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FINANCIAL TIMES 


No. 27,631 


Tuesday August 8 1978 




•**15p 


Ktng&Co. CSS 

Industrial and 
Commercial Property 
Telr 01-236 3000 Telex: 885435 


TELEX 3S 94 b 7 


continental selling prices: Austria s<* isj BacuJN Fr is; Denmark Kr 3.5} France Fr 3 J>t Germany dn 2.8 ; Italy l soo; Netherlands fi 2.8 * Norway Kr 3J; Portugal Ek ao: Spain pta cos Sweden Kr .3.15; Switzerland ft U; eire isp 


Vmvs.St AIM ARY 


INDUSTRIAL ORDINARY^.... . 


Davignon toughens 
steel crisis plan as 
price cuts continue 


1977 1st 
2nd 
3rd 
4th 

1978 1st 
2nd 


WHOLESALE PRICES 
(1970=100) 
Output 

(home sales) Mi 
it 248.0 3 

nd 259.2 3 

rd 1&7J 3 

th 272.1 3 


BY JOHN LLOYD 


Raw 

Mat erials 

341.5 

347.7 

340.5 
_33qjs_ 

326.7 
340.7* 
324.9 
324 a 
33141 

237.4 

34L5 

343.1* 

3402* 


1 Provisional 

Source: Department of Industry 


^Manufacturing 

vWhcfes^le 

vv,** T^-wMij i*. - . • 
v ; ; v chaws- ; - 


QRnvMatMaK ' 

"aMwwfartuiiigy" 
■ Homo Prices 


F.T. INDICES 


(ACTUARIES) 


Extensive price-cutting by West German and other European steelmakers is 
forcing Viscount Etienne Davignon, the EEC’s Industry Commissioner, to 
tighten the operation of his crisis plan for the steel industry and extend its 
scope. 



through 


STRONG performance by 
equities took the FT 30-share 
index above the 500 level for 
the first time this year and 
raised the FT-Actuaries All- 
share index to its second all- 
time high in three business 
days. 

Helped by surveys suggest- 
ing that the economy is now 
set clearly, if slowly, on the 
recover}' path, the ordinary 
share index advanced sharply 
by 8JS to 5 05.4, its best since 
October 31 last year. 

The All -share index, the 
broadest measure of UK 
sbare price movements, which 
last Thursday reached its 
highest since May 1 1972. 
closed 3.01 (1.3 per cent) up 
at 230.80. 

Eooes of satisfactory bank- 
lug figures today confirming 
that the money supply has 


GENERAL 


lies in 


been brought under control, 
and expectations that a 
gradual fall in interest rates 
may begin before long, were 
other factors encouraging the 
purchase of shares. 

New peaks were also 
reached yesterday by the FT- 
Actuaries industrial group 
index, which, at 227.84, was 
2.96 up on its previous high 
of 224.88 on Thursday, and 
the 500-share index, which, at 
250.06, climbed 1.74 above its 
earlier peak of 248.32. set on 
September 14. .1977. 

Buoyancy in other stock 
markets around the world 
has been another important 
influence encouraging the 
upward movement in London. 
• GILTS moved ahead, with 
interest centred on shorts. 
The Government Securities 
index dosed 0.06 op at 70.02. 

BUSINESS 

Gold $2i 
higher; 
Pound up 
against $ 


The widespread disregard of 
most large European steel pro- 
ducers for the guidance price 
system has meant that the British 
Steel Corporation is almost alone 
among major steelmakers in 
obeying the Davignon price 
directives. 

The British Iron and Steel 
Consumers' Council said last 
night that the corporation's posi- 
tion meant that British steel 
users often paid more for their 
steel than their European com- 
petitors. “We have been in 
general agreement with the 
Davignon plan, but it must be 
applied to everyone equally.” 


EEC PRCOJCTION 
AND SHIPMENTS 

IGpCmUtoi 

td . Crude SlMi 
^Production 


'TUmristof 
Finished Steel 


Raw material 
costs fall 


1977 1978| 


creasing pressure because of the £**+“£*4 W W ‘ I B 

exceptionally slack demand, I § ft W IW I >1 I I 
after an average increase of 5 Vr hJ ft'LJr _A.M-H.-B. 

per cent jn guidance prices 

wf Juki?” DaVlgnon BY PETER RIDDEUL, ECONOMICS CORRESPONDENT 
The Bresciani steel producers 

of northern Italy had been HOPES OF avoiding a renewed (The longer-term trend is shown 
widespread evaders of *he mini- surge in retail price inflation by a 1} percent fall In this index 
mum price system, but seem to daring the autumn and winter over the last year.) 
have been brought auto line by were yesterday reinforced by The earlier decline in sterling 
the establishment 4n Milan of a official figures. appears to be working through 

central administration, which They showed that industry’s slowly to output/factory gate 
momtors prices. raw material costs fell last prices charged by manufacturing 

West German steel mills have month while its output prices industry. This index rose by 0B 
emerged as an even more serious charged at the factory gate per cent ot 28S.7 (1970=100) in 
threat to price discipline, as continued to rise at a moderate July. 

pace ' - While this is slightly higher 


(Telephone 
engineers 
reject 
peace bid 

| By Nick Garnett, Labour Staff 


POST OFFICE engineers last 
night rejected peace proposals 
as they stand for self ling their 
10-month dispute. 

.Meanwhile, the effects of 
union sanctions, which time 
already dislocated domestic 
and international telephone 
services intensified sharply 
yesterday. 

Postal services, particularly 
second-class and air mail, is 
now being disrupted and the 
Post Office warned the impact 
would be serious for business 
and domestic customers. 

The Post Office Engineering 
Union, which is imposing 
crippling sanctions over a 
claim for a 35-hour week, has 
been seeking an urgent meet- 
ing with the . Post Office tn 
begin negotiations based on 
the proposals -drawn up by 
Lord McCarthy, an industrial 
relations - expert. 

They call for a two-stage re- 
daction In working hoars to 
37| hours. The cost would be 


r • Unit s latest review. Steel .i„i .Til . i * while this is slightly higher nours. me cose wouin uc 

EEC industry officials said that Monitor, savs that steel demand &njn '-* a,siren g“ allows them to Tbe wholesale price indices than the rate oF increase in covered by increased pruuuc- 

■ re ji - I ^ 4 lin . " r m /tm I rr fnvn mACf 1 — m -v • j "I I _ _ . . > m r r. r _ u _ _r .* __ 9 - _ I 


.» luujIJLUt, aa*5 LUA1L D ICC1 UCUiOliU 7 f 4U . * — LUdftl LUC A M Lv- ui iucica« IU 

they were likely to lower the is weak in aU products, even ™‘. y most for July were described as recent months, there has been 

ceiling for steel deliveries within ^,0^ in which demand had beeQ other turopeaii steel producers. - most encouraging " by Mr. little change in the trend 

the community from about -9m holding up comparatively welL ** “®(. Monitor says that Erie Varley. the Industry measured over six months.. This 

tonnes in the current third „ 41 K . . “me principal weakness m Secretary. 

quarter of the year to about 27m Demand for cold-rolled sheet price* has come in the German The figures support Govern- w , . ... _ - 

tonnes in the fourth quarter, seems to have tailed off. even m market and reflects, we believe, ment forecasts that the 12- Ketoil wles nse steady. Page 6 
This move is aimed at cutting the UK. where the automotive a policy decision by the German month rate of retail price Infla- Editorial comment Page 1- 
back further on production in an trade is enjoying exceptional mills to recapture their share of tj 0 n will remain around 8 per -■ 

attempt to keep prices stable, conditions. The market for plate the heme market by selectively ce nt for the rest of this year, could mean that cost increases 

The third quarter level is itself is depressed (as witnessed by beating the competition on price The indices tentatively suggest are not being fully passed on. at 
lower than the first- and second- BSC’s holding the net price of to important consumers. that the upward pressure on the expense of profit margins, 

quarter levels of about 31m plate while other list prices were “ The German market has been cos ts from higher pay .rises in _ f a 

tonnes. increased) because of low more open than most others in phase Three aad from the effect .,v?f " „ 

- . j j j. anriiiiHr in rhinhtrilfi.inr* nnrl RiirnilP thmiiahnil* th/> irOsf 9C Jnolron in c tarTiflrr thic Sllglll SCCOlGntlOQ ID OUIpllt 


(fvity related to iropruied 
flexibility in working. 

The Post Office, which lias 
accepted the McCarthy report, 
told the union yesterday, how- 
ever, that it would not si art 
talks on the proposals onlcs* 
the union lifted the sanctions. 
It would be “unrealistic and 
unreasonable ” (or the union lo 
seek more than was offered in 
the report. 


According to an independent activity in shipbuilding and Europe throughout the year as 0 f the decline in sterling this orfces is the Index excluding £• tt/’nrnn/I 
*view of >. European steel heavy engineering. the G = Government bzs spring gSdriJk ttbSTStoS WaffieCl 


review or tne European steei ^ cay j' ^ wor t»uac »«-j ■ fo _j dr j. n jr and inbaren sectors 

market, extensive undercutting. “Because activity in the « luke '! ,a ^ m , t0 W ? r - ^ ^ tivel 7 small. rat ^ er ,. t ^ 1 ™, a This rose by about 1 per cent 

especially by West German steel genera f engmeen^g sector VSce St rn^uth, li?h aioJt ^a.f “he 

mills, is breaching the price remains low. demand for mer- have ^ ui^th^?ear E P rise explained by higher prices 

M". , m n'r. h i C ?a ffiL2r£SB “ d MsM " c “" i is 2 $& y. tl S. h lS e an n d 0t F^c , . a JS ‘“K.S.KSWm fir _ 3 ggm . »d ggkHM 


plan attempted to impose earlier slack > 
thin year. _ ’ 


The Commodities Research Prices have come under in- priced imports.” 

China h in ts at big trade 
expansion with UK 


EEC Commission’s restrictionist significant, pick-up in the u Oder- f ““ mo nk with about half the ’ The union says the need for 
policies and German customs lying short-term trend of price “« eroiained bv higher oricS further negotiations was rerng- 
authorities have not been as inflation later this year. W nig "“ nised in the report and the 

strict as the UK and France, for The fluctuations of sterling are T^??hrS sanctions will remain, 

example... in controlling low- the majorinfluence on the “There i* no ba<is for an 

priced imports.” figures. The index for the cost u^ m 2 to ****™*1- a ‘ **»is limp.” .Hr. 

r of manufacturmg industry s “iL^KSL^-L 1 rom 1 10 Bryan Stanley, ihe union's 

materials and fuel fell by 0.9 “*JPJ r ® f __ general secreiary, warned. 

S P er “ nt t0 340:2 (1970=100>, Between fttim and ETflui 

L.r. Ji ^ the first decline since February..]^^5^“S industry _ ouL^dc ! wor(fa of OT tP iormttTrunira- 


BY DAVID HOUSEGO, A5IA CORRESPONDENT 


PEKINCTj, August 7, 
\ 


fla ur«. The index S The a, Th., Sr." 

of manufacturmg industry s “I 1 ** 1 ?"Sed^up ri rom i to Bryan Stan | C y, ihe union's 
materials and fuel fell by 0.9 “U?” fnr general secreiary, warned, 

per cent to 340 (1970=100;, Between £60in and LT0«i 

the first decline since February.,™^^“S ^ustry outeidc! worth of new tp^rnimrunira. 

The fall was mainly because f^V ^ s -t^l Buns equipment for ibe 

of the appreciation of sterling in exchanges is now lying' idie 

response to the renewed weak- ^ beeaase of the engineers’ 

ness of the dollar. The trade- JJJ h»ir 1 tfcKii e 5L«2? 1 . refnsal *« commission new 

weighted index against a basket JK?i??«iH« 1 r r n l,e f h attnbut - eqaipraent. 
of other currencies was 1.3 per i ut „ n u i . The Post Office says that 

cent higher on average than in '* J°*l ™ or e than £8m .worlh of tills 
June, and 3.1 per cent higher S^ l ii 00 r h J!J^ ouf ? c 5 ire ” *5° is needed now simply to cope 
against the dollar. SJ™_ JJ522? 1, demand. 

lower prices for coffee and About 100.000 customers are 
TT » i imported oils and oilseeds were t h e telephone wailins list. 

riODBIlil ? ffset V y hi ^ her pnew for which ~t be Post Office sa%u is 

imported cereals and sugar and now solclv due to (be 

Moreover, flie poood he. so Far ^ome-proaoced bacorrfactory enpoeers- dhira.e. 


HCFylinCf Th THE CHINESE Government to the Chinese an air service and of China's readiness Tor flexible 

tflgaiUai opened up the possibility a shipping agreement patterns of trading and of fin- Moreover, the pound has so far bome-produced bacon-factorj 

Thousands o£ mourners led by • GOLD rose 52 5 to 520S1 in of a more than Fourfold «pan- D d^tegSSm’ o’f ®io- iXtcd in ^ TveSae® Tbe f ric p ot fMd 

the President of Italy filed past London. Movements in the sion of trade with Britain in the dustrhdiats, is on a week-long projects under negotiation is notably by 1! per cent against rose by 1 per cent ie 

the body of Pope Pan! VI as it bullion price tended to reflect near future. -This assessment v j S j t ^ china. Davy International, whS(h has the dollar. This suggests that Ju y ’ 

lay in state at Caste! Gandolfo. ihe performance of the dollar, excludes military sales w “«e The optimistic view on the secured £60m of contracts with there should be a further fall In - - - 

The 80-year-old pontiff died of . discussions, are proceeoing on future expansion of Sino-British China already. Davy inter- the material costs index in * in New York 

a heart attack on Sunday night. • STERLING was ■ stronger the purchase by China of the trade emerged in exchanges this natidnal, in co-operation with, the August — : — , 

Cardinal Jean Villot, the against the dollar, hut weaker Harrier jet. morning between Mr. Delf and British Steel Corporation.'^ is These favourable influences ' - Aug. < p™ vioua 

Vatican Secretary of State, has against other main currencies. Tbe pace of expansion could Mr. Li _ Chiang Munster of negotiating with the Chinese will in time go some way towards _ 

taken interim control and will It closed 05 points up at 31.9300 be even faster if some of the Foreign Trade. _ _ over constructing one of the 10 offsetting the impact of the 7“ ! ri ‘^ r - T ~-"~ r n * 

meet cardinals already in Rome and its trade-weighted Index projects under discussion with After emphasising that tiie steel complexes scheduled under earlier fail in sterling which iKh i umSdS o.«^U9ai. 

today to decide when tbe funeral fell to 62.2 ( 62.4) The dollar's the Chinese are translated into present low level or trade be- the eight-year economic plan pushed up the index by 5.8 per 3 monsii* ] i.ct>Li9iL» i.os.loe.ii« 

will take place. The 115 voting denrec ]at1on widened to 9 3 per tween - ^ J5£ countries— unveiled in March by Hua Kuo- cent between February and June. “"*“■! «^M.(ndta ZJ**.n di< 

members of the Sacred College ^ w,acnett lo ' p i* pm Pree d todav that a British amounting to £18bm last year— .Feng, chairman. 

of Cardinals will meet within CLnt (9 ' 0) ' dmed what dl, l ™ X I i efle . c , t ^ potential of- A mission of British steel- : 1 

the next 20 da vs to elect the a wan ctupt-t «in«; ii't company lMtweeKsigneawnat eit ij er slde Mr. Dell expressed makers is to visit China this | 

next Pope. ® ™ A . L: \S 3 LS T “J lhe h °P e of messing it by three year and will be discussing other . ‘ 

Meanwhile, political leaders d .°" n at 88, - 3 ° Just before the tract _ for the sale of a petro- or f 0ur t i mes j n the next two to steebnaking equipment 


SI.K75.BSSS5 
0.05-039 ills 
1.0S-L0£itl* 
3JSW.76 dls 


members of the Sacred College 


with existing demand. 

About 100.000 customers are 
on the telephone waiiinc list 
which "tbe Post Office rbjw ' s 
now solely due to tbe 
engineers' dispute. 

The engineers are also 
refusing to commiKsion £3m 
worth of mall mechanisation 
equipment, although disrup- 
tions to the postal service have 
been largely caused by 
sanctions on the maintenance 
of automatic sorting 

Companies dealing in over- 
seas markets face marc prob- 
lems in making international 
calls. Calls to some countries 

Continued on Back Page 


JUL'UIUL-lTt Ml LUC JdLlCU 

of Cardinals will meet within c 
the next 20 days to elect the q WALL 
next Pope. . K 

Meanwhile, political leaders , 
from all over the world have c,ose - 
sent messages praising the m FORT) iv 
Pontiff’s efforts to promote world in 1hl 
pace. Pages 3 ami 12 “ 'Vr 


Racial code 


close. chemical plant to China although vears _ 

details, for the moment, are Mr L? said he thminhi thp 
• FORD MOTORS has sold more being withheld. target was possiblt-and c^uld be 

JtiiJr ' mmvth^Ar thn miir 10 At ^ °P enlll B today of his higher. In warm terras, he spoke 
!?K° tt { r i2?«SpSi! share talks “ Peking with the Chinese of the favourable conditions con- 
? i while Government, Mr. Edmund Dell, tributing to the further develop- 

ed achieved 6 per 'cent Trade Secretary, also proposed ment of Sino-British trade and 


£“ a ' t S 0 Figures i^uedbythe motor t^de * 

ment today on* abolition^af racial <Su?lSi J i ly TT . . . . . ,, . 

discrimination. The Land Tenure tfl'ICOI’IC’C 1 ^ 

Act preventing blacks from own, e SOVIET oil industry develop- ■ || >M LIJ F 

mg property in white residential nient WDU i d no t be hampered by J. . 

areas is expected to be repealed. the U-S _ decision to make all oU „ 

It is not dear if discrimination equipment sales to the USSR T T 

m education and health semces subject to special export licence, Tjl|" I I j Ar fi V| 

will also be abolished. Page 4 the Russian deputy oil minister M. XWM. WBMlJ 

„ . has aid. Back and Page Z 

Pi-em ler resigns . ^ internat10 nal ha. Br CHRIST,NE MOIR 

Dr. Hans Filbinger, Frime agreed terms with Barlow Rand . t . 

Minister of the West German for the sale of Reed's 63 per cent REPRESENTATIVES of several thought to he studying the state- 

state of Baden-Wuerttemberg stake . io the South African institutional investors in Allied meat made by the directors of 

has resigned, following claims packaging group Nampak. Back Breweries met last night to Allied in the 1976 report and 


pteebnaking equipment 
! Humphreys and Glasgow 
apparently has submitted plans 
for a fertiliser plant after- 
Chinese inquiries. 

1 British Petroleum has had talks 
i London with the Chinese on 
il exploration and development 


ied bid 



by results, take a look 
at Sanwa Bank. 


BY CHRISTINE MOIR 


that he administered “Nazi Page 

justice” as a judge during the 

second world war. Page 3 • COMMERCIAL UNION pre-tax 


discuss -certain aspects of the accounts when the company 
offer for J. Lyons and Company, sought and gained permission to 


tare issue which the Lyons* bid 
□tails. 

The spokesman added: “We 
iscussed this fully, and . we do 
bt believe that the bid would 


Allied does not need to seek increase the company’s autho- constitute an alteration - to the 


profits rose from £3S^m to f orma i shareholders' approval rise( l capital to £20 m. company's business. As 

Peace ports ffiKSj Si 'SHAS* ^VIS SSf 'rSTSSZ dir T 0TS 2? ree^JqS 

Tbe Seychelles Government is to underwriting losses and a rise of pany aas sufficient surplus parTo^sich increSf canted 

close the islands' ports to p m investment income. aut £ orised capital t0 fuifil the ^il be mTde wh°eh w5uld effS 

military vessels from any country Page 14 and Lex requirements of the offer for tively alter ... the nature of irs r ® rt there 

SlreDfi,h m • HOFFMANN.LA ROCHE, the rtbe^CaoyV, biin^itoout ^ intlTto pr^S 

the jnrnan ucedn. Swiss pharmaceutical company. One of the institutional prior approval of the company Hid ersley. Secretary fo 

is considering a site in south- managers said yesterday that it in general meeting." ^ consumer Protec 

Briefly • - - west Scotland on which to build was “good practice for com- a spokesman for Samuel ref« * any merger 

emu's new ambassador to Britain a £50o, 'P* U5 Vitamin C manu- panics to seek shareholders Montagu, Allied's financial Moi opolies Commission, 

n-aqs new ampaswout w di u m f-nnrinn nlsmi r»i> P 3» anoroval for a major move, even Mrivisore E »iH j ““ « i«L«_ n, 


rage i* ana i^x requirements of the offer for tively alter ... the nature of its rJ 

A HOFFMANN-LA ROCHE, the L y° ns - (the company's) business without whi 

Swiss pharmaceutical company. One of the institutional prior approval of the company 
is considering a site in south- managers said yesterday that it in general meeting." ^ 

west Scotland on which to build was “good practice for com- A spokesman for Samuel ref< 


mpany's business. As we said, 
tien the offer was made last 
•fie, we see the acquisition of 
« is as an extension to Allied’s 
is ness rather than, a change." 
Brt there has been criticism 
□i i a number of Labour MPs r 
h intend to press Mr. Roy 
a ersley. Secretary for Prices 
d Consumer Protection, to 
f« • any merger to the 


i Vt i?«Anw amid tieht facturing plant Back Page approval for a major move 

arrived at Healbro-v amid tight «=■ where ^ technicalities d 

security precautions. • BREAD prices are expected to require it." 

Loch Ness monster was rise by about lp a loaf tills week The institutions were 

“ sighted ” by an Inverness following cuts in trade discounts 
couple and their niece, by large bakers. Page 6 


approval for a major move, even advisers, said yesterday that Allied's shares rose lip yester- 
where the ^technicalities did. not there was no question of Allied da;^to S6p while Lyons fell 4p 
require it. calling a special meeting of to l33p against an. offer price 

The institutions were also shareholders to approve the ofl3Sp. 


CHIEF PRICE CHANGES YESTERDAY 

f Prices in pence unless otherwise Ptlkington 585 + 18 

* indicated) RHM 60J + 3} 


RISES: 

Assoc. Dairies 26{| + 8 


Racnl Electronics 
Robertson Foods 


292 + 13 
139 + 14 


Shaw Carpets ....... 57 -r 7j 


Barclays Bank 342 + 8 Slartrite 102 + 7 

Rassett' I G.l US + 9 Sun Alliance 574 1- 

Booker McConnell ... 294 + 10 Tube Invs 400 + 11 

Chapman (Balham) 83 + 8 Vinlen 17D + 8 

Dartmouth Invs. — 25 + 4 BP 850 + 11 

n«?C 203xd + » Shell Transport ... 565 + V. 

Gl^o 608 + 13 Siebens OJK) 410 + 2( 

Hardy Co. (F'sbrs) 39xd + fi Ultramar 274 + 1( 

Hawker Siddelcy ... 236 + 6 Bracken Mines 94J + 6j 

House of Fraser ... 163 + •” Doornrontein 347 + 21 

3.07 + 8 East Band Prop. ... 402 + 11 

T-psnev Products — < Sfi + fl Haoma Gold 57 + 4 

Lex Service 94i + 4j Leslie 65i + 3J 

London Brick 7S + 4 North West Muting... 48 + 4 

Man. Accy. & Music 9S + fi RTZ 23a + ^ 

Mav and Hassell ... 78 + S Union Corp. 302 _+ 6 

Pearl Assurance ... 268 + 12 Unisel. 221 + 17 


78 + S 
268+12 


Sun Alliance 574 + 14 

Tube Invs 400 + 10 

Vinlen 179 + 8 

BP 850 + IS 

Shell 'Transport ... 565 + 12 

h'tebens MJKt 410 + 20 

Ultramar 274 + 10 

Bracken Mines 94 J + 64 

Doornrontein 347 + 21 

East Band Prop. ... 402 + 17 

Haorna Gold 57 + 4 

Leslie 65i + 3} 

North West Muting... 48 + 4 


European news 2-3 

American news — 4 

Overseas news 4 

World trade news 5 

Home news — general 6-7 

— labour 8 


Difficult legacy left fay Pope 

Paul i 12 

Society Today: Americans* 

growing pessimism 13 

Soviet oil industry 2 


CONTENTS OF TODAY’S I! 

... 2-3 Technical page 9 

j Management page 9 

-* | 11. 

— M UK Companies 14-16 

.... 8 Mining 

FEATURES 

pe Third Cambodian purge ... 4 

... 12 Working Britain: Rebirth of 

its a legend 7 

... 13 Venture capitalists merge 
... 2 in Franee 9 


RTZ 235 + 5 


Union Corp. 
Unisel. 


302 + 6 
221 H- 17 


Appointments Advts. 

Business Oppts. 

Crossword 

Entertainment Guide 

European Opts 

FT-Actuaries Indices 
Letters 


iZts»~:E=z i Etta-* 'I 

Men and Matters ... 12 wither . 

Radna — 10 World Vaiu 

Shara Information ... 3MS «w%,£ e * E - 
Stock Bnh. Report 22 interim erarruBHl 
TodWs Eoeot, ..... a 

For latest Share Index 'phone 01-246 8026 


■ Companies - -18-19 

markets 18 

seag Markets — 18 

ey and Exchanges 17 

aing, raw materials — 21 
stock mariuet 22 


n and Video: Aftermath 
f An nan 10 

il Oil cool on Baltimore 
ftnyon . 19 

I PROSPECTUS 

g ChuthSortey Invests. M. 

§ ANNUAL STATEMENTS 
» ■ Oldler-Werlaj AC ... t 

EnsBsA Cart CJOttu - M 

s Tlnni Electrical lusL ' W ' 


Sanwa Bank has used its 
considerable reiaiJ banking 
experience for the expansion 
of its domestic network— 220 
branches in lapan— as the basis 
of its corporate philosophy since 4fioa 
1933. We have been steadily 
expanding Ihe range of our 
. international client services ever 
since we opened our First overseas 
office in San Framasco lu JU53, 

Sanwa Bank now has nine branches, 
nine representative offices and eighteen • 
subsidiaries and affiliates overseas offering 
a range of services from foreign exchange 
and the guaranteeing of overseas- bonds lo 
the provision of loans to corporations and 
foreign governments. 

If you rp looking for a way into Japan, 
keep Sanwa Bank in. mind. We offer an 
exceptionally steady growth record, all the 
strength and experience of a long-established, 
home base, plus a freshness of approach 
lo international banking that is reflected 
throughout our overseas network. We look . 
forward to dealing with you. 



FINANCIAL HIGHLIGHTS (March 31.1978) 

»■■ mrilionr; in millin' 

AT THE YEAR END of yen <*usS 

Toul Assort VII. 148.683 550,140 

Deposits 7,894,361 35.504 

Loam ind Bills 

Discounted .... V.6.466.083 29.081 

PiKtvp Capita S9, 100 401 

FOR THE YEAR ENDED 

Operating Income 624.590 3.809 

OpefJtinv Expenses S7J.739 2,576 

Operating Profits 51,851 233 

Ner Profits 

{Before Taxi 55.3E0 251 

fY«rt amoanti an - torw»ri.\J mi n UA. «Wiors « rtu mic 

ofV2223Saso(Hard»JI. 1978J 


A SANWA BANK 

Tokyo, Osa^ and 220 oft ic« in'Japdn 

Lornkf Branch: 31-45, Gresham Sfre-r, London EC2V 7ED TEL‘1011 606-6101 

3r,L, ' ,| • Lwi* 1 " ECJV <07. TEI.I0J} 638-4 TJ7 
■ T 45 Lejrtr-nhall S:r WI . London EC3V 4tiT TCL-fOII fi3S-*T}7 
A Wd -Umwiw* Bank (Ui<am«tiqnBll Co.nhill, London EC3V 3KD TEL.lOp 623-SKI 

INTERNATIONAL HEAOOUABTER3: Toll vd- l.r.i 

Chieego, Now Vjr K Houiwn. Tflranta. PjnoniTsL * 0aW3nd -.^* ranK ' nte, r J 5*. Unman Vim, L* Angoics, * 






2 


Financial Times Tuesday August S 1978 


July 1978 


This announcement appears 
as a matter of record only. 


If EUROPEAN NEWS 


THE SOVIET OIL INDUSTRY 




INSTITUTO DE CREDITO ORCIAL 

ICO 

Spain 

US$150,000,000 

Ten Year Loan 


managed by 

WESTDEUTSCHE LANDESBANK 

GIROZENTRALE 


BANCO ARABE ESPANOL, S.A. 

CITICORP INTERNATIONAL GROUP 

NATIONAL WESTMINSTER BANK 
LIMITED 


Co-managed by 


BANKERS TRUST INTERNATIONAL 
LIMITED 

CREDIT LYONNAIS 
THE FUJI BANK, LIMITED 
THE TOKAI BANK, LIMITED 

provided by 

ASSOCIATED JAPANESE BANK 
(INTERNATIONAL) LIMITED 

BANCO ARABE ESPANOL, S.A. 

BANKERS TRUST COMPANY 

THE BANK OF YOKOHAMA LIMITED 

BANOUE FRANCO ALLEMANDE S.A. 

BANQUE NORDEUROPE S.A. 

BFG LUXEMBURG. S.A. 

CITIBANK, N. A. 

CONTINENTAL ILLINOIS NATIONAL 
BANK AND TRUST COMPANY OF CHICAGO 

CREDIT LYONNAIS 

THE DAI-ICHI KANGYO BANK. LIMITED 

DAI-1CH1 KANGYO BANK (SCHWEIZ) AG 

THE DAIWA BANK LIMITED 

THE FUJI BANK, LIMITED 

THE INDUSTRIAL BANK OF JAPAN. LIMITED 

INTERNATIONALE GENOSSENSCH AFTSBANK AG 

INTERNATIONAL WESTMINSTER BANK 
LIMITED 


BANK FOR GEMEINWIRTSCHAFT 
AKT1 ENGESELLSCH AFT 

MORGAN GUARANTY TRUST COMPANY 
OF NEW YORK 

THE SUMITOMO BANK, LIMITED ' v 


CONTINENTAL ILLINOIS LIMITED 

THE DAMCHJ KANGYO BANK, LIMITED 

THE LONG-TERM CREDIT BANK 
OF JAPAN, LIMITED 

TORONTO DOMINION BANK 


THE LONG-TERM CREDIT BANK 
OF JAPAN. LIMITED 

MITSUBISHI BANK (EUROPE) SA 
THE MITSUI BANK LTD. 

THE MITSUI TRUST AND BANKING 
COMPANY, LIMITED 

MORGAN GUARANTY TRUST COMPANY 
OF NEW YORK 

THE NATIONAL BANK OF KUWAIT SAK 
THE NIPPON CREDIT BANK, LTD. 

PROVINCIAL BANK OF CANADA 
(INTERNATIONAL) LIMITED 

THE S A ITAMA BANK, LTD. 

.. THE SANWA BANK LTD. 

SOFIS LIMITED 

THE SUMITOMO BANK, LIMITED 

THE TOKAI BANK, LIMITED 

TORONTO DOMINION BANK 

THE TOYO TRUST AND BANKING CO* LTD. 

WESTLB INTERNATIONAL SA. 


Agent 

WESTLB INTERNATIONAL SA 


Offshore expansion makes 
new technology necessary 

• BY ANTHONY ROBINSON, EAST EUROPEAN CORRESPONDENT, IN MOSCOW 





THE OFFICIAL Soviet Govern- 
ment response to President 
Carter's decision to put oil indus- 
try equipment under a special 
export -licence regime has been 
' to deny its possible effectiveness. 
But there is no attempt here to 
deny that considerable purchases 
of Western equipment and know- 
how will be needed to fulfil the 
next decade's ambitious oil and 
gas production targets. 

The Soviet view is that moch 
of the technology and equipment 
they require is also available 
from non-American sources, even 
though turning to alternative 
suppliers could mean accepting 
less than the very best tecE^ 
oology. 

The Soviet Union’s need to 
import substantial quantities of 
Western equipment is largely 
due to the sheer scale oF the 
Soviet exploration and produc- 
tion effort. But it also reflects 
the USSR's relative technical 
backwardness in areas like 
accurate deep seismic analysis, 
deep drilling 'techniques and 
equipment, and off-shore tech- 
nology. 

This technology gap exists 
largely because most of the ex- 
pansion of the oil and gas indus- 
try up to the later 1960s was con- 
centrated on large and relatively 
accessible on-shore fields like the 
Urals-Volga. Here technology 
was developed to exploit. oil and 
gas from relatively shallow 
hard-rock formations. 

But the expansion eastwards 
into Siberia and the existence of 
large potential oil deposits in in- 
land sea areas like the Caspian 
and off-shore areas like the 
Barents Sea and off Sakhalin 
Island in the Far East have 
created a big need for both deep 
drilling and off-shore technology. 
They have also made necessary 
sophisticated gas injection 
recovery methods, pumping tech- 
niques and large dimension steel 
pipes. 

In spite of these shortcomings, 
and the enormous difficulties of 
producing and transporting oil 
and gas in the harsh Siberian 
environment the Soviet industry 
is still on line to fulfil its target 


of producing 620640m tonnes of 
oil a year by 1980, compared with 
546m tonnes last year, Mr, 
.Takoyev said. 

A key role in achieving this 
target is being played by the oil 
fields in Western .Siberia, . and 
especially the giant Samotlor 
field. According to Mr. Takoyev, 
output from the Samotlor field 
was 112m tonnes in 1977. and is 
scheduled to rise to 140m tonnes 
in 1978. 

The latest Soviet estimate for 
output from the West Siberia oil-, 
fields as a whole in 1980 has been 
increased to 315m tonnes as com- 
pared with the 300-310m tonnes 
projected in the current Five 
Year Plan. Production of 350m 
tonnes Is expected from the West 
Siberia oilfields by 1985, Mr. 
Takoyev. added by way of refut- 
ing last year's controversial CIA 
report which predicted an early 
peaking and subsequent sharp 
decline of output from this area. 

In the Caspian Sea, where' up 
to now off-shore production has 
been limited mainly to the shal- 
low continental shelf, one Dutch- 
built and two Soviet-built jack-up 
rigs, capable of operating . at 
depths of up to 75-80 metres are 
in operation. The first Sqviet- 
built semi-submersible rig cap- 
able of operating in up to 250 
meters and drilling to 6,000 
metres is now expected to be 
ready to start operation early in 
1979. A second Finmsfa-Americau 
semi-submersible is being 
assembled at Astrakha. 

Offshore production of oil and 
condensate in the Caspian totals 
11m tonnes so far. and by the 
end of 1980 five jack-up tigs and 
three semi-submerslbles are 
expected to be in operation to 
boost production considerably, 
Mr. Takayer added. 

Foreign companies, including 
BP, Wimpey, Brown and Roote. 
McDermott and Japanese and 
French companies are currently 
awaiting a -decision From the 
Ministry of Foreign Trade which 
is shortly expected to award a 
new contract for off-shore drilling 
technology in the Caspian. 

But the Soviet Union is also 
planning extensive co-operation 


with Comecon countries, particu- 
larly Romania. East Germany and 
Poland, which hare extensive 
shipbuilding capacity, in the 
exploration and exploitation of 
the ice-covered Barents Sea and 
other Arctic sea areas. This is 
an area where BP’s combination 
of North Sea and Alaskan north 

slope experience is also, believed 
to be of particular interest to the 
Soviet industry. 

According to Mr. Takoyev, geo- 
physical research so far in the 

Barents Sea shows “ a good struc- 
ture very rich in hydrocarbons 
at a depth of around 3,000-3,100 
metres." But exploratory drill- 
ing on an off-shore island in the 
sea has not yet reached the levels 
at which the oil deposits arc pre- 
sumed to exist. 

The industry also holds out 
good prospects for the East 
Siberian fields where some 
Soviet geologists believe there 
are more than likely to be ex- 
tensive gas deposits, while others 
believe that seismic studies so 
far indicate large and balanced 
deposits of both oil and gas, 
according to Mr. Takoyev. 

On the subject of Comecon co- 
operation in the energy field, 
which was one of the major 
topics for discussion at the re- 
cent Comecon summit in 
Bucharest, Mr. Takoyev said 
there are now several long-term 
agreements lasting into ' the 
1990’s. These cover co-operation 
in off-shore exploration, down- 
hole instruments, surface instal- 
lations. pipelines and scientific 
and technological research into 
enhanced oil recovery and other 
fields. He also indicated that 
Soviet supplies of oil and gas to 
Comecon “ would not be less than 
now” during the next Five-Year 
Plan. 

Delivery targets for the next 
Five-Year Plan have not yet been 
fixed and were in any case a 
matter for the competance of 
Gosplan and the Foreign Trade 
Ministry, not the Oil Ministry, 
he added. 

Mr. Takoyev made clear, how- 
ever that in general Soviet policy 
was to encourage the develop- 
ment of new indigenous gas finds 


i 

„■ x *i* ** ■ 






mm 


A drill rig £n Siberia, with 
enclosed work space to pngnt 
workers from the t- 50°C 
temperatures. 

in some Comecon countries, anil 
the expansion of their coal; lig- 
nite and other energy sources. 
The USSR also wanted tii fur- 
ther greater fuel economy, ami 
increased trade and co-operation 
with oil-producing countries out- 
side the Soviet Bloc. . ' 
The implication is that 
although Soviet energy ship- 
ments tn other Comecon coun- 
tries will not fall in quantitive 
terms, Soviet oil and gas will 
satisfy a decreasing percentage 
of Comecon 's overall,, rising 
energy needs. ’ 

This would leave the' Soviet 
Union free to export whatever 
surpluses it can manage to pro- 
duce in the 19S0s to the hard- 
currency are:* from which it still 
believes it will be able to obtain 
the technological assistance it 
requires. , ; ' 


i 


r 





The NorthemTrust Bank 

- The 3S[or&em Trust Company •; • Established 1889 • . Member F.D.I.C. ; 

CONSOLIDATED STATEMENT OF CONDITION 

Jun$ 30, 1978 


AU of these securities having beat sold, tins announcement appears solely for purposes of information. 


NEW ISSUE 


August 7,: 


$200,000,000 

CITICORP 

o 

Floating Rate Notes Due 1998 

Interest Rate through February 28, 1979 at 9% 


Goldman, Sachs & Go. A 

Bache Halsey Stuart Shields 

lunirpuriitctl 

Donaldson, Lufkin & Jenrette 

!*«curltlm Corporal ion 

Keefe, Bruyette & Woods, Lie. 
Lehman Brothers Kuhn Loeb 

Incorporated 

M. A. Scbapiro & Co., Inc. 
Wertheim & Co., Inc. 

L.F. Rothschild, Unterfaerg, Towbin 
ABD Securities Corporation 


The First Boston Corporation 
Merrill Lynch White Weld Capital Markets Group 

XtorrUl loach, Pierrn, Penaer it Smith Incorporated. 

Bfyth Eastman Dillon & Co. 

Incorporated 

DrcxeJ Burnham Lambert 

Incorporated 

Kidder, Peabody & Co. 

Incorporated 

Loeb Rhoades, Homblower & Co. Pa 


Salomon Brothers 
Dillon, Read & Go. Inc. 
E.F. Hutton & Company Inc. 
Lazsrd Frferes & Go. 


Smith Barney, Harris Cpham & Co. 

Incorporated 

Dean Witter Reynolds Inc. 


Basle Securities Corporation 


Paine, Webber, Jackson & Curtis 

nxconraratedi 

Warburg Paribas Becker 

Incorporated 

Bear, Stearns & Co. 
Shearson Hayden Stone Inc. 
Darwa Securities America Ia& 


EuroPartners Securities Corporation Robert Fleming Klein wort Benson New Court Securities Corporation 

Incorporated Incorporated 

The Nikko Securities Co. Nomura Securities International, Inc, Scandinavian Securities Corporation 

International, Inc. 

SoGea-Swiss International Corporation Yamaichi International (America) 5 Inc, Banque Nationale de Paris 


Bayerische Yereinsbank 


Berliner Handels- und Frankfurter Bank 


Credit Suisse White Weld 

Limited 

Pierson, Heldriog & Pierson N.Y. 

New Japan Securities International Inc. 
Nippon Kangyo Kakumara International) Lie. 


Creditanstalt-Bankrerein 

Privatbankea 

AkUnaclflknb 


Caisse des D£pdts et Consignations 
Morgan .Grenfell & Go. 

Limited 

Westdenfsche Landesbank Girtaentrale 
Tflirafm International Corporation 
Sanyo Securities America Inc. 


THE DIRECTORS 


JOHN A. BARR 

Dean Emeritus 

Graduate School of Management 
I^orthweatem University 

CHARLES H. BARROW 
Senior Executive Vice President 
Northern Trust Corporation 
The Northern Trust Company 

EARL D. BAYS 

Chairman 

American Hospital Supply CarparatitHr 

SILAS S.CATHCART 

. Chairman 
HUnoia Tool Works Ina 

JAMES W.COZAD 

Vice President, Finance 
Standard Oil Cn mpnny{TiiA'Mm ) 

ALBERTS. DICE m 

Chairman 

A-B . Dick Company 

WESLEY M. DIXON. JR. . 

Vice Chairman 
G.D.Searle&Co. 

EDWARD S. DONNELL 

Chairman and President 
Montgomery Ward.* Co, 

Incorporated 

DOUGLAS ft FULLER 
Retired Vice Chairman 
Northern Trust Corporation 
The Northern Trust Company 

CHARLES W-LAKE, JR. 

Chairman and President 

K- 1L Donnelley & Sons Company 1 

WTLLIAM G. MITCHELL 
President 

Cent ral T elephone & Utilities 
Corporation 

JOHN S.REED 

Chairman 

Santa Fe Industries, las. 

G ILBER T fl. SCRIBNER, JR. 

Chairman 
Scribner & Co. 

EDWARD BYRON S MITH 
Chairman of the Board 
Northern, Trust Corporation 

HAROLD BYRON SMITH, .TR. 
President 

Illinois Toolworks Inc. 

E. NORMAN STAUB 
Vice Chairman 
Northern Trust Corporation.- 
Chairman oft he Board 
The Northern Trust Company 

PHILIP W.K. SWEET, JR. 

President 

Northern Trust Corporation 
The Northern. Trust Company 

OMER G. VOSS 

Director and Retired Vice Chairman ■ 
Tnt f maHtmal Hary npgfj^-f^rnpany 


Cash and Due from Banks 

Securities 

XI. S/Govemment a 

Federal Agency and Other 

Obligations of States and Political Subdivisions. 

Trading Account 

Money Market Assets 
Federal Funds Sold and Securities 
Purchased under. Agreements 3b Besell .... . 

Other Domestic........ 

Foreign Offices....... 

Loans 

Reserve for Possible Loan Losses 

Buildings and Equipment 

Other Assets 

TOTAL 


$ 567,848,000 

522.760.000 
8,160,000 

358.265.000 

145.843.000 


189.150.000 

297.764.000 

492.103.000 
1,718,757,000 

.(25ja84JQ0Q) 
87,844,000 
. 88, life, 000 
$4,451,019,000 


LIABILITIES 

Deposits 

Demand. 

Savings 

Other Time 

Foreign Offices 

Total Deposits 

Federal Funds Purchased and Other 

Borrowings 

Accrued Taxes and Other Expenses ... 

Other liabilities 

Long-Term Notes. 

Total liabilities...... ...... 


STOCKHOLDER’S EQUITY 
Capital Stock— $20 Par Value ..... 

Surplus... 

Undivided Profits 

Reserve for Contingencies ........ 

Tatal Stockholders Equity 


TOTAL 


$i, 113, 095, 000 

815.584.000 

660.595.000 

776.274.000 
$3,365,548,000 

708.419.000 

66.950.000 

27.976.000 
50,000,000 

$4,218,893,000 


$ 66,000,000 
101,000,000 
40,126,000 
25,000,000 
232,126,000 
$4,451,019,000 




The Northern Trust Comnanv 

Wholly-owned subsidiary of Northern Truisi Corporation 
Main Offices; 50 South La Salle Street at Monroe 
Chicago, Illinois 60675 (312) 630-6000 
• Banking Comer at the Northern Building: 125 South Waeker. 

at Adams, Chicago, Illinois 60675 (312) 630-0000 
Bond Representative Office: New York ’ 

■ International Branches: London, Hong Kong, Cayman Islands 


The Northern Trust international B anking Corporation; New York 
Northern Trust Xnterainerican Bank* Miami ‘ 

Wholly-owned subsidiaries of The Northern Trust Company' 


London Branch, 38 Lombard Street, London E.C. 3, England 
Phone:623-1101 Telex- 884641 NORTRUST LDN 






1 


tf > 
- ?*■; 


: % 
J 


***, 
“ Mu* 5 



■r JONATHAN CARR 


I>Ri HAN5' : Fffl$HlgE?v_ tttet Prime 
Minister of .w^mt German- 
State Bada^nerttemberg, 
today amtoeefcfcfs resignation 
foUowiag a .*84&ftsa<»g barrage 
of criticism -of his activities as a- 
naval judge 1 toyttfdr.'the. end. of 
the Second V^iWar .; 1 - 

In biUer commentsld reporters- 

7 ir . VnKiwHM 1 04 . - 


Dr. F Whinger, aged- said ' be 
bad been done a grave injustice 
— thal be- was * tbe .- victim, of a 
defamation . 'campaign ; unparalied' 
in Federal - German history. ...-’* 

Pressure on him . to .step-, down 
—even from within =iis T -,Own 
Christian;. Democrat (C3>U& party 
—rbecame OverwhfeJixung folle-w- 
ing revelations -of' -death-* sen 1 
fences _laf passed ; on. deserters: 
when servingr-as - a- ravaL staff - 
judge hr Nofcvreyvin. 1945. .. - 

. Initially he- -admitted to being . 
involved . "in " only ‘-one case;, but 
later details ' of ' others emerged 
whose' authenticity Jbe. did' not 
dispute. . . . .. .f . . • ■ -y' . - 

Dr. Fil bugger noted that he lad 
been under drderftrrHmd that ie 
had on occasion been .able to use 
his influence to obtain remission 
of sentences. In' the last few 
months he' has constantly iiiid" he"; 
had been the victim of a cam-* 
paign of extreme' Left-wing 
circles. : j.. . . . - - x - 

. His decision -.to resign ' brings 
to a close a -12-year' career as. a 
Government leader, during which 
he further, strengthened Baden- 
Wuerttemberg’s ppsaiod as. a' key . 
CDU bastion. At . "the'" last State 
elections lh 1976, the CDU gained 


nearly 37 per cent o£ _the vote — 
i^ihst oifly-33- p^;eent for the 
■ main oppos ition- party, the Social 
Democrats -tW® JO . -. • : ‘ v .- 

~ There is,s8 ; far.- bo firm word 
on a successor, possibilities io- 
cluda Upstate Interior Minister, 
‘ Heir Lothar Spaeth, and the Lord 
Mayor of Stuttgart, pj^ Manf r e d 
Rommeh son of . the waxtHne field 
marshal foreed ; by ;W Nazis to 
commit: suica3e- ? /~ “ 

' . At'. the ia»»diate.;pdrty poli- 
! tical level, jDr. JUbiriger has had 
to agree •• toi step jdown .because 
. of . a .massive decltag hi . support 
within. the ! r a nk^ |mf.. his own 
'party, ■ 


When flnt deta^ of a death 


■ sentenced he' fbad L ^ 
revealed in -an' art 
_rufflCT -this year - $ 
wright, Herr Rolf §0 
of the £DU state } 
CDU leadership- W8 
support .DrivFS^Su 
public critidsxL? 4 '-'? 
•. As other, cases'*^ 


a$sed were 
pie in Feb- 
pthe play- 
jfthnth. most 
i&i “.federal 
* ready to 
feragainst 


As iofher. case^ejfifetged CDU 
fears z grew~ would 

seriousbrbarm^he^P^tv.'batlon- 

ally— partieolari}£ : state 


'elections In Hies® 
tbis'Octoberr .piB 
tried to fensuif.x 
have fteed.a'-no^ 
from' his par&>; ^ 
".. ■Beyond thls./t? 
affair ” " ' has -.i.'iS 
passions in 
ment. with axgfe&t 
once again 
moral guilt fo«p 
under the Naziij& 


■ Bavaria 
lUbinger 
(tht well 
ace vote 


^THlblnser 
intense 
^njp'irf parlia- 
im^Jcentreinp: 
itfffigflestion of 
S^peeds done 


French radical leadegnay 
lead unemployment il|dy 


BY DAVID WHITE 


THE JUNIOR .of . the three the. 1 President ;%3 B 
parties hi France’s _6ne-tiine " M_ ; Fabre was - dij 
Union of the Left, ^the Left Wing bv reactions -- nf| 
Radicals,, has oeea spUt by wingers aud desrajS 
President Giscard '*'• d'Estiing’s. as proof that fh£d 
proposing a special 1 mission : to unhappy with the^ 
M. Robert Fabre, a'fopnder and . record on employmj 
its leader at the March, general He would, he S 
election. - '--."V V full information^ 

The party’s central "committee 


pis part, 
^grieved" 
her Left- 
l.fhe move 
adent was 
rtrnmenfs 


, 'demand 


e giving 
to the 


23LJ** : ^ - 

problem-. ■. cTEstaing -since- ti 


M. Michel Crepe an. who: re- after the election, wa ato lassible 
placed MiTabrSeas Jejrde't. after * The Communist P®h,%lways 
the Left's -poll- idefe»^ raaSd he di^uissiye t/S- M/,FggCT.iiaa come 
was “ grieved , ’ A by his pre>-T Out with the afrongeat invective 
decesaor’s rapprodiement with about the propoptyf mission. \ 


it would 
itionship 
l and the 
^Giscard 
I afc days 
i^sible 
E,%lways 
|as come 


ISTANBUL, August 7. 
MR. BULENT ECL'VIT, the 
Turkish Prime Minister today 
criticised developed countries' 
and International- . ■ finance 
- organisations for imposing 
restrictions on the economies 
of underdeveloped . - nations, 
which could lead ' to political 
upheaval. 

“ Countries and institutions 
allocating credits usually force 
tbe economies^ of under- 
developed countries: to stagna- 
tion In the " name of 
‘stability,’” said Mr. Eeevit. 
But he claimed that, developing 
countries could only achieve 
development through 
“ dynamic stability.” . 

Enforcing - f stagnant 
stability,” he said, eoold result 
in widening the gap between 
developed and . developing 
countries, as well as sodhl and 
political upheavals / due to 
slower development or -higher 
unemployment. 

Such “ upheavals could 
increase the tendencies to 
establish autocratic regimes.” 

• Mr. Ecevifs words clearly 
referred to conditions in 
Turkey and reflected his fears 
about iL - ; 

Turkey's economic condition 
has foreed Mr. "Ecevit’s 
administration to adopt a 
stabilisation programme which 
is leading to stagnation. Tbe 
programme bas been formu- 
lated in consultation with the 
IMF. which signed a stand-by 
agreement with Turkey. 

Mr. Ecevlt also condemned 
multinational companies, 
which, be said. “ are not at 
ease with democracy even in 
their mother countries. They, 
tend .to move away from 
labour-intensive industries in 
their mother countries, where 
labour rights care protected 
by democratic regimes, and 
ingfaTf - . them In countries 
where authoritarian regimes 
kee pwages at low levels.” . 

Mr. Ecevlt was -speaking 
before th eopening session of 
the seminar in Istanbul on 
the “new international 
economic order” attended by 
representatives of a number of 
underdeveloped nations. The 
five-day seminar will examine 
tbe “balance sheet of four 
years” • since' the special 
session of the UN General 
Assembly in 1974. 

Mr. Ecevlt suggested some 
prerequisites . to- . help \the 
underdeveloped nations break 
out of their “vicious circles.” 


Mourners flock to palace as Pope Paul lies in state 


BY PAUL BETTS 


ROME. August 


THOUSANDS OF pilgrims 
flockedtoday to the Papal palace 
of Castel Gandolfo, near Rome, 
where Pope Paul VI died last, 
night, aged 80, .after a- heart, 
attack while attending mass in 
bed. All public buildings in Rozae- 
flew flags at half mast today. ■ 
The French Cardinal Jean Vil- 
lot, .the Vatican Secretary of 
State, took interim control of 
the daily administration of 
church affairs. A council of car- 
dinals currently present in Rome 
are now to organise .the Con*: 


clave, which must take place 
within th next 20 days, to elect 
the* new Pope. 

While Pope Paul’s papal ring 
and seal were smashed today fol- 
lowing Church tradition, there 
Was already speculation here over 
his possible successor. 

-- The general view here is that 
the Sacred College of Cardinals 
is. : expected lo elect another 
Italian pope, although the voice 
of the Italian cardinals within 
the. conclave has been sbarply 
ent back. 

Among tbe most likely candi- 


dates is Cardinal Sergio Pigne- 
doli. an intimate friend of Pope 
Paul and his close adviser when 
he was Archbishop of Milan. 

Cardinal Pignedoli is also 
president of the Vatican’s sec- 
retariat for non-Christian affairs 
and hence could win the support 
of Third World representatives 
of tbe Sacred College. 

Pope Paul's body, in Red Papal 
vestments, lay today in the 
second floor “Swiss Hall” of 
Castel Gandolfo. the Pope’s 
summer residence. The body 
will be moved to SL Peter’s in 


Rome on Wednesday and will be 
buried in tbe crypt after a 
funeral service on Saturday. 

Messages of sympathy from 
throughout the world reached 
Rome today. The new Italian 
President, Sig. Sandro Pertini. 
who only last week officially 
called od the Pope, expressed the 
nation’s deepest sorrow, as did 
the Communist President of the 
Italian Chamber of Deputies, Sig. 
Pietro In gran. 

Pope Paul’s health had been 
reported to be frail but his death 
following a cardiac arrest last 


night tnnk Italy by surprise. 
During his Easter address, how- 
ever. Pope Paul had spoken 
about his detenu ratio -4 cundiliun. 

Pope Paul’s reign was 
generally regarded as a tra na- 
tional phase in the Human Catho- 
lic Church. Pope Paul aimed 
above all at consolidating the 
innovative and progressive re- 
forms t«r Pope John XXV1M. 

His succession is now expected 
to provide u clue to the way the 
Catholic Church intends to mme 
and to adapt it-.clf lo a mudern 
wurfd and a changing society. 


Child dies 
in Dutch 
polio outbreak 


Eancs to meet political leaders I p * 0 dircctor 


BY JIMMY BURNS 


LISBON, August 7. 


By Charles Batchelor 

-AMSTERDAM, August 7.- 
AN OUTBREAK -of polio which 
bas affected nearly 100 member* 
of strict communities ' in 
Holland opposed to vaccination 
on religious grounds has claimed 
its first fatality. A three-month- 
old baby girl from the village 
of Meliskerke in . south western 
Holland died of polio, the Health 
Ministry said. Tbe child died on 
June 28 but tbe death has only 
now been attributed to polio. T 
The .number of confirmed 
eases since the outbreak began in 
April has now risen to 96. The 
health authorities are convinced 
the worst of tbe epidemic is now 
over r hoWever and say that new 
cases being discovered contracted 
the disease some time ago 


ALTHOUGH the deadline set by 
-President Ramalho Eanes last 
week for tbe solution of Portu- 
gal's political crisis expired to- 
day, the country remains with- 
out a Prime Minister and Gov- 
ernment. 

\ The President was due to 
meet the main political leaders, 
including Dr. Ma/io Soares, tbe 
former Prime Minister, tonight 
to present what is believed to be 
a list of possible candidates for 
tire premiership. 

., It is thought that the post 
'jvjti go to a moderate socialist 
mither than to a military man 
tuf -suggested earlier. The Presi- 
dent is believed to be keen on 
earning the aggressive attitudes 
adapted by the Socialist Party 
afler its public rejection of the 
pfcidential ultimatum last 


As leader of .the Socialist 
Party, Dr. Soares has already 
made plain his disapproval of 
the possible appointment of a 
military man to head the next 
Government Dr. Soares said 
that the appointment would put 
too much power in the bands of 
the armed forces. The President 
fs a General and is advised by 
the military Council of the Re- 
volution, a body empowered to 
veto future Government legis- 
lation. 

Almost lost In the general 
political confusion is the fact 
that a nationwide strike by 
Portugal’s 8,000 merchant sea- 
men, has now entered its fourth 
week. The strike is continuing 
because of the refusal of Ministry 
oF Labour officials to sign . a 
collective wage agreement. They 
say that they are no longer 


empowered to do so. 

The strike threatens to affect 
fuel supplies to the important 
tourist region of the Algarve. It 
may also disrupt food supplies 
to the Azores and Madeira. The 
seamen are demanding an 
increase of 19 per cent and 
improved conditions. 

Portugal's hotel workers, who 
went on strike earlier tiiis 
month, may soon stop work 
again. The earlier stoppage was 
70 per cent effective in some 
parts of the country and com- 
plete in a number of major! 
hotels. j 

The latest bout of labour mili- 
tancy is believed to be part of 
a reminder by the Communist 
Party that it is still a fnree to 
he reckoned with, and that ihe 
President cannot ignore it in any 
political solution. 


seeks shipping 
diversification 


By Lynton McLain 
WORLD SHIPYARDS should con- 


centrate on building “non-com- 


mercial shipping." including 
small vessels for coastal trades, 
fishing and oil protection. Mr. 
Sandy Marshall. managing 
director of P & O said in Norway 
yesterday. 

Mr. Alarshall spoke at the 
launch of the Ragni Berg motor 
vessel from the Dram men ship- 
yard. lie criticised the British 
Government for its short-sighted 
measures providing “give-away 
ships” for Poland arid other, 
developing nations. This only 
postponed a reduction in 
Britain’s shipbuilding capacity. 

He said the problems in 
the shipyards were severe, but 
subsidies were unproductive. 






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■ lllfeeyea^^fe we sold our 'small ^ manufacturing 
/interest to or^bf our leading competitors ioihe truck field. 
.\#e-did this siihatwe could-copcentfate alt our talents into 
xprbducing tr^s - and nothing ^Ise. ; . 

^believed^hattime, and still do, that too many truck 

too many fingersin too many pies . . . ■ 

the resuit, sul>stancferci trucks wltfv4ob-standard back-up service. . 




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Well, last year saw omr best ever profi|situation with market penetration, increasing 

lii Great Britain. a'reeord rnimberof f ... - .jggbEl 
t_ruGksweresold..DU : sh[na- DAF Trucks!. 7 -■ . . wkkUfSa 

tirmly into'thenumtertwo importer ■ *=£«r ~' ^ ■ | 

position in the heavylruck sector. , ' 




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Thisis our Golden Jubilee year , .. . ^6 

and we now look forward to the next 50 years. 


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DAF Truc^,(GB) Ltd.; Marlow, Buckinghamshire SL7 1 Lw. 
Tei: Mari6wt06284} 6955. Telex: 848489, ; : , .. . - 


II 







Financial Times Tuesday August 8 1978 



News 



AMERICAN NEWS 



Rhodesia 


racism 


statement 

expected 


Japan and China could 
settle treaty terms soon 


BY ROBERT WOOD 


TOKYO, August 7. 


SALISBURY, August 7. 


vXUCCtvil MR SUN' AO SONODA. the statement of opposition to hege- on the basis of this treaty are not 

* .la pa nest; Foreign Minister, hopes niony, they are reluctadt to directed against a third country. 

to compile negotiations for a accede to the Japanese proposal. (Or countries— the singular and 
By Tony Hawkins ce ; , n d friendship treaty In working-level talks last plural in Oriental languages are 

between .lapan and China in week, the two sides agreed that the same.) 

SALISBURY, August 7. talks beginning in Peking the treaty would Include an The Chinese side was reported 
i tomorrow. “anti-hegemony clause;* but also' anxious to ehange the phrase 

I . , some kind of clause minimising “any particular third country” 

FKODESLYS TRANSITIONAL I Lowef-I^j ; a t OI ?ha ve con- the •implications for a i n the Japanese version to simply 

Government is tu make a major Chinese ne^ouatore nave con COUQtry or countries. The “ a third country” 

statement on the abolition of sidcrabl.v narrow ea umeren^ negotiati0Q5 „ow centre on what Japan is vulnerable to Soviet 

racial discrimination tomorrow, over two controversy iproposea ^ manA clause ^ Tbey pressure because its fishing fleet 

This was announced today by clauses <n the treaqr, e were complicated on Sunday depends on catches within the 

Mr. Ian Smith, in the wake of * s stl1 * c ’' ni lUia ® 1 when a Chinese official told Russian 200-mile fishing zone, 

a public warning front Bishop between t.iuin. Japanese reporters the contents and because the Soviet Union 

Abel Muzorcwa on liis return China demands a clause stating 0 f China's version of the clause; bases a vast navy just north-west 
from Britain and America, that that both countries oppose but Mr. Takeo Fukuda, the of the Japanese islands. In an 
the interim Government's failure i attempts of any country to prime Minister, formally decided action believed related to the 


Stoppage 
threatens 
New York 
newspapers 


Poor performance of 
nuclear reactors 
to be investigated 


ECUADOR 


j llf * 




By John Wyles 

NEW YORK. August 7- 


BY DAVID FISHL.OCK. SCIENCE EDITOR 


A JOINT study over the next According to U.S. Generali 
year of the reliability of one of Electric, there are more than LL.ol 


By Santa Kendall in Quito 


Government is to make a major umnese third country or countries. The “ a third country.” 7 arn 

SSSSSm^SSS negotiations now ^ on what _ Japan |s vulnerable to .Soviet 


I me aim wm ue io niscover tor use as iue.v —■ , ■ th i n _; 

! wM e h geslen. manofactu rlne or Sludies Bf electricity W*m> J“ l IS 


me i merlin uovernment s rauure i attempts m any cumin • iu prime minister. lormany oeciaea acuon Deuevea reiatea to warning rrnes wuuiu w ww>«.<=- 7 — ~ y - — ~r~ roe process ui«iu. lu *. “‘J** ■ tribunal has Led to - anmilm nsiw 

jo move on racism was costing i achieve hegemony in the region, to send Mr. So no da to Peking treaty talks In Peking, the tomorrow unless agreement was the Swedish ^ S r oup AhEA- A tom. have not yet reached a steady | Thc , vote3 from the -whabTwr 
it support and friends inter-! Japan, fearing to offend the anyway. Russians indicated today that reached on a new contract Al- and the itauan group amn. state of performance. 1 Cotopaxi province and -wWa 


it support and friends inter-! Japan, fearing to offend the anyway. Russians indicated today that reached on a new contract Al- and the Italian group amn. state of performance. 1 Cotopaxi province and 

nationally. Soviet Unu-n. refuses to approve The Japanese version of the they would withhold signing an though negotiations are resuming | According to ur Bertram situation, it is now] other areas have been- cancel 

Today, the two tiers of ibe j such a clause unless the treaty proposed clause says: “ This agreement 0 n joint venture crab this afternoon in the presence of . WOIfe genera; rn^er ni the led mav be the reason why { causing consternation and claiS 

interim administration — the four-; contains ao additional clause treaty is not directed at any fishing. The decision meant that a red era l mediator, there are smaller plants appear to offer a ■ 0 f deliberate sabotage. " 

man Executive rr.uncil and the , stating that it is not aimed at particular third country." The crabbing by Japanese fishermen slim hopes of avoiding a stoppage! |« er S> P ro sra™mes aivision ai nerformance — plant size! But the military Govenun*,, 

iri-memi.'i.-r V. mi* tuna l commit- j any specific third country. Chinese version says: “Efforts in at least part of the Russian by the men who work the San Jose Cali forni^tte study esC a| E ,ted very rapidly since! has repeated asu ranees UuX 

kv— met in jurat session tu con-. since rlh -. Chinese certainly do io strengthen and develop the zone this summer would probably printing machines. .Smini J5n uSS He til the mid-1950s in the Quest for! result will be respected, and SI 

filler 1 he Siaumom. mean the Soviet Union in their two countries’ friendly relations be impossible. At a weekend meeting the Inmnanies The «tudv economies of scale. tribunal has promised tg ^5 

-ms J suruss • ■ 


Fraser sacks 


-JfiSSS Death toll rises in Fraser sacks 

are precluded iroiu owning pro- : 9 

pcriv in while residential areas CAIIIAr 

though they can do so in white _ 1TJ 8 i_r. oCIXIVrl. 

v-uss ,0 » new Beirut fighting . . . „ 

whether there will be any move |T|llT|§F0r 

1" cope '.viiji discrimination un BY IHSAN HIJAZI BEIRUT, August 7. . 

three crucial fronts— education. B y Qur Correspondent 

health and the military call-up. , . _ , . , ' 

The iikvk» are demanding the THE fierce clashes here last people were killed and 220 CANBERRA. August 7. 

ill! tiled 1 . ate repeal of racial laws night between Syrian troops of wounded in the night-long 

in reflect or schools and hospl- the Arab peace-keeping force fighting. THE Australian Prime Minister, 

tals while the white mu in hors uf * ,n d Gbrlstian militiamen have j n [ b e artillery exchanges in Mr. Malcolm Fraser, has been 
the ' coalition have told the reached a new degree of mien- predominantly Christian forced to dismiss one or his most 

Ah. - i can politicians that they urban warfare. quarters of East Beirut, the senior ministers following a 


BY IHSAN HIJAZI 


BEIRUT, August 7. 


senior 

minister 


At a weekend meeting the j flve compan jes. The study team economies of scale. ! tribunal has promised tg 

P- res ! S m® n em Pl°v®d bv P 16 New 0 f 21 senior engineers will be The research instilute hasjoew elections m areas of can. 

^ •P a ii y - an ^ 1 pin-pointing new components therefore said that the answer ! cellatmns, if these affect . 
the New York Post authorised and sys t ems which could improve mav lie in seeking those factors j ou 1 j£ t>,n ?- .... 

strike action and union leaders I th 0 ' verall performance of the which might accelerate the The lead ur the winner,. Sr. 

warned later that imposition of [plants. ■ . maturing of the technology. Roldas, is not likely. Ja 

new worts rules would result in H 0 be changed by the recount bm 

an immediate stoppage. the main Right-wing candiila& 


By Our Own Correspondent 

CANBERRA. August 7. 
THE Australian Prime Minister, 


All three newspapers are keen 
to reduce press room manning 
which, according to the New 
York Post today, is about twice 
as high as necessary. Many jobs 
have become superfluous since 
the introduction of new print- 
ing technology. The New York 


IMF sets stringent terms 
for Guyana credit 


BY OUR OWN CORRESPONDENT GEORGETOWN, August 7. 


Jaime Roldos.'is hot likely. ta 
be changed by the recount im 
the main Right-wing candidal* 
Sr. Sixto Durftn Bailin, hail m 
advantage of only. 19,000. or» 
the Liberal, Sr. Raul Clemente 
Huerta, for second place afia 
the unofficial tally df 90 per cent 
of the vote. Sr. Dur&h and Sr 
Huerta ure both claiming second 
place, and the consequent riebt 


'.tiiirtl prepare their >upporters 


sides brought in militias pounded Syrian troops scandal over electoral boun- 


fur a call-up thal embraces all j f^wnents and pounded each L , n trencbed at Rizk Tower — an un- daries. P ?«i ld ead P ate 1 * y l targets, Mr. Forbes Bl 

races and m*i jus I Hie whites, j olh .^T s s lrate?ic positions, while dn i s hed skyscraper with a com- Mr. Fraser notified the _ ... „ ri thp Prime Minister, has s 

co loiucdi. am! Asians. : were causht ,n Lhe inanding view of the eastern Governor-General, Sir Zelman Both the disoensed The targets include 

Observers here believe that iil 1 "^®- quarters. Cowen. tonight of his decision New \ork Pwt have awpensea ^ gr0v £ fa , n GD p 

will nol be nu>sible li» make «in\ - » . <?r n r ‘_ t ime. ^ 10 dismiss Senator Reginald with hot n«tal production and ? current 


b i .j U-Hh hm r.iAtni nrndupTinn and veal growtn in g uf over urn. 
io__ dismiss ^Senator Regmald I ijh h t 1 . P reducing the current account gap 


Mr. Burnham confirmed his campaign the need for nodal 


emphasised ihroughom 


children ^ nlSwn^T ..? 1 pnmlJt ! "5*5* n&i SlSiSlSf dS JSSr^muttSJSgi^mSns 


,vas not required to I change. But Sr. Roldos, who Is 
Guyana dollar. j expected to take the presidency 
s also received two if the second round is fahiy 


Negotiations with the press- 


ing commercial credit areears loans toiailing USSfini from the Tough!, would inherit an economy 
from eoE to £l5m. and increas- special fund uf the Organisation which would a low him limited 


m . J' hl,e a ™ :,s would t he radio said that as many as fid ChristTan areas.' 
merely create u chaotic situation 

without providing a significant 

increase in lhe number nr school o J ’ j • 

& 7 a Sudan reconciliation 

•schools and hospitals would 
have lo include a substantial 


he central hank V groo of Petroleum Exporting Coun- resources for meeting this -ebak 
n a^etf from £12m ^ tries to help finance a drainage lenge. 

The standby credit is and irrigation project, and for Conservative groups have 
provided with an additional balance of payments support, a ready reacted to Sr. Roldos's 
from the IMFs com- The loans are repayable over I Victory wilh a campaign te paiat 


lmpropnety in tne rearawmg oi i ‘■'' ■'-.r* -Tv--- ; -t £5 5m from the IMF’s com- ine *“ t « wmiwjm m j»iqi 

electorates in Queensland l»sl ll SJ? J a SnStoo’ Sandng facility. 10 ^ ^ - v ^ re vn,h ' an intercst h “i as an extremist while the 

year. 5S I P ^ Rornh am 8 sa id^ that rate of 4 per cent, per annum ! Marxist Loft accuses b, m of tepid 

Mr. George King, Guyana s i reformism. Unfairly referred 


•ni, report, due to be made £L2XPZ 


ment with the pressmen is Mr. Burnham said that 
reached, the newspapers’ desire although the amounts were not 


KHARTOUM. August 7. 


schools and hospitals would ry ai an darry kvirtotim whose portfolio involves respon- d ^ e 

have lo include a substantial BY ALAN DARBY KHARTOUM, August 7. sibility for the electoral office, tace a LUUBU w 

increase in schooling and hospt- MR. SAUIQ EL MAHDI. the for- prisoners. So far; by no means ^ I?, ^ • J !• 

tal fees to ration places and m er Prime Minister of Sudan all the oppositinn groups have £L pr ?R°“5 narae of 811 elec * PaV ^1110611116! 
be & 4 m , who was sentenced to death in been drawn into the reconcilia- t0 ^ itinn a 1 RUlWlUICi 

Th ^ P H SI , tl0 , n i K ^ny-d'mcult absentia for his part in a violent tion and there remains exUes iiS^ urhn 

Li P ^ 1 ,! ‘ C n J ,l,lary CJ, '‘ up - Libyan-backed coup attempt in and trainee guerrillas in camps ™*T a ? f a 3l HSK 111 

Black students and senior school- July 1976. has sworn a political in Ethiopia and Libya. i 

children have demonstrated oath of allegiance to President One factor which may have led 1JS TlQIIPl* HKTIllfP 

bitterly against lhe call-up claim- i.Jajfjr Mohammed Niinairi's gov- to Mr. Sadiq’s decision to move ^. ad done nothin* illegal, Mr. UdUCl lilopUIC 

snq that I ncy arc unwilling lo 1 eminent. closer to the regime is the fact ^ raser , insisted that/thi Royal 

fighl |nr the transitional guvcrn-i This is a highly significant that Sudan faces a very severe Gommission's findings must be gy Our Own Correspondent 

ni.-n: againsi “the buys in the! step in the process by which Mr. economic crisis. Short-term prob- u Pji 1 eW \ „ - • ^ wvnnic A.itn.st 

bush. i\'iinain hn<? hrnariem-ri th,» temc h:ivo h»pn manvutad hv The issue, which is the most NE WiOnK, August 


public today: is underatood to nev? InTS. StSSm. Minister of Trade and Consumer to only as a populist he is 

d0PC I ud 5 , duction methods means that they would generate confidence inter- 


Pay guidelines 
at risk in 


closer to the regime is the fact £ raser . ipsisted that/thA Royal 


AUSTRALIAN ECONOMIC FORECAST 


Warning of pending recession 


| tions by /Mr. Donald Cameron, strikes since mid-July following 
1 !!l en Government whip in failure to agree a new contract 

| the Honse of Representatives, w ith the Association of Western 
against; another minister— Mr. puip ant j paper Workers. The 
Erie /Robinson, the Finance Administration’s inflation fighters 
Minister, who has been cleared intervened over two months ago 
of Impropriety m the report. wben it became clear that any 


nationally in the basic sound- charges were brought by the coherent speaking style but little 
ness of Guyana’s economy and police against 16 people, three administrative experience. Dur- 
made it possible to raise addi- of them senior ministry officials, mg a recent news conference, the 
tional funds to finance the for allegedly making false state- 38-year-old law professor de- 
development programme. -menls involving some £l-25in in nouneed the Right's manoeuvres 

No doubt with the Jamaican foreign exchange. to t£’ to create the climate tor 

experience in mind, Mr. Bum- - Those charged include Mr. another military coup d'etat by 
ham said that his Government William Haynes, a former rostering rumours designed lo 
had no intention of allowing the Minister oF State In the Ministry, produce-economic cfciok. 
country- to endure the embarrass- Mr Frank Noel, a former per- Sr. -Roldos, who took over the 
ment and humiliation which manent secretary, and Mr. M. Popular Forces candidacy when 
would accompany failure to meet Maraj. a principal assistant Sr. Assad-Bucaraiu was barred Dy 
the targets- . secretary. the military Government through 

Apart from the general tir- Mr. Joseph Tyndall., acting lhe device of invoking his 
gets. Guyana is expected ; to secretary-general of the Carib- Lebanese origins, is often 
Increase total exports by about bean Community, has been accused of being a puppet for 
17 per cent mainly from sirjar. appointed to replace Mr. King as me old pupunst leader rrom the 
to a level of about £166ro. ; and Trade and Consumer Protection port city uf Guayaquil. But the 
to hold imports at the 1977;1evel Minister. Mr. Burnham said Mr. persona of the younger uiaa has 
of about £190ra. • / King was not involved in the raken on a new force since his 

Mr. Burnham acknowledged alleged irregularities, but had eleciural triumph, and bis 
that the imports ceiling was resigned because he was cmhar- insistence that "Roldos elected 
tough. With the value of imports rassed and felt it could reflect means Roldos president ” now 
expected to rise. 10 per 'cent, it on the Government. carries conviction. Popular 

Forces supporters agree that Sr. 


Weather modification call 


Rucarain would be most unlikely 
to get an important post in a 
Roldos government, but will con- 
tinue as party chief. Any hint 
of intentions to the contrary' 


MELBOURNE. August 7. 


THERE ARE growing indications The Institute said it believes per cent in 1978-79 from an esti- 
tii.-it current fiscal, moncla.-y and current policies are leading to a mated 2B per cent in 1976-77. 
"age. pollen.-*- are lucking ih.* .situation in which recovery can It also forecast a growth in the 
Aur.lrahan economy mlu long- nnly occur at the price of a number of registered unem- 
ter.ni rcces'iiin. amn-ding tu Hu* re-urgence in inflation. ployed to nearly 500.000. on its 

MMimurn.' Univei>u.v Institute Turninc to its forecasts for the own seasonal adjustment, in the 

nr 1.,-tli.wl |.‘.-..n.. . .I.i I _ - . Inst nii-iMs- nf 1075.70 


: impropriety in the report when it became clear that any BY OUR SCIENCE EDITOR of intentions lo the contrary 

' (te^ideliDM 1 11 for^UoSlng 11 ttS THE US ‘ Government should managing .local .weather is j very o5^ 

Xyf i-1 j,. . 2*n S °but 8 thelr * ive meteorologists a clear strong. Economic benefits of irom Uie military. 

Mr* l-rSinnhl r tL Ie Qt . par mc J ea T„ S n » J L mandate to produce a “kit of delivering more water where it Despite the attacks of con- 

VJ <11111111 IU efforts have so fax falM to per- Sui Tools - for modifying the is wanted-hydro-electric pro- busing deters Sr 

tiara demands 6 niodera ts weather> according to the chair- jects. Irrigation schemes, Indus- Rold6s has always- hold that the 

fleiy Dan Seven miiu operated by Crown ““ of its „ Weather Modification rial activities etc -far outweigh prlvale SeCt0T have st . curity 

^ >7 II u ? ni\ Tr «? iT^ A6v sorv Board in Washington, the prospective costs. hut that invcKtor« mn<> <»*irn 

By K. K. Sharma :- Zellerbach w^clos^by smkes Mr ^ r|u clevelaD(t 0 S f the U^O points out that popu- 

NEW DELHI. August t. Negotiators turned down 10 per Aspen Institute for Humanistic iJt'Otj grow h in aumy coastal obeying Ecuadorean laws. 


By K. K. Sharma 

NEW DELHf. August t 


l negotiators tumea aown pci — — - ; s oruatlv increasinc the i* . m- 3 . 

MRS. INDIRA GHAXDl has teen t pay rises in the first year of Sndles, ^ writiqg in the oirrent »«as is greatly rnnma A lax re/ornj WWi Jd ^ 

decided to organise a "save India [a proposed two-year contract and issue of Science, claims that a p ^ ^ severe dlrecl 13X68 on ■higher income 

■ " per cent in the second. A more vigorous and belter bumcanes ana omex severe groupSi cuniral tax evasion and 


direct taxes on ‘higher income 


oi Applied ftvihtiiitc .ind -S/ici.il lTj . t . al , e ..j. 1978.79 ihi- Institute last purler of 197S-79. MRS. INDIRA GHAXDl has cent pay rises in the first year of brudies, writiqg in me current “ f t risk f rora A tax reform would raise 

K-M-nrch. said ISS Vre based on the compared wilh actual decided to organise a "save India a proposed two-year contract and issue of Science, claims that a ?/ P “J‘ e 0 the? severe dlrecl 1354 es -higher income 

r.iugh fi-c.il p-ilicli*-; are nut -^.uniniiim nf unchanged tax registered unemployed of 394.000 day” on Wednesday throughout 9 per cent in the second. A more vigorous a £ d siorms groups, cunirol tax evasion and 

si-jinlicjiiSl*. reducing ilic Buduet r.i.., Vnij u small decline in real l 6 - P^ r cent i at the end of June, the country. Although this- is settlement by American Can focused research effort could A ' P dine to Mr Cleveland in a wealth tax, to pro- 

d ’tii-n. but !•> wv.ikemug the ..in'ernment outlavs in the I* expects rises in health, meat meant to take the form 0 f peace- Company which gives IOB per Produce regional increases of natiomTpeople with interests Vlde sufficient income so as to 

i-i-.iiiiiiiiy tid .--ii ri'iluv'iii'j ih 1 ? tsix v,Tu" t 5 ' budget, consistent 3nd Petroleum prices to arrest ful demonstrations against cent increases in the first year 1(M0 per cent in mountain snow- •* nations peopie^wun interest s make UDnecessary ^ rece iit 

sin* mi r.-i'iiiig Ih.* sue nf , A]I ^ _\sj.6bn doBcIl. In 1977- the slowing down in the inflation “Janata misrule.'* an outbreak and 10.5 per cent in the second pack in the 19S0s. and increases .. c j 0II u^eeding ” activities to P rn etice of borrowing abroad to 


an Can focused research effort could st ®™as* , Cleveland in introduce 8 wealth tax, to pro- 

10.8 per Produce regional increases of with ?ntennu v ' ide efficient income so as to 

»a«r- 1(1-911 n,»r ppnt in mnunlnin ennw- nations wiiii mitrre-sis 


V si 

>» • r «. 


e.*..iin:ny :,n-l .-<• iv« I living ihv tax 15 * budget consistent 3nd P 6t r° leum prices to arrest ful demonstrations against cent increases in tbe first year liwu per cent in mountain snow- have already invested make unnecessary the recent 

h.i.-'\ ;ir.* iiii*r.-i» uiig lh«- si.-e uf i , V)1 J^ deBclL In 1977- the slowing down in the inflation “Janata misrule," an outbreak and 10.5 per cent in the second pack in the 19S0s, and increases •• cloud-seeding ” activities to P rn ctice of borrowing abroad to 

tit.- .l-firti P-rimre-d t.. givi- filJJJ there was a ASJlilbn rale, but it will start to fall again of violence is feared. - year of the contract appears to of 10-30 per cent in rainfall in «» ^^difvor change the ^ance the budget. Foil Uni 

re..] ■= 1 mm in- - , ihc in-timt- .-.ml. , as 1979 progresses if restrictive This is because many state have been selected as tbe union such areas as the Hign ruins - in cloud-seed ina a mist reforms wuuld place special im- 

in ire rec-n.l •iii.ir«or IP7S .V 1, . .. , „„ policies continue. governments have decided to ban pattern. and the Midwest by the late „ F v pL, fine crystals is sd raved poriance on- increasing oaoor- 

n..*,,.,- revu-u. « Uich entam, il> _ 1 , '' ven 1 The Institute forecast a 7.4 per demonstrations and Mrs. The paper companies have 1980s w „n m the tons ^of clouds to eiv lumties for uarucmStin inSv- 


of very fine crystals is sprayed poriance on- increasing oppor- 
on to tbe tops of clouds to en- lumties for participation in Gov- 


.mil ihj- pre—ure 
an ceonnmic ujow 


• will 1 iicre.i se if -.-n July 1) wear off and the high^impt^Td^ violence! ~ s of paper a 7e Reeled to some kinck of stores. ' ' AMERICAN GUYANA NEWS The Christian Democrat. Sr. 

wing occurs, the deflationary effects nr partial l0 a shift in the composition of It is intended to present a peti- arise sharply later this year. These figures have been sub- Getty and Arco deny over-nric- , walclu Hurtado, the 39-year-old 

^ in,lpv:ilmn. low nillnpv sun- J J I -- T - .V. n ^ B m.., rnr 1 V m MennneA J _ “r ^ luwvnr anil i-nr-i-il cKianlul 


lnilifuh- -aid. " wage indexation, low money sup- domestic demand to import in- tion against the Janata Govern-I West coast mills account for It mitced to Congress in response j charees' Canadian «on»r- luWycr i0CIitl ; .•cieniist 

It- forocn-N siImi suggest pl - v growth and public spending tensive categories such as equip- ment to the President and Par-lper cent of total U.S. paper pro- to questions about, -the federal “ nmfiu an in sppond miartor- 1 * Barui 3 the Roldn's tickeu sav’S 

current accviini deficits of the ' ;uts are ment investment, higher oil im- liament Similar petitions will be (duction and 24 per cent of news- government's role in changing hu tirsit priority as vice-president 


order of ASfilm for al least (he The Instilute forecast a de- ports and a return to stocks presented to tbe authorities ini print output. Settlement of union the weather. 


next iwii jwrs. Th'.-rc was dine ta real non-farm gross accumulation. 


a A$2.4bn deficit in 1977-7S. 


domestic product growth to 2.4 Reuter 


state capitals and district he 
quarters. 


Unfavourable publicity on will be to set up the deve.opinent 


claims has been complicated by According to the 17-member radial tyres hits Firestone's council and produce a national 


[inter-union rivalry. 


advisory Board, the case for prospects— iPage 18. 


A PURGE has been launched in 
areas of Bat tarn hang province in 
nnrth-wosi Cambodia, -ending a 
fresh wave of refugees into 
Thailand. 

This i< the third such drive 
in lilt* urea against suspected 
subversives in as many years 
since Cjmbodia became Demo- 


Third Cambodian purge i throws wider net 


» Hjft V» ~ 

Bl. P.MAJ-V I tS 


^ CHINA 


BY RICHARD NATIONS ON THE THAI 


1 BOD LA BORDER 


district of northern Battambang, signs of the purge were either Khmer Rouge soldiers m 


r 1 1 K-.iniMichnn under Khmer SJ,li he hnd *?eon ordered by changes io the co-operative into the 
Bnwe rule in April 1973. The higher authorities early jn the leadership, or the disappearance centre, arr 
»n I975-7fi was directed ,0 inake a " lu 'Jentify 0 f former common soldiers, ing comrai 


aaginst iniellecUuils and senior &u»pet.t elements 


urge were either Khmer Rouge soldiers mot id collaborated with the CIA and in schools located around Phnom 
the co-operative into the Thma Poek distr ct concealed the names of former Penh. 

the disappearance centre, arrested the five-man 1 d- i? n .. No1 50l j i f/ s and perils of ne ^. refugees reports 

ommon soldiers, ing committee, and began to an Thailand and Vietnam. Refugees encounters with Khincr Rouge 

• « . 1 <e - . ■ frnm nthni* oiAnnorotivne 111 rnn ^ ... _ .. ® 


/ }{ ' 


t y T H .VI L .i.'.' p 

\ JSL ■ ~t >' > fe 




officers and officials uf the Lon The list was lo include all and others. 

Nol regime, and lhe second. lart individuals— with ihvlr families 

vear was designed to rout out —who had been regulars in the 

dissidents in the Khmer Kiltie Lon Nol ai-my. minor officials TALKS BETWEEN Vice- 
regional command, suspected of and teachers, village headmen Foreign Ministers of China and 
plotting aapinst Phnom Penh, governing 10 family units in Vietnam are to start In Hanoi 
Those two purges were restricted uresis under Lon Nul * control today, aimed al resolving the 
to relatively limited sectors of »P rrj 19 ' 4 - ant * anyone with two countries’ dispute over 
the population but this year’s education or training in Thai- Chinese nationals leaving 
seems to cover much broader land Vietnam. Special Vietnam, John Hoffmann 

strata.* of Cambodia’s rigidly emphasis was to be placed on reports from Peking, 
regimented socieiy. those with military backgrounds The New China News Agency 

It comes when "the fighting on in transport, artillery or signals, said yesterday that success or 
Cambodia’s eastern border has Seven hundred of the families failure in tbe negotiations 
escalated and there are signs that under his charge qualified, would depend on the establisb- 
Pbnom Penh has thinned out its Kwnng P' said. meat of a sound atmosphere 

defences along the Thai border He “><* he formed a committee and favourable conditions, 
since Mid-June to replenish * n Ma>* 10 conduct a house- .neither of which existed at 
forces exhausted in the new to-house census, relying upon present “ The Vietnamese side 
round of clashes with Vietnam, every third family to cross-check has stepped op. Instead of 
Observers believe this is a the others. Fugitives from halting, its persecution and 
contributory factor. making districts north of Thma Poek said 


.village headmen, school teachers, out to the 15 co-operatives under other co-operatives in the palro ^. W ithin-a few miles of the 


expulsion of Chinese 
dents,” the agency said. 
The agency added 


two countries’ dispute over .of Haiphong, Ho Chi Minh C! 
Chinese nationals leaving and Quang Ninh province hi 


the district’s jurisdiction. ^ district confirm this n, ai f ron tier. 

• J aecia ration. 

■ t rr^ nr , "„„*„** Two Khmer -Rouge regulars 

expulsion of Chinese resH pke advantage of a fracas’ some hSSli^patroHin™ t£i 

%e% cnc i/£2‘ tj- 

hundreds of Chinese residenlf jailed him as protection from the JJg* J and ^tho*? with rovohi 
of Haiphong, Ho Chi Minh CiO revenge of many of his former i" 7, , : „ ” n I hH ^ J ° k. U j 

and Quang Ninh province wards who have also crossed the ff5 er e ?5 e ‘ 

been herded to Dorter crosS - border. . S* 

points. More than 700 Chines*. ' Kwang Pi says that a cadre of S? 1 *? r* a JS5 rSnS* ing 

were stranded on a bridge A “true Communists 7 was brought there esca late d 10 raid-Junc. 
Tunghslng, unable to cross into in to replace him and his There are other signs that 


"S8S- > 


hundreds of Chinese residen 


plan. Agrarian' reform, educa- 
tional reiurra and administrative 
decent raliiauon would be cnicia! 
e.ements in nde plan'. 

The Ecuadorean foreign debt, 
excluding most military com- 
mitments, is likely to exceed - 
S1.5bn by the end of the year, 
and oil income is dropping 3s car 
imports and internal consumption 
soar. Bananas, cocoa and coffee- 
»ull account for nearly a third of 
all exports, T»ut sales abroad of 
industrial products have -in- 
creased by nearly 600 per cent 
since 1973. Imports. includinS 
food products, have quadrupled 
in the same period, and the trade 
surplus has been whittled away. 
Although Ecuador is exporting 


un v a «iiiic jjciiuu, u»u tnu 

® r J surplus has been whittled away, 

Allhou Sh Ecuador is exporting 
? y-.-.jSTipjuBMtj some refined oil products this 
a year, and sales of crude sn far 

= ^-1 — are only slightly down tn value 
■■^===1 compared with those of 1977. 
— 1 dwindling reserves make it 


ooints Iffore limn 700 Chfn^f ' Kwime Pi says that a- cadre of Vietnamese front since fighting 1 = t ~fc=r.=s unrealistic to rely qq oil 

were stranded on & bridge tt “true Communists? was brought there escalated 10 mid-June. pares with an average of about the an medlum”tenn deVC ^ Uipment n 

Tnnghslng, unable to cross into in to replace him and his There are other signs that 100 new arrivals per month, since Economic growth D-irticulirlj 

China or to retreat into subordinates in nine husband and Cambodia’s defence force of the beginning of this year m industrv remitePiT wdiitively 

Vietnam. Although China has wife teams. They would extend 8.000 along the Thai harder has according to UN figures. strong vear nearlv 7 

tightened border controls and the Khmer Rouge’s direct control been depleted over the past two If the arrests in northern cen t But as the Central Bank 


refuses to admit refugees over local administration down to months, mainly by running down Battabang are part of a wider managed said recently the 

without consulate documents. 300-family subdivision of the co- rather than by transferring main purge to be extended in coming income has not come to benefit 

the agency blamed Vietnamese operative. units. That oners little relief for week* thmnehout the nravince a* -r ■ a 


farces exhausted in the new to-house census, relying upon present “ Tbe Vietnamese side the agency blamed Vietnamese operative. units. That offers little relief Tor weeks throughout the province the maioritv nf Ecuadoreans A 

round of clashes with Vietnam, every third family to cross-check has stepped up, instead of obstruction for the refugees? Other refugees report that new those fleeing to Thailand, since or even ths whole border region, spate of iirice rises and : an 

Observers believe this is a the others Fugitives from halting, its persecution and plight- cooperative rulers, brought in the frequency or patrols has Thailand can expect a sharp annual inflation rate of 14 per 

contributory factor. making districts north of Thma Poek said .... Z— between May and June, were far probably been increased to oil-set increase in fugitives to add to the cent have provided demands for 

Phnom Penh particular! v sensi- a public meeting of the co-opera- stricter and for the most part the diminishing numbers. thousands ol Khmer refugees wage increases. 'With expect a- 

tive to an v potential disalfecliou tive was called They were told: Kwang Pi. and most other Kwang Pi and ms subordinates came from the province of More lhan 350 Cambodian already in the country, ft would tions' high the next Government 

in its rear. •' Citizens, declare your back- Khmer Rouge administrators in were arrested on July 5. The Kompong Chhnang, Just north of refugees have gathered over the also seem' to presage wider will be forced into a dplicate 

Kwan- Pi. aged 3S. a parly grounds honestly. Those who arc Tlima Pock and surrounding same day an announcement was Phnom Penh Some observers ppt fortnight at Ta Phraya instability in the long run for a balancing act. 

•ni'Pilicr’ f n r eight vear* and truthful have nothing to fear, districts, turned out to be on made to the effect that of the -believe the Kampuchean Corn- district police station in Thai- regime trapped in the downward 

•j resident of \t non-faiMilv Those who attenipi deceit will be nrher lists of suspects while com- 70,000 citizens in the district, iminwt Party has been nurturing land. 3bout a day’s walk due west spiral of rule by paranoia and 

co-oporalivc in the Thma Poek punished.” Olliers say the first piling their own. On June 26 40,000 were traitors who b'fid new generation of party cadres of Thma Poek, This figure coin- repression.' J YMn iy-ff « plSf 


Phnom Penh particularly sens;- a public meeting of the co-opera- 
tive to any potential disaffection tive was called. They were told; 

.4 HAArMPn k n J, 


?d daily «»«|« S“J- 
^nMcnpiiAn • 


mill JlllUg, 
1 "Sfca \urk. N«“* 






K Su.S. to launch major 

HOI i !-• ■: - • a 

export promotion in J 


Saudi crude India’s long expected textile 


oil deal 


noer 


export promotion in Japan for Sudan policy aims to create more jobs 

-.'■1'— i *■" -s ■ K V Alan Dariw BY K. K. SHARMA NEW DELHT, August 7. 


BY ROffiRT WOOD 


TOKYO, August 7. 


* JAPAN. IN faasfcadV 50:50 release details of ti* scheme 

, rati0 - M ****** 4 meri - bSmS Sbe U.sTmi^S 

Tectionist sentiment abroad -and can importers’ complaints, its priority^ Lnorts tone sym- 
1 = allowing foreign goods iiito fier^Americaii: officials . want to AfiSe rwSSn l£Ss 
7 market, has genuinely chosen to improve. the- ratio to prove to “Exports on the 

i . . -a, encourage -entry * of f orelga -US* business .. that Japan is J"L j t 

' ' Mr - prani: Weil, -fee U£.'. serious In improving, access for more attniSfm enJifann. 


By Alan Darby 

KHARTOUM, August 7. 
SAUDI ARABIA is to provide 
Sudan with a year’s supply of 
crude oil financed by a soft 
loan. 


Bulova 
completes 
Swiss move 


«U . mum wail, mo ua.. senoos . m pDprovmg access ior more attractive for email com- 
/ Assistant Secretary of Commerce foreign -goods,.' he said. panies to export: remove eovem- 

said here today. With - advertising .pamphlets ment*£?S diSSK 

She has created- the domestic and- , seminars. , the U.S. is exporters (the Commerce Depart- 
pohiieal will , to ffismantle non- aggressively trying ;to convince meat has identified 15- specific 
:. tariff barriers and aid fords! Its companies to export more disincentives created by the 
,t r businessmen, he said. vigorously, to „• Japan, .jsaid Mr. VS. Government): provide 

The U.S. is planning the largest WeiL-fle "had : stressed -to the better information for business; 
export promotion mission- -to Japanese- that ^thla promotion and take a long-term view 
V-.. Japan, in its hl^ry tins October, ■would build: up. greater- frustra- (“Americans are a people who 
. ; One hundred and twenty busi- tion .if-.it was- not- accompanied tend to need instant gratification 
v nessmen. led by 3CrJ Mark Shep- by . genuine Japanese efforts to or success **). 

.. . herd, president of Texas Instil import- - ; UJS. imports of colour tele- 

ments, and planners forthe The UB.-as. a whole,. saia Mr. vision sets from Japan have 

k ‘ ™? fision have... encountered Weil, bas faHed to recogmse it declined significantly since the 

demand greater, than for any must 'become ■ art exporting two countries concluded an 

v export promotion- mmsloif in ou r nation- - Opinion polls ;shoW that orderly marketing agreement 1 
, history.'’ Mr. Wcsl said. half 'of ; ali . Americans : do pot last summer, but imports from 

However, - he' stopped- - ab ort -of know the U-S. imports any foreign Taiwan, Korea -and- Canada* have 
predicting any quick end to the oU * a degree of ignorance which increased. 

. . UB.’s massive trade deficit with encourages public apathy fewards The U.S. Commerce Depart- 
Japan. He hoped for some decline exports.- ' .7. . ment says the number- of sets 

3 by the end of the year, but this The- Commerce Department is from Japan dropped 41 per cent 
depended on the extentto which now trying to- develop a-coherent to 326,510 in this year's first 
- businessmen, passed, on .the price export ppficy-fftrtiW fifth time in Quarter from 556,934 in the third 
changes which, the: higher yen 15 'years, 66 >:Said.' Bitrt ' the quarter of last year. At the 
^ bad produced. Mi-. Well said he American preference.for.empha- same time. Taiwan increased its 


Sudan spends about $175m 
a year on oil supplies from 
Iraq, the precious supplier. 
Because of Sudan’s shortage 
of foreign currency payments 
to Iraq have recently been 
delayed, resulting in Iraq cut- 
ting off supplies. In addition to 
easing Sudan’s fanmediate 
balance of payments difficul- 
ties, a regular supply of crude 
mi will overcome a problem, 
which has increasingly been 
causing the Sudanese economy . 
to ran down. 


accepted that it will- take a nom- siring domestic 1 co ncer ns makes shipments to the U.S. by 41 per 
I s * 7 her of years before UlS./Japan it difficult to coordinate the 15 cent, the number of sets from 
'• trade begins to reach equi- -different "UiS:>- ttgenjSe* > which Korea jumped 136 per emit and 
librium. ■ must be involved in export'pro- imports from Canada were up 

s ". Mr. Weil was in Japan to meet motion, and .also . .difficult . ulti- 119 per cent Combined ship- 
'< Japanese officials and the .Trade mateiy to -win approval- from- the meats from these three countries. 
Facilitation Committee, a group President and Congre^. ■ ' ’. however, are still one-third less 
-£•: of Japanese and American busi- . A proposed plan is - “ on the than those shipped from- Japan, 
-- ness men and officials formed, to President's desk, right .now * said so overall UB. imports for the 
• reduce import barriers: He said Mr. Weil, although. ha ;weuld not period were down 2 per cent 


Even with a regular supply 
of crude oil to the 
refinery at Port Sudan on the 
Red Sea, Sudan still faces a 
distribution problem. The 
821 km port . Sudan-Khartoum 
pipeline, built a year-ago with 
a 17m Kuwaiti dinar loan, is 
operating at about 60 per cent 
capacity because of a problem- 
in- one of the pomps. 

The past two weeks have 
seen the worst petrol and 
aviation fuel crisis Khartoum 
has known. For several days 
there were few vehicles on the 
streets. 


MR- GEORGE FERNANDES, the and its role in meeting the needs policy says use of synthetic 
Indian Minister for Industry, has of the poorer sections of the .fibres “would at all times be 
announced a new integrated population. without 

textile'- policy which will limit Powerioom capacity as also not _ r *^ nni ^ t 10 * » 

•further, expansion of the Indian to be allowed to increase and an ^ resls of “ e cotton growers- 
textile industry — the largest legislation is to be passed to give To ensu ro availability of 
industrial sector in the country— this statutory force. Existing woollens at reasonable prices, 
to small scale operations and unauthorised powerlooms will be particularly to people in the 
handlooms, with the aim of regularised and registered “on hilly parts of the country, liberal 
creating new employment. - payment of a deterrent penalty.” imports of wool shoddy and 
In 'terms of the long-awaited To protect the interests of increased use of acrylic ore to 
po licy , no farther weaving cotton growers, the policy says be allowed. The ban on weav- 
capadty is to be allowed in production of cotton would be ing capacity expansion in mills 
cotton mU Is except that resulting increased through improvements and powerloom units will not 
from' modernisation in yields by provision of iniga- apply to .the woollen sector. 

The public sector National ti<m * Dd °? h€r €ssential inputs. « Mr. Michael Meacher, Parlia- 
Textile Corporation which The objective is to achieve self- mentary Under Secretary of 
operates 103 nationalised cotton sufficiency in cotton production. State for Trade, is visiting 
inTiTa has a key role It will The public sector Cotton Cor- Indonesia, the Philippines and 
produce a major share of the P oration of India is to (be asked Sri Lanka this week to .promote 
400m sq m of “ controlled cloth” 10 stabilise prices by operating a trade links with the UK. 

(meant for poorer sections of the butter stock to be built up from He will discuss economic and 
population) which is the maxi- domestic surpluses in comfort- trade issues with Ministers and 
tv, nht limit for the null sector able years “d through imports will meet British and local 

After earmarking the share of 10 *** eJCteut ^ businessmen. 

■taftiliisrinn Of “ A U 4 k H 


production of “ controlled cloth ” 
for the Corporation, contracts for 
production of the remaining 
quantity will be given to private 
sectormills on the basis of com- 


Request for more control 


The cause of the fuel short- 
ages was a combination of lade 
of crude; a shat down at the 
refinery; teething problems 
with the pipeline and finally 
washouts on the railway line in 
the Red Sea hills. 


sectormills on the basis of com- TAIPEI, August 7. 

SSred icfialMt j^FnriS. 1 not CITTNG *** ever-expanding Taiwan’s large shipments of 
SSSe tHvili fhl deficit in its textile trade, the sweaters. 

the u - s - has asked its four major _ Besid^ Taiwan, Mr. Smith said 

^ .. AsiaD . countries to K^g Vere ootifiedTn SmS 

TBie policy says that after exercise tighter export controls tile talks that they must tighten 
phasing out miU-made “ con- and called on them to allow more their export controls. Despite 
tro ^, e ^., cIot ^ ” ^hsidies will he imports of UB. textiles. export quotas, he said, textile 

available only for bandloom and Mr. Michael Smith, the chief shipments to the U.S. increased 
homespun cloth. Handlooms take U.S. negotiator, announced the sharply both in quantity and 
pride of place overall — in reser- request after negotiating a com- value in the past six months. The 
vation of spindlage capacity for promise agreement with Taiwan UB. trade deficit in textiles is 
meeting its yarn needs, reser- adjusting its textile quotas. The likely to widen to S5bn this year 
vation. of items in cotton textiles adjustment mainly concerns AP-DJ. 


NEW YORK, August 7. 

BULOVA WATCH is to move 
its watch movement manufac- 
turing operations from New 
York City to Switzerland. 

Company Chairman Mr. Sol 
Flick said here that the move 
is the final step of a programma 
begun several years ago to con* 
centrate Buiova's watch move- 
ment production at its Swiss 
plant in Biel. He said there 
would bp some savings in 
labour costs, but the major fin- 
ancial advantage would be 
gained by having one plant 
operate at full capacity rather 
than two at lesser capacities. 

• The U.S. subsidiary of 
Brown, Bovcn. of Switzerland, 
has received orders valued at a 
total of $100m to supply turbine 
generators to electric utilities in 
Tampa, Florida, and in Trinidad, 
Semi pole Electric Co-operative, 
of Tampa, has ordered two 
620.000 kilowatt steam turbine 
generators for a new coal-fired 
plant. The first unit would begin 
operation in the spring of 19S3 
and the second two years later. 
They will be built by a Bruwa 
Boveri affiliate in West German v. 

Meanwhile the Trinidad arid 
Tobago Electricity Commission 
has ordered four combustion 
turbine generators with a com- 
bined rating of 250,000 kilowatts 
to be installed in a new generat- 
ing plant to be completed in IS 
months in the Point Lisas 
industrial area. This equipment 
will be built in St. Cloud, 
Minnesota, by a unit or Brown 
Boveri corporation. 

Agencies 


Bonn China trade boost 


WEST GERMANY’S trade 
with China and East -Europe 
rose steeply in the first -half of 
this year, aceordmg to provis- 
ional trade figures published: by 
the Economics Ministry today., 

Imports from these : countries’ 
amounted to DM 5J3bn '($2ffim) 
or 4.8 per . cent of West Ger- 
many’s total imports. West Ger- 
many exported goods- worth 
DM 8L7bn ($4.35hn) or 62 'per- 
cent of its total exportSr.tb the 
Communist countries. . 

The report said -West German 
exports to (Aina increased by. 


' B O NN; August 7. 

97.2 : per cent - tb iiDJt / 990m 
(5485m) comparedL^tirthe first 
six months of-.197^ v -Imports 
from. China rose by Ifi-per cent 


West German irroor 
Comecoh and frehrKSo 
by 11.7 per ceatvwgfe 
to these countries,- mere 
10.2 per cent? '■■v®*. 

Imparts from 
went up 'by 24X 
DM 2.4bn ($1 2bn)^mn 
German exports ■mfiSBa 
142 per cent to:^gM 
($1.65bnL . 

Renter . . .i'. 


s from 
darose 
exports I 
ised by 



Plessey Brazil contr; 


BY SUE BRANFORD . V^i.' • - SAp!RAULq r J 


.-faced 

>%ause 

josem- 


WITHXN A few days. Kessey of panies' . in " the ■seqw J ,’ilaced 
Brazil will announce the winning considerable ^ proWenS&hwause 
of a £8m conttact with Tetesp^ ornnexpected cuts, in't^^^ieni- 
Telecomunlcacoes de Sao JPaulo. A men t’s teTecomnmnicaXlb^fc^an- 

company, to supply ^000-30,000 to reduce itS^r^Sc^^.'c'dttiBg 
crossbar telephone Mnes- for down- its labour fefero from 1,600 
several towns ‘ in the --state.-- to. L000 employes. While not 
Bidding was known, to have been gulling, out of tJffietecomm niHca - 
stiff because of problems of idle non lector, Bfesey of Brazil 
capacity experienced at present- diversified injo' other areas to 
by all manufacturers of this "type oyeiconie.tbiie difficulties, 
of equipment. ' Asa TesuJf, its largest order xt 

This is'the largest cbntrort . In: present lhfir Outside the tele- 
t he telecommunications sector co mmunlm tion-; ': sector. Worth 
that Plessey has won, for some £I4m,' tir'Er for a computer- 
time. Over the .past .fewyears, it '-controlled . system, of traffic 
has won several, much smaller sign aw for 400 crossings In thei 


• • :• 
■ • ■■■■r f ■ . 

*• . i* . • 

I . 1 



orders, including -■ ’.one * from the' cep 
Cia Riograndense de Telecomuatr 7 At» 


-orntnur A 


Cia Riograndense de Tei€comtinK : 
cacoes for the telephone -exchange' 
in the third petrochemicals- po«' 
in Porto Alegre. In July of ibis., 
year, it won an order; for .T^OOj 
lines for the town of^Tnluadtif 
Colombia. Sr. Paulo Mariano dodr 1 


B difficulties. '. 

ts largest order at 
lutside the tele- 
: sector. Worth 
for l - a computer- 
item. of traffic 
Crossings In the 
M) Paulo City, 
fime of this year 
: order of its kind 
he eableless link- 
eph be quickly 
lit the disruption 
\ T roadworks ■ and will aUaiw; 
ireclse, mains-controUed syn- 


Reis Fereaz, -managing directe cfareJtisatnm over. a considerable, 
of Plessey of BraaLl, ’MW . that Ps ' area:: - • - . r.“. - 
company haB an exceflan^.clmj ce.;. ;Tbe _Sao. Paulo City Council 
of winning a further, contract in ‘ calculated that the system wtti 
Colombia; which is bring .judged fead to. ; a "30 per cent increase iq< 
at the moment,. the r speed Of traffic. The system 

A few jrears agOi' Kess^p: of _ should be inloperation by the end. 
Brarit* along vrith. -other, com- of 198L' . . ' . '.1 


Alitalia Airbus options 


FINANCIAL -TIMES ’REPORTER' 


1-IMANl.lAi.: vatu .V. - ’ 

ALITALIA HAS- negdtiaied’ri^ . Among tire various alternative ' ' 

Airhnu . Industrie choii h rii mn 3 za' -of th e-plan currently under study ; 


'iVc'-i . -uU 


Airbus Industrie . cqmsriimn ;I an 'e>f the-olM CTsrrezxtly npder study ; 

A300/B4 J Airbus' stood ..out as one of thq 

join ih more attractive solutions both : 

A spokeaHau tor ^ttife Italian from the techhtea] and economy &v; 
State airline- said thkX^tt]t& : Agree- point, of' view, the spokesman 
meat was withfh ^ie;^rameworit added. . . ; . . ,v k 

of a decision :that the company The agreement will allow 
would bare to take ^at.tije.end Alitalia to operate the fouraire 
of this 'year- wj»n?i f ^iiew long- craft star^nj mr 19S0 providetS ' 
term plan regarding the up-Sajing, that the decision planned by_.ttei 
of Its -fleet would ..bp? submitted airline has-been taken by the en« . 
to the Italian authorities.^ ■ ■ .of this year,. - - 


Dutch maintain low fares; 


- BY CKARtES^OATtflflLOR i : -AMSTERDAM, Augnst-T; ^!.. 

HOLLAND " WILL' continue "its beett without lts’pwbleins 
experiment of allowing low-fare large queues building up atb^W. 
transa tlantic flighta for a month. Amsterdam' and Boston airportsf 
longer than .-origfaMffly- ’-planned. Jn respfflise-To.Acheap fare-offe® 
This will allow airlines to offer from, the US, airline, PanAm. ^ 
cheap tickets on . their complete The ^ bne month extension : 
s ummer schedules instead -of not Jmply satisfaction wire tb6 - 
putting- *n : ‘ eaxly ^nd to this -waYthings have gone_ up to m>v^ - 
facility. . :.-I aada decision will only be taken; 

The low-fara experiment will; afterjthe- ond of the trial period 
now ran until October 15 instead Renter adds from . Manila A‘ 
of September 45 ^-tiK-Tmnspm l^ company that 

Ministry said. ' \ . -assembles British Islander aiiv , 

The Ministry- has not - yet 'eraft and Ueinrian Messers chmltt - 
decided whether ir ^U allow a heUeoptere s^S today it wduld 
repeat of the Cheaper fares next start exporting to Europe .and; .. 
year. The experiment ha^ not Soutbcast Ask Ute next rear,. j:. 



. '■'SJ&'S* : 

• fT 

.■■fcVf.ft • 

i- ■% 


mi. 




K ■* ; : 




iit. 


L 


Pipe plant for 
Saudi Arabia 


SUMITOMO Industries 

says it lias established a: ^oint 
venture- cmnpany-— tbe. Nationai 
Pipe Company— to Saudi' Arabia i 
to make large-calibre .steel pipes 
for oil and gas pipeMne vssjjxna 
19SL reports Reuter, from Osaka. 

Capitalised &t 30m.- RiyalS, the 
company is 51 .per cent owned by 
Saudi Arabian interests including 
the Allresa.. Group of companies 
and 49. per cent by Sumitomo.-. r 

The new cdm^ay-'wi&bnfld i 4i 
YI4 bn- 8O,0OOJooue a yeaf 4te8T 
piping^ plant- .PuuomLw* 
Saudi Arabia's ' 'east Half 
the cost-^riil hfiL Ananced by 
Saudi AratdaV^I nd g a tria V . Per 
vclopment Fu tet SuxnJctbsto sai d. 
Reuter «-.■?? -i ■*/- . ; 


Steel complex; 
for Venezuela 



PBSIDESrtr ' - Carlos - Andres 
Perer has prtmrolaged a law 
-authorising ': .. the . estabbshmen 
Of Vrgtont steel complex near 
Lake -Maracaibo which will per- 
‘mft heavy foreign investment, 
reports AP-DJ from Caracas; .=-. 

-The' law -calls for investment 
of 1$3Alm untU 1985 in coal, steel 
and Other industrial projects. 
The *fbct& of these programmes 

Si * SS5bn"plaxtrwblch. wm-turn 

4mt 125m : tons of aieeL a yeax 
by 10S5. ' 

o; The ‘"coal : will come -from 
mines -40 ZnEA- and thft iron .will 
be brought from Bolivar State 

in. south-eastern Venezuela*. 


IfyniiVe ever toed to refer to afile _ ffliould youwisli, ifc^s perfectly possible 

while tairdugontShe phone, you’ll find, any of to have two op three other people in your 


our loudspeaking teleph on es a boon. 

... They leave both hands free to sort 
through your papers during a conversation. 

- Dig out a document. 

; Take notes of what’s said. 

_ . ■ ■ They mate it eaisiePto-thMfcout ■ 
probTerufetoo. 


roanOi-wlth f ivHiyn nft j nfnfng Tn th« call 

And, of course, every loudspeaking phone 
has a normal handset for confidential rang 
you’d like to know more.contact your 
local Telephone Sales OfBee-the number is in 
the fi?ont of your phone book. Or send off the 
coupon (no stamp required). 


1 Tftlflfce CottpeEU Marketing Dapt, 

{ Post Offi ce TslacOTTuniininatiODS, 
T’REEPOST, London EC2B 2TS. 

| I would like more information about your 
J loudspea&ing telephones. 

I Name 

j Company 

I Addreas 


Post OfficeTelecommunications 


.Postcode. 


TbLNol. 


SSI 



PT/A3/78 









Financial Times Tuesday August & 197# 


HOME NEWS 


6 Slight 
hope’ 
for tin 
mine 


Retail sales highest 
since early 1975 


BY DAVID FREUD 


Cost of bread 
likely to rise 
by lp a loaf 


untie RETAIL SALES are rising 

steadily, if still short of the boom 

FINANCIAL TIMES REPORTER le Department of Tirade said 

yesterday that the final index 
A REPORT on a survey carried of the volume of retail sales In 
nut at the Wheal J3ne’tin mine June was 10S.G (1971=100, sea- 
in Com (fall, closed by Consoli* sonally adjusted). This was close 
dated Goldfields in May. is likely I to the provisional estimate of 
to hold out only a slight, hope 109 and above the May figure of 
that it could be reopened. 10S.4. 

The survev- order** hv The '"dex is now higher than 

Cornwall Tin and Mining, which at . a J/ s TiI J® fh^Lst ^ 
owns the Mount We Hi ngton r,f . l9 ' 5 : „ 2 o °l 1116 

mine, just across a valley from }?f ar S r l® 8 “7 P* r cei, t above 


HIRE PURCHASE CREDIT AHD RETAIL SALES 

(Seasonally adjusted) 


miles from Truro. Mount!?™ ” p " ““IMS"* ™* “ 
Wellington closed two weeks tfa e / san '* u 

before work stopped at Wheal! The expansion is supported by 
j an e. a continuing rise m sales on hire 

„ ’ ,, ..... . purchase. In the past three 

Cornwall Tin and. Mining is the months new instalment credit 


scue ot Wheal Jane. ; seas0 nal factors are taken into 

The survey report is due in I account. 

Whitehall on August 31. The In the first six months of the 
manager at Mount Wellington, | year new credit was 13.5 per cent 






Retail volume 


New credit extended by 

(revised) 




Total debt 


Durable 


Finance 


outstanding 


goods 


Houses 

Retailers 

(unadjusted) 

Total 

shops 


£m 

£m 

£m 

(1970=100) 

1976 1st 

340 

493 

2,349 

705-9 

117 

2nd 

382 

490 

2,424 

106.9 

122 

3rd 

392 

521 

LSI 6 

107J 

125 

4th 

427 

547 

2,776 

105.9 

124 

1977 1st 

457 

550 

2,792 

1Q3J 

116 

2nd 

486 

561 

2.930 

10L5 

118 

3rd 

544 

605 

3.108 

1043 

121 

4th 

585 

604 

3.341 

104.4 

121 

1978 1st 

626 

634 

3,507 

1063 

125 

2nd 

776 

677 

3,797 

1082) 

729 

January 

273 

216 

3,378 

104.9 

129 

February 

207 

217 

3,429 

1063 

130 

March 

212 

207 

3.507 

1073 

117 

April 

231 

232 

3,594 

106.7 

132 

May 

243 

228 

3,689 

108.4 

126 

June 

242 

217 

3,797 

108.6 

130 

Soares: DsptfrtsieM of Trod* 


■ n . I Cost of bread Gallaher 

president . nnW 

calls for likely to rise " nces 

industry hv In a loaf “P 2 P 

sponsors Vj IJI 4 llidl 0 nQ «i, 

By Robin Reeves Uw.V'Jtm. 

TOE ROYAL National Eistedd- BY DAYlD CHURCHILL, CONSUMER AflFAIRS CORRESPONDENT * . .\i 

substentisS^Eponwrsbuf t from BREAD PRICES in the shops the reduced discounts to keep By Our Comumer Attain -..~- 
tndustry in the years ahead. Sir are likely to rise by about lp a prices low. Tesco Stores, whose Correspondent 
AJun Talfan Davies. the loaf this week following y ester- decision last year to drop-trad- 

Elsteddfod president, said in day’s cot in the trade discounts ing stamps and cut prices led’ to FUB TITER EVIDENCE of an 
Cardiff yesterday. by the big bakers. - the present High Street price easing In the bitter cigarette - 

Speaking o n the first day of Th e move reflects the increased *2*“^ ““ y^t^day that thfe price war of the past two fears • 
Wales national festival. Sir power of the two major baking was difficult to gauge as ^ yesterday when Gallaher 
AJun Pointed out that the cost companies — Associated British ij® prices varied from 20p to announced a 2p per packet of 
Of mounting this - Vpars U.n....;,. 251 n a loaf apeorrime to. the size m -r ih. hMi.^ • 



Talfan 


Cardiff yesterday. 
Speaking on the 


first day of 


mounting 


year’s Foo £ s and Rank Hovis McDougall ^ according to. the size 


Mr. Mike Davies, said the even- above tbe level of the previous scan*: of Trade ^at ^ w asroo m •YtarVhte 

tual decision on whether there six months and 29.2 per cent - improvement In cash nmes 

would be a reopening of Wheal above the same period in 1977. which m preseiltly nominal 

Jane would be ‘‘very marginal." Spending on durables showed 0n the same basis therB was in the past six months of 1977, sums only. “The honour of 
He said : if the survey shows the strongest recovery, under- j n chnnc the firct hoir io7R me winnine Ik all verv wail h „ t 


1 Eisteddfod would be over £}m- iSoJSSg Spillerf dStea tS andTocatlon of its stores.- 
double the cost of four years ago. ju*. thic year to pull out of file But 14555 Daisy Hyams,. Tesco s 
It was essential that “the b ~ nfl industry chief buyer, criticised the Price 

national’’ build up a more solid . , . .* . , , Commission for letting the. dis 1 

base of finance. Both the major bak ers remajn-.count changes go ahead. She 

“My hope is that industry will tofi , in tbe industry yesterday said that the Commission should 
provide a substantial annual sub- implemented thei r Jun e decision make it clear that it was tbe 
vention of at least £100.000 ” Sir t0 reduce tbe discounts given to change in manufacturers’ ^dis- 
AJun said. Up to now industrial- supermarket chains to a maxi- counts— effectively approved by 
ists have made welcome contribu- mum of 22* per cent. These the Price Commission— and not 
tions to individual eisteddfodau discounts had risen to as much- the- retailers action winch was 
— a record £15,000 was contri- 36 30 per cent since, statutory likely to lead to higher prices 
buted this ' year— but file limits were lifted in December- The Price Commission, which 
organisers are now seeking 1976 by Mr. Roy Hatters ley, lg known to he unhappy about 
permanent sponsorship of differ- Prices Secretary. Dae to the over- the current practice of trade dis- 
ent aspects of the festivaL capacity in the industry, the counts in the food industry, -is 
Sir AJun thought, in particular, bakers were forced to give these believed to have closely sdruti- 


bakers were forced to give these believed to have closely sdruti- 
... .. __ discounts to prevent a loss of nised the change in discount hy 
■ — ■■ ■ improvement In cash prizes volume sales on • low-margin both the major bakers. But it 

which are presently nominal bread production. g**mg likely that no action was 

e was in the past six months of 1977, sums only. “The honour of But with Spillers' decision to taken at this time because the 

shops, and the first half of 1978 was winning is all very well, but pull out of the industry, the industry was still settling down 


ti, * it L in i ?5 lirfi ..cl turn of V^nKurrmr some recovery in food shops, and the first half of 1978 was winning is all very well, but PuU out of toe industry, the industry was still settling down 

°ft tab!e -,J t H ,S iSSSJS nnd the ^markpH whose sales were depressed 1.9 per cent above the levels pre- choirs, poets, and novelists have remaining bakers felt they were following Spillers* withdrawal A 
likelv to show that it would be confidence ana me martcea , * u_ir e_i co ... m »at *• h. ^ninnui -m. i -v,i„ ■ ». 


There is a firm belief among than in the first three months. EJJJS h&w* of 'lastVea^ Th«e New u instalment cred,t ad rompetition a «S 

tbe MPs and union officials that However, this gain was exag- J®*?™ J vaoced by finance houses in June , sueeest I? 

the Government is prepared to aerated because of the erratic- 121 *, saiD ,n 1116 was £243m, compared with £242m an. ’ bi 5 


i durables 


higher 


New instalment credit ad w,nn ®L df television film still be in a sufficiently strong next formally apply for a bread 
n«d by finance hou^^in June comp .5? lt l on a simlla r just position to negotiate slightly price rise. 

« £243m^omn 9 reH^h £M2m re H ard ’. ™ suggested. better terms. The Monopolies Commission 


as. in Mav In ADrnJuneadvMces w T h e bid for greater sponsor- The effect on retail bread is also currently studying the 

footwear sales were 14 per rent hiLher thS to $2? ^ets under way in earnest prices is unlikely to be tbe same whole question of trade dls- 
l ihrn Jcb the the nrevious toree months today ^th a specia! lunch for in all supermarkets, as ^me counts and is expected to report 


the Government is prepared to gerated because of the erratic- ^ was compared wtth £242m - Tb ;-’ b r'' ^ on “ 

put up at least £4m and possibly ally low March figure. late3t lhree months - in May. In April June advances shin gettunder^av L nrk-PK is unlD^elv to be whnil m 

more if the survey report indi- On a longer-term comparison. Clothing and footwear sales were 14 per cent higher than in today with a soeeial tonriTfor 'S ^suoennarlSts ^ 6 H e , q “ 

cates any hope of viability for to smooth out the irregularities, have been steady through the the previous three months. inrited industriaSte 1 iild^trade storesmS^preSred toaCb SStvear 
Wheal Jane. durables sales in the first six first six months of the year; some New credit advanced by re- gSra reorefeStotivL tolled P P 10 aD50rt next year ‘ 

The result of the survev is months of the year were 4.7 per improvement is expected for July tailers in June was film below by ^ — 

being scrutinised for the Industry cenL higher than in the previous because of the effect of the sum- the May level at £217m. How- ^ day i events— the mowSne- • 

Department hy mining experts six months and 8.5 per cent mer sales. ever, advances in. the latest three of-the-bard ceremony B |%vr- mw - 

from Rio Tinto Zinc. A final joint higher than in the same period There was some further ira- months were 7 per cent above . 


Department hy mining experts six months 


from Rio Tinto Zinc. A final joint higher than in the same period 
decision by the Cargill sub- of 1977. 

sidiary. Tradax. and the Industry 

Department on whether more 

money should be poured into 11 

Wheal Janes — in which Consoli- WfTlQ HI K11C 

dated Goldfields says it lost £8m UUij 

— is likely about the third week 

of September. _ , ^ 


provement on the pick-up in sales those in tbe previous quarter. 


Coal Board 
worried by 
cost of plan 

By John Uoyd 

THE COST of the National 
Coal Board's Plan for Coal, 
which alms to increase produc- 
tion to 170m tonnes by tbe end 
of the century, is rapidly 
increasing. 

The annual expenditure 
required to achieve this target 
has riven from an estimated 
£400 m in 1976 to an estimated 
£550m in March, 1978. 

Much of the rise — more than 
37 per cent In money terms — 
can he accounted for by infla- 
tion. However, there is still a 
real rise, discounting inflation, 
of about 12 per cenL 
This rising real cost or pro- 
duction is worrying the Coal 
Board, which b determined to 
keep costs law to compete with 
oil. At present, coal and oil 
burned in power stations are 
roughly equal in price, and the 
Central Electricity Generating 
Board has increased Us pur- 
chases of oil because of this. 

The cost of the coal plan, 
which forecasts production of 
135m tonnes by 1 985, was 
originally estimated at £l.4hn 
In March 1974 prices. At 
present prices, the figure 
stands at £4.3hn. 

• Mr. Anthony Wedgwood 
Benn. Energy Secretary, has 
asked the Coal Board and 
British Steel to draw up pro- 
posals tor marketivg coal 10 

the corporation’s new blast- 


Small Business Bureau seeks 
better deal for taxpayers 


ever advances in.the lattit three 

months were 7 per cent above _____ 

thneo in fhfl nennlAne mkavIa* 


Prentice 

defends 


Stand-by air ticket 
hearing tomorrow 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT . 


BY DAYtD FREUD 


THE BID by the British . Air-" The authority’s action, how- 
Rv Ou, WJ.K r n nr n P 0115 Authority to prevent air- ever, is an indication of ihe 

ay uur welsh correspondent jiaes cheap stand-by tickets.- at growing concern felt by the civil 

LABOUR PARTY proposals to Heathrow is to be heard in the aviation regulatory bodies and 
abolish the House of Lords High Court tomorrow. . the airlines at the unexpected 

would open the door to extrem- The authority is seeking an high level of demand for cheap 


THE TORY-BACKED Small Busi- to the lay honorary general com- independent body such as a "m Mr ^ autn( ™ n . n "5SE* *? n “W* J ® vei « a™™ xor cheap 

lau a The special commissioners House of Commons I former Labour Minister, said in scheduled airlines — British Air -, services and for the cheap Sky- 

ISoMlo S u SS ^ Z*». train flights on Later Ai^yT 


American. "TYana train flights on Later Airways. 


mote better understanding ’^rofLiooal 1 SrtSer of 5h» ^ Pre ° tic ®- no £* Con “ r ' World. El A1 of Israel, Air-India The Skytrain situation, with 

between the Inland Revenue and Iaw free f rom either side vative said at a Press confer- and Iran Air — to sell cheap tong queues at Victoria Station, 

the taxpayer. Sd Seir findings shall be pub! 1 ** J°2 ^ t 0C l f Tory P ^- B « W ^ e ! stand-by tickets only at their is in no way involved to the 

Thp bureau savs that recent lished 88 & “ Cardiff that town terminals or ticket offices,. current airports authority writ 

claims of harassment and victim!- • The Inland Revenue should of , abolition of the Lords would thereby preventing congestion at In the High Court, which 

sation indicate a breakdown in Sake public their interpretation ^SyeS* ^Stofest^ to!* the Terminal Three. .-Evolves only stpd-by tickets at 

the relationship between tha tax manuals so that ail may know 51 f r “ ^ OKt tbese a^rWnes haw*. Heathrow. But. there is. no 

authorities and P the individual, what is their view of the law. ffffwbJSrSfc is^ S case ° wSfli Squid agree the been ^ do V; &t «*“' popularity of the 

. _ .. ^ A D.. ».«»«..•. nR.ui ..rr™- ana state wnemer mere is a case __ wnne most wouia agree tne request from the authonty to sell; various cheap, fare travel plans 

ls should he re- cheap tickets only in town, but has taken "Ihe Authorities, by 


Mr. David Mitchell. Conserve- • Her Majesty’s Officials of Cus- t0 aoswe r, 
tive MP for Basingstoke, and toms and Excise, in like manner 


House of Lords should be re- 


live MP for Basingstoke, and toms and txc.se. in nxe manner , formed, abolition would be a one airline TWA_ has said thit surnrtoe T,m " ’ . 

chairman of the bureau, said that to Her Majestys Inspectors and • 1 “ere snorna m no eiemrai threat to freedom, he said. tberieht to thZL S?most widelv-held view is MORE THAN 500.000 fiamlies in 


charter were in line with official enter upon the taxpayer’s home J 
without a warrant, and tbe tax- E ne V> UI “- y 


Tory policy. na^r“shou W ld“be entitied^to'to- pubtication' of Aat clause or a now smiuj- 

The specific proposals of tbe h?s "epal adSiser aJd To declaration oUhtent to legislate, through extrem^t 

larter. which is written in mock- JJ™ » SISL L whichever is fte earlier. ’ *£*«*«* kmd ot 


the date 0 f majority in the Commons— no only TWA is actually 
; clause or a matter how small— could posh writ- ^ 

through extremist measures 


in which can last for several days, r ■ — ; *zr- ai.Vh.k*'* <h<» 

should be. avoided for public 

health, traffic hazard and con- rh p 

Pftcrinn: rpRsnnR sc waII sc for fho The caravan mdnstiy, anu tn 


a farther 190,000 hire or 'borrow 


charter, which is written in mock- 
arcbaic language, are:— 

• Tbe taxpayer should have 


have a po 
request. 

• Changes 


witness upon influence. 

® The principle of reciprocity «* That is why Left-wingers, 
the official should be djemed to apply to UK such ^ Michael Foot, are so 


the right of appeal against un- Revenue interpretation of the tax laws. /Thus interest on out- w 
reasonable demands and incur- law. Press releases and policy standing fax should follow thelgg,-^ 
sions upon civil liberties made statements should be subject to same rules whether due to or by 
upon him by tbe Inland Revenue review by a suitably qualified the taxpayer. 


... , . . . . . . The authority’s argument Is health, traffic hazard and con- u !? van UUD 

fiuence y k ™ d * oderkUng that the pressures of demaM for gestion reasons, as well as for the ri I£lSen t*** 

“That* is why Left-wingers, ^ SSS?^ oJSttEW^ 

us interest on out- 1 id a ea « queues can bufld up rapier and At the same time, it “ iP^^orevSesDtSd 

-»““ M 1 - 0B toe ldea ■ PreQtlCB clog the check-ta side if Ter- recognised that there is a SSKKSS? SSS 

mm.i ti,« a rf.ei» nn The ciub's concfusion xs haseo 


clog tbe check-to side if Ter- recognised 


The Prime Minister was astnte min «l Three at HeathraW, to tbe genuine desire on the part of .t,*-.---- 

SSf-wSL^SS JS^V'fiS^SfwgS S^^^ for cheao 

fares. In its application for the The regulatory bodies and the 


Ryder evidence challenged 

dE JURY might think that questioning the people listed in th/re is evidence 


one-cfaambei; parliament, “but guaranteed tickets at higher 
he will sacrifice any principles SSJLi® application for the 


confusion between a static cara- 


S&rumsfPSS tirssa&'aws 

j£”wto toe Siction trespass, nuisance and breach of consider what to do to prevent a 


help him win toe election.” cre^ass. 

Abolition of the House of I C0 5 1 J{ ac ,t- 
Lords was toe price Mr. Callag- 


It believes that by:transferring tion 


repetition to future oftoe 


I THE JURY might think that questioning the people listed In there is evidence to support 
when Lord Ryder, former chair- Mr. Barton’s schedules as having tiiat.” 

m 3n of the National Enterprise made irregular paymenia. HoiSlow , 

Board, told them he had found Mr. Howard said: “ I regret to Middlesex have denied between ' Prentice added, 
no corruption at British Leyland have to say that some of toe u, eiD a Mta i of fi ve chareesi 
he was not telling the truth, witnesses for the Crown, in They relate to the alleged 


sum>ort ban would have to pay to avoid stand-by ticket sales, to town, not perhaps 
„ other Left-wing measures such only will the pressure be taken example 


^ ; trssss TZS^SSS 

ensuring, . for 5?«L 5“ LE2SS 


of as nationalisation of banks and 
— massive defence cuts,” Mr. 


Lvulu UVADI ivnu, uui Jjciuayo “J jvi Kiuhihm .£ _ woo 

such only_ wiU the. pressure be taken example, that they can obtain StSSiMSSSid. 


Mr. be more easily handled 

Prentice added. central London. cope with - surges in demand, . ^FOIlp 

Airbus consortium holds e , x P an , d * 
talks on UK role sl U? : 

lilllVu V#U J. UIv chemical groap r is planning a 

OFFICIALS OF the UK, French pate to the development of a new H-3m (£22m) expansl^ ^ro- 
, and West German Governments airliner Kke the B-10, while ^mme which will include an 
_ ^ were meeting in Bonn today for British Airways has made it clear extension of its existing specialist 

By Our Consumer Affairs further talks on the possibility of that it would only- be interested chemicals plant m Wales. • . 

Correspondent the UK rejoining the Franco- in the B-10 If that aircraft can . an . announcement from 

THE MARKET for hiring house- German Airbus Industrie censor- be powered by Rolls-Royce Gleveiaoa m the Lha., reported 

hold equipment ls still to its tium, to help develop the new RB-211. engines, and can meet its .by AP-Dow Jones,_ toe company 

infancy, according to a market 200-seat B-10 airliner, future, ^fleet requirements. said yesterday that it would be 

research report published This is toe latest round in the The fathre of Rolls-Roy ce has spending SI.6m («30,WO) on 
yesterday. long series of discussions aimed been one .of the UK Government’s ?^ r _* - e, * ul P* n .?Sl’ . 

Only one in ten people snr- at breaking through the difficui- major concerns In the long dis- laboratory tacuraes and Adai- 
veyed by the market research ties surrounding Britain’s future missions on future civil aircraft ^ ■f pace ^ P v 1 

organisation, Min tel. had hired civil aircraft development pro- ventures, especially where the ! Q c b urK > 

household equipment, such as gramme. smaller Joint European Trans- “JrSSJJ? nf fo 

scaffolding, gardening tools, Tbe Intensity of the discussions port (JET) programme is con- completed oy toe ena ot/next 
carpet cleaners, and tableware in of the past week indicates that cerned-. 

the past year. At present, there there is new a strong desire on This. is a plan for at least two .JJSuSf » 
are about 500 hire outlets with a the part of the UK Government aircraft, one seating 136 passen- 5?L-ri^i A* 1 Loin 1 «S!!» 
combined turnover of £15m. to rejoin Airbus Industrie, but gers and the other 163 passen- & Dt ^JSSf'SS 

Th survey found that people only if tbe terms are right. There gers, but’ both powered by St,,rjL r w i^S h wn x S , ,S£?V? or 
within the 25 to 44 age group Is no question of a UK participa- French-US. CFM-56 engines, ceramic floor and walL 
were more likely to hire equip- tion merely to satisfy Francb and with ’ np provision for Rolis- 
menL The trend was also West German political aspira- Royce- - - . 
strongest among managerial and I tions for a united European aero- Both the UK. engine -company 

space industry. and -British Airways prefer a 

The stumbling blocks at rival plan for participation in the - 


to notice in the summer peaks to 
cope with surges in demand, _. I 


he was not teumg tne trutn, wimesses xor uie crown, m Tbey re i ate t0 ^ alleged I TT* A 1 

defence -counsel stated at toe relation to my client, have been forgLng of copies of two i^Sers] rlirP fTilflP 
trial of Graham Barton, 34, a trying to mislead you. i„ x 1X11 v •* ililv 


former British Leyland financial 


executive, and his wife, Fatima, forgeries, 
at toe Old Bailey yesterday. document 


suggested 


to British Leyland, one purport- 
toe ing to be from Lord Ryder, and 
other the other from the Bank 


at the Old Bauey yesterday. documents sold to the Daily England, and using the forgerie 
Mr. William Howard, QC, in Mall, had been passed to Mr. dishonestly to obtain £15, 
his closing speech, said that no- Barton by another person. ” It from toe Daily Mail, 
one from British Leyland who looks, doesn’t it from the, docu- Mrs. Barton is not charged i 
had investigated tbe “slush fund” ments themselves, that be got relation to the Bank of Engl&n 


Airbus consortium holds 
talks on UK role 


furnace at Bedcar, on Teesslde. I allegation had given evidence of them from another source and letter. 


• NEWS ANALYSIS— BILSTON 

New hope for steel plant 

BY JOHN LLOYD 

PLANS ARE now going ahead to flask-shaped vessel filled with This last argument is clearly 350,000, another favourable po 
safeguard the future of the molten iron and a certain the one which the Bilston men for a corporation which 
British Steel Corporation’s Bil- amount (no more than 25 per will be pushing hardest. Tbey attempting ot cut capacity. .. 
ston plant in the West Midlands, rent) of scrap. ar ®, they say, not concerned to A second major argument co 

which involve a wholly new The crucial difference between keep jobs merely for the sake cerns marketing. In a repo, 
steelniaking process curiously ■•Q-BOP’’ and the more conven- of jobs (though they reckon the drawn up to support toe pr 

known as “Q-BOP.” The Board tional BOS (basic oxygen steel- loss of Bilston will push the tiosal for the electric arc fan 

may be inclined to look carefully making) process is that it is percentage of tbe local uncm- lity, the joint management-unlf 
at these plans because it knows blown in from below, rather than ployed well into double figures), working party notes that “tp 
that if it does not. it will have a from above. They claim that they have possibility of transferring Wi 

tough fight on its hands. The BOS process employs a found a solution which keeps ston’s order load to other wfft 

Two months ago. in an un- water-cooled lance to blow around half of the workers in without reducing the corijjn 
typical action, the Iron and Steel oxygen on to tbe motion iron employment w f«*o at toe same tions market share is remite. 

Trades’ Confederation threatened and scrap mixture from above: time ensuring that BSC remains The report lists a seriei o 

a nationwide strike if plans to because of its size, the vertical van steel-makine closures and transfers of or ler 

close part of the works went lance requires a very tall build- technology. wnere either imports, or itee 

ahead. ing to house it. In at least one respect, the Produced by the private se :to 

Mr. Eric Varley. the Industry “The average BOS shop Q-BOP process is impressively in steel producers, have sub tar 

Secretary, criticised British Steel requires a building with the advance of the open hearth fally taken over previous 

over its clumsy handling of toe dimensions of a cathedral, system. Cycle time — the time ma £j se *?: . I 

affair, and the threat of partial whereas the Q-BOP process needs taken to transform molten iron T“f “S* 1 ST adB carbon bfltets 

(and probably, in time, complete) a buildin glike a bam,” says Mr. and scrap Into molten steel— -is wh, f“ Bjtston s speciality 
closure was withdrawn for the Jonathan Aylen. toe Salford reduced as much as eight hours could n °t* ft 13 argued, be sud 


By Our Consumer Affairs 
Correspondent 


combined turnover of £15m. to rejoin Airbus Industrie, but 
Th survey found that people only if the terms are right. There 
within the 25 to 44 age group is no question of a TJK participa- 
were more likely to hire equip- tion merely to satisfy French and 
menL The trend was also West German political aspira- 
strongest among managerial and tions for a united European aero- 
professional people, as well as space industry. 


argued, be 


moment University economist who is to around 40 minutes. P Ued t0 ^ Midland’s 

Since then, toe unions and the advising 'toe Bilston unions ou Thus all that is required to manufacturers in sufficient qoaa- 
management at Bilston have been their plans. “It so happens that replace six or seven blast fur- ®?. c ^ 

busy drawing up plans to try to Bilston, like many open-hearth I* ■ comparatively small, ^pendent steelmakers dad 

ensure a future for the plant works, already has the dimen- or 35-toaae capacity vessel be bodnd 

Two main lines of thought have S10n s of a barn” H could be put at one end of co benefit 


ffil- being more common to the south The stumbling blocks at rival plan for participation in the 
Eks of England. present appear to be the' con- Boeing 757 short-range jet trahs- 

Lj_ xbe survey found that people turned French insistence that the port, which would use toe Rolls- 
te" ment is more advanced in tbe UK should pay a substantial Royce ^ ’RB-211 in its new 535 
of U.S- where there are about 8,000 entry fee,” in the form of a verson:-..'.' 

era rental outlets. ’ contribution to past Airbus Another - UE. alternative is 

eel m in f el sees a potential UK development costs, and that participation with McDonnell! 

itor market of around 1,000 outlets British Airways should order the Douglas . In tbe development 
an- with a turnover of £50m a year B-10. of toe « Advanced Technology 

ISC at 1978 prices. It also says there T “ e UK Government however. Medium-Range (ATMR) aircraft 
are signs of . increasing company sees no reason why It should pay which would also use the 535 
pts, nse of hire shops and rental of of entry fee to partici- engine. /: 

ty, 0 ther forma of equipment such 
up-fas specialist office equipment 


e 

B 

D 




•CT”T 



□u 

JM, 


a 

t 

n 



Council is new 
contender for 


Fords growing predo minan ce oyer BL 


20 rise for most of Its brands. : 

From tomorrow the price of 
Benson and Hedges Special ;• 
Filter, now the largest setting 
cigarette in the UK, will go np . 
to 58p and SUK Cut King Size -. 
will be 57p for a packet of 20.- 

Tfae rises follow yesterday’s - 
2p increases for a range ,oT 
Imperial Tobacco brands, such 
as John Player and -Embassy. 
Last month, Carreras Roth- 
mans also put up prices: by op 
to 2p a packet. 

The Increases on all the 
major brands of cigarettes sold 
In the UK follows higher cams 
over the past year whieh the 
manufacturers had absorbed as - 
long as posslbl e because of toe =• 
price sensitivity In the market 

Cheaper 

Their move to raise prices, - 
however, pats pressure on 
Brltish-Ameriean Tobacco’s 
State Express 555 brand, which 
was launched in the UK earlier 
this year at a substantially 
discounted- price to break Into 
the market 

Although BAT has no plans 
to raise toe brand’s recom- 
mended selling price of 55p 
for 20, the . price in many shops 
next week will have risen by 
about 2p from the present 
selling price of 51p. 

This still makes tbe brand 
about 4p or 5p cheaper than 
its competitors, although it is 
still being sold at' a low price 
to attract customers. Once the 
'launch is over, the price -' is 
likely to move closer to the 
average in the Industry. , 

Gallaheris price rise was 
notified to the Price Commis- 
sion but no action was taken ' 
to prevent it. The Commission, 
however, did decide to investi- 
gate imperial Tobacco’s rise 
although it allowed an Interim 
2p increase pending the out-, 
come of the investigation. 


More than tm , 
families trail 
caravans - 

Financial limes Reporter 


cmereged: first, that Bilston The other advantages of taking t * 1B shop and virtually die- "It is very evident that any 
transforms its seven open hearth the Q-BOP route which Mr. Ayen a PP eaf > says Mr. Ayiea. transfer of this business ; -to 

furnaces into electric arc fur- sees are:— n ,. otter works would lead to oppo- 

naces. fed by scrap (which would m Thp pxistin « maehinorv \ n llraSClC sUion from customers with toss 

mean that the blast furnace 


The existing machinery in 


£50m plant 

GREATER Manchester Council - 
a. UU ii uwiu trammers with joss j has joined the . growing list, of 
of tonnage, market share *nd contenders for Britain s £50m forf* 


= “nd “ for A-!? jffTSSL 1 -"^ 


,7™nd. th,t i.Xcom« n 2 , T n h 7 S quire, . con SSSffijft ff" f e £» ™' *** » fiSSK A dniTtosemethe pl>nt for 

tvop of the relatively unknown • Th ^. P™ c ^ s requires a con operating for under lorn, that is. future, many customers have ex- tbe north west bas already been rhi nr . t 

— SHSS “ s « as wad SSE£i«as SSr 

Crucial the electric are option, would The effect on employment may Malfagement, ^^Bilsto^cSt region^eouncto' 8 ^^jpaSln 

“S7 fi«e" and i^nSction of the tonova- SMRfifi Si J JW«!S , 


_ «| niJUfU 

Crucial the electric 

More faith is pinned nn the remain open. 


second Chan the first route, and •The introduction of the tnnova- option estimates that almost half level an at BSC headquarter fa petition with a number of otoer vw /Aadi 
it is this that the unions at toe Tory facility would provide of toe present 2.498-strong work- reluctant to say. nUarteI J “ndudtoe Bferaeyside fo^ VW/Aad ' 

plant will be commending to the British Steel with a working force would be laid off. where “There is a debate -r,w on toe kev development which 


plant will be commending to me smisn Meet wiu a wore mg torce would oe laid off. where “There is a debate -omit on toe key development which Total imports! 
TUC steel committee at its laboratory for a process wb.ch Q-BOP couJd probably work on about it both on toe P S3 iS SSuldprori&^SOO jobs and ts '■ .{Z, 

meeting on August 24 a s a plan already commands respect m even less. self and on it aonli SSnfE tn S P S iro tiJoueh the Grand 

worthy of its support. steel-making circles elsewhere m Output would be lower than Bilston.” said i P SSSStati National Enterprise Board. 7~ 

« a i3 ao " ic pcctintinllv nn thp wnrlri— nntahlv in thp T7S. th p nrp^pnf ipvp! nP smimr4 j.h .r_ MUiaUvu _ _ ■ j ■ . r* x 1 fnnudtt m > 


1978 

26U83 

210,736 

79m 

62,721 


4M.804 
v 39,117 
59,736 

V 39^72 

34^92 


437^33 

932.137 


months ended July 

% W77 

IBM 205^77 

2260 190.739 

856 71.913 

6.73 45#g 

534)8 434,729 

430 32^46 

6*1 - 42,847 

4 OS 34/79 

3AS 24^57 


46.92 325J876 

iUMtO 760^05 


“Q-BOP” is essentially an the world-notably In the U.S. the present level of around executive delicately. ** InduffWes already to' Greater * Jnriudes can from companies' Continental 'assdriatis vrfnch are notinduded in to* totrf llic R nra . 

jSnSSn TSSwb’IS I ^ ave,s JSS* S™ * Jsssns “• »;»• inelutle Ia GEC " np ° ra ° man ” urCB - lnd """« - uk 


between 300,000 


yea r— some- commit ourselves one wav or 
80,000 and other yet.’* 7 0r ; 


and Feirantt 







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f 

| - : ?3£ 

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House 
prices 
going up 
more 
slowly 

By John Brennan, 

Property Correspondent 

AFTER A spring price boom, 
the pace of house Price 
increases has how slowed, 
according to the' . latest 
quarterly bulletin of the Build* 
inff Societies Association, 

The association -reports that . 
new house prices nationally 
rose by 17.9 per cent In the 12 
months to the- end' of- Hay, 
reaching an average of £16,983. 
Prices of existing houses rose 
by 14.7 per cent in the year 
to an average of £15^29. 

However, the- rale Of price 
increase has noticeably slowed 
. since the increase in the mort- 
gage rate last month. The 
association comments: “ The 
acceleration now appears to 
have passed Its peak and the 
market is settling down again.*’ 

The association sees the 
higher cost of mortgages and a 
generally lower expectation of 
real income growth this year 
as the key factors. 

Association members lent a 
record £6J21bn to 737,000 
house buyers in 1977. providing 
over 70. per cent of house pur- 
chase finance. 

This- year, despite Govern- 
ment restrictions, the societies 
expect to lend around £8-5bn 
to 800,000 borrowers. But the 
association refutes suggestions 
that the availability of. mort- 
gage finance is- fuelling a price 
boom and forcing first-time 
buyers out of the market. 

- The national slowdown in 
prices since the beginning of 
the year, although very uneven 
throughout the country and 
scarcely noticeable in Central 
tendon, relieves fears of a 
price boom. 

As around 100,000 building 
society mortgages are 
advanced to firsttime buyers 
every quarter, the association 
also dismisses suggestions that 
new buyers have been driven 
from the market 
• Housing completions in 
Britain in the second quarter 
of tiie year are 7 per cent 
lower than In 1977. Department . 
of tiie Environment house- 
building figures, published yes- 
terday, show that total comple- 
tions between April and the 
end of June totalled 71,400, 
marginally higher than in the 
first quarter 

- On a seasonally adjusted 
basis completions fell slightly, 
from 71^*00 in the. first:. three 
months to 70,600 in the second. 


The re-birth of a legend 






itll 


John Griffiths 
discovers how one 
n&n resurrected 
~ Axminster’s . 
.industry and 
nrtade it famous 


HARRY DUTFIELD caught tiie 
train from his native Worcester- 
shire-'town of Kidderminster to 
pick 7 up bis new Jaguar car in 
London. And the unlikely con- 
sequence was that Axminster 
got its carpet industry back. 

It was 1936. Dutfield. then 28 
and. the joint founder of an 
already thriving carpetmaking 
company in Kidderminster, 
struck up a casual conversation 
with a fellow-traveller, who 
turned out to be from near 
Axminster, a small Devon market 
town just a stone’s throw from 
the border with Somerset. 

“How’s your carpet business 
doing; then ? ” inquired Dutfield. 

“ It’s been dead 100 years . . 

A:- few days later found 
Dutfield, fond of the West 
Country since childhood, scout- 
ing, around Axminster for a 
factory site; a few months later 
Axminster Carpet Company was 
in .business, churning out all- 
wool carpets woven in the 
traditional Axminster manner 
and. employing some SO, mainly 
local, people. 

Backbone 

Today, the company is the 
backbone of the town's employ- 
ment. At six each morning, the 
first o? a fleet of 14 large trucks 
puUs out of the factory gates 
for, nation-wide deliveries of the 
SiftfiQO' square metres of carpet 
now \ produced each week by 
-somefSOO workers. 

Pif&uction methods have 
chaiged considerably since 
Thojfifcs . Whitty a cloth weaver, 
first ^gtaned carpet-weaving in 
AxtdSster’s Silver Street in 
2775.£&is 20 wooden looms pro- 
ducetFlf carpets which were 






wmm-M 


Hliffh Ftoutlrdw 

Simon Dutfield, son of Axminster’s managing director, with a 
Drysdale Cross lamb which are being bred for fetter wool 


kntftte&l ' by hand and which 


required a week each to make. 
The modern Axminster factory 
rattles to the sound of “ gripper 
looms, equipment first developed 
in Kidderminster around 1900 
and by which the carpets are 
woven automatically from per- 
forated patterns, the whole 
assembly looking like nothing so 
much as a particularly compli- 
cated set of music box internals. 

Dutfield, however, is no 
stranger to the kind of problems 
which confronted Whitty. When 
about to leave school, he had two 
main career choices: to follow 
his mother’s wishes and join a 
bank, or his father’s footsteps 
into Kidderminster’s carpet 
industry. His father, a designer, 
was struggling unsuccessfully in 
his attic workshop to find a way 
of weaving a carpet with a design 
on each side. 

Dutfield offered to find a 
solution “for 15 bob”— and he 
did. He then built his own, 
wooden loom and started making 
small carpets, “ selling one a day 
for 10 bob.” Within a few years 
Dutfield and Quayle, the com- 
pany he founded with Stephen 


Quayle (it is now Quayle 
Carpets') was thriving. 

A notable post-war trend has 
been the increasing use of artifi- 
cial fibres, to the extent that by 
1972 wool accounted for only 63 
per cent of total fibre used in 
Britain's woven carpets and the 
figure was down to 50 per cent 
by last year. It is a trend which 
might have set Thomas Whitty. 
rotating rapidly in his grave in 
the local Congregational church- 
yard— were it not for the fact 
that the modem Axminister Car- 
pet Company is bucking the 
trend and sticking to 100 per 
cent wool. 

With carpet wool now costing 
carpet manufacturers something 
like 125-130p a kilo, against lOOp 
a kilo for man-made acrylics, 
the all-wool Axminster has in- 
evitably been climbing up- 
market. But with the more re- 
cent cbeaper-to-produce tufted 
carpet, composed usually of an 
80/20 acrylic-wool mix. suffer- 
ing nationally from over-produc- 
tion problems. Harry Dutfield is 
happy with his market niche. 

Wool, Harry Dutfield admits, is 


a personal hobby horse— to the 
extent that he is now growing 
his own. At his farm just outside 
Axminster there are now 700 
Drysdale sheep grating, and it is 
Dutfield's intention that in the 
coming years the farms of the 
South-West win eventually have 
400,000 of them to supply the 
Axminster looms which currently 
consume some 5m lbe of wool 
a year. 

The Drysdale was a non- 
existent beast before the early 
1960s, when Dutfield went to Mew 
Zealand to establish a carpet mill 
with two other UK manufac- 
turers. He found sheep every- 
where, but none to make carpets 
from: New Zealand's woollies 
were all unsuitable and the new 
company had to import all its 
wool. 

However, Dr. F. W. Dry, a 
sheep geneticist formerly of 
Leeds University, had been work- 
ing for some time to produce a 
suitably hairy typo. Dutfield’s 
search for u suitable import sub- 
stitute in New Zealand coincided 
with Dry at lost managing to 
produce a distinctively long- 
haired creature with remarkably 
springy wool. 

Crossbred 

Dutfield's New Zealand carpet 
company involvement ended in 
1970. but not his interest in the 
Drysdale. Thirty Drysdale ewes 
and two rams were introduced to 
his farm in 1976. The 700 now- 
on his farm have provided proof 
that the Drysdale can breed 
successfully bere; now Dutfield's 
intention is to get them crossed 
with British domestic breeds such 
as the Scotch Blackface. Romney 
and Whiteface Dartmoor to pro- 
duce what he expects to be the 
ultimate carpet material. 

Farmers, a conservative breed, 
tend to be sceptical. But Dutfield 
is negotiating with several and 
hopes that bigger farmers already 
running wool sheep will go along. 

For Axminster itself, the 
carpet company's arrival has 
been a boon. A market town 
■with a charter going back to 
1210. its pursuits liave been 
largely agricultural and its 
character has changed little from 
Whitty’s days, when the church 
bells were rung to celebrate a 
finished carpet. 

Given the current problems of 
Britain’s carpet industry, where 
its own success in producing 
innovations such as the hig!»- 
volume tufted process lias given 
rise to excess output and price- 
cutting, Axminster is not look- 
ing for spectacular growth in its 
revived industry. 

But with an unshaken convic- 
tion that the traditional, 
“natural” materials and the 
Axminster “weave” will always 
find plenty of homes, it expects 
its company, like the product, to 
be around for a long time. 


To run the finances jf a multi-market business like 
The Thomson C ra jriisation.a man must be as multi- 

^ V\ 

faceted as his company. 

V" 


His banker must be the same. 















»*' > #>*7 


- ,-M 

* ■' - 





Director- Tht 




David A. Moring, Vice-President, Chemical Bank. 


As Finance Director of The Thomson 
-Organisation, Michael Brown must 
wanage,thefmancial resources and 
helpassure the profitability of a large 
•and rapidjy growing group with 
interests in publishing, travel and 
petroleum. 

■Thomson publishes The Times, 

■The Sunday Times, regional news- 
■ Papery, books^ Family Circle! n the 
TJK, Living, numerous trade, technical 
pnd educational publications in some 
ten countries around the world, owns 
Thomson Travel and its subsidiary 
Britannia Airways. Through an asso- • 
ciatipn withthe Occidental Consor- 
tium, it is involved in the development 
of oil fields in the North-Sea. 

,So Michael Brown must have 


in-depth financial knowledge not only Through Chemco International 

* TkAmMnV hmiIi no, I l i l n i. i 


about Thomson’s products, but about 
the countries in which Thomson 
operates. His Chemical Banker, David 
Moring, must have the same. 

"David’s understanding of our 
business is important; says Brown. 
“But so are the flexibility and fast, 
response he and his Chemical Bankers 
come up with? 

^WjWre.closely with Michael Brown, 

with multi-purpose, mulSlurato? 
credit facilities in six local currencies 
exactly when required. In a half-hour 
meeting, they thrashed outan agree- 
ment in principle on a medium-term 
loan for North Sea oil development 


Leasing, a Chemical Bank subsidiary, 
they helped Thomson's Britannia 
Airways lease a Boeing 737-200 in 
minimum time. 

Says Brown, “Chemical Bankers get 
things done because they don’t have 
to go back to the head office for 
approval on every decision!’ 
Obviously, Michael Brown works 
with other international banks. But 
David Moring’s personal understand- 
ing of The Thomson Organisation and 
the bank’s flexibility are two impor- 
tant reasons their relationship 
continues to grow. That’s what usually 
happens when financial executives 
get together with Chemical Bankers, 


The difference in money is people. 


Chemical 


Scottish fWtent House, 

j : z T r te ™ stl ^ a nimgl | M-Cha1otteHo | aa.iyciHriatta Square. Eriwbwrt»AfatnaHicc. New Myh MV. 

Abidjan, Ba hrain Betn.it. Bffltngtinn. Bogou. Bnissas.Bicflns Airis, Cairo Caracas. Channel Islands, QivcjKo. Dubai. 

■ EtUnpur gh. Frantrfurf .Hor^ Kang. Houstoniaflrftarel. Jakarta. London. Madrri. Manila. Mercs City Milan. Monrovia. Hassau, Ran*. 
Rode Janeiro, Rons, San Francftco,Sao Rhilo, Singapore. Sydney. Taipe.Tcftr an. Tokyo. Toronto. Vienna. Zurich. 












LEGAL NOTICES 


Is the HIGH COURT OF JUSTICE, 
Chancery Dinsion Companies Court. Is 
diu Blatters of: 

No. W23TD of 1978 
COLUS TRANSPORT LIMITED 
No. 01073 Of UTS 

GILBERT CONSTRUCTION LIMITED 
amt in the Matter of The Companies 
Act. IMS. 

NOTICE IS HEREBY GIVEN that 
Petitions for the Winding-Up trf the above- 
named Companies by the Hi eh Court of 
Justice were, on the KUi day of July 
1978, preiemcd to the said Court by 
THE COMMISSIONERS OF CUSTOMS 
AND EXCISE of King's Beam House, 
39-41, Mark Lane, London EC3R THE, 
and that the ufd Petitions are directed 
10 be heard before the Court slulns at 
the Royal Courts of JnsUce. Strand. 
London WC2A 3LL, oo the Bth day of 


No. OMttr of Ula 


In As HIGH COURT OP JUSTICE 
Chancery Divulon Companion Court- Intbo 
Matter rf TSANGARAS & ZOULOUMIS 
LIMITED and In the Matter of The 
Companies Act. 1948. 

NOTICE IS HEREBY GIVEN, Aat a 
Petition for the winding up of the above- 
named Company by the High Conn of 
Justice was on the 2nd day of August 
1975 presented to Ac said Conn by 
AU-VINI COMPANY LIMITED whose 
registered Office IE it 33-34 Chancery 
Lane. London. W.CJ. and that Ae said 
Petition is directed to be heard before 
Ae Coon sitting at the Royal Conns 
of Justice, strand. London WC2A ill. 


October ISIS, and any creditor or ran- on ^ 16t h day of October 1978. and 
tn bn lory of any of the said Companies 


lo support or oppose .hTSdriM I ^ «<!»■«■ or contribnwry of the raid 
of an Order on any of the said Petitions I Company desirous to support or oppose 
may appear at the tunc of bearing In J the making ot an Order .on the said Ped- 
porson or hr his Conns*! for that purpose: (lion may appear ax the time of hearing In 
and a copy of Ae Petition will be person or by bis Counsel for Ait purpose; 
furnished by the undersigned to any and a copy of Ae Petition will be 
creditor or contributory of any of Ae , furnished by the _ undersigned to any 


said Companies requiring such copy on 
payment: of Ac regulated charge for UK 


G. F. HLOAK. 

King's Beam House, 

39-41. Mark Lane. 

London EC3R THE- 
Solicltor Tor Ae Petitioners. 

VOTE.— Any person u-ho in lends to 
appear on the hearing of any of Ae said 
Petitions must serve on. or send by post 
to Ae above-named, notice in writing of 
his intention so to do. The notice most 
■late the name and address of Ae person, 
or. J a Grin, the name and address of 
the firm, and most be signed by Ae 
person or firm, or bis or their Solid r or 
nf anyi. and must be served or. If posted, 
must be sent by post tn sufficient time 
to reach Ac above-named not Later Aan 
four o'clock in the afternoon of Ae 
6th day of October I97S 


creditor or contributory of Ac said 

Company requiring such copy on payment 
of Ae regulated charge for Ae same. 

SILVERMANS. 

3. Stratford Place, 

London WIN DDX. 

Solicitors for Ae Petitioner. 

NOTE.— Any person who intends to' 
appear on Ac hearing of Ae said Petition 
must serve on. or send by post to. Ae 
above-named notice In writing of bis 
intention so to do- The notice must stale 
the name and address of the person, or. 
if a firm Ac name and address of Ae 
firm and roust be signed by Ae person 
or firm, or his or ibclr volicitor fif anyi 
and must be served, or. If posted, most 
! he sent by post A sufficient time to 
reach Ae above-named not later Aan 
four o'clock A the afternoon of the 
13A day of October 1978. 


No. 003363 of 1978 
NO. 002364 of 1978 

In Ae HIGH COURT OF JUSTICE 
Chancery Division Companies Court A 


the Blatters of IMSA CONSTRUCTION 
CO. LIMITED. WORLD FINE ART 
GRAPHICS LIMITED and A Ae Matter 
of the Companies Act. IMS. 

NOTICE IS HEREBY GIVEN that 
pp; ii ions for Ac Winding op of Ae above- 
named Companies by Ae High Conn of 
Juki ice nw. on Ac 24th day of July 
1976. prownu-d to the said Court hy THE 
COMMISSIONERS OF CUSTOMS AND 
EXCISE or King's Beam House. 39-41 
Mark Lath'. London EUR THE and Aat 
thn said Pciltlani are directed to be 
hi-ard before Ae Court sitting at Ae 
Royal Courts of Jnsilcv. Strand. London. 
WC2A 2LL on the 9th day of October 
1976. and any creditor or contributory of 
any of (he said Companies desirous to 
support or oppose the making or an 
rirdtr on any or Ac said Petitions may 
appear at Ac time of hearing in person 
or by his Counsel for that purpose; and 
a copy of lhe Petition will be furnished 
by the undersigned to any creditor or 
contributory o( any of Ac said Companies 
requiring such. copy on payment of lhe 
regulated charge for Ae same. 

C- F. CLOAK. 

Ring's Beam House. 

39-41 Mark Lane. 

London. ECIK THE. 

Solicitor for the Petitioners 
NOTE.— Any person who intends to 
app-ar on Ae hearing of any of the said 
Pentiums must serve on. or send by post 
io Ae above-named, notice A writing of 
his Atention so to do. The notice must 
state the name and address of the person, 
or. if a firm, the name and address of the 
firm, and must be signed by Ae person 
or firm, or his «r their Solicitor flf anyi. 
and most be served or. If posted, must 
be sent by post m sufficient tune to reach 
the above-named not later Aan 4 o'clock 
in the afternoon of Ae 6A day of October 
1918. 


No. 099460 of 1978 


In Ae HIGH COURT OF JUSTICE 
Chancery Division Companies Court In 
Ae Manor of CATERQUEST LIMITED 
and A the UaLter of The Companies 
ACL 1948. 

NOTICE IS HEREBY GIVEN. Aat a 
Petition for Ac Winding up of Ae above- 
named Company by Ae mm Court of 
Justice was on Ae 3rd day of August 
1978. presented tn Ae said Coon by 
HER MAJESTY’S ATTORNEY-GENERAL 
whose address Tor service Is The Treasury 
Solicitor. .1 Central BuUdlngs. Martbew 
Parker Street. London SW1H 9NN. 
and Aai the said Petition is directed 
to be heard bclofe the Court sitting at 
Ae Royal Courts of Jnstlee. Strand. 
London WC2A 2LL. on Ae 16th day of- 
October 1978, and any creditor or con- 
tributory of the said Company desirous 
to support or oppose Ae making of an 
Order on the said Petition may appear 
at Ae time of hearing. A person or 
by fats counsel for Aat purpose; and a 
copy of i he Petition urBl be furnished 
by lhe undersigned to any creditor or 
contributory or [be said Company requiring 
such copy on payment of Ae regulated 
charge for the same. 

TREASURY SOLICITOR, 

3 Central Buildings. 

Matthew Parker Street. 

London SW1H 9NN- 
Sohdtor for the Petitioner. 


NOTE.— Any person who intends to 
appear on the bearing of Ae said Petition 
most serve on, or send hy post to. Ac 
above-named notice in writing of his 
intention so to do. The notice must stale 
ibe name and address of Ae person, or. 
If a firm, the name and address of Ae 
Arm. and must be signed by the person 
or firm, or his or Aclr solicitor flf any i 
and most be served, or. If posted, must 
be sent by post A sufficient rime to 
reach the above-named not later Aan 
four o'clock A the afternoon of the 
ISA day of October 1979. 


NO. 0024U Of 1978 
In Ae HIGH COURT OF JUSTICE 
Chancery Division Companies Conn. In 
Ae Matter of ISLAND FRUIT REEFERS 
SHIPPING COMPANY LIMITED and A 
Ae Matter of The Companies Act 1848. 

NOTICE IS HEREBY GIVEN, Aat a 
Petition for the Winding up of Ae above 
named Company by the High Court of 
Justice was on Ae 3rd day of August 
1878. presented to the said Court by 
HER MAJESTY’S ATTORNEY-GENERAL 
whose address For service is The Treasury 
Solicitor, 3 Central Buddings. Matthew 
Parker Street London SWiH KW. 
and Aat me said Petition is directed 
A be heard before Ae Court sitting at 
Ae Royal Coons of Justice. Strand. 
London WCSA SLL, on Ac ISA day of 
October 1978. and any creditor or con 
tributary of Ae said Company desirous 
to support or oppose the making of an 
Order on Ae said Petition may appear 
at Ac dme of bearing. In person or 
by his counsel far That purpose; and a 
copy of Ae PeUtnm will be Ami shed 
by Ae uudcrylgpcd to any creditor or 
contributory of Ae said Company requiring 
such copy on payment of the regulated 
charge for Ae same. 

TREASURY SOLICITOR. 

3 Central Buildings. 

Matthew Parker Street. 

London SWIH 9NN- 

Sollcltar (or the PePtkmer. 
NOTE.— Any person who intends to 
appear on Ae hearing of Ae said Petition 
most serve on. or send by post to. the 
above-named nonce tn writlna of bis 
[mention so to do. The notice must state 
Ae name and address of Ae person, or. 
■r a firm, the name and address of Ae 
firm, and must be signed by Ae person 
or 8rm. or his or their solicitor flf anyi 
and must be served, nr. if posted, most 
be sent by post A sufficient time to 
reach Ae above-named not later Aan 
four o'clock A Ac afternoon ot Ac 
13A day of October 1978. 


No. 002462 Of >978 


In Ae HIGH COURT OF JUSTICE 
Chancery Division Companies Court, tu 
Ac Matter of NORTH WEST SHIPPING 
COMPANY LIMITED and In Ae Matter 
of The Companies Act. 1948- 
NOTYCE IS HEREBY GIVEN. Aat a 
Petition for Ac Winding up of the above- 
named Company by Ae High Conn of 
Justice was on (be 3rd day of August 
1978, presented to Ac said Court by 
HER MAJESTY'S ATTORNEY-GENERAL 
whose address for service is The Treasury 
Solicitor, 8 Central Buildings. Matthew 
Parker Street. London SWIH 9NN. 
and Aat the said Petition is directed 
to be beard before the Court silling at 
Ac Royal Courts of Justice. Strand. 
Loudon WCSA SLL. on the IGA day or 
October 1978. and any creditor or con- 
tributory of lire raid Company desirous 
to support nr oppose tbe making of an 
Order on tbc said Pennon mar appear 
at tbe time of hearing, in person or 
by his counsel (or that purpose: and a 
copy of the Petition will be furnished 
hy the undersigned to any creditor or 
contributory of Ae said Company requiring 
such cony oo payment of Ac regulated 
charge tor Ae same. 

TREASURY SOLICITOR. 

3 Central Buildings. 

Matthew Parker Street. 

London SWIH 9NN. 

Solicjtor for the Petitioner. 

NOTE.— Any person who ini ends to 
appear on tin? hearing of Ae said Petition 
must serve no. or send by post to. Ae 
above-named notice In writing of hi s 
Intention so to do. The notice rnusi state 
Ae name and address of Ae person, or. 
if a firm. Ae name and address of the 
firm, and must be signed by Ae person 
or firm, or bis or their solicitor ■ ir any) 
and must be served, or. if posted, must 
be sent by post In sufficteui time to 
reac± Ae above-named not later than 
four o'clock in tbc afternoon of Ae 
ISA day of October 1978. 


LABOUR NEWS 


Industrial civil 
servants seek 



flexible pay 


BY PHILIP BASSETT, LABOUR STAFF 


TRADE UNION negotiators for Two weeks ago general secre- 
183,000 industrial civil servants tanes from 11 unions involved in 
yesterday requested & meeting the claim, which is for M subs tan- 
over pay with senior Cabinet tisl" increases in pay, plus con- 
Ministers after the Civil Service solidation and a commitment on 
Department had put forward its comparisons with , private in- 
third offer under the Govern- dustries, met Ministers and 
mentis Stage Three guidelines. obtained an assurance that the 10 
• . , . * . . , , , , per cent policy would not be 

Union leaden on the industrial more rigidly applied to indus- 
civil servants' Joint Co-ordinating tj-iaj gjyji servants than to any 

Committee are hoping for flexi- other comparable group. 
biiity in application of the 10 Mr. peter Adam, chairman of 
per cent Ihnit and for some sort th e union sidBi after 

or forward commitment on pay yesterday's meeting that they be- 
si m il a r to that given to the fire- Ueved the 10 per cent limit was 
men and the police. in fact being applied more 

The official side* offered to con- rigidly to the Government’s blue- 
solidate the £6 Phase One supple- collar workers, 
ment and £L50 of the Phase Two His side would be seeking a 
supplement into basic rates of meeting with Mr. Denis Healey, 
pay. and then increase basic rates Chancellor, and Mr. Albert 
by 9 per cent which would raise Booth, Employment Secretary, to 
basic pay for the lowest grade, try to persuade them to he more 
23,460 workers, from £32.50 to flexible within the guidelines. No 
£44.69. data for the meeting has yet been 

set 

Cfio/ offer Shop stewards, representing 

v /0 6,000 industrial civil servants in 

Craft and supervisory allow- London will meet today to dis- 
ances, payable when craftsmen enss industrial action to achieve 
or supervisory staff take on work the national pay claim. Yester- 
□ot normally done by their days talks were lobbied by 
grades, would be .raised under hundreds of Government workers 
the offer by 50 per cent Current after shop stewards called a half- 
craft allowances are £2, £3, £4 day strike, 
and £6 depending on the nature About 300 drivers employed by 
of the work, supervisory allow- the Metropolitan police held a 
ances £3.25 for chargehands and 24-hour strike yesterday in 
£5.50 for foremen. support of the claim. The Civil 

Some 30,000 low-pay workers Service union which represents 
would get additional increases of them said that there would be 
between £1 and £1,50 a week, an official 24-bour stoppage today 
Official-side negotiators made of all other Metropolitan Police 
it clear that the offer, which was industrial staff. including 
withdrawn when tbe trade union workers who service police 
side requested to meet Ministers, vehicles, which would cause 
represented the furthest the “serious disruption to police work 
Government could go. in the capital.” 


Fitters’ 47% pay 
challenges Stage Four 


BY PHILIP BASSETT, LABOUR STAFF 


THE GOVERNMENT faces the concerns not solely concerned Union officials soy that, ia^ 
first challenge to its Stage Four with beating and . ventilation, skilled workers 


5 per cent wages guidelines from generally have their pay regn* forced out of the tadtutfc t* 
ventilating lated by the terms of the national ils ^tes of pay. and Jeel'tw 


18,000. heating ventilating lated by the terms oi toe national ils ^tes of pay. and.fcel>tw. 
engineers, who have submitted a agreement: . .■ to pay £U5G for the fitter 

claim for increases in basic rates The claim tabled by the sheet Jlhfa 

of pay amounting to 47 per cent metal workers’ JLgl 7 ™ 

for the lowest grades. ■ being studied by ^ cmpljjs vanea. 

_ .. , . , ■ in tbe light of the Government's The heating and vemn»tu 

Progrws of tte c^im wdU be wiilte Paper on pay. Winning leh engineers are an important 
closely watched byumon repre- . Battle Against Inflation. .test of how far the KvenaSS 

sentatives of 30,000 plumbers. ^ claim calls for rises of 47 w pollcv will 
whose own PVcMmd under in basic pay of fitters Sttlement date is ££*& 

negotiation. „ *, or ,. both from the current £1.2-2 per hour j b „ s a f ter a pay poHev 

srouos are usually closely linked. on witters make up about 25r*S!l. pay poncy 


to £1-80. Fitters ™ake up about lmo forro . 
The 1S.OOO engineers, who are 25 per cent of all the workers 


FSSS s Fsasgs sjKSBSS 

■sssS-SSs? Sw=*S wssssES 


tractors 

12,000 other beating engineers, in £1.57, 


Scottish and Welsh TUCs 
to re-examine regional aid 


BY RAY PER MAN, SCOTTISH CORRESPONDENT 


^ I 


APPOINTMENTS 


ASTLEY & PEARCE LIMITED 


STERLING DEALER 


Have a vacancy for an experienced 
Sterling Dealer, age 20-25. Salary 
negotiable. 

Usual fringe benefits. 

Applications in confidence to 
The Managing Director, 

20, St. Swithin’s Lane, London, E.C.4. 


COMPANY ACCOUNTANT 


A 1 fading linn of West End Retail Jewellers requires a 
qualified Accountant with post-qualification, preferably 
tronimcrcial. experience. 

The person appointed will report to the Managing 
Director and will take responsibility for preparation of 
periodical and annual Accounts, day-to-day control of 
financial and personnel matters, and will be appointed 
Company Secretary. The post requires a good personality 
and carries excellent prospects. Age 25-35, salary £8,000 
plus non-contributory Pension Scheme, etc. 

Please apply in writing iritii full career details to H. Lamdin, 
Sauers Bnttcncorthy 62 Brook Street. London IVTY 2DB. 


STOCKBROKING 


Experienced personal assistant required for the Senior Partner 
of a leading London firm. Must be fully competent to handle 
computerised client portfolios and talk to and deal for private 
and institutional dienes. Two or three years stackbroking 
experience are essential. Candidates will probably be aged 25-30 
male or female. 


Write giving details of experience and salary expected to: 
Bax A.63B5. Financial Times, 10. Cannon Street. EC4P 4BY. 


No- 002463 OT 1879 
In the HIGH COURT OF JUSTICE 
Chancery Division Companies Conn. In 
the Matter of SAVANNAH SHIPPING 
COMPANY f HOLDINGS) LIMITED and 
In the Matter of The Companies Act. 1948, 
NOTICE IS HEREBY GIVEN, that a 
Petition for the Winding op of the above- 
named Company by the High Court of 
Justice was on the 3rd day of August 
1978. presented to the said Court by 
HER MAJESTY’S ATTORNEY-GENERAL 
whose address lor service is The Treasury 
Solicitor. 3 Central Buildings. Matthew 
Parker Street. London SW1B BN N. 
and that the said Petition is directed 
to be heard before the Court situate at 
the Royal Courts of Justice. Strand 
London WC2.\ 2LL. on the 16th day or 
October 19TS, and any creditor or con- 
tributory of the said Company desirous 
to support or oppose the making of an 
Order 0Q the said Petition may appear 
at the time of hearing, in person or 
hy his counsel for that purpose: and a 
copy of the Petition will be runushcl 
by the undersigned to any creditor or 
contributory of tbc said Company requiring 
such copy on payment of the regulated 
charge for the same. 

TREASURY SOLICITOR. 

8 Central Buildings. 

Matthew Parker Street. 

Loudon SWIH 9NN. 

Solicitor for the Petlriacer. . 

NOTE.— Any person who intends 
appear on the bearing of the said Petition 
must serve on, or send hy post to. the 
above-named notice in writing of his 
intention so to do. The notice must state 
the name and address of the person, or, 
if a firm, the name and address of the 
Ann, and must he signed by tbe person 
or firm, or his or their solicitor flf any) 
and must be served, or. U posted, most 
be sent by pax in sufficient time to 
reach the above-named not later than 
four o’clock m the afternoon of the 
l3Ui day of October 1878. 


to 


COMPANY 

NOTICES 


BRA5ILW5T 5.A. 

Sotiit M o da invest! memo DL No. 1401 


NOTICE OF DIVIDEND PAYMENT 
NOTICE IS HEREBY GIVEN that the 
Directors of the Co mo any have resolved 
on Che recommendation of the consul- 
tative council Of the Company that a 
final dividend oi erdire 0.45 oer entire 
share should be paid In respect ol the 
fiscal year ending 31st March 1978. 

After deduction of Brazilian with- 
holding tax at a rale of IS per cent 
and the depositary's expenses ol 
US SO.OI per depositary share, the 
amount payable In respect of each 
original depositary share is US SI 95-36 
and In respect of each depositary 
share isecood urlosl Is US S1B3.46. 

The dividend will be available an or 
otter 37 July 1978 to holders ol the 
relevant INTERNATIONAL DEPOSI- 
TARY RECEIPTS on surrender, of 
dividend coupon No. 4 attached to 
IDR'S in respect o! depositary shares 
and or dividend coupon No. 3 attached 
to IDR's in respect ol depositary shares 
'second scries) at any of the paving 
agents: 

MORGAN GUARANTY TRUST COM- 
PANY OF NEW YORK. 

— BRUSSELS. 35. avenue des Arts 
—NEW YORK. 15 Broad S*cet. New 


Yorfc NY 10015 
-LONDON. 33. Lombard Street. 
London. E.C.3 

-SWITZERLAND. 39. Stockeretrasso. 
CH 8022 ZURICH. 


STOCKBROKERS 


Interesting opportunity. Additional young Assistant 
required by Partner in Private Clients Department 
of large firm. Candidate would be up to Stock 
Exchange exam level and capable of looking after 
clients’ portfolios without constant supervision. 


Write Box A6433, Financial Times 
10 Cannon Street EC4P 4BY 


APPOINTMENTS 

WANTED 


FRENCH EXECUTIVE (34) 

in charge of Accounting. Contracts 
and Administration In G»il Engineer- 
ing and heavy cguipoient firm. Bac 
(USA 1965). CNOF (France 1971). 
perfectly bilingual in Engllih and 
French, almost fluent In German and 
Spanish, seoka similar ponuon. pre- 
faribly in Paris. Write to: . 

Mr. de Galard. quai Nariwul 
92SO0- PUTEAUX. FRANCE 


PERSONAL 


BATH SERVICES 

Bath* resurfaced in->itu 
in 'white and most standard 
colour, at a fraction of the 
replacement cost. Ebr expert 
guaranteed service con tact I- 
Bath Services, 

26RonuIlyStnetLondmWil 
"Telephone 01-437 823^ 15715 


Telephone Sheffield 66W9S 
Tckrfaone Winchester 66567 


NIPPON CHEMICAL GONDENSOR 
CO- LTD. 

•CORS) 


Tho undersigned announces that the 
balance sheet as of 31 March 1978 
and statement of profit and lots of 
Nippon Chemical Coodensor Co.. Ltd. 
will be available in Luxembourg at 
Banouc Internationale a Luxembourg 
S.A. 

and further in Amsterdam at: 
Aiccnenc Bank Nederland N.V.. 
Amsteream- Rotterdam Bank N.V.. 
Bank Meet A Nope N.V., 

Pierson. Held ring A Pierson N.V.. 
Kos- Associat'd N.V. 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 

Amsterdam. 

1st August 1973. 


BRAZILIAN INVESTMENTS SJL 
Sodedide de Imres timontn 


Decree Uw No. 1401 

NOTICE IS HEREBY GIVEN that as 
from July 25. 197B. IDR shareholdan 
may request the partial redemption of 
the capital represented by their ah area, 
not exceeding 20 oer cent ol the 
capital and for the six monthly period 
thereof: cr. against Surrender oi a rele- 
vant application and deposit of tho 
IDR certiftGatn at the other of Morgan 
Guaranty Trust CV of New York. 
35 avenue des Arts. Brussels. 


r— -HARROGATE— -m 

©Id Brnan lotel 

BBTIAI K'S MO ST DISTUIGUISHED 
CONFERENCE HOTEL 

Conference Secretary 


RAC 


Tel. HARROGATE SO4051 
159 Imh IZBpt ★ 3 ar sure Surua 
Plenary CaahnauJBB + 4 Prinn Haem x 75 

Braswt fliaing 30fi flndfes Oaototiflpa. 

3 Rnramms^ lle.a.tnllp n, 

» TELEX 57322 OLD SWAN HAROGAT 
%aOno of Britain 'a PRES TICS HOTELS M 


Push to decasualise 
building industry 


BY NICK GARNETT. LABOUR STAFF 


THE GOVERNMENT could tome cash to help small companies scheme «9 uld _ 
under renewed pressure from with cash flow problems. If we assembly bemp set up in 
the Scottish and Welsh TUCs to can come to a common view on We regard It us crucial tha) 
re-examine the system of this. then, with a general elec- we should work out our apw^ 
re°ional incentives to industry, tlon coming up. now is the time well m advance .of jfe 
° . ^ to press that view on the Govern- referenda," Mr. Wright salt : 

The two bodies, which are to me nL" 14 .We can save ourselves a feti 

meet later this week, are par- <n, e meeting will also discuss of money if we pool our j dfa l 
ticularly unhappy about the sub- devolution. especially the and work together. We can afeo I 


stitutes for the regional employ? referenda to be held in Scotland begin to campaign effetitfaByj 
ment premium-^a payroll sub- Wales. The Welsh TUC is within England to explafu ^ tn 1 


sidy for firms in development concerned that the 40 per cent people what we are doin g and 1 
areas, which was abolished at the nrnuian inserted into the devolu- wh.v wo want devolution^ bj 


areas, 
beginning of last year. 

Mr. George Wright, general 
secretary of the Wales TUC, said 
it was felt that the new 
measures. Introduced after REP 


proviso inserted into the devolu- why wo want devolution;” 
tion Acts by opponents of the declared. . 


Hull dock action relaxed 


A CAMPAIGN on the need to yesterday made particular 
decasualise the building industry reference in this context to raw 
and on the benefits of public materials supply, 
ownership was launched yester- The union's document gives 
day by the Union of Construe- firm backing to the Labour 
tion. Allied Trades and Tech- Party's support of local authority 
□loans. direct labour departments 

The union, the biggest in The union madeUcIear. how- 
budding with 320.000 members, ever, that it believes Building 
also told empioyers that.it might Britain's Future is in places too 
impose sanctions on individual weak, particularly over the regis- 
companies if an agreement on a tration of employers and opera 
register of empioyers did not tives. 
prove satisfactory. . . . 

The register /Is seen by the ° f agreement 

construction unions as an impor- n between em- 

tant aid in frying to stabilise land unions for the volun- 

employment, promote fail-back faster of employers in 

pay and improve working condi- ' engineering, building, and 

Lions and safety. £or “ e specialist subcontractors 

About 20,000 copies of a new 


document/ Building Britain’s Monitor nlea 
Future, lie UGATT view, which ” F 


calls for/ drastic changes in the . The union wants the Construc- 
way thq/industry is organised are tion Industry Manpower Board to 
being issued. Building Britain's monitor the -voluntary scheme 
Future is the Labour Party dbcu- f °r employers and if, within a 
meat on the industry. year, it is apparent that signifi- 

Half a million pamphlets cant numbers of employers are 
countering tbe anti-nationzUsa- not registering it will press the 
tion campaign organised by the would consider instructing 
National Federation of Building Government to impose 
Trades Employers and the statutory register. 

Federation of Civil Engineering Mr. Wood said that the union 
Contractors also are being 'sent members not to work for any 
out. company which did not register 

The Labour Party document under the voluntary scheme, 
proposes nationalisation of parts The union document describes 
of the construction industry, a the employers’ Campaign Against 
policy broadly supported by the Building Industry Nationallsa- 
union. Mr. Les Wood, tbe unions tion as " wretchedly distorted 


assistant general secretary, 


and blinkered." 


i 

Ley land tool men ‘forced 
iitfri 


into new co 


BY ARTHUR SMITH, MIDLAN 


PS CORRESPONDENT 


to lobby the executive connei 
meeting of the Amalgamated 
Union of Engineering Workers 
The unofficial committee if 
pressing for talks with the 
executive and management to 
pursue their demand : for 
improved differentials. - - f 


•ontation’ 


TOOLMAKERS at BL Cars are support A similar stoppage 
being forced into a new. .con would place In doubt the 
floatation with their union anc economy of the company's car 
management. Mr. Roy Fraser section in its present form, 
chairman of their unofficia: The company hopes that pay 
action committee, said last night reforms, now being negotiated 
He will lead a delegation todaj with unions, will prevent mili- 


tant action. Toolmakers would 
benefit not only from a proposed 
new grading structure, but also 
from moves to raise the Jower- 
paid plants to the level of tbe 
highest 

The unofficial committee is 
considering how a strike already 
under way by 32 toolmakers at 


•All we are asking for isefis- 
missions about our problems. We f 

will soon have ftyhatiRipd all ® L6yl3iid components fsetory, 
avenues without success and we t0 ^ wider 

are being driven to a lew de ™|^ lcL s _ - 

position of confrontation,” Mr. . lhe «ctory is important 
Fraser added because it supplies carburettors 

* w r -i rum . , « Used throughout BL cars. Mr. 

A meeting of 1,700 toolma cers Fraser will meet leaders of the 
bas given the unofficial om- men today who are demanding 
mittee authority to take y bAt- the same pay as other Leyland 
ever action, it considers n«es- toolmakers in the Birmingham 
sary, area. 

The main question is whe&er Stocks of carburettors are 
the toolmakers, who last year high, so it will be some time 
staged a crippling four-week before the dispute begins to have 
strike, can again command such impact 


Pension consultation 
enforced by Ennals 


BY ERIC SHORT 


EMPLOYERS now have a lfik 81 rights, which would change the 
obligation to consult trade status of employees regarding 

unions before reducing pension EnTJIS 

5 p a amendment to the rules of the 

benefits. Regulations were laid peQS i on scheme. 

before Parliament yesterday by The Occupational Pension 
Mr. David Ennals, serial Board, the supervisory body 
Services Secretary. responsible to overseeing com- 

The regulations reqiiir® pany pensions, is given the 
employers to give notice to necessary power to supervise 
employees and consult the recog* these provisions, 
nised trade anions about any * The Contracting - out and 
intended changes to tjicfr Preservation f Further. Prorf- 
occupational pension schemes skwWj) RepwtatKms I57S. SI 1978. 
which would reduce benefit No. 1039. SO. Pride 20p 


HSUS ? D0CK GATE operators at Hull Rotterdam and Zeebrogge wfth 
JESSE* J 2 T 5 SS’ relaxed their strike yesterday for passengers and carsT were 
mfnJ fXim ihSS 111 * nCW mvest * the convenience of about 2,000 allowed to dock and salloa 
ment from abroad. 'holidaymaker*. schedule last night but the 

He added: “We have been Rut the ooerators at the noil’s remained closed to other ship 
talking about some form of slid- GeoAe ^nd Queen Eliza- Pj n S- A «>U-on roll-off freighter 
£*£5 0 ^Li° P ?„“ R fiSi. wl ? h beth Docks were refusing to open Charged at a riverside Quay,; 

a^e^reSs who take U»e dock gates to cargo ships. There was no sign of a settle- 

assisted areas wno take on more claiming that supervisory staff ment of the unofficial strike of 
worker than their normal HSSf the 3M dock maiS 

quQia " them jammed during their three- also over a demand for pay 

Mr. Wright also felt there day pay parity strike last week, parity with the dockers, now In 
should be forward advances. .of North Sea Ferries ships from its second week. 


rt DIDIER-WERKE AG 


WIESBADEN, GERMANY 

.(Refractories and Engineering)^ - ~ u. :< 


The Annual General Meeting 
of DIDIER-WERKE AG wal 
held in Wiesbaden on June 28th, 
1978, and the following are 
extracts from the speqfch 
of tbe Chairman of the Bojkrd 
of Management, Dr. 

Bieneck, and from the 
presented by the Board. 



Dr. Bieneck J 
In his address. Dr. Bibneck 
reviewed the difficult business 
year 1977 in which the cumula- 
tive effect of adverse factors 
had made it exceptionally 
difficult to reach the Com- 
pany's targets. He referred in 
particular to the steel crisis 
which was now in -its fourth 
year, an investment climate 
that remained uncertain, exces- 
sive rises in unit wage costs, 
further shifts ini exchange 
rates and worrying signs of 
protectionism with growing 
obstacles to exports. Moreover, 
1977 bad sec a a 50% rise in 
the tax burden on distributed 
profits on top of taxes 
unrelated to earnings which in 
international terms were at an 
exceedingly high level. 

Against this background 
DLDrER had been unable to 
avoid a fall in turnover aad 
results although foreign earn- 
ings and exceptional items 
such as the sale of 40% of 
the share capital of Didier 
Engineering GmbH, Essen, to 
Voest-AZpsne, had materially 
contributed to the Company’s 
figures. The tax-free portion of 
this capital gain had been used 
to strengthen the free reserve. 
The dividend proposed of 
DM 4 per. share would be 
complemented by a bonus of 
DM 1 from the not tax-free 
portion, and German share- 
holders would also benefit 
from the usual tax credit, 
bringing their total income to 
DM 7.81 per share, a return 
of 15.6%. 

Dr. Bieneck stressed that 
co-operation with V6est had 
become even closer. Although 
the flow of orders to the Plant' 
Division had shrunk, both 
because of lagging invest- 
ments and on account of 
intensified international com- 
petition. there was a number 
of interesting projects which 
was hoped would ensure 
substantial utilisation of 
capacity. 

As far as tbe refractories 
business was concerned, a 
sector that had steadily 
expanded since the war, efforts 
were continuing to maintain 
this trend by diversifying 
activities. Foreign business 
had been stepped up, and an 
increasing proportion of the 
product range was now made 
up of bigh grade products in 
order to meet changes in inter- 
national market conditions 
and to safeguard the largest 
possible number of jobs. 

Referring to the Group’s 
domestic investments designed 


to take account of economic 
and technological changes, 
which had amounted to no 
more than around DM 16m. 
because economic progress had 
fallen very far short of the 
original forecasts. Dr. Bieneck- 
foresaw an increase to around 
DM 20m for the current year. 
He also welcomed the fact that 
in 1977 purchases of shares by 
DIDIER staff had brought the 
total of shares held by the 
Company’s labour force to 
30,000, or approximately 2% of 
the total share capital. There 
was .every Intention of con- \ 
tinning along these lines. 

As for 1978, Dr. Bieneck 
characterized it as another 
difficult year, marked as it was 
by the downward revision of 
official growth forecasts and 
wage settlements which in no 
way allowed for the unchanged 
problems faced by trade and 
industry. He went on to say 
that it was the development 
of the international steel 
business In the second half of 
the year that would determine 
whether the Company would 
succeed, in maintaining its 
results at the level of the 
previous' year, but that be was 
optimistic about the long-term 
future. DIDIER, he said, was 
determined to secure its share 
of the upturn expected 
through the closest possible 
co-operation between manufac- 
turing plants at home and 
establishments abroad. 

The following are details of 
the Annual Report: 


ing high grade newly developed 
products once again produced 
encouraging results. fttJgfcss 
is. likely to continue-'tm-TOgb- 
out the current yeu&r'? J.- 

- : Personnel ' <v.s" 

The DIDIER labour 1 ',, force 
continued to fall - during the 
year,- with the Company itself 
showing a total- of. 5,167 at 
the - end -of 1977 compared "With 
5,417 a year earlier -and. tfe 
Group ending -tKe : year- with 
a labour force of 6,103. com- 
pared with 6,403 the ;year 
before. ' > 


Review 

Refractories: The general 
problems, faced by this sector 
of industry also affected tbe 
Refractories Division. Orders 
declined and production 
dropped by 16%. Investments 
totalling DM 16m aimed at 
rationalisation, improvements 
in quality and the safeguard- 
ing of jobs in those plants 
which were competitive in 
international terms. Additional 
investments designed to keep 
pace -with market develop- 
ments are being tackled during 
the current year. 

DldieriTechnik; Both the 
order book and turnover 
showed a substantial rise and 
produced- a satisfactory result 
in this Division, mainly 
because of major orders from 
abroad involving new applica- 
tion techniques. The current 
order, book promises, full 
employment ana further pro- 
gress during 1978. In the long 
run, however, employment 
will only, ■ be- secured by 
adequate investments on tbe 
part of the Division’s 
customers. 


At the Dinova plant both 
ales had 


production and sales had to 
adjust to. new changes in the 
structure' of demand. There 
was intense .price competition 
in a stagnant market, and 
strenuous -safes efforts involv- 


Prospects ; 

In the field of refractories, 
the high quality of DIDlRR 
products and the Company’s 
worldwide sales service should 
ensure continued success dm^ 
ing tbe current year. The fiist 
glimmer of hope currently 
discernible that the.tfeercriffls 
may have .bottomed -. out 
encourages hopes of a gradual 
recovery in the earnings con- 
tributed by the . fireclay 
business. . 

Profit. and Dividend 1 
Profit for the year, including 
the balance brought forward 
of DM 74,393.29, amounted to 
DM Z 1,018,809.05 which, . after 
allocation of DM 3,SjOO,OOp to 
■the free reserve, produced* 
total of DM 7^18,809.05 -ariSt 
able for distribution: ‘V;- 
It is accordingly proposed 
to distribute a dividend" ‘of 
DM 4 together with a' bonus 
of DM 1 in respect of eswk 
DM 50 share, a rate of 10$ 
equivalent to -DM 7&3fi® 
on - the share capital^- oi 
DM 74,430,000 ranMng‘'toc 

profit, and to . carry, forward 
.the resulting balance •-■W 
DM 75,808.05. 

Tbe report the accounts a^f 1 
the proposals put forward In 
the Board were adopted.^:' 

• Supervisory -Board • - - 
( Aujsichtsrat ) 

Shareholders' Representative*'- 
Dr. Horst Burgard, KSnigstei’ 
Taunus, chairman; Dn-lng- 
E.h. Edmund A. Basse®* 
Wiesbaden. Deputy CJurirmnn 
(died 13.4.1977); Heinz SaV 
bach, Hagen, Deputy Chafr 
man: Dr. rer. nat. Herre 
Gerhard Franck, Bad Sode®" 
Neuenhain, from 11.7.77: DI? 1 -' 
Kfm. Heinz Nietarste-OsthoK. 
DQsseldorf; Dr. Felix Ale*** 
der PrenlzeL Bad- HorabfflS. 
v.tLH.; Dr. jur. . Wilb&tB 
Winterstein, Munich. 
^Employees’ Representatives;. 

Werner Girke, Gbttingem M 
Heinzeh Grttnstadt; Siegfried 
ThannhSuser, Duisburg. - . ..* 
Board Of Management . 

( Vorstand ) 

Dipl.-Kfm. Dr. jur. Martin 
Bieneck, . Chairman; . Dietrich 
von Knoop; DipL-Ing. Eros* 
Mahler; Hans&eore Mends? uP 

to 30.e.i9i?^S&|:^Sa5> 
Reinhardt, from 1.7,1877; 
Dr.-Xng. Hans Stollenwerfc 
In Wiesbaden. 


! 


•rjv; 






Reserves 

Fixed Assets .... 

Participations 

Net Profit 

Turnover 

Group Turnover 



Didier-FigartS 1968-1977 in 

1968 

1969 

1970 

1971 

1972 

68.0 

63.0 

68.0 

68.0 ■ 

68.0 

39.2 

39.2 

39.7 

41.7 

4L7 

55.5 

61.1 

66.1 

66Jt 

62.1 

485 

52.7 

56.1 

52.9 

57.4 

9.5 

9.6 

300 

9.0 

8.7 

400 

461 

447 

419 

405 

435 

499 

518 

501 

486 


1973 

.68.5 

42.4 

60.1 

52.9 

8J2 

4g2 

595 


1074 

74.4 

51.1 

67.3 

54.9 

12.0 

571 


1975 

74.4 

54.6 

72.6 
• 55.1 

12.5 
60S 


ltotf • 1«7 
74w4 i:,;74.4- 
56.1 r 
73 J-uW-flM': 
59J2 .. :: JSS3 
iiJ..viO 
598 -5& 


cp.« U,e tuiireron 


'■ pr 


:■ 




A, 




•r-J 















:'viv» 








EDITED BY CHRISTOPHE R LOREN 2 


-tv 


Is trained 


4t 


.; ON AVERAGE,. .. a, . .manager 
* spends five days ’ a. ye$r being 


it ’ r ii, ,J trained. The greatest priority 


•• j.\ ** will be on human skiBs and 


general management^ awarding 

to a study* j published on 


f ; ..j" : r managemezrt development-’ 

'" r !:,t nZ.- The study covered 20 ‘ large 

" i -n,; UK companies, the -smallest of 


V, which employs 3,000. It found 
?iC that the - attention./ jfaU’/. to 


management development variesi ^^^Sl the; ..inony toferpreta- 
quite widely. ■ For Instance, the 1 *«”* *“* ^ TOTt nn «"* 


Cs 


", 1 lowest amount of time spent on 
” * : >i- j. training and education '. of 
. _ "managers- away from his place 
"I 1 *.-. of work was 1} days.compaied 
1 t ; .-with the highest of 184 days. 
The - authors 1 also note that 
those companies which spend 
least., time on training their 
managers rated - ‘ their own 
management development as 
* ^ “ above average.” i- • 

The top priorities in manage: 
d fi i| mest education ..were '.man 
management . -and-, general 
management. This;- concludes 
the report can be attributed . to 
a more participative approach 
^ to management, the need . to 
^ ; cope with : increasing profilers 
' ‘ ' " it'tpj.lfi. industrial relations, anda 

prnwinp tn nnasrcfiiMi) 


■ : 1 : • j 


™‘; growing need to understand and 
■t respond to the aspirati on^ of 


; ' Vr .^ individuals. _ . . 

'"^o It also notes that the high 
.... ,[*!-. priority which . is given to 
• „ '' general management- Shows nhb 




growing awareness" .that 
.. f specialists, however : competent, 
need ' — J 


11 rein 


KE 


MANY 


. „ to learn more -, about 

general" management as "they 
begin to manage larger " and 
larger units.” - 
Planning was ' accorded a 
particularly low measure. -.of 
priority for tr aining , by. the 
‘ companies surveyed.- " J This^ 
' J. the authors find surprising, as 
•.. “planning is - a keystone/df 

• modern managementrpractice?' 

Industrial training hoards do 
■ not win many plandita for their 

■ “ efforts in management training 

Of the 13 companies who came, 
within the scope of. a; -boqrd, 
only one " reported that" Its 
board provided a significant 
degree of assistance. - ; 

The study also . discovered 
that the closer to the hoard room 
mangement development' -poticy 
is formulated, the better its-per- 
formanc*. • : v ' yy ' ‘ ; 

*Monaflement DeuA&pmiait-^ 
W hat to look for; by Harbridge 


.<• : ?•. ■ 


House Europe.iQ^ "’i 


180 Tottenham Court “Road, 


London W1P 91*- prioe £15. v -LThis ;is a 


Leslie explains why venture capitalists tend to minimise risks by 
backing established companies rather than ‘start-ups’ 


A marriage of convenience for 



venturi capitalists 


A- MERGER of. some National 
Enterprise Board activities with 
a private sector finance institu- 
tion wou&L'.no dbubt spark off 
a'-niuijor 'controversy in the UK 


MAJOR FRENCH SOURCES OF 4 RISK FINANCE 9 

SOCIETES DE DEVELOPPEMENT of institutional shareholders, including 


tions-ltiutt might be put' .on such 
a move would he that private 
enterprise^ was assuming public 
responsibilities: which;-- - could 
figuajlly well be carried by the 
Stkjfe' or. -on' the. other hand, 
.that— the- privatfr ^Sector- was 
he. mg asked to ,t»ck ’up invest- 
ments.- that "it would; normally 
Fiejeet as-unsuitablet - 


REGIONAL:- Fifteen ' of these cover 
different * regions of . France. First 
established in the mid-1950s, they 
tended to make term loans rather than 
equity investments in risk capital. 


batiks such as Banque Nati onal e de Paris 
and Credit Lyonnais, and industrial 
companies like L’Oreal, and Thoms on- 
Bratidt Makes -investments of between 
some Frs '450,000 (£55,000) and 


-Tn Trance, howpyejy sucb a 
merger, guietiy toot place just 
over a month igtf wflh appar- 


fo 11 owed a fairly conservative 
path and this is likely to be 
continued. For as Gerard 
Thery (who came into the joint 
company from ZDI) comments: 

“We seldom put money into 
new companies.” 

He sees the odds in venture 
capitalism — in the sense of 
financing entirely new com- 
panies — as being distinctly 
unfavourable, explaining them 

equity investments in established com- SOGINNOVE -SAi: Set up in 1974, its on the hypothetical basis that 

panies and 50!- '"-per cent grants for main shareholder is Societe Generate, for every 100 investments, ten sopromec-IDl relies on a more doubled ly been inUueneed by 

investments in new enterprises, with a munher of insurance companies new ventures and iolorma j sl . ste m than do most past experience. As Gerard 

Original capital subscribed mainly by also included as 'equity holders. As a jJJir 658 ’ OIUy 0De De of its European counterparts. It Thery points out. such invest- 
hanks and chambers of commerce. societe finandere d’innovation — like, ti,.-- ‘ hp , nnoP seeks half-yearly rather than raents have on the whole proved 

mSTITUT DE DEVELOPPEMENT among otheTS^ Sofinnova— its Share- if the other nine were total roonthl y ^ncia! and progress unprofhable. and over the past 


Following a 1976 initiative by the Frs 1.8m (£220,000), and is mainly 
French Government they can now interested in -investments that involve 
obtain a 25 per cent State grant for innovation. 



Gerard Thery— 1 we seldom put money into new companies * 

In monitoring its investments any significant scale has un- 


ently lift! e or no' cmjmren t What INDUSTRIEL: A State-owned organisa- holders can. amortise half the value of fkiliTres. whTch they would prob! reports and does not seek a seat 12 - vears Stt P r oruce's losses have 

ITP.ntiirp i.vi;., i — ^ *1 sj v.UUuw, O : ... i v ■ _ ... ... ■ m 


happened- was tiu&.lS*? venture 
and:; development, c^itial - func- 


Hon established to sdranlate hmoTation their equity holdisgs. Sqginnove mb ably not be. although Theiy is ^“‘ts'^l-ei -I'mclSK'taS Frs^m (under" 


3,13 the creation \of new enterprises, closely with Societe Generale and, unspecific about their fortunes. prtldene e says so ” says Gerard share capital 
|4i?v^vd^^St^dSri Jnitiany it adhered _dosely to this brief though in venture capital, leans ^ Thery— mcaJLg thafu a com- ' The ma jor 


small and ^ OT ® r the past five years or so has towards larger fnvestmens. Sometimes difficulties in generating more u iQt0 difficU ]ty the such 

" ^ 1 a • a^_ — *_ * ._ _■ -a;.- ..jai. n_r> innovative companies, mere ...... _ . .. 


mediunf jsized compares, : were 

the 

venture ' capital : ipat> of the 
Grisse CentndWT^' Credit 
HoteHer, Commmbiel et 
p&utiiistrieL .- a ' ■ 'priSam sector 
organisation whhse^maiii func- 
tion, is to provii^ '^iBSiam and 
Jong - - term : Idac^ various 
sectors of thl "ec^i^tyL; 

The ^Mmpaxi^ra.f^rith the 

NE® is not.^ .since greater chance of success, so the industrial economy, and of their around for a partner, eventu- 
lirito? did al readyvejSst -hetwe e n temptation to concentrate -atten- need Sot more capital. ' aHy choosin 


major reason cited for 
losses sounds familiar. 


biggest 



Caisse Centrale de Credit Hotelier, Industrie], and EDI, the State-owned 
Commerciel et Indus tri el and several financing imstitntion. Venture capitalism 
Banaues Popalaires- represents only a small part of its 

SOFINNOVA SA: Has a large number activities. i • 


market — historically very active 
and receptive to the smaller 


Informal the markets have been viable. It 

About his preferred report- has been the people ninning Urn 


company— has been virtually a . —“«*•■ t ““f MV *®**“** ‘"‘''L' \ firmc whn hav»> faiiprt - vnu 

sss:.'5 sssjs ««SK ss. ’-‘A" 


state of the enonomy. 


no use, because when things go tbe marIcets i he remarks. 

This rives rise to the prob- wrong we are not able to cope Yet even this is a major 
Sopromec, with j em of realising successful correct the situation. We problem given the odds he 


Credit Hotelier. State, tion in its direction ir consider- Then came the French which it already had a close investments a 'proceS"”which are able to help only if the man quotes on finding companies 

Though Credit Hoj^^P-Operates *ble. Government's initiative in 1978 liaison: an- venture capitalist must who runs the company wants to with people who are both able 

itio the private :.^e^&i--and is One of the main factors to encourage small industrial -."The deal that brought them undertake if he is to generate tell us all before he gives us a and co-operative. Those who fit 

backed partly- by^-ffi^Ranques behind the Sopromec/IDI enterprises, by providing risk together was, according to sufficient funds for new invest- report.’* So an informal rela- this category, and who are keen 

Popolaires^ .(akhD&^^ British link-up is Ebrs failure to sustain capital from public funds. A. Gerard Thery. managing direc- ment without a stock market tionship is established, with 10 seek the advice of Sopromec 

Receives its original brief. That was to prime objective was that the 15 tpr of Sopromec-IDI (the new t0 “fl oa t" small companies, regular, casual meetings and executives, represent barely 

sub- -stimulate innovation and to help Societes des Developpement" combined entity) “compli- th e on jv buyers tend to be the' telephone conversations. one-third of the total number of 

Head, at establish and develop new-enter- Regionales should double or rented.” Broadly. IDI subscribed big organisations and in recent The thorny question of investments, he says, 

tends it prises. Its early investments triple their paid-up share capital Fr 36.9m Cf4.4m) to double veare °j n 'F ranc ’ e these have whether to limit investments to Thery rejects any idea of his 

markets, were not a great success and it within three years; they had Sdpromec*s share capital, to tended to be foreign since France does not appear to have company's executives becoming 

valid subsequently changed direction, been set up in the mid-1960s to .Fr 78.8m f£8.8m). It was not many big French companies been finally resolved. While more closely involved with 

‘ repre- Over the past five or six years it stimulate the creation of new all . fresh capital, however, have been looking at how to other independent venture Soproroec-IDTs investments, on 

an has gone more into investing in enterprises in the various although Theiy makes it ‘ clear d j V est activities, rather than capitalists in France (such as the grounds that it is economic- 

larger companies in. particular French regions (Paris -was -that such a sum is available increase them. Sofinnova) have committed ally unviable. Any organisation 

venture sectors and has also attempted excepted). if needed from IDI. Share- Sopromee-IDrs portfolio of themselves to expansion over- that has only capital to invest 

d, to re-structure branches of But the Government's move .holders on the Sopromec side investments ranges ■ widely, seas, Sopromec-IDI remains un- and has few other assets must 

rin is industry through mergers and also boosted other existing risk comprise Credit Hotelier (which covering such activities as plas- decided on this issue. Sopromec keep itself lean. It is not, he 

seems reorganisations— a role very capital enterprises, like IDI, owned 14 per cent of the tics, engineering, confectionery. Itself has in the past remained thinks, worthwhile to increase 

itain. much in line wim that origin- Sopromec and Sofinnova .(the original capital) and 37 Banques and electronic control equip- entrenched in France, although the number of staff so that a 

new ®Jly. planned for Britain’s subject of a profile in last Pupulaires. ment It will not invest in a IDI has ventured abroad. Gener- closer study can be made of 

part National Enterprise Board. Monday’s issue). - ft-seems unlikely that a great company with a turnover in ally, the current commitment investments, 

more At the same time, it became IDI, in considering its poa- burst- of new venture capitalism excess of FFrs 100m (£11.7m) seems to be to concentrate on It is not possible, he main- 

ent much less interested in small tion, concluded that its venture wfHfspring from the marriage, and does not put in more than French companies, and maybe tains, to achieve a very much 


[savings banks)/:-! 
State funds. and^:l 
sidles to enable?-] 
fine interest 1 :' 
raises in the -j 
But . it is none 
Comparison and- 1 
seats, by British^ 
unusual step.- . 

; The proMem 
capital, in: ah 
ritber’t&an a" 
that ^its ; moi 
extranetydifftetatj 
IngenexaL&is 
ventures forms 
pf,or isusubsidiaryl 
widely piaetjsed- 
capitaltenv” 


probablystiti 


witn a 


1 • i;sV 



EDITED BY ARTHUR BENNETTAMD 




v 


-could make to a healthy become, and it therefore looked - mec itself appears to have interest 


plunging into venture capital on which Sopromec-IDI maintains. 


COMPONENTS 


• PROCESSING 


• MATERIALS 

Protects 


>=> . ;.C‘ . 


Texas makes bigger bubbles Polystyrene 


cdlty ‘is that such com- - ^ - •. J J 

’CAPACITY increase .of three 12J microseconds in the new one, the field rotates the bubble expanded as 


Wu^sStable fo^h^ ttines in bubble memory techno- an improvement of a thousand domains, move under the metal 




3erpensim 



? zones wMle lDgy has been achieved by Texas pattern in shift register fashion. 

wen as the ' t £^rs^ssnss ' an needed 

-" •X kilobit device, now in volume average access time of 7.3 milli- family of interface and control AVAILABLE from MacMillan 


the market for some time and 
which may thwart robbery 
attempts Is the Counter Cache, a 
steel box for fitting alongside a 
cash register or on a counter. 
Cashiers need only keep a small 
number of banknotes in the till 
sufficient for their needs and the 
rest can he put into the Counter 
Cache which can only be opened 
by a key when it is removed and 
taken to the cashier's office. 



TIMetsec 


for transport 



T1 Metsec Ltd n Oldbury, 
Wsst Midlands B69 4HE 
Tet 021-552 1541 


zonesift 


7-. - Bataan gelded that sprayug -production and' available on six seconds for the first hit of the circuits for the new memory in Bloedel Containers, which distri- improved unon and there is now 

. the only choice and has weeks delivery,, the company will 224-bit page and a typical power the second quarter of; 1979 butes Dow Chemical Company’s a str 0nB plastic cassette which 

own BCC Tmat^alfio be able to offer sample consumption of 0.9 Watt for However, an evaluation sub- Pelaspan-Pac polystyrene beads h e slid into the unit and stapling over the crown of 
;■ ■ Zone Qaddihg In consequence; -v quantities of a im bit device in continuous operation. assembly consisting of bubble in the UJv., is a small machine ] 0 cked into position. It is a mitred joints. 

* Material^ used- are based "cat the autumn at a price of ?500 A data-merge" function allows device and support circuitry will which is designed for the on-site simpler operation to remove the Pneumatically powered fr'om 
an epoxy amine system developed fi*ch. a read data rate of 100 -kilobits be available in the fourth quarter steam expansion of the material, cassette when it is full of notes 57 to,85 psi supplies, the tool is 

W ^tise company over a number - .The new device, in a dual per second. Operating tempera- of this year. The equipment will be attrac- an( j the filled cassette can be enough for sustained one 

nf -years. It has high resistance. Mre package measuring 1.2 by _ture- is from 0 to 50 deg C with The memory package, live to large volume users of the stored in a night safe. hand operation. With 124 staple 

to Chemicals and to water, and 1-2 by 6.4 inches with 20 pins, a non-volatile storage range of designated BO 303, will contain material who would otherwise Th e Counter Cache is supplied ? he bottom loading 

can "be. applied to vertical three micron diameter mag- minus 40 to plus 85 deg C. the i megabit bubble chip sur- have to find storage space for the bv Norfrond. Mildmay Bouse. “ a S a2 i ne JS able to use 4 mm 

overhead' ^ surfaces or complte.Petic bubble domains and uses Construction makes- use of a rounded by a pair of orthogonal expanded, high volume product. Mildmay Road Bootle Mersey- narrow crown is swg staples 
shapes' op to thicknesses ••^ , .what the company describes as gadolinium-gallium garnet sub- coils that provide the rotating Together with compact silos and S jde L2Q SEN ' ’ c b lsel . or ° lv ? rgen 5„ p f ,m iS 

~ j . -g w ... .-.'v -separate: Input-OHtput minor loop strate upon which a magnetic magnetic field, a permanent dispensing chutes an integrated ' In s,x ,e " Jen « ms * r °m u to jo 

1 T-V, . -d J’ ■ 1 , #h f =_ architect! ure with block replica- epitaxial film is grown. Patterns magnet set, and a magnetic system can be devised which 

fnmnr^ttea of data. Main outcome is of Permalloy are deposited on the shield to protect data from reduces the cost of making A iu Tur OFFICE 
treat - wrth certain ^ vtfat the cycle time has been film to define the path of the external fields. packaging from the material. • ■ Hfe UrriUE. 

systems, -its formmauon aoes ^ yjxinced ; from about 13 milii- bubble domains in the presence •_ More from Manton Lane, saving on floor space and In- 


. - j - ( v: 

. : - 
l -S ' 


on ngs 


COMBINATIONS 

turbulence .r aiuL,' 

~~T ~T~ — ~T~,Hnr «iSii-? ,Bauc « !a Iraai xo unut- uuuuic auuiMuis mi me iJieseuue • mure num in anion i>ane, saving on noor space ana in- m 

^ li l irm^ seconds in the 92k device to only of a rotating magnetic field. As Bedford (0234 67466). house handling. The beads are I W7A DPW 

ra^ p^yaa-safl% tog tabled axnce the amine comes in UqdaLy ■. : m urocessed only a s and when 1 “U 11 C VT 

splash form and thus operatives do 


those either the stand the risk of inhaling anjira&;" 

zoues *m. >ny stoHaare/.-tiius powders or dusts: during m i ring . 

exposed.-, -rij' r - No low- Bash solvents are used , ^R v ENVIICOPlWIEN ■ 

Conventional- thin -djufii-protec- so storage proof against fire risk 
tion isnotardequateand^fiaddingi j a eliminated. -i t - A 

fSESSassss ^—^M*SS:Annoyance 

s s - »^in offices 

Up* -, suitable ior pnljk-nfpd 

which- has eSipetience making thck.pnrpoa^; x vdUJLtll. dt-LCIJl 

epoxy-ba^e^u heavy-duty lining Boston Chemical comp^j^. 

^ sysleidik ' 

V situ has been * 

(.» ; Ti *'? ro . ... 17 -i"' - .-■.•"^severe as those in the factDry.or 


processed 

required. 


mm, without adjustment. Nose- 
piece change-over requires only 
the use of a screwdriver. 

More from the company at 
Gatehouse Road, Aylesbury, 
Bucks HP19 3D5 (0296 S1341). 


The resin beads are 

none and is a company able to 0 to 20 and 0 to 200 micro- to the correct density 
obtain new instruments from grammes/litre. More from the Parses through an atmosphere AT first « e ht it might seem 

— L :i J T * . .X M t At 1 Am nraemivA pVaam AAnovotaH - . . 0 ^ . • 


arss envelopes 


0 ELECTRONICS 


overseas builders before toe company'- at 4, Rosemary Lane, of low pressure steam generated ^o'sTimporribJe to *conceive’of i jJlTJI 3 hOHl 

I.H.. k.» *1 £ - ODi IT A /rvooo hw on inlaml hnilaT* haqtpH Kv , L . r . . . j__. _« MK/vrUI> 




latter have released them for Cambridge 
general marketing in Britain and 49121). . . 
Europe. 

Livingston provides complete 
maintenance and calibration 
services and advice on instru- 
ment use is available on request 
- Further details of the acoustic 
and - other instrument ranges 
supported by Livingston from 


CB1 3LQ 


Finds the 

faults on 

^&TK = 1wtaliSr£..TQiMP , ; AKh,, Trading Esfaaeir’IflBmST THE noise and prob- shiSwHouS WcHotrSIl 1 i. 

en ■ JhVCS^fiating the i^ e S*34l3.° rkSh ^ StioPm&orMy 1 well St London NW1 9N ®- 01-267 3262. ohOHC hflCS 

v.- - . .-•.•'^ severe as those in the factory. or — - - • - 

'V.V. .'.-fvaa the building site, they never- A INQTR1IMFNTQ 

... u-J.' '^theless have an .effect on the • IWO 1 RUITltiril d 

Tubes take h^:pressure; Warns of 


ALTHOUGH THE ^ narrowest ^ nnmhMk.^options 1 on ^.^“so^ver, most of the problems Knil PV fllllP 

ncountered - tend- to be of an wvuvx lUK/v 


gauge tubing for. high pressure ttie^«^ : vTbe 3 .^^ aicountered • 

hydraulics from Tiuawm has two.optiMs ahd the 6.4 naa- oa ture - and, before p *1 

only 0^32 -lb perjioot , ■ _ *sjnany . s- _ , a» effective -solution cm be J^JllirC 


withstand a proof ' pressure, o* ",Tliq material nsed is an ^ItoundT accurate measurement is 


•Himtn net . - ■ ". Tne neea tor complicated and a piped air-conveying system. utoi-p *>,« mmmmi at signals, disturbances produced 

20,060 pd. . . --- « ,d - I, S5L? 0tb M DTSSOLVED HYDROGEN w hi??h frequently error-creating calibra- All the items M from the P y 1 —* *•*- 


(0223 bv an integral boiler heated by anyt hing £ew in the design of 

electricity. . . ^ the humble envelope. • A jp • 

.9 °^ expander a 10 Nevertheless John Dickinson IFIf PlTPrillff 
cub^ m etr^ m an eight hour stationery has an innovation to Ullwl JLVi IJ 

P Ifc dUC l d «. a l ^ bo . ut tS 0 be introduced at the Mailing • w 

2! S** 01 ® S® st buying toe Efficiency ' Exhibition (Blooms- C10l|/9k 
product ready made from the bury Centre Hotel, London, 

ww mi* M-nisJ o.. September 26 to 2S) which it ISSUED BY toe International 

combSe^Jrtei^i?« i h l ?rTt b fi believes will be widely approved Special Committee on Radio 

. — e envelope ‘STASlSS 

SSTSrtw* It^SumeriO WV wh,ch ^ opene - and i l0 i?,1 Electrotechnical Commission is 

PROBLEMS ON bolPDced palp M elSSSp. loSmSfl.iSr’rf E S SSre Av^" P ^' ^ ^ !P “^ es 

telephone lines can be identi- compressed air at 5 to 7 kg/sq gte to SJTT'om ta ’S?? 

fied and located using the T235 cm and 10 Utres/hour of water. to considerable eq!Ajprae ^ 1 „ t :md methods of 

pulse echo test set from Bicco- Operation is automatic and the SSj-y gavnr in oreanisations m ^f Ujre i^ at . . , 

test. machine is completely endosed " toS^ ^ M ntinuou7wrrS 2O0 3* se docun } eat ? as 

Making use of a crystal- with no loss of steam to the Snde^ iith eS otoe“ n i ne sections covenog the 
controlled ..digital timing tech- environment The tSn^S wfll also b/'offer- charactenstics of the krnd of 

nique, the instrument displays If preferred the company will ins a M^rni-Triv TiPhUveicht “»tniment needed, mams-borne 

fault distances between one and deliver bulk loads of expanded tou^h. kraft ®m»^nnp lined with a,ad radiated interference, 

24 km directly on a large five material which can be blown a n aikeuchi -i li of cellular methods of measuring them, 

digit light emitting diode display, directly Into the user's silo in pugfic fihn° n ^ ° f audio frequency 

The need fbr complicated and a piped airconveying system. * Wrtrp t>1 _ signals, dislurban^ 

are standardised ^$5 nS'lSd BSM - 1 ”****• M **25* 

""" v “ — efficiency of cables, and certain 


statistical considerations. There 
are also 19 appendices. 

More from the 1EC. 1 Rue de 
Varembe, 1211 Geneva 20, 
Switzerland. 


m BRIEF 


This is the S jnm oM mat^al,' gbba totigue Preperti^::^ cffeet of problems. 

now part of a range which * - 

covers more "than 20 dx»es "up-,to 
152 mm. In S swg wall thlckhess, 

this weighs 10B8 H* P«r. ftot - paruemany wnen rep»w?* «oo temperature 

Ari^.' ^ usea 10 cnecx tne eonmtion of ana nas an overau -» *r -m. • 

and a^Eetmfepraue, »do CMteton. ^^entoun *»?£ jjff ^te^S.foSd , 'lranght mw ’b5n^? B Se security . Multi-use 

: v; ' : _ - ‘ ventilation Avnich tends to reduce rae tbod np to date with a micro- Fawts such as short or open __ . ¥ 

r. : . •;. 1 £- .'■.■ 0 ™ “JF °£n “ e circuit based instrument that is circuity improper series or shunt TolriMfY aawa " rQ4>t/kt* • Brookes and Green have the 

w j " j ■ — • ' - " -vV' -'if ; com Pl® teI y self - contained, impedfflice ralnes, water Ingres JL aKlDS C2FC IttvIiCr 1776-24 film resistance decade 

knstalic nrpssinp f alkf? ■- • effKtS ° f Byl0B and almost mamtenanas pnd ™»talk conpUng can be ® , PUT ON the market by B1F voltage divider with a ratio 

;■ bT tt. B^tb *%& ,, tte measnrement la “ajSS mMta. » p™- Of fllC POlIOdS * *«S"-£S ‘SS&S'S 

AN INDICATION.^rf.-tile Umreask tixthit first -time delegates ° t J an d Si 1 H SSuSit banaM pines altoStoe Stoete Hn*? THE KNOWLEDGE that machine without the anvil— tha? digital displays. (048641 2956). 

process aJo&ets ^pec^to^w.eS?^ totoe-flem. ; ^ manager . molecules, into free, hydrogen points. ; . 

^ eve ° tl J ^ s JSr Jirf bv aSff - ' Identification and measure- pd oxygen. Thus, -an increasing proved to EEC and supermarkets, hotels, restaurants, sneeiaiiat 

is afforded by. ti» ^ mem to -obviously -satisfactory level. of dissolved hydrogen. gives MIL specifi(Mtlons for field port- garages, eta, is a constant mmkb pnnKin B ' ft inh.. Mrtasv utak.enniwimitmm 

rS^- «h.he a tewrrhy and.wamme of impending boiler able tost equlpm*^, the T235 is temptation to thieves planniog a witoanf ??ol raf 3 A f 

Technology to nola T the.; first flexible -. - mould containing, e^nfensive business ‘ because the tube failure. of robust, construction, con- quick snatch. The dancers are ou ! w , ?^ e 00 i «, v " _ (oj-hol 

in rerta tional crofereiKy oa the jflwdera ls aflw-la ose *9 well instrumenU- required are- not The instrument makes use of a veoient Mae and weighs 9 kg further heightened to one-man ®m M r^!Lief a fi2nli n ! f Sntaf^ranaritnr*? jm uiinn 

subjecL.: - ... Vd over. SOorgani^Hom cheap. ^BuNcorts- can be sharply katimroraeter, that is an element isalso able * h °P # 39 newsagents, dmrei 6 block g staDhnE b Betrret cLrbid? 2?f£ n fw™ J “SJ 

•etoapotic .:.fu0ttre7,i Mbre.from the admi^rtratiye. reduced /£&■ instrument lure, “that detects, gas concentrations to operatsfrom the mains, butchers and grocers, whose - - ° - K stapira - -• 1 uarmile ‘ serle£ T -’ are for 


hidustnal applications. receivers from Motorola incor- 

dunng nornml trading hoars in instead of using separate porates oscillator, mixer, limiter, 

the new PN and 


tools 


demodulator. Designated , 


RevI 


and techn^ogteM ^developments* uffirer./ One of the gr oups , involved hi ~ by virtue of thenaaf eonductivitv company at proprietors have' little time 


the m eeting: WtiJ ' ^Cafce- place at. Studies,' ;]Oidversity of ^Tedmo- thia'area of activity is Livingston chanRes. It has 2 built-in power Delam are ; Road, Chashunt, Hert- deposit cash In their safes or 


v 


LouEhborouito Qn^Septemto^ lKflW*: Loughhoreuglu,- I<eieestex- Jiire, which;. claims'; to- have a supply. . automatic, temperature fordshire ,ENg g^G (Waltham banks.- 

Ivri^tQgaW shire’ffflfe 6S17l)i -:/ ' ; range of equipment second to «ir^ensatton aM Cross 29ttn>.; One.devi 



^ add acoustic tile fixing, resistor and diode sizes, 

device which has been on hardboard panelling, and centre on 032531 5181. 


More 





10 

LOMBARD 

Undressing 
in public 

BY MICHAEL BLANDEN 

STOCK MARKET analysts have 1970 threw up nearly £450m of 
alrjost given up trying to make previously concealed resources, 
a ay real sense of the results together with some substantial 
produced by the big banks. The property revaluations. Yet the 
latest round of half-year figures bad debt provisions, and other 
resulted in general bafflement items such as deferred tax, are 
over the varying treatment given now causing almost as much of a 
by the individual clearing banks problem as the former inner 
to their provisions for bad and reserves, 
doubtful debts. The second is that while 

Pressure is growing from all London bankers are pressing for 
sorts of directions for the banks greater comparability of bank 
to come clean about the way in accounts, the London banks are 
which they treat their figures among the least forthcoming in 
and the amount which is tucked this area. A new company, 
away before profits are ptib- called IBCA Banking Analysis. 
Iished. The Price -Commission has recently been set up_ to 
earlier this year made strenuous analyse banks as credit risks 
efforts to get at the real profits covering initially six countries 
and argued in its final report on outside the U.S. Its first 
bank charges that there should statistical comparison of British 
be wider disclosure. banks reached the conclusion 

__ _ _ ... that " the general level of dis- 

The European Commission is closure is inFerior in the UK 
also expected to move towards t0 that of other countries we 
requiring banks within the Com- follow " 
munity to open their books to 
more detailed public examina- lllJ/inn 
lion. Eventually, this could mean OluQtU lcSClVCS 
not only that the clearing banks They drew attention to the 
would have to show their bad particular problem presented by 
debt provisions, but that institu- the ability 0 f important sections 
lions such as the UK merchant of tbe UK banking community to 
banks which still maintain maintain bidden reserves. They 
hidden reserves will have to went on to suggest that as a first 
open up. step the various categories of 

XX7 banks should try to standardise 

Working party 

Furthermore, they argued, sub- 
The London clearing banks st antia]ly more balance sheet 
have themselves set up a work- ai, d ,nc0 |p e statement data 
mg party to investigate ways of ® nd should, be given 

achieving greater disclosure and 'J’rthout imposing any costly bur- 
changes in accounting policy d ?. n , on tl,e ’ >anks .°’I glvil ]F awa y 
needed to make the accounts of v, l2J competitive information, 
ihe big four banks more com- , The prospect of new EEC regu- 
parable with each other. The i at,ons nn disclosure has started 
idea of disclosure is accepted by 1° ar °use some concern among 
a growing number of senior J^don bankers, not so niuch 
hankers ami it i* rhnti»ht hv Krause of the information which 
ttare is a wou1 ' 1 have *° »« nubltahKi but 

chance of "reemcm Tins 5*™'?' ' f 1 ? , h ' 0 ™!f n S5 iCh * 

■ *” *>“"« They ^ Whirled th.t fho Cora- 

vO be shown at the end of this munit J will lTy t0 bring the form 

* ‘ uf bank accounts within the 

The bankers have as much strnitfacket of the rules already 
interest as anybody in achiev- established for industrial and 
ing reasonable comparability commercial companies, with the 
between the accounts of different risk of losing many of the special 
br.nks. The stock market needs features needed to understand 
it* in order to assess the relative the banking business, 
merits of the institutions as As things stand at present, 
investments. The hanks them- though, the amount of informa- 
selvcs need it in making their tion provided bv the UK banks 
own decisions un lending to each is a serious limitation on the 
other through the inter-bank ability of any outside analyst to 
markets. The various ratios of draw 'sensible conclusions about 
capital and free resources to the quality and the nature of 
deposits and lending which can hanking earnings and assets in 
be calculated from banking this country- or to make any 
balance sheets are becoming oif reasonable comparisons between 
increasing importance in judging the different sectors of the bank- 
tlu? credit-worthiness of the ing market, 
borrower. The necessary figures must he 

There are a couple of Ironies there: apart from anything else, 
in this situation. One is that the Bank of England in its super- 
ihc clearing banks are supposed visory role is requiring an 
to have abandoned secrecy eight increasing amount of detailed 
years ago, when under pressure information. But the banks have 
they gave up the right to set a long way to go before they 
aside hidden reserves under the achieve real comparability of the 
ISMS Companies Act. figures produced in the UK. never 

The results they produced In mind with other countries. 


Financial Times Tuesday August 3 1978 


The aftermath of Annan for sponsorship 


THE SPONSORED film Indus- sored programmes, indeed pro- In other words, the ORA will strated tiiat they are well able may 5® Jjmntoe of 'mnSsioB >?* 

trv In Britain ha* n*ver been femmes from ait aninvnL in- only provide the air space: the to meet such demands. - sponsor's products with the gunn™ ! « i b. 


try in Britain has never been grammes from ail sources in- only provide 
a substantial business — it is eluding BBC and ITV. 
probably worth 


programmes (which must be Until now, such schemes have name visible- Of course, the ^ -9^ 


probably worth a mere looks HESS' to ffSuT 3b be iTSJ mT&t o be ffood enough: 

S ssrssSKS as? 

thpl p-, has h(>en cirnifirant at of finance for the new channeL rental will be charged to pro- appropriate audience groups— selves is such that uie appear aiuns tum - 

itT^nShutton to juthoush the details are not gramme makers for spot adver- either on 16mm film or video- ance -of sponsored films on the Much will still depend onto. 

!™ “LELSfJ 1 TJ? feenenttime incMed in their cassettes. The sudden srail- box has been an infrequent ^ Government or the S 


SSmSTSS? now producers gaUmr some channel - who* 

British television owes much to help to finance opera produe- 

the pervading influence of the tions or who sponsor sporting 

pre-war docranentaiy film events should be able to spon- FILM AND VIDEO 

movement, which was almost sdt (the) television presenta- 

entirely concerned with making tions either live or as- record- BY JOHN CHITTOCK 

sponsored films. Even the con- fogs.” The White Paper accepts 
sponsored film that this sponsorship shall he 


editorial 


- The arrival of the OBA will the White Paper. It eoii&S 
now change that, and we could ominous that the White Pri£ 
witness an extraordinary boost refers to ITV companies 
in demand for documentary film the capacity to expand profit© 
production. Including industrial tion as a potential suppHer ^. 
subjects. The Annan Report OBA programmes — which mljftt _ 
went further and actually be an open invitation for Jr^ 

KUPcrncTeri that the CBI and TUG through the back door. A.'. 

temporal?- sponsored tom acknowledged^ ^ta'^the^emn- “ " cSSa provide some of the pro- safeguard the new Authority 

industry is continuing to supply “having their names revenue for themselves by load- criteria should be easily met by grammes. The While Paper "will have a special obUgiSfe 

talent to broadcasting— as w ell j t d with particular pro- in 3 the cost of this spare This the kind of films already being makes no specific reference to to seek programmes from awE 
“ <° «•» £eature ln ^ ustr T- W1 “ part,eulir might lead to a situation where madMnay weU yield . ££ but cleLiy the way will be variety of sources.” hut in*£ 

Sponsorship thus has been a Q^jy last British Ameri- programmes could be sponsored dramatic transformation in the gp^ ^ on iy the CBI will grab sequence it is reckoned ftat if 
vital catalyst in the history of ^ Tobacco suggested that but rely only on the advertising sponsored film iadus&y- The the chance, which means provid- would be inconsistent to requhe 

British television and the recent criticisms might cause it spots for commercial messages, very concept of the OBA is to ing itself with more substantial the Authority also to ensure* 

cinema, even though as an t o withdraw from the sponsor- This idea comes very dose to cater for “tastes and interests resources than hitherto for “proper balance" in range and 

industry it has remained sepa- ship 0 f sporting events — schemes already familiar to tbe which are not adequately nri pg the media to tell indus- variety of subject matter, j.-w- 1 

rate and small. But after 50 re p arte dly worth up to £500.000 sponsored film industry in catered for on the existing three story . ^ of theOBA co^d 

years (it really started in 1928, per seaS Dn. The appearance of Britain whereby 16mm films, JJ*? For independent film-makers, j C ad to a genuine alternati**- 

so this year Is an anniversary) sponsors’ names at nationally and even videoca^ttes, contain jj** n . tbe OBA also offers encourage- from the drab similarities of tS 
a major change now looks like televised sporting events has sponsored editorial material “ |U t o Jh? meat- With BBC and ITV pro- present three channels, 

taking place, even though very also generated much contTO- and also clearly separated pro- dudng most of their own particularly welcome ■ctohLa: 

few people in the business are verey in the past, with BBC durt items or advertisements areas of industry and the pro- not buying u in to industrial and .mliS 

yet aware of it. and ITV threatening to with- Architectural NewmeeL which . ht he from the U.S., there has been interests. It would be a 

The signal for change came draw coverage if the offending is Jowa to MOtotects and p^n- ^' d * u “® en a B “ scant commercial outlet for the however, if the concept gtfslS 

£ o weeks ago with the publica- names were not obliterated. ning departments m Ifimnr snoninred film hut independently made short film. j Q a narrow-minded interprata- 

It would appear that toe new «^not The alternative outlet, the l lon 0 f the rules. ForfcS 


two 

tion 


of the White Paper on 


broadcasting: the Government’s fourth channel wflT suffer no one such example that has been merely m cinema, offers slightly more reason alone, the people win- 

response to the Annan Report, such inhibitions. Indeed, the £^“5, .515..,® ."L *?- been foueh^alre^y ^wltif the but even less bi run the OBA need to be draws 

' from a very .wide spectrum of 


As most people now know, the White Paper goes ■ further by Video Journal of Medicine is a nnd’TTV whpn Knnn«nn>ri revalue- from a very.wiue spectrum of. 

rrSSH "SrSS ESiCfSSS ssmw SMt sijas 

rtann™ wiirLo accem ^o7- S. prolra^es thef supply.- dusM^ sponsors ha,e demon- mitted-^reti thoagh the. film them, always prewded that r,ow. before the door is bolted 


Price colt looks right 


THE PRESENCE of that much- when asked to tackle trips where 
vaunted Findon colt, Boden’s his stamina wUl -count. 

Ride, course winner. Bolide, and Although today's seven fur- 
Ihe highly-rated Nobloys in longs event is only a furlong 
today's renewal of the Seaton longer than that Goodwood race 
Delava I could well see Gosforth in which he heat Spithead 
Park's seven furlongs prize pro- Review. Gosforth Park is a con- 
viding the most informative siderabiy stiffer circuit than the 

_ Sussex course . and it could wei) 
he that this is the ideal race for 
for the American bred colt at 
present. 


NEWCASTLE 
2JJ0— Warsong 

3.00— Tina's Gold 

3.30— Madame Moss** 

4.00 — Boden’s Ride* 

4.30 — Sal am to Drone*** 

5.00 — Senator Sam 


RACING 

BY DOMINIC WIGAN 


given sympathetic introduction 
by Willie Carson Salam 


Drone ought 
problems in 


to 

the 


to 

have few 
Wansbeck 


In taking him to further boost 
his claims to classic consider- A recent stTing of 
non 1 have healthy respect for 3 g a j ns t ber name hardly inspires 
Barry Hill s Lara bourn chalk' n- confttjenjcg but l am prepared to 


zeros 


group three juvenile event of f er * Nobloys who clearly failed rake a chance with Madame Moss 
■ e season. produce his best m the Black in ^ Rede Handicap which pn - 

A1 though he did not score in Duck Stakes at York recently cet ie s the Seaton Delaval. Bill 
the style of a “world beater" V’bere he did not enjoy the EJsey’s Levmoss filly, a winner 
as many had anticipated when smoothest of passages. at Cagnes-sur-Mer (subsequently 

opening his account at Good- A second likely winner for relegated to second place by the 
wood recently Boden's Ride did Price and stable jockey Brian stewards) and Marseilles in the 
all that was asked of him and Taylor, who has been having a spring, will have benefited from 
Ryan Price, his trainer, was somewhat lean time of it since a recent break from racing and 
more than happy. Goodwood, is the once-raced looks weighted lo win off 7 st 

The maestro of Findon. who Salam to Drone. This good-look- 11 lb provided that she is back to 
has rated tbe Grey Dawn 11 colt ing grey, son of Drone out of somewhere near her peak. 
a potential Derby winner since Santa Rita, a daughter of Cute That top-class sprinter, 
late spring, made it clear after Rita, also ran in the Foxball. Persian Bold, one of the best 
the Foxhall Stakes that Boden's finishing a good sixth. ' looking horses in training. 

Ride will improve tremendously Sure- to be all the better for reappears at Newbury on Friday 
with experience and, particularly, that outing in which he was In the Hungerford Stakes. 



t Indicates programmes in 
black and while 

BBC 1 

6.-10-7.5& am Open University 
i Ultra HJfih Frequency only). 9.30 
Paddington. 9-55 Jackanory. 10.10 
>cooby Doo. *10.35 Belle and 
Scbasijan. 1.05 pm Tybed. UD 
Bod. 1.45 News. 2.00 The Com- 
mon-Acnllh Game*. 2.30 Eisteddfod 
“•S: The Crowning Ceremony. 3.30 
The. Commonwealth Game*. 4.18 
Kr/iional News for England 
lUicepl London!. 4.20 Piny School 
'.'is P.DC-2 II. 00 ami. 4.45 We Are 


the Champions 197S. 5.10 The 6 .20-6.50 Trem. 9JS5-10JS5 Eistedd- 


Siory Behind the Story. 535 
Captain Pug wash. 

5.40 News 

5.55 Nationwide (London and 
.South-East only) 

6.25 Hobby Horse 

6.50 The Commonwealth Games 
8.10 Who Pays the Ferryman? 
9.00 News 

9.25 Great Britons 
10.23 Play for Today 
1 i-55 Woather/Reyional News 


fod 78. 11.55 Nows and Weather 
for Wales. 

Scotland— -5.55 -&25 pm Report- 
ing Scotland. 11.55 News and 
Weather Tor Scotland. 

Northern Ireland — I.IS pro 
Northern Ireland News. 5.55 
Scene Around Six. 11.55 News 
and Weather for Northern 
Ireland. 

England — 5.55 pm Look East 
f Norwich); Look North (Leeds, 


9.00 The Bass'" Player and the Report West, eos Reporj Wales. 6» 
Rlnnrio J Search and Rescue. 7.00 Challenge o I 

1(1 flfl New* / the Sexes. U58 The Outsiders. 

E! e , , L ^ ... ^ _ MTV Cymru /Wales- As HTV General 

10.30 Decisiqb: British Com- Service except— ass am-ueo Eisteddfod 
niunism Genedlaethoi 1978. 1J0-L25 pm Penaw- 

1 1.50 Lou Grant aau Newiddion Y Dydd ZJ5 The Royal 

12 41 <im rlncp- A Vicinri-m National Elsteddlud of Wales. 3J0 

ih S hv- Challeose oi ihc Sexes. 4 20 Min Mawr. 
painting With music b> aJM.® Seren Wlb. LOMAS Y Dydd 
Chopin ; Yn Y Bnfwyi. t-3o Blsteddlod Geoed- 

Ali Regions as London laeUiol. 7.00-730 Search and Rescue, 

except at the following times:— Bywyd. ius world m Action. 
: „ 0 11.0542.15 am Cuckoo Waltz 

ANGLIA HTV West— As HTV General Service 

10.20 am Animated " Classic— ■’ KM- cxceot: 1JMJ ® wn Report West Head- 


F.T. CROSSWORD PUZZLE No. 3,739 


Ail Regions as Bac-l except at %£££*. ^caixleK\\\^mds n diSTli'S 
the foHowing_ times.— Todav (Birmingham); Points West Nfws. uo Police surseon 2J0 SCOTTISH 

Wale—SJa pm Wales Today. , Bristol); South Today (South- fTVSi a SJP% l^Nm"«nd 

Road Report. UD Gambit. 2M Tbe 



ACROSS 6 Toy with article following 

1 Small-time gangster taking _ stage production (9) 
two chimney-cowls (7) 7 T ”" Jt • 


Drink wine for sustenance (7) 
9 Mad and mayhc slack <5) 

10 Leaping and dancing to cure 
a Conservative t9l 

11 Some French start working to 
create delay <9i 


7 Lightweight unit of gas (5) 

8 One who makes a date or an 
attempt one way before 
hesitation (7) 

14 Lvft the country holding a 
pound but was turned aside 
(9) 


12 Article in front of this paper 16 Second harvest following 

about larceny? (5) cutting (54) 

13 The shape of the earth, i.e. 17 Cockney’s hat producing 

God made it so (5) retaliation (3, 3, 3) 

15 Pleased 1 returned rota for JS Trac . k right for a hunter (7) 
warrior (9) . 20 Stupid person giving drag to 

IS Aeroplane going round trees leader <3-4) ■ 

should win (4, 5) 22 Cannon in Paris or turning up 

19 Prepare a style of outfit (3-2) jn English river (5) 

21 Moneylender relatively speak- 23 Grcy , ike a fow[ (5) 

on If, 8 . j ■ ■ 24 Twig he is following humorist 

23 Plant producing missile oase (5) b 


(9) 

25 Elastic support 
injured? (9) 

26 Bird with the French name 
(5) 

27 Ran around a mad feast <») 

28 Plead about note being folded 
(7) 

DOWN 

1 Meaning to follow a low 
fellow (7) 

2 Not in class and physically 
not at one’s best (3. 2, 4) 

3 Seam seen In poultry farm 
(3) 

4 Courier with muddle 
green mixture (9) 

5 Divide the rent (5) 


for the Solution to Puzzle No. 3.738 


a a 

BEH 

a q 

Bsa 

m e 

*wi 

EQDBnQQE' 
1 □ 0 0 0 
j gogagsg 

rang 

uTb 

0HO 

EZ2 Q 

Q 0 B S 

[DanHEnac 

1 0 0 0 

mww* 


over 



ampton); Spotlight South West cZei^^uiniS' 
(Plymouth). 


BBC 2 

6.40-7.55 am Open University 
li-UU Play School 
4-55 Open University 

7.00 News on 2 Headlines 
7.05 Dilemmas 

7JM News on 2 
7.40 Best of Brass 
8.15 Eight Pairs of Eyes 

9.00 Crystal Gayle 
Country 

9.25 Nicholas Nickleby 
10.20 A Taste of Britain 
10.45 Late News on 2 
1055 Golf: The U.S. PGA Cham- 
pionship 

U.45 Closedown, reading 


Andy Wiluma Show. 5.15 Cannon. 5 JO 
crossroads. LDB Scotland Today. DJ 0 
Survival 7-0fl TbinaummyllS- ' U-SQ 
Late CalL 

SOUTHERN 

U -20 am ■■ Distant Drums.” starring 
Gary Cooper. UB pm Southern News. 
138 Gambit. 2 X Boasepartp. 535 
Stobnd Junior. 539 Crossroads 


A TV 

1030 am Spidenuan. 1 10.90 - Good 

Morning. Boys.” 3tarrlns WUl Hay. 

U35 The Adventures of Parsley. 130 
pm A TV NewsdesJt uo How 2.00 The 
Electric Theatre Show. 535 Gambit. 

0.00 A TV Today. 1130 SoraertUug 
DiflerenL 

BORDER 

1030 am Certain Women. 1130 Cartoon Day By Day. 030 Survival. 1L50 Xoadicrn 
(Tom Thumb). 1135 Animated Classics. News Extra. 12.00 What About the 
t!3fl pm Border News. 130 Gambit. Worhers. 

Sings 2-W Hooseparty 535 Those Wonderfnl 1 * TV IMP TCCC 

TV Times. M 0 Lookarouod Tuesday. j.„ *1 IV C 1 CL3 

11 511 The Odd Couple. 1230 am Border 1 , - 2S ™ The Good Word fallowed by 
News Summary. Worth East News Headboes. 1030 Morn- 

fli* MTV 17 1 ““ Movie: -The Truth About Senna." 

, _ y-nAIvllCL Stamon Harley MlUa and John Mills 

130 pm Channel Lunchtime News and Ut pm North East News and L 00 K- 
Wbat's On Where. 535 Those Wonderful suuimd 535 Tell Me Why. 

TV Times. bJ )0 Channel News. UO The LOB Northern Life, n.w The Protectors. 
„ Beachcombers. 1033 Channel Late News. 1230 am Epilogue. 

BBC-2 Wales only — 2.30*4.55 pm 11 50 What About the Wortrcrs. 1235 am 111 ctcd 

Eisteddfod 78: The Crowning Vlsa * c£ “* „ L* „ lsLia. 

Ceremony. GRAMPIAN c & K 

■ rvy*\7aT ,JS * m F ' r ? Thlus- 1030 Cash and MsOure and Telly Savalas. 130 pm 

LUll DUN company. lUK Battle for Casino. 130 am LtnchUjoe. 130 Gambit- 2.00 The RoU 

... „„ , D . ^ B Grampian News Headlines. 535 Those Hkrrta Show. 938 UWrr News 

Wonderfnl TV Tones. 6 - 0 G Grampian Hies. 515 Prtonds of Man. 630 Ulster 
Plain Sailing. 1030 Meet the Men Today. 630 Perspective. 1130 ReitecttoBB. Tilevtslon News 6 JB Crosuroads 6 J 0 
from Uncle in: * One Spy Too U-55 Grampian Late Night Headline*. Rf ports. 635 Taking shape. 1138 News 
Many.' 12.00 Issi Noho. 12.10 pm GRANADA at BedtaM. 

Pipkins. 1230 Home-Made for the mao am Tuesdays Matinee: Happy J WESTWARD 
Home. 1.00 News plus FT index. 1 * The Bride." U 3 S Kathy's Ouir 1 » jlH3a am Cartoonrtme. 11130 Pea fore 
130 Platform. U0 Young Ram- 11113 iB _yS? ,r tUtdu. 530 Undersea RlSm: •• Promise Her Anything." starring 

say 7 7 5 Romance 3.20 Islav Adventures « Captain Nemo. 535 Gross- Geslie Caron and »amn Hearty. 113/ 

A y pprcnnftl Imnrewiinn n? a Hoh. J 0 * 4 ®- ^ Granato News. 6.05 A Little fn Cos Hoaeybun's Blrthdam 130 
A Personal lmpression of a Heb- Summer Maine with the Chierumv 630 Westward News ■ Headlines 535 Thn-w 
rifle an island. 430 under the Branded. U30 Police Smveon. 1235 am ' Wonderful TV Times. 630 Westward 
Same Sun. 4^45 You Can't Be a Little Night Music- JDiary. 1038 Westward Late Nows. 1 LSD 

HTV -■ , 1n Concert. 1230 am Faith for Life. 

' U30 am Child Life in Other Lands. YORKSHIRE 

is A 0 wad. Wild World of Animals 1135 1030 am Power Without Glory, w in 

The Mad Do g Cana maeis Rotten Prod Star Maidens, ms Ensland. Their 
and RatsHuts. 1LA5 Flower Stories. -130 England 130 pm Calendar N»ws. SIS 
pm Report West Headlines. 135 Report Those Wonderful TV Times. 630 Raiewdar 
Wales Headlines. 130 Gambit. 2 J 0 (Emtey Moor and Belmont editions), n a 
Housepartr. 530 Crossroads. uo At the Embankment. 


Serious. 5.15 The Brady Bunch. 
5.45 News 

6.00 Take Six 
6.35 Crossroads 

7.00 Survival 
730 Spearhead 

8J0 What's On Next? 


RADIO 1 

(S) Stereophonic broadcast 
t Medium Wave 

5.00 am As Radio 2 7.02 Dave Lee 

Travis. 0JM Simon Bates. 


I. rails past programmes of - Gardeners' 
u Question Tiitie.** 63S Story Ttme. 530 
h PM Reports 5J0 Serendipity. 5L55 

1 Weather: prapramme news. 6 JM News. 
6 J 0 Many a Slip. 7.00 News. 735 The 
Archers. 130 Time For Verse. 730 


24 <m Music (5). 1035 Myttng-Whun Chn 

piano recital (Si. 1130 Bmten and Kav 
snog redial 1 st. 1235 pm BBC We 
Symphony Orchestra, concert, part - 
1LQ0 Kid l v > T« N 1 7 ,ra ■ LaS ' nk ' Arts wnia- 

ilS SLa? litsr S2 KSSJ™ * HT*J£ J7\m '5S 

iSStauii ZflT Tto BbctoM n 2 ? ? l? 3 *'- ^ Concert, With Rls Head! 530 Kaleidoscope. ' MS 

^ <5 ‘- & BJ-JSSJS: &£ -ffUt ^ WWM 

RADIO 2 i-SMra a »d VHF S Sffl 1, RRr R . 

530 am News Smnmary. 532 Tony PJ* L Brtlfeil. Mozart (St. 83S T1» DDL KSQIO LiOndOll 
oranjon rSi mdudins 6 J 5 Pausn »nr 835 PrOM 75. part *: 206m and 943 VHF 

Thought and 732 CommonuTaltb Games 9-SI The Ro- 530 am As Radio I. 630 Rush Hour. 

Sports Desk. 732 Brian Matthew (Si “ F ^ .^W^Tenor (l)to- 9.00 London Live. 1233 pm Call Ul 

Including 8.02 Commonwealth Gomes J*™ “H 2X1 m Showcase. 6 .BS Hum* Run 

Sports Desk. &37 Radng Bulletin and ‘S'. 10X 730 But Seriously. Thooph. 730 Black 

*35 Pause for Thought. UUQ Jlmmv H™ 1 * Jheatr^ Loodonera. 838. AD That Jam HUB 
Yours (Si. 1235 pm Waggoners' Walk. , I 5?’£ rh ?} £ r h, J 5 el 2 Night London. 1230 dose: As 

1230 Pete Murray's Open House (Si outdrink Radio 2 . 

mcltidlcg L45 Sports Desk. 238 David U J gM ; i - s Tonlghf* 

Hamilton i$t Including 235 and 5J& SC p^T „ r1 «rv 7 «, Li Tendon Rroadcastin? 

Snorts De*. 4 30 Wammcra’ Walk. 3 V 5 F 0"Jy— 630-730 am gpd lAIDUOn DrUdUCaSHIlg 

4.45 Sports Desk. 430 BID Prince iSi SA5 " 7J ® P" 1 open University. 261m and 97J VHF 

Including SAS Snorts Desk. 633 Common- RADIO 4 5JW am Mornjng Music. 638 AiM.j 

wealth Games Sports Desk. 732 Pnia 13 ^ Non-Stop News. Information, Travel, 

presents Tbe Spinners in Concert fS). aaqin. 285m and Vn[F sport lO.Ot am Brian Rnvp* snow 

730 Spoils Desk. 7-33 On the Third Beat fc -°° am . News Brtofln*. 6 18 Farming 130 LBC Reports. 330 Geonn Gale's 
(SI. f-02 GiTberi and Sullivan at Larae Today. 630 Today, including 7.08 and 3 O'clock Call. 4.00 LBC Reports fconr.). 
(Si. 932 Amt** Yoar Soavealre fS>. ^ Today ' 1 P 0 ** owl.PJO and 830 New* *30 After Eight. 9.00 Nlghtline. LOO 
9.55 Commonwealth Gamra Sports PnOt. HradUnci 8.0 Hard Times 1 S 1 . 9JB am Night Extra. 

1032 Three Ip 0 Row. 1030 TTie Steptoe tS‘2 1 S r Dm £ n 01(5 L, “- ~ ^ .. 

Saga. u .02 Edmonton 7? with Terry 5*™*. Sing a Sour of Capital Radio 

- - ” 230-232 <Sl - U-M T>»II* Service 1035 Momldt- ^ - -- - 

****** srory. 1 L 00 News. LL05 Thlrry-Minute' 194m and 95.8 VHF 

Theatre- 113) nrurins. 1230 Nesws^-- 6.08 am Graham Done's Breaxfast 
DAnift 1 4 S 4 m A- VHF 12.02 pm Vou atid Yours, 1220 n«flt (S‘- 938 Tony Hyatt 'S>. 12.00 

RADIO 3 «™.ti!eiM*\HF island dims. 1X55 Wwrhcrr Dave Cash (S). J30 pm Peter Young 

76.55 ant Weather 730 News 735 news LOO am TIh> World at One. UO (SI TJ o London Today (Si. T30 Adrian 

Overture (Si. *30 News 8 05 Morning The Archers. L<5 Woman's Hour inch# Love’s Open Line iSi. 930 Nicky Home's 

Concert (St. 930 News 935 This Ine 23*232 News 235 Listen With Yonr Mother Woukln'l Like It (5>. . XLoo 

Week's Composer Janacek fSi 9J55 Mother. 330 News. 335 Jane Byi»'MIke Allen's Late Show ftl 2.00 am 
Plalnsoos and the Rise of European 030 News. 435 Rick of the Bunch ifr Duncan Johnson's Night Plight (5). 


GUIDE 


OPERA & BALLET 

COLISEUM. Credit Cirtft 01-240 5! 
Reservauoiu 01-036 3161. 

ENGLISH NATIONAL OPERA 
Ton't & Ihur. 7 30 La BBIteme. Tome 
Frl. 7.30 The Mig>c Flute. Sdt. 


NOTICE : New production Ot 


5250. 


ROYAL FESTIVAL HALL. 9L_ 
Until And- 19. EvQ*. 7.30. Mat Sat. 
GREAT STARS OF WQRLD BALLET 
GALA SEASON 
Dancing at every pert. 
MARGOT FONTEYN. MAINA GIEL 
NATALIA MAKAROVA YOKO M 
SHITO. GALINA PANOV. I 
SEYMOUR and FERNANDO BUJC 
STEPHEN JEFFERIES. jONAf 
KELLY. IVAN NAGY. VALERY PA 
TETSUTARO SHIMIZU CORPS 
BALLET 

Details irom Bos Office. 


THEATRES 

THEATRE. CC. C 


IRENE IRENE IRENE 

THE BEST MUSICAL 
of 1976. 1977 and 19781 
IRENE IRENE IRENE 

** LONDON'S BEST NIGHT OUT/' 
Sunday People. 

CREDIT CARD BOOKINGS B36 7611. 


ALBERY- 836 387* Credit card 
036-1071-3 from 8.30 am Party 
Mon.. Tues.. Wed. and Frl. 7.45 
Thors, -and Sat. 4.30 and 830- 
. A THOUSAND TIMES -WELCOME IS 

r *s°awar?v- 

-MIRACULOUS MUSICAL" Fn 
With . ROY HUDD and JOAN - 
F LUCK; , 

Daily Mirror.. 


"CONSIDER YOURSELF - 
ABLE TO SEE IT AGAIN." 


ALDWYCH. 036 6404. tnlO. 

Fully air conditioned. ROYA_ _ 

PEARE COMPANY. Ton.flht 7 30. Tomo 
2 OO and 7.30 Strindberg's THE 0 AN< 
OF DEATH "much to en|oy." D. Tl 
grapn - cmetoes . as a wonderful . m 
01 work." The Times, with- Sr 
Gooch i THE WOMEN PIRATES 
BONNEY AND MARY READ Inext 
Thurs.l. RSC also at THE WAREHC 
isee under Wl.- 

ALM05T FREE.. 485 6224. LUr 
“ Op* off " bv Bob Wilson Tuc . 
1.15 Pm Suns 3.0 and 5.0 om./ 
Shows on Monday. ■ 


Vonncnuit's 


1 Player Piano 1 
5 .-Sat r B -0 pm 
Mondays. 


AMBASSADORS. CC. 01-8 
Nightly at 8 . 00 . Matinees Tt 
Saturdays at 5~ and 
PATRICK CARGILL and TONY 
In SLEUTH 

The World-Famous flujlit 
by ANTHONY SHAFFEI 
*' Seeing the ofay again It; ii 
otter and total lov.” Punai.. S 
£2.00 and £4.40. Dinner and 
Seat £7 .so 


APOLLO. 


DONALD S1NDEN 


15 SUPERB." N-O.W 
SHUT YOUR EYES AND 
THINK OF ENGLAND 

■Wickedly furmy." rimes. 


ARTS THEATRE. 0T-B3 

TOM STOPPARCS 
DIRTY LINEN 

"Hilarious . see Ii." Sunday 
Monday to Thursday 8.30. Frtd 
Satur-av at 7.00 and 9.15. 


lid. 01-734 4291 M On .-Thun. 8 
Frl. and Sat. 6.00 amt 835. fl 
load available^ 

ELVIS 

- Infectious, appealing, toot stamptm 
heart-thumping.*' Observer. Seats & 


B om pert only. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


CAMBRIDGE- CC. 836 6056. Mon. to 
rtiur. 8.00. Friday Saturday S.4S and 

IP1 TOMB! 

Exciting Black African Musical 
" Packed with *a/ 1 ery." Dly. Mirror. 
Seat^ t) jwnes _E2 00-£5.0D . 


GREAT YEAR 


CHICHESTER. 0243 

Tonight. Aug. 11 and 12 U 
Aug. 10 at 2-00. 

LOOK AFTER LULU 
B. 9 and 10 at 7.00. Aug. 12 al 
THE A5PERN PAPERS 


Mai. Thur. S.OO. 


JARA JEFFORO 
TOE DARK HORSE 
with STACY CORNING and 
PETER WOODWARD 


Sisson. 
’• A merry evening. A I 
D Tet. " Rpnvancr 1 


very st r un g. n FT. "Opportunftv brilliantly 
sei=ed bv Edward Woodward and a Brsi- 
class cast in vel May’s extremelv effecti v e 
uroduction. A most attractive and enrer- 
talnlng evening." Ev. News "An 
win love It . . . canY fall to be 
earned ’ Gd». 


CRTTERION 930 5216. CC. 036 1071*3. 
Evgs. a. Sats. 5jq._a.30. Thurs 3.00. 
NOW IN ITS SECOND YEAR 


LE 8 LIE PHILLIPS 


> SJX OF.PNE 




A MONUTE 

,!%P. 


DRURY LANE. 01-836 BIOS. fe 
Sat. 8 . 00 . Matinees Wed A Sat 
_ A CHORUS, LINE 

A rare devastating loyons astonishing 
stunner " S. rimes. 3n great Yffifi 


Wo«n htehmtng 12.00 News 
am News Snmmarr- 




DUCHESS. 836 B243 

Evenings fl.OO. Frl.. .. 

OH ! CALCUTTA t 
“The nudity Is stunning.- Dally Tet. 

9th Sensational Year. 


DUKE OF YORK'S. 01-836 

Evenings 8.00. Mats. Wed.. Sat. 
Limited Season. M<et end Auodi 
JOHN GIELGUD 
In Julia MHrt'ell's 

HALF4IFI 

A NATIONAL THEATRE PRODUC 
■-Brilliantly winy . . . ne ang « 
min fj." Harold Hobson r Drama 1. I 
credit card reservations. Dinner ant 
price seats £7.00. 


SaL S.OQ and 8,00. 

Mdrlel Pavlo w as MISS MARPLE In 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


GARRICK THEATRE. CC. 01.318 4801 
Eves. 8-15- Wad. 3.0. Sat. S JO a 3 
TIMOTHY WEST GEMMA JON& 
MICHAEL KITCHEN 
In HAROLD PINTER’S 
THE HOMECOMING 
'BRILLIANT— A TAUT AND EXCE 


"AN 

Gdn. 


INEXHAUSTIBLY RICH 


GLOBE THEATRE. 01-437 1592 

Eves. 8.15. Wed. 3.0. Sat. 6.0. fl 40 
PAUL 

alan ^wissruB 

Thh mint bv thp ’-"(nk'Ht IruoMw. 
riUker In London." O "An imSSihh 
enlovable evening." Sun 

GREENWICH THEATRE^ 01 . 868 nun 

W >LL« AM DOUGLAS WhSf-S 773 *' 
Nffwast play 
THE EDITOR REGRETS 
Evunlng* S.O. sats- s and 5 . 

i 


THEATRES 

MAYMARKET. 930 9811. EvOS. B.00 
Wed. 2 . 30 . sajurd^-^o and 8 . 00 . 

HARRY ANDREW 

« EL ^SS R 4SS» 

and 'S £ ?iJ?.t? DL ,n 

A new play bv RONALD HARWOOD 
8 . Directed by CASPER WREDE - 

” An admirable 0 *a> honest, well con- 
ceived. properly worked Out. freshly and 
& fittingly written riddv Satisfying- Paul 
SO ScoBHd at «■» seiL" B. Levin. S. Times. 

HER MAJESTY'S CC. 01-930 6606. 

*T Evenings 3 00 Mai. WM. Sat. 3.00. 

J JAMES EARL JONES 

Dt j* 

10 PAUL ROBESON 

" Magnificent.” D. E*p. SpcUbinding 

7 - theatre." □. Mail. ' Make it a must 

2- Evening Standard. Limited Season. 

A KINGS ROAD THEATRE. 352 7488 

Mon. to Thur 9.0. Fn- SaL 7.30. 9.30. 
THE ROCKY HORROR SHOW 

D. DON'T DREAM IT. SEE IT! 

-ij LONDON PALLADIUM. CC. 01-417 2055. 
^ LAST 2 WEEKS ENDS AUG. 19. 

Mon.. Tues.. Ttiuri. aim Fn. at B. 

7 Wed and Sat. 6-10 and 8.50. 

£ THE TWO RONNIES 

l In a spectacular Comedy Revue. 

LONDON PALLADIUM. 01-437. 7373. 
_ September J For one wetk only 

MAX BYGRAVES 
with special Guest Star 
, JOEY HEATHERTON 

4 LONDON PALLADIUM. 01-437 7373. 
u- Sent cm ber 25 m For one Week Only. 

LENA MART ELL 

LYRIC THEATRE. 01-437' 3686. EvS. B. 
Mat. Thurs. 3.0. . Sal. S.o and S.30- 
- , JOAN FRANK 

PLOWRIGHT FINLAY 

FILUMENA 

- by Eduardo de- Filippo 

'■■■ Directed b< FRANCO ZEFFIRELLI 
a ' 1 TOTAL TRIUMPH.” Ev. News. "AN 
1 . ■ WENT TO TREASURE.” D. Mir. - MAY 
.ITf-JFILL THE LYRIC FOR A HUNDRED 
v Ears.” Sunday Times„ _ 

MAYFAIR. 62A 303S. Air cond. -E*i- 8 
yar. 5.3D and' 8.30 , Wed. Met. <3.00. 

5 / WELSH NATIONAL THEATRE CO. 

p 4 DYLAN- THOMAS'S * 

r E UNDER. MILK WOOD 

Tjf MERMAID. 248 7656 Restaurant 248 
? »3S. 9 15. 

, DESERVES FAVOUR 

■ st<5.v.rd j-Sd-si aWnT sSJis: 

? £3 and £2. "no ONE WHO LOVES 

S THE ENGLISH LANGUAGE AND THE 
HIGHEST COMIC ART. CAN POSSIBLY 

_• MISS THIS PLAY " S. TIMES " At last 

c a meaningtol and brilliant and seriocs 
•'a'li'ii olay.” Give Barnes. NY Post. 
Run extended to Sew. 30. - - - 

mm 

OLD VIC. 92B 7616. 

PROSPECT AT THE OLD VIC . 

• June- Sept- season 

TWELFTH NIGNT 

Eileen Atkins "riveting authority, physical 
Robert Eddtson •• bnHiant Ferte."' 
Guardian 

Today, wed.. Thun. 7.30. 

THE LADY'S NOT FOR. BURNING 
Derek Jacobi .''cany and:yirtie authunty.” 
Standard. El teen Aik ms "riveting physical 
fluidity^’ Phwnelal Times. 

"a gem of a performance from Robert 
Eddlson . ”. .' Michael Denison, Jbhn 
Savloent A -Brenda Bruce scoop up the 
laughs.'' Guardian. 

Frl. 7.30. SaL 2.30 Jfc 7.30 

Derek Jacobi In IVANOv— Chekhov's 
first comedy. Previews from August 18th 
■t matinee prices. 

Open AIR, Regent's Park. Tel. 486 2431 
Shaw’s MAN OF DESTINY and DARK 
LADY OP THE SONNETS 

Tonight 8 Tomorrow 8.00 

W.Ui MARIA AITKEN. IAN TALBOT 
HELEN weiR DAVID WHITWORTH 

A MIDSUMMER NIGHT’S DREAM 
Thur.. Frt.. Sat. 7.45. Mats. Wed.. Thur. 

8 Sat. 2.30 

Esmond Knight In AGIN COURT 
Lunchtime Today A Frl. 1.15. 

. ACE. . -££■ 01-4 37 6834. 

Mofl.-Thnrs. 8 0. Frt. and Sat 6 and 8.40 
_ _ JESUS CHRIST SUPERSTAR 

by Tim Rice and Andrew Lloyd-Webber. 

PHOENIX., 01-836 2294. Evenings at 8.15. 
Friday and Saturday 6 . 0 Q end 8.40. 
"TIM BROOKE TAYLOR. GRAEME 
GARDEN nuke us laugh " O. Mall 
... THE UNVARNISHED TRUTH 

Tne Hit Cmncdv by BOYCE BYTON. 

" LAUGH. WHY 1 THOUGHT 1 WOULD 
HAVE DIED." Sunday Times "SHEER 
DELIGHT." Ev. Standard. " GLORIOUS 
rnNTTNUOUS LAUGHTER." Times. 

PICCADILLY. From 8.30 am 437 4506. 
Credit cards. 836 107113 Mon -Thor. 8 

Frl. and Sat 3 and 8.75. Soerie/ season 
om Tomorrow 7J. j 

SHEILA GISH 

". . . SPECTACULAR PERFORMANCES 
PROM EVERY MEMBER OF THE COM- 
PANY.” Gdn. 

A new play , bv TENNESSEE WILLIAMS 
VIEUX CARRE 

(The “Old .Quarter*’ of New Orieansi. 

V For those who delight In the continued r 
bower or this great writer . . . showing 
oh Ms marvellous comic gift.” Tms 

PRINCE EDWARD. CC 'formerly Casino) 
01-437 6877. Performances This Week 
Ergs. B- 0 . Mat. Thor 3.0. SaL 3.0. 8 A 0 
NOTE CHANGE OF SAY FERF5. 

From Sept. 2. 3.00 and 8.00 5 

by Tim Rice and Andrew Lloyd-Webber 
Directed by Harold Prince. 

PRINCE OF WALES. CC- 401-930 6681. 
Eren'ng. and 8.4 5 . 

RROADWAY^COMEOY^MUSICAL - 

sfarr Ion ROBIN ASKWlTH 

Directed bv GENE SAKS 

CPEDIT CARD BOOKINGS 930 0B4G. 

onegfrs CC 01-734 7163. Proas, 

from August -16. Oocns August 23 — 

»OY DOTB.CE CHA ‘'™ ~ 

RICHARD VERNON In ES V,LL,ERS 

THE PASSION OF ORACULA 

RAYMOND P 6 VUEBAR. CC. Dt-734 I5Q3 
^ 7 ffPt.. 9 Owns. Sans. 

■HBKT* cc T S?* > 01-637 

986213. Ergs. 8-50 pm. Thur. & Sat 

7.00 & 9.00 

" PURE AO-s HOU.YWOOD “ 

THE GREAT AMERICAN 
BACKSTAGE MUSICAL 

AN EPIC POR SIX PERFORMERS G 

CBED 2‘tSw D tm58?^ INSS 

01-637 986213 D 

ROYAL OURT." ' 730 1745. Air COnd. A 
^*6 Sat | &. 8-30.. WQHd premlS- S 
E2.V ,P5 I Leigh Jackson with Ann 8 

9 ell Peter Bffwle*- .iairww Coulns 

Leonard Feetoo and PAUL Roads ’ 1 

ROYALTY Credit Cards. 01-405 6004 
Monday-Thursday ' Ewntng* 8 . 09 ." Friday 
5.30 and R 45. Sattinlays 3-00 end 8.00 E 
London CrltlCfi- vote BILLY DANIELS lr 
BUBRUNG BROWN R»GAR 
, Best Muslral of 1977 

TN Bsoliines ■creeted. Malor credit cards S' 
Restaurant Resemrfrm 405 2418 Be 

SADLER’S WELL BS. THEATRE. Rosebery 
Are. EC1 837 1 672 Until Aug. 26 . 
Evgn 7.30 hfifi Sat- 7 . 30 , 

.... , MARCEL MARCEAU 

"Magic . . . This Suorem# mime of pur 
Time." Evening News. 


THEATRES 

SHAFTESBURY. CC 01*836 SR, 

Shaftesbury HoUtore aw 


“BURSTING WITH E . 

Prices £2 to £5. Ben 

oetore snow at Box 

perl. Ptl. A Sat. Mon.-Thars. 8 . 
and Sat 5.30 and 8.30. 


YMENT--B.T*. 
“ita £2-50 tt-hr' 


STRAND. 01-836 2660. Evenings- non. 

Mac Thur*. S.OO. <tat.__5.--30 and 


NO SE 
WE 
THE WQRL 
LAUGHTl 
GOOD SEAT 


-SUL 

QRLD^G^EATE 
IGHTlR- MAKER 
SEATS E4.00-E1 . 


EST 


ST. MARTIN'S. CC. 836 1443. Iw. W nq. 
Matinees Tu^^^S^-t-rd.y, 5 a» g, 

THE MOUStTRAP 
WORLD'S LONGEST -EVER run . 
26th YEAR 


TALK OF THE TOWft. CC. 734 5031. 
3-00. Dialog Dancing (Barg open 7.15L 
9.30 Super Revg* 

RAZZLE DAZZLE 
and at 11 om 

LOS REALfcS DEL PARAGUAY . 


THEATRE UPSTAIRS. 730 2554. 

Rcncarurd Reading 
BUKHARIN br AHOY McSMITH 

Fn. and Sat, only at 7.30 am 

YAU DEVIL LE. *36*9988. CC EVA 800 
Mat. Tues. 2.45. Sat. 5 and 8 . 
□man SHERIDAN. Oulcie gray 
A MURDER IS ANNOUNCED 
The newest whodunnit bv Agatha Christie 
"Re-enter Agatna Chrbtie with another 
whodunnit hit Agatha Christie ic stalk- 
ing the West End vet again with another 
ot her fiendishly Ingenious murder 
mysteries.” Felly Barker, Evening News. 
AIR-CONDITIONED THEATRE. 


VICTORIA PALACE. 

82 6 4735-6. '834 1317 
STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Evg s. 7.30. Mats Wed, and Sat. LAS. 

WAREHOUSE. Donmar Theatre. Covmt 
Garden. 836 6808. Royal Shall amain 
Company. Ton’t SJJO Pater Fluiaenft 
SAVAGE AMUSEMENT "an e»3p- 
tional piavwritiog debut." F. Times.': Ml 
seats £1.80. A«v ■ bkgs. AHNM. 
Student Standby £1. 


WHITEHALL. 01-930 6692*7765. 

E»gs. 8.30. Pfi. and Sat. 6.45 and 9.D0.' 

Paul Raymond presents the Sensational 

Sc* Revue ot- the- Century ' 
DEEP THROAT 
6 th GREAT YEAR 

WINDMILL THEATRE. CC 01-437 6312. 

Twice NIOMH 8.00 and 10.00. 
Sundays 6.00 and (Loo. 

PAUL RAYMOND present! 

RIF OFF 

THE EROTIC EPERIENCE OF THE 
MODERN IRA • 

■* Takes ta unprecedented limit! what I* 
permissible on our stage. Evg. Neva- 
3rd GREAT YEAR . . 


WYNDHAM'S 01-836 3028. Credit C*ri 

BVgs. 835 1071 from 8.30. am- Mo*-. 

Thur. 8.00. Frt. and Sat S.15 and 8.38 

■' ENORMOUSLY RICH ■ 

VERY funny.” Evening News..- • 
Mary O’Manev's smash-hlt comedy 
ONCE A CATHOLIC 
"Supreme comedy on fen and rough* 
Dally Telegraph 

"MAKES YOU SHAKE WITH 
LAUGHTER.” Guardian 


CINEMAS 

hBC 1 & 2, Shaftesbury Ave. 836 *861. 
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1 : 2001 : A SPACE ODYSSCV tUl 70mm 
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Meat end 9 Aug 


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?-^IRT S ruV ° rtJ> ‘ SAMMY ^ SOTH! 

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Film at 2.0, 5 .45 and 8 JO. Suns. 4 fc 7. 


Plrherti Burton. Roger Moore. Rld>*S 
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Jane Fonda. Vannu Redgrave ut 
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^n^d ^ .Tjmeg- Tneaday August?? ‘1978 

Annely iuda/ArtistsVMarket/Whitechapel 


... ' 


Harrogate 


1 fife I . “H i 


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toi- „ 


'"'fl u : 

6;. 


.by WILEIAM PACKER 


Baryton Trios 




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Tie high simmer js ihe quiet 
out sever the fiffiy season for 
most -of our ' Ltmdongall&ries, on 
whose - walls is usually icy. ie 
found enough, of . interest ; and 
quality to reward even tire roost 
casual of visitors, even, him -who 
was persuaded to' eater.moreby 
a practical d«dre';tb ^escape the 
horde outside ihan to foed-.Ms- 
soul. Add the.hrt-world goes’ on 
holiday'- too: ■except, for -the. most 
conspicuous oft. our public institn- 
p OI1 *»_ we are JUfcaJy fo.find the 
beat all but deserted, to meet 
only a friendly foce-or two* and 
to have tbework to ourselves. 

Mrs. Jutia.. /inched _ away ur 
Tottenham^ Mews; yust alongside 
the Middlesex^Hospital. is one of- 
the most dlscrtminatihg and 
respected off-- dealers; and each, 
summer for the post 10 years 
has made; a' special effort to 
put on an exhibition of real 
historical. importance' for the 
general benefit ' This time, she 
and her son Pavud, -who is tow 

her Partner,, .are. celeteaxiiigLthe 

gallery’s decade: by.' - reviving 
what Was such k featnre of jt3do»- 
first few summers, -the sequence 
of shows that . rarr under . the- 
general heading of ;“The ; Non- - 
Objective World.”- - 

The gallery’s policiy has 
always been to; concentrate upon 
abstract painting and sculpture, 
with a marked bias ■ towards 
European and - :-away -..from 
American work. ’ Furthermore, it 
has been - at paui6 fb distinguish 
and celebrate .the", classical, 
formal strain, within this larger 
tradition, which, is r to say the. 
Suprematist* for example, or the 
Constructivist rather than the ■ 
Expressionist. And. 'the -parti co-.: 
lar function, of. these summer 
shows has- been "to .establish.- the'-! 
root 'and grantmar' of this tradi- 
tion, and to confirm. Mis continu- 
ing vitality-"-'! Thus an histo rical 
setting is laid, out against which, 
by implication,, the/con temporary 
art that Mrs. J.uda cares to show, 
English; European,, nnd indeed 
American, may be '' seen and . 
judged. - 

The - period covered here fs 
that between the outbreak of the . 
two World Wars,- which just : 
catches the heroic. -early-, phase, ■ 
the work of such va^rjoiis ’figures '•■ 
as Malevich;. TatUn,-/ Mondrian, 
Leger; Schwitters;' vih DoCsburg i 
and Sonia Delaunay,' embraces i 
the later work of Kandirsky, i 


by WILFRID MELLERS 


t Sophie Tauber-Axp . and . Gabo, 
r '.follows the ever- widening ripple 
q of influence ' and. .example, .and' 
e the diversionary eddies, into the 
4 -decorative arts besides (.the close 
t interconnection with! which, and 
> with, architecture, has only lately 
7 been properly investigated), and 
? moves at last -to -tiae work of the 
s- '.next generation. ' counted by 
i .practice rather.- than " age, such 
t men as Xtontela.7.'Bea ; . Nicholson, 

- Vordemberge-Gildewart and Max 
i Biii . Not. eiery -artist is repre- 
t seated by-.fiaajor. items: many of 
i the tilings are small ..and even’ 

slight— but, the vw'Orfc is typical 
. for., all tfcairJand the quality 

, gratifyingjy high- •<- .. , 

< Many people find noa- 
, figurative, work difficalt and un- 
, appe^lng; ;and -'nrachf-^bf the 
Z work, on .show may" Welt appear 
l cold, perfunctory dr-poistless at 
, first" 'glance^ -Ttot a - .little', time 
J and - patience ; bring' out the 

' subtlety, andindeed the richness 

-- inherent "in .so mi^ny t3f these 
[ .. things, . : in • the?- jurtr- church 
; ■facade>by ”ld(fcafiah.‘ Which I 
\ can only, see --asTE^eTOeJy beau- 
’- tiful.' a. brief, and; tiny drawing 
X by Snetiiv.a curious, lament re- 
s ' lief : by Liszlo- Pert grey and 
' 'black and- very oh£. a golden 
panel by Bnchhplz, ; water-colours . 
i by. Fleischmanh and. "the two 
[ DeJaunays: and there- fe a recon- 
i str action of _ Thep - van Does- 
: burg's Flower Roott . of 1935, a 
[ mpsrvcurions.ktosfc'-tiist both 
; sooths and sfretches tlie seusi- 
: bility. Tbe- NoiKlbjective World 
may- be visited until.' the end of 
1 September.' - \ ' 

i -•*• The exbibitlobs^^rithe Artists’ 

- Market hr'^Earlham'^S.treet are 
bat : rarely intenditfas' historical 

: exercises as. sw^'.ouj: . Vera 
Russell, who ovefseesMfce opera- 
• tion;. has - a \ shrewd ‘ahd-. trust- 
worthy eye for-k^pafoting. and 
a most catholic^ ffi^ositi on be- 

- sides- The shows' Ppts to- 
gether are in -conseqaence ever 
interesting, qote-ciKh&ely to be 
full .of good things •as.-iiot,. wiLh 

: one or two outstaQ^o^Mtems a 
_ distinct pbssibUtiy^he' has the 

- knack of laying' hands on. 
good "but - often/ 
amples 'of . the - 
guished artists, 

: haps that they 
themselves: she 
work of artists 
long overlooked* 
to have shown 
and she is 



. There is something faintly trio of the minuet brines the 

left to establish for ourselves depressing in the thought of 126 raut-ous voice of the Croatian 
their relative merits. And if the [trios being churned out to peasantry into the lSth-cenlury 
event contradicts the expectation, ; satisfy the craving of an 18th- drawing room: mlerostmci’y 
so much the better for us. century princeling for an instru- enough, the finest of these 

The current show, simply en- meat long obsolete; it sounds a monarch-flatter ins pieces were 
titled “ Portraits and Paintings ” project to which .modern com- composed between 1765 and 1775, 
(until September 14) is entirely puter science might have made a at the height of Haydn’s relatively 
typical. There is a good wall fuO use ^ ul contribution. experimental, even latently revo- 

of portraits by Craigie Aitchison, This is to reckon without Josef lutionary, phase, 

a fine large charcoal drawing of Haydn, who was no computer, nor The b ary ion was a cro-.s 

his mother by Derrick Greaves, ® v en a churn; but who made that beiween bass vjol and cello, with 

>i £ t: i t_i ntMiir <nn« li., At ilia KVm n.lThpI ip ilrinnc th if <"nu!H 


excellent figure studies by John | many trios for baryton at the sympathetic strings that could 
Emanuel, a strange, pastel of a! behest of his master. Prince a^o be phu-ked JiUo a lute. The 
man and a wom an by a young 1 Esterhazy — a competent. If not resourceful Rikt Gerardy played 
American, Sandra Fisher, and a competitively brilliant, performer on one baryton. bowed and 
fine early portrait drawing of a on the momently modish instru- plucked, some vana lions i»y 
miner hy Josef Herman, whose nmnt. Haydn’s trios efficiently Haydn originally intended for 
more recent painting, hung along- fulfilled their designated func- two instruments. The ir 10 — of 

side, is by no means so impres- Hon. which was to bolster ansto- which the other hardly Ion-; 
sive. Evelyn Williams, too. shows cratic prestige. talented member.-, are Rugor 

intriguing earlier pieces, her blue They had to be graceful, and on and John Nalnm 

man of 1947 especially so: while not too difficult to play: they bad Williams on cvllo— alsu played .-i 
the best work of all comes from to be major-key oriented, cheerful work especially written for Ihorn 
the veteran of the show, Cedric and cheering, so that the Prince ,n *9 ,5 by Siepnvn Dod^a'n. A 
Morris, whose idiosyncratic port- would believe that be was in his composer at once iiuide>; and 
rait of John Banting, made in the heaven and all reasonably well professional, Dnclgson ha-. wisriy 
early twenties, deserves a place with his world. Almost all tended to specialise in sm.illi.-h 
in a public collection. The Haydn’s baryton trios do what is works, onen for umisin! 
portraits are augmented by a asked of ihem; yet the music, resources. His idiom is total, 
number of non-figurative works, if reassuring, is never com- post-Hindemithi.in. with ap 
those by Hugh O’Donnell and I placent; is always enlivening, occasional whilT of mild Bartiik 
Michael Ginsbourg the most often beautiful, sometimes pro- °r Shostakovich. c-liarinin-J*' 
int«PMtinr> found. recreated in u vein of tmtii.-n 


Michael Ginsbourg the most often beautiful, sometimes pro- f,r Shostakovich. c!iurniin-Jy 
interesting. found recreated in u vein of Enxli.-h 

,. rt a KrtAf nn ihp T* 16 Esterhazy Baryton Trio, lyricism. If not a strong, hi- is 

^On^n 1 founded by the Hungarian cellist, a discretely personal voice: a.- i- • 

RikiGerardy. played three of the evident ^ in, his skilfully and 


"-'hands on 
iliar. ex 
of distin 
; Works per 
yts kept to 
hes out the 
^have been show the work of the young- and 
pen not untried. 

re time: Each of these Characteristics 


r*_ u-ftpttfin VIClUIUy, iJldVCU UllfC Ul tilt; - 'MVlll ill IIW aniiiuii; 

trios in its concert at the Harro- imaginatively written barjlnn 

S a fo Festival on Saturday. The trio. The mud ally 11 j enured -low 
eUgible. ft turns out to an seven-movement D major No. 97 sections explore ihe cleztt-e 
Academy of the compantively is representative. For 90 per cent timbres of the instrument. i:i 
young, with a leavening of Sunday 0 f its length it entertains, amuses which on the evidence of h>> 
pamting, and as such is not with- a ^ d stim u lates; }D the other 10 adagios Haydn a Is.. tl.-Uahi.-d. 
out interest, toe general impres- cent odd things happen - Dodgson's tnu iiffnnlod plon^Tir 0 , 
sion one of competence and such as an instrusion of cavort- this might have .-ifTi.nlisl mure, 
seriousness; but the peaks of j Q g poles who disrupt the had 11 been lc>s formal ly elu-ive. 
achievement are few, and, though dignified elegance of the court. The final dance, beinq in-;itii-d..n- 
they stand well above the mean or an adagio introduction to the tial and character I es>. as coin- 
level, they are not terribly high, second minuet, wherein Haydn pnrp d with the archaic-ll.ivniiivd 
Good artists are showing, offers us and bis Prince a peep prelude, leaves one with a slight 
certainly, but modestly, and the over the horizon, a mysterious sense of let-down, 
visitor senses the reticence. But glimpse of “ other inodes of It would seem lhal the l.-irj t»n 
Anthony Whisbaw looks better experience that may be possible-” entailed technical problems that 
and better with every work of his And in the marvellous 9fith militated against survival. While 
that appears, and here he has trio, in what Beethoven called it is unlikely to become widely 
Noel Forster at least to keep him the dark key of B minor. Haydn current again, ii was .■ertainly 
company. Jeff Instone, Martin gives up the pretence that all Is worth reviving, in order tu per- 
Ball, Emma Park and a sculptor, well in the Prince’s or anyone form Haydn’s trios. After Hun 
R ichard Wilson are others well else’s world, creating a minuet revival, one hopes that other 
worth noticing.- Such shows as both severe and solemn, an composers will, from time to 
this are more useful than exciting, allegro of stormy and stressful time, write for it. thcrehy adding 


eivinc us. if I mav shift to a fieriness - and a hymnle adagio to the repertory of this admir- 
meteorological image, the chm.ce that ipPrMCh « U » sublime - Thc able W»- 




^prepared to might constitute a. policy in 


itself; hut Mrs. Kussell Is not mhlch is to surprise sod stimulate to ■nmriwr tte clto.!. of .eUHy. Albert Hall 
inclined to. offer us separate -oor* taste-buds: the young are a * be,t lil a limited Way, to sniff ■*—, 

courses, but rather a melange, seen next to the old, the famous tiie wind at least when there are r* 11 1*0" 

the usefulness and delight -of; next to the obscure, and we are too few straws about. -I—zlMJ. KJ 


New York 


Ronnie Scott’s 


European Community 
Youth Orchestra 


ver 


by FRANK LI PS I US 


Dizzy Gillespie 


There is a publication in New 
York called the Disco ; Bible, 
which is a computer print, piitiof^ 
2.000 record titles catalogued, by 
their number , of ." -beats per 
minute.' With constant u 
it sells for a. hundred i 
year.: - providing;-- disco., owners 
e&s£ntiai 'fhtighfo,. jlkS ttfe Boe 
Gees* ‘‘"Night Fever ”'tiStying Tlti 
beats . per niinute while their 
■“ Stayin' Alive ’’ “has only: 104. 
in the Bronx area of ? New York, 
record shops are -fTusbateti 'by 
the surge in demand. for obscure, 
unobtainable ten-year-old records, 
all of which have ijongoedrura 
instrumentals meant for. dancing. 

New York; :hak jMt : hosted. 
Disco Forum IV, & -convention! of 
enthusiasts and entrepreneurs 
that keeps the : pulse of dance 
fever. *' The - braincbUd bf - J a 
Billboard Magazine • editor,: J8iU 
Wardlow, it became- a regular 
event by dint of sheer rd^a 
aod .will now go .intff. ajtwii 
year format. Thisftfoje tl 
were 1300 participaidag wheiL 
last oner had -fewer* 
thousand; the'- Watet!-. purveyed 
covered .tiie gamqtfJrbm drink 
measures to soundLsystem 
laser beams, electrified floors.and 
cold-lame outfits .sandwiched; in 
between. '■ 

The Disco iFterum.Snt .oh- Tour 
nights of - 'shows -in! New . York’s 
latest in high-fasbi dh: dancing, a. 
place called ; Xenon, .which is- 
nteant' Id' topple! the T dominance 


by KEVIN HENRIQUES 


' ^ //' 
ii ^ 


^fpL 


k, • 




mff • Ct 


* JL 


..Incomparable is not too 
extravagant a word to describe 
trumpeter Dizzy Gillespie. One 
■oL the principal innovators of 
modern jazz. Dr Bebop, in the 
1940s. Gillespie is one of the few 
siJviving pioneers of that era 
wHp maintains a consistently 
level of performance what- 
ever the circumstances and who 
is qu\te clearly not content to 
let his- reputation rest solely on 
past glories. 

He is a regular visitor to 
Europe— and to Ronnie Scott’s, 
where he is playing until Thurs- 
day, August 17 — and each time 
the listener is astonished at 
Gillespie's inventiveness, his 
avoidance of musical ciichd. his 
power, control of his instru- 
ment, bis unabashed enthusiasm 
for playing exciting, powerful 
jazz. Remember, too, as he plays, 
that he has been swelling bis 
neck and distending those cheeks 
to the size of Christmas puddings 
for well over 40 years. Yet his 
stamina remains bull-like. 

He played ti&o long sets last 
Friday, mixing rock-rhythm con- 
temporary tunes with classics 
from . his repertoire such as 
‘■Manteca’’ and “A Night io 
Tunisia.” The notes flew from his 


trumpet fast, but crisp and clean. 
Yet such is the measure of his 
mastery that he can still leave 
one open-mouthed in admiration 
at the beauty be instils into his 
version of “ I Can’t Get Started ” 
which segues into “’Round Mid- 
night” where his muted horn, 
tickling the microphone, oozes 
out phrases of warmth and soul- 
fulness. 

As ever Gillespie reveals his 
long-standing involvement with 
rhythmic playing, highlighted by 
a catchy Israeli tune and “Kush.” 
For several years now he has 
had the strongly rhythmic accom- 
panying trio of the polyrhythmic 
Mickey Roker on drains, the 
technically dashing guitar of ' 
Rodney Jones and the bass guitar 
of Ben Brown who now plays a 
Yamaha model with which he 
does not seem completely com- 
fortable. 

Over them — and the audience 
— Dizzy presides with charac- 
teristic ebullience and quick wit 
which deals adeptly with intem- 
perate hecklers. He has always 
been an unquenchable down in 
the presentation of his music. 
But make no mistake: when he 
plays his trumpet he is deadly 
serious! 


Some unguessable proportion 
of the large house for Sunday's 
ECYO concert must have ex- 
pected Lorin Maazel to con- 
duct it: the advertisements in 
the Sunday papers and the 
posters at the hall — with no 
notice to contradict them — 
promised that he would. In fact 
a pulled Achilles tendon had 
forced him to cancel, and his 
place on the podium was taken 
by -James Judd, the orchestra's 
young Assistant Musical Direc- 
tor. Presumably Mr. Judd had 
been involved in preparing the 
performance for Mr. Maazel, but 
in the circumstances there was 
no knowing whose view of the 
music was being sketched and 
elaborate comment would be 
unfair. 

This was not. perhaps, exactly 
the European Community Youth 
Orchestra which earned such 
acclaim on the Continent at 
Easter, for it was billed in the 
programme as the “ Summer 
Tour Orchestra." The standard 
of playing was creditable, but 
until late in the concert hardly 
exciting. Fifteen or 20 years ago 
work of this calibre from young 
players would have been aston- 
ishing. but recently enough 
brilliant playing by youth 
orchestras bas been beard to set 
quite different standards. 
Britten's “ Young Person’s Guide 
to tile Orchestra.” the familiar 
chain of variations . designed to 
display successively all the 


orchestra] elements, was com- 
petently done with a few dash- 
ing moments; Judd contrived 
little forward movement for it. 
In the world premiere of another 
Britten piece, the rejected Over- 
ture (orchestrated by Cnlsn 
Matthews) of his early one ret la 
Paul Bununn, the orchestra 
sounded cautiously robust, anrl 
neutrally sincere in the Act HI 
Prelude from Ln trariaui. 

Mr. Edward Heath appeared 
as guest conductor with the 
Acatfemic Festival Overture of 
Brahms, a steady, ■ straight-faced 
reading in which the arrival of 
the “ Gaudeamus igilur ” tune on 
the brass reunited the strings 
and winds, who had lieen 
threatening to part company. 
(He bad also begun the concert 
with the Community Anthem, 
the Beethoven “Ode to Joy.” 
rendered jbore sweetly reason- 
able than fervent.) It look 
Berlioz to set the orchestra 
alight with the Sympfimiic 
Fantastique: Judd’s energetic 
treatment of it was sometimes 
brusque, but the alert attack of 
his players was a lively pleasure. 
They struck u collective note nf 
exuberant frenzy in Ihe 
Witches’ Sabbath — led by a won- 
derfully baleful E-flat clarinet— 
which was just what one had 
hoped from them, and the pro- 
fessional smoothness of the 
earlier movements recommended 
their training. DAYID MURRAY 


Mane Savage,. Atm.jteinkih£ Charles' Ward and Saridah! Bergman in ‘ Dancin’ 


Riverside Studios/Radio 3 


is a ihea^^-^onvert ed =» -.-■precoctoutf afficionado. monstratihg steps like the black support from the ensuing two 

disco palace ' with a cramped ThMlttare, reproduces noted bottom, but he works alone and hours of revolution. Like the 

rfftndng' area on the steM.' floor fast footwork cannot make up mistakes from Little Me. Fosse 

and a 'balcony traroform& iittp; ^ * mUSiCaI accon ^ ani ' has given his dancere exercises 

There* the original dteSgL : One : of the weaker pieces in ® nd P°^ t0 d °-. There seems to 

the action d(wns£irs whtie nW graptier in colIaboratJOiTwferhe American Dance Machine is be a lot of walking on hands and 
Ing .foe original castsJjBbb Fosse's “Rich Kids’ Rag" knees across ine stage. , 

people, glued to ■’thefr television . Oari un em b efred.. shows . JSstfrozn Lrttte Me. Cute fooimh it ‘Nevertheless, it is a Broadway 
sets. Studio 54 has. not yetjhad'. WaZWnu Happy &re mademen^.^ it isnot a great dance vehicle. jjj t wdiich shows off the’ stark but 
to acknowledge thetjom petition.; ahlebysodi work as “ The C&J There is more waJkmgln funny malleable set of Peter Larkin 
especially since Xenon’s.. tight Dance,” - created by Danfiy.posts than dancing. T 0 emusic aQd wilJa 

svstem. test : ^-fetter-rememb^. emphaifises The real star of the production 

'Edison's answer to -a sunbnrst,; .shows, . tike, (Cabaret, come to file. TnnMQ aifo jerky motwns ratter : ^ probably the lighting man, who ! 
was on the Wink and tta-Dtace- what! a_ piece Jike^ Ron than -let foe '**”“« > uses Jules Fiber’s design to 

opened without a.-tiquor. licence. “Telephone Dance is done. .iL worth. . Were this the only dance jjggp everything in a dramatic 
The . phehontenos. ;ls! .much _aU_ there are _12 clioreop-aph^ of the eyenmg, one might thmk g i oomy distance. All the marks 

more than Safordap A%ftt.F«>er representsd r each of them dik-h£d nome to n class of raiented of Broadway are there, and they 
transferred ■. "from -ijbor- Ctdeens, .played.. tfe-. 1 best advantage byjfpe oegirmers with a tearoer who have attracted audiences despite 
ihe Betting to. rich fively : troupe., indef atigab e'-^- was afraid to dscourage his tbe ghoncominga It is even 


Messiaen and Stockhausen 


MAX LOPPERT 


the setting 


Manhattan: The -filin' captured a'-nm cheerful— throughout; 
mood: it did not, atleast in New daunting .'.programme of - . 
York, create: it: Ydung-.teOple choreographic climates. . 
aTe even tap- daPdng again.-- •* The pfectekre strung togeti 
On . Broadway, : ricnoreography ' by a Uttie.hfetory, a tittle M 
has come into ifo! own- For thdse stage parlance and iittie^ 
of us who loo^back'on the 1&5QS Like the iatermission turn.^ 


was - afraid to dmcourage h« th e shortcomings. It is even 
pupils by working them-too. hard- stronger confirmation of in in’ 
- The impression. .'is- confirmed terest in dancing' isolated unto 
down -foe - street at Fosse's new itself. A Chorus Line led the 
Broadway show.- Dancin'. At the way. but its simple storyline 
very beginning, rather than give . cleverly integrated the dance and 
■excuses,- a -dancer comes out on everyone’s own history- Now the 
stagehand says that the theatre dance is enough, without stories 


musicals as 


g and smiling^ -.Harold 1 41 Stumpy” Cromer. ^ has had too many boy-meetprl or ballets. If the city go^i 
hoy-meets^irl thought ii there but not foe love-story musicals. It is time through the summer with no civil 


faces put in a hqy-meets-girl thought is there dui nov m lovMiory myonais. n « wawniw m«oo nvn 

story -there is' now's "chance to execution-. ■ Cromer, part of - *p- for -just music and dance. Such disturbances, will we have bongo ( 
recall thedancingT, The Ameri- old vauderilie team, goes throng a declaration .of ind^mdiMee dninm in the Bronx to thank for . 
Douce MacHtns. -founded by- the -history of black danci?"dgffior choreography deserves belter It. 


Conti nu i n g its admirable policy 
of seeking fresh venues for 
musle not ideally accommodated 
in the Albert Halt the Proms on 
Sunday extended its ambit to 
include, for the first time, the 
Riverside Studios. A programme 
of MesslaeD and Stockhausen 
chamber music demonstrated tbe 
virtues of the place, its intimacy, 
its dean lines, and its clear sound 
(slightly dry when the Studio X 
auditorium is as full as it was 
on Sunday, but not unacceptably 
so). The “extras”— the situation 
by the river, the large and 
spacious. foyer, with its welcome 
amenities— complete the list of 
attractions. It is not only as a 
Hammersmith resident that I 
wish -all BBC Bound House ven- 
tures . could be transferred 
thither, immediately and for- 
ever more. 

The programme was neatly 
planned _tft contrast two quite 
different .. 20th century 


approaches in the suspension, 
expansion — call it what you will 
— of time, Messiaen’s lyrical- 
mystical followed by Stock- 
hausen’s abrasively dramatic. 
The Quartet for the End of Time 
was played by members of tbe 
Nash Ensemble. They showed 
themselves most comfortable in 
the concerted numbers, the trio 
and quartet movements, which 
were tidily encompassed. But 
the work is also — perhaps it 
would be more precise to say, it 
is principally — a series of rich 
solo a&d duo opportunities for 
the four Instruments, and none 
of the four Nash players mani- 
fested sufficient vitality of pro- 
jection, sufficient force of charac- 
ter or technique, to do justice to 
Messiaen’s musical riches. 

Anthony Pay’s clarinet was 
capable but restricted in range 
of colour, Christopher van 
Kampen's cello thin and un- 
steady, Marcia Crayford’s violin 


foggy and uncertain in control of 
tone; and though Clifford Benson 
was an accompanist of sensitivity 
and nice discretion, he has not 
yet. mastered the forwardness 
and' boldness of delivery of the 
true Messiaen pianist. Singly, 
the moments of rapt lyrical 
expansiveness were “ managed " 
rather • than shaped; cumu- 
latively there was a serious want 
of intensity and fervour. 

Stockhausen’s Konlakte in its 
instrumental-tape form, played 
by Jan Latham-Koenig (piano) 

and James Holland (percussion), 
with Christopher Sayers in 
charge of the tapes, was an 
experience of full aod gripping 
intensity throughout its event- 
crammed half-hour. Almost two 
decades after its first perform- 
ance, the work now sounds more 
sheerly musical than ever— that 
is to say. its processes operate in 
terms of musical contrast and 
confrontation that, even when 


less than fully absorbed nr 
comprehended, are immediately 
persuasive of their total intr>- 
grity. The work is a snundsi-ape 
lit by flashes of humour, irony, 
and fierce, driving energy: hut 
it is more. Though, compared lo 
readings in concert and on record 
by the Stockhausen diM-ipIrii. 
this one was slightly low-key. 
lacking in full force of gesture 
and timing, it was music! an ly. 
considered, and very attractive. 


Schools Proms 


More than 750 young musicians 
from 5-19 years of age will per- 
form fal the 1978 Schools Proms 
at the Albert Hall on November 
27, 28 and 29. They represent 
some of the outstanding 
musicians from the National 
Festival of Music for Youth. 

Programme details will be 
announced later. 




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s. 










12 


Financial Times Tuesday August 8-1973 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4UP 4J5Y 


Telegrams: Flnantimo, Loudon PS4. Telex: 886341/2, 883897 


Telephone: 01-248 8000 


Tuesday August S 197S 


Prospects for 



THE DEGREE of success the couple of months, subject to 
Government has achieved io the accidents of last year's flue- 
bringing inflation under control tuations la fte retail price 
is bound to play a major part index and the corresponding 
in an election campaign which fluctuations in this year’s com- 
seems likely to be dominated paxisons (average retail prices 
even more than usual by rose by only 0.1 per cent in 
economic considerations. Even July last year, for example, 
if the election is called for a whereas this year several 
later date than is now expected, factors, including the initial 
it is evident that the Govern- impact of the rise in mortgage 
ment is hoping that recent rates, may have resulted in a 
experience of price behaviour bigger increase), 
will colour expectations about various outside forecasters 
prices in the future and so will have been suggesting, however, 
haie an influence upon the level t ] iat tjj e rate „f inflation could 
of wage increases which be rising back towards double 
organised groups of workers figu res by the e nd of the year, 
tuil be prepared to settle for in and the recent sij ght acceJe r» 
the opening months of the next ^ manufacturers’ output 


bargaining round. On prices rauld be taken as pro- 


wane 

both scores, therefore the £ d hJ some ewly 
various price indices which will ^ s * pport for their warnings, 
he published in the next few The ^federation of British 
months will deserve and re- Jjl6ustry last week that 

ttey industi y was unlikely to be able 
mijit normallj enjoj. t0 g0 on absor bing the present 

Fairly close rate of increase in wage costs 

- . - and the rise in the cost of 

ISiSh im P°rted materials - which 
for July which were published resulted from the fall -in 
yesterday are reasonably en- “gg e “J™ jg J 

cou raging so far as they go. siSua/pofnt hL been Se by 
Manufacturing output prices for ^ Pri ^ 0 ,!^^ ^ose 

through 1 'fairif^ouVrkYv! 1 FhJ index of P rice ^es notified by 

m™™« of Price* T tb« S 

shops rose by i per cent last 

month. Excluding the food. “ " vL “ j ■ 

drink, and tobacco industries, mont ^ a * iead - 
output prices rose by I per Strength 
cent. The Three-monthly basis 
of comparison suggests that this respect, the latest 
there has been a slight ten- wholesale price figures are 
dency for lhc rate of increase again encouraging so far as they 
to accelerate since May. But SO- The recovery of sterling 
the change of pace — from an led to a 3/4 per cent fail in 
average of 2 per cent in May the average cost of manufactur- 
to one of 2J per cent last month ing materials and fuel in July, 
— may not be significant, and the first such decline for five 
comparisons over longer months, and the continuing 
stretches of time continue to strengths of sterling so far this 
show a favourable trend. The month raises the hope of 
increase in output prices over further decline in August 
six months, ai 41 per cent, has Further ahead, the prospects 
remained broadly unchanged are more problematical. The 
since the end of last year, while sluggish state of world demand 
ihe increase compared with a seems unlikely to lead to a rise 
year ago has fallen for the In world commodity prices, but 
twelfth month in succession to the possibility of a rise in their 
For the present, therefore, sterling price is another matter, 
the auguries are not discourag- If average earnings per unit of 
inc. The rate of inflation — output do not moderate in the 
ahoiit 7J per. cent a year— is next wages round, the exchange 
fairly close to that ruling in rate could be affected even 
other industrial countries and more quickly than the balance 
it seems reasonable to expect of trade. There would then be 
it to remain at roughly the a two-fold upward pressure on 
same level for at least another prices. 


The Strasbourg 
connection 


FEW F.KC countries apart from is a decision which should pro- 
Denmark have yet given serious perly be left to the individual 
thought t« the relations that jip ( electorate, to de- 

shnuld exist between their dd In practice howtver . the 
national Parliaments and the Labour Party wa ’ nta t0 ban ^ 
European Parliament once Jt is dual mandate ^ Conserve- 


directly elected next June. In Uves are discouraging it. Bur 


Britain, various proposals have ^ does nQt establish the case 
hi'cn made, for example that for a f orraa i j in fc between the 
European MPs should be made two parliaments. Most of the 
temporary members of the objectives that the Lords Com- 
H on *c of Li »rd>. but the matter m i Uee j s t0 achieve, 

is lar *.ri»in settled. In its especially that of keeping Euro- 
repurt on the issue today, the pe an MPs j n touch with events 
If on vc of T-°rds Select Com- back home, can perfectly well 
ijm’/'o on Urn European Lorn- achieved by individual RIPS, 
nr mil ms arsucs that, with the wbo presumably will w’ant to 
fir-i poll now under a year ensure their re-election. 

away, it is liicli time for the . . . 

prohlrm io be more widely „ the committees report 
ventilated points out, in a different con- 

‘ .. text, there is going to be a 

Complicated great deal of time pressure. 

Tiie Committee is wisely *■*« year, for example, there 
ram lou- against rushing into were only two weeks in the 
coo. plicated ur inflexible new British Parliamentary year in 
procedural arrangements. It which there were no concurrent 
roil'd-, the mure far-reaching meetings of the European Par- 
-ugucMions that European MPs lament, or of its committees or 
-hotild have some form uf £ro“PS- The directly elected 
memlicrship of one or other of Parliament is likely to meet 
lhc Houses at Westminster. It cven . more often. If direct 
:ind>. however, lhat the case Cor elections are to be a success, 
.-..me kind of link is justified European MPs must be able to 
and proposes the formation of a devot e themselves as fully as 
i’fw European Grand Commit- possible to the new Parliament 
tw cnimmsed of all 81 Euro- without feeling that they have 
tump RTPs. all members of the Co constantly looking over 
.•vtip'-i Lords and Commons their shoulder at their col- 
KF<~ Sen n • n v Cnniniiitees and leagues back home, although 
ihcir Mih-cnniminees and ihcre U no reason why they 
p.iscihly other Westminster should not occassmnally give 
:n- , mh> , r« as well. European evidence to Select Committees. 
11 P>. it should collab- The whole point of the change 

nr.i'e with the Scrutiny mm- direct elections, after all. is 
mi i T 1 i , .v-- vxitl a l tend iheir make th© Community more 
ui cot i n us. ihuiigh not vote, and democratic by creating a new 
4 onrrll joint staff secretariat class of European Parliamentary 
could be established. watchdogs directly responsible 

A major consideration in the to the voters. 

Cnswri lice's view is the ending CnnHir* 
or the present dual mandate onjuci 

system, under which all Euro- The Lords Committee is also 
p’oan MPs are automatically worried that lack of a direct 
in ember a uf ihcir national Par- link will lead to conflict between 
iiamenis. It Tears that single the European and national 
mandate European MPs will Parliaments. It is hard to see 
become progressively cut off how its proposed solution would 
from the mainstream of national necessarily avert that, given 
politic* nnd. incidentally, dam- that British MPs will never be 
age their career prospects back more than a minority in Stras- 
hnme. It argues that despite bourg. The most important 
lhc differing size of their con- point however, is to dispel any 
-tiiuencics. Westminster MPs impression that the European 
and Eu rupcan MPs will reprp- Parliament owes any kind of 
sent the same electors and, on allegiance to, or is some kind of 
many issues, will have similar extension of Westminster. The 
aunt". hope must be that European 

Must directly elected Euro- Parliamentarians will see the 
m? 3 ii MPs. unless they are Community’s problems through 
Lords, ore unlikely to be mem- rather wider lenses than is 
tiers of both Parliament. That often the case at home. 




by Pope 




By PAUL BETTS, fn Romo 


T 


HU 

of 


SACKED College 
Cardinals will be 
summoned within the 
next 20 days to a conclave 
to elect a successor to 
Pope Paul VL The choice made 
will most probably dictate the 
future shape of the Roman 
Catholic Church which, to all 
intents and purposes, under- 
went during the last years of 
Pope Paul’s life what could be 
called a reflective pause. 

All the problems which the 
Church faces, and which the 
new Pope will have to grapple 
with, were clearly recognisable 
In the reign of Pope Paul, who 
died on Sunday, aged 80: the 
conflict between modernists and 
traditionalists who never for- 
gave the dropping of the Latin 
liturgy; the challenge of a 
developing world not steeped in 
European and Mediterranean 
traditions the challenge of the 
political Left; and not least the 
role to be assigned to women in 
the Church. 

The Papacy of Paul VI has in 
large measure been a period of 
transition for the church^ His 
legacy was a difficult one. The 
memory of John XA1U often 
seemed to overshadow him. But 
he sought — and in great part he 
succeeded — to consolidate the 



new Pope, and particularly 
for one who is not Italian, fov- 
any event, Italians ia general' 1 
would prefer to see an ltal&i 
Bishop o£ Borne. There would be - 
obvious political difficulties f®v; 
a Pope of any other nationality, * 
and the Vatican bureaucracy, &- 
spite of the reforms of recant 
years, is still Italian-speaking. * 
Even a pastoral Pope would ~ 
have to be deeply involved with 
the Vatican's central, bureau; ;: 
emey. 

Of the Italian candidates^ 
Sergio Cardinal FignedoU, agefl ; ’ 
6S. is thought to be one of the" 
favourites. He was an intimate ~ 
friend of Paul VI and-hls dose 7. 
adviser when the late. Pope/., 
then Giovanni Battista Cardinal ’ 
Mont ini, was Archbishop of 
Milam He would therefore be: 
expected to pursue Pope Paul’s .' 
line, and to put into practice / 
the gradual process 7 of tn0r\ 
forming the Papacy which Pope ; 


\h«H& 


: i Pigoedoli has travelled widely :> 
z**f r .v,Tgr^i in the Third Wortd and h» : r 


A couple kneel in silent prayer in St Peter’s Square in Rome after hearing of the death of Pope Paul VL 
The Vatican has indeed, if historic compromise of sorts the problems affecting 


’ . • 

often been used by the Vatican 
as a diplomatic troubleshooter. > 
Although an Italian, he could - 
the in English a possible successor, well win the support of Third C 


aaw.Mitf.rt less obviously than during the with the Roman Church, which Church and a greater voice .However, it is not generally World members of tbe College ‘ 
enormous cn tinges aavocaiea, . - fcsif m-oiu that ho win .. 


hntnntaii tntmAnp»d nndf-r 11116 of p0 P e John » “oved for- sees itself unable to ram promise within the curia. He wanted to considered likely that he will _ as the best possible alternative 
□ i nui an uuquc , wnnrt in iho amoAb t#- >.»«■ nn isewie « fun/isniwita) sr rt» »» rh*> iialian-domtn- be elected. Paul VI by appoint- to a c andida te from outside 1 ' 


the innovative and nroaressive ward ia tbe ^ decade - K on issaes 35 fundamental as the rejuvenate the 
the innovative and progressive mQved not tQ ^ left nQr t0 ^ eucharist, is. one example. — » »• 


rule of Pope John. 


ated bureaucracy of the Vatican,' ing him a Cardinal before his Italy. 


In a sense Pone John left right ’ “ tfae ^PPoslng wings The story of his overture to and progressively if slowly to deafh, was clearly anadous that Another Italian - candidate 
* state of turmoil, respectively want but on its the Communist countries of internationalise the Church to his still powerful and influen- d 0se t0 Pope Paul is Sebastiano :. 


the Church in a — ... . - 

deeply divided between the own lon E' ternl course 
conflicting demands of the new 
progressives and the conserva- 
tives and traditionalists. Those 
divisions persist 
Pope Paul’s refusal to con- 
done birth control, his stands 
on celibacy and the role of 
women in the Church provoked the pact regulating the position munist Leader, 


prepare for the demands of a tial voice be heard in the next cardinal Baggio, who has been 

conclave. Cardinal Benelli 


eastern Europe is another. 

It has been called a noltev of moder “ society. conclave. ^rum.u responsible, among other 

“ pouti^l cOTc^foM for ? e ma y not have succeed6d would » Eome cxte "* ■"“S® matters, for the Vatican’s diffi 
narto^Ldn^ SSShPone coihpleteiy. but he did open the or at least <ampaign for the ^ ^ aUons ta . ^e. ^ 
PaS pro^ M mrn S way towards freeing h|s sue- ; contreulty of Pope Pauls work. American continent. Pends 
any other Pone to improve cessor from ti* e constraints of There are strong arguments Cardinal Felice, a leading ex- 
relations with the eastern bloc, **“ Vatican curia and to allow to support the tltesis that the pert in canon law. is also 
The revision of tbe Concordat, he clearly told the Polish Com- him “ or ® fl * xlb 4i! ty t i 0 P u ” ue new Pope should not be an thought to be in the running. 

Mr. Edward a role - 71,6 Italian to demonstrate the 


State-Church 

relations 


The final decision will rest 


otuui^u • U L»v. vuuim P‘“ • uic pan Ult muiimi wiuu, au. uunaiu ... ■ n . » -ri _ ■ . . - ... _. . . iUC lliMi ucu «tuu nm tat 

serious rifts among the pro- of the Church in Italy con- Gierek. in Rome last December aI L is also Bishop of Rome and imiversality of the Church and ^ c 0 i] ege 0 f CanJihab 
gressives, especially in the eluded between Pius XI anti that the Church could only jj L® u ^ J - th« toiger of aMoaatty rt too assembled later this month in a 

Netherlands and in Germany. Mussolini, is a case in point. It co-operate more fully in help- - 1 " titemy at least, to his closely with Italian politics. The sea j ed . 0 j| area 0 f Q, e Vatteffia 

He had been coming under is important not only for Italy ing solving Poland's problems if pastujal 'u^cbons there. balance of power within the Palacc> a two-thirds majority 

increasing pressure from Latin but for other predominantly it was granted the freedom it ' "V 1 concept Sacred College of Cardmals has wU1 be necessar y and donbtl^i 

America and even Africa by the Roman Catholic countries .like wanted. of tile Popes pastoral role as .changed. Italy has lost it former tbe gotten 0 f the new Pontiff 

growing sympathy of many irnfr Spain, as it could set a pattern Tho Vatican has maintained a ^tho 130 CoriiMls wil1 •“ 3,1 fte tradMlonal 

nonanes for the political Left Q f stateChurch relations. a similarlv nnambieumis .5T, r6 “ eet6 “ a general desire college. Of the 130 Cardinals |„ aiiaeuvres 0 f the politics of 
—a nroblem which is among . . a similarly unamoipous witinn the Church today for a (15 of whom are over 80 years * wuuo 

the most deeply felt in the . T J ie s P int ®{ IS ^ i2m? Pope of P astoral Q uaIi ty. les s old and no longer have a vote) P° * 

m keemnff with the t h inkin ? Communist Party. It has re- *4-^ * n w k 


tied to central government but 65 are European including 33 


His reforms to modernise the n( * onl ;f ° f . Ita . U “ Sf , « tiCal ^^comoatlbffire wh0se v0catl0n would not ' “.to Italians, 38 come from the 

liturgy and to simplify church Parties but also of the Vatican. "SwSSS™ ,5 tte case p °P e John, leave his American continents, 12 from 

administration became the tar- T*^ Church, Pope Paul told in^S? eventual successor with a diffi- Africa and 15 from Asia and 

get of attacks from tradition- Kiaff Juan Carlos of Spain last Marram, and hence Mtocom- eult Md perhaps uagovernable Anstralia. After Italy the emm- 

in aL. m 1.^1 irosp iti TtfMYlP wantpd 44 ISl rt PaUDlUty TOCWeeu Uic lyDUTCH cifimfinn fww rlwrrU 


alists like the French rebel, year, in Rome, wanted^ “No situation. try,; with the- single largest 


Changes to 
come 


«LLlalO LUVti LUC f iuin.il LCUvL -1 , .1 rniviniiiiii Mt TJjL _j i , jk . 

Archbishop Marcel Lefebvre, privileges, but .only sufficient ♦iSrSSZL.IKrL.Cr With, his cautious long-term contingent is^the TJB.. with 12 In many respects. Pope .Pan! . 

who set up his own seminary liberty to carry forward its ^ yonunu^sm mam- vision p ope p au l sou^it to Cardinals, fdllowed by France has laid down the pattern fiffy. 

and ordained priests in defiance evangelising mission.” / 2* n . guarantee a gradual passage and Belgium with seven each, the changes to come. Innovar 

of a ban from the Pope himself. In Italy, Pope Paul sought to ™ from his tranritionary or reflee-' ahd Germany with six. tions of too forceful a nature 

Yet Pope Paul never sought a establish the Church’s’ total and he P no rlnSr tive VW**? into a .new phase / Por some ttme, the names of a f® ^ly to be checked by the - 

total confrontation with tbe unambiguous autonomy f rom between witIlout ris fong the tunnoil/ SO me papobiU who ^ are not cIose collaborators tor whom he 

rebel Archbishop. To the very the Christian Democrat party, “ change can cause. /Italian have circulated. They ensured a Powerful voice after ... 

end he attempted to avoid a an old ally (altlmugh person- Pope Paul, who was clearly To this end. Pope Paul Iastf include Franz Cardinal Konig his deatb * At thf ? same time, 
dangerous schism. ally he was deeply shocked by aware of the imminence of his year . appointed Monsignor of Vienna, * president of the tiie new Pope wilt have to meet; • 

Pope Paul, some years ago the murder of Kis friend, Sig. death and referred directly to Giovanni Benelli to be Cardinal!- church’s secretariat for non- tlie expectations of a Church. . 

during the course of one of his Aldo More. / the former it in his last Easter Day address. Archbishop of .. Florence, believers. Johannes Cardinal wWc h is now seeking a dew- 
weekly audiences, voiced his Christian Democrat premier worked to ensure the broad Cardinal Benelli, Pope Paul’s wuiebrands from Holland and Pastoral lead. Through his 

inner feelings and his frustra- killed by Red Brigade ter- tines that he hoped his successor former Under-Secretary fad Eduardo Cardinal Pironio from reforms. Paul VI has made .\ 

tion with seeing dissent rorists • last /May, his direct would assume. A vital question, perhaps his closest adviser. ds a Argentina. ' certain things easier for his., 

threatening his efforts to con- irtervention/in the More affair often miscomprehended and conservative, with no pastoral ' “ t .. successor, who will clearly be 

soli date gradually the transfer- was criticised, but his motives resulting in Paul VI being experience to speak of! As tikeiihooa that there freeT to act as a pastoral leader. . 

mation and modernisation of were never questioned). • popularly depicted as a dull and under-secretary he was inereas- wlU another Italian Pope is But he has also left him with a", 

the Church. “Enough,” he said, Under Pope Paul, the Church -colourless figure, was his con- ingly understood ' to be at the regarded as . far greater. The st jR divided Church facing a' - 

of dissent . . . today there is never made easy concessions, cern with the government of the centre of frictions and .tensions m ter - connection between whole series of complex plifll : . 

a real need for building, not The difficulties the Anglicans Church. He sought to give the within the curia. Church and state in Italy re- soph ical, theological, social and; 

destroying the church.” are finding in sealing air Bishops a greater involvement in He is one of the papabili— or mains a major problem for any indeed political issues. 1 


MEN AND MAHERS 


A nation 
of talkers 


The spate of complaints about 
tbe hours worked by British 
parliamentarians is surely going 
to be fuelled by Annex D in the 
House of Lords select commit- 
tee report on the European 
Communities, out today. This 
shows that our MFs spend far 
longer in the House than their 
European counterparts. Based 
on an average over the past five 
years, the score at Westminster 
was 1,528 hours. In France the 
Assembly met for only 510 
hours a year, and in Italy the 
Chamber was in session for a 
mere 606 hours. In Belgium 
the parliamentarians only 



some time now, there has been tion will then support itself by 
' a chronic shortage of small the sale of copies. “If you 

denomination coins, particularly 113 f 10 ^ 1 J ^ 

•. nf . «. m.. pictures of Mr. Gladstone, for 

of one and 6ve iKsetas. The should have to 

fall in the value of these corns re]y Vm our memories." 

has led to their being accuinu- . . . . 

-• i . . .. ._f.. , The society chose Bath 

j lated J“ b ® dade drawers md because there it will be able to 
brandy bottles. display its treasures to several 

•v The absence of coin is most million tourists who visit the 
• noticable in tourist areas. It is ®very year; there are also 
•• far more common in Barcelona, P lans , s ^ ai ? a photographic 

to be given cnewing gnm. ST^T^nrimii 

-matches or at best cardboard miirinfr^ hn “ 0r 

in fund-raising has come from 


saa o^B^'Th^ 


outward traffic in coins 


The company has the warmest 


;d homeward by 30m 


feelings fdr the Bath area. 


in because its fortunes are based 

MPocketfu, J J Chang, 

. This outflow is being remedied tV ,_ rit _ 

clocked up 307 hours — and even _ . byfiin porting coins, minted prin- first 

the Irish, not unknown for Can h “ Te thc ? ntru **“ n l “ti> cipally in Britain, Chile, France . neg ® tiw ^.,. li y' ,as 

Pnvacy colnmn?’ Wen GeTminy. B^aHoada Jf '™ ntm VlUuim 

— of coins have been arriving; 1 10 1839 ‘ 


the Irish, not unknown for 
loquacity, were down on the 
660 level. 


Even the Lords go through attempt. The brand exposure, and some — their source un- - ■ — — — — . 

the verbal mill — they average we had made it a fantastic, disclosed — have been rejected 

730 hours, which is more than investment — it cost us only a! "due to inaccuracies in the size OOUfltry IT) cl tt GTS 

any other assembly or senate tenth of our spring TV budget.”' and weight. „ . . ^ . 

in the EEC. According to the • ? ut f n Britain s rolling acres 

statistics, it is not that the " " hectares, as the Min. of 


it is not that the . 

British politicians meet so Snain drain "Rafh In fnrnc ^ g ‘ n0 ^ calls tiieme), there 

much mare often, but seemingly Urclin - tS3X*i in TOCUS is rustic rage at our latest 

they cannot stop talking when Currency smuggling is part of Sir George Pollock has just ninepenny stamp, which shows 
they are together. One hopes Spanish folklore. A spate of sent out 7,000 letters asking a s b> re horse, as part of an 
that cynics will not suggest that recent scandals has breathed every member of the Royal set. As a letter in the 

it is quality rather than quan- new life into the popular carica-vPbotographic Society, of which : a . £ . est .. Farmers Weekly, from 
tity that brings good govern- ture of the raincoated and brief- be is president for a cheque of Wiveliscombe . in Somerset 
me nt* cased courier, spiritin'* his at * east It is the latest P 01 “te ou t tiie horse is standing 

master’s millions over the move i Q a campaign that should “Jr 3 ? 1 * 6 * right-hand plough 

border en route to the Swiss 30011 rereai to the world what a shaxp. Not 

Hnt-flir 1 hiieinoee peseta market • is in the society’s unique hoard Jemg; too good on ploughshares, 

nuL dir uusmess Although the carrying of of photographs. After 125 years 1 asked the Shire Horse Society 


If the weather on the far side currency accounts for a°rela- * n London, the society has what it had to say, since the 
of the Atlantic is any more tively insignificant proportion of decided to quit its cramped society gave its expert guidance 

serene than here, we should Spain’s capital drain, it has offices in .South Audley Street, on the stamp, 

soon be in for another bout of nevertheless now been made: Mayfair; it plans to go to the “It was the horse that 

balloon fever. An American easier by the issue of the 5.000 .Ctetogon in Bath, but needs interested us,” was the reply, 

team is planning to soar peseta note to replace the 1.000 E* 00 - 000 t0 861 U P head- "We know the artist sat in a 

upwards and westwards at the peseta note as the highest! quarters there, field and painted it As for the 

weekend, in the hope of doing denomination in Spanish cur- “ In Bath we should at last Ptoush, he must have used a bit 
just a little better than Britain's rency. A million pesetas in have room to display our collec- °/ artistic licence." This is not 
Don Cameron and Christopher notes of 1.000 occupied the;- tion, which is now catalogued tikely to satisfy Farmer Pris- 
Davey. Tbe progress of tbe better part of an executive only according to photographers c®* 4 of Wiveliscombe, who says 


Americans will be watched briefcase, whereas now a and not by subjects,” says that before -the Post Office 


intently by the company which million can be slipped into a Kenneth Warr, the society's ventures into such fields again 

had its name blazoned on the caoacious inside jacket pocket secretary. A computer at the it should consult the men who 

near-miss balloon, “if they don’t For the impecunious and law-.. University of Bath will be used really know, 
make it,” says Zanussi market- abiding, the new note has high- to store details of the prints. 

ing manager Ronald AnseU, “we lighted another aspect on the Warr— a former Fleet Street Ob&GVVBV 


shall sponsor another British ins and outs of the peseta. For , executive — believes the collec- • 



_ . ja notable port mtfie - 

modernization programmes of the 
world’s railways is the *Pandror 
Shoulder in Ley’s Pearfitic MaHeaBfe > 
iron fLepaz’ 36:24:7]. its function is fta: 
fastening of the latest welded rails to 
concrete sleepers# which it does in tho, 
following fashion: 

Two pairs of shoulders are cast, 
oiraclly into each concrete sleeper wflh 
a resilient pad between each pair to - ’~‘ 
support the rail. The rail, m 1 urn, is : 

secured by "PandroT Rail Clips driven 
into the housings on the shoulders. 

Great mechanical strength is achieved 
P/ , u ?e of Ley s ’Lepaz’ Pearfitic ■ 
Malleable Iron. 

. castings are machine ground to • 
maintain the very high degree of 
dimensional accuracy required, and are 
subject to Leys stringent quality control 
procedures. 

„ Read more about Ley’s in our 
latest technical brochure. You only 

to ask for if. 


only have 




RogATindn MahrUoA Hwr’j'WillBparl’UwxnCledja; 
Vcwfol'ji ifaa Ibfjymritndg MaHi cf Poodtei LnL London. 


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CastingsCompoitylfd^ 

Derb>t England. . V 
Tel: Derby f03T“ 

Telex: 37575 


L 














1- 






•- FiflaocMI Times^esday August & 1978 


SOCIETY TODAY 


0 


growing pessimism 


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AMERICANS ARE Ja a xnoxe-odmaxon- sense combine in a 
sober mood- today than perhaps powerful enough fasfaion to 
gey have everb^eji.' " Those -maie one fed thatthe evidence 
Europeans who'iumimtsbRte V: ^ , . 

the habit of -iatronising 'thelr " T he accompaufrii' chart is 

g?®*!®™ S* 1 *** useful in this sensei It is drawn 

the eyeriffljeejjf Vietnam the from Pubij C Opinion, a new bi- 
U.S. has begun- te jpuw-up; mon thly mqgarioe jmHisbed by 
some Americans Jhfsmselvts ^ AmS/, - Enterprise 

todescrihe Insti &rte for Public’. ! Policy 

t ^ Cnbe tneu’.statfi Of Hund. Reseat ^ .shows definite 

Outraged.,- c ,Apprehehsive. rong-tenn - chspges:/ :in^ the 

American ptfblftfis perception of 
Turned off. - Cynical,.. Bitter, the most -important questions 
The llstor adjectives has been facang tflieir - jr&it&oiL Ooe can read 

taken directly from a. report in off the" <dstt' ifgfe T :t»jydment 
the Wall Street. Journal, -which of the early 1960s and - the tur- 
set out the views: o£ a number bul eaqe bf the hrfar/SOs oh- the 
of opinion polMe re. . Most-, of “social issued Uhei ’ :The Viet- 
these are- unsurprising: people, nam ^m-'ieai 'ii!there clearly 
are more concerned about too. JT 

inflation than . anything else,' " ; ;: J - 
faith in the ability of -govern- ' ioaile - - 

ments to solve problems has ODaKcH ISIIIjOL- - 
diminished'; this feeling that the ;■/' -J rjjA ■ . ■ 
Soviet Union . is' beaming rela- What- stands: out;J|i;tne most 
lively stronger- :is - : g aining striking manner, nowwer, is .tpe 
ground. ' _ v 7i - : - 7 ^ — way ~4n ' which tBe-' Aanericaiis* 

. I have spent a ^eat dedl of 

time in the U.Sr this -year fb^br. economy ^ has ^^^- .apaXen 

would not cmairel with anv of s* 0 ®* the Arabs quintupled the 
thiT EveSSr-SeS^ P^^£o^l973 amtg74. The 
and an ordinary p&«eption : of ***** ^ ^ ^ 

what goes on around- -one fesnes” 

supports ail of It The important and foreign a^ra"-ef any hme 
question, however, r iSj “is this on charts pdikh goes back 
a craze? ” ; -A- nation that lays t0 - -* ■ 

down Its hoola hoops in .-one-'. If _the element Of^ grpcct ation 
generation, only - to. , crush . the is ’as '. important - hi ^defermlning 
muggers flat in. a stampede of the course'. (rf infiaStm- and 
jogging through the parks -in growth as most ea^mists say 
the next cannot be said to have it is, then this,- sln^ iine is a 
particularly solid convictions, strong indicator ot the impre- 
at least on siuh'mmpr.'matters.-'.cedented ■ degraev.ihfr/difficulty 
Even - -on 1 '- -more ■^important fS^ng--Presideiit :, CawBr:at the 
issues it is almost , alyguys a mia- start- of what; msy tiufn nut to 
take to . assume ' that '.'the b® a period of fttpre^rapid !n- 
“opinions” that- poll -takers are creases -in pri ow^. J 3|mn the 
recording- at any -done time -are -Americans .have yut. teamed to 
worth-whitef- Yet poW can be tolerate. Certahfly^^everyday 
valuable when repeated at In- conversation in rtftsoivweeks 
tervals. particularly. "~^yhen '-ar Indicates that the ■ji^ocry-line is 
trend can be discerned! In such moving- sharply spwibfls again 
circumstances the laws of. statis- naw * : np : y-. 


plotting the answer to a Louis such polls, however, is to know tion should be framed in direct 
Harris question about whether how to read them properly. Any response to what It is told by 
it is expected that prices will politician can take all the above ihe-computers of Messrs. Gallup, 
rise more rapidly in the future information, add to it the Gallup Harris and all (or, in the case 
shows a series of ever higher finding that people prefer " con- of President Carter more likely 
peaks running from- 1975 to trolling inflation’’ to a “tax by Mr. Patrick Caddell, his 
1978; no doubt the highest peak cut ” by a ratio of 9 to 1 and personal pollster). „ 
yet will be reached-' later this draw the conclusion that a Government by poll would, in. 
year. In spite of the-contlnth policy of wage and price con- Britain, mean bun g in g and 
ing high rate of unemployment, trots would- be immense ly popu- flogging- In America in the past 
the chart recording public con- lar. A Loots Harris report will it’. might have confirmed the 
cern about the issue shows a confirm this, showing more- retention of gun control and the 
steady decline since- 1974; worry than half those questioned in abortion of pornography: 
about inflation shows . a con- favour of “controlling inflation” curiously enough a CBS poll this 
current rise since 1975. • ' . as against a third preferring the year recorded a 81 per cent 
This pessimism is-ipatcbed in alternative of “large pay hike” favourable response to the 
other areas. Since- last August and the rest not sure. question whether the sale of 

NBC News has been askkig . how A 1941 to 1977 Rallun handguns should be restricted 

likely Americans thSTit is *2^ t0 ££ Per cent in favour of 

that. their country jyffl become erce^oe of thUeSfl958tt “25.SK ZSR " d ^ 


AMERICA'S “MBS! IMPORTANT PROBLEM’’ 

QUESTION: WHAT DO YOU THINK IS THE MOST 
IMPORTANT PROBLEM FACING THE COUNTRY TODAY? 


FOREIGN AFFAIRS- — 
THE ECONOMY — 
SOCIAL ISSUES 


mt 1 

■ iM 1 

n\ 


tical probability -and : ordinary ’‘’ In . ..tect . a -'siimto: graph 


«ews nas been asKnw. now a 1041 tn Raiiim P«>nh SUUUJU w — 1 1 ^ 11 — 

likely Americans thSTit is ^Us ftot wi?h ™ Cent * faTOUr of i I |/ 1 

that their country wfll become exceutlSi of the ve^Tl959 to Ietting v lts ^ and read 1 I I V 

Involved in Flair Baring .SL“ whrteyer they yrtsh.- y\ II T\l_ 

next three years: tii^ trend line » mMo^TtoMTof “ I : happen to tike vriiat Amerl- 604 \ s\ . II l \K 

is distinctly upward3,mnnlng ““ cans^are now say mg they prefer .* * / \ A II I V 

from 35 per cent_“mWly” in uf whuS eve^ on ma ? er of ^^guns and .... : > \ K /\ 111 f 

ss^ t ?s-?sr&^s • \/\/ y\/ *. / 1 

ravo U a r S " m ^^ M p?Uci5 t ° h f ^ «tt - V V 1/ 

SS to 137 ^^f I & 1 'u.s: ^ b % u c ^rE%ii “ K A i'-\ I Vlvl I 

is militarily weaker than the careful to read nit the hanging. Given the choice be- — - /\ / : : ! f tfirWA I - 

Soviet Union; again W per cent ... tween government by pressing / \ * y 1 / /Yj-IJl 1 , 1 

of respondents aver that Russia example, if a wage con- a "yes/no” key attached to / \ f I / / : iM 1 

would not live up to a SALT ^ P° Uc y 18 sweetened by 100m TV sets and government 202 — \f W * / if: l — 

agreement, while 71 per cent accompanying tax cuts that by elected representatives, the tf - \ v VL l / ? • \ A 

aver that America would. might seem to make assurance answer is plain. / \ / l ^ I : . \ ,» 

SI . of popularity doubly sure. Yet Even so. the record of the / V / \ / V^/ =■ U/V'/'i- 

'k* evidence of the polls is more sober mood ’of the / K s .y - ' ‘..y \! Vv 

p oll re sults published, .ip P u blic that mos t people tend to think America of today, as shown by / t \ 

S P S!?I!e w everyone else is' more a great many opinion polls, is J *1 1 I I I I 1 I 1 I 1 I T I 1 I I » I \ a ' VI I I 1 

Mkely t0 he nefi t President of- great importance to both the 1955 I960 1965 1970 U M75 *78 

’ . ** J?} Carter’s 1978 proposed cuts Administration in Washington , 

me nch get richer, and the than they are themselves, and the Western allies who rely ‘ r , “ 

*0°* fi i!L pW>rer? Ji- ^ (Gallup, January, 1978). Wage upon the U.S. for support- To Co,,up/ ft,w,c op "” OB 

that those mwermg yes” controls sweetened in such a me ft indicates that America but then an adverse view of making his long and steady Elizabeth II in the •’most 

- fo^ r ° Wn * rom 1^, P 07 cent manner would not work; nor can no longer be regarded by President Carter’s ability to come-back. In retrospect, he is admired women” category!, 

in 1966 to around 77 per ceitf would they if they did -not have Britain as a rather wooly- cope with his problems is shared currently one of the ten men Finally, the most sober of all 
over the past three or four the long-term effect of reducing headed muscleman, to be by Europeans and Americans most admired by Americans Americans today are the youn« 

years. “Whai you think doesn’t the rate of inflation. ' admired for its brute strength, alike. What cannot be known at ever, according to Gallup— When Gallup asked 13-18 year 

count anymore" is. up from 37 in short, by recording the birf to be told by the eminently this stage is whether the public along with Billy Graham, Pope olds if thev thought the world 

per cent in 1966 to 61 per cent sober mood of the American more sensible people in White- judgment is correct, much as Paul VI and Richard Nixon would be a better place to live 

last year, which squares with people, and indicating some of hall; just how to behave in the it may seem to be. (John F. Kennedy never made in 10 years from now 55 per 

other similaa^ndicators of dis- their long-term economic wider world. After all. President Truman this list, although Jackie cent replied “worse” * 

satisfaction -with government opinions, I am not advocating Such an opinion maybe held sank lower in the polls than Kennedy beat everyone, includ- ’ ' 

The important tiling - about that policies of tile Admin) stra- of . the present Administration. President Carter is now before ing Gnlda Meir and Queen JOe Rogaly 


A ^ 

\4.V 


•flAUUP/mUJC OPWKXNT 


<1 1 I * • 1 

■- 

1111 i m-i 1 1 

1970 1975 *78 

Source: Go»up/"f’uWlc Opinion'* 

steady Elizabeth II in the •'most 


LettS to the Editor 


Scope for flie 
innovators 

From the Mcnoptnp ^Dvrettar, \ 
CIopp and Poliak Europe : : 

• Sir,— Britain has . iodg , bfeen 


'Trill confirm that thjj^ia regu- the value of the contrib u tions of struction is even started, 
lar occurrence. ? Effcfts' on the the Bow Group and the secretary Bryan Canter. 


put of my secrets 
correct these Waywi 
’ based 1 operators 'm 
response. - ' • 


gfe. t0 of the Institution of Electrical TA Controls, 

U t,. -nfitn. Engineers (August 4) in the Lea industrial Estate, 
pMCTmpmer- matter 0 f engineers’ status. . Lower Luton Road, 
Bayfrith no May I add fuel to the flames by Rarpetiden, Herts. 

reminding readers of the ■ 


• Sir,— Britain has lo& been 1 Are we A(kuh&:i0f & -.•bnried existence of boards of companies? Aimraft 
pi^occupied with the: invention in an.'avalahdie •'ot^rawanted 1 daro suggest that the great All U dll 
of products . . .bridges,: reactors, promotional matter -JMewed out JJ^JS^yorhSe be^gahi nnicp 

finvATcraff-* • Brain- *h- nf fSLr”™? " Have Deen |U» UU13C 


of products . . . bridges, reactors, promotional matter 

aircraft, hovercraft, -brain- by the eye^ncreiu&NMpat of f^] y '^^] 0 yed‘'“"in” British “ v *i v __ _ 
scanners,' etc. : . ..reports Davia giant computers? industry. Perhaps the body of From MT - «• «eoendpe. 

Fishlock (July 24, NevTfibpe for. J. E. ; Swainsoii, - whom they might have sought Sir,— The Department of Rade 

the innovators^ But we have Lw- w 1 - advice in this connection is the has commissioned the Civil Avia- 

S'** 0 ?? 00 * Glouc^r^ v, institution of Electrical Engineers tion Authority’s directorate of 
negiectea ttmovanve -mamuae- _ whlchj - now it SBe W^ has operational research and analysis 

turing tedmdlogy ^ untike»ti»- nryouciijii , t!| ujir V.’ 1 1 deli rate] y and sktifullv side- to carry out a three ypar pro- 

Japanese. ?; .•....'.-p-.. Kiuaiviiyig - i \ v; stepped the issue in tbe sec- pamme of research into the re- 

But manufacturing prowsses nonrihwc// Vrewy’s remarks, a somewhat lation&hip between aircraft noise 

are not the only area' qf neglect ■ UvlIMUUar :e?dteric and puritanical defence «* night and sleep disturbance, 

in Vs^jmo&s Sir, — I fe^^at Mr. Hender J continuing recourse to a night flight restrictions, v 

JJjiS 01 # -W‘ mifreports your origi-« There's trouble 8 at mi£^ solu- Results from the initial survey 

STaf motor flal -nriJdS^n; asserting . that tibn te the problem, coupled with f «, of the resldente tiring 

d^ot like the concept the ; thought ttet “Professional SSSJStffiBK'hSSrS 
was&m^^'re&gexatoS:^^ ^iransf JESra lump sum from J n f 5 K 

textiles, typewriters . .qur onilfc-peaMon .fund to another. 2~fL, noise (at Hounslow if is half), 
reconi . of retreat .in .th.e facejif Most ^erts approve the am- Areording to the Department 

unU^the^apa^e <anupanies make amopg men who, perhaps, have SS 

• IN.,- -u n 1 ‘ • 1 the/5ffer to departing employees far -more interest in their task tetion ^. ocam e ^ i t NJght ^tur- 

Thls may; be' bwansq ; some ^ ^ than thp monetary reward w bance from aircraft noise at 

us 5?. *?*»«• f «| en “n a 2rioTS?Mgh Heathrow and Gatwick,” many 

stand. and : respect ;engineeriijR Jwhatneed* .to be clearly ^oSonl S epuntties close .thor commerdid 

rather- 'better than ■ we -under- -Stated is that some companies vanoiis kinds. J airports at night— somesuch 

stand and respect people/ • and mi. in practice, so niggardly- perhans the .institution which bein 8 Australia Canada, ftmice, 
their everyday needs. Qr-perhapsTwer actoat amounts offered that historically has done so much to Norway, Switzerland— and 

the result employer can hardly, JJS Sd tii? rtatS V** <*2£S5b 

veering inevitably towards the be- expected to make a vastly £» the Drofessional eneineer 

epic rather than th 0 W6Ooat-rp.-. generous offer. • For example, :^ighL in its verefvory tovrerlbe Nuremberg. Stuttgart, Frankfurt 
Are we to continue iirnqglect for employees, -changing JohsSTbitter p3S to wS&ui “j* D«*»Tdorf airports), 
consumer goods?- Itils'-tp.-be undtrihge 40, it is by no meahs^ | 0 80 tif aD ^?“trade union" . wl11 be mter^tiiig to hear 
hoped not Part of promise; ‘Unusual : for the transfer vataej^tyj- bodies who tiDssess neither whether die Department of Trade 
of microproassors^te .V^thfi offered .to be ho more than £ noTthHSoK has ascertauaed from its Opposite 

apparent opportunity. jEpr^manu; (toipioyees* - own contributloha SbilvelScceK ^ ** • “““bers m 1 thrae countaes if 

facturers . to .-havo^'rerond without falter^. : . ", SSL Brilri Colledse ^ e ? dedded **pixzn\y to close 

expected id-SSO) Km 1. Wat Ocmcc, SSSK’rihg 


Japanese- : ..,.up«ae,a.e. jjansfej 

But manufacturing prorossea npncmhG 
are not the only area of neglect. - ryyMJlUlIy 
There are no consumer, products ■/F'rom Mr. R. Layfa 
in David Fishlocks top five :. aB Sir, I ferfth 
were developed for institutional mtAAmi 

niinwRhln" III onnQnmpr (mnH,' .***".' 


GENERAL 

Bank of England isues details 
of UK banks’ eligible liabilities, 
reserve assets, reserve ratios and 
special deposits (mid-July 1 . 

London clearing banks’ monthly 
statement (mid-July). 

- Mr. Cyrus Vance, U.S. Secretary 
of State, continues Middle East 
peace talks In Egypt 

French air traffic controllers dis- 
cuss their grievances with M. Joel 
la Theule, Transport Minister 
-UK Department of Trade 
officials in Washington meeting on 
aspects of UB. legislation on Arab 
boycott. 

Mr. Martti Ahtisaari, United 
Nations special representative for 
Namibia, in Windhoek to work out 
detail? of UN settlement proposals 
for the. territory. 


Today’s Events 


Unions representing mainten- 
ance workers on strike at UK 
docks meet British Transport 
Docks Board. 

London Philharmonic Orchestra 
makes statement on future plans. 
COMPANY RESULTS 
Final dividends: Cowan de 
Groot; Group Investors; 3enjamin 
Priest and Sons. Interim divi- 
dends: Aquls Securities; Automo- 
tive Products; Davies and Met- 
calfe: Mercantile Investment 
Trust: RentoKil Group. 

COMPANY MEETINGS 
Kleen-e-Ze. Anstey Road, Han- 
ham, Bristol, 2.30. Stead and 
Simpson. Fosse Way, Cyiton, 
Leicestershire, 12. . Wilkinson 


Match. Dorchester Hotel. W.. 11.30. 
OPERA 

English National Opera produc- 
tion of La Boheme, Coliseum 
Theatre. WC2, 7.30 pm. 

BALLET. 

Gala Season, with stars of world 
ballet. Royal Festival Hall, SEi, 
7.30 pm (until August 10). 

MUSIC 

Henry Wood Promenade Con- 
certs: English Chamber Orchestra, 
conductor Simon Rattle, soloists 
Imogen Cooper and Erich Green- 
berg, in programme of Britten 
(Variations on a theme of Frank 
Bridge); Mozart (Piano Concert 
No. 23 in C major): Robin HoUo- 
way (World premiere of Romania 


for Violin and Orchestra); and 
Haydn (Symphony No. 60 in C 
major). Royal Albert Hall. SW7, 

7.30 pm. 

EXHIBITIONS 

National Postal Museum, King 
Edward Street, EG4. Open 10 am- 

4.30 pm, Monday to Friday. 
Museum of London, London 

Wall, EC2. Open 10 am-6 pm, 
Tuesday to Saturday; 2 pm-6 pm. 
Sunday. 

Royal Academy summer exhi- 
bition, Burlington House. Picca- 
dilly. W1 (until August 13). 
SPORT 

Cricket: Lancashire v. New 
Zealand. Old Trafford; Under-19 
Test, England v. West InJ : es, 
Worcester. Golf: England* v. Scot- 
land. Renfrew. Show jumpy.-: 
Dublin meeting. 



they decided arbitarily ta close 
their commercial airports at 
night rather than to allow the 
human rihgt of an undisturbed 
night's sleep to be continually 
spoilt a d irr/i m 'itim — or. if they 
had first carried out similar 
reseatch programmes, why Is it 
not possible to act in a similar 
way upon the results of their 
research now? 


a* -iiaagams sar aBaTgiUiai gSL. r ?SS K 

Swwe sr*«» 

..*? **ik eifergY 5Sf?Sifi?^S 

Bt Mt B amter upon th e res 

start running your bath and t ^ a , V^‘ , ** resesrth now? 

phone for the weatber_forecast. ^ a from »■ Beveridge, 

while the kettle boils r whatever.:^ faXktp&ex Coi& i H - MHar of Monaco Haslemere District 

the export implications. L - ■ Rai?eloph Gardens, • ttat counones Disturbance Action 

And in anv easel wenow .. . -.>^W^ ave cner S^ by avoiding Little Swaribam. 

Tv? '2 wasteful consumption Of fuel in Haslemere, Surrey. 

r»? ,il ^Sr es n J£5» e ' :; « accnr ^*® -la st- ■ • j ^'L! Seating and cooling buildings. 

Third wo 

the check-out gW. MontteL tn nfivPI^ICina - ■'.» ramnot agree with Mr. Millar's - - „ 

compute oUr phont bp. ..Once dUyeiTlSHlS . j/Jpanaceg '-of double glazing and |lpht<S 

^vP 0 ^ • f Ty ®m Profewor H. Henry ^double thickness of insulation for UCUia 


diu 
term finance 
forthe 


r,— On July 20 a letter from r. BeveridgB. 

J. H. Miliar of Monaco Haslemere District Aircraft 
jested that most countries Disturbance Action Group, 

Id save energy by avoiding Little Suambom. 




Third world 
debts 


computer L-expeet we*U bei!hal-‘ ., ^ - . _ 

and shared aasw^rs-to questtomt on adverti^ctually require, energy for their Sir,— 1 read with some “noy- 

data h nntrc -nf- tog - investment ■' decision Andrmanuf a cture and have a finite anceyoni .article on .August 1 

cefiire Dowur ' evaluation is - '-understandabl^llfe (albeit the tife of the build- outlining details of the Govern- 

tln?our olf fonk^SraS/SS- reetifiabte Far while it teiag) and therefore an economic tnent’s intention to wnte off cer 

siSn ibSbffm?2£^ indicated in JCcha^n^back period may be caleu- to debts, including £25m m 
reMvmS ^ahd^ examination’ fated. Most insulation manufao- Sn Lanka. I thmk^it is most 
hene^T™ ' *r- t ^ (J uly' 6) of. the Wood, Brlgdate^ute* 5 0311 advise prospective unfortunate that the Government 
• v ' survey. tiiM many advertisetei dhlmirehasers bn tins economic did not, before making this ges» 

Perhaps, we II get apeefs to lour . remarkably- lllttlfi : to measuryStickness of insolation to be used- ture, take urgent steps to ensure 
medical records, ana s^rt ^thica- systematically the cost-effectfire^for. specific applications. that tbe affairs of tbe sterling 

ti Q P pur • cmlui^ :<ju recipes pess -of.tbelr expenditore— ofteh^p a - 1 ^ rin _ ll , nnv : air. companies whose estates in Sri 

through the new cotoputer .elec^ management;- , J some Lanka were nationalised in 

tronleSi '.itod- - .nmrW.Vwe'U 1 look psychology ahtf sociology rather jWn_dilM»d . buildings would October 1975 were speedily 
more closely, at mrilservicc ^ juscussion here— actually- use more energy if resolved. •' - 

penditure and the aatiotutl debL ^ number better Insulated. The reason for The estates were comnulsorily 


From flte Managing Director", I 


ompany. 


the institution* WiJI goverimient. : ffl&jor firms= apd organisatioHS. ^ nAnfxA b y.the lower Sri Lankan^Govemmeot has not 
research centres^ *tA6 to ^amagz^smer |» .^-3^ tanSSiM wouM be fw-the ocbrr asa^ 

assist ?- Oi ls this a contradlction Thap l4 per' cent of the UK!s tptn. jtow 0 *. j emperamre wpuia oe ta(m OTBr by it at ^ tune> m 

in terms. T ' .v.,-'-,'--'-"-' ' consumer advertising, who have .ahoitenjed by inc r easing the irr given companies any information 

Si.wMMtt'"'-'' : collaboratBd. ia tois area .wtth-taxlation of the building and as in regard to how ihey stand at 
1 . the marketing communications . result the refrigeration present It la most unsatisfactory 

-dz, Acton uxne, *r* . .- -- .. ;Ce ntre at- Cratold pjaehineiy would be rtmnlng tor and particularly so In view of 

v. -m •; m TV- - 1 - ;V- .. •• i . > bavebetweenthemnot only been a ■ the fact that -the Sri- Lankan 

V ; *toe ; TO'aetio*hlearo a gopd-de^^ ■ .Government makes downward 

WMI '. v! u . about-.ways uf dealing with this. -‘VCffy. few generalisations can adjuttments without affording 

' ' • vay cdmpk^: subject but; have be ■ made about buildings and any reasons therefore or : answer- 

tUlliplIlEli : also''.«Hitrived to apply in' .their 1fee6r energy consomptiuns. Many ing any questions in. nation to 

From fhe^ owhvpractfceusbme ai 1®^]“ ^'fiwMnditionJiig and heating to®s« matters. It fe also worth 

FerenoUGtoiicaiteir : >:•>; *■ gMWU >which.have emerge^ ^ roved by .pointtog out that Sri Lankans 

this morning fde h ti ^ most important factor to remeni- reasonable to say the least. 

... ihttf-is, as usual, moneys Another area wh»e negotiation 

w^h headbui ^ ^The i ^atos OI^^ ; : ^pergy colteervatidn designs the^deM 11 writfroff4s 1 ftej 
tfldSBSk - : vi>^,i^K»».moretoan the simplest blocke(J ^ hdd - m gri La^ 
ferem^^rSce\mh' minl^ vCnSineerS , ..;....***** *9 able of meeting a to K nWat companies. For 

mal differences Hh the G. Grfteiffe ; " r : developer's speciflration Lanlra to rereive generous 



]s|ij iyth^?i^aatu3i"tex/^ one caumot- fairto iecOffiB^e: 4«ia$6o made . before, the con- 53-55, Quern Ame. Streep WL 



(ntefligent medium-term financing can 
be of real benefit to the long-term 
f w growth of your company. 

And if you’re seeking the means 
to expand, and are a company with a capital 
base of around £1 million, we’d like to invite 
you to come and discuss it with A P Bank. 

. We have the resources. We have many 
years’ experience in corporate finanee-so 
the chances are that we can recommend a 
financial package that’s exactly right for your 
specific plans and opportunities. 

And we have a policy of making eveiy 
customer’s account the personal responsibility 
of a senior manager who can make decisions 
without lengthy consultations -so the speed 
of our response may well surprise you 
pleasantly. 

Think about the alternatives -and then 
call 01-588 7575, and ask to speak to Peter 
Haycock or Sydney Lawson, 

They’ll be delighted to arrange a meeting. 


A P Etmuk Limited 

AmemberoftheNorwkft 


NORWICH 
UNION " 


21 Great Winchester Street, 

London EC2N 2HH. 

Telephone; 01 -588 7575. Telex: 8882 1 8. 


; • T4: 



14 


COMPANY NEWS 


Reduced underwriting losses 
help CU to £64.2m midway 


Wagon 
Industrial 
jumps to 
£3.8m 


WITH A RISE from £1,439,306 to 
£2.233.939 in second-half profit. 
Wagon Industrial Holdings ended 
the March 31, 1978 year at a record 
£3.783,882 pre-tax. compared with 
£2,676,689 last time. Turnover im- 
tfie proved by £9m to £36.58m. 


A REDUCT/ON or £I5.6m in under- paid oul The statutory opera tine changes in rates of exchange, — . 

of £7.7m ratio for the first six months of acquisition of Estates House At midway, rbe directors said 


in investment income were two 1978 was 100.3 per cent against Investment Trust and the they believed the fun-year result 
major factors in the pre-tax profit 104.3 per cent for the correspond- proceeds of the Rights Issue m would reflect a substantial nn- 
of Commercial Union Assurance ins period last year. Adding back 1977. the underlying increase in provement over 1976-77. 

Compamr advancing from £3S.2m the extreme weather provision the investment income was 10 per The resim included interest re- 
in £ 64.2m m the first half of 197S operating ratio' In the second cent. . J»‘yed of noi^ (£U6^37). but 

World-wide premium income In the quarter was 97.S per cent com- Earnings for the $Ix months are was after Interest paid of £18?.®”° 
period at £615.2ra showed Jit lie pared with 97.0 per cent for the shown to have risen from «.72p to (£lM,ri») Tax took £l4S3JBl 

change in sterling terms, but the first quarter and 97.2 per cent For 9.79p per 2ap share and the (£14805341 and after a £71.9 <9 

the whole of 1977. interim dividend is stepped up extraordinary credit last time. 

The group reports a satisfac- from 2464p to 2463p net at a cost attributatble profit increased fr° m 

tory position on the UK account of £ll-8m (fOm). In addition an £L,346,38S to £1.771401. 

for' the period. There has been a additional payment of 0.077p is Earnings per 2»p ihare are 
significant improvement in the declared In respect of 1977 to ahead from 14.11p to l&85p and 

liability account reflecting not account ror the change in ACT. the dividend total is stepped-up 

only lower inflation rates, but the This brings last year’s total to to 7.679p (0J879p) . net, with a 

final of 4.679p. 


underlying growth rate, allowing 
for changes in exchange rates was 
4 per cent. 

The overall underwriting losses 
for the period amounted to 
£45m against 09.9m last year. 
The U.S. operations cut the Josses 


had a profit of £ 0 . 6 m against a loss J? ast nv '° J 

of £i.7m, while in Australia there j] re 
was a deterioration with losses of D** , 

£ 1.1 m against a previous profit of “r,," J 
£0..im. The directors pom! out that ciaim - 
underwriting results generally had 
benefited by the operation of the 
extreme weather provisions, a 
Torm or internal catastrophe re- 
insurance. There had been a net 


Industrial 
even as 


fact t 
fall on 


this year, in 
has been a slight 
same volume of business. 
Underwriting results In 


the 


Aus- 


severe competition 
weather conditions. 


and 


7-.722p from, profits or £99£m. 

"6 raonU» Vnr 

1973 19TT 1977 


Xm 

flB 

im 

Premimn loctmo* ... 

Bi. 7.2 

612.6 

1.9723 

Invpstmem (acetn* . 

n.4 

63.7 

X2T.7 

Life proSu 

r.s 

iC 

14.2 

Underwrilinjr ...... 

4-.1 

10.9 

20.9 

Loan inioreal 

10.2 

11.3 

21.2 

Profit before but ... 

Mi 

31 JJ 


Tax minorities ..... 

24.0 

12.4 

32.2 

Attributable 

<0.2 

23.S 

67.6 

Underwriting Result: 

£m 

£m 

Ira 

UK oroBi 

0.6 

•1.7 

•17 

O S. loss 

0.-1 

7.6 


Australia loss .. .. 

1.1 • 

t».3 

♦0.4 

Canada profit 

0-3 

0.9 

0.1 

NeUterlaods lass ... 

6.0 

6.9 

1.3.6 

Remainder profit .. 

- Lass, t Profit. 

2X 

-4.9 

■7.4 

Results for tbe 

first 

half 

have 


The group's business includes 
storage systems, wagon repairing, 
plastics hydraulics, office furni- 


comment 

igon Industrial has resumed 
growth trend after 1976/ < < s 


cent. About £0.8oL cajne from 
the new acquisition Antocks 
Lairn, but the traditional activities 
turned in a profits growth of 



• Financial Times Tuesday August S 1978 , 

Hambros 


near 




AN EARLY 
conclusion to 


and *' acceptable " 
the talks between 


the previous year’s latter Tyflf 
Turnover for the year 


Hambros and. the, Nori^lfn 


5&\« 

« £ “« M r . Idp lT 


banking croup. , ‘ -j«* • «o* .a*. 

Speaking at the annual meeting shown as : 6.3p ItM 'm -g* 
he told shareholders that the dividend is stepped .up- to ug 
talks, which had been going on (j.55p) net costing 

untwj wuii-a . . . KAmn .anrn-ot with a tinnl 


for some months, had been (£27.0781 with a hnal payoiew S 
interrupted bv the Norwegian o4Sp. Also proposed is a threefg? 
holiday period, but were now con- four scrip issue and director* 
Kim * and ■’ we expect that they intend to increase the .authorSJ 
will fairly shortly be conduded. share capital from HUnt t„ 
Mr Hambro explained that tne £0.75m. - - - - • 

talks related to regular reviews 
hythe Guarantee Institute of the 
guarantees ■ it S ,vea ' ' , . aga ? T s r t 
borrowings by shipowners. ^ He 
said that the Institute has 

always applied solvency an®. via- 
bility tests to the owners admitted 

■ to the scheme." . . 

.. Mr. Hambro stressed that the 

S revisions against the banks 
orwegian 


shipping loans. 


Reasonable 
start by 
Downing 


The the .omwt^; SL** 


Leabank. While the main divi- 
sion. Link 61, achieved across-the- 
board progress. Wagon managed 
to push ahead in two other 
important areas by switching away 
from its traditional British Rail 


Mr. J. O. Hambro, chairman of Hambros ... satisfied 
that provisions made against Norwegian shipping loans 
are realistic. 


the mam territories benefiting ha 5 been a small loss' of business 
from this move this year being the i n Quebec where motor third 

t ! K. U.S. and Australia. narty bodily injury insurance has . . . . . _ 

The company reports that under- been nationalised. been restated to reflect the 

writing experience in the U.S. in the Netherlands the under- company 5 change in the latter 

generally had continued to be writing loss shows some improve- ,n the accounting 

profitable, but the results hart ment as rate increases approved Policy lor deferred tax., 
been adversely affected by the for 1978 begin to have an effect Overseas operations have been 

severe winter and subsequent particularly on the motor account, converted at exchange rates . . , _ 

wind and hail storms. This ex- Marine and aviation business prevailing at the close of the first f-vSTJ? '*♦» »?**,£ 

periencc had been felt by the continues to suffer Intense com- half accounting period. *"p 1 of ProfiteJ mrned ito at 

whole industry and had particu- petition in the London market, but New life assurance business : f, r 

larlv affected the motor and the 1976 underwriting year, when (world-wide) was as follows: — An ff n *”;! 

property classes of business. closed at the end ef 1978, is new sums ( £1.084 m (£916.7m); ‘?.? eQl5n „ ral - vt - a y _ _ 5y * t f gl ? . , a "r 

Losses for the industry as a expected to produce a profit. new life and annuity premiums // ae, ° n . 

whole arising from adverse The 12 per cent increase in £30.5m (£25.7m): new annuities °jL2L* ta ma?Iu« 

weather amounted to U.R.S4S2m investment income reflects the per annum £26.4m (£20. 6m). j™ 1 *’™ r 

against U55l93m in 1977 and growth in funds available for Shareholders* funds at the end by the 1 

T97S looked like heing the worst investment, including ihosc aris- of the first half stood at JEtllra, there are about 18.0011 n tf,e 

year for ireathcr losses since 1973. ing from improved underwriting compared with £481ra at the ^ Rl^waue, stock levels nave Qf the financially, expected lo continue with no 

The U.S. had experienced a statu- results, and the hgiher Interest corresponding date and £oS4m at jumped bV^a thirty to^ £S.9m lroub]ed Sen a ° Sugar Estates, prospect of total borrowing' being 


Decision on Sena’s 
future this week 


ararsws sressr&sasss 

SiflPSi S of S£t2A S KigjwASa 

SS S?pSSSm r o^ 1 era- ln,1, - e 

“Tbe size of these provisions of a general improvement m 
■has been determined by reference .buridtog. ncthrtty. h e.sa ys^and ~ht 
to the estimated current values slump m steel produrton cm- 
■ of the ships which are the major tames. However,, there .« . a 
part of our security for these seasonal increase hi demand for 
loans. We are satisfied that the group facing bricks and directwj 
provisions we have made are aoticipatc at least holding ihefr 
realistic" share of the raarkcL And ftn 

As soon as the talks with the are reasonably confident of sell. 
Guarantee Institute- are com- ing the increased output- trwa 
Frctwic Wowtirid leted> a j oint statement will be the Chesterton works in the next 
issued. financial year. ... 

Tiles continue to oe m dound 
both at home and abroad, the 
, chairman states, -and there art 
signs of some improvement ti 
demand tor refractory products 
from both plants. 1 

In Holland tbe market for 
bricks is still very good, he says, 
and while stocks are virtually ml, 
Downing continues to sell bridn 
from other UK 'manufacturers to 
-AFTER FALLING from £204.311 to help meet demand. 

£114,012 In the first half. Howard As July ’ JL him- 

Shattering (Holdings) finished the over tor the March 31. 1978 yeu 
April 30, 1978 year with taxable rose from IMSm -to H2^4m bet 


Howard 

Shuttering 

downturn 


tnry loss of si.lm; the rates available during the second 
statutory basis includes all claims quarter. After allowing for 


the end of 1977. 

See Lex 


third to £8 9m ihb jruTUKB ot toe unanc.au j- expcciea whi...w . profits down from £442,913 to 

.. . troubled Sena Sugar Estates, prospect of total borrowing being £ 326 . 3 K £1.89in ( to_ ^l-72ra witn a second 

lowS- DricSwnd this hu which manufacturer? and sells reduced. Continued operations At the interim stage the three- hadl JjlfiJ ,5 L JS a 2 1 
year's lower pnees) and this nas „„ plantations in remain dependent for the moment tors said that earnings in the Jjie ..dMdeito^ I r jto pped op to 


Johnson-Richards holding UK 
margins despite competition 


;„ri*„hiw intproct su^ar grown on plantations in remain dependent tor me moment tors said tnat earnings in me »■* 

'E* blj NelSSSl. on 1 the Mozambique, could be settied this on the Banco de Mocamblque. second half should be similar to lIA1343p ll0^758op) per share. 

-oek at“ meetings of -the com- which has lent some £23m against 

b^ ^ ci^nt tradtaj, profits pany » s creditors and of the Board only the crop as all land is 
of around £4.5m should he nationalised. Producuon this year 

Krf Tn^eher^t 8^1978 h ueak A d® 1 **** 1 ® 0 the Banco is well below target . .. 

closed 7 P higher at b 1978 peak dg Mo ^„ bique> Mozambique's 


whHe central bank and the com^ny’s 


the yield is 8.6 per cent 


ALTHOUGH HE declines to make The group expects to spend year of £5.5m against £3.79m wi 

x % "7 1 * *?,- 7m on “P* ul equipment. saIe5 of i 53 . 59m compared with 

chairman or II. «v It Johnson- primarily on tbe completion of r .o n-_ 0 -^ .r. 

Richards Tiles, feels that the year a new product development 
should be one of steady progress, centre, the commis.sioning''of addi- 
As a result of laying down addi- tional glost firing capacity, the in- 
l tonal biscuit-firing capacity in the crease or flexibility in terms of 
UK. and extending design and de- product lines, and the installation 
velopmenl facilities, both at home of process and ancillary plant 
and overseas, the directors hope Externally, the group has a 
to achieve a modest increase in number of projects for expansion 

by acquisition under considera- 
tion. both in .the UK and overseas, 
the activities of which fall with- 
in the group’s general experience. 

As reported * on July 19 the 
group achieved record pre-tax 
profits for the March SI. 1978 


group sales volume in the 1978-79 
year. 

In the UK. where I he bulk of 
profits are earned, demand is run- 
ning at a satisfactory level Mr. 
Done says, and although competi- 
tion remains intense, margin® are 
being maintained. 


£4S.3?m. Earnings per 25p share 
are shown as lop (iO.lp) and the 
dividend is lifted to I.7S8p 
(1.604S75p). 

UK factories were responsible 
for two -thirds of external sales 
and three-quarters of pre-Lax 


A A Asphalt 
expects more 
rewarding year 


mala creditor, met officials from 
the Export Credit Guarantee 
Department in London yesterday. 
Further- meetings were expected 
today with other creditors, which 
include the U.S. Export-Import 
Bank, tbe First Nations UBank of 
Chicago and Antony Gibbs and 
Sons. 

The Board, which meets on 


Favourable trend at 
Sove^ir™ 8 Vinten continuing 


second half 


BASED ON the present high level On a CCA basis, bistoriadpw 
e of order books. 1978-79 prospects tax profit is reduced to BU2i304 

A second-hair profit of £K5p4 f vinten Group for its two prin- (£480,038), after additional depre- 
against £22.727 lifted Capital G ear- clDa j activlf les of aerial recon- ciation of. JbtJOO (£51 £00), cost 
ing Trust from a halftime loss to n ^ ssancc camera and television of sales adjustment £170.000 
Although efforts in looking for Thursday, has been considering finish the full April 5. 1978 year sy & i ems continue lo be favour- (£160,000), and £20,420 toil) 
alternative investment proved liquidation for some time. Share with taxable profits of £3,902 com- able j\j r _ c. M. Brown, the gearing. 

unproductive for Anglo American dealings were suspended on the pared with £2.233. . - ciisirmaii Fifty-five per .-cent Of : turnover 

Asphalt Company in the past year, stock Exchange last month. In At lbe ^terim stage, loss was This should result in full was directly exported and a sub- 



The 


English 

Card 


Clothing 

Co. Ltd. 


SUMMARY OF RESULTS 

1978 

1977 


£000's 

£000's 

Sales 

19,094 

17,597 

Profit before taxation 

2,757 

2,860 

Profit after taxation 

1,175 

1,379 

Earnings per share 

18.5p 

22. Op 

Ordinary dividend per share 

2.98p 

2.62p 


Maximum dividend 


Wire and control cables 33% 
of group sales 


Copies of the Report & Accounts can 
be obtained from the Secretary. 

Acre Street Huddersfield. 



respect years, from 1 10m to £19m and 

In the context of the Hepworth As reported on August 1, then from £lflm to £29m. The 

bid. directors disclosed that the pre-tax profit slumped from latter limit was to have lasted 

U.S. operation was expected to £1.008^07 to £253,339 caused by until the end of 1979. 
lose about £0.6m during the year; delays or cancellations on pipe- The future of Sena i 5 being 
the chairman says that the actual line projects. . / regarded as something of a 

figure was slightly better than However, the directors are weathervane for private sector 

this. And. although this subsidiary confident that the demand for the companies in socialist Mozam- 
did not move out of the red by company’s products will be hique. The Maputo Government Qn II1UC 

the end of 1977, the trend ia restored over the next few years, has so far steered dear of £ 73 , 990 , against £ 73 . 6 Im. pr 
improving and in the first quarter Frora turnover of £L96m nationalising what is the country's profits of Rnston and Hor 


Peak £26.3m 
for Ruston 
& Hornsby 

turnover little changed 


members in his annual statement. Direct wporte 

Longer-term prospects for sales 5SS— * ■ £ JSS“? shows; ' Europe 
. are also encouraging, Mr. Brown 36 J* pBr Africa and Xfddfo 


* id 4 ^ „„ t,.,' ,7 East 27.B per cent, North America 

As reported on July 071 ner cent. Asii 


27 J. per cent, Asia and Anstra- 
/ profits expanded from £69Lo36 to i M j a 09 na. cent and South 
£1.150.024 for the year to Mareb SSrioTO SSS* 

31. 1978, on [turnover ahead 17 per Th e directors' objectives remsin 
at cent to £4.4Sm. ... to continuously improve per- 

tax Earnings per 20 p share rose fonnance in product and serrire 
by. frenj 8-41p to 13A8p and the net terms and earn a return on capital 
m dividend to date is 1.54p. repre- employed above the industrial 


of the current year, sales are 40 (£4_Q6m), export sales amounted °' de ^. engine manuiacturer, rose xrom uivmcuu w employe 

per cent up on last year. to £2.1m spMt as to:— Europe though it employs some 12 jW 0 £S4J7n , t0 a pe ak £26^8m fey- the sentmg 2.3Sp (2.09p) gross. A one- avera g ei 

Mr. Done explains that in £380,000 Middle East £510.000 . ® tbe Sofala and ^ Zambesi March 31 , ^78 year. / Tor-Uvo scrip issue is also The rate of returit furtliw 

sterling terms, Australia showed Africa ^2h00 and other parts of E^SretS bv the HhodSan’ Tax charge for the yea# took P^P 05 ^- . . improved from 2B.4 per cent to 445 

a modest improvement despite the world £390,000 border dSSe “ £13.S3m compared with ?2B7m J? JSH-fc ce °t ^ 1977-78. which Fg wril 

difficult economic conditions and A statement of source and 0 outcome could also colour last time and dividends /absorb pe *i J™ ° f ““““ di ™ n M above the average, says Mr. Brown, 
intense import competition. How- application ol funds shows that fQture Anrio-M^mblqw rela- ^LSm (£4.69m). Exports^/or the paid by the company over the last He adds that maintenance of tb* 
ever, both Canada and South working /capital decreased by T t ic thmmht that the Banco period amounted to : £32.3lm four years, and to make a start present high level of return wffl 

Africa suffered from the de- £302,663/ compared with . an as advised the ( £3858m). “ 

pressed state of trade in those increase' of £993.913. romK to prore Sat <35 

countries, and theur profits felL At July 7. 1978, W. and J. fanciers have faith In its invest- . 

Of the associated companies, Giossop held 10-65 per cent of nen t and its management by rlPK-Hn Qt 
India achieved a modest improve- the equity. raising fresh money from UK *■ U H 

ment. he says, but Greece was .* • banks. This has raised the possi- 


unable lo sustain the growth it niCTII T rDC - bility of a tripartite venture 

had shown in earlier years. 1/13 llLdLJtKZy between Sena. UK banks and the 

The new Malaysian factory, in la the light of continued dlvi- Banco de Mozambique, 
which the group has a 15 per restraint Distillers Company will The company’s position has not 
cent interest made a profit in its not be declaring the intended improved since May. when the 
first six months of operations. special interim dividend. 


Bromsgrove 
Casting 


CHI set for further progress 


towards ; dividend growth in line not only enable -the -group to 
with that of net profit, the direc- develop existing . activities •— 
tors say in the absence of £207,000 has been authorised iw. 
restraints it would be their inten- sew and replacement -planf-nad 
tion to pay a total gross dividend equipment and £133,000;', fqp jw 
for .the year of 4p per share on products development 'in+ilflJfrn 
the present share capital — but also build up limjiiEtritc 

In the event that the directors supplement the other so dries ot 
decide to announce a further pay- finance now available to. ft fot 
ment, it will be in the form of a investment. ‘ - 

A second half upsurge from third interim dividend, the chair- Meeting, Buiy SL Edmund* 
severe losses it had suffered were £35,726 to £147,915 reversed the man points out. August 31, noon. 

downward trend at Bromsgrove 
Casting and Machining and left 
pre-tax profits for the year to 
March 31, 1978, ahead from 

£150.326 to £167.162. 


OVERALL, FURTHER progress is Results include the first annual adequate level of profit within the ii«n f?Sm 4 n ro 

looked for in I97S-79, says Mr. contribution from Beaver Group, paint operations and a return to VhZ t«tVi rttvi hmw s* 

Tim Heariey. the chairman of C.H. Also, in July, 1977. the group profitability for the building pro- £ . a “° Vf 

Industrials in his annual state- acquired the Hygienic Paint ducts division. taJS, Wth 

ment. although he adds ” it would Company, as part or its plans for The automotive trim division nnai payment 01 l^p ner. 
not be surprising if first-half turning round the loss-making remains higbly dependant on the Turnover for the 12 months rose 
results were similar, or a little paint operations of Beaver.' ability of its principal customer from £S.17m to 

below those earned in the same A divisional breakdown of to maintain its scheduled produc- took £95.500 against £86,500. 

period last year.* 1 turnover and trading profit tion levels. Nevertheless, the 


Vickers da Costa gets 
branch status in Tokyo 


He says the reason for this is shows: — car hoods, interior; trim underlying demand for UK sports 
that "the split of profits between and weatherproof equipment cars remains strong and the divi- 
the group's operating divisions £3,949,253 and £634,413; name- si on is well placed to take full 
may well be different during tbe plates, fascia panels and decora- advantage of this, Mr. Heariey 
current year.” tive trim £2,589,577 and £317,361; states. 

As reported on July 14, pre-tax synthetic foams £1.715,148 ' and , Tbe decorative trim and foam 
profits advanced from £623,443 to £235,085; surface coatings and divisions are at present seeing 
£799,351 for the March 31, 1978 cement admixtures £4,523.212 and little sign of an upturn in the 
year, after exceptional and non- £3,545 loss: and property rental consumer durable industry and 
recurring costs this time of and consultancy fees £95,512 and ihi 
£108.572. Turnover more than £67.785 respectively. 


Clifford & 
Snell rises 
to £195,274 

Pre-tax profit of Clifford 


Vickers da! Costa, the London companies continue to. featon 

stock broking concern, has now among the largest holdings. IBM 

e 14 mourns rnv received the approval which it proving the only disappointing 

« 4 im had sought from the Japanese investment among the top 

£S.4im ana tax Finance -Ministry for the upgrad- holdings. 

ing of its representative office In The classification of investments 
Tokyo to the status o£ a branch, shows little geographical change 

The branch is expected to open from 1977, the swing towards ctm- 

on October 2, the beginning of sumer goods and services being ^ 

October being the normal .start of tune with a view of the present 

the fi n a n cial year for securities outlook for the world's mays’ 

concerns in Japan. economies. ■ 

Vickers will be only the third As reported, net -revenue for «* 
overseas securities company to year ended May 31, 1978 
have a branch in Japan, the £321,459 (£45&360),. and. the diri* 



doubled to £12.S7m (£6.27m). With the exception of building 
A current cost statement shows products, all the group's divisional' 

profit reduced to £651,907. after had profitable and record years, /prove a aimcuit year, ne aaas. after £95.375 at halfwav eomnarpri .. r “- RC1 a . vpuunua uie 

adjustments of £179,414 for The chairman says a prime ob-j though the company believes it wirh-XfiO.324 Turnover for the full bcences.tt had sought to trade m 
depreciation. £42.306 for cost of jective for the current year Is can at least maintain its position, improved to n Sm secur i*? es -* or 1 ? s . account,- to 


sales, offset by £74,276 gearing. 


This advertisement is issued in compliance with the requirements 
of the Council of The Stock Exchange. 


CHADDESLEY INVESTMENTS LIMITED 

{incorporated in England in I960 under the Companies Acts 1948 to 1976— No. 667067) 


SHARE CAPITAL 


Authorised 


Issued and to he issued 


£2,000,000 


{ 


Ordinary Shares of 2 5p 
Ordinary Shares of lOp 


£926,480 

£342,000 


The 3,705,920 issued Ordinary Shares of 25p of Chaddesley Investments limited 
have been admitted to the Official List. Particulars of the Company have been 
circulated by Extcl Statistical Services Limited and may be obtained during usual 
business hours up to and including 22nd August, 1978 from: — 


Rowe & Pitman, Hurst-Brown, ■ 

1st Floor, City-Gate House, 39/45 Finsbury Square, 
London EC2A UA 


the elimination or losses and the Meeting, Carlton Tower Hotel, m 70^,1 
ultimate achievement of an SW, August 31, noon. 


United Gas ahead so far 


on margins 

Although group sales at Tex 


in 


TEMPERING his optimism with a perienced a slight down-turn 
degree of caution, Mr. Hugh activities due to a fad in demand, -0.635 d (0.5679p) with a 
Nicholson, chairman or United particularly overseas. The order of o^227p. 

Gas Industries, tells members in intake has now improved and the 
his annual statement that' the position restored, 

current year has starred satisfac- . , . . 

torily and first-quarter results 5 reorganised 

show an advance over the corres- the measurement and control divi- 
ponding period. . ^ mto four separate account- 

Vnr lha year tn Anrii o iQTft'-ic able companies, with four separate 

THUMsements. One ef tie cent- 


trade in securities as. an agent, 

, r . foe the underwriting and distribu- 

Ne t profit came out at £89,674 tion of new securities issues, and 

f£a9,074) after tax of £105.600 for the 'sale of securities as a Abrasives continue to expand er- 

against £70^80.^ member of syndicates.- But while Loren ce • Evelyn-Jones, the cbaffj 

Earnings per op share are shown planning to participate in under- man. tells members in bis aiwu* 1 

as 1.94p (1.35p) and the dividend writing in Japan. Vickers wai not statement that -the sterling . 
payout for- tbe year Is lifted to act as' a lead underwriting man- Deutsche Mark exchange rate I* 

ft "” ,n " 7 "‘ k ne t final ager there; liable to Buctuatlonx-u-hlch grea^f 


One. type of. business in which effect the parent company and ** 

sldlaries. 


WPM drops 
to £7.74m 


I 1 « J.iKelF . to be particularly Irish subsidiaries, 
interested, is investment in Japan And. most of the group’s"S B P' 
by British -and other overseas pliers; he adds, continue tp-.W*** 
funds. - for increased prices, giving 


After heavier interest oF 


tax proHt ot fii.tKm vNas ach'eyea ^ manufactures industrial auto- Profit of Wall Paper Mamrfac 


Technology 

Investment 


little scope for increasing its JiW- 
l«e to 


fit ratios, d«e to the. group’s off" 
rent position as pride, leanenfa * 11 
its main activity. ^ 

compared with £ 1 . 44 in for . Ite aut ^ mbSSS^ in.Vt»UUCIU 

ESrSS isSSis 


crease during the current ^ 

year largely Decause it is develop- hieher at £20329m compared with appearTihnited. ‘the directbre oF only be hopeful that 

ing to fSftinn ,n wme tS of n «s b ^- proSt ^ year ‘ The was before tax of 


i 


tromechanicaJ products. 

The two companies 
domestic 
Robinson 
coal, 

and in the case of these 


of the ™ Cornwall, .two at Sl ordinary credit 


*275L367-td £45ai25 on. tamawf 



com 


of some importance to the- com- 


tion, the Erectors ’Identified many frorai62.000”to £562!ooo. 

parries it is probably successful ESSfTu haue larseiy cor ' Pretax profits of Walker. Cros- pany. ax it enables changes 

-?ctea tnem. weller and -Co^ another subsidiary made on purely Investment con- 

. These companies suffered a very of Reed, slumped to £162,504 For side rations. 


labour relations as much as Other rec ted them. 


factors which has led to ^ the These companies suffered a very b* Keen, slumped to £162.504 For federations, 
results. As against last year’s, substantial loss during the past the 52 weeks to April 2. 1978. With rtock markets here and to 
£400.000 they made a profit tu 7 ear ' 1x11 chairman anticipates £°mn>rd wih a peak £1.429.664 the U.S. being subject' at the pre- ncrease * 

excess oF £1.000.000 this year. The that this will be eliminated in the for the previous 53 weeks. Turn- seni time' to considerable econo- 

cooker business ■ purchased last current year. over amounted to £7.8lm against mfc and political uncertainties it 

year is now operating successfully. Teddjngton Components in x may be necessaty to adopt a more 


stepped up to 3,02234p (2J085pP)j 
A- statement of • source 
application of funds shows 
crease on opt bank boteawjnsS-W 
S52.08S compared -with/S £122^0“ 




mainly in overseas markets. This South Wales is largely dependent a ,1 Gin 8JJL. active policy and this will now be 

..a-- «... i < Lt - WPP — nt,w 


£596.513 ( £172.08 1 ) possible in -overseas markets with- 


year the company has bought a on two main customers. VGI's own and’ an pxtraorriinarv H^h t ‘hi l !? 0 7 ! Dle 12? 
small central heating boiler bust* Bellows company and the steel -r mill ^ debit last out penalty. 


Bellows company and the steel ,t mc of £ 2 . 311 , there '* m a turn- 


new which adds further diversity industry; this industry is Itself r«i und’ from” V £1 '“>53 fi t Tn 1 3 r . D .r S h nlrt fn ^ n f "n ^ 1 D 2 ° 

tn products, but the basic business suffering from a recession which a toss oF £434.009 ' “ P 1 een^of 3 foS 

SUU re ma »n. heat, reacts on the comnanv. - coipp:my ;hermo . SluilS^So-? lha? °de2ffi 


still remains gas and electric beat- reacts on the company. 


m ^ pp l;^ e - ,o ' various, r%, s h ,a, , ic •ttdsrzrzs; ssrssai-x.tsses 

The bellows company has ex- on beptember 14 at noon. heaters. of Baca£ 0 j jbm these two 


WORLD 

USIfftEDZ 


A c vmpiodity Ivture^rtroAittSL 
-. fund .... : 


Net Asset Va 1 ue pe r Sl. xbSTV , 
as at 31st July 1978^51^ 


, 1 


- F. 












re 





lfc. 


in 


! , «, Ar " ’ 

.1:. ' Ik. ’’V 

icru^i,- 

*•*■« . r '«V- 
,,ni $£ 


:.. '”i l .t 
1 1 Si 


•.n M " 1 * ,,.f: 


. .. j • 


•'•“n - 


«ona|( 

rt bv 



1 Vr 
ii»r i: !■ ■■ 

«• n,*fe 


1 •■|J- 


p r -.C; 


•• lit. 


■ ■ ' '* ■ 

.• t. ;■ 

• "J'UOit; 


■' ,,, Tk 


• a- 


"'v,' 

. ,b, ^s 

" ! “■ 1 1 ••> inn * 

’ r: -:i: 

1 : 1 hr ^ 


■ •■ft. J*- 

•*■ ;i V 


. I • ->1 H 

i! :ut - 


i ■ :, 1% 
'■if, 

'• ' --T V 


•end 

mins 




. .. ?*'•' 




i ^ 

iokyf 


\|tr;i' r 

}‘ 

liars’* 1 


• :*!■' 
j • 


-n’t - ?>. ■» 




"Xtigpist 8 : 1978 ; . 



The .Board juwohjmw estimated and mu a Ai led . 
profits - for-fo®' 6 menflisro' 30th Jane 1978 pit £4&2ra 
(1977 JSt&JBm) -afterprovtdliig tor taxation. \ ; 7 ' . 


in* 

Estimtu 


PREMIUM INCOME 


k moitilB to 6 raonttu to Year 
StthJm 3 ttfa yPT 

.1777 \ T/-V- . ■ 
EsttoUK-' Hdxid l 
Restated -••• 
N«tf '■ ■■' 
fm . - ' l£mi 

612& 1,072*5 


£m 

615.2 


Investment income 

life . profits “ 

Underwriting result 

(teWe-briow) ... 
Loan Interest ~~ ■ 


PROFIT BEFORE TAX 
Taxation and minorities 


PROFIT ATTRIBUTABLE 
TO SHAREHOLDERS 


EARNINGS PER ^BASfi 


SHAREHOLDERS’ FUNDS 


UNDERWRITER RESULT 
United Kingdom 
United States. 

Australia 

Canada . 

NetbeHands * 

. Bemainder. ’ 


7L4 

353.7 

7.3 


(43) 

n*S) 

-(10.2) 

(13-8) 

•' 6*2 - 

:3&2 

<2*.0> 


4DL2 ■ 

.25.8. • 

9.79p 

7.72p 

• £61 lm 

£48lta 

■ . £m 

' £m 

.6 

- 07) 

(-3) 

E7-8) 

(LD 

- J5 

- <3 

-• .9- 

(6-0) 

(64» 

. 2-2 

(49) 


142 


998 

,f32L2) 



(43) (195); (203? 


Note* 


<■> TSo Malta- for me six msndu to asm 'jine’ikw 


restated 10 reflect itM c&aoge. during t&e lauer-uamaf 
. no Conpux*a Mtsdiutov policy lor deOn-ed taxation. 
CM Tbe rcsnJw oI ife. (tompany V' ovt recta - gperMtoas . 
anail. teen- convened at ratusof exchange wevaiitauxt 
of -no period* reported above. 




BY KENNETH MARSTON, MINING EDITOR 


T ^ E - o£ higher gold prices 

^ BOARD MEETINGS 

strated in an BO per cent increase ttm tomowtn* oompanica hare . oodflad 


in half-year earnings of Canada’s dlte£ nr Board meettms to the sao«* 
Jeadfog gold miner, Giant YeDow- 

rUCODOnage group. available wbettaer dfridrada concerned are 

Net profltS of GuUlt Yellowknife 1 totertna or finals and the snb-dlvtUons 

for the first half of this year have * hown baaw ■“* »*»«• «anuy oa pat 
advanced to C8LSnr (£0Bm) r nr 41 years tUamWe ‘- ro *; A y 

££“H per jhare. compared with totarlm^-^qHta MWea. Automotive 
wim, .or 23 . cents - per Ehare, m Products. Davies and Metcalfe, BestOUX - 
the same period of 1977. '-The FinaJ*— wmiam cook (gftef&M). covan 
average bullion price received in G S2L- 

the latest npr-irvt um r*207m nor ipvwtnent Trtut B rnltfuln . .Brio*, 
penoa per Bernard Sunley IsMSomn Trust 

ounce compared wSth esm55 a futoweSW 

jear ago. The current' price is inwriBw-^” ■ • 

y® 3 - - # E arrow HepOarn Ang 11 

Spending -on diamond driHing, Blackwood Bodge. . — : Sept 5 

both surface anduiidergrpiind, has «;* 

been substantially increased in an jI 

effort to disclose further ore re- Tiecr- oats am National MflHns Aus.iE 

serves, at the property which- is at Turner and KewaB — — i_ Sept, xb 

Yellowknife in the Northwest 'cJSSS^i .™. 11 

T<»rrito»-iao ■ camnstoo InvetUtMtoU Ans. II 

■ Lep Group — w. — Aac. 10 

some encouragement ■ is . re- Muar raver Rubber .._... ; auc 10 

ported In the drilling but' the' com- sioddard — ;_i_. aus*. m 

pany comments that "it is too Wholesale Fttiinsa ; Aus. M 

early to determine just how' 
significant some of the drill in- 
tersections are to terms of of north-western Quebec, reports 
additional reserves." .a profit for the first half of 1978 

Also doing well & the silver- of C$2.4m compared with CSLSm 
producing United -Kexkr HOI, a year ago. 
another member of the Falcon- The company expects a further 


v World- wide premium income in sterlings 
a f te r _aIlowf n g fgr changes - in rates of exchange * 
a grbwttoof 4 % . ^ 

Underwriting, results: generally have benefit^ *y c 
a net fraitofex:' .of -“-EUm (1977 (£LSm) ) itaeiattbe 
extrrane ^weather -provision due lo * 

. losses during the -first ds months of 1978, patfgfiiaSdj- 
In. the .United Klhgddpi, United States and' 

. In the United K^gdoin there ias been; 
to underwriting: profit -with:' improved 
most classes off 


In the United States underwriting _ 

f ener^lly has. continued to. ^he profitable, hut 
months' results on. the' US. - statutory- hi 
been adversely aff§cted, by un use ally high 
loses - arising from the severe winter and f 
wind and hail -Stonhs^ Kiese losses, ea 
the ': whole particularly 

motor and property classes- The statutory t 
ratio for the firet ff months -ctf lSTS-was lQOi 
104.3%) and the deterioration from . the 3 
ratio of 98.0% Is largely accounted for by the 
in weather losses. . '••v. . 






Upderivritifig: results In. Australia have Jdd 
a ted. furtherdupto ^eyere competition and ai 
weather condition^.' Canada has continued in 
a modest profit under the linutations imposed 
Anti-Inflation Board and there has been, a sm 
of. businea in 'Quebec where motor, third party 
ioj ttry insurance JiaS been nationalised- , — .. 

In the Nethrt^acd^ the : underwriting loss • 
some improvement as; rate' increase* approved 
J978 begin la4^e^«8ecLpaiticuIariy oatiie 
’ account . -• ' '.£’7 ;-'v’ •- 

'Marine'.ahfi^ mfiitiOta busings continue to 
infense wmipetiCioa in. the tondoc. market 
197d underwriting year, 1 when riosed at, the/riuj 
.1978, is expected tp produce a profit/ > . 

Tbe l2% inoease : in investment indomfe reflects 
tbe.growth.in fitods 'avail aWe Tor fetvednyfiiv indud- 
lng those iuisingyErtni'dniproYBd underwriting results, 
and : the higher Interest rates ^aVailabl/ during rhe 
2nd Quarter. 1 After flowing ti»r 'ch an db$ In. fate s of 
exchange, the acquisition oLEstotes Haase Investment 
Trust Urnited «nd the protfeette of (hr Rights. Issue in 
1977, the underixing increase ,in ijreestment income 
was 10%> ’ 

Dividend' : v •' 

’Bie'Direetof^iafi 
divtdend to 2B63p. (2^64p 
-tax credit of 1.41.0b .(1321 
certain ahareholdC^pfal 
. an- juCrea5e,nf 10%'JTBe d: 

November " nextr- jb e 
register of rsieinbers on, 

£lLSm (£9Dm>, . / 

Foilowmg tJbe^retT^^ve ieduction in the rate of 
Advance Corpoeaftiotf Tax, :tb^ Directors- have also 
decided fo pay ^additional ijiyidteod in respect of 
1977 to restore- the 197^,-final dividend, with fax credit, 
to that assumed at, the- time of declaration. This will 
be O.flTTp per" ghars -^idch;. vntii the- tax. credit of 
O.Q3Sp pet share^-wln amount -to '0415p per share. 
The cost is P^ymsntiWill be made with the 

interi m -dividcnd-lb -aH- sh»tbbMers on the register 
at 19th October: •' ;/ r 

-The totsl pa^neat tb'fihErehblders on the register 
at- 19th October 1 is; , '^ccpMli : ngly J , 2^40p : per share 
which, with - the: fiat credit : 1.448p. ’per 'share, 
amounts to 4J3SSp per xharO^t a.tbtal cost , of £12. lm. 


ease the interim 
re which, with .the 
t share available to 
1 3.885P) per' share, 
yriR be paid oh 17th 
shareholders : on the 
October and will cose 


bridge camp. First-half net profits Increase In second-half earnings 
of United Keno HE1 have jumped anticipating higher bullion prices, 
to CSJJim from C$744, 000 a year a contribution from La Luz coal 
ago thanks to above-average mill- operations and some improvement 
ing grades at the Husky and Keno in natural gas revenues. During 
mines coupled with higher silver the past balF-year La Luz in- 
prices. curred a loss as a result of the 

Finally, Camfio Mines which U.S coal strike; but is now 
produces gold in the Malartic area operating profitably. 


New flurry of gem 
hopes Down-Under 


THE Rio Tfnto-ZinC group's 72.6 
per ceat-owued Conzmc Rio Unto 
of Australia has created a new 
focus of Interest in the Western 
Australian diamond search by its 
application . for 32 temporary 
reserves inland from Carnarvon, 
reports Don Llpscombe ‘ from 
Perth. 

Until now, CRA through the 
Ashton joint venture which it 
operates, has been working In the 
Kimberley area. Although both 
areas are . in- tropical Western 
Australia, the Kimberley and 
Gascoyne regions are 1,000 miles 
apart. 

By applying for. temporary 


Palgrave Corporation, but after 
an unsuccessful history, Palgrave 
became the vehicle for the public 
listing of the Perth operations of 
Swan Tyres. 

An extraordinary general meet- 
ing bas been called for August 25 
to enable the company to johi 
with Minos Exploration and 
contribute AJ50.000 for a half- 
share in 21 Leonard River mineral 
claims, about 3 miles from elaims 
held by CRA Exploration. 


ROUND-UP 


A loss for the first half of this 
year of C$2.92m (£lJS4m) 
reported by . Canada's Falconbridge 


reserves, stipulating ^ordy Nickel which made a profit of a 
diamonds as the target. CRA has restated CS228.000 in the same 
made a sizeable commitment. It period of 1977. The loss in the 
must spend on ^eadh Week- a latest period, however, is after 
omwnmm of AmoODayear. nius c?2.19m provision for preferred 
CRA »s- betting A$L28m, (£767,000) dividends; there ' was such 
a -rear on this new area, centred requirement a year ago. 
on-, Kennedy Range and Winning * * 

it - America's Intematioixai Minerals 

, .^uiousti the applications have and C h em ica l has made: a net 

w»Ty> profit for S', threTiSatlB “o 

appearance on a public plan this jane 30 of 331 Jm (JEM'-am*. This 
WBek-has caused a new Surry of brings the total for the financial 
ewfitepieot wltian an mdustry year to 3120.1m, or 33.61 per share, 
thjfct, Already has overtones of compared with lIOBim in 1978-77. 
boom as a. result of CRA ’s Kim be r- The past year's sales amounted to 
ley efforts. As geologists devise $jj6bn against 3L28bn- 
theories about CRA’s exploration * * * 

rationale, similar areas wMi cer- Trading In ' shares of Sflrer 
tahlly -be pegged in . the present Valley Minerals is to be resumed 
' '*■ on Australian stock exchanges, 

sady there are tfciree main The shares have been suspended 
groupings . of small companies since last December when the 
.active.: Carr Boyd Minerals with Australia and New Bank- 

Rfii • • Minerals, Alkane, and mg grgoup appointed a receiver at 
Crusader: Western Queen with the company's request Last week 

it was reported that International 
Shipholdings of Singapore 
interested in acquiring a 23-7 per 
cent stake in Silver Valley and is 
putting up funds for an updated 
feasibility study of the Australian 
company’s Mawson coal prospect 
in New South Wales. 

* * -* 

Canada’s Kaiser Resources has 
finally- concluded a two-year agrpe- 
intention of merit with Its Japanese customers 
first newly- and partners to increase the base 


Leonard Ofi and Magnet Metals: 
North West Mining with Haoma, 


recently joint ventured with 
Selection Trust: and Otter with 
[Spargos and Bamboo Creek. 

The Otier group has also been 
ing .-with Samantha Mines, 
unlisted company that bas 
active for several years. A 
1 prospectus Ls before the 
ora&e Affairs Committee in 
ctoria with the 
Jctog this foe 


life 


New. life assurance business X world-wide) was as 
follows; . '.v 

;:_V; 'v ■ : i^wueto'.l 

’ - . - ir • •- mm . 

£m'. ■ 

New snn»'a«uwd: : - -• 1.084J 
Newliffi and sUaritetty premiuHte . 3ft5 
New annuities pier annum ' 26.4 


i is - : Tear 
wi 

'1OTT 

fm ' £m 
92 6. T = 1,899-7 
,:26J7^ 63.8 
2aB 75.5 


ted company since the. popping price for metallurgical coal sold 
.- the Poseidon bubble, when under the company's long-terin 
antes were -listed at a three- contract. Hie new - price is 
late. . . C$59.60 per long ton compared 

Samantha has interests in oil with the previous level of C357J23. 
> Lora tic n and base metals, but The new contract amendment is 
liming and - stakes in both the retroactive to April I, 1978, and 
iHagtne and - Kimberley diamond provides that no further escalation 
spec is will make it the first will be allowed during the two- 
and; stock. It is proposed year period. 

tire 30 .cent shares - will be ■ ' 

ar a eo^d^le premium. MINING BRIEFS 

another familiar symptom- of ceevor tin— jniy otam: Msstoawa 

t mining boom, the Perth-based uvaud uroAmd ss tonnes Black an 
^^Corporation has joined ^ 

Kimberley diamond hunt The kilxjhckujl tt*j— J uly impw ^ 
was floated in 1969 as tonnes rjmo.- .u tonnes). 



ISSUE NEWS 


^Leisure 

^Caravan scrip 




■ t.-i- ■ 





beOTapf^tedR^istrarof 

WJOlfcfMNEBWi 


All docurterfs fOrregi^atibn a^d. 


National We^rfunster8aUk Limited 
R€^-strsa^^ep$rtrneri tr 
■ •••■•-. PD8okNo82 -Vv - 

: . iNationalWestrmnstBr Gourt 

37 Br6ad Streets ^ 

.Bristol BS99 - 7Nar- -•> 


Telephone Bristoi(Sn3t^de0272) 
r - BSsteterenciuldes 3071t 
; ; ; <^er.matters:2SZ1.44; 


Caravan Parks Ls 
to make a scrip issue 
3.48m hew ordinary shares of 
-P'eich on a one-for-three basis. 
- Tbe directors are also recom- 
lemUng ah increase 'in the 
Irised share capital from 

,jj to £l.75m by the creation 

CpL'fim additional shares of lOp 


been received in respect of L56m 
shares (96-84 per cent) of the 
1.63m new ordinary .share? Differed 
by way or riebds cm a one-forsfive 
bask at 35g>. 


C. T. BOWKING 


& Extraordinary general meeting, 
,ugu$t 29. 


1. IVORTON 

Jtfc E. Norton- (Holdings) 
'apBOTinces foaa; acceptances hare 


C. T. Bowring and Co. an- 
nounces that Tbe Stock Exchange 
has -granted fisting of 08^517 
ordinary shares of 25p each of 

the company ranking pari passu 

in all respects with the existing 
ordinary shares of foe company^ 
.being the final, part of the con- 
sideration for foe acquisition, of 
: fob capital of- Schoffields 
(Hidings), 


ic - 

a;;, 

A*. 


DIVIDENDS ANNOUNCED 


-.V 

. \ .. . Current. 

- . payment 

Bromsgrove Casting ...... lAt 

CUfford and Sneil 0-22 


Commercial Union ,.„int. 286 

H«mbres Trust . 137 

Howard Shuttering r ..._. 0i8 
Wagon industrial .......... 4.68 

Dividends shown, pence per share net except where otherwise Stated. 


Date- ' Corre- Total . Total 

of spending for - last 

payment div‘ year . year. 

— - .3-19. 23 L98 

QCL 2 0A1-- HJU QJ57 

Nov 17 ZS6 — • .7.72 

Sept 20 *L12 • ,2032 L62 

Oct 30 9.78 ,1.78 Jjgi! 

— 438 7.68 &88 


7 Equivalent after .allowing for scrip : issue. . tOn capital 
Increased, by. rights and/or requisition issues. . -JSnppIemenury 
payment: for 1977. io- respect of change In . ACT. ' . . - 


THORN 


a world 


of difference 


1928 -1978 




Thom 



Highest ever sales. 


profits and dividends 


The following are extracts from the annual statement 
to shareholders made by the Chairman, Sir Richard Cave. 


Thelfear’s Trading 


Li the U.K. we have continued to trade 
positively to retain and where possible increase 
market shares and to launch new products. In 
addition, much attention has been given, to capital 
investment in our factories to improve efficiency 
and taoontain costs of manufacture. As a result, 
each’ bf our product groups has achieved increased 
trading profits in the U.IC in the past year and the 
progress in lighting is deserving of special 
mention. 


I wish to thank most sincerely all employees from 
our most recent recruit right through to my 
colleagues on the Board for their personal efforts 
in promoting the success of the Company 
this year. 


The Future 


Eurobond Issue 

Wehave for the first time entered the 
international currency market by an issue of 
U.S. $25,000,000 Convertible Guaranteed 
Bonds through our newly formed Netherlands 
subsidiary, Thom International Finance B.V. The 
fundswill be lent to the.parent company and used 
to refinance part of ournon-sterling borrowings 
and tp provide additional working capital for our 
foreign, subsidiaries. 


Growth will follow the increasing level of 
capital expenditure, this year totalling £131.8 
million (U.K. £104-6 million, overseas £27-2 
millidr\) together with -the detailed investigations 
that are being undertaken with a view to 
expanding in the U.S. A. and Europe and for 
developing a presence in the Far East. Above all, 
our longer term ambitions require a strong 
U.K. base. This we already have and will improve 
upon. 

Despite the difficulties I continue to believe 
that the Company is in good heart and ready to 
tackle its problems and accept its opportunities 
and that reasonable results will be achieved in the 
present financial year. . 


Dividends 


To assist the marketing of the 
Eurobond issue we have received 
permission from HM Treasury for a 


72% increase in dividend. The Board 


ieves that this increase is justified by 
the stability of profits over the years 
and thestrength of the reserves of the 
Company, as the dividend- remains 
covered more than 3.5 times by profit, 
before^eactraordmaxy items. 


Management and 


Not-only as a matter of duty .but 
also because it is most richly deserved 


Summary of Results for 

1977/78 

1976/77 

External Turnover 

£1, 091.9m 

£992.9m 

Profits before tax 

£110.3m 

£10 1.9m 

.Ordinary Dividends 



per 25p share 

ll*45p 

,6.6527p 

Earnings per share - 

40.0p 

36.1p 




_L 


THORN 

a world 
of difference 
nzt-ms 


Thom Electrical Industries is a worldwide company 
wfthfour distinct productgroupsi television rental and 
consumer electronics, domestic appliances, lighting, 
and' engineering. It uses many distinguished trade 
marks including Kenwood, Mazda, Bend be, Ferguson, 
Ultra, Baird. Tricity, Parkinson Cowan, Benbam’s, 
Avo, Goodmans, Main, Moffat, Clarkson, DER. 
The Company operates over 100 factories and- 


employs over 83,000 people around the globe. 


. THORN ELECTRICAL INDUSTRIES LTMITED, 

thorn house, upper saint martin’s lane, London wczh ped 


• .w 





-/ 




16 


Financial Times Tuesday August S'lSfe' 


BUSINESS AND INVESTMENT OPPORTUNITIES 

READERS ARE RECOMMENDED 70 TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


BIDS ANP DEALS 



GRESHAM TRUST 
LIMITED 

Permanent and long term capital 
for the successful private company: 

Also a wide range 
of banking services, including:- ■ 
Selective finance for property development 
Commercial and industrial loans 
Bill discounting 
Acceptance credits 
Leasing 

For further information 
please telephone 01-606 6474 or write 
to Barrington House, Gresham Street, 
LONDON EC2V7HE. 

Gresham Trust Ltd.. Bonington House, Gresham Street, Loudon EC2V 7HE 
Teh 131-6006474 

Birmingham Office Ed m u nd House, Ncwhall Street Bumingham, B33EW 
Teh 021-236 1277 


BUSINESSES FOR SALE 


JTastics Trade 
Moulding Company 
For Sale 

Engineering company situated in the North East, 
wishes to dispose of its plastic trade moulding 
interests.Theassetsforsale willindudc a freehold 
multi-storied factory of approxima cely 60,000 
square feet, situatedfon a three acre site. Present 
turnover £900,000 per annum. Sale as going 
concern to include freehold factory, machinery 
and stock for £300,000. 

For further details please write to JIH Owen. 


Thomson McLintock&Co 

70 Finsbury Pavement London EC2A1SX 


For Immediate 
Sale 

Business of Main Agents for PrincipaF 
manufacturers of auto-electrical, 
diesel and fuel injection equipment. 

Turnover approx. £200,000 p.a. 
Modem, well equipped workshop, 
with easy access toM.4. andHeatbrow. 

For further information please contact: 
Mr. Cooper or Mr. Houghton 
01-2429451. 


BAHRAIN 


Business in Construction Industry for sale as a going 
concern with, existing equipment, contracts -and contacts. 
Own workshop (with overhead crane), yard and office with 
three yoars lease remaining plus option for further six 
years. 

Write Box GJ23S6. Financial Times, 

10, Cannon Street. EC4P 4BY. 


FOR SALE 

(AS A GOING CONCERN) 

SINGLE JERSEY (TERRY) MANUFACTURERS 

SITUATED IN CHESHIRE 

Workforce of 36 (33 productive), 2 leasehold properties 
totalling approximately 15,000 sq. ft. modem knitting and 
making-up plants. Turnover of approximately £800,000. 

For further derails please a puli': 

A. C. PALMER & CO- Pm facial Haase, 57 New Walk, Leicester LEI bTU. 


FREEHOLD 
CAR SALES/SERVICE 
BUSINESS 

Well established completely re- 
developed 1.7 acre site on major 
trunk road and excellent trading posi- 
tion in E. Midlands within eisy reach 
of 3 major cities. Site includes show* 
rooms, workshops, all ancillianes, 
large frontage, large house, self con- 
tained Rat and boatyard. Main dealers 
lor 7 leading franchises, turnover cur- 
rently £2. Dm plus and profitable. 
Amplc scope for increase. An excep- 
tional opportunity to acquire a unique 
freehold going concern business cus- 
tom built for a wide range of 
activities with low operational costs. 
Price £225.000 for business property 
and equipment, S.A.V. as required. 


Principals only please 
Write Box G2300, Financial Times 
10 Cannon Street. EC4P W 


TWO 


DEPARTMENTAL STORES 

(No Furniture) 

Separate Owners 
(RecframeiK) 

1. DEVON 2. KENT 
Sales of each exceed £100,000 pj. 
Freeholds or Lease may be granted. 
Personally inspected by Sole Agent 
as fiereunuer: 

WM. HOUGHTON ft SONS LTD. 

7/10 Chandot St, London WIM 0 HD 
Phone; 01-580 SVJI 


Well established 

HOSPITAL 

APPARATUS 

MANUFACTURERS 

Producing own range of tubal 
insufflation equipment, theatre and 
diagnostic lamps, * kin treatment 
equipment, small transformers. . etc-, 
along with general electrical engineer- 
ing' including electric motor reminding, 
sub-contract machinery, ate. Good 
order book. Well equipped freehold 
factory in north of England. 

T/o £180.000 P-a. 

Principals only write Bo* G.2399 
Financial Timm. 

10. Cam on Street, £C4P 4BV 


INDUSTRIAL BUILDING 
MANUFACTURER 
FOR SALE 

located West Midiaids 
TURNOVER £7.5 MILLION 
80 .employees. Good profits. 
Parr of large group concen- 
trating in other areas. Manage- 
ment prepared to stay on. 
Prihc.pali only write co: 

Bojr C2383. Financial Time t 
10 Cannon Street. EC4P 4BY 
for further detallt 


ran SALE! Small International Haulage 
ComwitY with ample permits. Reply 

£"1 BTg3m«l JpnSiS T,mM - 10 - 

Cannon Street. EC4P 40 Y. 


DIVERSIFY AND BUY 
MY COMPANY ! 

Turnover £60.000. profits £25.000 
plus, all on contract work and expand- 
ing fast to £f million plus. Sole pro- 
prietor rirod of being on his own will 
sell outright or expand and develop 
the company H required. All offers 
considered. Company is London based. 

Write Box G2376. Financial Times 
f® Cannon Street, £ C4P 4BY 


HOTELS AND LICENSED PREMISES 


GUERNSEY— FOR SALE 

ATTRACTIVE MEDIUM-SIZED MODERN 
COUNTRY HOTEL 

Registered for 46 adults. Scope for expansion. Sole agents. 

PRICE: £155,000 

For extensive range of hotels for sale contact: 

SWOFFER READ & HEYWORTH, 

Estate House. Ann's Place. St Peter Port, Guernsey, C.L 
Tel: 0481-26131. 


EXCLUSIVE REPRESENTATIVE 
FOR SEVERAL 

FOREIGN BANKS 

seeking QUALIFIED 

BUSINESS 

BORROWERS 

Brokers protected. Local representatives 
wanted. Write Swiss-American Combine, 
P.O. Box 680 Panama 1, Panama 


THE COMPLETE FINANCIAL 
AND MARKETING PACKAGE 

We are to . International Marketing 
Consultancy batwf- In London which 
otrere financial and -marketing advice 
either in tala country, or world -wide. 
Capital would be available to suitable 
enterprise where expansion - or de- 
vdopmeiit of new projects, is beyond 
the limits of existing cash Pam or 
financial resources. We also give, 
experienced advice on both mergers 
and takeovers. . 

. Principals, or their Agents, sbea/d 
In the first Fnttanee write tor 
-Box G2378. Financial Timet 
10 Cannon Street. EC4P 4BY 


Eastwood warns Govt. 



I 


Cash Toucher 


I 



This cash voucher 
entitles your company 
to an immediate 

75% CASH 
AGAINST 
INVOICES 



jr. B- . Eastwood, the eggs and revalued professionally and Clifford's has -agreed to . pur*. 

S oul try concern, has warned the amounted to £37-62m as at March chase County Dairies, for an 
ovemment . that a decision to 31. 1978, compared with the net aggregate consideration ot 

refer Imperial Group's £3&2m cash book value of £24. 06m. -. - jE3.671.7Z3 comprising £2,021,723 in 

bid for Eastwood, to the Mono- Current assets totalled i4L9m cash, £500,080 new 10 per cent 
polies Commission for investigation of. which caxh and. bank balances unsecured loan notes 1085-SI, 

could . force the company Of 6 came to £180.000: current liabilities 500.000 Clifford's ordinary- shares 
implement contingency plana, £or : were £22.97m with bank overdrafts and 2^50,000 Cliffords “A? non,- 
lay-offs and redundancie s. V - at £454m. •; Net tangible assets voting ordinary shares. 

Last year pre-tax profits of East- - attributable, to shareholders In addition Clifford's has agreed 


FINAMCEFOR 
THE SMALLER 
COMPANY 

Forfurthar information contact 
K.Dean, 

AfWOTHNOT FACTORS LTD, 
Breeds Place, Hastings, 

E. Sussex. 

Tel: 0424-430824 . • 


emerged at ‘ £44. 02m. 


to issue - 753.000 “A", non-voting 
shares to Burton’s. ’-Dairies in- 
exchange for £301,200 of deben- 
tures held by Barton’s in County . 
Dairies . which would otherwise 1 
have become' repayable on the 


wood slumped from £5LSm to- 
over £5m. However under 

terms of cash bids from Imperial ^RFHIIFF FOR 
and also from Car* the. d ark 

agricultural merchants grofip ^—. rir .LlLAL DAlv a 
which is offering £»L5m-fiait- -MYSTERY SUITOR _ 

wood has been pven assurances ■'** The mystery bidder for Helical cfumge ^controL 
on future job security. ‘ ■ Bar, the steel fabricators and 

- Jo ^° ^'-gfockholders has been rebuffed by 

Eastwood told shareholders in a “tire company’s directors, -backed 
Jftter a^Wnt^^arehoider.” 
he had strongly urged the office .Helical •Bai' — in which Abing- 


UK EWESXIttBST 
BY BARTON & SONS: 

Profits’ frbm the sale of Barton 


LIECHTENSTEIN 

Comp* rue* ipeedity tonued with con- 
fidential profcuional management. Or 
meet our Liechtenstein Attorney in 
London, mid August. 

' OFFSHORE 
BUSINESS SERVICES 

22a tflipiifa hmii. I7S rtecadllly 
London. Wl - Tel: 01-499 8457 
Telex: 847777 Monex ■ 


oSr the UK 


Sir John, with the hadttag; of ^S?Dt^'°° 0 ’ ^ thU -- w “* Metal Roiling and Tube, aSoiith 
J the Eastwood Board, fa advising ^ Company said that its net group, fa paying £8.4an 

| shareholders to accept the InrfS asset value per share-Tnul' been Sf* 1 far the -i. ST 5 ,s !f li?ry ' -Most of 
bid. v estitnatJd^t around 55p follow- 55^1 JF 11 if"** rts way back 

Irw 9 rfemnt nmnpptw rptnluntinn into ttHJ UK RS BfiTtORJlAfi SQCC6SS- 


_ a recent property revaluation. 

The. name of the mystery bidder 4^3 fp u bd_a way _ around the 


j Sufred ioappro»al 


Cash how prohienis?Then cash this! 

• Need Cash Now? You've got it right there on your 
books! Confidential Invoice Discounting lid gives you 
. 75% cash against invoices — money you can put to work 
today. Our invoice discounting system is entirely 
confidential. Your clients remain totally unaware of its 
existence. For the full facts post this voucher now or - 
phone us direct 

Confidential Invoice Discounting Ltd. 

Circus House, New England Road, Brighton, Sussex BN1 4GX 
Telephone: Brighton (0273) 606700. Telex: 87382. 

Also Birmingham. Cardiff. Leeds. London. Manchester. 

A subsidiary of International Factors Limited. 


CHEMICAL BLENDING 

Specialist manufacturer offers Custom 
Chemical Blending and packaging ser- 
vice at competitive ratei. 

Mease contact? 

THE MARKETING DIRECTOR 

GRAPHIC CHEMICALS 
INTERNATIONAL LTD. 

TEL: (0643) 862472 


TRANSPORT COMPANY 

requires open storage area 
LUTON/DUNSTABLE AREA 

Requirement 7-10 -acres. Freehold or 
lease. Medium or long term. 

Write Box <72394, Floanclal Timet 
10 Cannon Street. EC4P 4BY 


He says: “The adverse 

conditions experienced in the 4 ^ ore4 __ . _ 

weeks of the previous year have w' ^rQ i not beetT* revealed as ?°rinally tight restrictions apply- 
contmued in the current year and dscussjons are still continuing ™S to overseas companies wishing 
although there have been some with the company with the view T° take the proceeds, from de- 
signs . of improvement in recent :,to the purchase of certain -assets, investment out of South Africa, 
weeks your Board cannot tWtiri- ‘Meanwhile the company says The company was reluctant to 
confidence predict any real feat it fa also involved in discus- talk about the details of this deal 
improvement in these conmtions ^ionswith a trading partner which but -Hr. J, S. Roper said that the 
for the time being.” ..aright lead to a rationalisation- of company, was perfectly satisfied 

Meanwhile Cargill is pizming lfa ^Se£cal's . steel reinforcement with the price. - 
immediate hopes on the prospect activities. Helical's share price Net assets of Barton and Sons 
that Imperial's bid of 160p a share,, only rose a penny on yesterday's JLA. and its. subsidiaries were 
will result in a Monopolies probe announcements to 39 d. . - . stated at £3.Bm at December 31, - 
— given that a merger will giver - . M77, while pre-tax profits last year 

the combined taps and Eastwood r>T nrcnp n’C r»A IRTCC • were £791.000. 
busin^es a 32 .cent share of !Jfn Mr. Roper said: “ The sale is an : 

the UK broiler chicken market AuKtto 1 CKMa ideal opportunity- of reaHsing a-‘- 

and substantial shares of the egg Clifford's Dairies . announces very substantial capital profit 
and turkey markets. ■ that following further discussions the exit prices earnings ratio fa— 

Cargill has deferred its 132p with the vendors final terms have materially higher than those 
a share bid until ‘ a decision qow been agreed, and contracts generally ruling in South Africa." ■' 
on a Monopolies investigation a exchanged, for the proptsed He added that it was the corn- 
announced. merger, originally announced on party's intention to seek otopor- ' 

The freehold and leasehold March 22, of Clifford* with the tunities - for. advantageous ■ 
properties of Eastwood were County Dairies 'Group. - ■ re-investment in the UK 



MIDDLE EAST CONCERN 

seeks controlling intcratt in estab- 
lished UK. Construction Company 
Experience In miny different fields of 
conitmctxxi ossendal. experionca of 
overseas contracting desirable. Invest- 
ment of up to £500.000 considered. 
Confidentiality assured. Plane writ* to 

Box G2385. FI need aJ Times 
10 Cannon Street. EC4P 4BY 


Our business is 


/ 


merging your business. 
Successfully 

36 CHESHAM PLACE LDNDOM SWlil-235 4551 


LICENSING OPPORTUNITY 

Substantial company, part of a large group yid long established In * 
the electro-mechanical field, wishes to broaden its product range’ 
and would welcome contact with those having products, preferably .. 
protected by patents, available for development/manufaccure l 
under licence. 

Write Box G2391, Financial Times, 10 Canaan Street, EC4P4BY 


SMALL PRIVATE 
PRECISION EN61NEERIN6 
■ CONCERN . 
wish to sell 51% holdings. 
Est. 14 years. Owner retiring. 
Write Box G-2364 
Financial Times. . 

ID, Cannon Street EC4P 4BY 


Tilling may renew Fluidrive 
offer if AjjS’s attempt fails 

Thomas Tilling:, whose share b&f^n-o^ieciB were good and -that the ordinary and preference' units of 
was dismissed as o p po rtunisttc ' -tjV'cKHnp any was not without, hope Albright not already owned by 
Fluidrive Engineering, will wn^ ffiat its offer would prove the Tenneco. 

■dder renewing ks offer If tSfi^more acceptable of the fitenu- Following the passing of these 
suitor favoured by Fhudrive--ro£ves ourrently available. resolutions a Petition will be 

Associated Engineering— falls TOT-’’ presented to the High Court for 

get cootrot when ks cash anefir, __ rvavrx-ivr • approvaL This is expected to be 

share bid doses on August 22. CELTIC HAVEN . - beard on . September . 6, and, if 

Based _ on yesterday’s dosing^'- Celtic Haven announces that sanctioned, the Scheme should 


PRIVATE FINANCE COMPANY 

cooks parncipiDDQ in existing cor- 
porate situations. Ideally applicant will 
be a manner with established crock 
record who wishes to expand present 
operations or who believes that a 
subsidiary or business being sold by 
his employer* has unrealised potential. 
Fundi available £5O.UOO-£2SO.O0O 
Write Box G23B0. Financial Timet 
10 Cannon Street, BC4F 4BY 


LEASING AND 
HIRE PURCHASE BUSINESS 


-f 


Advertiser with available Funds well in excess of £1 million 5 
SEEKS ENTRY INTO LEASING & HIRE PURCHASE BUSINESS J 
Interested parties with majority holding in a leasing company or* 
with the necessary Management Expertise should write in Jr 
confidence to: Ji 

Box G2382, Financial Times, 10 Cannon Street £C4P 4BY - 


INVESTMENT OF 

£25,000 - £50,000 

required to finance duplicate Tooling 
and Marketing of Patented Motor 
Accesiory being exported worldwide, 
with UK market untouched. Soles 
potential £2-3.000.000. Small equity 
■take considered pro rata to above 
investment. Possible position for 
Marketing Director or Company. 

Write Box G2389. Financial Timet 
10 Connoa Street, EC4P 4BY 


CONTAINER 

INVESTMENT 


4 


Well-established Swiss financial 
company seeks investment 
opportunities on behalf of largf 
clientele (not for operational 
purposes) in refrigerated core-, 
tainers. 

Pleate reply eoder box G03-935229 to 
PUBLICITAS. CH-4010 BASEL - 


ATTRACTIVE SITE 
Lake District Town Centre 

Deveiopers with immediate planning 
permission and first das* tenants seek- 
ing premises require partner with 
cap! a l and expertise to finance and 
complete the development. Excellent 
sin In excellent area. Would suit 
Pension Fund. 

Write Box G2369. Financial Tima* 

10 Cannon Street. . EC4P 4BY 


prices. Tiling’s offer of five of (fa 
shares for eveiy eight Fluid: 
shares values the industrial transr 
mfashms group at 85 ip a>share.- 
Associ&ted Engineering fa offering^ 
SOp a share, cash or three of its .- 
shares for every four Ftuldrlve. 
shares (valuing FkiidriVe at 84p). 

Taxing’s maxmgbig director, Mr. 

P. &L Meaney, said yesterday that 
his company was “not mean: 
prudent “ when it came to . 
acqirisitioos. “We place a 
faith In the vakie of our 
amt hope it will, continue 
reflect the worth of ike 
group ” he said. 

In its announcement Tilling 
that the Takeovers Panel 
indicated agreement to 
paoy’s reservation of rig] 
renew .the offer, “subject 
such renewed offer notj 
capable of becoming 
declared unconditional 
acceptances after 
unless toe Rmd 
sents.” “ 

Agreement of the Panel was 
necessary in order that “TiUlng 
may comply with the require- 
ments of toe Department- of 


tiations for . the. . proposed become effective on September 1L 
jer with Hancocks Ship build- On that basis, ^Cheques wffl be 
Company. (Pembroke) have despatched on September 18. . 

fi nally terminated following \ ' 

po SS! nt 01 a receIyer * GAJRNAR SCOTBLAIR 

the year end some 60 By August 4. Garaar ScotMair 
ol lanto at Barn Lake, bad received acceptances in 

lus to thekrequizemenfa. of respect of 2L389 ordinary shares 

toe group, have been - sold ait a (about 89 per cent) under tbe 
price of £83^00, thus improving offer to acquire the capita] of the 
toe liquidity ;shd gearing ratios. Leicestershire Butchers’ Hide, 

- *r Skin and Fat Com nan v. Tha nffpr 


W. CA1VINING 
W. C annin g bak completed the 
lertie 


Skin and Fat Company. The offer 
has become... unconditional and 
remains open. 


con- 


IBM ELECTRIC 
TYPEWRITERS 

Factory recondiboneS and guaranteed 
by IBM. -Buy, -save up to 40 px. 
Leal* 3 year* from £3.70 weekly 
Rent from £29 per month 

Phone: 01-64! 2365 


BUSINESSES WANTED 


CHALET AND CARAVAN PARKS 
WANTED 

Advertiser would be interested to hear from owners of sub-w 
stantlal holiday parks wishing to sell toelr businesses. ' 1 

Please write to Box G3392, Financial Times. 

JO. Cannon Street EC4P 4BY. 


CONTENTS OF 
FRINGE BANK 

(and from other lources) 
Exceptional • 'quality office furniture, 
wak desks, bide chain, iwrvel chairs 
m tweed, filing cabinet*, and filing 
cupboards. Adler and Olympia type- 
writers. 100* of other bargain*. 

Phone for detollt:. . 

Brian North or Bill Raynor at 
• ••Commercial.” 329 Grays Inn Road 
London. WCt - .01-839 .9663 


acquisition of properties,- plant pjMI a V 

machinery and. stock from the " 1 
receiver of -John Betts and Sons , Janus Finlay’s offer for Sea- 
for £LS6QJXn cash. forth Maritime has been accepted 

Of this amount, £938,725 has to respect ;of 99-9 per cent of toe 
any been provided from the company’s ordinary and 100 per cent of the 
K being overdraft -^ facilities and toe convertible stock subject to .the 
being balance 1st means of a vendor offer. The offe r re m ai n s open— 
to placing of lm new ordinary the cash alternative has closed. 
29, shares whn& will carry the rights 

t COURTS FURNISHING 

The Courts Fu rnishin g Company 

a t D^rrtrr rrciwurm b , to ***« oveT Jrtfrejs Furnlshin K 
ALBRIGHT / I tNNECO of Northampton at . the end of 
At meetings- of Albright and hext month. Sixty people will be 
Trade to connection with the Pre- Wilson, resolutions were passed made redundant The move was 
vention of Fraud (InvesOneots) approving;., without modification, made following a policy decision 
Act. 1958.” ‘ • tbe proposed- Scheme- far the by the parent. Metropolitan 

Mr. Meaney added toat Tilling's acquisition far,. Tenneco of all the Estate and Property Corporation. 

More potential bidders emerge 
for Bourne ^Hollingsworth 




BY JOHN BRENNAN. PROPERTY CORRESPONDENT 

[A- NUMBER of new -potential can usefuSy be made. 

jreart^'Grenfell. 

night 


I bidders .have been drawn to tbe Morgatt^Grenfell, toe group' 

rliriofiw > e4M last nfoflf the 


appr 
i's In: 


roaches. 


TURKEY 

International company wishea to 
! contact companies with 
BLOCKED FUNDS IN TURKEY 

With a view to possible trading 
agreement of mutual benefit. 
Write Box C2393, Financial Ttjtee . - 
10 Carmon Street. EC4P 4BY . 


Oxford Street stores group advisers, f said, last night that on its leasehold department store 
Bourne and. HoDtngsworth since more approaches had been and . other properties in Oxford 
It ■ first announced takeover received since tbe July statement. Street Bourne and Hollingsworth 
approaches last, month. But .the bank would pot confirm holds these properties in its books 

In a statement issued to share- the mzmbe£cef tentative bids now at . £5m, but an October 1973 
holders last night the group says under confederation. Despite toe external valuation suggested an 
that: u In view of the number of uncertainty, ' the bank sees to>- open market worth -of £lL3m. 
parties which have expressed reason' to (wl for a suspension .of Although tbe 1973 ■ valuation 
interest in -Bourne and Ho Hines- trading in-: the .group’s shares,' Immediately preceded the 
worth Limited following the although it Hoes' not discomit. tbe property crash, .the values of shop 
announcement on 24th July, 1978, possibility ■ of suspension as property in Oxford Street have 
the board wishes shareholders to discussions;^ proceed. . . . ’ held, up throughout the recession, 

know tbat.it may be some weeks Last night tbe shares dosed at and have -risen very sharply since 
before any further announcement 209p, up 4£ -on hews of toe new toe .turn of the -year: - - 


SHARE STAKES 


STRONG INTERNATIONAL COMPANY^ 

seeks acquisitions of Mechanical Engineering companies in^4 
the U.K. Preferably companies serving the pump or valve or-:’ 
associated portion of the OiL Chemical and Process Industries . * 
but also willing to consider aircraft type equipment and/orV: 
marine. Write Box G.2395, Financial Times. 10. Cannon Street, 


EC4P4BY. 


LAUNDRY 

Following an extensive reorganisation 
and re-equipment programme a sob- 
sandal company In East -Anglia Is 
interested In purchasing existing 
laundry businesses in the south-east 
and Midlands. It is also In a position 
to undertake bulk laundry work on a 
contract baafi and would like to hear 
from jny laundry having difficulty in 
fulfilling their commitments. 

In the first instance reply to: 

Box G23ff7. Financial Timas 
10 Cannon Street. EC4P 4BY 


CIGARETTE VENDING 
WE REQUIRE 

A CIGARETTE VENDING ROUND 
IN THE WCT MIDLANDS 
with a minimum turnover at £125.000 
per annum. Please State asking price 
and quality of machine* and location. 

Write Ui 

MR. JOHNSON 

2 Theodore dose. Oldbury, Worley 
Wot Midland* 


FORD MAIN 
DEALER 

(Centra! Scotland required) 

Public Company with to acquire Fo. 
main dealership (preferably with TSE 
but not essential) in Cemnl Scotland^ 
Substantial premium paid f 0 i 
right dealership. Principals onii 
in complete confidence. 1 * 

Write Be* G2384. Financial Times 
10 Cannon Street. EC4P 4BY 


FINANCE 

We seek re preeentadve Sot Confirm- ' I 
inf . Houses seeking buslneas from 
Manufacturer* and Importing House! 
in Nigeria.-' Also we seek Agency con- 
nections, business partners in agricul- 
ture, and principal- overseas. 

Write In confidence tor 
Managing Director . ■ • 

M.T.A. AFOLABI ft CO. LTD. 

. 48 Offin Road,. Lagos, -Nigeria- 


House of Fraser: . Gold, 

Lonrbo completed tbe purchase of shares, 
the: second : tranche of 7.S50D00 Godfrey Davis: 


ordinary shares from CHH Hold- R 
logs' on July 31, 1978. . director. 

Wood' and' Song (Holdings): shareholdii 

Newman. Industries . now bolds the sAle of 
977,667 ordinary shares (24.44 per on A 

cent).; . 

Thermal Syndicate: director. 


t. . has .sold 50.000 4^70 “A” Ordinary shares. "AH 
these pnrehases took place on 
a A. July 27, 1978 at 128p. . 


Mr. 


n-and managing - Grear- Portland Estates: Mr B. 
reduced his personal Samuel, chairman, sold 100. TOO 
in the company by shares on August 3; 1978. 

0.000. ordinary shares ■ Blue Bird Confectionery Hold-. 
-I? 7 * , w • ' togs: Mr. K S. Nassar sold 5QJJ0Q 

"oto ...V.' .C._;Yalaen, ordinary shares, at 78p on August 
disposed of 15,000 2, 1978.. 
on. August . 3, 


SHORT-TERM 
BANK FINANCE . 
AVAILABLE 

for business and_ residential 

propositions- Including bridging 
loans. 

Contact PETER JAMES LTD. 

- SEVEN OAKS 57303 


LIMITED COMPANIES 

. FORMED BY EXPERTS 
. * FOR - 08 INCLUSIVE 
READY MADE 03.' 

: COMPANY SEARCHES 

EXPRtSb CO. REGISTRATION* LTD. 

- 30 Got Rood. EC l • 

0f-62* 5434/5/7361. 9936 


PUBLIC COMPANY 


Seales to acquire companies 
the plant hire, waste 
and cleaning fields, 
only please. 


disposal 

Principals 1 


Write Box G2390. Financial Time. 
10 Cannon Street. BC4P fifiy 


August 3, 2973 at 54ip. These 
shares were issued- as considera- 
tion - for the freehold interest in 
Baltic House- B and C Shipping 
and its subsidiary now hold 
7,030,000 ordinary shares (23.22 
per cent). 

Mills and Attar Internatio nal- 
Britannia . .Arrow - Holdings 
acquired 25.000 ordinary shares 
on August 1, 1978, increasing Its 
holding to 752,447 shares (8.2 per 

ACCOUNTANT AND LKTORBB, 43. cent). 

oi U ^ t?T 7 IH< *" Alexander Howden Group— 
ti^^reiEK for £C 2 eddreas or. rt»je Kuwait Investment Office sold on 
S a SSF&xSTaAs'SSi July 2* IS™. K.OOO ordinary 
snek txchBiw- 'ntej- shares, thereby reducing fts hold- 

to? fa- company to 60)37^00 shares 
f.6 per cent). 

SMSSL^or-caSSSii 0 ^ ew CBlertde , Group-Mr. P. G 

4 sr. or ^wbofteOi^aMsoi Aspinall; director, exercised an 

SSTSteSl option on 20,000 ordinary shares 

care ' interoatkinal L y-- ^°Qp Hoige. at 58. Ip.'. 

*. T f- Centrovtodal Bstates-Mr. - 3. 


Tyneside Investment Trust has Ordinary -shares on August. 3,,. Joseph Shakespeare: : Britannic 
disposed of _ its holding of 7,000 1978- Assorance has acquired a further 

5,6 per cent preference shares. Burton . . Group: Company 30,000 ordinary shares bringing its 

Sogomana Group: reported Cbe^foBowiug purchasers total interest in company to 

Lawrle Plantations and sub- “A” Orttinfay toares-by tnern-^ 800,000 ordinary-shares (1036 per. 
Isidlaries, Lohghourne Holdings, bers- of the' Board:. Mr. G Spencer. cen?0^ _ ■' 
and Jokai Tea Holdings, own 146400, sbares, mr. R. M. Halpern Hambros Investment Trust:' 
410.000 shares 13.15 per cent. 97,400 sbanefs Mr. -B. S. North,- Investment -Trust* Units, . a omt- 
Oty Offices: Bricomin Invest- 23-200 shares and It L. D. Rice trust, managed by Save' and 
j mens, .subsidiary of British and 12 - B6 ° shares. Lady Enid Wood- Prosper Securities, beneficially 
j Commonwealth Shipping, acquired roo ^ e » wile of Sir Ernest G. owns 11616484 ordinary 
5QP.000 new ordinmy^toares on Woodroofe.^-dircctbr, purchased (5.05 per cent). ■ . . 


I 


P CHARTERHOUSE JAPHET 
INTERNATIONAL FINANCE BeV- 

. . Sj^S. ?lp,000,0(HI Guaranteed Floating 

. : : Rate Notes 1985 ' 

Notice fa given pursuant. to Condition 4(e) of -the Terms and 
Conditions, of the above-mentioned Notes that the Rate or 
Interest (as therein defined) for toe Interest Period (as 
therein defined) from. 9th August, 197R to 9th February 1979 
fa at the -annual rate of 94 per cent The U.S. Dollar amount 
to which the holders of Coupon No. 1 will be entitled on duly 
presenting the same for payment on 9*b February. 1979 will 
be U.S. Dollars 46.64, subject to such amendments thereto (or 
appropriate alternative arrangements by way of adjustment) 
which we may make, without further notice, in the event of 
to ^extension • or shortening of toe above-mentioned Interest 

8th COMPANY LIMITED 

Sto Augos&tm (Agent Bank) 


J.. 









'M\ 


x! . K 


1ft 


Vt 


Tinanritil Times Tuesday August 8 . 1978 

World Value of the Pound 


17 


T&e tiMt. below gives tbe 
latest available rates of exchange 
for the pooBd against various 
currebciefc on. August 7, 1978. fit 
some cases. Tates are nominal. 
Market rates are the average of" 
buying and selling rates except ! 
where they -ara-.-5hpwa-;to. be' 
otherwise. Ia some cases market 
rates have been calculated from 


-those of. fijrelga currencies to 
which they are. tied! 
j - Exchange" Lor- the UK aod most 
of titeepuBtries listed Iff officially 
.controlled . and the rates shown 
should not be take*) *s being 
applicable to - any particular 
transaction without reference to 
an. authorised dealer!.- 
.. Abbreviations: (S) member of 


the sterling area other than 
Scheduled Territories; (k) 
Scheduled Territory; (o) official 
rate; (FI free rate; (T) tourist 
rate; (n.e.) noxMMmmerelal rate; 
(da) not available: (A) approxi- 
mate rate no direct quotation 
available; <sg) selling rate;, (bg) 
buying rate; (nom.) nominal; 
(exC) exchange certificate rate; 


(P) based on U.S. dollar parities 
and goiog sterling dollar rate; 
fBk) bankers* rate; (Bas) basic 
rate; (cm) commercial rate; 
fra) convertible rate; <fn) 
financlal rate. 

Sharp fluctuations have been 
seen lately In the foreign 
exchange market. Rates in the 
table below are not in all cases 
dosing rates on the dates shown. 


•■li- • . 

s? 

.. ' \ 


ri&Cfl ud Local Unit 


AlhAwy ,., T p ft ' 
Algeria... ffliw 


•'l 


1 \ 
iit 


-/Frtacfi. Franc, 

... —JCtrana *** 

Ww A Qtettfrean. $ 
iil^ Argentina ^ Ar. Few Free Ssj 
' A tm 6 i i U n (ft . Australian »• 

fn*ria- SeWUbw ,- 

... A»b* i-Fartnir. Surah 

I \]| vv BaduuuM (8)0*. DoUbt 

>1 BffigkdMhgw j5-tat 

' ' A uhhris&UUnr 

W»h« 3 *tod Spn.P«ete 
,J i (.Btetado* (S) M %ztatAoiOtr- 


Mr» 
: !.•' 


Tain* of 
{flading 


- 

7 JB 7 S 

MSi 

MUI 

JLA 

uisa 
TA54 
i.gsbd 
Z 7 J 7 & 
.6725 : 
1.WH 
I 7 . 94 (ib} 

- 14 * 75 .. 


Blgl mn B. Frano 


=r - i- 

•l» CJVA. Fraa o. 1 

.. •- Bermuda 6 . . 

-r. Bantu Indian fiance 

CBoUvta BoUriaa Foso ' 

,|. ^ BotfcnUBlS)- Bata 

■^Brazil O nu i aa t+- " 

,J V"i Br Virgin U. 3 ..* - 

BrtqteJ ( 8 ) . Brunei M ■ -ht 
... ' Bnl plfr v x ffir >' T 


:i!i 


?“ Bnrrr»...„. 

V: ' . . • 

Burundi _ 


-K7*a • . • J 

..Bjnmill Tone 


((temlM.IS 



OF A Ftfaw . C 
— — Ctarntta $ 

■ ^OatUay M*_ BpeoUfc PMete 

y.'* .Cape Verdi L Gun V 3 nndo 
l1 !\i ,Chyznfcn l»(S) Any. L t 

■ ’■-■ I o 1 l ,Oent.Af.Bp_ OJJL Franc .* 

■ y Ofaad C-g.A. Franc .. 

owje„.., o.Pta» 

• j OfliftB., _ r . t „, Y'cUKB 

-'..Colombia QLFaao 

Comoro, lk_-CLF.A. Franc . : 

. .. ; Congo CB'Hd)- CtFJL' Frano 

'Costa Bit*, Cotan 

u Cnba. Cuban Few 
, j Orpnui (S)™ C^rtan»£ ; 

-OmobaalonX Xonma 

■ K Da nmirk — - Baniah Krone 

Djibouti - Ft. 

Dominica (S) X. Oaribbou 9 . 
Demin. Bap- Dominican FmoJ 


1 X 2 GSS. 

T 7 £U 

42 U, 

148.76 


S 7 .K . 

l-EfiB&Z . 

. 43 H« ■ 

4 JTSn . 

J-.5JBW- • 
(F)74lBB - 
- 42 JSi . 
... • 

1 G.BS 8 . 
1.4405 • ‘ 
■ 0.7116 • 
■(aaniBLSO 


1M 
10.S1 
•" 610 ■ 
B.21BB 
US SOD 


Place add Lboal 


i.Tdiiepf 
f Sterling 


Bonador ...... a aam ■ •; r _ 

Bcrptimr® T 

Stbiepm »» BtUtybaffirr 
Bq’t'l Qalnaa FumU 

Faro I* Dan.r ; Kmoa 

FlSJa U-Fijif -. • 

FfaUwd„j.-ayM*flcfc«. ~ ’ ' 

Ftanaa._..._. prenti Frano 
FrCtytoAf* UJZJl. Fiano 
Fr.Qui ma I«wal Fdmc _ 

Ft Ebt Ifc™. 

Oabon™ — _CJAr»» 
Gambia. <gl„ Dalasi ‘ : 

Ghana Cafl ' 
GihodEar (KJ. Gibraltar £ ■ 

Gil boa la Autt Dollar 

Bi ww Drachma 


f( 0 ) 48 JM 
1 m 62.44 
tfO) 0 . 7 M 
1 r£)U 7 
. (F) 1.93967 
. 146.76 

■*“ 1J>. 

- 10.81 
i^aio. 

' - , 7.965 
.:•• 6.4Zia 

421*4 

8 . 4 Sls 

. . 153.36 
V Mlb 

4.0082 


Gret-.ft). Daniah Kroner. 

Grenada fS 3 )_ E- -Carribeans : 
Gnadalonpe,- l«al Franc . - 
Guam^i-— HSf . ,’:.V 

Guatemala..*. Queiral 
Guinea Bcj>- filly 
GniiiftBi'ogp - - r P - 

GuyaaiMS) finpvtf 


H imgpiy„ gnriny 


' U> 

■ *3ftsgi 

■ UIM 
74880 
70.6560 

-'1041 
: 64 W 8 
. 6 . 461 a 
lr. 1 -S 5 KJ 
74600 
374678 
874882 
44215 
8.860 
<48 
9.8214 
72.86 


leelsnd <s> " 

India («_d 
MomA—, 

Iraq 


-IHahKepdO- 
latael 

Italy.-. 


Ivory Coast— 

Jamaica W)~ 

Jnpm r--- 

-io rrian ( Sj 

ITftln r mrihft ft- 

Kaoya ( 3 ) 

Korea (Nth]-. 
Korea (dfiij..,. 
Kuwait fiSth). 
Ians — 

Tm^fppn . ., imi 

Lcaotho... . 

Utieria 

Libya—. 


l Krona " - yi- 
Ind. BanM . 1 • 
jRoylah ■ 

UlmJ 

Iraq Dinar ' 
Irish £ 

Iaraol £ . - 

Mm J 

0 J jL Prank 
Jamaica DbUar- 

Xea 

Jordan Dinar 
Rial 

Kenya SUHDo*' 

Won ’ ■■ ' 

Woo 

Kuwait Dinar 7 " 
Kip Pot Pol - - 


6 ; African BapS-F 
Ubedan B“: : 
Libyan. Dtnro 


: 10444 

- 76478 ^k) 
‘.40046 

•<6iM8 

84788 

- UDB 
36.106 

-142854 

Jl*%. 

■rVHVr 

r S 541 q 

smut# 

.2476^ 

- MJ 26 
1 J 21 B(D 

-80.16 
: 1 LM 4 
? -W 8_0 
"SJ 17 G 
1478282 
-14500 
(F ) 047 1368 


Plan and Local Unit 


Ljet ht’nscn.^ Swisa fume 
Mumbonig. Lux Franc 

Macao PWaca 

Mjuteto. Pcnttup'oeSBODdoj 
Kp. UGr Franc 
Malawi Kwasba 

SBSift ^H^pee 

Mai! Up Mi»n Frano 

Dalia W)_ : _ MaltW«£ 
Martinique-, Local ftaae 
Uauncama_. OiqnUya 7 ■ 
Uaorttuu (S). M. Uupee 

^ Mexiran Peao 
UlquploiL__ C.Fa Franc 

Howca„. French FntdO 

Ayjjpjha TogriJr 

MoiwerrM__. B. Cam bean 9 

M orfvro Dlrtaun 

Mozniubknie.. ilia. Bwulo . 1 


Value <rf 

fisterhzig 


5.295« 

ffLtt 

9481 Gl 

8746 

4275* 


4.46726 

74848 

845J4 

0.7870 

8.451a 

044024 

71.7848 

44 JB 

4213 *' 

B 451 * 

( 0 16 . 7655 ( 1 ) 
64168 
7 . 84 * aq) 
63411 


Nauru Is. 

Neiial 

Nether laada.. 
Xetb. Aot'lea. 
New Hebrides 
JJ. Zealand (S) 
Nkanwua .... 

Nicer Bp. 

Niaeria (Si 

Norway 

Oman Sultan- 


Aim. Dollar— ^ 
Nepslete Uupee 
GuUrter 
AntiiNu Guild. 
/Fnua- 

lAustL Dollar 
N 4 . Dollar 
Cecdota 
C.PJU Franc 
Naira 

Si rw[f.. Krone ' 


man Sultan- ) ^ 

ate of (S) / “*** ° tmai 


Pakistan . 
Panama 


. Pfcat. Bopee 
.Balboa 


PapuaN.G.(S] Kina 


Paraznay™ 
FpTa D. Bp 
id Yemen (S) 
Peru 


Guarani 


Philippines-. 
PI t calm 1 *. ( 8 ) 
Poland ..... 


Portugal 
Port liinot_ 
Principe Isle. 

Puerto Rico 

Qatar (S) 

Reunion 

lie de la 

Rbodealn— ... 


S. Yemen Dtoai 
So* 

Ph- peso- 

\$,sr£ui 

Zloty 

Hscudo 
HBL-odS 

9 

Qatar Byal 

French Franc 
Rhodesian S 


25.78 
441 
54647 
158.525 
1.B89B 
■.. 7 . 85 ® 
73 . 67 - . 
4213 f 

L 2 TIBW«f£) 

70.22 

846 B 

78456(qKl 
74500 T 

14U 

24146 
(AJ 0.66908 
|a*e(A) 288 .D 7 
1440888 


dS%' 


1.8529 
) (Cm i« 2.40 
I (Ti 8 Z 4 fl 

' 8745 
8746 
8746 
14300 
7.48 

8 . 451 * 

14984 


Plane and Local TJaic. 


Bonairf«^_ Leu { 

Bwaada Kwanda Vrane 

St. Dhrlato- 

ufcar (B )~ — A Caribbean I 
SL rtrimft— .. St. flelenai 
St Luda E. Cbrlbbean.f 

dt Pierre — _ CJ.A. Franc 
SUVitueotfS) B. Caribbean 9 
Salvador BL— Oolon - 
S*nwa» (Am].D 4 ..S 
sian ilarino— Italian Urn' 

Sao Tome Pose. Btcado 

Saudi Arabia. Byal 


Senegal. 


J'.A. Frano 


beydieUes 5 . Kupee 

SlemLe'nefS) £«one 
Singapore (S). din^apoTe 8 
Solomon |«(S) iJnienHO la. S 
Somali Hen. - 60 m ahliiw 
Sib. A fries ( 5 ) Band 
S. W. African . 

Temtcatw (d) S. A. Band 

Spam Peseta 

Span. Pane in 
North Africa Peseta 
Sri tanka (SJS. U Rupee 

Sudan Kp Sudan £ 

Surina m fi. Gilder 

S waal land (S.l Lf>njtenl 

Sweden &. Krona 

Switzerland _ Swiss Franc 

Syria- J.. SyriaX 

Tartran New Taiwan 

Tamamta (S.i.Tan. Shilling 
Thaiimnl„..„ Bsbt> 

Togo Kp„. C-F.A. Piano 

Too^a is, |S 7 . Pa’anga 
TriDiilad (S-).. Trtn. A Tobago 
TuuIkIb Tun Irian Dinar 

Turkey Turidah Lfxa 

Turk# tt Co U 4 . S 

Tuvalu Australian £ 

Uganda (S.). Cg. Shilling 
United States B 4 . Doll»- 

Brngusy Uruguay Peso 

Utd^.'bBinia DJUH. Dirham 

U 44 JL Uoublo 

Upper Volta . CJ'.A. Franc 

Vatican— — Italian Lire 
Venezuela Bolivar 

VtetoamfNtb) Dong | 

Vietnam (Stb) Piaore 
Virginia. D 4 . U 4 . Dollar 
Western 

Samoa (S)» Samoan Tala 

Yemen Bni 

Yueuaiavla.^. New X Dinar 
Zaare Kp — Zaire 
Zambia Kwacha 


-VtUneof 
£ Starling 


(coiiwa 
NcW2L79 
17641 


THE POUND SPOT 


Currency, Money and Gold Markets 

V 7 *. 


Dollar and 
pound weak 



Currency movements in yester- 
day's foreign exchange market 
showed no clear pattern and 
■white sterling was stronger 
against the dollar, it was weaker 
overall. The dollar's weakness 
was more pronounced against the 
Wert German mark. Initial switch- 
ing. out of the dollar in favour 
of the D-mark pushed the latter 
to DM2.0080 at one point but 
during the afternoon the dollar 
recovered from its weakest levels, 

with a little central bank inter- 
vention, to dose at DM2.0030, 
compared with a best level for 
the day of DMg.0250 and Friday's 


1.678282 
- 746.76 

148.76 
28 . 8876 (-gi 
i Aifl .772 

5.4547 
1.678282 
8.68i£ 
3483 * , 

(A 1747625 1 
fP' 83.48 
14.72 
58 .M 5 l*eJ ' 
4213 i 1 

14778 
4432 
B- 772 ( 8 c) 

46.76 
1.8500 
1.8880 
14 . 421 i 
14300 

JM 12.10 
l(lo) 12.18 
7.48 
1.28 
4215 > 
T, 62 d 3 4 
849 
4.2874 
1 S 7 III 7 
54785 
1.85 DO 

1.7842 



■ Thu put at On French oonumtniCf in I z. 
Africa formerly murf of Ftvucfa Wwr 
Africa or French Emucarial Africa, ’ 
t Rhmm pet.OomsL 


. • ■ . • i: . 

The Auguya bn nmbg^d the CPA 
franc. 'The exchange waa-vuMIe- at a 
rata of GFA Fr 9 to Sjb;g« of the 
, hv carrcncn . r ' j 


S General rates of oD awl trtM ni pot tB 
81 . 08 . 

|| Based oo croiil fates against Russian 
rouble! 


— Rata is the Truster market (con- 
ttofieOl. 

tr Rate is now band on 2 Barbados * to 
the dollar. 

tt Row one official ratei 


Close Of DM2.0340. The Swiss 
franc finished at SwFr L7080 with 
a best level of SwFr 1.6875 and 
a low of SwFr 1.7165. Using 
Morgan Guaranty figures at noon 
In Now York, the dollar's trade 
weighted average depredation 
widened to 9-S per cent from 
9.0 per cent on Friday. 

Sterling traded quietly for most 
of the . day and opened at SL9290- 
$1.3300. Early dollar weakness 
saw the pound touch JL9315- 
$L9325 and although positions 
were reversed in the afternoon, 
sterling showed a 65 point gain 
at the dose to $1.9295-1-9305. 
Using Bank of England figures, 
the pound’s trade weighted index 
fell to 62.2 from 62.4 on Friday, 
haring stood at 62-3 at noon and 
in early dealings. 

Trading in the Japanese yen re- 
mained at a generally low level 
and in dollar terms it unproved 
to- Y188-S0 from Y1 90.025 pre- 
viously. 

ZURICH— The dollar was 
initially easier against the Swiss 
franc but recovered later in very 
thin trading. However, the UJS. 


currency still remained weaker 
against the West German mark. 
It was suggested that with banks 
now holding an excess of Euro- 
Swiss francs, day-to-day funds 
were being offered below par and 
that this would continue to exert 
downward pressure on the franc. 
After touching an all-time low of 
SwFr 1.6880 early on, the doDar 
improved to SwFr L6982}. In 
terms of the D-mark, the dollar 
was quoted, at DM 2.0145 although 

there was tittle activity in this 
area. 

FRANKFURT— The dollar was 
fixed at DM 2.0124 compared with 
DM 2.0285 on Friday. Once again 
the Bundesbank intervened at the 
fixing, buying . nearly $15m 
although this was not seen as 
being substantial. There was 
little trading in dollar /'marks with 
attention being focused on the 
Swiss franc. However after the 
fixing activity tended to increase 
somewhat and the dollar 
weakened to nearer the psycho- 
logical DM 2.0 barrier at 

TOKYO — The dollar showed a 
slight improvement against the 
yen in fairly quiet conditions. 
Trading took place over a 
considerable range and the dollar 
opened at Y18950 but at one 
point fell to Y1 88-60. However, 
at times there was a little demand 
for the U.S. currency and it saw 
a best level of Y190.10 before 
easing back to close at Y189.075 
compared with Friday’s close of 
Yl 88.675. 

There was little in the way of 
fresh factors to influence die 
market and trading volume was a 
moderate &451m in spot turnover 
while combined forward and swap 
dealings accounted for 3668m. 

PARIS — The franc was stronger 
against the dollar but lost ground 
to the D-mark. Trading was very 
subdued and the dollar was 
quoted at FFr 4.37. down from 
its best level of FFr4.37373 and 
FFr4.3850 on Friday. The D-mark 
rose to FFr2.1745 compared with 
FFr2.1569 on Friday while 
sterling eased to FFr 8.4325 from 
FFr8.4630 previously. 

MILAN — In generally light 
trading, the dollar fell to L8S9.65 
at the fixing, its lowest level for 
22 months and compared with 
Friday's fixing of L841.45. The 
lira was also stronger against 
sterling and the Swiss franc while 
the mark showed a firmer 
tendency. 


Ana. 7 

UJsak[ 

ratew Dav'i 
% \ Sl'Wl 

- 

Close 

U^.S 

7Uil.9380-l.H28 

1.929il.98t5 

CaoaHun 5 

a 

2.19562.1975 

LISBOi 7870 

(iuilitei 

41jl 4.5D.t.2JA 

4.20f-4.S14 

Uelxisn Fr. 

8 

6l.0b-8I.H 

fil.1lf-01.2U 

Lhunah Ki 

8 

ID. 59A 10.67 

78.EOi-10.ti 14 

Ll-Mant 

s 

5.B7-5.S2 

iJ7i-3-0W 

Hon. Esc. 

18 

S7-6M8.5C 

87.70-98.20 

Span. Fes. 

s 

146.65-1 47 Jtt 

146.70-146.80 

Um 

We'Un&i-l.G&Ui 

1.820J uaii 

-Vrwjjn. Kj. 

7 

10.20^-10^7 

10.Slj-10.724 

7 ressca Ft. 

»r 

8.42B.45 

8.43-8.44 

tiwedlshlii. 

fils 

8J9i-5^4i 

1GM.61 

itn 

at? 

362488 

554-565 

Auaria Sell 

4>i 

27.05-2BJ6 

27J8-2BJH1 

avrlss fr. 

1 

BJ6-3.S2 



Financial franc 62 AB 42 .S 8 . 


FORWARD AGAINST £ 


Dub Bwntb ! J pju Three ownth-! t p-o. 

I I 


0 - 72 -a.C 2 e.|<nij 4.18 : 1 . 47 - 147 r.pu| 
0.85446 v. put 3.2B IT.S5-l.25c.pmJ 
2 j 4 - 1 j 4 c.cm ) 6.41 1 &-S v.iun . 

1546 c. pm [ 1,96 p 5 . 25 r.piii J 
l^*ra ifn-Mui 0.85 j 2 ,- 4 ; ure till - 
pi pm I aJB | 8.7 id | ,ui ! 
WM 50 tr. , 1 u. 15 .d 4 ;IM 4 SU u. His- 

20 cpm- 80 e.dl!il— 2.45 [I 011 i>c.dw i- 
1 lire pin 1 di'J ]»i | 6-3 lire .iu j- 
4 J- 2 -I iTOfun j fi.ST ore nm I 
5-2 c. pm 5 . 5 B <&4 pm i 
ere pm J 2.44 Sj- 5 a -re pm ■ 
W 5445 ypnii 12 . IE 4 . 856.50 tTimi 
15-5 pro pm ] 4 .S 9 ' 58-28 Rrn pni 
37 B - 27 B c.|itn 12^8 !aU- 8 U c.ins 


2.94 

2.17 

5.22 

1.96 

- 1.41 

7.71 
- 15.19 
- 1.64 
- 1.85 

1.76 

2.15 

2.09 

8.52 

4.72 
10.81 


Six-month forward dollar 2.C-2 m 2 c pa, 

U-WShlh i-SMCc pm. 


THE DOLLAR SPOT 

Auarat 7 

Oqy's 

reread 

Clom 

Canad'o S* 

87 AU 7.92 

B 7 X 9 X 7.02 

Guilder 

2 J. 710 - 2.1905 

2 J 7 B 20 A 792 

Belt lan Fr 

31 . 66-3138 

31 . 66 - 3 L 67 

Danish Kr 

ueos-um 

tmuBix 

D-Mark 

2 - 0085^.6220 

2 J 08 S- 2 JB 95 

Puri. E * 



KKMOA 

Lira 

B 39 JO« 3 «JO 

SMAOA 39 XP 

Sreia, Kr 

5 - 29 S- 5 - 3 D 65 

5 J 9 J 5 -SJ 9 © 

Frenc* Fr 

A 3 »tM 37 » 

A 3 finM 3 tAfi 

Swedish Kr 

4 ASB 5 - 4 A 740 

«.«* 5 Aa 605 

Yen 

18 * 35 - 188 AO 

U 8 .C 5 -UU 0 

Austria ScS 


MJ 0 S 0 - 1 UB 0 

Swiss Fr 

l-MlR-LTOfcS 

X. 70 S 5 - 1 . 7 HS 

-U.S 

cents per Canadian S. 


FORWARD AGAINST $ 


One month 


im. Throe tnoottrf p.a. 


ILOMMcdls 

pm 

(MJSmjOc dk 
0 . 9 MS 8 pf pm 
Wk 5 - 5 .«l Ire dks 
»u!iML 30 c dl» 
I- 30 -l.lSy pm 
US-U 2 C pm 


OAS 0 J 24 MKC dls -OJtl 
2.76 L 21 -I J 2 c pm 2 JSI 
-WT 0 JD 6 «J 0 c dls — 0 J 2 

4 AI 2 JH. 2 . 48 PT pm 4 . 7 S 

- 4 JO 9 AD-ICL 25 ltrcdb - 0 p*| 

- 0 A 9 0 . 15 -IA 5 C dls > 0.81 

6.18 3 - 15 - 3 . 80 » pm 633 

BJG 3 J 8 - 3 A 2 C pm 1 JM 


CURRENCY MOVEMENTS I CURRENCY RATES 



Bank of Meraan 

Aapast 1 

England Guaranty 
Index: changes % 


62-24 


8235 


Stcrtln* .. 

U.S. dollar 

Canadian dollar 
Austrian aritUlins 
Belgian franc .... 

Danish krone .... 

Deutsche Maris . 

Swiss franc 

Guilder 

French franc _ 

Ura 

Yen 155.21 +SJ 

Based oo trade weighted chances from 
Washlnstoo acreemem December. 1871 
iBank of England Index= 160 ). 


- 40.9 

- 93 
-DLS 
+ 1*3 

11032 + 12 J 

nojl + 53 . 
ULM + 35.9 
19330 +* 6.7 

11935 + 16.9 

- 33 


August 4 

Special 

Drawing 

Rlghu 

European 
Unit of 
Accosnt 

SlerliUK 

0A54U8 

0.659431 

U.S. dollar 

1-26276 

1-2743* 

Canadian dollar 

1-03853 

1.00847 

Austrian schilling ... 

lB.au* 

IB. 6277 

Beljoaxi franc 

00.3957 

40.76*8 

Danish kroon 

*.99864 

7.052*3 

Deutsche Marie ..... 

2.5*151 

238512 

Guilder . . 

2.77176 

2.74757 

hTcncb franc . .. 

5-53301 

5JX353 

Ura 

1062.61 

1072 JX 

Yen . . 

23B-03O 

240.261 

Narurcelan krone 

6.7355* 

*.74416 

Peseta 

96-2791 

47-1331 

Swedish krona 

5.66727 

5.704M 

Swiss franc 

215427 

23*460 


OTHER MARKETS 


Aug. 7 

£ 


ps 


£ 

Note Kates 


809 . 35 - 811.40 lu-nix. 

0 . 8 bbl- 0 . 6 b 62 Belgium ....... 

4 . 1580 - 4.1400 fi.nmark 

18 . 32 - 18. 42 Fiance 

36.15 37.04 Urnnanv- 

4 . 6710 - 4.6750 Halt 

68.91 72-02 jiafain 

0 - 8680 ^ 7. 274 llXct I, eriaiKl. ... 

31 ^ 7 - 3.69 {Nvrwav 

2 . 3 140 - 8 . 3 160 < h ut una l 

0 . 9481 - 0 . 95 10 pj« i n. 

3 . 36 - 3.41 pvnmiaivl... 
2 . 2535 - 2 . 2545 Uniictl Aim. 
0 R 6514 ). 8740 li' n^o-Ui v ib.._. 


27ij-3eii 

65-64 

10 . 60 - 10.73 
B. 4 O- 0. 50 
3 . 85 - 3.95 
1600-1625 
362^72 
4 . 204.50 
10 . 25 - 10.35 
82-89 

1441-148 
5 . 26 - 3.35 
1 . 921 - 1 . 931 s: 
3612-3812 


Rata mveo for Aruerntna in free rats. 


,= *».. 

.*?»»:- 




EXCHANGE CROSS-RATES 


v< sp 


.i \\ 


! i knNS : 


nrn 

rtli 


t - ! 

q.t' 


■ nrr 



f.M- - 

.1 •; r 1 ‘ - | “^rr 1 r.;- -T ' 



. v. v 



EPTEMBER 18 1978 


The Financial Times 
editorial synopsis; fe 

INTRODUCnON The j^given to'tiie counties 
self-<Mnfideiice by apeyitra of economic reces- 
sion and political controversy; renewal of 
Mr. Malcolm Fras^s mandate as Prime 
Minister after a weUrtimed general election; 
risking higher unemployment to keep inflation 


nbHsh a major Survey of Australia. The provisional 


Aug. 7 . 

Sterling 

l 1 «n«rtnB 

Dollar 

Das. Dollar 

Dutch Guilder 

Sirin Franc 

W. German 
Mark 

French Franc 

Italian Lira 

Aslan S 1 J«]nne« Yen 

1 abort lean. — 
7 .IPVs notice. 

Month 

1 hire month- „ 

Six moo the. 

line .te«r 

11111 , 

11 HU 
1130 - 115 , 
11-1158 

11 * 113 * 

11 'BlUc 

8 -B 

8-9 

Bla^lq 

81 i- 8 t 8 

8 T««l 4 

918 - 91 * 

73, -8 

73,-8 

Ul««l 8 

8 &fl 87 B 

»W*SA 

47 B . 5 I B 

A 7 B - 5 I B 

614-518 

&»a- 53 , 

6 I 4 -S 12 

6 ia -634 

1 -U 4 din 
1 -H, ilia 
~Tfe 1 A 

30 - 1 * 

70- 1 

lA-lri 

8 ia- 2 fie 

dls-aio 

3 Bfl dl B 

- 4 - 41 B 

718-750 

7 U -718 

91 , 9>2 
95,-10 
1 OI 0 - 1 U 30 

9 -lfi 
■ IS 13 
12 >c- 13 ie 

13-14 

Z 3 li- 14 l e 

14 16 

aeig 

8 U- 83 B 

83,-078 

Blg-U 

- 

— 15 ,- 13 , 

li 2 -l *8 

258 - 23 , 

STu-ai, 


FOREIGN RELATIONS Despite nis criticism 
of the previous Government, Prime Minister 
Fraser has increasingly turned his attention to 
the Third World. 


BUSINESS REGULATION 


With an agreement 
Govem- 


in check; (3 osct - relations with Asian states;._now between the Federal and State Govern- 
disputes with :the EEC cxyeir trade- barriers. • . ’ merits, a nationwide system of regulations for 
^ ' ' ' r ■: . ; :^he stock exchanges and companies will be 

POLITICS The Fraser Government s- expecta- jpp^ratiDg in Australia next year, 
tion of a long period in power; change in.:.'. 

leadership oLthe Labour Party . with Mr. Gough POPULATION Despite high unemployment 
Whitlam stepping down and being replaced by Siere are still many influential advocates of 
Mr. Bill Haydej^^; .- ^ - ^ ' " ; i^a . resumption of a high-level immigration 

THE ECONOMY The Governments success in vJ^gramme. 

hiding prices in check; record unemployment; ^UERAL RELATIONS The federal system bas 
manufacturing badly hit by the recession. .had another testing year, marked by serious 
THE 1978 BUDGET- 'The August Budget as a;. :Federal-State disputes over policies towards the 
key to the G n vp mm ftrtP g vntteTiiiftTiH and likely . v'^Sorighies, development projects and taxation.. 

success in hiding down inflation, maintaining ^ , irL . . .. , „ . 

the exchange rate ahd strengthening;, the base ^MF^TYLES Whatever the general economic 
for fnSr^Tecovery; ; v . / -7- -; .. --^oblems, many Australians can afford 

- - •••*•••■ ’^pensive recreation activities, creating boom 

shnditions in some of the leisure industries. 


URANIUM'^The importance of the controversy 
over miniog and exploitation in a country with 
more than 20'lper cent of the Western world's 
uranium. reserves. - 


MUSING A vital foctor in Australia’s balance , 

of payments; cutbacks in -Iron ore and coal - ^SECURITIES 
. demand from Japan’s depressed steel industry. - •'-* ' - ^ " 

MANUFAUrCIUNG -Tlie Sector of the economy 


- • FARMING With pockets of severe depression, 

' as pti. the beef industry, the rural community 

has .become increasingly politicised and vocal 

The shake-out of the securities 

- ihdastxy has continued but many of the 

jairyiTars see brighter days ahead in the form 

hardest. . Jut . by . recession ; long-term trend -..^-.renewed signs of foreign interest in the 
towards a smaller contribution to Australian ^markets. ■ . - 

GDP T T . JBA1W0NG AND INSURANCE The Rnandal 

FOREIGN INVESTMENT 'One ; of the keys to . institiitioiis; a nervous year in some respects, 
economic recovery; slow increase- in a number - especially with the Government's determinedly 
Of new ventures; mtentives again under review;- ' interventionist attitude oh interest rates and in . 
MQ^ ^USTRY Two oJ the, worst years oft W of . the. extremely tight money condffions. 

reriffSYor 16 oarhaaikers despite, a Goyemmrait ^jjjjqns Facing as many problems as 

policy guaranteeing from 20 per cent rf tto ^ tejnesg sect0I . ) the unions have been 
domestic market^ looking -to foreign partners looking to mergers and reorganisa- 

for iielp. : ; - .. : tion as they contend with high unemployment 

TRADE ' PTessures on the Government from " and' falling membership. 

ASEAN, countries for- greater .access to the. ■jry- 

Australian, market Sirains with the EEC and .. NORTH-WEST SHELF A progress report on 
in the all-hnportaht. relationship '.with Japan. ; Australia’s biggest development project 

For furfher detmls on advertising rates in this Survey: and other advertising requirements please 
contact: . ■*. v . : . y . 

Johh'Hayman 

1 financial 'Hmes, ^acken House 

. < lO Cannon Street, London EC4P 4BY 
: :■ ;TeI: 01 - 248'. 8000 EXL 263 

FINANCIALI1MES 

: _ EUROPE^ BUSINESS NEWSPAPER 

the Survey* teilto FlnaaeiUTteiw are subjret to 4mm « 9* of ffi* 


. Ang. 7 

Fmitn, Sierlinn 

li-S. Uoltar 

Ueuuchellarkj 4 >i|juiert' Yen 

Freacb Ira lie 

an-ic Fran. 

Uutcu Uuihiei 

Italian Lira 

Coiiinm Uniiar J Ueicuui Fran 

ftxatd Staging 

L 

1.930 

3 D 80 

364.5 

8.435 

3 -2 9 a 

4.210 

1621 . 

2.197 

61.15 

UJS. Dollar 

0.618 

1 . 

2 .U 10 

188 D 

4.370 

1.709 

2.181 

839.8 

1.138 

31.68 

Denutra Mark 

o.ate 

0.497 

1 - 

93.94 

2.174 

0.850 

1.085 

417.7 

O.S 66 

13.76 

Japanew Yen 1.000 

2-743 

6.295 

10.64 

1000 . 

23.14 

9.047 

11.55 

4447 . 

6.025 

167.8 

French Franc 10 

1.186 

2.288 

4.600 

432.1 

ia 

3.909 


1921 

2.504 

72-50 

I jwkihwic 

0.303 

0.585 

1.177 

1 U .5 

2.558 

L 


491.5 

0.666 

18.54 

1 Dutch Guilder 

0.238 

0 . 458 - 

0.922 

86.58 

2.004 

a 783 

1 . 

385.0 

0.322 

14.62 

1 ltailan-.Llra 1,000 

0 . 617 . 

1.191 

2.394 

224.9 

3.204 

2. 035 

2.598 

lUuO. 

1.355 

37.73 

1 

0.455 

0.879 

mvrrm 

165.9 

3.840 

v 1.501 

1.917 

737.9 

1 . 

27.84 


1.635 

h - ' 3.156 

WtiZM 

596.1 

13.79 

. 5.392 - 

6 .BB 5 

2550 . 

3.692 

100 - ’• 


EURO-CURRENCY INTEREST RATES 


The following nominal rates were Quo Led for London dollar certificates of deposit. One monOi 7 . 85 - 8.05 per cent; three months S. 15-3 ^5 per cent: six months S-jt-S.Q 

per a-nt, on* rear & 70 - 8 JM) per cent. 

Long-texm Eurodollar deposits: two yean 9 - 9 $ per cent: three yean 93 ie- 95 v> per com: four yean 9 M)i par cent: five years 95 u- 97 u pci cent nominal chralng 
rates. 

Short -renn rates are call for sterling. U 5 . dollars and Canadian dollars: two days’ noftco for guilders and Swiss francs. Aslan rotes are dosing rates m Singapore. 


INTERNATIONAL MONEY MARKET 


German call money rate falls 


Call money was quoted sharply 
lower In Frankfurt yesterday at 

3.0 per cent compared with 3.4 
per cent on Friday. -Short term 
funds in the D-mark Euromarket 
are trading around 2.5 per cent 
and this is tending to depress the 
domestic rate. Liquidity has been 
boosted at the same time with 
money coming off the foreign ex- 
change market as the Bundesbank 
continues- to support the Belgian 
franc and the U.S. dollar. Longer 
term rates were also easier with 
one-month money at 3.5 per cent 
from 3.7 per cent and a three- 
month rate of 3.7 per cent against 
3.8 per cent. Six-month funds were 
also lower, at 4.0 per cent from 

4.1 per cent 

BRUSSELS^-For the second 
week running the Belgian Central 
Bank has decided to increase the 
rates on short-term Treasury 
certificates. One month paper now 
stands at 6,40 per cent from 5.9 
per cent; two-month at 6.65 per 
cent from 6.15 per cent and three- 


month certificates at 8.85 per cent 
compared with 6.33 per cent pre- 
viously. These increases are seen 
as a further attempt by the 
authorities to strengthen the 
Belgian franc. The latter has 
followed a consistently weaker 
trend over the past month or so 
and was officially priced yesterday 
at BFr 15.76473 in terms of the 
D-mark, which is fust below its 
floor level within the European 
snake. 

Deposit rates for the Belgian 
franc were firmer throughout at 
Bf-7 per cent against 6J-63 per 
cent for one-month and 7-7} per 
cent from 6J-7J per cent for three- 
month. Six-month deposits were 
also firmer at 74-7J per cent com- 
pared with 7|-7| per cent while 
the 13-month rate was unchanged 
at 72-Si per cent 

NEW YORK — 13-week Treasury 
bills were quoted at 6.75 per cent 
from 6.78 per cent late on Friday 
while 36-week bills were slightly 
firmer at 7.17 per cent compared 
with 7J4 per cent One year bills 


also rose to 7.57 per cent from 
7.3S per cent Federal funds were 
trading at 7J per cent, slightly up 
from Friday’s level of 7}-} per 
cent One-mouth certificates of 
deposit showed little change at 
7.70 per cent, two-mouth at 7J83 
per cent and three-month at 7.95 
per cent 

PARIS — Call money was quoted 
at 7] per cent compared ' with 
Friday’s rate of 7} per cent The 
latter was high for technical 
reasons which included payments 
to the Treasury and large paper 
maturities in official hands. 
Yesterday’s , rate reflected the 
nearer normal conditions. Longer 
term rates showed little change 
from 7i-7| per cent for the one- 
month through to Sj}-S£ per cent 
for one-ye ar money. 

AMSTERDAM — Call money was 
unchanged at 4J-5 per cent as 
were the one and three-month 
rates at 5}-5} per cent and 62-6} 
per cent respectively. Six-month 
money was slightly firmer at 
6|-B4 per cent compared with 

6J-6| per cent .previously. 


UK MONEY MARKET 


Very large assistance 


Rank of England Minimum 
l«ndfog Rate 18 per cent 
(since June 8, 1938) 
Day-today, credit was in short 
supply m the London money 
market yesterday and ' the 
authorities gave assistance by 
buying: ff very large amount of 
Treasury bills and a small number 
of local authority bills. Tbtal 
help was. farmed as very large 
and was well overdone. Discount 
houses were paying around 10 
per cent for secured call loans at 
the start-hut rates fell away late 


LONDON MONEY RATES 


afternoon to 8-9 per cent with 74 
per cent seen in places. 

The market was faced with the 
resale by the authorities of a 
moderate amount of bills bought 
previously and settlement of 
moderate gilt sales. This was in 
addition to a slight increase - in 
the note circulation. On the other 
hand there was a sizeable excess 
of Government disbursements 
over revenue transfers to the 
Exchequer. Interest rates were 
generally easier with discount 


houses buying rates for three- 
month Treasury hills being quoted 
S& per cent Jn places, below the 
level on the abandoned market 
related formula, to indicate a fall 
xn MLR to 9} per cent 
In the interbank market, 
overnight loans opened at 10-10J 
per cent and traded for most of 
the morning at Si-10 per cent. 
During the afternoon rates eased 
to 9-91 per cent, briefly touched 
91-10 per cent and fell away at 
the close to between 7 per cent 
and 9 per cent. 


m 

- aterllnz 
Certificate 
of rfepodta 





Company 

Deposit* 

Dis.-ount 

market 

lepostt 

liwsnry 
Btlte 4 > 

Eitgibio 
Bank 
Bills 4 > 

FlocTraita 

OvmiiK^t — . 
iiiar* noth*.. 
idnCror 

l d *'" 5 n 011 ®-. 

t)| 16 ITWIItt | t...... 

rwc. month*.^ 
Three month*, 
nix itmnrtM — 
Nine m*mib».. 

One > ear 

Twi> mW‘ 

Grn 

:aa 

Bia-feso 

97 # -BJ* 

7 - 10 J* 

9 f B 40 

9 ii" 9 i:} 

358 - 9*4 

9 A,- 9 Tb 
97 B -10 

9 T fl 

97 B -10 

95 , 

93 , 

93 , 

IOIj-IOI, 
10 T B 11 

lOas 

Ida - 107 e 

lOdo-lOSs 

9 

914 . 9*0 

012 - 93 , 

10 

101 , 

ids 

'■ Ida 

Ids 

10 ), 

10*0 

9*,.10 

9 * 4-10 

10 l 4 - 10 *g 

10 -loi B 

7 i 3 - 10 i, 

9 * 0 * 97 , 

Bl, 

31 S 

pa 

n 

0 H- 9 ;i 
958 -y ^ 
9 t a - 9 « 
aia 

10 i 8 

10 i a 

101 * 

101 , 

Z ! 


""4 flnacre bouses sewn dare' rmUeo. where *ewn days fixed. •LongeMerm local aurbomy mortsaiso 
”£? y f ara UI- 11 * iwr Rwr scare JAi -11 per c*«: five yeare ’ 1 M» per cent * Bank MU raw m 

teW to* Prime purer. Buying raias for four-month bank MU* Bfrefu oer cent; foumMom tratk- Mils IS} 

• remrare^ lor om-monih Treasury bUb SISu-H Per cent: two-tnontft per o^r- aw j uiree-montb 

a?? L '^ p £I 2 F lnu .yL 8£trtBS L ni’efor one-inontii bank bins K-BUtt per rear, one hro-anmfli per cent: and 

““"“SraMM Ong-MaWbfridebnfaiO per com two-month is par real and ^SretbreMnomu^iB per cent 

„ Jy 6 * **** ***** IpWrtlBfted by the Finance Homes Assorts flan): inf per cent tram Assam l wra Clearing 


GOLD 

Firmer 

tendency 

Gold rose $2§ an ounce in the 
London bullion market yesterday 
to close at $2031-2911. After open- 
ing at $205-205;. the metal was 
fixed during the morning at $205.0 
and $204.05 during the afternoon. 
Movements tended to reflect the 
performance of the dollar and a 
slightly firmer tendency by the 
latter towards the close, pushed 

GOLD 


I Aug. 7 | Ang. 6 


Uuid Bullion (a flue) i 

ounce) I 

Clo«c SW 36 - 2 C 4 ! ‘ 5201 - 301 ? 

Uiwnina 209 205-J 1 52011-202 

Untune fixini! fS30B.0D 

jiiMiG. 115 ) 

Altaraoon flxing._. l ! i 204.£5 
1 1 Hit 5 . 75 ) 

Gold Coin- j 

daomucaliy j 

Kruu errand *2111-2151 5207.-209? 

ItX'IOs? 1 1O6 );i£ 1OB-I09) 
Now IHjTBreign*..-.'?;?; 5SJ S67i-58.'j 
litSD-811 


5201.35 1 

! i £104.616) 

IS201.55 

!l£ 104 . 617 ) 


i £30.31 1 
S573-58; 
(£30-61) 


Old irorereuran.^^. 1(5874-591) 

ALfiO-il) 

Gold Coinx_„ ‘ 

internationally { ] 

iu^erraad U2DB’-ail2 , 5207-808 

|1£ J M t- 109^1(81074- 1Q8£) 
Kenr 5prerolK<U MM .IS87?-59D iS57-6U 
■ 1(1:291-311^ i£2fl;-30j 

Old ^overeicn^ 'tfifi-SS? 867; J9* 

iiJLsuau !i£30-31) ; 

tSU Kwl» |S488*-K0i ‘8287.289 

SlOhwIe- 148 U9 g14B4-l«* 

ttaL-le> '»KM^ H83 I 101-109 


the metal down to $203i-204 at one 
point 

In Paris the 124 kilo bar was 
fixed at FFr 28,450 per kilo (S202.S1 
per ounce) in the afternoon, com- 
pared with FFr 28.400 ($202.19) In 
the morning and FFr 27,980 
($198-60) on Friday afternoon. 

In Frankfurt the 124 kilo- bar 
was fixed at DM 13350 per kilo 
i $204.76 per ounce) compared with 
DM 13,160 (S20L74). 


MONEY RATES 


Diseooni Rate ... 

Overnielii 

One to&Rtb 

Three months 

Sa months 


JAPAN 

DiBrcum jRala 

Can (UneondiUonaij 
Bill* Discount Raw 


9 

7 X 15 

6.7S 

6.78 


3 

3J> 

3-5 

3.7 

AD 


M 

7 J 7 S - 
7-3825 
74375 
7«2S 

5J 

4.5 

ATS- 














































































IS 


Financial Times Tuesday August S 18JSL 



NORTH AMERICAN NEWS 


Getty and Arco deny Firestone shares fall 
overpricing charge a ft er earnings warning 

bw nitnIS t Ttnmr V/W V jlrimvf u ^ J ^ “ 


BY DAVID LASCEUES 

TWO MORE major U.S. oil com- 
panies have been accused by the 
Department of Energy of over- 
charging their customers in the 
aftermath of the 1973 Arab oil 
embargo. 

Atlantic Richfield (Arco) and 
Getty Oil are both alleged to 
have used improper price bases 
in order to get round Federal 
pricing rules and pans ntt 
unwarranted price increases to 
their customers. Both companies 
have denied the charges. 

The Department specifically 
alleges that Arco and Getty used 
unauthorised methods to reduce 
their crude oil costs in May 1973 
—the base month for pricing 
purposes — in order to be able 
to claim a greater increase in 
costs in the subsequent period 
and thus raise prices. 

According to the Department, 
the two companies reduced their 
May 1973 costs retroactively, 
using a Federal regulation that 
did not apply. Arco allegedly 
increased its stated costs by 
S93m between August 1973 and 
December 1977, and Getty by 
S3S.2m between August 1973 and 
January 1977. 

These two accusations bring 
to 35 the number of ebarges laid 
before 13 oil companies since the 


NEW YORK. August 7. 

Department's special counsel 
began his investigations in 

December 1977. The total sum 
involved is S1.25bn. 

But though some companies 
have agreed to settlement in 
respect of the charges, notably 
Gulf Oil which agreed to pay 
S42*m last month, the majority, 
have contested them, mainly on 
the grounds that the Department 
is confusing the applicable regu- 
lations. 

In its most recent quarterly 
report, Exxon, the largest U.S. 
oil company, saa<j it W3S 
deliberately omitting any charge 
against earnings related to the 
Department of Energy's allega- 
tions of overpricing at its 
Hawkins Field in East Texas, 
and its other notices of probable 
violations. “ as we believe tbese 
actions to be without merit.'* 

• Reuter adds from Los Angeles: 
Getty Oil said that the Depart- 
ment of Energy's notice of prob- 
able violation of pricing “ defied 
common sense " and was contrary 
to the law. 

Getty said in a statement that 
the Department was taking the 
position that costs in the base 
period should be determined in 
one manner and costs in months 
of comparisons in another. 


BY JOHN WYLES 

FIRESTONE Tire and Rubber 
Company today acknowledged 
for the first time that its earn- 
ings prospects are being hurt by 
the controversy and unfavour- 
able publicity surrounding its 
“ 500 " steel belted radial tyre. 

This admission by the com- 
pany's chairman. Mr. Richard 
Riley, had an immediate impact 
on the New York Stock Exchange 
where Firestone’s stock was the 
most active in morning trading. 
By lunchtime its price had 
slipped 8 to S13. Among other 
things, investors are worried 
about the security of the $1.10 
annual dividend, whose existence 
has up to now given the stock 
an attractive yield of more than 
8 per cenL 

Mr. Riley had nothing to say 
on this matter in an interview 
with the Dow Jones news service. 
His prime concern appeared to 
be to revise his prediction, made 
in a similar interview at the end 


of Jnne, that the company's per- 
formance in the fiscal year end- 
ing October . 31 would approach 
last year's net earnings of 
SI 10.2m or $1.92 a share. 

Warning that operating earn- 
ings for the third quarter ending 
July 31 “may well be lower” 
than the 39 cents a share earned 
in the same period last year. Mr. 
Riley saw operating earnings 
being depressed by three factors 
for tile rest of bte- fiscal year. He 
blamed currency devaluation Ip 
a number- of countries, and 
unsatisfactory tyre market con- 
ditions in Europe for some of the 
difficulties but dwelt more on 
the impact of the 500 controversy. 

His remarks coincided with the 
start of hearings in. Washington 
at the Department of Transporta- 
tion which will . determine 
whether Firestone is forced to 
recall some 15m of the ** 500 " 
radial tyres manufactured 
between 1972 and 1977 and 
thought to be still in use. 

“The existence of the con- 


NEW YORK, August 7. 

troversv surrounding the 500 and 
its effect on domestic passenger 
tyre sales in The replacement 
market, has made estimation of 
the company’s near term operat- 
ing earnings performance diffi- 
cult. We know that it is having 
some effect, but its' exact dimen- 
sions, or how long it will last 
cannot be precisely defined at 
this time.” said Mr. Riley. 

After writing off SllQra for 
plant closures. Firestone re- 
corded a first half loss of $37m. 
Mr. Riley’s original profits fore- 
cast was based on operating 
earnings and excluded the write- 
offs. His statement today will 
increase concern about the 
possible outcomeof the “500" 
case both for Firestone and the 
U.S. lyre industry. 

There have been suggestions 
that the affair is affecting sales 
of all US. produced radiais while 
a recall covering all of the 
troubled tyres still on the road 
might cost Firestone around 
$L50m. 


Beatrice 

completes 

Tropicana 

takeover 


Van der Grinten 
upgrades forecast 
for year’s profits 


New team named at Corco 


lmf to merge Tyre maker sees setback 

with Diamond NEW HAVEN, August 7 

International ARMSTRONG Rubber Company Last . week, Armstrc 

AUIVI .rnB/ifci aomins. fnn *Va »oar fn annnurtrpfi. third mtarfnr nm 


COMMONWEALTH OIL REFIN- 
ING (Corco) announced that five 
oil company executives. Includ- 
ing three former Continental Oil 
officials, will join former Conoco 
vice-chairman Mr. C. Howard 
Hardesty Jr„ on Commonwealth’s 
reorganisation management 
team. 

Among the three former 
Conoco employees is another for- 
mer vice-chairman of that com- 
pany, Mr. Willard H. Burnap. 
He was fired by Conoco about 18 
months ago iu a political pay- 
ments scandal but has denied any 
wrongdoing. 

Since early March, Common- 
wealth has been operating under 
the protection of Chapter 11 of 
the Federal Bankruptcy Act As 
previously announced, the 
reorganisation team will operate 
as a separate corporation called 
Commonwealth Reorganization 
Company, with Mr. Hardesty as 
chairman. 

Mr. Burnap. who served with 


NEW YORK, August 7. 

Mr. Hardesty at Conoco, will 
have “principal responsibility for 
refined products and petrochemi- 
cal marketing" on the team, a 
spokesman said. He will serve 
as one of four executive vice- 
presidents. Along with Mr. Bur- 
nap the team named Mr. Leon N. 
Vernon, Conoco ’s former cor- 
porate vice-president, operations, 
chemical division, as executive 
vice-president for production and 
engineering. 

Mr. J. K. Holman, who was Mr. 
Hardesty's administrative assis- 
tant at Conoco, and who bas been 
serving as director of Federal 
Government Affairs for. Conoco's 
Consolidation Coal unit, has been 
appointed a vice-president on 
the team 

In addition to the Conoco 
officials, the team will include 
former executives of Gulf Oil 
Corporation and Exxon Corpora- 
tion. Gulf and Exxon are Com- 
monwealth’s biggest trade credi- 
tors. AP-D.T 


NEW YORK. Aug. 7. 
MR. William J. Koslo. chief 
executive officer of Diamond 
International Corporation and 
Mr. Thomas E. Hugunin, chief 
executive officer of LMF Corpor- 
ation, jointly announced that 
they have signed an agreement 
providing for the merger of 
LMF into Diamond International. 

The agreement provides that 
LMF shareholders may elect to 
receive either SIS In cash or one 
share of a new class of Diamond 
convertible preferred stock for 
each of LMF common. Although 
no more than 49.9 per cent of 
LMF’s shares can be exchanged 
for cash holders of about 40 per 
cent of LMF shares have indi- 
cated their intention to take the 
new preferred and not cash. 

Each share of the preferred 
stock to be issued pursuant to 
the merger will have a dividend 
rate of $2.20 per annum will be 
convertible into 0.424 shares of 
Diamond common, will have a 
diquiration prefernce of SIS per 
share and will be redeemable at 
Diamond’s option after five years 
AP-DJ 


ARMSTRONG Rubber Company 
expects earnings for the year to 
September 30 to fall back to “ the 
vicinity" of the S8.6m, or S4.50 
a share earned in the 1976 fiscal 
years. Although this is a sharply 
lower figure than the record 
$14.9m earned last year, the 
expected level this year is 
“satisfactory" according to Mr. 
Joseph L. Stewart, the company’s 
chairman. 

“We feel that 1976 was a 
strong base year for us, and we 
believe that base still exists." 
Mr. Stewart said. 

Unlike some other U.S. tyre 
makers, Armstrong concentrates 
exclusively on tyre and tube 
manufacturing, ignoring alterna- 
tives such as specialty chemicals 
and plastics. It also avoids the 
competitive market for original 
equipment passenger car tyres 
supplied to Detroit’s vehicle 
makers 

This year’s earnings were held 
down by price cutting by com- 
petitors, while a recent account- 
ing change by Armstrong and a 
charge against earnings for 
interest paid on a tax assessment, 
have reduced Armstrong’s 
income this year. 


NEW HAVEN, August 7. 

Last ■ week, Armstrong 
announced third quarter profits 
of S3 -5m, or $1.94 a share — a 30 
per cent decline from the $5m, 
or $2B3 a share, earned in the 
same period last year. For the 
nine months the company earned 
$7m, or $3.77 a share, down 45 
per cent from the $13m, or $7.23 
a share, in the comparable 
period last year. 

Sales increased 8 per cent to 
S112Am for the latest quarter, 
and about l per cent to S286m 
for the nine months. 

Following a major strike in 
1976. Armstrong’s 1977 year 
began with inventories depleted, 
demand high and prices stable. 
Thus, from October. 1976 through 
to September. 1977. Arm«ttrone , s 
tyre plants were running “fiat 
out." The company does not 
believe such circumstances will 
be reDeated in the near future. 

In fiscal 1979 the possibility of 
another industry strike is 
seen as threatening in April, 
for most large tyre manufac- 
turers and in July for Armstrong. 
Barring a lan? strike — which 
Mr. Stewart believes is unlikely 
— 1979 should be a “satisfactory 
year," the company feels. AP-DJ 


CHICAGO, August T. . 
BEATRICE FOODS said Its 
$4 88m acquisition of Tropicana 
Products has been completed. 
Consummation of the acquisi- 
tion bad been stalled by & 
Federal Trade Commission 
(FTC) effort to block the -deal. 

Terms of the transaction, 
announced in March, call' for 
the exchange - of each- 
Troplcana share for. either $52 
cash or one share of a new. 
Beatrice convertible prefer- 
ence stock with a stated value 
of $52. 

Earlier tbe FTC indicated 

that it intended to continue its', 
administrative case against the 
two companies. 

Tropicana said it will mail 
cheques for its final dividend' 
equal to 9J. cents per share to 
Its shareholders in the near 
future. 

Boeing gain 

Boding has had a strong half- 
year. Second quarter earnings 
advanced by 37 per cent, from 
$56. 4m or $L33 a share to 
$77.5m or $1.82 a share; AP-DJ 
reports from New York. Sales 
were up from $77 Jim to $L4tm. 
At the half-year stage, net 
earnings were $122.7 m of $248 
a share, against $84.6m or SL99 
previously. Sales rose from 
$2bn to $2.4bn. 

Northern Telecom • 

Northern Telecom and Its 
fully owned - subsidiary. 
Northern Telecom Computers, 
now own approximately 87 per 
cent of the total equity of Data 
100 Corporation following com- 
pletion of a tender offer that, 
expired last Friday. Northern 
Telecom announced, reports 
Reuter from Montreal. 


BY CHARLES BATCHELOR ’ AMSTERDAM, August 7. . 

OCE-VAN DER GRINTEN, the same period of last year.'- ^ 

Dutch reprographic group which comparable figures- for .thg ^ 
acaiilred Se British Ozalid toed group are available,** 
SSleTcomSny in April 1977. These figures showed t ^ 
irow expects that net profits will per Profit! 


rent year "This marks- ^percent high* r j ;E^62£ 
im provement on its earlier (8232m). togg 

forecast that net profit in the 12 21 per cent to FJ 432m. andj^ 
months ending November 31 profit per FI 20 nominal sha* 
would be the same as . the was TV 10.59 compared Ufa 
FI 37.7m (S17.1m) last time. F19.73V 
The 1977 result included The benefits of the acquisition 
OzaUd's figures for il months of Ozalid. whiA orewred « , 
only. Business is developing time when the British group 
satisfactorily. Oce said. It re- faced declining profits and £ 
leased figures for the six months number of other problems, .** 
ended May 31. but gave only not expected to show through tor 
figures excluding Ozalid for the some tune.. 


ASEA sees earnings fall 
after first half setback 


BY JOHN WALKER 

PRE-TAX profit of ASEA, the 
Swedish heavy electrical 
engineering and nuclear power 
group, for the first six months 
of 1978 dropped to SKr 71m 
($l5.8m) on a turnover of 
SKr 4.2bn ($934m), compared 
with profits of SKr 202m on a 
turnover of SKr 4.1bn in the 
same period of 1977.. 

ASEA states that costs for the 
(first six months of Otis year 


STOCKHOLM, August 7. 

rose: to SKr 4.0bn" compared Vitit 
SKr 3.76bn in the same period 
of 1977. It sees likely that the 
profit for the whole of thl& jtu 
will not reach .the 1977 level 
Capacity utilisation in a num- 
ber of the group's sectors bas 
been somewhat low. However, 
during the first half of this year 
group orders increased by per 
cent which includes all diviskuu 
except the nuclear energy sec- 
tors. 


World Bank yen loan 


All these Bonds have been sold. This amouncemetd appears as a matter of record only. 


T 

THORN 

a world 

of difference 


Setback for 
Grumman 


Thorn International Finance B.Y. 

(. Incorporated with limited liability in the Netherlands) 

U.S. $25,000,000 

7 per cent Convertible Guaranteed Bonds 1988 

unconditionally and irrevocably guaranteed as to payment of principal, premium and 
interest by, and convertible into Ordinary Shares of. 

Thorn Electrical Industries Limited 

( Incorporated in England under the Companies Acts, 1908 to 1917) 


RESULTS of Grumman Corpora- 
tion. the aircraft group, continue 
to disappoinL In spite of a 7 
per cent increase in second 
quarter sales, from S406.1m in 
1977 to S436.4m. net earnings 
tumbled by 23 per cent, from 
S8CSm to $6.8m. Fully diluted 
earnings per share were 73 cents, 
against 97 cents previously. 

For the half-year, net earnings 
fell to 812.7m or S1.55 a share, 
25 per cent' below last year’s 
S16.9m or S2.12 a share. First 
half revenue was SS47_2m, 
against S768.5m previously. 

Tbe company said its order 
backlog at June 30 stood at 
$2.1bn against $1.66bn a year ago. 

Grumman said earnings were 
depressed by ongoing develop- 
ment and start-up costs 


Dominion Textile 

Dominion Textile has enjoyed 
a good year. Net earnings for 
the final quarter were 22 per 
cent ' up from $5-3m, or 68 
cents a share, to $6£m or 81 
cents a share, from sales 
Increased from $L35tn' to 
$153m. This boosted net earn- 
ings for the full year from 
$14.6m or $L87 a share, to 
$18.2m or $2.31 a share. Sales 
rose from $4 98.9m to $559.9 

Santa Fe Inti. 

Second quarter earnings of/ 
Santa . Fe International' 
Corporation, the oil and gs& 
drilling group, tumbled from a 
corresponding $43m or $2.17 a 
share in 1977 to 311-9m or/ 57 
cents a share, AP-DJ reports. 
Revenue declined from 
$18 7 2 m to $1382m. Last year’s 
net includes $2&9m or $127 
from the sale of one-fourth of 
the company’s interest fn the 
Thistle field In the North Sea. 
At the half-year, the net was 
$25.6m or $L23 a share against 
$55.6m or $222, on revenue of 
$254. 7 m against $309Jm. The 
company said full-year earn- 
ings “should compare favour- 
ably ” with last year excluding 
the results of tbe Thistle sale. 
Agencies 


BY FRANCI5 GHILSS y 

THE World' Bank is raising 
Y30bn (Si 59m) over 20 years 
from a group of eight Japanese 
banks led by Mitsubishi Trust 
and Banking Corporation. 

This is the first time tills 
borrower bas raised a syndicated 
loan denominated in yen. As a 
yen denominated loan it is the 
largest of its kind and carries the 
longest maturity so far granted 
by Japanese banks. 

The interest rate over the 


EUROBONDS 


Japanese long term prime lead- 
ing rate, which currently stands 
at 7.1 per cent Is understood to 
be finer than that for any other 
borrower so far but Is so far nn- 
disclosed. 

This loan comes at a time 
when the yen is increasingly 
being used for medium term 
credits by borrowers from the 
industrial and developing world. 
Yen tranches in otherwise dollar 
denominated loans are also 
appearing more frequently. 


Spotlight on Chase issue 

BY mArY CAMPBELL 


THE MAIN interest today is 
likely to foci is on the first day 
of trading for the controversial 
Chase Manhattan D-Mark issue. 
Yesterday’s pricing of 99 put the 
yield to the final 13-year maturity 
at 6.1 per cent Tbe World 
Bank's recent 10-year bullet issue 
which is being held up artificaliy 
by tbe Deutsche Bank’s control 
number system, was yesterday 
quoted at about 96} /J for a 
yield of 6i per cent on the, bid 
side. Among 15-year issues, the 
5} per cent Issue made via 
West LB by the Austrian Tauern- 
autobahn earlier this -year was 
yesterday quoted at about 93J/4J 
to put the yield at 6.17 per cent 
on the bid side. 

Is the absence of allotments 
— due out over last night — 


dealers were yesterday reluctant 
to commit themselves to likely 
trading levels fo rtbe Chase iasoe 
today. However, most banks 
maintained that even after the 
99 pricing the terms were far too 

t ^Fhe dollar sector was yesterday 
reported to hare been more 
active than usual for -a Monday- 
Prices tried to continue last 
week’s upward movement la 
early morning trading hut .tell 
bad; to around Fridays dosing 
levels by the evening. 

Sterling bonds continued to 
improve yesterday and in all bat 
one case are now quoted above 
90. The prospect for falls In UK 
interest rates in the run to a 
general election in the UK was 
quoted as a major reason for 
the improvement. 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Hambros Bank limited 


Algemene Bank Nederland N.V. 


Credit Lvonnais 


Commerzbank Aktiengesellschaft 
Goldman Sachs International Corp. 


Swiss Bank Corporation (Overseas) Limited 


Alahli Bank of Kuwait (k.S.C.) A. E. Ames &. Co. Amex Bank Amsicniam-Rotterdam Bank N.V. Andrcsens Bank AS • 

Limited Limited 

Amhold and S. Blcichrocdcr, lac. Bache Ha!*cv Stuart Shields Banca Commcicialc Itaiiaoa Banca del Goiiardo' 

Incorporated 

Banca Nazionalc del Lavoro Banca della Svizzera haltana Bank or America International Bank Julius Baer International 

Limited Limited 

The Bank of Bermuda Bank Gutzwillcr, Kurz, Bungcner Bank of Helsinki Bank Leu International Bank Moes & Hope N.V. 

Limited i Ovcnc-t&l Limited Limited Li m ite d 

Bankers Trust International Banquc Arabc ct Internationale d'lnvcstissemcnt (B.A.LL) Banquc Bruxelles Lambert SA. 

Limited 

Banquc Fran poise du Commerce Exlcricur Banquc Franpaise de Depots ct dcTittcs Banque Generate du Luxembourg S.A^ 


Amsterdam-Rotterdam Bank N.V. 


Andrcsens Bank A -S 


Banca Commcicialc Itaiiaoa 


Banca del Goiiardo' 


Banquc dc Hndocltinc ct dc Suez 
Banque dc Ncutlize, Sdilumbcrgcr, Mallet 
Banque Fopulairc Suisse S.A. Luxembourg 


Baring Brothers & Co., 
Limited 


Bayerischc Landesbank 
Ginueouafe 


Banquc Internationale a Luxembourg S.A. Banque Nadonalc dc Paris 

Banquc dc Paris ct dcs Pays-Bas Banquc dc Baris ct dcs Pays-Bas (Suisse) SA. 

Banquc Rothschild Banquc Worms Barclays Bank International 

Limited 

Bayerischc Vereinsbank Job. Bcrenberg, Gossicr & Co. Bergen Bank 

Biyth Eastman Dillon & Co. Caisse des D Spots et Consignations 

International Limited 

og Krcditkasse CTBC Citicorp International Group 


STRAIGHTS 

CM 

Ottar 

Den Norake Ind. Bk. 6 pc *90 

Bid 

97i 

Offer 

981 

.Mean Australia 8k pc 1989 

973 

984 

Denueha Bank 4* pc 1933 ... 

as* 

97* 

AMEV 8pc 1987 

BfiJ 

964 

ECS Slpc 1990 

90 

91 

\ustralia 91 pc 1S92 ..... 

98k 

94* ' 

Ere 5*pc 1980 . 

90 

91 

Ausiralian U. 4 S Skpc V2 

832 

1004 

Elf Anuiatne Slpc 1988 

93 

94 

Barclays Bank SJoc 1992 _. 

96 

96* 

Euratom Bipc 1987 

9S* 

961 

Bo inter 9|pc 1M2 

93i 

99k 

Finland Slpc 1886 . .... 

931 

94* 

can N. Railway sloe ifis« 

»t 

96 

Fo remarks Sjpc 1969 

93* 

94$ 

Credit National B»pc 1888 . 

964 

97 

Mexico 8pc 1885 

04 

95 

Denmark Woe 1884 

331 

994 

Norcenj Hpc 1988 

93 

90 

ECS 9 dc 19Sn 

99* 

190 

Norway 4tpc IBS* 

961 

97J 

ECS Sloe 1997 - 

641 

654 

Norway 4*pc T9B3 — 

04* 

95* 

EIB Slpc 1992 

984 

971 

PK Ban ken Sjpc 1938 

934 

«4 

EMI 9tpc 1983 

89* 

1M 

Prov Quebec 8pc 1990 

B5* 

964 

Ericsson Sipe 1939 

97* 

38 

Rantarnokkl 5|pc 1938 

93 

04 

Esso Spc 1986 Nov 

961 

100 

Spam Bpc 19S8 

94 

93 

G(. Lakes Paper Slpc 1984 

98* 

BS 

Trondheim SJPC 1988 

944 

954 

Ram. rsley 9»pc 1892 

101 

10 U 

TVO Power Co. Spc 1388 . 

044 

95* 

Ilrdrn Ouebec Spc 1995 .. 

96* 

874 

VeneznHa Spc 1988 

933 

94J 

ICt 8Jpe 1937 

96* 

97 

World Bank Sjpc 1990 

84k 

954 

ISE Canada 9!oc 1388 
Macmillan Bloedel Spc 1992 
Masaey Fcrjuiaan 9‘pc VI 

103* 

9B1 

98* 

104 

974 

99k 

FLOATING RATE NOTES 
Bank of Tokyo 1384 84 pc . 

99 

96* 

MicboUn 9|pc I9SS 

100k 

10U 

BPCE 1984 Skpc 

BSi 

99* 

Midland Ini. F|p sjpc "92 

96k 

97* 

BNP 1988 SlibPC 

99* 

1M> 


382 

944 

BOB Worms 1985 9 PC 

97* 

93* 


101* 

10S 

CCF 1985 3tpc 

98* 

9811 


101k 

KBi 

Chase Maahrtn. VS 9S(6PC 

99 

0RJ 

Newfoundland 9pc 1989 ... 

100* 

101 

Creditanstalt 1984 84 dc 

98} 

09* 

Nordic Inv. Bank 6Jpe 1983 

971 

98 

DG Bank lSIT 9pc 

90S 

992 


Berliner Handels- und Frankfurter Bank Biyth Eastman Dillon & Co. Caisse des DSpfits et Consignations 

International Limited 

Chase Manhattan ’'Christiania Bank og Krcditkasse CTBC Citicorp International Group 

Limited limited 

Compagnie tic Banquc et tHtivcslisscmcnts (Underwriters) S.A. Compagnic Moncgasquc dc Banquc Copenhagen HanddsbanJc County Bank 

Limited 

Crcditanstalt-Bankvcrein Credit Commercial de France Credit Suisse White Weld Daiwa Europe N.V. Den Danskc Bonk 

Limited aT 1871 Akiiesclskab . 

Den norskc Crcdilbank Deutsche Girozenlralc DG BANK Dillon. Read Overseas Corporation 

— Deutsche Kommunalbank — Deutsche GcnoncnKhaftsbaok 

Dominion Securities Drcsdncr Bank Druxel Burnham Lambert Euromobiliore S.pA. European Banking Company. 

Limited AktiiaiscseUschaft Incorporated Liqiitcd 

First Boston (Europe) First Chicago Robert Fleming & Co. Gcfina International'. 

Limited Limited Limited Limited 

Girozenlralc und Bank der usterreichischen Sparkasscn Gfitabankcn The Gulf Bank KJLC. Hombro Pacific 

AklienBcscUvdvifl Limited 

Hessisdic Landesbank Hill Samuel A Co. IBJ International Kidder, Peabody International. 

-G irw en t r a lc- Limited Limited Limited 

Klein wort. Benson Krcdicttank N.V. Krcdietbank SA Lraembourgcoise Kuhn Locb Lehman Brothers International 

Limited 


Kuwait Foreign Trading, Contracting & Investment Co. tS-A.K.) 
Manufacturers Hanover Merrill Lynch International & Co. 


Manufacturers Hanover M 

Limited 

Morgan Grenfell & Co. J 

Limited 

The Nikko Securities Co., (Europe) Ltd. 


Morgan Stanley International 
Limited 


Lazard Frercs et Cic. 

Mitsui Finance Europe 
Limited 

National Bank of Abu Dhabi 


The Nikko Securities Co., (Europe) Ltd. Nomura Europe N.V. 
Pierson, Heldring & Pierson N.V. PKbankcn Postipankki 


Lloyds Bank International 
Limited 

Samuel Montagu & Col- 
Limited 

Nesbitt. Thomson 
Limited 

Gstcrreichischc Liindcrbank 


N- M. Rothschild & Sons 
Limited 

Scandinavian Bank 
Limited 

Smith Barney. Harris Upham & Co, 
Incorporated 

Sparbankemas Bank 

Union Bank of Finland 
Limited 

Yercins-und West bank 

AkticoccsClbeliaft 
Vcstdeulsohe Landesbank 
GirozcntrnJe 


Rowe & Pitman. Hiust-Brown 


J. Henry Schroder Wagg &. Co. 
Limited 

SociCtc Bancairc Barclays (Suisse) SA. 
Strauss, Turnbull & Co. Svc 


Nordic Bank Orion Bank Gstcmrichischc Lundcrbahk 

Limited Limited 

Privatbanken Rea Brothers Rothschild Bank AG 

Akuesdakab Limited 

Salomon Brothers International SaL Oppenhdm jc. & CTe. 

Limited 

c Co. Skandin&viaka Enakilda Ban ken 


Sociclc Generate 


Union Bank of Norway 

Limited 

J. Vontobcl &. Co. 

Dean Witter Reynolds International 


Svens ka Handelsbanken 


S. G. Warbnrg & Co. Ltd. 

Wood Gundy ^ 

Limited 


Socicte Gfa&alc de Banquc SJii 

Trade Development Bank, 
London Branch 

Union Bank or Switzerland (Securities) 
Limbed 

:o. Ltd. "Word lev 

Limited 

Yamal chi International (Europe) 
Limited 

July, 1978 


Norms Kom. Bk. S‘pc IWI 

Norpipc Sioc 1849 ... 

Norsk Hydro Sjpc 1991 ... 

Oslo Bpc ISSB 

Ports Autononvs flue 1BB1 
Pmv. Quebec 9 pc 1995 ... 

Pro*. SaslcstchwTi. 8 2 pc ’Sfl 
Reed International 9 pc 18S7 

RHM 9 DC 1992 

Selection TrosJ 8tpc 1999 - 
5hcH loti. Fin. Slpc 1999 .. 
Stand Enskllda Bpc 1991... 

SKP 8pc 1997 

Sweden (FT dam' Sloe 1937 
United Btscnlfs 9 pc 1988 ... 
YoI«n 8 pc 1937 March ...... 

NOTES 

Australia 7Jpe 1994 

B'.-D Canada 71 pt 1987 
Pr. Columbia Ryd 71 pe ”85 
Cin Pac. 8 1 pc 1984 . . 

Pnw Chemical Spc 1988 .. 

ECS 7{pc 19H 

ECS 8' pc 1989 

EEC 7:-PC 

EEC 7ipc 1W 

Fjino Cuta-lt Slpc 1934 -- 

Got?Tcriten 7Ipc 1982 

Kacfcums ?pc 199.1 

MK-bctan s?pc taw 

Montreal Urban 93pe IBS1 
New Brunswick 3pc 1954 . 
New Brans. Pror. SJpe ”8S 
New Zealand Slpc ©Sfl 
Nordic Itiv. Bk. 7Jpc 1984 
Norsk Hydro 71 pc 198! ... . 

Nonrak 7ipe 19S5 

Ontario Hydra Spc 1337 

Slower SJpe 1982 

S. pf Soot EJee. Slpc 1981 
Sieeden iK'domi Tip: 
Etrodisn Stntc Co. 7!dc- ”82 

Teltnex SI DC 1394 

Teoneco 7!pe 1987 Mar ... 
VoDtsvuen 71 PC 1987 

■STERLI1IC BONDS 
Allied Breweries ItHpe ”90 

Citicorp 10 k 1993 

Coorttulds 9SPC 1989 — 

ECS 9itpe isss : 

EIB 9IK 1W8 

EIB Slpc l #32 „ 

Ftnance for ind. bipc 1937 
Finance tar Ind. 1BPC 1939 

Pisans iWsc 1937 - 

GcStemsT llpc 1998 . — 

INA IOdc 1938 - 

Bourn live IBJpc 1988 

Sears Wipe 1SS8 

Total Oil BJpe 1984 

□M BONDS 

Asian Dev. Bank Hoc 1988 

RTTOB «K 1988 ... - 

Canada ~tfPC WS3 ..^ — — 

\ 


■ • BU Offer 

CZB 1981 SI KPC 691 UJ6f 

lml. Wesonlnster 1984 8 k 884 99 

Lloyds 083 8I3 j6K 694 190 

LTCB 1883 Bpc ... ..... 991 . 991 

Midland InL PS *87 89 kpc 9Si 989 
NaL Wstmlnnr. TO 1S]6K 98k .99 

OKB 1983 9iPc 699 lOOi 

SNCF1S85 BSjtPC 98i 98} 

Stand, and ChtnL St Six* 99k 

Source: -White Weld Securities! 

CONVERTIBLES 

American Express 41 pc T7 62 3k 

Ashland 'A>c: 1998 101 3} 

Babcock. Wilcox 8ipe T7 U7 18 
Beatrice. Foods 4kK <992.. B8k 100 

Beatrice . Foods 41 pc i982_. 112 134 

Beech am «tpc 1992 108% Bk 

Borden 5pt- 1S92 98 9% 

Broadway Sale 4Jnc 1987 78% 8 

Canartoo 4pc 1987 79 804 

Chevron Spc 1988 130% * 

Dart ikWl - 82 3% 

Eastman Kodak 4%pc I9SS 87 8* 

Economic Labs. 4inc 1387 77k 9 

FirMtone Spc 1988 !S* 80 

Ford Sk 1988 86 74 

General Electric 41pc 1987 83 4% 

G Olette 41pc 1987 77 8k 

Goald spc 1887 124 34 


Calf and Western Spc 13S8 S74 

Hams Spc 1693 . 203 

Honeywell Spc ISSS- S3 

I Cl SJpe 1902 U 

INA 6 dc 1997 98% 

Inchcap^ Slpc 1991 107 

ITT 41 pc 1987 79 

Juaco ape 1992 isoi 


J. C. Penney 4 1 pc 1987 ... 78 

Revlon 4Jpc 1987 133 ' 

Reynolds Metals 6 pc TV 88 — as 

Sandvtk Sipc 1988 U4 

Sperry Rand If pc 1987 -97% 

Squibb 4kPC 1987 83k 

Texaco 44 pc I98S 77 * 

Toshiba 6* DC IBBZ U74 

Tp Co. Spc 1984 S7 

TY.Co. Sioc 1S8S ...v'.. ,mu- . 
Union Carbide «pc UBS ... n 
Warner Lambert 4kbc 1997 814 

Warner Lambert 41 oc 1938 771 

Xerox Spc 1988 TSi - M 

Sporce: Kidder. Peabody SkouUfex 


Bid 

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7 

98 

94 

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984 

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197 

84 

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884 

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140 

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United States Copper Mine 

v and 

Integrated Metallurgical Plant 

FOR SALE 

Hecla Mining Company’s undivided cne-Iial£ interest in the Lakcshore Mine 
and Metdlurgieal Plant located oa tiie Papago Indian Heservation. 30 miles sooth 
of Caaa Grande, Arizona, 

Sealed bids most be submitted prior to September 16, 1978. ' 

. Qualified parties may obtain detailed information regarding this facility and 

LtB production iustojy by writfsig ftr eslling ; 

TCH,Lote 

■or 

taiM A- Griffith 
Hcda Mining Company - 
P. O. Bar 320 
Wallaces Idaho 83875 

Phone: (208) 752-1251 Telex: 326476Eeda Co Valo r 

. Tbete are no preestablisbed terms of anj offer, but die Company- reserves tbe 
right to refuse any and all bids for any reason. Ail proposals will be iept in the 
strictest confidence. — , . 


Principals only 


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iftyj 


'ten 

!c ast 

‘fits 




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ioan 


TER NATIONAL FINANCI 


COMPANY NEWS 


si* IS5 


as 


B BY JONATHAN CA|tR. T ’ r -5 

WEST .GBRMAW.-J ^ngisesrisgr -based ep a strong increase both 
industrial; plant apit . utility . at home and abroad. Domestic 
vehicles concer n K toeckner- orders were up by'14'per cent to 
Humboldt-DeutZcfKHD) expects DM 679m and foreign orders by 
profits' to decline this year , after 15 per cent to DM l.Tbn. Orders 
a drop, in. turnover' in. the first . io ham} githe end of. June, stood 
half. Last yeaicnet profit totalled at - DM -^J&n~-four:.: per cent 
DM 465m .' ;f£24m) .and an higher than the figure a year 
unchanged .12 per . cent dividend' earlier. . •. 

was paid.' '. The drop in; foreign turnover 

A shareholders letter released -stems mainly from- reduced sales 
today. ..showed ' KHD ' . parent of . plant— a - - sector .which for 
company turnover down by 12 years had' - shown- a steady 
per cent iyr toe : firsthalf-of 1978 Tm*reas£f.'- : The :.prohleim is due 
against the same period of last hot .pimply ^to ah earlier fall in 
year to DM -l^bh. While domestic orders but aJso : ;to the ever 
sales, which account for 53- per tenger time-scale needed to tie 
cent of , .turnover, rose by : jo# up business in this Increasingly 
one per cent to '."DM!. 600m, complex -field 1 with foreign 
foreign, turnover- plummeted' by customers, •• 

24 per ' cent- to DM 616m; - . ' :" " - On the -other -Tumid foreign 
On .The other hand . the order iales .of KHD products, in series 
intake in the first half: was'- up" production continue buoyant — 
by .15 per' centrto DM 1.7bh despite weak eranomic growth 


dip 


BONN, August 7. 

in several customer countries 
and increased competitive pres- 
sure resulting from the rise of 
the deutsche mark. . ; _ ■ 

Orders at home and abroad 
were flourishing for KHD*s high 
speed motors— ‘but - just the 
reverse for its * medium and 
larger engines,' partly because of 
the world shipbuilding crisis 
and . difficulties in concluding 
projects with some OPEC states. 
Domestic orders for KHD's new 
tractor series are strong. 

KHD also reports steady busi- 
ness by Iveco, the joint com- 
mercial vehicles -venture estab- 
lished with Fiat and based in 
Amsterdam. Turnover .in the 
first five months totalled 31.2bn, 
with 42,000 vehicles' sold and 

54.000 ordered. Sales in the 
whole of 1977 totalled $2£bu with 

109.000 vehicles sold! 


Hidro Nitro in truce with PUK 


ROBERT ®tAHAM ' . <■ MADRID. August 7. Australia. The directors said 

A FORM oftruce has beenagreed Nitro sales, especially at a time accounts and a state of open 0131 0,6 company appeared to 

in the bitter dispute between of depressed - Internationa] hostility was declared. have gained further -ground in 

Pechiney TJgine Kuhlman and demand for ofre «f Hidro Nitro’s However, the two opposing fac- the cigarette market, in both 

This follow -a special share- fry Hidro” fetTpS^investment the week-end to hammer. out a Guinea. Production was at 
holders meeting, the third In six plans at a" time.' of depressed temporary truce. They agreed record levels during the year, 
months, and separate talks- over intern ati oh al demand. There was to abide by the decision of the to meet demand, 
the weekend .between PUK, "also understood to 'he i conflict of Commerce Ministry as" to whether ^ r^* was affected bV 
which has a 40 peruse qt stake in Personalities within the manage- or not Hidro Nitro is a utility. n .u..-., -.nek writedown 
Hidro Nitro, sted-.a group of ment. . V Meanwhile, they approved the “ l “™“i 

Spanish shareholders led by the At -the annual' ! meeting In accounts for 1977 that showed a °f ASL3m or A5708.000 net of 
current company chairman, 1 Sr.. March there 1 was no agreement Pta 3.17bn turnover and a Pta income tax, in the International 
Juan Miguel VUlar-Mlr. ’? • - oh any of the issues of the I03m profit, and- decided to Cellars group, relating to bulk 
As a result, it has now' been 'agenda. Then "ip -'April a second freeze all legal actions. re d wine stocks. The directors 

possible to obtain ^approval for annual meetmg was- called and „ The ball is now. firmly in the ^j d that fh _ net realisable 

the Hidro Nitro’s 1977: accounts, this ended in uproar .-When Sr. Governments court. The decision . . . . . t - 

which had previously been Villar Mir mawig«i to. prevent will be watched with consider- value of these stocks might be 
blocked by PUK pending ’resohi-'PUK efforts' ’tei -TSdoP . bis re- able interest by foreign investors, lower than cost, should the 
tion of all outstanding- disagree- ejection. -AitHoughiPDK and its A Government decision to accept, state of the red wine market 
merits.- Further, allJegal actions supporters hafl-'.obtrtned 51 per almost 10 years after .PUK’s not improve, 
instituted by both sides have cent -of the vote; Viilar Mir entry Into Hidro Nitro, .that Its _ p^iianr 

been dropped for the time being, invoked a vtitually'.uriheard of 40 per cent stake is against the APe / nrernano T *~_ 

Disagreementsnrosein the past regulation govetnmg.' relations regulations because it is a utility, group has a substantial loss 


Rothmans 
Australia 
profit 
up 28% 

By James Forth 

SYDNEY, August 7.' 
ROTHMANS of Fall Mall 
(Australia), the UK-con- 
trolled, but locally listed 
tobacco and wine group, has 
raised its dividend, following 
a 28.2 per cent increase in 
profit, from A$4.8m to A$6.17m 

($7 Am) in the year to Joue 
30. It is the third successive 
improvement since earnings 
felt to A$2.7m in 1975. More- 
over, directors are confident of 
farther growth in the current . 
year, barring adverse circum- 
stances which cannot be fore-' 
seen. 

Group turnover for the year . 
rose 22 per cent, from A$267m 
to A$327m ($379m). The 
main component in this gain 
was a growth In the volume of 
Rothman’s cigarette sales in 
Australia. The directors said 
that the company appeared to 
have gained further -ground in .. 
the cigarette market, in both 


Rembrandt in $22m offer | Shipping 
to absorb Oiide Meester setback in 


; BY RICHARD ROLFE 

REMBRANDT GROUP," at 
present engaged in mergers 
within the Rothmans companies, 
. has moved to tidy up its South 
African interests . with an offer 
for the shares it does not already 
control in 58 per cent owned 
Onde Meester. its local liquor 
arm- With Oude Meester sus- 
pended at 43 cents per share, 

Rembrandt is offering 60 cents 
cash, and the deal, if successful, 
will entail the acquisition of 
about 33m Oude Meester shares 
for a total cost of RISRm 
($22.Sm). 

' Oude Meester has been a rela- 
tively dull performer with 
pre-tax profits in its last year to 
March 31 a fraction up at 
Rl&5m. It paid a 3.5 cents divi- 
dend and showed earnings of 
13J5 cents a share, 'so the terms 
offer an exit yield on dividend 
of per cent and price-earnings 
of 4-4. If successful, the offer 
will remove the only major 
alternative liquor investment to 


South African Breweries off the 
local lists. 

Oude Meester itself has 
re-invested R36m In local capital 
expenditure over the past three 
years: This sum, which compares 
with its total market capitalisa- 
tion of only R34m pro-bid, has 
up to now had little impact on 
profitability. Much of the pro- 
ceeds have been ploughed back 
into Intercontinental Breweries, 
which is challenging ' South 
African Breweries in the beer 

market 

* * + 
HIGHVELD STEEL and 
Vanadium, the main heavy 
engineering arm of Anglo 
American, has reported lower 
profits in its preliminary 
announcement for the year to 
June 30, writes Richard Rolfe 
from Johnannesbnrg. At the 
pre-tax level, the figure is down 
from R 33m to R 28m 
(U.S.S32.2m). but with a lower 
provision for deferred tax, as 


JOHANNESBURG, August 7. Malaysia 


Earnings increase at UOB 


to meet demand. 

The result was affected by 
an abnormal stock write-down 
of A$L3m or A8708.000 net of 
income tax, in the international 
Cellars group, relating to bulk 
red wine stocks. The directors 
said that the net realisable 
value of these stocks might he 
lower than cost, shonld the 
state of the red wine market 
not Improve. 

The International Celiate 
group has a substantial loss 


BY H. F. LEE 

THE UNITED OVERSEAS Bank 
(UOB) has reported a 23 per cent 
increase in a group pre-tax profit 
to S$3 1.72m (SJ2Jra) for the 
half-year to June, from SS 25.75m 
In the same period last year. Pre- 
tax profit at the bank, itself in- 
creased by 20 per cent, to 
S$18.3m from SS15J23m. 

UOB — which Is one of 
Singapore's “Big Four” local 
banks — gave no reasons for the 


SINGAPORE, August 7. 

better performance, but forecast 
that profits for the second half 
year of both the bank and the 
group “will not be significantly 
different 'from that of the first 
half year.” 

With the better performance, 
UOB has declared a slightly 
higher gross interim dividend of 
5 per cent, against 4.55 per cent 
a year ago after adjusting for 
the recent ooe-for-ten scrip issue. 


officially forecast, and reduced 
profits attributable to minority 
shareholders, pet profits rose 
from R 20.7m to R 21m. Earnings 
per share were a shade up at 
31 cents and the dividend has 
beep raised 1 cent to 16 cents. 
The shares, strong performers 
recently 0 n tile market, are 200 
cents io yield S per cent, which 

compares with their 1977-7S low 
of 125^ cents. 

Projectionist tendencies in key 
foreign steel markets, allied to 
reduce demand for the groups 
vanadium-based products, appear 
to be the main reasons behind 
the decline in profitability. 

Profitability in the second 
half-year was enhanced by a 
domestic steel price rise of 9.5 
per cent on structural products 
and 13.5 per cent on plate pro- 
ducts. However, this fell short 
of the 16 per cent price rise 
requested by the steel industry' 
whjch operates under price 
control. High veld’s second half 
profits were slightly up from the 
level of the first half, suggesting 
some improvement in trading. 

Fraser and Neave 

FRASER AND NEAVE plans to ! 
reduce its capital, by returning! 
the full amount paid up on its j 
74 .per cent . cumulative prefer- j 
ence shares. 1 

The move is being made 
because, although the preference 
shares are listed on the Singa- 
pore and Kuala Lumpur stock 
exchanges, they are rarely dealt 
in, and also because the capital 
is now in excess of the com- 
pany’s needs. 

Reuter 


By Wong Sutong 

KUALA LUMPUR, August 7. 
THE DEPRESSED stale of the 
shipping market has caused a 
sharp Tall in profits at the 
Malaysian International Shipping 
Corpnmlion, the partly Guverti- 
| uicnt-uwni'd nammui hne. N>r 
profits for last year foil in 
Mint Ringgits lU.SSntkt.fllWt from 
15m Ringgits the prcuous year. 

Mr. Kuok Duck Nit-n. the 
chairman, said M ISC’s higge-t 
Inss makers wore its seven new 
bulk carriers which stiiTcred from 
i the depressed freight rales’, 
j He said the freight market was 
| still depressed, but hoped the 
i situation would improve in the 
near fulure. 

Another area uf concern is 
finding work for M ISC’s five 
liquified natural vyis iLMIi 
tankers. The firsr uf ;hc five 
tankers would lie delivered at Ihe 
end of next year, but the LN’G 
plant in Sarawak would out he 
ready until 19S::. 

So far, efforts (u hire the 
tankers out to potential users 
such as Indonesia. Algeria and 
the U.S. have proved unsuccess- 
ful. 

MISC’s earnings were al>o 
affected by large intoi e.-t pay- 
ments, amounting to 3-!.4m F.in;- 
giis. 

However, early this tear, the 
line refinanced a significant 
portion nf iis- hank bum nf 
U.S.$J4flni which was used for 
repayment on the LNG tankers. 

The loans were refinanced at 
l per cent over interbank rales, 
and replaced an earlier loan 
carrying a rate of Ii per cent 
over. 


ISLAMIC TRADE AND FINANCE 


year over the 'interpretation df Between Spanish ^fapanies and will not be well received by the On Its liquor operations for the 


agreements on third 4 country foreign partnera.V According to foreign business community, 
sales, over marketing strategy this, foreign partners can be Until now PUK has continued 
and over investment policy JThe prevented from intervening in to state its faith in Hidro Nitro. 
main complaint off’the Spanish board nonunatfims^-’^ ' • But if a decision goes- against it 

shareholders was t&at -PUK -was Thwarted by , nu^ t manoeuvre, the French group could, well 
acting unfairly to restrict Hidro PUK refused toafr^ro^a the 1977 reconsider its position. - 


Wartsila cuts 
dividend lor 
second year 

By Lance Keywortii - . . 


issues 

BYMlCAfeYRJ 


er & Wain chief 
ther rebuttal 


year, mainly because of the 
write down and the intense 
competition prevalent In the 
wine industry. The activities of . 
the group, it is said, have been.' 
restructured and the plant 
modernised, while alternative 
marketing and distribution 
arrangements bad been nego- 
tiated to meet the situation. 

Dividend for the year is 
raised from 18 eents a share to 
26 eents and is covered by 
earnings of 51 cents compared 
with 40 eents In the previous 
year. 


Task force names the areas for study 


w ST HILARY BARflES' " v COPENHAGEN. August 7. 26 cents and is covered b; 

: ^ ^ T6e Iterator ttis tt,« » ^SVS£gZTSSi 

HELSINKI* -Ahgust?. / sharehohiStotfmaiiag- Jcould. only establish a few trans- ™ cems ^ 

WARTSILA, the fa^^rS^Bnfmeistm-' DC* after 1973, and 

building and-, engineering com- aiK , . warn and were often of a substantial 

pany. t, ISStoUffS? 8!8S*rf£Z Dalt6n Brds. 

dend, after a l67T drofr art earn- criticisms levelteft against: hj aa \tUm of the company. In his 

ings Which occurred JhiSpite Of hy. a. Utpu'dattrs report-. stib-’ itatement at the weekend, Mr. n l Qnc oonlfnl 

a boost : ln -.revehues-^fran^:tite ^titled to fhe/bankruptcy -court Bonde Nielsen said that atempts pldud Ldpilul ;■ 
completion of several major: to June. -/ ■ te reconstruct DCK necessitated 

lon«-term deliveries. - ‘ :^Mr. Bonde^Welsen’s affairs-are actions which today are difficult rptllTTl 

^ under Jnvagtigation as a result 40- . explain because the recon- 1CLU1U 

JE8L’ J ^ ^ Jwuidator’s report jon-strnction did not succeed. r- . . 

stoically considers tfr? DCK V tnenatiobal, a : company- ; The liquidator also criticised B r ° ur Own Correspondent 

year to have ffrnndedw Mr. Bonde Nielsen.- DCSUs borrowing activities, uvnwFv inm e ? 

and was_able to : add to its ^ ^eeniTintO- liquidation in 1876 involving sums which the SYDNEY, August 7. 

reserves ^Turnover With debts' of DKr 78m management must have known DALTON BROS. Holdings, 

HMriy 31-per-ceqt to-FMiaaton, jnclwfing ; DKr60m in - otriy. it coidd probably not repay. Mr. fighting to defeat a takeover 
i pariu &jr secured bank loans. ' Bonde Nielsen said some of the offpr from vna is . r c >, ar p- 

FML.lm'to time of the liquidation, loans were made when the com- hnlH - r w R r-uwntM- nians 

dividend has been reduced -to .fi JKK was' owned by the - late pany was in better shape than on holder, w. K. carpenter, plans 
per cent from 7.5 -per penl> a %ruce McKenie,. former Kenya- liqiridati on or were made by a A5L93m capital return, 
further retrea t fr om the IIL-Pct? ^Minister of Agriculture, to wham- banks which were represented The return of 20 cents on 
cent level 'Wartsila'has^ tried t» Mr.-Bodde Nid^n handed over-fru the company's Board and each of the 9.65m 50 . cent 
maintain. . - &; the. company in 1975. -f,; were thus aware of the situation, shares, has been realised as a 

The shipbtrildmgc . division, : ■. r. - ■ ■ ; * ■ capital profit from Dalton's 

which delivered ll:VWS8l!;Bst • recent sales of various assets 

«£SS^ y RidLtopsil^.lea8iie. -. s 

With shipbuilding-^. . normally BY ROBBIT MAUTHNER PARIS, August 1. The directors of Dalton also 


; BY RAMI G. KHOlfRI 

THE WEEK-LONG meeting of 
a task force representing the 41 
states of the Islam Conference 
ended here by identifying five 
areas in which the central banks 
of the member states will carry 
but further detailed research to 
promote the cause of economic 
integration among the 600m 
Moslems of the world. 

• Two general issues attracted 
most of the attention of the ten- 
member ask force — the facilitat- 
ing of trade among Islamic 
states, and the fostering of the 
flow of private and public capital 
from the rich to the poor states, 
particularly towards joint vent 
tore industries. 

The five research papers that 
will pow he drawn up by, respec- 
tively, tbe central banks of 
Malaysia, the west African states, 
Pakistan, Turkey and Jordan, 
cover: Import-export financing 
and the role therein of the 
Jeddah-based Islamic Develop- 
ment Bank; payments; arrange- 
ments for trade; the development 
of extra-national capital markets, 
by promoting joint ventures and 
improving investment climates 
through legislation; tbe smoother 


exchange of financial informa- 
tion; and the possibility of co- 
operation by Islamic states by 
way of regional financial institu- 
tions acting in the field of trade 
and finance. 

These studies will be discussed 
at another task force meeting 
here in October, before they are 
presented, with detailed recom- 
mendations, to the second annual 
meeting of Islamic States' 
central bank governors in 
Uganda next spring. 

Underlying the week's discus- 
sions was a dear determination 
by the combination of oil-rich 
and poorer Islamic states to 
break - free from their often 
heavy dependence on the finan- 
cial institutions and trade 
patterns of the world's indus- 
trialised states. There was no 
spirit of confrontation such as 
marked gatherings of this sort 
a year or two ago, but rather an 
emphatic spirit of self-reliance 
in relation to the industrialised 
states of the northern 
hemisphere. 

Discussions took place about 
the possibilities of Idamic states 
exchanging labour, capital, food 


and technology, which is now 
often obtained from the indus- 
trialised states, commonly 
because of conditions laid down 
on aid received from the western 
nations. 

But the . promotion of trade 
between Islamic countries was 
the top concern of the central 
bankers, who considered the idea 
of using the Islamic Development 
Bank as an export-import bank 
until a trade-boosting body could 
be established by the Moslem 
world. 

There has also been much dis- 
cussion about the ways of getting 
around most Islamic states' 
shortages of foreign exchange to 
finance trade. One means 
suggested, and being seriously 
considered, is the establishment 
of a multinational clearing 
mechanism which would oversee 
trade among Islamic states, and 
would require individual states to 
pay only the net balances due at 
the end of a certain period. 
Instead of hard currency for each 
transaction. 

The representative of the 
economic affairs department of 
the Islamic Conference. Dr. Ashraf 


AMMAN. August 7. 

Zaman. of Bangladesh, suggested 
that the Islamic world, becau.-e of 
its size and power, could net as n 
"catalyst” for the rest of the 
developing world in the quest for 
a new international economic 
order. 

Dr. Zamao also revealed that 
plans are going ahead for a 
whole series of senior level 
gatherings of Islamic states’ offi- 
cials. In the coming year the 
Islamic Conference will call 
meetings to discuss the creation 
of an Islamic Chamber of Com- 
merce and Industry, and the 
questions of food and agriculture, 
industrial co-operation, and com- 
munications and tourism. . 

There is also a likelihood nf 
an Islamic Trade Development 
Centre being established under 
the aegis of the Islamic Confer- 
ence, which would place empha- 
sis on the dissemination of mar- 
keting knowledge, as well as the 
holding of trade fairs. If estab- 
lished, this centre would join 
the newly established Economic 
Research and Data Bank in 
Abkara and the Vocational and 
Technical Training Centre in 
Bangladesh, both of which arc 
Islamic Conference nffshonis. 


capital profit from Dalton's 
recent sales of various assets 
in the food and flour mining 

cent less thaoL the .yEarJbefonti ^* -■’***?* M?** -W* ^ ***•'.*' *'•*&•*' ^ industries. 

With shipbuilding- "normally BY ROBERT' MAUTHNER :: ' PARIS, August 7, The directors of Dalton also 

making up 50-70 p^r cent' -of . , •' . .f: , , . ^ . disclosed that the profit for 

overall sales, toe: trickle' .of, BRAZIL was the largest boi^ Mexico came in third portion tbe year to June 30 was now 

JSde toe stXnatton to rS? p “ b .l«bed by toe $iA5bn, Canada with $1.2?bn crease of almost 20 per cent 

struetion actfrfry ^toeant SS 0E P D lat V' a ??i D « -5 Mbn ’ . “ d ,j£L donesla on the 1978-77 earnings. The 

sales advanced by a inere fi Per iss £e Mm® WlUl $ L101>P *8"*°** s90m - directors added that they ex- 
tent, not enough tp_ offset /the mihti^rtinJune. shows r* n i • • pected the company would 

13 per cent inflation rate. KeSSSBaSS I>OW Banking issue maintain toe same 'level of 
Wartsilrts other r inffl g t n al; BrazO.totalled-Sl.76bn during; tite. Dow Banking Corporation will earnings in the current year 
division— engaged- fint. six -months of this year, com^float a SwFifiOm bond with a Ufe ^ wouW continue with the 

engines, forest pared ^ *2S5bh^ -for toe 10 years an the Swiss capital recently established dividend 

machines, glass pnd. ceranucs^ oF^last year. - UK borrowing-market from August 15, Reuter 

suffered a 19 per cent~tttmavBr amounted to" &L5lbn in the fiisti'jeports from Zurich. Coupon will rate ® r ■“ increased 

drop due to weak hapte demand, half of this year against 92^DfUiFhe 3| per cent and the loan will from 8 cents a snare on 1978- 
and increased competition^.; - Vior the whole of JL977. r.fT^he priced at 99i. 1977. 


Kredilanstait 

fur Wiederaufbau 


Frankfurt am Main ' 


from 8 cents a share in 1976- 
1977. 


OFFSHORE Oil. SEARCH 


Highlights from the Balance Sheet as at December 31, 1977 




Shell 0)1 cool on Baltimore Canyon 

.V ... 17 > ■ . V . i'!: ;■ BY. DAVID LASCaJJES IN NEW YORK 

WHTLE MANY USL : oii. com- shore 'operations, to set upj«s Gulf of Alaska, bringing the total Shell Oil. however, seems to 
panics have joined the-quest- for in shallow-water over fields tatt'-tp. 29. None, however, have so share Ihe industry’s doubts that 
oil off Britain's gfiorc^'a'fanj^ar -were .essentially extensions *A ' far proved productive and ex-, the Baltimore Canyon will yield 
name is also mm looking 2or onshore .deposits. Shell Oil's pro. pioration there has been a major find. Mr. Blackburn 
oil off the US. coast r. - duction in toe Gulf rose steadily abandoned for the time being. . pointed out that bids for leases 


Assets 


DM million Liabilities 


DM million 


Shell 0ii. a 70- -per-cent: owned and last -year stood at .125,060-. In the same year. Shell Oil there had. totalled $1.1 bn, only 
affiliate of Koyrti Dutch Shell barrel*/ of oil and 777m cubic paid $80m for leases in the Balti- half toe S2bn or so Bid at the 


* oil companies cunrenuy earner peaKg: - , •/.- ; wniea-is now the focus of uj>. mtucisto ooes turn-out to he 

li si t drilling, fn The tatest- -offtoore The - company still in tends tfr offshore exploration. Shell Oil’s productive, ft wall be in natural 
Siklfc search -•“» PvMiMM ■ - ‘ TflthAV tfc»n T t;«ar 



Cash Reserves and Balances 

Banking Liabilities 

17,845 


with-Banks 

1,064 

Bonds 

2,790 

. 7 ’ . • 

Securities 

261 

Provisions 

82 


Loans 

20,527 

Capital 

1,000 


Participations 

181 

Reserves 

1,081 


the' Baltimore - 


gas rather than oiL Lead times 
would be three to four years 


Real estates and buiidin 


Sfw y SL^»^ 

niKnit nf .. dmiiithti irinrf — « -W®' ■ ‘jlSftorc openu^ Is •:«. the forefrout of companies Th** mfnmintirm 


— albeit of a doubtful, kind— a 
few weeks ago 7 by being : the 


:xroM\u.a. onsnore operauuus, m m the forefront or companies 
searching- off the Atlantic coast: But the company shares 


The information collected by 
Shell Oil either directly ns 


second company -to announce a : industry doubts ou prospects of a find in the Baltimore Canyon, operator or through participation 

.ifT'' E*. '* . ■ ■ ■ ■■'■■■■ n fC ' XT™.. - in n «ha_ ...ill : ■ 


dry hole toere. and vit,haa;since-. . 
moved. Jts rig for* another: of the _1 
blodu where it h«6: an interest : ■ 


off -New Jersey, 


in other leases will be important 
In helping it decide how to 
approach the next round of 




Loans on a trust basis 


Other Assets 


Total Assets 


20 Loans on a trust basis 


16,998 


411 


40,312 Total Liabilities 


16,998 


6 


40,312 


of Mexico. Wfcfr .revenues Of ; verauioa m. jj. leases. we are- the Massachuasets coast, thougb 

just over slobE -Cast, yearj - It: reache^ya^n Sappy- with level of ex- these have been held up by 
hnks eighth among the US. oti' feet of natural gas tt day. posure," said .Mr. Blackburn, who objections in the courts, 
major*. - ^ .- ..at, thread of test y«r ; - - •: jriaced the- likelihood of- a com- Generally, SbeU Oil shares 

"Offshore opeirtiOM- repre- In; toe peantime, Shel].pilhas mereial strike to toe area _at other oil companies* views about 
sent about '40 per cent of pnr- movediinto otoet offshore -basms about one in ten. That first dry the looming J1S. energy shortage, 
business." said' Mr. Charles ; astoeyhave. been offered. Mnhole— which was in a block In jts latest National Enemy 
Blackburn, the executive --vice 1675. with a group of six . otter .where Shell Oil has a 30 per cent Outlook it says that imports of 
president for exploration ..and;, cowpantea .it paid _ $7Im for two Interest— removed some of. toe foreign nil are certain to in- 
production at .'the !: company's, trarts .off California. , in wnieh.,rt.-potentia], but there .are still crease between now. and 1990 to 
50-storey -4ieaflqUrttei^r, -.% 4a holds 50 per ' ccnt^interest -several . ■structures' to ‘ '• be. 50 per cent of toe nation's total 
Houston, Texas.- Mr. Blackburn^' is theV operatoc. Thifr group: to - examined. ’ . supply, despite .the slowing in 

trained in' Oklahoma,- onjp*rafly:tiwhaly.ope fio far to nave found - The . rig is .now drilling in the annual growth in consump- 
joined the .company in I952»,ap;hydrocarlrons.= there, ana.- it. : ex- .another .lease .50 miles away, tioxu. And in order to maintain 
exploitation ^nglneef-aud- moved-'peett ta obtain . 25,000 panels of where Shell Oil’s, interest is- 62 the current level <jf U.S. domestic 
up to his presen t pc^t in 1978^ ‘.oil a day .with first production; percent . This lease- lies some- supply. Shell Oil says, about one 
Offishore . work began in -the pessipiy in I960. -- - - - what -closer, to the one where half of domestic production in 

3940s wheu toe company " waffed'. ' Tn'-^97fi l . SheII, Ou bought .a Texaco recently- found traces of 3990 would need to come from 
out" into theKGulf from its ow ■ further ' interest in tract*. la the hydrocarbons.' - - reserves as yet. undiscovered. 


We shall be pleased to sendyou on requestacopyof the Annual Keportfor1977 together 
with asummaiy of KresditanstaliTs activities. 


Palmengartenstrasse 5-9, D-6000 Frankfurt am Main % Tel: 611774311, Telex: 411352 






mm: 


Financial Times Tuesday A'Ugust'8_197J 


Wall St. edges ahead in active early trade 



INVESTMENT DOLLAR 
PREMIUM 

.52.61) (o £1-99!% (99J%) 
Effective S1_d315 — I8i°& (47J%) 

FOLLOW NG LAST week's 
marked advance, the Wall Street 
stack market moved moderately 
higher yesterday morning in 
further active trading. 

The Dow Jones Industrial 
Average, up 32 points over the 
past week, recorded a fresh 
improvement of 3.20 at 891.63 at 
1 p.m. The NYSE All Common 

Closing prices and market 
reports were not available 
for this edition. 


Index was 20 cenls firmer at 
$.18.54. while Rains outnumbered 
declines by better than j seven-lo- 
fi ve margin. Trading volume 
amounted to 23 12m shares, but 
fell short of last Friday's 1 p.m. 
figure or 2HRUm. 

Analysis said the overall tone 
of the market remains firm and a 
fair amount of money still 
remains on the sidelines to be 
invested. They noted that 
investors have been encouraged 
recently by a feeling that interest 
rates are peaking. 

Ranro gained If to S24J. 
Motorola St to tt3I. Heath Tecna 
SI to S22. Boeing I i to S74* Dome 
Mines i; to SS2L IBM li to 82815. 
Flex i -van si to $24 and Murphy- 
Oil 12 to $42. 


Beech Aircraft were up $1 to 
$30— Beech said that it has 
reached agreement on a new 
three-year contract with the Inter- 
national Association of Machinists 
and Aerospace Workers. 

Interco shed t to S44 and. over 
the counter. Fingerhut advanced 
ji io $ 14 ; bid— Interco has agreed 
to acquire Finger hut for $17 per 
share in cash or for Preferred 
stock. 

Ovemite TransportaUon rose 52 
to — company workers have 

voted to reject a Teamsters Union 
organisation attempt. Tropicana 
Products Rained 5 to $521 and 
Beatrice Foods were up $2 follow- 
ing news of the completion of the 
merger between the two com- 
panies. , . 

PRICES ALSO pointed higher on 
the American SE. the Amex index 
advancing 0.65 more to 158.58. 
Turnover came to ILSOm shares 
aL 1 pm, against last Friday’s com- 
parable amount of 2.58m. 

New Hampshire Ball Bearing 
rose 1J to $21J — the company 
reported sharply higher fiscal 1978 
earnings. 

Core Laboratories advanced li 
to $40. 

Canada 

Shares on the Montreal Stock 
Exchange recorded further gains 
in moderate early dealings yester- 
day. yielding to Wall Street's 
positive lead in the absence of 
the Toronto market The Toronto 


and Vancouver stock exchanges 
were closed for a civic holiday. 

Industrials were fractionally 
lower on index, but all other 
major indices Improved. The 
Montreal Composite index was 
0.17 Grmer at 206.60 at noon, while 
Utilities put on 0.S7 to 185.67, 
Banks 0.21 to 288.12 and Papers 
0.31 to 130.91. 

Transeanada Pipe gained li to 
C$19 — trading in Transeanada 
was heavy last week on takeover 
rumours, but the company said 
it has not had any discussions 
with parties interested in acquir- 
ing control. 

Canadian Marconi put on J to 
C$»i. while Canron “A," C$291, 
and Hudson's Bay, C$24. picked 
up } apiece. Adding 1 each were 
Consumers Gas. C539J. Canadian 
Imperial Bank, C$285. Stelco "A,” 
C$281 and Steinbergs, C$2G±. 


Tokyo 


Share prices closed pre- 
dominantly lower on pro fit -taking 
and general selling, breaking the 
market's -recent rising trend. The 
Ntkfcei-Dow Jones Average 
declined 34.06 to 5.557.95 and the 
Tokyo SE index reacted 1-23 to 
420.87. Turnover was a moderate 
220m shares, compared with 140m 
traded on Saturday's half-day 
session and last .Friday's 260m. 

Export-orientated Electricals, 
Motors and Cameras showed early 
gains in response to a partial 


dollar recovery in Tokyo, but 
most closed lower on - balance 
after buying subsided, Sony lost 
Y10 to Y1570, Matsushita Electric 
YS to Y7$0, Canon Y4 to Y446 
and Honda Motor Y2 to Y543. 

Some Public Works issues and 
Popular? firmed initially; but the 
rise failed -to gather momentum, 
while recently-selected Chemicals, 
Textiles, Foods and Machines 
retreated in the absence of fresh 
market factors. 

Pharmaceuticals, however, con- 
tinued .to advance, with Hisamitsa 
Pharmaceutical closing the day's 

limit Of Y200 up at Y1.39Q. 

Others resisting. -the downtrend 
included Ito-Yokado, Y200 up at 
Y1.57Q, MeJto Sangyo, Y70 higher 
at Y969, Koatsu Gas Kogyo, Y60 
firmer at Y629. . and Chugai 
Pharmaceutical. Y55 harder at 
YS50. 

However, Kyushu Electric 
receded Y60 to Y1.3I0. K. Hatlori 
Y50 to Y1.2S0, Orient Leasing, Y50 
to Y1.100. Shikoku . Electric Power 
Y30 10 Y1.090, Clarion Y 28 to 
Y741, Yokogawa Bridge Works 
Y25 to Y975 and Ezaki Glico Y24 
to Y729. 


Germany 


Stocks were inclined to drift 
lower on lack of fresh buying 
interest 

Sobering fell 7 to DM262 on 
unconfirmed rumours that a 


NEW YORK 


j Aug. ; Aug. 


A'lg. J Aug. 

4 i 


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I ... lllliMI Ik. \V 

(I.. . I-.JI. I'.. 

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t .-i.aili'na l’li-i .. ' 
( ••iii.ltl'-t •■.■'[Ain 
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t_'p:'l» , lli K.I1..11 
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I '■IIIIII. *nl. llit,-. 

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( ••inn . . -. 

% .l|l. I.linti \ A . 

I .-n-.ii I".— 1. 
I'.afiM.I Xnl,l.||.„ 

1 r..«-i 

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( I HI ■ Ill-lit A l Hi).. 

I • -111 ■ in-in r. I > ■> 

I nir.ii I Ml* ... . 
V'-’I-T Ill-Ill- 


I'urniuxtilBM j 61 >» 

I'Hflni'ni'lt'iiim 49 j* 

Cmne 4 

L'tui-Lmi Nil 28 Ir 

l run n Xe!tol«>.'lij 36 14 

in- Nncinifi 39 U 

I'm in- AVrujIit ...| 16Vg 

Uriir ' 30 

ttarl ln<lii«lrir*.. ! 47 

Ikne ; SSTg 

Url tlnnte 37 As 

Ih-ll.nin 12<2 

Dviilhpl.v J liter... | 23 1 g 
IMrtitt tiniwHi... 16 
l)uin.in>l SlSia 

Dii-Tajiiiiiiu- , 16 A. 

IMciu Ei|iii|i B4i» 

Uisntty ilvnlli. ...! 44l{ 

tiiitvr L'lirj.n ! 46 

Umr Ulwniii-al....' 263* 

limvii 28 ^ 

I ire-wt 44i a 

liu|n>nt 1261* 

Kaulc n.-lier X 3 

Kart Airline* 14U 

Kart mail Ki-lak.. 653* 
Knii .11 39i* 

K. fS. Jc ti ; 30 

HI I’anu Nat. Uaa 1712 

Kiln ' 34>g 

Kninnin Klwlrln' 3812 
Knitriv Au-fr’ielit 2612 

Kiuimrl 4412 

K.M.1 3 

Kimellianl 251* 

K-marU > 29 

Kill, VI ...» • 223, 

Kvmjii • 48 i* 

Kmrvlillil t'aiinra 35 
Keil. Ut-ja.Mliire*. 38 

Kutwl.iiie Tut 13S* 

Krt. Aal. Kiwl.vi. 20-4 

Kiwi Van ' 23 

ftimkiMr 30i* 

Klnmta ISiwar 38 

Kin, ir I 36ia 


K.M.V 1 

F.ml 

I'.ilvniiWl MrL.„. 

FiixUnii 

franklin Midi...- 
Knv|«»-i Mmerai 

Krnelmiil 

fan ue hnl*. ! 

; 

lien. Amur. Ini...! 

li.A.T.A 

tied, table 

lien. I *> nainii--... 
lien. Kiei-trli-i.. .. 

lieu. Kuik 

lil'iinai ill. 1 - 

lii-liera' M.rtut. .. 
••('ll. 111!.. I til...., 

■ >rn. -irurI 

* irn. 'I'el. Klrti....' 

, lieii.Tvic 1 

tielle-tn 1 

<<v>iri>ia l’at'ilU-...i 
Uetlv Oil ; 

liillrtle. I 

(■■iu.lriL'li II. h j 

(ia-iil.i ear lire..... j 
liiHihi : 

linif W. K 

< in. Allan i'ai-lea] 
till. Xntlll Itiill.J 

l>re( IhhiKiI 

limlA VVe-iern... 

itml Hu ! 

Haiitiuitiiii 

Hanna .XI 1111111 ;. | 

llariii-.-uirui'i ..... 
i Ham* i'w)a .... 

lii-iii/ II. J , 

1 1 rii 1 Mr 1 11 1 

lli-nit- IWkmil,.., 

Ili.i him Inn- 

Ilnnie-lake 

Il.rtii'\ null 

II— U't 

Il»-|-I i*T|i. Xillrl 
I lull - 1 1 -ii Nai.iia- 
Hunuri.-Ai rimi 

Hal ion 

1.1. Illilnrlnni... 

IN A 

Iiu;et-iill kaml... 
lulu mt fijerl 

I II - lien 

IIIM ; 2 

I nil. Kla(iHii-._.,.! 
lull. Ilarif-lei...: 
Inti. M in A t'hpiir 
lull. Miiliil—I*.. 1 

I lew 

Jin I. I'rin-i J 

I l*U I 

I III. lil-'l llli-r. .. ...) 

Ini. 'Irl. A lei....- 

In* fill ! 

Inna Hcrl 

II liileniaiiiiual; 

Jim Waller 


24U I 243, 
471* 1481, 
221* j.223, 
381* 381* 

91, 91, 

283* 283* 

31s* , 313* 

113, I 113, 


Jiilina Uaniltte.. 
Johnson Julnuml, 
JuhiiNin Uiintnil. 
Jii.v Uanufiu-l ur'g 

K. Mar Ourji 

KauerAliiuiinl'iuj 
kauer lniluitrlea; 

kai-cr Steel 

Kay 

kennerntt 

Kerr Mi-fiee. 

Kill. I a Waller..... 
K'nilierly Clerk. 

Kit|i|ien> 

Kraft 

hnutfrl'n. 

Lra-eaay Tran*..; 

U;vi b mui-' 

Libby Ur, fanl... 

LlgKBLCliMJp. 

Llllv iKIyi 

Liiiun IridUhi..... 
l»--Lliee.l Autt'ii 
L ine bur Inrtu-. 
L'Hi; J*l*n.1 Ltd. 
Lhiiuroh LvhI... 
LiliriM'i..... ........ 1 

Lnek.v Mur 1 

l-'ke Y’uru;«t' , an. 

>tiu-\litlan 

il-iTj H. H 

Mil.. Haiimei.... 

Ma|vn 

Manitliun Oil 

llanne M nllainl. 
Mar-hall Klekl.... 

M*v I»epl.Mi>re> 

MCA, 

M'.'Uennoi 1 

Mi‘lk<uneli IttNi**- 
Mj^intw Hill 1 

Meiiiue* I 

Merck ; 

Merrill Lyu-li...., 
Um IVl 1 oleum .' 

Ml.U - 

Minn Uin,.t Ml*. 

Mi Jill (.* 11171 . 

Miiiiwnili' — 

Murjpm J. P I 

Mull, ml* 

Murj.bv Oil | 

Naliv i lieiuiiiiL. 
N'atiiiiial Can | 

Nai. liirtiueo.... 
Nil. S-nlre I till. j 

NbIIi.IIHi Mcel....! 

Nalnaia- • 

Mill : 

Ne|itiim-lui|i ! 

Nen Kitff ibii- 1 Kl.' 
New hiiQlaii.l 't'eh 
NlR^ara Mfiliauk! 
Niagara MUUV... I 

N. I. Iii'lu-lrie--! 
Non.ilk.lVV crtc-ni: 
Nnith Nal.iia-... 
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Mhai-i Airinie-j 
NUmeht Uainnr|i 
NurtMli unnu .... 1 
iHvMlenlal l'ettol 
1 •ssiii.v Mallier .,.1 

• ■hn. (mIImjii 1 

Olm 

■ lirnw bhl|a>...; 
Mneim I'litmug.,- 
llvreii- <lini.|«.... ; 

I '*,-1 lb ' 111 ,. 

IV-IH.- LirIiUiib.; 
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l^i k, -I llaunilni.- 

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l'liei|» lk>i K r 

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I’hiliii M.irtl* 

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I'lialany 1 

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VVnnl worth. ~—l 

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Xerux. 

Zn pa La — 

Zeniib Uailio 

l'.b.Tr«e4* 1SW 
USTremAl^fb/Bb 1 . 
L'jj. 90 tlay lnK*4 


EUROPEAN OPTIONS EXCHANGE 


- 

2 *crir* 

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V.4. 

l*«l 

V.,1. 

•Ihii. 

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\,il. 

Apr. 

. UM 

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t'360 

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1'370 

10 

6.50 

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P27.50 



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HI' 

030 

6 

4.80 

2 

6.20 


— 

1 

II!) 

FI 40 

2 

1 

12 

2.20 

— 

— 

1 


>25 

20 

2 

1 

2 1*' 

— 


523,* ■ 


>60 

_ 



10 

3 

— 

— 

>6D( 1 

1 N! 

oho 

2 

4 

— 

— 

— 

— 

Ft 19.50 ' 

1 Nl 

050 

14 

0.60 ; 

— 

1 

— 


1 

\i;x 

>60 . 

— 

— 

2 

S* 

— 

1 

5601* | 




.Viiv, 

IV'. 

1 


*50 J 



1 

24U 

4 

Z41j *731* |M 



- I 


10 

17 

— 


I 

tiw 

S2Q 

— I 

_ 1 

-- 


2 

1,1 

>!.B 

*90 


— » 

1 

. 71* . 



>B5U ||j 


CANADA 

Abitlhi Paper 1 145* 

Agnico Bugle | bl* 

AlcanAlumlnlumi 36L, 

Aigomn Steel j 2dl* 

■RabMioa J t40 - 

Han* n( Mmurealj ie3i, 
Hank Ni.iv* bruilaj 83 
Basil 1 KewHirccj-J 4.60 
Bell Telephone— 59 ’ 
Bow Valiev Inri.i 33 


• Aug. ; Aug. 

Sloes — ! 4(3 

Merlon , 843, 545* 

Keym-Jita Metala.l 33 1 * 3332 

KeyiioldalLJ....' 68 69 >4 

Klrireun lleinell.| 277* 277* 

Hc-kwell lnler .,,1 36 36S* 

Kutnu X Hs**-....| 351* 35>s 

Nnral Uuti-h 611* | 61 ig 

KTK 141* 141* 

Itius Ligs 117* 111* 

U.viiei byrteiu .... 277* I 27s* 

Saleasr blin«n...l 441* 1 451* 
ril, Jue Mineral^.! 24 j 2 32. 

bt. Kegia IXiper..., 313, All, 
banLa Pe I 111 U 331, 1 35lg 

I Saul lnve>t .j 73* I 73* 

baxnn I ni I- 6s* j b'a 

sich lit a Brewing.. 141, I 147* 
bclilunilerger .... 93 ! 9H* 

SCSI I 211* : 213* 

bum I’ll I ^r. ; 171* : 17*a 

bcnvil Mrs I 241* | 24 

Scuriilei 63, J 83, 

Conuimer..... 3Q1* j 21 

beagram 25 25 1 « 

bearle U.I .li.i 151, . laL, 

Sear- l(nebiii-k...., 251* j 26 

SKIM.'" 394* , 40 

shell t»il 1 343, ; 431] 

Shell lmn-|Hin.... 421, , 43 

bignai I 513* j 53 

bignuleLun 1 A6I* 1 3513 

bnupihniy Kht... 13U ; 136* 

Sinner 191] • 19 ■: 

suinh kiiue ! 93S, ' 933, 

--Hililn.il 3lj : 3 1 * 

'binlliilMull 34 33'* 

SimtliemCal.Bil.. 263* 2b3* 

^aillirm tn lb lb 

-Mbu. Nut. He; ... 556* 1 553, 
■i«>iilheni 1‘aririi-.' Sli* j 311* 
SuolhernKailwaj-, 541* I 541* 

HUilliianil | 303, j 301, 

s'n'f Bmihliare- J ift7 , 27 

Sjariri' Huti-b I 22 j 22 

i-perrv Kami i 465* J 4«3, 

Squill. I 351* ; 551, 

Standard Brand* 261* | 2812 
*>iii.Oiit.’aliiiiniM) 413* 413, 

■sail. Oil Indiana.; 60i 2 503* 

Mil. Ull Ohio 35s* ; 34U 

swim I'hennceL 45 • 45 

sterling thug....! 186* I 186* 

st iidr luker I 665* | 66*, 

SiiiiVu. | 433* 1 431* 

bunilMramt ,! 54 I 531* 

s.viite* I 343, 1 3413 

Twhnaiiiiir j 14k, | 13** 

(ektrunne > 45 . 464 

Idedynr... 1123, ] 112 

i>»ex 56* 964 

leileci*. ( 32 1 32 

leMHiiPetniirtiuij li->r , 103* 

I'exaui 256* 243, 

Texanguir ! 21 : 2U* 

Irut Kulrrn....' 57s* j 38 

lean* Inii'm , 92 1 , j 911* 

IrwhllKiM., 261, ; a63, 
1«ai LtlllUea. 217* l 221* 

riiuen In 501* 485* 

Times Mirror j ah* . 43i* 

rimkeu i 50a, ' 50 

Thtne i 42f, \ 424 

Tnmapiei'l.-a 177* 18 

Iran*.* 19 t* 193, 

I ran- l nlon 1 5b I* j 364 

Inn-way Inir'n.. 27s* 274 

Tiwna World Air.j 285* ; 276* 

Traveler* : 391, 1 381* 

I ri kumiiienlal 1M7* \ ISO, 

rirtv 41 4ii* 

lARlit 'eutury hlix 3bJ* 08 

l .A.L 404 403* 

! I'AHL'O a4i* a4l* 

• l.l Bk.1* I 2ul* 

; I HI level ‘H.J, | H2 

luueterM 545* ■ abJ* 

> I. iil-iii UanuTfi... 24a, I k'44 
, l iiiiui Cari.iile — . 404 J 403* 
l iiiini • i'ninierre 81 , • 84 

Liiimii O il lain.... 49', ; 491* 
l iiiun nwllii'-...: 497* | 494 

Liiu-orI | 71* | 71, 

I mini Uraml- — . 114 ; 115a 

I-.* HaJirurv- ! 304 I 304 

lb(iv]xiini I 304 ' 301* 

Ibsboe....^. ! 264 j 264 

lb bteei i 295* 296* 

I b Terhnni'idw. 506* i 503* ■ 
1 V Imlu-inn-— ■! 223* , 201, 

Virginia Klm ; ls4 i 104 

Walgreen 284 ; 284 

tVarner-L ummn..; 504 , 497* 
Waroee- Lambert.; 307* 1 307* 

Warte -Man 'men 1 ' n94 ' 284 

Well*- Kargu - 30 ' 304 

U'ertern Hanevrii, 424 j 42 
"'eaieni N. Amer 34 33 

VVe-lem l iibm...: 18 18 

W eslingl»"ee klw. 241, | 244 

VVe-iai-ii • 28>, : 284 

" eyeriiacii»«*r .... 30 304 

*21, I 225 

While LV-n. I nd... 214 ■ 214 

William l'«* 203, j 206 , 

Wi-Hniu-in Klret..i 283* 1 284 


BASE LENDING RATES 


| Aug. 1 Aug. 

block | 4 | b 


201* | 206* 

41* 4 

61 I 606* 

18 • 173, 

17 • 164 

794,4 f94.; 

+805* I 7806* 
6.77ai 6.77i 


Bremen businessman has sold his 
holding in the company, but there 
was no immediate comment from 
the company. 

KHD, which reported lower 
first-half turnover, lost 4.20 to 
DM 180,30. 

BMW dec! bed DM 2.50, MAN 
DM3 end Xeckerenann DM2, but 
Siemens, on its good results for 
the first nine months, advanced 
1.80 to DM 280.SO- 

Dentsehe Bank were quoted 
ex-rights at DM 296, with tfre new 
subscription rights priced at 
DM 7-90. 

In the Bonds sector. Public 
Authority issues were up to 30 
pfennigs weaker. The Bundesbank 
purchased DM 4.4m nominal of 
paper. Mark Foreign Loans were 
easier, where changed. 

Paris 

Despite a cut in the Call Money 
rate to 7’ from 7J per cent. Bourse 
prices tended to lose more of their 
recently gained ground, with 
activity at a low ebb. 

Foods, Motors. Electricals, 
Metals and Oils led the market 
decline, white Banks. E n g in eer- 
jngs. Department Stores and 
Chemicals were irregular. 

Pcugeot-CKroen retreated 13 
to FFr 476.0, failing to be helped 
by higher first-half 197S portfolio 
revenues. 

L'sinor, which announced last 
Friday higher first-half sales, shed 
60 centimes to FFr 24J>0. 

Bonygues - receded 14 to FFr 
STS, Carrefoor 22 to FFr 1,728, 
rBorel 2.9 to FFr 151.0 and Moet 
Hennessey 11 to FFr 569, but 
Comp to ire deb Entrepreneurs, 
Guymwe, Humm. Pollet, Alspt 
Pociain, Oub Medfter, Matra, 
Fra twin et and Mari times des 
Chargeurs improved against the 
trend. 

Australia 

The Sydney stock market was 
closed yesterday for the New 
South Wales bank holiday, but 
Melbourne was ocen with shares 
often gaining further ground. 

industrial leader BOP hardened 
2 cents more to AS7.94. while 
gains of 3 cents apiece were 
recorded in Woohvorths, A$1.62, 
Hooker, 81 cents, and General 
Property Trust, AS1.70. However, 


NOTES: Overseas Brices sbovn below 
exclude 3 premium. Balaian dividend* 
are after wttliliotdbis tax. 

4 DM 30 denos. unless otherwise stated, 
siulds based on net dividends pins tax. 
V Pi a 50* drawn, unless otherwise stated. 
A DKr 100 denm. unless Mberwlie stated. 
•liSuFr 500 denom. and Bearer shares 
unless otherwise stated. r Y50 denom. 
unless oiherwise staled, g Price at time 
or suspension, a Florins. i> SchllllnKs. 
r- Cents, d Dividend after pcndlnc rights 


News receded IQ cento to ASMS. 

Among Banks. ANZ improved 

3 cents to AS3.1S and BNS Wales 

4 cents to AS6^S. 

In the Mining sector, CRA rose 

6 cents further to A$2.% for a 
two-day advance of 16 cents on 
speculation about -its diamond 
venture, while Northern Mining 
were 3 cents harder 'at A$L4S. 

BH South gained 4 cents at 
AS1JKI and Bamboo Creek. Gold 

5 cents at 30 cents, but Western 
Mining came back 2 cents to 
A$L57. Uraniums were modestly 
firmer, while elsewhere. Austra- 
lian OQ and Gas put on 4 cents to 
65 cents. 

Hoag Kong 

Market was closed yesterday far 
a public holiday. 

Johannesburg 

Gold shares generally improved; 
although trading volume was 
fairly light 

Mining Financials followed. the : 
firm trend of gold producers, but 
Diamond issue De Beers slipped l,-*, 
to JR7.05 before dosing unaltered ' * 

on balance at R7.10. There was 
little demand for other Metal and 
Mineral sectors. 

Trading in the Industrials 
market was subdued, although 
stocks showed a hardening 
tendency. 

Milan 

Market lost ground in thirr deal- 
ings. Many brokers have already 
left for tbeir vacation, and more 
are expected to depart in the next 
few days. Market activity is 
expected to return to normal 
levels gradually after the four-day 
-holiday in mid-August 

Pirelli fell 37 to Ll,625, Flat 16 
to LI .790 and Italsider 9.73 to 
L281.25. 


Switzerland 

An easier tendency prevailed in 
quiet trading, affected by the 
dollar’s continued weakening. 

Firm exceptions were provided 
by Elektrbwatt 15 up at SwFr 
1.8S0, Motor Columbus, 30 higher 
at SwFr S55, Saurer, 35 better- 
at SwFr 1,075, and Jet molt, 
which gained 20 at SwFr 1,505. ' 


■ and/or scrip tome, e Per share. 1 Franca. 

0 Gross div. ti. Ii Assumed dividend after hmw 
■ crip sod/'or rights Issue, fc After local ^ 
taxes, m Ti tax free, n Francs: lndndlna rule 
Unilac dlv. p Nom. a Share spUt s Olv. . v 

'*9- iffji 420.87 . 422.10 

r^rTVefTL^A^S: smwoore -378.86 ^9.78 

xr Ex rixhu. xd Ex dividend.- xcEx — 

scrip Issue, xa Ex all. a interim since 
Increased. 


|apb.' 
1 B 

T 

1 July. 

!-* . 


B7J7 

24SJ9 

8S0J1 

VM 

241.41 

1 

issjs' 

28Utj 

107 J:' 


iDsjE 

aufflj 

1 

10t«j 

3S,«7B( 

TOUM 

- 


1 * 





High | .Ihw 


Jisals of index changed two* AugnvtE* 


July 28' [ July 81 } July 1» 


fiu47 BJS* 



A F'\ A ?\ x rrr\*m 


Angi Ang 1 A 


Uumpmitej 12M^ 121<t9jlS0S.B 


198.0(4 

288.45(4 


7218.8 (4lB> 



to 104J3 


i (4(tu oai) 
MJ4 hb.45 
. (19/7) dO/U 
I ! 42bl»l 4W.U4 
. f 19.71- (4<10> 

1 1 378.85 

I (7/ot (9:1) 



i i-a 







mm 

a 




W78. ft Rang sene Bank strr/u. IfrBum 
conuaerdate. ttxlUn* sn/72- nMjt 
New SB 4/t/ffl. hStratts- Tbnea-MK. 
c Closed, d Madrid SE 80/32777. eSWck- 
holm Industrial 1/1/B. 7 Swiss - Baot 
Corporation. « Unsvallahlo.' 


AJ.N’. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Araro Bank 10 % 

A P Bank Ltd 10- % 

Henry Ansbucher 10 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 ^ 
Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banque Beige Ltd. ... 10 

Banque du Rhone lO} 1 ^ 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 % 
Bremar Holdings Ltd. 11 % 
Brit- Bank of Mii East 10 

■ Brown Shipley 10 % 

Canada Perm'L Trust 10 % 
Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 10}% 

D Charterhouse Japhet... 10 % 

Cboularions 10 % 

0. E. Coates 10 % 

Consolidated Credits... 10 % 
Co-operative Bank *10 % 

. Corinthian Securities 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk 10 % 

Duncan Lawrie 10 % 

Basil Trust 10 % 

English Transcont. ... 11 % 
First N'aL Fin. Corpn. 13 % 
First Nar. Secs. Ltd. ... 12 % 

■ Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 
Grindlays Bank 110 % 

-■Guinness Mahon 10 % 



Hambros Bank 10 % 

■ Hill Samuel 510 % 

C. Hoare & Co 1 10 % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyser Ullmann 10 % 

Knowsley & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Mail son & Co. 11]% 
Midland Bank 10 % 

I Samuel Montagu ...... 10 % 

i Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Relson & Co. ... io % 

Rossminster 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... io % 

E. S. Schwab 111 % 

Security Trust Co. Ltd. 11 '% 

Shenley Trust 11 % 

Standard Chartered ...10 %- 

Trade Dev. Bank io % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whileaway Laidlaw ... 101% 
Williams & Glyn’s ... io % 
Yorkshire Bank 10 % 

| Mein hers of (he Accepting Hoilvs 
COUUI llltM. 

7 -day drposita "*(•, 7-nionih deposits 

T-day deposits' on snnis a[ rm.noo 
and under BJO. up to £25,000 7 i'r. 
and over 125.000 8 i«t. 

Ull dcoosiis d»r £ 1.000 7 *. 
ficmand dcpault.i 71*3-. 

















































































*■ ■) -{A 

- r; i 

•T. a: } 

'■*?« *:5*» .]fe 

■ * £o 







financial: ;Tfanes Tuesday Aggnst 8 1978 



Russia ‘will 


. reach grain 
target’ 


Report of strike Meat sales boom forecast 

d-63,1 hi ts lc^d RNancial times reporter ROME, August ?. 


ROME, August 7. 


BY CHIUSYOPHER 


BRITAIN’S INFANT. ~-igriCliV undars tara Hjig athn hfr-. finan cial 
tural-expori ti^d^ ,2$ed$ special, organisations . .of ; Abe -problems 
aawstance from - tbe-' City and peculiar to tooting..-' .S' ■ * 

Sosje livestock exporters com- 
fltrengtben’its-posinon'ii world pMaedthat ti»y bad trouble 
marker, the Advisory - Comidl- etotrintog- ftaaiS toM tie banks 
S* 4Sft225S^f- .the puTChaae-end-prepara- 
ta 5n.^J?„Z5iffiSSL Uon.Of yodng .stack Swn.agaiost 


• rcpuxr «at most OX iae com- wWw nwawmanf from has 

pames inVWvted- Were smair and *f 0B1 

Jacked eacpeneace in the-export «Tbe .’mint" djffiidties in 

Dusmess.' •"•j’Vf’-'' • -f- — r ■ ■ ■" khn.^ 


„ - MOSCOW. August 7. 

SOVIET agriculture officials 
appear confident that this 
year’s grain harvest will reach 
the target of 220m tonnes set 
by economic planners Western 
diplomatic sources Add today. 

An economic expert at one 
Western embassy was told by 
Farm Ministry sources that 
there was u no reason ” why the 
goal should not be met. 

Similar confidence was 
voiced last week by a political 
commentator for the ' seml- 


A BpOM in meat consumption by African and Asian meat improvement by developing 
BY OUR COMMODITIES STAFF . oil-rich countries i ind greater exporters, as well as the more countries hoping to expand meat 

3S3? iopme^sp^ for “ ben " trade P° licies “ d resula - elt P° ns - These countries had 
FORWARD PRICES for lead announced a 0.5 per cent a meat exporters in tbe years ^ oas ®BEC countries. _ much larger numbers of livestock 
increased sharply yesterday pound increase in its spot sell- ahead, according to a study *?. contrast, the restrictive than the developed countries, 
morning on the- London Metal price for electrolytic copper released by the UN Fond and P oiicie ? of the largest developed but productivity was verv low 

Exchange. The decrease in cathodes to 66 cents, but this Agriculture Organisation. “•** ““£5?”* indudins the owing to poor animal health and 

stocks— down 2550 tonnes to naano discernible impact on the The study— part of a new P-®-. “ 6 EEC and Japan, limited nutrition and a dearth of trans- 

48,850 tonnes— was bigger than mark®** which was generally series of agricultural commodity imports of low-cost meat from port and processing facilities 

expected, traders said. easier.. projections to 1985— said that ? e a ®“ t 5® r ? hemisphere and thus, to realise the promise of 

This, coupled vith continued “ ,£® afternoon Reuter rising imports by developing fpstraed higbeort meat produc- the 0 PEC markets. “livestock 
physical demand for the metal, Santiago, Chile, countries could help boost net ti«m in these developed countries, development efforts and in par- 

»“ largely rgponjdbie for the «* &■* *•£!* “ d “» JSSSS^’^SSSSU^St tta.I.r'TsrM.I.nd tapJLSm 


•t. T'-sT 
b 




• *■■■£ Ft|[| ^ 
n « . 

i.* 7*1 

K *g s 

'»* * i 

! 


• 4 

•v 


*•- - * i : 


■* ' ■ •>— 

: '■* ’ • s; 

■ 

'■'* ft J- 
*■ • • i e-j 

• ..•• . »;■>_ 

..uc 


i-wAcu .expctjeuce m me-expon greater difficolties in w 

business; - -r ■ resae^ flnanrp Novosti Press service, 

Jhe JWfnf^clOiwiks. ahftuld that many spedali^ 

take on agneultaral specialists new. «n»H «Kl -rafdaiy expand- 1116 .f 1 ®? w® nld 

expressly, to advise -farm export- ins ^ STSort ^ sunwss the year's target, 

ers.^ “aiid^Wnt credited ^ Novosti’s Gleb Spiridonov 

finance information and advisory » S ^ i£ was 8101 *® 

unit should- be set up. tO : h3^. estimate the size of the 

The unit-^=which. -wdFald. fit 5?™?* the faarves ^ ll> g 

happily under the -. umbrella .iof cajn P a »g“ in many regions 

the existing Eritislt-Azriciilturai Stortfn showed that gram yields per 

Export <k * 1 tetare would bo high.' 

information on sources of ex-, The -SSttSl* “Despite this year’s drawn- 

port finance.. identify- the. ways itSmld not °?i^ iring ’ sowing was com - 

existing services could- be iro- see anv^ its plated on schedule and with 

proved, and help train 'would-be S T ^!L I ^^f^ >T ^ jr ^ Xiag ** good quality. On the' whole 
exporters. . ■^£S& c SS£2^i^- «« <** situation in the agrarian 

The report suggested Jhai bank °*' b £ Sovlet 

loan guarantees- now. offered. by fa Y® arafaIc * 

the Agricultural Credit Corpora- exporters abroa<CiM)tabIy those Western farming specialists, 
tjou .should be 6xteud£d'±nto the ^ TCUtr eountrifis.' - •' who have been monitoring crop 

exporr .fleW. ' to. finance .produc- - Although no specific ^charges sports issued by Soviet news 
laon^specificaRy for export - - were vth e ^nosP OOC^m m «dla tended to share the com- 

. Tllft.Govenaient-shoum con- complaint was that other Com- mentator’s view of harvest 
Oder, -meeting the-. *orponatSeB’.& manity- exportera'in-the agricul- prospects. Bat they said that 
charg«for any awh guarantees, tural -business, were helped with th ® only certain result so far 
The Export Credit’s Guarantee - Govemxhentsul^dised credit was of a bumper exop in south- 
Department Aioukl also take facilities. western Rnssta, which generally 

greater account ^ ^ of the special ♦ Aoricalfimif 'Exports: Credit accounts for one-tenth of 
needs of the agrlctrituxal trade, and Finance-^oo&O^jlii free Soviet grain. 

The council’s - iimstigainES /row* the secretary,^ Adtrisory Yields in the Ukraine were 
found many ;p ote nttal ^exporters council for Apiculture and slightly below those of last year 
f rustrated uy nhe cojnp^cxFGes of UorUculitere m UtogUaul and — when the southern republic 
exporting. -fttrScuiariy- jir credit Wales. Great Westminster House, produced a record harvest 
and finance. TheY-adZO; heard Borseferry Rood, Lorriioa. SW1P despite a disappointing overall 
many compikuits. -Qf.^a -jack ;Of 2AXT. .. . . Soviet total of ISSAmtoniies. 

' • - . '-.j v; Western experts said that the 

•' ". ' larger area under grain this 

' •" ■: •'■*■ . ’. season could compensate for 

Buoyancy of sugar S£HSsS 

. . rain towards the end of last 

' *'■ 1 * ' i- ■ ’ - --ri*. a • : r«'.- month. 

market maintained ^ e « ^ 

o '- -• • ■■ - ‘ V’-'V ^ • areas of Altai territory and 

BY JUGHARD MOONEY . . . 1 -_‘‘i • • Kazakstan, though, whore the 

LAffT.’WEKE?S» bnojB»it mbedon' maintained by^ increaff^demand wSthei^ vn ^ er ** lle ^ 
the; world- ; sugar. muricet was from Middle East_ytal North Reuter.' 


centrales. 

' •'Higher 


projected 


afternoon by word that Amax . h th „„ countries, with the U.S. and Putm the mam traditional im- re3 ch 144m tonnes by 19S5, com- 

|bad reached a tentative settle-- Japan also buying more. . porting areas coincided with pared W jih joSm tonnes in 197.’- 
ment with the striking work- £52? hiah^r mi r JSSL ^ report forecast that net weak demand. Since then cattle 74, a nd approxiinateh- 125 m 

force at its lead works in Boss. E^d^psn s meat imports of developing have dropped and in- tonnes in 197S. Of this. Mm 

Missouri. fS 5 com Sd snVSnS countries would triple over, the dustnal economies have picked tonnes would be beef and veal. 

Ratification of tbe pact was nriceshy tim end of S? vS!? Period to almost 3m tons. up steam, leading to some 51m pork, 30m poultry meat and 

expected later in the week after accordiue to Comm oditv Anal Meat imports by members of recovery in demand for gni sheep and goat meat, 
a meeting of the workers. In its latest half -vear r ev^w the Organisation of Petroleum imported meat and in prices in Projections by Uie hood and 

Three months lead closed at reports Reuter 1 Exporting Countries had grown International trade.” Agriculture Organism 1 -m 

£328.75 a tonne, £L5 up on the . copper could fall to about 55 from about 235,000 tons a year in The Food and Agriculture indicated that ihc gap between 
day, after rises approaching £6 ^ts a pound from the present tbe early 1970s to about 600.000 Organisation believes that better meat consumption in developed 
a tonne during the morning. level of about 63 to 66 cents. tons annually and could reach meat policies would benefit both and developing countries would 
The Amax report was also because of a de cline in economic L3m tons 3985 ‘ meat es P° rters and Importers, grow wider. In 19S5. consump- 

Tesponsible for a brisk afternoon activity in the second half of The Near East market was The study underlined “the need tion might average 75 kilo- 

in the zinc market, traders self- this year in the U S. and a lower especially significant for develop- to Improve overall conditions of grammes per person in the 
mg lead and buying zinc. level of industrial production in ins countries with either present international trade in meat and developed countries, and 15 kilo- 
Three months metal rose £5.75 the first four to five months of or potential exports of mutton to make adjustments in national grammes in the developing, 
a tonne to £331.25. 1979, the review says. and lamb, and to a lesser extent, policies to assure outlets for Moreover, meat-eating levels 

Tin prices strengthened a . Prospects outside the U.S. for beef. exporters and continuity of would continue to differ sharply 


sector of the Soviet economy Is 
favourable." 

Western fanning specialists, 
who have been wn w UariBg crop 
reports Issued by Soviet news 
media tended to share the com- 
mentator's view of harvest 
prospects. But they said that 
the only certain result so far 
was of a hamper exop in south- 
western Russia, which generally 


a tonne to £331.25. 

Tin prices, strengthened 


Yields in the Ukraine were 
slightly below those of last year 


little, boosted first thing by an increased consumption were 1 
increase in tbe Far Eastern -poor, and no real increase could of 
price, and helped along by good be expected over the next 18 
demand in Europe. The increase months. 

in stocks— up 45 tonnes to 2,500 ■ Lead prices could fall to about 
tonnes — was smaller than £275 a tonne from the present 
expected and this too tended to £321 during the second naif of 
help keep prices firm. 1078, as battery demand slowed 

Three months standard tin down and the effects of lead-free 


The study noted the vicinity supplies for importers." among individual 

Near Eastern markets to There was also much room for countries. 


developing 


Nine set to produce more beef 


Buoyancy of sugdr 




market maintained 

- ■ •• • ’■ -• -.o'- - ■ . • 

BY RICHARD MOONEY ' . > v'W . 


Japan strikes bargain on 
fisheries with N. Zealand 


y 

i > c: 

i 

' I ?t 


LAST- WEEK'S bdojerait mood on maintained by in erhas^ demand weather 



» y* U.S. COTTON 

ESTIMATE COT 

£9 sS£- a price?ended :,; i jo^g-de- Sed^nr^agaih^orwSd C0XTON J 'S^ h2^tft?Stinate 

h 5 t rov 1LSm to 10£m bales « because of 

y — — - d iSTi, ^- b frfe drought in the South-West and 

to ±3fl-a tODXte. •’ pean beet test resulBrtfi«ai have insect- nroblems in the West 

The emergence of,/ Chinese, generally indicated l^xrops. m ^\^?^ S ^ Q e n 
b “3jn« “tfW* at ^.-bottom ?tae trader^suggested^terday th? cSltofSsJSS Jd EdSS 
Of the market major .eo- however, - that non-jj^fesrional tional Foundation said that crop 
couragement. ,-t» . tararound ^traders might be tempted to prospects had reached the critic^ 

fn sentiments . aew.-foufid. overestim^e the 'seri&1^p£ss of. stage in Texas due to drought. 


strength t^raa^cetlms jHwsfrj^bese declines. 


>- >4 Reuter 


ended the day gaining £37.5 to petrol in the U.S. made an BY OUR COMMODITIES STAFF 
close at £6^70 a tonne. Cash impact on consumption. 

a toone^ 50 *° Ukeiy^^tS^K^t nric^f BEEF PRODUCTION in the In West Germany slaughter- Renter reported from Lnxem- 

In New York Asarco ahoilt £313 a tonne to about £260 Common Market ds expected to ings were expected to rise 6 per bourg that the Common Market’s 

' rise by about 2 per cent in. the cent to 4.76m over the 12 months statistics office had said that the 

next 12 months. ZMP, the West started in July, but ZMP said Community cereals crop this 

German statistical bureau that there would be a particu- year could come close to a 

reported in its latest release. larly heavy increase during the record, provided that the weather 
ToflQtl dirilfar nnrrmin rvn The increase will make the next five months. held out until the harvest was 

(JaSJflll ijll Ifdl HI till Community about 97 per cent The bureau expected heavy in. 

* ‘ 0 self-5Uffident in beef at a time demand for space in the inter- The previous record was lOSin 

p* 1 • I^T rw a g when shortages elsewhere in the ventlon cold stores and some sur- tonnes in 1974. Last year's crop 

Ti^ilPnP^ With r\ /.pQ iQTIfl world will be worsening. plus beef might have to be frozen reached 103.7m tonnes. 

TT ,L . • Tbe boost In EEC output bow- and kept outside the country as The good results expected (his 

NEW ZEALAND and Japanese New Zealand has taken a con- ever, would not be spread evenly bad happened In tbe past. year were mainly due to the 

negotiators in Wellington have sistsntly tough line in its fishing around tbe Nine. Most of it France, too, was expected to wheat harvest, which could he 

reached agreement on Japanese Tights negotiations with Japan, would be achieved in France and raise slaughterings by 6 per cent as high as 42.5m tonnes, after 
fishing access to New Zealand’s insisting that access to its waters West Germany, tbe two leading to 4.75m cattle. There was 41m last year, on an acreage 
200-mile economic zone. Renter would be conditional on Japan producers. plenty of French cold store space increased by 8 per cent corn- 

reports. buying more New Z ealand farm Production in the UK the avai lable at present since, during pared with 1977. 

xt » Ia ? s ] e ?“ t > leader of the produce. thir d biggest beef producer in ?“ past J 8 months, virtually all Harvests of barley and grain 

New Zealand delegation, said the None of the negotiators wonld th e Communitv^-would droD 1 intervention stocks in the maize were expected to be littie 
agreement was basically the same reveal the contents of the pact DBr ---* to 3.7m head of cattle country bad been disposed of. changed ou last year, when they • 
as those reached with the Soviet The Japanese noted only that SauehterefL ft* any event, Britain would were 37.7m and 15.6m tonnes 

Union and Korea, although a fish- they expected their fishing boats ProbaMy represent a useful respectively, 

ing quota for Japan had still to to be back within the New iJl ttvk? ex P° n outlet’ for any excess The statistics office said that 

be announced. Zealand 200-mile zone “soon.” «q>«tedto Jffoduce l«s. Italy, meaL rain had ba ^ y affected the 

Prime Minister Robert Muldoon Japanese fishing industry ™ e fourth most important beef- Much of the French boost in quantity and quality of the hav 

commented that, while Japan representatives are to visit the Ojoo^jas country, would kill output, like that in Germany, harvest in large areas of the 

wanted to negotiate quotas. New UA this week to lobby against abou* SBm cattle — • 2 per cent would come in the remaining EEC. 

Zealand simply allocated ’them any reductions in Japanese fish- iess *ban in the 12 months just months of this year. The Nether- The area under potatoes was 
and would consider future quotas tag- quotas inside the U.S. 200- ended. lands, too. was expecting some- down by about 5 per cent and 

in the light of trade between the mile zone, the Japan Fisheries Irish output would probably thing of a rush to the abattoirs the area under sugar beet by * 

two countries. AssonUition said. remain unchanged. • this autumn. about 2 per cent. 


. AlMlBUIUMd Mi 
ifahtto tto jnomfau 
at- XO0J, three / 

ns. *6. 4KS. g a 

tttrw .month*- Ac 
three 1 .-manUnc £ 
Qxp -rai 
Wtrrbxrn, cam Cl 
-43*-- «. «&, «; 
fHwe mon«lt38. 
■toWths TO.,- 44, 4 


EFORTS AND PRICES 

. ■ • . . r f 1 ' . . 

Tradbir reported lowed by some good European demand. lix 
sh wirehars traded the moruing and U.S. interest in the afier- 


PRICE CHANGES 


COFFEE 


RUBBER 


ZT44, Mi. 4X-mon and forward standard meul rose ...... .. EASIER ooenlns op th8 London plsrsical Rabh h» fsklnned): English tamo 65 0 

cash C23. 2X5. to io the morning before drifting . R2SuMT Afl aftS <n,0, c^hS? EWM markcl. . nSuteSoghoui the daj.dS.og *?«•£. ,Qd«*e 43.0 to 43.fi. Auairallan 


to°"So. ftB 3tt> 10 12ft ' 1B0 168 83 0 Price per tmaw unless otherwise stated. 


■■■■• Kerb: TUrttars, IwrK to dose at 2X57D on the laie kffh Wah« -miiiii in a njmw r , M . t]M sugnuy siexmer. i/r 
l BUS. 4V. 4XX «. fdBoxitw light prutt-taklng. The smaller iTa auSL^S^dowP 

iaomha 1743- AfteraooK-tbaB expected nse In warehouse siodre rxnyer j 

D7B, three months ZMS.,c«iirltrated to the early steadiness In the cents bjo tonyer. 


^ sUxhUy steadier. -Lewis and Pear reported ^ 


SJTjSS: ui KSST im ISA VEST r — 

ilSS. Kerb: WJrebats, throe Mmlng; Standard, three months M55tl. ,€°rra^ No. I [Ywt'nU 

44, 44A 45. 60. 71. 75. «B. 83. SO. 85. 05. 70. Kerb: K.Si. ClSJ 

- r . — Standard, three months £W7S, 80. 85,'. SL aomc _smaU«cale noylosa JMri- I 


l godowd price of 231 <232) MEAT COMMISSION— Average fatstock 
flrayer Aomst). prices at represematlvc markets on 

• August 7. CB— Cattle 69.71P per tg l.w. 

■ (—0-33). UK — Sheep I40^p per kg es, „ , 

'rday'aj Prevtatt Boataeos t+Xlt, CO— Piss 6L3p per kg Lvr. ««taJa 


Auj(. 7 + or Month 
nt — ago 


New threat 
faces world 
agriculture 


“~a-m.~j+'wH "lum~j+Tte ChreTumate mS7»; *?*»■,. ™ were, Jpsr ofl the f 

- r-.irXljjf' Official -, -i . Unofficial — 7S, '80, 90. », 70. 75. 80, 70. Kerb: lows. 15-nfl hig he r on Jn day. | 

TTl^h drmUti ~ f ' f TT-BWmted.- three mouths £8.585. 7X [Teaterday’a j bet .. 

A 700-10 *77 j 6670-90 +22. B 1-EAD— -Mo«te«ty higher. Forward- COFPBB t lo8e +“ Oet- Dee 


«iD-.uur, BMwruw iM.nrof- 

A]ir- J nol- 58.60-68.99 58.16-58.- 
Jlyoeptj Btt68-6a.70 81.16-81.; 


rak 6700-10 +77J 6670-90 +22.6” • — VMaaanj manor. rorwaru- COFPBB | T ” uet- uec; ovjmoe. 

Zffiuntba, +7J.5 6590-5 +4J4 -.WMtf. moved ahead Ginartu 00 the prr- _ .Dona Jmn-Mar. 6X86-S7J 

‘ ESwWt ^710 Im _ ' market rising from 1338 at tbe opening ffipertnuoe, A]-t-W M.B0-4S. 

4. ’* w ts a high of r s sr s on the morning kerb — Jlv-aeptj WU58-8G- 

6TO0-10 +77R atin an Lee'e^ JOflowing the torgar than expected stocks ^pterober.. 1207- 18 10: 1235.1200 o«- (led B2.5M2J 
« tna'lkwreogfi. ' in the afternoon, however. November... 1136-1137+3.6 1172-1135 Jan lU? Mj<0-E4 

OTW 9 -!! 65 ^+OJ.KSS'tbat u mounts’ tSrSSi JfV-iy— i“HBSSi 

IS -^ Arike-is imminent caused soma profit- aiwch.. 1040- 10*7 + ll^b 1066-MBO I 

** - — ■■■ — * WMng which deorewMl the price to £338 May 1006-1020 .1 1036 • 3-1 m - its ‘ 

-?yr X 1 ”*- ; ' , — — :t.~ hefttre tt rained marginally to doae at Jujy-—.. 995-999 — 4.5J 1029-1008 n „ B . , nnra 

' TUk^htlj; Hrmer. a rise fat Turnover 6.400 tesmes. heptemt+r. 980-990 !+ia.oj • 1000 “ j^yshi 

+->_Tena8g prica orer ihe weekend was " «n. — u.' or i «.irL M-'or -«-! — Spot S3p (X.7SU 

■•I *. - • • ' -■ [ “““‘“‘I - ICO Indicator prices for Aug. 4 (VX 

B -.. . Threeinxbttth Lead 328-332 . . . J « £ r » ' cents per pome Colombian miw cnVAm 

ftOHS. <v«s »Aa A . tvt AraMcaa 186X0 lUBJOi: unwashed SUX-AIU 


c'emt'rdav'J Previous Business d c.w. 1+541. CB— Pigs 6L3p per kg Lw! ® eta k | 1 „„ I _ 

Clem 7 ! Cloee done f+O.fli. Eaglaod and Wales— Cattle A'urntnium.— ._...J l MO j a / 0“ r Commodities Staff 

-- - . numbers up 4-1 per cunt, average price free market (Hhj ? 1.046- 6bi^ M |»1050-4C* 

r ffl-«P (-0.14I: Sheep up 29.3 per cent. 1C -5-f c ft®®7.76 AGRICULTURE IN tbe de- 

gssasssa vrsErj&'as'iSriiTR 

K.5MBJ0 66JtWi4 76 Seottaud-Cattle numbers down 6^ per i month- -to. da i737.5 -6.76^713.76 Out the economic Stonns Which 
66J&J57J3 M4M7jo 67 60-56.50 eem - awmge price 79.79p 1-0.64.; Sheep Gold Troy ot. 203 B75 +2.5 [5188 J75 blew Up With the Oil CrtSIS Of 

56.80-m!9m 58!i548.40 6i«-«L50 ^ ^328*76 + 1*? fiSiTx 1972 ' 73 * according to the Annual 

noaa cui Tnl m ic.m m an fffUUl tn , + ul : *riES UP lZe per cent, average Smooth -3ZB./b + l.b ,UlvJ5 Aorietiltiiral Pnlioi- Rovtou- i,int 

5a Prl« 63.$p <-141, Nickel X H2.3C.6 ^OllCt KeyleW JUSt 

64 mtdS SSmjs MLC— Average fatstock prices at repre- PreoSUrxoMcttWib) fi.72 31.76 published by the 24-uatlOO Orga- 

ItiasflS ffiio seniatlvu rnarkCte for ffie week ending 1.87 +O.OS] 1.88 nisation for Economic CtJ-Opera- 


81.15-81.50 80.86-8040 unan 

fljfm.cz id mm price 53. Su (— 1-ai, Nickel X 

SLM-RdJB R4 43-64 ss MLC-Average fatsiock prices at repre- PreoiUrxettotfMib) -1.73 
£T WLRR7K ffitn Sent* live markets for the week ending 1.87 

88. ofi- Bfi. 7^ B64D Aug. 5: CB caoie M48 p per kg l.w. 


l.G. Index Lin0ted M.-35t3468 ^ Three month Lead 32JW32 J 
29 Lamont Boad, Loaidoi^ SWJ0 OHS. - >- { 

L Tax-free tradfvf on commodity futures* . ■ 

2. The commoftrty tatures ntarttet for the smaller investor 


£ £ 
Os*b_, — 327.5-8 |+S 
nnoutha. 331.8-2 1+6 
Srtt’m'm. 328 1+6 


£ £ 
323.5-4-Vl.26 


iMggxi r Arablcag 139.00 (samei: other miM 

3»oj»-w + i.o- AnibjcM uobuatas 1CA 


. Spot 53p (SL75U Sept. 954P <55.75>; Sheep down 174 per cent, average price *!?L..2* oc + | , 

0«- 55-Ton (8M>. 1384P (+34): Pigs down 34 per cent. * rLifflSi; 

average Prico 60- -Jp t— 141. Scottaad— ‘6.680 !+22.9<£o,655 

! enVAUPAN MPAT Cattle number* down 3.1 per cent «*?■ M70 .+57.5*6.545 

1 5U X AurAi’l illEAL average price 78.97p i —1.181: Sheen up Tungsten 3134.50 1— ...... — 


| i.87 |+o.taj 1.88 nisation for Economic Co-opera- 
| tion and Development 

teif6.aB ;o:sii”.7o . Bu i ^ er f mo ™ 

( .i2 S 3 j 5125(50 ahead, including a threat that 

I<sb8.b»> +2.9 <s784p policy-makers might become 
more protective if inflation con- 
‘SSS +374^6646 tinued and surpluses of key 

S134.50 } — commodities continued to in- 


eitertlay : + or I Biamess 
Okwe — Done 



rTvDLL ilTiLl- 

1 V..' 

s , y. ; 

*ww 

E3 

m 

X 

K 

i 

hespeoefets. 


ftS ,r« 1K« U6. 00 «US43i: Robust os ICA IMS 1 Okwe — D 

— L^i—t . *1. . ■— i; U8.2S tii640). Diuly average U&S4 1 

^Morning: Cash 3828. 374. three months (tlS-M.i. - - «, 

B30, 304. 31, 38, SI. 33. Kerb: Three August « r .i.JlK.OB-lJL.O—O.BB — 

ShTlbl, M4. Altereoom ARABIC Oeu4*r -_Jlia.7MB.8-0.15 - 

athMe mrahs OB. 85. JL »4 5. Decrmher ,-.nn.00-n4 +0.l3 TtOJ 

■ tar _ 2 *5r &****• Kert: ' n ** e 11100018 tOHOOM FUTURES fGAFTAI — The ftllff 1 " 1 ? 1 SI? 1IBJ 
294. market opened 3p lower on wheat and I 

.ZWC-GMMd ground. Forward metal “fS? Ansu'^ZDllMMsS+a.*! - 

SS^np to ^X baf^mSe^Si ~ Soles: 34 (35)~ 3otg - of 100 tom«. 
a the rumours of a settlement to ^ 0»e aXiernoan eased values to . ' 

_mx strike- prompted straddling cJose unchanged to Up hitfier. Barley saw SUGAR 
SSrattmaV^Sing JewO/SS turivOK m September at rnirhanged. 


LONDON FUTURES fGAFTAI 


market opened ap lower on wheat aod iwS{BJ- + o!lffl — 

unchanged on barley, wheal saw good + 6> - 

support and after Initial dips of lto. AoRurt ,11548-18.0 >+ 0.16. - 


CattlT nmnbers down 31 peT^ent. i nx»th B 6.570 .+37-51.6.646 u * 

‘Srep up ^uug«en 5134.50 ... - commodities continued to m- 

1.4 per cent, average price 127.0p f— 14': Wouraia 22L04thoti g 133 37 +1.5 -$131/56 crease. 

Pigs up 38.7 per cent, average price 634p 3toecMh. .321.5 +5.761414.6 Reviewing 1077, the OECD 

COVENT GARDEN (prices in sterling Pnvt««ervl^.^i; « 560-800 [S66MC0 raid it was probably^ the last 

per package unless stated! — imported Ojj£ , . year in Which the ripples 

es=»effeB sstfssuttv-jgi 

gga: ag mi :s aii® 7 ** «»ipe- to reb U u d 


Det+mher ._nil.Dfi-ll4 +0.16 TO84tW»-48 Uiuguayatu 113AC 648-7.00. Tangerine* I^uStaST.-Si 
. _ Febru-iy^;illJ0.124+O.1O 118.98-11148 -Brazfllan: 53^8 X50-XM. Mmrfartos- f5S2«sSSL W ' 4636, 

April..— —.11240.144+0.15 — Uruguayan: EUendale lS-fdlo canons 740. ™ ln 4536r 


Lennn»— Italian: 108/120’s new crop 5.00- 
540: Spanla: Trays 2.08-240. large boxes ww. 
L20-540: S. African: 4^0-B.OD. Grapefruit PbilE 
— S. African: 27/72 34t«.B0: Jaffa: 40'a Jt 


,i(43Ss .16460 


year in which the "ripples” 
from 1972-73 would be felt. Im- 
proved cereals harvests in 1976 
and 1CT7 had helped to rebuild 
stocks. 

But demand for food and 
fibres wes weak, world surpluses 
of grain and dairy products had 


— O. «ncan: Jana; WI MntMn(TU( kocn 7S-. 7K S9Alt H I “““J ^‘uiiULL 

440! Argentinian: Rnby Red «/5<5 5.40- tUJI4-~J«aB«.71o|+ 2.761*385.5 I d producers 

S.S0. March RomIIpjm MfU A Aft- r* 1L. i I , i - . . . 


540. Mtrsb Seeffiess 48758 4.40: Cali- _ 
farulao: Marsh Seedless 64 4 *0. 56 440. Grains 


forward .metal moved ahead J" 1 amimerclal sepers wav apparent in imP* ,L T. ^ f b IC ^ ^ Ruby Red 48 5.00: Uruguayan: 40/64 U*ney EEC * 

m ir HFW ™‘ & “" asa - ffsraST«?S 

, ^ ^ . gs-jrrisgs’ss b .a*--”—- 

«*> sss j S5sr r ;r,S: IS'ASf^BT&’BS aABME 1 ^ 

« - „ . _ I Bussri : . i I Rome Beauty o.iS. Golden Delicious 0 IS- Km-imo umin.iU-o« 


m fits. 20 «rar£ - 4x«s r T“ 

-Op higher on September. Ach nOLpfi ^l. ^ ^ ^NslJtN.5 +0.5^103 


narrow ren» kwSmh^ crati U.80: s. African: Granny Smith Wheu 

o^-weo: New ZralaDd: Stunner Pippins No. 1 Bert j 
ajiions, taanugow rvitaiicu. ]S3 lO.On. iso lfi.Ofi: traHan: P*»r mimii \n t 


AJJ*.UmkwfF«gonWart^4»L^^ 1 

Wevratb, NWdb3BX,Tfll0phoo8: 01-330 3011 Tdex 261 135.1 




. . aw8/a 


aofs-W+T 321-2 . 46.75 

330-Ji +841 331-.5 +5.76 1 j ‘■5*™ 1 ’ Ch * 8 

321.6 +7- Sept. 85.20 [+0.16 79.05 L C - ' ' ■ 

2941_ Nirv. 874 D +aB5, 81.80 L 1 • 

90.35 +046 84 

92.90 87 


Previous I Bui 


«t-. 321.6 +7- — ' Sept. 

nine: Cash £3204, three months 
.*8.5, 2*4. 3*. 204. sa. Kerb: Threa .-S^* 


+0.161 79.05 
+ O.0& 81.80 
+ QJ1R 84.55 


.65 

.00 p 

.60 P._. 


‘ ’ £ per Loans 

oct. —I azLio-aalre; si.TO-ai. 
Dec.....] 344044.65 1 89.40-85. 


^ 840-10.00: New Zealand: Stumer Pippins No. 1 Bert vpnn- t91 75 +0.7 £92.5 

163 10.00, 150 18.06: Italian: Per pound fto.d Uardwtnien • \ 1 

Rome Beauty O.iS. Golden Delicious O.IS- Engiuo Mmiu-t t93 i 

Bustaea >40: Spanish: New crop 8.18-842: French: Jocoa 'hmrdMaJ.. t I.B39 i— 3.75 C 1,788 
Dane Cardinal 0.12. Pears— Per pound French: Future iCov.._„ tl 778 1+546 +1.721 

Gnyot 28 tt. box 3.60: Spanish: WiD tarns jbtfreFuuwI r w 

per pound 040441; Italian: Gnyot 20 lb a e n» t 

*»*■«=. -£E3 ! SE:»t"™5Hf J 

_ __ __ »*ww prYMlDce. Potatoes Per 56 lb ituuoer ki in. ct., . n k co 

gaolia 5 Ia :£f ££ ' 


ROMANS I 


: r5S-»V 1-9M 89^0 \Z. ~ »"-••• 844M4.BB 83.4046.45^ B540-W-5JJ Webta 046 RhibarWer ntia. oi: ‘-Ss +fcU 

tete^dooilWtt-“W"B4k84.0i ^ ch - 884M8-«! ISO. 50-8840 door 8.M. Ctioonbere-Per tray 12/24's ^ fcllo -l jgil 1 

(■< cm, B2J0-92. SO. Msv BS.KSJ» «T. gales- -““C WJOBbJM W64B-04 


LEASE you- BMW wWfcr-ftv 
opport u nity MSI dANS mogin 
eur meatuie nshk far.'miicr. 

- - dstajh upon ityiit .:; - 1 
tfTS' 833 CSI- tSMw-jUdo. 
talarik air ennd. fiJObipl*. - .-. 

-. > £14,H0 « Ttn mUHf, 
mi 738 An». jBSii*. :«** 
velour, ridJo/ttsrso^ JJhlONnlil 
£U^SD-M*r-£Z|3 nrt% t 
I m 32B Atrto- iWt tidknx: 
raliaage onl*,: - 

U&U -Dr-<184 vniblr, 
IW7 3JDC" Ket. -AM&mtioir. 
tmo. 5,000 arts. . . •-« > 

£8^Sft or. 030 

1878 728 AnfoL. D^ivery.-'mUel 
>84. Warb *H*er. 

llt.fSO' Or jCMT RtUy. 
1878 TtW.Aofa, RMeda ffiMa, 
alley wbwbu ■ snuuof. -tfotad 
glad, dec. .wttfowssVcTIoAlng. 
Uanyanr nUasg*. '\v V--,- 

. £lS,4S0OvJp*tttriHy. 

1171 72* tiUBMi 

glass, c/lodcldi. DeRmy rSlIt-' 
•n- only. 

■- £TT,W w EJ17 «thfr. 
1977 (S) XML l^tU jdae^' uml 
roof. 15.000 -nth. - ; - - . 

. .. OJSt t+ mt anfdy. 
1*7* S2S Atrto- . FTenl Ww, 
dnesrf glass, 21,009 mis. • 

or £1*8 dtftr.. 

W7 jaet -loimr' tiwtf* 

14 , va mb,. 

£S,95B «r £154 tqthh>: 


1 tiJRBD DEALER 

‘ Ney models irom stock plus; 
r t&eTprBo^ Demonstrators 
- available. Always 20 
' ^ir«at^u$eff models in 
^ock. Advantageous 
leasiriff/financa-fadlities. 

jatKRKQSUTD 

: ‘ : '.:“:Woking , 

VJ04S62) 65307 + 66663 j 


9240-92.80, May S5.65-3S.«. Sales: 139 

]S^ 7916-7840. Nov. 8145- 


per ' pound. ' tOn nrevtats ^'SPuS&S^S& EkSS XZlmttWZn 
•WrtBcial close. X CM per plod. ' May 8MO8M0. Sales-. 136 lots. sale^: 2477 t^'lots'of SO tonnes. ™*= 

y. v IMPORTED— Wheat: CWBS Mn, 1. i3» Tate and Lyle onflaar price for l£- 

( Crrtrm EP ? au AQ fr- M.ra, Tilbury. U4. Dark granulated basis white sugar was 1264.85 n'^2'™' 

«SffYER . • Jtothere Sortog No. 2. U per cm, **, rsamel a W JWJ tome trad* and £3 


105404)140 040-1.00. Mmliraonw — Per pound 0.40- 

104L28-044tt106.75-0440 040. Apple*— Per pound Grenadier 0.03- * Nominal, t New crop. I Unquoted. 
10740417401 KIB.76 Ul, George Cave 0.15. Toonssp— Per m June- Ana. sJuly-Srat qSept. rOd. 

1! ft English L 40-1 48 Cabbages— Per V Aog^Sept. *Per too. ■ Indicator price, 

n lots of SO i dimes. 148-1.40. Celery— Per head 0.08- 

n ■g.*L"-gy^- 0.10. caurffiowers— P et is Lincoln 1.00- 


comes had declined as costs rose 

! x ; and politicians attempted to con- 

esi.8 |-o.55|£8i.4 trol general inflation by clamp- 

t99 5 +0.5 1£103 »25? 00 f00d Prices. 

5 1 In addition, prospects for inter- 

t9i.75 +o.7 £92.5 national trade in farm produce 
• j l remained" only “modest." 

1 1 839 1-3 re ci 788 “ Continued inflation and the 

•.L77B 1+545 ti^725 producers' cost-price squeeze 
! could lead policy-makers to re- 

t i.ia54> +3.s £1,^24 focus upon income protection 
B*;. +o!ss5*!3 i for producers, particularly If 

.92 +5.0 £89 over-supply should become as 

^«i» widespread as appears might be 

the case." 


; err-vrm *** ceni ’ AU ®- Tnuury. C4. Dark “ rannj f lno “sswwniw sugar was ^7-- rr Tr i~- ^^ tJuirui ^iTl mu? 

gSP YER . sartfBg&rjvatt : ssaopmst ™ ■* SBSg'SgBas 

ddfvery ^thT SdSail^* Amrtitm, U ^geS. sSSS J — mfi EIx effacth^K cjpSSI^: 

®y«hl vewerdy at 3884P. U.S. and EEC grades unqmned. in units at account per IM kllM (previoas 

Cant eontvalenfs of the fixtog levels were: Maize.- U.S7TTe»di, Aug. 0948 Sent, in bradnettf-^Whhe ft W (2749); raw » .a ‘”* 1 isiltes Per 

'Stol S57.8C, HP 54c; three- month 5684c. £100.58. fransWgStttEut I cSuJR S.90 tWTk 

,sn:34c: stv-montb siaBe. mi 5.10 and Snmlr Ahiman' whifa nm iniim iit» c.». ,ti c I-®®- Swwles— Per 2S ft L 00-1.20. Turnips 


INDICES 


Rice glut in 
Sri Lanka 


U 'S« 5374c, up 54c: three- mo nth 568,8c. £100.58, transtitpucDt East Coast, sellers 22. W (8347). ooma ^ t ^ ns T^ g . r _. ba j 

- . imrisc: stx-mondi 578^. up 5.3c: and Snintr African .White Scpt-OcL- £89.00,' iottreathual' Sc gar Aareeroest (U4. I '^ r 

-fema iU) 6ttUc. up Iffc. The metal Claagow. - South African YdJow SepL- cents per pound fob and otovred Caribbean 71^T„? n 1 n «““* 

mored -at- SSS-2SCP (S58858ic) afld dosed Oct £59.00. Glasgow, sellers. pom. Priced for Anc. <: Dally 6.76 L “ ons BJ5, slvers 0 ,B - Czzirs n - 1& - 

-* 3874J883p 1SMl^S6\c). Barley. Sortfuim. Oatsi Unquoted. «*•»>: waraaa 837 C644). 


JBuUtm f in 
flxillff.- — 

L.M.U. 

that 

' HCCA — Location es-farra spot urtoes: kiXav _________ 

f^Fwi-krtkpttobritomM. WOOL FUTURES t 

“ rm? LONDON— jTbe nartet was dufl and 1 



Zi, ^ 1 ” * “ pecusa t0 re ™ n fraturoless,- Bacbe reported. 


a 'Macacfes-BeWDeflteis;. 
CLOVER LfiAF CARS] 


fp«~— - 2f®- B P +S-9| Z87.4p + 0.2 -mercbanu awaiting hams. Nominal 

3swbs„ 296. lp +#.l} 2 BA. 88 p +«LS valuer, haumi wheat -588 ‘Hashers. Greasy Woo^ 

^months- 303. lp : +£.« — deBTtred London. Sept. S5.M 'QcL-Novj. i 

Um onUM^Ig p + 5 D| — Dec. HB48, 3aa.-FBb.-3£ard» IffltSO. Do- 

: lasso “«?«? TUaJKy wheai, .dear-red East October-- 


Clow i - 


*«- 85 sewsaswrsME = 


(•WpCEJ. Mooring; Cadi 3880; U*» 


Slarcb — 


. All* railw 
subsandasM 


.950 lor £156 afh fc; 

■ages eioteil *re‘. V 
i by service htitnnr. 


- ■ »H WI211fn, Model, sansra w 
; ■ v ettew. b amboo doth. E-naof. E- J 
vImm, radio. - 

■1. • • TaKftDnsOavirfJBOJts § . 

ifnt. WnSW i; 

. or Tctcx i335t. , ■ | 


w.’aa.iia ■„ £fe~ 


COCOA 


levy phs Scot.. Oct. and kb*, prenuumg 
(wttfa -prevtous to braefceni an in mum 


447.8 

4484 


By Our Commodities Staff 
(X)0D CROPS of late- silage 
may compensate farmers for 
their poor hay crops this year, 
tiie Ministry of Agriculture said 
in Its weekly report published 


FINANCIAL' TIMES 

Aua. *T Aa JI-3 Until h ifiTij iwr ago , 
235.66 235.23 238.01 j B48.77 


(Base: July 1. 1952=1001 

__ REUTER’S 

Au S- 7 j Aug. 4'jil oiith nnu pL’eor (IRQ 

W MI 142241 1447.1 14 95.5 

(Base: Septembo- 18. 1931=100) 

DOW JONES 

f>o«v Aujj. Augl Muath Yeai - 
J«mea 4 3 aeo «co 


EXHIBITIONS 


: 2 ,? er ,. lomc CaaBao ° Mtaaa- SriM: OT (amt) wb of 1400 kfhu. yesterday. 

, kBhsood undrrMmr cousnnKr fivnand. ^1. rfiamrj; town wbut NEW Zealand crossbreds-DuU Gnss was erowins ranidlv 

prion- held itaady throughout too day, y® 1 Bacbfi reported. Dee: ,.v._ _v v,„ 

rin^Tui “Hi: Rya-62.45. nil, nfl. nil IgLM, nil 1S1.8. U5.B. amraded; 18t.fi. in a although hay- and Silage-making 

gib and Pum a reported. n. nfl. uil’ ^ i«4. ft had been inteirupted by' thl 

rnYerteirfcral + or i- BaahMM OWa-jMfc nil, nfl, all frame); 1874. M8.8. wntraded: oa 18S.0. wz.0. weather it said. 

COCOA Clow. 1 — j IA.no Watae f odia- than taWff JOr seeding)- antradeHj D«t ibbj. UL8. mmaded. nSS™ rotTtn WQTa ^ 

-i; : ' 78.02, nu. nfl. nir tsanfri: mw«— gs,42, . Total sale*: 2 <niu Heavy potato crops were ex- 

st«4 Coatr’t 1 I ! "iL eH. nfl (65J3. ail. an, nfli; Grain •-■ pected. Infection with blight 

— J782.8844 i+740 1794.M5.0 . Q66 . au ( 7<47. nQ. WFAT/ VlCGET A 1IT rc was at a low level. 

Owe. ™™.:..-1777.0-7BJ +646 17804-74-0 'tufclAoLIA m,. beet Pi+m was male 

U&vfc T746IM7.6 '+250 17484-M-O ,S?* 1 a *^ i::5 - D7 « l3 ? w, S ■»“ sMlTHFIBLft (oenco per pound)— Beet: 

38ay. =--.—‘1727,0284 :+24Q 1722.0-24.0 1M-1S fLA3Si. Scotch klhed sides 53.fi to 584: Ulcer ’“S, excellent progress Some 

Jufy.i._™;T7004-W4 P845, . «pw _ _ hjatouamre flA to 674, fnreqiwrters fields were weedy, but virus 

dc^t 11EB24454 [7— ■ J. — COTTON 35 -® *? . yellows had still not appeared 

Dev.-. -16704454 l+74o! 1CTB4 .. fata <34 to 684: Dutch J KS* iVw. 


jvnnmrmri Of' ^ 1+740^ 1^4 _ , 

c2liS?l 0123) IMS of It «hhms. . 

■■ Wroo5rt 5 lro« aS^mjinv in oCa' at th e L IntcruatloBal Cittt OisanMisw. JU4. fareraid- interesr 


nunc o.-m. swHow-rct -0 10 u.ou-VJHi. — — 1 - r*r\T n ,mn . . — 

Carrot* — Per 28 ft 040-140. Claims— COLOMBO, August 7. 

Per pound 0.1M40. Cogra ctt es P er FINANCIAL’ TIMES c»v v »mv A t,-c n oint nf n><> 

uonad 6.88-0 J8. Ontons-Per bag 1.40- SK J LAlVbA p»S a glut Of nee 

148. Swede*— Per 2S ft L00-1.20. Tamm Aua. 4 j Aug. 3 Month ijjnl Tew ago . and Will not buy any from 

—Per a lb loo- 148. Pium+— Per pound — ! . China this year for the first 

Laxions BJ5. Mvera 0.18. Czura 0.18. 235.66 1 23&.Zg| 238. 01 i ^2.77__ ^ j n 2 6 years, Mr. Lalitfa 

<Ba*s: July 1. is32-ioo) Athuialhmudali, Trade Minister, 

re htfr' S said here. 

T ofo cilorTD - UTE The country expected to have 

JjhIc SUdgG Aug. 7 j Aug. 4 [M onth ac uj YearaRo by the end of the year about 

3429.6*1422^ 1047 1 1495,5 500,000 tonnes of rice above its 

ma y cover -Bg! 5 -r li I B iHiwr- requirement of Llm 

t 1 DOW JONES China, .which was due to sup- 

nay losses %-|A«s. Ai Mu n th *sr pis r 200.000 tonnes this year, 

•f Jouea 4 r uo ntD had been asked to put off ship- 

By Our Commodities Staff ~r~ h. - . ments until next year. 

OD&D CROPS of late- silage jgd gg ^S - ” a I Sri Lank& has ^en buying 

may compensate farmers for (Tvyiae — — 200.000 tonnes of rice a year on 

their poor hay crops this year, r~ average from China since the 

the Ministry of Agriculture said MOODY’S two countries signed a rubber- 

in its weekly report published j-t— — a=anv=; rice barter agreement in 1952. 

yesterday. .. .. moocv. ^ T - “E This year, the minister said. 

Grass was growing rapidly, — 4, — —I — Sri Ltofcr. was negotiating with 

although hay- and silage-making ?p*g_cg°mt rli»i4.a !9i3 7{9i 6.aa»44 other countries to r*U about 
had been interrupted by' the f December a . ibm=iwi 100.000 toim-.a of its own rice, 

wither, it said. In Manila, meanwhile. Presi- 

^ ffims .a^«r jstjbb; s &ttSmSSL!iE2,J& 
Wi.,.*'"""’' * ot rloe “ e 

fl S£ eX w«£! Sr ?ii» l?»f GRIMSBY FISH Supply seed, demand Tf* . n«W h=i prompted 

&e iw, w vf5f but ^irus good. Hricea ai ship-,, -jm> luaprocovisdi trade inquiries from Indonesia, 

yellows had soil not appeared. gT none: sbeif co* f3.8M4J8t cotuim* Malaysia, Kenya and Cuba. 


»pot._.bB5 4W554 B& 56.57 59.78 
Poturaal 't 8.C2is41.B9 41.60j 33.83 
(Averaae ns*2546=ioo) 

MOODY'S 

| A or. I Aug. JloothlYeai 
Mood y*o 14 13 ago jayo 

r.ii£ e'aiA n 


Spia Commtyl* 14.9 ^9 1 3 7 f91 6.K8844 
- fDeasnber 31. 1B31=100> 


;.-.K1rs of Spur. 


mi/KGr : 'Hmai »ea-ap«o.tc«l4 . : o« pound)— Daily Pricv Ans. C AmerimMme amtUzics. .chiefly from the scotch metftmi m. 0 t 

.qnjffi; ftfittm. Wlc«. AW. 1i. lUdfle-Sut. «Ue support vas loitb- 56.0. ImjwtEd-n^ 
tomS? n^autaSMS.lS 225^™^" 2®*- £i4RM5; ***■ £S«W«i Pcnrrfaa, F. W. 544. PMWJ to 554. 


Liverpool, cotton— S pot an* «up- Muds andaS^S tt°84JL BJ ‘ D “^ . had picked up lately. S«umi , haiMiS?M The exportable rice surplus 

am rates amouaeij to is®. toasts, snuu La»»« xuniui aSn stA to 62.0. hut still needed sunshine. Oil- was in addition to the 

retold- tnte rett wi shown in nane mcdimn_364 to 584. heavy 52.0 to 664; seed rape bad been cut in most rtrire I Mnnoc (.'. 


^JBTiSyafS seed W mnel that had alr^idy beS 
MitSS 'for Indonesia aSd 


ntratft . 14174 0*447). 


Talt«s«fl repan bL 


pork: SoaUjh. under 100 fts 864 to 444, from thp weL 


imd “ ss5..a"^; i « , £“«ss"s.£s huju; 


f2.0B-a.4O; satthe ti.60-C.tn. 


Reuter 










22 


Financial Times Tuesday. August 8'ttTg? 


STOCK I \( II 



F RFPOR I 





Demand from institutimis helps push 30-share index 


through 500 with a rise of 8.2 at 505.4— Golds higher 


Account Dealing Dates 
Option 

•First Declare- Last Account 
Dealings tions Dealings Day 
Jaly24 Aug. 3 Aug. 4 Aug. 15 
Aug. 7 Aug. 17 Aug. 18 Aug. 30 
Aug. 21 Aug. 31 Sep. 1 Sep. 12 

* “ New time " daaKitss may ttki place 
from 930 un. two business dan earlier. 

The new Account in equity 
stock markets started with a 
flourish yesterday and the FT 30- 
share index breached the 500 mark 
for the first time since early 
November last year. Initially, buy- 
ing interest was fairly patchy in 
the leaders — but some good in- 
vestment demand developed in the 
late morning' and a rise or 3.3 in 
the index at 11 am was extended 
to 7.2 at noon. Thereafter, the 
pace of the advance slackened con- 
siderably. Nevertheless, buyers 
were still in command and the 
index closed at the best of the day 
with a rise of S.2 at 505.4. Some 
of the gains in the leaders were 
accentuated by stock shortage. 
Underlying sentiment was helped 
by several encouraging surveys on 
the economic outlook in the U.K. 

Secondary issues also recorded 
numerous rises, with weekend 
Press tips meeting a ready 
response. J. Lyons, down 4 at 
133p, were actively traded follow- 
ing comment on the bid from 
Allied Breweries and Tears that 
the offer may be referred to the 
Monopolies Commission. Among 
the sectors, Oils took a marked 
turn for the better after a Press 
suggestion that the recent reaction 
in response to the Government’s 
new tax proposals had been over- 
done. This was reflected in a rise 
of 2.1 per cent to 490.62 in the 
FT-Actuaries index for the sub- 
section. 

Hopes that the mid-July bank- 
ing figures, due to be published to- 
day, will prove encouraging gave 
a further fillip to British Funds. 
Much of the day’s interest again 
centred on the shorts which 
gradually pushed ahead in the 
course of a useful business to 
close with fresh gains extending 
to Vj. Longer maturities traded 
quietly, but improved by around 
i to i in sympathy with the shorts. 
The July wholesale prices indices 
were in line with expectations and 
bad little impact on sentiment 

Investment currency was opened 
lower on sterling's early strength 
yesterday, but few sellers were in 
evidence and overnight buyers Tor 
investment on Wall Street helped 
to take the premium to close at 
the day's best of 106$ for a net 
rise of two points. Yesterday’s 
conversion factor was 0.6531 
(0.65781. 

In line with increased activity 
in the equity market, business in 
Traded Options picked up and 713 
contracts had been completed by 
the close, more than double 
Friday’s 330. Land Securities were 
the most popular and here 203 
contracts were done. 85 in the 
October 240 series. Prices of its 
October ISO and 200 series im- 


proved 3 apeice to 65p and 46Jp 
respectively. 


Comm. Union please 

Commercial Union touched a 
1978 peak of J63p before closing 
a net 2 dearer at 160p after 
reporting first-half profits at the 
top end of market estimates. The 
announcement helped sentiment 
in other Composite Insurances 
and prices moved forward smartly 
although a late reaction left most 
below the besL General Accident, 
due to report interim figures to- 
morrow. closed unaltered at 232 p. 
after 238p, while Sun Alliance 
added 14 at 574p. after 57Gp. 
Elsewhere, Life issues were strong 
with Peari particularly notable for 
an advance oF 12 to 26Sp. Horn bra 
rose 7 to 365p while Britannic and 
Equity and Law both finished 6 
better at 180 p and 188p 
respectively. 

The major clearing banks, 
which have been neglected since 
the disappointing interim divi- 
dend season, yesterday found 
renewed support and contributed 
to the general firm rrend. Barclays 
added 8 to 342 p xd and Midland 
firmed 6J to 350p xd. 

Breweries spent a quiet session. 
Allied, at S6p. recouped lj of 
Friday's loss of S which Followed 
the announcement of the agreed 
bid for J. Lyons. Still reflecting 
bid hopes, Belhaven edged 
forward a penny more to a 1978 
peak of 56p. Elsewhere, Highland 
Distilleries became active and 
dosed 7 better at 151o. 

Leading Building descriptions 
held useful improvements on 
small persistent buying. Blue 
Circle advanced 6 to 275p and 
London Brick 4 to 7Sp, the latter 
aided by Press comment. BMC 
and Cement Roads tone both 
firmed 7 to Hop and 101p respec- 
tively. Construction issues 
favoured included Richard 
Costain, 208p. and Newarthlll, 
15Sp, up 3 and 4 respectively, 
while French Kier gained 3 to 
40p. the Inst -mentioned, helped by 
Press comment. In a good turn- 
over. Heywood Williams advanced 
7 more to 144p. while speculative 
support in a thin market left May 
and Hassel 8 up at 7Sp. Buyers 
came in for Wilson (Connolly) 
which firmed 7 to 145n. 

In a small turnover. IQ and 
F iso ns improved 8 to 397p and 7 
to 372p respectively. Allied 
Colloids found support and firmed 
4 to S3p. 


and Co. (Furnishers), 39p xd, and 
the “A", 36p sd, added 6 and 4 
respectively after Press comment. 
Formlnster moved up 8 to 156p, 
while Home Charm gained 6 to 
183p as did Raybeck. to I02p. 

GEC continued firmly in Elec- 
tricals, rising 9 to 293p xd, while 
Decca ordinary and "A” both put 
on 20 to 4S0p and 470p respec- 
tively. Small buying in a 
restricted market lifted United 
.Scientific 12 to 347p for a two-day 
improvement of 29. while invest- 
ment demand left Thorn Electrical 
10 better at 390p and Racal Elec- 
tronics 13 to the good at 292p. 


Press comment an the implica- 
tions of the proposed merger with 
Allied Breweries, J. Lyons eased 
to l2Sp before closing a net 4 
cheaper at 133 p. 


A good demand, some of which 
was institutional, in a market 


none too well supplied with stock 
el lane 


helped the miscellaneous Indus- 
trial leaders to close the first day 
of the new Account with double- 
figure gains In places. Beer ham. 
710 p, Metal Box, 382 p, and Glaxo. 
608p, all dosed ’ between' 10 and 
13 higher, while Press comment 
ahead of the forthcoming 100 per 
cent scrip- issue left PUington IS 


25(te 


^'"‘™TPnircT i 


7 v ■ ■ fiT -Actuaries index IL ■ 



200 


Hoy Dec Jan Feb Har Apr Kay Jun Jul Aag 


(Hath am) g to 83p, while small 
buying prompted a gain of 10 to 
193p tn L and P Poster. 

Properties continued firmly, 
still on the possibility of an 
early modest cut in interest rates, 
but dosed slightly below the best 
after encountering profit-taking. 
En gifch Property were a notable 
exception, dosing at the day’s 
best of 41 p, up 2j. stock Con- 
version finished a couple of pence 
dearer at 274 p xd aided by the 
company's profit forecast con- 
tained In the annual report 
Awaiting today’s annual results, 
Bernard! Sunley put on 4 to 242p, 
while UK Property finned 2 to 
2 3|p on a Press recommendation. 


Oils advance 


Marks & Spencer firm 

Stores started the new account 
in the same firm fashion as they 
had finished the old. Marks and 
Spencer were popular tn their 
smaller-priced form following the 
one-for-one scrip-issue and. after 
a good business, finished 31 to the 
good at 86p; sentiment was helped 
by the chairman's report on the 
group’s planned Japanese sales 
drive. UDS continued firmly at 
I05p, up 3, after I06p, while 
Gussies “A”. 3I4p. and House of 
Fraser. 163p. rose 4 and 5 
respectively. Elsewhere. Hardy 


Engineering leaders encountered 
a useful investment demand and 
closed at the best. Tubes, 4Q0p, 
and John Brown, 440p, rose 10 and 
6 respectively to new 1978 peaks, 
while Hawker ended 6 to the good 
at 236p. Elsewhere, Press com- 
ment attracted buyers to Acrow, 
the ordinary closing 7 higher at 
129p and the A 3 dearer at 98p, 
while Dartmouth Investments put 
on 4 to 25p for a similar reason. 
Wagon Industrial gained 7 to 140p 
in response to the higher annual 
earnings and Giya wed improved 3 
to HOp ahead of tomorrow's 
interim results. Tecalemit, up 6 
at I52p, and the new nil-paid, 7 
better at 42p premium, reflected 
the chairman’s optimistic view on 
current year prospects and buying 
in a thin market prompted a rise 
of 7 to 102p in Starmte- Percy 
Lane added 5 at 59p and 
Martonair 6 to 194p. 

RUM returned to favour in 
Foods, rising 3$ to GOJp on vague 
talk about cuts in discounts to its 
supermarket outlets. Renewed bid 
speculation lifted Robertson 14 to 
139 p, while Press comment 
created a flurry of interest in 
Associated British Foods, 3 better 
at 74p. and Geo. Bassett, 9 higher 
at 148 p. Associated Dairies 
reflected a broker's circular with 
a rise of 8 to 260p. and fresh 
speculative demand lifted J. Bibby 
a like amount to 253p. Northern 
Foods rose 4} to I05p xd. while 
similar gains were seen in 
J. Sainbury. 232 p, and Nurdin and 
Peacock. 92p. Following weekend 


better at 595p, after GOOp. Else- 
where, speculative support helped 
Maras add 6 more to 98p, Lesney 
Improve 9 to 86p and Booker 
McConnell gain 10 to 294p. An 
investment recommendation en- 
abled Rexrnore to put on 4 to 67p 
and helped Duple harden 3£ to 
21 !p. The chairman’s optimistic 
annual report left Vinten up 8 
at 179p, while buying ahead of 
Thursday's annual results left 
Securicor 2 dearer at 124p and 
the A N/V 6 to tbe good at 12Gp. 
De La Rue gained 15 to 438p and 
JCL 6 to 372p. Stock shortage 
belped tn bring about a fresh rise 


nf 7 to 92p in Philip Harris, while 
Frei 


Thomas Freneh were notable for 
a rise of 6 to 68p. 

Following the recent hectic 
trade on reports of record levels 
for car sales, activity in Motors 
and Distributors became somewhat 
quieter and price movements were 
generally limited to a penny or 
two. However, Lex Service, which 
report interim figures on August 
17. featured with a rise of 4§ to 
94)p In active trading fuelled by 
Press comments. Lucas Industries 
rose 4 to a 1978 peak of 32Sp. 
white Press comment was reflected 
in Heron Motor, up 2 more to 14flp 
for a two-day rise of 14 in front 
of Thursday’s preliminary figures, 
and B5G International, 2} harder 
at 45$ p. 

Newspapers held modest im- 
provements after a reasonable 
turnover. In Paper/Printings, 
persistent demand lifted Chapman 


Strong demand developed for 
leading Oils on reappraisals of 
the effects of higher North Sea 
oil taxes, but closing levels were 
slightly below the best British 
Petroleum touched S54p before 
finishing 16 higher on balance at 
85 Op, and Shell ended 12 up at 
565p after 567p. Buyers supported 
Ultramar which improved 10 to 
274p, after 278p, and Tricentrol 
which firmed S to 17Sp, after LSOp. 
Oil Exploration and Lasmo both 
held gains of 4 at 210p and 152p 
respectively, while Siebens (UK) 
put on 20 to 41 Op. KCA added 
2 to Sip aided by a Press mention. 

Overseas Traders had a couple 
of firm spots in Sime Darby, 6 up 
at 120 p, and Inchcape, S to the 
good at 372p xd. 

Investment Trusts attracted a 
reasonable business and closed 
firmly with Capital issues 
prominent. Dualvest improved 7 
to 237p, while City and Com- 
mercial were also supported at 
I25p, up 6. In Financials, Haznbro 
Trust rose 3 to SOp in response to 
the preliminary figures. 

Press comment directed atten- 
tion to Furness Withy which closed 
7 better at 255p following a 
reasonable turnover. 

Shaw Carpets featured Textiles 
with a jump of 7) to 57p in 
response to Press comment 
Dawson International rallied 5 to 
147p. 

The continued buoyancy of the 


bullion price, which was finally 
$2.5 higher at S20&875 per ounce, 
after touching 5205.75, prompted a 
good demand for South African 
Gold shares with tbe Gold Mines 
index 5.0 better at 130.L 

Artec being marked up at tire 
outset of business, prices made 
further progress owing to Cape 
and Continental buying but 'tips 
dried up in tbe afternoon as the 
metal price started to react to 

profit-taking. 

Nevertheless, rises hi Golds 
were widespread and often sub- 
stantial with the marginal issue? 
particularly in demand. 

Among the latter East Rand 
Proprietary, 402p, and Durban 
Deep, 406p, both closed around 
17 higher, while Bracken put on 
6i to 94)p and “ Sallies n S to 
64}p. Leslie rose another 3} . to 
a year’s high of 65Jp. 

Heavyweights registered gains 
of up to a half-point as in Western 
Holdings, £22) and Rand fon tain, 
£38). In lower-priced stocks. 
Doorafontein were prominent and 
finally 21 to the good at 347p 
while Unis el rose 17 to 221p. 

South African Financials, mir- 
rored the trend in Golds. -New 
highs for the year were seen tn 
S entrust. 9 firmer at 229p, Union 
Corporation, 6 better at 302p-and 
Gold Fields of South Africa, which 
put on J to £15). 

The sharp gains tn UK equities 
aided sentiment in London-based 
Financials. Rio Tin to Zinc were 
active and closed 5 up at 235p, 
but Gold Fields relinquished most 
oF an earlier improvement to. 
finish barely changed on balance 
at I93p, after I96p. 

Platinums moved ahead to new 
1978 highs in response to the 
strength of the free market 
platinum price. Bishopsgate 
hardened 2 to 98p and Lydenburg 
a similar amount to 75p. 

Australians lacked a decided 
trend following the closure of 
overnight Sydney markets for a 
public holiday. Speculative 
diamond exploration stocks 
attracted a modest interest with 
Haoma and North West Mining 
both around 4 better at 57p and 
48p respectively. 


FINANCIAL TIMES STOCK INDICES 


r- 


'Aim, | A"* 

4 w 


AMR. 


Ang- 'i JuTf 
. 1 ' 31 


1*2? 

■w*. 


7— 71.021 70.96; 70^ 7Q.B41 70.78! 

Flsedlnteint -( 72.73 s 72.75; 7&65I 72.65) 73.«j ’W.rf-(sjj P J 

IndlhlOnbnwy- MMj «"■* 

OnL Dlv. Yield. \ 3-541 6.57 6.54, ’«Jj - Mi' 

mZSiMrtt ; 8 ’ 3 « “5 

Dediiigs marked-.—-! 4*70 6.673) 6,746! 4.764: 4.374J 
S,ulty - lOa.W 108.W| 205.8B| 85.46} 69 -1« 

Boat tv bumuW im* J - \ 31.710? I9. 306 1 Xa.444| 18.6601 17,78a! iMar 

— : ^io7n» 486.6. U am 30B.5. Neon 50U. 1 Dm 5018. * 

2 pm SM.A. 3 pm WA . • 

Latest iatfax HOI. 



Based on 52 per on cwpora Oon tax . ”■ 

~ — . «•»» lud. onl. l/T/3*. Com 


Baals 1W Go«T S «A lffiWSfc FCwd In L IBS. 
mim se Activity Jmp-Dee. 


HIGHS AND LOWS 


SJE. ACTIVITY - R 


Govt. Secs... 


78.68 

|3/D 

Fixed InL...j 81.27 
l9A> 


1978 (Sinco CcmiriWflnn 


High | Low 1 fUgh j Imw 


Ind. Ord | 506.4 

! tT/8 ' 


OoWMinct 191-3 
| (1.® 


66.79 1B7.4 49.18 

iq/6) aniis) 

70.73 1 150.4 | SO.B5 
(tift •t2S. l lb*7)l AliR) 


433.4 
12/5) 
130.3 
(fi 111 


549.2 i 49.4 

ll«/9r7T} (2fii5/40) 

442.3 43.8 

(22iS<76) 1(06110/71) 






—Daily 
Gllt-KrtRed.^ 
Iniiuatrwa..^ 
S|wralMUve._| 
loT&te 

Jj-day Av-ngej 
Milt-Edged.. 
iii'iiiatrtalH ~ 
SptvulaClve.. 
Tunis 


1574 

188.7 

3S5 

113.1 


14&8 
184.7 
.48^ 
A XU 


1608 

SIOJS 

46.7 

,199.1 


1B8S:- 
182.1 . 
47.6 - 

loaa 


options 

DEALING DATES . in Charterhall, Lourho, Premi w ; ^ 
First Last Last For Consolidated Oil, Tricentrol, EHL 

Deal- Deal- Declare- Settle- Ladbroke,_ J. Ls^hjs, Fa fXBti 

logs ings tion 


For 

Settle- - . 

lu** ment Copper, Dawson tuternatloi^ 

A^T Aug. 14 as 


Aul29 Nov 9 Nov:21 and Spencer, Sou*' 

Aug. 15 Aug- 29 not. nov.zi DURadon> Peachey^ Boots^S 


Aug. 30 Sep. zz Nov. 23 Dee. 5 


. . UDS, while a double vm-. 

For rate indications see end of arranged in English Property. A- 
• Share Information Service shortdated call was tranwetefi. 
Honey was given for the call in International Computers, 


LONDON TRADED OPTIONS 


ACTIVE STOCKS 

No. 


TCI 

Shell 

GEC 


Stock 


BP 


Beecham 


So the by PJ3- 91% 


nomina- 

of 

Closing 

Change 

1978 

1978 

tion 

marks price (p) 

on day 

high 

low 

£1 

20 

397 

+ 8 

397 

328 . 

25p 

11 

565 

+ 12 

586 

484 

25p 

10 

293 xd 

+ 9 

293 

233 

25p 

10 

94i 

+ 4J 

944 

-M4 

£1 

0 

850 

+ 18 

806 

720 

£1 

9 

133 

- 4 

145 

72 

£1 

9 

350xd 

+ 6} 

390 

330 

Zap 

8 

710 

+ 10 

710 

5S3 

5p 

8 

21} 

+ 34 

21} 

12 

Zap 

8 

SBxc 

+ 3} 

SB ’ 

674 

£1 

8 

595 

+ 18 

602 

422 

25p 

8 

139 

+14 

152 

120 

£1 

8 

95} 



97 

95} 

£1 

7 

S72xd 

+ 8 

445 

350 

Zap 

7 

263 

+ 4 

268 

226 




Octn 

Mr 

January 

Afiril 

1. .• - 



KViviae. Clnsinc 


t'Mnj! 


CLminjJ 

’ Equicv 


Option 

piii'G 

offer 

VoL 

offer 

VoL 

offer 

>0L 

rime 


BF 

750 

120 

. 

142 

— 

— 

j- 

Wlp 

; 

BP 

800 

75 


103 

— 

126 

— 

M f 


BP 

850 

45 

4 

69 

— 

95 

m*=r 

1*1 ' 

" 

BP 

900 

24 

13 

41 


72 

■ — 




140 

26 

S 

27 

— 

3d 

— i- 

I62p ; 


Com. Union 

160 

10 

60 

16 

16 

20 

B 

•M - ^ 


160 

39 

— 

42- 

— • 

46 





180 

21 

— 

26 

7 

31 


*_ 


200 

8 In 

5 

15 

4 

81 

a 

0 , , 


Courtaulds 

100 

271 3 

— 

26i* 

— 

— 

. — 

- 12Bp 



110 

I8tn 

13 

21 

— • 

25 




120 

10tj 

— 

IB 

10 

iai* 

— 

■ ^ 



130 

6 


9 

— 

13 

-- 

\ 


QEO 

220 

76 

— 

82 

— 

— 

— 

2BK b . 


GKO 

240 

67 

3 

65 

1 

62 

•—a 

— . — "4: 


GBO 

260 

39 

6 

48 

4 

64 

MM 

- 1* i- r i 


GKO 

280 

25 

14 

34 

1 

41 

3 



QHC 

300 

11 

12 - 

£1 

— 

28 

11 

libfj- 


Grand Met. 

1QO 

211* 

6 

26 

4 

27 

— . 



110 

13 

21 

17 

— 

lBla- 

6. 




120 

7 

21 

iota 

21 

14 

■— 

■rea : */.*+■ 


1CI 

330 

74 

.' 7 

74 

12 

77 


39flp -• 


ICI 

360 

44 

• 24 

49 

6 

55 

’’ —a 

n " J “• 


101 

390 

20 . 

13 

32 

— 

*7 

— ■ ■ 



(Cl 

420 

7 - 

13 

16 

— 

23 

• 4 

’ ire 


Dust Sen*. 

ISO 

63 

22 

67 

8 

71 

• 

238p 



200 

44 

7 

47 

17 

63 

— 



land Sera. 

220 

SB ' 

45 

31 

8 

36 





240 

10 

85 

17 

10 

24 

* 1 



Mart™ X dp. 

60 

27 

_ 

33 

-- 

29 


86p 


Marita L Sp. 

■10 

17 1* 

1 

18 

30 

19*3 

re- 


r 


/bo 


27 

10 

43 

13 

‘ — 




/ 90 

4 

22 

6 

10 

8 


M 


'Shell 

/ 600 

82 


81 


97 


66 7p 


^bell 

560 

39 

7 

53 

3 

62 

6 



Shell - • ■ 
■Tniala 

"600 

13 

Iff 

461 

29 

215 

38 

37 




APPOINTMENTS 


Divisional changes at Imperial 
Chemical Industries 



Air. B. T. Jenkins 


Air. B. Appleton 


Hr. G. O. Morgan 


Senior management changes 
have been made by IMPERIAL 
CHEMICAL INDUSTRIES in its 
agricultural and petrochemical 
divisions to take effect from 
September 1. 

Mr. G. O. Morgan, fertiliser 
business area director of the 
agricultural division, is to be a 
deputy chairman of the same 
division. 

Mr. B. T. Jenkins and Mr. Brian 
Appleton are to become deputy 
chairmen of the petrochemicals 
division. Mr. Jenkins is personnel 
and Wilton site co-ordination 
director of that division and Mr. 
Appleton is at present a deputy 
chairman of the agricultural 
division. 

+ 

Mr. Alec J Sanders lias been 
appointed executive deputy clniir. 
man and a director or WEBSTER 
AND BENNETT. 

★ 

Mr. E. A Hilton has b«?on 
appointed a director of F1L- 
TRON’A INTERNATIONAL and 
Mr. J. N. G. Buckeridge has 
become financial controller. The 
company is a subsidiary of Bunzl 
Pulp and Paper. 

4r 

MV. Inn S. Irwfn, deputy chair- 
man and managing director of the 
Scottish Transport Group, has 
been appointed a non-exccutive 
director of SC0TCR0S. Mr. John 
Chiene. a non-executive director 
of Scatcros, has retired from the 
Board. 

•k 

Mr. William Ijke has rejoined 
LAKE AND EIJ.IOT as croup 
planning executive. For the past 
live years he has been with 
Knight Vcgenstpin. 

Mr. N. Berry has been 
appointed n^inaging director of 
FUTUKA FOOTWEAR GROUP on 
the retirement of Mr. J. D. Ogden 
who continues in an executive 


capacity within the group. Mr. 
Berry is chairman of the parent 
concern Future Holdings. 

* 

The H. Samuel Group has been 
reorganised by the formation of 
a subsidiary called H. SAMUEL 
JEWE LLE RS which will manage 
the buying, manufacturing and 
retailing or H. Samuel Ltd. The 
Board of H. Samuel Jewellers 
consists of Mr. R. Collingwood, 
chairman and managing director; 
Mr. S. R. Genii III, Mr. G. G. Lenten, 
Mr. J. C- Smith, Mr. J. A. Wood, 
air. N. R. Collingwood and Mr. 
H. A. Edmonds. Secretary is Mr. 
A. M. Dealcy. 

+ 

Mr. C. 5. Stewart has been 
appomied assistant managing 
director of HOGG ROBINSON 
I BENEFIT CONSULTANTS) and 
Mr. R. M. Westwood has become 
a director. 

* 

Mr. Ken Goodwin has been 
appointed divisional marketing 
manager. CO-OPERATIVE 
WHOLESALE SOCIETY, non-food 
division. He has been succeeded 
as general manager of the 
society's coal group by Mr. David 
Clarkson. 

★ 

Mr. Earn on Walsh has been 
appointed sales director on the 
Board Of WILLIAMS LEA AND 
COMPANY. 

+ 

Mr. Airred Pantes has joined 
the Board of D. P. ENGERT AND 
COMPANY and takes responsi- 
bility for finance and ad minixi ra- 
tion as secretary, of associated 
companies Stirling Products, 
Charnuood Estates, and D. P. 
Engert and Company lX.l.). He 
joins the group from J. Lyons and 
Company. 

* 

Mr. Andrew Jackson has been 
appointed managing director 
of DENCO HOLDINGS. He takes 
over from Mr. Alan Miller, who is 
to become rice-chairman of the 


group and will devote more of 
his time to research and develop- 
ment. 

* 

Mr. John P. Clarke has been 
appointed a director and general 
manager of PRESTIGE INDUS- 
TRIAL. He was previously sales 
manager. 

★ 


Mr. Donald Coles has been 
appointed a director and chief 
executive of RIPPERS, a sub 
sidiary of the Bowater Corpora- 
tion. He was previously divisional 
technical manager of the Paper 
and Board Division of Bowateris 
UK Paper Company at Sitting- 
bourne, Kent. 

Mr. Maurice Gray has been 
appointed to the Board of 
MARLEY RETAIL SUPPLIES as 
sales director. He was previously 
general manager. 

+ 

Mr, Michael J. Tandy has been 
appointed managing director of 
GLYNWED BATHROOM AND 
KITCHEN PRODUCTS. 

+ 

Mr. Louis L. Tapsrott has been 
appointed vice-president Europe 
of the underwater project 
management and marine con strue - 
tion group, MARTECH INTER- 
NATIONAL INC. He is based in. 
London. 

* 

Mr. Ronald J. Jones has been 
appointed chairman of TERRAPIN 
BUILDING AND CIVIL ENGIN- 
EERING COMPANY. 

+ 

Mr. Patrick Moorsom, formerly 
an executive director of Arne* 
Bank and a senior vice president 
of American Express Inter- 
national Banking Corporation, 
and Mr. Michael Summers gill, an 
executive local director of the 
Guildford District of Barclays 
Bank, have been appointed 
executive directors of BARCLAYS 
MERCHANT BANK. 


NEW HIGHS AND 


The following securttta qsoted In the 
Share Information Service yesterday 
attained new Highs and Lows for 1978. 


LOWS FOR 1978 

NEW LOWS (3) 


FT-ACTUMIES SHARE INDICES 


NEW HIGHS (365) 

BRITISH FUNDS (3t 
COM -WEALTH & AFRICAN LOANS ftl 
AMERICANS ««) 
CANADIANS 111 
BANKS (4) 

BEERS (2) 

BUILDINGS (331 
CHEMICALS (5) 

DRAPERY 4 STORES (20) 
ELECTRICALS (15' 
ENGINEERING C32> 

FOODS (101 
HOTELS (41 
INDUSTRIALS (631 
INSURANCE (9) 

MOTORS (7l 
NEWSPAPERS 13) 

PAPER » PRIN TING (6) 
PROPERTY (24) 

SHOES (3) 

TEXTILES (71 
TRU5TS (941 
OILS (1) 

OVERSEAS TRADERS (1» 
RUBBERS (21 
TEAS (1) 

Mi:<ES (20) 


ENGINEERING (1) 
INDUSTRIALS (1) 

H00W A MOTORS (1) 
Gates (F. G.I 


These indices are the jornt compilation of the Financial limes, the Institute of Actuaries 

and the Faculty of Actuaries 


RISES AND FALLS 
YESTERDAY 


Up Down Seme 

British Funds fit — 17 

Corpns.. Horn. and 

Foreign Bonds XX ( JJJ 

Industrials ™ ™ 

Financial and Prep. 25? 34 225 

Oil# “ ? S 

Plantations ...... — M ? 2 

Mines ... 

Recant Issues 73 i « 


Totals XJBfiT M5 UBS 


RECENT ISSUES 


EQUITIES 


Issue 

Fnee|s £ L3 £- 

Pt r- 


66 

*1 

100 

85 

115 


P.P. 

r.P. 

K.P. 

F.P. 

P.P. 


31(8 


a;7 -, 
24 -Bj 
Bl9\ 




Stock 


Uisn 


77 

iaa 4 

t7S 

Ml 

146 




71 

4 

142 

83 

138 


LanierniSoiierf'**''-.. 

—• 

Kiircthertn— 

Huntlna’PetT. Sierrlce^ 
Jones (J8-) tfew’InilOri 


'■J 


77 

10 

176 

89 

146 


+2 


W2JII 


1*2.64 

4.68 

66.5 


& l 




3.1 


ta 

2.1 


4.71 


2.3 

IJa 


6.9 


18.7 
6^3 

12.8 


FIXED INTEREST STOCKS 


£98 


f Z 

i h £ 


% 

LOOp 

>100 




V. 


£100 


IHJ- 


Hipli | L. * 


Stuck 


EyUl4lE45 


P.P. 

1/9 


K.H. 

loin 

-*4IVI 

G50 

J2/9 

52i 4 

r.p. 

— 


— 

— 

9£tiv 

P.P. 

— 

IOJ 

£10 

15/12 

1130 


— 

98 

— 

— 

06 

F.P. 

7/9 

88 ae 

t.l J . 

lt/« 

liwi 

F.P. 

— 

WJjjJT 

F.P. 

P.P. 



P.P. 

15/12 

99pi 

P.P. 

— * 

alp] 

F P 

— 

m 

F.P. 

9/8 

HF r 

F.P. 


99.V 

ioli4 

r.p. 

19 

— 

— 

9t.l a 

— 


07 

r.P. 


100 


i, Ui-floor suatzniineB lu% Pel 

4Ir | v Seta i ter Si Ptei 

it l.lnnttd 12 i He-t. IOC/ 

M 1 1 '.rm imdimi. Vir Kale 24-Bb ........ 

98 taffyns 10* P«L 
■ inlnQ Vnr. UM 


anidea v&r. Kate Red. 19W — 

101 2 | !>«. I2i* ktsi. l*SL- 

W 'Central 4 Shcetwood 10* Prrf 

85 JCpwbi-.Sprfaelntertn™ I0*P*ef.„. 

— h* | WatM If Kj>*. Hrel. 188i„._ 

BeeleHHwfai I m- .Office" ‘ 

tilinburgb Var. Kate l! 


98 

Wll 

»3|! 


9?i# | K*irvirgr K-t». 13^5% Deb 

3SU G. R. HoUlHEB 104X Prf 

luij. ■ Hcnneison Kenu» l(K Com. prri 

97n J.jnnare Princes 10% Chid. Praf 

.1 ii « ut Dm * 


-Vp.Mawhwtol he-- 

"7# Partly Umv. Dns. Ln. , 86- , 8b. 


85 I.Uiiolov* 12# —w ™ 

!\l..n> O’ Perm I' U% 2mi Cum. Pref 

99 . W.rtbunpton ^"ar. Rate BM. 1883.. 

‘•ii' , IVii„b lot Fid - 

WH-rUntnirkaiSCiini Pref 


£9934, P.P. • - I 
L*9833jC25 : 15,9 
■ * I P.P, 1 - ! 


44 3« 
*"6; 
2p!?| 

96 p. 


95ii:i:ntt,rrka*5Ciini rre* 

0bi« MuLhbhy Park Berner 94 L'lim. Pret 

■«,»4 I II.MI V «|. Hale K , 1 '. life . - - 

« -xiubenrt-m-riw hft Hed. 1*7 

■w&fl'WBnUFworth VarlalHe 1SU - 

& VIVi K«n Water I" Deli. I5S** 

94|.‘ Yrninx * C[v - Hrereerr ^ FreT 


ft 

s a 


3 - 


VBi 
94p 
52 C, 

99 14 
981b 
1CK- 

ii* 1 

95 
98 

W5*r}-1B 


996al 

991a 

99 

«L«I' 

99 

!99isp 

951 S 

S5ls 

991# 


+ia 


!-] 


-'a 


443, 


+ Ufl 


4 1 


997# 
«4I»| 
;96p 1 


“RIGHTS” OFFERS 


Issue 

Prr.-e 

Pi 

§£T 

c — 

1 UteoL 

1 UcnuDi, 

Date 

9 1 ■ 

5A8.71 

Nu 

16/8 

13/6 

5 

P4*. 

28/1 

18/8 

28 

P.P. 

18/7 

.18/8 

15 

P.P. 

26/7 

18/6 

14 la 

P.P. 

26/7 

16/8 

36 

P.P, 

M/B 

HO 

72 

F.P. 

4/8 

1/9 

70 

Ni 

10/8 

21/9 

3a 

P.P. 

n.ti 

1/9 

94 

Nil 



SO 

F.P. 

E87 

tf.-S 

110 

.Nil 

14/8 

a« 

100 

Ml 

— 


84 

Mi 

— 

— 


iflia 


IfllEii | Law 


Stock 


afipm 

83* 

41 

’£> 

lti 2 

"57 

85 

la run 

^ m ! 

42 1)m ; 

Utpiuj 

>3|'in. 


3) pm 

*4 

3ilg 

lain 

lfiie 

46 

86 


AJ|Z 

BrfdRM**! Proc 

Bn eke Tml Knp. 


DMtmmth lore — 

IflgyiCSjEloppeA- -..^.... 

QearlLun 'suns 8 Cogyfnt;. 

UC.P--. 


9pm] 


Leech fWnr.)- 


4b jSwlootW-Ji.)- 


10pm PK^y PMtnerehlpB J 

aB j-MireOffe nf«*m*D 1 

lafrniWmtan 'm’B&ijBCvCBLiMPi 

6|ioi|£orixhinf CTienurahi - 


OlarlDS 

Price 

Pi 


36pm| 

93^ 

41 

25 

161* 

67 

96 

18pm 

46 

fr 

48pm! 


hP w 


+ 5 
+ 11* 
+8 
+5ia 













HAk l> INTEREST PRICE INDICES 


-7 

+7 


lSpm; ..... 
11 i+ia 


Rcncmdauan dxo usually i* s t do/ for dMUInx fr« of stamp duly. 5 FlBures 
bawd on oroMMcius ogrunsip. p AKninred dividend and rleld. ,, Poreust dividend: 
cover based on prcirous year's varnlnss. p Dividend and yield baaed fl( Prospectus 
or other official esticuier for 19^. o Gross, t Figures asmxoed, i Cov er all ows 
for tonvcrslon ot shares noi now ranldts for dividend or ranxinp only for rostrieteo 
dividends. 5 Placing nrin- to duBIic. Pt Pence um™ otherwise Indicated. 1 tamed 
by lender. |l Offered to holders of ordiwuT fhares as a * nghUL” " lw»d 
by way ol capitalisation, tt Minimum tedder priem. tl Relntrodnced. n Ianedln 
connection wtth reorganisation merpet or uke-over. |||| imrodpcaoii, rinsMed 
lo forme* 1 oraference boldurs. ■Allotment letters (or lully-paid). • Provisional 
or portly-paid allotment letters, -k With warraus. 


British. Government 

Hon. 

.ABB. 

Day's 

change 

% 

xd adj. 

Torino 

XdwJj. 

unt 
to data 

1 

Ubder5y&ars 

106-00 

+0JB 

— 

555 

S 

g-lSyearK. ■'■■■■■ 

115.45 

+029 


; ; 7M 

3. 

Over 15 years 

12177 

+023 

M . 

&38 

4 

Irred««BaMes 

Iran 

+007 

_ > 

. . 724.. 

8 

An storks 

333.02 

+020 

— 



t'Ht ill XKTRWgfi T 
YIELDS 

Br. Govt Av. Groes Red. 


Mon. 

Aug. 

.7 


■Frt.“ 

Aug. 

4 


Year 

(BPproO 


Low ■•■Byrets.-, 
Coupon* is years-. 


25 years.. 


8.65. 
10 J9 
3151 


8 JS 
1083 
3255 




Meiflnn S years 

Coupons 15 years. 



3155 ’3155- 11» 


Monday, Aug*. 7 


Index | Yield 
Xu. 2 •• 


Friday 

Aug* 


Thors. 

A F 


Wed. | Tue*. 
Auffust Ana. 
2 .1 3. 


Mcnjyl 

al 


Frlday 

July 


Ihim. 

July. 

27 


; Tear ; 
tappriw*). 


15 

20-yr. Red. Deb & Loans (15) 

5720 

1 12.95 

57.34 

57498 

67.22 

57 J1 

57^2 

57.22 

457.17 

16 

InvesunentTrust Prefs. (15J 

61.66 

13.42 

,4+81 

5131 

51.80 

51.80 

61JBO 

8L80 

5 Lao 

17 

Co ml. and IndL Prefs. (20) 

70.04 

13433 

70.00 

TOM 

70.23 

70.16 

70.12 

70X8 

‘*10X8 


13 3. 07 

61.33 

68.07 


.*** '““r 4 - •*** "S “**?*»* ch*“W» are P4B>Dsl«l in Saturday 

LottdM, ECW Mst a£ hfe from W* FH»«e«l Tiroes. Bradcen House, Cum Street, 






• 

‘ ' “ ’i- \. 


— - -- - ‘ 

■ • ; : . 






























INSURANCE, PROPERTY 


AUTHORISED UNIT TRUSTS 






''/taHk~rY<Kxaia 




¥D!L4B-K7B 





r'-' *Sl ; 














OFFSHORE AND 
OVERSEAS FUNDS 


A l ex ander Fuad Keywlex Mag t.. Jersey Lid. 

37. rue Nett* Dante. Luxembourg. PO Boa 98 SL (teller, Jersey tt-OHI TRTPl 

Alexander Fund SI' 57.24 — Frwselrx jFPsLMS LOS! . | ’ 63 

N« asset rnlue Augtus Z Bondselet . . _ ... Kr,!»tt ISM .... - 

ArtmthwX Securities (C.I.) Limited { T- 

PaBoK2W,SLMe| lw , joMV. 05S47JJ77 Japan GltTKimt . JIS3W KUj — 
<-&p.T«L(Jene*j.._|li8 i a 128. 0) ( 4JW Knytdra Japan . ..(£153; 


PaBox3M.SLH«| IC r.Jasey. C6347JJ77 Japan Gib. EUntl . n.SSW JI» . ; _ 

c op. T*L Llerae* j |UftB 122. SI | 4JW Knysdra Japan ..(£15.52 : — 

i Se« failnt d«e Aufiul «■ , __ Irid-AwriaCsp .. } L35J3 1-3.7J) ...... 

GesTSecxTa. m 181) »U 12.00 _ 

N«t deal! OR <Utc August 14. r -- - King Sc Soaxson Mgrs. 

Z * lyh-nMCm-.Sl Hrl.JT.J.-rve, .*»• TTU 
Nett dealing date Ao«UH li. Valle* Use. Si Pin or |*.in Onw ;a-y. 

Australian Selection Fund NV l Thouaa street . CmkihIm. io h ' uie-.i ;:*r»n 

Market Opportune., c/0 Irish Young * §WTtaliMffl'‘.|njS jfiM . . 1 5« 

GUI Fnd Guenue>!l947 95ij ..!.j i5.*J 
Inti. C«n fra. Tat 

First SicrllnK— .. j LIS Cl W.IK I — 

First intL |S18S 05 156al) . . ? _ 


Outh waite, 127. Kent Sl Sydney 

USSl Share* | JUKLM I -I - 

Net .Vxs« Value July w. 




|Aja 









1' i ryl 


|r i j— | 



|^— -Jv — 15 

ui. ? ESI 




! •' cl 

K * 1 ! ^ i r w immi 1 * 

K i fare ] 



r^TrmHl 

3^31 

L‘- y p 














fes 

r+Tja 

Bt’.i H 




j/VJM 




Bunk of America International SA. First ma — Insstf ifi6 a :| - 

3 S Boulevard Royal, Luxembourg G.D. Wloliimftr* I l~.lt.va 

wWmww income . Kisuin Hl»*| | 7W Rletnwort Benson Li ml tod 

Prices at Augud x \ejrt mb day Angus 0. 20, Fenchureh St . ecj 01 diiSW 


(Per auk. a I Lndn & s America Ltd. see Eunmesl. Lux. K. 


Alexander Fd, 


Guernsey Inc .. 

Do Accubl 

KH FUr East Fd . . 
KSIuU Fund— 


14 ,,1H Mj{ " iif 

15 K0 1 . I 4 it, 

SL'S12 24^ ‘ . . I it. 1 ! 

Sl K1LW ! J «2 

&CS37&1 . i 0» 

5LN12 M 1 1 


Btmqae Bnixelles KHInU Fund ”. ...: ViWlW | .L\ i 

2, Rue Dc la Regent* B 1000 Brussels KB Japan Fund . &CS37AI . ! o» 
Renta Fund LF. . n«0 LOW * 2 \ 7.66 KAlfg fiuah Fd. 5Lsl2 M ! 0 7j 

, 1 _ . ... S'gnri Bermuda... ibSSJB . • ; 74 

Barclays Unicorn 1st (Ch. Is.) Ltd. ‘UmfoiuixinNj. .1915 JOiS jj:; 

1. Charing Creu.SLHelier.Jm. W34 73741 " KB ■* Lundoo P«JinK <r.iy. 

uSSSKJ?^S!-fei* bk ie.i.> err Mgrs. 

Uolboad Trust ^SMlfli HUg .J 0.00 P O Box 195 . Sl Hr her. Jersey SaGilTV! 

*Subjec1 to lee and withholtUBg taxes lic^-ds Ta. O'seas. . |57 2 M2* ■ jjy 

Barclays Unicom InL (L O. Man) Ltd. Nexl ‘ 

iTbamMSuDougbu,LaJL 00144856 Lloyds 1 Blcruatltmal !Kg=sct. S..1. . 

UricoreAatt-ExL.lH^ 5IW | UO 7 Ruedu Rhone. FO Bor 178 UMl *: 


Knri Bermuda,.. ibSSJB ■ * 7i 

JnHondiiDMl. .1915 JOiJi AJ’.; i41 
■KB act as Lunooa paying rr.iy. 


Do Aud. Min.. 34. B - 37.4} 1 

Do. Grtr. Pacific Mi TUl 

Do. IntL Income. _U9 5 42fl I 

Do. I. rfUaoTu . kS2 4973 I 

Do. Manx Mutual „]269 29. M 1 

Biahopsgste Commodity Scr. Ltd. 

P.O.Box 42. Douglas. LftML 0824-22 

armac ‘July 3 inrsua 3U#| i - 

CANRHO -Julv 3 ..E.B37 LUO ......1 - 


CANRHO -JuK 3 ,61 037 LUBl .1 — 

COUNT -July 3.. .iSsoo 2543 ... J 21 
OnglnaJly issued at *S10 ana *“11.00. 

Bridge Bbutagement Ltd. 

TO. Box S0R Grand Cayman. Carman la. 

N"boxhi JulyXI .. I 715.0* I I — 

GJ>.0. BtnJOO. Hone Kong . _ ! ! 


l sfl Unyds i»l Growth KFmn M4Si i ii 
*20 Uo)rds,nL1 nrome.|hFma SSSS . ) a. so 

Jg M4G Group 

Three Oils)']. Tower HUI ECJR 4BW Jl-CS «i3 

■ Ltd. Atlantic Aue. 1 KI’SJM li3 .. . ' - 

0624-23811 Ausl Ex. Auc 2 ... Ilijt) 2?2l ..'-.* 

. Gold Ex. Augg 2 ll"0*a V3J . f — 

1 Island _ 1360 155 W *0 d rj, n 

”'1 j.06 <Aceum l’nils> I9J 5 W*l »L‘ j! sj js 

. Samuel Monlagti lain Agts. 

.- 1 14, Old Broad SL, El' 2 OllKJ'rfiJi 

■an la. ApoUo Fd. Jul> 18 .I5F4654 M45! ■ 7 71 

-I — JapfeatJuK-31. . IfcoiM ! r.-> 

1 llfcrp July M - - bsMiS ILi:! ' 7Ci 

I an II. Jereev Jab'S* . MS 13 5 5D : IB 






■ . 1 r 














«4jS 








Over sets to. Stock ; 

IkVA-700WA 

Buy w Italy iwth the nianufieturers , 
with f B 1 1 . aitet* »l«.-«annea 

CLARKE GROUP . 


Toicat S9TO 


tuunrun now seris^ * 

Trade and eaoart eneuirw wttcanwo. 
Lam redu-ttan «» - 


PUBLIC NOTICE 


NORTH ^g^^Sy*““ G " pD 

CCSO.OOO Bills- Hiatorlnu on 20th Sep* 
txn.lv r. 1978 . Taeiv PgCrcd jnd JUocd 
r.r, -1st Jane. IA78, a*, an average rate 
ol n - : ,, , J P-.I. To* 01 

F-.ue iiwini'T® tijwo.ooo and that*, 
nr (he pnty OilU Ul 1*5 I/O. 



Nippo 0 FdAug|_^ pB? *h,.....| 6.79 £\* ; i» 

Britannia Tst. Mn gwri (Cl) Ltd. Murray, Johnstone i(bv. Advivr' 

30 Bath SL. St lieiier.Jeracy. 053473114 163. Hope &L . G laseuw. rt "ci 

ciaKlM ,| m ‘Hope St Fd . .. 1 M’SSS 7Id I — 

cSsft^r:..' xi*- 38 4 ^ 3oo ‘“ wwpuod -. N J„ s . i ’ ! ji i ,? ,a 1 ••••'■ - 

tutnLFd.. .— bpl 9fc9f ..... I CO ‘N A V July 31, 

SSSfKTELiS! ’ly iS n««s-v 

HighlDLSUg.Ttt._fW.4 Qtq 1X60 10* Boulevard Royal. LutimM/C 

ita lhil» n f p^, NAV AuguaSJ | SLSlliJ |*G J?J — 

Uii^HiEh iusi 9 ?» Negit Ltd. 

Vahta Auanat A Next dealing Angiiat 14. Bermuda Bids*. Hauul:oa. D-.-vJr 

Brown Shipley Tut Ca (Jersey) Ltd. * l T M ‘ |C5-lW 1 1 ~ 

P.O.Box 563.Sc Heller, Jcraer- 0534 74777. «»*»ea»X International 

Sterling Bond Fd ,.fa032 J6J4( +0 % 1X76 F0 Box 77. Si Prior P.ut. Guereiev. 

Satterfield Management Ca Ltd. l»«^DoR„ Fund..) 5239 Me; I - 
P.O. Bax US. HauUloa. Bcnxada. Quest Fund Hncsunt IJersev - ' Ltd. 

Buttress Equity _QJ0 238( — I 176 P.O. Bos 184, Si Heller, Jersey. COM271 

8SSSESi ln . L :| „? M j [z 
^pital InternHonalSJL fcl'SlSfe-l NeS’^int Au^^t 

37 rue Notre-Danne, Luxembourg. . 

Capital Im Fund....] SUSJ16Z f+B.Mj — Richmond Life Ass. Ltd. 

Charterhouse • *6. Athol Street, Douglas LO.M CS43M: 

i «Z_Z~. ZZZJ ^ IxiTheSllverTnin. 009.8 Uicl ♦! X - 

1. Paternwter Row.BCA 01-8483808 Richmond Bead 97. Q7L2 137S .. 156 

A/flropa DSMM 33«-<UI 4J4 Do.PUlinumBd.... p28S U53 *1 : _ 

Adivptm NU MJM <58 DaCoJdBd. -...1124 IIHjl +3J - 

---fe* ga IK Do. Em.B7/02Bd.— [1760 135 X . . f 111 

EmperorKuod . — |ujs 3 jo 5» — — KtthuchUd Amt Management (C.I 

Hlspano IU3JIR <U1( 179 p.OJloi 5B»Sl Julians a. Gnereser 9i31 LSTJ 

CHve Investments (Jersey) Ltd. o.c.EaFrJuiy3i-[K6 tL/J . . ..( 25 


Bank o t Bermuda Bldgs. Hauultna. II".' via. 
NAV July 14 -K5.M — | ; — 


Inter-DuUar Ftmd..)VX39 X5Ci .] — * 
Quest Food Ma gain t |jerse>‘> LlO. 
P.O. Bos 184, SL Helicr. Jersey. iB^rril] 


Prices at August 2 Next dealing Augiue 0 
_ Richmond Life Ass. Ltd. 

. 4& Athol Streri. Daugta*. LO.M KS4 23915 I 

— . IxiTbeSIlw TniaL 009.8 1UC| +1 X - , 

3000 Richmond Band 97. 0722 137 jj .. 15 65 • 

4J4 Do. Platinum Bd... 028 i 135Jh *1 ll _ 

458 DoLCofdBd. -...1124 ilBjl *3J - 

|07 Do. Em. 87/02 Bd.... 0760 135 Zi . . , 1117 ; 

— KMhachUd Asset Management (C.M 
P.O An 58, Si Julian: Ct. Guernsey. M31 LSTJ! 
O.C.Eq.Fr July 31 .. [55 0 6L6J . . ..( 26i 


P-O- Bos 360. SL Holier, Jersey. 0534 S736L ac^aFdf 1 J6 TuSVd kI l’S 

gSEUK^ElS .iSI:diiS Sfxrfe'. I? iS| ! 

7J6 P-O. Box 137. SL Peter Part, Gsenuey TPncea on August 7. Nest dealing August 2:, 

Zt^r*** • 4 - ■ Tnu* (Ci) Fd. Mgc Ltd. 

- ^Sl P Ns»ttLB^omA . ■ 

Deha Inv. Aug. 4 .... |SL95 2 05 ] — J— ILT.IntLUm.iPd & *} . . | 3.§ 

Den tocher Investment-Trust « Ana L Nett dealing Aug. & 

Pmtfach 2685 SietMrgame 8-10 6000 FTanttiuL Save & Prosper International 
Concentre — (PwHlI ZUM J — ’ Dealluc to: 

InL ReotoolondB — [DttttJfl 16JR. — J — 37 Broad SL. St Heller, Jereej- 033J-2K31 

Dreyftm Intercenttnental Inv. «L WLgj fcdrgn l M Fuad, 

Sfii^JST 12 * "BHhP^-sr . ‘ S&StaSfc lx \ :::::: z Jj 

NAV Augast 1 POSHii UM — -I — F8rRanere*t *690 ■qu'd _ 

Emstm & Dudley 'TsLMgUnyJUA ^ “ Z 

P.O. Box 73 , Sl Hriiar, Jeraoy. 0534205m Q.— L— — . 

RDXC.T. P2SJE 139J| ._...| JJ0 SSSS 2574) -1 0} 24S 

Eurobond Holdings N.V. . lg.| 15|6| ..... <C9 

H a mW s t a Hn 34. Wlllmwtad. Cnreeno T«L Deposit 100.0 J I C25 

Lewlm Arrets: Intel. IS Ckrittapher SL. EC2 SLFl*ed'“±--~.|U4.1 125.71. ,| 5152 

T«t n-wi 7243. Telex: ni448& ‘Pnees on July 24. — Auetul Z — *.bcf WR 3. 

NAV per diare August 4 SDS2D.40 tiiiltial idler. tWeekly Dcaun^ 

F. & C. Mgnd. Ltd. Inv. Advisers ScUesinger latenutteal fflafft. Lai. 

1-2 Laurence PmuiSriey HiU. EC4R OBA. 41. la Mono SL. SL Metier. Jersey. (&K735SS. 

01-823 4660 SAJi. K9 «( 77 ' 

CenLFd. Aug2 1 SUSA 06 (+0.47J — SADI ._... am 0&* 45S 

FideUty Mgnd. & Has. (BdxJ Ltd. . Sg^^SSTZ; u* Wt "Z 'iw 

PO. Box 670, BaaUton. BeruudSL IntnLFdLxmfirg.- SSX54 12^ ... . - 

Fidelity Am. AVS--I JCS27A4 I J— ‘Far East P^nd- 100 1M) --j 2X6 

Ftdejhyltrt-Pund-] SUS24J9 —.1 — 'Next reh. day Augutt a 

Fidelity Wrid^dZi lullhn | Z.'zJ - . Schroder Life Group 
Fidelity Mgmt. Research (Jersey) Ltd. ^^^rire He^ PostxmoutiL . oras-TSC 

Sarlre A Dn InU — | £452 I I — 

Series BlPaeifidL. I £954 — ' SFlxed Inlerett- 

Seriea D (AmAajj 08.99 | | — 

First Viking Commodity Trests SMamaed. 

<hMre' *&2£ 

jMMffldu vdaSSS^Ekn 

Fleming Japan Fund &A. DarUncFnd 

37. rue NetxwDamo. Loxembourg Japan Pd Jnl 

PTontt ^Aagmex.i SUS59.46 | — | — Sentry Assurance InteroattauJ Ltil 
BTee World FOnd Ltd. PO Box am. Hamilien 5. Bermuda 

Batturfleld Bldg. Hamilton, Benauda. Managed Fuad fSUSUK ZM I — 

GT/SS^t 5 ^ 7 ’ 1 2 


1M4J ... 7.a 

14d*DD5 lJ: 
163X1 .. i.C 2 
1»3 I 4_-Q 
23 £0-113’ DM 


TPncea an August 7. Next dealing August St. 

Royal Trust (CI) Fd. MgL Ltd. 

P.O. Box 194. Royal Tst. Hae. Jersey. 0534 n-SI 

R.T. lnl’L Fd. gjMM M Ul i 3 C 3 

lLT.In1L1Jv.1Fd R2 «} . . . 3.21 

Prices at Aug. L Nett dealing .Vjj. S. 


37 Bread SL.SL Heller, Jcreej- OSH-SESI 

VS. Dallar ifcamajrefad Foods 

Dir. Fxd lnt~* — I9J25 9£« 7J3 

IntemaLGr.-* 7.73 55>’J — 

Far Eastern*? *690 56jd - 

North Americaa-S. 3.S9 4^1 - 

Sopro-t P4.99 !fi35 - 

Nterflag ilLa irel nS i 4 Fonda 

ChaoMl Capital*- p«45 2574 -1M ZCi 

Channel Islands©- fctb 15Sfed <CT 

Comniod— -J (323J 1297} ... — • 


guana Capital©— QC45 2574 -10j t« • 

gunnel Islands©- 156.6 ISSfcd <CT 

Commod.— | 123J 129R ... — • 

TSL Deposit 100.0 J e25 

SL Fixed — t IU4.1 125.7} . ,| 5152: . 

‘Pnees an July M. —Auetm - «.toKU5t 3. 

5WeAty i — - — 


Tinltial Oder, i Weekly Dealing. 

ScUesinger lalcnutte-al Mast. Lai 

41. Ls Mono SL. SL Helisr. Jersey. C534735ES. 

SAJJ* B9 ?4| 771 

SA.O.L B.94 0 9^ 455 

GillPd. Z 28 23 .H Hoc, 

Ind. Fd Jeriey-— _ 1 U liS X 97 

IntaLF<LLxSfirg._ CX54 12.15* ... . - 

‘For East Fund 100 1IS| 2X6 

‘Next sub. day August 0 l 

Schroder life Group 
Rutarpriae House, Portsmouth. .’ 070S27733 
Xntcnathmal IWb 

CEquitjr 

SEqiJ 
£FI* 

SFlxed Interest— 

Olonaged. 

SUanaged. 


MJ = 


Asian Fd. JutylQ 
Darling Fbd 


tocno ngAagamL-i JUS59.48 I — — Sentry Assurance IniematlauJ Ltii 
PTee World Fond Ltd. PO. Box 338. Homillon 5. Bermuda 

Buttnrfltid Bldg. Handlton. Bermuda. Mao aged Fund HUS2JH ZBttj | — 

|GT. 1 ^ “ finger & Friedlander Ldn. Agc^fc 

a88, “ Tokyo Trt. Aug.].... | 3053950^ ! 1X7 


- SS&PSffi^f 

4.13 Anchor Glh Edgv_. 
(13 Anchor InL Fd 

2H2r/& :~ 


CT-AttaRd SJTKt.99 IBB 

4 jo SI a*** to5« ...... 

9 4 4 G.T.BondFnDd — SUS13 63 ! 

G.T. Dollar Fd„_ SUS7.65 I 

G.T PsctHcFd — 5US15XI _...} I 

Gttrdmve limit. Ltd. Ldn. Agte. 

2 , Sl Mary Axe. London, EC3 01-283 1 


Ul 9671 -OJJ 1Z87 StrCB * taW BUoagemeaS Limited 

522* 2 JJ 1 PO. Box 315. SL Hater. Jersey. 0634-7140) 

(.7 31.7 2.46 Coosmodlty Trust ...|CB.(£ 9352] — 

^kPsSw Z!!. 0.90 Sarinvest (Jersey) Ltd. (s) 

J** QueetmHoo. Don. RdSL Heller. Jey 05342730 

5 t “ -i^ 5 " H? American IndTsl. j£358 B.7N-0B? - 

cV^u SS CopperTruat tLU23 12J«+0 - 

lyjsMSL S-S Jup. lodexTsL — fciihz iZrai-!iJ'*l - 


VAPI6I.H 

E.7N-0B? - 
11_5«+0I^ — 


Agte. TSB Unit Trust Managers (C.l.l LaL 
01-2833931 S*g*t^lcBd,SL SailDcr, Jerary. 0534 73 W 

14 . Jersey Food 14&5 5L0xf .. 1 4 71 

UL ELKodd Creruay Fond J485 SLM t « 71 
.._ I 2 56 Prieo* on August i Next wb da> - August S. 


^ teSMjS&tt elkodb i$a : ! 

HKA Psc. V. T»t ifajn w i sad i 7 if Prieo* on August & Next wb day Augi 

.2” TLAS^TStZKS ^ :::;;} IS T«*y» Fmrific Beddings N.V. 

i w IntL Bred Fund EWJS18J95 £SsH -J 5.70 lrdtods Management Co. N.V., Caracao. 


t gui, Lid — 

an.^lWM Toky® Pacific Bldgs 

GartmorelntLGrthfiS** .[ 3.00 mtiimj Manogeueat Co. 

Hambro Pacific Fund MgVlL Ltd. NAV per share Jul 

£110. Connaogbt Centre. Hong Koug Tyndall GrOQD 

H :.:i - 

Hambcua (Guernsey) LtdJ imodl uniuCZ'.fesiS 

Hambro Fund Mgrs. (CJ.) Ltd. 3-WoyinL Juty»...JruszAi 

P.O. Box 86. Guerossy 0481-26521 2NewSL.SLHeHor, 

CJ. Fund nsq.4 160X1 1 3.70 TOFSLAug.3 

TrrTnl Bond TTTmMn lyijd J loj (Acnua Shan 

StJEtaSty luffilAr I2.0S Z. .1 258 American Aug.3_ 

InL Sm; ‘A 1 ynxniM 1 551 I Ul lAecuayharesi. . 

S IS 'B' iul&it iSS zS J « rm *x F * A ?t 2 

Price* oo July* Next «*e^3 *“8“* * c^FWAnV^' '.ltefc 
Beoderson Baring Fund Mgrs. lid. tAenun. ShumT!Zli402 


NAV par share July 31 5US5SJM 


S3 n j Idas Tokyo Pacific Bldgs. (Seahcord) N.V. 

70AOI J 3 08 inUaua Managemrat Co. N.V, Curacoa 


NAV per share July 31 SUS47.8C. 

Tyndall Group 

P.O. Box use Baud tom 5. Bermuda. 2-7TO 

overseas Aag. 2 BPS122 L2=ai . ..[ iK 

IMtim UnlW pca.92 233) .... .1 fa.33 

3-VaylnL July20 ...pUSUt 2J3j . . j — 

esKp^ic 

234^ .!.!! to 

9JG] .„... 2 57 

SUE] 7 33 

3C3J8 T33 

Gill Fund Aufc 2.. -.15086 15DN . . 5C3> 
(Accum. Shares) ]1402 Z42G| . 30. E5 


PLANT AND (MACHINERY 


Wo are interested to rtceiwg'Pirotet»n*~Technical and 

Commercial information tor a 

SECOND HAND MINI CEMENT PLANT 

.. ." . with output of--lS0/2KJ MT Per. dsy 

■-.■■■■ : AND: ■■■;.. 

Paper and" Pulp ^Mirrafactqr m g Plant— 20 ; HT- per day — in Good 
Condition: ahd Working Order. ’Please repJy Principals Only:— 
VlPOTEEL UMITED . 

Bilion House - vEasc Wing V 52 -Uxbridge Road.- Ealing. London W 52 ST. 


GENERATORS I ARThGALLERIES 


14, Rue AJdrlnger, Luxemboiixs. 

r^.T*.Jn?.Fiid.-| 511.23 1 1 00? 

Net asset August 2 


PfElDBOURNS -GALLERIES. 63 . Qumus 
G rosoi V- Jeho'a ■ Wood- 5 »s ^ 600 . 
LANDSCAPES by . Rovjl AUdcmUiaitS. 


Exclusive et any prriim. charges. via. mini. 'flngmnL 
Bin^Bnniel * Cm (Gnenuey) Ltd. }^ f 

8 LAFehrere SL. Peter Port Gu®rtO*y. CJ. t ABMtod — — pl'OMa Mii! .. . I 

446 C°«™vTaL_|i6u 1725) +1.6) IJ7 United States Tst. IntL Adv. Co. 
is HUI Samel Overseas Fund SJL 14, Rue Aidrinccr, LuxembouiB. 

>m 37, Hue Notre- Dame, Luxembourg ' TJS. TsL Inv. Fed. _ | 511.23 | I 

3 2jy IsttMD 2U2|-^).07| — ■*** August Z 

6J4 international Pacific Inv. Mngt Ltd. S. G. Wartmrg & Co. Ltd. 
lS P0B« R287. 56. Pitt St, Sydney. Ausl 30. Gresham Street, EG 01-0.1 

4 75 Jovdin EqultyTsL.[5A2J5 2 26) | — Conv.Bd.Aug4 [ 5US9.K 1x3® 

^ J^»^Uer«y,IM 

7.97 PO Box HH. Royal TA. Hse., JererfOSW 27«1 HercRbdFd Aug2...)SDflU7 U2^ . .. |C! 

"Smb Juiy L TlfWwSub. August 31. Warbnrg Invett. Mngl Jrsy. Lt* 

Jxrdine Fleming A Co. Lid- LChurlugCpoe*, SL. Heller. Jsy.CT CSSS 7 

46* Floor. Cauuapu C«tre. Hong Ron* CW' “d jInaK 

ISSSrSS 1 *?*— 3HK2 W.9* Metals TsL July 20 

?'2 TMTJuht4 

fljgWg TMTlSl July 14 

J*™ineFIeniJuL — 5ITK3DS — 

Kgamff"** S§j 5 Z Wt»W Wide Growth MEnasemenl 

NAVJu^ii" fcraitvaifffii tnSTBuO ,0 *- Boulevard Rural, Luxembourg 

%SiSSWa. • Worldwide Glh Fd| 5US16U )-M^ . 


iresbam Street. U1-CK14H 

v. Bd. Aug 4 — | 5US9 .K ItSCN - 
y.lnt Ana 4 — 5US5U38 1-OJcj - 

iLSFd. July 31 -I 5US753 - 

cfibdFd Aug2...pTSil7 U2^ . .. C235; 


u. Warbnrg land. Mngl Jrsy. LM 
LChariBgCr<M4.SLHeUer.J 9 .CT CSSS 73741 
CMF Ltd, July27— .{SVSIUt USl-051! - 

■* C34T Lid. June 28. _ [Q2.77 lljS J — 

Metals TsL July 20. 01 59 121S) . .. 1 - 

• 2 TMTJuty 14 ^ 

!-» TMT Ltd. July 14 

— World Wide Growth Management^ 
10a. Boulevard Rural, Luxembourg 
■ Worldwide Glh Fd) 5US1615 — 


-2'd - : 


r™,™ “gteWe S premium, exrepi where Indicated ind are in pence uaJess whenri* 
iamcMriL. Tta(a « % (shown In lad i relumnl allow for all buying expenses, a CtSared prices 
incla de all expeaass. b To-dW'BT* 1 *** e Yield baeed on offer Trice, d Esuatted. ft To-to'-'r 
22S5I F t ? ct h Distribution free of U.K. taxes, p Periodic pramlUM insurance plani n Smijo 

BmlWD I tnin w nx«i( nfin> nrluifn sit himi i mi ... 


5.59 ” ■ JT iwji button tree m u-a- iaxre. p >mwt pra 

p remium insurance, a Offered price Includes all expensed 
£ v 5 *. Wivv include* all espsnoe* if bought through mat 
f Net of tax no realised capital cains unless Indicated Ey ©. « 
4 Yield Before Jersey ux. t Ex-stibdl 


c except agenrp coRinuaMnn. 
suen z Previous day’s pr!w. 
, Guernsey grocs. 1 Saspndi- 3. 
virion. 




CLIVE INVESTMENTS LIMITED 
1 Royal -Exchange Ave.. London EC3V 3LU. Tel: 0I-2S8 1101. 
Index Gnide as at lSih July. 1978 (Base 100 at 14.1.771 

Clive Fixed Interesi Capilal isi t'.u 

Clive Fixed Interesi Income 1 17.53 


CORAL INDEX: Close 504-509 N/T 3U6-SD21 

INSURANCE BASE RATES 

t Property Growth 10!^, 

t Vanbrugh Guaranteed H -j 1 ^ 

t Address sbon-n under Insnramv and Propenj Rom) Table. 














































EDITORIAL OFFICES 

Amsterdam: P.O. Box 1296. Amsterdam^?. - Manchester: Queen's House. Queen Street 

Telex 12171 Tel: 240 555 Telex 668813 Tel: 061-834 9381 

Birmingham: George House. George Rood. Moscow: Sad avo-Simotech nays 1234. Apt 15- 

Telex 336850 Tel. 021-454 0022 Telex 7000 Tel: 294 3748 

Bnrtrv Prcpshaus 1 1 *104 Heussollce 2-10. New York: 75 Rockefeller Plasa. N.Y. 10019. 

Telex 8889542 Tel: 210039 Telex 66390 Tel: 012) 541 4625 

Bni-mc!*: 39 Rue Ducal c. Paris: 36 Rue du Sen tier. 75002. 

Telex 2X33 Tel. 312-9037 Telex 220014 Tel: 2255743 

Cairo P O. Box 2040. Rio de Janeiro: Avenida Pres. Vargas 418-10. 

Tel: 8385 10 Tel: 253 4848 

Dublin 8 FitzwHUnm Square. Rone: Via della Mereede 55. 

Telex 5414 Tel: 78532 L Tele* 81032 Tet 678 3314 

Edinburgh: 37 G corse Street Stockholm: no Svcnska Dagbladet, Baalsmhxvag. 

Telex: 724S4 Tel: 031-226 4120 Telex 17003 Tel: 30 60 88 

Frankfurt. In Sochsenlagcr LX Tehran: P0. Box 11-1879 

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La 4.4 peon and #jmlralkms in ZSp. Estimated pricr/rarninci 

I _ racks and covert are based on laic** annual reports aodarcosma 

id 4 6 pmtlbtr. air npdiled on ttll-r«irly figures. WE* are 

iS L7 nbll,u4 m <*» t»i« of net dltfrlbHtioa; bracketed Clgare* 
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. n Unlisted security 
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t Indicated dividend after pending scrip and. or rights Issue:' 
eo» er relates io previous divide ads or forecast*. 

_ _ f Mercer hid or reorganisation in progress 

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yield, h Assumed dividend and yield after scrip issue. 
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apply to special payment. A Net dividend and yield B 
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based on prospectus or other official estimates for 
IS70-79. K Figure* based on prospectus or other official 
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■r other official e-tlmalcs for 197B N Dividend and yield 
■ucd on prospectus or other official estimates for 1STB. F 
Figures based on prospeefus or other official woipistea for 
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26 


¥¥--11 (or your next 
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New Devdopinent 
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77Lc»Tjate,HuIL HLH1HP. 
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FINANCIAL TIMES 


Tuesdav August S 1978 



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control 

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Tuniversai control valve 


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r>* **>* R«i la^wow ao ftoriK&Bmi 



PARTY WAITS FOR REPLY FROM FORMER LEADER 


Liberals urge Thorpe to quit 


BY PHILIP RAW5TORNE 


MR. JEREMY THORPE’S conspiracy to murder Mr. Mr. David Penhaligon, Liberal If Mr. Thorpe persists in 
political future bung In the Norman Scott the former male HP for Truro, said yesterday fighting the next election, it 
balance last night. Liberal MPs model, bad been given more time that It was “am axing” that Mr. seems increasingly likely that 
and senior officials waited all day by bis party colleagues to Thorpe should be able to find he would have to stand as an 
for the former party leader's reconsider bis decision to con- the time to fight the nest general independent Liberal, 
response to tbeir virtually unani- test the election. election. t ik i a 

mous advice to him to abandon Mr. David Steel, the Liberal "I would have thought his 
his decision to contest the North leader and Mr. Alan Beitb, the first priority would be to defend ffSSSL, 

Devon seat at the general elec- chief whip, have suggested that himself against the charge he S V PP i^? 

*<°n. he should remain an MP untiL faces ” Mr! PenhaUgon said. “I ■ “5 ^ 

One Liberal said ’* We are wait- the general election but have don’t bear any malice. I say that b ^ c °?„ e t 

ins for an unequivocal declara- urged him to stand down then out of goodwill.” entangled wini tos personal con-j 

tion of his intentions.” But a until the legal proceedings it was. however, apparently test m Nonl1 Devon. 

message from Mr. Thorpe’s home against him have been completed, proving difficult to persuade Mr. In those circumstances, the. , - TTP =„ 
a 1 Cobbalon. North Devon, last This course is seen by most Thorpe to agree to even a -Liberal Party' would find it diffi-| ft 

night said that he h3d " nothing Liberal MPs as the one that temporary withdrawal from cult to endorse him as an official ; ^ ,„h T 


Hoffmann 


considers 

Scottish 

site 

for plant 


By Kevin Done and Ray Perman 


to say to anybody today.’-’ - -- - best ' protects both the Liberal parry politics by reversing his party candidate though there '■ ^ oc * le > Swiss 


Mr. Thorpe, remanded on bail Party's 
with three ntbers on a charge of terests. 


and Mr. Thorpe's 


in- decision to accept 
party’s nomination 


his 


pharma- 

local would be no ,u«tioo tfoppcs.ng j — B “ „*£ 
mtn ' costing well in excess of £50 m. 


U.S. oil 
curb 4 will 
not hit 
Russia’ 


BY ANTHONY ROBINSON 


Links between Euro MPs 
and Westminster proposed 


BY PHILIP RAWSTQRNE 


MOSCOW, August 7. 

THE U.S. decision to make oil 
equipment sales to the Soviet 
Union subject to special review 
and a specific export licence, 
in response lo the jailing of 
Soviet dissidents, will not 
affect Russian oil industry 
development, according to Sir. 
Zandar Takoyev, Deputy 
Minister of the Oil Industry. 

In an interview with the 
Financial Times, Mr. Takoyev 
said that the kind of foreign 
equipment the Soviet Union 
needed to speed up develop- 
ment and increase the 
efficiency of its oil and gas 
industry was also available 
from other suppliers in 
Western Europe, Comecon and 
Japan. 


Rebound 

Any embargo would rebound 
on U.S. industry, he added. 

The first major contract to 
be affected by President 
Carter's decision is the S 1.44m 
oil drill bit plant to be 
supplied by Dresser Industries. 

Mr. Takoyev also referred to 
Senator Henry Jackson's 
demand for a ban on the 
export or submersible pumps. 

** Mr. Jackson should not try 
to bully us. We shall be pro- 
ducing HM)00 submersible 
pumps ourselves this year and 
a big new plant is due to come 
on stream in Tatara next year 
which will cover all our 
needs,” he said. 


Discussion 

According to a recent CIA 
discussion paper presented to 
the American Commerce 
Department's cast-west trade 
advisory rummiliec. (hp Soviet 
Union purchased $3bn worth 
of Western oil and gas equip- 
ment and know-how plus a 
further 54 bn worth of large 
dianuMcr pipe in the 1972-76 
period. 

The U.S. share amounted to 
only S55Um hut this includes 
otrr 1,000 submersible pumps 
uilh a lifting capacity of more 
than Hra barrels per day which 
haic played a significant role 
in stabilising production of the 
agring Urals- Volga oil fields. 

The UJ5. is also acknow- 
ledged to ha\ e considerable 
technical experlisv in the pro- 
duction of high quality bits for 
deep drilling, which explains 
the plan to import such a bit 
plant from Dresser Industries. 


MOVES TO ensure close links everything possible should be Tfae report suggests that Euro- 
befween Westminster and the done to prevent conflict develop- pean MPs should also be invited 
European Parliament after direct tog.” to take part to the activities of 

elections next year are proposed And the committee’s report the Lords Scrutiny Committee 
today by a House of Lords adds: “It is not apparent ... that though they would not be allowed 
committee. a wider exercise of influence by to vote. 

Among its recommendations is the European Parliament need Members of the European Par- 
the establishment of a European of itself threaten or rival the liament’s specialist committees 
Grand Committee at Westminster different sphere of national could also be invited to give 
composed of members of the two control by national parliaments evidence. 

Parliaments. on national Ministers.” • to return, it proposes that rep- 

The Lords European Communi- . resentatives of toe lords 

ties Committee warns to a report DlSCQSSlOll 

that the end o£ the dual mandate, says; an,, potential parlia- ° 

under which MPs and Peers sit in men tary pressure on the Com- a. secretariat should be e’stab- 
5^ i , P r arhanlentS ’ C0Uld l6ad l ° i of Council is not a fixed Us^r to ^?dtoai Udson 

A ho amoun t to be shared between the between the Commons and the 

danzer 6 o^dtoisions^o^ opinion ^nal and European Parlia- Lords, toeir Scrutiny Committees 
between WMmtos^ and P EurS , where increase by one ^d the Strasbourg Parliament 

mp* u ° institution must necessarily lead «i t could also provide Euro- 

W P Sminst P r cauM lose its to a ,oss by the other " P«?an MPs with briefs on EEC 

present “ European dimension ” committee puts forward a proposals from governmental 

and members of toe European s l rie s of proposals-none of arty and independent sources. 
Parliament were likelv to be less wlu ch would require legislation— toe report adds, 
exoerienced in narliamentarv for ensuring that the two institu- Office facilities should be pro- 
oSBeic* “ P tions “do not get out of step.” vided near Westminster by the 

H European MPs may lack con- A European Grand Committee European Parliament and the 
tact with parliamentary parties, should be set up to permit dis- Lords should offer .social and 
“They could thereforefind them- cussion between members of the °teer facilities to European 
selves pursuine policies in their two ParUaments on matters of MPs, it says. .... 

European polftical groups dif- mutual interest, it recommends. be* 1 finable 

ferent from those of their It would comprise members of XiSimSmd Mpflho should i-oiE 
Westminster counterparts." both toe Commons and Lords {° rop ® 1 “-SlJ h Government 

Overlapping constituencies Scrutiny Committees which vet to I JS*J mme 

could also lead to confusion about EEC legislation and also British fcSJS* 88 ’#*- ijjr 

rcspansibUUi^ the report sairtr me.gb.n of the European p 

Greenwood. former Parliament Parliament after Direct Elections. 

House of Lords Paper 256-1, 


Lard 

Labour Cabinet Minister, and The committee would have no 
chairman of the all-party com- voting powers but would debate 

miHan ' cpM vnctorrini- “ Wo VET i«iiK nivt Viuar pvrrtflnivi rtmo%J °vp. 

Editorial Comment, Page 12 
Men and Matters, Page 12 


agreed with most of the witnesses from Ministers or EEC Commls- 
who appeared before us that sioners. 


The company has examined 
sites to several countries in 
Western Europe, inclading 
Switzerland, but the Scottish sit 
at Dairy, Ayrshire, -has emerged 
as . one of the strongest con- 
tenders. 

Hoffmann-La Roche, the maker 
of drugs such as Valium. 
Librium and Mogadon, already 
has a plant at Dairy manufactur- 
ing toe vitamins B2 and B5. and 
toe site has ample room for ex- 
pansion. 

The company is now proposing 
to build a Vitamin C bulk manu- 
facturing plant, with production 
aimed cbiefly at export markets 
About 90 per cent of sales from 
the existing Dairy unit goes 
overseas. 

Hoffmann-La Roche said last 
night that a final decision is 
expected in the next few weeks. 
If the plant is built at Dairy, 
it will come as a major boost 
to an area where unemployment 
is well above toe national aver- 
age, following toe decline of 
traditional heavy industries. 


300 jobs 


Reed International will raise 
£39m from sale of Nampak 


BY RICHARD ROLFE AND ANDREW TAYLOR 


Details. Page 2 


Continued from Page 1 


Telephone 

engineers 


were now icry difficulL said 
the Post Office. 

Foreign exchange and cur- 
rency deposii broker* have 
already warned that the City 
or Loudon could lose millions 
of pounds worth of business if 
the dispute continues and that 
the effecLs could be disastrous 
within two months. 


Under the McCarthy 


pro- 
posals the cost of shortening (he 

125.000 engineers' working 


week would be covered by 
greater work flexibility, includ- 
ing staggered starts. 

There is also a clawback pro- 
vision which would allow any 
costs resulting from the 
scheme, above the nil-cost 
target, to be offset against pay- 
ments made to the engineers 
under existing productivity, 
arrangements, 

Mr. Stanley said the union 
saw the proposals as a basis For 
negotiation but part of the 
problem was that what some of 
the proposals would mean for 
the engineers was not clear. •• 

By putting forward condi- 
tions which had to be met 
before it would negotiate on 
the report, the Post Office had 
placed unnecessary obstacles 
In the way of an agreement. 


REED INTERNATIONAL is to 40 per cent to the official Rand Under the terms of toe deal 
raise £39m from the sale of its dollar parity. Barlow will also be paying £15m 

South African packaging sub- The Nampak deal is the second to cash, which at present will 
sidiary Nampak to Barlow Rand, major sale to be announced by remain to South Africa. This 
Of this sura £24m is to he funded Reed in the past few days. Last may be used to support Reed’s 
from loans raised outside South wek Reed revealed that its 83 per other South African operations. 
Africa and as to be used to pay cent owned Canadian Reed Paper The £15m is lo be funded by 
off some of Reed's large world- offshoot is to sell its joint venture a rights issue of Barlow Rand 
wide debts. interests in British Columbia for Preferred Ordinary shares— the 

This method of funding means £29ra. to toe privately owned same class of shares the group 
that Reed, to a large extent, will Canadian Forest Products. issued when It bought a 50 per 

escape toe normally strict Reeds selling programme — eent . 10 bouth Africa 

currency restrictions applying to last year it raised around £40m 
overseas companies selling off through sales of assets — has 
their assets in South Africa. been prompted by it large debts 

A further indication that the which at toe end of the last flnan- NamSk^In total Bulow is Bay- 
South African authorities may cial year stood at over £3$0m to total Bartow is par 


shareholders 


tog 430 cents a share — the hold- 
ing which compares with 


n jiTui* . . Nampak’s recent suspension 

Reed last night smd that it had price of 520 rents a share. 


be relaxing their stance on over- compared _ with 
seas investment also came yester- funds of £356m. 
day with the news that Barton 

and Sons, the West Midlands not decided which debts it would 
engineering group, has sold its be paying off from the £24m 
South African subsidiary to tranche which Barlow Rand — 

Metal Rolling and Tube for £3.4m South Africa's largest industrial __ 

cash. company — is to raise from oyer- ing subsidiary to Nampak. 

Almost ail of this sum is seas borrowings. Oa the latest annual accounts 

expected to come back to the UK However it seems likely that the combined packaging bu*i- 
witbout going through toe Reed will be looking particularly nesses have an annua] turnover 
securities rand market, which closely at its Deutscbemark of RISOm earning pre-tax profits 
stands at a discount of nearly borrowings. of R27m. 


price 

In a further stage to the 
Nampak deal Barlow ' will 
announce on Friday the sale of 
its wholly owned Barlow Packag- 


Ford’s July market share at 
17-year high of 35 per cent. 


BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 


FORD WON a bigger share of land, managed to recover of Datsun, toe leading importer, 
the UK car market in Julv than slightly last month from the 17.6 fell from 3,257 units (5.4 per 
in anv month for the last 17 per cent penetration it achieved cent) to 2,743 |4-3 per cent), 
years." Its sales, at 22.265 mails, in June. But its sales were By contrast, registrations of 
accounted for 35 per cent of the nevertheless heavily down on cars from the EEC rose from 


More, jobs are likely to be 
lost in the Dairy area In the 
next few months with the 
running down of the Glen- 
garnock steel works. The 
Hoffmann-La Roche project is 
expected to create at least 300 
new jobs. 

If the plant goes ahead it will 
clearly receive major Govern- 
ment financial assistance, and 
the poor state of some local 
services could call lor added 
State expenditure. 

The local sewage system in 
toe Gamock Valley would not 
be adequate to cope with 
effluent from a plant of the 
size proposed by Hoffmann-La 
Roche, and the improvement of 
these services is one of the 
issues now under discussion 
between the company, the 
Department of Health and local 
authorities. 

Extra investment on ancillary 
services could push total capital 
expenditure associated with the 
proiect towards £100m. 

Hoffmann-La Roche already has 
600 employees at its existing 
Dairy site and a total UK 
workforce of some L.700. 

Its other manufacturing site 
Is at Welwyn Garden City, where 
it has a pharmaceuticals manu- 
facturing plant along with one 
of its largest research labora- 
tories In the group world-wide. 
The company's turnover in toe 
UK last year was £58m out of 
total group sales of SwFr 5 ,4bn 
(fl.6bn). 


Weather 


UK TODAY 

SHOWERS, rather cool. 

London. SJE-, E. Cent, N. Eng- 
land, E. Anglia. E. and W. Mid- 
lands 

Rather cloudy. Showers. Max 
17C-18C (63F-64F) 

Channel Is, S.W. England, 

S. Wales 
Scattered showers. Max. ISC 
(64F). 

N. Wales. N.W. England, Lakes. 
Isle of Man. N.W. and S.W. 
Scotland, Glasgow, Cent High- 
lands, Argyll, N. Ireland 
Rather cloudy. scattered 
showers. Max. 15C-17C (59F-63F) 
N.E. England, Borders, Edin- 
burgh and Dnndee, Aberdeen, 
Moray Firth area, NJZ. Scotland, 
Orkney, Shetland 
Rather cloudy. Scattered 
showers. Max. 13C-15C (55F459F) 
Outlook: Unsettled 


THE LEX COLUMN 


U.S. prospects for 



ing almost Sulf of tts >net assets 


sneaked” 1 Z 500* mark Index TOSe S2 tO 505.4 Black and ftra 

just a couple of weeks short of - — consideration of fldhn to be 

ten years ago. and since then it 


has made toe same journey up 
(and down) roughly a score of 
times. The AU-Share Index is 
toe one to watch at the moment: 
it is now 1 per cent above its 
previous peak in 1972. 

In toe money markets. 
Treasury bill rates slipped 
below 9 per cent and all eyes 
will be on today’s banking 
figures. If eligible liabilities are 
down and there are signs of a 
slackening in toe growth of 
bank lending, the authorities 
may be tempted to .cut MLR 
later this week. Under toe old 
formula a half point cut would 
now* be in order. 



of £l<9m to 
satisfied by (toe issue of shared 
But instead of holding on to 
these shares Nash is . passing 
them on directly to ks owa 
shareholders. The scheme . 
the approval of toe Inland 
Revenue, and shareholders wik 
oo!y pay CGT at toe maximum 
rate of 30 per cenf -when they 
sol' 1 their new Black and EU&hig. 
ton shares. The bona fide com- 
raercial reason that -appears to 
hove been accepted in this case 
is that neither company wants 
Nash to have a 10 per cent stske 
in Black and Edgington. 

Nigerian profits 

A' couple of years ago it was 
rare indeed to find a British 


Commercial Union .. . _ . . , 

The insurance underwriting be relatively shallow as a result nShT* ThS 

cycle in the UB. is at, or dose of lower inflation rates around 

to, its peak. That is one of the the world and of capital short- & 

conclusions to be drawn from a ages among U.S. companies, ?«„ SSL™ 

strong set of second quarter Share prices in toe sector hare ^ ^ 

figures from Commercial Union, been weak all the way through remarked on toe rouaj«e of Its 
taking profits for the half year the upward leg of the cycle, Nigerian profits and other com- 
up from £38-2ra to £64 .2m pre- and have actually picked up panies report that toe former 
tax. Another is that the UK is smartly in the last week or two. nch pickings have disappeared, 
not the only place to be suffer- CU at 160p is on a prospective The increasing level of Nigerian 
ing from miserable weather: P/e of roughly 7$, and a yield participation in companies is 
there have also been heavy of-S per cent. . cutting down foreigners* share 

wp ^ h „ r in the no and ^ of profits, which are m turn 

At Stadia, although** the* hnpaot Capital Scheme being hart hit by price controls 

on CU is smoothed out by its A novel scheme announced jjjjj, f*®* 
extreme weather provisions. over the weekend by J. F. Nash J**"”*" ®1J25 

Bad weather has certainly left Securities provides further evi- ,,?? tHZH ^ 

a mark on the U-S. results, and dence that high tax levels need 

largely explains why the not always prevent companies further element uncertainty, 
statutory operating ’ ratio from distributing surplus re- Nigeria s rairent economic 
deteriorated from 99 per cent sources to their shareholders. i i 17 ™! ,, e 

in the first quarter to 100.3 per The secret lies in convincing f “jsthalf of 1978 

cent in the second. That is still the Inland Revenue that a dis- lts Production dropped by 28 
a big improvement on last year, tribution of capital is being per cent and also hit fay the 
of course, and underwriting carried out for bona. fide com- decline of the dollar, Nigeria s 
losses in Hie U.S. for the half menial reasons, or in the 0,1 revenues coukLbe up to 40 
year are down from £7.Sm to ordinary course of making or per ceitt lower in real terms this 
just £300.000. However, CU has managing investments. Nor year. THie fall m : oil revenues 
seen a modest deterioration in should a main object be to has led to a marked decline in 
its motor business over the past obtain tax advantages. the country s foreign currency 

few months, and says that rate -Anti-avoidance legislation in reserves, and Nigeria has 
increases in this class of busi- toig area is notoriously com- embarked on an ambitious 
ness are now very hard to come pies, but in recent months a capital raising programme ra 
by. Sometime over the nest 12 few chinks of .light have been the Euro-currency markets. 

months or so. UB. profitability a PP eari ug. In May. W. N. Against this background, the 

is likely to start falling Sharpe obtained Revenue agree- Nigerian authorities have been 

The eroun should still eet ment that its distribution of tightening their grip on the 
close to breakeven on world- £5m surplus cash would qualify corporate sector via the taxa- 
wide underwriting this year f °r Capital Gains Tax rather tion system so as to stem the 

than income tax, while last foreign currency outflow. It is 
month David S. Smith came still too early to assess how 


compared with losses of £204hn 

last time. Its UK performance ........ . . . . 

is surprisingly good, and there through with a similar scheme severe the mooted tax reforms 
' room for some recovery in to hack £1.6m. to its will be on foreign company 

Holland. So the best guess shareholders.. profits. At the moment, toe big 

would probably be that group Sigi m ficaatiy, both companies UK construction companies 
profits could rise from £99Bm appear to have been successful appear to be fairly relaxed 
to £135m or £140m pre-tax in in convincing the Inland about the prospect of paying tax 
1978, and stick at somewhere Reven ue - th at the takeover at Che rate of 21 per cent of 
around that level in 1979. threat created by toe casta air- their turnover. However, sMp- 
This may not be a particularly was a good enough cam- ping companies are more com 
exciting prospect for the stock- mercial reason tor toe dritfffibur cerned about possible Nigerian 
market. But toe hope is that tioos to qualify for CGT. reactions to their 25 per cent 

the downturn in the underwrit- The case of Nash Securities is increase in freight rates Jast 
ing cycle, when it comes, will elighitily different. Nash 4s sell- February. 


BUSINESS CENTRES 


total, completely overshadowing July last year, when it captured 25.750 units to 20.006 last month 
BL’s 21.4 per cent (13,527 units). 29.S per cent and sold 7,000 more and increased their share from 


The figures, issued yesterday - ■»- 26.2 per cent to Sl.? per cent. 


hv* toe "society of Motor Manu- Within BL, toe Austin Morris Virtually all Continental -based 
facturers and Traders, underline J^ion has shown better per- manufacturers managed to im- 

MpmanAa cn far rhic vjur rhan ..J<l -n 


once again that the industry is fonnance so far this year than prove their sales, with the French 

u ““ ! , .. Tamun.T?noPT.Trillm nh. Tts snips T? . k t, . 


enioyine rapid growth this year, Jaguar-Rover-Triumph. Ite sales producers— Renault, Peugeot and 
witosales up 5 per cent on the have^gone up by 24,000^ units Citroen — showing particularly 


same month in 1977 and 28 per 1° . ^ healthy advances compared with 


a 0 ? r *• ^ serahmwui sst swnaas 

Buc "SSJS"ft£°ff a oXl S^haveexceed^L^t 

abou^Sfi^ 5 th?s ^ye^ e agains’t “hkh oLw tota^r^dmora mnltinatioMls with a base in the 

and°I 7 ?WW at Chrysler V L. July SfedToocWr Chrysler 0 - wTeonttaSSg*? 

its market share was almost 10 reacl,ed 17 '°°° 50 f f r “ import cars heavily from their 

per cent ahead of its monthly Japanese decline Continental associates, 

average for 1977. Among toe importers, sales of Fqt £ largest importer 

Figures to be published later Japanese cars showed a 2^*’? l L—JP£ Irt !L 


AmsTdm. 
AUiens 
Barcelona 
Bcinn 
Belfast 

Beteradc 
Berlin 
Bnnrfun. 
Bristol 
Brussels 

Buds post 
CanilfF 
CoJOSDfi 
Copnhagn. P 
Dab tin c 

Edinburgh R 
Pnnkfun C 
Genera C 
GlUROW C 
Helsinki C 


Y'day 
middar 
■c -F 
17 6H- Llstjcra F 

US 901 London P 

25 77 1 LoiL-nib'n i~ 

29 HI Madnd F 

14 57!ManchcsU. R 
23 77: Milan C 

T!» Mncm 


Y’day 
nuddar 
•c 


r 7!i Moscow C 


17 SS 
17 63 
IS M 
Si 82 

17 fiJ 
10 01 

18 W 

15 SS 
13 55 
U 64 

16 61 
is a 

U 57 


Munich C 
Newcastle C 
Oslo F 
Pails C 
Prague C 
Btrfdarik C 

Rome F 
Stockholm F 
Strasbrs. R 
Tel Arir 
Vienna 
Warsaw 
attrieh ■ 


3 72 

18 S6 
14 57 
=1 70 
14 37 
28 79 
16 61 
20 S3 
13 55 
17 63 
17 SI 
SO 68 
12 54 
30 86 

19 M 
H 57 

S 28 82 
S 29 84 
V 25 77 
» 15 90 


HOLIDAY RESORT5 


this week are expected to show significant decline, suggesting C ?F S Q* 0 !* 1 Continent. 


that Ford also captured market that toe tighter controls on ship- VauxhalL, the GM sub- 

leadership last month in all toe ments from Japaa are beginning 81 vehicles, 

main commercial vehicle sectors. l0 The Japanese and Chrysler 3SS. BL also joined 

suggesting that it is well on toe registrations dropped from 5,623 i b | importers’ lists when it sold 
way to making record profits m un jr- i„ Ju i v la/t vear tff 4 947 396 Minis at its Seneffe 

tbe UK again this year. anf j penetration went down from Belgium. 

BL, toe former British Ley- 9.4 per cent to 7-8 per cent Sales Table Page 6 j 


AJacdo 
Algien 
Biarritz 
Blackpool 
Bordeaux 
Boulogne 
Casablnca 

Corfd 
nobromik S 
Faro S 


V'day 
midday 
■C *P 
F S 82 
C 33 M 
C 13-59 

c H a 

r. 17 53 
C 16 6t 
F 21 70 
S 31 83 
29 84 
25 


Vday 
midday 
®C *F 

Istanbul S 39 S4 
Jersey . c is Si 
Las Pirns. P a 73 
Locarno ROM 


=5 S3 
12 72 
28 79 
81 69 


Florence 
Funchal 
Gibraltar 
Guernsey 

lmobmvk C 21 70 
Inyemcss C 13 53 
islcofUas C U 37 
S— Sunny F— Fair. C— Cloudy. R— Bain. 


Majorca 

Malam 

Naples 

Nice 

Oporto 

Hi odes 

Salzbure 

Tanclcr 

Tenerife 

Tunis 

Valencia 

Venice 


S 30 86 
S 29 84 
S 8 31 
S 29 84 
F 15 64 
-5 30 SB 
C 21 70 
S 21 TO 
F IS Eli 
F 96 97 
S 31 86 
P 27 81 


THIS ANNOUNCEMENT .APPEARS AS A MfcTXSK Of KECOSD ONLY 


U.S. $10,000,000 


MEDIUM TERM LOAN 


CENTRAL AMERICAN BANK 
FOR ECONOMIC INTEGRATION 

BANCO CENTROAMERiCANO DE INTEGRACION ECONOMICA 


managed ljy 


THE NIPPOH CREDIT BANK, LTD. 


pro? Med by 

THE NIPPON CREDIT BANK. LTD. 

THE MITSUBISHI TRUST AND BANKING CORPORATON 
THE MITSUI TRUST & BANKING CO. LTD. 

THE SUMITOMO TRUST & BANKING CO., LTD. 

. agent bank 

THE NfPFON CREDIT BANfC LTD. 


for this transaction. 


LAZARD FRERES & CO. 


arranged by 

DAIWA EUROPE N-V, 


Jane 1978 


RcB^cred at ,the Post Office. Primed SL aemeafs Press for and pabUshcd 
by the Financial Times LltL. ancken House. Cannon street. London, BC4P 4BY. 

© Tbe Ftuaactal Tones Ud„ 1WS 


l 



ijl