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I Hillier Parker! 

B L M.|> H I 

PROPERTY 

ADVISERS 

London -West End & City. 
Edinburgh, Paris. Amsterdam, 
Sydney, Melbourne. Brisbane 



No. 27,630 


Monday August 7 1978 




CONSTRUGTION IJD 


ISBI 

v Building ft Civil 
Engineering 


r>*s Gra*i)j jf C-rrpa.Ti i^s 

aV!ordPrirr*.-£tfwyl,;j'is. 


CONTINENTAL SELLING PRICES; AUSTRIA Sch IS; BELGIUM Fr 25; DENMARK Kr 3.5; FRANCE Fr 3.0; GERMANY DM 3.0; ITALY L SOOi NETHERLANDS FI 2J: NORWAY Kr 3.5; PORTUGAL E* 20: SPAIN Ptt 40; SWEDEN Kr 32Sl SWITZERLAND Fr 2.0; EIRE I5p 



GENERAL 


BUSINESS 


’s political Chr y s,er Pope Paul VI 


Mideast upturn future considered 


sta 


wins 

Korean 


dies after 


angers slowly by fhilip raws TO r NE eo PE pa UL * «*■«**■* .»■*» 

T ~T A RirsiNESS confidence is liberal jVLPs aJld senior officials held talks yesterday to resolve, flie political plant, Coventry, following an Gandolfo, near Rome. He was class extraction and be was 

improving, but tiie upturn in dilemma posed by Mr. Jeremy Thorpe’s decision to fight the next election ' or 3* 0 ®. sewboxes so. generally regarded- as a conserva- 

t iUlwW consumer spending is working : n \fArth ilot/nii from Hyundai. the Korean The Pope was Taken ill over “ Te - 

its way through io industry very -vuiiu uevuu. - motor company. the weekend and suffered a Yet he sought to strike a 

sloxvly. according to the latest Mr. Alan Beith, Liberal chief but there seemed little chance sisted. Mr. Smith declared: “It The deal is regarded as an heart attack this evening while middle role and to keep the 

American attempts to rescue Financial Times survey of busi- whip, is expected to issue a of securing his agreement to it could come to that, certainly.” Important breakthrough In the hearing Mass in bed. For some church together at a time when 

the Middle East peace talks ness opinion. statement on the situation afler Party leaders have thus been Mr. Charles Vaggers, chairman engine plant’s bid to supply time he was reported to have controversy over issues such as 

appeared to be makfn- little pro- The survey, which covered the further talks today. placed in a difficult quandary— of the North Devon Liberals, components to world markets, been in frail health. birth control, abortion and the 

gross as Israel blamed Eaypt Tor food and tobacco industry, lex- But the indications last night tom between their personal said yesterday that the local The news comes, however, Earlier this vear. his breakaway led by the rebe 

the doadlnek- Mr fvriis Vanrr tiles and clothing and the con-' were that if the former Liberal sympathy for him and their association was concerned to against a background o [Indus- imminent retirement" on grounds f™ DC £L ' are ““»°P. 

ns St.er*.i;,rv «r siitn struction industry, shows that leader persisted io contesting the anxiety about the effects of the avoid any damage to the party, tn * 11 troubles. 0 f in.bealtin bad been rumoured severely tested the 

^ „ * *u increased spending has shown election be would not be case on the party’s morale and nationally or regionally. ' Production will resume but denied. unity of the church, 

rcporiwi to nc angry at tne itself mainly in the food and endorsed as an official party electoral sup port in a critical pre- The possibility of Mr. Thorpe’s t0 ® a 3 r at Linwood, _ Scotland, Among the important aehieve- 

m transigcnce of noth sides. tobacco sector. Back and Page 15 candidate. election period. adoption as an independent *ft®r a damaging strike by 550 ments of his Papacy was the 

He had u series of ralk.s with Mr. Thorpe was remanded on But Mr. Cyril Smith, Liberal Liberal had been put forward as pabJt workers. But fresh prob- IVlUildppiilg successful renegotiation of the 

Israeli leaders yesterday but O TRADE SECRETARY Mr. £5,000 bail with three others last MP for Rochdale, appeared to be a . relief valve in the case of Me feared as the manage- . , th p h ■„ff pr 'a l i concordat between the Church 

they did not nffer any suqges- Edmund Dell, is heading a dele- Friday on a charge of conspiracy reflecting the majority opinion of dissensioa. mrat seeks to improve lagging nprumsi trsum# follow- an d the Italian State, and the con- 

tions for widening ihe peace saiiun to China, in an aiiempi to murder Mr. Norman Scott, a his colleagues yesterday when he inp tiL kirinannino and death of tinuation of Pope John’s work, 

talks initiated last year by Presi- to pave the way fur new export former model. indicated that the party’s in- * 4Z' “ e: hi* Friend and P fonner Christian al &elt in 'a more measured way. 

dent Sadat. orders from Peking. A packed meeting of the North teresis should be paramount. ]VtlS21VII12S nrn^MnrHvf»J° n des? e ^rSr Democrat Prime Minister Sis. oiier 1116 Roman Catholic Church’s 

Mr. Vance is reported to he- K ^rls in which ihe Chinese Devon Liberal Association on “There is no question that Mr. , * ® ESSFtL 23 JZLSL °fd“ More ’ Sl ~ relations with the. communist 

lieve that his rescue mission h<s arc blowing inieresr include coal Saturday unanimously recorded Thorpe should resign as an Party leaders view the option --...V 8 * .. . countries, the Third World and 

little chnn?cofr U cces^andtSrt equipment and aircraft. its full confidence in him and MP." he said. “He is innocent with serious misgivings. They **“£ His direct intervention during ^ other Christian Churches. 

ASertM TtoulS n“ “ prudu«“N , Oisn^ns are ,I M a.vpacled invited bin, tn stand a, lie candl- nn.il preved guilty. But whether Wleve that would still have SS" A ™J°r question, uuw is the 

own oaaee nrnoowu mrl if tu shortly on a science and date at the election “ preferably or not a person can contest the serious repercussions In the ThTctab® P®*? 0 "" appeal to tne leit wing p p , 

necessary impose them on both technology agreement between as an official Liberal, but if not. General Election with a charge neighbouring Liberal seats of wor khza at almntf full caDariiv Re< * Brigade, terrorists— an im- ^ . . an^rnportant due 

sid,2 P the UK and China. Back Page as an independent Liberal." of this gravity pending is cer- North Cornwall and Truro, held KJS S£2 precedented gesture by the 

ip 1 . , Mr. Thorpe intimated that he talnly extremely doubtful.” by Mr. John Pardoe and Mr. tSTtamntor iEum J£$£2 au 2 10 i Jt ? of **“ R , oma , n camreh inS tn ilke aHc? 

In Lebanon, an escalation in n ., . would accent the local nartv’s ' . . .. David Penhalieon. Inm Z or 105tW0 Pay Ran church— reflected what clearly £ nuEC ® 5?* 1 UKe ane 

the fighting between Syrian SliStOIl TeSClie DomSatS? P p ly w T1 ?f P a . r , ty *? ad , t0 , con ® ,der Durio^ yeste^av’s oartv **3®* “ re stt PP Ued In became the last major crisis of p °Pe Pan*'* Papacy, 

troops of the Arab neace-ktemn" tuiRROAVAA lt ‘ 3VUt uominauon. whether its electoral position w y T“i®. raay 8 P art Y dls- knocked-down form. hi< rei^n 

force and Christian militia-;' has H Though senior Liberals had would be jeopardised, said Mr. cuss ions, however, such a move The deaf with Hyundai is for „. ? . 

prompted ureent contact-; bv Da3IlS been given some 'advance notice Smith. “ It seems that Mr. Steel, w fyj.° ensure gearbox units Tor a one-ton van , ,* Ils in ter?et rt?p n -in the ^ Moro C-OnCi^VC 

President Sarkis io arrange a intentions. Mr. Thorpe's our leader, will have to take some cam- assembled in Korea. II kidnapping, while controversial. 

trace Back Pace S © BILSTOiV steelworks in the decision left Lhem “disUnctiy decisive action in this matter " P a . £ n d,d " ot entangled originally required 9,000 units w °n the Pope considerable The College of Cardinals must 

. dew 1 age West Midlands, which was re- unhappy.” th* North n««. u with Mr. Thorpes personal legal this year, but increased the sympathy because bis personal now be summoned and will retire 

1 - ... prieved from closure in June, is u ru ! uevon P?»ty snoi uld fight. order by 5,800. involvement was unquestion- into conclave to elect the new 

Tories OUtSene ike .subject of two rescue plans ^ i r l dW P ly dis * A dSarodon of intent has able. Pope. ' 

wliich management and unions COHS£flSUS n,i r Thn™«l D «hm.M ttat the ne« been signed for supplying His Papacy was- always re- The Vatican announced earlier 

economy opvions say could pul the plam’s future ‘ ib;'candidine ShClU d tonUnue . as J 1 ® 8 b^n toed 22,600 gearboxes next year, garded as a transitional phase in today that Pope Paul had can- 

Torv ciffii , iai < ; led hv c ir on a firm fooling. Back Page The consensus view of Mr. „ “ . , . nn „ ennferenco in S«?ImSL Llbera Owenssions “bout other com- the evolution of the Roman celled his official engagements as 

Geoffrey 1 owe the shadow DavldSteel and other Liberal Mr. Smith said m a BBC radio , ponents are also under way. Catholic Church' following the a result bf his ill health. 

Chance Her hive hepn nlmn^ ® DAIR\ INDUSTRY report. MPs was that Mr. Thorpe’s best interview that it would be a eil j^ r 5 als 2 A heaiF y has been dynamic and innovating reign of crowd* ra\u*A th» 

a policy of nuhlie ^Dnnd^ri- cuts which hjs an 3 er ed the Ministry course would have been to re- tragedy if Mr. Thorpe were to f{J H h at pUced u,lon lbe Stoke f * ctoI Y Pope John. Pope Paul was often 

and IM redifclions to keeD^du’vn of A ? rlcullure and ‘ h e Milk Mar- main as an MP unUl the General contest the seat as an indepen- Sader of tte L?h?^ni« y If for en & aes for the Sunbeam criticised for his failure to lV^S e G pjS? t» J&l 

Publlc^Jrtor bwroiiM ff ke!i °S B ^ rd - callii fcir cut5 ln Election and then to withdraw dent Liberal. Lne of the SSS 'SSLS'? model - **** ,s sebeduled for . achieve fundamental reform, but Jb SiSl!^ nuhlie 

^n the nexe election Ho'vcv^-/ financial aid from the Govern- from the political arena until the “That is certainly a situation optical streteS^asS^S te a ' n,m,ber of he worked hard towards consoli- the iate^aftemSon 

ConseryJtU't? Baders' d"nv that °? ent the EEC and radical legal proceedings had been com- all of us. whatever our view- ho p ta Ser^hem aSck Enn,p “ n , ,“ ar ^!‘ s once dafia 8 the reform of his pre- gS flwt Sff SS 

they "have 1 ! i »“ ^ Production, plrtjd . ^ want to avoid.” But asked ZTb^L ^mbly at Wood resumes, deressor. Pop? had suffered^ 

White Paper already written. BacK ra '~ l I™ 3 . v,e *f stl11 , b * 1Q 3 *jl e Liberal Party would have be >!atistactory although, he was Feature, Page 11 He came from a completely arrest and was given oxvgen. 

Back-Page. o r R rvru r... ,qto Passed on Mr. Thorpe yesterday, to disown Mr. Thorpe if he per- under intensive care. . 



Liberal Party order 

By Arthur Smith, 


dUwW “* r-n«i_.r- nMi*«.vni«c CHRYSLER UK Is reemitmg 

i3£v if IT 300 extra workers to step' up 

o business confidence is Liberal MPs and senior officials held talks yesterday to resolve, the political plant, Coventry, following** an 

improving, but the upturn in dilemma posed by Mr. Jeremy Thorpe’s decision to fight the next election ® l J er _ for . 1 ^ 80 ®. sei^boxes 

eiinsiimpr cn^nriinn wiirkin^! From H^andai, the Korean 


BY PAUL BETTS 


ROME, -August -6- 


ennsumer spending is working Jj, IVorth npvnn 
its way through Io industry very *** - 1,wrin .UtJVUil 


siou'b’. according to the latest Mr. Alan Beith. Liberal chief but there seemed little chance sisted. Mr. Smith declared: 1 
American attempts to rescue Financial Times survey of busi- whip, is expected to issue a of securing his agreement to it could come to that, cer tainly . 


the Middle East peace talks ness opinion, 
appeared to be making little pro- The survey 


•ss opinion. statement on the situation after Party leaders have thus been Mr. Charles Vaggers, chairman 

The survey, which covered the further talks today. placed in a difficult quandary — of the North Devon Liberals, 

ad and tobacco industry, lex- But the indications last night torn between their personal said yesterday that the local 


gress as Israel blamed Egypt for f ot,d a°d tobacco industry, lex- But the indications last night torn between their personal said yesreruay that the local 
the deadlock Mr rvrivfvance tiles and clothing and the con- were that if the former Liberal sympathy for him and their association was concerned to 
U s Sp.rpiorv struction industry, shows that leader persisted io contesting the anxiety about the effects of the avoid any damage to the party, 

^ increased spending has shown election be would not be case on the party's morale and nationally or regionally. ' 

reporreq 10 nc angry at tne j tse |f mainly in the food and endorsed as an official party electoral support in a critical pre- The possibility of Mr. Thorpe’s 
intransigence of both sides. tobacco sector. Back and Page 15 candidate. election period. adoption as an independent 

He had u series of ralk.s with Mr. Thorpe was remanded on But Mr. Cyril Smith, Liberal Liberal had been put forward as 

Israeli leaders yesterday bul ® TRADE SECRETARY Mr. £5,000 bail with three others last MP for Rochdale, appeared to be a . re * lC / w alve in the case of 

they did not nffer any sugyes- Edmund Dell, is heading a dele- Friday on a charge of conspiracy reflecting the majority opinion of disseosioo. 

tions for widening the peace saimn to China, in an attempt to murder Mr. Norman Scott, a his colleagues yesterday when he 

talks initiated last year by Presi- 10 P av * *he way fur new export former model. indicated that the party's in- m>f* • • 

dent Sadat. order*; from Peking. A packed meeting of the North teresis should be paramount. 1V1IS21V1H2S 

Mr. Vance is reported to he- Exports in which Ihe Chinese Devon Liberal Association on “There is no question that Mr. , 

lieve that his rescue ini«sion has arc » l,ow * n S interest include coal Saturday unanimously recorded Thorpe should resign as an Party leaders view the option 

little chance of success and that minin 3 equipment and aircraft its full confidence in him and MP.” he said. “He is innocent with sen ous misgivings. They 


In Lebanon, an escalation in 
the fighting between Syrian 
troops of the Arab peace-keeping 
force and Christian militias has 
prompted urgent contacts by 
President Sarkis Io arrange a 
truce. Back Page 


Bilston rescue 


Tories outBirae 
economy options 


officials. 


G BILSTON steelworks in the decision left them 
West Midlands, which was re- unhappy.” 
pneved from closure in June, is 
the subject of two rescue plans ^ 
wiiich management and unions I .nilQPn^lK 
» say could pul the plani's future ^v«I 3SU«A3 
c- on a fiiiu fooling. Back Page The consensus v 

Ol I -a — 


Mr. Thorpe intimated that he talnly extremely doubtful.” by Mr. John Pardoe and Mr. 

would accept the local party's The party had t0 consider David Penh aligon. 

nomination. whether its electoral position Dunng yesterday’s party dls- 

Though senior Liberals had would be jeopardised, said Mr cusslons - however, such a move 

been given some-advance notice Smith. “It seems that Mr. Steel i pp “u ru* only way to ensure 

oF his intentions. Mr. Thorpe's our leader, will have to take some ■ 1 electl ° n cam- 


The consensus view of Mr. 
David Steel and other Liberal 


vui ic«iucA. win ua«c tu idMj htiuie ; j " — ■ 

distinctly decisive action in this matter.” ™ a i Iu n JV d Tw^ coine ent * n , l!le d 
_ _ . with Mr. Thorpes personal legal 

The North Devon party should fight. 

never have been put in the posi- Party workers are deeply dis- 
tion or having tn decide whether mayed bv the fact that the next 
Mr. Thorpe should continue as court hearing has been fixed 
its candidate. * during the week of the Liberal 

Mr. Smith said in a BBC radio conference in September. 


from Hyundai, the Korean 
motor company. 

The deal is regarded as an 
Important breakthrough In the 
engine plant's bid to supply 
components to world markets. 
The news comes, however, 
against a background of Indus- 
trial troubles. 

Production will resume 
today at Linwood, Scotland, 
after a damaging strike by 550 
paint workers. But fresh prob- 
lems are feared as the manage- 
ment seeks to improve lagging 
output levels. 

At Coventry, negotiations are 
continuing on a self-financing 
productivity deal for tool- 
makers, but. any. concessions 
could threaten the whole 
pattern of differentials in the 
company's Midlands plant. 

The Stoke factory has been 
working at almost full capacity 
because of a rise in orders 
from Iran for 195,000 Paykan 
cars, which are supplied in 
knocked-down form. . 

The deal with Hyundai is for 
gearbox units Tor a one-ton van 
assembled in Korea. It 
originally required 9,000 units 
this year, but increased the 
order by 5,800. 

A declaration of Intent has 
been signed for supplying 
22,600 gearboxes next year. 
Disenssions about other com- 
ponents are also under way. 

A heavy demand has been 


Conservative leaders deny that S--vr in dairy production 
they have a draft Expenditure y pr£,ductJon - 

White Paper already written. Dach rarA 
Back Pasr ■ e FRENCH Budget for 1979. 

which is due to be approved next 
News stride over* month. i»- expected to be about 


assembly at Linwood resumes. 
Feature, Page 11 


S nr me reform ot ms pre- there were flrst t], at u, c 

aecessor. p ope had su ff eret j a cardiac 

He came from a completely arrest and was given oxygen. 


which is due to be approved next 
News strike over month, is expected to be about; 
T , . , . , , , FFr 12bn la FFr 15b n in defici:. 

fr0 '?- ,I hC n . L,,ndo " This years shortfall is expected 
n fi« Company -md io be at least FFr 20hn. Page 2 
Independent Radio News Service 

voted yesterday io end their e IMPERIAL TOBACCO is 
official strike over extra pay- putting up the prices of most 
ments for junior slaff doing John PIav e r and Embassy brands 
senior duties. Page 4 aud Press by 2p from today. The brands 
Council report. Page 3 account for more than half of 

the UK cigarette market Page 3 

Somali claim 

Somali guerrillas claim to have PoSfiCVSlOldcrS 
destroyed water and power A liUlucl 3 

supplies to Gode. the Ethiopian w$airraf! 

Government forces' base in y7<H1i1£CU. 

Southern Ogaden. © NORWICH UNION member 

company has warned policy- 


Iran talks on new oil 
lifting pact break down 


Banking figures may help gilts 


BY MICHAEL BLANDEN 


\ THE gilt-edged market will be year, the growth of sterling M3 As a result, the index for 

■ 9 * __ ^ ^ J "1 1 1 looking for encouraging news on was running at an annual rate of input prices— the cost of raw 

If T |1¥|0’ flJIPl tirojl if nnwn the Government’s comrol of the ^ d P Q e f r the" offirt^tareet^renge ma,eiiai s and fuel b ought by 

MM 4M'\* 1/ 1/1 ULxr TT money supply when the latest of g .12 pe r cent for the full manufacturers— should show a 

banking figures for mid-July are year. . • significant decline during July 

T _ published tomorrow. Since then, -the gilt-edged after a 1 per cent increase in the 

i EH KAN, August 6. Official moves to bring the market has remained in reason- previous month. The pound 
growth of the money stock under ably good form. Money stock may appreciated during the month 

TALKS between Lran and its barrel than the 22 cents which marked preference for their control through the re-imposition have been boosted a little by the by about 3 per cent against the 

major oil producer and customer, they notionally receive at Interests in the Aramco cons or- of ^ so-called corset controls renewed inflows from abroad as dollar add by lj per cent against 

a British Petroleum-led western present! tium in Saudi Arabia on the banks have had a signifie- a result of the decline in the a basket of currencies as 

consortium, 00 a new, long-term afipp^Iv mnnth* nf . ." .. ant effect dollar. But the- figures, for the measured by the official index of 


major oil producer and customer, they notionally receive at 
© NORWICH UNION member a British Petroleum-led western present! 

.*:? s M “ ne ". !?°g-!»™ Aftersix months of intermittent 


H I jack foiled holders that unless insurance oil liftings agreement, have di SCU a S ion the fifth round^eean !R A hSiivPd 11316 lai * e saIes of 8il t *dsed eligible liabilities of the bank- its value. 

A wnw nr q a iriin n r p° licitis ol buildings and their broken down after reaching an -oVrtdenihi^nnhiSS ^a 11 016 achieved after the new ing system, it is hoped, would However, the effects of the 

^ LM i, i r i ,ne !i’ contents are index-linked, impasse. leaked ho^c^ b «iVeoe? Ubl R, 1 ,f ^ r ^2J ,b If 10ed «? y Aramco credit squeeze was announced In provide a pointer to a continued earlier decline in sterling still 

~A\ i! L J 5 k >?L a " d ..? r p. c 'r!^ amounts paid out on claims will Tho negotiations ended observers' ° P say lowing ^ n5 j°. rtmra raembers from^Saudi June helped to cut the increase 1 overate of monetary growth. may be reflected in the level of 


amounts paid out on claims will 
to Hy A ^‘ er> ' * dn ^ tl Jt ? d . rc6 T be sealed down through the aver- 
iona after a gunman on board nrncess Pace "1 

was overpowered. The aircraft. ag,D -" P rocess - ra « e J 
which was carrying 65 pas- e west EUROPEAN chpmirai 


Exxon, in the sterling money stock on The renewed rise in sterling output prices — the 


which was carrying 65 pas- © WEST EUROPEAN chemical 
sengers and five cxew was on producers have accused U.S. 


M a y h 'SusTt^d^on ^came^clear ' tha| r pr ?® re ??. Standard Oil of California fd Wm £ 0.3 alsi should 'ha^hripSd ^l SX* by^ind^ for "goods 

wh a t S is h di e cribed here^fthou" block bad beei reached 8 oHmen' naV^X^^^thl in 016 mid ' JSS 


an Amsterdam-Madnd flight. manufacturers of dumping vinyl 
_ acetate — largely used in making 

InglOI’IOUS ISCKS emulsion paint — in European 


© WEST EUROPEAN chemical SI L* 8 ii «»' nTnnnrtSnt WoCk had been reached - ® Participating in the) June/ ‘ r " win"Ve illustrated by the whoTe- Fikely^to'show Mother' 'increase 

producers have accused U.S. „ ni nrnf nH npf nip ,,n a riL h!! i Tehran talks were not prepared As a result, in the first two sale price index figures due to perhaps Df the same order as the 

manufacturers of dumping vinyl J, ° rL!?\ „“ l li sensitive Clause to reveal information about them I months of the current financial be published todav. - i per cent recorded In June. 

acetate— largely used in making ,, u ° k H L resumption. „ . . . . to their European colleaguea^ — ’ 

emulsion oaint — in Eurouean ^^ihougb both sides say optmis- Mr. Houshani, Ansan. chair- representing BP and Compagnie 
markets pi?e 2 P tically that talks of some sort man of the National Iranian Oil S^sedls Petrol es 

markers, ra^e - may resume in late September Company and leader of the „ 


A plague of ticks hab severely 


markets. Page 2 


depleted stocks of grouse on © SIEMENS. West Germany's or October. 


Iranian Wn flew to the^ kh»V* lran stiH reraains keeD on a 
Ionian mLSJ short-term _arrangement to boost 


several Scottish moors ami some largest electrical group, has re- [The issue at stake is believed Caspian Sea palace at Nowsbahr iifMnac, although same observers 

estates have cancelled shooters’ ported a substantial increase in to concern Iran's demand for Io f consultations on Tuesday, but „ DP „Tf^ p i, hp - n i, nl ; n o n7 , 

bookings. One shoot-letting agent orders and pre-tax profits in the most-favoured nation treatment re ^“f ne , t | w,t ^ answer that a .J, pmApted autumn nil stnek 
said: "Some estate agents are first nine months of the year. An vis-a-vis Saudi Arabia, Richard Politically sensitive clause was tw- western Z S 

very dubious whether the interim report indicates that the Johns writes. The Government » n essentia! conclusion of an ™ MtJ^T3irK5SiS 

Glorious Twelfth will be quile improvement should be main- wants guaranteed liftings by con- agreement whose broad outline 2 evel ^ e 

so glorious this year." lained in the final quarter. Page sortium members of 3.3m barrels bas been reached. Over 1 the next two months 


Briefly ... • DOW. CHEmCAL ot the U.S., u>ae’ the^ off-toe darms'to ^epSi" wtne"re~ta“Se ’ll rZ%'Xl 

£50,000 weekly premium bond ERT^and the Spanish o'! 1 ° com- n^ t i ( , h ^ f rp f «pp^^ i h!^pp { ^I “ember ronsortium. appear to observers say, had been con- 
prize won hy Brighton holder of P anv CEPS^l are to build a ui>o eS f D a re nS ee rnJr^imt b, nn W oa^ c . 0 l mp0 “ rided problem, ducted.’ in an amicable and 

bond fiFT. KfioaiiB "“I 1 .".,! v,ce fee ° r diSCOu nt on each with the former Showing a businesslike manner. 


a day over a five-year period, Differences and mutual suspi- senior Iranian oil men will be 
!? ore .r 13 . 0 1E 0QS between the American and working on possible lines for a 


Hnn.l fid CC.JOllC • ■ — - Vltc 1CB U1 UI9.UWIU UU CALI 

bond 6rL S6-3U5. >SOOm to Slim petrochemicals 

Galwick Airport has cleared ihe plant at Huelva in Southern 
backlog of delays caused by the Spain. Page 2 

French air traffic controllers’ I’AirAWiiti/ 

work-to-rule. LABOUR VjOVCl Illllt 

An extra 500 troops were flown . 8fin R|)T . . Rnvr p 
to Northern Ireland to back up ® Shy ^ aid 

internet OVCFSCRS C 

Geranium grower Mr. Alan because of industrial action over ” * ^ 

Taylor has named a bright pink a pay c | a jni. 

Tory 11 leader. ThatCber ' th ' a INDUSTRIAL ci.il events. BT PETER RIDDEU. ECONOMICS CORRESPONDENT 

Th . Richnn nf Ovfnrd's Cudrle^ v.lio have been taking action in 

dOT B hom£ described by ;hc support of their Stage Three pay THE GOVERNMENT’S pro- 
rhurch Commissioners us “a claim, hope lo change their pay gramme of restructuring part of 
narticularlv bnrine piece or sej clement date to prevent their ihe UK’s large overseas official 
Victorian 3 ,"” has been put on ihe falling behind the general level debts has succeeded io reducing 
market for £100 000 Df *ctllements by being last in the amount due in the peak 

maiket for uw.uui . lhe w 3?e queue. Page 4 .rears of 1979-82 by nearly 30 per 

A pet shop owner from Bees ton. ,. cnt tQ sioibn 

NOUS., who. plans lo seU giant O. BAKERY WORKERS have tmc wm ctnrted 


Government programme cuts 
overseas debts by 30 % 



the amount due in Lhe peak 
.vears of 1979-82 by nearly 30 per 
cent to $101 bn. 

This was started last autumn 


African cockroaches for £1.20 a submitted u claim for a pay and wi h if reducing the 
pair says they are cheap to keep productivity deal .which would ZL of the deb repaym^t 
and ideal company for pen- mean a rise of more than 22 per hur JL n in , h# Mr iv 7 o«£ xh«s 


GOVERNMENT AND PUBLIC 
SECTOR BORROWINGS 

OVERSEAS 

Impact of programme of early 
repayment of debt so far 
announced 

Original maturity Latest 


and ic 
sioners 


cent. Page 4 


CONTENTS OF TODAY’S ISSUE 


burden in the early 1980s. These 1973 “ 
debts were raised mainly in 1979 
order to finance the large current 19^0 
account deficits of the mid-1970s 7931 
and the outflows of short-term 1932 
capita] in 1975-76. jo« 


schedule 

$bn 

0.95 

Z4 

3.2 

53 

3.9 

23 

2.4 


position* 
Sbn 

4.66 

1.63 

23 

3.75 

2.95 

1-95 

2J0 


Management page 
Technical page .. 


the improvement of the current 
accoum in order to restructure 
the ddbL They have preferred 
this to! waiting until the early 
1980s ♦'hen the external pros- 
pects may be less certain -and 
when ?the contribution from 
North Sea oil lo the balance of 
payments wiii not be growing so 
rapidly! - 

The.^Goi’emment is likely to 
continue its programme of early 
repayment during the next year 
or two.' There may also - be 
furthejf new borrowing on the 
scale d the S500m loan for the 
Electricity Council, announced 
on Thursday, . and the $345m 


Foreign Exchanges 26 

Mining Notebook 23 


FEATURES 

Conservatives’ fiscal priori- Ctirysl 


J v They policy has been carried 1984 2.4 io Electricity Council, announced 

Overseas news 2 Arts page .- 9 2 U S J'®P a ^ nen J * Asswriad SI bn of early „ °n Thursday, and the $345nr 

WorTd Wde news 2 Leader page 10 Jfjei lhe gate debt and 7STS issue * l j> e ,? eMr . Yo ,?‘ ^ 

— -^SE?. i S£ 55 Eff^s^'“ g % Mffi SUSS ^ 

ZSSrtJ?:..— I SSSfiJSSSr . It T partly e l7 

FEATURES " ew b . orr °wlng wth matunty assumed that all of this debt 

r t/i dates in the middle and late estimated current account sur- matures after 1984, though a 

Conservatives’ fiscal priori- Chrysler'^ troubled Indus- l9S0s. it i°L -S?’ 4 small' amount, raised from EEC 

llp< 10 Inal relations 11 Last autumn, the UK had over- In addition, the matunty dates instittrtions, may be due slightly 

Justinian 8 seas debts of $20.7 bn maturing on a $1.5bn Government loan earlier. 1 

between 197S aod the end of from the Euromarket have been Although maturities after 2984 

15 Lex 30 interim statemekts 10S4- So far this year, early from 1981-84 to have teen increased, there has 

uudua Nows' * Lorabani a Angii-Am. sees. ... 15 repayments totalling S3. /bn have 18 » 8 S. still been a net reduction since 

Diary m g»; ‘"J “ PRosPEctusES been undertaken, or announced. The result has been to reduce last autumn of about S3*bn ii 
"•M * rm,en “ 5« 2 s nSCSSf* 12 including S2bn to Uie Inter- the amount due in the peak year iota! overseas borrowings Out 

SSisbiii 9 Today's e.otk n Raurk 12 national Monetary Fund, in of 1981 from S5.3bn to S3.75bn stanW of the UK public 

*2«im ... io tv ana Radio b w. n. sharp* i addition, $950m of loans mature and also to cut by about Slbn sector. - 

nuclei Wcaifcar 83 ^.. a annual statements f 4 ^ wnounts due in both 1980 After taking account of long- 

^“1““ u Bue Lend ins R*\r%. u FcrBuaM ib«su 2 o The total repayments of and 1982. term borrowing from abroad, the 

:B0 , . , . ono _ S4.66bn planned so far are The UK authorities have UK bw debts of between 98bn 

For latest Share Index paono 01-2-16 8026 equivalent to more than three clearly wanted to take advantage and S7bn due after the end of 

times the most recent officially of the strength of sterling and 1984, 


Chrysler’s troubled indus- 
trial relations 11 

Justinian 8 


ySETSL' ; “ tSiibart 

RuiinMinan^ 5 Diary M Men and Manors .. 

M Share inrormallon ... 

•sEr&sri i 

ffi5S«5T. « atg-Lr-r: 

H Banc Lend ins Rain. 

Lenars 


8 AimliAm. Sees. ... IS 

10 

H9 PROSPECTUSES 
8 SaUiebj Parka Bern. 12 

11 Rotark 12 

B W. N. Sharpe 9 

17 

28 ANNUAL STATEMENTS 
13 FcrattoM IB«SU 20 




«_Ws ^ O® 







& 


Financial' Times Monday August T. 'S 


OVERSEAS. NEWS 


Deficit of 
£1.4bn 
predicted 
for France 


By Robert Mauthner 

PARIS. August 6. 
FRANCE’S BUDGET Tor 1979 
is expected to be in deficit by 
between FFr 12bn and 
FFr 15bn (£1.4fan 10 £LShn), 
according to French Press 
reports over the weekend. 

Although final details of the 
budget are not due to he 
approved until September, the 
reports are in line with 
promises made hy President 
Giscarri d’Eslaing at the Bonn 
summit that France would 
make a modest contribution to 
the joint efforts of tbc indus- 
trialised nations to stimulate 
growth. 

Next year’s projected deficit 
will follow an expected budget 
shortfall of at least FFr 20bo 
this year, more than doable 
the deficit predicted by the 
Government, when it adopted 
thr 1978 budget. 

Since M. Raymond Ear re. the 
Prime Minister, has pledged 
that income tax. company tax, 
and ialup added tax rates will 
not be increased in 1978 and 
1979, the financing of the deficit 
present's a problem. 

As things stand. Treasury 
receipts are likely to fall short 
by up to FFr 25bn of Govern- 
ment spending, which is ex- 
pected to rise by about 14 per 
cent to some FFr 450bn next 
year. If reports that the 
Government is planning a 
budget deficit ar about 
FFr 15 bn are correct, up to 
FFr lObn in extra revenue will 
have to be found. 

Tbc general expectation is 
that tobacco, alcohol and 
petrol prices will again he 
raised to provide some of the 
required income, and that tax 
allowances accorded to a large 
number of professional cate- 
gories will be reduced. Income 
tax brackets may also be 
adjusted. 

It is probable that the 
Government will again have 
recourse to a number of 
medium-size State loans next 
year, as it has done in 1978. 
,So far. a total of FFr 5.5bn 
has heen raised by the State 
on the domestic market this 
year in the form of two 
separate loans. A third bond 
issue is expected to be made 
in the early autumn. 

The servicing of the public 
debt is placing an increasing 
burden on the Treasury. In 
1979. interest charges and re- 
payment* are expected to total 
nearly FFr 20bn, compared 
With only FFr 14hn this year. 


Shah calls on opponents 


to fight ‘free elections’ 


BY ANDREW WHITLEY 


TEHRAN. August 6. 


THE SHAH of Iran anounced 
yesterday that “ absolutely free " 
elections to Parliament would be 
held when they fall due next 
summer. He said political free- 
dom would be to the same extent 
a& in democratic European 
countries- 

In u nationally televised Con- 
stitution Day message, the Shah 
issued a challenge to those 
constitutionalist dissidents " 
who have attacked the abuse of 
executive power to test their 

popularity at the polls- 

He said anyone could vote or 
stand as :< parliamentary candi- 
date. and tbe rule of the ballot 
box would be accepted. 

Government sources say tbe 
statement marked an advance on 
the earlier acknowledgement that 
individuals not belonging to the 
single recognised party, Rasta- 
khiz. could stand. They say that 
dissident or breakaway groups 
such as the "Union of National 
From Forces,” Prime Minister 
Mossadegh's backers against tbe 
Shah 25 years ago, could put for- 
ward their own candidates for 


the- Majlis, the lower bouse of 
parliament. 

The Shah said limits of free- 
dom wnuld be defined, as in 
democratic countries, and new 
legislation is to be introduced 
shortly on freedom of assembly, 
speech and the Press. Public 
gatherings would require advance 
permission and would not permit 
the carrying of arms or holding 
of street processions. 

Public comment about the 
monarchy and its role is specific- 
ally excluded, as in the post. 
But. according to a Government 
source, the new Press Bill, in 
its Snal stage of drafting, vril 
provide guarantees for Press 
freedom and introduce a libel 
definition, to protect private 
citizens. modelled on the 
example of Western countries. 

On a number of issues, such 
as whether dissidents will have 
equal access to tbe State- 
controlled radio and television, 
or to the Press, an authoritative 
source said no decision had been 
taken. 

The controversial new Election 
Bill, half-way through tbe 


parliamentary process. will 
almost certainly now be dropped 
The Bill would have enshrined 
Rastakhiz's envisaged monopoly 
role. Instead what is recognised 
here as a degree of ‘‘healthy 
competition ” is being intro- 
duced. The election will 
fought entirely on the basis of 
the current election law, pro- 
viding for a multi-party system 
and will- not incorporate features 
from the new Bill, such as the 
proposed lowering of the voting 
age and creation of single- 
member constituencies. 

To an extent the Shah’ 
statement, coming after 
unusually long period out of tbe 
public limelight, might be seen 
as a response to last month's call 
by Iran’s senior religious leader 
Ayatullah Sharia tmadhari. for 
“genuinely free” elections 
which all could stand. However 
some diplomatic observers argue 
that this is a re-emphasis of the 
Shah’s privately stated deter- 
mination to open up the political 
scene and introduce “ responsible 
democracy, the kind a country 
can be proud of.” 


UN team arrives in Namibia 


BY JOHN STEWART 


CAPE TOWN, August 6. 


MR. M.ARTTf AHTISAARI, the 
United Nations special represen- 
tative for Namibia, and an 
advance guard of 49 administra- 
tive and military’ personnel 
arrived in Windhoek, the 
Namibian capital, today to 
gather information and work 
| out details for implementing tbe 
United Nations settlement pro- 
posals for the territory, 
j The party will remain in 
j Namibia for two or three weeks 
before reporting back to Dr. 
j Kurt Waldheim, the UN Secre- 
; lary-Gcneral who will then ask 
: the Security Council to adopt a 
! formal resolution committing 
the world body to control and 
supervision of the process lead- 
ing to independence. 

The first working meeting 
between Mr. Ahtisaari and the 
South African-appointed Admini- 
strator-General, Mr. Justice M. T. 
Steyn. is due tu take place 
tomorrow morning. 

Speaking at the airport. Mr. 
Ahtisaari told about 200 news- 
men and six television units: 
“We have come in good faith 
and if this is the spirit of all 
concerned I can see no reason 
why wo should not succeed. On 
my Part I should like to assure 
all Ihe people of Namibia that 
the misssion will discharge 


Eanes calls 
in Portugal’s 
party leaders 


By jimmy Bums 

LISBON, August 6. 
PRESIDENT Ramallio Eanes 
will tomorrow meet the main 
political leaders in Portugal 
for what is expected to be the 
last time before finally 
deciding on the form of 
Government needed to lake 
the country oul of its present 
political crisis. 

The weekend deadline which 
the Presideirt'Set last week for 
the solution to the present 
impasse here has been con- 
siderably toned down. It is 
generally accepted that a 
viable alternative to calling 
immediate elections is possible 
without having to resort to (lie 
old Governmental alliance of 
Socialists and Christian Demo- 
crats. 

Both these parties however 
hair made it dear that any 
future Pre.sidenlJaJJy-bacJ.ed 
Government of "personali- 
ties ” would need to reflect the 
political balance of the old 
agreement. 


faithfully the task entrusted to 
it. in accordance with the 
mandate entrusted to me and 
in a spirit of impartiality, good- 
will and co-operation towards 
all." 

He made it clear, however, 
-that he had no illusions about 
the complexities and sensitivity 
of the exercise. Crucial to the 
success of the mission will be 
the relationship that develops 
between the UN representative 
and the South African Admini- 
strator-General. 

The South African Government 
has stated bluntly that it will not 
support implementation of a 
United Nations settlement 
resolution that does not comply 
“in letter and spirit’' with the 
written proposals submitted to 
the Security Council by the five 
Western members of the council. 

The first area of conflict is 
likely to be the unilateral de- 
cision by South Africa to register 
voters for the forthcoming 
elections. According to Mr. Steyn, 
about TO per cent of people 
eligible to vote have already 
registered. The two major 
political groups in tbe territory,' 
the South West African People's 
Organisation fSWAPOl and the 
Namibia National Front, contend 
that tbe registration process is in 


breach of the Western proposals 
which make it clear that each 
stage of the electoral process 
must be monitored by UN civilian 
administrators to the satisfaction 
of the UN special representative 
Registration of voters is an 
electoral step which cannot be 
taken until all factors in the 
transition have been given formal 
endorsement in a special security 
council resolution, probably next 
month. 

One aspect of the regislration 
process initiated by Mr. Steyn 
that is strongly opposed by the 
parties is that illiterates are 
identified by thumb-prints. In 
an election this would mean that 
every polling booth would have 
to be manned by a number of 
fingerprint experts to verify 
identities, which could lead to 
disputes. A more workable 
method, the parties say, would 
be to use registration cards with 
photographs. 

In an interview published this 
weekend. Mr. Steyn said South 
Africa coaid still break off nego- 
tiations with the UN on a number 
of issues. These were the possible 
UN insistence on the re-registra- 
tion of voters, the postponement 
of tbe independence date and the 
size of the UN peace-keeping 
force. 


Pakistan hunt after raid on PLO 


POLICE RAIDED hotels in 
Pakistan and set up mad checks 
today in the hum for four 
guerrillas who attacked the 
Islamabad offices of the Palestine 
Liberation Organisation and 
killed four people. 

The guerrillas left behind few 
clues to their identity but the 
PLO representative in Pakistan 
blamed the attack nn Iraq. How- 
ever, the Iraqi ambassador, Mr. 
Ahmed Zafar al-Ghilani denied 
his country was involved and 
j suggested it was an internal PLO 
! feud. “ It is unfortunate that 
while they are fighting Zionists, 
they should train their guns 
against themselves.” he said. 

, The attack came ihree days 
laDer a raid by two guerrillas on 
the Iraqi consulate in Karachi 
where a diplomat was wounded 
and a policeman died. One of 
the guerrillas was killed and the 
other wounded and captured. 

Jt followed recent attacks 
against Iraqi diplomats in 
London and Paris, while PLO 
representatives have been killed 
this year in London. Kuwait and 


Paris. 

Those who died in the grenade 
and sub-machine gun attack cn 
the PLO office in Islamabad 
yesterday were a policeman who 
challenged the guerrillas, the 
mission’s radio operator, and two 
students, one of whom police 
later described as PLO com- 
mando Lieutenant Mohammad 
al-Hu^in. Reuter 

Simon Henderson in Islamabad 
adds: Pakistan has expressed its 
concern to Iraq and the PLO 
following the attack on the PLO 
office here. The attack, by at 
least two men said to speak 
Iraqi accents, is seen as retalia- 
tion for the shooting incident 
outside the Iraqi Consulate 
General In Karachi 

Pakistan's concern is believed 
to have been expressed several 
times already. The first time was 
before either incident had taken 
place and when the current 
Paiestinian-lraqj feud seemed 
confined to Europe. 

A Foreign Office official said 
today the Government bad been 
in touch with representatives of 


ISLAMABAD. August 6. 
both Iraq and the PLO again 
following Saturday's attack. It 
is thought they were summoned 
to the Ministry of Foreign 
Affairs. Pakistan is believed to 
be considering diplomatic 
measures. 

Ihsan Hljazl adds from Beirut: 
The PLO has announced that it 
will not retaliate to attacks on 
its offices abroad by what it 
describes as agents of the Iraqi 
regime. Tbe announcement came 
in a statement issued in Beirut 
after a meeting by the PLO’s 15- 
man executive committee under 
chairman Yassir ArafaL It 
accused the regime of President 
Ahmed Hassan al Baker in 
Baghdad of waging a “new, 
ugly, bruta] and barbaric war 
against the PLO. It emphasised, 
however, that it will not retaliate 
in kiod. 

Tbe Palestinian news agency, 
WaFa, said today that the FLO 
office in Bangladesh was to have 
been the next target It reported 
that police at Dacca airport have 
seized arms allegedly addressed 
to the Iraqi embassy there. 


OBITUARY 


Pope Paul VI: Product of the Curia 


WHEN Cardinal Giovanni 
ftif.Uta Montini was elected pope 
in June. hy the Conclave 

.summoned following the death ot 
Pope John XXIII he inherited a 
very difficult legacy. The 
Ecumenical Council called by his 
predecessor had held its first 
session and was due to reassemble 
later in the year. From its first 
day the Council had been in open 
revolt again*! the Vatican Curia, 
ti was showing that what had 
appeared to he the smooth and un- 
troubled outward surface of the 
Roman Catholic Church had been 
concealing «i tidal wave of dis- 
content. problems and doubts. 
The storm had been building up 
■for many decides. Throughout 
has papacy. Horn 1939 to 195S. 
Fins XII surrounded hy syco- 
phants. had disdainfully ignored 
n; his .successor, John .XX1JI, had 
unlocked the Hood gales. 

Cardinal Mon tint’s first objective 
on becoming Pope Paul VI was to 

endeavour to wind up the 

Council as painlessly as possible 
for :hc Curia. The second one was 
to attempt to reconcile the senti- 
ments it had voiced with estab- 
lished Roman Catholic doctrine 
and with the centralised autocratic 
gorernmenl of the Church by the 
Vatican Curia. ■ Time will show 
how successful— or unsuccessful — 
he has been in achieving them. 

L’nlike John XX III Pope Mon- 
uni was a typical product of the 
Curia in nhieh he spent 30 \ears 
os priesthood— in fact, all but the 
Sits; eight years before he became 
Pojv- He grew up in the Curia 
h the lowering shadow of Pius 
\' ! 1 without, however, his aristo- 
cratic and ascetic fascination. He 
a!«o lacked the human warmth and 
plain lovqableness of John XXII 1. 
Hit papacy was therefore spent in 
trying to reconcile the forces Pope 
John had unleashed within the 
Church with Vatican centralisation, 
the aloof, authoritarian intransi- 


gence of Pius XII with the 
humble broadmindedness of John 
XXIII. His derision lo initiate the 
procedure for the canonisation of 
both Popes i> almost a symbol of 
his papacy. 

He was the first reigning Pope 
to visit ail continents, to go on 
pilgrimage to Jerusalem, and to 
receive Communist leaders. He 
did sn without heeding personal 
risk, walking calmly through 
jostling crowds in Jerusalem m 
1964, and surviving a knife 
attack in the Philippines in 1970. 

The son of a devour North 
Italian lawyer, journalist and later 
member of parliament. Giovanni 
Battista Montini was born near 
Brescia in 1897. A r.Hhcr lonely 
and frail child he w.n sent to a 
school run by the Jesuit Order. 
He was never popular with the 
other schoolboys. Hjs poor 
health made his p.ircni* Lake him 
awny from school and has’e him 
educated at home by a private 
tutor. He announced his deci- 
sion lo enter the priesthood when 
he was 17. 

Naturally a young priest who 
was the son of a well-known 
member of parliament was singled 
out for employment in the Curia. 
The Vatican’s diplomatic service 
seemed to be the most attractive 
and suitable career for him. In 
May. 1923, he was appointed to 
ihe stall of the Papal Nuncio in 
Warsaw, but his foreign service 
lasted only six months. The 
official reason for his return to 
Rome was that his health could 
r.ot stand the climate of Poland. 
For the next nine years, from 
I4M to 1033. he was a junior 
official in the Secretariat of State 
am) «a« .siuehc.l as ecclesiaiLic 
assi«t;,nt to the Roman Catholic 
orgj nisi lion for university 
Sktudcnts, FUCI. , 

In March. 1933. he caught the 
eye of the Secretary =of State. 
Cardinal Eugenio Pacclli (who 


became Pope Pius XII in 1939) 
and was promoted to a full-time 
job in the Secretariat, thus com- 
mencing 19 years oE work for and 
dose association with Pacefii. As 
yeans went by Pius XII withdrew 
within himself, seeing fewer and 
fewer of the highest prelates 
governing the Church, while taking 
on himself tasks which normally 
would have been dealt with by 
members of the college of car- 
dinals. When his secretary of 
state^ Cardinal Maglione. died 
after the war. he failed to fill tbe 
vacancy and became his own 
secretary of state. Monsignor 
Montini emerged as one of the key 
figures in the papal entourage. 
The secretariat of state was divided 
imo two departments, ordinary 
and extraordinary affairs. Mon- 
,-ignor Montini headed one and 
Monsignor Domenico Tardini the 
other under the Pope himself. 
Their alleged rivalry became 
almost x joke in Vatican circles 
and was probably responsible for 
the legend which grew up around 
them. Tardini. the older of the 
two. was said to be ultra- 
conservative. Montini was said 
to be tbe most progressive-minded 
— almost left-wing— member of the 
Curia. 

Despite this, Monaignor Mon- 
tini was obviously die Pope's 
favourite and was being groomed 
by him For the papacy. Pius XII 
appointed both him and Tardini 
pro-secretaries of State but kept 
on postponing the promotion of 
both or either of them to the 
College of Cardinals. Then like 
a bolt out of the blue, in Novem- 
ber. 1954, Monsignor Montini 
was suddenly banished from the 
Curia and From Rome. Pius XII • 
announced that he was being 
appointed Archbishop of Milan. 
This post has always carried with 
ii membership of the College 
Cardinals, but in Montini’s case 
Promotion to it failed to 


materialise daring the rest of the 
life of Pope Pacelli. ! thus 
strengthening tbe rumour that 
Milan was designed to be a puni- 
tive banish men L It destroyed 

Montini's chances of succeeding 
to the papacy when Pius XlLdied. 
Cardinal Roncalli, who was 77, 
was elected as a stopgap. . The 
cardinals who elected him ex- 
pected his papacy to be brief and 
uneventful. They could. ibave 
elected Montini, even though he 
was not yet a cardinal, but it 
would have been a break With a 
tradition which was many; cen- 
turies old. Pope John 'raised 
Montini to the college of cardinals 
in 1958 

His ejection to the papacy an 
John XXJII’s death was a foregone 
conclusion. It was rhe outcome 
of his years as Pius XII's closest 
collaborator during which he bad 
come to be thought of as thcljnost 
open-minded and progressive mem- 
ber of the Curia. His papacy, 
however, has been characterised 
by irresolution aod contradictory 
policies, lacking in the broad, 
forward-looking sweep which. had 
been expected. At one moment 
he appeared to be influenced by 
the almost revolutionary viefa of 
Jacques Maritain’s French scbpbi 
of Roman Catholic thought. At 
another the most backward- 
looking and narrow views of the 
ultra-conservative wing of the 
Curia appeared to be prevailing. 
Some of his measures, such as the 
Htmumoe Vitae encyclical on -birth 
control, arc stiff causing bitter 
controversy. His predecessor. 
John XXIII. left the Roman 
Catholic Church in a state of tur- 
moil. but probably stronger; "more 
united and mure forward-looking 
than be had found it. it remains 
to be seen whether as much can 
be said of Paul Vi. 


WORLD 


West attacks | "JJ, 
Japan 
on tobacco 


pricing 

By Robert Wood 


TOKYO, August 6. 
EUROPE, the U.S. and Canada 
are demanding that Japan sell 
foreign-made tobacco products at 
more stores and at lower prices, 
a European diplomat said here. 

The semi- Government Japan 
Tobacco and Salt Public Corpora- 
tion monopolises tobacco distri- 
bution in Japan, under a system 
not too different from that of 
some Western countries. 

But the corporation distributes 
foreign-made tobacco products 
only to a minority of tobacconists 
and sells them, at prices nearly 
double tb ose of domestic 
products. 

Western diplomats say there 
is no economic justification for 
the price difference because the 
Japanese cigarettes are manu- 
factured largely from foreign 
tobacco with machines made by 
Mol ins of Britain and with 
highly paid Japanese labour. 

Tbe Japanese Finance Ministry 
is expected to offer a plan to 
buy more foreign cigarettes, 
cigars, and pipe tobacco by mid- 
September. 

The Japanese acknowledge 
that the price differences 
between domestic and foreign 
tobacco exist mainly to protect 
the Japanese domestic industry. 

They say tbe limitation on the 
number of outlets selling foreign 
tobacco is dictated by lack of 
demand for the products. 

Despite restrictions, Britain 
sold £1.40i worth of tobacco pro- 
ducts in Japan last year, m ainl y 
cigarettes plus a small amount 
of pipe tobacco. 



accused oi 

vinyl acetate in Europe 



Br KEVIN DONE 


Algeria may 
get aid on 
steel plant 


By Our Own Correspondent 

TOKYO, August 6. 
ALGERIA'S Societe Natl on ale 
de Siderugie is seeking Japanese 
production workers temporarily 
to replace Algerians in operating 
part of the company’s integrated 
steel mill, officials of Nippon 
Steel Corporation said today. The 
Japanese are to show how the 
plant can perform when properly 
run and, it is hoped, inspire 
Algerian production workers to 
emulate them. 

The plant, built by European 
companies, has a rated capacity 
of 400,000 tonnes a year but is 
only producing 200,000 tonnes. 
Nippon Steel men said they 
believed the Societe Nationale de 
Siderugie, which is Government- 
owned. expects that observation 
of Japanese work habits will 
stimulate its own workers to 
greater efforts. This would be 
the first arrangement of its kind. 

Nippon Steel has sent about 20 
engineers lo the mill under a 
consulting agreement signed in 
May of last year. If the company 
accepts the Algerians’ new 
request, it will dispatch a much 
larger— but still undetermined — 
number of skilled workers to 
temporarily replace Algerians in 
a large portion of the mill. 

The Societe Nationale de 
Siderugie mill at El Had jar, 
near Annaba in the north-eastern 
part of Algeria, includes blast 
furnace, basic oxygen furnace, 
bot strip mill, cold strip mill, 
galvanising mill and electric 
furnace mil. The proposal is for 
the Japanese to operate one of 
these facilities for a demonstra- 
tion period. Negotiations are 
still in an early stage, and 
□either the facility the Japanese 
would operate nor the duration 


WEST EUROPEAN chemical 60,000 tonnes a year. Producers demand and 

producers, who are suffering for the merchant market, such 

from an influx of low-price as BP Chemicals in the UK, are « ^ 

chemicals from the U.S, have understood lo be making sub- that have also provid^ihe^ 

accused North American manu- stantiai losses in this sector, stumbling muck in the 

facturers of damping vinyl west European chemical rjcsotialtotw. . 

acetate in European markets. manufacturers believe that many ah 

The case has been formally other sectors of their domestic h ^ of bwL*' 

submitted to the European Coni- markets are being undermined P*”* cheSeata^e'nnW 
mission by CEFIC, theEuropean by low-price U.S. imports, parti- mVkd hSfS' 

Council of Chemical ManuEac- cularly in the area o£ , a ™J na ^’ high level of UJS. 
turers Federations. such as benzene, xylene, and 

The EEC chemicals Industry is derivative products. _. y g tariff-cuUingij**\L 

also hardening its opposition to An anti-dumping charge is 
the latest UB. offer on chemicals being prepared against UB. . . -Senil is 
in tbe Tokyo Round of multi- styrene producers, but other wnoid ^ chemicals, 
lateral trade negotiations. It cases are hard to prove because jJgL 

considers the U.S. offer unaccept- the VS. price advantage is often placed to attack the Ufi 
able and is preparing to fight the largely based on access to cheap ojd . jv ' 

proposals when the GATT talks feedstocks. * 

resume in Geneva, in September. Prices in the U.S. for crude «*jj> : “gP 1 
European producers have oil. the raw material for aromatic « P*5 r D Uli - 

claimed in their submission on petrochemicals such as benzene, ucs. ine o "Scum” 

vinyl acetate that the U.S. is are about 15 percent below J r,c ®. 
dumping the chemicals in. EEC prices, because of UB. ~ 

Europe at prices as much as 25 Government regulation of the of the mow ropnt: raniur are K 
per cent, or 51Q0-S200 a tonne, market the chc F l,c * 1 ln ®«war. whet? 

below domestic prices. - Equally the U.S. price of Jhe scope for i n n o yative change 

Vinyl acetate is a major ethane, the feedstock for elhy- fill: l conwoerdbio 
ingredient of emulsion paint, lene (the most important basic u.b. taHu^nmg proposal i n 
EEC production totals about petrochemical) . is maintained at sectors sueft as pna rraaeaaticak. 
380,000 tonnes a year, but much about 20 per cent below the EEC plastics and Mold 

of this is used captively by price for naphtha, the normal prove accep tan ie, -out. they m#y 
producers in further processing ethylene feedstock in Europe. w ?» l be jeopardised by dele*, 
operations. • As a result the EEC market. Horned European opposition m 

Only about 20 per cent oF especially for aromatics, has toe offer on benzenoid ebankak. 
the market is open to merchant' been severely undermined, tore- The Europeans airewiy .have , 
producers, but this sector alone ing several companies into losses list or chemical products with, 
is facing low-price imports from in this sector. Along with exist- drawn because of U.5. advani- 
the U.S. amounting to 50,000- lng overcapacity, the weak ages from low-cost feedstocks. 


Dow in $800m Spanish 
joint venture complex 


BY OUR CHEMICALS CORRESPONDENT 


DOW CHEMICAL, oE the U A, Dow had intended to build an 
ERT, Spain's biggest chemical ethylene plant in a consortium 
company, and CEPSA, a Spanish with CEPSA (Compania bspanola 
oil company, have reached agree- de Pelroleos) and Petrumed 
menl in principle on the build- (Petroleos de Mediterraneo) 
iog of an SSOOm-Slbn petro- along with ohlor-alkali plants to 
chemicals complex at. Huelva, In produce chlorine and caustic 
southern Spain. - soda. 

The three companies are plan- retrained has dropped out of 
ning initially to build a 450,000 the consortium and the chlor- 
tonnes a year ethylene plant and alkali plans have been poet- 
related units. This first phase poned. 

of the project is estimated to • Norway and South Korea have 
cost S500ra and could include the reached an Important stage in 
construction oE a styrene plant, toe development of domestic 
Ethylene is the most important petrochemicals industries, 
basic petrochemical and is used The first low density polyethy- 
in a wide range of products from lene plant in Norway is now in 
plastics and textiles to synthetic production. It is part_of a cora- 
detergents and anti-freeze. One plex of plants costing some 
of its uses is in the manufao- £150m. that is being developed 
ture of styrene, which is an . at Ronningen in southern Nor- 
intermediate chemical for the way by Norpolefin. a joint ven- 
manufacture of plastics and hire owned by Norsk Hydro, 
synthetic rubber. Saga Petrokjemi and Statoll. the 

The three companies in the Norwegian state oil company, 
proposed joint venture are plan-" The plants will use feedstocks 
ning. independently, to. build from toe North Sea Ekofisk 


SHIPPING REPORT 

Firmer tanker 
rates forecast 


other downstream user plants to Field. j 

process the basic petrochemicals. Total production from the 


The first plants are scheduled three plastics plants involved— 
lo couie on stream in 1983. high and low density poiyethy- 
The agreement /harks an lene and polypropylene— will be 
important step in .toe seating 220,000 tonnes a year. Produc- 
down of earlier mo/e ambitious tion from the high density plant 
plans. Both ERT (Union Explo- will begin soon and toe poly- 
sivos Rio Tinto) and Dow have propylene plant should be on 
been pursuing separate plans to stream in about a year, 
build ethylene / plants in the In South Korea Ulsan Petro- 
Huelva region since 1975. But chemical Industries has started 
with the recession ■ in petro- up tbe country’s first styrene 
chemicals markets in Western monomer plant. The 530m. 60.000 
Europe tbe independent plans tonnes a year plant is aimed at 
have proved unrealistic. supplying the domestic market. 


World Economic Indicators 


would receive 
determined. 


have yet 



INDUSTRIAL 

PRODUCTION 1970 

= 100 



June 78 

May 78 

April 78 

June 77 

% change 
on year 

W. Germany 

116u6* 

720.9 

7213 

1195 

-25 

U5. 

137.7 

137.1 

134.4 

131.9 

+4.4 

Holland 

May 78 
124.0 

April 78 
129.0 

March 78 
126 J) 

May 77 
127 JO 

-2.4 

UK 

1055* 

103.9 

103.4 

7Q3.fi 

+23 

France 

April 78 
131.0 

March 78 
129.0 

Feb. 78 
12S.0 

April 77 
125.0 

+43 

Italy 

TZT.7 

130.4 

TT9.8 

1245 

—IS 

Belgium 

123.4 

119.fi 

1095 

122.7 

+05 

japan 

1353 

1353 

132.4 

127.9 

+53 


* Provisional 


By Lynton McLain, Industrial Staff 
THE IMPROVEMENT in flil 
tanker chartering rates last week 
was expected to continue 
through out August provided tbe 
number of vessels was not in* 
creased by owners moving ships 
out of lay-up. 

The demand for ultra large 
crude carriers and very large 
crude carriers out of the Gulf 
for immediate charter lor 
September start boosted rates 
coniderably. Brokers in London 
! ore cast that the new rates would 
be improved as the rising demand 
for oil in the West spread hi 
Eastern countries. 

The balance between oil tanker 
supply and demand was for the 
first time this year brought much 
closer together, aided by the 
Japanese scheme to use excess 
tonnage as floating storage. 

The rate for ULCCs to the 
West stood at Worldscale -28J 
and Tor VLCCs Worldscale 28i 
For voyages to the East brokers 
reported . VLOC tonnage dosing 
at Worldscale 32}. Loadings out 
of Indonesia also improved, with 
a typical rate or Worldscale 431 
paid for a voyage to the West 
Conditions improved out of the 
Mediterranean, with a rate of 
Effi refxirtud for .a. 70,000 ion 
vessel for a voyage.' to' the U.S. 
Atlantic coast. Loadings from 
West Africa showed an improve- 
ment with a 12} point increase 
established on an 30,000-tDB 
vessel at Worldscale 65; V/. 

LaJd-up and idle tonnage re- 
mained almost constant, last 
week, with vessels resuming 
service or going for scrap 
matched by those entering lay 
up. 

H. P. Drewry (Shipping Con 
sultants) said the total idle 
tanker tonnage at the end of 
June, including combined 
carriers, was 56m deadweight 
tonnes. 

In the dry cargo sector, the 
volume of business was limited 
and grain charterers conceded 
higher rates. On the North and 
South Atlantic activity was at a 
lower level than for some time, 
but this was balanced by 
shortage of early tonnage. 


Gulf ports ‘face over-capacity’ 




BY JAMES BUXTON 


Timia piMiUKd daily e-Ani Stm- 
«"■! holUUy-i. U.S IlibKTtDOOfl *200-"0 
lair (rciffhti SJfco on lair mailt «r 
SOMBd cku» WHasc nld al New Yort. N.Y. 


THE OIL-PRODUCING countries 
in and around the Gulf will have 
□early twice as much commer- 
cial port capacity as they need 
by. 1982 because of containeris- 
ation and transformation In the 
nature of their imports. 

This is the conclusion of a 
detailed report on the eight 
states of toe region — including 
Iran. Iraq and Oman — compiled 
by Peat Marwick and Mitchell 
and published by Gray 
Mackenzie, the Inchcape sub- 
sidiary which manages ports in 
tbe region. 

The Gulf Pattern 1977-1982 
starts with the fairly safe 
assumption that oil prices will 
remain roughly constant in real 
terms over the period to 1982. 
It points out that the surge of 
large-scale construction activity 
nearly over in tbe small popu- 
lation Gulf states 1 — Oman, the 
United Arab Emirates, Qatar, 
Bahrain and Kuwait — partly 
because there is not much left 
for them to build, and says that 
their expenditure on construc- 
tion should decline marginally 
by 1980 compared with 1975. 

It says that there are even 
limits to what Saudi Arabia can 
spent its abundant revenues on, 
though its expenditure will con- 
tinue to rise. Iraq and Iran, on 
the other hand, both have large 
populations and substantia! ab- 
sorptive capacity and .will con- 
tinue to grow, though at a less 
spectacular pace than in tbe 
early years since the oil price 
rise. 

The report suggests that tbe 
oil- 5 tales will draw back from 
wbat appeared at one stage to 
be a rush towards industrialisa- 
tion, and that many proposed 

schemes will not in fact go 
ahead, while industries now 
under construction or starting 
operation will not be successful. 

It takes a generally gloomy 


view of toe prospects for export 
refineries, gas production fat 
present prices), petrochemicals 
and other basic industries includ- 
ing steel and (in toe case of 
Dubai) aluminium. Even cement 
plants, for which there is mostly 
a good market may in some 
cases have to be subsidised to 
compete with imports. 

Among the reasons for this 
view, which is obtaining wider 
acceptance even in the Gulf 


imports in 1976 (see table) toe 
balance will tilt by 1982 towards 
other goods, in particular 
imported foodstuffs and manu- 
factured products. 

Sucb goods are eminently con- 
tainer isable and Peat Marwick 
concludes that by 19S2 about 80 
per cent of contaicerlsable car- 
goes will be carried to tbe Gulf 
in containers. It puts the ton- 
nage of containerised freight at 
13m to 14m tonnes by 1982 cora- 


Seabome imports 1976 Seaborne imports forecast 1982 


Country 


000 tonnes 
Construction 


000 tonnes 
Construction 



materials 

Other 

■ materials 

Other 

Oman 

550 

320 

70 

600 

UAE* 

3.145 

1330 

2,030 

4,135 

Qatar 

500 

400 

• 930 

570 

Bahrain 1 * 

320 

555 

800 to 1,000 

1,400 to 1,700 

Saudi Arabia* 

2545 

1.630 

7,900*. 

3,740* 

Kuwait 

33004 

1,790 

3300 

2,950 

Iraq 

no. 

TUI. 

. lia. 


Iran 

w 

9,185 

2J500 to 4(500 

7,390 to 8^90 


a Including overland imports. b Estimate— Mina Sulman only. e Dammam 
only. 0 Estimate. * Estimate— Gulf ports only.. * Gulf ports only. 


Itself, are the high costs of 
establishing and operating 
plants, the uncertain markets 
and. for the low population 
states, the need to import yet 
more immigrant labour. Tbe 


pared with about 500,000 tonnes 
in 1976. 


Containers, of course, require 
far less berth space than bulk 


long term economic prospects 
are far better for the high 


population states (Iraq and 
Iran) with their more diverse 
resources. 

With the construction boom 
generally declining and outlets 
for domstlc investment in tbe 
low population states relatively 
small, the report sees a switch 
in the composition of imports to 
the Gulf countries: whereas con- 
struction materials made up 
around two-thirds of most states' 


cargo. Yet, as the report says, the 
total commercial berthage In use 
around the Gulf from Salaah 
in Omaiz to Bandar Abbas in 
Iran is to be increased over the 
next four years or so by 103 
per cent, almost all of which is 
already under construction. 
(This -excludes military, free 
zone and specifically indusiriil 
ports.) Specialised container 
handling facilities will increase 
fourfold. - . 

The consultants have tried to 
measure the need for berthage 
against the supply and concludes 


that by 1982, over toe Gulf as a 
whole, excluding Iraq, nearly 50 
per 'cent of the total berthage 
available will be surpl as 
requirements. Tbe surplus is 
unevenly distributed^ of course, 
and in some countries supply 
should rough lv match, demand 
Bat in the United Arab Emirates 
alone, about 70 i«r cent of all 
berthage, whether for con- 
tainerised or conventional traffic, 
will not be needed in 1982. 

There will be intense competi- 
tion between ports from . 1979 
onwards and those most attrac- 
tive to users will be those which 
have tbe most comprehend™ 
facilities, the best management, 
the most competitive prices and 
integrated transportation to th e 
hinterland: Tbe report says that 
such ports may stflK be able » 
forward goods to other states by 
road, despite the- overall berth ■ 
surplus. 

Other observers bf the Giulf 
scene have beeri arriving at some, 
of these conclusions ;over : toe 
past year or so. Gray Mackenzie's 
book presents evidence and com- 
presses it into 129 pages bound 
in a book costing £50. ■■ ft is * 
pity- the authors have net shown 
more of the economic' calcula- 
tions which led them to their 
conclusions. 

But though the emphasis is on 
shipping and port requirements 
this is a valuable. book for a wide 
readership because of its 


succinct and critical approach; 

tales tor 


and because it asseniL.» 
almost the first time a mass of 
information on such things ns 
population, oil and gas. industry, 
and mnsporr Infrastructure in 
such a way that one can quickly 
compare one country's position 
with another's. 

The Gulf Pattern 1977.J9S2 is 
available from Gray Macttenhf, 
40, St. Mary Axe . London 
EC3A8EU , ". 


-n v 




!'■- V 


i ''.a 

- , : 






V" 


Jt . _ 


'-7 •" r J 






' I :- 4 - 





,i -‘ 'ii it 


fv 


• - Aagust T 1978 


HOME NEWS 






rise 


BY DAVID CHURCHitLj COKSLIMER AFFAnS CORRESPONDENT 

l^v^f^^ 0hT iP^ er W * HO Wills. %id' Ogden's, 
and Embatey -brands,. -which to- Prom today, most- Players and 

hair *?>> -* or more Embassy brands will go up by 

Jjjf i he UK . cigarette market, 2p. Players No.. 6, for example. 

2p a paeket 20 wm cost 52p for :20“. cigarettes; 
f l °day- Embassy filter will be 57p for 

Tlj e rises have been allowed by 20. -Players- Medium will .ro up 
tne Price. Commission under its lp to 1 70p- for-. 2l)v John Player 
safeguard provisions even Special- 1 remain -unchanged 
though it has still to investigate at 60p for20. 

fSJTZJSF'** sa Sl u ! rd foldin' Tfiginia tobacco win 
rules companies ean aSk. .for «o up by Sp to. £1.82 a SO-aram 

the^iiiJX ^P’^^^hefore part? M^irtother tobaccos goup 
the investigation -if tt can be £p an ounce 

SnhLiSf.'™? WW? * °?M The rises havebeensought to 
si L .v, e i°, W 8 «rta“ tevel during, compensate : for cost increases 
tnethree-mqnth investigation. since the last rise-far May 1977. 
i rrT^^ t VtOT* bought by . .The increases are" further 

imperial Tobacco; part of. the evidence that the fierce price war 
impenal Group. -on behaif of its .am p n g the cigareite^compaiiles 
subsidiaries John Player ’& Sons. -could be coming to ah end. 





REPj 

■t lanliE 

hiri'cw 


BY RAY 0AFTER,,'-O4ERGY CORRESPON DENT 

TTfE GOVERNSffiNTcould harm level ibr “ in«F«bft ^'^ irf "Nm-th 
Britain s ' .position-- as. a- major Sea oil exports. 
trading nation if it pursued a In ' - another - • report. Lord 
policy of energy self-sufficiency Balogh. fonn^j.^ hif" Energy 
too vigorously, according to a Minister and ‘deputy chairman of 
Royal Institute of. International the British Natiohal OUCorpora- 
Aff airs report tion. said that BritaihVoil wealth 

Mr. 'Lawrence Freedman, should be used. to-ireshape the 
research fellow at the. institute, country's ailing Inffitstrial struc- 
writing in the latestisaue of 

The World Today/ siid that the Writing in BonospIan Review. 
Government had' made clear its published- by. incentive scheme 
belief that North T Sea - oil' WO“«ters ■- Bonnsplaiw v Lord 
had created dhstinctitve Britisfc^ 8 ^ 1 said -thfft-fee-.UK was 
interests which heeded careful l? oise * to “squander The -whole 
protection. benefit of- the oflL ion. -foreign 

„S"*. i nt A reste ‘ *4. he ' - The - Bank; of England had 

said, but they vvere^-not over. -wrongly favoured a.fburaronged 
ridin S- " •>>; ■ ■ ■ approach to thCidfaposaTof the 

The instinct for self-sufficiency oil wealth i it had. allowed ster- 
had already resulted :in : fcontro- rHng to rfce,-it. was sabjMirting the 
versy within tbeEE£ana_some accumulation or reserves,' it was 
of the economic benefitsgained repaying debt audit .was backlog 
by self-sufficiency could be- lost. .an 'increase ha foa^tign invest- 
“Even with independence In men tL - 
oil supplies. Britain will still be • LordBalogh. now ah economic 
dependent on the rest of the adviser, to the stath uti corpora- 
world for trade and Mother raw tion, - argued thit , jfee ' country 
materials." - ' ■ ■--*. ; could ensure- ah -increase in 

If the oil was to regenerate private .and. public 1 ? productive 
British industry, the generated - Investment by selective reorgan- 
industries would need; markets.- isation and injection^-. capital. 
“Though in a crfsts jt may.give in this way expansion Would be 
satisfaction . to.. be.vrelrtJyely -accelerated: .. .....v . 

better off than.. others Jf its .We are between toe-bander 
major trading partners- are. & foreign cewnpetitiorf an^ the 
suffering then Britain suffer -anvil of. -.our : cost in 
too/ -. ' ; r‘f . • especially becauseour 

Mr. Freedm an argued that, as equipment per head is uftaliyin- 
a result of its oil; Britain- Would: sufiBWenL/ 
have a lever , in: international Tius Wart# Today /The Royal 
relations, particularly during the JitetUute of Intematyfnal affairs, 
19S0s when crude oil: supples Oidljicmt rfibttse^ lCr St. James’s 
became tighter. . . n ■ ■ T Sqaare, London, WIL 4LE. 

However, few firm- decisions -a: Bomispio^ Review: 12, 

had yet been taken on hither the . Bdtot Place, Jjondon, SW1. 


Andrew Seottifiiis £1 .8mfes 

contract 



BY ROBIN 


T” E Welsh Dewlopmfht Agwy -SWOO ^tt are expected by the r r retailmT add 
has awarded a £LSmcon tract to- end. of. next month. 

Andrew Scott of Port Talbot,. to' --ilttimunS^ are to be buDf'oh l pe . rat3 , ng ? l « ra 5 B ******* and 
build six Jptories a fondas^t^ goods 

do Rassau industrial- estate, near -first phase of develoDmentat ; iS-L j Qg tne supply oi gooas 
Ebbw Vale, south Wale,. 

injury.' 


pe. factories iQi-m _ parthf- the ^estate involves the reshaping, of 
tr-m programme- of . Jngdstnal 'a mountainside into terraces in 
estate development and factory provide platforms for factories 
building in the Biaenau-:(^ent.at a cost of £2^5x0. jr. 

area, aimed at attraettog industry . JOje second phase of deveioiw 
to offset the Bbutdov^' of : ateel-vi^t^ covering another 100 acr^7 
making' at Ebbw Vale-iiriS&y, wiirlnvolve the creation of widet 
with the loss of 2,000- Jobs;.-" ..-r.'. platforms capable of supporting 
Construction work. Js due ^Jo- togec factory units. 
start in a week’s time and 'the . 'Blr. Ian Gray, maha» ’ 
factories should become available director of -the Welsh DeveFi 
for letting in car sum ujjtf.ne*t- ment Agency, - said : “We 
year. Initially, they will pPovide -pressisg ahead ;-with all 
space to support 4fl045ff jobs. N-b.wfthithe development of the nraH _ _ _ 

Further contracts for the con^ industrial- estate at .Rassau %nt ~ whose 
slruction Of six 10,000srf ft uhits, -bur. construction programme v|8 
eight at 54)00 sq ft and two' at right -on target" . 


Household 
insurance 
warning 

BY ERIC SHORT 


A WARNING about under- 
insurance is to be . issued to 
householders insured with the 
Norwich Union Fire Insurance 
Society’, a member of the 
Norwich Union Insurance Group 
They are to be told that unless 
sums insured on. both buildings 
and contents are index-linked, 
the amount paid in the 1 event 
of a claim' will be scaled down 
The move is revealed in the 
latest notice sent'-to agents by 
the society’s home •" accident 
department : -. 

insurance companies have 
been bit severely recently on 
their householder accounts be- 
cause many policyholders have 
failed to keep their sums insured 
up-to-date with inflation. This 
has meant that the premium 
income was Inadequate to meet 
claims paid in full up to the 
limit of the sums insured. 

The solution sought, by com- 
panies was to link the -sum 
insured to an appropriate index 
so that values rose automatic- 
ally each month. But so far 
policyholders have ~ bad the 
option to link , or remain un- 
changed and companies have 
relied on a policy of exhortation 
which apparently has not met 
with complete success. 

This action by Norwich Unidn 
indicates that .insurance com- 
panies are taking a tougher line 
in order to reduce the losses on 
householder accounts. ... 

If policyholders will not index 
their contracts, then the amount 
of claims will be scaled down in 
proportion -to the. amount of 
under-insurance. ; For instance, 
if the sum insured is only £4.000 
when it should be £8,000 then on 
a claim for £1,000 the payment 
would be £500. 

The Sun Alliance. Group, 
leading householder insurance 
company, is also proposing to 
take strong action .to - deal with 
under-insurance. Under its main 
policy whieh pays out Cl aims on 
a full replacement value, the 
sum insured .will have to be 
index-linked as a condition of 
the contract It will allow the 
policyholder an its other policies 
the choice, of- index-linking - or 
not but where the sum insured 
has remained unchanged for at 
least two years then an under- 
insurance clause would be 
added which would scale down 
the claim payments. 

Act will ban 
supply of 
unsafe goods 


DEFECTIVE AND unsafe goods 
nlqnufactured and sold 'in this 
country will soon be outlawed 
by the 'new Consumer Safety 

f Aet. 

n A report in Safety, the monthly 
{newspaper- published by the 
British Safety Council, highlights 
the fact that the Act gives power 
to the Department of Prices and 
Consumer Protection to bring 
to task the manufacturers of 
faulty and unsafe, goods, and 
's 1,500 weights and 
measures inspectors will have a 
duty. -to enforce the Act which 
will mean fines of £1,000 for first 
Offenders. V * 

AThe Secretary for Prices and 
Consumer Protection will have 
the power to issue prohibition 
borders and notices on maau- 


Rest of Style 
pieces to be 
auctioned 


Marks and Spender expansion 


f 

■.it'* 

-•V 

fiv- 


MARKS apd Speucer’sjCWtai de- Asked why his company grigs 
velopment jffftn. for the hext four a '** Jot .of ‘ money " to the Cop-J 
years includes the building of a" pirt, «verv year. 

very large store in- Dublin,- to be - k 

opened In lOSa.NcW stbres will 1 

also be' built; in Truro, Inverness Ported the Liberal Party in i 
and Harrow and existing stores past becauee we believe it 
-will be extended;. Sir Marcus, necessary to have a dynamic ' 
Sleff, the chairman, said tester- enterprise, .‘sector within 
day. . ~ ' miked economy and we do 

The group's development plan believe that &Jl tbe member 
for the UK and Ireland' was the ‘.Labour -Party subscribe 
announced in.: May.-;-. - . ’ - this -view” ■' 


{THE remaining contents of 
Wateringbnxy Place, Mr. David 
Style’s 18th century house in 
most valuable 
pieces were sold in May by 
Christie’s for £1.18m — are -to be 
-auctioned: next' month. 

This second sale, to be held 
on the: premises by- Christie’s. 
South Kensington, should be of 
mo fe interest for those with 
smaller budgets, the highest esti- 
mate for an item being £2,000- 
£3,000.- 

... Among the furniture to be sold 
are two. beds from Leeds Castle, 
several Charles U lacquer 
cabinets and an unusual pair of 
Regency black and gilt cabinets, 
each oontaining collections of 
stuffed birds. There are also 
about 100 pictures, European and 
Oriental ceramics and domestic 
equipment 


Press faces curbs 
unless it cuts 
out ‘sensationalism’ 

BY JOHN LLOYD 

LORD SHAW CROSS, Press Com** ** If it is established by 
cil chairman, has warned that credible evidence that any 

BESTS: »<« «>«*» 


newspapers -print less sensation 


tion to use or fabricate untrue 


andf scandal.' material, for whatsoever object. 

In the council’s report for the the Press Council will certainly 
year ending June 1976, pub* hot : be mealy-mouthed in dealing 
lished to-day. Lord Shawcross with it” 
says that privacy was the most : The report shows that the 
important matter of principle number of compl ain ts received 
with which the council bad to fcy, the Council is steadily 
deal over the year. indreasing. The total number of 

“There- is no doubt that complaints for the year was 534, 
recent years have shown an. 21 per cent up oa the previous 
increase in the tendency to ferret' year’s total of 440. Of the 1976 
out and publish stories which total, 79 were adjudicated by the 
. . . have some disparaging council, an increase of 44 per 
implication for those involved, cent on the previous year Cases 
though they relate to matters withdrawn or not pursued 
which on the face of them are of numbered 353. Of the 79, 45 
no public concern. . . ‘ were rejected and 34 upheld. 

“-In the last year, and in spite 


of the enquiry by the Younger 
Committee, there has been no 


. The report says that the 
increasing burden of work on 


I am sure that it ought to be nsouztXs a °d its staff, 
halted and indeed reversed.” 


Two matters “of outstanding 
If it is not, “ legislation, concern " were that the council 
which would be dangerously res- was 1101 well enough known or 
tractive of the freedom of the understood, and that complaints 
Press, will surely follow.” were not dealt with quickly 

Lord Shawcross notes that enough. The report says that 
complaints made by Sir Harold most delays can be attributed to 
Wilson that in the run-up to the tiie complainants or those who 
second general election of 1974, for them, 
journalists had been told to ("The Press and the People 
fabricate smears against the 23frd annual report of the Press 
Labour Party, were being Council, /rom 1. Salisbury 
investigated by the Royal Com- Squire. London EC4Y 8AE, price 
mission on the Press. £1). ' 


Warning over hopes 
for inflation cut 


Merseyside 
fights 
to win 
£50m plant 

THE MERSEYSIDE chamber of 
commerce and industry has 
written to the local MPs urging 
them to bring pressure on the 
Government to ensure that all or 
part of the £50m micro-processor 
plant being set up through the 
National Enterprise Board is 
brought to the area. 

Mr. Eric Varley, Industry 

Secretary, has stated that high 

unemployment areas would get 
preference in the selection of the 
site, and Merseyside, with a rate 
of over 12 per cent, urgently 
need the 4.500 jobs the project 
would bring. 

The chamber says that inter- 
related skills already exist such 
as those at Plessey Telecom- 
munications and the British 
Insulated Cables. “We consider 
that an entirely new industry 
with a predictably bright future 
would help to redress the 
balance and give an opportunity 
for employer-employee relation- 
ships to be built up on a modern 
basis uninfluenced by past pre- 
cedents.” 

The Merseyside county coun- 
cil's new development office 
designed to co-ordinate efforts in 
bringing industrial investment to 
the area is spearheading the cam- 
paign supported by the North- 
West industrial development 
association and the North-West 
council of the TUC. 


BY MICHAEL BLANDEN 

SINGLE-FIGURE inflation over : On this basis, the outcome 
the period to 1982 is probably would be a medium-term infla- 
too much to hope for, it is argued tion- rate stabilising in the 10-12 
today by stockbrokers Phillips per cent range. Though this 
and Drew in their latest medium- would mean a return to double 
term economic forecasts. figure inflation, it would still be 

They are nevertheless more more favourable t han the ex- 
optimistic than they have been perlence in 1974-77. 
in the past about the outlook fUr - Moreover “ if Governmental 
wages and inflation. - waT SffldSuJ 
that the outturn in the 1977-78 tough, to keep earnings growth 
pay round gives some grounds to BIO ner cent in the 5978^79 
for hoping Lhat the longerteriu £££ P Se abiro 
prospects for pay bargaining assumption would, on our calcu- 
have improved discenubly, they latinns, produce single figure 

s3 ?: . ... ii v inflation for the remainder of the 
Part of the moderation shown period to 1982 " 
in the past pay round, the com- ^ i it . „. . . 

meats suggest, was “ perhaps due !! ?£’,«. 5 pro 

to a greater understanding on the rea ltouc to suppose that 
part of the. labour force that genuine progress has been 
demands for high nominal wage '♦v* 

increases do not necessarily' 

result in large increases in real e !. usive 

teke-home pay.’’ ...y though hot inconceivable.”. 

At least, the brokers say, The blrokers see - scope for 

climate In which negotiations #e increases \ in disposable real 
conducted now seems “more incomes- ok 2-3 per cent a year 
sensible than in the . 1974-75 in 1980-82-But after the 6J-7 per 
round.” cent rise iekpected this year, a 

As a result, they have. Assumed js foreseen next year, 

in making their forecasts that S r t )ss domestic product 

there will be a 10-12 per cent *nay rise by only 2 per cent next 
increase in earnings in the 1978- after per cent this year. 
1979 round under the Govern- But iris 
mentis 5 per cent basic wage to a 
policy. This, they assume, will most of 
be followed by a period in which period. * 
gross earnings rise, after a lag, This better growth profile, 
by 1 per cent for every 1 per nevertheless^ “is insufficient to 
cent increase in the retail, price reduce registered unemployment 
index. even in- the medium term. 


n expected to revive 
of 24-3 per cent for 
remainder of the 



This advertisement k issued in compliance mth the requirements of 
• theCoim^ QfXhe Stock E&fiange* ■ 

CROSBY I 1 • 

SPRING .T": 

INTERIORS C' 

LIMITED -r ; . . 

. .. , C^itali$ation J^ue of 540,^0010 per cent 

: Xl Chimtotive Preference Shaies of H each.. 

^ adiaittei ;> to the Official lost and 

'dealings p- ^em on 7th AugusglS78. ' - . 

Pardodarsofthe Preference Shares are contained. on cards circulated 
by Extel Stati^j^ 'Serwces Limited and^ copies may be obtained 
during normal business hours on any weekday (Saturdays and public 
holidays excepted ) up td and including 2Sh August, 1978 from: 

Charlton, Seal, Dimmock & Co., Ei J. CoIIins. & Co., 

PO Box 512i r • s v F^rs House,- - 

76 Cross Street,. ... .. - 39/41 New Broad Street, 

: Mmichester M60 2EP. London EC2M 1NH. 


Backbenchers 6 must 
control expenditure 9 

BY MICHAB. BLANDEN 

STRONGER ROLE for back- prove Parliamentary control of 
benchers in the House of Com- our economic affairs, and the 
mons is called for today by Mr. present -mood gives us the best 
Terence Higgins, Conservative opportunity to do so for many 
member for Worthing. decades.” - 

In an arti cle in- the latest considering the best strategy 
issue of the National West- for Soim tt was nSeK?v to 

r 3et^’ exan . lilie b »tij the way in which 
Mr. Higgins i argues that action parliamentary time was allo- 
to reform the working of the cated oa the floor of the "House 
Commons must take place not an( j the formal procedures for 
bUt on expenditure contriL 

tlic floor of toe House. - ■ _ . . _ |k 

Most current proposals for re- The foundation of Parhamen- 
form delegated responsibility lo tary ® ut bority, based on the 
specialists even more than at control of supplies — the. provi- 
p resent ■ A strategy had . to be 5’°" “ ““e? to the executive- 
developed and the natural place J?3d been seriously eroded, 
to start was the control of -public control of expendi- 

expenditure. ‘ ture had been sacrificed. 

Last week an all-party select Supply days, on which the sub- 
committee called for a series of ject for discussion was chosen by 
reforms to give Parliament the official Opposition, should he 
greater power, largely through retained" for this purpose but 
select committees monitoring the there should be a minimum allo- 
work ’ of Government depart- cation of public expenditure days 
meats. for general debates on the con- 

According to Mr. Higgins there trfl of. public expenditure, 
had been “a remarkable re- Select committee days should 
assertion of backbench power in also be allocated for debates on 
the Commons” during the past voles -on. Public Accounts Coot- 
12 months. mttlee " and Expenditure Com- 

" There is now the need- to im- miuee reports. 


College asks companies 
to sponsor research 


THE HENLEY Administrative 
Staff College is inviting com- 
panies to sponsor scholarships to 
aid research into international 
business of interest lo exporters 
and their customers. The scholar- 
ships would bear the companies’ 
names. 

At' a recent meeting in New 
York senior UN executives 
agreed that Henley had the faci- 
lities with which to conduct 
research and identified problems 
in the developing world which 
could be funded either by UN 
sources or privately. - 
According to Mr. Michael 
Jones, newly-appointed director 
of.- Henley Centre tor Inter- 
nationa] Management: “There is 
no doubt that funds will be avail- 
able and that the new inter- 


national centre being instituted 
at Henley .in October of this year 
will be able to meet the growing 
demand in - the West for business 
and related data on hitherto un- 
explained world markets, as well 
as the demand overseas in Japan, 
eastern Europe, the Third World 
and America for British man- 
agement training schools and 
research." ~ -. 

Market opportunities In China, 
future investment trends in the 
main regions of the world, per- 
formance evaluation of foreign 
investment, forward-buying cur 
reni*y techniques, the growth Df 
consumer and environmental 
protection, and other studies-wil) 
be undertaken at Henley for 
multi-national companies, the 
UN,, the eWorld Bank and the 
British Overseas -Trade Board. 


New ‘own 
your farm’ 
Tory plan 

Financial Times Reporter 

A NEW “ own your farm " plan 
— aimed at confining sales of 
county council-owned smallhold- 
ings to sitting tenants — is being 
launched today by the Conserva- 
tive Party. 

Mr. Michael Jopling, MP for 
Westmorland, and Tory spokes- 
man on agriculture, says that, 
while the county councils should 
continue to deride whether to 
sell their smallholdings, the sales 
should preferably be confined to 
the sitting tenants at prices 
close to market values for 
tenanted property. 

There are 9,687 smallholdings, 
covering 166,962 hectares, in 
England and Wales, heavily con- 
centrated in a few counties such 
as Cambridgeshire. Norfolk. 
Lincolnshire, Somerset and 
Suffolk. • 

They used to provide “a very 
valuable first step into farming 
for thousands of young men." 

Jn 1975-76 Manly 162 > new 
tenancies— L6 per cent of the 
total — were granted and only 12 
tenants during that period went 
on to take farms in private 
ownership. 

“We believe that, with the 
full impact of the Agriculture 
(Miscellaneous Provisions) Act 
1976 on hereditary tenances, 
there is little likelihood of our 
smallhol dings providing in- 
creased opportunities for young 
men,” says Mr. Jopling. 


Caledonian staff 
to share profits 

BY LYNTON McLAIN, INDUSTRIAL STAFF 

CALEDONIAN AIRWAYS, the appropriate financial year, will 
parent company of British be eligible. 

Caledonian Airways, is to intro- Mr. "Adam Thomson. Ihe chair- 
duce a profit-sharing scheme for man of Caledonian Airways, said 
all eligible employees. now was the right time to intr*i- 

The scheme will be formally share participation, 
introduced at an extraordinary , Companies in uic group in- 
general meeting today and will c ' u de British Caledonian Air- 
start operating with profits made British Caledonian Travel 
in the year ending October 31. Holdings (which includes Blue 
iq 7 r Sky Holidays and i.ioldcn Lion 

_ . . _ . r Holidays), Caledonian Hotel 

Each year up to 5 per cent of Management and British Cale- 
the group s pre-tax profits will doni an Aircraft, Trading 
be set aside for buying ordinary Thp sub sidiarios were all 
shares. These will be allocated profitable and expanding, said 
to the groups 4,866 employees, Mr Thomson. The share par- 
m eluding the directors, in ticipntion scheme offered a 
proportion to individual salaries. lans i b | e incentive for lhe 
The shares will be held by a employees to continue to develop 
group of trustees for a qualifying the business, 
period. During that time, dtvi- Last year, Caledonian Airways 
dends earned on the shares will made ITT .9m pre-tax profit on a 
be paid direct to the employees, turnover of £15S.Sm for the 13 
who will be represented on the months to the end of October, 
group of trustees. On this basis, the group would 

Full-time employees over 21 have set aside £400,000 for pur- 
years of age who pay UK tuxes chasing employee shares if the 
and who have been on the com- scheme had been operating. The 
pany payroll for at least two proposed dividend last year was 
years on the last day of tbc 6.7p per share. 

Airline sponsors 
pilot training 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

BRITISH CALEDONIAN Airways there will be a pilot shortage in 
is sponsoring a oew flying train- the 19-SU.s. -and in order to 
ing scheme to help meet its pilot guarantee that we will have an 
needs for the 1950s. adequate supply of pilots to keep 

It is seeking men or women pace with anticipated growth, we 
between the ages of 18 and 24. have decided to sponsur young 
and initially is sponsoring 10 trainees from scratch, 
places at the College of Air ** Primarily, we are looking for 
Training at Hamble, near sehool-leavers or graduates why 
Southampton. have a genuine interest in a U>- 

After 21 months’ training, the ing career." 
successful applicants will join British Caledonian employs 400 
British Caledonian for conversion pilots, on a fleet of two DC- It* 
training to airline standards. • jets, nine Boeing 707s, 16 One- 
Captain P. A. Mackenzie, the Elevens and two Piper Navajo 
flight operations director, said: Chieftains. Two more DC-1 0s are 
“It is generally accepted that due for delivery before 19S0. 

School orders 30 Pipers 

BY OUR INDUSTRIAL STAFF 

THE OXFORD Air Training It expects the IS Piper 
School has placed a £900,000 Tomahawks and 12 Piper 
order for 30 aircraft with the Warriors lo be delivered over 
UB. Piper Aircraft Corporation, the next 12 months. 

The order is one of the largest ^ Tomahawk will make its 

ISJffSf? nSaryW “{JSSST' 'm 

■ . ini 

and Carlisle, where it trains 250 Next year the school is likely 
full-time students from airlines to make a Gnal decision on the* 
ground the. world- * .aircraft needed to replace its 16 

‘ The Oxtord Air Training school twin-engined aircraft by 1979. 
is the largest professional pilot The Piper Seminole is already- 
training organisation in Europe, being evaluated for the role. 


Air Anglia to cover Stansted 

AIR ANGLIA, the independent 
airline, will add Stansted to its 
Norwich - Leeds / Bradford - 
Edtoburgh-Aberdeen service 
from. November 1. when its 
winter timetable begins. 


The service will operate from 
Monday to Friday and single 
fares to Norwich will be 113.60, 
Leeds/Bradford £24.20. Edin- 
burgh £33 and Aberdeen £39.90. 



HI OH VELD 

STEEL AND VANADIUM 
CORPORATION LIMITED 

( Incon>orate<l in the Republic of South Afrini > 


DECLARATION OF DIVIDEND No. 8 (Final) 

Notice is hereby given that dividend No. 8 of 11 cents a share, being the final 
dividend for the year ended June 30 1978, has been declared payable lo shareholders 
registered in the books of the corporation at the close of business Dn August -5 197S. 
This dividend, together with the interim dividend of 5 cents a share declared on February 
3 1978 makes a total of 16 cents a share for the year (1977: 15 cents). 

The dividend is declared in the currency of the Republic of South Africa. Dividend 
warrants will be posted from the office of the transfer secretaries on or ahout October a 
1978. - 

Any change of address or dividend instruction to apply to this dividend must be 
received by the corporation’s transfer secretaries not later than August 2E 19iS. Share- 
holders must, where necessary, have obtained the approval of lhe South Afrrcan 
Exchange Control authorities and, if applicable, the approval of any other exchange 
control authorities having jurisdiction in respect of such changes. 

The share transfer register and register of member® will be closed from August 26 
to September 9 1978, both days included. 

In terms of the Republic of South Africa Income Tax Act. 1962, as amended, non- 
resident shareholders’ tax will be deducted by the corporation from dividends payable 
to those shareholders whose addresses in the share register are outside the Republic. 
The effective rate of non-resident shareholders’ tax is 15 per cent 

The abrid g ed audited consolidated income statement of the corporation and its 
subsidiaries for the year ended June 301978, is as follows:— 


Profit for the year before taxation 

Leas: deferred taxation 

Less: outside shareholders’ interests 

Attributable profit 

Interim dividend No. 7 of 5 cents a share (1077 — No. 5 
(Interim) of 5 cents) 

Provision for dividend No. 8 (Final) of 11 cents a share 
(1977— No. 6 (Final) of 10 cents) 

Retained earnings for the year 

Number of shares in issue at June 30 

Taxed earnings pm* share for the year 

As forecast, the deferred tax showed a further reduction this year as a result of 
substantial investment allowances derived from the commissioning of the plate mill and 
other items of plant associated with the flat product expansion. 

By order of the Board 
A. J. u. Pretorius 
Comp my Secretary 


197R 

1977 

Rnm» 
27 076 

Boon 
33 107 

6 009 

11041 

21SC7 

22 OM 

966 

I32H 

21 001 

20740 

3 388 

3386 

7 454 

6 772 

10159 

10 983. 

67 763270 ' 

67 720 770 

31.0 cents 

30.6 cents 


Registered Office: 

Portion 29 of the Farm 

Scboongezicht No. 308 J.S. 

District Wilbank 

(P.O. Box 111. Witbank 1035) 

Witbank 

August 4 1978 


Transfer Secretaries: 
Consolidated Share Registrars Limited, 
62 Marshall Street 
Johannesburg 2001 
(KO. Box 61051 
Marshalltown 2107) 



financial Times Monday August ; 7 '1978 1 


Redemption Notice 


LABOUR NEWS 


Industrial 

civil 

servants in 
talks today 


Radio journalists 
return to work 


Thit advertisement is Issued in compliance with thcttxitrtrem^ : 
!rf rL Counal of The Stock Exchange, it don not const/tiir* f 
■ on imitation to any person to.subscrlbe for or pu^eon*. 

■ Preference .Shores- . r 5 


-G. R. (HOLDINGS) LlMlTUSfg % 

t incorporated in England under the Componiw Arts - '" L j 

' . ■ 1929 and 7947 } •• • 



BY PHIUP BASSETT, LABOUR STAFF 


m 


210 10250 11160 


LUiixu LyutVJ j JOURNALISTS FROM London The five junior staff, -who have 
„ i Broadcasting and the Independ- -been doing. mainly seniors’ work 

By Ph,l.p Bassett , • v .|«t. Radio Xwn ArvU* voted fQr ^ past sbt *4 

INDUSTRIAL civil * servants, s E’ 2^- S e wSh receive ex gratia payments of 

it toil com- up to £1,000, and lalks Will take 

Support Of <L . .substantial rHmmpf! Alin tnmnmiv nn .nanninv ' . 


Capitalisation Issuer ; 
of 1,550,108 101 per cent, 
Second Cumulative Preference' 
Shares of £1 each 




r 


1 herein! radio stations, resumed place tomorrow oh manning. , 
claim tabled under Phase Three, . and LBC • •_* • . 


settled i The agreement : settles in 


mem date in tie nest-Tcrand to . .j 

prevent themselves 'from falling —J 1 . 


prevent themselves 'from falhnsj“ i ,j' . in the national agreement 

behind genera) . settlements by; The dipute^whitij^oJvK lhe NUJ and- tho 

being last in the wage -queue, jbo journalists, is oyer extra pa.^ Association . of lndpendent -Radio 
Talks on,. their claixh-r-which • for . junior staff who act-up GontT _| Ct o rSt which is due to be 
baa led tt» widespread. action by! by performing senior dub^, mi d r g. ne£Q riared this month. ' 


baa led lo widespread, action oy oy pen™™# »««« re-negotiated this month. ' 

the 183,000 industrial, civil ser- 1 it lias, disrupted LBC and IRN • . .. 

vants incladina the -blacking of! for two weeks. The strike was - It will apply, to .all commercial 


vants, including the -blacking of: for two weeKs.ine urwe was re 

four .Polaris nuclear . snb-imade official by the National ftoUons. though rwt~^Wpt for 


The Council of The Stock Exchange has admitted the 
mentioned Preference Shares to the Official LiKu Farttfulwt-pf'; 
X. riches attaching to them are available in the Excel SatiHitil 
service and copies ©I the card containing such paruculart-may fcvi 
obtained during usual business hours on any weekday (Saturday*.. 

• excepted) for the next fourteen days from: 

Rowe & Pitman, Hurst - Brown, ^ 

City - Gate House. 

Finsbury Square, . ^ 

London EC2A1JA- -,-i* 

. 7th August, 1 978 • -* 


marines— resume today with the : Union of Journalists oo Friday. LBC/IRNyUi cas^ of arti^-up 

CivH Service DepartmcnfT . ’ The -dispute centred on five because of sickness or holidays. 

Negotiations were: resumed • jupior LBC staff- Under the new The NpJ, has, h o wever.-resery ed 
last week after an" initiative from agreement, LBC/IRN staff will the .right lo re-ne gotia te the 
general • secretaries of the 11 . receive a £4 payment every time clause foe other cotwnerclai 

unions involved. - : : junior grades acL up. Payment stations in talks on -the national 

They produced greater fieri- i will be backdated to August 1. agreement later this month, 
bility in the offer from the official ! _ - '■ 


side, including more- money. The j 
Government’s 10 per cent offer, | 
which was rejected, would have ! 
given an overall net increase of I 
£1.10 per week. | 


Sunday Times 
loses copies 


Bakery workers put in 
claim for a 22% rise 


loses conies BY rHIUP BASSEIT - “ BOUB *”"■ 

1 “ -BAKERY WORKERS have sub- bakeries by Spillers in April, 

THE Sunday Times lost 250.000 1 milled a pay and productivity would add an extra 17 per cent, 

copies yesterday because of a dis- 1 claim for increases under the of the settlement reached 

pute concerning overtime rales j Government's Phase Four 5 per ^ bakers' union and Spillers 
involving members of the Society [ cent limit on settlements which W hen the closures were an- 
of Graphical and Allied Trades i would provide rises of more than n0 unced was the discontinuation 
in the publishing room. ! 22 per cent. 0 f re st-day working to create new 

Mr. M. J- Hussey, chief execu-j Mr. Sam Maddox, general , obs far some 0 f the g,000 
i live ol Times Newspapers, said ] secretary of the Bakers', Food wor k ers niade redundant. 

yesterday: "It appears that, inland Allied Workers' Union, said — — -■ 

spile «f our warnings, certain of | yesterday that the employers, — g sssgggg^s 

nur staff are determined on con- ■ the Bakers' Federation, were 
frnntation." “very sympathetic ” to the claim 

Mr. Hussey said that publish- and bad accepted it for con- 
ing room workers had ignored sideration. n 

the company's offer to refer the The pay rise portion of the DOnr-WaTI 

matter to the Advisory. Concilia- claim, which covers 30.000 bakery 

lion and Arbitration Service and workers, sticks to the Govern- ' 

had ignored the advice of Mr. j meat's 5 per cent limit, while s 

Bill Keys, their general, secretary, j the productivity element, based TarvrrnF! tc ttt i . ' r~f'h v ritu 

to honour their agreement and .on “proven results” mainlv tember 1, 1969, under which tin 

work normally. I stemming from the closure of 23 a “♦ jaw* of 


U-S^50,000,000 j 
CAISSE CENTRALE »E 
COOPERATION ECONOM1QUE 

Floating rate notes due 1998 . . 
Unconditionally guaranteed by the 
Republic of France 

In accordance with the conditions of. .the Notes, 
■notice is hereby given that for the sue. month period 
August 3rd 197S to February 5th 1979 (1S6 days), 
The notes will carry an interest rate of 9.1875%; 
Relevant interest payments will be as follows;— 
Notes of USS1.000 US$47.47 per coupon 

CREDIT LYONNAIS (London Branch) . 

Agpnt Bank 


Notice of Redemption 


Borg -Warner Overseas Capital Corporation 


8% Guaranteed Debentures due 1979 


NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated as of Sep- 
tember 1, 1969, under which Lhe ohovc-dcsignaU-d Debentures are issued, SJ, 5 00,000 aggregate prindpol 
amount of such Debentures of the following distinctive numbers has been drawn by lot for redemp- 
tion on September 1, 197S (herein sometimes referred to as the redemption date): 


91,000 roMpon Debcntorti Bcatrias Uui rrtJU Latter M 


Executive Directors of the International Banking Group from around the world are: John Dunlop, Joseph Galazka, 
James Hildebrand, Warren Hutchins, Milan Kerno, Harry Martin, Richard Miles Joseph Oliver/Richard Reib m an, 
Gerard Troncin and Stephen Wilberding. 



865 2323 3226 33 M 4733 5617 6408 7333 80B7 8728 9364 10333 10936 11802 IhXq l5siS 14701 

887 2328 3227 33& 4727 5618 6409 7324 8096 8729 9369 10265 109!$ liam 1255S 1M7B-‘14?05 

2MG 322E 3964- 47M 6621 6532 7339 8104 8730 937L 10274 10959 11804 12598 litfl? 14799 


Wfe grew at a record rate last year. 

Doing things no other 
hanking institution can do. 


2558 3237 3970 4739 SS 27 6552 73 » 8114 8740 9382 10308 10979 iiaoa 12390 13619 14730 

.m 256 i 3240 3372 4740 5638 6561 7367 8120 8748 9383 10309 1 

2571 3249 3973 4743 5640 6563 7374 8121 “** 


552 S3£ 2=25 2IS5 2H55 235? ubib I^eos i36«i 14751 


IB =|}# SZS BVr SiS S25S ^ iiaS tSS. i SSr wm 


U ’nlike any other banking institution in the world, 
die Merrill Lynch International Banking Group 


Vp^the Merrill Lynch International Banking Group 
offers commercial and investment banking services in all 
the international capital markets outside the U.S., plus 
direct access to longterm capital m the U.S. 

This unique international banking capability, coupled 
with Merrill Lynch’s worldwide securities distribution 
and trading power, was no doubt decisive in helping the 
Group achieve its solid record of growth in 1977. 

International public issues: $2.8 billion 
International public issues managed or co-managed by 
Merrill Lynch amounted to $2.8 billion in 1977 versus 
$2.2 billion in 1976, an increase of 25%. 

The total financing Merrill Lynch helped arrange for 
corporate or governmental clients in the U.S., Canada 
and worldwide amounted to over $30 billion in 1977. 


billion in syndicated bank loans during 1977, a notable 
incr ease over the $140 million of managerships in 1976. 
Commercial loans to corporate and governmental 
clients grew from $63 million in 1976 to $204 million at 
year-end 1977. 

Eurodollar securities trading: $3.25 billion 


i 
i 
i 
3 
1 
3 
1 
1 
1 
1 
3! 

1304 2681 
1441 2ES4 
1733 2894 
1742 2696 
1754 «« 
1758 


3333 4120 4B18 5744 6659 749 


225? 2222 10434 11096 11879 12698 13776 14857 


— UQW ft#.. HHVV W<f 

TWO 4Mfl 5014 5775 CORO DZ1D Xnan 


ilil iffrS i,- is -K - 


2522 112e7 usis 12ns iSmS I«53o 


1804 274® 3447 4215 3091 5799 K7D6 7569 8357 g §04 9577 f }{ fS,S- 

3813 2741 3450 4220 5111 MOO 67M 7572 8339 8909 9581 10470 m75 1T0T7 

inn 7747 -USD 5110 Runs C7, , ntvn' n Oca SsJSJ XSSi iiS 2 J1317 12797 13820 14899 


In 1977, Merrill Lynch’s International Banking Group 
trading volume in the Eurobond secondary markets was 
62% greater than 1976. 

Mergers and acquisitions 
The Group’s contacts make it an important source of 
merger and acquisition candidates around the globe. 
Merrill Lynch assisted in 47 projects involving mergers, 
acquisitions, divestitures or tender offers in 1977. 


1987 2875 
1991 2876 
1998 2877 
2036 2633 
£050 2884 
2052 2894 
2056 2896 
2058 2915 
2061 2922 


4283 5221 
4289 5222 


8953 9743 
8962 9757 


4297 5234 

4298 5248 

4300 5255 

4301 5258 
4308 5E62 

4310 5268 


8978 9783 
8983 9764 
8986 9766 
9000 9767 
9007 9769 
9014 9771 


Syndicated bank loans: $1.3 billion 
Supported by a substantial increase in capital resources 
devoted to banking, we managed or co-managed $1.3 



Merrill Lynch 


Merrill Lynch 

International Banking Group 



Merrill Lynch International &. Co., Merrill Lynch International Bank Ltd., Merrill- Lynch Pierce Fenner & Smith Inc., Merrill Lynch Govemmenr 
Securities Inc., and Merrill Lynch Royal Securities Ltd. are members of the Merrill Lynch Co., Inc. group of companies. 

Affiliates in: Amsterdam, Athens, Bahrain, Barcelona, Beirut, Brussels, Buenos Aires, Cannes, Caracas, Dubai, Dusseldorf, Frankfurt, Geneva, 
Hamburg, Hong Kong, Kuwait, London, Lugano, Madrid, Manila, Milan, Montevideo, Panama City, Paris, Rome, Rotterdam, Sfio Paulo, Seoul, 
Singapore, Sydne>’, Taipei, Tokyo, Vienna .Zurich. Joint \ , enture in Tehran— Iran Financial Services Co. 


The Debentures specified above are to be redeemed for lhe Sinking Fund (a) at the WCG- 
Corporate Bond Services Department of Citibank, N.A. {formerly First National City Bank), 
Trustee under the Indenture referred to above. 111 Well Street, 2nd Floor, New York, New 
York 10043 -or (b) subject to any Iaws ar -regulations applicable thereto, at the main offices of 
Citibank, XA in Amsterdam, Frankfurt/Maln, London, (City Office) Milan, Paris and C ifihank 
(Belgium) 5_\. and the main office of Banqui Generate du Luxembourg In Luxembourg. Payments 
at the offices referred to in (fa) above will be made by a United States dollar check drawn on a bank 
in New York.City or by a transfer to a United States dollar account maintained b.v the payee with a 
bank in New York City, on September I, the dale on which' they shall become due and payable, 

at. the redemption price of J00 percent, of the principal amount thereof,' together with accrued interest 
to the date fixed for redemption. On and after the redemption date, interest .on the said Debentures 
will cease to accrue, and, .upon presentation nod surrender of such Debentures with all coupons apper- 
taining -thereto maturing: after the dale filed for redemption, payment will be made at tho Said 
redemption price out of funds to be deposited with lhe Trustee. 

Coupons due September l, 1978 should be detached and presented for payment in the usual manner. 


Borg-Warner Overseas Capital Corporation 






























; ' 'i.i\ 

*■ i ' “ . ■’ 





Mondav August . 7 1978 


W ARIHUR BflfflETT AUD TO} SCHOEIQS 

• dataprocessing 

Checks gas reserves 

BRITISH GAS has prodaced a ^Program), the 1 mathematical 
new computer-based mathematic model uses a new finite element 
«ui aid ihar will enable: its . reser- technique that wiB simulate the 
.yoir engineers, to. calculate the .pressure conditions in - a single, 
reserves in: a gas reservoir and phase gas reservoir containing 
now the reservoir will behave if any number of w elts dr geological 
different depletion options are faults. . " 

It ^*5 already -been ■ Ihstead of. ^the conventional 
Sea d « ° r fl t £ S e finite difference . method that 

LemaiP* use® a .xectangtdar grid to ealcu- 

?***“ with i^e the prSre vSifis, GRASP 
. ^mely detafled, results. simply subdivides the reservoir 
,.* or Bntish Gas, whfch has area into a number .of. : smalj tri- 
uirect interest in a number of angles. Immediate advantage of 
?j ajor ; fleids ’ aew computer this system is- greater accuracy, 
ala is expected to play an particularly where . wells are 
important role in future gas clustered around platforms. 

Jt i» currently being The new system gives a better 
n ^; ik , t0 . assess a . number of description of any- faults exist- 
possjbie development schemes for W in-the-reservoir and of aharp 
Tri=», M c 0rcambe gas field ^ to*. pressure drops that axe likely 
1> f a - ' •: to occur attoffi tBenL Another 

Developed at ' -its: -(London . important -point -isVits ability to 
Research Station at F uthaw describe ' where gas 

under the name -GRASP- (Gas hearing strata '.overlap and 
Reservoir Area .- Simulation intersect ‘ - ^ •• 

W atches over the sales 



PROCESSING 


THENORGREN OLYMPIAN 
TOJMf SYSTEM 

This system of Compressed Air 
Processing Equipment has 

Weighed while falling 

andl 14 inch piping" ^''^^=7 

NOVEL APPLICATION of conveyor belt applications but it installations. I | |i | 
gamma ray absorption to weigh- was decided in this case to use 
ing will be used on a new protein the principle for measurement 

product to be manufactured of the product in vertical free kn c: a . NOtzoFtEns ltd, 
from North Sea Gas by ICI fall. ^ 

Agricultural Division at a plant The C-frame is supported hori- ' *.**—*•$& 

being built at Billingham. zontally so the product falls L. ~~ 

Developed at Avery Parsons vertically through the centre of— 

of Dewsbury, the process weigh- the C section inside a chute 

ing division of the Avery Group, section. £ COMPONENTS 

the unit— the Neweigher-is The mass per unit length 

based on the relationship be- measurement when processed ^ 

tween mass and the absorption of -with a signal representing the JsICCTrOlVllC 
gamma rays passed through the product velocity will compute J 

product . both protein flow rate and total 

In it a radio-aetive Isotope is n, ass . The electronic instruraen- CdOdCITOfS 

contained in a source holder in tation can be located up to 1.000 ^ 

one arm of a u C ” shaped frame. metres from the C-frame and will Artf ,;i WT _ 1 
Tbe opposite arm contains a scin- be located outside the immediate I V TlYrfl 

tillation detector which measures plant environment. A product 

the absorption by gamma rays flow rate signal in the ranee FIRST “ single ended ” miniature 
the product passing through the 450mA is produced for external electrolytic capacitors to he 
centre of the **C" frame. A plant control. released bv Mullprd i034 series • 

measurement representing mass Avery Parsons, POB 5. Scouts provide 0.47 to 220 microfarad 
per unit length is thus produced. Hill. Dewsbury, West Yorks, coverage with fi.3Y to R3Y wurk- 

Similar systems are in use for 0924 46831V. ing voltages. Further t\ pe> will 

be added to this senes later m 
tbe year. 

Y . m . . Lead arrangements enaMe the 

Industrial heating units sr^”.fc.r&!r!5! 

applications are priraarilv in ihe 

TWO PRODUCTS have been heat cycling. This means that radio and TV manufacturin'.: 
earmarked by the Electricity virtually any type of atmosphere industry, although lheir jut* 

Council for a special showing -can be used. formance makes them suitable 

on its stand at tbe Furnaces, Maintenance of furnaces with for use throughout industrv. 

Refractories, Heat Treatment such elements is low and a 20 to Operating tempera t tire range is 

and Fuel Economy Exhibition to 30 per cent lower replacement from minus 4(1 to plus SS decrees 
be held at the NEC, Birmingham, cost is claimed, compared with C. Tbe capacitors .ire general I v 
from September 25 to 29. They radiant tubes. rated as IEC 3S4-1 general pur- 

are a high-temperature element Further details on the Bulten pose types, 
and an extremely compact Kaotbal elements from Stephen Mullard House, Tnrnmtrm 
generator. Newall, 14B Sheepcoat Way, Place. London, WC1E 7HD. 




^ . -< - *■ 


J,r I-? ■ 

-7;. :3. 


C.A.NOFIOF3EM tmTO. 

MRUtum 9su> lureut w rwuHt 

7 »*|rm in iM P» T tan. 


COMPONENTS 


ment when processed 

signal representing the JLlC C ll 01 VllC 

velocity will compute v 

rtein flow rate and total 

he electronic instruraen- CflPHClTOl S 
in be located up to 1.000 a 






The operations centre of a new harbour radar 
system put in by Dcca Radar at Tees Dock for 
Tees and Hartlepool Port Authority. Scanners 
are situated at three sites to cover both the port 
and its approaches and at South Gare at the 


mouth of the Tees both 10 an and 3 an equip- 
ments are in operation. Remote radars are 
unmanned, their picture data being transmitted 
over microwave links to the control centre; the 
UHF links also carry control signals for light- 
house, foghorn and. port lights. 


— •* * " ;■ . , , . Annaanei, nwi ucauucui »uui cicuicui* us i«w auu a iu wperaiing lemperamre ran 50 is 

row TIM rncr « , ' , . “ , *• r'-inl.Vi automated pay- £ HEATING and Fuel Economy Exhibition to 30 per cent lower replacement from minus 40 m plus $5 decrees 

* J*°mt-of-«a]e ordered a system to collect data meat methods such as GIRO and be held at the NEC, Birmingham, cost is claimed, compared with C. Tbe capacitors are general I v 

quipment array- -/has been from - a subs t a nti al number of BACS. _ 'Tfc ^.1 £ ji’ from September 25 to 29. They radiant tubes. rated as IEC 3S4-1 "moral uu" 1 - 

announced by Pritchard Brown retofl lortefc^; .V* V ' •. Full flexibility in such prob- PrGVGlltS lOW Ol W 3 1*111 til are a hfgh-temperature element Further details on the Bulten pose types 

and Taylor. Further ..det»il£ :0a this new- lem areas as the maintenance of *■ ^ VJ.- ▼▼ ***■ HI 111 and ^ extremely compact Kauthal elements from Stephen MuUard House. Tnrnn-inn 

Salepomt is based on the Com- comer to the highly .competitive guaranteed minimum pension nTrAT<=A , nrT , T mrrc wA,.r generator. Newall, 14B Sheepcoat Wav, Place. London. WC1E 7IID 

puier Automation “Naked Mini ’’ point of sale market -from PBT, levels for pension funds and HEATSAVER UNITS can be Four Heatsavers were fixed to Kineslev Industrial Estate 01-5 SO sb 33 

and Datapod tenninals. and S7 Charlotte- Street’. London, premiums paid net of tax relief used. provide more economical the existing steelwork in the Kanthal Super elements have “JgJJ 074 ?S?l 1 6b33 ’ 

designed by PBT to meet the :W1P !LB. - 04580' 3105.--. for insurance-based schemes is bating and an even overaU roof, space to return the warm beentestefl at tei^erarores up- problems 

erowine markpi nrrri.-. nf nronni. ’ - • - provided. temperature in factories air down into the working zone, to 1800 degrees C for both batch i" m TFI PVICinM 

sations with geographically - ^ ‘ Pensolve can go on most One example of an instailation em^i° V 7nd Uilt *«Ie 1,eX |ntn reristan^' ftJmacML*?^ 0 aSSl generator bv Cheltenham Indus- K . . 

scattered retail outlets and fast— A ifln nnnClAn commonly-used computers, and of this type is at SpUJers Food JJ d >. °?»f 8 k^I° tion Heating. Design has put IV^Tof'/'i/hm 1 n 

movingstock. AlUS peilSlOll it is also available Zs abureau Products which produces an a ^n^* SSto£? W 8 SS tank cirLit “ tte wor^g IViarCOIM 111 

The system can then generate • * - •' service from the twin iCL 2903 average output of 300,000 units 15Z5L. ® treacmenL . beajJ and the uoit ^ aboyt ba , f 

reports • on stock ;teveds nnd ca}iaiy|A ■; * - Systemsolve bureau at Sonbury. of food products per week for PJJfJi Si™? rt Tbis type of element has the size of conventional types. At |7QgTV'llll?1 

re-ordering requirements, cash atUClllC' V Further details from Pyrene borne and overseas markets at its a «eep resistance/temperature the same time the generator J? it II L1 111 if 

flow. etc., and provide analyses Suobury -op -Thames, Maryport plant in Cumbria. 9r Tof2(m^ S^.-t rS 1 * characteristic gives faster ^ be sited remotely frum the 

of transactions by time- of day, a n ai*o Ii am Middlesex. Sun bury S0333. ] n addition to high standards week. ® recovery of furnace throughput operating station with efficieo- OO T1tlD1t*fl 

type of goods, sales assistaBL lt UyvI ullvil' of cleanliness, a reasonably coo- Rneh Hpat«a««p ic Mnetnirtod “A lnc f ea5es ou ti»ut cies up to 73 per cent. CitlflACldt fLivdtl 


growing market needs of organi- -M provided, 

sations with g^os^Phlealty ~ A m ’ *' ' Pensolve can go on n 
scattered retail oiutiets and fast — A irici tiAtioinn commonly-used computers, 
moving stock. . , . iaIUij UvlljIUIl il i fi also available as a bur 

The system can then generate ■■ ' ' service from the twin iCL 2 

reports on stock leveds ^nd criiiamA. ' v - Systemsolve bureau at Sonbi 
re-ordering requirements, cash jCI IC II l U ' Further details from Pyr 

flow. etc., and provide analyses 7- ■ House, Suobury -on -Than 

of transactions by time of diy. nnarofliitl Middlesex. Suobury S0333. 

type of goods, sales assistant It UUvl dllUftl 

PENSOLVE way T j vp ^. U 

credit card, and offersnn demand * CJSlULJa. 

a profitability analysts overall 

and bv outlet- • • ' pension scbemes aud.hae ^evtrtved n nlivirr 

Alf software for the system is from tbo Hpi^ore rf Ssstem aCCOlIIltlDg 

5Sf« AUTOMATION IS pliLg 


Marconi in 
Fairchild 


stant temperature is aiso^desir- Metallurgical properties are The company is at Saxon Way, MARrnNt svianipc m rrr 

-a* .WTSJs&ttassa sMSffiss'atrs sssfaj^s? Es “ e - Chel - , 


fund-based and tiaurance-based quality is maintained. section blades enclosed in an doeS 1101 embritUe ^ age or tenham. 0242 54042. ranee of solid-stale television ‘ 

overan pension vchetnesai^ h* evolved « A problem arosedunng i»ld aerodynamic shield with a cameras made by Fairchild 

aD J ^ outlet. ■ ■ . ■ ’ from the experience' of System- 3 OPOlinl ITIO weather in one section of the capacity of 5,000 cfm. British Camera and Instrument Corpora- 

hp'ili -«>lve in I^^^hg: adminlstra- ? ct0 ^ where heat from the Standard electric motor with 0 HANDLING tion. It is understood that the 

Jhi^ s tiou packages ^ ot type for AUTOMATION IS playing a ductedwarm-airsystem, walk automatic controls, safety move has no bearing on the talks 

this includes co mm u ni cations ^ v Jr. large part in the control of the mounied some 10 feet above floor isolator switch, contactor and P j u • nre^entlv in orn"resc between • 

^ UtPI ?ri^ iSlSS« : H meets a^our fin^amentaJ accounting requirements of the level, was being lost in the high indicator light are all self- \JOITVCVOF SSlCtV U0VICG GEC and Fairchi1 ^ Dn the sub- 

secunty and terming. i nlV- Avon Livestock Centre, a. live- roof space while working condi- contained within the unit f VJ Vi ject of integrated circuits. 

Ther?fs aho MntrS^Soft^e to trtScm It^tirtS^d accounts s, “ ck F" rkt ^ Sltuated ra So ™ er ' tl °. ns were co,d ’ . , . . ^“mtiating the warm air where the intending user be fitted on the underside of the Principal product involved is 

hPni*?- 18 cnnrrihutkms premiums set and to meet requirements for Increasing the heat output has also had the effect of feel ^ r >v are reauired in conveyor at the point at which the MV-201 multi-purpose camera < 

^ . RTZCS’s Bureau could result in an unwanted reducing the temperature In the ap^ca^n P and Se belt leaves ’ tte 4neJdSg which operates with standard 

accessing, signal • . nrnTr^ ^ fiiH inrr.riv 1 i ® ivi510n has just completed the build-up of temperature. It would roof space and .the heat loss r Mechanical Handling can <mo- section. If a hand nnxhed in closed circuit television receivers 

calls and mis-identfflcatioa. development of a livestock also be costly since the heat-loss through the roof, and the units 5J «tmdin“ bSm Ae and recorders: it is successfully 

Salepomt was conceived accounts control system to give by thermal conductivity through-.can save fuel because previously co 5 veyor ^th a number of the stop mechanism. ■ ** * P established in production and of 

course of studies \ on . : -bebfilf of meets ^ ^ ^^oyeniment U p. t( vdate records of the 1^00 the roofing materials-asbestos the Tieating system worked flat piven hv proven reliability. 

Btireau^f or ffMtSJ ! “. 0lied ^ Week at *"'*«** ^ th j laze t d r00f ^ % e „ n „ tu^ro^ors can dramas JgSZ'ZTS ASTl^t The camera has an imaging 

Bureau ( n.UKti). taHKB main-.. worKing mroer on & oaxen or this market — would accelerate as the J- J. Ventilation. -IS Dowry M n fl ^ a niar#> nemo rharporl-rnimipri 


R Mechanical Handling can sup- section. If a hand is pushed in c5osed circuit television receivers 


—would accelerate 


T T t; 1 m T, ‘-““•‘•J mMuau- im/y jnuiuco ah a 

■ 1 fn . n JS? 1 , 'ler D ftOM cally reduce manpower require- number of positions down both 


charged -coupled 


gram. • PLASTICS 

The first produces detatled ■ 

information on all. Avon Live- A 

stock’s clients, quantity of stock Dill 

sold each week, weight and sale 1 u 8 WtVM F-li 

5 -UNDER AN exclusive agreement nfai 
has.4he facility to balance sales „ l#fc in. iv.^. flue 


IFt AM & MACHINERY 


Corrugated pifles deal 


very restricted spaces. is going on. is formed. They operate by 

- , . One of the mechanisms is None of these devices inter- releasing charge carriers in pro- 

2 flAQI a safety bar placed at the outer feres with production efficiency portion to the incident light in 

). UVfli end of the extending section of but they do enable managers to earh image element: the indi- 

. .. the conveyor. When this is meet the increasingly stringent vidua] “ packets " of charges are 

g machines, its range in- pushed in slightly it operates a interpretation of the>Health and transferred to the ends of scan- 

la high-speed vacuum microswitch so as to make it Safety at Work Act. ning rows by digital clocking to 


7“ , n ® ?* n “ ‘ ly . Y sales with Corrna Inc, of Toronto, \a high-speed vacuum microswitch so as to make it Safety at Work Act. 

totals prior to each cheque run. r . P) __ ti( .j t; p rc FnS inMirinK:^m oul<iin V system which, for ex- impossible for anyone to be More from the 



TOO TON CAPACITY COlNlNG PRtSS by 
Taylor- and Cha lien — virtually, unused— -fully _ 
automatic — 160 s.p.ro: x 24 mipierokB, r; . " : . 
IN LINE MACHINE for simultaoMtri surtsce y 
milling-both sides of coriamious^ndjremi- ■/{ ’ . 
coniihuous ran riborferroui strip up.toI 6 "v>ide 
9 DIE.T 750 FT/MN SUIP TYPE ROD • ’ 

DRAWING MACHlNE^uipped -vrttfi 3 speed 
200 lip' drive. 20 ". horiipmaJ draw- blocks . 

22 ". vertical collei^g'hk^ck.xnd jOOO lb. 
spooler: ( Max. inlet.’ 9 ;.m 7 i» finishing dOwnj 
to 1 A riun copper and aWmihium,). ' 

8 BLOCK (400 mm) lN UNE, NONSLIP WIRE 
DRAWING MACHINE In exrallent comlhion 
O/lOOOfr/mm. variable .speed JO’ hp_ pdi block . 
'.M968) ' • :. 

24 ” DIAMETER HORKONTAL BULLBLOCK J 
By Farmer Norton'^ 1972 ).' ■' 

SLITTING LINE 500 mm x\i>nm x 3 . ton capacity 
TWO VARIABLE SPEED^OUR HIGH ROLLING 
MFLLS Ex. 650 " wide', raxor-blade nrip ‘ . 
production. - . 

MODERN USED ROUlMC MILLS. wire rod and 
. tube drawing plant — roll, forming marirines_— 
slitting — fiattenlng ana ori-to^Iepgth lines — 
cold saws.— preset— 'guillotines.: etc .. . 
1974 FULLY AUTOWTEDjOpLD SAW J 
by Noble & Lundiindi b^tch.-cdhtrol. - 
1970 CLri -TOLEN 6 TH UNE max..capadty: 

1000 mm 7 miii xJ.imftfrcrilfDliy . . .. 
overhauled and in.' excellent condition.' 

1965 TREBLE DRAFT GRAVITY WIRE DRAWING 
MACHINE by Farmer Norton 27 "— 

diamete'i drgwb locks. 

STRIP FLATTEN AND CUTrTO-UENGTH. UNE; 
by A. R. M.- Max cppeclty 750 nnixi mm. 


-0902 42541/2/3 
Telex 336414 : 

T 

0902 42541/2/3 
V telex 336414 


0902 42541 / 2/3 
Telex 336414 


0902 42541 / 2 / 3 ' ;- 
‘ ’ Telex 336414 . j 
0902 42541 / 2/3 * I 
Telex 336414 


0902 42541 / 2/3 
Telex 336414 


0902 42541 / 2 / 3 ' 

• Telex 336414 
0902 42541 / 2/3 
Telex 3364 14 r| 

0902 42541 / 2 /j^ 
Telex 336414 |j 

0902 42541 / 2 / 3 , 
Telex 3364 l 4 { 

0902 42541 / 2 / 3 - V 
; Telex 336414 ^ 


This permits detection of errors Canada, Plasticisers Engineering 
before tbe cheques are produced. of Drighlington, Bradford, Yorks, p jp e 
Historic gives the facility to is 10 sell Corma corrugated pfas- meter, 
assess the current business tic pipe production systems in 
climate. Run on a regular basis, the UJv and Eire. • - / . I ... ■ 

information is- produced to indi- Plasticisers Engineering has 
cate all -clients who have its own range of plastics process- 
recently ceased trading and it ing machinery, which includes 
provides field officers with a equipment for extrusion of 
reference from which to carry smooth-walled pipes up to 
nut analyses. 200 mm diameter, and it is ex- . : 

Based on the svstem used by pected that future UK installa- 
ble Avon Livestock Centre’s tions of Corma equipment will 
bank, the RT7CS reconciliation incorporate Plasticiser’s extru- 
prpgram has been designed to sion machinery as part of - a . 
give- a “ catch-net ” service. The package deal from the two corn- 
two are run simultaneously to panies. 

e|ve the added' benefit of a Corma offers lines for the- pro- 
dOuble cbeckine facility and duction of polyethylene, polypro- 
ensure total accuracy of accounts pylene. pvc and nylon pipes from 


ermits production of crashed by ' forward movement Pepyrheel Engineering Works, 


company at give a standard TV signal. 


a varying internal dia- of the whole machine. 


Airport Works. 


In addition, a safety plate can 885505). - 


Caerphilly, Mid-Glamorgan (0222 Rochester, ME! 2XX 


44400). 



MARINE MIDLAND BANKS, INC. 


information. 


6tnm to 650mm diameter, for 


;■ RTZ -Computer Services, inn applications ranging from medi- 
Jermyn Street London SW1Y cal apparatus to land drainage. 


6EB. 01-930 4163. 


As well as conventional blow 


6 BLOCK WIRE DRA WING MACHINE equipped J 0902 4254 1 /2/3 T 


with 22"- dia. x 25-kp Drawb fecks. 

2 15 DIE MS4 WIRE DRAWING MACHINES 
5.000fc/Min with '^poolers, by Marshal. Richards 

3 CWT MASSET FORGING HAMMER . . .. 

— bnevmaoc siofile Now; 

9 ROLL FLATTENING MACHINE ' 
l,700.i«ov wide ' 

7 ROa FLATTENING MACHINE - 
965 mm- .wide. *. ~ . .. > *" 

COLES MOBILE YARD CRANE 
6-roo capacity Wtlce jrb - .. ^ • . 

RWF TWO STAND WIRE RATTENING ANDV 
STRIP ROLUNGLJNEUT Vr roUs x 75 bp 
per roll stand. Complete wirii edglag rplb. .. . 
turfes had flaking and fixed recoiler. air 
guagiog etc. Variable line speed 0/750 ft/vniri. 
and.0/1500 ft/nriri- • . . : . ‘ ' . . -ti.- 

NARROW STRIP FIRAIGKTENING AND • 
CUT-TO-L»4GTH MACHINE (1973) by - 
Thompson and Munroe. ... 


SCHULER 200: TON HlGH SPED BLANKING r 
PRESS. Bed 48" x 40" 200 spn. Ooubte .roll 
feed stroke 35 min.' exceJF«it condrtte'rt-“ . 
TAYLOR A CHALLEN No .-6 DOUBLE ACTION 
DEP DRAWNG PRESS^Ccmdltfen as new. 
VICKEIE5 2WT TON POWlER.PRESSL Bed 40" X v 
36". Stroke 8? j 'NEW COND. 

MACHINING CEHTRE. CapadtySftx.4ftx 
3ft. S Ax«L COatinooU£ path 51 auromatfc tool 
changes. 5 ton's -mam table bad. Main motor J. ' 
27 hp. Hdd teM than one.’year’s use and in; 

- alrodirt new-oMidMOn. For s^e at one Uilnf : 7. 

. ofnew -price; ' J - - . ‘ 

WlCKMAN 2 J'SJP' AUTOMATICS 1961 and 1963; 

EXCELLENT CONDITION. : . : . ’ 

4/300 TON : HYDRAULIC PRESS. Upstroke 
between cottfirmt 92” x 52” daylight 51".; - ; " 1 
Stroke MT-v-fc:-; . 

ANK6RWERK;40p TpN INJECTION MOULDER. 

Recondition^.. 

UPSET FORGING MACHINE 
4 " 750 , tons upiet yries^tfe- ; 

200 TON PRESS.- Double action bed- area-- - - 

mr-tt .84”:- ‘ : - •• ' - 

2^)00 TON PRESS. ./Double, action bed area '. 

1 32T*. x 84". - • ;:;V • -i 

WlCKMAN 1J~ Automatic 65pradle. 


: wanted : 


MODERN USED ROLLING MRfcS. wlre rod 
and tube drawing plants — rolHonnTiTg wiacMnes 
—slittipg— flattening and w-to^ength lines— 
cbJd sawv—prejsev^oillotiiies. etc/ 


Telex 336414 
0902 42541 / 2 / 3 ; . 

Telex 3364141 
09024254 1 / 2/11 
Telex 336414 
1/2 


The office hoyh 


01.928 3131- 
Telex 261771; 

01-928 313V 
Telex 261771' 
01-928 3131 
Telex 26I77J 


.. 01-928 313 §T. 
Telex 26177T 
01-928 3133 
Telex 26127JL 

01-928 3133 
Telex 261STI 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3»1 
Telex 261771 
01-928 3 13 1 
Telex 261271. 
Telex 261771 


0902 42541/2^ 
- Telex 336414 


CONSOLIDATED BALANCE SHEET • JUNE 30, 1978 

Assets P n thousands) 

Cash and due from banks $ 1,581,019 

Interest bearing deposits with banks 1,495,075 

Trading account securities 31,843 

ULS.Treasury I 879,548 

U.S. Government agencies and corporations 108,334 

State andmunicipal obligations 340,386 

Other securities : * 102,771 

• Totalinvestment securities 1,431;039 

Loans in domestic offices 4,635,020 

Loans in foreign offices 2,046,1 19 

Mortgages : 954,136 

Total loans and mortgages, 

less unearned income 7,635,275 

Less-reserve for loan losses 81,847 

- Loans and mortgages, net 7^543,428 

Federal funds sold and securities purchased 

under resale agreements 9,773 

Direct lease financing, less unearned income 

and reserve for losses 41,864 

Premises and equipment owned 121 £52 

Premises and equipment under capital leases - 75£38 

Customers’ acceptance liability 244^575 

Interest receivable 1 20,088 

Other real estate owned 27*332 

Deferred charges and other assets 100.983 

Total assets $12£24£09 

Liabilities 

Demand deposits $3,119,931 


41,864 

121,852 

75,938 

244,575 

120.088 

27^332 

100,983 




To: A.R.C. (Europa) L united, Shakespeare Industrial 
Estate, Watford. Herts -WD2 5HD. Telephone: ( U923) 44300 

Please give me fill! information about your Plantf me system. 

Name Position 

Company - ....... 

Address 

No. of employees./. Telephone No. 

Please attach letterheading with this coupon. 


Personal savings 

Other time deposits' 

Deposits in foreign offices 

Total deposits 

Federal funds purchased and securities sold 

under repurchase agreements 

Other funds borrowed 

interest, taxes and other liabilities : 

Acceptances outstanding 

Obligations under capital leases 

Notes and mortgages payable 

Debentures 

Capjtai Total liabilities 

Preferred stock 

Common shareholders* equity: 

Common stock, $5 par; 

Authorized — 20,000,000 shares 

Issued — 12512,476 shares 

Capital surplus 

Retained earnings 

Less — common stock in treasury, 

at cost, 29,710 shares 

Total common shareholders' equity 

Total capital 

Total liabilities and capital 


2.335,909 
1,652,2 88 
3,287,482 
10,395,610 

1,001,713 
115,659 
215,220 
247.305 
90,116 
123,487 
_ 197,621 
12,386,731 
2£84 


-62,562 

110,759 

263,320 

<947) 
435.694 
■ 438.078 

$12^24,809 


■ •' FLEXIBLE: HOURS the key ton more agreeahle life. 


On June 30, 1978 securities and other assets carried at $1,146,769000 
fire pledged. to secure public deposits and for other purposes, including 
securities sold under agreements to repurchase. 


International 
Branch Offices 
London 
34 Moorgate 
Panama City 
Avenida Balboa and 
Calle 43 
Paris 

8 Place Vendome 
Singapore 
4 Shenton Way 
Tokyo 

Kokusai Bldg., 
Marunouchi 
Nassau 

Subsidiary 

Marine Midland, Ltd. 
London 

Other 

International Offices 

Beirut 

Bogota 

Buenos Aires 

Caracas 

Frankfurt 

Hong Kong 

Jakarta 

Madrid 

Manila 

Mexico City 

Panamfi City 

Rio de Janeiro 

Rome 

Sao Paulo 

Seoul 

Sydney 

Tehran 

Toronto 

Associated Financial 
Institutions In 

Australia 

Cayman Islands 

Colombia 

France 

Japan 

Philippines 

and Venezuela 


MARINE 
MIDLAND 
BANKS, INC. 

140 Broadway, New York, N,Y. 
10015 and One Marins Midland 
Center, Buffalo. N.Y. 14240. 

300 Offices in 203 New York State 
Communities. 


•r . 











? 


IB 


iiriding and Civil Enpng 


Tinancial 'Times Ifonaay AnguSt 7 '1978 


£16m Saudi Arabian Radiation 
bank contract kept inside 


Sugar plant Flats to be Protecting 
and silos 

a contract pipeline 


... „„„ improved a drainage 

SS 3ES"a SSrs » , . - - 

operating mechanism. worth £2m for the erection of 76 ■SSSS 


A CONTRACT worth £16.3m for and a prayer room entrance, tJlfi Willis 
the construction of a bank in exhibition area and lounge at 

Riyadh. Saudi Arabia, has been ground level. The mezzanine of GAMMA radiation is 


World leaders 
in steel framed 
industrial 
buildings 

Con'der .International Ltd 

Winchester, Tei: (C362! 882222 


. C—'rifonirs e'iL' a; Lontter. 
3u"tor' onTrer.L 
0..« VCu.T.Ur:;,- J id, 
-Ab»rh»r, *>vS Sr^JjijccI 



This building, only 11 metres processing buildings and two w™ri*™mrth Plain estate in 420m long drainage pipeline 
luare, nevertheless weighs silos to hold refined white sugar MUtfKSt Loidon. Worth toe site o£ the old 7 

as™* s rksp «T pro »' 

but a very large amount of rein- . ta ^ e 4-weeks. . • . company. concrete inside the joint left a 

forcemeat and some 270 cubic i he Peterborough conversion According to Corral!, an un- Tho brief— desoife severe rough surface, even after the 



structure will 
tected by an 
Aluminium sunscreen and 
be on reinforced 


b( ; P r °T pyramidal skylights in" the aod the outside world must be 17S cubic metres' of concrete. ** 80841 meas ’ such as rewiring, .have S jSST * OrT-site tests" confirmed smooth" surfactTso that toejoints 

-“Jil1” of and totereonnected by correspondingly dense through- Consistency andrate ofjmar ^™?***^ been fulfilled. - ’ — - *. -w amunu- 


. ground contamination with could be made without difficulty, 

h . , stairs and two free-moving °ut, with no paths a poorly were very closely monitored Mitchell's contract, due to be The total wotfc, involved in reactive compounds, including A coat -of CXL 4000 poly- 

fmindaPinne wifh * hacama r elevators. Sophisticated security attenuated beam might follow to under constant supervision from completed by September of next each flat could be a full rewire, sulphuric and nitric acids, urethane resin was applied to 

Tuunaauons. wnn a oasemenc 3nd fire protection systems, will cause external damage. Tarmac’s Grangemouth labors- year, involves the placing of over central heating, modernisation of sulphates, phenols and ammonia the second coat of primer to 

SishwoH 300 Iour he provided. The contract also 0n toe other band, gamma torles and to basic concepts 7,000 metres of concrete, over a the kitchen, bathroom and re- compounds, all of which axe a previously unattainable thick-, 

remioreea concrete towers, j nc ) u d es sat ne landscaping. radiation is very useful as a evolved by the Canadian Atomic quarter of which must be decoration. It is expected that aggressive to any type of ness of 2 mm. This thickness 
cian in pousnea granite. Architects for the project are mean s of killing bacteria which Energy Commission whose rad- accurately placed in the bases most of toe flats will receive the .Portland cement concrete. was reduced to 1 ram inside the 

The 95,500 sq ft building’s Brown Daltas and Associates are otherwise very difficult to iation sterilisation experts will f or the silos which are over 42 full treatment. The consulting engineers, joints. ‘ A rigorous spark test 

four floors above ground level (USA), consulting engineers are eliminate, either because of soon come to Livingston for the metres in diameter. As the con- Corrall Consruction is a mem- Mason Pittendrigfa and Partners, was then carried out prior to 

will be suspended from struc- Frank Newby, and Partners toeir innate hardiness or because fitting out or toe plant. Crete in each ring beam must b« her of the Powell Duffryn Group investigated a number of the application of the final coat 

tural steel frames supported on (structural) 'and Orsi and of resistance they have built up. Though there are other cobait poured in one operation to within possible solutions. Finally, they of polyester resin. The con- 

the four towers. Koemer oF Italy (mechanical . Johnson and Johnson is build- sterlisation plants in Britain, a specified tolerance of ±3mm. 


Fully air-conditioned the and electrical! Ouantitv sur- ing a £2m facility at Livingston this is the first built to this a rotating laser beam will be 

2 New Town in w** Lothian. Scot- Canadian design, which is par- used togfve an accurate leveL 


building will have vaults and veyors for the project are Hardy 
security courts below ground Hobbs and Associates. aDQ 


£4m award in Abu Dhabi 


to radiation 
surgical gloves for 


sterilise ticularly massive in its struc- 
the UK ture. 


Guides to cement quality 


£3m road 
works for 


A PREPARATORY works con- The contract forms part of the 
tract, worth £4m, for a new preparatory work and includes 
petrochemical and industrial building^roads. drain^e. sea 

complex at Ruwas in Abu o.nnlv TWO NEW British Standards for fineness of rapid-hardening 

Dhabi. United Arab Emirates, Portland cements and their Portland cement tallows a distinc- T*yr 

has been awarded by ADNOC, Engineers are Bechtel Inter- methods of test, published by oSniued c^ments*^? ? total -lVIGATS 

the national nil company, to Al national, of Holland. Work has BSI. cross-reference each other ? M i nhlir in the two tvnes of , 3± . 

Quebeisi Mowtem. a John started and completion Is due to form a comprehensive 1^71.“ EARTHWORKS 

Mowleni and Company associate, next spring. 

At the western end of the Al Quebeisi Mowiem has 


£1.7m jobs 
for Wimpey 


selected Rocla p re-stressed sultonts also appointed testing 
concrete non-pressure pipes with engineer to carry out additional 

an external protection system spark tests to those carrieff out 

evolved with Golebrand. by Colebrand as part of their 

In the procedure adopted for standard quality control proce- 

coating the 2.4m diameter pipes dure. 

the whole of the outside of the Finally, in order to ensure that 
pipe and the contact surfaces the protective coating was hot 
inside the joints were lightly damaged during transport or 
FOUR contracts valued in total sand-blasted. A first coat of poly- laying, a coat of polyester resin 
at over £L7m have been awarded urethane primer was applied by incorporating chopped glass fibre 
to George Wimpey. The largest airless spray on to the prepared was applied to a thickness of 
is for the erection of 26 houses concrete surface. When this was 3 mm. . w _ .. 

and 74 flats for the North British dry a second coat of primer was- The project, described by Cole- 
Housing Association atRuntSng, applied, this being a pigmented brand as possibly the largest and 
Osspit Yorkshire Work is just polyurethane resin Incorporating most complex of its kind ever 
the starKne on this £980000 contract aluminium leaf. carried . out in this country, was 

£ a »««« cemem, umereni maximum Gloucesler northeni by-pass, are whS ^ due foTSmolSon to The latter was included to completed on time and without 

for the construction industry. levels are now specified for each. tQ be undertaken b m&tb Co™ mSS Sao P enable a spark test to be carried damage to the pipes during 

state, Ruwa is is being developed already been awarded initial con- They are BS 12 Portland _ n ^ aj °[ h f:_^§ e ^ n u ^7® r ®!L in ’ struction under a £L3m contract At Oseodbv near Selby Yorks out, and it is probably tfce i first transport or laying. ... 

from a crude oil exporting tracts at Ruwais totalling £16ra. cement (ordinary and rapid ninr - n r awarded by the Gloucestershire the company has been contracted 11101 0 test has contract was undertaken 

facility into a major industrial including a wharf for offloading hardening) and BS 4550 Methods nt Count y CounciL to bui“ f?m--to rtS?ey primary been used on a concrete coating, on behalf of the London Borough 

and petrochemical I complex from all equipment for the projects" of Sng* clmeDL rSffflWS for^to Sags The work which win take 12 “SSfiTiff to^a^es^WaVr 5 SSlto 

jSSSped frorn the crude'oif and JSS??? for° ’ ^eTerah^nT BS 12 covers various aspects wiffc? bufk montos tovolve importotion Yoikstoe El^tric^ B M -The g-f ^SSS *5 to? ££$ Sato^tractoVf were .t 

a7^i it r ro M n „? t P,anl - of cement, inc.udin, cempest- con^menm. Demrmjn^n^ S Eg? ^ °' 

tion and manufacture, sampling t * for Oneness for which elated drainage and ancillary steel frame with aluminium clad j 0 u,t 
and tests and test limits. It a i tern ative permeability cells are w °i*s together with the con- roofs and walis. The structure is In SOQJe 
benefits the user in two main specified. struction of two culverts and the to be bounded by a compound ^ at 

Finally, a start bas been made ways, since it provides, for the The test using the diversion of a side road. with brick screen walls on con- 


ON 


Kyle Stewart kept busy 


LATEST awards to Kyle Stewart 


Colebrand House, 20 Warwick 
cases it was found Street, London WIR ABE. 
sand-blasting of the 01-439 9191. 


include a £2m contract for the on tbe refurbishment of a first time, minimum compressive apparatus for standard con- Mears has also been awarded ^orr^oietirui 

Wiggins Teape Organisation at Georgian terraced- house in John strengths at ”3 davs and elves sistency, and setting time, where a £l.lm contract by the Secre- r“ L5r ' v 

r - 1 mill tip i f. . TJl s u - ^ io . Tir_l in ULdTCO. 


IN BRIEF 


Glory Mill, Woobum Green, Street. Bloomsbury, for Black- hiwher m i nimum va i ues for water content is critical, requires tary of State for Wales for Mnt ^ is for a rtee! (Njorth WdllGS 

Bucks. After the diversion of well Scientific Publications at a compressive strengths at three a standard environment in terms improving the A40 between Pont I a SnS for° r Crasbv ^ 

a stream, work will go ahead on cost of £120.000. Completion is g 1 of relative humidity in addition Loerig and Black bridge near s h ^ld^ TTmvilS 

*' — ~ r — * — — '' J "* “" J " r ■**•“ " , to temperature. Whltland, Dyfed. _ F 

aTTBSaJS pSaTis -Marjs'ais O 

S5U"uPt-. fcc Bta wi 2 BTffafsSwMS wSb WLJTSnSTEB vaarsi- VESSSJgm 

before a oreat deal of His- ^ £or ^ concrete is brought eventually form part of the clad walls and asbestos, sheet j£ariJ° ^V lId a factory forTetra 

to provide offices, sales area. cession conreming toe lime '“it is anticipated that toe W “ U “^ by1 **^ fS^cSpletoTTn Aprtl^lSpe! SSeat’the^SSS 1 Vdu^ Hartsoi' a^d _ cb:' (I^daT, in- 

kitchen and dining facilities WORK IS just getting under saturation factor has led to the mortar cube test will be deleted ^ third contract valued at ild reinforced V concrete trial Estate, Wrexham, North elude a health centre at Silsden 
for Thames Television at Inter- way on new civic offices in toat many users would feel 0n th e Brst revision of this part “ to be carried out for . dSSSSSff Wales. * - ‘ - 

national House, Tottenham Canterbury. Kent. The contract . ess s ? cure *f d wer ® deleted. a f the standard. Its replace- toe City of Southampton and m- exist in p showroom and all The 

Court Road, London. Valued worth just over £2m has been ^ primary safeguard against mont. the ISO mortar prism test 7 0lves toe construction Of a aSSQC :_* ed services storev 

at £500,000 the contract com- won by.WiJtshiers. . ^soundness is provided by the h8S not included since this The fourth contract is - for housing ' areas with adjoining Centre" Sheffield (£103JW0) and 

plction IS expected in Decern- Designed by Canterbury City m ^ c „ r f n hatelie ' a d I method is at an advanced stage Metaltreat of Bradford for fhe two-storey office and utilities installation of an external slair- 

ber of this year. architects department the build- “easuriog expansion,^ as of rev i S ion. Station and Millbrook Station. . . . . . - - 


the construction of a new coatcr expected at the end of the year, 
building and a quality control /Sfff • 

laboratory. Completion is I #11 1 (* P\ 1|1 
planned for November 1979. vxxaivvu 
W ork is also proceeding on 
the fitting-out of three floors 


Canterbury 


... — - A £143,000 contract to refurbish 

Kitchens of Sheffield. The vatae ■••fi London Transport offices in 

of this is about £260.000. Work XuLlUi y Southampton Street London 

is due to start shortly on toe rawmmw WC2, has ben awarded to Walter 

square metre warehouse J 0H *f LAING CONSTRUCTION La Wrenee a^d Son. Completion 

" * * a due in March 1979. 

Latest contracts won by M. 
.. (Li 
atre : 

for Bradford Area Health 
factory will include single- Authority (£171.000*. fitting out 
storey production and ware- 0 f an office block in toe Pennine 


u year ’ architects department, the build- expansion, as of revision. iT,' construction of a three storey blocks. A material stores, roads, case an d lift shaft at the same 

A further contract for Biro mg will be of two storeys in p^ -, b d 10 ^ new BS 4a5 ° To facilitate the reproducibility t 1 *. office block at a cost of £166,000. car and lorry parks are included complex ( £140.000). The company 

Bic. at Whitby Avenue, Park traditional brick construction. It ^ art 3 - of results between laboratories, stretch of two lane dual carnage- Tfae steel frame d structure to toe contract. Architects are j s a] S0 undertaking refurbishing 

Royal. London, involves altera- will occupy an area of about 70 Stability of cement is also conditions are to be more rigidly way - with precast concrete inner 'wall B. S. Konsult of Stockholm. 0 f several pubs for Joshua 

tions to a canteen, dining rooms by 90 metres on the site of the covered by the maximum limits controlled, with minimum rela- Another job for Mears is for win have a facing brick exterior The 109-acre Maelor Industrial Tetley, 

and maintenance area. The one-time Chaucer Barracks in for total sulphur content, tive humidity of 65 per cent in English Industrial Estates at St. and sheet steel roof with bitu- Estate is owned by Laing 

value is £220.000 and work is Military Road. related to the revised levels of the mixing room and 50 per cent Helier in Lancashire. Valued at minous felt covering. Work, Development Company and will • Hayward and Wooster of Bath, 

scheduled for completion in Completion is due in July calculated tricalciuin aluminate in the testing laboratory. £100,000. this Is for a roadway which has now started, is due for comprise units built to the is now a member of the Joseph 

30 weeks. 1980. content. Since the greater BSI is on 01-629 9000. to a factory estate in the town, completion by April next year, specification of tenants. Cartwright group. 


Fy^ 

E ;-vr 


>>. 
.» +■, 

H 

: 


1-55$ 

1 

1 3® 


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I’M 

: 

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■Ird 


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If 


AFINANOALIIMES SURVEY 


STANDBY POWER 

OCTOBER 9 1978 


The Financial Times proposes to publish a 
Survey on Standby Power. The provisional 
editorial synopsis is set out below. 

INTRODUCTION The demand for standby 
power units has shown a steady growth over 
the years. UK manufacturers as the dominant 
European suppliers of generators have benefited 
■from the growth. Prospects for the next few 
years. 

THE MARKETS In Europe and elsewhere; 
patterns of demand from oil producing 
countries. 


POWER UNITS The effects of rationalisation 
among diesel engine manufacturers in the UK 
and elsewhere. Custom built motors for larger 
installations. 


PORTABLE SETS These are used in a wide 
variety of locations and range in size from small 
sets for emergency lighting upwards. Market 
prospects. 

CONTROL GEAR This is becoming increas- 
ingly sophisticated, for example in applications 
where continuity of supply is essential or for 
sets in remote locations. 

SPECIAL APPLICATIONS Power units some- 
times have to endure extremes of climate rang- 
ing from desert to the Arctic or North Sea 
environments. Other special requirements, like 
supply to computer installations. New 
developments. 


For details concerning advertising rates for this 
Survey please contact: Derek Rome, 
Financial Times, Bracken House, 

10, Gannon Street, London EC4P 4BY 
Tel: 01-248 8000 Ext. 7181 


FINANCIALTIMES 

EUROPE'S BUSINESS NEWSPAPER 


7t» content and publication dales of Surreys In rhe Financial Times 
un subject to ebanu at tbe discretion at tbe Editor. 



known for quality 


CONTRACTS AND TENDERS 


FIJI ELECTRICITY AUTHORITY * 

MONASAVU HYDRO-ELECTRIC SCHEME 
POWER TRANSMISSION PROJECT 

System Control and Communications 

Th* Fiji ElecErktqr AuthaHfy (FEA) invites tenders from cXPcriencid 
contractor* for the design, manufacture, delivery and erection on Vid Levti, 
the principal island ol Fiji, of the following-^ 

Contract 09/00— System Control and -t 
Communications 

The FEA are establishing a 132 kV interconnection between Vuda near 
Launolui and Cunningham near Suva via the Walloa Hydro Power Station to 
be constructed near the centre at Vrti Levu. The contract will cover the 
”LC equipment, communication, equipment and supervisory control eauiB- 
ment required to allow the system to be operated from a national control 
centre at Vuda and includes remote control of Wailoa Power Station. • 

Early completion Is of the utmost importance and the system Is required fir 
be operational by 30th June. 1980. w 

Tender documents will be available on or after 8th Aueust. 1978 im 
M erz » McLellan & Parmer., 122 Arthur Street, NorT Sydn” SoS 
Ausc^ ia on paymenc of a deposit of SA2.00 by cheque made payable to X 
Fiji Electricity Authority. Deposits for documents are returnable on sub- 
mission of a bona fide tender- Additional secs of the document irt available 
at a cost of SA200 per set which is not returnable. Tender documents me* 
be inspected on or after the ,l*v« d-» at th- FEA'. office,. LauTok.^ 
the offices of Mer* & McLellan, Amberly. Killingworth. Newcascle-uM*. 
Tyn,. England; Camer Home. Warwick Road. Condon, S.W,l- P «f 
Aloaander Gibb 8 Partnon Australia. Commerce House, Barton ACT 
or at the above offices. earon, 

“ ffl “ " d " F “ - ■ 

61 » *• b, 

The FEA reicnrcs the right to waive any informality in undcring and to 
reieet any or all of the tenders received. "E ano to 

Th FEA has applied to the Aaian Development Bank for a ten, toward^ ■ 
,, currency on of the project and procurement under th B &7 tr act 

wiM^thcrcforo be limited to member countries or the Asian Development ' 

Further infomtatten regarding the above Contract may be obtained fi.Ji 
Net* ft McLellan ft Partners, North Sydney, Australia. warned froas 


COMPANY NOTICES 


Willett 


Wfflett Lifrited Miteham House 681 Mifctam Root Croydon CRN 3AP 
Ifltaplwne: CW8&-2266 Wax No: 94650 



VIKING RESOURCES 
INTERNATIONAL N.V. 
Cuta$ao, Netherlands Antilles 


NOTICE OF EXTRAORDINARY 
GENERAL MEETING OF 
SHAREHOLDERS 

Notice Is hereby given that an Extra- 
ordinary General Meeting of Share 
holders of Viking Resources 
International N.V. has been called by 
die Manager, Caribbean Management 
Company. 

The Meeting will take place at John 
B. Gorsiraweg 6. Willemstad. Curacao. 
Netherlands Antilles on 29th August, 
1971 at 10.00 am. 

In rift's Meeting the proposal to 
amend the Articles of Incorporation 
will again be put on the agenda as 
in the General Meeting of Shareholders 
held on 30th June. 1978 the quorum 
required was not present. The agenda 
and the proposed amendments are 
available for Inspection at the offices 
of the Company at John B. Gorsiraweg 
t. Willemstad. Curacao or may be 
obtained from the Paying Agent men- 
tioned heraunder. 

Shareholders will be admitted to 
the Meeting on presentation of their 
cerrifkaees or of vouchers, whieh may 
be obtained From the Paying Agene 
against delivery of certificate* on or 
before 22nd August, 1978. 

Willemstad, Curacao 
7th August. f978 

CARIBBEAN MANAGEMENT 
COMPANY 

Paying Agene 

Pierson, Heldring ft Pierson N.V. 
Herengracht 214. Amsterdam 


TENDERS FOR GREATER LONDON BILLS 

1. The Greater London Council hereby 
Uhre notice that Tenders will he received 
at the Chltrt Accountant’* Office iBank 
Buildings). Bank of England. London ECZR 
SEll. on Monday. 14th Auoiot. at 12 noon 
for Greater London Blllls to be Issued In 
conformity with the Greater London Council 
(General Powers) Act, 1967, to the amount 
of £35.000.000. 

2. The Bills will be In amounts of £5.000 
£10.000. £25.000. £504)00. £100.000 or 
£250.000. They Will be dated Thu rid ay. 
17th August. 1979. and will be due 91 
days after date, without davs ol grace. 

S. Each Teodor meet be for an amount 
net levs than £29.000. and must specify 
the net amount per cmL f being » multiple 
of one new halfpeamr)- wtdcfi wtn bo given 
Die am ount applied 


4. Tenders most be made through 


5. The Bills will be Issued and paid at 
thu Bank ol England. 

6 - NorftcatJon will be sent by post, on 
the same day as Tenders are received, 
to the persons whose Tenders are accepted 
in whole or in nart and payment In full 
of the amounts due In respect of such 
accepted Tenders must bo made to the 
Bank oi EntUod. by means o I cash or by 
draft or ch aqoe drawn os tbe Bank 
England not later than 1.30 p.m. 
Thursday. 17th August- 197B. 

7. Tenders must be made on the printed 
forms which may. bo obtained either from 
the Bank of Errpiand. or from tbe Council's 
Ottces at The County Hall. 

B. The Greater London Council reserve 
the right of rejecting any Tenders. 

M. F. STONEFROST. 

Comptroller of Financial Services. 

The County Hall. 

London SCI 7PB. 

7th August. 1978. 


CLUBS 


ART GALLERIES 


FIELD BOURNE. GALLERIES, 


McQueens 


LANDSCAPE^ “by * Boy*^" AcademkmrS'. 

M A RULE Carvings- YOMA SASBURGH. 


BITION. - 


mall GALLERIES. The Man. S.W.I . 
PASTEL SOCIETY 79th ANNUAL EXHI- 
BITION. DaNv 10-5. UntM August 8th 
Adm. 2 Op. 


MALL GALLERIES. The Mall. S.W.1. 
PAINTINGS AND OBJECTS BY MIHALY 
SCHEMER. Mon.-Frt. 10-5. Sat*. 10-1. 
Until August 14th. Adm. Free. 


ANNOUNCEMENTS 


MEDICAL ASSISTANCE for compatUo 
worldwide. For parbeutar* wrfie Tram- 
care International Ltd.. . Group Home, 
.Woodlands Avenue. Lgma. WJ. TuL 
01-992 5077. TeNX 934525. . 


DIAMONDS FOR INVBTMENT 

Diamond. S e l ection Limited offer .loose- 
cut end polished diamonds for Invest- 
ment. TIM followkig U a crass section 
of prices from their imtge as at 1 st 
August 1978. 



Price JO * 

DSL Grade 

per Carat 

BO|4/1*5 

17603 

100/8 ISO 

14524 

140/101140 

13711 



300/20/120 

7025 2 

400/30)1 10 

8735 

473/50/701 

8014 

800/70/90 

-4804 

1200/1*0/80 

3590 

1700/180/70 

2790 

2200(275/50 

1975 

27001800/ SO 

1139 


Note Diamonds In th* range we 
recommend for te restmeot lute appre- 
ciated bv apprommately 300 per cent 
aloe* 1st July 1959. 

DSL grade Is made up as fellows — 

Col OjrfClarltri Carat 

e.g. 120 4 5 56 

Make is always very good. 

All stones arc graded In DSL labora. 
terms utrftg the (non modern eueip- 
menL 

Brochure Wt« procedure for buying 
and selling graded and certMed dia- 
monds Is available from 

DIAMOND SELECT! ON LIMITED 
Petersham House. 57a HatH» Candor 
London ECIN BJD. Tali 01-405 0045. 


EVE. 189. Regent Street 734 0557. A la 
Carte or All-In Menu. Three Spectacular 
Floor Shows. 10.45. 12^15 and 145 and 
music ol Johnny Hawkeswurth A Friends. 


GARGOYLE. 69. Dea n Street. London. W.l. 

N ^tW^.T»r 

Show at Midnight and 1 ajn. 
Mon-Vrl. Cknod Saturday*. 01-457 6455 


PERSONAL 


VIVTAR LENSES. Cameras, Flash Guns. 
Eolarpers and Photo Accessories. Un- 
rivalled stocks, the bast prices at the 
world’s lamest UoecLrlLsL EURO POTO 
CENTRE. High Road. Cowley. Uxbridge 
Middx. West Drayton 4822A. 

DEER STALKING. Limited Vacancies. 
27 Aug.-and Sent. Weekly or longer 
Central High land. Hotel Accommoda- 
tion or West Coast Lodge with cook 
end help provided. Apply Mater Nell 
R ams ey. 4 Co.. Farley er. Aberfelav. 
Perthshire. T^L AberieMy 5231540. 


EXHIBITIONS 


EXHIBITION H 
M FURNITURE. 


OF ANTIQUE CASTILIAN 
. ... _ ..j, _ Collection Ot 1 3th and 

14 th. Century Ccramtea. Wood Carvings. 
Wright Iron and marry more at the 
Soanlsh Market. Hotel Motropolc. 
Brighton. Sth-13th Aug n-9 pm every 
day) and meat Mermen do Ssntiago- 
Gotroa. royal craftsman to the King of 
Spain. 


CLASSIFIED 
ADVERTISEMENT 
RATES 

Einple 
Per column 
ttw cm. 

Commercial & Industrial ^ 

Property 

ResWenUal Property 
Appointments 
Bualtieoa ft Investmeot 
Opportunities. Corpora dun 
coans. Production 
Capacity. Businesses 
For Sate/Wanied 
Education. Motors 
Contracts ft Tend ere. 

Personal. Gardening 
Bolds and Travel 
Book PutrtUti era 

Premfem posit! one available 
(MHilmam sUe 40 cotuma cans) 

£1.50 per staglo cobina cai am) 

For further dentils trrite to: 

Classified Advertisement 
Manager. * 

Financial Times, 

10. Cannon Street ECU* 4BY. 


450 14.00 
S.00 9. DO 
4.31 14.00 


5^5 ie.ee 


125 13 00 

175 30.09 

7.00 


VOTING NOTICE 

To the holders of 
European Depositary Receipts for 
Common Stock of 

Trio Keswood CNperaHM 

Formerly Trio Electronics 

DESIGNATED COUPON No. 33 

(Action Required on or prior to I4th August, 1978) 

Chemical Bank, as Depositary (the '* Deposits 17 " ) under the Deposit 
Agreement dated as of May 1st I97D. among Trio Kenwood Corporation, 
(she “ Company ”). che Depository and the holders of European Depositary 
Receipts (che “ Receipts*') issued thereunder in respect of share* of Common 
Stock, par value 50- Ten per share, of die Company (the •** Common Stock 
HEREBY GIVES NOTICE that tbe Custodian under such Deposit Agreement has 
rccohrod notice of a general meeting of stockholders of che Company to be 
held In Tokyo, Japan an 18th August 1978. . 

The following, taken from the notice of che general meeting to be given 
by . the Company, are che raaturt to be voted on at such meeting: 

I) Approval of the Balance Sheet as of May 20ch 1978 and che Profit 
and Loss satem»nt. Business Report and Disposal Profit for che 47d) 
Tana (Nov. 21st 1977-May 20 th 1978). 

Such notice and the report or reports to be delivered in connection there- 
with, 'together with English translations of both, will when received be available 
for inspection at die office of the Depositary in London' and the office of any 
of fallowing Slib-Deposi taries: 

SUB-DEPOSITARIES 
Chemical Bank, 

‘ Frankfurt/ Main. Germany. 

Banque Jrftematiouale a Luxembourg. S.A., 

Luxembourg- 8, Luxembourg. 

Piersorr, -Heldring &. Pierson, 

' Amsterdam, Tho Netherlands. 

Voting rights under such Deposit Agreement- may .be. exorcised through 
die Depositary, by hotdoa of Coupon No. 33 by completion of the form ot 
the proxy instruction* far the macron to. be voted on. Such fora of proxy 
instruction is available' at the office of the Depositary in London of any Sub- 
Depotiory Hsted above and provides oho for instruction to tho Depositary to 
give a discretionary proxy to a person designated by the Company. 

Th* .Depositary will endeavour to vote the Common Stock represented by 
a Receipt as instructed ff tuefa form pf proxy instruction, properly completed 
and. accompanied by Coupon No. 33 detached from such Receipt, is received 
by the Depositary or any such Sub-Depositary on or prior to 14th August 1978. 

In the absence «f Instructions by holders of Coupon No. 33 tha Depositary 
may, in its discretion, give a discretionary proxy to a person designated by 
the Company, but no representation -it unde. that It will -do to. The Depositary 
is not. permitted by such Deposit Agreement to give a discretionary proxy In 
the absence of Instructions from coupon -holders .with respect to any proposition, 

(1) as to. which the Depositary har knowledge of any substantial contest as to 
Che action* to. be taken at the meeting, or (2) for the purpose of authorising 
a merger, consolidation or any other matter- which may affect substantially the. 
rights' or privileges of Common . Stock or other securities on deposit with the 
Custodian under such Deposit Agreement. 

Daiisd:-7ch August 1978 

CHEMICAL BANK, as Depositary 
1- 180, Strind, 

London WC2R 1ET 
England. ‘ 

May 20d« 1978,- has baen established as -the record date for tho determination l 
ot the Stockholders of the Company untitled to notice of and to vou > 
at'such meeting. All Receipts issued In respect of Common Stock not . 
entitled to be voted at such meeting will be without Coupon No. 33 f 
attached. ( 


».;L. 


BEARER^ DEPOSITARY RECEIPTS 
ISSUED BY 

MORGAN GUARANTY TRUST 
COMPANY OF NEW YORK 
REPRESENTING SHARES: 
MITSUBISHI ELECTRIC 
CORPORATION 


! 


ram dBlrtbatlofl of SI -21 per 
"DEPOSITARY SHARE" Is payable on 
July -17. 1978 Upon presentation ol 
coupon no. 15 at: 

MORGAN GUARANTY TRUST 
COMPANY OF NEW YORK. 

— Ntiw York. T5. Broad Street iADR 
Section); 

— London. S3, Lombard Street 
— Brwetsi. 35, avenue dee Arts. 

‘ — Paris. 14, Place VendBnw, 

— -Frankfurt.' _ BocJcenhrimer Land- 
itiase. 8-" 

BANCA - VONWILLER S4J.A. Via 
Anoorari, 1* — MILAN. 
bank MEa * HOPE, Herengracn 

548. AMSTERDAM. 

credit indusidiel d'alsace et 

DE LORRAINE. Grand 'Rue 103—. 
LUXEMBOURG. 

at designated rate, less apallcable 
J annas o withMlding lav. determined 
by the country Ol rosldence of the 
presenter .and any olhee aeplicaMe 
tax. 

Net amount payable alter deduction 
Of 15% Japanese Withholding tax: 
*1.03. 


BEARER DEPOSITARY RECEIPTS 
REPRESENTING COMMON STOCK 
ASAHI CHEMICAL COMPANY LT 


A distribution ol 40.493 per depoaltarti 
anv otikabk taxes wnteb? 
oeyablc on and after Jalv S IgySl 

Jtoon presentation or coupon ffa. S 7 ? 

SDV . M «» Wtowll 

MORGAN GUARANTY TRUST J 
COMPANY OF NEW YORK: J 
—NEW rORK: is. Broad Street / 
— BRUSSELS: 35. avenue des Arts; 
—ANTWERPEN: B2. Pranfaliklel { 
—LONDON 33 , Lombard Stmt ■ 
—PARIS: Id. Place Vendbme 
t^^HC« 1 RT: Socketi hetmer 

BANCA VONWILLER 1 
Armoran. ic — MILAN 
“N* * HOPE. H« 

— AMSTERDAM 
BA NOUE GENERALE 
BOURG— 14. rue 
LUXEMBOURG. 

-Net payable rate: 
deduction at is«i i a . 
bolding tax. ° Jai 

As ns interim dividend 
S2fartS!f n,b<lr ^5l 1977 TcouiS. 

2r n "* r 27 - ^ 



(> 








nessmen are failing the screen test 


European . Xafciwrfs' In the 
1980s^Frohlems; and Possibili- 
ties, Excelsior Pajape Hotel, 
Venice, Italy. October ’9-lL Fee: ; 
L130,000. Detaiis'Trom Rankin 
Kuhn Travel,. IS-,' Queen Street, 

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Course for Word Froeesing 
Supervisors Thff -iJtoekport 
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ber 12-14.' FeeVfiiQ plus VAT. 

Details . from Management 
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Finance end Accounting for the 
Non-Fiiuuacial Executive, Royal 
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Details from AMR' International, 
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The Skills *' of' : Ptncbssiiig, 
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The Export' ' Sales "Executives’ 
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China Today, Management 
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August 23-31. Fee: BFr 29^000. 
Details from Management 
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from Brunei' University,. Ux- 
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BY NICHOLAS FAITH 


A GHOST has finally been laid. 
Independent television, can no 
longer be accused-'-of being 
afraid of the. wodd .oi business. 
But as one spectre fades, so 
another appears: businessmen in 
the news can now fee accused of 
being scared cameras, to 
the extent that 5 their" own case, 

against govenmeht, unions, or 

.the consuming public,; is bound 

. to go by '.default 

: The.. progisunme. ' Time^ for 
Business .* was-^ ;a ; '.long time 
gestatiifc It' was not- until last 
October, 22 years after commer- 
cial television started In Britain, 
that- an-.rry station got round 
to rroonin-g a . regular ; weekly 
news magadne- devoted- exclu- 
sively to the worl&jof business, 
finance and ecohomics. : From 
Tham es ’TV, -Tinm' for 'Business 
ran for' an initial 20-weeks and 
Was Efficiently ; eoc^essful to 
come .back. for a sh^: summer 
season, and then, , bin: a more 
[regular basis, in tlm anfiimn. 

I Out success was .highlighted 
by, the audienberfighres ‘rr~ far 
higher than for-.-ihe only direct 
competitor, - The' -JKoiwy Pro- 
gramme, and high^tbotjiih for - 
similarly serious -offerings pre- 
sented at the. same time qf night 
The only major problem we had 
~ and it was serious' enough to 
dictate a change '.in -the' format 
when we .re turn -to the screen — 
was with the/'siihjects;. of our 
series, the peopled: virtually all 
male; who run British business. 
The more newsjSrarthy /their 
activities,' the lesff knxious th ey 
were to appear- before the 
camera. And, because their 
reluctance, appeai^hp; general, 
so ingrained, ihfr new series 


cannot concentrate on the week’s 
news to nearly the same extent 
as the first one. - 

On the face of it, this is extra- 
ordinary. For many years the 
business world has been .com- 
plaining that its activities -have 
not been allotted sufficient air- 
time. Indeed, early last year a 
conference was devoted to the 
subject of television and busi- 
ness. 

One might have expected that 
faced with a team able to handle 
the world of industry and fin- 
ance, then businessmen would 
unbend, would make themselves 
available, would admit the 
cameras to their debates and 
the factories and offices they 
controlled. 

This assumption turned out to 
be almost completely ? unjusti- 
fied so far as businessmen' in 
tbe news were concerned. The 
list of top businessmen, from 
Sir Arnold Weinstock to Sir 
Charles Villi ers, who were con- 
spicuous by their absence from 
the programme was' legion, and 
the roll-call of those who re- 
fused to allow the cameras into 
their factories, and- offices .is 
scarcely less distinguished. 

There were exceptions — 

especially in the City of London 
which, in general, proved mar- 
kedly more co-operative than 
industry, or than its historic 
image would suggest Tbe ex- , 
pertise of the City Communica- 
tions Centre, a small group set 
up to encourage City people 
to communicate more freely, 
followed this co-operative atti- 
tude. 

(Indeed it was tbe City, jn the 





dm 


* I told you I wanted to maintain a low profile* 


person of Robin Leigh-Pember- 
ton, chairman of NatWest, who 
provided the team's only hero: 
on the series’ opening night he 
sprinted half the way from the 
Guildhall to Thames’ studios in 
tbe Euston Road in 'pouring 
rain — and white tie and tails — 
to comment on the Chancellor’s 
speech at that night's Lord 
Mayor’s banquet only to arrive 
just as the programme was go- 
ing off tbe air. and yet still 
found time to be nice about his 
miserable extended jogging ses- 
sion. 

But Leigh-Pemberton was a 
glaring exception.. It was not 
that the great and good in gen- 
era] spurned our advances — just 
that the refusal rate was infi- 


nitely higher among business- 
men -than in the political or 
trades union world. Three 
cabinet ministers, a number 
of their junior breth- 
ren, as well as trades union 
leaders found time to appear, 
even though we deliberately 
called on them only when there 
was -a particularly controversal 
news/ peg to support their ap- 
pearance. 

The contrast with top busi- 
nessmen was painful. They are, 
of course, only too happy to 
appear in general discussions of 
the '" What's wrong with . . .” 
type: but they funk — there is 
really no other word for it — 
appearing when their own in- 
terests are directly at stake, the 


very time when they have a 
chance to interest the public in 
their views. 

As any experienced business 
journalist will confirm, the 
general views of the upper crust 
of British business tend to be 
stereotyped and repetitive — 
which is saying that they are 
only human, like the rest of us. 
Business leaders, like other ex- 
perts, are exceptional and in- 
teresting only On their own sub- 
ject but when their subject 
is in the news they will not come 
and talk about it. Then they 
complain -they are misunder- 
stood. 

Hie reasons for businessmen's 
absences were many and 
various, open and undeclared 
although the major excuse for 
not appearing in the past — the 
ignorance of industry on the 
part of those involved in pro- 
ducing problems had been 
removed by the recruitment of 
a team of highly qualified busi- 
ness journalists. The usual 
reason was that businessmen 
work in the evenings; they 
have to attend a great many 
dinners and other formal 
occasions — though surely not 
more than politicians or union 
leaders (though, admittedly, 
they do travel further and more 
frequently than either of the 
other caetgories). They are not 
chosen for their ability to com- 
municate, and are often very 
bad at projecting themselves in 
public — a deficiency of which, 
if anything, they are overaware. 

Many businessmen compound 
their difficulties by relying on 
public relations staffs to 


prepare their scripts for them. 

The combined effect of these 
shortcomings was seen at its 
direst at the CBTs first conven- 
tion at Brighton last November. 
Speaker after speaker ascended 
the podium to utter a series of 
platitudinous and repetitive 
half-truths, mostly harping on 
the twin themes of over- 
taxation and inability to invest 
abroad. Indeed if Time for 
Business or any other current 
affairs programme had wanted 
to put the boot into the 
business world, really and truly, 
then it had only to run long 
extracts from these so-called 
“debates.” The few exceptions 
— notably Terry Beckett of 
Ford— demonstrated with pain- 
ful clarity what the vast 
majority of speakers lacked in 
content and delivery. 

The tragedy of so many of 
these same business leaders — 
as of the absentees from our 
programme — is that in face-to- 
face conversations on their own 
subjects (and in their own 
words, not those put into their 
mouths for the occasion) they 
are the most convincing and 
cogent of disputants — their 
style exactly suited to the con- 
versational note so essentia] in 
television. 

But this general lack of 
confidence vis-a-vis television is 
as nothing compared with the 
general terror inspired by the 
idea of industrial unrest which 
could be caused by any appear- 
ance or any tele-intrusion into 
factories or offices. The most 
dramatic instance -was when the 
Post Office, at 24 hours’ notice, 
backed out of a commitment to 


face a group of telephone 
users drawn from every corner 
of the business firmament 
because of fear of upsetting 
some delicate negotiations with 
the telephone engineers. 

These, it was alleged, were 
coming to a head even as our 
programme was to be broadcast. 
As far as we can see. the crunch 
is still coming and a major 
chance was missed to defend 
the Post Office's by no means 
despicable record in front of an 
audience which by that stage in 
the programme’s development, 
had reached the one and a half 
million mark in the London 
area. 

There were numerous other 
cases where management, by 
refusing to appear, banded over 
the initiative to the unions. Or. 
in many instances, simply 
funked the row that could pos- 
sibly, conceivably, bo caused by 
allowing cameras into a factory. 

By behaving in this way, pri- 
vate industry is simply giving 
up one of its best weapons — in- 
fluencing public opinion. The 
opportunity is unique— the only 
programme devoted to business 
on a majority channel (the 
BBC's admirable Money Pro- 
gramme is, of course, confined 
to BBC-2). And it is all \\’ry 
well for businessmen to retain 
a residual feeling that they are 
not responsible to the public, 
but only to their shareholders. 

All right, but the corollary is 
that if they feel they can 
ignnre the public, then the pub- 
lic will ignore them. 

Nicholas Faith is financial 
.coHSMlfant io Thames Tt"s pro- 
gramme, Time for Business. 


READERS will be happy to 
know that this is the last of the 
tetralogy devoted to foreign 
travel. ' 

It should be remembered that 
if a traveller falls in, within -a 
few days, weeks or mpntiiS, of 
returning home, it is 'essential 
that he tells his doctor /which, 
countries be has yirited and 
even the places where; he .may 
have had to spehd : a few 
tedious hours in some; 1 dreadful 
transit airport. , ~ , \ 

The reasom is amplK- certain 
tropical disease^ urfnxfee .^ian- 
tracted in a - particul^ area and 

they may take a' kmg^ time to 3 
incubate. Tropical dysentery- o£ 
to cions types and causes may' 


greatly puzzle the doctor who 
is not given a complete history 
by the patient J WHhout such 
knowledge, his diagnosis may 
be wrong and toe career treat- 
ment dangerously delayed; 

Rarities such -as /the • deadly 
Lassa fever can easUy fee missed 
because, to begin-.^rith, the 
signs a^ syWitensV^e^s&mllar 
•to those of infiuenza- &)on, how- 
ever, it wiH be evident ; that a 
dreadful malady -.'ik/ present 
which could kiIL~the''3afferer 
and those around ddm.' Any 
delay id diagnosis' -and : ^treat- 
ment reduces the possibility of 
'recovery very markedly v. 

- Other less • rare di^oisw. jqat 
uncommon in certain /parte/ of 


Sickening reminders of tropical travel 


the world may prove yet more 
difficult to diagnose because 
they are so tardy in appearing. 
Infective hepatitis, for example, 
which produces jaundice and 
considerable illness, may take 
up to eight months to appear, 
although the average incubation 
period is around three months. 
With so great a time lag, it is 
easy to forget to mention over- 
seas travel as the memory 
vanishes as quickly as the sun- 
,taik ; 

Then there Is our old friend 


EXECUTIVE HEALTH 
BY DR. DAVID CARRICK 


malaria. Theoretically, those dan.; I most admit to being 
who have taken proper pre- caught out myself quite recently, 
cautions before, during and The patient, a man of 60, 
after visiting malarial areas, complained of lassitude, ano- 
should not be affected, but rexia, drenching night sweats 
cases do turn up and may and. .other odds and ends. I 
bewilder the unbriefed physi- thought of a number of possi- 
bilities. ^particularly tubercu- 
losis, which is not so rare as 
it was a Vlecade ago. But it 
was a pathologist who solved 
the problem when he had 
examined bipod samples I had 
sent him*, yes. it was malaria. 

I feel that I did have some 



excuse for missing this because, 
although the patient bad indeed 
had malaria, it had occurred in 
Burma 33 years before! He 
was cured easily, but I found 
the case to be a valuable lesson 
in the vagaries of nature and 
the necessity for the doctor to 
consider every possibility, even 
if tbe answer is improbable. 

Lastly there is jet-lag. This can 
prove to-be very disconcerting 
at the best and. at the worst may 
lead to very dangerous decisions 
being taken. The cause is a 
pathological interference in 
one’s metabolism caused by be- 
having in a manner hardly 
envisaged by the Almighty. Fly- 
ing east-west or vice-versa, in- 
volves the crossing of time- 
barriers. Aggravating as this 
may be psychologically, the 


human body is not prepared for 
such liberties and will not fail 
to complain. Very basically, the 
day-time metabolism differs con- 
siderably from the nocturnal 
process when the body expects 
to “idle,” so to speak. Thus if 
one has altered the “body-dock” 
artifically, time is out of gear 
and the result is not dissimilar 
from trying to drive a car flat- 
out when the motor can only 
idle. 

The result— depending on dis- 
tances and speeds — may be very 
disturbing.- Mild confusion; 
marked memory lapses and even 
irrational behaviour may occur 
and last for up to seven days. 
Often the sufferer is unaware 
of his predicament until he has 
returned home and discovers his 
behaviour to be strange. When 


in a foreign country, however, 
with alien tongues and funny 
money and customs, he expects 
to be confused and attributes 
anything odd to these factors. 
The matter can be very serious, 
particularly for politicians and 
executives who may well make 
absurd or disastrous decisions. 

Many sensible companies tell 
their executives to take 48 hours 
off at each end of the journey 
or, better still, to break the 
voyage half way for a few days. 
But 48 hours is not always suf- 
ficient as some people are 
affected for longer periods. One 
day, I hope, urine tests for 
metabolites etc. should be able 
to demonstrate exactly when 
the metabolism has returned to 
normal. Until then, we must de- 
pend on trial and error. But 
any organisation so obtuse as 
to fail to allow for the condi- 
tion, deserves the results of 
chaotic decisions arising from 
the phenomenon. 


-or- 


....... 


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Financial Times Monday August 7 


LOMBARD 


[THE WEEK IN THE COURTS 


CRICKET .BY TREVOR BAILEY 


Caring about 
the dollar 


Judiciary unsympathetic 
to discrimination claims 


batsman’s disease 
1 how to cure it 


BY DAVID LASCELLES by JUSTINIAN . . " ^ 

IT WAS Inevitable sooner or rivals (two of whom were reaction for the sake of not ALTHOUGH IT could be summer, made 3.S16, i including touple 

ONE WOULD hesitate to use the of meat The only conceivable .hit the main investigative successful > being white British extending sensibly the ambit of justifiably argued that Hike is centuries, not outy unable JJ® 

word dialogue to describe what foreign trado invo]Jem«t™ U_ £ ^,-Zd b, pSuSiem Le^S" diacloid Te employ- disclosure of relc-raut docu- Brcarlcy lacks tie pedigree and to score runs, liut lootmg so 

passes to and fro across the actually works In the country’s bodies established by Parliament nt rewrdB of all four ments. After all, disclosure of technique to be outstanding, at out of touch that even the bUltT ofjv. Around j® W 

Atlantic between governments favoUT since the real price o! oil to *eee Dt ? ears tQ deal mth employees but stoutly- refused documents in court proceedings international level, he is a very Australians felt sorry for him! wm togin 

seeking a way oat of the Indus- goes down with -the value of the the citizens’ grievances against ^ reveal matters of their per- Is strictly restricted to the accomplished batsman, as .well An England captain ana oarang woum ceasen^g 

ssl rr^rr'i ssls-W « as £& z srsa^'ra-g * £*BSS 

sasMaffMM a® SaSSS® 

^sr^sSirs^ 5$ ir" 1 ' ,s as sw s% ss's 

§i§sgs sasPfff® mmm 

about could hardly bother the 3.— Energy. .Though the aim A pair of cases at the new j™?® 1 #® 1 * 7 f ?,T EOC and CRE he cannot be J* tt g” than thoL of anoSer what causes a bad patch? The likes opening and It « thehw 

Americans less. here is to reduce oij imports and end of the law year, on J* unmindful that for a long tune ^“ r/nrt captain, the elegant main rtaanfstems directly from place to bati his chances' of 5- 

Bv wav Of iiiustrarinn. i«t .“WSS® balance of appeal from the Employment Jjj Part , of his the factory inspectorate has .^DenoS. P ?SLffS5 of Sting, that one tug his lean spell are k*££ 


Appeal again upheld than the court case. Hence any of first-class cricket, in which. he marvellous form at f the height stroto-iaa^ prefers 
ert claim of confid- breach or confidentiality is has made some 20,000 runs and of his career, and at that time toe^lves *«k to .hanw 
Whatever the rival strictly confined- has an average in the - high Sis. probably the finest batsman in health, but to. most it la a mate 

wnaxever the nvai j His &g[lTes shw him to be a Se world, but he failed m the of tacreased appUcatfoa, - 


that the weak dollar they worry 
about could hardly bother the 
Americans less. 


Americans less. here is to reduce- oi imports and end of the law year, on reme^mg ^^umnanon. in mindful that for a long tune Rn , awH ^ elegant mate reason stems directly from place to bat. his chances' of 

By wav of illustration Tot m * ““P™ ¥e the balance of appeal from the Employment including part of his the factory inspectorate has Sgg iJ L 0 S ?Kf«7rSt of batting, that one mg hU lean spell are logS: 

describe ^ trade, the debate within the U.S. Appeal Tribunal involved the judgment Lord Denning said deployed immense powers with h , ( , hnr _ . _ ■ f “ct of ba s can bettcr at No< ^ ^ 

in New York at which ttTSSS! right of aggrieved persons (aided pubhc and great wisdom and ca « «>M Unlike tennis wh^ he will bat for E® 


through the soup course, through L nal -I r °°* their employers of doc 

the entree and we 13 into dessert, been, k06«>^ in order to sustain their j 


It a ftorouSh pie^ of work mg* ^npt lruply 

nnvprmn thA r.iiwt n r much concern for the fate of 


actions for approach that shows a distinct 


ed immense powers wan mnsiderable character mistake, or a bad stroke, can bettcr at Wo. X. than at TfcTi 

sn r!t aRM.r teE ^, 

to protect ^eir workmen probtiKTfo “atSf It is exactly this A contributory factor in . 10fa^ 

t the industrial hazards to «S“ Qa ® ^ ains f PaWsta^ pressure which makes hatting so case could he pressure of fcij 
and safety. whose attack was less lethal than fascinating and such a challenge. ^ 

Lord Denning’s fears and that of most counties and. The elation of two centunes and for a i ben^c 


covering the mood of business 
and the consuiuec, housing starts, 
inventories, capital spending. 


the dollar. 

4.— Economic’ 


-Growth. 


lnilaiion. interest rales and profit first half o f the yeajr was encour-lalso the right, before triaL to 


Earlier view 


outlook. aging, but the prospects are have inspection of all relevant PnrTioi* v J nnr 

To the Americans present, he cloud S- Although .the .Fed is documents' in the possession or HiaillCl VlcW 

had covered the field. To the acting cautiously by. raising under the control of their era- - 

Europeans had left out a interest rates, it is now in open ployers, even though such docu- Lord Denning however goes 

not msicnificant thing, the dollar, conflict with the -White House ments had come into existence further in revealing his 

When askt-d whether this which is more concerned with under a promise from their antipathy to the law's intrusions 


Parliamentary Commissioner for scores for England and Middlesex T ncc 0 f confidence 
Administration (the Ombnds- this summer? ^ 0SS OI CUUUU 

man) and the Commissioners for The answer ts that be is suffer- once a player experiences 


It should also be remembered, 
that only last winter Breaiw. 
was seriously injured wtofe. 


Lord Denning however goes 


was accidental or intentional, the maintainin. 


ned with under a promise from their antipathy to the law's intrusions pouian touncu io siup an unw .maue worse wauw =_»«=«> 1S w auu io u» fidence aeainst pace aftee bdi»' 

economic source that they will be treated into this area of industrial rela- gation by the local commissioner is headline news, and there are luck can so often play a vital k0 ked “ ut h _ P a bouncer Yto 
og down S coSfidentiS? y tions when he complained earlier for the north and wM area ako those who rejoire when this jpt The sSmmw Barley h«flSwS 


thmgs^to ilWv n ab r Sut7h P an la the ‘ SS« ifieeT HlKT she ev'ade «he“ law.' ^“eek^to 6 keep ^De^rTl^ th«e^s¥o instant cure for this SMS Se”unplayable ball 

doll ar> And as for the nun^n K 5 ‘T < ?. nly b ^ r ® c ? utd one list failed she complained that it back incriminating documents. If The argument by the local complaint, whjch aj! players must The way to cure a bad patch en ^Jas acccpted^^leanmS 

the atreeu the dollars decline is . the was due to discrimination on the ihe statutory Commissions seek authority was that before any /ijISh i* . a sensibly and P philosophiS 


Big 


using a crash- 
may aiibcoQ. 
ring too aiicfa 
again and abt 


something of which he 
blissfully unaware until 


s decline is . 1 “ ‘.7 ue ,V e “ oes . me was due to discrimination on the me statutory commissions sees authority was that before any “ a su«hmuu«i senstbly ^ philosophically 

he remains H’® toterest really lie? At a grounds of her trade union to pull the rope ioo tight, they investigation could be under^ career. Only the length and the insUntly restorw the confidence. - . j t W j|j g nd because* 

itil the day ? me *?-? deficits, dec I in- activities and that she was a will find that it will lash back taken, there had to he a specific seventy is different Nets can be useful to eradicate a bat5raen of ^ mBst 

in F.nrnni* m S abiiiti' to compete and marrieri woman. The Council against them. This outburst mmniiini nf maiarfminictratirjn I It is no respecter of ability fault which may have mni» «me ^ 


Europeans who spend their- conference, wnicn . took Diace disclosure oi tne reports to tne ay ais two juuiciai oremreni fh - nmhudsman in,n,oriais : ” uyt r ™ ? l,u u ‘ cu t„ nw w hen thev >n> affludwT 

days eating Kelloggs cornflakes. Just as 1 the '<Tolfer- -was hitting complainant, but the Court of seem misplaced. Under the law i nves tipatin{» P with all his statu- be I° re bat *- in one unforgettable target#— getting off the mark. y wi- 
nding in Ford cars, and drinking the Y200 mark for the first time. Appeal reversed that decision on an aggrieved party is now given : * * nri i 0Q iri ne a * all .... 

Coca-Cola to comprehend that there was not a single question the ground that the supply or a right to compensation for n r the l ncal aulhoritv 

U.S. industry rates among the about the problems besetting the the names of rival candidates, unlawful discrimination, in cases “ i l-a 

least oximrt-orierrtalod of any in national currenpy. nof about how their qualifications and other of alleged sex or racial dis- Just so. UKewiM. me person ■- #C m wmrur 

the industrial West. Whv bother the President proposed to deal details about them went quite crimination the burden of proof who only knows that nenasoeen uULr by ben wright 

. . * . _ i_ .1 i: l... T.i Hi^nminatprl anainst cannot .. __ 


market is so big and so rich? 


ft is tempting, of' course, to plai.nant. The 

r^llp that the Amprieanc haua entitled to dr: 


with exports when the home with them. - . far enough in assisting the com- is on the applicant; but when discriminated 

market is so big and so rich? ft is tempting of' course to plainant. The Council was there is a complaint based on specify now and wny tie nas 
And if the outside world is so ar-’ue that the Americans have entitled to draw the line at discrimination because of trade been discriminated against; he 

unimportant, why bother about cared not one cent about thp information about other applic- union activities it is the ca ? substantiate that fee^ ling 

dollar parity? dollar since Mr. Nixon closed anl s for promotion which had employer who has to show “the onl y b y having access to all the 

So much for fundamental the cold window.' But that is been given and received in con- purpose for which action was relevant material w men tne 

nunudes. What about Washing- not altogether true; ..There ora fidence. taken against the complainant." employer may we ind ™ 

tnn? if one were to list Presi-: people .in Wail. Street' who odirit In the second case. British If complainants cannot have ma >', include confidential intor- 


dent Carter's major pre- out the dangers, there are others Leyiand resisted disclosure of wide powers of disclosure of motion bn bis rival fora par- 
occupations on the economic who talk abour tfic tL&. ; respon- information about four their employers' documents in ttcular job or for promotion. 


from si the moment, they would s: hi litres as 
probably run as follows: major world 


UiC i-1-.v respon- 1 inrormanon aoouc lour ineir empiojuia uucuuieiits m 
joardlan of the I employees. Including an Asian, cases of sex or racial dis- 


.. currency. And I interviewed for vacancies with- crimination there will inevitably the judiciary 


Bureaucrats seem fair game to' 


business 


Drama as Watson sees 
lead whittled away 


1.— Inflation. This has nothing there are those tiazed tqurisis in the firm. The Asian, when be demands in Parliament to managements are not to be _ _ __ . _ _ tr, w->tsnn 

do with the dollar. The who come back without' a cent to unsuccessful in his application, reverse the burden of proof in treated like' miscreants but TEXAN John Mafaaff eystolea dnye, s * epp * d JSL.1® dP p nd f..i b onk fn 


to do with the dollar. The Who corny uhck WUOOUI a cent to uusucce-ssrui in ms apimcauon. reverse uie urnueu ui pruui m ireaieu urc imaticama uui - — ---• - -- - — Hponrifivl hnnlt frnm ths Itlh tM 

causes are the government their. name. ‘But their. combined complained that he had been those two cases. It is hard to trusted to carry out the spirit sensational one-shot lead over -enth tee witii a i five strokes ^a^ul hook from tteuth tee 

deficit, declining labour produc- voices get lost in the .general discriminated against on the see why Lord Denning wants to of the law against discrimina- Tom Watson and Jerry Pate on advantage over both he and remvenT’mtlv iiS 

tivity and a critical shortage hubbub. erounds of race, his three produce such Parliamentary tion. Uie Hth lwle of tbe final roimd Mahaffey. * 'SSSSdSi the toS' 

' ' - in the U.S. PGA championship And then the fun started. Wat- stay™ “ e H s ^5;^ d i® 

here at the Oakmont country Bon caught a greenside bunker JJJJ PJJjyS”,. ?*???„„ £551° 
rinh .i-.rth. a i. n th n .were all tied up at S under pat-. 


another 


I grounds 


three produce 


imentary tion. 



.at-rthe tenths played 


In a tittle over half an hour, recovery and took ' three putts mS 

Watson saw a five^troke lead for a six. .Mahaffey rolled in a ^S Srowe^ a SdSSd^ 
s- h.ji. — ** .c «„ii u faot +»». every prospect oi a suaueo-oeaui 


BBC 1 

t Indicates programmes in 
black and white 

6.40 am Open University (Ultra 
High Frequency only). 9.50 Pad- 


. '.starring.. Rogei 

Moore 

10.55 'The. Other ‘World: ‘ of 
Jacques Xlosteau - . 

1 1.55 1 Weatiier/Rdgional .News 
All .Regions as BBC-1 except-at 


vanish in massive humidity and birdie putt of futiy 50 feet to ^ sudd^dwg 

unth thnn^anf/inne IhrAattanint* msba tin thras ctrnbM nn tho> f'V ueglfiniu* at Uie ***« 


Roger ampton); Spotlight South West Purple Plain " &1S l tinlvemv Challenae. 
(Plymouth). aoo About Amlia. idjd TPe Brian CanneU 


Purple Plain.'* SJ5 tinlvwslu Challenae. MTV West— As HTV General Service . . _ _ . , u,4 pr — ■ ***» u,(u,u=u,™,u« ww 

6-00 About Amlia. ID JO The Brian Conned except: L20-U0 p» Report West head- So, With five holes tO play, 'eauer. Off. 

nuemewa. um Law Centre, law line*. 6 jz-*a 5 Report west Watson, who has lead by an ever- Then Pate, who was playing i n sp ft e 0 j a . miserable start 

eHect,on ' «mTTlSH widening margin since the first beautifully holed a ten-foot of &, 4. 4, 6, Peter Oosterbuia 

ATV IDJD am Tta BudmuSen ujo Yon ^ was on *y tied ** seco . nd P“ tt at ^ eleventh to came home in 33 shots for a 73 

r ^ ^ J Mer Can Make i" StuSea^. nj& place at eight under par with get back to seven under.. and' a total of 290 that will earn 

smtnid 5^ iws 8 sS a r y AitS^ioSS! T «S J *rry Pate, who' I a piaying in ^the Watson made no mistakes at him n sizeable cheque for a place 

uo ATV Nvwsd«*. ajo Thf Many wives ^ group immediately in front of the easy par four. 11th, but in the top 20. 

<*/«'*<*■ 5 unU ? 1 FUm M«dnw: to Be.- waning Jar* Benny. 5os him. Mahaffey incredibly repeated bis Dr. Gil Morgan had the most 


with thunderstorms threatening, make up three strokes on the.yj if the thSrstoms hold 


BBC 2 


Interviews. 

Reflection. 


ULOO Lew Centre. 12.00 lines. bJ2-bJS Report West 


dihgion. 9.55 Jackanory. 10.10 the /m 1 towing; times--- • • 

Scooby Doo. |I0J5 Belle and -...Wsate— 140 pm PUi Pala. 5.55 


Sebastian. 1.30 pm Mr. Benn. 145 Waies Today. B^Twndlfih. . 9^5, 
News. 2.00 The Commonwealth E^eMfpd. day^s report 


Games. 4.18 Regional News for CariiiflFJ.-^SSXJreat^Briteris.-- 
England (except London). A20 VLS News.-' ^ amj Weather" -fdr 


6.40 am Open University 
Iluo Playschool 
445 Open University 
. 7.00 News on 2 Headlines 
7.05 World Chess Cbampion- 


SCOTTISH 

UL2D am The BeadbconAen. U^O Von 


In spite of a. miserable start’. 


Play School (as BBC-2 11.00 am). Wales. 

4.45 Roobarb. 4.50 Help! 5.10 Scotland— 5^5 ■ pm Reportinj 

Go With Noakes. 5J5 Captain ‘Scotland. TU5 News an 
Pugn-ash. Weather for. Scotland. . . 

5.40 News Northern . Ireland— 4.18 pi 


Weather for. Scotland. 

Northern . Ireland— 4.18 pm 


5.55 Nationwide (London arid Northern Ireland News.- 5.53 Scene 

.L r 1. -Civ il U Ka.... I 


South -East only) 

6J0 Come Back Mrs. Noah 
6.50 The Commonwealth Games 
8-10 Headmaster 
9.00 News 


.Ground Six.. IL55 News and : 
Weather for Northern Ireland. 

Kngtaad — 5.55 pm Look East 
i Norwich): Look North (Leeds, 
Manchester. New castle >; Midlands 


7.40 Grapevine 

8.10 Harry Secombe's World of 
Music 

9.00 A Curtain Call for Moliere 
9.45 Oneupmanship 
10.15 Hospital 
1045 Late News on 2 

11.05 Graham Parker in Concert 

12.05 am Closedown (reading) 


BORDER 

1&20 am Ghost Bustom. U.40 You Can 
Make It. IUJ5 Mask Circle. J-UJO 


Tbo Bis Break. 


SOUTHERN 


A glorious long iron shot by in spite, of a horrible puli- wfth^Tom 6 Weskotf* S jn°ftinrtb 
e leader to within a yard of from the 12th fairway into a JJ* i°?ou?i S but S 


v«» u the hole at the 480-Ytrd 9th gave ditch. Watson salvaged a par in tte hu£t as far «S 

1XJD Border NcwiT ioo X«>u. Can Make it. ins Mwic ckde.| Watson a magnificent eagle five at the 12th. but he was fa iSm “ 


+1-3) Border News. 2JJ0 Houseparry. M , e ^ - U -T” _ , — - _ — _ 

f bs s r « L“j « sL a . i ?.! y 2SS u, x °° v, ~' ike 


It- now seems likely that 


mo Lnofcaround Honda*. Msumvwsirr “"jwrMnir. 2J5 Monday Matinee: ■■ The I in one under par 35 to be 11 drunk trying to negotiate a Mahaffey, who has battled b«* 


chaiiense. lojo An Audience with jasper aDd .'!j? SJ5 tevernc I under In all to Pate’s 34 — seven narrow jetty. 


Carnm. " 11.00 Care Film: •• l<m - t li M0 Lfiwfleld Day by Day. I under 

ClmrHno >' lint » Rn.^nr C..M. 10JQ RcIlCtTOl fir R*Vrtllrtirm- Il (III I UUUBI ‘ 


from serious hand and wrist In- 


‘B^rw^QnFv-aiiw'irnm « Bonier New^sW “•» Sloo | UU “ CI ‘ T ?? *? rain was . to ° e V^. nt juries suffered when he feU off 

Laeddfod from Ca Z ifff” Pra m,U7 ‘ sonibcm News Exmu I Mahaffey was out in 33 to be on his face, as, in front of him a ladder at home, will be com- 


9J5 The Monday Film: "The Today (Birmingham); Points West Eisteddfod 7S from Cardiff. 


Man Who Haunted 


(Bristol): South Today (South- 


TYNE TEES 


F.T. CROSSWORD PUZZLE No. 3,738 


■ rHAi\NFI Tviyr -nrc-e six unde ^ the rest by this a huge roar went up when Pate pensated for the two U.S- Open 

I ON HON 1-20 pm Cbi^ uncMmo News and L Jf ^ u- time had topped out of the race, almost holed his tee shot at the Championships be lost so 

LUIUHIli whai's^oo Where, tzs The^nSy No^h k?Ii m^SSUSm loiTchaw when Pate topped a stroke at 185-yards 13th and easily sank narrowly to Lou Graham m 

am Its Life with David " *2?*^ “ 5 V Un » v «f 1 ;j the wind, hjo Maue ctrete. the dangerous 462 yards par four the putt from six feet to go eight Chicago in 1975 and to Pate in • 


CHANNEL 

UD pm Channel Lunchtime News and 



Bellamy. 8-55 Paint Along with n n^' iSjS , R 2? UI1,S Rock - UJ0 om tJm 01 *•* WUd - teDth bole after 3X1 inaccurate under alongside Mahaffey. 

Nancy. 10.20 Oscar. 10J0*LiItli gSTi SS» UmScJ” iSS 3 

H0U5e on the Prairie, llio 21st Dnmw almw the River.- 12_B am Ram ^ g^! r n£ 3J*T& 

Century. 11.45 Felix the CaL 12.00 ■“* weaiber to French. Adwmnrci of 23s 

Papeiplay. U.10 pm Pipkins. GRAMPIAN Umventay Cbanenee. *JW Northern Ll/e. RACING BY DOMINIC WIGAN 

I2J0 Untamed World. 1.00 News « x M Vi5 - P"«>» Can. U39 Revolver. ius nr WIUAN 


Atlanta the following year. 


XU5 am Rem 


rapeipiay. ix.iu pm PipKins. GRAMPIAN University CbaHenee. *JW Northern Ll/e. RACING BY DOMINIC WIGAN 

12USQ Untamed World. 1.00 News q * „ ViS twh- Poll* Can. IA39 Revolver. 1U5 or wmniK wilan 

plus FT index. L20 Platform. 1^0 um y?u c« a?akT itTnia Law CeaUv - ^ *■ ®»Hogue. — 

About Britain. 2.00 Summer Circle. 1U5 Rogue's Rock. UUSpm-OM ITT CTPD 

After Noon. 2.25 Monday Matinee: House New Home. UO Grampian New _ T ~*r, *iT 1« V- r, A A A 

Strong catalogue at Saratoga " 

5.15 Batman. Grampian Today. UO Top Club. )*-« J-2# Lunchtime. ti2S Monday Matinee: *+-****- mm* ms ^ .. „ 

3-45 News Rdk-cUons. KUS TTw Moactay pflni: “The Sound Barrier ’■ starring Ralph . 

eM UihridST 1 QUIed • • ■ ™E KEENELANIJ SeJect Year- to somewhere near hi, best and Dallaa-based Mr. Nelson Bnnhcr- 

cm) rarrnnfVima headitnes. Television News, ub The Beverley am- hng Sale in Kentucky produced ready for a tilt at the Arc) is Hunt, whose racing and breed- . 

6 45 The Kenn™ Everett vwen GRANADA Rw™- um ciwwvflto. some staggering figures last reported to be a particularly mg interests may now be worth 

Show deo itus M, V® ctwonr 10011111 and *» average of about taking individual. The keen more than HOOm. . . . 

7A6 .Coronation Street hjs Kathy-s Quia- i 2 ju pn The W ESTW AJRD £130,000 per lot- Judged by Its competition — which will almost Although the Tote Ebor 


BY DOMINIC WIGAN 


ULSTER 

10-29 am Lost Islands. 1IL4B You Can 


6.00 A Town Called . . . 
Uxbridge 

6.30 Canoon Time 
6.45 The Kenny Everett Video 
Show 

730 .Coronation Street 

8.00 A -Soft Touch 

8- 30 World in Action 

9- 00 Out 
10.00 News 


Strong catalogue at Saratoga 


10.30 Appointment 


pmiUint . vjiouBvme. 

(jRAINADA 1U5 Bedtime. 

10JS am Sesame StteeL mo Sk»py. 111 rcru/ tnn 

114S Kathy's Quia- 12 J 0 pm The Gallop- WtalWAKU 

mg Gourmet. 1.20 Dodo. t2.25 Monday 10-29 am Skippy. 10-40 You Can Hake 
Matinee: “They Met In The Dark “-’US It. 11A5 Majdc Circle. 13-38 Rogue’s 
Gambit. 6.00 Granada News. AOS This Rock. 1237 pm Gus Honeyhnn's Birth- 
Is Your RJetir. 625 Canoon Time. U3B days. 1230 The Shape of Ttainss. L20 
Close Euroomers of various Kinds- Westward News headlines. 1225 The 


Although 


am swppy. i*4o You can Hake catalogue, Saratoga could this certainly include the Sangster Handicap favourite. Sailcloth, 
xB_Mamc Circle. 13-38 Rogue's | week prove an equally strong syndicate, which went to nmvprl » hitter- rHcannnintrnent 


market 


8175.000 


to proved a bitter disappointment 


Alleged— could to his jockey, Taffy Thomas, 


12.15 am 


’ Dracuia AD I972 1 starring 
Christopher Lee and Peter 
Cushing 


Fear; u - 30 ™ a Unie mchi uustc. 


westward News headlines. ti2S The Two hundred and fifty-five well see him providing the sale’s when- he lost touch with the 

yearlings are due to be sold in ,0 ?P rice - . , ' leaders- a long way out in Sator- 

6j» wcsnrani Diary. 6^ Sports Desk', the four-sale sessions after No'fevrer than 13 stelllons who day's New Zealand-Great Britain 


hud am Dymmun The dm wodder. 38JS westward Late Nws. iojo( racing from tomorrow until race d exclusively in Europe are Handicap, it could well be that 


painting with music 
Chopin 


Victorian SgSr-vnST iC K iT ^ Friday. The .catalogue includes ^ w !! k J£ ^ Sf S&S&LV* fiEZ .-“ P ' 


Ch a n g ln u CUmaK>. U0 Report West 1225 am Fatih For Lite, 
headlines. US Re Don Wales headlines. 


^r^rh^P 3 ^ Dd0n 

except at tne follow ing times:— University Challenge. SAD Report West. 


a yearling half-brother to a 
Triple Crown winner, a halt 


ANGLIA 


622 Report Wales 10 JO Cinema Club. ourawn £ 1W4. 11X WOdHfe Cinema. 
HTV Cymru /Wsfes-Ai RTV general i?-» «»•" Familna Ontlook. 128 Calendar 

c.rH.m aCC-IVn U. News. KL2 I UhmIbv UsMiiu- — Tn n. 


mm — „ Service ewenr- S2S.12J0 am Yr EkSdd- 'New*. KL2S Monday Hatteee- “TO Bn champions or classic winners. 

^ PS?-*”**- ftenedlaHhoJ. .UiSm Re na «u« Or^Nut TO Be.^ »arrb». J.dt Berm,. p|)r fte higb \ight Of the 


rnS- M ^ fce ~- 11 : UJS Uaoc NewyiWIon V DydtL 2.00- ? JO Hamdden. ^ Cartoon '11010. 


id x am Fatth^or Lite. ^ a yearling half-brother to a annual sale at the spa the Ebor winner in Lorelese: 

, Triple Crown winner, a halt ^ort _in opsl^e New York. Luca Cumani's filly, admi rably ; 

YORKSHIRE brother and sister to Horses of P e * inriufic s°ch potentially ndden by Geoff Baxter, ftom - 

lhJD >m Power without cior,. ULU the Year and half-brothers or i?P-ciass sires as Lyphard, whom it was nice to see her , 

cukirta in 1944. UJB wodHfe cinema, sisters to cpvpral nrhpr ®°berto and Thatcb and the receiving several co n nratulato ry 

champions or classic winners. Mw ad «L^!S?J^i-XSl? ely N ? ble - pats down her neck before pa» 

Or Not To Bo." starring Jade Berm,. ,,, j,inhiioh* nt tin, Nijinsky and Sir Ivor. ing the post — a gesture rairely 

^ seen from either flat or catumal 


ACROSS 

1 Worthless drawing back 
before ret i ring 4 6) 

4 Soldiers curse male attire 
14. 4 1 

10 Fruii supplier offers- altema- 
• tive West country town <?) 

H Indication that Surrey 
member has cat (7i 

12 A kiln in whicb tu Toast some- 
thing (4) 

13 Duck for two *bad doctors 
{o-5> 

15 Just over a poi/nd of hen (6) 

16 Old-fashioned uanfessioo ends 
tn deadlock ir» 

20 Child goes before a princess 
(7) 


- DOWN 

back I Unqualified though briefly 
superior to hooligan (8) 
attire 2 Airman giving. up coming to 
office (9) 

terna- 3 Cbap to notice steam pressure 
<7) (4) 


isi^dh i?* 30 R08 1JB pb MS v Vn Y Hr ifwvi &3MM» Calendar ■ i Emicy moot I sale will undoubtedly come at ticularly successful time with his hunt lockevs— if 

SSSnJ “ J0 ‘ XZ “ Rcligl*i»-2>r 1820 Calendar: | ab0 Ut 9.30 Dffl On Wednesday. 


The Beal Sellers. 1UM Law Centre. 


RADIO 1 247m Concert iSI. 928 Neirt. 9.85 This WeCk*B Serendipity. 5J5 Weather: programme n th-»« Thitrarinv pvtminv ‘whie'h ! , .u U,,a 13 ,u “ ,c UJIll ^CL 

-r i- . . . Composer: janawk is. 92s cpe Bach news, um n«« tjo snare and share ° 1 “ ers * evening^ ^ wnmn when yearlings by him are led 

is) ste reopi Hwn broaiiian and Mozart is^ 102S The y«dk Alike ts i. 7jo NVws. 7.05 The Archer*. se®s a half-brother to Alleged into the ring. 

Meoium ware vloUnJal ts>. 1I-M Son* Redial <S». 720 Prom nur Own Cotwswmdem. 7M and a half-sister to Caracolero Vaenelv Noble whom I tYnilrl 

S.« am As Radio 4, 723 Dave Lee lai5 p® Midday Concert, part 1 <S>. The Monday Play fSi. 925 Near Hyths comine onto the market rnnlrt . i a ^ „ D °~[ 

Trans. 9X0 Simon Bales. liJW Kid LOO News. 1X5 Midday Concert, pal* 2 Of Ancient and Modern Greece. 938 f l 7r iTT^r, ° vre ^ See becoming One Of the 

Jensen. 1220 pm NcwsbeaL 1£4S Paul *S». 2X5 Music tar Oman iSi. 230 Kaleidoscope. 939 . Weather. 10.00 TTie we '* L be tne Ulgn-SpOl Ol tne outstanding Sires Of all time, has 


about 9.30 pm on Wedneday, offspring -this year in Europe the way up and is now folly 

when a half-brother to Secre- and }f will 'be interesting to see entitled to' start a warm order 

Unat is led into the ring. For j f ^ reflected in the market, for the Tote race which Comani 

STi when , e«Mngs by him are led is tooktng 


5 8 , i-viwtsu. UJU pm ncwsoeaL 1^43 Paul ,0 ’- buihuc HU urgau is). uu Miriowraiw. . wmiuh. au-w I oe I - 

Acquisition Without aimculty J Burnett 2X0 Tons Blackburn. 421 Paul Matte® Uutlcale (Si. 3X0 ManuBKb World Twrtaht. 1030 Origins. 112a A I week. 


Of part of bappy-gO-ldckylGinfeaceuu. 7 JO Sports Desk .Joins Mustc <51. 4-38 New Records «Si. £15 Book at Bedtime. 1125 1%e Plnandal 


outstanding sires of all time, has 
three representatives in the sale. 


attitude (4, 4) =»- Jot 

6 Note bit of suburbia tremble am 43 Badw> z 

14-6) RADIO 2 

7 Super playing in Hollywood • sxo am News su ... 

(5) Brandon (S> mr.hfflna 6JJ Pause tor 


/tedlo 18-02 John Peel (Si. 12JQ. Bandatand (Si. 15X5 Homeware Bound. World Tonight, li.m New 
322 am As Radio 2. ttXS News. tfcJD Homeward Bound ___ _ _ 

v> * , -ft- . ‘“"J"*"*'- ^3° LHellnea: Home «nfl BBC Radio London 

RADIO 2 LoOOm and VHF Panto. JM Ptobw 78, pan l: Scbubsrt. 

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BraSa^S^^hSS^i Sons:. TlKUnjOiteded I CmmctlM (talk hr _SM am An. Radio S. *J0 Ttxnh Hour. | 


The Bold Bidder colt out of Two are predictably being sent 
Princess Pout, the dam of up by the world’s most heavily. 
Alleged (now thought to be back committed Woodstock investor, 


than a little optimism. 
NEWCASTLE 

2.30 — Bird’s Custard 

3.00— : Hopeful Courage 
3-30 — Vaigly Great*** 

, 4.00— April** 

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„ 13) J ^ ^ Pranklln Knbshi.. 8-58 Proms 78. part 2; 9X0 London Live 12X3 w» Can In. 2XJ 

8 Turned, up Queen Eliaabeth tUmm m. 9.« Ltmatic and Lotct/S). aw Showcase. 4X5 Home Run. 7X0 

model to fashion again (6) ■ ■?“*_!" BffMl: The Hany Miller Prom Die Ondnsl Sonndrrack. 7J0_BLirt 


m neaaiocK u » moaei to tasnion again (6)- incmdnu «ja commonwcdib Comes rSSt« «» Sjs 

20 Child goes before a princess 9 Maud's unusual present fwns jk*. ax? Roods Bnitette and Twiianra stiubensoiw 

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(6) rock yonder (5. 5) indudjns 1.45 sports Dt-ak. 220 David _ . ^ 


11 qpv«K Lottdoners. 8J0 Brcakihrongfa 10X5 Lata 
Nwbf London. 12.00-Clomt: As Radio 2. 


CD) rock yonder id. O) inciiaum: 2.45 sports Desk. 230 David „ . 

24 Do business lecture with bird 17 Deficit leaves one bard up q^!l, l i !on r J.5' ^ *?*,*■** RADIO 4 

, r-Kr.cw,,™. R\ /o\ H Sw™. Desk. 4J0 wackonere' Walk. 


at Christmas (4. 6) before autumn (9) 

26 He specu'.-c.lcs for men only 18 First course to have gunmen include* sxs spona Desk. 6J3 common. 


London Broadcasting 

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SXB am Mornlnc Music. 6X8 AM: non- 


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28 Swinging,, bar for top flight 19 Ensure Ui disturbed lord (8) ^ N §S ISi' N,Bl,,Uw ' L " am K «“l 

perform «1CI» (|) 22 Southern gallery has Danish Dance Band Da«: 8X3 The Bit Baud Nuws. 9.85 Sian tbv Week wire maSb 


Edited by Denys Sution 


,^1 luiiiiaiiiCT 1,1 A.S, ouuitictu uqa ljaikk oamj yays: a.OJ TUT Bit Baud NotVS. 9.85 Sian tbv Week With MHtk 

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jrooto., liar 14-1' a Mjw ..art/f* ' cSJS^M^ZSSSoS: JS SS’SSJ^SS SSJVSSirb IMm and 95.8 VHP 

30 Presides perhaps in Order to nothin., ftl-Speed (5) J 0 * 111 . 3 ^?„ Co Sl rrp yau - UM Star Love. 11.50 AnnouiiLvmcDu. i?oo News. 4 xb am Graham Dpdu'y Brvak/asi Shox 

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T1 IhinrA- loakm° oersan secumis hear- (5) wosafi in*tindina 12 . 8 O Haw. 3J0-JJ2 «m Bmaiu 1S7S. 12J5 Weather: programme Cash 'Si. 3X0 t>m Pckt Yawu iSi. ?.« 

XiifeiP yunnnf CHI '*7 \ fair lift ricks to beat Kw3 Sunim3rT - «w. 1X9 The World at One. LMrte- London Today -S». 7-50 Adrian Love's 

e “SLlDCe runner jbl - A lui OI iricKS ; to Deal Ki KAnift 7l 464m Slercn&YHr Archers. 1.45 Woman's Hour indadUm Open Lino iS'. 9X0 Nldty Home's Yoor 

Thkp solution of lav! Saturdays prize puzzle will lie published KA UIU j ^ sxo-zxz Nows. 2-«s lukh with Mothtf. Moiiwr nmiidn-r Uk».- » iSi. uxo Hike 

u If h rjteoiij*c nf vinTirn nnYi Saliifdav ^ Xt-55 ttuaibor. 7JJ0 7-Q5 1BD Novi'S. 3-B5 Altvmnon Ttivarra (5 L AUmi i.jii'. 1 Show 2*00 Am Alike 

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financial Times. Monday August 7 1978 

Albert Hail 

European Community 
Youth Orchestra 


by DAVID MU RRAY- 

Some unguessable proportion orchestral elements, was com- 
1 'he large house Tor last j 


ror . J ast 

nicm.s concert must have s„~ „ , ,, , . , 

expected Lorln Maaze! In coo- !?* “ 0menl ] : Judd contrived 
duct it: the advertisements in llle forward movement for it. 
the Sunday papers and the n the world premiere of another 
posters at the hall— with no BnUen P'cce. the rejected Over- 
nntice m contradict them— ™ re . Orchestrated by Colin 
promised that he would. In fact 3 r a . * s) of his early operetta 

a pulled Achilles tendon had Paid , *"«««* , the "ehestra 
forced him to cancel, and his SS 2 S» robust and 

Place on the podium was taken S?!S l J y f S10e ? rc * e Act 111 
hy James -Judd. the orchestra's P * ude frora 1x1 iTamaUl - 
young Assistant Musical Direc- Mp - Edwar d Heath appeared 
inr. Presumably Mr. Judd had 35 euest conductor with the 
born involved in preparing the Anemic Festival Overture of 
performance for Mr Maazcl but Bra hms, a steady, straight-faced 
in Ihe circumstances there was id which the arrival of, 

nn knowing whose view of the ^ “ Gaudeamus.ifiimr” tune on i 
music was being sketched and lhe bra ? s reunited the strings! 
elaborate comment would he and - wixids > who bad been I 
unfair. threatening to part company. 

'i*h.c ..., e „ nI ^ i He had also-begun the concert 

ihe European Community Yomh to°JoT ; 

Orchestra which earned such “ e Beetboven 0de to Jo >* 
acclaim on the Continent at 
F.aster. for it was billed in the 



Denys Hawthorne and Frank Williams 


Zf 

Success in Spoleto 

As it concludes its twenty- after the Sim. there is a debate, one hour, and o .ilicrnnieiv hv.r- 
. first year the Festival of Two with another batch of specialists, raisin? and fasetnaisnu. 

• Worlds is in an enviable position. Vidusso's concerts this year Spn „ 

Everything it touenes turns into have a theme, a general title: acadenn- >,v 

| success, if not actual gold. The “K. and K. Miuik and variety o?Dr fiJSSK It C 

inew upera productions have is eschewed in favour or ti ni o a iv^hIm in, i.S /.!;!' ■ 
received blistering reviews, but coherence. As compare. Vidusso ““sent nSm Jn • ' ' ■■■■u 

all performances arc sold out. introduces the programme— and JanH s i ! „ 

land if a ticket miraculously then each item on the pm- ‘‘ . I** ' V 

i becomes free, people are prompt gramme-with a lecturette. Thus. ' ihe rt.ri'nf^h • C. - 

10 fight over it. other day. befoe hearing ‘^ 0 ’ e '/'Trt evu-rt ih -C -, - ' 

The noonday chamber music Brahms's Liebes/teder, we were * f fc V . ... : 

I concerts are by now legendary. l0 Id a great deal about Brahms i ' ''m '" 

jin most Italian cmes. chamber (including a digression about his gj" l , 

t music— performed by young and j 0 ve life); and before hearing ; n ,’! 

unknown artisls-would be box- the youthful Richard Strauss SL.'n.i thnrV,o‘hi : 1,7 ' "X 

I office poison. AT the Teatro Laio -cello sonata, we were told that “‘‘JL jni[ tfinr, '*^ h! ‘ 

! Melissn here, crowds gather an Strauss's Father played the tHpv nn P ' 1(i m . ' 

hour ahead of time and engage French horn, that Joachim was T ' " 1 .[ ' ." •*' 

in a three-part fight: first to buy a famous violinist, that Hermann u> ima L rJou b - 'r iV**"- 

[tickets, then io set into ihe Levi was a great conductor. . 

I a STfi? «■*'“«•«* the perform- 'J ,Cr 

sit (if jou try to bold a seat lor ances . when they came, were condemnation «>r l.-ws. ■■ml 

e if°C “"der- rehearse,. sexuaIf . aIul Bllall; ; 

ia receive veroai anus>e it not U n idiomatic. Never mind: the shakMupsuviii v 

j downright phys.eal viotencei. luiie0(e loved them, jiul as Cermi? h..ti".-. fr,..!l Vi". .!.■ .:!= 

they love Wadsworth's, and. this of Hindenhurg'n. ihe 


Greenwich 


The Editor Regrets 


rendered more sweetly reason- 
able than fervent.) It took 
programme as the * Summer ^ rl J? z l ° set . lhe 0 orchestra j 
Tour Orchestra." The standard •J 1 *? 1 . WIth *l». Slfmpfwrite 
nf playing was creditable, but Ftmuutittue: Judds energetic 

until late in the concert hardly treatment or it was sometimes 
pvcitinc. Fifteen or °0 years ago brust J ue - blJ t the alert attack or] 
work of this calibre’from young his players was a lively -pleasure. | 

players would have been a Aon-. Suberant^ spend an gening with to stand Tor a safe ParUamentary during newspaper maieriai of 

“ ^ Uri« M k Ar .* Cnkk.lk l.h K.. - a »MH. | William Douglas Home discuss- seat, there is naturally some spotless virtue. 


by B . A . YOUNG 


labt^ a'ihe ' Sa^oy]" not °an M even" pLI _ bl j? bin? il *. and . Lord T horn ' fu,, y ot John Osborne’s under- 
ing at the theatre; for at the l n ra led Pont Mivkeii. which treated 

theatre Mr. Home takes both ?. p . r u . l«r d '. ^ ul l ' vi ! 1 the matter both more profitablv 

sides of the discussion himself. and amusingly, and might 

and what’s more he incorporates Ml t n! , wel1 w be hroughi uj» io dale for 

them into a comedy; Thnrntnn V «n h kr r 1 anolher , a,l ‘ in ¥- There are some 

Til - trriii™- ..II nr , V " ornton ' nsis i, s on publication nice perforinani-es in The Editor 

nie Editor Regrets tells of a because Sir Erie once hlack- Regrets, notahlv i.v -\nthonv 
malicicms gossip-writer, played bailed him for the Bullingdon; R 0 ye (who aUn‘dir**c(s "and iri- 
r' lh . P°!?°’ 1 . ous smoothness by nor is it necessary, in order to deed presents) as Sir Eric, a 
Frank Williams, on a popular stress the wickedness of Fleet basic Douglas Hmno Tory and 
Sunday paper. St. John Walpole Street, to make Walpole a homo- Ballard Berkeley as a Press lord 
l a * wr » ten a Piece about Rose- s e Xual pederast and the edilor so squalid that 1 .-annol imagine 
mary Brown, daugbter of_ Sir (Denys Hawthorne) a lecher and how he came even to be proposed 
trie Brown of the Opposition a drunk, let alone introduce an for the Bullincdon. unless it was 
rront Bench. Rosemary has not affair between Thornton and the simply for the prefix “the 
only spent a dirty week-end with editor's wife. If we arc lo dis- Hon.” But all the talent in Spot- 
a former boyfriend on the eve of cuss cheque-book journalism and light could nm breathe truth into 
her marriage to Sir Eric’s sec- keyhole gossip-writing, let it he such an intprohable tale; and 
retary Charles Astell. but has done on their own merits. A considering the fertile nature or 
invited Walpole Into the bedroom homosexual reporter, a lecherous the problems Mr. Home has set 
and accepted £1.000 for the rights editor, and a jealous proprietor himself to deal with, this is a 
in the story. As Charles is about can be perfectly capable of pro- pity. 

Albert Hall/Radio 3 

Orfeo ed Euridice 

by MAX LOPPERT 

This year the BBC has served as in the opera house, the ex- imprint on the memorv. and for 
up a banquet of opera that, even panded Orfeo depends heavily that reason the concert was not 
by past Proms standards, is un- for its success on the hero and in vain. Dame Janet must be 
commonly rich and varied— on the conductor. By reason of asked to head 3 Coveni Harden 
.Wacbedi and Oedipus rex already the latter. Thursday's account revival and a new recording of 
G| yndebnume Cost, was qflen a halting, uncertainly the opera «i the earliest opport- 
Ihe gUickhche Hand, and Lex co-nrdinated affair; despite this, unitv. 

Barcodes still to come. And. last and entirely because of the 
Thursday. Gluck's Orfeo. in a former, it touched sublimity. 

Christopher Seaman, a curious 


performance by the BBC Sinners 


and Symphony Orchestra made m 

memorable ahove all by Janet ® bo,ce of eductor. Tailed to 
J discover that steady, gravely 


Baker's Orpheus. 


serene command nf the music, 
nev« 

that is the 


ishing. but recently enough exuberant frenzy fit 
hrilham playing by youth Witches’ Sabbathr— led by a won- 
orchestras has been heard io set derfully baleful E-flat clarinet- 
quit e different standards, which was just what one had 
Britten’s “ Young Person’s Guide hoped from them, and the pro- 
to the Orchestra," rhe familiar fessionai smoothness of the 
. chain nf variations designed to earlier move merits recommended 
display successively al] the their training. 

Wigmore Hall 

Elly Ameling 

by NICHOLAS KENYON 

The Wigmore Hall Summer he trioierte, and the depth of that 
Festival, which ended oii Satur- famous Bach spuriosity, Btrt du 
day with a recital by the Song- ^ m ,y (obviously' someone 
makers Almanac and a late-night 

and ' R i cha rd^Borin ey Ben nettTh as Anna Magdalena’s 

provided much admirable, un- iN0 eD0 ° *■ 
sensational music-making during Does Miss Ameling’s radiant 
its three-week run. with a choice love of her music lead her to 
of programmes well suited to the be too pert, too knowing? Per- 
h all's special acoustics. Rnt I haps, in a group of small Mozart 
doubt if any of the eveninas can arias, but there the contents 
have provided such unalloved. were too trivial to bear such 
uncomplicated pleasure as that interpretative care. ' In Schu- 
ci» on by Elly Ameling in her mann's Frauenlxebe und -leben 
rrc’t.il nn Friday night. there was none of- the varied 

Mi's Ameling dnes not possess drama one hears from other 
3 rrm art-able voice. It is not a singers, just a sustained warmth 
la roc. c-aie instrument, nor is it of feeling which tallied to per- 
eaonMc nf a wide range of tone feet shaping of the phrasesi 
r.-dnur It is not even absolutely expressed the content of 
confident in eiiher its top or its Chamisso’s naive love-lorn 
hoMom registers lor at least it poetry to perfection. Four songs 
<ns not nn Friday). But it is by Richard Strauss could have 
:i-er( with such exquisite taste used a bigger voice, but Miss 
jnd suhiietv. and is pul al the Ameling drew out their lines 
<«rv»cc of such profound under- and infused them with a concen- 
: fending of a wide range of trated interior power that 
music, thai rhe listener is en- needed no extra projection. And 
»r.nn red. I never evnerted to who but she could have made! 
eninv 3 clirhifid selection nf .Schubert s .Ir-e Maria an un-i 
v >'*”oqtie songs with piano; hul sentimental choice of encore? 

Miss Ameling made one bear Throughout the evening. Daljiin 
a-ew the drama of Mi«ic for n Baldwin's accompaniments >#ere 
: r*H*\ the charm nf Searlatti's unhappily lumpy and prosiiu. 

/ 

Rennie Scott’s / 

Dizzy Gillespie 

by KEVIN HENRIQUES 

Incomparable is not too long-standing involvement with 
extravagant a word io describe rhythmic playing, highlighted by 
rrumoeter Pi/zy Gillespie. One a catchy Israeli tune and “Kush." 
nf ihe pnnripai innovators of 'For several years now he has 
muckm jazz, or Bebop, in' the' had the strongly rhythmic accom- 
I9-Wv Gillespie is one of the few panying trio nf the poly rhythmic. 

Mirvixtnc pmneers of that era Mickey Raker on drum*, the. ». ........ ............. . - . — 

vhn maintains a consistently "technically dashing guitar of I to. my knowledge, this has not i3!er acts wnen soinewnat better 
high level of performance what- Rodney Jones and ihe bass guitar ■ been eiven in modern times. Nor cs, . ra w " as ^dier 

i-n-r tin- I'lrcu in stances and who -of Ben Brown who now plays aJ the much-expanded Orphce. with I in< IT c V. as M beautiful llute soln 
i- quite clearly not vontenr to Yamaha inode! with which hef tenor hero, which the com- »>’ oavia mui,. and some slow 

poser undertook for the Paris jenipor. in ihe picas io the 
Opera in 1774. Nor even the * ,|iries anr * > n “Che purn del. 

“ Berlioz-Viardot " version of werc ‘. convincingly shaped to the 

Em ope — ami in Ronnie Scott's. —Dizzy presides with cliarac-J a shortened form, by the 1*^5 a L . r *^ . tfle proiaconi-u 
’ • - -'greatest Cluck-lover of the 19th The choral singing was sturdy. 

century. of Orphee. with But the occasion really called For 
■Orpheus’ line returned to alto *2 n opera conductor of greater 
pitch. (The most notable of discernment and distinction 
several surprising inaccuracies (what was the poinf of displac 
in Julian Rushton’s programme the Dance nf the Furies, and 
note was his insistence that the snipping it in half?) 

BBC were performing the Berlioz For the Baker Orpheus, much 
/Vernon m Italian translation.) cou i d he tni^raiorf r» i* 

What we heard was straight “ " e 1°'™*"’ r , 1 '? extra ' 
Ricordi— in other words, the ,nar - l b at the role has not 
mixture of 1762. 1774. and 185P. occupied a central place in her 
back-translated into Italian, with repertory (she has, I believe 
female alto for hero, that is the played it only nnce on stage), 
form nf the opera still most often for it is one in which the classi 
encountered. cal candour, rhe restrained fire 

As such, it was suited to con- and temppre-d passion, the moral 
cert performance. Though the force, nf her an achieve natural 
expanded Orfeo is filled with expression, and one in which the 
beautiful music, in the theatre beautiful areas of her voice 
it usually proves hard to sustain al "e permiltert to flower without 
as a forward-moving drama. In strain. Impact was not itnme- 
conceri. the ballet sequences diale. The opening cries above 
added for Paris, of which the D tb e chorus were tuned slightly 
minor number with flute solo is sharp, the opening recitatives 
the most famous, can be enjoyed were austerely uttered fin Dame 
for the chaste, limpid purity or Janet s forceful but often impure 
their music, without the feeling narian i. and there was an air 
Chat by them the revolutionary r **®rve about 11 Chiarno il mio 
directness of the original con- ben. nnr helped by orchestral 
eeption has somehow been et 'hoes several degrees too loud- 
diluted. But, in concert as much By the bravura air. "Addio. 

aridio.'' that ends The first act! 
ihe voire and ihe emotional in- 
volvement were Masoning out. 
In the second art. the ran.se of 
melting, suppli rating piano tones 
brought out more tenderencss in 
the Underworld scone, and more 
quiet radiance in Elysiunt. than 
nne ever imagined possible. The 
dialogues with Eurydh-e shaped 
many phrases of urgent, fine- 
tempered declamation; ” Che 
fart ” was delivered in a heavy, 
grief-laden timbre which cleared 
between each refrain to a 
wondrous delicacy of recall. She 
w *s given variable support: 
Elizabeth Hale's Amor was dainty 
in the wrong, underpowered way. 
and Jill Gomez' Eurydiee was at 
times clean and supple, at times 
weak and unsupported. But lhi<= 
Orpheus has left an indelible 


So successful have these late 


morning concerts been under tim ' e . lhey wem home upiified Germ" n v" Xui I'l lcr° ■ 

their canny director Charles also bv thc thoijqht that they had * ISJSie I 1 v I . -.-5' n.,- -!i'. A' 

Wadsworth, that an afternoon added to their store of knowledge, iminediaiciv conn-i'ctH-n-iic- ■■ < 
suripc has hf*pn in evistenco Tor j ... nnineuidicij h'ihi-i tnt 


senes has been in existence for 
a couple of years, organized by 
the musician and RAI chief 
Giorgio Vidussa. with a largely 

Italian cast. Comparisons arc 

inevitably made, and they are 
cogent. 

Americans traditionally dis- 
trust culture. long hair. 

Academe: 
worth, to 


Concerts at noon, and concerts- IfUy|iv „ n * >in{ . lL |-s 
at six. and — in case you want to ont . * 0llld ' | ikl . . 

skip dinner hefore the opera al y mt . s 
eight-thirty — there is also theatre " J? 
at seven, ln thc festival’s early BeeaiiM* ihe c»uni*:m> 
years, the spoken theatre was Sivv a dramatis ;ui-n:i 
somewhat neglected, blit now onl >‘ ■* llst .‘cin'-v: 
that Romo In Valli. the dis- actor', it is impn-siblc i.. 

. , .... tinguished actor fdo T begin io anyone nut for i*i-;u.-<-. I-. 

and Charles Wads- SQund , jke vidusso?). is artistic matter, ihe cimipan;. i- 
allay this distrust dj^ptor. the drama has acquired liantly drilled I'Miu ant! 


ii.>t 

on’ 
1 1 ! '*1 


■ io ;l 
• l!i 


hi»:i • 


l even if the audiences are to npw a ' nfl welc0me prominence be praised en mass- 
some extent Italian), downs with in t ^ e festival calendar. One hie The sels and il 


ins the ethics" nl joure.Usm >b« the story should not ' So , piU! or some lereiin 1 'of \h a . r Broadway h'hCio TSSh'Z'TiTwu 

Nriw copent arguments might ente r ,aini n? i»lk. Mr. Home s [ forget the tempi of a quartet or Q ame ( w ith Franca Valeri and Bcrtacca has riv-icii-'d 


might easily be as enjoyable as it 

rn aS m P iod fit ’s M M Even'S’ 1 in h the he foundJo'juVtrfy'' ^W a Tpoie”in PlW eelleoses for irsnt of any- the titles ol ttroup of »n*». KSK stippo pia'yiog the'jes.^ 
° ,s M e ' enu, S i“ “e writing the piece, the editor in solid framework. [ ihot.gb wist- IT ^“ ,r,L " e "'" rf - 

over a nuhliehin- it I «nl TVioe... nt • ._i • ■ . . 


L'r. 


;)• 


J »?. kCS a I e raP mi‘iJ?j Sa If , Muh Tandy and Hume’ Cronyn parts). j 0 perform mam funviiMi:- i : 
and then comes music of ihe , . ^ ■ ■ , • 

highest quality, carefully re- Less conventional theatre is j!*o rop-RMhU- fo. il.. .- .n. 
hearsed arranged to si ve variety, also encouraged, and the sub- doll s hi him- um-tnu-t: 
presented on "its own. without terranean (literally: Spoleto also represents Weimar. ml : r i t. 
anv erudite apparatus. has its basement, a mediaeval stark cnsmnir-s si.-i.,:„, m, : - 

itaiian's on the other hand, cellar) hit of this festival is a cucet's evvr-|uv>.;rM mu 
distrust the light touch. If new production by the Rome- though n ci-hu^ \x • i! 1 . »-s\ :*• ). 
culture is not serious, it cannot based Teatro della Corounita. Hollaender. and even W.ign.-. i.: 
be good. Un Italian television This group is directed by Gian- never nu-re pasiM-h.-. n in- -i 

you will never see a Buster carlo Sepe. who is also its strong iHTci-naluv. ;-iinir;i.u;ir..- 

Keaton movie without first seeing author and producer. His new to the shape and impart - 

some intellectual’s profound piece is entitled Aceademia drama. 

critical appreciation; and usually, Jckermonn. It lasts just over WILLIAM weaver 

Albert Hall/Radio 3 

Sinfonietta/Rattle 

Since she played from the ported by the London Sinfonielta uniform while the sincere nir. in- 
written notes rather than from under Simon Rattle, who must mined traditional evening ng 

t that Miriam no longer be labelled merely a Pleasure al ihe Prom.- in 

memorj. I jud^e t _ a youthful wonder of the rostrum: general slum Id m»i cumval tiic 

Fried s acquaintance with btravm- jj e b econie a vitally useful fact that this w:i- a cri i!y 
sky's violin concerto may be member of London's musical organised concert. Thc I’m 

rather recent. Yet this per- community. minutes long, was pivcftied b- 

formance at the Proms on Friday Stravinsky was represented also one interval «»r 2U minutes ,-nd 
was decisive and convincin'’ The ^ !ate ba!let score - Aoon - followed by .innlhor. Driiu-j s 
“J , “ f,- “f,K and by bis Mass, which enjoyed Dan.se Snrrec et duns,; 

joung Israeli soloist with warm an exce u ent contribtuion from (chuco late-boxy mu.-ic. wiih ln-.li 
tone and precise rhythm, the BBC Singers (director, John fillings from Dai id W.nl-m-' 
brought a continuity of lyrical Poole). Although Stravinsky's harp) was no holier comu.iru.in 
impulse to Stravinsky's super- printed score makes a plea for for Stravinsky than was D.mak 
Hcially spiky texture. in the upper parts, 1 doubt if Serenade in D minor in a 

It was the more impressive boys either as soloists or Proms season which atimiu *•> 
because leading violinists fight choralists would have done so little nf Dvoraks maim- unrl:. ii 
shy of this work, no doubt dis- well. Connoisseurs of sartorial seemed an ecconiru-.iv or iV 
trusting a concerto where the Promsmanship noted that Mr. BBC. planning m sm-h 

soloist takes command only in Rattle fraternally adopted the a trifle a.« this. Bui 1 rHishcd Mr. 
the last two nf four movements. Sinfonietta's sports-shirted Rattle’s relaxed trc.uimni ..f n. 

Miss Fried was admirably sup- boys' rather than women's voices ARTHUR jACOBS 


This might have been an massive never stringent 

occasion, as so many rewarding th . : th ' s ‘, 1 

opera explorations by the BBC d t c f ’fjJ 

have been (and as the Macbeth ; V 1 . 1 1 ", 

was), for some textual adven- weV ^^inmi 
rurousness. But. unlike the l’r- p !:L\,. h \ 0 , L . dd 'j 

Macbeth, this was not the ??“ " b J‘ B ” 0S, ]L* la f ,2 nd 

Urfassung of Gluck's opera. Not , p , er I 0 r" and rhythms 

in other words, the 1762 Vienna ^ Le " gtby 

original, still in many ways the n ;’™ bere - , or be ' 

most dramatically concise of all ™™ beT 50 

his operas, revived here tin con- JSSJ SSf" J 11 ! } " h S n music 
cert) and in Italv over the Iasi Remanded to move forward, and 
few years but still infrequeittlv lbe ., Jn«P* accompaniment t 
heard. Nor the 1769 Parma ver- recitatives .suggested that M. 
sion, for which Gluck recast the largely inex pen e need 

hero’s part, originally male alto. 111 !? e stjle and the purpose of 
for ihe male soprano Millico — conducting dramatic music. The 


li-i hiv reputation rest solely on does not seem completely com- 
p.i-i glories. fortable. 

II.- !•» a regular visitor' -to Over them— and the audience 
..iiinjip — and (n Ronnie Scott’s, 
u-herr he is playing until Thurs- tpristic phu I lienee and quick wit 
«l.i>. August 17— and each time which deals adeptly with intem- 
i he listener is astonished at perale hecklers. He has always 
i.iDrspirs inventiveness., hts been an unquenchable clown in 
avoid.ince of musical cliche, his the presentation of his music. 
p„Hcr. control of his instru- -But, make no mistake, when he 
men I. hi.- unabashed enthusiasm plays his trumpet he is deadly 
!uv playing exciting, powerful serious! 

.id/.'. Remember, too. as he plays. 
ih.n he has been swelling his 
io-ck and distending those cheeks 
i.i ihe m/p of Christinas puddings 
for well ov**r 40 years.- Yet bis 
-lamina remains bull-like. 


‘ New Radio 4 

’Talking Law’ series 

High Court judges break 

„ , , ... silence for the first lime lo talk 

He played two ung sets last about their job. and themselves. 
I'riday. mixing rc.ck-rhvthm con- in a new BBC Badio 4 senes, 
io in horary tunes with classics Lau; beginning on 

. mm h.s it repertoire such as Saturd ^-. August 12. 

ThcMle. *ew Tram h™ Thzrwak ol ■the danjar. of 
uumpet clean and crisp, but fast, complacency and trntabilili. of 
Yei such is ihv measure of his f a,lm 8 into the tyap of e 
in.i.tiery thai he can still leave importance; of whether thej He 
nne open-mouthed in admiration awake at night worrying about 
.it thc beauty he mstiis into his the sentences they have imposecL 
version nf " 1 Han’t Get Started " Speakers include Lord 

u inch segues into "Round Mid- Chancellor Elwyn-Iones. Lord 

nighi " where his muted horn, Hailshuin. three High Court 
l.rkiing )he mternphone, oozes judges, Sir Sidney Templcinan, 

■ • u i l.hiases of warmth. and soul- Sir Gordon Slynn and Sir Peter 
rnlnos. Pain, and rhe Senior -lud»e at 

As ever Gillespie reveals his the- Old Bailey, James Miskin. . 


7htt flit e Unemtnt a hsurd in ctwip&jnce wuh rrqwwniMi.s Council ol Th p Sroefc Exchinge. U is nn 

an invuosion to ant person to subscribe let or purchase any shares in W.N. Sharpe Holdings Limited. 

W.N. SHARPE HOLDINGS LIMITED 


Authorised 

£ 

1.560,000 

440.000 

2.000.000 


SHARE CAPITAL T 

In Ordinary Shares of 25p each 
in'A' Non»votins Ordinary Shares of 25p each 


Issued end 
fully paid . 
£ 

1.345.875 
440,000 

1.785.875 


The Council' of The Stock Exchange has admitted Jto the Official List all the 
issued Ordinary and ’A' Non- voting Ordinaiy Shares' of W.N. Sharpe Holdings 
Limited. ' ' . - 

Particulars relating to W.N. Sharpe Holdings Limited are contained on cards 
circulated by Exte( Statistical Services Limited and copies may be obtained 
during normal business hours on any weekday (Saturdays excepted) up to and 
including 21st August 1978 from 

KLEIN WORT, BENSON LIMITED 

20 renchurch Street, London EC3P3DB 


CAPEL-CURE MYERS LIMITED 

Bath House, Holborn Viaduct. London EC1A2EU 


7th August.1 9 78 


New artistic director 
for Shaw Festival 

Distinguished Canadian actor 
and director Leslie Yeo has been 
anuoinlcd sues! artistic directin' 
for the 1979 season of Ihe Shaw 
Festival at Niagara-on-ihe-Lake. 
He will he resunnsible for ihe 
programming and casting of the 
1979 season. 


ENTERTAINMENT 

GUIDE 

CC — Ties* tneiiW-i acceoi certain credit 
taro* by telephone or at the 80 * OSice 

OPERA & BALLET 

COLISEUM. Creoir ura* 0 1 -240 5258. 

Reservation! 01-856 316T 
ENGLISH NATIONAL OPERA 
Tomor. A Thur 7.30 La Baheme. Wen. 
A Fri. 7.30 The Magic Flute. Sat. 7.30 
The Consul. 104 balcony urau. available 
Iron. 10 00 on dav Ol pen IMPOR- 
TANT NOTICE: New production Ol 

Mcnoin c The Consul replaces scheduled 
peris of Carmen. For lurther details 
ring 01-240 5250 


GLYNDEBOURNE FESTIVAL OPERA Wnh 
me London Philharmonic Orchestra. Last 
Purl. Tonight al S 30 Cosi Ian tunc. 
Possible returns only. Eos Omce Glvnne- 
botnnr. Lewes.. E. Sussex <0275 81 24 11' 
N.B The curtain will ris.e al 5 30 sharp. 
There is no possibility ol admittance 
lor latecomers. 


COMEDY. 01-930 2578. 

E*ds. Mon-Frl. 8.00. Sal. 5.00 and 8.30 
Ma«. Tnur. 3.00 
EDWARD WOODWARD 
BARBARA JEFFORD In 
THE DARK HORSE 
with STACY DORNING and 
PETER WDODWARD 
A cracking New Play by Rosemary Anne 
Sisson. 

A merry evening. A laugh a minute." 
D. Tel. " Romance in spades. Casting is 
very Strong," F T. "Opportunity brilliantly 
selced bv Edward Woodward and a hnt- 
class cast m Val May's extremely effective 
proauctiim. A most attractive and enter- 
taining evening.” E. News 'Americans 
will love n . . . can't fail to be enter- 
tained." Gdn. 


MERMAID. 248 765b. Restaurant 248. 
2835. Evenings 7.30 and 9.1 S. 

EVERY GOOD BOY 
DESERVES FAVOUR 

A play for actors and orchestra TOM 
STOPPARD & ANDRE PREVIN. Seats SA 
E3 and £2. "NO ONE WHO LOVES 
THE ENGLISH LANGUAGE AND THE 
HIGHEST COMIC ART CAN POSSIBLY 
MISS THIS PLAY.'* S. TIMES. "Al last 
a- meaningful and brilliant and serious 
political play” Clive Eames NY Post. 
Run extended to Sept. 50. 


CRITERION. 930 3216. CC. B36 1071-3. 
E*BS. 8. Sa:s. 5.30. 8.30. Thurs. 3.00. 
NOW IN IT5 SECOND YEAR 
LESLIE PHILLIPS 
in SIX OF ONE 

A HALF DOZEN LAUGHS A MINUTE 
SECOND HILARIOUS YEAR 
' VERY FUNNY " Sun Tel 


ROYAL FESTIVAL HALL. 928 3191. 
Tonight Until Aug 19 Eves. 7.50. Mat. 
Sat. 3 

GREAT STARS «.-F WORLD BALLET 
IN A 

_ GALA SEASON 

uantlno si eery perl 

MARGOT FONTEYN MAINA GIELGUD. 
NATALIA MAKAROVA YOkO MOPO- 
SHtTO GALINA PANOV. LYNN 
SEYMCOR and FERNANDO BUJONfci. 
STEPHEN JEFFERIES. JONATHAN 

KELL'i IVAN NAGY. VALERY PANOV 
TETSUTARO SHIMIZU CORPS DE 

^ BALLET 

Detail? from Box Other 


THEATRES 

ADELPHI THEATRE. CC. 01-83E 7611 
LA5T TEN WEEKS: MUST END OCT 14 
E-gs. r 30. Macs. Thun. 3.0. Sat. 4 0. 
IRENE. IRENE IRENE 
. THE BBT MUSICAL 
i’J.. 1 ® 76 - 1977 and 1978* 

IRE NE IRENE IRENE 
• LONDON'S BEST NIGHT OUT.** 
Sunday People. 

CREDIT CARD BOOKINGS 836 7611. 


ALBERT. 836 3878. Credit card bvns 
826 10.1-S from 8. Jo am. Part* rales 
Mon., lies.. Wed. ana Fri 7 45 pm. 

s »* 4. so and B 00 
A THOU5ANQ TIMES WELCOME IS 

Lionel bart'5 

OLIVER 

MIRACULOUS MUSICAL ** Fm. Time*. 
With P 3Y HUOD and JOAN TURNER. 
• CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." Daily Mirror 


DRURY LANE. 01-836 8108. Mon. to 
Sat 8.00. Matinee*. Wed. A Sal. 3.00. 
A CHORUS LINE 

" & rare devastating juvous aslunisning 
stunner.-- S. Times. 3rd GREAT YEAR 


DUCHESS. 836 824 3 Mor>. to Tnurs. 
Evenings 8.00 Fri. Sat. 6 15 and 9.D0- 
OH! CALCUTTA! 

" Tnc nudity is stunn ng. " Dally Tel. 
9ih 5ensauanal Tear. 


DUKE OF YORK'5. 01-836 5122. 

Evenings 8.00 Mats. Wed- Sat. 3 00. 
Limited Season Must end August 26 
JOHN GIELGUD 
■ n Julia Mitchell's 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
"Brilliantly witty . . no One should 
miss il." Harold Hobson i Drama >. Instant 
cred-t Card reservations. Dinner and Too- 
once seats £7-00. 


FORTUNE. 836 2238. Eva. 8.00. Thurs. 3. 
Sat. 5.00 ana 8-00. 

Munel Pavtow as MIS5 MARPlE In 
AGATHA CHRISTIE'S 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


NATIONAL THEATRE. „ 928 2252. 

OLIVIER (open stage): Ton't. * Tomor. 
7.30 (low pr. prevs.) THE WOMAN, 
new play toy Ectwurd Bond. 
LYTTELTON CprWcenlum stagej: Ton't. A 
Tomor. 7_50 BEDROOM FARCE bv Alan 
Avca bourn. 

COTTE5LOE (small auditonum!: Prom 

season from tomor. at 8 Wed. at 7 
THE PAS5ION. 

Many excellent cheap seats all a theatres 
day ol oeri. Car park. Restaurant 928 
2033. Credit card but). 928 3052. 


SIRAND. Vl-bJ-b -bPU. li«n».h*M 
Mat Thurs. 3 t’O. Sat S 10 <"1 F "■). 
NO SUC PLEASE — 

WE RE BRIIlSn 
THE WORLD 5 GRlATtSI 
LAUGMUR MAh ER 
GOOD SEAlS C-S 00-E t.fj. 


ST. MAR I IN'S. CC d5a 1441. l-s. ' 
Matinees lue-,. 2 45. b^tuicrivs l ,r 
AGATHA CHRIuTIt S 
THE MOUSE (RAP 
WORLD S LONGEST. EVER p, -7 r 7 
26lh Y EAR 


: j; 

c 1 5. 


TALK OF THE TOWN. CC ~Z1 a 
8.00. Dini«n» DanLii-a iB«. i>r-r" “ 
9 10 5uanr Rc.-j : 

RA2ZLE DAZZLE 
and a: 1 1 on> 

L05 REALES DEL PARAGUAY 


THEATRE UP5TAIRS. 

Rcnturscfi Readme 


OLD VIC. 928 7616. 

PROSPECT AT THE OLD VIC 
June-Sepl. season 
, , , TWELFTH NIGHT .. 

Eileen Atkins "a superb Viola. Times. 
Robert Eddison brilliant Fesle. 
Guardian. 

Today. Tues., Wed-. Tlturt. 7.50. 

THE LADY'S NOT FOR BURNING . 
Dcrel Jacobi "easy A virile auUtoutv. 
Standard. Eileen Atkins " riveting 
physical fluidity,” Financial Times. "A 
ocm at a performance Irom Rooen 
Eddison . . . Michael Denison. John 

Savdenr fl> Brenda Bruce scoop up the 

laughs. ' Guaidian. 

Fn. 7-30, SaL 2.30 A 7.30. 

Derek Jacobi In IVANOV — Chekhova 
first comedy. Previews Horn Autr-rst 16th 
■t matinee Prices. 


ALDWYCH. 836 6404. Into 836 5332 
Full, a-r conditioned. ROYAL SHA E- 
SPEARE COMPANY Tonight. Tomor 
7 30. -Ved. 2 00 and 7 30 Strtndherg s 
THE DANCE OF DEATH '* much to 
rnig. . D. Telegraph - emerges as a 
wonderful Piece oi work. ' The Times 
With .Steve Gooch s THE WOMEN- 
PIRATES ANN BONNEY AND MARY 

READ nevt Deri. Thurs i. RSC also at 
THE WAREHOUSE (sec under W). 


ALMOST FREE. 435 6224. Lunchtimes 
"One oft’- bv Boh Wilson. Tu»s -Sat 
1 15 a") Suns. 3 0 anti 5.0 nm No 
Show, on Monday. 


ALMOST FREE. 485 6224 Evenings Kurt 
tfo-nccoir* -■ Player Piano '■ b* J.mrj 
Saanot s Tuts.-Sai to rn No shews 
Mondays 


AMBASSADORS. CC. 01-836 117T. 
N.rrnm al 800. Matinees Tucs. 2.45 
.„5aiuftijys .1 5 ,nd 8 
PATRi-K CARGILL and TONY AMhOLT 
Hi SLEUTH 

i^.Wc-f Id-Famous thriller 
sv ANTHONY SHAFFER 
■ Ser n mg pi a y afl ain is m fact a" 
.ittct <"d total loy." Punch seat nrices 
2. CO ■* n O £4.43 D>nncr ana Top-i»ritc 
Seal £? SO 


GARRICK THEATRE. CC. 01-B36 4601. 
Eves 8.15. Wca. 3.0. Sat. 5.30. BSD. 
TIMOTHY WEST. GEMMA JONE5 
MICHAEL KITCHEN 
in HAROLD PINTER'S 
THE HOMECOMING 
' BRILLIANT — A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION.' D Tel. 

AN INEXHAUSTIBLY RICH WuRK 
Gdn. " NOT TO BE MISSED " Times. 


GLOBE THEATRE. 01-437 1592. 

Eves 8.15. wed 3.0 Sal. 6 0. 8.40. 
PAUL EDDINGTON. JULIA MCKENZIE 
BENJAMIN WHITROW In 
ALAN AYCKBOURN'S New Comedy 
TEN TIMES TABLE 

" This must be tne happiest lauantrr- 

maWi-r in London " D.Tei. An irres-voiv 
eniovable evening " Sunday Times. 


GREENWICH THEATRE. 01-858 7755. 
WILLIAM DOUGLAS HOME’S 
Newost play 
THE EDITOR REGRETS 
Evenings 8.0. Sau. 5 and 8. 


HAVMARKET. 930 9832 Evas. BOO. 
Wed. 2-30. Saturday 4.30 and B.OO. 
PAUL SCOFIELD 
HARRY ANDREWS 
ELEANOR TREVOR 

BRON PEACOCK 

and IRENE HANOL in 
A FAMILY 

A new play bv RONALD HARWOOD 
Directed bv CASPER WREDE 
"An admirable Slav nenest well con- 
ceived properly worked out tresnly and 
htiinglY written richly satisfying. Paul 
| Scofield ai hi» best." 6. Lcvn. S. Times. 


MIDMJMMER 'NIGHTS DREAM 
Tonight. Thur. A Fri. 7.45. Mats. W«d. 
_ A Thur. 2.30 with 

RULA LEN5KA. IAN TALBOT 

ELIZABETH E5TENSEN. DAVID WESTON 
Shaw’s MAN OF DESTINY * 
DARK LADY OF THE SONNETS 
Tues. and W«d. B.00 
Esmond J< night m pCIKCOUKT 
Lunchtime Today. 


Tomor. A Fn. 1.TS 


PHOENIX. 01-836 2294. Evenings at 8.1 15 
Friday and Saturday 6.00 inp 8.40 
■■TIM BROOKE TAYLOR. GRAEME 
GARDEN rnaba u s laugh." D Mail. 

THE UNVARNISHED TRUTH , 
The Hit Comedy by So VCE BYTON. 
"LAUGH. WHY I THOUGHT I WOULD 
HAVE DIED." Sunday Times "SHEER 
DELIGHT E*. Standard. "GLORIOUS 
CONTINUOUS LAUGHTER." Times. 


PICCADILLY from 6 30 am 437 4 sob 
Credit cards 836 107U3. Men. -Thur. B. 
Fri. A Sat. 5 A B.15. Soecni season from 
Wednesday iAup. IS »t 7 1 
SYLVIA MILES 

■ . . . spectacuAp^'performances 
FROM EVERY MEMBER OF THE COM- 
PANY." Gdn. A new Slav by TENNESSEE 

„ v.^ li £Tr S re 

• The " Old Quarter ” Of New Orleans 
" For those who rielignt in the continued 
power of this araat writer . . showing 
otf tin marvellous comic O'ft ' Times. 


33 255-1. 

BUKHARIN bV ANDY McSMITII 
Fri. and Sat only .il 7 J.0 cm 

VAUDEVILLE, "b 3b 998ft CC t-i x'dO 
Mat. lues 2 45 Si*:. 5 and £ 

Dinah SHERIDAN Dulcie G* A r 
A MURDER IS ANNOUNCED 
The newest whodunn<: o. A-.oina C->n -i-- 
"Re-enter Agatna Chi-s-i.- *>i'i .•>>i(.-tn~r 
whodunnit h.i aaathi Cnnil ' -t •>* ■ 
mg the Wcsl End -el acam .yi;-i a-i;:n r 
ot her heno.irii* inpi-mou-. mu-(i»" 
m,steries Foil. Ba-Lor t.nnnn r,^.,-,. 
AIR-CONDITIONED THtATRL 


VICTORIA PALACE. 

82S 473i-e ?3.l 1317 

STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Evov 7 30. Mars wed .."r s ■ 


WAREHOUSE. Donmar Th^arr-.- Co-rr-t 
Garden. 836 6808 Kcn.il sli.il -.rca-e 
Ccimpanv Ton : 8 00 p-jter FIa-ir--rv ■ 

5AVAGE AMUSEMENT * ..n -r- 

tionat playwiitinc cebu: F Time .Ml 

scats £1.80 Ariv nk-ji Almvv'ii 
Student Stanon. £1 


WHITEHALL. 01.930 56?;."7~i. 

Evgs. 8 :o Fri. and Sal. o 45 and -1 Cl? 
Paul Raymond orcscn-, the SenLiiional 
5«* Revu- ot lh- C-ntui-. 

DEEP THROAT 
6 th GREAT YEAR 


WINDMILL THEATRE. CC gi.437 61 II. 
Twice ff.onti. C. OI jnn lOOO. 
Sundays t> DO and 5 OD 
PALIL PA V MC-JD pr:-en: . 

RIP OFF 

THE EROTIC EXPERIENCE OF THE 
„ _ . MODERN ERA 

Takes lb unp-eccatnl. p inn.: . wnar •« 
permissible or ouf stage- 1 E>c n.-, c 
3rd GRE AT year 


■ TNDMAM-s. 01-926 S-JZT- Crr- 3 ,t r. 
Bkgs. B36 1071 'rom S 30 am r.\ 
Thur. B DO Fr, and Sal 5 1 j »nn z 
'ENORMOUSLY RICH 
VERY FUNNY Lven.nn N.»». 
Mary O M»|i»v s ‘h-a-.n-h.: .-cmnn 
ONCE A CATHOLIC 
Supreme • rmru* en and rrlis (. 
□ail. Trf.-3r.iDh 
" MAS' ri YOU SHAKE -VITh 

LAUGHTEP" Gu.rd.an 


PRINCE EDWARD. CC. 'lormerlv Casino). 
Dl-437 6877. FeriormiiiRi This We#L 
Evgs. B.O. Mat. Thur. 3.D. Sat. 3.0. B.40 
, NOTE CHANGE OF SAT. PERF5. 
From Sept. 2. Sals- 3-00 and 8.00 

by Tim Rice and^Xndrrw Lloyd Webber. 
Directed Bv Harold Pnnce. 


APOLLO. 0I.4J7 2663. Evenings 8.00. 
Mat» ilturv. 3.00 Sat S 00 and 8 00. 
DONALD 51 N DEN 

Ac:?* vrn Ww," E^mnq Standard 
SUPERB' N.o.W. 
“U, 7 M YOUR EYES AND 
W ENGLAND 
rvlLkedly funny." Timet. 


HER MAJESTY'S. CC. 01-930 6606. 
Evenings 8.00 Mats. Wed Sat. 3 00. 
JAMES EARL JONES 
as 

PAUL ROBESON 

" Magnificent." D. Exp. * Spellbinding 
tncaire." □ Mad. ■■ Make H a must." 
Evening Standard. Limited Season. 


ARTS THEAftE, 07-836 2132 

TOM STOPPARD'S 
_ DIRTY LINEN 

Hll»r ?u* . . . see ft." Sundi» Times. 
Monsav 10 Thursday 8.30. Friday and 
SrtUffllV at 7.00 and 9,15. 


ASTOPIf THEATRE. CC. Charing Cross 
Rd 0 1-734 4291. Mon. -Thurs. E p m. 
Fr, and Sal. 6 00 and B.4S l Buffet 
(DOd ^v, -labia. i 
ELVIS 

■•frff:taus. appealing foal stamping ana 
heai : -thumping." Observer. Sens L2 00- 

£A 03 H»tf-ttgur before show dcsi avail- 
able •'*»!* £2.00 Mgn -Thurs, ana Fri. 
..6 Pm pert only 
B6|T MUS'CAL OF THE TEAR 
EVE NING STAND ARD AWA RD 

CAMBRIDGE. CC. 836 6056. Mon. to 
Tnur. - “0 Fnaav Saturday &-45 and 
8 30. 

- .. JPI TOMBI 
_£v tilin g ata tu amtan Musical 
F-.kr.o mint var-etv.' Dlv. Mirror. 

E2 00-L5 00. 

D great rEAfi 

3- mirr ang rap-pn ee mat t5 7S m«l 
en'CHWTER. .„02*»3 

TemiOhi. Aug, 9 & 10 at 7 OO. 

THEani. *< 2 00 

s ill ^f pf . R 5 , _ PApa * s 
' S * 1 ■ Jj *'!!*. Auo. 10 at 2 0. 
“W* AFTER LULU 


KING'S ROAD THEATRE. 3S2 7488. 
Mon. to Thur. 9.0. Fri.. Sa:. 7 30. 9.30. 
THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE IT! 


LONDON PALLADIUM. CC. 01>437 2055 
LAST 2 WEEKS: ENDS AllG. 19- 
Mon.. Tucs.. Thurs. and Fri. at 8. 
Wed. and Sat. 6.10 and 8J0 
THE TWO RONNIES 
in a Spectacular Comedy Reyur. 


LONDON PALLADIUM. 01-437 7373. 
September 4. For one week only. 
MAX BYGRAVES 
with Special Guest Star 
JOEY HEATHERTON 


LONDON PALLADIUM. 01-437 7373. 
September 2Sm. For one Week Only. 
LENA MARTELL 


LYRIC THEATRE. 01-437 3686. Evs. B. 
Mat, Thurs, 3.0. Sat. 5-0 ana u.30. 
JOAN FRANK 

PLOWRIGHT FINLAY 

FILUMENA 
by Eduardo do Filippo. 

Dnecled bv FRANCO ZEFFIRELLI 
••TOTAL TRIUMPH ' Ey. News. "AN 
EVENT TO TREASURE" □. Mir 'MAY 
IT FILL THE LYRIC FOR A HUNDRED 
years. ' Sunday Times. 


PRINCE OF WALES. CC. 01-93D 8681. 
Evenings B.O. Saturdays 5.30 and 8 45 

BROADWAY COMEP^MUSIC AL 

«ravr l mg°ROSri4 r ASK WITH 
_ Directed by GENE SAKS 
CREDIT CARD BOOKINGS 930 0846. 


CUEEN'5. CC 01-734 1166. Prevs 
from August 16'. Opens August 2 3. 

GEORGE CHAK1RIS 

ROY DOTRICE 

JAMES VILLIER5 

RICHAPD VERNON .n 

THE PASSION OF PRACULA. 


RAYMOND REVUEBAR CC. 01-734 1593 
Al 7 pm. 9 pm. 1 1 pin. Opens Suns. 

.■JMIfBilgrtt.iL 


CINEMAS 

ABC 1 A 2. SHAFTES8UFY h i fc ? 
8B61 Sen Peril. ALL MATS Eh*!.; 
1. 2001: A SPACE ODY55EY •l. , i 7f!m . 
him. Wt & Sjn 2.25 r.ji L’ 
shew Tcniqni t i .0." 

2: THE SWARM ia' Ws i S u n . 2 09. 
5. IS 8.15. Laie inow Tt-ni;r,i l||j 


CAMDEN PLAZA ippp Cjmecn 1 own 
Tubei 4B5 2443 Taviam s ALLONSAN- 
FAN f AAi *6, inn direrter ol paorE 
PADRONE i 4 45 6 30. 0 00. Final wl.. 

Must end 9 Aug 


CLASSIC 1. 2. 3. 4. Oaiord 5freer i one 
Tottenham Court Rd fuhe 1 53£ 63 1 f. 
Special Snason cn Film Enti-riHinn.i-m 
•Or Children fann Aduilsi Orm price SOp 
M on -Fri 11 am Da6r 10.45 an .. 
SEAL ISLAND tU'. SAMMY'S SUPER 
T-shirt (Uj. U ann A cruo Chii/in-n 
tiatf.price. 

T- Walt Disn.-y;. HERBIE GOES TO 
MONTE CARLO f«l. P:om. 1.30. 3 49 
5.55 B OS 

2. Douo McClure WARLORDS OF 
ATLANTIS lAi Prpgt 1 10. Z 30. 5.S5, 
S.20. 

3. THE LAST WALTZ Mjj. Prooi 1 20. 
3.45. 6 10. 8 35 

4. DAY'S IN LONDON iAi 
D ialogue Progs 2 00. 4.10. 6.25. fl 35 


REGENT* CC. lOxtd. Cut. TuOe). 01-637 
25|5.'/'J!S.GRtAI AMERICAN BACK- 
STAGE MUSICAL. Eve*. 8-30 Bllr Thur*. 
and Sat. 7 pm aim 9 gm. 


ROYAL COURT. 730 1745. A.r Good. 
|YBS. 8. Sat. s ft- 8 . 30 . World premiere 
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Leonard Fenton andPAUL ROGERS. 


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TFlnaricfal '’Times Monday : August’ 7- 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finantimo, London PS4. Telex: 889341/2, 883887 
Telephone: 01-248 8M0 


^ j 1 1 


Monday August 7 1978 


Middle East 


the economy to 


By PETER RIDDELL, Economics Correspondent 


PROSPECTS 


• rriHE Conservative Parly created by North Sea oil will 

fll /TM Cl I aspires to introduce a have been used up in the 

. I ' ^ | ” | X "break for freedom" in current mini-consumer boom. 

K-r m economic policy. Yet if returned Moreover, many forecasters have 

to power this autumn— and the suggested that on. present 
progress last Sunday's tough statement odds are still short either way— policies the public sector bor- 



towards a Middle East peace by President Sadat refusing the Tories would face tight rowing requirement is likely to 
settlement are looking more further contacts until Israel limits on their freedom of rise again in the next financial 


sombre than at any time since promises to return all occupied manoeuvre as a result of the year. 

President Sadat of Egypt's Arab territories. current state of the economy All this inhibits the scope for 

dramatic visit to Jerusalem last With so much at stake, it is and the likely prospects, let sudden dramatic changes. But 
November. After months of perhaps hardly surprising that alone any political constraints, anyway, talk, of 100 'days of 
frustration in which he aspired both sides should lake time This is recognised by the instant action is against both 
to be the magnanimous peace* manoeuvring to obtain Jhe most Shadow Treasury team, headed the philosophy and tempera- 
maker. President Sadat has now advantageous negotiating posi- by Sir Geoffrey Howe, QC, and ment of Sir Geoffrey .Howe, 
felt obliged to lay down pre- tion.- Congressmen and officials a lot of work has already been What a Tory Chancellor would 
conditions for further negotia- in Washington are reported to undertaken on translating the seek to make clear as soon as 
tions which the Israeli be concerned that Saudi Arabia long-term commitments into possible, however, is the direc- 



Government 


inevitably has put pressure on President I proposals for implementation, tion of change. So the first 


The Lebanon remains a Sadat to stiffen his stand. One I The theme of the Conserva- statement could be a commit- 


powder-keg which the Israelis theory is that the Saudis now tive approach was clearly estab- ment to a year-by-year steady 
are watching with particular believe his initiative to have lished in a major policy docu- reduction in the target rate of 


concern as the reconstituted failed and are now hoping ment last autumn (The Right growth of the money supply and 
Syrian-backed Lebanese Army to organise a new, united hard- Approach to the Economy) and 0 f the public sector borrowing 
tries to move southwards to line stance by all the Arab in numerous speeches since requirement This Is partly on 
police the sensitive area just nations. It is equally likely, then. The inspiration is drawn the view that a return to a 
north of Israel’s border. And however, that President Sadat from a generation ago: the known set of rules would help 
for anyone who might have for- has decided on his own initia- scrapping of regulations and the t o create the right atmosphere 
gotten the violence of the pas- tive that toughness is now the tax cuts of Lord Butler’s period f or businessmen. But the Con- 
sions that th.e Palestinian issue best tactical way to respond to as Chancellor of the Exchequer servative leaders are keen 'to 
arouses, the latest wave of Arab what he sees as Mr. Begin ’s in 1051-55. The Barber years of avo id any suggestion that a 
violence in London. Paris and intransigence. 1070-74 are now conveniently C0IX ect monetary- policy would 

Pakistan should have served as Whatever the reason, Presi- passed over, apart from his so ] ve everything; they do not 
a sharp reminder. dent Sadat does seem to be major changes in the tax struc- believe it is possible to run the 

n M • » genuinely conduced that the ture. economv like an aircraft on 

Reprisal next step should be new pro- The main change in approach automatic Dilot. 

.. . . . nncalc frnm thp IT R Tho aim -I n 1 ■ j - B “ 


The transition could; feraom! 
s difficult in the public - aJSS 

** where central govmitttatiS 

W5 > to be ; more specific in . 

limits to be consistent 

-its monetary objectivea.; ..gfo- : 
Tories’ emphasis is again- 
moving detailed wagb-barg^t, 
ing away from Whitehall, ap- 
pointed out That the cakh'lh^i 
do not solely affect payrifo* 
and it is up to unions and fog 
employers to bargain about tfc 
number of jobs '\ri1Md r a 
payroll. The Conservative**!#! 

* favour a more general, use 
“ cash limits in screwing 
public spending as a^whoteimif 
in producing tauter fiiutbctu 
management. 

<r*i The use of the cash 
£ ceilings effectively : as a : p*y 
policy has been a controvert 
issue ever since their intro, 
ductlon two years, ago,, andf it 
requires much greater flejdWflty 
over -manning scales than flto 
public sector unions hare shinm. 
so far. Within the -centai 
government sector, there are 
Freddie KoasficM perennial problems of com. 

parability which . probably 

Sir Geoffrey Howe, QC, the shadow chancellor, might prefer to. pass over the Barber years, require a greater CO-onUnatisa 

Mr. Anthony (now Lord) Baiter was chancellor from 1970 to 1974. 0 f ^ activities of the various 

review bodies. 

hope of quick results. It would if the defence and law and test for an incoming govern- 'The Conservative . . Party 


Sir Geoffrey Howe, QC, the shadow chancellor, might prefer to. pass over the Barber years. 
Mr. Anthony (now Lord) Barber was duuuellor fttun 1970 to 1974. 


nptvpc posals from the U.S. The aim, sinre the Bar^ opriod is a ^ ^ " „ • till nope of quick results, if wouia u tne aerence ana law ana test for an incoming govern- The Conservative . .Party 

Nenes ha'® !*f en . *iirto er in his view should be to steo „r toese 2° od intentions still also take time to reduce money order programmes are to be ment is likely to come on pay; encompasses greater aiid lesser 

up "the pres^u?? on iSael— ^eS manaEemen^ if which leave * e ? h ™ t0 spent on industrial aid scheme^ increased. The short-term the annual round of wage SthtJa^' o“ pay g 

LL is precisely why the nuhii?Lpnrtin!! SfJt.iJwS reconciJe th e -.commitments to employment subsidies and the objective is still to produce a settlements would be getting though, ironically. - grate 


: V up the pressure on Israel — demand manaeemenrin which iea r “ “ “ w 1 Spent on industrial aid schemes, increased. me snort-term me annual round or wage enthusiasts on pay polkfr 

sSe^m^ket and the Tramed? which is precisely why the publi?ljenS aiid ^es were T econci]e the commitments to employment subsidies and the objective is still to produce a settlements would be getting though, ironically. - grate 

a^lL^UreLfiafor^ air attack Israelifi disIike the idca * ^ Ssed t<?fin*5L the 1 economy 1 ^f ease ***** , ^ radl ”S . 0Q National Enterprise Board. public sector borrowing into full swing just at the time divisions within the party could 

on i^the Vance has said that Washington Ka £t briSSTttto defence and on law and order lt QO netheless. argued that estimate for the next financial of an autumn election. The occur, on the. so far less 

Oil 3 raiesimian camp IQ tne - .I ... . _ _ XII lF ^ e 6 1L & -Ufith puts in the overall exnen- _ L a _ - vanr lftihinh 1C eiDmfinoTit v lore rnncfln/ativpc nnnncprl . trv rficmiccofl tcaiiA.pf tHn VrewM. 


^banon The Israelis added * P re P ared t0 make a new move. pos ^ ble for the Government to "I th c “ ts , \ n ** expe . n_ a start can be made on cuts in y®*r which is significantly Ikjs Conservatives are opposed to discussed issue of the Franco- 

Ljtr lid I IU 1 1. 1 IIC IMdtTIIS dUUeil -- , | pwwMic au* uic J.* nrd tntfil find rPATIPtlATK in ^ M lineal* T fha nAwammant'c R nnr nant> /fAMWAM nlivto fnw V17P 


r,- h nf Unplie summit-level negotiations. Any catast roDhe but helued confi- were be foUowe d a- detailed transfers might also be reduced arousing too many hopes of dend control policy. Bremen meeting of EEC heads 

seemed to he heeinnine to des- such invitation ’ however, would ^ence by showing that expendi- Public Expenditure White again. Although it is recognised massive reductions, though Tor y approach is essen- of government showed. The 

nair in thpti- «Mrph for nau probably only be issued If ture and borrowing were under Pa P er would have 10 be P ub * that these purely financial trans- there may no doubt be hints tially that an understanding official line Is cautious; the Tory 

move s t owards neace Onlv one- Was hington were confident that controli lished by the end of next actions do not tackle what is during the election campaign *bout a range of wage increases leaders suspect that the Govern- 


moves towards peace. Only one- both m | n m 
fifth of the population felt con- ^ 


fident enough to tell a public initiative 
opinion poll that they did not 
expect another Middle East war in • P re * 

in the foreseeable future. President * 


y Instead, the Tories propose a 

five double-pronged approach — a 

stabilisation programme of 
present ^ circumstances, monetary and public borrowing 


January at the latest. 


in the foreseeable future. President Sadat s personal dis- policy to create the right 
It is against this ominous I 1 *® of -“ r - Be sin such that demand framework and what is 
background that Mr. Cyrus 11 muat be . mo ^ UI djkely that cgUed a n ** enterprise package ” 


Options on 
cuts 


The Tories have worked on 


seen as the main problem they of goodies to come. The key tax should emerge from discussions ment looks upon the scheme as 

do have a value. If only for elements of the " enterprise . between all sides, possibly at a being like the old fixed 

appearances' sake, in contri- package "——reducing the higher forum such as the . National system where politicians : and 
buting to the overall cuts. The rates of income tax. cutting or Economic Development Council, officials rather than the matiwt 
Conservatives would seek iu possibly phasing out the invest- The emphasis is very much on determined exchange rates. 7 
their first Expenditure White ment income surcharge, and re- public education and making The Conservatives believe in 

Paper to provide sufficient ducing the burden of capital unions aware of the im plica- freely floating exchange rates 


VtaSTlK u's Secretaryof he could bring htaseUto accept a aerieaooptJon, onpuh ‘vldenceof , ieterminatioeto gata. capital frahafer Son. h g? 

Siaie. is again shuttlmg between such an inv.rat.on. The Egyp- esse stnirtural on the spending, though they -di not conta J n a ‘ ?“ b “ c - do »»*, ra ™] ve a " enormous mmt of stated monetary and for the Franco-German plan 

Israel and Egypt in the hope of nan leader's aim in recent ^e. This in turn has have a detailed shopping list of :£ endmg - ta reven “ e Ios6 ' Aarwa J the u ' flatl0n targets - ^- of “ " ol ?i re ‘ ,olr i. “ 

- . . ... «.> nA lrn kt»A kdiAM 4 a -h-ii f/t w t hp nVAnfltpri chlfh hptnrPPn thp imnoM rnmDc in thp copnnrl tkrliuctvnont n8 TTlT- tnnitAfure 


bringing thc“ wo countries to weeks has been to try to squeeze ^^d in a list of "specific ^ “s^^”sh“o^d'‘'be“loKMe ' h l, pr ° p “ ed be !^ en lhe ™Pact comes in the second 
the negouating tab., Mr. Vance —«*«! * *? “ co^teir K ^ "" ““ W 


has already made it clear that process by restricting his con- ££« monrta^'poarth: a shift tow“33dy wllh tta‘“^u“id L. nvo-to-three-year period. The Conservatives would also 
he does not believe his trip will tacts to other Israeli jobticians. fn)m direct to indirect tawfion co n tingenCT P^annin E inside lhe S erc U al ™ „ Ukely ,. t0 **..* ba P e “> mcrease tax thresholds 

v j j TTiff racnnhnpnt ut Mr Woerivi’c . . .. . . COnUUgeUCy pidllLUUJ, lUhUUtT IIIB “wor on WSStfi ’ in the Ollhlin at Miss Imttnm end nt +l,e enala 


lead to dramatic progress, while His resentment at Mr. a lower overall tax burden; Treasury One problem is that 

at the same time acknowledging failure tothe gesture restraint on public expenditure mucb of oi^ious fat on the 5. 


“war on waste” in the public at the bottom end of the scale 
sector. and, if possible, cut the stan- 


fiation targets. insofar as it would require an 

„ adjustment of UK monetary ; 

A HV DOlICV 'and fiscal policy in line with 

J r * J the better performance on these 

lYlPnt^lifV matters elsewhere: 

* The view is that in. practice 

In a recent Commons speech, - the U*v would have to get. its.. 


that negotiations have reached of his Jerusalem trip may be arid cuts in Labour p i ans for ^ Th ere ^ s o me imprecision da *d rate 'of income tax. The Sir GeofErey Howe -stressed the economy-in order and reducih* 

a critical point. Until just over understandable, even if a per- ^ nextfew years; and reviews rh^ L^t7 P pr Tf Z 5 about the exact spending target intention. would be that a large extent of the common ground inflation rate before partidpat- 
a week ago. Mr. Vance had been sonal boycott of Israel’s Prime of p ining and price control Sis Sir Geoffrey Howe has talked Part of these cuts would be between the two main parties ing fully in any scheme. So nor 

relatively optimistic that he Minister is hardly the most con- legislation. . example-, ■ the past about reining ex- financed out of an increase in on the objective of moving to* commitments are being made by 

might be able to get the two structive approach to the prob- Few Qf specific sugges- rrenu ™ pe ndlture back to the level of indirect taxes, notably Value wards “responsible" or the Tories out of office, apart’ 


mignt ue aoie xo get xne two birutuve app^acu iu cue pxuu- F . *he specific sugges- i V — ' ’ — pendlture back to the level of u*xea, huuiujj vaiuc war us -responsioie or tne tones out or omce, apan 

sides together following the lem. Nevertheless. President are oove i K U t imnlement- nas .. a £ nasea ou w capital 1577.78 — about £4bn less in Added Tax (which ; anyway “normal” collective bargaining, from expressing a willingness, 
t . .. 1 — „ n.,.. u .a 1 i lira in uuua uu, °‘ iwhibimsui sDenrimp has alreadv been , . ij l. „+ . x/.. -.u. r w. -iv_. im. ..u_ 


.-mV, iv^vu.,* — - — - — — . — iinns are novel dul lmuieiueui— . . , . . , — uwu, ^ ... — — — — . — . , - - — w — — - « ■ o - - - - -o- ..—.... p — -- - — — ■ 

apparent agreement to keep Sadat may well be right in them would involve a major sp , e “ dm . g bas , alre ^ beei ! volume terms than is planned would be at a single/rate) and Yet as the Government's expert- to talk. Yet some MPs, notably, 
talking at the U.S.-sponsored concluding that a new American «««««_ relatively reduced and financial fnr the enprent financial vear excise duties. ence has shown in the last 12 Mr. Edward Heath. -are clearly 


talking at the U.S.-sponsored concluding that a new Ameri 
Leeds Castle meeting in July, initiative is the only way 
Those hopes were torpedoed by breaking the deadlock. 


an shift in the direction of econo- f elaU p y reau “ a 8041 “umicjai f or th e current financial year excise duties. ence has shown in the last 12 Mr. Edward Heathy -are clearly 

°f mic policy. This runs into the “ ransters * 35 export re- just over JE5bn less than The present Government has months, a single figure is enthusiastic about the plan and 


mic policy. This runs into the “ — • . and just over Jtbbn less man Tne present government nas mourns, a single ngure is eninusiasac aoout ine pum ano 

immediate constraint that a linan ^? subsidaes, nave been projected for 1979-80. There also talked about ‘shifting the almost bound to turn into a the timetable of EEC discus- 


icfl AI7 wl before* a~ period 'when ' the particularly stressed their inten- spending in Gross Domestic the effect that a rise in indirect tortions and compression of iDg of heads of government in 

li/l j j IV I lr~l It 1 1 economic situation has given tion re-e xaminin g the £3bn Product, which could Imply taxes would have on the retail differentials. Doubts about early December. . 

^ the Government some scope for trade, industry and employment smaller cuts if the economy price index The Conservatives whether it will ever be possible Overall, whatever the cqd- 

fipvihiiity and allowed discre- budget and the £4bn ^>eot on was expanding. But all this is claim they are willing to face to evolve a common understand- trasts in the two main parties’ 

tionary changes in fiscal policy, housing. But any major likely to be for later years this problem by trying to per- ing an a range of increases, formal policies, there may be 

y/V| The growth of demand and changes there would take some although • sceptics will still suade people of the advantages rather than a norm, cannot little difference in what happens 

^y| 1 l| ,l activity are likely to be slowing time to show through because wonder how substantial a reduc- of having a choice over how easily be. dismissed, espedaUy to the economy. The real lesson 

down towards the end of this they might involve legislative tion in expenditure plans the they spend their money. as the incomes policy mentality of the last decade is that no 

“ THE HOUSE of Commons sits Procedure are not particularly year and much of the external action, and the record of the Tories will be able to announce, While monetary and fiscal has become so ingrained, not Chancellor of the Exchequer 

more often, and longer and radical, and were no doubt margin on the current account Housing Finance Act in the apart from largely window- policy are stressed the most by least among senior Whitehall can promise miracle cures, and 

later than any other Western limited by the terras of refer* of the balance of payments early 1970s hardly offers much dressing cuts in financial items, the Tory leadership, the main officials. • • ' be believed, 

democratic legislature.” And. as ence. Basically, the Report 


muucuuuc vuuouoiui iual a. 

Tory election victory in the p 


autumn would come after, not 


have also been references to a tax burden in this direction, but minimum norm for everyone sions will require a detailed 
Conservatives have reduction in the share of public has been deterred this year by with no escape from wage dis- assessment in time for the meet- 


the Select Committee on Pro- calls for the creation of a group 
ccdure might have added, there of committees whose function 


arc few, ir any, compensating would be to shadow individual 
benefils either in the way of government departments and 


MEN AND MAHERS 


greater scrutiny, greater demo- which would run for a whole Polieh nilpqfinnq 
inter or greater efficiency. Parliament They would have ru,,bn QUCSIIUIID 

The essence of the Com- greater access to outside advice, churchmen 

mitlee's Report, published last stronger powers to compel wit- vimiwmiiwii 


so that his parishioners will not So Vancouver is seeing a hotels if the birds fly too fast 
look at it nostalgically when -lightning growth in liquor for men more accustomed to 
they start attending a newly- smuggling. Police acting on a labouring over a hot stove, 
built cburch half a mile away, tip-off recently watched three The organiser of this eccentri- 


6} percent Convertible Debentures 

due 1989 


The organiser of this eccentri- 


week. is that tile balance of nesses, including Minister to Reading, in Berkshire, has a l w ® have a cl can breik,” men bringing more than 700 clly is Matthew Gloa& dirertor 


week, is mac me uaiance ui nesses. incjutuuK mi maters lu neuniug, in x>erm>uire, nas a , 

advantage between Parliament attend and to provide informa- 1,200-strong Polish community, says. 

Ouammont in thp rtav tn tinn and th#> ahilitv to fmw u-hose nucleus is made nn of . bympatuy 


of the Government to an extent eration to their conclusions. 


1200-strong Polish community, he bottles of beer in a small boat of a Perth firm of whisky 

whose nucleus is made up of Sympathy in Reading is from the San Juan Islands, blenders. He says that people 
veterans who fought with beari ly on the side of the Pries, which are U.S. territory, to who cook food do not have 
General Anders in the Eighth 85 1 found there yesterday. The Vancouver Island. After the enough idea of. how it gets to 
Army. Just now they have a de P u ^y leader of the Tories on beer had been landed, the police the kitchens. But the catering! 


PIONEER ELECTRONIC CORPORATION 
' Tokyo, Japan 


that raises serious questions The Question of whether such fresh ' fi S ht on ^elr hands— with Si “ on Coombs, moved in and confiscated it. The business is not so completely 

about the working of Parlia- arra^emratt would alter ^he the Church Commissioners. The C _ h ^__, C _ om . niJS : !?? ™ Uter destroyed, so it remote from the flrmg line as 


niontarv democracy. Even preseTradversary - nature “of Poles were last week told that v Gioag imaging Italian ■ restau- 

vhere back benchers have been J5SS polilSis touchS on their offers to buy a redundant j£SE. smuggI “e ecboes rateur Gino Settonl regularly 

cramra sunh as AimUcan church. St. John the spokesman for the local civic prohibition era of the Twenties shoots for his establishment in 


ecclesiastical is said. 


Gloag imagines. Italian restau- 


The undersigned herewith announces -that notion 
. has been received from Pioneer Electronic Cor- 
poration. by letter dated 24th July, 1978, that ft 
will redeem by prepayment on 20th September; 
1978 all of the6V& percent Convertible Debentures 
due 1989 outstanding on that data 


given some power, such as onJy in passing, though it is Anglican church. St. John the f“" era “ shoots for 

through Select Committees, the implicit that a^Hause of Com- Evangelist have been turned JU J st “d Thirties. Then the dnnk Kensington 


ihrouch Select Committees, the implicit that a -House of Corn- 
system is unplanned and un- mons that bad the means to give 


sometimes 


down; after a final service next n . ot for demoli- went in the opposite , direction startles passing housewives by 


Pursuant to the provisions of article 3 of the Trust 
Dead dated 20th March. 1974’the -Debentures will 
be redeemed at 1 04 per cent of the principal 
amount together with the accrued Interest from 
IstOctober. 1977 to and Inclusive 19th September, 
197® and wilt cease to bear interest fWm 209i 
September. 1978. 


ccria in muucra, uul ujitj wui nquauy, roe nepuri aoes not residents’ nrnfpst nofitinn » n rt,’. 

the means adequately to do so discuss the question of MP’s pay _. Tbe . £ oles . that the Department of ihe*Enviremnpnr 

and they cannot be sure that and the possibility that a sub- Church Commissioners will lose 'Se PoHsh 


their conclusions will he 
properly considered by the 
House itself. 


Rough justice 


Random 

One nerd nut accept all the 


wider issue’ of . freedom of th ? ere wjUus ,o — S*Sd ba ” a = brace^p .o“*me 

mformttion— uot lust to Select W £15 -™ Jotas to for his cllstomer3) . w odd happenings on Saturday, the 

Committee^ but. to public JSSftSS told that our offer was rejected Gj?™-* Twelfth. Four cbefs 


ana roe possiouny roar a suo- nm iwe The Polish rnimni.nitif l « ■ 

he stantlal increase would raise the ™ one y b y ?*e church, negotiator w^tii 1- K 

he standard of recruitment Nor because the demolition cost will commSSonera » SnOOtlUg Chefs Defying the police by going on 

is there any mention of the *£“ tte value. j am ^ kScM ke say^b is a S Die-hards on the grouse moors a ^o-day hunger strike is the 

wider issue of freedom of ^ g name, SrozyglowskL was hS h&ve to brace up to some vogue in industrial disputes in 

information— not Justto Select ^ £ J 5 -^ £ ®J J® f or his customers). “We wSe odd happenings on Saturday, the Pakistan these days, but two 

he C ,°™ m,ttee T s but . P« b,lc catholic service in told tha t our offer was rejected G, °rious Twelfth. Four chefs men who tried it outside a sugar 

dar at Iarge - fadeed lfinformation 01 c servme^n But due tQ . far-reaching pastS will be out with the experts, try- mill this week got more than 

he were “ + t re *, free J y a vaiJabie, iJ SrrovS implications V he sajl. “Itias iQ S tiieir luck with the guns, they bargained for. As a wam- 

'oo s° me of' the tugs-of-war between CAecnnie, wants it destroyed a blow — 35 J years l TJJJ They will not. it seems, go to tog to others, police' suspended 

rts Select .Committees and Govern- : thought we could have had our the extent of wearing their them upside down by their 

ov- I" ent departments would awn church at last As an white hats while taking aim: ankles near the factory gates 

ne Un R*-^f a ^' ® e . s ‘ de rjOb&lSih ethnic minority we don’t want but given the fact that they come before taking them Into custody, 

be !5 at, ijr?L Jli wb ®toer wT/fo M to cause any trouble— England from four nationalities— Irish, to martial-law Pakistan, this 

«nt !£ e Hous ® af “to in *n**W/Wttrni is our home now. But we shall English, French and Scottish — would not have become known 

m- !" e „ ® evening— fight until the bricks start and none knows anything of but for a paper which supports 


Payment of Interest and premium and repayment 
■ of the principal amount of the Debentures will be 
made in accordance with the provisions of arficl»2 
■ot the Trust Deed at- 


Pi arson. Holdring & Pierson N.V. In Amsterddm as 
Paying Agent, and 

• The Bank of Tokyo Ltd. in Brussels, Paris, London 
. and DOsseldorf. and 

- The Bank of Tokyo' Trust Company In New York 
City as Sub-Paying Agents 


racK cT r rn ^Tift^ rZnniM, Select . Committees and Govern- 
,"' any Sfi'l. 1 n-ent dcpartn, entS would 


” aVe TZmmL V 'Z at JZ unnecessary. BeTde 

emmeni comment, let alone th t tha n . IMf : nn nf wV ioth^ 


gainst surrender of the Debentures with all ui»- 
mstured coupons attached. 


cr T * ,u7f ro hp th at, the question of whether 

without debate, for toeie to be ^ H(JUge af Ammons sits in 


any justification forthe present ^ eveSSg^ 

system. Indeed some Com- t u,v,i_h rnmmiHnn 


system, indeed jmme com- t0 w h ich t he Committee devoted 
jmltees have dls ®JJ* th J* a good deal of inconclusive 
together mereiy berause they thue-is surely of minor import- 
werc unable to establish a nnpp 
mntius risenii with tht rele- 
vant government department: , , 

aurienilure" a" conspicuous ISO Help 

example. And. or wurse. it is Neverthelea. the Report is 
exceedingly difficult for any broadly 0 the lines; b k 
ci mini Ot ec to do specialised . , . ~~ , 

work without being able tn call benchers have too little power 

in specialist outside advisers and proper Parliamentary 
and without assured access to scrutiny of the executive is not 
those Ministers and senior civil being exercised. Two points, 
servants whnse policies are however, stand out The House 
supposed to be under scrutiny, of Commons is not going to be 
In any other comparable reformed from the outside; it 
counlry all that would go with- can only reform itself. And on 
rut saying. Yet in Britain the present evidence back benchers 
«vsiem that has developed is can expect very little help from 
not so much ad hoc as purely either of the two front benches, 
random. It is a battle that will have to 

The reforms recommended be fought in the next 
bv the Select Committee on Parliament. 




Beer bungle 




“ He’s another Korchnoi — 
thinks the opposition is trying 
to hypnotise him-** 


falling off the spire.’’ - shooting it sounds rather a toe condemned former Prime 

recipe for disaster. The Minister, Zulfikar Ali Bhutto. It 
organisers of the shoot have Printed a rather blurred picture 
. everyone well covered with first 10 commemorate the event, and 
Raqi 1 bungle and third party insurance. an information official in 

6 The chefs will go out in the totooro confirmed it 

Even the Commonwealth Games misty morning near Kiilin, in He said eight hunger strikers 
across the Rockies in Edmonton Perthshire. It will be a long had been arrested so far, but 
cannot make British Columbians journey, for such a speculative justified the action by adding 
forget their basic trouble — beer, venture, for the two from that, the crowd had been spit- 
or rather, the lack of it Ever London — Chef Conboy of the ting’ at the .police. Another 
since mid-May the local brewery Athenaeum Club and Chef series of hunger strikes, by 
workers have been on strike and Turner from the Capital Hotel journalists and newspaper 
there is scant prospect that they to Knichtsbridge. But it will be workers to Karachi, have been 
will go hack -until after-* fairly painless exercise (acci- going on for two weeks at the 
Canadian Labour Day, Septem- dents apart) far Chef Cottet of Press Club. No reporter has* 
ber 4. In this summer weather, the GJeneagles Hotel and Chef been suspended by bis type- 
breweries over the border in Cameron of the Malmaison la writer fingers yet, but police 
Seattle have not been able to Glasgnw. The Gleneagles will be raid the premises nightly and so 
pour out enough extra booze to the. base for operations and will far .-have over 40 In the bag. 
slake British Columbian thlrst& have what is politely termed “a 


Pursuant to the provisions of article 4 of the Trust 
Deed Debentures called for redemption may be 
converted Into shares of Common Stock of Pioneer 
Electronic Corporation up to and Including, but 
not after the close of business on, the data set 
for. redemption. Surrender of Debentures for the - 
purpose ot conversion shall be made at the Paving 
Agent or any of the Sub-Paying Agents. 


No Debentures win be accepted for conversion tf. 
presented for that purpose after the close of 
business on 20th September, 1$T8. ' 


The current conversion price is yen 780. The' 
closing price of ttie shares of Common Stack of ' 
Pioneer Electronfc ■ Corporafion on the Tokyo 
Stock Ekchange on 24th July. 197ft was yen 175® 
and toe high and tow closing prices In 1978 
through 24th July were yen 1 mo and ywrtttO 
respeefiveiy. 


7th August. 1978 
NX VoorburgwaJ 326-328 


The Trustee 

Amsterdam*** Trustee'* Kantooc B.V. 


Supplies from the U.S. have back-up number of grouse ” for 
been rationed. . the visitors to take back to their 


Observer 
















11 


Financial Times Monday August 7 1978 


More trouble looms for 



rys 


T? 

! 

i w 


BY RAY PERMAN in Linwood and ARTHUR SMBTH in Coventry 


LINWOOD, Chrysler UK’s 
troublesome Scottish car plant, 
returns to work today with one 
small problem solved and a 
much larger one looming. The 
550 paint-shop workers have 
ealled off the strike which 
halted production and have 
reluctantly accepted a com- 
promise on the breaks they are 
allowed to take in hot con- 
ditions. But the dispute has 
ended in an atmosphere, of 
bitterness and mistrust that 
promises very badly for the 
future. 

The Linwood factories, a few 
miles to the west of Glasgow, 
employ 9.500 people, including 
«.SG0 manual workers. They 
are vital to the survival of many 
of the small towns along the 
Clyde and during the past few 
years have been practically the 
only place where semi-skilled 
and unskilled jobs have been 
readily available in west-central 
Scotland. Their importance was 
recognised io the 1975 rescue 
of the company when the then 
Secretary of State for Scotland. 
Mr. Willie Ross, hammered the 
Cabinet table and threatened 
to resign if Linwood was not 
saved. There was a widespread 
feeling that the survival of the 
Labour Party in Scotland also 
depended on the rescue. 

But the political and economic 
situation has changed and it is 
now dear to management, 
unions and the Government that 
no second rescue of Linwood 
is practicable nor does it 
seem any longer a political 
imperative. The plant must 
provide its own salvation. The 
finance made available three 
years ago was intended to last 
until the end of 1979, and by 
that time Linwood must not 
only have proved that it can 
pay its own way. but also have 
generated sufficient funds to 
introduce a new model to 
replace the eight-year-old 
Avenger. The plant’s per- 


formance so far does not 
encourage optimism. 

Chrysler blamed its Scottish 
plant for most of the JE2l.5ra 
loss in 1977, but at the begin- 
ning of this year things seemed 
brighter. Following the launch 
of the Sunbeam small car. which 
is the second string to 
Linwood’s bow, productivity was 
said to be rising. In a fit of 
euphoria, Mr. Stan Deason, the 
Linwood managing director, 
wrote in the company news- 
paper in April: “I feel like 
a football manager whose team 
has been promoted to the 
premier division.” 

Relegation, however, was just 
around the corner. Productivity 
— which had risen from 45 per 
cent of targets during last year 
to 89 per cent in March — fell 
to 86 per cent in April, 85 per 
cent in May and during the first 
two weeks of June was down 
to 68 per cent Before the 
12-day paint-shop dispute and 
tbe three-week annual holiday, 
production was averaging only 
75 per cent of targets. Only 
on one day has Linwood ever 
managed more than 90 per cent 

Theoretically, the production 
line can produce 3,108 cars a 
week, but this figure is dis- 
counted to allow for technical 
problems and unavoidable stop- 
pages, to give a figure of 2,880, 
which is the. 100 per cent target. 
The management has told 
unions in the plant that it must 
make land presumably sell) 
2.400 cars a week merely to 
break even. Anything over that 
is money in the bank to pay for 
the Avenger replacement. 
Lately, Linwood has been pro- 
ducing little over 2400. 

Production of 2.400 cars a 
week adds up to an output and 
sales target of more than 60.000 
in six months. But sales of Sun- 
beams in tbe first half of the 
year were only 15,657 and of 
Avengers only slightly more: 


17,974. The European launch 
of the Sunbeam is not yet com- 
plete and it is likely that Lin- 
wood will concentrate on . Sun- 
beam production in the next few 
months as tbe campaign behind 
the new model builds up. But 
there is a lot of lost ground to 
be regained. 

In an agreement last October, 
the local management and 
unions identified 11 areas of 
industrial relations that needed 
to be tackled urgently if produc- 
tivity were to be raised- They 
included lateness and absentee- 
ism. which were largely the 
cause of the slump in produc- 
tion at the beginning of the 
summer, and tbe hot and cold 
weather agreements. It was the 
management attempt to re- 
negotiate these last procedures 
that led to the paint shop 
stoppage. 

Flexibility 

During the negotiations the 
company told the unions and 
the Government that there were 
a number of other problems it 
wanted to tackle after the paint 
shop issue was settled. It has 
yet to say what they are. but it 
would be surprising if most of 
the items on the October list 
were not among them. These 
also included labour flexibility 
between grades, skills, shifts 
and departments; the ending of 
restrictive practices; an end to 
unofficial stoppages; an end to 
alleged safety problems 
including delays in resuming 
production after accidents and 
refusal to accept the profes- 
sional opinion of the mainten- 
ance and safety department: no 
more “ blacking no more over- 
time restrictions; changes in 
working schedules; and the 
agreement of rules to identify 
issues that fell outside estab- 
lished disputes procedures. 

The legacy of the paint shop 
dispute makes an easy achieve- 


ment of these objectives look 
very doubtful. The Transport 
and General Workers Union, 
which represents most of the 
assembly line workers, and is 
therefore likely to be most 
affected, has already expressed 
its disquiet and bas called an 
inter-union shop stewards meet- 
ing for this morning to try to 
agree a common front, in 
response to any new attempt by 
management to renegotiate 
existing working arrangements. 
There is already acceptance 
among ' some stewards that 
changes are necessary, but that 
may not be enough to ensure 
they are achieved. 

The paint shop issue itself 
was essentially a small one but 
— ■seen as a precursor of a 
number of other management 
attempts to remove obstacles to 
improved performance in the 
plant — it takes on a new signi- 
ficance. The way in which it 
was handled by both sides bas 
set a bad precedent for future 
negotiations. The union 
refused to accept any change to 
the agreement on heat breaks 
even after the management had 
exhausted all the accepted 
negotiating procedures, and 
the management seemed to 
have deliberately prolonged the 
dispute by holding back the 
compromise that eventually 
brought it to an end. 

If the object was to teach 
the unions a lesson, it has 
failed. It appears instead 
merely to have weakened the 
confidence of convenors and 
shop stewards in the company’s 
determination to keep the plant 
open. It also seems that the 
threat of closure has lost its 
effect on the work force, which 
has become immune to the dire 
warnings about the future. 
Turnover of labour in the plant 
is high. Many other workers 
see their time doing the boring 
and repetitive tasks on tbe 
assembly line as anyway limited 
— a period to earn good money 


while looking for more interest- 
ing jobs elsewhere. Plant 
loyalty is hardly likely to be 
strong among this type oF 
employee. 

“ Another stoppage of this 
nature, even over a short period 
of time would obviously be dis- 
astrous for thi 5 factory" Mr. 
Jimmy Livingstone. the TGWTJ 
convenor, scid after the paint 
shop vote. “ We can’t go on 
producing at only SO per cent 
of the target figures, we recog- 
nise that. But this dispute 
could have been settled by 
negotiation. If the manage- 
ment go about any future nego- 
tiations in the ham-fisted way 
they did in the pamt shop issue, 
then wo are in for trouble. 
Industrial relations in this plant 
have got to be sorted out." 

Industrial relations at 
Coventry, thp very heart of the 
Chrysler UK operation, also 
appear to have turned sour. 
41 Had the v'onpany wanted to 
recreate ihe sort of crisis* 
atmosphere among the work 
force That preceded its financial 
collapse in 1975 they could nnr 
have mavle a better jr-b of it." 
says Mr. Bill Lapworth. 3 seniiT 
Midland* official of the TjJWD 
based at Cnvcntry. 

Morale- iv low and rumours 
rife about the company's plans 
for the UK. Mr. Lapworth 
places responsibility firmly 
upon management and main- 
tains that the fund of good will 
that the slate-supported com- 
pany could command has been 
“frittered away, particularly in 
recent weeks.” 

Indeed, the ehange nf mood 
at tbe Stoke engine factory and 
the Byton assembly plant is 
noticeable. The strike by tool- 
makers at these tv.n plants 
which crippled production 
before the summer break has 
reawakened memories of the 
sectional pay disputes that con- 
tributed tu the company’s 
earlier problems. 

Tbe walk-out by toolmakers. 



who were demanding improved 
differentials, has revived all the 
old arguments about relative 
pay. Any action to remedy the 
grievance cȣ this group of 250 
skilled men could provoke a 
series of counter-claims that 
might prove uncontrollable. The 
toolmakers are back ?.t work but 
have set the end of this month 
as the deadline for negotiations 
of a self-fiflancing productivity 
deal. “ Wc are undoubtedly 
walking a tightrope. " says Mr. 
Phil Povey. regional officer of 
the Amalgamated Union of 
Engineering Workers. “ We are 
confronted by sectional prob- 
lems to which we have no long- 
term solution." 

Management argues that 
within the constraints of the 
Government’s imposed incomes 
policy it is powerle.N* to respond 
to the pressures. As unc of the 
conditions of the >tatc rescue 
negotiated in 1975. the company 
must stick firmly io the letter 
of pay policy. Such restrictions 
according to the Chrysler men. 
mean that in the earnings 
league for toolmakers in the 
Coventry district they have 
slipped from third tu 28th in 
recent years. 

The formula which settled the 
fool makers’ strike was a return 
to work pending discussions on 
a self-financing productivity 
deal — a solution which could 
raise more problems than it 
solves. According to Chrysler 
shop stewards, the formula 
itself has already prompted up 
to 34 counter pay claims front 
various groups of workers. Most 
stewards are awaiting the out- 
come of the toolmakers’ negotia- 
tions before they complete 
details of their demands. 

The situation is complicated 
by the fact that Chrysler intro- 
duced a self-financing incentive 
scheme earlier this year un a 
company-wide basis, refusing to 
negotiate separate deals with 
particular plants. The 1.500- 
strong work force at Ryton. 



Mr. Bill Lapworth, TGWU official in Cincnliy: "The fund of 
good will Chrysler could command lias lu-i-n frittered away.** 


already informed the company 
that, if the toolmakers are 
allowed an individual scheme, it 
will expect similar treatment. 

But it is a; Stoke where lhp 
implications of a special deal 
for the toui makers are expected 
in be most serious. Granting 
tiie toolmakers staff status in 
1972 triggered off nearly thre-.* 
years of rivalry between groups 
of workers and widopeail 
industrial unrest. The elec- 
tricians. who have separate- 
negotiating rights and have 
staged action in the past tu get 
parity with the loohnakers. can 
be expected to follow any lead. 

Another little-publicised dis- 
pute may also erupt at any iiin-j. 
Nearly 10U millwrights walked 
out with the toolmakers 
demanding separate negotiating 


rights as the way in enhanced 
differentials. The men were 
persuaded io return with 
promise of a union committee 
i«r inquiry into their grievance, 
hut there is no way that their 
demand can be mot w-ithoiit 
threatening la shatter the 
present joint shop stewards 
ih-giiliaiini: committee into a 
number wl competing factions. 

The company, in a move io 
head ulT .similar scetnmal claims 
m J974. called a meeting iff 
all the senior Smke stewards 
who agreed upon a simple 
differential of £1 a week un the 
basic weekly wage he tween 
skilled ami unskilled workers. 
That agreement still stands, but 
would obviously be overturned 
should any concessions he made 
to the toolmakers. 


Post Office 
profits 


From the Board Member /or 
Finance and Corporate Planning 
Post Office 

Sir.— There have been a 
number of articles and letters in 
the Press, including the Finan- 
cial Times, over the last two 
weeks or so about inflation 
accounting in the public sector. 
Not least was the Lex column 
of July 31 entitled "Tbe state 
industry accounts muddle.” 
which criticised the nationalised 
industries and their external 
auditors alike. 

Three points received par- 
ticular attention in your report; 
current cos! depreciation; the 
so-called “gearing adjustment" 
suggested in the Hyde guide- 
lines; and the implication that 
some nationalised industries 
have been over-pricing their 
services through the selective 
application of inflation account- 
ing principles. I should like to 
comment on each of these points 
as They affect the Post Office. 

So far as current cost depre- 
ciation is concerned, tbe Post 
Office has been charging supple- 
mentary depreciation based on 
the estimated replacement cost 
of its assets for over 30 years. 
There is nothing arbitrary or In- 
consistent in the way in which 
the depreciation charges are cal- 
culated. and one year’s accounts 
can fairly be compared with the 
next. So far as comparison with 
other industries is concerned, the 
Post Office can. justifiably argue 
that, since it blared the trail of 
inflation accounting decades 
before most other industries in 
this country, it is not unreason- 
able for it tc stick to its account- 
ing principles until the rest of. 
the industrial world has either 
caught up or at least decided 
what it wants to do instead. 

The Post Office has not in- 
cluded a " gearing adjustment ” 
in its recently published 
accounts, not to disguise its 
profits, but simply because it 
believes that such an adjustment 
is misleading and irrelevant for 
a nationalised industry. As your 
correspondent Anthony Hilton 
quite rightly wrote on July 28. 
tbe prime purpose of the gearing 
adjustment Is to indicate how. 
with inflation, equity share- 
holders benefit at the expense of 
debtors. But, when the “ equity *’ 
shareholder and the principal 
banker are one. and. the same 
Uhe state 1 . the gearing adjust- 
ment is more likely to mislead 
than to inform. This. is the case 
for the Po.s-t Office. 

One major reason Is the way 
in which the financial target for 
telecommunications, the largest 
Fom Office business, is set. The 
target is to make a return Of 6 
per cent a year on mean net 
assets revalued to replacement 
cost. The return, which is on 
a par with expected performance 
in the private sector, is calcu- 
lated after charging supplemen- 
tary depredation, but before 
charging interest. It therefore 
concentrates the attention of 
management upon stewardship 
of the assets. Independently of 
the way in which those assets are 
financed. A “gearing adjust- 
ment ” which confuses the return 
on assets — the profit and loss 
account aspect— with the method 
of financing them — the. balance- 
ehon aspect — would, in the 
Tost Office view, serve only to 
confuse the readers, of its 
accounts. . ,, 

It follows that, becnusc tbe 
financial target is expressed in 
this eminently sensible way. the 

scaring adjustment ” or lack 
or jt has no effect on the prlres 
rtnrsrrt to our customers. Us 
relevance is of presentation 
significance only in certain Cir- 
cumstances and is not meaofog- 

rul in relation to the Post 

nni-e. 

F. H. Waterhouse. 

Puti Office. 

23, Howland Street. Wl. 


Letters to the Editor 

Public sector 
accounting 


which tbe public and industry 
would have confidence. 

W. B. Weaver. 

33, John Street, WC1. 


From the Member jar Finance, 
British Gas Corporation 

Sir,— It is clear we shall not 
convince Mr. Fenn (August 4» 
of the soundness of our account- 
ing. However,, it perhaps only 
emphasises the strength of our 
belief in the policies we have 
adopted that we can resist his 
really determined efforts to 
credit us with such a staggering 
profit performance. } 

One thing we can get straight. 
The 10.9p per therm is is new 
pence, and tbe rise of .70 per 
cent in the price per thetm over 
the ten-year period Compared 
with the ISO per cent increase 
in the Retail Price Index is 
correct. 

As regards the point made by 
Mr. Cripps (also August 4) there 
is no. doubt tbat realistic 
accounting presents problems, 
but without it the actions neces- 
sary to combat inflation and to 
maintain and improve real 
profitability will be in jeopardy. 
W. G. Jewers. 

British Gas Corporation, 

326 , High Holbom, WC1. 


Chemicals in 
Italy 

From Mr. C. Ruinard 
Sir, — The Italian chemical In- 
dustry crisis has come later than 
many had expected, but it has: 
arrived at last as your correspon- 
dent in Rome. Paul Betts rightly 
points out in his article of 
August 2. 

For two decades, many in the 
chemical industry have wondered 
how long it SiJhuld be before 
largd-scale financing of the 
Italian chemical industry from 
public funds would have to stop 
for the sheer enormity of it- .- 
Meanwhile the rest of the 
European (i.e. including UK) 
chemical industry has suffered 
badly under the unfair competi- 
tion against what amounted to 
a state-funded Italian industry. 
How much this bas contributed 
to the current precarious state 
of the European chemical indus- 
try. is difficult to assess, but one 
lesson is clear : if the state starts 
to interfere with industry, the 
consequences— albeit not felt for 
some time— are intensely un- 
favourable in the end. 

Happiness depends on freedom. 
Freedom depends on courage Tiq 
defend that freedom. 

C. Ruinard, * 

Industrial Planning, ; 

118 , Newgate Street, E Cl. 


Ownership of 
shares 

From Mr. M. Gibbs 
Sir,— In the debate on the 
Dividend Bill on July 27 Mr. 
Joel Barnett said that “half of 
all dividend payments go directly 
to individual shareholders." He 
quoted the report of the Diamond 
Commission as the source of this 
statistic. 

The Commission’s second 
report (page 18) shows a figure 
of 50 per cent for the holdings of 
Individual shareholders in listed 
companies. It should be noted, 
first, that this figure related to 
1973, and. secondly, that it 
represented the direct and in- 
direct holdings of individual 
shareholders, including shares 
held via companies and invest- 
ment trusts. 

Page 17 of the report gives the 
direct holdings of tbe principal 
types of shareholder. Individuals 
are shown as bolding 42.0 per 
cent of UK listed equities at 
December 31. 1973. More recent 
.surveys show that the proportion 
has fallen substantially since 


then. A Department of Industry 
survey gave a figure of 37.5 per 
cent as at December 31. 1975. 
Estimates published in the July 
1978 issue of my own firm's 
Market Review indicated that it 
had fallen to 32 per cent by the 
end of 19/ i. The change in tbe 
pattern of share ownership 
revealed by these surveys is 
summarised in the table: 


December 21 

3973 

1975 

1977 

Source Diamond 

Dot 

PJfL* 

Insurance companies 

To 

■v 


and pension funds 
lnvestmeiu truss 

2S.4 

e.7 

38.0 

and unit trusrs ... 

ft 9 

10 2 

30.0 

Total Institutions ... 

TiZ 

419 

4?.0 

Persons 

42.0 

37.5 

33.0 

Others* 

19.7 

19.B 

20.0 

Total 

100 .0 

100.0 

100.0 


• Chorines, companies, government and 
overseas. 

Since 1963, the proportion of 
listed companies' shares held 
directly by persons has fallen at 
an average of 2 per cent a year 
and institutional holdings have 
risen at a similar rate. It appears 
that this trend has, if anything, 
accelerated io recent years. 

It is vitally important that any 
future discussion about dividend 
controls should be based on the 
latest information and it is a pity 
that, on this occasion, the figure? 
given to Mr. Barnett do nol 
appear to have been the best 
available. 

Martin Gibbs. 

Phillips and Drew. 

Lee House, London Wall. EC2. 


Printed circuit boards 


Building jobs 
register 

From the Chief Executive. 
Federation of Master Builders 
Sir, — With reference to the 
article' (August 2) by Michael 
Cassell, headlined “ Voluntary 
building jobs register agreed by 
Whitehall ” in which Mr. Freeson 
is reported as having said that 
general agreement has been 
reached by employers associa- 
tions on a voluntary system of 
three employers' registers to help 
stabilise employment in the con- 
struction industry. I would point 
out that the Federation of 
Master Builders is opposed to a 
three register system controlled 
by joint industrial councils. 

As the largest employers' asso- 
ciation in the building industry, 
with a membership in excess of 
20.000, the FMB favours a single 
ntaional voluntary rt'£' 5 ’tcr: 
to be run. nnt by industrial coun- 
cils unsuitable for such a task, 
but by an independent registra- 
tion and arbitration board in 


From M. K. Sweeney 

Sir, — It is a popular miscon- 
ception that when consultants 
write a report they merely 
represent their own views; this 
is in fact wholly untrue. In our 
report on printed circuits in the 
UK (July 24, SI, and August 3) 
we report the attitudes and 
perceptions of tbe Printed 
Circuit Board (PCB) industry's 
own customers. We interviewed 
some 1,200 PCB users and of 
those who purchased PCBs as a 
separate component (some 750 
companies), about 40 per cent 
were not satisfied with tbe 
quality ol UK PCBs, 12 per cent 
were not satisfied with delivery 
(in a period when there is much 
overcapacity in the industry), 
about 30' per cent were not satis- 
fied with price; 48 per cent stated 
that they intended to purchase 
PCBs abroad. Further, PCB users 
attributed the loss of market 
share by the UK PCB manufac- 
turers to deficient quality, price 
and delivery. 

PCB producers do not realise 
tbat they now compete in a 
European, if not world, market. 
Indeed, if one turns to the inside 
front rover of the industry’s own 
paper. Circuit World (current 
issue), ODe win notice that two 
major UK electronics companies 
(Lucas and Racal) are endorsing 
Swedish PCBs. In a European 
context the structure of the UK 
PCB industry is simply not 
viable,; tbe major PCB com- 
panies are lucky to make a few 
per cent pre-tax profit on turn- 
over; their capital investment (if 
any) is not supported from their 
own revenue, but usually from 
the magnanimity of the groups 
which own them; very few of 
the hundreds of UK PCB pro- 
ducers have BS9000 quality 
approval, still fewer have DIN 
(West Germany) or UL (U.S.) 
or a French Proe&s Verbal — how 
then can they hope to compete 
in Europe or North America? 

The major PCB companies in 
the UK are owned, or will soon 
be snapped up. by large elec- 
tronics groups wishing to protect 
their source of supply. Consider 
then a possible scenario a few 
years bence- Given that the 
Government's initiative on semi- 
conductors is successful and soon 
Inmos (and others) will be pro- 
ducing ,many worthy micro- 
electronic devices, this will hope- 
fully generate an abundance of 
new Ideas and new products from 
the vast pool of electronics entre- 


preneurs which we undoubtedly 
have in the country. 

When, however, the time 
comes for these small embryonic, 
risk-prone companies to trans- 
late those plans and ideas into 
hardware; when the time comes 
to mount those Inmos micro- 
processors on to- PCBs; to have 
those PCBs designed, prototyped 
and manufactured to European 
levels and quality standards; 
what will happen? Tbe major 
PCB producers (with their BS/ 
DIN/UL approvals) are only- 
interested in volume production 
and actually wish to limit the 
numbers of customers they deal 
with to between 20 and SO very 
large accounts. The major PCB 
producers are not interested in 
prototype work which will yield 
small orders. Indeed, how many 
PCB producers will be indepen- 
dent a few years hence and be 
able to autonomously decide 
what they can and cannot do? 
How many of tbe hundreds of 
UK PCB producers can actually 
manufacture professional plated 
through-hole boards? How many 
have BS9000 approval? Thus will 
not our new generation of elec- 
tronics entrepreneurs find it 
difficult to physically have their 
plans made into reality? 

If they do choose to use lesser 
quality UK boards then will no; 
their products become less 
acceptable io foreign marks ls? 
How then are the, hopefully, 
hundreds of new companies and 
new products to become exploit- 
able and exportable if their 
circuit drawing cannot be trans- 
lated into circuit hardware? Will 
they not prefer, as has so often 
happened in the past, to take 
their plans and ideas abroad, 
where component supply is 
better and tbe supply of good 
quality PCBs is plentiful? 

We have studied the annual 
accounts of all the major com- 
panies. We know that margins 
are dangerously small and can- 
not support investment tin 
cither capital equipment or R 
and D) or a reasonable return 
on capital. No industry cm 
survive in these conditions. Yes 
indeed, to paraphrase Mr. Tr w? 
(August 3 1 . our “allegations 
do bode of '* danger,” however 
the danger does not come from 
a firm of consultant. rather 
from PCB producers in .Munich. 
Lyon and Kyoto. 

Kevin Sweeney, 

Larsen Sweeney Associates, 

P.O. Box 36. 

Maidstone. Kent. 


GENERAL 

Wholesale price index (July, 
provisional). 

The Queen returns from Canada 
and joins the Royal yacht 
Britannia at Greenock to cruise in 
the Western Isles. 

Mr. Edmund Dell, Trade Secre- 
tary, in China for talks on ex- 
panding trade and industry links. 

Talks resume on industrial civil 
servants' pay claim. 

Jamaic:. Independence Day. 

Small Business Bureau Launches 
taxpayers' rights charter. 

Royal National Eisteddfod of 
Wales opens, Cardiff (until 
August 12 1 . 

OFFIOAL STATISTICS 

Housing starts and completions 


Today’s Events 


(June). House renovations com- 
pleted and slum clearance (2nd 
quarter). Retail sales (June, final ). 
Hire purchase and other instal- 
ment credit business (June). 
COMPANY RESULTS 
Clifford and Snell (full year). 
Commercial Union Assurance 
( half-year i. Hambro Trust (full 
year). Owen and Robinson i full 
yean. Wagon Industrial Holdings 
(full year). 

COMPANY MEETINGS 
See Week’s Financial Diary on 
page 14. 

EXHIBITIONS 

Royal Academy summer 


exhibition. Burlington House. 
Piccadilly, Wl (until August 13 1 . 

Historical development of 
heraldry in Britain from its 12th 
century origins. British Museum. 
WCl i until August 27). 

Henry Moore drawings. Tate 
Gallery. Millbank, SW1 (until 
August 28 1. 

George Romney drawings, Ken- 
wood House. Hampstead Lane, 
NfW3 (until September 3). 

Sir Gilbert Scott centenary ex- 
hibition. Print Room Galleries. 
Victoria and Albert Museum, 
South Kensington, SW 7 (until 
September 10). 


Exhibition of 37th century 
Dutch painting. National Gallery. 
Trafalgar Square. WCS (until 
September 17i. 

Josialt Wedgwood exhibition. 
Science Museum, South Kensing- 
ton. SW7 (until September 24 ». 
OPERA 

Glynde bourne Festival Opera 
perform Cosi fan tulle, Lenes. 
East Sussex, 5.30 pm. 

BALLET 

Gala Season, with Mars of world 
ballet, opens at Royal Festival 
Hall. SE1, 7.30 pm. 

SPORT 

Cricket: Lancashire v New 

Zealand. Old Trafford; Under-19 
Test. England v West Indies, 
Worcester. 




With no disrespect to the 1 978KnancialTimes diarj; 
the 3979 Financial Times diary is rather superior 
_ The inside pages have been completely 
redesigned by James Shurmer, who has produced work for 
the National Gallery 

Tlie comprehensive business information section 
is now even more comprehensive. 

As is the French and German business vocabulary. 

We've incorporated a detachable address booklet. 
to save people having io copy out hundreds of addresses 
and telephone numbers an he end of each yean 

There's also an entire section devoted to world 
travel, complemented by a 43-page colour atlas. 

In addition to the desk diary there's a slim pocket 
diary and wallet, and an address book 

Which all means that without the FT Diary: 1979 
could turn out to be quite a liabiii ty. 

ThcperscniocontactisGcoSrei'PhilUps,TheDiaiy 


Manages Business Publishing Division, Financial Times 
Lifru ted, Minster House J ArttoSm£t 7 LondoiiEG4R9AX 
Telephone: 01-625 1211. ^ 

r Io: Geoffrey PhillipsThe Diaiy Manager. > ""1 

1 Business Pub lishing Division. Fina nefo! Times limited, | 

| Winstar House. Arthur Sl, London EC4R 9AXTet 01-623 12H, • 

{ Please send me jour brochure and order form. J 

NAME j 

POSITION 

COMPANY J 

i ADDRESS 


telephone 


DATE 


L 


FINANCIALTIMES DIARY 


J 












Stock Conversion forecasts 
increase to around £7m 


THE DIRECTORS of Stock Con- 

wsiim and Investment Trust tell BOARD MEETINGS 

shareholders in their annua! slate- 

!“« « »K ‘SS3T yviiE 

that pre t3X revenue tor tue Exphins^ such meeums are usually 
current year, including substantial h*iu tor tbc purposes of «w«wenns 
dealing profits already realised, dividend*. official indications are mu 
will he around £7m available wtiMhw dividends concerned are 

wm oe arouna «ni. mienm* or Una Is ana me sub-divisions 

As known, pre-tax revenue for ESEEiiE* BUlBly ta * 

the year to March SI. UK*, rose mri today 

from £4. 17m !□ £5.36m and the uuerims— Commercial union Assurance, 
dividend increased From 1.8025p Finals— Capital Geanns Trust. Clifford 

tn 3 ft! I Tin ner share and SnfU - u ®“ “* Base Metal Mines, 

to iMll.np per snare. Harabro ^ Howufl Shl|R( , rlnEa 

.hat >k. and Robinson. Woaan Industrial. 

The directors sa> tnat tne future dates 

£855.000 increase, on the interim iat«rim»— 


additional multi 'currency facility 
announced in June. The trust has 
now drawn 92m of the facility. 


ryvL. that tho AM KOUinwn, YflULOU IMOS 

The directors say mat the future date 

£855.000 increase, on the interim innrima— 

forecast of not less than £4.5m, Awonsnn Brw - 

include.* £318.000 ari.sinc From the Aquis Sp*nnn« 

revaluation or dealing properties. R5nS5 a,ed s '* cnnt * ; 
a.s at March .11. Rrtticft Petroleum . " 

Fite Force 

There was a^am a revenue Horutvonc and Shanehai bxk 

shortfall on ceriain sites held for Lsdbrotr 

or undpr development, they add. Rowl worrpsier 

Had the companies owning such acb Research 

sites capitalised ihe interest on Attaa tn>e»mw>t 7." 
the cosi of the sites and building British Benrot fiartHmJun* 

works less renlal income, direc- £*’•*£**1 AST" 

tors estimate ihat pre-tax revenue Kwart Srw f : 0 nhirn' 

would have bpen increased by London Transport 

some £l.lm l£1.7m». Midland Edurortorul 

Reliance Kniisrar 


Scottish 
Utd. ahead 
at halfway 



'Financial 'Times Monday- August 

Pony Peck jPcnding dividends 
reduction timetable 


nmnneo] C The dales when some of the more In^rtant company 


Net revenue from properties 
expanded by some £1.5m lo £7.02m 
of which £0.42m was artrihutahle 
io ninncpsicr Trading Estates, 
having been a subsidiary Tor the 
whole of ihe year. Of ihe balance. 
£0.5.1m was altribulable lo rent 
reviews nnd lease renewals, and 
£n.21m to new lettings. 

As a result of lower interest 
rate* and reduced short term 
funds, interest receivable was 
£0.45m less at 10.8m. 


GROSS REVENUE of Scottish 
Aos is United Investors rose from {1.97m 
a us ft to £2.07m and revenue after tax 
Auk. io came out at £0£>6m for the first 
aua. ?• half of 1978 against 10.77m last 

auk The interim dividend is effec- 
aur si lively raised from 0.52p to O.ffop 
auk. i< net per 25p share partly to reduce 
ia ,he disparity between interim and 
auk! is fi na * payments — last year's 
auk io adjusted final was 1.08p from net 
auk. rs revenue of £2.5m. 

Auk. Ift First half 

auk. id 10TS l»77 

AUK II f f 

Auc. 10 Grow ne*M)Uc 2.IW1.UT 1 KTI.034 

Au« 13 Franked t. 017.431 SS4.«« 


■ * . 1 



-■* - • 


F rtrirfh' .llans/rrtrf 

Sir Francis Sandilands. chairman of Commercial Union Assur- 


Yarrow 

IR.21m tn new lettings. settles further measures to reduce ex- rraamg activities 

‘Ji \ ™irii nr p ~ • sjstmte jsspc nsjrsr ssi ■& aerlin8 

fnnH- 7morp« rSrohSe ‘TTm of overseas investment expended by Initial Services in In' the groups Jubilee year, 

M VJi -' V/ The percentage geographical Pe ^T m years jn development. Mr. record pre-tax profits of £9.64m 

£ .4-vm le . at £ .8m. distribution of investments has A F Carling, the chairman, says against £6iHm were reported from 

Wilhin the iota | pre-lax figure. AN OUT-OF-COURT settlement changed as Follows: UK M.61 at in ^ report. First indi- turnover of £9356m. (173.76m). The 

associate companies contributed has brought to an end a long- June 30. _I9i8 iSiiW at Decern- cat j ons f rom trading in Ihe dividend is stepped up from 
some HJfim (£0.79ml: some standing wrangle between the ber 51. !»">• North America 36.oB current year po int the njjht way. 4.ofis3 P to 4.37467p. 

£n.o2m of the increase was from Greater London Council and p9 nU "®? ta i -c» ur ? pe . r he says. Of the operating profit or Efl-Bam, 

Centre Properties and engineering group Yarrow. i S? ha™ h« oS In the 10 years since machinery hire and replacement services 

^.nnnwas rrom mher companies. The dispute centred on difR- fntniifnanl^O leaning cloths and industrial contributed £9.74m and 74 per 

curies following a £40m contract earments were added to the Mn t 0 f turnover, office and 


Franked . ... 


1.017.431 

SR4.S9S 

i; of ranked 


1. MS .943 

1,086. Nl 

Uaderwu- 

coin inn. 

4.121 

19,073 

Kxoemes 


115.081 

96.649 

Debenture loan 

Ini. ’ ! 

5S6.RU 

377.450 

I’orpn. lax (less DTH> 

63.004 

114.004 

Overscan tax 


100.463 

lOfi '42 

Tax on franked 

Income 

Ml. l*t 

305.233 

Net r* venue 


8*2,758 

778,00 


Initial Services expands 
trading activities 


PROPOSALS FOR a capital reduc- 
tion and a reduction of the share 
premium account designed to re- 
move a profit and loss debit of 
£334,000 are outlined in a circular 
included with the accounts of 
Polly Peek (Holdings), 

The directors intend writing off 
half the capital with the result 
that its lOp shares will become 
Sp units. The share premium 
account w01 be cut from £218,000 
to £93,000, with -the result that 
the balance sheet total will be 
reduced from £571,000 to £354,000. 

Mr. Raymond Zelker, the chair- 
man. say s the debit balance would 
effectively preclude the company 

from paying dividends for perhaps 
many years. Also the share 
premium figure tended to obscure 
the relationship between the com- 
pany's share capital and its net 
assets. 

Directors — with 57.1 per cent of 
shares — intend voting in favour of 
the. proposals at the September 7 
extraordinary general meeting: 
The proposals will require High 
Court sanction, and directors will 
apply for admission of tbe 5p 
shares to the Official List. - 

Along with the re-crganisali&n 
the 1966 share option scheme will 
be ended, and directors do hot 
propose to re-open a new scheme 
at this stage. 

In his animal statement . Mr. 
Zelker says that the. improvement 
from a £25.000 first half loss to a 
£27.000 profit for, tbe March 19, 
1978 year was satisfactory bearing 
in mind the adverse conditions. 

Directors have taken, action to 
reduce where possible the level of 
overheads so the company will be. 
able to take advantage of any 
improvement in conditions,, hei 
says. 

Meeting. Berners Street, "W, 
September 7 at 11.30 am. 


statements may be expected m the nest few weeks are 

following table. Dales shown are those of. last year’s ar«ioun»n«S 

except where the forthcoming board meetings (radicateffS 


except where the forihcoming boaro meetings (raaicateffrth^ 
have been officially published.. It should be emphMisod thS^ 
dividends to be declared will not necessarily he at the ■ waring- ' 
rates per cent shown in the column, headed Annoimcemeet.-b^ 
year ;> Preliminary profit figures usually accwnpJwy ffnal-dft^ 

announcements. . ~ 


TrZln” Vs. .re* U„« f ° f ^ bolter plant 

ninuccstrr Trsoln^ GstJUPh is no _ < rj^.. —inr « % „ , » 

looser treated as an associate. al n ^monton. Agreement has 
_ . „ now been reached by “ mutually 

norms Jhr year ihe Trust acceptable settlement ” between 
acquired Me remain ms o0 per y anoWi the GLC, insurance 

aviKr&'jK'iJd .hut 

hecame a wholly-owned subsi- A statC m ent f ‘ rcm the Yarrow 

WLEH" "?"st JS33K 


SE probing 
Consd. Gold 
option dealings 


earments were added m ihe cent of turnover, office and 
group's traditional laundrywork general cleaning services, £919,000 
and linen supply, there has been an< j [g.j p Gr cen ^ ant j manufac- 
a further broadening of activities, turing, £383,000 loss and 9.9 per 
geographically and in the range cent. Administration costs less 
of services. , rent totalled £421,000. 

Interests in laundrywork and <jh 0 chairman says the year's 
linen supply n^e been ™ improvement was effected despite 

m the Netherlands, Belgium, discouraging economic conditions 
Perth (W-A.J. Adelaide^ jq Europe and Australia, as well 

castle (N-S.M.) and Brisbane: in as m Britain. Several services are 
Contract cleaning, in Belfast, enneitivo in lpii>|ii nf emnlnvmpnL 


FT Share 
Service 


' Aonotnr*- ' 

Pate meal tqM. 
year 

•Aaramoo ■ - - Auk- IB tat. 9.61 

- Albnshi anti _ 

Wilson . AUK. I* 5 * 

*Araoc. Dairies Aua. 33 f™ •'•« 25 
•Ault and 

- - ivfbont.. Auk. 9 lBt-O.ES 

h ini, x . 

BatKW *WllCOX -Scpu 13 Inc. 

BeatobcU Sem.14 int^S-MSai 

-Blbby iJ-» —AW- ■ n I-*L 
Bia: —Sept, B Int«JS 

Blackwood 

HodKe . Sept. * |nl. 6.96*i crai- 

Blue Circle Aus. 25 IW- i® 

Bowatcr S*pL S Inc- 4 

BET SepL 1 Final 3-6M 

"BrtUsh _ ■ , 

Peutiloum ..sept. . iw. q-»* 

•Brldon sepr. 14 Int 2.3 

bSr” sept. 12 1M.J.5W 

BTR Sept. 14 IM. 4.® • - 

Cadbury 

Sefeweppck ..Sepr. s lfll. D55 
'Carpels Ini. ...Sent. I Int. I.6S 
•CarrlnKton 

VlycUa . AUK. . * Ini. 0.59SBS . 
'Commercial 

unMD.Ane. r inr. 3A«4 

-Corail -AUK. IT Ini. 0.S 

Costtin i R.i ...Sent 6 Final o.ic*« 
i*Cum. de G root.. A uk. a FmaJLin 

Dalcety SeA 12 Final 8,427a 

•De Doers Cons.. Ana. 22 Inc. ITS £«1B 

Decca Sow. S Final ^3S2 

-DBG 5e«- 28 1st. 2532 

European 

Kerries . SepL 12 Ini. t 
•Gen. Accident . abs. » ini. 27S 
■Clrtiwed ... Aug. 9 IblSAS 
•Guardian Royal 

CxcbniiKf ..Scot. S Ibl 4--*j 
G uinness Peal... Sent. J S 08 } ? J5 2 
•Bamtiros Tsi. . Auk. 7 Final l.« 
BepHprfh _ • 

Ctfr.iimc.. So DC 7 InL L5S 

B «WtSii*Bk....AUB. 22 lot. HKJ0JB 
Hsc. of Fraser.. .A us. M InL 1.88934 
Rowdtn i Alex i... Sept. I Int. U 

ICI Sept I Inc 9 

Jn'taurc Cons. ...Sept. 7 Final IM cent* 
•Klein wort 

Benson.. Sept. IA InL 1.65 

'ladhrokf AuK- 91 InL 3 b 

Lain! Group Sept 3 Inc. 1 4« 

Land lQt-esrorx...SepL 1 Final 1.8 


L. ' AnpgpBM^ 

• hale. m«n3F:~ 

•Lex Service Aus. t7 lttLia* '- 

um. Merchant ' •: ’.-I 


Sec*.:. Sent S’- Fteiltoi' 
London Dm. ...\usr. 30 tut *»**...' 

* — Aut, 24 ' lot 13 $\ 


LonrtW AUK. 24 ' lot . 

Matthew" .. 

WMititiBon. Sen. a uluv 
-M eU) UoMitns. Sept 4 tnc.i.7'---' 
ynxconcrae Sept 1 Ibl t. 

*,Notpasluun 

Man- A wl 15 uictsn 

Ocean Traaapt ..Aon. 23 toL URr ' 
phoenix Assce—Aept 7 Lot 4 JJ| 
prop. Security 

inv... aus » FUun Ltaii 
prov. Flna net,... Scot 8 -tot. ram . 
•pyr mdM. ... auk. W ul fsa .' ' 
Rcdnn ft • • . • r - 

Caiman... Sepr. 13 Du. <M ' "*• 

•Rentokil Aus- * Int tsf ' 

Keverte* Sax. B int iji ' 

Dnllv.RnvM' . 


Balk-Royee 

Moron Sept. 12 Jncts* ' 
-Kojal Dutch 

Petroleum... Aus. 1“ liic, cn ta - 
■Royal Twee. ..Auk-LT Ibi. tBU 

Seen near Auk. V 14L 8J98S-' 

Sedcwick - 

Forbes . Aus. JSL- Int, la 

•Shell 

Tranapon ..Auc. 17 ]«. a an - 
•Skwcb Estates. -Aus. 38 InL in 
■StmUiand . J- - . . 

Ncpncw. AiiB.la Int. O.tli - 
•Smith Bros. ... Aus. 9 Final H HU 
forecaK 

SieeilCT' Sept. U InL 24Q 

Sod Alliance Sent 7 tni.io 

Sunler <B.i awl .4 Final UH .. 

TUllDK i Than. V.. Sent. 14 Inti 
-Tranapt. Dev. ...AnK. 47 '.InL 1,125 '• 
-Tulie iDvostmtK-.AuK. in Iol&JBS . 
Turner and 

ne wall... Sain.' 8 •Int4-. J 
Union Oonw. 

GrouD-Sem. 9 Final Oividat 
Wamm Finance auk. IS InL us 
Walk nr 

Goldsmith... Sent 1* Final mm 
Weir Group ... . AOS. 31 Int UW' " 

• Wuolvorth 

t F. W.) . Ans. 18 InL. 143 

VooRhal 

Carpels ..Sept, » Int.lBfi . 
•Board mreiinga intimated. 1 TtiaMi 
issue since made. 1 Tax hre. | Scrip 
issue since made fnm rocenrs. 


in The company wnne n was an . tj . ob « evera i montht e. n *>h;iiiu ha« - rou P s activities contributed to 

attociait*. This sum forms ihe into account, provisions for the f! lh creation of ma nufacl^ n 2 capabilii hdS the advance which was broadly, 

major part of an extraordinary contract losses made in previous ff-'iJESSL ViSnert mSSkM been - » ncreas cd j«t factories bgseds ■ J l 

debit Tor i ho year of £0.fiim years. .Yarrow said the cost of th Thf ^xcharw has^ also set up Irvine^' 1 ^vinsSne. 31 Kcx Industrial Services, bought 

_ . . .... . I.j.l .M a remmiUee a SF e inquir| 2 SJ Hfiort for k*™ Msh - Continues as" a 

Auditors. Dcloiitc Haskins and including legal charges would 3atB deal Ides in Regional Proper- This physical growth, bv separate company, although its 

Scl]s say Thai it is the company's appear in Us next accounts as ties which took place In February, acquisition or extension tin Northern Ireland subsidiary, pn- 


The following securities have 
been added to the Share Infor- 
mation Service appearing in the 
Financial Times: 

Aran Energy (Section: Oils! 

Bra mall (C. DA (Section: 

Motors — Garages and Distri- 
butors) 

Cleveland Cliffs Iron (Section: 
Overseas — New York) 

Kellock Holdings Ord. and Conv. 
Loan (Section: Trusts— 

Finance, Land) 

Ricardo Engineers (1927) (Sec- 
tion: Industrials) 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of £1,000-£25,000 accepted for fixed terms, of 3-10 
years. Interest paid gross, half-yearly. Rales for deports 
.received not later than 11.S.7S. 

Terms (years) 3 4 5 8 7 8 . 9 10. 

Interest % lOf II lli lli HJ 12 12} 224 

Rates for larger amounts on request. Deposits to and further 
information from The Chief Cashier. Finance for Industry 
Limited, 91 Waterloo Road, London SEl SXP (01-928 7822. 
Ext. 177). Cheques payable, to “ Bank nr England, a/c FFl" 
FFI is the holding company for ICFC and FCI. 


policy not m provide for the £315,000 after tax relief. A committee is normally only set Germany bv building from a cold m a ri lJ r occupied with contract 

potential liability lo corporation A GLC spokesman declined to up by the Council when the staff start), accompanied by the inevit- cleaning, has been linked to 


This advertisement is issued in compliance with the requirements of the Council 
of The Stock Exchange, it does not constitute an invitation to any person 
to subscribe for or purchase any Preference Shares or any ordinary Shares. 


tax which would arise in the disclose how much they bad of the Exchange have found able increases in working capital. Ir } itial Service Cleaners, and 

event of realisation of properties received from the settlement. enough evidence in their pre- has been financed almost entirely directors have sold its small sub* 

held as investments at the values Hminary work to warrant one. by borrowing, says the chairman, sidiary in Berlin. The mam busi- 

at which they are stated. In the „ Meanwhile a licensed share Only three modest acquisitions "ess of Kex is conducted from 

auditors opinion the amount of PHILIP HILL dealing company called Royuton have been made for shares— to the factories in Greater Manchester, 

Ihis potential liability should be is understood to be among -thp value of £140.448 nominal— and in Scotland, and South London, sup* 

quantified and disclosed by way or DRAWS Si M companies to be mentioned in the the live years to March 31. 1978. plemcntcd by one at Bochum in 

note. km */■ Exchange's report on “pur the group changed from a net the industrial area of the Ruhr. 

Meeting. Cafe Royal W.. Philip H HI Investment Trust has through " deals. The investigation lending position to one of short The trading performance of Kex 

Aueusi 30 ai noon. drawn a further Sim or the Sam was begun more than a year ago. and long term borrowing, here is in line with the estimates, and 

— — — — — - — - J - its purchase has brought a valu- 


Rotork Limited 


(Registered in England No. 573327) 


NEW ISSUE 


These Notes wert gjferrd and sold outside the UniUd Stales oj .imeriai. 
This tamouncemml appears as a matter of record only. 


July ai % rg 78 


$100,000,000 * 

J. G. Penney Overseas Finance N.V. 

81% Guaranteed Notes Due 1983 


able surplus of factory and storage 
capacity, says Mr. Carling. 

At July 21. 1978. The British 
Electric Trad ion Company held 
39.88 per cent of the ordinary 
shares and 8 per cent of tbe 
preference shares. London and 
Manchester Assurance Company 
24.1 per cent and John James 
Group of Companies 7.7 per cent 
preference shares. 

Meeting, Connaught Rooms, WC, 
August 31 at 12.15 pm. 


Capitalisation issues of 1,550,504 9£ per cent 
Cumulative Preference Shares of £1 each and 
9,303,026 ordinary Shares of lOp each 


The Council of The Stock Exchange has admitted to the Official List the above 
Preference Shares and ordinaryShares except those which have been issued to 
members of the Company's share incentive scheme. Dividends will be payableonthe 
Preference Shares in equal half yearly instalments on 31 st December and 30th June* 
The first payment, amounting to 3.87p per share (net of related tax credit) will be 
made on 31 st December 1978. . 


Guaranteed unconditionally as to principal , premium, if any, and interest by 


J. C. Penney Company, Inc: 


Scapa close to 
budget in 
first quarter 


The new ordinary Shares will rank pari passu m all respects with the existing 
ordinary Shares of 1 0p each of the Company. 


First Boston (Europe) ■ 

Lunitul 


Aigemenc Bank Nederland N.V. 
Ranquc Nationale de Paris 


.Banque Bruxelles Lambert S.A. 


Credit Suisse White Weld 

Lfauind 


Deutsche Bunk 

AJummrflidull 


Union Bank of Switzerland (Securities) 

Lanced 


S. C. Warburg & Co. Ltd. 


Mr. T. D. Walker, chairman or 
Scapa Group said al the AGM 
that overall, the first quarter's 
trading and results were close 
to budqci. which looked for a 
measure of progress during the 
year. 

The order position was. at pre- 
rent, reasonably strong he added: 
•‘What we cannot control is the 
movement of exchange rates." 
And. he said, any advance in the 
strength of sterling did have 
some continuing effect on results, 
bearing in mind the extent of 
group sales and interests over- 
seas. 


ParticuFars relating to the Preference Shares are available on the statistical 
service of Extel Statistical Services Limited and copies of such particulars may 
be obtained during normal businessbourson any weekday (Saturdays and public 
holidays excepted) up to and including 21 st August 1 978 from 


Robert Fleming & Co. Limited, 
8 Crosby Square, 

London, EC3A6AN. 


Rowe Rudd & Co., limited, 
63 London Wall, 

London, EC2M 5UQ. 


7th August, 1978. 


This Advertisement is issued rr cc^plumca zsitr the requirements of the Council of The Stock Exchange* 
It daa not constitute ari mnnuion to ony person to sithsenbofor or purchasexuty Preference Shara* 


A.EAmes&Cn. Amcx flank Amsterfam-flollenlamflaiiiN.T. Anddsbanken A/S Dandmnk Andresens Bank A.S" 

lipdri Limited 

ArnlioM anil S. Blcichrredcr, Inc. Banca Commercwle Italians Banca del Gottardn Banca ddla Svizzera Italians 


Anddsbanken A/S Dandmnk 


Andresens Bank A.J 


ISanc-.t Na/iimalc del I.uvani Banco i 

Bank of Helsinki Lid. Bank Ju 

Rank 3Iccs & Hope NT 
ll-.miitic liencralc ilu LuxcmhflurS S.A. 

Ranquc tic Paris ct lies PajvBas (Sui»e) S^V. 
Banque du Rhone ct dc in Tumisc JLV. 

E. Albert dc Bjut & to. N.V. 


Banco di Roma 


Bank oi America International Bank Guizivilier, Kura. Bun^ener (Overseas) 

J — ilrwA Limited 

Bank Julius Baer Inicrnminnnl Bank Leu International Ltd. Bank Lenmi le-]«rad 

InM C ™“» 

Bonkers Trust International Banque Franchise du Commerce Lxtcricnr 

|jB|r4 

Banque Internationale ii LuxemhoorJ S.A.. Banque de Paris et dcs PiiyvBas 


Bank Gutzwiller, Kuir- Bunfiener (Overseas) 

Umkii 

nal Ltd. Bank Lenmi ie-I'rad 

Gran* 


Embankment 

Trust 


Sotheby Parke Bemet Group Limited 


JI. Albert dc Bair & Ca. N.V. Baycrisdic L.mdeslnnk 

Ijim/cniralc 

Berliner Handels- und Frankfurter Bank Bl; th EaMmnn Dillnn & Co. 

l-’mbwwl iWfd 

Chemical Bunk Iuteni:ili»nul Christiania Bonk o* Kmlitkusse 


Banque Populaire Suisse S.A. Luxembourg 
Banque Rothschild Banque TT orms 

'schc L.nidesbonk Ba verisdie Vereinsbank 


Banque Privee S.A. 


Baring Brnthcre & Co., 

lMri 

Bergen Bank 


Revenue of Embankment Trust 
improved from £257.924 to 
£284.204 in the first six months 
of 1978 before tax of £103^30 
against £99.770. Last year, total 
pre-tax revenue was £516,000. 

Net assets at June 30 totalled 
113.34m against £i2.71m. 


Capitalisation Issue of 2,725,000 9! per cent. 
Cumulative Preference Shares of £i each 


The Council of The Stock Exchange have admitted the above Preference Shares to 
the Official Lis n. 


Caisse dcs Depots et Consignations 


Credit Coni inertial dc France Credit Industricl cl Lnnmcrciitl 

Crcdilo Ituli-juo JJai-Jthi Kangra Rank Nederland N.\ . . 

lkn norskc Crcdiibunk l)cutm:lic Uinwwniraie 


Commerzbank 

AUm»«4.Lifr 

Crnlit Lyiinimis 


Continental Illinois 

U«i«nl ■ 

Credit du N'ord 


Centrnle Rabobank ' 
County Bank Limited 
Creditflnstal t-Bonkrer cm 


Ihiiwa Europe N.V. Dcihriick & Co. 

The Development flunk id Singapore 


Den norskc Crcdiihunk lkut«lic Uinnmi rule The Development flunk •■[ Singapoi 

— Deutsche Koiiiniunalluiiik— lmmri 

Dillnn, Bend Oversells Corporation Unrolner Rank Drexel Burnham Lambert 

Ak'in.jr -D.bfi liwimiilf* 

European Banking < ompany first Chicagu I imited ' Rnheri Fleming & Co. 

iibmi im „ l— * rd 

(«mwnsdinfilidie 7entn\han\i AG Girntcnirulc imd Bank der Osterrejchachen Sparkiewi 

(■roupement tics Buntjuicrs Privet Gaicvuis Jlamhn^* Hank Handebhank N.B . (Overseas) 

Ilcssisdie Landohank Hill Samuel & Co. HU International Israel Discount Bank Ltd. 

— r, «-.«!*- . 

KanvalhVOsukc-Pankki Kiifcr, Peabodj- International isrfhenhavns Ham 


& Co. Den Danskc Bank 

■f SIT! .Vlimdiljdi 

TX« BANK 

Deutsche lie nossenstliaft-i bank 
Euromobiliure S.p.A. 

GcRna International 

l«lN 

Goldman Sachs International Cuqi.- 


He^isdie Lamiohank 

— Cii-twA— 

KanvjlbVOsuke-Pflnkki 


idebhank N.H'. (Overseas) R. Hcnriqucs jr. Bunk-Akliescbkab . 

linM 

Israel Discount Bank Ltd. Jstituto Bancario San Paolo di Torino 
BifthenhavK Handekhank Kleinwnrt. Benson, 


Kuhn Locb Lchmtm Brothers International , Lazard Brothers & Co, limited Laurtl Frerts etGe Lloy&Bankhternab'onaL 


MamifiicUiTcrs Hanover ^larine-Midlaml Limited McI^ Ymmi^eirBiter'iialional Merrill Lynch Intemtionul & Co. 

luMt4 ti— *4 

Samuel Momu*‘n & Co. Morgan (irenfell & C". Aforgan Stanley Interna tiotml ^Nederlandsclie Middcnstandsbank N.V. 

LbImU ** lim u i Uwinl 

The Nikk« Securities Co., (Europe) Ltd, ' NipP"« Europeun Bank S.A. ' Nomura Europe N.V. Sal. Oppcnheim j'r. £ Ge. 

iMcrreichtsvhetj'nJcrhank A.G. P Khun ken Picrxni, Hcldring & Pierson N.V. Privathanken : Rothschild Bank AG 

N. M. K<n I im .1 did & Sons Sulomnn Broiher. Intern-, itionul Scandinavian Bank’ Schriider, Munchoicyer, I lengst & Co. 


J. llren- .Schroder IVagg & Co. 


Skumlimn [ska Enbkilda Bankcn 


Privathanken : Rothschild Bonk AG 

liw***i 

Schriider, Munchoicyer, llengst & Co. 


Smith Barney. Harris Upham S Co. 


Sicielc Ihmcuirr flurvlays (Suwc) S.A. Sociite U-ncralc Soriefe Generate dc Banque S.A. S0FI.VS S.P.A. 

Straiw, Turnbull & 0*. Sumitomo Finance Tntemsii innal S' enska HumlrWiantm Srtiss Bank Corporation (Overxnb) 

Trade Devclupiiinit flank, Union flank ul Finland Lid. United Overseas Bank Limited, Yercinv und Wcstbank 


Trade Development flank, L n|0tl ■** ank 1 

Mn»iKh 

J. YunlobcL it Cu. iVoldeuNche rjmdesbiuik 

(Hroxcnlralc 


Lid, United Overseas Bank Limited, Vereinv- imd Wcstbank 

lViliiams, Glyn & Co. Wood Gundy Tamaichi International (Europe)- 


SI MC O MON IN IT: N i)S 

.• V Sj f urn (o rev f tue u ( 

viVLmayement Co,Ltd. ^ 

' 20 CANNON STREET EC4 M oNl) ' 
TOephODe: 0i-i36 TJZ5 


Rates paid for W/E 4/8/78 


Mon. 

Tues. 

Wed. 

Thurs. 

Fri./Sun. 


Particulars of the Preference Shares are contained on cards circulated by Extel 
Statistical Services Limited. Copies may be obtained during normal business hours 
on any weekday (Saturdays excepted) up to and including 21st August 1978 from! 


Klcinwort, Benson Limited. X. M. Rothschild & Sons Limited 
go Fen church Srrcer, New Court, St. S with in’s Lane, 

London. ECjP 3D B London EC4F4DU 


S. G. Warburg & Co. Ltd* 
30 Gresham Street, 
London ECsPiEB - • 


Cazcuovc & Co. 
12 Tokcnhousc Yard, 
London EC2R 7 AN 


Sotheby Parke Bcrnct Group Limited 
34/35 New Bond Street, 

London W iA aAA 


LOCAL AUTHORITY BONO TABLE 

Annual 

Authority 

gross 

Interest Minimum Life of I 

(telephone number m 

interest 

payable 

sum 

bond 

parent /leses) 

% 


£ 

Year 

Barnsley ftlefro. (0226 205232) 

11 

I-year 

250 

5-7 

. Knowsley (.051 54B 6 Jjj) 

UI 

1-year 

1,000 

5-7 

Poole (02013 5151) 

101 

j-year 

500 

5 

Poole (021113 5151) 

lli 

4-year 

500 

6-7 

Redbridge (U1-47.S 3020) ......... 

Hi 

I -year 

200 

5-7 

Thurrock (0373 5122) .- 

11 

Hear 

.100 

4 

Thurrock (0.175 5122) 

10i 

hear 

300 

3 


Fixed Deposits 
with Lombard 


If you have £5,000 or more to invest for a fixed 
period of 3 months or longer, telephone our 

Treasury Department on 01-623 4111 or 

01-623 6744 for up-to-the-minute competitive 
interest rates.. Interest is paid without 
deduction of tax at source. 


Lombard 

North Central 


'Bankers 

Treasury Dept. 31 Lombard SL, London EC3V 9BD. Telex: flfl493 S. 





9rr ’1 








■' ■«* 

^ds 


Financial Times- Monday August 7 1978 




i cert 

‘i and 


tiled 



13 


NATIONAL FINANCIAL AND ( OMIA.M NEWS 


MINING NOTEBOOK 


R. J- REYNOLDS/DEL MONTE BID 



giant seeks new avenues 


BY DAY1D LASCEULES IN NEW YORK 

J* eynolds ' * he , ? r «. est Service), energy (its Aminoil fresh fruit, seafoods and snack drink you don't only have at 
and Jr* ? Vi 1 - ' tob aceo company, enjoying subsidiary acquired Burmah's foods market A large part of its breakfast.” 

ns ZJS ^ JU *L°? er a third of -the market U.S. properties in 1976). foods operations consists in distributing Del Monte, by contrast is 
the hoQmr^rn^MmS?ip 1 t>? U R tr ^ r iXh , braads ilke Wlafit0n and and beverages (drink mixes and these products. Like Seven-Up, predominantly in the conven- 
^ree°^la^ 0 in°t^ P v w’^le^ue t ’ n» k ■ ,ro ““ f0ods >- and aluminium Del Monte was vulnerable to a tidiS food business and hmi 

of nnhiK? e But J tbe U -S- tobacco business products and packaging (R. J. R- bid because of lacklustre per- suffered from the weak demand 

gj' ceased ions ago ■ to be a high Archer). formance. But if Reynolds for canned -foods.- LiSt yeartt 

ol^e jShimf c *5iJh? *T ra, ‘ aiCa - In ' terms. But earlier this year, the com- clinches the deal, it will increase made a $51m net profit on sales 

S5l7m ni?S>ai P rr natJ0Dal sales . nstng by less pany’s chief financial officer, Mr. food operations more than five- of Sl-obn, with earnings per 

Beamc^ F^ a for ; I i#W and total sales by about 25 share of S4.24. Its net worth is 

Tropicana Suc^which was Like Seve*Up, purchased earlier this year bv Philin pe I ce 7' , ' ^ .« . • nearly sssom. 

SXS b>: tbe ^ deral i Mo [ ris ’ D J? Monte was Tf ^«erabJe became of its lack- ReySofds 52“ haf^SSSS *52i***23i wait S^JE 

Dround£ Qmnwssl0p oa anti-trust lustre performance. If Reynolds clinches the deal, it bow be st to use its high cash tts-way further into an industry 

As these M«rm«hr will increase food operations more than fivefold. fl ™,'._ ; Value : > in f: the share where conditions are particu- 


, enorrooos sums 
suggest, big things are afoot in 


flow: Value Line. 

analysis report estimates this at Iarly challenging and which, "at 


g* *»£«*» S„? nd *•*.»* «M «*t if. major J??. “g Ef ►XtSSS 

inrtnftra +v? c *? 100b " h^lvnanfi’ d J' ,e r ilficatlon alru was to broaden finance the Del Monte deal, but evpn consumer rP un,t ** »*«“ 

IffiS* somaSL lT*£ "STrS * ISLET ~ --. b . a . 5e “ .“««S!F " Presumed that much of tte W of inflation 

107« 


something of 
Reynolds’ own sales .in 


or “ We're in the food business,' 


finance the Del Monte deal, but evpn consumer revolt, if tbe last 
it is presumed that much of the bopt of inflation is anything to 
money will come from the com- go 1 . by. 

. Part of the answer must lie 

ings of M23.5,orS8.72o"' share, tactics^ be highly demanding, the DelMome' bTd. a fc£ &ET products^ f2®22!E 

Us^et worth Is not far short of .As with Phi, Ip Morris's acqui- growth a?2f Ad ' - ' P - be ln Beal,y 


... — - - — « nimbly following new . trends, he said, “but we are not as bis oanv's own resources 

totalled JWbn. producing earn* low-tar cigarettes. But these as we would like to be.” Hence As with tobacco 

a tanlirj!_ran bp biehlv demandin'* thn HpI Unm. hi^ . .c , ; * . 



division* now ,« conl, S fruit and vbgetabie ciiner. tariS M more of j£ poS 

Philip Moms accomplished in lainerlsed stopping _ (Sea-Land and a significant force in tbe juice, now promoted as “the tion in the market. * P 


Finsider plans to double capital 

J " .ROME, August 6. 


Siemens profits rise sharply 


BY GUY HAWTIN 


FRANKFITRT. August 6. 


SH-AR^HOLDERS of Finsider state IRI group, is quoted on the 
SpA, the Italian state holding Milan Bourse^ IRI has guaranteed 
group for tbe steel sector, to. take up tbe entire issue, but SIEMENS, West Germany's under review, roughly maintain- time— had done not as well as in 

approved plans to double capital private shareholders will have largest electrical concern and j nE the DM llbn oerfnrmanee ibtr -77 

to L1.17 trillion (million million), the option of purchasing un- the country's leading private- of lhe fi . . h n„. jr ! OT1! „* W _' M ^ 

or SI. 39bn, through a rights issue, subscribed shares 1 from IRI, for sector employer, achieved a sub- J? 1 tbreeH lUd r ters of However, it seems that KWU 

Finsider, controlled by tbe up to five year. Red ter'. stantial increase In orders and 1 « 7b -y 7 - rhere was, however, a —now a wholly owned Siemens 

pre-tax profits during the first ” *u?_ J?55_ ,n overseas subsidiary following tbe group's 

acquisition or AEG-Telefunken's 


RECENT ISSUES 


EQUITIES 


lame 

Price 

i*: 


■is sJa S-- 


■i??» 


Ht*l 


5b 

100 

116 


•J.Lb«; * 


Sbck 


P.P. 

e.P. 

F.P. 

F.V. 

P.P. 


51/8' 

5"7 | 

24. e | 

8/9 


16 •) .71 ii/mtitn- Supertvoilc.-.i 75 

l». 4: ‘B..UHJ- | 10 

H6 I-14C |bita4lif-mi!..: ;174 

il t bj. -Hunt in*; Petr.Mvi 88 
146 | 138 puns iB.j.(Jen'lnilO]i.l44 

' . I' 


.. i •-••I Ti 

•»*• I ■ • U: 1 ? 


1 1)3.1 14.9, 6.7 

UtL-£mI a.oi 2.3>' 1E.6 

I - ■ r 4.6b: S.O; 8.0. 6.2 
: i5.6[ 2.l! 5.7,12.5 


FIXED INTEREST STOCKS 



- • I l.p 

■ * 

.£98 C50 
±■99.4: r.'P 
£99>i! T.P 
£100 £10 . 

m , i F.P, 
lOu 


1-loOj 
•I I 


£100 

£99Ai 

£9d:> 

£994* 

£V«Si 


L.l' 
F.P. 
f.p; 
K.l*. 
P.P. 
P.l*. 
t I’ 
P.l*. 
P.P. 
P.P. 
r.l*. 
|£45 
F.P. 
CVS 
P.P. 


1 li6 j Koljf (4|,jAlrtli.>\v ^ireauiiiiiiai 10? PH... 95|+1 

,18.0 I . . aitjA' -ff Helaiicr Hi Vrsl.~ 94i» 

1(52,9 1. ,62M - W JUtoiwi Ui fici. 196'/ — ^ 52 Ur 

! — 1 **4 -09 'U'lijiinaliRiii V«i I, 'he 99 < 4' 

- • 100 r S^^lLaimleu Vnr. lfiile U«L 1983 100 

i 15/12.' 11*L .lflia'j. Do, I2d* Kill. iao6 c tlaa -r ,■ 

; 98.!#: 83 ,K»\5iikiu ««i*n i- B lien. Prei. 98 — 1 4 

;16v8 I 114] . fi/li yswcHtfut-l'al ln,.UniiflO%lIc«l8iulL'uniPivf-5 104f- ..... 

, — I 1-Aia#! i*l3e fcjuuJnimli. Var. iteiif BBS#: 

^Sajl03i«! BBipilmtuw K-t-. I».S5a, Del*. I 99 • 

;l8/8 : ICOj.; llSp’Hen.kmin JvenKm 10^ Cum. Prcfi 104| 

I5/12> 3bii-; B7ffcjrunm 1‘nnm K^-Cimi. Prw I 901,;... 

1 91|i> SI(!CU|. IWfBI *t Prrrl... ^.„^...|91l?|, .. . 

8b. L 86 jlDnby* 12% Partly l«im..L«i>. Ln.-S**;®*.; 8 b 
s^i r-ri». jMnn 1 Vpbmil/ lOt":n* ». *HW. PphI 


9,8 

20,10 

15 9 


•se 

100 

44A, 

■ 4nli 

9Pj 


■2C 


•VJI-u* 40.^ — 

’«/!!■ m t«r. UMtf Kui. 1 iH%> 

.'>.-u<ilipi,i ; .>fi:niu li'? KwJ. |j4'f..... 

vr«u,l>Mnrtli Vnrinl/ii* liia> 

W*~l K**iii IVulfl P.'i LMiK 

Vmum i> On Kiv«m*i\ Prel>.. 1., 


•■96i ; 

^:* r 

«E z 

241: 1 . 
196/ | . 




"RIGHTS’* 

OFFERS 

/ 


Ihw 

l*nra 

Pi 

j-j 

5^ 

•S3- 

JoilaM ■ ■'"■ '.•■■■ 

Henunr. V; Iff/b.- ■; f . 

Dm*- • l—. = " 

• 11 U.w j 

'••••- A 

I ! 

.. ^ ’ AiPfik • / | 

Ulo-ioa 

Fnue 

l*i 

t in 


•A2./b Nt< 

16:6 

5 

■K.F, 

28:7 

28 

F.K. 

lH/'f 

IS 

r.i*. 

26:7 

1«M: 

P.l*. 

£8.7 

36 

I'.t*. 

JS.8 

108 

K. P. 

w rt 

'ti 

P.P. 

4;H 

70 

,\i 

10.8 

33 

P.P. 

.4,8 

94 

Ml 

— 

aU 

F.P. 

28 7 

110 

Ml 

14,8 

100 

Ail 

— 

84 

Ml 

— 


13 -b 
IBjbl 
18/B 
ie.-b 
IB.’BI 

1.9 

4rol \>r 
1/9: 92 

21/9[ 


34f.ni 

1 “ 

21 

1*51= 




33pnil + 1 
»l"i ... 
38 ,... 
I9»a-H* 
18 : ... 
57 ! + ! 


khz ..S.: 

IWndKendPiiWuiw. 

3llf,Ui\vkc T,i.ri Kite. 

lelsiDuiirniuiii In™. n 

lblstKI&Hk.'i, 

4K |He*iiih»ni.'lin* i. Owiln*. 

WmHenlw:.:.^;: ! 123 

66 : 9B 

VlMnjimufi.iH'in.i.....^......^^...... 17j,m — 1 

1/9L .4tnei 46 t.) 45 — t- 

— j Upml HfpOi.PK/perf*' Pnminshi]*'. 12pnC + 2 

Bf9| 'Y2.-.J »> . j vili'liiii>.>i«iciiiiiiii.,.. \ 72 1+2 

8/9r '56 '( WpuijrcrsicTuli :. :.. 35f>m «... 

— ; 19pm; 19pni!T 1 illbun^J'iii'»Iik9.9i%LiUniUill , i- 19i>ui 

— ■ — 1 'Wpmj-- rpioiYcrfciMivVhrmiuiif _ 10ia' + 4l2 


HviHincid'nMi lehr uanliv iui n«> nn ntaiim free ni nainv .in'* •• 1* mines* 

ban— ft ui> vrMunlw HlnUlii u nsynmcfl niilO^nn - «nn a Knrn'jfl llnrlmrfl- 

cn»« D«*il nn unMiwa veurt ennnum. * inviOrnil end mein odser* nn urwnwiiis 

m arnri ufflllai fWIHUpi "ii *##» 'jjlimsN 1 i-ntuivs <!MII|I|«1 l OiV-i nimS 
!m iimversww nl sbart.‘ nffl nm* ranmni tni /llvmmi or ranKlnM rniiv 'nr r*s»rltfpfl 
dividcmls. 1 Placit. pnee 1 - DjjbUc-. M Pence unliiss oibcrvilM.- mUicai'-d. Lssned 

Bi iKiulel >i lltprwi Ifl> '*H»Slti»i nl ' urrnriari <imi# 1- , ' 'lin'* Iwi" 1 

bv wav o( caui'jirea'mn. t* Mlhunnni leietei' nt-W It Rwnimiin. - "<i 11 Ikmim 
t-i cmnccfian with nWHanuwriun - m uirnwr • un lnirtwiinli«n "I lastnn 
in loran*i PTnlpf-ncf undent ■ g aIMUw'iii IwTurs <01 full v -until 1. • Pmvwonal 

or panlv-palfl iiwmni nmrro. * wwh wamma • • 


Public Works Loan Board rates 

Effective 4com August 5 



. . Qina Iwb repaid 

Non- quota loans A 

■ nmaM 
at; 

reaw 

IWEIPt 

At 

nWariorS 

bUFEIPT 

AJ 

nwarityS 

Up to 5 

m 

11* 

u* 

12* 

i2i 

13J 

Over 5, up to 10 

hi 

IH 

1*1 

IH 

121 


Over 10, up to 15 

m 

12f 

125 

12J 

135 

m* 

Over 15, up to 25 

ki 

Vti 

12* 

. 131 

13{ 

jsj 

Over 25 •“ 


12J 

12J 

131 

131 

13* 


•Non-quota loans B are 1 per cent higher in each case than non- 
quota loans A.- 1 Equal Instalments of principal, t Repayment by half- 
yearly annuity (fixed 'equal half-yearly payments to include principal 
and interest). $Wlth half-yearly payments of intrest only- r 


BASE LENDING RATES 

Hambros Bank 95 

Hill Samuel 510 % 

C. Ho are & Co flO %_ 

Julian S. Hodge II % 

Hongkong & Shanghai 10% 

Industrial Bk. of Scut. 10 : % 

• user UUmann 

Knowslev & Co. Ltd.... 13;%. 

Lloyds Bank 

London Mercantile ... 1& % 
Edu'ard Manson & Co- 1*4% 

Midland Bank 10 % 

Samuel Montagu J2 % 

Morgan Grenfell 10 % 1 

National Westminster 10. 
Norwich General Trust 10 % 
P. -S. Rcfson &. Co. W % 
Canada Perm’t. Trust 10 %^ Jofismineter J£'% 

CapTtof G.& CJTm. LttL' Id flf, ' ^oj-al Bk.' Canada Trust 

1 Chyzitf Ltd. -V..- - Schlesltiger Limited ... 

Cedaf; Holdings LQi% E- S. Schwab 

-■ Chart whouse ‘ Japhet... 10 .. purity Trust Co. Ltd. i2-% 

ChouUrtons *8 ’.Sbeniev Trust - 

‘ C, E. Coates- i 11 Standard Chartered 


A3JL Bank 10 % 

Allied Irisb Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10.% 

A P Bank Ltd.' .:. 10 % 

Henry Ansbacher 10 % 
Banco.de Bilbao ...... 10 % 

Bank of Credit & Cmee. 10 ( T. 

Bank of Cyprus 10.% 

Bank of N.S.W 10 .% 

Basque Beige Ltd, ... 10 % 

Bosque du Rhone 102 % 

Barclays Bank ........... 10 % 

Barnett Christie Ltd..-. 11 % 
Bremar Holdings Ltd. 11 *5 
Brit Bank of Mid. East 10 % 
a-Brown Shipley 10 % 


C. E. Coatcfr- 

Coosbiidated Credits... 10 % Trade Dev. Bank 
Co-operaaye.^ahk......^iO-%'' 

Corinthian Securities 10 

Credit Lyonnais 10.% 

The Cyprus Popular Bk 10 % 

Du licdn Lawrit? 10% 

12agil Triiit 10 T. 

English TransconL •.(; 11 % 

First Nat. Fin. Corpn. 13 % 

First Nal. Secs. Ltd- .,.12 % 
i Antony Gibbs 1 ......... 10..% 

Greyhuuud Guaranty:;. 10 n ,> 

Grind lays Bank % 

i Guinness Mahon • 10 % 


10r% 

-Trustee Savings Bank 1S,S& 
Twentieth Century Bk. II % 
United Bank of Kuwait 10 % 
Whiten way LiiidbW ... 10J% 
Williams St Gbn’s — -J® %- 

. Yorkshire Bank - 10 ¥&. 

M Ucmhvni oi -iho An-cpuns BUbes 
CoDimitlKr. . 

• 7-dav I'i-i #-nioiini wposits 

1 '7*day di*t»mis wi 5 1 ’ il 2 1108 

oik! uttdrr up io 

aiut ovrr es.TOfi si 1 '"- ‘ 

: Call iitpusiii out n.ixjo iu. . 
t Demand dupcrcili !!*r. 


l.G. lndcs Limited 01.-351-346S-- Three month Copper '4S3-74&3 
29 t-nm nni Road, Loudon, S Wip OHS. • 

1. Tax-free trading on commodity futures. 

rirket 


2. The commodity futures urJ 


for tbe smaller investor 


three^iuarters of the current bo °ldngs this year. 

business year. Furthermore, an In 1976-77, there was a far 50 Der cent— is likelv in show 
interim report published today heavier emphasis on very large I_ | mnmmm . nt y ,. - . 

indicates that the impovements projecLs. In contrast, the 1977-78 an improvement in the final 
will be ar least maintained inflow contained a high propor- Quarter. The interim report 
during the final quarter. tion of medium-sized orders, stated that, for the year as a 

The group's world-wide inflow which will do much to improve whole. Siemens is expecting an 
of orders during nhe opening capacity utilisation and employ- improvement on the 1976-77 sales 
nine months of 1977-7S— which ment at a wide range of the performance, 
started on October 1— totalled concern's plants. For the bust- Net earnings increased by 147 
DM 2Q.7bn ($10.2bn). This is a ness year, as a whole, Siemens p^j. c em from DM 375m to 
3 per cent improvement on the is expecting a further improve- dm 430m. As a proportion of 
DM 19.4bn order inflow for She ment in orders.. turnover, net profits were main- 

corn parable period of 1976-77. World sales during the first tained at the 2.2 per cent of 
Domestic bookings, after show- Dine months amounted to '1976-77. 
ing a modest improvement in the DM 19.9bn compared with The group’s order book stood 
first half-year, picked up well in DM 16-8 bo during the same virtually unchanged at the end 
the third quarter. At the end of period of 1976-77. The report of the period under review coin- 
tile first nine months, they points out. however, that the pared with the position a year 
totalled DM 9.5bn — 6 per cent sales volume did not entirely earlier, totalling DM 45bn against 
over the DM S.4bn recorded io reach the level of'the comparable DM 44.8hn. However, excluding 
the opening three quarters of the period of tbe past business year, the KWU figure, there was an 
last business year. as Kraftwerk Union (KWU)— the .8 per cent increase. Stocks rose 

Orders from abroad amounted power-station builder, which is by 14 per cent from DM 11.8bn 
to DM lU2bn during the period fully consolidated for the first to DM 13^bn. 


CAB acts 
to speed 
up TXIA 
bid attempt 

BY JOHN WYLE5 

■ NEW YORK, August 6. 
THE BID by Texas Inter- 
national Airline (TXIA) to 
acquire control of National Air- 
lines has been boosted by a 
unanimous Civil Aeronautics 
Board decision to proceed 
quickly with the case. 

Having already bought 9-2 
per cent or National's stock. 
TXIA needs full CAB approval 
to acquire coutroL Tbe CAB 
plans to hold a meeting on 
August 17 to discuss TKIA’s 
application, its depositing of 
its shareholding in a voluntary 
trust until a decision is 



for dividends 


BY LODESTAR 

THE BUOYANCY or the gold ihe year in next June, are nn the* 
price makes it an opportune cautious aide hut it is expo-. tvi< 
moment to have a more detailed lhat at about 33 cents iun$pj ir 
look at some of the autumn divi- could show ,i further improw- 
dend prospects Tor the South ment on recent half-yearly dirir:- 
African mines. The shares of the bu lions, rellerlinq the mine's 
companies which make their growing income from uranium, 
declarations at this time of year The shares ' maintain t!n*;r 
are currently tending to perform attraction as a slock resoonsivc io 
better than others with summer a rising gold price in view of tin- 
and winter timings for their marginal nature o( this aspect ■'! 
announcements. ' the mine's operations while she 

The one Tor which analysts find strong uranium element t an be 
it most difficult to make a predic- regarded as a safeguard iT bu : lior 
tion is President Sieyn, which has values do not live up to expcci - 
for long proved a disappointment tion?. 

for shareholders who consider Free State Geifuld shou'd com: 1 
that its classification as a “good up with a final of ISO e«.-n:- 
stock for the patient investor” make a 1977-7S tout or 310 con;- 
has persisted for Tar too long. (lS4ps. well up on b-r ye.irV so 
If the mine is at last to begin cenis. What should be borne ;:s 
fulfilling its promise, now is the mind hero is that tins fnrmeriv 
time— If only because mill very high-grade mine has j future 

throughput is starting to build up based 


reached, and the request by the 

CAS'c consumer protection I throughput is starting to build up based on much lower value ore ,i, 
bureau for proceedings to de?- j towards the full capacity of the the northern part of rhe enlarged 

termlne the legality of TXlA’s f-u P^pcrty is opened up Thus th» 

impact on dividends will be felt shares will lend craduullv to he- 
rn the October final or will have c ome much more sensitive to 
to await nest Aprils 19<8-«9 fluctuations in the cold price, 
interim is difficult to assess. Meanwhile, ratiual exocndnur. - ' 

In m.v opinion the later date is requirements will remain lie.i-.-v 
more likely in view of the current w hik- ihc new <h:iff complex now 
years heavy capita) expenditure necessan* is in course nf const rur- 
ccimmitments. So the aulumn pay- {; pn 

ment emild be nearer the lower i n t he meantime, ih.* shadow of 
end or estimates which range lhe five-day wn-k is likclv to loom 
between oft cents and 80 cents. ov e r the eold-mininv indu«trv th>- 
Even on cenis would make a month, when the delayed second 
years lolnl nf 80 , cents l4i.,p). report or The Franesen Pomnv... 
four times the J 976-77 distribu- s j 0n on (he effects of iho H -t if! 
"° n , J ^ Thu-( » Sieyn rnrtnichi is due. Sine.- Hie bi-r'i 

could be rewarded in 1979. introduction in April of !ki ven- 

Oi her prospective autumn divid- lhe SouIh Arnean fh .mh-r of 
end payments lend to be less con- Mines considers thni none or lhe 
iroverslal. although there Is a various systems devi.-ed m con 
fairly wide range of predictions hat iK effec , s . hsi5 , lll , l .,. 1 ,. fl . 1 
for President Brand. Here again maintaining prodncii.m at 
it might he wise not to expect too v j 0US! levels 
much because the company owns Costs have aim l.,-en mil cm 
50 per cent of Free State Saaipiaas mvin „ lo lhf< e mi»lovmnn: of a<UV- 
which is spending a lot or money tiona | labour an(l mprlime „, v . 
on an ex pension programme and ments. ' 

could well be in the market for 
fresh funds early next year. So 
Brand's final dividend may be 
nearer 93 cents (56.6p) than the 
100 cents or more expected in 
some quarters. 

The interim of 65 cents (3S.?p) 

Fnrthnunino Prpsfrtent li ™ e ea ^ ly in thc month . when 

— — , . forthcoming in 1976-77. President they receiv’e their coiifr-ic? 

on ^ e ! ,alf Sr s * on K B ..* h lf “ supplies from South Africa at the 


present bolding in National. 

In tbe meantime, the CAB 
will immediately assign the 
case to an administrative law 
judge who will hold hearings 
on the application. 

UN puts off 
decision on 
multinationals 

By Our Own Correspondent 

GENEVA, Angusl 6. 
THE UNITED NATIONS Eco- 
nnmic and Social Council has 
postponed a decision on the 
composition of the new inter- 
governmental body to establish 
international reporting and 
accounting standards for multi- 
national companies because of 
a disagreement between third 
world countries and the deve- 
loped nations. 

At 'lhe Council’s . summer 
meeting in Geneva — Jamaica. 


I'lV 


•k it * 

Last Monday 1 pointed nul th.-t 
a key factor in lhe pljitinum 
market last week was whether 
Japanese trade buyers would he 
prepared to pay the sharply 


countries, called, for the crea- investment rating but Sieyn may pr £d Ui:er quotation of swo.’ 


tion of a 15-member working 
group — as proposed by the 
LIN’S Commission for Trans- 
national Corporations at their 
annual conference in May. 

But West Germany, speaking 
for tthe Common Market coun- 
tries. said that the. proposed 
new body should be open to all 
54 members of tibe Commis- 
sion. 


now at last be the better prospec- 
tive performer in 1079. 

Welkcm raised its interim 


a "tola^of Scents (3&7p)*as?hwt in * vi,ab,e rumours thal 

35 cents for 1976-77. The shares 


In the event, they were .still in 
the market. So the price was 
well sustained, Friday's afternoon 
*262.25 an 
been the 


Currency, 


Dollar in the doldrums 


Markets- J 


GOLD 


eslchange market centred mainly year ago (Friday's close of 
on lhe continuing struggle by the Y1SM.Q25 compared with Y26G this 


The Swiss franc rose to record 


part 


franc. Tbe Japanese, authorities suffered from an ever increasing 
appear to be a* anxious as any- trade deficit with Japan ($02bn 

one to try to curb the apprecia- against all countries in the first w ausBcal ^ m ,„ 1Hlcllu , WC1B 
tion of thc yen and the latter has six months of this year) and being switched from the yen into 
caused a good many internal prob- despite the apparent smiles all . he cj nfe t b e Swiss Central 
lems. Life for thc hbII scale round after the recent Bonn ^khas bin HSVSSS 
exporter has been made distinctly summit, there has been little ; ts foreign currency reserves, 
uncomfortable with some claiming concrete acuon as a result which would result from direct 
possible bankruptcy should the By ant) large currencies tend moves to support the dollar, the 
yen continue stronger. to react more to- what is happen- franc has appreciated quite freely 

The tact that the yen nas ihan lo what might happen, which If continued to any greatei 

The U.S. has other problems to extent can only pose further 
contend with such as projections problems for the Swiss 
CURRENCY MOVEMENTS indicating a fLe in oi] imports authorities. 

well into next year and signs of 
increasing inflation. In . all fair- 
ness thouah, the dollar has be- 
come caught up in a situation 
where speculative movements 
may not appear to do justice to 
any efforts the U.S. authorities 
may be making to rectify the cwito 
situation. As time goes by it Behuu 
seems almost inevitable that the Parish Kr 
Japanese authorities will have to S' Ma £ 
introduce some form of currency JjS 
restrictions but until the Funda- Nrvxn. Kr 
mental problems -have been at 
least part way overcome, there 
seems id be little likelihood of 


August 4 


Conk of Morgan 
* England Guaranty 

Index changes 

siltiihe 


. ... 6238 

-40.6 

L'.S. dolljr 


M-M 

- 94 

i.Tinadian dollar 

.... 83 Jl. 

— 14J 

Auslrfun schillinc .. 139-35 

+ 18A 

B<.-Ikijd Irani: 

1W.72 

+1U 

Ilaiu&l) kroiii- 


+ SJ 

Pi-uisvln- Marh 

1«L33 

+35J 


19351 

+8b."» 

u under 



+16-8 


100.20 

- 



53.91 

-4t6 



155.29 

+SS-2 

Baaed on trade wt'Ijihlcd diaiKes /rain 


axreenicnl December. IS 71 

iBank oi 

England Index = HO J. 

THE POUND SPOT 

Aufl. 4 

Hank 

istra 

Hay's 


*. 

. spret 

Ckw 

U.s. > 

7 >4 

1.8228-1.9315 

1.9288- 1J240 

-.aiunlian i 

9 

2.1 S/0-2. 1956 

2- 1870-2. I860 


41- 

4.22-4 J6 

4J34.24 

Umuiati Fi. 

a. 

61.5b-61.B6 

61.60-51.70 

Unni-h K, 

8 

1D.83-10.6B 

ID.63j-tfl.644 

0- 11a nr 

3 

o.3fl„6-Bii 

i.H 1-5.92 

Pun . Km.-. 

18 

9 7.50-37. 80 

87^0-87.75 

Sfnu. Pea. 

8 

146.75-147.40 

MB. riO- 146.50 

Lira 

111- 

1.8 18- 1.828 ' 

1,618-1.616 

.V- »cn. K i . 

7 

10.26-10.31 

10^25-111-38 

fr'.ein.-li >•. 

94 

8.43-8.48 


'nC'llbllA,. 

6i.. 

6.61-11.68 

8.61^-8-82 

Yen 

ail 

382-388 

ihh-Sbb^ 

Au^iiaa Sell 

41? 

28. IO-2b.aH 

29.ID-2B.20 

P». 

1 

a.276-3.il 

S.29.' i JB; 

-* 






1 Auc. 4 

i'"S- 3 

Linirt bullion (« fine- 
•ninrai 1 

Ui..-e .- S20V20IJ 

fr202; 205 

Opening 

.../S201J-2te 

-201j202j 

Mo mine Hams.. 

...<8201.35 

:20U5 

Aitemoon film-. 

i£ 104.fi 161 
.-..iSM1.56 

(£» 4J22l_ 
faos.ao 

Unid Coin. 

riome-ticaily 
Krugerrand ....... 

i (£104^17) 
..:s207-,'-2093 

(£ >64.748) 

>2l0i-212i 

Sew >Ci»ereiKn-.. 

ri£ 108-li)9; 

..1S57J-69J) 

ii- 109 110) 
fi :#-6 1 

Old hovereijfn-... 

iitS0.il) 

:.:S57J-S9j 

l'fiflj-31 j) 
l558-tff) 

:i£30-31j 

i^SOfil) 

IIUJUhD: 

■nlemiu-ionain 
Kruserranrt ...... 

”1 

..IS207J0B 

1 2D 5-210 

Sew sovereign 

1 t‘107j-108j) 
..IS57-59 

•--1072 DRS 
s57j-59j 

Old aovw eien-... 

£2Sj-5Clj 
.. 557J-59i 

LZai-iUj'. 
? 8 lO 

MS.' ta^ne 

(£30-51) 
.. S 287 289 

.Lfili fi 1 ■ 
fr287j ^0 

hi- hnaie>^ 

.. S14Sj-148j 

*1-4 i-9 

tf: fca^rc- 

.. SIM -109 

»'k4 1 S 


THE DOLLAR-SPOT FORWARD AGAINST $ 


Day's 


FORWARD AGAINST £ 


Augnn 8 

spread 

Qkc 

One month 

P-a- 

Ttrroe moiitbs 

pa 

Canad’nS* 

83-00-88.18 

Si!. 00 88-03 

D.02c dls-par 

-0J3 

0 JO-fl.OTc Ills 

-DJ8 

Guilder 

2J9Sft-:J995 

2J.950-3J.975 

0.63-&58C pm 

3-30 

L48-L43C pm 

2.60 

Belgian Pr 
Danish Kr 

3X-93-32S8 

3L98-32JH) 

5^333-53350 

2c dis-lc pm 

1.10 

3c dls-lc pm 

0.43 

D-Mark 
Port Es 

2-0290-2. 03 IS 

2J29O-2JB00 

45J845A0 

0.94-0.89pl pm 

5.06 

2-52 -2. 47 pf pm 

A73 

Lira 

Nrvgn. Kr 

B4USM22Q 

SJ385-SJ388 

84L40-8CLH- 

5.330S-53325 

2JO-3JOIircdis 

—5.11 

9J-10 JSUndla 

-4JJ9 

frrenrt Fr 
Su L'dlsh Kr 

4377543930 

4.47B5JL4920 

4-377S-4J82S 

4.47BM-4B05 

□ -10-0 .25c pra 

0-26 

1.D0-1J5C dls 

-DJ3 

Yen 

Austria Scft 

UH-&189J0 

188-25-188.45 

1A6600J4A67! 

1.25-1.10y pm 

T54 

3.15-3-OOy pm 

5-38 

SwiaSFT L70W-1.7140 1.7D60-L7D98 

*Uj. cents per Canadian 8. 

1.20-LUc pm 

B.14 

3 J7-3.07C pm 

7.09 


One month ! % {**. “Throe months) % j**. OTHER MARKETS 


Relaraa rait is liv cnnvtmble irann. 
MnaflvMl franc EX'.'I^K SO. 


EXCHANGE CROSS- RATES 


MONEY RATES 

NEW YORK 

Prime Bale ' 

Fed Funds - 1jns 

Treasury Sills »13-v.-wk> — 6 JO 

.Trt-iiwtry Bills (Sfi-wt'ito 7-22 

GERMANY 


Ptscoufi' Kate 

ovcmigm 

One month 

Thrc** months 

Six months 

FRANCE 

p».vum Rale 

Ov*mlBhi 

one month .... 

Thr*» months 

Sis mowbs 

JAPAN 

Disco unr Rate . ... 
nan iUnrondluonari 
Bilk Discount Kale 


J 

. 3.4 

.. 3.0 

3.Y 

4J 


4J 
7.7S 
7 JUS 
T-437S 

7.8125 


U 

13 

A.7S 


burg is about to move its selling 
Price up again to *250 and the 

'5S2u'5,lnnr SSI ^ mine’, P Ilf? shares h “™ 

is now becoming limited, being . * * 

1 generally pul at about eight years. Inquiries continue to roll in 
a pninl to bear in mind by those about Australia's Yulran Minerals, 
| attracted to lhe shares on yield under thc wing of Green- 
considerations. . bushes Tin, which has promised 

Winkelhaak has tittle in lhe way that the former's new role will 
[of current capital expenditure re- be “in areas of active mineral 
|quiremenis and is thus in a good exploration and investment." Has 
position to pay out well. The anything happened in this direc- 
interim was .thus lifted from 30 ro tion is the number one question. 
53 cents and the final could The only move lhat 1 can trace 
possibly be as high as 70 cents is that a joint venture deal has 
for a 1977-78 total of 128 cents been done with another down- 
(73.3p). So the shares should con- under company Sipos to probe 
tinue to justify their high invest- Glen Florae, one of the many 
[ment rating with ho life worries Australian uranium prospects. 

! yet awhile. - The terms are modest enoush, 

Kinross is in thc same Union with Vultan earning a 51 per ecn: 
Corporation stable. Here again interest by the expenditure of 
there 'was- a sharp increase from ASO.lm over a three-year period. 
12 to 23 cents in the interim The news was seemingly 
dividend and a final of around 30 sufficient to move the shares up 
cents looks to be possible making slightly last week to ]2Jp. Mean- 
a 19i/-78 total of 53 cents (31.6p) while. It is to be hoped lhat 
against last years 34 cents. The Greenbushes' management will 
shares could be responsive if not ignore the fact that there are 
development results from the new still many Vultan shareholders on 
| No. 2 shaft live up to expectations, this side of the world and will 
Predictions of Harmony's pay- lake steps to keep them better 
meat, in this case an interim for informed. 

INSURANCE 

Dodgers turn profit 
to underwriting loss 

BY OUR INSURANCE CORRESPONDENT 

LAST TUESDAY, two closely- meted out by the magistrates. In 
related reports made news. The an attempt to ensure, countrv- 
Departmem of Transport wide, thal the standard nf 
announced thal many motorists punishment fits the motoring 
were avoiding paying road fund crime the Magistrates' Assort a- 
tax — perhaps on one car in 11 Hon. which represents 23.00fi 
at any one time — while the justices of the peace in England 
Magistrates' Association issued and Wales, has produced a table 
new guidance tables on sentences 0 f suggested penalties which are 
to be imposed for traffic offences, designed to apply to “ average 
in the Commons. Mr 'William offences committed bv first 
Rodgers, Secretary ror Transport, offenders of average means." 
explained that staff in a random 
selection of 130 district council .. 

areas had taken long walks INO Stigma 

unficen« ^ca rs, & a n d° 'had* °com e .JpVS If “JPSI" ‘crimii??**? 
UP ASl?ng fieUr ^ 21 m P o e s r t Ce ^ Acl 1977° w^fch raised 

dodgers do not leave their cars *2^ nr?n ny n!? 0, i 0r " 

on the roadside but in less ! n r off ® n J :es ,0 f 1.000. and also 
conspicuous places, officials tak ® s O a ^? ount . thl ^ three 
calculated that the total might years of inflation that has run 
be as high as 9 per cent, involv- since the Magistrates Association 
Ing the country in a loss of la ® 1 , lssued ,ls tables, 
revenue of between £50m and . Ha (l- V motorists regard mmor- 
£60m. in S offences as technical offences. 

Tbe experience of police and bearing no social and certainly 
insurers is that tax dodging and no criminal stigma. This is 
insurance dodging usually go perhaps why so many otherwise 
hand in hand— that both are honourable citizens continue to 
manifestations of the same lack hold our road iraflic laws in a 
of social conscience. And if Lhe f a * r degree of contempt. The 1077 
Department of Transport is right Act fixes the following maxima 
that about 42 per cent of tax for the social offences of tax and 
dodgers avoid payment for insurance dodging: for having nn 
between one and four months, excise licence, five times the 
— — Jthe same may he true also of annua! duty, for having no in- 
insurance dodgers. surance (or permitting uninsured 

The current road fund tax for use by another) £200 coupled 
a private car is £50. While with endorsement, perhaps 
individual motor insurance disqualification, 
premiums are widely variable it Maaistrates' \«nriirinn 

mHSssSw 

= e « saw rHaHri 

S^'lWsmfa'lo.hS -rldL D ce “ff L f °F r 

a similar amount in premium i? f rt e ^hn«ti ,Gcali0n ,f 

income. This sum would be A°flS in S ] s deliberate, 
more than sufficient to eliminate So our magistrates are recom- 
tbe overall £20m company mended to be more flnancially 

market underwriting loss lenient to insurance dodgers than 

recorded ln 1977. and to provide to tax dodgers and this in itself 

insurers with a healthy 5 per perhaps could be a reflection of 

cent profit. the social attitudes of the 

Admittedly. There are a lot of members of the Magistrates' 

ifs— bui the general message is Association? It is obviously too 

Loral mirtxiriir and doanw Musm sc«n aa>»‘ nouce, nili«:n, Gt-ven a.-iys lisefl. - Lrinucr-lerni lural auihoriif raorinau*? . W ^ n 5,i d be,leir i8,e \Z fbern *° think again 

we jwmuuiiy uiree vaare u* per wni; lour »«an uj «w; u*e jL-urs u« «.-r -.vui. + Uauk biu raws m wDh* ju» "tent to inhibit lax and insurance now that their tahies have been 

buyiiu. r-it* lor unnie oapor. Huvirw rji«rior lour-iimiin tuinr bills per ceni: lour-montD trade bilh !iu per vent. dodgers. published, but when tho ne»:t re- 

. Apnrosnnwe belimj; rsh-h lor onn-inontii Trv**ny auk W-fcUu, iwr «m: mo-innnih siiifc-sii;*; iwr cenr; and ihrA-nranih Bon 0 , rim 0 „i)e nn (iioi.i ic l l V s , 

Sp Per ernt. Aupnixicuu: kUmi: rate lor Dn-.'-^onUi bars mils Sl-SUt* wr rani: and mo-momh V*-9>it6 ptr cell: »nd ihrw ,i. BeT1er ® n f° rt ® ,ni:rn f dei.end. on view IS made perhaps they should 

BlMBByrK-OS oer cent. One-moiHh rrad-; bills lomr cenr; rwo-monrh m pit ram and also ihra^-mnmh 10 per cem toe number ni polite on tne ask tbemselvpE whether It 15 

f h ™ u “ d ,5U1 > 100 rc " bu 1 !,r* rh “ p ,? , ;" )o , r i a ; 1 ,ha ' ^gins 

Treasury Bills: Averajo icadiT rales of dncounf HS&4& pet «nL . tena,n8 16 per CBIU - 1 the new wage structure will should he punished to the seme 

help), the effectiveness uf financial extern as the defraud- 
prosocu lions, and the retribution ing of the State. 


S2-fl.42c.pm 2-Si lJUr-l.lTc.pml 234 
S6-0.45i^pmJ 2.74 1.25-1. 10c. pm 2.15 
5.B6 p3 t -43*e.pm I 4.96 
2.02 J45JS5 c-jmi J 2. 60 
par B-5vret31» L_|}j7 
7.BG u^e-fiSs pf pra| 7 an 
I— 15.69n5O450 c.’ tU» — 13^4 


Aug. 4 


Hl-Uc c.pco 

20-10 c. pm 
litre pm- Id' 
3-2 pr pm 
50-150 c-dli. 


1- 31 hredt. 

2J-J iTtflim 

2- 1 pm 

2 cm- pin-in 
3.30-2.90 j im 
12-2 gru pm 
3ig-23e t.pm 


— 4-09 00-110 c, dia I— 1.G4 
— 0-0 1 ]7-ID lira dla I — 002 


i — 3.0S S.'-SJ ore pm' 
2. IS 4-5 c- pm 
1.59 [43-2 v ore pm 
10.18 3.50-'“ 

2.S8 J&-25 
10.45 


•zs gro pm 
»-7$J u.pm 


1-55 

1-BB 

1.74 


>-pm| 8.88 
4 .28 
BJ 


Six-mnmh forward dollar 2.1S-2.08c pm, 
12-month LlS-iOEc pno. 


Ai-uaio* Pwi. 1.55 b- 1.560 

Ari-rran* Uoiiai 1.6650-1.6730 

fr.ii.-ttl Uoakha.... 7-9020-8.0000 

rnuii Vmnru. 34.93-35.93 

t.ww Lhnciiitti..- 69.951-71. 699 
Hcu; Kuoi lAiinr. 8.99-9.01 

Inn Klal. 153-139 

Knwii UmirlkLii 0.518-0.528 
Luirmlwa franc 61.6^61.70 

M .wyfitt Uiliar |4.46Z5-4.47SQ 

Xv^ZeiUiDrt Dollar] 1.0255-1.8335 
can-l* Arabia 6.51-6.61 

U.. Inr.. 14.3456-4.3580 
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CONTRACTS AND TENDERS 


mSnim 



rnsnim 

r 


Societe Nationale Industrielle et Miniere (SNIM) 
Islamic Republic of Mauritania 

Notice of Prequalification — B 


Societe Nationale Industrielle et Miniere (SNIM) plans to let supply and works contracts 
for the exploitation of new iron ore deposits to be mined in Mauretania. 

In order to finance the cost of this Project — some S4Q0m — SNIM has requested loans from 
the following organisations: 

— ABU DHABI FUND FOR ARAB ECONOMIC DEVELOPMENT 
—ARAB FUND FOR ECONOMIC AND SOCIAL DEVELOPMENT 
— BANQUE AFRICAINE DE DEVELOPPEMENT 
— BANQUE EUROPEENNE D’INVESTiSSEMENTS 

— BANQUE INTERNATIONALE POUR LA RECONSTRUCTION ET LE DEVELOPPEMENT 
— CAISSE CENTRALE DE COOPERATION ECONOMfQUE (FRANCE) 

— KUWAIT FUND FOR ARAB ECONOMIC DEVELOPMENT 
—ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES 
—SAUDI FUND FOR DEVELOPMENT 

in addition to these loam. SNIM will also make use of funds from the following sources: 
—ISLAMIC REPUBLIC OF MAURITANIA 
—ARAB MINING COMPANY 
—ISLAMIC DEVELOPMENT BANK 

These organizations intend to apply the proceeds of these credits — which will be available 
in various currencies — to eligible payments under the contracts for which this notice has 
been isued. Payment by these organizations will be made only at SNIM’* request and upon 
approval by the same organizations in acordance with the terms and conditions of the Loan 
agreements, and will be subject, in all respects, to the terms and conditions these agree- 
ments. Except as the organizations may specifically otherwise agree, no party other than 
SNIM shall derive any right from the Loan agreements or have any claim to loan proceeds. 
Societe de Cooperation Minlire et industrielle (SOCOMINE). Paris, has been entrusted 
by SNIM with the management of this Project. ' 

This Notice of Prequalification covers the following equipment supply and works: 

B.l — Mining Equipment 

a) — 4 diesel powered rotary drills. Diameter of holes: 228.6 mm (9") 

b) — 3 wagon drills. 

c) — 4 electric shovels. Bucket size: 9,9 m 3 (13 Cu. yd)L 

d) — 4 from end loaders, or hydraulic shovels: capacity: '800- 1000 tonnes per hour. 

e) — 26 rear dump trucks: pay load: 78 to 109 tonnes. 

f) — 16 crawl or tyre mounted tractors (about 230 kW engine). 

g) — 3 graders (about 13S kW engine-). 

B.2 — Material handling 

a) — Supply and erection of mobile handling equipment (one 3600 tonne per hour 

stacker, two radical stackers of 1600 and 28Q0 tonne per hour capacity, two 2800 
tonne per hour linear stackers, one 2700 tonne per hour crawl mounted sucker, 
two 2500 tonne per hour track bucket wheel excavator, one 3500 tonne per hour 
track bucket wheel excavator, one 3000 tonne per hour crawl bucket wheel 
excavator, and one 7500 tonne per hour shiploader). - 

b) — Supply and erection of a tout length of 8 500 m of conveyors, including structural 

framework, transfer chutes, transfer towers and car loading situation. 

c) — Supply and installation of 18 000 m of 800 mm to 1 600 mm wide conveyor belts. 

B.3— Civil engineering 

a) — Foundation for material handling and ore benefication plant, which requires 

pouring 1 1 .500 cubic meters of reinforced concrete. { 

b) — Foundations, floors, bases for pieces of machinery etc . . . for industrial buildings 

covering 15,200 square meters. . 

c) — Complete erection of 2,000 square meters of office^ and various single floor 

buildings. 

B.4 — Fuel storage and miscellaneous installations 

a) — Supply and erection of a fuel storage yard including: 

2 200 m 3 of bunker C fuel • 

50Q m 3 of diesel oil 
1 00 m 3 of petrol 

all internal piping, metering and delivery devices. 

b) — Supply and erection of various networks for the RHEIN industrial area: 

7 to 8 bar compressed air 

diesel oil. fuel oil. petrol, brackish and soft water ( 1-4.000 m of underground 
piping of a diameter up to 100 mm ). 

In order to select those firms which will be retained for the final calls for tenders issued 
by SNIM/SOCOMINE for the completion of this Project, all contractors interested in the 
above mentioned supply and works contracts are requested to send SOCOMINE a pre- 
qualification application, along with relevant documents and pamphlets showing dearly: 

(i) — Registered name, equity (*). annual report (') and balance sheet (*). 

("I unnecessary for the contractors who have already sent an application for 
Prequalificatron Notice A. 

(ii) — Information on the equipment manufactured, or work performed, similar to that 

required, and references. 

( iii I — Plants where this equipment is manufactured (Location and' size). Present work 
load. Anticipated future work load, expressed in percentage of raced capacity, on 
a quarterly basis. 

( iv>— Customer service and supply of spare parts. 

(v) — Anticipated delivery time after orders are placed. Anticipated delivery time of 
working drawings and technical installation specficacions after orders are placed. 
Time required to prepare bids. 

This application will state the number and identification of the lot or Iocs which are sought. 

It should be sent in time to reach, before 25ch September, 1978 

Socitce de Cooperation Miniere et Industrielle 
(SOCOMINE) 

30, rue Cambronne 
75015— PARIS— France. 

under reference: “ Projet Guelbs ” — Avis de Prequalification B. 

SNIM/SOCOMINE reserve the right to check the statements issued by the contractors 
regarding their ability to perform the concerned work. 

SNIM/SOCOMINE also reserve the right to turn down a bid from a prospective contractor, 
without substantiating their decision. 

The prequalified contractors will be notified by letter. This will specify, among other 
things, the non refundable amount to be paid by each contractor to receive the tender 
documents. 

These will only be available in French. 

Prequalified contractors will have to pay a deposit when sending their offer. 

Further Prequalification Notices for other equipment to be supplied and other works to 
be carried out. all within the framework of the “ Projet Guelbs,” will appear at a later stage. 


LCTS AND TI 

RATE: £13.00 

per single column centimetre ' 
For further details contact: 

FRANCIS PHILLIPS 
on 01-248 8000 Ext 456 


U.K. TRADE FAIRS AND EXHIBITIONS 


Date Title 

Aug. 13 — 17 International Gifts Fair 

Aug. 22—34 Education and Communication Technology Exbn. 

Aug. 28— Sep. 2... International Motor Cycle Show 

Sep. 3—7 International Watch and Jewellery Trade Fair 

Sep. 3—7 Giftware and Fashion Accessories Trade Fair 

Sep. 5— 7 Electronic Displays Esdjihition 

Sep. n—14 ...... Electrical and Electronics Exhibition 

Sep. 17—20 MAS International Menswear Fair 

Sep. 19—21 ...... Firefighting and Prevention Exhibition 

Sep. 24—27 International Garden and Leisure Exhibition 

Sep. 25 — 29 Furnaces, Refractories, Heat Treatment and Fuel 

Economy Exhibition and Symposium 

Sep. 26 — 28 Mailing Efficiency Exhibition 

Sep. 28 Petroleum Equipment Exhibition 


Venue 

Olympia 

Holland Park School, W3 ' 
Earls Court 
Earls Court 

Bristol Exhibition Centre 
Mount Royal Hotel, .London 
Bristol Exhibition Centre 
Earls Court 

Eastbourne ; 

Nat Exhn. Centre, Birm’ ham 

Nat. Ex bn. Centre, Birm’ham 
Bloomsbury Centre Hotel 
Treetops Hotel, Aberdeen 




His 







OVERSEAS TRADE FAIRS AND EXHIBITIONS 

Current International Fair (cl. Aug. 201 Damascus 

Current 16th Overseas Import Fair (cl. Sep. 3) . Berlin 

Sep. 5— 8 ; Third International Offshore North Sea Technology 

Conference and Exhibition Stavanger 

Sep. 3—5 Int Hardware. Tools, Household Goods and Gift- 

ware Exhibition Basle 

Sep. 9 — 15 International Leather Week Paris 

Sep. 11 — 15 International Electra and Mining Exhibition Johannesburg 

Sep. 11 — 15 International Mining Exhibition Belgrade 

Sep. 12 — 15 International Congress and Exbn. on Data 

Processing Berlin 

Sep. 13 — 17 InL Trade Exhibition for Home Improvements Stuttgart 

Sep. 19—22 Coffee Symposium and Trade Fair Montreaux 

Sep. 22—25 Exhibition and Trade Fair of the Turkish Textile 

and Ready-to-Wear Industry Basle 

Sep. 24 — 27 Quojera: Hardware Trades Exhibition for retailers, 

wholesalers and manufacturers Paris 

BUSINESS AND MANAGEMENT CONFERENCES 

Today Turkish Ministry of Foreign Affairs: Seminar on 

new international economic order (cL Aug. 11) Istanbul 

Today British Safety Council: Advanced- Management - 

Course (cl. Aug. 11) London 

Aug. 14 — 16 Exeter University: Toxic Dust Problems in Industry Exeter 

Aug. 14 — IS ...... ABRAXAS: Synectics — Innovative Skills 68, Churchway, N.WJ 

.Aug. 21 British Institute of Management: Selection Inter- 
viewing— Theory and Practice Parker Street, W.C2 t 

'Aug. 29 — Sep. 1... Institute of Personnel Management: Practical Nego- 
tiation Skills * Hemingford Grey, Cambs. 

Aug. 30 — 31 Financial Times: World Aerospace Royal Lancaster Hotel, W.2 

Aug. 31 — Sep. 1... BriL Inst, of Management: Effective Speaking- 

Practice and Coaching using closed circuitTV Parker Street, W.C.2 

Sep. 3 — 7 Esomar: Value for Money in Market and Social 

Research Bristol 

Sep. 3— S British Veterinary Association: Annual Congress Lancaster 

Sep. 4 — 5 Brunei Univ.: Ergonomics of Workplace Design Uxbridge, Middlesex 

Sep. 4—5 Local Authorities Management Services: Negotiat- 
ing Skills Leicester 

Sep. 4—7 British Farmer and Stockbreeder: Outlook for the 

English Wine Growing Industry Wye College, Kent - ■ 

Sep. 4 — 8 Institute of Personnel Management: Work of the 

Personnel Department Embassy Hotel, W.2 

Sep. 4— S BACIE: Techniques of Instruction. Part 1 ' Sackville Hotel, Hove 

Sep. 5 — 6 ......... Institute of Personnel Management: The Secretary 

In Personnel Management Whites Hotel. W.2 

Sep. 6 Brunei University: Noise in Industry Uxbridge, Middlesex 

Sep. 7—8 Brit. Inst of Management: Management Accounting 

for Non-Financial Managers Parker Street, W.C.2 

Sep. 7 — 8 Brunei University: What is organisation develop- 

^ ment? Uxbridge, Middlesex 

Sep. 10 — 15 Inst of Personnel Management: Advanced Inter- 
viewing and Assessment Skills Oxford 

Sep. 10 — 15 Bradford University: Practical Skills of Managing Bradford 

People at Work 

Sep. 11 BriL Inst, of Management: Unfair Dismissal Parker Street W.C.2 

Sep. 11—15 Abraxas: Synectics— Innovative Skills 68 Churchway, N.W.1 

Sep. 11 — 15 Brunei University: Production Management and 

■. Human Behaviour; also — Workplace 
Negotiations Uxbridge. Middlesex 

Sep. 11—15 Inst, of Cost and Management Accountants 

Summer School: Achieving Productivity and . 
c on o - k e £' ard „ „ „ , Surrey Univ, GuildEord 

Sep. 11—29 BriL Transport Staff College: Strategies in 

Passenger Transport — Present and Future Famborough, Hants. 

Sep. 12 CAM Foundation: Selling Solutions — not just 

„ . , Whitespace Daily Mirror. E.C.4 

Sep. 12—14 Inst Personnel Management: Manpower Planning Whites Hotel, W.2 

Sep. 13 Henley Centre: Background Forecasts for 

„ Corporate Plans and Budgets to 1983 Carlton Tower. S.W-1 

SepL 13 Context Training: Managers’ Course Caf6 Royal, W.l 

Sep. 14 Inst of Marketing: Trading in the 1980s London Hilton. W.l 


Uxbridge, Middlesex 

Surrey Univ, GuildEord 

Famborough, Hants. 

Daily Mirror,'E.C.4 
Whites HoteL W.2 

Carlton Tower. S.WJ. 
Caf* Royal. W.l 
London Hilton, W.l 











HOME CONTRACTS 


Avery awarded £lm 
Woolworth order 


W.. AND T. AVERY has won a 
contract worth almost £lm to 
supply 900 Mk2 Avery 1750 elec- 
tronic digital shop scales for Wool- 
worth Pick *N Mix sweet counters. 
This follows a £I.5m order, also 
for 1750s, received from Wool- 
worth last year. The 10-lb-capacity 
scales will price mixtures selected 
to the nearest }p. 


SALftN ENGINEERING has 
received an order from BSC Shef- 
field Division, as part of its Brins- 
worth strip area expansion- pro- 
gramme for a gas-fired rafflant 
tube roller hearth furnace with a 
capacity oC.up to 10 tonnes/honr 
of high carbon steel strip in coll 
form. This new annealing facility, 
worth about flm, is scheduled to 
be operational by next June. 



Lembaga Letrik Negara Tanah Melayu 


National Electricity Board of the States of Malaya 
Bersia and Kenering Hydro-Electric Project 
Electrical Equipment 

TENDERS ARE INVITED FROM MANUFACTURERS FOR THE FOLLOWING: 
CONTRACT No. 5734/21 — TRANSFORMERS be forwarded with their aDDlication not later 


This contract comprises the supply, delivery and 
erection of the following packages: 

Package A — Bersia 

1. Three (3) 22.5/30 MV A three-phase 50 Hz, 
295 kV, 1.050 .kV B1L ON AN/ ON AF oil 
immersed, forced air cooled generating unit 
transformers. 

2- Nine (9) 288 kV station class lightning 
arresters (surge diverters) for mo untin g on 
power transformer as in (1) above. 

Package B — Kenering 

1. Three (3) 37.5/50 MVA three-phase 50 Hz, 
295 kV, 1.050 kV BEL ONAN/ONAF oil 
immersed, forced air cooled generating unit 
transformers. 

2. Nine (9) 288 kV station class lightning 
arresters (surge diverters) for mounting on 
power transformers as in (1) above. 

Tenders will be accepted for each Package 
separately or both Packages as one Contract. 
Tenderers shall be manufacturers or consortia 
of manufacturers of .the items described, and 
should have had previous experience in the 
design and manufacture of equipment having 
the characteristics described. 

Full details of manufacturers’ experience and 
their technical and financial competence mast 

Tenders shall be delivered at the head office of 
129 Jalan Bangsar, Kuala Lumpur, Malaysia, on 
place for submission of tenders will be specified 


be forwarded with their application not later 
than September 1, 1978, to: 

Project Manager 

Bersia and Kenering Hydro-Electric Project 
The Shawinigan Engineering Company Ltd. 
620 Dorchester Blvd. West - 
Montreal, Quebec, Canada H3B 1N8 
with copy to: 

Project Engineer . - 

Bersia and Kenering Hydro-Electric Project 

Hydro-Electric Division 

4th Floor, National Electricity Board 

129 Jalan Bangsar 

P.O. Box 1003 

Kuala Lumpur, Malaysia . . 

accompanied by a documentation fee of US$250, 
international bank draft or money order, pay- 
able to LEMBAGA LETRIK NEGARA TANAH 
MELAYU. 

Tender Documents will be issued; by: 

Project Manager • : . 

Bersia and Kenering Hydro-Electric Project 
The Shawinigan Engineering Company Ltd. 
620 Dorchester Blvd. West : ’ 

Montreal, Quebec, Canada H3B 3N8. 

The document fee will be refunded only to 
applicants not issued the tender documentsJ 

LEMBAGA LETRIK NEGARA TANAH MELAYU, 
the dates indicated below, but the exact date and 
in the tender documents. 


LEMBAGA LETRIK NEGARA is not bound to accept any application or to accept the lowest or any 
tender. LEMBAGA LETRIK NEGARA is not liable for costs incurred by tenderers in. preparing 
tenders. 

Document Issue: About October 1, 1978. , Tender Due: About February 1, 1979. 


SKINDLES 

Riverside Conference Room 

(Suitable (or bo tween 12 to 13# 
persons) Now available. ■ 
roily fitted For audio and visual 
fatalities. iDdtvldnal Banks of UsbtiQt 
for show an d exhibition tuna display* 

Supcrb Riverside Restaurant 
(Open 7 days -a wwfci 
Table d'hote lunch or dinner C.30 a 
bead tod. VAT or choice A la Carre 
mean 

Christmas Party Bookings 

Now being accepted. Aranranodatloo 
for 300-700 persons 
Smaller party, inwdriw also jrdcoiwd 
Tel: Me. Mfc&ttto Or Ur. Earns* aw a* 
London KT-483 13*2 . or MaMenhew 
MSS gun utiiwn vtrlll bo .dellsbted 
to quote and personally ensure the 
success of yoar hmcUoo 

SKINDLES HOTEL 

Maidenhead BrMpc, Bath Read, 
MaMwbud.. Berkstdro. 

(40 alas, from London, 

13 min*. Iran Heathrow) 








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SI Tilfe M^day August* f 1978' 


executive 


15 


- Senator KegmatiL JR. Jeune, 
Chairman crftheTrustees Savings 

'Bank of toe Channel Taianflg; hac 
l»en appointed: .- a dep uty chair- 
man of the TRUSTEE: SAVINGS 

banks gentbal jsoard m 

succession , to Hr.- Y.F. Keens. 
Benator Jeune has a iong associa- 
tjon with the.^TSBs, j^>ing hack to 
1855 when he Was firstappototed 
to the Board ol'fhe then' Jersey 
Savings Bank. Be is ilso the 
chairman ' df; TSB .Unh Tfust 
Managers ' {Channel' . Xslands), 
deputy chairman of 'XSB ! Trust 
Company/ and a - member of the 
EEC Sayings Banks Council. 

, - 

Mr. Brace Patterson has been. 
ma de 'financial director of 
TRICENTROL OIL: COBPORA- 
■nON. He Joins Trleentrol from 
t he Roy al Cutch/ShrfT Croup :of 
Companies where he field .various 
overseas appointments. Since; 1&74 
Mr. Patterson has been Tiead of. 
treasurers general-’lcr-Stwli Inter- ; 

national Petroleum// in v-Lohdoin ‘ 
Trieentrol .'Jra^British inter- 
national resource exploration and 
production company.' 

* i :■/- - 

Mr. Edward Boss- has: 1 Item 
appoin ted deput y mjmaj fm g direc- 
tor, of STEPHENS AND . CARTER. 
Mr, Boss, who Joined the company - 
.sit " years ago,, will retain his 
position as direct or in charge of 


the hire and sales division with 
re3pcmsibiliiy for-iiie company's 
.home and overseas activity. In 
addition, he has ‘ joined the 
Boards of ali Stepheos and Carter 
subsidiary .companies,- and 
remains as chairman of, Aberdeen 
Scaffolding Company- y 

... Jlr. Bernard WbUebaS is to take 
over as divisional-' manager, South 
"Western D tv ^oa of the Southern 
Begion. - BRE0BB-. RAIL,- on 
September- 4'in. place of Mr. .JLlew 
Edwanl«' who is - retiring. Mr. 
Whitehall is . . at. . present the 
region's hnluktriahrelstions officer 
at - Waterloo headquarters of 
' 

Mr. Andrew Woods has been 

appointed toAhirBoiH of ALLIED 
SUPPLIERS, as: marketing direc- 
tor.- He. has -been -succeeded as 
nxanagcoK director -df the northern 
division by-Mr, JBnt Cfwnbhs, the 
present regional director in -York- 
shire. Mr. CrOnrofe - .becomes a 
member of the Allied Operations 
Board: :• ' 

A. Ja ncjS/ a director 
of JPYE OF CAMBfflDO® and of 
PYE: HOLDINGS, hesjetirad but 
will act on a: consultancy basis 
'with the group, wtfir^ continuing 
Special reaponiibili ti&_ - for - over- 
seas companies for the next year. 


Coal stocks ‘iindermiiie 
case for open cast works’ 


.FINANCIAL TIMES REPORTER 
MOUNTING;; STOCKPILES. . o t 
coking coal- : meant that - the 
National ; Coed Board should re- 
think its 1 policy fm/ exploiting 
opencast coal reserves. ^he Gbui^ 
cfl for the Preservation of Rural 
England said in a letter, to! Mr. 
Anthony Wedgwood jBenn; 
Energy Secretary.- -.- >••••■■ 
The . council’s, call' baa been 
made with particular reference 
to the Goal Board’s move to con- 
duct opencast minings operations' 
on 570 acres of farmland at 


WMtftpnstall; TBartlmmbearland. 

In a letter To'' Mrr Benn, 
tiie. . council’s. ; director, : Mr. 
Christopher .^aB^VUfged the 
Minister -to take -into -account the 
changes, which^ihidy .occurred 
since the inquiry, m the demand 
for coking coal fe^iteelmaking. 

The steel' industry’s intention 
to produce leas stefeirwould mean 
-that less coking 'coal. would be 
required, : “.yet .thejWhiTtDnstal 1 
Inquiry wag told.byfee^NCB that 
it was for aiking vioal that the 
site was needed.” -,-' 




(Audited) 

Year 

ended 15th, 
January, 
1978 

. ' £ ' 


CORPORATION LIMITED 

-laterim Fimuicial Statement ; ' 
for fiie six months ended 15th Jaly, 1970 

’ ■■•i ' v I - ' ;' - V ' <UnB_ 

• . Six months 

. . • ended-' V/iSadfad ' 

" C . lSthXifly, 'l^Tuly. 


3,892,342 ^Gross revenue. 2,021,735 1 3^839^28 

653,899 , Lcss Ripmses ««£ J n tare s f* - 406J640; . y^^893 

3/138,443 : Net revraue'belbte taxation, 1,615,095 32^935 
U92&7. T^j^axatioa . ...... 600,471. 

1^45,446 • _ :i i.i i 

. .-.3C«K..:BESasDiw. jStpa:/ . «. 
81^223 .. dradeod.^A.M -W#611 .40^6) 


1^64^23 \ >- s? ' 45 : 974,013' 

1,692436 Less: Interim ,v • .566433 



share for. . Shares payaHo caL 25tii,^lr)per/, ip per 
the year ' August, 1978 -,V.;. -, ysbafe share . 
tNet' Asset "Yalup- per--. ■ • ~ : '' 

Qzdfamy Shartf.at end of- 

114ipXid. period. 133ipitd.- 127p xxL 
fNet Asset- ; Vatae -par - _ . 

Orfinary Share :,awwimg.-. 

-full -convrasro^. jqL? C bn- , - ; 

U4ipxd. vcitiWeLtaih Stock " . i . . , . - D3£p xd. 126pxd. 
•Revenue figurcs^trenotcong>anible due to a dollar loan of 
UR.S6.750.000 raised m.Anraftt,' 1977, whirfr was xtfttred to in 
the 1978 Directors’ Report! ^ 

tTho Net As^^Tuc--^rolu&s: the investment currency 
nranium which at L5th July? J 978 was equivalent to 19 ip per 
ttedihaiySare(ISfit Jdsma^i WS^ip per share, 15th July, 1977 
— 2pPperhhK«V ^4 ' ■ 

No provision fcasljeett tti»e for anyliabllity to tax on capital 
gains which may realtsatibn ^investments. 


FT 





urvey of Bu 



s Opinion 


GENERAL OUTLOOK 


; © Saiisticai Material Copyright Taylor Nelson Group Ltd, 

GENERAL BUSINESS SITUATION 


A little more optimistic 


4 monthly moving total 


July 1978 


A FURTHER improvement in 
business confidence * emerges 
from the latest survey, which 
covered two consumer industrial 
sectors-— food and tobacco, and 
textiles and clothing— together 
with building and construction 
companies. • - 
In building and construction, 
the improvement reflected the 
gradually quickening- pace of 
orders and output and hopes of 
some recovery in profitability. 

There are now said to be 
clearer signs of an upturn in 
industrial demand for buildings, 
but public sector work r ema ins 
constrained' and there is some 
concern about the availability 



of mortgages 
house-b uilding. 


and land 


Food and tobacco companies 
have been benefiting from the 
upturn in consumer spending! 
But they have become less 
-sanguine, about profit prospects 
ante this sector was last 
surveyed in March. 

Some textile and clothing 
companies say that orders are 
now improving. But generally 
conditions in this sector remain 
depressed, with capacity sur- 
pluses and imports intensifying 
competition and the outlook for 
profits still bleak. 

The food/tobacco and textiles/ 
clofhing sectors were also less- 
inclined to expect their expbrts 
for to improve over the next 12 
months. 


ORDERS AND OUTPUT 

Some signs of an upturn 


THE LATEST orders and out- 
put indicators, show that the 
recovery remains both patchy 
and moderate.. iThe^ Xood and 
tobacco industries are benefit- 
ing from the revival in con- 
sumer spending, as one would 
expect Deliveries have risen 
in the last four months and 
turnover expectations for the 
coming 12 months have been 
revised upwards. But they do 
not expect the levels of sales 
during the next four months to 
change by very much. 

In the textile and clothing 
sector, on the other hand, 
where market conditions have 
been affected by world-wide 


of -orders appears to have, 
improved in recent months, but- 
the “ down ” still outweigh the 
‘‘"ups” both for 1 orders and 
current deliveries while the. 
median production increase 
forecast for the coming 12 
months is still little more than 
zero. 

In building and construction, 
by -contrast, the outlook is. 
mtigh more encouraging. Nearly 
all -the firms contacted last 
month report improving 
deliveries and, with new orders 
: -continuing to pick up, 12? 
capacity surpluses, the situation monthly production forecasts 
remains depressing. The trend are again being raised. 



Are you more or less, optimistic about 
your company’s prospects than you were 
four months ago 1 

Apr.- 

Mar.- 

June 

% 

Feb- 

May 

% 

Jatw- Cnstrctn. Food & Textiles ft 
Apr, ft Building Tobacco Clothing 

% . % % % 

More optimistic 

44 

37 

30 

37 

28 

57 

9 

, -Neutral < . 

43 

: 43 • 

44 

.38 

72 

26 

84 

L*u optinrfrtlc ' 

10 

» 

26 

25 

— 


7 

No answer T 

■ 1 

3 

— 


— 

— 

17 

— 

1 

EXPORT PROSPECTS (Weighted by exports) 

.4 monthly mowing total 


July 1978 


Over the next 12 months exports will be: •. 

Apr.- 

'% 

Mar- 

line 

% 

Feb- 

May 

% 

Jan.- Cnstrctn. Food & Textiles ft 
Apr, ft Building Tobacco Clothing 
% % % % 

Higher 

72 

76 

69 

75 

60 

60 

33 

Same 

14 

14 

16 

13 

40 

— 

25 

Lower 

14 

9 

12 

9 

— 

36 

42 

Don't know | 

— 

1 

3 

3 

«- 

— 

4 

— 

NEW ORDERS 

1 

4 monthly moving total 


July 1978 


. ; 

The trend of new orders in the last 
4 months is : 

Apr- 

J % 

Mar.- 

June 

% 

Feb.- 
May - 
% 

lan.- Cnstrctn. Food ft Textiles ft 
Apr. ft Building Tobacco Clothing 

<Y or 0 / er 

fo yo /a /o 

Up 

41 

44 

44 

49 

51 

34 

24 

Same ; 

23 

27- 

32 

23 

32 

41 

4 

Down ■ 

13 

13 

14 

11 

— 

_ 

72 

No answer j 

18 

16 

10 

12 

17 

25 

— 

PRODOCTiON/SALES TURNOVER 

4 monthly, moving total 


July 1978 


Those expecting production/sales timH* 
over in the next 12 months to : 

Apr.- 

V 

Mar.- 

June 

% 

Febs* 

May 

% 

Jaiur Cnstrctn. Food & Textiles ft 
Apr. & Building Tobacco Clothing 

0 / 0 / Of of 

So / b /o so 

Rise over 20% 

1 

2 

3 

5 

— 

— 

— 

Rise 15-19% 

5 

1 

1 

4 

— 

25 


Rise 10-14% 

16 

12 

9 

12 

— 

16 

7 

Rise 5-9% 

29 

26 

32 

23 

69 

2 

9 

About the same 

43 

49 

45 

48 

17 

49 

84 

Rdl 5-9% 

. 1 

3 

3 

3 

— 

_ 

_ 

No commen t 

5 

6 

7 

5 

14 

8 ' 

1 


CAPACITY AND STOCKS 


STOCKS 


J Plenty of room to spare 


4 monthly moving total 


July 1978 


Raw materials and components over the 
next 12 months will : 


Apf> Mar.- 
July June 
% 


Feb- 

May 


Jan.- Cnstrctn. Food & Textiles & 
Apr, & Building Tobacco Clothing 


% 


% 


TWwwlwri&oflerat ir i^&ed ^ t^plianu\vak the 
Ttxjwremetttt tf feCoahril Stax&'Btthange. 

It does not tptatifuie ^ mvhatioti to any person to 
■ suhscdbeftAwi 



| ' ^yyMTTED' ' ■ 

. (B ^ g Met e d in England bb. 1 14948.) ' 

' Issue of 1*600*370 10 per Cent* . : 
CumidativePrefereuce5irares ot'£l each 

The Council ofTbeS toct Exdiange has admitted the 
. ’ abovePre^erice"Siiares to tire Official List. 

; Patfehjlars.o^CTci^tis attaching to th e T Preference 
■ Shares ar^a^ilabLe m thehxtel Statistical Sendee ■ 


’ durirignbrnjal busitteashours^ on any weekday 
- X^turda^g excepted) up. to and hid,uding 

. - . . ...-21^ATigust X97.8. from: i 

\ • : . SEBAO & C6. if 

Budderebu^House,3 Queen Victoria Street 


i ; * 

" T fl- 
■ - 

i- 

'jS -. 

■ii 


- and Sto^ficchange 




TSfr tthw^sumt is ta&d In cmpfmc* mdt the mpdrenwno of the 
Coau&ot The StoeJr&chBngc. ft does potcwaSfarfa vt lavitamn to any 

, jpaHmmaUBtecnEllw/WTa^ 

CAFFYNS UrifilTED 

■■ (InooJporatod irrfiigteiKi under the- Companies 

t V : (Oora6jidnl0ii} /^i^SQQ r '. - 

- _ » \ ■ ' v' ' '• L ’ 

. CatMtaltsatron lssue ^of 6484K)01<l per cent. . 
pumulativ& Preference Shares of £1 each 

The Cotmcff of.The [^liax admhud the ebove^. 

manfibned PritiBW^ ^ id tile Official List. Particulars Of 
fiis light# mutebmg^to these shares ara svaUatjs in the Extol; 
Statistical Senifce and ctiples may be obtained during usual 
. business hours tip yiy.weajcday- CSaturdays excepted) for tiib- 
next fourteen dayefroin?r“- ~ 


1 


or 


S;G»Wa r burg^ Co.Lt^i, - 

30, Gresham Street, : - , 17 ' ' ‘ 
laoddtu EC2P 2 GB \ 


78iAWuaii8W 


t Phillips & Drewv 
Lee House, 
.. London Wall. 
'London, EC2Y GAP 


WITH THE exception of the 
food end tobacco sectors, the 
recovery has so far had i&tle 
effect upon capacity utilisation . 
rates in industry. The indicator 
for oepacsty working & based 
upon target capacity rattier 
Th^tn masamum capacity, but 
even on- that basis many firms 
are 'working below expected, 
levels, especially in lie textiles 
and dotting sectors. ^ 
-Another pointer is the extent 
to 'Winch current output is said 
to be cousitrained by demand, 
rather than supply factors. As 
the chart abdicates, there has 
been little real change for the 
last three years. 



' ' There are some inddeatioos of 
a trend to birild stocks in com- 
ing months in the replies to the 
direct question on stoek-biriWnng 
: ioteartions as well as to the one 
on whether stocks are too high 
or too low in redatwm to current 
■ sa$tt. But the movement is 
both recent and and it 

reo&kiis to be seen whether it : 
wjfijbe sustained. 

therefore remarkable 
that,'-' ah this stage of the re- 
covery, sio many firms should be 
finding < steUled, manual and 
- executive staff of the required, 
experience or calibre so hard, 
to reextrit 


CAPACITY WORKING 


4 monthly moving total 


JidyWTB 


Api> 

J r 


Above target capacity 


14 


Mai> 

June 

10 


Feb.- Jaiu- Cnstrctn. Food & Textiles &. 
May Apr. ft Building Tobacco Clothing 
% %~ % % % 


10 


14 


Planned output 


56 


Below target capacity 


29 


36 


54 

"35“ 


56 

_ 34 _ 


61 


33 

“51 


8 


16 


25 


16 


76 


No answer 




Increase 

37 

34 

30 

40 

40 

58 

48 

Stay about the same 

43 

45 

47 

42 

46 

10 

44 

Decrease 

» . 

17 

. 19 

16 

— 

16 

— 

No co mm slots 

7 

4 . 

4 

2 

14 

16 

8 

Manufactured goods over the next; 12 
months will : 

Increase 

36 

31 

28 

30 

21 

49 

47 

Stay about the snw 

40 

40 

37 

38 

67 

15 

45 

Decnease 

2 

10 

10 

10 

— 

— - 


No comiwents 

22 

19 

25 

22 

12 

16 

8 

FACTORS CURRENTLY AFFECTING 

PRODUCTION 




. ■ 

4 monthly moving total 


July 1978 



Apr.- 

Mar.- 

Feb.- 

Jaiu- Cnstrctn. Food & Textiles & 



June 

% 

May 

% 

Apr. ft Building Tobacco Clothing 
% % % % 

Home -orders 

83 

86 

86 

85 

78 

83 

82 

Export orders 

65 

65 

68 

63 

63 

41 

83 

Executive staff. 

. 28 

24 

28 

29 

10 

33 . 

7 

Skilled faetdry staff 

44 

42 

41 

43 

38 

33 

— 

Manual Labour 

12 

• 14 

19 

17 

— 

— 

— 

Component 

5 

2 

4 

4 

3 

16 

— 

Raw rasrterials 

7 

3 

4 

3 

— 

16 

9 

Production capacity- (plant) 

11 

11 

11 

14 

5 

26 

7 

Finance 

— 

— 

— 

— 

— 

— 

— 

Others 

12 

4 

10 

9 

2T 

33 

4 

Labour disputes 

22 

24 

30 

30 

21 

18 

7 

No answer /%10 factor 

1 

1 

1 

4 


— 

7 


INVESTMENT AND LABOUR 

Few prospects for new jobs 


LABOUR REQUIREMENTS (Weighted by employment) 

A monthly moving total 


July 1978 


THE MODERATE pace of .the 
recovery offers little' prospect 
of an early reduction in the 
numbers of unemployed. The 
labour requirements indicator is 
now. zero with two-thirds of all 
the firms Contacted' in the last 
four months expecting their 
labour force to remain about the 
same. over the next J 2 months 
and those expecting to take on 
more' just about balancing those 
expecting to need fewer. 

Market demand is not the 
only factor, however. Far more 
firms: Are Citing ' plans far 
rationalisation and improved 
efficiency, 7 high wage costs, or 



1973 *74 *75 '*76 ’'77 ' 7& 


recent employment legislation 
as their reasons than the pros- 
pective growth in demand. 

Investment intentions point in 
a similar direction. The 

all-indnstiy indicator shows 
that inore than 60 per cent- of 
firms intend to spend more in 
real terms during the next 12 
months. This is a comparatively 
high proportion and indicates a 
further increase in industrial 
investment in 1979, for the third 
year running. 

As for : financing, most firms 
(73 per cent over all sectors) 
say current liquidity levels are 
about right 


COSTS AND PROFIT MARGINS 

Some flexibility on pay 


ALTHOUGH THE Govermenfs 
latest J pay - ■ policy guidelines 
were broadly as expected, last 
month’s survey was completed 
before : the pay policy White 
Paper was published. It is too 



IBIS' *74 75 '78 77 ^ 


soon, .therefore, for the all- 
industry: indicator for -wage 
costs (which showed little 
change with -the median fore- 
cast increase for the next 12 
month " remaining. ' at around 
12 per cent) to reveal industry’s 
considered reactions. - - 


In general, the companies 
contacted last month said- they 
would continue to abide by the 
guidelines.; But there appeared 
to be greater determination to 
keep to the 12-mohth rule than 
to be inflexible about the size of 
settlement. Several companies 
said that they - would like, to pay 
good workers more or that their 
reaction to chums is excess of 
5 per cent would depend upon 
the - attitude shown by-, other 
companies, in their industry, 
Unit cost and output price 
trends continue to improve, 
.with the median- forecast in- 
crease for both' now standing at 
9 per cent. But only tbe build- 
ing and construction sector is 
expecting, profitability 10 im- 
prove. Textile and clothing com- 
panies were particularly 
pessimistic about profit trends. 

. These surveys, • which are 
carried out ..for the Financial 
Times - by the Taylor Nelson 
Group. &re based. -upon exten- 
sive interviews with top execu- 
tives. :• 

: Three sectors and some 30 
companies are eovered in turn 
evesy month. They axe drawn 


from a sample based upon the 
FT-Actuaries’ Index, which 
accounts for about 60 per cent 
of all .public companies. The 
weighting is by market capitalis- 
ation, save where alternative 



methods, of weighting are cited. 

The art-industry figures are 
four-monthly moving totals 
covering, some 120 'companies in 
11 industrial sectors (mechani- 
cal engineering . is- surveyed 
every second month). Complete 
tables con he purchased from 
Taylor Nelsm and Associates. 


Those expecting capital expenditure over 
. the next 12 months to : 

Apr,- 

* 

Mar,- 

June 

% 

Feb«- 

May 

% 

Jan.- 

T 

Cnstrctn. Food & Textiles & 
ft Building Tobacco Clothing 
% % % 

Increase Sn volume 

62 

62 

54 

55 

75 

65 

36 

Increase hi value 
but no t in volume 

9 

8 

5 

6 

8 

7 

18 

Stay abortt the same 

10 

9 

11 

15 

10 

3 

33 

Decrease 

!6 

18 

28 

24 

7 

25 

3 

Mo comment 

3 

3 

2 

— 

— 

— 

10 

CAPITAL INVESTMENT (Weighted by capital expeodittre) 




4 monthly moving total 


July 1978 


Those expecting their labour force over 
the next 12 months to : 

Apr.- 

■ * 

Mar.- 

June 

% 

Feb- 

May 

% 

Jan.- Cnstrctn. Food & Textiles ft 
Apr. & Building Tobacco Clothing 
% % % % 

Increase 

16 

24 

29 

28 

9 

6 

5 

■ Stay about the same 

67 

56 

52 

57 

80 

70 

95 

Decrease 

-17 

20 

19 

15 

11 

24 

““ 

COSTS 









4 monthly moving total 


July 1978 


Wages rise by: 

Apr.- 

Mar.- 

June 

% 

Fcb.- 
May . 

% 

Jan.- Cnstrctn. Food ft Textiles ft 
Apr. & Building Tobacco Clothing 
% % % % 


— 

— 

— 

— 

— 

— 

— 

5-9% 

15 

19 

12 

9 

1 

16 

9 

10-14% 

72 

64 

66 

67 

71 

76 

91 

15-19% 

5 

9 

12 

13 

— 

— 

— 

20-24% 

' — 

2 

2 

2 


— 

— 

Same 

— 

— . 

— 

— 

— 

— 

— 

Decrease 

— 

— 

— 

— 

— 

— 

— 

No answer 

8 

6 

8 

9 

28 

8 

— 

Unit cost rise by: 

■<M% 

8 

5 

_ 

1 

1 

16 


5-9% 

40 

41 

34 

38 

36 

41 

49 

SD-14%- 

* 39 

43 

52 

• 49 

36 

18 

40 

*-19% 

2 

2 

4 

5 

— 

— 

— r 

»-24% 

— 

4 

3 

4 

— 

— 

— 

Same 

— 

— 

— 

— 

— 

— 

. — 

■' <Dlecre»e- 

' -. — . 

— 

V. 

• • — 


— • 

— 

No answer 

11 

5 

6 

3 

25 

25 

11 

PROFIT MARGINS 




• 





4 monthly moving total 


July 1978 


Those expecting profit margins pver the 
next 12 months to ; 

Apr*. 

V 

M MV- 

June 

% 

Feb- 

May 

. % 

JaiV Cnstrctn. Food & Textiles ft 
Apr. & Building Tobacco Clothing 
% % % % 

Improve- 

39 

37 

32 

23 

51 

25 

28 

Remain Che same 

27 

29 

30 

41 

35 

34 

— 

Contract ' 

27 

28 

35 

33 

14 

33 

65 


No comment 


3 — 









16 


rrl^ryh,' i;i 

Financial Times Monday. August ? 1078 - J 


OVERSEAS MARKETS 


Borrowers 


CURRENT INTERNATIONAL BOND ISSUES 

*££ C TT\'.'* i Uadn^Bwr 


INTERNATIONAL BOND MARKET 


BY MARY CAMPBELL 



U.S. developments set the tone 


US. DOLLARS 
J§Coca Cota Bottriv 
tt-P a nan u 


30- 

70 


ffExpu Dev. Corp. Canada IS 


STcxas int. Airlines 


50 

"25- 


W93 

1990 

TJl 

7!| 

w 

100 

Blyth Eastman DOkm . 
DtUon Read Overseas* 
. 1B| hit. 

1983 

ha 

• 

* 

Salomon Bros, Wood 
Gundy 

1983 

1993 

E 

m ^- 

9?J 

Salomon Bros. 

9 

7f 

+ - 

Smith' Barney, ftarris ■ 
Uph&m . 




THE TONE of the International 
bond market last week was set 
by developments in the U.S., but 
tbe price rises internationally 
were severely compounded by 
shortage of paper and dealers' 
abort covering. Prices rose quite 
sharply, but dealers agreed that 
much of the rise was attributable 
to purely professional activity. 
Although retail buyers were cer- 
tainly around, they were said to 
represent a relatively small pro- 
portion of the overall trading 
volume. 

The firmness of straight 
dollar bond prices last week 
was undeniable. U.S. bond 
prices moved up sharply as tbe 
view took hold that the turning 
point for interest rates in the 
United States bad arrived. 

Closer to home, it is note- 
worthy that Eurodollar interest 
rates fell back sharply last week. 
The six month rate, for example, 
closed on Friday at 81/8} per 
cent, down from 8 13/16-9 1/16 
a week earlier. Even tbe one 
year rate, was down, from 9/91 
to 82/Si per cent. 

Last week, the market tended 
to ignore the continuing weak- 
ness of the dollar on the foreign 


exchange markets— it fell back 
to a new low against the Swiss 
franc. As one dealer put it on 
Friday, ail that 4 needed is one 
piece of good news, such as a 
better U.S. inflation rate or a 
sustained improvement in the 
U.S. payments deficit, to take 
away the last vestiges of doubt. 

A notable feature of last week's 
developments was that the 
longer dated bonds were in 
heavier demand as investors 
sought to lock in higher yields. 

All this said, opinion remains 
deeply divided on whether tbe 
current improvement in the 
dollar straight bond climate is 
merely a bear market rally, or 
the beginning of a sustained 
improvement in the dollar sector. 

The improvement seen last week 
is the biggest so far this year; 
but there remain a number of 
highly respected sceptics. 


In what could turn ont to be 
a key development for the struc- 
ture of the international bond 
market, tbe European Invest- 
ment Bank last Friday filed an 
$80m offering on the Japanese 
market This is the first such 
issue In Japan and is being run 
in tandem with a 520m issue in 
Europe. The Japanese SSOm will 
be sold exclusively to Japanese 
investors (institutional inves- 
tors) through a wholly Japanese 
management, underwriting and 
selling group. Tbe $20m 
European portion is to be sold 
through CSWW without an 
underwritng group, but with a 
selling group. 

The coupon— to he 'decided in 
line with Japanese and U.S. 
market practice on tbe August 30 
formal offering date — will be 
payable annually, despite the fact 
that coupons in Japan are pay- 


Mcdhnn term 
Lons term ... 


£orocJa 

Colei 


BONDTRADE INDEX AND YIELD 

1978 

August 4 July 28 High Law 

99 JW U7 99-05 UN 9U4 (19/9) 98.9* (29/6) 

98.91 8.75 92JEL 8.76 «J7 <»/4> 9BJS0 (29/6) 

EUROBOND TURNOVER 
(nominal value in Sm) 

U.5. dollar bomb other tends 

last week previous week last week previous week 

uaajf 1773.7 236.9 2414 

82L4 601-9 ' 288.7 397.5 


able semi-annually. Denomina- 
tions will be 8X0,000. 

The $20m European issue is to 
provide a benchmark for the 
Japanese offering. 

Although there Is no question 
but that the £lB issue will go 
ahead, the exact feelings of the 
Japanese authorities on this 
development are not known, 
while the response of Japanese 
institutional investors has yet to 
be tested. Whether the issue will 
turn out to be an isolated case, 
or foreshadows the development 
of a distinct new market is not 
yet clear- 

The issue will not be quoted 
on the Tokyo -Stock Exchange 
but la Luxembourg, since it is 
not beiBg offered to private 
Japanese investors. 

The German market continues 
weaker, but last week yields were 
formally allowed to rise. There 
were signs of stabilisation early 
in tbe week, when for three days 
the Bundesbank bought only 
negligible volumes of domestic 
paper. On Thursday the rate of 
purchases picked up again, 
tbough not to the levels seen 
earlier, and the Bundesbank 
bought some DM 50m on Thurs- 
day and DM 20-30m on Friday. 


A key development was the 
acceptance by the Bundesbank 
of higher capital market yields, 
'This appeared as a. result of the 
tender for three and four-year 
federal government Kassen- 
obiigationen. Although issued at 
rates below current secondary 
market yields, they offered more 
than the market had been expect- 
ing: 6.15 per cent on the three 
year notes, against an expects-, 
tion of 6.00 per cent; and 6.44 
per cent in the case of the four 
year notes, against an expecta- 
tion of not more than 6-30 .per 
cent 

This development served to 
show up the low levels of foreign 
bond market yields further. 
These were already looking ever 
frailer. All three big Frankfurt 
banks turned down management 
and underwriting positions in 
the Chase Manhattan offering, in 
protest at the tightness .of terms 
In that issue, due for pricing 
to-day. 

But tbe biggest decision was 
tbe postponement of tbe DM 65m 
five-year issue for tbe British 
company United Drapery Stores, 
which had been due for 
announ ceme nt on Friday night 
from BHF-Bank. Tbe issue 


D-MARKS 
Chase Man hatta n 
£**U5. Rubber Uniroyal 

Nippon St*el (gtead 
Ind. Bk* of. japan) 
t**§Koraku«i Stadium 
§Murata Manufacturing . 
Mitsubishi Petrodum. 
(steed Mitsubishi fife.) 


100 

35 


1993 

1984 


10.75 

6 


t 

5} 


99 


West LB 
BHF-Bank 




100 


40 


1985 
1987 

1986 


3* 

31 


100 

1Q0 


Deutsche Bank 

BHF-Bank 

Bay. VereiDsbanlc 


.■$£-. 


65 


1983 


53 


West LB 


SWISS FRANCS 

^Denmark 

J**lrdand 


100 

150 


1990 

1984 


na. 

na- 


4* 

4* 


100 

ioo 


UBS 

Swiss Bank Corp. 


& 


• Not y*t priced, t Float terms. .*• Haomeut. t 

ttftmlwwerf Wfth U-S. Saowhto »nd BccfaMji Cmwmli nlon. 

. N«tc TMds are calculated m AIBD bo*. 


MM mm. 5 CrernwtlWe. 
FFudNM And. 


man ager decided on postpone- 
ment because of the ' weakness 
of the DM bond markets. It 
may re-emerge this week— no 
other issues are scheduled — or 
it may be postponed until after 
the next meeting of the. 
capital markets sub-committee , 
scheduled far next Friday. 

Ou the convertibles front, there 
was a notable tailing off- of iiF 
terest in Japanese convertible 
issues in tbe DM sector. While 
this ie partially attributable to 
saturation with new issues, 
dealers also cited the flattening 


of the Tokyo stock market and 
the feeling that the yen had risen 
too far, too fast. This, it - was 
argued, had dampened the 
speculative enthusiasm which 
had provided the mainstay of buy- 
ing interest. 

The final terms for Coca Cola 
Included a conversion price of 
$9 for a 124 per cent premium 
over the $8 dosing price for the 
shares last Thursday, Conversion 
rights can be exercised from 
next April. 

The conversion premium on the 
new Texas International Airlines 


Issue — for which . convent* 

rights are also exerelwSfc W: 
next April — has been ineficafett 
at 10-15 per cent. Tlte. comparts r 
bonds are currently rated sagfe. ‘ 
B on tbe U.S. market. -Tb* 
price, $13} at ' last Thursday* 
close, has ranged between ■». 
and ?14i this year. ' 

Due for announcement in tifr 
Swiss franc sector this week j* 
a SwFr 250m 15-year offering'll 
the World Bank. Earlier expected 
to be SwFr 200m, Hus issue wifi 
be entirely open to -subserioife® 
by foreign investors: - 


indices 


N.Y.S.E. AIL COMMON . 


Rises and Falls 


NEW YORK -DOW JONES 


Auk. > Auk 

4 5 


Aim--. Ailu- ’ 


j m mil 



Aug. J Aug , Aug. 

Aug. 

1 

July 

il 

July 

Ini-- 

''inn? i.nmiulai 'n 

Huiu 

U ' W 

mg.. 

L«o 

Inrtu-trlftl ... 

681.45 806.87, 4B3.4S 

o60.ll 

all 2.27 

380.2: 

8BB.45 

742.12 

1081.78 

41.22 







IA-,^1 

:ili 1,7=1 

d:fl,52) 

H'me H'lidu* 

SB. 28 88.1*1 37.87 

ft7.au 

87.73 

87.6b 

l-.Jt 

on. 74 

— 

— 






14- II 

ll 1,7) 



Tnurapurl.... 

248.85, 248.73; 246.7b 

241.40 

241.14 

258.51 

24B.85 

la .ol 

273.88 

15.25 


! 




.4-oi 

U,h 

Kw/Wl 

14 77,32 

VlllitIM 

108.19 I07.BE- 107.24 

I06.U4 

ioe.ee 

106.48 

11U./8 

102 j|4 

164 -AS 

10.66 


t 




l5 Li 



i2e/4i421 

Tnuting ml. 

1 ! 


45.390 






IW'-I 

37.970 60.570 47.470 14.610 

35.971 



— 

— 


88.54 58.1 


2j b/.BJj 


56-1:1. 


58.54 


48.5; 
lb NX 



Xu«.* i 

| Aug5 1 

| Ana. ? 

Inout- ini'le'i 

1.0 32 j 

| l.r45 

! 1.923! 

lli&ea 

(66 

1.00 » 

1 i.aai 

Fall, 

£67 

629 1 

522 

Urn-liAngnl 

=9/ 

< 13 1 

315 

Jiifff bwii* 

— 

397 1 
8 1 

282 

S 


MONTREAL 


Imluttrinl 

C.iiiii.med 


TORONTO •-.•iiii-qiiii 


1 Hn-t- ni liiiii-k t-lun|.(ii irimi Aiigtri Vfl 


JOHANNa&nURG 

U ■ •••( 

llliluj-lMnl 


Alls- Aug AoR. A UR. 

4 3 ! ■? I 


1878 


Ui = h 


198.68 19a. IB liSjbl hija I 8 65 4.c) 
208.43 205.89, 205.701 201.00 206.45 4 8) 


121 .9 12 14.3121*). a , tlsS.U 


Iv) I 281.2 294. a i 2a/.4 
(vj | *?6» 255.7 | 266.2 


1218.3 .44) 


287.4 ( 1,6) 
2S6.0 3.2)1 


Lon 


152.4 lln.Li 
1/0.62 ifl | > li 


-tia.s i jo. I . 


183.0 ttS.4| 
194.-. Uoi 


In. I. iliv. y l plii 1 


Juiy * 1 Juiy.l -I ii-\ U J • Ymr agu *pnnu.i 


5.4? 


5.62 


S.OI 


Auc- 

4 


Pre 

rw*t 


1975 | 
H-iih ! 


itn« 

Uiw 


STANDARD AND POORS 


Ausirauat*.! 1 61B.6& 
Belgium 1 U ) : b8.33 



Aug. Aug j Aug. 

4 | 5 1 2 

Aug. 

T , 

July 

31 

( 15 

179 Since Co 

tnpiiat'n 

Stf' J High 


High 

Luw 

J in.lu>inm*! 114.95 114.51 HB.at 

iCcunproliel IB3.S2. lOJUSi; I0S.SS 
1 i l 

iiui, 

100.6^ 

11 Las 
100.68 

1 1U.Nl! 114.98 I 
4iU 1 
100-Ot 105.92 : 
l 4/h. 

bjjk 

ih,5i 

do.4u 

144.M 

Iilii'le. 
12b Jo 

3.52 
i50,«.82l 
4.41) 
i [8.521 



Aug 2 

■fitly 28 ; 

July 19 

Year «eo rnppros.l 

Ind. div. yield % 

4.76 

4.93 

4.98 

4.na 

lnii*. P'K Undo 

9.78 

9.40 

9.30 

10.00 

Li ue fliw. MntHl view ] 

i 6.45 1 

| 8.66 

8.64 

7.b7 


1 516.00 
38-10 

Denmark!*^ W.54 ; 93.M 
Franca hxm 76.3 1 76.6 

1 i 

Germany* ::ii 04 8 i 806a 

Holland Itllj 5 0 ; 64.B 
Dons Kony’eoo 75 682.43 
i 65.44 
*S0j64 
btoJUt 


518.: 5 

»4oi , 
1 .1.1 


(am- 
rtfi 1 

llll 0.1.12 


; ■ ^ | 
I 90.641 
: |4.t) j 
76.5 | 
. l5/bj i 
p ! c i.’^> ; 

! V‘ 7) 

I t7.U I 

I IH+l | 

i 600 76 

.4 vj 


Japan 


la 


Sin janore 


4L-1.17 
J* 9 6 


! izc.- i 
! .i- 
‘ V9 76 
•4i . 


WJ.lv 
tl J| 
au.45 
OAty 
VI ,00 
to, a 
4'l.U 

u,a 

/fcta.4 
111.6) 
n>D 
l»,4) 
ttva.44 
1 13,1) 
36.40 
Uw-D 

lo 
*■*.>. 
n h 



• A iic. 

4 

Pro- 

V , l , i 1 

197e 

H-h 

M 

Lr-w 

Swuo Wi 

104.13 

llXCM 

IU.I 

1 u. 
H7»j 

bWe*en in 

40SD8 

KH.ttl 

408.08 

.* 61 

*£.'!- 

i3.ll 

awn eri'dc 

i8SJS 

Hi 9.4 

CC.OI 

'/».(. 

(uau-er dJhl 

MM 

l*lei taL .ik*r 

•alil^ 

Its r*ceir 

NVSF 

411 

Common - 


SiMiHIamh inn H>mr> — lb ana lanxi 
3"u— uw. ton ia«r rumen nun m //j . 
1 tsuiiiaim> noncis i «v mmistnui 
t «»■ iwjirrnuib «u Unnnee <n -mu. 
aim V rranWMn 1 s'vanrn 4I« uMinart 
I. Keteiui- S6 M/12'SI * OaDaahnHnn - 

1/1/7* n Han». K.mnv> IWSI a Comm -r 
omm lire.. IMS .. AiioUriOull, 'imujTrr. 
19)8 19 linn* -411 k Him Jl/7,64 BH Hunft. 
t'.iiimarciali- llalianu 1/1/7* rt ri*i 
N»*i» sb 4/1 /*8i r. <rraiir nme> 

, ClouMl -1 Martrld SB vi/nm. - Vr»> 
•mini InOiiKiriui i/l/SH 1 1wls» Han* 
Onrp.ir» inm. a linn railabla 


GERMANY ♦ 


Auk. 4 


PrW 

Ll-n. 


.1SG I 

X.hbiu Ver*-lcn. M 

UA*F 

Saver. 


te.ver U> |a> — 
Haver- V mmfNiJ 
OilvInt.Xerf.KTtH 
L3 imnMrfJ n nk 
Coni Gumml...... 

Ua-mier Benz 

L l e)puTa..„. 

Umimk 

Ueuiwbe Bank— 
Uiexlner Bank.... 
IlyrkeHmfl Zemd 

Li uttJiotiniiiifj ,._.j 


76.atO.S 


476 


'E2 /.5xn— O.S 


131.L 


1564-0.5 


28b 

3244 

141 

228.31 

79^ 

316 

256 

161 

305.aj 

238.1 


198 (-6 
Zu8.8j t-0.3 


•f nr 


-a7 


-II 
-1J 
x 0.6 
r- 2 
r— S 
-1 
-0.3 
I — 1.8 


31.2 

38As 


18.7m 7 J 

Itf./bl 6J3 


28.13 4.B 


18 


26-Sd 


28.12| 

17 

14 

128.121 
28. In 
9 .Sri 
12 


YU 

% 


38 


IL7 


Hap*K Lliiy rt __ 

Uarpener 

H.wL-hbt 

Hunch 

rtunea, 


120.0m J 14.541 5.9 


Kali 11 ml ShIz.—j 
klMiult 
Kauilufl ...._. 
kmi-kner UJUlX'J 
KHU , 

Kmiip.... 

Liade_ 

Lonenlmtu 100 .— 1 
uuhaaia 


a 17 +1 

130.0 -0.5 
48.0-0.6 

149.5 +0.5 

146.5 

343.0 

240 i-2 

flp.5' + 0.3 
1843—1.0 

100.0 - 0.2 

266.0 -0.5 


4.7 

1.450 ! 25 ! 8.6 

109.0, — 0.5 i 9-36 4.3 


18.721 5.0 
18,/bj 7.2 
4 4J2 
9.63 3.1 
14 M' 4.B 
123.44! 3.6 
18.7? 3.9 


18.781 0-0 


25 


MAN.... 


JlBime-niann-....' 

.UtUziiRu. 

iluDcheaet Uurk 
Aeckennan.n^.-J ISAOj— 0.5 
Kiw-wUS NAj 126.l«— 1 j4 
Uheru H'e-r.SIOL-. 

-nHienOK 

-lemma 

;iw /.Ui-ker...—-. 
riUHHfD A 
Varta 


1 KMA 

Vemin- IWdi bkl 
*Mik.-wmen- I 


197 -3 I 12 1 3.0 
171.8 —U.2 17.1S, S.l 
239.7 —0.3 I 10 ! 4.1 
565 


_...! 18 


176. A +0.2 
269 '-17 
289 +1 
249 <-5 
121.8—1.7 
18o 1 + 2 
Ir0.o| + O^ 
291 -1 
233.51-1.0 


25 

28.12) 

16 

i2AS6i 

17.1b| 

14 

12 

18 

25 


1.6 


7.1 

5.2 

2.7 

D.O 

7.0 

6.7 

4.7 

3D 

5.3 


JOHANNESBURG 


Angus! 4 

Ancle American Corpn. _ 

Chaner Consul raaied 

Easi Drtelomein — 

Clshurs 

Hantiony 

Ki 

Kloof 


RustnrtHirK Platinum 

St. Helena — 

South Vaal 

Gold Fields SA 

UrUou Corporation 


Oe Beers Del erred 
RlTTOonU radii 
End Rand Ptj. 

Free Slate GeduM 
Preaidem Brand — 
Presidnii Stem 

Stflfontvm 

Welkom ...... 

West Driefometn 
Western HolAlngB . 
Western Deep . — 


Rani 

5-BO 

3.80 

14.00 
232 
740 
7.45 

10 90 
1.73 
17 09 

10.00 
23.75 

S 35 
7.10 
595 
17 00 
33.00 
ib no 
1580 
5.50 
500 
43 00 
SB SO 
16.30 


—0.05 


“ 1.0 


AJ5CJ 


INDUSTRIALS 

327 


Aislo-Amer. Industrial 

Barlow Rand 

CNA luvMunems 
Currie Finance 


De Beers Industrial 

Edgars Consdlidaied Tnv 

Edaars Stores 

Ever Ready SA 

Federal? VolkEbelewtiUS 
Greaientuun Stores 
Guardian Assurance ISA 

Uukits 

lta 

McCarthy Rodway 

Ned Bank . 

OR Bazaars 

Pwnier MUUns 

Premna Cement 

Hrotea Rowings 

Rembrandt Group 

Retco 

SAPPI 

C C Smith Sugar 

SA Srewenes ~ 


10 fl) 
4 18 
tl.ffi 
080 
112 25 

12.40 
t28 50 

2.15 

195 

2.40 
2.25 
107 
2.00 
087 
2. 75 
740 
810 
3-30 
135 
3.60 

oe 

240 

74.55 

L47 


+8.02 


+0 0! 


+oe 


-0.01 

+031 


+0 81 


Securities Rand U.SJ0.7U 
(Discount of 37J%I 


NEW YORK 


J973 

High | Low 


39 
271. 
435a 
31ls 
S17g 
48 
201g 
80js 
443* 
235« 
363* 
381. 
33l a 
18U 

51kg 

667g 

45 

315* 

356a 

241s 

40 Sg 

32i a 
309* 
nil 
45»s 
Biss 
3b5g 
6a hi 
36q . 

LOjg I 
375* j 
X73g f 
3*>5fl I 
26»« I 
35&s I 
i.6i* I 

18 j 

auig : 
381s , 
B3i s 
361 n 
12 in 
kflis 
60as 
271; 
261* 
3vfg 
291s ■ 
48 i 
26>a . 
4U7 B 
215a 
401* 
43s 

26 ig 

SI 

731* , 
31 

al>* : 

33 ; 

171* I 
la>* 
39>E • 


2a 

137g 

3Ha 

221g 

22 

383* 

163s 

171* 

34>* 

183* 

221 | 

311* 

227g 

9*8 

391s 

345g 

343, 

231| 

833* 

215* 

315« 

263* 

165fl 

55a 
391* 
a2*a 
26 >a 
h7iB 
27Jg 
lb . B 
241* 
1U 
255g 
17l e 
26 
19 5S 

Hlj 


Stock 


Abbot* Lstw 
'AihUevwtKTaph ... 
Aeuw Life x L'rwj 

Air Pn.«lm;t« 

AI>-snAiuminlum| 

Ali-os. 1 

Aline. Lin Hum .... 

|AUeKheu,v Powen 
Allleil Ubemii-sl.' 
Allied Mures......! 

IaiiIi Chalmers... 

I AM AX 

'Amerada Hew.... 


Aug. 


f Amer. Airlines... 
Amer. Uieniis 
Auii.-r. UnNilL-ast-l 

Amer. Can 

Anver. Cyanamiil, 
Amer. lllM.lrl.. 
Amer. Kle-i.lMs 
Amer. Kaprew.. 
Amer.Uumc I’m' 
.Amer. Usii>n„. 
Uiwr. llutnn .... 
Amer. Nat. Qm... 
Amer. Niiui-liuvi.. 

Amer. niote- 

■lilivr. Id. A Tel. 

Anu-u-k 

IMF 

AMP 

i.ln hni H„ Liti.-.j 
j lnlieu-er li.J 

].\nn wMwi 

,3.3.1 

l.Vmmera Mil 


13sfl 

27U 

431; 

2a>n 
Hie 
IbJs 
4+1* 
2450 
aulg 
34 
26 l a 
33 
22 
3150 
14 
33 
2ia 
20 >* 
141* 
2SI* 
225g 
27'* 
251: 
B 

127* 

26ia 


\ «rm 

A lidil.l Ull 1 

Ad. ItirhMehi.. 
..lulu lisla I'm.... 

I IV 

Ann 

Ill'll pRftllH'tr... 
,Ds,l.(in' bieei... 
lisnk Aiuen>it....i 
Uauker- Tl. N.Yj 



Baxter Ttsw-fii+.i 

'ilmtnn- Flsal 

1 belli nil) u.-kuuH -a> 
'Hell A Howell 1 

iiktiKuei Cun -U’l 
.Bethlehem Mnei ' 

Biat-k A Uw-hei.J 



‘How Ca -cade j 

: bonlen I 

■ Hoik Marnrr.. f 

'Humid lui : 

Urn. ran ‘A’..., ; 

1 b 1 i-U'i S)i+ 1 


39 

271b 

421a 

315b 

31t 8 

46 Ta 

185(1 

lbi* 

355* 

257g 

365* 

38>a 

261: 

175« 

501* 

676a 

43 

alia 

34 u 
24 
39 Tg 
511: 
303* 
3*2 
43^* 
51ia 

353* 

615* 
a6u 
lbi a 
38 1 g 
16«g 
3QI 2 
271a 
aat* 
^6>g 

Ibis 

154a 

37 Jg 

50 

36 

113g 

29 la 

605g 
*73, 
27ic 
37ia 
25 13 
48 
2u7 S 
384* 
2156 
40ig 
41* 
254* 
2tl6g 
731* 
31 
27 tg 
321* 
lblg 
1-3 6 
a6*g 


1978 

High ] tow 


6140 
52 lg 
33 3g 

2b 3d 

37!g 

421* 

211s 


Stock 


Aug. 


4b I a 
42U 
244* 
22 ig 
294« 
dai: 
lblg 


ComingGia- 
CPUlni'mTimuii] 


Crane .... 

Crock 131 N*i- 

Crown /eiierinchl 
Cummin- lingine) 
Curium Wnglu— 


em 

4950 
k9i« 
28 La 
db>* 
391* 

lb7g 


169* 

351* 

X7t a 

21*4 

9 

415, 
827g 
3b»* ; 
185, [ 
1.1 

31)0 : 

la 

ZlJTg 

62 l S 
62>* ' 
43ls I 

17 1 


13?a 

263* 

13i a 

165a 


36 1« 
58J, 

3Ha 

14i B 

lulB 

24 U 

115* 

lbjg 

4o3* 

4350 

30 

lb 


ibtiL 1^1. A UR.. 

(bnn-Lfiai lila-n. 

,'JruHftii wk 

iduc) ru- brie 

\ Buhi's Wat- 1 

’Ulinmgliiu Nlhu 

;bum>iiKb . 

i*'n|ii|3i<;lib<nj(h.. 

ll WJML- 1 1HI1 lAll-llU- 

■uirai- UniMui|Hi. 



knme< 4 lieiii-ra 
tinner Haw e> ... 
'l■llerv ,l - a, I ra- 1 

i«.Ub 

Letuie-e Lurim.. 
Lem nn 4 v" ... 


lo 

33 ig 
3 7*t 
1U58 
9 

414* 
8 7g 
a6‘. 

Iflag 

13’* 

alsa 

12-* 

19is 

62 It, 

bdi* 

+21: 

lo.'s 


1 

46 

333* I 
445, | 
27 1 5 
35: z 
58 
133* 
43* 
34 »* 
261* 
541* 
17 
6Zi 5 
455a 

223* 

13 


185g 
Stall 
273a 
371a 
Bl'Jfl 
29 >2 
43 
Ula 
13) 
18 1* 
181a 
4a 1 2 
1158 
4?6a 
3b I* 
193 b 
l« l 2 


2870 i 
22Sfl j 
IMi: ! 
431* i 
2U>: 
287 B 

213 

4650 

1G 

5u7g 

2558 

25>b 

263s 

443o 

24i: 

33-9 

3i'a 

I6B0 

403* 

60 


26I B 
lai* 
147g 
all* 
134* 
267a 
Bb 
29 1* 
8>a 
311* 
187a 
2179 
23i B 

3410 
214* 
2850 
25 »* 
14S0 
233a 
405* 


certain l , 

Le--™ Aitvlwll ...j 

*:(»-«■ MamjaliHii! 

L'liemiuB> bw. N Vj 

Iclitf'Ubrgh 15'u.i-! 

rX’hevie M>>ieni..i 

;CliK*«rt braine...' 

.Llm-lcr ' 

;kiiierauM 

.Cun;. Museum.. 

ICllhOtp— 

jcitwr oernraf.— 
Ik'llA l*'MW.. , 
Cleveland Cliflfc-J 

!( us O'la... J 

!*Suigate Pk'hi 

ICoiltro Ailtman J 

Coitfiii'sG* I 

tliJuinlaa Ihcl^.-j 
Ciini.ln-Co.iKAnij 
OinitBdHin Kni'J 

.L-miHiitNin Ut|..^ 
l"m'» "Hi Kdiii.n: 
CTii'w'UiOuKef.] 
L'limni. hate" He J 
L'nmt*rt eraett u<+ 

Conn Lile li> 

Cun mu 

jCtni. KdiMW S.Y. 
jluoxw Coral- 
I Cousin No*. On*..: 
Uumirkt Hisit- 
AkMiUisinu; Oil'd 
iContiuvaiai Uil„j 
iLkHitiiKiitni Te'e 

(wiritn" ItolM. j 

'\iuuya Inlu* 1 


2-30 
44 Ig 
ad ij 
41 
bbig 

30la 

a5is 

ll>« 

HBg 

34 

26ig 

s8Ifl 

U50 

623b 

-5)0 

"k&3* 

115* 


a?3B 

1&I0 

4dl* 

l4ia 


453* 

153* 

41lg 

£lfe 

t3l* 

3«I| 
241* 
3C30 
26 ** 
16 
40U 

6470 


90 

471* 

34 

375b 

1“'» 

243* 

1«>4* 

29 

17Ia 

54ia 

44)0 

47l a 

275g 

3a 

46, g 

127 

23Vi 

14)0 

651: 

4ol0 


195, 

34 

23 

223* 

bla 

lbi* 

loij 

2 a 

llll 

3850 

3150 

3b 

2250 

2b 

36Ib 

873, 

Ibb 


411* 

33 


Dana 

Dart lraluMriei- 

Deere 

LH»1 Uuiiip 

Ueltunn 

Uenis|ii.v Inter... 
Uetmti blixm... 
utamunii *<lMmrk 

Dirtavbnn. 

lUlglia Equl|b 

IllnW) iWitt,. ... 

IDui-sr l'nr|in 

Lkiw Chemlial.... 

lira ti 

Ure%M?i 

illu|smt 

Knglc Fi ller 

Knot Aitlim- 

bnMmnii K-.iok.. 

bsnui_ — 


30 

47 

aaTa 

3730 

12): 

2310 

16 

2G5a 

181* 

5410 

4410 

46 

265b 

283* 
4410 
1261b 
23 
144 
655* 
39 J0 


30 
17 *« 

aa)g 

38L 2 

i'7 

445* 

310 


2 < 


3210 

2350 

4910 

3*50 

40* 

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224 

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94 

2850 

3150 

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64 

4150 

295* 


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32 

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894 
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393* 

705, 
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427s 
275, 
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18i 2 
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4150 
164 


61/0 
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434 
1110 
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2750 

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434 

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187g 

464 

374 

145, 

527g 

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8334 
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364 
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3369 
264 

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274 

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355, 

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234 

34 

224 

194 

224 

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314 

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104 
114 

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414 
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Uw-ienU I'ei bill 
U41 vj Mailier— 

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217a 

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3460 

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6250 

21 

227g 

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15 

114 

21 

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3650 

274 

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214 

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84 

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porbet Hanninn. 

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|Pev<Jca ....— 


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274 

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364 
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275a . 
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174 

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334 


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Pbin^i Morris— J 
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lbto jHuncy bnn-ro-.J 

8.4 Pin-*«in .... 

164 [P'tese)- L*i‘ A L>U| 


26T B 

5430 

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22 

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[K»P‘-i Anwnniii 
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2770 

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244 
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3450 

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62 

52 1* 

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3810 

3770 

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27ig 

3660 

287g 

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3b 




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61 Ig 

171* 

12I b 

UTB_ 

141* 

13 la 

111* 

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1170 

38 

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45J0 

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441a 

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2210 

9l_ Joe Miner* lr 

24 

31J, 

8360 

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730 

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5»rmi l/i-fi". 

66b 

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14 to 

93 

64to 

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93 

313g 

laig 

3CM.— 

2Hg 

HI® 

121* 

Scull 

l?to 

»4l0 

8s* 

191* 


Mb 

eto 

big 

X-Uililei Dun.Cfll 

36i s 

1970 

rea Container.... 

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36 

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to 

16to 

11S0 

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l&to 

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221* 

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40 

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35 

281* 

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333i 

43 ,0 

37 

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421* 

63 

28 

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3UTg 

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18 

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19 to 

97ig 

4bto 

Snmii K.-me.__.. 

&33* 





3b3* 

18 

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34- 

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2330 

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38 

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341* 

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221* 

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28 U 

233* 

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82 

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477b 

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46Sa 

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2150 
22 la 



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441* 

2450 

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4130 

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44 

'Li. Oi lofiiana. 

3uif 

3650 

291* 

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5660 

12?* 

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46 

183* 

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4A?0 

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6660 

441 b 

3360 

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64 

3150 

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117 

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5260 

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2610 

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58 

12 

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2710 

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3430 

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3010 

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1 in«w Jllmir 

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43£g 

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18 

13I B 

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177g 

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173, 

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211* 

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190 


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4030 

193a 

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103* 

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19 

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3010 

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b45a 

26 

1210 

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44*4 

423* 

*61] 

Union Can-Lie.... 

40to 

650 

tola 

Union tom me rue 

814 

Saia 

4550 

Union Oil L«<ii... 

4flto 

So 50 

41 

Unlun PBd&e..... 

4970 

81 * 

7'« 

Uni royw 

74 

Ilia 

370 

United Brands.... 

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40 

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30to 

503* 

2110 

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aoto 

403, 

815s 

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226a 

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321g 

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3060 

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lBlg 

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186a 

1350 

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1-4 ■ 

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lolg 

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284 

50to 

2uto 

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SOU 

3170 

Sato 

to arner-Lamicti. 

auto 

29 to 

1718 

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30ia 

241* 

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so 

42 la 

29to 

Weueni Uanuiru 

+24 

33to 

20to 

to m mi N. a him 

=4 

1830 

lato 

to a- tern L'niuu.. 

18 

84ia 

Uto 

ft*-tlnah'->c Lire 

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30 

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247b 

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214 

30 to 

16to 

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JSOto 

31 

214s 

Wbramin UlenJ 

284 


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Aug. 

20 f B 

1750 

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Wyfv..._ 

204 

44 

61 

61 

41 


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143* 


18 

171* 

9+70 

82 ag 

7.180 

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7910 

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L.S.l-rra*Ji 1+0 
LSTreas «*%73ft* 
US. SOiliy bill*. 

17 

794ft 
*8 4 
6.771 


CANADA 


13 

I1L/I4 

^-30 

AMtRu Paper— 
Agnli-o Lm-ie 

1450 

hto 

37U 

24 to 

Alr+nA umloium 

=6to 

254 

1410 

A'gcm* &i«e-. ._ 

#.4 

447g 

344 

XabsUin 

740 

234 

17 to 

Bonk 01 Munirea 

*3i* 

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1810 

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4.20 

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4.60 

59 

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35 

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35 

1/4 

131* 

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174 

184* 

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dnucto 

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2.U6 

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14. S5 

40 

34 

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40 

Uto 

114 

iJamdow Miner... 

lblg 

llto 

0to 

LnuuiH Lenient.. 

1 4 

1*9* 

97g 

L'anada NW Lnn. 

13 

291* 

22to 

Uan.Imp.bli L'um 

2ul{ 

211* 

la 

Lina ■ lx Inrtiim ... 

214* 

214 

I64 

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214 

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22 

664 

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5.05 

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6-00 

1160 

84. 

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10 


294 

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31 

191* 

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135, 

104 

ttoi* 

964 

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264 

21f 

16 

381g 

81 


17S0 

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2110 

lb»« 

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74 

67 S 

62 

7ul* 

031* 

2158 

145g 

lz 

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L'simn 

LMoa DevM 

Uenibun Mine*... 

Dina Dime 

Ift'ine Petni.eum; 
Ui'mm'nn bruise 

Unmbu- mm. 

Lhipont 
rMjuo'gie Aiekeii 

Fan! Motor CouJ 


264 

2D00 

305* 

19 

61* 

12 

104 

/OU 

913* 

*64 

2+4 

311* 

1460 

581* 

'<34 


3158 
154 
02 
960 
45 
4-150 
I860 
2370 
477g 
BO 
30 
214 
20 Ta 


2658 


|Gaiwnr 


lose krigniiernbaiiej 


2b 

6 

29 

37 

164 

lblg 

401* 

17 

275, 

164 

104 


Uun Oil t I 

Hawker r> m. CsuJ 
Ho .inger_^._ 

Home On ‘A’ 

HuilKon bay Mok 
H udson lta.y„.„. 
HuileonOiid Gas 
1^.C. 


I iruuco j 

Imperial Oil 

Incu 


3150 

1460 

30 

84 

46 

483* 

184 

235, 

474 

1970 

3370 

81 

194 


AMSTERDAM 


Aiur 4 


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UlaLal HrvuxiteeP 1 . 
He'neaen iFi.Eto). 
Hnogi vena 1 K 1 JKQI 
Hunter D.iPuOtn 
K.L.U. (Pi.iGOj 
lnl_ Muller (120)4 
.'iMnlen (Fl.10).. 


NaL-NeiUn nFi.jM 


Dl^Wd. 
% 


XedCred U k(Fr. 
AedUhl hkiF>^0)| 

UwlN J!0| 

■Jpem 


Van Uininerea..., 
PskbiMMiF.Jito-. 
Fhllira (Fi.llJi— 

K Ji 3<:hA eilFI.AXjj 

KnbK.ii (F.,3l))_:. 
■Colineu iKi^xB.„ 

it'renu. IK jCH... 

Ki.yaiDuu-bi F-.'A 1 

tavenlmrg 

^cevmC. rj. 1 K-.UD 1 1 

rnk.ni l*ai'.n 
L'ui'leveriF .20)... 
Vikiiu: ICi-.i-it£Ir| 
iVeiAi.Lir.Hyptilr 



17 


1 + 0.1 
■J 

176.dUo.5 |A2&t| 
14*J.Lr— 0.1 | - 
122.9 —0.3 ! *9.3 
13a. o,— 1.0 '5o. m 


248.2 +0.2 

129.5 +0.5 

141.5 +0.5 

120-is — 1.+ 

41.0 —0.4 
387 ! + a 


2 

B7* 1 

130.3*! 

SaJll 

33 


6.6 


7.2 


3.8 
0. 
8.1 
4.2 

.a 

7.1 

1.8 

4.1 


COPENHAGEN * 


A iig. 4 


Anito‘D«nken.....| 

Lhm-kv Bajik.^...i 
Hast A.-ia*ie Co.J 
Pinaai J aakaB 

Urva/nsn® 1 " 

Far. Papir.... ~l 

Hrunleiahank .. 

G-.Nth’n H.(kit)0j 

lord K*bet— | 

OliMhiirtk 

Pnvi thank j 

Pravmahank .1 

"N iph. Bwenaen — 

Superto* 


Price 

Knee 


1394 
12-/4 
1654 
la 2 1 * 
d',6 
79 

l2a4 

371 

199 

924 

1=3 

141 

414 

194 


+ or 


+ 4 
-14 


+ 1 
+ 24 
+ 4 


+ 1 
+ 4 


Die. 

4 


rM. 

% 


8.5 

4.0 

6.1 


9.0 

7.B 

2.9 

6-2 


STOCKHOLM 


Aug. 4 


144 

13 

166fl 

1d4 
94 
4.3 a 
21 to 

lOJfl 

2050 

384 

4 

335* 

18 Tg 
355, 
37 
bie 
2,30 


84 

9to 

I04 

13 

67g 

aJLa 

l34 

97g 

201 * 

284 

1.9J 

21 

145* 

l3to 

14 

3.55 

1.35 


I Odlll... 

Inlonil Nnt. UoiJ 
ItU'p. v I*i|*e Li Del 
<o*i"er HfHiun.tr| 
Laur. Fin. Cm p, 
Ll+Uht Cum. '2 
Mimui'u Uun-t 
111 imet Feguson 
| Mel niyre. ........ 

Iliww Cor)* 1 

HviiniambtiileK^ 
.\uraitila lliDUb.. 
A'uevn Uneig. 1 .. 
A 1 lin. Teitorr-ni 
AumaeUU A Us*- 
Petri m 
FaeiHcCbppei 31 


1370 

15 7g 
lbS0 

16 
850 

4JO 
214 
155* 
*74 
363* 
3 6 j 
327b 
1*4 
36*, 
364 
4.7v 
2.25 


44 

374 

17 
6.00 
1.63 
94 Tg 
174 
17 
1.90 
18Ea 
103* 
354 
343* 
1*4 


33 4 
314 
65, 
3.8+ 

0.8J 

191* 

94 

SR 

i8£a 


245* 


15 


Pttu, Oo I’eUTi, ru m | 
Poo. Can. Pet'in-I 
Fanno .... 


Peuiiie Depu a J 
PiSec Can. A lilu 

FiarerLievefnuncI 
Fuwer Corpoiat'nl 

Puce 

Kjiiehee atnrgeon] 
Hanger Oil. ........ 

|Ueeii stenhon-e~] 
;KlO Alfftm 


231* ]K iyu bb.UtCanJ 


iUn,H' Du>Lm. 


41** 

3esa 

t!6 

h.aO 

OaO 

244 

174 

15 

1.90 

18 

1.3, 

344 

3at0 

ti87 fl 


104 

8o7g 

173* 

6.50 

39 

6 

28Tb 

2.98 

47 


17S* 

104 

1=4 

84 

354 

18to 

194 


224 

1350 

4,3. 

aaaa 

4.4w 

22fa 

2.3d 

34 

168a 

135* 

84 

10 

10 

7 - 
284 
104 

134 


p epire R’snurren 

1^0^119010,5,*. MJH, 

itrsll Caooiui 

jhemn G .Rimes 
-lebeuB O. Q. 
ilmjaoD 
’t**l ui Canoila- 
Mwp Hut I run.. 
ren>ii Can*>u.... 
Tutuata DunuBk. 
Trawi Can Pipel+t 
Cram UuuaiUpr 
TPM' 

LnK.fi Los. 

bbt.alscoe Mines 
Wiuker Hlram„. 
Went l>»fl Train. 
Weston ij«i. 


Bis 
2d 4 
15 


344 

6«* 

2t/0 

2.65 

47 

174, 

94 

T14 

114 

64 

3950 

llTg 

195a 


t Bid. i Asked, i Traded. I New Stock. 


AUA AldKrtoOl 
Alta UraJWkrbO)! 
VjEA iKrU*). 
Aua- ■C'uficiSKrZd 

Uilleruri .... 1 

Hnlorf 


laciUi | 

'.Ik < 111,1+ .J 

Sleet' -us 1 bTKmtn 
Krm«*Tm , l£'i h.rtO] 


Kueile "li''^^, 

i^Hger-ta— 

i>nui-Ai if roe).... 
Hh.d -1 ■ee’nnken.. 

Uonu'uu 

Uo O 0 I 1 Dr*n tr»™| 
->&<tilnb A. 8... _ 
.li.P. -tf K&.- 
karal Unokikta _J 

Uaml^ik -U' KriO( 
l/rtdelioim. ...... 

Volvo (Kr. 60). — 


Price 

Krone 


+.1 


240 
lo+ 

8b.6( 

134 
7i0l-O.fi 


116 
800 
■ 248 
149 
145 
292 
lub 


+ or 


+ 0.6 


+e 


ba.fi) +0.5 
56a 


120 
69.6I + 0.S 


274 


78.61 +0^ 
169 


61 


87 


+ 1 

1-3 


77.0U0.5 


i-8 


Dtv. 


Kr. 


6.6 

1 
10 
6^S 
- 5 

9.6 

4 


5.7S| 

4.5 

a 

5 


rid. 




2.3 

3.2 

5.0 

4.5 

5.6 
5.. 
29 

4.0 

4.2 

4.4 


8.1 

5.7 

4.7 
6.5 


6.9 


BRUSSEIS/LUXEMBOURG 


An®. 4 


Pnw 
P rs 


Arhed.... 

Ueken **B" 

L'-B.H- Cement. 
Coeken 1 

KBKa 

KieccroheH J 

Pabpqtu' 

1 Jl. lnno-ttm 

Gevsen 


irrpe H rnr f«m h 

Hobokrai.. 

intRiixn- — U,77u 


2, =00 
2,12 < 
1.198 
«62 
2.200 
10.810 
2. /M 
Z.asO 
l.aflO 
1.550 
2.4=0 


+ or 


:— 20 
+ 10 

:+5n 
1—16 
+ 1U 
+ 2j 


UreiiieUjBBK....... 


La Uqraie 8«lifto.| 
n Smiling-... 


6^abu 
3./5J 
2 , 18 . 
3^3 


Pan 

F0tn6ita— 

vv GOT Bs&qtas- 3.1 jO 
Sou Oan Beigigu* 2,u35 

<ofiru 3,2=0 

minty . 


rractnm Hunt 

ccn 

l : u Min.il'IO).... 


Vielllc ili+Uagueil.fi? j 


2.490 


4.=90 

586 

760 


+ 32 
+ 10 
+53 


+ 30 
+=0 
I — 2 
+ 10 


+ 1= 
+ 6 
-26 
+ 20 


116 

100 


177 

[430 

'170 

150 

86 

1641 

170 

142 

29- 

1*225) 

SH-ifef 

174 

i20a 
14*. 
id 15 
A21Q] 
17m 


90 


Tid. 


7.7 

6.3 
fi.J 
6.9 
6.1 

( 10.6 

6.9 

а. u 
4.. 

з. i 

4.7 

4.5 

б, 6 

6.8 

и. e. 

8.4 

6.6 


64 


| AUSTRALIA 



l 


+ u» 

A iic. * 


A uoi. 5 



10.67 

+0.01 

A trow Ann rail B 


tU.B / 


A 11 ATI L SI 



. - 72.15 

a— 

Aropol Knpbirai 

— 

71.40 

t0.b» 

+0.02 



tUu 



« si.. .. 

71.33 


Aeatic. Con. IniliiM riea ..... 

-71-65 

Ml... 

Au«. Found* t km Invert.-. 

tLOS 

+0.01 



11.45 

, 

1 A urtlmcu. ......... ...... — 

fJ.38 


ABM Oil A Gai.. 



. tl 

.61 

+0.01 

1 Haiti bon Creek (•■•til ......... 

70.20 

.rore.a 

-J Blue UetaJ ImL. 


11X6 

71.48 

+0.1.2 

Bmtnhlee 1mlu*(ri.+ 

ti.eo 

Broken Hill (‘nii-nelnrV.. 

t7-92 

+<Jii 






I Cariinn United Hirwen-— 

. 71.77 

+0.02 

| US It (SI) 


15.80 

+0.02 

1 Uolft iG. J.) - ora 

72.15 

+ojri 

Cons. GotrtfieM« Ain’t™.— 

72.65 

+«. i 

[ Uonclnc hint int- 


72-9J 

+0.70 

C'tvtaiu Australia...— — 

71.bU 


Dunluii HuM+r 1 SI 1 ......... 

71J4 

+0.I1 1 

BSCOK 


tO.£IB 


BMer+’imih 


72.30 

1 ...._ 

UJE. IiulUBtries. 


72.85 

[+0J& 


71.67 

+0.01 

Hauieraley 


. te .40 i+a.os 

Hnoltet 



t0.78 

■ HM* 

101 AuUmlia .... 


t2.17 

'+iUR 

Inter4>i|ifier 

-JenuingB liiiiiiKt 


tv), la 



71.18 

1+0.01 

Lennart] Oil 


70.1:6 


I Metals Kxii'.inii uni 

t0.30 

-0.02 

[Ml 11 H’lUlinjr'.. 

— — 

ta.Ss.7 

+0.06 

| Mjer Km pi uluni 


tl.T9 

+ IJ*1 




72. 3 3 

+u* 

IJHehoUf Internal uirutl 

lO.Bfi 

.,^ t 

Moo b Broken H'tliTUS- tbOt 

7l.a8 

+0J6 

I Uaklirulge - 


71-90 

-O-Oft 

4 Oil. ?c"icfa. 


70.1a 


<Jrier bX(.|unilli>n.... M ....- 

70.44 

Hi -01 

Pkineer Cxneiete.— .... 

71.59 

-O-Ot 

Heralit & Uilnian 

72.75 


1 rf. .U -Veluh 


tu 

.18 



tO. 36 



70.42 

+0.01 

Irartli ll) 


11.90 


'Vftiumft.; 


70.87 - 


vVVmertb. Mining (hOwnta 

71.39 

+0.04 

SVixilwurtha ;... 

. 1 1-69 

-0.01 

TOKYO f 






■ Pi-ices 

+ nr 

Die 

Ylii. 

Aiifi- 6 

Ven 


% 

% 

A alii (i 

a i9 


14 

8.5 


450 

+ 4 

12 

1.7 


679 

-6 

25 

l.t 

l'iiidihi— ; — - 

=9 > 

+ 10 

20 

2.1 

Uai Nippon Pnnl 

=49 

A 

IB 

l.i 

Fuji 

62U 


lb 

1.4 

Hitauhi .......... 

a. 6 

+ 1 

12 

8.3 

H'+iilft Unliira— 

= 46 

+ 6 

IB 

L./ 


i,2,u 

*55 


33 


1 ... Itnh 

+ 8 

12 

16 

in-Ynkado 

1,4 7 J 

+20 
+ 19 

30 

tD 

■l.A.i- -■ - .. 

2.5 uO 


LS 

Karoai Bltct Wr 

J,x20 

-10 

10 

fl.l 


1.020 

-10 

ie 

0 9 


323 


15 



3.670 

-20 

36 

06 

llatauafaita Uvll 

<33 

+ 18 

20 

L4 

M iiiuitHshi Bank 

27d • 

-2 

10 

Lb 

Miimiiuahi Heavy 

127 

+ 1 

12 

4.7 

tilt mi l>ish. Uad'- 

4o5 

+ 6 

Id 

1.5 


316 

+ 3 



AliUukualji 

685 

+ 6 

20 

L7 

Nippon Hereto^ — 

1.46/ 

-14 

15 

U.6 

N'pliou Dhi.npan_ 

753 

+ 13 

12 

0.8 

A uwnn toetor* — 

766 

+ 6 

16 

1-3 

I‘>IUWT.— ..... 

1.61J 

—20 

48 

l.C 

■aityu Btoctoc— 

cB9 

+ 2 

12 

2.9 

srtiwii Pwb... 

902 

+2 

do 

l.< 

-bmeum — 

J,<7U 

-10 

20 

0.9 

■Hiny 

l.=80 

+ 2J 

•HI 

1.6 


*40 




lakrala ChtauoaJ. 

425 

-4 

15 

i^8 

leijin 

<20 

+ 2 

10 

3 3 

■okyu JUrlra— 

iBO 


11 

A. 

lukvoK-eetPowr 

1.16J 

— 20 

« 

4,d 

tiihj-o aonpi..... 

o.2 

+ 2 

LX 

l.t 





a.7 

d.l. 

1 wih'i Irl Corp — . 

<44 •; 

+ 1 

lo 

tvycka Minor 

6t7 

+ 4 

do 

1.4 

Source NBrJco Secnntiaj. Tokyo 


SWITZERLAND » 





Price 


DlVJ 

Tld. 

Aug. 4 . 

Fra. 


% 

% 

A 111 mini rim 

1.220 

-5 

6 

6.3 


1,625 




Clba Oel&yFr.lOO 
Do. Pott Cert. 

1,030 

-15 

22 

2.1 

776 

-18 

82 

8.b 

. Do. Hag—.. 

677 

—6 

22 

d.B 

LrodU Sunre 

2.16a 


16 

d.6 

Kltetrowutt — 

1,866 

-10 

10 

2 -/ 

PlBcbee (George). 

r*>5 

+ b 

b 

d.7 

Hoffman Ft UensJ 

ee.OjO 

-15Wj 

1100 

1 6 

Ou. (r’ltuuO— — 

dJ3j 

-1-iOj 

110 

i-6 

Inleriooil fl — 

S.V25 

2i 

20 

26 

Jem oil (Ft. 100}— 

1.485 

f35 

21 

1.4 1 

Nestie (Pr_ 100 }.— 

1*+ Keg .-J 

5,420 

id.*40 

—20 


2.3 - 

— 3 

A*-/ 

a jo 

Oeriiki.nili.irjaS 

Pirelli alP(F,100) 
itO’itW-(Pr^W7)— 

2,670 

— .... 

15 

l.t 

^;775 

rs-i" 

2b 

a.a “ 
1.7 ® 

Uk Part Certs- 

a 

-ct 

26 

d.i J 

-H-hindter Ut FUA* 

296 

-10 

la 

4.1 

-ui«+ Ct (FrttKA. 

345 

-8 

14 

+.1 ^ 

wuwalr(FJaO):.. 
'wise Kn It (FJOOP 

t32 

Ar9 

-6 

lu 

1J 

4Jt 

2.7 L 

9* tea (it« (FreBOl 

4.000 

-bO 

40 

i.l i; 

Union Bank— 

3,i 80 

-8 

20 

S.i « 

Aurieh Ins—.-.— 

11,400 

f 50 

44 

L9 E 

... . 

MILAN \ 


Price 

+ oe 

Div-Tm:!*" 

A “«-4 . . 

Lire 

— 

Lira | 

* J 

A.MC — 

110.0- 

-La 


__ J 

UaMogi — 

494 

-9 

— 

_ K 


t,-06 

-9 

150 

a.d 

Do.rnv 1M — — ..J 

LJ14 

18 

130 

9J9 3 

Pi a. tiler. 

138.00 

12-910 

-90 

600 


1 tin aider..,— — 

291 

>16 


_ * 

Medkrionntu — — 

33, J 10 . 


L.SFS 

3.6 i 

MoiHeiiiHon — w 

1=8^> 

-LO 

— 


Oiivot*. J*nr— .. 

L^-'U - 

-0 



F'roin A Co——, 

1,662 - 

-7 

1SJ 

8. 2 

FlrpU) 'DB.— , 

874m— 5 

80 

9.1 5 

■’“4 Vioumu~A. 

■826 J- 

-D 

— 




PARIS 


Aug. 4 


UeuU'4B — 

Alrlgiie UrrsITVJ 


AirLiquirte. 1 33U.Q)— 8.8 


Aquiumft....H.H 
BlC.— 


Uouyguw. 
W.f.N.f 


Oemn.«. 
Carrot our 
CAl.K— .. 

C.I.T. Alcatel 

Cie Uaneairo. 

ClubHra I iter. ...... 

L red 1 1 Cniu. Fr’ce 
Creusnt Loire..... 

Dumes...— — 

Fr.F«mJw. 

Gen. Uucti imlair. 


I metal ..... 

Jacques Bct«i..— 

Lsdarge 

L'Ortel 

leg rand. ....... 

Matsons Ptienlx.. 
Miehertn 
)!■ in Uenneoany. 
HihiIihml ...... 

Itortlas. 

PPihlnej: ..' 

Peniod.Kii.iiid. ... 
Peugis It men . 

Prctain. - 

ltodio r*rhnii|i*e. 

KeHoute 

Ulnme Pun lent- 
Sr. Urtlwln....... 

Konaieoui. _. 

Sue* 

leieniu-aiiiiine^.. 
ItiomuHi Hraihti . 
L' Mill If 



VIENNA 


BRAZIL 



. . • _ • 

Aug- « 

Piiiw 
t7 11 , 

+ or 

usnpr 

% 

Arrant* UP 

1. 5 

+0.U5 

J. 12 I 1 LM 

Banco do Brazil... 

1.66 

+ 0.14 

.17 9.13 

Bbuwi Hall PA — 

L=2 


J.57/L01 

Ueico Bllneintd)' 
toiftts Anier. III'.. 

L40 

+ O.i < 


3.63 

+U.12 

..2Ca.63 

Pctroi.ni> PI'-.... 

3.50 

+ U.1E 

J. 1=13.71 

Plnei U.....; 

l.jvl 

W.lt H-JlS 

uuza Cruz DP... 

2. ■ 5 

+0.1 

.<fi(d.63 

Imp PK_ 

5.7Q 


0.85|4^3 

Va»e Bin Ihce PI' 

1. 3 

+ 0.' z 

. .ItlWLH 


Turnover: Cr. IBM 3m. Volunv: ~8SJm.~ 


Snurre: Rio de Janeiro SB. 



OSLO 






“PrCT" 

+ ut 

TJIvC 

ra 

Aug. 4 

Kroner 


XF 

V 

0 

■fereen Haul, 

99 

+1 

9 

9j 

liTregmni ......... 

■ 1 4 

+ 4 

— 

— 

-reiiillouik 

114 

+ 1 . 

11 

8 JB 

Kromo* 

. ^3 

^ „ rr - nr 

20 


Ivre-lirka-.cn 

110 

+ 1 

11 

10.0 

■Non-k Hydro K rrt ! 
Suirebnuid ....... 

206.25 
. 85.0 

+4./B 

— 2.0 

12 

7 

4.7 

KJ.B 


Percent 
E3 


— . at 

O (lJtOO) - 2CT 

- 327 


- A 

- 3 


- 3 

- 2 


General 


1 2' 


ITS 

2M 


+ 2 

- 3 


m 


287 

154 

265 

» 


— 4 

— 4 

- 3 

- 4 


- 2 


UW 78 

Lragotiesas 53 

tie Zuk - 202 

Rjo Tinto ...— 83.15 

tl.BOdl 65.75 

.. 7*» . 

TS 

11 U» 

n.s 

.. 85 . 


- I 

+ 1 
+ 2 


+ B.25 

- a as 


Precis dos 


— 115 


122 

aa 

SO 

n 

08 

4330 

94 

99.75 

72 


+ 1 

- I 

- b - 

- 135 


— > 


+'425 

+ * . 


KONG KONG 


Honi; Kuog 8 


Eteeuie 

fawnWucrf 


Aug. 4 


snap. 

unq- 

li70«| 

20.80 


1.81 

11.10 

5.1® 

65.00 

9.25 


10.90 

80.70 


un three l'exriio. 

wire. Praufit- A.—,. 


6.60 

■uiSn. 

16.30 

fa.66' 

S.55 

6.35 

0.75 


9.50 


BUfttk I 
3.345 
4.17® 
i.40j 
oisn.' ‘ 


July 38 


£Sr 

12.50 

89.40 
3.875 

1.80 

11.40 

6M 

64.00 
b.lG 

87.50 
IU.4D 

19.40 

16.00 
6.35 . 


snap. 
lb.7d 
R 20 
£3.90 
6.30 
0.74 


9.10 


wisp. 


32k 

3^59 

3.80 

ouap* 


Trt Re *1ivvtf>nu RttsM - 

Siwn tomanrMl 


t Sailer 


notes . Overseas uncus exemde s uemtum. Bebran- dfodeodB are aSter 
wittenldlnB tax. 

• 01358 tteflom. unless otherwise staled. V PTa&SBp deqten- onleea otherwise 
*»>«» #gr.l8B deoom. unless otherwise sutad. * FrnfiOO denom. unless 
ojlk-rwis* staled. . 1 Yen » deoom unless otherwise stated. -4 Prior at mw of 
suspentKtn - a Florins. bSchiltewa. r Cents a Dl«vh*nd' alter prodlng rwns 
and/or scrip. Wsoe. • Per share 1 Francs u Gross . iiit ■*.- . h Assmtiod dleldefld. 
She, scrip and/or rtahis ton tone: Meet tan«. m % tax free, n Francs, 
inriuimg UruUc fflv- U Nam, q Share spin. 1 Dlv and yield exclude special 
oaymanL . t Indicated dlv “ Uoofltclal trading, o Minority boUera om» a Meriar . 
PfWMna. .* AJ*ed-> ♦ Bid ! Trsrfert. JSeUer. rAagtauvt. tr Rx rlgoo, -sdBX 
dividend, jc Ex -scrip HW. UnX du> a interim since' Udeued; 


Aug. 4 

Price 

% 


Dir. 

% 

YfcL 

t: 


342 


10 

&9 

Perurorner 


+ 1 

<b 

3J 

vbh.— ...... 

629 . 

-1 

38 

7J6 

riemiieril! 

87 

-4“ 


4. 

•HetT Daintier — 

2k0 

-1 

& 

3u6 

Veit Magneatt.... 

226 

+1 

10 

44 



‘■’i “. 7 --- .. 


r.r i. 


■it.. 


S5iiv 


■CS 1 




Financial Times Monday August 7 1978 


INSURANCE, PROPERTY 


AUTHORISED UNIT TRUSTS 

Abbey l me Tst- Mgr*. LUL (.> ^ x S" Wr * V Adn,,B _* UlL .. 


K-IW • .slrM.iu«rKd . ArlKburv. 


Abl»ry Life Assurance Co. lid. 

l .'fi' I'jjI n'bur.'hyard. tX'-l. »j ^ 
f..-|lnii l-ti :irf . .137 5 J0 5I 

£v|Uil. A.r. 37 y 34 j — 

Pr.ippply K.l 141)6 '5*5 

I'l-rt'+m V-r 154? iu " 

P« l.i-iiit- | unrt.. _ 930 % 

Ivn- P.-rprnr- T JWI 1M? — •• L pill Fund UJO 118 « i — fmlirocFtj _ — 104 Z 1G9.7I - 

^.c£fcg 7 « 4 2 - &lS»Bc:W H-. r z 

Si ; • = c^ aiS «.LifeA Bs . S oc.L«d. v (rga d ..T: L isi ?d; .2 = 

«rru W ?,| Lf 4 " I?;? t«S — WP'fPnnk-Brav^. Thames. Berio. PKfrttSM 'I'l'WjalKd 103 9 1093 .... - 

eMa-vF.i?^*™ U50 illfl z fl^-McKni.nce .1 U.058 I j - l ■*!. Depo-.t Fd |*7.l 10il| ... - 

jjf r Z Sanrieh I'nioi Insurance Group? 

KH Str 4 iU03 116 Z — «. ft S Super I'd. _ | £7.910 I \ — rnBm Noru-irh NR1 3*iG. 0*13222' 

Ti.. .~ 1 Auc. 1. v*iuat Ion normally 'Tuesday. Guardian Royal Exchange ”* F “"4 - 22931 -0*J - 

Albany Life Assurance €0. Ltd. llrva 1 F.xriiacga.tCA Ol-anTigr iJnwrii'SinH’.ir 1305 - 1373, *ojj ~ 

"1 '.'lit Burl. nciun&L.W 1. 01-43750® t' Tt, r*‘ n > r-omU — )176.9 1W3J ... .| — >'i*od Ini Fund .... 154 8 16? 3 | — 


- Co. Ud. Sr"” 1 , Portfolio Life Ins. C. Ltd.* NW p casim!l Management Lid. 

M- HI "4H9111 MS,^T ! r CL i m"*? V™ 4 " Uncehnwh Sc. Fj .1PJJIU. 0142342 

MS .... I - rStfa Kpi - Ls 44 J -■ Z ^nrt ... . ,JS6 1 162 U | - 

3J]I — #wi ■* inn ~i*<-4 ■ rntK. .'.Been <. :.i>\t di-aim,! sm. L 

13651 ... I — Gresham Life Ass. Soe. Ltd. _ - . _ „ 


I AM xinM . _ J45 36 71.. I 4 14 Hr 

.**»!■*■> Inrcnt. . 4] 2 43 a +0 3 9* ■ n 

Ahheylnv T-A.M. 40.0 42$ -[ii 3X2 » 

.4bl*»<rt*N.T«t..._|4?l 5014 ...,| 4.08 


n3>sw ' t itiAmerlr-nT'i 

I 4 14 Hnli.-liT t : S-. 


2 Print 1: nf Kale* Rri- B nmulli 0202 T07G55 
n.l- faiJiFuml... 9 12 lCJI .. — 

G L Mony Fund... 11L0 1161 — 

«t 1+ Gill Fund .... 1130 1184 _ 

r :l* Jml. Fund _ . 1218 12»2 . — 

I I.L. Ppty Fund. 97 1 102$ ... . | 

Crowh & Sec. Life Ass. Soc. L!d.V 


New Zealand Ins. Co. iV.K.1 Ltd.¥ 

Mai I Ion d >(nu«-. Svyihcnd t.SI js 0702 (QS 
Kiu-iKtyini P|j|, .11421 146 3 ... I ^ 

Small To 1 Fd 1042 109B....I — 

T«-hn..lnn inac iTTil -i'-l 


urotin at see. Life Ass. soc. LldO ForF-mPd _.ZZ 

Heir Bank. Bray^ Thames. Berk*. 06T8..14284 'V B Kdcod >'d 


I l**ihlc Finance . 1X038 

Xamlhanlr ■i.-o. 94 J1 

I nn-lbank Sri. Acc U6.2 119. 

U.&S Super Fd._ £7.M0 


^ •."i 

r Nf 

\ :...J — pn 


1142; ^ 1 > — 
101 jJ -0 5 — 
1I9S-04 — 
118 7UJ.2 - 
1093 ... . — 
1021 ... — 


Allied flambro GronpV la) <gl 

U<nU»ll'p lluihin KrMl’noA.r.wi 
(■ I MS or hremwoud l<1277i Z 11459 
BaUneed Fundi 

Allied 1st. ... 69 J 74i;,o: 

BriL indx Fund _. 66 0 70 61.. . 

•Inh-SIni- .391 41 Oiaj 

Elect. X Ind. re; 35 4 J7 91*0 1 

Allied 1. apiLal 75 i 60 3j -0 Z 

Kamlifo Fund 31B.1 . 137 81 — 0 1 

Haml.r-tA.-e Fd.._ 123.7 134.$ ^02 

Iprear 1'nndi - 

77 0«S -i 8! 
73$, OJ 
\z*4 to4 


■. ninmiMl'l* •‘•liir-.Jlfcag 
>l\nalni .jjat 

iiiFarEAsi.Tru.i 38 6 
llk’h Incnn*.’ T I _|59l 636ej,05‘ 891 

Income rur.i. . .756 OllJ-oS 60S 
lu* Aceii-i- . 1 14 47 15 m3- 3 \d 2 91 

Jnt) FvempiF.i *5.1 97b! .0^ 562 

• 1 ’ I nil TM fas. 9 38 t! - 3 $ 105 

51 j Gibbs tAnlunvi I nit Tsi. Mrs. Ud. 

5 JO 3. F rerteti.Vr I’ljce.oiii Jcn-^.Ki^nsiiU. 

5 02 U! 588 411 1 

4 67 (ai AJi.lie "ine* _I42.9 4$ 9' 1 8.30 

4 23 iaiA.U •■r-Mfcu . ^93 4Z5i*J .. i 4 60 

*H W A.U.Far .1252 27 Onf 0JQ 

428 I 1 * eline •real. llWnd. 


KI2BW. ■ 

. ...| 4« 


Sb.r-.«1 Fd *cc.. 192.2 202a .. 

PKr.'MI-.l Mv 14Q6 J3« 0 „ 

S,-'; ; -4 , :-Fd Ac- US 9 120 8 .. 

wii.ii Mip.F-i. 1 \ tra m«9 1157 _ 

f T--n I d A.. e ...1093 U50 .. 

?.-* Mdlnv Ace.. .168 2 1770 . 

iqnl-IVnf-j vc.aao 3400 

f.!*; - *' 1 ••ra.Acr... 1786 1*7 S . 

1. id M.m 1 Aw . 130 1 3369 

lr.il Mn l-nh .'A.-r. 1169 123 D .. 

!/.'!' Prn A it. .. 124.1 1J0& 

M I'lc In/ Pen Acc 206.7 217.$ .. 

AMEV Life Assurance Ltd_V 


Pwip^Ti)-. 1641 

Manner Can 345 3 

Manofted ,A« 179.7 

ruerwan 126J 

. Ctlc Ldeed 1254 

Awrlcan Acc. 1014 

Pen.F.LDep Cap.... 1282 

Pvn.F I t*ep^«r 150J. 

Pen. Prop. Bp 205 7 

Ten. Prrip. Acc._,. 265 9 


4-s. hinz « iUidir «i . t<'4P4HR. (13 -t 

H'Hl'fiA'f '7148 120.91 J - 

H-iir.Ph 4s» 8i_5 ... _ 

Eb'r Ph Eq.E i?66 80.5| | — 

Prop. Equity & Life Ass. Co.* 

3 19. Crawford Street. Will 2 \S. AH 


Hirh 3'ield Kd [72 0 

Hitjh Income... '68 5 

A H F<4. Inc.. (40.0- 

Imerwienil Find* 
Imern*' maal (28.1 

I'ac 1 Hi- Fund 486 

Sees . >Jf Aswrii a— 57.9 
V.S..'.. E.unplO W.3 

Special l< I FondB 
Smaller Co «V.I ...08 6 
cndSmlr r*» Kd.. *7 7 

Rff»ntySlLi 912 

Mei Mru. 6c~dn.... 425 
tnervear harn-nci 60 2 
H>£j_ Smlr. Cot _ « 235 7 


770d-7 8| 
73 31 0J| 
42Jq t0X| 


41.3¥ *0 : 

ETOt -0‘ 


428 l-'ltnc Tee*. flWed. 

GovetMJohniV 

7” 77. LoDdi’O ^ jJI, r:."2. ‘ 01-r* 

6 78 Fhldr Jult 2* 11437 15J 41 . ... I 

DoArcUH I mi | 172B 3KiS.._J 
m ' ,1- 'l ‘lejlmc day Auunet 1|. 

192 Griereson Management Co. Ltd. 
*•5 59i;mh»n.M. r^si'ziK. ui*/m 

tomnfljin.lu- 3 11353 225 J-d 1 

i4rram Inilr- . |:3b4 247U....1 


■>: >.'l.03l HI Fmini.iin Sr.. Mawlirecr Kl-ZliW,', 
M 71 -101 0 01 IVln.ia 1 nil- ..'SB 6 *5 2i. ...J 4 90 

WI5I-1? 29! Prrprluat l : nif TYust Mngmt.V >a> 
265j - 3 ! 0 67 4 r: |i,,r v . Ili'.ild miTliji'n 

63 4 i^S| S« --S-26 4S7;..-; 330 

Hid -or! 6 db Pit-i-adilly l cit Trust taubi 
971? 562 •'■'•nf I'nii Truj Masawps Ud. 

38 k! - a a 1 05 “. Kn dr.-icV place. 1 -lit Jc» r. . r.. nt M!U. 

I Hire rrd I'l -fiHA 4111 

l. -TtRS. IXU. jXTfa | r .v m -«. 129 9 32:..' -0^ « 7C 

'.KCBBIiR >rr .11 ■ .. - F.l ._ . |43 4 45b-.. ; 4 70 

I .I|illj| 1-Uilil .. .147 5 51 l’ . ; 4b 

45 9'.._.1 8.30 lid Itrir *.'.•»•»/ . 49 p 53 4.:!-U.jJ : 56 

Z5d .. .i 4 60 ITuaic FimhI [36 3 39 1 d 1 i 419 

7 0d| .[ 0JQ .Uruinllr. Fund .63* 66 2 • il il 2 78 

Wed. Tr. Knud. 1613 65*; -■' > 3 01 

Par K.i-1 1-1 . 28 5 30 7.;. - U }'. 1 30 

• Ame'jcau Fmiil.. .126 5 28 S' - 0 1 1 93 


OFFSHORE 
OVERSEAS 1 




* 7e 


53 4.:! -u.jl 
39 Id' 


.Alexander rum! * 

.17. rue ".iiirc I 'j hi-, liixeml-nurf. 

^expMh-r 7 -:fii| j u O 26 I I — 

,'.vi j-r| ij.ue Mii'uV 2. 

Arfauthnoi Securities iC.IA limited 

r».l!«i3d He. IT Ift’.rv. u;CI4 7~ 1 7: 

i ap.’frl ■J«-r*e»._ ;:;go 122 0| ... .[ 4 10 

\i- .f -ivalir..- .|uir Aucu-4 7. 

t-n [Sm-. M -9fl 300, f 12 00 

“*l'9 1 lit* • I I fifth ■l-il** 

Ir'-.ilXIull.T-l.l I, 1117 0 177 01 J 2.95 


Ketxelev Mnitf.. Ji r-.i i' j ij 

I'' l~ . !N. V III : ■■ - hi- • I 


K« I'l'lni I ■ 7 1^ ’ 

‘"’t. Kr;.7clr f,."..;..- JZ£ 4 
'-!•• •' *|>ali • .11. I .n. .( K 
4 10 hei-id— i3Sl? U 

• rlil \ . .1-1 1 ■ ■ | ■ • • 1.1C 

King A Slid i sun Mi.i v 


!■ Il>:« 12701 ._..J 295 3 ‘‘lidiini-i r. .. v 

! "'■ kU^II-l II. « . I . .. 


2 78 AuKiraVun Srlc. ilon Fund NV 


Practiraf lut-esi. Co. Ud.¥ ivhc 


30’"‘ ill U'lrlrt ■ |r>.li VouuiC & 

li ii 'Em •hilkwaiii- 127. Kni ; . .s».incy. 

28 51 -u’.| 199 |.xjj., ba:( .. , j,- MM ’t l _ 


1.79 44. Kinnni-iiun-sq. tii i tzl-'. u: «z:r n»9i Bank of America International S.A- - v ir.nnii 


1 1 imiii . vti. -i _> ; 

• : -lr k urn- • ii»r ■■> • ■■ *• 

>.■!■ -ini.| ,.j 7 ■. 

'.!!■ l- n-1 i. u . -i, ,-; s 947 

Inll i«u vi Tm 
F I*. I Mi ri.ii.; •. ;o 


.0.7 5 51 

. .. 5 03 

*0 l) 4J0 


B*mnet«n An • z ju j 
i4rHim Inilr- . Z3b 4 
4 48 «ns ».\- L A«-~.3 .. U2 o 

4 67 (Acrum. I ni!-._ 559 j 

5 51 End ***- .<»- . 115 B 

503 l AccUBl.l nil .... ;2J 3 
4 JO CnwlUlT 4_ lo2 8 


uuiKt il. Praci1.-il.tu4 2. [162 n ■ 172 51 J 4fli 

t Co Ltd Aeti-.m Vnlt-S 1210 0 241 9, . . j 4.01 

' ui-^oti+m f^Tninci*! Life Inv. Co. JUd.V 

2SSdf 1 4 ’4 ZIZt. Iii* hup*ra'e. F' ' 7 111747 4.7X1 

2476 ::::i 474 I-mMi, l-nn- -...[Mb 97 Oj D 7| 290 

290 6 _...) 7 72 11-ell lunmir [1182 126 6|-0 4i 6 96 

™ l [ I I? Prudl. Portfolio Mngrs. LitLV iaiibdt-1 


.t'i B.iuIvikC'I Ki.c.I. I J, .rrilLn-urc li.ll. »■ ■ , „ 

Ui.iuivr.t iii.-in..- iv uiu mu|- 1.271 761 Krnson lanuled 


■ i* us 65 o:. 


3 ‘.ri( riili .iu)' iii(ii*l V -'ll l-cn. f.uri I. ■ 


4 64 lAreum. 1'nits.. _ iab7 
lJi.&Hr«l* Au.-; 2 710 
Ltd. iActiuu CniiNi — 74 7 


2191 

=25.9 

233 9 ... 
1073 — b 7 
11L4 ,70 

74 2 

710 . .. 


■It 2474.70 r»r Us*. *0 Ul'lh 4 Vmeriva XIX &ev F.urir 
.07! '90 .■*.li-*..i..|cr F'll. '.urn 


2J1 Kntlwrn Mjr^ Kt IN Z\M 


Basque Kruxellcs lambert 
7. Pur l<r la Mnrii.r K muu hru sU-It 


2bb l-md-ntul 11315 140 5| -0 5S 419 •‘-"'■FumlU' U 914 1.97$ Hi, 7 69 I;,. 1 ';,. 1 , 


412 Quiiter Matueemem Co. Lld.V 

412 TtirSIk Ivhan.-r Hi V« till' uSaUMI* 


Barclay! I'nit-orn Int. tCh. !k. 1 Ud. 
I.I h^n B i!t‘r.c.'..'ti Hi lier. fl5a4T1rT.il 


1.1.' I'.u Fta-.i |.'i! 
hi- 1 I.I I I- Ml, | 

Fill J-.|i in I'unJ 
I. r. I < ..Wh F ■ 
C-ii’I'i I Krritiinl.. 

■I inf I- ,|i5t. 

'hi: n.-i j. i. 


■ K-'J 

I : 2.7 17 ■ 

6a 4 nr I 
|r* 5 34 I). 

i v :: 74is 
. I .i 

, v -37 s: | 

1 v - a : k . 

. •. :i ' 

r.9 2 d 


AHasoar.Tj Anderson Vnit Tnist Managers Ltd. iAcvma.C«:i-'— ,747 Taoj Z”| 412 tiw-mic ivtm.r imts'shi- us-oamix- *.■ n-nmuTic.-.si 11. i,vr.j^. oswTnrai 'hi: no j. 

P-S,|trrc.p.Ed.„j 184 6 " | . ... I — 1 156 FcjuMarchSL tYUUOAA . (C1U2U GUBTdfaB Jloyal Er Unit Mgrs Ltd y«6ijrantilrn K.l .11080 MS# . .. .! 504 - n. 7 ?. « 4, „ ’ 0 4 | lv£° JJohIv Hk ri*| . f V tb- 

Jki EomiyBd - 752 | -- Andenu-n U.T. _„|H 6 56$ 4.08 ^,1 0.^1. - I 809 |¥ ‘JW, . gfl V I Va. V* ■ 1 * U ‘ 

1 Ansbacher Unit MKmt. Co Ltd. neiOudrdiniiTM 1955 98.9f | 423 Reliance l ntt ngrs. Ua.V ■bnhjrit ii» ir* j..it uuuhnldine bm U..;.i. r.i ■> .-.i 157 ; 


F l> \i r*i*n . .. _... [nea in'. 5] J — Hearts of Oak Benefit Society 

Armw Life Assurance " 

1 st>rirtjo Roait W 12 01-7109] 11 — ... _ „ 

S'l Vii'iKjii'd 02.9 8771 , Hill Samuel Life As 

S.' 1 ,‘lt Ku SlI-il 8 ‘ I 044I Z.*J — NLATwr. AddlscnmbeR* 

Feu Mp'l.f'l. Lc) . . 1258 12961 APnipenv I'niCs 

Pen Mr< 1 Fd.— FM...|ll5 2 ll&H [ — Property Seriv* \ 

ASi “ r - C °- LttL M^«SeH«A 

K-.rrjon^ R.t-.vzt. 0V-5M5S44 Mun»*ed Series C 

Bwlavbnmj.--.' 1127 6 134 41 Jdonw t’niu 

Foully ... .h2l8 12BJ *0 5 — Mone* Series A. 

Rilt-uilRuil hl3 2 337 1 Fixed InL Ser. A 

pro perl. >• hos 0 JIQ j Pn-L Managed Cap 

Managed 0130 119 0 *04 Pna Managed Acc.. 

31 imc*. . . . M91 304 4 + 0 1 Pns. Cteed. Cap 

Man tcr.-.Vccijm IJ009 Ufcj .... ITs-Gt^d. Act— 

rm lniUjI tea 2 253 4 _ Pens. Equity Cap 

i.ll: F+fgPen&Acc._K7.0 332.2 ... _ PWit F 

!*« ininal .. . 94 2 992 .... _ Pns.Fr 

Puai-j Pens Ace ..1101 0 2064 — PnsFTrd.3ntAcc 

Do. Initial ]ffis 102 7) ” Pent. Prop. Cap. 

’Currer-t unit value Aucun 7. Pen*- Prop. Ace.. 

Beehive Life Assur. Co. LttLV Imperial Ufe Ass. C 

73. L«+nbart Sr_ EC3. 01-823 IZfiR Imperial House, Gnltdtad 

®. ,k Jul5 11 12767 ■ * -1 -■ ?5iFdA^tTz;i5S ■ 

t. an ad a Life Assurance Co. Cnii Linked l 

l* Po f"T 1 5«a. P.Bar 51122 fG^.5fclE 

F.jpt.ihFii Auj.1 .1 622 I 1 — Secure Cap Fd (963 

Fejrm Fee Ju&S.I 37 3 J. | - F^^^Zd_„Zl!99i 

f 'annon Assurance Ltd.tP Irish Life Assuranet 

3.ii|* 3ii.:r v.y_\Vcml*le.'HA«iNB 01002 8078 11. Firstniry Square, EC3. 


Z Fll*M U ,aV -| r = Anderrnn U.T |52 6 56$ .....J 4.08 Ebrh-jjw. EOPafN. £*£*1*:^ ^ 

_ , Anshacher Unit Mgmt. Co. Ltd. i«n*oardii.iiT%i 195j 98$ | 421 Reliance Inn Mgrs. iid.V 

Property Growth Assur. Co. LltUf liNohleSi.Err* tjv. 0I+H3R376. Bendtrson AdminstrationP lahcKg) f.vl.+n.-* u*c .Tui.'-n-u* v - vll ; a '- 

d ?' c R iai L 9 L ’ 1 °'T‘ oa,, ‘ lni ' MonU,ly FunJ - 11700 01 1 9W {,‘ ren UrsJ; 7 V ; ' 4 Uk(«r.“eT. r s « ? 


337 li +U.J 
110 $ . . 


Acjii'. Fundi A. 
Ahhey Na>. Fun 


rea.1.1. ■*.!•. AfC 1 XI«J 1 1 — Ahhev Na. Fund » 

Hearts of Oak Benefit Society AhLe-.-JCm p* -a*. 

35- 17. Tavistock Place. W'CIH 9SM M-3BT5fo> jSHSraeniFd",Ar 
Hrartinf Oak 136.6 38.7] J — Equity' Fund 

Hill Samuel Life Assur. Lld.V 5&!Sni£d <A> ~ 

NLA Tut . Add tscntnbeRd., Cray. 01-88*4355 Mcuivj.- Fuitd-A^’Z. 
OPropeny 1'mts _|157.0 164.91*23 — Actuarial Fund. T. 

Property Seri v« A _ (103 1 108$ *L1 — O lit -ode cd Fund 

172* 25$ *1.1 — OiU-EdgertFd C.5.. 

1072J *0 7 — ORelirc Anouit* 

134.31 +0.b — Oltnmed. Ann tv_ .. 

J5$ — **»np firawtb Pnisli 


tionV laMcHRl l *f ^ ******** 1'nU-orn Int. (I. O. Man. Ud. jl ‘"f "" 

.-ighit ond. Ilullun, srkturiicT ■ 4>-.- • 455 45 7! -0 Z| 5 47 IThonui'Al . I‘.|itl- .lo.il. urCl-l -Ut^i IJutils Inler::aliuiij! ^1 yim 

UZ77-Z1728 s^kli.fiJeT In.- . i ,44 4 47 5! -02j 5*7 Flu. urn An .1 F-M.-JS 2 594alHrB| lifl 7 line .n, )••■ 


_ « 37. WucenSl.Londt.ii EC-iRlHV 
_ I Extra Iiiiqtw F'd._. 1083 U& ‘ 

I lllch Inc. Fond . 42 3 

__ bArcum. Cniisi. M0 
_ . iW-’u Wdra-I ft* . 55 8 

; Preference Fund... 24 2 

! 1 Actum. I'm Is 1 J75 

_ I Capital Fund 3) 4 

■ Com modify Fund ._ 6X3 

11 Acpun. I'nllji M2 

_ i '109*W dm I.I*.) 537 

F»n*PtopF'ii »0 

iiilanu Fund ... . 59 B 

__ ; * Arc um. V ml* ■ m 

I ijFbu-tti Fund. . .„. 36.6 

■ Ac-rum. I.'nilhi 44 0 

Smaller ta'y Fd. _ 283 
Easlnra blnil.P'd.. 27 Z 
,iQ%U' drwl I'u i_ 213 
— ' F'oreics Fd. . . w*2 

— S Araer. * In. Fd [34 2 


| — Property Seri v« A 

u Managed I'nru. 

:d - Managed Series A 

01-539 &S44 M unaged Series C 

_ Money L'niu 

la 5 11 one* Series A_ 

+-0 j Fixed IntSer. A 

. Pits. Managed Cap 

+0 4 Pits Managed Ace.. 

+ 01 Pas. Cteed. Cap 

.... Pns.G1*ed- Acc 

,. _ Pens- Equity Cap 

.. . _ PWns Equity Acc 

.... — Pns.FxdJni.CBp. 

.... Pits Fxd. hit Arc 

... Pent. Prop. Cap. 

t ' 7. Pena- Prop. Acc.. 

2_y Imperial Life Ass. Co. of Canada 

fli-ae3i«sM Imperial House, CnltdAnd. 71255 

, 388 GnJ-d.Auc.4 ma , «L$4U| - 

— ■ Pena. Fd. Aug 4 _[70J 74$ +Ul — 

Cnil Linked Portfolio 

Managed Fund ftT.T 102.8 +1 W — 

'.Bar 51122 Fi xe dInl.Fd..__»7.1 *<1$ — 

J — SecureCop. Fd 965 10XH +0JI — 

- I — Equity Fund [99 3 104$ 40$ — 

Irish Life Assurance Co. Ltd. 


Prnp. Growth Pension* 6 Annotate* Lid. 

“ All nr I her Ac flv 135A 14251 — 

“ *AJI UearherCap . 126.9 1335 — 

— 9ln«.Fd. Lis ... . 142 2 — 

— Pension Fd. Fl* 131 4 ... . — 

— '-’oTU-.Pem.Fd.. ... 1490 _.. — 

— U*. PnA Cop. Li 133 7 — 

— Man. Pens Fd;... . 148 7 — 


1812 — 

002 8 .... — 

100-9 _. .- — 

10X7 — 


0I ZJSIC81 Lip. i'.roM h I nc — [46 6 
-oat 10 90 Coplirowlli *<•*-. [473 
+0 9 926 Income *• A*-<i' .IJ4b 
• 0 7 426 High Income In ml* 


,, RidgrficJd Managrmrnt Ltd. 

ju }23 5A4ii. Kciiite.IySi .Vain b*»l-r i* 


+ |Ui Lu-LUlli 

*- l*..i.nr Par ill* 

I'lllitS'.J! I*J inll la>-vnir 


0 ' 1.1... 11. In 

" Z 1 1-v! In 

a 20 


9 2b MichUtcotn* ]b2s 
1265 Canot Extra Inc |5i5 

12 65 Sector Fnnd* 

- Financial A m.'_ [26 8 

5 08 Oil* Nat. Irqj 

J laternadeaal 

2'2S tobul- [923 

t 2 Imernaliruial _ . |3fl 1 
2 2o Wld.W.dc Auv 7_ Ira 3 
Ovenral Funds 


30*1 | 582 Riilcelirl-I Int IT.I103D 1040!-59, Z bO [*■! I'HUhl'I. >402 49 7M +0 1 8 B0 M & II (.riiUli 

Hitlgefield Incumr (94 0 101o|-4oj 431 I*.*. Maas Mutual |2b » 290| .. | 140 TVf- q.J. . Mll | + . - , 

W 6L^"oil 85* R o‘b>»chtIi! Asset Maaagemrnt i*i Bifhopsuale Com modi ly Ser. Ixd. .tiiiiu,. * u . i -v.-.ns:' 

^ ' ■ 9 * 92.WI ..‘aleb.aiwHH . V.lnSun nj«f. -JM I H*.\ C!. l‘-u.;l-- 1 .. M. Ut’4-2M11 * u ' 1 , 7 ' i' 1 '• ■*' 


*03 5 0b 

... 29Z 

-03 269 

-03 269 

-0 1 2 52 

,0.2 252 
,0 1 405 

.. _. 134 

154 

180 
+0 7 XBO 


Australian — [39 2 

European [434 


. _ 28$ +0 3 4 02 N '..Lqil.iv Fun. I 178 7 1*0 1 ,Q 7 3 00 „ 

293 3u3 1 181 Kno Ke.Tsi 1148 127 1 7 *7 ■ ’ASKHti -Mulv.i |,'| 037 1 lOOf . .. f - 

^ *: •'. Iru-xae hun.l. 1551 lb5 0 . 0 ’ 6*7 lAil'NT "July .1 ■•2400 2 54bl . | I 

)■+* wti +cc M\ Inll. Fd .lnr-.'97 8 lMIud-10 ; -H> i.'num ally i uei al *510 and “LI 00. 

Sl;s§ >i m! 12 »««• m™.™,.. 

i* Rothschild & Lowndes Mg ml. <ai y^ n .\ .a.m.r. Csynan 1*. 

ffi| SiU 157 \ £ >«im - 1 — I . MCI. m ** fs'iiftf. h-l.z txr ' ■ ■ 

,79 a aa s_j .nc tan he** 1 t X'.cmpi 1300, .. | 365 Nip|.wbt‘>l Am - III >Bfl 80d I 0 

438 46 84 ,0a 131 I7ircs.ui July li. Nest dul:n: Aug. 10. Ft *-.*! Spill. " 

H .'„'lc» 4 ’ +o4 Rowan I'nii Trust MnfiL Ud.Vlai Britannia T«. Mtutmt- (CIl lid. 

I , '—if Tei «—+.., '.'rt> ilaie llr*- . Fm-hiuybq.. <•!«»> i« NiBsihSi.. •». Iler,—. Jersey. UJZH73 

I Inn Tst. Mgrs.t tal Amen, .m Aug 3 _ ,70 ■ 73 0 . 0 97 

TU»-z;.\ 01«a«y*ll Ne.unucs.Nut l. illbtt 1B5 5! . 4 02 ^rrllnc IVnen.lna'.-d +d,. 

I l<9 7 ijo 9| 5ib >lu:h Vlrt Auc 4... 155 9 58 7 * ! !■ 7 34 ;.ro..+ n lme+l . 35 5 J«M 0 7 3 

— iol 1 A 1 !! -i. JIP ■ II. um I'nii- - 78 8 82 8 , 2 ol 7 >4 ImnlVil 'S9 6 9b*«3i 1 

L — • 231 907 +14 'bb Merlin Au. = ... ^2 8 OrzS...,™ 3 72 .'vr+c* ibnrp TM |:40 0 JSl$-0.' 1 

. ■ 3i J Si ." * i 3:2 t.'. ■ nSa* 011 1 

ru-1 47 8 >Mb .0 1 4 55 Rnval Tm. Can. Fd. Mers. Ltd. n,!| " 


European - 
FarEai*..- 
Narth Amer 


Man. Peat Cap. V* 13b2 — 

Prop Pens. Fi T.... 1482 — 

Prop.PenaCat> I'm. 1341 — 

Bdeg Soe. Pen. L'L 132 8 ' — 

Bldg. Soc. Cap. L'L.. 1212 - — 

Provincial Life Assurance Co. Ltd. 

222. Birhopsgalc. ECi 01-2478533 Unicom Amenea.-|3b 5 

rror Managed Fd. 118* 124 71 .. .. — . Do.Au-a. tcc S03 

Prov. Cash Fd. .. 1052 110$ .... — Iro.Aud Inv. 633 

ilill Fund 20 1176 law -0 5 — Do Capital M3 

Property Fund 96 3 laid... — . Do. Exempt Tm U4J 

Xquils" Fund 104 0 109 S — 1V> E*t« income .. 29 b ' 

Fxd. int Fund— 963 10X4) — tm Financial 64.1 

Pnidentia] Pensions Limited# ^wnTriL Z” wj 


so aumm -Jui*i ;ji'.*ajo MM I -- , 

47 . "AN'HHti **Julv .1 il l 037 1 10M . .. f - .V'. 1 " 

<7 uuI'NT-JmIj. 1 i-2400 2 54bl . I 2 06 ' ' 1 

*b i.’riumjlly i- -uri at *510 and "LI 00. Sam 

^ Bridge Management I.td. n* ■ 

l*.«» H*ix r*9l *.rjn.| i'll mm. l'|vmn 1*. '*'•'! 

‘•■l+.'b.Jul. .11 i A* 15 934 i.+..| — 

w i: »• tl K«t «»> II.-I.J Kmiic ; *i 

65 Mpi+>i.i-jAHk 2 |M*i49; and ..... I o.;9 ! '■ V 

F« *-.ii-b Spill. « ' 1 ■ 1 

Britannia Tst. Mtutmi- (CIl lid. Mur 

^ >■ Haifa St.. K>. ilcli— . Jersey. OKV4T31M ' 


Ail+niu mi. i -*.i.-Jas .1 

*u*i V ■ »u. '- *i -1 4*. :*•' 

■ .->l.t 6'. u, LL - _- hi ;; 

I jit*. 4 

IA--U1..I p.i . [l9JC 2Ci* 

Samuel ll.iniagu |gi;i. ,;^t - 

1 14 ■ -i.i -i i ■ ; 

*v— 11%. K.i jui. v.>.; i 4 +.fg «.i« 

.1 i i.,i% ii | .it.ri, 


Fiiuiri 1'nit* .. £17.95 — 

I'rnr-rriy L nils- DO 19 _ 

Equil* ftn r ,d E+cc.. £11.99 12.6 1 

Frn|. Pnnri F;»cc. £1341 14 1< 

B.il B<1 Etc i'nii £13 40 14U 

r-rs-'.ilh.md 1117 IIS: 

E r-iri .'.ccum. 1B7 — 

Prui^rly Arrun..... £12.82 — 

3Tng>i Aceum. 1,640 

5nnf.qjil7 S04 104! 

Prnp-rlt 105 2 11U 

Zi+1 vtanng-xi 99 8 105 1 

2nd I'cpeai: ... 97 2 1 02' 

2nd 'hli ...... «J1 95J 

r.|.IFq Pen- Arv. 3012 107.1 

2...IPn. Ter.*- ,\i t .. lfW 1 115.' 

2nd tied Pcni Act 10XS 388! 

Sn.l I..-P Pens ,\c- 9* 5 105 ! 

2rd il.lt Pen Act. 90 4 95.! 

1 A-'' M F 39 5 421 

LXEbJ c.Z 28 0 301 

Current value August 

Capita! Life AxsuranceV 


BlueChp. Aug. 4 U 

Managed Fund L 


1047 +0 
11X3 ... 
105 6 *0 
102 5 .... 
953 . .. 
107.1 +4/ 


Exempt- Man FA. ..[1087 1144 

— Prop Mod Auc. 1 .1809 1984 

Prop. Mod. Gib,. 298.7- 289.1 


11 8*3 

16 6 2490 
187 1144 

0.9 1984 


King & Shaxson Ltd. 

52. t>mhi)l. ECS. 01-623 5433 

Bc-ndEd Exempt. -|10SJB -1B6S5|*0 10] — 
N'ert dealing dale August 18. 

Govt. Sec 3d. |D9.40 326401 ! — 

Lang ham Life A sun ranee Co. Ltd. 


ForeiBnVd. . . ’ St 2 ieo -IH 1 * .J *“ Rowan L’nit Trust MnfiL Ltd.Vlai Britannia Tsi. Mncmi 

S Amer. 8t 3 rt. Fd |34 2 36 +0 j\ X80 ^ * ****** 1 lia ,r Jfj — . Km-hu.-L .Sq.. tfX 10« “ H “"s7 Si. McN-- Je^V 

Arch wav L'nit Tut. Met I3H W lauel bajnucl Init Tst. Mgrs.t tal Amen- ..a AUC 3 _ |70 8 73 0[ I 0 97 ' “ ' 

^ C J W r!^ h D,t Z 51- .-* 5 ' L<d ' V " HC 45 Beech 7=1.. tV.Tlp-gs.x OI«a»»m Ne.ur»uev.Nut l. 1760 IBSaj . 4 02 Sirrllog tiewHnlnai-d »da. 

317. High Hnlhom.WClV .SL. ftl«JI«233. #hiBntlrhTni-l 159 7 170 q| 5 ib >l'«:h Vld Am 4... 55 9 58 7| * l !■ 7 34 ;.ro..+ n lme+l . 35 5 

Arrhwny Funrt_. .[86.9 924,... [ 5 73 {?,innTfl,.| ~ M 5 «Sw 4oa | ai 1 v *' -■ - ™ 1 * l ," , "L V + ,, - _ T . ?L 6 - 

Pncca al August 3. Next xub. rt»y AucuA 10. up noI3arTru*l ua 90 7 +14 jb6 51erlio Au.- 2 . — [82 8 17 74 ...,7 3 72 -,f r * c \ • ®! r% * l*®,J 

Barclays Unicorn Ltd. laKgiVtcl iSl^^rU l\i ,S* .6 , JH ^-*7 T^! c a n. Fi M^^Lld 372 . 

L'mcorn Ho 252 R-mlord fld. E7 iil'2W.’iM4 i b> Income 3 m*- . 27 8 298 -07 736 cj v ii . J.* ••euomiaatrd Fdi 

Uaienm Amenca 13b 5 1931,04 t ip IbiSecuni* Trivt .54 4 58 8 5 08 IcrJlUB rtre*ll.> v* !. o: -«3l SX"- 1 ni**l STm ,H>551 

Oo.Aiiq.3cc IT K3 86 8 -0 6 165 iblHigh lJe|dTA.-l30 6 32.8| +0J 700 ‘ apilM Kd [70 5 7441 I 3|0 Inl.Hiph Ini T*L : 98 4 51 

£• ?£?»$?“ “ ~ Si £ ; :? \ i y la'rtv to iS5Ti July j.'Mxt de^n l i a u 1 il 50 Va * ue •« N ** 1 

Do. Ere m pi Tsi 1140 U4.o .0 3 598 iS-Chnaiepi.-- Street. E'-'i Ol-rtTT^O 5,^^ 4 Prosper Group Brown Shipley Tst. Co. 

IV. E.iw income .. 29 6 ' 32.0 *06 7 76 llMel.Jnr Flind .. |91 6 984, . | b50 . <. „_|_ t-.^Z r J -,r% ■»«» I' • ■ Knx 140 <1 ll-iier. Jrr+ej 

DC Fmanc^l __ 661 691,02 4.7b K ey Fund Manager. Ltd. lal.gl Su Ed.XrgT £ 1 ™? 8..rl,« Bond Fd. >082 

Do. General. 333 362 ,0) 5.78 3S-J*ilkSt- Eiv\ WF. i>]-a*i7070. lieu lm+r to u|..iw «w or U31-2Z4 7351 Butterfield Man agemrr 


393 ,0 4 
86 8 -0 6| 
68 4 + 0 5 
74 9 -1 1 
U4.D .0 3 
32.0 +0 6 
693 +0 2 
84 5 +0* 
362 , 0) 
46 5 * 0 1 


ttp ibiSecuni* Triut . 54 4 
lb! ihlH.dH:e|inA..[j0b 

JM lulel.V ia«g* 

IX Chriatepli— 'Street. ECi 
7 7b Intel. Jnc hAind .. |9l b 


1l7lr.*n Ju|* |-i liiteo 17*:! 

Murray, Juhn-*l*)n.* .Inv. .Ii 


v -n i+. .- 
Ji-ii .. 


'35 5 

38 4- 

+ 07 

300 

•Muir. 

Kuiiit ' 

'S9 6 

96' 

«n 

1 00 



|;4o0 

>t2J8 

1514 
= 50 

-0.' 
,0 11 

1 50 
100 

Negil 

S.A. 

*8 4 

{102 


11 00 



nalrd Fdx. 



f..M Jl 

l>2! .... 1 

,)l->331 

:*84 

ll M 0J 

•JH 

900 

Negit 

Lid. 


Value \ur. '-i Neit .Ip+lmc Aua. 7 j'^ I **'»'+*'•- 1 

Brown Shipley Tst. Co. Uersevi Ud. ’ ' 
l*<> Knxfwa ll-iier. Jer+ey. uhM 74777. •'hoenit lnt**i 

Sterling Bond Fd. . ICU+2 10X7] . .. | 1175 1,1 ,u "- 77. M I’ 
Butterfield Management Co. Ltd. ,nl,: l ’ M|, * rl 

I'Ll Box isri Hum, Hon. UennudB. tfuest Fund 9 


i+j-— ’ Phoenis Internationa! 


01^288253 Hothorn Bar*. EiriN 2NH. 01-905K22 Jv>.«:w*irlh Arc. — W30 *> 5| 4 0 

+2$ 5 00 P-nuiLFd JuMB .IC25 06 25 841.. [ - T *L ’■°- 

+X7 II Fxd. InL Julv 10 (£39.02 14 2E — T , T *V, >l«3 ^5* ■ ■ 

*Z ~ Prop. F. July 19__...[Qt07 2fc«l .....J — wV 

Reliance Mutual ' Do. Trustee Fundi" 118.9 12833 +0 

TunbndgoWeUAKent 08K2ZZ7. 2i Zo 

01-623 5433 Rcl - p,t, P- — -I I — -I — Ita.AccunL (76.1 7931*0 

►am, Rothschild Asset Management Baring Brother' * p* 

“| _ ■ j**™*- ^ ™ ni « l « 6 « 5S B8.Lexdeuhall SL. ] 

■■■•I — NC. Prop [117.5 125 D{ .. ..J — c T _. 

O. Ltd. Sub. day September 28. SSVSS^.~~ — 


6 ^: 8 ^ is rfjzg.i m ■«- * ^ 

ifl a . . 1 51b *Ke» ExuiTift m . 1510 lbC Vo . . 6 31 l“*eriwdeii»I Fup4. 

d+%- Aucuvl 3L Koy Income Fun- 1 . 83 5 >88+03 7 81 Capilnl 1389 41 8| * 0 3 

48* +0 1 555 Key Flxeil tall l-'d . 60 b 64 4 12 05 ITI-. . 128 3 30 4f-02| 

B3rt*0' 4 85 Key Small 1 V* « r-j mj.B 1104(+02 5 63 I’m* «.ri*Ml. 1734 7B.9| +L0| 

7 bS ,0 3 195 Klelnwon Benson Vnit Managers^ lur readme lunar Faod 

795loi 475 a9.r6oehurchSt,E.'.X fli-BZ3Hiion H'Ch-Vield -|56.o 682( [ 608 


Butu-eiur Gqull; i2JQ 2381 J 176 I*-' I*---. i:m -.1 ' 

41BI+D3 296 tauure.L Inc.me ,197 2 04) J 7 4a Uiei Mir | ,.| I 

30*1 +0Z| 7 71 Price-- al July 11 Neil <ub. day August in. cu--ali.il ...... . 

78*1 +Lo| X84 Capital international S.A. 

„„ - 37 rue SMTe-IVam*. Idieml+.urg. 

N+-! „....{ 638 Capital I11L Fund | 51 S17.81 | 1 — 

72jaj+o2[ 880 Charierhoufie Japbei 

48$ *0$ 8 43 l.Vnen*D>\er Hu* W* 0\ '*4H'.tti 

Adirupa. . II 4130 Id 317M....| 4J 

480rt--| 4 91 Adlvvrhb . lilMUt »7 d3 J 4! 


Baring Brothers & Co. Lld.V faux) *kb UpitF.i \. „ 1121 

B8.Lexdenh4llSL.Ei.-3. _ 0I SW2830 tBJWwT-l 


K.B L'nltr-1 Inc ..|»92 96*ri|+30t 5 22 High IncMae 

MBUpiiF. I Sc .. 1 12 8 122 6 J +5.9 5 22 1 lit h neturn . 


4 62 InroBM- 

4 62 . v * 


Funtfx 

=w 


— LanchamHR.Hnimbr0okDr.snx4. 01-2035211 Royal Insurance Group 


Stralton Tw. - BB4 4 " 19221 417 KBStnlri+i <Kdlnr 48 5 5031 ' I _ * ' K 

Do.Amim. (228.6 238x1 1 4.17 R&SplCp- I- -1 Vr, 483 503 638 I'KEeiil* [45.4 


Next rub. day August 16. 


High Yld. F*1 In. 


Orrrarox i-iadurl 


tfucst Fund Mngnini. 
I"-, il... cm -.i ii. u.-r i*t-*« 


72 JoS +0 3 
48$ +0$ 


Equity initial [ 


i-Jun Honrj*. i.'rapel Ash Winn 000228511 D*l Accum. 1(1303 


U8.ll *0$ 
1375 +0.3] 


JCei insert Fd | 100 SB I . , ( — Fixed Initial 1170 124$ 40 2 

F.-n umaki rJnt.FA . 101.07 | — Do. Accum. 1203 127 S 402 

„. _ , ' „ 1 ~ ' imV. Initial 1063 1124*2.1 

Charterhouse Magna €p,V Do. Accum. 107 3 113$ +2.D 

38 Ch-.XjLi.-i ; . Sq . I'MtonrigoUBAIVE 52181 Man seed Initial. ... 1221 1M.B *05 

clla^ete: • 294 31. o{ Z FroprtnytaiiijifIZ 9^ +D3 

t’.n*.- Pquii>..- 35.6 376 .... — « F “ f SSV ,ld 

._ 1336 — Exempt '. ash iniL _ 97 J UU .... 

y..T,i.»«.r jred™ 150.6 go Arcura ...... -98 9 1^2--.. 

Kvom fll l!nrr Inrr^ 125 2 1311 

City of l\>«irnirts(er Assur. Ca Ud. . Do AtcumT- . r 127.5 gaj .. .1. 

Hinr-.:.-;'* Hc-m. q Whitehorse Road. lnil t?*a Tyre 

CrcwFitCRU^i.L ^ -.V i^t. iS 0 "" 

V v r-rZ„od.. IW5 • 63 u .... | — &•?£.£?**■ lwL 8?! ?g ’ - 


Deposit Fdt 123 9 139.5 . .. 

L’l.mp PcnxFAt. _ 2087 219.7 

Koum-PensLFd 194.7 205 5 +0 4 

Prop IVn? Jd." ZZ7.7 240 4 . . . J 

•lilt pens. Fd 94 9 99.4 +0.ll 

DeposJ’cnAFd t 99.5 1041 j 


■Pricer on An gun 1. 
T Weekly deatanfs. 

Schroder Life GrodpV 
Emerpnse Hmue. Porumouih. 
Equity July 18...... Z30.B 

Equtly Z Auguxt 1... 225.9 233 

Fquilj3Augu*l_. 123 3- W 
Fixed int. Aug 1. _ 1380 14! 

Fixed 3nL3 Aug. 3. 1482 151 

Int l. L AUJ. 1 1351 1« 

KJcS Gill Aug. 1 143.2 141 

b fcSc Aug. 1 1210 12; 

MngARlX-Aug 1 ..134 5 143 

Managed Aug. 1 147 9 153 


V,... f-..p Fund.. M5 63 .... — 

Mxr.iEfrtF.ind 177 7 180 7 . — 

Mu.l- l ur.T 6! 7 64.5 *2.6 — 

I'.'.rnr.i-i 1 . 71 9 T>.7 .._. — 

F..n-l . ..1212 1275 — 

».»li b ip.1_ 63.0 663 — 

T" L.V i.td.. 3b97 173 0.... — 

pe.»- Mcg.l < ,K... 117.1 1233 — 

I vi l.nsd I..- . 3217 12*1 .... — 

IVn* Sl.iniy flip *6.7 49J — . 

l'cr.K Vr.qei AiC .. 40-5 51 0 .. — 

P* 'i* F.|.nl>Cap .. 570 60.« . . -r . 

i 1 ip * .< all.- iCt_ .'592 62jf -J4 . 

I -jiJ i-urriTii; clfn~eil to new investment. 
Pi rf.-'tn l'ii;i< . .. | 207.0 | . . . — 


Exempt Fived lnil 1133 

of&4«W4 Do Accum. 1154 

in «4 sw. Jtll|!li lBlL ms 

.... 1 — Do. Accum 325.8 

• , J Exempt Prop lnil . 97 0 

*2$ — Do. Accum 58 9 


98 3 +2.2J 313 
137$ +* 3 0 69 
17.<| 4 2 2, 117 

17 7] 4031 364 
78 jj -0 3 174 

82 6 +1$ 284 


Fundak .(PKJl II J27H-0+'« 507 

.. Kondir _. WC180 2JKW .. .. | 5.04 

H Emperor Fund . . IL’SJTO 3 JM . | .. 

^ Ita.funu .... (V *93(11 41«( + 0 6S| 2.79 

Clive luveslntents 1 Jersey! Ltd. 

84 PJi Boxai'ii. M I Idler. Jersey. 115.34 37181. 

Z? rlivelidlFd >•'! • [10 27 10311 . | 11 00 

M rinet.ill Kd. tJ'-y ■ |10 24 18i7( | 11 00 


VUI-.I lull |- 1 I v «i 
1*1..-. ..I \u,.l> I J N.-.l . 1. .. I ■ 

j KiL'hmund Life Ass. I .id. 

■W. MIh.I Xlrrri I '.li.'lj ,|."M 

.. . . >\.Tii.- siii.Ti'.i.i jior » t;s 

•\-TMHnm 11.. u-a; :c 

....I *83 lx- I'l.iiimim 1+1 [127 5 IN 

4 58 l«..i...|.lll.| [l04 Z 115 

0+'0) 507 Knt l*T if 161 . 1176 0 165 


- Bridge Fund ManagersVtaHc) fiSSSTPSSr K ? u 

King William St^ EC4R OaR nid234f«l fqTnwlh FTjiw ”B7 4 bl 


American A deu t [2b 7 

Income- 526 

Capital Ine-T 39.0 

Do Ace t 431 

Evempii.. 14L8 

Intemtl Inct 17.6 

Do. Acc.f 19* 


+15 134 -i.Arciim. * niK., 

b 26 tnlilt and 16 .ittilrl 

2.96 tAmsrl ca n Fd ... . 

.... 296 hArcum imu. 

. — 561 “High Yield 

332 •■lAcemn L‘niL<i 


42 9) 40 3 6.35 Select I ntrrnhL... |2723 28731+2 3 

482) 40.5] 635 Select income .. [55 8 58 81+0$ 

Scothits Securities Lld.V 

185 Seoibuv M0 6 43b^4Qal 

050 Sea. yield 52 7 56 3 -01 

050 c>.-nii.h«rrs |593 63 7) +0 l| 


DeaL JMon. 'Tuej frWeif iTliurx. 


0705 27733 ^ ** Legal Sc General Tyndall FundV Schlesingcr Trust Mngrs. Ltd. .a. (zi 

^ . „ .... H.Caaynge Hoad. Rnitot. 02723=241 i^o.Suulh ni reel. Dorking. iu3u>i.8644l 

Britannia Trust Management (a) 0U Dts.3«i;t2 .B7 2 h« I 533 AnLEvempL »2*o C 253) +0 11 2 67 

a London Will Building*, London Wall. lAceum. L »''*• Pi-* 76 Oj ......J — Am. <:rpx.ibZ... . 303 326 +04 2 05 


183 Seolbilv M0 6 43 6^0 4(1 371 

050 Seal yield 52 7 56 3 -01 JM 

050 Si'oihhxres 1593 637j4O.ll 451 

1167 Scot Ex iltli'4 (246 2 257 9j . | 212 

11 67 SroL Fj Yld ■• . 1 163 1 170 b| j 7.53 

■Kn. • Price* *1 July 2« Next «uh day August f- 


2U Cornhill lps. t Guernsey I Ltd. 
7.13 I' Bn.x ir.7. Kt I'eier Pori. Curro.»ey 

mini Man K.l [1690 184 0, | 

37= Delta Group 

pH. Bo i 3012. ‘.'MUU. Rahamar. 

Ju Della Inc Aug -I ,51 95 2 0S| + 0.11| 

7.53 Deutscher InvestcienL-Trnst 


Rothschild Aviri Mjnigi-a.-x 

2-79 I'.iKi*' :«h m Jul:. in-. 1 

«i.'Kq hr Int- ..1 |5S0 Mb' 

tr* IM iu. I 15*. 4 3bu4 
■ : "l. • 1 « ' I ni 1 I .1 ■ 111 3! ? 1C! 

w <m> ..F.|l|.:«l 15J0 Y.7 Cl 

200 in' . iiinmi.iliit- (1412 ISO.', 

«>i' l*lr. ,.ii,.lix r (526 01 Z’bb, 1 

■it mi ini' .11 •.<■»» .1- ■:■•-. 1. 

!lTicv« >.n Jul- ZI '..-.i .1 . i.ii.l n 

~ Royal TrusL iCI» Fd. Mgl. Iiif. 

I*'* Bi.. 1*4.111.6+) l-l ll+«- .... 

RT lu'l N . ni-a?» ILJTI ; 
— 1LT tall 'I .J -> K.l 19: 9U! I 

ITI.-+* ai Auc I. dv.ll:!..’ >1. 


pr»ilai-h2HsMiirherga»eii-in8>xxj KranUun. Sate & Prosper Iniernationa! 

1 oacmira .. |i>m24l» 214M-010I — . r+.iiinr 

Inl.Kenlrntonrt* (MttlM 70 Uj .. | — 37 Hr-jd m .-'i llelie-. Pe-+-c i;,' 


Do. Accum. (98 9 - - 384.4 .. . | - Managed Aug. 1 147 9 

Legal & General Prop. Fd. Mgrt. Ud M^S?Sti!.T-ZI !5ao 
1 1 . quern Victoria SI.. EC4N 47P 01-248 0878 Property Aug 1 157 4 

w %4-^^ 1 - 

Life Assur. Co. of Pen^ia 

3S42 New Bond SL W 170RQ. 01-iCC RTO5 * n PnAeeB Aug 1 244 1 
MCDP- mlA-. -IWS 1034| .. ,.J ,- 9S 

Llot’ds Bk. Lnlt TsL Mngrs. Ud Prop Pcn.TapB 968 

71 Lombard SI.. EC3. 01 3288 5SSJpSn A r5n B « 46 n 

I1IW7 1BT9I .i 7i.7 Money Pen. Lap B 96 0 


;z. = 

II:::: = 


City of Westminster Assnr. Soc. Ud. Excmpi I3BU 107$ .../| 7.62 jj}“£ KJI’ a«. b. *7 

7 . |.ii..m- diasvl WM - • Lloyds Life Ascuraace .*’ Overaeax* — :.:.l%b 


7 . |.ii..m- diasvl MW - Lloyds Life Ascuraace 

r.'.nlmTmy '■ IsSt 6 X 5j3 z 30. ndum Si. E«A 4.MX 

« onunercia: L'nion Group opUA.Prp Aug 3 (125 2 uu 

r .:.r..n ..1 r.,.jcrxl:afl.E«-J. t*lC8375nn Hg S*-|S*aS£a S75 !«i 

;. r H'V 1 ;uvr s i 5s0 *’ 1 . L w#6 i"i o5is & A%s.|Si JS ? 

Dn Ai.r-.ux I 16 ; 38 b2 l+P-Mi — Opi.5'AT>pt-Au»^..|l222 128 7 

t nnfedcration Life Insurance Co. London Indemnity & Go I. In 1 

f-“ ■ nnn.'t-ry l.nnv. MT2A IHE 0124=028= 1820.TheFDrtrtirv.neading.9ftl.5U 
Olquilvl und . ...11526 16021 . I - Money Manager..... I J52 37 9| 


_ London EC2M SQL 01 

— Axxetx 763 82 

— Capltml Acc 563 60 1 

— Comm A lad 59 0 635i 

— Commodity BZ.1 83. 

— ' Dome, I ic *03 43. 

— Exempt 1219 138- 

— Ertra Income 398 42. 9i 

— ForEaM 233 25 

— Financial Se« 67 9 73. 

— , Cold 4i General 1053 113. 

_ . firowlh . . 84 7 9U 

— lav. 6 llrowtfj .76 7 625 +05 

_ InlTiJrvwtli - 683 73$ +0 4 

— ImeslTxl5barex. 513 55 2jd +03 

— Mineral! 02 46J 

— .Nil High Inc 16 0 92L! 

— Newlsxuc - 37.6 *0J 

— Nurih .Ymcrican. . 32 4 34 

— Pruletniiil ..- 538 8 555 5b 


ninV~ f»J “3:d i 33 55teiftr.:. - -|i03 preyfu* Intercontineolal Inv. Fd. 

,.ert suh day Aug. 16. F tempi I'lgh Yld p70 2 b 3+0J> 808 I'** KdX M37I2. Se-au. Hjliainxv 

ine Administration Lid. Exempt Mia loir*. z=i z ad. an \AV.\ugu-i i ip'shu ns* .... | — 


01-5380478.-0479 . --en xuh day Aug. 16. F tempi l*igh Yld =7 0 

821 +0 4 4 86 Leonine Administration Ud. Exempt Mki uirt. 271 

*35- :§i 22 ZJDnkeSl . Lcudoi. W I M 6. F. 114. 90 2S 

883 + 0.1 4.7S “Gb 89 S "§ ll 4 SI J ■* Wdro I ... 30 4 

43* . 9.00 ;v. , 890,-OU 4.44 Inml I.rvxlh . . 52 4 

134 +2 8 6 77 Lloyds Bk. l nil Tst. Mngrs. Ltd-V tal in t.i vmi- _ M3 
+05 914 Registrar's i'ept. iJi.noc bj -Srx, 12 c 

113 1 -26 25* SSSSSSn wf S3"" 25 Propcny Share.. _ 283 


03 4.7S 

4.00 


W»Rtua*. W vM Sussex. 
PimffiaJnrrf... .|528 
Do. i Accum ■ _l72.6 


*ii Ip? tn Do. i Accum ■ 72.6 

2H ^ 79 j.-rood fCat- 5*3 

7li tn j I n r-"Acenm . — . 708 . 

Sv? i 1 $ 


56 7) 

78 0 
60 5 +0 
7*1 +0 
935 ... 
12*0 .. 


nij+i i 9ll \ i vld — 295 

° Pref feOiltTniM.. 229 

... J * » Property slum — =83 
J * £ Special S.L Td . _ J03 
2a 2 m ,:rth A ‘* r 9 ,m 
*°H ill l K- 1 -rt lx. Did- ,.. ..Mb 


32 Oia +o : 

43 S -0.4 
32 T\ +04 
563dj +0 J 
30*1 ,0 2 
32 w . 

31 7 +0 2 
24 bl 

so a -oi 

326 +04 
252 -0 ! 


f.S IKillxr -deoominried lns.!i 
Ulr l-x.| Ini -T [?25 9?=; 

1nlern.il Hr ■: *7 73 8 3* 

Kir la -4,-rn-l |4* *o 55 7= 

•...nhAmiTi.au'J |J89 4 ?: 

S>-pr..*': I-.4 99 ibie; 


T°..1 5 65 *• *'**-»*■- ■■■«*•> *65 F. & C. Mgmt. Ltd. inv. Advisern 

.. J 565 j. Henry Schroder Wag g & Co. Lld.V i = ij>umueP«.unuie>}l:ll.».'4KfKv 
32U- '.‘heapsirte. Efi ui Z-W^N 'H-Ra 44B#i 

75 81+0 3, 7.59 c.nual Augual I.. ,UD1 11*8, | 2 40 Cent Kd.Juh 19— I SI ■5 59 . .1 - 


947 Emsott tc Dudley Tst.MgUny.Ud. r, i, “ ' Eft ‘ i Z 

K.li.l i .T. 1125.2 133.11 1 300 t'lunncl • T»:->i..|r |2454 =!«4!-.*-: ; ^ 

4 *4 Eurobond Holdings N.V. ^ * JjgS Ti i- “ r ’ 

w in llwBUeUka'l* 34. nrillcm+tad. t'utbcon i.9 I ii . ) looo [ o if 

20 , landan Ayr an: Inlet. IS Chri.laphrr SL. E<2. SLU-e.i—j |11 J 1 12071-0- '.1 5L‘ 

TrL OI-SC 7=43. TVlex: *8144011. -ITlci «-n July =4 " MnM "■ u,: & 

465 N'AV per vhare Aul.hU 4 St SZ0 4+1 tlmli..f ult.T tWc-klv : 


Scottish Widow*' Group 


Property Shares -..(146 

Shield . — 1*88 

Slaiu.« Change 33* 


36 0] +0J, ... 

Box 90=. Edinburgh EH16SBI' OTI«58000 I'lUv Energy |33.8 36.«4 -O.lj 143 

i”:p&^«Vz £«6 liSli risl Z The British Life Office Ltd.V ta) 

Inv L‘a.'Ji Aug 4 . (98 b 103 8|*0l| — Reliance I4»e .Tunbridge Wei I*. Rt CCPI22271 


oSftki&ASii Bar 146.3:.:: - 

Opt 5'A'Eqt . Aug. 3 1575 165 3 ... . — '« >*nw * • • b 

Dpi 5’A Man Aug 3. [153 6 IM S i ' S* b i 

OPUS' A-Dpt+9ug0. (1222 128 ?I . - : 1«* 

LondtRi Indemnity &Gnl. Ins. Co. Ltd. Mgd. Pen. Juij 28 .. 272 9 


Krai I'cn Mrud. J7T * 
r-Rli.’it Mncll'f .. 1 72.6 


41lill»!vu Fuiul. ,177.7 lflb 5 
v»'l! v.ipH . ! 3754 

lira! I'cn Mrdil. [72 6 762 

r-RSUit 9!nc<il'f .. 72.6 762 

i.'r-i.f Vayd Tea .. 384 8 

I i.yjli.i IVn ... 199 7 

fq-.'P "e-isirtn.. . =24 0 

J+cjin'. Petition - 139 » 


MM*fteS8*r "Z:|ni 33 oj toil — 10.12 Bj Place lam' 

Fixed laiemi |34.4 3b 3| . . | — Solar Managed S .- 

The London & Manchester Aw. Gp.V " 


Solar Life Assurance Limited rne " ' aKUI1 a ' 

10.12 Ely Place lamdon E C3N8TT. 0124=2805 Brown Shipley it Co. Ltd-V 


4'orr.hill Insurance Co. Ltd. Flexible Fuad'.. 

+2 ri4-i.tl.11. r,:'3. OldSB.MlO lai.TnjMFUnd.. 

. n- Frit Auc 15. 11260 - 1 1 - &2Pg2i£tM” 

«.:• Sj««- Auk 15 . 525 — ■}....} — CutDepnatF.i 

Min.llri JJnh'2U_. |l73 0 1825| ... I — N6G GrOtl] 

t'svdit * Commerce Inmrancc . . Tluce Quays Te» 
J Tin'vrl s: . London W1R5FE 0MJ9708L ^ OSEST 
'+' :ir.,:d id .11220 13=.$....,- gMS3»: 

t nipn Life Assurance Co. LttLV 


— Winslade Park. Exeter. 

— Cap. Growth Fund . 

— OFlrx Exempt Fd . 

. _. — . . 6 Exempt Prop. Fd 

OExie Ini. Tq. Fd. 
Flexible Fucut . — 
01-828 Mia lai.TraM Fbnd. — 

I _ Property Fund....... 

Cut Deposit F.i — - 

— M Ic G GronpV 


»». v.p-+ Solar Equity S 1714 180 5 rill - 

03W-52J55 Solar Fxd lot. S... . 117 « 123 6 +0 1 - 

... _ Solar Cash S 100 4 1 067 .... - 

— Solaria!, S 100 8 1073+1* - 

... . _ Solar Hawed P . IMS 1374 +0 3 - 

— Solar Property P. 1118 117.7 . .. - 

— Solar Equity P . . . 17L0 1893 — - 

... — Solar Fxd lot P — 1170 1232 - 

. ... _ SofarCaahP 100 2 1065 .... - 

— Solar I all P 100 8 107.l( +L9| - 

Son Alliance Fnnd Man grot. Ltd. 


Monro. Fojodcrf Cl_ EC2 

RS Units July 31 1225 8 

Do.tCC.Uuly 31 (281.4 


Tlure Quuw Tower Bill ECTO BBQ 03-C6 4588 g UB Alliance llouae. Horxham 


.7 Z 'Cy 1+Sn , Conr.Depo.lf. ... 1286 

?I«M . 1122 0 U10| ... ., — Equity Bond” ... .145.0 

np a Life Assurance Co. Ltd-V fSmj&’-ZZ 1953 

.. i-n I iI.'JIjC. Wiping GL’21 1XW 0488=5033 Gill Bond*" . . 1D7.3 


M .viiT .1 7 »>n.l In' J3055 113 8, . .. 

fl If in. 105 5 712.0 

5 i-.- ril'd ’c;i . IMS 10*9 . 

F.;..ii. Kt ..1012 106 5 +0.3 

F ....... >'l Ir.riii . I0L2 106 5 ,0 1 

t +;.ul. 6.1 liul 100 7 105 9 +02 

i*..rtKri> 1 '* i ,v 9b8 1018 +0.1 

rr.’.+ ri.Fil ! an ni °69 131.8 +0.1 

I r-.iw.civ I'd Ir.n |*60. 1CL8 +0.! 

In 7 xf r'.i V, 3106 1164 +01 

1 in m Frt. Incm.. 110 6 116.4 +03 

T:l l.l ini 13*8 2155 . . 

FmixIIn' Id 4»e 961 J03 2 -OJ 

>'■ .' ini , M Incn. 411 203= ,0.3 

irtt-t I r,t. \. c .. ua* 1246 +0.-4 

lr I.i ! F.I I nr hi. ,1114 124.6 +0.4 

! t.W ... 96 3 10L3 

w F.I Inna 96 3 101 J .. 

t„„ t V 1.+ -.I 1.305 6 H11 -02 

Pn lr.» .4'. [155 1 — 

F pisadcr Insurance Co. Ud. 


— Imemutnl Biwd— IDS 4 
676 Managed Bil ■■*.. . 145 J 

— Properly Bd*’ 159.4 

— Ex Vi+ldFd Bd.*. 8*2 
9 35 Recovery Fd Bd.- 65 8 
•- Atnencuu Fd Bd * 54 7 

— Japan Fd. Bd * . 57 9 


r = 


Inv. Ply Sene* 2 . .UM 6 1182 +J 51— wim... u>r u..i« uu. T American 53* 

ll>v.t.'a<JiAug 4 . HB6 1038) +0 l| — Reliance lt»e .Tunbridge Wei I*. Xt D6022STI ' Accum. L'nitx) 55 Z 

tr > i: L y c t Auj ?; :! - G5fi HKh’f'fl “ BL British Uf+._ .[526 55 u | 5.S3 Auxirala ? im» 575 

ExFUncXucS . 1404 146.4^ +1 4 — RLBalaaced- *97 533 534 .Accum. I.nitsi 585 

HjM.PeB.Jub 28 ..1272 9 272 9) j — RLDIrideitd” . _,|43» 468( 8 92 t-ommoaiqr 80.1 

Solar Life Asiunnce Limited * Pnc “ ' acun *• s '« t deaUn ‘ Anr ^ 9 ^S^tSSmSi nz\ 

10.12 Ely Place lamrinn E C3N8TT. 0154=2605 Brown Shipley le Co. Ltd-V «'+inv er ..on Growth 70 • 

MarMtaagedS -I13D9 137M+0J — Mnnre. Founders Ct_EC2 01-8TO8S* — H, 1 , 

i5SB5SS8L*j: Iki SIS H 55 

Solar Fxd lot. S.... 117 4 123 6 +0 1 - Do.tCL.Uuly 31 381.4 302$ 1 435 Ewijll g 9 

Solar Cash *> -.1004 1D67,... - Ovcamlr Trulls 111 «I lArvun. Lallsi S41 

Solar lull S 100 8 1073 +1* — Financial 39$ 452 Enrol leld... 890 

Solar Managed P IMS 137a +oj _ General -197 =09| 536 lAtcrnn Ukup ...1191 

Solar Properly P 1118 137.7 . — Growth Acoim — 47 6 50$ 5 81 FarKariero 60 7 

Solar eSSSp .. . 17L0 180J Z.l - Growth Income -.37 9 -=8^ ... . 5 01 iV.«m Uaftj; 6*5 

Solar FxdlntP 1170 1232 — -High Income 30 5 33.2 +0 3 9 40 Fuad ft! mv.Tstx- 67 2 

^ar.'aSi PZ..Z " 100 2 10*5 "" - I TU 231 2*3+02 3J5 i.Lu-y l’ou»U . E2 

Solar I nti P 100 8 107.1 +L9 - S "- "4 55 »-rnvrol - - 1782 

_ .... „ . „ ... Ovc treat 20* 22Jal +02 304 i.Uixic vnlm 277.4 

San Alliance Fund Mangrot. Ltd- Perform+iKe *io 65 9| .... 436 Mu-sir, om« iosj 

Sun Alliance II oute. Hncahom W03MI41 5™? u f v r “5 59 3 * DJ SS WrcJS 1 ” M4 

Exp KcLIiii July 1= |U529 ,1594) J - .*napx July I 56.9 59$ 530 Jnronfc f « 169* 

int-Bn. auc- i -.-I U*l* \ ..} - Canada Life l’nit Tst. Mngrs. Lld.V aiacm-m 2251 

San Alliance Linked Life Ins. Ltd. 1 zdHichSt .Potters Bar. Hcru p. Bar 5 1122 SSsri* <l * 1 — 17*8 

Sun Alliance Hmne. Heroham O403M111 Faa Gen Diet. PJB *I9rt .... | 436 . a. ...^ ! *nu«i ~ mi 

Equity Fund 1127 8 134 61 +0 8] - nS - lf^rilM 11 " " S 3 “J-J 5 ig Recoivri . ' 04 1 

Fixed! n« crest Fd .. Il0b6 11=3+0$ - nS !2e alium — B52 art"?? ?« • Ac cm 1'iuui _ Bb ■ 

Prm—. -Fiinrt I1H ■ 11*71 Drt InC ACCUBI - •+* 9 * 7 $ -0 d 750 :+n l«t S 


433 t,Z2: ~ I s * r'apilal August I.. IU0 1 U4 M 

16» Lloyds Life Init Tst. Mngrs. Ud. jAivuim Il331 UJ 5} 

55? 7=«o.'lmehoux»R.l.Ayie*bon OZMfAtl 5 "«*!?*? 1 ' S71 

408 >5B 1H * - I 3 « :;eneTriAur=-™'pt 9wJ 

4AS M 4s G GronpV lyHcdzl lAmiax UnTu. aioo 1145) 

143 Three Irinr*. 1"»er Hill. DJR FBQ 01838 4S88 ry- (uo xt ?| 

) American* 1 ^ SW KlV l ' tt * n «2I»“'{ n -9 I 'l 97 -pV^ harFd-'yie fib? 7 174 9$ 

ST! 1 Accum. L'ottx.ZZlsSZ 5a3 ,1 3 1 57 -Hv«.r'cri^“uu M | ' |mj a»4j 

5.53 Auxinlaxiaa 575 mJUIaI 164 exemp 

534 i Accum. Uailsi 585 6231+1 M 1 64 „ . . Z. 7 .. . 


For .lax exempt lundx only 


85 3m +oi] 4.15 Scottish Equiuble l-'nd. Mgnt. Ud.V I KenesAi Inml 1 _. 


2 40 Cent I'd. July 19_ I Si ■■•5 59 |..[ — 

l ” Fidelity Mgmt. & Res. iBda.1 Ltd. 

6 79 !••• Box 67U. Hamilinn HrrmJilx. 

HI Fl.lelllj Am. A+a SUS=7 84 I | _ 

3” 6'ulrlily Ini Fund . SI‘S24 39 (,I08( — 

*J{ Kideluv !■+,• Fd .... SI'S50 89 \ — 

JJJ Fidelity Wild Fd. S1'sl61= |-0 0jl — 

3 71 Fidelity MgmL Research (Jersey) Ltd. 
A “ R-lerlno H%e .lMn.Su.M llvlivr. Jerwy. 

oSH rr«i 


t'lMMiet Wsu.1 + 160 n 156 b.6 + . . [ * Vi 
• '.inim.+l ■■■; . , .[lZi= 1=9 7i • ! 1- 

t.n lii-i-vii . ] ion 0 j o:r 
K+ SLi-i-e.i--: ill* 1 i2on-o? :15a 

•l^ci i-n Julv =3 ■■ mu u*l ”■ •- v,: i. 
IInili.il ottiT :lli-l.l-.' J'. . . rii. : 

u Srhlesinger laternaiinna! Slngf. !3-f. 

41.1., Sli-lte SL M H.-li. r. Jvcm" •••..: T VJ . , 

sin a* tt: • ? r. 

— SUM. . B« 0*e' ■!.•'••• 4 15 

. ..in i'Vi . ;=s =j 0] - r. ■>* 

E lull Krl Jer,,- . 115 in : •>> 

Jnfnl M lAMl.rx- S1I54 12 3H - 0 -. _ 

_ *Far E+.I Fund 100 105. . 1 Zi* 


107J +1 
137* +0 
117.7 . . 
1883 ..... 

123= 

MAS .... 
107.1 +L' 


ExpK<Llni July 1= |C1529 .154*) 
lnt-Bn. Auc. 1 ... | U* 16 I 


Sun Alliance House. Heraham 


... . Oceanic TrniU lai igi 

► i* Financial 1372 

►0 3 General..., ,..^197 

Growth Accum 47 6 

Growth Income — 37 9 

. High Income 10 5 

.... — ITU 231 

■L9 — .Index 25.7 

„ . Overseas....-- 208 

. Ltd. Performative .610 

M03 64141 Rrco'-'ery - 226 

, Bmp'. July ! 56.9 


Ol-onoBsao 

2*2.7] 1 455 

302$ 1 455 

39$ -.... 452 
20$ . 536 

50$ . — 5 01 

os a ... . 5 01 

333+0 3 940 

24$ +0= 3J5 

2iaij 4.21 

2p$+0= 3 04 
65 9] .... 436 

24.0, —0,1 4 04 

59$ 538 


Mullar.d _ .. 


Equity Fund 
Fixed! merosl 


Properly Fund UO 8 

international Fd _|U21 usd, +1 ji — Fanel 1 lacteal Mnrt (2d ■ .uni diui — |«raj jui 

□cposii Fund. .. 972 10241 . J ^ «P« IJIBHI BllgL UO-T Spv. i..l 172 7 183 

ManagedFund.. ..,1135 119.51+0$ — M0 Did Broad M,EfiMBQ OI.Sk«HO lAr.i.m Units* til 73 232 

San Life of Canada tVJU Ltd. SSSSt- .‘I-T.IS* a”/! I.S2 ^ n^o W 

2. 3.4. Coch^purSL, SWI V 6RH 01 1005400 Prices on August li Next deallnc AugQM 10. , (J.’', 3027 31? 

Kliii2n h gd:::| I :::..( = , c ^; 110 ' v«fc w. Mgr*, uav .»gci :M;^ u f : n i 5oi M ^., 

Maple U. Eqiy J 1295 j .... I — Milburn Houie. Ncwc+sGe+ipon. Tyne Si 185 , xc+lk: t'alw 189 8 192 


137 8 

1346 

+ 08, 


106 6 

11=J 

+03 


UO 8 

116 7 




1128 

U8 8 

+1 3 

_ 

972 

102 4 



1135 

119.5 

+oi 

— 


r: BS 41 s?| - i.ij W 

, — fe 5 “g ’J 7 M 

I - -M9 47.3,-04 750 Ser.o.l'len. 1812 


931 

1213 +08 
74 6 +18 
73 b +L0 
' 133 4 -1 1 
252 9 ,2 2 
56 6d +0.3 
579 +03 
9*i ,05 
126.8 +08 
64 6 ,0 5 
70 8 +0 5 
716 +0B 
875 ,09 
1935a +0 9 
301.0 +13 
113 Z +1 0 
190 5 +1.8 
180.4 +1.8 
iezo +18 
240 9d ♦= 4 
>040 -30 
1915 +0 2 
3171 +PJ 
89 6* +14 
924 +1 4 


41S St. Andrews Sq . Edinburgh a 

Income Unit!. |51.4 5*7| 

5 St Accum. Units .. ,58 b b=4[ . 
4 7; Dextane day Wednesday. 


•Ul Mb * I b! •r r "-'* B < Pacllic. ... H 15* ... 

$4 71 ] 507 Sene • D 1 Am Ass •[ [18 99 ( } 

65*1 .. ...J 5.07 First Viking Commodity Trusts 


7 58 Sebag l’nit T«. Managers Ltd.V la) 


|% Sl ■ Profile's SU-lh.uc 1 . , InM 

[i«4 4«4C1 Mn Afil». Iiunbar A C-«- iJri . 


■?.r»l Mil. .lay -\ux_M 1*. 

Schroder life Group 

Kii>er|iri>v H.ui>e l'..rir'n.>ulh. t'7' MT"ZZ 

lDirrn+(i+n»l lnnd+ 

(Equity . 11D> 1=5 81 . — 

tEquitv . 135 5 lit l! . : — 

£1 ixed Inl+re l 141 0 150 0, ' — 

56ixcdlm.-r.il 105 0 313 7i . — 

LMrlldC-l' . . 131 7 lag 1. . . — 

3U+H+VV.I . 1=0 0 127 6! ! — 

J. Henry Schroder Wagg Oc Co. I.:d. 


5*1 pt'Bnx.Ml. Beklbry. life .Ex' 4. 0I-2MMMH * 

• 07 SebaKC jpaxjFd_B5 4 37.ll , D.l| 3 75 Z! „ 

2 07 SeNie Income Pd. &2 2 33.7] -0j| 8.03 hsl ' L . p 

2 25 Security Selection Ltd. Retain 

4 35 1 6- 3*. lapepln'X ltll» Fields, WCi S' n " r : 

435 1 n.'JihhTrJ Ace-|25.3 27 01. | 219 

552 UmllSIiTsI Inc.,. |22.0 23 5| I 219 Free W 


Vl-ZVl rein S3 ' Mall. London ■4WI70J1I Ol Flu 7657 1 1 'hex |.-.i.le. E> i 


K*l \ iLCixTm . p2 3 J40ri| .[ 

F-t VLPhl Op.Tst. [75 0 8fl Oj | 

Fleming Japan Fund S_A. 

37. rue Nvlre-ltamc. I ji trail* 11 in: 
Fleming \upui 1_| 5L'.x3*40 , f 

Free World Fnnd Ud. 


JM Stewart Unit TsL Managers Ltd. lai Rnuertield Bldg, Hamiit-n. Henuuda. 

• 2« 4» •.tiarl.iiie sq.. Edinhurgb. U01-ZSS XT7J AAV Julv IT ...j Si:>390 79 [ . . .( — 

1 7t isp-wirt American Fnod G.T. Management Ltd. 

2 71 tOandant Units - Ml 734[ [ 132 I'irl lire. 16 Flnshurv i'ir. u>. U-ndun B.2. 

Accum I ml. — 174 3 791! 1 — lei m«=B 8111. TIA! ' BWSIOO 

.al i. niL* ]551 58 b| | — 


2 7? Unilfl ]551 ! 

♦ P3! 6 73 ‘TBewait British Cxpiial Fund 


4j^ A. cum. I nit? 


.. [1405 

, .1610 


Decline iFri 'Wed 


152.0] ..." I 
174=[.. 


f+.ii.liin Agent* lor 
\D--hur R' I'niu ..KIMCII 
4 13 Anchr.r > tall Ed^C -h.9 82 


• ‘hnpl.Aitg.i . 51 '*12 40 =JJ 

Tri.fjli;u.- Juue:m Sl'+'1212; [ 

A i+ii Ktl July In U'TS.: l«iS! ‘ 29* 

Derliiu Fnd J Vl 92 2 Oil- 0 0!' SCO 

J+l'+n bd July = .Kl-7t: 124.^ ‘ C -'4 

Sentry Assu ranee lsu-rnai;unai Lid. 
I'.* n..-; Jlx. lljmilixu 5. L<.':iuuvj 
Mon., -cl Fun.! . ISI xL8U l Fir, \ — 

Singer it Friedlander Lon. Agcr.** 

=t>. .'anii.-nFL E> « I". ,x". v,‘„1 

l + kolun.l-. 1 1 'ICS *S =740|-i) HO 

Tuk>.'T..i. Auc I [ Jl'.x3*M ; ] 1 >7 


Anchor Int. Fd ... STM 93 5 22s 


9 88 .005 1285 


7 00 Stronghold Management Limi.e.i 


•A.'iin I'nltai 
Spec l+l - _ 


— Son Life of Canada <l T .K.» Ltd. 


118.4 +0J[ 5.78 =•»■ Hi 
115$ . . I — Propea 
183 2, -OJ — Propei 
103$ ,0.3| 1253 Equity 


Japan Fd. sq * . 1579 6u i — Son Life of Ca 

Kewwi-.Aue.il. -Aug:. —Aug t " r L 

Merchant Investors Assurance Maple u 'taih. 

211. HlCllFL. Leon Hse, Crt" dan. 1)1 8860171 Maple U Mon fii _. 

Property [ 155* |+ia — Maple Lf.Eqiy 

IViJperiy Pen.*. I J62 B *lw — . Feranl. IV. Fo. ,. — 


183 3 to 5 J J? Sun Alliance Food Mngt- Ud. 
23L4[ -o3 4 J7 huo Altaan.-e Use . Horylixm. Hf 


124 6 +Q.4 _ Equity rens.. 

124.6 +0.4 5 71 Mnncy Marbet 

101.3 — Money Mkt Pens. _ 

101 3 . . 8. 75 Deposit. . 

1111 -02 8=6 Deposit Tens 

— — Manaytd- 


1 . K.n .■. Tow er PL. El'3 


- M snored Pons. 

0- ImL Equity 

01-6288031 Inti Han aged 


v.::. S-idu 1709 BOA, 4 — NEL PauioM Ltd. 

Kash* Star InpurfMIdland Ass. M.Iron c«irt. Dorking. Surrey. 

1 :.,-. B dx«+dieS:.w- uifWl-12 jOTSdSnim 

F 1. '.• yl..l 1. nils .J542 562J +0$ 801 Nciev MnneyCap 

f’qui-y A Ian Ufe A«. Soe. Lid.V S'JtScS'ffrCiS 

.••.m- r’ ram Hoad. ItichWyconibix OUMXdTT Nelec Glh Inc Arc 

I-IU’I. F.I |J1 * 0 1255J+0J -- .AeJUjrt Fd.Oap. 

r ..|'x.-D F.I . _. (107 i 112 7 . .. — Kcl Mx.l F.t .Arc 

T ..1! l.-teiV'tF .. ,1095 1152-03 — Next Si 

IviVMrid . 99 5 104 7 . — Far New fo 

Uix.-.:tVi .-|1I29 1188-0.1 — KotaxckUi 


Maple U.Eqiy 1295 1 .... - 

. Peranl. Pn. ,.... J 20*1 | .. . J - . • 

- Target Life Assurance Co. Ltd. 
Turin House, Gatehouse R«t. Aylesbury, 
Burtux Aj’lesbuiy (0296i 5941 

• Man. Fund Inc 97 7 102.$ — 

• Man. Fund ACC 120 8 127 2 — 

Prop. Fd, Inc 1088 11«.« — 

Prop, Fd. Acc. 139.0 — j 

. Prop Fd Inv - 108 0 — — 

• KUcd Ini. Fd. Inc. Ml 1 1065 .... — | 

__ Dep. Fd ACC. Inc. 955 100.5 .. — I 

m Ret Plan AC. Pen . 783 849 -03 — 1 


i.'arllol ....... -.(69 9 ?«( 1 3 83 Pen..). Julv 31 . .. 1 1*4.0 15V9I .i.'.-l 559 ’ («'? 

® {** Man u Life Management Ltd. TaSSoTVSi ='.. coi 

.\>« denlicc date djle July 26. cru+tt; 1 ni (55 + 58l|+l.9| 3.89 Txrcet.;r..rth 29.7 

Charities Official Invest. Fd$ Mayflower Management C«. Ltd. Tarce. inu . Z8 6 

77 London Wall. EC2XJDB. 01-988 1815 u Id '■"•ihamSt., EF2V7AL'. Ol^OOfMOO L ' n,u "'- 

Income Julv 18 [134.17. - I I 666 V*, ’. K%“ | tK.AwsIZISi* 

Accum July 18 — J2S66I — I . I — ^enc.+I Vur. I— .....|713 75$ , 5.64 3J.2 

pl'nauib. Only available to Reg. Charities. Mercury Fond Managers Ltd. Tyi Prof 132 

Charterhouse JapfaetV ec2P=eb. 01*1004595 Tcuspeciaisst* .... 19.9 

I. Paiernower Rea' EOA. 012W30W UJU I 3* T “- ****■ “ 

(U.lmernM'l 12*6 26 8) | 191 |r; Auk.=ZIC 7 7 720^ 300 «• Athol fTOxroia. Mm.v 

Arc am L* mu )2*i _315 1 It a^'I' >up = U3J 7771 300 Tareet Amer EagleC99 


S 3 


4J7 f ' un Altaan.-e llxe . H-rylixm. 1+tlMU I 

Ktp.RqTn Jlc )^Z34 0 225$ | *23 

VTbe Family Fd . (ll#J 110.6, ,0.4( 338 

il? Target Tst. Mngrs. Lld.V laagl 

WM 3l..;rexhntoSL.Ev'J. Dealing- lEPS MWI 

i-S Target I'cmmocv (39.4 42 41,0=1 3*7 

Target Financial .. [64.4 6*M-0 2l *3i 

Target Equity. . OB 2 41 J .. .. | 5 99 

TarcetEa. Aug 2 ..Q=01 =281 .. . 6 24 


Am her In Jiy.T.r . 

Kerry P»c Fd.. 

Kerry Par birlg . . 
4141 ».T vmj F'd . . 
*23 ,;T Amo S tcilinjt. 

338 Bend Fund 

». T r><>1!ar Fd 

i.'T IbrlfirKd . .... 


!9 7 31 7 + 1 4 

51S5=A1 
US 00 329 68 . 
HIM 99 10 52 . 

3545 16 58 

Sl *13 63 -0 05 

51 A7 65 

St '.05 61 -ti-’-i 


I'.' Ha.. -III. ll.-li.T Jer+vi 

■inuni+lilyTiM i 166 65 93 3=; 


ow Surinvest ijeraryi Ltd. i?.r 

1*2 vi'ceri- I Is.' Ihiu I : ■ I F I l.-Ji-.-r !••• 

4m> ruiinlnrtTa 6 7Bi . 

Jf; I'ul.r+T Tmi (+ 1 2 10 1]3 d|- 3 - c — 

”” J+p ln.lv. T+l (LIZ 51 1= 7=1-0 -- 

TSB l'nit Trusi Managers iv'.i.i Lid. 


J* Xel" Eo - Acnim" ^9 8 
+0$ 6.01 Nclcc MnneyCxp M2 6 
« Ltd.V b'eln Mint Arc 66.7 
' Netux fiihTrc .'ap BO.O 


1252 

+0J 

112 ' 


1152 


uu: 


1181 

-0.1 


hrha fitn Tnc i.ap. ftu.O 5= 6i , — — . . 

NdecGih inr Arc., pi J 54(H . — | — - Traosintetnationa! 1 

gaKSR-SS?-.SS IVJrd = 

Scm Sub Tlay Aactd is ^EwiJSli fh“' I nj f 

^5 SLSSA IZ'SSZSZZ!" -.KiS^rW 


uu ReL Plan Ac. Pen . 78 3 
Bet rianCap. Pen 64 7 
Ret-PlanMan. Act. 12*1 
Z -RetPiaoilanA'-ap.. U8 3 


GUI Pen Acc. 1310 

Gilt Pen Cap. 1 123 3 


1065 ..„ — 
100.5 .. — 

849 -03 — 
703 -0 2 — 

1351 — 

124 5 — 

137 9 ... . — 

1291 — 


122 T\ -Dll 3 00 J+pan Fd (}I : M*M 1112 

JiW . 4 54 ••. 4menraaT«L,..|)lSiiWi I=» 

30 ll . D T 161 lull H*nd F'und |t\SU195 10«s: 


33 5 ,0 6 1 61 i. 

37 8 +0 2 319 r 

270 1* . 4 =0 

33 6 +0.3 7 75 iii 

14 7rt .... 1188 u 


isirrjsvrc lavrauaem Vagi. Lid. 
f ' Bov JZ. Douglas loM. 

.•anmi.rc lull Inc .122 3 2371 

lixnm+re Inti i'atb|66 3 70 boll . 


i | | t'J. Interns: ! 24 6 

S lavS ( Ace am l- mu 2*3 

i ■ 12* 3 • ’ c J Income 35 0 

1 I — | t'J Euro Fin 77 0 

Ufe Ins. Co. Ltd. , *««». Vmu - _ - 315 

a, 8AK— it w. 1 CJ.fr d Inv Tst — 29 a 
OHt'50487. ActoBV LnlU ... 3* 1 


i!S|:d 


■lift i li AC.' I' roe = .— 738 77 7, 

«S —"I .Vert r,.< Juferr - . 129 8 2394 

— I A- r. ‘ ■■.July27... 274 2 285$ 


4555 TEL Special sit*‘""|l5.9 21*3 .L'-\ *31 Hambro Pacific Fund Mpnt. LuL 

*20 Target Tst. Mgra. (Scotlaadi laHbi sun f.mnmutto ' ii- n v'K.'«t 

1». Athol iTeaeva. Fdm.3. 0j|.=PWI2 japJSlPLiSS*?^ * 'RRui* fji(.B6l/ — 


Ltd - 1 rj C Fd' WsT^B*! 32$ 336 Midland Bank Group 

[341 37$ lit Lnil Tmsi ManaRerx Ltd.V lai 

— J Pricey .VieiuL = .■.’c-rt dealing Augurt 9. c-.u n»— *1 House. Silier Street. Head, 
rkiafini. Tmrf 1 1 J ui.uai S!te»!i.-I'r SI 3RD. Tel 074= 


rS5 Target Amer Eagle[29 9 322[ ,0*| 131 .. -_ _* ' 

4^5 Tjrcei Tn.stle .. pu 9 *5 1 . 5 5= Hambros I Guernsey i !.!d./ 

4^ E.irainromuKd." («8 65*(-0b| 9 97 Hambro Fund Mgrs. <C. I.i I.td. 


I 2J5 Tokyo Pacific Iloidinjis \.V. 

BIPO, 5 70 iDtian- 51+iur..-nic'<> 1 !■ V • Lf '■ .i 

r.AV per xl.+re July .11 Sl *»'•»* 

“l*? ^ Tokyo Pacific Hld=>. iScahoarri' N.V. 

• I 3 00 Ini. mi . M+n+t'v*|e I.I ■ .« '• «\ir.»- .... 

. Ltd. % \6 Irtrr %11+re July Z! ST.-eiT Ml. 

* Tyndall Group 

D-jl ~ Pt> B01 1=56 llintltaon 3. R-.miida. ='.742 
lri-r.ro \u. KIvIZ 17°-y I x 30 

■ A. ■ uni I ml 1 Ill'll! ro.'l : 5 ft.” 

td yW.elni Jul. Zi. [ii'.tbe =K 


FINANCIAL TIMES STOCK INDICES 


Ji.it , A year 
2£ , uu- 


3V-...1 U.liir-V ' 

111- :u*.l' ..I I I ’Minaev™. 

I. -M 1 .11"— ’ 

■ 1.1. Pit. lic'.L ■ 

i+.n.i.^-.y 

r I* i:ai;>. n, n.c+i 

I*. + iilif ir.qiBci 

1 .. .. :i innii.r.-: im... 

7. . % Mrjiiii' Mt!.. 


70.96. 70,S7| 70.84 1 70.7B' 70.6 1[ 70.74 

72.75 72.65 72.53. 73-43. 72.3BI 72.25 

497.2! 49?. P 495.3,' .495.5; 489.4. 492.1 
185.1; 187.8) 187.6. 191.5) 183.5; 185.4 

5.57. 5.34. 6.38: . 6.38,1 5.45! 6.4 2 

16.29 lb. 21 16.34, 16.52- 16.52 16.45 


.; 385.1: 

187.8, 

387.6, 

391.5) 

5.57- 

5.54i 

6.38) 

. 6.38) 

j. 16. £9 

Id. 21. 

16.34, 

16.52; 

3.20 1 

B.24-, 

8.1B- 

6.18 

. 5,673. 

5.7-6) 

4.7S4, 

4.374J 


' 106.04 205 . 85 ) 9 S .46 65 . 11101.71 93.04 

rjain- r.4*!.. - 19 , 505 ’ »M 44 _ 10 , 66 ^ 17 . 78 k 1?.416 17.775 

I* .mi 4201) il. am P*v.3. Noon 497.4. 1 pm 497 5. 

; pn. w 7 ". 3 pui mi,.*. 

Uicxl index 01-246 Sfl2L 

• i:j ..--ii ii* s: ici' vcM curiM.raTi.in :ar. * Vii=R.m 
;i>,i lay:. r.:#:* f»*«*i InL ura. lud. om. i~ s*. Gold 

y';-,. bU Al-UviO' Job -Dee. IM!. 


highs and lows 


' * :*v I. 


S.E. ACTIVITY 


, lu.Iuvl rie*. ....: 210.5 
. Pt*»'ii!attae...i 46-~ 

; Tula lx ' 129-1 

; .><Ixy A v-nqj.J 


FT — ACTUARIES INDICES 

* " ~ Au^. Auc. . Auif. ’ Auc. r Julv ' Julv .A Vritr 

_ ; 4 .* , - 2 ! 1 ! Al ; SK . -*!■■ 

Ull r.ra,*i(?.Zr. - 224.t’S j2 24.38' 233.20; E22.76, 220.88, 221-64 190.99 

^ .. e..pr.-« ' 240.36 247.10' 245.34: 245.50; 243.34 244.27 >217.04 

|i,v. 1 1. I.I ,»■ S.27 5.25 5.29; 6.21V 5.35; 9.31, 5.33 

j. j. |:r! + '.ftrlj...' 8.40- 0.43, fl.3l?j • 6.37 - B.50> 6.33 9.14 

, ' 227.79 E28 54- 226.721 226.55i Z24.17i 224.65 197.13 


; t?75 - 

i+iii.v (‘.n.ipibuuvo 

. H igli 

Loiw | 

j HirIi j Ltaw 

78.b8 1 
.M. 

— j 
1 68.79 ; 

’ f?lO) 

1K7.4 I 49.18 

j ie.i*j6i j li'lilOi 

81.27 

1 70.73 1 

150,4 1 50$i 

+tt. 1* | 

I lb.1l) ) 

12K.1L4.,; tJ.1.33) 

, 499.9 

433.4 . 

640.2 '■ 49.4 

.A j. . 

ft* ! 

il4.-".V7!| .ai/brfCn 1 

.■ 193.5 ' 

JiD.3 ■' 

442.5 : 4 S.-3 

. J \> i 

; it'll 1 

Tlf ! n26;lt):7 1 , | 


Man. Pen. Pd. Cap. 131 4 127 7| . ... — 

Kan. Pen. fd Arc.. 1290 33571 .... — 

Vaned Inv Fd Inll. *7 8 ■ 10= V .... | — 

Hngdlnr.Fd.Acc_ |97.9 103 oj j _■ 

Trident Life Assurance Co. Ltd.V 
Ren*J»de Hounc. .'luuccncr 043=38541 

Managed 125 1 132$ ... . — 

Old. Med. 147.6 1563 — 

Propen v ,150 3 1592 . 

Equilv-Anterican . 909 96J +0 7 — 

VK-tquIir Fund.. 1120 1187 -04 _ 

High Yield 1393 147 5 — 

ClltKdcerl 1219 1293 — 

Mwiej' 1235 1301 .... — 

Interna) ionrti 1066 112 9 +0 3 — 

Fiscal 1269 U44 .. ~ 

Growth Cap.. 124 0 1J1.3 .... — 

Growth Acc. . 1282 1351 .... — 

Peru lined Cap.., U54 1222 — 

PenOftigri Arr 1206 IS? 7 .. . — 

Pen* Ctd pcp.tafx. 102.9 109 0 — 

PeniCld nep Arc 3075 113 E . . _ 

Pena Ppi» l ap . . 11 J 7 121 5 . . — 

Pens Prj. acc. 1199 126 1 .... — 

Trdt. Bund [36.8 381 — 

-TrdLG l Ruud . )« 7 - — 

•I'ru-h value fur find premium. 

Tjudull Aasurance/PensionsV 

ia.i auv-nfleRrad, Hrivul WSJ2MI 

3-Vaif Aug 3 1=6.2 — 

Equir> Aiic.3 1718 .. . — 

BondAuB 3 167 6 — — 

Properly Aus- 3.... — • — 

Dono+il Auc 3 128 2 — , 

3-WayPen July 20. 1*80 .-. — 

O' seas Inv. Aug .1. *15 — 

3ln PnJH' Aug. I ,. 174 3 — 

Do. Equity Auc l . 2718 — 

l>o Bend Aug 1 ... IBS B ' — 

De. Prop. Aug. 3 87.0 .._. — f 

l anbrugft Life Assurance 

4 1 -43 Maddm Sl, Ldn. W 1 R 9LA. 0I-JW4K3 

Managed Fd. . ... 150* Mfti; — . 

Equip Fd 244.2 257.1 +0J J 

Intnl Fund . .1383 31* 3 -1-3 _ 

Fixed 1 tiler* TM 1659 174 7 -1 9 — 

Property Fd... ._ 1432 1M2 +0J — ■ 

Cash Fund - 1193 125 — 

Vanbrugh Pensions Limited 
4T-*3Jl«ddPx6:,Ldn.VmsL.6 0M994OS3 

Managed [1M2 105$+03| - 

Equity . 7108 8 1144J+0 5 — 

FtxcdMnrcn-rt .. W73 10=5j+03j — 

Prnpertv |97.7 103.91 ! — 

Cuarnalced jet- 'In.".. Bus* 1 tales, table. 
Welfare Insurance Co. Ltd-V 


1|1 S • • — Pneex August 2 Nett dealing Augti* 9. c„an—-d House. 

1243 rr " Chieftain Trust Managers Lld.Vtang» m 1 

Igi .... - 11 New SL EC2M 4TP. * 0 1-=« XE ^ . S.7 

iSSl — American- 1<-^46 26$ +03| 134 r.rwu". 38 9 

into "" High Incvsae..* . fej *5$ . 1 15 D*. ■ um 41.8 

1030 I — International TM h»-26 4 28 4alj-0 4 2 97 Capita! 30 5 

e Co. Ltd-V Br?rc+. Tin. (27 3 =9 9| +0 l| 420 TK. .rcura. 333 

045=3s54i Confederation Funds Mgt. Ltd-V (a) m 627 

l|2.5j — 5ti ..'hanc+rr I-ane. 8C1A 1HE 0M420382 Inic-T.’::oaal 506 

mr- r. — 1442 46 4 , -1 *0* S! 

96-3| +0 7 — Cosmopolitan Fund Managers. Do .«.+ um. b9a 


«b f?“ •> r s;r:--B 8 i , 88-1 IB ass^+*-;-|s> 
assasfK^Bs - *1 — i uS “• blasts,— si 

Crrs« t m U«i. TsL Mfrt LU. (.»„ iwlffi?; .. " “i 


Trades Union Unit Tst. ManagersV 
Lld.V (al VVl Wood Hum. El.' i. ill +sai Bui 1 

ireet. Head. Tl'lTJuIvS. .. 152 5S4| .. . | 530 

T *' Transatlantic and Gen. Secs. Co.V 

910 lot ill 91»Nc«i 1+radenRd OmlmvInrdlUIS S1655 
416 +0,'' 2 91 Hartman Aug .3. . 781 Uld ... . 511 

44 7 +0 3 291 i Accum. ( nit? . - 121 1 1289 .... 511 

T=6rt +04 3 07 Barb Kxp*. July 36. 89.0 914 4 75 

" 35 6 +0 5 3 07 Aug. 3 - . Bl 5 86 1 * 62 

S7 4a»+0b 635 i.Vreuaxl ntw>. _ . 100 9 1066 462 

67 0 +0 7 6 35 t'oMhu AugUU* 134 7 141 8 , 3 8 3 50 

5*4 +07 237 lAceum t.'»lH.*i ... 1624 17J-0 +45 5 50 

57 9 , 0.8 2 17 *7umbM auj-ukiZ _ S3 5 57 0 .... 6 8= 

69 2 +10 789 > A -rum I'ml+i 58.6 62 4 6 82 

73.4 +L0 7 89 ‘Hen Auguct 1 56 2 59 8 4 46 

212 0 .... 5 69 «-V+um L’nitii . -. 72 2 761 4 4* 

1120 . . 5 69 OUrlbww.JMly AUK [52 4 55 5 .._ 3 21 

55 8 .... 

675 .... 

75 J .... 

44 0 .... 

491 .... 

66 7jC . . 


513 Henderson Baring Fund Mgrv. Ltd. 

46= ***"' ,;am “' ,n HouMT. Hung bung 


«o J+Pxn Fd. Auc = .. (nWL» a»[ [ — 

rjS Bunny [lend. Bund Kil Aug 4 51 SinJBl. 
5 5A ’Eulum* g( an . |.r+lmi eh+ryex 


1 trux> Hnuhr. IjouicIan l*7r ■> llu IKC ISSML 
il an jctKl.ru ji JII I HO 2 137 21 . — 


6 8= Bill-Samuel & Co. (Guern>eyi Ud. 
4 46 R *+'i'ehvrc Si . Prter lAei Gueneey. ' 1 
4 4* Guernsey T*i. ,1547 170 9| I 3.4 

3 22 Hill Samuel Overs+ax Fund S..L 
3 28 3*. hu e Nutre-Uame. 1 uxenvi+xcc 
3 20 JU'iWa ?i as| -D OH - 


l td. Inlnl. Mnitnini. 1C.I.1 Ud. 

J 14 Mulcj-lcr Mr+cl s: II. h.— 

! ' (.IB bund . [H r'_33 yift, . ] 

3.40 United Stale* TM. lnil. Adv. t o, 

14. Hue MdrinOT. lotM-m'+.uri. 

I S Tit Inv Mwl . ; Sll Z3 ( „....( i 

r.rl avvrl Aug.i.l Z 


Inlernational Pacific Inv. Mngt. I Ad. S. G. Warburg & Cm. Lid. 
6.14 |H. bL.v RZ.T7, M. pm S[. Sul.ii'i AuM. WA >.'r.-htl.illl Str-rl. 


Discretionary Unit Fnnd Managers MuluaJ l ’ Bil Tr,,at ManagersV (atfgt Tyndall Managers Lld.V 
2=. Blatniteld 5l .Ei~=M7Al_ 01+084485 Hi "l l, ! ;a ll A» .B.TBTBU. ill -806 41310 18. 1'+nvngr ftvuv! Uri .i»l. 

Dlw loco ave. [1756 117 4,-9.11 4« Mmu^; ;«+.31u»_ B2 0 55 81 -0 6j 6 27 Imwwe Aug = _ . |10:4 1C 

^ , Mulu..! laC-Ta . filb 763 +117 708 .-V. um. L'nits.„ 1B7.4 If 

E. F. Winchester Fund Mngt. Ltd. Muiu+' «*8 40$ ,03 651 • rf |.in.i auc 2 ... 1304 13 


80 01 

7I«+J9 

bj$«z: 


— Wirlneem e. — [173* 1174, -9.1, 4« Vu.ul; «ft-. I1*» _ KZ 0 5581 -0 6j 6 27 Imwwe Auc = _ . 1024 

Jm - _ . . Mutu... ..je-TVl - (716 763 +0' 7 08 .-V. um. L'niLs. n 187.4 

_ E. F. Winchester Fnnd Mngt. Ltd. Muiu+i ;•«« rbio... 456 48$ ,03 651 « +1*1*1 tur 2 ... 1304 

■ n-nmii nidJmvw.Efig Ol-mfi + icr Stu'Aal —di Vld- .(612 65$ tD.$ 830 •Arrum I'tuKi .. U36 

ie r 3 — 41 .iromWinchr-rtrr.ini is brij . .. i iii National Ud Commercial *A«umVmtY - ' 1I7? 

"VI z «-W>nMfer VaeaulM 20 9*.. ( 4 26 31 .v .a.IrewSqaare MmborgbBSI J58B1.A1 ,n* E^n "uc 2. . 257 8 

1J574 36? 2j ....I 5759 ..\. rum I'nii v.... 2870 

" 57OT » ,f e' = .... . 1W0 

U0 B 135 61.. ..I 340 1 Arrum Unit*. 1=38 


Emson & Dndle>- Tst. MngtanL Ltd. J^iTS- 

20. .Arlinctnn g.SW. 0!4M7UI 1 >pi "■•tv 38 . b 

Emson Dudley Tst [665 71$ | 380 i.U-cvr I’nllii,. .|lk82 

Eqilitas Sees. Ltd. (a) (g) National I Pmvide.nl 1 


'•'+■*•:=• 1 *«»*- • UM : 1M.31 I 3.*0 Ivor tup \ug 2 . 143 6 

National Provident Inv. Mngrs. Lid.V ' : '>vum l 

«iuoh»l.« ... -- ru, '"<■ 'UK =. 1*30 


107 61 
196 V 


J 475 Jsl+lm Equ.IvTm |J.\= li 226l-00j| — 

55? J- F - T ' Managers (Jersey 1 Lid. 

7.97 I" 1 IL-i ISM. h«vjiTw ||.,.. i.-r+r-; UTLW '.T+ 
Jrr+e» Evlrnl.Tq .(I860 197 0, 1 ■- 

A+ at .bi|v 3| Kett •ul. «l..v .\mpuv 31. 
f 7 %o J* rd ' n * Fleming & Uu. Lid. 

.... 7 90 Wh Kl.»«r. I'.innnuiibt ■ ••nir» 11'ir.i. K1.111' 


261-0051 — r«t H I..,- 1 ' 3119 7? j-f i 1 ’! - 
, , j Ki.0 Int* Aug V .[ S’. 41846 l-=Dr! — 

l ja - i.r-uS6'il lul« 31 5'. 'i7 53 

i-r; .gw =7441 Mrn'F.tiiil'.J AuyZ. \V <1057 m3! |C =!.•: 

r Ai.ruta 3L Warburg Invest. Mngt. Jrs*. I.td 

I , J l.< l.+r.nt ' r-.— .M Ilrli.--.J-V .1 |i r v'4=ril 

.. . .. I'MKlJd June 29 W'-5 IT o'! .' - 


4 87 Inti I'l. 1 Stvjjjjc , 
4 87 Di>. lAreum > , . 


SIIK293 91 | 


■ 511)36=70 


31 S17 2= | 


SI IK ID 55 | 


3IIK12 97 1 


siicnof i 


•Equj'."!rnl Jl 


fuh Jul} 31 


*4$ 

«30 

Mfi • 

420 

137$ 

235 

146*1 . 

335 


”• v’MTUil .lunrzil tl=7= 13 15 I — 

2 50 Ver-il- TV Jul. S.i. tll.89 12 J 8j — 

p 90 TVTJulj N ■ Bl'iJJC aq . — 

180 TMTUfl Juli 14 [U0 36 15 b3| | — 

Wurld Wide Growth Managera?JlI+ 
luj. H»ule.aril l(i.vj!. I vi tel’ib.iu.'K 
WuriJii i.lu v ii h Ftaj SU. 4*61} — 


NOTES 


0. +W-KJ1 

!+oa - 

i: s lz 


r *+ Equity A Law ,70.0 73«+0’[ 3.87 -iv..-.- «n Jaly 28 New dealinc Amiust 8. 

j FramJinglcn l'nit MgL Ltd. (al National WestminstcrVfal 

S-7. Ireland Yam. Er4B5DH. (.: Z4fl 6071 ■'. .'xpxlde, Ef=»f aEL'. (I|lu8 IMS. „ 

. .Mimriran 1512 544) j 23 »-!**-• . 693 74 51+01 4 26 rpe*-s«.l mv,. . _ ,33 6 

CapiialT+i [131 6 139 91 ... 347 g'’” 1 ", SS v, T5B Unit TmslS I' 

IneomeTst . . 1126 119$ 646 ?L.‘ — : ' — • * 39JU +0 - 5=3 ■ 

InL <7 row 1 h 129 6 l23jl ’ 'I =16 I'»v ",...915 983* *0 1 4 84 2!.‘ Jia.hlO t*r>. Anrfmr 

IMAtruiL 1 - -ZSsl* iHfl" fix I"-*"?-. M2 430 - 0 1 6 26 le.liuM..! 

IT. ™ : . . . * 7 Hurt V.-1 » Fd - Il 3 76 1 - 0 J 5 66 ib‘TSB General... . 1*7 J 

Friends ProvdI. Unit Tr. Mgrs.V V.-i;. '.d'. . [44 7 t*ij+ii 7 03 1h.D0Ae.um. 60 7 
P> vUxra End. i+jr*:n.- <Oj6.'ax> NEI. Trnst Managers Lltf-V (a)(g» )f)) 

^ricbdaprov Vis .-453 «•( - - : 3 97 vut.... - «m. Iwkma. sarroy. ®31 TSR.S..W1J. Z 89 5 

Do Aecum. |585 62$...., 3.97 ... —[63 7 67.0,-Olj 428 .b'lm-A.. um. . [95 9 

G.T. Unit Managers Ltd-V ; * e, Jz . „ 5561 *° ,.J 17 Lister BanlcW .at 

16. Fin-burv CRM ASM 7L’D Oi^aaiTi ^ Kathscliild »»'‘nqsi.«+i.ii*|lj>r. 

< T tnlnr HI *6 7«« -<-.** IB. r .1.1 1X0 + 


H "■ ]n. A. . um . . 203 

Ita^h In. Fv.i-ril. ., 65 6 
Intorajli.iiul 33 6 
4 2b rperir' Mix. . _ 33 6 


74 +0 ! 4 26 Mli. . _ |5S b 35 

9 7 j- +o.= 1% T5R Vail ivi 

SJd +0 1 4 84 !uUO »r>. Anrfmrr. !lxnt^ 

410 -0 3 6 26 r«?..l:ng' l«> 0=64 

761 -0 1 5 66 .hOSB General.... («7 2 50-5 

t*$+ii =03 ih.Do AiYum . u; 65 


WiBsladv Park. Eider Erec-TZIM i;t lap. Jnc M5 

MnnrymakerFd , 3064 I . | — Do Arc. . . 109 5 

For <>tber luodv. plraxe rcter It* The 1+vmdon 6 (IT. Inr. Fd Ft. .. J7L5 


41 7 ,0 1 945 ’ r lV*' “ ul mcludej prcniiuG. v’.'+'Ml u necr itidi.alr.I + .indare rn i<-nce unlr. : i>lr.'ro :-o 

sax ,n 1 945 1 n»1lr«j , ed iTelds *• Iflnun ... i.v-l '+.IIIUIII 1 all.vv.' l»r +11 buying ».|» afr: . a I'K-reu pn. . . 

75m -0 1 508 lnp,, M* ■•'.■apeaxc* h Tn ila- ■ pri'-..-- r Yiel.l ii,.ved uo olter pri.+' d Evinijl+ri ,• T-- .rx- . 

=17 -0 1 5 08 “7*A' n ! ,, K Pnre. 6 Dirtnbuii.i:. Ir>+ of l' K lain p I'rri.+li.' prrm.bhl .a-urjari. piur.- ■. mt.-i- 
78 5 +05 7 69 P r '‘™ lj m muiranre grill. r--. I p rl, >‘ include. .,11 v\|igu.-e.- ev.-ria: xzeiii . ortir.ii.- inr. 

36 1 +6 5 =07 * r , Prire inHudr. all oi|r!'»i“ il lu.ughl mniugli m:.nv.w 1 .1... . |.r>. 

«en _m an * ™ **» *"«i realised, ii.-ul am', u n r+- .- uvt'rai'-’d hv e 1 ..uern-ej gn... + *Ui- t-.-tiJer.. 

t V:— l-l l....»r.- J«-r>e>- Ij> » K\- ul+livi-i..;. 


VngndxProv VU.-45 3 4»*t ... ■ 3 97 

Do Arrum. . . |58 5 62$.. ..j 3.97 

G.T. Unit Managers Lld-V 
16 FiB+burv C:rcu; EcZM TL'D Ol^aaiTl 


rr. llxalT. 0264 6ZLW 

u=w muz- 3 

: 505$ 3 60 

65 0 +0 1 3 68 

66.1 -0? 715 

’ 689 +P3 715 

t 95 3 +1* 2 6= 

I 102.1 +2.1 2.62 


.vl an ch Oil or i;rnup. 
Windsor Life Assur. Co. Ltd. 
Koval Albert Hse. p ShmSL.VAird'+*r 

Life Inv Thin' W.2 71$ . ... 

Fuiurr.AxMl Gihca. 21 00 -= or 

FutnrcAxxd GIKb.'. , 4400 +J.O0 

Rr: Aral Penx . 125.90 , 02! 

Flex. lav. UruKth". 3057 133.$ ill 


u T L'.s. & i> n - 053 « 159$ 

‘IT Japan & .^-n, . 3« 4 3»j' -i 

4UL Pena.E* Pit.. . U* S 24b id .. 
88144 HT. lnil Fuart . 1«L2 J30 2[ ... 

_ U.T. Four Td«Fd. -■ 5*4 bS.O .. 


Z G. it A. Trnst (ai tgl 

— S. HjjlKEh Bd. Hrperinwd 

— G. i * ... jt4 A 


Id.* w rL JV a « Ulster Bank* tat 

D o.-naaiTi % ^S^Sd w.+.ng s-r+i.H+lf^. 

m^ori IS Norwich Union Insurance Group 0,1 ^ J 
IS P'A*"4 ^rtOW«*.NRiaMa U*l3Z=WI V" 1 * Tf“ Sl A 5™rn l & LU ‘ 

iH'SrHl I.A.U1-T<r Fd 1342.4 38’5[*l*l 491 fc'"**'^*"** BA 4R *1R 014=lWSi 

Sl : ia p “f I SZ a "«*«*' BS B 

330 7| ..... 130 SoZtliihHalborn. Wr'iv 7£B m-tOf.Blli |m..A.- -um 1368 

b=.0| .-"I 730 7V. : ^-^ u h WJjl £g :S }[ 513 Wider Growth Fund 

'mjF'FE li "I 

3**1 i 4-54 vA«i:=- + fuUj— _. 17^ 5lij -0-t 4.7b Accum. LdiLs 136.0 


n=1Z3iztl| 
42 14 +0.11 4 99 


3*02j 3 Jo c.'attiihHglborn.W 

63.0] ._"[ 7JD jy 3 -l .l-.n+lhFt) _ 
Arrum! IUU 

Frxrl I ... -. . ... 

■ I02r7'2=»«j |«+i,:|l. m!Tn 

36$ 1 4,54 vAct«=.S-'niUl 


Ud IXH0UTI Frixrsll** Pu»w1_ nttO I61JJ „....[ 4 66 
Ltd. langnzl 7.it-lrr..nh. Fnd . [31 1 32 81 _ .. I 4 11 

in -u»f. Bill lm. .A.-'um _..|36 0 37.51 I 411 

36 3 +0 Ij 515 W'ieler Growth Fund 

35.$ +03 695 K.nsW.lliAinSl.EriRPAR 0UIZ34PM 

39$+n3 476 Jar»meL'n:ta ... [311 3t$ "... | *11 

51$ -04 4.7b Accum. I Dils (36.0 37.$ J 4J1 


C I.IVL’ INVESTMENTS LIMITED 
1 Royal Exchnn^L- Avc. London EC:iV ?.LU, Te!.: lifij. 

Index Guide a< al l*»h July. \97H tliate UM) a I 14.1,77) 

CJive Fixed Inifre.Ai Capital J."i r,ii 

Clive Fixed Inlcios't Ircunu. 117.:::’ 


COK.\L INDEX: Ulum- 4S7-5U 


INSURANCE BASE RATES 

t Properly fjrmvlh ]d j'T- 

t Vanhru-h iluaranieed 

■ Ad.lr."» .li.i.'ii iiiuJ- r In-iiran.-r .um! Prupnriv r-.'-r,.| 7+:-;-. 



INDUSTRIAL AND COMMERCIAL 
CONSTRUCTION 


jRnanclal Times Monday Angnst 

| FOOD, GROCERIES-^; 



FT SHARE INFORMATION SERVICE 


Henry Boot Construction Limited 
London 01-373 8494 Sheffield 0246 410111 


& RAILS — Conk 

| Price I Last [ Div r f | Bed 
I £ j d | Gms 1 Yield 

4h| 5.06 


BANKS & HP— Continued CHEMICALS, PLASTICS— Cont. 


DmJftuls 

paid 


I Last! Dh 


CWGrtlJJE 


Mridendr 

nsa 


BRITISH FUNDS 


TWd 

Idl I Bed. 


SGL&pcItt) 


A 

114 SSI 

U.S. 9 & DM prices exclude inv. $ premium 


Shorts” (Lives up to Five Tears) 


AMERICANS 


Divftnfe 

Paid 


r.\cp- ixm. 
Tn?3«iir roc'Wd 


June Dec. F3D?iPiins20p. 62 15! 3.44 — 8 j 

May Nov. WeumwtBi.— 104 - 34 4.18 — 6.0 

Aug. Apr. UimfsEI 257tf 247 f?.23 48 5-4 

32.70 Jan. Sept. HjtwLFin.20p. .52 XI g 3.12 4 > 9.3 

SepL Mercury Secs— 1ZM 247 379 I 4.7 

July Apr. Midland £1 350 25 tl.4.97 4.3 65 

Dec. June Dn.TA»®- Ml 12tQ7l 2 %2Ll E9.4 
June Dec IM0UMML. £87^ 155 SlOV’i 2L1 e£3 
Jan. July Minster Assets— 61 305 350 25 6 3 

June Dec. NjlBkAnstlAl. 224 305 OWs 4> 4.0 

Jan. Julv Nat '.on. Grp— 7112 155 iZ 6 ? 4.6 5.6 
iov. S premium ’Aug. Mar. Ktf.Vjtt.El — 265 133HL66 4.2 6.7 

* May Nov. Schmdetsxl— 410 14 1L72 — 4J 

Jan. . July SeeMWbcMUfl. 220 305 1354 - 92 

JJS \ov. June Smith St Auh — 80 25 5.09 — 9.5 

Jan. Amt Sand'd Ctofttt. 408 10.7 19.64 3.4 7.2 

1 Last I Dir. I |T1d June- Trade Dev. SliO. 59 3f5 Q55c 32 6.1 

I d I Gross! Ctrl Gr'J Sept. Mar. Union Distil — 332dl 247 bib. 05 — i2 

„„ — U.D.T. 41- 8174 — — — 1 

2^ J.A.Jj?.O.WelIsFBn»S5-. £24 283 SL40 - 33 

— Not. MwhJffiJttnist3)p — 69 3J-2J3-C8 — 6.91 

ill Hire Purchase, etc. 

° l Feb. Aofi.1 Cattle^ (Hd-pl lOpf 41 | 10.7}dZ231 2.01 8.1( 
May k’ieB'crcFr.lOO- 
" — hTredit Data lOp_ 

2 .® Antr InTl IInriktSntf3fr«. 


■ [ Lad ( M* I TO 
; Price d I Net [Crr Ur’s RE 


25 

rf-BSlJ ZUjnl 

1 IGUal 
30^*2 

g 1 * 
S* 

_ r J_ 3U«ri 

233b 

37 ? 4 


SJJ.MJu. 

MrJe.S.D. 


SLJaSJj. 

Ju.Oc.JJH. 


-*fc: 

Cnn.ll 


up 15- 

-M rclLSlU 


ii* i 2 l|Ap r - Ort- 
33 - 


CINEMAS, 


Tredit Data lDp_( M ~ 
An*. JanJUuydsiSsnt55i»J 98 126 

il Feb. June Lnd.ScoLFin.10p 1 ” 1 ** 
2-7 — HhmrsaleMerr.il 

? ? Oct ilar. Pmv. Financial- . . — 

2-? Mar. Sept Stria Credit lOp. 32 132 

§§ — Sluru HMrs. lup ISM 774 

J-g . April jWagon Finance- j 43 | 23% 


24 6.110. 
3.0 75 5 

19.9 

23 6.9 95 

$ fa -8 ip 


II BEERS, WINES AND SPIRITS 

211 7.8 30 
lS\ SA- 
IN 4.4 : 

3 3t 2315. 


96 
103 
178 

m 

BailcjiCHJ _| SU 

ii F 
32 


Jan. Ann. 
June Jan. 
Feb, Nov. 


1 5 Sept. Mar Allied Brews — 84*2 

— Sq Feb. Sept. .HaaLDiU.rr. 10 p_ 33 
S', Jan. July Bass Char'jum— 169 
!, Dec. June IteU Arthur JOp-. 256 
2-= — EeUarenBmseir. 55 

„ May Dec. Boddmcluns 196 

f-S Jan. July Bonier Brew's— 80 
S' o Aug. Feb. Brown (Matthew 119 
| ? Jan. July Buckler's Brev.. 48 
April Aug BuImenKP.;— 131 ni 
7"n August Burtomrooi— Itthd 

. jS Feb. Aug. City Lon. De£ 66 

I a s Apr. OcL Clait iMatdiewj- 142 
I r ~ Feb. Oct Distill erooOp — . 199 
■ 5 c — Gordon <L)10p_ 24 

o. Not. July Gonsh Bros: 3ip- 54 
To Aug. Feb. Qwnal I Whitley 323 

C 7 Aug. Feb. Greene Kins 298td 

op Aug. Feb. Guinness..— — 165 
f-2 Jan. July Hlghl'd Diaa)p. 144 


S0.68 — 
S1L52 - 
$3 00 - 
25c - 
90c - 
£1.60 — 


I o o Imetsordon..- _ 119 

I ii Aug. Feb Irish Distillers— 154 


oc April Not. Macallan. Glen— 315 

si June Jan. MoriaadEl 510 

n'o Jan. June Sandeman 60 

£ 4 May Aug. Scott tNewJOp. 68 
o -5 OcL Apr. TWnaiia— 117 

in Mar. Aug Vatu 128 

5'Sj Jan. July Whithread'A' 101 

n r Jan. June Wole. Dudlev 212 

Dec. JuL|YoangBOT‘.Y5Dp 155 je 


20 

4 321 * 

* 6.4 « 
33 5.6 8 . 
9W 5-7 J. 

X9 7.9 Z. 

4.1 3 211 
2B 3.7 14. 
2.4 64 8 . 
25 3.0 19.t 
3.9 2S 110 

* 0.9 4 

23 22 22.7 
2.6 3.7 15.4 
4 5.8 4 

2.2 7.6 7J 
2.6 3.9145 

24 4 813.1 
2.9* 55 6.7 
3.0 4112.5 
35 3.1133 


Jan. July 
June Sait 


ashrtc'SjlOp 


BUILDING INDUSTRY, TIMBER, 
P AND ROADS 

23 June No v.Ubertleen Const 92 159468 3.9f 7.6[ 51 

Tc Jan. July AbenhawCem- 150 155 6.86 34 

nn Feh. Oct .Allied Plant lOp. 16 26i 0.72 25 i 

” 17 Feb.- OcL .YnnuaMShnks. 721 2 272 437 U 1 

Feb. Aoje. BPB bras. aOp— 245 HO 7.74 4.7 • 

z 45 February- BagReridfieftrfc. 31 3J 237 14 1 


l ifir (based on SVSL9268 per £) u... 
factor 0.6578 (0^528) J a n 


CANADIANS 

■ '£ — | 16xri| 2S7ISU21 - 


rc '-j May Dec. Bailey Ben 10p__ 11 

' Jan. Aug. Bambergers 54 

May Dec. BamttDev. I 0 p_ 111 
j i Feb. Aug. Beerhwnadlte- 28 

31 - BenIox2np -22 

ya May OcL Beulord M. IOd— 52 
,2 Mar. Aug. Betl Bros. 30p_ 60 
Vo Aug. Cict BlocUeysaOp— 80 

74 OcL May Blue Circle £ 272 

{ft Apr. Nov. Blundell Penn— 78 

v-j OcL Apr. Breedon lime 107 

_ — Brit Dredging 31 


25 ( 8 J.B 
266 L83 
875 tO.76 
17.4 L85 


3.4 535 
1L76 - 

17.4 1.02 


July Feb. 


! June Nov. 
Mar. Dee. 
■Mar. Dec. 


15.* nil 26.6 


DoSljcTT-BI 


viyo a. 
IVa 28. 
33>4 & 


U S4.2 — 

85 12 t?c — 
106 $ 1.10 — 
*2.6 51.44 _ 

86 97c - 
B 6 4*0 - 


' May Nov. Brown Jksn. 3ta 185 17.4 1.02 8.0 < 

Jan. July Brownlee . J 63 1 ? 266 230 21 f 

Dec. May BnnntHMss— 49 17.4 t229 2 2 < 

Aug. Jan. Burnett 6 H 202 266 <EL89 11.0 ‘ 

OcL .Apr. Bun Boulton £l_ 175ri 24J li35 * l 

3 ? Jon. June C.FtoiwyA'lOp. 39 3§5 L67 A t 

23 Nor. July Cil inter (CM) lOp.. 23 25 134 2.8 I 

an Jan. July CarriJofani 48 i66 trihH92 71 I 

03 June Jan. Canon 57 17.4 3.63 LI * 

4 8 May Nov. Cement Roubtooe 94 3.4 K3.00 35 1 

203 19.' 

48nl 24. 


3 4 Jon. July CombenGp-lOp. 

- 3 JL Not. July Costain B 203 195 h234 

— 17 0 SepL Apr. roontiH'sideSp— 48zd 24.7tdL21 

_ 16 May Oct Crosley Bldg-— 104*d 24.7 4419 
_ 35 OcL April Crouch <t» ) 3rp_ 97 - 133 4.00- 

_ 32 May OcL Crouch Group 69 14tdZ7B 

_ if Apr. OcL Douglas flobLM. 95 D3rth316 

_ 53 April Oct Dwiuaj.iG.H.50p 240 113 1L58 

_ 23 Mar. Sept Beona lOp 94 27.2 614.02 


16.0. 

13.1 
9.8 

53 1 Pec. July 
6 


OcL Apr. 


Do.CpcCDv.PrL 


HeoriqnesAlOn 


17.4 3.63 11 ‘ 

3.4 h3.00 35 ‘ 
126 L73 L7 1 
m h2L34 124 1 
24.7 tdL21 L9 : 


nLNaLGasSl 

FercJl 

USL— 


20%nl 3L7 5L14 
545p 1411 40c 
30*4^1 28.7 52.06 
W Z 283 69c 
33 266 SL60 

14>g 282 86.4c 
13*, 45 80c 
SlOgm 25.7 80c 

2T£ 16 9lic 

62p - — 

23V, 6 Id SLOB 
231*1 187 51.50 
197, Us> 92c 
14.* Mo 80c 


l*o S*.<pc81«! 
Mine 7678. 


306112 62 11! 
3413.90 13: 
22513.03 12j 
13 2 6 76 10! 
174 815 lli 
30 5 1133 IT 
305 11.83 12.! 
305 12.29 12.i 
1211131 12. 
13211.47 12.1 
132 12-15 
10.712 68 


I OllVi 4tK .HIlnuI A*>. 


1 288 12 . 
255 10. 

1.100 £127 28 
;y £l_ 3M 13. 

207 15 

.£!_ 155 26 

1 ™ £2012 3. 

402 30. 

£185 a 
1 £I — 18 B. 

Iinv£] 160 30 

w\__ 575 12 

El 275 17. 

, 10 . £28*4 30 
_ 340 Z7. 

:i_ 227 12 

:i_ 275 30. 

Jp_ 81 2 

'Alt 215 13. 


12.61 t018c 
10.71 14.55 


864c - 2£ SeptEamalOp 94 27.3 6M.02 2.5 f 

45 80c — 28 ^b. Oct DlisiEverard- 95 132 5.11 11 f 

S7 80^ - 4A NtlV - MayEmh. 99 3 4 557 15 8 

34 _ _ _ Dec. June KP.VOonan— 17 350 051 38 4 

30 9L6c — 15 Dec. June FairrlougbCons. 72 25 M355 3.4 3 

1 _ _ _Jon. July Feb. InlLlOp 25 155 dL79 LB 1C 

ild SL08 - 23 ^n. July Da*A'10p 23 155 dL79 L8U 

Vy CL 50 — 29 Nov. May Fed-Umd&Bld. 45 3.4 233 23 7 

2c 92c 22 - nnlanUrimilOp- 29 474 

#1 80c - 00 — RranrisPkr. lOp. 15>j 175 

ipe 11^ Sft 103c - 41 Dctoher FrancisiGR. 1 10p_ 41 55 d359 1613 

2, Jan- July French fuer__ 37 305 L78 3.2 7 

Sl gTc ttased on 82.1915 per £> Apr. OcL Gall iforiBr.5p- 59 DJ 3.12 2.8 7 

May GibteDdyAlOp 32 3.4 185 25 8 

mrn ^ rrlM „ r , July Feb.Giccsom3fJ.il0p.. 40 35J.5Tl.87 35 7 

HIRE PURCHASE Ju, f ocL.ui«sopw.tj._ 66. 17103.92 259 

Feh _ Aug. Ggh Cooper 3}p. 83 107 536 L4 9 

Div Yld Mar. SepLHAT.Gfp.10p- 39ij 161204 * 7 

Net Ctr Grs P/E Feb. SepL Helical Ear 38 199 +103 12 

S ._ Jan. July Hendsn.'A'10p_ 81 155 4.43 3.7 8 

^ H - Jan. July itesutasoniJ.Wj. 210 126 48.«0 23 6 

« 5-f r, Jan - June HendenSLIOp- 64<c 155 b!09 75 2 

Sfyd 25 O? 91 Jan- July DaTpeCoov.— £308 10.7 07% 8BJ *2 

« 9 “ £ I ~ m - HeywdWnv50p- 137 ai 247 4.76 3.0 5 

•“ “ 55 - dpc. June HicgstHifl 88 25 350 5.8 5 

QJ 3 ~ J-’ — Jan. July ito*r%ham„ 84 25 211 4.1 3 

^4c _ 26 - Jan . j u | y ih.ReiVlg.-_ 81 25 211 4.1 3 

£23 — 5.7 — war. Sept Howard ShuilOp 28 301 tl58 3.8 8 

?2-? _ _ Apr. Dec. LDCSOp 114 132 d9J2 0.7 11 

“ ?-?,r-Nov. May Ibstock johnsea. 186 3.4 623 38 5 


Fhnmnreinp. 


Mid.EdttKd.50p 


■7 ID] 3.92 
107(536 


64s ISJlbLOf 


10.Z3 — 9.9 _ 
Q94c - 26 - 
fi23 _ 5.7 _ 
Q10% - 15.6 - 


Wlb“i — I 29 
7.47 l.a 7.1 
tQ30c 3 2 

1L05 3.6 6.0 


126 941 ! 
305 hl7J7| 
25 485 
131 Q16.- 


247 4.76 38 

25 350 5.8 

25 211 4.1 

25 211 4.1 

301 T158 3.8 
132 d912 0.7 
14 623 35 

112 7.15 23 

155 M.08 ILfl 
277 ±L51 19 

113 961 4* 

3JtQ20c - 


01. £17* 577 Ql 8 °i - 

100 £17 73 Q12% - 

^ 26 25 0 71 73 

£24 577 Q9B7?= - 

i 17 1510 - - 

-BtM £118 - Q18% - 

• 75 25 203 26 

i _ Z‘ z 974 — _ 

,J83. * - — - 

10p_ 9*2 876 — — 

tnL_I 186 25 829 — 

46 25 223 — 

£l_ 235 272 15.41 — 

23 17-* 0.13 _ 

129 34 279 7.1 

»— .i 245 31 T10.15 -1 


7.1 14.0 Apr. OcL I nt Timber. 140 132 7.15 

3-2 - Jan. July J.B. Holding 10p_. 63 155 hL0£ 

^■0 7.0 - jr£G 26 277 ±L51 

12 — _ April SepL Jarvis U.> 168 133 961 

5.9 52 \pr. Sept Jennin*sSA05n_ 107 13 tQ20i 

*2 — Feb. Aug. Jdmwo- Richards. 97 nl 247 L82 
21 — July Dec. IimesEdwd. H»p. 11 276 — 

9 | — May. Nov. KenilM.P i lOp _ 41 25 +209 

4 7 * Dec. July Lafarge SAFllW £39 5.7 015 ?j* 

25 — Nnv. June LainglJnhn'- A". 200 155 3.17 

Jan - Aug. Ulhom’JiEl 137«d 24.7 7.73 


Julv Dee. 
Apr. Sept 


itrri Kaii-arc. 


143 1 
6.7 ! 

(SO*' 

Hi! 

6 8 ) 7.9‘ 
7.1 ■38’! 
103 3* 
8 2 9 2‘ 

2.5 8.0 (5 Si j 
2010.1 7=1 
43 7.9 45- 
3.9 9.9 8.0: 
4* 7.1 * ■ 

3.6 65 65- 

9.7 311 44. 
5.0 5. 

4.4 7J 

3.4 4.! 

24 & 

67 31 
43 6 . 

24] 8 .' 

6 .; 

3J 
V 
&' 


45 
16 
57 
125 
405 
227. 
78 

—| 3lta 
36 

iu 150 

— 1 170 


% 


m\ 


CATERERS 


Apr. Oct 


kiMRMUIp 


r. 

?ITT 


192 j* 


July Dec. 
Sept Feb. 


132 
.3.4 
25lz 3.4 
6 H 2 133 


May Oct 
.June Nov. 
15-9 1 OcL Apr. 


TltFJll 


September 


Jane Nov. 
May Nov 
Oct Apr 


201 ; 
18*2 
91*2 
160 
79 

isa 

91 

® a 

47 

•SPi 41 


June Dec. 
Dec. Apr. 


Ens'glOp. 


94 
37S 
350 

-I « 
J 215 
KcyacrUUmann-l 49 


162x4 HJ 9.76 - 9.« - 


235nQ59c 
25 h3J2 
10.7 8.74 
305 0.67 


95 May Nov. Lw+enceiWi.„ 94 
— Aug. Dec. Leech 1 Wm dip. 87 

r, — Apr. SepL Lej. land hum 80 

T i ,7, Nov. June Liiley FJx.’ 70 

4.0 143 jj an. July LoiuteoBnck 79 

— — Apr. Nm. Lordl <Y.J >. 90 

— — July Nov. McNeill Group _ 39 

— — Apr. Aug. Magnet & Stilus. . 207 

— Jan. June Mai linmn-Denjiy 54 

7-2 — Nov. June Handera rKldS'_ 97 

OJ — Dec. Apr. Harchwiel 142 

? ? T. A»R. Mar. Martea- E5 

f-2 4.6 aar. OcL Marshal Is iHfcj... 124 

6 - *- — Feb. Aug. May 4 Hassell ._ 70i 

’ 2 — Mar. Aug. Hears Bros—. — • 16 

7- 9 — Jan. July UehillcP iW._ 42 

— — Feb. SepL Meyer fMotiLU. 93( 

2-0 — OcL Feb Mifhmy. 50i 

7 7 — Apr. Nov. MillenSlacilup. 17 


ELECTRICAL AND RADIO 


17.4 6 60 1.8 1® 

26 6 H6.74 « 11 
155 3.76 37 7, 

174 254 43 5 

17.4 328 3.7 6 

301 3.95 3.9 6 

5177 - - - 

30.1 9.07 4 6 . 


H ~ AP r - 

— OcL 
2.0 — Nov. 


L42 272 t5.03 

85 126 d253 

L24 132 5.93 

70*d 24.7 3.11 
16 30J ±178 

42 155 274 

93xd 24.7 4.74 
50 *r 266 h244 


258 31 AM123 

t5.03 127 53 6-6 


Apr. MwroDcrtte. 

Nov. May Mod. Engl neers. 36 

Jan. July MonilAi 83 

Jan. July HowlemiJi 126 

■Jan. June NmnhtllEl— . 154 
Jan. July Nonsest Holst — 97 

Aug. Feb. Nott Bnck50p„ 290 
Apr. Oct. dime Den. LDp_ 53 
Nov. July RarterTimber.. 100 
Feb. Aup. Phoenix Timber. 363 

Jan. July POchlns , 155 

June Dec. R.S1C 138 

Jan. Oct fiedland 167 

OcL May R’ch’di Wall lOp 82 
July Dec Roberts .Adlard_ 102 
— RobanGeonp — . 90 

Dec. July Hoaiiason lilpj. 110 
Inly Nov. Group — _ 37 

Nov. May Rabernld 41 

Jan. June Rugby P. Cement 84 
. Apr. OcL SGBGnrap — _ 165 
Dec. July StiahTunFrlDp. 381; 
OcL May Sharpe k Fijher. 41 
Dec. June SmartiJ.ilOp — 42 
OcL May Southern Co<l Sp 7 
Nov. July 1 Streets lOp — 22 

July Nov. TannacMp 161 

July Oct T^j-IofWortdmw. 388 
May OcL HRwiyClgll— 289 
May OcL Thjvis t Arnold- 157 
Feb. Aug. Tbnnel B5fip — 302 

Feb. Aug. UBJ! Group 73 

Aug. Feb. Vatu Stone 10p. 38 

Mar. OcL Vibroplan! 174 

Apr. OcL Wanl Hld^s. 10 p . 37 

Dec. July ffamaclun . . 55 


274 20 9. 

4.74 24 2 

h244 4 7. 
d0.76 12 6 . 


FINANCIAL TIMES 

BRAClvEN HOUSE. 10. CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial 886341/2, 883897. Advertisements: 885033. Telegrams: Finanllmo, London PS4. 

Telephone; 01-348 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Teh 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Aiuricrd.nn. PO. Bns 1206. AmFterdam-G. 

Trir% IglTl Tel: -40 f>&5 
Eir.-ninch.mc itcnrce llouw, Crarge Hoad. 

Tolcv XUK»I> Tel: 021-IM Op2= 

P n sa- i'f-.li.ijs u 104 Housjollee 2-10. 

Tvicv HfiRfcL;; Tv!. 210039 
Bru <"«?!■: .-*9 Rue Ducnle 
Telex a-CRS Tel 5:2-9037 
C:nr« I’O. F.. 1 X ai40. 

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Dublin- H Kiim ill iaro Square. 

Telex 5414 T.’I- 785321 
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Telex. 724R| T-l: 031-226 4120 
Franlciuri- Im Snchwnlarer 11 
Telex. 4UCB3 Td: 555730 

Jiihanncchurg: FO. Bnc 2128 
Tt-Jcx K.B257 Tel: 838-7545 
Li •■ben: Praca da Alrgria 3S-ID, Lisbon X 
Teles 12533 Tel. 362 506 
Madrid- E'-mrnceda 32. Madrid 1 
Tel 441 6TT2 


ADVERTISEMENT OFFICES 

Birmingham: George House. George Road. Manchester: Queen's House. Queen Street 

Telex 338650 Tel. 1)21-454 0922 Teles 666813 Tel: 061-834 8081 

Edinburgh- 37 George Street New York; ^5 Rockefeller Plnaa. N’.Y. I001D 

Tdcs 724S4 Tel; 031-226 4139 Telex 2384D9 Tel: l312t 489 8300 

Frankfurt: Im Sachcen lager 13. Parlv 36 Rue du Senlier. ‘SOOt 

Tv-lex 162G3 Tel: 5S4687 Tele* 220044 Tel: 238.8801 

Lerd r : Prrmnneni House. The Hcsdrow. Tokyo: Rasahara Building. 1-fl-tO Uchlkanda, 

T«L OSJS 454M9 Chiyoda-ku. Telex J 27104 Tel: 295 4050 

Orcreeas advertisement representatives in 
Central and South Amenta. .Africa, the Middle East, Asia and the Far East. 

For further details, plea-.c contact: 

Overseas Advertisement Department, 

Financial Times, Bracken House. 10, Cannon Street, London EC4P 4BY 


Manchester Queen's House. Queen S treet 
Telex 666813 Tel: 081404 9381 
Moscow: Sadov<v5anKitechiiaj-a 12424. Apt 15. 

Telex 7900 TcJr 294 3748 
New York: 75 Rockefeller Plaza. N.Y. 1001ft, 
Teles 66390 Tel: ( 212 ) 541 4625 
Paris: 36 Rue du Sender. 75002. 

Telex 220044 TeL 23d9743 
Bio de Janeiro: Avenida Pres. Vargas 418-10. 
Tel: 2.13 4848 

Rome: Via della Merced? 55. 

Telcc 61032 Tel: 67B 3314 


3.4 3.24 19 WlU-3 

15 274 17 11 

lfl.7 3.56 5.7 6 . 

25 b 60 2.9 7J 

25 tM.91 70 A 
126 4.65 35 7. 

10 7 tll.72 3.4 6 J 
272 ♦12.66 0 9 7. 

5.9 5J2 33 8 L 


•\ur. Feb. 
April Nov. 
8 J I Apr. OcL 

iio 


163 31 4.33 * 

155 155 td4.68 5. 

138 17.4 5.B6 2.' 

167 28. LI 425 -fr 

82 17.4 c!4 57 2J 

102 15J 4J9 2 

90 — 254 3) 

110 2M dZ.47 6 J 

37 305 132 2. 

41 17.4 229 1.' 

84 26.6 M3. 96 2 

165 272 t533 3.1 

381a 155 L65 4 

41 305 hi. 92 2. 


22 83 
27 6.4 SJ 
3 2 3.4 13 Jl 


uly Nm - . Waits Sake... 


126 td2.03 4.6 t2 5.0 
4'77 — — — — 

266 1.72 3 4 11.6 3.8 

25 9.45 2.2 W 7A 

37 « 7.72 53 3.£ 92 

37.4 20.34 25 135 5.7 
25 <13.87 6.2 3J 67 

26.6 1114 2.3 5 5 82 

12.6 4.37 1.1 8.9 M.B 

265 TL50 3 0 5.9 8.7 
13JM9.65 L 8 83 M 2 
27 2 d 2.68 1.0 1&8 (ISA 
155 3.18 ' 10 85 184 


Stockholm: c o Svenska Dagbladet. Raalamhiraxen 7. Jan. July Westfcnck Prods. 50 
Telex 17603 Tel: 50 OO 88 Jan. June WenwnBres — 90 

Tehran: P O Box 11 -1870. Apt 5epL ffhatlm^)-^ 

Telex =12634 Tel: 68=698 No»- Whngb'ml2»ifx- 37 

Tokyo- 8 th Floor, Nihon Keisai ShJmbnn jSvWiSSffi' 138 

ssnsti £ SSSi SSL w 

^ CHEMICALS, 

Telex 440229 TeU (3021 34" SOTS tmm I nni 


174 132 M9.65 LSI 8J 

37 27Jd2.b8 1.01ftl 

55 155 3.18 • 1 0 85)18.4 

325 17A hZ.34 3 S 3^117 

5V 2 12t L52 3.7 W 

90 125 15.29 0.7 8 J 

42»i 24.7 2.61 3.0 91 

37 34 1.01 4 3 43 

33 .232 TL57 2.2 7J 

138 23 d2.S4 10.1 2.1 

87 23 0.69 15J V 


133|tl(L86 3. 
IBi 0.74 3. 


ffighl8ndEL20p. 


PleaseySOp 

Pressacllip 


T (Apr. Get 
9 | Jaa. Aug. 


£ 


wad Di ffstL 5 b. 


SUBSCRIPTIONS 

Copies obtainable from nc'vragpnlii and booXstalls w^rldwirile nr on regular anba c rip t lon Irina 
bUh«np(iftti ncpertmenL Financial Timer. London 


M as CcL|ffiDpeyiGMj_| 87 j 2310.69 Jl5Jj 

CHEMICALS, PLASTICS 

Jan. May! ASH) O0\ 

OcL May AlhrightWilaHL. 188 
July Dec. Atomic lads. 287 
Ju. June Ahda Pack lOp — 95 
Apr, Sept. «Trt Colloid lOp. 79sl 
July Nov. .uchorChem. — 71 
July Nov. Bayer AG D&3L £53 


OcL Apr. Blagdm Koake. 26S 
Nov. July BreraCtwuBlOp 199 
Mar. Sept BnLBenaoIlOp. 22 
Feb. Aug. BnLTarPnLlOp g >2 

Jan. July Burrell 3p 32 

Jan. July CarleaCipel 10 p_ 34 

Jan. May Latafin — 45 

Dec. June CihaffQf 7^*4 la £89*2 
Mar. Sept DoB^.'nrilMM £90 
Mar. SepL OQ8',%Qit81'9S £90 
Caalherhefli... , 70 

Jan. Julj CnalesBrea— 76 
Jan. July Da'.VNT^ — 75 
SepL June Cay 'Horace) 5p. 26 
Jan. June Croaj lat. 10p — 56 

May QystalaieSp - 38 

Jan. Aug. Ena bin Plastics™ 42 
Jaa. July FannFeed 57 


in; I 


Apr. Dec. 
Apr. OcL 
OcL Apr. 




Not. May 


Feb-Sep 


Ni! 


S 


Rndpwt-GSQp 


tWAilOp 


w 


to 


12i» 

79 ;\pr- Aug. 
13.0 
97 


ccJuly. Nov. 


ENGINEERING 
MACHINE TOOLS 


057 It 


,6Xi:M»rinoHT_ 107 

AP.V.50P 242 

Amur 322 

Da A- 95 

Adnai'inntp— 276 
i =■= — deaaAinMsItfflu 164 

I 85 Nov. Feb. .ihefllElBaliour 47 

, £2 OcL Apr. Allen ».G 50 

87 j an4 Ju^ .WaLPouvr..— . 

“■§ Feb. Aux. AndsaFclyde- 79^ 

10.0 _ .wio-Svriai. — 36 

, 4* OCL MayjAsh&Iary 127 


3.43 
S50 
255 . 
255 f «t 
FJ0.15I 33 
10.05 29 
4.40 1 * * 

287 


m 


m 


m 


ES 


'it; 

I 

;Tw 

or. 1 ? 


Apnl OcL 


£84 1 U: 


26 

24.71434 
D.41 3.01 
4.05 


m 















































































































































m 






.Tte« -SCBid^r Angnst 7 Ml 


-, ' «-_• ' % 


■* rC”! 


INSURANCE 


19. " 


PROPERTY— Confinned 


INY. TRUSTS— Continued 


FINANCE, LAND— Continued 


■' •: i Be#.-,. 


- =•' V:» -^8M-N. 

.i", Det 


,. BWi 

i *• . £ %.* Je'._ 

: : JUI? Nbf 

7 i n 1 -.- ;V 


Oct Apr. 


cflU.tC.CiSOp 


*• " Mar. Doc! 

JUDO Jan. 


* 


. Jan. Ann. 


. Au*. Mar 

- : I ■ Un> Cwl 


cfcfi 




Ffe&. ■ OctJSpdg Podm IDp . 
Oct "v: Ape 


Hi Mm- Sept 
*■' Apr. Sept 


Apr. OC 


m 


July Oct 


SHIPBUILDERS, RE PAIRE RS 




((•Jarirs'! 


SHIPPING 


Due. Aug. 
May ■ Dec.' 




'• ^ A pr - 

Oct 

• ;■! Jan. 
Jan. - 


ra- 


JaAp.Au. 


II 

5*rr 


100 

,12b 

ciGipk.l 147 
Cot — 


• M*-' 


Apr. Oct 


m 


Apr . Oct 


]roftmd(S. 


Gold Fids. P.Zbc 


Feb. Aug. 


Ml +413 
3Qi)33S 
23213.86 

m - 

13.3 


26 mus run 

43i 2 rf 2J7|3J5 

A i 


it 


w\ 


last I Pit I JVIdl 

Price a | Set IrcrlUr.IttE 


KeJ*«* inn 


September 


253 Jan. May 
303 Jan. Nov. 
28.7 June Jan. 
34.0 November 


Apt Aug. [Yule Cano 


551f#P/ 


7*1 




Fir.l 


m 


ilDliTa 


■; Nor. ' Apr. 


gb. Aug. 
November 

Mar.- Sept 

January 


.Juipf-VM) 
WrJaSJX 


Feb. AO* 


733 L 
+3.35 2 
4.31 I « 
«i2.60| 3.i 
b7.82 
K3.05 
4 2b 


77? 


Da 7% Drt ©7 


3.31 
1.B8 
7.67 

Zt 

3.78 
24.713.78 
161 +242 
303 201 
153 234 
27 1 WL68 
2737.31 


ovelnv.lnc. 10 p 


.Mar. Rep. 
Apr. Sept 


_ |AprJly.OeL 


I'gworlhltWp. 


erojseiHidj&) 


U 
223 

£*l|Jaix.: JuSjffaceGnwpaip^ 1 

HI Feb. AngJWesMingtai 0A-]iS22 -. ) 

^'VAu "-UgaSJ gatfnrt nphc I*Jt4 J 

ra&Vdmv) 5p-|^J32. .j: 

’Kfr " "Mr 


July Dec. 


PROpRTY 

July" DwjAFd 


Apes. Prop*. iOp, 


Richards lOp 


crts.FtneU.3Bp. 


cun. lav. Sop 
& Cent Inc 


Apr. Aug. 


Feb. Aug. 


220 :;iQ4 0 

18 2!tl«a«5 

120 jfllisjlijc 
38 - hO 5 

36 -1.0 5 

77 !?J 1.02 

22 16+2 67 

17 Trfc 03 
28 2fi! 051 

102 12ir *2 27 
124 12 b 3.51 

64 14 S3 06<) 
50 34 ;5.9B 

£111.! ZoQSllb 

18d !ii U$T 
390 - - 

32U 67J _ 

33 133 +1.02 

237 IS 691 
£74 165 09«?i 

12 25 0.49 

204 23.21 5.07 : 
£51 17.4 Q4.2S, 

62 712 t.4.93 

1» 4 - - 

£52 305 Q22i? 

OOU 54tQ430Ji 

27 132 2.13 j 

57 133 U. 40! 

78 i33 L41 


OILS 


120 - - 

92 1L7 — I 

160 153 6 64 

834 34 22.43 

66 K6 56-'.! 

67 1074 _ 1 

£58 »6QS: 2 % 

aoij - - 

60 126 267 
25J’ 347 

E24 777 Q14 Hr 

408 — — 

128 - 102 
24 - - 

29 20.12 0.1 
L48 - - 

£981; 10.7 Q14". 
S75 - — 

22 - - 
206 17.4 2.14 

27 - ~ 

£202, - - 

mi Ui Q iZh'i 

>35 — — 

>53 34 15 94 

61 26 e 4.9% 

190 - - 

£57 17«Q4y>i 

178 153 134 

264 :n r > - 

252 10.7 7% 

LTD - — 

170 - QIS'K 

79 — — 


22 1 6 280 
31 7 a 5.7 

* 77 4 

-30 - 
- 7] - 

19.0 2 0 3 3 
1311 4 104 
0* 2 7.741- 
4.7 2 7 10 6 
42 1 7 14 8 
37 42 90 
2 4 1 b 373 
11 t 76 
— 6 5 — 

* 120 4 . 


36 46, 7.3 

3.5 4 4 99 

- 4.0 - 
10 6.1 242 
1.7 4.5 20.0 

- 03 - 
2.112.0 6.6 

- - 5.9 

- 5.4 - 

1.6 ; t 
1211.811.1 
3 7 3.71 U 

3.6 3JS 9J 


Serving the world 
with 

financial expertise. 

SANWA 

BANK 

Tokyo, japan 


MINES — Continued 
CENTRAL AFRICAN 

■ Siridrudc | [ lljdl Di* I 

P«M I Stock ) Price I id ( Nrt I 

Noe. May Falrwi Rb 50c. 165 3 4 050c 

May RhM'ni'rro lffjj. lb 27.4 0.57 

— Kean Con-. tU 70 JH4 — 

Dec. July Tanpanyika^p — 170 126 01 00 

Jan. July !•<» !**vf aOp B7 l.'» 09" p 

Nov. May n-anki.M i.LRhl 35 lfltQ7:-c 

— 'aaL'priHWH_ 13 1174 — ' 


jrut 

rwlOrt 


i.a 59 

1631 S3 
1.4 IS 3 


-I - | ~ Noe. Apr, 


l.S 641153 
4 2 4 0 9.0 
EM 33.51 - 


31 66 5 8 
- - 65.5 
19 7.4 103 

86 L2 1Z2 

iFj 03 1X2 


Oct May 1 

Scplranher 

Dec.~Apr. 


Apr. Oct 
OcL — Ma'i 


AUSTRALIAN 

A cm? v Me 14 

PuiCaiDtiUriilTiO 136 '.4 J 

BHSowihHV 118 9 74 

Cedirol Cat ilic 600 - 

CsnuncBiffimWr. 266 HI 

il M Kakoiriir 51. 60 6 »7 

IlapmaijolJX L.. 53 - 

Hampin . 134 10 7 

Morals Ex.Sfif 29i> — 

MJ.M HW?- Sflt — 208 U7 

■Joiinr Irollloc 29 - 

Npi»in«alb»- 41 -. — 

\.-itnR llil|50c™ 127" t+J 

Nib Kaljarli .... 16 — I 

SHi.WcqMrmng_ 44 — 

iukbnd;oSAI 176 741 

Pjciltr tf'iiiirt 70 — I 

Kuicnniliif .. C15I 4 — , 

r-jnnSjM&FOp.. 27i* — ' 

|V-«n-UaII-.-nil5ur 538“ 19 a 

SiiUlhiTnPacilio... 235 — 

HiSin 5Imine.T«r_ 147 ?4i 

iHumCiopiav^. 45 — 


41 4.3 5.7 
UD212.6 — 

- ifi"b ~ 

5.8 L215.5 

- - AS 
24 5 6 6 - 


New. Apr 
Apr. riel. 
Apr. Oct 
Jon. Jnlv 
Feb. Ocl 

June Dec 

May Nov. 


OVERSEAS TRADERS 


13? h3.57 19 Oj 
174Q350 11 
132 tn4.19 4 6 
30J 6^9 1J 
BS 1.52 * 

126 115.0 103 
. 25 h4.43 3.2 
305 012% 2 4 
:66 +22.11 2 2 
132 4.32 21 

131 15.23 q2.1 

1222 Z0.67 63 
776 — — 

132 6 65 23 

17.4 3.45 1.7 

13 3 13.40 * 

26 6 2.92 2.9 

3.4 {7 82 73 

3.4 +7.82 73 
88 +4.43 L3 
674 B- - 
174 hL7S 33 
23 660 4.4 

23 3.15 2.7 

133 08% 18 D 
3.4 Tb0.7fc 1L0 
732 0.4 3L2 


l.W 3.0 

1.4 48.9 

4.2 5.7 
15 8 (B3j 

3.4 4> 
64 * 

4.3 9.6 
1922J 

6.4 9 9 
66 88 
6.2 9.0 

; - * 2 
168 i30\ 
12.3 <53l 
I 89 * 

1 4.9 80 
64 32 
6.6 31 
J 5.9 

2 J 273 
4.0 83 
ao&5) 
183 - 
1.8 7JB 


Jan. July 
Apnl 

Mar. Srpl 
June. Jan. 
Mar Hi-1 
Februnn’ 
Jan. July 
June Jan. 


May Nnv 
Sept. Mari 
Apr. Oct.! 


TINS 

Amal. N'lcrri* 2, 

.A>rr Ilir.imSMl . . 3b! 

Rcrali fiii 5! 

Rrr.iunUi SMI 28 

Gfv-.-ir 13/ 

(iiiM6Ua>cI2>:p 

liopem) Ci»ns . ... 29 

llunctmc 171 

lilrr- I<lp S 

Janlar I J-.-p . . 1 

KamumincSMQJR. 7l 

Killinchnll 491 

IbU'-itedciBESUl. 40! 

iPilianc 71 

I'lVtckalpn liip . .._ 5J 

I'nnlinelMl ... 231 

Sami Piian . . S 

Kroilii'nifi' I0i> . 5! 

SnuitiKimaSMUsO 211 

yihn Malayan SMI. 30! 

Sungn Him SMI . 20! 

Supreme I'urp. £111 71 

Tanjicclnp .... 81 

Tomlkah Hrbr SMI 9i 

TnmubSlll 22: 


255 

233 ;ci:« V 
SE 3 SI 
24 7 yllOc 
lbl 5 07 
WM - 
17 4 15 23 
1167 _ 

747 +120 
4'o7 — 

- r«i3 £c 
107 Q125 
13 3 tt)95i- 
4 "75 ry.i 75w 
1 J 6 6 60 
12b njBOc 
31 cJ.02 
JO 7 4 19 
31iy77&- 
3J!«n ?r 

26 1 U65c 
974 7.010c 
24 7 6 60 
121J riireST. 
153 Z08&- 


COPPER 

June Dec.lXennaHOaO. J 90 |1212|+g30c| 

MISCELLANEOUS 


! — Rarymin .. 

— EunwMnw« ITiip. 

AuR. Feb. Con* March 10c_. 
November NonligaieCSl . _ 

Jan. JuneR.TZ — 

— Sabina lads. CJ1... 

— TaraEiitn.Sl 

Nor. July TdndyMmmls lOp . 
October Yukon Coat C$l._ 


5‘75 - 
5H+Q30C 
30.9 — 
25 9.64 , 


23IL35 
15-9| Q7c 


RUBBERS AND SISALS 


Net ICvrlGr's 


30 : 

5 

3, 
27: 
159 1 27J 


Dec: Aug. 


JW1*4 k HtdS 6 .{_ 


Bituvumri’ 


Mnroelmea 


-Cipiialfl 


InsteeaCorp 


July Kebc 

Mnv Jge. 

June Dec. 


Apr.. . Oct 


MEW* 


0i7 
3.35 

¥»r*i 


A OR. WB 
Eeb. July 


95af[ 24.712 79 


NOTES 


20 223 3.55 1-5 4.4 t'ulr<« Mlimrinr i who led. prim and ort UivMnds mn lx 

i? 7 ?J . = T» ”, P"»re aad dronmliudlaas are 25p. EdinsKed prirr/roralnju 

56 25 1 75 1.0 4.6 mtwudcinmiarcbiKrdHiUtevlBiMudrepanaudaBCMiau 

!47 .266 *284 1.0 1 7 and. »h«e possible, arr updaird on hall->rarb figure* PIEvar* 

43 3.4 hi. 40 1.2 4.9 caleulalrd on Uir barfs of net dJrfribniion; bnrkrled figures 

45 3.4 h 030 J.2 10 1 imHnue IB per rent or more diffeernce If mlcntaied on “nil” 

10 1212 0 56 6 63 dirfribuUon. Cm-rrs arr based aa "mnxlmum-’ Aitfrlbutloa. 

173 126 1623 16 61 Virtds arr based «*n middle prim, are grots, adjusted to ACT of 

71 lniiint fn 44 Per rent and niton for wine of dretared dlHribntiona and 

T! la (VMRI a J rijthi*. Securities trilh dm ond nations other than aterling am 

81 212 QUKr 15 Vq 9uoted Inrlnsive of the invesunent dollar prendum. 

1312 Qll-5r 02 4 6 a stcrilm; dcDonnnaiod secunilos which includo lamoCmeat 

.70 266 +4.06 1.1 3.6 dollar premium. 


TEAS 
India and Bangladesh 


September 
Mar. SepL 


November 
119 1 May Nov. 


Sri Lanka 


.V; . ?■: 4.6 dollar premium. 

MpSc 13 45 » ‘Tap- Murk. 

hO.44 31 1 3 * Higbs and Lw' marked thus have btn adjusted to aDra 

E 21 2-0 4 3 lor right:. iauN I«r ravh 

52 1.9 3.2 + Inirrim since inenrasert ur returned. 

t Imenm --lilrr redured. passed nr ddrrnd. 
it Tax-free to nnn-resjdcnrii 00 applicauoa. 

4 Figures or report mraiicd. 
ft Unlisted security. 

k * Pn™ at time nf suspcnant 

9 IndJ rated dividend after pendinerrrip pnd or ricMainuat 
4965 1 49 l 5 9 cover relates lo previous dividends or forecast* 

T ■ 1 J. on ♦ Mctrct bid or reorganisation in progress. 

5-4 S', * Not comparable. 

i) li + Same imcrinc: reducod final and/or reduced etraism 
1A 9.8 iwUcntcd. 

— 6.4 + Fori.-coa dividend; cover oa eamings updated bj btflt 

2.7 9 1 interim statement. 

4.9 62 * Cover allows lor conversion of shores not now ranking for 
32 9.8 dividends or ranking only for rcrfnrlcd dhidend. 

4.9 10 2 A Cover docs nef allow (or shares which may also rank for 
Olf | i 7 7R dividend at a future dale. No P.’E ratio usually provided. 
I t .» 1.0 , Excluding a Final dividend declaration. 

HcgionaJ price- , 

II No oar value. 


♦9.65| 5-' 
4/ 


Apr. SeoULummC! I 203 1 1331538 i 151 43 1 a T “ frec - Figurw based on prospectus or other nfflnol 

... 1 I estimate c Ccnt.t d Dividend rote paid gr pm- able on part 


1 esttmaie c Cents, d Dividend ran? paid or pm- able on part 

Africa ' rtr v’npllal: cover bused on dividend on full capital. 

e Redemption yield, f Flat yield. K Amu mod dividend and 
610 I 37.41 50.76 1 9 132.4 yield, fa .Vunnivd rilildcnd and yield jller scrip issue. 

180 I 27^13.201 14|l0.9 J Pnrment from capital sources k Konya. «n Interim hiebrr 

' 1 ihan lireilons total, n Rights imir pendinc q Eomincs 

bived on prelum nary figurev. s Dlvldmil and yield exclude ji 
MT 1VPQ special parmenl. t Indicated dividend enver relates 10 

_ preiioiLv dividend. P'E ratio based on laleM annual 

rammgs. u Forrrast dmdond cm er based on previous year's 
AT R ANTk varnlncs. v Tav free up 10 3Cj> m ih ,- 1 w Yield allims for 

v,AAt ’ •* a*^*-*-' tvtiiiw cuiroiry clause y Invufonri andyielif based on merger terms. 

393 1 6751 — I 1 Dividend and yield include a special payment, fmerdocs not 

305 I is <J [ _ «*PPlJ" 1 “ mwibI payment. A Sid iliiidend and yield ft 

rn I 5 ? Tel sc FriJwilO- diudend pa>wd or dpirrrvd C Canadian. E Issue 

vX I 7^1 J"? pnre. F Dividend and yield hosed tin prov pectus nr other 

J-»r I wsltliuc 6 *] 5-< nffiH.il crfimales lor 1979430 G Assumed dividend and yield 


EASTERN RAND 


Aag. Feb. 
May Nov. 


>Afj-*/iv:n l Tsl u FoJirencf diudend pa-M-d or deterred CCanadian. E Issue 
I til ii Price. F Dividend and yield hosed tin prospectus nr other 
““HTVL3CI 6*| S-» nfflH.il crfimale* for 1979-80 G Assumed dividend and yield 
alter pending scrip and.'or rights I shiv. H Dividend and yield 
. hasiil on proapeeius or other uffiriai c«inaies far 

41/ 1078-79 K Figures ha-«l an prosper lus or other official 

. eslim-iie* for 1878 M Dividend and yicldliased on pnuperlua 

|4 TQ25c 35 I/O nr Mher oflirla! csnmale? lor 1978 N Dividend and yield 
3J Tw28c L2 — basrd on piwpcrlu 1 ' «r other mfirial estirrurte< for 1979 P 
— FQ50c — 7 5 Ficure*. baud on pro-.-pen u-s or other official estimate* fnr 
!66 tfjl9b 1.8 9 9 inTB-79 Q Gross. T Kitnm-s iminnt 7 . Dividend total lo 
34 +Q34c 18 4 9 date, ft Yield baied on assumption T real u rr Bill Rale say* 
3-4 tQ3c L2 2.9 unchanged until maiurtly oi stork. 

Si twW LD5L8 Abbreviaiianoirie* dividend: aesscripiaueivarlBiamvaK 
3J Q25c M 287 * 1 ' - 4 c * t ' a P ,,al cbanbuimn. 

m t< ^ C — 7 I 4 ** Recent Issues ” and “ Rights " Page 13 


FAR WEST RAND 


This service is available to every Company dealt in on 
Slock Exchanges throughout the 1'oited Kingdom Tor a 
fee of £406 per annum for each security 


LO 3.9; 
4 10.6' 
« 41 
4> IDS 
1.0 22 
2J 4J 
35 4 A 
9 63 
* 10 a 
2.7 3.8 
,2.4 5 5 
Q4Uc 9 103 


REGIONAL MARKETS 

The follovring Isa selection of London quotai ions of 5hsrM 
previously listed only in regional markets. Prices of frisk 
issues, most of which arc not officially fisted in London 


O.F.S. 


May Oct. 









U0 U 2 012c 
£10'* 25 14240c 
lOOly 9 '75 - 

si 

si" y® 

%2 3.4 j^lisc 

204 - _T 

338 23 +Q35e 

23 tOIfe 


are ns quoted on the Irish exchange. 

I , w „ ShefL Refrshmt.1 

.Albany Inc. =0p 24 SindalllWm.)— 

Ash Spinning... 44 

Bertara .... - 21 

Bdifvnr Erf 60p 310 

ClorerCrofi 26 ™ s 

Cram A Rove LI SOO +20 Conc.9". '80 82. 

tS Alliance Cas 

t'r^ n IS* Carroll 1 

£? ciondalkin 

Finlay 1 kg. 5p ., g -1 Concrete Prods . 

GraujShipLl. 120 +5 Hoilon .HIdgSJ 

Hlfi Wins Brew. 77 Ins Torn 

■ 155 .... j^shSSes:::: 

HnM iJos 1 J5p. . 263 . . j aco h 

N’lhn UPlOsiruth M +4 R anbc ai":'”:;_. 

Ptiirreif H.i... 185 Tlii: 

Port Mills 20 ... " 

Sheffield Brick 45 -1 l,niaare 


dM=| 


Cone. iF* '80:82. £9# " +4, 

Alliance Gas 66 

Amoti 3S4 

Carroll 1 PJ.|..„. 185 

Ciondalkin 102 +2 

Concrete Prod! . 135 -5 
Hcilrui iHJdgSJ 51 +1 

Ins Corp 160 

Insh Rnpes_,_. 130 

Jacoh 67 

Sunbeam 33 +1 

T.M.i: - 215 +S 

Lnldare„_„„,.,_ 95 


juDnMutel 


FINANCE 

640 J 27 
326 I 

S? a 

880 

146 


obrnsCDOtRi I £l3Aj 


56 

5.3 a 

7.8 

8 6 imhdHab 

Wf* 


OPTIONS 

3-month Call Rates 


8 Mrks.*SpBer 
15 lADdland Bank 


Dec. July 


Am.6GeB_ 


Jan. Aog 
Nov. May 
Nov. May (Bus Plat 


Charter Cob 
C ons. Gold - 

Rio T- Zinc. 





































































































































































20 





CONTRACTOR; 
WHO CARE 


Monday August 7 1978 


□_ Rush & Tompkins 

O Builders & Civil Engineers 



rinfivly Survey of Business Opinion 


Economic recovery is 
slow, says industry 


BUSINESS confidence is im- demand is reported by some Considerable emphasis is 
p roving, but the upturn in building and construction firms, being placed upon the need to 
consumer spending is working But public sector work remains improve efficiency, 
its way through to industry restrained, and there is some This is Indicated by industry’s 
very slowly, according to the concern about the avail abUity manpower forecasts for tbe next 
latest Financial Times monthly of land and mortgages for ^ months, which show no 
survey of business opinion housebuilding. increase, and by the continuing 

which last month covered two Inflation expectations con- nse in investment Intentions, 
consumer sectors— food and tinue to improve. The all- These point to a further 
tobacco, and textiles and cloth- industry median forecast increase in capital spending in 
ing — and building and construe- increase for unit costs and out- 1979, for the third year running, 
tiun companies. put pric(;s j S now down to 9 per Th , trenet h investment 

In these sectors, the benefit cent, the lowest level for five intentions h* notable against 

of higher consumer spending years. S 

has so far heen felt mainly by The Government's new pay 11,6 back £ r0l2n ‘| modest 

the /nod and tobacco industries. nQ 5? oEE r . eco . very m acDv,ty “i“ n - 

policy guidelines were pun- tinning pressure on profitability. 

Some textile and clothing lished too late for the survey _ , . .. .... 

firms say that orders have to include industry’s considered Only tbe bui ldih8 4011 co ^’ 

picked up. But generally coo- reactions. struction sector last month 

dilions remained very Several companies said that reported a better outlook for 
depressed, with capacity sur- wage increases during the next P roSts - Among textile and 
pluses and imports intensifying r0U nd would depend apon their clothing companies, prospects 
competition. own priorities or upon trends are stiU bleak. 

An upturn in industrial generally in their sector. Details, Page 15 


Dairy industry 
proposals 


cause anger 


BY CHRISTOPHER PARKES 


EARNINGS ON CAPITAL 



4 monthly moving total 


July 1978 


Those expecting earnings during current 
year to : 

Apr.- 

1 % Y 

Mar^ 

June 

% 

Feb.- 

Hay 

% 

Jan.- Cnstrctn. Food & Textiles & 
Apr. & Building Tobacco Clothing 
% % % % 

Improve 

55 

54 

43 

36 

74 

41 

25 

Remain the same 

20 

23 

27 

37 

18 

18 

40 

Contract 

23 

20 

27 

25 

8 

41 

35 


No comment 


2 3 3 2 — — — 

) Statistical Material Copyright Taylor Nelson Group Ltd. 


Vance fails to make 


progress with Israel 


BY DAVID LENNON 


JERUSALEM, August 6. 


THE AMERICAN attempt to Israel, believes that it is up Pierre Geraayel. the leader of 
rescue the dying Middle East to Mr.' Vance to coax the the Phalange Party, to a meeting 
peace negotiations appeared to Egyptians back to the negotiat- tomorrow to discuss a truce. The 
make little progress as Israel tug table, but appeared unwilling President is believed to have 
threw the blame ror the dead- to offer any inducement apart told political leaders that he 
lock on the Egyptians. from expressing agreement to needs a month of quiet to begin 

Mr. Cyrus Vance, the U.S. eo on with the talks. finding solutions to the country’s 

Secretary of State, who is re- Speaking alter the second security problems. ' 

ported 10 be very angry over round of talks during the day, Ur. Selim al Hops, the 

both sides’ intransigence, held a Mr. Begin said that be and Mr. Lebanese Premier, today met 
series of ince tines with Israel's Vance bad serious discussions on Government officials for talks 
leaders today but they did not the possibility of changes in about the fighting in Beirut and 
offer any new ideas for reviving Israel's policy towards occupied the situation in the south where 
the direct Israel-Egypt peace Arab land. However, the Israeli Israeli-backed Right-wing forces 
talks initiated by President Sadat leader indicated that he stood by last Monday blocked the move- 
when he flew to Jerusalem last his plan to grant' limited self- meat into the south of a 700-man 
November. rule under Israeli military con- force of the reconstituted 

The talks foundered on Israel’s trol to the Arabs of the West A™; M . . . 

refusal to accede to Egyptian Bank and Gaza. n f nfth* 

demands that it withdraw from Mr. Vance is expected to have mUttinw! 

the occupied West Bank and an unscheduled additional meet- Prfjf _H an t n ° U ^™ 

Gaza Strip in exchange for peace, ing with Mr. Begin tomorrow T 25».!E e S?nJ! 

President Sadat is now insisting before flying to Egypt for talks ff 10 ®. 0 ” 
that Israel must agree to total with President Sadat. 

withdrawal before he will permit The Secretary of State is due JSSL in Beirut 
a turther round of direct talks. t0 leave Egypt on Wednesday had a meet- 

The Secretary nf Slate is be- on his way back to Washington. inE S j r p eler Wakefield. 

Moved to hold out little chance But if there is any real progress th S British Ambassador who 

for ihc success or his rescue he might make another visit to briefed him on UK efforts to 

minion. According Jo 1 uncon- Jerusalem. implement the Security Council 

mined reports hi believes that __ ... resolutions which set up the UN 


America should now produce its Heavy fighting force to supervise Israeli wlth- 


mvn peace proposals and impose - - — rir-iwat rrnm the south of the 

Them on all the parlies if neces- Ihsan RIJari writes from ™3 pv aS reestablish 
s«ry. Beirut: An escalation in the fight- auXoritv 

After the fresh round of talks mg between Syrian troops of the ^“Sight five people were 
this morn me Mr. Menahvm Arab peace-keeping force mid kil[ed 40 W0U nded. mainly 
R**cin. the Israeli Prime Minis- Christian militias has prompted c |vilians, in the eastern sector 
ii-r. praised the Secretary of urgent contacts by President Qf Beirut, according to the 
Slate for his courage in under- Elias Sarkis to arrange a truce. Christians 

taking “the very difficult task After a lull during the day. The “Voice of Lebanon,” the 
of bringing about a resumption the Syrian artillery barrage ra dio mouth-piece of the 
i*f the lalks with Egypt.” The started up again this evening Phalange Party, said that the 
Premier said that recent Egyp- with rockets raining down on streets of Asbrafiyah were 
nan statements were frustrating the Christian areas of East covered with debris and 
the possibility of a resumption Beirut. Right-wing militiamen shattered glass, 
of th-.* talks. replied with heavy machinegun it added that about 2.000 shells 

Mr. Moshc Dayan, iho Foreign fire. Lust night s attacks centred had fallen early this morning. 
Minister, tried to Introduce a on two Christian quarters, mostly on the headquarters of the 
note of optimism into the grim Ashrafiyab and Ain el-rum- Phalangisf Party and the National 
atmosphere when welcoming Mr. maneh. They were regarded as Liberal Party- 
Vance by saying that both the worst since the Syrians r . P .- a lft 

side- must make concessions, began to put heavy pressure on Edltonal comment. Page 10 
" bccau.-e all other alternatives the Christian forces. Pakistan bunt after PLU raid, 

are far worse." Mr.. Sarkis has invited Mr. Page 2 


AN ICONOCLASTIC report 
proposing radical changes in 
the UK dairy -industry has 
infuriated and emharrased the 
Ministry of Agriculture and 
the Milk Marketing Board. 

Lord Rothschild’s Centre Tor 
Agricultural Strategy at Bead- 
ing University, Britain’s pre- 
mier agricultural think-tank, 
says the present milk produc- 
tion system leads to “a large 
waste of resources and the 
production of unwanted by- 
products on a massive scale. 

Financial aids from the 
Government and the Common 
Market should be cat to 
encourage change, says the 
report out today. 

The paper also says the con- 
cept of milk as a “ natural” 
product and “parity” in dairy 
products are “no longer 
appropriate and should be 
abandoned.” 

Once -this has been done a 
far greater range of “ dairy ” 
products can be put on sale 
including milk minus all or 
part of its butterfat content, 
milk with vegetable fat 
“cream” added, and spreads 
made of butter mixed with 
vegetable fats which would 
compete' with butter and mar- 
garine in the shops. 

The popular belief that the 
British dairy industry is 
among the most efficient In the 
Common Market is also 
challenged. 

And the report concludes 
that since the dairy industry 
can mend its ways without out- 
side help, “ to stimulate ebange 
the European Commission and 
the UK Government should 
gradually reduce . financial 
support.* 

The fundamental complaint 
of the authors, headed by Prof. 
J. C. Bowman, is that British 
cows simply do not produce the 
product needed by the . dairy 

industry. 

Their milk does not contain 
enough of the ingredients 
essential for butter and ehecse 


factories. The UK now imports 
about 80 per cent of its batter 
and 40 per cent of its cheese. 
It is 100 per cent self-sufficient 
in milk for drinking. 

The failings, the report says, 
can be corrected by a change 
in the basic breeding policy 
away from the Friesian breed 
towards the Jersey. 

Friesians prodace large 
quantities of the type of milk 
criticised in the report. Jerseys 
on the other hand, produce 
high-fat milk but in only 
modest amounts. 

The Ministry of Agriculture 
was quick to dissociate itself 
from the document- “ The solu- 
tions it advances are very 
radical,” a spokesman said. 

“At first sight they appear 
seriously to underestimate the 
practical and commercial diffi- 
culties that would be involved.” 

Mr. Brian Hayes, deputy 
secretary at tbe Ministry is a 
member of the advisory board 
of the Centre for Agricultural 
Strategy, and he is understood 
to have recommended that the 
report should he radically 
changed or not published. 
His advice was ignored. 

In an unusually EEC- 
conscious moment the Ministry 
added that any changes in UK 
dairy policy “ would have to he 
consistent with common policy 
aims.” 

The Milk Marketing Board 
rejected most of the report’s 
recommendations, saying if 
implemented they would lead 
to an increase In the EEC’s 
surpluses. While some ideas 
were “ superficially attractive “ 
they were “ neither practicable 
nor sensible.” 

The main weakness of the 
report was that it proposed 
“ radical and long-term solu- 
tions to what will prove to be 
only short-term problems.” 

Strategy for the UK Dairy 
Industry. Centre for Agricul- 
tural Strategy, University of 
Reading. RG6 2AT. £2.95 post 
free. 


Tories aim to cut 
taxes and spending 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


Trade hopes are bright 
on Dell’s China trip 


BY DAVID HOUSEGO 


PEKING. August 6. 


y»R KDMl'ND DELL. Trade technology agreement. Britain is is China's strong interest in Hong 
Si ‘Cretan, arrived in Peking also expected to take about 1.000 Kong, from which China derives 

tonight at the head of a powerful Chinese students for training in about a third of her convertible 

deh^afioa apparently hopeful Britain in 1979 as part of a foreign exchange earnings. Under 

thyt^his visit will pave the way Chinese programme to educate a three-way -deal Hong Kong's 

for export orders. some 10,000 students abroad. China Power and Light Company 

„ ' . th „ mainly in the U.S. Neither of is buying most of tbe equipment 

rtSOH!* w Showing interest these ilems ’ h0W( : Ter - is expected for a new Sl-Sbn power station 
ch \ ne J* o to come up for discussion during from Briudn- 

jnrhidc eqmpmerit l . ** sir. Dell’s talks here. The coal for the station is to 

the coal industry. The sluggish _ eqn.es al a tUne when be provided, by .Chin a uftfieh to 

hoen identified by 

LjruSS* “ Pa " S ‘° D “ 


S' idjStK T/chinS” t CHK£ “ iSS^SS 

IS one of the major hottlenecb.1 seems ready to start signing (JJ2 

0 i faster expansion of more contracts for foreign goods, gcraq ted 1 s m likely to be trans- 


Amo ng the 13 businessmen 

nothcr potential area or saies ^“rtP^bln’s^emphask*'' nn‘ the accompanying Mr. Dell are Sir 

s js ss f rs“p p“reha« 0* ssruiuS b«* 


Another potential area of sales m me 

urchase of foreign technology. . , .» _ . 

. .. *> mantle hnwevp r vie** rw National Coal Board. Sir John 

cent of British exports to China. _ * even?* 1™ Buckley, chairman of Davy Inter- 


Negotiations are in hand for many conctuaeo 1 several large Da i )on3 j aD d Sir Arthur Knight, 
sales of the Harrier jot and for contrab and U-S companies f of Courtaulds. 8 
ground equipment for airports, are mvo bred in talks ^ut off- 0lher BrjtJsh Selds in which 
The Chinese have already shore 01 ‘ ^^ pinen and JD,nt the Chinese are interested in- 
bought Trident aircraft and have venture exploration. dude steel technology, consul- 

a licensing agreement to manu- Britain’s share of trade with fancy services and power plant, 
fact are the Rolls-Royce Spey China dropped tp_ under 3 per Critical to the amount China 
engine. Mr. Dell is expected to cent in 1976 making it China’s buys abroad will be the extent 
sec the Spey plant during a visit i 0 |h. trading partner after Italy, to which it is ready to borrow 
to s»an. But exports have picked up in j n one guise or another and the 

A further indication of grow- the first six months of this year credit terms it can get A repre- 
in"* exchanges between Britain over the first halt of ia«7 to a sentative of the Export Credits 
and China is that negotiations total of £4flm. Guarantee Department is on the 

Will begin soon on a science and Working in Britain* favour mission. 


AN INCOMING Conservative changes in public expenditure 
government will aim to produce would take same time to imple- 
a package of public expenditure menL The objective in the first 
cuts and tax reductions designed White Paper would therefore be 
to ensure that public sector to provide sufficient evidence of 
borrowing in the financial year their determination to act to 
starting next April is signifi- give credibility to shifts in the 
cantly less than indicated by following years. 

Labour’s plans. In particular, the Tories would 

Opposition TVTPs and party offi- hope to make a start 00 cuts in 
cials under Sir Geoffrey Howe, spending on the trade, industry 
the Shadow Chancellor, have and employment budget and on 
been working on a series _ of housing. In order to boost the 
options for early implementation size of the package there might 
if the Tories win an autumn also be cuts in transport sub- 
general election. . - sidles and in certain purely 

There are unlikely to be any financial transactions. 

’ss: 

.ny ,ug ge «i 0 n of instant aim- Swnsa^n oS ™SnlS oTKS 

A ' Cansarvattye Chancellor, * c “! . 3 ° d . casl 1 

however, would make an early 5^iL at 10 P*™? 0 . 0 ® 

statement reaffirming bis com- ! a “ taess ,n 

mitment to a steady reduction in m “_aagetaent- 
tbe target rate of growth for tbe 0n taxes, the Tories would 
money supply and public sector hope to make an early start on 
borrowing. This would be fol- their “enterprise package” of 
lowed— probably before the end reductions in the higher rates of 
of January — by the publication income tar and changes in in- 
of medium-term public spending vestment income surcharge and 
plans. capital transfer and capital 

Party leaders are keen to Rains taxes, 
deny any suggestion that they A significant part of any cuts 
have a draft Expenditure White, in basic Income tax rates would 
Paper already written, instead of be financed by increases in 
Just a series of options and various indirect taxes such as 
priorities. VAT and excise duties. 

It Is recognised that any poliey Feature, Page 10 


THE LEX COLUMN 


UK cash powers 



After the story of the around 2,000 jobs on the sports Ludlum — which will supply 
American microelectronics car If all goes well. steel for the plastic and stain, 

engineer who stands to make a The story of DeLorean Motor loss steel car body — has put up 

second fortune with the help of jeads like one of those good 5Jm. as has Mr. DeLorcaa's 

money from the UK’s National old-fashioned American fairy West Coast neighbour, the 

Enterprise Board, the case' of tales. Mr. DeLorean himself entertainer Jnhnny - Carson— 
the DeLorean Motor Company was once chief engineer at who ma y* under a deal which 
looks like an even better deal — General Motors, and is also allows him to be company 


for ex-Gen eral Motors executive 
John Z. DeLorean and his grow- 
ing band of North American 
investors. Where else would 
an untried product like his gull- 
wing two-passenger sports car 
attract - Government support 
which could run as high as 
£50m? Not surprisingly, the 
Northern Ireland Development. 
Agency and the province’s 
Department of Commerce are 
remaining tight-lipped about the 
financial details of the deaL 


DeLOREAN MOTOR 


Overall value 


CUMULATIVE 
4QI-PK-PROOUCTIOM 
EXPEMHTUBE 



1978 


1979 


There can be no doubt that 
tbe Government has really 


spokesman, mention how things 
are coming along in Weft 
Belfast now and again during 
his TV shows. Finally, Sears 
Roebuck is yet another sub- 
stantial investor,' with £ 
5600,000 stake. • 

One of the great stiengthsraf 
DeLorean Motor is., its dealer 
network. Already 220 dealers 
ships have been signed up; cod. 
tributing to new stock af the 
rate of 525,000 apiece, and an- 
other 180 are almost in the can. 
Each dealer is committed to 
buying 100 sports cars frio&r 
DeLorean Motor -in the ' first 
two years o£ production, and 


Plan for reprieved 
Bilston steelworks 


BY JOHN LLOYD 


MANAGEMENT and unions, at for the larger steel complexes as 
Bilstoo steelworks. West Sid- a supplier of high-grade carbon 
lands, • have compleled plans squares and rounds {billets)”— 
which, they claim, will put the that is, a concentration on what 
plant’s future on a firm founda- is presently the speciality of the 
tion. The plant was granted a works. 

reprieve from closure In June a SECOND, more recent 
n he ? .? e i ron ? tee * Trades proposal — not embodied in the 
SS?nn derat f?lrkaS,t l . ar8esl report, but regarded by the joint 
SI-,- v. st ? ke ? committee as even more 

^ Bn tish Steel, economic than the electric arc 
Coloration. option-is for BUston to become 

The uaioa will seek support for. a prototype for the “ Q-BOP " pro- 
its plans at a meeting of the cess. 

TUG steel committee on August 
24. 


sr sast a rsr ssr 

Belfast. AH that has been said marketing of the Corvette, With some dealers sign- 

in public about the financial best setimg sports car m jna on f or more, this means that 
help DeLorean Motor has the U.S. Now his self-professed DeLorean Motor w01 soon have 
secured is that the overall value .dream is to do it all over again, advance orders for 50,000 onits 
of the sums involved in setting this time as head of his own —some two years* production, 
up the production plant for the mo t or company In contrast. Britain’s Lotus 

sl~" 031 wm be "i j- 

Of this It is sail so^ £20m ^h “ b in S&uSft gL^ 1^.....^? 
will be coming from DeLorean Puerto Rican production filed 1000 ^.4^ 

itself. The balance is a mixture wil i, the U.S. Securities and closer to 1,000 car?. - 
of loans, equity and most Exchange Commission, indi- 
important of a II, cash grants. It ca tes that there is at least Advance OrdeiS 
is the breakdown of this total another £45m to £50m to be 

support figure (which could spent before motor cars actu- The dealer network is all part 
apparently vary between £40m gt-^ m tiing out of the of Mr - DeLorean’s own policy 
and £50m, depending on bow plant for a company which he hopes 

much equity the Northern will rapidly capture a large 

Ireland Development Agency . *3 - , share of the expanding U.S. 

takes up under the semi-under- ISXISting fUIKiS sports car market His 

writing arrangements of the n .. . - . . philosophy is that it is easier to 

deal) that official sources are so t , ^ n0J j L , build what has been sold, \han 

reluctant to reveal. But it is ^Northern dea J to sell what has been birih, 

clear that the grant element co / 1 ? e 1 f arou «,, -fi DeLorean Motor will continue 

makes up a substantial propor- which *20® ,s still held with t0 opera i e on the basis of 

tion of the package. ^ in vestinent bank. Oppen- advance orders and will never 

No wonder Mr DeLorean 5£ ,nier and . C ^” in Ynrk ; build for inventory. If all goes 

No wonaer mr. ueijorean ra i Se d on the basis nf accordin'- to nlan orofits should- 

chose Belfast in preference to havinB thp nrndi.pHnn nlant “ cc, ? ro,n » P™nK snwio 

Puerto Rico, where the pro- baring^ the^pjqductinn^ plant begin to show through in 1981. 

posed Government support DeLorean MotDr must now wait Obviously, the BnaneiaJ riste 
would have largely taken the t ■ whether investors are high— a fact which Mr. 
form of loan capttaL Even the want to p banp minds DeLorean has nev er attempted 

Republic of Ireland’s allegedly ^ ^ *5eSSon to opt for t0 disgTlise - ^ Qli S inal P 105 ' 

unbeatable incentive package Mr betievS P ects fiIed ^ the SEC slated 

could not match the competi- ^ P Vwffl ^ mind that only those who could face 

tion across tbe border. Tbe UK * up to a total loss of the mlni- 

Government created a political U 3 addition to its present nmm investment of $25,000 
furore when It supported resources DeLorean Motor will should be prepared to put up 
Chrysler in its hour of need, shortly .proceed with plans to funds. Mr. DeLorean himself 
Chrysler, which has around raise a further $30m, probably has put $4m‘ into the project, 
20.000 employees, has . so far from UB. investors. . Already which is “ just about, all I 
received about £52m of tax- it boasts= a fascinating list of. possess.” But by siting the 
payers’ money — a cheap form of names among its stockholders, plant in West Belfast, he has 
subsidy compared with Partners in Canadian brokers managed to swing the risk; 
DeLorean. which will initially Wood Gundy have contributed reward ratio substantially in his 

courtesy of Her 
Government 


LFtrl_4n WIIJVJI Will Liuuau y ” ttrwaiu tdlK 

employ only 600 people, and Sim, partners Jn Merrill Lynch favour by 
offers a longer term prospect of are in for $475,000. Allegheny Majesty's Gt 


Weather 


SHOWERS, bright spells. 
London. S.E^ S.W., N.W. and 
Cent. England, Midlands, Lakes. 
Wales, Channel is. 

Heavy showers, bright spells 
Max. 17C-19C (64F-6SF). 

E. Anglia, E. England 
Rain, brighter later. Max. 17C 
(63F). 

I of Man, S.W. Scotland, Glasgow. 
N. Ireland 
Bright intervals. Max. 15C-16C 
N.E. England. Borders, Edin- 
burgh, Dundee, Aberdeen, Cent 
Highlands. Moray Firth 
Dull, then brighter with 
showers. Max. 15C-16C (59F-6LF) 
Rest of Scotland. Orkney 
Bright spells, showers. Max. 
13C-14C (55F-57F). 

Outlook. Staying unsettled. 


BUSINESS CENTRES 


This process is essentially an 

‘ Mr. John Pennington, director adaptati °5 S e 

nf the cornortatimi’e Chloclifi open-hearth process used in the 
division hi^tten to the nMufacture of fecial steels. It 
committee of the management ^ eeo A ® Can " 

and unions about dismissing the an ^ 10 ^ w,til some 

report on Bilston’s future. success. 

However, the union's claim electric arc option will 

that the joint committee was cost aboat £l3.3ra of capital 
established merely to divert expenditure. Costing has not 
attention from the closure which been made on the * Q-BOP " 
had already been decided. process, but it might be more 
Two possibilities for con- expensive, 
ti nuing steel production -at Both, envisage considerable 
Bilston, both of which could* be shedding of labour. The report 
profitable have been put forward reckons that tbe present man- 
by Mr. Dennig Turner, chairman ning level of 2.498 would be cut 
of the joint Committee. by almost half to 1,344-r-assum- 

THE FIRST proposal, log an annua! production of 
embodied in the two-volume re- 250,000 tonnes — or 1.367, assum- 
port, is for Bilston to take the ing annual output of 300,000 
role of a “ flexible support plant tonnes. 


AiTOirion. 

Athens 

Bahrain 

Bam Iona 

Beirut 

Belfast 

Ri'lcrade 

Berlin 

Rrmrfiro. 

Rnstnl 

Brussels 

Budapest 

B Aires 

Cairo 

Cardin 

Chlcaao 

CcKozte 

Dublin 

SiUnbursii 

Frankfurt 
Geneva 
Glasoon 
Helsinki 
H Konjj 
Jo'burR 
I jshon 
London 


v*dv 

mtddar 
■C -F 
C IS 59 
S as SB 
s as os 

S 27 ftl 
SO S4 
IS 9 
27 81 
•’•i 73 
Ifi 61 
17 63 
IS M 
77. 01 
8 46 
34 93 
l« B1 

S 22 72 
C IB 88. 
15 S9 
IS 64 
23 73 
74 75 
15 59 
12 54! 


Y day 
midday 
•C -F 

Luxraab'g C 50 68 
Madrid S 31 89 
MaiK-hcerr. R 14 57 
Melbourne S 14 57 
Milan S 27 81 
Mast-Tier C 28 66 
Munich S 24 75 
Newraarle R IS 59 
MewDelb* 5 M St 
Nr*«* York C 26 7B 
Oslo C IS 61 
Paris C 10 66 
Perth S IS SB 
Pratftie F 23 77 
Reykiarflc C 11 52 
RiodeJ’o S 25 77 
Rome S Sf SS 
SI rum pora S 30 88 


Stockholm 
Srrasbrg. 
Sydney 
Tehran 
Tel Avtv 


31 8S I Tokyo 
16 m Vienna 
24 77lWanuw 
IS M Zsnrh 


c 19 tw 
F 23 77 

c 17 m 
S 32 90 

s n si 

S 32 96 
S 23 S 
F S 73 
S 24 75 


HOLIDAY RESORTS 


saw 

K .72 sn 

F 21 70 
R 13 55 


Istanbul 
Jersey 
I .ns Pirns. 
Locarno 


Ajaccio 
4/cb-rs 
BIUTI17 
BtarkWJOl 
Rnrduaits S T. 7?[M«iorca 
Rontocnc R U a7;Mslaxa 
Casahlnra. F 22 73 Malta 
Cape Town R 13 59 l \alrobl 
Corfu S 33 01 1 Naples 
Dubrovnik S 28 WlNteasU 
Faro 5 ° s vijOpom 
Florence V 39 -R4 
Funchal ' F 34 75 
Gibraltar S 29 M 
Guernsey P 16 til 
Innsbruck S 23 77 
Inverness C 14 57 
Isle o> Mu C 14 57 


Rhodes 

Salzburg 

Tander 

Tenerife 

Toms 

Valencia 

Venice 


S 28 f 
C IK rt( 

S a 73 

F 2fi 7* 
S 34 93 
S 31 8S 
S 35 95 
C IS 63 
S 29 54 
S 29 84 
C 28 BP 
5 3D W 
S 3fi 78 
S 23 77 
S 20 f» 
3 35 95 
S 30 A} 
S 27 Si 


S— Sunny. F— Fair. C— Cloudy. R— Ram. 


FERGUSON INDUSTRIAL 
I8II.I HOLDINGS 

ENGINEERING 
PRINTING 



A^YEAR OF REAL GROWTH 


r AttheA.G.M. on 4th August 1978, the Chairman, 
■ Mr. Denis Vernon , reported:- 


•fe 1 977 Pre-tax profit up by 57% to £1 ,61 8,000. 


&1978 First quarter pre-tax profit up by 30% to 
-£489,000. 


# Dividend increased for eighth consecutive year. 

* Net assets per share 1 07 p. 

Earnings per share.,.. 15 . 2 p. 


4c Harkwell Holdings acquired to strengthen our 
printing division. 


sf; Current trading is good. 


1 { Earnings per share, p. 

[OMderids per share-p. 


15-2 


1M. 


4* 


HI 


9-7 




1973 


1974 


For a copy of our latest accounts 
please write to: 


The Secretary, (Dept. FT.) 

Ferguson Industrial HoJdingsLtd 

Appleby Castle, Cumbria, CA1 6 6XH. 



HeBisrerwi a t fte F 06 l Offloj. Print rq by Sc CtefflWK Pratt foe and pnWia®«l 
by the KJaandal Tjflfcfl Ltd., Bracken House. Canuon sirert. London. EC^TbY. 
* • - 6 tiie Financial times LhL.' IKS 


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