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Vaughan 

sHLi roiT6D : 

FINANCIAL TIMES 

Taylor 4 
Woodrow 

For Y our More Important 
MachineTools 

VftOGHATl ASSOCIATES LTD. MACHINE TOOL SPECIALISTS 

J'Wlim Kmrc. 1 (bets Si.. Ctr.-wi f i . |„n,|n.7 W 1. TH;||1 3Jb.' 

No. 27,828 

Friday August 4 1978 

* 15p 

via 

<8> • 

197S 

-taking a constructive 
approach to every 
size of project 


CONTINENTAL SELLING PRICES: AUSTRIA Sdi IS: BELGIUM Fr 25; DENMARK Kr 3.5: FRANCE IV 3.0; GERMANY DM 1.0; ITALY L 50B: NETHERLANDS FI 2J; NORWAY Kr 3Jj PORTUGAL Ew 30; SPAIN Fla 40; SWEDEN Kr 3.15; SWITZERLAND Ft LB; ORE T5p 


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BUSINESS 

Record 
volume 
on Wall 
Street 



al 886.87. 

or (radios 

conviction 


9 WALL STREET trading was 

The Commons Select Committee , J 1c _ h ‘5*J c «t on r '\ cor<I 
on Procedure has Tailed to * harcs changing hands, 

agree on any recommendation D , ow *•»«* industrial ^aver- 
t« change drastically the pat- 5,3c closed 3.38 up 
tern of sittings. Its report Th( * h<, ary volume 
urges that the normal 111 pm was attributed ‘° 
closure could ho put hack only that interest rates had peaked. 
iT more than 200 MPs voted Tor pa Se 4 

more normal hours. o EQUITIES rose -1.6 to 4994, 

John , , 't rre i l i w *th gains in secondary slocks 
argued that Parliament should rrr vn-th-in* ind«« 

break imh ■■ the tradiuon of the *“*>'"« Su iK l.i-hS 
gentleman amateur" hut Sir u . p ®\* to 2 “f.. ' *. ts .nlsP^ 
David Renton, a Tory committee its compilation id 3962- 

member, said that full-time mem- - - ni i it,* 

bers would become "an inward- ® GILTS * cr * h ™ am JJ* 
looking and narrow-minded Goveriifnent Securities index 
bunch/* dosed 0.13 op at 70.9*. 

The split on hours is the most _ 
visible part of a basic disagree- ® 

merit between Labour and Tories against the dollar to SI.sMHi, its 
on how far Parliamentary reform trade-weighted index rising to 
should go. Back and Page S; Men 62.4 (62.3). The Swiss franc 
and Matters Page 16 

Karpov victory 

Anatoly Karpov defeated 
challenger Viktor Korchnoi in 
the eighth came of the world 
chess championships in Baguio 
in the Philippines, scoring the 
first win after seven draws. 


-T. Thalidomide cash 

An independent report recom- 
mending payments of £10.000 
each to 69 young people who had 
not been accepted as thalidnmide- 
daniaged has been approved by 
the Government and Distillers. A 
Tokyo court has ordered the 
Japanese Government and three 
drug companies to pay damages 
to 119 victims of a nervous made headway, too, against the 
disease caused by the drug dollar, but the yen vlelded 
Quinoform. Thalidomide report, ground. The dollar’s deprccia- 
Page 6 tion narrowed slightly to 9.1 per 

cent (9.2). 



Homes sexosm 

Several building societies may be 


0 GOLD. /el) 51 In T'-? .? 


engineers ‘could 
cost City millions 9 

BY NICK GARNETT, LABOUR STAFF 

The City of London could lose millions of pounds worth of currency 
exchange business to foreign financial centres because of industrial action 
by Post Office telephone engineers. 

This warning came last night report leaves it up to the Post The engineers are blacking 
from exchange and currency Office and the Government to work on lines which are attached 
deposit brokers who said the decide if the reduction can be to private equipment. Faults on 
effects of ibe action were bccorn- contained within pay guidelines direct lines between dealers' 

ing more serious. — which specify that shorter consoles and banks throughout 

At the same time. British com- hour s have to be taken into the irorld are not being 
oanies de-ilinp in overseas account within wage ceilings— rectified, 
markets face sirloin delays' on other unions will study the report Mr. Clayton has told Sir 
overseas teienhnnp calls because rioseiy. William that centres such as 

of the tfngineer? decision to step , A general reduction in working New York, Frankfurt. Paris and 
up action yesterday at some of ho “ rs * a ma,n P la °f ° f ™ c Hong Kong are waiting to pick 
the country's international tele- f° llc * a .“ d unions w,n t be keen up business from London and 
Phone switching centres. ,0 see if an agreement, within there cnuld be senous effects for 

8 . , pay policy, cao be made for the international Euro-currencv de- 

. These threats to business deal- 1U5.000 engineers. posit and foreign exchange 

ings emerged as recommend a- The recommendations are Lord business. 

tions, drawn up by Lord Me- McCarthy's own. He has been The Post Office was receiving 
Cartby the industrial relations unable to find a formula accept- pos<iblv millions of pounds 
expert, for solving the dispute able to both sides, ft wifi now through fees for telephone and 
over Uie union s claim for a 35- be up to the Government to try telex services from the brokers 
hour working week were sent to to settle the IQ-month-old Tb e post Office Engineering 
“■■■ E J C ^V;^L lBd J2 , X®5iE dispute - • union claimed that almost 10.000 

p ? sr 0 ^ cc ? T nd - Post x\ x a. • • International telephone calls 

Office Engineering Union. ProtGSt through one of the main switch- 

The recommendations centre ing centres were blocked through 

on a two-stage reduction in the Mr. Peter Clayton, chairman part of yesterday at a cost to the 
basic week worked by the engi- of the Foreign Exchange and Post Office of almost £60.000. 
neers, although not down to the Currency Deposit Brokers Asso- The Post Office has aot been 
35 hours claimed. ciation, has protested in writing able to confirm the extent of dis- 

They also suggest possible to Sir William Barlow, Post Office ruption at . switching centres, 
ways of covering tbe cost of the chairman. Mr. Clayton said last although it admitted that calls 
reduction by more flexible night that the industrial action through all centres were being 
working. * could be disastrous for the City affected and the problem was 

Although Lord McCarthy's within two months. likely to worsen. 



All-share 
index at 
peak level 



Mr. DeLorean and Mr. Mason: State support of about £45m- 


BY MARGARET REID 


Gunmen kill PLO chief 
in Paris office attack 


BY ROBERT MAUTHNER 


PARIS. August 3. 


TWO ARAB gunmen today killed bullets. His aide, whose logs to be a member of a hitherto 
Mr. Ezzedine Katak. the chief were blown off, died later from unkne-p “rejection front of 
several nmicimg societies may oe ■* «"* f .7* f-“c^p- .?ntative of the Palestine rounds. state]*. Q.-Jhstinian Arab*." 

breaking the law by discriminate London, and in New lork tne i Liberation Organisation in Paris. One of the gunmen tried to Mr Ralak. aved 40 ’ who was 
ing against married women, says Comes August settlement price and one of his principal aides, escape after shots with Arab tn ’ BIin „ nr t Pr 

in the, second dramatic shooting League security men. but was J? M ? vJLS Arafat's 
incident at an Arab mission here — — .. . . 


ing against married women, says 
u survey conducted for the Equal closed $2.60 down at $200.00. 

Opportunities Commission, by the " 

Consumers' Association. JBack • JAPAN will be forced to take 
Page ■ further economic policy measures 

if its expansion is to be maio- 
Councis changes tained and its large current ex- 
„ , „ ... ternal surplus reduced, the latest 

Proposals Tor a mmi-reorgamsa- annual OECD review of the 
tinn of English local govern- Japanese economy warns. Back 
ment to reverse some of the p a o v aill j Editorial Comment, 
sweeping changes made under p a „ e jg 
the Local Government Act or ° 

1972 were announced last night 0 MARINE MIDLAND Bank has 
by Mr. Pcler Shore. Environ- pulled out of the three-year-old 
ment Secretary. Page 8 arrangement for the breaking up 

. . of the £2Q0m property empire of 

Sun rises again Mr. William Stern. Back Page 

The Sun newspaper is to print • PRICE COMMISSION has 
again today after an 11-day stop- vetoed tbe S per cent price rise 
page that has cost the company SOU ght by British Gypsum, the 
at least £1.6m. Journalists have monopoly supplier of piaster- 
been on strike over a produc- board and gypsum plaster to tbe 
tivity pay deal. construction industry. Price 

Pasc 7 rises should be limited to 

n:„ . j- B. i , 1. 1 l pcr cem and Pegs** 1 until March 

Pig prooiem next year. Page 6 

Farmers angry at low pork prices *« ■ 

forced French President Valery a OW0T li flK 
Giscard d'Eslainy to change 

helicopters during a visit to 17ran/»r» 

Brittany by hanging a dead pig Willi r ffillCC 

on tbe rotor orm or b» aircraft. # CT0SS<;HANNE1 w , wer ltnk 

BriefEy ... between the UK and France 

President Rantalbo Emm wm enabi? the' ‘cEGB® "SseX' £ 

1° alll i. i P !'nh l I , ' Se f’"li lical lm lonnes more cyai a year an( j 
lenders last nipbt in "hat was , 0 cxporl coal-fired electricity to 

seC " a - g ° u S France. Energy Minister Mr. 

n,en . 1 . °. r pcrsonjji ties which Anthony Wedgwood Benn, has 

wouid have majority support in ^ oua U d , Rack Page 
the Porlusucse Assembly. 

Page 2 Q NORTH SEA oil analysts have 

Milan's La Scala opera house has warned that the Government is 
celebrated its 2U0th anniversary. ,n danger of damaging oil 
cinnnnn v industry and banking confidence 

nri7e hl> "oes 0, to P RenfiewshSv its P r °P° sed measures 

bVh, nfl TT 7 w7B Sto to increase petroleum revenue 
holder of bond :T2 55h.J76. taxalioa an d impose tougher 

Staff at Wakefield jail found a licence conditions. Pages (land 8 
cache of homemade knives, ropes 
and some money in an IRA • EXPERIMENTAL schemes for 
prisoner's cell. loans bv clearing banks to small 

A ceramic and alMsflhre statue £ oal P an ‘« are lo be djnjjMj 
or Ned Kelly, one of Australia's ,*L v f he Government and 
most famous bushrangers, has !, l ? s ‘‘ , ^ ,c ' r ns ir ^ ur,n5 lh f„r5LI £ 
been stolen from Glenrowan, the hionths. followttie. publication or 
town where he was captured. t ^'Porl on finance for 

...... t , industry. Back and Page 6 

The M» n-f I'Dlon may be plan- 
ning to breed a child in space. 0 BANKRUPTCIES rose 16 per 
says West German apace expert cent between April and June this 
Heinz Kaminski. year, baiting the recent dowD- 

A 21-gun salute by the Royal ward trend in computoo^ liquid* 
Canadian Artillery greeted the tiuns, according to the latest 
arrival of Queen Elizabeth at the figures published by the Depart- 
opening ceremony of the Com- ment of Trade. Page 6 
raonwealth Games in Alberta. nnunaUICC 
East Germany has a new OUlfirflHlM 
armoured vehicle which is plant- 0 REED INTERNATIONAL pre- 
ing mines along the East-West tax profits Tor the first quarter 
German border “like potatoes.” to June 30 advanced from £20.Sm 
says Bavarian Interior Minister, to £21. am on sales of £397.&m 
Alfred Scidl. (£394. 5m j. Page 20 and Lex 


CHIEF PRICE CHANGES YESTERDAY 

Hunting A.sxeU. 
Idling (J.) A 

RISES 


(Prices in jwnce unless othenvise 
indicated) 


Excbeq. 1-PC '13-17... £905 + 1 

Ad west + c 

.\lpinc Soft DriJiks ... 148 + 14 

Baker Perkins IIS + 4 

Bowater W? + 6 

Brook St. Bureau ... 7 a + 3 
Brown and Jackson... lfio + U 
ritv and Fnreiim Inv. 85 + 7 


245 
200 

Man. Agency Music... S9 
Mucklow (A. and J.) 128 

Philips’ Lamps 935 

Reed Intni 153 

Shaw Carpets 49 

Startrite Eng 95 

Taylor Woodrow ... 386 

Thomson Org 275 

Trans and Arnold... 156 
12S 


23 

7 

7 

9 

30 

4 

5 

9 

10 

7 

8 

6 


in tbe last three days. 

Tbe assassination followed the 
expulsion from France yesterday 
of three Iraqi diplomats. They 
bad fired on police during a gun 
battle in front of the Iraqi 
embassy, where a terrorist, 
believed lo be a Palestinian, had 
held eight people hostage before 
surrendering. 

A police inspector was shot 
dead during the exchange of fire, 
and there were protests from the 
police at the fact that foreign 
diplomats were allowed to cany 
arms. 

Today’s shooting happened 
after two men entered the offices 
of the Arab League and the PLO, 


Israeli aircraft attacked Pales- 
tinian bases in Lebanon 
yesterday in a swift retaliation 
for the explosion in Tel Aviv 
which killed one person and 
injured 49. 

The air strike was ordered 
by Mr. Menahem Begin, the 
Prime Minister. It was 
directed a Palestinian base 
at Dahar al Tutah, 10 miles 
south of Sidon, which, it was 
claimed!, was a base used for 
training guerrillas intending 
to attack IsraeL Page 3 


“ moderate ” line, took up his 
post in Paris in 1973 after the 
assassination of his predecessor* 

Mr. Mahmoud Hamcbari, who 
was killed at his home by a bomb 
explosion. At the time Arabs British Interest rates after their 


blamed Israeli agents for the 
attack. 

Today’s victim was the third 
senior PLO official to he assas- 
sinated this year. Mr. Said 
Hammami. the former PLO 
representative in London was 
shot dead in his office on 
January 4 and Mr. All Yassin in 
Kuwait on June 15. 

Police said the terrorists 
described Mr. Kalak as a traitor 
after shooting him. But the PLO 


STOCK MARKETS yesterday 
staged a fresh advance which 
carried the FT-Actuaries All- 
sbare index — the broadest 
measure of UK share price move- 
ments— to a new peak. 

Tbe index rose 1.62 (0.7 per 
cent.) to 22824. so topping its 
previous high of 228.1S on May 1, 
1972 by 0.16. This means that 
share prices have increased, in 
money terms, by a little more 
tbaij 128 per cent since the index 
was launched on April 10. 1962. 

The FT 30-share index of lead- 
ing industrial equities gained 4.6 
but, at 499.9. ended just short of 
the psychologically important 
500 level. This index is still 49.3 
(about 9 per cent) below its all- 
time high of 5492 reached od 
September 14 last year. 

The recent buoyancy of British 
shares is in tune with trends 
throughout the world, where 
nearly all leading markets are 
now at or near 1978 peaks. 

New York has shown particu- 
lar strength lately and yesterday 
Wall Street recorded its biggest- 
ever turnover of 65.50m shares 
— -2m more than the previous 
peak reached on April 17 this 
year. In the first four days of 
this week, the Dow Jones 
Industrial Average has put on 
3a 58 to reach S8627— its best 
so far this year. 

More active 

Institutional investors in 
Britain, who had previously 
taken a more pessimistic view 
on the market’s trend, have lately 
responded to the market’s upturn 
by purchasing shares more 
actively, imparting a fresh boost 
to the rise. 

First signs of an easing in 


situated in the same building grabbed by French police who office later issued statement 
in the Boulevard Haussmann in bad surrounded the building, saying tbe attack was a criminal 

the centre of Paris. Tbe other was disarmed by act directed against the Pales- 

The two rushed to Mr. Kalak’s members of the Arab League tinian resistance.” 
office on the third floor of the staff and banded over. The French Foreign Ministry 

i>uiidin° and shot him. They The police said later that one issued a statement tonight say- 

threw a number of grenades. The of the assassins was a ing that France would not 

PLO representative was killed in- Jordanian and tbe other an tolerate acts of terrorism on its 
stantly. his body riddled with 18 Algerian. The Jordanian claimed territory. 

Electricity Council $500m loan 


sharp upturn earlier this 
sudjmer have been another 
favourable influence, although 
hopes of a cat in the 10 per cent 
minin\um lending rate were dis- 
appointed yesterday. 

The improvement in living 
standards, the brisk rise in retail 
sales and the more snbdued in- 
crease In industrial output have 
all helped nourish a better in- 
vestment atmosphere. 

The prospect of a general 
election in the not too distant 
future does not appear to have 
made a sharp impact so far. 


U.S. car plant 
for Ulster 

BY DAVID FREUD 

A NEW U.S. car company is to he expected production in the 
set up a plant in West Belfast, first year to total 20.000. cars, in- 
one of the worst unemployment creasing to 30.000 in the third 
black spots in the UK. year of production, by when 

DeLorean Motor of Detroit. 2,000 employees would be 
whose chairman. Mr. John required. 

DeLorean is a former General T^lber Product development 
Motors executive, plans to would bring the number of jobs 
assemble a sports car of novel U .P 3.400 by the end of the 
design at Twinbrook industrial su “b .... ... 

estate, Dunmurry. . Tb® « r - , wh, £h has a plastic 

The project, announced in bodv construction and outer 
Belfast yesterday by Mr. Roy wfaw otstelnto steel, will 
Mason. Northern Ireland Secre- ret . a } 1 at about £$,000. 
tary, is expected to attract state About ^ £“i‘ 

support of about £45in towards P ut . ** LS 

its overall cost of £65m. The “*«*** ^eUrean said 

plant is forecast to employ 2.000 ?^ ,ned firrn 

vrithin the m*i four r«^30.0W. ears. 

The state aid is divided ™nt Agency's holding in the 
between grants from the Ulster i manufacturine subsidiary. 

Department of Commerce and DeLorean Ltd. will not be 
equity and loan capital supplied details are lodged 

by the Northern Ireland Develop- jrith the U.S. Securities and 
ment Agency. Exchange Commission. 

This brings the state con tribu- 
tion for each job created to a a slTTIPIlll 
figure approaching £25.000— well * iy.ua i 

ahead of the contributions made However, the Department of 
towards other U.S. projects an- Commerce has given the project 
nounced recently in the province, a maximum 50 pericent grant. 
These have ranged from £10,000 The £20m not supplied bv the 
to £17.000 oer job. Government has been guaranteed 

The proposed plant will be to the car company through the 
some two miles south-west of U.S. finance institution, the 
Belfast, near the Roman Catholic Opnf*nheimer Corporation, 
housing estates which are . There has been competition 
believed to contain, pockets of from several other countries for 
unemployment approaching a the project, including the Irish 
rate of 50 per cent. Mr. Mason Republic and Puerto Rico, 
described the announcement as Gnc of tbe main reasons ihe 
a “ tremendous breakthrough ’’ company settled on Ulster was 
for the Governmen* tbe highly motivated, stable and 

Mr. DeLorean set up his com- dedicated workforce, said Mr. 
pany in 1975. It is staffed mainly DeLorean. Although the finan- 
by other ex-GM men The new 5l a incentives >’ er ®. attractive 
car, the DeLorean DMC-I2. wilt tfa ev were not compelling, 
be the first new American Another key consideration was 
specialist s^rts slSTS {hew* uni * which the British 

introduction of the Corvette 25 ? r 7/™*“ t n ^ c as ah ‘ e r t0 | gj™?? 
years aso arrangements. Mr. DeLorean 

The company said conarncion 

of Uie main 550.000 sq ft factory authonties m the Irish 

would start in the next two J 5 d ^ d ,w 

months, while a smaller govern- 5SSJ? hil J P , n 2Sf*5?Kri. ^ 
meot advance factory already on rjf?y h Dod t swSrSli P ^ adds?' The 

£odneMnn >UW anH^ ^tnininn proieCf is launched after a 
ES2? n and training difficult period for the European 
p r .. _ . . specialist car producers which 

Construction of the main plant has seen most of them, including 

S , ^r Vldean jrUg W30hS * F e r rari,.Maserati. Aston Martin 
whUe there, would be 600 menu- and Lotus fall under the 
factunng jobs from the last rnnHnnPd n« r w i- 

quarter of 1979 as initial produc- Continued on Back Pa^e 

tion began. Mr. DeLorean said Ulster’s unemployed, Page 16 


£ tn New York 


Aug. 3 


Prevkwjj 


1 mouth 
3 month* 1 
12 moofh* I 


S1S87M286 
0454L39iH» 
' 1 J38-L02 iU» 
iflW.YSdU 


SLftJl^BJ30 
0X00.44 tils 
1.18-1.12 ilU 

4.103.80 Hi» 



The ear to be built in Belfast. 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

The Electricity Council has in the peak year of 1981 has been commitments made at the Bonn 
arranged to borrow $500m cut from $5.3bn to just over S4bn. economic summit last month. 
(£260m) from a group of Although maturities from 1984 nj e .Electricity Council will 
Japanese banks as part of the onwards have been increased, use thd proceeds mainly to repay 
Government’s programme of there has still been a net reduc- ^ domestic and foreigD debt 
extending the maturity of its tion since last autumn of about an d f 0 r working capital. It has 
overseas debt into tbe late 1980s. 83^ bn in total overseas borrow- Joans of £2.8bo from the National 
It is tbe largest loan raised the UK public sector. Loans -Tun d (central Govern- 

overseas by the UK public sector .The Treasury and the Bank ment) iand from overseas due by 
for more than 12 mouths. So far of England are obviously keen uj e en ]i 0 f March 1983, and has 
ibis year, S1.36bn in new borrow- to take advantage of the t 0 repay a total or £210m this 
ings has been arranged, either strength of sterling and tbe mo mh iand in September, 
in Euromarkets or in New York, improvement of the current Mary -Campbell adds: The loan 
In the same period tbe Govern- account of the balance of pay- i5 froli i a syndicate of 14 
ment has undertaken or ments in order to restructure j apane se banks beaded by 
announced the repayment mostly the debt. Sumitomo Bank. The terms are 

hefore the due date, of about No specific new borrowings the finest on a bia Eurocurrency 
S4.5bn of debts, out of S25bn due are planned, although over the syndicated medium-term loan 
by 1985. next year or two the UK is slDCe 

That is part of the policy of likely to try to arrange fund- Already last night accusations 
making net repayments of raising on the scale of the latest 0 f ra t£cuttinB were being 
public-secior foreign-currency loan or tbe 8345m New York levelled! against the Japanese 
debts year by year while bond issue in the early summer, banks, fbich are widely felt to 
arranging new, longer-term Similarly, further early repay- have beln significant in squeez- 
borrowing due after the peak ments of debts are probable. j n o igra-74 profit margins on 
repayment years of 1979-84. The new loan, which is international lending to even 

The result will be to reduce guaranteed by the UK Govern- oarrowi- levels than seen today, 
the hump of the debt repayment ment, effectively represents a rwim.ed a« p nl >t 

hurden in the early 1980s. For recycling of a little of Japan's Continued on BacK «ge 

example, the total amount due surplus, in accordance with the iLex Back Page 


T 


CONTENTS OF TODAY’S ISSUE l 

Inti. Companies 


— Parliament 


, 2 

Technical page 

13 

. 4 

3 

Manageraent ^age 

... 13 

! 5 

6,7 
. 7 
. 8 

Arts page 

Leader page 

... 15 
... 16 

UK Companies ; 

Mining 

18-20 
... 20 


...... 21-23 

JEiiromlrkets 22,22 

Oversets markets 26 

Moneyjand Exchanges 23 

Farming raw materials ... 27 
UK st®* market 28 


Unemployment in Ulster ... 16 
Tories stick to their guns 17 
W. German energy saving ... 2 
Sino-Vietnamese conflict ... 3 
Gambling in New Jersey ... 4 


FEATURES 

Bio de Janeiro’s traffic 
problems 4 

Tax problems for off-shore 
operators g 

Renault's interest in sugar 13 


Aroimq 

tugs 


Britain: Mersey’s 


14 


ft survey 
W ales and National Eistedd- 
fod L..: 9-12 



It certainly is when you’ve got one 
of GRE’s Family Income Benefit policies 
behind you. 

(If you haven’t^ talk to your insurance 
advisertoday). 


City Hotels 138+12 Pacific Copper 64 + 6 

Compton and Webb... 44 +- ft 

Cowan de Groot ... « + 4 FALLS 

Debenhiims 07 + 4 Rost and May 5* — 5 

nnr ... 133 + 7 IC Gnu 380 — 13 

AppalniiTMnts ... 28 Lex 32 UaK Trans » 

Appointments Advts. 25 Lombard M Wcauw " 

Cros«rart M Men and Matun ... U WMU » r K 

Emertalnmeai Caldc M Prmrly 2&2S JUIhual STAThmrh-tc ' 

Food Prise, 24 Radnn “ AOTw St^THHEIITS 



.Triplex Fntfn. Grp. U 
INTERIM STATEMENTS 
Angle Araer. Ceal 5 

Heed Inti. u 

erf 318 + 7 Mothercare 162-4 

£Jrotherm 176 + S Buffels JE10& - i 

FT A eta arias Isdlces 28 Share larormirtion”! 3B-31 AndrZ, V S 

PROSPECTUS 

Pitman 22 

Freemans iLon.) ... 364 + 12 Feko-Wallsend 528 - 10 

Ifcroo Motor 135 + 4 Pres. Brand H04 — l 

F or latest Share Index ’-phone 01-246 S026 

duo Lending Rates » 

.1 

4 

V. : l' 

■ 3 ■ 


Guardian 

Royal Exchange 
Assurance 

Head Office Royal llxclungc, London HC7V3LS 

One cf the vradefe great insurance companies. 



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tr. 





Financial Times. Friday August *$337$- 


EUROPEAN NEWS 


orniw' te Spain Plays active role in 

World loans bid for Sahara solution 


Switzerland has decided to write 
off Sv.Fr lSOm of loans and 
interest to seven developing 
nations, according to a United . 
Nations statement issued in 
Geneva, Reuter reports. Tbe Swiss 
Government is converting the 
loans into grants to India, Paki- 
stan, Bangladesh, Kenya, Nepal, 
Cameroon and Indonesia. 

Meanwhile, government experts 
from neb and prior countries 
discussing the problems of the 
world's poorest nations m 
Geneva yesterday called for a 
world action programme 
throughout the 1980s to help 
them develop. 


Reporter 
to pay 

USSR fine 


Bonn expects 


r,< iH" 

fmfP 111 


rise extra 1% next year 


BY ROBERT GRAHAM 


MADRID, August 3. I By David Satter 


BY ADRIAN 'DICKS 


BONN, August 3. 


Belgium jobless rise 


The number of Belgian unem- 
ployed entitled to social benefits 
rose 3 per cent last month lo 
272,743 from 264,679. Labour 
Ministry figures showed, AP-DJ 
reports from Brussels. The rise 
was ascribed to layoffs of workers 
in temporary employment and 
non-recruitment or such workers 
during the summer holiday period. 


More Turks killed 


SPAIN IS taking an active part 
In complex negotiations whose 
aim is to find a peaceful solu- 
tion to the future of the former 
Spanish Sahara. This includes 
support for a summit meeting 
on the conflict between the 
principal parties — Algeria, 
Mauritania, Morocco and the 
Algerian-backed Polisario libera- 
tion movement which claims to 
represent the people of the area. 

The principal mediator In 
these negotiations is President 
Houphouet Boigny of the Ivory 
Coast He has been holding talks 
in Paris with President Valery 
Giscard d’Estaing trying to per- 
suade the French away from 
hardline support for Morocco 
and its total opposition to the 
Polisario. and a senior Ivory 
Coast official has this week been 
in Madrid sounding out the 
Spanish Government Spain has 
so far sided with Morocco and 
refused to recognise the 
Polisario. 


The Ivory Coast emissary, M_ 
Philippe Yace. the National 
Assembly president, yesterday 
met Sr. Marceiino Oreja, the 
Spanish Foreign Minister. No 
public statement has been Issued 
on the talks, but Sr. Oreja also 
yesterday briefed the foreign 
affairs spokesman of all the main 
political parties on Spain's atti- 
tude to the reconciliation moves. 


News reports of this briefing 
suggest that the Spanish Govern- 
ment might support the Ivory 
Coast initiative. Socialist Party 
representatives gained the im- 
pression that the Government's 
position had shifted slightly 
towards their own which sup- 
ports the Polisario. 

If a summit of the main 
parties involved in the conflict 
is to materialise, one pre- 
condition of its value from the 
Algerian side would be a shift 
in Spain's position. Significantly, 
Morocco alone has remained 


silent on the reconciliation 
moves. 

Observers in Madrid believe 
there is a chance of all sides 
seriously , negotiating a settle- 
ment. 

This view is based 'on three 
main factors. Most important is 
the recent change of regime in 
Mauritania which has produced 
a leadership that actively wants 
to end the Polisario guerrilla war. 

Secondly, France and Algeria 
have begun to adopt a more con- 
cilia toxy tone towards each other. 
Improved Franco- Algerian rela- 
tions are an essential pre- 
requisite given France's strong 
military support for Mauritania 
and Morocco. 

Finally, Spain has in the past 
two months sought to patch up 
its relations with Algeria, and 
now appears more confident in 
the wake of the Organisation of 
African Unity summit's rejection i 
of Algerian-backed moves to 
raise the issue oE the liberation 
of the Canaries. 


MOSCOW, August 3. 


Four more people have died in 
continuin'* political violence in 
Turkey, according to the Turkish 
stale radio, Reuter reports from 
Ankara. Deaths occurred in the 
towns of Alalatya, Diyarbakir. 
Ga/iantep and Niedc in south- 
eastern Turkey. More than 280 
people have so far died In violence | 
involving extremist political fac- 
tions this year. 


Italian trade balance improves 


BY PAUL BETTS 


Rome, August 3. 


Russian quits ILO 

A senior Soviet official of the 
International Labour Organisation 
has resigned without warning 
after 10 years service, an ILO 
spokesman told Reuter in Geneva. 
Mr. Gregori IWiagkov is the second 
hish-rankinc Soviet official lo quit 
the ILO suddenly in the past two 
months. 


Trade curb attacked 


Soviet President Leonid Brezhnev 
and Polish leader Edward Gierck 
yesterday denounced the I’.S. for 
trying to use trade as an instru- 
ment of blackmail against Com- 
munist countries, according to 
Tass news agency. Reuter reports 
from Moscow. At a meetm" rn 
The Crimea the two leaders said 
this policy would not help 
Washington, but could do con- 
siderable damage to internal ional 
co-operation. 


THERE HAS been a sharp Im- 
provement , in Italy's trade 
balance during the first half of 
this year, according to figures 
released here today by the 
national statistics bureau. Istat. 

In the first six months of the 
year, the trade deficit totalled 
L177bn (about £110m) compared 
witb L6S6bn during the same 
period last year. 

For the second time this year, 
the monthly trade account 
recorded a surplus in June, rising 
to L506bn. In April Italy had a 
LUhn surplus. 

Imports during the first half of 
this year increased by only 0.7 
per cent over the same period 
la'sl year reflecting the general 
loss of momentum in the 
economy. However, there are now 
signs that the recession is 
hoiioming out. 

Exports, on the other hand, in- 
creased by 11.9 per cent in the 
first half compared with the first 
six mnnlhs of 1977. The main 


burdens on the balance of trade 
account again were oil and 
agricultural products. 

Meanwhile. Sig. GiulJo 
Andreotti. the Prime Minister, 


A 12-hour strike by airport and 
airline workers disrupted 
flights to and from Rome 
yesterday, Reuter reports. The 
national airline Alitalia was 
forced to cancel all local 
services. The strike was 
called in protest at delays in 
talks on days off to make up 
for public holidays abolished 
last year. 


was meeting here late tonight 
with representatives of the main 
political parties supporting bis 
minority Christian Democrat 
administration to present the 
outline of his government's 1979 
budget and three-year economic 
plan. The basic concept of the 
economic programme is a reduc- 
tion in the public sector borrow- 


ing requirement and increased 
growth to promote new jobs. 

Sig. Andreotti is seeking to win 
all party support tonight for the 
programme which is expected to 
be the subject of a further all 
party meeting early in 
September. 

Meanwhile. Italy’s interminls- 
terial economic planning com- 
mittee to-day approved a 
recovery plan for Italy's ailiug 
shipbuilding and repair industry. 

The plan Involves an injection 
of some LSOObn into the sector 
over the next five years, a 10 per 
cent cutback from -current pro- 
duction levels, and some 3,000 
layoffs. 

The proposals, which should 
be presented in parliament 
before the end of the summer, 
come at the same time as Italy's 


State-owned shipbuilding and 
repair group, Flncantieri. con- 


repair group, Fiacantieri. con- 
trolled by the giant IRI holding 
announces losses of L33bn in the 
financial year to April 197S. 


ONE OF THE TWO VJS. 
correspondents convicted of 
slander by a Soviet court in 
connection with an article he 
wrote about a Georgian 
dissident said today he would 
agree to pay an official fine 
resulting from his' refusal to 

publish a retraction. ; - 

Mr. Craig Whitney, a Moscow 
correspondent of the New 
York Times, said he would pay 
the 50 roubles (£3&fi0>. fine 
set today by Judge- Lev 
Almazov as well as 1445 
roubles (£881) In court, costs 
in order to dispose of the 
unprecedented civil . suit 
brought against him and Mr. 
Hal Piper, of the Baltimore 
Sun, by the Soviet State 
Committee, for Radio and 
Television. 

Mr. Piper was also fined 50 
roubles today but was in the 
United States on holiday. A 
Soviet legal source, however, 
said the Baltimore Sun was 
planning to pay the fine and 
1,144 roubles In court costs. 

The court costs were imposed 
at the two men’s slander trial 
on July 18 along with an order 
to publish retractions in their 
own newspapers or the Soviet 
Press. Neither Mr. Whitney 
nor Hr. Piper attended the 
triaL 

The correspondents refused 
to . publish retractions of 
stories suggesting that the 
public recantation of Mr. 
Zviad Gamsakhnrdia (the 
Georgian dissident) had been 
fabricated and Ur. Whitney 
said he hoped this refusal 
would discourage simil ar 
slander suits against other 
correspondents. 

• Reuter adds from Moscow: 
The family of the jailed 
Jewish dissident, Mr. Anatoly 
Sbcharansky has voleed doubts 
about reports from the West 
that he will soon be freed in 
a major East-West prisoner 
exchange. His elder brother, 
Leonid, just back from a 
prison meeting with Mr. 
Sbcharansky, said he did not 
believe . .in such rumours 
although he would be happy 
if (hey were correeL 


the WEST GERMAN Govern- 
ment expects an additional 1 per 
cent Increase in gross national 
product next year as the result 
of its DM 12^5bn stimulatory 
package. This would result is a 
1979 growth performance of 34 
per cent, according to Dr. Otto 
Sehiecht. State Secretary at the 
Economics Ministry. 

He said it was a coincidence 
that the package should — accord- 
ing to the ministry's forecasters 
—have a multiplier effect of 
1 per cent growth next year, from 
the injection of l per cent of the 
current year's estimated gross 
national product Some foreign 
observers, Including Officials who 
accompanied President Carter 
here last month, had hoped for 
a higher multiplier from the pro- 
posed West German tax cut 
package. . . 

Meanwhile, three major indi- 
cators appearing today underline 
the lingering uncertainties about 
the strength of the economy. 
The July unemployment figures, 
which had been expected to be 
slightly better ’than In June,- in 
fact showed a rise of .45,000 
taking the percentage rate from 
3.9 to 44 per cent. 

New orders to industry in June 
showed a small rise: 0.5 percent 
overalL Domestic new orders 
again showed a firmer trend than 


those from foreign customers. A 
comparison of May and June 
with March and April, however, 
showed a 1 per cent drop in The 
overall index, witb both domestic 
and foreign 'orders down. 

■ Industrial production during 
June was up by 1 per cent on 
UfayV although on the same two-' 
month comparison it was un- 
changed. 

The forecasters are treating 
all these indicators with caution, 
partly on seasonal grounds such 
as the end of the school year 
and the onset of summer holi- 
days. However, all three tend 
to reinforce Dr. Sehlecht's view, 
which he held some time before 
the .Bonn summit, that- West 
Germany needs additional stimu- 
lus next year merely to prevent 
unemployment worsening. 

Private demand, boosted by 
this' year's tax cuts and pension 
increases, is expected to weaken. 
Foreign demand is not thought 
likely to pick up; while there 
is no sign of any strengthening 
in domestic investment. “The 
Government could not have 
remained inactive," Dr. Sehiecht 
said. 


best that Bonn cun hope 
during the current year,' and jC 
Sehiecht stressed that even 
achieve a 2.5 per cent increa& in- 
real GNP for 1978 as a wi 
there would have to-be a- 
siderablc acceleration . to 
per cent at an annual' rate h 
the second half. - 

Once again. Bonn is. making 

clear that its own pedbttfanm 
is highly conditional on those of 
its partners. The prelsmhjaiy 
projections for 1979 assume a 
rise in world trade of 44 per 
cent, and Dr. Sehiecht stressed 
that in addition to the effort 
promised by participants at the 
Bonn summit, the attitudes ^ 
smaller countries such L 
Belgium, Holland and the Scandi- 
navians would be crucial for 
West Germany’s export dep®. 
dent economy. 

Defending the proposed pact 
age. which has met nnenthusiu- 
tic domestic reaction, the State 
Secretary argued that it ought 
to act as a moderating influence 
on 1979 wage settlements. 


He told journalists last night 
that without stimulating 
measures, 1979 growth could not 
have been expected to exceed M 
per cent This level is now the 


Against this background, the 
Federal Labour Office has pub- 
lished, with the July unemploy, 
ment figures, a new analysis of 
the West German labour market 
showing that there remain exten- 
sive shortages of skilled men u 
several major industries. 


WEST GERMAN ENERGY SAVING 


Insulation and inflation 


8r ELGIN SCHROEDER IN BONN 




New Issue 
August 4* 1973 


All of these bonds having been placed, this an- 
nouncement appears for purposes of record only. 


INTERNATIONAL BANK 

FOR RECONSTRUCTION AND DEVELOPMENT 

Washington, D. C. 


DM 200,000,000 /StSSEfo? 

5%% Deutsche Maik Bonds of 1978, due1984 a w °^ D * AN « 


DM 200,000,000 

6% Deutsche Mark Bonds of 1978, due 1988 


Deutsche Bank 

Aktiengesellschaft 
also for 

Deutsche Bank Berlin 

AtoengeseHschafi 


Dresdner Bank 

Aktiengesellschaft 
also for 

Bank fur Handel und Industrie 

Atoongcscfechaft 


Commerzbank 

Aktiengesellschaft 
also for 

Berliner Commerzbank 

Aktiengesoibchatt 


Westdeutsche landesbank 
Girozentrale ! 


Alfgemeine Deutsche Credit-Anstalt Bankhaus H. Atrfhauser 


Baden-Wurttembergische Bank 

AledangcsattBchslt 


Badische Kommunale Landesbank 
- Girozentrale - 


Bank fur Gemeinwirtschaft 

AkMngesaUxhaft 


Bayerische Hypojtheken- 
und Wechsel-Ba*k 


Bayerische Landesbank 
Girozentrale 


Bayerische Vereinsbank 


Joh. Berenberg,GossIer & Co. 


Berliner Bank 

AktiengoaeUschaft 

Bremer Landesbank 


Berliner Handels- und Frankfurter Bank Bankhaus GebrOler Bethmann 


Richard Daus & Co. Bankiers 
vormals Hans W. Petersen 


Deibrucfc & Co. 


DG Bank 

PeuttchoGonos wn a chaft sbank 


Deutsche Unionbank G.m.b.H. 


Deutsche Girozentrale 
— Deutsche Kommunalbank — 

Conrad Hinrich Danner 


Deutsche Landc 

AtajengMaBaUnh 


Effectenbank-Wkrburg 

AktiongcsoHschaft j 

Handels- und Priratbank 

Aknangeadischafr | 

Hessische Landetbank 
— Girozentrale- 1 
Landesbank Rheailand-Pfats. 
— Girozentrale -[ 

Merck, Finck & cb- 


Hallbaum, Maier & Co. 


Hardy-Sloman Bank GmbH 


Hamburgische Landesbank 
- Girozentrale - 
Georg Hauck & Sohn 


von der Heydt-Kersten & Sohna 


Bankhaus Hermann Lamps 

Kommam&igae&sctiafi 


Landesbank Saar Girozentrale 


B. Metzler seel. Sohn & Co. 


Landesbank Schleswig-Holstein 
Girozentrale 


National-Bank 

AkuangesaUsdutt 


Oldenburgische Landesbank 

Atiicngisi&dtaft 


Sal. Oppenheim j r. & Cl?. 


Norddeutsche i 
Girozentrale 

Reuschel&Co. 


lesbank 


Gebr. Rochling Bank 


Schroder. Munchmeyer, Hengst & Co. 


J. H. Stein 


Saarlandische Kreditbank 

Aktiengeanschaft 

Schwabische Bank 

AkbengesattscfaBte 

Trinkaus & Burfchardt 


Karl Schmidt B; 


Simonbank 

Afc tt mg Baato c ta tt 


M. M. Warbnrg-Brinckmann, Wirtz & Co. 


Verein&- und We 

AtafangeaeSscfiaft ' ~ 


Westfafenbank 

AkaengeaQaebalt 


Wurttembergiscoe Kommunale LandasbGfnfc 
Girozentrale L 




.-w > 


I iy 




THE TENANTS of a four-store? 
bouse in Bad Godesberg, a 
residential area of Bonn, angrily 
grabbed the telephone to call 
each other the other day when 
they received a circular letter 
from their landlord. After rats-.' 
log rents twice in two years, the' 
major Cologne-based insurance 
concern — which Invests heavily 
in real estate like many Gerpum 
insurance companies — was now 
asking them to foot the bill 
for installing energysaving 
double glazing in their building. 

Tenants were informed that 
such a measure would '-’cost 
nearly DM 250.000 (£63.000), 25 
per cent of which would be.pald 
by federal German Government 
subsidy. Tbe tenants would*have 
to pay the rest, raising Jljieir 
annual rent bill by up to IT per 
cent 

This would mean a-nunftbly 
increase of their rents of around . 

DM 30 for a one-room apartment 
(which at nearly DM 400 (flOfa . . 
already matches prices in highly 1 
expensive cities such as Ham- 
burg, Munich or Frankfurt) or. 
around DM 60 for a two^room 

‘Bff'JS S West, Germans face 
Bonn. - / higherTetiiLs to help pay 

So far K baeusle batten," the foi* ncw , enp | rP r v^flviTur 
Swabian dream of building a 1U1 ucw tjuergy-irfmilg 

small house, leaves lithe to spare MCRSUTes but Hen*, 
for the other good things of life. Dieter Haack. thp 
It seems that the /Swabians of 

Baden- Wuerttemberg, -known for HOnSUIg Minister, argues 
their thriftiness, have less that tins is a practical 
trouble doing ■ without than the c 

rest of their compatriots. That way 01 fulfilling SOmeof 

State has the largest amount of the promises made at 
property per head of population j 

and the greatest number of Offlffi Summit and 
building contracts as well as the should result in more 
tamM hduin.Mton fat u><= jobsin the construction 


of energy saving window's in a 
building that has wide gaps in 
• its outside walls to ensure the 
airing of the inner apartments' 
kitchens. But to the tenants, heat 
regulating thermostat valves on 
. radiators seemed to be a much 
more necessary energy saving im- 
provement, which 'would not cost 
a lot to instaL 

The tenants do not expect that 
their veto will stop the Insurance 
companies' interest for ever, but 
hope it will at least block the 
next rent increase und force the 
company to consider simpler or 
cheaper ways of saving energy- 
even if they are not subsidised 
by the Government or do not 
help raise the level of rents in 
the area. 

What had hit the tenants nf 
Matthias - Gruenewald - Strasse 
were the effects of the energy* 
saving law which the Bundestag 
had passed at the end of June. 
Under the sew legislation, 
insulation of windows, roofs, 
cellar ceilings and outside walls 
of houses built before January 
1 of this year will be supported 
over the next four years to the 
tune of DM 4.45bn. House or 
flat owners can elect to receive 
either a quarter of their costs 
back, or claim tax rebates. 
Further, investment in expensive 
modern heating techniques, such 
as solar heaters on roofs, beating 
systems baaed .on . drawing 
warmth from water, soil or air 
will be subsidised without 
restriction under the programme. 

When Herr Dieter Haack the 
Housing Minister presented the 
new measures, he explained that 
here was a practical way to fulfil 
some of the promises made at the 


country. jvua.iu. uic cunsirucuua 

However, the average West industry. 

German is a tenant whose rent ■ 

has gone up by 47.6 per cent 

between 1970 and 1977, with themselves, and not merely when 


Bonn summit regarding energy 
"saving. He also assured the con- 
struction industry that new jobs 
would result from the pro- 
gramme and that this would not 
be the last boost to "the industry, 
as the State would continue to 
subsidise modernisation of towns 
and buildings. 

While the Minister cautioned 
the Industry against raising 
building prices which bad already 
risen “ enormously ” lately (by 
about 10 per cent) he failed to 
give landlords a similar warning 
on rents. 

Only 41 per cent, of all West 
German households- are owner 
occupiers, this is way below the 
Italian figure of 52 per cent, 
Britain with' 53 per cent; Den* 
mark 58 per cent and Belgium 
with a high 61 per cent Despite 
various Government-sponsored 
schemes which favour building 
society savings and tax rebates 
for mortgages, high property 


further rent Increases already they" have found somebody 
scheduled. When a new rent law willing to pay more rent 
was passed in 1975, substantially This sounds as if West German 
reducing the advantages of the tenants’ rights are well safe- 
landlord over the tenant bouse- guarded. But, according to a 
owners protested that this spokesman of tbe . federal 
abolished Incentives for Federation of Tenants, Land- 
developers to build homes for lords— and especially the big in- 
renL su ranee or construction cora- 

By introducing the idea of the panies— often use psychological 
"locally customary comparable pressure. They demand quick 
rent,” or rent paid for fiats com- decisions: * on modernisation' 
parable from the point of view measures and rent .increases,' 
of location, size and comforts hinting at law suits, if tenants 
offered, the legislators tried to will not give in quietly. Many 
curb some landlords' desires by tenants, uncertain of their 
permitting rent increases only rights. -simply pay up. 
one year after the last increase The ... 16 housebolds on 

if similar fiats- had become more Matthias-Gruenewald Strasse, 
expensive. This has to be proved however, decided to show a 
to the tenants by an independent united .front to the insurance 
expert The landlord can also company; For the first time they 
charge the tenants with 11 per called a- meeting of tenants and 
cent a year of Ms costs for discussed the recent policy of 
Improving tbe quality of the their landlords. It turned out that 
house" or flat by modernisation, rent Contracts differed, that 
Tenants’ need for secure housing some had' success Fuly refused to 
is protected by the provision that pay the last rent increase and 
houBe-owfters can give notice only that all were unwilling to pay 
if they are going to use the place higher .rents for the installation 


prices plus the feet that tenants 
are seldom given the ootion to 


are seldom given the option to 
buy the fiats, they live in, have 
kept the number of property 
owners down. 

Recent reports show a substan- 
tial rise in the demand for 
owner-occupied housing in the 
first half of 1978. The demand 
is strongest for one and two 
family houses. 


Eases in new talks with parties 


BY JIMMY BURNS 


PRESIDENT Antonio Ramalho 
Eanes was due tonight to meet 
political leaders- for the third 
time in a week, in what is 
believed to be the first definite 
step towards forming a 
Preshjentially - backed govern- 
ment of “personalities” that 
would have majority support in 
the National. Assembly. 

This .solution of the. political 
crisis is believed to have gained 
considerable support among 


LISBON, Angust'3* 


both Socialists and Christian 
Democrats, who have made clear 
that they alone cannot patch up 
their differences.. 

In his speech to the nation 
on Thursday, President Eanes 
suggested two alternatives to 
early elections as a means of 
solving the impasse. The political 
parties' should either agree 
among ..themselves to a re- 
structured alliance, or a govern- 
ment should be formed of 


“ personalities " of recognised 
political and technical com- 
petence around a prime 
Minister appointed by the 
President This government 
would be able to remain in office 
until the next general elections 
are due in October, 1980. . 

Socialists and Christian Demo- 
crats have privately Indicated 
that the latter alternative would 
be acceptable as long as jt in- 
cluded : a number of ministers 
picked from their respective 
parties. 


BY GUY DE JONQU1ERE5 


BRUSSELS,'- August 3. 


THE EUROPEAN Court of 
Justice, the ultimate interpreter 
of EEC law, has shed its mantle 
of Olympian detachment to enter 
a fervent plea for more staff and 
better working conditions. 

' The President of the Coart, Dr. 
Hans Kutscher, has written to the 
European Commission and tbe 
German Presidency of the Coun- 
cil of Ministers warning that the 
work load on him and his fellow 
judges is in danger of growing 
to unmanageable proportions. 


He points! out that the number 
of cases brought has- grown from 
19 in 1957, the. first year of the 
court's existence, to 164 last year 
and reached 157 during -the. flret 
six months Of this year alone. 

He proposed- that tbe number 
of. judges should be increased as 
soon as possible to 13 from nine 
at present-— one from each mem- 
ber country —-'While the number 
of Avocats-Generaux or Public 
Prosecutors should be enlarged 
from four to six. 


President Eanes. meanwhile, is 
expected to extend his deadline 
for a solution to the crisis. W 
allow him time to sound out 
further party opinions. This dead- 
line was rejected by the Socialist 
Party national council last night 
Although dismissing the possi- 
bility of an early element with 
the Christian Democrats, the 
Socialists have asked the Presi' 
dent to take tbe Initiative aod 


appoint a Prime Minister of' bis 
choice. 


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BY u avid, curry • -V-W ’- i 

THERE ;I& '> little' -chance la i' ' V . 
cominR yearS'tbat-tiie pattern of IMMffTCl 


PAWS/ August 3. 
volume, the reverse - trend is 


Consortium 
turns down 
Pakistan 
aid appeal 


Israeli fighters bomb S. Lebanon 


BY OUR FOREIGN STAFF 

ISRAELI JET fighters pounded 
targets In Southern . Lebanon 
yesterday in retaliation for a 
■bomb blast in Tel Aviv which 
■killed one person and wounded 
46. In Beirut Palestinian 
officials claimed- that the 


- countries , . and’ 7 deficits- .with 20 
primary, producers. ; 'This Is a . 
conclusion - oL'tiyitttdyv of long- . 
term trends 'conUinod .in' the 
latest OECD report qh Japan. ' 22 . 

While the .appreciation of the.' 
yen should reduce. the- price com- - 
petitiveness of Japanese; goods 
. oa overseas markets the OECD , 
argues that this same- apprecia-' * 
.ion. vriU. moderate! domestic price-: 

movements..: Gonseqaentiy 41 the - 
impact on future export growth 
may not be as important as- $agC **’ 
gested by the. magnitude of "the ; Li 
exchange rale movement **.• the.. / 


IEJQQUAJ2 


The fighting was discussed 
at a meeting between 
Lebanese President Elias Sarkis 
and Abdel-Halim Khaddam, the 
Syrian Foreign Minister. 

In Washington, the House of 

volume, the reverse - trend is - ISLAMABAD. August 3. officials claimed- that the Representatives has voted to 

noted, with a decline of 20 per AN international aid consortium k”* 11 Planes had pounded an cut economic aid to Syria 

cent in the first half Of the ;has turned ' down Pakistan's commando south because of attacks on Christian 

.1960s to 15 per cent in the appeal for 2m tonnes of wheat ? 5,don and that there had Chilians in Lebanon by Syrian 

i second and 10 per cent over 1970 a£d has asked for a better been no guerrilla casualties. peace-keeping forces. But the 

to 1975. . explanation for its poor harvest ■ -'• Meanwhile, fighting con- Klf 

. Japan has also steadily gamed informed, sources said today. tinned in Beirut between Inf ?* h 1 yet acte<l th 
.m market share — from- 5.4 -per The sources said the 11-meraber Syrian troops and members of Bms " 

cent in 1965 to 7.4 per cent in "aid to Pakistan " consortium the right-wing militia who draw A State Department spokes- 
1970, though there has been was dissatisfied, with Pakistan’s their support from Lebanon's man said that the U-S. con- 

some recent stagnation and loss explanations that it bad failed Christian population. Both d earned yesterday’s bomb 

of market share In; particular to meet* production, targets sides said they had sustained blast in Tel Aviv. There was 

countries. because of a reduced growing several casualties. no Immediate U.S. reaction to 

A further factor highlighted area and bad weather. 

■ by the study is the high level The World ' Bank-led cons or- 

of elasticity of Japanese exports tium. wbfeb- met In Islamabad THE SINO-VIETNAMESE CONFLICT 
to world trade in the: period since last week, also demanded details 1 vid HMmcoc wiirbiwi 


the Israeli retaliatory raid. 

Meanwhile Mr. Cyrus Vance, 
the Secretary of State, was 
due to leave today lor the 
Middle East in the hope that 
peace contacts between Israel 
and Egypt can be restarted. 

David Lennon in Tel Aviv 
adds: Israel has now joined 
Egypt In looking to Washing- 
ton to find new ways of 
nuking progress in the dead- 
locked peace negotiations. 

With President Sadat's firm 
refusal to hold further direct 
talks unless Israel agrees in 
advance to withdraw from 
occupied territories. The Gov- 
ernment here believes that 


only strong American inter- 
vention can break the impasse. 

Two weeks' ago, it had been 
expected that Mr. Yancc would 
be coming to chair Israeli- 
Egyptian talks in Sinai. But 
Mr. Alfred Atherton, the rov- 
ing U.S. ambassador, said in 
Jerusalem last night that the 
present expectation is that 
there will be uo direct talks 
at present. 

If ft appears (hat a com- 
prehensive settlement is no 
longer possible, Israel Is pre- 
pared to try for a partial, 
bilateral settlement with 
Egypt 


Old hatreds, new fears 


impact on future; export growth ,, .1 V :■> i i ■ . I I960— put at L9 . per' cent. This of Pakistan’s plans to meet next - - . -m -m m . -m 

bnportant asSOfr * J J * is attributed to the- rapid change year’s target of 95m tonnes, the' m % I J l* ^,#1 svnr 4-r^rfc -mm 

gested by the, magnitude "the "V* 78 1 in the strechire of exporte from sources said. : • I llfl Sit f 1 TTfJfl €J IIPW TPiirC 

exchange rale movement* - the _ light industry, notably textiles, The consortium called off plans VdT 111- I1CI-U. VUl3u JLHL' v Y O 

report states, . •; - . f oreigiL vessels to take advantage to iron and steel and chemicals to meet in Washington next s 

. The •• report-; ewe«S -. that of the : loww; wages on non- and more recently to' motor Thursday,, they added. w uapvpv crorirwiw im mows unwc 

imports of manufactured: goods Japanese. sbips^It notes a rising, vehicles. This has- reflected the Pakistan circulated a memo- - '. BY harvey stock win in mono konq 

from ^ BDiA AND Vietnam are Vietnamese irritation with aid to Vietnam. China thus did China has also found ideo- 

SSL and now to technologically mien- *• fhortiaH ^of Ub tonne* of scheduled on August 8 to start Chinese support for Cambodia to Vietnam what China had logically necessary, and China 

s,v * indl “ try ' , « - - ■ ' -• llad feeeD - discussing their differences at was equally manifest. once resented Russia doing to had said nothing at all about 

t . e " Any recent decline m price premised by the U.S. vice foreign minister level. At Aerimonv he tween the two China. The issue of the Viet- the persecution of Cambodian 

Japanese nwk ^However; here > The report ^tudfcg. the exp an- elasticity is thought to reflect the _ It would not be possible for the very best, diplomatic obser- A fTP° y . °® lwe f n “ e namese Chinese and the aid cut- Chinese. 

1 there . will- be * sum of 'Ja^e sfcff xports since growing importance in non-price Pakistmi to import 25m tonnes yershave not been expecting the SE*SSS off have greatly escalated the The Vietnamese, by the first 

contrary trend ip: the^shape of 1.W9. It noteajgffflifc annual factors like quality delivery and out of Its own cash roreign talks to be very productive. bitterness of mutual recrimina- quarter of Uiis year, were facc*d 

a slow-down in- .imports -of raw eacpansionin dott^fltermsm i960 after-sales service. e x c h a ng e resources without sub- A „„, . of the 1. 6-2 m Vietnamese of wj ... , sinial :-o { «hieh ih,. 

materials-. • and .-' intermediate to 1865 was -16-pe»^tent and that In dollar terms' imports also jecting its already precarious K^!SS ot «2S Chinese origin. The precise chain u • Vietnamese Chinese were mainfv 

goods as a Tesult.bE :slower thishad increasedlo^A per cent grew at a rapid annual rate for balance of payments position to. mere border pro- of cause and effect ta still diffi- What lies behind all the respong j W £ for t( , e suecess of 

growth in GNP in -the medium- Ip -the fiist-luQf ’of. this decade an average of 125 per cent in severe stresses and strains and i uppo If fo f ?olt to determine. China turned aenmony and antagonism. From RrQ winc black market not mere I v 

term and the decline -in the beforesHpi^tekfl-per cent in the fijS half of the Ws to 175 without disrupting its develop- According totoe tts- verbal wrath on Hanoi for China’s viewpomti Vietnam’s f 5 “ g"Sf t l ^inN^Vte,. 

111 ^ ^ . ment efforts," the memorandum ^Triven^SSTSI C M v^tna^SS K M whi^ % 


with respect to production/ . 

It notes that any reversal- of . " 
the movement of the terms-. of -- 
trade in favour of- inanufa ctured 
goods would hurt Japan’s current - 
balance and su^e^ts that there 
is substantial bope-i or Increasing . 
long-term capita I witflocwB. - -v . . 

Oir- the' JnVIslt>kft 5 ..iibnt''ihje 
report - ' expects ..- x • .continued .. . 
Japanese deficit ;— =» the current ■ '■ 
deficit - in this area reached-- *■ 
$6.4bn last year. The main factors _ 
are identified as the deterioration . ■ 
in the transport 'business link ed 
to the expansion o£ Jtade and Jhe. l 
shift from Japanese 'to chartered. 


r*R> •Tl i f' T >-- 
= !* - : 

. •» - STRUCTURE BY COMMODITY ’ 

SHARE IN DOLLAR TERMS \ 

; .-.V*rc* / -Textiles Chemicals . 

i -'3DA 45 


said. 

Renter 


.Btt 

j ws igb'n* 

mo 

1775 • - ’ A7 

‘ 1777 55 


Chemicals 

• 45 . 9A .... The incident merely extends Vietnam a UOUUleSOme neigHtiOUT, While nee’ded rofudiy"— -particutariv* tn 

ti is. dispute hits 2SXT WSJSTslK v***"™ ^ 8 T“« le ijo • it8 ^ r.X^ te .r ,, SS»',S2l 

“ ™ •* ... c .ytetnainwe acrimony, it to «tuj pendence from China. Z •‘JJZo 8 Lnl TZ norm 

JL, Tvfets * telephones gSTVSp 5ST5 JSt ~ f g>H — 

255 ojD 25 warfare, but even that is not Cbina of stirring up Vietnamese which have now earned Vietnam V»ih 

'355 1.0 • 25 SYDNEY, August 3. certain, as the Slno-Vietnamese Chinese discontent the title of being “Asia’s Cuba” {jjftj and sunoort from 

[ 455 25 6.9 AUSTRALIA'S communications escalates as an extension of China then imperiously dis- m Chinese eyes. tht , s “ viet b|oc " nA 

1.4 ' 70J dispute has worsened with more: Sui°-sovirt cold war, and the patched two passenger ships as No sooner bad the Vietnam Coinecon — thercbv promoting the 

,»15 u • 144 employees being sent home for SJS” 11 * 1 border war between a symbol of its concern, even as war ended than Peking officials very fears that already inspire 

• ~ .- refusing to do certain work Vietnam and Cambodia. it withdrew its ambassador from started worrying about possible China's pnlicv. 

because of disagreements over Sino-Vietnamese antagonism " anoi . Wtensmly for health Russian use of ex-American So the net" effect of the Sinn- 
V' Jl ' 1 tte computerisation of the ^ of course, one of Asia’s oldest Vietnamese in- military bases ^ Vietnam, Vietnamese imbroglio is that 

VI19QO awsirnpn country^ telephone system. conflicts 1 China has traditionally JjJjg-™ 1 *“» ®i*P Other Chinese motives would fears become realities. China 

M- TT Am. UvU The Federal Secretary of the found Vietnam a troublesome follow Vietnamese appear t 0 jj e a desire to show ^ars Russian encirclement— but 

Telecommunications’ Association neighbour, while the Vietnamese ™ ]es . 31111 procedures. Talks on concern for tj, e overseas Chinese seems to be acting in such a wav 
‘ TOKYO, August 3. said that he doubted whether baye traditionally struggled to ™* assu ®.J >ro !®L,t bortl u e Li nd at a time when Peking seeks as to enhance rather than 

k- . , ' ' , . . the dispute could be settled by maintain their identity and inde- utter two months hanging gr ea t er overseas Chinese involve- diminish that prospect. Vietnam 

an), a sub- in Japan by ^500 patients daim- arbitration' because of the pendence from the giant to their around, the two ships have ^ent in its own modernisation fears Chinese assertiveness, but 
c -chemical ing to haye ; contracted the complex Issues involved in the n °rtb- During the 1950s and finaDy returned without having programmes, and to put pressure is pursuing a course which is 

t-Cncmlcal disease and relatives.. The Stale introduction of new technology. TWOs the United States assumed reseed -a singte refugee. on the Vietnamese thereby scarcely calculated to secure 

. Seiyaku — and the three companies are In the latest development, 35 Sino - Vietnamese communist Meanwhile, 160,000 Vietnamese diverting Vietnamese pressure Chinese * passivitv. Cambodia 

pledge . an defendants in each action. Telecom employees in South solidarity, but even the huge Chinese have fled across the away from Cambodia. fears national and ethnic extinc- 

.Last October, the State* Ciba- Australia were temporarily American involvement in the border wttih China. China im- One reason for Vietnamese tion at the hands of the Vietna- 

^y tbe 133 Geigy {Japan) . . and Takeda relieved of their jobs without Vietnam War never entirely posed regulations to halt the hostility to China is un- mrse. and is acting in such a 

*.ggo. reached an out-of-court settle- pay— until they are willing to. “Emerged the two countries flow, which helped create the doubtedly that it regards lndo- way as to enhance that fear. 

?e loss of ment with 35 patients to pay return to do the work in antipathy. incident last Tuesday. The china as its special sphere of Vietnam was faced with over- 

is of the them damages totalling Y880m question— bringing to about 459 : The recent deterioration of faUure of the low-level dis- influence, and finds the Cara- sens Chinese behaving with 

ness. * ($4.6m).- : the number of technicians sent relations began as the Vietnam- cussions over the ships led to bodian communists exceptionally typical overseas Chinese sensi- 

ling. each In . March, a district, court in home in four states. Cambodian border war flared up the Vice-Foreign Minister talks irritating. From the Viet- tivily towards local nationalism, 

sbetween Kanazawa ordered the four The dispute, which began oa late last year. China, as Cam- due to start next Tyesday. namese point of view, the The Vietnamese Chinese are now 

B2,0M and defendants to .pay damages of Tuesday, is affecting telephone btidfa’s only ally, took the Cam- Meanwhile in- retaliation for Chinese concern for the Viet- faced with a Vietnamese Govern* 

pefcztent Y249m fS15m) to 16 people. An and telex operations as well as Indian side with enthusiasm, the dislocation caused by the namese Chinese minority is ment behaving with all too 

L 4 appeal has been lodged. .. . some radio and television ser- acoising Hanoi of seeking to im- refugees, China first sharply hypocritical, since Vietnam was typical south-east Asian insensi- 


Iron & Steel 
95 
155 
14 J 
. 185 


55 

55 

13.1 

Machinery 

TV sets 

.- Automobiles 

"255 

05 

25 

355 

1.0 

25 

.,465 

25 

6.9 

-:535 

. 1.4 ■ 

HU 

ran* 

U 

145 


Australian 
dispute hits 
telephones 


Cheese were driven across the Chinese while Vietnam accused relations with the Soviet Union, « h n h.,ik nr ,V, n 

border when Vietnamese border „„™®r. ed lhc 1,1x115 or u,c 

guards opened fire. According to supply. 

Srtg V aS a Se“-efS^\ro !; b“S Smo-Vietnamese antagonism fc one of Asia’s further ^ 

in: order to create an incident Oldest COIllIlCtS. China has traditionally found • id namese economy is already 

The incident merely extends Vietnam a troublesome neighbour, while SUdJd rapidiy-partSrly 11 to 
rte J? v of . ■ Iast of ew Vietnam has struggled to maintain its inde- ease the grain shortage— as* well 
SS™4. JSgT'S to «ui pendence from China. ' « uS 

Aid is not going tu he quickly 
forthcoming from the U.S., which 


SYDNEY, August 3. 


age awarded 


A COURT today , ordered 7 tb h. finns— Ciba-G'^mK 
Japanese Government and thyee^Sdiaiy of., 
drug companies to pay damage^ fljCm Ciba-Geigy v ;®S 
totalling Y3550m CSlTpai to ll^i Industries and SaB 
victims of a nervous disease azid’ have two -weelaa 
14 of their relativeii'.. v. ” -a^peaL 
District .Court Judge.: Tsuneo - Tbe case 
Kabe ruled that tb ^ disease call ed plam^ffs seven -^j 
SMON (Subacute, Myela-Optico- - The- disease on® 
Neuropathy). . was: caused by the limh .; control j&fp 
drug Quinoform contained in a-iipper bhdy 
product marketed - by ■ the' three - Undecr.the coSg 
firms to couri ter .diarrhoea:- •' plaintiff 'wc^Id 
He blamed the Stijte^Or felling. YiL8m arrd^K49.7K 
to stop the firms nanhfacturiBg' $26^900) d^Sdira 
and- selling the': product. - - of -the r Uln Ca^L. - 

The Gaverhment asd-the thr^^J^nase 

■' ;■ - K ^ y 


TOKYO, August 3. 


. ; - 1 ’’. 


r ’ \\y 


tecmology and tptal driving pleasure 

se«>^<leweib«^jhe0be^'sbc^ " • nieuitirr^einreiiabifitv’ ^S». A range to suit every need 

)f tts toug#>^di 1 ving J Our safety bumper is one of • Safety of i^urse is noi much use if your car suffers of expensive exotica." ^ 

:0ndittore®^evra1d :: *mm/j ^thefewthatreaHydeservesthename. from h^hrepair^ls and niggl.ng problems. The Saab Turbo has indeed achieved universal 

3K/ _ Today dsA^fashronabletoshowsuch press acclaim. ^ jV --■> >r 


1^ file J Reuter 


1 vices. Agencies: 


its will over Indochina, reduced, and then ended, all its only adopting the measures that tivity towards a Chinese minority. 


i 


Saab-developedtdi e/tsome 

oftttjou^e^dhving 

cdndltlor&ro^ieworid 

. Some of tcxla^itibgh e^ drivu^corKirtions exist . 
In Sweden. Stilt is n^ffiun^ismg that we were one of the 
first carnvrni^actw^toJjuiW acarthpt could cope. . 

• • Not just5ttrthat yaw the dnverqorttrol in the . - 
most difficult situiiiSonB, biita car superbly engineered 
to help protect ttflt dtiyeregalnst other vajhicTps less • . 
suitably designed. - 1 *■■■■■-. , ' '■ 


Ufoourse, you are always at the mdrty of othec 
road users. 

J . Our safety bumper is one of 
fSKmy ' J ^ ew that really deserves the name. 

1 Next time you visit a Saab showroom, 
jump up and down on them— hard as you like. 

V that in a competitor's showroom. 

§ 3 ^ fftiyohanoe, you do make contact with something 
^atyoull be reassured that at up to 5 mph impact 
they augfy flex back into shape. 

.^Oiock a little harder and for a few pounds you 
simplyreplece only the damaged section, 

■-ift.fdRlplus ®.the fact that both front and rear 
bumpflt^aefuady wrap around the sides as well. 
Exten&gour unique safety features ail round. 


Every Saab is built with .a. passenger safety cage. 

More attention to comfort 
&safety 

Front wheel drive flfowyou unperaHeted control in 
the worst ttmdkksissmd'oor bralang system Is diagonally 
split so youD always' stop safely ina straight fine— even 
with a front tyre burst: . 

: : . Our headlamps bava 
biult-in wash, wipe 

med vamsms as standard, . A. 

And our derusting system ■ ‘ 

covers front, rear wid even the freint ad8windows, Atter 
allwe beiteve there is ■ Httle point in haying a lot of glass - 
unles&youcan see through it. . \ ~ 

Jnertiasatoy belts come as stawtartishdionipitie* 
£aabe you^ even ftkJ individual seat belts.for thfl throe 

rear passengers.'.-. •••■-. 

Because we thoughtyou mightcaffaasmuch for 
thoseinthe backasfe .tbott infront 



.TheSa 
at Kttfi 


>seat has an integrated headrest/restraint^ 
drivers seat is heated. ' 


- . Safety of eburse is noi much use if your car suffers 
from high repair mils arid niggling problems. 

Today it's become fashionable to show such . 
problems as nrinupal. 

We believe^ hey should be non-existent. 

Ahead of the field in many ways; we're proud to 
refer to a 1976 report in Motor magazine that said, . 

■"We chose a Saab as a best buy for at least one very good 
reason : reliability. V\fe ran a 99 as a staff car for over a 
year, covering some 20,000 miles, and in that time 
literally nothing went wrong — it was the least troublesome 
car Motor had ever had oh the fleet" 

Open up the bonnet of a Saab and you’ll probably 
understand why. 

First it hinges forward— a'i extra safety feature, 
at the same time giving better access. 

And then feel the metal. 

The complete body wort of a Saab is that much 
-thicker than our competitors. So our other safety features 
are real— not just a last resort. 

Leaders in technology- 
turbocharging for today’s 
motorist 

If all this mention of safeiv. reliability and qualify 
makes you think Saabs are stodgy, then We've a dignified 
surprise— especially if you own a Jag, Merc or BMW. 

Of our new Saab Turbo. Motor magazine wrote— 
*lf the maximum speed of nearly 120 mph isn’t 
Impressive enough, then you need to look no further 
than the remarkable top gear acceleration to put the 
Turbo in perspective, between 40 and 100 mph the Saab 
accelerates faster in this gear than just about any four- 


seater saloon in the world. And that makes overtaking A ranriP fn Cl Iff" Pl/Or\/ DPPrl 

and cross-country ability of the sort hitherto the preserve M 1 L " Ult CVC> Y 1 ,ccu 

of expensive exotica." /^ s ' fli^ D ° 3 K' g ' xx ^V 

The Saab Turbo has indeed achieved universal 
press acclaim. \ 


_ individually, all these features are iust common sense. 

Together they're unique — but then — as over 70% of SAAB 
owners buy another SAAB — that's the way we'diikato keep it 


Once again, we have led the field. 


99GL2DR 







99GL4DR 


Tho exhaust- gases dnvs the lurbira wt»ch In lum menstses na* 
■flow lb) through ilw ennaw ICI Tht ufMiue vatvc id* M«ufos itat l ho ctiafwroj 
pu-wire ml t« nuntamod ai the lequaed level IhiouglMit l he speed and toad 
tang's. 


Servicing by enthusiasts 

tf you're fed up with impersonal servicing youll be 
delighted by ihe Saab method —quite literally by 
enthusiasts. 

Most Saab dealers (about 200 nationwide) are 
small garages who stand or fall by the service they offer. 

So you’ll get the type of attention you thought 
was the preserve of the elite. 



99GLE5DR 


Ai Saab we don't just deliver an image —we 
deliver reality. If you are the same kind of motorist, with 
a mature sense of judgement, we've a lot to deliver. 

And for most models, we'll deliver in about 2 weeks. 






One of the worlds finer cars 

S A ab (Gt. Britain) Ltd Saab House, Fieldhouse Lane; 

Marlow, Bucks. SL7 nx Telephone: Marlow 697Z 


-The Saab Turbo 













4 


Financial Times Friday August -4 / 

- ' . & ' - /■*: 


AMERICAN N EWS 


: 5 '. . It ..v 


Stock market rally lowers 
Treasury auction yields 


Diana Smith reports on the growing traffic congestion of Rio de Janeiro 


BY JOHN WYLES NEW YORK. August 3. a population that increases by 

300 000 3 year. 

THE SHARP rally in the New anxious to climb aboard a new seven-year Treasury notes. Geographical circumstances 
York securities markets over the genuine rally, and optimism on This issue Tailed to fulFl the pre- „j Te Rio a very 0(Jd s ^ ape> do j n o 

past few days is producing interest rales, although con- dictions of only 10 days ago ttiat notbin." to ease the problems of 

returns substantially lower than sidered to be misplaced by most this week’s Treasury’ auctions ^ population explosion Essen- 

evpectcd on S7bn wortii of U.S. economists, seems to be the would Set new record yields to t j a ijy p j t j s a wandering, narrow 

Treasury- noie?i and bonds being signal investors have been await- investors. strip ’that runs erratically from 

sold this week. in« The stock market this morn- On Tuesday, the expectation QQrth tQ south being hen ,^ ed in 


THERE ARE nearly 7m people 
living within the city limits of 
Rio de Janeiro, if one adds the 
population of greater Rio, the 
total is around 10m. The city 
limits enclose just over 6.000 
sq km — hardly exorbitant for *v"v - *S 
a population that increases by 
300.000 a year. 

Geographical circumstances 



iX-:. . * ~£*. ST : ' - - ; ~ ' ./ . ..j. . - '• . . J ■ 

XSgSSZr*,-- _ IZPQF'L'S. .... v- 


-ivf Jit 


.-TIT 


1 . • A m v ** 

*■..« -tweu’i 

_ - . ..... 

Psffles3f> . 

■r^r-4 


ii Hair years, the bond market fished a new daily volume record The high volume of tenders for ^ heart of tbe city, are if'not 
was also surging forward. Stocks of 65.5m shares, comfortably the notes, however, immediately mDun x a ins. high, awkward ranges 
and fixed income securities have surpassing the 63.5m traded on raised their price in the secon- Q f ^ills. g 0 the city wanders 

risen on the apparent conviction April 17. But prices failed to dary market and reduced their w herc it can, constantly running 

uniting investors that interest hold their early gains and the yield yesterday to S.3'2 per cent. iQl0 natura i obstacles, 

rale* will not increase much industrial average finished the At the same time, the seven-year ip hose who Imagine Rio de 

mure, if at all. This has brought day 3.3S points higher. notes were auctioned at S.36 per ^ a sleepy, sandv palm* 

u.tv large amounts of cash cush- The bund market dipped sonic- tent, producing the highly studt j ed picturesque haven of 

mu mu of institutions which what in early trading but had unusual situation of a longer- coion^f architecture will find 

have been parked quite firmly on largely recovered by mid-morn- term security being auctioned at ^j, e j r illusions finally shattered 
Uh* sidelines for the past IS ing. The initial faltering was due a lower yield than a short-term. w j, eri they learn it also has 
months to fewer than exnecled renders But the government securities rro 000 vehicles on its roads — 

Many fund managers arc for yesterday's $3bn auction of market bad been showing un- sjjgJHM) of them cars. In 1977. 

expected strength towards the new licences were issued 



Rio is hemmed in by the sea on the west andby hills on the cast. 


BY DAVID LASCELLES 


NEW YORK. August 3. 


Chaos in the narrow, streets as 

drive expensive cars and have 

. i 1 _ _1 widespread investments,'* and 

the car population eXpiOUCS . reputed 8 pleas* of shortage^ 

The authorities have also 

port authorities are spending There are 6.1S4 of them, owned car-*eadHne: “ Occupants of made marked improvements in 
S34m a month on tiro metro by no less than 53 different car die as bus crushes it it commuter trains, on one line 


to side. . . 

Meanwhile 'i2l4 people ffiei- 
in traffic accidents in Kid : de 
Janeiro in 1977 (1,532 -of them ‘ 
knocked down). In Brazil; .as v 
whole, it is estimated that 
people were killed, ISO.oao 
injured. However, officials admit 
this estimate is probably 
optimistic. ' . ' 

It would be -unfair to say that 
Rios traffic authorities have-atit-: 
tried to da anything about -'tht7_ 
situation. For years, they ha^ 
been fighting with private bus- 
companies to make them ehcck- 
their vehicles thoroughly and 
regularly (at present. they air 
only cheeked every 45 days-aj 
an “economy measure,” the 1 
owners soy). They have set 'up . 
police supervision to prewar ■ 
queue jumping at *' difficult?’ hta . 
■stops— but. often, eager police 
attempts to discipline queue 
jumpers only add to the violence.-.. 

The authorities have tried fo ' 

persuade the 53 companies -to 
carry out . mergers, in order to 
reduce their number . to 27, and 
eliminating the present over- 
lapping on the same route of - 
several, competing companies.-' 
They have also tried to persuade - 
bus owners to put money into 
servicing, to be selective fa 
hiring drivers, and to . pay’ 
better wages. . hinting that bus 
owners live “in nice homes, 
drive expensive cars and have 
widespread Investments," and 
have small justification for- their 
repeated pleas of shortage of 
funds. 

The authorities have also 


end oflast week, when something — ’ m W h at was a quiet year for Slreictao' to be setectlJr S 

Citibank officials quit |SS HSSfis Chaos in the narrow, streets as 

- - — - — ■ SEsS x s s -i=3£1 the car nomihtion : exDlodes ^SrSH 

CITIBANK CONFIRMED here the hank for wrongful dismissal week, the auction of SL5bn 30- per cen t). Ford (15 .2 per cent! lilt? vUl JLI lUtt UVf 11 ^ApivUw . repeated pleaa of shortage of 

irwlay ihiit two bank nffici.il> who allegedly because he uncovered P fiJirf W ^f anri Fiat f8 “ 5 per cen, l. a11 of outharities have a!«sn 

in* BruS ,S*p;S or ha rore%n"SnsX*^!ims M* PW cent which' was never- Sum-sUedn’s tataBlL* 04 port anthoriUes are spendinE There are UN of them, owned ear-ieadlinc: “ Occopante ^ ^e marked imprevemrats 1. 
re-'i»n-rcl almut two month* ago. in certain European countries, thelo&s the betit return on a j t js however, bad news for S34ni a month on the metro by no less than 53 different car die as bus crushes i. ?,■ ^ ® J"* 

However it insUicd that these M. Dcvlcschouderc was the S-term Government security. peop | e W ho find tbe 24-hour roar works, and untold energy trying private coin names,, travelling voers out of comrol and c a i^. CW ia«? pa ^? 

n^jgnii li on* were n»n connected author of a memo which Mr. Jhe Treasury received some of R j 0 tra gi e hard on their to pacify people whose homes over 3S0 different routes. On {" t0 * , or 

with allegations by a former Edwards has produced as SL.abn in bids for the bonds T , erves- Here a quiet street is and places of work lie along the any given day. 1,500 buses are line: Bus plummets into ravine. [HteSP carr an f 

rmi'lnyer that there were irrcgu- evidence of alleged irregularities winch, justovera week ago, had Q7Te where vehicles blast bv route. out of commission. This means ten dead: equally out of »nUol. ^.0W people a ^ a >* on 

laritic* in its foreign exchange in the Brussels branch’s foreign been expected to yield between everv *>o instead of every two The building of the metro has Lhat just over 4.500 buses carry tt drives into a bus qaeue Uns privileged »no. passengers 

dealings. exchange dealings; S.6 and S.65 per cenL ™* l “ 0 . 1 Bver> beea marked by small battles 8.5m passengers a day. in cx- headline: “Woman standing at are now contented. 

The tivo officials were M. Jean- Mr. Edwards also alleges that • The U.S. money supply showed while the 556 000 cars jam and in some cases, all-out war treine discomfort and perilous bus stop crushed under wheels Moreover. the Brazilian 

Pierre de Luf-l. treu^urer o( M. de Laet acted in a question- a substantial S2.rbn increase for ^ streets and pavements between workers drilling, cut- safety. • of bus." ...» Government hasr jilst created a 

Citibank’s Paris hranch. and Mr. able way in the- money markets, (he latest reporting week, which .because there are not enou n h ting and shoring up the metro The 1.500 temporarily out of -The mayhem was at its height centralised public transport 

Robert Dcvlo-ehnudere. treasurer citibank has strenuously will do nothing lo ease pressure underground or above-ground works, and the public. In one commission are those with from June 1 to June 25 when authority, destined lo tackle the - 

of 'ho Brussel* branch. domed any wrongdoing, and it on interest rates. This rise in parking places) Rio's rear is street whose former calm has faults so serious that the roost Brazil’s football team was com- urban transport needs of 'this 

M Devle.-chnudcre was men- said here today that its own in- the Ml measure offsets a S2.Shn heightened liv its buses fumin« been ruptured day and night by obstinate driver could not get pellng in the World Cup in country with a population of 

ironed in court papers filed here vesiigations had shown the fall reported by the Federal hissing belching black smoke chattering drills, the residents theui In start. The rest often Argentina and. it seemed, bus nOrn. now growing at a rate of 

nv Mr David Edwards, a former charges against M. de Laet to be Reserve last week. The broader ' r fumes faun faulty air con- banded together and bombarded run with faulty brakes, drivers* minds were on their over 3 per cent a year. 

Citibank employee who is .suing without foundation. measure. M2, rase by S4^bn. ditioners on the luxury workers with chunks oE cassava dangerously-worn tyres, springs transistor radios, not the road. Meanwhile. Rio de Janeiro 

versions'). root, rotten eggs, tomatoes and bashed into ineffect I voess and j n the laic evening, ■ -when screeches, honks, roars and 

Rio's narrow streets ihat. bananas. One resident went even steering equipment that leaves everyone in central Rio but . crashes its way onwards. The 
__ m because of the city's weird shape, further and every time the drill much to be desired. In fact, for journalists have gone home.- my metro will relievp its problem 


Pierre de Lad. treasurer o( M. de Laet acted in a question- a substantial 


g 0 nt'l'dU&i: U l me UllJ a WCIIO lUlUiCI uuu mu- U*ui I1JUL.II IV I MW utoiivu. an IHLI 4 jUUftliail»L£ iiuuiu, u-f rt * U 

fllavilT ^ w% /araw innnviriiTAn oTten lead smack into a hillside, was started up. shot at its power a modest two cruzeiros (5 journey home lakes six minutes. * or ,, a while. But. when one 

IsVcB V vrflll/lllrfi 1,/ir llflft. trill I V exacerbate traffic problems at the generator, frightening the work- pence), the flat fare for a long In the nforning rush, it takes realises that the car population 

V T V T Vi V/U11UUU JLRJtV-’V'H.* t/R. v VkJI, . tu... ‘ . \,.ir #„ ri. D n, u-.,,* - -.n tK« in «n tu<« increased 2S3 oer cent in ten 


WASHINGTON. August 3. 


SENIOR U.S. Treasury officials U.S. official concern has been The other concern of the 1 el {5^s C beiil" built 
are lo press their complaints in aroused by the recent offer to Administration centres on the I Th metro k Rio's Shanet 


5 yet men half to death. journey, you can have 'all the from 30 to SO minutes, and every has Increased 2S3 per cent in ten 

ist a' While the metro creeps' thrills and spills of a roller, morning I wonder why I perform years, contemplation of tuox 
sible towards completion, Rio's traffic coaster or the dodgems without this masochistic ritual. -My. traffic ten years from now if 
the worsens daily. It is estimated going near a fairground. .. bruises are permanent, from rates of increase in- Car owner- 


T v best of times. They are made yet men half to death. journey, you can have 'all the from 30 to SO minutes, and every has increased per cent in ten 

more serious because almost a' While the metro creeps' thrills and spills of a roller-, morning I wonder why. I perform 3*6**^. contemplation of Rios 
BY DAVID BUCHAN WASHINGTON. August 3. tenth of the city is inaccessible towards completion. Rio's traffic coaster or the dodgem* without this masochistic ritual, -My. traffic ten years from now if 

. , _ „ in traffic this year, while the worsens daily. It is estimated going near a fairground. . bruises are permanent, from rates of increase in- car owner- 

bF.NiOR L.S. Treasury official > U.S. official concern has been The other concern of the metro j s being built. that an office worker who takes In the five months 1 have heen hitting metal-rimmed seals as the shtp continue brmss on instant 

lire to press their complaints in aroused by the recent offer lo Administration centres on the The melro ig Rio . s Shangri-La. a bus five miles from the north in Rio de Janeiro, there has not" bus hurtles round a corner- at migraine— not only for the- 
utiaiva tomuriw that the the Ford Motor Company of agreement that the utt aua The Rrst jj ne to ^ com . /one t0 the centre will waste been one day that 1 have not speeds oven Andretti would sensitive, but for unfortunate 
( jin.-irir.nn Cnvpi'nmi'ni is on- S70.75»n in inrpntivpc in osinh- sovemment niade in June with n i-._j /thuv sav^ hv tha *»nrt nf four hours a dav t.ravplline fand read a reDort of a bus crash: a avoid, my right arm grows officials who must perform 


government made in June with 


and. at the same time, depriving part of this will be paid by the same proportion by which the 
tbe U.S. car parts industry of federal Canadian Government. German car company agrees to 


traditional customers. The administration here rccog- increase its purchdse of Canadian. GAMBLING IN NEW JERSEY 

An Assistant Secretary nf the niscs the right of individual made car parts throughout Us MMHiDiiinu nw 

Treasury. Mr. Fred Bergstcn, Canadian provinces, like indivi- global manufacturing operohons. 

•a ho will lead the U.S. team in dual U.S. states, to offer invest- Canadian sources say that similar -«- ■ A m 

Ottawa, earlier this week told ment incentives. Canadian arrangements are being con tem- I M¥r AC a ^ 

a Congressional suli-coinuutlcc diplomats here, however, plated with Honda and Mazda. ■ 1| V P%| ■ 

that such prJctices by the counter tbal this level of The U.S. Administration be- VUM/AkJ 

Canadian Government were con- incentives is necessary, to lieves that the Volkswagen agree- 

trary to the U.S. -Canada automo- match what Ford is being offered meat may reduce the amount of ' ' 

live products agreement uf 19Bn. by the state nf Ohio. The com- U.S car parts which the new • 

ami tu tin* OECD council dcci- pany is examining an alternative Volkswagen plant in Penn- . . 

sum of IB7H nn international option of expanding one of its sytvania buys and augment pur- , TR r&affFq fROSBY'the craeev snendin® severa 
investment incentives. existing engine plants there, chases by the plant from Canada ffr! ® 


Investors’ gold rush to Atlantic City 


■■■»■•■ ; . :: ”» ■*-- 

BY DAVID LASCELLES IN NEW. YORK: 


Storm in Chile over murder 


dollars, a day at his new Atlantic dinner meeting with industry casino will be in business w busy consolidating his position bis gaming tables have minimum 

Ci$y casino, is bullish about the analysts and the Press. . A 51- One of his enu^etitors’ in Atlantic City. He recently won bets of S100. "The big gambler 

gambling industry's future even year old hachelor, Mr. Crosby problems, incidentallyy is the approval to extend his casino’s is already there." he said. 

jJhuugh everyone from Playboy suffers from asthma which his threat by the ^aggrieved Hoorspace by 60 per cenL With ^ ot everything has been plain 


BY ROBERT LINDLEY 


SANTIAGO, August 3. 


to the Japanese is getting in on 
the act. But he can afford to 


_ _ __ - ■ -- sailing, though-. There have been. 

The dollars being gambled at Atlantic City pale before the suras investors gations that big crime is eyeing 


THE INDICTMENT by a federal because Gen. Leigh had called in Washington, having beer, V/Ssby the first business ^ »eiO r e TOe SUMS UlVeSiare gations that big crime is eyeing 

eland jury in Washington of for a return to democracy within “ deported " to the U.S. by the „ ia „ ro Sinate New JeSTs pOUTing into the place, which a year ago had almost been Written off. ^ p ace The ioiIdo has also 
iluv, Chilean officers in connee- five yean^st ill has not subsided. Pinochet regime. Mr. TownMy's as a has-hARn rpsnrt. SrjJS"! *K 


ini-ee i niiejn omcers m coiinec- nve years — sun nas nui suusiuea. rmacnci regime, air. lowmeys nhprali<u>d p-imhiine laws hmipht- 
mm \ulli the immler in 197K of There is much unpublished Chilean lawyer, Sr. Ma/iuel up *»o pe r cent of Atlantic Citv's 
S: Urlandu Lelelier. a former speculation here that more U S. Acuna, said here yesterday ,-that. n.mHe Lona Ocean front for 


of State gambling Laws which, if 
. pursued, could lead to fines of 


■y unanuii lcichit. a lunner .speculation nerc mai more u s. Acuna, saia nere yesreruay.inai. 3. ra ji e L on g Ocean front for * fn&wnnn 

■ •hilcaii foreign minister, is ha\’- Indictments inn v he forthcoming, in April in the U.S- his client $20,000 an acre in 1976. This colleacues say has turned him authorities in Nevada, who pre- 'characteristic boldness, he' had * 

:ng tremendous repercussions involving officials even more signed an agreement^ wlui U.5. | an j j S naw yelling for $4m an into a doer, not a talker. And viously had a monopoly on already, built, decorated and In the longer term, Mr. 

hvri* senior than Gen. Conlrcras. who jurist. Mr. ^' ar l . “• sunert, acre . though Mr. Crosby’s purchase is gambling, to bar any of their 'equipped this extra space before Crpsby s biggest uncertainty is 

Sr Li* teller, whn served in the has lone been a close associate of whereby he would be given a ln facL t j, e dQjiars being perhaps the biggest gamble sn licensed casino operators from he received permission to threw that, he has, as yet, only been 


, V. 1 '■ , r „ „ ! ! . I! vVu w'! ?.r.rf h p nl ° general here yesterday to newcomers are more than just Palace, tbe Nevada casino group, further projects, possibly in figures on tbe hotel, restaurants Crosby insists that he is not a 

"im ViVV .- tu »r ih! bp.inu-n. express his preoccupatinn ahout speculators. You need a lot of and Howard Johnson, the motor Florida where a referendum on a and hars that serve the casino, gambler. 

...... ■.V' 1 ;, hh , ..ii nn ih, r MM.-ii« 0U nr thc prrdicamont or the three money now to siart up in Atlantic inn chain, who are planning a pamhlmg amendment to the sfate All he will say is that “ the bars " Gambling is boring," he said. 

Hll V tit* ten Hun 1»> the Will decide, on the incuts Of detained officers. He also I'ltv." Ho himself .ment inint UOn tn» R,.t hL« rnncfitirtinn 1C riim In he held :in. unrv hHSV." He hn« hnwever the ere Reeled 


here yesterday to newcomers are more than just Palace, the Nevada casino group, further’ projects, possibly in figures on the hotel, restaurants Crosby insists that he is not a 
his preoccupatinn ahout speculators. You need a lot of and Howard Johnson, the motor Florida where a referendum on a and hars" that serve the casino, gambler. 


rhiviViiiiieruitii'nV’iir iHh three « !ih «h!L wlirihi-r" h! ’-rant detained officers. He al» ] city." He himself spent joint venture. But they have constitution is due lo be held are very busy." He has, however, Besides, the odds are stacked 

■•iii.vi" 1 hr- rU President. Gem oxtraduinn ’ El Mcreuno"^ i^uJ^ca^horo h<? rcpepcuSi,on j ®0™. but la| cr arrivals are se verallega) bridges to cross, and in November. There is a strong rebutted, chargee that his casino in favour of the house." 


\iigiio» PinurVi. ai a breakfast pre-umc rnment dailv newspaper Rcutcr adds from IVashington: 


■ 1 1 .■■WTiiiiu'iil Hou-su with hr iv. says (hat. " during the u.S. Government disclosed 

.n’.irn.iii- 1>. >aid that there are extradition trial, genuine proofs t d lha| u has worked out a 
•i. •! 1 1 tt.i I ■.■rniins in uhilc trying would have to he presented.* . • har « a j n w i»i, Mr Townlev. 
i.. t.ikr .i.lvant age n( thc case to but states that, up to now. all P ,ca 


:l> niter 1 heir cause. we have ‘‘is I lie lesiininny of in thc L.S. criminal justice 

The vtonu liver the sueking persons who. to rid themselves system prosecutors frequently 

v.i-i-k hv lien. Pinochet of of part or all of ihe burden of make such bargains to allow 

i.t-n Gti'-tavu Leigh— who was justice, accuse others." defendants lo plead guilty in 

uoninaiukT-iiivlm-r of the air This is a refaremv to a U.S. court to lesser charges, 111 return 

fi.iYfw- and a iiietnber of the citizen. Mr. Michael Townlev. an for information to lmpuceat 

ruling four-man military junta, agent of Dina, who is 10 custody others. 


GOLF: U.S. PGA /TOURNAMENT 


Watson goes three strokes clear 


Bahamas 
to deport 
immigrants 


Congress 
to question 
S. Korean 


Bid for 1980 presidency 


BY BEN WRIGHT PITTSBURGH, August 3. 

’ 1 By Nicki Kelly 

WITH SKIES threatening*’ the ship at the half-way stage. tionaliy the fastest and trickiest way and was in no danger of i-u* o*uA^c lI V AU8U5t 3 ‘ * 
first round of the 6OU1 U.S. ?GA Play was halted for nearly 90 in the world, in fact, the young, taking less than six when he only . BAHAMAS Government; 

championship continued at frak- minutes by a thunderstorm blond Texan three-putted twice, hit the from of the green with I S”5 JSL „h f n 
Country fM which threatened to wash out which is unusual for him but his fourth shot I launched an 


BY OUR OWN CORRESPONDENT WASHINGTON. August 3. 


play for the day. But it gave likely to be one of the best per- 


in tensive campaign tn rid the 


| THE CONTEST fur the 1USQ the rack early." Mr. 
i Republican Presidential nnniina- announced his eandidaev 
! lion formally opened jcslerday 1976 election as ca 
1 when Representative Philip December 1974. 


iven over par going to the lfith eumsxances. C(jme up Aon o( [he green - H e| Labour has' announced. ' To cn- 

3le. at which he dropped his At the moment, there are five made a six-foot putt there and: force the point, immigration 
nal stroke to par on the players on 70— one under par. another for a birdie at the j officials staged raids on June 12. 
‘sumption. They include the defending .second. Between taking three The 279 Haitians rounded up 

It appeared at one time that champion Lanny Wadkins, Bill putts at -each of the third and were held for 4S hours then re* 
icklaus might escape and be bratzert, Jerry McGee. Mike sul- eighth holes, he recorded four I l easet i to settle their affairs and 


inn. to give lesiinuniv about his ' teacher who supported the bids However no' funds collected Of those still on the t-nirse. *.- It aPP e “f*^ at one time that cna: rapion Lanny Wadkins, Bill putts at -each of the third and 1 were held for 4S hours then n 
role >n alleged inlluence-buying: f Qr t h e Presidency hy Mr. Barry h e f ore 1979 will be eligible for Johnny Miller was remintbg Nicklaus might escape and be Krajzert Jerry McGee. Mike sul- eighth holes, he recorded four eased to settle their affairs an 
in Cunwft*. 'rhe Houvc uf Kepre- f (“pidwater and Mr Ronald lh ‘ matching I^erolpaymenLs sStors of how he w 0n b“re abie }° start over again. This »lw Morey. Wally eonseentde birdies from- three Meave. 

M.-niamc.s Ethic.- ConimiUcc said i Reaean. will bo well to the right instituted in the artermath of with a Anal round of 63 1973. F°H ld ha Y e happened if tbe rain “JJ 1 . “,,5 Iub P rof c«- feet, after a lovely nine »™n| Thus w not the first time th 

today. -in what is likely to a remarkably wa le “ S aie to reduce the role of Today.be went two underuS tn had persisted, when the whole SSP*!* ®!JL par ,l - shnt - W feet and 12 feet. , Government has tried to des 

A voimmlkT memlier .said ; crowded field. private J donations in American ! the ratwariThaif “oMftof the The inward half was lns B !!SliJ!!*-!l reb S® 

bmith Korea, which had been; modciline his tactics on those politics. 
rofuMng io allow the quest mniiui M 5llct . ess f U lly used by Junmy Thouqh Mr. Crane may 
•<n The ’rtuimis of diplomatic \th Crane i>volamDd that conservative to become Pri 


: ? ’rcuimis or diplomatic j| r .Crane explained that conservative to become Presiden 

;my. will let Mr. Kim ^ naini » was noi wtI! know’n to he denies ihat his candidacy wi 


Rciilcr HOUSE Democratic leader Appropriations B; 

— M r . jtm WrighL said today that suffe r 3 severe ni 

li.s. COMPAN Y NEWS [url]lcr reductions in the 197U with th! 

, . .... n.s. Foreign Aid Bill would n r fnreian a 

Phsn.onshcl v «prono S «l h.d ^. 0reK . lmsail . President '" he House vote 

for OK C. s,lor ^f r ®“ ps r i: co ”; carter's ficxibiluy in conducting cut economic aid 
higher sales: Beatrice Fmids. f 0rc j„ n policy. year because 0 

merger with Tropicana Pro- j-i e gave the warning in a Christian eiviliar 
duets delayed again: Increase speech as the House prepared lu forces in Lebanon 
In profits at Hoover— Page 22 act OP a $7..1bn Foreign Aid Rep ter 


U.S. COMPANY NEWS 


Pharaon tiliclves proposed bid 
for OKC; Store groups record 
higher sales: Beatrice Foods 
merger with Tropica na Tro- 


P*r- 1 ponulation. 


hemisphere. 


left-wing administration of l,e P- P| h0ChpL ten-year sentence for his role in g ani b| e d at ji r . Crosby's slot far taken at Atlantic City because investing in casinos outside the it open to the public. He has, also granted a temporary casino 

i're-»jdi‘m Allendc which lbo ,*^ s 3 rcs “** uf Jhe indictment the mu roe r of br. Leieuer ana machines a(1t i gaming tables pale he moved in befnre New Jersey state. started work on a second casiho operator's licence. He explains _ 

Oiilvau miliiarv overthrew in ? r l,le l ^ c , e Chileans— Gen. of his American womari associ- before the sums Ihat investors had even voted to permit Mr. Crosby admits to a slight which will he opened in lfiRIj by that the Gambling Commission . 

- -- - - Contreras. Cal- Pedro Espinoza ate, Mrs. Konni simniL But. — ... — =_ — j — u_u - — =-> * — .1-^. *1 — l-h ..u 1 • ...u:..v. ~ 1 — 1.1.- .*.....1 


, ourlte to win here, was in da iger eV er happens io the weather Haas and Hale Irwin. Meinyk, finked weakly, missing the j rrreement services required, has 
1 of missing the half-way cut for fater today, ail recorded scores when two under par. took eight E re, - n at. the ,~30-yard 16th to: produced strong economic pres- 

only the fourth tame in a mijor w |?i count and. if necessary, the strokes at the par four IRth ^ r °P 0 stroke and driving fntojsures for a final solution. L'nem- 

championship in -ms is- rear finst and second rounds would be hole- He drove out of bounds rough., on The right to drop!Pln v mcnL swollen annually . by 
career as a golf prorcssiona - completed tomorrow. and finally tnnk three putts from an °thpr when be could not reach . 6.000 school leavers, is now more 

After a -thunderstorm del yed The current | ea H eK at twn above the hole. Ihe green .with his second shoL than 23 per cent. 

«in«»rt rrt 7? ,UI !?i 0 hf Cre o™ day Li!r e under P ar are Ben Crenshaw. Niddaus started with a After IS holes, the former forel t gn° U ^i!fl. ft l or S cr *?»2 Lhv 

scored (9, sight over par, W ^ Q p^fo^Q^ wltli distinction horrible hook off the Sr*i lee champion, Dave Stockton, was in^ndi^r? atl °!l a S T^ ere « i 

^Kt in ** «cent British Open, -and 3 t the,469-y a rd par four, into a three-under par.- Lee Trevin^ ' 

major championship, whlct be yjg veteran Dave HilL Each ditch trom Which he was forced and Leonard iTjorapson twoimsdiriv «* JLJ s a Lw« 

ffie°US d Masters^toui Sf scored 69 ' Hill, has been playing to. chip 10 the adjacent ninth under, and they were^the only j b?f"r the^aS^bwfv S’Thcns 

so badly that he has only made f^rway. He dropped a stroke other ulavera besides those ure- ttU- 


t 

if-* 9 

,n. 

* 1 4 ? I 


i i *■ t - 


' - . :.s.d 
.;sa 








‘■V-k-- 

*■ It*} 


'Cliv. 


tv 







. * Tiffife;,fe^^t^st-4 1978: 



ORLD TRADE NEWS 


Widersteel 
import duty 
likely spoil 

ByJohrvUoyd;:^ 

.! IMPORTS OF iron and steel 
products con** wider increased 
surveillance -today In amove 
, which Is likely fo precede fee 
imposition of. : Import duties 
. on a number- of products not 
; yet covered) by the Davignon 
v Plan. r " ■" 

Tbp DayignorvN-Plao,- wbieh 
.. lvas inlroduced iate last year in 
an attempt, to ameliorate “the 
L * f r i si!< ln fee EuropeaB^ steet 
... industry by cutting -down on 
•••„ oreign importer was -a rolling 
• : °ue, under which ■ products 
... conla be gradually jjronght 

- under Its scope as 1 If became 
. Clear Out -they - should ■ be 

• . protected.; ' “ 

It has been : felt: for some 
months that a wide range of 
, steel products, . both . baste 
steels and semi-finished steels. 
/ should now be" brought Into 
the plan, because of fecreaisliig 
competition from ^cheaper 
imports. . :...;"' ; 

tn a recent interview. JkL 
Jaccjues. Ferry,; president of 
v refer, raid, that the opera* 
t'on of the DavIgooitFian 
increased pressure. -on.? those 
steels which were outstde.o{ ik 
A long list of steels w£D.be 
surveyed, by -the. Department 
of Trade,' in cl n ding mild steels, 

' “'Kh carbon "wire rodr/spedal 
- carbon steels, alloy steel and 
stainless steeL' .. 

' •• Besides this, those* exporting 
steel to European Comnuinitx 
member countries wfli.be re- 
quired to state the pricer of 
•- the steel after receiving 
domestic rebates on If . . 

AH the" major steel jprodtie^ 
ing countries have.' nW~ been. 

... brought within fee scope, of 

- the Davlgnen- arrangements, 
and il seemi inevitable. feat the 
range of duties, will. Inenase. - 




TOKYO; August 3. 
steel ..sheetings, 


CaU for UK 
tyre quotas : l 

By Terry Dodsworth 

A new demand for restrictive 
measures against tyre Imports 
to the UK was made yesterday 
by the Robber Processing 

■ Sector Working Party in a 
letter to Mr. Edmund DellTfee 

■ Trade Secretary, asking for feu 
imposition of agreed quotas. 

The letter follows a move by : 
(be British Rubber Mannfac- 
"-hirers'- Association to prepan 
an anti-dumping case against 
East European lyres. This is 
due. to be presented to the EEC - 

In the letter, however, the 
Working Party argnes feat the. 
anti-dumping, mechanism.: has 
been “inappropriate andtoteily 
ineffective.” It wants fee: Im<o 
position of quotas m* “ ifisrnp- : 
live” tyre imports at a ftkvel; 
which is agreed by fee^WPi 1 

The Working; Party, nndef; 
the chairmanship of Mr.- John.. 
Cousins, fee manpower ~'and. . 
industrial relations director of 
the National Economic De- 
velopment Office, goes -On to 
express the “grave" concern" of 
both management aiid -unions-' , 
- about tariff reductions under 
Uie Tokyo Round in anfedustry 
where one 'in five. Jobs have 
been lost hi the past four years. 

. “ Import penetration ;of the 
replacement market - Tor car 
tyres rose to 38 per cent In. 
1977 compared wife 31 percent- 
in 1978 and it is fell feat the 
proposed tariff reductios£wUX 
farther boost imports from fee; 
COMECON countries, Statt’ 
and (he fringe Eoroptafc wto- 
duccrs such as S p ain ” . 1 J : 

It stresses feat 
presented by the 1 Working 
Party to fee N13K3ijfc : Feb- 
ruary. came to a . consensus 
agreement about fee resfatfre 
inefficiency .of the UK tyre 
industry compared with major 
competitors In Europe. -TSrire. 
was- a commitments by both 
management and trade onions 
io tackle this- problem ‘ 


: BY IjEOWa®. 

■ 

. ,l^SS^^S ! ^ up today Tbe recommendations came in vanised 

1 DT r a book -tenRfe report. Business- aluminium- goods; steel nails, 

.• •- P * 5 P?, en - including officials ■ of bolts, and' nuts, home sewing 

goods fe rtS : effttfteritn: improve Nippon Steel, - the non-Com- machines, motorcycles, indnla- 

™udist world's largest steel pro- Jators, . photographic • supplies,' 
correct ducer and exporter: declined “to musical instruments, toys, and 

: ine r - grou P' ■ F j a . n ~ comment, because they. had not fishing and recreational equip- 
Cpunein IS^tted .by Mr. "had time to study it yet' - menL 
.Takeshi Sak ur&ckiL'-X .textile Although the report advocated 
i ^ Phasing out of synthetic, long- 


There were 40 - items whose 
1 Organisations,?* group; dealing esteri^Swts uhSrtihi w? fj? le eluding; synthetic tex- 

£ -Into devices * stereo s radio sets, 

fe»m 2 ? Ravo?. e "g? p 2 ££ 1 £ T # P Revisions, electric , wires and 


port cimtrote; 

. The rcouiartt-v 
Ieadmgf- .export:-) 
four categories, rsflgl 


company. Mr. cables, valves, bearings, indus- 


. j- .Rayon, w 

desiM¥.iSlM a ranted SSllf 

phased, outi c&tefflcation woven^ratwiv combustion engines for land use, 

was - largely; on. ■ fee? basis of “ more-ordess desirable:” - Sf^ e %n? 0 SS’ i p iP ' *“? 
whether fee industries were the The report caUed°for fee de- 

high-valdB-added. ’ -JLow« neray- velopment of new ' Industries chlnaware * “d robber tyres. 
consuiD ption ; : Industries which based on solar or recyied energy, Among 27 items whose export 
are deemed appmprbdfriiow: that the export of related products, growth was considered highly 
forfee -first tlmp;|^e.fee 19th and the. development of domestic ..desirable were: internal combus- 
Cen&ry, r-^l pari “ com-- coal reserves. ■- tipn engines for ships, electronic 

pletelyJree the The IS- exports ! which .the re- desk calculators, electronic data 

export-first prinapleA’C,; . port recommended -phasing out processing equipment,, metal 
Steels, ^chemicalsroi&uildinfl included urea, plywood, syn- processing machinery, spinning 
materia Is, and proidn<inB7 .Small- thetlc long-fibre filamcmis, steel machinery, construction 

scale- manrifactuiire^^dtiStries plates, steel hoops, wire rods, machinery, electric generators, 
were, prominent pro 7 transformers, condensers, bir pumps, dryers, cranes, telephone 

ducts whose export s® group cycles, mosaic tiles, synethetic switching equipment, -civilian- 
wanted phased VpUtiVbnt some rubber, canned salmon, canned band transceivers, buses, trucks, 
steel, cherort^j.- andj&qLStructio n tuna, and canned mackerel. remodelled ships, seamless steel! 
"products : also' among Among 18 items vdiose export oilfield piping, tugs, dredgers, 
the ; products; -•^!F^ t , tbe the report urged stabilising or photographic-material handling 
businessmen thdu^bA -■ sgpmd be reducing were: polyethylene, equipment, surveying equipment! 
expanded. ‘I.-V laree anr' ” * - - -■ - .. . 


large and small shape, steel, gal-' and medical equipment. 


Britain for 
U.S. talks on 




car 


up agai 


TOKYO, August 3, 


JAPANESE SALES, 
vehicles rose 7.4 
July to 4^856 from 
arid were up 15.7 ; 
4JS8 in" July last': 
Automobile Im 
tion announced h 
The- July sales 
total imported 
fee. first seven 
year to 29.136; up 
from 25,083 in 
period. . 

. The rise in i 
sales follows^. the 
-vehicle - import 
March and fee veil’s 
asatast th» dollar, 
imoorts cheaper. 
addM. 

_ Meanwhile total, 
vehicle registrations Iff 
113417 units, up 19,6 
fee same month .last 
marked the . third 
row of double digit 
creates, foBowiim a 


June 
i from 


the 
gs in 
7 this 
r cent 
1977 



BY; PAUL BETTS 


ITALY’S State 



AeritaQa, 
finalising twi 
ing the co: 
new. 767 
the fitting 
on-Aeri 
mUitBiy 
>Befo 



rted June rise and-16B.per cent May up sharply by 5L9 per cent from 
in rise. a year earlier. 

Small passenger car registra- • Toyota Motor Sales Co. bas 
tions were 297.397 units, up 233 started selling two new models, 
per cent from a year earlier, both front-wheel drive and 
ma- Larger-size passenger car regis- powered by a 1,452 cc engine, 
trations were 6,324 units, up 3A Initial production of the new 
per cent from a year earlier, models fthe Tercel and Corsa) 
Trucks registrations were 140.013 will be 7,000 Tercels and 5,000 
units, up 11.6 per cent from -a Cors&s a month. - Exports will 
year ago, and buses 3,149 units, begin next year. Agencies 


Motorbike prices too low 


(jyebicle 
ton of 
last 
_jation 

k v made . WASHINGTON, August 3. 

iation THE U.S. TREASURY says it The case is being sent to fee 
has found motorcycles from international Trade Commission, 

for the way for possible duties. whether the domestic industry is 
July The Treasury said the ruling being damaged. If damage is 
;in a affects all Japanese maim- found, the Treasury can levy 
in- facturers . except Suzuki Motor duties. 

'cent Company,. Reuter 


By Maurice Samudson 

TWO . BRITISH Department of 
Trade officials will hold talks in 
"Washington next week over 
extra-territorial aspects of UJS. 
legislation on the Arab Boycott 
-The Government fears feat ir 
the U.S. regulations are applied 
to U.5. subsidiaries in Britain, 
it- could harm Britain's trade with 
fee; Arab world. Last year, this 
was worth almost £3bn., almost 
as much as with the U.S. 

The- Central Arab Boycott 
Office Jbl Damascus is hostile to 
the . anti-boycott legislation, 
which' requires companies to 
defy fee boycott and to report 
receipt -of all boycott question 
oaires.. 

The two officials, fee head of 
fee ''Department of Trade’s U.S 
desk: ‘ted a legal expert, will 
meet . . Commerce and State 
Department officials next Tues- 
day. ' •. 

Easier textile 
surveillance 

FOLLOWING A review of fee 
operation of the surveillance 
licensing arrangements intro- 
duced fn 1975 for imports of 
various textiles, the Department 
of . Trade has decided that fee 
arrangements are to continue. 

However, in fee interests of 
streamlining the arrangements 
and improving their usefulness, 
a number of changes are to .be 
made in fee licensing conditions 
from August 4. 

The period for which textile 
surveillance licences will be 
valid- is being increased from 
fee present two months to three 
months; small consignments of 
textiles on surveillance are to 
be admitted through Customs 
without- an individual licence; 
and detailed information about 
the; fibe-content of goods will 
□ 6 . longer be required for ail but 
four .tariff headings. 

Shtt^^Cheni contract 

The.Saudi Arabian Fertiliser 
Company (SAFCO) has awared 
contract valued at approxi- 
mately- £5m to Sim-Chem (a 
Simon- Engineering company) 
for fee turn-key supply of a 
100.0003onnes/year sulphuric 
acid plant at Dammam due to go 
on stream in the first quarter of 
19S0. In. addition Sim-Chem will 
provide add storage tanks and 
outtoading facilities at the near- 
by port as well as fee technology 
for the plant. Hyundai Inter- 
national. as snb-contractor. wtlll 
carry out all fee local civil and 
construction work under the 
supervision of Sim-Chem 
engineers. 

c 


jor aircraft deals 


ROME, August 3. 


India plans 
fleet expansion 


pace group. 


By K. K. Shwma 


now appears that final currently fitted wife U.S; General * 

e verge of agre&nem over the parts of fee Electric T84 engines, but a U4L NEW DELHI. August 3. 
deals involv- 767 AeritaUa and the Japanese embargo has blocked ' a sal^ INDIA, fee country’s inter- 

on- of Boeing's ..group are to build will be valued at an estimated "US$400m na ^ onal airline, and . Indian 

er aircraft and reached in the next few weeks, of some 20 G-222 aircraft to A* 11 * 1168 , whkh operates “-mostly 

olls-Royce engines AeritaUa is - likely to be Libya. According to Aeritaliafc domestIC routes, are planning a 

G-222 twin-engined responsible for fee wing leading licensing agreement with General b , ig ex P ansl ° n iu their fleets in 

port aircraft. edge, flaps and tail surfaces, and Electric all G-222 export ' AI " 

end of this month, poadbly fee nose cone. CTDC are subject to UJS 


sign the is expected to build two large 


appro 

meat for collaboration body 'tections of the aircraft. - €n *?Tgo. A< 

construction' of Boeing's -Aeritalia originally signed a , . ea r seeking a 

medium-range airlines cooperation agreement '.with 


stitute engine for its 


ucn. iHCUiuiu-iOiig? . OH HUBS .I7IIU aiwii.Qlt „ • 7 - 

latfeifeed- ;last> month- following Btelng for the design and manu- ^ expectejto 

United AixlfeesVunpi^deuted facture of an advanced com- -1°?. 5' , ^?° e 

Si fthn nrripT fhr 30 7R7 r. ritencal aircraft seven vears aero. en ^ ne °. n the G-222 by next-tear. 


fee next "fpnr years. Air India 
wants to- : add 12 wfee-bodied 
passenger jets to its existing Six 
Boeing 747$ while Indian Airlines 
plans to acquire at least two 
more Airbases and five more 
Boeing 737s. 

The proposals still bave to be 

$L2bu order for 30 7676. merieal aircraft seven years ago. en ij?°®£ n J ne approved by the Planning Com- 

The Italian group is expected In; turn, fee Italian Government _ megona no ns with Kolls-ffijyce mission wmch has already cut 

to - ' be responsible for about 15 agreed to collaborate in the „ . ,; a 3 a . n outlays for Air India by about 

per cent of fee programme. This financial aspects of the AeritaUa- a ‘ rva b l c ea stage, ana Aeritalte is 40 per cent. The Commission is 

pArticipation is put in terms of Boeing programme. . aireaay expenmen ting withjthe presently scrutinising the inter- 

value ; at sbine 4Shtu The participation of Aeritalia neavier ontish engine. i national airline’s proposals to 

Another 13 per cent share, qf 'jg' tbe 767 project is likely to The Italian industry has long order immediately another three 
the programme is expected to pressure on Italy’s national suspected that UB. embargoes Boeing 747s.' But Air India Is not 
go to the Japanese Civil Trans- jamline, Alitalia, which has are not wholly motivated by committed to this aircraft alone 

port Development Corporation^lready announced its intention security reasons but *0*0 by ®bd is evaluating other planes 

Involving . a consortium ot-Tb buy the 767*8 European, rival, commercial considerations. The fee DC10 Airbus, Lockheed 
japari’s leading aircraft concerns. -fee Airbus, to switch to the new G-222 is a rival to the larger TriStar and fee Boeing 747SP. 
including Mitsubishi, Kawasaki 5 Boeing medium-range carrier. Lockheed Hercules transport air- P r °POSed diversification of 

and Fuji. ... . . ■ X r -V&- G-222 military transport is craft and Ca midair's Buffalo. aircraft is based on the belief 

^ ' ““ There appears to be no diffi- » Air ^ ^ ould branch out 


Om 


anus 

.{Hlfi 


AU tf Hmsa NateW Imm 7 tewm 


ten as a neertf oafy. 

. 'Lsi : 


ijubljanska banka ^ 

. us $ 30,000,000 'fg. 

1978-1985. Floating Rate Npt& 


■ "SOC1ETE GEHEHALE 

CtBC UMnB> • ' "V - ' • 

CmCORP INTCBMATTONAt. QHOUP " 

‘ CKDfTAt«TALT-BANKVHR£lN 

CRfiDlT COMMERCIAL DE FRANCE . 

- -KREtMETBANK BA. LUXEMBOURGtEOlSE 
' i • MERRILL LYNCH INTE8NATIONAL & CO. 

'“-■■■ Samuel montagu; a cb. umiteo 

' NOMURA EUROPE N.V. 

' V " • • -■ OffiON BANK LIMITED : -' 

; - ? -:r . • "-■.■SVSI8KA HANOI 

WESTDEUTSCHE 


■Xt-y 



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RANK aUlTWUM. UK. BUNOCHEH rOVt-UffAS) UHIICP • 7 , ImW Of: TOKYO (HOLLAND) N.V. 

panooe coKUf^ciALE nun iimore 'uu mmd ( suncaMO- ' “3 Moub nniKEMe de mcro 

BANQUe tTUKAOC DC COMWiKC UrmWllil ' ' WWk LVBJOCWW CT De-SJtZ 

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nawiwpwLiiiui u. . ~ 


IihMP CIMJr LMTO ' 


'VAMAiPHr a n P W Ai iBwa. oaonsAMoi mr. 


eultv In fitting the British engine SMciallv W Soufe-Sst Asia^and 

Mr^mMSS 1 ft 1 traDsaUan ^ i<: ™ 1 ‘« “ « “ a°i ”8 


s»sxs «s 

Rre^etTtianti rS 'pat^I Jnd pl ^s will ^^fflecfof^ven 

flJTsa sysj*5 SSdffi 

"Dean consortium which builds jumrofitable turbonrnw: K 

the Airbus A 300 wid^bodied air- Se wo Clines a 

*?** J} independem^'but have a com- 
th? e w2t r^rr^ mon chairman, Air Chief Marshal 
craft from the West German p_ q. Lai, who is trying to co- 


charter airline Hapag-Lloyd. 

U.S. bars Saab 
tighter sales 

By John Walker 

1 STOCKHOLM. August a 

MR, STAFF AN BURENSTAM 
LINDER, fee Swedish Minister 
of Trade, got a firm No from Mr. 
Cyrus Vance, the UJS. Minister 
for Foreign Affairs, for an 
export licence to sell the Saab 
Viggen fighter -aircraft to India 
The U-S. has fee power to veto 
such proposals in cases like this, 
where the engine of the" Viggen 
is a Pratt and Whitney design. 
There are also other U-S. com- 
ponents in the aircraft - 
It Is now reported that fee 
deal would bave Involved some 
170 aircraft, which would have 
secured the jobs of about 500 to 
600 ■ men. Also some of the 
engines would have been built 
under licence in India. Reports 
suggest feat Mr. Vance rejected 
fee request because of what was 
called American determination 
to avoid refuelling an arms race 
between India and Pakistan. - 
Last year the VS. Government 
turned down an application for 
200 American jet fighters for 
Pakistan. The Swedish minister 
said it. la necessary to -export 
Swedish arms to' maintain its 
arms industry." This in turn is 
crucial to maintaining Sweden's 
policy 'of neutrality. Reports 
indicate that India may be look- 
ing at British and French air- 
craft instead. 


ordinate their operations. His 
plans for expanding both fleets 
and routes has, however, r un into 
opposition from those who feel 
the country does not have 
sufficient resources to invest in 
what they consider to be a luxury 
sector. 



Anglo American Coal 
Corporation Limited 

(Incorporated in the Republic of South Africa) 


INTERIM REPORT 

unaudited consolidated retells of the group for the half-year 
Srh j.,n^Q^ e to l?, th I r comparative figures for the half-year ended 
•30th June 1977, and the audited results for the year ended 31st December 1977. 


Profit before taxation: 

Coal mi ning and coke production 

Refractories & associated products manufacturing 
Investment income, interest, sundry revenue and 
property sales ; 


Deduct: Provisions for taxation: 

South African Normal 

Equalisation 


Less: Profit attributable to outside shareholders ln 
subsidiary companies 

Profit attributable to shareholders of Am coal 


Number of shares in issue 

Earnings per share (cents) 

Dividends per share (cents) 

Dividend cover 


Capital expenditure less recoupments .. . 

Estimated commitments for capital 
customers, for the group are as follows: 


Half-year 

Half-year 

Year 

ended 

ended 

ended 

30.6.78 

30.B.77 

31.12.77 

R 000 

R 000 

R 000 

36 35i> 

30 748 

G44B9 

3 536 

1 952 

5 591 

2 442 

1596 

4 Bi.19 

42 333 

34 29R 

74 699 


8241 


4 144 


7 57B 


6 223 


S 984 


17 050 

14 464 

13 128 - 

24 62B 

27 S69 

21 16S 

50073 

2 067 

933 

2 77S 

25 802 

20235 

472H5 

23 491 438 

23 491 43$ 23 491 43S ' 

109.8 

SB I 

201.3 

24.1) 

20.0 

61)0 

4.57 

4 3U 

3.3B 

52 138 

23 502 

79 7-33 


expenditure, net of recoupments from 


Outstanding orders on capital expenditure 

contracts 

Projects approved by the boards but 'not 
contracted out 


COMMENTS 

1. Group Coal Mining Activities 


30.6.78 

30.6.77 

31.12.77 

R 000 

R000 

K 000 

XI 483 

53 885 

37 070 

62 926 

95 750 

79 1)32 

74 409 

149 B35 

116 902 


3. 


9?7rivw« and coke sales for the period under review were 12 749 000 tons ami 

51 wriod' iSuB'pcZK SSf*? 0 t0nS , Md 257 tona * uri "8 the correspond: 

thf SS half fe ese “le* were IS per cent ahead of those f».r 

MtaeenSlta & ' downturn 111 ^ domestic market ««™it 

0f A Kri ? “ Ui ® ry ’ s fe^elfees has been commissioned and coaling cam- 

222 ^ 0f *“5 year - ^ dragline has been completed a^d 

commissioning is expected to start shortly. p 

^ einko PJ e e°i]i er y proceeding according to schedule 
ni ^ aJ com fmssioning has started. The first deliveries of steam coal to Shell 

in Jal?uai^979 an^fiement entered into with them will commence 

i in the press in South Africa a fire was detected on Fridav 9th .Tune 
“ ® 'f° rk ®d out area of Springfield colliery. The fire was contained and productive 

STttf b aTeito. tored - ^ mine <* ™- red >» iSSS'taS 

Industrial Interests 

SEFStiw SSKTS 

°,Z r 

SsSSSC 

ta Vitro “- d 

Results for the Year 

27 q P S? tS /.^£ I,e ? by S.® eroap for toe first ha,f of 1978 showed a n increase of 
ejected ^ Kriel are 


DIVIDEND No. HO 


For and on behalf of the Board 
W. G. Bo u st red 
T. A. J. Braithwaite 
Directors 


s^%S3SSSS 

reSiv^^the^ United kSSSS" , paid fr ^ m the United Kingdom will 
vateJ iISSJS 08 , curren ! : y equivalent on 3rd October I97S of the rand 

ete?t to K taXeS - SUch 5153 ^holders may. however. 

Tiw» nffi Lf? n South A . fncafl currency provided that the request is received at 

__ j sul) j ect to conditions which can be inspected ut the Head 

and London offices of the company and also at the offices of the company's transfer 
secretaries m Johannesburg and the United Kingdom. P • 

ANGLO AMERICAN CORPORATION OF SOUTH* A FR ICA^ L1M 1TED 

Secretaries 
per P J. Eustace 
Senior Divisional Secretary' 

London Office: 
40, HoJbom Viaduct. 

EC1P 1AJ 


Registered Office: 
44, Main Street, 
Johannesburg 2001 
4th August. 1978. 


4:r- 


New lamer 



These Brads bar in- beta soW, this aanouncemcBt appear* as a matter of record only- 

TOKYU OAR CORPORATION 

Yokohama, Japan 

DM30 000000.- 

Convertlble Bearer Bonds of 1978/1586 
100 % 

yfi Vi p.1. payable iemi-anmiaTly on AprD 1 and October I 
April!, 1986 

from September 1, 1978 into sham of Common block of Iol§u Car Oupwalim 
at i conrtQion price of Y 46(1 per share 


August 4, 1978 


Issue Price: 

Interest: 

Jual Maturity: 
Con Tersioa Right : 


Berliner Handels- imd Franlrfnrter Bank Daiwa Europe N.V. 

The Industrial Bank or Japan (Luxembourg) S. A. 


Banque de Paris et des Pays-Bas 


J. Heaiy Schroder Wagg & Co. 
UmltetL 







I' 









6 


Financial Times Friday August 4 1978. ' r .f' 


HOME NEWS 


Bankruptcy figures 
increase by 16 % 


FINANCIAL TIMES REPORTER 


A NEAR 16 per cent rise in of 770 are over 17 per cent lower, construction, in which the 
compulsory liquidations between The figures for receiving percentage rose from 20 per cent 
April and June this year has orders — including ariminlstra- to 25 per cent between the first 
meant that the overall down- tion orders and deeds of arrange* and second quarters of 1977. fall- 
ward trend in recent quarters in meat — also showed an increase ing to 22 per cent in the third 
personal and business failures an the previous quarter of 11.5 quarter of 1977 and 21.5 per cent 
has been halted, according to per cent. They rose from 900 to in the first quarter of 1978. 
figures published yesterday by 1.0S0. This rise substantially Among companies wound Up 
the Department of Trade. offsets the 14 per cent fall over manufacturing industries showed 

On a seasonally adjusted basis, the previous two quarters. Year the largest reversal of fortunes, 
total company liquidations, which on year the overall fall has been The percentage of manufacturing 
had fallen for three quarters, cut back tn 3 per cent. companies wound up had fallen 

rose to about 1.260 in the second The previous fall in receiving from 26 per cent in the third 
quarter of 1978, compared with orders was caused by the in- quarter of 1977 to about 17 per 
1.310 in the previous quarter, creases in monetary limits in cent in the fourth quarter, jump- 
The rise, says the Department, bankruptcy proceedings and in ing to 21 per cent in the first 
was more than accounted for by deposits on bankruptcy petitions quarter of 1978. 
a rise in compulsory liquidations which came into effect in Decern- The largest, but more favour- 
from 510 to 5S9. her 1976. These raised the mini- able, reversals came in road 

The overall picture is more en- mum debt to support a creditor's haulage, wheTe the percentage 
couragins when the second quar- petition from £50 to £200. fell to about 4 per cent in the 

ter of 197S is compared with that Of the total receiving orders first quarter of 1973, after rising 
of 1977. Total company liquida- administered in the first quarter from about 4 per cent to 6 per 
tions of 1.380 represent a Tall of of the year-some 892 — the self- cent in the previous quarter: 
10 per cent. Of that figure com- employed accounted for 74 per and construction, tbe largest 
pulsory liquidations of 5S9 are cent, compared with 64.5 per single category, which showed a 
only 1.7 per cent higher, while cent a year earlier. The largest fall from 29.5 per cent to IS per 
creditors' voluntary liquidations change over the period was in cent 


Warning on higher 
North Sea taxes 


BY RAY DAFTER, ENERGY CORRESPONDENT 


NORTH SEA oil analysts have the companies would not be 
told the Government that it is deterred by the higher tax or the 
in danger of damaging the in- greater level of British National 
dustry and banking confidence Oii Corporation involvement in 
through its proposed increase in new North Sea licences. 

. petroleum revenue tax and However, stockbrokers Wood, 
tougher licence conditions. Mackenzie said in another report 
The warnings follow comments published yesterday, that tbe 
on Wednesday from some off- regulatory environment had 
shore oil companies that new changed dramatically over the 
Government policies could slow past four years, 
the pace of North Sea cxplora- “There is a limit to the 
tion and development. amount of political interference 

Stockbrokers Fielding, Newton- that businesses can stand and 
Smilb said it could see no where the point is reached that 
benefits arising from the pro- other parts of the world offer 
posed increase, which would be better returns to tbe oil explorer 
partially offset bv lower corpora- than the UK. Then the pace of 
tion lax. They considered that development in the UK sector of 
the Government, in seeking u the North Sea will gradually slow 
£2bn rise in the tax take over down." 
the next seven years, was play- Wood, Mackenzie add that 
ing a hazardous game of confi- there was evidence of a marked 
dencc with the industry. decrease in exploration effort, In 

In a report on the tax. the July last year, 17 rigs were drill- 
brokers contend that the Govern- ing exploration wells on the UK 
ment is changing the rules now Continental shelf, a number 
that the industry has committed partly inflated due to the 
its limited and valuable exper- industry’s attempts to meet 
tise and financial resources and licence commitments before some 
when it had borrowed exten- of the offshore blocks were re- 
sively. The result could be only Unquished. 
a sharp reduction— if not destruc- Last month, there were only 

tion— of oil industry and hank- five exploration wells being 
ing confidence drilled, below the level which 

Mr. Anthony Wedgwood Benn, might have been expected. 
Energy Secretary, has said that Energy Review Page S 


EEC to provide money 
for energy research 


BY OUR ENERGY CORRESPONDENT 


THE EUROPEAN Commission is at least 100,000 European units 
to provide financial aid to coin- of account — about £67.000. 
panies and organisations within The Government is already 
the Common Market in a bid to supporting programmes of 
encourage the development of research and development in 
new energy sources. Britain on alternative energy 

Help will be provided for A £3.fim national research add 


will be provided for ^ u uu , 
demonstration projects which development programme for 
° n previous research and ene rgy was launched in 

winch could serve as modUs to p e bruary last year: in July the 
orovo the commercial, and jn- Energy Department J 


allocated 


prove the commercial and in 

dustrial viability of alternative ^qqq ove i three years for 

hv- SC ihp m pF<" research and development Into 

covered b> the EEC finance geothermal energy; and in May 
repayable m certain conditions * hc Governmen t said it would 

M> ar . ”? 0t , be T," make available up to £20m over 

mal energy, and the liquefaction t j, e next £ VC vears j 0r a pro . 

and gasification of solid fuels. gramme to support coal itque- 
For solar energy it is thought faction and gasification projects 
that the cost of installations pro- being undertaken by the National 
ducing useful energy would be Coal Board and British Gas. 


Whitehall faces clash 
over Liverpool plan 


Machine 
tool export 
orders 
fall again 


By Kenneth Gooding, 
Industrial Correspondent 


A STEADY decline in export 
orders for machine tools is again 
a worrying feature of the latest 
Government statistics published 
today. 

In the three months to April, 
new orders from abroad fell by 
3 per cent compared with the 
previous quarter to £36m. This 
was a fall of IS per cem on 
the same period last year. 

As a result, export order 
books, at £93m in April were 17 
per cent lower than a year 
earlier. 

However, the Machine Tool 
Trades Association, remains con- 
vinced that the UK industry will 
maintain a healthy, favourable 
balance of trade this year, prob- 
ably of abnut £4flm. 

Total order books, in current 
price terms, are expected to 
show some imorovement this 
vear, but the association is not 
so certain that there will be an 
increase in the volume of out- 
put compared with last year. 


Bid to raise price 
of plasterboard 
by 8% rejected 


BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 


THE PRICE Commission yester- that although the company “is 
day refused to allow British a clear and unchallengeable 
Gypsum, the monopoly supplier monopoly,” it is. nevertheless, 
of plasterboard ' and gypsum an efficiently run company, 
plaster used in the construction ' “It remains highly profitable 
industries, to raise its prices by In a period when the U.K- con 
the 8 per cent it had sought struction industry is and has 
Instead the commission, in a been for some time in recession,” 
report published yesterday, said the report adds, 
that price rises for gypsum pro- The commission considers that 
ducts should be limited to an British Gypsum is likely to main- 
average of 6.5 per cent and that tain its (dear monopoly of gyp- 
further price rises should not be sum and plasterboard roanufac- 
xsade until March. This would be turiag in the UJL — a monopoly 
12 months after the company last is has had since 1970 — for the 
sought a price rise. But charges foreseeable future. Prospective 
for the carriage of plasterboard entrants to the industry would 
should be allowed to rise by tbe be dissuaded from entering by 
full 15.2 per cent sougbt the decline in tbe building in- 

Tbe commission's decision not dustry over the past few years 
to allow tbe full price rise sought and the high cost — estimated at 
was based on its ana lysis that an £2Qm — of setting up a new 
average 6.5 per cent increase mini m u m size plasterboard 
would be sufficient to allow the plant In addition, a new com- 
finanring of projected capital pany would have to find sufficient 
expenditure as well as protecting reserves of natural gypsum, as 
the company’s customers in a alternative raw materials are 
monopoly market. uneconomic. 

In its report, . however, the spite of the misgivings 

commission made clear its belief voiced by the commission, it 
that British Gypsum had been cannot escape from the conclu- 
belped by its monopoly position sion ti, at company is well 
in achieving a high return on managed. “Efforts are continu- 
capital. This return was between ally made to improve operating 
10i and 11 per cent on a current performance and, over the pasr 
cost-accounting basis and over 31 eight years, significant improve- 
per cent on a historic cost basis. v,-,™ 


Scottish 
agency to 
seek 15% 
return 


C0S L° ment * *** productivity have been 

matter Ol nphiPVAif in rnanu nf it c apfini. 


"It is. of course, a matter or achieved in many of its activi- 
judgraenL but we incline to the ties* [» g^s 
view that the company would ' J 
not have been able to maintain Price Commission: British 
such levels if its monopoly posi- Gypsum Ltd — Increases in die 
tion had not been fully assured.” Prices of Gypsum-related Pro 
The commission concludes duds; BC 663; SO; EL .35. 


Home market 


BY RHYS DAVID 


THE GOVERNMENT and the Government proposal, is unhappy 
Mt-rscysidi* county council with what it sees as the possible 
appear to he heading for a clash usurping of local authority 
over proposals announced in the functions and the council may be 
Commons this week to help re- reluctant to work with the sub- 
gcncraie the economy of inner committee. 

Liverpool. Tbe council has set up an 

The disagreement is likely economic development co mnm- 
over the seitinq up n[ a sub- lee with wide-ranging powers la 
coinniillee which will effectively promote industrial development 
give the Department nf Industry and is concerned that tbe 
a rornial role wilhin itie Liver- Government arrangements could 
pool inner city partnership overlap with this. 
scheme, which currcnrlv involves The Government wants the 

local authorities and ihe Depart- sub-committee to implement 
ment of Environment. rei-ommcndn lions m a report bv 

The Conservative-controlled PA Management Consultant* 
county council, though n has yet related to co-ordination ol 
10 make a formal response lu the industrial development. 


BL aid must be agreed 


THE GOVERNMENT promised Industry Act without a separate 
yesterday that in future it will resolution in the House. Mr. 
„n , n p-o-liament in s.-ek Varlcy has decided in BLs case 
5 , ? , ... tn bring “ apropriate resolu- 

se pa rale resolutions of support ,i ons 

for any item of financial assist- _ , . . . . __ . . , 

ance to BL tformerly Briush He said Inal BL had been 
Le. viand > the stale -owned car offered l EMm ‘for the 8®*“® 
company, even if the sum Foundry project under the In- 

involved is less than £5m. dustry °-ha a ,,7„ mHa »wKin rr fvIlf 
_. . . . .. foundry scheme. When this 

Thai was made clear b> Mr. n jj cr was made the view was 
Eric Varlej. the Industry Secre- tukL . n that os the amount of 
tary. in a pariiaiMMilar.i written assistance proposed was less 
answer. than £5iu. it could bo provided 

Although sums under fam under Section 8 without a sep- 
may be made available to in- ante resolution of the House 
dustry under section S or the being required." 


Dover shipping collisions fall 


A GREATER proportion of ships lhau 300 ships passeds through 
contravened traffic separation the Dover Straits, about the same 
schemes in the western as in 1972, but the collision rate 
approaches to the English hud since fallen considerably', the 
Channel than in the much report said, 
narrower Oliver Straits, an Anglo- Ships through the Starit cort- 
Krench report on the safety of travening the provisions of the 
navigation said yesterday. traffic w;pa ration scheme fell 

The report from the British from 22 per dayia 1972 to 6 per 
National Maritime Institute and day in 1977 and have since fallen 
the French Institute dc Re- further. 

chcrche des Transports analysed An average of 38 crude oil 
a three-day marine traffic survey tankers passed through the 
carried out in June 19» /• More Channel each day. 


The statistics, in Trade and 
Industry magazine, show that the 
overall intake of new orders in 
the three months to April was 
about 7 per cent higher than In 
the previous three months and 
14 per cent higher than a year 
earlier. 

Total new orders of £127 m in 
the three months exceeded sales 
by 10 per cent so order books 
increased by 4 per cent 
Against the drop in new export 
orders, there was a 12 per cent 
rise in orders from the h ojhe 
market over the three months 
to £90m. / 

Overall order books stood at 
£274m at the end of April. 4 
per cent higher than in January 
and 21 per cent higher' than a 
year earlier. 

Home orders books have been 
rising steadily to £l81m in April 
— 57 per cent higher than a year 
earlier. 

In terms of current activity — 
the industry is working at 75 to 
80 per cent of capacity — the 
overall order book is sufficient 
to keep companies going until 
the end of the year. 

Further major redundancies at 
Alfred Herbert, which the indus- 
try sees as a “special case” and 
not typical, will hit the total 
further as tbe year progresses. 


More talks today 
on UK Airbus role 


BY MICHAEL DONNE. AEROSPACE CORRESPONDENT 


FURTHER MINISTERIAL talks rejoining . the consortium could 
on possible UK-European come next week, 
collaboration on the next One of the problems to be 
generation of civil airliners will "ggg “ * e *3“ Hw' ° a f 
be held in London today between SS?® « EL* 
Mr. Eric Varley, Industry Secre- ^ 

tary. M: Joel Le Thftdte, French JSfiKS^ £ * c °"' 

Transport Minister . and Herr l ° past d J el °P® , n ' 

Martin Gruner, West German fgZJ* J*® 

Secretary for Aerospace in the 

Ministry of Economic Affairs. f^om ^ COuld be M UCh 
The talks will be a continuation Airbus Industrie has made no 
of those between ■ the three provision for tbe Rolls-Royce 
ministers in Paris and Bonn two RE-211 engine in the existing B-2 
weeks ago, and will concentrate and B-4 version* of the Airbus, 
on the possibility of the UK which are selling with U.S. 
rejoining the European Airbus General Electric engines, while 
Industrie consortium, to help tbe B-10 version is also basically 
develop the new B-10 1 version of 0 n offer with the GE engines, 
the A-300 Airbus. 4 The RB-211 could be fitted in 

Much will depend jipon -.‘what the B-10, but .the costs would 
happens at today’s meeting- If have to be borne by the UK. 
successful, it is possible that- a if Britain rejoined Airbus 
decision In favour of the UK Industrie, 


Coroner orders Dunlop 
to test crash tyres 


BY TERRY DOOSWORTH 


DUNLOP, the UK tyre manu- 
facturer, has been told by a 
coroner to carry out “ every' 
possible test" on two blown- 
out tyres following an accident 
In which a Jaguar -XJ12 
suffered a rear tyre blow-out 
on the Ml. 

Tbe coroner, who was speak- 
ing at the Inquest on. three 
Germans who died hi the 
accident, said that h6 mdy 
suggest that Dunlop recall all 
the 190,000 tyres it hasMnade 
specially for the Jaguar XJE 
and XJ12 models. .Weeks 
earlier an XJ12 suffered.'* simi- 
lar blow -oat on the M3. L 

The coroner tolrf Hr. 
Geoffrey Morton, D«alop's 
development director: **lf you 
find a manufacturing defect I 
say now that 1 will add a rider 


to my verdict suggesting that 
all the 190,000 tyres manufac- 
tured for Jaguar XJSs and 
XJ12s should be called in." 

Both the alloy wheel carry- 
ing the tyre which blew out on 
the Ml and the valve will also 
be examined. 

Mr. David Price, the seniOT 
scientific officer at tile Home 
Office forensic laboratory at 
Aldermaston, Berkshire, told 
the inquest that in his opinion 
both the tyres had suffered 
structural break-up in the steel 
bracing. In his view this was 
caused by a manufacturing 
defect. 

Duniop said later that the 
lyres would be examined at 
laboratories In Birmingham 
to establish the cause of tbe 
blow-out 


BY JOHN HUNT 


FINANCIAL GUIDELINES for 
the Scottish Development 
Agency, made public for the 
first time yesterday, show that 
It is expected to aim for a 
mini m am average rate of 
return of 15-20- per cent on 
capital by 1981-®.. 

Details of the guidelines were 
given yesterday by Mr. Bruee 
Mi! Ian, Scottish Secretary, in 
a written Commons reply, after 
the Conservatives had crttcised 
the agency's track record in 
its industrial Investments. 

Earlier ibis year Scottsco, a 
fish and shellfish processing 
plant in Glasgow In wfaicb the 
agency had invested. £825400, 
was put into the hands of the 
receiver. 

The previous year, • two 
other companies in which the 
agency had invested a- total -of 
£150,006 collapsed. • 

The guidelines show that 
although the agency is ex- 
pected to make steady progress 
towards the target figure, (he 
rate Itself and the date by 
which U U to be achieved may 
be varied by the Scottish Sec- 
retary with Treasury apprevaL 

In calculating the rate of 
return on capital, any money 
from grants or made under 
Section 5 of the Scottish 
Development Agency Act x may 
be disregarded. 

The Scottish Secretary may 
also allow the agency to dis- 
regard any otter hi vestment : 



to new £4m » 

thalidomide fund 


FINANCIAL TIMES REPORTER 


Carriers 
back with 
railways 


AN independent report reeom- Distillers should make additions 
mending payments to fill young payments totalling £3,035.000 
people not originally accepted over the next seven years to the 
br the manufacturers of tballdo- Thalidomide Trust Fund, whi* 
mide as' injured through that is for the benefit of ail &Udre& 
drug has been approved by the injured through thklidomi^ 
Government and tbe Distillers That will bring the eriftnated 
Company it was announced cost to the company of imple- 
y eater-day The total cost to meating the report to aboilt 

Distillers will be more than £4m. "2E9“*IM 

-- pifL . Kv cir the Government should cqq. 

The- report. prePMWioy jsoo.qOO. to the fund. 

Alan Marre. former 'Foment ^ Jack Ashley, Labour Mp 
ary Commissioner ter Ad rare Is- fQr stoke-on-Trent, Sooth, wtra 
tration, recommended that 20 of jjas campaigned on behalf of the 
the disabled people and their c jjildren and families involved, 
famHies should receive the same sai( j Qie recommendations were 
compensation as those already '-honourable. judicious and 
recognised by Distillers m in- reasonable, giving the benefit nr 
jured through thalidomide ana -my possible doubt to the faini- 
that 49 people who in Sir Alan s ^ es concerned.” 
view were beyond^ However, ho observed that 
doubt not injured tiiroUab 32,000 drug product licences, 
thalidomide should *2" issued by right, with no checta 

gratia payments of £10,000 each. by ^ i icenS ing authority, were 
Cash payments to the parents in force and only 1,500 had been 
of the 20 children will amount reviewed. He said: “Thus then 
to -£100,000. Payments to their are over 20,000 drugs, on the 
children, estimated on the basis market which have not been 
of the average award to the checked. Until they have all 
originally recognised thalidomide been reviewed, tbe risk of 
victims (£1&250), will amount to another drug disaster clearly 
£365,000. Interest on these two cannot be ruled out” 
sums, 57 per cent of the aggre- Distillers said in a statement 
gated totals, will be a further night: “U is our .hope 'that 
£265,000, Sir Alan's recommendations and 

- The ex gratia payments to (he the company's implementation 
other 49 young people and their of them will be accepted by all 
parents will total more than as a reasonable and equitable 
£485.000. way of bringing the matter to a 

It was also recommended that conclusion.” 


By Ian Hargreaves, 

Transport Correspondent 
FREIGHTLINERS, THE road 
and rail container carrier, was 
returned to the ownership of 
British Rail at midnight last 
night. 

The change, a product of the 
recent Transport Act, comes -at 
lime when the company is 
struggling to improve on the 
£1.4m trading profit recorded 
last year, when it was owned 49 
per cent by the railways and "51 

S r cent by tbe National Freight 
rporation. 

Although revenue is forecast 
this year at £54m— £8m higher 
than last yeai^-the figure was 
cut by industrial disputes at 
Southampton' docks and within 
British Rail. / 

Mr. Cyril Bleasdale, managing 
director of Freightlinery said 
last night that he was confident 
of an improvement on laJt year's 
trading surplus, if there/were no 
major industrial disruptions. 

Freight! in ers wouldf remain a 
separate and distinct organisa- 
tion within the railways. * 

Mr. Bob Reid, a member of 
the British Rail ’ board, takes 
over as FreigbUiners' chairman 
He said that the transfer of 
ownership would he smooth and 
would not affect customers. 

Sir Daniel Pettit chairman of 
National Freight said that the 
corporation had developed 
Freighrliners to the point at 
which it was the world's largest 
overland container carrier, lr 
was “a thriving, growing busi- 
ness of greatly increased poten- 
tial." Sir Peter Parker, railways 
chairman, was “jolly lucky” to 
be inheriting such a company. 

Mr. David White, managing 
director of British Road 
Services, a road transport com- 
pany within the corporation, will 
maintain the links between the 
two State bodies by serving on 
tbe Freight Liners board. 


House prices rise 
14.5% in year 


BY ADRIENNE GLEESON 


FIGURES from the Department £17.110. or 4.5 per cent on a 
irf the Environment yesterday seasonal basis), older houses woa 
provide additional evidence nf back some of -the ground lost 
the sharp increase in house during the preceding yeat. 
prices Jn tbe spring. According Their price increased by a a 
to the department's figures, the average 6.5 per cent (5 per cent 
average price of dwellings on on a seasonal basis) to E11L36Q. 
which mortgages were approved The average price of new bouses 
in the second quarter. of 1978 was was 18.5 per cent higher than a 
£15.655. year previously, while tbe aveiv 

Ibis is 6.5 per cent higher than age price of older houses was 
that for the first quarter of the 13.5 per cent higher, 
year (5 per cent adjusted for The average mortgage advance 
seasonal movements) and 14.5 approved for all dwellings in the 
per cent more than a year ago. second quarter of 1978 was about 
ihe figures suggest teat, £10,252, or 65.5 per cent of the 
although 1 he price of hew houses average price. Thffi compares 
continued to increase at a brisk with 68^ per cent In the first 
pace during the quarter (rising quarter of 1978 and 64 per cent 
by an average 5.5 per cent to a year ago. 


Giro widens travel 

\ 

cheques service 


BY MICHAEL BLANDEN 


Government urged to discuss 
small companies’ loan scheme 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


THE. National Girobank, the that only one visit to a post 
recently renamed banking opera- office is necessary, 
tion .. of the Post Office, has A passport and completed 
extended- its travellers’ cheque order form are -handed to' a 
and foreign currency service. 1 , counter officer, who returns the 
It is now being offered at P ass P° r ^ after noting the details 
20,000 post offices throughout in lL T* 1 ? currency and cheoues 
Britain, instead of being mil-' 

sble only at main post offices. ^{,'re.. . few dw lS£. * 
The service Is provided through .The new move is a. further 
an arrangement with Thomas step by the Girobank towards a 
Look, and the Girobank argues more comprehensive b anking 
that- an important advantage is service. 


f 5m cost of beer 
pump modifications 


BY KENNETH GOODING 

*T WILL cost more than £5m long-established procedure far 

the clearing pipes after a period of 


^iiriiik 




THE GOVERNMENT was yester- could mean wealth foregofte," it 
day advised to start discussions said. This led to the conclusion 
with financial institutions and that on balance a loan tuaran- 
other organisations on the tec scheme for the UK ought 
foasiblity of a guarantee scheme n ot to be rejected in principle 
for clearing bank loans made to but should have 113 feasibility 
small companies. tested. 

Such a scheme would be com- The report says t! 
mercial to tbe extent that the scheme should be r< 
premium income involved would small firms, perhaps b: 
have to meet any losses. It ing a maximum size 
would be administered by a loan Members of the Confi 

guarantee agency and would in- a f British Industry on , 

voice a capital fund which, if committee wanted it to- Apply to 


t any 
ed to 
imp os- 
loan, 
eration 
ie sub- 


net fully paid up, would be held all sectors of industry , 
by major institutions. Including me rcc. while tbe TUC 
the banks themselves and per- ^ should be concent] 
haps the Bank ot England. manufacturing industry 
This was the main recommen- was also an idea that 1 
datlon made to the National might first be tried ou 
Economic Development Council's region of tbe country. 
Roll Committee on Finance for was rejected. 

Industry in a report by a special “We think that 
sub-committee headed by Mr. guaranteed should be 
Bernard Asher, the Council’s For- form of a term loan an 
mer acting director general. Tbe overdraft” says the repi 
study stemmed from Government would simplify the ma; 
interest in helping small firm>; and monitoring of the 
to finance their businesses, an overdraft form wuu 
In recommending a com- imoossible.” ( 

mercial scheme, the report shied The scheme wotfd 


com- 
ought 
ited on 
There 
scheme 
in one 
nt this 




Mr, BERNARD ASHER 


set up to enter into agreements 
with a bank and a customer to 
guarantee specified Joans, charg- 
ing a premium sufficient to offset 
the risks and costs. The premium 
could he calculated and applied 
as an annual premium on the out- 
standing sum guaranteed or it 
could be a once and for all lump 
sum. 

“For the banks to accept the 
guarantee by the loan guarantee 
agency they must have complete 
confidence In its credit 
worthiness,” says the report. “ It 
sbould therefore have a capita) 
fund which, if not full? paid up. 
should be held by substantial 
institutions including the banks 
themselves and perhaps also (as 
in tbe case of Finance Tor 
Industry) the Bank of England.” 

Were the financial institutions 
unwilling to take up tbe whole of 
the equity needed for the scheme, 
the Government would have to 

participate in the equity risk 
which, the report points out 
would stop it being purely com- 
mercial. 


„ „ , . Tke scheme woiid he it is necessary to decide how the „ 

away from a “soft scheme where operated through iheT banks, proportion of risk borne by the H 

the premium income would not which would run their own banks would apply" says the i er *? in f sc .? ^olve 

cover the losses and where the screening and vetting procedure report “We take it as axiomatic *i?. n sub sidisation of 

premia would therefore be sub- t„ minimise or avoid additional that If the banks are to operate “l* &*»■«• says the report, 
sidised by the Government. vetting. J the vetting system, they sbould ln th ? se “^mrtanees the loan 

~ ' ‘ ’ ~ sldared bear a proportion of the risk on e . would be 

at cash each contract so that they have ^pectea to make a loss and no 
iuld be an interest in the future of the * n ®*ranee participation 

,d have business concerned- • would be possible; it would need 

issue “Informal talks with the banks t0 ^ w «olly owned by the Gov- 
ty " It indicate a range of reactit-is ernment 
scheme from ‘15 per cent of the risk Rut. the report warns; " If the 


The sub-committee found The" sub-committee 

difficulty In assessing whether how it could ensure 
there was a "dear need" for any lent by the scheme 
sort of loan guarantee scheme, additional to what 
Bul realising that a decision to been lent anywav 
set up a scheme may never the- which it calls "addition 
less be made by the Government, concludes that, in an 


l 


to modify . beer engines, 

hand pumps used for 200 years non-use! and" that* this"*is P^' 
to dispense traditional beers, in ticularly important where un* 
the wake of proposed Govern- modified beer engines are being 
ment . food regulations, says the used. 

B Thh t Lefd° C te t Food Regulation "bUiLbSTS? 

1978 proposes that the maximum JffSLSJ K 

Demurred “ pick-up level ” for *. “ eer- ~ a hout libn every Y 63 

™ V KnSll, i ’ eer 

duced. So the Brewers’ Society t ‘ 
has advised Its members and the Although no health problem 
rrade generally to fit modification is ™owo to have arisen owr _ 
kits where necessary. centuries, beer engines win V 

Equipment manufacturers have have comply with the new vjji 
''een alerted and new parts are regulation, which is why modifl- 
heroming available. The Jirensed cations will be made as quickly 
trade • L<? also being advised to M possible where necessary- 
"nsure-that all beer engines have “ Many companies have th«r 
"ontaci parts made of stainless programmes in hand. Seer 
steel,:, glass or similar Inert engines have been safely, used 
Tna termls. _ since the 18th century and will 

Publicans are being reminded continue to be part of tbe tradi- 
that, .they should observe the tion of the pub." ' 


m\ { . 


ill! X 


H)li 


!J 1 {II 


Brewers urged to find 
alternative filters 


A GOVERNMENT report pub- among brewery employees w&e 
hshed yesterday urges the had to handle asbestos. .Tbw? 
brewing industry to make every was no evidence of a health 


i- ear y i dls_ with Government partWation, would be acceptable’ down to 'If main effect was to cause appli- 
p ac 5 a certificate that the* lending the Government wants us to lend cants, who would otherwise have 
between toe government and would not have taken pace with- beyond onr commercial judg- been turned down by their banks. 

out Itae guarantee ntyght be menu they should bear all the to aver-borrow, leading lo 

■* •* , . _ ^ uund needed- risks." insolvency there would be no 

mtu ‘ red - . Whether the guarantee is Under a commercial scheme, a gain and the agency would have 

whereas not to have a scheme designed to be ‘hard’ or l solt,‘ loan guarantee agency would be heavy losses." 


others concerned. 
A scheme could 


The report, from the Food than drinking' water! 

Additive and Contaminants Com- The society gave a general 
mmee; says there Is no evidence welcome to what it called a "very 
Of any health hazard from the thorough" report and said “i r 
residual: level of asbestos fibres has given approval to a wide 
in been range of materials, and brewing 

“We are prepared to reeom* aids, most of which have been 
mend &at the continued use of used for decades and in sari* 
asbestos, filters should be per* cases for centuries.” 
mitted. However, in view of the The approved substances used 
general concern about the use since the 17th century to da*’ 1 *? 
of asbestos, we recommend that and brighten ..beer range ‘fro® 
every effort should he made by seaweed extracts, traditionally 
the brewing industry to find a us «d to . reduce . beer haze., i® 
Suitable alternative and we finings prepared from the swim 
understand this is being done." bladders or fish. ' 

The Brewers' Society last night Food Additives and Contami- 
conflrmed .that asbestos filters mmw Ommittee: ftepart on Xhe 

were being phased out by the rectew of addittoea and process- 
industry. hip aids used in fhe production 

This was because of concern of beer. HMSO 70p. 



to i 


V 




X 



*§1"^ 

n 


COMPANY NOTICES 


[rave 


EpiliiE plans ^yfe5 rce 
are ‘'beset '■ ■ '»y 30 %, 

'i report says 

l^lTT • ij' fl AyTlOf By L >" rton «cL"‘n. Industrial Staff 

KJ Y- ' tllC I l lfl " ' BRITAIN’S DOCK labour force 

V • • . ‘ is likely to fell; by cent 

: • '■ ' within 12 years, the- National 

BY .JOHN ilOYD ’ Ports Council said' in. a docu- 

-.f-sv, raent on strategy . published 

iaisgjass^'tssss; 38 

toto the development ot; fast The report ays that although tL traffic P aS 
breeder reactors, the- Select Coin- the SeereteriS?: of State for *?? IT ,S?r 

raittee on Science and .Techno- Energy and toeEswronment had mSe? 11 mos? ' as^cinrcntionai 
report wrious^pbwers to, order an In- berth! toSS 

published yesterday.,- . qiifay, those .po«en depended on berthl bv 1990 ■ ^ 

It considers that , the .issue is V fOnnaTproposal to them. It the greatest'imteet would be 
beset with "tifertia” and that urgi^l an inquiiy into the public- i n the^Wtst and^ South-East. 

an inquiry would. overcome thht-P^? ^?i® ™5* d ' :b y bu,Idin 3 These would <Sn*y “the main 
In the special- report its third. govern- burden , of cut-backs’ which the 

the committee says neither .the referred 9n c , oaiIcl1 estimated -would reduce 
Government norMhe! electricitj *i£LS2?5*A!?S m*. for dock -wortes from 


The Sun appears strike 
again tomorrow hits 


BY CHRISTIAN TYLER, LABOUR EDITOR 


BY JOHN li.QYD 


council estimated -would reduce 
® n demand for dock workers from 


hoards have purely tajiteted *. StSSSSS. Atobtey W0dg£S?d tM* lD t0 "ffil ■rue mirror, which recently 

wish to develop a commercial- Benh Energy SeenSaiy,. thattte * there d lost to The Sun its place as the 

size demonstration Tfast .-breeder S^b^dSreaSwted Uen 5® a j> lateau of stable labour bisgesttelling daily, has been 

reaCtOr.- " T (rino - fesnpc than Q 6 Ju 3 Hli. " ‘ . . -e—**— — — * 1 1 * 


THE SUN newspaper will be 
published tomorrow for the 
first time in 11 days. 
Journalists in dispute over a 
productivity pay deal voted 
last night by about nine to one 
to accept the company's terms 
for taking them back after 
their dismissal last week. 

The dispnte’means a net loss 
for the paper of more than 
£L6m. Some 44m copies were 
lost - ' 

Meanwhile the paper has 
been given permission by the 
Price Commission to raise its 
cover- price From 6p to 7p. If 
the company decides to raise 
the price, it will still be lp 
cheaper than its rival the Daily 
Mirror. 

The Mirror, which recently 


TS. de &™.i sia me ios, of ssrtM iurj * ~ 

velopment was "put'' at altout contSned^Wleaj^wSte 're- work for staff and manual grades ^ bracing Itself for the re- “ an ^ eo !!5 t r efnse f. *» In July the State-owned group 

£2bn, including research.- About- processing. The matter should ™ ould te managed largely sumption of the circulation , Ul ? 234 fc J0U I?J al ^ t f L ook only 22 per cent of sales and 

35 per cent of thit would ’have tetotetor -tiS-MBFlamSSSlS through natural wastage. But war. dismissed last week until that hopes to do better this month, 

been capital cost ot the roaefffi^ to examine t ‘ tbere wouid be a concentration a circular from the chief tomt w » a s jSf 0 * 1 ?®*" Stocks with dealers are high. 

Since' then the" Government ‘'The- reoort noteff*'“The Select of the problem in some areas executive to managers and ..Chapel officials were per- Shop stewards will meet the 

bad prom ised’k tiu&lfc investtea- ciAmmi^^oh\^iea' and Tech- w bich already faced a general minion officials ■ says: “When spaded to remove the offending company In Coventry today to 

tlm P SS the SSte%M»SS-Smto deelinfi to W"»r »■*.“* high The Sun’ returns to full pub- clause and substitute a pledge discuss an incentive scheme. 

course of’ thbnXtt WiSscSe ioi^t'ScS^dlrisS# to aJS unemployment. Ucallon it wiU be the great to honour disputes procedure which could yield workers- bene- 

inquiry - No further announce- ^assesSin^the technical deSiS » , «t challenge the Mirror has A peace formala for a fits well in excess of those 

ment, however, hS^emf^de. $ evSKncf reWiSr so there fe Local moveS-: : • jver faced. In the past eight return to work 0 r 65 journalists offered earlier this year in a deal 

Mr Arthur Palmer UP the n n r pjh^ii ^ whv flie" examination • j days we havCl something at. London Broadcasting is with projected increased earnings 

select ^mmlS^effinSi! S? ““ fc **,.*>"— «« «3 ,ected to be ot £8 a week. 

thought the promised-might ifave -should be -. In any;. respect less J2?Sse to a^Sl — — 

been made “ rathe fllghUy- The rigorous than that-d* any ptbtfr ^LeS/’ T?SsrSn ^ _ 

S31H Clyde shop stewards black 
NeW biipott work on Polaris submarine 

* - ’.>••' more . 'specialised, less labour- 

to advise on policy ^ by bassett. ^bour staff 

f.w -. and unions at local leveL Selec- 

by Mir u API nr\uuc *n»ncBArc rrtDDKBruj?Tm - tive measures would have to be SHOP STEWARDS from naval meeting today about yesterday's workers being locked out 

r Michael dunne, ABtosPAGE coRRESPOf^fr taken and the problem could not dockyards on the Clyde decided talks with the Commodore of the No work other than that essen- 

be solved through an inflexible yesterday to black ail work on base after the blacking decision tial for health or safety reasons 

THE GOVERNMENT, has set up further options^#tn^‘ as raising national framework. the Polaris - submarine Resolu- wzs taken. will now be done on the Resolu* 

two new bodies to help it settle Stansted farther ^,>to - 10m Where financial aid was to be tion, which returned to its base -They were told that the Navy -lion, which has returned to base 

major strategic decisions -.on passengers or hi ore. .a year, or given to ports which faced on Wednesday while 2.500 dock- was no longer prepared to have for minor repairs and servicing 

future airports, policy. The converting a mi&kryf airfield to Jarge-scale problems, this should yard workers there were holding -the -Operation of its submarines as part of the turnaround pro- 

Advisory Committee on Airports civil use, or evetfSrarting a new be done only In an 44 orderly way a one-day stoppage in support <M&jCted by the pay dispute. gramme, which keeps at least one 


printing an extra Ira copies a 
night daring the dispute and 
is bracing itself for the re- 
sumption of the circulation 
war. 

A circular from the chief 
executive to managers and 
nnuion officials- says: “When 
The Sun' returns to full pub- 
lication it will be the great- 
est challenge the Mirror has 
ever faced- In the past eight 
days we have got something 
like 8m Daily Mirrors Into the 


hands of Sun readers. The 
great now is to make sure 
that they slay Mirror readers." 

- Urging- all staff to extra 
. effort, the circular says: M We 
• have every possibility of. get- 
ting the Mirror back, not only 
ahead of The Sun. but over 
:4xn-*’ The Sun circulation is 
around 4m. 

- The end of the stoppage 
caine after Mr. Bert Hardy, 
managing director of The Sun, 
.had addressed a meeting of 
the' chapel (office branch) of 
the National Union of 
Journalists. But the pay claim 
hhs still to be settled. 

. Although the chapel had 
voted on Wednesday night by 
61-22 to return, it added a 
yauning that industrial action 
might be resumed if a satis- 
- factory offer failed to emerge 
in seven days 

.The management refused to 
re-engage the 224 journalists 
dismissed last week until that 
threat was dropped. 

, Chapel officials were per- 
suaded to remove the offending 
danse and substitute a pledge 
to honour disputes procedure 
4- A peace formula for a 
return to work of 65 journalists 
at: London Broadcasting is 
expected to be agreed today. 


hits 

Leyland 

By Our Midlands Correspondent 

A STRIKE by drivers at British 
Road Services is disrupting pro- 
duction by EL Cars in a month 
when sales are expected to hit 
record levels. 

About 700 workers have been 
laid off and output of the Mini 
halted at Longbridge, Birming- 
ham. 

The cause of the disruption is 
a strike by transport drivers at 
the Castle Bromwich factory, 
Birmingham, which supplies 
bodies to the Longbridge plant. 

it has also led to lay-offs at 
the Triumph plant at Bordesley 
Green. Birmingham, where 
Triumph Spitfire bodies are 
made. 

The dispute could not have 
come at a worse time for BL 
Cars, which Is trying to recapture 
its market share. 

In July the State-owaed group 
took only 22 per cent of sales and 
hopes to do better this month. 
Stocks with dealers are high. 

Shop stewards will meet the 
company In Coventry today to 
discuss an incentive .scheme, 
which could yield workers-- bene- 
fits well in excess of those 
offered earlier this year in a deal 
with projected increased earnings 
of £8 a week. 



FREE STATE DEVELOPMENT AND INVESTMENT CORPORATION 
LIMITED 

Wnwraarataf In tho Rcoumtc oi SauUi Alrtu) 

NOTICE 70 MEMBERS 
'ANNUAL GENERAL MEETING 

H-tREEY GIVEN U«i th* Tftmy-tDiirth Annual General Mpotlna m 
me mber , m Frtc Siatc Dovetomcn: and Investment Corporation Limited, mil 
S* ™ d {" Boaiv Room, Consolidated Building, corner ol Fox and Hamm 

SffE: ■ i!Sff‘.W” buirg - on WMnasaav the soth day oi Auguii. 19TB. at ID a.m. 
to* uh; sallowing purposes: 

■** Z° rt * :flre and consider the financial statements for the year ended 
30th June. 1978- 

2) To elect diixttora In term* ot the articles at association. 

3; To transact any other business which, under the articles ot association, ! 
ought to oe transacted at an Annual General Meeting. 

°* "* company « entitled to aopoint a eroxv to arjjnd. 
speak and vote m his stead. A proxy need not be a member ot the company. 

, OM . T J“ 4SS[* J , tr *H* p « l 5SS?* T? e rc ? bter 0» nwmbcre wilt be closed I rum . i 

19n to. 30th August. 1978, both davs Inclusive. 

By Order of the Beard. ' 
JOHANNESBURG CONSOLIDATED INVESTMENT COMPANY LIMITED. ] 

Secretaries 
per D. A. FREEMANTLE 


Head otftcc and Registered Office: 

Consolidated Building. 

comer ol Fox and Harrison Streets. 

JOHANNESBURG 2001 

tP.O. Box 590. Johannesburg 20DDI. 

25**1 July. 1970. 


London Secretariat; 
Bamato Brothers Limited. 
16th Floor, 

99. Btstnpsgatc. 

LONDON EC2M 3XE. 


rise to advise on pol|cy 

^ BY MICHAEL DONNE,- AEROSPACE CORRESPONDENT ; 

1 THE GOVERNMENT- lias set up further uptions^ludb^’as rs 

two new bodies to help it settie Stansted furtoflrv,^to 


Clyde shop stewards black 
work on Polaris submarine 


WANKIE COLLIERY COMPANY LIMITED 

ilflCDTOorateti in Rnoaenai 
NOTICE TO HPLDERS OF Si : PER CENT FIRST 
MORTGAGE DEBENTURE STOCK 19£2>197B 

FINAI INTEREST PAYMENT NO. SO 

Notice to hereby give* nnt no transterh at debenture nock will be 
registered Pv the Company after 17th August. 1976 and that warrants m 
paymem of intc-esi due In rmocct el the half vear ending 31st August. 197C 
are due to bo paid on that date to debenture siocknolders registered at me 
dose at business on 1 7th AuOpsl 197B. 

Interest is payable in united Kingdom currency and payment will be made 
from Salisbury ana Johannesburg m the Rhodesian or South Aipcan equivalent 
ol the sier ‘ng value al the rate of exchange ruling at the Close ol ousinrit 
on 31 si Auri'ii. ig78. Warrants In payment of interest will be desoalcncd 
as soon a< possible thereaiter. 

In tern"- o> exchange control regulations ojyr..ciu of interest to stockholders 
resident n United Klngc-om. Zambia or Tanzania must DC paid intp a 
blocked account In toe stockholders name with a registered commercial Dank 
In Rhodesia. Arrangements ar> being made for stockholders formerly raid 
trum the Unite” Kingdom aid who are not resident in me Untied Kingdom. 
Zambia or Tanzania to be paid their interest from Rhodeso. 

By order ot the Board 
ANGLO AMERICAN CORPORATUN OF SOUTH AFRICA LIMTED 

Secretaries 
Per J. R PARKER 

London Office. OPIce Of the Untied Kingdom Transfer Secretaries: 

40 Holborn Viaduct Charter Consolidated Liiti'ied. 

EC1P I AJ. P.O. Box 102, 

Charter House. Park Street. 
3rd AuguM 1978. Ashlord Kent TN24 UEQ. 


BY PHiUP BASSETT, LABOUR STAFF 


Policy and the Study Group on .“third London soroe- 

South-East Airports “ will "bfegih Where on a “ grera^fle W ” site, 
work in September. . • ' v Vhat worri&t^e. ' airports 

The adyisorir v conmiittee s -^ority. howev^ife that the 
function will be to Look at -overall. : fln j y devtf&jmfcit it has 

long-term natituiaJ'lairpdrt cbh-. ^ga for stt — fourth 
siderations. with.;, particular-, fehnihai at Heafhi^Mras been 
reference to the regious as well ^£^4 for - more^’&aa a year 
as to London and South-East- ' 'already by en vtrbxsfilatal objec- 
The study group K however, w.Ol ti01 « the sub^raent public 
be solely concerned with London planning inguiry telfflffi; is still 
and the South-East, with the 4m- progress. ■ 5 'f£ : - 

mediate task of deciditig what to , i t f ears . that if i#heeds to 
do about handling: traffic growth undertake^ the othaM-develop- 
in the 19S0s. • ^ _ ;V - ment^ at Gatwick, iSt&Slsted and 

The British Airports Authority, Luton; it will be tto3ted again, 
which urged the establlshmentof ^nij may- even he refusS perm is- 
thn advisory, committee, late last "«ou to expahd its ai^fet facili- 
year, has said , that even with full ties, with disastroay ^^felt^' for 
implementation of existing- de- a fr transport devfelOpiifk f 
velopment plans .{Ijactoding-ibe .. The -two- newsgroups Have 
fourth 8ra passenger terminal at chairmen from the BepArtinent 
Heathrow, the raising- ol Gat- of.TratJ^ and will iScludw fepr^ 
wick's capacity -from 18m to25m, sentatives of ' JJre Afporto 
and the development, of Stansted Authority- (Mr.- j 3»hn vMnikero, 


ng a new be done only in an “ orderly way a one-day stoppage in support affected by the pay dispute. gramme, which keeps at least one 

t" some- in accordance with a consistent of a pay claim. Union officials at the yards are nuclear submarine at sea as part 

td ” site, policy.” - Dockyard, workew meet today aware that the Havy may be of the British NATO commit- 

■imnrtc The councB'said inefficiency to ratify the blacking and to eon- forced to repeat last week’s clear- ment 

^ad to be dealt with more firmly rider a sit-in campaign against ing--of the Revenge with the The Ministry of Defence said 

^ v»Q than iu the past and, if a port further lock-outs. Last week Mr.- Resolution when its sailing time that the blacking would alter the 

1 fm.lSr! Was facing diffic ulties, it should F «d Mulley, Defence Secretary, draws near. 'Resolution’s - servicing pro- 

JJr? give quarterly management riiut the yards while the Navy Mr. Tom Killen. secretary of gramme, but it would have no 

"“a* DB ?“ financial accounts. These would freed another Polaris submarine, the joint stewards’ committee at effect on its operational ability, 

a a year measure -performance against HMS Revenge, which was also the yards, said yesterday that the The blacking is in support of 

SennuE agreed targets and a set of per- ^Jacked as part of the sanctions dockyard workers were prepared a claim for “substantial" pay 


f-mthlin “5* ULTKCUi <U1U a 661 UT per- 7” — -* , “ 

ifgHii fonnance Indicators, including ov ^f h al ?i 


r- ie oKll zuoicaLurb, luciucung 

I IS SDH 

iamIr tn National Ports Council, Report 
jievelmv to Secretary of State for 
fetMi Ivlri Transport on the Ports Industry ; 

A'PC. Commomoeolto House. 1 to 
irJriTrie! 19 ' New Oxford Street, London 

\ tfSS-WODK 

teats-' for . 


to take on the Government if rises for 183,000 industrial civil I 


The shop stewards will tell the there, was any repetition of servants. 


tn 4m and Luton to 5m there managing di 
will be enough capacity' only to Tunter,- plai 
handle 72m passengers’ a year by from - the 
the mid to late 19S)6', whereas Authority; • 
demand could -reach as rnuch as authorities, j 
S9m>. - Air -TraflitoK 


ector, and Mr. Don 
ting director), and 
/Civil Aviation 
Ife .airlines, local 
fades, ^unions, the 
^Users’ Committee 


This would force decisions on - and. th^Moise' Advisory Council. 

'*T ■ . By. Lynto 

Food and dra^producers 
urged to re-invest ■ 

LACK " OK investment fa- the to allow manufacturers suffiawit Secretory, 
food - and drink /manufsefuring profits to reinvest Profits now- The Gc 


■New move 

\ to aid I IMPROVEMENTS in London area the claim will be for £27,1 w "*’ ■*““ j 

\ X weighting allowances of up. to a 22.5 per cent increase on the BRITAIN’S largest print union, 

1 ‘f An/iATi ■ 44 per cent are to be claimed current £120. the Society of Graphical and 

1 JLiUiiUUIl b y the National and Local Allied Trades, is being sued in 

l ‘ Government Officers’ Association vj^? v ^? ces , J ? r ^, e ? b ^ r ?* a fw d the Court by a large group 

!. - -ns-t-M-d- for its 130,000 members woridug ** f lbe of its London members. 

- DOIT ^rCRS in tbe capitaL 'SSS •iSl crea m P T t0 " The memhers, who belong to 

. . A The claim, which will he sub- 1116 c 4 bn ^ iU 3 1 ? 0 th ® London central branch, the 

. u . . , . . _ mitted next month, is based on / em .? val of '.certain largest within the 200.000-strong 

. t - Er Uynton McLain, Industrial Staff Department of Emp^toient boundary anomalies. union, are asking the court tn 

, MEASURES TO extend the area ^Eures for London weighting. Increases in London weighting dwlare favalid a meeting last 
of London docklands which could which show that since allowances allowances have been prevented Tear of SOGATs biennia] dele- 
^St^S^SSSlS^mmS- were last revised in 1975 *osts Policy Xuice 1975. JJ.J conned .The councti .is the 

■ molt aid schemes were have risen by 44.39 per cent in N ALGO a Stage Three deal, union s top governing body. 

: announced d yesterday by Mr. inner Loedoneed 2L39 percent “J?® 4 9 »? 1 “ SSedfSe^S 


NALGO claims big 
London pay rises 


BY PHIUP BA5SETT, LABOUR STAFF 


Print union 
sued by its 
members 

By Our Labour Staff 


The Register* of 

CHARRINGTONS INDUSTRIAL 
HOLDINGS LTD. 

6 ' a . ant to!'. 

Uniecured Loan Stocks 
and 4|\ Cumulatiwc 
Preference Stock 
will in future bo maintained by 

COAUTE & CHEMICAL 
PRODUCTS LTD. 

and atl documents lor registration and 
correspondence relating to these stocks 
should be sene to: 

Coil ice a Chemical Products Ltd. 
Registrar's Dept. 

P.O. Box 21. Chesterfield 
Derbyshire S44 6AB 
Tel: Chesterfield 
(STD code 0246 ) 822281 


NOTICE TO HOLDERS OF BEARER 
DEPOSITARY RECEIPTS <BDR-»> IN 
COMMON STOCK OF 
-HITACHI, LTD. 

We arc pLeautd to confirm that 
rallies of the Consolidated Financial 
Statements os ot the ha 1 1 -year ended 
March 31. T97B. ol Hitachi. Ltd., and 
Consolidated Subsidiaries are now 
available to BDR Holders uoon 
application to the lollovrina Conversion 
Agent*: 

Citibank Branches In; 

Amsterdam Frankfurt 

Brussels • Milan 

Paris 
and at: 

Banoue Internationale a Luxembourg 
S.A.. Luxembourg. 

CITIBANK. N.A. 

London Depositary. 

August 4. 1978. 


CREDIT INDUSTRIE!- ET 
COMMERCIAL 


USSSO.OOOJ 

NOT 


FLOATING RATE 
DUE 1981 


The London group allege they 1 


Pnviranm^nt fa rater London rates -and consolidated the were wrongly excluded from the 

viro ament NALG0 xviJ1 increases of in cn?a* and that from Stage council meeting held in May. An 

fim a vear' fnr im»r T-nmtnTi Two, made no orovisioa for ®? rJ y bearing, possibly in 


Thr&rem cent proposes to £192 a ye^ foTton^ » proviriou tor P— 

rply to a wider areaS^fire “ increase of 44.13 per rent on Lo " do " . °The ^legations arise f 

mdon dockland borouehs the current _rate_ of £435, and Civil Service unions are to mniifonr rfnHno th#» mp«ii 


The certificates are issued by I per-cent on the current groups, are expected to make man ding a group of London 

•r -re ■ — ** I +1 xil Otifl TftiF fno ** TIT I T Ol* • fl*l Tl tTQ " nmilfiP aInIma 1 fhCai I «_ _ — P ...laL t. _1 4! . ’ ^ 


aecr 

■iititf 


industry is a. recipe for disa5ter» gms an the industry have slumped apply to a wider area of the five “ increase of 44.13 per- rent on ^eigiiung. The allegations arise from an 

according to a discussion, docu- to -Jheir lowest -for Three year? London dockland boroughs the the ^ current rate of £435, and Civil service unions are to incident during the meeting over 

ment published today, by the '.-The document points out; r “ It preferential treatment now given roO/or outer London, anincrease submit claims tor increases of the issue of an inter-SOGAT 
National Economic Dejwlopment Is 'tmpbrtaxit'- that indnstry^-at tp applications for industrial of 21.05 per cent on the present np to 53 per cent In their London dispute at Format International, 

Office." •' -'t' -sufficiently confident of making development certificates from “85. _ allowances. Teachers’ unions a small South London printing 

The document,'" jointly pTO- adequate returns in future yQatt selected areas of London and elaune P„ »r toe have submitted their London company, 

oared by unions . and' manage- to be -wilting to invest" Manajgfe- Birmingham. inner fnnge area wll be £39, allowance claim, and other A resolution was tabled repri- 

ment representatives-, on^fat n^t and employees must umfe-- The certificates are issued by per cent on tte Mrrent groups, are expected to make 

food and drink faaxjlifarturing Stand that new- investment the industry Department and are £1S0 * for “ e ontar-ftinge similar chdms lateY this year. 

economic . «d e velopment : L enrar;. ti»ir ; test interests to the heeded to support planning appli- 

mittee. adds that the^ need tor run, despite inevitable snort* cations for new industrial pre- _ _ 

rc-in vestment is abseflutei;. ever- Jerm m aniwwto;- cutbacks. >■ raises in excess of 12,500 sq ft £T|||| n m hnl n n a n£i > a nd-rtwr 

riding all other conrideratiofak. ; . . Rood. compames’ real wealthy to the South-East and exceeding JUU aulUlUdUCcS TO SlaV 

If such investment fen ot made thdir.; increased added value— 1 15,000 'sq ft elsewhere. " 

•Mhc toluro of fae company and and- retained profits mustjg*^ - “Partnership areas," where A ff wao#I in 

therefore the. standard of liytog tetore * additional investmeat planning -is guided by joint com* Oil lOdlU Ifl uLOUdllO 

and security o£ : empldirinent -for cbuld be considered* inittees of Government and local 

all concerned will be . put at toent projects tikely to prowg authorities, are given precedence MORE THAN half of Scotland’s all Bedford ambulances for up to 

risk;" "•••• - ~ new «npl<^ment opportmuDte? after the assisted development ambulances will stay off the road a week sifter a number of inci* 

Tive; document crahoes clqsely nto demands on ; a compos areas but in front of new and for another week while more dents in which wheels fell off. 

the plea matto.e^her -ti^we^f^ded: value- cash gener^^ expanding towns. safety checks are made. The makers, VauxbalL deny 

by Sir Hector There are other partnership The decision to continue black- liability and say there have been 

of the Food and Drinks Indus- necessary to- keep^ the ex is ting areas -in Manchester, Salford, tog nearly 500 of the country’s no siznilar complaints outside 

. .. — nnuMil tnn krotior nnnMi mremHW nvnsmil > "■ r 1 .ImiMnnl n.. ... . . - n..ii i «... ,1 . ■ « 


company. 

A resolution was tabled repri- 


NOTICE IS HEREBY GIVEN that the 
rate ol interest for tne period August 
2. 1978. to February 1. 1979. Is 
9V, on tent per annum. 

Interest payable February 1, 1979. 
will be U5M7.2778 oer 11.000 
nominal, calculated on 184 days. 

CREDIT INOUSTRIEL D' ALSACE 
ET DE LORRAINE 
^ • Fiscal Agent 

Luxembourg Branch. 

103. Grand RuC. 

LuxemDeurg. 


SOCIETE NATION ALE DES 
CHEMINS DE FER FRANCAIS 
Floating Rare Notes 1977/1997 
Notice is hereby given chat the race 
of interest for the period Auguct 2. 
1978 to February 2. 1979 has been 
fixed at 9 5 iajJ p-a. 

The Fixcaf Agent 
KREDIETBANK S.A. 
Luxembourgeoiie 


ANNOUNCEMENTS 


MEDICAL ASSISTANCE lor companies — 
worldwide. For particulars write Trans, 
care International Lid . Group Home, 
woodlands Avenue. London. W.3. Tei. 
01-992 5077, Tele* 93a 52 5. 


ART GALLERIES 


FlELDSOURNE GALLERIES. 63. Queen's 
Grove. St. John's Wood- 586 3600. 
LANDSCAPES by Royal Academicians. 
MARBLE Carvings YOMA SA56URGH. 

FINE ART SOCIETY, 14B. New Bond 51.. 
W.l. 01-629 5116. SUMMER EXHI- 
BITION. 


MALL GALLERIES. The Mall. S.W.1. 
PASTEL SOCIETY 79Ui ANNUAL EXHI- 
BITION. Dally 10-5. until August Bth. 
Adm. 20p. 


MALL GALLERIES, The Mall. S.W.1. 

PAINTINGS AND OBJECTS BY MIHALY 
i SCHENER. Mon.-Fn. 10-S. Sals. 10-1. 
I Until August Idtti. Adm. Free. 


BUSINESS AND INVESTMENT 
OPPORTUNITIES 


FINANCIAL 

DEVELOPMENT 

We ere a firm of ImeruaBonal 
Management Consul laxi IS specialising 
tn marketing. We offer capital to 
suitable cnierprises where expansion, 
or development of new product*, is 
begond ihe luniis or exisuni: cash 
flow or financial resources. 

Wnic Bos Financial Tunes. 

10. Cannon Sirvel. EC4P 4BY. 


CLUBS 


EVE. 189. Regent Street. 734 0S57. A la 
Carte or All-m Menu. Three Snedacular 
Floor Snows 10.45. 12.45 and 1.45 and 
music ol Johnny HawkcswprUi A Friends. 


PERSONAL 


the Industry Department and are 
Jaeeded to support planning appli- 
cations for new industrial pre- 
mises in excess of 12,500 sq ft 


£180, and for the “ outer fringe " similar cHdms lateY this year. 

500 ambulances to stay 
off road in Scotland 


“SSffitaES organisation 

contributions in protest at the limited 

way the executive bad handled 1 - 

rho XnTrto Th« riflloual nn NOTICE IS HEREBY GIVEN lhat the 

the dispute, lbe delegation register pi me s.as% Cumulative Pre. 
walked out and a union vote was IP/SgP- 5!! r * comogny wm w 

I,.., ,, 1 ,.. CLOSED tor one Ol only on Friday. Iflih 

later taken excluding them from August i97a mr me preparation oi 
the conference. Dividend Warams whiui win be payable 

uie luujciciilc. on 29th _S#pteml>er 1976. 

— .... Bv Orocr Ol the Board 

' M. D. KNIGHT. 


CHELSEA FOOTBALL CLUB has a luxury 
private box available (or next season. 
Ring David Caostlck (or details. 01-365 
5813. 


PUBLIC NOTICES 


Nott favours 
Merchant 
Shipping Bill 


4 Strariora Place. 
London. W1A «YG. 
27th July. 1978. 


CITY OF BRADFORD METROPOLITAN 
COUNCIL 

Bills amounting to 'L2. 600.000 were 
issued on 2 August. 1978. (or maturity 
on 1 November. 197 6. al a rare ol 
9 7164'.. Applications totalled 

£19.000.000. Bills outstanding total 
£5.000.000. 


tary of the National Union oF 
Seamen, that he would urge a 
Conservative government to give 
early consideration to the need 
for a Merchant Shipping Bill. 

A draft Bill has been added 
to a recent White Paper on 
safety at sea but the Govern- 
ment has yet to introduce it 

The draft Bill covers a wide 


The union, however, is particn- 


iries Council, for higher prices business dynamic. . Liverpool and Newcastle/Gates- 800 ambulances was taken at a Scotland But the ambulancemen U1U 

' — - ■ - — " "ji r : .I* 6 *®; but these all fall within meeting in Glasgow yesterday insist thit the vehicles are un- Oy Our Labour Staff 

• - "V development or special develop- between ambulance chiefs, union safe. xrr} 7 m-a-w Mrvm* 

CL Av««l \T a W vn a ttlnTir m i? t a ^ as ‘ , , representatives and officials of Yesterday’s meeting agreed to J ^ 0T 5 l^® 0; 

ufl6DD6EA PJ 62ffl6 D1EDS S?? re a l so sa ^J hat .P 1 ® the Common Services Agency. keep the Bedfords off the road 

UUV|/uvi V A - :'- 1 ' faner Urban Areas Act, which Ambulancemen in most parts for another week while stringent Mr. Jun Slater, toe general secr^ 

mihtiii nf T7m nififc .• " f S of s “ Uana 6ave ^ tes,s are “ IIied °“ t 

UlUUUi Mi*. /-JJX flUlikJ u to the extended area of London Conservative government to give 

. . docklands. -— , , rarer u ear, - v consideration to the need 

BY-KENMETH 9000ING'-.':.^ . ; . . • . . ,r-* The Act applies to all inner |4 HlIlTV 5llT5IPK<iL I V ftr . a ? lpp ?* B111 Aa ^ 

• ■ •• - .. . . .rfSfc aty partnership areas and eo- JL-/1J lil-i* V ullALlad A - T lilAlliJ A draft Bill has been added 

SHEPHERD NEAME, the tode- “fehqnld. see us through uie nm{| atoles Government to make _ A A to a recent White Paper on 

pendent Kent faniily brewihg decade.^ ..... ^ k loans of- up to 90 per cent on BY OUR LABOUR STAFF safety at sea but the Govern- 

cnmpanj't is spend a further : Sales of traditional cominercial terms for the acquis- t .. • _ meat has yet to introduce it. 

£500.000 to expand eapsdty r at Shepherd Neame have Hon'of land and for building EQUITY, tbe actors union, said the Governments plans as The draft Bill covers a wide 

Kaversham from SO.fiflO. ^bulk trippled in the P«g ; . f ®. ur and site works. It also enables yesterday that its members “depressing, unrealistic and un- range of areas, including changes 

barrels to 130,000 _• : batrdS-r and 1 demand for the .Government to give other would not .appear, on the' pro- . A in Pilotage regulations, measures 

37.44m pints— a yesr;_;- :. _ high-gravlty. and_ loans or grants. posed fourth TV channel, until - * dr V Plou J iez . ® to prevent pollution and prob- 

This follows expenditure of lager, has abmit 5 0U S 1 B ^JS* ’ ! Mr. Shore, who is MP for Sm union was satisfied that the fr0 ? Bl ? ltr *S d ,ej £! facl ? R ^ fishing industry, 

about flm over the: past three brewing started at Faverstem, stepney and Poplar, met rep- channel did not threaten exist- J^temational, the The union, however, is particn- 

years to modernise and improve totir years ago. - resentatives of the Docklands SShs. human rights btoup. to ask the larly interested to the draft Bill’s 

output . - v. comity has_M3 pubfife yesterday, aid was urged _ . - •-■ Spanish Government to release references to ship discipline in- 

itf r, Robert Neame,:chalrma£i, houses, , which *re to adopt urgent measures to Rejecting -the Governments El Joglars;- a mime troupe eluding a proposal to repeal 

said that the latest 'projects, modernised at _mr average ensure the long-term future of Proposals published last Week In jailed, on a charge of “grossly section 34 of the 1870 Merchant 

planned to be completed fa. 1979, annual cost of ^aw, 000. v,-..- the London docks. ® p ^ r - Mr- .Peter insulting.. Spanish forces in a Shipping Ant. which gives cap- 

~ • ~ ' • -j *- . r -'. i -■ ’ Plouviez, Equity s general secre- play. tains the power to impose fines 

L T ’. - - - ■ ” -•'■■■ • . . tary, said that no individual- or The union has already asked 0 n crew members. 

x j - IV * ^1- J.A «/YTrln/\ : FWinpirir nripp coUective ^agreements would te the Spanish Prime Minister for Mr. Nott has told Mr. Slater 

I Atinntl rfri O k TO rfi¥lS£ HilCCinCiry price made With any new producing the troupe’s release. Two that he is aware of the impor- 

JUUHUUU vy, 1 wv ( . company, until the. umoa was membeis of the troupe have tance of changes in the law 

■ - .t. : ... a ' ■ ■!_ i'- ■ ■ 7 - -. - : ' rntnnaTAC WPl ' satisfied toe- fourth TV Channel escaped, from prison, but four governing merchant shipping 

fy*n fldlAlr rO-Pv-- ^ '' would be financially viable. A others are serving two-year and would press for it in any 

II aliSipvt-L VWttl gw ; . ' . AS^ ^ A RESULT of an error in stafement from Equity described seuieocra. Conservative programme. 

. ‘ : r.- yesterday's Financial Times, it — — . - — — ■ ■ - — -■ — — — 

FINANCIAL- TIMES JtfiPOWER .. . ' was incorrectly stated that elec- • ^ - 

l.ONUOK BB1CK ■hM.qnrt to ^br giri,:g.e more item tetS, ^?n R 311111611 SH11D IftTV TI51V TllSITI 

revise its transpart. charges. tor u n d eF the new" agreement Germany, the Netherlands and ■AX.mAIXIJ.V'IJ. iylllall J LrM* Y . 

fiction building brteks.-.as froin Brick • wiU maiauSn Belgium. The reverse is toe case, . 

nest January to "^fik£ : -WJOpant serrate transport accounts Tor as the comparative prices given CONSERVATIVE attempts to prepared to do so on the leave public sector industries as 

. . . t flu, 'Jiphnu fmni . r . 7 . r ^ - . .Ln.iul . -.U .L. ■ — J- - i • rnncalVill inael av_ * — — J— - _c 


Liverpool and Newcastle/Gates- 800 ambulances, was taken at a Scot! amt But the ambulancemen lu rr* u b 
V : S 6 *" 1 bu * toese all fall within meeting in Glasgow yesterday insist that the vehicles are un- g y Our Labour staff 
- development or special develop- between ambulance chiefs, union safe. MrVTVr .. 

a J2 as - , representatives and officials of Yesterday’s meeting agreed to j^,**P*^ N0T ^wil 0 ^ pposition 

. ■■* ■ JSr. Shore also said that the the Common Services Agency. keep the Bedfords off the road spok^man on has told 

1 ' y rb i n 4 rea ^ which Ambulancemen in most parte for another week while stringent “£■ fi o te Jf nr^ r 

y. received - the Royal Assent on of Scotland have been blacking tests are carried out. the National ummi or 

Tuesday, would be applied in full Seamen, that he would urge a 

to the extended area of London Conservative government to give 

docklands. : . . . -- rr r w T u early consideration to the need 

'i The Act applies to all inner §4 HIIITV QTTSIOlrG I V fllQrftC for a Merchant Shipping Bill. 

^ city partnership areas and eo- XI/ IJ UXLY UltilLlkij X.- T Umtlij A draft BilJ has been added 
ables the Government to make . _ to a recent White Paper on 

£ loans of- up to 90 per cent on BY OUR LABOUR STAFF safety at sea but the Govern- 

wfcoirar/'mial terms for the acquisa- . . ... « ‘ . . meat has yet to introduce it. 

“"tion of land and for building EQUITY, toe actors union, said the Governments plans as The draft Bill covers a wide 

^ and site works. It also enables yesterday that its members “depressing, unrealistic and un- range of areas, including changes 

the .Government to give other would not .appear, on the’ pro- at *T ac ?^ ‘, . , . in pilotage regulations, measures 

loans or grants. posed fourth TV channel, until - Ir V Plou 1 Y iez . j 2 ed * to prevent pollution and prob- 

Mr. Shore, who is MP for the union was satisfied that the facl ? x fishing industry. 

Stepney and Poplar, met rep- channel did not threaten exist- ^ ne « t ^«J? tematl0 * a1 ’ w S e The union, however, is particn- 

resentatives of toe Docklands to^tobs. human rights group, to ask the larly interested to the draft Bill’s 

Forum yesterday, aid was urged _ . .. ' - ■-• Spanish Government to release references to ship discipline in- 

fjto adopt' urgent measures to Rejecting -the Governments £1 Joglars;- a mime troupe eluding a proposal to repeal 
£ ensure toe long-term future of Proposals published last Week In jailed, on a charge of “grossly section 34 of the 187(1 Merchant 

- toe London docks. ® V™* Paper. Mr. Peter insulting . Spanish forces in a Shipping Ant. which gives cap- 

: — Plonyiez, Equity’s general secre- play. tains the power to impose fines 

tary, said that no individual- or The union has already asked 0 n crew members. 
tri/-v/Y4-M/o4*Tr collective agreements would te the Spanish Prime Minister for Mr. Nott has told Mr. Slater 

JUeCiriLIiy yntc made With any new producing the troupe’s release. Two that he is aware of the Impor- 

ii company, until the. union was membero of the troupe have tance of changes in the law 

: " PflVnnQI'AC ’WPlI ; satisfied toe- fourth TV channel escaped, from prison, but four governing merchant shipping 

UUlilj^ai tiO would be financially viable. A others are serving two-year and would press for it in any 

- AS A RESULT of arr eYror in statement from Equity described sentences. Conservative programme. 

■■ yesterday's Financial Times, it — - - — , - ' — ^ — ; — .■ ..... — .. . ' . 


human rights group, to ask toe larly interested in toe draft Bill’s 
Spanish Government to release references to ship discipline in- 


compares well 


Conservative programme. 


was incorrectly stated that elec- 


Railmen snub Tory pay plan 


more fairly, of tte -distance *from.. its customers and chaise *cc$nl- showed. 

the company's proaucunn Ntffi. jag to the distance from its pro- ' \ 

The company’s agrsement was'ductiqnslte. In Addition, loads TT t 

announced to the fgmmtm yes - *F fewer timfl ROOD JririB Jtift TJoUSC DUUdlllg 
terday by Mr, John Fraser; Prices attmet -a small surcharge. The. ® 

Minister. It remedies the-singfe company, also agreed, to .allow ->11 l r41 m 
adverse flndiasr ofra Konopplies customers to collect bucks them- rWlii COSl *^2® 


and Mergers Comte issiojf report selves At : aJ3 .times, .even .When ’ 
uf June. 1976.- on toe supply^of/thero was “high demand. . ; Noj^mpton Development 
bulling bricks w rite -UK. This The deiayto Implementing the 5^ 


ment Cor- 
houses for 


win favour with the trade unions Conservatives’ tertas. the training ground of skilled 

by proposing a return to free „ Writira in his union's journal, manpower for the long-term 

collective • barialnina to the Mr - ® 3C ^ to ° that the return interest of private profit 
couective jjargaunng m me w free collective bargaining in Mr. Bucktoii also appealed to 
private sector were rejected toe private sector, as promised the Government to “think 
yesterday by Mr. Ray Buckton, by M«. Thatcher, Leader of the again” on its 5 per cent pay 
general secretary of the sain .Opposition, yrould lead to an policy lor Stage Four. “ even at 
drivers’ union AISLES'. increase in the prbolem many this late hour." The Govern- 

Mr Buckton that thniwh jWtipiwmed industries were ment approach to the problem 

. , r * -®? 15 ~ though having to contend .with, losing of inflation with a fourth phase 


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8 


ENERGY REVIEW: NORTH SEA OIL 


Financial' Times ISSlflaT *Bgnsf ¥ W/V 


BY RAY DAFTER 


Taxing questions for offshore operators 


“MADNESS”. . . “amazing” 
“disturbing" and “a cause for 
great concern these were 
some of the initial oil industry 
comments following the Govern* 
meat's announcement on Thurs- 
day that it was planning to 
raise the North Sea tax take by 
a further 10 per cent 
The Government and Energy 
Secretary Mr. Anthony Wedg- 
wood Benn in particular, might 
well dismiss these remarks as 
the predictable bleat ings of an 
Industry about to see some of 
its excess profits being eroded. 
Cynics might say that oil com- 
panies would have used the 
saaic comments tu describe the 
tougher conditions for the latest 
round of offshore licences bad 
not these been overshadowed 
by the more significant tax 
change proposals. 


Welcome 


They would have been rein- 
forced io this view by the 
remarks of Mr. Tom King, the 
Shadow Energy Secretary, who 
said he welcomed the belated 
recognition that North Sea 
revenue was likely to fall below 
estimates. He questioned 
whether even the Government's 
proposed tax changes went far 
enough in respect of the most 
profitable fields. 

But it would be rash to dis- 
miss the industry's implied 
warning without deeper con- 
sideration. After all. the 
country must rely on the oil 
companies to continue exploit- 
ing the fields that have so far 
been found and on continuing 
to search for the reserves which 
will help sustain energy self- 
sufficiency throughout the 
19S0s and. possibly into the 
1990s. In spite of its increasing 
role — further enhanced by the 
sixth round licence conditions 
— the state-owned British 
National Oil Corporation can- 
not hope to do all of the off- 
shore work on its own. 

Of course, it would be false 


to imply that the oil companies 
are going to pack their bags and 
sail away to more enticing pro- 
spective areas. In truth there 
is hardly anywhere in the 
world where companies could 
find such an attractive combina- 
tion oE oil producing potential, 
stable political regime and com- 
parative freedom of operation 
and profit-making. 

Equally, it would be wrong to 
disguise the fact that Govern- 
ment controls have been gradu- 
ally tightened in the pasr couple 
of years as Ministers have exer- 
cised their quite considerable 
powers. 

Mr. Joel Barnett, chief secre- 
tary to the Treasury, said that 
when the rates and allowances 
for Petroleum Revenue Tax 
(PRT) were fixed in 1975 the 
Government had deliberately 
adopted a cautious approach. 
The Treasury was now planning 
to correct tills. . Mr. Benn has 
said similar things in relation 
to operating conditions and the 
role of BNOC. 

There can be little doubt that 
companies will want to re- 
evaluate their development 
schemes, in the light of the 
PRT proposals, and to re- 
examine their future explora- 
tion plans now they know much 
more about the conditions — 
fiscal and otherwise — that will 
apply. For it is perhaps para- 
doxical that having been alerted 
by the big profits now being 
made by operators in some of 
the early North Sea fields the 
Government is to lay most of 
the extra tax burden on fields 
which have yet to be brought 
on stream. By common consen- 
sus these discoveries are likely 
to be much smaller, quite 
possibly more difficult to 
exploit, and therefore less 
profitable anyway. 

This is borne out to some 
degree in calculations made by 
stockbrokers Wood, Mackenzie. 
They show that the discounted 
cash flow rate of return on 
British Petroleum's Forties 


Field is 42.5 per cent Shell/ this week by the Treasury indi- 
Esso's Auk Field Is said to be cate that the developers of 
showing a DCF return of 52.9 smaller fields will be hit harder 
per - cent, while Occidental's than those with bigger dis- 
Piper Field provides a return coveries. A hypothetical field 


DRILLING ACTIVITY IN THE NORTH SEA'S 
UK SECTOR 


Exploration wells 
Appraisal wells 
TOTAL 19 78 
Exploration wells 
Appraisal wells 
TOTAL 1977 


Feb 

March 

April 

May 

-June 

July 

9 

11. 

10 

12 

•9 

5 

6 

6 

5 

4 


4 

J5_ 

17 

15 

16 

12 

9 

9 

9 

11 

14 

19 

17 

9 

11 

11 

9 

t 

8 

18 

20 

22 

23 

27 

25 




Source: 

Wood, Mackenzie 


Other proposed changes that its aimof oil sell-sufficiency 
include an increase in the basic in 1980 will stlll-be met; indeed 
rate of PRT— from 45 per cent it should if the oil industry 
on specified profits of 60 per achieves the anticipated output 
cent— and a reduction in the in that year of 90m to -110m 
“ uplift " allowance for certain tonnes. However, -it is often 
capital expenditure. If the overlooked that under ; the 1974 
changes go through companies projections the UK could have 
will be able to charge only been reaching a self-sufficiency 
135 per cent of their capital position about now or certainly 
costs against PRT instead of within the next year. Lower- 
the 175 per cent at present. tban-expected domestic oil con- 

This last provision will not 


of 49.1 per cent. Zt is this level 
of profitability which has 
largely prompted the Govern- 
ment to re-examine its tax 
structure. But these fields may 
well prove to be the exception. 
They were planned and largely 
developed before inflation had 
taken Its full toll on costs. 

Companies evaluating pro- 
jects now face higher levels of 
capital expenditure without the 
prospect — within the next few 
years at least— of a significant 
increase in the price of crude 
oil. Hence Wood, Mackenzie 
calculates that on the basis of 
oil being $14 a barrel, British 
Petroleum can expect only a 
12.5 per cent DCF return on 
its planned £l-25bn Magnus 
Field development — a project 
which might not have been 
sanctioned but for the profits 
accruing from Forties and the 
fact that the Magnus expendi- 
ture can be offset against 
Forties Corporation Tax. The 
Phillips group's proposed 
Maureen development might 
show a return of 14.7 per cent, 
again on the basis of a $14 a 
barrel oil price. Similarly the 
Amoco group’s North West 
Hutton Field could show a 
return of only 22.4 per cent 

Even tax examples provided 


of 65m tonnes of -recoverable 
reserves (a field like Shell/ 
Esso's Tartan discovezy) could 
— under the Treasury’s calcula- 
tions — have provided companies 
with a take of £810m and an 
annual internal rate of return 
of 19 per cent under the exist- 
ing tax rules. Under the pro- 
posed rules the company take 
would fall to £720m and the 
rate of return would drop to 
17 per cent. 

On the other band a hypo- 
thetical field with 30m tonnes 
of recoverable reserves would 
provide the participating com- 
panies with a take of £420m and 
an annual return of 38 per cent 
under the existing system, but 
these retained profits would fall 
to £300 o! and a 31 per cent rate 
of return under the new system. 

Although Mr. Barnett has 
stated that the Government 
wants to encourage the develop- 
ment of smaller fields and is 
willing to provide royalty and 
tax concessions if necessary. The 
proposals include a provision 
which seems designed to do just 
the opposite. Companies will be 
allowed a production rate of 
only 500,000 tonnes a year 
before becoming Hable for PRT 
rather than the Lm tonnes a 
year at present 


only alter the economic com- . 
plexioa of future development 
projects; it wi|l also affect off- 
shore schemes' which are now 
underway — schemes like Shell/ 

Esso's Brent and Fulmar 
developments. For the uplift 
provision will be applied to all 
expenditure made from yester- 
day. Little wonder then that 
Shell and Esso which have 
spent' over £lbn each in the 
North Sea so far. spoke out 
strongly against the tax 
proposals. 

Maybe, indeed quite likely, 
companies will learn to live 
with the higher tax levels just 
as they will probably accept the 

stiffer conditions for the 46 

blocks being offered in the sixth MMHKf- fflk. •. ‘ ~ W3k A .\ 
round of licences- 

What .is worrying is that 
there could be a significant Joel Barnett — 

delay in exploration and taking a calculated risk, 
development work while North 

Sea project teams recalculate sumption, caused by the pro- 
schemes and re-present projects longed economic recession and 
to their company boards. Here energy conservation measures, 
it is worth indicating that the has tended to distort the pic- 
North Sea development pro- ture and makes the propor- 
granjme lias already fallen well tionate contribution from the 
behind the Government’s North Sea greater than it might 
original forecasts. For instance, have been, 
in the 1974 “Brown Book" on But these delays may not 
offshore activity the Depart- only be confined to production 
ment of Energy indicated that plans. The pace of oil dis- 
it hoped production in 1976 covery could well be reduced 
would exceed 22m tonnes. In by new licence policies. The 
the event the output was only final conditions for the next 
12m tonnes. The projected next round of licences provide 
output for last year was 50m BNOC with a much more pro mi- 
tonnes although production fell nent position. The Corporation 
12m tonnes short of that figure, will be operator in six of the 

The Government is confident 46 sixth round blocks, a respon- 


sibility it will add to its role 
as operator in six fifth _ round 
blocks, in nine sole licences 
awarded earlier this year, and 
in the important Thistle Field 
development project. 

But that is not alL As part 
of the sixth round conditions 
companies will be asked to offer 
BNOC a bigger than 51 per 
cent stake in the licence con- 
sortia. They will also be asked 
to pay for some of the Corpora- 
tion’s exploration and appraisal 
costs although this money will 
be repaid with interest if a 
commercial field is found and 
developed. As an aside, all 
operating committees — irrespec- 
tive of which company is the 
operator — will have to meet in 
Glasgow, the home of BNOC. 
And ail public announcements 
and statements concerning the 
licences must either be made 
by BNOC or made in con- 
junction with the Corporation. 

All this will put considerable 
managerial and technical 
pressure on what is still a 
young oil corporation. It is hard 
to imagine that some frustra- 
tions and delays in exploration 
will zrat occur. 

In addition there is a ques- 
tion mark over the size of the 
proposed sixth round conces- 
sions. Mr. Benn said he wants 
to allocate licences on a “ little 
but often ” basis. In this way, 
he says, he can control the rate 
of exploration and production 
in the North Sea. But there is 
a risk that the Government may 
be slowing exploration too 
much. 

This time last year there were 
between 25 and 30 rigs operat- 
ing in the North Sea, admit- 
tedly an activity encouraged by 
last-minute drilling require- 
ments on fourth round blocks. 
This week there have been 17 
rigs operating on the UK con- 
tinental shelf; only five of these 
are employed on exploration 
work, the rest are being used 
to evaluate discovered struc- 


tures or to assist in the develop, 
ment of commercial fields. 

Dr. Dickson Mabon, Minister 
of State for Energy, provided 
the Commons with some other 
figures a fortnight ago. Doting 
the first half of this year 19 
exploration wells were com- 
me need, he said. This compared 
with 67 for the whole of 1977, 
58 In 1976 and 79 in 1975. 


Disappointing 


And yet, in spite of these 
figures, the Government is allo- 
cating only 46 new blocks, rela- 
tively few of which are in the 
known productive areas of the 
North Sea. Fifteen of the sixth 
round licences are in the 
'Western Approaches, a virgin 
drilling area where there are 
oil or gas possibilities. Three 
are off the Welsh coast where 
exploration has provided 
extremely disappointing results 
to date. And 13 blacks ane to 
the north west of the Shetland 
Islands in an area which could 
have large quantities of oil 
under the seabed, . although, it 
does look as though they will 
be difficult to produce. (The 
much publicised. BP well on 
206/8 is believed to be proving 
the theory that the oil wiQ not 
flow well under normal reser- 
voir pressures.) 

All in all then the Govern- 
ment may be taking a calculated 
gamble in striving for higher 
taxation and greater state con- 
trols at a time when the UK is 
still short of its energy self- 
sufficiency target, when the best 
fields appear to have been 
found, and when exploration 
and production activities are 
becoming more difficultnnd less 
predictable. 


Ray Da] ter mill be attending 
Harvard University os a Fellow 
of the Center for International 
Affairs during the coming 
academic year. Kerin Done - 
and others will write the Energy 
Review in his absence. 


;PVRi:i\\li:VI AND POLITICS 


Tories plan 
survey 
on council 
house sales 


By PhiHp Rawstorne 


Callaghan firm 
in support of 
Lords abolition 


ALL-PARTY REPORT SUGGESTS NEW STRUCTURE OF SELECT COMMITTEES 


MPs seek power and resources 
to cope with burden of work 


THE CONSERVATIVES today 
launch a pre-election campaign 
to publicise the party's housing 
policies. 

Council tenants throughout 
the country will he asked to lake 
part in a survey to determine the 
demand for the sale of council 
houses. 

Mr. Michael Hcscltine, Tory 
environment spokesman, said: 
“ At the next general election we 
shall offer a statutory right to 
council and new-town tenant'? to 
boy their homes at prices which 
reflect their position as sitting 
tenants. 

"This will represent a 
significant improvement on the 
terms on which they can 
currently buy their council 
homes, particularly for those who 
have been tenants for some 
time.'' 

The Conservative Party aimed 
to expand home-nwnership on a 
nussive scale, he said. 

A generous bonus scheme to 
help joung couples in saving to 
l>u\ their own homes would be 
tnlrndueed us soon us economic 
ciP'imistanrcs allowed. 

Mr. Heseltmc. writing in the 
monthly Conservative News, 
*-i<i that an almost unbridgeable 
economic gap liad opened 
between council tenant and 
owner-occupier. 

The council tenant was virtu- 
ally " imprisoned." Every deci- 
sion depended un the discretion 
of the lucal authority. 

Mr. Ilesellinc recognised that 
despite the home-ownership 
drive, there would always be :» 
need for rented properly. "So 
v>e plan tu introduce a Tenants’ 
Charier, setting out clearly the 
relationship and rights of the 
tenants and local authorities 
and to involve tenants more 
closely in the management of 
their home*." 

The next Conservative Govern- 
ment would remove " the un- 
certainties and deterrents " that 
hampered the building industry, 
Mr. ileseltmc promised. 

" We shall repeal the Com- 
munity Land Act and modify the 
Development Land Tax. \Vc 
shall remove the threat both of 
rationalisation and of unfair 
competition from direct labour 
organisations." 


BY IVOR OWEN. PARLIAMENTARY STAFF 


BY RUPERT CORNWELL, LOBBY STAFF 


ABOLITION OF the House of 
Lords was assured of a prominent 
place in the Labour Party's elec- 
tion manifesto by the Prime 
Minister yesterday in his final 
question time session before the 
Commons adjourned for the 
summer recess. 

At the same time, he streng- 
thened expectations of an Octo- 
ber poll by contemptuously dis- 
missing the possibility of the 
Government seeking an alliance 
with the Scottish Nationalists 
now that the Lib-Lab pact has 
effectively ended. 

Mr. Douglas Henderson (SNP, 
Aberdeenshire E) had suggested 
that the Government was pre- 
varicating aver fixing the date of 
Ihe devolution referenda in the 
hope of being sustained in office 
by the votes of Nationalist MPs. 

Mr. Callaghan replied; “ 1 must 
say if I had to rely on the SNP 
for support, I would run tn- 
morrow.” 

The Prime Minister firmly 
endorsed the Labour campaign 
to secure abolition of the House 
of Lords by commenting that it 
had been an aspiration "of many 
of us " Tor very many years. 

After referring to the 
constitutional difficulties which 
had frustrated earlier attempts 
to aholish the Lords, he stated: 
“ We must always strive onwards 
and upwards." 

Mr. Callaghan was notably 
more cautious w’hen pressed by 
Mrs. Margaret Thatcher, Opposi- 


tion leader, to say whether he 
wanted no second Chamber at 
all. 

This raised a different ques- 
tion, he said. There were many 
examples of elected second 
chambers. 

But the Prime Minister was 
adamant that the House of Lords 
—described by Mr. Dennis 
Stunner (Lab, Bolsover) as the 
“biggest quango of them all "f— 
was indefensible. He had never 
found any legitimate authority at 
all for an undemocratic and 
unelected chamber. 

" I am astounded that Mrs. 
Thatcher should seek to defend 
it," Mr. Callaghan declared. “It 
is not based on democracy about 
which she prates so much.” 

He added; “I know of nobody 
except the reactionary Conserva- 
tive Party which would defend 
the unelected House of Lords." 

Mr. Callaghan responded in 
predictably avuncular terms 
when Tory backbenchers insisted 
on treating the occasion as his 


A NEW structure of more power- The total number of pages of as they go through the Hojrse, Committee reports. Discussions from 9.30 ajn. to 2.30 p.m* 
ful Select Committees, backed by Official Report of the House and Standing Committees should- be should be on a substantive Instead of the present 11 ami. to 

bigger resources, and the more Standing Committees rose from empowered to consider suptan- motion, and Government 4 p.m., bat the pattern of recesses 

sensible use of its time by the 16,753 in 1956 to 24,186 in 1970s, tive motions,' and the/ new responses to committee reports should not be fundamentally 

chamber of toe House of and 34,578 in 1975. By the 1970s, departmentally - related /Select would be obligatory within two changed 

Commons were recommended the number of written and oral Committees would tie/ given months. 'However this nassaee masks 

’sra — *- sttW" “.as *• fre . msL- 1 SS 


'The call came from the aH- from 10.000-12.000 per session They would also tie free to Da ^ v Select Committed 

party Select Committee on Pro- between the wars. SSin^ei^field^rf interest' and should be n ° minale d by a Com- over the whole issue of hours of 

cedure m a report published after The proposals the committee wftbin their field erf ^interest :and mjttee of Selection and then work— acknowledged to be more 
more than two years of work and admits, are unlikely to produce should be supplied with progress endorsed by the House. Chair- onerous at Westminster than any 

68 meetings, against a bade- any drop in the burden of work reports about various docu- mea should be appointed by the other western pStiamenL ^ 

ground of growing public dis- of Members. They will, however, menu, as well as about Cora- MPs on ^ var i OUS committees. *. . « 

enchantment at the way in which enable MPs to have proper assis- mission proposals on their way and might be paid an additional a W0 V e number of sitting 
the legislature at present tance to do their job adequately through Community institutions. mo dest salary for the job ■ ys *“7^ “We changed 

operates. and rid themselves of much basic The Government should pro- M since the war. the number of 

The basic aim of the report, routine and preparatory work, vide debating time for consults- °.j e s ?^“ 1 resou f ces sitting hours has climbed from 

which alone runs to 129 pages. The bulk of the recommends- tive documents issued by the w aver ?lf e of . AS* tours 

excluding various appendices and tions fall into three main cate- Commission and debate on them “™ l * be placed on toe between 1946 and 1955 to 1,690 

minu tes / is to make Parliament gories: the way the Commons should normally - take place hours between 1966 and 1975. On 

more effective in its two m?» n deals wit b legislation including before the Government has advisers. MPs themselves should average, sittings extend r ;.ta 

tasks of passing legislation and EEC legislation and statutory given its approval. De entitled to personal 12.06 am. now. Mmmred .to 


personal 12.06 ajn. now. compared to; 


keeping" watch^n ^ activities instruments, the structure of geieet Committees. researchers; . paid for by the UJ31 p.m. after the war. and the ; 

oM-he execulive 0 ^rm of govern- Select Committee,. Md the wants tbe ^ “? *° **e W 


tarial assistance. 


business at 10 p.m. At tbe earner 


positively last appearance in the 
Commons as Prime Minister 
before the verdict of the polls 
leads to Mrs. Thatcher taking 
over 10 Downing Street. 

He suggested that the voters 
were likely to be impressed with 
Labour's many achievements, 
not least the way the country 
had been rescued from the " un- 
governable ” position in which 
it had seemed to be left by the 
last Conservative Government 


ment • organisation of Its sittings. present system of Select Com- ianal assmance * business at 10 p.m. At toe seiner 

"We agree that toe relation- Handling of Legislation mittees replaced by a structure The power of committees to “me, . early finishes-, are much 

ship between executive and Iegis- Iff 0 o£ 12 department-related com- send forepersons, papers and . 

tature is the crucial feature of debates ® houI f be mittees, covering toe activities records should be recognised. ei * a proposal 

the functioning of our institu- °, not only of the departments, but Aq unacceptable refusal by a the nrajothy of Labour 

tioos of government and we are fP-JP 1 ” nF^WPs warn tn of nationalised industries and department to provide informa- 16-man committee 

conscious of the widespread con- lat?, e „i 1 « niber ° f WaDt l ° d uasi * independent Quango tion should be considered a rejected on the stiOTjttk of 
cem about toe present nature of come Rills of a technical or organisations under the depart- matter of serious concern, to be cai £ n ? 

that relationship." -JSSSIStilSLiVi mi„ht ment's umbrella. brought to the attention of toe ^ tie. This called for a .f 11 U- 

The committee argues that its bS semt°straSht to sSect^um- 1116 new committees would House. 
proposals would go a long way mittees Membership of a Bill’s cover agriculture, defence, educa- Select Committees would be t} JL 

towards striking a new balance, standing Committee should be tion » science and art, energy, empowered to order toe atten- morning, afternoon, 

not by revolutionary, but by drawn to part from the new environment, foreign affairs, dance of . Ministers to give 

evolutionary change . K? Coramtoee lTt would be home affairs, industry- and evidence and to order **"***"*, 

The chamber of toe Commons, shadowing the Government employment social services, production, of papers and records , 

the> ronnrt saw must mnrinno trade and consumer affairs, and Dy Ministera. indudine Rp.rrp. . . “'P ™ report merely. 


Shore proposes switch 
of council duties 


is paius tu rtruui uie i>ugge»- WOUia oe lmproveu ay allowing wiuiuuiwb »wj, uui tuc me report wouio ILKe to see this rennrt fn- JL 

tion that work in committee ts the Standing Committee involved Expenditure Committee would an amalgamation of the Ex- men tarv kc n i rf ^ 8 1777 ?“ 


1 “ vuiuujuir. H UJC ouuwiug uvuiiumce twu.u au aiuttigauiauuu UI me CiX- mpntaro c-nirin™ j_ .j_ n.j- 

preferable per se to work in toe to hold up to three sittings to disappear as would those now chequer and Audit Department 11 ™ tf 1 ® ***- 0 - 

chamber. pubUc to take evidence. Unless covering toe nationalised and the District Audit The audit that 

“Committees are not an end otherwise arranged, all Bills industries, immigration and race staff shnuid ha roonntaji . axr .° ee _ ment of sittings 


" Committees are not an end otherwise arranged, all Bills industries, immigration and race staff should he re°arded as tn pnahi« o£ 

in themselves but a means of would go to these new “Public relations, and overseas develop- servants of the House The 1 0615 ^ 10 P*£?!i. e 

securing greater surveillance of Bill Committees." ment nnmm m ii» TL—i oumiae employment conflicts 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


securing greater surveillance of Bill Committees.” ment Comptroller and Auditor General urith ™,, * * conmcm 

the executive by Parham e n t“;. it Report stage on the floor of toe Of the new committees, those himself should be brought more 

adds. House would be streamlined by dealing with home, foreign and ffutiy under the authority of « ^ wnentaiy system. 

The increase in the workload allowing toe Public Bill Commit- Treasury affairs would be able Parliament ^ wniie we have been unable 


Option to buy 
promised 
bv Minister 


NEW LEGISLATION authorising 
local aulhorities to give tenants 
an option to buy their homes 
where they at present own half 
the freehold, will he introduced 
"as soon as possible," Mr. Peter 
Shore. Environment Secretary, 
said yesterday. 

Mr. Shore said in a Commons 
reply that the Government was 
keep to promote equity sharing 
schemes, but at present local 
authorities had no power to give 
tenants toe option to buv all the 
freehold at a future date. 

The new legislation would 
put beyond doubt the validity of 
existing equity sharing schemes 
that contain an option and 
enable such arranccinents to be 
lawful in tbe future. 


PRUPOSALS FOR a “nuni- 
reorganisation" of English local 
government in order to reverse 
some of the sweeping changes 
made under the 1972 Local 
Government Act were 
announced by Mr. Peter Shore, 
Environment Secretary, last 
night. 

His proposals would mean that 
responsibility for personal social 
services, education, roads and 
traffic, now under the counties, 
would be handed over to toe 
nine major non-Melropolitan 

district councils. 

They are Bristol. Derby, Hull. 
Leicester, Nottingham, Ply- 
mouth, Portsmouth, Southampton 
and Stoke. 

It is also proposed to give all 
district councils sole responsi- 
bility for planning decisions 
except for a narrow group of 
specific matters. At toe 
moment, toe counties have the 
planning powers. 

Under Mr. Shore's proposals, 
the districts would still have to 
pay proper regard to structure 
plans and county policies and 
toe counties would retain power 
to refuse planning applications. 

In his statement, given in a 
Commons written answer, Mr. 
Shore describes these as limited 
changes to deal with the worst 
shortcomings uf the 1972 Act 

The changes would not involve 
alterations to boundaries and 


would not affect Greater London. 
With toe exception of planning, 
the alterations would only 
apply where local opinion 
favoured them. 

Further consultations with 
local authorities will take place 
and the proposals could only be 
put into effect by Commons 
amendments to the 1972 Act. 
This means the reforms would 
have to wait until Parliament 
reassembles in October by which 
time a general election may have 
been held. 

On personal social services, Mr. 
Shore states; “We have con- 
cluded that the case for transfer 
to the larger districts which want 
them is. in principle, strong.*’ 

Dealing with education, he says 
the case for change should be 
examined individually in respect 
of each of the nine non-Metro- 
politan districts. 

Turning to highway and traffic 
management, he points out that 
many of tbe larger district 
councils are already involved to 
some degree. His proposals would 
mean that they would exercise 
these powers in toeir own right 
while still preserving toe 
counties’ responsibility for plan- 
ning and for toe allocation of 
resources. 

His statement applies only to 
England. Under devolution, the 
Welsh Assembly wiU bo required 
to " review local government 
structure io Wales. 


-uuiu ire oucuuuuugu uj uso.uig uuiuc, luiflgu Oil U lUir. UHUcr U 1 C aULQQrltV Of « .... • iT r, 

The increase in the workload allowing the Public Bill Commit- Treasury affairs would be able Parliament w ave ,^ een unable 

of MPs has occurred in almost tee to work in later amendments to set up investigative sub-com- Organisation of SittineK: s P ecific Proposals 

every area, the report comments. to_ the measure. Meanwhile, mittees. The others would only The report wants to limit the we do not 

If new primary legislation has minimum mterva s between a be able to do so on application number of very late sitting bv of toe 

to toe House. Normal member- making Jt impoLlble forSo^ toe^on^S? £ 


Report from the Select 
!« on Procedure, HMSO. 


Canvey hazards report c onfirms Police “will uphold law 

worst fears, says Tory MP 1 

^ 47 ■' not viguame^groups to uphold Ed tad* be IrES 

that toe National 


e&pLuaiun uiuuacums or nmo impiureuw-utti. Auaiia U QDs wruen woma nurt anyone sam m the Commons vesterdav ibkui- replies: ~Toe • 

over," Sir Bernard Braine (C, a lunatic conclusion," Sir outside. Mr /n held by the National Front 

Essex SE> said in the Commons Bernard argued. Mr Bametr said ih-*t tho churrh^ aSJr ai ? y "C** group are 

yesterday. He was attacking Mr. Guy Barnett, Environment identified ™rinni would l 1 * objectionable, 

plana to set up a new bii Under-Secretary, said an explore- wh^ch d risks couM^ be f or ignore ST NatioiSi From^Tn Mi The *i£ nt ^ Nazi P r * 

refinery at nearby Thurrock. tory inquiry was started in 1974 reduced and talks set 3 UD e ^ vl Si? g act Peacefully and 

Already there were 58JQ00 into whether permission for an with senior manaiempii? 2 suggested bvir Petm-lSSl ftS? 2001 « not going to 

movements of hazardous oil refinery on the west side of secure imnrovement 3 * 61116111 1 the° AnfiNssri ' faJ ?> out n2. f favour the 

materials a year on Canvey's Canvey Island should be ™ esLlamd tKtuatio^^ oniy *° Iicc - The Police are only 

roads. “The proposed refineries revoked. The report had concluded that ted the situation. concerned with the maintenance 

would add another 65,000. Mfo Now that the report of the object ro the satisfactory out- tbe of law aad order.” 

have just seen in Spain- wftat Health and Safety Executive had come of the discussions, existing ■?:?{;“ not * nov of “7 such Mr. Enoch Powell (UU Down 
can happen when one liquefied been received, it had been -rostaiiatioiis should not be P ™ that under common law 

gas tanker blows up." decided to re-open this inquiry, roQutted t0 cease operations. haii!L«re added. _ The police it was every citizen's duly to do 

Sir Bernard said that a long* which had been suspended dur- Pan! Taylor writes: Essex tn not 5®* * 1 “ ^ powrer on 

awaited report of toe inquiry tog the investigations. . county Council ist o decide in hand& fth? susMct^uhS SL 10 prevent a breach o£ 

into the hazards bad not only The picture presented by the toe autumn whether, in the lieht or pe ? 1 Ce ' c ^ 

confirmed the islanders’ wofst Health and Safety Executive, of the Health and Saf?tyExe?u- report ft to^toe ^ ^ ^ pUed: 

fe Wl b J!LJ 5i d Ji n *5!*J?. d t0 re P? rt : >t Should oppose Mr nlSJu SdSer fLab SSiwSi S5LS& 


- 013 . uui unu iiUKUncreu ULnepSj waa uui uub wililu uutuil tu UVe report, lr snoillri ODDOfm TVIr 1 W*I, tr _ J “V 

C TS? ^P ort ;i by \ be , Heal th and raise fear in people Jiving in further industrial or houstog Bolwver^S hecauu ? t0 police 

Safety Executive, had stated that and around Canvey, The report development in the Canvey area o£ toe ToriS? £j?*?SS “tivityf-T”* 01 SU5 3 jlcl0UI1 




»'V<- 




-Vi 

... 


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Ta^^iRrlda^ '-A'agiit 4 . 1978 


p?; -, 

• ' =rfr - ji~w -'fc- 



SURVEY 



9 


Friday August 4 1978 



- ■ — - - T ■ ■*- . 


WALES 

AND THE ROYAL NATIONAL EISTEDDFOD 


^ it The worst unemployment figures in Wales for forty years are chilling 
-i t: ev ^ence of the Principality’s economic problems. There is also active political 
Rebate over the future direction of Welsh affairs. Long-term issues like these are not the 

happiest background to next Week’s Eisteddfod in Cardiff. 






By Robin Reepfis 

Welsh Correspondent 


soak up the 
. sphere and 
of arts, coining 1 
'pageantry in 1 
- Aihctly short-oil 
.institutions, . 1 ; 
"measure of thi 
terest " is f 
number of 
tinues .to fi 

THEROYAL National Elstedd- - 

foct -defies - straightfarward-defi- .T? 

nitfom Wrestling- wittr.^ the JJSJSSJIS. 
problem^ a .recent; book ffe- 
scribed it as " a sortofamual - 

general meeting;©? WelshWale^ : wbrdltohave- 
m one sense a stockade, into 
which- people cani retreat- aBd }fSA“P1Si 
bolt the gates aghiwsttbe. £ .*L 
lish; in another sense an 
house for all of Wafes..the em- {Ef* ““ 11 

i uu r n .,.t -x t 'A' .L.-.i * .uiiuS-. ine 


. . The .Welsfr-spai|3ng commu- Bards of the Island of Great 
■ nitr.'from -Cabinef^fEnisters to Britain, who . provide **the 
farm writers, be to national” with a good deal of 

jjerforihvbut ptafan$? to watch, its colour, notably ' the- ritual 1 
-listen; meet;., dj^ejuife- ;.argue, ex- high spots — the croiraing. and 
; . change goasip^ant^gfenerally rg. chairing ceremonies: 

charge, Th e crown is awarded for a 

in a.-onc^a^^totally WeJsh poe m , on a ^ ^ect, in free 
environment^- v,-.^ metre and the chsilr for an ode 
- Large braq&qjs^l npn-Welsh- in traditional strict metre, 
speakers alsd'^^perhaps to using intricate rules first laid 
^ compete music^^oc-^simply to down. in the Middle Ages, Both 
jh atmo- ere a recognition of "the .special 
mixture prestige poets -have always 
rce and enjoyed in Welsh society. 

— Ranking 



b0dim ^ 0 ' 

gan. a town to 


of tradition 
assertion of 


and . djeang; an. 
collective person- ^fn’rnwf ^ 
ality, an exhibition.- a -maJor.i^ e 5 

A less poetic description would Bjsteddfbi has 
simply be “ “ a celebratiOn/Va tlie ronrajitie me 
national inhering. -^eld alteiv early- 19th - cent 
nately in north and -'south ticnlirly ' fiwa; ; 
Wales which for one week each. Welsh ; ecci 
year (now the first' full week gannwg.;>@ic> lit! 
in August) becomes -the efffi.e- the Sootedd-'. 
tive capital of the' nation; : ‘. Prydeih- or Asse 



significant 

Invented or not— and what 
ceremony was . not— Ido Mor- 
gannwg's gorsedd has stood the 
test - of : time. Including his 
original division Into three 
orders of ranking. . ; 

Those wearing white robes 
are members of the - senior 
irse, one order, the Druids, awarded as a 
)f. Welsh special honour for services to 
■the Eng- the arts .in. Wales.- Those in 
1 trans- blue are bards and musicians 
it has who have Entered the order 
siring for after passing ■ a stiff exaznina- 
competi- tioo; the junior, robed in green, 

^recorded are those; who have either 
Cardi- passed a simpler examination or 
! event have been awarded membership 
to cele- for services to Welsh life — the 

nearest thing Wales has to its - 

the own honours system. piece by piece, to a new site up .their stands in great arcs 

from . Focal point of the Eisteddfod each year together with smaller aremnd the main pavilion, 
of the and the setting for the majority pavilions for literary discussion ■ Despite the costs involved in 
d par- of ceremonies, -speeches, com- and competitions, drama, arts tills' peripatetic existence the 
famous petitions and concerts is the and crafts, religion and Eisteddfod traditionally used to 
Mor- main pavilion— by all accounts science. In addition there are emqge each, year showing a 
cited the-, largest mobile building in 100^or-so commercial and official smaM profit, relying oh a mix- 
i . Yns-the world. Holding 5,000 it*has exhibitors who- join the same voluntary help; appeal 

t^e to- be physically tran sported, pilgrimage each year, setting fupds,"*ticket money and local 

\ 


authority grants. A special Act 
of Parliament, passed in 1959, 
empowers local authorities 
throughout Wales to grant-aid 
the Eisteddfod and most usually 
do. 

But in the past five years 
inflation has played havoc with 
thg traditional sources of 
finance and exposed deficiences 
in the Eisteddfod’s organisation. 
Matters were not improved by 
the need to purchase a new 
main pavilion. 

The cost of staging this year’s 
Eisteddfod is expected to rise 
to £500,000, more than double 
the cost of staging the event 
four years ago. Half the 
expenditure will go on moving 
from last year’s site in Wrexham 
and on laying on of services at 
the Cardiff site, and the other 
half on the actual artistic 
content 

The Government recently 
stepped in with a very welcome 
one-off grant of £275.000 mainly 
to meet the capital losses of the 
new pavilion and has promised 
£75.000 towards next year’s 
Eisteddfod, to be beld in Caern- 
arvon. Industry too has made 
its biggest ever contribution — a 
total of £15,000 — towards the 
cost of the event 

The Eisteddfod’s executive 
council— elected by the Eistedd- 
fod Court to which anyone can 
belong on payment of £2 mem- 
bership fee — has also taken 
steps to put the organisation on 
a more professional footing, 
notably through the appoint- 
ment of a full-time executive 
director. ‘But finance remains 
a headache and the organisers 


are anxious to secure longer 
term support from government 
and industry. An in-depth study 
of the long term financial posi- 
tion and policy options is now 
under way. 

One stumbling block has been 
the view that the Eisteddfod is 
essentially an amateur festival 
and therefore should not 
qualify for general grant aid 
from the traditional source of 
funds for the arts, the Arts 
Council 


Significance 


Yet the Eisteddfod has far 
more cultural significance for 
the average man-in-th e-street in 
Wales than many an event in 
England subsidised up to the 
hilt by the Arts Council. It also 
does not take account of the 
fact that a professional tradition 
in Welsh cultural life was 
unable to develop after the 
Tudors because of the lack of a 
Welsh-speaking aristocracy to 
extend the necessary patronage. 

If the word professional is 
used to mean a high standard 
and commitment then the 
Eisteddfod can fairly claim that 
its wide range of musical, arts 
and crafts and literary competi- 
tions is wholly concerned with 
the pursuit of professional excel- 
lence. “The national” is in fact 
only the pinnacle of an intricate 
network of village, local, and 
district ei&teddfodau which 
take plai* all over Wales 
throughout the year, providing 
a unique training ground for 
artistic talent It is this trad* 


tion which has produced many 
of Wales' best-known artists in 
the world at large. 

The financial difficulties in- 
evitably put pressure on the 
Eisteddfod to abandon its 
nomadic existence and settle 
for one or perhaps two or three 
permanent sites in north and 
south Wales. This is one of 
many passionately debated 
issues surrounding the Eistedd- 
fod, but most people argue 
that something important in its 
character would be lost Part of 
the attraction for many 
eisteddfadipjjT lEisteddfod- 
goers) Is visiting a different 
corner of Wales each year. More 
important, it would no longer be 
possible to call on the vast local 
voluntary effort lasting up to 
three years which goes into 
making the *' national ” a suc- 
cess. when it makes a once or 
twice-in-a-lifetime visit to a par- 
ticular town or district. 

Another controversial Issue is 
the Welsh language«raly rule, 
which has resulted in some 
local councils refusing to con- 
tribute grant aid on the grounds 
that non-Welsh speakers are ex- 
cluded. But as already men- 
tioned, all that the Eisteddfod 
does is to create a 100 per cent 
Welsh environment to which the 
world is welcome — and they 
come in their thousands. Music 
is international, and. so is art, 
and for those that don’t under- 
stand the rest there is a simul- 
taneous translation service into 
English. The great majority of 
the Welsh would undoubtedly 
wish to keep it that way. 




v- 




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V .: r *5 .- -■ -■ V ■ ' 


can 


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'•Mo- '. 


■ : : There ’sTiot^n ^p ckward about 
W 1 1 i 1 1 1'liiiiiiinir iiiiidi rlii ‘ . 

rest of the UK and 

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find you can. stay ver^prmly in touch 
with the world. 

And the same gilpfbr your , , s; . 

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And raapembeii^tiie Welsh 
.Development Agen^yvell be happy to 
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the ins and outs of V|§fes. 

Call us on Trefpresf|^4 385) 

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You can reach the Midlands, ■ 
Manchester and the North just as 
easily. 

RAIL 

Thirty-three Inter Gty 125 trains 
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The journey takes a mere 105 minutes 
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The North Coast line connects 
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FREIGHTLINER 

There are regular services to 
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SEA 

Wales has ports that can handle 
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"Investment opportunities 
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Tourism is continuing to expand and to provide new employment - 
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the Valleys of South Wales into a major tourist attraction in the 1980's. 

In Blaenau Ffestiniog the slate caverns and associated narrow gauge 
railway have already become outstandingly successful attractions. 

According to the British National Travel Survey for 1977. Wales 
continued to increase its share of the British holiday market, taking 15%, 
second to the West Country at 18% but ahead of Scotland at 12%. 

Visits to Wales by overseas tourists are increasing more rapidly. 

To take advantage of all the opportunities now presenting 
themselves we need investment in new and improved accommodation 
and facilities. The Wales Tourist Board may be able to help with grants or 
loans. WTB cash incentives have already helped to build well over 5,000 
new hotel bedrooms in Wales. 

• We would be delighted to tell you more about the opportunities for 
investing in Wales fastest growing industry. Why not get in touch with us? 

Harold Naylor, Chief Executive, 

Wales Tourist Board J 

Brunei House / 

\ 2 Fitzalan Road, Cardiff CF2 1UY. / 




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WHEN FORD announced, just 
a year ago. that it had chosen 
Bridgend as the -site for its 
£180ai engine plant it was as if 
Father Christmas had arrived 
in Wales prematurely. The 
thought of all that money 
being pumped into the economy 
and all those jobs — at least 2,500 
— being created led to a jump in 
confidence. Sadly, the quickened 
pulse rate occasioned by Ford 
quickly subsided. The closure 
of the East Moors steelworks in 
Cardiff, where 3,100 people, 
most of them men, have been 
laid off this spring,' together 
with the ending of steelmakirtg 
at Ebbw Vale with the loss 
of some 2,000 jobs, and the 
postponement of the British 
Steel Corporation’s investment 
programme at Port Talbot have 
depressed an economy that is 
static. 

Wales is haunted by un- 
employment at the moment: the 
figures are now at their worst 
for 40 years. In Cardiff, which 
will suffer worst. It is probable 
that the redundancy payments 
coming just before the summer 
holidays will have cushioned the 
blow for a while. But the 
figures for the country as a 
whole are rising inexorably. 
They have reached 98,000 and 
are virtually certain to go over 
100,000 this month. It is a 
depressing outlook. 

Steel is the major problem 
because it plays such an 
important part in the Welsh 
economy. It accounts for around 
a third of the output of manu- 
facturing industry, a proportion 
that is higher than all but a 
few other heavily industrialised 
parts of the UK. 

Coming to terms with the 
19805 in steel terms -has been 
the most traumatic lesson for 
Wales this year. Until the early 
part of the year it' had been 
hoped that the known, and 
inevitable closures would be 
offset by expansion at Port 
Talbot Now even major 
development programmes are 
having to be carefully re- 
evaluated. 

Before the crisis earlier this 
year BSC was aiming to pare 
back its workforce from 57,700 
in 1976 to 50,000 by.d980 and 
by a further 5,000 to 10,000 by 
the mid 1980s. Those projec- 
tions have now gone by the 
board: what the eventual shape 
of the steel industry will be is 

still almost anyone’s guess since 

/ 


the steel crisis is international 
in dimension. What is dear is 
that the industry in Wales will 
have to adjust to this new 
dimension in the same way as 
the coal industry had to 
readjust in the decades after 
1950 when its workforce came 
down from 250,000 to' around 
30,000 .employed now. 

Much of Che problem in 
Wales, as on the other heavily 
ifidi«8t-nwifiq»fl areas, is fiba t jobs 
have been taken from men and 
created for women. Between 
1965 and 1975, for ftnstance. end 
the trend has continued, the 
number of men an work feU by 
13 per cent while there were 
19 per cent more women 
employed. 

TKte various Government 
schemes to aHevaste the depres- 
sion have been invaluable in 
helping to fao&d qp the economy. 
The job creation programme 
has given (rise to 14,000 jobs and 
last year over 6,000 people bene- 
fited from, the training oppor- 
tunities scheme. Another 4,500 
yznmg people joined work- 
experience schemes and 4,000 
received Manpower Services 

fi nimriwspirtn tr aining in ifnrhHdry 
or colleges. 


Missing 


Despite this gloomy overaffl 
picture there are fanight spots 
wa thAn j£he economy. The level 
of inquiries is rising and tire 
official ptictuxe from the Welsh 
Office is tint (here Is a slight, 
but perceptible, upturn m. the 
economy. This reflects what is 

happening elsewhere in Britain, 
especially in ithe [important 
West Midtends. What as ™«dng 
is an air of confidence among 
firms (hat upturn wdH be 
sustained. Partly, firms are 
adopting « wait-and-see attitude 
before taking on more 
though Ubeiy are inhabited by the 
protection (hat (he Government 
has given employees to fight 
dismissal notices through indus- 
trial tribunals. 

Ford is by no means the only 
company to announce an expan- 
sion plan, though it dominates 
through its sheer size. Other 
companies which have 
announced • or -recently com- 
pleted an upgrading include 
Girling at Ebbw Vale, Hoover | 
at Merthyr, Monsanto at Rua-! 
bon, Alcoa at Swansea, 
Anglesey Aluminium on 
Anglesey, Kellogg at Wrexham! 
and the two catalytic cra.ckerj 
projects at Milford Haven, one: 


by Gulf and Texaco costing 
£290m and the other by Amoco 
and Murphy on a smaller scale 
costing £75 m. In addition, there 
is a £4.5 m plan to enlarge the 
dock facilities at Pembroke 
Dock to accommodate B+X Line 
which is switching its ferry 
services to Cork away .from 
Swansea. 

On top of this the Welsh 
Development Agency is conduct- 
ing an aggressive programme of 
advance factory building to 
create units available in advance 
for potential Industrialists. The 
first large-scale site was at 
Wrexham but an even bigger 
operation is to be undertaken-in 
Cardiff at East Moors. The 
Agency has been given an extra 
£13m to spend in Cardiff over 
the next three years (a slmflar 
sum has been allocated to Ebbw 
Vale) and much will go on. 
providing factories on this site. 

The Agency has been greatly 
aided in its work on this site 
by the operations of the Land 
Authority for Wales. Land 
tenure in Cardiff is greatly 
complicated but the Authority, 
through its powers, has been 
able to cut through legal diffi- 
culties with the minimum of 
fuss. 

The work of the WDA, from 
its Treforest headquarters, has 
been complemented throughout 
mid-Wales by the young 
Development Board for Rural. 
Wales. Within this scattered 
area the Development Board 
has been given some of the 
functions of the WDA, especially 
those concerning advance fac- 
tories. It has stimulated firms 
to come in and encouraged those 
already in to grow. But what 
it has found is that the Welsh 
are not a race of self-starters 
in business. A drive towards 
entrepreneurship is lacking 
throughout the country so that 
the lead invariably has to be 
given by one or other official 
body. 

This particular aspect of The 
Welsh has not deterred foreign 
firms from establishing opera- 
tions in the country. Scotland 
has caught the eye, in public 
relations terms, in attracting 
overseas concerns to the point 
where Welsh successes lave 


been overlooked. The Develop- 
ment Corporation for Wales, 
which has conducted a campaign 
in Europe, America, Japan and 
Australia, has successfully 
“ sold” Wales as a base to more 
than 130 foreign companies. 

Of those, at least three 
quarters are American. '.Wales 
enjoys the fact that it has 
■four of the seven Japanese 
concerts operating in the UK— 
Sony, Matsushita, Takirorv and 
Sekisui. There are high hopes, 
too, that another entrant— 
Mitsubishi— will shortly choose 
a site on the outskirts of 
Cardiff for a European, lorry 
assembly operation. 


Service 


If it does then it will boost 
the car-components sector of 
the economy which has grown 
so rapidly in the past 10 years. 
In addition to Girling, others 
in .- this sector include Ford, 
Fram Europe, Smiths Industries, 
Cam Gears, Borg Warner and 
Aeroquip and it is now the 
second most important 
employer, after steel, among 
manufacturing industries. 

: The most important employer 
Is the service sector, with a 
heavy preponderance of civil 
service jobs. From being a land 
of heavy-industry workers — 
coal, steel, docks, slate, petro- 
chemicals — Wales is now a 
.white-collar country, with prob- 
ably two out of every three 
employed in administration, 
education, tourism or the like. 
In theory this should provide 
more stability for the economy, 
though it is unlikely to do so 
until the economy picks up 
sufficiently strongly for the 
■nasty pools of unemployment to 
be absorbed. 

When that happens further 
growth will be aided by the very 
considerable programme of 
road building which has taken 
place over the past few years. 
Mr. John Morris, the Welsh 
Secretary, has placed great 
importance on this aspect of 
policy and has fought for his 
programme through the various 
public expenditure cuts which 
have been a feature of the 
recent past. 


Changing 

Cardiff 


in Wales 


THERE ARE three myths con- 
cerning Cardiff. The first, held 
by a few people even now, is 
that it is a coal town, overlain 
with the dust of the pits and 
where the unsuspecting visitor 
is liable at any moment to turn 
a comer and fall over a load 
of coal dumped on the pave- 
ment The truth is that Cardiff 
has never been a coal town in 
that sense; I don’t know how 
near the nearest colliery was 
in the days when South Wales 
shipped its coal to the. four 
parts of the compass but /the 
nearest one today is probably 
the best part of 10 miles jcway. 
You would have to look Vjery 
hard now for signs of the coal 
trade on which Cardiff's Vic- 
torian prosperity was built 1 ' 

In its heyday Cardiff was a 
coal merchanting city. Its 
offices and middlemen shipped 
the stuff from places like 
Fenygraig and Pontypridd^ and 
Troedyrhiw and Aberfanfand 
they probably only saw the 
stuff when they burnt in 
their grates. Fortunes jvere 
made out of coal, and not snly 
by the colliery .owners ux the 
valleys. The bargemen, who 
brought It down an the c mal, 
the accountants, tbe trimmers, 
the stevedores, the harbour 
masters and countless ofaers. 
all shared in the prosperity in 
greater or lesser degree, r . 

But those days ended is^ at 
hot summer of 1914 and Cardiff 
was never to recapture !' the 
grandeur that it bad had' for 
perhaps 30 or 40 years when 
the world wanted, desperately, 
what only Cardiff could supply 
in any quantity. After thelwar 
there was the depression. and 
when times were not catastro- 
phic the bitter struggles 
between the mine ownera^d 
tbe mineworkers sharply ’out 
output Cardiff itself mftsed 
the worst of this, becaus4-its- 
task was to sell coal, bod in 
the valleys conditions were 
little short of desperate, jtfen 
stood, on street corners like 
groups in a Lowry painting; 
shops were boarded up; depres- 


sion was everywhere, especially 
in men’s faces. 

Try as it would, Cardiff never 
really recovered from the loss 
of this prosperity. The steel 
works in Dowiais moved down 
to the city to bring a degree 
of prosperity with them, 
further denuding Merthyr in 
the process, but it was a tran- 
sient prosperity and they, too, 
have now gone. Cardiff is now 
a city of civil servants and office 
girls and shopkeepers and van 
drivers. Four people in every 
five earn their living, in the 
jargon beloved of economists, in 
the service industries. The 
Inland Revenue, dominates and 
the Ministry of Defence is 
coming. The Pearl building 
grotesquely towers over tbe 
gracious, E dwardi an- influence d 
city centre, as ' though to 
emphasise that an era when 
things were made has been 
replaced by an era when things 
are signed and passed on far 
confirmation higher up the line, 
perhaps another floor up, per- 
haps in London or Birmingham. 


Evidence 


The ghosts of Cory and 
Reardon Smith and Guest and 
Bute must be stirring uneasily 
in all this. Fortunately, enough 
evidence remains in the central 
heart of the city as reminders 
of what things were like. Apart 
from the civic centre, once 
claimed to be an architectural 
masterpiece to which other 
architects were brought to gaze 
and admire, much as later plan- 
ners were token to Roehampton 
in London to see what housing 
estates were all about in the 
brave new world of the 2950s, 
the centre of Cardiff is a stone- 
built city. The bouses and shops 
and pubs and public buildings 
are built of stone and have 
therefore stood. They may have 
needed a certain updating in- 
ternally, but they have stood as 
monuments to their creators. 
The only bride-built buildings— 
put up much later— have long 


Duringthe past 18 months the Land Authority 
forWaJes has disposed of land for residential, 
industrial and commercial development 
throughout the Principality, in particular, at or near 
the following centres:- 

Cardiff; Swansea; Bridgend; Neath; Llarrtrisaht; 
Wrexham; Connah’s Quay and Llandudno. 

In the near future the Authority will be marketing 
further development land. In the meantime, owners 
(ortheir agents) of land for sale, suitable for any of 
the categories of development mentioned above, 
are asked to contact the Authority’s area office at . 
the following addresses:- 

Land in the Counties of Gwent South Glamorgan and 
Mid Glamorgan. 

HEAD OFFICE AND AREA OFFICE (SOUTH EAST) 

10th Floor . 

Brunei House 
Fitzalan Road 
CARDIFF CF21SQ 
Tel. Cardiff (0222) 499077 
Land in the Counties of West Glamorgan, Dyfed and the 
District of Brecknok 

AREA OFFICE (SOUTH WEST) 

20a King Street 

CARMARTHEN Dyfed SA311BH 
Tel. Carmarthen (0267) 32471 
Land in the Counties of dyvyd, Gwynedd andthe Districts of 
Montgomery and Radnor: 

AREA OFFICE (NORTH) 

33GrosvenorRoad 
WREXHAM Clwyd LL11 1ET 
Tel. Wrexham (0978) 57133. 

i . . m m ■ 

LAND AUTHORITY FOR WAIFS 
ySp AWDURDOD HR CYMRU 


01 


. The result is that Um ig. 
motorway, which has done > . 
Tminh to stimulate the economy 
of south east Wales, and 
played on important part info; . 
"Ford decision over Brfdgati ' 

will be virtually completed -W 

tbe early 1960s. At the aanK 
time, missing links. on the heads 
of the valleys road will beffog 
.in and the plea of the t!«u 
federation of' British Industry- 
that the infrastructure sbouid 
be improved will have bee® 
met ' 

White South Wales might gtf ! 
the ti-meligbt equally important 
work Is being planned fjg 
.North Wales, _ paitiaffatiy. _ 
around Wrexham and along tbe 
A55 winch links the cowstsd 
towns and acts as a feeder for 
Holyhead from tbe industrial 
north-west of England. 

Other improvements wifitih 
have contributed to fo 
economy include the introduc- 
tion of an air service by Air 
Woles which Links north and 
south, with Europe, greater 
spending on hotels, and mare 
tourists, particularly those from 
Europe, visiting the country. 

For tiie past few years it has 
been impossible, metaphorically 
speaking, not to bump into a 
Swedish car, or one from 
France Germany, -Denmark or 
Holland. 

Even so, a lot needs to be 
done. With the exception of 
Northern Ireland, Wales has 
the lowest income per bead of 
any part of the UK and gross 
domestic production lags behind 
much of the rest of the coun- 
try. Wales produces just 88 per 
cent of the national average. . 

If -the Welsh economy is ! 
really to flourish there is still 
a -long way to go. The impart- ' 
ant thing is that the founda- 
tions- are being- laid iter an 
economy which will, be able to 
meet the needs of the end of • 
this century. This may not 
seem a very appropriate condu* 
sion but given the enormous 
changes that have token place 
over the last 30 or; so years it 
is reaHy a very large step to 
have taken, I 

. . . . L. 

Anthony Moreton 


. v 

y! 1 * if 




CONTINUED on next page. 


1C . 

•-TV- 

•i 

,-JJ 





H. 

' 




Bln^dai ^Fiines Friday August 4 1978 



11 




s 



IN 1864, when tbe Eistad(ifW3 mytielight wheir there in Ban- while he«rtrin«r 

SZTIST!* &«?!!* tnau^o ff?f L That°T?mrsday ^ e , en «ta.at 


other ten * prophesied glory which proves chairing ceremonies and written on its side- 
paper coir^pobdent wrotfr'thns stood Aaron in- a- lone robe 7"525 **“* e ’ en emiDent Welsh listened 111 rapturous astonish- the bus. 

3 SSS-w . -=s Si-“~ J-* 

* s i 1831 1 beame “ " todMd tte EWe “ 

niov madnocc !«««- A«ma . tafiiKnrf’ «« oth'om* taij , waixea on to tne stage foawr 


I was in 


“ fi &o‘d>. 11 ’rSTH&dM g-X“Ai to evoty 

Welsh, scoundrels should learn 
English, otherwise your 
will be rags and porridge;” town builtvby 

Eisteddfodic inadaesB iufti there- but ‘I remember 


in 1915 
1978 is a lot 
Glorious, joyous 
proud, tragc, quarrelsome and 
pre- micro- funny Eisteddfodau. The 
the platform 

.. . ..«*««. Germany it would 

fi? ^ d .?! be German, in France French 
There is nothing sinister in that 


m^pli«ti°n uwes_he_c^d ^ere is an instant translation 


"f™ went 3! Ten thousand p^ple we7t iST^pSt dnddS wS 

r fate loreip, i ^^Wtonhead— a and they covered tiie chair in Mecca of Gwynedd.” Lloyd acce. 
t town ,built,by ; vWifehmeiL I was black. «,o^o Tit r" #4fnAiT«* 44 Knnlr Al 

. . r ladoen ntft < there but ! -remember it 
started in 1915 when at the age w&ilDr the gloonr and sadness PnmnotJtiAn 
of eight I .was taken, to JBangor.it brought to'-btcr- village, in- ^viujicilllUll 


have persuaded us into 
accepting it as the winning ode. 
George made his famous “ back- -As it happened it was a 
woodsman ” speech there in vintage year— the crown poem 
1909: the great singers and being perhaps tbe most popular 

&S/TST £r.i t ‘' ^r..^ e d ° e f r ^" e, £ T ^ ■»?«? to Cnifliff I sh»U Bl“ e itoe Ton * wlih.^en^a^^ 

Gorsedd^of the- Bards- perform* -M -Wales. The Eisteddfod, like pause by his statue in that hill wire rope and when F. E. Smi th a Sunday afternoon in a remote 


system into English. 

But the Eisteddfod has 
problem. It now costs half 
milllnn pounds each year, so 
how can towns like Cardigan 
or Caernarfon hope to invite the 
festival in the future? How 
Caernarfon cope 
Fortunately Mr, 


can 




■ B , b ™ - * - » v mj ou*UI t |u i ■ iri^v AUUv *■ ■ ■■ ■ V*I4CU fa Jbi Q in h it h u*M,ftuUvU a « U m ^ LV ■ , _ 

ang m then- stone circle in the Snowdonia, has -mw peaks— village, where the .great came to attack, their beloved f®nn in Merioneth, a servant md ^ ed , 

“J™ j» the blue riband Jor the soloiBt, modern power station is, and Lloyd George hundreds of girl asked me If I knew tbe *2?. 

no idea 

or an eisteddfod .were oul a am ana aans «m me crowu poem. go to stare at the saddest of each one his cudgel against — — th M .. . 

know my Bible and- ours, was But highest peak of all is that ail Eisteddford chairs. the corrugated sheets. No one w®* borEL Since then I have towards the capital cost of the 

illustrated: I taaew^Adam, Cain, “magic moment when the arch- in Barry in 1920 I won a heard Lord Birkenhead. followed the trail to every one Pavilion and another* * 5,000 to 

Abel, Moses, Joseph, Jesus, and druid calls out 4h$. nom de silver medal fbr three poems It was there that I saw for of the 13 old counties and in m< * e xt Cardlff t0 Caer ' 
Aaron complete with . mitre, plume jof the poet' who has won in the children’s competition, the first time the massing of l 929 across the Mersey to na «° n - But a generous once- 

breastplate and rod. So imagine the chair and bid&.him stand I was 13 and the adjudicator the hards for the crowning and Liverpool where Caradog and-for-all grant does not solve 

■c V - • • Pritchard, of the Daily Tele- the annual problem. 

. : . V, , graph and Fleet Street, won his -y T • 

third consecutive crown — a UH1QIIC 

*’ triple crown indeed. I saw him , 

, v first in Form V when I was in 1 taow answer but no 

J.'.-v Form n in Bethseda. one listens. This folk festival 

“ *. In 1939 Hitler paralysed the uni,Jn . e in the whole world, is 

poets. For the only time in a P*"P«tBnc further education 
Eisteddfod history no one was college and ought to be fully 
deemed worthy of either crown grant aided by the Department 
or chair. Indeed, Hitler nearly of Education and Science. It 
won the bardic war for in 1940 produces an annual syllabus: 
they rationed the great festival 11 attracts four to five thousand 
' and held it on the radio students in literature, drama. 

In 1954 in Ystradgynlais tee “ us j c ’ “* and crafts ; Its adj “- 
title of the chair poemwas “The “ 

Dam and again it rained and sev ral spheres, 
rained. Some old soldiers of The Gorsedd holds its own 

World War I spoke of Flanders examinations in poetry and 

' • . ; and it is said that some ei&tedd- music and awards its degrees 

'■ J.;. ' L$-i fodwyr never returned from on the Eisteddfod field in as 

. ..... Ystradgynlais. It rained during colourful a ceremony as that 

WAXES "STANDS -on tbe -brink gosbexy. and. Geshit ’Howells in Mr. Gwynfor Evans,- who in power to wait until the the male voice competition in of any university. The Eistedd- 
of a year of unprecedented Cardigan thereforeipTose their regained Carmarthen only in spring, so as to nse the new Ebbw Vale in 1958. The pavilion fod is a college and should be 
political activity. Iq the autumn, seats automaticaD&.- Bote repre- October 1974, after failing by electoral register and minimis e was crammed and outside under grant-aided as such, 
almost certainly a General sent rural’ constituencies i n three votes to regain the seat distortions arising from the 4& tee dripping eaves sat scores For one week in August the 
Election, followed sometime in which personality and' tradition from Labour the previous per cent-of-ali-voters threshold of colliers with newspapers on whole of Welsh Wales is 
the spring by the . devolution ore ' important;':' whatever the February. But as with the for the Assembly to go ahead, their heads completely oblivious crammed into one large pavilion 
referendum, district elections polls may say, Emlya Hooson is Liberals, the combination of tee There has long been a general of everything except tee singing, in one large field. Imagine one 

in May and direct’ elections to regarded as safely' ^entrenched personal vote, strong devotion tendency to write off the result At two o'clock in the morning whole week of the last night of 

the European P arl i ame n t in in the power basenf the former to constituency affairs as well in Wales as being bound to be on a street corner in Llanelli tee Proms. 

June. And if Waies jdoes back Liberal leader, Clement Davies, as the Nationalist cause, and a a decisive rejection. But this in 1962 I saw - a man from What will eventually become 
its Proposed Assenaiy, then for as long as: hit r Washes to professional, enthusiastic con- dismissiveness recently received Eifionydd in Gwynedd trying to 0 f the National Eisteddfod 7 It 
direct elections to Carfiff” are Jrtand _ Geraint 3feweUs, who stituency organisation, is a sharp rebuff from another of explain to a doth cap from may se em t0 th e uninitiated a 
bound to follow soon after toat. won cardigih ^or the expected to ensure the return of the BBC poll’s soundings, whidi Glamorgan tee technique of an circus, and to the rabid seces- 

The General Election wffl Liberals in 1974; . rfterwn eight 311 three Plaid MPs to West- showed public opinion now epigram to a sheep dog. I sionist a far too respectable 
almost certainly be dominated year period in Latiou^iands, is minster again. being equally divided on the left them to it and went to cultural establishment But as 

by the Usual bread and butter less secure, but Se tae; nursed Plaid’s big wish -is for a 1 ssue— a swing m favoOT of the bed thankful for having been Cynan (the famous archdruid 
issues of the British political the- constituency '/SMduously breakthrough in tee industrial Assembly compared with a born a Welshman. on tbe poster) used to say: 

scene— inflation, ibbs, manage- ®hd is generally esjlkted to valleys of South Wales. It has 5 muIar poll ® year previously. In Flint in 1969. the bards “Little dogs may bark but tee 

ment of the economy— but the hang 4 » to the 'seat??'- put tee wind up tee Labour Support Is still far short of the came to the crowning ceremony caravan moves on.” 

Party on more ^ 40 per cent requirement but it m a. double dedfeer bus with T n 

gccasion since Gwynfor Evans’ has put fresh heart into the pro- Colwyn Bay Mountain -Zoo 1. D. Crnthth 

first victory in 1966, and two cam^ign. Indeed, as 

years ago achieved tee symbolic ? ey f 8 " U P- tte Pro-Assembly 
dvance of winning control of J”**® “J begmniDg to 
e district council of Kier P^seful and muted. 


Welsh Assembly and European - desplte-the- ftogse^va- 

campaigns .preHtise te^produre.'tives ■greatisf !' 
a more fUndamentiil ^debate showing, it is still ^ t&L ttef:' 'wi* 
about . the --teal m e a n ing . of ^ locky to : iran^ne "tfiik into’ 
democracy, political . account- an actual inerease^n seats. Top 
ability and nationhood ®ml of the Tory list iff hopefuls are 
relationship -with the Brecon ^ l^di^and 
\JK and Europe. f- Swansea ' and 

• ^ negligible ^wing by other 

Poll 


South 

Glamorgan 

Now aHigh Speed Development Area 

South Glamorgan, the closest 
Government Development Area to London, is 
now served by the world’s fastest high-speed 
diesel trains - journey timelii hours between 
i Cardiff and London - latest 
T, vital link in an unbeatable 

I / ^ \ chain of industrial 

communications. 

. South Glamorgan has 
four key advantages for 
\ modern industry 
* South Glanjorgan has 
' excellent labour relations, 

_ with a very long tradition of 
industrial skills plus superb 

. . industrialtrainingfacilities. 

^ ca P*tal city and nerve centre of Wales' business 

and commerce; a major centre of University and 
Technical Education; a cultural and artistic centre with 
unspoilt coast and countryside ncarbv. 

* South Glamorgan has full 





i.-i s 
i. 

t-i 

r 

‘ . • i 



Development Area status. 

20 % grants for new 
buildings, plant and 
machinery being 
available. 

★Government and local 
authority owned fully 
serviced sites (2-100 acres), .1^7. 

linked to M4. New G ovemin ent advance factoriesavailabJe. 

-Time-wise, South Glamorgan makes sense in 
\ -three big ways. Rail freight to Continent 

X^.i.v s -.afe. r^Via Freightliner Terminal to East 

' ” ^ Coast Ferrj' Ports to North 
3?* West Europe and to 
“ 3 Southampton for South West 

~ Euro pe and Deep Sea Routes. 

'A.? Road-links 340 miles 

(240km) of 
iiBT " M4, joins 
South Glamorgan with 
Heathrow Airport, London 
The M5-M50 takes you to Birmingham and tlie North. 
Sea-links Cardiff and Barry, two of the most profitable 
and efficient ports in Great Britain. 

Air-Jinks Cardiff- Wales Airport- ^ 

direct scheduled services to 14 ^ ^JBli «i 

British and European cities. -«■ 

Ford Motor Company. 

Wilkinson Sword, r 
National Panasonic,'- 
Burroughs Machines 
and The Radiochemical Centre^ 
why not join the inflax of major 
companies attracted to South 
.Glamorgan? 

South Glamorgan 

- an area with a high-speed future. 

For more information please contact: v 

Rhodri Morgan, Industrial Development Officer, 

County of South Glamorgan, County Headquarters, 
Newport Road, Cardiff. Tel: (0222) 499022 Ext. 3463 




Hirdie’s old seat of Merthyr 
-__ n TydfIL But most 
„ evidence, including 


three out of tee four Welsh 


parties officially in favour, while 
local the “tt® gtee tee appearance of 
council bv-elections sneeests having exhausted their szgu- 
Par ? es «, “ d * the Nationalist tide’ ha^beSl ments tortuous 

r u* *v- , ..JBgnifeaa^drop te tee Lab^r ^^^ at lea6t for tee time Passage through Parliament 

Looking at the. prospects for. vete. -t|jly- could conceivably - 7 

what everybody now assumes ^aptiir/ these two seats from ' Jr' - V Oil Tiff 

will be the first contest— an Layout. But, at the moment, , d °“Sf nt . ^ ctor “ T UlUi » ; 

autumn ' Generel Electioiv— nobody is putting much money JJrJJ * ?,„ 00 With district counril elections 

there is certainly no aroma of . T re ? iail1 ? large majontiw t0 folJow ^ May> ^ question 

dramatic change fn the: ^ it' jMpi)ens, tee Conserva- S J0 ^^ b ^^Jf K Ur J^ arises whether Wales will, by 
produce &e ^ itsjonstituencies, enabhng tee ^ sufferinK from 




dramatic 
Cross- voting 


may 


2“ «-S SSM 


then, be suffering 

imfesed wnerB -fn- Pembroke. 'S’anf^d Wot- f xhauslion - “ a very 


tires 

36 Welsh constituencies;: but^ ^ 
nobody will be at^ell — ■ wnere 

MfMinctor 

-Welsh 


vv. 



Its present comjJam.nKof. "»t .imtiUc In mood S^SSt 

Labour, eight .Cqnsemti.ve 1 .“* 3 JJ^. in iJ?. 1 T h -t^ required to alter significantly at recent Westminster voting 
three Plaid Cymro - amd- two Jhe 1974 Lzb^l the present number of Welsh StSr Jf fcS^ScS 

Liberal MPs. plus thb Speaker. r ^?J- a st ^ Iabour MPs at Westminster.- . 5525, 

£ii85S' 5~ -E2S.-S iron safe seats for Labour. An 

Cardiff West - - ^ pass between tee General Elec- exceptionally low turnout, on 

Strengthening this .view -is * : £SV^u ag^n this tent Z 

TATflnt .RRC-eommjssinnBd . »oll v uum, uoaer tne terms ot tne contest in one or two of the 

which showed Labour as hold- rv . Wales Act (it received the Royal constituencies less than a fore^ 

ite broadly 50 per cent share '” PMd Cymru too looks super- assent this week). This -means gone conclusion, 
of KS vote Sy ■««■**• secure, jw- Januaiy at tee earliest, but most « - . 

undated hl^^S' Ucttiirl F the party Presiderit, expect whichever government is Robin Reeves | 

employment in Wales lor- W--- - 
years. The same -poll ^also Indi-; 
rated unchanged support .for 
Plaid Cymru compared,, with the 
last General Election,’ but -a 
sharp increase for the-Conserva- 

of’sup^ort V'UI VUIX CONTINUED FROM PREVIOUS PAGE 

But, .taking .the liberals first, 

since , collapsed or been pulled held m tee city, in 1960, then other city in tee world. It has 
1 • down. - /the intervening years have also eight in all, proving that. the 

The second myth is that if is been a' period of uncertainty Victorian planners knew a thing 
an English city; a monoglot dty, and indecision. Compared with or two about segregating 
in; WaTes .but not of it. Fbr Ja other cities like Newcastle or pedestrians from traffic long 
while this may have had morir' Swindon, Cardiff has been ham- before “ planning ” became 
than a trace of truth about it strung for tbe best part of two cult word. 

There was a time when Card® decades ' by an inability to de- Now, however, the years of 
went through a very Anglicised dde on how to develop its indecision are over. Queen 
period. Bads In the 3950s theft centre. The result has been Street, one of the city’s two 
was a sharp little correspond- planning blight and inner-area major shopping streets, has 
ence, as I remember, in the decay which is only now being been turned, very successfully, 
evening .paper 'when a smalt juit right Old houses were into a traffic-free piazza. Re- 
group ' Of people wanted tite pulled down and replaced by building is going ahead strongly, 
streets names changed from the only short-term tenant pos- Woolworth and . Marks and 
Welsh into English. They were sible, the temporary car park. Spencer are expanding, W. H. 
defeated; arid the tide turned.-- • ■ Smith is moving into a much 

The Pen-ydres and Heol-y-deris VT fl _ j larger home, Debenhams is 

and HeoI-y-f etins remained Just OcaiT building a new store. A concert 

when the ttreun of Weldi wn- ^ otiH taU Is etmsaged. The area Is 

soousness teat was becoming- nl „. alive. 

more .noticeable iu the ^.-^ Sde^r the White closure of the 

the country spread into what r ~^ n - . “ East Moors steelworks, whidi 

by now, office the eapi- ® 

Snee that administrative. act. This: hiatus held back Cardiff’s ,0 WJ> 


THE LAST PLAC 
ON EAST 


OOOQQ SGO 


WbyisCh^yd 
ten times more 
interesting? 

Enqtnnes about industrial 

and commercia l expansion in 
Ctoyd have increased 10 fold 
over tee last two years. Why? 
Became with itsfuH'Develop- 
ment Area status. Its large, 
luulttaki&ed workforce, pros* 
imity to major markets and 
natio&aZAnuunational comm- 
unications networks^ this pro* 
ucssvo Wrish county dom- 
inates the r^looaI r develop* 
ment scene. The news in. 
Chvyd is about sates,' not 
strikes.- and it’s ag^eatpl?co 
to live too. s ’. 

Talk to ns about the low- 
cost sites, the faotonesand tin. 
extensive flnanoi aat ava3- 
yy ft to incoming ihd us tries— 

weTI. make you a &a'yod 
can’t xrftoe. •>; r„‘~ . 

. Cmtact Wayne.S. Morgan, 
County Industrial O f fi c e r , ' 
Owyd County Council, Shim 
Hall. Mold (teL MW4 2121) 



We're not suggesting you should open 
a factory on a lovely Gower beach, nor 
that you should hold your next sales 
conference in one of our award winning 
parks . For that matter we can think of 
nicer places to holiday than on one of 
our many prepared industrial sites. In 
fact we have so little to offer that I don't 
think well bother to advertise. 

If you can think of better ways of using 
a glorious coastline, industrial sites and 
excellent conference facilities please 

contact: Chief Executive &Town Clerk 

Swansea City Council 
The Guildhall 

SWANSEA Tel. (0792)50821 


iroee that administrative, act, ™ per cent, there is still a greater 

in 1954, Cardiff has becomej deveU>Din£ degree of ' b ° pe about^today 

lot more “Welsh-” Outwardly. has been obvious for rome 

street, signs are te English and years. Trade in the docks, a 

Welsh.; as: are' many direction big toug^pressed area, is piSteg 

signs.. There are Welsh b«*- “J or 1 J*S*E2 ^ up, there are hints that AcSS 
shops and Welsh plays -gjf- ^ Aim® *5!?* JJJ! bishi might he about to join 
is possible :to educate chfldftn ^twshita in the city, house | 

The buses have City ®s Wales was seeing a second - .1 


in Welsh. The buses ^T^uty prices have held up well. Next 

of Cardiff bn one side and Dinas a ™«nteJSt n 2 g that tee week * 8 visitor to the Eisteddfod 

Caerdydd on the other. ^ -JJ ■ L~5f 1 h d a e ^^i ^ ™®y not see ail that much 

- Of coursei, this is not Cardigan difference on the surface from 

or: Conwy, nor even Swansea, beytfey of CartHfTs industrial i9 qq ^ - jg 

The visiter will not run into pre^uunence in the early years tb ^ ™ DUt « 15 

.Welsh at every turning, but it ™ century. ; The third myth is that. ^ 

|is difficult to go away from tbe' . ' Fortunately, though, in all Cardiff as in the rest of Wales. 
Irfty .wiaout having tasted' ti at the_ too-ing and fro-ing one of everyone sings like an angeL I 
r n>me point . Cardiff’s unique features has prefer to believe this. 

If much of teis.has .happened been left * 


features 

. _ intact -Carfliff has 

sines the Eisteddfod was last more shopping arcades.than any 


Anthony Moreton 



12 




( From strength to strength) 


We are proud to be a part of the 
traditions of Wales. 

But we are even prouder to be part of 
its future. 

That’s why we are making our largest 
single investment ever at Llanelli. 

One electric arc furnace is working 
now. Another is being built We are 
adding billet finishing plant, and rail 
sidings which will bring the total cost 
of improving our facilities to nearly 
£30 million. 

Why are we doing it? 


Investment in electric melting means 
that we will be able to produce ^ 
engineering steels to more specifications 
andcloser tolerances. 

And that saves money for our 
customers whether they use forging or 
re-rolling billets from Llanelli, hot-rolled 
bars and coils from London Works-Steel 
or drawn bar from Flather Bright Steels. 

It was investment that made Duport 
Steels one of the largest independent 
steel producers and it is investment that 
is talcing us further ahead. 



DUPORT GROUP 

The reliable name in U.K. steel 


Duport Steel Works, PO Box X, Llanelli. Dyfed. Tel. 055-42 433L Telex 48217 
London Works Steel Company, Tipton Road.Tividale. Warley. West Midlands. Tel. 021-557 2871. Telex 338303 
Flather Bright Steels, Sheffield Road, Tinsley, Sheffield. Tel. 0742 44991L Telex 54282 




64 





we get a proof em- o f 

you get a n opportunity 

Says Lyndon Humphries of Blsiercais C*we®ft» 


Lite in industrial Wales has never been a soft touch. It breeds men 
like Lyndon Humphries who can take it as ii comes, the rouch 
with the smooth - and spit out the gritty bitS-How this special 

character can heir British inJusiry is a matter of record 

FOR MORE TRW 40 YEARS THERE WAS NEVER A 
MAJOR INDUSTRIAL DISPUTE AT THE EBB W VALE 
STEELWORKS’ 

Lyndon Humphries and his fellows ate proud of this record. 
Although the irony of finding themselves out of work, as the steel 
industry shrinks, does not escape them. They are typical of the 
total t.irct: ot experienced workers with different skills, resolutely 
Tv* ide nt in Blaenau Gwent. *1 

\\ li.il an opportunity- for new industries to rc-lucale to 
this « ell favoured region - with one of the best && 

w orkforves in Europe waiting to welcome them. 

r.ijcnau fi« ent i-* the ncarcM special development an. a to 
London and the Midland* . In addition to us skilled, stable 
w-i >rki,irce - sites and even tul Iv serviced laaorics are 
immediately available. wj 

FINANCIAL INDUCEMENTS ARE GENEROUS - Sj 

For a nunulaaurinc industry: advance factories can be rent 
free for up to live years, a 22" t grant is available for new plant, j|g 

maJiincry and buildings. For service industries, rent free fj B 

accommodation is available for up to seven years, plus a grant of 
£1 .500 for each job created plus a further grant for employees 
mm-mg with their jobs into the area. Concessionary loans can be 3 ] 

negotiated towards the balance olthe cost of a project. This 
amounts to the best lira n cul package available to industrialists in 
Grc.it Britain. 

So this is the opportunity that is waiting tor new Industrial 
development in Blaenau Gwent - a perfect location for worb- 
dosc to the ,M I and M5 motorways. A perfect place to lire - 
surrounded by some’ of the finest unspoilt countryside in Britain, 
on the edge of a national park. Send the coupon below to 
Rocer Lead be ter. Chief Executive of Blaenau Gwent, who will be 
pleased 10 contact you and discuss your special arrangements. 


Lyrjlm Humphrir. rrcula L'.r il .t srr width known that he 
and his rr.tf-s cslai'.uhtd me of the best work records in 
European industry! Then arc about 2.000 of them -from 
the Ebhx I ale Steel II br£r ezaiteNe aia 1 V . 1 i cork for you in ' 
the spend dczeiopmenl area of BLur.au Gwent. 




ifeifiiW* 


yj 


BLAENAU GWENT 

opportunity looking 
7ir\~ for Industry- 

Roper Lcadbcier, Chief Executive, Boroagh of 
mW Blaenau Gw cnL Municipal Office*. Civic Centre, 


P** • 

.. 






mmm 


... v 




X \\W Roper Lcadbcier, Chief Executive, Borough of 

Blaenau Gwent, Municipal Office*. Civic Centre, 
Ebbw Vale, GweuL NP3 6XB Tct Ebbw Vale 30340] 

I am interested in marine to Blaenau CuenL 

POil'.IS? 


1 ••• .1 


Ca-rcamr 




I - 






mi 


•*2 "■ 






: ~ yjn pncial -Times Friday- Aaan8M-.i8?», 

WALES IV 



Cardiff^ Castle. 


Recognition of the 


Welsh community 


LAST WEEK'S Government It means In particular that 
decision to give the go-ahead there will have to be less drama 
to a Welsh language service on and light entertainment, the 
the fourth channel in Wales is, kind of expensively produced 
by any standard, a significant fare whicb is very important If 
event in the history of Wales* the new service is to attract a 
national culture. Historians are good audience is competition 
agreed that Welsh was origin- with the other channels. But 
ally saved from extinction four for the time being at least the 
hundred years ago by the deci- mood among the broadcasters is 
sion of the then Government that having at long last been 
—of Elisabeth 1— to have the given the go-ahead, they are 
Bible and Book of Common determined to make a success. 
Prayer translated into Welsh, of it 

Combined with the Protestant The new Welsh channel high- 
Reformation, this ensured that lights the enormous change 
Welsh did not slowly degenerate which has taken place in the 
into a peasant patois, but con- status of the Welsh language 
tinued as a rich living language in recent years. Less than 10 
of literature and learning. years ago, a casual visitor to 
It would be exaggerating Wales— -certainly South Wales — 
greatly to suggest that the. would have hardly been aware 
Welsh language channel is going the country has its own lan- 
to have the same effect But cer- guage which is the day-to-day 
tainly the decision marks the tongue of well over 500,000 of 
most tangible recognition of the its inhabitants. Welsh was kept 
needs of the Welsh-speaking very much u under the hatches," 1 
community by any government confined for the most part, to 
in recent times. And many in the hearth, the chapel and the 
Wales have long argued that Eisteddfod, 
provision of a comprehensive Today, anyone crossing the 
Welsh television service is one Severn bridge is immediately 
essential ingredient if the greeted by bilingual road signs’ 
language is to survive and that are gradually springing up 
prosper. all over Wales. Booking into 

Just as Welsh flourished as his hotel, he is likely to hear the 
the Welsh Bible found its way Welsh language radio ^service 
into every Welsh-speaking steadily expanding on jhe YHF 
home, so it has come under network, and' perhaps even be 
increasing pressure, particularly handed a bilingual /menu at 
among the young, from the dinner. ’ 

spread of television. For the Most Government depart- 
past 20 yea « every Welsh home me nts, local authorities, nationa- 
has effectively., played per- Used industries and official 
manent host to a highly articu- bodies in Wales all now operate 
late, entertaining and predom in- fcj nd o£ bilingual policy; 

antly English-speaking guest though the degree of implemen- 
with inevitably damaging tatlon varies greatly from one 
consequences for the national organisation to another. Only 

CU rm? re ' - . i. _ ■ Gwynedd County Council 

That said, the ^present Gov- 0 p era t es a completely bilingual 
eminent has not shown un- pqjjcy j n its administration, 
seemly haste in securing its the private sector banks 
place m Welsh history books, ^ye been in the forefront of 

». ear y *i Pl, f k ‘ Det0 . n a noticeable trend towards giv- 

report on the lutan; of broad- j n g ^ Welsh language greater 
casting warned that unless there recognition . Most issue bilingual 
were programmes m Welsh at chequ( , bookSj publish inform- 
peak viewing times the Welsh ation literature in. Welsh as well 
language and culture would as Engl j sh< and h ave long 
suffer irreparable harm. Since opefated a po j icy of appointing 
then, there have been numerous We fch-speaking managers in 
other official reports and count- w^h-speaking areas, 
less conference resolutions all 


learning of Welsh. It has 
developed into a veritable 
industry in Wales, with even 
businesses sending volunteers 
on the variety of well thought 
out intensive courses which 
have now been developed. There 
is also a burgeoning demand 
among English-speaking parents 
for Welsh medium nursery, 
primary and secondary educa- 
tion — often presenting a severe 
strain on the already-stretched 
education budgets of local 
authorities — and a very brisk 
trade in and increased support 
for Welsh books, records, and 
community newspapers. 


Pressure 


Obviously, all this pressure 
in favour of the language has 
not passed without any kind of 
backlash. 

But whereas the old cry was 
that an upbringing in Welsh 
would hold children back in 
life, now proponents of Welsh 
medium education are some- 
times accused of elitism. Obvi- 
ously there are sensitive areas, 
notably .Welsh language quali- 
fications for job s, but all the 
evidence suggests -that the vast 
majority of. people in Wales are 
behind efforts to foster the 
language. 

What has been lacking — and 
in many ways still is — is a com- 
prehensive framework. Two 


months ago the Welsh languors 
Council, in its final report, 
called for the Government to 
support the aim of eventually 
creating a fully bilingual Wales. 

Pointing out that member* 
ship of the European Com* 
m unity makes the English mono- 
lingual tradition somewhat out* 
dated, it urged a whole battery 
of Government-backed measures 
aimed eventually at giving 
Welsh the same place in Welsh 
society as is now enjoyed by 
English. They included the 
Welsh television channel, finan- 
cial assistance to local authori- 
ties towards the additional 
costs of implementing bilingual 
education, and a permanent 
body to support and promote 
the increased use of language, 
and dispel myths about die 
dangers of bilingualism. 

The cost is put at £18m at 
curre p prices. The Government 
has made a start with the fourth 
channel, but the signs are that 
most of the recommendations 
will be left until the devolu- 
tion referendum is out of the 
way. 

. This is just the kind of issue 
for debate in an all-Wales 
elected body— of practically ufi 
interest to the rest, of Britain— 
and it will dearly be one ofthe 
first items on the agenda should 
the assembly come , into .being. 


Robin Reeves 


Federated Constructs iVfeidiants Groups 


Cornerstone to the 
Building Industry 


More recently, Welsh has 


Minis for , Welsh language ^ lrted to appMr g^y-side 
dianne 1 to be esta bishe d as a ^ th English in dispIays in an 

^ rg “ cy -^ nd ' 01 increasing number of retail out- 
course, the direct action cam- , _ -JL is a email but im. 

of Welsh Language portant gesture of psychological 

support S _ In . preventing the 


Welsh men and women going to ^ e 7d of what has been de- 


The modem building industry today 
requires a modem approach from its suppliers, 
not just a fast, efficient delivery service at die 
right place at the right time. But increasingly 
it demands sophisticated financial expertise to 
complement the nature and scope of its work. 

The Federated Construction Merchants 
Group Ltd. is the only Welsh based builders* 
merchants group. Comprising 
Pauls Federated Merchants Ltd. and 
Holt Southey Ltd we provide a comprehensive . 
materials supply package tailored to meet the 
requirements ofthe building industry. 

Its a cornerstone for the bulldtngbid u s b y 
to work on. And, it's one that you can use by 
contacting us:— 


prison. 


Complaints 


Within the non-Welsh speak- 


scribed as Wenglish — the use 
of English words when per- 
fectly guod, or even better, 
Welsh wurds exist. 

Understandably, the number 


Federated Construction 
Merchants Group Ltd. 


mg majority too. there have of enterprises which actually 
been constant complaints at the conduw ^ ^eir internal busi- 
sprinkling of programmes on ne5s trough the medium of 
existing channels which tney Welsh are r^e, though they do 
don t understand. Yet despite ^ 0ne is Ufdd Gobaith 
dus nmrtant mal (mte c ^ WeIsh League of 
Government failed to act plead- Y{mth wh(Jse activities 

1 cnhiHnn -uIomIh h* are responsible for a turnover 

lde ? 1 S0 IV w of over JEaOOjOOO a year.- Another 

m Krtra channel for Wales but ^ ^ saecessful Welsh record 

in the circumstances last week s company s a j n ■ 
decision is being welcomed not ^To thV outsider it may seem 
least as the end of years of parad0 j. ical tbat diis greatly 
debate. There is the nagging increased recognition should 
doubt that if the Conservatives ba vc come when the language 
are returned to office in the i 00 h S t 0 jje dying. tVliereas a 
autumn, the whole issue will be cent ury ago. the vast majority 
back in the melting-pot, but a 0 f Wales was Welsh speaking, 
further period of indecision is between 19G1 and 1971 the pro- 
somethiug that nobody wishes portion of Welsh speakers 
to contemplate. slumped from 28 per cent to 

Under the Government’s pro- mtle more than 20 per cent of 
posals the new Welsh service the population and few doubt 
will occupy peak viewing times that the next census will show 
on the fourth channel, for a further drop, 
initially 20 hours a week start- But it is jast because its 
ing in the autumn 1982. It will survival is- in doubt that Welsh 1 
be supervised by a new body, speaker and non-Welsh speaker | 
the Welsh Language Television alike have woken up to the' 
Council, and be programmed realisation that the very founds- 1 
jointly by BBC and HTV. It tion stone of “ Welsh ness ” is; 
will be bound to make use of ]□ danger and that its demise 
a certain amount of dubbed will be an immeasurable loss to - 
material, but both programme all. j 

suppliers are anxious to pro- The demand for a Welsh 
duce as much original material Language . broadcasting channel 
as they possibly can within the and bilingual signs are just part 
budgetary limit* of the response to the crisis— a 

Finance remains a problem, recognition that the language 
The White Paper is somewhat cannot hope to prosper in a pre* 
vague, though the overall dominantly English. only 
scheme is less ambitious than environment- Another aspect 
was proposed three years ago. is a tremendous upsurge in the 


P. O. Box 9, Broad Street ; 
Barry. S. Glamorgan. 

Tel: 732345 




TRANSPORT COMPANY 
LIMITED 


THROOmi INTERESTS I.Y PASSEXCER. ROAD Ain AND SEA FREIGHT 
TRANSPORT. TOURING. CAR HIRE. FERRY. HOTEL. CONSULTANCY 
AND INDUSTRIAL ACTIVITIES SPREAD ALL OVER THE CONTINENTS 
UK THE WORLD, TUB CHEPSTOW GWENT BASED UNITED TRANSPORT 
GROUP GENERATES INVISIBLE EARNINGS FOR WALES. 


GROUP 'MEMBERS WITH WELSH 
AncUff fBLTi L trailed 
Bulwark-Transport Limited 
Bulwnrir UnlMd Transport Limited 
Dondtz Brashes Limited 
Dura ntio EnBinihrim: c 0 . Limited 
G=m Paver Bnu.hi.-s Limited 
Hill a ndamain Limited 
Andrew Soke & Sons Limiit-d 
Industrial Fuels and Liquids 
Transportation Llmikd 


CONNECTIONS INCLUDE: 

inipmaitenjJ Ki-mi FrotplU Limited 
Lovl-Us Shipptiu and Transport Grow 
Limited 

truce* indtrsrr.ai homiiibs UmKed 

Smith ot Maddistsn Limited 
I- J. Stamp Limited 
ViuiL-d f 1 rettht Hoidinss Limited 
l : T.C. Fiuaocc Limited 
Rob-.-ri Wynn 4 Sons Limned 


A MEMBER QP THE BET CROUP 


J. SHIRLEY LIMITED 

BOARD STOCKISTS 
TRADE LAMINATORS 


The Old. Rail way Station, 
Talywain, Pontypool» Gwent. 
Phone : Newport (0633) 57796 


m 




V ! *> 3 s 


i ^ i ? 

• t e 




w 









Financial Times Friday Avgust 4 1978- 



c \y , ^oA£l£> 



emerit 




U. v 


s! n;t ,'i.- 




•THE SIL&CQTTON 7 hreo looks 
monuttientaL-Tts - fleshy trunk 
Ifti'ste.ywticiUy; into *. sky of 
pile&higfc. clouds while near lis 
iMif &-:&!& ;ejfc 'vtito a series 
of .feu.ttfefises‘aachbEmg’it to the 
ground;. - - 

Buf thfe.-impre&ioii is mislead- 
ing: the tree; .-Hjji: virtually roo u 
less, and; a • tvudge from 'a 
•Japanese .qfcA-meriedn tittildozer 
sends ii crasfeijig'dowzi. 

At, Bq rotou-Kqrc hundreds of 
trees and bushed lia^eheen bull- 
dozed into hcsps=aftd left, to dry 
fnr buraing. The; land ‘has’ been 
cleared and- sugar cane ’is 
spreading a dense, parripas nf 
green .-between ; - the - irrigation 
pipes. .. ... ‘ - 

Borotnu-Kom is one of six 
sites in the Ivory- Coast :berag 
developed for sugar plantation 
and processing, it is a vast 
construction site. The clearing 
of the forest, planting, building 
of bouses, power - installations: 
processing plant arrd irrigation 
equipment employs 2, 00a people 
and the finished 15,000’ hectare 
complex could well-support a 
population of more than 10,000 
m a part of the -country, from 
which disease had driven away 
all but a handful. ; ’ " ; 

A lot of the concerns working 
on the project are. Qld .hands 
like Babcock- Fi ves-CaU which- is 
building the processing-factory. 
Bur for one concern. Adra, the 
operation has a special signifi- 
cance. It is its first project. 

Adra is the project manager 
for the. turnkey- factory, land 
preparation, and irrigation;, con* 
slruetiun of the farms -around 
which the-ciunplex is. organised, 
the. electrification of- the - -.rite 
and industrial complex." It.-is r& 
sponsible directly 4>r via: sub- 
contractors, for some 'Frs 400m 
( £ 47.1m ) of - work and Super- 
vises some Frs 800m (£94^m) 
of investment-. -■ -:vr - ■ 

Adra represents .the first 
move of Renault, the'Fr s 50Bn 
(£5.flbn) a year French’ motor 
giant, into, the agro-food busi- 
ness. It is 50 per cent Renault- 
owned, with the remainder 
held by the state, institution 
Credit Agricole, SCKT wbfeb .is 
an offshoot of the state body 
the Caisse des Depots, and 
Gcrsar, a regional development 
body with particular expertise . 
in irrigation. 

The company has already won 
a second contract^*- worth 
Frs 63.7m f £7.5m);.“-to take 
charge of the conve^pn! of 
1.S00 hectares of land 1 near the 
Upper Volta frontier -to produce 
tomato concentrate ah d> fruit. 

The move into lhe agro^food 
business is. part of Renault's 
pnl icy of -seeking- newrappijca- 
tions for its traditional engin- 
eering skill in the motor indus- 
try. Although . the '. group's 
repula t ion rests ■ on caiK a con- 



ya 



i motor gian 
sugar cane 


EDITED BY CHRISTOPHER: LORENZ^# 


Rehabilitating 
the bankrupt 


By DAVID CURRY IN PARIS 





COMPANY 


RENAULT’S INDUSTRIAL DIVISION 

(Frsjn) 

1977 

ACTIVITY TURNOVER WORKFORCE 


: "Rene -Meeiemaecker: Hot happy with the word “diversification/ 


siderable chunk of Itjfe*- business 
does not .run .on. four- "wheels. 
This industrial 'division^ which 
embraces mostl-Of-'-wbat is 
neither cars - hpr 'cbmmerciaJ 
vehicles, and- aetXiUnls fbr about 
II per cenfof R^panlfs-sales, is 
run by 1 the 54-year-cJd Rene 
Meesemae eke r, ‘ifafc engineer i n 
bis :21st year with -the group. 
•./One of his-earllerjobsi with- 
out the faintest contamination 

of accountancy^ quaUfi cations, 
was director -qf accounts and 
the budget. Thcn. 'C years ago, 
be created ther. ..'central co- 
ordinating machinery to pull 
together- the hdn-motor busi- 
ness. ‘ J. 

Two years agdi-Xwhen the 
Renault command structure was 
changed. Meesemaecker became 
the formal heidr'c?,- Renault 
Entreprises IndustfieUes. 

Like his b6i»: ./Bernard 
Vernier-Paillez. r ileisemaecker 
is a bulky, reflective, deliber- 
ately-spoken roam . - He /is not 
happy with the/wprd /- diver- 
sification. *' He complains; “ It 
implies a’ political'; will to 
diversify. RetunU-$&s always 
been diversified.. We are nol 
seeking to quit our/traditional 
vocation - (vocation is. a 
favourite French Wor<& bm to 
consolidate . ; . .what ; - W9 • have 
already, done.*’ . \ 

He distinguishes between two 
sorts qf activity.! Thelrsi are 
those like special steeS, bear- 
ings. foundry producis^and in- 
dustrial rubber, -wbioh.^mu out 
nf the motor business -^nfiVller^ 


the effort is being put into 
broadening the clientele. 

The second activity covers 
new products which.-, did not 
grow directly out of the motor 
business. Meesemaecker puts 
agricultural machinery (turn- 
over Frs Ibn (f 117.6m) a year 
and 18 per cent of the home 
market) which grew out of 
World War I military equipment 
work into this category, together 
with the machine tool business. 

In fact, the distinction is not 
a very clear one. Until the 
1960s the machine tool opera- 
tion was geared to producing 
standard machines, needed for 
the basic motor production 
business, but the break into ex- 
ternal markets has been deep 
enough to permit the Renault 
machine tool division with its 
dutch of seven autonomously 
managed subsidiaries to register 
Frs 365ro (£4 Sm) in turnover 
and move Into the top spot in 
France. 

Tlie category which really in- 
terests Meesemaecker is that of 
'••-•rev matter." By this he m**ans 
putting the group’s engineering 
skills to work in consultancy. 
The first stage was to undertake 
engineering work outside the 
group and gradually to extend 
to product management in fields 
well outside the motor business 
— like sugar production. 

The freight and transport 
subsidiary, trying to apply its 
skill in shipping cars to more 
general . questions of inter- 
national transport, and the 


Division Materiel 
Agricole (DMA) 

SAFE^te des Aden sins de riEst 
Ste Nouvelle des Roulements 
Renault Machines. 

O utils +7 subsidiaries 
SNAV Ste Nouvelle des Atteliers de 
Venissicux 

SMI Ste de Mechanique d’lrigny 
MICMO Manufacture Industriclle de 
cycles et motorcycles 
MT Mi tal temple 

CAT Cie d’Affreterrrent et de Transport 
CPIO Cie des produits industrielles de 
rOust 

SBFM Ste Bretonne de Fronderie et de 
Mechanique 

Division Renault Moteurs 
Bernard Moteurs 
Renault Marine Couach 
Renault Entreprise 
SERI 


ACTIVITY 

Agricultural traders > 

Special carbon and alloyed steels 
Bearings 
. Machine tools 

Containers, rail transport equipment 

Parts and mechanical sub-assembly 
Cycles and motorcycles 

Small parts in special steels 
Transport 

Industrial rubber and plastics 


Cast metal parts 
-Car engines and components 
Industrial motors 
Inboard marine motors 
Contracting 
Engineering 


broadening of an inherited rail- 
way rolling stock business (from 
Saviem) into the manufacture 
of international containers are 
other Meesemaecker examples 
of the application of traditional 
skills to new fields. 

These activities, together with 
industrial motors, cycles and 
motor-cycles, gives the Enter- 
prise division sales of some 
Frs 5hn i£0.6m) a year. 

Meesemaecker’s aims are 
realistically modest; be is presid- 
ing over a series of activities 
which have suffered badly in 
the recession and which repre- 
sent sectors where France has 
had a long-standing structural 
weakness. His disaster areas, 
in ascending order uf calamity 
over the past few years, have 
been bearings, special steels 
and, in a category <J1 by itself, 
machine tools. 

The bearings company, which 
has a special production line 
for aerospace components, 
slipped into the red in 1976 
but balanced its honks in 1977. 
The special steels company, 
with a strong reputation in hot 
and cold forging techniques, also 
broke even in 1977. 

Bur there is no such consola- 
tion for machine tools. Meese- 
maecker states simply that the 
loss was very bad. The French 


No. 2 Ernault Somua, with some 
FFr 13m (£l,53m) lower turn- 
over, lost FFr 34 m <£4m) partly 
because of the weight of its 
S,000-strong workforce. The 
Forest group, with FFr 290m 
(£34m) in sales and 2.300 
workers, finished up with a 
FFr 21 ra l£2.5m) deficit. 

“There is a relatively narrow 
market sector for machines for 
the group and investment here 
is spasmodic because.it obviously 
depends on tbe motor develop- 
ment programme," Meese- 
maecker explains. “ We have 
had a good run of orders from 
Eastern Europe but these are 
petering out somewhat and they 
pose the problem of barter deals. 
We . need to get into a more 
open market less dependent on 
long production runs. 

• “ But remember that machine 
tools have never been a big 
money-spinner. The world 
market is depressed; investment 
has been chopped and companies 
remaining in business ' face 
furious competition." 

He is impatient of talk about 
restructuring. The industry has 
always been small-scale and 
“ they” (by which he means the 
civil servants in the Industry 
Ministry who tend to regard 
Renault/, as a suitable foster 
parent for any industrial waif) 


ought to realise that none of 
Renault's operating companies 
in machine tools employs more 
than 400 people. 

“In this field -we are a pawn 
of economic circumstances like 
everyone else and in no position 
to become a focus for industry- 
wide restructuring." 

Coaxing his operations 
towards profitability — they 
made no contribution to profit 
in 19<* — is Meesemaeeker’s 
priority. But what about dis- 
investment? 

"It could be," he muses 
cautiously, "that we could di.* 
engage from certain sectors if 
we think the future could be 
better assured in a different 
context." 

In fact Renault recently quit 
the currently voguish sector for 
solar energy. “We would have 
had to make disproportionate 
investments which would have 
yielded a poor level of indus- 
trial activity," explains Meese- 
maecker. 

And expansion into new 
fields? "Diversification is ex- 
pensive and at group level we 
have to choose where to put our 
mnney. I can’t see our being 
ready for a new phase until the 
1980s, and then it would be in 
things in which we have compe- 
tence." 


AN ALL TOO ilium mating 
example of the discouraging 
climate for British entre- 
preneurs came in light ibis 
week, with the Do part mem of 
Trade's latest annual report .in 
bankruptcy. 

“ Ignominious " ami 

“ notoriety " * were just two A 
the pejorative words used by 
the media to describe the long 
list of bankruptcies last ^vear. 
in which construction again 
headed the industry league 
table, and where Brighton 
registered 27 more receiving 
orders than the second town on 
the list, Croydun. 

Policymakers- at all levels nr 
government and business have 
at last come to recognise iho 
crucial contribution which 
small businesses make to the 
strength and flexibility of even 
the most advanced capitalist 
economy. It is also beina 
realised that if new wealth and 
jobs arc tn be created, 
especially in the newer tech- 
nologies. more businessmen will 
have to be prepared to take 
risks. 

Need one realJy say more 7 
Taking risks, by its very 
definition, implies a strung 


chance of failure, which for 
many a small businessman i*nn 
mean bankruptcy. Su is it not 
time to rehabilitate The 
bankrupt, and in recognise tint 
the experiences he has gone 
through may be invaluable in 
future success? 

Of course, one ha.- to be care- 
ful. There are obviously many 
bankrupts who are horn losers, 
thanks lo Ihcir inability In keep 
a cuntinual grasp un all aspects 
nf their business. Many nr th.’ 
truly " notorious " failures in 
the construction industry pro- 
bably fall into this category, a* 
may many in the retailing, cafe 
and garage businesses. 

All these require relativity 
few financial or commercial 
skills to set up. unlike manu- 
facturing. F»r this reason aln , .n\ 
last year’s 12S manufacturin': 
bankrupts should n«»t be di-.- 
cou raged f nun trying again. 

An over-simpl teat inn, in *>.■ 
Furo. but ai least lei u- acci-pl 
the logical conseq ucnccs uf the 
fashion for the small hiHine-s- 
inan who is ready to lake risks. 
Best it f all would be to lake a 
leaf r.mt of the North American 
honk, and tell the bankrupt. 
■■ Never mind. Better lock iv» it 
liiiie!" £ 


Contingency plannini 
and the computer 


EVEN SOME of Britain's lar- 
gest companies "have very little 
in the way of management in- 
formation systems, let alone 
ways or evaluating the likely 
effect on their business and fin- 
ances of mergers, competitors' 
new product launches, or 
changes in the rate of inflation." 

This emphatic and damning 
claim is made by Mr. Tony 
Charlton, head of business plan- 
ning for Unilever Computer Ser- 
vices (UCSL). which has ju*t 
started offering clients a new 
time-saving, computerised plan- 
ning system called “Strategy." 

Over half the Unilever suli- 
sidiary’s £11 m revenue this year 
will come from customers out- 
side the group, so the launch 
of what is claimed to be a uni- 
quely versatile and easy-to-use 
system will be seen as, a major 
challenge by. the established 
suppliers of computerised plan- 


EOfTEB BY ARTHUR BENNETT AND TED 



e POWER 


• DATA PROCESSING 


• SERVICES y 

Support groups expand 


Superconductor problem solved Microfiche made easily 


ning systems, including IBM. 
ICL and Honeywell. 

UCSL is naturally sircNsing 
the advantage of Us connect mu 
with a parent whn-c sophisti- 
cated business planning tech- 
niques are well -known. 

But Mr. Charlton $ay» that 
Strategy is aimed not only at 
large companies. Small firm*, 
loo. >huuld be attracted, both 
by the processing power nf 
UCSL's large computer, and hv 
his claim that ” you can enter 
any demand to the system at 
any time " which makes it 
extremely flexible. 

The main purpose of Strategy 
is tn enable companies rapidly 
to evaluate alternative courses 
of action on an extreme ly wide 
range of issues. 

As well as forward planning, 
the system can match current 
performance against target, for 
example on cash flow. 


p —— - — - 

Control 
for industry 


UNILEVER Computer Servfefcs. 
which has already ra^de bureau- 
history witli its move away Trom 
IBM main machines a nd adoption 
of three large - Itel ,*mts./as 
replacements, has • announced 
new managements, -structures 
which arc inipndei'to wpport its 
long-range plans. " . ^ • ’ . 

Not the least of these, .’is :io- 
crow at about double the rate for 
ilic services Industry aia.-.; whole 
or. in figures. 30 per cent com- 
pounded up to 1981- against a 
forecast or 15.7 per cent- as the 
industry average. - -..i.i 

Willi a turnover in . the 1977 
financial year of -£SJm and profil- 
er rim, the company has been, 
growing at about .30 - per cent 
since its inception iri 1970. In 
the current - financial -exercise, 
turnover should be aroand the 
£1 tin mark making the company 
a close second to BOC Dalosolve, 
leader of the bureaux operating 
outside nationalised industries. .. 

Growing even faster than the 
rate .unied at by . UCSL- iff .Busi- 
ness Intelligence Services Group 
with 41 per cent rise on turnover 
to £ti.8m in the year to' end- 


■February, coupled with a 35 per. 
cent rise m pre-tax profits to, 
£479.000. 

^•Operating in the support, train-, 
ang.- software, package, marketing 
■ research ’ and advanced consul- 
tancy areas, this company has 
consistently -shown very high 
profit margin and return hir 
capital -employed figures, ti sees 
one area for further consider- 
able growth in support . for. 
the - larger banks who. despite 
their expertise in very laigp 
systems and networks, are finding ' 
the task of -keeping these giant- 
. structures in’ working order to. 
hieet changing circumstances' 
one which absorbs most of £be 
-computing manpower they have.': 

This is one of the reasons for 
the success of the BIS Software 
Midas foreign currency account- 
ing system for banks, which has 
now taken a market lead m terms 
of systems ordered or installed. 

The.- company is involved -in 
development work -to develo p^ a 
new access unit for the SWIFT, 
international bank transfer net- 
work, built around Series l from' 

ibm. 

UCSL on 01-903 1414. BIS on 
01-633 0866. ’ 


AT TEMPERATURES near 
absolute zero (minus 273 
degrees C) certain alloys lose 
^11 resistance to the passage of 
an electrical curreflL They 
become superconducting. 

Many laboratories in'advanced 
countries have spent a gTeat 
deal of effort on harnessing this 
'significant property in the 
design of motors and genera- 
tors. as well as of high capacity 
power lines. 

But the most interesting alloys 
all appear to have the same 
'characteristic of high brittleness 
.which makes fabrication an 
.intricate and difficult task. 

: Work at the leading IBM 
research centre at Yorktown, 
carried out by Dr. Change C. 
Tsuei, and aimed at finding a 
.Way round these difficulties, has 
'been successful. 

- - He found that if the alloys are 
.formed as glassy films on a back- 
ing material such as a strip of 
•copper or tantalum they become 
easier to handle. While their 
amorphous form then makes 
them, poor superconductors, they 
can be restored to the desired 
crystalline form by annealing at 
temperatures between 500 and 
-700. degrees C. 

7 In this way. the alloys can be 


formed into any desired shape, 
even though in the crystalline 
condition, they, are virtually 
uaformable. 

Much of the work has concen- 
trated on a niobium-germanium 
compound, tbe most promising 
material for use in magnets at 
the moment since it remains 
superconducting in field of up to 
400,000 Gauss, or 20 times better 
than can be obtained with iron- 
core magnets of the same 
physical dimensions. 11 also be- 
comes superconducting at a 
temperature of 23 degrees abso- 
lute. the highest transition 
temperature so far found, giving 
designers more leeway than with 
other materials in the layout of 
cooling systems. 

The material has the highest 
known current-carrying capacity 
which is close on 10m amps per 
square centimetre. But it is 
almost impossible to fabricate 
conventionally because apart 
from breaking easily it also tends 
to crystallise in forms which do 
not have the desired properties. 

Deposition on metal strip in 
the amorphous state is the 
answer. 

Other desirable material to 
which the process could be 
applied include a compound of 
molybdenum, lead and sulphur. 


This compound and related 
materials may be able to sustain 
fields or 600.000 Gauss and more, 
leading to 400.000 Gauss magnets. 
This compares with. say. 100,000 
Gauss for present models of 
superconducting units and about 
20.000 for conventional iron-core 
designs. 

Currently, the most widely 
used material for superconduct- 
ing devices is niobium-titanium. 
It is reasonably ductile and can 
be formed into wires and coils, 
but it is limited to the 100,000 
Gauss field. 

Niobiura-tin is one of the 
brill ie family and its use has 
onlv been made possible through 
the development of a lengthy and 
complex procedure known as the 
bronze process. 

It is some 15 years since the 
discovery of superconducting 
materials and progress so far has 
been relatively slow, though 
Britain’s 1RD cenire in New- 
castle has reached world leader- 
ship in one area of development. 

Meanwhile, the U.S. has 
indisputably the lead in super- 
conducting power line work, an 
area which the CEGB has 
apparently abandoned. 

Further, details of Dr. Tsuefs 
work from IBM. Yorktown 
Heights. New York 1059S. U-S. 


PORTABLE microfiche camera 
equipment of Swiss design per- 
mits the reproduction of docu- 
ments even in □ card index- 
file. The Mercure is so simple 
that anyone can operate it suc- 
cessfully and be assured of 
obtaining perfect results. 

A conversion kit permits it 
lo adapt to all known systems. 
35 mm, 16 mm standard formats, 
jackets etc. 

Film sensitivity is 3 to 64 
ASA and three interchangeable 
lenses are used, according to 
document or subject size. Sub- 
ject distance and lens opening 
are preset by tbe positioning of 
the lens. 

Image size is 10 by 12.5 mm 
(American standard ) or 11.75 by 
16.5 mm (European standard) so 
that a 36 exposure cartridge con- 
tains 100 to 125 frames- 

Document size is from 74 by 
105 mm (DIN A7) lo 210 by 297 
mm (DIN A4). 

Tbe equipment has many 
areas of use. For instance in 
teaching hospitals and univer- 
sities it speeds retrieval of source 
material for lectures and 
research jobs as well as providing 
the key to information banks of 
medical data. 

Reproduction of diagrams and 


schematics for oil and other 
exploration company use is 
another area, as is the control of 
the flow of books in libraries. 

Makers and sellers of expen- 
sive items such as jewellery can 
use the system’s excellent colour 
reproduction to set up work 
samples, easy to display and 
offering total security. Elec- 
tronic equipment companies can 
use the facilities to provide 
maintenance instructions a/d 
updates. 

The equipment has a cool 
light source that will not fade 
or dry out the subject materia). 
Thus, in photographing an old 
book, for instance, there is no 
danger to the text. Furihenimre. 
the equipment will cope without 
opening the book completely, 
reducing the risk of splitting 
ancient bindings. 

'An optional microfiche camera 
allows users to take outdoor 
scenes or copy transparencies un 
to a slide duplicating unit, of 
importance when the medium is 
being- used for audio-visua] 
applications. 

The AJpa Mercure satellite 
microfilm equipment is made by 
Alpa Pignons and distributed in 
Britain by Wren Audio Visual, 
30 The Spinney, Beaconsfield, 
Bucks HP9 I SB. 04946 5202. 


iTMiir 


• COMPONENTS 

Heat sensor costs less 


PLATF1LM division - of Roses 
mount Engineering Company has 
.-i new design of platinum resis- 
tance thermometer element that 
utters cast reductions in the 
assembly .time and in; the raw 
liiaturiaU required. 

The traditional ceramic ter- 
minal bloc* la replaced by a 
virtually indestructible injection 
moulded, glass-flHed nylon block 
which will not break with robust 
handling or be subject to hair- 
line cracks that ciui:ereste track- 
ing paths on a Ceramic block. 

A spring clip, which- secures 
tile stainless steel sheath In. the. 


plastic, moulding, eliminates the 
need for the steel flange which; 
for a ceramic block, is welded 
io the top of the sheath to pro-, 
vide an anchorage. ■ 

New terminal arrangements 
allow, the lead-out wires of the 

sensing ekunent - to be soldered 

or welded; according to the appli- 
cation, to the terminal tags. 

Two models cover respectively’ 
--*50 to 250 degrees C and — 50 
to 500 degrees. -The terminal 
4teads of both can operate at 150- 
degrees continuous. 

Rosemohnt Engineering. Dur- 
ban Road, Bognor Regis, Sussex 
P022 9QX. 02433 3121. 


• PROCESSING 

High purity crystals 


Powerful reed switch 


I NTRODUCEDr bv:-: Com- 

punenu is a reed --relay _ which, 
although it measures only : 25 x 
3 mm and we ighs’ three, grammes 
cau switch up to 20.watte, AC or_ 
DC, using a coil power -of 70. 
mW. • ” 

The relays, available tin 10 or 
20 W versions, are' vacuum:, 
enc.nusulatcd- m epoxy .resin. with 
slnffs-loaded shells and headers, 
•j.ivinc reliable .'-protection.- even 
in unfavourable' environments? 
Thev have, connection pi ns, on a 
.standard 0.1 in pilch for printed , 
board mounting. Operation at up 
n> i.ono times - a second is 
- possible. . V 


., Internal magnetic screens 
minimise ■ interaction -from 
adjacent relays to only IQ per 
cant of the:; minimum operating 
voltage when a relay is mounted 
between two similar units with' 

0.1 Inch spacing. ■ 

-Knows 7 as the PM2L Cv». 
;device. io -available with:. .coil 
voltages df 5, 12 and 24 volts; 
satisfactory operation is obtained 
with la ten per cent vanation. 
,ThC contacts, are; single - pole, 
single; throw,. 

More from the company -at 

Luiun Road. Dunstable. Brdford- 
shire LU5 4U C05S2 62241), 


-ADDITION of two new con- 
trollers (o the various types of 
crystal growing equipment made 
by Metals Research will allow 
users to make very large si ogle 
crystals of high purity and con- 
stant diameter on a continuous 
production base. 

One is a crystal shape con- 
troller and the other a diameter 
.. controller. 

; Designed by Metals Research 
for use with any of the Malvern 
series of crystal pullers, these 
units also fit many other types 
Of high-pressure, high vacuum 
growers. ' They are equally 
adaptable for atmospheric and 
low-pressure systems. They may 
therefore be used for a wide 
Variety of materials, including 
semi-conductor materials. 

Automatic shape control is 
.designed to control the growth 
of. crystals of those materials 
which do not require encapsula- 
tion. to prevent decomposition at 
elevated temperatures. In con- 
trast; the Malvern diameter con- 
trol is specifically designed for 
semiconductor materials such as 
gallium phosphide and Indium 
phosphide which need encapsuJa- 
; tion to prevent decomposition at 
elevated temperatures — and 


which also expand significantly 
on freezing. 

Both systems incorporate a 
load suspension spring, monitor- 
ing tbe total crystal weight and 
located within a weighing head 
assembly secured to the top of 
the puli rod. In addition, both 
use a precise linear potentio- 
meter which monitors the length 
of crystal grown. - 

Shape control logic converts 
the potentiometer movement and 
tbe extension of the load suspen- 
sion spring into electrical signals 
which are together compared by 
the control unit with the pro- 
grammed crystal shape. Any 
deviations are automatically 
compensated for. 

Diameter control on the other 
hand, has no automatic feedback 
system and merely records the 
crystal weight and length. With 
this system, the crystal is grown 
through an orifice in a “coracle" 
floating on the surface of the 
melt beneath the encapsuiant 

Crystal shape, is more consist-' 
enC leading to reduced cutting 
losses and other wastage, with 
a consequent improvement in 
yields. Crystal quality is 
improved and operator costs are 
reduced producing an overall 
improvement in cost effective- 
ness. 

Metals Research. Melboum. 
Roy st on, Herts SGS 6EJ. Q763 
60611. 


• INSTRUMENTS 

Electronic 

temperature 

gauge 

THREE further models of a hand 
held electronic thermometer 
have been introduced by Jenway, 
all with a resolution of 0.1 deg. C 
up to 179 deg. C and one degree 
beyond that 

The S5Q1 is designed for use 
with .nickel-cbromium/nickel 
aluminium, thermocouples and 
has a range of minus 50 to plus 
999 deg. C; the S525 is for iron/ 
conslanlah couples and can cover 
minus 50 to plus 700 deg. C: the 
third unit.' model U580 is cali- 
brated directly in millivolts. 

Readings appear on a seven 
segment LED display with a 
character height of 10.2 mm. The 
built in automatic cold junction 
competition is accurate to 0.05 
deg. per- deg. C, with a cold 
junction range of minus 5 deg. C 
to plus 45 deg. C. 

With the use of up-to-date 
integrated circuits the power 
consumption has been kept down 
to the point that standard HPT 
dry batteries will give 12 hours 
continuous use. Other cells, and 
mains operation, are optional. 

More from the company at 26. 
Brooinhills Industrial Estate, 
Braifitwe. Essex (0376 26266). 


Simpler interfacing 


FOR ANYONE using modems 
and terminals. “ Interfaker "will 
imitate the necessary interface 
so that plug-to-plug compatible 
equipment can be immediately 
connected in by a user. 

On delivery of such compatible 
equipment it is often found that 
sockets are. actually wired in a 
different way lo that expected. 
The new device can be quickly 
plugged between the units to 
monitor the status of up to 18 
interface circuits at a time, 
diagnose any variation and 
imitate the necessary interface 
to allow continuous trans- 
mission. 


Each signal can be broken by 
means of small switches and 

then re-connected to other pins 
with patch cables. In this way. 
faults can be diagnosed and new 
interface cables developed before 
any soldering of new plugs and 

sockets need be done. An 
integral flexible cable and D*type 
plug connects lo modems nr 
computers: terminals plug into 
a D-type socket. The unit is low 
in weight and portable and meets 
or exceeds relevant Post Office 
and PTT standards. 

Modular Technology, PO Box 
117; Watford, Herts. WD1 4PD 
(01-421 0626). 


Mohawk for UCC users 


A PREFERRED terminal series 
has been selected for users of 
the UCC computer network in 
Europe. The move is being made 
in conjunction with AC-Service. 
UCC’s associate bureau in 
Austria. Belgium. Germany and 
Switzerland. 

Mohawk Data Services Series 
21 with its three models have 
been chosen for their upward 
compatibility and price and will 
replace the Cope and 1004 ter- 
minals which are no longer 
commercially produced. 

At the same time, the Mo- 
hawk machines will meet the 
growing need for equipment that 
will fit in with the trend for 
users to set up their own 
distributed processing sub-net- 


works, linked to UCC’s powerful 
system for large-scale runs. 

UCC will provide Tull mainten- 
ance support for the Mohawks as 
well as for the modems and lines 
linking them to its services. This 
eliminates user headaches where 
a problem occurs. 

UCC f Great Bri ta I n 1 . 344 

Euston Road, London NWI 3BJ. 
01-382 9661. 


• By agreement behreen the 
Financial Times and the BBC. 
information from The Technical 
Page is available for use b»i the 
Corporation's ’ Erterrwl Services 
os source material for its over- 
seas broadcasts. 


O HANDLING 

More room 
for cars 

A COMPANY in Israel. -Mei kavim 
nf Tel Aviv, has developed a 
simple lifting unit which it 
claims can double the . capacity 
of must car parks, indoors and 
out. 

Trade named Space-Maker, the 
unit is basically a one-piece plat- 
form and hydraulic lifting 
mechanism which can be installed 
wherever there is a level floor 
and at least 3.53 metres (just 
under 12 ft) of headroom. 

As soon as the car has been 
driven on tn the platform, the 
hydraulic unit raises it about 
1.8 metres where it is firmly- 
locked into position. A second 
car can then be driven into the 
ground level parking space. 

Lifting capacity is seven 
tonnes, at least three times the 
weight of passenger cars and the 
lift deck has no holes through 
which oil or dirt can drop tn the 
car beneath. Up to 25 of the 
devices can be run from a single 
hvdraui-c unit. Mure from 
PO Bux S25, Tel Aviv, Israel. 


© SAFETY 

Ventilation 
and heating 
in caravans 

REALISATION of the heating 
and ventilation problems that 
can arise in the modem and 
much larger caravans, otien 
used as mobile homes, has led 
to the production of a new 
British Standard. 

It will he known as BS5fifil 
Code of Practice for the Venti- 
lation and Healing nf Caravans 
and the first part, dealing with 
ventilation, has now been pub- 
lished. Health and safety are 
the major considerations. 

Later this year two more sec- 
tions will be published and -will 
cover installation of solid fuel 
and oil-fired heating appliances. 

There is already a code of 
practice for domestic propane 
and butane gas burning installa- 
tions in caravans and this to- 
gether with BS 5601 will pro- 
vide guidance for designers, 
manufacturers and installers of 
all types of fuelled appliances 
currently used in caravans. 








14 

LOMBARD 


A federal view 
for the UK 


BY ANTHONY MORETON 


WITH THE devolution Bills for reconsidering-' almost anything. 
Scotland and Wales now out of His opponents' called this 
the way all that remains is for vacillation. Another to suffer in 
the votes, to be counted when the same way -was Mr. Anthony 
the refedendums are b Jd. When Cropland. Even Ur. John Davies, 
that wilt be is in the lap of the the present Shadow spokesman 
gods. The Government had an foreign affairs bad a taste of 
hoped, at the beginning of its the treatment recently when he 
long march towards local auto- caused no little disappointment 
nomy. that it could have held its among some Tbries. after his re- 
head count in the autumn and turn from a fact-finding tour to 
then. all being well, got down Rhodesia. 
to the essential business of Mr Pvni who as an 

assemblies nest S32J Wy ” im P Iacable opponent 0 f devolu- 
assemblies next spring. lion, bas spent a , ot Qf time ^ 

The high probability of an recent months considering the 
autumn general election and the principles of devolution. In a 
clauses written into the Bills, series of major speeches in St. 
against Whitehall wishes, that Andrews and Edinburgh 
no referendum shall be held universities and to Young Con- 
witbin three months of a general servatives in Manchester — little 
election make it most likely that enough noticed— he has quietly 
re fere n dunis will not cooie shifted his ground and, in so do- 
about until the new registers are ing. the Tory, party, away from 
in force in the second half of downright opposition. 1 suspect 


next February. 


The credits 


the majority of the party, let 
alone the wider world, does not 
quite realise what has happened. 


There is a group of people — 
bored with the whole proceed- 
ings and containing a large 


Examples 


The most 


.recent of these 

number of MPs who have had To speeches, in _ Manchester, dis- 
troop through the division cussed federalism. There is noth- 
lobbies innumerable times on, to ins particularly new^ about 
them, arcane points — who hope federalism in’ the UK since 
the whole oiatter will now Northern Ireland practised it for 
quietly fade away. An autumn over 50 years until Stormont was 
election will surely disappoint stood down. And withio the 
them because all parties in Scot- Commonwealth there are plenty 
land and Wales will keep the of examples: most of the old 
issue alive. There is one other dominions are federal states as 
reason for thinking it will not well as many of the newer, 
be quietly put into a eorner or Hr> p yni - s contribution is that 

° n Ki 10 e ?v 1s ».-^k c ? n_ he is no longer concerned with 

siderublc thought which has s ^ r j{ e questions of what should 

\i? n v slve . n J D subject l »y have happened so much as how 
J ?. r ,'L FranC,S P>I U’ lh . e PPP 0811100 hest to incorporate federalism 
spokesman on devolution. wit hi D the UK should Scotland 

While many reputations have or Wales vote for their own 
suffered as the devolution Rills assembly. He accepts that such 
ground inexorably on to their a result may happen; if it does, 
appointed end. at least two what win it do to the UK and 
people have come out of the how should Westminster react? 
rtebate with credit: Mr. John A federal system ought, he 
Smith, the junior Minister who believes, to embrace principles 
has had the main responsibility, which would enhance the 
as Mr. Michael Foot's number sovereignty of parliament rather 
two. Of piloting the- Bills than undermine it To do this, 
ihrnugh the Commons; and Mr. the powers of an assembly or 
Pym. For Mr. Pym the task has assemblies must be internally 

been harder. He has had to react CO herent. so that the division 

rather than initiate and he has 0 f powers between Westminster 
had to react without the benefit and Edinburgh or Cardiff are 
of the official machinery. His c | c;ir and precise, 
enhanced reputation has come if SUC h a situation comes to 
from the way in which he has pass Mr Pym a i Iows himself 
reacted, a was often strange thought that this might even be 
nmona Conservative politicians. a considerable improvement on 
He ha& discussed principles. the present system nf govem- 
A common complaint about tnent. Some Conservatives would 
politicians is that they change say this is a dangerous extension 
their minds too orten, as though of the thought process; but Mr. 
it were a sin to adapt to changing Pym has had the courage to put 
circumstances. The late Mr. forward views that are worth 
Richard Crossman frequently thinking about and if the devolu- 
suffered from such accusations, tion Bills have done nothing else 
since he was a man capable of that, at least, is to the. good. 


THREE THIRTY AM: in dense, 
p re-daum darkness, the 120 - ft 
long tug Brocfeengarth slips its 
mooring in Liverpool's eastern 
docks, nearly 4 ,000 horsepower 
moving it lastly towards the sea- 
lock giving access to the Mersey. 
An hour away, just entering the 
16-mile sea lane into Merseyside, 
Hapag-Lloyd line's 28,000-ton 
containership Cordillera 
Express is churning towards a 
rendezvous with Brackengarth 
and the two sister-tugs which 
will push, pull and nudge her 
through the sea-lock into her 
berth . . . 



Financial Times Friday August 4 1878’ : 

Current rates mean that tip 
Cordillera Espresso owners 
some £370 for per to be Sowed 
k in. from half-a-mile offst^ 
pr- through the lack to her 

plus £10. for use of each of ^ 
three tugs’ hawsers . : . . 



AROUND 

spitain 


MERSEY TUGS 


FOUR-FIFTY AM; like 
sidling up to a hippo , Bracked 
garth edges wanly into jjL 
shadow of tite* containers)^ 


to the industry’s peak, Rea Tow* bows. Bill? Eliw i wanipalMj*. 
ing’s records show the company the olaurd little ^ 

completed 7,137 tug jobs, hand- stick which has replaced the- 
ling- 2.772 ships. steering wheel bringing 

This year, the company ex- close enough . J or .ropes- «io V 
peels-' to undertake 5.735 tug ilirvttw. b«t dear of the 1*1^ 

Tugs and towing have been %/%f "M f Ur^ : - 1 ■ J'o&s-a drop of 22 per cent, to** 

an essential part d? the Mersey J T il l Cl J Companies’ profitability is ^c^Mohi ■ 

scene since far back into the ‘ : s - reasonable. With one-sixth of This » 

days of saiL The big harbour 3Kg g £!!&: £ ■ •-'* the' total number of vessels in Pk“f °^- ‘ 

tugs such as Brackengarth, its now offload their crude at =_ the parent Cory Ship Towage problem y. J 

streogth measured in terms of Shell’s off-shore Anglesey company — itself a part of the buL a reaL . l * 

the 50-ton pull it can exert Terminal, 80 miles away. General Workers Union card a encouraging his two sons to diverse Ocean Transport and reamer. .] ouen^ 

against a fixed bollard, might The cumulative result is that practical family heirloom. “We follow in his footsteps, and both Trading group — Res Towing *»te ^ne is uiu«« j t. -■» 

be a far cry from the rowing Mersey’s towipg industry has take them on straight out of are now crewmen. Few of the accounts for a third of Cory's opera uon scat t* in 

boats which berthed Liverpool’s shrunk. In 1963 five towage at 16 . Most of them have tugrnen hanker after an altera*- profits. 

slave-traders of the IStb companies were operating, with grown up with the jofr anyway, tive. They are proud of their Alexandra has, however, watching onej 

century; and 200,000 tons of a total of 64 tugs. Today there if S stm very much a father-to- skills— the Intricate, potentially replaced six tugs at a cost oE UJrailiCTO - . 


. \ 



than 200 tons of windjammer; them 

but the function remains the FOUR-FIFTEEN AM: for half- 

same. an-hour, Brackengarth has been rumiermic .w jc«uo *su.- »«» uum ***-«—» - «—*■■— e* 7 , _ . i + l. j . •• 1-,,* _i trt , ■ • 

Nevertheless, the past 15 bucking against its temporary Captain Fleming believes as much again. 1 ^!L CO r S1St i,°!. a ^rt h nn^ P ^F^h(. ' fiwvMr SO fn^L^ e 

years in particular have brought aeo-ujall mooring, awaiting its that, on the Mersey, tow- FnnffTH1RT y aM; : The C^ SAits S '’ P f Rod SSif* themselves 

change to the harbour towing charge. Daum is breaking: 1 ret ing’s shakeout is just about FUUfl-TH/nT Jfc -The cheap bits, says Mr. . Rpd which themselves dejwnd .^a 

industry, in Liverpool no less and cold. Captain Billy Ellis and complete. Perhaps, when re- diUera Exprras aUlorf bw^ Napier, managin*, director of the projection, ot foeir owjt 

than in other traditional his crew of five swap small-talk placements for the company’s do *“ ^ Slup ^ or CUSl0 ^ e ’ 

ports where dock labour ocer mugs of t ea; this will be older tugs-they last for over approaches Bra cfengvrths < on^ore overheaib^ tow. 10-year outline programmes 

dug in its heels against new the last of the average three 20 years—arrive in 1981, Rea’s 9ine . three tuas ramnetition between 5 lanned 

cargo handling methods only jobs per 24-hour shift Twenty- fleet might come dawn to eight; injnd ® LmSSS? five - ye ?f f( - w*' w 

to see trade move to the smaller', four hours on, 24 offend but that is seen as the lower ore lua fSLSS!^ 

more innovative ports. The blterwate duty weekends^ limit. ™<JZ£S£ m £ toe ^ JSitive " P J L m 

1970s especially have seen cargo now the norm: a great improve- Captain R. J. B. Bralthwaite, Considering the 1 decline In tor; the otiie _ t _ s t , s jection in whith the Mersey. 


-1 


tonnage handled by Liverpool vient on a few years back, when marine superintendent of Alex- shipping volume that has taken, ease with which shipping ling Dock and JZariMrai: _ company; 


fall rteadily foom” 30 5m tons three daws^at a stretdh wos iu>£ andra. believes that there is at place, the two Mersey com- can decide to go to other ports, struggling to achieve a tw£ 
n 1971 to IS SmTonflas” yw unSuTand Jd Zt e^icTlj least the possibility of more panies have managed to survive Mainly, however, the two com- ^ht year of profit after a 

The tankers which once wonders fwhome lil ?. . . shrinkage to come. fairly weLL picking up a big- panies’ business is on long-term „„ of deficits, might find: a 

accounted for 50 per cent of Mersey zowmg has been a Billy Ellis’s own experience ger share of smaller ^erall contract _and there ^ is an easy small crumb of comfort, 

the towin® trade are closely-knit business for genera- as a tugman. spanning 35 years, business as their rivals died or modns- tnrenot. Neifoer of us mHN GRIPFlTuc 

larger, aS fewer, id man? Sons: the Sport and has noTd^ded him from were taken over. In 1965. dose goes poaching." insists Fleming. JOHN GRIFFITHS. 


Ring Lady and Calf of Man 
may bring change of luck 


MR. ROBERT SANGSTER and winner of a maiden event at 
his partners who bad the mis- Chester on her debut where she 
fortune to lose two of their overcame the considerable 
recent Keen land purchases when handicap of a slow break the 
yearlings by Damascus and thatch bay landed well to finish 
Raise A Native, which cost a close third behind the ex- 

tremely speedy Devon Ditty in 

Ascot's six-furlong Princess 
n « AfaiA Margaret Stakes 45 minutes be- 

EvMvlliVi fore the King George VI and 

BY DOMINIC WIGAN Queen Elizabeth Stakes. 

Ring Lady, who might well 
have bustled up the winner there 


NEWMARKET 

3.30 — Pm Blessed 
•L00 — Alert 

4.30— Milsson*** 

5.00 — Laldbeer 

5.30 — The Gascon 

6.00 — Careless Princess 

6.30 — Boltin go 

HAYDOCK 

2.15— Ring Lady** 

3.15— Sandicllffe 
3.45 — Klaxonette 

4.15— Calf of Man* 


S750.000. died in transit from &ad she not hung badly through 
Cincinatti. could have a change greenness In the closing stages, 
of fortune rodav W, M appreciate this return to the to get Willie Shoemaker off the 

« tt . ^ i . . minimum trip and is- likely to mark on the Berkshire course 

At Haydock both Ring Lady j, ave ^j, e measure 0 f .her rivals 1 feel that she simply met faster 
and tne disappointing Calf or fnjm some way out animals in Lazy Dynamite and 

Man look set to oblige in the Although Calf of Man’s en- Carey’s Choice. Provided that 
now internationally recognised thusjasm wa s questioned by a was in fact the case rather than 
emerald royal blue and white number of racegoers when she the former theory Calf of Man 
colours of the Vernon s supremo, home a poor third in the ought not be hard-pressed to get 
Ring Ladv looks far the better Cranboum Chase Stakes for that elusive bracket in the West 
bet of the* pair. The smooth which she was a hot favourite Lancashire Maiden Stakes. 


TV/ Radio 


Y Indicates programmes in 
black and white 


BBC 1 

5.40 am Open University tUllra 
High Frequency only). 9.33 Pad- 
dington. 10.00 Jackanory. 10.15 
Tarcan. t[0X5 Belle and Sebas- 
tian. 11.00 Golf: The Colgate 


6X0 Nationwide 
7.00 Tom and Jerry 
7.10 Hoe Down 
7.40 Young Dan'l Boone 


XXO Sykes 
News 


9.00 News 
9X5 Petrocelli 


Leaves' starring Joan Crawford. 
12.45 am News and Weather for 
Wales. 

Scotland — 5.55. pm Reporting 
•Scotland. 10.15 The Beechgrove 
Garden. 10.45 News for Scotland. 
Northern Ireland 4.18 pm 


9.00 The Foundation 
10.00 News 


t-00 Report West. 605 Report Wales. 
6J0 Ofa No. It-B selwyn Prossitt 8JI0 


in , n un n« n *i« The Incredible Hoik. I0J0 Music Makes 

10X0 M Lords, Ladies and Gentle- n n o M'Lonis, Ladies 


and 


10.15 Face the Music (London Northern Ireland Ntfws. 5X5 
and South-East only) Scene Around Six. 10.15 Mount 
10.45 Regional News 


Gcoileinen. 

MTV Cymra/WakH — As HTV Geaeral 
Service except: L2H-25 pm Peoawdau 
Viv Nen-yddlon V Drdd. 4054.05 Caman 
CaniamlL 6JJ0-4J5 Y DjdtL 
by Back In The Pavilion. 

HTV Wcsl-As 8 TV General Service 


nS3 TheLate Film: ' Autumn S 

"00 (SSu r K 2X0 Golf* Cot Leaves ’ starring Joan England-5.55 pm Look East 

-.00 Lanu r Plant, zxo uou. goi Crawford (Norwich); Look North (Leeds, 


men 

11X0 Police 5 

11.40 Law Centre 

12.40 am Close— a painting 
Turner and music 

Vaughan Williams 

Stewart. 10.45 News for Northern All IBA Regions as London except mcppi: i.»uo pm Repun Wesi Head- 

at the following times' lines. 6J56J0 Re port W est. 

ANGLIA SCOTTISH 

sk ‘ssr&SSt arte a„ ssr m .™.p. « Sis J w-swjs a« 

Pto SrUf^'BEc"- n’do “l” th w!,?SS »m“o - Dan Y Mor Sf 'foTiZTJSS; 

Take^ar,* TSCfU^lS: 5.05 ’c^° ^ pp° a nd" A.isulr JBSKbffiS 'UXJ&S tU^'Skffj SrJA SSt 

■*“ ' r ‘- 5.10 TeliffonL 5.55 Wales Today. fS^rSSSSi- rRiSSS « Cbrisdans in Acuou. and airier, wn Tj e Uicredft^ Hulk 

TOO Hprirliw 7*10 Tom and lerrv . Gamerq, Midlands (Binning- * -air 1139 Laic Call. 1D35 Rouse of Hnrwsr 

and ano HnJrSwii ifli? Ar V Bri" Have Show, Will Travel; ATV “The House That Dripped Bhrod." star- 

and HXO Hoel Down. , 10;la AT Y Bn*. North ,1^5) Direct Line; North “■» Frlenda or Man. U45 The Inmd P1U. Peter Cubing Slid 
fll.10 The Late Film. Autumn East <Ne u ca stle) Friday North); B^fE***^** a ^ L ‘ r ^^ 

North West (Manchester) Cham- 2* cLmbiwmi . uitSwwS 
pion Brass: South (Southampton) fui tv Times. 6J» atv Today. u» 


5X5 The Wombles. 

5.41) News 

5X5 Nationwide (London 
South-East only) 


FT. CROSSWORD PUZZLE No. 3,736 



ACROSS 

1 Soldiers going to part of 
hospiial (ur recompense (6) 

4 Fellow iu telephone Tor 
clothes (Si 

9 Fool returning with a head 
sijrt in BatliV (6l 

10 Element from ccl minus mix- 
ture (S) 

12 Rural clergyman with a 
novice 18) 

13 Scrgeunl Major in face 
gloomy (6) 

15 Receiver left for a nobleman 
(4) 

16 Where lu go lo he angry and 
undecided (2X.3.3) 

19 Unseated and depressed (10) 

20 Doctor going to ship 
plant (4) 


6 Crew accepts the affirmative 
with vision (S) 

7 I’d go id the Isle of Man far 
dialect (5) 

S Better give a key to the 
walker (7j 

11 Block up section of fortifi- 
cation (7) 

14 Wintry figure that could be 
abominable (7) 

17 Admiration for a party pro- 
vision (9) 

18 Model bas to pose on a 
thoroughfare (Sj 

19 Trod up around man sleeping 
(7) 

21 Because soldiers follow it 
could be genuine (7) 
for 22 Bird right for a marksman 
(Bi 


lb- 


23 Become less severe after hav- 24 Behold us going to Oriental 


mg iuaue a fresh advance? 

( 6 ) 

25 Insist il could be support (S) 

27 One v/ 3 Hatters unusual art 
aloud (S> 

28 Joint left in spice (6) 

29 He left the Berkshire town 
walking IS) 

30 Loop in iron bordir (6) 


parasite (3) 

26 Rent to sailors 14) 
Solution to PhTxle No. 3.735 


DOWN 

1 Concerning failure to return 
to a former stole (71 

2 Forest's staff should hold 
things together (4-5) 

3 Dedr - it could be about a 
hoy (6) 

3 Portent is nothing to people 
14) 



SOUTHERN 

UJ0 am Adveurnres la Rainbow 

Conversation; South Wert ' (Ply- Tbe incrwUMe Raik. ujo dun» ’ SESi™* V SL- 

mouth) Peninsula; West (Bristol) BORDER &™Lrn News. U0 Thow WnailPifnl 

Jazz in the Bath. UL2D am Dmoraon, The Dom Wonder. TV Times. ZJB Women Only. 54D Weekend. 

»pr 1 HL*> Tell Me Why— Peier Hsio. U-DS 5X» Cmssrnads. (UN Day by Day. 8J0 

DDL £• The Hajclc Circle. IL30 Rogue's Rock. The Incredible HoUt. UJ0 Southern News 

6.40-7X5 am Onen University Tbo s, < )r y or wine. tUB Bonier Esira. in.55 FrKUy Horror Film: 

il no PH V S.hn7u ^ News. UO Survival. Z4» Summer After “ Crucible Of Terror." 

« ,Qy ^£ h001 T . „ . Noon. 5A5 Tbe Parmdce Family. MB TYNF TFFS 

2X0 pm .show Jumping from Lookaromtd Friday. 00 The luovdible i„ nn «,«i hv 

Hickstead Hulh- U-30 The Uw Ccultv. 12 JQ am SSLi^imb^ub 

4-20 Golf: Colgate European Border RMta »arr M 

LPGA Championship LHAIMltL L20 urn North East News and Lookanmod- 

4X5 Open University l-u pm Channel Lunchume News and 1-30 Chullcnec of Ibe Sexes. 2J» After 

~ Wbai’s On Where. 130 Beni's Lot US Noon in Acllan. 545 GamblL. 64» 

Hv? Majesty of Henry Moon.- 545 Friends Northern Life. 730 Ob No, 11*3 Selwyn 
Of Man. (UN Channel News- 640 Valley Froggllt. BOO The IncrediOle Hulk. 10.90 
of the Dinosaurs, 7J0 SurvliaL 0-00 The Friday Film: " The House Thai 
Tbe Incredible Hulk. 1038 Channel Late Dripped Blood." slarrlnK Peter CnstaLns. 
News. 1032 Summer Of *78. 1UO TV 1235 am Epilogue. 

Movie: McCloud. 1240 am News and III CTFR 

Weather 111 1030 am The Lost Islands. 1049 Tell 
uKAMrIAIN Me Why. UL05 Magu- circle. 1130 

935 am First Thing- 1030 Tbe Beach- Rogue's Rock. 1.20 pta Lunchtime. 130 
combers. 1049 Tell Me Why. LL05 The Slonr of Wine. 2.00 The Electric 
Magic Circle. 1X30 Rncuc's Rock- 130 Theatre Show. 4JJ Ulster News Head- 
pin Grampian News Headlines- 130 lines 545 Ibe FHnisiones. 430 Ulster 
Survival. 2JJ0 Summer After Noon.' 630 Television Nows. *.05 Crossroads. *30 
Grampian Today. 6.10 The Fair Six. Reports. 630 Police Six. SJM The 
730 Bless This Pouw. B.00 The fncredible Incredible Hulk. 1130 Bedtime. 

Hulk. 1130 Reflections. 11-35 aramptsn westward 

1030 am Ibe Evoluiwn of Life- 


7.00 News on 2 Headlines 
7X5 Children’s Wardrobe 
7X0 News on 2 
7X0 Six English Towns 
8.10 Magoo on 2 
8.15 Master Class 
9-0<> Jazz from .Uontreaux 
9-25 Horizon 

10.15 Don’t Forget to Write! 

1 1.05 Golf 

11.45 Late News on 2 

11X5 Closedown, reading 


LONDON 

9X0 am History Around You. Latc NiKhi Beadi'im^L "*11.00 Law' centre," 

OXSamPlainSaiting. 10X0 Oscar foUowed by read tvm Tdt Me Why-Pe.er Uain 1135 Manic 

10X0 Animated Clafistcs. 11X0 GRANADA Clnde U30 Rnsue’s Rock. 1231 pm 

Maiionary Ark. 11.45 Felix tbe mx am Smhdm Sinvt 1139 Casta- Cus Honey mm’s Birthdays. 130 Wesi 
Cal. 12.00 A Handful of Sonss. way. 11*5 Kathy’s Quiz. 130 pm This ward News Headlines. 135 Beryl s Lot 
12.10 pm Rainbow. 12X0 Look to V°“r Right. 130 c ambit SJS The l-= The Majesty of Renry Moon.-. 535 

Who’s Talkin- 1 00 News ulus FT Under * ; * Adventures of Cauiala Memo. Friu-ndi of Man. «39 Westward Diary 

vvnos laiKinp.i.uu news pius « 1 ^ crogjroarts, gj(j Onnada Reports. Sporu Desk. 730 Miss Westa-ard. 030 

Index. 1X0 Piatform. 1XO- Family. L m Summer Scan, 13 a The Many Wives The incredible Hulk. 1030 Westward 
2X5 Racine from Redcar. 4.15 Of Pamck. 8J» The incredible Hulk, tote News. 1030 Summer of TS UJ0 
Children or the Stones. 4.45 Run- 1130 Friday FTl® Premiere McMillan TV Movie: McCloud. 1230 am Fallb for 

around, 5.15 Cuckoo Waltz. 5.45 and "lie. ^ ■?_ A UtUl -- Music, luc. 


News. 

6JM After Noon in Action 
6X5 Cartoon Time 
6X5 Crossroads 

7.00 The Krypton Factor 
7X0 Backs to the Land 

8.00 Hawaii Five-0 


HTV 


YORKSHIRE 

1030 am People and Places. 10JN Tell UL2D am Power without Glory. 1140 
Me Why. UL4B Masie Circle. U38 The White Stone. 1135 Droomun. 130 pm 
Rosws Rock. LM nm Report West Cjti^ndar New®. 1-M Hou^party. 545 Om 
Headlines. 135 Report Wales Headlines- of Town. 6.00 Calendar (Em ley Moor and 
130 Those Wooderiul TV Tim-is.' 230 Belmont ediuonsi. 730 Bless This House 
Women Only 545 Tic Undersea Wvco- *.« The Incredible Unix. 1130 The Pro- 
inres of Captain Nemo. 5 2n cnwroaite teaora. 


ninm 1 247m composer Boccherini tSi. 1030 Children's News. 435 Was That Ten Vcars AnoT 

KADlU 1 Cflnwrl (S1 jjjg You!1J . Amst5 Recital «35 Sionr Time- S4» PM Reports. 5 jm 

(5) Stereo pbontc broadcast 1 S 1 . u.M pm Concert From aUddlo- Enquire Within. 535 Weather: programme 

t Medium Wane brutish, part 1 <S). LOO News: LOS Ncvs W0 News. *30 Golnp Places 

5J» am As Radio 5. 732 Dave Lee Play bin fSt. 130 Concert, part 2 (Si. 730 News. 735 The Archers. 730 Pick 

Travis. 030 Simon Bales. H30 Peter 235 Father and 5on concert iS«. 2 - s> or the Wect'S 1 . JM Profit*:. 030 Many 
Puviril with the Radio l Roadshow from Fanrt and w&Uoq Chamber music »* Rejaojw Why. 0.15 Letter from America 
South Shields. 2230 pm .YcnrsbeaL 22.45 cen iSt. 3.45 Georg* Malcolm BWWJ- . I^mbelb Confiwunce Report. VJ5 

Paul Burnett. 2.00 Tony Blackburn «31 chord recital iS). a.45 The YooOt' Idea kaleidoscope. UR 1 Weather I03i Tbe 
Kid Jifl&'ti 730 Sports Desk 1 Joins iS». IS 35 Homeward Bound. XWSNew* World TonlRhL 1030 a Little Ninht 

Radio 2i. 10.02 John Pool *St. 12.02. 7*40 Homeward Bound tconUnuedl.. »J0 Exposure tSl. 1035 Nightcap^ 1130 

232 am .Vs Radio L Lifelines: Leisure and Recroatlon.’ 730 a Book at Bedtime. U45 The Hmudal 

t* a rvi 1 J TIKim and VHP ™ P»n 1: Dvorak, Stravinsky *6»; T25J12- j eWS ' 

RADIO 2 ® nd VHF B3s Drama now is>. a.45 Pnxns 78 ggc Radio London 

530 am News Summary 532 Richard ban -■ Siravtasky 1S1. 0.05 WW Do SOfim and 94X VHF 

Vjuxhan with The Earip Show iS», inriud- Pwrte »« Cow S* 3 ProtBs Js vni- 

in*: *35 Pause for Thonaht 732 Brian Part =: Debussy SLravmsky «Si- 10J» «0 am As Radio 3 -30 Rum Hoar. 

Matthew iSi Inchldla*: 837 Racine Bulle- fciW_ Bcmham S Bravr New BOMmI JfSSLelu?' fivi 

tin and 835 Pause for Thoocht. 1032 (talk by Podro Schwartz., 1035 The - 1 * 5nowca.« *33 Horae Run. *4B 

Jimmy Young <Si. 1245 Pm Wassoners' Bach Family <S». 1135 New*. UJ»4LH 7 ^' “ c £ 0 'olp £,C MD ^ma^LoudORm' 
Walk. 1230 Pe; f Murray s Open House Tonight's Schubert Sous ISL S&S R^rl 1B30 Late S 

.Si including 135 Soon* De*. 230 Radio 3 VHF ouly-0.OM.oo ami 535- .VMladto i ^ 

David Hamilton iSi Inctoduu 235 and 730 pm Open Unireraity. , ■« raoio - 

33S Soorn Disk. «J0 Wassoners 1 Walk. ^ ir . i > London Broadcasting 

d-45 Spans Desk. 430 Bill Prince <S) RADIO 4 T * , 61m and 97X VHF 

fcM 434m, KOm, 285m amJ^VHF 530 Momin K SS ibZ 
cuiMmuiLnirlrTOr. 7n5 030 am News BneBna. 640 Fannins nm newt, tntormsMon, travel, sport. 

UM. ™ wr - To±X7 - meludioi! 73t and 1830 Brian Haws Show- L00 pm LBC 
num Snorts Todar '* New *- 73a and 830 -News Reports. 330 George Gale's 3 o'clock 

Headlines. 835 Yesterday in ParUamenL caU. 430 LBC Reports tcocUnuusi. 8.00 
832 Frank ChacUaleld eondnea mo RRC ^ Ne a-3L 435 Local Ttaw. 935 The After Eight. 930 Nuamine. 130 am 


Radio 


<» ’.{f Life amf Tfmes nfthe S' S Extra 

Music Nlkht (Si. 935- CounooDwealih IILBS Let's Get This lLtiin< | i-'‘UJ0 . . , n_jj„ 

Games Snorts Desk. 1032 Games People DMW ^WCeTlLs MoraiL Sint^- 1130 Capital Radio 
"w. 1030 Let's Co Latm wUh Pm jg" BW&FT? $>%' ££■ IMre and 95X VHF 

and.SirOTOi. 1132 ahnooto TO beth Barren and Roburt Brow-nit* <Si. *30 am Graham Dene s Breakfast Show 

S?*!*” 1 'hjiKan indudin* 1230 News, ujo Table Talk. 1200 News. 1232 >51. 030 Tuny MvaU (Si. 1230 Dave 

ZJNKJH am New* Summary You and Yours. 1237 My Musk* 1S1. Cash tS>. 330 pm Peter Youns 1S1. 


ni rtm -» «« »■ <£• mron 3- VH1? lz - 55 Weather: programme news,- 130 730 London Today (S). 730 Adrian Love's 
RADIO 3 484m, Stereo Newt ija The Archery. Lfi w« 


Woman's Open- Line t5<. 030 Nlcfcv Horne's Your 

»35 am Weaiher. 730 News. 735 Hoar from Northern Ireland, induction Mother Wouldn't Like II 1 S 1 . 1130 Mike 
Overture iSj. 830 News. 835 Moraine 2.00-232 News. 235 Lteti-n with Mother- AIM'S Late Show iSi. 230 am Tan 
Concert (SI. 5.00 News. 935 Thu Week's 530 News. J3S Afternoun Thuaire- 430 Davidson's London Link lniernaUoiial (Si. 


I N 1 1 RTA I NMENT G V 1 1)1 


CC— These theatres accent certain credit 
cants Qv teiepnane or at the 80 a Otfttc. 

OPERA & BALLET 

COLISEUM. Creoit uru.i) 1-240 S2S0. 

Reservations 01-856 3161 

ENGLISH NATIONAL OPERA 
(Tontaht's pert. euiccKdO: Tomorrow A 
Wed. neat 7.30 Tne Manic Flute. 'Tue. 
& Thur. nett 7.30 La Boheme. 104 
Balcony seats available from £1-00 on 
oar or perl. IMPORTANT NOTICE New 
production of MenottTs The Cental 
replaces scheduled pert*, ol Carmen. For 
farther details ring 01-240 5250. Now 
Booking (or Sept. 


GLYNDEBOURNE FESTIVAL OPERA With 
the London Philharmonic Orchestra. Lost 
PerM. Tonight A Sun. at 5-30: The 
Rake's Progress. Tomer. A Mon. at S.30: 
Cosi ran rette. Possible returns only. 
Bos once Glyndeboume. Lewes. E. Sussex 
■0273 812411). N.B. The curtain tor 
Cost will rise at 5.30 sharp: There IS so 
possibility of admittance 'or late-come*. 


ROYAL FESTIVAL HALL. 920 3191. 
Allfl. 7 to 10. Ergs 7.30. Mat. Sat. 3. 
Greet Stars of world ballet in a 
GALA SEASON 
□ancinp at every pert. • 
MARGOT FONTEYN MAIN A GIELGUD. 
NATA IE MAKAROVA. YOKO MORO- 
SHTTO GALINA PANOV LYNN 
SEYM OCR and FERNANDO BUJONES 
STEPHEN JEFFERIES. JONATHAN 

KELLY. IVAN NAGY. VALERY PANOV. 
TETSUTARO SHIMIZU CORPS OE 

BALLET 

Details from Bov Office. 


THEATRES 

AOELPHI THEATRE. CC. 01-836 7611 
Eras. 7.30. Mats TTiurs. 3.0 and Sat. 43 
IRENE IRENE IRENE 

THE BEST MUSICAL 
of 1976. 1977 and 1978 
IRENE _ IRENE -RENE 


LONDONS BEST NIGHT OUT. 
COEDIT CAR S D B mX)KlNGS 036 7631. 


ALBERT. 036 3B7B. Credit card t*BS- 
856 1 071-3 from B30 am. Party rates 
Mon. Tues.. Wed. and Fri. 7.4» pm. 

Thur* and Sat. 4.30 and 8.00. 

A THOUSAND TIMES WELCOME IS 
LIONEL BART'S / 
OLIVIER :' 

-MIRACULOUS MUSICAL." FJh Times. 
With ROY HUDD and TQAN-" TURNER. 
“CONSIDER YORSELF LCK* - TO BE 
ABLE TO SEE IT AGAIN." Dull* Mlnmr. 


ALDWYCH. 836 6404. Info.- P36 5332 
Fully air conditioned. ROYAL SHAKE- 
SPEARE COMPANY. Tonight 730. To- 
mor. 2.0 and 7.30. Strfndberq's THE 
DANCE OF DEATH "emriues as a won- 
derful piece nf work." The Times. With 
sre-e Gom-h-s THE WOMEN PIRATES 
AWN BONNET AND MART READ 


inext oerf. 10 Aug). RSC also at THE 
tr Wl and »t the 


warehouse f«e under . _ 

Piccadilly Theatre In last 3 owfs. Peter 

Nichols' PRIVATES ON PARADE. 


A».""1ST r*«E. 4B5 6224. Lunchtimes 

“One off*' hy Bob Wllyon. Tues-Snt 
1 U am Suns 3.0 and 541 am. No 
shows on Mondlv 


ALVT'T F*1EE- 4 PS 6Z2A. Erenln{n <D« 

Vonneoult's "Fluver Plano.- Or James 

Saunders Tues. -Sat. 6.00 nm. No shows 
Mno«l»vs. 


AMBASSADORS. CC. 01036 1171 

Nightly »» 8.00. Matinees Tues. 2.45. 

Saturdays at 5 and 8 
PATRICK CAPnin *nrf TONY ANHOLT 
In SLEUTH 

The wru-M-Famous thHIler 

by ANTHONY SHAFFER 
■■Seeinq H%e ol»v again is In tact an 
urter and roiat Wy." Punrt,. seat prices 
£2.00 to £4 AO D hirer and Too-prlre 
seat £7 50 


APOLLO. 01-437 2ER3. Ereulnos 8 00. 
Mars. Thun 3.00 Sal. SO and 8 00. 
DONALD SINDIN 

' Actor of the rear." Evenlna Sundara 
"IS SUPERB." N 0 W 
SHUT YOUR BYES AND 
THINK OF ENGLAND 
" Wlrfce-flv funny.’’ Times 


THEATRES 


GREENWICH THEATRE. 01-656 7755. 
^VVIiLIAM DOUGLAS HOME'S 


Nowc “ '“r&rets 


THE EUITOR Rl 

Evenings 8.0. Sata. 6 and 0. 


HAYMARKET. 930 9832 Era*. 8.00. 

Wed. 2J0. Saturday 4.30 and 8.00 
PAUL SCOFIELD 
HARRY ANDREWS 
ELEANOR . TREVOR 

BRON PEACOCK 

and IRENE HANDLE In 
A FAMILY 

A new ota* by RONALD HARWOOD 
Directed by CASPER WREDE 
■■An admirable play, honest, well con- 
ceived. properly worked out. freshly and 
fittingly written, richly satisfying, Paul 
Scofield at ms best, -- B. Levin. & Times. 


HER 


. MAJESTY’S. CC. 01-930 6606. 

Eras. b.oo. Mats. wed., sat. 3 . 00 . 
JAMES EARL JONES . 


PAUL ROBESON 

’’Magnificent. " D. E*p ‘Spellbinding 


theatre.'' D. Mail "MaJra it a must/ 
Evening Standard. Limited Seuod. 


KING'S ROAD THEATRE. 352 740B. 

Mon. to Thur 9.0. Frl.. Sat 7.30. 9.30. 
THE ROCKY HORROR SHOW 

DON’T DREAM IT. SEE IT! 


LONDON PALLADIUM. CC. 01-437 7373 

NOW UNTIL AUGU5T 19 
Mon.. Tues.. Thors, and Fri. at 8. 
Wed. and 5at. 6 10 and 0.50. 

THE TWO RONNIES 
la a Spectacular Comedy Revue. 
Book now on hot tine 01-437 2055- 


L ON DON PALLADIUM. 01-437 7373. 

September^ 1 on* 

i- with 5 pec Mil Guest star 
JOEY HEATHERTON 


L ^^th PALLAm ^' One 1 Week ^ 


LENA MARTELL 


LYRIC THEATRE. 01-437 3686. Ev*. 8.0. 
Mat, Thurs. 3 . 0 . sat, S.o^ and 0OO. 

PLOWRIGHT FINLAY • 

1 FILUMENA 
by Eduardo de Ftlltwo 


DlrecUd ny FRANCO ZEFTIRELLI 
’’TOTAL TRIUMPH." E*. News. - AN 
EVENT TO TREASURE." D Mir. - MAY 


IT FILL THE LYRIC FOR A HUNDRED 
YEARS." Sunday limes. • 


MAYFAIR. 629 3036. Atr cond. Evs. 8 
Sat 5.80 and B.3P. Wed Mai. 3.00. 
WELSH- NATIONAL THEATRE CO. 
DYLAN THOMAS’S 
UNDER MILK WOOD 


MERMAID. 243 7656. Restaurant 246 
2035. Evenings 7 JO and 9.1 S. 

■VERY GOOD BOY 
. DESERVES FAVOUR 

acTore and orchestra by TOM 
STOPPARD & ANDRE PRrVIN Seats £4. 
£3 and £2. ’’NO ONE WHO LOVES 
THE ENGLISH LANGUAGE AND THE 

HIGHEST COMIC-ART 1 CAN POSStB/V 

MISS THIS PLAY." s. Thm/»At list 
“"S. brilliant and serfaut 
political play” Clive Barnes. NY Post 
Run Ertended to Sent. 30. 


THEATRES 


REGENT. CC. fOxld. Ore. Tutwi. 01-637 
9662-3 THE GREAT AMERICAN BACK- 
STAGE MUSICAL. Eves. 8.30 p.m. Thurv 
and SaL 7 d m. and 9 p.m. 


ROYAL COURT. 730 1745. ; Air Chad. 


Eras. 8. Sat 5 & 8.30 World premiert 
with Ant 


ECLIPSE ■ by Leigh Jackson _ 

Bell. Peter Bowies. James Cohjm, 
Leonard Fenton and PAUL ROGERS. . 


ROYALTY. Credit Cards. 01-405 8004. 
Monday -Thursday E cnlngs, S 00. FrHMr 


3.30 and Bias. Sato roars 5.00 and g.oa. 
London critics rate BILLY 


... DANIELS m 

BUBBLING BROWN SUGAR 
Best Musical ol 1977. 

Bookings accepted. Malar credit caul* 


SADLER'S WELLS THEATRE, RtBCOcrv 
Ave.. E.C.1. 837 1672. Until Aug. 26. 
Evas. 7.30. Mats. Sar. 2.30 , .. . 

MARCEL MARCEAU 
“ Magic . ■ This supreme mime ol our 
THnc." Evening News. . 


5AVDY THEATRE. 01-836 0800. 

Cr. Caras 734 4772. _ Tom Conti In 
WHOSE LIFE IS IT ANYWAYf 


with JANE ASHER 
A MOMENTOUS PCi 


... PLAY. I URGE YOU 

to SEE IT." Gdn. . 

Eras, at B.00 Fri. 6 SaL 5.45 6 8.45. 


SHAFTESBURY. CC. 01-B36 6596. 
Shaftesbury Ave. IHigh Hoffmro cm) 
FANTASTIC ’ 

GODSPElL - 

■‘BURSTING WITH ENJOYMENT." D. Tel 
Prices £2 U. £5. Best scots £2.50 ly-ltr. 


Before show at Box Office. Ext rot 2nd 
pert. Fri. & Sat Mon. -Thurs. 


am* SaL S.SC- ind 8.30. 


8-1 S. Fn. 


4(P 


STRAND. 01-836 2660. Ewninos 0 . 00 . 
Mat. Thurs. 3.00. 5M. 3.30 and 8Jtt 
NO SEX PLEASE— 


WE’RE BRITISH 
iREATI 


THE WOR. D - 5 GREATEST 
UGHTER MAKER. 


LAUGH! _ 

GOOD SEATS UVOD-'CI. 00. 


ST. MARTIN’S. CC 83ET 1443. Evs.- 8.00. 
Matinees Tires. 245. Saturdays 5 and 0. 
AGATHA CHRISTIE'S 


THE MOUSETRAP 
WORLD'S i 


LONGEST-EVER RUN 
26th YEAR 


TALK OF THE TOWN. CC 734 S05t. 
8.00 Dining. Dancing (Bars open 7.151. 


Dining. Dancing (Bars open 
9 30 Super Revue 
RAZZLE DAZZLE 
and at 11 om • • 
LOS REALS DEL PARAGUAY 


NATIONAL THEATRE. 92B 22S2. 

OLIVIKR flppew stage]: Ton't ft Tomor. 
Z. 30 2?*j5r - *?«■'■ ™S WOMAN new 
Play bv Edward Bond. 

LYTEITOW (proscenium ttagei: Ton'r 
745 Tomor. 3 4 7.48 BEDROOM 

f arc e by Alan Ayckbourn. 

COTTESLOE Ismail artdlmrlumi- Prom, 
season. tram Tues- THE PASSION.- Many 

evreilent cheap seats all 3 theatres dav 

ol perf. Car oark. Rnstanrsmt 928 2033. 

Credit card bkgs. 928 3052. 


ARTS THEATRE. 01-636 2132. 

TDM CTDPPAPO'S 
DIRTY UNeN 

“Hilarious . see It.” Sunday Times 
Mondav T3 Thursday 8.30. Friday and 
' Saturday al 7.00 and 9 IS. 


A4TORIA THEATRE. CC- Charing Crass 
®«J. 01-734 4291. Mon.-Thm B o.m. 
Fri. and Sar. 6-00 and 8.45 (BuBet 
food ovaKablaT 
, . ELVIS 

Infertlous. aoonalino. foot sreraolnq ana 
heart •Hlttmolna.'* Observer Seats £2.00- 
£6 Od Hair- hour botora show best avail- 
able seats £3.00. Mon -Thurs- and Frl. 

6 PJn. oerl. only. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


CAMBRIDGE. CC 036 6056 Mon to 
Than 8.00. Friday. Saturdays 5 AS and 
83 D 

I PI TOMB I 

Exrltino BJart African Muslral 

“ Park Aril Biiih v iriM u hk. ait. 


Parked with variety." Dfy. Mirror. 

yfc 00 


Sear urlrcc C2.00 _ 

THIRD GREAT YEAR 
Dinner and tno-prlcu seat £8 75 hie. 


CHICHESTER. 0243 81312. 

Tonight. Aug 5. 7 amt 9 at T OO 
THE ASPYRN PAPERS 
Aug. S ai 2 - 0 0 . A ug. 8 at 7.00 
LOOK AFTER LULU 


COMEDY. 01.930 2578. 

Eras. Mon .-Frl 8.00. SaL 5.00 and 8.30. 
Mat. Thor. 3410 
EDWARD WOODWARD. 
BARBARA IEFFO»D In 
THE OARK HORSE 
with STACY CORNING and 
PETER WOODWARD 

A cracking New Wn bv Rosemary Anno 
Sisson. 


CRITERION 930 3216. CC BIG 1071-3. 
Eras. B. Sal*. 5 JO. 8 *0. Thurs. 3.00. 
NOW IN ITS SECOND YEAR 
LESLIE PHILtIBS 
!» SIX OF ONE 

A HALF DOZEN LAUGHS A MINUTE 
SECOND HILARIOUS YEAR 
'■ VERY FUNNY." Sun Tel. 


DRURY LANE. 01-B36 8108. Mon. to 
Sa’. 8 00. Matineot Wed. and Sat 3.00. 
A CHORUS LINE 


“ A rare devastating, loratn. anon (shim; 
stunner." S. Times. 3rd GREAT year. 


OLD VIC- 926 7616 

PROSPECT AT THE OLD VIC 
Jane - Scot, season 
- TWELFTH MIGHT 
Eileen Atkins ** a superb Viola." Times. 
Robert -fiddlson “ brilliant Fcsta." Gdn. 
Today 7 JO Sat. 2.30 & 7 , 3 ( 3 . 

THE LADY'S NOT FOR BURNING 
Derek Jacob! "easy & virile authority-" 
Standards Eileen Atkins -riveting 
physical- fluidity. Financial Times, 
"a gem of a performance from Robert 
Eddlson . ■ ■ Michael Denison. John 
Savfdent 6 Brenda Bruce scoop up the 
laughs.”.- Guardian. Returns Aug. 11. 

Derek Jarobl as IVANOV 
Previews from August 16th. 


THEATRE UPSTAIRS.. . .’730 -2S5*. 

Loaf week. Evenings 7.30 nm 
IRISH EYES AND ENGLISH TEARS 
by Nigel Baldwin. 


VAUDEVILLE. 836 990B. CC. Ere. 8.00. 

MetTues. 2.45. Sat 5 and 8. 

Dinah SHERIDAN DulcTe GRAY 

A MURDER IS ANNOUNCED 
The newest whodunnit by Agatha Christie. 
" Re-enter Agatha Christie with another 
wnodunnlr hT Agatha Christie IS sulk- 
ing the West End yet again with another 
o> . b»t Aendtshly Ingenious murder 
mysteries." Frl he Barker. Erenlna News 

AIR-CONDITIONED THEATRE 


VICTORIA PALACE. 

828 4735 6. 834 1317 
STRATFORD IOHNS 
5HEILA HANCOCK 

ANNIE J 

Eras. 7 JO. Mots. Wed. and Sat. 245. 


WAREHOUSE. Donmar Theatre. Covent 
Garden 836 6B08. Royal Shakesoeore 
Company Ton't, 8.00. Peter Fiaunerv* 
SAVAGE AMUSEMENT ’’ an ewrottonal. 
oiavw'itlng- debut." T. Tunm. All lea tv 1 
£1.80. Any. Bkns. AJdwych. Student 
Standby Cl. 


OPEN AfR. RegeirTs Park. Tel. 486 2431. 

MIDSUMMER NIGHT’ DREAM 
Tonight and Tomorrow T 45 wttn RUlw 
IENSKA. IAN TALBOT. ELIZABETH 
E5TENSEN. DAVID WESTON. Shaw’S 
MAN OF DESTINY AND DARK LADV 
OF THE SONNETS 
Sat. Mat. 2.30. Peter Whitbread 
EXIT BURBAGE 
Lunchtime Today 1.15. 


PALACE. CC. 01-4 37 6834. 

Mon, -Thurs. 8.0. Frl. and Sat. S and 840 
JBSU5 CHRIST SUPERSTAR 
by Tim Rfce and Andrew Uavd-WeMter. 


PHOENIX. 01-836 2294 E*enMfts at 8:1 5. 

Fri IT v and Saturday 6 00 and 840. 
“TIM BROOKE TAYLOR. GRAEME 
GARDEN make as lauah.” 0. Mall. 

THE UNVARNISHED TRUTH 
The Hit • Comedy by ROYCE BYTON. 
"LAUGH. .WHY I THOUGHT I WOULD 
HAVE DIED*’ Sandsw Times. " SHEER 
OE'IGHT." Et. Stand ini. -■ GLORIOUS 
CONTINUOUS LAUGHTER." Times. 


Pif-I-ADII LY 437 4SOK Credit raid bkgs. 

836 1071-3. 830 .141.-030 Am. 

LAST 3 PEBFSt TonigM 7.30 Tomorrow 
4.30 1 0.0. 

Royal Sbakereeare Company In 
THE OUTRAGEOUS ADULT COMEDY 
It* Peter Niraats 
PRIVATT* ON PARADE 
BEST.-OOMEDY OF THE YEAR 
Ee. SM. Award and SWET Award 


PICrADILLV. . 457 4306. 

Crodlr raids from 8.30 a.m. ffss 1D71. 
Mon.-Thur. . 8. Frl. -Sat 5 and 8.13. 


Soedol Seascn .lrpm Au^_9_ f ISIIH jit 7[ 


DUCHESS 036 8243 Mon. to Thurs. 
Evening* 8.00. Fri.. Sar. 6.15 and 9 00 
OH! CALCUTTA! 

•■The nud'ry M stunning." Dally Tel. 
9th Sensational Yaar 


DUKE OP YORK’S. 01-836 9122. 

Evenings 8.00 Mils. Wod_ Sat 3.00. 
Limited Seaton. Mutt end August 26 
JOHN GIELGUD 
In Julia Mtirhell’a 

HALF- LI PS 

6 NATIONAL THEATRE PRODUCTION 
Brilliantly witty .. no One should 
miss is" Hirou Hcbson (Drjmu. Intutn 
credit cud reservations. Dinner and Top 
price least £7.00. 


FORTUNE. 838 2238. Ere. 8.00 Thur*. 3. 
Sat. S.OO and 8,00. 

Muriel Povlaw u MISS marple in 
AGATHA CNRISTIE.T 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR, 


GARRICK THEATRE. CC. 01-836 4601. 
Eras. 8 15. Wed 3.0. SaL S.30. SSfL 
TIMOTHY WEST. GEMMA JONES. 
MICHAEL KITCHEN 
In HAROLD PINTER’S 
. THE HOMECOMING 
"BRILLIANT — A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION." D. Tel 
“AN INEXHAUSTIBLY RICH WORK.’* 
Gdn. "NOT TO BE MISSED.- Tima. 


GLOBE THEATRE. 01-437 1592 

Eves. 8.1 5. Wed. 3.0. Sat. 60 040 
paul 

^ A WWTJ3Bk comaw 

"Pirs must be the haomest launmer- 
makcr in London/' T Tel -Ah irroSrSiMy 
enjoyable evening." Sunday Tlmra. T 


"SPECTACULAR PERFORMANCES 
SYLVIA MILE5. SHEILA GISH 
. . . FROM EVPRY MEMBER OF THE 
COMPANY." Gdn. 

TENNESSEE WILLIAMS’ 

_ VI E U X C A R R c 
(The " OW . Quarter •' ol Now Orleans) 
Far those who dellaht In the Continued 
newer gf this oreat wrlmr . . . showing 
off his marvellous comic gift." Times 


WHITEHALL. 01-530 6692.7765. 

Eras. g.30. Frl. and Sat. 6.4S and 9 00. 
Paul Raymond presents the. Sensational 
Sri Revue of th» century 
DEEP THROAT 
6tb GREAT YEAR 


WINDMILL THEATRE. CC 01-437 6312: 
Twlre NlotiHv 8.00 and 10.00. - 
Sundry, 6.00 nnd 8.00 
PAUL RAYMOND OrOMnts 
„ RIP OFF ' _ 

THE EROTIC EVPERIENCC OF THE ’ 
MODERN ERA t t 

Takes to unprecedented limits what IS 
permissible on <t stun*.’ 1 Era- New*-- 
3rd GREAT -YEAR 


WYNDHAM'S. 01-836 3028. Credit Card 
Bkgs. 836 1071-3 from 8 30 am. Mon- 
TTiur. B.00. Frl and Sat. 5.15 and 8.30.. 
„ ENORMOUSLY RICH 
VERY FUNNY," Evening News. 

Mary O' Malloy's vnurch-htt comedy 
„ ^ ONCE A CATHOLIC 

Supreme conWy go cent and rellgiOA. 

. Dally Tafegraoh .. . 

MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. 


CINEMAS 


ABC 1 * a SHAFTESBURY AVE. 636 8861 
Sep. Peris. ALL SEATS BK8LE. 

Il 2001: A SPACE ODYSSEY (U) 70nun . 
him. Wk. A Son.: 2 35. 7.55. Late show 
Tonight A SaL 11.05. 

2: THE SWARM <A>. Wk. & Sun.’ 22HL .. 
5.15. 8.15. Late Show Sat. H;15. 


CAMDEN PLAZA. _(oop. Camden.. T^jg 


Tube). 4SS 2443. Tavlam’s ALLONSAF 
PAN jaw. :Bv the director of PADFE 
PADRONE.) 4.45 E 50. 9.00. Final «*- 
Mutt end 9 Aug. 


PRINO 1 EDWARD. CC. Mormerlv Casino) 
01-437 0877. Performance^ nil* werfr 
Eras. 8.0. Mot. Thur. 34). SaL 34). Mg 
, NOTE CHANGE OF SAT PERFS. 
From $eot . 2. Sat*. 3D0 and 8.00 
EVfTA 

hr Tim Rice had An*ir*w Ut»U Webber. 
Directed by Harold Prince 


PR'NI-e of WALES CC. 01-9*0 8681. 
Graninas 0.0 Safli'davt 5 30 and 8.A5. 
THE HILARIOUS 

BROADWAY COMEDY MUSICAL 
1 LOVE MY WIFE 
starring ROBIN A5KWITH 
Dirtied bY GFNE SAKS. 

CREDIT CARD BOOKINGS 930 084B 
QUEEN’S THEATRE. CC. 01-734 1160. 
Fretting* H.OjO. Sar S.OO and 8.30. 

ANTHONY OUAYLE ■ ' ' 

FAITH BRQ?«_ MICHAEL ALDRIDGE 


and RACH6I- KFMPS^N 


In ALAN BENNE1 . _ 
THE OLD COUNTRY 
BEST PLAY. QF THE YEAR 


Flaw and" Ptarar* London Criilcn Award 

I bf Cm 


Directed 


. » CLIFTORD WILU AMS 

LAST WEEK,. 


MUST END SAT. 


QUEEN'S. CC.m-7ta 1 1 *6. Prevs. 
from August ,1«. Ooenj Aogim zs. 

»OY DOT. ICE 

RICIARO VE.NON ■ "** 

THE PASSI ON OF-DRACULA 


RAYMOND REYUEBAR. CC. 01-734 1503. 
At 7 o.m., 9 Ml.. 11 o.ih. Ogeng Sum. 
PAUL Raymond oretem* 


THE' FESTIVAL 0F EROTICA 

Fuiljr air. — 


.'utljr iiTKontii Honed 
21st «HSAr- 


LTIONAL YEAR 


CLASSIC 1. 2. X. A. Oxford Street 
Tottenham Court Rd. Tube). 636 0310. 
U and A progs- Children half-price- 
plwey’j HERBIE GOES TO 
MONTE CAR L ° {U>. Props. 1.30. 340- 
5-55. 0.05 Late show EMMANUEUJE 2 
<X) 11 pm. 

2. Doug McClure WARLORDS OF 
ATLANTIS t A). Proos: 1.10. 3.30. 5 55- 
E -20. Larr show TEXAS CHAIN SAW 
MASSACRE OC-GLC). 11 pm. 
f.™! LAST I WALTZ fU). Progs. 1J0. 
3.45. 6.10. 8 35. Late show fl pm. 

J; DAY’S IN LONDON >AJ. ArefcL 
ptafogro. Prog*. 2.00. 4.10. 6J5. 8.3a-. 
Late , show 10^5 pm. 


atm!.. Cm street: W.T. JOB 3737. 
'jrlfyA.r Conditioned!. DERSU UZALA 
JV> J" JO mm (English sub-tines). , * 
**?"** KUROSAWA MASTER 
PIECE Times ’• MASTER WORK " On- 
MASTERPIECE." Era. Neiri- 
5 u ' n « 2-° S .45 and BiO. SundivS « 

#-0 i(m 7-0 


HtSL® SQUARE THEATRE. 930 5252 
Richard Burign Rocwr Moore rikhard 
7-^Sm KTUler in THE WILD 

nine AA * 5,0 oreg» Wkj, 1.00, i 30. 


-- nrrqj VVKS. i.ag, a 

3 30 -, 7 - 4S - La *e chaws Fri. A 
J, y pm. Seats may be booked >" 

222J“c./P r - 8 - T0 Pipo Mon.-Frf. and all 

prooa sat & S on. Excl. late nloht sn ows; 

< mSS&A ei IP?jj K 5WIARK- 030 6111 

- ^ VT NIIE O F THE PINK PANTHER (AL 
rfW 5 - Dly Doers • open lit hh> 
■ XjSj. <*21 - to E«0. prog. 7.4 B- 
ir t ^e- 0l S.' ’i?!" TfWc.-Sat. doom o~^ 
IfflJF nro. Ail watt bfchie. at the box 
om^e or py pect 


Y ^ ET. 9S0 2738-2771. 

■ y*»— 8 Rodorave to a Fred , 
SHOWS' 1 . * ,m MUA'fAi. «ro. oropl- 
3 L»T_*W Sun.) S.4S. 8.45. Fnatirt 
SAt , Jl or . Sun.) 6.00. 9.00, AH 
WB Mtbfe at iheetre. 


QOEOW MARRI.E AP* 1 *^ W. 2- 733 2Q1T-2 
SISS 2 OfTOUNTERS . OF THE THIRD 


SVJIP i A JL Sra- WO« Dly. Dpor, own. 
1-OS. 4.15 7.45 Late «mw Frl. 8< 5"t- 
Op-n 11.15 pm.- All srats bhhle. 


PRINCE CHARLES. Loic. So. 437 BIST. 
MEL BROOKS 

_ _ . HIWI ANXIETY (Al 

seo. Ports. Dig. line. Sun.t 2.45. 6.1S. 
2iS£; 1-t e. Shcw Fri. a SaL 11 AS. 5wD- 
OKlI*. LKOMCd Bor, • 





\ 




Financial ; Tirn^s Friday' August ; 4 \ 1978. 

Cinema ' ' r " V ij:< l - . . ■'.• " - : ./ ' - 


Now you has jazz 


by GEOFF BROWN 


Sven Kluns’g Cdmbo (AA) Seal? 
Toe On« *nd Only i A) r Flaw 
Anthony Mann Seaaojn, 

■ National Vilai Theatre? 
The Last Wave (AA) . Cixtecenla. 

Studio Oxford Street^ Screen 

Last week, Martin- Scoicese 
showed us The Band In The Last 
waltz; this, week -the. Swedish 
di rector Stellan Olsson shows us 
■S'ren Klang’s - Combo; . Never 
heard of them?. ThaVs riot -sur-. 
prisiag. for thei’re -i' 'Betidous 
jiruup who flourished, :if that is 
ihe word, playing the -cWiSUesf 
)ȣ/. imaginable at iocat dances 
and weddings in the late 5ps. 
Olsson V film a Wot them is dis- 
armingly modt^ ^never pushing 
; the subject matte; ^further. than 
’t will go) -and disarmingly shot 
in black-and-white. : if hardly the 
moat exciting new fitm‘ ' In 
. London, it is certuinljTainuhg the 
most pleasant and intelligent 
Sven Klang (played by Anders 
^vansirSm) is a car salesman 
by trade fthc .group .Is . seihi- 
professional). wiw>ci)tnbsihis 
hair, in passing ; windows. ,.ihd 
plucks on his bass "with a . self- 
satisfied smirk .as be_, gives j|ii£ 
undemanding audiences “Sngur" 
in ihe Morning” -and similar 
numbers in arangements which; 
wouldn't . . disturb: . a tea-shop. 
Supporting him is..' a. pianist. 
Rolf, a maths stu den is -at!, high, 
school. . Gunnel the -vocalist J-a 
telephone opera tor); - ' and- drum- 
mer Ken net. a garage r - hand: . 
posters actually bill. : thezo as a 
quintet,- but a clarinetist Went-to 
sea after they were prin ted. 

.. Their cosy routine' is broken 
r, ‘ by the arrival of alto saxo- 
phonist Lars . (Chnater: JBou- 
stedti, .for. .whom _jazs-iw- more 
£ than a hobby or a Source, of 
extra cash, as the sounds he. blow 
C testifies. He has, beard Und 
2 digested Charlie ’-Parker; he 
plays with eyes' cfosed, feeling 
every riote.'-Xars tries ttr intro- 
duce syncopation - io : - vary . the 
plodding- ‘beat £^Ii. doesnT. 
say so here! ” says 'Sven, 
studying the score); --after the 
others have -finished with “Over - 
Ihe Rainbow.” he .plays' a ■ wild 
solo accompanied hyi. nervous 
smiles and adjustments, of ties." 
However, it's obvious That ' the 
band will never break: through 
1 o belter things: Sven's hold 
over the others is too -ureal,. not- 
only in musical matters (Gunnel 
has a child by him). Lars leaves 
for Copenht^en. finds out that 
‘‘all Danes like Dixie”; In a. ; 
mood of acrimony-;. -and 'dis- 
illusionment the comba falls 
apart. 1 . 

Jazz fanatics have !had good, 
reason to treat most films about, 
their passion with -a.4righ-degree 
of cynicism and abuse; how. many 
•‘lirscs. one wonders; were 
hurled ai the Red Nichols"", bim 
gra phy. The Five ’Pennies, ent 
television on Sunday? But Sven 
K lung's Combo, which originated 
as a play devised for the masifi*-: 
theatre group Oktoher^-scrupur - 
imisly avoids the usual faults 
and never ' fall* Into ftlfws; 

reality. By surrounding. 

while-hot jara^wlth.Sven's cloyihg 
.••ounds, and aUowing the various 
numbers to flourish -naturally 
within Ihe fl Ira V framework. 
Olsson ensures that; the' music’s 


films of Jng the warring strands of their 
currently own personalities. In the 


'***& -.spirit.- M uk through only find work in wrestling sombre. penetralia. 

' *rh .s u* • y i, i aA bouts. His billing for these Anthony ‘ Mann 

ls - 3 nw.2” Jts y* nes: in one lowo }je is- “Adolf featured in great number at the grimttesl of the set, Man of the 
®®J?pbToiK ;• smail.-town selling Rimer" (equipped, with -Nazi- National Film .Theatre. His West i August 21 ). he is replaced 
and: period flavour^ Even the armband. MiLler moustache and career streicfaes from some b$ Gary Cooper, whose less 
director s - style nas - its aau- a helmet essential for knocking humdrum malarkey in tbe early flexible character amply serves 
-quartan aspects ' jin ; particular out his opponents)': Fn_Madisnn 40s. th much taut thrillers. tauter this extraordinary work. 

% v |p™caf ,n [he Square Gardens he is ■ “The Westerns , in the 50s and fMelll- Cooper, out to buy a school- 

eaiirasj, eui tnere-is little suffo- Lover.” defianily gay with , pink gent epics in the 60s. ending teacher for his community, seeks 
catmg bric-a-brac: the tame and lights and ringlets. with A Dandy in Aspic (1968). a to dear himself ol his own out- 

ampience are captured instead What with the rich potential sad spy film which almost seems ia w P**L Personified by the 
by the people .always 1)t the back- of its situations and annexed- se t in aspic itself and was com- ancient bandit played by Lee J. 
g ? OU ?£.'“ J r ie faces. who appear lenr supporting, cast (Gene Saks piered after his death by its star Cobb, who staggers unhinged 
av the dance;. ^nmnmnediy as the Foul-mouthed Jkwing- pro- Laurence Ha rvev. But all told f ound lhe Cinemascope frame 
happy or iugubrJo.ii« the eager moter Sidney Seltzer, William jt‘s a bodv of work which richlv accompanied by a gaggle of sub- 
ey.es of .a ladrwatchrag through Daniels as the mealy-mouthed deserves- 'dose attention and servient “sons." The presence of 
the- shop- window as Rennet tries father-in-law), it Is particularly re Boec » the stately Julie London, 

out an electne guitar — under disconcerting to see the film »s u .’ * coiffured and made up for some- 

Svens ..-amiljiig -.auspices, of droop as it does two thirds of the „ “ ! " m frora " 1S earl,est m t hing like Three Coins in a 
course. way through. After much lunatic Hollywood's lowest reaches, fountain, adds to the film’s 

lf .. . comedy. The One aiui On/jj Mann was able to carve out his strangeness, if not to Us power, 

juore^p^earant yjewipf is avail- swerves into the path trodden by own personal territory. The Providing one can stand the often 

‘ ' ’icy temperature or tbe films, this 

NFT season should be most re- 
warding. 

* 

It has been a week for echoing 
the previous week's new releases. 
After The Lam Waltz comes The 
[Ml ‘Wm*— the wet ones, that is. 
not tbe human kind. The director 
is the. Australian Peter Weir, 
feted- ; after The Cars that Ate 
Paris, less so after Picnic at 
Hanging Rock. This latest work 
sadly, does little to disprove tbe 
old. xaw about the power or 
critical success and bigger 
budgets to spoil potential talent. 
The Last Wave is pretty to look 
at and awful to think about, 
though it tries desperately to be 
an. enigmatic blghbrowed Sim of 
the supernatural, on tbe lines or 
The Shout. 


Comedy 



13 


The Dark Horse 


by B. A. YOUNG 



lawyer (Richard Chamber-lain) 
takes -on the case, becoming 
obsessed with aboriginal magic 
and lore after various bad dreams 
and odd experiences. Predictably, 
the experiences get odder still. 


L - The. film certainly starts out 
t;-. 1 jntrigiiiDgly, wiih Weir skilfully 


Chris ter Bomtedt in ’Sven Wang's- Combo ' 


showing the onset of the freak 
weather: hailstones hurtle 



ffappjf Dawfe- who stars r:al security 

as a hopeFul = acttfr-rstrugglmg family lire. tense, showing tonight). rain" ^ "iheri 

along in the - ’50s, '©gain) with The division between ihe two madedl (not quite up to its ex- things go irriiatinely haywire 
bis outsize ego ahdi'.fWJng wire characters was ceriainly merit- clamation mark, also showing Chamberlain is not. let us say 
(Kin* Darby) for cointtapy. . The able: as Seltzer puts U. Schmidt's ton i gbu. Reipn of Terror (to be the. most expressive of aclnrs’ 
filtri-. -brightly- writwii^ and cn- wife would pula lam psbade on a seen on Monday — the French there is often only a slight 
produced by Bteve^iraon. is | am p. while Schmidt would put Revolution presented in con- wildness around the eyes to 
directed by Carl R«H»r. who one on his hOad. But the division temporary thriller style). Der ! t'x indicate that he is experiencing 
knows all about the-lgnAcies of .j aeK f ur iher than the script Doonoag. Mo froth anywhere, anything unusual, or indeed any- 
show, ousiness' Trqjg^is own surely intended'. -.'When ' Kim Thonsh the scripts from this thing at all. But other people 
days ay a comedy writ^ofpr tele- narby grandly emotes as a period have inadequacies. Mann niake more than ample amends, 
vision and a performajp comic frustrated mother. Winkler can never fails in the stretches of Charles Wain's music track soon 

offer no strong ■ feelings to starkly photographed violent gives itself over to noises which 
^or was con niprbalant'e her— as an actor action. Occasionally whole films suggest a pis let loose in an 
cop. he can only onerate within the —like The Tall Taraet (August electronics' sludio- And the 
peful Mm'ls of genial ’fooling. . As for 10). a period drama with script falls over backwards lo 
. H lie’s Car) Reiner himself, on this Abraham Lincoln as an assassin's make sense of Ihe film's 
inn. as showing he seems the kind of target on a train — seem, con- mysteries: we hear much 
lines, person who would put a Unto- ccived as weird exercises in stylo, learned talk aboul aboriginal 
midi shude on a lamp hut fix it unsirie But Mann's tendency towards laws, their sacred objects. Iheir 


with Mei Brnoks. - if 

His. first film as a fli 
Enter- Laughing, «, 
ceroed another , vow 
who erroneously . reaii 
stage direction at ao : 
though it were pmrpP. 
One could imagine Andy 


ly-ruiv ‘the- -Winkler. charai^ejT* ’doing down: |M caution in h«s aonroirh violence and a spare kind of Iwo streams of “real time” and 
Lar? : exactly, the sanm thfntsinly here makes the; film a 1lt*»** «oft ^nd SQlhjc horror reached its most " dre ? m lime ” with which they 
loving It would be deliherateT fteX** «”k- v«t it s still a recommend- avnn 6^ nr , ir, »kI are, uniquely in contact. AH of 


kouw be denwrattf jrnr* ne\ ‘‘'"’’ k- ^ 

a determmed furfster ; wbo vbie delight 
wls h«s fnnovhoy tojjmfv've \ 
crazy and- hurfilmtine situ, . velight is 


is 

needs 
the 

atioits which foil 


na <ur»l expression in 'h= ,. hi ch may very well 6e true, bul 
* westerns of the aOs. wnh -lames j n Weir’s hands everything 

hardly a word one Stewart playing a series of becomes boloney, with artistic 
when he can wohld immediately apply to ihe solitary heroes inwardly fight- trimmings. 


Round House 


Bartholomew Fair 

by M 1 C HAEL.^OVENEY 


I got wad in my riioei ant^a 
sure backside at BafthoJonUW 
i'twr last tugh.1. In the interests 
m* fairground rcalism^dnson 
look h is -Spraw'ims. comedy in. to. 
the Hope, a renowned bear- 
baiting theatre. .la.the-irislucfeon, 
L-ut by Peter .Barnes in his 
>treamlined adaptation. Jh* 
Scrivener declares' the' Hope .to 
lie “ as dirty as Smitbfield;- and 
a* Minkins every , whit** "We 
could be back there:’ -by. tbe 
entrance, there are two Jarge, 
smelly pigs. ' Stalls r seyRbg -Ws- 
ruils. fruit soft drinks and 
even London PaJIadliim T-^hlrta. 
Milrt the, central, area, excitingly 
iransfonhed bv Robin. Don- and 
Tanva McCallip into 'a circus of 
-ideshnws, with srpat 'long Tim- 
bers for seats and a fiobrshow of 
ponies, hens,' Puppeteers” and 
Morris dancers. 

Then the play ; begins, and- 1 
am afraid -that air this wrap: 
around build-up is jettisoned tiii 
» straightforward and, not ter- 
ribly inspired production. -. iThis, 
of course, is the dlffleuity with 
the play. . the reconciliation, of. 
a imosphdric .- .effects' ■ with . clear 
na rra tive^ exposi ti oh.. There jarc 
two major pcrTormaotceSii- by.; 
Peter Baylis ■ as ihe ■‘disguised 
Justice Uverdb. tjenl bh^expen- 
encing-at first hflnd the^yUBjhe 
deals with in caurK-srnd: by 
Rowland Davies' as a. sonorous 
Zcal-of-the-Land Busy; - tin leash- 
ing • vhi s~ absurd. . -ptfritanical 


Stephen Joseph, Scarborough 


Travelling Hopefully 

by ANTHONY GU'RTIS ." 


\ 


A good theme for a play, the 
succession of King Henry VII; 
apart from a transient appear 
ance in Richard III. be has never 
as far as 1 know had a play 
! written about him. and he was 
j a monarch of some importance. 
I the founder of the Tudor 
dynasty. Moreover, there is 
romance to be extracted from his 
return out of exile to defeat 
Richard in the field. 

Romance is what Rosemary 
Anne Sisson is after, and she 
gives it us in spades. The real 
hero of her piece is Henry's 
Uncle Jasper, son of the Welsh 
soldier Owen Tudor and. en 
secondes notes. Katherine de 
Valois, Henry Vs Kate. Jasper 
•e thp firrt nprson w«* meet: in the 
person of Edward Woodward he 
strolls on to the stage, where the 
resultant burst of applause gives 
him a cue to observe “ You know 
who 1 am.” He then explains 
who he is and what the situation 
Is about tbe English throne. A 
tough but friendly old Welsh- 
man, be seems, though we learn 
later that he can get verv angry 
when the moment provokes him. 

Jasper and his young neohew. 
In real life his son Peter Wood- 
ward but in history Henry Tudor, 
Earl of Richmond, are in exile 
in Brittany, living from hand to 
mouth with the dodsv help of 
their crack-brained Welsh ser 
vant Morgan Llewellyn, who i? 
played with such humorous 
charm bv Tony Hay earth thai 
the emptiness of the part is con- 
cealed. Rul well, now I've come 
to the pnint where 1 have to say 
it— emptiness is the play’s 
principal characteristic The tale 
of Henry’s two assaults on tbe 
coast, his defeat of Richard at 
Bosworth. his difficulty in settlin'* 
down as a king, is reduced to 
paner-back romance. 

Nevertheless the strength of 
the story shows through now and 
then, though T found it hard to 
take anything very seriously.- 
Miss Sisson's best work is in the 
delineation of the young king 
after his. succession, when he 
becomes tbe prisoner of his 
conscience — “ the King nf ex- 
pediency.” n« his uncle calls him. 

I couldn’t be'ie v e in hi*! sudden 
conversion from layabout to 
rovalty when the prospect of his 
seizing Ihe crown is first mooted; 
but later, when he feels com- 
pelled to do all sorts of things 
that offend his friends because 



Peter Woodward and Edward Woodward 


lird (tiirx 


they seem to him right, he turns 
into a more interesting figure. 

This is more than 1 can say 
of any of the others, even Uncle 
Jasper: and this is the more 
remarkable because the casting 
is very strong, with names like 
Barbara Jeffnrd. Peter Cellier. 
Murray Melvin. Michael Barring- 
ton adorning the programme. 
The style might lie described as 
watered-down Robert BoD. bur 
there is something hollow about 
the talk that deprives it nf 
dramatic value. Clichds abound: 
the jokes sound as if they might 


have heen heard un Radio t. 
M argil m Beau fori. Henry's 
mother (Miss Jeffordi announces: 
“If l were asked in make an 
oration in praise of him. I 
should find it very diilii-ult.’’ and 
then launches mlu an oration 
several minute* lung. The whole 
thing neesls some very strict 
editing by a despotic pluy- 
doclnr. 

Val May is the diret-lur. and 
the rather tatty looking M.vnery 
is designed hy Vuytek. " And ves. 
Undo Jasper is a historical 
character. 


Contemporary music tours will visit 44 centres 


The Arts Council’s Contem- 
porary Music Network will be 
presenting 12S performances in 
towns and cities throughout 
England and Wales next season 

This will be the largest munher 
of concerts presented in Ihe 
Network's seven years The tours 
will feature 12 groups and will 
visit 44 venues. 

There will be Tour first per- 
formances nf commissioned 
works and the Warsaw Music 
Workshop and the Canadian per- 
cussion group Nexus will he 
aonearing in Britain for the first 
time. 

The tours start on October 1 
at Nottingham Playhouse with a 
performance by Roger Woodward 
(oiano) and the Philip Jones 
Brass Ensemble which will in- 
clude the premiere of Rolf 
(Teh Dinar's Stranoene-vt, Charm 
ond Colour, a work commissioned 
for the Network. There will also 
be the first British performance 
of Mnrton Feldman's Piano. 

The Warsaw Music Workshop 
will he playing a programme of 


East European music, using 
instruments made for them by 
Polish folk artists. Their twn- 
week tour will start a) The 
Round House. London on 
Odoher 15. 

Jazz musician. Mike rtibhs. 
now resident in Boston, USA. will 
be giving -his first conccrl m 
Britain since March 197fi. His Hi- 
piece band will play some of his 
compositions. This tour starts at 
the Phoenix Theatre, Leicester 
on October 23. 

The London Sinrimietta are to 
sive five performances of two 
works by the distinguished 
Argentinian enmnoser. M.-iurino 
Kagel: Ludwig Van arranged for 
the Sinronietla. and fS9h The 
composer, head of the Institute 
for New Music in Cologne, will 
conduct, and the tour starts at 
the Royal Northern College of 
Music, Manchester on Novem- 
ber 9. 

Nexus, a Canadian group of six 
percussionists who mumivise on 
a large i-ollectiori of instruments. 


will provide a programme which 
includes indigenous music from 
many cultures. This tour bpgms 
at the Arnulfini Gallery. Bri&lol 
on December 2. 

The Lindsay Siring Quartet has 
two programmes,. In some places 
the quartet will hold a workshop 
on the Berg l.nrir Suite which 
will be discussed by meitihers of 
Die quartet with o i-mnplete per- 
fru-m.-ince at the beginning and 
end nf each programme. At Ihe 
ether concerts on their lour, per- 
formances of the Lurie Suite and 
Janaceks Quartet No. 3 will be 
given. 

A jazz-rock programme will lie 
performed by two groups: John 
Wallers’ Landscape. which 
recently won the Vilavox award 
for the best new British band, 
and Joy led by Jim Dvorak. Doth 
bands were sponsored by the 
Greater London Arts Association 
Young Jazz Musicians Scheme in 
lPTri. This combined mur will 
start a« the York Arts Centre on 
January :t. 


rhetoric in ihe face of small k: -'Alan Ayckbourn believes that it tries to find farce in the un- breathy irresoonsihility. switeb- 
ch me. small beer and the harm- \ Comedy _ should md exclude the bearable. The milieu is his own ing from spoilt girl to violent 
les£ idols . pf hobby, horses and 
puppets:.; ; 

These hr plenty of -good close?: 
contact work, .notably from John 


pain of living. His least sue- favourite one of modem middle- overprotected woman in a string 
ce&sful play m commercial terms, class suburbia, where two-young of slanting transitions. 

Just Between Ourselrcs. recently couples have separate flats in But havyig drawn one original 
seen on television fit cmni bad the same house and aie visited character, Mr. Whitmore sur- 


.weiis. ac Bartholomew Cokes, *4*- nin e months’ run in Londonl far too often for comfort b> each rounds her with several from 
- .-.i’S-.-j • n ■ Aiidnd - with a woman made other and bv their Daren ts. We sinr.k. such as Ihe aeeressive 


ginger-rooted Fauntieroy ••-is 
brown velvet with a splendid- 
array -Of half-hearted gestures 
and toothy grins. Jennie StoUef 
as the 1 Justice's ward, Grace 
.Wellborn, blossoms effectively 
into a lascivious opportunist^ 
Shelia Burrell Js a lusty widDwri 
forsaking her Puritan black As 
',the. boHday spirit moves h'erj 
add He'nry WooK gives a sharply 


auu neiui w uun. pivi.-a a t?_ j _ nr ,li«,. ;• mnv ho “**■ u,,a -» vu “ 5 « 

edged portrait of BartbolomeW-^ 1 h MH(r? of ‘ comb?nins life haS bee 2 P ,a sued by illness Still, in r 

hot-tempered man in charge L.* ,f chnihui U w Ith oainf ul ever since she caught whooping- "hich cor 

ti» marriage -licence. .. j.c«uned> iecnn]ques._w lui^paimui C0U£h ^ hpr DraiQ durina an mar neds. n 


But the gallery of fairgroURilL . 


^"ahituris- . are - hot .'played wffB 
comparable rfelish or eccentricity. 
The - puppet ;show.-- alihoug^ 
.severely, cut, at least works ns 
a . genuinely - theatrical way of 
phrawllirig the plot. Bu^jr. 
•beaten ..to. the... ground bv th^ 
arguments of -a blue-nosedi 
Muppet-like representation . pi- 
Dionysus, and Overdo revealing. 
ihimseJF in' magisterial scarlet apr 
Leal her head's stage. Mr. Barnes, r 
a judiclons and, :s>-mpatheEFpi 
editor, is' the director, settling 
in:the end. /or story-telling before' 
exciting visual presentation. He 
probably adopts the right course^ 
i»»it yon "reat opportunity, 

has gpnn begging.; 


ended - with a woman made other and by their parents. We stock, such as the aggressive 
speechless by pain, shutting off see the flat of the younger of mother-in-law tShelagh Stuttle) 
ite own skilfully aroused laughter the two couples, were the acting and the faffed journalist who is 
and sending the audience home area is split between the . bed- a rabid dog-hater (Robert 
in a stunned silence. If- his room and sitting-room in David Austin!, and the author treats 
Theatre in the Round 3t Scar- Millard's setting: the Moons. Fay them to as large a helping of 
iboraugh. where his own plays are and Brian, are about to celebrate the plot as his heroine. This 
:first performed, and where in- their anniversary by having the results in a. play which certainly 
cldentally the original produc- others in for drinks. gets plenty of laughs, but seems 

tion of Just Between was so much ^ j overshadowed bv over-long . and uncertainly 

fete & -HLT ?, &X hEsi 

its best scenes, tnose 
concern the youn; 


r „ __ does contain excel 

Alderniaston March. She siSfers lent work. Fay's husband (Robin 


ciiicay IRI.UIUUW. cough in her pram during an 
exposure of human behaviour. AId | rniaston u&ch. She siSfers 
• The season also includes not only ITom a hole in the heart Murphy) I5 a cunningly con- 
7>ar-Gl/inig Hopefulltf. a new play but also from a serious lung eeived little monster nf a dn- 
by Ken Whitmore, the Potteries- condition. Illness has made her gonder. while their friends and 
born playwright best known up a child-wife who decides to stage neighbours, subtly characterised 
to now for his work on radio. It a demo demanding adult status by Alison -Ski I beck and John 
; has - been directed by Mr. in the middle of the parly. Arthur, offers a neatly conLrast- 
Ayckbourn and like his own work Fiona Matheson captures her ing set of ^problems. 

Men on Women on Men 


NOTICE OF REDEMPTION 


of 


by ANTHONY CURTIS 


Those who lament the passing 
er intimate revue will have to 
take a trip. to Scarborough- Here, 
vi4 after the" main play is over, you 



Ser.oi 3 silver ■ .- 
muialverigiit ; J. 
Mvrir buttkii!495 




Marriage was designed by But the words are not by 
women. Marriage is a trap Farjcon. they arc by Atari 
Wedding veils and plastic Ayckbourn, who with them gives 
blossoms. Sentimental crap, fresh evidence -of bis 
- - „ .. a . M _ v -tao* ,n its forroat whlcil « slick and versatility; and the music is both 

*— *J a - 8 .E urr ,? nl Se ^“ 3 r L n nonstop, and in driftness of written and played by Paul Todd 
:• • ar * “Sainst a decor or s t a «,n g , there is nothing in tbe who is responsible for all musi- 

fisheye imrrors. a remarkably Khow Herbert Farjeoh would cal mailers in this theatre. Work- 
Assured revival of the rorm. jj aV g f OU nd the least hit strange; ing without- the Lord Chamber- 
---The company is four in num- and- though be might have lain breathing down his neck, 
her ; the girls, Lavinia Bertram blanched at “crap” (and some Mr. Ayckbourn is able to be both 
and Fiona Matheson, in low-cut other things in the script) , he frank and fanny about matters at 
black cocktail dresses, and the would have been equally at home which Farjeon and even Coward 
raeh-Robm Murphy and Malcolm with -the attitudes which .spot* could only hint broadly. This 
Hehden in black-tie. With light sexual incompatibility and gives the show an edge which its 
difficulty they thread their way private fantasy. Indeed the song predecessors in the 1930s often 
through the audience, and once in which a giri typist at the BBC' lacked Although it is only in- 
on the stage, engage in an alter* recites the typewriter keyboard tended as a: late-night emertain- 
i-ation about what drinks they us an accompaniment to her mem there- must be many more 
shall .'have,' bickering typical of thoughts of men might have -.orae people who would enjoy it than 
two marriages of several year's straight-out of Stceet aad Low can be shoe-homed in to the 
duration. The argument con- and so- could another number theatre bar at Scarborough and 
dueled at breakneck speed is the sung by the -wo ladies setting it is greatly to be hoped that it 
cue for.^heir first lyric which out -their philosophy m the end- will eventually find its way south 
gives -the show it. title: . $ lessly repeated word Grab. with the present excellent cast. 

Arts Council working party 


; & 

s pl 

|| NcwRoitfSiiifftt lionAin 1 ^lY dAR. Td jt»l-493 bi 6? \ 


A four-man working party has 
been set up by the Arts Council 
10 examine the working of the 
council Iks findings will be 
presented early next year. 

: .It will invite the views of Arts 
Council staff at all levels and will 
take oraf evidence from Ihe 
advisory panels and a random 
selection of the L200 A ns. 
Council clients Local authorities 
will also be consulted. 

‘The working parly will consist 


of Lord Hutchinson. QC, vice- 
chairman of tbe Council, . Mr. 
John Mandueli. chairman. of ihe 
council's toinna commitied and 
two .non'Council membecs. Mr. 
Howard Newby, former man- 
aging director of BBC Radio'and 

novel 1st,. and Mr. John Sa'rasbury. 

chairman of J. Sainsbury and a 
director of the Royal . Opera 
House. 

Arts Council activities have 
grown dramatically over the post 


!0 years.t particularly in such 
fields touring, community 
arts, dance^ photography and 

festivals. 

Grant expenditure has in- 
increased sevenfold and the 
number of -employees has risen 
from 105 la 290. 

The working party's brief in- 
cludes an examination of the 
relationship between the Council, 
advisers -and senior officers. 


Ashland Oil Finance Corporation 

t successor to Ab h l an d Overseas Finance Corporation J 

5 c /o Subordinated Guaranteed Debentures Due 1983 
Convertible into Common Slock of 
ASHLAND OIL, INC. 

Redemption Date: Seplemher 8, 19TS 
Conversion Privilege' Expires : .September 8, 1978 

NOTICE IS HEREBY GIVEN that Ashland Oil Finance Corporation 1 ihe -Company" t, a wholly 
owned subsidiary of Ashland Oil, I in.-*, a Kentucky corporal i<m l"Aslil:iiid"l. ha> , , li-«-ktJ In redeem, 
and will redeem, on Seplmilier 8. )975i, all its uuUtamlii/^ a'.’r SulHinlinsiieJ l luaranuiil Lie in-n lures 
Due 1988 I die "Dehen l u rre” I in accord once ivilh ihe term- nf ihe Indcniiir,.- < la Lei! a- of Jaimaiy J”i, 
IVOR, among Ashland Overseas Finance Gjrporation. A.-hlamJ as Guarantor, and Morgan (•naraniy 
Trust Company of New York, as Trustee, at the redemption price of 1U2..V ;- of iln-ir principal aiununc 
jilus accrued interest from January 13, 11)78. The Del n-n lures were nrigiiially issued by Ashland 
Overseas Finance Corporalion and, on June iH, 197.4. all obligations 1 hereon were a-Mimed In the 
Company >11 ronnectiou witii the merger of Ashland Oveis-eas Kinaju-e Oirjiuralion into the Company. 

Payment of ihe redemption price ami accrued intere-L which will ap<nv«jte S1.V.157-3G for each 
S 1,000 principal amount of DehentiirCs. will Ire made at die Certiorate Tnist Dctiartnieiu of 
Morgan Guaranty Trust Company of New York, 15 Frnad Street- New York. N- Y. 10013, or 
si tbe main offices of Morgan Guaranty Tnist iJompsny of New York in Brussels Frankfurt iMain), 
London or Paris, or the main office of Atnuterdain-Rouerdain Bank NA - . in Amsterdam, or the main 
office of Bancn -Nonwiller & C S.p.A. In Milan, or ql the office of Bam pic «le J’jri- ei dcs Favs-Bas 
pour le Grand-Ducbe de Luxembourg, in LuxewJmorg. Ln ht-iuure- should have all cuiipons maiuriug 
on or after January 15. 1979, attached thereto when they are -iirreudereJ for redemption. 

The Debentures called for redemption in accordance wiih the foregoing uiil nu longer lie deemed 
outstanding after September 8. 1978. and all ritilils with re-|wl thereto will n-a-o a* nf the dose of 
business on September 8, 1978, except Lhe right of the holders ! hereof 10 rerrue the redemption 
price and interest accrued 10 September 8, 1978. On and after Scplciulicr 8, 1978, interest on the 
Debentures will cease to accrue. 

Debentureholders have, os alternative* to redemption, tin: right to sdi tln-jr llclicntures- tb cough 
usual brokerage facilities and tbe following further option: 

■ CONVERSION OF DEBENTURES INTO COMMON STOCK OF ASHLAND 

Until tbe close of business on September 8, 1978, DebeiiturphoWcrs liave the right to convert ihrir 
Debentures into Common Stock of Ashland (“Common Stu"-k“' at lilt price of >-!0 ji*>r share upon 
tsunendering such Debentures with all coujKins tnahiring on or after January IS. 1979, attached iherelo 
at the Corporate Trust Department of Morgan Guaranty Trn.-t Company of New York. 15 Broad 
Street, New York, N. Y. 10UJ5, or the main offices of Morgan Guaranty Tniut Onniiany of .New York 
in Brussels, Frankfurt (Main), London or Paris, or the main office of .Aiu'-lerdani-floiierdani Bank NA’. 
in Amsterdam, or the main office of Banca Yonwillcr & C S.pA. in Milan, or at the office of Banqne 
de Paris et des Pays-Bas pour le Grand-Duchv de LuxentLourg, in Luxctulwurs, together with written 
notice of election executed- by the bolder in the form provided on such Debenture, and specifying the 
name or names in which the shores of stock deliverable upon such conversion shall Ik: registered, with, 
the address of the person so named. 

From January 1, 1976.^ through July 25, 1978, the prices of shares of Common Stock of Ashland 
ranged from a low of 527 to a high of §36 as reported on the Composite Tajn- for New 'York Slock 
Exdiange listed securities. The last reported sale price of lhe Common Stork of Ashland on July 25, 
1978, was §36 per share. At the present conversion priue ol §1U per tJiarft, each $1,000 principal 
amount of Debentures is convertible into 25 shares of Common Slock of Ashland, which shares had a 
market value of S900 at the close or business on July 25. 1978. No payment or adjustment will be 
made upon convcnsion of Debentures for interest accrued Ihi-nvn. If Ihe 1 Mini lures are redeemed 
on beptemlier 8, 1978, the holder of each Deljcutirre will receive 51,057.36. lf the market price of the 
Onmaon Slock of Ashland were to exceed W2J0 per dun- at the time of conversion, Debeniure- 
houlezs would receive Common Slock upon conversion having a grtMler market value than the cash 
which they would receive upon redemption. The wine of Goimiuom $n<ek of Ashland is subject lo 
change depending on changes in the market value of such Common Stock. 

Ashland 3 Board of Directors has declared a quarterly cosJi dividcud of .*^0 per share pavable on 
September 15, 1978 to holdew of record of Common Slock un Angiwi- 14. 1978. Dcbeinureholders 
who surrender their Debentures for conversion after August 1-1, 1978, will pot receive such dividend. 

The right to convert Debentures into Common Stock will expire at the close uf business on 
September 8. 1978. No farther convewion'of Ihe Debenture* can hr made after September 8. J97S. 
Debentures not converted prior to that date will be redeemed at the redemption price (including 
accrued interest) of 51,U57'36 for each $1,WXJ principal amount of Debentures. 

ASHLAKD OIL FEVAIS'CE CORPORATION- 

By TIillum JL $eato.\, President 

Dated: August 4, 1978 





16 


Financial Times £ ^ 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: FlnanLimo. Loudon PS4. Telex: 886341/2, 883897 
Telephone: 61*248 8000 

Friday August 4 1978 


Embarrassing 

surplus 


THE OECD in Us annual report 
cm the Japanese economy does 
nnt see much hope for any 
immediate reduction in the size 
of Japan's current account 
surplus. By implication there- 
fore the friction between Japan 
and its industrialised partners 
seems bound to continue. The 
OECD predicts that the current 
account surplus for calendar 
1978 will be $18bn — or a 63 
per cent rise over last year 
which is in line with must other 
forecasts and well out of line 
with earlier Japanese promises 
to gel their current account 
surplus down to manageable 
proportions as soon as possible. 
To a large extent the magnitude 
nf the surplus reflects the 
immediate consequences of the 
sharp rise in the yen. The effect 
of this has been to lower import 
costs, thus in the short run 
helping to maintain the com- 
petitiveness of Japanese exports. 
In the lunger run, as the OECD 
points out. a dearer yen should 
increase Japanese imports of 
semi-processed and manufac- 
tured goods while putting a 
break on the growth of 
Japanese exports. 

Suspicions 

The OECD thus expects the 
current account surplus to 
drop to an annual rale of about 
S13bn in the first half of 
next year. This is still a dis- 
roplively high level for the rest 
of the world to absorb. It 
would fuel suspicions — already 
strong through the readiness of 
the Japanese to publish targets 
which stretch credibility— that 
they are determined to cling on 
to Iheir large current account 
surplus and the strategy of 
export led growth as long as 
the West allows. In that 
approach lies the danger that 
the West might .suddenly 
retaliate with a burst of pro- 
tectionism unwelcome to all. 

The OECD report was pre- 
pared before the Bonn summit 
and the pledges that Mr. 
Fukuda gave there. In that 
sense some of its key figures 
may be outdated. In presenting 
the OECD’s six-monthly 
Economic Outlook recently. 
OECD economists made the 
point that if Japan carried 
through the commitments made 
by Mr. Fukuda, then its gross 
national product would rise at 
an annual rate of 9 per cent in 
the first half of next year as 
against their forecast of 4.S 
per cent before the Bonn 
Summit Their prediction in 


yesterday's report on Japan is 
fbr a 5.5 per cent growth in 
calendar 1978— marginally up 
from last yewfc— but below the 7 
per cent which Mr. Fukuda was 
aiming at for the present fiscal 
year- The level of growth, will 
obviously rebound on the level 

uf imports. 

At Bonn Mr. Fukuda pro- 
mised that in August or Sep- 
tember he would decide whether 
additional measures were neces- 
sary to stimulate domestic 
demand to achieve the 7 per 
cent growth target. There is 
little doubt that such measures 
will be necessary to offset the 
expected fall off in activity 
later this year but a good deal 
of doubt as to whether the 
Japanese government will carry 
them through with sufficient 
force and whether they will 
have the desired impact on 
imports. The budget for the pre- 
sent fiscal year raised public 
works spending by 35 per cent 
over planned expenditure for 
last year. This is certainly now 
imparting some momentum to 
consumer demand at a time 
when wage increases have been 
more modest than last year. But 
Mr. Fukuda has traditionally 
been apprehensive of increasing 
the size of the budget deficit 
and shares the doubts of Chan- 
cellor Schmidt about fiscal 
measures to boost demand. In 
any case the whole question of 
a supplementary budget has 
now become deeply involved 
with the struggle over Mr. 
Fukuda's leadership of the 
Liberal Democratic Party and 
the possibility of an autumn 
election. 

Expectations 

The other pledge made by 
Mr. Fukuda was for “unusual 
measures" to hold dawn export 
volumes to 1977 levels and to 
boost imports. The OECD 
rightly points out that the 
emphasis should be on increas- 
ing imports. 

Nobody expects the Japanese 
to make the massive structural 
changes that would be required 
to shift the basis of their 
imports away from raw 
materials and more towards 
manufactured products over- 
night But patience will wear 
thin if changes in Japan's dis- 
tribution system do not appear 
and If the Japanese do not 
commit more of their resources 
to housing and welfare 
amenities to take the burden 
off the rest of the world. 


A code for 
subsidies 


THE LARGE amount of money 
the Government is now devot- 
ing to rescuing lame ducks, 
saving jobs, and promoting 
new investment has often been 
rightly criticised. . Bui Britain 
is nnt the only country to be 
rtvorung to the use nf indus- 
trial subsidies or In be doing 
so on an increasing scale. A 
sun iler tendency could be seen 
in most industrial countries 
long before the world trade 
recession created new threats 
to employment both in indus- 
tries whose competitiveness 
had been waning and in those 
which had been thought to be 
viable. Even governments like 
the West German, which arc 
noted fur their preference for 
the free market system, provide 
tax incentives or financial aids 
in help raise the level nf 
economic activity in less 
favoured areas, to help nut 
companies in troubled sectors, 
or to promote statu* industries 
like aerospace or computers for 
reasons of national security or 
pride. 

How much the various 
national exchequers contribute 
to the underwriting nf indus- 
trial costs or investment no one 
can say. This is not simply 
because relatively few govern- 
ments draw up their budgets 
in ways in which make it easy 
in extract the appropriate 
figures. It is also because so 
many aids are nut transparent 
What is the precise subsidy 
clement, for example, in a tax 
concession, in a state contribu- 
tion to a company’s equity, or 
m a Inan granted by a state 
agency which pays the market 
rale but which supports high 
risk p rejects? 

It is the comparative invisi- 
hility of industrial aids which 
makes them so dangerous a 
threat tn the world trading 
system and so tempting for 
governments to use. Yet 
it would be unrealistic to fail 
to recognise the strong political 
and social pressures which make 
governments reluctant to accept 
the concept of comparative trade 
advantage and international 
specialisation upon which GATT 
was founded. 

Governments may not be pre- 
pared to put up with the way 
trade liberalisation interacts 
upon tbeir domestic economy if 


the consequences do not 
coincide, as they often will not 
with national employment or 
balance of payments objectives 
or if they call for a rapidity of 
response which is regarded as 
socially unacceptable. This is as 
true of France, where the func- 
tion of industry is seen as that 
of making the nation more in- 
dependent and more powerful, 
as it Is of Britain, which is 
bothered by decades of declin- 
ing international competitive- 
ness, or as it is true even of 
the United States, the progenitor 
or the post-1945 world trading 
system, which levies countervail- 
ing duties on imports benefiting 
from measures identical to those 
it itself uses to promote U.S. 
exports. 

Precedent 

The rules nf the European 
Community recognise that 
modern governments intervene 
in industry both tn promote par- 
ticular national ambitions and 
to soften the impact of economic 
changes. The rules do not 
permit members to frustrate the 
objectives of a common market 
by exporting their structural 
problems or engaging in costly 
and fruitless rivalry. But the 
problems of transparency, the 
difficulty of tracing the Intra- 
sectoral effects of general or 
regional aid schemes, and the 
fact that the Commission is so 
often reacting to national 
initiatives has made it hard for 
it to hold the line. 

Nevertheless, the EEC’s 
attempt to distinguish between 
aids which have serious trade 
repercussions and those which 
do not, and between those which 
can be tolerated and those which 
cannot, is a useful precedent 
For those who are now trying to 
negotiate a GATT code of con- 
duct on industrial subsidies. A 
GATT agreement may not have 
the legal force of an EEC treaty. 
But it would be infinitely pre- 
ferable to have some kind of 
permanent international consul- 
tative procedure to deal with 
complaints about the trade 
effects of industrial subsidies 
than to have no restraint at all. 
For that would lead to a trade 
war in which no one would win, 
least of all a nation so dependent 
upon trade as Britain. 



BY DAVID FREUD 


T HE MAIN battle being 
waged in Northern Ireland 
is no longer against the 
terrorist, but against the mount- 
ing level of unemployment. 

In a manner reminiscent of 
“Japan Incorporated,” the 

ad mini stration, industrialists 
and unions have banded 
together in the last year in a 
vigorous campaign to win jobs. 

It is a campaign backed by 
the UK Exchequer almost- with- 
out limit, allowing the admini- 
stration to buy new projects 
from all over the world with 
grant offers that few— if any — 
countries can match. 

The offensive has had rapid 
results and in the last five 
months Mr. Roy Mason, 
Northern Ireland Secretary, has 
been able to announce new 
projects in the province by four 
U.S. companies providing 3.400 
jobs. 

The latest yesterday's agree- 
ment with the DeLorean Motor 
Company for the establishment 
of a sports car plant in. West 
Belfast is the most expensive 
and most important of them all. 

Yet despite all this activity 
little impression has been made 
nn the level of unemployment in 
the province, which, at about 
11 per cent is double the UK 
average. 

Even more disturbingly, 
while the numbers out of work 
have fallen in mainland Britain 
since last September in every 
month bar one, in Ulster they 
continue to rise. The widening 
gap is against the long-term 
trend in Ulster’s unemployment 
rate which, though traditionally 
higher than that on the main- 
land, has usually moved in line 
with it 

Unemployment is a sensitive 
issue anywhere. In Northern 
Ireland it is literally explosive. 
One prime factor generally 
considered to have contributed 
to the rise of the IRA Provi- 
sionals was high unemployment 
among Catholics through the 
1960 b, when the province’s 
annual growth rate was an im- 
pressive 4.5 per cent 

Recruiting 

ground 

The resentment among the 
Catholic population at its 
apparent exclusion from the 
rising prosperity provided a 
backdrop of support for Provo 
violence in the early stages of 
the Troubles, while high youth 
unemployment gave the gun- 
men a fertile recruiting ground. 

Currently, high unemploy- 
ment is more prevalent than 
ever, with rates officially esti- 
mated at well above 30 per cent 
in some Catholic areas such as 
Strabane and West Belfast Mr.- 
Mason is acutely aware that if 
these rates are allowed to persist 
the current low level/ of 
sectarian violence in the 
province could rise again. 

It was on this argument that 
he wan the support of the 


Cabinet for his expensive 
economic policy. 

Yet the root causes of the 
province’s unemployment are so 
intractable that even the most 
optimistic Government officials 
estimate It will take at least 
ten years to bring the numbers 
out of work down to. mainland 
levels. Others doubt whether it 
will happen this century. 

Much of the problem is due 
not to a fall in employment, but 
to a growing workforce. Between 
1959 and 1976 the number of 
jpbs increased by about 3.039 a 
year, from 437,000 to 495,500. 

There has been a decline since 
1976, but equivalent to only 
about 1 per cent of the work- 
force: about 5,500 Jobs. So all 
the increase in unemployment 
since the low of 1974 is the 
result of new workers joining 
the labour market. Zh that time 
the number out of work grew 
by 35,000 to 61,400. 

The increase in the workforce 
is a factor common to the whole 
of the UK, but it is exaggerated 
in Ulster where, quite apart 
from the 1960s baby-boom, the 
population is growing ten times 
as fast as the UK average- In 
1975 the natural increase in the 
UK population was 0.6 per 1.000 
people, while in Ulster it was 
6 per 1,000. 

Several other factors indicate 
that the numbers seeking work 
in the province are likely to 
increase rapidly in. the next ten 
years: 

Net emigration seems to have 
fallen back with the easing of 
tensions to the annual rate of 
about 7,000 prevailing in the 
1960s. In 1975, by contrast, the 
Troubles pushed the number up 
to 16,000. 

Agriculture is likely to con- 
tinue to shed labour. The 
numbers employed on the land 
fell from 100,000 in 1950 to 

57.000 in 1976. Yet. this was 
still 10 per cent of the work- 
force compared with 2.5 per 
cent for the UK as a whole. 

If Ulster moves closer to the 
British pattern, jobs will be 
needed for another 40,000 or 
so former farm labourers. 

More jobs will be needed if 
the province follows Britain in 
another respect: female employ- 
ment. More than 50 per cent of 
women in the UK over the age 
of 16 now work. The com- 
parable figure for Northern 
Ireland, while rising*. -is, still 
only about 40 per cent' 

Because of these factors. It 
is estimated that more than 

100.000 new jobs will have to 
be created by 1985“ to bring the 
unemployment rate down to 3 
per cent 

In the mini-boom vears of the 
1960s, new jobs had to be 
created very rapidly to keep up 
with the growing workforce. Nor 
was agriculture the only indus- 
try shedding labour. There was 
a decline in two traditional 
industries, linen and shipbuild- 
ing. Between 1950 and the 
present 50,000 jobs were lost in 
the former industry while in 
shipbuilding — effectively ’Har- 
land and Wolff — the workforce 



(Am M'-Cuibn 

The grim side of life in one of Northern Ireland’s Catholic 
districts: survey returns found 2i times more Catholics out 
of work than Protestants. 


was cut from 25,000 to 9,000. 

A number of theories have 
been advanced to explain the 
continued deterioration in 
Ulster employment in the past 
10 months. The most convinc- 
ing is that the 1974-76 recession 
narrowed the province’s indus- 
trial base. 

Employers like Rolls-Royce, 
the Ministry of Defence and the 
DEL computer group, which 
now could have been expand- 
ing, then closed down their 
establishments entirely. 

The weakness is underlined 
in the statistics. The propor- 
tion of workers in manufactur- 
ing industry is only 26 per cent 
in Northern Ireland, compared 
with more than 30 per cent in 
the UK as a whole. 

But the overall level of un- 
employment is not the key 
issue. More important is the 
disparity between job oppor- 
tunities for Catholics' and 
Protestants. 

Historically, Protestants have 
dominated in the skilled indus- 
trial jobs while the Catholic 
minority’s traditions are agri- 
cultural rather than industrial, 
except for the shrinking linen 
sector. 

Such patterns — created 
originally with the help of posi- 
tive discrimination — have 


tended to become self-per- 
petuating. High unemployment, 
areas in Ulster are invariably 
Catholic and an analysis con-, 
ducted by the province’s Fair 
Employment Agency of the. 
1971 census returns found that 
the proportion of Catholics but 
of work was two and a-taall. 
times that of Protestants. - 

With the subsequent growth 
in the total number out of work, 
the position of the Catholics has 
probably deteriorated even 
further. A Fair Employment 
Agency analysis of black- 
spots has revealed pockets 
of Catholic unemployment 
approaching 50 per cent in some 
parts of West Belfast, Strabape, 
Newry and Derry. 

Many observers believe/this 
disparity was one of the root 
causes of the Trouble# Cer- 
tainly that is the Mief of 
Catholics themselves/ In a 
survey conducted earlier this 
year nearly 80 per cent took this 
attitude. 

One result of the ten years 
of violence has been a polarisa- 
tion of the two communities, 
particularly in Itelfast, the 
province's major city containing 
a third of its 1.5m population. 
There has been a large-scale 
movement out of bousing in 
mixed areas as families sought 


the security of living among 
co-religionists. • . . . 

This movement has bad- a 
substantial impact an Jobs, 
especially among Catholics, who 
have been unwilling -to traveL 
to work through areas con- 
sidered .hostile. 

! A second polarising effect has 
developed at workplaces. 
Wherever workers ol .one. 
religion have been in a minorl^ 
of less than 20 per cent they 
have tended to leave. • 

The political legacy of this 
polarisation has been to make 
the. location of each new project 
highly • sensitive. It . is not 
firm ug h for the Government to 
bring new jobs to the province. 
It-. must bring them to the 
deprived Catholic areas. * 

: The underlying feeling seems 
to be that the Government has 
no more than another year to 
show, that it can find jobs for 
these areas. The sectarian 
violence has died down recently, 
despite the mounting numbers 
out of work, more because of 
war-weariness than anything 
else'.' If the Government cannot 
use the lull to provide jobs 
many people believe tbe frustra- 
tion ' will be expressed in 
renewed fighting. 

If . the Government does fail 
it will not be through want of 
money or effort. Twelve months 
ago it launched a package' of 
Incentives so generous, that not 
Investing in Northern Ireland 
seems almost foolish. At best,, 
the level of support can mean 
that an industrialist need, find 
no new money for a fresh pro- 
ject at all. 

- The components of the pack- 
age included outright, Govern- 
ment grants of between 40 and 
50 .per cent on capital spending 
and of 100 per cent on moving 
and installing equipment. Indus- 
trialists are offered loans on 
preferential terms and interest 
relief grants — even individually 
negotiated grants towards 
start-up costs. 

The . Northern Ireland 
Development Agency is avail- 
able to provide risk capital or. 
loan facilities, while tbe Depart- 
ment of Manpower Services will 
effectively meet much of the 
cost of training the workforce. 

These incentives — as well as 
several others— are available 
not only for new projects but 
for the expansion of existing 
undertakings and for schemes 
of substantial t e-equipment. 

The paekage, which has been 
approved by the EEC Commis- 
sion, implies an average public 
cost of £6,0QQ-£7,000 for each 
job created. Government 
officials argue that this is . no 
more than the opportunity cost 
of keeping someone on the dole 
for two -years. 

The key to widening the pro- 
vince’s industrial base lies in 
attracting green-field projects, 
and the Ulster Department of 
Commerce has installed perma- 
nent representatives in Europe 
and the UJS. to bring in, “foot- 
loose ” investment • 

Helped by Northern Ireland’s 
good industrial relations and 


productivity record, togetfca 
with the level of state aid, tj» 
projects quickly flowed fc£ 
spring the U<S.-based company 1 
AVX announced a £Lflm pr&r 
ject to manufacture electric* 
components in Coleraine wtthjfL 
600-strong workforce. - 

Then General - Motbrg : 
announced a £16nk 60o*Job.-'" 
seat-belt plant at DundonSltl,- 
This was followed by thfedeck- 

slon at the beginning, of the-'; 

week by Coronary Gam System* 
of New -York to start masnfa& 
turing medical -equipment .at 
Bangor — a project requiring 
200 jobs. - . - .• - : . 

State incentives / to attract - 
these projects were high/ AVX 
cost the public purse £16,600- ■ 
£17,000 for each - job, GH 
£10,0004X2,000. and iCoWfiatj 
Care Systems £10,000. - '• 

Protestant; > 
areas 

At the same time.' concent 
was .growing because these 
three new projects were all 
located in Protestant areas. 
The Government defence was 
that, it could not force specific 
locations on industrialists. 

Furthermore, officials argued, 
it was important to start win- 
ning projects regardless of- 
where they were located 
because in . attracting indus- 
trialists nothing succeeds like 
success. 

Yesterday that argument was 
fully justified when the- 
DeLorean Motor Company, 
based in Michigan,- agreed tn. 
set up a sports car plant In 
Dunmurry, . adjoining the' 
Catholic areas of West Belfast. 

Mr. John DeLorean. head of 
the car company, confirmed the 
importance of example in his 
decision to locate in the' pro- 
vince. 

“When General Motors 
decided to come here anelbf 
my friends in the corporation 
called and said I should (heck 
the place out," he said. 

He endorsed whole-heartedly- 
the Government machinery for 
winning projects. “This is' an 
incredible place to dp business. 

I am very impressed by tbe total 
professionalism 1 encountered 
here. They managed to accom- 
plish in 45 days- what others 
have been trying to do in 18 
months.” 

. The cost in state aid is high,' 
probably around £25,000 a job, 
and there is some concern at 
such sums being spent on whaf 
Mr. DeLorean himself acknow- 
ledges to be a “high-risk” 
project. 

But more Ilian jobs are at 
stake. The Government has been 
able to offer tangible proof for 
the first time that it is able to 
create the jobs where they 
really matter. Where DeLorean 
has led, other manufacturers 
may follow. 

With continued containment 
of violence hanging in the 
balance, the Government con- 
siders the DeLorean jobs a bar- 
gain at any price. 


MEN AND MAHERS 


Up periscope 
at Rosyth 

The immediate drama of union 
threats lo Britain’s nuclear 
deterrent has seemingly sub- 
sided. The Royal Navy “liber- 
ated” the Polaris submarine 
Revenge and she is now 
patrolling the Atlantic. But a 
much fiercer showdown with the 
naval dockyard workers may 
soon develop at the Rosyth base, 
where two nuclear subs — the 
Repulse and Renown — are 
being "blacked.” 

This rumbling dispute on the 
Firth of Forth may seem remote 
from a conference the Industrial 
Society is bolding next month 
in the Cafe Royal. It is entitled 
"Briefing Groups — the Key to 
Effective Communication.' 1 A 
distinguished panel of speakers 
includes not only Sir John 
Methven, director-general of the 
CBI, but also Jack Bedbrook. 
Their essential theme will be 
on the way briefing groups can 
create a “committed workforce.” 
Just in case you were wonder- 
ing, Bedbrook is general man- 
ager of HM Naval Base, 
Rosyth. He will be telling “how 
in his situation, briefing groups 
and consultation work together 
successfully.” 

Bedbroofc’s 6.000-strong work- 
force certainly appears commit- 
ted — to stopping both Repulse 
and Renown leaving the dock- 
yard until wage grievances are 
settled. A few briefing groups 
seem urgently needed. 


Macmillan estimates that if 
dog licences had risen in Hoe 
with inflation they would pro- 
duce £16m a year — instead of 
little more than £lm. as at pre- 
sent He says: “The Government 
should go for a phased increase 
to a level that would cover the 
costs of collection, enforcement 
prosecution — and contribute' to 
local authority costs in clearing 
up dog messes on Britain’s pave- 
ments." 

A dog owner himself, .Mac- 
millan has extracted figures 
from the Department of the En- 
vironment showing that 92p in 
every £ collected in dog licence 
fees gnes in the administration 
costs of collection. 


“ The charter aims at en- 
couraging a better understand- 
ing between the Inland Revenue 
and the taxpayer by maintaining 
the principles of old-fashioned 
courtesy and mutual coopera- 
tion between both parties.” Snch 
sentiments might win votes 
from tax collectors and small 
businessmen alike. 


Darkest Devon 

Down in Devon, a new form of 
solace is being devised for tired 
businessmen. How do you fancy 
36 hours in a darkened room? 
Ail on your own. of course. 
There will be no fear of bore- 
dom, because you will be “ex- 
. S - P Qsed to audio conditioning 
Old-fashioned way tapes.” There will also be, for 

a mere £100, sessions of biofeed- 
back, self-hypnosis, gestalt- 
therapy, guided imagery and 
transactional analysis. 


We have not heard a great deal 
from the Small Business Bureau 
since it was set up at the end 
of 1975 at the Conservative Cen- 
tral Office. How timely, with 
election rumours thick in' the 
air, that.it is to publish, next 
week a Charter of Taxpayers’ 
Rights. The bureau says ft has 
received many complaints from 
small businesses about the, atti- 
tude of tax inspectors. 


Lord George-Brown’s old seat 
at Helper. 

Mrs. MacFarquhar was fierce 
over the immovable forces re- 
sisting change: “ Children under 
10 have a one-parent family for 
six days a week;" The cam- 
paigners claim that the real 
problem is with the Tories. 

There is, of course,' always 
the possibility of “doing a 
Lys [strata,” as Mrs. Mac- 
Farquhar mused, in admiration 
for the leader of the Athenian 
women who stopped a war by 
denying tbeir husbands their 
marital rights. But the West- 
minster “ grass widows ” are set 
to enjoy a sweeter revenge this 
morning: It’s a fair bet that 
headlines will concentrate not 
on the learned . solutions 
advanced by the MPs after two 
years’ work, but on the half-hour 
Press conference when the 
wives said what they thought of 
them. 


Once bitten . . . 

The dog licence debate goes 
growling an. Maurice Macmillan, 
Tory MF for Farnham. admitted 
to me yesterday that he has 
changed his mind since he was 
chief secretary to the Treasury 
in 1970 and wanted to abolish 
dog licences entirely. He said: 
"Effective control of the dog 
population will become more 
important if the threat of rabies 
becomes imminent, which I fear 
it wifi.” Only dearer licences 
can ensure control, ho bdioves. 



“Now they want to givp-tts a 
licence to print their money!” 


■ The new establishment, in 
a 17th-century "manor near 
Tavistock, is the brainchild ■ of 
an American named George 
Scott, who describes hims elf as 
“sometime stockbroker, com- 
modities trader, gold and cur- 
rency broker, art dealer and 
film director.” Scott sees senior 
executives as his main 
customers, and says he will teach 
them “ proven stress alleviation 
and control' methods which can 

be applied to tension-producing 
life-situations.” As an added in- 
ducement. the air in the manor 
will even have “ negative ioniza- 
tion.” 


Wives at war 

The report from the Commons 
Procedure Committee, on re- 
forming the ways of Westmin- 
ster had not satisfied everyone 
— and least of all that campaign- 
ing band of Labour AO’s' wives 
who want their husbands home 
by 8 pm. Its leading spokes- 
persons are Lisanne Radice, wife 
of Giles, the MP for Chester-le- 
Street, and Emily MacFarquhar, 
whose husband, Roderick, has 


Word games 

A few weeks ago a leading 
retailer ri aimed that certain 
business statements always 
meant something other than 
they seemed to. 'The cheque is 
in the post,” was one that I 
quoted. 

Now a thoughtful reader has 
sent in a batch of similar verbal 
subterfuges. They could be use- 
ful for many a chairman writing 
the first draft of his annual 
statement: 

“The losses in our main sub- 
sidiary have now been con- 
tained. The managing director 
has resigned for -personal 
reasons." 

“The retiring chairman will 
remain on the Board as presi- 
dent where his immense experi- 
ences will be o£ enormous 
value.” 

“Though losses are continuing 
in our Nigerian (or Belgian or 
Middle . East or Australian) 
branch we do not believe any 
further provisions will be 
required." 


Observer 



moving up 
the Ml 

Actually- we told Mr Bloggs he needn't bring the building 
with him. Smce 1 970 Northampton has created about 5 mliltort 
sq ftof additional industrial development. Many irtternationally- 
known concerns have already relocated here. We have unit 
factories already built fn sizes from 3 000 to 40 000 sq ft. 
Off-the-peg' factories can be ordered In multiples of lOOOO sq ft 
and virtually -unlimited sites are immediately available on four : 
new employment areas. Some sites can have private rail sidings 

if desired.. 

Asvyell as its central location, affording ease of acca&s 
and dWnbution via the.metorways to ail parts of the country. 
Northampton has tremendous advamage&to offer firms wishing 
to relocate their factories and warehouses. As well as economic 
rents and a first class labour relations record the expansion of . _ . 
this historic cou nty totra means excellent homes for your staff to 
rent or buy, new shops, new schools arid new community, 
facilities. Moist important however, it means thar Northampton . 
offers new opportunities for growth and success, . ' - j; 

For further details phone 0604 34734 or write- to: - ' - ‘ 
LAcstin-Crowe. Chief Estate Surveyor. - 

Northampton Development Corporation, 

2-3 Market Square, Northampton NN1 2EN. 








r 


: $r :. !“ ' 


Financial • Tim® 'Friday August 4 1978 


POLITICS TODAY 



IT 



lie-, 


TF WE haven’t got our message 
cross in four, years,” said a 
. , eni or member ' Of the SbiKibw 
Cabinet the other day;’ “we're 
. . \m going to get it across liafour 
. ‘weeks.” ; •_ 

, is true that sudra rei&arli 
‘•'s open to a number of totGrpre- 
1 , #l aliens apart from ample defeat- 
r ' S0 J- And, of course, If is jtos- 
ible that the Gbverament will 
: ipse the election almost regard- 
. -i'ss of what the Tories do drsay. 

• . , -.’cl the remark does reflect a 

/ ertain apprehension that a 
. / lorm is about to burst, in other 

• • . ; rords, the Tories arftWaiting for 

■ labour counter-attack, and 
- ■ r ’ r " hey are not exactly looking 

urward to iL • 

Briefly, -the thinking goes like 
. his. Over the years the: Tories 
. Mave emerged .as the raeflpai 

• • -iarly of British politics. -This 

ia s not been lust a suddenfleye- 

i ' opment under Mrsir Thatcher. 
)n the contrary, it began under 
. Ar. Heath. Except -In one re- 

*ttV.‘^^lnl pec, . , toe ConBervatwe adaaai* 
**Wt trillion of 1970 Wa&.'quite . as 
iij't'iji adical as anything ".proposed 
41 > oday. It wauled to cut public 
... ftpenrfiture and it believed in 
lelsdort man. The exception was 
‘ nonetaristu. Nobody told it 
' , ..' bout the inflationary effects of 

• -xcessive monetary growth, and 
. .." l was ignorance of that that led 
. '. Vo all the troubles. The Tory 
' ; ’arty, however, has now learned 
/’■is lesson. If absence of 
' Monetarism was the great gap 

■ j <T the 1970 Government, its pre- 

■ ence will' be tile anchor of a 
’hatcher administration 
- And yet . there are-wertain 
rawbacks in being radical and 
■'■-as the Tory Party mow also 
s — antL-estabUshmenr "'The 
"ories, after all, flourishlsl ,on 
%hat might ■ be called l the 
-efereniial vote: the. .^people 
■ho voted Conservative 'bjeoause 


they thought the Party repre- 
sented wisdom and experience. 
But with the change in the 
establishment this : vote may 
now |o to. Labour. It is 
Labour which has been in 
power for most of the last 15 
years or so. which .appears to 
know the way the ;wbrld works 
and to have the experience to 
deal with the unexpected. The 
Tories, by contrast, iook like 
parvenus, putting j forward all 
sorts of dangerously radical 
ideas. 

Civfl Service 

Such V view is reflected in 
Whitehidt- There 'are many 
senior civil: servants who 
actually ^ant . Mr: Callaghan to 
win, not -particularly 'because 
they believe ,.ui. the-. Labour 
Party — _ though 'seme of them 
do that- too— but because, they 
have ■ grown; to like bis' admin - 
istration. . Hr. Callaghan, -it is 
said, iB^a much bettor Prime 
Minister’ than he was hbaff of a 
department. He knows Tiow to 
get. things done and there is 
considerable admiration for his 
machine. The Tories; on the 
other hand, scarcely j£now the 
civfl servants -aid VSce'^vers* 
and under the British” system, 
whereby the. Civil Service works 
only for govern»eriti/tfeey are 
not . encouraged. , to approach 
each other. ^ . 

- There is a similar point about 
institutions. Most <rf’ the; insti- 
tutions which one reatfeabout 
in the . newspaper fev&ry other 
day (the National.. Enterprise 
Board, for example}' are Labour 
institutions. Even .the ^nation- 
alised industries sdtan to have 
come good at the right time as 
one by one they torn but to 
have made a profit The British 
Steel Corporation May- be an 


stick to their existing guns 


exception, but even there at and that could be a devastating, the? will be replaced. After Edwardes, it seems, talks to a 
least the Government has establishment attack. ’ all. the argument goes, no one i 0 t of MPs, some oF them 

advanced beyond Beswick and It appears, however, that the couJd. foresee how new jobs Conservatives. The word now 
15 a ® resB . ing ahead with Tories axe bracing themselves arose in the past, so how can is that he believes that he 
redundancies as fast as it thinks to stand up to jL As of now, we be expected to see it now? needs another eight to 10 
possible. AH these bodies are there is to be no back-tracking In any case, how does anyone months to know whether his 
°t.tne new establishment, in the three or four weeks of explain the present large task of running the present cqn- 
ana there is at any rate a the campaign on what has been number of vacancies co-existing cem is possible/ If he decides 
superficial case for saying that said in the last- three or four with a high level of unemploy- that it is not. he will say so. If 
*n C DOt to ° years. On the Contiary, the ment? It is for the market to the Tories are in power, they 

aU ‘ Party will freely admit that decide, and it is for us to create would accept his advice and set 

The problem for the Tories 
is that such institutions, . with 
the Whitehall machine; behind 
them and Mr. -Callaghan 
presiding over the whole 
edifice, are very difficult 
to attack, effectively-. .* Hie 
impression is around - that 
management is all. As practised 
by the Prime Minister, the top 
of the Civil Service and the 
right wing of the Labour Party, 
it is poltles without ideology. 

The message is simply: 1 be prag- 
matic, move cautiously, and 
don’t rock the boat 
So what the Tories: are : now 
awaiting with some- trepidation 
is the Labour onslaught ; which 
will accuse the Conservative 
Party of being wreckers. It 
could take several forme- For 
example: “The Tories want to 
downgrade, if not dismantle the 
NEB. and that means' fewer 
jobs.” Or again: “The Tories 
have no faith in British Leyland 
or Alfred Herbert -and we all 
know what that means in terms 

the'*nSt f tiiing 1 ^ they 1 ?? want wJH ftere ls not P° iQt in giving the conditions to allow the about dismantling British Ley- 
be to sell off British Steel and P ubli c money to unprofitable market to function. land. By contrast, what a 

British Shipbuilders. • In any industries. It will say that There will be exceptions, of Lab °“ r Government would do 
case, where are the new those parts of <say) Alfred course,', of which British Ley- in f ace ., °* such advice 

jobs going to come from? The Herbert which are viable should land is likely to be one. But aPPOors hardly to have been 

Tories don’t know and can’t tell he sold off to the private sector, even there the stay of execu- contemplated, 
you.” To put it another way. There will be no prevarication tion from Tory policy may be There are also differences of 
as Mr. Callaghan told Mrs. about the downgrading of the only temporary, and will be due degree in the Tory faith in the 
Thatcher in the House of NEB. And the Party will also as much as anything to the market. It would be surprising 

Commons last week, the Con- admit — or -at least some of its extraordinary faith which poli- if Mr. Peter Walker, who maln- 

servative Party will be accused leading members will admit — Helens of all parties seem to tains contact with Mrs. 
of offering “ one sentence sofu- that it is prepared to see jobs place in Mr. Michael Edwardes, Thatcher on such subjects as 
tions to deep-seated problems,” disappear without knowing how the company chairman. Mr. industry in the West Midlands, 



Mr. Michael Edwardes: object of extraordinary faith. 


AsULru As<ikc«(1 


had quite the same zeal as 
(SRy) Sir Keith Joseph, whose 
thinking is so close to that of 
his leader that he . scarcely 
needs to consult her. 

Equally, not all Tories want 
a return to the free market for 
the same reasons. The supposi- 
tion in the past was that it was 
the only way of securing a 
higher economic growth rate, 
but now some Tories are not so 
sure. Mr. John Biffen, another 
candidate for high office, wants 
to see the market restored 
entirely on libertarian grounds. 
He does not believe there is 
any reason to hold that high 
growth would be a consequence, 
and indeed would be horrified 
at the idea. For Mr. Biffen is 
actually a prophet of the vir- 
tues of Jow growth, and dis- 
misses talk of increased 
productivity as a concept almost 
impossible to define. 

Sir Keith occupies some, 
though by no means all, of the 
same ground. He accepts that it 
is impossible to guarantee that 
a market economy will generate 
higher growth: there may be no 
causal connection whatever. At 
the same time, ho shares the 
Biffen argument that a return 
to the market place should be 
sought for libertarian reasons. 
But he differs in that he wants 
growth as well. Indeed he has 
a fear that if something is not 
done radically to increase pro- 
ductivity soon, the country's 
relative economic decline will 
become absolute with conse- 
quences that arc — to say the 
least — uncertain. 

Sir Keith, however, also stops 
short of what might be called 
“the precipice theory” held by, 
among others. Lord Thomey- 
croft, the Party Chairman. 
According to this, if output is 
not raised pretty quickly, some- 
thing really nasty is going to 


happen. It is to be dismissed on 
the entirely logical ground that 
there is no evidence ih.it the 
precipice exists. There i* no 
particular reason to believe that 
tlie relative decline will nor be- 
come absolute, but ii is harder 
to he certain that the British 
people will be much more 
unhappy as a result. Alter all. ;t 
has happened in other countries 
—Argentina and Uruguay and 
Spain in another centurj — but 
they continue to exist. 

Yet that digression iutu the 
diversity of Tory thinking 
should not conceal the fact that 

there is a certain unity. Nearly 
all of the leading Tone- now 
want a return io a Trccr market 
system and a dismantling of the 
intervention apparatus iliat has 
grown up over the years. They 
may differ abtiul ihe speed, tin- 
degree, the methods am) even 
what it might achieve, inn mi 
the basic aim they are united 
and at present have tin intention 
of backtracking whatever might 
be hurled at them in ihe 
campaign. 


Gut feeling 

The Tories are unnod. t,m. 
in believing that this is the way 
to win. The scientific evidence 
for this belief may he hard in 
find, and maybe it i«t more nf a 
gut feeling. Still, the Tones 
intend to stick to it. They are 
prepared for some savage 
attacks over the next few weeks, 
but they hope that their 
message has gut through in the 
lasl few years. At the very 
least, one might add. they are 
offering “ a choice, not an echo,” 
and it is not every Erm.-h 
general election of which it has 
been possible to say that. 

Malcolm Rutherford 


Letters to the Editor 


British Gas 
irofits 


' TV 


Crisp's article (August 1) on I have never been able to arrange 
women in managemenHs «UgbUy such a meeting, and so 1 may 
misleading in suggesting that the seek the advice of one of the new 
spo kesm an at our Preik. confer- “financial doctors.” I hasten to 
Dnee on the Manager’s Manifesto add that the advice l.have had 
‘rorn Mr. D. Fenn :.had maintained that ffthahs was from my individual- financial 

Sir, — It is gratifying to read -no prejudice against wbmhfi in advisers seems to have been ex- 
hat attention is being focused, management.” : • cellent. 

n the state industry- accounts . Tbeifr rtapbnse to tbe nfitelion There is another aspect of 
tuddle by Lex (July 31) follow- fftffi the female jOtmianfe was financial counselling that is un- 
it s my letter printed July 28 to indicate British - Institufibn of satisfactory. As a generalisation, 
nd responded to (August !) by Management’s attitudef.to irenien I submit that the less-wealthy 
Ir. W. G. J ewers, member for - in management. — there tis no need such counsel more than the 
nance of the British' Gas -Cof- prejudice against 7 .winen wealthy. This welfare state pro- 
toration. " ~ managers who are membatt or vides free a medical service and 

Consistent roles, of -reporting - wifi), apply- for xnnmhershfi) of legal advice. Why not financial 
lust be laid down concerning BOEt indeed BIM has fo^ihany advice also? I have heard that 
he net margins and - appropri*- years through its .80 branches advice '« provided by some 
iuns of sum margins enwhAtinE. throughout ffie ebuntry 'SneOtfT- CItiaens Advice Bureaux but few 
rom the Government Accoun- aged' women! to study '/or ‘and people seem to be 


nncy Service to be followed by a S ply membershi 
oih public arid private hectors -The results have V 
o that ltkb can be compared below our expects' 

•'ilb like, year after year.^on an some ; 57,5O0 mem 

tsioric basis aitd not cohfUsed only 704 are women, ana ine.r» ■ . » 

.-tth current reaJbns: for- tblsj&w proportion ReCrUltS for 

b? a note; to the Ue . Qa ^ baited qfidiscriminatlon 


aware of this 

selwice. 

d- been Ian'Canipbell. 

Among 35 Ldjigside Drive, Glasgow. 

the BIM . 

and the 


but 


- 36 0,6 radio 


ther than by a note to tho- 
ccoitnts until such adjustments 

r »nhpritlSn O laW or f0l L 0wi ^vigiS^ ^artlcfe stateA^- tend to largely. 

divided ^Aix* thiTXttitude' or women 

dmits an historic ^ — 4-. . »kam 

r-78 of £» 

suggest 


? r From Mr. R. Kelly 

Mr. Jewels' admits an historic ^ 5”® 01 BW * ?hr,— In bis article on the “new 

urplus for 1977-78 of £564rn and- * v ^f able - • wave of broadcasters” (July 29) 

his I siipppkt is thp true npt- . .Mott , jlen need to obtain a Art&ii/ Sandies states, on what 
largin fo? the year and should J« all ^tioo im order W develop evidence I know not. that “for- 
ave been reported as such. *-•;? tumiVely for radio, talent is toss 

The historic sum of ^ ora “ diteciilt to find than it is for TV ” 

■ritten off in respect of d4ferxt»d." < * 00 ? c ® r such a choice for AH you have to do, apparently, 
apilal costs on natural gas cDn- ??, raselve Lf l ? 8 \f oa ^f! r v 0H i en ^ walk into the nearest news- 
ersion and displaced plant Is f«Uy appredate-thatthey have a paj^r office or disco and take 
n appropriation of profit': and choice between a career and ytril j. pj^ Either be has a high 
lie to its size should have .been ^ opinion of newspapermen and 

extraordinary tim ^p an of* say, 30. flue, jockeys 


. . - . . .- — or a low opihlon of 

move .from- one to uie njjQ, in any case I can assure 
us benefits to-thim, on the basis of rue 


sported as an — 

loin not to be repeated. . ... . . . 

The £145m of supplementary btiier with enormous uenents lU hira, on the basis of running a 
epreciation again is ah appro-. w«ety generally. *. - local radio station for six years, 

riation of historic profit to meet Do we really want to make au that If he wants an output fit for 
^placement costs of- assets and' Women -take on the sacrifices anq people of average intelligence to 
hoiild be allocated to a reserve- hazards of managerial life? j 0 h e won't get it from the 

cemint if included in historic lohg.as men and women enjoy : sources he mentions. What he 
ivounts. ' equal opportunities in education will get Is a combination of talk- 

Tlic surplus remaining of and employment which the law mh newspaper and juke box. 
isum. instead of being, ' the enjoins; why discriminate against Interspersed with jingles and 
[•ported profit, is merely the . women if they- choose not to be. pupil c notices, a pattern pro- 


alnncc carried fbrward pn prefit. tiki- men? ... 

. ml loss account to 1978:7ft way wHuajh Bree- 
• suggest that this is used to Mtiioipcment House, Parker 
• ucment the Inevitable, historic Street,- WCS. 

1 irplus of 19^-79 activities and .- l’£. _ 

• n »• utilised in freezing prices. 

\ In putting British Gas Co^ 

^ oration’s record straight by ex- 
, H.tining the rise of 70 pief ciSdt 
x » price per therm overa lOywr r ncfrQfnf 
• criud when the Retail Price 1 Call <11111. 

380 


Anomalies in 


Y vi 

' ldex 


i luex ruse jou per cent • it nirprlnr •'«Hl«uaage oi me «ew 

.ns pence per therm represents .Src—There seem to be rwo 24. Dud^iaw Gardens, 


dicing the kind of mind-bending 
» -ihanfty which afflicts far too 
■many local stations already. 

If we are to have an expansion 
.of broadcasting., recruitment is a 
-' Serious problem not to be solved 
by simple formulae of the kind 
V-Mr. Sandies puts forward, which 
could well torpedo the whole 
. enterprise. Broadcasting is an art 
- and Craft in its own right, not an 
appendage of the newspaper and 


9 pence per therm represents ® r ‘“' rhe ^ seem^to he two^ Budshav} Gardens, 
i •! 542 ncte nonce slnd therefore a amhnalies stemming from ^ Northumberland. 

of 18.5 pence per thenn is- presort * nd I?™!* 08 ?? SST' 

^|p n it «n? restraint policy, which- 



future of 


. J. Fenn. . . 

± Tawcr Sire,. v . 
ichmcuKi. Surrey- 


^ublic sector 


from either political parties or .. . 

.financial corespondents. " ; firORGC2LStin{? 

These are:— (3 mat « creates UilUCastlUg 

greater tax . revenue as it Front Mr. E. Stuart Wilson 
replaces, tax on earned income V-S] rt —i welcome the acceptance 
with tax on greater busme^gj the white Paper, by the 
profits. ; (2) as company laW^Goyernment, of tiie Open feroad- 
stands at - present the jncrea^d casting Authority programme 
retained profits created by this philosophy. I must, however, 
policy - *U1 become the sole question Ihe m el hod of achieving 
property . .of . capital.’ once the significant and major 
res&aint is lifted- • change 

I would feel that however far Good TV. whether for mlnori- 
Labour . Government mxy tlas or not. costs money— 


recently many members of the 
House of Commons and House of 
Lords have accepted, and agreed 
to advocate. In the final Parlia- 
mentary debate. It avoids any 
public expenditure, achieves the 
greater part of the Annan OBA 
programme philosophy, and 
removes the necessiw for yet 
another new authority. It is 
simply to give the channel to the 
Independent Broadcasting 
Authority, require them ■ to 
appoint a new ITV contractor 
(totally disassociated financially 
and managerially from the 
present contractors) and require 
that contractor to provide a com- 
plementary service to that of 
ITV1 operating as an OBA. 

The major advantages of this 
compromise solution is that 
ITV2 would have Instant public 
acceptance and a willingness to 
sample on the part of the view- 
ing public. 1TV1 can he man- 
dated to promote ITV2, there Is 
no risk to the Exchequer and 
finally, the IBA already exists 
and has the experience to ensure 
that the contractor appointed 
honours in full the opportunities 
that the OBA concept hopes td 
create. j 

If this compromise solution is 
not adopted 1 sadly predict that 
in two to three years of the OBA 
commencing transmission, the 
very MPs who voted for' its 
creation in its currently proposed 
structural form, will be protest- 
ing at the scandalous waste 'of 

f ublic funds in indulging the 
ew. 

E. Stuart Wilson. 

Beech House. Crag Lane, 

Buby. Leeds, Yorkshire. 

Restrictions on 
TV material 

From Mr. P. 0"S}iea 
Sir,-— Reading your report 

(July 25. Page 6) about the 
planned change in rules on the 
amount of foreign material on 
ITV. I am amazed that we 
tolerate such restrictions in a 
democracy. 

We do not have restrictions on 
what we can read of foreign 
origin. We do not restrict the 
importation of foreign films, 
cars, TV sets, radios and other 
goods. The market decides bow 
much we shall import. Is this 
restriction really any different 
from the jamming of radio 
broadcasts by certain countries? 

What nonsense to talk about 
giving added scope to the talents 
working in TV in the UK The 
market is the only competent 
judge of such matters. 

P. J. Pace O'Shea. 

13. Westchester Drive, NW4. 


the engineers in whose interests 
they were proposed or created. 
It is now, by default, the foot- 
ball of unions. 

As for status, this must surely 
result, not from institutions’ 
propaganda (though it may 
help), but from earning the 
recognition of merit It is here, 
I think, that the institutions 
deserve criticism, for in my view 
they have kept standards of 
qualification too low for far too 
long. They have sought quantity 
of membership in preference to 
quality. My institution recently 
announced, after long heart' 
searching, the raising of stand- 
ards for Lite qualification of 
Chartered Electrical Engineers 
above those set by the Council of 
Engineering Institutions (CEI). 
We have been called “unbeliev- 
ably elitist ” for our pates ! 

■ The Bow Group also criticises 
the C&I and, by implication, its 
member institutions, for Oppos- 
ing the setting up of the FTpni- 
ston Inquiry. We, for our p^rt, 
welcome it and, like the B6w 
Group, we have proposed in our 
evidence that administration of 
the qualification, discipline and 
registration of the engineering 
profession should be undertaken 
by an independent authority- We 
have suggested a statutory body 
analogous, for example, to the 
General Medical Council. The 
profession would thus be account- 
able, not to itself as at present, 
but to Parliament through a 
sponsoring Minister; but perish 
the Bow Group’s idea that the 
profession should be admini- 
stered by the Department of 
Industry ! 

We have recommended also 
stotutory licensing of engineers, 
by which we mean the reserving 
of certain activities to the 
registered professional engineer. 
The Bow Group considers regi- 
stration important, but licensing 
“something of an irrelevancy.” 
It is easy enough to keep a 
register, but the standard and 
control uf a profession in the 
interest of the community it 
serves depends, in the end. upon 
the sanctions implicit in the 
system. U depends, that is to say. 
upon th* effect of withholding or 
withdrawing registration from an 
engineer for misbehaviour or 
incompetence, and of withhold- 
ing or withdrawing accreditation 
from an educational establish- 
ment for failing to meet accept- 
able standards. Licensing, by 
restrictinq the activities of un- 
registered persons, would pro- 
vide the cutting edge of registra- 
tion. 

G. F. Gainsborough, 

The Institution of 
Electrical Engineers. 

Savoy Place, WC2. 


o*-H^ hBVe sfraywS from R* ortS^f 1 millions and million of pounds, 
roots, the letter point can hardlytbefact that a new collection of 


Irum the Conservative . . 
hwpecftpe Parliamentary 
arviidale . J or Horn'mersteiift 

orth. „ 

sir,— Lot us applaud ; the 
iphistry (August 1) of 
.ember for Finance. ■ .Bl 
as Corporation- Jew*® » be in. line with- its ^reliefs, as worthy people, housed some- 
isuistic approach to accounting j t creates a situation where- where in Wl, select. a number of 
lampions the cause of specific sg orifices made by labour become - people to go out and commission 

ly” accepted accounting Prin- -^ e exclusive -reward of eapitat thousands of hours of pro- 

Pj, CK - . ; . . . Ernest Jones. - _ ... r' grammes, will not in anyway 

No doubt he is prapare o to . Impfiria i Buildings. - guarantee that the British view- 

lor equally unpretenuous sym- «• Kiagsuxry, WC2. big public will watch in measur 

iihy to company directors Who.- - . '.-“able numbers. Please let us 

tare his concern about the .. • • reflect, before it is too late, on 

n pact or inflation on customers _ . ‘ ... . ’.the .early experience of B8C2. 

-it have to pul up with toe |n VCStUlCnt - \ Mr. . Robin Scott. deputy 

atutory inconvenience., of. tne • managing director of BBC TV, in 

ompanics Act and the- fiscal drag the programme “ The Editors " 

' ihe revenue authorttiet How ScrVICcS *' * on BBC1 (July SOI admitted that 

. ii that the revenue authprtttes ^ the early programme pattern of 
n nnr dpt>reciste hu* camtal frOtn copimn ion uwnpoeJt, tw, a lota i disaster m 


, BBC2 was a total disaster in 

Sir.—- Ms. Qecson’s article viewing terms. It was not until 
vestment services” (July 22) was the BBC combined the more 
much to’ the point succinct and popular with the unusual that it 
excellently presented. With each began to set an audience. If this 
succeeding Finance Bill most, ff point is accepted, the wide ranee 
not all, of us* need an annual of loose ideas contained la the 
fitumeial/legal "check-up.” Ideally White Paper as to how the OBA 
one- would consult at the same win be financed by various forms 
time one’s Stockbroker, solicitor, of advertising is pure pie in the 
-Insurance broker, and banker — sky. No commercial organisation 
each having bean supplied with is going to pay anything for 
the relevant' data In order' to immeasurable audiences. 

There is an .alternative, which 


o not depreciate 
uproach io current ejf 
eretiiy G. A. Cripps. .. 

Mill Lane,. NWS. " .* % ‘ 

hazardous life 
or women 

ram the Degtiiy Director 
■cucrnL Britidi fnsritftte of 

Iqimgcment. : V; \ f'J . — . a 

Sir — I'he introduction to Jason produco -recommendations. Alas,. 


The status of 
engineers 

From the Secretary, . 

The Institution oj 
Electrical Engineers 

Sir.-— Kenneth Gooding reports 
(August 1) that the Bow Group 
has castigated the engineering 
institutions for making no u sub- 
stantial effort to improve the 
material well-being and status of 
engineers," and for being 
"ineffective in anything but the 
promotion of purely technical 
discussion,” Indeed: but should 
one criticise a golf club for not 
running a riding school? 

The charier objects of my 
institution are “to promote the 
general advancement of electrical 
science and engineering and 
their applications and to facili- 
tate ihe exchange of information 
and ideas oa those subjects . . , 
and fbr that purpose to hold 
meetings . . . publish. ...” 

promotion of the : material 
well-being of engineers has 
been the role of other organisa- 
tions (notably the Engineers’ 
Guild) which nave either 
foundered, or failed to take off. 
owing to lack of support from 


Running a 
business 

From Mr- A.: Beard 

Sir,— The Post Office makes a 
profit of over £lm a day through 
giving greatly reduced service in 
return for vastly increased prices- 
It is in 3 position to do this and 
get away with jt because it Is a 
monopoly. Yet we have a Mono- 
polies Commission and an Office 
of Fair Trading expressly to safe- 
guard us from this. 

U would be interesting to know 
what these bodies, together with 
the other champions of consumer 
interests to the House of Com- 
mons, propose to do about this 
monstrous piece of exploitation. 
Those same champions of the 
consumer interests are quick 
enough io tell us- in the private 
sector io improve our service and 
cut our costs, but I for one would 
be more ready to listen to them 
if they would get their own house 
in order first and show an 
example how a business ought 
to be run. 

A. L. Beard. 

Woodfield.Sporken HOI, 

Worksop. Notts. 


GENERAL 

Formula presented to mass 
meeting for settling paint shop 
dispute at Chrysler UK’s Linwood 
plant. 

General Gutierrez Rlellado, 
Spanish Defence Minister, con- 
tinues Washington discussions on 
his country's bilateral defence 
treaty with the U.S., due to expire 
in 1981. 

COMPANY RESULT 
Phoenix Timber (full year). 

COMPANY MEETINGS 
Brickhouse Dudley, 225, Hagley 
Road, Birmingham, 12. British 
Dredging, Royal Hotel. Cardiff. 12. 
Ferguson Industrial Holdings, 
Appleby Castle, Cumbria, 11-30. 


Today’s Events 

Radiant Metal Finishing, 89. Fair- 
field Road. E. 12.30. Scapa, Saxon 
Inn Hotel. Blackburn. 1L30. Smith 
(David S.). Kingsley Hotel, WC, 
12. Tecalemit, 77, London Wall. 
EC. 12. 

OPERA 

Glyndeboume Festival Opera 
perform The Rake's Progress. 
Lewes, East Sussex, 5.30 pm. 

MUSIC 

Metropolitan Police band con- 
cert. Tower Place. ECS. noon to 
2 pm. 

Henry Wood Promenade Con- 
certs: London Sinfonietta, conduc- 


tor Simon Rattle, uilh Miriam 
Fried. David Watkins and the BBC 
Singers. perform Dvorak 
(Serenade in D minor!: St ra\ in- 
sky (Mass. Violin Concerto, and 
Agon); and Debussy tDan^n 
sacr£e et dan«:e profane). Royal 
Albert Hall. S\V. 7. 7.30 pm. 

New Symphony Orchestra, con- 
ductor Vilen Tausky. in “Viennese 
Evening." Royal Festival Hall, 
SE1, 8 pm. 

SPORT 

Golf: Colgate women's tourna- 
ment. Sunningdale: PGA undi-r- 
23 match play championship.-', 
Belfry. Tennis: British junior 
championships. Eastbourne. Show 
jumping: Hickstead meeting. 

Yachting: Cowes Week. 



f 

AL * -:'K 



Wr 

■ ■ •; -v 


WHERE IN THE WORLD 
WILL YOU FIND 
STANDARD CHARTERED? 


This picture helps to prove that if you have business in the Philippines 
it will pay you to deal with a British bank like Standard Chartered, for at least 
two reasons. 

First, we will handle your business directly between oncof ourU.K. 
branches and one of our branches in the Republic. Straight away this will save 
you time. 

Secondly, by using a British bank that is real ly establish ed in the 
Philippines wc shall understand your business at both ends, and give you the 
benefit of our experience all along the line. Ask Keith Skinner about your 
Philippines business today on 01-623 7500. ^ 

Standard Chartered M. 

Bank Limited 

helps you throughout the world 

Head Office 10 Clements Lanc^ London EC4N 7AB • Assets exceed LB * 400 









COMPANY NEWS 


Hoover midway profits cut 
to £3.8m in difficult trading 


FOLLtltt'lN’G lower first quarter 
prefil.s of £i.4m. against £3 Win, 
difficult trading cmidilions and 
tierce competition affected Hoover 
in the second quarter and pre-tax 
profits were down from £7.rtSm to 
•EH.SZni at the end of the first six 
months of 1!ITS. 

However, turnover improved in 
the second quarter and at mid- 

wjty was 195.1m. clow m the 
£9.1 22m in the same period last 
year. • 

The pre-tax profit comprises 
trading profits of £2.80 m iJT7K.lm} 
and exciianse gains of £920,000 
(£t77.nnn losses i. 

The improved turnover level in 
the second three months was 
acluevr-d only hv means of con- 
siderable promotional expendi- 
ture, the directors say. It appears 
the recent rise in consumer spend- 
ing is now beginning to henefir 
tli'’ industry and it is hoped lax 
relictions will help to sustain 
this trend. 

An imnroi enienr in sales and 
profiiahdity i< now home seen in 
some count "ie» including Fr-ince. 
Pei- amt Smi'li \frica and the 
nu'i.mk m Australia is more pro- 
mising. 

Firm hair 
t»;s 1*77 
tnivi in-vi 

95.M1 9V.UR 

ii...,- »r n-Tl»nd .-.in je; 

t-»-|iis nr-illi . ;/-«7 ‘ 7 

I'v-'ivrs- iMin< n”ii *177 

P-"fH b<*4ori- us 3.101 Till 

I - K. t.i\ i.icm 7. it# 

n-,.r.|'a-. In-; l.Vi 

*’ — v.t • llnllunri • .... Hi ?n| 

V«| H-.-' t ? 10.1 3 INI 

Pi Vir|. MU 1.114 

After lav of £1 Tim iLl^nm). 
e-irnuigs ner 25p shart* are shown 
a# i:;p t19p>. 

In the light of the trading 
n-sults. i he directors have given 
r.»refitl rnnsideration to the level 
of interim dividend bui after tak- 
ing min account past restrictions 


on dividends and the high level of 
retained earnings, it was decided 
to maintain, the interim dividend 
at 3.01 p- Last year's total was 
14.K!p from a pre-tax profit of 
£12 .2-lm. 

Sec Lex 


P. Black 

record 

£1.94m 


1 10.1 3 INI 

1.111 1.114 


A SECOND HALF profit of fn.JMm 
against fO.KJm lifted pre-tax 
profits of Peter Black Holdings to 
a peak £L94m for the April 30. 
1978 year, compared with £1.4. 1m 
last time. Turnover was ahead 
by over £om to £22.fi6m. 

At the interim stage, directors 
of ihis footwear and luggage 
manufacturing concern said the 
order position was healthy and 
that they faced the future with 
confidence. 

Stated earnings per 23p share 
are 22.3 3p (17.53p) and the 
dividend total is stepped up to 
fi.42p t.VTSp) net. with a final 
payment of 4p. 

Little change 
at Clarke 
Nickolls so far 

Pre-tax profits or Clarke 
Nlekiitls and Co omits, property in- 
vestment and development com- 
pany. were little changed Tor the 
first half of 107S at £158.681) 


against £155.337, For the full 1977 
year profit was £515.596. 

Net rents and fees for the first 
half totalled £101 .785 compared 
with £140.640 and dividends and 
interest received came to £20,916 
(£30.110). However, there was a 
trading loss of £1*2.522 (£24.514 
profit) which arose because 
although no disposals of develop- 
ment property took place in the 
period, professional fees were in- 
curred and. in accordance with 
usual practice, these were not 
capitalised. 

Also taken into account in the 
pre-tax figure arc general 
expenses £31.190 (129.613) and 

long-term interest of £10,300 
(£10.314). 

Tax for the half-year took 
£40.000 f £53.01)0) and minorities 
£2.1 SI (£5.214). leaving attribut- 
able balance ahead at £116,508 
against £97,123. 


River Plate 
& General 
improves 



Financial Times Friday August 4 lifts 

John James rises to £3.4m— 
boost from industrial side 


PROFITS BEFORE tax of the 
John James Group of Companies 
have topped -£3m for the first 
time, rising 19 per cent to £3-36m 
for the year ended March 31, 

197S. 

The industrial side also, con- 
tinued Its expansion and pre-tax 
profits were up 27.3 per cent to 
£2 -29m. Turnover of this group 
rose from £l7.3Sra to £22. 42m, 

Total investment income in- 
creased from £l.08m to £L25m 
and is steadily rising in the 
current year, the directors say. 
The group is maintaining its 
strong financial position .and 
profitability and should continue 
steady progress. 

Earnings per share are shown 
as U-2SP (8.02p) and fi.32p 
(5-32p> based on the theoretical 
maximum tax charge. . 

The final dividend of 1.59 ip 
makes a total of 2.746P compared 
with 2.45S75P - previously. Mr. 
John James, the chatrman. says 
be firmly believes the paying of 
dividends from franked invest- 
ment income is fully justified. 


- The aim each year is to in- 
crease franked investment in- 
come which will enable dividend 
increases without incurring ACT. 
This pool is now sufficient to 
cover increases for a few yours 
ahead and allows continued 
growth of the industrial group to 
be largely financed by profit it 
generated. 


Year 

ISTt-TI 1376-77 
FRO* mud 
1.246 I.** 

1.13S 1.D0I 


rnwstmrnt incomi* J-iJj 

T}uoied investments I.IjS LWI 

.Unquoted i? 

tBlenwt receivable ..... 7* 

Tradtiu: profit 

Kapeiwi-S •*} 

Bank interest 

Profit before u* .... — - 

Deferred lax £8 W2 

Income tax — 

Net profit ••• “TIT 

Extraordinary erodlts ... . ;• 

Mlnomies , “J 

A«ri?n|obk 

SSS? r:: i#* 

^ Jt 

• comment 

Preference . shores now account 


i- for mnro than 85- per-ce^L 
i* John James investments in^ 
d from which showed a lS ; pJ2j 
*; increase despite a reductig^ 
“ ISOO.OOO in the portfolio. 
d holders, admittedly receive^? 
o returns entirely from 
it Income but tbc group; fcji 
since become more than ar'afmS 
_ investment vehicle. 

Ji profits from the Industrie 
14 ties rose 20 per cent wiii'S* 
ii and pipe Interests lMdhjPS? 
.* way. on a 30. per cent 

* cnlM Rvniinsiinn ma*'n«£»r.'.4i 


X457 2JM 
MS 182 

39S .15! 

2. BH 2.2b2 


2.K3- 2.2S2 
no ss2 

■1. lt:l 1,660 
22-1 .3 

6.439 4,001 


ales. Expansion, meanwJi 
[ilanned on the plastics side 


planned on the plastics side wfe? 
Men die Brothers made a .:2 

time contribution to the 
ended. James is buying a BrtaS 

based company with. 

potential in high tolerance 
ducts. With the purchase JinaaM 
rrom first quarter profits^ 
group's balance sheet is soumiC 
£840.000. though it is still hfeh* • 
£4 .3m. Nevertheless The charts*! 
50 p are still not expensive mm. 
ing on a p. e of 52,, and yteiri^ 
S.G per cent. 


East Lancs Paper up at half way 


•o*\> :***■■ <*^ / • 

*■ V . 


/ m Hi 1 1 mu. ci>. . m 


After tax of £144J967 against 
£146.789, revenue of the River 
Plate and General Investment 
Trust Company improved from 
£261.726 tn JC285 3flD fnr the half- 
year to June 30, I07S Fnr all 
1977. the figure was £531,310. 

Grog# revenue for the period 
was better at £. - i24,S!)S (£490.1781. 
Earnings per. 25p deferred share 
arc 3.59p (33p) and the interim 
dh'idend is stepped up from 1.5p 
to 1.75p net — flirectors say present 

estimates indicate that the final 
should at least he maintained at 
4.75p. 

Net asspl value at June .10. 1978 
is shown as 197j22p (IBS.24|>) per 
share. 


Mr. Peter Boon, chairman nf Hoover . . . fierce competition 
and difficult trading drag down profits in first six months. 


HIGHLIGHTS 


J. Austin falls to £768,504 


A REDUCED turnover in its si eel 
divixnn. where export sales 
declined due t<i the unfavourable 
movements in sterling value, 
meant that taxable profits of 
Janies Austin Steel Holdings 
dropped from £S:7.1108 in £708.5(14 
fnr the year ended March 31. 

1978. 

When reporting lower first -half 
profits of £400.023 (£523.786). Ihe 
directors said no major imprnvc- 
mem in demand or in profit mar- 
gins vas anticipated in the near 
future, hut it was likely that the 
full-joar profit would be compar- 
able wirli 1976-77. 

Mr. K tl. T. Firth, the chairman, 
now says he Teels- ihe 1977-78 
result compares satisfactorily with 
Iasi year in the light of the 
trading conditions experienced 
during the year. 

The directors are optimistic 
that the cornua nv's vigorous 
efforts to Increase sales and pene- 
trate. even more widely, into 
world markers will hear fruit and 
mainiain its progress, he adds. 

Turnover Tor the year fell from 
£1 1.94m to £10.73nt and trading 
profits were down at £724.835 
I £737.489 1. before lower interest 
received of £43.64!) i£Sn.4t9). 

\fter lax nf EMM .71 « (£436.2731. 
net profits declined from £401.635 
in r::7:;.7SsS. representing earnings 
nr 12 4 6p ri:t:«»pi per 23p share. 
The dividend Iota) is stepped up 
from 327t«n in 3.92p net. with a 
final of 3 67p. 

Dividends absorb £177.600 


(£156.130) leaving retained profits 
of £196.188 (£243,503). 


Bollington 

Textile 

downturn 


Profits of Bollington Textile 
Printers, a subsidiary nf Grear 
Universal Stores, were dow n from 
£114.920 to £81.103 in the year 
endrd March .11. 1978. before tax 
nf £39.113 against £40.843 
The dividend on ihe ordinary 
shares absorbs £14.000 (X36.0U0), 

Increased 
liquidity for 
Maurice James 

Maurice. James Industries 15 
considering wavs nf bringing the 
company's share price mnro into 
lino with the realisable value of 
assets. 

According to .Mr. I- ,\f. James, 
ihe company chairman. In his 
address to shareholders yesterday, 
the share price — I3jp— does not 
adequately reflect the true value 
of the company. He did not 
disclose what measures are being 
considered and yesrerday Mr. 
W. H. D. Jenson, Ihe finance 
director, would not he drawn on 
the plans. 

" Although we have achieved 
ihe forecast which was made to 


shareholders at the time of the 
merger between York Trust and 
Maurice lames Holdings, it was 
anticipated that trading results 
would be even more satisfactory," 
•Mr. James said. The problem was 
the engineering subsidiaries 
which, after an encouraging start 
slipped a little in the «eennrl half. 

Terms have been agreed for the 
sale of the Joshua Big wood and 
Son subsidiary and certain 
loss-making activities of Marcrnft 
Engineering have been closed. 
Certain assets which were not 
producing any positive return 
have also been sold. 

" The transactions already 
completed or under contract, 
together with the Biawood sale 
will realise approximately £l.2ra, 
which will improve very substan- 
tially the liquidity or your group,'* 
Mr. James said. 

Revenue up 
at River & 
Mercantile 

Gross revenue of River and 
Mercantile Trust improved from 
£>94 968 to £l.!2m in ihe Hr>t half 
of 1978. Tax charge is £305JMW 
against £306.469. 

The interim dividend is stepped 
up from 3p to 3.5p— last year's, 
tolal was S.125p. , 

Earnings per 25p share are 
shown at 4.82p (4 !9p> and net 
asset value is 222. 63 p 1 19G.64p). 


The consumer bnom is apparently bypassing Hoover for. 
after the dreadful first quarter the best that can be said about 
these figures — profits halved at the interim stage — is that 
volume was maintained in the second quarter. At the AGM 
Reed revealed details of further substantial disposals and a 
moderate improvement in trading in the first quarter. Lex 
also takes a look at the stock markets following very active 
trading on Wall Street and the Financial Times All-share index 
hitting a new peak. Elsewhere. Vantona has turned in profits 
slightly higher in a difficult textile sector while it has aisn 
made a hid approach fur Compton Wchb Group. Profits at 
Waring and Gillow are 30 per cent higher, reflecting strung 
growth from the retail outlets and -a tumraund on the clothing 
manufacturing side' 


Celtic Haven uncertain 
about profit growth 


THE DIRECTORS of East I^nra- 
shirc Paper Group say that despite 
the continuance of weak markets, 
pre-tax profit, up from £636.000 to 
I70S.000 for the first half of 197S, 
is well up to expectations. Turn- 
over for the period was virtually 
unchanged at £1 4.52m. Profit for 
the whole of 1977 was £L.15m. 

The measures taken to achieve 
a turnround at the croup's ailing 
subsidiary. Waldorf Stationery 
and Greeting Cards; have yet to 
b- proved adequate, they state, 
but ihere arc signs that they are 
taking effect. 


sirmonitt* 
owe umo 

Turnover M.4I* M3M 

Profit before tax ... 701 M6 

Tax 3ns ... 3ffl 

Net profit -HO • SM. 

Rrorg expciKFS T3 — 

Minority iouvusI 4 4 

Available 239 M2 

Dividends K2 - 74 

Ri-iiini.il 178 22S 

The result of the worldwide fall 
in stocks of pulp and paper is 
leading to a hardening of prices, 
and while demand will continue 
to be governed by the general 
lack of activity, it is anticipated 
that second-half results will not 
be far from those of the first.- 
Net profit came out at EWO.OOO 
(£306.000) ' after lax of £868.000 
compared with £330.000 b'ot there 
were reorganisation expenses, for 
the six ninnlhs. after tax. of 
£78,000. Thus, after minorities. 


£4,000 (same) the profit available 
emerged lower at £25S,000 against 
£802,000. 

. Earnings per 25p share are 
down at 4.7p (a.5p>. The interim 
dividend is increased from 1.352p 
, to l.SOOp net— last years final 
payment was 1.94£p. 

F. Wrighton 
in good 
position 

In his annual statement. Mr. 
K. S. Wrighton. the chairman of 
F. IV right on and Sons (Associated 
Companies), expresses confidence 
that the group is in a position 
to hold its own in difficult trad- 
ing conditions, to fight for a 
gre;iter share of the market 
against fiercer competition, and 
to lake full advantage of the 
market imium when it arises. 

He explains that the group has 
now extended its range of pro- 
ducts both in terms or design 
and price to give full coverage 
through the middle to top-end of 
the market. 

The recent introduction of a 
new marketing image and hou*e 
style ns well as a change tn 
advertising approach bos been 
well received, he adds: 


There are also plans to dfe. 
major changes in manufacture 
techniques of the group's. 
ducts thereby achieving greater 
efficiency through rationalism,,, 
and improving its compefitin 
edge. Mr. Wrightoo states. 

However, he says this wiii us* 
time to implement and the :|y 
effect will not be felt untB eta 
year. 

As reported on July 12, tat 
Able profits fell from Q4SM 
to £338.000 for the March 1L 
I97S, year, on higher hirnopr 
of 18.61m (£S33m). Expom 

amounted to £522,000 (£203,0001. 

Success in Belgium has been 
most heartening, says the chair- 
man. but penetration into otfan 
European countries has - bees 
slower although the directors an 
confident that work which hu 
already been carried out -ntfl 
prove 10 be of beneGl in Ug 
future - 

During the year, the loss to 
the French company continued to 
drain the group's tesduras. 
although a reorgan isan'oo an] 
change of policy mentioned; lag 
year has begun to take effect i 
Neverthless, the move towards' 
profitability here Is taking longer 
than expected, Mr. Wrlghttm ; 
points out. 

Meeting. Brampton Works." K 
September 5, noon. 



Reed 

International 

Limited 


AFTER A year of further im- 
provement. Celtic Haven is still 
going through a period of 

development. Mr. ML Sheppard, 
the chairman, says in his annual 
statement. 

Therefore it may not be possible 
to show an increase in profits 
during the current year, he tells 
shareholders of thq West Wales- 
based marine engineer, supplier 
of ancillary services. to the Celtic 
Sea off-shore oil tndusiry and 
arable farmer. 

The negotiations for the pro- 
posed merger with Hanrocks .Ship- 
building Company/ t Pembroke) 
have been terminated following 
the appointment <n a ‘receiver to 
that company. Me? Sheppard adds. 

Since the year end some 60 
acres of surplus land at Ram 
Lake. Button. Dyred. has been 
sn)d a l £83.500. improving ihe 
liquidity and gearing ratios. 

As reported on July. 10 group 
pre-tax profit rose from £T0r.0flS 
la u record £109.357 for the year 
to March 31. 1978. The ner divi- 
dend for the year was raised 
from 02!9316p to 0.323p per 5p 
share. < 

The year under review was the 
first time all the operating com- 
panies reported trading profits, 
Mr. Sheppard says. 

Tn the marine engineering and 
I stcol fabrication division. Barn 
' Lake Engineering had a successful 
vear recording rhe highest profit 
since its formation. The Celtic 
Haven board is now satisfied that 
this company is well able to 
nncrate under its own manage- 
ment. 

A substantial contract for a deck 
cargo barge has been received 
rrom Davy Powergas. and this 
with other work on hand should 
ensure a useful corn ribut ion to 
group profits In the current year. 

In the oil exploration services 


and marine terminal division, re- 
duced oil exploration — with drill- 
ing activity taking place for only 
a relatively short period — cut the 
profit of Celtic Sea Supply Rase. 
Further drilling id expected in the 
area later this year and in due 
course the five oil companies 
which now hold Celtic Sea drilling 
concessions in rhe fifth round will 
be obliged to drill. 

It is still therefore too soon to 
predict the likely outcome of ex- 
ploration in the area. 

The facilities provided at the 
base as well suited tn other activi- 
ties and directors are seekinc to 
extend the range of services and 
custnmerN. 

This diversification should be 
helped by the developments on 
rhe neighbouring waterfront by 
H. and 1. Ferries-— who are to 
oneraie their new service from 
Pembroke dork— and also by rhp 
mainr extensions to rhe Texaco. 
Gulf and Amoco refineries. 

In farming, profit nf Little 
Haven Farms was affected by the 
substantially reduced- potato 
prices. Mr. Sheppard says. 

The results for 1978-79 are also 
not encouraging partly owing to 
ihe relatively high costs of seed, 
hut mainly lo the late planting 
and lifting due to the wet Weather 
and low and uneconomic prices. 
Stens have been taken tn reduce 
seed costs and the bright spot is 
the sleadv Improvement in the 
value nf the land. 

Turnover and pre-tax profit of 
the main group activities in the 
past year were: Marine engineer- 
ing and steel fabrication £1,825.551 
and £S7J574 (£853.178. and £93.717 
loss): Oil exploration and marine 
services £401.573 and £5226 
(£821.492 and £103.593); and 
farming £132.162 and £16,257 
(£179.810 and £91.102). 

Meeting, Dyfed. August 31. 


Half-time advance by Witter 


WITH SALES higher at £13.02m 
against £11. 28m. pre-tax profits of 
Thumas Witter and Co, manufac- 
turer of floor and wail coverings, 
advanced Trom £442.512 to £637.076 
for ihs half-year to May 31. 1978. 

When previewing current year 
prospects in the Ibst annual 
report, the directors said the out- 
look at home was encouraginA 
while inquiries and order book 
levels provided Ihem with/good 
grounds for confidence that ihe 
year would produce a significant 
increa.se in profits. • 

For the whole .of thtf 1976-77 
year, profits were dqivn from 
£1.123.273 to £878.387. 

First-half tax took £379.355 
t £242.422) including £l3J)5o over- 
seas lax. A Dor a minority loss of 
£7.996 against a £12.657 profit, 
attributable profits rose from 
£187.433 lo £263.717. 

The net interim dividend is 
0.67p (O.fitip) per 25p share, cost- 
ing £58.060 (£38.080)— last year's 
final was 2.4H44S75p. 

The directors are lo dispose of 
the assets of the Australian sub- 
sidiary. Balatum— in aggregate 
these are expected to realise the 
book value. 

Second half 
profit for 
G. M. Firth 

G. M. Firth (Metals) eliminated 
its first half loss of £29,000.- 
against a £155.000 profit, and 
finished the March 31, 1978, year 
with pre-tax profits of £29.661, but 
still down from the £198^43 pre- 


viously. The directors ray that 
rcsuMs reflect the difficult trading 
conditions of the- past year. 

Turnover was slightly down at 
£7.69 m compared with £7.93m: at 
the Interim stage, with turnover 
down to £3.72m (£3.S8m), direc- 
tors staled that the steel industry 
throughout the world remained 
very depressed and that group 
sales were not likely to recover 
significantly unto markets 
improved. 

Net profit came out at £14.735 
(£93.343) after tax Of £14.926 
against £305.000 and Ihe result 
was boosted by an extraordinary 
credit of- £288.640 (£117508). 

Earnings per !0p share, before 
extraordinary items, are shown as 
0.53p (3.5p) and UJ7p (7.92p) 
after the same items. A final net 
dividend payment of 2.5p (2p) is 
the total for the year, against 4p 
last time. 


Increase 
at Law 
Debenture 


GROSS REVENUE advanced from 
£665.279 to £699,737 at the Law 
Debenture Corporation. and after 
expenses and interest amounting 
to £225.022 against £234.047. the 
pre-tax figure was ahead From 
£431,232 to £474.715 for the firsl 
half of 1978. 


After corporation tax of £74814 - 
(£65JS27) and E112J75 1X193,238) 
tax on franked income, net 
revenue was up 'by £27,174 la - 
£287.326. .- I 1 - 

The net interim dividend .b 
lifted from lAp to l.73p per 
share, costing £198.450 (£16lk25tl. . 
The directors expect 10 at- leas k 
maintain the final— last year's 3p 
was paid , from . X553JJOO - (Jet - r - 
revenue. • , 

On July 5. 197S. the company x 
borrowed USSlm for a five-year r. 
period and the proceeds of tbc r. 
loan have been used 10 refinance 
some of its premium currency 5. 
securities in the U.S. : 

Net asset value is shown at 
KMUp tlSl.Tp at year end) per . 
23p share. 1- 


Brasilvest SJV.. 

Net asset value as of 
3lsl July. * »78 
per CrS Share: CrS322M9 

per Depositary Share: - 
U.S.S 16,521.16 

per Depositary Share 
(Second Series): 
15,514.38 

per Depositary Share 
(Third Series): 

U.S .313.2822)3 " 


Consolidated Profit Statement 

for the 3 months ended 30th June 1978 


Philip Harris confident of improvement 


i Months tnacd 


JU.6./B 


JU.6.77 


r. million 
(unaudited) 


SALES 

United Kingdom and Exports 
Overseas 

TRADING PROFIT 

SHARE OF PROFITS OF ASSOCIATED COMPANIES 

OPERATING PROFIT 

Umtcd Kingdom ... 

Overseas 

INTEREST 

PROFIT BEFORE TAXATION 

TAXATION 

United Kingdom ... ... ... ... ... 

Overseas 

PROFIT AFTER TAXATION 

MINORITY INTERESTS 

PROFIT attributable to Shareholders 

EARNINGS PER ORDINARY SHARE OF £f 

for 3 months ended 30th June 

for 12 months ended 3fst March 1978 


Note: The Overseas results relate to the period ended 3 1st March 1978 


REED INTERNATIONAL UIWITED REED HOUSE PICCADILLY LONDON W1A1EJ 


397.9 

236.0 

161.9 

39-4.5 

217.8 

176.7 

29.1 | 

26.a 

U 1 

1 

3.4 

JO. 2 

30.2 

22.6 

19.8 

7.6 

10.4 

<8.7> 

(9.7) 

21.5 

20-5 

13.1 

12.6 

9.8 

8.0 

13 

4.6 

8.4 

7.9 

1.2 

1.6 

7.2 

. 6.3 

6.4p j 

5.6p 


WITH A promising order intake 
iMHh ai home and overseas for 
the year to date and with slili 
better productivity. Mr. N. H. 
Russell, chairman of Philip Harris 
(Holdings), says the group can 
look confidently for improvements 
in profit* for 1978-79. 

He says that the advance in 
pre-lav profit from £0 69m fq 
£0.7m in (he March 31. 197S. year 
can be considered saiisfaetory. 

He says in his annual statement 
(hai it was disappointing that 
for tHe first time in sonic years 
exports declined In (he vear. show- 
ing a 17 per cent Tall This would 
have been less but for delays in 
obtaining letters of credit. 

In_May this year the group won 
a £5. 4m contract for equipping 
science and engineering' labora- 
tories in 10 Indonesian universi- 
ties. v • 

Home sales of educational 
equipment last year showed a 48 
per cent rise despite- cuts, in edu- 
cational expenditure. The im- 
proved results in the second half 
came through increased sales, but 
mnre especially in (he Ian three 
months through increased -produc- 
tivity. 

The medical company raised 
turnover despite increasingly in- 
tensive competition, but it wax 
disappointing that shrinking 
margins, more stringent supplier 
terms- and rising distribution COSLs 
resulted in a lower profit. 

Arrangements have however, 
recently been concluded, which 
will increase rhe range of Us in- 
dustrial medicine section. A new 
catalogue will be ready for issue 
in September which wili. be par- 
ticularly relevant to this buoyant 
markoi. he says 

Mr. Russell points out that in- 
creased home sales, particularly 
tn the final quarter, and delays In 
obtaining money from overseas, 
account Tor the rise in’xJcbtors 
from ILKim to £2 54m in the year 

Forward purchases at rear end 
to deal with a large order intake 
and a build up of export goods 
awaiting finance clearance are also 
reflected in the Increase In slocks 
from £l.62m to £2Z7m. This re- 
sulted in a rise In bank over- 
drafts from £0 5.?m to £l.26m and 
directors are actively engaged In 
dealing with these problems, he 

adds. 


At jr*ar nnd net rurrent assets 
were £l.R6m (El 33m) and fixed 
assets £0.76m t£0.73m). 

Meeting. Rarnn’s Court Hotel, 
Staffs, August 24 at noon. 

Increase for 
Best & May 

Following the rise from 
£92.800 to £138.240 in the first 
half, profits before tax of Best and 
May improved from £247.778 in 
£308.65 1 in the year ended April 
30 1078 

In their interim report, the 
directors said it should not be 
assumed that growth would con- 


tinue at the same level as thai 
experienced during the first six 
months, due mainly to fluctua- 
tions in export business. 

Earnings per IQp share are 
given as S.45p (R.49p adjusted) 
and the final dividend is 2 2124n 
making a total of 3.07R9p com- 
pared with 2.7252p previously. 

The group trades as stockists 
and drstribulors of electrical 
equipment and plant.- 

Vnar »V«?ar 
1877-7S 1D7IU77 

Profit before Lax ........ 30S.&S1 207.779 

Tax 114.833 78. Bi" 

Nei profir Ul.«rs I® 733 

Pri--aiDtiunTion profits 1.704 — 

.VI hhi liable 1M1I4 [M7S7. 

Dividend ... riS itO IW.-tti 

• Resisted in revpwt of corporation tax 
and t-arniiu.'s per ihire. 


TRIPLEX 

FOUNDRIES 


Progress Continues 


Results For - 1978 

Ofears ended 31st March) £ 

Turnover 34,353,000 

Group Profit before Tax . 2,691,000 

Net Profit attributable to 
: -Grdinaiy shares 1,623,000. 

Gross Dividends per 25p 
\ -Ordinary share 7.018p 


. 1977 
£ 

28.596.000 

2.037.000 

1.414.000 


Finance 
for Growing 
Companies 

If you area shareholder in an established and 
growing company and you. or your company, 
require between jC? 0.(KHJ and ^XUUO.UOO for any 
purpose, ring David Wills, Charterhouse Development 
Investing in medium size companies as 
minority shareholders has been our exclusive 
business for over forty years. We are prepared to 
invest in both quoted and unquoted companies 

t currently making over £>0,(XX1 per annum 
pre tax profits. 

CHARTERHOUSE 

Qijrterhouw Development, 1 Patemt^cer Row, Sr. Pan!*, 
London GC iM 7l)H. Telephone tM-MK Vcr*. 


-Orcu nary share 7.018p 6.3Sp 

Extracts from the Chairman’s circulated stulemc-nt : 

1 am able to report improved results for your Group and during 
a sear which has been difficult to say the least it has taken a lot 
of dedication and hard work from everyone to produce these 
figures. 

FOUNDRIES DIVISION 

An improvement, despite the fact that it hns not been easy to 
ret ain reasonable profit margins. We are continuing our 
programme of modernisation and it is our intention to 
continue the de velopmentB at our foundries to meet any 
fixture upsurge in demand. 

ENGINEERING DIVISION 

This Division has continued to improve its profit contribution. 
We acquired Thermovitrine Limited last October nnd this 
company is proving to be a worthwhile provider of profits for - 
the Group. 

OTHER ACTIVITIES DIVISION 
Although this Division has managed to marginally improve 
aales, profits have been slightly retarded because of lower 
margins and irregular supplies of the goods which we factor. 
This position is now improving. 

OUTLOOK 

Demand generally is nowhere-near as good as we would like it 
to be, but we have complete confidence in all our management 
teams and know they will continue their endeavours to 
maintain the progress of your Group- 

11. Harrison, Chairman 

Tfw Xfport and Accounts wen adapted. The Final Dividend 
provided in the Accounts was confirmed and it teas further 
resolved that a Supplementary Final Dividend ofOM62p per 
Ordinary share be paid, together with the Interim Dividend for 
the current year on or about 28th January, 1979. 

Triplex Foundries Group Limited 

Castings - Light Engineering - Aluminium Windows 1 

W Protective Clothing - Perspex J 








19 


/■ t. • ^--r :}?: . ' ' -:; .— *.iv* ■_■/.; T- 


% 

le 


. . : 4 .4978 

Tsce fafls : ; . \^5irii 

tomaifi t 

at midway to 9e< 

^THOUGH TpRNOVPi i tosB.V ■' . ' 


to peak £3.6m 




AL T HOUGH TORprOV^R. i T*SB' t ■'.' ■ ' r ^ • - ; '. v; - v ‘ 

l/!r board meetings EH5t JsKS 

Uib March Si 1978. Am SP’SlSS. “ mMn,es have noUied an advance of about 8 per cent 

S.tai compared with *“« of Board meetings- to- u» Sun* over the same period- But volume 
foreign £ 2 . 70111 * on. turnover/ aet Of VAT. S? 4 ? 80 - . 8wb meetings are osnalls -miiot ),STO iiwiTSstlc .•inH<rin«» fc» 

; wmpeuuon -afftttmg- ats- Dutch of *« 4 .SSm against J 0938 m. £*LJ£ *?™«« «* coasWem* j 7 a J?l 

ulTSetS -tffiSKS di^r^reported SS PriU Sz lo/^^fe ^ 

wrth a^SSwi»^irS!f^t 0ng rfSSH fi*f d £rom.v£L 03 m to taenmn or finals and ihe aS 2 mio£ carpets In 197 ?. Still, the increase 

ift ss ' isu w 

Dro A.„ Twwwr*. 4 u 8 UUtt. 7 re. 4 u Fh » 1 *— «»««* .Timber. Waahantt. side's tornround and a continued 


NEW ISSUE 


7 bese securities have born offered and sold outside the United States of America. 
The announcement appears as a mailer of record only. 


4th August, 1978 


v niSrtJL 01 ?!; 25 lucent Tiigber. Kunduire _^_»M7 JO«usi.sm lBtar ,^ '‘“ TUKe bates recovery is on the cards for this 

'SS^mem Dd°S ( ?SS A&'S.mr, ...... -**,34 y«tr, though this divSon iH 


Swftw* ■■« j^_»arjo«sjft.s 9 t 

dnrtiHM • • 'tH7WI flltom . «?WIIBS — 


ra *** an extensive man- .JHoaang -,..;_:._,&BS 7^3 t.eitjos *]«« ‘I^r, 
;K D i reowaatetiqu.; in « its jg»w gnrv. Jiff.; «*» Sn^* 


FUTURE DATES 


side’s tornround and a continued 


. tnnsHMa n. ■ Furnitiirr- __ .t i H i m iSfUMs C, wummiuaiea auoes _ aux- — xruu.uuu mane xn iir/'fia. me 

- ,’ cK*T -::~ZZZ>xRm .mmS SS*KS2 - - £»£ Upttuirln consumer spending is 

... > SJLiRuJW the- encouraging- Ta v usu h iamsi EK5£fiJ*" r- .r-.~~ s®*- 20 beginning to show through and 

- ; S S appears capable of- 

; ■• v : jjjsirs £30.006 ,2- SSVi— ==!■« » BW jJF&JMS 

• ■• •■ JUKES ? : -’. i . " \ ’ .. - ""•- S! ^ 1!e « ;.*«■■■ ^erefteftS island the yield 

1 -■ 1 ^ 5 “ s Pre-tax figure for Uf»- year was ciSorf^nd u - .-»- T t 4.3 per cenr covered 4.8 times. 

dLaT’^ attributable sfaTic^ after, a transfer qf £H48 6 Nwnwrlt IS is the shares are already taWnguote 

’ ■ SSS ■ ? f ^ sro u P- VUUK ..0Bt (£143379) _ to ;_• defferted. proht smith wwiwonti tv. if of prospects. 

' BUm to £132i000 reserve, and was - sithiept to a tax - - ^ ^ • - 1 

• •’ TtTf^ £1S3 «°°O f£ 155 J) 00 ). Charge .bf £UBm' against £L 35 m ence capital amountineto £ 200.000 \vfi«]In M 4 Tmn^ 

dlvS *«tf--i» held ax last time which included deferred is held by outside Interests and JVliuISIlCl 1 TUSt 
aSorlS^ wS 1% Bha ™- *z* tax prqvfciqiu net profit ttme out the dividend of £7.700 (same) has j 

r«r»w* 3"’ 00Q 38 d °es the pre- £lm highej- at, £2Alm. been paid. ... PYTlDTiflSk - 

. . | a ° A r ^“ 3arjr dividerii list. The group has a provision for CApdUUo . 

* J If . ;5? r . ■ 0.J5P final -wap. jaitf oh. deferred pro6t harried forward of • Comment After tax of £112,131 (against 

‘Mil profits of. £0.58m. .- ;? . £1 J6m t£LX7m): ■ . Waring and Giliim's results look £99^32, profits of Midland Trust 

" - ' l- ' f '/ . Earnings . per ^ impressive. Despite the depressed expanded from £1SA575 to 

Vlinpf T '-■■■•ftSEJS* 17^4p (lOjmjV^id the state of the furniture maricet the £220,367 for the year to June 30. 

-tiCitMjUui , dividend .a -effectively; increased company has managed to improve 1978. 

~ ' cat frt*. - - • ' ' * (3^i3d9p) with a final profits from its retail outlets by A final dividend of S-083p net 

• i • M;l TOT ‘ - : ~.-- -■ - -of 2 ^ 162 Q 8 p net Abyprc^osed is close to a- quarter and -with a raises the total payment from 

.. h . ; - a pne-fofrlO scrip issue. ■ turnroond into the black from 3.Bp to 4A02p per 25p share. 

: *•.. • . *■ PTnwfn - ■■■??“ .- The duectors state tfiat-m the clothing manufacturing. : overall Net asset value per share is 

. ■ , & 1 u n “Al . : ^ - ..• . case of one subsidiary, thO prefer- profits are up by SO per cent. The given as I08p (87p). I 

Services, part'.of 

. . tb0 quoted Mrnet HomSkh “ com- . nrili ^ - 1 • .• -mm * * 

-Ppuy. is set to douhii* ‘tts tnj ■ I n Anmtn I • ri«iAMrlm/v 4-^v mriA 



US$50,000,000 


Midland Trust 
expands 


Hapoalim International N.Y. 

(Incorporated with limited liability ' in the Netherlands Antilles) 


Mine! Leasing 
set for •. 4- h ; 
growth :■ 


Guaranteed Floating Rate Notes 1983 

Unconditionally and irrevocably guaranteed as to payment of principal and interest by 


... pany, is set to double 'its in- 
i i. j-? me . ,n I® 7 * according. to 
.managing director Mr. 'Neville 
uoad. .*••• • 


Thom capital spending to rise 


Bank Hapoalim B.M. 

(Incorporated with limited liability in Israel) 


ISSUE PRICE 100 PER CENT. 


Minet Leasing started' opera ting GRO WTH at TTtorn^ ffledr teal results wiH be depressed by the savings plans. Single premiums 
. ., . two - years ago off ing ' tediMtriy -will.fcfllow thejnereas- exceptional start up costs of anew sales at £3^m maintained the very] 

. . 'broking faculties. In the first full leveT of capiial. cx^najtnre. manufacturing factory, and the high level of 1977, with invested 
'- 1 rear to December 1977 net fee ia- jrear- totanlng a3L 8ttf--t lie acquisition of additional retail - being predominantly in the 
. . come amounted to ’ £ 103 ,MO and ld£ x tafc ^f_r I 'l?- 6Ba sites. • property fund. 

. . ' *'■ --.orofits were £ 28 . 000 . HaweverT a -^ ^ , * aa P-? l ? r .® ie ^£i 2 ve » -Profit for 28 weeks is after Mr. Alan Roberts, the general 
1 '■ -a profit margin of a third Would fai. cnamnaa,-in ms. arnroal report. £ 160,000 depreciation and £ 30,000 manager, points out that all sides 
... expected now that, the enm ha ny- a : Tm grq np .a -dtea uft^tofidng inter esL .of tiie business are doing well and 

has really got underway.' ™v | ostlgationt! . t he the company has carved out a 

■ ' . : ho far all its income has been S • Win PanCAm strong position in the unitlinked 

1 ? ..derived from -brokerage, but the. ” HI. JKB.DSOI 11 assurance market- This excellent 

>• . company is developing towards w«t? l 0 ivS S „w^ rCSeaf 2 .^ 5 3 *^. * 31r i » i result demonstrated the growing 

••• .:-X"3ff ’’SSSSr^-^ w 2XS£m*p. ahead by 

£ 84 . 000 . from brokers. 


The following are the Managing Underwriters of the above Issue : 


Industrial concerns) whieh are in- 


formally . using Minet nn -a con- irie iinpact 01 th*t 
iultancy K *' “ produet^ranges^i n tW^ 

.1 Most deals arranged are : for 

amounts of £Jm or so and to date SdfipS 

its largest smgle ope ratioif Where a 

-It acted as intermediary was soine 
computer hardwear for the air- i&SL: ■ 

■ It is . currently in the midst of fiS ™of. 


ahead by 
£84,000 


the company has carved out a 
strong position in the unitlinked 
assurance market. This excellent 
result demonstrated the growing 
dynamism of the sales force and 
the tremendous support received 
from brokers. 


N. M. RolhscMd & Sons limited 

Bank Hapoalim B.M. Bank lor Gememwirtschaft 


Akliengesellschaft 


Banqne Botbsekild 


Botkschild Bank AG 


frture, . A second-half £ 37^16 increase fTTY OF T OlVOON 
Continue to £ 397^79 lifted pre-tax profits of „„ 1 
i- Controls William .Ransom and Son to a BREWERY INCOME 
IW^Cpn- record £ 629^79 for the year to UIVCTT,JV1 lill/UWUl 
Kbanged March 31 1978 , against £ 545,063 Owing to an agency error the 
the last time. Turnover advanced gross income figures of the City 
!>T - •’ from £ 1 . 9 B m to £ 24 Mm. of London Brewery awt Invest - 

.‘' 8 ; with In their interim statement' the Trust were incorrectly reported in 
fttrabond directors reported profits of Thursday’s paper. The correct 

B ^foor the £ 232,000 (£ 185 . 000 ) and said they figures are £ 2 . 52 m for the June 
expected second-half profits to be 30 , 1978 , year and £ 2 . 29 m for the 
similar to the comparative period previous year, 
for 1976 - 77 . — ■ — 

Net profit for the year came out 
at £ 357.610 (£ 286 . 474 ) after a tax 
charge of £ 271.760 against £ 258 , 589 . 

The dividend payout: Is -stepped 
up to 3 -lS 63 p ( 2 . 79270 ) net with 
a final of l- 9747 p. Ransom Is a 
manufacturing chemist. 


*1 1.1 1-iunrHiiy m luc tnrasi or wofitK 

another deal of twice' that sire— 52 f ^Sed MareSTaU 
again computer haidi«ar?bift ? 5 " 


Win computer hardwear,- but ^ S to ii 
this time in the financial sector. 2 S fiffita Vf 
Minet Leasing nnl«^»mV,w ^ W 


Minet Leasing onl 7 -efoploys;^ ^ dividend is- lL 45 p 1 ^ 
eight people and makOs fcjmpact,. 


■ f 4- /A* pj sht people and makes f&jnnmct-. Tt, tP m»i 
1 1 FPlV concentrating on complicated -ariSSShi Sir^SSSa 
I U C| easing and financing paclfe. ft- 

claims to be leader m the: field SJSsed divide^* 1 ® 
of using specialist computer -j^ro-r covered at least «.g' Hi 
ESP. *r T financial- 

mmparing leasing proposes; .. .. . - Joint -auditors 
■m '« ••--»• . - : . -1 - M au rice Thompson amt-Ci 

Revenue 

for Govett “j " J - ’ ttVaa a . persooS^^iKi^ 

. . ■-':.'i-:.'v.' ; i near. .retirement-, aA® am 


Trident Life 
Assurance 


In a 



we 


T? 1 1 r n flPfi T 1 ^ ~ : rqany yeans with TbornT^% er Buoyant hew_ business in the! 

"“‘ "FFt* - ' ' .TTe firm WP rufd contiSm tt&t .flrst qtiartw of Hs ciujent finan-| 

From total income oT £ 1^848 T^ny v Sta 5 S 5 A f& 

compared -with £B 9 S,Ste, availabI(fe ' Sl ^^ J 1 ® ' J t 7 . * 

revenue or Govdt Buropcen Treat Whxnney Murray and Sotnpany, Amutanee . Company, a member 
rose from X 440 i 7 li*D' £ 488 ^ 98 -for ^ e<rther J otot -JtiiditorsyEavetoti- of me Schlesmger Group. New 

tteJ T wWmgnZr to con- «Bw 5 j premiums at ffl 62,000 are 
Revenue was rtmelt sfier M. tinue in oEfice as sqlb auditors, SQ p* cent higher than in the 


are 


Revenue was struck after ex- ^ 15 ® -. 4 ? H. 


w corresponding period last year, 
with ; strong, sales of individual 


nenses and interest atoounting, to - Meqtl nfr Thc : Dniester, W, cwrespopdihg period last year. 
£263,079- («3flJi43). jmrf.- fuv of ■September 8^-at noM. with strong Bales of individual 

€5n6.l74 (£438,-139): Sarningy are : - — - — — 

M9p ( 2 . 2 p) per- 25p- share. - ' " , I JITWnf Jfrn 'v.- • 

A single, dfridttrf. • - RANK RETURN 

I.yime) net has already bean paidr- . ATWti • ” c,i KI 

-asi year's net was . [Wi-inf^inv :Tnc. h-> *> r 

T 3426 .Q 0 O. - ' f , : • sme-Z • o#c. *— > 

Net asset value is. ^ow'n a^- Kpn^ . iaB 'JX^- 

IS.!p (82.5p) per share. - - -W- " • ' - ■ BANKING DEPAKTMBNT 

v -fSor iA February S&. . 1978 year . 1 ... _ 

■ ^ ^W^ proCt of ABw Kennedy .®' UT,I!:I j u^axii - • — 

' NEW ; 8®ett5Sn--» WT3.1Z9 

T TAIDITR'ttrRTnN'fl - pared with. £IK,l6S n to the 4S5.B60.oto- 435 ^ 25,000 

U lv U±m W tvi J, lAU-i. previous 11 months. Sales were mnfctra j 353.2683*8— 7 . 747 . su 

VENTURE-' ^ ■ - against £1.17to. ^ ■ iU»«rvw4 0 ?h«T „ 

. J- • Tax takes £78.074 f£7t ,200) and >5?r* — I 59U2fi - 365| ~ 89 - 62a?w 


BANK RETURN 

:Tn 

Auie.z - r 
lAB I f< 


ac.'H-> o 
Oft! — I 
f nr week 


mg 

Jver 1,000 delegates from 
no less than 82 countries to 


..It has been --agreed bett^seri earnings per 25p riiare- arc shown '1 .laMimyjwMrim 

Mr. G. E. Ofltiey and GrciK at 8^P axatostlO^Sp. The final : L vy ; -. t — : — — -~TT^ - 

• Factor rto* « WMKniMM dividend o£ 1.78?p^net leaves the _ Assits 
F ester that a joint reitirorfflice total unchanged at 2.B87p. The ow»I£i«tnm.. ss 5 .is 6 . 08 s - 312 , im,gco 
... underwriting venture wflf be romnany is 87.06 per cent owned. 

established : r to V underwrite by Ferguson .Industrial Holdings. 77 sw - 173 - 731 — ia 6 ,M 8 ,w 

^ London marfeefc- business on' ' •.■- '•••• fitter ?■•«*..... 8oe,w7.B6^— ao. 721 .w 3 

umi Horne ..;• fes — *aafc *■© 


B 9 1 . 326 . 363 , — 8 P.gto.JB 0 j 


w. .<.: r London .marlceth busitiesa T on 
—^•hph.ilf of a selected group of 

— insurance Companies. \ \ 

__ -^rhis ah noun cement follows 
Mr. C*. E. Oatley's recent 




883,186,088 -JIZ.ltoQCO 
8W.173.731 —126,1*8,400 
2O0.W7.R69— 00.721. 133 


2 . 486 X 46 — 19 ato «9 

znjm— 9.600 


the Acrow World Convention, 
it is very pleasing to be able 
to announce record turnover. 


Brothers 


1,419,641,963. —628^20,072 j 


Turnover of Horne. Brothers, 


-wignation fromSphwe Drato gS' to“?»f'«S , to l Marre 
Undenmting .Limited and ^978 and profits ware £492,000 


ISSCf DHVAKTMKNT 


<|from Jiis' otHor appointtienEs beforie.tox of £256,000; ;• 

TT Vithin th« AlcxMdcrHowdm 

> Group of Companies. .- : ; the 34 weeks to September 10. 


76 X 00.000 

Jtivu*tI 6 n.-B, 647 Xt 3 . 1 S 4 ^- 65 , 108.121 
tank*); Delft] 2 , 486 . 5 * 61 — 19,890379 


Group of Companies. . V- : . . . . the 34 weeks to September 10 . o&cS£i? m iujjmooJ - 

ft - f ,-.U„ re, n «nnnrt>miofeiBffl‘ 1977 '. XOd.- Show turnover ol WS6rG».vi, S^r*. 7.221,987,6781 — 12^91.631 

A further ^nn^nmreinen^.w^a £j S 7Snj and profits of £Llm. • 9*«se C uH> l «..i.4is^87iz0- 62^ow69 
l Cae made in due course. a* previously stated, the direc- rt~rrzrrz: ^ — ~ 

V : ' torsaStolpatTthat the fuB year’s !wto«».ooo- TSjwyioo 


exports and profits for 
the 32nd. consecutive year. 


1 , 000,000 — 7 Sj«ywI 


GROWTH OVER FIVE YEARS 


increase 

1977/8 


Turnover 


UMITED i 

$0 years of enterprise 


Exports 

Profit before tax and 
extraordinary items 


£60,711,000 

£24,210,000 


£79,825.000 


£34,291,000 


£104,332,000 £122,208,000 
£57,366.000 £67,711,000 


£247,223,000 Z0 -* 7% 


£87,099,000 


28.63% 


£3,788,000 


£5,986,000 


Cashflow 


£2,243,000 


Earnings per share 


£6,146,000 
4.29p • 


£8,027,000 

£5,903,000 

6.54p 


£10,729,000 

£10,765,000 

9.05p 


£13 ,141,000 

£ 12 , 666,000 


22.48% 


17.64% 


25.64% 


of the ChairnMn, SlrHemy Wanwr.Bt 


•3FTh& talest resufts are a fitting ^Irnax’ to the 50 y^af^sInce The Bradford 
Property Trust »«s first regtetered. ;.• 


* The surplasfrom' proportyT©mai8;wasa r^ora ngarB«EB85,000 aftertax 
against £597,000 Iri the^evToosyear.- '. ^ : 

*The rnaxSmum dividend we^ ^are allowiklldrecommeifti will -«wii2517, 667. 
controls on dividends are removed, the Board witt Increase the_ distribution 
accordingly- '■ .. ■ : ,. ' 


A statement by Mr. W. A cfe Vfeier, C.B.E, 
Chaimwi of the Acrow Group. 


Threey^ur pri^t tunuiwy 

Year endudS April ■ -• '' 


Ftonts, less rates p«y«H®- / . . 
Surpfeja fnmt property rartah-- 

- «KiQ6wHrR«!OtT»'.. 

Prcrfitifri^ propartyfietfog ■ 

Profit Mib)«cttotexafion ^' r • ■ 

ProttatofTex .• ^ \ V.'.-v" 

Earnings per ZSpOwflnMyHttr# ; 

DMd»^ pof ‘ 

•tacJudlhfltKeadft - v . v 


1 S 7 B 
- X 

1,®5,120 


:>• -1977 •• 
1346,006 


1078 
■ £ 
^ 223,320 


1.S10546 
1^01.007 . 
, 3^30587 : 
1JBM.79? .. 
22~40p 
■ B-53p 


1.410^41 
- J C 84 JM 48 
3 ^ 8 fi,Q 3 4 
. 1300^63 
- r 2 S*B 8 p: 
9 - 88 p 


1,588.430 

2,709,8*8 

4,382.508 

2,194,713 

28*87p 

: lo-aa» 


8Bk fifzmmm'y- It gives me 
great pleasure to 

m m I P ■ Be able to 
^ ■} announce record 
•turnover, exports and profits for the 
32nd consecutive year. 

. Your Company's profits are 
£13,141,000 compared with - - 
£10,729,000— an increase of 22.48%. 

Experts continue to grow and in 
the year under review amounted to 
£87,100,000-62.62% of the turnover 
of our UK. Companies, an increase 
of 28.63%. 

This year we are welcoming to the 


United Kingdom over 1,000 delegates 
from no less than 82 countries to the 
1978 Acrow Wforld Convention. 

This will stimulate further our future 
export business. 

All Acrow Companies are fully set 


on expansion programmes arid in 
continuing to modernise and extend 
capacity. Research in the Acrow R. & D. 
Centres continues to provide back-up 
. for all aspects of our business with 
special emphasis on the improvement 
of existing and the development of new 
products, a number of which will be 
on show at our 1978 Vforld Convention. 


The outstanding achievements 
referred to above would not be pos- 
sible without people of the right quality 
and devotion to plan them and carry 
them through. I would like to thankall 
my fellow workers throughout the 
Groupfortheircontinuedcontribution 
to our success. 


Hatow 


Bain Unft*I Kingdom Subsidiaries tamrTubes ltd 
AowCArtomafon) Lid AfansugHatctatiLU 

Anew (Eus Beers) LH Adamson Cbntaners Ltd 


LH. Co Ltd 

Bentefl Ball and Bearing On. Ltd 
Coles Cranes Ltd 


■Crane and Machinery Services Ltd Sisels Engineering Lid 

Crawlqr(Rafrigerto'oJi) Ltd "Pros. Storey (EngiiieersVLtd 

Priestman Brothers Ltd Taperex Ltd 


Acrow Umitsd, 8 South Wharf .Road, London W2 lPRTel:01-262345&Telex:2186a 




jvv 







20 


Reed £lm 
as interest 


ahead so 
bill falls 


far 


WITH OPERATING profits un- SJ.Sm. No .dividend has been re- Nampak’s first half profits this 
changed ai £j(J.2m and interest eeivcd since July 1977 and direc- year were R9ra with Reed's share 
charges Ilm lower, pre-tax profit tors say the past and projected Ro-fim. 

or Reed International advanced cash Hows available are con- The chairman said that an im- 
in the first quarter to June 30 sidered inadequate to justify re- portant consequence of the 
from £20.5m to 121 .5m. tainins the investment Nampalr sale would be a 

Sales wore slightly ahead from Mr. jarratl said the original in- significant reduction in its hard 

LlM.3m to £3n".0m with UK opera- terest in British Columbia was currency exposure. While bearing 
lions making up Tor a shortfall concerned with ensuring supplies * n m * n d doubts about the longer 
or sales from overseas operations. 0 f sack kraft and kraTl pulp for term strength of sterling— partial 

The shortfall was partly owing to Reed's UK paper-making and larly in relation -to the harder 

foregone following the packaging operations, but since European currencies— the : groun 

in 


xalcs 


.shutting and wiling of loss- me reductions in UK paper was actively pursuing further 
mak my operai ions in Canada and makinu and a major expansion oT ways of reducing its potential ex 
partly because of relatively slack ^aste-bined fibres, supplies from posure and was confident nf meet 
' " '“ Canada, these mills no longer necessitate me some sucrr« dy r in? the vc _ " 

Reed continuing as a shareholder. “ 



Shore supports 
Stevens aims 


BY KENNETH MARSTON, MINING EDITOR 


market conditions in 
Europe :md Australia. 

Air. Alex Jarratl. the chairman, 
said while aniinuncinu The licurcs 
at yesterday's A GAT that ail UK 
divisions were ahead of the same 
period Iasi year with only ihe 
decorative products side. WPM, 
producing mmeriallv lower ficures 
than in the final quarter of 
lfii /-7S. This was largely owing to 
its customary seasonal trading 
pattern 

Associate contributions in (he 
period were cut from £3.4m to 
£ 1.1 m. with the level affected 
both by divestments last year and 
poor pulp market conditions 
wliteh alfceieri the joim venture 
companies in British Columbia. 

Ttirni- niumlis 


Juni' in. Jun- in. 



l«Os 

1477 



TIT 9 

1W .I 

• ■ S. r-xn-rl' 

:s. n 

:its 

• •i, rv 

in: ■» 

i;« ; 

Tr.uhna rtrofii 

i 

MS 


i i 

.1 4 

Op raitiiit prnfll 

Till Z 

un 2 

IK 

1- B 

i« s 

lit .ifV'JI 

7 n 

]>l 4 

llllrr-SI 

li # 7 

9 7 

Prtfil Dcrire lax 

31 j 

20.5 


1 : i 

12 li 

l'K 

R S 

9 II 

nii-r*,-as .. . 

n t 

4 •! 

\r-i prt'lit 

K 4 

7 9 

T« miininiii-v 

. i : 

1 S 

Aiinbul^hlc 

7 2 

S.1 


As reported in later editions of 
yesterday's Financial Times, these 
joint \cnlure interests are to be 
disposed of for SliOm cash to 


On the first Quarter safes in the 
UK. he «afd the only .significant 
exception to the overall 8 per cent 

increase was the decorative 

products side, where the shortfall 
was largely accounted for by the 
discontinued retail nnd cash-and- 
carry activities. Useful gains were 
made by Reed Group both In 
paper and packaging: at IPC 
where sales increased overall 
despite a sluggish start to some 
consumer advertising and Price 
Commission constraints: and Reed 
Building Products, where the 
market for its bathroom products 
■* lifted off.” 

Again because of unrelieved 
losses overseas, the tax charge was 
high at £13.1m i£ 12.6ml and net 
profit after minority interests of 
£1.2m ( 11 . 6 m) was 17.2m (£B.3jn>. 
E^irningg per £1 share are shown 
at fi.Jp I3.fip). The tax rate is 
expected to fall as overseas losses 
arc reduced. 

Looking to the remainder of 
the year Mr. Jarratt said there 
was some encouragement in the 
current level of UK consumer 
spending. The group will have the 
benefit this year of either having 
eradicated or turned round opera- 
tions that have recently 
diminNhcd its good performance 
elsewhere. More important is the 
prospect of a reduction in debt 
and its exposure to currency 
movements. Last year there were 

•w-ip* -«* «"-»»'■ *- ssss jsru " 0m on 

Following disposal of the joint 



Mr. Alex Jarratt, chairman of 
Reed International. first 
quarter sales in the UK offset 
declines else where. 


Canadian Forest Products. Also, 
as reported, its Canadian offshoot 

Reed Taper recorded a CS2_2m j. be* restructured fnllouino ihe rwuowinu aispovai oi me joim 
net loss in its seeond quarter to i',il !h venture investments, Reed Paper- 

is? »£!*!£« ,."2!. SSL!; so , Sr" , S‘S y or 0 ft™ 


the previous year. It was however r™^!: w JS, f Sr r ,S ni , 0 L 7 7 1 "" Quebec newsprint mill, the pulp 
a reduction from the LS4.5m loss ? e , r and paper mill at Dryden. Ontario 

of the lirsi quarter. Unly the first ' chemical and pigment manufae. 


quarter results or Reed Paper arc ®* rm ” n l . y 1,0 ^ ture. iineboard and corrugated 

included m i he Reed International me remain ing Jo per cent. operations in Toronto and 

figures, although Reed hopes to Mr. Jarratt said the sale, along Montreal. flexible packaging 
move to miMnnl hwKnrp dates for W| th the proposed disposal of its operations in Winnipeg. Manitoba 
aJJ operations in iy79-SI>. i>3 per cent share of Reed iNampak aiw j Roseville. Minnesota and 

Rccd Paper directors see the South Africa and its Souih R ee d Lumber Company a lumber 
SfiOni sale us a major step in African building products com- distributing business, 
iis restructuring. A considerable £ an [£ s significantly reduce jn South Africa. Reed will have 

proportion of the funds will be Reed s debt and its rlebi -equity the Stanear mill, which has made 
applied to reducing bank in- J a,, 9 - -' r year end shareholders operating profits in each of the 
dehtednesi. which at July 1 stood ' im “ s were £3aGm. loan capital last four months and lias a much 
ai $43 ™ ' J 


43 . 2 m. Total long term debt •®*7 rn an _ n Cj sflort term bor- improved order book, 
was at the same time S143.7m. rowings £7m. Mr. Jarratt said the At the AGM. Mr. David Hopkin- 
The safe will improve cash flow groups indebtedness Iwd not in- son, who heads the investment 
and strengthen the balance sheet, creased since balance dale and it side of the big M and G unit trust 
they sav. still retained large resources of group, expressed general support 

The book value of the invest- cas h and unused bank facilities, for the Reed board and for its 
ment in the companies— Prince As reported last week. Reed is action reducing the dividend to 
George Pulp and Paper and Inter well advanced in the process of new plntfnrm from .which nro^res 
continental Pulp Company, and selling the South African opera- what it was hoped would be a 
through them Takla Fore>i lions. Directors hope to structure could he marie in future. M anti fi 
Products— is $2S5m and in 1377 the Nampafc sale in such a way had. he added, raised its share- 
Reed Paper's .share of profits was as to relieve Reed of its debt holding in Reed from somewhat 
Sfim, while in the first half of burden as well as provide a sub- over I per cent to more than 4 
(his year it had been cut to slantial quantity of cash, per cent 


Chloride makes a good start 


A GOOD start to the current vear experienced since November when for the brewery, catering and 
has been made by Chloride gas cooker and heater sales service industries, said Mr. Gordon 

Group, baiterv manufacturer. Mr. showed a decided upward swing. Currie, the chairman. 

Geoffrey Hawkings, the chairman. The current order booh for gas Mtial consideration would be 

tnid members at the group’s heaters and cookers was well up flio.OOQ to be satisfied by the 

annual meeting. on the same period last year, he «wue of £364.^3 Belhaven 

He said that European and added. , ordinary shares plus a further 

British opera nous were doing More lhan 23 per cent of ^ura in 1981 dependent upon the 

well but operations in Australia factory capacity remains unused level of future proms 

were still unsatisfactory, although and directors were actively look- C1 ?* c i assets amount to some 
they were improving. mg far new products to utilise 

In the U.S.. he added, there this space. The strength or cash l!!I n k« ar to Marc " 31, 1078, or 
was pressure on profit margins. How allowed ihe company to 

hut business there was moving finance expansion, advertising nrewery on won 

forward al an encouraging rate, and campaigning through normal ill* 

As known. Chloride turned in resources, he stated. *?£• h * * l !SS;JS ,a " l 55i f h» 

pre-tax profits- of EM. 07m for the The directors look for a further a LaiuraMnrv nmfit for 

March 31 UiTS year on sales of progressive year both in the home Vn ° 

market and overseas. the ha,r * ear t0 September 30. 

On the industrial catering side. • , j, 
the chairman commented that \_4insty DTOS. 

Moorwood Vulcan was reflecting n,rt^ r_... 

™ bU?jaJ™Mr. Abbo* 

.l h ', chairman, said. and. with, an 


THE GOVERNMENTS response unauthorised mineral working an 
to the Stevens Committee Report offence. 

on Minerals Planning Control was Some of the proposals can be 
announced yesterday by Mr. Peter implemented by Orders made 
Shore. Secretary of State for the under existing legislation, .but 
Environment. The Secretarie.s of others will need to awrait a suil- 
Sraie for the Environment and able opportunity for new legis 
Wales accepted the fundamental iation. In addition, many of the 
recommendation that develop- committee's recommendations will 
ment control over mineral work- be incorporated in the revised 
ing should remain within the edition of the Memorandum on 
planning system and continue to the Control of Mineral Workings 
be the resnonsihilhy of county which is now being prepared by 


BIDS AND DEALS 


Financial Times Friday Augusi 4 I „, 9 

~ — i 



Vantona in bid talks 
with Compton & Webb 


imlfom muiufac- sUehtty lower « SUm bsaiost ZSSJPJTZJSJ? 


planning authorities. 

Although they consider that 
certain existing distinctions 
between minerals and other plan- 
ning applications should continue, 
they do not consider that any 
further ** special regime " for such 
applications Is required. 

While they accept ihe com- 
mittee's view that benefits would 
Bow from the employment of 


the DepartmenL 


Amcoal lifts 
its interim 


INCREASED half-year profits of 
R25.8m (£15 .4m) against R23_5m 
a year ago are announced by 


more specialist staff on minerals -^el° ®J rp0P *r 

planning cases, they have con- tl0 “: The ^outh African coal 
eluded that this is a matter whi.-h producer » raising its 1978 in- 
must be left far the planning !® r,,n to , <*nis (14Jp» from 
authorities to consider as “ "ben final 

restraints on expenditure and « n ts. ... 

staff permit Profits From coal and coke sales 

However, the Secretaries of were J 8 per cent above those o/ 
Stat* artarh particular imnortance the first half of last > ear despite 
ro the committee’s recommenila- a downturn in the domestic 
Hon that existing planning ner- market and difficult trading condt- 
missions for mineral working pons overseas. Of the Industrial 
should bp reviewed since many interests, net profits or Vereenig- 
old permissions do noi include Ing Refractories expanded by 
adequate conditions requiring TS per cent in the latest period to 
restoration of the site or some R2.15m. 
farm of after-treatment. Amcoal says that while reason- 

planning authorities will nepd able trading conditions are antici- 
adriitional powers to undertake pated for the remainder of this 
<uch reviews, it is stated _and year, second-half profits are not 
legislation will be required, expected to show as great an 
Further consideration is being improvement as that experienced 
given io the anpronriate basis of j n th e f; r>it s j x m 0 nths. 
r^mrYPpsatinn in such c,ws Thereafter the start or produc- 

The Secretaries of State accept t j on al the Kleinkopje colliery 
the commirtee's eeneral view ear j y in lfl7B and an j ncn?ased 
about the need far broader con- contribution to profits by Kriel 
sultation between planning colliery are expecteri to lead to 
authorities and . the minerals furfiier growth in earnings 
industry, but they consider that 


No despair at 
Assoc. Minerals 


the formation of county consulta- 
tive committees and the institu- 
tion of consultation areas to safe- 
guard mineral reserves, should be 
marrers far locni arrangement. 

Structure and local plans cur- 
rently being prepared by local THE WEAKNESS of rutile and 
nlanmnq authorities should pro- zircon markets is reflected in the 
vide adequate guidance to the results for the year to June 30 of 
indaxtry on mineral policies in a the Gold Fields group's Australian 
particular area. - mineral sands producer. Asso- 

Finally. the Secretaries of State dated Minerals Consolidated. A 
have accepted the Committee's loss is announced of AS2.7Gm 
nroposals on a number of detailed ULGAm) compared with a profit 
matters which include: an obliga- of AS 1.1 6m for 1976-77. No divi- 
'iun on county planning authori- dend is being paid for the past 
ties to consult water authorities year: there was a distribution of 
ibout all mineral applications: a 6 cents for the previous year, 
requirement that mineral permis- Associated Minerals says, how- 
sions should have a maximum life ever, that prices for rutile and 
uf 60 years: a power to require a east coast zircon have commenced 
Ive-year period of after-care far to firm because the over-supply 
land restored to agriculture or situation is being rapidly 
horticulture. corrected as a result of the 

Acceptance of the committee's closure of major rutile and bene- 
view that no final decision should ficiate production capacity around 
be taken on proposals for the the world. 

establishment or a restoration The company reckons that the 
fund, but that the position should market will continue to improve 
be monitored over -fin*' mest to but the price in its existing sales 
years; the establishment of a new contracts wiJJ cause some time 
procedure to determine when jag before the benefit is reflected 
mineral working has ceased. w its revenue. Although an early 
The inclusion. Subject to appro- return to profitability is not pre- 
priate safeguards, of exploration dieted, the company considers its 
far minerals ip the list of develop- longer term prospects to be sound, 
meats permitted under the 
General Development Order: 
acceptance of the committee's 
view that existing enforcement falcon mines-juw quarter: Totu 
procedures are not aJways S pied , w JW <Marrii quarter 99 . 9 .ki>. 


MINING BRIEFS 


adequate, it is proposed to deal earinia»c«i nefpronf^inlssi 
with this problem — — 


by making Capital expenditure RSI 52.474 i RSi 13.767*. 



Chester-based 
company. ' 


household 


the level. 

textile should , 

further advance. Far all tne 


from Vwtom Group, the Mao'- and. e r ? vld ^j nta Vn^d. ' the*' ftrfl at thc year-end. 


comment 


On the^ same jiay as announcing 1973-77 year, taxable profits Yamuna's 4 per cent profits^ 


marginally higher profits for the amounted* to 'l6.72fl.00Q. 

first half of 1978. Vantona said it Tax far the half year takes the market was expecting in 

.Mm <JB1.62m) and fully diluted gUBcuit times for thc-'-legriu!? 
extraordinary » t - tinw , 


had indicated to Compton that it £jflg m (£i.62m) 
wished to enter into discussions earnings before 


, in the first half was exactly 

takes n^pL-ot u>g« AraMiiiu : 1 . ' 


wished to enter into discussions earnings befare exirMroma^ dustrJ? . At a time when 
regarding Ihe possibility of mark- items are marsjnaUy ahead fiwn petiror 5 profit margins. are ww 
ing an offer for the shares it did 8.3p to S.5p per 20 p snare, tne Vantona did well to h «uT : 
not already own. Vanlona's. share interim dividend is stepped up to at Q nhr n»nt nM.-ln J® 


not already own. Varvtona'B. share interim dividend » own at g per cent 

T*r:< KirS 

Sa^our^of producuon at brighter., especially with B 


n iui waiiiviia SKliU Mill 

that a number of ** very friendly” Gromer Rin„ aim- 
meetings bad been held with 
Compton. He anticipated an 

announcement within the nert Turnover 

two weeks. Pnflr 

Meanwhile. Compton, while tnwrv * p ata ^ 

declining to comment said it was „ r. 7 .*! 

consulting its financial advisers. profit 

Hill Samuel and Co. and would Minority .m. rests 

keep shareholders informed of 

any developments. In the mean- 

time, the company advised share- ordinary dividend-. ...... 


holders to rake no action with 
regard to their shareholdings. * c™ 011 - 


Includes £7.000 [ot 1®7C 


making Cromer Ring MU1 out 1 ^. 
st* months the way and the benefits 
iCT'ft n 70-77 substantial Iran contract comtiw 

through- AU this puts', VansmS. 
s>js on target for about £7.5rt> 

<73 Meanwhile, the proposed Cbtiro. 
3 ^3 ton acquisition could . proy^Ju 
■ J' Si i ideal opportunity far Vatitontj to' 
' 59 boost the dividend paymeritLito 
•5 a paper deal: the coyer is nu» 
.■J? than four times. However, Coop- 
. + 2 S 3 ton's record is somewhat erratic 
1 . 2 B 2 and profits have been sliding fyt 


moo 

xsrtr 

IK 

3J* 

1 . 6 m 

1.712 

R9 

2 M 

■a 

1.303 

374 


the past couple of- years toUawfcs; 

B S’VJ u 6.“6«.7Sd-a:Ti &?&aXS 

have been affected by the recent Stockportt u hich will supply the an^^er area of the textile into. 


. £Wm of the U per cent eonrer- JJ?™" »' 2 


£I8.47m l£lfl.T3m). 


Vantnnas Pre-tax profits for the yble unsecured loan stock 1990 JZfP. •* ® J. ■ ^ 

■st half of 1978 were S3JI5m elected to convert into ordinary G.7 whdc Cnmpton. at 44p, a oa 
rainst £3JJ2m. Turnover was' shares and the company has, an historic p,e m b a. • 

Patani minority finally 
accepts GP’s terms 


The minority of Patani Para For Consolidated Plantations, new shares, hold a 60-year. tew 
Plantations which last year re- ihe bid represents a tidymg-up on E^luc 

jected a bid from Consolidated operation. The offer last year took December 9007. This leMdKa 
Plantations has finally relented, the percentage held by CP up to interest. ci»Ung just i year. 
... ^ 04 S ner cent. is held in City Offices bookitma 

Consolidated Plantations is -to currPri | bid is only worth December 1978 valuation .<& 

makfe a second bid far Patani and -...qqq nd on j y about half a £3J2m, and a £3.lm provision kas 
this time is sure or complete d ' outside shareholders been made to cover axndrtis8t&» 
success since holders of over 90 


dozen outside 

f .. . . ,, . remain The expenses are esu- of the lease. "i 

per cent of Ihe oy^nding stock mflfed not t0 exceed mooo . Now that City Offices holds both 

have already Irrevocably accepted, , erms are m shares in Con- the freehold and the . leasehold^ 

The terms of the bid are The solidated Plantations for every surveyors St. Qulntinr Soh’/and 
same as they were last year three in Pa rani Para. With CP Stanley have valued the building 
fallowing for CP's scrip issue)' but rincing at Wo per share ln«t at £6.63m. And as the amortisa- 
the value has risen considerably, night, the bid is worth 240p per tion provision will no longer be 
The consideration consists of share of Patani. valuing the whole needed. City Offices will now be 


shares in Consolidated Plants- company at £2.2m. 
tions which have climbed much 
higher over the last year. - 
The rise of the CP sharfr price 
has allowed honour to be satis- 
fied on both sides. CP can say 
the offer is unchanged and the 
ohieetors can say it is worth much 
more 


CITY OFFICES BUY 
RELEASES £3M 
OF PROVISIONS 


able to transfer the £3.lm charge 
to capital reserves. 

S. G. Warburg and Co. and 
stockbrokers La ing and Crufdt- 
shank have arranged the placing 
of the Fishmongers' shares, and 
the properly sale, finally agreed 


City Offices has paid £2.15m for yesterday, is due to be complete? 
the Fishmongers' Company's free- on August 9. 


Mr G H. Miles, who persistently hold interest in the Baltic Hdus-e city Offices also reports that it 
iticWd the terms last year, said office block at 27. Leadenhall plans to declare 


criticised the terms last year, said onue diock at st. ueaaennau plans to aeciare a second interim 
yesterday “I think we can say its ptrecL, EC3. in a deal releasing dividend in lieu of a final pap 
a tic ” He would have liked to over £3m of provisions in the ment for 1978. The dividend will 
hold on to his 32.000 shares but property group's accounts. be increased by 10 per cenL tfe 

did not want to stay in a minority City Offires. whirh has paid for maximum permissible . -uatte 
position. / the freehold by the issue of 4m dividend restraint legislation. 


Metal Box Singapore expands 


IN 


SINGAPORE. August 3 . 1 
d id not want -ft 


1306.2m 

Following are extracts from 
niher annual meetings held yes- 
terday: 


Culter Guard Bridge 


Costs were increasing, nol only Dri t er ever to be receiv 
due In milminn but also to the Britain, 
reenw/rv nf the unodpulp market 

m much nrm " Triplex Foundries 

Against tin, the tine paper Triplex Foundries Group: 


tors had sound reasons to believe 


circumstances. group profits 


increase in the current year. 


With 


the sum nu- r— »n particular the de- year under our belt, we are at 
mand for coaled papers had been ihe moment holding our own and 

there arc indications of a slight 


Anderson Strathclyde: Mr. 


hri-fc. 


Thr prospects Ihereforr. nf be- improvement from some sectors re'-P°n>c to ' tbs °. r ^. er book was jt* 

■»« »»'- ■" I. <■'«* ?' waXV cii..w , :::: lnt ; 15 

up !<-. mu re rcali.-tie level Harrison, the chairman. ni “ Sl .°” * L e Thos. Witter lot n K7 

MWd Olid. Ihr chairman «jid. - vear - 'ntemiptcd by holiday Thos - M ,ttcr lQt D B ' 


DIVIDENDS ANNOUNCED 

Date Corre- Total 

Total 


Current 

of spnnding 

for 

Iasi 


payment 

payment 

div 

year 

year 

James Austin 


3.67 

Ocr. 16 

3.27 

5 92 

5.27 

Best and May 


221 

— 

1.95 

3.08 

2.72 

P. Black 


4 

Ocl. 9 

3.55 

6.42 

5.7a 

East Lancs 

.inL 

1.51 

Sept. 8 

1.35 

— 

32 

G. M. Firth 


2.5 

— 

2 

2.5 

4 

Hoover 

■fat 

5.81 

Oct. 12 

5.61 

— 

14.82 i 

John James 


1.59 

Oct. 6 

1.4 

2.75 

2.46 

Allan Kennedy 


1.7* 

Aug. 29 

1.79 

2.69 

2.69 

Law Debenture .... 

inL 

1.75 

Oct. 2 

1.5 

— 

4.5 

Malaysia Robber 


1.75 

Oct. 6 

1-32 

2.25 

1.52 

Midland Trust 


SWI 

SepL 29 
Sept. 18 

2.4 

4.4 

3.6 

Win. Ransom 


1.97 

1.75 

3.14 

2.78 

River & Mercantile . 

ml 

3.5 

Oct. 4 

3 

— 

8.13 i 

River Plate & Gen. . 

.fat 

1.75 

ScpL 1 

15 

— 

6.25 ; 

Tace 

.int 

0.5 

Sept. 11 

0.3 

— 

• 1.25 

Vantona 

.inL 

1 99 

Ocl 2 

1.79 

— 

5.15 

Waring & Gillow 


2.52 

— 

2 - 26 < ' 

3.59 

321* 

Thos. Witter 

.lot 

0.67 

Oct. 2 

0.66 

— 

3.14 


BY H. F. LEE 

A MAJOR expansion pro- Metal Box's directors also qnired. Piran 
gramme. Metal Box Singapore has declared that they are confident mount a bid. 
announced that it will issue 7m that the undertaking by Fraser Most or the shares, 600,000. 
new shares at a price of SS2.32 and Malayan Breweries to went to the brokers of Orate". rt- 
per share to Fraser and Neave continue to purchase cans , from self. Sandelson and Company, for 
and Malayan Breweries. The-move the company on normal commer- institutional clients. The rest wen 
will reduce the stake in it held cial terms will ensure the success sold through the market . 
by Metal Box Overseas, of the °f expansion programme. -• ; ? 

UK, to 41 per cent from 62 per ’CT , ® d f al will also ensure Fraser 
pent and Malayan Breweries a stable 

The share Issue which will supply of cans in the future. 'Tie 
raise some S|16.Sm in fresh bulk of the two companies 

capital is being made in connec- 5 u r r £? t production of canned soft — 

tion with the company's planned drinks and beer are presently mddoch of Rothiemay, the s^*- 
construction of a new production e ^R or r led . ^ J -^r eference 15 milling company processing 

plant in Singapore, using up-to- s ™*_ c, ?._*. arin S?l home-grown timber. 


EMI SELLS 
SAWMILL 
OFFSHOOT ' 

The Klrkhlll Group has acqoireo 


date tecbnology In the manufae- However, both Fraser ana Riddoch, with a £4m turno*«. 


Valor 


Be'haven Brewery 

Celliaven Brewery - : The coni- quartet, he stated, but a great increased by rights and/or acquisition issues. 
Valor: Mr. \ 1 . .Montague, chair- pany had reached agreement to deal of effort would be required 
m.in. s.ml tiial ilie first four acquire the A<hpoinl group, a to achieve ihp targets, the dircc- 

niunihs had confirmed the trend specialist producer of packaging tors had set themselves. - 


ture of two-piece cans. Malayan Brewenes believe that operates four sawmills in 

Metal Box Singapore said that the ,0 . c ~ market wu l eventually north of Scotland. Itwasacqonw 
Fraser and Malayan 8 rewerie.s, come into line with the worldwide jj y g]vjj jj, Aprij i 1977 on tb^ 
which are respectively the largest t ? Vk ' ar purchase of Development Secun- 

soft drinks manufacturer and . Tb.® tw^piece cans will result t | efi EMI, having no involvemort 

m significant cwt in tfle timber industry, had aJwW* 

compared with the current inte nded to divest itself of those 
producuon of three-piece cans. interests which did not At ** 
,,, r r ./. mn ncc its existing pattern of budn^; 

VVGI ACQUIRES Kirkhlll ■ is a London -W l 

GEO. SANDS investment group with stWjt 

WGl (West Group Interna- Highland connections special^ 


i!r 




'f'r. 


Federal Paper sees gains ahead 


MONTA'ALL. August 3 

FEDERAL PAPER BOARD producer of paperboard pulp and would have been 50 cents, Mr. Q f 3^50 foP 

expects ttx (htrd and fuurlh uiachine-iiiade glassware, among Kennedy added. September 30. 1977 cancelled. 

iftiancr result > to show a sub- other i(en»s._ .In the fourth quarter, the 16 Braithwaitc' and Co. Engineers interim of 2fiS322p for 1977 re- 

weeks to December 31, net —Final of 5.7B8p revised to 2.316p placed 


In the 1977 third quarter — the 



brewery in Singapore and 
Malaysia, will he major con- 
sumers of the output of the new 
plant and will assist in (he 
financing of the company's ex- 
pansion programme. 

Fraser and Malayan Breweries r . _ 

was ahead of Dividends shown pence per share net except where otherwise stated. lv, "N each subscribe to 3 5m new tional) has purchased the capital in smaller businesses, 

d oT the first • Equivalent after allowing far scrip issue, t On capital s h ar ®s. The subscription price of of Geo. Sands and Son, structural 

' • — SS2.32 per share is based on the engineer, of Nottingbam, for rpi POTION SELLS 

net asset value 0 r Metal Box £174240 in cash. co\o«- 

Singapore as at the end of KAvAL >nAKC3 

March. pmiv CCT T « Celestlon Industries, the 

The new shares will carry .T***"'^ reproduction equipment 

entitlement to the total dividend, 1M ORME' SHARES clothing group where the P«j“ ^ 

to be paid by Metal Box in re- Saint Piran quickly followed Family has a 38 per cent Deneno« 1 

spect of the year to March 31. the. Instructions of the City Take- stake, is selling 200.000 -*■ 

. „ . _ » , . . . „ 4 . 1979 only in proportion 10 the over Panel yesterday and sold shares through the marketjfFj. 

fa the licht of the continuation terirn of O^Sop for 1978-79 to be period for which they are in lm shares of Orme Developments. Oliver Prenn was formeriy dri^W.- 

of dividend restrainL the follow- paid with final on August 14. issue. The. shares were sold yester- chairman of Racai, until ft 

ing companies have -amended MK Electric Holdings — Final of With the share issue, which is day morning at 52Bp per share, resignation at the end of ft* 
tnoir payments: — •" 3jp net for 1977-78 amended to subject to the approval of the 53p per share less than (bey cost year. , 

Akroyd and _ bmlibers— 1 Third 2 jtflo. making maximum permitted Securities Industry Council. Saint. Piran last Friday. Adding The disposal fallows the wH 

far year to 5 fi 9 p total. Fraser and Maiavan Breweries in brokers' commission fonly on by the Racai chairman. Mr. Era*- 

Reckitt and Colman — Third will each own 17 per cent of the . purchase since Piran bought Harrison, of 30.000 Racai snart? j 

Box's enlarged capital of and sold within the account) the between April i and June i*. * • 


Dividend amendments 




■Inr.. iiroid.-n. Mild. due to plant eunantidation. per Tear anymore" than^O -- ,131667 P total - 

The New Jersey company is a share earnings in the period ccnts i n ' t h e fourth quarter. 


addition, in- 


Conference? Seminar? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 


There's no need to hunt around the West 
End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offers seating 
in comfort for 50+ people. Full 16mm film 
projection facilities. National Panasonic VV' colour] 
video tape and Philips 1501M video cassette 
viewing. Electrosonic 3601 slide presentation . 
system. And luxurious private dining rooms with 
extensive catering facilities. 


FINANCIAL TIMES CINEMA 

All enquiries to: E J. Dorrer, Cinema Manager. 


The Financial Times, Bracken House. 10 Cannon Sheet, 
London EC4P 4BY,Tet: 01*248 8000 (ett. 670}. 


The price of bleacbboard, 
which the company produces at 
the rate of flOO to 1.000 tons a 
day, is going up by S20 a ton on 
October, to a base price of 8475 
a ton. Mr. Kennedy said. Bleach- 
board is used in the making of 
such item-? as folding cartons, 
record jacket covers, and paper- 
hack book covens. 

AP-DJ 


Metal _ 

by additional 0.09022p, S$20.5m. loss suffered by Piraii will have disclosed in the annual report^ 

reflect ACT Apart from Metal Box Overseas’ been about £56.000. Celestlon still retains, as ^ ■ 

stake being reduced from 62 per The Panel ruled on Wednesday investment, 1.056^56 Racai share 
Corporation of cent to 41 per cent of the enia reed that Saint Piran should sell the valued in the market yeste«w 
Africa — Following reduc- capital, the minority shareholders’ shares within 48 hours of the re- at 1287m. 
announced stake of 38 per cent will be listing, of Orme yesterday raorn- 
on June 16 will be 16.75 cents net. reduced to 25 per cent. ' ing. The shares took the stake of NO PROBE 

Metal Box Overseas, however, Piran, together with shares held The proposed merger beWg' . 

win continue to provide by parties acting in concert, over Black and E dgington and GaW 

technology and management the 30 per cent level at which Group is not to be referred » 

services to the company. a full bid would normally be re- the Monopolies Commission. • ■!: j 


New talks 
on Parana 
power loan 


Department advised that the loan 
should be refused because of the 
human rights situation here. 
This 3tafe Deparmeut advice 
ely 


m a kes it unlikefv t hat” an vfT s’ „ Cr «»» ,e ? Centre way: George Warehouse J. P. Walters, director, sold ^ i 

companies 10 */]! be allowed to 5 SS *!*m ! *** r S ?«rt2J. e 1 ' vhole of (Engineering) has acquired fur- shares ordinary at 74p and 
oartfciSate in the YalvreS hoidlne of 3 ' a ' 000 shares - ther 10,000 shares. Total Interest “A"' ordinary shares at 73P- ■ 

nSItS sacyreta Gfeves G R Tr . D . W . Gieve 188.500 shares (2L4 per cenr). Beaumont Properties: Lond» 


SHARE STAKES = j 

Centre way: George Warehouse J. P. Walters, director, sold i 


projecL 


— — Lindlejr 

APPLEYARD BUENOS AIRES. August 3. 

Appicyand Group has sold -the REPRESENTATIVES of the 
business of Appleyard (Aberdeen) | nler - American Development 


and one property to Aberdeen 
Motors far a total of £365.823 in- 


Bank and tbe World Bank, in a 



rash. Of this amount £30.000 is join* mission, are in Buenos 
to be deferred to June 23. 1978 Aires to negotiate S400m in 
and fSO.ooo to June 23, 1980. , loans which will be maderavall 


wagon ind. 


R us holmes Printers, of York! for <- an d !tfr N. Draper, directors, as attorney relating to 92j)8i> shart* 

not more than £145.000. Jifv™ vi„ joint trustees of Minster Assets have been effected io favour « 

Following completion, the busi- Efifa nf Mr I H T ri™2 t ' xecurives ’ share mirehaw Chirit Investment Co. On*® 
ness of Rusholmes will be merged director. sold lO.000 shares at 102p ?1^36^hat^ on^trarrt- pint* l, ^‘^ 

Pa raguav an rgen tin e^°^icy retl St Georac Assets: Mr. j. R S9 ‘StiSf 'hESBul lS2£ S. Burton. 

. , , . ^ l»7rons Scnitron, director, bought 10.000 Arthur Holden and Sons: On tor, on July 31 sold 36,000 sharif 

Wagon Industrial has agreed jn hydro-electnc on the Parana After the merger the business shares. July 28 Mr. P. A. J". Sturge, direc- On August 1 Mr L. L. Leigh® 0 *, 

principle to acquire Cotswaid nver. «WH trade as Herald Rushoimes Helene of London- M BurkPimm tor. sold 25.000 shares. chairman, bought 204)00 shares. ' 

Coach Craft for £275.000 in cash Pn n«iltatlons ?* lnter ?- J Th ecost will not be u-J Sffljmw'S Assam Frontier Tea Holdings: Danish Bacon OaT EquJtalA 

and 100.000 shares of Wagon. . "„‘* r e determined until the accounts for J 2 Scotth* Northern fai-estment life Assurance Society ^ 

OM»U « l—d « Grimsby bVli ftf" *£££''* — Sow'taKr ®SS £ 

JifStia SS?I”"Sder 8 S A™ 11 Chalmers PeC ‘ Bd “ £145 -°“- sSSS'J^v "d k,? I jg*™ 1 »■' J 

the trade name Wind rush l r0D1 A lls Ch a ‘ mer& for tne Karmel, wife of Mr. D. Karmel. Pilktngton, director, on July as 13,5 ner cent of “A” shares *5*; 

tva^bdlmas ,har t he aaauUI- E'EM % « °Y.S™S MNG MILL 2*3^.?%?*' ‘ A * ortU M . m «« =f tabd .***& 


tion will contribute to its Tuture project, 
growth and is a continuing pan 
of tta planned programme of An outcry was 
diversification. Argentina when 


Era Ring Mill, a 70 per cent Precis Industries: West Ciiy STopT^'^uly^ hS^SJf 1 fa “sSSey Indratries: Mr. UL 


caused in 


b;. ungj. jj-siii i ™- vs ssa i-tass s «s5s?arssffi.as«§-?. 

. 1 f ^S d “ c L n .® h ?“‘ a S fa 690,418 shares lQ.noo shares— price 381p. mafeinn holding 381,985 share* ., 


the State fa the unlisted Wood Street Mill. (9.51 per cenlj. 




561p. making bolding 

Coatw Brothers and Co.: Air. (9.93 per cent). 


A 




\ 




ebb 


BY ©AVID '&juSet''\ J ^ /“ 

jliST 13 months after ,’it was 
rescued from bankrnptey "'by 
Morocco's. .BteftHtosed ~.plws- 
Pistes agency, :jLbe ,Erench 
■company Gazocean Is agaln in. 
financial trouble. The comp any, 
one of the world’s - biggest trans^ 
■portern of liquefied .&&$- -is - 
negotiating a ’new- rescue plan 

with its shareholders; :;--- . :.- 

chi * f of these is -the Office 
CbermcQ des Phosphates (OCP)', 
which in -July 1977 took- a: stake 
of almost 25 per .cent - in - the 
company by subscribing FFrSOm 
or new capital and hcquiring 
some American holdings. At. the 


rescue plan for Gazocean 


same time it took an option to 
incrosLse this stake. tv 43' per cent 
by July .1,.’- 1980, .bnfc apparently 
it does ' not -envisage tsetcising 
this' Option 'as'' part W- a- -new 
package....:.. 

pth>r shareholders, apart from 
a 20 per cent-- family interest, 
include the electrical engineering 
and shipbuilding group Alstbom- 
Atlantique, ‘the’ La* -Ctotat ship- 
building concern which -itself is 
in severe- ■ -difficulty, and the 
■shipping company ' Ghargeurs 
Re unis. . .y~. r;.V.. 

• .Part of the; rescuer is the sale 
by Gazocean of a -substantial part 
of Its stake ia * its ^subsidiary 


Tcchnigaz to petrol installation 
specialist Societe Amrep, which 
will assume control with 75- per 
cent following a capital- increase 
to - which it will subsriribe- 
Technigaz has played an. im- 
portant role in the research and 
development of new techniques 
of transport, and there- is some 
fear that the change of owner- 
ship could modify the direction 
of its research effort. 

Last year’s problems at 
Gazocean stemmed from its 
failure to land a South African 
phosphoric- acid contract which 
had been at the centre of its 
recovery plans. When the cou- 



: ST OUR OWN CORRESPONDENT ~ V PARIS, August 3. , . f 

' THE LOSS-MLAKINjCr\.^ Rcnault^the. ^ the employment implications of 

-, r machine tool group, Ratier-Forest machine- tool; • ipahnfactijrer an & the moves, since the machine tool By Charles Batchelor : 

GSP, is to receive * FFr 75m' 5**^ l Q the; red in this sector, part of the group Is already seek- AMSTERDAM, August 3. 
.(SI7-2m) cash *ni»qtfoii ; - • A ■ 09 * i - j y ing authorisation to . make 114 THE normally quiet mid-summer 

• third is to come from the main 2SSS^2ta»SL*'ST!S5* *" redundant at Its Conrbevoie period has had little impact on 
shareholder, the semi-government SSSi u fa ?°5 y n £ ar Pa rl B -' ' . the record turnover levels of the 

. . Institut pour le Development -- j 78 ? 1 ^L. .; in 5 ne3r 5 Ratier^orest is reputed to be Amsterdam Stock Exchange. 

- • - p iiostmij tmr »m-«v. nn. *■— — •- Combined turnover of shares 

and bonds was FI 3.24bn 
(SL47) in July — 28 per cent 
higher than the same month 1 ast 
year and only slightly down on 
die average monthly turnover 
of FI 3.74 in the first six months | 
of this year. 

Turnover in the first seven 

: -stons should resume with a Deeolletage, ■ VFttactfs - 'leading from machine toof^activities^ cent^ld^er 

n reluctant Renault for some sort screws, nuts and -bolts concern, which employ half the group’s same period oflast year Most 
of link between the- twn. rninns The unions are »rihaor»V ‘about 2.200 work Fnrre ~e z 


By Charles Batchelor - 

AMSTERDAM, August 3. 


between the-, two groups. The unions axe unhappy about 2,200 workforce. 


Gabon raises $80m oyer seven years 


BY FRANCIS GHlLfiS 


AN SSOm' loan for' -the "Republic Frdncli ■interbank' "pSe^waS: ex- denominated loan was made con- Marked a return to greater 
oF Gabon was signed in "Paris tended . to the Repupte off -Gabon ditional on -the- signing "of- the interest in bonds after May and 
yesterday between representa- by a goup of Frendjtl; banks led dollar denominated one. June, when share turnover was 

fives of the republic and' nine, by Banque Natibhkln de Paris Th Develonment and Invest- gr ?25 er ’ j 
banks, led by Citicorp .Infers (which is among^fcaittnagers me nt Bank Iran whi!h is , developments were also 
national. The maturity ^of fhe of the new loinj-jh^french eivownS 2 SdsS Sfiito f av°urable in July, with 67 per 

..loan is seven years with- two franc loan was :gds52tee<i by f 0 " JSra'nn ? 25 ir! cental traded stocks dosing the 
,-years grace. The borrower ;is the French Treasury^*- " - . J percent SoShlut “"?*? ^Sbeiv and only 30 per 

. paying a spread of 2-per*crat Three banks hay^qto:advis- * cen . t lo ^ P e “*« of tater - 

; over the interbank or. the ing Gabon on .ffe^f^ncial jj e ™“P Jed by Owse national stocks reached a new 

i first five years rising to- 2* -per affairs: Lazards FrtD&^aris). Jq ® an - Ltd ‘ There ls for the year of 80.1 on 

• cent for the remainder. - 1 Ruhn Loeb Lehman a^cothers e araniee. j U ]y 07. The investment fund 

Commitment fees are * per and-S. G. 'Warburg. Two loans for Italian bor- Rorento was the most heavily 
-cent on the undrawn Dorttoh^ -" 7 They presented a i^aff-to. the rowers have been or are being traded stock for the second 
the loan. Participation fees ire- Gabonese Government, ^earlier signed this week. Finsider, the month running, followed by 


of the increase came from the 
bond sector, where turnover was 
43 per cent higher at FI 13B3bn. 
Share turnover was 7 per cent 
up at FL ll£4bn. 

Bond turnover in July was 
FI ' 1.71 bn compared with 
FI lA3bn for shares. This 
marked a return to greater 


1 per cent on amounts of Sim* this spring together Tri^h^ stab- Italian state steer company has Royal D.uteh and KLM. 

$2m. 1|. per cent on amounts of illsation plan. -A£*t&3foff_.af obtained a $65m five year loan 

enp and H per cent -on May, the Gabonese ^fement on a spread of 1? per cent from C A C frafflp 

amounts of S3m or more. - The sent a letter. ;of the ■group of banks led by Banca OrW IJLdliiL 

■managemenr fee is undisclosed, IMP* following tber/frattiPf a Nazionale del Lavoro. . -f AQi 

Of the S80m total, 87<hn is feBaxa -fiCJm that orgah^ffiton. At Fiat Diesel do Brazil is raising . llScS iw /O 


- amounts of S3tn ..or,. xapre-.:"-' Tha/seht ; a. letter. bf ihte^^ 
' -managemenr fee Is undisclosed IMF following ther/vOTl 
Of the 880m total, S70m is beam -fcom that organ™ 
.'.earmarked for the expehditure the...end -.of J.une 
• to be Incurred' this year; ion' ^ -Ihe- European export -cred^jc 
trans-Gabonese railroad,” while Jsations. especially tbe i 
the rest wHl help finance the Coface, . reached an 
.purchase of a Boeing 737!'- air- with the. . Gabonese; '.pi 
. craft. The rest of die cost . of that rescbeduimg.bf some-qf 8 
. aircraft will be financed by ViS. - officially insured 1 debt^*. : 

r.Exim credits; ■ V — . That opened the wSs,i 

Last spring, a FFV-^TOm dollar denominated; Joan-i 
r (S85m). 10 year loan tarrying a yesterday In BiriA'iThe.m 
- spread of ,1 per cent over the by ,Gs»bon on the French' 

- *. , * ih*,i ?• ^ , y*4 

*v " p 7 ** • ; .• * . •»- •. .* 


$475m olrT Dutch t 

ailing SIR;-; .,1 > 

l fiy Our 1 . with rot 


,-ALrs j -AILING “ 7 ; Soc i e t a 
(ta liana Resine; (Sm)': chemical BY JEFFREY jpfio WN 

?roup wlD have a much-needed nKSPtTK iwR n «»r rent 
capital transfusion.; of L400bn D S2^r3P lt *lff C8 . nt 


^hdenmay meet 

ted response 


ire \ 



of record only. 


PARIS, August 3. 

tract failed to materialise, the 
concern was put under judicial 
management 

Gazocean has a 25 per cent 
stake in the Moroccan concern 
Marphocean, which Is the world’s 
largest transporter of phosphoric 
acid with a capacity of 100,000 
tonnes of transport The OCP 
with 35 per cent and the Com- 
pagnie Moroccaine de Naviga- 
tion with 40 per cent are the. 
other shareholders. 

As part of the 1977 rescue, 
Marphocean took over ' the 
financing and operation of two 
phosphoric acid transporters due 
to be delivered to< Gazocean. 


Amsterdam $E 

turnover 

higher 



— wuch.fejffuir ; n point, .bMt. WdM«ul potion. Of tto ^ 

j op Mam Jna ; credit - hodlo. ap Apt^jAa^ere In unlike^ . are ’ argEl3 ’ “ r " im to 55J per «™ compt^Sl 

formed to save it from collapse, to be any headlong rush for the . with 53.4 per cent in the' eonl- 

, SIR- which employs more than. latest h^d offer from the Dutch .--The issue represents the parable period in 1978-1977. The 

.fipverpmen t." tenders for which *J lB the eovern* cabin factor amounted to 54J 

have^rbe submitted today. . “S L Th t, first a 15 bomJ Per cent in the 1977-1978 period 


, ^ have'Srbe submitted todav ™£r- u a ** yejr uunu P er c ent In the 1977-1978 period 

if short-term capital vrith. the - - ® ai aay " ' -with ; .-a 71 per ccm. coupon from 52.4 per cent in the corres- 

r nnds to be tightly linkea^to the /After three days of relative pulled in FI 650m. while the ponding period in 1978. 

.mplementotion ■ of the? graup's steWJlty in which bond prices ^har coupon but with a 10 

restructuring. , : -nianaeed to imnrove mndestlv iyear ma^rity that followed .. . n , >• 

nt^on wSneSI? whi^o SUSS w JSwrtS :***** F1 500m - Morgan in Portugal . 

ivol J£ stSo wSt. a background of renewed; j'The third tender, which even- 4 Morgai ■ GiurutoTru t to;of 


-nvnlwM otatn credit rarnnrirH'mi * w«n;iuuuu yi.reueweu ; • me imru leuaer, wrnen even- .. 

W the ^ arrest »edi “ foreign ezchangfrtuaUy emerged as a tender for the U.S. has acquireda onMhud 

■arae das- XffSKmeS The guilder has up to- aaount only since the issue price “Jterest J? MDM-EWudos 

iin to -aid troubled 'com^iS ^ ow more or less managed tjwwhs fixed two days ahead of the Techmcos Financeiros, LDA, 
2:1 _^T. a 1 maintain Its differentials acainst riosine nf lists, milled in a hare newly formed financial and 


■ame a dav after a ndvoriimfirit *«*? guiraer nas up iu. amount on jy since ine issue price 

ill? to aid' troubled ^com8an?e£ 'more- -or. less- managed tiWwtw fixed two days ahead of the Techmct 

The new oSn forSSft! IS ffi‘ainta!n"its. differentials against dosing of lists, pulied in a bare newly formed financial and 
•li mi nation in 1981 ^otscheMark. But it is clear ^pl 150m. This 20 year stock with ™»earcb services company - in 

nws likely to total XI89bn that the present, currency per cent coupon is priced Portugal, reports AP-DJ from 

certain tv is limitine foreiEnvenrrenth; at 93. Brussels. 


hisvear .. certainty is limiting foreign currently at 93. Brussels. 

ms year. . v demand. In the past non-resident - r ^ . Morgan Guarante s partners in 

— money has' accounted for as;^5 Bt 2 omestlc bond ^® ue ® n , tb ? *I»e venture are Deutsche Bank 

fvmnD Durchase much as a quarter of the overall ■ bourse more than halved AG, of West Germany, and Jose 

Pr P . ^ • take-up of -Dutch state issues, .je june, aiccording to statistics Manuel da Silva de Mello, a 

Fried, hrupp of TVesr- Ger- Credit Lyonnais. Issues in prominent Portugues indus- 

ioany, has acquired GreatlWest -Yesterday, dealers were tenta- June totalled FFr 1.57hn net, triaiisL Each of them wm also 
Steel Industries 1 50 per. cent lively predicting subscription^, against FFr 3.16bn in June 1977. hold a one-third stake in MDM. 


hany, has acquired Great;- West -Yesterday.deaiers were tenta- June totalled FFr 1.57hn net, triaiisL Each of them wm also 

Steel Indus tiles’ 50 per ^eat lively predicting subscript! onh against FFr 3.16bn in June 1977. hold a onerthird stake In MDM. 

.merest in GSW Fnipp .Tor-around- F140Qm at a price in Thus, net offerings for the first The new company, located In 

ndustries of Canada.' .Terms -excess of - par-^ay, 100.4 for a ifir months were FFr 27bn com- Lisbon, will provide investment 

vp re not disclosed, Reuter yield of 7 per cent. Last night pared to FFr 23.6bn, a decline and financial services for 
•eyorts from Edmonton. . . comparable - state paper was -of 28 per cent corporate clients. 


lese Gw&nent on a spread of li per cent from C A C fvoffir* 

if iiitpr^tp the a group of banks led by Banca IJLalllL 

thenTOfiii.pf a Nazionale- del Lavoro. .- •• -t ACrt 

orgahi^ftih. At Fiat Diesel do Brazil is raising FISCS 14 /0 
une thefeiaajDr a S40m loan, increased from an ‘ ^ 

rt Initial 530m from a group of _ _ 

ally thA^ench four banks: Banco di Roma, A 5SS?W?L«. 

i an -igraSnent Credit Lyonnais. Commerzbank - AIRLINES 

lonese .tgi:. .the and First Chicago. The bor- (SAS), said its traffic for thefirst 
"some-qf ®ik’s rower is paying a spread of li of the 1977-78 

I debbj* ^ per cent for eight years with two &nanCial increased by. 14 
the.wEidfflhe and a half years grace. The P* r «“t measured in revenue 
ited; loB»3hed spread wouM fall to 1} per cent ton-kilometres. Capacity for the 
^{T^Maping if the guarantee of Fiat (Italy) P en o& frp 111 October. 1977 to 

- Fri! S^ ,e ” M, “ e?KUVt ^ T.u.wr 

: — 1 - meters^The SAS systemwide load 

7. t. ; \ • factor for. the first nine months 

itenaenmay meet- ss pomtt to 

- ■ v Passenger traffic for "the first 

three-quarters. measured .in. 

IMltCCI reSDOTlSc revenuepassengerkiIometres.in* 

UUIVU 1VP|JU110V creased by 11 per cent The l| 

rown - cabin factor -climbed by ^L7- pe^ || 

cent age points to 54J. per cent \ 

per cent coupon yielding 7.7S per- cent so the SAS cargo traffic in freight ton- * 


Credit Dnmobilier et Hotelier 

Kuwaiti Dinars 10,000,000 
8 3 /8 percent. Guaranteed Bonds due 1988 

unconditionally and irrevocably guaranteed by the 

Kingdom of Morocco 

"Kuwait International Inyestment Co. s.a.k. Abu Dhabi Investment Company 
American Express Middle East Development Company S.A.L. 

Arab African International Bank — Cairo 
Sample Marocaine da Commerce Exterieur (Paris branch) 

Citicorp International Bank Limited 
Kuwait Foreign Trading Contracting & Investment Co. (S.A.K.) 
Manufacturers Hanover Limited 
Union de Banques Arabes et Francaises— U.B. A.F. 

Wardley Middle East Limited 

The National Bank of Kuwait S.A.K. 

Bank of Bahrain and Kuwait B.S.C. Burgan Bank S.AJL — Kuwait The Gulf Bank K.S.C. 

AlahK Bank of Kuwait QLS.C.) AI Saudi Banque Arab European Financial Management Company K.S.C. 

Arab Finance Corporation S. AX. Arab Investments for Asia (Kuwait) k^.c. 

Arab Malaysian Development Bank Berhad 

The Arab and Morgan GienfeU Finance Company Limited Bahrain Investment Company Bis.C. 

B- A-T.T. (Middle East) Inc. Bybios Arab Finance Bank (Belgium) S.A. Enropean Arab Bank Ltd., Bahrain 

Financial Group of Kuwait ILS.C* Gefinor Finance S.A-, G^ieva Kuwait Financial Centre S.AJC. 

KowaH Inte rnational Finance Co. S.AJL 4 t KIFCO” National Bank of Aba IXhabi 

August, 1978 




This announcement appears as a matter of record only. 








KUWAIT REAL ESTATE BANK K. S. C. 

Kuwaiti Dinars 10,000,000 
TA per cent. Bearer Bonds due 16th July, 1986 

{redeemable at the option of the holders on 16th July, 1983 ) 


1 Tvs announcement appearsas a matter of record only 



Kuwait International Investment Co. s.a.k. Financial Group of Kuwait K.S.C. 
Kuwait Foreign Trading Contracting & Investment Co. (S.A.K.) 

Kuwait Financial Centre S.A.JL 


Alahli Bank of Kuwait (K.S.C.) Arab Company for Trading Securities SjLK. 

Arab Enropean Financial Management Company K.S.C. Arab Financial Consultants Company S.AJL 

Aiab lnYestnieiite for Asia (Kuwait) k^c. Arab TVust Company K^.C. Bank of Bahrain and Kuwait B^.C 

The Bank of Kuwait and the Middle East K.S.C. - Burgan Bank S.AJL 
The Ounmercjal Bank of Kawait S-A.K. The Golf Bank KJS.C. The Industrial Bank of Kuwait KSC 

- International Financial Advisors K.S.C* Kuwait Intenntional Finance Co. SJLK. “KJOFCO” 

Kuwait Investment Company S.A.K. Kuwait Real Estate Bank KJS.C. The National Bank of Kuwait SAX. 

Algemeue Bank Nederland N.V., Bahrain Al Saudi Banque Arab African International Bank -Cairo 

The Arab and Morgan Grenfell Finance Company limited Arab Malaysian Development Bank Berhad 

BAJiX (Middle East) Inc. Banqoe Arabe et Internationale dThvestisseinent (B.AJJ.) 

European Arab Bank lii, Bahrain National Bank of Aba Dhabi National Commercial Bank (SantH Arabia) 
Nederiandse Credietbank nv Riyad Bank limited Wood Gundy Limited 

- . July, 1978 . 




22 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


NORTH AMERICAN NEWS 


U.S. store groups turn 
in higher volume figures 


Beatrice, 
Tropicana 
deal again 


BY OUR FINANCIAL STAFF 

LEADING U.S. store groups 
turned in sharply varied sales 
figures for July, ranging from a 
tiny increase at Sears Roebuck 
to an impressive 25 per cent 
gain at J. C. Penney, which also 
experienced its best ever 
quarterly increase for over 20 
years in the ' second three 
months. 

The Sears total, although a 
record for the month at S1.47bn, 
was up by only 2.2 per cent from 
July of last year when “an 
exceptionally strong perform- 
ance " boosted sales by 21.7 per 
cent. 


on ice 


At J. C. Penney, volume In the 
four weeks ended July 29 was a 
record S757ro; the comparative 
July 1977 figure of S604m does 
not include the sales of the dis- 
continued supermarket and 
Italian operations. 

Penney also produced a 25 per 


cent sales gain for the second 
quarter, with a total of $2.43bn 

For the first half ended July 
29. sales showed a 23 per cent 
advance to $4L6lbn. Including 
sales from operations which have 
been discontinued, however, the 
half-year gain was a lower 20 per 
cent 

Mid-way is terms of growth 
rate between Sears and Penney, 
the F. W. Wool worth Company 
managed a 9 per cent July sales 
improvement to S419tn for the 
four weeks ended July 25. After 
28 weeks of the year. Wool- 
worth's sales were just over 
8 per cent ahead of the compar- 
able 1977 level at $2.64bn. 

Montgomery Ward of Chicago, 
part of Mobil, was able to boost 
its July sales by 13 per cent to 
S361m, with first half volume up 
by almost 10 per cent to 
S257bn. 

Showing growth of a similar 


rate, Jewel Companies recorded 
a gain of 11 per cent to S256m 
in the four weeks to July 15, 
bringing its total for the half- 
year up to Slfilbn. a 92 per 
cent rise on last year. 

From St Louis, May Depart- 
ment Stores reported an 8-0 per 
cent increase in July sales to 
8154m, with a similar percentage 
rise at the half-way stage to 
$ 1 . 08 bn. 

Levitt Furniture lifted its total 
by 18.4 .per cent last month to 
S40.6m and by nearly 24 per cent 
in the first half to $235m. 

Setting a far more rapid pace 
thfln its bigger rivals, the 
Florida-based Scotty’s group 
boosted sales by 29 per cent in 
July to $12.7m, reporting also 
that new construction was con- 
tinuing briskly. Do-it-yourself 
activity contributed to the jump 
in volume, it said. 


Helicopters boosting Textron 


PROVIDENCE, August 3. 


By David Lascefes 

NEW YORK, August 3. 
THE ON-OFF 3488m acquisi- 
tion by Beatrice Foods, the 

largest US. -food, producer, of 
Tropicana Products, the orange 
juice maker, was a s**" P*d on 
lee tonight after the UA 
Appeals Court reinstated an 
injunction which had just 

expired. ‘ 

The move .was .reportedly 
made to enable a lower court 
to make Farther findings about 
the merger, which is being 
bitterly contested by the 
Federal Trade Commission, on 
anti-trust grounds. 

The FTC originally lost the 
first round when the District 
Court denied its request for a 
preliminary injunction. The 
Appeals -Court then granted a 
temporary stay, but then 
yesterday confirmed the 
District Court’s original 
finding. 

That temporary stay was due 
to expire today. However, the 
Appeals Court this afternoon 
decided to refer the case back 
to the District Court for 
further findings, and imposed 
a new Injunction. 


INCREASING COMPETITION 
and government investigations 
are pressing Tex toons Bell heli- 
copter business on two Banks 
But top management sees heli- 
copter sales and profits gaining 
well in the second balE of 1978 
and boosting Textron profits in 
years to come, Mr. Joseph B. 
Collinson. chairman aod chief 
executive officer has declared. 

Helicopters have recently ac- 
counted tor about 30 per cent 
of the conglomerate’s nearly 
$3bn in sales. 

With helicopters and other 


groups all doing well, Textron 


expects a second half rise in net 
income to keep pace with the 
14 per cent increase recorded in 
the first half before special gains 
on foreign currency translations 
and the sale of the security 
group of insurance companies. 

That would give Textron 
another year of record sales and 
profits comfortably ahead of the 
record §136.9m or 3.65 a share 
earned in 1977 S2_8bn In sales. 

Textron's second quarter profit 
rose to $41 Jim or $1.10 per share 
from $34J3m or 91 cents a share 
a year earlier. Profits included 


AMERICAN QUARTERLIES 


CNA FINANCIAL 


Second Quarter M79 

S 

Revenue 567.9m 

Net profits 31. 76m 

Net per share... 0.SD 

Six Months 

Revenue 1.1 bn 

Net profits 60.0m 

Net per share... 1.50 


1777 

550 .2m 
14.5m 
0.30 


l.lbn 

25.9m 

Q.5Q 


FAIRCHILD CAMERA 


Second Quarter 1971 

5 

Revenue 129.Sm 

Net profits 6.3m 

Net per share... 1.13 

Six Months 

Revenue 251.0m 

Net profits I2.0m 

Net per share... 2.18 


1177 

s 

117.7m 

1.6m 

0.29 


234.8m 

3.8m 

0.70 


FORD OF CANADA 


Second Quarter 1978 

5 

Revenue lB3bn 

Net profits 25.6m 

Net per share... 3.09 

Six Months 

Revenue 3.31bn 

Net profits 47.3m 

Net per share... 5.70 


1917 

1.51bn 

25.3m 

3.04 


2.90bn 

59.9m 

7.22 


WALTER E. HELLER 


Second Quarter 


MS 
S 

Revenue 110.6m 

Net profits 8.7m 

Net per share... 0.74 

Six Months 

Revenue 213.4m 

Net profits 16.1m 

Net per share... 1.37 


1177 

s 

93.4m 

7_8m 

0.67 


184.1m 

15.6m 

134 


a gain of $3.1m of foreign cur- 
rency translations compared with 
a $300,000 currency loss a year 
earlier. Second quarter sales 
climbed to $801. 5m from $723Sm 
a yc.r earlier. 

Textron’s first half net this 
year, inclnding a $6.4m or 17 
cents a share gain on the sale 
of the security group of 
insurance companies, rose to 
SSlm or $2.16 a share, from 
$62.4m or $1.66 a year earlier. 

A six-week strike at the heli- 
copter plant in Amarillo, Texas, 
caused a slight dip in second 
quarter helicopter sales, but 
“Bell Is going to have a good 
second half in spite of heavy 
research and development 
expenses,” said Mr. Collinson. 
The longerterm outlook is also 
promising, he added. 

“ People have been saying 
Textron's helicopter business is 
going to hell every year for five 
years, but it keeps going up,” 
he said. The company is estimat- 
ing annual growth of about 15 
per cent for the U.S, helicopter 
market. 

Two major sources of growing 
competition are the Sikorsky 
aircraft division of Uaited 
Technologies Corporation and 
the French Government-owned 
Aerospatiale, which claims to 
have boosted its share of the 
U.S. commercial helicopter 
market to 11-6 per cent last year 
from 4.7 per cent in 1976. 

AP-DJ 


Optimism at 
Southland 


LOS ANGELES, August 3 
SOUTHLAND CORPORATION 
expects earnings growth in the 
second half to be ronghiy 
comparable to the 21 per cent 
earnings gain recorded In the 
first half. Hr. J. P. Thompson, 
the chairman of the self-service 
stores group, told an analysts 
meeting here. 

*T wouldn’t be surprised if 
seeond half earnings were up 
In the neighbourhood of 20 
per cent from, a year ago,” Mr. 
Thompson said. 

The first half earnings gain 
came mostly From the com- 
pany’s principal business, 
7-Eleven Stores 
AP-DJ 


American Standard 


American Standard, the con- 
struction and transport systems 
group, expects to report 
significant earnings gains in 
1978 and should record farther 
rises in 1979, Hr. Williams A. 
Marquard, president said. 
Reuter reports from New York 
In 1977 the company earned 
$5.62 a share from operations 
of S8ft.4m, before extra- 
ordinary credits of $12. 4m or 
79 cents a share. 


This announcement appears as a matter of record only. 






Companhia Acos Especiais Itabira — ACESITA 


Medium Term Financing 


Unconditionally Guaranteed by 

Banco do Brasil SA 




Arranged by 

* * tine* m .• • v* a 

. :■* V. v ■ v i 

ian Bank limited 

EUROBRAZ 

v," •'■$*!? v ■; : ' 

■■ V*- ■ •■■J ■ •*. ■■ ■ -v**« 


U.S. $120,000,000 Loan 


[ Managed by 

Bankers Trust International Limited Chemical Bank International Limited 
European Brazilian Bank Limited-EUROBRAZ Manufacturers Hanover Limited 

National Bank of North America Standard Chartered Mer chant Bank Limited 



and provided by 

European Banking Company Limited Girard Bank 
Samuel Montagu & Co limited National Bank of Abu Dhabi 

The Royal Bank of Scotland Limited The Sanwa Bank Limited 


Midland 'B ank l imite d 
National Westminster Bank Group 
Soci£t6 Generate de Banque S-A. 


and 


Arab African International Bank- Cairo Arab Bank (Overseas) Ltd., Geneva 


Banco do Estado de Silo Paulo S. A. Banco Mercantil de Sao Paulo S.A. 

London Bnutdi Loedoe Brsacfe 

Banco dc Vizcaya, S.A. Bankers Trust Company Bank Mees Sc Hope N V 


Arab Latin American Bank -ARLA BANK 
Banco National S.A. Brazil 
Bank of Scotland 

The Bank of Yokohama Limited Banque Beige pour I’ Etranger S. A. Banque Commerciale pour PEurope du Nord (Eurobank) 
Baring Brothers and Co.. Limited Canadian Commercial and Industrial Bank Chemical Bank 
Credit Suisse White Weld Limited Daiwa Bank Trust Company 

European Brazilian Bank Limited - EUROBRAZ 

International Mexican Bank Limited Kansallis International Bank S.A. 


Credit General 

_ , S./LdcBu4K 

DeuCsch-Sudamenkanische Bank AG 

- Affiliate at Dreadaer Bank AG - 

First National State Bank of New Jersey 


-INTERMEX- 

Manufacturers Hanover Limited .Manufacturers Hanover Trust Company 


Kuwait Pacific Finance Company Limited 
The National Bank of Australasia Limited 


National Bank of North America Nippon European Banks. A Philipp Brothers Bank AG. Scandinavian Bank Limited 

- Nawan Office- . , 

Standard Chartered Bank Limited Standard Chartered Merchant Bank Limited Tokai Bank Nederland N.V- 


Agent : European Brazilian Bank Limited - EUROBRAZ 




\ 




Pharaon shelves OKC bid 


pending SEC inquiry 


BY JOHN WYLES 


NEW YORK, August 3. 


sales and 
profits at 
Hoover 


%r&. 




MR- GHATTH PHARAON, the 
Saudi Arabian businessman with 
expanding business interests -in. 
the U5, has unexpectedly 
shelved a ‘proposed tender offer 
for up to 25 per cent In OKC 
Corporation, a Texas petroleum 
and cement company. 

-A spokesman for Mr. Pharaon 
said io Houston to-day that it 
had recently been reamed that 
the Securities and Exchange 
Com mis sion was conducting a 
formal investigation > M into cer- 
tain activities of OKC.” ' Mr. 
Pharaon had decided not to go 
ahead with the tender offer until 
the nature of the investigation 
was more fully known “ at which 


time Mr. Pharaon will evaluate 
whether to proceed with any 
tender offer." 

The spokesman went on to add 
that there could be zip assurance 
that a tender offer would be 
made, or, if it is, that it will be 
made on the$2l a- share origin- 
ally announced. . --- - 

Reacting to this surprise 

development, Mr. Cloyce K. Box, 

OKC’s chairman, chose his words 
carefully this morning. He 
acknowledged that the company 
was aware that - certain' inquir- 
ies ” had been made by the Fort 
Worth Regional Office of. the 
SEC but emphasised that no 
charges of wrongdoing had been 


laid against the company or any 
of Its employees and said that 
If the Investigation Is continued, 
it would confirm that there had 
been, no wrongdoing..' 

' He added, " It is unfortunate 
that the mere fact of the Com- 
mission’s inquiry, even in the 
absence of any charges, has none- 
theless had the effect of prevent- 
ing the offer from being submit- 
ted to the stockholders.”- 
In 1977, OKC made a net profit 
at 58 m on sales of S167.lm. A 
24 per cent holding in the com- 
pany would have cost Mr. 
Pharaon $19m although his pro- 
posed tender offer contemplated 
a smaller purchase 


Setback for Kerr-McGee 


AFTER A poor first quarter, 
Kerr-McGee reports a further 
decline in results for the second 
three-month period. Net earn- 
ings dropped 36 per cent, from 
S41.15m or $1.59 a share in 1977 
to S26.3m or 5L02 a share. Sales 
fell 14.4 per cent from $610. 4m 
to $522. 4m. 

For the first half-year, net 
earnings were down by 33 per 
cent from $66.4m or $2.57 a 
share to £44 m or $1.70 a share. 
Sales weakened 8 per cent, 
from Sl.lObn to SLOlbn. 

The company said oil and gas 
production earnings were below 
a year earlier due to higher 
liftings of foreign crude oil in 
the 1977 period, thongh it noted 


OKLAHOMA CITY, August 3. 

that 1977 second quarter results 
were aided by inclusion of \a 
natural gas price adjustment. It 
added that a decline in chemical 
earnings reflected the sale of re- 
tail agricultural chemicals divi- 
sion at the end of 3977. 

Petroleum marketing and re- 
fining earnings were down 
primarily because of tower fuel 
oil prices, although earnings 
from offshore contract drilling In- 
creased. 

Uranium results in the second 
quarter also were below a- year 
earlier, when deliveries under 
contracts were at above-average 

prices, Kerr-McGee said. 

Reuter 


BRIEFLY 

Downturn at 
Uniroyal 


EUROBONDS 


Sharp gains in active trading 


BY MARY. CAMPBELL 


EURODOLLAR bond prices 
moved smartly up yesterday in 
active trading conditions In the 
wake of the overnight surge in 
the U.S. bond market, confirming 
a trend which had been 
developing for several days. 
Among the factors involved is 
the apparent stabilisation of U.S- 
interest rate expectations, but 
the market is still almost domin- 
ated by a combination of a 
shortage of stock and dealer 
short covering. This is substan- 
tially exacerbating what would 
otherwise be a relatively small 
upward pressure from retail 
investors. 

The price rises are concen- 
trated at the long end as people 
try “to put yield on their 
books.” as one dealer phrased 


it yesterday. In this dealer’s 
view, the current improvement 
remains a bear market - rally, 
rather than the start of a long- 
term upward movement- in 
prices. 

In the D-Mark sector, prices 
fell back slightly yesterday -as 
the Bundesbank moved in again 
to buy stock. After several days 
of small buying, it yesterday 
bought some DM50m of domestic 
paper. 

The terms of the latest DMark 
bond issue, DM 65m for 
Mitsubishi Petrochemicals, 
include a 5} per cent coupon on 
a five year bullet maturity. West- 
deutsche Laudesbank' is lead 
manager. The coupon is the 
same as on previous issues, but 
the maturity is a little shorter. 


NEW YORK, Augus 3. 

SECOND quarter net income of 
.tyres and chemicals manufac- 
turer Uniroyal Incorporated fell 
from SI 8.4m or 56 cents a share 
to £85m or 29 cents a share on 
sales revenues og S739m against 
$714m. This result cut first half 
net income from $29.7m or $L02 
a share to $6Jm or 14 cents a 
share. Revenues for the first 
half edged upwards, from 
$L365bn to S1.37bn. 

Also reporting second quarter 
results today were natural gas 
pipeline operator Transco Com- 
panies. down from 66 cents to 
54 cents, and food wholesalers 
Fleming Companies, up from 
44 cents to 51 cents. 

. Another food company. Pet 
Incorporated, today reported 
first quarter earnings of 57 
cents compared with 62 cents, 
while for the last six months 
Columbia Gas Systems rose from. 
$2.61 to $3. 

For the first half of the 
current fiscal year. International 
Flavors and Fragrances rose 
from 67 cents to 82 cento, and 
electronic systems manufacturer 
EG and G Incorporated advanced 
from 70 cents to $1. . 

Office equipment maker Lanier 
Business Products saw net in- 
come for the full year rise from 
$6.73ra or $1.60 a share to $9.08m 
or $2.14 a share. Sales revenues 
were strongly ahead at $130.3m 
compared with last year’s $91.2m. 

Stainless and high alloy steel 
manufacturer Carpenter Tech- 
nology had fourth quarter net 
income of $KL8m or $1.28 a share 
against $9m or $1.06 Agencies 


NEW' YORK, Augrit® 

FURTHER STEADY etnrtSi 
recorded by -Hoover, the / 
can household appliance- 
facturer, Second quarter- 
earnings totalled 36m or 46 
a share, 17.6 per- «®t:^ 
corresponding . returns, :fQ r * 
(S5-lm or 39 cents a share) - 
sales amounted to S178.lni 
27 per cent up on the p 
year's total of 5138.5m. 

. The figures refect 
improvements on first, 
returns which showed Pnrf&afc 
14 per cent on marginally lajjw 
sales.- - • 

At the half-way stage^ .ggj 
earnings were $10m or ?g 
a share; against $&&* or^ 
cents a share— an foernsa-nt 
16 per cent. Sales advantettiw 
13 per cent, from . 52833m 5 ; 
1977 to $320.5m. " / y 
There was an .unreaHfaw 
foreign exchange loss of 3 ' 

% share in . the second qi 
compared with a gain of .4 
a share a year earlier. 

In the 1978 .half, the. ibn&m 
exchange loss amounted,.:^ 
4 cents a share and in the tear, 
ago half there was no gainer 
loss. • AP-DJ 


TXIA plans 
$25m issue 


-PARK, August 3. 
TEXAS International AMin*J 
of Houston (TXIA), whl&~t] 
Bidding for a major stake hi 1 
National Airlines, a larger grata 
and one of the world's & bigg® 
airlines, is raising $25m in 
Europe. Proceeds, to be addal 
to TXIA's general funds, m 

used for buying addl 

National Airlines’ common stack, 
or for capital expenditures, in- 
eluding aircraft purchases.^' 
TXIA’s Netherlands finaneog 
subsidiary is to offer S25nt 
1993 convertible suboriHutti 
debentures through a syndicate 
managed by Smith 
Harris Upham and 

Peabody International ">'5! 

debentures will, be eonvettJStef. 
after Ap ril, 1 979, into comidba. 
stock of TXIA. The proposed 
offering is scheduled for Angrau 
17, 1978. Agencies:., 


IBM-Xerox ■ 

Id our report on the'-IBH-Xerex V 
patent settlement on Wednesday 
August 2. the patent ownership :w ~ 
of two product 'series was to- , 
advertently switched. Copierii > 
2 and 3. ore protected by IBM 
patent and the '4000. and 4fin 
series by Xerox patent =■*! 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


STRAIGHTS 

Alcan Australia 8ipc 1989 

AMEV 80C 1887 

Australia 84 pe 1981 

Australian if. & S. B)pc '92 
Barclays Bank 4}pc 1992 — 
Bowater 9|pc 1992 
Can. N. Halfway 81 pc 19SS 
Credit National Sine 1888 .. 

Denmark Mpc 1984 

RCS 9pc 195S 

ECS 8? pc 1987 


BW 


EJB 84 Pc lUT 

EMI 94pc 1888 

'Ericsson 8? DC 1989 — 

Esso 8pc 1584 Not. 

nr. Lakes Paper Stpc 1284 

Hamers ley Btpc 159* 

Hydro Quebec 9pc 1992 

IC1 SJtv- 1987 

I5E Canada 8)pc 19WI 
Macmlllao Bloedel 9pc 1982 
Massey Fentuscn 94 dc ■ai 
MtcbeUo BJpc 1188 ... 
Midland Int. Pin. Stnc *92 
National Coal Bd. Spc 1987 
National Wsnnnsir Bpc "88 
Nail. Wsmmstr. Bpc US 'B 1 
Newfoundland 9pc USB ... 
Nordic Inv. Bank S]pc 1988 
Norses Rom. Bk. *4 dc 1992 

Norplpe »pc 1989 

Norsk Hydro 84 PC 199* .. 

0*10 Bpc 1988 — 

Ports Anton omes Spc 1991 
Prvr. Quebec 9 bc JB95 .» 
Pros. SaslratcJjwn, 81pc Ufl 
Reed Internathmal Bpc 1957 

RHM Bpc 15BS 

Selection Trwl Sfpc 1989 .. 
Shell Inti. no. SiOC 1990... 
Skand. KnsXilda Bpc 1991... 

SK.F Spc 1987 

Sweden (Kdoml 84pc 1987 
Untied Biscuits 9 DC 1969 .. 
Volvo Spc 1987 March 


97J 

9S 

tSi 

981 

95 

9H 

931 

981 

99* 

944 

96* 

98* 

97* 

»* 

98 

181 

98* 

re* 

l«t 

9B* 

98* 

icd* 

99* 

834 

1001 

ton 

io» 

97 

96* 

951 

95* 

100 

97* 


981 

95* 

94* 

99* 

9K 

99 

Sit 

56* 

99 

ieo 

95 

97* 

99 
98 

100 
98i 

101* 

97* 

9*t 

104 

97* 

991 

101 * 

BK* 

94 

101 * 

1011 

101 

87* 

06 

8W 

86 

100 * 

98 

W* 



1 

Offer 

Mexico spc 19S5 


951 

Norcem 5*pc 19S8 / 

1 98 

99 

Norway 4SpC 198S f 

96* 

97* 

Norway Aipc 1983 

W4 

954 

PK Baakea S*pc 1888 .JL 

94 

95 

Prov. Quebec 8pc 1998 

rei 

9GJ 

Eautarauldd -SJpc 1988 — 

93 

94 

Spa id 8pc 1988. 

w* 

m 

Troadhdni SJpc 1933 

94* 

95* 

TVO Power Co. 8pC W8 .. 

m 

96* 

VeoezueJa Spc 1988 ' 

94 

95 

World Bank 3 dc 1990 

941 

95! 

FLOATING RATE NOTES 



Bank of Tokyo 1984 84 DC .. 

99 

99* 

BPCE 1984 Sipc 

Kfi 

BS* 

BNP 1953 Sl|6PC 

59f 

1M4 

BQE Worms 1985 Bpc 

m 

9Si 

CCP 1983 8lpc - - 

98* 

981 

Otase Manbun. "93 9S«pe 

984 

981 

Creditanstalt 1984 84 pc 

88 * 

ret 

DG Bank 1982 Bpc 

re* 

1 DD 

CZB 1981 8i i6 pc ... 

99* 

1 WH 

Inti Westminster 1984 8pc 

8 SB 

99i 

Lloyds 1883 itOisPC 

m 

831 

LTCB JB83 Spc 

m 

WJ 

Midland IblPSW 89k.dc 

58* 

re 

Midland lot PS "93 B7, 6 pc 

98* 

B 1 ** 

Nat- Wstmltwr. W 9 Sisdc 

98* 

99 

OKB 1983 9*f»c, 

re* 

100 

SNCP 1985 16(6 pc : 

re 

re* 

Stand, and ChmL *84 SJpc 

98* 

ret 


Source; White Weld Securities. 


CONVERTIBLES 


NOTES 

Australia 7}pe 1984 

Bell Canada 72pc 1987 

Br. Columbia Hjd 7-Jpc "S5 

Cam Pac. 8 } dc l»tt- 

Dow Chemical Spc 1988 

eCS 7*oc 198* 

ECS SJpc 1888 


EEC 7*tx- 190 - . 
EEC 71oc 1984 


Enso Cutzeit 8‘pc 1981 — 
Cotaverken 7tpc 188* . — . 

Kocknms 8pc 1983 

Mlchelln 8*pe 1988 
Montreal Urban 8S»c 1981 
New Brunswick 8 pc 1984 . 
New Bruns Prov. 8 !dc *83 
New Zealand SJpc 1986 
Nordic Inv Bk. 7Jnc 1984 

Norsk Hydro 71oc 198* 

Norway 7*pc 1882 - 

Ontario Hydro Spc 1887 
Slmter 8*pc 1982 . 

S. of Scot Elec. SJpc 19RI 
Sweden (K'dom) 7*pc l» 
Swedish Stare Co. 7|pc *82 
Teimea SJpc 19*4 __ 
renneco 7ipc 1887 Mas ... 
Volkswaaen 7*pc 1987 


971 

98* 

American Express 4* pc VT 

82 

834 

B* . 

94 

Ashland Spc 1988 

I9U 

- 102* 

95 

9M 

Babcock & WDcox SfDC •97 

114* 

1154 

90* 

91* 

Boa trice Foods 4 »dc 1992 _ 

98 

904 

ret 

96 

Beatrice Foods 4ipc 1992... 

110 . 

111 

98 

B85 

Beecham SJpc 1992 

108 

109 

91 

914 

Borden Spc 1992 — .... 

89 

1004 

re 

95* 

Broadway Hale 4Jpc 1887 .. 

78 

771 

99 

981 

CarmtQoj 4pc 1987 

79 

804 

S3* 

64* 

Chevron 5PC 1886 

m§ 

133 



Dart 4* pc 1887 

82 

831 



Eastman Kodak 44 dc 1988 

88* 

88 

93* 

Mi 

Economic Lab*- 44pc W37 

78 

79* 


97* 

Firestone Spc 1K8 

70* 

81 

93! 

94* 

Ford Spc 1888 — 

87 

88* 

98* 

99 

General Electric 4Jpc 1987 

83 

844 

1*7* 

98 

GIDette 43 pc 1987 

77* 

70 

94* 

re* 

Gotrid Spc 1W7 — 

1214 

123 

W 

949 

Gulf and Western 5pc 1988 

96* 

88 

res 

m 

Harris Spc 1982 

205 

210 

w* 

931 

HoneyweU 6pc 1B88 

88 


96 

8M 

ICT Sfttc 1982 

91* 

92* 

»* 

96 

TNA toe 1997 

98* 

100 


97 

Incbcape B|pc 1892 

1074 

108 

99» 

69* 

ITT 41 pc 1987 

79* 

8'. 

re* 

100* 

■Tosco EPC 1952 

IT 

123 

97* 

09 

Komatsu 71 pc 1990 — . — 

1394 

1484 

re* 

1W 

J. Ray McDermott 4*pc *87 

1484 

150* 

95* 

96 

UatsoabUa Npc 1990 

192 

193 


5S* 

85* 

93* 

»* 

99* 

98 

94* 

95 

89 

91* 

re* 


94* 

96* 

B44 

94* 

100 

981 

951 

951 

991 

92* 

96 


Source: Kidder. Peabody Securities. 









SUMMARY OF RESULTS 


Year ended 31 March 


•Turnover 

Group Profit beforetax 
Dividends 
Profit retained 
Earnings per share 


T978 

£000 

46.769 

3,974 

895 

2,411 

10.5p 


. 1977’ 
£ 000 " 
40,25? 
3,2667- 
801' 
TJBt& 
73fr, 


-At the Annual General Meeting held oh 3 August 1978 a sofa} 
issue was approved of 1 Ordinary Share for each 5 held. It '$Jtw7 
^directors' present intention to recommend, legislation permitting * 
at the rate of dividend be maintained next year on the increased - 
. Share Capital. 


Extracts from the Statement by the Chairman,'’' 
Mr R H Thorpe CBE: 

'Trading in the home market. in mining, products^ 
'improved throughout the year and is expected -tot-;! 
continue with a strong demand for spare parts and ' 
a. phasing in of our latest machines to maintain the"' 
impetus required by the Plan for Coal/' 

'Technical development ejqaenditure and capital in-^ 
vestment have been maintained to help to ensure thfiftj 
•company's future strength," . .JW 

"Barring unforeseen circumstances, I . am confident? 
of further advance being made in the year ahead." 




r-- 


b: 




F-v 


Anderson Strathclyde Ltd, 47 BToad Street, Glasgow G4Q 2Qff . 


STERLING BONDS 
Allied Breweries HIPC •9? 

Citicorp lOpc 1993 

Courts ukls “Ipv 1888 

RCS 9 1 DC 1969 

EIB SlpC 1838 

BIB 9Jpc 1992 ..-■■■ - 

Finance for fad. Sloe 1967 
Finance For Ind. 19pc 1989 

F Isons Wipe 1987 - — 

Gestetner Uoc 19® 

1NA 1(1 DC 19S 

Rowuiiee IWpe 1988 — 

Scare Wipe 19® — 

Total Oil Bloc 1984 


98* 

92* 

90 

94* 

969 

M* 

91* 

84 

871 

re 

52* 

N 

93 

90 


HI 

934 

91 

951 

971 

94* 

93* 

re 

881 

83 

831 

91 

93 

91 


DM BONDS 

Asian Dev. Bank 5* pc 1989 

BNDE 61 PC 19« 

Canada 4Spc UW3 - — - 

Den Norsfce lnd. Bk. 60C ’90 
DeulSvte Bank Udc 1933 ... 

ECS SJPC 1990 

EEB Sipc IBM 

Ell Aquitaine fi*pc 1888 ... 
Euratoni 5 Spc '387 . — 

Finland aipc 1938 

Forcmarts 55pc 1990 . .— 


93* 

«5* 

97 

97* 

9B* 

MJ 

90} 

93 
96* 
S3i 

94 


94* 

98* 

» 

9SI 

971 

91! 

SU 

94 

97* 

re 


BRAZILIAN 
INVESTMENTS SJt. 


Net Asset Value 
as of 3 1st July, 197$ 

Per Depositary Share: 

U.S-S139.75 
Per Depositary Share 
(Second Series): 
U.S.S103.34 

Used: The Lndan Slock Evrimnnp 







CReg«MedinE n fi ba d No. 


Issue of 2,139,750' 10 per cent. 
Cumulative Preference Shares of £1 each. 


Application has been made to the Council of The Stock Exchange for the above- : ' r ] 
mentioned issue of Preference shares to be admitted to the. Official List Dealings are " 1 
Greeted to commence on. 7th August, 1978. Particulars of the rights attaching to the' , . 
Preference shares are available ia the JExtel statistical, service' and copies of the. card- .{ 
may be obtained during usual business hours on. any weekday (Sa tuccUivs except^) 
up to and including 18 th August, 1978 from: - • . 


Morgan GrenfeQ & Co. Umiteit, 
New Issue D^artment, 

4 Throgmorton Avenue, 

Loudon EC 2 P 2 NB 


Montagu, Stanley &Co-> 
31 Son Street,. . 

.Loudon EC2M2QP 


4 th August, 1978 


23 



Friday August s 197 8 ' 



TELCO maintains sales “j£' Par Swiss franc 

'^desp^pioiiiidon cuts property very firm 

HU fin RYR r MI1DYUV ’ • - - cfo lrp Conditions in yesterday’s foreign in what was described , as fairly 

’ vf ** MURiriY , . r.. BOMBAY* August. 3. exchange market were generally heavy trading: Against the yen 

: • * operations h^ been the commercial -vehicle mannfao- By H. F. Lee ^Sed°* Wife 1 hrief^fluiries^ dose 0 *®? ^YlsSf 1 to'^finfcfc^at 

1; . osmeenn g and- Locomotive conumsaoning of vehicle m a im - turers an India. TELCO faces . _ aS+rity The Swiss franc made Y1 1BL85 At one point the U-S. 

■ ■ -\ ompany (TELCO), were broadly factoring operations -at tis new strong demandfor Its output SINGAP ORE, Au gust 3./ headway against most currency touched Y190.I after an 

..atntained in the yearlo March, plant- at Pune, Maharashtra, in Tata vehicles, produced originally HAW PAR BROTHERS lmer- currendes and in particular the opening level of Y1S6J0. The 
• spite °f an acute power'-June.- It proposes" to- produce with Merced^ Bern collabora- national will realise a profit of dollar. The dollar had started Bank of Japan dW not appear to 

- lortage at Jaiushedptu*, in Bihar some 7^000 vehicles .-af -the plant tion, have a waiting list "of she more than S$24m ‘ (US$10m) the day a little' firmer and the attempt any smoothing operations 


Haw Par 
sells 

property 

stake 


THE POUND SPOT | FORWARD AGAINST £ 


Currency, Money and Gold Markets 


Swiss franc 
very firm 



fjlT p Conditions in yesterday's foreign in what was- described as fairly 

iWlv exchange market were generally heavy trading: Against the yen 

quiet for most of the day infer- it improved from Wednesday’s 
By H. F. Lee spersed With brief flurries of dose of Y1S4.70 to finish at 

siwapore. Ansrust 2 - activity. The Swiss franc made Y188A5. At one point the U.S. 
SINGAPO RE, Au gust headway ngamgt most currency touched Y180.1 after an 

T>AT» TTP/ v n ir g-pg ° . . vi oe in Tk. 


he company's turnover was company to increase. cot 
3 /..(?S40mL :. against vehide output frbm:2 
s 256bn in 1376*7?, wtiRe pro- 36.000. It is piahhed tir 
lX profits were - marginally 3^000 vehicles this year. 


staging 



THE DOLLAR-SPOT FORWARD AGAINST $ 


for the new model has. been It had contracted with Mr. Li 


; : iwer/ at Rs 104.4m; (&2 Ai£). . " "~As a result; rereirae4s expected doubled. ’ Ka-Shing, chaiiman of (^ecmg 

' In expectation of a-:sharp rise to go up by more than ; Rs 500m. The company’s exports rose to 1 S Mlg * for the sale rf 13.76m 
.. “Mts turnover, and profits for The investment undertaken over Rs 372.8m, from Rs 234.2m in 

:ie current' year, TELCO has the past .four; yetws « expected 1976-77. and fmherin^OTement Knii^ f a t 8 '™A ^Sr sSl to 
roposed a bonus' issue of equity to inwease tpiOTts and.te enable is expected— with a level of „ 0 S, g ** HK?9 ‘ ao *** 511316 m 
on a two-for-five basis, the- company to^mmntaln. if- not Rs 460m seen for- the current ”??■ p,. t w wfii 

. Commercial vehicle profile ; ” CTia5e y tbe„gTrfsnl .on the year, provided there U no change Jgj» .) 

. on last year.feU i>x 10.7 per cent increased. capital y . in Government policy. 15 ^ 

-from 26407— mainly' because' TELCO Is planning to diversify 


. aiernHOT»6«artf 


cash. 

Haw Par added that it will 
retain its remaining holding of 
5m, equivalent to 4.4 per cent 


FRENCH 

viFRANC-| 


107- nud^beoause to fetaSE*? . TELCO Is planning to diverofy ofChe^g Kong^isioedu 
power shflrtws. .«t int0 marille and industrial diesel as a long term investment. 

r. nnwwr.-a VS 9 .-n*Yr . “I « turuier -expansKU), io-pu.uuu f n . w t,:. h <+ -Si* .him 


capital. 


s D N 0 J F II A 


.. -** *-«-*«* tu JAS, s^fOkim \W3Uti, HiSeAV ,1,'a Anetie. «* seei*, uecause.oi lae Uruveru- prom oeiore esjiaihca or l t»r^e 

.. Dd a 13^ per cent riaermspare-J^^^-S!^^^^^ ment * s Policy of estabUshing approximately S$243m, when Zn l mn SLUKiSj 

v. J® vc °y e - ‘ was not because con- TELCO is a highly diversified ^ t J le ° T ^* tS J to a generally good demand 

. The dividend is to be ma i n - straints. - but . Tesulted ’-.from a company producing truck and sale, the group said, had gwPr. L6890. It finally closed at f° r the D-mark. The Swiss franc 
'lined at 15 per cent vrfl the Y»f +ram#»d oersdimeL hn* chassis nmvstnn forklift heen obtained, and the sale SwFr 170 p 5, its best finwehmg was also stronger against the 

, ompany fif ^Srred-S^af bS fSSn mSA completed on Septem- gaM ^nd‘ conSed^Sh {J^Jk-^ghw ■ to DM L1955 

. s 76i!m to the general, reserve. -isa<*-«rantries. dosp mlohino tnnie cacr- ^ _ ... ... SwFr L7U2} on Wednesday. from DM 1.1870 previously. 


week. The dollar was also helped I 
by hints that the Japanese! ARBnC3 
authorities were contemplating 
some form of foreign exchange 
control although such a move has 
been widely rumoured for the: 
best part of this week. There was 
also a good demand for forward 
dollars by importers wishing to I 
cover future transactions. 

The volume of trading in the 

spot market amounted to SfifiSm 
while combined forward and swap 
dealings accounted for $745m. 

FRANKFURT — The dollar was! 
fixed at DM 2.0335 compared with 
DM 2.0457 and DM 2.0459 at Wed- 
nesday’s firing. The dollar’s fall 
came after its sharp decline 
against the Swiss franc in -addi- 
tion to a generally good demand 


p-a. Three noaihs pa 



CURRENCY RATES CURRENCY MOVEMENTS 


Bank of Morgan 
England Guaranty 

index changes'll 


. X 76.2m to the genend^Sve. -4T& 5SH STATS? S* ^ whi<ih ^ ** «" Wednesday. ^ 

n ^mpared with Rs 12.5m in the witii Indian companies unable to ings. and electronic equipment LJh front tht The yen lost ground against ZURICH— Against most Euro- 

P-«!Wlous year. > -• I * matcRthe sa!ar& iwid-ihere. sulh as printed dram motors ^ donar ** was at its w^kest currencies the dollar showed 

!vm,. The highlight ot -.TELCO'S up to tikW n,dSS“ . 'ZVono's ^ -£ «*>“ ZSSSSJ? SE£ £ 


from DM 1.1870 previously. 


New Zealand 
Forest buys ' •- 
Marley Go. 

MELBOURNE, August i. 


Setback at Scindia 


r-— • — — *rr— during the morning at Y19O20. ? weaker tendency. In spite of its 

be used to reduce the group s Later In ■ the day, however it brighter performance against the 

debts in the short-term, pending recovered some of its loss to close y en * the market is waiting for any 

reinvestment. at Y188.0 from Y 186.30 previously 5011 of encouraging news from the 

A the end of 1977, the group The West German mark finished u -^ and only this is likely to 

had bank overdrafts and loans of slightly better to the dollar at £ e Y? rse the °T“! al] 5®®“. The 

SS33.7m and an amount due to DM 2.0S2O against DM 2.0390. dollar was quoted at Sj»*r 1.7257 

...... ... trade creditors of SS4L5Sm. In Using Morgan Guaranty figures 1*1? Pf 6 " 

' Marlev Co ■' Br OUR OWN c6mesrouDafT BOMBAY - Aop " & 'SS 1 ^ SffUtfST other markets 

iTldllCJ' ^V*-- - SCINDIA STEAM -Navigation Scindia ’a profitability has been SS44.84m. tion was slightly narrower at a . n J e ^., 1 , 0 i!fi Of u^? 5 

i,- MELBOURNE, August 3._ Company carried inure =cargo. eroded by a continuous increase The funds will help to reduce 9J - P ff ■«•“* “nL JSSfetfwfSStMP to flft- lsSa 

r ew Zealand Forest ' Products and Improved its .r . " by in operating costs, and delays in the group’s interest burden sterilng traded quietly for most ni.. 

. -Ians to acquire a 60 per cent RslOOm to Rs 979^2m.f$117m) clearing ships at ports. The which amounted to S$6.5m last of the day and after opening at iBttnehSh arainst 

- :ake in Mariey Co^><Nw m im-despite tlfe.v^rid^ide current year’s working results, year. nJMHJBO it eased on a gflS « the fiSLe 'ifiPSS 

.. Zealand)., a whoUy-ownedr=sub- depression in yh i pptggjx^ntrpre- says Mr. D. M. Khatau, the Cheung Kong is currently slightly firmer dollar to $12225- ^33 alpg, weaker airarnst the 

.'.diary of Marley Overseas, sub- tax- profits -fell to£RS"‘108.37in chairman of Scindia, will not be riding on the crest of a property : ' Dimug the afternoon D. mar |f but grained sightly over 



BOMBAY, August 3. 


.- fet to approval of the Examiner (*33m) from Ra 136.: 
f Commercial Praeticesr -- Althrmeh tfie liftfi 


in; 1976. as good as those, last year. 


boom in Hong Kong! Reeentiy. g^, 'SU5SS? the “d^to “^TTStTSTsK 

ft arninnnM>f1 ati inm«tn nf innva I tOUCDea_ - VlJu3U-l.v3o0 before fr»ni' wn minlMf at T -1CL1 TC Mm. 



• prest with- an entry into fie. As hi maritime otoerTZe S added. Brides Partial disposal, in flm emron tiy ^ Tore'’ ” JSSJ^iaiil 

aMisrrAggs: »— <- «—» > d ^* u ° n ■* »• ^ 

uilding plastic prodMtfc ^ sHpplng indostry. : v liner vesseL built in Japan maximising the group’s earnings. 

Cuter • - .. . .-.' --- im-i i «c i.: J < 1 . ^ This Statpmcnt tnrafhap nritl. 


JC 

Note ltoip« 


605.18 &07 25J \u»M ia._ ! 27i.-aai. 

0.U6 14 U.ct 551 Ucli-iuin ,„l 621; -64 

4. 15B5-4.1 60511 N*a mark. 2lu.tib-l0.75 

16.00 3tt.52 iPrmn-e .£ B-55-b.SO 

36.17 37.06 'jpinwTir..... ! 5.85 4X0 

4.6695 4.6715 I I 1595-1625 

68.39 ,1.50 I h pirn 560-370 

0.2684 k 1 .2756 Ne(l ii>rign >1 4.154 30 

52.02 32 07 10.25-10.40 

2.3145 ^.5165 hwiui!»l 65-90 

0.9459-0.9510 1451a- 149 

.6 47-6.42 4uitwlxnrf 5.27 3.40 

2.2600 2.£610 l l i,iu,l Sutw 1.9000-1.9400 

0^663-0.875 t|l iLnv la vin...... 35-37 


The • Indian 


Ship- joined the fleet in ApriL Four 


laxmusmg the group’s earnings. 
This statement, together with 


is pressing for a red- 
official levies in c 
strengthen its position. 


annrnva/1 y -- Acquisition, on co6fes£onal the cost of ships, the company 
tippl U V CU . t«nn*r’ind to resdrefe^crist- is pressing for a reduction in 

By Ron RTdiardsoo l r ha^ loans from tiie-,Sb§fping official levies in order to 
HONG KCWGi Auguirt ^ ! Development. ^Fund CafeSftee. strengthen its position. 

•HE SUPREME COURT p£ Hong ' — • - - 

Tong has -approved the scheme 1 . . : 

J>efieit^M-F Australia 

— ' wholly-owned subsldiary-uf tbe - ^ 

-trading conglomerate AJarcHne, : .'VBY- #*E5 FQRTH.^.. L SYDNEY, August 3. 

ull takeover <rf S-Uardlne MASSEtf-FERGUSON Holfflpgs Grou p sales fell 1.6 per cent 
ndustriesr has- became, effective. (J^istralia), ; ther-Canadia AS48-75m ' ta AS38B2m 
Payment af IKK fi rshaate trotted, tractor and agricultural ln the April half. 

If be former outside ^oldeca'in macMnerv group, Ineurted a loss directors said that the 

r^he company, is expeitod . to-be .rf- AS357m - (UlKia-Tm) in the Jpduced sales reflected not only 
*iade by August ^14. ■- April half-year.and.tit directors JJf H te - of 


Australia 


L ' SYDNEY, August 3. 
Group sales fell 1.6 per cent 


pore bank, the United Overseas 
Bank fUOB) group— suggest that 
major developments are in hand 
at Haw Par. 

In the meantime,- the Cheung 


to SS1.21. 


T /fe 


ive. {imstraUaV,- ther-Canadian-ci^trmir AS48.75m- ta AS38B2m ‘ A clan flftinlT' " 
-'tfi t^ed. tractor and agriS^rii ■$$$*&£*). in the April half. UUUdr 

'i* machinery group, Iheurtbd a loss \ h f d 1 irgo ? ors mariiPt PTOWm 
-ha A$3-27nT- <U-ks3.7m) in the Te ™ ced sales reflected not only UiaiACt gl U rr 111 

jr- April half-year end ;|Ph directors con tmued pressed state of SINGAPORE, August 3. 


Found SttrUng 

i. 

UjS. Dollar 

0.518 

Dentate Shirt 

0.2-6 

•JnpumeYrti 1.000 

2.765 

(■"reach Kraut' lu 

1.184 . 

>an« Franc 

0.504 

Dutch GuiMer 

0.235 

Italian Lira 1 .CU’ 

0.616 

■.aiublian Dollar 

0.456 

iipf-taji Fray IX 1 

1.617 



DeuticheSl«rt| Januieae len 

rrenvh Fmik- 

Awir 7'raa 

5.926 

£63.0 

8.446 

5.293 

2.034 

188-1 • 

4.376 

1.706 

1. 

92 48 

9.152 

0.939 

10.81 

1000. 

£3.26 

9.070 

4.648 

429 8 

JO. 

*5.699 

1.192 

11J.3 

2S65 

1. 

0.974 

85.41 

1.987 

• 0.775 

2.417 

225.5 

5.200 

2.027 

1.788 

165.4 

5.847 

1.500 

6.d46 

586.9 

13.65 

5.3B3 


Rate given for Argentina is tree rate. 


Uuicn (iiiiMetj Iikiuhi Lm | uum-m Uonm ; Ucuiau l-'rai>c 



EURO-CURRENCY INTEREST RATES 


Lena dien 
Uollnr 


li.S. Dollar | Dutch Guilder Swim franc 


W. lienuBD 
Mark 


KreDcli Kranu ltalutn Lin 


Jspane^ Yen ] 


105 S - 107g 
105s-10T B 
IOt.-IOtV 

lOfo ios« 
I0; b --11A 

lHa-lUa 


7-71b 
7M7fo 
73 V B 
tig-BJ* 
9ir-9i» 
9t b iOt> 


8-12 
13 14 
iaxs-13!* 

13- 14 
1312 141 S 

14- 15 


thu flftjf hafr^fcL lS7»-77. bBt,^ , 2!^ f 22^2S T !S?!! the Monetary Authority of Sinp^ 
rwbrdedNtWbf- A$B63.000 for P° re (MAS) has repoSd. 

*urm yea/after falling into ^SSSSS Provisional HAS figures 

q»B red IflSFsdeond half. . ^a^S^ne inSe marSt S showed total doUar market 

' "TStf -'tSTiKbis TsaH that they year had let to heavy diarnunt *® se ts of S23.05bn in June. 

-expecte^Massey-Fe^uson W effort to reduce SSe f2J3bn in May and pw ^?! ,u ^ e ^ , 3^S , “ Pr , ^. ,,U0,e<, ,or Lo “ toD doDar cmlficates ^ tJ ” DSft - 0r * month 8 • 0W • ,, ^ « m: * re# mon,hs 8 ■ 2ft ' 3!,D per ceni: M 010mhs 

:tenefit improved trading In stodc bnild-aps. The directors ’ 1 2r“w! ^ June last JjSM: . Lone-tern Eurodollar dapMhu two years >-5* l»r cent: three years 9Jifi-95i& per cent; four years 8f-flj per cent: fire years 9 Su-97m per cent are nominal 

fee second half of the current said that innpntnriM w»r* nmu r “ e mas said that the Asian dosing rates. ■ 

3Sar-1>iJt that this Would, be ifi-Tietnrnhie to n« 1 W ”? dollar market was more active Shon-Icnn rates are call for Sterling. U.S. dollars and Canadian dollars: two days' notice for Builders and Swiss francs. Aslan rates are closing rates ln Singapore. 

*u$£eaCto recoup the ^^m'to™ believed th^^arket hi J® .J”* SeSSSllS if'hSh? 
los^'in the first six months. ..reached -Its bottom. against a backmmnti «r hmhor 







S.A. Newspapers ahead 

by wow!© rqlfe ^Johannesburg, August 3. 
DESPITE - indications , of a con- - “-With earnings per share up 


against a background of higher 
interest rates and the prospects 
of a further rise. 

The issue of U.S. dollar nego- 
tiable certificates of deposit also 
went up. During the month 
another floating rate CD amount- 
ing to S20ra was issued, the ninth 
issue since November 1977. 

Credit advanced to non-bank I 


INTERNATIONAL MONEY MARKET 

New York rates mixed 


GOLD 


tcreased to 55 4bn Treasury bills rates showed with 3.6 per cent on Wednesday, and in fact the franc remained on 
in May and S42bn mixed. changes yesterday with 13- Three-month money was also or around its lowest permitted 
. week bills at 6.80 per cent from firmer at 8.8 per cent from 8.75 level against the D-mark within 


Nervous 

trading 


group, which -controls the Rand year, it says, however, that If 

improvement In the i rose to 52.4Dn, from S23bn and I per cent shewii 


inw was unPHmgBU «t -t-J. pta rein * uiu/mm — wnj mvacj woo Rnld ln«st 41 an mmn> in thd 

were In the final week of June, the net slightly easier at 4f-5 per cent London bullion market vesterdav 
com- central currency reserves of the compared with 4J-5 per cent while ^ dose at S202d-2(B S2 

mu Ihi nu IIUWi tn tho rnto tnr nnn.mn.th uim (Smwr - . C,OSe al . . AICDOUgn 


BRUSSELS— Call money was also firmer at 61-61 per cent 


ter tariffs. 


Reuter 


>FFSHORE BANKING 


in Singapore 


1U1 uuc-muuuj Wiliic UiC 4WU- IUI u«r uauw lciu pci «UL R v -« n « 7(1 in tVvr. -nnminrr 

quiiith rate was a little firmer at cial) were barely changed with PARIS— Day-to-day money was 
79 per cent from. 7B5 per cent, one month at 5i-6 per cent, two- unchanged at 7i per cent while 

•three-month -deposits were also month at 63-6* per cent, six-month the one-month rate was easier at J—iif „ LirSlrifi 

firmer at 8.01 per cent compared 7J per cent and 7J-7J per cent 7-.V-7 ft per cent from 7J-7S pier vras Uie bcsC lexel for the 

Mith 755 per cent previously. for one-year deposits. Some cent Three-month money was aa . y - „ . ... , ,. , .. . 

FRANKFURT— Interbank money market sources suggested that also easier at 7A-7& per cent com- ,n f” n « Hvii 0 

market rales were mixed with call recent attempts by the autbori- pared with 7J-7J per cent. Longer- ™r v. as hsed at dm i3^uo 

money at 3.4 per cent from 3.45 ties, to support the Belgian -franc term rates were unchanged at 7J- <S-02.SS per compared 

per cent and - one-month funds by increasing interest rates, were 7J per cent for six-month and with piu 13.37a (9Z03.J5) 

: — • — -- "■» — J •* •’ — ■ — « — ■ — - 05 ' — -- -• previously. 


risiDg to 3.7 per cent compared nor meeting with the desired effect 8|-8} per cent for 12-month. 


(82033S) 


BY PETER WH1NTMUI M SINGAPORE 


; RECENT move, by the.-Singa- here are convinced . that tbe ^unfctrative expenses effeo- and that for the most part the UK MONEY MARKET 
" irv banking- auftunoes - to Monetary Authority-, of Sin^fiseay .boosted the rate for the authorities will allow book ■ - 
..low offshore banks to operate pore, which regulates all banking -basest offshore banking units to entries to be made in such a -m. t 1 

ore freely in. the ^domestic activities in the Republic, is between 14 per cent and 18 per way. as to give exemption from !^j/V OlinTlfT£ 
arket appears as anotiier, sidvo highly sensitive to Hong Kong: caht the new tax. ^ : l^jli I .l|^i l|Mr 


No change in MLR 


ilh Hong Kon^. . . a pvaiuvu iu iruuvu »wyiHB1IBWI • UUCiUUS. • 1UG ______ .l v - , ««j” 4 L — 

Since last month, Singapwre’s to Hong Kbng’s. i^fiiassy concluded, however, __ a ♦! 

i offshore banks have no longer Offshore banking In the-tiact while fee requirements res rf > ^^^5 0re to 


Singapore's position in relation requirements 


tiolrt Huliiofl (a tine ' | 

ounce! I 

CIpNfc SS02J-205 !s?BB3i204 

Open ms IP«n*2Mi |S!03S0i^ 

Uornmc fueme ]S 201-75 ia2S3.i&7 > 

(LID4J22) !(i; 106,573) ■ 

Afternoon fi-vinjf._.;b 202.20 Lg.205.Z5 

i£iw.7«i. 'mast 
Gold I 

dome^iicailT i 1 

Kniitmod j ~ 210 J -2124 l?211j-215j 

j'L-IOS-UO] ;(£1L9^ HQi) 


„ Govern- Bank of R ag l a nd Mtatamm Day-to-day credit was not in Banks also brought forward u-^SS!SI ,v ImiLtn 

orclng the Lending Rate 10 per cent very good supply and after the balances a little run down. On hn u* nDa \-iw nn ffiitsKiS 

and that /dace Jane s authorities had lent a hand by the other hand, there was a .\e» ATtnisa^. ssS-b i .-vsj-iia* 

toads to - ' . ’ buying a moderate amount of modest fall in the note circulation i-so^Til |u:3i-s2> 

business. ' Any change in Bank of England Treasury WDs and a small number and slight maturities of Treasury Uhl 

cans are minimum lending rate would of local authority bills, discount bills in the market .. ., n „. aw-si) jaoisu 

4 vM«mnll«p hfiVA h 1*1 fin wiaJm Imrtum VaiIPAc uiAwi rfltl WBTrinfr fll .Ifk now m . k ■ Utilil Li! f 


• -/ 7 - : — m~--" sswft . 

.tiers of credit stort tern ter- StawporeluB recent^ re sMtUoas on offshore Soag Kong in * natter of dw. a t ST^u“orti?L, ai S’“rS^L^ agfLt 1 tte ^fket^SfteSe 51? “c r en?°HoweI.e5 -' 

.wing end export financing. The. .bonis tendtag in the dom^iefflrtret The more appears as At present. Manila has only a at 10 per cent However interest by the authorities of a large witt conlifioM reminim; fisht < 


Xe»- SnvereiKUi |>S7r-68j S573-63 

|i«5-JB3) (£30-31 


5209j-2113 

<£li8j-lL9i| 

S573-692 


■remaining tight j om Soveseitpi- ;siB to 


i »b94-60i 

1> U'S0i-3ti; 
■KO Ssb7-299 
-9 >144-1*8 

<9 S 104- ICS 


ie previous restriction.’ 

While some -offabOKV-tamks. 
■ng conditioned to ignoring the 
-nucKtic market, have suggested 


centre has town enhanced 


transportation facilities under- 
developed, compared with those LONDON MONEY RATES 

in Hong Kong and Singapore. 

but there is a widespread \ mmidb I i : 


MOREY RATES 


imoit «» llBeBBe-'tii-flHWt--™™ « w w ■ national banking community 

mities they offer: and-lhat as even with- a reduction to 10 pec: H urii of the bite _ or fee i& ^bryonic state, aS *«av*<* 
consequence Sto^piW’S itoud-.cent therp are still . frequent criticism leveled a^rast tax ld te — ^ s^as a /.<**■■■"« 

7 banking^!* 3no W^chu«v th,r_ the^toj ty gy k otohore atUviaa m nSr “ gSESt 

nhanced. 1 ■ - re mains, too. high , and that the Singapore has been removed by. committed themse lves to daine ttreemout 1 

The authorities herchavaJopg reporting; req^Smente of . the Song Item : s-dearion to ™Po» business in the Fhilippxnes over ln08,I M. 


Wnn« Kofts ^ and are too rtricL operations there, though bankers fee 10D € term. «r *-»re i xu-ui> B < *wm j ■<»-»»-* i -»»»8 i — i — i — i _ — 

meagre ^ ^S^tore^liSrr^im&SStog the criticisms -fn^ ^ are still waiting to see-how that Singapore, ou th e othe r hand, r — 1 — * — ! — 12!l_ — “ — ! — - — L-= — ! — ~ — ! > ~ FRANCE 

.inkinc business in SotrtWBast.- a report published early tills -regulation will be enforced. - is regained as ea.Uc*ueg un- antmntr and an?tw twnsu seren days' notice. n*«™ smn days axed. ‘Looser-term amhnrir> mornaoK nS5,, RBto Uf* 

rmiotiutf i^tead to what fe year. theU.S. Embassy here:. Some argue that the Hong likely to -reverse its trend me nominaurthras yean utiu pb- cent: four years m per cent; are years nj-m per pm. STraSn. — H? 

■ "foVrS to as tS «eomblS^>5o& many bSKs feU-Kong. tax was introduced towards tax legalisation. Also toa* rate, for r WMB u» tank un Wfo pst SST SSSJk/Swi m — ?^s 

Irv ■* of the two centres. . Only that theiiigure of- 10 per cent. for, primarily in order to pronde the to be Jf _ A »? ro3d ™*ilJ ,en1 ?*' rare* rw ut^untb Treasnn- wn* w» per eenh two-mon* wi u per anr* and ihn-P-monih S|K n,omh3 — 7 - 812: 


l -'iteriian 
Certificate 
! afrfoporit* 

inmhenn 

Loea< 

Authority 
■iepoi>Tt>‘ i 

[Logv Anlh. 

Finance 

Bouse 

Deposit* 

r • ~ 

»V»?i 

a>-|5 

®ii 9 1 * 
9^9^ 
8*8-934 

S«-SiJ 

93«-ia 

9T.-10 

9H JTs 
968-934 
938-9B4 
2*2** 
10-iuie 

97« 

BTg 

93 4 -10 

9^ 

978-10 

10U 

10T B 

ioi s - io>4 
9iB-9is 
9S8--3B 
94 864 
9»4 »4 
97g-95, 

10 

104 

lOfo 

lOte I 

lOifl 
104 I 
iosa 


Company- 
Deposit* [ 

Uiatmnt 

market 

deptML 

^7 

MItpble 
-Bank 
BUI* ft 

104-104| 

94-10 

— 

— 

104 

10 lg 

10 

94 9T a 
928 

94 

94 

2*2* 

lilt 

•K* 

— 

z 

— 



NEW YORK 

Pinerra le Prime Rate 9 

Bill'-* Fed Funds - — ,. 7 Jpt 

Treasury Bills ilS-wec&c) ........ Ufi 

Treasury Bills (26-weels; ...... 732 


- GERMANY 


Discount Hato 

Ovenztsbi 

One momli 

Three months 

Six months 


3 

3JI 

3.7 

3L8 

IU 


FRANCE 

Dlscomt Rate 


try or tne iwo « 
ist tnoiitix tHs.J 
Rirmed by the Pr 
lr Lee KU3U Yew. 


undo bills UB Three months 7JB 

Six momhg 7.8125 


JAPAN 


JLee KtbnYew : «w55TleW™ Depart-, of . what te expected to be one of fee stable comrtxha in S 1£ 

NCTCTtiSH3.’^“«“y hankeia mtui ; rcgulatioua . concerning opening of . several new branches, fee developing wodd* mw sihk a«n» tems tun ot discount 9.U3S per mb. 


«h ffoia UnbtMied by me Ftnanee House AaomsdsDl: 1H kt mi rrom Anensi lmhl Cleans Diwoont Rale is 

•>» »-*■«"«» me rJoms io SSSL caTfu'ru^diHtJnah -iirr:::: « 


per cent Call runcondirionah 45 

. 'BID# DiMMnt Rate 4.7S 




ij? ’X 













































































24 


BY JOHN BRENNAN 


Barclays bows out 
of property trusts 


BARCLAYS BANK is to close tie 
lost of its troubled property unit 
trust operations. 

The bank, which lost around 
£15oi earlier this year on the 
financially disastrous Tour Astro 
office tower In Brussels — after 
bailing out and subsequently 
selling the portfolio of the Grass- 
hopper Property Unit Trust — is 
now to wind-up the £2.7m 
Barclaytrust International Prop- 
erty Fund. 

The decision means that the 
bank has completely abandoned 
the property unit trust market 
although its in-house fund, 
Barclay Trust Property Unit 
Trust Is unaffected. 

In a statement to unitholders 
the chairman of Barclaytrust 
International's management com- 
mittee, Nigel Mobbs — the chair- 
man of Slough Estates — explains 
that "lack of subscriptions has 
prevented the Committee of 
Mnnaeement from building up 
the Fund’s portfolio In the 
manner envisaged at the outset." 

After a run of unit cancella- 
tions last year Mr.' Mobbs 
explains that the trust sounded 
out opinions amongst unitholders 
and came to the conclusion 
that, “ it was apparent that the 
level of interest in the Fund 
was limited.” 

As future subscriptions were 
likely to be minimal, and further 
withdrawals might have forced 
an untimely sale of the fund's 
properties, the alternatives of 
mergers with another unit trust 
or winding-up were considered. 
As demand for prime overseas 
investment properties is high. 


the committee decided to wind- 
up the fund and dispose of the 
properties ' individually. 

The fund, which was set up 
in 1974, shortly before the intro- 
duction of tighter foreign 
currency regulations and the 
slide in the value of the pound 
made overseas property invest- 
ment increasingly difficult, did 
manage to acquire a portfolio of 
shop and office properties m 
Amsterdam, and a small office 
block in St Helier, Jersey. The 
portfolio was valued at £2.4m In 
January, and all the properties 
have now been sold. 

Unitholders are expected to 
receive a final payout of around 
£1,040 per unit, £150 more than 
the January 1977 cancellation 
price. 

APT changes 
advisers 

THE AMERICAN Property Trust 
has decided to sever its links 
with its UB. property advisers. 
Citizens and Southern Bank of 
Atlanta, and has handed the job 
over to surveyors Richard Ellis. 

APT. one of the first of the 
British unauthorised unit trusts 
to move into the U.S. real estate 
market has used Citizens and 
Southern's property department 
as its local adviser since 1974. 
But the £12m fund, backed by 
nine of the larger pension funds, 
has decided that as the hank’s 
problems with Real Estate Invest- 
ment Trusts forced it into the 
red last year, it could prove an 


County Bank, APT’S financial, 
advisers, say that the trust has 
been happy with Citizens and 
Southern's advice, but that the 
Committee of Management, 
headed by Bobby Dash wood, 
managing director of British 
Rail’s property Board, felt that 
property advisers with long 
standing in-nouse ' property 
problems did nothing for the 
Trust's image. 

Ellis, which has been the 
Trust’s independent valuer since 
its inception, -will now open an 
office in The Citco Building. 
Buckhead, Atlanta. The firm 
opened its first U.S. office in 





licago in 1976. 


On the other side of the U.S.. 
in California, the Japanese 
financial Institutions have been 
making the running among over- 
seas investors in recent months. 

Elizabeth Prochotska,- Vice- 
President of International Real 
Estate Councillors of Chicago, 
calculates that Japanese buying 
will account for at least 15 per 
cent of the $4bn of foreign 
investment in U.S. property this 
year, and that the inflow of 
Japanese money has increased 
significantly as the Doliar-Yen 
parity has moved against the 
U.S. 

Initial purchases on the U.S. 
West Coast have been followed up 
by heavy Japanese buying 
interest in the Mid and South 
West, and Miss Prochotska 
reports the greatest demand is 
for vacant land, which sells for 
an average of S125 a square 
foot in Houston. Texas compared 
to $4,000 a square foot in Tokyo. 


..U iv! -• '.Ml" 

. V ' . * „ 



McKay Securities' has finally 
found tenants ' for its award 
winning Excel House office and 
warehouse development at 
Reading. The buildings, which 
were commended in last year’s 
FT Industrial Architectural 
Awards, sub-divide into two, 

IN BRIEF 

STANDARD LIFE’S £23 .2m 
Pooled Property. Fond sounds a 
note of caution about industrial 
and warehouse rents in its 1978 
investment report The fund, 
which holds 31 per cent of Its 
properties in the industrial 
sector — against a 34 per cent 
shop holding and 35 per cent 
offices — notes that “the most 
surprising feature of the rental 
market during the year has been 
the rise, concentrated mainly in 
the last six months, in the 
rentals of industrial and ware- 
house properties. The increase 
has become particularly notice- 


and . joint letting agents 
Donaldsons and A. C. Frost have 
sow signed ' up Zanussi, 
Europe’s largest white electri- 
cal goods manufacturer, as 
tenant of one 30,000 sq ft unit 

Zanussi, whose ballooning 
publicity campaign splashed 
down off the French coast last 

able in the South East and is 
now gradually spreading 
throughout the country.” 

Standard goes on to say that; 
“In view of the continuing un- 
certainty in the -long-term 
economic outlook, it appears that 
a significant part of .this increase 
in demand is a result of company 
reorganisation rather than of 
expansion and as such could be 
of limited duration.” 

Standard is still avoiding pur- 
chasing completed investment 
properties as it feels that, “yields 
have been forced down too far.” 
• 

PROPERTY FUNDS for pensions 
and charities significantly out- 


weekend, is paying McKay's 
asking rent of £73,000 a year 
for 8,550 sq ft of. offices. and 
21,1 00 sq ft of warehousing 
for a standard 25 -year lease. 

Reading agents Scotchbrooks 
acted fof Zanussi, which will 
use the block as its UK head- 
quarters. McKay has the remain- 

performed the FT 'Industrial 
Ordinary Share Zndex; and beat 
the All Share Index in the year 
to the end of Jnne. 

Harris Graham and - Partners’ 
survey of pooled pension funds, 
published this week, shows an 
average year-on-year growth of 
P.i 4 per cent for the 27 funds 
it reviews, against a 6.8 per cent 
rise in Industrial shares and a 
16.6 per cent increase in the AH: 
Share Index. In rthe first six 
months of this year the median 
return on property . funds works 
out at 8.3 per cent compared with-, 
a negative return ' of .—.3.7 per [ 
cent on the All-Share Index/ 

The £5 7.7m Hanover Property. 


local -leisure facility to indus- 
trial use, GRA's former grey- 
bound stadium Bite, Is now well 
under way. 

Trafalgar House’s subsidiary 
Builders' Amalgamated, 
■ acquired GKA 10 acre site some 
years ago and has now com- 
pletely let the 105,000 sq foot 
first phase at rents between 
; £L50 and £1.80 a sq ft. . 

As the eight units have been 
built as small as 7,400 sq ft, 
letting agent Hampton and Sons’ 
Min problem has been vetting 
the covenants of countless small 
groups interested in the scheme. 
In the end, tenants on 25 year 
- leases include Tate and Lyle, 
Cave rsham Metal Works, Vidal 
;Sassoon Holdings and . Newqy 
. and Eyre. 

. Work has how started on the 
112,000 sq foot second phase, 
and two pre-letting around the 
. £2 a sq ft asking rent already 
account for 25,000 sq ft of the 
.-new buildings, which will- be 
completed from July, 1979. 

Unit Trust led the way in the 
property sector, with a year-on- 
year increase in value of 36.7 
per cent. And the £7m Abbot- 
stone Agricultural Property 
Unit Trust held its three year 
record as one - of the top two 
performing funds with a 36.4 per 
cent rise in value over the year; 
Hfil Samuel’s Mutual- Agricul- 
tural Property Fund, came third 
in the HG survey with a 35.5 per 
cent growth. ” 

THE ALFRED MARKS BUREAU 
provides additional ammunition 
for relocation enthusiasts With, 
its latest Survey of Secretarial 
and Clerical Salaries. 

The 45th edition of the survey.. 


for 

secretaries’ 

£66.75 in Lon 

.Regional wage . scales/*!; 
that, after London, secret® 
Basingstoke and. Bi 
tied for second pi** <-» 
average weekly earnings # 
followed by Coventry -at -sr 
In provincial cities average 
run in a fairly dose range 
an average of £50 a week, 
to £4&25 a week in st__ 
Trent, still the cheapest dtr 
clerical staff according to 
review, “ - 

’ Despite the falriy;ri®w 
crease in Centra t™ 
salaries since the b eginnw 
the year, British secretaries 
'main amongst the -lowest . wm 
E urope, Calculating asm. 
.salaries for senior aecretafiai 
seven European countries, 
Marks- showstbatT after i 
for the cost of KviajSaat 
averagisg . «£2^15. a yew 
Britain stand against sates* 
£6,058 In Switzerland, ftfu 
Belgium and £4,356: ihLGexasa! 

One of the Bureau’s- 
survey questions to trainee m 
taries is to ask "What woula 
an ideal type of firm to \ 

' fort” In. the group'surveyea 
time, travel firms topped the 
yet again — being the' ifleaL- 
for 49 per cent of thelSs: 
or trainees— followed -by 
papers and magazine 
at 31 per cent, and ««« 
or public relations firms at __ 
cent Property, companies. .» 

estate agents came.- ninth ti* 
list, at 13 per cent, and stock, 
brokers brought ^up the.. nj» 
ranking. 18th, and scoring an. 
port from just 2 per cent. 

Property Deateappean 
. on Page 25 


INDUSTRIAL AND BUSINESS PROPERTY 


^K) for Industry 

BEDFORD 

New Warehouse units 
8.500/10,000/20,000 sq. ft. 

Available for immediate occupation 
TO LET 

BRISTOL CENTRAL 

New Warehouses 
TO LET from 5,030 sq. ft. 

IMMEDIATE OCCUPATION 

CAMBERLEY 

10.000 sq. ft. Warehouse 

TO LET-JM MEDIATE OCCUPATION 

CITY BORDERS E.C.2 

Freehold warehouse building with large yard 
8.015 sq. ft. 

FOR SALE 

COVENTRY 

New warehouse/factory development 
To requirements to 300.000 sq. ft. 

Phase 1— Units from 2,750 sq. ft. 

TO LET or FOR SALE FREEHOLD 

Close LONDON AIRPORT 

Lofty single storey warehouse with offices 
52JHXJ sq. ft. 

TO LET 

ORPINGTON 

Single storey factory 

28.000 sq. ft. 

TO LET— IMMEDIATE OCCUPATION 

TOTTENHAM, N.17 

Single storey factory to let 
27.800 sq ft. 

Rent 95p per sq. ft. pa. exd. 

King & Co 

Chartered Surveyors 
1 Snow Hill London, EC1 
01-236 3000 Telex 88 5485 
Manchester, Leeds and Brussels 


( •• L:4 


¥ 



New Warehouse' 
Hi Factory Units 
56,000 sq. ft. 
ToLet ^ 




IBEX HOUSE 


)useX 


V 

V 

V 


MINGLES | 

TO LET FIFTH FLOOR 



a 


-rljSfjt : 


OF 629 819F "-fk 1 

6 Grosvenor Street, . 

London W1X OAD M 


FULLY MODERNISED OFFICE! 


* Suspended ceilings 

* Fiuorescem iighring 

* Ccrpeis . 


* Five high speed lifts 
■* Central heating 

* Impressive entrance hoi 


. ';ppLc^* 



iiintin 


Hon A: Stanley 

Chartered Surveyors 

ViriTryrip' J se;;Qgeen S'. Pldce- London EG 4 Telephone 01-236 4040 


A t vV ” <• 


By Diraaion of Ihe Socretary of Safe for Dstorce 

HMS. Canges 

Tho Former Royal Naval ‘framing EsuHisnmem 

Shottey, Ipswich, Suffolk 

For sale By Tender 


. .. Uf * "- y ? Yr H F'‘ . v-v- 

’M* -vG” 






A residential training centre for up to 2000 people 
with 650,000 sq. ft. of buildings, extensive sports - 
and leisure facilities. Admiralty Pier and about 
150 acres (including 58 acres of foreshore). 
Suitable for a variety of residential, educational, 
institutional and leisure uses (subject to 
necessary consents). 

Fi - ' P<KT/cuk,T md c*f> Mans cf Tenksp™* “W apply to: 



1 1 Museum Street, Ipswich, Suffolk IP1 1HH. 
Tel: (0473) 214841 

lONnON • EDINBURGH ■ CANTERBURY - CHEUHSRKD • CHELTENHAM - CHESHIRE 
GRANTHAM • HARROGATE ■ IPSWICH • LEWS - SAUSBURY • SOUTHEND 


Where can you find London offices at £782 per sq. ft. 

inclusive of rates, 

12 minutes walk from the Bank of England and Lloyds? 




Chestertons 


Chartt red \nrfv 


9. Wbud Street. ClieapMde. FC ‘1\ 7.\R. Ul-fiOt: 3055. Tele\Si>f27‘>N v 

w;; J\ v-t \i.< .-kln.sjn- ; rov-. f w k • * rr- : : ; ; \i< t-r. 



FRmmiDSntt-JffTHEtMRYMEmum 

*lbm worth —a growing and prosperous centre, designated tin 
- owerspilhqwnfor Greater Birmingham. . ~ 

L # Ample skilled labour available locally. 

-55-Growing housing stock at all price levels, 

-If Road access to site and all main services Included in price. 

S . £3$000 PER ACRE FRi&OLD 

‘S Sites from acre upwards. 





■ fiMrm, i i i iwv 



NEWHAVEN 

Adjacent Docks and Ferry Terminal 


TO LET 

New warehonse/factory development 
approx. 18,250 sq. ft 
On 1-acre site 
Dual frontages 

Excellent loading and car parking 
20 ft, eaves, height 
Ancillary offices 


Ml III 


OFFICE BUILDING 
or 

SITE FOR SAME 


iliTrn 


V CAR PARKING FORj^ 

35/40 VEmCIJES 

Location W.l. preferably \ 
North of Oxford Street r 
Propositions to* . 

9 Stafford Street* 

London _WI 3PE 
Telephone 493 1836 





: U e v-3 ippra ev, t \ (2 or p o i h ; 


OFFICE SITES 




6 Grosvenor Street, • 
London W1X OAD SF 


_ u l 

















23 



for use as its Headquarters buildmg.EifiherfreefaoId or leasehold interest 


useable office area. Must be sdf^dntahiedandindude space for Board 
Room, conference : and entertaining fadfities'and ideally, incorporate 
sdf-contained flat and car park. Availability for occupation by end 1978 
preferred, but an additional six months to allowfor refurbishment of the 
light building also acceptable. : 

Principals only please write Box T 4930 , RnanciaI Times, 

10 Cannon Steed- L^donM>flP 4BY. ; . 









j S>j 

1 * 7 



[i] lief;] 

r* m 1 g k? i e 

im p'^ilJxl 

. • J m 1 : 

jT3lJ! 

a | | | 


r# 1 


^ -at 







B » j 1 



MTT 



TT? 





- r : 


t 1 , . 1 1 





FREEHOLD 

INDUSTRIAL 
INVESTJffiENT • • . 

Tin Leksb Creed tndostrtal Estate', 
Teittettbm, Kent 
A- S fogj e-s! ores — 17, 700 sq. ft 

* Pre-lei lo Unit AH coma don 

* Industrial Bonding Allowances 

* Forward cornmUment required lo 
show IntilaJ yield of 9% 

* £375.000 

* Of imceest to family trusts, invest- 
mem companies. ■ eic. 

DEBEKHAM TEWSOM & CHIN NOCKS 
Chartered Surveyors.. 

Bancroft House. - . . . . 

Paternoster Square. 

LONDON EOF 4ET 

Tel: HUM 1530 (Itefc RMS) - - - 


DLT kills 
ice rink scheme 

EDINBURGH ICE KENK has 
decided not to go ahead with 
plans lor a new. ice rink develop- 
orient on its 3 acre- site .at Ferry' 
Road, Edinburgh. 

lac . Dongal. Edinburgh Ice's 
chairman, explained yesterday 
that after a revised cost study 
of the scheme his hoard, and 
-the British Linen Bank, the 
company's, financial .advisers, 
feel that it would- be too expen- 
sive to proceed. In February 
the company reported that all . 
but £10.000 of the £571,000 esti- 
mated building costs would be 
covered by the gross proceeds 
from the sale of th.e company's 
headquarters building at Hay-, 
market Terrace in Edinburgh. 
Bat' Edinburgh Ice has since 
been ' faced with a. £243,000 
liability to Development Land 
Tax following the *$ale, and 
although the company is now 
appealing against the assess- 
ment. at the same time esti- 
mated building costs on the new 
rink scheme have risen to 
around £700.000, effectively kill- 
ing the scheme. 

The company is now consider- 
ing the possibilities of an asso- 
ciation with another Ice rink 
group or of selling its Ferry 
Road land. But as the site is 
zoned for recreational use, and 
such a disposal would leave the 
group as a cash shell with poten- 
tial capital gains liabilities. Mr. 
Dongal has only limited room 
for manoeuvre. 

In the meantime, the shares, 
last traded at 97p, have been 
temporarily suspended. Until 
the DLT liability is settled and 
any potential CGT liability 
assessed it is impossible to put 
an accurate value on the stock. 
But even assuming the worst 
possible tax problems the shares 
are backed by between £1 and 
£1.50 cash. 

• 

NSS NEWSAGENTS which re- 
cently moved into the former 
Budgen store -at 48-50 in Bicester 
High Street has now bought out 
Abbey Life's freehold interest in 
the building for £1004)00 Ham- 
mond Phillips Partnership acted 
for NSS on the 7,000 sq ft store, 
HP has first completed two other 
recent deals fo rthe newsagents, 
taking on Cantor's 6,750 sq ft 
former shop in West Walk at 
Yate, near Bristol for a rent of 
£16,000 a year, and organising a 
move into the Newday Furnish- 
ing Company’s old premises in 
the town centre scheme at 1-5 
Hie Mall and 60-62 Church Street 
in Eccles, near Manchester, NSS 
paid a £25,000 premium for the 
lease, which runs to 1991 at a 
rental of £0*050 reviewed in 1985. 
Davis and Coffer acted for New- 
day. 

. • 

THE CHURCH COMMISSIONERS 
have now let the whole of their 
new 16,000 sq ft air conditioned 
office space -at 100 Rochester Row, 
Victoria for £7.65 a sq ft to 
London and Northern Group’s 
subsidiary, Pauling and Co. The 


Commissioners, advised by Chit- 
tons, bave .let the unit and its 
executive fiat and 10-car parking 
. spaces, on;;, a standard 25-year, 
five-year -reviewed exclusive 
lease. - 

Gross Fine and Krleger Chal- 
fen. who acted for L and N will 
be assighixig Pauline’s' remaining 
7-year - leasehold on the group, 
exjstihg-10,000 sq ft of offices at 
. MountbarrOW House near the air 
terminal, ft* Victoria once rent 
review negotiations, bringing the 
lease from its current £1.50 a 
'sq ft, are completed. 

The Rochester Row letting 
helps to confirm tbe strength, of, 
. letting demand shown in Leslie 
Llntott and Associates' latest 
survey of air conditioned offices 
In the greater West End. The 
survey records a take-up of over 
- 100,000 sq: ft of air-conditioned 
space in June, bringing the three- 
month. rolling average above 
100,000 sq ft despite a very 
depressed "marker in May, when 
just 23.009 sq ft were let or 
withdrawn. 

The June' lettings cut the over- 
all amoiint of space in this 
category in Victoria and the 
West EDI to £l.Sm sq ft. The 
lettings bring average asking 
rents back to the 1978 peak of 
£11.71 a-sq'ft and into the over 
£13 a sq ft' bracket for larger, 
prime located units. 

C & A has decided to abandon 
Its plans for a major store 
development in Dublin and has 
now sold its Mary Street site to 
Marks and Spencer which until 
now has only bad one Irish out- 
let, in Belfast, Northern Ireland. 
M and S has taken on a site 
occupied. by a temporary tenant, 
and once the space is vacated, 
the group, will build a 25.000 sq 
ft first phase store wiiich will 
eventually be joined to a similar 
sized addition bringing the total 
retail .space to round 55.000 sq 
ft The store is expected to be 
open for trading early in 1980. 

NOTTJNGHAM-based developers 
Field Estates reinforced its links 
with the Canada Life Assurance 
Company last Friday by complet- 
ing the £lbi sale of its SL Mar- 
garet’s ; Way -shop scheme in 
Leicester, v. Canada Life, which 
bought Field’s shop project in 
Derby last year, arranged to buy 
the 63,000 sq ft Leicester 
development last November, and 
the deal was triggered by the 
beginning of trading by the home 
improvements group Dodge City 
— -which' occupies 26,000 sq ft — 
and Queensway Furnishers— tak- 
ing the remaining 37,000 sq ft 
Both stores pay around £1.50 a 
sq ft our 25 year, five yearly 
reviewed leases. 

As Field, and now Canada Life, 
pay. only, a peppercorn rent to 
Leicester council for a 99 year 
lease on the site, there are no 
ground-rent charges to depress 
the fund's yield, which works out 
at an initial return of just over 
8 per cent as tbe developer 
retains a slice of the rents until 
the first rent reviews in 1983. 


A development by John Finlan lid 
& Royal Insurance * 


***** 




Stakehill Industrial 
Estate Middleton 
U- Manchester 

... 7 m/)e from Junction 20 of M62 viaA627(M) 

: . NEW WAREHOUSES /LIGHT 
INDUSTRIAL UNITS TO LET 

4-66,OOOsqft 

ImmediatelyAvailable 


FOR SALE 

UNION STREET 

BRGADMEAD 
SHOPPING CENTRE 
BRISTOL 
LEASEHOLD 
SHOP’ UNIT’ 
Ground Floor 580 sq ft 
Long Lease 
Premium Required 


[ Osmonti/Tricks ] 

andSoaOme^Suvwxs I 


7X8 Oueen Square, Bristol 

W 0272)295171 


Purpose-built units can be erected 
to tenant's requirements 


m 


-cite 

ILDIU 

SAI* 

i. ft. 


MO 


5 acMsite 


of 

about 1 <Mo 6 s£. ft in 


Joint Agents 


& P 




ShMt'JiJPKrafigfH 


AIR-CONDITIONED 
OFFICE DEVELOPMENT 

(wlUi parting ftcfflUes) 
25,008 sq. ft 
CLOSE TO PARK LANE 
AVAILABLE EARLY 1980 
For fun her .tafonnauon apply: 

Bor TJ92S. Financial Times. 

10. Cannon Street, KC4P 4BY. 


SOUTH BAST LONDON- Suburb High Street 
Property Netting £22.000 per annum 
rent. ideal tor. future radawalapjnMML 
Oflw reouired tor Freehold. Ash Green 
872312. 


FACTORIES AND 
WAREHOUSES 


(Q4047/JG) 



Knig^ 

20 Hanover Square London W1R OAH 
TetephoneOT-6298171 ; Tetex 265384 


i. p f -■ , . 

5 i s OXFORD ST., W.l 

finest position in U.K. 

... if f* 5, Close M'& S, - Mothenaire, - C A A 

' and Selfridges 

f FRONTAGE 30 FT. DEPTR 100 FT. 

•' AREA 13^00 SCL FT. ON GROUND 
ANO 1st FLOORS ; m . . ;V 
, i ^ For Sale by Tender 

Closing date 25th August, -1978 


PRESTIGE 
I Air Conditioned Building 


fc- - 


Sq 


Ft 


ole agents 


Davis & Co 


EC4 


CO:i0GG 




FOR INVESTMENT 


entirE: second floor ' ■■ 

SQ- ¥T - 

Jr^M’artitUms : Carpet :'LSgJ£t'Fitiings : tift GJd. 

, TO LET 

, • ! ' .• •• Sote dieitfjR • • • • •;' 

* ■ rFA'WDRT.& EVANS . 

? " ^ ti ccwpanc graa&ETj wut-iiHg. ettaa 5do2 ■ 


l:J^VSTRLAL UNIT 

80,000 sq.ft* 

available for sale or let 

Location South Warwicks 

-HOWARD CIAYTON-WUGHT (HOLDINGS) LTD. 
• ' W^Besb onrne, Warwick- Tel: 0789 8411 1L 


FREEHOLD. HOSTEL 
KENSINGTON 

dose Air Terminal and ail facilttim. 
60 room* — som». capable el ub- 
dhrltloa. Lift. Qi,- Garden widi rear 
,xers. Ex:el1«t condition. Price 
-include* good qufiqr corroncx. 

ONLY £ 4 io ,000 
RUCK & RUCK 

13 OW Brora pron M., SW7 3 HZ. 
Tel. 01-584 3721, 


LEASE 
FOR SALE 

25 years 

Single super wore North-East, 
rent £45, 000. Five year reviews, 
fully repairing lease. Write Box 
7.4917, Financial Times, 10, 
Cannon Street, EC4P 4BY. 


HEVfCASTLE-UfW-TVHC. Attractive In- 
wtjmwnt ro™wWnp 3 small blacks aJ 
flats 12 ftrehoW.. 1 leasetwldj with IS 
-Bats m «■>- Purpose bid it m lsetu. 
Correfriy prodockw £4^81) p-t. nett. 

, Price £47,500. Full deans Mullatt. 

' Booker » Co» ® Star Sawn. London. 
wj. ai^;D2-sivi, 


i wanted 


: ADVEftras n «*. - Mnwcted hr acauirioo 
; for Invespff*** ■ th e treeftolu ot small 
Factory UniB mk, construction about 
; to tn hrst time .tenants of 

1 WSHm Wrhe Box 




APPOINTMENTS 

Group Marketing 
Director 

for a leading international domestic appliance manufacturer 
which, is part ofa major Britisli enterprise. 

• KESPONSEBnirr is to the Chairman for providing new 
■impetus to an already successful business, in the areas of 
product development, marketing policy and sales operations, 
embracing the uk, international markets and die control of 
overseas subsidiaries. 

• tbe career must show substantive achievement in die 
direction of marketing and sales activity in a comparable 
consumer products company .operating internationally. 
There must also be a positive ambition to move into a broader 
general management role within a few years. 

• salary is negotiable over £15,000. Age around 4.0. 
Location Southern Counties. 

'Write in complete confidence 
to P. T. Prentice as adviser to the group. 

TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

IO HAZtAM STREET - , LONDON - WIN - 6 dJ 
1Z CHARLOTTE SQUARE. *■ EDINBURGH EH2 4DN 


Financial Marketing 

• this new appointment stems from continuing growth of 
business ' in a well-known City enterprise which provides a 
range of financial services in the uk and overseas. 

• the role is to work closely with the Marketing Manager, 
as his deputy, on marketing policy and the development and 
execution of marketing plans. 

• there is a strong preference for- an accountant or other 
professionally qualified person with experience of marketing 
financial or commercial services. 

• salary negotiable in the region of £10,000 with car. 

Write in complete confidence 
to G. W. Elms as adviser to the group. 


TYZACK & PARTNERS LTD. 

MANAGEMENT CONSULTANTS 

IO HALLAM STREET • , LONDON WIN 6DJ 
ZZ CHARLOTTE SQUARE « EDINBURGH EH 2 4DN 



Netherlands Offshore (U.K.J Ltd, is a subsidiary company of 
Netherlands Offshore Company, Delft, Holland. 

The company provides services- to the offshore oil- and 
exploration industries. Its- operations are worldwide and its 
services include offshore construction, pipelaying and -burial 
as well as geophysical and engineering studies. 

In view of increasing and expanding engineering activities ' 
the company will set up a London-based office rendering 
engineering support for offshore installation. 

As a consequence of the above the company offers the 
position of. 

financial controller 

Reporting to the Managing Director and the Group 
Controller at the head-offleer-ih -Holland, the financial 
controller will be responsible for.the.complete financial 
accounting functions. 

Candidates should have a recognized .accountancy 
qualification and experience'in cost and works accounting. 
Excellent salary and benefits will be offered to the right man 
for this challenging position. . 

Please send your application to Netherlands Offshore 
Company B.V., attention Pwscfnnel-pepartment, 
p.o. box 501, delft, Nethedands. ■ 



in which participate: Bos Kalis Westminster Group/ 
Hollandsche Beton Groep/Stevih Groep/Koninklijke 
Adriaan Volker Groep . 


\u A--. <r--c: •.-'.V . .nST<-“,,V 

: V, 7 ;/'; : 















.... 


26 


Financial Times Friday; August 4,1978 


>■ ■( 


V ; 


WORLD STOCK MARKETS 


Wall St. well below best after record trade 


Brokers added that profit-taking Medtronic lost 21 to $21)J and spend C$l75m to : icq uire some oil Ntem Food Products - Y10 to Holt? KoriP 
was partly prompted by a report American Family 2-fr to $13J. and gas leases held by Noranda 6 

of severe downward pressure on international Business Machines iVtines" 75 per cent owned uana- un the other hand, Nippon Tele 
the dollar in Eurnnp an ritmnm-s whk^i i umned *12 (he nrevious dian Hunter Exploration- communications Construction 



INVESTMENT DOLLAR 
PREMIUM 

S2.S0 (o £1—1062% 0002% ) 

Effective 51 .9300— 53j% (4SJ%) 

IN THE heaviest day's trading on of * devalual 
record, (he Wail Street stock S wider and 
market continued lo move sharply a 

ahead initially yesterday before and West German marks, $90?. 

reacting on profit-taking to close Ako ■“ectmu later sentiment Motor Manufacturers were 
just moderately higher on balance was a - Sa, °mon Brothers forecast higher after reporting that late 
The Dow Jones Industrial Aver- ,hat upward pressure on interest July car sales were up 0.4 per 
age, following Wednesday's 23 rales ls }lke| y to remain strong, cent. Ford rose 11 to S48;. 
points advance, reached 905.1.1 Brokers added that some in- Retailers were also firmer on 
yesterday before 'finishing only 3.3S vestors tended to back away' from July sales figures. Active Sears 
higher on the day at 886.57. The the marker late in the session to Sained i at 526. 


Trading remained active, al- 
though the market continued to 
consolidate Its position alter the'! 
recent upthrust and prices dosed 

— . — - . - , . . . . . narrowly mixed. The Hang Seng 

cash for every four Zellers shares. Rfken Vinyl Indnstzy Y29 to Y450. in d« slipped 0.58. to 592.43. while 

First Baking Y25 to Y470 and turnover on the four exchanges 
Tokyo Telkoku Sanso Y24tO Y211. 

Paris 


HI\fl45.25m (HK 


came to 

Jardine Matheson shed 20 cents' 
to HKS1&20. Hong Kong Land 10 
cents to HKS10.60 and Swire 
PaciCc 5 cents to HKS9.2Q, while 

.■» i na .in uMiimon index managed a«u*i ^cucaai ncasi »s nECMj> ■ - . - - - --- uuuaia mvrv>j — r *— T > 7 i“” . Hutchison Whampoa -and 

a net rise or 31 cents ai $3S?13. money supply repori. Afler the announcing that Saudi business- an Tokyo foreign exchange Bourse Industrial index closed 1.0 wheeloek were unchanged at 

nfier a days high of MS.63, while slock market close, the Federal man Ghaith Pharaon has dropped mar fcet and the oyemifibt Wall higher on the day at a new peak HKS6.40 and HKS3.273 respectively, 

sains outnumbered losses at the "Reserve reported that the nation's Plj ,r, S J® make a tender offer for street advance. The NikkCl-Dow for the year of To.a. and Hongkong Bank rose 10 cents 

dose by 1.003 tn 629 after an early basic money supply (Ml) rose ml OKG shares. Jones Average picked up o.B0 to Early buoyancy was aided by to FTKS20.20. 

$2.7bn in the latest reporting week, THE AMERICAN SE Market 1 5,556.72. Trading volume the sharp overnight Wall Street property 


Stock prices overall remained 
easier-inclined, although export- . 

orientated issues took a turn for After advancing afresh in art ive 
the better, helped by the U.S. trading, shares partially reacted 


NYSE All Common Index managed await the Federal Reserve weekly weakened 31 lo SIT on dollar’s recovery against the yen on profit-taking, _ although the 


iive-to-one lead. 

Buying was- extremely heavy in 
the first hour of trading with New measure expanded by $4^bn. 


York Stock Exchange turnover of 
20.13m shares surpassing the 


previous first-hour record of Icum, also active, eased 1 to &2i; 


while the broader-based M2 -Value Index ended 0.68 stranger amounted to 250m shares (280m). ruse 

at 1 57J26 after a large turnover Among Electricals, Vehicles and Fra 

Cameras. Sony rose _ Y40 to j n June. 
Y 1,550, Pioneer Electronic Y30 to 


and tjie slowing In 


. Citicorp led the aclives list and 
rose U lo $26. Occidental Petro- 


of 6.63m shares (5.34m). 


17.3Sm shares set on April 25. 

Trading volume for the whole 
session totalled 65.50m 
topping (he previous record day's cal 
turnover of 83.50m recorded on 
April 17 this year and well cxeeed- 


— its Hooker Chemical unit denied 
thnt it has any legal responsibility 


Canada 

continued 


tn HKSI0.70 on news that 
Metals were particularly firm Par is selling 13/T6m. Cheoug Kong 


; 1 

1 tinduiariaU 

r 1 — i 

1 | Com p>witJ»| 

: 


Shares 


to 


Pharmaceuticals, Foods, and 


per 


shares, for consequences related to chemi- strongly ahead yesterday, with [he some Public Works issues also q**. s-mHJs ^ 

wastes dumped in Buffalo, Toronto Composite Index advanc- rose in fairly active trading, but 4W “ am - MCUOr ana penarroya. 

ing 9.6 more to a fresh 197S peak some recently-selected chemicals, _ Other bright spots included 


Australia 


dumped 

New York. _ ... .... ... . - — 

After a late start. Tropicana of 1,214.9 in the busiest trading Textiles and speculative lost Cle. _ Bancalre, Silic, Slmco, having met little if any London 


Minings remained in easier vein. 


ing Wednesday's level or 47.47mj added M at 532 but then trading on the slock exchange for the ground on profit-taking, although Aisacienne-Strpennache. Primagaz. support, partly because ‘ London 

....U . 1- - ...... r.. 1 1> •• l 1 L." l-on rhAmimJ vnntWl MilBad LflCIhfi Cavom PmcmcJ^Ua in unnrina fnA PnH of A trarlinp 


Analysis said the morning's 
explosion was touched off by a 
conviction that interest rales have 
peaked for the near term and was 
fuelled by very 
linns of cash in the hands of 
institutions, hut they also noted 
(hat volume contracted sharply 
as the market began to give 
ground on profit-taking. 


was again halted — late in (he day. 
an Appeals Court refered back 
to a lower court for rehearing a 
Federal Trade Commission effort 
large concern ra- to block (he proposed merger of 13.5 to 1.57L4, Banks 3.60 to 
Tropicana and Beatrice. Beatrice and Utilities 122 to 184.30. 
put on i lo $2GA. 

Armstrong 
lower fiscal 


Kaken Chemical moved ahead Casftio. Sagem, Pres*es-Cltc, is 'nearing the end of a trading 
Y300 to Y2230. Pierrefitte, Peugeot-Citroen, account, partly because a con- 

Green Cross rose Y120 _ to PolJef, and Hoolinex, but closing siderable amount of London's 


past three months. Volume 6.18ra 
shares (4.82m). Metals and 

Minerals rose 12.7 to 1.031.9 on ... — „ - 

index, while Oils and Gas gained Y2.270, Mocilid a Pharmaceutical lower were Union des Banques investment funds were drawn out 

i '287.09 Y110 to Y 1.730, Fnjisawa Pharma- Fraiicaises. Schneider, Alunn. of the market by the £57m deal 

hut ce utica I Y101 to Yl.OiiO. Eisai Lafarge. Saunier-Dnvsd, Arjoroarf, in Trust Houses Forte shares, and 
Golds contrasted with a reaction Y100 to Y1.2S0. Nippon Prenatal. Labinnl, Pompcy, partly because a ^Telecon^ strike 
Rubber reported of 23.5 to 1,502.6. Chemiphore Y100 to * L27U. Europe-2 and SNPA. 

third-quarter net Imperial OK -A" rose l to $205 Toyama Oicmical 5o9 to 

— the company is expected to Sanraku -Ocean 


is interrupting communications.. 


profits but rose 12 to $21 


Y10 to Y530 and 


NEW YORK 


Mi 


l ■■!£. 


Vug. 

2 


Aidant IjIis 

Ai 1 iIi,~mi-jta|<Ii ... 
At-1 fill I Jit- .V 1_*M' 
.Mr l'i .-tlm-l ... 
All'll! ViKIIIKlIIIIII 

Ali-am 

Alii-... Liitlhiiii . 
Aik-jiii-iiy IWui- 

AllfH I 'I It'll Ill-Ill. 

AiIiliI Miinrv 

Till' t Iih I ri it'l-i ... I 

A M AX 

Anii-inilx Ht-ti-.. 
Anu-r. Vtrlliio.. 

A 1 1 it r. Bin i ill i... 

.1 1 hit. linmlinH 

A IIUT. rail 

Aini-r. I lkiiiiiiiii 

A lli«l. Trl. 

A liu-r. Klpi-I . IVi» 
A i hit. Kvm"... 
Anifr.H'iini- 1'iul. 

Allll-I. \ftilh-Hl 

Aiiu-r. MhI i -i- .. 
Aini-i . N.ii. (in- 
A liter. Siam- I n ill..; 

Ami-r. !i|iin» 

Aiiii-i-. IV-I. A IV 1. 1 

A II I el rk 

A .11 V 

A M I* 

Alii|v\ 

Ani-lu-r Hm-kliiy. 
AiiIil-ii-ht Uim-Ii.. 

A mini 2 <ii i-l 

A..S.V 

A -a mom Oil 

Amin. 

A-lilan-l Nil .... 

All. Iln-llAvlil 

Aiih- I Vila I'm.... 

AVI 

A 

A i mi l*r<nttivl>>... 
I'-nll.'in tlo-i.. 
K«nk Vnii-iiin.... 
Uniiki'l » Tl. >.V. 

JlnHn-r Oil 

Kivlvr I m\L-nnr. 

Hoiiim- K'»»l — 
l<IVlllll)>U-kl.-IIMIII 

Jl-ll A K-ittt ll 

Ik-mlix 

lk*flg|ii> , t • 'iiii--U‘ 
Ki-llilelleiii m«-I. 
lUni'k A. Uo-ki-r..' 
lkieillB • 

H.i||f LK.-iilill- 

Ikinti-li 

Hnr« Wnrm-i-. ; 

llmuin I m 

Iiiumiiii -A’ ' 

111 i-.li -i 

Hrit. I*i-I- AUK... 
Bnn kuit.V lilHM-.. 

Itimii-u u-k | 

liiif.\lii- Kw 

I lull -mi Willi-I 

Mlill.' 

illllT«IIRll 

Is"b i ■ i | J n.-l I M ni|i... . 

('hIuvIihii IVli-i rt,-. 
I^mhI i;ainliH|ili.. 

tnninltnii 

I kitIitA i -eiu-inl 
Vnrtei hnnlv.i .... 

I HlcililUr'Jiai-t). 

l ife 

I'cUlllii**- «'nl1HI...- 
• t-iilim .V hAV, 

< ■.-itmnl-.-ol | 

Ci-MiiH Am-rntl...! 

I. lui-t- VLuiliallmi 
Vlu-lilKUl Ilk. XY. 
i-'lio-L-mtt)i J'niHlJ 



ITii(«gn Bnilpi-...l 

k ill V'-JOT I 

(.TiiemniH I 

Cun*. .Ullwnni...| 

^.*^lll1■^I , 

I'llie- M-nii-i-.... | 
«*IIV lint-nil"... 
i'li-ti-lniHl Cllltr-. 

‘ 'll* , 

i. -iJCIt If l^lllll I 

I'nlliu-* A Ik inn ii.. 1 


381? 
27 
41 >2 
3ij« ; 
si- 4 
46*4 ' 
185a 
lUav I 

25i, 

. 

58 >4 1 
271( i 
17. a 
50r« 
66:* 
425n 
3 1 ■« 
54t< 

24 Is 
40ig 
30-’* 

20 7* 
5Ss 
43i a 
51 
365* 
61i 4 
35>j 
103. 
3714 
161* 
301* 
263, 
33>s 

25^4 

I6I4 

15* 

57U 

50*4 

a6l* 

lu« 

29 ■« 

50 f 8 
271* 
26U 
364? 

25 i, 
475a 
261* 
3fli? 
215* 

40 

4 

261* 

2US0 

7014 

30-8 
27Tfi , 
32U 
lbia 
144* 
36 ab 
16 < 
33 U 
1748 
19 ! 

61* ! 
41*4 : 

82. 'e 
354* 
ia>4 

110, I 

314* I 

124* ! 
is 7 * i 
621* I 

6U1 I 

425a I 

17 J 
205* . 
437* 
as ; 

40S, I 
26 
30 14 
o6>4 ! 
11'4 I 
i 

341* ; 

26 1 
48 

Ibi* : 

6t 1* ■ 
441* • 

2 ui 4 : 
us, 


38 
254* 
43 
30;* 
S Ha 
46ln 
184* 
181* 
364a 
25 U 
364* 
374s 
28 >4 
18 >4 
504* 
55* 
424* 
314* 
34^4 
247* 
387a 
30*4 
30 
54* 
4358 
51*8 
354* 
604* 
36 U 

10'H 

371* 

16l, 

301, 

26>a 

335g 

2SU 

164, 

16 

38 

50i, 

347* 

11'* 

287a 

561* 

271* 

254* 

36*8 

2bi, 

474* 

254g 

37l« 

214, 

40 

44, 

261* 

201 * 

704* 

30ag 

28 

3l5g 

171, 

144* 

36 

16>a 

334* 

171* 

191, 


Slm-k 


A ug. 


I A III!. 

; 2 

-i 


>. nlumlilH (■*- ] 

till Ill* 1*11-1... 

I...111. In-L'i-j'l Am 

ii-ii Kiit:.' 

1 V mil 111- 1 n m 
1 ’"iii’h 'III Khun 
I "iii'ii *1 III >11 Itfl 

I '■•■■■III. MUMlIlll-.; 

Ciilil,4llt'lSi-ll<lii-i! 
i'*iiin I.Iip lia— , 

( 'iilirai- 

full. Klll-llll l.V. 

i. miNii Kiwi- I 

(Vimail .\«l. n*.-*..' 
4 Vm-miuer I5i»er 
I - 111 tm- ml ei lir,».| 
• nnliiii-iiul nil.. 1 
('nitUiiciiifll Ten- 

•■Tinlnil Uni* 

CiHi|wr 1 1 it I to 


271* ] 

221* I 
lb.’e 
43U 
147 8 
28 
2b 
4S4 0 
15-.* 
407* 

234* 

26 

361* 

24i* 

30 

2658 
15 Vq 
394a 
55 


40i a 

8 ji 2 

351, 

181-. 

111, 

304* 

12I B 

181* 

611* 

604* 

421, 

lb5g 

2US* 

441* 

321* 

41 

251* 

297 S 

544, 

114* 

4„ 
341, 
24 r 8 
474, 
lb>, 
62 
431, 
205* 
114* 
267* 
214, 
181* 
42 i 2 
16 
277 8 
21? 
455* 
16 
3U7 B 
307a 
24 
261* 
381* 
24ig 
301* 
266* 
lb'<4 
405, 
541, 


t'liruiiig filn-r..... 
IVI nt’ni'tiinni I 

t'rnni.- ' 

t'nn-kfil Nnl 

i'nin 11 Xfin-rimi-li 
I'liiLinilii- Kiigiiii*; 
Cmlihs Urlyhl ... 
Dniui 

Ihirt Iniiii-lne^.- 
Iki-re 

lie! Munir- 

IMtiinn 

Ik-iilr,il.v Inter... 

I l-.i r-ill K-lo-iil... 
f lianu ■■■■(MliBiiirk 

l'l>'lnji)M'n>' 

I'igir* kiini|i 

liiMiev 1 Hull 1. ... 

IliiVi-i l.rir,ill 

I km I'heniiml.... 

I»nivn. 

I'rei-'er 

Il|i|mlll 

Kn^lc I’i-Tu-r 

10. -t Airline. 

Khi 4|IIHII hinlltk.. 

Kalmi 

K. IJ. A •. 

Kl I^-i Am. (in-. 

Klim } 

Kiuet»*i Kiwi it-] 
Kini-rj AirKl'i^tilj 

KiiiIbH I 

K.M.I • 

Kiiaviimiii f 

Kkinnrk i 

Kllt.Vl ! 

K\vii 

Kmn-liil-l CmiiL-ntl 

lol. 1 Hid. Min o- 1 
KnenlmiuTI 
I'lil.Aal. Bi«li-ii.j 
Hen Vnn t 

Kl ml kill- • 

Klnilil* I'i"wer...J 
Klt.irr | 

K.M.I 

Kami Midair. 

Piflt'IIHt-l Ml-k....| 



Kmnkiln Mini...: 
Knwinxl Mllirmi: 

Kmeliaul | 

K*.(iir I ml ! 


61 i a 
49 L* 
29)2 
28 a* 
37 ig 
39 
lbi* 

281* 

47U 

331 8 

315* 

127* 

231* 

16 

2b I* 
17 ia 
54 
44 
46 
264, 
291, 
45ig 
1241, - 
23 
14 la 
63 5n 1 
395* . 

291* I 
171* ! 
33-’* . 
3814 1 
27 • 

441, 

4 

251* ; 
294, ! 
22i>a 1 
477* : 
341s , 

38 Is ■ 

laia 
29*8 , 
221 , 
30Sa 1 
aa->, 

36 i a 

245, 
46i, 1 
224, 
a8i* 

284a 

alia 

114, 


(l.A.F 1 14 1 j • 

(immetl 481, . 

Hen. A 111 rr. till... 107* 

cj.A.T.A : 3ii, : 

lien: Cal ill- ; 181, | 

'ifii. iJ.VUnin, 885, i 
lain. Kio-trhjn.....! o94* i 

Ill'll. Pan -tl- I 341* | 

liellt-ml Mill)- I 33^4 I 

•ieiu-mt Mi. inn.... | 641* I 

Kill. I'nla. 1. Ill 19 ! 

tarn. MgiHi I a 2 4* 

Hen. Tel. Kim.... I 301* 
Cai-n.Ti- a.-.; I t8i* | 

'..-iit~<i. | o/* : 

tn.iilj!ln l*n>-l(i-...i 305* i 
lii-tlyOll i *41* ! 

I'iillcie I 30; 

ll.nnlrKli B. K.....I 221* '■ 

li.-nJyear Tire. 18 | 

1 314* I 

Omw IV. It.... 27 | 

■ iri.Aliau ftu'len 1 71, 

(irl. .\i.rlli lhm..{ 267* j 

H rcylKanihl i 134, ; 

liml A TV o-i el u... I 141* 

f.uil Uii [ 237p 

HnlilMiri.m , 685* | 

Han I tut Minli4|....| 36 1* ■ 
Hnmi'L-iilcp.T....| 161* I 

darrl-. Can-pn I 64 

Heuisfl.J I 41 

HmUlein I 28i, ' 

Henle l*nckanl...l 691, ■ 

H.aiKlm l mo I 20 7* , 

Hi ii lie-ink i- | a77* 

Hnite.vneli | 691* 

Hinder I 121] 

H ■ w | el."- ir|i_ A iiut 1 42 
H. 111-Inn Xsl.Iiaa 1 265* 

Hunt, I'li. A ■ * ;iim- llse 

Hhii.iii 1K.F.1 1 18'* 

U . Imlio, rleh...L 294* 

13 A 44 l S 

lnu.-ia*ili l(mul..J 62 1 4 

IiibmiiMeel | 361* 

lliniliia 147» 

IBM 1 285.5 ; 291.5 

lull. Flm nun- | ifib'a 27 1* 

Inti. Him-U'i... 394* 381* 

[ml. M iuA L'ln-m[ 30 38 

lull. Mlllllloalh.j 207* 207* 

I mu [ 164, 161* 

(mi. I 46i« I 444, 

JMi I 37 I 374* 

Ini. Ko-Llller 131, | 131* 

It*,. Tel. A Tel...- 321* 321, 

Invent 1 I 1 

l-ann Urt-r 38 I 377* 

1L' Ititenintintuil 12 | 12 

Jim (Valid 33.1" | 325* 


614* 

Sll, 
275* 
27 78 
; 36*4 
39i, 
161* 
29 
461* 
33&a 
32'* 
13 
227* 
IS'.* 
2bi* 
161* 
531: 
434, 
45'* 
267* 
29 
45', 
127 
227* 
141, 
661* 
395* 

29i, 

17ig 

33 

374, 

25a* 

434* 

2 7 B 

254* 

291, 

22U 

484* 

35:* 

38 

14 

29 * 
224* 
304* 
324, 
361* 

245a 

46>, 

22ia 

385* 

8'a 

28i 2 

315, 

n*« 

141* 

40 

11 

314* 
181* 
88i, 
64 
3a 1, 
33J* 
64 
191, 
3ki5g 

30 
285* 

5*'a 

307* 

a4i* 

30 

22 . 
181, 

31 
27', 

V, 

27 
137* 
14i 8 
23', 
641 t 
35 
16 
64 
40 
28 1* 

B7ia 

206* 

a87* 

70j, 

12'a 

403, 

2S4, 

117g 

18 

294, 

434* 

60 L 2 
aui: 

15 


Sl.«-k 


Ana. 

3 


Alii!. 
2 ■ 


■JhIi in Manvllle..! 
JhIi n> in Jnlimmir 
JiiUiimiiI L'niitnil.j 
-liiyMinnrHi-iiir'g) 

K. Mai t nil- i 

Kalxa-i'A In min I'm 1 
Kaiwr linlm-ltiei-] 

Kalnpr Sli-el ' 

Kay ' 

KeiineintL ■ 

Kerr Ma-Iii-e ) 

K'l-l-le WhIii-i [ 

Kinilvi'l.i L'lerk..! 

Kai,i|«rr [ 

Kind ■ 

K rawer 4 «■ I 

U.n.-en a.v Tr*io..j 

l^i 1 Slrsioi I 

Llldjv I lb . Final.., 

l-RUsel «ir.-ii». ; 

I.U1.V iluy, I 

[jllLun I Hal II- 1 ! 

l*H-klicnl Aim'll 

In me >Lar linlui-.i 
leu* lilanil Ltd. 

Invnlniarta Land 

Lul in-iil 

laia-kt Hlialei... 

I.'ke YTin~rl'nii.j 

Miu-M iltan 1 

Mna-t li. H - 

Mil--. Haii"\er....| 

ititj*’ 1 

Mainiii-11 ml j 

Marine MmIImiiI. 
.Marsluill Field — | 

Ma\ . He pi. s>l .in -a 

MC 1 

Ui-lH-nm-U • 

VIi-l kimieii Ihm^ 

Mi, I ran Hill 

M em> ires 

Ilen-k 

Merrill l/yn>-li.... 
Mem I'elniieiiiii . 

MUM 

AI lull M Hi" A Ml-!' 

Mi dill Cur,' 

lli'n n-a ill 

Murunn J. I*. 

Midurula 

Mlinihy Oil 



.Vnlni Cliriulinlk. 

Xniii'iwi Can 


315* 
844, 
274* 
377* 
29 
351* 
21* 
257* 
12s* 
23 U 
464* 
36 
464, 
221a 
48 
36 
555, 
36 ia 
27 

35-'a 
615* 
231: 
327* 
fc2i, . 
194* | 
23 , 

441, 
171, 
UlS 
107a 
43i a 
371*. 
341, 
474* 
151* 
227* 

253* 

5aix 

24^1 

691* 

254* 

S0 J 4 

64 

214, 

3U, 

399* 

604, 

t47* 

551: 

49-4 

614, 

40 

asSLc 

3U: 

197* 


Nat. J 'ii-iilien-... 

I nil. 

alii nut 1 Sieel...., 

Natiniiai 

Afll ; 

Ne|i4iiiie l n 1 1 1 ..... 
,\a-« Kurland Kl. 
Xeu' Knulnml Tel 
.X 1 naira Multan k. 
.Niagara pliare.... 

L. Inilu-ine-.. 
.\..rlaiUA ll'e-ienji 
.Ninth Nal.tiaa...: 

Ntlm.Malea. l*«»; 

.Milan Airlliml 
Mhne-I UaiuTTi- 
Nun- ■„ -1 1 1lia ill .... I 
Mir-l-tLUUll I’etrul 
113II1.V .TUllier.. • 

Mima K.IIWHI 

Ullll • 

( lver>na 4iIii|n....J 
iiuei in I'umiiifi..: 
<>nenn Hluuia.... 

I5u-irti- fia» 

Iliciih- L4(litlne- 
I’BH I’wr. & Ug..| 
Fan Am WruitAir. 
Parker Uaimlfin.l 
Feainly Intl.._.J 

I'm. Fn-. it L f 

I\-nny J. 

Peim/ull , 

I’eifile* OrUK 

l'eii|ilen flan 




221* 
161, 
347* j 
411, : 
614« 
2H* . 
224, - 

334 4 . 

15 • 

114* ' 
207* • 

244* 
dtsa . 
27 ia 
36 • 

245, 
191, 
215* I 
54 I 
19 
1S7* 


I'L-rkm K liner. ,. 

I'd 

I’larer 

Fliel,B lk>li;e.... 
I'liilailei|ibia Kie.: 

i*fmi|i Morru- I 

Ptullipn IVlm'Nkj 

l-ili-lnirx 

I'liiie.v bonn ....• 

l'lUntiKI | 

I ’leaner U«l AUK 


26s* ; 
34BI 1 
23 ; 

sni, 
191* 

217* j 
* 1* j 
29 
27 
814* 
40lj 
*■67* 
12 

36 I 
334a j 

271: • 
b4lj | 
367* ; 
24 I 
181a ; 
154a 
334s 
441, ; 
271* 
247a - 
18>a • 


315a 

86 

28 

375, 

28 >4 

36>: 
21, 
26 
13 
23 
474a 
35is 
46 
224, 
475, 
35 U 
344, 
36': 
277, 

351. 

524* 

227 e 

315, 

22 4 

19 

224, 

451s 

17 

9'* 

111 , 

431, 

361, 

I 341- 

471s 
I 154* 
i 229, 

26U 

53 

. 264s 
40 
24 7* 
601s 
, 62), 
201* 

I 6U: 
38 
611, 
64 M 
66 
494* 
50* 
399, 
24 
301: 
194, 

224* 

1640 

347* 

4140 

617* 

2H, 

2290 

339 4 

147* 

U5s 

20ic 

2440 

3bi, 

264, 

3560 

246* 

19 

219, 

551* 

lasa 

159, 

2540 

341, 

221, 

241* 

19 
217* 
81, 
286a 
261* 
2X4« 
394, 
284* 
114* 
364s 
317, 


M- 


A ng. 
3 


" “ 


I A 111.'. 

Aug. 


riti+k 

J 3 

j 

2 


Iie\ leu ...I 

lie i iiiTiils McLain.. 

lie} n-ilaiv U. J 1 

Uu-lV-ml Merrcil., 
liii-ku-pll Inter... 1 
Hulun A Hue 

lii n a I I Intel 1 

UTK ' 

l.fi» hi-,"- 

llj -U-i -leui .... 
rialt-uny .-iiiuafb 
M, due M invntix.i 
Si. Kegii- IM]fcr...- 

Sun In Kr Inal".... I 

Sum (inevl 

Sasun I in la- I 

Njlilitr brewing.., 

■'ll -1 1 1 1 1 1 1 1 Inri J-i-l .... 

St M 

a«nMt Ph|,t 

■iinvil • 

a- -■ idi lei ilii'i.*. M|-> 

.am LTmlalilei.... 

*-t«|!nni 

-H w n l ill. Il.l.. ... 

■lenrs lliailllK-k.... 

•iKl'L'M 

.illell Mil 

Slieil Tn,io|»irl... 

lUtnaii 

.SlKlli "le tiir|- 

niiil-lli-il V I'ai... 

Siimer 

nimi l> k line. 

.>ailln-ll 

-IllllllldllU 11 ...—.. 

5tiiithi-iii I'al. Kl. 

>1111 In-ni lii 

ulii,. 

.-’■■iirhem 1‘ai-nii-. 
aiHillinltli'ailivay' 


644* ; 
331s 
59.-, 
277* | 
36ia ! 
351: , 

61'* : 
141" ' 

1J'» 
276* 
451* , 
2o>, 

3 li, : 
33': : 

7*1 ; 

tilj 

14 ia . 

9m , 

214* > 
174* 1 
24 

6’4 I 


511, 

134* 

281: 


ruin mid I 

I'uiiiuiix 1 Klee — 

I’l’ii Imlu»trieii..| 
I’rivtor Uamhic..' 904, 
Pub s>erve Klccl.j 241, 

I'uiliaan 

I’urvs 

Quaker 0*1* 

Ilajint A in ennui 

Ua.xThcon 

IM-'A 

Ke,iunii<- 8uei....j 


Kesnita lull I 


426s 
IV I* 
25 

131, 

b5 

297* 

26i 8 

84 


269« 

544e 

3&4 4 

2o&0 

Z8I e 

74ij 

326* 

434* 

27i: 

241, 

174, 

51 

154a 

281, 

891, 

834, 

437* 

171, 

247, 

131* 

531, 

296a 

26i: 

85 


'•MltlilHUd 

•'n-'l Uandunxn- . 
S|»-rn Hiiieli..... | 

lapeiry Ifttml 

•->|lllla. 

binmlairl Uramia. 
niii.UiK.aliiumni' 
?bl. Mu liHtimta.1 
SUI. Ull OIlKi.. .. 
stand OlieiiiiiTilr 
■sterluiR Dmu.... 

Siudelakci 

sun Lii.— 

buuil'tmuil ' 

.Svntes , 

Ta.flllllcolnr 

1‘eklrunix 

I'eiCilyiie ■ 

Wwc 

Jelii.ni 

1'ewiM I'omdciaiii 

I 

Tbaji -a-nii 

It'MK Knnli.-ril. ... 

Il-Mt- IllM’llI 

Jems Oil .V (an-., 
leva- 1 lilllien.... 

1‘IIIKTa Inb 1 

I nnn. lllrnir. .... 

1 iiiikt-n , 

Tmnt-..,,....- 

Traiii-nu'n.n • 

I'nBiiMii 

Trail- I lium. 

I mii-n H, I ill r il. 
Tmiia MtirUI Air.. 

TrateJeni ; 

I n LViiitiiieiiUl 

TK1V : 

eOl h t'eiiliir.y Fi-a. 

U.A.U > 

I AKCO ; 

Wit ! 

L'nilerei ' 

L ; nllc-t er N V J 

l' n Inn Uauiurp...: 
t'mnu Cjiri'Ide. 

( nlnn LYnliUjereej 
L-uuinUll thill...- 1 
linum Fai-iru-.....; 

I'nlnij-Hi | 

( tided BrntiiN. .. 

H.i Uancuqt 

L'5 G.\ |i>uiii , 

US sitnc 

US Sled , 

I S TertinniuKie*.; 
I'.V lnilu.--irUi....' 

Virginia Blwt 

H'lil*mti 

WBj-ncri.'umiuit.. 
Warner- Lamlicrl. 
Want* - llan’meni ' 
Welln-Farj, 

Bnni-nrj,, 

Western X. A inert 
Wtutem l nkm... 
IVentlxighVc Kw, 

Hc-VKn’ ! 

Weverhaeiiwr ....j 

Wlilrl,iuiii I 

White IVtn. Ind...; 

William Un | 

TViwiuibUl Klet-t..: 


31 
251, 
is 1, 
K6 
40 

331: 

43 

53 

3S<: 

li6a 

19<: 
934, 
3 I, 
337* 
2640 
16 
35U 
3H, 
54i 2 

30 1, 

47 

22 

464, 

351, 

2Hil 

414, 

504* 

341, 

45 

16 6 * , 
6664 
431* 
63'a 
34l a 
137a , 
454 
112 
S>4, 
32 

104* 

244, 

2H* 

38 

9Ha 

26-4 

224 

486* 

*31* 

60 

421* 

18 

1WS, 

384 

274 

275* 

387* 

164, 

411* 

36 

404* 

241* 

2x1* 

42 

634* ! 
24'a 
404* 
84* 
494 
494 

Vi, I 
116* ; 
304 
304 
261 * | 
296* ; 
804* j 
20 >, I 
134 I 
284 i 
*197* ( 
307a | 
281 , ! 
304 1 

33 | 

18 I 

244 . 

284 i 
304 
231* 1 
214 , 
204 1 
284 ; 


54 

344* 

584 

266* 

366s 

354 

614 

149, 

119* 

28 

45 

23ia 

294 

334 

74* 

66* 

145* 

894 

234 

65* 

316s 

254 

137* 

254 

309, 

334 

434 

52 

551* 

134 

19 

974 

54 

346s 

261* 

lb 

35 

314 

544 


t 294 

1 26 

j 214 
! 47. a 
346a 
; 284 
| 42 
I 607* 
I 353* 
437a 
, 184 
: 67 
1 444 
1 &2»» 
344 

1 14 
449, 

> 1124 

j 66* 

I 

| 1L'4 
25 
21 
389, 

697* 

263* 

213, 

! 47 
I 314 
49-, 
43»* 
18 
2UL* 
36 
27 
279, 
384 
l«3a 

406* 

381* 

397* 

244 

201* 

40 

651, 

24 

40S* 

84 

49 
4S 4 

79* 

314 

299, 

304 

257* 

29ls 

50 
205* 
154 

287* 

483, 

301, 

284 

30 

415* 

334 
181 * 
24 J* 


XYi.nl north 

Wjrty ! 

Xerox | 

Zai*U* J 

/enitli Itailin 

i:.S.T«wl*lW m.k 
US Trean4i5S7&lWj; t80S g 
U.S. BO .lay WIK 6.77 J 


209* 

4 

606* 

174 

lbi, 


CANADA 

AMrilu l^t|a*r......t 

.Xgiih-u Kagle 

A lea n.Y Inm In tarn: 
Aip-inn bt eel ; 

AdtMiii..... 

Bank ■>[ Hunt rani; 
Hunk Nuvn Siti11h : 
U»i>ii- lienauwt..' 
Ueil Tciepbmie...' 
Um* Valley lni(_; 


15 

bU 

3548 

224 

1404 

234 

224 

4.5u 

5b4 

33ia 


44 

60 

18 

171, 

t94,': 

1806 * 

6.76% 


15 

61* 

354 

22 

t394 

225* 

22 

14.50 

564 

339, 


However. Industrials managed 
to retain a firm bias, with BHP, 
after initially easing to A$7.72, 
its recently attained high point jiiproving to A$7B0 for a net gain 


Germany 

Market continued to react from 


for. the year, reflecting concern 
about the U.S. dollar and last 


Building Supplies stocks. Pack- 


i 17 
> 164 
15.00 
309, 
166a 
ill 7* 

, 124 

Uan.lRifiUkt'am' 284 2B4 

i.'muula lmlu*t...j t4i>, | 1814 
linn. Pketfie ...... .1 

Ljiii. IYw-IIV- (nv. 
i.'nn. nu)«t Oil..; 

L«r(iflff UTveefe.- 
l.'aiabr .Vi-la.-st<ttv 


U l’i.;, run la _.l 

linthimi j 

Urtncu 

L^nlonrj- huttr.;.! 
Csntlkinr .VI luce... I 
In Tun In l.'entenl.^ 
UnmrJLi MV U id. 


171. 
leu 
tS.On 
40 
1610 
11 
12 U 


214 

'22 

c64 

5.00 

1U 


31 

22 

654 

5.00 

97* 


I'liieltnin....^.....; 

IJdfllllUTI 

Uinm. HnLhiusl...-' 

Urni-ttnicT Una 

1.41-cka KeacnirceK, 

LVHhiii ■ 

Uaoit I K: 1 el ; 

UeuiMin Minn...; 

IVmi Mine......... 

Hump F«naieunit 
Ui -iiiiii inn UrKlpej 

mnntnr J 

Uuinml _.J 

Phti- m ’an Nickel* 209, 
Ford MiMnrCair,li -13 
/ 


289, 
2c 7* 
31 

1*4 
6 4 
IF 4 
104 
,c4 
914 
669 a 
2-as*. 
214 
14T, 


licu-lm.. 
UtiuUVfl’wkn/fc. 
Hull (III U-nnAdH. 
Hunker r>»il A'"ii- 

H 1 -t lined'— 

Hiiiiic Ull "A' 

ifwi-Hn Dm.n Mur 

Hu- 1 -iiu Huy 

HikInhiOii.Y lint- 

I.V.U - • 

liiian-i 

Imperial Mil 

Inca.' - 

I In III I 

I nla, id . Nat. (in-. 
J HIT', v Pipe Lilli- 
hatter lioHiict-- 
Wurl Fill. I.'«ir|t.. 
bohlan Uiini. -U'. 
Ilt-anill'll UhkTlI. 

Manney 

Mi-InLyie. • 

.VI mire Uur|M . . 
MixiDUHnSMIcIix 
NTemnln Jlmti... 
Nori-en Kneigx ...' 
Nihn. Tedetx'm ...' 
Xiunac Ull A Uaa- 
Unkwrnnl PvtrJ nr' 
I'aclOcCncjk.-i VI. 

Fnciliel'etmleTiiui 
Fan. Can. Ki-l'iu- 

lluinu J 

Fenple- Mejit. S..j 
I'laiv dim. 4 Un. 
I’lactr Oeee tojint 1 
Power Corpora Un I 

Fni.-e | 

Quebec Sturaei.ii: 
Ranker Ull 

I (ceil sieulMau-f.J 

Kao A(gUIU | 

I’aayai Hk. id l,uj 
Ku.v*i Tl mt ( 


il 1 : \ 

3|3, I 

44 

43 | 

189* - 
237* . 

474 ; 

187* : 
334 ' 
207a I 
19 I 

144 

117* 

165* 

15 

84 

4:20 

214 

117* 
246* 
364 
3.70 
334 
lo4 
386a 
364 
4.5 a 
2.20 


If'iwun tf-i 

Swgninin ( 

Shell IkflmLi : 

ShemiL (i.Mlii«M 
Sid file U. li. 

Sini|Nm 

sceeloi U*naala..| 

Steep Kni-k lmu..j 
Vevai-o LauaiiH ..., 
Ti'ircaiolkiiiLUk- 
Tma-LViiil'IpcLuj 171* 


401, 

5660 

16 

5.50 

OJ90 

236* 

174, 

Ml, 

1JB8 

13S* 

iO«a 
34 Ig 
34' 

19 

8> a 

284 

1540 

64 

347* 

57* 

Z67 S 

2.75 

484 

207* 


29 1 a 
294 
234 
214 

206a 
28 Ig 


Trans Mourn Uiirj 

Trtreo | 

Union has- 1 

Uid^iUMTH* .VJIuetJ 
Walker Hintni....! 
Went Unut Tmiih 
VVeaum lieu ! 


94 

tl4- 

H6fl 

84 

304, 

12 

194 


287 B 
26Se 
309, 
194 
1 09* 

126* 
101 , 
761* 
924 
67 
244 
21 
147 S 
254 
•’ 724 

304 

15 

294 

77a 

424 

484 

!7Se 

1234 

464 

194 

334 

204 

189, 

14 
114 
164 
147* 

89* 

4.20 

21 

ITS* 

24 

361* 

3.7U 

334, 

161* 

354 

359, 

4.60 

2.24 

404 

354 

154 

5.5U 

0.92 

23 

174 

15 
1.90 
155* 
1UI, 
334 
335* 
19 

77* 

289, 

147g 

64 

349, 

54 

267* 

2.71 

454 

206* 

17 

94 

ri4 

114 

8a* 

356« 
12 
19 


month's rise in West German age re and Foods generally Ira- 
un employment. The Commerzbank proved, but Banks were barely 
index receded 4.9 more to 806.5. steady, while Financiers eased. 

.. Uraniums were easier-inclined 

Iloechst DM1.40 in ChemicaJs, following reports of a deadlock 
Klocknerwerke DM 250 in Engin- the B issue of royalties In 
m? aQd Deotsclie Bank current talks between the 
uji 1.70. . . uraninm producers and the 

^^Ajjainst the^ trend, hojwwter, Northern Land Council. Pan- 
ro ®f }' KaU ' continental reacted 70 cents to 
Chenue DM L50 and Holzmann ASI6J30 and EZ Industries 4 cents 
DM 4. » 0 AS2 J50 

The Bond market was further 

unsettled by a new. issue of Among Coals, Th teas lost fl cents 
Scbuidschein notes, with yields to A$2.75, but Utah, after recent 
ranging from 6.15 per cent for weakness, held steady at A$4.15. 
three years to 7.03 per cent for Utah has been criticised . by the 
10 years. Public Authority Bonds Federal Govermnent for its wage 
recorded fresh declines to 45 deal with miners and, according to 
pfennigs and the Bundesbank some newspaper repwts, the 
purchased DM 22.4m nominal of Federal Government is recon - 
stock (DM 5.5m). Mark Foreign sidering a retention of the coal 
Loans were also easier. duty. 


NOTES . imiwai oner? inawn aelaw ana/or ScrtD issue, a Mgr ware, i franca 
t'xriuriH | dtm mum Relidar divide rot* a Gross, fllv %- n .Assumed divMam afTer 
are afiei wrfWmbiifw tax. scrlo and/or rtaht* batne. * Altar ioca< 

• PMSD ainnom aniws* rarbgnrn» watm. uixm. m % tax free, n Franca: mc l ual M 
tawlrt* basrrt «n ner niclrtencm pla? (ax. llnilae 3lv. v Nmn. a Share apllf. i HI* 
V PtasJHtt itmon. unle«s oumwiit Matprt. anrt deM mednfle sOMdal bwhwi ilwii 
8 Kr IM rfmnm onietts othetwiw utaiwL caiert 4lv. « Unofficial trvfina a Minor! t> 
t Kr&son ainnom anil Bearer share* holders onw aJMenaer vemttn*. * AntaNi 
iinlnss oiherwisi- staled. I Yen So denmn. ♦ Bid < _l Whr r Aksnme d 

unlpn nthmirtsp stated S Price «r time irE* nriiti wl Rx_ ahaMeM. er Ks 
*' “onrowimn o Florins. oSrtilllimw scrip (ssue « Rr m * Interim Unne 
rmi« - H rMwlaterat alMi amnallno Hgt'i lni-r»i««1 


Indices 

NEW YORK-MKJrarss - 


Jnduitrial^. 

H'raeB’Dda 1 

Ttanaport.— 






laiUM vurapilat 'n Jj 


h»k6 


8BS.A; 88Z.4SjS6tl.7lj 062.27] 8WJB!aSBJS7j mg 


88.14 

24B.7Z 


Tnuiing voLi 
' OOO'it I 


87J7('87J«; B7.7S;' 87.08’ 

I ! ! . ■ , 1 (4/11 

240.73) 241.40; 241-Mj 25»-S);238.171 24S.73 
. S - i *3/Bi 


tipw T. Ulgfl i iatiw 


Utilities 107.66 WM'- lOS^j Wfi.Bft ,imL4fiK«Jaj 1«J« 


742.12 I UfilJV 4IJ2 

* (2Bi2)rf(lli 111 Air |2/7;32| 
MJS"!' — ^ 

«W>1 ; 

-489.11 * 279.8#- 
:(B»li r ttiZrfe),, 

T02.S4 ! 188.32 ! 


(8fT/32 

10.58 


j.W^'4r,'47ljM4»jo.08tf.H.B78j3iffll![ — 


C2&) V20rtffl9);'ts.4i42| ■ 

- J i I a 


• Bow- ot Index rinutgeil inwn August 2* 


n 


lad. dlv. yirid % 


July. 28 ' ■ July 21 July 14 . 1 (Yew *#u*ppir.M 


5.47 


6.62 


5.56 


5.01 


r t UN DATED AND P00B5 

. i • i .{•;■■ 1 . { M78 Tsinw CompJUt'a 

A f»i A r ! A f i i v- ^j.awi'wTwiri".^ 


115.881 llUli m.ns lUAi; IWM lli.w] 86.52 • 134.64 3A2 ' 

| }■ , "I _• I (2.'fr.1 (8® - l(ll/L/io»jl30ifi^j 

J 02-32; 100.66 1 -USJ.8K 826* W2J92 86 JO ■ 125.65 . 4.40 

. ! I : i <z.«l I 16/3) iti. 1/1/63) <l/6;4Sj 


Am; 2 ' July 26...J July 19 Y«r.«ai)TainirtiJ.* 


I nil. «Uv. yfelfl % 


4.76 


4.93 


4J9B 


4.62 


lad. P/K Hello 


Lwj{ Cut. Hood yield 


9.78 


9.40 


9.30 


10.00 


8.45 


8.66 


8.64 


7.67 


R.Y.SJE. ALL CO 



Rises and Foils 

: Aur 5 ! Aiitf. 2 | Auc. 


40.57 

(8/3) 


lsaiiea IxxdeiL.....' 

Ulae«— 

ftill*. - 

fmliuinil - I 

New Hlgtia. : 

A>«r Lana....~..r- 


1*945 

1,003 

629 

313 

397 

B 


1.922 

L2B5 

322 

315 

282 

5 


1:691 

823 

692 

376 

197 

7 


MONTREAL ‘. ^ 

’ ( • . t 

Aug.- 1 
1 1 

1 . l *? 

Au4j j.AUjtj 

l*r r 

Hlgb 


Industrial 
Combined - 

198.1b) wM 
Z0&J9; 20S.7fl| 

ISLSBi 

201.66 

.T32.8&’ 

M1A6| 

1V8.1B i3«) 
205.89 iS.rii 

! W2jwa6,2) 

, 170^9 (30al> 

TORONTO Composite 

1214 jjUOM j 

1 136.5 

llWLhJ 

1214 J (3£) 

I M87iAi.ii 

J OHAHNNSBURG - 
. Gold 
lmliuorfal 

2BI^ 264.B 
2nflJ4 2B6.7 j 

287.4 

OCR P 

' ! 

260.7 
*202.1 ! 

267.9(1-3) 
256.0 fSi8i 

185-0 (20.4) 

! 194.8 ilio, 


A £- 


If!*- 

vtow 


la/cr j. Jrf/t 
Hiofa Low 


AllR. 

3 


Fw 

VlOtl- 


Irf/e . I»i<- 
Hi«h J Low 


AuMraliartj' 515JM ! OOJl . B16A3 44U8 Spain WV 104.82 1 lO&J^l I i Lu.ec- . eus 
; - -! (1/8) I Uri) ■ I - • ■! (“W-I ! 1 1/-31 

Belgium l II ) 08.10 •. B7A7 ■ 10 Ue ! «.43 SwotLan lr h 406.97 404JL I 406.97 a25.14 
^ ■ ’- < - (ran > (83/6) V I : iJtJi i (3>li 

DanmaxkFT 9856 1 9753 | 9A26' WljOO Switrarl'dl/ 1 280.4 289.4 [ ai«.99 ' 

__ _ - I (J/?) j «8/a •• : ! I IJ&OI J ii»4) 

Prance (th - , TCA • ! .47.6 — — — 

i 1 (98) > (A fist 

fiermanyCIV B06A 81L4 [Slrilo |.7tfij4 

- [ an,i ) : (17/5) 

Holland (t4) 84-8* 8 W* fc7.o \ 'ax> 

■; 1 (9/6) i (4/^ 

Homr Kona &Z43 ‘ &aj. u ) jhaju 

(W! ^ ^ ‘ a ’ («f> j (13/1) 

Italy tin a. 63.44 82L60 : 06.46 

j (1S/71 tllD/lj 

Japan (a) 1 420A4 ; 43 oju ttfcxinaM.fi. 


THURSDAY’S ACTIVE STOCKS 

Cbiinae 


TSm 


Citicorp 


‘ (19/7) (4ilCj 

Singapore : 365J2 • 362.77 . S&A2 . BStS 
■ A “ ’ • uno 1- 19/)» 


.UAL : 

Scars Roebuck 

RCA 

■K - Mart 


Slocks ClOMnfi 

nn 

traded 

pm-c 

(far 

63s.nao 

26 

+ !* 

042.000 

TAf, 

+ i 

532.306 

7111 • 

— | 

S55.4M 

.212 

— | 

51&J9O0 

40a 

+4 

306,000 

X 

— 4 

473.306 

59? 

-*> f 

4S7j00 

59; 

—4 

.482,100 


_ 

4STJ0O 

17* 

-1 


inn races! NYSE AH Common — se " 

standards and Ptwr a— I B and' fortorn ban*' Dec.. IMS. tt Amsterdam uumstnal 
W-1.WH1. the l» tamed band on TIBS). ]S78. « Ham Sena Bank 31/T/sf. p ttanca 
SxcJiHmut • (mod*. - t«0 imtBtiXKlE. Cmiunercule ItaOua 9/V72. nTofcvo 

ads indusmau. « UtUnm, <0 -Kisa»ce Mew SE 4/I/4S. t> StralLs Timex Mas. 
and an Trannnrl 1 Snlne» AD Ordinary, r Closed, rt Madrid SE 30/12/77. rStorir. t- 
Retatan SP S1/T2/C1. •‘CdBeu f i a er i i SF twaJrn inrtinrnaT 1/1/SS « Sw(n Ran* i 

ai aV5 M p*n» najerre l**1 rt '-Mm-.-rr ■ rnrpnniVn «nnWM>ihlli I T'-.v 


GERMANY • 


Aug. 3 


Price 

Dm. 


f+iwl Uiv.aYM 

I - ! % 4 


AUG 76.5 -0.7 . — I — 

AUtacu Ver-K-h...- 479 + 2 31.2 3.3 

8MW:...!r.„...:.228.0a ; H-2.5 38Jft 6.2 
- ''‘~ "".7w7.1 




UAsP. - : 

ttiyr. , 

Mayer-Hjina- 

tinver-Vereiiikhk. 

Cib*lnt.Ne>Lan~ 

UoiDiiierelMnli : 

UmtCiiiniiTii...... 

Daimler Ueoz..._. : 

Deon»«. 

Ifemaa 

llrut-r-he Hat iik.... 
Utmluer Uank...^ 

Liy-.-Li-Hhil! Zrint.i 

I'iillelKaflnmtp I 

HR|M!! IJn.V-l . 

Harpenui- 

Hiwli«i 

Uowirii 

Horten 

Kali mill 5al-*_ -■ 
Kiimtaiir 

Kmifliiai „'.! 

Kl«-kiier DM WO. 1 

khi) ; 

Knipi*. i 

laimll!. 

lonenlnu 100....I 

Luthaam 

M.VN | 

Mamie- mai n 

.... 

MuiM-liener lfuek 

Ncvkernian.b...^ 
Freusnac DM 100-1 
Hlwm Wert.R1ei.-J 

Seherln^ 

rilenwns I 

>ml Ri'cker.. ...... . 

Thraen A .O,. 

Varta j 

VBBA J 

V’ereuu-AWestBL 
VolkMmafieii 


131.7J-2JD IB.! 

135.6 -L2 18.76' 6.9 
J-l _ ;28 L 12| 4.9 
2.8 


1LB 

44 

3A 

4.3 

4.6 


285 -1 128.12] 

323.5— IA I 18 
152 | + 2 i - , 

229.6— -1.2 ,2658 
79 A- — 0.9 - , 

3 18 J)— 1.5 '28.12! 

259 !-3 ! 17 
162 i—2 ; 14 , 

305. 3r— 1.7 28.12, 
240.6,-1.3 ,28.12 5.7 

204.0 + 4.5 9.3&J 2.3 

aoaei 1 12 I 2.9 

120. Old -2 '14.041 5.9 
316.0;+ 1 310.72! 5.0 

130.5 — 1.4 ; 18.7BJ 7.2 

48.6, 4 4.1 

149.0 -1.5 J 9.63 3.2 

146.5 - LS ‘ 14.04] 4.8 

333.0 -IA I33.44 i 3.6 
342 — 2 1BJ7 3.9 

96.2-2.3; - - 

185.6 jiajffl 5.1 

100.2-1.8 1 - - 

265.5 —2-5 . 25 4.7 

1.450 ' 25 ! 8.6 

109.5 -2.5 1 9.36; 4.3 
200 -l ' 12 J 3.0 
173.0,-0.9 17.10 4JB 

240 : f JO f 2.1 

565 r i 

168.3;— l.U 


126.5 

176.2,-0.8 
266 :+B 
286.0 -0.9 
254 .,+4 
183 A — 0.4 
186 ;-l 
127AJ — 0.5 
202 l-I 

234.5 -0.4 


TOKYO 1 

Ana. 3 

.Vhidil C 1 

tVonrt -J 

Cum 685 '+ 6 

Ollnoa 1 374 1 

Dm N'tp|*ni Prin( ! 549 —1 

Fuj Photo. ; .518 i+B 

ETitaetii I 236 : + 5 

Hntida V1MOIK...I .838 J+l 
Home Food......... 1.190 , 

Ito.Yoka.1o - .11.480 +» 

Jan...-. I 660 

J.AJ*..... -12.750 

Khrmu Hect Pw.jl.240 

Knnwtau a 319 

K'ul««a..„- < 380, ;-I 1 IS 2.7 

Kyoto- Ceramic ...3.880 ,-20 35 0.5 

Matwialalta lnat...| 7l7 -;-6 I BO I 1.4 

Mliaiihisbi BankJ 298 ' , lO 1.8 

MUauiiuhl Heavy! 128 : : 12 ! 4.7 

MitMibivlu Uaqa„ 456 ‘.—2 13 . 1.4 

Mitsui 4 Co ' 330 -3 '■ 14 : 2.2 

_M iti-ii kawh i '576 j— 5 • 20 1 1.7 

N'1|i[an I >enn >..... '1~390 I 15 ! 0.5 

Niiiisrii i+hlni»n..i 682 

Nlsjain Mocorat 752 • ♦ 17 

Pioneer ,',1A40 ' + 30 

Sanyo ‘Elertriu.... 240 -5 
SukLaul Pnuh..J ' 888 ; + B 

ShiwE-nlo. '1.140 

amiy >.11.650 ;+40 

Taiahn Marfae ....- 236 


AUSTRALIA * 


A OK. 5 


Aura. S 


■ft: 


AC Ml Lucent*) : 10.68 , , M . 

Aen-vr Asamlia.^ — ~J PX87 [ -J. 

AMATU.S1 J tR.15 -V 

Ainpni'K\pl(irRriini.;. n ...;.( tl-38 r+0-lE , 
■VrapnJ Petrnleum 

■W SHnenlx....:: - tl30 7 — 1 

Awnc; iNilp Fkprr 5l „.l 

Axmc. Con. Industries 

A ue Phruntarton Invext-.., 

a jii.i 

Auflimc-a... — 

Aunt Ull * Oii»._ 

Uam&iM Creek Unld ; 

Blue Metal IwL 

I HoujDdni-llleC-opptT r 

BramUex IndiMricn.^ 

Uitiketr Hill PiufmeUty.. J 
BH Soulb - 1 


-3jb 


-TUB 

-0.08 

+8JM 

-OJB 


18 ! 1.6 


23 , 
128.12] 

16 , 
2EJRU 
17-lBl 
14 
12 
18 
25 


7.1 
4^ 

2.7 

5.2 
6.9 

3.7 

4.7 
3.1 

5.3 


AMSTERDAM 


Ana 3 


Price | + nr jlMv.iYW. 

Pis- I — U [ % 


i AMcen ' Traded. 
(New st«* 


EUROPEAN OPTIONS EXCHANGE 



Serlre 

' (.VI. 

, V11I. ta»l 

\nl. 

-Jill. 

Lain 

VnL 

k|ir. 

Lji-1 

j blnrk 


F360 



_ 

10 

12.50 



__ 

IK364.S0 

A UN’ 

F37D 

1 3 

4 


— 

— 

— 

•• 

AKZ 

K3U 

22 

3.40 

9 

, 4.20 

— 

— 

IF3L60 

AKZ 

F39.SO 

34 

1.90 

12 

2.90 

47 

3.70 



K75 

— 

— 

1 

: 4.50 

— 

— 

IF76.20 

V.K 

S5U 

22 

16 

6 

! 15Ja 

— 

— 

>66 

KK 

560 

65 

71. 

61 

74 

2 

101* 


FM* 

S25 

4 

Ur 

— 

1 — 

— 


S2470 

li VI 

h70 

32 


1 

I*! 

10 

2 

P65I. 


K32.&0 

11 

5.80 

— 

— 

— 



F37.50 

H'l 

F37.50 

- 

— 

IS 

4.20 

— 

— 


HU 

F-W 

- 

— 

13 

2.60 

— 

— 


IH.VI 

5240 

1 19 

50 

5 

| 53 




52611: 


bU6C 

! 19 

56 


— 



„ 

Ml. 11 

S28C 

! 26 

19i 4 

89 

26(9 

2 

261* 


K Jjlt 

F153.30 



1 

31.50 

— 


Fi'sa . 

Kt.1I 

ri42.0u 

t 19 

19 

— 


— 

— 


KkVi 

I1&2.4C 

1 10 

14 

2 

! 1 7 

— 

— 


KLM 

F160 

1 I 

9 

— 

1 - 

— 

— 


K LM 

F 161. 90 I 32 

7.60 

11 

JS 

— 




FI 70 

1 -- 

— 

6 

1 J2 


— 

,, 

Kfj.1l 

K171.40 J 17 

4.70 

3 

. 10 


— 

1V 

KLM 

F181 

i 1 

2 

— 

1 - 


— 

„ 

KLM 

F 190.50 

1 - 

— 

7 

! 8 



„ 

K fa. VI 

F209.6Q ; - . 

- 

•7 

1 2 

“ 

- 

i. 


I '108.90 

2 : 

2.80 I 

13 

, 4.80 


- F105 1 


FI 10.90 

— 

— 1 

10 

; 1.50 


— 



FR5 

10 | 

1.90 . 

— 

— 

— I 

— 

'26.20 IN 


F27.B0 

5 

0.70 . 

120 


2 

1.90 . 

1 


!>40 


— 1 

1 


— 

- ssi'a 1 


$45 

5 ! 


— 


— 

' — 

1 


F140J 


, 

10 

; 2.90 

““ 

- y L ss 1 


>80 

10 : 

510, 

— 

1 — 

. — 

- -526 I 


>05 

17 

2 . 

e 

I 3 

11 

33 4 



565 

| 

— 

-- 

1 — 

10 

1 

F61J* 


545 

I 

— 

10 

1 4i t ; 

— 

— 

9481:' 

XUX 

.-60 

— I 


4 

1 su 

_ 

— 

*6010 ■ 




NaaV. I 

F'.-k 



S60 1 

— 1 

- 1 

— 

- — 1 

3 . 

15 

70i: 

HXV 

535 1 


* ■ 

T 

• 

6 

UaSZlij JM 


BASE LENDING RATES 


A.B.N. Bunk 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 

Amro Bank 10 % 

A P Bank Ltd 10 

Henry Ansbacher 10 % 

Bar . jo de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banque Beige Ltd. ... 10 % 

Banque du Rhone 10] % 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 % 
Bremar Holdings Lid. 11 % 
Brit Bank of Mid East 10 % 

l Brown Shipley 10 % 

Canada Perm’t. Trust 10 % 
Capitol C & C Fin. Ltd. 10 % 

Cayzcr Ltd 10 % 

Cedar Holdings 10i% 

l Charterhouse Japbet... 10 % 

Choulartons 10 ^ 

C. E. Coates II % 

Consolidated Credits— 10 % 

Co-operative Bank *10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk 10 

Duncan Lawrie 10 “6 

Eagll Trust 10 % 

English TransccnL ... 11 % 
First NaL Fin. Corpn. 13 % 
First Nat. Secs. Ltd. ... 12 Qj> 

I Antony Gibbs ID % 

Greyhound Guaranty... 10 % 

Grindlays Bank 1 10 % 

I Guinness Mahon 10 % 

Hatnbros Bank 10 % 


■ Hill Samuel i.|10 % 

C. Hoare & Co „..tlO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. or Scot 10 % 
Keyser Ullmann ..'.'.i. 10 % 
Knowsley & Co. Ltd-t- 12 % 

Llnyds Bank .X. 10 % 

London Mercantile 10 % 
Edward Manson & Co. lli% 

Midland Bank 10 % 

(Samuel Montagu 10 % 

I Morgan Grenfell 10 % 
National -Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ..i 10 % 

Rossminster „■ 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 111% 

Security Trust Co. Ltd-. 11 % 

Shenley Trust 11 % 

Standard Chartered 10 ^ 
Trade Dev. Bank ......10 % 

Trustee Savings Baiflc 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whlteaway Laidlaw :L. 101% 
Williams & Glyn’s 10 % 
Yorkshire Bank 10 % 

I McmfwM of the At-remmn Bouses. 
Committee. 7 _ 

i^daj dcnwJts t*5. v- mo alb deposfis 

7-day deposii* on snms - : of aiUHJfl 
jnd umJer sj't-. up xsj^OD 7)%.. 
and over Q5.0M 

Gall deposlu ov\T ri.OOo-JVS. 

Demand depoili'i TiCi. 


Ahol.1 (PIJSJl ! 

Akin tPiEOj 

AlpemUnki FI.UU) 

VMEV (Pi. 10).. .. 
AmrniAnJi iFI^O) 
Bljenknrt 

BuluWntmi P.B) 

linhrm Tettemlc 

Elsevier V' (F12j) 
Knnts.V.V. Bearer 

Bur UomTanPl.lO 

Q total U mailea PI . 

He'neseo (FU*j. 

Hoojovbu (FLiO) 

Hunter D. (PL 100) 

K.L.M. (Fl.lOOl.... 

lnt, Muller (130i.! 

Nuiyten |P(.10)...| 
NaU\edtn«PI.IO)| 

NedCred UklFI Jol 

Ned Mid BIkPIAQ; 

Orel PI JO) ..... 

U|,-cin 

Van (.loimeren 
Pakhoed (Fl.20]... 
I’bUlpM tFl.lO)..„ 

Kin Sell Ver(Fl.lOO( 

K-’becn iPliiO).^.. 
Kollmx, (FIJ»).... 
Ilnrento (Fl^Oi... . 
RryalDutdKFli*)) 

jlavenhurj;- 

SuarbKirp (Fl-20) 
Toapo RaeOJkU^ 

Unilever (Fi JO)... 

Vltln* KeurttiH) 

Wertl.Dt>-.Hypbk 


108.31+0.3 

31.H + 0.2 
364.K+0J 
84.6 
76^ 
93.21-0.3 
122.8, + 0.2 

71.* 

284.6 — 0.1 
135 +1 

68.0 ; 

30.2 + 1.1 
103.9 +0.8 
. 57.41+0.2 

26.8 +0.3 
168x3 + 1 

48.8 .... 

34.2 +0.1 
105 -1 

54.5 +0.9 
194.6MI.4 
160 1 + 1 | 
30.6'+ 0^| 
140. If— 1.9 
87.4 
26.11 

SE.^+tiU 
177 +1.1 

140.1J+1.6 
123. L— 0.1 


*28 | 5 J 
23.61 7.8 


50 

23.6] 

£6 

82 

26 

274 

37.9 

94.5 

20 

14 

12 

8 

W , 
12.5 ( 

48 

21 

22 

36 


134J3| 

248.0 

129 


+0J! 

I?’ 4 


141.0! | 

12 1.61 +0-2 
4L4i+0.4 
385 


23 


A2BBI 


Ir9.3 

fed.7^ 

|2ul 

P*z*l 

JSfl.Ml 

W2.8I 

me.s^ 

■ 33 1 


5.8 

6.9 

5.6 

6.7 

7.3 
2.0 
6.6 
5.1 
S.G 

1.3 

4.6 

5.1 

7.8 

3.9 

4.6 

7.7 
5.6 

4.5 

7.6 


irosiOT jianue....; «o , 

laked* UbemkmlJ 417 +11 
I’OK .12.110 i-10 r 


Teijin 

l'ukyn Marine 

Tokyo Kleet Pour r' 

Tokyo Sanyo 

Turay — 

(oshilw. Corp 

Tiryot* Motor I 


• I 10 

! f 80 


Source NUtko Securities. r<duro 


BRUSSELS /LUXEMBOURG 


Aufl. 3 


Arbnt 2.520 

Bekert. “II" ;2,11*J 

C'.U.K. Cement ...il, 148 

C7<ckerill._ I 478 

KUUi 12.890 

BJwUubell ,6.790 

Kabnque Nat- 1 2.790 

irjf. Inno-iJm |2.35tO 

tievaert.. ...j 1,358 

dips BnnJainti. 1.540 

Hoboken ™__|2.39 p 

1 nterwux.. — ..j 1,770 

KreillctliaDk...'....)G l 850 
1+ Boymiv Belxe.J 5 * 720 " 


Fan Holdiuc^.... 
Hotrufliu^..... 

3p u Gen BanqueJ 


12,730 

U^5J 

3,090 


Boe Gen Beij{lj{ue|2.LJ35 




nil vuv ., 

Tcaftfon Hlet-t..:..i 

I'CK 

L'n Mic.fi/10>.... 
V lol lie Montego 


3,28a 

2.490 

0.670 

920 

786 

1.35J 


K3 


i+65 

__ 

[+10 

ill6 

!+8 

100 

+ 24 

- 


177 

-20 

450 

-6 

170 



150 

+ 40 

86 

+ b 

164; 

+ 20 

170 




|29U 




92.05 

+ 60 

174 

+ 8 

205 

+ 45 

140 

+ 35 

215 

+ 16 

ABIC 

+ 10 

170 

+ 2 * 


-14 

50 

+ 10 

— 


Carlton I'niteil Brewery.... : 

cnrifD : 

Cock burn Cement 

LVUre tCL J.i • 

Uxm. GoldfreMa A net...™.] 

Codteiner (61i 

Uduztnc;Uletlnin..'..^^.;^'.i 

Untsln Australia 

DrMa|A'HubbarlSl) .>.«..'.] 

B3COJL....; I 

I BMfp-aodtb .i 

| KJ&. IiMliittrles. ., — 1 

’Rjfeny.Tvnit ; 
.... _»(ep—..^;-..A_. «....( 

Hodlcer ;.-....] 

JCfc Anrer alla—V^—U.—:.., 
Inrt6<kipper...i....:j-lL^.i..]' 
j na i I n g a [o^uatrie*...:. — :1 

Jram (DaridL. J 

Ledbard 0(1 : .J 

MntalaiK-cp Iaaatinn 

Ulft FfoWinp ..... 


.YujEetaa Interna ttou*! ... 
" ^Broken H’dbiBa.ifiOci] 


fisBlotelipn,. 

Concrete 

2 Cmman.. .......... . 

..Sldeli— -+-J 

llfnin*......... 

Hrpl oral ion... 
j — 

M brine' (tfjnenU 

L wtirtba.....—'.- 1 — ] 



11-25 

11.65 

11-04 
11.45 
t0^8 
t0.60 

10.25 
tl-26 
tl.46 
11^0 
17J» 

UJ22 
11.75 

13.18 

11.30 
12.13 

13.25 

12.60 :mL 85 
ta.80 
11. bO 
t!33 
10.88 

12.30 
12^0 
41,66 
tZ.35 
10.78 

12.15 

10.15 

11.18 
' 11.17. 

10.25 
. 10^2 
_tBJ2 Jt«.W 

. n.68 

103 
.10^5 
- 11*35 
11.93. 

10.15 
10.43 
tl.80. 

43-05 


I 

+(U»5 

-<U14 

-40JI 

.Uliw 

I “ 
MMH 


1—0.01 




+8.08 


10.78 

10.36 

.io:4i- 

tl-90 

10.87 

11*55 

11.60 


-4.08 

-403 


-Oill 

(-0JJ2 


Price 

Ft*. 


6.4 


SWITZERLAND • 


7J! 

3ja 

8.0 

8.1 

4^ 

*a.5 

7.0 

1.1 
4.2 


COPENHAGEN * 


Ai’C.'i 

! Price 

| Kroner 


l»Vv7 

% 

YM. 

% 


I39I2I+I4 

u 

ija 


lB7ia| + U 

12 

9.4 


166141*....,.... 

18 

7Af 


157 

+ *♦ 

13 

9.7 

iiryiiavrwr ......... 

For. INpit 

J771* 

80 

+3Va 

i + i: 

in 

5.8 

Huvilelsbuik^...^ 

120>2 

+ U . 

ia 



271 * 


12 

Cw 

.Void K*hcl 

198 

+*: 

12 

6.1 


. 90U 

+ 34 

— 

— 


1323, 

+u. 

, 

.9.0 

l'ruv-lnriMnh. ...... 

141 

+ »4 

11 

.7.9 


413 


12 

3.0 


ISO 

+2^ 

12 

<L3 


VIENNA 


Auk* 3 


Pnee i +or i UivJYln, 

* ! S «. 


CmiltbttKlalt...— { 

eruic oef. „.„... 

■ieieeu 

Scmi«nr..... 

Steyr Uafinler.- 
ellVlBBiimh ... 


342 1 

278 1—2 
630 !+6 
91 -2 

321 ! 

224' ]+I 


At*!. 3 


ms 

Fre. 


r4*-. 1.. 

IMcoWrel 
ifde-~. 
Jftahie.....;— 
i BfC +~. 

U.riJ^Gerriie—. 
latergfijur... 

ujjjk.. 

f.lS Alcatel 1 

i C'lo Bancalra, 

Clnbtiedfter. 
Credit Gum. Trice) 
Cre*t» Loire. 

:: . 

Fr. extra le*. 1 

Gdu.Occtdenta]eJ 


737 

446 


SMJBh~<hl 


Aluminium ... 

; s^i 

LlliaGeisy f r.100 
. Oa. Inn. Cert. 

-Da.. Res 

Credit Suiatie ..... 

fileL’iruiraa 

Flwrber iGe-nve) 
HotbnanPtCerta 


1,226 

1,640 

1,045 

790 

985. 

8.165 

1.87a 


660 UlO 


69,500 


+ vr 


564 
1 SZO 
899 
949 

L777. 

390 
1.100 
384 
4x8 id 
i29.a 
B8.5) 
749 
144 
196.1 


4- orj Plv'.l 
Prs. 


*9. 


-lO 


-1 
+ 8 


t 10 . 
-10 
+ 15 
+ 3 
+ 5 
+ Z0. 


+600] 


Div.il’ld. 
% \ % 


a 

10 

23 

22 

22 

16 

10 

5 

1100) 


Do. (Smalt)-. f6,90*J 

(nLerftxvl B 3,900 

Jeumli < Pr. 1 Oft. -1.450 
Nestle (Fr. 100)-.. 3,445 

Dai. llec 12^45 

OerlikanB.iPBb0)|2,&70 
PIndli 81P(P.100) 2b6 
(FtB50)-.B,740.. 
Da. Part Cerf»_ 430 
Schindler Ct FlOts . 305 
Sul/er Ct fFrlOQ. . 353 
swlswlr (F^W)...j, 836 

5n1iiaBiiic'(F.100t| 369 

(Ke)(Fi«&0)j4 l 750 

t'uian Hunk — [3,009 

/.uneb Lnj ] 11. 350 

l 


110 

U | 20 


+ 5 
+5 
+ 15 
+ 10 


—5 

—4 

+4 

+5 
+ 75 

+ 50 


21 

U36.5. 

ladS.I 

IS 

15 

86 

86 

12 

14 

10 

10 

40 

20 

44 


3.3 

3.0 

2.1 
2.8 
3.8 

3.6 

2.7 

3.8 

1.6 

2.B 

1.5 

2.5 

8.8 

1.4 

8.5 

1.7 

3.0 
3J) 

4.0 

4.2 

3.7 

aa 

3.3 

2.0 


MILAN 


Aug- 3 


AN 1C 

Hana/fi 

Plat 

Do-Priv 

Pm* Her. 

Haleemeut 

Italui'ler....^ 

■UwHiU«nai..._.. 
Mpirta+liami -.... 

UTtvctti Pnv 

OreiiiJ. Cu_ 

Pirelli .'■r*.— 

b'nn Vigi-iYoC-..., 


Price 

Luv 


-for 


.111.01)1— 9 
503 1-4.- 
1.81b — 30 
1,508 J— 18 
14U.25^-6.K 
13.000j+k00 
5O7J30L-2.« 
33,110]— 240 

157.50J— 2.?b 

1.055 1+36 
L689 L— l.S 
876m;+6 
830 ;-ll 


Dtw'Ylii, 
Lire % 


160 


8J 


iso io.o 


600, 


1,200) 3.6 


150 

80; 


4.6 


ImelM ... ..... 

Jau/iwa lb-rel 

Intone ;..... 

IVOreaL 
L^itoid 

.Vliehsltn -B” 
Mots Heaneaaey J 
Uoolbuuc. - 
Paribas. 


taud. ~ 
PengwilKJltroen. 

Puclsin- ...... 

Had in Technique. 
Hedoute ............ 

Kbffllf- Pbolenc .. 

■it. (Mbtlai. I 

itl* Ranl/nwl. «. 

Baez — .. 

l'etomecaniquei... 
rUanHcni Branrit J 
Ogjnqr. — 

STOCKHOLM 


41*' 

IM-nf 

j&fl 
12625 

IS.*) 

42 

.- , 40-6' 

+ 14 J. 75 

1 Sl-Bj 

10-j75J3S; 
+4tl] tfl 
+2.3 1126 
-1.5 12 
+ 6.5 1 -J 

.-saja 4J 

-1.7 IM.W 9.7 
+0.1 1 8J2sjj4^ 
68-0 +1_T 


Yld. 


as 

4.7 


OSLO 


Auc. o 


i" Prk.+" I + ut "Di*7;VitLf 

I Kroner! 


tSenreu Raul* 1 98AJi-0.5 

BmthshiI ! 70 +5 

Credit) «nk -.{ 113.W-IL26 

Koamra i 235 ;+S 

K'redJc4a*-«nT - . 109 f 

TWrttHYaWilCrfW' 200.5 ,t 9.5 
ntotrlumiol ! 87.60; 


BRAZIL 


Aug. 2 


AceKla UP. 1 

Banco do 
Mauw Itau l*N .... 

He ton MineiraOP 

Lujaa Airier. OP_ 
enidmPP...-.; 

Plrclli..~.._ 

Hmr* (rtc- OP... 

Uiiiy PK 

Vale l tio'lMi+ PP , 
Source- 



TW-f i»r I 

l' nil — ,niv--; % ' 


-0810.1211.78 
1-88 MU0tJ.17i9.O4i 

1.45 0 J7]27.8 1 1 
L35 -0B4.J.06 5.921 
3.40 .... ./>1J.20l5,B8; 

3.46 .—0.0! 0.13)3.75 { 
1.50 I-0.W0.16 IB.MI 
2.71 j— O.OT-' J Jl3ja.48 !* 

i.»i r * mV l ilejiLia ; 

Km de Janeiro SB. 




JOHANNESBURG 

NINES 

Augnst 3 

Amfio American Corpn. .. 
Charter Consolidated .... 

East Driefontein .... 

Elsbnrg 

Harmony 
Kinross* . 

Kloof 

Ronenhani Platinum 

5L Helena 

Sontfavaal 

Gold .Fields SA 

Union Corporation ... 

De Been Deferred _ 
Biyvootuitzlcbt 


Y a>fUM»liiNin>a fate 


East Rand Pty. 

Free" State GetfuM l; 

PreofdwM Brand 

Preddent Stern 

Srflfontetn 

WeJkom j — - — 

West Dneftmtein 


Rand 

S.M 

3.H 

1428 
S.35 
■1.45 
750 . 
U.flll 
1.71 

17.00 

18.00 
33.73 

. 5.30 
7.18 
■ 6.00. 
7.09 
34.00 
IF.M-- 
IB-30 . 
S.W 
G.10 
42-30 


4.0 

4.7 

2.7 

4.7 
7.4 
4J 

8.0 
7.0 
3. 
2.6 

22 


156. 

210 

.75021 


1,750)... 


590 
1.448 
OBJ 
157 JS 
183.1, 
94 

314.5 

494 


.218 4— i£ 


466 

585 


h-IJS 

-3.9 

+2 


+3 
—2 
10 
26. 
— 1.7 
+0A 
-25 
12 


if 


103.5 1 

163 J +SJS 
1.758 +18 


293 
810 
242 
- 25.4) 


+2 
+8 
+ 1.6 
+0* 


8:7 24 

iB.nl- ao 
2.1 


38 J5 


39.9k 6.8 
326^ 2.4 
2.1 
1.9 


12.6 

3 

19J 

7.1 


5.9 

5.1 
22 

9.1 

2.1 
26 
22 

lB.lftj 6.3 


30 

30 

9 

14BB) 

39 


2.1 


10.8 

20 

24 

3.6 


AJir-3 


Price 

Krone 


AGA AlsKrJOi... 

Alta LasuB/KrOO) 
ASBA (Kr^O) ..... 
iVtlawCiopcofiftSa 
if) I lend — 

Uafara 

Garda-'..- - 

CeHalanu- 

Klect'las’H'IKrtO 
Kraao6?E < (£rtG| 
Hrartte "B".:.-'... 

Paj?Hwa.—:_ 

Granites HWS — ' 
HanrilealicnJran... 

.Vamhau..' - 

Mn-Ocfa f)oHi«to_ 
&nnilvlfc : A.2 

A.K.V. -B" Kre™ 
Skaujii KilskiMp ■■ . 
Tamlntit "ff IviSt 
LVUIefmhn.''..' ...... 

Vulva. (Kr.KD.i.:.!- 


239 

134 

06.0 

134 


116 
2 02 
243 

149 L-i 
144 J— 6 
295 

106 , 

63.0J— 0 J 


+ tv 


+ B 


+ 1 


72.SL.L5 


+ 3 


■ 635 
120 
69 
278 
7ri 
169 
7251 


87.01 


+ 1 

a 
+ 2 
+ 1 

+ojB 


IHv. ^Sf. 
Kr. f. *-• 


83.i-d.5t 
art ft: .u k j 


26 

a 

5 

. 6 

... 4 

f^76j 

10 

23 

6 

9.6 

4 

16 

8 

3^76! 
4.5 
. 8 

• 6- 

=/— . 


-251 6 


2.3 
22 
.5-8 
2S 
8.2 
ia 
29 

4.2 
42 

4.4 

3.3 
3.8 

8.7 

4.1 

5.8 
4.7 

6.5 

29 


Western UoMfossr. 7 140 JW 

Westers Deep ...... — ..... 16.30. 

' : 1 ■- * INDUSTRIALS 

AECI. 3J(7 

AngloAmcr. Industrial ... 10.60 

Barlow Rand 4.20 

CNA Investments 1,65 

Currie Finance 0.36 

De Been Industrial "tll.73 

Rrtcars Cnn-otldated Inv. .., i.-io 

Edgars Stores 1S2.M 

Ever Ready SA i23n 

FedenOe voDrsbelegglngs . 1.00 . 

Greaierauua Siam 

CUurilan Assurance (SA) 

BWens 

LTA 

McCarthy Rodway 

Ned Bank 

OK RAzaars ..i ... 

Premier Milling 

Pretoria Cement 

Prorea' Hofdmss 

Rand Mines Properties ... 

Rembrandt Group 

Raico — 

Saac Holdings ■ .............. 

SAPPl 

C G. Smith .Sugar 

SA Breweries 

Tiger Oats and Nat Mfllg. 


+0T— 
— n.DB 

-am 

-flAfl 

--I.M 

-A10 

-a.05 

-0.46 


-L20 

-650 

—0.05 

+0.03 

-6J> 

—6.56 

—6.43 

-6.16 

-0 30 
-0.35 


:73 

;V 

Is 




SM. 
MS 
1 .« 
2.00 
0.8? 
2.75 
7.40 
6:10 

3.35 
1.37 
2.S5 
3M. 

. 0.4V 

1-33 

2.35 
4.60 
1.46 

.10.65 


-0.03 

+0.03 

-6.61 
+0 23 
+0.03 
+8.56 
+U.05 
+0.10 
+S.13 
-0.03 
-DAI 
+0.08 


+6.05 
—0.03 
+UAS 
+0 01 
+ 0.01 
+0J3 

+0.05 
+ 0.02 


Unisrc 1.58 

Securities Rand US$0.72} 
(Discount of 37.2%) 


SPAIN 

>WM l 3 

Ariand 


Per cent; 


1M 

Banco Bilbao u. 319 
Banco AUanUco n.000) 247 

Banco Contra) 330 

Banco Exterior .... 287 

Banco General- 2S2 

Banco Granada fl.DOO) 130 

Banco TUaoano 

Banco Ind. Cat. <1.000) 

B. Ind. Vedilerranco .. 

Bsbco Popular 

Bapco Saniandcr (2301 
Banco UrtruUo ii.omi .. 

Banco Vizcaya 

Bodcn Zaracozano 

BanktmJcn 

Bams Anna tn da 

Babcock WBcox .._ 

ac 

DrsgadOs 

iQBObanif 


.+ 2 
- 3 


SI 

175 

206 

259 

3S5 

261 

255 

207 


- 2 


- 2 
- 3 


- 2 
-2 


Bsm&OU Zinc ^ 

Expl. Bio Tlafa 
F«sa (1.006V 

Fetmsa '(1.600 

Gal; Preclados 

Crepa Velanaex «WD 

KWrola 

nwvtaeiro 

Olam 1 »...L. 

Papeleraa RetmAUts -. 

Petrol lh« 

Petroleos 

Samo.PapaJera 

Solace* 

Snap fit* ’ 

TeJefonira 

Toi+as Knstem h 

TuhfetKOC ■ .... 
unina Elec. 


156 

• + 4 

— 205 

— 

— 29 

*M. 

. — ' «' 




- 0 

_ a 

+ 2 

.... 51 

- 1 

102 


.... m 

- 1 

• 64 

- ms 




70.15 

“a . — " 

U5 - 3 
70.75 - L25 
w — 

ia - 

ttT5 + 0.75 
122 - +5 

3 » -2 

» - OJO 

47 

126 - 4 

W30 - UB 

N . _ 

. 99 JO _ 

71 -x 


4 ‘ ■ ■' 




























¥' 


,/■ • • ■ 7,'^v - : . . :V' : - : . "■- • ;-'': '■ 



1ING AND RAW MATERIALS 



Surplus 



By Our Ca mm o flHS ax Staff 


PART OF theCoannoo Market's 
surplus of Bkinlmed milk powder 
- . J * to be transferred to Italy to 
' co ’® r shortages tiiCTer . 

The . EEC baa. just ptibtt&hed 
. -. new regulation aWOwlBff 100.000 

■tonnes of ski in in- intervention 
stores elsewhere hi the • Coxn- 
_ • . to .be shipp^d-To the 

^..-Italian intervention agency. . 

The powder wiU he- used for 
■ P«s and poultry feed and is in. 
lenaed to help stabilise prices. 

• xoe arrangement allowing the 

• ITRS&P wUl natU. the end 

The regulation says Italy is 
short of supplies while 1 other 
^v^raember states are having diffi- 
culties disposing of theta sun- 
pluses. 

. Similar schemes have been run 
ui. the pant Italian wheat sup- 
plies have been bolstered vrttb 
1 ' shipments from French lnter- 
•-'-^rention stores.' ; - 

• There have : been..- "other 

• transfers of skiinsied milk 
Powder and -when beef supplies i 

; *■ ^ere tight in Italy -recbntly; interi 
.. mention stocks frem /elsewhere 
• *'ere shipped- m. ' '"•r,’--'-'- ■ 


Deadlock ever 
Antarctic 
fishing pact 


BUENOS AIRES* August 3.: 
■- \ TWO- WEEK Antarctic treaty 
fonference here has ended in 
ailure due to endless arguments 
— ^* v er sovereignty and- the reiuct- 
^>ince of the Soviet. Union. : Japan 
md Poland to place, their, fishing 
dans under International, super- 
'ision, reports Reuter. .. 

The meeting, .which joined- in 
induce a plan for conservation 
if sea-life iiv the Antarctic based 
’Q a scheme .drafted last-^Marbh 
— — n Canberra, ended with an 

-v ... fficial admission that "there is 
'••vienty of work ahead.". :v ■ —• 
Delegates from 13' "treaty 
oun tries agreed In principle to 
oeet again in Washington' in 
September before - . considering 
he scheme again at a confer- 
nee In Canberra later this : year- 
. Seven countries . claiming 

-. overeignty in the Antarctic 

■ -rossed hard for prompt adop- 
lon of a system aimed, at pre*. 

.enting in discriminate plunder- 

. ng of Antarctic fish an&seafoofl 
esources, along the" -lines of 
pterhational 'Whaling -Agrees 
, lents. ;Av 

The claimant countries -• are 
• iritain, Australia, New Zealand, 
■■ ■ —Norway. France, • -Chile': ‘and 
►rgentina. . _ 

But major fishing nations, 
i eluding the Soviet Union, 
span and Poland, argued that 
aeir activities in areas they 
jgard as ihternaUonai:. .-waters 
re unlikely to. canse^ extinction 
f species"' ' \ 





• f.lw’-- 


period ahead 
cereal crop 


BY OUtt COMMODITIES STAFF 


RECENT FORECASTS of a 
record grain harwest appear to 
have been over-optimistic, "Mr. 
Ckds Rjghtem* TCh^nsan of the 
National Farmers* Union cereals 
committee, said yesterday. “ The 
nest eight weeks will he critical/ 1 , 
he added. 

■In June tbe UGnistry of Agri- 
culture estimated " the cereals 
crop in Euglandapd Wiles this 
year at a new record .of 14.8m 
tonnes, compared with-last year's 

1 4-tm . tohnes^,-. i’ : * . 

It Qualified: its. fpiecast with 
the’ rider 'that the record would 
be harw^tad bnl? if the- weather 
beld nut.---- ' : : 

- But heavy rain has hit many 
-of the 1 gram j growing of 
the country in. recent days. 

. “The" storms of last weekend 
have made us revise our -original 
thoughts on: the : potential 
harvest,^ - Mri : fflgbton said. 
“ Winter : wheats which had 
looked' well almost everywhere 
have,- , in -some areas, been 
battered to the groubd-” .- 

The weather- wonld-jfcviously 
have affected both tiie' quality 
and the quantity of grata., to be 
harvested this summer and also 
pushed up -the cost of cutting ft. 

The Ministry , "T responded 
sharply with a statement saying 
it was stm too early to make 


any clear assessment of how the 
harvest would turn out. - 

Recent rain “ will not have 
helped,” the statement said. But 
as always, much would depend 
on _the weather in August. 

- The National Farm ere’ Union 
told Reuter later that the winter 
wheat crop might suffer, worst, 
but he added that if the. weather 
improved over the next five or 
sis weeks the record crop could 
still be saved. 

The London Weather Centre 
bas forecast a wetter • August 
than normal for the south of the 
country and about average rain 
tall in. Gie north. One or two 
warm spells are also expected 
although the weather should be 
mostly u rather cool.” 

Crops other tha n grain appear 
not to have suffered greatly in 
the rain even though falls of np 
“= in were recorded in most 
of East Anglia last weekend. 

Late cherries and some . soft 
{nut crops have been damaged 
by the rain, the Fresh Fruit and 
Vegetable Information - Bureau 
reports. But plains are still in 
good condition. 

Wet conditions are expected 
to slow down harvesting at field 
vegetables although no real 
damage has been done yet Most 
at risk are the exposed curds of 


cauliflowers. 

Prices may rise If the mud is 
bad enough to keep vegetable 
harvesters out of the fields, the 
bureau says. 

Because of the bad weather 
demand for salads has slackened 
and some farmers have began 
ploughing in lettuces because 
prices are so low. 

Robin Reeves, Welsh corres- 
pondent reports: Many farmers 
in Wales are still struggling to 
complete the hay harvest and 
could be short of fodder this 
winter, according to the 
Farmers' Union of Wales. 

The union reports that while 
many lowland farmers were able 
to take full advantage of the 
spell of fine weather during the 
third week of July to get in the 
bay harvest, in many Welsh bill 
areas cat crops have deteriorated 
badly and any hay gathered 
during the past fortnight has 
been of very poor- quality. 

“Many are still struggling to 
rescue what they ean and 
generally it has been a dis- 
appointing and frustrating hay 
harvest for the majority of 
farmers.” the union said. 

“ Good quality bay will be at 
a premium this year and many 
may be faced with the prospect 
of buying at inflated prices.” 


Stockpile Bills delayed again 


BY OUR COMMODITIES CORRESPONDENT 


FURTHER DELAYS ta /present- 
ing Stockpile ' purchase- and 
disposal. Bills to IkS.^Cengress 
were announced' -.yesterday. 
Senator Robert' Byrd; : Senate 
Democratic leader, said.- the- Bills 
were not on the fa&edale for 
Thursday or Friday week, 
re porta Reuter.' ‘ 

Previously Senate-Headers bad 
hoped to bring ' Bills 

up for consideration Yvriier this 
week. But there has kb^heen 
no. agreement ieacha$^ limit- 
ing debate on the BUfe-vand the 
ministration, is .jwcsa^d 'that 
this may enable detatfqg.-tactics, 
such as a filibuster, 1 /^ 'be used 


m 


One Bill calls for disposal of 
35,000 long tons of. tin— -includ- 
ing 5,000 tons for the inter- 
national Tin Council buffer stock 
— and 15m troy oz of silver, as 
well as the acquisition of 225,000 
tons of copper and other sales 
and purchases. 

The other would set np a new 
stockpile transaction fund 
through which receipts from 
sates of excess materials would 
be earmarked for other pur- 
chases. Several amendments to 


both Bills are expected. 

Meanwhile, on the London 
Metal Exchange yesterday copper 
prices were again firmer in 
nervous conditions. 

The market was lifted In early 
trading by the decline In the 
value of sterling and given a 
further boost by reports of 
further troubles ip the Middle 
East. Another big fall in ware- 
house stocks is being forecast to 
cover shipments to China follow- 
ing recent substantial sales. 


by opponents of otlK# "pending 
Bins. . . - 7 **- 

: The-only measures 
beetr. called op in --the 
days. Mye been 
specific - f . time 
debate, as these 
eliminate the 
filibuster.. 1 
Senator Byrd said 
priatums Rills were_ 
for yesterday /and 
held : Out - the 
stockpile Bills might" be 
np if there is .a 
schedule.- - . • 


U.S. copper ruling 



BY DAVID LA5C6LLES 
THE U.S. International Trade 
Commission . ruled here today 
that domestic producers of 
refined - copper were being 
injured by cheap imports. But 
it delayed until August 10 any 
decision as to what to do about it 
This initial ruling, however, 
is bound to satisfy U.S. copper 
producers whose earnings have 
been seriously hit by both the 
volume and low price of imports. 

The FTC’s ruling resulted from 
the producers' demands for pro- 


NEW YORK, August 3. 
tection against supplies mainly 
from Canada, Chile, Zambia and 
Peru. 

The domestic industry has 
been asking the Government to 
impose a quota of 198,000 tons 
on imports in the first year of a 
five-year Import restraint pro- 
gramme. Total imports last year 
amounted to 387,000 short tons 
worth 5472m. 

The ITC inquiry does not cover 
imports of copper ore concen- 
trates 


More gains 
in world 


sugar prices 


Br.OOr -Commodities Staff 
THE FIRMER tone in world 
sugar futures prices was main- 
tained yesterday. In the morn- 
ing the London dally price for 
raws was fixed £8 a tonne higher 
in the wake of Wednesday's 
gains- . 

December sugar gained £L95 a 
tonne on the day, in the London 
terminal market, closing at 
£92.525 after touching £8.50 a 
tonne during the afternoon. 

In .Paris Sucres et Denrfies 
said the 1978-79 season could be 
disappointing for the white sugar 
trade if the weather in Europe 
remained favourable. 


The premium for white sugar 
faws m 


over - raws might encourage 
countries tike Argentina and 
Brazil -to develop sales of whites. 
And die company also feared the 
U.S. ‘ might enter the world 
market with large amounts for 
export If a compromise was not 
reached on domestic pricing 
polfcy . 

Prices could be further de- 
pressed if there were more delays 
with the UE. decision on ratifica- 
tion of the International Sugar 
Agreement. 

Among potential buyers were 
the Chinese, who have been out 
of the market for three months: 
and Japan and Canada, both of 
which reduced imports in the 
first half °f the year and may 
be expected to start buying soon. 


Coffee price 
support 
plan denied 


LEADING COFFEE producing 
countries yesterday denied 
rumours that they were con- 
sidering the establishment of a 
$lbn international price support 
fund as.was widely rumoured on 
Wednesday. 

prominent representatives of 
the world's main coffee pro- 
ducers .are in London at the 
moment for a meeting of the 
JnteritatiDna] Coffee Organisa- 
tion’s executive board. 

They are known to be gravely 
concerned at coffee price levels 
following a 40 per cent fall in 
world values over the past two 
months and have been pressing 
the organisation to take some 
action to stabilise or “ improve ” 
their returns. 

But they deny that there has 
been any proposal for a pro- 
ducer-financed support fund. Sr. 
Manuel Aguilera, director 
general ' Of the Mexican Coffee 
Institute, commented: “ 1 heard 
the rumours. There are -ft 
thousand rumours— but this one 
has np basis." 

He also denied reports that 
producers had mentioned a 
figure of 150 cents a pound as 
their objective for a new coffee 
“floor’* .-price. 


UK AGRICULTURE 


Winter barley comes 
into its own 


BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


LAST SATURDAY was too 
good to last and in fact it has 
rained on and off ever since. It 
was the best harvesting day my 
farm has enjoyed for years, and 
1 was taking full advantage of it. 

Three combines were working, 
one on winter barley and two on 
grass seed, and 1 was already 

hopeful of wrapping up this 

side of my harvest, about a 
third of the total, on Sunday 
afternoon, when darkness drove 
us out of the field that evening. 

We had started the winter 
barley on Monday and the first 
returns showed that it indeed 
was, as 1 bad thought, likely to 
be the crop of the year. It was 
standing well and remarkably 
free of disease. Thanks to the 
use of pre-emergent weed 
killers, there is no competitive 
vegetation to deny its full 
potential. 

A few years ago growing 
winter barley was considered to 
be definitely anti-social. It was 
alleged to carry disease and 
fungi through the winter to 
infect the next crop. In fact 
growing it is illegal in Denmark 
for that reason. 

‘It used not to be popular in 
Britain, except for one malting 
variety, Maris Otter. The other 
strains on offer were not very 
good, although quite heavy 
yielding. 

However the winter barley 
acreage is now growing fast 
thanks to a number of factors. In 
the first place there are some 
new strains, in particular a 
French variety Sonia a two-row 
barley, with a berry almost as 
good as a spring barley and some 
malting potential 

This will undoubtedly be 
followed by others of the same 
sort These have straw of quite 
good standing power and so can 
tolerate heavier applications of 
nitrogen than most spring 
barleys. Yield is a direct reflec- 


tion of quantities of nitrogen 
applied. 

Then there are a whole host 
of sprays that can now control 
to some extent foliar diseases, 
which used to reduce yield. It 
is possible that there is a law 
of diminishing returns which 
could restrict the maximum 
economic use of these. But so 
far that does not seem to have 
been reached. Like most farmers 
1 watch the crop, and apply 
sprays when 1' think it really 
necessary. 

But the most important 
advantages are practical. We 
seem to be having a succession 
of late springs followed by dry 
months of May and June. These 
conditions inhibit the develop- 
ment of spring sown barley, but 
autumn sown crops have made 
most of their root growth by 
late spring and have little more 
to do but develop yield. 

On my own farm we bad little 
rain but a lot of low tempera 
lures between mid-May and the 
end of July. As a result the 
spring sown barley looks dread- 
ful. as it does in much of south 
and west England. 


Spray 


This weather though was just 
what the winter barley needed. 
It kept the mildew and other 
diseases from developing to such 
an extent that although l was 
ready to spray, 1 did, in fact, do 
very tittle. 

Even more important in prac- 
tical terms, winter barley ripens 
between three and four weeks 
earlier than spring sown 
varieties or wbeat. This means 
it can be harvested in July and 
so reduce the peak demand on 
men and equipment 

The days are longer, there is 
more strength in the sun so 
things are easier all round. Half 
my barley acreage, and a third 
of ail my grain acreage is winter 


barley. 

Why don't I plump for the lot? 
1 could then have a system of 
fanning which would just have 
a peak of autumn work, and 
then no more than a little 
gentle spraying through most of 
tite rest of the year, culminating 
io harvest at a very much 
easier period than during 
August and September. 

It is a good question, and my 
answers are based more on 
instinct than on logic. To begin 
with I was brought up to be a 
rotational farmer, and taugbl 
that the most awful retribution 
visited those who grew succes- 
sive straw crops. 

Monoculture of any sori 
encourages a build-up of weeds 
and diseases, which in some 
respects are difficult to control, 
even with the array of chemicals 
we have to band. 

Then there is the economic 
problem of producing too much 
of the same thing. Last year 2m 
tonnes of English barley had tn 
be exported with the help of 
subsidies which cost the EEC 
between £6Dm and £80in. 

On this basis every extra tonne 
of barley grown would cost the 
taxpayer a great deal of money. 
Huw lung would he be prepared 
to go on doing so? This is not 
of immediate concern but cuuld 
be in the long term. 

So 1 diversify into '‘break” 
crops, so that l can grow wheat 
following them. These are grass 
for seed and for grazing, and 
pease, all of whicb are much 
more diUicult to grow success- 
fully than barley. 

On Saturday 1 was combining 
about 50 acres of ryegrass seed 
It’s a slow job. The crop is 
plastered to the ground, and the 
yield is not particularly good. I 
am told by my contracting 
merchant, that the price won't 
be very high because the 
Continental warehouses are full 
of the stuff. 


Soviet harvest gets under way 


SOVIET FARMERS, facing 
unfavourable weather Id some 
areas, have harvested about a 
quarter of this year’s grain crop, 
according to Pravda, reports 
Reuter. 

Quoting figures supplied by the 
Soviet Central Statistical Board, 
It said 27.6m hectares had been 
harvested by July 31. or 22 per 
cent of the sown area. 

After last year's disappointine 


harvest of I95.4m tonnes, the 
Soviet Onion is aiming to pro- 
duce 220m tonnes in 1978. The 
latest U.S. Agriculture Depart- 
ment estimate is 215m tonnes. 

Pravda reported harvesting 
was almost complete in southern 
grain areas, including Stavropol 
Territory and the Kuban, a part 
of the country where western 
experts expect a record crop. 

A big harvest has also been 


MOSCOW. August 3. 
grown in the Volga valley, but 
all storage facilities were 


not 


ready to receive it, the news- 
paper said. Farmers there have 
pledged to deliver 4m tonnes, 
one of their best-ever crops. 

Indications were yields in tbe 
Ukraine would be slightly below 
last year's record levels, but the 
larger area under grain this 
season could compensate for the 
difference. 


T 


COMMODITY i MARKET REPORTS AND PRICES 

BASE METAlS : = 


-- Citftetf. tfl xr«xs before 

'■ tetaton in the MMdfe 

Copper— S tady on ft*- 2*&‘zliSRanBF‘ 

rial Esdurase . but Ukt market was ^ Landoe wu 
. n ous. Forward metal . started at £ 745 . .- . 

M-jTJG on currency conwamtlom but . - . • 

; -• Amasaroted 

- 01 VLR r Ofltefc] | ~ 1-rirfftS.i 1 


wide* 


of renewed acrnxa liquidation and continued bedee support policies gave a hesitant tone to -sodom price tf S3 (234) 

caused a. lilt selHns from Ihr U.S. led to a further ibe day and values fluctuated to a dght (buyer. August), 

tor the atone, fag to 2SJ93 dn (bo late Kerb before ranee around ibe previous close in thin 

tuck again, as fresh buying rallied the market io a close trading ihrooghom the afternoon. Values 

on the Kerb at of -f&MS. Turnover 1,193 t o n ne s. al the dose were unchang ed to EZO lower 


TIS 


S 


treinuY - - 

»l» i.788v5 '+ajsl 

muntlib.j 743.S-4 +B. 6 [ 
rU’in'nt; 723.5 i+ft 
thsde».) 

*h I7W-5-SM +*.»*{ 

rtonth...] 7W-.3 i + a.Bj 
lil'ni'nl! 780.5 +3 
S. Smt.l ' — ' 1 — 




L- bars traded • 

fnavifiree 
£ ptaAjfrw, 

- - ~ 'bant three 


il TrstSn* reported 
three mouths wtro- 
4X5. Cathodes cask 
CMDJ. Kerbs: Wire- , . . . 

JEWS. Kerb: Winy mamba;. 


».«(. • 
om.-iai 


“v-ai. “TTtS m toeflw- 


,+ „ri v-°(- 
— Utinflir* 


7M.B-5.5‘+4 
746-3 


.45* 


46- .5 tV*-!: « 

- ’. • 

1 " .hir 


au. 4*5. «. OA 45. 
winiuux Huw months Sta nd e ra 


^4 .;. (ff. -4M. 45. «.3. 45. 

_ .TI M W a nt ed easier after forward metal 
•roo* ffl 4 W fatthdag a sterfy ' 
W4«Srt f to the Bast, overnight. The SrY«kj 
* 4 1--? . -ffckfr technical tightness of nearby metal re- 


Grada £ - £ -il 

0526-52 1—18.6 6600-5 
6440-60 1—7.5 6485-40 
6532 ,-U . -• 

6525-32 1—18.5 
6430-401 — 7.5 
6532 — 18 
Is 1726 : +5 


£ 

1-36 

-57.5 


6500-5 

6410-20 


• — SB 




_ I 


LU-OU rMJ 

z j zr 


hedge Beilin* eatped Uk- erica Morslnot standard Uiree pjChujs f&ato. 
to drtO to to tbe raottung. Later. 4i. 4«. 35. Kerb*: Standard three months 


COFFUH 

IVJcrday’i. 

C<.«*. ! + or 

Business 


£ per lonne 


bc>|4«tulier .. 
XuvTmuer.- 
January. 

(185 1190— L0 
1128-1130 —8.0 
1080 1084— IJ 

.805 il56 
1150 1118 
1085 nos 

u*y — 

Juiv — ...... 

September... 

1002 1004 —83 
®85- 994— &S 
960- 990 -5.0 

1UOO 
990960 . 

Sales; 2.06 

ARABICAS 

3 (4.5421 lou of 4 tomes, 

— iln Older buyer, seller. 


Ro.1 

iLSJb. 

Yerifitfmto 

CSrep 

Previous 
Close . 

Busluera 

done 

bept — 1 64.00- 4 H 

IM &4JW5JB 

Oct-Dec b5.a-S8.10 
Jsu-lUr 57,90 66.00 
Apr- J lie. 58.9S-80JB 
Jiy-Sepr; B1.75^1J& 
Ora- Dec! 63^4 jjq 
J an- Mar 

Apr-Jue 67. W-47JC 

6222 54.26 
S4.4J-65.CO 
66.4646.7^ 
B7.« 5736 
5S.55-&9.BO 
01 AO- 1.46; 
8245- 2401 
fl446-66.10i 
8048-6840 

66.804540 

68-00-6740 

6*464840 

834645. IB 

86.7046.83 


cents a kg Quiet and price* though nominally un- 
changed are generally agreed to have 
eased. However, (he outlook, despite this 
easiness. Is seen as reasonably Onn. 


PRICE CHANGES 


Price per tonne unless otherwise stated. 


U.S. Markets 


MEAT/VEGETABLES 


SMITHFIELD (pence per pound)— Meef: 

Scottish kflled stdes 54.0 to 57.5. Ulster 
hi ad Quart era 64.0 m S7.0. roreauarters 34.0 
to S7.0; Eire hind Quarters 64.0 to 67.0. 
roreauarters 35.0 to 37.0. lioraU 

Veals Dutch binds and end* 76.0 to a in minium „_.i 



.Aug. 3 

+ cr i Month 


li/- 

- j » 


Lamb: English small 50.0 to 


ma Free market ( -l»); 
Copper -m*b W.lfer 


— Scottish medium 


50.0 to 54.0. Imported CV 4 » UutaSalL. 

n. mi Smooth# rto. da 


December Sugar 9L54M 


X Index Limited 0I-351^Mt 7 

. Lament Road, Lomhwi,^SWIO WJSC . 

1. Tax-free trading oa eommodlty fatnres. 

2. The commodity. faiUres uarkeffortbe smaller Investor. 


months 13,400. £6J85. H.400. OMS. 


iSB.00. 12730. i: Keb. 125^0-127.00. rest 
LKaD— V ary steady with forward metal no traded: April 12L0M25A0: June 120.00- 
fimn B1W3S1 to wtda to 123.00; Aug. 120.00-U3.00. Sale* U <fl> 
range. The contango tended to lots of 17.250 Ulos. 
reflecting a shortage at supplies ICO Indicator prices Tor Aug. 2 ru.5. 

I ana mere was active cast trading. The cents per pound): C ol ombi a n 
-market was also heM by covering against Aratncas 169.00 C172JMi: 


English, under 100 lb 37.0 to rj.^i t_^. 
5g aruqi. w a 07 15 W« and ,0 a 

’ ' ‘ * “ "«AT COMHISStoa-Average fatstock j™*' 

prices at represoDtalive maikeis on , 

August 3: GB cattle t»Stp per kg. Lw. Free JUrtetwtUrKto)] 
(—0.35). UK sheep 140.6p per kg. eu. 
d.c.w. (+8.7). CB Pigs 80.#p per kg. Lw. 

(-2.lt. Eofltmd and Wales: Cattle Platinum troy ot.. 
nunbm down 18.6 per cent, average Free Maricet....— 
price ».4?p (—0.161: Sheep down S.7 per (jmcnaiiw (7Fih.)i 

cent average 141 Jp (+65): Pigs down ii.eer tray ou. 

75 per cent, average 605p (- 1 . 8 ). A months-. 


20 tSi of 5 tpnuea. 

Physical Ctodog prices (buyeret were*. 
Spot 33J5P (samel; SepL 66p (55.75); 
Oct. 6&25P (^U). 


H680 


It 680 


>1.1*4 5-55 1 ’51060-40 


H725 , 

<!746.2G| 

d721 

d741.26i 

.202.625 

£320.75 


+ 4.0 Jt695.6 
+4.0 X716.Z5 
+4.0 1»82 
+3.5 05712 
|- 1.0 15184.576 
+ 6.75X506.25 


t 

S1.70 

1.85 


tm62SU375iaiB./B 


’£2,666 

*1.80 

1.94 


SOYABEAN WEAL 


The market displayed 
Mild tone on mixed atilhig an 


an easier under- 
and long Uqnldatlon. 


^ „ unwashed ahbongh values- raflled from the lows. Scottamd: Cattle down 8.1 pw cent. n n cun. 

Physical demand and tofiiKoned by the Ara^lcas Ittm »*ed by a comparatively steady Chicago average 70.Wp (-0«V. Sheep down 13-t > mooUiB 



Uteadine 








■ bpot 


of copper. Tbs dose on ibe Arablcos 122.00 (12333*: Robust as TCA market. Reuter reports. 
- -- i same): Robust as ICA isbs 

*. Daily average 115.83 


fKertLwts ttSJS. Turaover: lLOOO tonnes. 

l+'« 


*. n». 
OllU-ial 


l + <^1 


|vm. 

ragJDoai 


K \ £ 
|513.75-8.a+B.75j 
5J!4^8+4vB 


a 

320.5-1 


1976 11735 
U7j0 (i 
(120341. 


TesterrUy +c 
Oteie | - 


ikiyines 

Done 


+6.75 


COCOA 


J Snnuiiic 
1 


319,25 1+5.76 


5236-J6 I+5J7 


31.33 


. Casta £319, 19.35, 18, three 

m^Kh» rs24. 25. 24 . sta. 35 Kerbs: 

,niu months £335. 244. Afternoon: Cash 
teei.: three months £ 824.3, 15. Tg. 253. No. t> Contrt; 



ft.nu 

Oficul 

H 

p-nu 

UnpOtoUd 

f+or 

,sKl 

-'si 1-4 
aai-.B 
31U> 

+426 

3UJ&-.75 

321-.fi 

29.31 

-1 

-.375 


•5>:-iiew 


WHEAT 



to walk or stand. 

It was Angela Coletta's job to find 


mv£R 

-Wrt— TtJTTOVW 132 013) lots Pi 18.000 
M tfflipe s . . Baorulng:- Three moolhs 296. 32, , 

'fc io, IX iX i.L Kerbs: Three months M’mhj 

»S8.i, gj, 6 A. Afteniooa: Three monta. 

IgCVfc 3A18, 95. 42, 4.7, 4.B, -4.6. dope. 


of he: Efe as a Baraa^o^ soml wurker. 

Itwasn r t^y.B' ^we > i^gpy^^ 

realistic as w^^fond of ehaiten. . ; 

. People like Angela Coletta and :■ 
Jaime’s aw paients are essential to 7" 
Bamardo's. Also essential arethe funds to 
enable us to continue. CanngJor cMIdreii 
‘ demands a greatdeal of mcaxey.Wiil you. 
he^j? L Vv; -''■■i-y'-r . 


Send yourdhedoe/PO, Dr.Bamardo’s, 

to: Bwiardo't, FTS86 , ■/' ■ ■ ■ ' "• 

Freepoet, Uforil, BasexIQS LBR. - - . - ' - 



S "215, 27. Kerbs: Three lamtrhs £228, Sept T789J-35JJ 

frx 27, MJ. 35. 25*. Dec I1775J-80J1 


Dec jl 

Ittto riunsed but neglected, fhr- 

end-metal was initially priced on to 

tojjM bur could -not hold this level hSo'a’wim 

idd guyed, wtthtn the range of 021 - 022 . neae jj- jtqo 

[hare was scattered prnflt-ialdng. Tbe ££• 15 

tom the Kerb was £321^5. 

,-T»WBBBSa 


,ll67QJM700 


+ 13J; 1B0B.P-77&O 
+5J) -I7S0.U-7U 
+ 6.5 IUB9J-746.0 
+4^ \UXUl-tS* 

+ 7.5ilM6JMi5J 

+ KAI6SZJJ 

+ 42AIB7BJ) 


per cent, average I30.to C+*.l>. — 

COVEET CARDEN (prices to sterling u uiTmm auMihcii 

per package except where Mhennra ^ lnc __ 

slated v— Imported produce: Oranjmp— S. 

African: Valencia Late 4.00-5.10: Braal Han: ... 

Aograt !]“«-«-«* - Oils 

October J — 0.K 1 10-2O-B9.M s.og^jo; Spaiua: Trays 1.60- t'«wuut (PhlO..^.. 

December.. . I ajd-JUl— 0.40 1 11.4*+ lu JO j.no large boxes 4.20-5.50: S. African: (irauminut 

values lilt c'SSriHi-s. Afriean: 27/73 Lmreed Crude tv>., 

3.40-4.50; Jafla: 40's 4.40: Argomtae: Ruby faun Malayan. — 
Red 42/56 4^0^80. Marsh Seedless WX 
4.20: Californian: Mar* Seedless 64 
4J0, 56 4J0. Apple*— Prencfa: Golden Sends 

Delirious 20-lb M’s 15*4.60. 7Ts 4.504.70: Cojjra Phillip 
Tasmanian: S imm er Pippins 9.40-9.%. Soyabean lUJ 
Democrats 11 Wl. S. African: Granny 
Smith 8J0-&8Q: New Zealand: Stunner 


AS producers backed BWa}. tuibs F^+iMiarv li mi ia ,■ n fc:i„cn 

remained outoUr sreadv with tight con. 

Sumer buying, reports GUI and Duftos. j hmjtMBO ‘ 

.YeotPolay'aj + or'i Eualne """* 

COCOA ! Close — I Done 


August — — .tltBJUgj! — 

Sales: lil (32) lots of 100 tonnes. 


SUGAR 




CO MOON DAILY frttlCE (raw sugar) Pippins 163 10.30. 150 10.50: Italian: Per 


Him raitt l raw sugar) ripping iw id.ju. m i KMCt 

£88.00) a toraw ctf for gXtotmen't. pound Rome Beauty OJD. Golden Delirious 
price was find 


Salas: 2358 (2377) lot* of IB tonnes, 
tuumuionad Ceraa OrsanlsMiaa <U-S- 
ranis per pouod)— Daily price Ang. 3: 
15032 045.19). I n d l ra to r - pnees Aug. 3: 
15-day average 14537 (15033): 23-day 
average 144.04 (14330). 


GRAINS 


^Mo^g: caai CU, tore* imwtte£S23. mSePoBraed^ > uf R £gr <l 


Kerbs: 


£3213. 

•AfiA, 21, 213, 

per pound. 

«waai riOJH. t£M POT plesL 


»>• 00 laso.imf ■ dubs cw rer lawaua. pouou nouw Beamy u^». unw™ Hnnie Kutjim. 

White sugar dg&y price was fraud ai 0.1M33: Spanish: New cron 4.18-0 32; rutur&v... 

£10130 (£99.00). Prencb: Cardinal 8-13 Prar*— Vlcmrisn: 

Keen buying from one ttuarter to a winter Nells 7304.08: Per pound Prench: «o.o Am 

thin market Uftad prion some ISO potato Dr. Cuynt 2g-Ib box 4.00; Suanirii: y. 

during the opening call, reports C. WOUams Per pound 033-0.24: Ttattao: Dr. 

Camfeow. Later, -dasptte report* ot Cura 20- Q> 4.004 40. Peaefm— Italian: 

cheap sales to Morocco, further gains of U trays 239-2.70: Preocfr: L40-2.00. .. ”' llln -* 

around ISO points were recorded before Grapes— Per pouod Cyprus: Cardinal 03S. — 

Sultana 0.23. Thompson 0.SW.35. Rosakl y ‘ av - — 

030. Alphonse 0.45. Mums— Spanish: 5 Coffee Puture 

kOos Santa Rosa 130338: Italian; Per " or - — - 
pound Burbanks B 33-0 35; Caltfnrnlan: U*u»*A Ithlea — 

Santa Rosa 2Mb S30. Apricots— Kuu«er kilo 

Hungarian: 339). Bananas— Jamaican; Per j>ugxr 

pound 0.15. Avocados — Kenya: Puerre i>r»top»na. inm ... 

14'24’s +00430: S. African: Knerte 3.80- ~ 

430. cppskmus— Dutch: Per 5 Hies 

Italian: 130-2.00. 


seme day trade | 
jialns at tbe do* 

nvsr-caklas 

pared tbe 




PreL [Yvweniay* 

Previous 

Business 

Comm. 1 Close , 
Coco. 1 

Ctoee 

Done 


disa 
£136.80 
,-ldPOU 
*87.9 p 
2B53.. 

£129.5 

j-2.8b|£129.8& 

1 S126<40 

i-3.15l£B34p 
— 3.15'd904u 

<-0 602.5 —Sfi.0 K6.BD74 
£8.415 66.5iEfi.647.5 

5140.37 1 - 

*131/36 1 ;3132/Jb 

MILS —1.0 ,£308.26 
8321.26 1-0.575' £51846 

562Qy 

C»48 

— 12.5|3650 
£698 

1434 

5522)- 

'£345 

—10.0,5 WO 

5430 v 

S25&.J 

—5.0 ,5460 
-2.0 'SB76 

£82. IB 

-itajiaws 

£92 

i£92 

• 

E»S 

£1.840 

£1,777.6 

£10S 

—9.0 X 1.850 
+5.0 >CL767.7 

£1.128 

72.4c 

-8.0 ; £1.643.5 
: )0.9S.- 

55.25p 

£B9 

'i4,25p 

+5.0 '£90 


88 It- ■ '<J86 p 


_ *- Derunue 

— xnjL on heavy selling m the altemoco. AcU Oe* 5S-H'SHSl S-SS"^- 25 ) 9, - 5a ^ 8 - 5Q S- 00 : 

TBrw tnMllBt reports. Buying support . was. seen at Dtc. — : VLBMo.eu 

vrtn - urovmns * bom 4M3p l8Wtr wtoch Studied Che ■! *ta8-8530 — _ 

ron pravnms maUt ^ ,100. *7J0^7.7ilW.76«8JI0 Totnatuos-Ttnch: WO: <M l» 

the day. Barley opened unchanged name Aug—. ;Vtt.86 8l«lviajwnisll0435-W23 Jwtr 2«». Melons-Spantoh-. Yellow 


• Nominal. 
m Jnoe-Aug. 


t New crop. : iinauoted. 
nJnly-Sepu o Sepr rOn. 


repora,.. Buyta, support,, was. seen at £«HI M«l ggS ?£$£? ! 3& r iSSr 


support was seen on the lows io dose Oet 


3540p tower. 


BAlUJftV 


H + W 


Verterdsjr’sj + oe 
(toe — 


gettac Three months 294. 3.8, 4. S3. Nuv. 

JlUL. 

Slur. 


•f=V ‘ 
-«LVBa 

Bull km 
[bring 
prtoing 


L.M.K. 

tkw 

dounqbu. 

4BJDpth».. 

pfuMtaih* 

287.9p 

6lB,5[i 

-3.16 

-5.161 

287.08 p 
294-45(1 


ht-«r 


o9.15 

90.40 

I&90 


HMO 


TV JO 

ua.15 

b4.85 

07.30 

89^0 


”J — o_e 


cSS 


1-0.481 

[_ or Mar { Bw.60 1-0351 

BBSlMSi dm-Whaat: Sept SIcSSlIS. 

Nov. 88.BM7.4a, Jan. 90 JO- 9036, Man* 

83.16-92.80. Hay 8S.M-Si.6fi. Sal«: 136. 2337 (23.78). 


I - i t Barley: Sept. 7030-7930, Nov. 823M2.00. 
s n Jao - 84^8430. March 87.7B-673B. May 
8 oil. Sales: 92. . 


lOSilG D 43g| iB7.b6-U6.o6 8/14 230330. Water-melses— SpBidsli: 
1873837351 — Greek: 2304.00: Italian: 230^.00. 

— - Sneetrerw— Spanish: ' Per bo* 22 x 2 3.00. 
Slles: 3360 (2,124) tori of 50 tonnes. Ereftsii praduce: Putxtaos— Per 56-lb 
J2SSJ2?* JS wlllw ori %JZ WM-W. teltoee— Per 12 038. Cos 0.90. 

S aar ya3 . £3g *- 8s Webbs 030. Rhubarb— Per pound, out- 

LiS?' trad " door 0 06. Cucmrtbers— Per fray 12^4's 

£1 4100 fM- nsp ort 0.8g.L(B. Mushrooms- Per pound 0.48- 

lAoutioiii* Hiv ApunMik CU-S. 0.50, Apples Per potnxS Grenadier 0.1 D- 
"S Pe j^S d to 8- 15 - Genres Cave 0.1741.18. Tsmatnes- 

sSSf Per 13-lb KngUsb 2-88. Cubbases-Per 

<fi »r mIipoRtT sStrf 1 .rr. i. „ i «*• 1-40-1-88- Celery— Per head 0.10- 

” tor daB Unred o.lS. CauiUliwere-Per 12 Lincoln LOO- 

I ?renS5 n?y?nn l-SO- BriJed beans— Per pound 0.10. 

to fltott of acrem^per Jfl^ltilw <Wiwa Runner beaoe-Per powuJ stick 830330. 
to brariwA)*- while 2739 (3738). raw groom] l 1 (H). 15. Peas— Per pound 038- 

0.09. Cherries— Per pound black 0.4W.50. 
While 8353,40, Beetroot— Per 28-lb 0.60- 
030. Carrots— Per 28-lb 039-130. Capsi- 
cums— Per pound 030-0.25. Csuntettes— 
Per pound 0.883.10. Onto**— Per bag 


to. opot delivery in the tendon bolllAn 
-turkBt ) 


The UK ipoueury cncfUnent for the 


aqplvileflU Of tbe tong Hwds WBTK ? ^ acwcted te 

5 m 5553 c. down 4 - 7 « ■ three-nionih remkta vnchnnsnl. . 
taiJc. down 43c; stx-monih 5773c. down 
44c: and 12-momfr 602.4c, down 4.8c. 


WOOL FUTURES 

LOMDdft— The market yn dull 
Barucless. rgwtt* Bache Halsey si 
(P«toe per Mto) 


Australian iTesteniy 1 ^. art 
G«*vff.av Cto9e ^ 


EEC DAILY IMPORT LEVIES and 

Th? "y - rsgua M*. BtwnliBa* ritodve tor August 4 to fflthtr Qcober (2S944U 

nwrerotcj. in unUS of account per tonne: Common vu_. " E44M7J1 

whom- 82 . 20 . res nil (5180. rest nm: Oi .E 44 JMB 3 
Durum irinul— 124.3, real nil (12X48. OJg. 

COTTON Siul rrovt' JS ticeemnw _!p48-^^43 


Bantam 

Done 


enrrantp— Per pound 0303.40. Plume— 
Per pound Laztona 0.18. Rivera 0.173,19. 


(same) lots o t U 80 kfiox 


U^. WHEAT AID 
FOR BANGLADESH 

DACCA, August 3. 
BANGLADESH WILL receive 
200.000 tons of wheat from the 
US. during the current US. 
fiscal year under an agreement 
signed here between tbe two 


FINANCIAL TIMES 


Aug. 3 1 Aug. 2 iMauUi sen 

I Year mm 

255-83:234.491 B3B.94 

1 246.56 

(Base: July 1 . 1852= 

REUTER'S 

:I00) 

Aog. 5 | Aug. 2 

Uoutb ecu 

l’wa^o 

1422.8 1421^ 

r 1455.0 

I 1510.8 


(Bain: Seoraaibv ifl. 1931 = 1 Ml 


DOW JONES 


Dow 

Jooo» 


Aug. 


Aug. 

2 


oiwt .....334 86 353.30 


iluntb' 

« !*> I 


Vnu- 

«3.l 


366.45. 62. 70 


P«iturei»|34LB6l34a.dsi-41jB4. 36.68 


(Averaur 

wooers 


Uoodv's 

Aug. i Aug. IMoiiili Year 
3 j 2 j agfi sijo 

3 pie Uoramiv 

9l8 9 |916 9| 918.9 836.2 

■ nm+niwt vt uai-nvii 


nlD: Barter— rsira. rest oil (79.78. rest 

. ~ - - -- - nll>: Oats— «&39. tost oil ffl83&. rest uB>: _ 

LIVBRPOOL g>TTPH-ggc» dUP; HUm {otter than hybrid to *Kdtog>- Sator 
mom gale* amounted to 440 loaned, die 7597 . - 0 . 1 a. a ie all |TS37. rear nfli; •**-**• ■ 

hugen dgux total wfcpm* »«*»; brcmh»-A «a& mD: MBtof-fls. 73 , yDWgr ^*^*^—<10, oite to-ren .governments, reports Reuter. 

S^ntTS^aSSSat The food aid, valued at $26m, 
iSpwSai "by the Hrnwr S&JM 553 . ifc «*«* ’ ^ 36 tMS 23 , saa5 comes under Washington's “fond 

pown raUng- tor ibp raw mat erial and ^.ot 112 ** 8 ): Rra— 0435 (I2S38). ? a r 8 - for development programme 

operations .took placp io AJncan un ,IH " ,J " """ 

IHdiflg Eastwo growths. 

fftFFPF • ■ RUBBER 

. ,'LUrniC . UNCHANGED « 

Surly tosses m- ftobusus were, tnilckiy Physical markeL Omet tlmmshom the 187-83. Jntr OcL U239. Due. 1 SL 8 B. *L "ITh"**! ,0 totKi soles fB.de. 

regibart.: Drexel BarBiuun -Lambert day. clsstoe ob 9 *ll«M)y EtoKher nmt. Total sal® ^ ia - tO receive SUCh aid under the £\o&-Q. 4 W» n. B B T i% ■ -Ttrhr r t 

reports^' Doubta over producer price Lewi*. and Peat reported a Malaysia BRADFORD— The markn was very programme. C.48. saitne 


35 *-Jr„v?ii & a 2* i *LJ is f° r development programme “ ** "»ne: shuif cod f+Bo-ftro/ 

^ 3 T S5mf L 55 n ^ 4; and forms part of SQQ.000 torts : *** b,n d „^ B . 

Of wheat designated for Bansja- 


GRIMSBY FISH— Supply sootf, deffawi 
bum. Prices at dap’* tide luuproeimed ‘ 
per none: Shuif cod £4.08-£LiD. ctidUmu. 
“ ’ ' W-M so. 

luddnck <3.28- 


. . ■» flesh In the three years to 1980. 

unchanged opening i&a ( *L .Bangladesh Is the first country f k " med d ,M*wi ib.so. medium 01.00. iar« 


NEHY YORK, August 3. 

“3-25 1 13330 1, DfC. 146.4a 
il4 ( 35i, March 144.45, May 1413U. July 
12-“- Sept. 13730. Dec. 135.45. Sale*: 
577. 

c ” Cuntract: Scot. 119.00 
<12330). Dec. I12.U0-1 tojO fllU.Wi. March 
1M.OO. May UC.aii-iujjM. July 109.00-100.00, 
SfPL 101JW-HB.IB. Dec. 0530-t01.no. 
Sales: 605. 

Copper— Aug. 6230 < 63.001, Sept- 63.40 
<63.60). Del. 6335, Dec. 65.20. Jan. 6530. 
March 6635. May sun. July 6B.10, Sept. 
70-10, Dec. 71.60. Jan, 72.15, March 73.20. 
May 74.28. Sales; 4300. 

Comm— No. 2: on. 61.25 <6U0). Dec. 
63.0833.10 I0.sn. March 64.70, May 65.70. 
July 66.70. On. 65-00, Dec. 65.40. Sales: 
3350. 

*GnW— Au«. 200.00 <202.601, Sept. 201.20 
<203301. OCL 202.60, Dec. 205.70. Feb. 
70S SO. April 2I2J0. June 215.70. Aug. 
21830. Oct. 222.70. Dec- 22620. Feb. 228.70, 
April 23330. June 236.70. Sales: 23.440. 

tLarrf— OilBogn loose 22.75 1 samel. NY 
prime sioam 24.25 asked (24.25 traded). 

(Maize— Sept. 2201-220 (221 >. Dee. X!7i- 
237 i237f •. March 236-2351. May 2411-342, 
July 2441-245. SepL 245 nom. 

SPIaHnnm— On. 2Hl3D.-JB2.0O (264.60). 
Jan. 265.00 iSfiS.601. 4pnl 26930-260.70. 
July 273.00-274. at). Oct. 277.70-27730, Jan. 
2X2 00-282 .20. April 256.00-286.40. Sales: 
1.480. 

H5«ver— Aits. 547.50 153230), Sept. 551.00 
<556 30), OcL 555.00. Dec. 563.10. Jan. 
567.10. March 575 50. Mdy 584.10. Juli' 
9U.00, Sept. 601.90. Dec. 61530. Jan. 
620 10. March 09.50, May 638.90. Sale«: 

12.000. Handy and Hannan spot bullion 
551. DO 1557.00). 

5oyabeaas— Ang. 622-623 i62CJ). Sepr. 
B12-K1P) >60S;i. Nov. 599-604. Jan. 

607. March 615. May 620, July 623, Auk. 
ECO. 

Soyabean Oil— Aug. 23.40-23.45 <23371. 
Sept. 22.70-23.65 <22.65). Oct. 22.10, Dec. 
21.60-21.65. jan. 21.60. March 2I.6S. May 
21.65. July 21.70. Auk. 21.85-21.70. 

flSDyabnan Meal— Aug. 16238 (182.80). 
Scpl. 161 30-1 E 00 (161.70). Ott. Ifil.S*. 

162.00. Dec. 16230-162.60, Jan. 163.50-16330. 
Marrh 166.20. Slay 167.50. July 16S.B0. 

Mlir— No. 11: Sepl. 63S-639 I63S). 
Oct. 8.60-6. 9S 10.97). Jan. 7.15-730. Uareh 

7.4. >7.47. May 7.60-7. Bl. July 738. Sept. 
R.eo. on. S. 10-6.14. Jan. 8.15-S.60. Sales: 

5.005. 

Tin — 570.00-5*1.80 nnm. <573.00-579.00 1. 
■*Wtnat— ' Start. 3124^13 < 309;». Dec. St li- 
312 <309*1. March 3U. May 3073. July 
30W. Seni. 303 nom. 

HINNIPEG. Aue 3. tfRye— Oct. S9 P0 
(69 50 bid i. Nnv. 90 50 trim. <90.50 asked*. 
Dpc. «50 avked. May ai.00. 

HOnU— Oct n.311 bid 170.401. Dec. 71.60 
bid 170.40 bld>. March 70.30 bid, May 
70.<B1 hid. 

TT Bar lev— Od. 72.30 bid 1 71.00). Dee. 
72. so 3-*.-d *7) 601. Mard) 72.40 asked. 
Mit 75 40 asked. 

5 5 Flaxseed— on. 231.70 bid >231.00). 
Nnv 230.08 bid (229.48 1. Dec. 229.30, May 

237.00. 

WWhtat— SCWRS WS per cent, prnirin 
content ciT SL Lawrence 162.32 iWX’. 


Ail cents per pound ex-warehouse 
unless otherwise staled- “ Ss per troy 
ounce— 100 ounce lots f Chicago loose 
is per 100 lbs— Dept, of Ag. prices pre- 
vious day. Prime steam fob. SY bulk 
tank cars. J Cents per 36 lb bushel ex- 
warehouse. 5.000 bushel lois. f ta per 
trny ounce, for 50 oz nnlts nf 09.9 per 
cent purity delivered NY. r . Cents per 
troy ounce ex-warehouse. II New* " B " 
contract in is a short loo for bulk lot* 
of 100 short ions delrvcrd fob cars 
Chicago. Toledo. St. Louis and Alton. 
** rente per G9 lb bushel in stare, 
ft Cents per 24 lb bushel, '-i Cents per 
43 lb bushel ex-warehniup i} Cents per 
56 lb bushel cx-warehonse, 1,000 bushel 
lots. 22 SC pot tonnfl 


Rubber output 
rises in 

West Malaysia 


KUALA LUMPUR. Aug. 3. 
WEST MALAYSIAN rubber pro- 
duction in May rose to 163,200 
tonnes from 86,020 tonnes in 
April and 99,591 in May last year, 
according to Statistics Depart- 
ment figures, reports Reuter. 

Output : n the first five months 
totalled 545.997 tonnes, slightly 
down on the 580,133 tonnes pro- 
duced in the corresponding 
period of 1977. 




: V, ’r'i- 





r k 




28 


Financial Times Friday August '4 -187SL: 


' STOCK EXCHANG E REPORT 


Widespread firmness leaves index just below 500 but 
All-share reaches peak since compilation in 1962 


Account Dealing Dates diminished further. Only 424 following the compulsory sale. 
Option contracts were completed com- at 522 p per share, of the recently 

•First Declare- Last Account Pared with the previous day's 638 acquired im Onne shares, while 


City figured prominently in made by North Sea oil stocks. Investment. 330p. In Financials. 
Hotels and Caterers, dosing 12 Thomson firmed 7 lo 273p and stoekjObbereAkroyd. and Smlthere 
r 1-Hfn Associated Newspapers 5 io 186p. advanced 6 to 228p_ 
km 1 t 1B 2 p ^?„ of ,3SP t hP Elsewhere, W. N. Sharpe added 10 sha * Carpets rose 5 to 49p in 
bid talk revived. Following the l0 2 l2p in continued response to belated response to the chairman 's 

nrAvintie camliiin «r C nrt ihP th » ■fnnaAeoiiPa ihtonm Mkrnltc -■ - - ; 


- -j Hm timA <* ifasiiMac'mau Eurolhcrra encountered further Renewed mpdest demand left 

from 4 jq a.m? m. business daw earlier* demand and, with no sellers lo ICI 3 dearer at 394p and Ftsons 

Impair progress, improved 8 to 3 to the good at 375p. Elsewhere, 


previous day’s reaction of S on the the impressive interim results, statement in an otherwise quietly 
announcement that the Allied and Dickinson Robinson rose 7 to firm Textiles section, while A. 


“SL \uf ~{! s -IT a peak nr 178p“ com pared "wilh an Blagden and Noakes firmed S to 
it-.ierdai to pierce the FT JO- 5 ' r j ceor ^ Mp . 260p on small buying in a 

hharc index .lilt) level but Closed 1 root-riot pH market 


tried 


restricted markeL 

Insurances firm 

A firm trend prevailed in WiUTIlg & GiliOW Up 
EL'S* 1 hl M ^k«nn ar, fhI 0r pp Insurann:*. Ahead of Monday's stores encountered a good 

elTorts b.v .insisting the FT- interim results. Commercial Union selective demand. Among the 
h, C .S^ S niiicl!?! 6 '? d “* edsed fonvard a penny to 158p. j ea ders. Debenbams rose 4 to 97p 


within a h a i rebrand l h of it with 
a rise o! 4.6 at 499.9. Secondary 
issues, however, assured the 


.. . . cun ^ lu iiuuu, i vi snares cornu ex-niviaena on 

smLL' compilation in April 1962; second successive day. Sedgwick Monday and fresh speculative 
tho rise was O.i per cent at Forbes put on 10, to 457p. among interest left Burton Ordinary a 

r ml-nrr whOro IViVltc V I aL. AS 


that the - - . , . — , 

Breweries shareholding had been 1S3 P< latter’s interim figures ounlilll. 8 higher at 353p, provided 
“i< - 'nrtltutloos for ^only^ortby mo^men, in 

— .jp per share, interest in Trust rat^ st jjj a factor despite yes- 

Houses Forte subsidised and the terday’s unchanged Minimum n _ l-jj, 

price Steadied to 230p. up a Lending Rate, Properties made Premium IlOlflS OOlOS 
penny. Warner Holidays “A” further progress In the largest ^he strong rise in the Invest- 
edged forward to S4ip in response turnover for some time. Leading ment dollar premium held to the 
to the chairman's nDtimistic issues traded actively around over- sterling price of South African 
iLjnnn* OptUXUStlC niKht leveIs and heU GoIds despite falls of Up to 50 

statement. modest Improvements, but Stock cents among the heavyweights 

broadest measure oF market r/firr v~.*iZ‘*A*** ViX wtnVnA j **p Conversion eased 3 to 272p In when expressed fn dollars. The 

Z“a,,r ■ “fiJ’H! % Compton Webb rise SSL ““ “ “ ar 

Miscellaneous Industrial leaders District, o better at lOOp, Ham- Dollar prices tended lower foU 
continued firmly but. as on Wed- merson A, 7 to at 59ap, and lowing the bullion market, but 
nesday, closed below the best in Chorchbnry Estates, 10 to the then steadied and eased again 
places. JBcecham improved 6 to good at 315p. A. and J. Mncklow later. The bullion price closed $1 
7Q3p, after 705p. and GI:i.tu closed improved 9 to 12Sp on country lower at S 202.625 an ounce. 

3 to the good at 598p, after ftOOp. buying. Despite the firm price of bullion 

Bowater finished 6 higher at I96p at the International Monetary 

with sentiment helped by news Qjlc steadier Fund auction, U.S. interest was 

tbat the group is to increase its modest against the background of 

in ci'nm-iih w u-i.h - ... US ; P rice of newsprint by just Oils rallied initially and the rise on Wall Street. There 

in hvmpatny with nrm gilts. ....... . under a per cent from October, regained the bulk of the previous was some limited profit-taking. 

First -quarter profits in line with day’s falls that stemmed from the The sterling fist of prices 
expectations and news that its Government's plans to increase finished mixed with President 
British Columbian Pulp and paper Petroleum Revenue Tax, but Brand i harder at £10i and 
buvi>r< mi u hiii-in.. r>r ihA inn ~ ninnrin" nano, eneapenen 3 more io iizp interests are to be sold left Reed closed some way below the Buffelsfonteln 4 softer at £101, 

bU ■' Lr^, n,a> bui,n ~ ° r lhe m3J0r CIoarinc - * International 4 to the good at lWp session’s best levels after a dis- while Helena gained 14 to 9B&p 

5*2™ ,® ons , and appointing trade. British Pet- but Kloof slipped 12 to 623p. 
hi* a ^978 d pe a 7^f sod* before ro,eQm ’ down 12 on Wednesday. Trading in South African 
J?*!*. ? f . bef .°/ e rallied to S48o before finishing a Financials 


228.34. 


Brokers where Willis Faber penny dearer at 156p and the A3 
Conviction that the 30-share in- gained 4 to 274p and Bowring up at 144p. House of Fraser put 
dex would achieve the awaited 3 io 11Sp. In Life issues. Equity on 3 to 157p but Molhercare 
brc.ikihruugli evident early and 1.au and Ifambro rose 6 remained on offer at lG2p, down 
in i lie day but enthusiasm around apiece to lS2p and 3oSp 4. Elsewhere, Waring and Glllow 

mid day lurucd towards a host or respectively. sained 6 to 12Sp in response to 

Mwondary stocks where trading The ban km^ sector had little the shnrply hi- her annual profits 
cundumns w-cre lyss difficult. Thu to Xr wSSun^ movSd higher ?-'d Liberty still on bid hopes, 
Ic.idcis, si ill subject to .stock jn K vninathy with firm gilts improved 4 to lB2p. Freemans 
she r l ago. Mibsequcntly eased s ecco 'mhi* Marshaliand Campion < London) were popular at 364p. 
from i lie best bolero responding ?SdS in ,o Sn in a thin msrkeT u »’ 12 - and WaU ^ revived with 
to Wall Siren's ..pemm: strength Thc rcccm dfsappofnLinc imShri an improvement of 5 to 200 P . 
and settling at the day's highest. season continued to deter P^'^JSSSSESPS 1 

.some poiL-ntiai buyers may buying or the major clearing 

have been discouraged by the banks anil prices hardly moved * tho 

ab.-cncc i»r a cut in Minimum from overnight levels. Domestic dl ' a| pojntJn ~ results - 

Lending Rate. but majority and investment currency Philips* Lamp rose 30 to 935p 

opinion was that this was bound inlluenccs helped Hong Kong anil on dollar premium influences, 
to occur sooner rather than later. Shanghai lo improve 9 to 342p, Thorn Electrical rose 6 to 3S0p, 
The number of bargains marked w hile Wells Fargo put on 11 while gains or 4 were seen in GEC. 
ruse lo 3.74b which is the highest points to £23|. 282p. Racai Electronics, 272p, and 

haure since May lti. After the previous day's rise of Fifeo, 98p. Best and May con- 

A more detailed assessment of 21 following the announcement frosted with a reaction of 5 to 
the. Govern nteni'is plans Tor in- lhe company had sold its a, P , on disappointment wlln the 
creased North Sea revenue bv 2t.4 ner vent stake in Trust results. Other dull spots included 
way of higher lax charges saw Houses Forte to various institu- two of the recent recent pacc- 
equilibrium' restored in oils and lion s Tfir about £4Sm, Allied p^akers, Henry WigfaM 7 off at 
ancillary North Sea stocks, but Breweries eased \ to 92ip. — ’’P- and Fa J°e«‘ Electronics, 8 
the resultant recovery in prices Bclhavcn responded lo the chair- cheaper at 335 p. 
was usually small. man's comments at the annual Secondary stocks provided 

U ill-edged securities continued pit£i!h»r« “nirfiiil- »• l a° 52p * ™ ost °L lh? int . ereat in.Engineer- 
to impress alihou-'h the volume Pi h ' Dl8t iHer s Ricked up a mgs. Buying m a thin market 
of business among the shorter p ke iJm0lin, , at 20 Jp .following left Startrite up 9 at 95p and 
maturities was less than on if C r ,ndustr ?;' K peter Brotherhood 8 higher at 

Wednesday. The market took the r „ B “ ?™ iy , wil 1 h 13:: P- Adwest 276p. and M&rton- 

un changed MLR announcement in fnu S w r ‘, I I S8p * T os t 8 apiec , e * uh,,e 

its si ride and a token trade was It^on-Jnn^rS^a- fi L? d WolseIe - v Ho Shes added 12 lo 
effected in the new long tap f n t ? n “Jj*' a P.4 H T* tfg ! W®?**"** -’ICp. Press-inspired yams of 2 
Exchequer 12 per cent l95Hi-'2tMl2 l n J - p ,* oonV? Iu-j u mg A and 4 respectively were recorded 
which made its debut 'yesterday , 200r L3o dec l e - y new ; in Brabam Millar, 40p. and Baker 

in XL 1-pa id form. Furihcr modest JJ lL /.^ i^' 1 ’ a [L d Parkins, 118p. TACE hardened 11 


FINANCIAL TIMES STOCK INDICT 


Aug. 


Aug. 

2 


Aug. 


July 

51 


Oommn.cotSca.^r^ 70.B4| 70.7^ 7Q.6l] 70.74 

i ™ -J nn mwl >70 All *79- m T*J 


Ptwd Interest ........... I 72.651 7BJSi 72.431 72J« 73.23 


Ftred imcresi -I «*-«-) ; ■— 43 l 

bauson! W-ai 

1 187.81 187.e! 191.3] 183.3j l83.4j 

B^4l S.3«! 5.3BI S.4« 5.411 

13,541 18 . 52 j 16.52 15 

«HUstw t ne«l-T».-.i 8.24-; 8.1* 8.18j 8.0^ 6.13 . 

Dculiugv narked- 5,74^ 4,754' 4.374* 0.045, .5,5171 4.' 

Bnaitr turnover £«.J - ! 203.85; 95.46, 65.11(101.71^ 7648J Btol 
Bqulty tw rinua * toUk.! - I jg.444 18.66^17.7^ IQAISijie.^ljT^J 
10 am «9 ?Jl 11 am <983. Noon 199-4. 1 W& 490.7, • ; -* 

, 7 om SSS ". 3 3m 493.7. ' : 

Latent i«tt* m-20* 8024. . -- i 

- Baiwd on 92 per cent curporoiHut tax. t Nl!=B.05. - i 

Basis 100 GosL Si-cs. 15/10-56. Fixed UK. 192k IttO. OrdL 1/7/38. qm 
C.9 53. SB Acdvitj Jubr-Dec. 19i2. • , 


Bold Minn. 

OnL Dir. YtekL,. 
Euulugfcir'UWfottiH i 6 - 21 
PiB itariu 



highs and lows 


s.e. activiYy- 


Oovt-Sec*.^ 
Ftwd Lot—. 
Ind. Ord — 
Gold Mlo«. 


\m 

> 1 ncu CnopVlBLticn 

High 

Low 

High 

Low 

78.5B 

68.79 

127.4 

49. IB 

Wl) 

(5:0 


(3/1.74 


70.73 

130.4 

60.53 

e/i) 

(6/Q 

(28/11/47) 

(5/1/70) 

499.9 

433.4 

649.9 

49.4 

i3.6r 

(M) 

(14/8/77? 

pa/S/40) 

191.5 

130.3 

442.3 

43.5 

il«l 

lb'll 

(M.-SubVi 26/10/7 ti [ 


Aug. 


— JJaily 
GUt-Ndged,. 

IuductrlH. M 

eipeculatiw..., 

Tutub j 

6-dayAr-raae 

Ollt-Kdged„ 
Indihrtriab^j 
Speculative. J 
Totals 1 


208.0 

I9S.0 

46.1 

1308 


15015 

178.1 

43.9 

1156 




»W" 

45*7 

iQOa.-J 


143,7 . 
1732- 


was subdued but there 


approach from Van Iona; the latter "e ? 11 
closed 3 off at 127p after un- 


Pacific Copper, with a gain of G 
to 64 p following a revival of 
speculative interest 
Elsewhere Conzinc Riotloto also 
rose G to 254p, but Pcko-WaJlscnd 
and Pan continental both suffered 
from declines in Sydney, respec- 
tively moving lower by 10 to 54Sp 

and 1 to £15. , 

Coppers. Rhodesians and Tins 
were all steady, influenced by the 
premium, but business was at a 
low level. 


RISES AND FALLS? 
YESTERDAY--^ 


British Fuads 

Corpus. OonHulon and 


Up Dm Vjw 

:66 -..?S 



* 

Industrials 

... Slfl 

Financial and Prop. 

.. 280 






Tncal — .... VO 


1 

» ’4 
* 

!-;-s 

* 0 

j ■ 8 

W Up 


after 571p. 


Brook Street Bureau and the and finned 6 to 164p 
close was 5_ up at 75p . while i n „«. frT1 „ nt Truer* 


recent dividend news. 


..^^ prora^ xi^ ga.^ u. ren<wed strength on WaU Street 232p. 
7 and 23 respectively in Mams, . nii rnn ,| ni -tnnrf mh- m , n /( 


gains 


“SSSlSrejS' H,tf iS* 216p. and City and Inter- respectively, 

nn #h^ national, 113p. put on 6 apiece. 
ings and John James put on the »tl«n+n iwiHmnr* o,nnnn«H 



m gl . i - l’uiu HU III . runnel muue.M Xillii.rv ■ - - . namunu ‘j 

switching into the near-short lap w fi pL, r^i P ' -iTL' to ^'P despite lower interim 

Exchequer in per cent 1983 R™ i f ”J. rh earnings. Comment on the results 

allowed ihe price io improve helped Acrow to firm 4 more to 


!^n« to uffSaAian-i onl" ^ Gart “ ore ’ S °P- and C«liol premium, 
mistic remarks at the AGM. 

1C Cas fell 13 to ®0p unsettled — 
bv the chairman's profits warning. 

Hoover A relinquished 2 to 2Df)p, 
after 287p, following the dis- 
appointing second-quarter figures. 


Features 


VKSiS 10 13,-r: Si. S iWTeTel SSX*X& ^The quietly firm “ieldere 

at which the Government broker [“J1, k P ln 'iMn^inmn* P ^r had Jo, “ Brown a couple of 

was last, and is believed to be \ Llv pence hardcr at 430p and GKN a 

Wall Si reefs upsurge produced speculative buying in a thin jmldeire were notable for a rise 
a marked one-way interest for market. Blue Circle made further OI * 10 19 ' p ln vosper ' 
investment currency and, with progress and firmed 3 more lo Alpine Soft Drinks featured 
sellers initially scarce. the 272 p. while Nottingham Brick Foods with a jump of 14 to 148p 
premium jumped to 10SJ per added 8 to 290p and Redland 4 following renewed interest in a 

cent. Eventually, the rush sub- to ItiOp. London Brick gained a restricted markeL Gains of 4 

sided and ihe rale slipped back couple of pence to 74p. Onne were seen in British Sugar, 126p. 
to a close of 10KJ per cent for a Developments were re-quoted at and Walson and Philip. 55p. while 
rise on the day of HI points. 53!p. and closed at 53p compared investment demand lifted Nordin 
Yesterday's SE conversion factor with the suspension price of and Peacock 3 to 85p. In Super- 
was 0.6.128 (0.670SI. Mi .ip awaiting developments; markets. Tcsco closed a shade 

Activity in Traded Options Saint Plnm held steady at 33p better at a 1378 peak of 50/ p. 


Still reflecting hopes of record 
trading during August. Motors Stock 

and Distributors continued to rnr ~ei 

attract a good two-way business 'VViVi 

and closed firmly. Heron Motor £p 


ACTIVE STOCKS 

No. 


terest was also shown In Lex Ser- Shel] Transport... 
vice, a penny harder at S8p. and Thomson Ore 
Kenning. 2t firmer at 7Gp. Com- BATsDefi ‘ 

Barclays Bank ... 


mercial Vehirles had an isolated 


tries improved 4 to a 1978 peak pi^gy 
Of 326 P . Raral K 


l 

o 

of 

Closing 

Change 

1978 

]OT- 

non 

marks price (p) 

on day 

high 

• low 

£1 

12 

394 

+ 3 

396 

328 

£1 

11 

153 

+ 4 

153 

102 

£1 

9 

842 

+ 4 

S96 

720 

25p 

9 

232 

+ 2 

234 

164 

25p 

9 

565 

+ 3 

586 

484 

25p 

8 

275 

+ 7 

295 

■ 155 

25p 

7 

285 

+ 2 

296 ‘ 

227 

£1 

7 

342 

— 

358 

296 

25 p 

7 

703 

+ 6 

705 

.583 

25p 

7 

39} 

+ i 

39} 

28 

50p 

7 

200 

+ 3 

200 . 

163 

£1 

7 

2S7 

+ 2 

287 

248 

50 p 

7 

98 

+ 2 

103 

87 

25p 

7 

272 

+ 4 

272 

196 

20p 

7 

136 

+ 1 

13G 

98 



LONDON TRADED OPTIONS 

y> : 

|| fuller 

Jjuiunry 

April 


Opt iun 

Kx'ivlM 
1 prii-e 

C train/, 
offer 

V.il. 

| Closing! 

| offer 1 Vnl. 

CIimIiIjj 

offer 

fid. 

_nvatf^ : 
dra«.... 

JJP 

: 730 

118 



i 139 


- 

- 


BP 

1 800 

.70 

1 13 

1 100 

[ 

126 

10 

' . *--* 

BP 

I 850 

42 

7 

| TO 

— 

93 




BP 

! 900 

22 

25 

45 

1 4 

67 


ra '=* 

|l Coin. I "nii in: 140 

23 

a 

26 


28,2 


I5si»‘ j L 

II L'uni. 1, mull' 160 

8 

5 

1 14, e 

— 

18 



. Cons null! 

1 160 

41 

— 

1 45 

5 

44 

- 

195p ' 


180 

22 

8 

26 


31 



CuUB. I'll >1,1 

200 

9 

48 

16 

21 

20 

*-» 



1 100 

26i a 

— 

281c 

1 

' 

W— 

124p'"c 

CourintiMtt 

| X10 

18 

5 

aoi a 


26 

— • 


CivnrtaiiliU 

120 

10 


13 


18l a 




130 

6 

3 

8,2 


13 

— 


GKU 

220 

65 

9 

69 

3 


— 

281p 

OK).: 

240 

46 


53 


68 


* ‘ 

OKU 

260 

28 

4 

38 


45 

- 

• . ; 

GEC 

280 

1512 

3 

26 


34 

3 

m 

Graud Met. 

100 

21 

6 

26 

7 

27l 9 

4 

118p- 

Grand Mel. 

110 

iih 

10 

16 

— 

191% 

8 


Onuid 31e(. 

120 

6>j 

7 

10 

22 

14 


* 

ICI 

330 

73 

15 

74 

5 

77 

2 

3Mp 

ICI 

360 

45 

7 

61 

3 

58 


• 

ICI 

590 

19i 3 

4 

32 


37 



IC! 

420 

• 6ij 

2 

16 

— 

23 

2 

’ _ 

Land .Set-". 

180 

63 

5 

64 

— 

68 

— 

257 p 1 


200 

45 

9 

46 

— 

51 

2 

-i ' 


220 

23is 

27 

28, s 

12 

36 

10 

nn • *’ 


240 

8 la 

70 

16,2 



22 



. 

Mark* X Sp. 

lzu 

49 


60 

— 

65 

-TO 

165p . -r 

liarkr X Sp. 

140 

30 

— 

32 

— 

37 

— 


Mark* X Sp. 

ISO 

13ia 

1 

18 


23 




Marks & Sn. 

180 

5 



B 


12>a 



Shell 

300 

83 



90 

| 

96 


565p 

Shell 

'650 

39 

7 

54 

| 

63 


^ . 

Shell 

600 

12 Lg 

__ 

30 



38 



Told Is 

_ 

— 

307 

1 

' 

88 J 


35 



APPOINTMENTS 


Senior executive changes at 
Barclays International 


Mr. Anthony Tuke. chairman of 
Barclays Bank, is in relinquish 
the chairmanship of BARCLAYS 
BANK INTERNATIONAL after 
The BB!\ annual meeting in 
February. 1979. This decision has 
been made because of Mr. Tuke's 
increasingly heavy commitments 
:i4 chairman or the Barclays 
Group and lhe continuing 
expansion of Barclays Bank Inter- 
n.ition.il. He will remain a 
director oT BBI. Mr. II. I'. A. 
Lambert will become chairman or 
Barclays Bank International on 
that date m addition lo his 
present position as a vlcc- 
rhairmaii of Barclays Bank. Mr. 
j. 1*. G. Wnlhcn will be a vice- 
chairman of Barclays Bank, 
relinquishing his pnsi as a 
v ire-thi'innan or BBI. but 
remaining ;» director. 


Mr. Gordon Jenkins, general 
s.ihw manager of Lyons Maid, has 
hvMii apoomleii a director of 
I.YuNs BAKF.BV and managing 
,1 Terror of SFK Foods and of 
l.inili-n Baker* . He takes over 
fi.iin Mr. I). (’. Johnson who is 
now oper.it ions director, sales, 
r.iarkpliiig and distribiition. 



Mr. 11. U. A. Lambert 


Lord \lier eon way. » via chair- 
m:n or SUN M.I.IANCE AND 
l.u\l.»«iN INSURANCE, has been 
f-li-*-t«-*l deputy chairman. The 
F.urt u f Crnw-ford anti Italrarres 
and Mr. II. I 1 . A. Ijnilirri have 
been elected vn-e chairmen m 
addition Im Mr. II. N. Sp<irburR. 


the Board of BSA SINTERED 
COMPONENTS. Mr. John Brack- 
pool. operations manager, has 
become a director of BSA METAL 
POWDERS. Mr. John Cooke, 
director and company accountant 
at BSA Sintered, lias taken over 
additional rexpnnsihihlies. lor BSA 
■Metal Powders on appointment to 
(hat Board. 


Vlr. Robert Fre-i has been 
;,n,i,,inicd pri'sirleni of BUDGET 

i;r\r ^ i:.\n ixternatiunal 

INF., whlv.li i>- tv.isvvl m the liK 
.mil i- a subsidiary of Budget 
Rent a far t;«i-|u*ra turn of 
He replaces .Mr. I. S. 
wJu» becomes a non- 
director of the UK 


Mr. Michael Grainger tlfhinney 
Murray Era?. I and Ernst. Paris > 
has been co-opted to membership 
of Ihe Council of the INSTITUTE 
OF CHARTERED ACCOUNTANTS 
IX ENGLAND AND WALES. 


Anione.i. 
Kirk Mill, 
executive 
i .niccrn. 


Mr. Ilrnn Knorpel has been 
.-;*IH»intcvl yolicitnr i deputy 
-•I.ere urv i to the DEPARTMENT 
<>F HEALTH AND SOCIAL 
SECURITY from November 20. 
He v« i!) '•Iiceccd Mr. M. W. M. 
Osmond, who is retiring from the 
Ser ice. Mr. Knnrpel is m present 
head nt .solicitors division. 


Mr. Mike Mallj. technical 
manager .has been appointed to 


Mr. E. F. Bigland has been 

appointed a director nf LONDON 
TRUST COMPANY from Septem- 
ber I. 

■k 

Mr. linger Banks, group finan- 
cial controller of RRENTNALL 
BEARD, has joined the Holdings 
Board. 

★ 

BARROW HEPBURN GROUP 
has unpointed Vlr. G. J. Tythcridgc 
as ail executive director respon- 
sible tn Mr. Richard Qdcy. chief 
executive, from .August 15. At 
the same time Mr. A. R. G Arbnfh- 
not and Mr. E. B. Spencer arc join- 


ing the board as non-executive 
directors. Mr. Tytheridge was 
formerly financial director of 
Foseco Minseo. 

★ 

Mr. David ReaveU has been 
appointed director of the ENGIN- 
EERING EMPLOYERS’ EAST 
ANGLIAN ASSOCIATION. He 
joins the Association from Comp- 
Air Industrial. 

★ 

Air Vice-Marshal C. C. Lamb 
has been appointed chief execu- 
tive to lhe BADMINTON ASSO- 
CIATION OF ENGLAND from 
October 2. Mr. Brian Bisseker 
has retired as secretary but 
remains with the Association to 
assist in managemenL 

*• 

Mr. A. F. Skyic is to join the 
divisional Board of the com- 
ponents division or DELTA 
METAL COMPANY from Septem 
ber 1 and become chairman of 
the gas control sub-division which 
comprises the subsidiaries Ewarts 
Sperryn and Co., and Sourdillon 
SA. 

* 

CONSTRUCTORS JOHN BROWN 
has formed an international divi- 
sion under the chairmanship of 
Sir. F. P. Korn, group marketing 
director. Other members of the 
Board of the new divisoin are: 
Mr. G. V. C. Davies; Mr. B. Pollard; 
.Mr. C. L SI berry: Mr. J. G Mel- 
bourne (group managing direc- 
tor), Mr. D. B. Dunsire {manag- 
ing director. Roxby Engineering 
International). 

ir 

Mr. Fred Chate. former director 
of operations for Shell UK Ex- 
ploration and Production, has 
joined the Board of BRITISH AL- 
WAYS HELICOPTERS. Mr. Chate. 
who retired from Shell in March 
after 33 years, was a founder 
member of Sub Sea Oil Services, 
a partly-owned subsidiary of Shell 
which explored the field of 
manned underwater operations. 
He is a member of the Aberdeen 
Harbour Board and a director of 
the Aberdeen Service Company 


NEW HIGHS AND LOWS FOR 1978 


Th* following Mcurltias Quoted In Die 
Share Information service yesterday 
attained new Highs and tows lor 1978. 


NEW HIGHS (332) 


BRITISH FUNDS (1) 
LOANS I1J 
AMERICANS 1101 
BANKS (II 
BEERS fGl 
BUILDINGS a 11 
CHEMICALS ISi 
DRAPERY A STORES (11) 
ELECTRICALS (11 ■ 
ENGINEERING (331 
FOODS i5) 
HOTELS Ml 
INDUSTRIALS 1341 
INSURANCE <S) 
MOTORS (4) 


NEWSPAPERS (21 
PAPER & PRINTING (3> 
PROPERTY (14) 
SHIPBUILDERS (T> 
SHOES (11 
TEXTILES 14) 
TRUSTS (143) 

OILS (1) 

OVERSEAS TRADERS (1) 
RUBBERS lit 
TEASH 
MINES t8> 


NEW LOWS (3) 

STORES II) 

Audiotronic 

_ ' PROPERTY (1) 

GUnneld Secs. 

_ TRUSTS (1) 

Doioswella 


Mr. \Y. A. Jackson has been 
appointed editorial director of 
BURLINGTON PUBLISHING 
COMPANY 1 11U21 and PERCIVAL 
MARSHALL AND CO. following 
the retirement of Mr. P. E. E. 
Brown. 


LEADERS AND LAGGARDS 


The following table ihwis chc percentage changes! which have taken plate since December JO. 1977. In Uw principal 
rquity scciioni of the FT Actuaries Share Indices. It .*-n contains ihe Cold Mines Index. 


Cold Mme» FT 

Mining Finance 

Nrwtpapcrs and Pablltaino 

Mechanical Engineering . .. , 

Otcrwm Traders 

Engineering Contractors 

Tobaccos 

Chemicals 

Togs and Comes 

Investment Trosa 

Wnu > and Sl’Tiis 

Motors and Distributors 

i jp-ial i;«d.K Croup 

Sorhting MUrrulj 

om« e«t«'P»»« 

Packaging and Paper 
Meial and Moral Forming .. 

•;»!i«Hoi--r i*M.ids «Durahi‘*< ^roup 
• ih-r >'.n«ip\ •• •• 

Electronics. Radio and TV . . 

l**l*;^tn:»l «;n*-in • • 

Te»i«te< . 

- •< »!Ut- Urt 


■eJJ n 
♦m hi 
*1853 
-IJ.W 
r -11 to 
+ 1>.0- 
•*■17 4) 
+ I7.3T 
*iL« 
+W74 
+ 9.6V 
+ 9 J9 
+ 946 
+ T.99 
+ 8.73 
+ 8.79 

♦ 739 

♦ 7.39 
•7* 

* 7J9 

* 6 73 
f 6 . 2 ) 

bjn 


All hhan- Ini- j . ..... 

Contracting and Coostructioo 

Clcciricals 

• uncunist <trnuo (Xoa-UurabVi Croup 

inturanre Itife) 

Sioroc 

PhartnaccuilcAl Products ... -.... - ..... 

Oils . 

Food Retailing 

Proncri* 

Browenc* ... 

Household Goods 

Entertainment and Cato Hug 

food ManFactamig 

K manna I r.rouo . .. . - ...» . 

Merdiam Banks 

•oturoncc (CampoSUC) - 

Bank* 

Mire Purchase 

Dlscoom Houses 

Shipping 


+ 4.M 

+ SO 

+ s 42 

+ 499 

+ 3.83 

+ 3A9 

+ J-S2 

- — + WS 

+ «7 

*■ 12 2 

....... + ZS9 

+ U13 

*■ 1.96 

035 

- 0.73 

- 748 

- 2.7b 

— 4_2) 

. . ..... - has 

. - 6JS 

-ULaj 


Insurance 


Brokers . — + k!2 


- PiTcvnuuis itians-'s bas-.d on Tu^ 
in-li-.i s. 


-lay. Ausust 1. 1SW, 


OPTIONS 

DEALING DATES New Throgmorton Warrants, 

First Last Last For Rolork. Mersev Docks, Ue 

Deal- Deal- Declare- Settle- Cooper, Britannia Arrow, British 

Ings logs llou ment Land, Status Discount Premier 

Aug. 7 Aug. 14 Oct. 26 .Nov. 7 Consolidated Oil, Reed Inter- 
Aug. IS Aug. 29 Nov. 9 Nov. 21 national, English China Clays and 
Aug. 30 Sep. 11 Nov. 23 Dee. 5 English Property. A put was 
For rate indications see end of done in UDT, while doubles were 
Share Information Service arranged in English Property 
Money was given for the call New Throgmorton Warrants and 
in Mills and Alien, Thomson Britannia Arrow. A short-dated 
Organisation, Weir, President call was transacted ■ in Lex 
Sleyn. Consolidated Gold Fields, Service. 


RECENT ISSUES 


EQUITIES 


_'T£ j 

l**uo 

Prl-.-c a— S = ' 
l» I : — : Hlul 


KiS 


Sunk 


i : ic — 

!?|r.'+ or. “ f 

'i“ - !- 


III!. 


mi 


76 

K.l*. 

30+| at t5 iHratuaU iC.ll.i |91 | 

t4.6 

66 

p.r. 

31/8 ?:• 71 iQutiei^ Sii|«ntMlii....| 75 i 

W2.41 


r.P. 

— ; ■, IBmrar — 1 10 i+l2 


IOO 

K.P. 

5>7 • 176 lay iKun/thenii 1176 | + 8 


85 

K.l*. 

24. F til ■ Hi rdominc Peir.^er. ice-. 88 .—2 

t y* *! 

115 

K.l*. 

0/9 146 152 !j«ie» iE.Mivn , lraiI0p|144 +1 

Ll 


3.11 

5.1 


7.6i 4.9 

4.9 6.7 


5.o| 8.3' 16.' 


3.0' 

2.1 


8.3,16.7 
&0 1 6J 
6.7j 12 5 


FIXED INTEREST STOCKS 


2|] f=r j 

' <£ Hi-Ill G.h ) 



■ ■ | K.l'. 

C98 U50 
UB9.4 k.l*. 

iSfiu' F.r. 
eioo j:io 
II CIO 
100|. F.l*. 
EIOO j K.l*. 

N I e-y. 

K.K. 

r.r. 
r. k 
r r 
e.e. 
£100 F.r. 

p.i*. 
1:99)4 r.H. 
L'9bi«X45 
£99^ F.F. 
tsea»x4o 
F.t*. 


I. 1 -' 9 1 

1 la-o 1 
148-8 


15; 12 
1 //U 
; ib'B i 


{96 


iiS’O > 
18.8 ' 
15.12; 


< 9/8 | 

; 1.9 ; 

140/10 


*||; 

*«l4l 

ft>/4 

4Hj, 

Ii» 1 

II, *.. 

IJ. H 

IO»|- i 
lows! 
i«i*. 
lOojn 
W|. 
91,, 
bt> 

♦1 : 

m J " 

«1 4 

**•« 

SM;. 

wp 


D4| iAlrtt>«' MnoiiiiliMo lu^ Prf. 

SllvV*P*M ll|.|»Urt>»i prm 


« [HkfWt L:; Bc*l. 19Bi 


V* jHiniiiil^hMiu Vor IlMv E3- 


9Ui«iCon»*fea V«r. Itots lieil. 1983 

101b} ' tiu. Kt<L lift* 

AntiUn M'oUt 7* llwi. Hm. ISBa 

l 1 1 'ficNe-uu-i'ol lti-.i<nUmlC^I(m12nilL‘aiTiPi«( l 

H9a*:,i1iniHinili Vpr. Uau- 19BJ 

lti*. li^SS Udi 

103|r FtemhRvon Kriilun U^L'uni. Fn»f. 

97|iUe<uien FruiL-«*. 102 Cum. 

cii (lUnh»u4 M Prei 

83 iilnnUi.Vh Uf| Tonlr lior. L no. Lo. ’Bh-'ci 

<ii .IliiroO'Fcnml* ll^ L-iwi (.'inn. I'i~i 

Sj.^ MwtUampiun l or. Kau> He>i. 1983 

*f| _li>S I'rei 1 

Oyi^ixltna Vo». Wolf Kisl. Idta 

43 . WHlUiPThl-04101.0 12^ Iteil. la 

9y»5i[\Vno(lsKOTtb Variable 1983 — 

•at 'AVI Kenv Woier 18% tieh. IW- 

H>( [Vooc" A l Bretrerc ^ Prel....~ 


.’ 94u< — ... 

.1 94\- 

' 5214 : + Is 
. 99 14 

. 100 : 

■: 11, v -ru 

I J004' 

■ lOf ti 

104 rV 

; 98,r 

91lflp l + i 2 

. aa : 

! lOOi.l 

991? 

: 44*4 -T *8 

|97b| 

241* 

96p ' 


<4 


RIGHTS” OFFERS 


m 

I 

laioi 

| Ultimo*-. 1 

j Dnie 1 

S.\2./a 

1 M. ! 

1 16-bi 

13, f 

6 

k.p. : 

28 7 

18.6 

28 

r.p. . 

18/ V 

lts-fc 

la 

r.p. 

26 7 

Ib.e 

14 1; 

K.P. 

2b 7 

16 c 

36 

r.p. 

2 8 

l'S 

lOd ! 

K.P. 

l+-'i 

4-e 

72 

Ml 

48 

i-fl 

70 

Nii 

10/8. 

219 

3u 

r.p. 

3.C 

19! 

94 

Nil 

__ 1 


aU 1 

r.p.: 

22 7 

b4 

110 

Nil 

14.8 

8-9 

loo : 

Nt! 1 



84 1 Nil [ 


— : 


1 97b . 


Hiyi ] t»«v I 


ti'> , ii«!+ w 
Fricc J — 
P- \ 


91- ■ 


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53 


20pni 
lh|nn| 
a-.H; 
li| nil. 


iSmm'A'XZ — | 

glp Brlriai-ii'l Pn«.-ew«s... 1 

3llf Uno4v 'I, wl kii” j 

If In lHivnp.nl I, (lira 

IFlyiKInfl U-L.Uofi|«r 

4F Hnniiaiii -ini', A l.'ivnmm ■ 

IV ! HnI.» «...■! 

Lipm Ij. 1.1 1 . j 

9|uu' IJ/et-li (Will . 1 ■; 

..Vonoa |1V. K.I 


36 ; 

Lth'inf 

lipui; 


lD|im;Prt>verty l*anucnJiijB. — .j 

ad 'nuclillp i-peamnan -| 

atymlTeusieiult I 

19pm AVillhu nr-AJ* m '» Eu9 J*C vCtn&l t*f . 
6pm Y i*ritaliiro t'l iciii u *i» [ 


32pm: + 2 

***f. - — 

38 i 

21 '^.i 2 

18' S , 

55 

123 

20|.n.| 

18pm' +2 

4b : 

10pm;— 2 

70 1 

35 pm: + 1 
IBpnii _.... 
6pm; 


KeiiuiRadiion nace usiiall* utfl <U) In (kalliix free oi stamp nuu. n k, auras 
h;u«wi on pnMicvTut roiimar^. a Assumed divMem, and tow. a Rareeas dividend- 
diver based cm prevmna near's earnlnss. r Dividend am) yield tUKfl 00 urosawias 
■11 01 1 nflidal esi’n uaiie, inr 19ft u 1 1 mss 1 ‘-'laurro as^i/rm-l f [Jnver it:mc 

fur eunversion 01 shares imi now ranki«6 lor dividend nr rankim only fnr restrtcrefl 
mi-uVnm t Mia. ■(■•r price m luoiic F- 1"«W uiiie<j ixherwise mdicaie<L n Issued 
hv lender ll riderpn i 9 hn Inert Orrttnarv -ihurro ** , riahih " *” tmiied 

Or way ill caDiialluihin n minimum lender orlee. ** Reintrmliiced. 6) Issued 
m iinincL-tinn with ruiruiimsaimfi merzST nr Utennr nl Iptrndutlinn. — I l»*ned 
>o lonner rroiereni e nuidi-™ p AUmniem h-riees tor !ull?-D4ldi. • Pransmoa) 
or punb-paiil aliouucDi ieutra. - * With ararranis. 


FT-ACTUARIES SHAKE INDICES 


I*. 


These Indices are (he joint compilation of the Financial Times, the Institnte of Actuaries 1: ; 

and the Faculty of Actuaries 


r 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Figures in parentheses show number of 
stocks pw section 


Timrs., Aug. 3, 1978 


Index 

No. 


Day's 


Ext, 

Earning? 

Yield 

(Max.) 

Corp. 

TaST* 


Grass 

Die. 

Yield %j 
IACT 
at 33%) 


48 


51 


59 


CAPITAL GOODS (176). 
Building Materials i27)_ 


Con tracti ng.ConstrnetioD CZ7)_ 
Electricals (14) 


Engineering Contractors (14J._ 
Mechanical Engioeering(72) — 
Metals and Metal Forming! 1®. 
CONSVMEK GOODS 
(DURABLEH52) 


LL Electronics, Radio TV (15)- 
Houaebold Goods (12) — 


Motors and Distributors (25). 
CONSUMER GOODS 
CrON-DCRABLE, (ITS) . 


BreweriesiMi — ^ 

Wines and Spirits!® 

Entertainment Catering (17) 

Food Manufacturing Cl). 

Food Retailing (15) 


Newspapers. Publishing (13) 

Packaging and Paper 05) 

Stores (40) 


Textiles O). 
Tobaccos (3). 


Toys and Canes I®. 


OTHER GROUPS (9® — 

Chemicals (19) * 

Pharmaceutical Products (7)- 

Office Equipment (® 

Shipping (IOJL 


MiscellaaeonsiM)-- 


INDCSTKIAL GROUP (495) 


Oils (5) — 


500 SHARE INTO 


FINANCIAL GSOUPllOO). 

Banks?®- — 


Discount Houses i IO).. 

Hire Purchase 1 51 


InsuranceiLifeKlO). 


Insi ranee (Composite) *7). 

Insurance Brokers I ID) 

Merchant Banks (74) 

Property (3ti 


70 | Miscellaneous!?!.. 


Investment Trusts! 50 J — 

Mining Finance (4l. 


Overseas Traders f 19) 


ALL-SHARE INDEX (673) 


23134 


21Z29 

371.15 

488.88 

34L66 

186.01 

174.11 


210.81 
253.46 
185 BO 
129.69 


21533 

240.41. 

282.16 

264.47 

205.09 

225.02 


404.65. 

144.44 

201.62 

18132 


253.17 

114.00 


209.78 

296J7 

273.84 

13535 

42255 

22437 


224.88 


488.22 


24730 


173.01 

188.01 

214.80 
15834 
147.76 

135.80 

363.81 
81.77 

255.73 

109.47 


236.96 

106.25 

31899 


228.34 


+0.9 
+0.9 
+2 2 
+12 
+0.7 
+0.4 
+0.7 


+ 1.0 

+ 1.1 


+ 1.0 


+0.7 


+13 

+0.4 

+ 0.6 

+0JL 

+21 

+2.4 

+0.9 

+03 

+02 

+15 

+ 0.6 

+0.7 

+ 0.6 

+03 


+0.6 


+03 


+05 


+0.7 


+ 0.6 


+1.9 


+ 1.1 

+0.9 

+ 1.1 

+0.3 

+ 0.6 

+03 


+ 1.2 

+0.7 

+03 


+0.7 


16.41 

1631 

1857 

14.02 

17.56 

17.62 

16.18 


1643 

14.76 

15.96 

1938 


15.13 

14.48 

1537 

14.87 

18.42 

1351 

9.96 

18.01 

10.68 

1836 


21.67 

19.91 

1532 

1667 

1056 

17.71 

17.11 

1607 


3558 


15.11 


1551 


24.86 

32.46 


12.94 


2.79 

23.09 


2.93 

1661 

17.09 


531 

534 

4.00 

379 

606 

5.79 

&11 


Est 

P!B 

Ratio 

(Net) 

Corp- 

Tax.SS 


Wed., 

Aug. 

2 


Index 

Ka 


8.43 

8.69 

7.71 

10.11 

758 

7.60 

642 


497 

4.02 

609 

621 


5 58 
566 
5.33 
656 
5.40 
459 
3.09 

734 
467 
7.64 
739 
5.60 
552 

5.90 
3.74 
5.62 

735 

5.91 


5.46 


4.05 


5.25 

5.55 

622 

605 

530 

636 

628 

4.32 

599 

2.92 

7.63 

4.34 

655 

7.03 

532 


8.31 

952 

662 

7.27 


693 

9.52 

10.00 

984 

7.18 

1038 

1433 

730 

13.77 

7.13 

5.44 

5.99 

8.55 

614 

11.79 

668 

730 

629 


668 


7.18 


642 


603 

3368 


11.07 


70.51 

5.61 


34.12 

733 

738 


-229.20 

210.47 

363.05 

48289 

33931 

18534 

17296 


20681 

250.76 

185.87 

12839 


Tues. 

Aug. 

1 


Index 

No. 


Mon. 

July 

31 


Index 

No. 


ft 


Frt. 

July 

28 


Index 

No. 


-Ymp/ 

W. •®f' 


* 


Index' 

Na- 






22610 

20936 

35667 

48357 

33651 

183.% 

17274 


213.82 

24034 

278.43 

26334 

20363 

224.79 

39637 

14161 

19988 

180.74 

25267 

11230 

20656 


293.98 

27219 

135.01 

42255 

223.05 


22320 


485.G0 


24534 


17200 

18801 

210.88 

15854 

14611 

13458 

359.76 

8153 

254.28 

10930 


234.04 

10547 

318.46 


226.72 


20610 

249.02 

184.71 

128.77 


213.96 

23618 

277.71 

26438 

20211 

22238 


410.72 

14138 

2OL07 

18L72 

255.15 

11268 


207.84 
294.16 
270.99 
13433 
420.76 
221 


52 


22276 


493.75 


24550 


17L10 
187 80 
210.64 
155.86 
145.61 
13386 
35536 
8033 
25258 
10909 


23038 

10684 

320.69 


22655 


225.80 

20733 

35526 

47648 

331.95 

18204 

170.78 


207.14 

24758 

184.11 

12613 


21215 


23254 

27537 

26280 

20690 

220.98 

40738 

13931 

199.79 

179.15 

253.11 

11660 

286.20 

29216 

26834 

13371 

419.61 

219.44 


220.88 


48637 


24334 


168.15 
18635 
209.93 
155.86 
14237 
129.60 
352 65 
80.43 
24679 
10693 


22747 

10487 

31793 


224.17 


22638 

20644 

35781 

48230 

33291 

18212 

17LD8 


28745 

-24655 

184.66 

12603 


23332 

23337 

277.74 

263.95 

20L75 

221.18 


40913 

14681 

20680 

180.71 

254.11 

21684 

20661 


293X5 

26686 

134.43 

41736 

219.78 


22164 


49136 


24437 


16654 
187.76 
210 J5 
157.78 
14247 
129.49 
351.88 
8032 
-247.30 
109.06 


22649 

104.41 

31931 


18922, 
lHttT- 
265 JTrft' 
38M0 
27936- 
16534;.- 
15L52.;.T‘ 


wm 

38654- ' 
15838 


332*^- 


176J?i- 
Wfr 
21116 . 
2KB-‘-W. 
17X0 
11640V 

m» 

159.75 
ISUf: 
22131- 

1IM8--+ 
18605 9j 

11124 .C 1 


18S35.. 


isaM 


S0235- 


214X6, 


14056 

154 82 
179.97 
13655-' 
10750- ■ 
114S 
315.* 
6748 
19558 
WA4. 


FIXED INTEREST PRICE INDICES 


Br 

itish Government 

Thors. 

Aug. 

3 

nay* 

'hang* 

ttd adj. 
To-day 

xd adj. 

1978 
to date 

1 

L" ndcr 3 years.... 

10565 

+0 12 

038 

5.55 

n 

5-15 years. — 

115 £2 

+014 

■ 

704 

2 

Over 15 years 

121.66 

+020 


821 

4 

Irredeemable 

128 23 

+0.43 


724 

5 

AU stork.' 

113.69 

■MJ16 

ou 

683 


FIXED INTEREST 
YIELDS 

Br. Goa Av. Gross Red. 


20 


Low 

Coupons 


years.. 

j-ears.. 

j'ears. 


Medium 

Coupons 


years.. 

years.. 

years.. 


High 

Coupons 


yean... 

years. 

years. 


Irredeemable* 


Thiirs. 

Aug. 

3 


861 

10.82 

1L54 


1130 

1202 

1209 


1L32 

1250 

1276 


1154 



1135 

7252 

12.79 




Thura.. Aognst 3 

Wed. 

August 

Tues. 

Aug. 


Friday 

July 

28 

Thur*. 

Wed. 

Ttio*. 

Yt# 



lad ex 
-Nu. 

Yield 

% 


J ^’ 

July 

28 

July 

ggO 

W** 0 * 1, 

13 

20-yr. Red. Deb & Loans (15) 

37.28 

1 13.96 

B7J2 

57.21 

67.22 

07.23 

57.17 

67.17 

67.16 

62.98 ■ 

16 

Investment Trust Prefs. (15) 

61.51 

13.46 

31^0 

61.80 

61.80 

51.80 

5130 

51. BO 

SL80 

60.47 ! 

17 

Coral, and IndL Prefs. (20) 

70.04 

13.03 

70.23 

70.16 

70.12 

70.08 

70.08 

70.01 

69^4 

68.61 


London, EC0P c by, M the Ph,a«dai Times. Broritcu House. Cornu* Stro* 


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AUTHORISED UNIT TRUSTS 




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Abbey UnifT*^! fere, lit M . 

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Abbey Capital...- _M5 34.71 +£LZi 414 RriiaSi Ttt.t Acr.» _ J5S 7 UL 

Abbe? Income 43.3+0 SB couanxfity Share - h70.4 us 

AhbeyInr.Ttt.Fd-b9.7 4Z3j+oa JM Ext™ IBeon* Ttt.. »a t 
Abbey Geo. Tit (47.1 503m +63 AB8 j*i Far East TrtisL. 



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[ Allied Hambro fintnpV (a) (g) 
Haabrp Hae, HaHw, Brentwood, Rams. 
01-388 2051 or Bre ntwood 03377) £11459 

Moored Funds 

Allied 1st. ]M4' ‘76ft +03 

Brit- ImU. Fum) tt-fl . 70.4 +0.2 

Orth, ft Inc. !U «U* +03 

Sort. ft lad. Dei. 153 37J — 

Allied Ctfaitai 7M M3 +0 2 

Hambro Fund lltU) 1377 +03 

Hambre Ace. ?d._fl2S3 336S +0.4 

income Fluda 

HJs*TlaldfU_~!7U . 7*JJ+«J 

HJgh Income U( 7SJS +flJ) 

AjaTSq. Inc. fS.f 42.7m +03} 

lnUm HaMI f|gk 

laternati oo*I — . - 127.9 '2Mf ♦0.71 

PisfflsPaai UR2 3i6j+0.* 

Seeo-CX Aajerlis»„i57£ . 613 +ljj 

■U3A. Rannpee p7J lB2jq +Uj 

Usenet. Poodi 

Smaller Co^Fd .DM 413J +621 

2nd Satr. Co'* Fd 47,2 503 +03 

.RrrererySitx K6 94.9 +03 

hiCtJCn, ACdtJ-- «23 45J -03 

jOeoraoas Earnings. 103 MJa +43 

&pt. salt w _*{5o mfl+si) 


Gartmore Pond Managers ? (aX*) Pelican Units Admin. Ltd. feKx) V-J T -CjAIjO Midi 

aSt.M«irAse,E£3A8BP. 01-2833331 BI Foimtrin SuMinebeuar « ■ — 

33.3 +L0J 801 Pelican Units (BA OSJ)+0.6) 490 

170.4 ^sl ^1.1 2.S3 P«pein*l Unit TTuit Mngmc.? (a) Moxandtr Fond 

24 4 +03 171 4S Hut $t_ Healey 0° Tluaet sfllSaBW «. nie Sore Dmk, IiRMobnit 

•£ !“ m rwSELvS m*3S « - 

* +& 3 £S ^S^SSH^So Ud. Securities ,C. U LUM 

<n i +07 s t 4 ““i cu “ Un,t T ™ *■»*«« lm. pn imiiu c> w«i — 1 . mu 


OFFSHORE AND 
OVERSEAS FUNDS 


334 Ertrm Income T*. 

438 ixj Far East Trust— 

HIrh Income TsJ — , 
lBCOBePb' t <b....'— 73.4 

• • a«ste-» 

UjlaiLTtt.tAcc.'i 


Arbutbnet Securities |C.(.) Limited 
P 0. Box 2M. Sb Hriier. Jctmv. 0834 TUT 


Kcyselex Mngt., Jersey Ltd. 

PO Bm SR St. Holier, Jersey ..FncOJ-dM TOO) 

- JFnlJB ! 5 W . . I 2 J 0 

Beodacica FBJI93* lS®-3if] _ 

KepKlcilntl £713 7SB .... — 


003472177 Japan <ti A Fund... 


76ft +M *14 CIW*:<Aii‘«VJtliiHTsLM*s.Ud. ££?.£!£, 


534 — ; r Extra InroiDC 

jj-FjgdjfjSM PUcc. Old Jewry. EC2R BHD. Km.UOo-.Fd. 

532 01-500 4HI Capital Fund.. 

AM (*) AG. Iopoim-—. 142.9 45.9) t ui Im. Eras. A AnaS- 

Jm tM *•£' 423d ..^J 430 Pri rate Fund — 
i*5S wW - ftP ^ E fer- l ?£ Z7|»a .Zj 0J0 Aeowltr.PW 
439 Dealsnc Turn. trWed. TeebaoionFuad 

Govett UtAaYf ' F«rE < ^iPd__ r 

o'w Frncttel Invest. O- Ltd-F (yHc> 


V* giSrS??^ PUe ** JtntT7 ’ EtSR 8> ? U C^Tt, Jersey, pli.0 I£2 S| ,_J 430 K^In Japan 
" - 3^+«, 978 


( Next ceallnr it 
CortSeea.Trt.. |tt 


□93* 1359 -3if 

13 7w .... 

n 4 iS . . 

.46 15R|... 

£135.16 1-flCJ 


«.« -- I 4.70 NetL 

51.3 +oj 3 . <6 lBaatftlmLTst:Clt. 


«.^f il fSS 1, * ,eA, W 7 ' [KAO CenL AwtiCnp — | £13516 |»0M| 

-S!?. r J?f£w King A Shaxsoa Mgrs. 

+03j ZK Aostnllaa Selection Fund NV IJ{™»5Si«**-t'wJs]a..iiiM. ' »ce< 4»« 

io 3 1M “atArt Opjwiunltm. cn Imh Voang ft GU TnUlSi' MU 1«0^ 

S3 iS 1 - «SKPiM*,K 

(Bile) Xct AsJl Value Julv iC~ InlL Gmt. Sen T« 


I Smaller Cn.'»Fd.__tJ1.4 4L3a +03) 438 Btn*J£YA Au* 3_. M2.D 

2adSmtr.Ce'eFd.- VH 503+03 4.71 (Acmofl-Umtit 2 mj 

Hrrot+rySltx 906 94.9 +0.2 557 Baden. An*. 1 as 8 

’HctMln.AC’dtJ.- (25 453 -03 533 lAeeum. tfpTm'-.- 2215 

lOmnmaaBaraioee. W1 643a +43 451 Grachatr. Job-M __ 962 
t acptSailcCo'i_> B4J 24634+05 437 (Actm, OaltaL-- 99 9 
t ifl.JkBriLta.Aai.Z_ 719 

Aiadorsan Unit Trust Mansger* Ltd. (AeecHLUnitij — PA7 


1905) +3wl 
2mj+33 


474 FtoIIOc Ualts W9.9 «4+U5) Aiexaufler Fd. 

7 .72 Hl*h Income EU73 1263) +03) 7.02 _ 

PrudL Portfolio Mngrs. Ltd.? (aXbHc) f?” 10 ® ® r “ XeUes Lambert 
231 Hot bora Ban. BC1N2KH 01-4059222 ““J 


Do. Accum . . 

KB Far Eau fU... . 
KBIntl Fund. . ..... 
KB Japan Fbnd 


JW.6J -———I 3JS Prudential- , 
10441 .. — I 1(3 . «. 


—rmo uuZTTS B-MF—tf-w j.toj +3) 7« a:®* 


r*^“ vv '~ T>w ~ T “ I w S£?Sa£m£z:|jii *533 rd is Qnilter Management Co. Ltd.? B-rriaya Unicom mt (Cb. Is.) Ltd. 

ADdOToon Unit Trust Hassgcn Ltd. (AeecHLllultij [74.7 '7M 401 ncStk.Bxchaium.ECENlHP. 014004177 LCbarinsCiosa.St.Hclirr.Jre)-. 053473741 

g»FisBcbsrcb8tRC3H0AA msosn. Curdbm Royal Ex. Unit Mgra. Ltd. . J1 f3 1 *5* 4, » 

SUI-J « B^toWwEaPMlN. 1 " uSSSSlSy-EBM & 

a*4K..^w T1.1t Mprf U+ <»i0 Oiardhfll T«— J9S5 90.9) +05) 435 KeUsnee Unit Mgrs. Ltd.? -Subject U> Ire and u^thnol 


m: cji 

640 1 411 

hd .... > 1 63 


SfSKBftd .... 

SI'S 11 93 Uo.i 


Sipnrt Rcmudn _ Sl'» 16 1-03 i] 174 

■t nilntida i DUi . . *19 2S ^130) J B 37 

“B Irt ob Loadon paiing acmM otHw. 


2(276 

TS 


tr? 


H 


Jrr 






_ 

BUM 

rara 

♦ Ret 
♦Iran 


Lloyds Bk. tC.I.) HIT Xgrs. 

P.0. Una 185. Si Helipr. Jmu?c. 053427901 
UuydjTiS O'aeas. (57 2 MS ...«J LS7 
Xro dcalinc date Aiikuh 15. 


I Jbora Income PU — 

1 chine. Pond - 

j ttAccnm. Uoltel 

bOh% WdrwLObJ 


^ BayaU tertn iig P .l g^ MW. 01-4286011 xTam ' Uai bond Trait Ul^Hia Wig - .1 &M PABmlMa Hd.cr.jpntfe. QS3427 

. Co. Lt«L (a«0*ardhfllT*t_.|9S5 90.9) +05[ 423 Ke lis nft e Unit Mgrs. Ltd.? -Subject U> Ire and UithnoJdlnX Die* UujdaTs n'u-as 1572 M3 J 1 

1 UCeWaSLEOVWA. .01-83JB37B. HeudeiUM AduUnstmtiMl? (sKcXg) KriiaaceHa ^TUBbriilBeyeUi.KL Mm Barclays Unicom InL (I. O.Mao) Ltd. Nro * alir « Ja “ ? Ai«u* i.V 

Inc. Monthly ftmd .{1705 1KL0( j M2 praadcr tW TAdaia, S Baylalab Road. Hatton. sggSST ' Usj +o7i 549 ITboaa(SL.J>ous]aa.].o5t. 0K44854 Uoyds Internal ipnal >fgCUlt. SJL 

lArbUthmrt Securities Ltd. (lKc) ■ arr7 ' 217ZJ8 S+Wor^T.Inc. — [445 47jjeiu| 5.49 Unljmi Aud-An.-lgO 56M ----- JM 7Rucdu HbMie.P.n Hm ITU. 1211 Cram 

U7.QD«eaSL Loadon EC+B1BY 01-»S281 Cx^Gro+tb Inc — |4M 48JB+03I 3ls Kidgeddd Management Ltd. Do. CHr. Parlflc — 67.7 7^3 —.. — ij£!fc {Si - laram^ li^S 3uS ' I i 

125L6I +i» 18.90 Cap-GfOwthAcc — M7.B 5D.W +ot| 525 3S48.KcoiiodrSt.Ma»eha«t*r 00 2368821 Do. I rul Income..— 595 «25) &20 omsmt. lwwmv.|S.3BC3 3UC] . .. J 6 

wSa+O 157 ipeamaftAiaets- .po* 365j *oi[ 552 Ri d ccG eid InLUT. I960 lOAOM I 2.72. »o.I.ot3dan W-— 461 496d — R90 M & G Groun 


UWULtnUn 


20.98 Cap. Growth Ace — M7.0 
l5 loetjn»ftAaaet3-...p45 
957 BlfH Inear Ftmda 

957 Hlablaeoam 623 

1255 cwotSanf»lDe._-l5Rl 


555 384D,ReaBedjSb.HaaeiMSter 00 2368821 Do. I iul Income — 395 424 .1 R20 

552 Rid jcfieW InL UT.[9BJI 10AM I 2.72. l ot Man T*l ,— 46 1 49 M 1 K90 

ludsefidd lacQaae-|9L0 \ 1071 Do. Man* Mutual- (26 9 29fl J L40 


U1 -,,-a -- Rue duHbone.pl i Hnx 118 . 1211 Ccncr. 

taRSf"PM«6 — St t?S 16C U 0)di lnu GroHlh .i/nan JU5CJ . .1 2 

BSSSTl 5S“»1 UMd8bU.lnod-e.hMIO 312^.. .1 6 

«2,i d a 5 * * Group 

Aisbopsgate Commodity Ser. Ltd. AUanrSTJe ^ -iji'sjS 3 * J B »| ° U T ^ 

PO. Box 42, Douglas. l.oM. 062+23011 JA- AuC 2 .. tW« 21U 

tssswit-iriaw uffl-'-J r 

eOUNT-Ju “a — la.400 2Mfl 1 256 ,Ac «*» UniDi . — 1912 20J5| +L3[ 93 







Co m mo di ty Fund- 
CArenm. UoitjJ 

fUnUTdrwLDJ 

PtoftPrapVd. 

Glanti Fund 

j gg arjfry — 

uitiwin rqnn 

(Aeciun. Unit*}— _ 
’SnullarCo'anL_— 
Easters A loti. Fd.. 


1 pQralxnFd. B 

lit Anrar.ftlaLFd.fi 


65.7 -01 
945 -OS: 

*32x +0S 
5074 +0J 




+cJ 1 IS S&mSfiSSrrlMi **33 223 is ®** fc * eW W Asset Mana g emen t (g) Btsbopsgate Commodity Ser. Ltd. 
+05 12AS Mtaft 72-80. Careboaso Rd, Ay lei burr. 03M5M1 PO Box 42. Douglas. l.oM. 062+23 

ji ro* sssi^i is ap«* » - 


WiWld*Jaly3C“r 

AlSSfaj^*— 

JS S HSZ z r: 

ij7 North Aner. 

NAatOraAasA-. 


Ortclnally inuad at -S10 - 


N-C. Income Fuad 

if SI i£ iBrttfW Ltd, 

_ Rothschild & Lowndes MgmL (a) a S, Cr * , i l cannan la. 


i Accum l r nii*i |l91 2 


si I ~ 

14 jq +flol aj* 


14J9j +0 41 43 35 
201.5! +L3| 4355 


Samuel Montagu Ldn. Agls. 

1 14. Did Broad SI . El.' 01-5886406 
ApollofU July I9..|M‘4630 50 451... 371 

l|l-ME+9 D<d*J.73 095 

117 1. rp July 1= ...KlaU5S IISR . IPS 
117 Jersey JuN 28 £513 5 5H-0a.l, 0 75 


UM +7J 

oeS+xJ 


Arckwav Unit Tat. Mm ima i.v.\ HJH iTUMIPl Unit Tst. Mgn.f (■) Americas AUX- 3 — (70.8 " 73.0) +25) 

ATKMWwy UUI in. Hgx. us.T WiC) ». nrawai,y oumimi SacurftfesAna. l— 17k0 us. si 

317. HI»b H o l bora. Wav 7NL. 01-8S1SZ33. S Brtdabmut__DS9 7 370.? +091 556 Bl ihU dJalya- 55A 50.2 

si sltti is fg££g= EL m zz 

Barclay Unicom Ltd. fsXgHKc) n>)PTSSriiJTTui£ W.r lSi tii AM Royal Tst. fy» Fd. Mgrs! Ltd! 

g sl :9 a 7J8 bbsm=SI_. M=J 


MJ StSwUhla.La^.Lda.EcT «««» ^ 1 — 1 “ iSS^AnT. Ka£S 

3^ Nmr CTL Exemta^. K22JJ1 13«J| ...... | 365 Nlppon+d Autf.2-..Bla»T7 SJJif J a75 •*“*?“ ““ 

it? Price* on July 17. Next dealing Aug. U. Ex-Stock Spin. I>7JismJ«lrl*. |£UBD 

lS 5? W * a Un ** Tnut **“**• Britannia Tst. MngtnL (CD Ltd. Marrto', Johnstone I 

^ <aw^«eHae..Fl»*»Juyai,Ea. OlOmlOOfl 30BathSt.SLUoUer.Je«ey. ,003173114 iffi.UupeSi .Ula.5gfra.t-2 

WtBtt^Rfcip ;'§ RSRSsrrTMf^^i-j , B asWScrlM 


J — JnieMjubisj hiuua D^a^j.n 095 

117i.ni July 12 ...Kl *1155 llsfl . r5s 

4 a79 1 7JerwyJuN28 £513 5 5«-OOjJ 0 75 

^ ii7jr«yo-*julr]». JaiBo iz.Si|-o;r[ — 

Ltd. Bfurru)-, Johnstone liar. Adviser) 

,0034 73114 180. Hope Rl .UlailKnH.l.'R 041-221 KU3 




"« smiuwumfo. eftEftEirH I I - * 

is *53=: hs 5s tsj L 

msbiBLSUg.T*l... [£8.96 1JJ] 12.00 10s Unulevard Royal. Uixeml-nun: 


Hi InteL? (aHg) 


RtSblaL5Us.Tsl... |CI.9> 1 

«6 Della tttaariinid Fda. 

»83S2 UnJrst 5T«. BCSSJ7 

350 laLHlab tnLTal UU50.97 


- - Price. It Jitly 31. Next doah« Ani liT Vatae Ju|y 28. Xen dealipg Ju)r 31. 

Do. Exampt Tbt— — UA9 23X71 +o3 6.14 u.<3rtaojharSt««LRc». 01-Z477S43 Save & Pmsner Groan • *™"i Shipley Tst. Co. (Jersey) Ltd. 

IS +?■* M* 4, Great St Bdtn, Undea EOF SEP - P.O.Box MX St Metier. Jewry 063474777. 

dS m^Z— nj 3S ll ^Z£iJS? a % m “■ ^ tf-73 Stertlp*BoodF±..jn022 I0£7| >....[ XUS 

ik'flMi ~~ Be SO +q3 Im axRflkSt.Eravsffi. oiooenna Dealt**, on oi-sm bbsb or on+ao 7ssi Butterfield Management Co. Ltd. 

ftgKSSfc S2 9^31 » IgSSg* 1 ^: Si yffi = 335 Seeuritle. .Ltd.? JtoSKSHTElS 

+Sa.PrtA‘n»rSr 5£s Traaj l ii* *SySSptP^: 1510 IM Ae “ *S Utaramtoal FumS. BtUtraaa Equity __KJ0 2AM L76 

vri£f £ wSllJS mhd5 Anmat ^3L KWl^SrFnwl- DA M5 +0.« 7M Capital Mjr 415{+D5| X97 Put*** Imroroe. |l97 2Mj J 740 

Do.necorarr us!o . *3 _T i37 Kj^Fhodlnt. Fd.. Mi 644 LTD SI 302+05) 3.73 Prtcea at July I.. Next mb. day Au«u*t UL 

Do.Tnntae Fond uJJLT ' 226380 -4-oja 4.H Key Small Co 1 * Fd.. 1016 1102 +05 565 Uaie-Qrowth -J725 77.M +U) XS6 Cmital InteraatiaBot C A 

'OainMML-.bu »a+l3 195 Eeiminrt Benson Unit Managers? lamaatag laeaaaa IW c^ptui intOTiaUmial &A. 

Bt itli.y Alac— M a£t w3+i3 441. — — 1 in I li e. I- P , n . ml Hlah-Yldd Mt a tflS+flTf Am ^ NttUB- D)Blf. Uawnb&og. 

Do-Aocnra. |»J TU) +53 461 "?i ?5+f B ah Ylmd — p 6J UX +82J 668 Capital Utt.FUad-| SUS1761 -I 1 — 

Baring Brothers ft Co. Ltd.? teKx) 4 EJBl ferFiAc- - p* i wS “-I 5« Return iuj. TIXA +«3( >5Z Charterhooae Japhct 

«■**? H£?h 3 £&:te 


NAV July 21 1 Still 30 1 .. ..( _ . 

«I zri "9.0 V *** Ltd- 

.a July nj. Bank of Bermuda Kldr-., Hamili.ra. Ormda. 


Brown Shipley Tst. Co. (Jersey) Ltd. J “^ 14 ■■ -I 13 W i I — . 

P.O.Box 583. St. Holier. Jerorc. 063474777. Fboenlx International 


»Da Pri. A-ux. T»__PA35 13 

Prt q^ M Ju ly Sl-Tigt mb. 

126 

Do.irWwidoTat._W6 57. 
BKaUa^dJac: iU t 


Sterling Bond Fd... 10012 1027) j 11.75 P0 Boa 77. S£ Peter Pott. tiUemcc* 

Butterfield Management Co. Lid. *»***~™* »»■» - 

P.0. Box 185. Hamilton, Bermuda. Quest Fund Mngmnt (Jersey) Ltd. 

Botti+sx Equity — (2J0 2JM I L76 P.O.Box 1M. St Helicr. Jersey. C33+27+U 

W X®M--- 1 W OlKM SIlK.FXdlnL.l tl J .... 1 _ 

o-i — t - — * — t(*y Aufuit la . OueaH toil. Swa SCSI I ... .[ _ 

d Quratlntl Bd. - ..I JUKI I .. . I — 

■“* Prices at Auput 1 Next dralinc Aunut 2. 


Stradoo Til 
D o.AeeaBb. 

JOt 


iS mssssss-^— H 3 K; 

b. day AnguAlO. ffighTW.Ftt.Iac_. 584 J — OKOm Faed 

nwmWM Uratt r.a HUMMJUAcc- Jll - 4 - auope 


» ^^3 








87.M +64) 


jassrsr— "easr *!“,»»& *aaBs==w wr 

Si jm e| i “^=k hm a saasssar* 

fl+2 266 LaWSSB Secs. Ltd. ?(aXc) ^SaJSee* IS ■ CINScUtPdSvoHSS 10^1 "“-J US 

NtdohftyWt-AViali U.«meA-48t-UmdoaEOiRlBVL Q1-2MSK. WsWttWimr. F»d. C«ve G1U Pd agFjjMAO 10^14 JU 

Bridge Fund Msnacers?(aXc) *Saw. MyrarUii _ . S9 i <ZJ\ m select intern**. — [2762 2855) +5.7] us Cornnin ins. (Guernsey) Ltd. 

ffl»XlllXSSstA nuiai*u KM Select toooma &6 stfl +Oj\ 7J5 P O. Box 157. Sc. Peter Port. Gveraav 

2*. a !^5 ^^^rr.:Si ~ Scsait. SecurWe. Ltd.? • i Dto i.JUa.Fd._ l 16M M —I - 

»°*wzt=^ Si H ^ :f SS SjSfcr — ffi BHh _ 

Do.Acc.7 0-1 451 ..._. X96 «AccmrfDnhil. 237 S3 S3 SctXxhare* .{592 S3 +0J 453 ^ • 

^Sgjtr- $»LB 15040 5tt Sffi^Ylcld 444 4U* -02 1167 Scot-Ex. Gth'4 B4L2 223 DeiUIny. JulyM— ISU5 X94J [ — 

latcratL lnc.T g.fc 1X8 352 >*(Accam. UnlM _.|6U 667 +05 1167 Scot Ex. Yld-*4 .11651 1700 753 nmbvhi-r Innmtmonf Tract 

Do.ACC-t 19A 70.4 352 Deal- JtHan. *Tniea. TtWed. lTburx. +*FrL -w^ -> 1^— y < — .v. hSt o laWSuMnl-THIW 

Deallas -Tom. i^L »Tbnra.^Prtcei July a-*-. ^Genera] TVr-J.n c wa o-hluh.,—. rr— <+ u._ u . IPuaiiach J086 Bioboxane 610 6000 Frankfuj 


KOTTSrjrr'K. mb. day a«U'S . 3^ s6k : I r 

^ ' feS "Wl AtiiitaTsi 

*7 rue Ngn-Dtu, Unembeuig. . , 

Capital lot. Fuad | 5US1741 I | — R i c hmo n d Life A us. Ltd. 

tt 1,0 +031 8X3 Charterhoaae Jsphet MLAihol Street. Douglaa, I.O.M. KW3B1* 

^+o| 8.45 l.Patcrnoiter Rgw.ECt. 01OM3SB8 R*i?J SSSSSK:^ 7 187 ^j| 1670 

46M+M 4.91 IfflaEzrrBSB Wvi JS SStaSBrrdfes uti-06 = 

5-H -JV 545 Du. Em 87102 Bd |l7S 4 IM.?) +0.3 11 19 

Ml) iflTl mrae .. H T% tfcm-vA IQ 

itxtI Id «J B. 7 ? &»p«tM-FuBd' — si’a a — — Kothschlld Asset Management (C.I.) 

1^0 B1 * P “ D - — l* CSJM5 i95 P.ORox 56 SL Julians Ct. Gucrnwj'. (K81 38531 

CBve Investments (Jersey) Ltd. o.C£q.Fr.Juiy3i...|sso 6iu :u 

P.O.Box 320, St. Heller. Jeney. 053437361. S.c'lSuFd.^ Ufr * ' -- 
1-g caiveGmrd.(CJ.i.nfti7 iomJ ) ULOO o.c^cuMjwn; " Sto iij3 a 

2X1 CItveGUtPd.eftV-)-Pl3« uS)..-JU40 OcSnmHi^" lw.2 l»s 4“ 


8.?ssaTr.«5i saga 

JPricea onJuly 3L Next dcallns Aufc !4 
!Pnces do July 21. Next dealing August 7. 

Royal Trust ICIi Fd. MgL Ltd. 

P O. Box 184. Royal T+t Hue. JetMT- OS342704I 

RT.InfL Fd...., IS1-S9 55 10171 J 3 CO 

b.t. ion. (Jw.i Ftt.ns 9fl|::::i jS. 

Pricoi at Aag. L Next decline Acg. a 


Prices onJuly 3L Next deal Ins Aug. >4 
rices do July 21. Next dealing August 7. 


D°-A£^T— =P9.A 352 D<al. *Hoa. Tuea. rtWed. |Tbur».^Frt. •Prices at Jon* 

DeaU-s -tuca fw^^Thnrt Ricex Juiy l^M * General Tyndall Fund? ScUesiuger Tti 

Bri,.-... -r- ' - ■ . x , iaC*nyugaBoed,BrlrtoL * 027238341 mo. S outh Street, D 

Britannia Trust Management (a) (g) m*;jnir n. 1572 hji 515 A _ 

3 London Wag BnOdWsi. Zondoa Wall. (Aceata.Uair.1 (714 763 

LondeaBCSMSQL 0+038047870478 . . Next sub. day Ao*.l6. KxBmj* Hleh Yld 

8L7l+j.4j 4J8 Laonlug Aibniaistrarion Ltd. Exempt kOo. Ldra_ 

633- to! Jc aDutaK- WoeWlIiSJP. ^ K^Di2t 

882-05 676 joo lltat — WJ £.« +471 446 lac.10% WdrwL 

0.4 +02 600 „ Wil+O-J AM Iotni.Grtrwth___ 

1235-03 692 Usyds.Bfc.Unit TsL Mngrs. Ltd.? (a) w+.T*. u n iu 

^lal iflj rw Bdsiatoar*a DepL. Gorins-bp-Soe, JI&ffeLu ? - ' m 

m :£! ta P& 1 fcGnS?Su. 

15 SS^Sg±"-|£g . SgS£f®S! 

73 j +t _2 1 it Do CAc+tt>a.7c 766 75J +L0 2J8 t: K rvth nie 

IMUt-ntSUNi-BU 369» +09 323 Third CWcom® 570 . 935 +0.4 546 

■•■ - . - 0.8 . - - -rtj -in 2J5 -Dq.CAcxwaJ. ,f - I1U. ■ 3260 +03 '5.66 J. BtUJf Schrot 

NaLffixhlacIZr B7 ’ 922 +04 747 Fctgt h fExI a r J ( ... fiH . 6*3 +03 7.62 u&Cbeapride.E-C. 

New Issue : 175 4M +03 636 755) +0.4) 742 Capital AU Dm 1 - 

North American., n.9 364 +1-4 1.71 Uoyd'l Life Unit Tst BtagTO. Ltd. IAcnmU_ 

Professional ____ 5374 5545a +03 666 Tun. CxtchnwM Arlnhnrr IQIMHiT lot tune As 
Property Shares _ 166 332 +0.1 241 IAWUW.U: 

Shield «#J 521 +03 4 OS WP*'^ Accum 1 165* 1745) .—4 692 General A 

SatuxChanxe 3L2 J5J +03 447 M ft G Group? (yXriW . (X^Dnlte) 

Ualy Energy t&f 365^ -OJJ «o*e Oanrs. Tbimr HBL BC3R *Q. 016D 4888 


■OJ 1147 Scrt.EJt.Gth-4 g «4 2S7.M 223 Dir. juqr»_urj» Z.HI 1 — 

Schlesinger Trust Mngrs. Lid, (a ) 00 Cooccutra . _pjOD2» 215JJ-0.M — 

027X3ISU MB. South Street, Dorking. (0806)88641 WtLRebteufouds.-fDHkBft 7»Jf)-030) — 

Zii “* jSg S g j : B; 12 Dtrsfum IntereontiBental In». Fd. 


3885 Biebergasse 6io 6000 Frankfurt. Save ft Prosper International 

■SmSiZBSlS SiS(-0^l — ^s'roSlSL.SL Heller. Jersey 05 
s Intereontfaental Inv. Fd. vs. MMmIhM 
+551 .627 |P.O. Box N3712. Nassau. Bahamas. UiteraM;Gr L *t*~“' 773 3 53 

+03 437 fNAV August I ISUSMM J5B|+020J_ TKEaacni-tZ.ZZ 46.90 50 7?) 

tSI 9jo Enwon ft Dudley TsLMgtJrty.LUL Jfp ,£§-• 

[p.O. Box 78, SL Heller. Jeracy. 0534309 ' 


r. ow W.aLflCUBT. jency, 053430501 Slertl ng-deaaalDrti 
“‘feDJ.C.T. 11262 140 ClmuS^SdtC 


»1 +0-1 651 Earobond Moldings N.V. 

tjf u» Hsudalslode 24. WUlemutad. Cvrueao 

3oj +03 205 I SSi*J^ii2fri , " sl r BC L 

322 +0.1 234 W- 61-S47 7248. Telex: 881+M6 
251 +03 676 NAV per share July 38 5US3L30 

tw-w m. _ _ +*4 « p.ftc. MgmL Ltd. Inv. Advisers 

tjl ’S-g J- Henry Schroder Wagg ft Co. lXd.? JiLaur«i«iPountneyHUl.EC4ROBA. 

JS 136Cheapstde.E.C£. OI-MO 3434 01-823 46S0 

+0.4] 752 CanhalAnra.il tUBl 11441..— J4» Cerd-Fd. July 19 l SC 5559 | _....| — 


Manchester Ass. Gp.? 


■The British Life Office LtdL?<s) • . __ S ee also Stack 
Reliance Hse-.TuabridreWeiIx.Ki. 088222271 
BL British Ufo 1B4 H4J+0J) 553 iSi i"” 

BLB m l nn cErf~,._ „ . jtf.7 _-J S3A _ gScetizzi. Uni tr) 

BL Dividend- H 54 ■ 4ML Z-4 692 CcSTOdlty.-! 

•Pltcea August 2 Next deahng August 6 (Accum. Units) 

Brawn ShipleT * Co. Ltd.? . gS^ 0 ^- 

JlBgn.FMUdersa.BC2 81-000 K» Oxmnvmlix. 

B3Uirita3uly31__p254 24271 J 455 Dividend 

DoL(0CJJnly31 — [SE* 3025)3-4 453 (Aeccra. Units) 

O ra a air IWU (a) trt ■ ' 

gi 3AJ +0J AS2- 

General MJ 261 S36 

Growth Accum »74 505 __ 5.02 

Growth Iuetsna — W.9 - 40J MI' 

Rich IzKxxae Ofi. 321 +02 9.41 

® _«3-h> 3 336 gjS-feS 


(Accun Units) 

•PeaftCharFttJylB 


679 Fidelity Mgint. ft Ben (B da.) Ltd. 

‘ 2 P.0. Bm a, H a mil t o n. Bermuda. 

U6J 3« Fidelity Am Aas._[ SUS27.M ) .....J — 

5 Fldntltf InL Fund - 1 5USZ3J1 1 — 

W3 IS FideblyPac.Fd — 5US56.S9 ...J — 

nijd IS Fidelity Wild Fd — | 5US16.75 l+ojg _ 

^2w!2^ L te5j tSZ "- m MgmL Besearch (Jersey) Ltd. 

** Wmerigtoe.DoaSt.SLHelier.Jena,. 

616 Scottish BquhaUe FmL Mgn. Ltd.? Series a nninL)_| £681 I J — 

5 “ 28 SL Andrews S<+, Edinburgh 011-9669101 Series 8 (Pacific). ,J CT54 — ] — 

H? Income Units ,__B1.4 5671 1 5L07 Senes D (AatAss-l 0699 | | — 


WhaagadFond 


t^-7 28Jhd +0.1J 621 wr “+ 

Overseas 5Tfc 22l3+o3.S4* 

"Parf m mance , El 65.9) -02) . 426 

&££jWimli8 Slt3 sS ^jsghSsS^. 

Canada Life Unit Tst Mngrs. Ltd.? «««». unitsi 

30ffiahSL.PwteuBar.aexm P.Barflim SSSTuShii 

Caa-GeaDisL 094 «LM+02^ 426 ‘Accura. uraui 

Do. Gen. Accum . — S3JB +0JV 436 

Do.Iuc.Diat 045 53+53 7.47 

Da. Ine. Accum (4B3 674) +8JJ 747 (AcruR. Unltsj 

Cupel (James) Mngt Ltd.? • 

100 Old Bread St. EC3NIBQ 014880010 Special 

Capital 1873 963) 1 541 (Accum 


272 . - — — - — — r- a 0334 27601 

436 Scottish EgnhaMe Fnd. Mgn. Ltd.? series Annul)-,) «.n f J - 

ig 28St.Amirew,Sq.Edlnburxh (Jll-SMBIOI SsmBMiL.I «» --■! - SPIxedlStoST 

fS Income Units BU 567) 527 Senes D (AmAa+I 0699 I I — fHauajc+d 

02 Acettm - UB ^nrrS‘ Wad JS2 *" FLrat VIktn « Commodity Trusts . SMaxuged 

^ Sebsg Unit TW. Managers LUL? (a) ^4 SSS^Ld^Xgu Co. Ud. faj 
?2 POBoxSlLBcldbry. Hse^E.C.4. 01-2869000 ^ P*IH*aU, London SW173JH. 0I-B307B57 *^^ , * | ride, E.C— . 

12 8-«Cw*2?KIr a 374| +€?•«? S+Vitcrarm-W^ HH -23) 340 


Star 11 nK+fcmwd Bided Foods 

Channel Capital*-. 12424 2554) +16) 246 

Channel Islands* _ 1145 5 157 4*d +0.b 4 93 

Commod.— + [122.1 123.H — , 

Deposit, 1004 I 075- 

kFtxed— » hri.7 1204) .... 1134 

•Prices on July 31 “Augnri 2. •••Ju|y 27. 
tlnlual oner. +Wee£ly DcaUngs. 

Schlesinger Internatranal Mngt Lid.- 
4J. La Matte St. Sr. Hrher, Jersey. 05K73S3R 

SAJJ 186 711 797 

SA.O.L J.7I O.Tti 4» 

CUlFd. 233 23 Jj liRO 

Jntl. F d. Jersey 117 122 +4 382 

lntnLFdXxmbrg.... (UL51 12 12^+0 .fl _ ■ 

•Far East Fund...... 100 I05J ZS6 

■Ned nub. day August B . 

Schroder Life Gnop 

Enterprise House, Portsmouth. 07D3 27733 

iDlexnMIoaal Fttniix 

tCqurty (1183 - 125.fi) — 

?»,5^-zfe 0 5 m= ~ • 

SFIxed InteresL 1054 11L71 — 

£Hans«ed Jl31.7 148 1 — 

^Managed — P20.0 IZ7M — 


J. Henry Schroder VPagg & Co. Ltd. 
]30.Chcepatde, E.CJI 01-5384000 


K SI 3 iS 

yn Security Selection Ltd. Fleming Japan Fnnd SLA. 

a£ 15-19. liucoln's Inn Fields, WC3. 01-8818B3M rue Notra-Damc, Lu x e mb ourg 

640 UuvlGthTttAcc_W3 HM J 119 Fleming August 1_| 5DSS9.40 J J — 

555 Un*i«hWinc_pA zs^ 239 Free Werld Fond Ltd. 

1% Stewart Unit Tit. Managers Ltd. (a) Butterfield But. Hamilton, Bermuda. 

122 46. Charlotte Su~ Edinburgh, 031-2868871 NAV July 31 1 JUS190.7V (+743J — 

H3 tftevm American Pod G.T. Management Ltd. 


607 Ftt.VkJDbLOp.Tst. 
Fleming Japan 


J5 Standatd Units 
Accum. Units _ 


StajS §11 = 


031-286 8871 NAV July 81 1 $US190 

[G.T. Management Ltd. 


Sentry Assurance International Ltd. 
P.O. Box 336. Hnmihon 5. Bermuda 
Mansced Fund pL’SUU ZtSU J — 

Singer ft Friedlander Ldn. Agents 

20, Cannon SL, EC4. 01-248 SfiM- 




. SaJh-TU. Jly 12R2144 226* .....J 623 CX Aala Serting-E 

Wh^unllyFa-^Bft 053 +0-7] 159 G.T. Bond Fund.__[ 

tE Target Tst. Mngrs. Ltd.? (aKg> ciftSSfcr 

zSaas-Ma,. ^ 


target. Life A s na ra nce Co. Ltd. 


Me) IACCUBL Unital — ^ 
Cbazfbend Awe. 1— 
a» Chxrifd.Ang.lL_ 

I .J® CAranAUaitst 

3-0 Pen*. Ex. July 31 


w SI7J 

1867W 


SUS13M 
SU 87.65 
5US15.0 


Z-5 TSxget Commodity. 

IS Targatnnanrial ... 

1 *** Target Equity 


ui MannUfe Management Ltd Tar^tEx. ab 

SL George's Way. Sri 1 w age. 043866101 , 

Growth Units 155.4 564 ) ) 682 &t>wth 

Mayflower Management Co. Ltd. TarSttino. — 
isn 14rt8 Gresham St, EC2V7AU. 01-0068008 Do. Reinv. Units 


ni +85 JS 2 . St Maty Axe, Loudon. EC 3 . 

43.1 +03 5,99 Gttrwaee ra»d 1 

2283 621 1503 Hutchison ] 

3 Q 9 J ...... 624 HK&Pg-.U.Tst. 

1224 — 0.4 340 Japan Fd . 

3 L 9 • 456 N. American Ttt. 

98.1 +03 144 InlL Bond Fund. 


d 1 9US15.83 1-3151 0.97 

Invest. Ltd Ldn. Agls. 


??-3 H? Gartmare la iuln at Mngt. Ud. 

+ 0 - 5 J-5 P-O. Box32.Daugl^aoMr 082 

17 *3>S --— 448 Girtmora l«L Inc .1423 23.7) J 

14^3 + ° J Tim Gaitmore InlL Crth|663 7B.6dj ... -1 


FOOD PRICE MOVEMENTS 


JACOX -- --■ ’ •„• ■-£- 

BntLdi :\JL- wet toll. 

Irish SB w ‘jR» ■ 

• Ulster . AJ |»P tsail -,,u-+ 

It'TtKn-- : . - 


NZ per . 20 hR 

hns! ish . pc*r;cwt t ,-'-- V7 -. * . 

Danish saiteti per ev*Tt>-- 


Aufmstft 7 - 

-0413 . 

- I.0S5 - . 

' 7,085 i-. - -J-; 

Uffl'3 . .., _ 

•'• ia.a>' 12.72- 

;t4u 

• 77-22,78.02 


3IKUSEV"- 

\Z per ton DC - . v-.v. 
linRiixb Cheddar trod^ per 

lonne. 

WG**. . 

liemr-produci*; ■.'+.: 
Si2i?‘4 

SLv-2 ..........J 


• 1,181.50 

\lAVSM 

ZJSO^IS 
- -3<2QV3AQ : 


Week ago' 

i4t5 

1.086 - 

-um- . ■. 

•jubss-V.-: ■ •; 

12.59/12:72 

7U1 

WL9B/7«i 

: 2,lftL50- , : 

3,20240 ; 

3.50/3^0 


. '. : .'AvRihl3l'' , Wpeic ago 

.. -9 

jj£|TJ7 - I ' 7 •' i • , 4 . ■ - ' 

Scdltkli kWed skics ei*^ 
kkl’K- - - ...... . . ;^.S, A-5L0,'5f 3 - ■Sj.WaS.y- 

Kire iorequartrnt • ' 33 - 0 / 37,0 . ‘ 35 IO/S 9.0 

*Vr"IMK * :■ ' 54 . 0 /W.u; 

*UULTHV-rBl-oiler _ch*cfcpns .. 333/39.0 : . 3U5/3Sj 


Month ago 
, £ 

1,115 ■ 
WJ85 
1,085 
1.D85 

32.51/12.62 

?237 

7358/70.72 

I.MljO 

'UttJO 


2.60/3.00 

4J25/4.70 

Month ago. 

'■ 'P 


M.o/ w.u; 

53J/55.0 

33.0/44.0- 

365/3Sj. 


•London £rc Excijtni^- price ^ ^ pcr\l20; egra. :'-t'J 
*. rnnv.iiIuUof.~ i Fpr delivery: AflRUri M2. ' ; 


•5W>/5n.O 

Sfl.O/’SS-O 

60,0/64.0 
53j/5a 0 
r 33.0/44.0 
36-5/39.0 

t Delivered.. 



I* wt£^«ozsr.m sm| sm- 

rS *8rawart British Coital Faad Anchor -Sn Units fjOSMB IMtt+OOSl 1 

6Q Standard QMS 1524). 1 613 Anchor GOt Edge „ E9.79 946+flM 121 

Ul Accum. Unit* P614 1762] 623 Anchor InL Fd UJM.B L22n +02B 2. 

448 DeaUarffri. *WedT Anchor U l Jay. T«l. 283 383. .. 2. 

lODounnmasL.scsNisH di-obssoio serial 1OT.9 issji+aw 52 Sn Allianee Fund Mngt. Ltd. ISJy?^sfe“ n5i S5 »968 ^ S 

«3) " T^sja 32S«.Uiu^IWJ »I4i+L3 434 sun Affiance Hw^Horahwn. D4raiH141 ETAttaFrl^.Ii: -o ji L 

SSSi.dIZZZ5£4 IT^ZZJ 5.42 - . .. ■ TW. Jly i2g2M.Q 22VS .J 623 G.T. Asia Sterling— Q5.45 165S +0-W 1- 

Priees on August aLNeut dealing AnjpHt 16. ^kju IMfi +1JI L 77 w6e3£ml|yFa_'^» 3S3 +0.7) 13) G.T. Bond Fund — FUSUtt 'OW 5, 

Carliol Unit Fd Mgr*. Ltd? (aKc) ^^unnsi-^ mo.9 JS3+li ,6g Target Tst. Mngrs. Ud? faKg) ErftSK&T. iuszs*s "bIs o! 
KUburaHocue.NeweasCfeupon-Trae ZU6B S^ ^fqgT LSSJ^LKJhJ " I ^7” Gres ham SL. BC2. 

CarBel -M-9 724J I 3« ZZ 

.Dn. Accum Units _pl.8 »M -- J 3 JO Ptaw, Ex. July 31__h«4 151.9) 559 

Do.HighVUWj_.g4 «j— ) ui MannUfe Management Ltd tESK 

Charities Official Invest. Fd? ili TwrSprewa 

. «-***» ] ^8000 nS^^uZTts 

eUurath. Only available to Rac. Ch a ri Oes. An * ^ +l3! 664 

C^art^^OKj^et? 30.G^m»SL.BOEP3Ea. 01-4004555 T§^p^uTsiis. _^69 +Sj| 1 i5 Hambro Pacific Fnnd MgmL Lid 

Mere. Gen- Aim.2_.tlWA 21131 — 620 Target Tst. MgTS. (Scotland) (aKb) 2110. Connaught Centre. Hong SndB . 

S:iS2?te=53 Si ~ 5S te365!B&= SSS^SSS^g.^ 99^9 S t GuJZ?,ui? ~ 4 

Si Si +S Asxra.uu.3a£«l_^2 2884) U-T 628 Extra Incowra F|L_(*||3 66fc +53 «* Hambro Fnnd Mgn. (CJL) Ud 

X^rrTrtllC** — u* Si — Midland Bank €&%op Trades Union Unit Tst. Managers? p.o. Box aa, Curxk« owi-ass 

Prices August i Nest desUag Aagust 6 Unit Trust Managers lid? (a) 106 Weed strew. £.ca oi-csaou p.Kaod ^ — -----jisca ubm 1 31 

IM*rj«tlcinalTtt„k*«6fl 263 +53 JR Do. Acctnn. CJ 464 +69 2.92 

Baste Baaree. TttizfJ 26ft — J 619 Capital »3 R2a +0.6 3J1 _ . 

Csnfedentfen Fffitds MgL lid? (a) . - - na * 56ra ^oi 6« tAre um . 

SOChaneery Laae. WC2A1HE 01400382 Do.AcrniP- 623 663 +0.1 6.42 OoUmO J uly 38- 

Grewtb Fond— _ (444 <6« I 448 l^eraadoual JM 53.7 +1J 220 (Accma.OulU)_. 

OsimapsiitaB Fnnd Managers. HJghvSdJl.-^ Mi - fei +oI In tAccumUn^ 

sassss ggr^ga^Ts ^ is 

^i=jas %*£“ ■jsri^'jigsJjjz psm? 

Crescent UaK Tst. Mgn. Ltd (aX*) Minster Ftad Managers Ltd 

4 Velvffia C2«L. Edinburgh 3. 031-2304091 ICnatar HaC. Arthur SCJSC6 tn-«28 1050 VanHyAUf-lJ 

Crs4.Amar.F4 J275- 2ft*-+03 2.98 KinxterJulySi — S62 36ft J 536 Vang.T«Aug. 

— 6xa tu +15 ammp4Jut73i — J53 ml —4 tn (A«ias.uniuj 

Crex. Hl ah. PtoL 465 47.7 +0.1 665 m n rs.lt Tract Ww—wm 7 M WltkTAUX.3_ 

Crea. Reierves <13 443a +nj <n ®LA unu ™ mgemau u a. (Accum unit* > 

B44 toi x£ CBd Queen StreeUSWlB01G. 01-8307333. 

StLlacofimPd. P3J JZJ ll3 MIA Units — fM2 463) ..-.J 337 Do.Acrura J76.4 IL4J ) 623 PO Box IM. R«y4d Tst Hoc. Jcrs««0534 Z744 

Mscretfonary Unit Fnnd Managers Matsmi Unit Treat Managers? (aX(0 TyndsU Managers Ltd.? J "7?KSJ - H L v J ifl^ k j 97 ? J ,7 

SLnsmflcMSUBCSKYALi 01-0384483 W, CopthaU ArtL, 7BCT. 81-6M 4803 IRCanynge Read, BrisinL As 3 I- >»«rt auh day Xusutt 3L 


?S*0^ LOadn ° ^ [Did 89 7738 -010) V1B 

SdraS^fZ^ ” TefcyoTtt.Ang.iJ XS7 . 

Anchor -ru nlts_ toSlIH UM+0 05I 100 Straatthatd Hanaemrat EJtniM 


2-W Stronghold Management limited 

2'5l P.o. Box 313. SLHriier, Jersey. 0334-71460 

2J7 ConnDodily Tiutt . . [88.65 93321 | - 

D fa 

o.se Snxinvest (Jersey) Ltd (x) 

J-W Queens Hie Den. Rd. St Heller. Jty. OSM27S40 
American Ind.T£t.-|£637 854(+02fl — ’ 

Copper Trust _KXLU llcfl+Btol — 

Jap Index Tst. |Q2A1 liBfl+OJC — 


J-M Jap. Index TaL~."!l_ |Q2A1 I257|+6n:| - 

• TSB Unit Trust Managers (C.I.) L!d’, 


01-2833531 Bataielle Rd., SL Saviour, Jersey. 0S3J 73404 


Jersey Fund .W 5 

Guernsey Fund .Bj 


(nes 51BM 

Hsrrounlld. fi.Kong Goenwey rand .....1483 518s) .... | 4n 
m S73H I 2.10 Prices on August 2. Next sub day August 6 


LTsL_MKMn 3ffil ..7_.I 2.10 Frtees on August 2- Next sub day AUgt 

BT5TZKm*o 7! J Jot Tokyo Pacific findings N.V. 

-und — piraaiB URft ~ ”1 5.70 Intlmls Management Co. N V., Curacao. 
iTratTumf Mngt. Ui. NAV per share July 31 SL’StS.K. 


.-S3 3 336 

Prices August X Next dealing Aagust 8. 


!!!¥8!Sf Tokyo Pacific Hldgs. (Seaboard) N.V. 
.. ..] 350 intlmis Maoagement Ca N V . Curacao. 

. Ltd NAV per share July 31 9U5475S. # 

* . TyttdaU Group ' 

— ’ ~ PrO. Bn 1256 Baud Era S. Benmada. 2C780 . 

1 OvOTMtasAug 2 IWSL22 12bd+0.04| 600 


. , , 1 ---i OwraeaiAug 2 \WXL22 

UL/ (Accura Uului BU514Z 

XL) Ltd S-W*ylnl.3uly 20_,PV'5ZA6 

0481-20531 * Nrw SL. SL Bel irr. Jersey 

UBtt I 378 T0F5LAUX3. .1T7B5 

'.'::;.i «iS Mwafeiw-laa 


S3:; 


Jnsey 0S349753!/S 

£7 05 a45ri+D.H( 600 

_ .... 0255 IS 45 *0 * 6G3-. 

Ini Eoultv SliKrilM iSjSp I JS* American Aug 3 UB.O 94 D +3 5 203 

.? nS: W *A' Iu3l 04 laS J 150 (Acrum share*. P&Q WC +35 2 00 

h j&d foJ&djr m ^ & 

531 Henderson Baring Fnnd Mgrs. Ltd i Accum Shares.— |l«g m E ft +Cft lots 

935 005, Gtaam House! Hong Song. Victory Booae. Douglaa. Isle <4 Xwn. 08S42I111.' 

+S2 Japan Fd. Aag.2— 1SC5ZU8 2ZJM+Llft — Managod July 20....JI302 137J| 1 ~ 

f 7U WJS*?hSS , '“ 7 ' L'ld Intel MngnmL. (C.I.) Ud. 

3 Ka=t^*ES.if susaraAf'W - 

4.46 Guernsey T«L J159.7 i7o.9| +0.9| 3.40 United Slates Tst. IntL Adv. Co. - 

25 HiU Samuel Overseas Fnnd SJL 16 Rue Aldringer. liixembourE. 

3JES |37, Rue Notrw Dane. Luxembourg U.S.Ttt. Inv. Fnd— .( S1L23 ^ |+0JM) 059 


3JES 37, Rue Notro-Daiae. Laxenbouix U.S.Ttt. Inv. Fnd -..) SUES 

|3 B»SaM%«U - Net asset August 2 . 

tit InternKioTiai Pacific Inv. Mngt Lid S. 6. Warbnrg ft Co. Ud 
636 PO Box R237. 56. Pitt St, Sydney, Autt. W. Gresham Street. EC2- 

675 Jsveti a Equity Ttt..|SA2J2 237-4 I — - Con*. Bd. Aug. I . SUS976 

K2> if ‘ T ‘ **■“**” Ltd GrStiF? July 3 2 cL SL'S^B 

US PO Box 106 Royal Ttt. Han. Jcrsey0534 27441 MexcEbdFd Ang2_ )ll'SllU7 IM 

J- ATrij3y flb.fflacuisl Wartm* Invest. Mngt. j 


An al July 31. Vest sub, day', 


Msctecoam tUU W _l MS 

E. F. Winchester Fnd Mngt Ltd. wotnai 

Old Jewry. Edt nuMaiin R«EiiaithY1d-.m,| 


law fiwhmw nii jiu i xvi National and Commer cial aempt 

GLWtach-XT Onus^Z *3|II| 62S 81. SLAadrevSw.Sdinburafa 0314080151 

Bnan ft Dudley T*L Mng n mt . Ltd JjgS/filSSIlZzKii H $££ “55“ 

afcAiUatfooSt-SMJ. 01 -4807551 capLJntea -SSj aSd™ ™ 

Breen Pudl*Jr3m.{665 - 715) ^ 3 JO (AcrrmTuni y ' ■ ■ — fau U6ft —4 

RndiM Sect, im fa) (d) Nathmsl Provident Inv. ttsgrs. fid.? c _ .... 

Pregre«dre-_|78J 7671+419) IB «d| H C^SarpwlT^ 

Bauitr ft Law Un. Tr. 9L? faXbWckz) NPio-ttm-Tnot-iHT 1373 us 2“^““™ . 


638 IneameAus.3. 
7-iJ (AeremUnlis) 
635 Capital j 
ft» tAccum 

Escape, _ 
, a , n (AcrumUhlia) 


20,ArtingtooSt»S.'Wi M-4807551 Capt_J n Iy38 

Screen Dv<&40 Tab. {665 - 713) 3 JO (AcramUn lt3i..- r ' 

Kqniias Sees. Ltd. (a) (g) ■ 

41Bla h 0ittga te BC3 0KM7851 jftjjgffftlrat 

Pregre«dre+_|78J 7671 +419) U2 g£|^I&£!w 
Equity ft Law Un. Tr. M.? CaXhKcHD mottn- Tntt- 
Amerthma R<L,ffigh Wyrpaih*. 010438877 

Equity* Law {69.9 73JJ+0JJ 3J7 ^PriSon July* 


ScoLInc. Aug.2 


ie A 3L wartnrg Invest. Mngt. Jny. I id. 
Tv'Uardise Fleming ft Ca Ltd. I. Charing Cromft Hulter.Jsy Cl CS34 73741 

7 90 MhFlOor ConoraehM ftra/ u * w - CKF Ud. June 20- StMUS 12H] - 

is I*®.'*' S„ C TL“ ud jL , 22?^. ,l8B f BoB * CMTUrf June 28 . 02.77 13.1ft _ . 

SisSffilS.^ SiSS ■■;- in SSS “J--; z. 

fii3K)S:K: gg SI - i" SSaV.-.K? ^ ::::i _ . 

A W c^ ,a “ t1, ■ tSS iW - World Wide Growth Management? I 

WJ NAV July ii" r li-flOo."" 10a > Boulesard Royal Luxembourg. 

0g 7N«wbj38rS. WS ™' Worldwide GU) Fd] SUSliW |+0i2J - '• 

954 

NOTES 

4J1 

951 fri«s do tuft Include 5 premium, excel * where Indicated *, and are la pence unless otherwise 
9.47 Indicated- Yields \ inwg in last culuran) allow lor all buying espeareo. a Offered pncei 


J T6 E3&frt&C.GSflMrthaa- 
f .MV Do. Aertun. 


2- Next dealing Angus 3L 
76. Nnal dealing August 0, 


ftmnUngtas Unit Mg*. Ltd (a) NatfemU Westaia*fer?(a) HtehSSS 


9.47 nd ^3 te ^, Yi * ld • ' <™«B ml 

ill joctade aU exreaints. b TiMbw-swieos e Yield based on offer price, a Estimated. & To-day's 
531 ] °P«>i P8 Wire- a Dittrirmuaa tree Of LK. taxes, p Periodic preancin InEuranccnianx ■ Single 
774 : Premium ireuraaet x Offered price Jnrindoa ell expoosrs neept agent s commissioo. 
230 £ VP?". . W™ ‘“-ludeo all expenses il bought ihrouch nunogen. x. Precious day's price. 
686 “ o ux on realised capital gains unless Indicated by 6. f Guernsey gnu. $ Suspended. 


Yield based on offer price, d Estimated, t To-day’s 


5 -/, IreUod Ysrd, TEC+B ® K, 
ffitllm. — pt» 5U 

CsptraiTtt. _Ei 239J 

lot Growth F«L_^n2ai 12RJ 

Do. Arteffl. - [124.4 132J 


Mends' Ffevdt. Unit Tr. Mgrs.? 


01-348 O0T1 ML Ch ca p sldr ftQ 
, , 1 i+t Capital (Artom £_ 
+4 a mp £?g»feg .- 

656 rTssaclnl — - — ■ 

*12 236 gvdfcte- 

•+a 3 236 httome =r— 

“ - Portfolio Inr. Fd— 

BgXS.? Uahmsa) FdJdl— 


NEL Trust Bbmftaus Ud? (nXg) 


High InC. Priority 

Inwnurtnml 

6 Z 7 Special Sttn — [ 33.7 »J 

1% TSB Unit Trust* (y) 

68s 21, Cbaoby-Wv.Andoser. Hants. 
634 Dealings jp OUH 

555 

286 


ux. T Ex-subdl virion 


Precious day's price. 
f grass. « Suspended. 


B3 







i jS-aSSEmBgSM ! 






CUVE lNV’E-STMJENTS LIMITED 
1 Royal Exchange Ave„ London EC3V 3LU, Tel.: 01-285 1101. 
Index Guide as al 18th July. 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 151.80 

Clive Fixed Interest Income U7.?-3 


CORAL INDEX: Close 498-303 


INSURANCE BASE RATES 

f Property Growth 10;% 

f Vanbrugh Guaranteed 9.2% 

t Addreos «:bown under Insurance and Pmpcrtr Bond T.iMc. 

























O SURVEYORS VALUERS AND 

AUCTIONEERS OF REAL ESTATE 

3-fieoley & Daker 

EsubUstiediaSOti London 
29 StGcerge Street, Hanover Square. 
London W 1 A 3 BG 01-6299292 

Cl H OF LONDON U8 OLD BROAD STREET 
LONDON EC?N!AR 01-6284361 


FT SHARE INFORMATION SERVICE 


FinandaT Times Fn'dky Aufensfc A tg» 


FOOD, 


BONDS & RAILS— Cont. 


BANES & HP-Continued CHEMICALS, PLASTICS— Cont. ENGINEERING^-Continued> 


1978 

Rich Lav 


Price * arlDhr. Red. 
£ - Gran Tldd 


HCT 

Eh(h Lew 


m»MI5 


Die TTd , 
Nft Cff GTs P/E; 


, 7978 r 
sis Lmr 1 


BRITISH FUNDS 


Rich l« 


It orj TitH 
I - Jlnll Red. 


•■Shorts” (Lives up to Fire Years) 



4S'-» |K\rh 

lDIft rrvasuri li:>pc TPti 

W4- rreaurj 3pc 79£___ 
951* Elottnc dupe T4-7D — 
99>j rrea.'urj 10i.pcT9JJ„ 
«U% Flttincai-pc 76-79 „ 

•ft,* Twill lyPpelSSK: 

**7i a Treiiiiix 9*-pc "80£ 

92 'a Trcarmti^pc 
454 FanrfiMjy.pcTWnti 
103 |- s Excho-jarr Upr 1S®{| 

99ii Trea'uiy IPjw WBJi}. 

884 Treasury 3:-pc197WI[.. 
95 s , Treasure 3%p-- 1981i$_ 

91 'r kxrh 6% pc 1981 

9-1 4 Exch.9*<pcl9B[ 

85% t«h.3pciaai 

95', i. Trest-. Variable Dli$._ 

102-a Each. Ul'apc ISDlJi 

91 ’a Trci'SjxrW-iE^ 

82 % Tmnc-iFvSpg ■■!■«♦ 

106U TrE3*uij-Hpc BZtf _ 
9-1% Ttwv. Variable 

89% Tm-vxiw W.pf B g 

9I‘i E\rh.»,pclflK 

91*2 EtthPijclSEA 

B4ij E.u-h.fi%pi: 1963 

79% EichlpcW 

100>; Trcasun l2pcl9B3}t„ 
89% [Treason 1 Shoe'S! 


99% *Ja 5 03 

*f. 'If. 

96 + ,% 4.43 
100% t>> 1042 

95*4 3.65 

99.lnl +1, 902 

99,1 ■*■!, 9581 

94 3.72 , 

94% +i, 556 1 

104 ft *-,% 12.43 
101% +,i U32 

90 % xl 3.88 

97% +,% 9.99 
94ft t - a 8.72 
96'ftm +1, 981, 

864«d 3.48 ! 

95% 10.04 

. 104% 4-% 12191 

93% 9.05 

85%m 351 

108*4 +.1 12.93 

94% 1015 

92% +% 896 


8 i%m +% 

102%1+ft 


Five to Fifteen Years 


1015 
896 
9.91 
9.9® 

952 
3.68 
11.68 
9.99 H23 



93 Exeli I Ope 1983* 

SOli Fundiwaiipc ffi-Wft. 
86% Trea#un8i;pc-S4-8BS. 
77% FumlinulPipc BWITit. 
79% Treasury T'jpcTfrffif;. 
60% Transport 3pc 7888 
6*'i Trearurj npeWOO . _ 
101% Treasury 13pe ISWfc._ 

77% rrea.urrB | i ST 90ii 

9Ti; T ri'A-un H%pc 1991 ... 
63' j Fnodrncarpc’JTSIti. 
58% Treasury KIVpc ffift - 
Treasure Wpc ISC — 
97-4 Exch. li'ipc '92 


10.58 11.40 
83 +4 6.65 

88% +% 964 
80U +% 8 27 
81% +% 9 52 
64% +% 468 
68% +% 7 51 
105-% +% 1238 
81% +% 10 23 
971; +% 12.15 
671; *4 8.77 
102£ +4 12.46 
86 «l +i, 1136 
98i;m 4.4 1235 1238 


Over Fifteen Years 

464 n>aTOrrl2;pe-93»_| 101% | +4 112 45 ) 12.43 


60* Fundinc»ipeI993^.._. 
104% Trca--aiy l.l%pc wait; 
lid"; Treasure H%pc 

97% Exch 12% pc I9M 

76 4 TranuiyPpcIHIi 

93 Trca-.ii re lIpcTS 

434 Gas3pc'H0® 

82% Exch. 10%pc 1956 

98% Treasure 12 — 

76% Treason 9pc XSfit;.- 
1141; Ta'i-UIJ ISUpcWS.. 
101% Exchequer 13‘ipr '96#. 
424 RedeapboiiJpc LUffi-SrL 
100"; Treasury 13 ,pc "37^7 . - 
85 Fsrhrtiiitrrinrpc 1 ST. 
741* Treasury S'«pc 199712: - 
60 Treasure 6 %pr ‘9598^. 

1184 Tn'i-.li.pf •flE; 

934 E\rh.i:pel9B8 

774 Treasury ffl-pe I999K- 

£34 Trca-ury 10 *;pc 1999 

15 Ech. I£pc 'H9-0U £!5pcL_ 

34% r undine 3:. 'pc'99-04 __ 

67% Treasury Spt iCOBit ... 
474 T'ea>ary5 ; .’pc'W-12S. 
62>? T rea-ury T-^pcLM aft. 
93*; E\ch. 12pc'll'!7. 

Unda 

304 Con«ils4pc 

291 * War Loan J.-pitJ 

33 Coni Si.-pc W Alt 

23% TteJ-urx3pc06.Vn 

14% I'onsebii.-pc 

19% 7rpa>uiy2%pc.____ 


64 1, +4 959 
1104 +4 12 79 
Ul%m 4-4 12.85 
99%m +4 12.50 
SIN -M, 1L31 11.85 
974 4-4 1238 12 43 
457, 4.4 665 4.69 

861; +4 11.96 12.21 
104% +4 1256 12.51 
81% 4-4 U-48 11 96 
120% +4 13.06 
1071; +4 12.67 

44% 686 

105 >4 12.68 

86%m 4-4 12.09 
754>d 4-4 1153 
63% +4 10 93 
1244 44 13.04 
984 44 1251 
80% 44 11.84 
884 44 1230 

15 1250 

36% 961 

704 +% U-86 

49% 44 1160 
654 44 11.94 
96% +% 1252 

id 

324 +4 12.46 
31% 44 H38 
35% 44 10.13 
247, +4 12.56 
207, +4 12.89 

20% +4 12.49 


M e UStm 

5.21 75 
12 il*U 
2.6 60 
3.9 335 
«A - 
677 20 64 7.9 
55 W.712.S - 
2.32 4 1 4 8 5.9 

687 15 88 M3 

15 54 i. 
6® 2.4 7.9 
a 21 * 
2.6 3.914.6 
12 78 73 
23 83 79 
S6 2.6103 
30 58 8.9 
2.8 84 .50 
35 S3 81 
id 8.910.6 


Dhr J -(1 
3* ]«=wrjt 


EnalMdtJ.Si 


HkHTVPW£1 


SJE. List Prendirai 53^ (based on US$1.9285 per £j 
Conversion factor 0.8528 (0^708) 


CANADIANS 


INTERNATIONAL BANK 

68 | 82 s ; ( 5 pe Stock 77-82 | 84 | 1 5.95 | 999 

CORPORATION LOANS 

93 % I 93 % jKirm hamPiiPC'TMl. 

9^4 I S 3 '* IBnstnl T%pc 198 
r.U- llijpcTtL. 

Dp. l!-;pcl9R3. 

GlascowSOipc '80-82 


CarrUohnj 


SJS. List Preonuai 53^ (based 00 $2.1965 per £) 


BANKS AND HIRE PURCHASE 

1978 ) ) J+ id Dhr 1 |TH? 

High Low | Stock J Price | - | N« jrn|GF(| P/E 


J286 

SSil 5 


"230 
*£19 
£ 10 % 
25 
124 
46 

12 40'“23 

34 1 

1 1 


184 ANZSAl 280 

210 Alexanders D £1 250 
i £90% AlgemewFLIW £127 
269 Allen Haneyil. 320 

150 .lilted lrub 206 

150 ArbuthoM L £1_. 155 
; £134 BaahAiaer SI583. £20 
315 Bk ln-land£l _ 402 
' £137 Do lOpc Ctmv— £185 
15 BkLeuni I£1 — . 18 
ISO BLLetradlUEifl 160 
380 BkM5.W.SA2_ 552 
255 Bank Scotland £1 275 
1 £211 Bankers N.Y5I0. £284 

2% BarelA<£l 342 

200 Bmrn Stanley £1- 230 
232 Cater RjderEl- 265 
67 CUvcBltfiitSOp.- 81 
I 171 Com'lAatiSAU. 218 
' £12' 4 Coin - 2bkDMim- £17% 

I £15 i.'-hOLHbkJirlOO £17 . 
18 Curintliiiu 1®P- 25 
£13-% Crcd France F75 £24 , 


+3 tQ18c 

1455 

+14 tQZ3% c a 
+5 h!9.i9 
-ci 7.a 
...._ 1023 
+', Q94c 
^2 1523 
-2 QlO-Ni 

Q16% 

7 47 


92 
150 
16 
72X Z 
20 
31 
11 
50% 

112 
27% 

22 
52 
60 
80 
272 +3 
77 +2 

108 

31 3-1 

196 +6 

621; 

49 +1 

203 

170 bJ 
39 
23 
48 


17 
71 
25 

23 I 

s hi 

»■ 

37 


ghCSoperatp.. 


. — 1105 
t% 053 00 


Danes iG.R) 


9.41 

+5 M7.I7 
1+3 4 85 

Q16c 

+% 018% 

ci 0 ^ 

+1 Q987", 


£40 DenxheBMdiDSQD. 015*; Q1816 

SB F 1' Finance 75 I [203 


1% First Nat Wp — 
l; Do WiTti 75-83. 
9*; Fn&er.Vnx. 10p_ 
157 Genanl.VatnL— 

J7 CibbiiAt 

19S iTillril Bros £1 - 
14 ijoodrDlMry.op 

96 Gnndla;'' 

IBS iluinm«Pcal— . 


+4 129 . 

L23 

-2 1541 

0.13 

-1 279. 
1-10.15 ■ 


R HnMinfl j Jflp 


170 

enningsSA050.| 104 


II 


FINANCIAL TIMES 

BRACKEN HOUSE, 10. CANNON STREET. LONDON EC4P 4BY 
Telex: Editorial 886341/2, 883897. Advertisements: 885033. Telegrams: Finanlimo, London PS4. 

Telephone: 01-248 8000. . 

For Share Index and Business News Summary in London, Binmngham, 

Liverpool and Manchester. Tel; 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

ARiMc-rriain p.o. Bn* J3JW, Amcterdam-C. 

Ti-tei raivi Tel: 241) S.13 
Kirennch.-im. Gi-mw Iluuw. Georg* Road. 

TeivK 338650 Tel. 0=1 -4» 0822 
Sunn Pn'wliaui IT'I04 Hpus&allee 2-10. 

Teiex 8SSWt42 Tel. 210039 
SniM'K 30 Rue Duealc. 

Telci 23233 Tel: SI 2-0037 
Cairn, ro Rox 2040. 

Tel: tORTilU 

Dublin. 8 Fiuxiiiliam Square. 

Telex 5414 Tel: 785321 
Ertrubumh- “ Ccuntr Street. 

Telex Tel (131-226 4120 

Fr.inldim' In Sai-hscnl.ieer 13. 

Ic.o.x. 41Q2KI Tel. 33573(1 
Juturmr'hun: l'i». Bi»* 2I2S 
Teles 8-6257 Tel: HJB- 7.143 
Li-.bua. Frjea >U Alecna 58 ID. Lisbon 3. 

Tt-!i-v J2333 Tel: 362 508 
Mtidntl Esprunceda 32. Madrid 3. 

Tel: 441 6772 


ADVERTISEMENT OFFICES 

£»in:iini:hii'ii George House. George Rood. 

Telex mtUKU Tel: 03-454 09SS 
Erlml».n:li 37 Gcorgi* Street. 

Telex 72-HH Tel- OJ 1-226 4139 
Frankfurt: lm Sachin lacer 13. 

Tele* ItEfil Tel 554667 
Ln-d-- DrrmaneM House. The Hcadiow. 
Tei. OSM 434960 


blanches! cr Queen's Hoosr, Queen Street 
Telex 666813 Tel: 061-834 9381 
Mosvow: Sadovo-Sarootec hnaya 12-24, Apt U. 

Telex 7900 Tel: 294 3748 
Now York: 75 Rockefeller Plaaa. S.Y. 10019. 

Telex 66390 Tel: (212) 541 4625 
Pans- 36 Ruo du Sender. 75002. 

Telex 220044 Tel: 238J7.« 

Rio do Janeiro: AvctDda Pres. Vargas 416-10. 

Tel: 253 4848 

R»me: Via della kfcrcede 53. 

Telex 61032 Tel: 678 3314 

Strekboim: efo Svcnska Dagbladet, Raalambsvagen 1 
Tetox 17603 TcL 50 60 88 
Tehran: P.O .BOX 11-1879. 

Tele* 212634 Tel: WC898 
Tnitj.o- 8th Floor. Nihon Reizai Shi rob on 
fluildinjt. 1-9-5 OtcmacbL Cbqroda-taL 
Telex J 27104 TeL 241 2920 
Wasbiatrtoo: 2nd Floor. 1325 E. Street 
N w . Waxhindion D C =0004 
Telex 440225 Tel: (200 347 8676 


Manchester Queen's House. Queen Street 
Tclux 666913 Tel: 061-834 9381 
New York: 75 Rockefeller Plaza. N.Y. 10019 
Telex 238409 Tel: (2121 488 8300 
Paris; 38 Rue du Scntier. >5003. 

Tele* 320044 Tet =368601 
Tokyo: Kasahara Building. 1410 Vchikasda. 
Chiyoda-ku. Telex J 2710* Tel: 295 405Q 


n 


1*854 Group 

VerdsSumelOp. 


21 

n! 

£ 
13 
29 22 

197 105 
9B 82 
39 24 

132 108 
56 32 

100 64 

98 62 

200 46 

128 74 

32 16 

24 19 

73 61 

72 


76 
16 

38 1 20 

* 'a 


Robertson Food* 
Hfl»nircea50p. 


Drake 4 See 


SjosaaliMlLeS 


MILTurlOttelOp 


9S2 1* 


1005 Z' 
L24 Al 


38 
'238 
121 60 
52 27 

83 62 

£38*4 02 


20 
59*z 
128 

' 94 |Chlbhde£fp- 
'99 


CHEMICALS, PLASTICS 


|SanudDiffiai.5p. 




e. Renlais_— 


600 A KM 

86 klbrichlWIsMi. 
253 Aieiaateluds..-. 
84 AiidaPwklOp- 
61 Ail'd Colloid lOp. 
60 AnrtiorCTiem. . 
£40*2 Bayer -Vi. DM31 
122 SLifirfsuNoakes. 
134 Bn-nlChrjns I Op 
19 Brit Benzol lOp. 
45 Brit Tar PrilOo 


irieaCapel Wp 


£mi+% 


Overseas advert isemeat representatives in 
Centra! and South America. Africa, the Middle East, Asia and the Far East 

For further details, please contact: * 

Overseas Advertisement Department 
Financial Times. Bracken House. 10, Cannon Street. London EC4P 4BY 


SUBSCRIPTIONS 

Copies obtainable from newsagents i and bookstalls worldwide or on refiuJar subscription -from 
Sub&cnpUoa Depart mcot. Financial Ttmcsa Loodaa 


IffbTesateRfcati 


ENGINEERING 
MACHINE TOOLS 


107 
244 
122 
95 

Admstflnap-^i 276 
164 
47 
50 
VB 
80 
36 

Ur} i 124 


i — 52 
6 10.9 132 
1 7-5 97 
3 73 3* 
6 * 132 
310.0 25 

6 60 *99 
Z U.9 101 
D 122 216 

1 6.7 22 

3127 48 

It K 

B <6.4: 

9<S2) 

S 139 -i 40 

7 93 1 tf 

2 88 f? 

If" 

i t 45 
1 5 2 78 

3 58 71 

5 92 g| 
1119 R 
fltUft 1ST 
73 
76 
248 
2» 
170 
111 84 
9.0 126 
4> 33 
« 50 
83 59 
Sir 52 
i52i< 55 
5.6 47 
31 126 
(TJ) 136 
- 125 
7J 160 


76 
23 
52 
27 
64 
181 
166 
110 

132 

133 

124 

8 9 

W*z: 
126 

V = 

3S 

ksfoEtansa^l 130a i 

75 .~-. 
17 . 


39 29 

65 .56 
60 45 

65 1 


Braiylnds. 


m 


ape Industries; 


| 37 30 

60 50 

mu 72 41 

264 180 
9-' 56 44 

li s- 36 

ihm 


i 


FiT.t ... 

S' 

mi: 


Coral Leis. I0p 


1151010 


rattbaini latrson 


4*441 « 


.TV- 

T' 

m 


ti 


if 


HI 


TffTt; 


-r.'I 


M 




















































































































































a fully Integrated banking sendee 



Head Office: Osaka. Japan 


73l 

1 1 m 

Rijtb Lew 

210 [155 
TJ 24 15 

? B 80 52 

58 175 122 

: Ml 78 

* 1 41 32. 

m id 


15 • 10 
135 M 

I 125 63 

157 820 150 
9.1 258 148 
I 72 45 

-50 IS 

— 140 81 

- 40 ID 

5 B 220 125 

Mil 39 10 

& rt 
& 

. 178 117 
. 64 30 

. £151* 750 
. 40 12 

- 543 310 
"300 50 

160 84 

70 35 


MINES— Continued 
CENTRAL AFRICAN 

I S,,l I Wee |-1 £ |c.e|! 


Falcon Rh.S0r _ . 
Rhod'm.nrp. itP^p 

Roan Coni W 

Tanganyika ;flp __ 
Do.mi 80 k 
WaokifCol Rh ! . 
IZaBU'priELWLM... 


165 Q5De 13125 9 

16 0 57 7.3 5.3 

170 +5 Q10 D 12 5> 
87 .. 16.3 8 3 

35 ... tQ7>^ 1.4 13 3 


AUSTRALIAN 

i25c _ 14 

n.iUeMTpcj 133 

iiiiSOr 111 +1 

i Pacific. 600 

rRioUnro.Vr. 254 +6 

ilcoodieSl. 59 -3 

ififtldNU.. 50 -5 

n Areas 5p_ 132 

&t50r 29>a .. . 

FDdu> 50v _. 200 >2 

4-ell Sc 29 

etal Wc — «i* . ... 

B HillSOc — 123 +1 


Annex 25c 

BoucainiilleSOTMU 
BHSouih SOr . __ 

Central Pacific- 

(bnrnrBiirtjnroWc. 
G.M.KalcooriieSl. 
Hawns (WdNL.. 
Hamptn Areas 5p- 

Metals Ex. Mr 

MJJL tOde^-Stk--. 

HoufflLyellSe 

Newnttaliuc — 
North B Hiliat- 

Nlh.Kalcurli 

Nth-Vkest Mining 

'ohbndreSAl 

Patific {"upper 

famuM'llSc . ... 
F*an&:aMJi£.i. r 4> . 
i’eko.R'ailwnd.^Dc 
sonihcm IViIu- _ 
Wetm Minnie Sue 
WhimCreeLlflc 


172 

64 +6 

£15 -i« 

28 -1 
528 -10 
22S -ID 
141 + 1 

45 


5.8 30 23 

- 400 240 

- 60 45 

- 300 200 
.145 111 

ID 8 1 ’ 

- 300 22fi 

- 170 130 

- 93 7B 

- n 9 

77 68 
510 450 
415 280 

73 40 

.0 62 50 

1 235 165 
61 49 

... , 61 47 

6 220 140 
* 330 230 
95 1 228 134 

78 55 

a* 100 85 

8.8 100 74 

8.9 233 148 
4.2 


Anui. Nigeria 

.VwFLianJMl— . 

Bcr.iUTm. 

Berjimiai SMI 

Geeior 

iMildi-B.xr) 2 ',’p . 
iiopeDfl/ons 

Hongkom; ... — 

Fdn> trip 

JantarlZijp 

Kununb ncIMO.SU 

Killnudiiill 

Mala? LYcd^iwSMl. 
APaoanc. ........ 

i'enehalvn Hip 

Petalui^SMl 

Sant hr.in 

Sooth Onfiv lOp .. 
South KinuSMtiW 
54hn Malayan SI I . 
SunpeiBisi JSl] „ 
Supreme Carp SMf 
ranJonclSn... . 
roncbih HrbrSMI 
rronohJJU— 


TINS 


2 55 

+ 5 apj-t 
. . 3 81 
t8 OUOr 
507 

1523 
+10 - 

... tuo 

Vi ‘ znijfe 

+20 0125 
+5 r 
. . H»75c 
. .. 660 


+1 ei 02 

... 4.1? 

+5 1077 Be 

lQtJ]3f 

«65c 

2010c 

. .. biO 


COPPER 

[ 70 UtasnaRflaO { 89 (+3 |tq30c| L9| * 

MISCELLANEOUS 

35 [Ban Enin 50-1 — 1 —I — 

9 Burma .Mines ITIjp 13-1 — — — 

215 Cons Moirh. Mir . 232 +2 *03flc 2.6 $ 

245 NmthjateiSl 390 +15 — - - 

164 R.T7. . 232 +2 9.64 2.B 6 2 

30 Subuta Indsv >751 __ 54-1 _ - - 

750 raiaGxnaSl 875 - _ -- 

43 Triudr Minerals 10p. 45 135 * 45 

120 Vaton Cans. C$1— 176 ...... Q7c 2.4 L9 


CwlCr-s NOTES 

4.71 44 

15 4.4 t’ulcxa Mbmviit indinltd. prices and nrt dividend! arc in 

— — pence ud denatninslioax u» 2 Sp, Rtfimilfd priCftaniio 
LO 4.6 ratios and rata* are based on latt-vt annual rrportxandaccwiiil! 
L0 1 7 wtmre possible, are updated on half-yearly flirnnrf. F/Bi ora 
1_2 4 8 aOcnUted on the bets of art dtstribalhm; bracketed Hr ares 
13 101 ladkwie IB per cent nr ante rfiHrreurr if rairnlated “alt- 
u, »j4l»itahpL Coeem are based on “nushann^ distribution. 
S’, ?■; Yields are bused an middle prices, are Croat, adiinted la ACT of 

Pi 3* per cent, art allow far nine of declared dinrittutteu and 

— rtgbtir. Sertirilira with dewunlnattou* other than merlin* ora 
r. % i qnated inclusive ol Ure Investment dollar prenriiuo. 

■Lj J.D 

0J 4.7 U Sterling denominated securities which include inrroonont 
LI 3 7 dollar premium. 

L9 46 • "Tap- Stock. 

3.1 U * mens and Lows marked thus have bees adjusted to allow 

2.0 43 f,,r rlishu issues fur eaah 

TO 32 r ,olcrira *inre inovaied or resumed. 

I Interim since reduced, passed or deferred, 
t* Tru-free to noti-residrats on application. 

6 Fi cures or report awaited, 
tt Unlisted security. 

P Price at time of suspension. 

1 Indicated dividend alter pendinp scrip and.or rights issue: 
- cover relates to prrvioua dividends or larecaats. 

SJ ♦ Merger bid or reorganisation in progress. 

4.9 8.0 f Not comparable 

3.7 93 f Same Interim: reduced final ond.w reduced earnbqpt 
L 6 9.8 indicated. 

_ fc .4 f Ferecnst dividend; cover on eaminga updated bf latest 
2 L 7 9.0 interim stalemenl. 

4.9 62 1 Cover allows for ronTonion ol shares mu imr ranldn* for 
32 10 0 dividend* or nuiking noly for rrstncled dividend. 

49 10!2 * Fever does not allow Inr shares which may also rank (nr 
47 JR dividend at a future date No PE ratio usually provitfed. 

«./ l-O v Excluding a final dividend declaration. 

+ Regional price. 

R Nn par value 


17 E _> qna In 717 6 oivinenn at a lumrc uaie .-vn rt ratio usually proriueo. 
i/n | a |7J*t | u./| Excluding a fipal dividend declaration. 

Sri Tjanlra * Regional price. 

BTI L afli a q tun p Br value 

l 203 ] 1538 I 7.51 4 1 * Tat free, b Figures based on prospncius or other official 

* ~ 1 | j I u] esum+ic c Cents, d mvidcnd rate paid or payable nn part 

Afripfl °f capital; cover based on dividend on full capital. 

e Redemption yield, f Flat yield * Assumed dividend and 

1 608 1—10 1 50.76 [ 6 1126 11 Assumed dividend and yield after scrip isvue. 

180 i 1 13 20 I ifflinql Payment from capital wwrroi k Kenya, m Inierini higher 
. ...| ■ ■ • V I fc.ttuj.-i (j^n p rcT j OUB totji. „ Righii issue pending q EaminRi 


based on preliminary figures, s Dividend and yield exclude a 
special payment, t Indicated dividend: cover relates to 
previous dividend. P.‘E rnlin based on latest annual 
earnings. ■ Force an dividend: cover based on prvnuusyenr'i 
earnings, v Tax free up to 3bp in the L w Yield allows for 
currency clause, y Dividend and yield based on merger terms. 
xEHndmd and yield include a special paymenl: Cover docs not 

— I — apply to special payment- A Net dividend and yield B 

— I Preference dividend passed or deferred, rfanadian E Issuo 

23] 5.4 prim. F Dividend and yield based un prospectus or other 
£t[ co official estimates Cor 1971P80. C Assumed dividend and yield 

1 ' after pending scrip andfor rights issue. H Dividend and yield 
based on prospectus or other' official estimates for 
IDTO-TO K Figures based on prot-pcclus nr other official, 
estimates for 1978. >1 Dividend and yield based on prospectus 
.« ,.«r other official csUmaies lar 1978 N Dividend and yield 
” " hared on prospectus or other offinal csilnvalcs for 1979 P 
LZ — - Figures based on prospectus or nilmr offirinl imunalea fur 
— 7.4] J 97 S .79 v r.rosa T Figures assumed. Z Dividend total In 
L 8 103 date. 44 Yield based on assumption Treasury Bill Rale slays 
U 4.7 unchanged until maiunl.v uf stock. 

12 3.0 

L0 5Z8 Abbrcvi.il Ion*- dex dividend: a as scrip issue; ■ ex rights, a ex 
all, 4 ex capital distribution. 

0.4 28.7 

L7 63 ** Recent Issues w and “ Rights ** Page 28 

This service is available to every Company dealt in on 
Stecfc Exchanges throughout the United Kingdom for a 
6 ( 3 L 6 fee o S £488 per annum for each security 
* 19.7 


REGIONAL MARKETS 


.-is quoted on the 

63lAIhany !nv 20p 24 

lO.Qi Ash. Spinning . 44 

3.8* Berta m 21 

5. ^Bdg'wir Ksi.EOp 310 
in+fluiwCrefl — .26 
"'^iCnuciKosefi 4 B0 

JDvwontlf. A ».\. 38 

ElllstMeHdy. 61 

I Evcre*l 36*? 

, Fife Force 52 

43jFInlav PiiB r.p 23 
• 4,ih7tigMnp £1... 115 
— 'Higsuns Brew 77 

7.9.1.0 31. Sun £1 . 155 

3.0 Holt Ut* i25p 263 

+>“Uin <JoM>-mith 56 

ljjPearceu.’.Hi. 185 

■71 peel Ml II: 20 

_ BhedreWBnek 46 

6. zj 

7.5 


Sheff ReirvhiTil.l 62m +4 
Sindoll '.Wm.i. .1 103 -2 


Cone 9% 'Wl'Kl £42 7 i +H 
Alliance Ujjv 66 

Ammi 354 ... . 

rarrolliJ’J.i... 185 -2 
■Tondolkin .... 100 -2 
1‘nnrretc Predi . 140 -5 

HeiionrHMg' 1 55 

Inn L'orn 160 

Irish Hopes . . 130 

Jacob 67 

Sunbeam 32 -1 

T.M«; 210 +5 

I'mdarc 95 


OPTIONS 

vs 3-month Call Rates 

5 2 

8 . 0 j mdimtriaJB in 


IS A. 

A.P. Cemeii 

*■*1 Babcock . 
9-5) Barclays Bar 
'■jBeecham • 
/.SRooLs Flrui: 



London B 
Lnnrho.. 
Luca^ ln>' 


























































































































































Top quality 
ventilation |j| 

Vent-Axm 

the fug fighter 


MPs want 

stronger 

committees 

BY RUPERT CORNWELL, LOBBY STAFF 

A RADICAL blueprint for a new Tory factions on the committee 
system of more powerful select over how far reform should go 
committees at Westminster, each beyond the shared ground of a 


FINANOALTIMES 


Friday August 4 1978 



■t 7 


7s ■ i 

^ ^ " - T ^• =£r ~ J 


Home loan OECD expects 
bias further moves 

against jjy J a paii ese 


THE LEX COLUMN 


J". ■ ■ 


wives 

attacked 


BY ROBERT MAUTHNER 


PARIS, August 3. 


Competition bites 

at Hoover 


l 

/ U ' 


i.i\\ 


JAPAN will probably have to adequate expansion of domestic _ .... ... _ ' 

take further policy measures in demand and the effects of the The momentum which has something like 9p per share. Pgy ; 

the course of this year to main- revaluation of the yen, make a been building up on Wall Street TnrW mcp d 6 tn 499 9 ^ fuU Tear, earnings coajrt * 

(ha mAmantiim nl aAAnnmia eiihefantial (>nntrihntinn tn (tip nno, I UU Ca IV*® w tninl rnnaKlv <U\n .1 


BY ADRIENNE G IBS ON tain the momentum of economic substantial contribution to the l over the past couple of weeks 


in r....nn-.r nmmi „nro" L n ur ! S u CCe ^ fu amendment married women. Organisation for Economic Co- increase of Japan’s deficit on rusain^ 10 . es “° l,s P 

R?.i n L* p '■ - rou P °, r Mr - Jobn Garrett, manage- This is the principal finding of operation and Development current invisibles has vitually position as it did m the 

„!! ! ' select com- ment consultant and MP For a survey conducted for the Equal Secretariat ceased. It would be nonna! for late spring. The news of all this 

south, was that a mem- Opportunities Commission for Without takine intn account a .country like Japan to combine excitement put fresh life into 

t-fiarr -e* d ra»t icsfu v naitern hf?- J0b Vfi be consjder * d the Consumers’ Association theshaip revaluation of h S a reasonable hut not excessive equities in London, which were 

or _ l Vi -.nnlfn, sbou ' d survey unit The survey was the markets since the end of current account surplus with beginning to flag a bit in the 

iiln f m-m • n.,nn« P iiD ' break with the tradition of the designed to determine whether i» av j aDan - s current account exports of long-term capital. For oftpmnnn but although th*» 

sf, *ssir -jz »» sts-s sshess 

bv 'parliament 1310 hours worlt ® d 'stronger committees and a JR* ?arns m^e ti>an her Suctio^is^erict^ ^ ^ couSrii is partcularl? w&e" market has not yet made a 

r> - rani ament. nnrrnn work no rfai. anrimo it reuilCUOB U expeciea 111 UlC ,,n- :l _ il> I Jac cina Vivoat ltnuianlQ 


tttREEDttt 

International 

I j I tnliUMHI, j J 

1U?£SK&» M 


total roughly 30p per 
before taking in the adverse 
impact of disposals. A lot confo • 
still so wrong, since Reed still ' 
has formidable gearing. Bat it * 
has fulfilled its promises bo fat, 
and there is every hope that 
last year's net dividend payment 
of just over Sp per share can 
be regarded as a firm base level 
The shares yield 7.9 per cent at 
153p. and have been much 
steadier in the past month at 
two. 

Japanese banks 

The Electricity Council’s $500m 
ten year loan from a group of 
Japanese banks seems bound to 
raise a few eyebrows. Less than 


V?$3£3i la * hours -^stronger committees and a wife earns more than her Suction i^ ext^til i^ the countries is particularly welcome market has not yet made a v . I two. 

Parliament. work ng ; day < endm| at husband SStS montbTtaf EnSt „ While the^erlytag trend of decisive break upwards. l-4r + T 

\i n ;_ ‘.30 pm. balanced by the right Tbe findings of the survey— « irn i„, enuin still mnnine at domestic demand is forecast to ..*• I ■ la t i 

Alain findings of the Government to impose a in which 231 building society ^annual rate of around S13bn strengthen substantially during __ >V Wl f** ; Japanese banks 

These are the main findings nf f ff “l 1 i**® 111 , 8 ; bra ? cbes and 23 mortgage in the first half oM979 the course of this year, tiie Hoover $0 ~ (W The Electricity Council’s S500a 

W2T SSSS 1 ^ ^more “ fftS «S„ 8 ll «« ~ 5TMSS . The present ~r — * ffl,,,, y f J- Tear loan^from a AS?! 

than JSS «3°E Sir Tom Williams, committee peels of obtaining a mortgage p ^ ar *?_I l L J ™ e ^ b «??LJ b A the yen and the authorities' in- »ng boom seems to be passing £T ? *. ; ISS? W»V Japanese banks seems bound to 

meeting* a o ain--| a background eha,rmon - —suggest that 36 per cent of ail ,r JJK “Kin tendon to curb exports will have Hoover by. After dreadfnl first raise a few eyebrows. Less than 

nf mounting resen i men l ; ,r the M S ir , Dav t? Qp. Tory building societies would have Jg economic ooticy pTedees a d «Pre« lve effect on economic quarter figure (sjes down 16 a month after Her Majesty’s 

inefficient way the Coni mens runs Mp . for Huntingdonshire and discriminated in some way m a de on ° rh ' c t bv Mr activity. per cent, profits down 35 per On this basis the fully taxed p/e Treasury renegotiated a Sl^bn 

iis business. «« m !»J5*ee member, pre- against couples with a higher- T akeo Fukuda jJSnese Prime 0n basis of P° Ilci « which cent ) the best that can be said at 290p is well above the market mediuin tenn ] oan , the Electri- 

As well as the reform nf select dlct ?<J last n, 8 ht that Parliament earning wife. Minister But even if some of had airead y 66611 announced in about yesterday’s half-year average at 12, and tbe only prop city Council, which is further 

commii.ecs inertly backed ««M Jfvei ’ agree that MPs Tj, i average loan offered to fnreca ^smad? on tSTUf ™K. is that HoJver has li.n- is the yield of 8 per cent. d0 wn the iniernaliSnai S 

l»y MPs nf silt persuasions, the ? noma '!? on, - v fulMime ; Mem- couples (With the same joint n f unchanaed nolicies need revis- t* 18 * real GNP FTOW by n o . ained its «]«. volume in the order has secured even finw 

report sugpesis a sicniBcant de- hers : “^e would then become income), in which the wife was f«. more than 55 P er C6Dt in 1978 three mo^thT Hut the„ , T , haS SeCUred eV6Q ““ 

velnpmenl in the legislative pro- an . in ward- looking and narrow- the higher earner, was £500 i a n ane 4 authoritiS on how to compared with 6.5 per cent second three months. But the. terms. 

fcs*. h warns outside expert wit- m, nded hunch. lower than that offered to dea } with the i r economic nrn^ originally forecast by the Japan- P re " tax P™* 1 of £3 Sm acbicj 6 ^ . . _ . T _ Of course, the two operations 

n<">«t*s io hr allowed in give t . The report merely uraes that couples in which the husband i Pms 5^11 remains braadlv P rele- 656 authorities. for the half year is only half Slowly but surely, Reed Inter- are nQt exact |y ^Im 

cvirtenci- af ihe committee stage normal 10 pm closure cnuld was the higher earner. vanL ? Moreover, because of the what it was last time. national is pulling itself bark Treasury loan was three times 


down the international pecking 
order, has secured even finer 
terms. 


nr a Pill when a measure under- Jj 6 PJ*f hack only If more than But the lowest loan offered va - rh _ nprr » ctvocctw hesitant recovery of private The Hoover puzzle is com- into shape. First quarter profits 

con* us most detailed scrutiny. -00 MPs voted In favour. to a couple where the wife was t h » the mo st desirable method dema . nd and. in particular, busi- pounded by its assertion that it are only marginally ahead at 


private The Hoover puzzle is com- into shape. First quarter profits bi£Ker and iQ . pract i ce reP re. 
pounded by its assertion that it are only marginally ahead at se “ ed a -renegotiation” of an 


S fuller dSt? Of EEC le^ idea of a modern Parliamentary SS frequently ""tie SJPSSL SSSS^LSi Die OECD predhrts that in the cent, for washing machine^ balance sheet front tt looks as 

laiion before its approval hy the system, ’we have been unable offenders. fh? 8 first six months of next year, despite the evidence of in- though proposed disposals in . . ... 

Government. 10 P U J; forward specific pro- Among the larger societies, ^fr^e’TananSI Government’s sro^ wiU have slowed down to creased retail sales by durable Canada and South Africa could Jh 1 tSlSi JL r. i!iS S h« 

The proposals from the all- P a «i ls - however, there were two where, --..p-l e rfln P m :^. pn , ov ?f D “rf_ n ! an annual rate of 4^ per cent goods shops. Hoover is cer- cut group debt by £70m or £80m tlie Electncity Council has 

SK SSSf^JSS-ftfi *S& C wS“S FprlL^Z m .0 alter U-. «»y Coding the geilg^r, j-U, - advene imp.« on J-tWJJJ* ot 


hy the Commons - let alone 6 ^m g structure of select corn- survey, discrimination was likely “roSh oF moom is honoured 

implemented — until next session mlttees by 12 new ones, each to be practised. One or them was ?hpv could fn^Sher w?th an 

bv which time a General Election looking aftera major department Cheltenham and Gloucester ~ couid ' togetper Wlth an 
almost certainly will have been of State ^ Diose in charge of whose chairman, Mr. Ralph Stow’ 

hold. Home. Foreign and Treasury is aj so cha j rnian 0 f the Building _ ^ 

Alihnuah hnih a Conservative affairs would have the right to societies Association Mr Stow T T W L nM l, 

and a Labour administralion set up investigator^' sub- said yes terday that he did not I j flM ll M 

could presumably resist those comm it tees as they wished. accept the implied criticism 

Miigcstions which involved a Membership would be chosen The sample taken in the survey 

direct challenge to the Govern- by a special committee of selec- was very sma n ^6 a small A 1 

monl's authority, many MPs Hon- independently oF the party sample was always likely to be ill*Af 

expect parts at least or the pack- whips who today can move to ina ccurate. The validity of the UivI U U1 Ci 

.«uo m meet widespread approval, m too nfanri for the ^mpie W as also chalenged by the 
The split on hours is the most Government s taste. chief general manager of the BY IOHN BRENNAN PROPER! 

visible pari nf a basic disagree- __ Details Page 8 Woolwich, whose policies were BT ,OHN BRENNAN - p R°PtRi 


chief general manager of the 
. M „ __ ! Woolwich, whose policies were 

ment between Ihe Labour and Men and Matters. Page 16 similarly criticised in the survey. 

Reasons for offering a lower 
multiple of the wife's salary than 

CiiHrantpp sphpmp ss-SM^ag 1 ’ j?".naasa 

VI Uul ilil 1/ V/ V/ ijV/lIvlilv that she would give up work to 

have children. 

-n-m g-+ « Lady Howe, deputy chairman 

-fr/VK* OWfeO I B T11*mc 7 of ,he Opportunities Com- 

R BIB ^Blfidflfl BHB BBB^ mission, pointed out yesterday 

kJJUIWAX AUAAIU tbat it was illegal, under the 

Sex Discrimination Act 1975, for 

1 _ . . _ . building societies to apply their 

B'fk€)Yl& formulae on the size of loan 

lUililO jlJJl U |IU>jVU to be granted in relation to 

* income in such a way that the 

BY JOHN ELLIOTT, INDUSTRIAL EDITOR higher multiple was invariably 

* applied to tbe husband s income. 

TALKS ARE likely between I he In the face of considerable Lady Howe said _ that there 

Govern mom and financial insti- opnpsition to the idea from the 'J rere c , onc l u * i _ ons 16 be 

unions during the next two Trpvnirv thr> non-irtoiont nr drawTI f roin 166 findmgs of the 

months on the creation oF an ™ ,2 TS? ° s*™?- Building societies should 

ex]H*nmcntal guarantee scheme rh, rpnnrt ,v,i cbeck whether their branches 

fur loans made by clearing banks m£ht were prope £ ,y c i °L tbe BF 0, 

tu small firms. ? n experimental scheme might visions oF the Sex Discrimination 

Thl? follow the publication IfSg Act - apd shou ‘ d proper 

vestenlav of a report by the ? r " uments 00 . tb , e '? sue - 11 ^P. 13 . instructions to their employees. 

vnum-iU commit ee on finance instituUons , rather than tbe 

Tor industry which Migyesis that allernative of a “soft” lending m m 

i. might be worth while .setting sc h t . me financed by the Govern- -uw% nvi 

up an experimental scheme. n ,enL t<l*lT*)lTl *J|1 

The report was sent yesterday . ... AJJL 1X44X11 441J 

m Mr. Denis Healey. Chancellor . Tb,s * UI now 4 be considered 

..f Ihe Exchequer. In an ateom- h - v tb ? Government which is also . . . . 

n:.n\.n-- I, -i i,*r. I.nr.1 Rnii. .-hair- awaiting a_ report on small firms ^ I ^ T 


U.S. bank abandons 
Stern break-up plan 

BY JOHN BRENNAN. PROPERTY CORRESPONDENT 


MARINE MIDLAND BANK of 
the U5. has palled out of the 
Ihree-year-old scheme of 
arrangement for the orderly 
break-op of Mr. William Stern’s 
former £2 00m property empire. 

The American bank, origin- 
ally owed around £10m by 
Stern companies, is the first 
of the major creditors to 
abandon tbe scheme. 

But iu a letter to the scheme 
organisers, accountants W. H. 
Cork Gully, the bank makes it 
clear that Its decision to break 
with the arrangement is made 
because it feels that ihe three- 
year arrangement has been 
successful In organising the 
orderly disposal of Stern prop- 
erties. and in no way suggests 
dissatisfaction with the man- 
agement of the scheme. 

The scheme was set up, under 
Bank of England pressure, 
following the collapse of Mr. 
Stern’s 65 property companies 
in 1974. 


Japan unlikely to alter trade tainly finding the going very with no adverse impact on secured the tightest terras foe 

surplus pattern. Page 3 tough in washing machines tangible net worth. Proceeds of a . 16n S time* Aside from the 

Editorial comment. Page 16 where it is facing strong com- a South African sale could be eight-year grace period on re- 

petition from Italian makes-like available to reduce hard cur- payments, a spread of t per 

Indesit. Its difficulties are rency borrowings of more than cent over H 6 , for the first 

"B T1 exacerbated by the current price £20m. And the general picture Slx Y ea p and S per cent there- 

y) n/HinnHC competition between the dis- in Canada is visibly improving. ® fter ’ l6av6s v *f n, “;? r b0lh “5 

M-UililU\/llu count retailers. like Currys and Losses there have been cut for the banks after allowing Tor 

Comet. to $2Jm compared with $4.5m 60 ft of capital. The 

k f Hoover’s response has been in the preceding quarter, and Japanese banks phyed a major 

M llfl TIE 5)11 to go in for heavy promotional with the ieip of. a steadier ^J 6 Jp squeraing margins m 

444# i#J.4tXl advertising. This is likely to trend in pulp prices, the com- 1^3-<4 and this latest deal sug- 

cost the company an extra £2m pany expects to do appreciably Bf® te . that 

r CORRESPONDENT at least in tbe full year, and better over the rest of the year, old tncks again. On the back of 

iinfipp thp tprmc nf thn rhe jnterim figures include half Tbe debt: equity ratio by the Japaa 3 hu S e and growing rar- 

of this- Outside the UK toe pic* year end could be 

51 of these former Stern com- Hire is improving a. bit. roughly one to one. and with a Japanese omuw are again pusn- 
panies agreed to a three-year although only South -Africa break even trading position in for a bigger _slice of the 
debt moratorium to allow City is doing really welL view, Canada could soon begin international capital market . 

accountant Mr. Kenneth Cork Hoover says that evidence of to look like a saleable proposi- 

time to organise the disposal increased consumer spending is tion. The parent company's All.’pJ Rrpwprlpc 

of Stern properties. now beginning .to trickle actions in recent months are 

Several overseas banking through into its factories. But consistent with the idea that Yesterday’s note on Allied 

creditors are known to have this could wither away within a this is its ultimate goal. Breweries should have said that 

been reluctant to join the year. So prospects, are not en- Excluding the losses in its investment in Trust Houses 
scheme. Since 1974 there couragihg, and Hoover will he Canada and in the Stanger mill Forte had been expensive to 
have been a number of occa- doing well to make £10m pre-tax in South Africa, underlying real terms. In money terms, of 
sions when the property compared with £12 .2m last time, earnings in the first quarter are course, it yielded a good profit 
market has been alive with 


Under the terms of the 
scheme, creditors representing 
51 of Lbese former Stern com- 


ae count aru Mr. Kenneth Cork 
time to organise the disposal 
of Stern properties. 

Several overseas banking 
creditors are known to have 
been reluctant to join the 
scheme. Since 1974 there 
have been a number oF occa- 


speculation tbat one or other 
of (he overseas banks wonld 
poll ont of tiie arrangement 
and precipitate a mass forced 
sale of Stern buildings. Bat as 
the property Investment mar- 
ket now looks stable, and the 
balk of the saleable Stern 
properties have been sold. 
Marine Midland’s move excited 
little Interest in the market 
yesterday. 


Weather 


..f die Exchequer. In ;m accom- \ n ? wmrmneni wmra is a.so 
! ':in>mg loiter. I.nrd Roll, chair- j«waiUne a report on small firms 

nun of Hi? .-oin mi t toe. [F om ft® ^ '*» n Committee on 

cini.luM.sOii 11.;, l ihe mam (inane- financial Institutions. Mr Harold 
me problem faced h.v .-.null I>um- boxer, the Cabinet Minister 

n-N-nun was l„.w i„ secure f«P°nsible for coordinating 


Britain and France to build 
electricity transfer link 


BY JOHN LLOYD 


UK TODAY 

SUNNY intervals, showers in 
South, rain at first in North; 
cooL 

London, S. England, E. Anglia, 
Midlands. S. Wales 
Sunn; intervals, showers, caoL 
Max. 19C (66F). 

H, N. England, N. Wales 
■ Cloudy, rata. Max. 17C (63F). 
Lakes, Isle of Man, S. and E. 
Scotland. Cent. Highlands 
Cloudy, rain. Max. L5C-16C 
(59F-61F). 


SENTRUST LIMITED 

(Incorporated, in the Republic of South Africa f 
-FINANCIAL RESULTS FOR 1978 
The audited consolidated financial results of the com- 
pany for the year ended 30 June, 1978 are as follows: 
SALIENT FEATURES 


1978 

Number of shares issued 18,000,000 18 

Per share 

Earnings — before Investment 

transactions 34.2c 

— surplus on invest- 
ment transactions 
(net) 18.6c 

Dividends 30.0c 

Income retained 22.8c 

Net asset value per share 421c 

SUMMARISED CONSOLIDATED INCOME 
STATEMENT 

1978 

R’OOO 

Income from investments 6,260 

Sundry income less expenses 34 

Net income before tax and 
investment transactions 6,294 

Net income after tax before 
investment transactions 6,148 

Dividends 5.400 


1977 

18,000,000 


ddcMiiaiir fjuiiv i-apitiil rather Government policies on small (59t-61F>. 

,iK,n 5 ’ ;il ‘ k , ?dca S, for a raakin r g k '7t S easfer^or A CROSS-CHANNEL electricity Support for the scheme, which “save" by night to the UK hy N ‘ CToudS^rain. °M£ 7 i3C h fKF) d 
Liird Roll s letter also echoed .-" p . ,;_W »>, 0 IIK an H Fnnu> has hppn mooted fnr snm* time. dav. Llouay, ram. Max. 13L (55b). 


Lurd Rolls letter also echoed s ,, businesses 1 ’ to raise work- link between tbe UK and France has been mooted for some time, day. i-iouay. ram. max. ist. toot-), 

uncertainly in the report about ■ caoital is to be constructed at a cost to was agreed in principle at a Both systems are expected to Argyll N.W. Scotland, N. Ireland 

whether a Irian guarantee scheme » p ' t bj s country of £131m. witb the meeting between the Prime benefit from an increased choice Cloudy, rain, becoming drier. 


i< needed. 


Details. Page 6 


Continued from Page 1 Central Electricity Generating 

Board to burn up to lm more 
, # , tonnes of coal a year, thus 

Electricity loan 

larger markets. 

Thu EU-Tirurily Council Is pay- be considering less favourable Permission for Britain's invest* 
in j a margin "«i*er Eurodollar terras. mem was given yesterday by in each country, 

jsitcr-bank rales nf half a point Whether the new loan marks Mr. Anthony Wedgwood Benn, 


this country of £131m, with the meeting oetween the **nme oeneni irom an increased cnoice uiouoy, 

French spending a similar Minister and President G is card of marginally lower-priced Max. 16C-18C (61F-64F). 

amount d’Estaing last December. capacity. . 

Tbe link will enable the ^ Mr. Wedgwood Benn has thus . Outlook; Mostly dry, sunny 

Central Electricity Generating ^ been able - t0 *°d a Continental Intervals. 

SSf.iySrS?* 1- «s ^“ d be t w ren u,e „r^“t,^ -Sff EWiSSTcSf 

| tonnes of coal a year, thus in CEGB system aQd M that tae National Coal Board _ 

| mitigating the urgency of the o£ E i ect ricite de France, the Honal ouSS EarUerth? mr — 

: National Coal Board s search for French utility. These marginal J “heSS'tosutaidiBe steim^Sai 

larser markets. costs ya^ front hour to hour. *J thin the EEC feHe? w ^Tn 

Permission For Britain's invest- according to the level of demand approval from EEC Energy 

ment was given yesterday by in each country. Ministers. Mwradria. i 


BUSINESS CENTRES 


fur the Srsi six war* of the ten- a setback in Western banks’ the Energy Secretary. CEUB wU^be^ able' S to^mtport system takes on an increased Bahrain 

year final maturity and five- attempts to raise rates will The link will have a capacity coal . generated e | ec triciS during nuclear capacity in the future. 
eiditlis or a point thereafter. depend on the extent to which of 2.000 megawatts, roughly the ^ * reducing the need for the rough equivalence In costs SffiSw 
The last comparable loan. Japanese banks generally decide same as a large power stauon. It Electr f cit a de to burn between oil and coal-fired elec- Berlin 

•inSflm flip Ihn h rfinnh thd miinhw 1 , Hnll-ip mill nnm» intn niwminn in turn ... . IU ™ _* ldul “ ” ...li.u .k. ■ Rrmchm 


However, when tbe French I Athens' 11 ' 


first five years and five-elghtbs Japan’s exports programme. 
f„r the la« five vears. The erace Hitherto, most main E. 


with id 19S2 and the second in 1983 . during the day , reducing Tbe hulk of the UK’s £13Im bb4>mr 

ie. Announcing Government CEGB’s need tnhnrn olL * investment will- he earmarked 5:^?“ 

Euro- approval for the project Mr. ^ as nee<1 t0 burn ou * for construction of a station to g&ir 

Wedgwood Benn told the Com- The net effect will thus be that convert French AC power to DC cruesm 

mons: “The link will add to tbe about lm tonnes of coal will dis- power compatible with the UK 2J“HJL 


ETebtnkl 
B. Rami 
JO burs 
Lisbon 
London 


when* man v bankers believe that 3 Purely financial transaction the export of coal-fired electricity roughly the same amount of oU ably to be built at Sangatte, near ciassow 

,'i' a iood ih" zni it is MI tt» IF the Japanese 1° ■' as before, eapomn; wfa.t the? Colas, aewnsi 

arc at least stabilised. Two big banks plan much lending of this 
borrowers have recently agreed kind at highly competitive rates 
io less favourable terms than on then this would ensure that 
their previous loans while some profit margin* on international 


other borrowers arc known to lending remain depressed. 


Continued from Page 1 


General Motors car for Japan 


Y'day 1 


Y’day 

mirtdnv 

midday 

•c 

•F 


•c 


5S 

84 Madrid 

S 

TO 


15 

8! Mancbestr 

C 

15 

S6 

3 

S4 MeUJonnie 

s 

in 

53 

29 

IDS Mexico C. 

s 

20 


T! 

81 Sanaa 

F 

28 

82 

14 

57 Montreal 

c 

94 

72 

TO 

S4 Moscow 

V 

58 

Si 

16 

TO Munich 

p 

S3 

73 

IB 

81 Newcastle 

B 

16 


18 

M New Yorfc 

c 

27 


IS 

64 Oslo 

F 

22 

7! 

TO 

BS Parts 

F 

TO 



73 Penh 

S 

21 



93 Prune 

C 

25 

77 

17 

83 Reykjavik 

R 

10 


22 

72 RJodeJ’O 

S 

?» 

84 

XU 

68 Rome 

c 

27 


TO 

88 SlngflDoro 

s 

30 

88 

15 

59 Stockholm 

c 

2A 

79 

15 

98 S trash rs. 

c 

21 


a 

73 Sydney 

c 

15 

a 

u 

68 Tehran 

s 

01 

88 


64 Tel Aviv 

s 

27 


28 

73 Tokyo 

c 

30 

38 

:w 

S5 Tbronio 

R 

19 


19 

66 Vienna 

V 

25 


24 

75 Warsaw 

c 

24 

75 

IS 

19 

66 Zurich 
fie 

c 

TO 

73 


HOLIDAY RESORTS 


BY TERRY DODSWORTH AND ROBERT WOOD 


Net surplus on investment 
transactions after tax and 

provisions 3,352 3] 

Income retained 4400 - 6£ 

SUMMARISED CONSOLIDATED BALANCE SHEET 


Investments 
— Listed 
— Market value 
— Unlisted 

.—Directors’ valuation 
Land and buildings 
Current assets 

TOTAL ASSETS 

Current liabilities 
Long-term liability 

Total liabilities 


run 

mlddai 

•c 

C 15 59 


Y'day VHay 

GENERAL MOTORS is to launch U.S. towards smaller cars which opening up its vehicle market “Jjft J 

its subcompact Cbevette model would appeal in markets outside to imports. Ajaccio c 33 si jmey c is a 

in Japan in the first move by North America. Recent indications tbat the Algiers f a si Laspima, f jj 73 

one of the big American multi- A ^ ^ ftU in Japanese are now trying to c f 5 s ^ °° | S S 

nationals to begin serious exports ^ L, f d “n* “dg ma de imports has led Ford nonk-au ■ c 20 es mSto c k to 

from the U.S. of one of its small. Sore 10 launch its model ttore. b™*™™ c u « xwutn F m » 

patronage of more widely-spread an attempt to reverse this trend popular car ranges. com'netitlve ST jSan for U^oush this is applied from I ” S 5? Stew i to S 

commercial and financial and establish a more traditional. Although the initial sales e3Ca mole the Chevettp Srs first ^^P 6 * uot tiie U.S. c«rfu s 3 r Naples f » w 

organisations. independent specialist mamifac- target for the Chevette Is 5?Sre in to KS rate «b- C %‘ however : ft f better f 9 « Kte r » “ 

Because nf high development turer. t will, however, have reported to be small, the move JJ® nS ear produltiM, P»g“ tb . e ? 3 J >lt ft® Japanese ^ flce c i u fK p 5? 

and manufacturing costs, the links with the volume industry underlines the belief among TOCn ^I te nnni?Sr-sized ™ ar k et - which has been expand- punch*! f 23 73 satz&uni p 24 ts 

sports car industry has moved through its major mechanical some vehicle manufacturers that , J? mnrip ,_ , similar “8 rapidly over the last few °'5™ ,tar J m js Tanraep s a n 

progressively into the hands of parts, with the 2.6 litre engine the U.S. producers will eventually rJJ L ” ™ at a months, because of its 34 per * 4 % ^ S 

The volume producers, who being supplied by the Joint become significant exporters of H cent stake in a local manufac- invent r 13 ss!v a ienda 1- w to 

>implv fil a mure exotic body Ren uulr-Peu«eur- Volvo plant in their larger volume products. The new venture will also be turer. Isuzu Motor. Isuzu’s isieorMaun 14 57lv«u« s » e 
on [o .standard mechanicals. France, and transmissions by This has become more of a seen as a pointer as to whether dealer network will provide the unanDul s zs to 

The DeLorwm project marks Renault. possibility since the move in the Japan honours its promises Of main outlet for the Chevette, F-Fair. B-Rain. c-cioudi- 


1978 

RTTO0 

1977 

R'000 

39,440 

(60,573) 

(L203 

(14^00) 

1,984 

4,496 

34^91 
. (45.761) 
7,059 
(13,667) 
1^02 
2^76 

52,123 

46,428 

5,5 L0 

500 

3J914 

500 

6,010 

4,416 

46,113 

42,012 


SHAREHOLDERS’ EQUITY 


(Market vatae at 2 August 1978 of listed shares - 
R69, 677,000). 

On behalf of the board, 

J. L. VAN DEN BERG \ ^ 

v j HAHN } 

6 Holland Street, - 
Johannesburg,' 2001 

fP.O. Box 61819, Marshalltown. Transvaal 2107). 

3 August, 1978 


RegUenoat Uw Past Offlce. Piimea 09 St. OeraenlV Press for and 


possibility since the move in the Japan honours its promises of main outlet for the Chevette. Ip-Fair. B-Rain. c-cioudy s-sumw tt by v c - taaBdal Tlmea Lt£L * Bracken Hoas e. Caimm stneu Lowiim. bc*p 

^ r ' Q Tbe Financial Times UH-