable of undertaking detailed studies .in more - than one sector 
of -the U.K. market. Previous experience of the leisure 'industry 
would be advantageous. Excellent salary, and benefits proposed. 
Reply in. strict confidence enclosing a curriculum vitae to: 

Box A. 6434. Financial Times. 10. Caiinon Street’.London, EC4P 4BY. 





Financial Tiines Tfisrsday; August • 3 -1878 

iWP6iHTi»BNiTS 5 :r:*‘ ? ^- 


wnmnm 


chairman 

ALBRIGHT AND WILSON has 
elected Mr. George Meason {62» 
chairman of the company follow- 
iji" the retirement nf Mr. Sydney ' 

■Ellis, who has been chairman since ' 

"November,-M72. ■ 

: The change was planned before 
Tenneco, the US. conglomerate;-' ; 
made its bid earlier. This year for 
outright control of Albright, bat 
The ■ move brings -Albright more 
firmly into Temtceo's chemieals- 
scctor. „ 

Mr. Reason, a member of the. 

Albright, board since September. 

1975: is the executive rice- 
Idem of Tenneco responsible .. 

. its chemicals interests. 

Mr. Ellis will remain a director 

I of Albright. He rctired tss-a direc- 
tor and executive nee-president 
dr Tenners -at the end of June. 

The change of chairmanship 
does not affect any of the existing 
t/K management. Mr. Dartd 
Livingstone remains deputy chair-. . 

-man and managing director.. . 

• ■ ★ 

• Mr. James Foord . has been 

named director and gener al m an- Mr. George Meason 

ager. ITT BUSINESS SYSTEMS . . ° : .. . 

GROUP ^(UK),- succeeding - Mr. c g. Walden, and Mr... D. w, 
Dennis Kennedy, who has been Nicholson. directonv Arpel Under- 
promoted to a semqr appointment wr j Un » Agencies;. . Mr. J.. A. 

With. ITT Busings Systems ^and Tnn ^?, chairman, and Mr., s. N. 
Comm urncar ion GroUp, Europe. JoneSf a director.’ Trimark Under- 
based m Brussels. -Mr. Foord has vvming Agencies: Mr. Jones, man- 
been general manager of the wltV r director. ' Solar Undcrw rtt- 
group's data systems division. Hr. in Agencie*: Mr. C IT. Bohling, 
Kennedy goes to Brnssefs as group ^ n ^ ing ^rector. • 
director for Voice .GomnHimca- : *“*»“«**■» * 

rass^-g 

havmg been general manager. lhe REVIEW BOARD FOR GOV- 
... D „ ft,,!.! - ^inr nf ERNMENT CONTRACTS. Be re- 
BRITISH AEROSPACE Warlon ® 

S&Sw&S' B 

w, p=n! XfwSrnn-. continues as chairman. Mr. Swam- 
ues. Mr. Pa^ MIDetL Warton s snn te director of 

OSS'" 1 Ini Me. *lvLT&:j m Peri*' Metal Ind^trles.. 

Beaumont’s British . Aerospace 

responsibilities toWarton division, ap ^ n SS^ 5 «K Aers- ai ^ 

E\?ORT B S 1 ^alw S die«S? ™ 

BASS m sales director c^ahnen; j S the general secretary 

responsible for Eastern and West- and ^fBcial of the Amal-. 

ern Europe. • gamated Society of Boilermakers 

' D a w Shipwrights ' Bfacfcsmiths- and 

Mr. R. A. Pa^eter has been stn , ctnra i Workers. He i" also r 

gjfflL AV^jn^rRnirp^ chairman of the Shipbuilding £ 
H 1 CHGATE AND JOB GROUP. Committee of the Conrederatwn , 

Mr. J. H. L. Smith VndiWT: K A. Shipbuilding and Engineering ^ 
Craske have been appointed umon ?T *. ... 

executive directore^f CHARLES „ r nar ry Mallinson. manaciag 
EARLY .VN1J MaRKIOTr (WIT- n r Wnrrlnlpr ha* haen 

NEYJ. responsible forborne trade appo i n tcd managing director of 1 ^ 
sales and for export sales, . respec-_ a ^. WO rupuex; K the ■ newly- 

EXCHANGE TELEGRAPH COM- < at B< BritI^ ‘-" r - 

PANY (HOLDINGS)-, the parent management services at unusn. .... 

company of ExteL He is. a direc- . . • .v'j 

T nrini?tlai Mr. I. J- BurviUe has been co-'v‘wi 

S’S&Tndf, S 

ger of that company’s engineer- CARAVAN COMPANY. , r . 

ing division. Mr. Frank O’Sbam,. ^ Council 

and Department of Indurtry hara 

appointed Dr. J. 'F. Wallace as 
;• dfrertor of the. TEACHING COM* j.A 

' V'V' ’ *■ 

• ' ~ ‘ : r. Mr. John W. Jamrs win he -J 

' '**’•’ . joining the METAL CLOSURES v' 

GROUP as general manager of £/; 

> ' hs UK operations, from Septem- -t 

^ ^ B ber 11. He was formerly manag- 

■ inc director of GKN Windsor UK : 

” and a director of the holding *.*; 

'• 'v«p) company. GKN Windsor. -• f.-.*; 

'■ j •jKL-'' - Mr. Robert Roote, formerly ! .“c’ 

director, and group works 
■ i . manager, has been appointed 
' - managing: director of COMBINED v i=:- 

OPTICAL INDUSTRIES. Mr. ■ 

•• Andre Lakans. who -was- financial 
controller. Ls now director and 
financial controller. 

Mr. K. TV. . Cook has been : 

v appointed 'to the Board of PTE 

HOLDINGS. He is director of 
finance and planning at Philips - 
' Wmm Indu8tries in London. 

Mr. Bex Nelson Mr. I. A. C. Brown has been > •' 

, appointed "as a d irector of the /• 

hno has become chairman of BRITISH fiMTERNAL COM- .f : 
Extel Advertising and PR. He B USTIUN ENGINE RESEARCH . ^ 
succeeds Mr. ‘John P. R. Glvn. INSTITUTE. ' o. 

who has retired Trom the board. ★ ■ ~-i - 

Mr. 0 ’Shanohun has. been deputy Mr. . W. .V. Klnkead, formerly : 
chainnan for the past year. Mr. General manager and a director ;•+ 
David Harrison, managing director of W. and T. Avery, has - been : ij: 
of Frank 0*Shanohun Associates, appointed managing director of c-M 
general public relations division, that company. Mr. E. J. Rees, 
and-Blr. George Wribam. a direc- previously general manager and 
tor; of Extel PR, financial public a director of Avery Export, Is now. 
relations division, have been made managing director of that cotv- 
di rectors of Extol Advertising corn. Both companies are sub* ) 9 
and rit . sidiaries of AVERVS. 

. * * 

ALEXANDER HOWDEN GROUP . Mr. Charles Andrews Has 
has made the following appoint- become EMI resident director * n 
meats: Sphere Drake (Underwit- Iran, reporting to-Mr. p. E. Brown* i. 
inej: Mr. R. J. Bromley, deputy regional director. Middle Easi and £ 
chairman: Mr. T. J. Newsnn, Mr. West Asia. Mr. Andrews sOcceeds 1 
A. A. WUl'ami, Mr. P. IT. Chilton. Mr. John' Forrest who will ho 
Mr.-O. B. Newsome 1 a r.d Mr. G. R_ taking up an appointment id . 

Dlgby. managing directors; Mr. . South-East Asia. 




m'mm 




Mr. Bex Nelson 


HOME CONTRACTS , ; 

£4.5m work awarded 
to Amey Roadstone 

AMEY ROADSTONE CONSTRliC- covers three-quarters of the’NCB's 
TION has received orders for total requirements, and PSWJs 
rejects totalling about £ 43 iyl share will amount to more than 


has accepted its £ 2 . 4 5 no tender foi* been awarded a third of the 
construction of a 'skill centre at remaining quarter .of the NCB's • 
Slough. Work has commenced on requirements for 1978 only. A- 
repair and resurfacing of the Ml second NCB order has been 
in 'Derbyshire for .the County received for the company's 
Council, under an order worth centralised pumping station, for 
£780.000- . The -’British Airports' installation at' Thurcroft -colliery! 
Authority has placed ah order hi Yorkshire- <lhe .first order wo»- 
valned at £L2m for construction for Donisthorpe colliery). These 
of a 'car park aLGatwjck Airport, stations are worth aboat £30,000' 
where ARC Is currently working each. . ,. 

on a new concrete apron. * " 1 

★ REMOLD has been awarded orders - 

WESTJNGEOVSE BRAKE AND worth £100,000 tor high per- 
SIGNAL COMPANY- has won a form an cc stainless steel chains hy- 
£2iim contract for a supervisory Fairey Engineering, for use in 
control and data acquisition control rod mechanisms at 
s y stegi to cover’ all the Southern Dungeness B nuclear power 
Electricity -Board’s distribution ’ station. ' - ' ■ 

areas„'TWs. is said to be. the - . * 

largest telecontrol contract- for.the NOISE REDUCTION. Eastleigh, 
electricity industry so far placed Hants, has won a £90,000 contract 
in Britain. to Great BPs Alpha, Bttrro' and 

* - - Delta platforms in the Forties 

MITCHELL CONSTRUCTION. Field. Work will involve fitting 
part Of Tarmac, has received, a . special high acoustic performance^ 
contract worth more than £ 2 m for - low-weight dadding to piping in 
the 'redevelopment of ■ British' the natural gas liqoification plant;'. 
Sugar’s factory at Peterborough, - * 

to enoble it to produce whiter PYE BUSINESS COMMUMCA- 
gramdatrf .<«gar for the first TIONS has received an order (ram- ' 
timei-' work, will totoIve the Kellogg Company of Great Britain ■ 
erection- .of sugar processing for. the ihsrallation. of a Pye' 
buildings -and two large silos. -. Philips UHM 0 electronic- telephone 
: . system worth about £140 000 This 

FLETCHEft SUTCLIFFE WILD, wilt be metalled at Kelloes's beTd 
parr of the Booker McConnell office in 'Manchester and will also 
Group.' has won a third share of tie-in. their new' plants at 
the National Coal Board conveyor Wrexham and Irlam. It will haw- 
structure contract for the three 40 exchange lines -and “Otr 
years lATJWtf). The contract now extensions, with three operator’ 
awarded on a~ thre^year basis, posiUotu, - - - w 


0 






\lv Financial Times Thursday ‘August ‘3'lSfs 


'Vj| 

?$*y 

M! 




BOOKS 

Aden’s aide ........ 


L>r 


aide. He was a dedicated Eng- bare idea. 
Hshraao, and would have done Possi hu- 


ff 10 Ihe 1945 
that there was 
L'6 of a Labour 
dismissed the 




f flVl neces-arilv dangerous aad w ° uld ®« do,)l “ Possibly Harley, cool-headed 

- \ Sfr- diary. buiiiii wSSlJ fl lh » n Sio seeLhewarwonand as he was. exaggerated Eden's 
• \stnuf. to publish v nfi Thai is 3 dccent s0c, ety afterwards. >>tren£th and social imagination. 

^ 'OJarly true or persons in Just before the war he had uontidemial secretaries advising 
fftaecs. Think of Alaabroofce beea Privare Secretary ii> ter ms of personal equality, 

taer people who in the last H;<, i fax and had seen more than °‘ ten tend to see superlatives in 
"vtWuireri a behind-the-scenes enou B fa of appeasement and ^ne; r bosses which aren’t really 
dtlun for supreme and Jofty tbose who had promoted it. He Inere. Certainly Eden didn't 

; m. Such reputations don't eame himself from the privileged carry the weight to prevail 

M Iasi ions. Almost none of cla5! *$* hut be had no doubt “5*»n*t Churchill. To be fair, 

-^survive.. tfte publication of P* aL in circumstances like those very few men would have done. 
•''ti/E;- in France in 1940, too many of Bcaverbronk. through his impish 

are merciless, not to b * s acquaintances would have demonic force, sometimes 
ftenwnts. which ‘ anyone ready to collaborate. did. Bevin also, through an ego 
v~'\ fte expected to have made. Not Churchill. Not Eden. They massive as Church ill’s own. 
ifu 2 & thp prc, iicr human frail- were resolute about the mam ll was a pity that Eden 

*- pt<> fitly, malice and. above issue and on that united, though, couldn’t win Churchill away 

..•figging egotism. The extra- as Lhe diary proceeds, we find fhuii the occasions when he suc- 
sry feature of Oliver them constantly arguing about turn hod. only mo enthusiastically, 
eys diaries — this war diary almost everything else. Much of 10 American pressure. Often the 

precisely the same rooe as the diary is a day-by-day and Americans were dead right, as 



1 Varieties of love 


BY ISABEL QUIGLY 


'Laughable Loves by Milan I" ,ut ’ ul . ll - v a . i? a,r 01 prison and his old rnends — all drean 

: Kundera. Translated by IV ,„ r ‘ s ’ * ,* . - ,D >' and virtuous, hut two — deter' him. Around ideali 

Suzanne Rappaport. John ; ;. e . ,™ an |r,v '0S her ,ur lhe«e him times Brazilian middle-class To 

Murray. £4.95: 244 pages iuj n.irs. pretend jo »►. hitch- !i fe. suliurban yc-r ttousi exotic open* 

■ ■ ■ .■ -T biker and iift-givcr. the g,rl thu* i aR ivne«-. it, prelenunm.. its indivi 

The Patriot, by Lima Barreto, assiiminii another u«.‘r<onatil'. ......... 

I Translated hv Robert Scott- which the man h.-i.-l* ..n fimiii:-.* I; 

Buccleuch. Rex Codings, £$; ■' a whole new nature. ** I um 
216 pages me. I uni me. 1 am me" -.he j; 

Crosstalk, by Dermis Blondworth. F+vanJ ,im ?iitl 1 ' i nd^’ e - n ^’ nlri 

g^r 4 w,ri,ttr «- «* i 

! p j: »i'*.m> of upposiliun rn i.fl'uis! 

Laughable Lore, coaunu 'JT 

sr issues ‘V ax r a. rr?3* 

: 5a- jrAMsss i if av- *** 

.edition say that ihe dories' I?! 1 .'?® e " ,IIL ' uver ' 


jo define identity: a pair of prison and his old friends — all dreams. 


. enmon sa» uioi me smnrs i a „ . in ,i , 1n ...inoi,, 

author still lives in Cze.hoMo- i„ ?’L ‘ r. 

•vakia. whereas the jacket, beinp ,, 11 S™ 

: four years ahead ..f them, save 1 ““7 h ; h n- ' 


: ibai he now live? in France 


ci'iilral sneial impnrlance. Thi-. 


Oliver Harvey 


’ and SA .1 Hi. university “ r . 

inf lienrtes. 1 know lh al offset '.. . E : nfl '' 


iitho priniinff ^ 


■ uniruuuica dv in? luihcs uui oi me siurj *cij jnu men oecanie -■ — - U,J wi T» P - v .i ia _ u . r iir.vc- in .h, nutri- 
tions or self. Possibly he much better than out of recent more American than the dent, ill-read and ill-informed, harsh or slippery qualities with f,, 1. h c ”i, J 

ncre inner confidence than accounts of Suez. The flaws are Americans. For some reasons Eden, who knew a great deal tenderness and more impor- .J L,, ".“2, " . ' rn , h .. 

men. He was inielligeni. there, or there in embryo, since which have never been com- about European affairs, didn'i : lantly. gloom with laughter. The *£. ' h l 


"vii. nc «as inieiligeni. mere, or mere in emorya. mucv "»‘ui i»v« never open com- i,.,- T , i. 1 _ C)iaa _ 

“ally candid about bitter Harvey didn’t shirk any kind of Pletely explained, the Americans believe a word of the American f fact ihpt they were writes be- lu £ r uiT « -.nd namna in i- 
and strong minded. A truth. Touchiness, self-regard, were certain that the Vichy doctrine. Churchill carue to [ore 19S9. when Kundera inas m * , Rr,».ii !n tinn^ niiivniJ" 
>re Harvev* somewhere absolute incanacitv to let anyone Government was a reasonably a dopt it. The Anglo-Americans ; his own country, means that ■ * . 



more Harveys somewhere absolute incapacity to let anyone Government was a reasonably adopt it. The Anglo-Americans ; his own country, means that ^ h ..'ailed in The 

the centres of decision, and share in the top decisions <Cr*n- good thing and had support from P?*d a substantial price for it in - while the laughter (where There- J" “ .. ..eniil t.m,- 

hould have done better in borne. Richard Law were at the whole population of France, the war itself, but a much; is laughter) and the melines are s ,i.i' :i‘ ~h ironies 

a>t war and afterwards. hand, more than competent. That simple faith lasted almost heavier one afterwards. Of all ■ universal- and recv.cn liable, the . , “ n 3 .,. . '_ on 


Dennis Bloodworth 
•n dt-ierimned to ■{.. 


ids — dreams. myths. mistaken 
Around idealism. 

lie-class To an outsider. The Par no; 
exotic open# up a new world full of 
■in?., its individual people :md stranse. 
almost nightmarish social cnndi- 
lions. jet wuh a universality, ion, 
about the re'.‘iin;i». .i&pir;.iinn>. 
di>appoimments. the -.>hole naif- 
bitter, hair-ironic tone "f <se 
man whose life was miff** ted on 
ihe one hand by domestic nrsfiir- 
1 u tie ami on the other b\ the 
social mi. -Sr I une of beinc 
cjilmired m a. ureduminamly 
European wurM. The translation 
reads well ami the Iran*! a tor pro- 
vide-. an iniroduction .-»crtin^ 
Lima Barreta in his ?hadow\ . 

i lerkish world, where Portuguese 

ways overlaid whatever was 
indi^eno:i*. in Pm. 

llitwxiGlk is a romp lex. high- 
puwered thriller involving p'^nty 
<d iw.*n; real events and ihe 
pussilde end *.r ihe world 
(ihroii-jh .i in idea r explosion >. 
lt» in :« in ehar.-ieLi.-r. are hu-v on 
a ii-hcine in -ii-t R ii ssi. i and China 
al each oiheis' threat* hy feed- 
ing each la Iso mtovniatum about 
lhe ullier's doing-: al! urn 
'.mre>->fii||_v. .since the final blow- 
up i< planned and. nnlv m ihe 
niek uf time, defused. 

Thrillei-ijuffs may he insulted 
by ibe u«e nf dream -•■ihat-sce-lhe- 
fmure n> forward the pint: hut 
ihe rest of ihe a. -Mon ha- j 
realism that U , .ul> If. iperhapr 
rn’iiiel ant i belief in what 

welt, hatipens Max. the h.-ro. if going 


rt.-L anc ai-terwaras. nana. more man compeieni, sunpie mi in ustea almost ““ \h.- suns- P..li.-!.rni. lliurnma ihnnich rn-h mri hwi C.’ * L ■■ s"n. s 

ten this war diary opens.be capable of keeping him from ex- to the end of the war. It was men. de Gaulle wasnt given lo'.Mcial sellings are i sometimes , I rv an i w ho L t i'roun d SO ?c kirn- "hmff.idrtv ih rough the ■iiulions ..f (inns 

forty-seven, a professional hausting himself). Bouts of supported by ' advlm. both idiotic forgiving old injuries. Nor was! disconcertingly, in the context ) inm i fer.ent Iwhed n L n,il in ^5 • de..ih in a 

mat who. since the Fall of dithering lasting weeks or and culpable, from Admiral tbe new generation of French- . those of east Europe Politics ,1 f^st.hi r:im immlurr.' 

ce. had been half-emploved months — should® he or should Leahy and Robert Murphy. men. If it is possible to be more ■ don t eater them explicitly t ex- L v . Search l! the*" trite " t ln?->he< dhX' , « he :.’-em who rcM-ro him 

it Ministry of information, he not go off to become Viceroy As a consequence, de Gaulle unpopular m France than the cept monei. but there ^ a kmd I— that i- of n> .ho rr?l t ■„ ,''^1 U f V" i ; lvl> ,| J' <|0,! “ sirl 

ony Eden was just about to of India? Health always too was a very bad thing. Further. British are, the Americans have ■ ofpolitiv.a] weather, d quality in ra-it He he?nmU Th.-V omi“ nuiirc-ii £ ! ' ' sl,, ‘ ,, ’ ,n 1 

no Foreign Secretary and fragile for a major politician. »t was another article of faith in the last decade achieved that ! lhe ghL- nS ,dri o nlk.lm^ k k i-i ■ ..",l,. ' o "• 1 “'' : » l ‘cr alm.-t rmyihinc. :.nd 

I Harvev to return to his old .Nevertheless Harvev believed that the French loved Lhe distinction. ! All the storle.% deal w ilh erotic -m aam.i I 1 1. Ik . >n ? . ik 1.1 *n 1. < 11 n 1 1 \ .,n ni»lo{,i>l crunhmi'-. underci>ior work with 

m Sn^^'M^kStTis; 

nZZnIS ?n op «i?n r SSJST S^S! "WS SMT* * sood 4 ^' 2 =f 


BY ZARA STEINER 


I event, feeling, person, attitude, to fertilisers and foreign ways. soldier, supporting the man he which ihe aiuhi-r is familurt. 

_ _ _ _ _ • In two or three, the central figure But evcr> thing q<ie< wrung thinks "a combination of Louis \ ivm. inriiriiiuai. nut partu-u-- 

~ • / / / J 7 _ K 7 • is a voracious hunter, a Don The neighbours sneer, .mis \! and Bi-imu\V.“ v.ho uirns oui tarlv ItkcaMc but htghlv . 

//'"7/TT/ /-‘7 /~\ 1 1 O i yj 0 l-fuan seeking nol merelv attack his crops, shookeepers u, be ;.-n idler and .1 buffoon. pl.-msiM.- peiipl,- m 

L* l Lit f LXJ'IsLt Kj 1/ / trf IffC-' j y f / IU Li BY ZARA STEINER l pleasure but all kinds of feelings rook. him. and when he rushes Imprisonment, wilh death hang- imriealclv planned icnuns. 

| of reassurance and obscure self- men determined Hi do well ing over him. brings total dis- clearly resolved problems. 4 
Justification. In "The hitchhiking back to Rio In help put down a illusion, the roalLaiion that hi* crnssunrd intelligence i- joined- 

. ZT — 7rT~Z coherent picture of the decision- preserve the British Empire the fox ” wanted the best of both : game.” sexual games are used revolution he is clapped into whole life has been based on to a demandin'’ tnuiilivenrss 

riaiism at Baj. The L'nited tnajj^g process in Washington after the war. At Yalta, worlds, to end colonial empires 1 

tes and thr Decolonisation an( j l 00( j 0D as each side ham- Churchill was forced to gire way and to safeguard America's! 

utc British Empire, niered out its own imperial to. Roosevelt: the American security. ti t ~e o T 7 

;' rt ni - rt e ?cr LQU,S ’ Oxford ' f OTrou\a. Nor are the roles of New trustec?h\p programme was It -is hardly surprising that' /I ft A | JA W /) M j n T K I /l 

■50. 59S pages Zealand and Australia neglected: accepted, the Colonial Office Oliver Stanley and others were! /I/# /// ( I f ffll !•} S / flltjJJK J t) / r* ...... 

” . ' “T " ' “u Evatt. in particular, is presented formula for a far looser post-war convinced that the Americans I -L * -M- I'M'* vlt/f / # I VS kJ Ls l C l if} l l_S L BY WILLIAM WEAVER 

iJCj - 1 I LOU!* IS one or those : mnr#. ,vTnn,ih.ti,- than scheme permanently buried. hart their men imnerial amhitions' -A 


in a more sympathetic Ught than scheme permanently buried. 


U1 "‘ su L i jr out its own imperial 10. uooseveit: the American security. • H 1 7 o T 7 

?cr Lou,s ' Oxford ' formula. Nor are the roles of New trusteefhip programme was It -is hardly surprising that' /| /Ii |wW/)i/i it I j n 7 K l/l 

■50. 59S pages Zealand and Australia neglected: accepted, the Colonial Office Oliver Stanley and others were! /I// /// ( J f tri I'M S / TlItJJJK J t) / r* ...... 1A .. 

” ' T — — Evatt. in particular, is presented formula for a far looser post-war convinced that the Americans M- r-M. i/l •* Lt L f / # I L/jJ V L/C Cl if} l L/C w BY WILLIAM WEAVER 

^ii«i.-rnc U! «.lf* 0 ?* in a more sympathetic Ught than scheme permanently buried. had their own imperial ambitions; 

. m.L th.nl! frttlLnt found in contemporary memoirs. But the Americans, too. had which allowed room for cont-j demonstrates it. And in the end. suasive. sympathetically ini per- justification — the nnthor pulls off 

ino io=- i In t me w,ino “‘ On both sides, there were their internal disagreements promise. One of ihe by products; Last Will and Testament by the reader also succumbs. feel, aware of his defects. Police a Hitchcock surprise ending. 

* h * r ** internal disagreements which may explain why the Yalta of Professor Louis’s often] Elizabeth Ferrars. Collins. . T—- 7TT— T~ TZl I .7 and protagonist combine, un- which spoils what hjs gone 

outlines of his fasunating a b 0u t w hat was to be , done proposals were Tar less radical dramatic story is the evidence; £3.75. 192 pages '™" er! ' -^ arl w ,,an,f - easily, to seek out tlie sex before Unsaiisfactorv and un- 

are clearly etched: his witb (-oIoq^. partimlarlv the than lhe de-colonisers would for a change in American official -Qtnnx is. pages maniac: but then— without much fair. 

ncnis. wniie balanced leave former mandates, in the post-war have liked. Roosevelt was a con- thinking at rhe lime of Roose- The engaging thing about the Robert Farran is an uui-nf-workl — — 


had their own imperial ambitions' 
which allowed room for com- 1 


demonstrates it. And in the end. suasive. sympathetically iiupcr- justification — the author pulls off 
the reader also succumbs. feel, aware of his defects. Police a Hnchcnck surprise ending. 


— - iuiiiic-1 1u.1uudi.cb. in me puji-,«i iiacu. ■•ui>ac->vrn " a iun- “■■‘■■'■■■s n.c v. i ne iuiiis aooui me i-ooert rarran is an uui-nf-work 

?nd . Apart u from Churchill, sisicnlly harsh critic of British velt’s death w-hen considerations novt , ls of Ei^abeth Ferrars is actor and. more tragically, a 


c cninniai ana ear c-asicrn LKtnaon extended rrom experts worn a tase «nai iney caui a ann me enuea aiaies siaen wim me .r- . . . h * .« : mr .ri...n«H 

though this is his firsT outside and in the Foreign Office yield no territory that they colonial powers and the trustee- scinbles someone who used in ki |. _=• ‘ rrll . r if r . -,n 

•*ion into World War ll who favoured an international ’alrcadv held. ship formula incorporated in the ,IV ° ov * r and even the jn hu.ia -f 'mm ih- killor'- 

•mac>. Imperialism at P nji trusteeship system to Colonial In Ameruan official circles, ton. Charter hardly represented ihe £ Cl '*; ™* ric - r, ^ h *’ M . Iad - V ; r lvhf l^ e . a n" As u<us,\ ' \n r ir.-w rin-c 

n excellent account of the Office officials who fought for there ws., considerable hosimiv anti-colonial hanner under which death sets off a series of family -\ ; . • ■ u ’ . * 

lictins attitude* of the the retention, of existing rights jowards British colonialism and Rwweveli ini ended to sail. dwpiiies. and disasters could ‘ ' \ 

ish and American policy- and depfored the creation of au a general feeling thai ihe British The British had given way to ha !'=S b „ e 4 *’ n ? a " pr r d . ° n iL rornier wiwn* i* fierce ' 
ers inward the problems of international body which would record wai even worse than the the Americans but the actual , r ^ sl “ e . n .*. r * r^K 1 " ‘°‘* 1 r1 ' Thu>. in • 


UK ECONOMIC INDICATORS 

ECONOMIC ACTIVITY — Indices of industrial production, manu- 
facturing output engineering orders, retail sales volume il9?n = 


imperial 


and War Departments, and Tory ministers united in post-war strategy 
tial and Foreign Offices, (heir defend, of the British was subjected to 
s*nr l.uiiis has provided a imperial record and the need to r rom >hc manv , 


— BOOKS OF THE MONTH 

ii ounce men lx below arc pre-pa id advertisement? If yon 
n ; re curry :u the forthcoming panels apphamV-e should 
nuiile to the Adcartixement Department. Bracken Housv. 
t.ijUKCMi AT reel. HC4P iBY. Telephone 01 - 2 -iS $i»00. Ext. 7064 


>‘maqe Towards the 
»rlh Pole (1773) 

•T. Phipps, R N. 
nrd Muljjrave) 

line i.iesinnlP re prim of 
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:idp India Todav 
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£3.95 

sh iTirnmo Tax and 
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N. KeJIy and 
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tcndirtent sheets tn 9th 
Of^-l.-afi edition. Publica- 

n AuguM to. 

L 

i il'fi.l-i im-iudins pvNiafie) 

■npy: Law m 
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d 7air Tradins 
tan W. Haney 

is is » book fi-r Mnyune 
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I'se of iilinicomputers in 
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R. Green 

Essential for anyone contem- 
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The National Computing 
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sroup of Stale Department time with a firm hand. The . 
advisers advocating a system of cnhmial i «*«».• hud wide rarai- 
international trusteeship with a ficalinns: this book touches onj 
declared promise for inUepen- the Roose velt-Churihill partner-- 
denee as well as self-determina- ship, the broader question of 
lion and his army and navy Anglo-American relations, the 
« hiefs who insisted on the neees- beginnings of the Cold War and' 
'•iiy of acquiring strategic bases the vexed problem of economic' 
in the facifie. The "lion and hopes and fears. 


iDark continent 


(excluding school leavers 1 and 
seasnnallv ^djtisled. 

Indl. Mfc. En-. 
prod, output order 

unfilled 

Retail 

vul. 

vacancies iOOOs*. 

Retail Unem- 
value ployed 

All 

Vacs. 

1977 

1st qir. 

103.2 

105.3 

JH9 

103.3 

216.4 

1.330 

na 

2nd utr. 

101.9 

103.0 

1116 

1 02.5 

222.0 

1.330 

163 

3rd qir. 

102.8 

103.8 

106 

lfM.3 

234— 

1.418 

151 

4th «|tr. 

102.3 

103.3 

106 

104.4 

239.4 

1,431 

157 

1978 
lsi qir. 

103.3 

I04J 

98 

106.3 

246.0 

1.409 

188 

Jan. 

11*2.9 

103.6 

106 

104.9 

241.0 

1.419 

180 

Feb 

103.6 

104.1 

116 

106.8 

246.5 

1.409 

1ST 

March 

11*3.4 

104.8 

IIIS 

107.0 

249.8 

1.41*0 

196 

April 

103.9 

10fi.fi 

101 

106.7 

250.3 

1.387 

204 

May 

105.9 

104.5 


108.4 

255.2 

1.366 

210 

lune 

July 




109.0 


1.365 

1.371 

217 

211 


OUTPUT — By market seel or: consumer goods investment goods, 
inter mediate goods (material- and fuel? t: engineering output. 


BY RICHARD HALL 


Aiken’s acuity 


scratching the surface in most lsl r i lr - 


« M h p"peri>ik & pajes ^•■y.arlcd. „ -c 

j- K t 1 h pressure began inieraci 

■The River Congo bv Peter For- indigenous disoiniem 


nielal manufacture, textiles, leather and 
huu.>in.c; si a 11 s (Onos. nioniniy average) 
Consumer Invsl. Iiiimd. Eng. 
goods L’uuds 4nuds dill pul 

tlnihin? 

Metal 

ninfg. 

<1970; 

Texlile 

cic. 

=ioo»: 

Hmiss. 

start.*" 

1977 
lsl r|tr. 

115.9 

99.4 

106.1 

100.4 

83.9 

104.4 

19.9 • 

2nd qtr. 

113.4 

97.5 

1053! 

98.8 

sn.j 

100.2 

25.1 

3rd qir. 

' 115.1 

98.0 

104.7 

99.6 

83.3 

W0.T 

25.4 ; 

-4th qtr. 

117.2 

97.5 

HI 1.9 

99.1 

74.8 

100.1) 

20.7 

Dec 

118.0 

98.0 

1U2.0 

100.0 

79.0 

101.11 

16.1 

1978 
lsi qtr. 

116.9 

993? 

1114.9 

100.7 

76.8 

99.7 

17.8 

Jan. 

1 ] 6.0 

99.0 

11*4 .*i 

too.n 

75.0 

yo.o 

17.4 ' 

Ken. 

11 7.0 

99.0 

1 * 16.0 

100.0 

78.0 

100.0 

15.3 

March 

118.0 

100.0 

104.11 

im.n 

TS.n 

100.0 

20.6 - 

Annl 

119.0 

100.0 

109.** 

102.0 

85.0 

105.0 

25.4 

.May 

117.0 

99.0 

ifjfi.n 

i 01 .fi 

85.0 

99.0 

24.9 ' 


Whijjan’s Tax Tables and Eiiot whe 

Tax Reckoner met ait Harvard tn 

Edited by Leslie Livens ™ 

and ButterWOrtllS days, their relatio 

Editorial Staff cordial, but intermit 

in life, Eliot toli 

This annual pubnearion spender he “al 

covers all aspects of taxation unhappy that Conrad 
from tax ready-reckoner so little success as ; 

tables to foreign exchange always thought that 

rates. National Insurance were equally gifted 

benefits, personal reliefs and received a ’ large j 

stamp duties. Due August. appretiation. and he 

Butferworths neglected;'* (This c 

Limp 0 40654313 5 ( M JO M. JJSitabW n 


1 jronomic Response: 
Comparative Studies in 
Trade. Finance & 

Growth 

Charles P. Kindleberger 

Kmdleherger shows how 

economic history' and 


JL JL I t V M l kj Lt L lsl t-L V ; The River Congo bv Pc-ler For- indigenous disomiem in the w *" u - u 1D -' 

bath Seeker and Wurhur* 1 1950'-. 19,5 

BY ALAN HODGE « l«i jjfj ij» jj'j 

The area l Vl hazard for anv to sav <o. iiiL-n stii h Pmiiifnic hen. lli.O 99.0 infi.O 100.0 100.1) To..j 

“TJ “ — Cape Cod was another (it really African" h^tonim is beenmins Amiri and Mnoiiiu behave j ImoVl '* 3,c h MH.D 100.0 HN.il 101.0 TS.n 100.0 -0.F 

“f” S?-!, rad Al ^ C ?' had forty-one doors, ineludma enme^SedV^^^em pf j a rep^^ Sl| , S ., Annl 119.0 100.0 109.0 102.0 SS.ft 105.0 23.4 

uS^ J ffi K fl 0 »'jS ^ ° f ^r-/- Up ^ ardS and On me AnilSio VSi wW" r-pa^.v Sid white ... »«_«_.*"« . ?«A. - 24S 

pages J ouihousest: hw iaxt house was latest work. Professor John Fage travellers a eenrury ago. Dr. EXTERNAL TRADE— In dives of export and import volume 

m 3 a,t ’ oignteen-rentury ter- says that v.h«-n the economic Faze criliei-es the ••Eurocentric" 11975“ 100>: visible balance: curreni balance; oil balance: lerms 

fi«rt .. o 3ce 0I L u *' el "orpe Atenue. strain uf fighting colonial wars view of white penetration pre- nf trade 1 1975-1001: exchange reserves. 

Ivmffu.ol - ““ „r tttn i0 f.,h bu >! annHh .- led to the 1P74 revolution in senlod in Africa mid the I n - F.xp-irt Import Visible Current Oil Terms Re«v. 

; . V j S K° n ^ 01 L * , tn Joyed letter-writing as Portugal ' i> seemed ihat lorioii/.-. by Rnhinson and ilallae- volume volume balance balance balance trade USSbn 1 * 

} SSit Z U %*T. , f ^ 0nr . a , d ** et ! raUl ' h :,i hc did or con-. African,- were now also extend- her (19«1>. One might say lha< ~ iqT7 * — 

lll( H J: 'J„fofte ej AiL. rs i v ™ l, ? n - is own ing the benefits of freedom to the paucitj of written evidence - nt i' ( ,i r iwft lnog _-«!» —srs —745 mo - : 149 

-IS Se^Prt tQ ?!S yum na !, urai u,lera ?ce hi5 sub ' a European people.” This vti Id from lhe other side makes Jij;? JJ?'? + £? {JJ 

. a ^frloJ^fK an ^ iF '° l ^ -* eL ’L ,s . m *»n!y ’* ie stale of betaken merely as well-meaning rather hard to be Afiwentric. U i h n L r 117 9 jno g j. 45 +486 — H57 10” 4 .39 

.-ear older. After their Harvard writing in America and England polemics if :he author were We van only aU ess at «hal was Vq-'- 11 ' 9 I0 “‘ 6 ^ 4j +4K6 ,0 - 4 “ B " w 

, t ?®* r 4 _ w f s during his life. But the tone: Basil David.-o.n. . but is more going un in most uf the sub- 1U7 _ 1T4 _ 3ns _«ir t„ 5 . 

d life D varied greatly according to thought-provoking when handed Saharan interior before 1800: -, nd ' lr j jffg {{qj -vtfi +224 -424 104.4 16.75 

’Jl 'Jfo* „ l0 | d Stephen whom he was addressing: he down as a judgment bv the oral tradition, scanty archaelogi- p™ * p-” in ■». . V. + 13” -■»(!:; nix ”117 

Spender he “always fell used ronv frenuentlv hul nn!v.u d n.r,i rat evidence and Arnhie ..vcoitnK . Jl' . f"’” .7 " ^ 


.--u mue success as a poeL ive stand it. \ Africa. is to go on. 

** 10 . 1 }S* 3 * .fort ® n J, * Some of the letters are< Perhaps one must accept that This is well demonstrated by 
Mere equally gifted, but Ive addressed to his family: the | while the racial conflict is un- Mr. Forhath's colourful hook 
received a large amount of early ones to grandparents and -resolved in Africa, any truly dis- about the Congo. Mr. Forbaih 



F.xpnrt 

Import 

Visible 

Current 

Oil 

Terms 

Rc«v. 


volume 

volume 

balance 

balance 

balance 

trade 

USShn" 

1977 
2nd qtr. 

118.0 

109.8 

-794 

— 3*55 

— 745 

1 00.3 

14.9 

3rd ntr. 

124.1 

106.4 

+ 54 

+ 357 

— 602 

101.0 

13.4 

4i h qtr. 

117.9 

102.6 

+ 45 

+486 

— 657 

102.4 

20.39 

1978 

1st q»r 

120.3 

114.3 

-574 

— 305 

— 6 tfi 

11)5.1 

2*1.03 

2nd qtr. 

122.8 

110.2 

— 126 

+ 224 

-424 

104.4 

16.73 

Feb. 

127.4 

111.3 

+ 43 

+ 132 

— 203 

104.X 

20.7 

March 

121.4 

116.9 

-279 

-ISO 

-211!) 

104.8 

20.32 

April 

126.1 

104.3 

■MSS 

-*-30R 

-151 

104.0 

17.04 

May 

720.1 

114.3 

-218 

- 98 

-156 

105.1 

16.66 

June 

122.1 . 

112.0 

- 106 

+ 14 

-117 

104.1 

lfi.54 

July 







16.74 

FIN ANC 

SAL— Money supply Ml 

and Merlins: M2, h: 

anb advances 


Lb Hun intended tn proietl .economic analysis can inter- 


• consumer against un- 
■i luodueis, i|u-iiirauvely 
reii.-nt Knuds and serv.cos. 
Ud-i!-.'ii: trade practices. 
Milsc.-.-nt information and 
>n-'ii».i- exploitation. 

Iter worths 
•rhiiuiid £9.95 nei 

4 US$1 9.00 J 

06 22199 3 

ip £3.93 net fUSS12J>9) . 
06 22*90 l . . 

ten & reg!sr*s 

,'omr Tax 
S. Carmichael 
ppii-im’nt to 29th edition. 
Itiditit: dci-tlls of the 
tafiti- Art 1678. Publu uilon 
eu\t 24 

L £2.5(1 (£3.68? ItwUiding 
postage) 


acl and how history can he 
used in a comparative filing 
to tef-i economic models for 
generality. 

Ilanard £11.55 


Managerial Applications 
of Sj-stem Dynamics 

Edward B. Roberts, 
^editor 

Illustrating the application 
of system dynamic-; to overall 
strategic planning and 
managerial problem • solving 

the hook covers manufactur- 
ing. marketing & distrroulion. 
research & development and 
finance & control. 

MIT Press £28.00 


1 L V- ■ .! magazine, repartee me tragedy to toe as the Atlantic slave trade an. I week cnrre»puntleni m Zaire. Mr 

The Criterion.” police. His brmherf and sister to compensate for rhe general For,)ath has made a hreevy 

On .Eliot. Aiken expressed hi*, were adopted by relations named 19th-i-eniurv verdict tbaf black synthesi*. nf al! he has read that 
own views. In a letter of 1R2I to Taylor and Cnnrad remained African* were tusl illiierale anil l ‘ ;,|, - hL,s his fancy and dyes nut 
Housblon Mifflin's editor in the only Aiken in that branch 'cannibalistic >•> -ages. bother with a biblioeraphy. 

Boston he wrote: "Tom Elioi hak uf the family. African h:s ;!, ry is fundament- crmirast. Dr. Fage provides 

had some sort of nervous break- Though he lived in fear of ally unlike tii-« * of other is in- * scholarly .-.umm.iry. his is a 
down and is at present at the kind of insanity that had ti (tents which European nations v "Himc 10 refer tn rather than 

Lausanne: hybrid difficulties. I overtaken his father, he survived “discovered " and occupied lo read through, 

suppose, or else the severe strain because he meant to. and -Bolivar and ’Washington were Yet tlespiie ihclr basic 

af bqing an Engiishniiin.” A few because he knew he had an atm the freedom fighters uf the differences uf approau-h. >hen? 
years later, Aiken wrote to the m life. It was eventually • Americas: an; general hist on. books leave an over-ndins im- 
same correspondent, Robert N. rewarded by the Pulitzer and 'treats pre-Columbian times as a prosiun. After manv false 

Linseott. a parody of “ The Waste Bollingcn prizes and by honour- prelude lo white settlement, slarls (and thanks larselv to (he 
Lan » ' beginning: able appointments 10 the because (he ordinal inhabitants conrjuesi nf malaria in the ISflffst 


1977 

2nd qtr. 

24.8 

14.9 

5.5 +769 

1.290 

1,047 

8 

3rd qir. 

28.0 

10.4 

20.3 + "65 

1.06-1 

1.149 

f 

4lh qir. 

23.2 

12.6 

8.8 . +698 

1 ,5li5 

1.TS9 

7 

1978 
lsl qtr. 

24.7 

24.0 

17.5 + 1.81 8 

1.049 

1.260 

s* 

2nd qtr. 

8.7 

13.9 

21.8 +2.893 

694 


10 

Feb. 

26.8 

25.5 

17.9 +!!li3 

353 

418 

«! 

March 

24.7 

24.0 

17.5 +597 

308 

413 

April 

19.1- 

24.7 

12.6 +1.432 

335 

463 

J 

May 

J3.2 

17.4 

18.3 +1.124 

212 

471 

9 

June 

8-7 

15.9 

24.8 +337 

147 


10 

July 

INFLATION'— Indices of 

c:imin:rs * Jar* 

” 1976 

= iFo'i"' 

to 

hasic 


'd nrnrlu'-ls 
= 100 1 : FT 
d value of 


Professor 


real African 


hax read some Three thousand the flowing longer poems uf his qiani has always towered over : 
and selected 245. Most of them youth. When 1 firet met him in rhe white inirpriiv. lir 

are addressed (o cun temporaries. 1947. I appeared (n surprise him Less than 100 years a-u the” 
fellow poets, publisher*, writers by telling him that as an under- Berlin Conference set ' «omp • 
and painters. Some of the besi graduate 1 had boudhl a copy ground rules f:>r what Dr 
went to Edward Burra, whose of “Landscape Vest of Eden" calls the ■■virulent" Scramble for 
cynical view or existence was n jears earlier. Ii was one or Africa. However, the c-oloniai 
expressed with a sure touch that his ainiahle masks to pretend powers soon became disillusioned 
appealed to Aiken ever since they that he was not read, least of all, with manv nf their steainv aequi 
urst met in Rye. Sussex, in 1931. in England. The letter* should siitocs: the Germans alinp pn« 
Aiken had a gift for creating be: they show an unusual liveli- their backs- inm “opening up" 
a quality m the houses hc occu- ness about other peoples' Africa, but defeat in 19lSquSeklv 
pied. .1 cake's house. Rye. was intervals and an engagine lo«i them their empire. While 


;rahle a-? 
unimaginable 


, one; and Forty-one Doors on stoicism about his own. 


administration; were in truth still : 


r.«<< ii ii ;■*. 1 1 

H.ir.i r 1 : 1 \ y m 

JOURNAL OF fa 

STRATEGIC VjT 

studies m 

WEST EUROPEAN ^ 

POLITICS 

FRANK CASS. T!. 4 l«- 

t:. «:wnO..«rftnsh :.. a CM ]R.s 


i9J7 
2nd qir. 
3rd cpr. 
4ih q:r. 

1978 
lsl r|tr. 
2nd qtr. 
Feb. 
March 
April 
May 
June 
July 


Earn- 

Basic 

Wtvsale. 



FT* 


in?s' 

malls." 

ninfe.’ 

RPI r 

Funds" 

comdty 

Sir!-. 

114.5 

347.7 

259.2 

181.9 

191.1 

250.0 

61.6 

116.] 

■ 340.5 

2fi7 7 

184.7 

192.1 

o»*q g 

61.8 

llfl.9 

330.6 

272.1 

187.4 

1 93.3 

234.2 

63.3 

123.1 

326.7 

279.0 

190.6 

1 97.3 

23S.fi 1 

S4.fi 

122.7 

340.6 

284.5 

195.8 

203.8 

H-J 07 


3242! 

279.2 

190.fi 

197.3 

224.86 

H6.11 

125.0 

331.0 

280.6 

191.8 

198.4 

238.61 

64. 1 

1272! 

337.4 

2X2.7 

194.6 

201.6 

23X.94 

61. S 

129.3 

341.5 

284.6 

195.7 

203.2 

250.67 

61. S 


342.9 

286.2 

197.2 

206.7 

242. ,> 7 

2S7.CS 

61.5 

62.5 


* Nut seasonally adjured. 


a h 



WORLD STOCK MARKETS 


. Financial. Tintes..' Thursday Augsst 3 1978: 


Dow jumps 22.8 in yerv heavy trading 

Im ^Sm 0LLAR SS- X ria *’ h '** ^r.iS. randaV oil and aas ’ ,re - R££J&£ *3Ptf«3S SffiiPS* J&fa 

SS.60 trf U— (HOI'S) »kmt» * Gordon, of Dreyfus Kod.k 4: ‘t'o S«j M il* *5SS%r^r“ S‘^.J 1 ^SSJI a ?£„ S f"l wS ’"J^SS^SE*' 4 rae taureid 

Effective $1.9280— {48!%> 

. . STOCKS OK .Wall Street bounded 


• -picked un' in intensity as the slock »" television yesterday July traffic 


Power Y30 to Y1.270. Mining issues; showed a down- 

, n . ward tendency, with Renfeon.Tin 

sustained " sharp fans losing- ■ another 20 'cents tb 

,l Sd?° , |?? !iy drtSrt After two days Of consolidation A»M0'awl. MM-S cents more ; to 

ill n«nin<t the ven * on profit-raking. the market re- AS2J0. : - : 

11 aga'itst tne-yen. Among.- -Uraniums,. PeJw- 

















mmzzEzam 



B j BW_lj 






continued fall against the -yen. 


jjjsu d lndo.dBiigtd Irani Avcmt St. 


Ind. dir. yield % 


I ‘July 2S ’ July SI- ; Ju|yll. } ff«r» 
! SM7 [ s.e 


the Dow fines Industrial Avert «e policy tiqhteninc. with a plateau share. ■ reasonable 2S0m shares f400tn). mo« ciimned.i.o to 75.5. 

■'brakVoutSeTS-ioi.™ for :t ^ Coca-Cola reported higher Export-orientated Electricals,. Sentineiit ".wj^wted by 5 cm lO^n^to 

Ins high for the year Tnllntion has risen at more than second-quarter net profits and Vehicles and Cameras led the fall. m ^ Money from i« to »« per A$2- ASS5S_ hirt Panennri- 

• AnagSte iw tha? I' lar... num- a 10 Per cent annual rate during added I to MSI. , , followed by Popular® and Blue cent, and money dwlers ’ 

her or block trades indicated in- April. May and June, but expecta- THE AMERICAN SE Market Value chips. Sony lost Y60 to Y1 j 510, slated that Call Money «»Uid fall cental Strengtnenea a lUTUier.aO 
iStuSonal ieS&T ind brokJm Hon. that food prices may case strengthened 2.01 to 191.58 TDK Elect^nics YlOO to Y2.I20, «• ^ market «g» to AHML 4 

said thal the cash-heavy institu- hate raised hopes that the pace nn heavy volume of a,34m shares Nissan Motors Y30 W VJM. Canon * W liquid-^ £?“ J?T I 

tional activity, and brokers said "ijl s ‘°" cmning months. iS.Ktini. 


tionai activity, and brokers said s 1°"‘ in cotnfnc months, 
that the cash-heavy institutions International Business Machines 
'appeared to he moving as a group feat IL r fi ci . an advance of 12-. 
to catch what might be a new »q »flll Jn heavy trading after 
:and significant advance in stock hitting a new high on Monday— 
*■ prices. on Tuesday. IBM settled irs patents 


iron- II"IU U.VJ in«- innes nnrilgMiwBu 1 I'll Ciraiumo « ivw « - .. .. . - . . r j j.*j 11..L J Aun 1 n panic 

have raised hopes that the pace on heavy volume of 5,34m shares Nissan Motors Y30 to Y733. Canon 15 verj . liq E„ Q , , . 4 . Coals had UM.dOWfrlfl.CBBM 

will slow in coming months. |S.sSn» YIO to Y44D and Honda Motor Y31 Steefc. htores and Etectrieals more at AJU5 aid Coal maf 

iniema tionai Business Machines to Y537. strongest sectors. Allied 4 cents off at Ayfc70« jmt 

featured with an advance of 122 ponn/lo Towards the close, major Invest- C f rf °* ^E l ;, r0pe ®*“**?L- ^ a*™** 

to S3911 Jn heavy trading after Canada mem Trusts bought some 1} c OT fi? 0 

hitting a new high on Monday— shares made further good pro- Populars, attracted by the lower *"^*'*1®“"®®^:, ,? n ^ on the strong Bullion .price. .■ 

on Tuesday. IBM settled irs patents (, ress across a broad front in an- price levels, bur the recovery v- r * 

suit With Xerox, which rose 2* to other large turnover: The Toronto failed to gather momentum. fh? 6 ■ gajn s . t JohanDCSDUIg 

SfiO. yesterday. . . Composite Index climbed 9.8 more However. In vectors hunted genera trend w^ere Imetal, . Retire 


nuv iti.a mjti Mfijsm66; 11 im < aus 

! ■: i i ■ i i2?sv 1 fWi 

100 . 66 * wo. 6# moo aaW aa .08 \vlsz \ Bsjn . 

; . ■ - , . ‘ i.'_ i ®s> ! ws ) itU/ 


The Dow Jones Industrial »uit with Xerox, which rose 2J to other large turnover: The Toronto failed to gatner momentum th e cenera 1 trend were ImeioL 

Average, after easing to 857.30 at SfiO. yesterday. Composite Index climbed 9.8 more However Investors hunted general trend were Dnetal, 

ihe outset surged ahead to finish Evvou were active and rose 1: to 1203.39.' Us highest point since stocks or Electric Power producer^ anosmia. 

.a net 22.78 higher at S 83.49. it?, lo S4SJ. while Texaco, the most March 29. 1974. Metals and on expectations ,^ h n^rmartv 

hest closing level since August lo active issue, added J to 825 ex- Minerals moved ahead 22.3 to companies, which import a large .vycilii<UJj 
' lust mr vhAn it iiw <rKunn iliddeor] Oil i&sues iviw mostly i (119.2. ■ oils and Css 17.5 lo amount of crude oil, will maKe .Stocks -wore 


Johannesburg 


Jast year when it ended the session dividend. OiJ issues were mostly j.0J»-2. • Oils and. Gas ITa to amount of crude oil, wil make Stocks , were Inclined, to .reUn- mum qum wr yus^w 

at SS7.04. The NYSE .\il Common higher, but British Petroleum In,,! t.537.9. Golds 6.S to |»I. Papers heavy foreign exchange gains due quish a little more of ..their Prices aecunt^on ero 

Index advanced SI .21 to S57.82. ! to *U1 in acUve trading — the 1.44 lo 128.70 and Utilities 1.81 to to the yens rapid rise. recently gamed ground, bringing and then noii^ meiuw . me 


Following the- recent Retire 
advance on -the strength: of . the 
Bullion price. Gold shares became 

Inclined to-relln- much nMtor: 
more ' of .their prices ■ decDmUR On^ early sflhof 


while rises predominated over UK announced plans lo raise taxes 183.08. but Banks eased (1.27 to 

losses by 1JS3 to 322. Tradint; on North Sea oil in January. 283.49. 

volume expanded to 47.47m shares. Among Retail issues. Sears Norauda ‘'A’' jumped 3; lo 


Ihe sixth-hierhest level on record climbed II lo S25J. K Mart 1« to C$33J and Imperial Oil 


UUUUCS I.Oi ll> IW uir jcu a <at<JU.iiac. ■ra.tnuj £axucu &■ uiuiu, "‘“Wins n«lo(v nnf«H that 

; eased 0 27 to Lower-priced Chemicals were the Commerzbank index down A2 lower levels. Dealera noted that 

also selected, as were domestic to 811.4. operators waremildhiB positions 

jumped 3J to indusLry-related issues, like Drug Against the wreak overall trend, ah . e r ^„°J 


boog Gov. flood yield 


S.Y.SJE. ATT. COKMOW 


a™..;a T |J.i, 


Kiipfr tof hlbi . 

, ' J-Aaj{. 8 f.Aoii- 


put slocks. 


-and the heaviest since the 51.97m S2SJ and Associated Dry Goods 
shares which changed hands on to $21!. 


on l to C$205 — the companies are 
negotiating a farm-in agreement to 


NEW YORK 


Abbott Ut« 38 

AcMrewograph .. 253s 

Aetna Lite i (.'*» 43 
A'r Piului.-t*. . . 30'} 

AlcanAlumlnlum 31 lg 


Alima :... . d6i2 " 45ij 

Alio;. Luilluin.. 181, 18b 

Alleybenr I’uitrr I8lg ! 18k 

.Allied CbeitiWI, 36ss 3Sb 

Allied fjioref .. . 25 >4 25 

AH is 1‘biliom . , 36?o 35 jj 

A MAX- 37 i 3 3714 

,Amera>la fle». . . 28U 27k 

.Amer. Alrlinn . I8I4 16 1'( 

.Auier. Btwinb- . BOtg 49 l-j 

! A mer. Bn«Ui.-a»i. 556a 54 Ja 

;.1mer. L'an 42ij 41>t 

'.inter. I'yauniitiil 31 39 30 *a 

A mer. £li»i. K-1.. 34ii 34ia 

Amer. Klcvi.l'fm 241a 24 1, 

■A mer. Exprevv. . 391 3 38*2 

A mer. Hun it: Prvl 30-'t 30 

Amer. Moili'al ... 30 29ag 

A mer. Mutor* . . 5j» 

impr. Nil I**-.. 43ss 43U 

Ainer. Maiulani.. 51b; 49 14 

A mer. Slure*.. . . 35 4, 35. 

A mer. Tel. A 1 el. 60ie 60 j, 

Ametet 36U 35d« 

AMK 19L., 1914 

AMP- 57 U 361s 

Ampei 16i« 161 b 

Anchor H'X'king. 30 U 29&s 
AnbetucrUuai.-fa.. 26l« 26 u 

ArmcoSteel 33is 3 31a 

A.S.A 25 14 26 is 

Aaameia UiL | 163< I 161, 

Aiarev 16 lS^i 

Aeblnnd Oil. 38 36i« 

All. Kleh field.. . 50 U 4938 

Auto Data Pro. . ■ 34ia ! 34 'b 

A VC Ilia XU* 

Aveo 28'i S 2378 

Aron Products . 5812 58 

ftalL Gas Ele-n. 1 271, ■ 27 
Rank Atnerka.... 25<g 24;g 

Bankers Tr. .V.Y. 36Sg ' 36ij 


\tiK- L-'iTimjjLi |a>- 

1 CI*Clul'mri"ual 

~ — Crane 

5" Cnvkca Xat. 

24 U CronuXelterlwi-li 

40U i.*u niiit In- Km : 1 in- 

dO Cuiliro H nelil.. 

305b „ 

451k H“ n *. ■ 

I 8 I 4 fait iiiiliiMrin-.. 

186 Occrv 

351 , Del Jl.iuie .. .. 

25 Ucl'Oiii 

33 ^. Dent sply Inter... 

5714 Udroil KdlMKi • 

27La Dlanu-inltjluiiiiiL 

Diets illume... . 

1o< 8 Dirita E>|itt|< • 

JJJs li|,ner iWnlli. . . 

54*3 lAn'er fnri'u ■ . 

41rg Dutr Cbrniiivl. • 

301*3 bravo 

34 13 t Dresser. 

24U ■ JJujhiui 


Uviihi JuiliL-tne-. 30 ■< 
Ki-lc lather... 2R7 8 
Ii»1 Airllm-e. 14 14 
Ka-nuaii Kinlak.. 65ia 
Huuit 39 6fi 


16 i a . 16 <s 
89 283b 

46ig 45J« 

386b 38ii 

32 l a 293* 

.13 13 

227 8 227a 

18 153* 

26ia 261, 

16ia 16 
53i» 507c 

43 4268 
451ft 44 la 

26 r 6 26 la 

29 28 ■£ 

45 U 421 4 

127 120*i 


J-iliti* Manvllle..i 315a 

■liibiisoii Jol1llNril , 86 

4.4iii*.l' 0 (Wmrul. 2S 
Jiiyllanuhrtur'n 37I| 
1 K. liar t.Vjrp.. . . CB^i 

( KBiserAltimini'oi. 361? 
Kaiser (nduvirte*. Z! a 

Kaiser .Steel 26 

! Km 13 

CietiuuKU 23 

KeiT Jldiw 47 Jj 

Kialde Waller.. . , 35ij 
Kimberly t. letk..- 46 
Knplt/is 223| 

KraJl 47ig 

Km-rr C,/ 35>4 

la-aseuay rnto«... 343 ( 

l«ii Sinuyi 1 36la 

Ijlilir l Iw. Fm»i.. 27ig 


1i.li. A(< Z9U 38Sj 

HI Pasv >«i. l..a- 17^ 17 1* 

Klin 33 32l s 

Koiitmiu fclBt He 375> i 37 

KaicryAirPr'i^M' 25§8 26 

Knilsm 43 S 3 401* 

K.H.1 876 3 

Kiuelltani 25 3e 1 25 U 

Ksnutrl; • 29 1 « • 8819 

Ethyl 22l« J 22 

Ks.v.<u 48sa 1 46l« 

Fairchild Camera 36 Iq • 53k 
Fed- Dept, eioua 38 37s, 

Fiivstuiia Tire.... 14 13ta 
Fsi. Nat. Bcstuu.. 29sa 29ia 

Host Van. 22 sb | 22s, 

FlUitlujce | 30 J, 29S4 

Florida Kmvr. ..• 3V* 32*4 

Fluor 36i* ! 35»4 

F.JI.C. 24i« . 24 U 


LiilirtlirviJp 35U | 34>r 

Ijlly 1 Ely 1 523, 5 IS, 

Litioii ludust 22 ’a • 22S, 

Istr'kliceil Auvr'iil 3 1 ia 3 Is, 

Iaib Mar 1 mills . 1 22 U 2l!t 
Istutf Istattil 146.: 19 19 1 * 

l/.iuistaiialAiii].. ; 223 , 82 s, 

Lul'ilM.I - 49S, ' 443, 

Lui.-kV f -1 i.n— 17 I 6 S 4 

l.‘t.r N-unaM un. 9 la . 9I 4 

- Ills ; 11 

Mavr U. H 43 U • 4238 

Sin-. Hanover. ..I 36U 353a 

Starve 1 34ij 33 is 

Manitbon Utl I 471* • 46 W 

Jbuiiie VkllaiuL' 153, 153g 

Slai-khall Field,...! 223 t | 82U 

Slav Ue(il. 6 iorcb 25>4 1 243, 

JICA 53i* • S3 

MrDernu4t„ 253, . 243, 

Mi-buunell Ik.am 40 ' 383, 

MolJ raw Hill : 247® 247* 

Meim-rex ■ 50 tj ! 471, 

llerob ..., 621, 607, 

SI er rill Lynch.... 20ia • 18s* 
Slew* Pelioleaiu.j 311* . 31 

MUM ! 38 ; 381* 

SI hui Ming* Slid 6 U, 691* 

643, , 62 1, 

Munaanio— 55 • 53 

Morgan J. I*. I 493 , . 48 

MoiotnU 50s a 49 ig 

Murphy Oil : 393, 38aa 

Xabinii ..I 24 ' 24 

Xahii Chemhalv! 30la ' 29 bb 
X arinnal '.in . ... ; 19 >4 1 19 is 

Xal. Dbtilleri... 223, : 22 U 
.Vat. 6 erv Uu I ml/ 163, ■ 161, 
Xat inns! MttL ... 1 347 a ' 53s, 

XalMiiias 1 413a . 4Z 

NCR ; 61 i B : 5gi a 

Xcutune Imp.. 211, 21 lj 

.Vex Eu-html Kl.. 223, ■ 22s, 
New Bo^lan.lTel. 333, • 563, 
Niagara M.diawki 147 B : 14Sa 
Niagara 6 haro..... llSg ' lUa 

.V. U lmln>inev..' 20 to 20 

NurlsIUVaiWni .24s, I 24s B 
X'i 4 lh Xat.lia* 36', 36', 

MhM.sRareai'irr 263, 261, 

X’lliuot Airliner 3 Ssb . 3314 
N rli weal Uiukur)' 246* 243, 

- Xnrl.ni SiuivU.... 19 18 

I lAi-klcuial I'eUnl; 21», 2iaa 
llgilvr Mather.. • 551v 551i! 

iiblo Kdiam.. ...... 18 3s 18 1 * 

jUliu :... 153, 155a 

'herseas nhiiw.i. 25Js ‘ 25 
U tveii» I'lirnitig.. 341, 041 , 

Uwens lltuuie.. . 221 , 211 * 

I'ai-ifii- Uaa • 241, ■ 24U 

Fneid- Lh-lilinw.l 19 j 191, 
I'ajj Par. X IJs;-.' 217, 213, 

Can AniB'.inlAIn 81, u 

Parker (lannirio.; 285, I 28 | 

I'ealaxl v Ind ■ 261s 1 26 

Peu. Pw.* L.. ..- 21S, I 2lt, 

Kmuy J. C.. 393, I 383, 

IVuturiil 286a 1 281, 

People* Drug..... . 113, I 113, 

Peoples Oar 1 363a ! 35 15 

Pepaivo... — | 317, | 30 7g 

Perkin Eltuer. ... 263, ' 26s* 

Pei 54s, I 54 s* 

Pllser. [ 36S, J 35 

Pbeips bodge — I 23 1 22 s, 

| Philadelphia Ble. 181, ! 181, 
Philip Morris -.. 1 741* ; 71;, 
I'biilipa Petro'm.i 326, 1 321, 

Ptlshuiy 1 433, .’ 427* 

Pitney bone* ....I 27ia I 261, 

Pit! stun i 344 ! 341, 

Plemey Ud ADR' 1 173, 1^173, 

Putarokl 1 51 I 484 

Putunteu Kiev ! 153, I Ibia 

PPG Induadrie*..) 281, j 283, 
PtobUiT tumble.- 89', 89 

Pub Serve Kle**-l 233, |, 23 S 3 
Pullman 4313 . 4is, 


Rart«rOII 264 

Baxter Tmieni-r. 473, 
Beatrice F-wd— ..• 25s, 
BectanDIckeobon, 37V 
Belli HotrelL 213, 

fiendlx 40 

rtenguetcons-b' 43, 
Recblehem stevl. 264 
Black. Sc bevkei.. 207, 

Boeing .. 70s, 

Kuice Cascade..- . 305, 

Botdan 28 

Bore Warner 31 5, 

Hranlff fnl 174 

Uraxan *.V 14i, 

BrlJlol Myer* 36 

Hrit. Pel. .VJSIt...; 164 
Brock tray G la*...; 333, 

Bruits wick 17lj 

Hucyrus Erie. < 191, 

Bulcrea W'ab-h.. .. 9 

Hurl I nylon XlJi 11 . 404 

HumHJgh BJ1* 

Campbell S-TUiL .: -353, 
lanadian Paetik-J 181? 

■ anal Kamk'lph... 113, 

Laruauwi ' 303g 

C,rrler± Genera!’ 184 
1 arter Hawley....; 184 
1 aten.IUarTra.-n 611, 

» HJ? : 604 

i.'elanncCotr^i.. 424 
t'enlial A 6 .H . .. Ibis 


t'vniial A 5.W. .. 163, 

(.eruuiteel 205a 

Cewma Ain-nttl. . 444 

l-hjue Manbatlan 324 
Mien uml Bk. N Y 41 
t. hMbrgb I'otni. 254 
CbcAte nystuin... 294 
1 hka^lu Bridge... 543, 

Cbryt-ler 113, 

Cm fix ms 43, 

'. in.-. Milam>n.. 343, 

1 ltlc>?rp 244 

1 ttto r-'ervict 473* 

city Investing.. 16i.\ 

v oca Cilia 434 

Colgate Paint.. . 205, 

coiltn* Atkmaa.. 113, 

Lr.luml. 1 al.a 1 267, 

I. oluntbla Pu-I. .■ 2 IS, 
« ont.l n*Co.H A nt lBt, 

1 omhuiltiin Hug. 421* 
Lonihuviton 16 

1 . 'm'a , ili Kdtis.n‘ 277* 
I "'m'w'th Oil Ref. Hi? 

■ '.mint, eaiellur.. 455* 

1 ompuiersi'ieiice 16 

Lonn Lire In- 1 367s 

l onrae • 20;, 

1 on. Edison \.l . 24 

1 oltetfl F'a«S» 251* 

f ona.il Aau Cm.. 364 

1 . umuirncT Power’ 24 lj 

< ootinuniel Grp. 1 304 

< --nr mental Utl... 26s, 
>. onllneulal Tple lbs, 

1 »nlml Data 403, 

< miter Irhiuf . ... 544 


264 861, 

473, 4 464 
253, 1 253, 
374 374, 

213, 203, 

40 404 

43, 48, 

264 . 345* 
207, 20 

703, 65 

30s, 305, 

28 • 377 b 

31i,- 313, 

IT', 163, 
148, 141, 

36 • 363, 

164 163, 

333, 33-4 

17lj | 167, 

191, 18>, 

9 8l a 
404 407, , 

821? 794 

353, 34sa 
181? 18ig 
115* • 117 C 
304 304 

124 111, 

184 174 

61 4 593, 

6O4 4 583, 
424 . 41o, 
Ibi, 16s, 

20ia . 2060 
444 44 ;* 

32 1? 32sa 
41 • 403, 

261? ! 344 

29 4 , 293, 

543, ; 54i, 
113, 104 


F.JI.C. 24s, . 244 

Pont II o1 or. 46S, • 451, 

Foremost Mck.... 224 ! 223, 

F. ivb.n. 385, 37S, • 

Franklin Mini .. 84 83, 

PiwpOkt Slluptxl 284 273, 

Frnehaul ■ 313, . 303, 

Paque Jud*. 313, • I IJs 

U.A.F I 143, ■ 143, 

Garmon 49 . 48 

tlen. .Vuter. Ini... I H 103, 

G. .V.T.A i 31s» 395, 

Gen. CaMe 18 4 ; 17s, 

Geu. Dynauiics..| 884 ■ 83bj 

I Ui-n. Kr n -m« | 543, 553a 

1 lien. Fted* ' 344 33 

I General Mills 533a 1 323, 

General Muioro... 64 4 624 

liett. Pi, b. UJ1.._ 194 187* 

Geu. r>t3ual.. 51)3* . 30 4 
Gen. Tel. HIM.... 4 30 ■ 294 

Geu. TjlTe. 28s, 27* 

, 5;, 4 57, 

Georgia Pai-lfli-...- 30-’, j 294 
Getty U,L • 047, 33Ja 

Gillen e ; 30 30 

Q.^lrieb B. F-...-1 22 . 22 

G.judyoarTlre..iJ I84 184 

Uuuhl 31 ■ 3tiJa 

Graev W. K........ • 27t, . 27 

(irt.Arbtti paih'wi 71, 74 

litt. .North Iruo.a 27 26*, 

GrvybiAtihL^....-: 13 -a 13sa 

unir* Western... 141, 144 

Hub 4 ull | 234 23 4 

Hallbuiiin, j 64 1, 633, 

Hanna Mini or.... I 35 36 

Hami-fuleRcr ... ' 16 16 

Harris Corpu- 64 , . 634 

Heins. H. J. j 40 , 394 

Heuhlein 1 38i, : 27s, 

He«'le Packard... 4 87> a ; 854 

Holiday Inna ’ 20&, [ 191* 

Homestakc. j aSY, 393, 

Uuaeyvell -I 70s, j 664 

Han'er • 12tg , 12 

HtN|t-C'irn. Anieri 403, 1 394 
Housiuii .Nat. Gw! Has, : 263, 
Hnnt/PI,. A > Chilli 117* ' ION, 

Hutton iK.F.1 - 18 . : . 16.* 

l.C. Industrie...; 293, ; 287, 

T.NA _..^l 433, I 43 

lui<eTToll Baud... • 60 1? : 59a, 

In Ian. I Steel- I 38l? . 383, 

I iisi leu 15 14s, 

IBM ; 29 1.5 279. It 

lull. Fin vot irs..... 27l* 26tg 

Inti. Tlarre»ier...l 384 381, 

tail. Mink Chom; 58 ' 38 

1 all. Mulriloucta..' 20 1, ; 207* 

luis I 161* 1 164 

(ml. Paper I 443, ; 441* 

»«• 378* . 37 

1 111. HeetilM;r....J 154 I 127g 
lui. Tel. A Tel.... 52i« 31 4 

Invent 1 1 

Iona Beef 37?* 371, 

IV International' 12 11 4 

Ijlut Waller. 53Sg . 52 


lievtvu -54 51 

Heynuld* Metals. 343, 34 

CeynuMn li. J. ... 684 67 

lllrii'oia Morrell. 26j, 26 

llis-kaell Inter... 36s, 34 

I/kJiotA flaas-... 354 34 

U.ival Ihilrii 611, | 61 

UTK 145, , 14 

Ibis- Ug*« US* : 11 

Hyiler dvsteui ... 28 . 26 

3ai>nar rilote* . 45 •}. 44 

Si, Jm Minerals. 23;, 23 

5f. Ri.vts Pa,er.. 293, J 28 
Hants Pel mis... 33 4 , 32 

Saul Invest 73, 7 

Saxon lints 65* 6 

Srblilf Brewing.. 14S« ' 15 
didiluliilen-er .... 89i, 87 

SCM 211* • 21 

h-4 IVi^r 17l* , 16 

titsail lira ZSy C 22 

Sf-mldet |iiiu.'.a)i 8 s, . 8 

>ea L-onauirr... 31sf 31 
rotgiut... 254 25 

f'Fn rle Ht.D.i.. . 157* \ 15 

•?oar' IturiaK-k.... 251, 24 

.sjfDCU v 391, 39 

Shell Oil 354 S3 . 

Slioin ran-noit .. 45), 43), 

signal 62 49 

Hi;: nude Cur (».. .». 554 . 345, 
St in pi icily I’sl...- 134 13 

Sniper . 19 18", 

Smith Kltiie 4 971, 924 

Sulitn.iii 31* 54 

.-initb’ius 11 j 34&a 346, 

Southern Cal. Kii.i 26lg 26 

Southern C*> ; 16 16 

Sthn. Xuc. lira.... 35 36' 


itaT ■ however Stores'' % S5ta£r Tm- *5“W jSBflJlS 

Tokyo Electric Power rose Y60 proved, with- Karstadt gaining ally iveaker fa toe w|th gold 
YIJ200, , Japan Synthetic DM 1-30 and Kaufbof-DM 1. P rodu£ ^H 4 

- - AEG lost' DM .1.40 in other- came back 10 cents 4 to R7.0o on 

4 ” wise fairly steady ElectricaJs fol- n i n., fa.as.imii finmiu 

lowing publication of its largely . 
pessimistic forecast for second- £ ut . }P e 

half of 1078 trading results. M £^ Js ,' se F t ^ i 0 - duD £L Dad ^ 
Motors were mSId, recording 11,6 J nd ,^S,^*^ Ultteu ^ 
movements ranging to around 10 make u P ward progress. 

DM 1 in either direction. Bayer y,._„ ■ 

lost DM 1^0 in Chemicals. tlOllg IVOBg 

rpnawarf ^£S2!l2 P«> fit- taking caused share prices 

renewed weakness with fails of » 0 pg^j. after an Initial fresh rise 

to toSV a mtod appearance at 
nn^!faV^nw Ut ^°^ r, the close following further heavy 
iSSuS 1 K- • > ^2L.ra°« trading. Overall turnover totalled 


«”*■ If&i 


182S0 tw® 


WijuluorUi 4 20 193, 

wyiy J l « 

tma.. ■ 60 : 576* 

Zibb 18 16'<* 

Zeuitb ltedlu. ....! 174 163, 

L'.H.Trraj *“ L2la> t94,"* ■ t94,* t 
I S Trr**H%7b&i iBOSe j »803b 
l VS. DOibiv bUk. 6.75i 6.8 B% 


CANADA 


Man m\ 62 49 

St^uudul uri».. .t. 554 . 345, 
Simplicity I’M...- 134 13 

Stumer . 19 187, 

Smith Kiln* 4 971, 924 

Siditn.ili 31, 34 

>wiitb<iux it j 34&a 346, 

euuibrral'-tl. Kd-i 26i* 26 

SmuiIh'iti C-> , 16 16 

8thn. Xuc. lira.... 35 364 

Suulbeni PhcIAi'. 31t, . 314 
snuLhomlUilirey- 541* ; • 544 

Hint bland 4 29 1 ? 4 294 

f«'t Bnnibare* 26 • 255* 

Sperry Rutcb...... 211, J 21 

M*rty Kan>l 477, 461* 

Sdulb. 346, ; 34 

Stundirrl brstuir 284 > 284 

Sh 1.0 i 1C* Hiorsiaf 43 . 421* 

>>trf. OH tali um. : 907* I 497, 

SuL Gil Ohio | 35 j* . 334 

Suutf Chemical*. 437, 4 43 
SttrriUm bruj; 184 4 184 

Siu-tahaker 67 • 664 

444 44 

Sunrise r, ltd - 524 52N, 

SvnifX ! 344 ■ 331, 

TcrbutuuluT .J 14 .14 

1'cktfnuix 445, . 44 

1'rl«<l.uic ] 112»* | 1061, 


Ahitibi Paper. 15 ] 143* 

#4fulru Hagll-... 6 V* I 64 
AUxoAluntlaliuii 354 344 

Vluuiua QUtrl. .... 22 2 IN, 

Ashen tu* f394 t39j, 

BnnkuiMoutreal 22 S* 22 a« 

Hank Ncna 5n4lA 22 921* 

Uasb.'. Jteanurce*.. *4.50 4 4.50 
Hell Telephone... 564 . 68 4 
buw Valie,- 1 nil.. 33N, ; 33 n* 

UPCaoada 17 I 64 

Hr* -on ...... .. 164 4 16 4 

Hriim, {5.00 . 14.20 

Cahnttr Pi uver .. 39-'-, 395* 

C ’amfluv Mlu«.* . 164 167* 

kanada (.Viiient.. lu;, ION, 
Cana-ta XV Lau. 124 12U 

k4ii.lmp.BkC.mi 284 1 284 
Canada Indus, .. 1214 1 213, 

Can. Phi-Mc 21 203, 

C*u. Pm-ifc- Ids. 22 214 

Cau. Super OH... 654 643, 

Calling O’Keefe.- 5.00 . 4.90 
(4asiar Aebeati*. 94 1 10 

Uiirfimi........ 284 - 274 

Comlnrv — ’ 263, : 864 

Cuua. Batbuni.. 303, 1 30 4 
Consumer Gn*. . 194 19 

Coaeka Jlwrmrces 64 4 6e* 

Cupula. 124 ’ 12 J , 

rmmiDeiH 104 . 91, 

Deuuon Miner... 761* - 76 

bum Mine* 924 4 934 

Dome Petroleum 67 664 

bouiimoa BrUi^ei 243, 1241, 

borutiu-.- 21 . 20Sfl 

lkii|«mc — 14 4 • 143* 

Pekvn'ge Nloki-l 251, 243* 

Fool Motor Can.. 721? . f72i. 

Gen-tar— 304 ■ 30*, 

Glam YoTwan In-. 15 . 16t, 

Gull GU Cam-la. .294 294 

Hanker Sid. l>h.' 77, 8 

HuihnjsEri f 424' 403, 

Home Oil A 4 424 43 


, u_ , _. ■ . - J- . iraUlUK. uteuiu uuuuvu wwuicu 

r«3 b 471^* HKiwiisiin, exceeding Tuesday's 

SLinn^MiT HK$142.70m. whtie the Bang -Seng 

L**ris, however, held index ^ finally 0 .17 easier on 

steaay - the day at 582^6. 

AiiQfrnlin Among Blue Chips. Hutchison 

AUSiraua Whampoa ended S cents off at 

Industrials were again -firmer HS6.40, whDe Jardlne Matheson, 
for choice, although BHP reacted Swire Paeific and Wheelock closed 
10 cents to A$7jg on profit-taking, unchanged at HK$ 16.41), HK$925 
lO Australia hardened 3 cents and. B£327o respectively. How- 
to AS2.20, Carlton United Brewery ever, Hongkong Bank and Hong 
5 cents to AS1.75. and Woolworths Koni Land gained Iff cents apiece 
2 cents to AS1.62, hut David Jones at HK$f2(U0 and HK^IO.70 res pc c- 
came back 4 cents to A01.16. CSR, tivebc 


notes : Urcrwras Briers riunm Oeiew and/or «cru> issue. « per share, j Francs, 
exclude , .orcromra ’. Reiman dividends frGrasx dhr. h Assaroed dlrideod after 
are- alter wuhhoidins tax. scrip aad/or righis issue. Jr After local 

6 DM30 iteoein. unless odterwtse Mated, .taxes. m% rax fnm. a bYancc lQChrdms 
/lebu. -based on ott dividends pins rex. titular .div. p Now, o Sbare -edit, % Dlv 
V Pla&30t) rienom. unless oHwrurtae stared, and rtrtd exdnde nadd njnut. t Indb 
\ Rr.tM den pro. tiniest, otherwise stated, cated.dlv. ubnoffidal tradlna. o Minority 
0 FrxoOO Itenosi. and Bearer shares holders only, v Moisar ttendint. " Asked, 
unless otherunai! staled, fl Yen 58 desom. t Bid. a Traded- t Seller. ; Assumed, 
unless otherwise noted, c Price at dm* xr Bx Mfihts. xdKx divMcnd. sc Ex 
of suspension. 4 n Florins, b S<*fn tries, scrip Issue, xa Ex alL * Tmerlnt stnee 
r Rmks h OiaMend atTer ppnitine rich is Increased. 


GERMANY ♦ 


Telex'. 1 55, 

| . 31*, 

r,-«n> Pnn-lnint, 104 

Tcmio- 25 

Texm^ir. 21 

TesaH Eat-iein. ... 383, 

texa> Irtai'iu 69;* 

IVjwm 011 X Gstv. 263, 
Trsa» I'lilirira — 213, 

rime* Iti* 47 

l 4 imr> Mirror. 311* 

ritukeu 493, 

Trane 43s, 

Tnusuterii* 18 

Treuseu 201, 

Tran* Lukin • 36 

Inu-Mt Intro . 27 
TmiM tl.-rfcl Air.. 273, 

'traveler* • 38t? 

Tri Cunt I Mental..' 193, 


261, 263, 

213, 213, 

47 \ 464 

311* 3w3, 

493, 494 

43s, • 424 4 
18 173, 

201, 197, 

36 56 

27 . 26 

273, 264 

38t? 37 

1»4 : , 19 1, 


Pure* 

Quaker Uau 


TUW ... 404 395, 

fltal) lemury Fox 381, 381, 

L.A.L. 39 1, 4 374 

LA Bit' 244 ; 234, 

L'u J 203* 204 

I'ltilever 40 I 403* 

t'nllever X V 951, i 554 

l uioii iJam»-ri> 24 [ 251, 

I'nioii CarM-le.... 405* ! 397* 
ftiJoa Giaitwiw 84 74, 

LtiluaGil L'alir... 49 . 481* 

L'ntvu 1'sr-ifio I 484 i 453* 

C nl royal 7a* i 71* 

Luited brands..- Ill* 104 
l>r* Haororp.. ...... 291* . 294, 

Ls Gypsum....... 301* 4 29;* 

L’SShne - 267* I 287, 

I'd Steel 293* ; 283* 

I’d TC'Jtuulutiie'-.i 50 471* 

I V Indu«trit'e..... 205* - 193, 

Vtreidla Gleet.... 151, 151, 

Wabjreen. 287, 285* 

TiIMfOMUO., 483, 48 

lVanter*lanbert-' 304 294 

Waste -Mati'meiu! k84 284 

tVelb^Fareo 30 293* 

Wet-tern Bancorp! 413* 404 

'Vesu-ru N. A rucr; 334 324 

Western rnioo...[ 183* 183* 

UestlOjrit'se Bice, 243* 24 


Gen-tar.—. 304 ■ 303, 

GtantYoTwauli.-. 15 . I 64 

Gull nil l'ana-4. .294 294 

Hanker Sid. 1 >u: 77, 8 

Uuihn^eri r 424 " 403, 

H-iueOil A 4 424 43 

Hiabnu Ba> Mug 176, I 17l fc 

Hudson Bay . 4 t*34 : 234, 

Hu-la.-nOII.it lias 1 464 i 464 

1-V.V .• 19J, ' 19sb 

luiXBf-l 334 335, 

linuenal ml 204 - 194 

lur-^ 183, IBi* 

liblal '14 •. 14r, 

Intaml Xsi.Ga*.; 11*» ! 117, 
l u i'li. \ Pn-e Line 164 ; — 

Kaiaer Kr»«unsNi 14 4 j 144* 
Uiu-i Fin. Li>r|4 84 1 
Lulilan li-ni. ‘iTj 4.80 , 4.35 
MeanlTu UI-«ll H 21 4 1 — 

Umey FejniM«j 115* j 115, 

McIntyre j 24 ! 235* 

Moore i r.iT-n ..._ ; 364 . 
M<«tfir*iii.SiJieB*j 3.70 > 3.50 
Xiaan-ia Mine*..., 334, 30 

X'.-rvvii Kuerjiv.J 164 164 

X,bu. Telw.— u»^.l 363, 36 

Xuiuae Ull * lr*3i 353, 343, 

UaJiwitfwl PHri'ax 4.60 , 4.48 
P«eidvOi|-|«rM4 2.24 ; 2.20 
ftuilliePtl iuteuni k - 404 J 40s* 
Pan. Can. IVt’an 363, . 35 

Patino 151, ! 1154, 

People* UepL S J 5 JO > t5.50 
Place Can. A Oil 0 J 2 - 0.91 
Placerbeieli>|imt! 23 83 

Fewer Cun •jtafr'n 174 I 17 

Price f. 15 ! 14s* 

Queljee Sturgeon 1-90 ! 1-87 
Banger Oil -.[ 304 ! 304 

Be«l MeobwacJ 10 4 ; 104 

Klo Alg-'iu h,.1 . 334 ; 333, 

Pu,al Bk. ui L'aoJ - 33S* ; 334 
Koval Iium ! 19 ! 1184 


ABG ; 77.2 - L4 f - | — 

Allisar Verslcb-.-l 477 ,+3 '31.2 I 3J 

BMW> 230.5x1, — 38.081 6.2 

BAdP_ - 133.7— a9 1 18.76. 7.0 

Barer 136.7-1.3 18.7| 68 

Bayer-Hypo. ' 9B6 -1.5 .88.18 4^ 

flayer- Veriri mbk 325 -1 ! 18 | 2.7 

Clfaalnr.Xcd.wrtK 250 — “ 

Con 1 merahi nk. > R30.8'-e0.6 -86JallU 
Cont Uununl. 80.1-2.2“ - I — 

baimler Benz 319.5;+ 1 28.12 4.4 

b«u~« 262 17 13.3 

I Mi lag 164 r-2 . 14 I 4.3 

beutx'Jte Hank. .. • 307 +0.5 4 28.«, 4.6 
Gtewluer Mmk.... 4 24L8-0.7 38. 5.9 
b.vvfcerlinlf ZemL 199.5+1.5 93W 2.4 
fruieh--niiiiiig_... 208.5,— 0.5 ! 12 , 2.9 

Ha|«» Limit 122.0m 14.04. 5.8 

flar|«iier 315.0+0.5x19.72; SJ 

H-ro-Mt > Hl.9,-1 18.76 7.1 

Hue** 48.6 -0.1 4 4.1 

Hi-rteii 150.5 + 1.5 . 9.63 3.1 

Kari unit SaL: 148.0 14JM 4.7 

Kaj'.utH 334.3 +1.5 23.44j 3.5 

Kauflarf 4 - 244 +1 ! 18.72 3.8 

Kl. .-Liver DM 100.; 97.5 —0.5 ‘ —J. — 

Kdb -• 185.5 — 1 18J8 5.1 

Krnpp..... 102. :. 


5 JO I t5.50 
0J2 ■ 0.91 
23 23 

174 ; 17 


33 S* j 334 
19 ! 1184 


Sceptre Il'Miur.**- . 77* !2V4|1 

iJ83« 4 , 264. 

Sboll Cana- la t .147, * 14i* 

Shemtt li. Minas, -641 6 a* 

Sielieiiv O. G.- • "i 344 34 

Simpsuu —I b J i 53, 

ereel u l anaria^.1 26T* 26*, 

Steep lf<» k Iron. J 2.71 2.70 

Texaw- Cauaila.J. 451, 44s, 

Toronto bomJIkJ 206, 8 O 4 

Train l an Pipe tail . 17 163, 

Tnui 5 Muu 111 Opr! 93* .91* 

Tri*.- Jtl4 t}5 

Cnluu G«j wl HU lit* 

UtiLMavue lliiW 86 , 84 

Walker Him 111 — • 35s* j 353, 

'Vest CcaklTran* 12 | 128, 

'Ve*tnn i 4 -v-....!J 19 1 19 

r Bid. t Asked. 1 Traded. 4 
I Nsw Hock. 


KapUJ American J 13 1* [ 124 


24 J* t 244 ffroiw : 4 291* 


Kaytliron 

MCA 

tiepuiiUo Si eel.... 1 
Kraorc? Inti ...... , 


S3 1, S2i, 
295* I 281, 
264 ‘ 251, 
85 . 844 


291* [ 293, 
'Veyerb*euker....i 294 285* 

WbLrl|aiui 234 224 

White Ue. Ind... 2D, ! R07* 

William Co ; 204 I 20U 

Wh-un-in Klert..: 264; 277* 


BASE LENDING RATES 


EUROPEAN OPTIONS EXCHANGE 


; <Vl. Jan. Apr. 

\m1. I AP| ' \n\ m MM Vgl. I4H8I S|nr-1> 


$240 1 

S260 : 
5280 
F 142.90 ' 
F 152.40 
F160 
F 16 1.90 I 
P170 
F171.40 
F181 
F 190. 50 ! 
F209.50 

FB8.90 
FIOS JO 
P25 

F27J0 
F130 
F140 . 

325 

F130 

S45 


7 5.40 

23 - 3.30 


S 39 • 

B 214 - : 

3 8as 2 13 

- 1 - 5 1 21 

5 ■ 12.50 — 

3 8.50 — ' - 

S B 

15 ! 3.50 8 - .9.00 

5 I 3 ' - ■ - 

- - 30 . 3.E0 

~ — 15 1.80 


S3 3.2$ 
15 

8 0.70 ID 

5 6.20 $ 

3 1.40 - 

2 j H, , - 

- - ! 20 

- ' - 2 


F31.S0 

0.50 

3.70 

— F76.50 

- S614 

— 5624 

K 37.20 


-- | '279 

174 ' ■■ 

- F 156.50 


| -- F26.Z0 

. - F 134.50 

1 24 H24U 

‘ — F121.40 

1 - s463h 


AAN. Bank : 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 t 

A P Bank Ltd 10 % 

Henry Ansbachcr 10 % 

Banco de Bilbao 10 % 

Bank or Credit & Crace. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Baaque Beige Ltd. ... 10 % 

Banque du Rhone 10i% 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11% 
Bremar Holdings Ltd.. 11 % 
Brit Bank of Mid. East 10 % 

i Brown Shipley 10 % 

Canada Penn’t. Trust 10 % 
Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings W«% 

l Charterhouse Japfaet... 10 % 

Ghoulartons 10 % 

C. E. Coates 'll % 

Consolidated Credits... 10 % 

Co-operative Bank u 10 % 

Corinthian Securities 10 ^ 

Credit Lyonnais 10 % 

The Cyprus Popular Bk 10 “6 

Duncan Lawrie 10 °& 

Eagil Trust IQ % 

-English Transcant. ... 11 % 
First IVaL Fin. Corpn. 1-3 % 
First Nat. Secs. Ltd. ... 12 % 

I Antony Gibbs 10 

Greyhound Guaranty— 10 

Grindl ays Bank $10 % 

i Guinness Mahon 10 % 

Hambros Bank 10' 


■ Hill Samuel ...L...-... 810 % 
C. Hoare & Co. -tlO % 

Julian S. Hodge - n % 

Hongkong & Shanghai 10 % 
Industrial Bk. of, Scot. 10 % 

Keyser Ullmarm - 10 % 

Knowsiej- & Co., Ltd.... 12 % 
Lloyds Bank 10 % 

London Mercantile .:. 10 % 
Edward Manson & Co. 111% 
Midland Bank 10.% 

■ Samuel Montagu 10 % 

■ Morgan Grenrell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 % 
Rossminster 10 % 

Royal Bk. Canada Trust 10 % 
Schiesinger Limited ... 10 % 

E. S. Schwab 111% 

Security Trust Co; Ltd. 11 % 

Shenley Trust H % 

Standard Chartered ... 10 % j 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Wbiteaway Laidlaw ... 10i% 
Williams & Glyn’s ... 10 96 
Yorkshire Bank 10 % 

I Memberi or ibe ARrpttas Souse* 
Cammltier. 

7-day deofcuiB 7T f '7-biomfc deposn* 
fl!i- 

7-riajr deposit* n n gtpBS of flll.WO 
and and ct 6iv. un to-£2SJ)00 Tify, 
and ocer C3.B00 8**6. . 

Call deposits ovor 11460 1%. 

Demand deDMlis 749. 



Aadebibankco — ; 

Danake Benk. \ 

Rase AstarteCo... 

Wmlaolm 1 

Br> 4 KKertar 
ForrPdpir.-.^.— I 

Esadebtaiak I 

G.X’’rb'n H.(l£i90| 

Xorri KobeL-...^. 1 

01 lefabrilr - 1 

Priratbank. — ... 

Prorinstenk. 1 

soph tl feren ten .. 

riuperfof., .....I 


VIENNA 


-1594 +13* [ 
1274) +1 [ 
1B64-+4 | 
136*, +3* | 
374 +1 | 

79tj!+l 4 | 
1284J+A, i 
271 1+24 

1971.1 

87 :+3 
i38i|' +a* 

l«U*j + l 
413 +1 
1S74U4 * 


— 9.0 

11 7.7 

ia- 4 a.o 

12 16. 4 
J I 


Price j-4-or 

■ * r - 


Creditanstalt ■ 342 — I 

PennoeM*. 380 1—5 | 

Electa. 1 624 1 i 

Semperit. 93 —1 j 

Steyr balmier....’ 221 —1 1 

Veit Miigne»lT 223 


Olr.TU. 
% «: 

"io fa-9 
9. -3Jt 
38 I 7.7 

& I 5:6 

ID 4 , 4.4 


ami-.: 

fluc^l 

Plat 

Da;Prtv..~ ...... 

Flnatder 

Ilatcement— .: 
4 ltal>ider. 
Medfafeanca,^, 
aimiLeaison — 
Otivcni Pri»... 
PI re LUA Co-..- 

Piroin 

lilua'.ViKMa.-. 


-... 309:75!+ 12.75! - 
-... 33.350— 40 ,1^1 
160J5— OJO> 

[UJifl 1-9 

.... 1.630.5 +7.5 I 130: 
... 871*4—11 ; 80; 
841 —9 ■ _ 





































-A Eigast' a 1978 -- 




t. RICHARD MOONEIf 


'•- S .MAN FISHJSRKEN are Tbe^FT dawns. Wtwer, that 
mg large quantities of e«J the "littegaT fishing has con- 
■reenlanfi w -defiance of the tinned unaSsted and now puts 
Yemen’s agreement'’ reached the total tally "since tbe signing 
, -ntam’s eight BBC partners of the Berlin agreemeat at more 
artin in J aimary . acMwatag . . 60.000 tonnes; The only 

Xl= British -Fishing Fed era- result ofUie new 'goeenunent 
lBFK). ./ directive, the federation says, 

e BerH*- «greement i "'Wtrich has been a- more- circumspect 
seen at the time as “an approach to catch- rteorting by 
'Pi to fsolate Mr. -John the "poachers.".', xher now 
" v:^ the -British- Fisheries tepster the cod is eaught at 
5, rr- and" force him Jo: drop Greenland plug North Sea: or 
• >pposiHob -to the ntepbeed Faroes rather.-.than = }ust tSreon- 
corhmon fisheries. -Polfcy* , land. This !? peen as a further 
lively banned the deliberate attempt' to ctouii the issue.' 

1 S J 31 ^ 8 his Government -held to the 

??* c a weineht: reached .in Berlin. 


« ■■***? TSt ^ atSS-tiiat »me 
^ --.TL , ®® nce IB support of this captains were suspected- of ^catcb- 
, 5e- In response to tfljeeHegaKi ng Greenland coa iii exeess of 


vt-.r 


, ifiteresthy-catch limits: Investigations 

Lommtsston as, weH have - begun and any. Offenders 
•fie UK Ministry <ff _Afxieul- will be severely dealt r with.. Dr. 
y we Federal Government kaiser, said..' - . 

instructing' to';Tffe Germans are drarlyiry 
lan flebennen not to. catch; that . their negotiating position 
y re ™ lan< ** exeept .as a on. the EEC. fisheries- question 


v«ed by -catch w«h>oti3er*oul«J he 'urtdemiiner iff. .this 
es (mainly redflsh}. . . way. The UK Was not party ip 

?rice 

boosts coffee market 


the Berlin agreement but 
licenses to fish for Greenland 
cod have not been issued by the 
Ministry of Agriculture and Mr. 
oiifcin can be expected to make 
great play of the fact that 
pritain has been more assiduous 
in the observation of the terms 

r i * agreement than has one 
of Its main proponents. 

not surprising, therefore 
.rnai the eGrman's embarrass' 

ment over this issue has been 

wKehaT^ by i0 

The UK Ministry of Agrtcul> 

tore and Fisheries is seeking 

further information on the. matter 
“trcmsth the Bonn Embassay and 
the EEC Commission is also 

believed to have stepped up its 
investigations. 

There is. little the Cmxunjislon 
-can do officially as it was not for- 
mally involved in the “gintie- 
men's agreement” in the first 
place. But it can be expected td 
be very active jn seeking to per- 
suade the. German authorities to 
bring their fishermen to heel. 
Meanwhile the British .Govern- 
ment is likely to wring the -lari 
drop of Teutonic embarrassment 
out oft he situation. . 


Rally in 
world sugar 
market 


By Our Commodities Staff 




CJOUR COMMODITY STAFF-: I— - — ^ 


■ iGPOSAL' for ~the establish-, tone in'lhe world mfr^ market 
■of a Slb’n coffee prite' siip:- following a 40 per ceut^liS' in 
fund, flnancc.d.by producers,- London! prices, in the^pasfetwo 
ered a shap upturn qn Uie. months.. A a call by the Cplom- 

**wi futures market ypftep- Plan delegation to the : IG0. talks 
..“Prices Tell heavily ln;the. Tor -the 'immediate injpositieu^Df 
m, continuing -this export .'quotas has ilittie 

rish" trend, and the- headway' and the producers are 
saber position sank- htere: now saajvhiag for Qtftetiraj&to 

■ £80 to £1.085 a tonne at. one improve their prices. ,'_y- z '~ . 

* \They are reported to beieek- 
t news of the support fond Ing a “floor” to the market at 
)sa1 brought- a dramatic 150 cents a pound — world- i^teas 
“ound in sentiment ' and all ate dnxently a littte.. otoiT- ? 3Q 
'•morning’s losses cehtt-ahd the present ICO^ffiobri’ 

wed at one time. December price Is 77-46 cents. SarpHsTegly* 
' reached £1,175 a.' tonne this demand has fouod ^Svpnr 
S latepcofit-tsking trimmed witfr'some./bf thc smaljer^am- 


-rflce <to £1.137 a tonne. down' Burners and the prodbe^.vttre 
. •on , tUe ; day. . eridentlyl iimch. h^rfeneC^W 

e' price support scheme was uneaww^d 

ted "by 'leading prodpeeps 




exporting counted delg- 
, 2, ®^, s o U0n Nations t<) be more Bpeclfiifiliiem 

V ji meelVQ ^.lj • . ^ their proposals for nesotiafing 

' 4 f e ol-L C0p ^ d 5 ri ? a 9°^- a system-, of indicator pr leek ag 
"Of 8150m each aud- ay snr-or ; quotas, at iiext mbfith’s lute*- 
l countries are: believed. .to ^tional- Coffee’Counal sesstom. 
ivolved the totat valoreould . The. fnionrters. who weh» taketf- 


-..The Importers, who 

id Sion.. -• -':. V : : H somewhat by r surprise by tJomrt|> 

pducers are ci^ntix. : 1fwy3ia*6 qu6ta“calI on Monday r^jave 
bps to- promote i. stronger warned That a great deal oT.pre-’; 


S artory work wonld have to be 
one be Fore producer proposals 
for a new quta trigger range 
could be put into practice. They 
also warned that the level at 
which such prices ranges wpuld 
be set was likely to provoke 
tough argument. 

A period of stable prices at 
relatively low levels would bene- 
fit both producers and consumers 
In the long run through helping 
to restore world consumption 
levels, some importers maintaiq- 
. In Bogota, meanwhile, the 
Colombian Government has 
.drdc%id the setting -up; of sec- 
urity committees at .seaports to 
oversee the shipment J .of coffee 
in a move designed to -crack 
.down on smuggling, the v Secre- 
tary of Information . said, reports 
Reuter. 

- The conrmittee"w6uld h\s made 
lip of a senior mlftltary ofifleer 
and a representative bl the 
Colombian Coffee Producers' 
Federation as well as customs, 
port and government officials. 

" They will be responsible for 
-,-iecking the authenticity of ex- 
port documents and supervising 
dofffie. loading. , 

4 Reutef . . . 


SUGAR FUTURES prices 
rallied on the London terminal 
market yesterday. They 
gained up to £XS5 a tonne on 
the day as traders shrngged off 
apparently depressing news 
from several sources. 

Reports of eheap sales of 
sugar to Egypt and China had 
no discernible impact, and the 
result of the weekly Common 
Market export tender in 
Brussels produced no surprises. 

Traders had expected a slight 
reduction in the maximum 
level of export subsidy. 

In the event the sugar man- 
agement committee Issued 
export licences for 36,750 
tonnes of whites at a maximum 
rebate of 26 units of account 
per 1W kilos. Last week the 
maximum subsidy was 26.505 
units of account. 

Early in the morning the 
London dally price for raws 
was fixed n a tonne up at £86 
in line with the more optimistic 
tone of the market. 

Stories that China had 
bought four cargoes of raw 
sugar for S150 a tonne c and f 
were Put down to the sale or 
“ distressed ** sugar available 
at a . lower price than would 
normally be available.. 



to save ‘natural’ pinta 


BY CHRISTOPHER PARKES 


Bigger Brazil 
soya crop . 
forecast 


RIO DE JANEIRO. August L 
BRAZIL should have a soyabean 
crop next year of around 14m 
tonqes. about 5m tonnes up on 
this year. Paulo Vienna, director 
of the Ministry of Agriculture's 
Commissi on f or Financing Pro- 
duction fCFP) said-according to 
Press reports from Brasilia. 

However, tbp Brazilian Federa- 
tion of Wheat and Soyabean 
Co-operatives — Fecotrigo — called 
on the federal Government to 
re-examine its suppon price for 
the 1978-79 soyabean season. 

In a note to the Finance and 
Agriculture Ministries, the Bank 
oF Brazil and other bodies. 
Fecotrigo said the increase in the 
support price to CrlSO per 60 kilo 
bag from Crll2^0 for 1977-7S 
will not provide sufficient funds 
for proper planting preparations. 

Loans for growing soyabeans 
are based on 60 per cent of the 
support price, Fecotrigo noted. 
Reuter 


A CONCERTED campaign 
against the Government's plans 
to ban the sale of all unpasleur- 
lsed milk in Britain— the type 
sold in a bottle with a green top 
— came to a son of climax on the 
steps of the Ministry of Agri- 
culture. in Whitehall Place 
yesterday afternoon. 

Mr. Edward Bishop. Minister 
of State at the Ministry, relieved 
Sir Henry Plumb, president of 
the National Farmers' Union, of 
a milk float full of petitions— 
200,000 separate forms— signed 
hv consumers purporting to 
oppose the ban. 

Mr- John Silkin. Minister of 
Agriculture f f don't take pan 
in si’nmicks"! was upstairs in 
his office.* • 

Thp signatures, whirh were 
larsely collected by milkmen 
workfnc .for farmers who pro- 
duce and retail their own m’lk 
instead of handins over the 
nrocess to the Milk Marketing 
Boards and the special^ dairy 
companies, mme mocfiv from 
the north .of England and Wales. 

* Green, top ” milk, bottled on 
the farm is, rarely seen in the 
south, but it provide* a larp»* 
oart of <bB income of about 3 too 
rtaW farmers who sell some 
Sitorn' pints a year. 

The campaign heran in Autnist. 
7975 when Mr. Fred P^art. then 
Minister of A ?n culnir*. 
announced that to reduce th*» 
risk to mihltc health an-* w"ll- 
bpjne f'om untreated nv»k. nut- 
nut from 'herds no't al'rrnrfife'rt 
under the national hnu- , ‘Mos , 's 
"radii*a #i on <"hf*m" could no 
inn"#'-, he co 1 d with *h« green 

.-an 5> f, eT -A«!nist 1. 1977. 

A total ban on all untreated 
milk wnnbl ■ take effect by 
Aueust. 1980, Mr. Peart said. 

Brucellosis, a debilitating 
disease of cattle, which usually 
causes abortion, manifests itself 
in the form of undulant fever in 
humans. The ailment, difficult 
to diagnose, tends to produce a 
general and persistent feeling of 


depression and “ liverishness " in 
affected humans. 

. The principal threat from 
other “ greentop " milk is one of 
food poisonine from salmonella 
bacteria. 

Government researchers have 


four years would be a nut if he 
did not investigate this." 

He evaded the offer of a glass 
of the raw product, describing iT 
as “a gimmick." 

Government officials have, care- 
fully traced back several oul- 


v " ■ ■ 








Petitioner Sir Benry Plumb arrives at the Ministry .of 
Agriculture to pass on a 200. 000-signature appeal for the 
Government to scrap plans to ban the sale of untreated 
“ natural ™ milk. 


found clear evidence that sal- 
monella m untreated milk has 
led to big outbreaks of food 
poisoning and paratyphoid. 
Medical authorities and public 
health administrators have rold 
the Government that nothing 
short of compulsory heat treat- 
ment of milk can minimise the 
threat. 

Questioned about his attitude 
during a visit to the Great York- 
shire Show last month.' Mr. 
Silkin said that if he were a pro- 
ducer of untreated milk be would 
be campaigning too. 

“But a Minister of Agriculture 
faced with 820 people taken ill. 
some seriously, over the past 


breaks of food poisoning and 
satisfied themselves that un- 
treated milk was the prime 
source of the infection. 

In Edinburgh in 19T:t during 
one outbreak 300 people were 
-taken ill. The next year there 
were three outbreaks and 200 
rases of food poisonine reported. 
The tally was the same in 1975 
and durnig 1977 120 cases in two 
outbreaks were specificiallv 
traced to green top milk. 

In its press release the 
National Farmers' Union cites 
247 known cases of illness 
attributed to untreated milk in 
the 24 years between January 
1878 and March 1978. 


"While the figures may be 
significant in official health 
terms they are minor in relation 
to the consumption of untreated 
milk." the Union claims. 

Sir Henry Plumb asked about 
the apparent risk to health from 
consumption of the milk replied 
"They know what they are 
drinking “It's a matter t-f 
freedom of choice." 

hJFU officials noted that mnst 
nf the farmers involved in the 
business were small-scale milk 
producers with 10 rows or there- 
abouts. 

Many of them could be driven 
out uf business if the Govern- 
ment went ahead with its plans. 

The Union areues that insTalla- 
linn of pasteurising equipment 
would be mo costly, and m»ny 
farm liu-iin<»,«es would become 
uneconomic if their milk were 
to he «nM Through normal whole- 
sale rhannels. 

The producers would also lnse 
their present premium. The 
maximum r«»*aij price nf standard 
milk is 12*n a pint While 
producer retailors can sell their 
untreated produce for up to 

l.Vn 

"The Government bases its 
policy on the hnijef that the 
drinking of untrpated milk is a 
risk to health. We believe that 
the risk is no creator than that 
involved with the rnnsuntntlon of 
any other nnirentort faod and 
tint the health record of un- 
treated milk, taken in perspec- 
tive. is sound and uootl." Sir 
H vommented. 

Th« rnstoTanve in Ihr Govern- 
ment's nlan has already promoted 
a review. Mr. Silkin himself his 
slid he has an “open mind" on 
the isstip. However, the current 
food poisnmne scare associated 
with canned salmon and ihc tact 
that Holland. Germany and Den- 
mark have banned the sale of 
untreated milk, will serve only 
to fortify the case of the medical 
and public health authorities 
imposing any back-down bv the 
Government. 


Deep-sea 

nickel 

potential 


LIMA. Augusts 
SOME 20, deep-sea mines could 
produce the equivalent of the 
present 1 annual world consump- 
tion of nickel by the year 2000, 
! Elliot Richardson, chief U.S. 
delegate at the Law of the Sea 
Conference said here. 

But Mr. Richardson told a 
Press conference that main 
copper producers have no reason 
to feel concerned as the same 
operation would only produce 2 
per cent of present world copper 
consumption. ' ■* 


Peru copper miners 
delay strike action 


WORK AT most Perucian mines 
will halt on Friday unless the 
Government agrees to re-hire 
several '• hundred miners dis- 
missed in the wake of a serin of 
earlier stoppages, Peru's main 
miners’ union said, reports 
Reuter. 

The indefinite stoppage was to 
have started yesterday but 
miners' leaders decided to give 
the Government an extra 48 
Honrs in which to meet their 
demands. 

An estimated 70,000 miners 
are expected to stop work if the 
strike call is maintained. 


LIMA, August 2. 

The stoppage would affect all 
major state-controlled and 
privately-owned mining concerns 
as well as the copper refinery 
and smelters at Ho, in Southern 
Peru. 

Our Commodities Staff writes: 
The London copper market has 
already discounted the possi- 
bility of a strike in Peru, so 
there was little reaction yester- 
day to news of the delay in the 
threatened stoppage. Cash wire- 
bars gained £3 to £721 a tonne. 
But trading conditions were 
quiet and the rise mainly 
reflected the overnight trend in 
the New York market 


Feed protein 
output 
to rise 


ROME, August 3. • 
WORLD PRODUCTION of oil- 
cakes and meals, including fish- 
meal. is expected to rise to 
between 42.2m and 44.8m tonnes 
by 1965. from an annual average 
in 1972-74 of 2S.9m tonnes, the 
.UN Food and Agricultural 
j Organisation, said. . 

i That would represent an 
[annual growth rate of between 
j 3.2 and 3.7 per cent, it said in 
a long-term study of production 
and trade prospects. 

Total world demand for olU 
meal protein is projected to grow 
by an annual 3.3 per cent tn 
42.2m tonnes by 1985, compared 
with 2S.7m tonnes in 1972-1974, 


)MM0DITY MARKET REPORTS A&D PRICES 


iSE METALS • ? y *nk-*^iuSE^ 

IMBR— Higher on the Urotan Metrt '*• ' _**** ! 
ntsp hm prices mpvcdl narrowly in *[ 

•Mlnw. Wtaemiil Wine -TWheC. t-a* as vt 

rf metal man IW to £7irW Wbr Wirrtwa Unxe- mowto £74.. to. so. 

>. Twit after ttte weaker Cum* <14: ®,\ ~™;-. 
B m ibe-aflcrnoon tbe pUprsttmd TIN— SIMM? W: -mlei .business with 


«: <0.3. 40. afiO briore elodns on lie Kerb at dose values raP}« Kronaly 1»ck to DCW f-t-4 3»: GB piss BB.Jp oer Yz Jw Poalen said vahnw drifted lower ttroudv- 
t numbs 1737.3. XS.-H0. Turnover PM tonne*. Tuesday's final terete. aUboosb later f-U> England and Walts — Cattle out a very qmer day with no Dows to 

momhs R«A Monflnc.: Standard cash £6. MO. 33. «, fielltnc then took tbr market down to numbers dawn 4-7 per cent, aieranc encourage freib interest- 


PRICE CHANGES 


Price per tmme unless otherwise slated. 


irj three momtis three numbs Xfi.CSC 40. Art*mo6n: done OB to £40 lower on balance, 

ihae mamlu Gtandiud ttonee months ££<430. S3. 3>. 40. 

Kerb: Standard three months 


COFFEE 


LEAO-~VeV]r steady as forward metal 
moved tip re £321 dan us tbe pre-market 


, Yesterday V 

l Uw-a ', + «»: Bonnets 

! — ! 9<*» 

B per tonne I 


Yenerday. +or | Business 
Clrwe : — ! Done 


rhetors steadyinic after the results f. uj nmt ~ nintaT ihiri^n a-M ,, tn tin moved tip ro Gel uvnog toe prc-marnci ' 1 

t'.s. Mini tender. The dose on werochi ^J & * re ^ Tcr h ^. ra * g jjS”. Member „i 11BO i 195 -3BB 8J6 ISO 

yb was i741 S. Tnnwvcr H.CT3 


once BS.rip r-DJS'i: sheep numbers up 
4 3 per ccm. average price 133-P 
plg.nombcTs down SP per c»nt. average 
price 6D.lp i -1.9>. Scodand — Cattle 
numbers up 3.3 per cept, average price |s.i— r.^nir ) 

6».3Bp r-lJ4i: sheep number* down !7.4 August !1Dfi.0P-lB.P ...< — 

per coot, average price IM.Sp f-0.3t: Octoher ;110.SB-IBJ— 0.20 110.00 


: Aug. 2 : + or Month 
! I</- 1 — : ago 


tesmamil Metal Trading reponed : 
i the mortung cash wire bars traded-' 


a.m- ’ !+ dri 7 Um..' t » i«- 
OCBriM j_ — j-UnriBw i | - 

C'-i -''~.£ ' 


Mt 


p-m. ....iH*- 


Orivtel 


rUnnMelal'; — ' 


Comment -and projh-taldiut was well 
absorbed- After starting In the rings at 


111.1U-10.10 


pig cumbers up 13.0 per ccm. average Daoeinber,».:in.23-I1.4— EJ _ 

price 61Sp February |112.03-18.5 171.50 11.C0 

MLC forecast rates of UK monetary April™ >.'111.03-14.5 — 

conjponsai qtt amounts for week comment:- June..._ llb.uplB.O 


780,5-3.3^.5:, 


H 0r*d* « • I C-i -~E " c 
-...i;~f6540 50 p* 5 - 3557 40 +23.B 

W'~ 


u..--5fl*onilM'-Li«55 65i+.lD .643070 +86 

- - — - *■ 6550 4+ X» j ' - ' ! 


^Wn» S '«^wirit ■-“! 1075 i080 —51.0 11 JO. USD 

B-taklna was wen-j,^ : 1050 1040-60.8 65 1800 T vt ^ — 

f3lj.5. -the. price moved around ixn. ftg [ 1 0flE. 1 Ma “IIo ima lu ^'"^'^1 " J' nbiB^ fliS "1 """j - ^ clii r 

rintfne'-bh the Kerb at 13 22. Turnover j. . — — 1 juuu- a«i figqres m brackeis'. FrMh or chlBed beef ■ ~ ~ . “ L*-n Uarbnrte... C7ji.75i. 

peptamber— . 950- 990—77.5 — rarcasrs: 2?.airp per kg iZ3.B3i. Oreen Sales: 33 UKi lots Of 100 tonnes. A month- Wi. Ao. JC'»38.2&> •, 

_ ' L_ bacon sides: fl93.43 per Jpnne f1W.45i. t— , I aiw •»><■ 

Sates: 4.S42 C,»7i lots of 3 loones.. rnm ^ c.nnca SUGAR 


4.C8 tonnes. 


LEAD 


i.m.^"r+orJ p.m. 1+ e 
Offleial — UnoffielaM — 


t+ or 



sta^dt— imported aroduev: Oranpea- LONDON DAILY PRICE (raw jngiri F m M^Vm<ctOfVtni$1.70 L!.""”'si! 80 
S. African: Valencia Late 4.W-A10: £S« t£S5> a tonne of for allotment. Wiuie rrroaw,w K rJaB f m 

Brariltan: Feras 4.50-3JS. Tamwrfue*— sugar daily price was fixed at £99 (£»». ' 1 ‘ 


COVENT CARDEN (Prices in sterling 
ICO I ad I cater prices fur Aug. 1 fU£. per package except where otherwise 
«fiu per ponndi. Colombian MiW 
Arabtraa 172-00 (KD.Ofli: nnwashed 
Arahicas 139.00 isamei; other mild 

Arab teas 12&K> fU7.r6>: Robustas ICA Brazilian: 5? S3 3-50-2 .SO. Lwman* — Initial trades were at ovenrigfat levels 
1013 -117.23 iUBJii 1 . RobBSUs ICA 1#» lialun: U».-l»'s wn crop 5.BM.50: aMU as twyera pressed ta'a tUn market. Plarinam way 
117.59 1 110-30). Dally average: 120 j* spanu- Trays l.SO-2.09. large boxes 4-20- gains of some 100 points were soon Fnee Market- — 
(124.4*1. dJO:- S. African. 4.Z04.90. Grapefffh— rrcorded. C. Caarntkow reports. Sellers Quic*«iiver (WTK>: 

ARAB1CA CONTRACT— (In order buyer, g. African: 27-72 3.40-4.50: Jaffa: 40's continued to withdraw, scale- op and vilver t my ra._... 
saleai: Aug. 158.00-liS.OO: Ocl 4.40: Argentine: Ruhr -Red 42/58 4. 80-5J0. further gains of around £1 occurred before 3 month*. 


Usuis ! I > 

Aluminum) .£660 ' 

Freenaarkei f 4 s>'»l.045-6fi] iSI030-«0 

Cupper ash W. Bar |v'721 (+5.0 i'695.5 

3 month* d*. to. Ii:'/4X 2& + 4.S ^716 26 
■"in w! '*:692 

, £712 

fio'd Trovor.l SOS 87o;.',....... 518*.Sf R 

Lewi Ca«b i£S14 I ^ 8.5 *£506.26 

.4 mnntb- :CiS1.2j I + 2.76£315..'6 

Xtckev t J....:.... tli.Sbfi 


fiSSESSZSSSHi 

Metals and 


cocoa ease: 
coffee down 


£138 

£138.45 
>IBO/» 0 
aei.oGp 

1 2 08. 46 p 


18126-M 

_4.ESi2a3.5p 

_4.Eij290.8n 


ndrx Limited 01-351 34 66 :.v . - Threetoonth Lewi 320 J. -323. 7 
i toon t Road, London, 5W10 QBS. 

. -Tax-iree trading do commodity futures. 

. The commodity fntarejj jiwket for, titejanaHer. Investor. 


OMPANY NOTICES 


. .AKZO N.V.- •••--• 

. . . _ . Estobljsh^l at Arntiem. : • 
ir.s.$70,6»00,00e 4}%20^ear . . 
ConvertiWfcDe^eimireX^an 1969 


pie* of the Tnwt report for the year 1977 and an English 
asiation thereof wee oDtalaahle from the underrignad. 


The Trustee 

. • ; • N^V»CEKTRAEE TRUST COMPAGN1E 

f Heren^idit.462 

sterdam, -rtiiy 20, i97sr. 7 • ■ • - 


:ftT 9 6 H 1 MIE 
IGREASES ITS 
Ml IN PLATE 
m T 0 


> 


CHIMJfi. : ‘ thro^h'. cin 


■Ban suhtidiary #.1 

3 -tfl Jj'-H.j 


h « Rri 


LTUNG; <a 

ivd ifi iharehoWinf' Jff. 
TE BONN G.'mA-H; fronv 
10 10054. V- 


make tol» poaiWe. ATO 
ihr bwsk from tltt- ffCATE 


ly the shares ihat theVtl«W 
ATO VERWALTUNG:; ' ' 


and- 

<67 PLATS BONN'* Far*nt. 

■pa n y- ; . ••• 

TE BONN ij»eci»lrt«s in "the - 
iuettefi and -fwmmereiaHs*". 
of polya mides iTKl capoly** 
•4 for textile adhesive*. 
oTi laments jnd'fishlng One*-, 
i'nc films and sheaths. PLATE: 
■IN turnover for tihe T«r 

"amounted « attj»r»cim*»ly. 
50 million. The Company. 
:h has Its brad' offish - 1 « 
7, has a staff of. 400- . • ' 


CLUBS 




Menu. . Thru* SpneucuUr 

floor Show* 10-43. 124S *M 1 «nd 
mmir oi johnny Mnwkenworth A htwdv 


SILYSR 

p«p';" 

Builioa 

.flxln*. 

prietOR 

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L.X.H. 

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SBl.DBp '-4JS 
a»,(l9*r r 4.96 
■308,7' 1— 4.B5 
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SffDJSSp 

997.9* 

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TKf CftXAT^ MtTteH STWr 


Show « MldaWrt. and 1 , . 
Mcn.-Frl. Closed Saturdays. 01 ^37.6455. 


CUSSfFlEP 

advertisement 

-..rates:- ; : 


amoNTfl#! & ifldaafrtti .. 

^ ptwre _ - 

RrMdtffltiai Tmemj . 
APWIBWWMT , -• _ . 

Bttsfflfsi a t&testaenf - 
Oppwwnitk-s. cerwBlwft 
produeUttii 

,C*toU'itj;Ru«i»mds. 

For Sale^aflwd. • 


Pt* 


Siuote 
cehtma-' 
' -an. 

- t 


(8 

3.W 

w 


H.M 

S.0S 

34.00 


53 16 B 


i75 


Cpaifi€ii.A Tfador*,' 

, mwwal.^arorauu 

! iifitrij. and .Travel 
1 UOOfcPObH«wri — 

.. -e iemu im pmueIom awattahin 
'■ (MUrfmwir. sm; ttnluniu «m*J . 
QK ptr *u nte ctlumn cm extra) 
. Far mnsrr ffcmUr urtic m: 


19.00 

30.00 

r.» 


. 3L 2fc5. Kerb: late 

.8, three -months f32L After- seUer. 

pooniTtea mantis ail, HA. Knrb! three l».6(MS8.Mr nea UTjfi-lM.M: FA. Marsh Seedless 4$ 5« CabfomJan: Marsh heavier offerings blamed the rally. Later, Tin C«ah H8.H+2t5i£6.687.B 

mottrhs>f332. X23.HM28.00: April 120.86-127.00: June Seedless M 4 40. 38 4J0. Apple*— French: however, rumours that China had pur- i nvmib* 1 16.448.5| + 22_b £6.5<f-S 

ZUtG— CahMd pround to early trading ti«-00*127J»: Aug. 117.00- 135. K). 5aie*: XSL Golden Deliaous 20 lbs 84's 4^0-4.66, 7 Tb cha<ed up to seven cargoes for 1978 Tungsten (a) 16140.57 

when nirwanl metal moved to £530 and .4J0-LTD: W. Australian: Granny Smith arrival Mira allied further gains and the Won nun aJXlbdilaldl/M 

thwealter hcM steady. -Mped hr the GRAINS IMUk Tasminlan: Srorrorr Pippins market elosed u ihe highs of ib« day. Kinc t»»n IW3B.5 

perionouin of other metals with wine uAAii"3 9.48-9.90, 'Democrats 1LM: S. African: some 4W points above the first traded j rarothi [£321.626 

physical bmdoess transacted. The price LONDON FUTURES (GAPTA1 — The Granny Smith ? -50-850; New Zealand: levels. PiwIooms j9SM4w» 

moved-^iiartowly around and Buffet opened up higher on wheat and Sranner pippins !(0 10.90, 175 10.09, Red .< n «T^i I j ikj. 

closea tro the Kerb u £8314. Turnover barley. Adi reports. Good buying sup- Dougherty 1 1. 00. Granny smith 9.00-040; lYerterdev ~ ' 1 - - 

2.175 tonnes. " , • - - ■ pon was seen Wtialyly. remained steady hmU&fo Borne R«my per pound 040. q^o, ’ 


.>.£188.5 


BUM 


ffWW YORK. August 1. • 

i J?” 1 Uh ® d . “mrniowp on dis- 

Hm, « Houtdatiou. 
Cocoa eased on light speculative V~i 

rtnarit *| bltra3C selling. Precious metals 
lower on speculative and trade 
profii-tAkjns following ih® recent adnnee? 
Capper finished cilgfnly higber on local 
short-covering activny. «,££ b,c^l 

«£?S?^. ep, ^ 132 M ««■«'. Doc. U7J0 

£&. sS£ wfr 3 - Dec - 135 -« 


jS 132H6 

+5.5 £308.85 
+ 4478 !« 18-26 
— IS6MK9M 


I vfn’Si 

102.M-IB.S0. Sales: r« ?“* 


ztso 


Carik*«^. 


*^.4 I + “I 


Offli-uii i — - i UooflSotal 


I' 


• 311>.5 +546. 518-5 


during the day. to ctee S9+0p Usher. Gold en Delicious 0.1M.28: Spanish: New c«m.’ 


[t+or Barley aw good support on the acarbys crop per pmnid 0.1 Wl 42: French: Cardinal 
_ and in fairly thin trade dosed steady, per pound 0:15. Prara — Victorian: winter- 
— 30-Up Ugber. Nells 7404.00: per poand French: Dr. 


Close 


Prevto u j 

Cloee 


BminflH 

Done 


Coconut {PbilL— . 
Groonflnnu.— ._ 
LuuhwH Crude tn., 
Paira Ualayan— . 


4-54 WHEAT 


Guym 2S-m box 4-M: Spuriisb: wmiams Oct. . 


K'uthj 


_ 311.5 
Pnn.l^iL 1 — 

'Cli# « pound- tOu prartoua Gepu 
nffi+ei rinte tSM oer OtCWl Xot. 

Monrtna: caab SS1J.7B. three months Jso. 
£SW. 04, “Ml. 194. 18.73. 30. 204. 31. Mar. 


£ per tonne 

_ _ B9.M-b9.8B 940- 9.80| >9.00 '86-60 

BARLEY POT pound 0.33-0.24: JraBun: Dr. Guyot Deo. .... | 80 M 90 85- . 940 8.15; 90.60 SB 7B fWM lf .,, 

M lbs 4.08. Peaehe*— Juunn: 11 trays Merab .[ ?5.6u s ? .70 , 2.50 LTfij 95.80 91.75 


* -■ «ctlttlJ320.5-.76 +5.26 52 1.5-.75 +447 -.i .. j. 20 lbs 4.08. Peachea—luUan: 11 trays Merab. 9S4u 56.70 z 

u-m£s£X31lT5 tis Mr F:.: ! _ - ~ rrmch: Cnpes-Per 97.tB 7 70 M 

L..73_f 2941 nm . , cm* — . titiMmi nee n-n... Ai.v inlt 7Rjil w, a 


9652.5 

[£*>48 

£334 

S63Sr 


-7.5 8650 

[£698 

l£345 

'6MO 


B6- 4.! 


o5.45 

67.90 

90.70 

6340 

9046 


;+0.49 : 

'+0.40 

ib< 

;+o.io. 

i+ojo 


79.65 

b2.50 

b&.SO 

b'/.fiS 

90.30 


|_8.5 4460 
1-6.0 .8276 


~rTmt °-S- TJmrmwon 8.30445. RouM 0.50. 0<-t hu4 DO 04.80 101.49-01.4 1D2.26-01.&8 Grains I i 

Alphonse 0.43. W«n»-6nairtsh: 5 Mhw Dec I I07.M-D 7.28 104.26-06. 35l Har'+y EEC * ! : 

CTTT Santa Rosa 148-^.20: Italian: Per pound ~'s 9 ]^ _ o 1S4 lol - « rnnnes Homo Fuwr»... i ;«J3.3 1+043 £61.43 


> 1.0 


Burbaahs 043-8.:5: Californian: Santa 


_.tuju ST 0 - 2 * 348. Bananas—. 


MEVER 


Burinesa done— What: Sept. 32. Nov. 0.13. Auecades-Kenra: puerie 14^s nSi* for mon. ■ >«». t iled ■JonnsjiSfl 

4«H40: s. African: Fuerte 440. ms ^4HardTPWii 


Kerb:: ttffc nwnda '6321. Afternoon:, three May 
gumflt p gtt0 . 7B. *1 . 294. 31. 31.3. 3.75. — ^ 

i _lta» n»ntM. £fflL5. 34, Jan. j», Mardi ri. May 12r Sales: H-34-s 

SO lots. Barloy: Sept. 37. Nov. 26. Jan. CawRaum—DuTch: Per 5 ttflos S-W: 
17. Bfarch 15. Sates: 123 lots. Italian: 1.30-2.00. Ckarriea—Wuhlnsian: 

Sflvw- irse fixed. 445» all ounce low IMPORTED— Wheat: OWNS No. J W ^a^^fahiit^88-X^*Ti^SS^ 
tor spot delivery in the London bunion per cent. Aug. 02, Tilbury seller. 04 Dutch: 3 oe: cuemsey: 4,00; Jersey: 
wartwt ymirday- at 2SL0JP- D.s. cent Dartt Northern Spring No. 2. U per ram. . McRm*_SPani«h. Veflow^i 1 

«?««■«» « the (bring tevete w*rer_«POt AW. OT. 6epL J7S49. Oct-_ £78.75. wier-nXSIfin 


Sales: 2.IM (34821 lots of 39 tonnes. , 

„ ......... ....... 1 Tate and Lyle ex-refinery price for 

**wi«da[ed white sugar was £28*43 tt i reocb No " i AmU ^ 8 
JfSi w"** « icane for home trade and ^ 


1—0.5 £103 


imeraationaj Sugar Agree meat fU.S. 
cents per pound fob-and stowed Caribbean 


bo.4 HardTViXUej . . . 
hflifiisb 11 linnet j£93 


I........ £92 


por». Prices for Aug. I: Dally 042 Couca ■Shipment 

(6.691: 15-dar srveraee 64! fB.33). 

EEC IMPORT LEVIES — Tile following Utjfo* 1 

import levies for white and raw sugar ,, * ov — 

are effective for AUB- I fit units of Louon'A Index— 


i £105 


5544c. d«vu li.Tv three-twratts Bribe: wmaMpment tiaau D4. Dart Water GTSiT's^MT lultoTwwO.' Sw» 

flown C-0r: six-mooth 3B24C. down XJ.te ordinary. Western Australia fan. New - nTrar^ rr r tm braocetsi. White m»r rdamnd ana nig*r 

.on dSrt 124^ flS South wales SW area. New South Wales M ^ SMnWl P "“” 2s - 5 M - noinienaturedJ 2748 (same). Raw sugar Wcnm 


opened at 29fr29lp 753H-9SDC1 and- Prime Hard. Argentine. Soviet EEC Peed, . J* 23-78 ■ msn ' 

rnua.<nih-v EEC fag and EEC 3JQUnK . nauooted. “ 8-W- Cos 


WoniTBpe BU Inlo— 


£1.840 i— 11.0tfil.B90 


1 1.778.6;+ 1.0 


l£1.787.7 


itl-187 

l72.4e 

5345p 

*46 

Briln 


Mil-5 
-0.15 
+ 043! 


£1.545.5 

70.96c 

|34.Z5p 


+ 1.0 l£0O 
I283p_ 


cMRdJt O98490hi (58S8-3I0C). 


WOOL FUTURES 


0-09, 

H GCA— Farm spot Prices for August L 

Feed Wheat: Berkshire and OxfurtsMre < gy a . m ^ cr !r , SL W_ s 0-M- 

s5 ?jsrr^ m r 07 

unchiraaed. - Bower*— -Per 12 Llnojta. 04MJB. Broad - 

-ferity, sorghum. Oats: unouoted. 

Mala: U4-/Fr«w* Aug. £9840. SepL teau*— Per pound, Stick 0404.39. Ground 
S9? transhipment East 0»£ South Afriran MM-lSk _ Pc»-Per mnml 

— - - - — — pound. 


■ Nominal. tNew crap. SUPquMed. 
m JunfrAugnst. nJtttr-SQPL aSeptrOct. 
V Aug--5««. XPor ton. I Indicator price 


t-HEwifttraover 1» asoflDts of l9.M8 WWW A ng. SO. Ltrawdrtnasgow Beter. £hwr«»-.Ptr Dewn*i'Ip4544^0 

“J”' 

2&1. I^TFfi.^AftenuKm: Three . months , e . EC .°* ,Lr P er^tea ■ ruZw 

1974. .74 58.4. fi4. X. 97.8. 74. Kerbs: levin ate premlaiy as tnSpw s are swedes_Per 28 no L 80-1 48. .n^«SL^""E4s '+0 si 

Tftrwuaoatte JK.8. J4- 7-S. 7.7. 74. 98. cffrttlve for Anglttt 3 In vans Of aernmt rurotos-Pcr ?5 158-1.40. Blnck/Rcd fl^rtnber -.B4B.0-M4 +0.5 

- Harman OmUlW- NY 557.00 * um». In order OTTem levyjlBS SW-. cBrrante-Per pWPd 64M.W. phmw- 


358461,-;' •' 

cMoa 


mna&Md iff a-very narrow rang* 


^ ^ W8 ' ** ere 0 >7 '°' ,S ' 
nils <92.88. n*t nogs. Durum wheat— ■ - 

123.48. rest aDt 023.46. rest niisL Ryu- PTIBRrR 
7P43. rest nilH 779 Jfi. re« mlf». Bariev— AUDDtn 
79.7S. rest nte (7745. rest mtei. Oatr— 


Anvtrmlian 

yeeterdyV-f- « 

Bunin ew 

CreevyWool 

CIom 


Dono 

October 

259.S-41.B 




14BJL46.0 



— 

Man* 



— 

May 

f4i.ii-47.B 


— 

July — „.„ n 

(44.0-48.0 

— -t 

■ 

October ...... 

{2eS^-b2.0 

...... 

— 

December ... 

Z48.0-65J 

+0.& 

— 






Sales: 90 (nil) lota of 1,500 kg- 
SYDNEY GREASY — (In order buyer, 
■elfer. burineaB, salosi. Miereu Cmtracn 

Ocl 347.6. S48.6 L 9474. 8474: Dee. S&S.S. 
tunic, nnanir~ im'tlip TAmiim r jn ui n l 35G0, 35(4. 855.7, March 8624, 8684, 

S62.1. .3664; MW 3M4. =M4. »UL 304; 


.iter rtB u iflnihut -mrafunaed n= ' f rc54 opemrion roc umoon pomcai 

GIB “ •* «A SWA SIM ««. 873-0. 

(Mter than hybrid far *~*l*»^*g ^ 37L0. 373.0. 373.91 Dec ST-.O. 87S4. 3764. 


CDQtiA 

■ -+•— . ■ . 


Xbfert^i.’«|-tff f‘^Kfnw» . rest' nils (7S47*7 Euckwheat— ATI ICWIICU * JI4U4JS4®** KVUOVH price H Q"J- 

- .Clew. : — ! Done ’ MHW-^5.73. res: rib ^TS. <2331 ceua a Ke nwytr. aucbsu. mew ZEALAND no&SBftBDS Id 

— rest, tote, Grabrwrehunv-TLTl. mt /-«»»»>« .H « W 1 KS ted Jjff JSS^SLSSS^mBUS 

,onnes - wan* J84.0-I35.0i May 3854-1574: July 

1874-189.0; OCT. U8.O-lR.0i Dec 1S8.0- 
19L0. Sates: ML 


XcbGomrt' : } • ’ 

uept.-^, ^-17784:78.0 i+04 1738.*744 
Den -- . — 37714-74.0 + UO I i?8SJ»- 894 

Merch, _ U<5,0 A44 .+OJ5 'Ute 0 «14 

Ua?--.** 1726447.9 -+0.25: 1/584-30,0 

Julj ra.iL.^.'17004-Jfi.B. 11/044-00-0 

•tept -'.^1. T9764 87. > ' + VJ4 1688.0 
Deo. -....-T.. 1IW4-664 +'A14.16W1-6S.0 


oils (744S, rest nils).' 

Flour levin— Wheat or mixed vrtmt amt 
m floor — 1XLC& (196,08)- Rye Uour-KSJfl 
(121471. 


Xo-1 TKt'rtay's ?wvlws 


iLdJS. Close 


Clow 


Btmnei 

(ton 


MEAT/VEGETABLES 

SHTTHFIELD rprlws tc pence psf Sept —.1, &£46 4.3S 534V 1 S. 7® — 

4*lr n ' tei fill I Bl J M nil U.flLU 7J* 


COTTON 


toSu-iroS' " f lD ^ 

Oretmiratten <V3. JSSSS»2S^?«S c ,7^ fl , 


S sites JLB to Ort- 1 84.4 65.00 M48-64.6tt — sales anummed to ] 

63.0 to Bto: Oa-D«?. 6S.4i-55.7D 65.16-66J0, S5N the will for the week 
to 37.0: . Eire Jtn-VUr 57.60 57.65 57-15 bfS 1 , 87.B047.M F. W- TanersaDs rro 


COTTON— Liverpool: Spot and shipment 
169 tonnes, bringing 
so far to -1S4 tonnes, 
moons. Modest orders 


FINANCIAL TIMES 

Aag. 1 1 July 51|Mootti n/ioj Tsar ago 


235.72! -o7.&a 1 teO.DB \ 43.7B 
fBaae: July 1. 19a =1001 


REUTER'S 


Ang.2 

Aug. I ‘Jleutb asp 

Tear ago 

i.401.3 

1480.6 1458,8 | 

1308.9 


(tease: September is. 1931-1H) 

DOW JONES 


DPw 1 Aug. 
Joan , 1 

July 1 iUmth 
31 , tffo ■ 

Year 

mm 

Spot.... 355 30 

io97.8Sj35b.09ls67.37 



MOODY'S 


Au^. 

July Month ’Tear 

Bloody's I 

31 «g« igo 


Thwfliher si. 


, K-6S (82.401. SepL 684T 

(63.80 1, Oci. 8345, Dec. 65,10, Jan. 65 78 

^i? 11 67 ' B0, July B8 ' ss - Sept! 
Jan ’ 72- M- March 7X18.. 
May .4.10 settiemenu. Salas: 3,209 lota.- 

a. 

$6. July 66.7^66. gg i 6lx5<6js. 

Dec. Od.SO. Sales: 4450. 

*C^d— Aug. 101.48 1203.60 1, Scpr 202 60 
'284,961. Oct- 2044D. Dec 30740 yih 
216-SO. April 31448. June 2JT.68, Ana 

^23^: 

ffl: ?S l«r " W,U ™«“'. 



e«K* 

i«-i* >m 
!Mnr average 
average 74*40 0(8^8 >-■ 


6748 


COFFEE 


Scotch njedtow ato to 1 54.9. heavy 454 Apr- Joe 65.8(1 8-90 68-75-6849' 
to *4. TrtPtetftd frteca XZ PL 58-0 . 

%>prtr: EgglKh, npder 198 Ss 374 su Pto"Ocal tdostng prices (buyers: were: 


— GRIMSBY FISH— Supply good, demand 
seed. Prices at ship's side ''u n proce ss ed ■ 


TURKEY WHEAT 
CROP FORECAST 

ANKARA, August 2. 


^ tLard— Cfncaeo [nose 22.75 i22j0i. 
XY prime *ieam J44I5 n-aded 124.00 
truSMi. 

™? li 5Sr' S ® pl ' l:s »*2dSt ■ 22 Si). Dec. 

T 53 !* ' • Mat-eb ?41i-24!i. May -«6i, 

July 246. Sept. 230 nntn. 

. fPl — 0et - 'SBS.flpt. 

t’P' AOril 274.20-271.40, 

« y ,/i5S'^: 27 *^ 0 ' , 0e L. Jan. 

28S IO-26&90. April 293.00. Sates: 2.044 
lots. 

'Sliver — Aug. 554J0 f 561. 60'. Sept. S5S.M 
^ fl, '., 0c L D « 57880. Jal? 

573.60. Mardt 58E.5L May 36240. Jiffy 
801 JO. Sepi. 610.26. Dec. IC4.00. Jan. 
828.70. March 63S 10. May 647.60 s«rrle> 
mems. Sales: 26.006 low. Randy and 
Harman smn hnllinn S38.M rSS7.7D>. 

Soyabeans— Aug. 6I9M2S (6*75 <. Sept. 
614-814) fa2]|i. Not. SOMA], j a0 . antflaw, 
March 677. May K2. July 0244244. Aug. 
621. ... 
ilSarabumt Huai — Aug. 1H4.3MG4.N 

n«.«n Sept. 183^9-163.40 (HH.ooi. om. 

162.TO. Dec. 162.88-1 E JO. Jan. 1SS.60-16320, 
March 186. 00-1 W.Sfl. May 167 00-167.50, 
■io»y l« 00.160.00. ‘ 

Soyabean on— Aug. 23.BO.23.55 158.9; 1. 
Sepi. 22.90 (28.281.' opt. K.35-22.48. Der. 
2145. Jan. ?1 55. March 21 90. >IgY 21.90, 
July 21.90. AUB 2140-21.95. 

Sugar— No 11: Sept. 8.3S-8.39 ffi.'* 
fi45i. Oct. 6.41-6.42 >6.44-4.45,. Jan. 6.M- 
5 75. March 6.91-6.92. May T.07-7W. Julv 
744-740. Sepi. 7.46-7.47. Ocf. 7.59. Jan. 
unnuoiod. Sales: 6.730 loti. 

Tin — 5 ij.DOJTS. 00 nnm. (3G9J0). 

-Wheal— Sepi. ..11 15-811! iJ15r<. Dec. 
312. r J12i (81*1!,, March. 314). May J13- 
3127. July 3«5. Sept. M 6f nnm, 
Wl.VXlPEH. Ana I. ttRye-Oo. sJ<m 
bid <94.00 bid*. Nnv 92.00 ashed ,9540 
nom.i. Dec. SS.IW-S^M. May 93 80 a>lced. 

t+Oals— On. 68.60 1 79.50). Dec nS M 
a?Bed <7050 ashefiv. March 6910. May 
69.10 a sited. 

ttBarley— on- 71.10 bid (7200 askrtt. 
Dec. n 70 askod '7240 a*iked'. March 
71.70 hid. May '71 JO bid. 

If Flaxseed— Oct 232 DO bid ■'238.301. 
Not. 23010 jMced (531.11 Irfd'i. Dec. 
729 TO aslred. M«v 25« 50 ai*«| 
rr Whnat — KCWRS 13.5 ter rent mvtma t 
content nf Si. Uwrenet 152JS ,'liC.T4i. " 

All rents per pound cx-warehoure 1 
unless "(herwise wand. ."*5 per l»v ! 
wri'te — too nunre Its * ‘Chics 0 Imm J 

»r rare inn Dm Ha* • aI I #■ % 


' 1 

■I 


i 


rs wr It* lbv_Depi of Ag. prlres pre* ' 
vinus day- Prime Meant fob- NT bulk # 
’ant cars. : Cents per 36 lb fortifl rx- J 


CUrafflprtA^rcrUsCincin 

' • ,Yfnnfl| or . 

• • -FhtithciiF Times, 

Iff. Cannon Street. ^041*. 4BV. 


i •. •; 


fMbfetu owawd arouiid B9 towr.r to 44.M 1W-130 lte KJI re 0-0: I3MA fts * s -' 3 " Sm_ per *l0nv. Shelf cod I4.00*£L« coCHnsa TURKEY is anticiDatine a tvheat 

teavy jrema|te»lOT.teuiK saw-tow lwui- 34 .o to 4iji. _ os. « iteu. f-.60.BJ0! large haddock £4 .oml 50. tel 3 4^ ea? 

datum DBL report* The marttei cob- Veal: Eutlbh fat* «.» to 88.0: Dot* medium EL20-M W. small £2.40- t3.no: harvesi oi aTODDo lorn IDnnes 

tinted M east throughout the early after- ftlwi* jupl rrmta 7T.0 » S2 0 ■ CrtV A HIT AlV KCaT large plaice £4J8-£5.00. medium MJ0. this year, with about 16m tonnef 

won tod reluct paly - Handled aa ti» MOAT commission— A verage rawoefc jU a Ax>E.f*iT DlXiALi • f5.B0. hts man xs.80-xs.00: large aShmed fnr exnort nrer.rriinr. t „ laiuet 
Xew -Tort ■' C-” contras fslted to fW- nrtert at P^rcwnwmT marter* »s _ dpcflsh £»00. medium £7.0fl: lenw Iran on „rZ; ra,nC 10 JalHSI 

nil Itmtr-dovu miperiatlom. There Wifi AugtW 2. OE canlr per kg S»- Fwur?n iwl uariiansrt W 0.70 per aolca ffi.00. medium a JO: salthc £IJ0- 0 ,1,c 18l asumalCs. 

trade npDdrt at the Imre and 00 the t — I-JJil LK sheep ar.7p per kg cat- (ocne dons and turnover nulled S3 lots. nJO; rockfish E2-00-X3.00. Reuter. 


warnhonse. sow ht»?hsl loti. 79s per' 
irer ounce for a w uniia of 99.9 per 
reni pnrlty deUvered NY. r Onis per 
rroy ounce mt-u-arehnuF? i: New "B” 
cnmracf ht Ss a short ton for hnlir in* 
or 100 short tone delivered fob Cara 
f.lilcaao. Toledo. Si. Louie and Alton. 
"* Gems per 69 lb bushel in More. 
— Corns per 24 lb bustei. tz cenrs per 
W lh btwhel ex-warehouiu. j? Cecip per 
SS lb hiv^bcl es-warehouw. l.oott bushel 
lois. . V. SC per toxic. 


‘ '-I- ' ^ 1 1 * ’^Va' ■ ' r - "• -** * . “ *. *”" * • . . '* 


k 



■o' 


Financial Times Thursday August 3 1978 


r . {! V 

’ August 3' 1978 /A* I 



STOCK EXCHANGE REPORT 


Allied Breweries sale of THF stake restrains equities 
which looked set earlier to pierce 500 barrier 


FINANCIAL TIMES STOCK INDICES:: 


Account Dealing Dates 
Option 

•First Declare- Last Account 
Deallugs Uons Dealings Day 
July St Aug. 3 Aug. 4 Aug. 15 
Aug. 7 Aug. 17 Aug. IS Aug. 30 
Aug. 21 Aug. 31 Sep. I Sep. 12 

* Ntfw time " dealing* mas take place 
(rout 9 JO a.m. l«ro business days earlier. 

On course initially to break 
through the psychological OWJ 
barrier, leading equities paused 
■ on the unexpected development 

that Allied Breweries had disposed 
□r its 21.4 per cent slake in Trust 
Houses Forte io various insiilu- 
t in ns. All hough the deal high- 
lighted the city's appetite tor 
good quality shares the amount of 
£4Sm it took out of circulation 
aroused a temporary disposition 
to await possible repercussions. 

The FT 30-shnrc index therefore 
eased progressively from the noon 
calculation, the best this year of 
49S.4. and during the after-hours’ 
trade reacted further to end a 
net 0.2 down at 495.3. This late 
trend was not reflected in the 
main body of secondary issues and 
the FT-Actuaries All-share index 
moved nearer still to its highest- 
ever level. 

Renewed investment demand in 
the morning session again un- 
covered evidence of a continuing 
stock shortage, but few institu- 
tional operators were interested 
after confirmation of the Allied 
Breweries deal, efficiently com- 
pleted in less than half an hour. 
Nor did the rise in UK official 
reserves, the first since January, 
restore the earlier air of confi- 
dence. * 

Anoihcr deterrent mtivm! late 
in the evcrcini: with ;hc increase 
in Petroleum Revenue Tux from 43 
to GO per cem. This disturbed the 
oil sector which, in a flurry of 
activity, quickly slu'd marginal 
firmness to close widely lower — 
although prices often settled 
slightly above the worst. 

Some tiili-edged traders con- 
sidered the latest reserves slightly 
disappointing but market senti- 
ment was mu affeefed and the 
shorts, demonstrating pleasure 
with less tight conditions in 
money markets and hopes of j 
small fall, perhaps today, in 
Minimum Lendinc Ratp. Traded 
quite briskly. Given an extension 
n; the upturn, which yesierd-iy 
brought gains ranging to the 
near-short tap Exriicquer IO j»er 
cent ]p.S3 could become opera- 
tional again. 

A moderate two-way business in 
investment currency comprised 
mainly instil ulfonal demand and 
arbitrage selling. In response to 
the former, the premium rose to 
101 ! per cent before drifting back 
to close only ’ higher on balance 
at TfltU per tent. Yesterday's SE 
conversion factor was 0.6708 
10.6707). 

Yesterday'*, total of G38 con- 
tracts completed in Traded 
Options, showed a 41 per cent, 
reduction on the previous days 
figure of 1,0*10. Land Securities 
attracted a fairly good business, 
however, recording 184 contracts. 


115 of them in the October 240 
series, while tbe prices of the 
October ISO and 200 series im- 
proved around S apiece to 58?p 
and 38p respectively. IQ 
followed with 121 trades and Cons. 
Gold. Tuesday's star performer, 
recorded 113. 

Recent newcomer Ku rot he mi 
made steady progress and finned 

6 in lti3p. 

Still resecting publicity given to 
a couple of brokers' circulars. 
Composite Insurances made 
further progress but closing gains 
were smaller than on Tuesday. 
Phoenix firmed 4 to 2G4p and 
Royals 2 to 3Sfip. General Accident 
also edged Forward 2, to 230p; 
the interim results are due next 
Wednesday. Lloyds Brokers 
closed firmer for choice with 
Sedgwick Forbes notable for a 
rise of 10 to 447p. 

Merchant Banks met scattered 
selective support. Kletnwort 
Benson were wanted ahead of the 
forthcoming Interim results and 
rose 6 to 104p. while Hambros 
added 4 at 164p and Manson 
Finance gained 3 to 52p. 

Breweries were featured by 
activity in Allied following tbe 
announcement that tbe company 
had 2»ld its 21.4 per cem bolding 
in Trust Houses Forte: Allied's 
shares were briskly traded up to 
951 p before settling at 93p for 
a net eain of 2}. Vans stood out 
at 129p, up 9. 

Saint PI ran were marked 3 
lower at 53p following the City 
Take-Over Panel's decision to 
waive the requirement of a full 
bid for Ortne Developments pro- 
viding Saint Pinm sells its 
recenily acquired Ini shares with- 
in 4S hours. Comhen Group, 
wish ;i cash plus shares offer 
worth Slip already announced for 
Or me. shed a penny io 34 p on the 
news. Ormo. suspended at 56 ip 
nondinj the outcome of the City 
Take-Over Panel's inquiries, are 
expected to return to the market 
today at around .33p. 

Brown and Jackson were again 
prominent in the Building sector, 
rising 10 more to a 197S peak of 
IfKIp on continued speculative 
inrerest. Blue Circle made steady 
progress and firmed 4 to 2fi9o. 
while Cement Roadstone and 
V eel is Slone both added a couple 
or pence to ‘jflp and 3Sp rospec- 
1 1voly Buyers came in for 
Timbers where International. 
141p. and Phoenix. 170p. firmed 
4 apiece, while stock shortage 
prompted a gain of 7 to I48p in 
Travis and Arnold. Richard 
Costain. 203p, and Taylor Wood- 
row. 376p, found support and put 
on 5 and 6 respectively. 

IC1 encountered a lively buying 
interest -and. touched 396 p. but 
drifted lower in late dealings to 
finish a penny cheaper on balance 
nt 391 p. FEsons. in a similar trade, 
dosed 4 down at 370p after initial 
progress to 377 p. 


susoending dealings ih Bonne Elsewhere J. Bore! hardened 1* 8B|p per share from Frith Foils. Golds fraused for brrath. The mar- 
u v n n? .. nun /iina tho Doihts to £274 and Brent Walker William Sommerrille put on 5 to ket started, .firrhly but an easier, 
and Hollingsworth pending the « * S2p following .the sharply higher tendency developed. .although the 

outcome of the bid discussions **■ annual profits. underlying firmness remained, 

prompted profit-taking in *e MAniTC . . Properties made further The Gold Mines Index was down 

shares which fell away to touch MAIM© warned . progress on hopes of cheaper 3.9 at 187.6.; . 

I9Sp before doling S down on Miscellaneous Industrial leader credit terms and held the There was some nervousness Jn 
balance at 20ap. Elsewhere. Dixons cJt)!lCd below ^ best. Glaxo enhanced levels despite an easier front of the International Monet- 


- 

A*y- 1 

AU«. •} 
1 1 

1 

Government Sore j 

70.84; 

1 72.53- 

70.78 

72.43 

Industrial Ordinary-..! 

495.3; 

405. & 


187.6 

iei.5 


6.58' 

6.38 

Earn inpx.Y* Ul^fullH r ij 

16.34 | 

16.52* 

f*;E ICallu inrt-!i*t) ! 

3. IS 

S.ia 



balance at 20ap. Elsewhere. Dixons cJosiCd below ^ best Glaxo enhanced levels despite an easier front tfae intettuttionifi Monet- 
Ph olographic reacted * to IMp on touched 601p but finished a dearer tendency In late dealmgs else- ary Fu nd auction and*- with the 
disappointment wilh the annual al 595^ while Beech am closed 2 where in the market.. Land bu ]ji on pr jce moving narre ly 

belter at ®'P- after 703 p. Firm SecurUes and Slock Conversion cojn p are d with Friday and Tues- 
48-p. lost 2} of its recent Press- features were plentiful among both firmed 3 to -lap and 275p market lacked 'stimulus, 

inspired rise. As tho Account secondary - issues. Mams rose 5 to respectively. with F o glis h buUion price- ' eventually 

neared its close, tho leaders S2p< after S3p, on persistent buy- Property fractionally higher at c j oset i at 5203.625 au ounce for a 
encountered profit-taking. Mother- ing Jn a thin mark / t and Negrtlti 37*p. . rkeof So3k - • 

care were vulnerable late and ^ Zambia added 6 to D0p follow- * . _ , rise w w * ■ ‘ . 

closed 6 off at I68p while Marks ing an j nTestment recommends- Oils sharply lower Some profit-tatang .developed, 

and Spencer ended 2 cheaper at »jan Gnome Photmrranhic -ained ^ , .. some from the UJS., but mostly 

165p. Burton, however, remained a .A 4 8D after hntter-than- ^ 0lls retreated sharply on the f rom London and Europe.. Price 
firm: the ordinary rising 3 more expected annual result* and Government s decision to increase fails, however, were restricted to 
to 155p and the A ending un- Pentos, 99p recorded a Press- Petroleum^ Revenue less than a pound, even among 

altered at 141 p. after 242p. fnsoired imorovemenf of 3: the Ta * f f on} P er ,. c E?, t !t ? 60 the heavyweights, -where IS 


P;E Ratio ini*!i*l) I 3.JS 8.1® - 8.09j 0.1& -d fii 

Drehug,. nwriusl j-4,Wf 6.374| 5.046] 3.5J7I 4,T73j 

2A|uirr tnnniivr £ni ...' 95.48) 65.11. 101.71’ 78. 1® 

Eautt rfiaato WilJ ■- ; 1 8.669! 17.7B2: 19,415^16,4^ 1 

10 am 497.4. 11 am 49&S. N-wd 49S.4. 1 pm . 

■ » '' pm 43S2- 3 Pm 4K5- • t". : 

Latcit lodoc DW* BE£l - 

■ * Based i»n 33 prt.coni c»»rp'iraiuia tax. t Nil=7JB, "• '“V. 

Basis nm C'Wt. S’fc' 5 - 13-'i(h2i>. Fixed Ini. ISIS, tod- Old; CT/M;- '-n^. 
Mines, 12-9 55. SE Acuxtly- Julj-DcC. 1W2. ' ; ' . >#.. 


highs and lows 


l->w ' -High 


s.& ACTyn y? 


Govt-aec'...j T6.68 
P<li 


68.79 ■ 137.4 J 48.10 ; r.flt iilwd 

0*1 ! fM W1 ; 1*1*1 EltSS?. 


Electricals finished 
below the best following 


Fixed Int.... S1.27 
All 


lad. Ocd.... 497.3 
(dill 


0*1 ’ hii w*i . n'lim bidu<4rto... 
70.73 : 1150.4 • 60.53 | SpiTiilstb*. 
itvw ;& 11.47 I 7bv j Total* 

If, 01 Itbpi.fi> hBiCAOl. ind^rSi,., 


■ «0.7 

Am* 

4 ,98* 
4 10^3' 


oeiow me oesr lOUOWing B reawn- nujnu*BU o puiaus LU iio.. RWlUh _ . . — r — - I ; I > ■ ■ ; inwu-trwu.- 

able trade. Henry WlgfalL stili profits prompted a rise of SJ tei^SfStelv Sd and Randf0ntem *‘to S3S. ; I Gold lilne..i 191-S 150.3 , 443.3 i ; 43-5 . • NpreubUre.. 

reflecting trading news, rose 6 to 74p, after 75p. in RFD while teiJer on bSance « Among the more moderately- I ] q.*, t ■= t. 



NOV DEC JAN FEB MAR APR MAY JUN JUL AUGJ 


83Sp. after 836 p- Shell. 562p, priced issues, Wtokettaak closed 
Trfcentroi. 172p, and Lasmo 12 lower atffl7p and St Helena 
“ Ops,” S70p, were all marked 10 shed 22 to 952p. 
lower, while Oil Exploration, 210p, The easier tone in- Golds spilled 
gave up 12. Sfebens (UJC) fell over into South. African. Finan- 
30 to 386p. cials, where tbe. list . finished 

Lonrbo remained unsettled and m^ed. There was' some small, 
eased 3 more to 58p following tiding in De Beets, causing a 
news that tbe company is con- fall of s to S95p, but UC Invest- 
sidering legal acnon over the meats attracted interest after 
1976-77 profit forecast made by their recent high dividend 
D unford and Elliott which it took announcement, allowing the shares 
over last year._ a r j se of S to 262p. . 

Investment Trusts took Tues- . _ . v*. , . 

day’s rise a good stage further London F\ n a n c la^ drift^ in 
in r reasonable trade. Yeoman qurnt trad^ Selerifoa TRrwt 
reflected satisfactory interim treated 6 w ^paft^.TuMday*s 
figures with a rise of 3 to 181p. r |Se - . rL SS? 

while numerous gains of around eased 4 

4 included Bishopsgate Trust, and »» 2 t0 

lS4p. Bry court, SOp. and General 230P an£ * H9p respectively. . 
Funds, I73p. - In Capital issues. Coppers and Rhodesians were 
Channel Islands put on 14 to 570p. subdued, and among the latter 


OPTIONS 


DEALING DATES 

First Last Last For 

l)eal- Deal- Declare- Sett Ic- 
ings ings lion meat 

-Aug. 7 Aug. 14 Oct- 26 Nov.- -7 
Aug. 15 Aug. 29 Nov. 9 Nor- 21 
Aug. 30 Sep. 11 Nov. 23 Dec. 5 
For rate indications see end of 
Share Information Service 
Stocks favoured for ihe call 
were Ferry Pickering. Coral 
Leisure. Thomson Organisation. 


Wilson Walton, Premier &■£ 
dated Oil, Bellway, Lgdh- 
Kwik-Fit. English Property; 
Lehoff Fobei, Mount Charf- 
Lee Cooper, Maple, Barker 
Dobson. Grootvlei, C hips . 
Fields, BP and Hawtin, 
was done in. Dixon’s J 
pliic, while, doubles 
arranged in Kwik-Flt, 
Fobei, Bellway, Premier r 
dated Oil and Thomson 
lion. 




LONDON. TRADED OPTIONS 


Primrose hardened 3 to 75p Falcon slipped 1- to I65p, clouded 
following news that tbe planned bv the polliical situation, despite 
merger • with Coronation higher quarterly figures. - 


Dixons disappoint 

A Press article suggesting that 
the Slock Exchange council is 
currently considering temporarily 


more to 244p. while further con- Halnia added 3 to 85p m response merger wixn ujronauon higher quarterly figure^ . . 
-ideration of (he half-yearly to the chairman’s optimistic tnduftnal. another subsidiary of Taking their lead, from the 
report lifted Wcstinahouse 2 annual statement Demand in Tonga at, is at an advanced stage. Sydney market overnight, 
further to 5Sp. Speculative front of today’s Interim figures Elsewhere m South African Australians moved a few pence 
demand in u thin market raised left Hoover A up 6 at 292 p, while Industrials, investment demand lower in moderately active 
Electrocomponents 13 to 518p. gains of 7 and .10 respectively were enabled Cold Fields Properties trading, but the steadiness of the 
while Thorn Electrical, 374p. ana seen in Amalgamated .llelaJ. 340p, and Tiger Oats to rise 4 to 84p investment dollar premium/ edn- 
MK Electric 202p, pul on 4 apiece, and ICL 360p. Bath and Portland and IS to 59op respectively. fined the falls. Among the leaders, 

With the' eveention of Vickers. Put on 4 to 78p and Alexander r; n M c nftncp Conxinc Riotinto slipped 4. to 248p. 

■> tair anno a ttlnSnni appreciated 5 to 63p. OOIOS paUSe Bougainville ended 2 lower at 13Sp 

leaders centmued [irm]" 1 par.icu- Holer, and DIBributor, were After the eherp i mor|mente and WeB era.Huung toa the same 

larly Hawker which added 6 more quiet and little changed, but share earlier m tbe week. South African amount to I40p. 

to a’ 197S peak of 2S8p. Elsewhere, prices were • underpinned by • 

renewed buying on consideration reported projections of record car • 

of the e roup's growth potential sales for August. Zenith Carbur- A VP 

helped \1cfor Products pur on S rettor featured wilh a rise of 7 ; 

to IRSp. while Acrotv improved a lo 99p as bid rumours revived- 

couple of pence to I18p. after Associated Engineering, however. ri/icinn- rh nn «i 107 R- ; :iib*' 

120p. following the results and eased 2 to llOJp. news of propo^d . Den .^j n *' .narks SSlnl SdS? hi 2 - W 

proposed scrip-issue. Simon added redundancies outweighing the.™ ■ Stock non marks pnce(p) on day n gji 

6 at 252p and Baker Perkins 4 to profits forecasts contained In the „ "Jl ' ^ : *rS 

114p. while improvements of formal offer documents for the £JU«d 25p 10 93 + 94. 7& 

around 3 were recorded in Davy takeover of Fluidrive Engineering. Bank — j* | , 0 ^ 

InternaiionaL 273p. Flnsider, lOp, In Newspapers. North Sea oil Jc^ 13111 + ? ^ . xS - 

Ranwimes Sims and Jefferies, I56p favourite Thomson shed la to «EC ... ~>P » -itf _ ^ ; 

and Tecalemil. 144p. 26Sp on the Government's decision “ATs Defd. 2ap ' 1 r£5 • 

News i hat Allied Breweries to- to raise the rate of Petroleum Distillers - ->0P J 1*7 — . . g* 

gel her with Sir Charles Forte had Revenue Tax. Daily Mall “A,** CDS A ..... — 2op • / 310 2. • 314 258 

placed a substantial parcel of the 350p, and Associated, 181p, were GKN — £1 i 285 + 1 • 286 - <; -34S . 

company's shares with instilu- similarly affected and cheapened Land Secs. aOP 7 z>». -*■ a • . 

tional investors in the market at 8 and 4 respectively. Elsewhere. - »P ' j” j 

around 225p per share generated W. G. Frith were re-quoted st TsL Houses Forte 25p / 229 8 HI -. 155 I 

a fair amount of interest in Trust 86p, compared wilh the Blue Circle £1 6 269 + 4 272 220 j 

Houses Forte which closed 8 suspension price of 69 P. following Grand Met 50p 6 11/ + 1 i l» . S7 , 

cheaper at 229p. after 227 d. the agreed increased offer of P A O Defd. n 6 87 —l 118 -834 . I 


Lous (iolil 
Cnns.Cii'iIri 
CoUk.lI.iM 


cheaper at 229p. after 227 d. 


the agreed increased offer 


P A O Defd. 


197' 

.823 
' 78 
298 
583 

.233 ~ 
227 
. 163 
. 258 
.248 
' 190 ‘ 
164 
166 
220 
87 
.-834 


ImwI Set-5. 
LbuiI Seca. 
Lanil bwt 


MftTkBii 
Stxell . 
Shell 
Shell 
Total* 


Es'rviaej Cmmu 
j ((kv 1 offer 

" 

Vol. 

CIuviUL 

idvr 


I 760 

126 


146 

— 

800 

78 

5 

106 


I a&o 

48 

3 

7b 


' 800 

25 

33 

47 

— 

II 140 

22*j 

1 

24 


41, 160 

8 

B 

14 

12 

160 

40 

■ 5 

42 

14 

180 

22 

59 

25 

13 

200 

9 

2 

15 

20 

ICO 

26ls 



28 

5 

1 110 - 

17i a 

IB 

191* 


i 120 

10 

— 

13 

- 

; 130 

5 

16 

81* 

2 

! 220 

64 

— . . 

69 


I 240 

45 

— 

• 53 

— 

1 260 

S7is 

6 

37 


1 2UQ 

la 


25 

2 

100 

191- 

— 

25 Is 


no 

10l a 

42 

15 

— 

120 

5is 

28 

9i| 

16 

530 

69 

3 

70 

— 

360 

39 

33 

48 

— 

390 

18 

40 

29 



420 

6 

3 

16 

10 

160 

59 

29 

6Uc 



200 

39 

• B : ■ 

42 



220 

20 - 

. 23 

27 

9 

240 

6l a 

115 

14 

— 

p. IfSU 

48 

_ 

49 

— 

IL 140 

29ls 



32 

— 

a. 1-0 

13 ij 

— 

18 

— 

j. 180 

5 

2 

81- 

— 

oOU 

86 

— 

93 

— 

550 

42 

1 

56 

u 

600 

14 

l 

30 




481 


114 


offer | VoJ. 


58 : — 

49 

34 1 ' 

261j — 

19 - — 

131* - 

74 3 

63 a 

36 26 

2219 — 

66 — 

48 — 

32 — • 

20 — 

63 - 

87 • — 

22 — 

124 6 

102 — 

67 — 

41 — 

43 


STOCK EXCHANGE BUSINESS IN JULY 


NEW HIGHS AND LOWS FOR 1978 


FT-ACTUARIES SHARE INDICES 


Fall in gilts activity leads 
to 28 % cot in turnover 


Tfte (allowing ncuntiei aaotea m rne 
Share information Sertce veMera>» 
aUatned new Hlghi and Laws Cor 1978 


NEW LOWS (1) 

MINES Cl » 
Anul. T<n. Nigeria 


NEW HIGHS <314) 

BRITISH FUNDS (1) 


These indices are the joint compilatioD of the Financial Times, Ate Institute of Artn i riii 

and the Faculty of Actuaries ' ' ’ 


BANKS 13) 

BEERS iS> 
BUILDINGS 119) 
CHEMICALS (21 
CINEMAS (II 
DRAPERY & STORES (91 
ELECTRICALS (9> 
ENGINEERING (20l 
FOODS «6i 
HOTELS (5) 

• INDUSTRIALS (44) 
INSURANCE (SI 
MOTORS >*) 
NEWSPAPERS lit 
PROPERTY ilSJ 
SHOES 111 
TEXTILES (3> 
TRUSTS (1S]k 
OVERSEAS TRADERS (S> 
TEAS (11 
MINES <Si 


BY GEOFFREY FOSTER 


A much lessened demand for 
gilt-cd^vd securities led to an 
overall fall in Stock Exchange 
turnover last month com pa red 
with .Tune's eishl-nmnth high. 

From June's £l5.'Jlin, nvcrall 
trade fell '-'S per cent in £10. 91m. 
the fall partly reflecting one less 
irjdin’; da;, in Jul>. The number 
of bargains increased by 13.483 
IO 469.fi 12 bill the average value 
jut bargain tell by £10.042 io 
£23.‘J4S. Tin- FT Smirk Exchange 
tiirniiwr index reacted from 
4fi5.3 in June in 334.5 as again*! 
last year's innnthly average of 
4426 

Business in gilt-edged con- 
tracled from June's £12.1 bn to 
£7.9bn— its lowest for 12 months: 
this s.'/eabJe fall, over 35 per 
cent, reflected a decrease of 
£2 fihn in £4 57hn In short-dated 
stocks and a £1 SSbn fall to £3.3hn 
in lnngor-datcd and irredeemable 
seririiios. 

The number of bargains done 
in British Funds fell hv 7.121 tn 
5R.S5S. with deals In longs and 
im»rtoeinahfec 7.570 fewer af 
34.79S hut those in the shorts 449 
higher at 24.060. 

.S'Si-uMe fa IN were also seen 
in the aver.i':v values per bargain 
in btilli uilt seclors. Deals in 
shorts averaged mil at £189.797 
(Cnn:l,fi25i ami ihoso in other 
•iincks al r95.267 (£117.8911. The 
FT turnuver index fur British 
Government Socuriiies f.«ll from 
.Tune's 5I4.S tn 323 fi— ils lowest 
since ihe 253 7 of July 1977. Last 
vi—r's monthly average was 
47SS. 

- The IT Government Seeuriues 
jqdex drifted down to 69 112 on 
.Ui!y 5. 'hen r:dli-*ri to 71.07 on 
Julv 25 befiirv clDsm" the monlh 
:■ net 1051 up al 70 61. 

In contras: to lessened demand 


MONTHLY AVERAGES 1987=100 

HOW STOCK EXGHANGETURNOVER !S HAVING 


RISES AND FALLS 
YESTERDAY 


EQUITY GROUPS 


Up Down Sine 

British Fuads SR 1 » 

Corpus.. 0am. - and 

FanHgn Bands S 1 ® 

industrials •» 235 ma 

Financial and Pwp. _ 246 28 23? 

Oils ... 5 17 12 

Plantations — — * a H 

Nines » *7 42 

Recent Issues — 15 5 Z1 


[Hull i; li ;*Ci I'M * ClViCi 


Figures in parentheses d»w number of I “^* oc 
stocks per' section . 



777 388 132 


BflinSH eiTiEIBIIlIS 
HiribH U07UW1EJI7 GUUUUffTdl 


OROHURYW I 


RECENT ISSUES 


AUttSURWLS 



EQUITIES 




229J20 +05 
210.47 +0.6 
363.05 +L2 
48259 — 

339-21 +05 
1B5M +0.7 
172.96 +0.1 


Mon- 

July 

31 

FrL 

July 

28 


Index 

. No. 

No. 

225J0 

22638 

207J3 

206.44 

35526 

357M 



354 9.98 483.07 

6JI 753 33651 I 33L9S 


47952 
33291 j 32754 


5-81 j7.57 183.96 
8J14 8-25 172.74 


18232 MOO 2 
17L08 16857 


5.02 8.44 208.10 

4.07 9.43 249.02 

6.09 8.62 194.71 

627 7 20 323.77 


207.45 I 20537 
24538 
183M 
127.41 


m 



FIXED INTEREST STOCKS 


for trade m ordinary 

sharea improved by £65.5ra to 
£l.Hbn. The number of bargains 
was Up by 14.101 to 35S.S03. 
while the average volume per 
bargain increased slightly la 
£4.511. 

The FT turnover index for 
ordinary shares improved tu 
“SS.8 which ci mi pares with June's 
-77.2. May's 306.S and the 77 
monthly average of 299.9. 

Investor* generally remained 
on the 'sidelines initially, but 
prices picked lip strongly later 
m the month with proceedings 
dominated by the Government’s 
new dividend legislation which 
was eventually passed after much 
speculation on July 27. Buyers 
were eneoiir.iaed hy a combina- 
tion of hopes that the new 


legislation might not be passed 
and the realisation that the new 
controls anyway represented 
some relaxation on the former 
limits. Stock shortage became 
evident on the increased demand 
and eq ui ty p n ces accord! ng ly 
went sharply better. 

The FT Industrial ordinary 
share index rallied from 452.0 on 
July 5 to 492.1 on July 28 and 
closed the month 2S.6 points, or 
6 per cent, higher at 489.4. 

Gold shares were buoyant 
during the month in the wake of 
the strength of gold bullion as 
the U.S. dollar continued under 
pressure on foreign exchange 
markets. The bullion price ciused 
817i up on the month at J32rtOJ. 
while the FT Gold Mines Index 
rose 24.4 to 1S3.3. 



180.74 
25257 
11230 
20856 

Chemicals 091— 1 293.98 

Pharma pputlcal Prodnfla 17A j 272.19 

Office Equipment (6) 1 135.01 

42255 
22355 




18172 

25515 j 253J1 
312.68 

20784 I 266-20 
294.16 I 29216 29305 

26834 26836 | *26759 

13433 I 13371 234.43 
420.76 429.61 41736 
22Z52 I Z19A4 219.78 


33EZE1 EHE33 EO I 


■ - 1 F.P. 

■ " I r.r. 
£98 ,‘£30 
C99.4 K.l*. 
£99A« K.F. 
£100 £10 

II £10 
lOOp V.P. 
ClOO F.P. 
il F.P. 

• ■ I F.P. 
»96 F.P. 

•• F.P. 

»•; v p 

* * F.P. 

■ ■ : F.P. 
£99*41 r.P. 
KSS<«£45 
£99 i 4. F.P. 
£98»a CBS 

' • ' F.P. 


9«i> Atrlhiw a t ream lines 10J Trf... 

0l(i Aniert llwsUen,9< Prei - — 

oh Unmet l£( KoL 1987 

99 DirmtaRtMui Vnr llste <U-8b .... 

9SJ* Canute a Vnr. llnre Red. 1983 

I0i 4 IhK I2i% itert. 19 86. 

J«A> Ea-i .XnciB Wafer '1% Kert. l*ee(. 19&>_ 

'101 1 j HtvJ wia»t '»l 1 05. Office ]0K}(Ml2mlt'nraPref. 

SBSejlilWihunfh Vnr. Ksle 

98+iFmrvtew fet'. li.ES* l>eb 

RSp.HeirlersiTii Ken inn lojg Cum. Pref | 

-91p;Jcnaen> 1‘rlucw 10% Cum. P«S. 

.-.PiV.Uazi hwiel % L'tei 

S3 | ■.I.TDloyn 12% Partl.r L’ohr. L'u»- La. 
•tHr-Monr U’FurrsIl 1'>J Sod Cum. Pm 

Qlplpi-lbon 10? Pref 

-9si(!ieiii>n Vhz. Hair Ue<L lists ... 

43 IS«iiiH»*rDl-on-Sea lUJJ lied. 

■ SSSeJWjinrtBwurth Varlat-je 13&5. — — 

24 |Wi~l Knu A'UcrJi^Wj. w............ 

Vminii A Ureaverj' 9^ 


! siifi+i* 
wn' ..... 
100 4- la 

I 

! 10a«. 

104fJ 

| 995*; *»4 

99 , 

UStL 
:■ A 1 "' ~ 

9S f J 

lOOpi ._... 
99*2 -1- Iq 
44Sb: + 53 
, 9 913 +** 

1 96|.;+I 




Category 


Value of all 
purchases 
and sales 

£m 


Number Average 

of % of raiue 
bargains total per day 
£m 


Average 
no. of 


“RIGHTS” OFFERS 


Average no. of I |B#4fc | =Z 
value per bargains Pme| 
bargain per day | pi i <- 
£ 


British Govt- and British 
Govt Guaranteed: 

Short dated (having five 
years or less to run) ... 

Others 

Irish Government: 

Short dated (having five 
years or less to run) ... 

Others 

UK Local Authority 

Overseas Govt, Provincial 
and Municipal ............ 

Fixed Interest stock, pref. 
and prefd. ordinary shares 

Ordinary shares 

Total 


4.566.5 

3 , 315.1 


24,060 

34,798 


189,797 1.146 

95.267 1,657 


343.436 91 

94,928 153 

35.574 420 




131J 13. 36.038 7.7 

1.618.4 14.8 358JW3 76.4 

10.917.4 1II0.Q 469.612 100-0 

* Average nf all securities. 


3^61 1.716 

4311 17,086 

23 . 248 * 22 , 363 * 


K«woO«ocui <ui« osnalb last day tor rteaHn* fret of name Hot. DKeara 
based on praNwetus esnmato. a Assumed atmend and yield, u Forecast drndend: 
cover based on previous pearls eandoes. p titndrai add yield band an prospectus 
or ortier official estimates lor 197S uGmss i Nigures asnnned. ; Cover .itowv 
for conversion of shares oor now rankuis (w dlvWend or ranking only for restricted 
ditidenns. s Pbictmt once lo public pi Pence unless otherwise mdicaiea. n issued 
w lender. 11 Offered in holoers « Orainanr shares as a “issued 

by way of capitalisation. tiMinnwun lender mice. SS Reintroduced, ntesued 
Is connection wilh reorsnnlEadon merger or Ukt?-aver |RI InlroducUon. n Issued 
io former Preference holders. ■ Allotment loiters (or tuiiy-MU). . • PrOYlSWUal 
or wrtly-paJd alloimcci letters, * With warrants. 


is 20-yr. RecL Deb & Loans (15) 57.22 |r 12.97 57.21 57.22 j 67^2 J 57.17 sT.irl'srie bt3S"'«B 

16 Investment Trust Prefs. (15 ) 5lho[ : 13-64 &1.8O si.aoi ai:ao ai.ao «i«i? si.80 60.82 , 

17 Conti, and. lndl. Prefs. (20) 70.23 1 13.20 70. 16 70.12! 70.ee' 70. os 70.01: 69 .m ssa • 


t Redman doa ahW. Hiota cud laws rewtf. bn> dam* and. valuns and CHdilinl chtaO Ore .piMMdS «- S 

ESS,. SUTSf' “ ' rt0am - ''™°“ T1TOS - a r m 



































































































Li 

V 


Flngnclar Times Thursday August 3 1978 


33 


^ -Insurance, property 

bonds 


I Sat? 6 Awnranco Ca. Lhi- 


* ;HSSt=j» 


P7.5 


U4M 

U547 


i z te^Tsaa:- 1 " 




Swi 


I^s-Selectiw top 

^saadsa 

\flBn Fo Scr.4. ,. IVJ3 , 
2*55*YWiSer.« luoj 


3 95 ...- 

34.1 
156 J 
1614 

46.4 
U8J 
120.7 
1040 

9U 
2447 
1847 
1734 
134.0 
142.2 

37.1 
183 3 
11621 


Gcwni Portfolio Lift * BR - c - Ud.* Nil Peosioas Management Lid. 
01-2400111 00 BarthotemewCL. Wallbnn Cros*- WWIBTI 48,T>weeehur+h Si, EC1P3HH. 0HE34200 


. J . _1 = 


MsnnEod Fund [1561 162.61 . . | ~- 

Prices Aunutl 1. Next dcaltnc SepL L 


ForHoSio Fund 1 138.1 

. Portlol in Capital t42_Z 

Gresham life Ass. Soc- Ltd- New Zealand Ins. Co. (UK.) lOd.* 

S Prince of Wale* Rd_ B'«u»uU»- t* 2 ® ‘WnSSS M.iU»j»d Hou*» SoHtbend SSI 2JS O7D20295S 


r. T. cvh Pond 
H.U Equity Fund.. 
fi.L Ci It Fund .._... 
C L Inti. Fbnd_, — 
G L Ppty. Ford. 


~ Kl«1 Key In*. Plait. 
~ Small Co'&Kd 


■ Aug. i. Valuation normally Tuesday. 
Albany Life Assurance Co. Ltd. 

-1. Old Burllnnon St. W.I. 01-431 


m2 

fiis-S iw.g *«. 3 j - 

5V* m -a| - 

Growth ft See. life Ass. Soc. Lid.* ..... 

Weir Bank. Bnw-on-Thiune*. Berta. 0028.34284 CQn oepnjjiKdT 

Flexible Finance ...I UM “ ...... „ - 

lAndbanfcPecs..—/ 54-31 J — f — .VorwicQ Union Insurance Group* 
Landbank Sc* AceJll82 U4 J - pn Bax 4. Norwich NR1 3NC. 0503 Z=00| 


Extra inch'd.. _ „ 

American Fd 

Far East Fd 


(142.1 

102.3 

106.4 
(945 
108.1 
Ilfl97 
ftoJ9 

W70 


14631 
108 21 . , 
moj +o 3 — 

-Z.0| 
-3R 


«-3 

us y 

104 B 
102.11 


AUTHORISED UNIT TRUSTS 


Abbey Unit Tat, Mgr*. Ltd. (a) Gaxtmort? Fund Managers * (aXg) Pelican Units Admin. Ud. (gXx) 

73-80. Gafehoowc BA, Ayieshory. Q2H3B41 2. St. Mary Am, EC3A8BP. _' 01-2833531 81 PocntrinSL, Manchester 081-230 5685 J 


OVERSEAS FUNDS 


Abbey CapRoL. 

Abbey Income.. 

Abbey Inr. Tat Fd.. 
Abbey Gen. Tat 1469 


Allied Hmnbre Group* fa) Ig) 
HranbroHBC..Uugflfl.Bicm uuud .E»e«- 
OM8B 285 J or SrtwfwrexJ '0277) 211450 


?fS?, rd «•- 


-.[InL Arc 

^4 in iio — • 


-jgss*£ 

VMrioJnv. Vcc . . 

Equity |>n Fd Ac- 

Q*uJ.Fen-Acc_. .Ii77.7 
0298 


7405 
148 3 
ma.8 

107 B 
[106.9 
7670 
125.7 


r „sspHSs ; 


CILAtc. 


WpR^r.^PciLlfp .J2M.9 

AMEV Life Aasnronce Ltd.* 


11145 

1Z34 


200.5 
147 6 
120.8 .._. 
1135 -... 

1146 

I7S8 ...... 

2376 .... 

187 0 

1366 .... 

320.5 .... 

129.1 

2156 


G &S. Super Fd.. -| £7.910 

Guardian Royal Exchange 

Royal ExrhiDix, E C 3. 

01-437 9883 Property Bonds 1176 4 


PO Box 4. Norwich NRI 3NC- 
Manaied Fund 

Equity Fond 

01 28371177 Property Fund 


1*421 I — 


Ramble Life Assurance Limited V 
1 0ld Park Lane, London. WI 01-4800031 

Fixed (at Dry 


Fixed InL Fun d_ 
Depniil Fund 

ONnr. Unit July 15 


217.0 

238* 

+0.B1 

3S36 

3722 

+23 

130* 

137J 

.... 

15*5 

1628 

+0 2 

1062 

1X1-7 

+0 1 

205 5 

.... 


— Equity . 


— Property. 


Managed Cap 

Managed Acr 

Overseas. _ 

Gill Edged 

American Acc — 
Pen. F. 7 JTop.Cap.. - 
Pen.F.l.Dep.Acc . 
Pen Prop. Cap..... 


* - A,BI * R d.. Rcigate. Rdgalr 40)01. Pen.hop.Acc 


Ajre;.; Med B- - 1103 
Money Fd. _ 1854 
-AMEV Equin Fd.... U32 
■AWEV Fitcd InL 927 
• Prop Fd .. .. 47 b 

A1EJ Mwi.ivn Fd 46 7 
rAMEV Med Pen 'B' 77 4 
*T«'Plan 963 


1467 

1162 

110.4 

1191 

97.7 

102.1 

1019 

1026 

102.0 


'J yArrow Life Assurance 
) tH i UxhndtK Rond, w 12. . 
:arj_-SeI3n(.FArp Tint . B2 9 07. 

Sel.Mk.Fd.re.UnU MS 104' 

Fr-ii. MjhI. Fd. Eq -J1258 124. 

Pen J4/d.Fd.— F (.. 1152 118 1 


01-748 Bill 

5J = 

+zo( — 

Sarolays Life Assnr. Co. Ltd. 

Romford Rd..E.7 


132.4 
1915 
1725 
1505 
106 1 
130.7 
13L7 
1036 
1MJ 

157.6 
21S 0 
2775 
217.3 
2000 
US 3 
1S5J 

130.7 

Mi 
1020 
1035 

Hearts of Oak Benefit Society 

J5-l?.T»ri»tocX Place. WC1H9SM 1)1-2873000 limumenl FdiAi 
Hearts of Oak . ..(36 6 38 71 -0J) — Equity Fund - ... 


Pen. Man. Can 

Pen Man. Arc 
Pen GlltEde Cap . 
Pen. Gill Ede Aec.. 

Pen. B5 cap 

Ren R.S. Are . . . 
Pen D A F. Cap. . 
Peru D.A F. .Are. 


1125 7 
1817 

16 J 4 
142 4 

1176.7 
1241 
J1251 

144.7 
(204-2 
Si.6 
906.2 
QUO 

12LB 

1285 

1241 

1414 


: williams* .EC4F4HK “1-“™ 
tes ... (U4.8 128.91 *2.1 — 

Aae I 81 5 — 

Erj.E. ... _ R66 89.5 - ■ - 


Phoenix Assurance Co. Ltd. 

4-S, Kioc William Sr . EC4P4HR OI -6069078 

"With An (U4.G 

Eb‘r Ph 
Eb'r Ph 

Prop. Equity,- & Life Ass. Co.* 

1 19. Cranford Street, W1H3AS. a 1 -MG 0857 

R- Silk Prop Bd._..( 1824 

Do. Equity Bd I 752 

Flex Money Bd, _ | 150 5 


Balanced Panda 

Allied 1st..., .,.{69.3 

Bnt. Inda Fund— 65 8 

Grth. k Inc. 34.0 

Elect A Ind. Dev. 35J 
.killed capital, _ 746 

H umbra Fund 1098 

HambsoAcc. Fd.„ 125-1 
locome Fonda 

High Yield Fd. 1735 

Kich Income . - (482 

A fl Eq Ine |39 7 

latrraatlwl Fundi _ 
InlomOliOnal .„ .[27J 
Pncifie Fund - . .{47 * 

Sec 5 Of America. ..IBS 

V R A. Exempts. 1 464 

Speelalln Fnmb 


iiiAjnericanTie. 
BrilpbTM 'Ace. 
Conunedity Snare . 
Extra Ine<Jn»T«_. 
, t i Far F.a«J Trust- 
Hicb Income Tst, 
Income Fund .. _. 
In« Adcncics •-» 
tnll CxcmpiFd.-. 


Prope rty Growth Assnr. Co- Ltd.* 
Leon House. Croydon. CIW 1 LU nuMHWe 


Propony Fund 
Properly Fu n d f A I . 
Agricultural Fund. 
Agric.FunrtiAi. ._ 
Abbey Nat. Fund 
Abbey Nat. Frt-CA. 
Investment Fund 


BUI Samuel Life Assur. Ltd.* BSE? RSdi*’ 

x-i a -r— ud Cmv Q l -686 4330 Money FupdiAr, . 

AeOiarlal Fund. ... 
Gill -edged 6"und. . 
Gdt-Edgnd Kd.tAi- 
ORotire Annuity .... 
Clnnncxl.,\Dnty. . . 


-•*- Birelaybonde* 

• ••'Equity...; 

rj 1 


Properrr^ 

Honaced 


- ' Soccv 

’ iMas.PeiaAcrwi _ 


127.6 

(120.7 

>1112 

U042 

[111.9 


•..Do Initial 

G:lt ivlcJ'^ns-Acc, 
I>. InlUnl .. 
.. . aiooey Pens Act. - 


afe.Imtinl [973 

'■ . 'Current unit value Austin 3. 


99.0 

i 

uio 


♦Property Unit* 
Property Sene# A - 
Managed L'nILx . . 
Manured Sc Hex A - 
01-0363946 Menaced SeriraC- 
I34.4j +23] _ Money Units ----- 

Money Series A 

Fixed InL Ser. A — 

Pns. Uonaaed Cap- 
Pna. Managed Act. 

Pns. Hired. Cap 

Pna. GTeed. Acc. — 
Pens. Equity Cap— 
Pens. Eqntty Acc— 

Pna Fxd.IoLCap . — 
PnsJPxd.lnt.Acc. ..|94.? 
Pens. Prop. Cap — 
Pens. Prop. Aec 


127.1 +0U — 

117. 1 »0-3j 
1097 ... .1 
117.8 40.31 
1843 
1863 
103' 

Z0Z2 

99.1 
106.4 
302.7 


1548 

1625 


101 9 

107*1 


169 7 

1707 

+0.8 

100 2 

1055 

+ 0 4 

973 

102 6 

+05 

1211 

1276 

+0.2 

979 

ID] 

+0.1 

U.4 

98.3 

+0.) 

1372 

1*4.4 


14*9 

152.6 


1053 

■ 1113 

M>rt . 

1135 

1175 

...... 

955 

1D0. 6 


96.0 

101.1 


943 

993 


9*9 

99.9 


954 

1005 


96.0 

1011 



1844 

183 2 
769 2 
7625 
155 4 
US 2 
4»5 
642 
182 0 
1BL0 
1410 
149 3 

M\ 

1239 

l 


*-24 
-2 3 
* ti.it 
*6 11 

■rl.n 

iid 

*L4 


*27 
*03 
*05 
*1 o 

*4 


Rre^Growth PmiMis 6 Annuities .Ud- 


Imperial life Ass. Co. of Canada 

71280 

Bd: 

Unit Linked Pcrt/olin 

=41 M.-h Si. Fetters Bar. Hens. PBar 5112S “["R 6 lOl - ? 


. "ther Ac. Uu 
OAR Weather Cap. 
«nv. Fd Via..,. . 
Pension Fd. Uta.. . . 

Conv. Pens. Fd 

Cnv. Pna. Cop. lit, 

Man. Pans. Fd. 

Man. Pena. Cap. Ul. 

Prop Poor Fd 

Prop.Pena.Cap Uta. 
Bdeg. Soc. Pen. UL 
BldpSoe.Cap. Ul.. 


3425 

1335 


~v Sethlve Life Assur. Co. Ltd.* 

■ 71. Lombard St- Ed. 

. sib. Horse Jute t| 127,67 I 1 — 

Canada Life Assurance Co. 


Oianim Imperial House. Guildford. 

Gft.Pd. July 28. [73.9 

Pen#. Fd. July 28_. . (69 0 


1135.4 

3422 
-. 1314 
1490 
■1X17 
14*7 
13632 
1482 
134.1 
1328 
1212 

Provincial Life Assurance Co. Ltd. 

01-347 «933i 


* 5.9 
+ 62) 
*7 3 
4-0.® 

*0 7) 
+S.4J 

♦111 

+05J 


f>jtyGU>Fd Auf 1 
Ri-IrnL fed -Iuly6 


622 

175 


I:. l 1 = 


222.B1sb0PMUte.EC2. 
Pro*. Managed Fd.. 

Prov Cash Pd. . 

Gilt Fund 90. (U7 9 


Cannon \a6urance Ltd.* 

1. Olympic H y.. Wembley RA80NB 


■=^Squlty Units . 

• PKioeny I'nilr.- . 

Eqmly Bond ‘F acc . 
■"Prap.- Bond'Exc: .. 

. Sol Bd-'Exec'UniL 

Deposit Bond 

—F-mlty Accum - 
(• rroperty Accuic. . . 

. SHifti Accum.. 

2nd Equllv ... — 

2nd Property 

2nd Managed 

2nd Deposit 

=s>IGUl 

2nd En fcM /Acc. . 


8 07 76 
.30 
07 
41 
34 
.7 

[104 

Kl2lg 
1.633 


ir.dprp. pens' Acc... 
2nd Ur 


Jrd reaf'Accl 

2nd DcDJ>iUi , Acc.|995 
Sad G1U Pens' Acc.190.4 
LIES I 7. . 


Li ES.LF.2. — 128.0 


1256 

1419 

14.12 

1U.2 


977 

1052 

944 

97.2 

905 

1080 

1095 

102.1 


39 0 


lmS 

)u3 

115 A] 

vmA 

420) 

30.01 


nine August 


Current v 
Capllcl Life Assurance* 
Conirton House. Chapel Ash Wton 
Key invest Fd. ... I 100 98 I 

Porenakcrlnv Fd. 101.07 


Secure Cap Fd .1.(4 64 131 

Equity Fund.. (98 B 104 

Irish Life Assurance Co. Lid. 
01-0028878 ll.FinsburT54uare.EC2. 


Proper^ Fuad 

— Equity Fund 


C2. 

118* 

12*7 

1052 

110 8 

117 9 

12*2 

965 

' 1014 

1040 

1095 

(963 

1014) 


tnJl 

+2J 


*00® _ BlueChp Aug. 1.. ..178.1 


*806( 


HL12| 

+11 


+0^5 




BlueChp Aug. 1 .. ..I 

Managed Fund «3*0 

ExempL Man. Fd. ,11087 
Prop. Mod. Aug 1 _{lM.4 
Prop. Mod. Gth. — [1987 
King ft Shaxson Ltd. 
92.Carubitl.ECl. 


Prudential Pensions Limited* 

0I-40S( 
2S.84I .. I - 

S8‘J : 


01428893 Ho‘boniB«rm.EciN2NH 

I *«> m£me= 

- J ” Png. F. July 19 . .. ^26.07 

— ■ I — Reliance Mutual 

1 Tunbridge Well#, Rent. 0682 22271 

ReL prop Bds. | 198.9 I - -I — 

___. jotjoi+^v 3 !? 33 *®th»ehiM Asset Maa^ement 

Next dSilinc dote Airrat IB- St Swlthlnsl^ftc, London, EC4. 0HB8433d| 

Govt Soc. Bd P&9.40 12o4flj [ — N-C Prop [117.5 125.B ^..-l — 

lorngham Life Assurance Co. Ltd. N«t Sub. day September 29. 

LuctuB Ks, Boinbraak or, NV4. 01-2039211 Royal Insurance Group 

Longhorn *A* Ptau_(6Z.2 *95} . -I — New Ha U Place, Liverpool. 051227+422 

BWBfcwB 1 Wd: ^r^r^nnT 11 ’■■■■' “ 

Legalft General W 4. GLSUfelens, Lndn . ECU’ 3EP. 01404 “ 

£K£S«oi£r , „ “"''SSShSJSS i — i u2 ° » « 

100.61 
1029] 

1X33 


CbertcrhoBoe Magna Gp.* 

1 0. Chequer* Eq, Uxbndge UB8 INE 
ilirthse Fjienry .. 
r brttue Money. - 
( hrthse. Kvnaxe-1 
chrihir Equity-- (156 
MofiM Bid Soc . 

MpgaaM.vnaged 

City of Weslminster Assnr. Co. Ltd. Do^Accu I 

BiDgrtead House. 8 Whitehorse Road. Exempt Fixed lurt. 


BC 6 

406 

.. r 

294 

31.0 


39* 

4L4 


356 

375 


133.6 



1506 




Cash Initial. M5 

Do. Accum. .. _► — 97.7 

Equity Initial 126.6 

080228911 Do. Accum ... 129.6 

] — Fixed Initial 117 7 

...I — Do Accum. 120* 

(nil. Initial 1030 

Do Accum. J103.8 

57181 Man ««ed Initial... 

Do. Accum. 

Pr o pe rty Initial- _ 

Do. Accum ,. .. — 

_ Legal A General (V 

Exempt Cash InIL - 

Do. Accum. ...... - 

Exempt Eqty . InIL- 


Om; dnn CROZJA. 
'NfUFfTop Fuod_ 
J tun used Fund 
Equity Fund,,—. . 
Farmland Knud — . 
Money Fund 
liB! Fund _ — 

PlILA Fund. 

Pens. Mngd. Cap.— 
Pens. Mngd. Acc...- 
I>its Money Cap._. 
Pens. Mi.ncyAcc.-. 
„ -S^PE.Equit' Cap— 
jrai 3cr= hqmtyAx*.. 
Fund currency e 
Porfa na Uclts— — . 


01-484 0084. B°A e W*L-i--. 2rr 



Exempt Mngd. In it 1235 

Do. Accum. 125.8 

Exempt Prop. Inn . 97.0 
Do. Accum. — 98.9 


1365| *0.9) — 
123.9 


1ZL5 

1243 

989 

1012 


126.8 
1005 
1«1 
127 3 
130 9 
104.2 
106 b| 


-01, 

3 


oil PruMtmti Ltd. 
978 102.Z] . . 

989 1042 ... 

125.2 1315 — 

1275 1343 .... 

1133 1193 .... 

1154 131-5 

130.0 .... 

1325 .... 
1022 .... 
1042 . .. 




r»:: 

DapooJtFdt 

Comp JV na. Fd.t. . 

EquftyPmu Fd- t 
Prop pem Fd.‘. . . 

GiJlTfcOl F«J. 

DepoaJbasfUt ..|993 

•Prices on Apru* I. 
t Weekly dealings. 


156.3 

,1238 

1924 

fs > 7 


99 7i 
104 61 


165.4 

130 4 -02J 
1305 

219.7 +14 
Z031 *lOj — 
240A . 

<»3 - 


Schroder Lire Group* 
Enterprise Tfoaac, rorwmcnrth. 

230 0 

225.9 237 9 


070517733, 


SraallerCo. sFd..... 
fadSmlr Co'sFd. .. 
RecoxerySlu.. ._. 
MetDflo &Cdy,... 
Overscoj Earn lugs 

ExpL Stair. Co’s . . * 



„... 

62.7* +0.4 
142.1 +0.4 
262 +0.1 
405 -D.4 
MJa +02 
803a +0 7 
1551c +004 
966 +0,1 
37 2 


BO 4 
«3 

P 

H77 
507 
(75.2 

Br 

isitnll-7.**- ‘Aec.I— 134 6 

Gibbs (Antony) Unit TsL Mgs. Ltd. 

3. Frederick's Place. OW Jewry. ECZft BHD. 
01-SW 4111 

la. AG Income*..,. W.9 45.* .„.J BJt 

isiA-H i.rowihtt-- B95 42M j 4K 

taiA G Far Easr...&2 . gi.ftd J 0 X 

Dealing *Tues. ftWci 
779 Gerdt ljnbn>* 

77. London Wall. E.C 2 

S'hlrfr JuIxSB —110.7 151 

, „ Do. A:cum. Unit ....(1718 182. 

233 .Net! rtuaJlng day A up! 


O.B1 Pelican Units— (8M 94.161+0 ^ 4,93 

306 


2 « Ferpetmu Unfl Tnirt Luxembiutg, ' 

?.?? 40 Hart St, Henley on Thames ^ t ^®*|AIexJndcrFucd__|' SQSTJ6 i+8JJj — 


Kaysdex KngL, 

TOBw8e,S£Helfor.J«raey_a5a*.OtAmOaW) 


<L4] | 359 


g“ P'pAialCp Gth 

613 Piccadilly Unit Trust (aXb) 

Aafoay C166* UnH Trasf lfsnat m Ltd . 

LIB 3. Frcdorick'B Place. OH Jewry. EC2R BHD. 
01-588 41 tl 

Extra Income 06 

Small Co'* Fd— «-9 

Capital Fuad- J6.9 

Ik. Eras. & Assets- 48.8 
Pn rate Fund — — #5.8 
AccumJlr. EW.... 626 
Technology Fund- Ml 
Far Cast Fd - 27-8 




3,71 


320s 

45 6 _.... 
51.8 +DJ 
525n +01 
38.9b +0J 
676 +0 5 

5u +ju 

»JB -0.4 
TJ2x -Sj) 


K- 


Net asset fulu* Ahead' X 

Alimtbsot Secnrttia (CL) LlnI l hJ peyaetex Europe— I 
PO.a«2»L&IWteJ6fW^ Bfwnm 

S&tojS&T- 1 ssyssib-i 

SS Jr””' King ft Sh«w« Mgra. 

,.«[m6 WW .d}6o._«i0.-j «5 ueEg&famxEBu 

1 Thcmas Street. DnecLu. lo Ml . {08M143W 


fii w 

33 J#®} 

ffiM.46 15 5(0 
■■ £13310 ■■ 


33 “■ 


2 62 Next «6. Aaguw X 

1^0 Aostralisn Selection Fund NV 
3.13 Market Oppertnnttlea, cfo Irish Youas A 
130 rartbwmte. IZ7. Bent St- Sydney. 

L20 UBSlSbaroa..- — l SL'SUB J — I — 
Nee Amec Va/ne July 20. 


OlH Fund (Jersey i- S06 910 
GiltTnutacJi 1 - ML3 MM 
Gilt FntL GuerusenCT ■*» 9 • 


bd. Cert- Sad*. Trt. 

First Sterilsg 


i Accum. T.'nitsl- — 

Grnchslr JulySS— 

• Accum. I nlUl— — 

Anderson Unit Trust Managers Ltd. Ln hBrsK Aug.2.. 

158 Feuchurch SL E>3M 8AA 8238231 lAccuml mw— _ 

AodarMfl U.T (526 

Aosbacher Unit Mgtd. Co. Ltd. 

I NcbleSL. EC2V 7J A. 01-023 8378. 

Inc Monthly Fund. H78.8 UO.Cf I 9.02 


A merle an Fund. —{25.2 

—I J?? ^w^rtJljs?wcS«RA d ' f SHwaare Bank of Ameriea Intenutional SA. Firatint*. — 

Grieroson Management Co S. tt i&S£f£5E£j* 

Griewsw .’naageoenl W. LML —■«. . ,, lB _ C(L jm» rnccr a July =7. Next mb. thy am«s — 

S90rrohnmSi- EC2P2DS, 01-OM+433 Provincial LUC ISV. L.8. A+U-T 

Rxmngtnri Aug 2.055 22Sia9 +6.3 
• Attrum t nitsi B36.4 247S +6^ 

B(ng,H.YA July 27.H79.Q 1375 

lAccom. I'nml 005.8 215. 

Endear Aug l gl3 * 225 


in jmji .....i — 

8.65 IBS 63} I . 


K2 el snort Benson limited 

20. Kenehurcb St_ EC3 Ol-«4B90O 


Euri ovett Lax. F*. i LI25 , 

Guemany Inc — 164« 6051 

Do. Accum. 1795 84.(0 

KB Far East Fd SU51ZW 

KBIntiFund —I SUSIL72 


4.74 22=. BlahopagMc. E-C-. 01-a»7B®| po Altamuter Fd. 

4.74 Prolific Unit*. -gB5 ,9Jfl +0.5J 2.99 

783 High income ...» — 1117.5 125-9| +0.4| [D_ wm ,p wnmlln LamWf 

lii J * rBdL Portfolio Mngra. IRseDth Rswence B 1000 Brosseli FRWffldftFtt] S D02J9 
231 HoUHmBAra.ECI.V WH Rents mndLF—. 1L«I» 2,969| +4J 7.78 _ 

lax ^ rudenlUJ - |U?J . 431 Barclays Unicom lot. (Ch. Is-) Ltd. “nifomisaiMi — ji9.so aja| 

lu Ooifter Vbmigeamtto. UjLf TSSSe^SSJSS. -KB 4rt “ lWon p 

*32 TheStk. Exchange EC»I1HP._._ 014004137 CBel ^ M> , ?come _ 49,1^ UM UoydB Bt 1CJJ V!T Mgr*. 


TOJapgnFtim -I 5US37B3 


-fl 


337 
4.11 
431 
1.63 
3 96 

|+*6^ 072 




*57 


Arbathnot Securities Ltd. IMc) 

37. Queen SL IcmdOO ET*R 1BY 0IC3853S1 


56 5? 1 4.08 Gusirdian Roy*} £g. Unit Mgrs. Ltd. gsssfeLtW i*«3 -d at _ , 

assasssr 1 


na 


Premier IT Admin, S Rayleigh Road, 1 


Extra Income Fd — 

High Inc. Fund 

WAccum. UnltiL— 


-®.l, WdrwLUta- 


Preference Fu nd_ . 

■Accum. L'nltej 

Capital Fund 

Commodity Fund _ 


'Accum ifnltej 

1 10% WdrwLU.i 

Fln.fcPmpJ'A. 

Giants Fund 

(Accum. Unite i 

Growth Fuad.. 

■ Accum. Pnltm 

Sms! ler Co’sFd — 
Eastern <6 Intl.Fd.. 


ifl% Wdr-wtUCs.! 


Foreign F«L. — 


N. Aroer. A lot FdJ322 



RMBfiwd. Esac*. 

V K. F*rd» 

Cap. Gn"*th Inc— 1463 
Cap Growth Ace — (469 
Income* Awms— 1345 
niit income Fuads 

Si? 

Financial * ITU— B63 

Oil A Nat Res {29 1 

Latere atfoual 

CabdC . . ; 

International — .... 

Wld.WideJuly3t__ 
Overseas Fns 
Anstrallao-... 

European 

Far EM 

North Amor 


OZ77-21 


--(7239 SefcfoitfeT.Inc.— f* 4.I 472j+fl.4( 


sa. 4 ** 


36.71 +0j| 


366M 

37.8 

725 


2931 


mmmm Llovds InternsOonal Mga wfc SJL 
150 7 Rite du Rhone. P.O. Boa I7P. 1»1 Grod ra 11 

u 1 “ asfiKffiSSB 23 i" 

BZQ 

fl-98 M ft G Group 


48 


6634+0 4 -7.74 
l«| 862 


' 6L0| +0' 


N AmCnJ u IjCB — | 
Cabot Aioer.Sm.LA 



esc UnicwnAusL Ext .1325 

Do Ansi. Mia. *4.4 

Ridgefield Management Ltd. Do. Grtr. Pacific — 67 7 

325 38-40. Kennedy SL Manchester OBJ 2368921 { D H-- feK'’- £-f _ 

SM SdaSSd 3 «|d lfl n Ma, “ Mutual” p69 '«5l +0.6} 140 To^r mil EC3R SBQ. 0MM K88 

*“*—-**• 

h 3 | m-saaetto-fflaf 

Rothschild Ac Lowndes Mgnd. fa) rcboabl Jt0y3l I Y19.994 (+365} — 

SL Swl thins Lane. Ldn, EC4. 01-6284398 GJ*.0. Bw 680, HobkKum , ... J 17 jera»Juiy IS- 1£5 12 

^ &* ^^Aug-aJ^MW+L^ R79 IggajgfrMui 


«!!M lg 


XLM 


40.U —02 “247 
45^-03 4.62 
-0.7 3.91 
+0.4 3-38 


Island 11344 

(Accum Units) flfita 

Sanrael Montagu Ldn. Agts. 

1I-L Old Broad SLEC2. I 

Audio Fd July 79 -I S 1*46 58 50.' 

SjRi 



Archway Unit TsL Mgs. Ltd.* faKel Hill Samuel Unit TsL Mgrs-t (a) a»w lean Jt**r_ 


Rowan Unit Trust Mogt Ltd.*fa) Britannia TsL MngmL (CD Ltd. Sfurroy, Jrimston® (Uw. 

sad +05} L2s city Ctefce Hse, FlDstmry^Q- EG2. 0I-8M 1088(30 Bath St, St. Hdier. Jorsoy. <83493114 KD, Hope St, GUsgOW.CS 041-2113321 


317. High Holbarn.WCIV7NL 01-8318233. 45 Beech SL EC2PZLX 


Archwxy Fund (81.8 W.2J 1 

Price* at July 27. Nest wib. day August 3 


t?5R9 


fb) British Trual 1 

igilnt'l Tru% 

Barclays Unicorn Ltd. (aMg)*(c) IR^pTrlifSi— SI 

Unicom Ho. 232 Romford Bd.E7. 01^3455*4 ibi Financial TnisL “ 


L nlrarn America. .. 

Do AusLAcc 

Do Aud.lnc..- 

Do. Caudal — 

Do. ExempiTaL... 
Da Extra Income 
Do. Financial . - 

Do. 380 

Do General 

Do. Growth ACC 

Do Income Tit 

Do. Prf. A'daTsL- 


m 


Mm 

6a6( +8.4 


£2 *e5l 5*1 Ser fund Maoagera Ltd. lskg> 


+di 


B*33 158J}.. I 5.16 

Prices at July 3L Nest sub din August 31 
Do. ReeaverT^ .. ,_(45.# . _4B3l +8^ 537 

Do Trustee Fund... (U8.1 127.7id +031 4 91 

Do WldwidcTsL- .151.6 55 Ad . 71 2.11 

EtstlaFdJnC..— ML2 MS+od 482 

Do. Accum. (75 7 7X9} +0.4} 482 


119 

1.74 

174 

421 

615 

79* 

4.90 


685 


ibtlnconje Trust — L 
tbi Securiiy Trust— 54J 
ibiHigh \ ieMTst_|302 


V 7 ’*** 

102.9 +16} 
30 0 
58J +VJ, 
32 J 


.4. 


0.971 


Intel * tang) 

13. Ch n stopher Street. E.CA 
Intel I rr Fund |9L2 


01-828 6011 SecurtUes Aug. 1— . 1 “ 

I7D ^ +L8t li 

4.60 l Accum. Units)-. — piSs IBTjj +25( 172 ini ?^1 [- l y. - (taoe L0Z| 

461 Royal TsL Can. Fd. Mgra. Ltd. Mbr piMiaulnsiud Ml . 

lil SSBS5B W 4 ^TBSaaes:=BS «=d 

Id come F d. _J])7X2 75 3j J 730 

Prices at Ju^ 3L Next dealing Aug. 13. 


SUS38^W 


SUS1L39W — 

•SAV July SL 


350 

H2 Ncgit SA. 

2250 10a Boul««ard Royal lautoohourg . , 
NAV July 21 | $051130 1 — -l — 


7.92 


jfnlHteJi InL TK. — IfUSB.W 2J 

Value July 28- Next dasUng July 3L 


587 
402 
5 95 


as. MilkSUECaVWE 

Key Energ.vlAFd.. 


Kcy Equity A Geu... 
4 Key Exctmx Pd .. 


Bt 

087 

+03 

700 

7*.4c 


151.0 

160 Am 


02.9 

aai 

+0.4 

US 

644 


m 2 

1097 

+03 


0I-WKI707O 


Key Income Fund-. 

Key Fixed (UL Fd- 
Key Small Co's Pd-. 

Klein wort Benson Unit Managers* 


— f 1 - 3 * 7 !**? Save & Prosper Group 

M0| — | AM 4 st_ Helens London BC3F 3KP 

88.73 Queen St- Edinburgh gB2UrX 
Dealings to: Q1-S04 8800 or 031-228 9351 
3« Save & Prosper Securities Ltd.* 
iii IntemaUeorf Fuwb . 

M l* _ ■ — g l 

SM U«iv. Growth |708 76.1) +0.q 

laraeaaiag to w Fund 


Baring Brothers ft Co. Ltd.* (aRzl 

88. LcadenhallSL. EC.3. 01-5882830 

Stratton Tsl I1M4 192^+Uil 417 

Accum [2286 zS3+lTlt 4J7 

Nest sub. day August to 


20. FeuchuicbSLRCJ. 
K.B L'nli Fd. Inc. -1866 

»KB 1'niLFd.Ac 0081 

K-B.Fd.Inr.Tsts._M3 

ICBJ'dloTst-ACC-KSJ 


01-808000 High-Yield 


f&l 


OfntlrCo>Fd_>1485 


.-35m.ros.FdJoc.W83 

Btsbopsgate Progressive Mgnd. Ca* Rj^J^'id FdArol-'l mo 
9. Bishop wate. RCJL 01-888 6280 L ft C Unit Trust Management Ltd.* 



B'gale Pr **Ang 1 
Acr Uts —Aug. I _ 
B'gaielntJuly 25 ... 
I Accum) July 23 — 
Next sub. day ‘ 


,1811 3M M 3.71 

2241 2147] — J 3.71 

176.9 lBB^W ..._J Z66 

|i«l2 2c53 . ...| 266 

August & —August IS. 


The -Stock Echange. EC2N IBP. 01-588 2800 

LACInc.Fd. 11*2.9 147 « J 751 

LAC lntl & Geo Fd.fUU 1044] j 

Lawson Secs. Ltd. *(ahe) 


Bridge Fond Managers*fa)(c) 
KlngWtlliamSL.SC4R9AR 01-8234081 


nr. Qucco'sSL London EC4R1BY. 01-3)85281 Blgb-Ml: 



— Negit Ltd. 

Bank of Benin da RMgs- Hand hop. Bnoda. 

rtahta M 

Butterfield Management Co. Ltd. ija 

po Boar tee. Baramda. Geest Fond MngmnL (Jersey) LW. 

Buaram Equity 1230 23« — .1 JJ6 PO. Bos 104 St Heller. Jersey. S3E427441 

Buttress iSome — U.9T - 2 0*| 1 7.4t Quest SUB.Fsd.lnLl 11 | { — • 

K Pnccs at July 17. Next subi day August M. Quest I nS Sees. .-■! I — -J — 

«a.xi+v.c| *-90 Capita] International S-A- 'STcesMAuguit’i. Nem dioUng AugttK ». 

6«.C(+a3I 6»S^Kn , W5uT t i — I- n-a. ran* 

71 M +0.4I 835 Charterbowsc Japtset 48.AiholS«eLD«L^l05t. «W=»14 

48^+o 3 LH l.PatenHWterRow.ECL 


486*14821 4« 


124. 

83. 



01-203009 ggsssssa 

t-OJM 


1284 

m.8 

1753 



as' 


1121 


5D-5] 


. .Fcudts 

Emperor Fund. 

£§ *•»■* 

Clive Investments (Jersey) Ltd. o.ciodpd.Adu.1 
Bax am, SL Hoi for. Jersey. OSK 35381. ScjSjpifftil 

ess isa^iias gi-sssfe 1 ! 


483 Do. Platinum Bd — ' 

457 Do. Go Id Bd L 

555 Da.Em.07/Q2Bd.— [ 

Rothschild Asset Management IU) 
2.® P.OJBtn aa,SL Julian* Ct Guernsey. M81 20331 


.1 3 JE7 P.O.Box 320. SLHdi 

;7j +«Jl 1-76 aivuGUtFUICil.I 
I5| +0.2] 2.91 (dive Gilt Fd. fJay.i l 


O.C.BqJ-yJnly31 -.(580 

‘ ' " 1151.4 


ftRjw .Wal crisis— C 


American kC ract_ 

Income*. 

Capital I net 


DuTAcet (45J 


Ex cm pet.. 
Interntl. lnc.t. . 


253 

526 

39.0 


267 

573 . . .. 

*15 +1.S| 
459 +12 
150.0* +3,0 

Do Acc.t -Uf.4 20j3+0.a 

Dealing *TUes. Iffcd. iTburs. Prices 


. . 1 * 1.0 
-117.6 


1.42 

624 

296 


IS 


5.1 

IS 

332 

July 


‘Growth Fund — ,_E 

'lAccum Umui. — H 
rtGlItand WsrranLE 
i American Fd.—,J.t 

hAccum Units) f 

••High Yield .._.(i 

v-i Actum CniU) _. p 


638 


Equity July Ht. ... 
Equity 2 August 1 _ 
■Eqaity 3 August 1. . 

Fixed InL Aug. 1 

Fixed int. 3 Aug. 1.. 

InL. UL Aug. J 

K&S Gilt Auc. 1 
KA Sc. Aug l.—__ 
-Mngd. Rlz Aug. 1.. 
Manaecd Aug 

Legal ft General Prop. F«L Mgra. Ltd - 

1 1. Queen Victoria SLEC4N4TP 01-3980078^^4/2*1 — 

UGPtp.F8July3.t965 lflUl I — J>ropcity3 A«ul-1_ 

Next sub. day August 1. BS Po CpB Aug I .. 

Life Assnr. Co. of Pennsylvania 

30-42 Mew BoodSL W170RQ. 01-4938805 UnPnAccB Aug. 1 .. 

LACOP Unite (983 M3« / — FxdXnLFen . CapJ5 . 

Uojda Rk. Unit TbL Mngra. M. 

7L Lombard SLECS. 01-Sanffl I^P-Pco Acc.B... 

~ i 7M ssscasst 


2j 
49J 

(used tc pewmaestinaL 

201.0 | | — 

City of Westminster Assnr. Soc. Ltd. Exempt- ..- |Mi) 

Telephone oi-eBA w«* lioyds Life Assurance 

WL’SfBat “B)‘ :d = » *7 *S« 

R25.4 132.i 

5340 14L 

p&5 1641 

;gS S] 

. IKC+X 1 HR 

'SO.ChnnccrjrLine.IbCSA IHE. “ - ■ “ 

TCqul^ - F'.r.d . _ ' 
pMsnucdTund .. 

UrTPFund 
mal. Pen. «ncd - 
Pm'lKd.MniKl.Pn 


1235 
1380 
1*85 
1 3*2 
143 2 
in n 
1345 

147.9 

107.9 
118 □ 
157.4 
1350 
121.7 
132.B 
2048 
2441 
96.8 
97.5 

8 -S 

96.0 

967 

966 


U9 9 +1.7] 
1*5* -i_n| 
1561 -LI 
1*23 -0 7 
1*62 -i7 
127.4 +2.jj 

341.7 +0.« 

155.1 +L0) 

113.7 +4)1 
1243 +0.1 

165.7 +01 
1632 +0.1 
127 J -0.1, 
1394 +O.M 
2157 +181 
7571 +2J( 

101.1 -Oil 
102J +0-1 
18L2 ...... 

102.0 + 0 . 1 , 

181.1 +0 U 
101.9 +0a 

103.01 -0.* 


+1 , • , _ BB.Gth.JuIyft-.^- 

Cotrsnercjal Union Group opLe'A Prp. JI727- 

SL iiclcn'*. t.UnderxbaB.ECS. 01-7837900 5gJ5.AEAJI»Y?_ 

VrAaAcW July 29..I 56.73 J I _ ffiS-aSaiuS^ 

Ifo.AunuiljUte. -f 1805 f / - S&AiSu&lr' 

Confederatk»a Life Insurance Co. 


Oianesut - 

Scottish Widows' Group 

PORoxMC. Edinburgh EH103BU. aal-«59SOOO} 
11084 10841 .... 

1023 107n. ■■■ 

M5 103.7] 
il90 1430] .. . 

S 5.5 MLB .. 

19 27291 . 


Inv.ply.Scne? 1 

.lev Fly Series 2.. 
In' Cash Aug I . .. 

ExUtAccJulylS. 

Ex UUncJuly 10- 


Group Mnrd Peit . 
rixTdli ~ 


1526 1682 


177 7 1385 



375.4 

lllM1 

726 762 


72.6 762 



1840 



199.7 


224.0 


1394 . 




— Money Manager „ 


'_ff y _ Solar Life Assurance Limited 

1012 Ely Plxcc London E.C IN *TT (U2C20Q5 


ri“K5 = 

FUed Interest- 1345 362| I — Solxr Manxced S 

The London ft Manchester Ass. Gp.* SSSTBqSS??’* 


WlnjIadePark, Exeter, 
cau Growth Fund 
♦Flex. Exempt Fd.. 

«Cxeoipt Prop. F«t 
OEXpt. Inr. Ttt. Fd. 

Flexible Fund — _ 

O1-CBS5410 lnr. Trust Fund- — . 

— j I — Properly Fund — _ 

-H » *’ « Group* 

Three Quay*. Toner KU1 EC3R SBQ 01-00 
239.9 


. InL Pen 
' Equltj' Pension — 

Sepcrcjj' FT uxIoit. . 

Cornhili Insurance Co. Ltd. 

SLL'ornhlll.ECJ. 

“T?p Ft-b Aug. 15....I126.D 
iiSSpcc Ann. IS — 1525 
.._0fj»«hFd Jute®..- (1738 

•.Credit & Commerce insurance per*. Pension 

-13). Regent SI. 1/HKfonWUt 5FS 01-4307081 conv. Deposit* 

. CiC E£ugd. Fd 1122.0 U25| I - 

.CTown Life Assurance Co. Ltd.* Famify«j-8a~ 


S3sS 


- S5f 


133 

— 


(Qbmsiss siiSpSuuLal 

Solar CathS 

Solar fnlL S 

Solar Managed P. 
Solar Property P._. 

solar Equity P. 

Solar Fxd.lnt P— 
Solar Casta P_ 


flfi* 

171.9 

1372 

(129.8 

pL6 

17Q4 


1M2 


179 9 +0.8 
123* +03 
106 7 +03 
103 9 +03 
136 7 +0.4 
1375 . . 
179.4 +0.7 
.1252 +03 
1065 +03 
iorn +03i 


1186 

14L6 

165.3 

3986 


1 tfant'd Fund Arc— 

•Klanc'd Fd. I ncm. .. 

:A!snr.'ri Fd. laVt — . 

ETUtYFd.Acc — 

'Equic F<1 Incm . — 

• Equity Kd IniL. _ 

• Props r?.- FL Acc. 

' rroperty Fd. inem., 

Property Fd lnii — 
inx tsC Fd. Acc — 

■Wt. Tsl Fd Incn..., 

Iat.T*LPd. IniL — 

F : rred liU Kd. Acc. . 

;rgd. InL Fd. Incm.. 

. JntorT. Fd. Aec 

-yoterT Fd.lr-na... 

:¥{*?» Fd. acc 

ZMofiev Fdlncir- — 

Did. Fd. Incm - -. 

'.fsnen Bn. Ln+.'.V.. 

iniisaiier ixnrance Co. Ltd. 
'YIP rule Htmxe.ToworPL.ECl. 


1«2 

1052 

1042 

MS 
99.5 
97.0 
963 
963 
955 
J109 1 
flCT.l 
1085 
984 
984 
117.7 
117 7 
965 
°63 
105 9 
1555 


110.7] +05 
130.7 +03 

109.6 +0.1 

304.7 -03 
30*7 -0.1 

304.2 -81 
UL3 +0.1 
10L3 +03 

100.3 .. .. 
1142 +2.0 
134.1 +20 
1141 +2.0 
1085 +02 
3035 +02 
123 £ -02 
123. B —0.2 

10L3 

1015 

UL4 +0.7 


6.76 


9.7J 


957 


5.78 


lnleraataL Bond**. 1050 
Managed Bd.— — 1422 
Property Bd**_- — 1595 

Ex- Yield Fd. Bd.-_ 042 

Recovery Fd. Bd*_ 6S.0 683) 

Amcuicxn Fd. Bd.». 54.7 576 

Japan Fd. Bd.* __ 57.9 Ml 

Price* on *Al|Blt X **July XI, 

Merchant Investors Assurance 
233. High SI. teouHstL. Croydon. 01-8 
Property— — - 
Property Pens. 


124.6] 

1488] 


1125 

110* 

149.4 

1674 


+15 - 
+81 - 
+Z2 - 

+25 - 
—July: 


Solar Inti P .1775 

Son Alliance Fund NangniL Ltd. 
Sun Alliance Houae. Horsham. 0403 8*141 

Exp Fd-InL July 12.1052.9 159.41 1 — 

IrLfla. Aug. 1 _| £14.16 | ...~ | — 

Sun Alliance Linked Life Ins. Ltd. 
Sun .Alliance Houae. Horsham 0*084141 

Equity Fund- — _ 1127.1 no 

FixedlntereslFd. ...|7063 III 

TTopcriy Fund U0J 116 

Iniernailonal Fd._.|l09 2 115 

Deposit Fund ff72 262. 

Managed Fund |l32J 1184 +0 

Sun Life of Canada fU.K.) Ltd. 

2.3.4. Coclopor St. SWIY BBH 01-030 5400 


_ Property 1 
»w Equity.-.- 


5.73 


Equity Pen*.— 
Money Mariiet. 
Morey Mkt Pens. _ 

Deposit.. 

Deposit Pena 

Managed 

Menaced Pen*.—.. 

1 nU . Equity — _. 

01438 amt laU. Managed 


87S 

12a 


154.2 



161.2 


__ 

60.0 



37U 

1M _. 

__ 

142.4 

,^.a- 


10*0 

-|M . 


2282 

... 


MJ-0 


__ 

106.9 



__ 

139.2 



1063 



105.6 

M . M 4 

— 


10173 Maple U.Grih 

Maple U.Meaed... 


202.9 

339.7 

3295 


PerinJ. Pn. Kd. _..... | 206.0 

.Target Life Assurance Co. Ltd. 

T ary CL House. Gatehouse Rrt- Ayfoshura. 
Bucks. Ayl«sbo»y(®®®>594 ] 


,.G^L F7y»p Jufy4...f7B* 80.4) I — NEL Pensions Ltd. 

‘gagle Star I ns ur /Midland Ass. 

-*.A:hr» 3 dnrodlcSt.EC5. , , °I eS; SLitT. Sbb iSS+L^- 
-Paclciblid. Unite (54.3 58H +0.*i 6.02 Note* Money Cap . 62.6 65.J . 

Equity ft Law Life Ass. Soc. Ltd.* J&«Gthfoec2S! g'J ; 

. Amorshnm Rood. High Wycombe 040433377 Nelex Gtb Inc Acc. 5Z5 54.0 . 

’Faulty Fd I1IB1 324 3f +051 — Nel Mxd.FdCap.... « a 5«A 

•^riS^Kd 1071 llifl ...1 - MriMMMt JU „ 513 . 

Fused Interest F.. 109 3 335.0] ] — Next Sob. day August J. 

r,(d tV>rr-u( Fd. ... 1995 104 71 . . ..I — Far New CeuR Properly tee under 

Mixed Fd. |ll25 118*j +0.1} — nMhfchUd Aaaaf Maswwcsi 


Man. Fund Ind.. 

Man. Fund Arc 

Prop. pa. Inc. — 

Prop. Fd. Aec. 

rrop.Fd. luv. 

Fix^d InL Fd. luc 
•T«p. Fd. Act lnc.._ 


— . Fd. Act inc.._ 
3011 Rrf nan Ac. Pen.- 
Ret PlanCapJVn.. 
R+L PI a n M niL Are. - 
fl+LPI unMniLCap.. 

■lillPen.Acc. .. 

Gilt Pen.Cap. 


101 


196.7 

DU . 

1088 1181 — 

139.0 

108 0 — .... 

JIM, 8 1061 

955 1005 , 

77 9 846 +0i 

644 70.0 +021 

3Z7J 133.8 

1166 1222 

U10 1379 +D< 

1233 129i(+»3f 


__ Trabsinternational Life Ins. Co. Ltd. 


01-4038 -W* 


2 Rroam Bldgs.. EC41NV. 

Tijip invert. Fd 

Tulip M+ngri. F«J..._ 

Man Bond Fd — .. 

Mwn.Pen.Fd *>p.. 

Man Pen. Fd. Acc. . 
jNangdinvFdltitl. , 
pngd Inv Fd Acc— J979 

/Trident Life Assnrasce Co. Ltd.* 

■tenslade House. Gloucester 04S23SM1 



Tlie Building and Civil Engineering page 
is published in the Financial Times every 
Monday and carries news items relating to 
contracts and important developments in 
the Construction Industry. 


(Manaecd. 
TW Med . 
(Troperty.- 


(Equ I ty/ American. 


Jhth Yicfi 

fcilr Edged 
fMoney, . 


For details of the advertising space 
available on the page each week, and costs, 
you are invited to telephone 

01-248 8000, Ext. 36n 
or write to The Advertisement Director 
Financial Times 
10, Cannon Street 
London EC4P4BY. 


ICrowUiCap ... 

Vwxth aw 

Pens Kngd Cap 

b'en-. Mucd.Aro. 


I'm-- MDgd.Ace.— 
IVm.G4d.Dep.Cap. 
Pena Gtd DcilAcc.. 
Pens. Ppiy Cap. — 

, Pew. Ply. Acc 

T rift. Bond 



143* 

151.4 


11«.2 

ITT).? 


1181 

1343 


121.4 

1277 


1298 

1357 


970 

1019 

..... 

979 

1010 




JJ Iv Equly Fund — 


Inlernattoual.. 

Fteval - 


U053 

A26.9 


■Trdl G.I. Bond — 1987 


•Cash value 


PBS.3 

147.6 

11505 

IU2-3 
1395 
12 L 9 
1235 


22*0 
1282 
1354 
1206 
102.9 
107 5 
1147 
1199 
.4 


132.! +L4 
1565 -0 2 
1592 . . 

93.7 +85 
118 7 +0 8 
1475 +0 7 

129.1 -0 

130.1 +0 
1115 +0 
13*4 +a 
1315 +0U 
1352 +0-2j 

122.2 
1Z7.T 
109.0 
113.8 
1215 
1264 

384 


■amtt. 

Britannia Trust Management (a) (g) 


*0.7^ 

48 M 

61 3 

60S 

*262 +0.8j 

a B-* 

^ 

Deal tMbu. *Td«. ttWed JTbura. —Fri. 

Legal ft General Tyndall Fund* 

18Canynge Hoad. Bristol. 027*32241 no. Jouth Street. Doridug. 


SelectlatcniaL —[264 8 

Select Imrae 1»5 

Scetblto Secnrtties Lid.* 

IB Scot bite 139.7 426a 

S50 ScxKfMd fe* 56. 

19 ScotMiarea I59LZ 63J 

1150 Sert.ExGth-0 0462 257.' 

1L50 SroCExVlcL«f 063-1 3 


2794] -Oil 
5*3 +051 


___ Cornhili In*. (Guernsey) Ltd. 
fit po. Box 157. SL Peter Ten, Gucnnay 
lotnL Xxn-FcL P69A 184.0) 1 


160 4} -1.# 

BLn 13 

Eed 163L 
34ia 150. 

276c 

• P i' i nai ooJuly 3j Next dealing Aug 74 
lPnces on July 21 Next dealing Augurt 7. 


OC.DIT Qxndfyf- 


364 

:7jo 

L36 

3.00 

450 

0.23 


I +«2| 380 Delta Grasp 
+03) 720 po. Box 3012 . Nassau. Bahama* . 
^>1 jAMlilft.Jilf&.lUl'' 394( 1 

753 Dentscfaer Inwestmeat-Tnist 


Royal Trust lCT> Fd. M«t_ Ltd. 

P.n. Box 104, Rpjal Tat Rsu, Jeraay. 0S3427441. 

JLT 4nCL Fd -(S0S45S 30371 f- 380 

RT- TafLiJay. 1 Fd-.fe 9B| 1123 

PUmi *1 A UK 1. Next dealing Au^ jL- 


3 London Wall Buildlu|S. London Wall 


Dis July 12 .. — g?-? 


London EC31( SQL 


Asaete 

Capital Aec.—— 
Cunmfelid 
CoTomodlty- 
Doroe.dIc_,_„ 




01 ^280478/0170 lAccum. UnRM—^plJI 


Extra 

Far End 

EiaMnclAlSccx. 

Gold Jt Gen eruL. — 
Growth 


•A 

koi 

is 4 

■j? 


Inc. 8 Growth 

Inti Growth 

In veaCTsLS hares. .. 
Mineral* 




North American 

Prafesaional- 

Property Shares 

Shield «5 

Statu* Change 


815 


M.5^ +0rf 


44.9 


63 14 
88 7 

1^ 

2S 

317jf 

90.6 

8L9 

719 

5*.W 

338 

kj.bS 

lie 


33.1 


387*1 


+0.91 


+051 

+0.4 

+ 02 , 

+0.«J 

+ 0.1 


+05l 

*24. 

+o.rt 

+0.5j 

+0 
+oi] 
+o3 
+0 3 
+-0.H 

+02] 

+o3 

+0-3 

+oa 


4.91 

3.70 

*.«7 

4.73 

402 

892 

950 

2.93 
441 
2.4* 
381 
7.06 
259 
35 0 
2.69 

7.93 
455 
15* 
446 
263 
4.10 

**? 

2*1 


B-J - 


Next auu. day Aug. 

Leonine Administration Ltd. 

2, Duke Sl, London. WIH 87P- 01-4853001 



(0000)80641 


•Price* at Jut 28 Next rab. day August 8 ftxufacti 388E BicberKane o-io oooo Frankfurt. Save ft Prosper Ictenuttonal 
Schleslnger Trori Mngra. Ltd. (alW §2! - I^S.s.lieifo.-.Jen^ oo^a* 

|0; Dreyfn* Intercontmental Ihv. Fd. 

tS P.O. Box N3712. Nanas. B ab amax ' Interna t. Cr.*2 (7 43 8C 

S3 NAV July 23 BOSS* 47 255K | — 


28*1 +0^1 


Leo Dirt. 


:[a9 "*i ^j| 


Leo Accum.. 

Lloyds Bk. Unit Ttt Mngra. Ltd.*<a) 
Regldraris Dejd. Gortug-by-Soo. 
ruTliilinr WecS— K 01-023 1280 

525 56 M +0.*l A26 

4 
6 
6 


Pint (Sained i, 

Do. (Accum. i 

Second (Cap )- 
Do. (Actum. i„ 
Thud i Income). 

Do. CAccutn.i 

Fourth lExlnc.) 
Da (Accum i 


77J +0.4 
395 +02 
74.8 +0.3 
935 +05 


IpetaneDim. 

Inc. 10*6 WdrwL- 

IntnL Growth 

Inv.Trt Unite— 

Market Leaden 

•NUYWif 1 — _ 

Pref. AGDlTruat— 22JB 

Property Sborea Z7.9 

SperialSlLTat— 29.9 
fJC. Crib, Accum. a.i 
2 BJ 


X-U +flg Emson ft Jfudhry nLBSgUnylAd. 


322 


+02^ 


32J +01 
3 LI +0.1 
24 J 

300 +831 
325 +05 
24+ +02) 

2U +8? 


235 


456 

2*7 

2*7 U.K- Grth. Dirt. 

i27jj +o jJ SA0 J. Henry Schroder Wagg ft Ca Ltd.*) l-iLanrwjceRiartiwiyRllLZDIRCBA- 


_ *0. Box 73. SL Ueiier, Jeranr. 

54^ +05} 353 IE5U.C.T. J1255 


033620301 


Far Eaalern'S- 

NortbAmeric 

Sepro~t- 



.755 


1330} J 300 SaSSoi^teJal^pau” 

iglEnrobond BeltUngs N.V. 

— I Handelakada 24, WlUnastad, Curacao SL Deposit —I 1IHL0 


.055 


£SSS^^«=- 

NAV per otuun Ally 3 21152050 


480 IF. & C MtpBt. Ltd. 1st. Adviser* 


tiuiiiai gg*x. gweefly Doxlluca • 
SchleaiBger lntenntlenal Msgi. TLtd. 
4LLa Motto Sc^L Bailer. Jeroey. 


Uurv Energy.... 134.1 

The Britiah Life Office Ltd.* (aj 

Reliance H»« . Tunbridge WeU% Kl (MBS 22271 

BL Britiah Life. 1525 55 9+05} 554 

Bl, Bnlnncod* fiS.7 SiS H 554 

BLDividend-... (c.8 «6g | 3 92 

•Price* August l Next dealing August 8 


A 680) +03) 7.66 |* Q a> m|d« r r A 01-340 

,69.9 75l|+0j| 7.66 Capital AugurtL.— 1205 DIO 

Lloyd’s Life Unit Tit. Mngra. Ltd. fAceuau — iga uw — 
7280, 'Gatehouse Rd_ Aylesbury - O2S0B4H1 S5 *2 ml IT. 

Equity Accum — I16S.0 1788+45) 3.92 Ccnera)Ang2 811 91.7a +23} 

M ft G Groa^r (yVcXx) (Accum. Cute) UB6 11*5 +251 

Throe Quay*. T+-er Hill. EC3R «BQ 01826 4586 5S£ J gSgrr: HI 371 
'jp , ur •PeoafharFdJyl* 169.7 1789a 

« *Speca*.Aaiuxll,a46 272 7 

+“ •a»e«™++An» l . 1993 205.4x3 


See algo Sleek Eacbanee Draltnj 


Brown Shipley ft Co. Ltd* 

Nngro.. Founders Cl- EC2 01 -WO B53) 


BS Unite July 3 L t 

Do. iCC'JulyJl — J 
Oceanic Truate la) „ 

Financial. L 

General 

Growth Accum.. 
Growth Income-.— | 
High Income — . 


as :d 


ass 

455 


mi 


Index— — 1Z.7 

Ovnacas (282 


390J+0d 
■80 J +0.2 
509+0.4) 
402] +0 4 
32.7} +0.1 
24.® +0.J 

27.9® +0 2 

*S+0 7 
n| +0i 


454 
556 
5.01 
501 
943 
336 
821 
304 

455 
805 
5 JO 


American ... 

lAccum. Unltsi 

Aurtralaaian 

lAccum Unite) ._ 
Commodity— . ... 
lAccum. UnlCU ... 
Compound Growth 
Coovoraon Grovrthji 
Conyers! do Inr.™ 

Dividend — . 

lAccum Unite) 

European.—.... 

l Accum Unit*) 

Extra Yield— 

'.Accum Unite) — 
Far Eastern— .. . 

(Accum Unite) 

Fund of Inv.Tfcta..... 
lAccum Unite) — 
General ..- 


Accum Unto 

K!gh Income 

■ Accum Unite! 


Performance. 

EraiptJulyL (589 Jaraa Incite 

Canada Life Unit T*t Mngra. Ltd.* 'Accum. Unitel — 
Z-0HighSLPtetera.8ar.Rert* _ RBar3lUC! ' 


Can. Gen Dirt 
D8 Gen. Accum 
Da Inc. Dirt 
Da Inc. Accum— 


<L 39.6 ■ 417«6 +0.2) 

on — 489 Sl3 +05^ 

OtCzz: **9 47-3 m J 


418 

458 

752 

752 


Midland 

(Accum Cnitei 


Capri (James) Mngt. Ltd.* 
JODOld Brcnd SL EC2N 1BQ 
Capita) — 


dK 

ti Ke 


+ai 

+0 7 


iAceum_ — 

Second Gen. 

(Accum Uwtai- - 

01-8888010 Special ■ lsi , - 

933] | 5.81 lAccum Unite) (2184 

. . 87 7} . . . ,| 742 SpccJaiiMd Ponds 

Price* on Auguat SL Next dnaUng Augun 18 ^uxlee 

Carliol Unit Fd. Mgra. Ltd.* (aHO 
Milburo House. NewcBaUe-upon-Tyne 21105 C'hariMAiteT-.- 
Caritol ,i 16?.9 gjj — ..j 3.83 (Accum. UnJteF 


515 5*90+0 

’52.8 582 +0^ 

56* 60.1 +05 1 

(57.4 615 

830 852s 

87.4 !- 93.1 

312A .' - 1220 

68.6 73 1 

*79 72J 

123.7 131.7 

K 5V.4 3*9.6 

2 55.9s 

S 57.1 

0 937 

u/ 6 1252 

S98 63.7 

fes Ul 

tt5.B 70,1 

^5 85.7 

1787 191.7a 

B74.9 2983 

104.7 1115 

1781 1875 

rU83 1792 

JWI 180 

Pi 

1721 


tttir. 




lou. 

Into) -FdLxmbra. 
-Far East Fund 

•Next so 



day August 0. 
Schroder Life Group 


*Reco»etyAug. 1 . |M93 .....| 

f-JJ ‘For lax exatupt foods only 

il7 Scottish Equitable FntL Mgra. Ltd.*jserje,A.tetel . -I 

5S 38StAndrow»Sq..EdiBhBigb 031-550010) Mm Ai.1 


Eucerprue Houae. Portsmouth. 
letenuithHad Foods 


070327731 


01-S3 4080 

2M Cent- Fd. July 10 1 SUS559 I — 

155 ndrirtjr jfgnrt. ft Be*. OUbJ Ltd. 

879 P O. Bax 070. Honlhoo. Benuada. 

353 Fidelity Am Am— I SXJ^M 1+123 — 

353 Fidelity Int Fund- SVS2331 I .^777 — 

241 Fidelity Par. Fd .— SUS30J9 } ....J — 

2.41 Fidelity Wrld Fd I SUS1837 ]+8M{ — 

321 Fidelity MgmL Research (Jersey) Ltd. 

866 Waicrloc Hso. Doo St., Sl Heliar^Jesey. 

OS34 37341 

£4.01 
19 5* 

£1899 

SJ7 First Vlldng Commodity Trusts 

b. st. George's Su Dougin*, r oJt • . j. Henry Sc b ruder Vfagg ft O*. Ltd. 

^£3 76« Sebag Unit Trt. Managers Ltd.* fa) ^i^oTim WCh«pride.E.Ci oiJ«a«oo 

+8*1 2.79 m*.ui i+n. n n- wtr.t. ni^xfisoOfl pn. vik.Ctn.TVL |3*3 36 y I 350 Chap*Auco*t 

”7 FsLVk.DbJOp.TBt -175 0 8ajj 1 

Fleming Japan Fund S_A. . 

37, roe Notre- Dame. Luxemboto* 

Fleming August 1.- 1 SUS59.40 | 1 


3.60 


306 vssrHstt- — IS-f £% 


BUS 

758 


Accum Unite .—(586 62*. 

Doalingday Wedseaday. 



125 

♦IB 

14*1 

-25 

1500 

-0.1 

1117 

-0 2 

1401 

+06 

177* 

+ 15 


27 , PO Bax 5X1. Bcldbiy. Hae. E.C.4. 01438 500CI p«. Vik. Cm. Trt 

i u Sebag Capllal Ed.-B§3 38* +0.4 3 J7 FrtVk.Dbi Op-TM_|75 0 

Sebag laeoao Fd. _ p! J) 335} +03] •'"* 

229 Security Sriectfgn Ltd. 

15-IP. Lincoln’s Ion Plelda,WCX 01-fflll 


241. 


229 

437 


\SL SI :::i lillFrec World Fund lid. 


Do. Accum Uoita—lffl.8 
Do. High Yield— 142* 

Do.Accqov.Unita_.IS33 

Nest dealing date date July 38. 
Chart ties Official laveot Fd* 
T7 London WaU.EC2.VIDB. • 01-S 


3.03 

05X 

0.11 


Pena. Ex. July 31- 



557 UndGUiTatfoe 

“7 Stewart Unit Tut- Mmugcra Ltd. (a) ® ,d *- ?"5 

iS 45. Charlotte Sq.. Edinburgh. O31-230Sm 

1.71 tstewart Amcrleaa Fuad ManagOTCTIt Ltd. 

1-71 standard Unite 1653 8961 I 139 Park Hro. 18 Ptnabuiy Circa* London Ed. 

Tsl: 01-838 8I3L. TLX: 088100 


I f - 


Standard Unite 1653 

Accum. Unite .1703 

Withdrawal Unite .[525 
•gt e wxrt Britiah Capital Read 
Standard.., (1483 152* -...j 




CnapiAuCUrt 1 ..I 5US120S 

Trafaltm June 30— I StlSUUT. . 

Ann Pd JulylD — ]nn2S7 »«{ 1 2E 

Dariim? Fnd ( 5A3L 91 232} . — I 5.00 

Japan Fd. July 27— |STS7 67 1380 1 

Sentry Assurance Inter na t iona l Ud. 
P O. Box 32S. Uamilten 5. Bermuda 
Managed Fund .. — (JC51BI1 ISO} __.l — 

Singer ft Friedlander Ldn. Agents 

20. Cannon St- ECL OI4HBS0W 


nelmfmute^— ^-02^ 


Accum Units -.-.-11610 D«| 

4jg Dealing fFri. *Wed. 

JjjJ Sun AUioscc Fond Mngt Ltd. 

Sun Alliance H**.. Becabam 0603041- 


Anchor's' UaJts__ 
g jj ] Anchor Gilt Edgo- 


an » Anchor Uu. Fa 

Anchor In. Jsy .Ttt. 



827 


Berry Pat _ . _ 

BtojPncarlg 


827 Target TsL Mngra. Ltd.* (a)(g) 
+05] » SLGrosbnmSt.ECS. 

■ — 7 'H Target Commodity. D55 42JJ +4 | 
•—| 2-S Turgte Financial— W 5 W9+< 

5 “ -Targot Equity— — J38.1 


G-T-DoUarFd. 
C-T.PaciaeFd. 





tema 


PHR| 




Bi 


j 

V" •'-■'h 

ti 1 ■ ^ 1 


nil 


Tokyo Tsl Aag.1—1 3US3930 [ J 137 

2-18 Slnacboid Management Limited 

f. (BU-TUOp 
9332} ..—J — 


P.O. Box 313. SL Helicr, Jersey. 

Commodity Treat -[8865 


12-91 
209 
257 

Snrinvest (Jersey) Ltd. (z) 

Queen* Hee. Don. Rd.St Bciler.JiQr- O33427M0 


Ainencan Ind.TR— 

CopperTtlirt. 

Jap. Index Tut. 


834I+4.Q — 


867 

L03 


MannLUe Management Ltd. T»grt&:^u ^2-_ |Z2p j 


00056101 


„ „ , aiw Target GU( Fund — __ 

~ Targot Growth [29.7 


= | ::-:j 


Accum July . ... 

eUnautb. Only available le Reg. Chanties. 


Sl George's Way. Stevenage. 

Growth Unite 153 4 

Mayflower- Management Co. Ltd." Target ind. 127.7 

UOSGreabaa SL, EC2\‘ 7AU. 014008000 DOjRein^ Unite _gB3 

Income JiibrJI U™. |MM liLM — J 836 jSj*glZ f 7 Sit 

General Ju& 18 |7D3 74.8| ..--1 5*9 ■+£, ■«. T .. Ml 


Charterironse Japbet* 

1. Paternoster Row. EC4. 


CJ Internal I 

Accum Units 

C J. Income 

CJ. Euro Fin — 

Accuse Unite — 

C J. Fd. Inv Txt 


Accum Units 
Prices Auguat 2. 



1 JubrJg. — 

J July 10- _ 

Mercury Fund Manager* Ltd. 

30. G realism St_ EC2P2EB, 01-0004555 


■ PTOL., 



U.41WMD! — 
12.861+0.411 

TSB Unit Trust Managers (CX) Ltd. 


Guernsey Fund — J405 5jL0w -— J -U ? 
Price* on August i Next sab day August A 


053473400 
5L0i4 - .-J 4U1 


34.4 
323 

__ 134.1 '371. . . 

Next dealing. August u 


Mere. Geo. Aug 2... 
Acc NteAugS.- 
Mcrc. InL Aqg2.- 
Acc.Ute.Aug3.. . 
Werc-Exi Julr27.. 
AasmUls Ji 


1906 

[2580 

17.7 

73.0 

te9« 

.tZT<2 


3« 

274J 

72.0 

773 

2394 

2m . 6 ..— 


Midland Bank Group . ^ ^ , 
Unit Trust .Managers Ltd.* (a) 


TargrtThUtle 

42* Extra In come Fd.. .[405 

' Trade* Union Unit TbL Manages** 

100. Wood Street. EC 2. 01-8*80011 

Chieftain Trust Managers LtdtMui(s) G ouri wood Hnu*?. silver Sarart Rwtd. TUUT July 3 J52 55.4J 4 5J0 

L w.ra3 a S SSSSK .« 7 Tranratlaotic and Gen. Se«L Co.* 

Do Accum — fai 

Growth _ .— 137.9 

Do. Accum. — — 150.7 
Capdai 129.6 


Garttoore Invest. Ltd. Ldn. Agts. „ M J 

JjJ Z St Maty Are. London. EC3. 01-2833832 S# ^ ur ' J *S5', 

+o.zf 800 CxitiwUT Rote ISagt. (Fbr Eaxtt UL Jerse7FinxI— r*- 5 ^ D ' 

^'■* r M2 1503 Hutchlaon Hey. 10 Hxrooart.M, - 

£f3 HK&Pac.U.Trt„.MO«B 35J*.-»-4 250 

300 5“SSS SSteS S™ TokynPariflc Holdings N.V. 1 ■ 

fi2 IrrtL flood *2^3 .TTI 530 Xntlinte Management Co. y.K, Curacao. . 

1.66 Gartaare lavestamt VtegL Ltd. ' NaV _por sharo Jnly 31 SUSOSflt ■ 

ig SSJSSSliS^IIS^- 233|+S l SSJ Thky Pacific Hldgs. (Seaboard) N.V.’ 

7 55 Cartmoro IntL Cttb|663 7064 I AM latuai* Management Co. N.V., Curacao. 

Hambro Pacific Fend MgmL Ltd. per share July 31 SUS473B.' 

Si 10. CotmanEht C ehtrc . Hong Kong 

^ 10 Athol CrescenLEdin- 3. 031-B080Bl/l| SpS^Sd^^l^lo — 

3*0 g-3 HJ Hambro* (Guernsey) Ltd/ 

19. . tail} +0J) jgjy] Hambro Fand Mgrs. (CJ.) Ltd. 


&32 


Special Site- -..aw 

4*0 Target TsL BIgtra. (Scotland) (aWb> 


Coofederation Ponds Ngt Ltd.* la) 
50 Chancery Lone, WC2A IRE 01-2(20282 

Growth Fund. (4*2 46 4| ...J «R 

ipolitan Fund Managers. 



7* 21. +0.1, 


+0.*]-'2S tfgramUajtei....-t 
+0.3 -357 BarhExju. Jul; 


for £ioa prewiuoi. 


rTyndall Assurance ^Pensions* 


18. Canyucc Read. Bristol- 

(£*'+>'Ju(¥2r.-.._. f 

Eqnl(yJuly37 

tflnnij July 27.. 


L+W iy 

avwtu lav. July 27.. 

|Hn.Pnfl-W Aug I ...! 

Ilfo EoultyAugl— 

Po. Bond Aug.) — j 
po. Prop. Aug. 1. ...: 

Vanbrugh Ufe Assurance 

pi-U Maddox St_ Ldn. WIRbLA. 


5SJ 

as 


Managed Fd. 

Equity Fd 

BntnL Fund 
Ftxed IhteritFiL— . 


rropertyFtL. 
pash Fund '■». 


,149.9 

pilJ 

|WAS. 

1675 

14Z9 

,uw 


157* +pi — 
-2582 +L2| 
1185 . _ 
■1763 +051 — 
350.5 . 

1255 . 


(vanbrogtr Pensions Untiled 
pi-43 JHaddot'St..Ldn.wlR0LA 01-46948331 

Kuuiro^I™-'IZ:|SM - 

Guaiantcod see 'ins. Base dates' table. 
IWelfare Insnraoce Co. Ltd.* 
IWiMiadelterk. Exeter 033M&33 

(MoBeymakerFd... | 106.4 _} t — 

For other hunts, pleaae refer to T&o Loudon 8 
Manchester Group. 

[Windsor Ufe Assnr. Co. Ltd. 

poyal Albert Hae-. Sheet St, Windsor 

fcfe Inv. Plana- — |M2 
putoreAxsiGthtei. 

IFutureAiod GtittbJ. 

ReL Aasd. Pons. — 

■Flax Jsy.GnratD 


19.U — j *.64 
- 1 — J 1150 


3a Pont Street, London SW1X0EJ. 01-2338525. 

: " Jjia 

DoJncooie Fd. ,.|50.0 

Crescent Unit Txt. Mgra. Ltd. (aXg) 
4 ■eMIIeCrex.. Edinburgh 3. 081-2*04031 

'29; 

64 
47j 
442i 


& "Accam-- — —-I62* 
smouooal— — *45 

Da Accum. 51J 

High Yield 6* 0 

Do. Accum—. 


53 7 
5.17 


01-00 New London Rd. Chelmsford 0*4331851; 


Tyndall Gronp 

P.O. Bos I2H Hanllfam S, Bonaada, S-5700 
Overseas July 20 — ISU5L36 

■ Accum. Uultei Ip - 

3-Waylnt. July 20 _f 
Ot8l-38321 * New St. SL Better, , 

TOFSLJulya 1 

&50 • (Accum. Sbares) . - 1 
Jn American July *7 _ I 

• a lAccum xhnrexi II 

-■ so Jersey Fd July 


2.90 Barbican July 27— r 


JsrbExpL. July 20 . 
Buekm. Juty 27— 

tAccum L ulte) f 

Cofonw JoJy28. £ 

1 Accum Unite) 1 


+0.41 3.17 
+0J 843 

. 

3i ig SSS^fflrJrL 
tS SMizite 

5.69 Barfbora July Aug 1523 
~ (Accum Uttitxi WJ 


Van. Gwth. Au^. 1 - jg2 


CreaAmer Fd 127 2 

Cron. Intern al l. — 60.4 


644 


Crux. High. Dirt—' . - 

Crt» Reserves 412 

Creo. Tokyo.- 343 

Do. Income Fd. 23 5 



S2%S^r.-BH . . . 

•Prices at my 31 Next dealing August 3L 

Minster Fund Manager* Ltd. (A^cum Uuhaf- 

Mtnater H*8. Arthur SL.RC8 01-023 1050 Vaa’HyAut 1 —__|7I3 

gSSEiSS--:Bi m lit g 

MLA Unit Trast Mgesnnt. Ltd 7«i 

Old Queen Street. SWIH gJG. 01-0307333. wick DL July 38 — (87 

MLA Unite 1442 *65} | 3J7 Do.Accum. P84 




Discretionary Unit Fund Managers 
22 BlomficJd5L.&CZM 7AL. 01-0384483 

Dlac Income.. 1167.2 178J| | 5.10 

E. F. Winchester Fund Mngt. Ltd 

Old Jewry. EC2 010002147 

Greet Wluebeater.. 117.1 lB6af 1 521 

GL Wlnch er O'aea* IM 204) ... / 416 


Mutual Unit Trust Manager** (aXg) Tyndall Managers Ltd* 

IS. CopLhaJJAro-. EC2R7BU. OI4D048O3 IB CauyngeRaad. BriaioL 

Mutual Sec. Pisa. -E-5 5?3 *2®| IneomeAug2 — - [102.4 

Mutual IntTrt- PO S (Accum U8IW.. W74 

Mutual BluoChlP-.p* * 40.3 .....J 855 Capital Aus. 2 1304 

Mutual H)Sud...|6l.6 65.0|+0 2j >56 lAMumUSu) 183.6 

National and ComuercUi 15? j 

31. SL Andrew Square. Edinburgh 001-3380151 irt.Earu.Aug2 {2570 

" " “ 5.759 lAccum Uuital. — ,.287 8 

5.759 PreL Ang2 1W.0 

3*5 lAccumUolta)- 1238 

340 Scot 8 Cap. Aug 2. .(M3. 6 


PO. Box 80, Guernsey 

C.L FUnrt 11504 

Intel. Bond SUS|U6.B3 
LdL Equity SUS13.64 

Int Svsa. *A‘ SUSjl-04 , 

lot S»sx. V SUS(L16 - I Z50 

Prices 00 July 26 .Next dealing Aagnrt 2. 

Henderson Baring. Fund JOgiv Ltd 

605, Gemiooo House. Hong Kony. - ■ 

Japan Pd. JutyaS— [SUSUI AM 1 — 

Ban n? Hend. Bend Fd. July 20 SUSl0.l27. 

•Exctnatve of any prethn. charges. 

Bill-Santnei ft Co. (Guerasej? UL 
8 LeFVbvre SL. Peter Part GuorsSW. CL 
GoeruaeyTrt {1589 170.* +1B| 3.42 

Hill Samnri O ve r s ea s Fluid SJL 

37. Rue NMre-Due Luxembourg 

tSJSBJl 2SJB+BJC) — 

International Pacific Inv. Mngt- Ltd. S. G. Warburg ft Co. Ud . 

PO Box R2T7. 58 Pitt SL Sydney. AjixL 30. Graham Street EC2. . OkSW 

JomUb Equity 75IL.WA2J2 223 4 — J — Pomr. Bd. Aug I J SIK074 

J-E-T. Managers (Jersey) Ltd ■ utf£spd."jl!ij at" [scs75 i 

PO Box 194. Royal T«_ Hae_ Jerscytea* 29441 StorcEbdKdJ uly20 . [OISM 12 »3} {02901 

JerxeyExtrnl.Tst -J186.0 197Jg+U8l — 


CUt Fund July 28 ...)108 4 
(Accum. Sbareai — 1 140-0 
Victory Bnur. Deugias. tele of Man. «B(; 
-Managed July 20._fl30 2 1372) 

Utd. fntnt- Mnguutt. (CX) Ltd. 

14. Mulrostar StreeL Sl Heller. Jersey. - 
U.t.B. Fuad ISDS18U8 WUR 1 820 

United States Tst- IntL Adv. Go. 

18 Boo Aldriager. Luxembourg. 
Ug.TM.law.Frul._l UIO 1-4J>5| 8*1* 
Net and Auguat L 


Nation u! Provident Inv. Mngra. Ltd* jA«um Unite) 1170.8 
.r. i.+iho urniim oijcataana sctu-iuc Aug.s — 1 


(4200 

4.20 


Wan Gr 


T «- Ltd. p s & — 

20. Arlington St.S.W.L. . . .0(407331 Cart July 20—- ..p30B - 135-' 

Brawn Dudley TA. 1665 71J5f 1 380 'AccumUaiW— .JltflJ 

Equilas Seen Ltd («; (g) 

41 Bisfaepocate. EC2 01-5882851 

Progressive |70J 73J)+04| 3*6 

Etpilty * Law Un. Tr. M.* (aKbXcKz) 

Amenham Rd.. High Vycooobe. 040433377 

Equity & Law. _—|M.4 . 73J) +0 J| 3.90 

FnnUBgten Unit UgL Ltd (a) National Westnduatcrfiai . Hlghfoc. Priority- 1«. 9 

S-7. Ireland Yard, EC4B3BH. mauim 1*1 CTiMoalde. EC2V 8EU. 0)400 0000. EH 


48. Cneechuteb SL. EC3P3HH 

N PI. Glh.Un.TM- {485 49.5 

gSjWfi^ fi^aKStaKH 

^^«m^2^rtderifogA«iuM3L 

Do. A WTO .row |2B4 


1 IS rtpital GnwBthl^rgj.o 

ru. imim B7 0 


•Prices on July 38. Nett dealing August a 


Aracricao 

Capita) Trt_ 
Income Tn 


InL Growth Fd 

Do. Accum. - jilU 


W.6 

109.0 

U52 


027333241] 
107.61+19 7.90 
1981 +J.I 

737.1 +3J] 

192.1 +* C 
1144a -LI 

16SJ -ZQ 
Z7VJ +62 
30L4 +8C 
105.0 +0.4 
130J! +0.4 
1504 +LD 
179* +3.6 
IT12 +22 


9** 


MU -2J 
9L« +0.1 


4Lfl +o.a 
4*9 +>J 


274rt 

34 J 
38 a 


08144 


Mr — 69 2 72*1 

CthtJL 1900 ] 

GttiW. 

us. — C2U9 J J 

irath-PAJ.6 208.9 — ^ 


a +°{3“S « • s3bc=w 

*Ll H* KxStisr,— ga J® W TSB UnU Trusts (y) 

Friends* Frovdt. Unit Tr. Mgra.* «$ Jo| iw- 

PUhamEnd Dotting moo 9003 JVEL TrBgt'Watwgers Ltd* (a«g> 

Fri ends Prow. Uta.. 144.4 40.nl +0 41 AM 
Do.Accum [»B 6Lo)+0^ .4*0 

G.T. Unit Managers Ltd* 

IS. Finsbury Circua EC2H7DD . 01-0288131 


As at July 31. Next mib. day August 3L 
Jardine Fleming ft Co. Ltd 
44tb Floor. Connaught Centre. Hong Km| 


Jardine Ssta T(9 
Jardine J'pu.Fd.' — 
Jardine Si A 

J ardlne Plea Int— 

Ini I. Far. Sccx-Odc.). 

Do.lAccami 

NAV July 14 


SKK293.94 
SHK362.70 
SUS17J2 
3fTKUL55 
3HH22.97 

. SHK13.D9 

Equivalent SUS78 00. 


Next sub July 3l. 


Warburg Invest. Mngt. jrsy. Ltd 
J. Charing Cron, St Heller, Jgy.O 053473341' 

CMF Ltd. June 20 — BtmLS 1201 .9.— 

CMTJUd June2B»^3i77 1U0| .— J — 
Metals TsL July 2 D-Ei 39 Ulfl.il — 
0-90 TWTJuly 14. VJS1IJ0 MSI. j — 

16 UjU| .....a - 


e-25 TMTJqly 14- 

a*0 “raT Ltd. July 14. 

- World Wide Growth ManageueBtdL 


10a, Boulevard Royal. Luxembourt- 
Worldwide Gth Fd| SUS2S.97M I-0J9 — 


NOTES 


Prices do oat include 5 premium, except where indicated t. and at* 1 n ponce unlcxa olhrawria* 
indicated. Yields % tabown in loci comma' allow Kg' aU buying oxpeaaos. a Ottered prteee 
include ail expense*, b To-day’s nrieet-C Yield based on offer price.-d Ebtimskxtg Tfrdat'a 
opening price, h DlBrlbutinn tree of U.B.<axe*.» Periodic premium Insurance plana. 1 Stuyi* 
premium lureraitce. x offered price Includes aU enen i u except iswM^crax^Su 

7 wared prire includes all expenses if bought throuri! managers- s Prtndoaa da Fa jrtee. 


* Not cd tax on realised capitaijalus mew indicated by ♦. 1 Guernsey gross, S S m a a Sl a d. 
♦ Yidd before Jersey tax. T Ex-suMlwisiou. 


QaMSlKl 

Dealings tp 0264 


b) 1SB Income fait 


lb) Da Accum.., 


C.T. Cap. Inc— 

Do. Ace 

G.T. loc. Fd Ua 

C.T.U5.6Ga 

GT.JapmiGcu— 


mi 


11711 0 
045.9 


96.M , M J 
ml .T. J 

ISOS 
155 3 


GT.Japm*Geu_,Ha89 imi ... 

:f 

60J» ~-J 


G.T. Four YdaFd.._ |584 

G. ft A. Trait (a) (g) 
8 RMWft Bd. Brentwoad 
G.fcA . . ■ jM.1 - 


3.40 
340 

7.40 

2.40 
0.90 
4 00 
JJO 
7 JO 


»tl TSBSeMtiah g8S 

4J9 (bj Da Accum.- — (93 J 
4J7 Ulster Ranh* (a) 
Waring Street, Belfast, 
(bolster Growth —134,1 



* £QS23323>i 

41.7a| +02) S27! 


SCilioo Coart, Dortung. Surrey. . 

BSsiEr'BH 8833 

Par ItarCaort Fond Bianagera Ltd. 

del W fr tMM Aaet MMgs — t _ ___ _ _ 

?r^JSi!ssJ" s ssE£ *««*“' 

ssaasst®' 

2S2 Slid) Hotb ora. WC1V7EB e l -403 8441 Da ACCOM.— P80 37.9(+lJ| 

Peer! Growth Fd- - [B d +{Uj |37 wider Growth Fond 

AgCTUBP Bte^ jj0 “Itoi fia EiugWSBiaiaSt EC4R BAR 

{O^T/Iirwu p^SStTrt »7 4J0 iBCOBteUa^ 


01-823 <85 a 

mm 


_384j+OJ 6J8 iaoub. Vsi#- 


K7ft 


*0$ U Accum. Unite- 


SLI 

m 


01403*093 

mm 


CLIVE INVESTMENT LIMITED . 

1 Royal Exchange Ave- London EC3V 3LU. Tel: 01-283 1101^ 
Index Cnide as at I gth J«iy, IS7g (Base 100 at 14X77} 

Clive Fixed Interest Capital ; 131.60 

Clive Fixed Interest Income U7.33 '* ■ 


CORAL INDEX: Close 494499 


insurance base rates 

t Property Growth 1W« 

t Vanbrugh Guaranteed 9_2<£ 

* Address rtnwh under Insurance and Prnqerfy Kimd Table. 








u 


tv..-, 

fc-'-V-V. 


r-c 

L - 


H: 


» - 


tr 






















EDITORIAL OFFICES 

Ani.Jfnl.mr l'«* Bo’s 1I5W. Anwlerri^m C. 

viminw .'w-'f’i 

Itirniiin-li.nn. 'inirvr Ui.ii'i*. I'lTorge Road. 

1 .•!«■% .LOttoo Tel nil 4VI U!S£! 

I Sett in IVf.-Ji.niv II llni--ailre - Id. 
Teles luaw-jj Ti'l :i«r.a 

JirnwN T>l Uui* 

ILK) T-l .ilUViUT 
Cairn I* * * Um*. iiHn. 

Tfcl KBttlll 

] infill n K Kilmilli.un Squ.ir*. 

r«-i. % mii r.’i 7a jc:i 
Ki 1 1 nin.r l.- h :» inihw Mrifi 
Tele. 7J-W4 Tel KU i3h 4 IS) 

I-'r.iiiUlurt J*n 'ijrllM , lll.H!« , r I A 
Ti ii-v: Tfl. av.r.w 

Jiili.Miin-O’iiriS' l’il Bi'i -Itf 
Tele. HJCT.7 Tfl. XWT.VKi 
I .Kf Inin. ITieU •la Ale<*na f*lH, I -is! ten 2. 

T.'lf \ liTvU Ti'l: WC StH 
M.utmt tl-imum-’lj ^ Madrid 3, 

Til +11 tCTi 


ADVERTISEMENT OFFICES 

Kirnnniih.ini i ;o.itv«' Ihiuie. liww Road. 

Ti-li-\ ICKli.Hl TH icn-tr-l nftt! 

Kilml'UiijIi .IT Ui'nrjn Mnwi 
Tele \ TU4B4 Ti'l- ICII -£X 4U» 

Kr.i'.iMnn liu S.irhsenlnecr 13. 

Tries IffifU Ti'l fiT-WW 
Iji-'In ivnruiwnf /I nitei*, TJ«* lle.vlniw. 
r. i tree -Cvi'Mi 


iliiin-lie^icr House. Queen Street 

Te!e\ tMbSUI Tel. U614934 9081 
Tvitt York- 7A Rockefeller Plaza. N.Y. 1WH9 
Tr[f\ L3S4U9 Tel.-ulTJ) 489 H3U1 
I’.-in- :$> Hue du Sentier. TSncL 
Trice 105WJ4 Tel: -MSA.91 
Tulivii. K.iMhrfni BuiJdinii. I-S-If) I* rbitanila, 
• 'hifd.i ku. Tele i J a7l04 Tel. 2» -W&U 


Overseas - adiertiM?menl re preseti unites in 
Central and South America. Atrirj. the Middle Ea>l. Asia and the Far East. 
K*»r inn her iIk.iiU, |i|«m«o puninci* 
iR'crgjMs Aihoni'iempru Department. 

Kiniiiu'iiii Times. Brucbeii Unify.*, it*. I'annnn Street, London EC4P -JBY 


SUBSCRIPTIONS 



obtainable from nrw-a«cnt! »n«l l"--f»;>JjlU wrlilw ulc nr on regular MiUirriptii’n frvi 
iiib-Miplian IK'i'anmem, * inonnal Tunes., London 

































































































































































































































*m \ j 


Ang&st. 3 lSHfc - 

* tyjj INDl^M§^)ifln®i • .- •■ INSURANCE 


1 % .« « „ 


» Hsr ttamSTyij _ iS.ljs 

WrtWhaiC! X 43--1 t 5 Jffi' ill 
7 |}s HejwjWiCJw.. •' ?2 ' ^ *335 -i! 
HS» 103 . 3 J 

I SB BewSflinio^ • 92 r 3 T i.t*-. ■»< 


28 HjrRttftarti 

. 5 * SS&Sm£ 

y*iHpkUwiUt 
286 Iftwfer'.V.- 
7 j}s Hom« 5 p_ 

vn i, -- l ^ - a vij 


-■35 

ll§ - +1;; 


120 _ 97 _ 
58 28 

*S| 172 148 
JX £ 16 % 955 
TO! IS*. 138 
* 3 ? 166 132 
®* -24 16 b 

.IX 029 007 
ft * 1 178 154 , 
f 250 196 


t + -*1 ffi IcijrlSlnsf 


fiSTir H? I +s HMnw » 

Sj&'k- ,f& r 2 !30 34 34 83 39 25 

JJg *8 938 - 82 — 41 32*1 

rfAaSL. £M I. tQSLDQ — 40 43 34 


tf» * +X #A 2 W *.« * «5 

355 :,- tV: Til-: la *B 1X2 
M 2 ♦? I 5 JK 2-0 7 C 7 9.9 |S 
M6 -1 HM 3 3 L 4 SXTOSmj 


if. aw a - 1 v :ti « » & $ 
Lm bbsse a* a P 7 , is fc £ 9 

§0 MFiter ’W ^ *5” 7-0 2.7 Jjg'.A 

I £»«,;=; a S: 

IClDdwri^ 'gstf ...... <KtH ~ 43 - sg-'. Jg 


eLaudSta-- 48 
id Lease dOc_ 245 
iPltwSjplOp 200 
1 Shop Prop _ 70 

sSraHrigS-Zb 335 


K-_r <?£« -I 43F- 


*£rnJ£r- fS ? 95 US - M - 43 34 LrodliroS <3 1 h 0 .( 

SfraX®" - 157 .. f .77 _ 7.4 - 235 1 % Lari Sets Sp _ 235 +3 MO 

Rfifear ^ +1 6.22 - 5.9 - £388 045 -111 Statin. £M8 +4 05 %' 

«&■&&’ J}.' - 058 £125 Ito.WKwv.TO. £158 +4 35 J 

Em&SSt 8J 6 ■*— $?* - M - 052 025 Do hftCtov.W 052 +2 QW 1 

ffiwEr*' ilfc ** 639 - 52 - 51 37 UruLari%-_ 48 . 102 

22 + 2 8.22 - 53 - 257 172 Lead Lease oOe_ 245 ..^ 025 ' 

S^S?« 1 - 2« +2 1032 - W - 100 77 UttProvShpiOp MO +1 && 

■Sayfer "5- »30 - &6 - 74 55 ton. Shop Krop_ 70 £<* 

ggn£ I- s ss 1 1 ut a is s = s 

gggfe « = St. « H “ 1. B E%E 3' -r & 

± 2 8 '!?% % HSS& >8 = « 

IgS +4 mm 47 3 J 1 L 3 Ml, 53 JtouoMew 5 p__ 56 -1 134 

5 ?? +3 2 J 73 8J 125 103 JhcklowuUjj 119 ttiL 2 

* 3 i +2 5 - 3 B 4.3 2 . 4 13 J 3 46 45 Nchon 46 „.... 103 


PROPERTY— Continued 1NV. TRIOTS-Continned FINANCE, LAND— Continued 

if | Sled RfcoM ffi Cir S|be! 1 ^ 1 * 1 Sbd ftfce + J® CVr[S!IffE BS^Low stock | Priee | + -*1 Ns |ctor|S|: 

! feS£S5W..? % JH* ysMi ll IiSISLl^S HipS S |§ g M = rlr 

b tferayn&WBt — 41 L 62 12 5 .« 22.9 ??2 Bfi [BnLlm« t 173 +1 4.92 l !5 4 . 2 | 36.1 y» lid 7 i.wt. ni 9m I ...loan low 1 ta; 

24 G 4 : 9 :J“ 


as] RE B 2 gb Low 

S n lr. a 


{+ «J Dto I rw 
I -1 NB Ic^T Sr’s 


Stock j Priee 1 - | Ns |Clr|Gr’s] PfE 

i5 I — I ~ 1-1 — 1- 


162 m attdMtieODpi 262 - +2 S 23 U 

IM 79 I gronotr lOT — 104 +2 13.60 13 

S If 55 +6 *233 II 

72 .56 72 4.1 fljw t; 


Aoimh ^ /-J fUflWOlllTLM. Atf .. — — — — — . 

K £ ? 59 25 iRair^jr £. SI— 59 ..... — - - _ 

M 311229 147 ha te.mto. U 220 04.0 2 J 2 18 2 &( 

if 5-5 20 16 RmwiiaeiBCiiL- 38 «.95 3 J 7.9 5 j 


LI 53 26.7 ljO 80 
3-2 47 25.4 ^ i 


tam IS. 135 

Cellork lOp 38 


[ 0 % 5.7 (q 4 - ]*3 
E 03 3.21563 f? 
! 5 % 2.0 3 J 26 . 0 < I? 

X 2.6 1346.7 LS 

o s rStme, 302 


M E? H i&i » s vasafe 36 
^ t 2 5 ^, .HI S- 92 W: BO 44 Kitdi-aTi-Ialfin 75 


l« 8 s. 20 p 335 15 i LS * 

337 tL 73 L 9 1 , 942.7 

EsUdcs- 26 ^ 32.8 

tmtIOd— 38 -1 2203 * 8fl <fc 


S= M I-TI& 3 U I M 






BS£l Tfff 'ft? 1 1 
3 ? SIT: | | 

»i sass *. *t $* ii mi&§' I ■ 

^2 temqw.-Li-. - 2 te +1 1 * 2.03 . L 2 U .4 113 Jg : £5 - 
10 JchasontBimes, 11 .:_i. ■. - - ^ ^ ?Hf-.i 

7 W 2 JohwonCtan.-. 94 .. .. 3.95 J.O 63 6-0 ‘ ma.’ 

375 obraaHlhrQ. 457 •* +1 - .16 -43 «8 ! 

32 JwnJdnfrilOp.. ^3 - .;. n v ^. 93 ' Z 7 102 -47 oS- «o 
28 halaoMoo 10 p>i 31 la > 1.98 XI 9.4 9 J> ttc. ’ rS. 

88 Kelggdk 98 ...u. m : . A.6 iO 4 i Su ~ 

S heoD^SnlOp . «. -2 R 60 13 53 Dim 7 
Ker*WlA:i 5 pi £10 : fl 614 2 0 2.4 & 3 t 


*Sg£jfnr- fU +4 Mil - 59 - *123 61 

BrifeafA’— 128 829 — 97 — 315 280 

fe/y. -rar— 829 - 9.7 — 169 127 

6.75 - 6 ?- 6 % 3 

§g«i 5W s. 8 a 1 t 

telrB ?«?!■:■* 


>fcKaySecs.*p, 23 S 1 LC b 4 . 

SOdkurslWb 1 %- 41 , m . — — 

HcooMew 5 p__ 56 -1 134 &.' 

5 *wWow(A .iJJ 319 th 2 J 5 XI 

Notion 46 XB 3 0 - 

Pe*h» SI +1 12.03 - 

Propjrfde*InT. 513 +1 6.64 11 

FVop Pan'ship- 106 a- t 2.5 21 

Prop kFuK.-A'. 312 +5 5 24 XI 


117 90 
134 ire 

328 108 

118 87 

125 94 

71 56 


56 Da -B 
75 CsDhrn 
194 fuKltia 


iTsl_ 89 +2 1 X 62 

— — » +2 • — 


04.0 22 1828.0 

JO . 95 3 J 7.9 57 

sQ120e 4 8.1 * 

— bOJ - 2 D - 
...... bOD - 21 - 

— 102 19.0 2.0 33 

,.— X 67 1313 . 410.41 


IHSL.L, 23 18 K^aiOp ...1 22 X 67 X 3 U. 4 10 . 

imkrUiisaJGea 91 335 XI 5"9 28 «l JamniiDa IIW- J 7 ...... &3 * &?,? 1 

SSi5£* f I « Sgia S &SSS: JS I f& 3 SH 

m »SSlHS a SSSgSttfV =B 11 ii ^ 

i & a rnM SF >g 9 ® - ^ - 


8.29 - 9.7 - 169 127 Prop serial.. 169 i-l tL 91 - 

6.75 - 63 - 6% 3 RaglsnPnjp.jp. 5 - - 

..-..852 - 8 8 — 15 8 Regalian 31 ...._ -| - 


M Khw-B-Zeaky^. ' 68 — 1. 439 .* . 9 ; 
f 76 LCP.TOds— ; » - +1 486 ±4 8.! 

32 LJUbdl . 37 d 2.64 - 3 D 

: ULC.lnt»iLi 1 39 +l*j 22J.. T jg 

53 tortWj 60 2.95 41 - 7 . 

1 V„ yg Lwlbasaito- 346 1 M 33 7.1 

•ij).., S 135 _- ...._ 415 -*4 5 J 

\ » LeBasiEdi 41 .._. L 85 - 42 6.1 

- -- S’l tobofit'obelJDp Mh +\- X 79 6 5 . 1 

■ |6 Lebn Ranis 45 :. * 332 r » 33 J 


ksrrzr 155 + ?„ i 678 - b .4 - B : 74 B*gira»lPrap_ 76 -1 gX 02 1 

RDAeslI^. 447 +10 9.74 33 32 14.4 77 59 Da'.V. 69 +2 gl 02 3 J 

SfwT at -■*•• 5 21 i7 U 78 125 .. 89 B«d» & Tnmptins 12 S +2 d 291 Z'. 
£S» a - -SI + 2 »■* - 5 D - 96 72 Samuel Props-.. 91 +1 *121 Oj 

&TOB +? ~ « - 118 S Stoc««n>p »P 112 +3 tl .97 .X 

yj&SuS S 9 1(ft - 03 - « Second Cttj l Op. 37 +1 tl .76 X 1 

175 §60 - 73 - 129 100 SlooBhEas-.;.. 123 ....„ 230 U 

Eg* 4 fS 168 — 33 — £U 4 £340 t* lOVonv/M 074 +2 QM 13 - 

270 +3 9 X 4 14 5.0 123 278 2 K» SiwkCTOvwsn.- 275 +3 XD 3 <t> 


_ : !7 M 
_ Z 12 fe 
10 2, 

2-2 < 59 * 


Mflrf- K I. E .. 1 335 I iil 6. 9 ( 21 . l| £5i ^ ^25 - 83 ? 10 ^ FatonRWfc..-. 

?*£>■ » ho 6.^227 i } E |f ^¥ 8^*5 ; i"SiS uibrs 1 a 21 


n Im-s iop_ 6% -% — 

stale l«v,_ 87 +? tl.TB 
B 86i 2 + 4 ia _ 


r,l ^-J«e 1??* 2k _!S* ■ , - - - 5 . 7 . 


17 HSL 252 212 fohnnalSets ffd. 252 .....t 822 
OD ^ g25*penil 4 . [nd 209 +3 630 

U Zl 503 12 £ afiwnLww.. 126 +4 335 
X 9 711 X 2 3 » 116 1971 ; ^ - 

is PI9Q7 82 67 .- Crossfrisrs 82 3.72 


tSSSt rn 3 HI 5 ? i'jss 57 56 teia f B 

SuSSiS: 197 J. Jf, 3 i 5 l 1 «g? 87 S «• psfleCsnolBp -1 78 |..‘.|l .41 | uf 5 i| 91 

*frls« 82 ‘ +? 3.72 C» 7.0 » 


104 tCpm , .' 9 ij £174 +2 OIOS 134 I 5 D — 30 24 Cumtftiulm — 26 0.81 LO 4 7 33 D OILS 

ItCmSersaZ 275 +3 ICO b IX * . ^ 41 'j rt ylS - ♦ ^3 ♦ UIIjO 

eriBJlJiv — 240 +2 401 . - 25 - J % -- - T, r,eTo 46 66 lAft«k 20 p - 92 - 

ePropwties 62 QiWjc * 3.9 * 42 nS?T?JnfFr J £2 +1 H H ?£» 164 31 4 BntBOTfleOZOp. 158 . 

J Centre — 66 083 12 X9 66 J 26 2 M Do^Tft inr £l 220 al .. . t! 3 i 3 0.9 91 19.0 m m BftL Petrol m£l 838 - 

i&CitslOp 12 Ual — 001 _ 1 M 140 Uo Cap 50 p — 147 +1 — — — — tu, uc TijPR 0 R.£v bb 

MBU H 4 — 13 J 1 14 4 . 92 X 7 ?® Jg IS f? |.gS.l 73* 42 tonahS - I 67 • 

PraoertT 21 — a« * 9 t * 1 « 106 prajura Coai d_ 140 +llj 457 12 4 . 926.0 r*7J. rqi n^a.inSiSG rsa 


I MOTOKS, AffiCEAFT TRADES ' IS : \% BSSfelAbr 

Vr- v ^ < Jfetori aod Cvcles ; 1 a.lxs 


240 1170 
71 mi* 


Motors and Cycles 


««1 toboCE^Mp 461 ; +£ 134 - A 5.9 F -53 -rl? 

36 tobaHairfa~- '45 :...t; 332 r £ 9 1 X 0 06 ) fs*» 

133 Leigh IKs. 3 p— VI +1. ».43 2J 3.9 feS IQS 2 1 13 a 

102 JmreCar.zfip. 337* ^ 5 ; . 23 ,^ 013.4 m tiu?- 

35 LepGroapiOpu. 75 F ( ^i t 3 JS 85 2 Ji 6.0 " 1 “ . 

57 LasneyPiwMp ^76 •• d 2.94 ^7 5 i 5,4 - 

« Larasetiop 142 - -1 5.4 ♦ S .9 ♦ ■ . - - 

15 LidenlOpdx 26 ^ Z. 1 M 182 

K liiufeayiWnB- 56 :- 3 S 5 -U E « 1 # - 

128 Uwtotries 146 : -1 904 21 9-7 X 9 ^ 

24 Un-iJUnGnu- 32 +4 M 3 Z 6 95 t 2 

34 tongHabSy.MiL « +J. gX» SJ S 3 ^7 73 T 5 S 

52 LnofonTtotas- 6 £: -i... td 351 37 8 J 2 37 . ' 

,68 tonSleUnfmJ- « -„s 14.70 23 6 . 0 -SJ 6 ' •■- - 

10 3 LmftBasarODp 271 1 X 05 23 9.6 , 4.9 -fee ’ 

54 MY.Dm. 10 nZ; t 2.33 3.4 XI 57 m. 3U,' 

28 UwuetoDLlSlp; 23 h ....- M 3 . 0 . 012.9 0241 

.86 Wc'rthvPh.20p^ 104 , +1 4 40 ' * '6 * •♦ -. IK ~ ' 

W JfaefwWG?- 71 V ...... 3 . 90 . .* 8 2 | «v 

105 MctadeKhtiPp 19 L, IPUi ?5 X 3 llfl « % i 


50 a— — 23 — w. _ — Ida 119 

sSi ^ *}. h i 1 « s ^ 

cdlfir-sp— M% — _ _ if .6 ."15 16 

-h .M 75 1 IW 3 * 30 

<>»» — 1 - < 112 % Oi X 7 30 D - 


afltrtftrk — 114 1 X 71 14 4 . 

’X Property— 21 -lj 0 J 3 * Z 

td-RealProp- 270 ._V 5 .Z 5 X 2 2 ' 

itawEsWfi— . 140 12.70 16 Z 

tatodlarXOiL 290 ..... 7 D 6 1 ! X 


29 eJs 156 (123 j Do. Cons. 158 +4 4.77 

I « ...... Ml 


rebb(Jcaj 5 p— 17 + 1 ; hdC .49 XH 43 ll 4 A ^ 

38 | 30 lMalu£| S»ifc|l» | u| sxfc ^2 "g^| 

V SHIPBUILDEES, BCTAmRBS « 

75" (63 Ss«rtharaLMp,| 63 I I — | — J — J — Mb 63 

157 . 025 Hauler a. 141 +1 1 X 96 XH 7 .« 1 X 7 ffi 2 58 

192 EB Waspen. 189 .— . t 5.0 4.3 X 9 116 « 

295 (tsmtep 1275 | | 14 A£[ 4.71 M 147 101 

••: ■■-• ■ " 218 VO- 


206 tL55- Po Preroer — 206 +l" 680 11 5.1 

65 09 R^'^^SOpj 62b 4X8 ID 10.! 


xo 4 7 33.2 Aff <2 15 10 

1 113 1 U11J 135 M 

- — - 46 66 U!t«k 30 p 92-2 18 43 

1-1 5 J 25.9 154 134 BritBornWIOp. 158 684 1 J 63 152 B 20 150 

0.9 9 J 19.0 896 720 Bm.PMrolm.fi 838 -12 22.43 4 2 4 .D 9 X 258 148 

- )4ji ,r, r.r, 76i; b5 Do ffioPLCl b£> 5.63*518.9135- 72 45 

5 *S“-| 2 ® + J, IS ?■? 5 |S.l 73 42 &innah£l _ _ 67 -2 - - - - ; 60 U 

ClHBd ~|J 22 bWS H f?^?£ 62%£51 Do»jLn 5 I 96 - £58 .. Q 8 b% — eUfi - 140 81 

H 15 ?2f Oib 750 ttCCP.Mh.wail £ 101 ;+% — - - - 40 10 

H 63 W l entire 10 b 61 X 67 31 63 59 220 125 

HiiSS-S 30 21 ChartertaB 5 p_ 28 -1 — 72.0 » 10 


|8 5,4 ; r. -CiaaiMHiRial Vehicles 

- •£- 12 a ;i2-.Ttkt&tmsZ. in X46 

B 4X 67 49 -htodenUSOp)-— 62a> 3 . 40 

9.7 :X9 ; 3ga * l^Ktetfamp 8 -fe. M S 

9i £2 89, 57b gfetcftfc'.. . 89 +2 fh3.96 

SJ ^5 73;-j;55 58 ...„.[fflX7 

Id B - i'ftHiiwieoli 


^ u 10 ' C fl M - 9 C26 3 * £12% OeFr.PwolesB- £24 (JMJlr. 1.9 7.4 10-5; lb 

SfflfeeSHif H V". rJ-rTo^W 350 ttnpflOilbl -. 425 -25 - - - - 1 © 79 

iS?*r? T ^ 3 H Rml 144 114 HO-.dhPeixd'l 12S +2 X02 86 12 122 1^2 »2 

h 3 F Hi J-agpj H ^ &«tora)c_ 3 b.--. - -J- 1 -J. 2 S 

6-122.6 190 134 


mlW.DtCU 239 +t 6.85 10 43 ) 33 8 S 

sctralnr.Tit.. 122 +2 508 IX 6.^226 iu 

l&t frB U SB 3 ^ 

1 l ( vrAn.*»(T T 1 A —1 ,4 £ 09 1 U to V ® 


[C«u1£i_| 116*j+2 16.87 10 

teTdMp_ VO*U-l 5 b 9 XI 


Ml5 




36 24 KCA ; 30 0.1 153 0 . 513.7 178 117 

190 134 LASllO 150-6 — 58 30 

□ 09 . E 97 USHOM 1 il 88’.-83 £ 981 * -b Ql« — cl« — £ 15 % ^50 

415 284 USMO-Qps'Hto. 370 -lb ----- 40 12 

26 13 M ym*u 3 »lc inr 20-1 — — _ — 543 310 

306 178 OilExpLIOp 210 -12 2 X 4 3 D L 529 D 300 50 

19 12 h Premier Cons. 5 j) lBb — — — — 160 §£ 

£26% RanperOU £20% — TO 35 


rltadi— 54 . — 102.68 3 ^ 7 .« 5.4 

wStream- 46 a {hX 46 43 8 X 37 

mm-HIp 62 ; Jt 2.07 3 .fl « 83 305 . 

7 &S i—~ 110 b —2 [ t 524 3.6 7 X 63 200 


1 *J \r 69 Hugo 
•** *«,** 196 


■S ESgBSE'^s:*^ S H» § ,§j 

h sssesJ; .a T W > » a w i- 

! >* Z &2 k £ $■ is fl BJ .11 * ■ I 

« Bafc: ”■ *V 3S I J £ «| fi 

: £ 05 b M*lwow 7 %j<; Qllb +Iij 07 %% 23 Ojl ,=^ 7A, g 
120 Maynards s£— 126 ^ +1 WJ -'42 5.8 iA <£?, « 

B ■ * j SF H w a. “ 2 I 

288 . MctoiBostf: — 346 - 15 X 0 3 X 65 55 

77 Ifoaiaosnm- 205 +2 «27 29 XI 8.7 

36 MeOoy-__ — „ ^ J 3 S . S 4 5 X 4 l 4 95 63 .’ 

49 MlC.jtls.TrWL. Y 9 .-; , — ftMl 24 6.4 9 D 21 9 ^ . 
£100 irssnto 5 pf&«. £120 +7 QS% 19 D f 4 X - 105 72 

t'Bp£l£«s«9XB 

2 ? MosslRuhtllOp- 32 207' 2 J 9J] 6.0 49 «!- 


— 83 - 1 , hl 38 8 _ _ 

BawM Brto— 69 -1 3.73 26 ) B.ll 65 348 1206 

;Mb tX 08 1 J 6 . 6 14 J 357 .104 
Day^-^- +b Otl 24 c 3.7 32 111 41 b M . 

Dw^Sto___ 242 +1 454 44 25 12 X 39 25 

jtatopWp-— 1 72 -1 538 2 J 112 4.7 145 ' 107 

188 2.89 44 23 155 255 - 200 

ft* 4 aB?hH 5 »- 30 b 0.25 ID 3 6 47.7 261 ^ 12 b 

iwt*' K +b M 54 33 24135 85 ,66 

WSKSa— 3 g -1 1834 43 X 9 93 138 104 

Sspnt&Wqilfip- 53 0.60 4.0 45 15.6 11 B B 3 b 

froug Rfe ^-- 1 « 4.05 5 2 4 2 55 140 60 

M&tfBfijdM, gi 2 3 X 3 33 7.4 £431 46 - , 30 b 

91 -1 356 4 w 9 63 4.9 115 68 

.99 +7 4.47 fr 6.71 ♦.. r . 

^ages iwd WstritHitors • & 


bX 38 8.0 23 8 X 165 U 2 
3.73 26 6.1 65 348 206 

tX 08 15 6.6 14 J 157 . 104 
W 24 c 3.7 32 111 41 b 32 
154 . 4.4 25 12 X 39 * -25 

538 23 112 4.7 145 ' 107 

2 .W 44 23 15 D 255 200 



SHIPPING 

UBHiniafl" 


g^— “ X£T Ote 5 H S '7 £4 ^ £35% R^ftSrhFiat £46%-% 053175"! 24 5.7 7.8 

S ^ Sli H H « I 6?0 455 SewreRes - 520 -20 

lST - S - ,22 VS - La Va h A SI 586 484 SheTTraa . Ret 562 -10 15.94 4 J 4 2 S 3 


165 135 7.7 1.3 9.7 S 2L 

254 -2 *29 4.0 4.3 64 S if 2 

106 +1 5x7 _ 7.3 _ ,£ 23,: 


51 b n P^-Pnnmst 51 -b 056 13 2 _ 

94 TO PtpmlvInv.Tai — 94 ...... 3.91 Xtf 6 : 

108 76 b FW Scot. W l_ 108 +3 289 X 0 4.1 

182 130 PwriCJiCoU-. 182 +1 13.83 X 0 3 ; 

51 37 PX.GXT.IR 025 I. 50 105 %c 12 6 ! 

39 35 b rtudinresiDic.. 37 +1 12.44 1 0 91 


9 ^ 15^186 llM tferoireltf ^:. TJZ -llRSTH sJ ^ IStIw 


20 455 SceptreRes- 520 -20 

56 484 SheHTrans Reg. 562 -10 15.94 4 X 4 2 55 30 

69 57 Da 7 %Pf.£l — 59 l 2 +b 4 . 9 % 11 B 2 12.9 — 400 

44 226 OS»bensit!.Ki£l 385 - 3 D - — — — 60 

64 £55 r«u*o+V*Cnv. £56 .. . Q 4 %% - f 8.8 — 300 


69 ) 49 . | DaCia __ 


66 -1 - - 


27 J, " Z.' IT 150 ^ IL/en. « LonnD cl. 150 +2 x*l Z. 1 I 5 . 9 |Z 4 . 4 fi«j [ M, 

110 +3 ' 497 05 6848 7 91 73 ■ g » CtawuWi , 91«1 +2 tX 81 Xl 6 X 22.0 1 % 86 

25 +3 j£i S3 If if '? 173 125 • General Funds ... 173 * +4 4.77 1.0 4 . 136.4 77 57 

„ - 5JB 23 3 - 51 ? , ?'132 97 .. Daionv . lOp - 132 +1 — — — — ‘ * 3 ' 

72 '•■*"■ 572 * Tft i 112 M GeaJpLMDO— 112 +1 4D6 1 2 5.4 24.0 

107 .7“ 8X7 i6 117 f3*Bi ^ Z£i 96b +b 3.40 10 5 3 283 

err _X htyi .jt ii 4 . e ' T . 120 72 b ^ i - SthWiL. 120 23 ♦ 29 * 

62 TL 64 39 t 6 9 Sf StosrarSIHJdrj - lloi ; *2 f2M LI 33 40.7 w 1324 

31 +b &64 3.9 } 33 21 2 + ? «•« ^ 2 ^ 50 . 9 ^ 1 ^ 


S3WL*«- « tS r, M LK & KS**W>^ 


A 1 v 7 S ,5 cor r; rarr; AO-1 -^U , print »./ — JUU <^u i l opeiu;Logs.__ 

t? yj, HlLaHaM 86 Weeks NetlOrts 170 - ] 165 no Hnhefemc 

St " 1^5 tl 1 M 1 S-i S-Sl 190 86 Ik* PH (W IOl. 170 ... . Q 15 %cl — 53 - 93 78 |,ln»H» 

477 1V-1M 77 57 WncdsrdeASCt- 75+2 11 9 Jsmnr 


!A i-tt « 5.0 ft o 7 , +71 

107 837 26 11 7 13.BI IS 

87 -b 6.64 ■ X 9 11.4 A 7 i K 2 , S 

62 ... . 1164 3 ? 1 6.9 JS?* % 


69 1+1 |128 | 21117 . 9 ! 4 X „ g* 80 ,_ +2 1 x 73 X(J 3 ^ 47.8 ^ £ 


SXi 

— ° § S' 
US S, 

- S 2 

- 81 68 


55 MyroGaUp— 66 +2 X02. 0.9 23063 rBl B 4 

62 NesbaFjStts.; 325 — 52 b 2 A 6.4 83 44 291 

46 SaUanfi. 41 . 1 - 49 . ..-, 335 - 22102 Sj» 45 35 

32 NitCrb’nwjW 42 ,— . X 35 — ■ 48 — 98 b 74 

£58 N.CK. 4 %WW:. £84 -- Q 4 %lX 9 «i - «“ 68 
5 NtfnwrideLeiA 71 * 038 X 9 7.6 64 51 b 39 

75 NeflHUAZndn. 90 +6 3.68 X 5 641 X 6 59 49 

65 NeUiSp’werWp 114 * +2 1203 6.7 26 - 7.9 38 29 

lib New Eton* Wpi.. , 16 b 699 ;. 27 9.0 64 50 b Zl 

77 Sn=ws ■ TO* + 2 »j 4.49 2.8 6.9 67 126 *}2 

158 NaruptmiOp. 170 * 'J KO.B6 29 MM 3 *101 74 i 
17 NhrneSees. 10p. 20 223 - fl. 9 l 6 . 7 HlA) *128 JX 2 

22 b Nu-Smft 5 p_._!l 26 ,-i. 159 . X 3 92324 148 88 
£91 Gw Finance CX- £99 +2 09 % |93 - £235 £12 

E8 OfliceAEtet... 113 -X- 414 . X 7 54 26 :95 72 


fe: 5 tb!.^ a 

gSZr. S ;i ^ a 

^ « 

*5 ? - se a 

re* ^ f 

Sfex S WX 73 46 

98 -b 336 * 

79 ...... 4 D« 28 

JfcifflW- 48 -b 285 3 A 


az Ofraajp 96 -2- 

S 

101 Parker RzhU'AV 120 \ 

100 P&ulsfc Whites- 123 , ¥ 2 ; 

32 Peerage lOp. — 67 .:. AX 
16 Pentlaadlfe— 23 •%' 

£325 OSZ +6 

58 PttmaiUto— 72 

14 PUDIpf Pates*; " W . X— 

33 PhotnCLon)— Z _33 : 

242 Pbato-JteSOp 327 + 2 - 


26 - 7.9 38 29 - M 

n aff b: is 

34153 *101 74 b Hurt 
167 Q 1 A) *128 1 X 2 Hod) 
92 1^4 148 88 to 

193 - £235 £123 DcX 
54 .76 - 95 72 - Hunt 

43 92 46 -31 leant 

165 17 84 65 Kem 

- 4 . . 87 641 ; 

4.1 J? U V too It 


issJI-raH 


^ « aa g » 

WFupj.. 1 

2 X 6 17 7.6 40 “f, ^ 

+X 40 4 J 5.6 5.6 & M 
1201 23 6.5 . 9.6 « 

B % n?i£ |. 
Si !■ li L « f 

285 3 A 8.9 0 . 7 ) TJ ^ 

H? !, » iL f ft 

asaMflAnc 

1680 4 103 * 

18.71 X 210 D L 6 ., ■ 

13.28 3 X 17 13.0 


SHOES AND LEATHER « f 

H 1 — 12-2? 1 « 


ksLil. £72 
oLUto^. 37 


gsgusra 

|X« S 17 83*37 tS 
067 5 X 44 'i 2 10 5 % 

®?Pi* 

fflhltSaB 


7 +- 109 <H. 1 B 38 57 ' 6.9 »bl « 

— » -2 t 680 4 103 4 

123 18 71 X 2 10 D 56 

H- pi 1 X 28 31 17 13 D 

£210 010 % 2 X 8 f 4 D.- . -; 

Oi. » -1 d&D 5 * 105 ♦ 116 80 

& 39 J 2 137 4.0 60 5.1 610 420 

— TSi; 14 21 2.6 8.7 67 130 83 

«. 87 332 42 60 53 ffiu ® 

H 63 12 50 53 60 32 97 62 

— 84 +2 . 6.09 X 9 10.8 63 145 95 

to, 34 - - 1 , 1 X 52 62 68 32 125 87 

fo. 8% - - — 183 450 288 

Bp 10 % ...... — — — — 102 35 

U 1 M -2 h 273 73 33 4 X 180 130 
ta. 43 -1 X 67 4.9 5.8 53 83 b 58 
SI 7 % - + 10.07 — 1.4 22 X 600 445 
E 74 -1 0.64 27.9 13 29 71 55 

E 44 +b 223 26 7.6 7.7 

m S 3 223 64 3.8 33 



23 — X 02 20 ) 66 {9 A) liob 90 

53 4.46 3.«226 33 9 p 67 

56 1 dX 95 2 A IDS 6.0 66 56 

98 437 4 J 7.0 4.7 66 -48 

55 tX 73 7.1 4.7 45 85 b & 9 b 

100 4.97 23 7.4 8.9 103 * 78 

72 +1 1230 5 D 4 D 5.0 l+r 160 pT<PWJni — . 191 +2 1602 ID 63)242 ^ S x 

Hi q b a gpi: a a ,3 - n ? <3 

a = i il n a tS* Ksf*— tT :=: &S, z U z | § 

91 +1 2 X 5 2.7 7 91 X 7 56 % 4 ^ tatoanuIAGen. 56% +1 X 78 XI 4.7 302 54 ^7 

58 +1 1430 24 1 L 1 58 8lb 65 b taenutllnv— _ Ob +H 2 2.66 IX 4 . 9 27.1 q£ I, 

60 - — L 75 3 2 4.5 10. B 158 107 tar. in Success- 158 +1 294 IX 28503 ia 

15 W -18 3.8 50 B O 89 b 62 b UrresorVCap , B 9 ); +1 tl .67 XI 18 49.4 4 j 4 

94 . — M 4 .te 8J 6.4 4.0 16 ) 103 7 irtineJ«p»n - 1631 ; +1 0D6 12 02 15&9 ^ X in 


76 X; 56 Da-EOrd 761 ; + 21 ; _ _ - _ ^ S 

128 .97 Globe Un- 12 B +Zij 5 08 12 5.9 222 3SX pw J 

68 55 GowOEUrope— 66 +b L 83 13 4 . 1 25.4 fG qc 

79 65 GtaD,se Trust — 79* +1 12 X 3 IX 4.0 335 £2 clq 

IP S ^ :? SF ii iigJi i 

SS i jgSfe ^ 21 €U & 1:1 H | | 

85 b Mb' QaUfflanlnt.Ta— aS; +1 274 LO 4 D 303 ^ q 

103 78 Hambrts 103 + 3 i> 3.81 10 55 26.8 70' 55 

TBt- mTrmtitloi im . i a dm e M «i 4 9 'D 


58 +1 1430 




I s TINS 

53 30 23 lAmalNiEHia ■ 

- 400 240 IXyerHnantSlO „ 

- 60 45 teeraRUn i 

- 300 200 fenumalSMl 23 

5.7 145 111 ffie«w 12 


77 68 tomuflUncSMOSO. 74 

OVERSEAS TRADERS ' Sis too Sfewr. 39° 

73 40 APahan^. 68 

305 +5 h 3.57 190 1.8 3.0 62 - 50 Heiickalen ] 0 p 58 

1 13 -1 03 5 c XI 19 48 1 235 165 Pctdi.i«SMI 230 

151 th 4.19 4 6 42 5.7 61 49 Saint Piran 53 

57 6.29 IX 1661781 bl 47 SwAhCrrfiv lOp ... 51 

58 +1 X 52 « 3.9 + 220 140 South Kino UN SO 205 

355 05.0 10 3 6.4 t> 330 230 SlhnMDavunSML 305 

154 +2 h 4.43 32 43 9 J Z 28 134 SunceiBesiSJIl. _ 205 

£65 ...... 012 % 2.4 19 22.4 7 E 55 Supreme C ott<.SM\ 78 

537 + 22.11 22 6 X 10.4 100 85 ran>inc! 5 p 88 i 

97 432 2 X 6 D 68 100 74 ToORkDi Hrbr. SMI 92 

368 -7 1523 q 2 J 63 8.9 233 148 TTonohJAU 220 

26 20 D 7 63 - 42 


29 nl| [t! 33 | 


8 . 9 ) 85 150 7012 
170 103 
248 228 
51 41 b 

51 44 


SOUTH AFRICANS g S 


16 -2 h 2.73 73 35 4 X So 130 

43 -1 X 67 4.9 55 53 83 b 58 

7 b + 10.07 — 1.4 ax 600 445 

74 -1 0.64 77.9 13 29 71 55 


iSpS 

28 m 

48 

§ a E 

60 liuo 


px IS I 

lo«, 46 ! 


gis 

D.GnMplOp 74 + 3 % ^6 

Dnroup 5 (^>_ . 151 ; — 

HMtm ^-39 • .X.. X 93 


5i NEW^PAPEB^, PDBLISHEKS ™ « 

ilnfUiimi 


220 -2 $ 20 c 

ndsP.aljel^S +4“ <ijc 

93 HI © 8 c 

410 358 c 

75 +3 

180 OTOc 

m 2 +1 QUc 
595 +15 <X 2 c 
65 QlDbc 


TEXTILES 


5 Sfftlfft BS ;? l 1 , : oa6 | B 

«aa= 2 s i.aa n urn a [a 

etor IntlOp 49 j. — 355 11 1 X 7 119 

.Cap. 2 p 5 % — — — - X 

*OMlnr. 50 jr^ M 3 +2 6.09 11 6.4 2 L 4 * 

teViarln.- 100 + 1 % 2.44 XI 3.6 39.4 


537 +2211 22 6X 10.4 100 85 |Tanjm ? 

97 432 a ii U 1 W 74 froURkali 

368 -7 1523 q 2 X 63 8.9 233 148 frtanohS 

26 3)67 63 - 4.2 

13»2 - - - - 

58 -3 6.65 23 17 J , 2 . 5 , 

£ i" 

W Z 92 19 5.0 7.9 

185 +3 17.82 73 63 32 MTi 

IK +3 P -82 7.5 63 3.2 „ „ . 1U *‘ 

32 h + 2 b 44.43 13 f 5.8 61 ->5 Bmnun 

5 t;B B— _ — _ 17 9 '* “ 

HO hX 78 33 24 263 300 215 

245 +3 ADO 4.4 40 83 ^65 245 

58 +1 315 2 7 8 . 1 154)234 164 

£94 +1 08 % 18.0 185 - 90 30 

64 thu .76 110 L 8 7 J £?2 750 


6.65 23 17 J , 29 , COPPER 

1 X 40 | 7 J 89 ^ 100 HO UfttSinaHKO 1 86 | |*Q 30 ci 19 ) * 

% ?! !! H MISCELLANEOUS 


9 Bunu Mines 

5 t'oas March. 70 c i 

5 \orthfiateC 51 
4 RTZ 


64 D .4 311 


■JT 45 43 

. 180 120 


51-1 - -| — 

14 ...... — — — 

230 fQ 30 c 26 t 

375 —5 — — — 

230 -2 9.64 ZD 63 

55 +X — ■ — — 

875 ..._. — — _ 

45 135 + 43 

176 * +3 Q 7 c 29 L 9 


+ 110 0 + 100 :• 75 {LueViewlnt.— 100 + lb 244 

* 1 47 J 44 38 Unc.Al /41 lar. 42 +b 1.83 

X 714 X m 87 b EirDebf otuie_ 112 +2 437 

j ex ^ Olb&StltHrsIp Olb 274 


ffra 

pc 0~6 37 § hSv^S 

Me 4.0 9j 2J 71 g 044 .AdMtl< 

52 c 52 323 95 Ldn.6Helyr 

KSuS s? 


11 6.4 214 11 

XI 3.6 39.4 , 

XI 63 Z 2 J ml" 7 ? — 

IX 6 X 214 “>* >*■ 

ardStlgRrsIp 01 % 274 — iqj 75 

tolntXDtaup 38 +1 f 2 X 1 ID U , 4 129 127 65 

xCap-Sp 27 +b — — — — 17 111 , 

Vsllonetlnv^ 36 dX 52 52 63 ft 62 31 

il Atlantic— 71 +2 3 D 5 10 64 229 305 165 

L&GartSDp, 76 . +1 tOJl XO 0.6 M 7 J 49 26 

bLfcHeljrood- 123 +1 3.65 1.0 4.4 343 47 23 % 

LlrLennox— 59 +lb hLTO XO 43 35.7 121. n 7 

l*Uv. lto- 25 0.60 13 36 326 375 al 


RUBBERS AND SISALS 

* I Stock | Price | + J*1 m |cn|S* 


NOTES 


BfilMRrrffimu 130 . ...... 475 2 .' 

I 128 ..... 4.75 2 ' 


60 Randalls 69 . +lv <a^ - ,-Xa w. 42 

226 Rtnk(man — . «- + 2 J ML® X* Afr _&4 # » 

392 RerkitiUiLSOp,. 497 , *3 l 0 J 7 X 6 ’XM 9 ^ ;S 

2>2 RaHeutoGiiss- 299 Fit 08 15 £3 Mr JS. JS 

42 . R*ed&jf. 5 p— K. 279 ' JU -Sjpftg ^ ^ 

102 RwdlnlLil^ — 149 t 8 .l 2 f 5 .« 6 .*^ 

68 RelypaPBWS— . 82 . — . 4 X 6 -. 13 ,73 ti Si t?a 

145 Rrawsainch^Sti. 300 — 1 <Q 0 % rfe- .25 + % 5 > . 

35 RrnwirlGroujX- 42 -2 1 &T Tj [S 6 T S 

114 Rcstuw— J 2 150 + 2 ' 14.91 & 4.1 

56 Runoie — — Ub — 04 M M IBS ( 7 J> fg- g? 

■§ tesetr.-f.sirrat *m 

1 D 4 Royal Wows — 160 . +» 6,49 Oi 6 .0 3 X 7 - 
45 Russell I.UIO^ to* +5 227 . W ♦. . ; 

nS mL ZZ ^81 22 63 £3 v/j"' 

£gb ^GdpinTkslOO. g ..u. |UAS« ll * 6 12 X ^ 

£43 Scfchanbekser® £Wb ^ 8140 *= 12 ♦, » 

65 Scutnw. 7 B 329 : .25 6 J 9 J . 6 # XK 

3 Sc .1 RcyrrtaWc.. 44 + 1 .. M 91 Xl 3.1 5 j 6 IM ' W 

85 s-nj 114 ad -I’ 237 F . 9.6 • 48 » 

27 b hows BMPs 4 Ui +X, W 31 24 4.7 13.7 » 15 

56 AvuntwGo— m ,..L. t 2 D 4 ».l .XX = 7.6 » 65 

57 Pa A K-V— 320 . ^ 1254 10 J 32 73 77 ,46 

6 S timntvSemres U? HI 1 X 55 . W 45 Tj ,« 50 

67 Dto'A*K-V— . 1-120 fcJ -35 64 44 72 & _ 18 

69 5 hwnaWwc 20 p 112 ti 244 27 - 32 63 ffi -32 

P 65 SiebeUnrma&~.] 188 — 5.67 : *■ . 4.6 -*r 129 

SOeutturhllOD- 90 6271 5 X 65 48 56 43 


♦ 35 b 28 
7.9 42 28 

8.7 10 % 4 % 
• 7.1 16 10 

7.0 53 35 b 
195 64 41 

5 J 17 12 


360 — W 659 3 $ 6 
S 2 +1 3.73 2.4 10 : 

75 292 6 .a 5 J 

74 * 4.97 19 10 . 

25 h& a , 

30 b ST 3612 ' 

30 b 246 X! 12 i 


' 200 157 
123 93 

ft, g jj 

ii'g 
Zl SS -3 


tiLrt.lOp^ 25 —.. 0.60 __ 

LtLcmood- • 82 +2 244 XI 45320 120 65 

l+c Montrose. 200 +2 t 533 10 4.0 712 135 56 »’ 

[*Pro» 123 +1 3.45 XO 42 362 84 41 b 

tPrndentiil, 82 +2 259 10 5 .? 28.6 29 

i — 46 +lb 1 X 40 1.0 4.6 33.4 163 69 

__ 111 +2 M .19 1.0 56 25.9 83 36 

— 53 ..«.. 1213 1.1 6.0 228 54 30 ix 


K S 48 Lnbndlm — 53 ...... 1213 1.1 60 22 D 54 30 b 

Il 2 W ITS JltGtolto-.lDp 200 M 1279 10 9.5 17.6 81 55 ? 

ST 120 90 Do CtoP-lOp. ..138 -2 — 82 37 

ll ^ 79 to MZ&Ihr ^ 84 . 5.14 + 91 + . 


rlfail.VSOp 350 13 X 0 14 56 195 64 41 

k Allied -.V 60 +1 D 2.10 13 5 2 5 J 17 12 

iontCclrh. 80 a 2<6 + 5 0 + 60 39 »* 

toCBMties:. 80 .—. +57 2 8 8 5 6.4 * 7 2 341 ; 

isats:2 wuu)i& a 


12 + -17 55 

l I 

AS-rl 69 50 


69 rfhwiutfircaop 112 ..M~ H 244 27 ). 32 6X S 12 

165 SwteUnrman^. 188 5.67 1 +_i 4.6 -* r 129 - 111 

4 <P 4 SOentmshllDp- 90 h 2.71 [ 5 XJ 4 X <8 55 43 

. 40 Sliwietie'.Vffip, 44 . — XS_{ l8lX< 68 'TO, K 

17 pihlrtiwBelOp. : 19 £a. dL 22 f Z| 9 D 68 TO 63 

70 0 na 8 wnai*A\. 1 ® +# 187 J^:X 0 7.1 in 103 

95 % SteSSo- 123 - ...... tS. 49 { 2 ® 6.7 44 51 40 

57 b sSSSSmAZOij M riK -47 2 | 50 8.3 « 61 

139 Snfiihs I jk& 30 p . 179 ^ 17 X 6 1 2 | 62 ^86 0 )% OD 

18 Solw.Lw 30 p.__ 56 - 2 . 192 - ! 1 * 10.4 JS.l J 1 64 

26 J. itewc . ..ZZ.- 38 ..„ 238 * JILT ♦ 217 US 


Mint 2TO + 9 D 3 

Tfnw |-nji pq yn 259 AD 8 
■BnddWp-,. *k T — 
ntiedfie&KP, 1*0 - ^ 4 X 1 
5#)W»— 202 ~ 5 hD. 4 a 

268 -iS 2.00 

LNwsppen 354 : « 14 X 9 
fce(a*Pu£lp 57 ^ 136 j 
tom Bros. 20 p. 43 J+b fL 42 ' 


PAPER, PRINTING 
ADVERTISING 

-46 lAisoc.paper_. tt- .j... t 293 4 

% MSfiS 1 ':. ^ t . S i 
SSKfei: S ■ z: is. i 

55 BncmtinBCrp .. 74 d 3 D& 3 . 
54 Dn.ReancVl 6 _tt w. dX 86 3 . 
93 BmulPulD IK. ^ 4.95 4 . 

S Sfc S^s ^ I 
M §■ r: & i 

50 cSwtD-wmOp 6 J,i AS.: 3 J 2 4 .' 

IS C&Ker Guard — 22 -r 102 - 3 - 

1 X 1 S^.?L — _ 12 fr; $T j.U n 

43 • E**Lna.Ppr~ 55 = C- 335 Z 1 


199 " Srt befej-PB ’TOM - 2 : b 8 X 7 4 : 

iS asseff sa. 4 

,6)j SSaRn («. -:_ , «b 09 J Xf « 

165 SS 1 + 1 ' Si : 5 D 48 S 87 . 

ISfflS » ii -gfiR f 


6 63 Flmy«ckH)p_ TO . ^ *260 

7 1 Q 3 WL ne. w-re 

X 40 Deere GrtWlOp, 44 ” K 3.05 

i 8 61 • HanrtmftSons. JgJ 4 TO 

«% 06 % IPG WCts. £ 2 Sb +% tSXLX 

A 64 ' - levveikGtto 5 *p - ,678 . fL 93 

T 168 . L 4 P.p£fcr 50 p a,- 985 


- 4.43 X 6 129 7 X 39 b , 293 ; 

- d 249 23 9 X 7.1 37 31 

- 4 X 2 ’ + 33 + 149 99 

- M 3 . 4 D 5 D 2510.4 149 98 

S 2.00 23 Ll 516 80 55 

14 X 9 3 J 6 D 7 X 35 . 25 
hX 36 3.4 3 D 9.9 38 25 

:■ L 42 -r 3.9 5 J 6 X 114 85 
105 79 

13 b 10 b 

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m - s s 

:jauf4^| 1 

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. 3.89 20 R 2 9 . 4 , “ f| 

- 323 3 D 93 i«i:SL 

i d 3 Db 32 73 6 . 0 , J. 

. d 3.86 33 93 5.0 1 £ 

; 4 .K 45 U 4 . 7 - |5 || 

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332 4.4 73 4 . 7,2 

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- 426 2 D 9 . 9 ( 62 ) ^ » 

tiXUO 3D 3D 82 25 18 

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7 % .. ... - - : - 42 70 . 70 70 .... . - - - - 

S i l Ti *n 7 , « 40 Meldnmlnv 44 xtf 1.88 10 6 4 22.9 

2 ' 2 I?L 12 12 H ^ 33 Kernn*neluv_ 44 i a +1% 1.27 12 4.3 29.0 

2!U *- « ' 7-5 52 BO 62 KmhantsTa... 80 +1 264 1.0 4.9 302 



. |) ? :irX67 U *2 

37)2 213 31 8i i 42 i 

30 d +1 246 4 122 + 

71 b 331 3 4 6.9 4.9 

39 i 2 +b 1.83 3.7 7 J 51 

122 -1 7.67 13 9 . 4 iJ||, 


TEAS 

India and Bangladesh 


7 . ,Ti 531 ; 41 

« 68 50 

85 i 42 t 44 25 


I 89 


- labil^afciwTte 

r.lan 7? pac*p 


.. SSb+b xre 1-0 44 ^ 33-1 250 175 

>p 60 i 2 .... 0.89 13 1255.7 385 280 

_| 37 +1 | — —1 — 1—123 104 

,-a sec Finance Land 30 20 b 

_ 89 aJ +1 3 88 X 0 | 65 2 X 9 350 350 

„ 107 +1 44.82 XO 67 22.1 245 180 

L H 30 Qllc 0.9 0.7 1522 420 370 

_ 19 +b 156 XO 12 . 6 1 X 5 27 22 

- 231 — _ _ — 249 181 

... 22 + 1 % - ----- 183 138 


50 UteL 3 <*onl 0 p 60 b I — • 1 0.89 
25 rDaWmsCLlI 37 J +1 \ ^ 

78 bfis^i-wfem 


S lUWi 


&L R 12 -&.H « 31 b X V.+Gttfflure. 40 ...... 0.41 


80 12.42 26 43 12 D 77 11 iwain 

M ?S Hg2 H 100 781 ; NtkAj 

38 ...... 254 28 1 Q.C 53 11? jqu \ihri t 

108 -1 hOD8 2D.O ai ailM 95bi& 

“f, ill J* 1 2-5 61 51 Oil k s 

ia a “V Ht 15 M H 59 47 Outvie 

?? -1 1 * 333 99 Pentlffl 

71 4.61 + 102 + 75 AT Prn- S 

45 ...... «D .17 0 9 103 SB- 27 % Z 2 , 

33 t J - 3 | 137 1 IM £££ 

H - 2 J \\ -4 41 36 

S ilL * K * 36 22 Kigras 


DGaHronre. 40 Q.«l 0.9 15 U 41 

torest 77 +1 h 296 LO 67 25.0 

AdaaticSec 100 +1 274 IX 41340 

L.+Wleen- 112 +3 289 1.0 3.9 38.3 

J«raSees._ 122 +2 330 L 2 43 29 J 



'“•8 1 X 2 79 b Ntim.Aneri«n_ U 2 +3 289 1.0 3.9 38.3 21 ° 1*23 fLiun 

tnc J 1 222 99 b N«OieraSees._ 122 +2 330 L 2 43 29 J 

rI fi 6 i 51 WftSppttot. 58 ai 213 + 5.5 « 

B -9 7.1 59 47 CvtyncHm 59 1.55 1.2 3.9 326 siq I 390 [Blan 

9-3 SA 233 99 Pentla*dhv._ 133 +2 4.11 10 4 D 324$65 130 

JOfi. TO 67 Pr^Scs-.lotJOn 68 +1 284 XI 6.2221 110,0 


Africa 


* 27 HLZ 3 ); Pro.inei+Kitittl 27 b +b L 50 

137 [204 utaeboto. 137 [+1 13.76 


49 -1 h 282 3 6 

65 hX 53 SJ 

19 dl 07 28 

9 -b - - 
45 b ~b 0.1 - 

62 457 15 

43 ( 13.35 0.9 

48 167 5.4 

103 3.76 42 

42 +1 X 47 35 

68 334 22 

130 -1 3.29 . 42 

43 e 036 « 

76 §323 66 

15 0 . 70 . 21 

U 0.70 21 

92 _.X + 4.76 3 3 
52 +2 td 4.00 3 X 
82 4.49 + 

44 273 29 

22 1 X 05 3.0 

62 . — 1 dlD 7 92 


4-2 X m 2M R»*wnc 137 +1 13.76 

| .4 n 36 T.r ilewd| Inv. _ 36 1 X 08 

li ?- 36 22 Ki^msWsfcCip 35 012 

f | « 186 148 RnerDBem. .186 +1 813 

M H 155 123 RnerPhtoDet. 155 634 

24 D 5 £631, £ 46 % Ronecoia-lFCO £ 61 b - <K 5 V 

“ , — 635 167 Di>SulL 5 h'aFT 5 612 Q 256 °i 

an m f4S % £ 36 % IRoIidcu NV F 130 . £ 48 lj s_ 

1 - 2,54 «r 325 485 2 _.... s_ 


3 S S 8 *>a- ™ Iffi* 



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4 l 4 


82 


15 


75 


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7.6 


56 


3 is ns 


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?.l 41 3^6 
Xl) 45 306 

XL 6.6 210 
1.1 6123.0 
10 52187 404 |140 
XO 52 IB 6 416 &4 

- — - £ 38 % £29 

— - — 178 7 S 


MINES 

CENTRAL RAND 


95 d ...... 279 4.71 4.4 

125 —2 335 13 41 Unleae etbenrlae todicatcft. trim and m< dMdnto an tor 1 

ID — — — ponce *nd inmiuilwi Kt tsp. Bettnaftrft vHcdaralBRO 

56 173 XO 4 D rtalm ond c+w ero hmed on tototteanatl wpoHaan+aceomim 

245 b 2 B 4 XO 17 and. where poutble. ate updated as haItoeul7llciire*.raSo ora 

43 hi 40 12 4 8 admitted ma U* tmis of net dtoCHbndoo; bracketed figures 

44 h (13 fl 12 101 MImui 11 per coL nr mere ffllme* If on "sir 

10 0 % * R1 itiiicrUMrtloa. Coven are teed ra “nartmuin - dbaOrattw. 

■m ?c rV Yleida ore hoMdjWi ■Iddlaprieeo.an vno,odJmMto ACTaf 

im r i" Atit* “ f AMvor cenLudaltetomliieof dedm+dtoMtoottoaonwl 
iff , TXn o ~ rtorttt- Benriifn »tob rtwnnmiiwtfcini other than ittflfaw n» 

77 II Dili 80 L5 3^ * tho InTC^anent teltor ^tantoOD. 

53 ..J... Q 1 l£ 08 4.8 ft SMutlnf HHM mnitwl MfnHHMwhli.h li-lwh lt nOuM ug 

162 +2 + 4 .D 6 XX 3.7 dollar premium. 

75 ...... hOISc L 9 4.6 ■ -Pep- Stock. 

49 ...... h 0.44 3 X L 3 * Hl«lm and Lowe marked lims have bean ndjaatod to aHoW 

76 at f 221 20 4.3 for rUtht* issues for cash. 

70 . nL 52 19 32 * Interim store Increased or m o urned . 

t Interim since rodneed. passed or deferred. 3 

it Tsviree to noo-re^deMs on appUcatioo. \ 

1 O « Ficurcv or report awaited. - 

Tt l nlistcd security. * 

,, * l-ncc ai time if suspenstoa. 

2 HgiaueSn 1 Indicated dividend after peodlns ocripaixlfar rights istsa: 

... .... rmer relates to ptrvioua dividends or Iorocasts. 

‘95 +965 5.9 5.9 * Merger bid or reorganisation In progress. 

305 bio DO 4.9 Bit Nor comparable 

117 7.11 3.7 9.1 + Same interim: reduced final and/or reduced earning* 

30 +b + 2 D 1 X 610 .D; indicated. 

350 bl 5 — 6 4 4 Forecast dividend: cover on earnings updated by latest 

2 30 tl 3.70 27 8.9 interim n Element. 

37O , 15J1 40 62 * L ov 1 r nlluws tor convention of shares not now rutinf lor 

2hl, Hi'-" apsis 31 in? dividends or ranUne onfy for restricted dividend. 

21Q * * la ho aa rno'* Cover does not allow for shares which may also rank tor 

f 70 q -I* a ? 77 dn idend at a future dole. No p/E ratio usually provided.* 

i/0 w * Excludinc a final dividend declaration. 

H v a + Regional prtev. 

l> No par value. 

2 B 3 1+3 I 4 4 ft : 1 a a 1 » TOs Iren b Ft Cures based on prospectus or other official 
1 I s-aj i.J- csiinmi.:. e C«ing d Dividend rate paid or payable on part 

» dl ■•apiial. cover based on dividend cm full capital 

* a e Redemption yield, f Plat yield, k Assumed dividend and 

610 I 1 50 76 l + 1124 7 * 61 . b Assumed dividend and yield after scrip lame. 

-ion I"— 'I n'pn >Tfljino 1 Payment Irom capital sources, k Kenya, m Interim Usher 

■ iDU * * -t*au | fhan pr^i-iom Local, n Righto issue pending ^ Burnings 

bated nn preliminary figures, s Dividend and yield carlude a 
_ _ special paymenL t Indicated dividend: cover relates to 

hA pm ionic dividend. PfS redo booed on latest annual 


178 | 1 9 X 4 

Sri Lanka 


oq 5,210 1123 iLuntraU ; I 203 1+3 1538 i 19 4 1 * ?>* ,rct b Flcunu Ibwed on presportus or other 1 

ri , Sri 1 *“*“1 , J I “i ^ cmuiio. c Cenu- d Dividend rate paid or payable t 


eo mines, u Forecast dirideod: cover bored on previmmyear's 
famines v Ton free up to 30 p in the C. w VleM allows lar 


iz ^ 7 £ : 

ft 77b 43t; 

381 153 
ll 153 114 
« 34 

*3 112 82b 


iin-a^J 2 XW +3 7.31 13 5 . 0 ) 23.2 

StaL-. ] 74 ..j... 3.65 11 7 . 4 ) 19.6 93 1 57 I Z 

wTsL-. 132 +2 1437 X 0 5 . 230.7 37 18 


.AndrtwTs.,. 132 +2 t 437 
BL. 4 m.br. 58 D_ TO 1 ? +lb 1264 
«tCeotto_ 77 bi .... 172 


-Qtla'A’ j 


mu r 


LEX-lnt — 153 + 2 i 2 tl .57 IX 43 35.9 57 ! 2 35 

LEaropetw. 41 b L 52 Xl 53 243 105 52 

cmiibv 112 +2 1260 IX 33 39 .4 73 b 37 

LStartiSt. 225 b +3 335 LO 4.0 38.7 56 31 

L N^xstal 3 D 2 + 2 b t 330 IX 3 D 42.4 865 517 

t-NaXheni_ lx 4 b +z 3.41 L 0 4.4 33 9 63 31 

LOsnrio 77 b +2 h 208 LO 4.0 3 tZ 

LRd-lav 86b + 3 b hX 62 ID 2.8 53.8 * 

Lffiertani — 107 +2 223 0.9 3 X 51.7 

LWMtn.rB*-, 103 b +1 — — 

AJIafleeTt_ 210 +3 t 5.76 10 4 . 1 35.1 445 [288 

GrestKtoL. 9 !£aal +2 2 D 3 + 3 X + £ 10 % 764 

'Br. 93 ^ +lb ----- 105 Hb 


,... 8 X 2 XlJ 7.4 IBS 440 


t. 125 b 94 fectx. Start 4 St. 225 b +: 
4 J> h/a* n 9 IsritXatmial «2 L: 


,.Z. 236 * 1 X 7 + 217 . 168 H-fcP.PwteraOp va Xj... 9 R 5 

- 2 . b 8 J 7 44 42229 290 220 ^jjfcCW|ttod«ie£L- 209 ; £ fl*,/ 

3 ; 2 TO 63 3.3 32 93 .' 68^ -SSSsm... TO j 294 

..,.1 X 90 16.1 X 4 €0 196 110 wDsmABenSOp 1TO ^ gJl 


tiVJ 


65 bcncfnll HJdjs. 

. . 11 % SaanerCFjJOp- 
25 Sstilj*)d Sen - , wl, 
33 % MCdtflcSMrt^ 
Ell SarriunlftihraO 
7 f) svttePari(tc«ta 


IS . -T 26 X • 4.0 4 D 4 D -76 fiW* 
ID* +*: «ttD 9 1.4 g 7 32 D « 
ite -b- WITZ 24 9.0 6 Xf S i 49 .; 


W' 




• 6 D.t 7 58 »: 

5 D ' 8.4 230 06 -. 

J S 15 JJ *93 72 b 

3 326 12 - .ET 


■eOTerrlOp . 75 - * 3 d 7 

hy*M KL . fMSp BDl«t 
KP.BiilZOp «•'{ 228 

Saiwta?. m . *5 TM 

g|S» 

a? S' !ui 

Bter- S 'U 5 5 


:S-. 8B5fe= 3.: 2 ? « : h. ts * .- Tv 

*i i&'&jr 8 a.- olj ,|j j « 

. Th-Tiu wVfiSB. . fc ®42 Ji 7 J 4 X 58 45 
H. TbitiMaelnt^ -J^. L 0 g l* .« 230 IB »•. 
48 TilStaBT.a»_«. 136 « )A 48 . 7.4 mb 5* 

37 - ruoftjHRff — 39 -rX.. 7. - 7,* l» 

36 U Tow..-_ 65 - 2 ; A 3 8 44 29 f 2 »i, la, 

U 7 ‘ iw>iarR 30 B. W 7 +a M w w % w- 

Gib rttdttl’to.DSSL. £Z 7 b +b QR .91 -J }] - *95 79 


37 -fcoottuHR 


117 WitiWRato. w 
Gib rmwl’b.WSU £2 
63 . r»ftfppnP«— - 7 J 
V t , TMOfflWfiftSp J 
Ibn TitrnK&Sw.a-. X# 
9 ranrer Cur. 3 ? 13 

07 I’M? Jail ... 151 

:S8 1'mitrtl »&«<'*- ‘T 

-a umUfaiiop--— 

476 ItffltoB*. -«• 5 S 
UVi DaTN.VX 1 D 2 ». £2 

.55 LW ChWcnW ^ 

49 LnttrdiJaslndt. SQ 
Mb ILOWMWBp.. Z 


45 Ufi\ilOB(telIOp » 
1 B 4 ' /tUHRLaadm.. 220 s 
l P* tenieonteSSrsw. 9 n 

198 Afek-Prop*. lOp- 2 » 

1 W ts%28 & ip £ 

79 BesarocmiPropSs 90 
■ -47 BesrtriC H-iMf— '» 


% 4.7 27 ft g 
RD 3 10 D 16 fl .8 £ g 
Mh 3 D 7 3.0 6 J S 3 ” ^ 

S «c 4 X X 9 Z 32 73 50 

8 - U 8J10D ^ ^ 
2 6 . 7 .60 2.7 J? iS* 

19 4.1 3.8 9.8 £ 

0 . 4.4 38 9.0 « $ 

7.45 26 5510.4 ^ 

503 15 1 X 3 9 X jg ■ « 

+334 IX TJ 19 . 9 - 2 ? " 

M 2 33 7 J 6 D g » 
2 X 3 29 55 95 S IL 

1 X 31 XS 7 . 812 J |4 «b 
3.91 3.4 6.4 7 X gg ^ 

~ 72 48 

r ' ■ 1 1 

HBfiTJf?'." n 


^ 355 - 16 25 
059 - 12 45 
1 D 5 12 15 

JSS L 4 2XX 

0.91 - 6.7 


31 X66 13 

95 6 X 1 1 3 

% 

^ - - 

« 250 181 

29 1134 4.0 

30 XH + 

61 167 XO 

28 +1 102 + 

56 3.81 13 

48 b +b 2.76 25 

s =apf 

i_i ?o !!_ S 6 * 

.20pJ 39 +1 185 02 


4 D 162 119 Sett? 
7 -g. 134 b 86 Scot J 
3-4 77 b 55 % SmLC 
W) 162 58 ScoU 

| UT 7 72 b Scot. P 
*_ 103 b 69 SmLI 
^■2 210 161 Sec All 


95 > ; 65 Ser.Gra 
9 X 93 60 Da *B“. 

*■9 204 1154 b SennltM 



288 l — 17 . 


TOBACCOS 


ig? * Sffir V 

n g » JS isfe a 

f’isafeEiS 

136 145 aeriinelkt 386 

f| M m 7 b StoriS&»6m_ 106 

X 9 SD ioo a, rechpofeCT 100 : 

« 9 - 102 Bib rempleaw-- — 102 

^ I 7 26 Zlb 3 teo& 24 

« * 105 86 Do&ftfl 105 

7 % — ma me rnj 

79 71 ltar.ImaLlDe_ 75 

115 95 Do. Cm 332 

X 79 142 Trans- 0 ce*aiq_ 179 

78 56 WlwMlwesU 7 ^?i 


GrestKtto.. 95&1 +2 203 + 3 JZ * £10% 764 

-BT. 93 +H 2 - — - 105 71 b 

HtkjT. 3 c_ Z 04 +3 6.19 ID 4.5 32 2 332 214 

HWmJUffi 420 Q 25 c - 3.7 - 829 589 

alft».S)j>_ 137 .._.. 859 10 9 4 15.7 770 163 


+ £ 10 % 764 BidJrls 1 £ 10 % -J, 


tAL. RAIMi Icurtency clause, y Dividend and yield bused on metier terms. 

r Dividend and yield Include ■ special payment: Cever does not 
_ 404 +7 — — — apply to special payment A Net dividend and yield. B 

I - 356 +3 — — — Preference dividend passed or deferred. C C a n a d ia n . 6 Issue 

B. £38 tQ 350 c 25 55 price F Dividend and yi*M based on prewpertns or Other 

138 -5 tO 13 c 6 7 5 6 official estimates lor 1 B 7 B-RD. C Assumed dividend and yield 

~ ' after pending scrip aucUor rights Imue. n Dividend and yioid 

bused on prospectus or other official estimates for 

17 ACnP 17 P 1 V PA\m untro K Figures based on pina po ttus or other affinal 

EiAafiXSllU .91 lykll 1 / ostl mates for tSTS. M Dividend and yield based on prospectus 

oi t . M.- . or other official estunatrs for 1 S 7 B. N Dividend and yield 

S? . 2 Ijs!^ II A bajed „„ prospectus or other official estimates far 1BTS. P 

-X? , Sfcn ^ “ Figures based on* prospect os or other official cstlma t m for 

395 —6 J 3 J 5 W — 7 6 197 B -79 Q Cross. T Figures assumed. Z Dividend t«*l to 

119 -2 1 yi 9 c X8 10 D date. M Yield based on assumption Treasury 8 U 1 Rate Stays 

431 -9 tO 34 c X8 4.7 uochanEed until maturity of stock. 

57b +b tfec 12 31 

71 -lb tQ 46 e X 0 528 Abbreviations : toex dividend: we* scrip issue; IT ezifftlits; most 
55b — tl): <X ex capital distribution. 

51 - 11 ? Q 25 e 0.4 293 

827 -12 tQ 86 c U 62 “ Keceut Issncs ” and “ Rights ” Page 33 

Xr 2 — ^ - - ■ ■ ^ - - - 

ror p«vn rhi* service is available to every Company dealt in on 

Mi iuurii Stock Exchanges througtwmt ttc Uaited Kingdecn for i 

a [lit fee of £400 per annum for each security 


86 — b 
36 -1 

395 -6 
119 -2 


FAR WEST BAND 

IBlyvoerS 1 342 1-1 


hfUM — | Wi/UC 9 I 7 0 

OtraaJ R0.20__ IM -5 — — I - 

cnfontmRl— 331 -1 050 c +1 9.5 

fDncRl SOS -21 tv 78 c 17 ^ 65 

ntra«'M 3 )c.. 265 -5 - 


tiIMp 79 152 L2 Z 9 42 .fi 153 92 EliinrgRl 132 -7 

8lW 121 +i 335 U 4 . 1 33.5 £ 14 b 890 HartebwstB! £ 14 %-% 

Intake 158 +1 1933 IQ 96 18.7 648 408 HoofGokfRl 635 -13 

Cap.l 3 £l 62 b +1 - - - — 644 432 LibauoaBl 615 -29 

>peGta_ 106 m -1 ill + 4.4 + 578 419 Sou!tnaal 50 c 562 -16 

Kilt 186 +1 1538 XO 4333 X 322 206 StilfoaKUSOr 312 -8 

106 +lb t 239 XO 3.4 528 E 1 D% £31 Vaa] Reefs 50 c — £16 -% 

ofogy— VKM +1 264 + 3.9 + 289 123 VeOCTspostRl 254 -12 

^r__ 102 +1 b 4 D 2 XX 7.2 197 £24 U6% W. ttieTil. £ 23 % -b 

CWK 3 w 24 L 91 0 . 9 11.9 136 241 152 WtsttraAreasRl. 208 -8 

ULil 105 — - - — 954 589 Western Deep R 2 _ M 2 -12 

aortoe__ 77 +1 4.45 LO 88 17 J 258 163 |ZandpanRl 250 -8 

2%Loan_ £ 3 X 7 b Q»j% 208 17.4 - 

twLlne— 75 — i 5 .fe L 2 10 , 1 122 ./v »v « 

m 1X2 ..... 030 - 08 - OJF.S. 


REGIONAL MARKETS 


M ft a.u IM .sg 17 bmi>+ g, «• aw «tu tt I 

K IS . H 'll K B; i , sr I li i U 

s : z is, s | \ f » a®: 2- p -=. = « = 

E» +6 1 X 69 i* 3,5 7 A 0,48 OIS teUKCK 3302 - EM ZT. Q 12 % ' - fSA 



U 66 59 b 
5 D 157 111 
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» ■>. Frecbc X 4 { 9 * XoodOD Stock BKhaa+e Seport page 










Diplomatic Service 


changes rejected 


BY REGINALD DALE 


Lorry drivers 
seek rise 
of over 20% 


THE LEX COLUMN 






THE GOVERNMENT has 
rejected all the most con- 
troversial recommendations of 
last year's “Think-Tank" 
report calling for major cuts in 
Britain's overseas representation. 

Among the proposals dismissed 
In a While Paper published 
yesterday were those urging a 
merger between the Diplomatic 
Service and the Home Civil Ser- 
vice and the creation of a new 
Foreign Service Group. Also 
rejected is the closure of about 
a quarter of the U.K/s 222 over- 
seas posts, the abolition of the 
British Council and a major 
shake-up in the BBC external 
broadcasting services. 

The White Paper challenges 
the report’s underlying thesis 
that the country's reduced power 
and impaired economic circum- 
stances no longer justify the 
maintenance of a “Rolls-Royce” 
diplomatic service. 

On the contrary, it says that 
with diminished power yet con- 
tinuing world-wide Interests, the 
UK’s future depends more than 
ever on the skills of its represen- 
tatives overseas. 

Responsibility for the overall 


conduct of overseas relations will 
continue to be vested in a single 
Cabinet . Minister, the Foreign 
Secretary, so that “the right 
level of political co-ordination 
and input is maintained.” 

A separate Diplomatic Service 
will he maintained because of its 
advantages as a small, flexible 
and professional service. 

Nevertheless, the Government 
accepts many of the report’s 
more detailed recommendations, 
agrees that there is scope for 
further economies and staff cuts, 
and accepts the need for much 
closer links between the Diplo- 
matic Service and domestic 
departments. 

Up to 11 subordinate posts are 
to be closed, and “ mini- 
missions normally with no 
more than two diplomats— will 
be established in countries 
where British interests are 
limited. 

Defence staff abroad are to be 
cut by 25 per cent, the Foreign 
Office's research department by 
17 per cent and overseas informa- 
tion staff by 16.5 per cent (Diplo- 
matic Service) and 105 per cent 
(locally engaged staff). 


The cuts include a reduction 
from 68 to 45 in. the staff of the 
British Information Services in 
New York, recentl yunder fire 
from Mr. Peter Jay, the British 
Ambassador in Washington, 

The White Paper, on the other 
hand, rejects the report’s con- 
tention that many more overseas 
tasks could be handled by 
visitors from .the 'UK: and that 
spending on entertainment 
abroad should be halved. 

The present level of consular 
services should be maintained, 
but the service should be made 
self-financing through increases 
in consular and passport fees, the 
Government says. 

A main feature of the White 
Paper is the increasing emphasis 
on job interchanges between' the 
Foreign and Commonwealth 
Office and domestic depart- 
ments. 

The Government is to set up 
a programme aimed- at securing 
about 200 exchanges — 100 in 
each direction— over the next 
four to five years, in addition to 
the 163 existing ones. 

Details Page 9. Editorial 
Comment Page 18 


the knot 


iM t 
m ii 




BY NICK GARNETT, LABOUR STAFF 


THE TRANSPORT and General 
Workers Union has decided to 
submit claims for pay rises of 
between 20 and 30 per cent for 
private haulage lorry drivers, one 
of the most significant groups to 
breach • Phase Three of the 
Government’s pay policy. 

Settlements within private 
hanlage help, to set the pace fOr 
the country’s lm lorry drivers, 
including . those employed 
directly by manufacturing com- 
panies. 

The . latest -claim, well in 
excess of the -Government’s 
Phase Four pay policy target, 
was lodged" by senior shop 
stewards at a meeting with 
national officials^ It involves a 
rise of about 23 per ceot on a 
basic 40-hour week but could be 
considerably more when over- 
time is taken into account. 

A 35-hour week without loss 
of pay is also being sought, but 
negotiators say this is of less 
importance than the money. 

Although the' claim was based 
od the. sub missi ons from lorry 


driver representatives before 
last month’s Phase Four White 
Paper was published, negotia- 
tors say there will be no chance 
of any settlement based on the 
Government’s 5 per cent guide- 
line. 

Mr. Jack AshweD, the union’s' 
national transport secretary, said ! 
5 per cent was “ our of the ques- 
tion” while there was no room! 
for productivity deals because! 
drivers already worked to the 
limit allowed under the law. 

The regions of the Road Haul- 
age Association- will almost 
certainly attempt to stick rigidly 
to the Phase Four guideliues.fol* 
lowing sanctions imposed by the 
Government on some of their 
members for being party to deals 
breaching Phase Three. 

The regions’ deals ranged up 
to 15 per cent (against 10 per 
cent allowed) giving drivers of 
large capaciry lorries a wage of 
£53 for 40 hours, and some now 
guarantee a certain amount of 
Overtime. The new claim is for 
£85 for 40 hours. - 


There was -no headlong rush 
into tiie new long tap, as. ex- 
pected. and uKhon&h the ire- 
serve figures were a 'little dis- 
appointing the gilt edged mar- 
ket concluded that tins -was 'no 
bad tiling for the money supply. 
Meanwhile, everyone is waiting 
to see what happens to MUR to- 
day. Short term rates have cer- 
tainly eased over the last few 
days. But there is no -case for 
anything more than a*, nominal' 
cut. 


Index feQ 02 to 4953 


Trust Houses 
Forte U 


2D0 r’&w 
t Pfa 


Allied/THF 


Laker wins battle for 


Los Angeles flights 


Drop sanctions move 
Davies tells Tories 


BY PHILIP RAW5TORNE 


BY MICHAH. DONNE, AEROSPACE CORRESPONDENT 


SIR FREDDIE LAKER, chair- 
man of Laker Airways. Yester- 
day won another major battle 
in extend cheap fares, when he 
was awarded the right to run 
Skytrain flights to Los Angeles 
at less than half the present 
normal Cares. 


Fares on the Skytrain from 
Gatwick to Los Angeles, starting 
on September 26. will be £84 
.single ($162) in the off-peak — 
winter, spring and autumn — 
periods, and £R6 single ( S1S5) in 
the peak months of June, July 
and August. From Los Angeles 
to Gatwick. the single Tare will 
be $220 (£114) basic and S24S 
(£12S) in the peak. 

These compare with the pre- 
sent Stand-By and Budget Plan 
single fares from London Heath- 
row to Los Angeles by scheduled 
airlines such as British Airways 
of £S9. basic of £99. for a strictly 
limited number of seats. 

.The normal Economy Claw 
single fare, however, is £26950 
basic and £307 in the peak, while 
Economy C1o«s excursion return 
rates are £363 basic (£451.50 
peak) for a 22-45 days ticket, and 
£420 basic (£469 peak) for a 
14-21 days ticket. r 

The decision, announced yes- 
terday by the Department of 


Trade, means that British Cale- 
donian has lost its fight to re- 
tain its own licence to fly to Los 
Angeles. 

Mr. Adam Thomson, chairman 
of British Caledonian, said yes- 
terday that his airline did not 
intend to carry the Los Angeles 
route fight any further, but 
would concentrate instead on its 
existing services to Houston and 
its bids for rights to other U.S. 
cities such as Dallas/Fort Worth. 
New Orleans, Pittsburgh. Cleve- 
land. Minncapolis/SL Paul and 
Denver. 

Sir Freddie Laker said that he 


some time, although it has not 
used it since -it retrenched oh 
some Of its operations in -1974. 
fought a vigorous campaign to 
retain it 


planned to start his Los Angeles 
Skytrain on September 26, the 
first anniversary of the Skytrain 
flights to New York. He will 
using 345-seater DC-IO jets, fly- 
ing once daily each way. with a 
refuelling stop at Bangor. Maine. 
When bigger, longer-range DC- 
10s now on order are delivered, 
flights will be non-stop. 

The Los Angeles venture 
seems lively to he an instant 
success. Sir Freddie has said that 
he has carried nearly 200.000 
New York Skytrain passengers 
so far, and has made over £lm 
profit 

British Caledonian, which has 
held the Los Angeles licence for 


A recent brochure, circulated 
to MPs and others, had asked: 
“Is Britain about to get on the 
wrong aeroplane to Los 
Angeles?’’ British Caledonian 
offered a six-level package of 
fares on the route, ranging from 
£556 first-class single to the 
lowest “eleventh hour” fare Of 
£69 single,' which would have 
undercut the Skytrain rate ■ of 
£84 by £15.. 

But the Civil Aviation 
Authority dismissed British Cale- 
donian's proposals in favour of 
Laker, and it is that decision 
which has now been upheld by 
Mr. Edmund Dell, the Trades 
Secretary, on appeaL 

British Caledonian had earlier 
said that it bore Sir Freddie no 
ill-will, adding that his “dogged 
perseverance has assisted the 
necessary break-down of the 
rigid fare structure on the North 
Atlantic.” 

British Caledonian said it 
believed that the business 
traveller would suffer as a result 
of the decision. 


CONSERVATIVES would not 
support renewed. sanctions 
against Rhodesia if . there were a 
realistic prospect of free elec- 
tions under the internal settle- 
ment before the end of the year. 
Mr. John Davies, Tory Foreign 
Affairs spokesman, told the Com- 
mons yesterday. 

But he urged the 90 Tory back- 
benchers who have called for 
immediate lifting of sanctions 
to (bop their demand. 

If a Conservative government 
had to deal with the Rhodesian 
question, it was vital that it did 
so from a position of “unassail- 
able legitimacy," he said. 

The renewal - of the 
Rhodesian sanctions Order in 
November could not be sup- 
ported, however, if the elections 
planned for early December 
looked likely to go ahead. 

Mr. Davies secured a united 
Tory front with an abrasive con- 
demnation of the Government’s 
! policy toward the internal settle- 
ment as “ weak-kneed and incom- 
; petent.” 

i He warned that a massive 
i change was needed in the Govern- 
ment’s approach if the Tories 
were to continue a bipartisan 
policy. 

The internal settlement was 
faltering because of the Govern- 
ments neglect Mr. Davies said. 
The Patriotic Front felt that it 


had: only to intensify the fighting | 
for the country to fail into its j 
hands “ like a ripe plum.” 

Challenged by Labour MPs, Mr 1 
Davies admitted that it was not. 
possible to recognise the new 
regime because it bad not yet 
been given majority support in 
free elections. “We could not 
recognise ft, but we would sup- 
port it” be snapped. 

A mission should be estab- 
lished in -Salisbury to help pre- 
pare for the elections, and an 
“ observer corps " created to 
supervise them. “This would 
create the circumstances in 
which the contesting parties 
could meet od an equal footing.” 
he said. “ It would tilt the 
balance between the parties to 
something nearer normality.” 

Dr. David Owen, the Foreign 
Secretary, opening the debate, 
warned that lifting of sanctions 
would bring Britain into imme- 
diate conflict with the United 
Nations, the Commonwealth. 
African States and her Western 
allies. 

Such a move would result in a 
complete loss of influence over 
Rhodesia's future, he declared. 

The Government had a 
majority of six (171 votes to 
167) at end of debate. 

Slthole defends raid story. 

Page 3. Parliament, Page 9. 


Between 1050 am and lunch.- 
time yesterday, the institutions 
swallowed over £55m of shares 
in Trust Houses Forte with 
scarcely a hiccup. The discount 
on the market price ahead of 
the sale was just about 5 per 
cent Admittedly the job was 
made easier by the fact that 
THF started off with a relatively 
small level of institutional hold- 
ings. and the share price already 
reflected the widespread 
assumption • that ■ Allied 
Breweries was going to dump 
its holding sooner or later. -But 
the fact that such -a big 
operation went so smoothly cer- 
tainly seems to confirm the 
underlying strength of the 
equity market 

For Allied, the logic ola large 
investment in THF disappeared 
years ago, if it ever existed. ’Die 
only question was one of price, 
and a figure of -225p;a share 
had been pencilled ' in some 
months ago. This . has been 
achieved in double quick time, 
helped by the probability that 
THF is one of the gainers from 
the new dividend legislation. 

The disposal brings Allied a 
gross capital gain .of about 
£8$m, which by coincidence is 
roughly what the whole invest- 
ment was written down to in the 
dark days of 1974. And the cash 
will come in handy in n year 
when spending on fixed* assets 
and working capital could ex> 
ceed net operating ca§hi flow 
by roughly £20m or £30m. . 

However Allied ^niust not 
preen itself too ostentatiously. 
After all. its flirtation with THF 
—after including capital gains 
tax and carrying expenses— has 
cost it dearly. 


75 to the Government, and 25 
to the oil companies. This com- 
pares with the old target of 70:30 
and an outcome which looked 
more like 67:83 if- no changes 
were made. On the basis of these 
assumptions the overall -effect 
of yesterday’s changes is a 
reduction in North Sea earn- 
ing of as much as 25 per cent. 
The other side of the- calculation 
is that the Government tax take 
will increase by lp per cent over 
the next seven years, to run at 
an annual level of £4.5bn from 
the mid-80s. 

Oil share prices were marked 
down further in nervous 
trading after the news and & 
number of oil analysts reckon 
that the potential impact on BP’s 
earnings next year could be an 
earnings decline of 15p per 
share or more. -This seems on 
the high side : Wood Mackenzie 
reckons Jhat BP’s earnings next 
year stand to fall from 181p to 
170p per share. 

Where the change, if it 
happens, will really be felt is 
on the development of new 
fields. Under the proposed terms 
it will be much harder to cover 
initial finance costs on fields 
that are anyway likely to become 
Increasingly difficult to develop. 


this side qf the.. TnaSL 
flourished, helped by.the^ 
of . the consumer boom, fM* 
were up by oyer a third a^» 
sales rose by no more tbatn 
per cent. In tiie first ttn 
months of the current year ggj 
are up by a fifth of ^ 
profits growth 
be very healthy.^ - - 
Unfortunately. : -'Dhceni 
acquisition of Weston Rhe® 
cent! cals a couple of years » 
is taking longer^ to - come fig 
than anticipated.' On top of a 
problems peculiar to West, 
Dixon is also how -faced 
the possible collapse of retj 
price maintenance in’ the pfe 
mace uti cal market, . and th 
implications for m&gjiiis g 
bearish. ' In addition; D tin 
overseas operations which t* 
account for around afliinf, 
group sales, are still la^ 
well behind the domestic jjj 
in terms of profit gtowflt as 
overall profitability. Uhta fl® 
are signs of a fundamtot 
improvement in these two am 
Dixons* share price which ft 
7p to 145p last night, , is gate 
to be held back by a :jieWt>i 
2} per cent. - 


Orme Developments 


If directors of a company I 
receipt of a bid start bnyiz 
shares in their business, it 
reasonable to assume that .tte 
are acting in concert It 
Takeover Panel thinks so td 
and .there 'was never any re 
doubt that in buying Im'sban 
jn Orme Developments . aft) 
Orme had received a hid frs 
Comben, St Pitah had ineorri 
a technical -obligation to lii 
for the ’ rest of the compar 
St Pi ran has three, direct® 
on the board, and the portim 
meant that Dime direefa 
spoke for more than 30 percu 
of the company — the level ; 
which a bid becomes manS 
tory. - - . : 


Dixons 


Oil tax 


At first sight the Government’s 
proposals for Increasing the tax 
take from North Sea oil do not 
look particularly tough. But 
the logic behind the plan seems 
to be to split total profits from 
the North Sea in the ratio of 


Last year Dixon Photographic 
was boasting that it was “in the 
forefront of growth companies” 
having increased its profits over 
.tenfold in just six years. By 
contrast this year's performance 
— pre-tax profits are 9 per cent 
higher at £9.5m on a 20 per cent 
increase in sales — looks 
decidedly pedestrian. 

Dixons’ early- growth and 
stockmarket following was built 
up . on its traditional chain of 
photographic shops. Last year 


However St Piran's-chaiimj 
bought the shares on his twi 
initiative, and the Pawl lu 
decided that he would not to 
done so had he realised th 
consequences. Ignorance , q 
the' rules should be' no escra 
for breaking-them. But in w 
case, no one’s interests watfl 
have been served by forcing j 
bid, since St Pirah’s capit^ 
tion is less than two-third^ tu 
of Orme. And StTMrankij 
incurred some penalty,'.. rid 
it has been told to seH thea 
shares in toto rather fhan jm 
600,000 or so which would to 
taken the joint interests doe 
to under 30 per cent- . ' * j 


£50m order for Scott Lithgow Piran censured on share deal 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


SCOTT LITHGOW, the Lower 
Cljde shipyard, has won a £50m 
contract to build a North Sea 
emergency support vessel for 
BritUli Petroleum. 

An announcement on the con- 
tract is expected within the next 
few weeks, but BP has already 
decided to pul the work with 
Scon Lithgow, a member of 
British Shipbuilders, rather than 
with Harland and Wolff, the only 
other shipyard on the final short 
list. 

News nf the order comes at a 
critical time for the Port Glasgow 
group. Us main Kingston vard is 
how nearing the end of an order 
for two supertankers for 
Niarchos in the knowledge that 
the Greek company wants to 
renegotiate the contract for at 
least one of them. 

Sco« Lithgow plans to start 
building BP's semi-submersible 
flrc-figbling and maintenance 


vessel behind the final section 
nf the second Niarchos ship, but 
will first have to spend £3m 
strengthening the construction 
pad, 

Scott Lilhgow's need for this 
Initial capital outlay was one of 
Harland and WollTs strongest 
points in bidding for the con- 
tract. The final decision on place- 
ment. however, was bound to owe 
as much to political as commer- 
cial considerations. 

The semi-submerslble. in which 
the British National Oil Corpora- 
tion is to take a stake, will serve 
in the Forties Field when it 
comes into service in 1981. 

Part of the steelwork for the 
contract will he done farther up 
the Clyde at Govan Shipbuilders. 
This will be the first instance of 
two British shipbuilders com- 
panies co-operating on a contract 
to speed up delivery. 

Orders for between 10 and 12 


emergency support vessels for 
the North Sea are expected in 
the next few years. The Depart- 
ment of Energy has made it clear 
to oil companies that it expects! 
orders to be placed in- Britain. 

The next available order will 
probably be from Shell* UK 
Exploration and Production for 
its Brent field. Scott Lithgow 
will be unable to accommodate 
this order in addition to the BP 
vessel, but several other Britisn 
Shipbuilders companies, includ- 
ing Swan Hunter, Cammel! Laird 
and Smith's Dock, are likely to 
join Harland and Wolff in the 
bidding. 

In the past week, Harland and 
Wolff has received two important 
orders, totalling £44m. from 
British Rail and British Steel. 
This clears the way for a timely 
announcement of a heavily 
Government-influenced order for 
Clydeside. 


BY JAMES BARTHOLOMEW 


THE CITY Take-over Panel has 
censured Saint Piran, the mining 
and construction group, for 
“regrettable lack of pare” in its 
purchase of lm shares in Orme 
Developments last Friday. The 
Panel is insisting that the shares 
should he 'sold within 45 hours 
of the resumption of dealings 
this morning. 

The lm shares took the total 
stake of Piran, together with 
parties which the Panel bad 
deemed to be “ acting in 
concert,” beyond the 30 per cent 
level at which a bid would 
normally be required at the 
highest price paid under Rule 34 
of the Take-over Code. But the 
Panel has not insisted on a bid 
because it believes that the 
triggering of Rule 34 was 
inadvertent 


Anti-dumping move over styrene 


“The evidence suggests,” says 
the Panel's statement “ that bad 
Mr. W. J. R. Shaw (the chairman 
of Piran) appreciated the 
consequences ef these purchases 
and the onerous obligation that 
might thereby be imposed on 
Saint Piran, he would not have 
issued his instruction to the 
brokers." 

The Panel had issued a pro- 
visional ruling on July 21 that 
there would be grounds for 
regarding Saint Piran and two 
directors of Orme, Mr. Bob 
Tanner and Mr. Peter Whitfield, 
as- parties acting in concert if 
Mr. Tanner and Mr. Whitfield 
sold part of their stake in Orme 
to Piran. Three days later these 
two directors went ahead and 
agreed to sell Piran 22.09 per 
cent of Orme, retaining 5.07 per 
cent Piran was granted three 
nominees on the Board of Orme. 

Comben Group announced a 
cash and shards offer for Orme 
worth £10m or 56.2o per share 
oh July 27. According to the 
Panel, this bid made the case 


for regarding Piran and Messrs. 
Tanner and Whitfield as parties 
in concert all the stronger. There 
is a presumption under the Take- 
over Code that directors are 
acting in concert when a bid for 
their company has been 
announced. 

Mr. Sbaw, however, is said to 
have been unaware of the limita- 
tion on Piran’s freedom to deal 
On July 28, on bis own Initiative 
and without informing any of his 
colleagues, he telexed separately 
two stockbrokers, Joseph Sebag 
and Co- and Foster and Braith- 
waite. instructing them to buy 
500.000 Orme. shares each on 
behalf of Piran. 

The Panel’s Insistence that 
Piran should sell the whole lm 
shares involves an element of 
punishment since only 628.000 
would need to be sold to return 
below the 30 per cent level. 

'nie highest price Piran. paid ip 
acquiring its lm shares was 59p 
per share and the average price 
was 57.7p per share. The sus- 
pension price was 56*p per share 


good. 




BY KEVIN DONE, CHEMICALS CORRESPONDENT 


WEST EUROPEAN chemicals 
producers, concerned at the par- 
lous state of the aromatics sector 
uf the petrochemicals industry, 
are urgently preparing an anti- 
dumping case auainst North 
American styrene manufacturers. 

They have also rejected the 
latest U.S. offer in the Tokyo 

round of international trade 
negotiations and there is mount- 
ing anxiety about low-price 
imports of other commodity 
chemicals. particularly from 
Comecon countries and the U.S. 

The case against North Ameri- 
can styrene producers is fairly 
well advanced, according to the 
European Council of Chemical 
Manufacturers’ Federations. It 
hopes to suhmit its case later 
this month. 

Styrene is an important petro- 
chemical intermediate used in 
the manufacture of plastics and 
synthetic rubber. It is derived 
from the basic petrochemicals 
ethylene and benzene. 

According to the Federations’ 
investigations, styrene is coming 
into the European market 
through Rotterdam at da mus- 
ingly low prices. The UJ5. export 
price n claimed io he 15-25 per 
cent. 350-510(1 a tonne, below 
domestic prices. 

Much of Ihe styrene produced 
by West European chemical 


groups is used captively for 
downstream products, such as 
the plastics, polystyrene and 
ABS. and the synthetic rubber, 
SBR. But the low-price imports 
running at more than 100.000 
tonnes a year arc now taking as 
much as 20 per cent of the 
merchant sector of the West 
European market. 

Two other anti-dumping coses 
have already been submitted to 
the Commission. West European 
producers have alleged that the 
disruptive pricing of imports of 
SBR synthetic rubber from the 
Eastern block countries has led 
to major losses of market and 
earnings. 

According to tbe Federations, 
Community Imports of SBR 
from Eastern Europe have more 
than doubled over the past four 
years to about 54,000 tonnes last 
year, or nearly 12 per cent of 
the market. 

The dumping charge names 
six East European countries, the 
USSR, Czechoslovakia. Bulgaria. 
Romania, Poland, and East 
Germany, and imported SBR 
prices arc said to be 20 to 2S 
per cent below local manufac- 
turers’ list prices. 

The worst-hit market is the 
Dutch, where East European 
imports lust year took a 30 per 
cent share of bales. 


It has been notoriously difficult 
to prove anti-dumping- cases 
against state-trading countries, 
and tbe West European 
chemical producers are divided 
on how they can speed up the 
procedure. 

Some producers particularly 
those in Italy, France and 
Holland, have called for the 
introduction of a reference price 
system, on a trial basis. Soda 
ash and.PVC are both products 
that are being considered as 
potential test cases. 

Advocates of the scheme want 
to establish a “cost-based normal 
value” for certain sensitive 
products, based on production 
costs of the most efficient- EEC 
producer. The French and 
Italians would like to see this 
established as a trigger price for 
Comecon imports. Dumping 
would exist as soon as prices 
fell below this leveL 

But tbe scheme has found 
little favour is the UK and par- 
ticularly in West Germany, 
where opposition could stop the 
initiative. 

The West German Economics 
Ministry has told the country's 
Chemical Industries Association 
in a recent confidential letter 
that it is disturbed at. its willing- 
ness to collect ’economic . data 


and make it available to the 
Commission in Brussels. 

The .West German Government 
says the collection of data on 
rapacities, production and mar- 
ket growth contains bidden 
dangers and could Jead the way 
to a controlled and- protectionist 
economy. 

The Industries Association has 
replied that it is firmly com- 
mitted against any central direc- 
tion of investment But it is 
hoping that the collected data, 
much of which is already pub- 
lished on a national basis, will 
encourage European govern- 
ments to stop providing financial 
subsidies . for companies to 
extend plants in sectors where 
there js already serious surplus 
canacity. 

But apart from ' combating 
dumping from Comecon coun- 
tries West European chemical 
producers' concern has focused 
most urgently on the aromatics 
sector, where low-priced imports 
from the U.S. of benzene or 
derivative products have seriously 
undermined. European markets, 
and caused plant closures 

EEC duty on styrene imports 
is 6.4 per cent,- while the 
equivalent U.S. level on imports 
is 18 per cent, whicli represents 
a difference of up to £25 to £30 
a tonne. 



UK TODAY 

MAINLY DRY with bright spells, 
Loudon, E. Anglia, S. England, 
E. Midlands 

Showers first becoming mainly 
dry . Max. 19C (66F.I. 

£., N.E. and Cent N. England 
Rain at first, becoming mainly 
dry. Max. 17C (63F). 


business centres 


Arostrdm. 

Athens 

Bahrain 

Barcelona 

Beirut 

Belfast 

Belgrade 

Berlin 

Ulr mghm 

Bristol 

Brussels 

Budapest 

B Aims 

Cairn 

Cardiff 

Chicago 

COloSIK 

rnpnhnpn 

Dublin 

EdlnbrctL 

Frankfurt 

Geneva 

GJasamr 

Helsinki 

H. Kong 

JnTjors 
Lisbon • 
London 


Y-dny 
mid-day 
*C *F 

C 20 6S Lnjrembrg. 
S 30 36 Madrid 
S 37 99 Mtachstr. 
S 25 77 Melbourne 
T 2J Si Milan 
C 16 61 Montreal 
S 19 Si MOSCOW 
"R 24 73 Monfcfi 
R IB 81 Nnrcaailo 
C 17 S3 Nnr York 


F 20 & Oslo 


5 fl Si Paris 
S 18 N Punk 
S 35 99 Prague 
C 17 63 Reykjavik 
G 55- 77 RledcJ'o 
V 21 TO Rome 
S 34 75! Singapore 
C 16 61 Stockholm 
C 34 57 Strasbrg. 
¥ 12 72, Sydni-y 
S « 12; Tehran 
C IS S9;TcIArir 
S 27 Sll Tokyo 
S 31 SS Toronto 
S 14 W Vienna 
S £l 73. Warsaw 
R 15 591 Zurich 


Y-day 
mid-day 
•C *F 
C IS w 
C 20 84 
C 19 68 
C 12 W 
F 27 SI 
S 22 72 
R 28 79 

r sr n 

C 14 57 
C 24 73 
S 38 79 
C 19 66 
S 17 M 

c a to 

C U 55 
S 29 84 
S 30 66 
S 31 Si 
V 27 SI 
S 24 73 
S 13 M 
s si as 
S M AS 
S 24 33 
C 25 77 
C 24 75 
S 27 SI 
S 22 71 


W. Midlands, N. Wales, N.W. 
England, Lakes, isle of Man 
Scattered showers and bright 
intervals. Wind moderate to 
fresh. Max. 18C (64F). 

Borders and E. Scotland 
Occasional rain or drizzle 
slowly dying out. Hill and coast 
fog. Max, 15C (59F). 

Channel Isles, S.W. England, 

S. Wales 

W, Scotland, Cent, Highlands, 
Ulster 

Mainly dry with bright 
Intervals. Max. 17C (63F). 
Outlook: Becoming mostly dry 


• ' If you're looking fora Illga^fc 

place to re-locate or . : HHa - . q 

expand your business, W. ■ 

- the New Town of Corby Ipg-l*. * . ' ^ : 

has got so much going [ 

Its ideally placed in " ■ 

-Ihe industrial centre of ==E^ ir,u ’ . Jl " - ' ■ 

Britain. Within easy reach of the East Coast ports, -fv * 

London and Birmingham. And neatly situated-o nthe 
major road and rail networks. • 

What's more, Corby is young enough to be 
vigorousancf exciting-with modem factories feadyfDPA 
you to occupy at highly competitive rents. (Grour - ; f ; 
= “design and build"servjce will help you-plan your owf^'V 
specification.) But Corby is mature enough, too, to offe? f ,v. 
well-established housing, schools, shops, public . . TT V,r 
services, leisure activities. And skilled and unskilled" 
labour is readily available^ -Nf.. 

Many companies have already put down roots tflJj 
Corby -with success. Why not join them? Our ■ 
experienced help and advice -j;v- 

is at your service. / fy ' 


HOUDAY RESORTS 


Ajaccio 

Algiers 

Blurts 

Blackpool 

Bordeaux 

Bauksme 

Casablaca. 

UapeTowa 

Corfu 

Dubro v nik 

Karo 

Florence 

ClbraJur 

Guernsey 

tarabrack 

Inverness 

I. of Men 

Istanbul 

Jor^«- 

S— Sunny. 


yflay 
mu3-dsy 
' »C *F 

8 27 Si Lay Puns. 
C 89 162 Locarno 


V. H ISJ | uoiuu 

S S 72 Lexer 
F 3 73 Majorca 
S 26 68 Malaga 
C 15' 0 Malm 
F B 73 Nairobi 
S 15 SI Naples 
S » 82 Nice 
S 59 S4 Nicosia 
S 24 75 Oporto 
F 29 Wl Rhodes 
s 25 77] Salrirara 
C 14 57'Tanslcr 


C IT 85fTei*rrifc 
I- - IS. 39 Tonis 


F IB w Valencia 
C 22. 72 Venice 
r. 15 S9> ' 

F— Fine, c— Cloudy. 


Y-day 
mid-day 
■’C T 
S B 7J 
r a 7i 

S 38 9T 
C 39 84 
S =7 8t 
S 30 86 

c 20 as 
S 51 8ft 

s a it 

s 29 84 
S 19 66 
S 2S S3 
C lfl GB 
S 24 33 
F 20 68 
S S3 93 
F M 82 
S 23 82 





Fora i U i ly £ et9,led brochure on Corby. contact K.R.C. Jankin, BA»w 
S , C « ,ef 6513168 Officer. Corby DevetopmentCorporatioiV 
9 Queen s Square. Corby, Northarrts NN17 1PA. .1 ■?. 

Telephone (053 6Q 3535. . . " ,w : 


KCgtstcied « ibe Post Office. Printed, by St. manors Pres* for and 
by me Financial Times LuL, Bracken House, Cannon Street. London. EClP -“g 
4 7 g Tbe Financial Times LnL “V 


* 

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