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Wednesday August 9 1978 


W&hnesh 

Ready for anything. 




! Welded sicrlwim m«h front 
i The B.R.C. EnRiitCct<nn Comrwinv. Sulim J. 
WeldmcshSi'i".,-07855i777 T. Ii:» : S6158 


lot 


co»mNENTAL SELtiNa yfticesi Austria is: b&gium Fr 2S ; DawAmc kt zsi France Fr 3 a; . Germany dm 2Jij italt ^ soo? Netherlands fi 2.e,- Norway Kr 3.5; Portugal ek 2 #j Spain pm 4o ; Sweden Kr 3-2S; Switzerland f r 2.0 ; eire isp 


. r J 
.1 ( ( i ' ,; 

" ' J". ■ 

. 1 l 


Y, ■*, 

v"^4 

• . 

1 

.» ■ ;r . 

profits 


• • . : 

1 

• - 'o 


NEVIS Sl/MMARY 


GENERAL 


BBSiHESS 


Dollar 

weakens; 


• • TaIamL/vma bank lending buoyant 

n wins major “ Hopes fade 
for two coal may step for cut in 


Gold at mines m 


up action 


By Nick Garnett; labour Staff 


new 


lending rate 

BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


BY DAVID HQUSEGO: PEKING, Augusts 


THE POST OFFICE Engineer- BT rtiEK kiduslu ttortuniu lukkupdndent 
ing Union said yesterday that if 

the corporation refused to dis HOPES OF a cut in Minimum affected bv ihi* impact of inflows 
cuss the McCarthy peace pro- Lending Rate in the next week or foreign currency resulting 
.. . or two receded yesterday. This from the recent interventkm la 


UUUiai.; China has asked Britain to design, construct and eqmp two large coal mines 00 their dispute without VS check X VSTnVKSS" 0 10 

nn at Tatung in the North-East of the country it was fcselosed here to-dav Total m£Istmg * e dencc suiting that the rate The rise , n hisim* liabilities 

Rhodesia's statement on «.» ■' IW L9880against-^tt^ ^z.0030 on *■ . wuuuj, 11 wd»«uww rare npudjr. ivuu union would have “no alteraa of monetary growth has been may also have been inflated by 

abolition of ' raeial discrhninj^ “OndWr The dollar was gener- COSt 01 COnStrnetlOn IS likely to lUH tO Several hundred million pounds, mak- live” but to step up sanctions. higher than the market had been technical mum? market factors, 
tiou was heralded nn aii sides afly weaker and i^]deprecxatio n ing the project one of the largest undertaken by. the National Coal Board The sanctions, which include e ^”| «“ wi,hi ” “Lj™,*'!' 

as a non-evehL HfegaHstmr and Diwfe • 1 nvArcAan • 1 work-to-nile and the non-commis- ranse - clea re rs reserve assets ratio. 

overseas. sionlng of new exchanges, are The banking figures for the produced by the recent shortage 

ttiP raMar _ PP®* - - ana Design work is to .be carried major British company last week interest rates below the 7.5 per severely affecting telecommuni- month to mid-July indicate that of liquidity. There has been 

breaches m the racial rode. . . m y out by PD-NCB, jointly owned is for £40m. ' --Cent recognised among Organ Isa- cation and postal services. lending continues to be relatively switching of borrowing from the 

It abolishes ramaT ffifimmina- MOnW.. - by Powell-Duffiyn and the coal Davy International and the tion for Economic OjrporaUon Difficulties in makin« inter- bu ° yfln ^ Borrowing by manufnc- money market to the clearers. 

bon in public places including f W wBjm board but the distribution of British Steel Corporation are also and Development members as national Ss worsened 0 no flee- S 01 ^ * £££ J The extpm of Hie further 

hotels, restaurants; bars, cinemas [-■ TnL-iJ -Mltrlf « other orders for equipment understood to have hones ofTWrt of fhe “ pentiemen’c agroe- -ki.. vrintmlnY ' n, f» o f a ^ e mcrease for the second adjustment needed 10 avoid 

and aeatres^- among .British companies has yet winning a flbn contract for one j£!nt" on eSielited tan? S WwlTU ^ ™“^ fc v penalties under the corset 

Hut tnih Mil.**., a# > ■■ 11 ■ i I ' I f ' I I f I mi- • f m tn via daArnoH . A* PkiMaia Ilk • - - » — * . • ■ « mm TfiP pioopfrin non IT c enrtOGP 1(1 


formalising ; already-accepted 
breaches in the racial code. 

It abolishes^ radai; discrimina- 
tion in public' places including 
hotels, restaurants; bars, cinemas 
and theatres. - 

But the failure of the tran- 
sitional Government headed by 
Mr. Ian ‘ Smith.’ to abolish 
segregation in ' schools, hospitals 
and residential, areas' has been 
greeted ^ wth^.V dismay by 
nationalists and white moderates. 
Back Piage; Editorial comment. 
Page 12 - "r V . -I 


by Powell-Duffiyn and the coal Davy International and the tion for Economic Corporation Difficulties in makin« inter . buoyant. Borrowing manufnc- money market to tho cl 
board but the distribution of British Steel Corporation are also" and De velo pm ent* members as national calls ^oreenetT L 0 «nnd ,ATSj^ pn Lj?J-j lho .. 

other orders for equpment understood to have hopes ofTiart of tbe gentlemen s agree- ahiv vesterdav The bookin'* of a b* e . mcrea ?* ^ or secan “ adjustment needed ii 

^ong British companies has yet winning a flbn^ ^contract for pnejSmt" on eSielated tan? , penalties under the 

’ ’ . . ®f China’s Iff. major integrated term credits to developing international switching centres . clearing banks appear to 

The Chinese announced their steer pi ants scheduled to be built countries reflects cheaper credits serving links with Africa and be facing some difficulties in Tables Pace 7 

declsion to the Bntish trade under the recently announced being offered by Japan — and thus the MUddle East has been making tbe necessary adjust- 

delegation at present in Peking Eight-Year Plan. - a breach of the consensus. The stonned and large companies and ments t0 av0ld penalUes under EHitonal coinmcni, Pa 0 e 1. 

under the Ieatoship of Mr. The British delegation were Japanese have officially denied the clearing banks said their the sacaHed corset controls on Lex, Back Page 

Edmund Dell, Trade Secretary, told today that China has in this. 0 Derations were being increas- ^ growth of their interest bear- 

Among the 14 mdustrialiste principle agreed to financing As an increasing number of ingly disrupted. j n S liabilities. These were TOnU . ,, js iniiicateU b , 

accompanying him is- Sir Derek equipment purchases through contracts are disclosed it JL , , . .. Imposed as part of the Govern- w nLii Tinu»« 

Ezra. NCB chairman.- buver pradiro— n pipm- nninier hpcnmpc »h., chi.. Delays in commissioning the ment > s credit-saueeze nackace in 


under the Ieadardilp of Mr. The British delegation were Japanese have officially denied the clearing banks said their the socalled corset controls on Lex, Back Page 

Edmund Dell, Trade Secretary, told today that China has in this. 0 Derations were being increas- P* growth of their interest bear- — - 

Among the 14 industrialist principle agreed to financing As an increasing number of ingly disrupted. I 11 ® liabilities. These were ; s indicated by a mid- 

accompanying him is* Sir Derek equipment purchases through contracts are disclosed it _ , , „ . , , Imposed as part of the Govern- T ■’ > r hcirin-i 

Ezra, NCB chairman. buyer credits — a clear pointer to -becomes clear that China, in its in commissioning the mem's credit-squeeze package in p isrJiKi n li-ihiiiipc nf nnrhn *" 

The -coal board has stiU to the directiori whS, P cfiS ^Sw drive fS 7apid modeSiS ^ly June. ' T^remisems J Se of jus. 

SSs 0U oV i th e 0 ^te f ff , i 1 S acce.Pt^ce of intention, has at last moved beyond London ?rl 'SS The banking statisUcs dis- under 1.5 per ient during the 

.iSJUiStm t£t Se foSl .iSSS 1 ”* whlch plad " 8 * firm causing further deterioration in gptffS?, 5 


nt r b7r n ».™ controls is indicated by a mid- 
lmposed as part of the Govern- j u j„ j eV el of interest bearing 

“ e .?. S T.ei:! dit - s<luee2e packafie m elieihlc liabilites of £30.17bn. 


20clleinfloods h-9 g 1 ' 1 L 'a^ UT It II carry out Its own feasibility moving in its acceptance of inters tion. has at last moved beyond 
U’° - T, yV u . I . 1977 i ? 1978 | studies of the . site hut the- national borrowing which if evaluation to the placing of firm 

At least 20 people- were killed in : Chinese, have told them that the formerly shunned. - ciders abroad, 

the Swiss and Italian Alps in the. widened to SJi percent (5.3 per coal is of good quality, near the However, China's unease at the - Apart from Britain, the 
worst flooding to hit the region '-'eent>. STERtjDS&rasfr 4® points surface and in thick seams. . legal formalities means that- ihr Japanese have won contracts for 


ia more Than 25 .years. - to $Li340 hirt itH^bd^weighted 

• .V. .• Index fell 

Italian arrested '• 

An Italian mart wanted h^ Italian. C f 52OW reflecting 

and British police in connection weaimMe nf ttw^ dbUar. and in 
with art thefts, wan arrested. by th£;i£roex August 

Scotland Yard detectives op * jet 

flying from Miami ^London, - P 


ale-weighted Part of the output will be the immediate future, loans are Hie 6m-ton steel complex at 
&ZU shipped to Hong Kong to supply likely to be made through the Shanghai, an ethylene plant, a 

the new $l-8bn power station mechanism of British banks television and related corn- 

record close being erected there by China placing deposits with the Bank ot ponents plant, and an artificial 

^ reflecting Powm r and Light. Equipment China at the same time as pay- leather plant. 

Oar, and in ^ the plant is bemg provided ments are due to a British- ex- Germany has won contracts 
nex August by GEC and Babcock BoBers. .porter. . for five polyethylene plants and. 


Artificial 


Tanker rules 


• EQUITIES 


Oar, and in for the P lant is being provided 
Anensf- by GEC and Babcock Boilers. 
J™ The thre^way deal indicates 
uo cents up (jj e imparlance 0 f ^e Crown 
i Colony in Britain's developing 

^ relations with China. 

“ It was also disclosed here today 


waers abroad. international services where quite a lot of selling was avoid penalties is £S9.l2bn on 

- Apart from Britain, the * reported and early gains of 3/lfi average between mid-August and 

Japanese have won contracts for at the short-end were turned into mid-October, 

the 6m-ton steel complex at A «*f ifi/tinl losses of J by the close. The London and Scottish 

Shanghai, an ethylene plant, a jT\ 1 LJUIL-Iul This response was largely clearers probably more than 

■“L™?" 1 a * nd J ela,Bd -4f 0 -“r In a Ktrone letter from Sir because the expected decline in account for the recent rise. They 

£SE?n? 1 ?• 51X13 “ artlflc,al wSiimiSjow^ 1 the pS Office Minimum Lending Rate now face a conflict between the corset 

^ _ SSSn^jS b™ S\a££ l0 °te like being delayed a little, penalties and cutting off a rise 

a™* has , wt>n , “ptracte eenerS^ smS5J* Tbe authorities are believed not in lending to industry, and hence 

9 WDihL thA pSfi; to want to make any major dampening down economic 


_ . _ . - - - . Yiantrimr *»««««« wkhboi ucic luuay me criusn S1QK is eviaenuy 

pe Government, p^ns to mtro- appolaong ^ tbe contract for the petro- concerned that Chinese pressure 

duce tough new regulations for figures, and aS^flSetn tne n chemical plant, awarded to a on British companies to obtain 
the structure ah<f ;bi^teriahce brdinaiy pjn. was 

of oil and chemical road tankers. cut to L6 by fiifr'jS&se, leaving — ■ : 

gag . Coring- Dnnin 

Cardinals meet : Sllllffllll 

« : called ■ hv Warier ^ 

2&SSra5SS^!^!fiSj to. 


^ iif . . . „ . „ ^ winisni «aiii tho Pnd Office to want to make any major nam pen ing a own economic 

ThemBchanism “effect wt^d-.^rtediy. orders for large coal Su -wm^n said the ' ™ decision on shortterm interest activity, 

give the Chinese Export Credit projects. reacnea ine ena ot ine t f ^ npTr or th _ pil The clearers believe this shows 

Guarantees Department credits -of' .Mr- Dell had talks today with ^ oad ^J ar concessions to the ^ ' ^ at | kere was nD ^ nearly as 

eight years and possibly longerr. v * ce *Preimer Li Hsien-Nien. the Post ®® ce Engineering Umon ■ indication that much window dressing ahead of 

Tbe is evidently- you ^“mSsure^ou^membm monetary growth has been higher the reimposition of the corset as 

concerned^ that Chinese pressure, .«r. Li itold Mr. Dell he would rWs" your members than hoped is provided by The had been suggested. 


Continued on Back Page 


book on the new Pope. ,;' ':Y: ; -■ v -'..Jr ... • c* • 

V.j’ : CAR 1 IMPORT sales. nL the; 

Thorpe firm 1 •: - • His i ' f^W- daST of Augusttee 

Former Utert*. MO* .SlOrOi^' “xSS 1 

Thorpe is 

soon his -plan, to^ defend his ^ tjk markeV 
North Devon seat in ^ General of 

Election. . Lessing l-XjbefalB tod^T 5 * 611 7r?-- f . . 

last night .virtually abandoned. .® TBMEE offshore oil explora- 
attempts to persuade hhft v to : tibnr7blocKs, vfe the ' South 
withdraw; . Wjft tern - Approaches and ’ the 


it . of the UK market 


withdraw; . '±- •_ . ; 

ThreeJaileU- 

Three ’French tdurjsits cm 
under anti-rabies laws. of3l 
importing - two- cats, .-fafe 
were, sent to prison;- after 


• BY: DAVID BUCHAN 

PRESIDENT CARTER will 
preside over a meeting between 
Mr. Menahem Begin, the Israeli 
Prime Minister, and. President 
Anwar Sadat, of Egypt, at his 
Presidential retreat at Camp 
J>avid on September 5, in a bid 
to prevent the total breakdown 
Df the Middle Epst peace talks. 
-.The summit between the two 


.WASHINGTON. August 8 


> isfiS hMP been finallv - ine sumum Dexween me iwo 

r -S^fedSn^ the ^ SS J ** t leaders clearly 

5 - - . - carries high risks for the eight- 

licences.- «ge » - • . month - peace initiative and for 


#- GOVERNMENT has refused to tbe shaky political fortunes of 
obey to'.' EEC instruction ..that ■ ft Mn 9 art *~T bimrelf. „ 



should lift its 1 ban. on imports of 


Jody Powell, the 


m » * 


Prison claim / •’ TEnfstry’ of Agrfcultur^rhas bn portent tha 

H tofioaaced a £22m -- K«>port Peace." . 

Four men serving; ;sentenres in sehepxe to ensure protection -for Top U.S. 


Administration 




understand this" “an nopea IS proviaea Dy me aau ueen su^eaura. 

’ Bank of England's figures for the Sterling advances by London 

The corporation has accepted eligible liabilities of the banking clearing banks to the UK private 
the report of Lord McCarthy, the sy £ em as a whoIe These m a sector rose by £793m in the 
industrial relations expert, who major component of sterling M3, month to mid-July. About half 
has recommended a cut in the W hj C h includes cash and current the rise was attributable to 
f n w?i e i re week from 40 and seven-day bank deposits. seasonal factors, including the 

t0 to “creased These liabilities rose by 1.5 per debiting of most of half-yearly 

productivity. cent to £45.04bn in the month interest and commission charges. 

The union believes that Sir to mid-July, following a decline Banking Information Services 
William’s letter means that the of 03 per cent in the previous commented yesterday that 
Post Office will refuse to discuss month. " because of the general shortage 

the report unless the engineers of funds in the money markets 

lift their sanctions and the union CtiffioiAnf large customers continued to 

gives assurances before negotia- JUUIucilL borrow from the clearing banks 

tions that it accepts the frame- ««. • in preference to borrowing 

work of the McCarthy proposals. “Bures are not season- through the markets, and there 

The union says both conditions a li y J £ 3 ll ^ ed v aI !r w , baye been appears to have been no reversal 
are unacceptable. affected by half-yearly interest op the switching into overdraft 

„ . v .. . . charges. Nonetheless, the unpli- borrowin'' noticed in the 

Union negotiators, however, ration is that sterling M3 may previoiL month" 
beHeve^ the deadlock since the have grown by around 1 D er cent P Advance ° to the mamifae- 
McCarthy report was received by duri ng the period. turin- and firmin'' sector 

TJXzL * 5 15 10 SOme 6X16X11 hn^ S thA 0Ui n d showed increases in "excess of 

^ a «, u - 1 ?K te S f ? 1 S. wth the seasonal element. 

Both sides appear to believe nt steruug M3 in the first three sterling deposits hv the UK 
that the proposals could provide months of the financial year to private sector rose bv £373m 
a basis for settlement The a pove the bottom end of the offi- n , ost of which could be attributed 
union is also saying that it would “ ai , ft tar8:et ra ?6* of LPS cent to seasonal factors, 
be prepared to accept 37§ hours ^ , P® r cent for 1978-79 as a 
now. instead of its claim for 35 w ^? le - ... , , m au , Vnrh 

hours, provided that ‘there was The- authorities do not appear * 1 p TorK 

a firmer future commitment than be unduly concerned about *’ ”i “ 

in the report towards the lower ^? e figures which they feel pro- — 8 1 FtM-bmi 


figure. . 


vide full justification for the 


Chappie aguxist Post Office tele- controls?* 1011 ° f ^ 
communications sales monopoly, Apart from seasonal influences. 
Back Page 


figures 


Mr. Begin and President Sadat': another meeting. 


Human RiehtT- • .’.NATIONAL ENTERPRISE declaring it vital to prevent a Mr. Vance, wbo wUl report in uiest to eventual withdrawal 

alle^in® ialuimaji^ ^ Board is. about t° finalise a*jdlot total breakdown in negotiations detail to the President when he from the occupied West Bank 

treatment scheme with a clearing ban* to between Egypt and Israel. returns to Washington tomorrow, and Gaza Strip. 

provide irtecre for an all Com- Carter decided on the Ieft<for the Middle^ East follow- The next four weeks before 

X. rl-Za.- ' • pani®. Back Page >.• initiative during the five-day ing President Sadat's refusal on the Camp David summit will be 

UOCKS - trip to Jerusalem tod Alexandria July 30 to hold any further talks needed to try to extract some 

Naval bases cm the Clyde couJd LABOUR • by Mr. Cyrus Vance, U.S. Sec- with Israel until the Begjn concessions and flexibility from 

be brpgght^fa a standstill today ^ MANCHESTER AIRPORT retar ^ state - Government makes a commit- Continued on Back Page 

if dockers blacking- the Poteris firemexiiT will hold a serSe&Vof : : — ; : : : — : 

submarine HMB.Res^utioh.^ver -lightpjng strikes over mans|ng ' -m • "I - - • / 

baiTpagfe r;. . Rough diamond prices up 30% 

Assault bripeak 'stappagei..rPage7 V BYKENNETH MARSTON. MINING EDITOR 

A team of women ^cMnibere from’ • AUEW has,become^ tl^ ®«t ; . „„ _ : 

Britain tod th^ UTS: arrived in big umotrto ban official A RECORD price Increase of 30 wasthe highest for 30 years, f ^ ^ 

Katmandtr to prejpare to climb gations to tbe Soviet Union as- a P* r c ® It f ? r . r0 “S h 0 ge i? , TI ^ t Increase, which fol- 350 11970 -100 ” 

the world’s 10th highest, moun- protest against Soviet sapreeion diamonds mined by Sooth J® we A . la P* 1- “ nt in 

tain, the . Nepalese Himalayan of humto rights. Page 7 . >. Afnre’s De Beers and other Starch, 19 « 7, stemmed from a PCfl Bniltfh m 

peak Annapurna i. .- ; « producers was announced strong demand for rough gem 300 - UOU HUU5U m. 

■ .1 baubAim 3.' ■ yesterday by the Central diamonds which has continued. 1\‘ m rtml m 

KriflfKv - • v vWSrJlnlES '- .y*-r. Selling Organisation whieh Although the speculative UhIIIIiIiHI . M 

(MTOiay •• » :*■.: r ; • CRANE RRUEHAUF^ ma^ i handles some 85 per cent of : Dvieae # 

Earthquake ~rodced the town of loss last year -Of £L7m, 'after world diamond sales. Men and Matters, Page 12 250.- riliico r~ 

Peshawar- in_ : north-eastern: 'haring-forecast in October 1877.’ Jn the first half of fhfe year Mining News, Page 15 M 

Pakistan. at the time of restetand6::hy the value of these sales rose W 

Greek newspapere reported tijat’. Crane , to takeover by Fncriauf t» 5L22bn (££00m), following boarding of uncut stones 200 - # 

Christina. On»sls pbu» ’ to International of tbe the record 1977 total of appears n ow to have been Jr 

divorce the Russian sire married- Its pretax profit would be £3m. $2A7bu. broken, demand for the 

Hoht davs aco. Her aunt dented . Back Pace ' The CSO is abo to discon- polished gems has also con- __ I 

the reports.^ •»* vV. ‘-'V' tinue the price surcharges that turned to be good. 150 " §\ — 

•BERNARD' SUNLEY Iav^t- were imposed earlier this year Because of the high retail *. M I 111 

SSi ? ment Trost revenue for ^^ to ftop tke hwirfing of nnrut price mark-np whidi is laxgely | 

to Man* 8ff rose sharply- -^fth -stones by trade buyers hedg- . lost on a resale, diamond 100D»^I 1 1 — ■ ' ■ « *■ - 1 

sold .^ ( l,^ I ? ns ^ of S2fffion tn W fi4m. refteefto ina against currency uncer- jewellery is a less satisfactory 19717273 74 75 *76 77 78 

^ taxSne hedge against falling, cmreney 

w«.re Hiiui.-... - r -» ' "V :£LSoi; improvement in tm^jjw the U A. dollar. : valnes than gold in the form 

Japanese larmerskave/ ^produceel -acumei Page 14 and : V -'-The weakness^ "«f the dollar of bars, or one^nnee Kruger- The latest price Increases 

a liqueur flavoured with earth*-/ - r-.- . . .. Is the major factor behind the • rand coins. . But . diamonds lake. effect from August 2’ at 

worms "Which IS.": said t0 be ‘. an AUTOMOTIVE PRODUCTS latest Increase in gem prices remain a .store of value. tbe next CSO diamond sale, of 

aphrodisiac. . . ■ ■ - pretax profit for tbe haif-yearrto ' which are expressed in dollars. . One reason for the rise In which there are 10 a year. The 

Arab 'held after attack Pti Iraq's June JlS -.iw lf.S per -cent 'to Th* dollar has fallen by abimt demand over the past two trade will be waiting to see 

Paris embaisy said tie was sent £7.41m -on tuniover oft fSS.Tfim 20 per cenL against the years has been the success of bow well the higher prices are 

by lftc PLO. . r <£7ff.0Iih). Page 14 j Japanese yen and the Swiss De Beers’ sales campaign accepted by the market. 


Rough diamond prices up 30% 


BY KENNETH MARSTON. MINING EDITOR 


11970 -TOO 


Spot ; SI.°5B0°530 I S[.3540-93o0 

I Hu nil tl • "'7 ills ; O.IlUjVI ilis 

■?nuniili' l.e-i-l Si .iw I.W-IJ8 ill* 
1? iiiiiiuhs .• l.M.1 ii.li, - 4AU,jdilli 






A RECORD price increase of 30 
per -, cent for rough gem 
diamonds mined by Sooth 
Africa’s De Beers and other 
producers was announced 
yesterday by the Central 
Selling Organisation whieh 
handles some 85, per' cent of 
world diamond sales- 
- Jn the first half of this year 
the value of these sales rose 
to $L22bn (£600m) T following 
the - record 1977 total of 
?2.07bn. .- 

The CSO is- also to discon- 
tinue the piiw surcharges that 
were -imposed earlier this year 
to stop the hoarding' of unent 


CHIEF PRICE GHfltlGES YESTERDAY 

(Prices, in peru^ .-unless oth^wisa Staitrite 


’ 20 per cenL against the 
[ Japanese yen end the Swiss 
trane in the past- eight months 
•"following - the last - CSO price 
increase of 17 per cent, which 


was the highest for 30 years. 

That increase, which fol- 
lowed one of 15 per rent in 
March, 1977, stemmed from a 
strong demand for rough gem 
diamonds which has continued. 
Although the speculative 

Men and Matters, Page 12 
Mining News, Page 15 

boarding of unent stones 
appears now to have been 
broken, demand for tbe 
polished gems has also con- 
tinued to be good. - - 
Because of the high retail 
price mark-up -which is largely 
lost on a resale, - diamond 
jewellery is a less satisfactory 
-hedge against falling , currency 
valnes than gold in the form 
of bars, or one-oroce Kruger- 
rand coins. . But . diamonds 
remain a .store of value. 

One reason for the rise in 
demand over tbe past two 
years has been the success of 
De Beers’ sales campaign 
whieh has been aimed at the 
less affluent market for the. 
smaller gems. 


GSO Rough 
Diamond . 
Prices 


13717273 74 75 76 77 78 


The latest price Increases 
lake, effect from August 2". at 
tbe. next CSO diamond sale, of 
which there are 10 a year. The 
trade .will be waiting to see 
bow well the higher prices are 
accepted by the . market, 
especially in view of the buy- 
ing expected for the. important 
UJS. Christmas trade. 



■ u 

HYSTSR 

nm 





indicated) 
RISES - ’ 


Stead & Simpson A • 
Tate A £yle .... — -. 
Taylor: Woodrow .... 


U0. +: g ; 
«:+ 5’-- 
177 -KS 
432+16 



CONTENTS OF TODAY'S ISSUE 


Abereom Invs.--.;....^122 + !5: Vlnten.' 391. + 12 


Bourne & ~ . 

Hollingsworth' -222 + 12 - Wamford' lnys. 
Brown & Jackson 192 + '8 .. Wholesale Fitting 
Cook (Wm.) rSheff.) -34 + 4 -Shell TYai^wrt 
E. Midland Allied A . 82 + 4 - Anglo American C 

Hambros 178 .+• 14 CRA 

Howard Shutterings^; 81 * Carr": Boyd 

Hunting Assoc »««2J7;+ 3D De- Beers Defd. . 
iJoyds Bank Jv.-l* 27ff +' 10 Pres. Sleyn v..... 

Marchwiel* 154 4- 10 - Rustenburg Plat, 

McKechnie Bros. ...... 3ffl .+ S- TeWdy Minerals 

Mills &- AUeh 208 +.-1S ; Union Corp 

Pifoo UZ: f p - West. Drie. 

Plessey -105:+ 4 .' Western Holdings 

Powell ’ Duff ryz£ 203 + B ; 

Priest (B;) - 94 - • ;•’• . ’•• • jpaL 

Securicor .-.v. -.:- w ...'132 + -8. Lyons IJ-l.A 

Spirax-Sarco . 182 +.: 30 - Moigan. Edwards 


Cook (Wm.) (She 
E. Midland Allied 


_:WagohIndl ^0 tff- 

WarnSnrd - lnvs. ■■■■»' ^0'+ 38- 

.. Wholesale Fittings — + 8 -• 

-SheB Trawport * 7J- 

Anglo American Corp. 344 + 32 

CRA 282-+ ».*. 

Carr"-Boyd S3 .+.-30 = 

. D^BrereDefd. «|+'«'* 

pm. sieyn + »; 

- Rustenburg Plat. — •*{» + 5 

TeWdy Minerals + T 

Union Corp 3ff 

- West-Drie. f ] . 

•' Wretern Holdings — f2S| + i . • 

•• "falls 


European news 2 

American news *?. — . 3 

Overseas news — .......... 4 

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EUROPEAN NEWS 


Y;n 



Financial Time?. We&esd^ 


ii&M- 


m tV 

AT , 


Portuguese ready to grant sp 3 ™ deIa y s 

, . decision on 

takeover compensation energy and 


I THE FILBINGER AFFAIR 




BY JIMMY BURNS 


LISBON, August 8. 


AFTER WEEKS of hesitation. Ministry of Finance officials that this will be offset by an- 
Porlusuese officials appear set lo have confirmed that by October other factor— that the value of 
go beyond mere promises and to they would have begun to pay shares was generally exag- 
rcsoJye the outstanding problem out compensation in the form of gerated on the Portuguese Stock 
of indemnification, which is bonds. Exchange ten years ago. 


energy and 
steel pricing 

By Robert Graham 

MADRID, Aligns! 8* 


Reopening Nazi wounds J 
in West Germany j 

BY JONATHAN CARR ■ • O; 

GOD HELP our darkened and tion with the liberal FDP, is far indulged in dramatic gestures - _ ■ 

i : r. Jirnlasuil tn BOA ths no«l .v. fhsn AWctinv law V. d 




THE Spanish Government has {desecrated country and teach it from displeased to see the rival against the then existing law 


crucial to business confidence Calculation of the nrnvisinn-ti nf deeded to postpone a decision j to make its- peace with the world CD LI discomfited. There are be would have been removed • 

Ed future vn^oftSesh?^^ 0 ”be corapS “uSSf T" dita f« energy Und wither.' imports Provincial elections ,nd would thus hava loat ill 


“■Bli tnemsalves „„ one * «S%SS‘*5 

«* ft ,Mt ss* jsa si xsz sarj&jWr &jrsL£isrj: s jem «& 

aUianco before its collapse nearly secondly, the average price of the Before their S alliance finally autunui * Germany is not xjnly at peace JJf ^tnd^om^hJ People who did not live through -■ . j&ri 

two weeks ago, leading Portu- company's shares <wi the Stock broke Socialists and Conserva- Arise to “realistic” prices w 1 ^*, hut often admired by. Dr. Ftlbmger mid ftnm the t j iat tiine could say with cer- 

guese banks are now calculating Exchange ten years before tives in the Govenunent were f °r industrial fuel, gas and ot ?, e *\ Tet tte so- manner of t .^ tainty that they would have - - ^ - 

the provisional value of shares nationajisation, which will known to be divided as to what electricity is one of the main called Filbmger affair, which also hpie ^at Jose revelation reacted t0 lhe pressures in a Dr. Hans Kart FRhtagcr . . . 

companies nationalised or account for 15 per cent extent the Government should elements In the 10-year energy reached its _ climax tnis week, have leaded out fiver the last different way? Yet Dr. Filbinger his own worst enemy. 

n!l!nPh Iy r ®u CU ?i ed , in the first Although this calculation does carry the burden of the indemni- plan released two months ago. shows £ d £. e ,E ^ the S Joiled his ““ ip tw0 J!i«rt . ■••■' 

nionths oF the Portuguese revo- not for tbe moment take into fications. Dr. Vitor Constancio. However, the Government Is w at P ?iSv tnralS For -one thing he appeared to try- to make: cxntscs-fWas a 


and with itself/ 


important provincial elections and would thus have lost kil 


— — ; — — ^ wnica e&umale mai me IQ Lai value OI 

tne last decree laws passed by will account for 85 per cent of tbe bonds will eventually be in 
.I 2 - Socialist-Conservative the eventual compensation, and the region of Es lOObn. (£1 Jbn). 

amanco before its collapse nearly secondly, the average price of the Before their alli ance finally 
two weeks ago, leading Portu- company's shares on the Stock broke. Socialists and Conserva- 
guese banks are now calculating Exchange ten years before tives in the Govenunent were 
tbe provisional value of shares nationalisation. which will known to be divided as to what 


The words are those of the coming up in October in Hesse influence. — 

writer, Thomas M»nw, in exile and Bavaria (both neighbouring Many Germans — young and j ; >> X\: 5 C~fY':™ 

from Nazi Germany in 1937. Baden Wuerttemberg) and it is older— would be prepared to v '■ 

More than 40 years later West conceivable th at th e SPD may accept g} 3t defence. How many ■ ■ : 

Germany is not tmlv at peace profit from the revelations about peop^ who ^id not live through :, t r -iaSBp4 : ' 

with, but often admired by. Dr. Filbinger and from the rfl ? t could say with cer- -^\k - 
other countries. Yet the so- manner of bis departure. It is flu ty that they would have •' v^ v->*#kV3fSA 


il 


Eanes consults military 
on selection of Premier 


neat ions. ur. Vitor (Jonstancio. uic >» i — — gne uuu$ iu n » w - 

account inflaUon. officials beUeve rhe Minister of Finance, is reportedly unwilling U> Sll^aSSnS S?™? emb^riSment to D? » experience httle deep pre-requlsile for lbs rij® t to 

known to have favoured loosen- Institute soch measures now at j ^“sed over what happened the most embarrassment to ur. r g gret or sorrow over what_ had hold office and help form policy. 


ing the eventual strain on the th e height of the holiday 
country’s budget by making tbe season. 

indemnified companies include The same reasoning applies 
the service of the Government's t o steel prices which have 
debt as a cost. Conservatives already been raised by 10 per 
felt that the Government should cent tui s ye ar. Industry 


stitute such measures now at afoused over what happened Die most embarrassment to ur. 0J . sorrow over what had hold office and help form policy 

le height of the holiday then - F “?j?ser- fh t h id happened— whatever bis private That is really why Dr. Frtbtnget 

ason. At one level— even if most . V he !L,7?Lv ^ nr FnwSi feelings may be. And he insisted had !u go-in a way which 

The same reasoning applies P^ 1 * to _^ e . the least U S own thatw a legal and moral sense finally brought little. honour to 

important— the affair is a per- has been tus _ own worst enemy . i«nn«.nt over the deci- hut more for 'West 


BY OUR OWN CORRESPONDENT LISBON. August 8. since Portuguese officlala fiTst 

PORTUGAL’S President. General The President and the main showed sig ? s of s £ ng bey * ( ? Qd 
Ramalho Eanes. is due to meet political narties ineiurfm- fhl promls ^ on the question 

the country's military watchdog P° ,lllcal P a r‘* es - including the of compensation. At the begin- 
bndy. the^ Council 5^h?KSfc C ? mrau f Ist and the Right- ning of June, officials at the 
tion. tonight before deciding on wme Social Dem o«at Party Portuguese Foreign Investment 
his choice For Prime Minister. have a S roe d on the second of two * n sotJte. which acts as an official 


he more directly involved. sources expect a further rise of 1Q S career in tn^nnsnan ueoio- fr L e „„ then how manv more Christian he admitted, as he put process must, continue. Will 

It is now over two months aJoSsSfceot wSS v^uld Union (CDUi. the main T ^haT™StTS iUto guilt in a theological sense, there have to he. more affairs 

since Portuguese officials first bring SpaSLh steel prices into “dw^nerition ('Dr. Filbinger This is the point, which like that involving Dr. FilbiAger 

showed signs of going beyond line with those throughout ff EaS-Wn^tPmhere a 7 a is 641 would have to give up brought down on him the while politicians romam who 

«r e, ^,^ r0in ^fj S 0n *? 1 ti. qU S S t!? n Europe by the end of the year, member of for rMponsib°e U positions? Rather, shares! attacks. Certainly tot lived through the' Naat cra.- 


Europe by tbe end or the year, memberofits eowsrament for responsible positions? Rather, sharpest attacKS. wruuuy uvea inrousn jn* cra. 

Cabinet ministers, anxious wo decaSes ^l S^ ftiSe he lost the sympathy of his party SPD was most 
to resume or start their Minister for 12 years. Over the and those who voted for him. Chancellor Helmut Schmidt sor to Dr. Filbinger will provide 

holidays, approved oily one las^ix months he hal b«o not just the “Left” because of referring to a “ pathological good J a ®l? e for°«fp libte 'S?%S& 

rmalising the forced to recall death sentences bis attitude when confronted conscience and Herr Willy dates for the job its Dr. Mmifred 

ie state hold- he passed as a naval staff judge with the facts. Brandt to Dr. Filbinger as h av- Rommel, Mayor of Stuttgart, the 

«, buys for in occupied Norway in the clos- At first Dr. Filbinger admitted ing the “sensibility of a rhino- state capital. He has long been 

a 34 per cent ing months of the war. has seen only to the court martial oE a ceros." But leading figures in known principally as the son of 

unity's third support for him fading even naval rating, Walter Groeger, the CDU were privately cntical Field MiaM Rommel, 

npany, Altos among his colleagues and friends sentenced to death in January, and even less ready to continue who was forced by . the Nads 

Uedltenaneo —and has finalfv had to step 1945, for desertion. Yet later their support for Dr. Filbinger to commit suicide. *et Dr. 

down as Premier* other cases emerged, whose the longer he continued to pro- Rommel has recently come to 

h has already n may well be asked whether authenticity Dr. Filbinger did test his correctness. There were the fore as a mao of considor- 


Prasident's office early today con- elections, due in October, 1980. ment of the indemnitieT’ Hornos del Uedlterraneo —and has finally had to step 1945, for desertion. Yet Utter their support for Dr. Filbinger to commit sumLde. \et Dr. 

firmed that despite further con- Differences persist, however, as DesDlte a Government oledee CAHMi. down as Premier. other cases emerged, whose the longer he continued to pro- Rommel has recently come to 

sultations. the political parties to the content of the government, tbar indemnities would be The move, which has already 11 ^ well be asked whether authenticity Dr. Filbinger did test his correctness. There were fore as a man of eonsidcr- 

had failed to agree on a solution and more immediately, as to the settled by June 30 it was not hppn announced. Is thSTfS it is fair to drive a man out of not deny but which he said he tumultuous scenes in the able moral cooragc m. hfe own 

to the present crisis. choice of a man to lead it. until a week la?er that Z SSL ST KS JLSLSS office for actio^ he took in had forgotten.. That admission Bundestag, w th tte CDU stiff- nght Nol least by defying pub- 


p-wiii w»i9. i.uLui.c in a man iu icau until a wppk latpr that thp „h, c . n r a mnlnr TMirnrtnHn, omce for actions he tooK in naa rorgaueu. imi «uuu«huu duuucoub, ___ 

President Eanes has now The Socialist, Conservative Ministry of Finance finally issued of the integrated steel sector almost intolerable circumstances alone hardly helped his cause, gesting that the SPD was claim- lie opinion io providing a burial 

officially taken the initiative. He and Communist Parties, have all tbe necessary forms. Desnite some pressure from more than three decades before. But beyond it, his critics main- ing for itself the moral right to place for the terronata who corn- 

remains reluctant to call an early declared their preference for a The establishment of an effi- the Ministry or Industry the Hr. Filbinger has spoken of a tained that he could hove done decide on who had been a real milted suicide in Stottgart- 

gencral election because he civilian Prime Minister. They clent procedure for compensating cabinet did not appro ve^rther campaign of defamation against more as a judge to postpone and Naa and who noL Bat behind Staramheim jaU last year.. His 

believes that it would be costly say that this would be more private °om oa^es ^ believed to mea^reTnow L rhe nSe' h ’“ organised by the extreme prevaricate, since at that date the public demonstrations there independent views have not 
for the country in economic and truly democratic than naming a b? an Et on credit wd retiSSl Left • It was dear that the war would was an accord which cut across always won him friends in his 

I v»t the tn -T-oft" not last much lonzer. Dr. oarty lines. It implicitly recog- own CDU. But there ore many 


the country after April 25. 1974. 
Portugal’s de Melo family, who 

rp ■■■■ lost without compensation Por- 

1 alks on Danish coalition 'X s &*&Jgss?v3i 

Fabril tCUFV at tbe height of 
BY HILARY BARNES COPENHAGEN. August 8 Communist influence in 1975. 

" 1 recently announced their first 
MR. ANKER JOERGENSEN, the sen. the Liberal chairman said business venture since before 


a I Isa tion of the two lareest Yet me reference to tne ".berr not lasi musn ui. 

steel cod cents the^ate n- appears to miss the poinL It is Filbinger replied that in some, nised that the past could not who fed thar Jus ehowre as new 

X S«r>S X true that the Social Democrat cases he had been able to use be undone, but that an appro- Bad Wuertternberg Prime Minis- 

Horaos riVYuSya. Party (SPD l, the senior partner his influence to obtain remission pnate attitude to the past— ter would most effectively draw 

nonius ae in ^ Bonn Government coati- of sentences, and that had be shame, regret, an unwillingness a hne under lhe past. 


BY HILARY BARNES 


COPENHAGEN. August 8. 


ju£.KUE,.\aE,iN. me sen. the Liberal chairman said n usiness venture since oeiore j . 

Danish Prime Minister, and beforehand was not about the *^ e downfall of the Right-wing OTClCr 206S lO 
senior colleagues today met formation of a govemuieoL Gaetano regime in 1974. ” 

leaders of the Liberal Party to Mr. Joergensen has proposed a Sen. Jose Manuel de Melo will Ift/tnl OAmnonv 

discuss policy alternatives for a Government of bis own Social share partnership with Morgan IUCd.1 LUlllUdUj 

possible coalition Government. Democrats together with the Guaranty Trust Company, a sub- 


Air Force jet F renc jj a jr negotiations stalled 


BY DAVID WHITE 


PARIS, August 3. 


FRENCH AIR traffic controllers pay and the unions’ demand for controllers’ actions 


Mr Joereensen ^nnm.n. pH in Liber ‘‘ Js and the Radicals, a sidiary of J. P. Morgan, and By Our Own Correspondent fajIed t0 make aDy progress in military personnel to be with- influence ttieir 

.; May his intention to try to form j’JjfJ) Ci3 hn» lber h-fh Pa ^ ty ' yP 19 Deu^che Bank. West Gennanys MADRID, August 8. talks with the Government today mnrR^Ukelv action^n the sfme scale. ^ By David Rshloek, 5ciep« Editor 

' h ul reluctant to commit themselves fin«nda| and* research 3 " se°i?Tces f^^SpanteS ^ ^ due t0 detride tDmor ^°^ however, on safety improvements TJe unions are seektag higher ENERGY PROJECTS worth a 

to joining a Government without company. Once indemnified, the "“J 1 ** 1 * 0 - opt !? , a ®F BU J r whether to resume their go-slow (notably the enlargement of civil staffing levels (without the totaI 0 f s0me S20fim have been 

being partnered by the Conserva- de Melo’s are expected to invest produced aircraft for - tne air at tbe weekend. operators' share of air space) military staff, who as8is * in set up by the 19-natlon Inter- 

tives. In the last few days, how- in further projects. .!!!!?* s J 1 se“* ra “® n • 3" A Transport Ministry spokes- which have also figured high on operations at. among others, national Energy Agency (USA) 

ever, there have been indications The recent decree law on In- r* u,C H« P ".SL S „ man 534(1 there was “ n0 ru P ture the list of union demands. Charles de Gaulle Airport ^ in i( rflm p i n t 0 existence in 


drawn from control towers. 


IEA reports 

$200m 

committed 


policj-. 


Nothing decisive was expected that the Liberals may no longer demnities does not contain any competition. The new aircraft, 3nd nu agreement” in three and The 2,500 French air traffic Pans) improved pay and pension 
to emerge from today's meeting, be taking such a firm stand on explicit reference to Portuguese kno y n 5 s C-lOl, wdli be . hqors of negotiations controllers lifted their work-to- candition* a^d the right to 

which Mr. Henning Chnstoffer- this condition. and foreign fanners whose land produced by Casa in which the between union representatives rule a week ago, pending the strike. : - 


was expropriated during the Com- g*Je koHflng company has a 


miuuui apuuauicu iauu iciurm m 

Experts condemn Copenhagen link Portuguese officials have treated 


this as a separate problem to that 
COPENHAGEN, August 8. relating to industrial companies. 

: ±S£3* r *! f 3 L eadil i» Danis h the main Danish islands at the riJE Br “f r 


and nu agreement ” in three and The 2^00 French air traffic troi jmprovea pay ana pemjiuu i974< aceonUng to its first 

a-half • hours of negotiations controllers lifted their work-to- conmtioni a^d the right, to annnal. report* 

between union representatives rule a week ago, pending the strike. . . . • The agenev. 'brohgbr • Into 

— ^ — .. ^ . . . . and M. Joel le Theule, the Minis- start of negotiations, after pro- The .Government has ruledLout - existence byUfi. Government 

munist sponsored land reform in ***** _ ter of Transport yoking snccesslve weekends of putting control towers entirely initiative in the wake of the 

the Olentejo. Until now. Talks are meanwhile to con- chaos in holiday flights to many in military hands in the case of 1974 oil price increases, set out 

Portuguese officials have treated a f em S Hispana HA-MO which wl th French air authorities European destinations. a prolonged dispute, as it did in to rct j uc £ dependence of its 

this as a separate problem to that ab ;?. ^ a jL trg ° 8 ^ cal _ c !? te F*: and. on Thursday, with the Government officials displayed 1973. when two Spanish airliners member-sUles on oil, to pro- 

relating to industrial companies. of »^ e ne ,2 ”2 Ministry’s salary department guarded optimism after today's collided In mid-air over France duce a countervailing faree. to 

Earlier thic wear the Anru.1... trainers have been ordered .t t th.* »l, a iUetrnl MntrnDrrc' u.u w WTO 


Minister today refused to meeting and suggested that the during an illegal controflers’ 


'■economic and technical 0 experts entrance to the Baltic ^ as weti Hf on ,i°Jr i^ orei5D Farraers 311(1 1°^,^ J 3 ' 46 ^ move from his tough stance on general unpopularity of the strike. 

•:sss rsar. a 1 * -/JT 

s£ i^ii ,uir«i w M 


■SI# ^ msa . t wss a 

;Sja e ».^ , n Whwh Copenhagen over he BeKJ 1"?5 fepC. none of "tS r“e£ 

.stands— and Fyn to the west. It hndsc would absorb more invest- farmers who account for a toff! 

^inhA^Se^taM Sffi off ** 

. Progress in N-test discussions 


Jobless fall unlikely this year 


PARIS, August 8. 


Franco-German #lpha jet 

The order is confirmation of • BY OUR OWN CORRESPONDENT PARIS, August 8.- 

the authorities’ desire to build . - - - . 

nolo <^nn" UTTLE CHANGE in France’s Companies* financial position to absorb the large number oE 
noiogy . ana consiruciion . . , , fmm Hte m>hnnUpnt»ro I<nmina nn.m 


through Cash, whose foreign unemployment level— now just deteriorated from the second scbool-Ieavers comingon to the the ^ency are aSW»^ch- 

shareholdereinclade Northrop, t>«r lm-is likely before next half of 1W6, and considerably labour maget, he said. pology as^meirtaMfo^ 

Dassault and MesserachmlS according to M. Francois hi 1977 It has not improved The Patrenat was -workmg tag study xrf.heat systi^ms 

TheoSier amounts to almost Ceyrac, head of the French in the first half of 1978. We with tiie unions on twa- funds- still to reach ttemarkefe-h. 

doable Casa’s existing tun^vor employers' council, the PatronaL - mental issues: changes in weeUy which II nations fed -hy^s* 


the Organ tsaden bf Pt^bleum 
Exporting (toiutriek JftFEfft, 
sihd fo dure the riskjfr of dis- 
ruption i» oil stippliesZ v 
• All but one of iiy members, 
Luxembourg, are participating 
ta at least somC' eF the^ co- 
, operative ede^y. .. . research, 
development . and.v^ehxuctstra- 
tioa projects .Uttdert&en::1»y 
the IEA. ■ j 5:4:^ 
The latest projects 1 sbtxup iy 
the %ency are a^GWJWKredi- 
nology assessment ;ahd -tahrket- 
tag study xrf heal pump systems - 


BY DAVID EGLI 


of Pta Sbn. 


* M OWU, . . The last jobless figures showed p _^__. noo v 

Casa has a 4 per cent stake a slight increase iu the number 'STRONG _WINDS_of up_ to a h . fn, 


GENEVA, August 8. 


working boors (for which tbe Germany will he. partic^atJng; 


SS IDH? Un LE « PROGRESS to- had gone beyond an exchange of the issue of effective, but not fin. Two months ago it was 

vl9 H n on ba# ? approaches excessive, verification. Sir Derick agreed that Casa shonld be 

^ ^? a c tes f s - w ^ d a"* 1 principles and were now said. allocated a slice of the work 

00 „ j - !5 e d pal >ng with possible areas of The three powers have agreed Involved in the supply by 

nSSiJSS^ B r!HJ ^ d . h i n T h . e agreement, as weU as some out- that a treaty should ban nuclear Dassault of 48 Mirage F-I jet 

negotiations. Britain, lhe U.S. standing points. weanons tests in all onvirnn. fiirtiiprc.' 


** jius s ougui Ultieaae IU me uuuiuei aiuunu n »* “F »■ flp-cihlo evcrpnil and nriomnlnir 

In the European Airbus and. of job applications hr June, and 60 mph fanned forest fires ” ' uuempioy- 

makes the front doors and tail the Government has admitted it which have been sweeping ;L. yetJTOU ^ ■, 


fin. Two months ago It was ia expecting the level to reach Corsica since, the weekend and 


a peak of 1.2m. 


estimated 


ment benefits. ' 

The success ' of the Barre 
Government's wage restraint. 


and a four-nation studyj of 
energy conservation: iA-Ctaoent 
manufacture, _■ to ~ wtadt ffiSm 
has been allocate CV- > ■ v '£ ■ 

. ■ The latter , Is-, 


"!!nft^hp ll Uowi«r rtn?™’ c!!n5 ! i: standing points. weapons tests in all environ- 

.and the Soviet Union. Sir Derick The tripartite negotiations ments and include a protocol 

;.As,nc. the British disarmament resumed here on May 4. and have dealing with nuclear explosions 
representative, noted that signi- now become the longest con- for peaceful purposes. 

-ncant progress had been made tinuous round of talks to date. “The present Dhase of tbe 

in recent months in several areas The current work included tbe negotiation \s producing 
.of the nesotiatwnR. contrihiiticms of many technical results,” Sir Derick claimed. The 

me parties, he Told the specialists who were meeting on three powers were pushing 
-disarmament committee here, an almost daily basis to resolve ahead as fast as they could. 


allocated a slice of the work Tti „ to1oaie , M th0 , destroyed 7^00 acres of trees. PoUcy has, meanwhile, been. 4»llaborative: projwt r j 

Involved in the supply by .J?. * ° Officials said most fires brought UitO fluestion by the «rned with energy. 'cuns^wa- 

Dassanit of 48 Mirage F-I jet OTp oy ^ leader said an im- had results of a survey published by tion in an indnstrial prtfeess. 


w JCI jprovement would come about 

There are also reports that 0,]Jy when ^ economy began 
Casa will construct up to 30 pic *,i U iP’^ et , ^ U \r 

per cent Of 50 Boelkow 105 . , Q ?JHf Uy do 111 1116 6x81 U1E 
helicopters Just ordered from - 


deliberately. 


remain, therefore,- ta a funda- 


tbe newspaper. Le Monde, show- At Wlehl in “West ; XJb*nuUiy« 
ing a 52, per cent rise ta hourly a community recrearttatt^titre 
earnings in the second quarter which includes palWlf^ BWfci- 
of the year. -, r ming pools khd:':as-.fire^atfDg 

The increase, measured on a rink being used tp ;4ehwn- 


JUhl VIUC1CU I LUUZ I »• w»#wil rt ni. ntiinfinn M 1UUC49C, mCObUiea IHJ S . 

West Germany. At present 41 All the conditions for an m SItuatzon > sample of 20,000, compares with s ^ at ® M WWrork 


MCIIHWUJ. ni pi CbclJ lr LUUUiUUiia sva au w ceiri 

Casa's main work is the short investment pick-up have been ceyrac 


2.2 per cent in the first quarter ° r so^coUecter^ b^t ^a^ps, 

■ o n , .. I uracfB Iia*i 4 ...Unu 


landtag short takeoff Avlocar {brought together, but; one essen- Like last year, a big effort will and 3.3 per cent in the same ***** heat tftWjltj; 


of which it has sold over 130, irtial 


is missing — money, be mounted this' month and next period of last year. 


Paul Betts, in Rome, looks at plans to bridge the Straits of Messina 

Bringing help to Italy’s impoverished South 


Swiss tourism scheme 


BY JOHN WICKS 


ZURICH, August 8. 


FOREIGN TOURISTS in- Switzer- ever, hoped : to find a way to 
land will be able to book extend this to individual tourists 


and energy-saving design^ 
The initial results frbm ( this 
joint German-C.K: . project 
indicate ■ a.- • riseful- solar 
collecto r heat output. br. L33 
kilowatts per day, and jam aver- 
age swimming podl-bfeihiierit- 
ture of 2A3 degrees (X-ridth 1 
an ambient air teraper^nre- of 
only 14^ degrees C. 

*IEA Annual * Repbit'C?®® 


JTHE OLD dream of linking 
^icily to mainland Italy is for 
the first time beginning to take 
Concrete shape. After nearly two 
'decades of detailed studies and 
Advanced technical tests, a con- 
sortium grouping most of Italy’s 
major private and public enter- 
prises including Fiat, Pirelli and 
.the Stale steel group Flnsider, 
-working in collaboration with 
■the British engineering consult- 
ants Freeman Fox and Partners, 
have come up with an ambitious 
project to build a 3.3-kilometre 
long single-span suspension 
bridge across the Messina Straits. 

It would become tbe longest 
Such bridge in the world. 

The project, estimated to cost 
about L l.OOObn, or close on 
X650m, and which is expected to 
take between five and six years 
in complete, is currently being 
examined by the Government. 
But already Sig. Giulio 
Andreotli. the Prime Minister, 
has publicly supported it. 

Enormous economic and social 
benefits would clearly be reaped 
from the bridge, with its pro- 


land will be able to book extend this to individual tourists w Ana usi - Report* 

holidays at a guaranteed sum ta and talks are to be held on this m» C t gy * 1 i e5earch » ■ . 


bridge feasibility study and are their own local currencies. If a topic with the Swiss National 
apparently prepared to insure plan being worked out by Swiss Bank. i j ■ 

the entire project. The con- murlst organisations is realised, Swiss tourist • interests have rascal ’ . 75 Farts CCde^ -Ibi- 
sbrtiom, officially called the The Swiss Tourism Federation long been trying to find a way .■ - . 

Messina Bridge Group, claims tbe and the Swiss Hoteliers’ Associa- to offset the rise in prices due 

structure would stand up to tion have been negotiating wth to the monetary situation. Actual Norwav 

■ winds of more than 200 Kins an banks for a system involving Swiss franc prices have ta most „ reserves -.nse-.v 

hour. In aoy event, there was no forward transactions i ta such cases hardly-risen over the bast The Bar * °f Ndrway’-s.viHft^ 

other viable alternative. currencies as sterltag, dollars, three or Fotfr years but hoUdavs - '“rtdnal reserves at the-ead. of 

iTbe Messina Straits are a and French in Switzerland have become 

notoriously seismac area making The scheme, aimed at counter- much dearer .owing to the _ui--t«ase or ■MHto 

construction of an under- acting the current record level marked rise .in the exchange ' reports ^from 

water tunnel practically impos- of the Swiss franc, is foreseen rate. rff?- , ne bank saidi- : tater- 

: sible, while a bridge with founds- for implementation In calendar The Swiss hoteliers had 'mien — 

1979. although it mieht orove ^ seven months- of thw- yar 




!»<*» v ; .- . ^ •-‘KawiyjsmuM.-yr ror jmpiemenwnon in calendar The Swiss’ hoteliers had -r *v- - iSfi 

tions in the sea would represent 1979. although it might prove recently suggtbted some ^ype of SSLffthlli 

r&wr-ltii a-major shipping hazard for the possible to start it this winter, nrog ra m tfThr crn 0 -t acreaj5ed by ^ about NKrc-5bn. 

! .i 60,000 ships which cross the Initially, the guaranteed foreign- risk guarantee granted to' manu- 

sfraits each year. curreucy prices would be offered facturing industry but this 

1 jklisgivings about the project ^° ur operators. It is, how- proved impracticable. 

«.*. hdWever, have been voiced by 




tfite trade unions here and some 
ofl the left-wing political parties. 

3 union's in particular fear 
the Government may now 
t the bridge as a substitute 
to; other alternative Investments 
in- Calabria, especially the con- 


n , i i-V /’ • - . -WASHINGTON, ftC 

DUlCo expulsion gO-Hhfisd J[ J^enaissanct df 

BY CHARLES BATCHELOR AMSTERDAM, August 8. Qt'CtCtOUSI'lCSS 


AMSTERDAM, August 8. 


An artist’s impression of the proposed suspension bridge across the straits. 


treversial project to build Italy's HOLLAND PLANS to expel 76 Amnesty International, that they 
fifth integrated steel complex -at Illegal Moroccan workers ta spite may be persecuted for their 
Gioia Tauro near Reggio of their claims that they risk political activities if they return 
Calabria. Although tbe steel pro- persecution if they return to lo Morocco. 


A luxury hotel In ffic great • 
European tradition. Elegant, quid/ 
unruffled — never a conv ention. 


jecied six-lane motorway and ^ ? p persecution if they return to to Morocco. .j! ■ unrunieo— never a convention. 

two railways on a lower level At ment of the South and especially The construction of the bridge, project to present to the Govern- “HLJJL at L^:fiv5 ibetr own country. Tbe Dutch The 76 are " part' of a group 

present some 12 di people, an of Calabria and Sicily. The two according ' to Professor meat next month. Prof ^ 0S ? S scrapped oy the Ministry of Justice said it will of more than 180 illegal immi- 1 

estimated 600,000 railway trucks, regions, whose 8m inhabitants Gianfranco Gilardini, chief Gilardlni said financing would B ° ailead wiUl ^ expulsions grant workers who were unable 

about 900.000 cars, nearly 500.000 account for about 15 per cent executive of the Italian Messina probably be shared between a left-wing [parties axe pressing for over the next few weeks as the take advantage of a govern- "ruir 

articulated lorries, and some 1 Ini of the country’s overall papula- Bridge consortium, would new State group which would be ??-■ „ D six-week grace period for Indivi- ment amnesty. They were not I iiC JVlAj_Jlb(JN 

tons of goods cross the Messina tion. are among the poorest in directly generate some 5,000 to created to take overall control ^SfJSfUf 0, duaJ 63365 expires. able to prove that they were Cmitt jtJUrsa 

Straits each year. By 1995. about Italy. 6.000 new jobs in the area and of the project, the State railways. SSSSSnt aefS^seSa, ciS 0ne Sroup of Moroccans, M° rkin f l5 * 4MS ^N^w«Mw3m I D.C2000y 

2,500 people every hour and five In ihn, respecL the project falls indirectly give work to some the Cassa per il Mezzoglorno (a together with a number ^ of November. 1974. About 18.000 t-i 

vehicles every minute . are neatly into the Government's 30,000 people. Prof. Gilardini special credit institute Sr Italy’s mision for Calabria last week. supporters hasbeefm a l S*B& workere from Morocco, -J . 

expected to cross the Slraits. current medLum-term economic claims most of the 600,000 tons south 1. and bond issues repay- The South itself is watching protest hunger strike ta an Greece - Spain and Turkey our travel aec« 

But beyond easing traffic con- strategy, which in large measure of material needed for the bridge able over 25 years. He pointed tite Messina’ bridge project Amsterdam church. The decision applie . d for permission to Stay, iiuntan b. Cvrnc, Tttfnetor 

sestion in the Straits and cutting alms at promo Ung stable and its related infrastructures out. that it took only four years warily- The new bridge would to expel the Moroccans was and " in 15 *®9° cases this was 

back sharply the deficit tbe State growth'' over the next three would come from Italy. for the Bosphorus suspension fulfil many of its expectations, taken after the Council o£ State granted. 

railway ferrv service runs up years with the enipnasis on tbe The Messina Bridge consortium bridge to pay for itself. nbr the South of Italy has always rejected their appeals and in the ™ 

each year. *the bridge would development of the Merzogiorno, is now preparing a detailed Lloyds of London have already been promised much, and has face of warnings from a number 

greatly accelerate the develop- the depressed south. financial study of the carefully scrutinised the Mt?K B j n a effectively got very little. of action groups, inrlnfling vLv**^‘v' 




. -.’ , v 

' t — 









3 



AMERICAN 





to Fed warned ™ e RUMPUS AT F0RD MOTOR 


„ HI 

V-', 9&\- 

::■■■ iZA 


,f i 

■ '■ 


i't'DOIf 


n^nea’ 


i* v. 


. BY DAVID ^CHAN ’ ' 

TEE -ins/; ASnS7)5atxiitiMi lias 
decided ;:ta 7 ‘intensify and; if 
possible; imprjwe- its -relations 
with organls^-rl^kiar,- ;ln; a big 
effort tor'jseaade- tb& aceeleration 
of the rising- U.S. inflation, rate 
brought- aboutby- collective wage 
setfiemeaftsr v*. 

The; Labour-; Secretary, Mr. Ray 

Marshall, the trade union: move* 
rnenl’s mo'sti^entiftable advocate 
in the. Carter Administraticra, 
®aitf yraterday that he- would 
head a hew five-man committee - 
to monitor wage settlements and 
inflation, which .would also in- 
clude Mr. Robert. Strauss, who 
presides over . the -Governmental 
anti-inflation drive, and Mr. 
Barry Bosworth. chairman' of tier 
Council of '-Wage and ■ Price 
Stability. - , [-j : 

Mr. Marshall made the an- 
nouncement at the- executive 
meeting of the" AFL-CIO trade* 
union grouping in Chicago, in -a 
clear bid to placate Mr.iGeorge 
Afeany, the AFtCIO resident, 
who has been angered by recent 
statements 'by.".. Mr. Bosworth 
about excessive wage settlements. ; 
The effect, of the new committee, 
will be to rein'ritt'Mr. Bosworth, 
a 35-yearold economist, who has- 


been virtud]* only adminis- 
tration official to speak out 
boldly ehdut the rde of wages 
in creating thercurrent inflation 
— a - forthrightness which has 
greatly displeased the 84-year-old 

Mr, Me any. /" ,'*. . 

But Me. Marshall made it clear 
that.bis^oaftlos on the new com- 
mittee will' hot herald a non- 
intCrventionlstr" policy towards 
Wage settfements by the admin is- 
trafion^' fhdepd, closer study of 
individual sectors of industry, 
including the posibility of setting 
precise "price and wage guide- 
lines. whrild be" made. he said. 

: - Mri 'Bosworth* about whom Mr . 
Meany.hes/riuhplained to Presi- 
dent Carter, hasbeeome a prime 
target for tire unions, due largely 
to : the cdntrast-between him and 
Mr. ' Strauss, who- has tended to 
concentrate more on the price 
aspect of Inflation in private 
chats with" companies. 

-But- worries about wage- 
related inflation' are real. In 
particular, .they stem from the 
average annual, increases of 
more than 10'. per -cent won by 
groups ■ of : . more than 5,000 wor- 
kers in the? first .six months of 
1978. This - is r considered disturb- 


pay rises 


WASHINGTON, August 8. 

mg by Administration economists 
because, usually when economic 
growth is beginning to slow 

down, as it Is now, demands by 
large unions start to moderate, 
while smaller ones step up their 
demands* to catch up. 

Mr. Bosworth has publicly cas- 
tigated the behaviour of the big 
manufacturing unions, the back- 
bone of the AFL-CIO, for set- 
ting their demands at levels well 
above those of the smaller unions 
and the . non-union sector, 
because they reckon that big 
manufacturing companies can 
always recoup by raising prices. 

The Administration still lacks 
any effective institutional link 
with business and labour on the 
issue of fighting inflation. The 
Business-Labour - Management 
Group, which brings together a 
handful of top . corporate and 
union leaders, has been 
seriously weakened by the recent 
defection of Mr. Doug. Fraser, 
president of the United Auto 
Workers (not affiliated to the 
AFL-CIO). and Mr. Meany has 
questioned whether AFL-CIO 
leaders will remain in it any 
longer. 


Carter signs Bribes alleged in contract 
New York for S .Korean hospital 


fUU a - BY OUR--OWN ^CORRESPONDENT NEW YORK, August & 

By Our Own CbrmsjMndsnt : - A - LEADING^t*$.ViospiTaI sup- said, because it seemed too big 
NEW YO RK. A ugust 8- '.. phes company to-day accused a business commitment to take 
PRESIDENT CARTER is due to another oljwcyfcg bribes on a on at the time, 
sigu the leglslation proitiding aid contract to' build. a hospital in [Mr. Thomas Drohan, presi- 
to New York. City here "later the SouthKorein capital, Seoul, dent and chief, executive of 
today in" ceremonies designed* to The accusation'- was made by Foremost-McKesson,. said that 
squeeze the maximum, political American .- Hospital- Supply, a the company -declined to go 
benefit out of th<r White House's maker of medicines and hospital ahead with the "hospital project 
successful backing for the pro- equipment, hased. : - at Evanston, “for a number of reasons,” 
gramme. .; ■ Illinois, * . -against' Foremost- AP-DJ reports. 

The final passage last month- McKesson, ariofiterinedical goods Foremost-McKesson “ had been 
of the aid planrfor New. York company, wiih:iaterests in land “forthcoming and candid” with 
(promote fdr: which at the turn developmmitr and -based at San American Hospital about the 


of the year looked unpromising) Francisco, 
has been -judged" a success worthy According 
Of exploitation, \r - filed in Los ‘ 


* - project, and made no question- 

court papers able payments In connection 
lea, American with its .work on. the project. 


The package; icrirever,' is- less Hospital- Supply 1 took over a which consisted of a two-year 
than both the dty.amrtheWhite S32m contract” from Foremost- feasibility study, Mr. Drohan 
House were" • 'seeking and ' „ is McKesson in l974 to build the said. He added that the com 
hedged around with _more safe: South Korerir National Univer- pany will file a motion in a 
guards than - dtiiVr.'V Wi^ed- sity-Hospit^; ‘American Hospi- federal court in Los Angeles to 
Instead of providing ; federal tai Supply aBtgestbat Foremost- dismiss it from American Hospi 
guarantees for. up to $2bn, the McKesson disclose that tal’s suit 

bill . which' emerged Train the tire contract involve pay- ip a filing with the Securities 

Congress guarantees;.- "up- 4° ment» to ‘.sen ior* S outh Korean and Exchange Commission two 
$1.65bn parcelled out-7 over four Government Agrees; weeks ago, American Hospital 

years with either c Hoyse-of Con- Foremost-McKesson has denied said that it was investigating 
gress holding the right' of veto the .charge, "elfemng that it whether close to $lm in commis- 
in the second and third years if made do questhpiablp payments sion fees paid to obtain a enr- 
it was dissatisfied with New on the contact which involved rent contract -were used for 
York’s progtesa.tixwanls. economic a twO-year" fearifnli®' . Study. It “illegal or questionable pur 
rebabtiitjrtkjn. : ‘ O' f - . .backed oirt; of tire-contract, it; poses. 


on dangers 
of interest 
rate rise 

8y John Wyies 

NEW YORK August 8. 

A WARNING that further 
increases in U.S. interest rates 
could damage the country's 
housing market and raise un- 
employment was given yester- 
day by Mr. Robert McKinney*, 
chair man of the Federal Home 
Loan bank system. 

His remarks— in evidence to 
the House Banking Committee 
— were primarily directed ** 
the Federal Reserve Board:, 

The Fed would by all accounts 
have come in for even stronger 
criticism from Mrs. Patrick" 
Harris, Secretary for Housing 
and Urban Development, but 
she cancelled her appearance 
because of a disagreement with 
the White House over the text 
of her testimony. 

Mrs. Harris is known to be 1 
strongly critical of the interest - 
rate rises inspired by the Fed 
this year, and her failure -to. 
win White House Clearance 
for her remarks Indicates that " 
President Carter may wish to- 
avoid any overt sign of politi- 
cal pressure on the Fed. . 

The Fed's chairman, Mr. G. 
William Miller, is known -.to 
be reluctant to risk depressing - 
an already slowing economy 
purely in the interests of 
monetary management 
His recent optimistic state- 
ments on the subject have . 
raised some controversy among 
economists and any impression 
that -the Fed is bending to 
political pressure on its 
interest rate poliey could., 
damage the chairman’s posi- 
tion. 

As chairman of an indepen- 
dent agency, Mr. McKinney . 
needed no White House dear- . 
anee for his testimony yester- 
day when he forecast " that 
home mortgage rates, currently 
around 9.75 per cent, would 
not rise much higher, assum- 
ing “reasonable policies " by _ 
the Fed. 

He assumed that the Fed. 
funds rate, the economy’s, key 
short term interest rate on. 
funds which banks lend each 
other, would rise by up to 8 
per cent by the eod of the 
year from its current level Of 
72 per cent. On this projection 
he foreeast that the system's 
mortgage advances will have 
doubled from mid-1977 by the 
end of the year to more than 
$30bn. 


UK COMPANY NEWS 


Shareholder dissatisfaction grows 


BY JOHN WYLES 

MR. Alejandro de Tomaso, au 
Argentinian industrialists, is pre- 
paring to join a S50m share- 
holders’ suit to accuse Mr. Henry 
Ford II, the chairman, and 19 
other officers of the Ford Motor 
Company, of misusing comp any 
funds. 

Mr. de Tomaso, whose com- 
pany manufactures motor-cycles 
and cars, is upset at the 
expulsion from the Ford presi- 
dency last month of Mr. Lee 
lacocca. Mr. de Tomaso said in 
New York yesterday that he 
would try to spearhead a share- 
holders’ movement to force Mr. 
Ford’s resignation. He would 
also try to amend the dissident 
shareholders’ suit to include the 
charge that Mr. Ford dismissed 
Mr. lacocca for frivolous reasons. 

Mr. de Tomaso returned to 
Italy this morning and it is too 
early to assess how much impact 
he is likely to have on the 
court challenge to Mr. Ford,. and 
on the dissatisfaction among 
some Ford dealers and share- 
holders over the sacking of Mr. 
lacocca. If Mr. de Tomaso is 
successful in joining -the share- 
holders’ suit, be may give it 
greater credibility, given the 
fact that the shareholders so far 
involved own fewer than 100 
Ford shares. 

Mr. de Tomaso has 11.535 Ford 
shares, and he once had a direct 
relationship with the company 
through a minority holding in a 
car design and manufacturing 
company, most of which was 






Jfj 




W&J.' 

f 'y't.v - . ... 


Mr. Lee lacocca 

owned by Ford. In early 1973, 
Mr. de Tomaso resigned as presi- 
dent of this company and sold 
his stake to Ford. 

“ lacocca is an asset and you 
can’t get rid of an asset with- 
out damaging the company,” he 
said yesterday. He had read that 
Mr. Ford did not like Mr. 
lacocca and had decided to fire 
him. “ I thought, my God, 
what’s going on? " Mr. de 
Tomaso said. “This guy Henry 


Mr. Henry Ford II 

Ford will destroy the company.” 
The Ford company failed last 
week in a slate Supreme Court 
bid to have the shareholders' 
suit dismissed, on the grounds 
that it was " a lawyer's lawsuit 
masquerading as a shareholder 
derivative action.” 

The suit was filed in April by 
Mr. John Lang, a trustee of 12 
shares owned by the four 
children of Mr. Thomas Bolan. 
Mr. Lang and Mr. Bolan are both 


NEW YORK. August 8. 

lawyers with the firm Saxe. - 
Bacon and Bolan with which Mr. 
Roy Cohn. The plaintiffs’ 
attorney, is also associated. Mr. 
Colin came in public prominence 
in the 1950s as. an aide to 

Senator -Joseph McCarthy. 

The suit alleges that Mr. Ford 
improperly accepted 8750.000 
from a supplier, misused com- 
pany funds to maintain apart- 
menis for his personal use, and 

engaged in nther improprieties, 
about which other directors 
knew or should have known and 
failed to prevent. Mr. Ford is 
also accused of authorising an 
improper payment of Sim to 
secure a contract from the 
Indonesian Government. This 
allegation is being investigated 
by The Department of Justice. 

Meanwhile, the Ford Dealer 
Alliance, representing lJiCMJ of 
the 6.500 Ford dealers in the 
U.S.. is refusing to allow the 
lacocca controversy in die down. 
The former pi evident was 
popular among the dealers, wlin 
regarded him as their principal 
contact and vnice at the lop 
level within the company. 

Mr. Ed Muliimc. president of 
the alliance, is surveying all 
dealers to try in establish the 
size of their aggregate share- 
holding in the company. Mr. 
Mullanc. who lia-t been fighting 
to have the lacocca decision 
reversed, has complained that 
"a worker on the line has more 
say than 6.500 dealers with 
SlOhn of investment.” 


U.S. energy policy record 
attacked by OPEC chief 



<jY DAVID i A5CELLE5 " 

THE SECRET AiRY-General of 
the Organisation of Petroleum 
Exporting Countries (OPEC) Mr. 
Ali Mohammed Jaidah, today 
accused the U.S. of dragging its 
feet over energy policy, and said 
that his organisation was view- 
ing the weakness of the dollar 
with growing concern. 

In an address to the annual 
meeting here of the American 
Bar Association, Mr. Jaidah 
expressed dissatisfaction with all 
major aspects of U.S. energy 
policy, and blamed it on the 
country’s “psychological in- 
ability” to confront its energy 
problems. J 

He said that although U.S. 
energy consumption was triple 
the West European level, he saw 
-little attempt to curb it in in- 
dustry, which was the largest 
single consumer with some 37 
per cent of the totaL Contrary 
to what many people thought. 


NEW YORK August 8. 

OPEC “welcomed measures to 
conserve energy,” he said. 

Mr. Jaidah also said the U.S. 
should do more to develop alter 
native sources of energy, notably 
coal of which be believed the 
country could be an exporter. 
He also urged development of 
nuclear power, though he ack- 
nowledged there were problems 
of technology and safety. 

The thrust of Mr. Jaidah’s 
attack was aimed at the only 
two areas where he saw change. 
U.S. attempts to reduce depen- 
dence on oil. he said, had been 
translated into an effort to de-| 
velop non-OPEC sources of oil, 
like the Alaskan North Slope 
and the North Sea. “This fever- 
ish development is designed to 
offload as much non-OPEC oil 
on to the market as possible,” 
be said. The exploitation effort 
should be more evenly distri- 
buted to avoid distorting the 
market and creating a glut 


Military group topples 
president in Honduras 


GENERAL Juan Alberto Melgar, 
the Honduras head of state, 
appears to have ben forced out 
of office by other officers. 

The armed forces announced 
that Gen. Melgar resigned last 
night and was succeeded by a 
three-man military junta. 

The new military junta is 
headed by Gen. Policarpo Paz 
Garcia. Coaunander-in-Chief of 
the armed forces during Gen. 
Melgar’ s three-year administra- 
tion. 

The last months of the ad- 
ministration were overshadowed 
by charges of governmental 
squandering and an outcry over 
allegations that senior army 
officials were linked with drug- 
trafficking. 

Gen. Melgar was brought . to 
power by a group of colonels in 
April, 1975. He displaced Gen. 
Oswaldo Lopez Arellano, who had 


TEGUCIGALPA, August S. 

refused to reveal his personal 
wealth to a commission investi- 
gating a bribery scandal. 

The Superior Council, rulinq 
body of <tlic armed forces, said 
that the men in the new junta, 
besides General Paz, were Col. 
Amilcar Celaya, the security 
forces chief, and Col. Domingo 
Alvarez Cruz. 

His predecessor. Gen. Lopez, 
had been the strong man of 
Honduras politics for 12 years. 
He was brought down during an 
inquiry into an admission by the 
giant U.S. food company. United 
Brands, that it had paid a 
SI .25m bribe to ;.n unnamed, 
senior Honduran official. 

United Brands said it paid ihe 
money in 1974 to win tax con- 
cessions on banana exports from 
its Honduran plantations. 
Bananas are the republic’s main 
export. 

Reuter 


- . > A large proportibri of the cost of building 
materials isthe cpaVoitgeisorelectricity used to 
makethem.Therefbre^ifwewa keep 


to produce the-same^mount of goods. 

; vv'".V\^Our succesghasbeen outstanding. 

->- A of coal 

;^v : e^V®s r -v .. * 

•L; : : This- nota ble Tesiilt is. typical of why the 


BuildingMaterials Industry is a good example of 
private enterprise working for Britain. 

Lastyeai; we also exported £1 f 000 million 
worth of products. 

•- Formany years, we have ehjoyedexcelient 
industrial relations. 


And, despite the harsh cut-backs in 
government spending, we continued our policy 
of steady investment. 

You could say that although we put less 
energy into our products,we do put more energy 
into making them successful. 


The 




A solid base for Britain's economy. 


Industry 


V’ 


x 








4 


OVERSEAS NEWS 


WORLD TRADE NEWS 


Financial Times Wednesday August 9 19% ,y ; . 


C h ina and Vietnam clash 
at refugee negotiations 


NEGOTIATORS FROM China 
and Vietnam took a tou?h line 
in Hanoi today when they opened 
talks aimed at settling their dis- 
pute over the position of ethnic 
Chinese in Vietnam. 


The Vietnam News Agency, 
monitored in Hong Kong, 
reported a sharp exchange of 
words when the Ministers met the 
press. It said the Chinese chief 
delegate. Mr. Chung Hsi-tung, 
Vice-Foreign Minister, accused 
Vietnam of ostracising, persecut- 
ing and expelling Chinese resi- 
dents. 


Mr. Hoang Bich Son. Viet- 
namese Vice-Foreign Minister, 
answered: “ What must be 

stopped is the enticement and 
forcing of Hoa (Chinese) people 
to leave for China and not the 
expulsion of Hoa people, which 
the Vietnamese side has never 
done." The agency said the two 
Minister.; were speaking to 
reporters after the first round of 
talks. 


Vietnamese side in bringing the 
negotiations to results that met 
the wishes of both peoples and 
the world. 

The agency quoted the 
Chinese chief delegate as saying 
that his country respected the 
Friendship between the two 
peoples. He hoped for satisfac- 
tory results from the negotia- 
tions. 

The agency gave only a few 

excepts from Mr. Ksi-tung's 
statement but quoted Mr. Hoang 
as saying that it was regrettable 
that incidents had occurred over 
the question of Chinese people 
in Vietnam, causing tension in 


NIGERIAN OIL 

Sensitive 
pricing to 


HONG KONG, August S. 

the relations between the two 
countries and harming tbeir 
friendship. 

To sit together to settle | 
differences was very important 
but even more important was 
sincerity and goodwill on bath 
sides, Mr. Hoang said. 

In Peking, an official spokes- 
man reported the opening of the 
talks without details. According 
to the Vietnamese news agency 
50 Vietnamese and foreign 
reporters were allowed Into the 
ball for the first few minutes of 
the meeting. The actual talks 
were held behind closed doors. 
Reuter 


Japan offers compromise 

TOKYO. August 8. 


BY ROBERT WOOD 


.More than 160,000 ethnic 
Chinese have crossed inio China 
from Vietnam since early this 
year and Peking has accused 
Hanoi of expelling thorn. Vietnam 
has denied this and said that they 
were being persuaded to leave 
Vietnam by subversive elements 
encouraged by Peking. 

The two Ministers expressed 
the hope that the talks would he 
successful, the agency added. 
Mr. Hoang said Vietnam Would 
spare no effort to contribute 
positively to the results uf the 
negotiations. 

“The Vietnamese side has 
always preserved the friendship 
between the Chinese and 
Vietnamese peoples. The 
Vietnamese people have always 
hoen loyal tn the Chinese people 
and the Chinese revolution," he 
said. 

If the Chinese side wished for 
good results from the negotia- 
tions, it would join the 


MR. SUN AO SONOD.A. Japans 
Foreign Minister, flew to Peking 
today to sc:k a breakthrough in 
negotiations for a peace' and 
friendship treaty, between Japan 
and China. 


Asabi Shimbun. one Japan's 
leading' newspapers, reported 
that the Foreign Ministry had 
prepared a new version of the 
third-nation clause, a provision 
sought by Japan that China is 
reluctant to accept. Japan's 
original wording: “This treaty 
is not directed at a specific third 
country." was said to have been 
changed to: “The conclusion of 
this treaty by Japan and China 
and maintenance of peace and 
friendly relations will not dam- 
age diplomatic relations with 
any other country." 

Japan has demanded the in- 
sertion of such a clause as a 
condition for signing the treaty 
with an anti-hegemony clause 
that the Chinese are demanding. 
The anti-hegemony clause would 
declare that both countries 
oppose attempts by any outsider 
to seek hegemony in the region. 
The outsider the Chinese have 


In mind is' clearly the Soviet 
Union, but the Japanese want 
the treaty phrased in such a way 
that they can declare it is not 
anii-Sovi’et. The Chinese have 
opposed previous Japanese pro- 
posals for a third-nation clause 
as illogical. 


overcome 
past errors 


By Mark Webster 

LAGOS, August 8. 
NIGERIA is prepared- to offer 
longer-term pricing agreements 
on oil sales to improve relations 
-with its customers- and obtain 
steady income. Colonel 

Muhammadu Buhari, chairman 

of the Nigerian National Oil 
Corporation (NNPC) said here 

Nigeria is also considering 
making barter deals exchanging 
oil for goods in order to con- 
serve foreign exchange. But the 
country would not make deals 
which would affect Nigeria's own 
oil market, he said in an inter- 
view with the Financial Times 

Col. Buhari said that Nigeria 
had learnt its lesson from the 
dramatic fall in its oil exports 
in Jaouary and February this 
year and future oil pricing policy 
wouid be mucb more sensitive 
“We have made mistakes, we 
would not deny that. But we 


A 


The new Japanese proposal, as £“7*, ear o ed a great deaL 
re p orted, is similar to a Chinese j |tmg tero [ agreement is better 


proposal given to Japanese 
reporters an Saturday. Pre- 
viously, tbe Chinese bad objected 
to the phrase, “specific third 
country" in Japanese drafts of 
the third-nation clause. They 
preferred to leave the term 
“third country” unmodified. 

Since Oriental languages do 
not use articles or plural forms 
of nouns, it would be possible to 
read the clause as saying that 
the treaty was not directed at 
third countries. The Japanese are 
apparently attempting to com- 
promise between their own desire 
to say the treaty is not diverted 
at a specific third country and 
tbe Chinese desire for vagueness 


by saying simply that the treaty* said. 


for both sides than taking ad van 
tage of short term changes," he 
said. 

He said that Nigeria’s pricing 
policy which led to the fall in 
exports between October 1977 
and February 1978 had been 
governed by the spot sales on 
the international oil markets. He 
said oil company executives 
warned him in the autumn of 
1977 about the danger of .main 
taining the high price of Niger- 
ian crude. 

“ But it’s so difficult when you 
can see from the spot market 
that they still have some edge on 
what you are selling them," he 


will not damage relations with 
any other country. 


Beirut Christians prepare for 
full confrontation with Syrians 


BY IHSAN HIJAZI 


BEIRUT. August 8. 


He agreed that Nigeria had 
misread tile world market when 


CHRISTIAN MILITIAS were town of Kawkaba next to the officials and political leaders 
reported today to be preparing position of United Nations troops, claiming that Syrian troops were 
for an all-out confrontation with As the bombardment in engaged in a campaign to destroy 
Syrian troops of the Arab peace- Beirut gained in momentum Beirut's Christian community, 
keeping force. yesterday so did the pounding According to a communique 

Intensive clashes during the of the 600 Lebanese troops at from tfie peacekeeping force, the 
past two days have given way to Kawkaba. Christian militias last night used 

sporadic shooting and shelling An army communique here tanks and long range artillery to 
and Beirut is now calmer. But accused the Israelis of doing the hit Syrian positions, 
well informed sources were shelling, but Israel quickly Informed sources believe the 
quoted by the leading daily An denied the charge. The shelling militias will try to keep the pot 

Xahar today as saying the Chris- is undertaken by the Israeli- boiling to prevent the govem- 

tian militias could not pul up backed Christian militias en- ment oF President Elias Sarkis 

with tbe current “war of trenched in the border strip. from extending the mandate of 

attrition “ much longer, and wanl The militias had obstructed tbe Syrian troops here, 
now m irv to bring lho military the advance of the battalion by The mandate is due to expire 
situation io a head. constant shelling and mining the on October 20. but tbe Arab 

Meanwhile there is growing roads out or Kawkaba. League will have to take a 

concern about possible Israeli Major Mahmoud Mattar. the decision on the matter when it 

intervention in the Lebanese head of the army’s fifth branch, holds its regular session in Cairo 

crisis Observers see a direct said Ihe militias were tools of next month. 

link between the tension in Israel and that they would not Right-wing leaders have in-|J£om °ujvnl probably decline to 
Beirut and the impasse in dare fire on the battalion if sisted the Syrians must withdraw *" 

soul hern Lebanon involving a Israel did not back them up. from Beirut at once, and from 

Lebanese battalion whose ad- Observers here noted the re- Lebanon altogether when their 
vance has been hailed at the newed statements by Israeli present mandate expires. 


it was fighting for a shrinking 
market in light low sulphur 
crude against North African 
suppliers and against increasing 
production from the North Sea. 

The business which Nigeria 
lost was in the main tbe third 
party customers who were either 
smalt companies .which could not 
afford to have their margins 
squeezed or large companies 
which took only a small part of 
their supplies from Nigeria 
Their annual contracts came up 
for renewal in the autumn and 
many of them did not renew. 

Oil production reached its 
lowest point in January and 
February when it was 1.45m 
barrels per day (b/d) compared 
with 2.09m b/d at- the same time 
last year. Since April reductions 
of between 10 and 17 cents per 
barrel related to the volume 
bought by the operating com- 
panies have boosted oil exports 
considerably and production is 
now up to 1.89m b/d and may 
reach 2.0m b/d by the end of the 
year. 

Nonetheless. Nigeria's /income 


Fraser faces 
criticism 
over dismissal 


Australia, U.S. 
conclude 
nuclear accord 


By Our Own Correspondent 
CANBERRA, August S. 


By Our Own Correspondent 
CANBERRA, August 8. 

THE Australian Prime Minister. AUSTRALIA TODAY concluded 
Mr. Malcolm Fruser, faced strong an interim agreement on nuclear 
criticism from within his own safeguards with the United 
Liberal Parly luday over tbe States. 

dismissal of the fifth-ranking The interim agreement, con- 
member of cabinet. Senator tained in an exchange of notes 
Reginald Withers. between the Australian Foreign 

A number of Lihcrut parlia- Minister. Mr. Andrew Peacock. , 
montanans publicly defended end Hie U.S. Ambassador. Mr.j 

Senator Withers and ihrealened Philip Alston, established safe-! neighbouring provinces, a 
action if he were not reinstated, guards to opeftte until the 1956 j days ago. They have stayed on to 
They claimed that if Senator Aiistlralia-U.S. Nuclear C**-npera-i provide more general relief, fly- 


W. German air 
force joins in 
aid for Sudan 


By Alan Darby 

KHARTOUM, August 8. 
WEST GERMANY'S air force has 
come to the aid of Sudan by fly- 
ing supplies from Port Sudan to 
Khartoum and towns in western 
Sudan. 

Six German Transall transport 
aircraft flew to Khartoum with' 
medicines, food and tents for 
flood victims in the Gezira and 

few 


Withers liad acted improperly in lmn Agreement can be formally 
influencin'.: elcctor.il emumis- renegotiated, 

sinners to alier the proposed Mr. Peacock said the interim 
mum- of an electorate hist year, agreement would help Australian 
Mr. Fraser was equally culpable >a reguards negotiations with 
lu-eause he had known about u other countries by providing a 
fur seven months and taken no procedure to deal with eases of 
action. “overlapping controls. 

The Labour opposition leader. Such overlapping could arise 


mg aircraft fuel, sugar, milk 
powder and other foodstuffs from 
Port Sudan to Khartoum. 

The West Germans also flew 
aviation fuel to El Obeid in the 
West. Missions to El Fasher are 
also planned. 

In addition, three planes 
chartered by the Protestant 


Mr. William” Hayden, was quick when Australian uranium was I charitable organisation. tbe 

■ . < i:< : t .. . _ r iu_ Avitnt*tnrl Irv n third f'fllln ! rv tnn I flivnm *»n 


in lake political advantage of the exported to a third country via! German Dioconic Association, 
crisis. He said Mr. Fraser was Ihe U.S. for enrichment. I have flown in 600 tons of agricul 

deeply involved in the cover-up When this happened, the third Jturai chemicals. West German 


Government aid is valued at 
DM2tn and the association's at 
DM 800,000. 

It is reported that any relief 
flights to the southern region will 
be bandied by Saudi Arabian Her- 
cules aircraft, which are also 
assisting Sudan. 

Sudan's need for logistic sup- 
port is due to a number of 
factors. The refinery at Port 


attempts and could not escape country needed to obtain the 
responsibility simply by “sack- prior consent of both Australia 
jng an accomplice." and the U.S. for any retransfers. 

Mr. Fraser today made public high enrichment or reprocessing, 
a Royal Commission report Under the new arrangement 
which caused him last night to tbe U.S. would in effect act as 
dismiss Senator Withers, who Australia’s agent, seeking Aus- 
was the Government’s leader in traiia's approval before giving its 
tiie Senate as well os Minister for own. 

Administrative Services — a Mr. Peacock said that the 
department which includes the interim agreement reaffirmed the . 
electoral office. safeguards in the 1956 Agree-j Sudan has been closed for two 

The report said that Senator ment. as well as new and more! weeks because of a water short- 
Withcrs had acted improperly by stringent safeguards require-! age and the supply of Iraqi crude 
intervening to change the name mentis set out in the recent i has been intermittent Tbe rail 
of a proposed electorate in Nuclear Non-Proliferation Act j link between Port Sudan and 
Queensland during u redistnbu- in ihe U.S. and the Australian j Khartoum has suffered at least] 
lion of electoral boundaries. Government’s policy announce- j two major wash-aways. The Port] 
in a .statement issued after a ment of May 24 last year. 'Sudan to Khartoum pipeline is 
special cabinet meeting today. Australia yesterday signed its working at about 60 per cent of 
Mr. Fraser justified his action second bilateral nuclear safe- 1 capacity. The railways have been 
by saying the community rightly guards agreement The Australia- 1 beset with equipment manpower 
demanded a high standard of Philippines agreement was signed] and management problems and 
behaviour from Government by the Deputy Prime Minister. [the domestic airline is going 
.Ministers. Mr. Douglas Anthony, in Manila. i through s difficult period. 


UK protest note to Zai 


BY MICHAEL HOLMAN 


LUSAKA, August S. 


Naira 5.2bn. which is a drop.uf 
18.75 per cent. Combined with 
the effect of inflation and the 
falling value of the' U.S. dollar 
that could mean a fall in the 
country’s real income from oil of 
around 40 per cent 

Colonel Buhari agreed that the 
market would be reluctant to 
take up the offer of long-term 
pricing until the future price 
trends become clearer. Any 
agreement would also have to 
be within the rules of OPEC. 
“We are trying to see if we can 
get long-term contracts which 
we were not Interested in before. 
We know that it is a buyers’ 
market and they are being 
cautious. They don’t want to 
commit themselves to buying If 
the prices are going to go down 
further.” be said. 

The Federal Military Govern- 
ment was reluctantly considering 
more barter deals, he said, in 
order to fulfil some of the com- 
mitments of the National 
Development Plan. Ministries 
have been asked to submit lists 
of projects which they believe 
could appropriately be paid for 
in oil. 


“We are reluctantly going to 
give oil because we lack the 
foreign currency to pay far the 
materials we need. If these 
countries are prepared to accept 
it we will pay in- oil but we are 
very mindful of our market. As 
long as it is new ground we have 
no objection. What we would 
not like .to do is barter where 
we would be in competition with 
our own operating companies in 
our own market If we thought 
it would affect our own market 
we would not go ahead," said 
the Colonel. 


Colonel Buhari has only just 
taken up his new position as 
chairman of the NNPC after 
being Commissioner for 
Petroleum for the past two and 
a quarter years. During that 
time he has been the man most 
intimately concerned with form- 
ing Nigeria’s oil policy. He left 
the commissioner’s post at the 
end of July as part of moves to 
reduce the military’s role in 
government before civilians take 
over in October 1979. 

Col. Buhari was also respon- 
sible for improved incentives to 
oil companies for exploration 
and there has been a significant 
upturn in the level of explora- 
tion now being- carried out. “I 
ihink it reflects the confidence 
they have in our country,” he 
said. 

As far as future pricing is 
concerned, he says, this govern- 
ment is not planning any 
changes. “ I don’t believe there 
will be any change in any oF 
tbe policies we have been able 
to articulate .as far as the oil 
industry is concerned. 1 don't 


THE BRITISH High Coinmis- their farm at Cboma 50 miles Force. 

sioncr to Zambia, Mr. Leonard from the Rhodesian border. Tbe first note was delivered 
Aliinson. is expected lu deliver They are seriously ill in a shortly after Zambian forces shot 
a second protest note over Lusaka hospital. The soldier has down a light aircraft flying near 
border incidents involving been arrested and the Zambian the border, killing the pilot and 
British subjects and Zambian army has expressed its regrets, the three passengers, all British. 

soldiers, diplomatic sources said No news of the incident, how- A government statement said the 

here today. ever, has so far been carried in aircraft was in a restricted area believe there will be any change 

The note, to be presented to the Zambian Press or on radio for which it had not received j because the government is well 
the Ministry' of Foreign Affairs, and television. clearance. j informed about what is going 

follows the shooting oh Saturday The sources say the note will There is considerable tension | on." he said. “Without an 
„f two Zambian-born British reler to the shooting as welt as along the border area as a result | economic miracle in the OECD 
farmers bv a Zambian soldier, several incidents in which of clashes between Rhodesian ] countries we have to be very 
Charles "and Haimsh Ross. British subjects have allegedly forces and guerrillas of Mr. I careful in handling the industry 
brothers in their late twenties, been ill-treated by members rff Joshua Xkomo’s Zimbabwe ! for' continuity and for winning 
vere *hoi while driving near the Zambian National Defence African Peoples Union IZAPU). I their confidence." 


Japan to revive subsidy f 0 or 

scheme for shipbuilding ° r r 




BY OUR OWN CORRESPONDENT 


TOKYO. August S. 



JAPAN’S Ministry of Transport Bank and other city hanks to vessels through thetr foreign 
is to revive its controversial help finance 52 per cent and 2S subsidiaries or affiliated foreign ) 
scheme for subsidising ship- per cent respectively of the price shipping companies so as to use.; 

, . . rmnnlilUint 0 _ , H>B 1**EH 


Lockheed 


By Michael Donne, Aerospace 
Correspondent 


owners which was dropped at the of vessels built with Government foreign crewmen who are less 


end of the 1974-75 financial year, approval. It will also provide expensive than Japanese crews. 

Under the' scheme payment of an interest rate subsidy of 1-325 They then charter back these 
interest on Funds raised for per cent, on the loans provided vessels under foreign flags. Toe 
building new vessels under by the Japan Development Bank Ministry of Finance, then has to 
Government-sponsored shipbuiid- and a subsidy of 2.5 per cent on set up favourable interest SUD' 

ing programmes is covered by City Bank loans. sldies so that the cost difference ^ _ — 

the Government. The re-introduction of Govern- between foreign and -tispanesci market for the future. 

The scheme, which was first ment subsidy payment schemes crewmen is cancelled oul inis market is already domi- 

adopted in 1947, was dropped is intended for Japanese-owned would then stimulate l nated by Airbus Industrie, the 

four. years ago when it was felt vessels. However. ^Japanese tion demand for Japanese owned ^ consortium which is 


LOCKHEED OK the U.S.,' Which 


already builds the TriStar tri- 
jet airliner with RoUs-Rbyce ItB- 
21Z engines, is offering- a notf 
version of the air era It to world 
airlines, the Series 400, to com- 
pete in the “200-seat" airliner' 


that Japan's shipping lines had shipping companies tend to order vessels, 
become financially strong enough 
to do without the interest rate 
subsidy. 

But the Government now con- 
siders it necessary to reintroduce 

the scheme to help the shipbuiid- . 

ing industry get over its present HONEYWELL INFORMATION by Mitsubishi Office Machinery, 
slump. Other rescue measures Systems has announced the estab- an office equipment dealer. _ Mif- 
olready announced are con- . ,, Q ni.iro with snbishi. Office Machinery is in 


offering its B-10 version of the 


Honeywell joint venture 

TOKYO. August S. 


I A-300 Airbus, and by Boeing. 


BY ROBERT WOOD 


a ready announced are con- nf _ « oim venture with sn o«ni. umce Macnmny ■» 

sldered to be insufficient to help Iishn ! en ‘ of 3 ^ “.VI tUrn 47 Percent owned by Mitsu- 

ibe industry through the crisis. a subsidiary of the Mitsubishi bishi corporation, the trading j j Qr de |j very , n 19S1 — a . year 
The Ministry plans to intro- Group to sell its products in company of ihe Mitsubishi Group. , earlicr than either the B-10 or the 
duce the necessary financial Japan. Its other stockholders include I -g-_ 

measures in the supplementary Honeywell is the last of the Mitsubishi Electric and Fujitsu, j Scries 400 TriStar would 

budget for fiscal 1978. It would major U.S. computer makers to Japan’s largest makers of ornee cost £gom to develop, it will be 
like to apply the subsidies retro- establish a sales company in computers and large-scale com- s ht>rtcr in length than .the "basic 
actively for those ships con- Japan.. The joint venture will puters respectively. [ TriStar. and carry 230 passengers 

strutted in fiscal 1978. be called Honeywell Information The new venture will have a 0Vtir nj^jj 0 r 3 J00 to. 5,050 

The Government will extend Systems Japan. It will be SO per staff of 230. almost all tF™ 5 * 1 nautical miles, 
long-term low-interest • loans cent owned by the American ferrad from Mitsubishi Office j While basically the Sbrles -kX) 
through the Japan Development parent and 20 per cent owned Machinery. 


I which has launched its model 1 
with a bid order Irom United Air 
Lines. 

I. Lockheed is determined not to 
be left out of this markeL where 
sales of several hundreds of .air- 
craft arc likely over the' next few 
vein, and it is making “firm 
offers” of the Series 400 nlTcraft 


Rise in clothing sales abroad 


BY RHYS DAVID 


in June, however. 


! TriStar will be offered with Rolls- 
{Rovee RB-211S, Lockheed is 
I willing to consider any of the 
current generation i of “big 
thrust" engines, includes the 
Pratt and Whitnev JT-9D or 
General Electrir CF-6 series^ if . . 
this helps to promote . sales... 

Tbe • Lockheed -• decision 
oush the Series . 400 hardirirthe?; 


BRITAIN'S clothing industrv is of £lba in exports by I9S0 has Imports . - 

continuing to increase its been set for the industry by the were at-a very high level, reach- 200-seater market now lueaw-tnxt- 

exports substantially with the Clothing Export CounciL . ing £74m— an" increase or 38 per: airlines which ^ already.. ^ 

exports suostannaiij. with tne .... a cent over the same month last TrlStars but which also netjj;- 

total value of goods sold over- The industry s increased year, while exports in June rose 

seas in the first six months of export performance has been by n nly 27 per cent to a monthly 

this year reaching nearly £300m. achieved despite buoyancy in total 0 f, «Sni. The imports 


smaller aircraft, can acquire tfe. 
latter without complicating their 

„ . , - , , . ... — - — fleet -engineering and main-; 

The figure for tbe period £? home m jS?? surse 111 June may not ** "H tenancc systems with, different i 

— £294 7ra— represented an in- l b,s ? ea C' been peated during the rest of the: types of aircraft. This -could 

crease of nearly 20 per cent on feared ,mght r lead 10 souie dlver ‘ year, however, as- the effects of ! raean savings of many millions; 
the same Derind last vear when SIon a . way froui °Y ers * as . mar * the bilateral agreements reached 1 0 f dollars over the in-seryice fife 
total ^SojtT 22re la&m and ^ Imports Into tbe UK in the undr th e G ATT multi fibre J} an aircraft of up to 15 years', 

Srther Tmnrowmentfe Seated brst S1X ia0 / lt £ s were U up f 00 * e arrangement begin to take effect. 0 f st) . ; . . 

in^ the second b?lf tndSS S u™ e penort the ye ! r befor ? b V* This is thought to have produced | Tbe question now outstanding , 
he bert period for UK ctoffln" ^V, 00 ' ^creased more slowly some bunching of deliveries tn jis wh at the other major mabu- _ 
exoorts which are rtnnM in 3^ - ll per ^nt-than exports, the-earlier part of the year. fac ttirer. McDonnell : Douglas. 


pxnnrtc which ar«» ctrnne«*«t in — ■* 1 1 iue -earner pari 01 me >eai. 

heavier weight garments. 0 ^ Clothing imports in tWanuary- Figures published by the CEC 


June period totalled £420m com- show that the EEC. where much 


intends to do. I| has 4 SOPWl 

. , - „ — — - -design, the DC-X-20(t : but j«tfar-: 

The industry is expecting as a pared with £378m a year earlier of the export effort has been con-.; has not said whether or nflt it . 
result to end the year ahead of leaving a trade gap of £126m centrated over recent years. ! n ]ans to build it - .-il"—'. 

Ud voqp'e r-i-n-H Crt/lft... ..I ...s*U t-IO-J— ,i r I* V..1C ! lu . .. 


last year's record total of £60 (hn compared with £l32m in the first now accounts Tor around half 
oversea^ sales. A target figure half of last year. total sales overseas. 


Warning on Polish-Soviet deal 


BY CHRISTOPHER BOBiNSKI 


A POLISH weekly has warned present level of participation by Figyelo also wrote that the 11 
that the costs of the country’s Poland “ is only a forewarning of joint Comecon ventures located 
participation in raw materials what awaits us in the not too in thib Soviet Union will cost 
investments located in the Soviet distant future." 7.4bn transferable rubles and that 

Union, which are to be repaid by The article provides no details the East European countries will 
the - Soviet Unioa in kind, will of -the size of present or. future provide ; 3.4bh - rubles of this 
rise dramatically. investment burdens, but the figure. 

.An editorial in the weekly Hungarian paper Figyelo earlier Comment on the economic 
Przeglad Tecbniczny says that this year said that Poland bad feasibility of this kind or project 
the cost of investments connected allocated 2.3 per cent of its for the raw-mate nal-svarcc East 
with the transport of Siberian oil investment budget to projects of European countries was atso pro- 
and gas (which it says will be the this kind, vldtd earlier this' year by Prof, 

main source of Comecon energy This was less than East Kalman Pecst, a member nf the 
after the year 2000) will be Germany which had devoted 3 to Hungarian academy of sciences, 
enormous ... 3.5 per cent of investments to writing in Kulgazdasag, a foreign 

They will be capital-intensive joint Comecon projects. Hungary trade monthly^ . 
investments on an • enormous with Us total of 4 per. cent and According to Mr. Pecsi, 
scale and Poland must begin to Bulgaria with 2.5 to 2.6 per cent interest rates on this kind of 
prepare itself for undertaking But it was more than Romania’s credit are low and inflation 
them,” the weekly writes. The 2 per cent allotment T diminishes their value with time. 


The company can hardly stand- 
by and see the big market Ip r 
200-sea ter jets going to. its rivals 
in Europe and at Boeing and. 
Lockheed, however, ,'tiid it is 
possible that it may; decide soon 
formally to launch th^DC-X^OO 
on to world markets auo.. - . 

Lockheed .says it fob reached 
agreement with the British 
Government for “ stretching". M _ 
Royal Air Force ■ Lockheed Her; ., 
cuJes aircraft, with the worktu . 
start ;this autumn and he £0®,; • 
pJetSd ; wlthin-Abbut four years.;;-. 

In June, the U.S. Air Forces 
awarded the company' s contract 
to stretch its entire fleet of 271 
Lockheed C-141 aircraft. 


Generators for 
West Germany 


ELECTRIC CONSTRUCTION of 
Wolverhampton, a Hawker 
Siddeley company, bas formed 
a hew company in West Germany. 
ECC Genera tore nvertrieb. 

The new company will be the 
focal point of a campaign to 
secure a share of tbe West 
German industrial and marine 
market for ac generators up to 
D kVA. In addition to its mar- 
mg and selling functions. ECC 
Genera to renvertrieb bas its own 
warehouse already containing a 
substantial volume of completed 
generators and accessories avail- 
able for immediate delivery to 
tire - many large outlets, in 
Hamburg and further afield. 
Technical sales and service 
facilities are also on call from 
the newly established company. 


Dutch gas exports fall 


BY CHARLES BATCHELOR 


AMSTERDAM, August 8- 


DUTCH GAS exports fell by ten June 1977. 
per cent to 24.4bn cubic metres Domestic consumption rose by 
in the first half of 1973- com- 4 per cent to 24^bn cubic 
pared with the same 1977 period, metres although this was less 
The reasons for tbe decline, than expected. Despite the 
which continues the trend begun boost to demand from the colder 
last year, were the low level of than average . weather, the low 
economic activity and increased level of domestic economic 
deliveries from the Norwegian activity and ’the extension of the 
Ekofisk field to West Germany, duration of' delivery contracts 
France 3nd Belgium at the cut demand. 
expense of Dutch gas. Gasunie. tbe -national gas 

Holland also recently re- distribution company, recorded 
negotiated its export contracts to its first fall in exports last year — 
allow the same amount of gas by two per cent-~since Holland 
to be delivered over a longer became a major gas producer in 
period. This change in policy is the early 1960s. Exports were 
also reflected in the lower initially not expected to start to 
deliveries. Exports in June taper off until 1980 as contracts 
showed a particularly sharp Fall are allowed to expire. Holland 
— of 30 per cent — to only 2J>bn is now saving. its gas for high 
cubic metres compared with value domestic 4ise. 


Guarantees 
modified by 
Eximbank 

' .WASHINGTON,. AugustS. 


THE VU.S. Export-Import Bank 
(Eximbank) has modified its 
mediunfcterm export credit pro- 
grammes to help foreign dis- 
tributors of machine tools, agri- 
cultural equipment and other 
capital goods to sell more U.S. 
products abroad. 

Under the new arrangements, 
the Eximbank and the Foreign 
Credit Insurance Association 
(FCIA), a group of" U.SL '.in- 
surance underwriters, will per- 
mit qualified foreign distributors 
of U.S. capital goods, jto switch 
their export credit guarantees to 
“ credit-worthy " customers wro 
will be the end-users of the U-S. 
exports. This option', was not 
previously available'. ' V 

While the switching of- guaran- 
tees will be done dp a case-by- 
case basis. Eximbank officials say 
the new procedure wiii permit 
foreign, distributors to- use their 
capital to stock more Inventory 
and thus buy mBre equipment 
from U.S. suppliers. 

AP-DJ . . ' 


BRAZILIAN TRUCK INDUSTRY 


Drought brings a crisis in sales 


BY SUE BRANFORD IN SAO PAULO 


LORRY MANUFACTURING in 
Brazil is passing through an 
unexpectedly serious crisis this 
year,, which contrasts sharply 
with the surprisingly good per- 
formance being achieved by tbe 
motor Industry as a whole. 

Lorry sales fell 14.2 per cent 
during the first half of this year, 
from 56.157 vehicles in 1977 to 
48,179 In 1978. The worst-hit com- 
pany has been Swedish Saab- 
Scania. which, unlike tbe other 
manufacturers. is almost 
exclusively dependent on lorries 
of the 40-tonne range and a few 

bodes. 


Its sales have slipped by 38 
per, cenu from 2.148 lorries 
during the first half of 1S77 to 
just L324 lorries this year. It 
recently announced that, after 
reducing output by a fifth, it 
would be cutting its workforce 
by J5 per cent. About 300 wor- 
kers have already been sacked 
aod a further 150 dismissals are 
expected. 

It' is no coincidence that the 
outbreak of strikes, which began 
in greater Sao Paulo in May and 
continue up to the present, 
started in Saab-Scania. As an 
emergency measure, the com- 
pany had abolished overtime. 
Brazilian metal-workers, ' who 
earn a quarter or less of the 
wages received by their Euro- 
pean counterparts, depend 
hrevily. on overtime to swell 
their pay packets. 

The present difficulties in the 
lorry sector are being attributed 


mainly to widespread crop 
failures, caused by the prolonged 
drought, which, despite a partial 
recovery in coffee production, 
will lead to an overall fail in 
agricultural ' product this year. 
Additional factors have been 
anti-inflationary measures by the 
Government, including a cut- 
back in special Government 
financing programmes for lorry 
purchases and tightening of the 
payment period for lorries, 
which was reduced from 36 to 
24 months. For a small transport 
company, a monthly outlay 'of 
£1.400 to pay for a £35,000 heavy 
lorry, is an extremely heavy 
commitment. 

The manufacturers have been 
hit in very unequal fashion. 
Mercedes-Benz, which has been 
doing well in recent years, has 
consolidated its position. Its 
sales have even increased this 
year, reaching 28.231 lorries, 
which is 9 per cent up on the 
25.785 lorries sold during the 
first hair of last year. 

Part of the German company's 
success Is explained by its con- 
centration on smaller — and 
cheaper lorries, widely used in 
urban transport and thus less 
affected by the drought. In 
more general terms, however. 
Mercedes-Benz has continued to 
take advantage of the massive 
swing against petrol-driven 
lorries. Whereas in 1973. 57 per 
cent of the lorries manufactured 
in Brazil ran on diesel: by last 
year the proportion had risen io 
an overwhelming 97 per cent. 


More than any other manufac- 
turer. Mercedes-Benz, which has 
always manufactured diesel- 
driven vehicles, -was ready, wait- 
ing in thp wings, to take advan- 
tage of the hew trend. The 
change was in part provoked by 
the government, which, in its 
zeal to cut petrol- consumption 
by private cars, has constantly 
authorised larger . increases in 
the price of petrol than diesef. 

Another company which is 

weathering the. storm without 
much damage is Ford. Its lorry 
sales have /risen slightly, from 
9.046 during the first, half of 
1977, to 9.323 this year. Manage; 
nient sources attribute much of 
their success' to new. popular 
models introduced during the 
whole of last year.' 

Apart From Saab-Scania, 
another manufacturer to have 
been badly fait is Chrysler. Its 
sales have fallen by 56 per cent 
to 1.186 lorries during the firat 
half of this year.- - 

The other torry manufacturer 
to have been adversely affected 
is Fiat, which last year took over 
F.N.M. fFabrida Nacional de 
Mo to res) which bad been con- 
trolled by Alfa Romeo and pro- 
duced both cars and lorries In 
the Rio de Janeiro plant 
Although lorry sales are badly 
down. Flat is carrying on with 
its plan to move car production 
tn its new factory in Minas 
Gerais to leave the old F.N.M* 
plant free to .produce lorries 
exclusively. 

The fall in demand for lorries. 


particularly heavy models, - has 
alarmed manufacturers. “ With 
Brazil's leading role as agricul- 
tural exporter, it was widely 
predicted a few years ago that 
heavy lorry production would be 
tiie filet mignon on the -motor 
'industry in coming years.' 

Because of these expectations, 
Mercedes-Benz will be opening a 
new factory in Campinas in Sail 
Paulo ' State at the end of '.the 
year. And Volvo wilt begin heavy 
iUrtT-'riroduction in its factory In 
Curitiba in Parana State 'in 
1986-81. which, is precisely -the. 
period when Ford and General 
Motors are considering ‘ entering 
the field. . 

Volkswagen, which dominates 
passenger ; car production. ' in 
Brazil, has also announced that 
it will be moving into light lorry 
manufacturing. AH these manu- 
facturers are hoping that the 
problems faced by the sector will 
soon pass. 

Meanwhile, sales on . the 
domestic market for the motor 
industry as a whole have risen 
by a remarkable— and nuhe un- 
expected— 1S.4 per cent to 4&4.1S3 
vehicles. Manufacturers them- 
selves are at a loss to explain 
the increase. 

Production for the. mptur in- 
dustry as a whole. Including ex- 
Ports, which may reach a record 
Si bn Inis year, increased bv 33 
per cent to 510.483 vehicles. This 
suggests ' that the production 
target of lm vehicles in a sinale 
year, which has beeH eluding the 
sector for several years, may 
finally be achieved. 



















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■ 1 : 9.-. 1973 


HOME NEWS 



BY RAY DAFTER, ENERGY -CORRESPONDENT 


THE GOVERNMENT 7 baa, COJ* 
firmed the award flf .tbxw inore 
offshore oil blocks issued under 
the fifth round -of n licences — 
some three years-^er thfiy were 
first promised, : V- *. ' ' ’ 

The blocks, twb in the South 
'Western Approaches and one in 
the North Sea, ware allocated 
conditionally in -October, 1976, 
a year after the Government had 
announced -that - it 1 was issuing' 
□ew. licences to. boost .explora- 
tion, " ’ • ■ K 

However; as with, other fifth 
round blocks, their formal allo- 
cation has: been delay ed . while 
companies and the staterowned 
British National Oil Corporation 
have argued about the ; new, 
package of condi tions introduced' 
with the licences.- For' instasce^ 
BNOC has a- 52 per cent stake 
in virtually . all. of 3he 44 blocks 
awarded iu the fiftb^roand. 

Those, announced ■ . yesterday 
are: blocks 86/13 and 87/12. -off 
the south coast, of Cornwall,, to 
ENOC, . BP JPetroleraiL -Develop- 
ment, Total Oil. Marine, EUTon 
Exploration and Production and 
Aquitaine Oil;' and block: 3/14b, 
close to the AIwyh Tield' in the 
North Sea, to BNOCi Total Oil 
Marine, Elf Oil Exploration and 
Production. Aquitaine Oil, and, 
Piet Petroleum. 

The allocations stffl leave on? 
licence, relating to- four Mocks, 
to be confirmed- These Ablotcks 


have been cowHtibnaOy awarded 
te a BNOC/BP group in quad- 
rants 132 aod l33, to &e west of 
RcnJ-tand >,• . ... • 

The ' Goveiamient' :< ori£tnaUy 
hoped that the ' fifth round 
licences would 'give ; a fillip to 
North Sea -exploration work last 
year but tflw approval of the con- 
ditions has -taken far longer to 
eDncdi^.,thazL^ .Wfikabjril ® the 
oil industry had eaepended. 

- However p the <rfKiore industry 
Was- kept 'busy last year - by com- 
panies completing their drilling 
;comniSmeut ' '-uMer' . the fourth 
round of &eBbes.-^B a result, 
.67 e^lotetioiz Wells. were sunk 
last year, compared wath 58 in 
1978. ,.; - 

.Tfie. d^ay: in Awarding the 
licences has -rclo-wed ^exploration 
wotic so -far' this In the 

first six months, only.. 19 explora- 
tion wells were begna-- 
' D rawing . rig : activity has 
slumped and .there &ee mow 17 
units operating in Hot UK sector 
of the- North SeaH-offlJy five on 
exploration wrai£«*ompared 

with an average of 25 ix> 30 units 
in operation last 

year, - vl— . si-iS ■ . 

, Most of Uk pttesgBf North. Sea 
rigirare. appratsdng jrev&us dis- 
coveries or developing commer- 
cial find& . "j: .;> ••• y-- 
■ The. drop 'teJfflaSfC: activity 
has fed" the . oiL't-wdustry to' 


question whether the Govern- 
meufs next round of'of&hore 
licences will be big enough. 

The Energy Department yes- 
terday formally invited com- 
panies to apply for the 46 blocks 
offered in the sixth round. 

Mr. Anthony Wedgwood Benn, 
Energy Secretary, has. indicated 
that he hopes these blocks will 
be awarded to companies some 
time next year at the latest 

On the Norwegian side of the 
North Sea median line,- an off- 
shore consortium is evaluating 
what could be a- major oil 
discovery. 

A group led by the. state-owned 
Statoil Corporation has struck 
oil in block 34/3.0', dose to 
Anglo/Norwegian Statoil and 
Murchison fields, jri -what is 
regarded as the “ Golden Block " 
of the Norwegian offshore sector. 

Statoil bolds 85 per cent of 
the concession, Norsk Hydro has 
a nine per cent stake and Saga 
Petroleum holds the remaining 
six per cent 

As reported in the Financial 
Times earlier this month, 
Statoil is not yet beings drawn 
into speculation about the 
reserves in the block. 

However, unofficial oQ industry 
reports have suggested that the 
block could contain as much as 
5bn barrels. Technical aid to 
Statoil is being provided by 
Esso Exploration. - 


Holiday brochures ‘misleading on diseases’ 


BY DAVID CHURCHILL 

INFORMATION given 1 In 
holiday brochures Issued by, 
most tour operators Is 
“inadequate or misleading” 
about exposure to tropical dis- 
eases, claims a leading 
physician in an article 
published today. 

The result is that many 
travellers to the tropics, includ- 
ing much, of Africa, are more' 
likely to die or have a serious 
illness contracted while 
abroad. 

Professor Alan Woodruff, of 


the London School of .Hygiene 
and Tropical Medicine, says in 
fiie journal of- the Royal 
College of Physicians, that tour 
operators’ brochures do not 
.give a warning that rm^iltai 
“ measures should be taken 
and can readily be taken 
-against malaria, trypano- 
Boxnlasfs and other diseases 
prevalent In the areas to which 
;titey will take passengers.” 

- He says that doctors any- 
where in B ritain should con- 
sider tropical disease as a 


possibility when confronted "by 
a patient. “Some of these' 
patients will be suffering from 
a disease that could he trans- 
mitted to others and so present 
a community hazard. 

“Others will have diseases 
that, though not transmissible 
to others In Britain, are 
dangerous to themselves.” 

Among diseases capable of 
being transmitted within 
Britain and which appeared to 
be increasing among air 
travellers were infectious 


hepatitis, tuberculosis and 
salmonella infections, includ- 
ing typhoid fever. 

Smallpox, although almost 
eradicated, lingered on in the 
Horn of Africa. Other virus 
infections, such as Lassa 
Fever, ** must also he guarded 
against” 

Professor Woodruff points 
out that the vast increase in 
International air travel has put 
the UK at risk of exposure to 
such diseases. “The figures 
for Loudon Airport indicate 


that one in 13-18 people in this 
country have been exposed in 
'the recent past to disease in 
tropical or sub-tropical 
regions.” 

But he believes that “the 
hazards of airline imported 
disease” can be overcome if 
doctors are aware that they 
may be the cause of an illness. 
“It is almost always possible 
to reach a diagnosis fairly 
readily, to carry out effective 
management of the patient, 
and to protect the community.” 


Mrs. Williams faces 
fight over schools 



‘ Hi'-l 

THE DABDIC cxowH at fite WcMh National 
won yesterday . by Sion Eiiian, a 24-year-old 
in theatre and letevisJon. Jttr.JBman 
area, won the crown with the best jpng 
cnee— his entry covered the turmoil- 


eddfod w 
ind artor 
the Aberdare 
about adolesfr 
restlessness of 


young people in the 1960s. _ The gold jfiid stiver crown was 
donated by 6KN and our picture s$nws the ceremony in 
- Cardiff yesti 



GEC- 

for micro-chip link 


BY JOHN LLOYD 


_ r". 

and 


GENERAL ELECTRIC 
Fairchild, the UJ3, 
company, have agreed ;ln. moist 
Important respects to set up ; 
a jointly-owned mfaro^tectro- 
nics company in IJte UK for t 
the volume manafacture of 
metal oxide silicon- i^lpR> tow:' 
computer memories: and micro- 
computers. v .- 1 - - 

An. Interim statement on the 
progress of the talks' .between -, 
the two companies is expected j- 
today or tomorrow " 

The GEC-FaircbiUd Joint/ 
venture would produce similar 
chips to those planned - for 
production by INMOS,- . the 
company baeked - by . the 
National Enterprise Board, 
which Is being set up In the ' 
u.s. 

However, Mr; Eric .Yadey, : 
the. Industry -Seoeetuy, said 
last month that JWF future : 
private sector prodactlom of 
chips for tee -uoluimn. 'market . 
would completnentvlbe INMOS 4 . 
plan, ralber than compete. with 
iL He couceded/that there - 

Mould Initially he 'SOme com- 
petition ' between... the com- - 
panics for . experienced. engtet 
eors and executives. 

It is assumed that many, 
would have to be " imported ” 


front fite ti.S^ or that — as with 
the . NEB plan— the Initial, 
.research * and development 
-.would be done • in the UJ9L; 

. with production in the UK, 
-where labour costs are lower. 

.? Besides C^C-Fairchild 
. othe r companies, Plessey and 
ITT, are likely to expand their: 
production of chips in the UK»- 
and both may enter the volume,': 
-market;' JTT Is well advanced , 
:;on -work, on the 64K RAM 
(rmidom access memory) chip: 
in theVC-S^ and is Ukdy to go: 
into' production .within a year.. 
The 64KRAM Is fiie chip belng:- 
: developed by INMOS. 

The link between GEC and ' 
Fairchild Is seen as maktpg 
sense to both, companies.' 
because ' of their differing, 
requirements. ' GEC has 
recently- been convinced of the. I- 
•need' to enter the advaaced 
micro-electronic market, after - 

some hesitation, - but lacks 
birraia base of tei 
expertise. 

• Fairchild has had to susteh|;. 
heavy jlosges from ventures^ 
Jnto consumer, electronics, buiv 
: baar - nude . . modest profits^ 
recently. It would bawft: 

fnmi GECs ' strong financial 


Protest on 
pollution 
threat 
to rivers 

By Lynton McLain, industrial Staff 

BRITAIN’S ANGLERS have pro- 
tested to the National Water 
Council that proposals for the 
future quality of river water 
may lead to a lowering of pollu- 
tion standards. 

ThB proposals on river quality 
were published by the council 
in April in Its “Review of dis- 
charge conditions.” This gave 
a method of defining river 
quality objectives and monitor- 
ing discharges-' ‘ 

But at a meeting with the 
council, the National Anglers' 
Council said the proposals could 
lead to some rivers requiring a 
less stringent standard of pollu- 
tion. The anglers also said that 
aj time-scale should be attached 
to the implementation uf the 
river quality objectives, and that 
ho river should be allowed to 
become classified as polluted 
through a low quality objective. 

The anglers’ council said that 
the previous system of setting 
her targets than would 
ally be achieved by sewage 
rks and other sources of pollu- 
, gave an opportunity for 
dards to be improved. 
ie water council said that 
the review of discharge ■ condi- 
tions would not result in any fall 
in ;-.river quality. The. new 
approach was intended to gel 
the best environmental value for 
money. Within two years the 
council and water anthorities 
would publish quality objectives 
for -all rivers in England and 
Wales, with the consent condi- 
tions for discharge and the 
results actually achieved. - 


Ruling on 
containers 


THE HEALTH and Safety Execu- 
tive has given permission to 
Lloyd's Register Industrial Ser- 
vices To approve containers for 
compliance with the Interna- 
tional Convention for Safe Con- 
tainers. 

Lloyd’s Register had previously 
granted container owners and 
users safety in handling approval 
certification. This was based on 
the requirements of the Interna- 
tional Standards Organisation. 
Customs approval certification 
has also been provided on behalf 
of the British and other Govern- 

Btulding society 
merger 


Cheshire Bunding society, 
one of the “big three” in the 
North West of England, has 
completed Its second merger in 
Six months. The LOGO members 
of:, the Stockport Building 
Society, who own assets worth 
approximately £Tm, joined the 
- ^Cheshire on August 1. 


Jury warned: ‘This is not 
or Levland on 



THE JURY in - ■''the Ryder know and I know, that this 'trial 

letter" case at the ■Qld Bailey .Is not about those matters at all, 
were told by tbfr- - judge yester-' except indirectly and te a' very 
day that they were not' trying limited' 'sense, which in. '.'due 
British Leyiand or Lord : Ryder; ‘ course J will explain.*' ‘ V v : 

former chairman of tee - National On.trial*are Graham Barton* 34,. 
Enterprise Board. • i - .^a ffcnner Leyiand financtaTexe. 

Judge Alan; cg-HanuLt 0 n , miffga, and hl< wife Fatima, 

beginning' his' summing-up, said .both- of ' Lymcroft GardensL 
five-and-a-half days.had been lost Hounslow, Middlesex. 
due to misfortun^of one sort or . m they deny a 

SS’-LS 4 tow* 


had been ^^jerog-. ^ft«teg of copies of 

examination of to Bntish LaylaaiL 

Alex Park. I^dJ . term^. 5 
chief exccutiy^^and^otheg. other from .the 

be’ forgiven for. thinking 



ing committee or ... nWllat +K - C 

Ryder himself.-' ' "' -.The judge said: WOat -this 

m ,Whereas^tee troth ls^^as you 4ri«i fe ®bout la thhu whatherMi. 


Barton having In the coarse of 
his : duties discovered, as be 
thought' and he may have been 
right; that' British Leyiand had 
made some improper payments 
In order to obtain contracts over- 
seas, then took dishonest advan- 
tage ;of the discovery by forging 
letters and selling them together 
.With -some of his employers' con- 
fidential documents to the Daily 
Mall for £15,000. 

“If -Mr. Barton forged either 
-or "both of these letters; the fact 
that there may have been certain 
corrupt -payments' made by 
British Leyiand- cannot make him 
not guilty of forgery.” 

The judge" directed the jury 
that in relation to whether or 
not Mr. Barton- was guilty of 
forgery,- the question of possible 
corrupt payments by British Ley- 
land was completely irrelevant 

• They were bound to follow 
such a:Iegal direction, he- added. 


by James McDonald 

THE Conservative-controlled 
Kent County Council — already at 
odds with Mrs. Shirley Williams, 
the Education Secretary, over its 
plan to introduce a voucher 
scheme under which parents may 
“cash" into a school of their 
choice — Is prepared to fight the 
Government over p lans for com- 
prehensive education. 

Mrs. W illiams has told the 
council that its proposals for the 
reorganisation of secondary 
schools are unsatisfactory and 
has ordered it to put forward a 
fresh ' scheme within three 
months. 

But Mr. John Grugeon, the 
council leader, said yesterday: 

We shall be taking legal advice. 


What is unsatisfactory to Mrs. 
-Williams is certainly satisfactory 
to the people of Kent" 

The council's plans, submitted 
last year, are for eight compre- 
hensive schools in Hartford by 
JL98&at a cost of nearly £lm. 

Mrs. Williams has told the 
council that this would provide 
more . school places than are 
heeded and would be too expen- 
sive. She has recommended a 
different reorganisation plan 
which would involve the closure 
of the West Boys School and the 
Jinking of schools on adjacent 
rites to provide three compre- 
hensive^ 

The voucher scheme also is not 
popular with the National Union 
of Teachers. 


£30,000 survey of career 
patterns for engineers 


BY KENNETH GOODING. INDUSTRIAL CORRESPONDENT 


SIR MONTY FINN! ETON’S com- 
mittee of inquiry into the 
engineering profession is to 
spend up to £30,000 on a survey 
of professional engineers’ career 
patterns. 

The committee has found that 
a lot of data is available about 
engineers up to the tune they 
leave full-time education but 
little information about what 
happens to them later. 

Questionnaires will be sent to 
6JDOO members of the various 
institutions and to 3,350 people 
who enrolled in engineering 
first-degree courses which ended 
In 1973 and 1976. About 600 
engineers who have left the pro- 
fession will be asked for their 
views and the survey might 


later include 1,300 people who 
work as engineers but are not 

called engineers. 

Questions will cover qualifica- 
tions, jobs done, salaries, job 
progression and so on. 

The committee's report is due 
by next Easier but it will have 
to work hard to meet this targcL 

Apart from doing the question- 
naire, the committee is to visit 
France. Germany and Sweden in 
the autumn. It has already spent 
short spells in the US, Canada 
and Japan. 

It is only about half way 
through discussions with 50 or 60 
organisations employing en- 
gineers. 

The latest submission to the 
committee has come from the 


Equal Opportunities Commission, 
which says that the U.K. has a 
lower proportion of women in 
engineering than any other 
developed notion — 0.2 per cent of 
.qualified engineers in Britain 
against 3 per cent in France, 10 
per cent in Scandinavia and 30 
pur cent in the USSR. 

The EOC says that the three 
biggest stumbling blocks to 
women in engineering appear to 
be: traditional attitudes of men 
and women that engineering is 
not a profession for a woman; 
channelling of girls into arts sub- 
jects at school, which means that 
fewer women having ihe neces- 
sary educational qualifications 
for science and engineering 
courses; and the over-rigid struc- 
ture of entry to the profession. 


First Chicago Corporation 

and Subsidiaries 

The FirsiNational Bankof Chicago 



Consolidated Statement of Condition 


Jtme3D 


Assets 

Cash and due from banks— non-interest bearing . 

Due from banks— Interest bearing 

Securities 

United States Government and Federal Agency 
States and polWcai subdivisions ....... 

Other . . • • • m 

Trading account . • . '. ...... . 

Federal funds sold ..... v.> . - 

Securities purchased under agreements to resell 
Total gross loans . , . 

Less Unearned discount 

Allowance forpossible loan losses 
Loans, net . .............. 

Lease financing, net ............ 

Premises and equipment ........ 

Accrued income receivable ....... 


Other real estate .. .......... 

Other assets 

Total assets ......... 


Liabilities 

Deposits— domestic 
Demand deposits . . . . . 
Time deposits 
Savings passbook . . . . 


Total deposits— domestic 

Deposits— overseas branches and subsidiaries ..... 

Total deposits ............... 

Federal frmds purchased ................ 

Securities sold under agreements to repurchase • . . . . 
Funds borrowed . . . ............. 

Notes payable .................... 

Acceptances outstanding . . ... .......... 

Other liabilities 


Capital Accounts 

Preferred stock— ^ without par value, authorized 5,000,000 shares, 

none issued 

Common stock— $5 par value ................. 

1978 1977 

No. of shares authorized . . . . .. . 54 * 000,000 54,000,000 

No. of shares issued 40,153,640 40,153,640 

No. of shares outstanding ..... 39,619,423 39,618,923 

Surplus 

Undivided profits ........................ 

Total 

Less Treasury stock at cost 534,217shares in 1978 and 
534,717 shares in 1977 ... ... ....... ... . . . . 

Total capital .... 

Total liabilities and capital . 


1978 

1977 

(In Thousands) 

. $ 1,494,866 

‘ $ 7,555,198 

. 2340,738 

2^96^24 

- 1,505.481 

* 1^30^81 

. 797,502 

1,121^04 

301,473 

240/146 

. 292^09 

765,124 

. 227,600 

132,400 

. 337,218 

241/457 

. $13,170400 

$12,115,562 

. 29,973 

24,627 

. 120292 

124,236 

. $13,020,135 

$11,966,699 

412^30 

361,690 

234,828 

227,081 

225,194 

200,552 

635,709 

585,939 

134,470 

94,063 

. 1134)94 

88,833 

$22,674,147 

$21,308,391 



$ 975,879 

$ 1,073,285 


1,211,195 

4£68J>39 

3,776,705 





Wm7Z 3531 




1363,710 

2,142^94 

291,137 


1^)87,661 


373,826 

373,465 


587,475 

549,830 

523^16 

mm 


$ -0- 

$ -0- 

200,768 

200,768 

548/485 


334^03 

319,936 

$ 1,084,156 

$ 1,000373 

8^82 

8,290 

$ 1,075^74 

$ 992^83 

$22^74,147 

$21>308^91 


A copy ofth& second quarter report; Which contains more complete financial 
information, may be obteined by writing tbe Press and Public Relations Division, - 
First Chicago Corporation, Two First National Plaza, Chicago, Illinois 60670.' 


Cilji; New’Ycff'fc; gangrancigeo; Amsterdam: A ni w cip. Athmg BmcuTn; fftmirff; 

C3iaiumlE^iwaiIhfi)liii;I>fis9eIa^E61ifiitaris?riBikfiar^GeDSV8;Lflioeate i ;LaB^^Mtuli^Mil^lttenidi: 

Newcari^Paii^PirM^BwP^ jgtteriaa^Btodd»lin: Warsaw; Zitrkh- MIDDLE EAST: Abu Dhabi; Bern* 
Tehran. AFfflC A: Lagcw; Nairobi, LATIN AMERICA.- Bogota; Caracas; Guatemala City; 
Paalo. CA E! Blifigptoirn; Grand Cayman; Kingston; Part-au-Priace- ASIA: Hoag Korns 

Jakarta; SeooL Singapore; Takyn- PACTETCb Manila; Melbanrn*; Sydney. * 

Mamb arFDXC. © The First Naticaial Bank cfChicaea. 

One First National Plaza, Chicago, Illinois 60670 


Board of Directors 

A. Robert Abboud 

Chairman of the Board 

Thomas G. Ayers* 

Chairman 

Commonwealth Edison Company 
Edward E. Carlson 

Chairman and Chief Executive Officer 
UAL, Inc. 

GabertR,ElCs 

Chairman of the Board and Chief Bcecothre Officer 
Household finance Corporation 
,Marsfrag Field 
'"'Chairman of the Board 
Held Enterprises, Inc. 

. Gaylord Freemant 

: Honorary Chairman and FormerChaimm of Via Board 

Wifliam B. Graham 

Chairman 

BaxterTravenoI Laboratories, Inc. 

John D. Gray 
Chairman of the Board 
Han Scha finer & Mane 

Robert P. Gwtnn 
Chairman of the Board 
Sunbeam Corporation 

. Ban W.Hdiieman 

President 

Northwest Industries^ be. 

Roberts. Ing ereo!! 

Deputy Chairman of the Board of Trustees 
The University of Chicago 

Frederick G. JaicksS- 
Chairman 

Inland Steel Company 

Brooks McCormick 
Chairman 

International Harvester Company 
Nai McKay 

Vice Chairman of the Board 

Secrotary of First Chicago Corporation 

Cashier of The First National Bankof Chicago 

Lours W.Menk 

Chairman of the Soared 
Burlington Northern, be. 

Lae L. Morgen 

Chairman ol the Board and Chief ExecuSva Officer 
Caterpillar Tractor Co. 

John J. Nevin 
Chairman of the Board 
Zenith Radio Corporation 

WHfiam Wood Prince? 

President 

P.H. Prince & Co* be. 

Ernestine M. RadEn 
Chairman of the Board 
FBT Bancorp, be. 

Robert D. Stuart Jr. 

Chairman and Chief Executive Officer 
The Quaker Oats Company 
A Dam Swift 
President 

Sears. Roebuck and Co. 

RkhanlL Thomas 

President 

Arthur W.Woetfte 

President and Chief Operating Officer 
Kratt.bc. 


Honorary Director 

The First National Bank of Chicago 
John E. Drick 

Former President end Chairman of the Executive Committee 
f Member of the Audh Committee 


International Advisory Committee 

Robert S-ingmsoU 
Chairman 

Loo U Morgan 

Vice Chairman 

Gaylord Freeman 

Umberto AflndB 
Vice Chairman 
HartSpA. 

Turin, Italy 

Lord Denis GreanhUI 
Director 

S.G. Warburg & Company, Ltd. 

London, England 

Paulo Vila res 

President 

Industries VH/aresSA 

Sao Paulo, Brazil 






financial Times Wednesday Atfcust 9 1878f{ - 


HOME NEWS 



Tougher I LOW demand I Dockland 


CBBISTOPHER PARKES tracks down the Cnmberlaad Sausage 
— tree aristocrat of Britain f s baRgeii, whose fame is spread^ 


law soon 
for road 


forces new 


rescue 


tankers 


ics plan 


plan 

attacked 


A robust speciality, 


wholesome and pure 


BY RAY DAFTER 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 


By Our Shipping Correspondent 


THE GOVERNMENT plans to 
introduce tough new regulations 
controlling the structure and 
maintenance of oil and chemical 
road tankers. 

Mr. William Rodgers. Trans- 
port Secretary, said he was 
determined that the regulations 
should he enforced no later than 
next summer. 

Proposals for the regulations 
are to be published in a consul' 
tat icm document now being pre- 
pared by the Health and Safety 
Executive. 

Meanwhile, the Government 
has plans well advanced for the 
mandatory labelling of all oil 
and chemical road tankers. 

At the moment, tanker opera- 
tors and owners are asked to 
comply with the voluntary 
Hazchem labelling code, pre- 
pared largely by the Chemical 
Industries Association. 

The Hazchem code would be* 
corac the basis of the new 
mandatory regulations which 
were nearing completion by the 
Health and Safety Executive. | 

Mr. Rodgers said he hoped to: 
have these recommendations on 1 
tanker labelling by the end of 
August. 

Mandatory regulations would 
be enforced for all tanker 
operators by the end ol Septem- 
ber, when they would become 
known as the Hazard Load Mark- 
ing regulations, based on the 
Hazchem code of letters and 
numbers indicating groups of 
chemicals, as. well as warning 
signs. 

The more comprehensive regu-, 
lations on oil and chemical | 
tanker structures and inainten- 
ance would be ready by the end j 
of this year. 

That would give interested . 
parties in the chemical and oil 
industries only about 10 weeks to 
prepare their comments after 
publication of the Health and 
Safety Executive consultative 
document. 

Tne suggested measures to 
govern tanker structure and 
maintenance would be in the 
form of general criteria rather 
than specific requirements. 

The measures would include 
mandatory requirements on 
driver training and instruction. 


THE LACK of significant growth 
in the plastics industry has 
forced the Government to re- 
evaluate its strategy for expand- 
ing this important sector of the 

petrochemicals industry. 

The Department of Industry 
has completed its review of the 
McKinscy report, which set out 
to identify strategy options for 
the U.K. plastics materials 
industry. 

In its response to the petro- 
chemicals sector working party, 
wbich commissioned the report, 
the Department says that the 
prospects for plastics demand 
growth have perhaps never been 
more uncertain. 

The working party, which in- 
cludes representatives of the 
major chemical companies, the 
chemical industry trade unions 
and the Department, was set up 
as part of the Government’s 
industrial strategy exercise. 

The strategy report by 
McKinsey, the management con- 
sultants, has never been pub- 
lished. But it specified three 
strategic options for the expan- 
sion of the U.K. plastics 
materials industry, if it was to 
achieve a balance of trade by 

1990 with other EEC countries. 

The Department of Industry 
says that the uncertainty over 
growth was not reflected in the 
range of forecasts In the McKin- 
sey report. 

It does not accept McKirtsey’s 
calculation of the extra plant 
investment necessary to achieve 
an immediate balance of trade. 


and suggests that only a more 
gradual improvement in the 
balance of trade can be hoped 
Tor. 

The Government's analysis 
points out that because of the 
low levels of growth in demand 
for plastics materials, such as 
polystryrene, polyvinyl chloride 
and polyethylene, the date at 
which the U.K. will require addi- 
tional capacity has been put 
back about a year. 

It also suggests that because 
two-thirds of the UK's plastics 
materials trade is witb non-EEC. 
countries, opportunities in mar- 
kets outside Western Europe 1 
shonid be studied more closely, i 
• Another report produced for 1 
the working party suggests that 
UK demand for ethylene, the 
most important basic petrochemi- 
cal. is likely to grow at about 
6.8 per cent a year up to 1985. 

This is slightly higher than the 
most pessimistic estimates 

But if the forecasts prove 
accurate it means that ethylene 
plants in the LTK will still be 
working at only 80 per cent of 
capacity by 19S5. 

The sector working party 
expects ethylene demand of 1 . 18 m 
tonnes last year to grow 
to some 2m tonnes by 19S5. But 
if Esso Chemical goes abead with 
its proposed £250m ethylene 
plant at Mossmorran. Fife, effec- 
tive capacity in the UK will have 
grown by then to 2.5m tonnes 


STRONG opposition to the Gov- 
ernment’s formula for saving 
the Port of London came yester- 
day from a dockland group re- 
presenting trade unions and com- 
munity associations in Newham. 
East London. 

The Newham Docklands 
Forum, whose chairman, Mr. 
Teddy Gates, is a leading shop 
steward at the Royal Docks — 
the closure of which was re-, 
jected by the Government— said 
the Government’s plan would re- 
sult in the port bleeding to 
death. 

The £45 m the Government has 
agreed to put into the docks 
should be used for investment 
in new plant rather than the 
financing of redundancy pay- 
ments, it said. 

The Government's plan wilt 
said the forum, cause as many 
redundancies as if the Port of 
London Authority had been 
allowed to close the Royal group 
oF docks. This would have “ the 
same catastrophic effect on the 
communuity as would closure.'* 


COMPARED WITH many Con- 
tinental confections. England’s 
Cumberland sausage must rank 
among the lowliest members of 
the pudding race. But lined up 
against the bland, rusk-filled, 
soya-stretched and watered-down 
commercial bangers of its home- 
land. the Cumberland sausage is 
a true aristocrat 
This meaty delight is com- 
monly seen only in Cumbria, but 
its fame has spread nation-wide 
and tourists- heading south with 
freezer packs are helping carry 
the word. 





Oxford group 
sell Clive’s 
London home 


By John Brennan, 
Property Correspondent 


The bursting North Sea bubble. 
Page 6 


Welsh campaign freedom 
sought for civil servants 


BY ROBIN REEVES 


THE WELSH TUC is pressing 
the Government to allow senior 
civil servants to take part in the 
Welsh devolution referendum 


particularly for loading and un- 
loading hazardous cargoes. 


Factory inspectors, who 
already visit chemical and oil 
plants, would make spot-checks 
on tanker drivers as they loaded 
and unloaded cargoes. 

Action could he taken ro stop 
loads leaving if the inspectors 
believed the new regulations 
were not being adhered tn. 


campaign. 

Jn a letter to Mr. Michael 
Foot. Minister responsible for 
devolution. Mr. George Wright, 
the Wales TUC secretary, has 
asked the Government to lift the 
restrictions on political activities 
which normally apply to civil 
servants, particularly at senior 
levels. 

Mr. Wright said an exception 
should ho made for the devolu- 
tion referendum in view of its 


constitutional importance. It 
was an issue on which all people 
should be allowed total freedom 
to participate and campaign one 
way or the other, be declared. 

It is generally assumed in 
Wales that the referendum will 
not take place until next spring 
— after an autumn General Elec- 
tion. 

But a decision by Mr. 
Callaghan to try to soldier on 
conld bring the referendum in 
early November. This would be 
six weeks after the Order, 
required by the Wales and Scot- 
land Acts, had been laid before 
Parliament. 


THE OXFORD GROUP and 
Moral Re-Armament bas sold 
Clive of India's former London 
bouse. 45, Berkeley Square, to the 
property group Arlington Securi- 
ties for £750,000. 

The house was given by tbe 
Clive family to Mr. Frank Buch- 
man. the Moral Re-Armament 
group's founder, in 1938. Since 
tben it bas been used as a 
centre for the world-wide Chris- 
tian group. 

As part of its move to new 
headquarters in the Westminster 
Theatre in Palace Street, SW. 
tbe group has sold its 58-year 
lease on tbe building to Arling- 
ton, which is to refurbish the 
offices. 

Money from the sale will be 
used to cover running costs of tbe 
Westminster Theatre and to 
create a capital fund for the 
organisation's operations. 

Mr. George Wise, Moral 
Re-Armament’s British' secretary. 


Mr. John Shepherd, who man- 
ages Clayton’s butchery in 
Ambles! de, started making 
Cumberland sausage 15 years 
ago. He began witb an inherited 
recipe which he changed after 
five years’ experimenting. Now 
he has settled on a spice and 
seasoning mix — secret, needless 
to say— which suits his customers 
so well that daring the height of 
the tourist season he sells 500 lb 
a week. 

Tourists boost his sales con- 
siderably. Trippers motoring off 
with 20 lb-at a time are common- 
place. 

According to the Institute of 
Meat the basic recipe for Cum- 
berland sausage is 10 parts pork 
to one of rusk. But the butchers 
of Cumbria are unimpressed by 
hard and fast rules laid down by 
committees. 

In any case, “ they don’t know 
how to make sausages in the 
South,” says Mr. Shepherd. 

But there are others who be- 
lieve the true sausage is now 
defunct Lost for ever. 

Melvyn Bragg, chronicler oF 
Wig ton in his book Speak Jar 
England, reported Willie Johns- 
ton, butcher’s son: “ Weil, I’m 
perfectly convinced you can’t buy 
good Cumberland sausage today. 
It isn’t there because the type of 
pig you would require to make 
it isn’t there today." 

On present-day pigs: “ They 
haven’t a pickle of fat on them 
and you can’t make a good 
Cumberland sausage without fat 
And that Is correct” 


coiled, caiherine-wheel fashion. 
Butchers outside Cumbria often 
ignore this important feature, 
and taste tests also tell one that 
other dicta also fall by the way- 
side the further the sausage 
hunter travels from Lakeland. . 

It is usual for the sausage^ to 


be made in lengths weighing 
approximately one pound. They 


can range in length between 15 
ins and 2 ft, but a class sausage 
filler worth his seasoning aims 
for around IS ins. 

Sadly, this robust speciality is 
seldom seen in tbe southern half 
of the country (in Scotland the 
natives appear to prefer beef 
sausages and their own obscure 
puddings). Top people, however, 
can find coils in the freezer 
cabinets of Harrods’ food halL 

Harrods charges 78p for 15j bz. 
Mr. Shepherd’s sausage costs 54p 
per 1 lb length. 


Fortifying 


Seasoning 


said yesterday that even after 
the. sale, which trebles tbe 
organisation’s investment 

income, expenses exceed income 
by around £100.000 a year. 





.. v 1 " 1 -' 



It is agreed, however, that the 
meat content must be high — up 
to 98 per cent. The meat must 
be pork, and sage, coriander, nut- 
meg and mace appear in most 
traditional recipes for the 
critical seasoning. 

The meat is chopped into 
coarse fragments — rather than 
pulped and emulsified like so 
many factory-made sausages — 
and put into hog casings. Natural 
skins are considered essential; 
hard-line traditionalists will have 
nothing to do with the man-made 
collagen casings concocted from 
tannery by-products. 

It is also important for the 
sausage not to be twisted into 
links. Traditionally It is sold 


Purists may shudder at the 
thought of frozen Cumberland 
sausage. They will almost cer- 
tainly blanch at the news that 
Harrods imports its stock from 
Bodidris in North Wales. With 
no appellation control&e laws to 
protect them, the butchers of 
Cumberland are powerless to 
protest. 

Like all sausages, the Cumber- 
land variety represents one of 
tbe earliest examples of a con- 
venience food. Lakeland slate 
diggers, trekking through the 
wet to the quarries, are reputed 
to have found it especially 
fortifying. 

Mrs. Brorrwen Nixon (three 
knives and forks in the Hichelin 
Guide and a sweet and sour 
write-up in Christopher Driver’s 
Good Food Guide), who presides 
over the Rothay Manor Hotel, 
Ambleside, and rules with an 
iron hand over its kitchens, 
serves Cumberland sausage to 
her guests every morning. 

It Is fried or grilled for break- 
fast, and the surplus is served 
cold at the luncheon buffet table 
—provided it survives the mid- 
morning nibblings of Mrs. 
Nixon's team of women cooks. 

But, for all its wholesome 
purity, the sausage is altogether 
too robust for her dinner table. 

Rothay Manor' guests totter 
from breakfast to the misty fells 



Terr* Kirk' 

Mr- John Shepherd, who has perfected the Cumberland 
sausage, swears : “They don't know how to mate sassages 
in the South.” 


fortified by her "Cumberland 
platter” Served after fruit juices 
and .cereals, this comprises 
bacon, Cumberland sausage, 
tomato, fried egg on fried bread, 
apple rings (the only accompani- 
ment she recommends for the 
sausage) black pudding and 
mushrooms. 


Mrs. Nixon Insists the. only 
secret attached to the successful 
manufacture of Cumberland 
sausage is that there isn’t a 
secret 

“Everyone *snys he has a 
mystety ingredient except the 
best makers. It’s ‘just salt and 
pepper with some nutmeg or 
cinnamon perhaps ” she said- 

The recipe for Cumberland 
sausage recommended by the 
Institute of Meat is as follows. 
Commercial quantities can be 
reduced proportionately to pro- 
vide a more modest family-sized 
serving. 


INGREDIENTS : 

7 lb lean pork 
3 lb bedy pork 

1 lb coarse rusk (<tb4tf<rar- 
. selfers can use bmderamhs) 
pints cold water 
5 6z seasoning 
i ox polyphosphate 
SEASONING 
1 lb fine salt 

3 oz ground white pepper 
1 oz ground nutmeg 
1 oz ground mace 
1 oz ground coriander 
According to Antony and 
Araminta Hippfsley . .Core, 
authors of The Book of the 
Sausage, the correct seasoning 
consists of threeqnarters fine 
salt a quarter ground white 
pepper, with a tight sprinkling 
of cayenne and nutmeg. - 
Speak for England Melvyn 
Bragg, Coronet Books, £lfi0. 
The Book of the Sausage, 
Antony and Araminta Hlpplsley 
Coxe, Pan Books, £L 


Welsh Council Wants jobS Maze men 

subsidy to be extended hum!m 8 


BY ROBIN REEVES IN CARDIFF 


THE WELSH COUNCIL yester- 
day called for the Temporary 
Employment Subsidy, or its 
equivalent to be extended in- 
definitely in order to strengthen 
UK regional development policy. 

. In a memorandum on the 
Welsh economy to Mr. John 
Morris, Secretary of State for 
Wales, the council states that 
active regional policies can be 
successful, but that doubt now 
exists as to whether regional 
policy incentives are sufficient 
for the programme of effort re- 
quired to tackle Wales's econo- 
mic problems. 

Tbe council is particularly 
concerned at Wales’s heavy de- 


pendence on the steel industry. 
Because the steel industry’s 
problems appear to be long-term, 
Wales will probably suffer com- 
paratively more from unemploy- 
ment. even if there is an im- 
provement in the UK economy 
generally, the council says. 

It urges the Government to 
measure the level of economic 
activity and the strength of 
regional policies against a tar- 
get of providing some 150,000 
new jobs in Wales over the next 
ten years. 

Employment prospects in 
Wales- would also be made more 
labour supply for demographic 
difficult due to an increase in the 


reasons and the fact that rapid 
advances in industrial .tech- 
nology often- means investment 
is now capital rather than labour, 
intensive. 

The council emphasises that 
the employment subsidy has 
been put to? good use across a 
wide spectrum of industries in 
Wales. Industries wbich have 
benefited include agriculture, 
forestry and fishing, mining and 
quarrying,, electrical and 
engineering; and vehicle' manu- 
facture. 

In each case,- approved applica- 1 


rights case 


By Our Belfast Correspondent 


Don has exceeded 12 per cent 
of the figure- for the UK as a 
whole. 


Direct-labour building ‘wastes 


council money,’ says Aims 


FOUR MEN serving sentences in 
the Maze Prison in. Ulster: are 
seeking to take the- British 
Government to the European. 
Commission of Human Rights in 
Strasbourg alleging' inhuman 
and degrading treatment. 

The prisoners- are among a 
number of Republicans in the 
Maze who have been protesting 
about the withdrawal of “ politi- 
cal status.” 

The protesters have re fused’ to 
wear prison clothing or to do 
any work. More recently, they 
have refused to wash themselves 
or “slop out" their toilet 
buckets. 

The prison authorities have 
withdrawn the men’s privi- 
leges” because of the protests. 
They are allowed no exercise and 
no reading material and their 
visits are restricted. 


current asset 


With no disrespeetto ihet978FinandalTimes diarj; 
the 1979 Financial Times diary is rather superior; 

The inside pages have been completely 
redesigned by Tames Shurmer. who has produced work for 
the National Gallery 

The comprehensive business information section 
is now even more comprehensive. 

As is the French and German business vocabulary 
We’ve incorporated u detachable address booklet, 
to save people liaving lo copy out hundreds of addresses 
and telephone numbers ai the end of each yean 

There's also an entire section devoted to world 
iravel, com plememcd by a 48-page colour atlas. 

In addition to the desk diary there’s a slim pocket 
diary and wallet, and an address book. 

Which all means that without the FT DIan; 1979 
could turn out to be quite a liability 

Theperson to contact is Geoffrey Phillips 4 The Diary 


Manager: Business Publishing Division, Financial Times 
limited MinsterHouse. ArthurStreet,LondonEC4R9AX. 
Telephone: 01-625 1211. 


I To: Geoto Phillips. The Diary Manager. I 

j Business Publishing Division. Financial Times Limited 
i Minsier House. Arthur Sl London EC4R 9AX.Td: Oi-625 121L 
Please send me your brochure and order form. • 

NAME I 


POSITI ON 

COMPANY 

ADDRESS 


| TELEPHONE 


DATE 


FINANCIALTIMES DIARY 


EXPANSION of local authority 
direct-labour departments would 
mean higher rates and taxes as 
well as increased building costs. 
Aims, the free enterprise organ- 
isation, claimed yesterday. 

- A study celled " Direct Labour: 
How Councils Waste Our 
Honey,” written by Malcolm 
Hoppe and published by Aims, 
says that existing council build- 
ing departments have been tbe 
cause of enormous waste of con- 
struction resources. 

Their wastefulness, Aims says, 
has cost the country millions of 
pounds which could have been 
spent on more houses, schools, 
hospitals and roads. 

It predicts that expansion of 
council building departments 
Would be only a prelude to much 
wider public ownership In 
the construction industry. 
“Eventually, there could be 
total nationalisation,” says Alms. 
“{Some politicians and trade 


unionists -have advocated 
nationalisation of building over 
the years, and some still do so 
today.” 

Mr. Hoppe said that in Glas- 
gow, the long history of the 
council building department's 
record of failure culminated in 
a 1977 decision to abandon a 
large housing project after more 
than £2m had been spent To 
complete the scheme by direct 
labour, it would, it was estimated, 
cost another £5m. 

He said that slow progress on 
another eight schemes was 
expected to cost the council an 
extra £ 2 -3m, with the depart- 
ment’s losses for a number of 
years, being claimed to be at least 
£3m a year. 

In 1976, a comparison of the 
costs of similar houses' built by 
the department and by a contrac- 
tor on neighbouring sites showed 
that . the direct labour houses 
were costing about 60 per cent 
more. 

Mr. Hoppe says direct labour 


schemes have incurred losses for 
the Greater London Council of 
£1.5m on Sff .projects. However, 
GLC trade union representatives 
have contested this figure. 

Construction unions have also 
claimed that the audited 
accounts of tbe GL.C show that 
the use of .direct labour saved 
the council more than £4m. 

Mr. Bob Bean, Labour MP for, 
Rochester and Chatham, said 
that Aims had. failed to give 
comparative ' figures for losses 
incurred by private contractors. 
He said that during the period 
1973-76, with inflation running at 
more than 2S per cent, building 
contracts hdd * by both private 
and direct labour departments 
went into the red. 

He said that the GLC had paid 
more than £5m to the private 
sector in such circumstances. In 
some cases, the authority’s direct 
labour department took over 
contracts which private firms had 
been unable to fulfil. 


Submissions 


Lawyers for the four .men are 
lodging lengthy legal' submis- 
sions with the European Com-.' 
mission this week. They will 
allege that the prison rules 
contravene nine articles of the 
European Convention of Human 
Rights. 

Central to the argument will 
be their claim that the authori- 
ties have been withholding as 
privileges things which -are 
actually rights. 

The case could be similar in ■ 
a number of respects to the one 
brought against the . British 
Government by the Irish Govern- 
ment in 1971. This -led to 
Britain’s being- found guilty of 
inhuman and degrading- treat- 
ment of terrorist suspects held 
in custody in Ulster. 

I* th® European Commission 
regards this latest case as worthy . 
of investigation, a "rapporteur" 
will be appointed to examine the 
Points raised. The ' British 
Government may then he asked 
to reply to the allegations.' 


Bleak prospects for fabric companies Road schemes 


THE FINDINGS from a survey 
of UK narrow fabric manufac- 
turers and distributors suggest 
that the outlook for the industry 
over the next few years is bleak. 

The survey, which was carried 
oat by . later Company Com- 
parisons, covered 115 companies. 
Over half of them — 56 per cent— 
achieved higher profits during 
the last two years for which 


accounts ape available and 59 
per cent of them increased turn- 
over. 

It was found that nearly SO per 
cent had added to their liabili- 
ties. 

“Examination of the turnover 
figures In this survey, and the 
profits which come out of them, 
show a surprising lack of the 
dramatic.” Inter Company Com- 
parisons says. “This alone is a 


pointer to a dangerously, static, 
industrial sector . which, is thus 
exposed to the -Imposed effects 
of a total economy. 

“ In to day ’s world which 
demands profits and expansion 
in the face o£ inflation* a static 
state cannot last for too long.” 

It adds , that some, of the find- 
ings of the survey*" bode gloom 
for companies - in the. industry.” 


to cost £I4m 


PLANS TO spend more than 
£L4sm on roads and transport In 
the next five years have been 
submitted by Derbyshire County . 
Council for Government 
approval. At the:to'p of the* list’ " 
w the £lm A610 Ripley east-west . 
by-pass. The council hopes- to./y 
start work on at least one major - * 
scheme each year. ' “*r 



I 











“ ‘KT.Jrt If 


oil M> 


i.:-> <4sn”. 

• •<• ii'wtina 
«• *1, r 


.»VV. 


■ men 

ins 

n 

ease 


in |S 

■jin' 


'Financial ’pines Wednesday August’ & 1978 




come to 


BY PHUJP BASSETT^ -LABOUR STAFF 


NAVAL BASES on the Clyde, 
where dockyard. ' workers ; jaave" 
been blacking the PoIaHs sub- 
marine, HMS Resolution, oyer a 
national pay class, could come 
to a standstill^ today - if -tha- 

workers Involved- -refuse to Hit 
the blacking ■ and ■the'; manage- 
ment carries/ outfits threat to 
send them . home. - - ..y _ : . 

Shop stewards =froni the bases 
will meet this morning to decide 
on a re^mmehfMrtJdn, 't0 .be put 
to mass -meetings of the 2.500 
dockyard- yorkers at the three 
Clyde bases at Paslane^ Arrochar 
and Conlport, . :V - 

Originally, -the /jnanagemejit 
threatened to' .send".-, tiro., men 
blacking The . Resolution home 
yesterday - but, after . talks, a' 
deadline o f xnidday today was set 

Union officials believe that any 
decision'' to send-A&she :; . workers, 
would lead’ to 1 £ Tr&ss- -walfc-o yt 
The submarine .’-could.-'- then '.be 
prepared for', sea. only /by the 
Government sending. in the-Navy, 
as it did - ' with- -HMS Revenge; 


which had to put to sea to relieve 
the Resolution. •'*'•* 

•Shop stewards have warned 
that the dockyard -workers are 
ready to take on the Govern- 
ment If tbete is aiiy .repetition 
.of workers being, lacked out 
The Ministry of: Defence said 
yesterday:" are . hoping that 
the blacking w31 beilifted.” 

Deputetipo- . 

_ The' manigemeht initiative to 
try and - end -the blacking was 
.'made after. ;talks ; between, union 
^representatives' of i83, 000' Indus- 
trial -civil servants, and the Civil 
^Service’ Department f> failed to 
■find a~£blntfon to' the dispute, 
which is ovef a pay settlement 
due under Stage Three of the 
Government's Incomes?- policy. 

Mr. Peter Adams, ' Chairman of 
the-.'unien side; of the joint co- 
ordinating committee; win lead a 
deputation to 'meet Tjprd: Peart, 
Lord Privy Seal, and-ifber senior 
Ministers- iomonw'jto discuss 
Union hopet of gceatSSr- flexibility 


Financial 
of 



BY OUR GLASGOW CORRESPONDENT ; 

THE SCOTTISH Development of the 4890 wdtiteriHMs morn- 
Agency is to finance about two- ing for a 50p as-vrt^.levy for 
thirds of the" cost .'of' a £75,000 ten weeks to make ^‘Individual 
feasibility study cqwnissioned donations of £5. 
by shop; stewards at Singer's '*We are a Wge^ctory, and, 
Clydebank - Sewing Machine if we cannot ra&e*gU3is money 
Factory ^to find ah’^alteriiative ourselves, sonifid^g,.. ' rs far 
to the company’s proposals for wrong,” he add will be 
3,000 redundancies. : *r. . asking the tratfe5|^citi : move- 

The.Government haslasked the meat far suppmt h^lhe onus is 
agency to znqet aft sosts of the’ on~ ourselves. It money, 

survey being carried out by PA but, if the su'iveywa. success. 
Management Consultants over then it vrill have b^i#ell spent’ 
£25,000 which, they haye told the -Mr. McFadyen^AcWed - that, 
stewards, must-be found by-the while acceding -to ^-stewards' 
workforce themselves/; ' ■- request- to help^wim^fie costs 

Mr. John McFatfren; stewards’ of the survey, ffie iffilOVerninent 
convenor at Clydebank, said he was -clearly safegoagdlng itself 
would be asWng a Jtotrtneet&g against a flobd./#,' similar 


in the application of the 10 per 
cent policy. 

In view of this, the official . side 
has withdrawn its third 10 per 
cent offer which would have 
raised the basic pay of lowest 
grade workers .from . £3250 to 
£44.63, increased craft and super- 
visory allowances by 50 per cent 
and given additional' increases to 
the lower paid of. £1-£L50 per 
week. 

Poor support from dockyard 
workers at Rosyth, :. where 
Britain's two other Polaris sub- 
marines, the Repulse and the 
Renown, are also blacked in the 
same dispute, has led union 
leaders to call off a mass protest 
march in Edinburgh op Saturday. 
• Car maintenance workers and 
canteen staff employed by the 
Metropolitan Police held a one- 
day strike yesterday in., support 
of the claim. The Civil Service 
Union, which represents the 
2,000 staff, said further action 
would be taken together with 
other industrial civil servants, 
over the claim. 


for study 
jobs 


requests from other workforces 
faced with redundancies. 

The Singer Company has given 
the Clydebank workers until 
October to find a viable alterna- 
tive to its proposals to end pro- 
duction of industrial sewing 
machines -with a net loss over 
four years of about 3,080 jobs. 

If the stewards cannot find 
that alternative the plant, once 
the company's largest with 21,000 
employees, would be reduced to 
an assembly operation for semi- 
electronic domestic machines, 
employing under 2,000. 

PA has' estimated its basic 
fee for a 10-week intensive stndy 
of Singer's manufacturing opera- 
tions at £60,000, plus expenses. 


Dock engineers - talks deadlock 



BY OUR LABOUR STAFF .' ^ . 

TALKS BETWEEN unions and registered dockers: Board 

employers 'oil a. parley depute have ' agreed to ; f - parity 

involving 3,000 dock main-money, but were^revented 
t e nance .engineers at. five groups from' doing so when -ro e Gbvern- 
of docks around - the country inept's Phase Four /policy 
failed to reach a solution yes- came into force on A^jjitaftL. 
terday. . .... V " ;v.'\ The claimed- ■. 

Representatives of five' unions .difference is between' the basic 
— the National Union; of Rail- maintenance ; worfaBrs' pay \of 
wayrnen, the Amalgamated. £6B20 per Week jpd an average 
Union of EnginecrtngVWorkers; of docker# basic pay at H 
the Electrical and Plumbing . and Southainplm of £77.55. 
Trades Union, the Transport -and -Union bffiridfc at docks on the' 
General Workers Union, and the dumber , an drat Newport, where 
Union of; Construction, AlIied inaintenanQir Workera have been 
Trades and Techniciacs— met -on strike j)f support of the parity 
officials from the British Trans- claim, yesterday recommended 
port Docks Board. * • n-retiiraTto work, though dockers 

The maintenance - engineers' "at Hurl decided not to handle 
have been claiming -parity with the dSirgoeS of. ships which have 


been diverted to other berths 
because of the maintenance 
engineers’ strike. 

Maintenance engineers on the 
Humber have been at the centre 
of 'the • dispute, though action 
has also been taken at Swansea, 
Newport, . Southampton -' and 
King’s Iqmn. • 

■ Dock gate operators at Hull 
who' are also in dispute over a 
parity claim with dockers, are 
refusing id open the gates to 
pargo- ships after supervisory 
,aff handled the gates when 
ey jammed during the 
-operators’ three-day strike. 

>nly North Sea ferries carry- 
holiday passengers are being 
allowed to leave the King George 
.-and>Queen -Elizabeth docks. 


Manchester 

Airport 

firemen 

to stage 

lightning 

strikes 

By Philip Bassett, Labour Staff 

Firemen at Manchester Air- 
port will hold, a series of 

lightning. strikes, over manning 
levels from S ajn. this morn- 
ing following the breakdown 
of talks to avert the stoppages. 

The airport, which handles 
some 3m passengers annually, 
will close during the strikes. 
This is likely to disrupt passen- 
ger services to Europe and the 
U.S. 

The 74 firemen, members of 
(he Transport and General 
Workers’ Union, were pressing 
for a farther five men on each 
of the four watches during the 
day. The dalm has now been 
reduced to two men. though an 
airport spokesmen said yester- 
day that two men per watch 
had been offered. 

The firemen, wbo as well as 
providing emergency fire cover 
at the airport also deal with 
first aid, the loading of dis- 
abled passengers, cleaning up 
fuel spillages and with bird- 
scaring and fires In the air- 
port buildings, have been 
working to rule for a week 
in support of their manning 

flalm. 

They have been refusing to 
clear spillages or to scare birds, 
which management feel could 
be potentially dangerous to 
pilots flying into and out of 
the airport 

Talks to avert the threatened 
lightning stoppages were held 
earlier this week, but no agree- . 
ment was reached. No further 
talks have been set np. 

Thirty minutes notice will be' 
given of the timing or duration 
of tho strikes. If the stoppages 
lasted for only one boor each 
times, though, it would be 
enough to disrupt the schedule 
ing of air services by missing 
the "slot times" for crowded. 
European routes. 


Engineering workers 
ban delegations 
to Soviet Union 


BY NICK GARNETT. LABOUR STAFF 


THE- AMALGAMATED UNION 
of Engineering Workers yester- 
day became the first major union 
lo. ban official delegations to the 
Soviet Union in protest at the 
suppression of human rights. 

1 A resolution passed by the 
executive of the union’s engineer- 
ing ^section, said the ban, which 

also applies to exchange delega- 
tions from the Soviet Union was 
a mark of the union’s revulsion 
at- what was happening there. 

The ban applies solely to the 
dominant engineering section of 
the- AUEW. It is up to the other 
three sections in the union, 
including TASS, its Communist- 
led white collar section to make 
their own decisions on foreign 
visits. 

The resolution said the execu- 
tive committee “records its revul- 
sion at the- trials and sentences 
'of the Soviet human rights cam- 
paigners. These . citizens have 
been sentenced to lengthy 
periods in prison for simply try- 
ing to establish those things 
which the Western democratic 
countries consider normal demo- 
cratic- practices. 

"In the light of tills conduct 
and the continuing repression of 
freedom of speech in the Soviet 
Union the AUEW engineering 
section as a mark of our protest 
at this conduct by the Soviet 
ahfhoritifti has decided that no 
more delegations will be ex- 


changed between the AUEW 
executive committee and the 
USSR." 

The original proposal, put by 
Mr. Gavin Laird, the Scottish 
executive member, would have 
applied the ban to all Eastern 
bloc countries but the executive 
agreed to restrict it to the Soviet 

Union. The vote was 5—2, with 
Mr. Reg Birch, a Maoist, and Mr. 
Gerry Russell opposing. 


Criticised 


Mr. Hugh Scanlon, the out- 
going president said after the 
vote tbat he had been against 
tbe resolution. He did not be- 
lieve that tbe way to help dissi- 
dents was by removing all con- 
tact with the West nor that the 
sending of delegations to a 
foreign country necessarily 
endorsed its social order. 

The trade union movement has 
often been criticised for having 
a dual standard on its attitude 
to the suppression of human 
rights in countries with Right- 
wing and Left-wing regimes. 

A motion- at last year's TUC 
Congress which argued that trade 
union concern about human 
rights would be more credible if 
TUC support for a boycott of 
South Africa were accompanied 
by similar action directed against 
Eastern bloc countries was 
defeated. 


1$L toolmakers to meet 


A MEETING of delegates rep- 
resenting toolroom workers at 
all. BL Cars' plants is being 
called next week to discuss 
latest developments on their 
demands for improved differen- 
tials. This is likely to be fol- 
lowed by a meeting of all 
toolroom shop stewards. 

A delegation of toolmakers, 
led. by Mr. Roy Fraser, chair- 
man. of their unofficial action 
committee yesterday lobbied the 
executive council of the Amal- 
gamated Union of Engineering 
Workers but they got no further 
{rin requests for official consulta- 
tions with the executive on the 
differentials claim. 


In a rather acrimonious con- 
frontation inside the union 
headquarters with Mr. Terry 
Duffy, the engineers’ president 
elect Mr. Duffy repeated that 
the union’s constitution did not 
allow such consultations. 

Earlier Mr. Hugh Scanlon, the 
outgoing president said that 
British Ley land had been im- 
plementing agreed stages to- 
wards parity among all toolroom 
workers by September next year. 

Tbe unofficial toolroom com- 
mittee has decided to give finan- 
cial backing to a strike by 32 
toolroom workers at SU Fuel 
Systems in Birmingham, a Ley- 
land components factory. 


Rail comniuter service hit 


BY OUR LABOUR STAFF 

THOUSANDS OF commuters on 
British Rail's Eastern Region 
again bad their journeys dis- 
rupted yesterday because of in- 
dustrial action by signalmen at 
Bethnal Green, east London.' 

North-east London aSid East. 
Anglian services into Liverpool 
Street were affected and for 20 
minutes yesterday morning-, no 
trains left or entered the station 
About 50 trains were halted 
between 9.05 am and 9-25 >am 
with delays affecting later ser- 
vices. Normally between 9 am 
and 9.30 am 10.000 to 20.000 com- 
muters travel into Liverpool 
Street. 


■The Bethnal Green signalmen 
Claim that their jobs should be 
regraded, but this has been re- 
jected at the regional level of 
theitodus try’s, negotiating struc- 
ture: 

- Ityprotest; the signalmen have 


been taking 20-minute “meal 
breaks ” during peak commuting 
periods. British Rail said last 
night that it could not forecast 
what problems commuters would 
face today. * 


Banking figures 

(as table 9 in Bank of England Quarterly Bulletin) 

ELIGIBLE LIABILITIES. RESERVE ASSETS, RESERVE RATIOS. 
AND SPECIAL DEPOSITS 

1— Banks 

July i ‘i. change <’tt 
]&7$ month 

fin £at 

Eligible liabilities 
UJL banks 

London clearing banks 23,991 +6R7 

Scottish clearing banks -rltt’J 

Northern Ireland banks 8B6 u 

Accepting houses 1 .71# -1IIB 

Other 6,356 - 9 

Overseas banks 

American banks 3.953 - 41 

Japanese banks BIN - 12 

Other overseas banks 2.791 4- 45 

Consortium banks 212 - 2:; 

Total eligible liabilities* 43,fKi7 -rfitW 


Reserve asseis 

UJL banks 


London clearing banks 

3,317 

— 

86 

Scottish clearing banks 

■ ■MM 

■1*4 

+ 

15 

Northern Ireland banks 

126 

+ 

5 

Accepting houses 

2XR 

— 

IK 

Other 

645 

— 

JO 

Overseas hanks 




American banks 

537 

+ 

4 

Japanese banks 

•33 

— 

■ » 

Other overseas banks 


+ 

10 

Consortium banks 


— 

4 

Total reserve assets 

6.010 

- 

!2!l 


Constitution of total resen c assets 

Balances with Bonk of England 

Money at call: 

Discount market 

Other 

Tax reserve certificates 

U.K.. Northern Ireland Treasury Bills ... 
Other bills: 

Local authority 

Commercial 

British Government slocks with one year 

or less to final maturity 

Other 


Total reserve assets 


Ratios % 

U.K. banks 

London clearing banks .. 
Scottish clearing bunks .. 
Northern Ireland banks 

Accepting houses 

Other 


Overseas banks 

American banks 

Japanese banks 

Other overseas banks 
Consortium banks 


Combined ratio 


N.B.— Government stock holdings with more 
than one year but less than is months to 
final maturity amounted to 

2— Finance houses 

Eligible liabilities 

Reserve assets 

Ratio l%) 

Special deposits at July 19 were £S65ra (up £2 14m) for banks 
and £7m (up £2m) for finance houses. v Interest-bearing eligible 
liabilities were £30, 173m (up £441m). 


OUT 

+ 214 

2.982 

—31 IK 

240 

- lit 

soo 

— 35 

129 

- 1 

797 

+ 9 

451 

+ 1 

6,010 

- 129 

12.9 

- 0.7 

13.2 

— 

14.3 

+ 0.3 

13.9 

- nj! 

13.3 

— II.K 

14.1 

+ 0.3 

14.8 

- 0.4 

15.5 

+ 0.1 

20Ji 

+ «J! 

i:u 

0.3 

£in 

£m 

370 

+ 6 

347 

- 8 

3a.a 

- 1.8 

10.2 

- 0.3 


:J~~L 



’ balances 


as at July 


THE TABLES belaw provide the first 
monthly indication -bf-the-tr ends ^ ^of bank 
lending and deposits?' ihfcad ef the raore 
comprehensive baaMpg^ and. ■ • money 
supply 1 ' figures published later by ! the 
Bank or Eng land- i-Tahles T, T and 3 
are prepared' byftliir London ~eTeSriEUf 
banks. Tables l and 2 cover the business 


-of- their offices and their subsidiaries 
(excluding Scottish and Northern Ireland 
banks) in England, and Wales, the 
Channel Islands ; «nd the Isle of Man 
which are listed by ; .the Bank of England 
as falling wUJbdjn .the banking sector. 
Tibbie 3 covers 'Uie -parent banks only. 
'In this, it is comparable with the figures 


produced by the Bank or England, which 
show the reserve positions of all the 
banking sectors subject to credit cbntroL 
Minor differences here arise from the 
exclusion from tbe clearing bank figures 
of Coutts, a subsidiary of National 
Westminster but a cleazlng bank in its 
own right 


TABLE I- - - . r'- - " L '::-V 

AGGREGATE BALANCRfr y^ v 

LIABILITIES . V;"'.;; " 

Sterling deposits: ■: 

U£. banking sector 

UJii private seetor .— — 

U.K. public sector 

Overseas residents — 
Certificates of deposit 

of which: Sight- 

Time (foe. Qft) 

Foreign currency deposits: - 
U.K. banking .sector- 
Other ILK. residents 

Overseas residents : 

Certificates of deposit ..... — 

Total deposits - I..... 7.. 

Other liabilities* ~-- 

• TOTALLLVBILTTIES 


ASSETS • • 

Sterling ■ 

Cash . and balances with Bank 

of England 

Market loans: 7 •” 

Discount market — 

LUv banks . '. 

Certificates of deposit ..u....: 

Local authorities — - 

Other ' L. 


. : . ; T«tai - - 
omtstajMntqt - 

£b>1 

4#34 - 
27,041 
693 

W-J: 

: 2.414 


Change on 
month 



. £m. 

+ 560 
+373 
+ 28 
+ 47 
- 25 


+ (6 

- 31 

- 386 

- 20 


37,356 

15,620 

21,735: 


16365 

54331 

•.93S9 7 . 

63.650 


_ 1,473 

L795- -372 

was : -- +299 

, ssav-: ; ‘— + 43 

,M ® I 22 

:9,656 



.£nL. 


-mss 

+427 

+5S6 


-42V 

+562 

-29 

+5*3. 


+3iir 


-ill 


Total 


Bills: 


Treasury 1 
Other bnis 


bills .... 


Special deposits with Bank of 

- England 

" Investments: 

' • . British Government stocks ... 
Other ' 

--'Advances:. . 

v -UJK. private sector 

- .VUE. public sector 

7 -Overseas residents — •— 

-. Other sterling assets* 

..Foreign currencies 
Market loans: ' 

~ OX .banks and discount 

-market 

■: Certificates of deposit 

Other - 

nms ... 

Advances: 

U.K. private sector 

UJv. public sector — 

'.'.■■"'Overseas residents 

" Other foreign cnrrency assets* 

TOTAL ASSETS ... 

Acceptances 


DHxtaiidins 

month 

£UL 

£m. 

£m. 

£m- 

409 

900 


+ 20 
- 44 



581 


+150 

2465 

1,427 

3,692 

- IS 

- 9 

- 27 


19,619 

286 

3,197 


3,475 

266 

7424 


2,166 

1,081 

3434 


23402 

5,659 


10,866 

' 57 


+793 
+ JO 
- 10 


-289 
— 11. 
— 62 


+793 

-162 


-36S 
+ 1 



234 


_ ’ Includes items tn suspense and in transit 


TABLE 2.' INDi VffiUAL GROUPS 
OF BANKS' BALANCES 


. . TOTAL 

— Chaaga 

Oittstafidbis 


BARCLAYS 
owctawdas 


LLOYDS 

Change 
OMitatKDna M 


MIDLAND 

Change 

Oatftn4ln0 « 


NATIONAL 

WESTMINSTER 

Chaw 

oatfnndlng on 


WILLIAMS & 
GLYN’S 


Oi UdBa ndina on 



moth 

’ ' Murtb. . 


■ mtwrth 


moatti 


mamta 


mratn 

LIABILITIES . ’ "J “V/ / ,V ■ *n. 

- £m. 

£m- : : £m. 

£m. 

£m. 

£ra. 

£m. 

fra. 

Sxn. 

£m. 

£m. 

Total deposits .. a. . 54JK1 

• +562 

14,885, ' +171 . 

10,007 

+234 . 

1L291 

+ 42 

16*372 

+125. 

1,766 

— 10 

ASSETS • . . " *■’. 



- ' '• 








Cash and balances- ^vith Bank of 
England ;.: Xr*7S . 

+330 

445 7+ 88 

310 

+100 

295 

+ 52 

386- 

+ S3' 

36 

+ 8 

Market loans: - 


' ' •• ■ 




- 25 

3,674 




\i.g, banks and discount market 10,796 

-362 

2^81 —142 

X280 

— '87 

LSlfl 

-117 

342 

+ 9 


-US 

2,673 . . 2. 

XBSS 

+ SI 

1/434 

+ 22 

2,783 

-174 

279 

- 39 

Rm* ust 

- 23 

A 1 i . 

U7 

+ 16 

538 

- 79 

398 

+ 30 

48 


Special deposits With Bank :of- * — - 

+ 150 

m~+46 

82 

+ 23 

131 

+ 33. 

171 

+ 44 

18 

+ 5 

British Government stories — 

r - IS 

502 •; •*..-* • 

436 

- 1 

397 

+ 4 

800 

-18 

. 130 

— 

Advances _ . 29*483 

+757 

8^72 +124 

4i375-. 

+ 68 

. 6£83 

+208 

8,654 

+346. 

998 . 

+ 01. 

TABLE 5, CREDIT CONTROL , 











INFORMATION 


4 T.'r. 





. 




(Parent banjos only) ; . , 

+6S5 

MB4- +2M 

-34102 - 

+104 

6JU1 

+ 52 

6*897. , 

+237. 

--885 

+ X9, 

Reserve : assets- --..f..;-'...---. - 3329 

Reserve ratio" . " T 2 *®.; 

- 85 

- <L7 

:+. A 

12*9 r +04 

503 ; 

-12J9 ■- 

-.52. 
— X7 

-.809 
• 13.0 

*3. 
i i 

872. 

1Z6 

- 

-49 

*. 117 
13 £ 

+ 7: 
+ 0.6 


•4 ' 


■ ■ 


\ 


BARLOW RAND LIMITED 

(*' BARLOW RAND *7 

(Incorporated in the Republic of South Africa) 

ACQUISITION OF A CONTROLLING INTEREST IN REED NAMPAK LIMITED 

(“ REEDPAK ") 

. Standard Merchant Bank Limited announces that Biariaw Rand has concluded an agreement with Reed international Limired 
(“ Reed ”) of the United Kingdom in terms of which Barlow Rand and its nominees have acquired, with effect from 1 July 1978. 
'all' tbe 15 020 545 ordinary shares (being 62A% of the issued ordinary shares) in Reedpak owned by Reed. The consideration is 
430 cents per share making a total of R64 588 344 which will be settled by raising loans overseas in certain foreign currencies 
to meet obligations of the Reed Group and the payment in cash in the currency of the Republic of South Africa of approximately 
'R25 million. " 

This agreement is conditional upon the relevant United Kingdom consents and clearances being obtained. 

Merge? ol Reedpak and Barlow Packaging (Ply) Limited “Batpak” ami hnpTicaiioRS 
for Reedpak Shareholders 

- To rationalise the paper and packaging interests of Barlow Rand it is proposed that Barpak be merged with Reedpak with cFI?ct 
from 1 July 1978 on the basis that Barlow Rand and/or its nominees wifi- receive additional new ordinary shares in Reedpak. 

. The terms of this merger are being finalised and will be advised on as regards Reedpak. by an independent merchant Bank. 
A press announcement giving details of this transaction will be published before or on Friday IS August 1978. 

The directors of Barlow Rand believe that significant rationalisation benefits will flow from the merger of Reedpak and Barpak 
and that a major paper and packaging group in South Africa wifi be created which will be strong financially and will have a 
'significant .market share. 

in -terms of the agreement with Reed. Reed and the other shareholders (I.e. ocher than Barlow Rand and. its nominees )_of 
Reedpak will receive the interim dividend of 16 cents per share declared on 17 July 1978 in respect of the 6 months ended 
. 30 June 197B and payable to shareholders registered on 1 September 1978.-' 

'It is proposed to change the financial year end of Reedpak from 31 December to 30 September to coincide with the Barlow Rind ' 
financial year end. A special final dividend in respect of the financial period. which will now end on 30 September 1978 will be 
---paid to Reedpak shareholders. Thereafter Reedpak will declare interim and final dividends in May and November of each year. 

Stand-by Offer to Outside Shareholders of Reedpak 

. In view of the price of Reedpak shares on The Johannesburg Stock Exchange ("the JSE”) being 52D cents when the Reedpak 
. j. shares were suspended as compared to the price of 430 cents per. share being paid to Reed, the JSE has agreed that a stand-by 
offpr may be made to the outside shareholders of Reedpak. The procedure for this offer will be that from Monday 2'. August 
. 1978 to. Friday 8 September 1978 (both days- inclusive) afi ordinary shares which shareholders of Reedpak may wish to 5? 1 1 
a* a net price of 4^0 cents per share will be purchased on the JSE by Barlow Rand and/or its nominees. . 

■ \Thos*. shareholders, wishing to do so should instruct their brokers to effea: the sale thereof to Fergusson Bros., Hail. Stewirt 

& Company Incorporated (members of the JSE) acting as agents for Barlow Rand and/or its nominees. Settlement will be 
according to normal JSE procedure. 

The merged Reedpak/Barpak group will have a market capitalisation, at current prices, in excess of RI30 million. Barlow 
-.Rand considers that a shareholding of not more than approximately 55% in the merged Reedpak/Barpak group is appropriate 
-lit relation to the existing Barlow Rand spread of investments. Accordingly an agreement was concluded with 5outh African 
Mutual Life Assurance Society on 14 July 1978 (when the price of the Ree^fynk ordinary shares was 420 cents) in terms of which 
South African Mutual Life Assurance Society agreed to purchase at the saine price at which Barlow Rand could negotiate rhe 
acquisition of the Reedpak ordinary shares from Reed, at 430 cents per share: 

■ fa) all the ordinary shares in the merged Reedpak/Barpak group in excess of 55% which will become available to Barlow Rand 

' and/or its nominees from Reed and the sale of Barpak. 

. (b) all the Reedpak ordinary shares' which may be offered In terms of the stand-by offer and which, if all the outside shares 
are so offered, would involve a commitment of approximately R38 million. 

Barlow Rand Rights Issue 

The directors of Barlow Rand have decided rhar approximately R25 million, of the purchase price due to Reed should be reised 
by a rights issue of preferred ordinary shares and therefore will recommend to its shareholders that they authorise that issue. 
That issue will be of 6 preferred ordinary shares for every 100 ordinary shares (fully paid and partly paid) and preferred 
ordinary shares held on a prescribed date (which will be given in the issue documents) at a price of 390 cents per share 
payable in cash in the currency of the Republic of South Africa. Standard Merchant Bank Limited has agreed to underwrite 
that issue. 

The. preferred ordinary shares to be issued will rank pari passu with the existing issued preferred ordinary shares except that 
tiify will not be entitled to the preferred ordinary dividend of 18 cents per preferred ordinary share which will be declared on 
44 September 1978 to shareholders registered on 6 October 1978. As is the situation with the existing issued preferred ordinary 
. Shares, the new preferred ordinary shares will be entitled, after Bartow Rand's cumulative preferential dividend and in priority 
to dividend; on its ordinary shares, to a fixed annual non-eumulative cash dividend of 36 cents, one half of which will be 
. declared on each 31 March and 30 September. These preferred ordinary shares will automatically become ordinary shares after 
.. tne year In which th* aggregate cash dividends declared and paid by Barlow Rand in respect of its ordinary shares are equal 
' to or exceed 36 cents per ordinary share. 

Effect on Barlow Rand 

Taking Into account the method of financing the purchase considerations. It is estimated that the 55% investment in the 
merged Reedpak/Baiyak group will have a negligible initial effect on Barlow Rand’s earnings and net asset value per share. 

■ *"« directors of Barlow Rand are confident that the investment In this substantial new group will be of advantage in the future 
to the shareholders of &ariow Rand. 

Documentation 

A circular to Reedpak shareholders relating to the proposed merger with Barpak and a circular to Barlow Rand shareholders 
relating to its proposed rights issue and the Reedpak transaction will be posted m soon as possible. 

Johannesburg - 

7. August -1973’. STANDARD MERCHANT BANK LIMITED 


*C 



Financial' Times Wednesday August 8 597* 


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1 J. if Sicomp 10. acts as a dialogue taken to produce colour separa- tlve is ready In 1} minutes alter Machines is a subsidiary of OEM month took delivery of Payling Electronics and Control. 

unit to feed in instructions and tions. Transferlith is aimed at exposure. Ino, an eght-y ear-old Florida Catcomp's 60.000th floppy - disc the remits that can be achieved 

mode of operation in the form the small printer and will work Special negative and positive company. drive for incorporation into small by its newly introduced FPC JO 

I / v 11 « of hard copy. A display screen either from transparencies or films as well as a. positive paper Laser OCR-ONE is an optical business systems, was seen as a controller are comparable with. 

I fill Pi 1 1 is used to check each move. Most from flat copy. have been developed for use with character reader for the prepara- na tural step for both companies, those of systems based on micro- 

of this input data would be Quality is excellent at moderate Transferlith. plus a developer, tion of dean data entry informa- Calcomp. Cory House, The processors, 
needed only once and would cost, the company asserts, adding No fixing bath is required. tion from source documents for ju ng Bracknell Berks. RGI2. ^ _ na rtses 

thus be held on floppy disc for that larger users could employ The processor is equipped with input to computer systems. In. 1E R, Bracknell 50211 - **«* ineielnd 

TITAPACC! reference. the system solely for direct pump, heater and thermostat to addition to a laser character ^n^- ^e former 

Ul UCCskJO For the scanning process, the screen separation work, keeping provide constaw level and tern- scanner it has easy to operate - while 

* floppy disc provides operating an existing Utho processor exdu- perature and tiie simplicity of e<tog tanUties. - • . ■ ; mean ttiat input and 

data to the processor and finely for ortho chroma tic jobs operabon of the whole .concept The Irtish company. as well T>w*riaT*£l'f'iriri Mtnfr^n^old^ces^be 

O/I^OnOAC 1 specific operating instructions The processor has roller guides should provide users with very as handling direct sales in the J/TCP«r4lIUIi Jggg v^?nected without the 

8 W M n& arp keved in The HDP scanner to lead the negative and positive good quality results. UK. is responsible for marketing * . conncciea 

aUT autca S-IlSS^ but ; UM 1 on the process througtout Europe, witii the o i f roX^teSe’equi^meT f 

in all four colours. into the pre-development bath. A from Agfa-Geyaert. graphic arts exception of France. To this f|T ffQfa costly, interface equipment 

PERMITTING, for the first time, r-nmniAtP scanned inn.it H->t 9 second set presses the two sheets department 27. Great West Road, end. arrangements have been ”* U.M.*** . Programming in the field can. 

H^SSSS*!. «•> — n«r 1— ■ Brentford. Middx. 01-560.2131. for d^bnU^ in 0M BumJuglls Maehi «i JSFBS 


For 

carbon 

dioxide 


«1 


Electronic 

colonr 



RESEARCH 


process 

advances 


UUIV — % 

a mixture of solid state logic and 
conventional relays; the former 
give speed and reliability, while 


the latter mean that input and * - 1 ' 2L1 

output control devices can be TQ J* ITlfirOT'C 

rilriuitlu MnnoctPrl Without the J*J”*”*W 


fsagsara s 

^coS s^tem of G° n ™S E^^Tvo^S 

Reproduction (HDP) could bring “° 0 n de £ /™ f a 

about major changes of re pro- s 


auuuu major cnauges ux repru- 

duction methods in graphics po _. ° ctaM . 
communications. The next stage in the process 

. , . is to transfer all the amended 

An electronic sorting process informatl on to the second disc 
allows users to engrave -all pages j n correct sequence and colour 


COMPUTING 


of one printing colour in the sequence. The engraving pro- 
correct position on the cylinder, gramme can then begin. One 
again by electronic means, using cylinder each is engraved per 
Hell Helio-Klischograph tech- colour, the engraving bein'* 
nit l ues - matched to the printing 

First mooted in the 1960s, specifications, 
system definition took until the Hell development work means 
autumn of 1976 to prepare and, that gravure printers will have 


fic operating instructions The processor nas rouer gumes snouio pru»xue usen, mia VCiJ ^ UfUUUUB arai m uic A ivuuiuuuu SXS. Tonnected without the 

;eyed in. The HDP scanner to lead the negative and positive good quality results. UK. is responsible for marketing * ... “-md m»«ihlv . 

des simultane^ s^SSing simultaneously. but separately Information on the process throughout Europe, wife the o l i S A P E ?£ 0l ? J T y a tei* 

1 four colours. into the pre-development bath. A from Agfa-Gevaert. graphic arts exception of France. To this f|T flQ|Q costly, mterface equipment. at the University of Newcastle 

mniejA scanned itin.it second set presses the two sheets department 27. Great West Road, end. arrangements have been Vi ******* . Programming in the field can. upon-Tyne and assisted by the 

S on thedisiS in The together as they leave. Brentford. Middx. 01-560 2131. made for dsttlbution in Italy. Burroughs Machines Performed by an engineer National Research uDevelopm^ 

?nS!n?s 0 r£i E S . Germany and Czechoslovakia ond Trim needs only alter a few wire Corporation has showtrWK 

°?* rator distributors are being sought in «™« kSSJg? “2S 0 SLJ5 links and who does not require phase induction motors cante 

ides instructions for imposi- all other areas. With the sales £ ow .^° st knowledge beyond the control flopped extremely Quickly u«nt 

A' COMPUTING Both systems provide compre- previously made by distributors, *“■ **>* p ^ p dest j ned F or ft problems of his own industry. , a two-stage electrical brSX 

f s of data handling are • COMPUTINB hensive client matter accounting the total number of installations gon ofdjte b?Ioq Miall ecate FPC -16 has four input and system. .. ^ 

b e * - v fy 1* • A 9 which can be tailored to indi- in Europe is udw over 30. B80, BS00 and B1800 small scale Qutn e ut terminals The fot^ The first stage consists of dis- 

e next stage m the process \nllOlfni\i" vidual needs. It gives, for Transworld, 84, Lower Mort- computer systems arf any toox output J ■ AC chaigins a fairly Targe 

transfer all the amended jUillllUla example, draft billing; instant en- lake Road, Richmond. 01-940 9666. other of «om Prt SSxolsiE^ “frw external tor?cr£s one prir ufstatwS 

f * C 4. t0 matt?r <ICC0 5 B B ZTEZt SanTronS whUe the oSt?ut minals, produciw InUtafSJu 

irrect sequence and colour Q/'ft/'trfVlinTC posting; nominal ledger. Full as input. - * - h«sw^iitv r^inv a self -excitation effect. - In th- 
ence. The engraving pro- 3-CCO UnlS recording for both chargeable initial few cycles of setf-exJS 

me can then begin. One . . ■- and n on-chargeable time is I Yf*v 17A tXTifVl a standard nomenc ten-keypad, cnr^owrmuiaca ru braking is rapid, but it is 

der each is engraved per Q llj' Aftl O f possible to ensure that accurate JL/llYv W J.LJLJL specialised data entiy function s oleno ids valves not complete because it alwavs 

r. the engraving being dUlOIIldICU charges are calculated for each keys, a 16 character display and ^seTbSore the madiideS 

hed to the printing matter. The fee earner fills out a 18 character audit printer. A motors or pumps. wL ' 

fications. a normal time sheet and details JT13T1V SUGGflS free-standing cassette drive pro- In advanced, applications FPC Braking is completed hr aunir. 

U development work means JSS* 3 ?*™ 5ut!5? B f or er jSJnt from l3aSs m keyed the OJJVV'UiJ yjdes program input and records 38 1 units can be interconnected to .. t ~ oircuit nemsa ?nniw 

gravure printers will have C iJnr«J system which will then calculate CALCOMP’S new Qoddv disc accumulated data tor subsequent perform more complex control . stator terminals-' how- 

ability to save time and “22SS» S? SSE&& ’SS! from *ee-«axners drivV s^svstem is on a computer processing. functions and can also be used {££ & UniveraiSteSS^ 

rials and store colour SSliSSof Ieg^ dScum^ standard and priority rates. controS^Sm DynSgfc Cor- KeybMrd. Printer and cassette -in other control sterns _ coverS that thc SfwttvehSsft 
■atioos in the computer, or Precedent 1 is tailored for the Precedent 2 system has the poration of Canada, with whom b ! x . ff ? J ** d v .Logic circuits associated with this is cr iti ca Hy rested to- the 


Solicitors’ 

accounts 

automated 


example, draft billing; instant en- lake Road, Richmond. 01-940 9666. 

quiry to matter details; accounts 


posting; nominal ledger. Full 
recording for both chargeable 
and n on-chargeable time is 
possible to ensure that accurate 
charges are calculated for each 


Drive with 


printing precedent, a computer sgtem f S^^^SlS'S/JSwU 111 311 V SDG6dS 
k means , be “ g JS from this are keyed into the AUail J opUVU» 


since then, the Rudolf Hell the ability to save time and nr “ charges from the fee-ear 

organisation has been working materials and store colour nSS? p standard and priority rates. 

?"•!’* elertrooics and data snparnUon, in .the computer. Sr S "S'W,=V the Precedent 2 sndnre h« 


Bep.aratioas in the computer, or Precedent 1 is tailored for the Precedent 2 system has the poration of Canada, with whom are buffered, thus increasing Logic circuits associated with this is cr iti ca tiy rriated to the 
processtn-, com pTexr ties involved maintain a colour library and smaller practice with up to three additional facility to enable Calcomp has recently signed a productivity by allowing con- the inputs and outputs are fully time phase of the srif-excltatlon 

Recently, a first demonstration call out pictures for colour thousand “Matters” and is pro- “mark sense" cards to be read, marketing agreement. The sub- tinuous data entry, printing and protected by optoneoupled and voltages and currents, when the 

of a basic system took place engraving when they so decide, vided on Altergo's micro- With this capability fee-earners system can accommodate single recording. Program prompting relay isolation. The state of short is applied. Suitable phase 

before potential users from Further information from the computer, the Formula 1. simply “ tick the box ” on a time or dual floppy disc drives and through the display contributes inputs' outputs and power supply selective thyristor switching dr- 


potential 


Europe and the U.S., guests of UK agents, Pershke Price Ser- Precedent 2 is able to handle card. For the larger practice provides an on-line storage to operator accuracy and ease of is shown on diode lamps. 

fhp P.nrnnonn TJnfnorfjxnvrn tt aa aaa . . _ im * _ a *■ ■_ .j «««.% ' % . . 


the European 
Association. 


Rotogravure vice Organisation, Dover House, 20,000 matters or more. This with many time transactions this capacity of 

141 Morden Road, Mitcham, system is based on the Avenger is a eost-effective and simple characters. 


cults have been devised which 


L2m use. 

Flexible 


Basic equipment consists of an Surrey CR4 4XB. 01 648 7090. mini computer. 


program mg 


Housed in a nigged steel case, ensure application of the short 


method of time recording. 


measures 


at the correct instant 


If you think you know 
all you need to know* 
about the business you're in, 

you can forget about this ad. 


Unattended operation under niques provide the user wth -a :27L75mm ' In teste, a 3kW three-phase 

wide range of cassette record. - - • „ maMlv at oo motor has been stopped -tisfog a 

formats and data verification w & I ?J roin R 200 microfarad capacitor in Jess 

f M ^ ^ methods. User programs are f 0 °, J Si 7 7 5fin^ ledon * than 0.1 sec. or less than two 

I created from the keyboard and .SW19..3TD 1 01-947 j.Jti). . evolutions. 

H stored in a library cassette, for By comparison, braking with 

B later selection and reading into - the conventional DC injection 

the AE 111 memory. A AnunnuriiTC “ technique is nearly 10 times 

More from the company at w ;w!JlvIrW Wt M 19 longer. 

Bath Road, Hounslow, Middle- _ r- It > expected that the mvien- 

B sex (759 6522). VAnenr fhA tion will find application in emer- 


e CONFERENCES 

Problems of 
word 

processing 


naTEUeia hhuukmwu, __ 

SW19. 3TD t01-W7 7234).. . jeJolutionl ’ 1 ^ 

. By comparison, braking with 

- ' ’ the conventional DC injection 

• COMPONENTS J'^ que u DearIy 10 amK 

- r- It > expected that the mvien- 

VAncAC fhA tion will find application in emer- 

OvJUljCIj MIC gency braking of inductioa 

motors where reliability is essen- 
tial and !n tte process industries 
I PTflTfiPrjITllTA where consistency of perfor- 
aiul ** mance is important . . 

COMPLEMENTING its existing 

ssss pjsa © sS Sis 

a range of thermocouples. « fK 

The devices are designed for 3400 ). 
sensing the temperature in the 


The commercial standing of.yourcustomers and supp liers 
Howand what your competitors are doing and planning 
Hqw^ your performance compares with the competition 
Allyouroptionsforinvestrnentplanningormanagement 
Youropportunitiesf orgrowth byacquisition ormerger 
The newmarkets you could be in, here or abroad 


YES/NO 


YES/NO 


YES/NO 


YES/NO 


YES/NO 


YES/NO 


*Just some of the things you have to know 


If you can putyour hand on your heart and 
say'My business information systems are as 
good asthey*li ever be; we'd be among theorist 
tocongratulateyou. 

V\fe'd also be surprised 
For, increasingly, its difficult to get hold of 
the complex mass of information you have to 


have, to beableto 'make. the key decisions 
affecting yourbusiness. 

Lookagainatourcheckfistandyodllsee 
iMiat we mean. And thats only the start of. the 
thingsyou ha veto know. 

But there isa solution toyour problem: 
Our company informationservice. " 


If A UCCddlilCk barrels of moulding machines 

*■ . and are available either in iron/ | 4- a Uma 

A TWO-DAY conference on word constantan or nickel/chrome IjUIlsi 1 1 111 C 

processing, with particular versions with two metres of 0 .... 

reference to the human problems, screened and armoured cable. w» w '1 

involved is heing organised by operating temperatures are up ||Y|k WAFlfQ 

Information Studies and will be to 450 deg C. 111 I .. IV TT UIJlu 

toeRegen^eStie HotfiL London' “whines that can be fitted using A wavelength oF L27 
teaimed atexecu- En ^ el ’ uv Krau f microns, a research team at 

tivw wh^Se rfSSS- Negri Bossi, Stubbe and Nippon Telegraph and Telephone 

SB “SK Windsor although special units hj transmitted a 32 Mb/s poise 

I b e fSE prSSng iSS for “JS? and dl - e i c E n ** made code modulated signal overwore 
litions 1 art wiS ^ teri^ithtoe »;«taeis specifications. • than 50 km of graded index fibre 
changes now taking place in More from the company at 7 without intermediate repeaters 
information handling offices. Airfield Way, Christchurch, and at nanoblt error rates. 

Speakers will include the Dorset BH23 3TB (02015 6711). If the laboratory work is con- 
manager of word processing at verted to a commercial system it 

the British Standards Institution, means that repeaters, being so 

a former head of typing at the _ ermiiAFe * ar apart * ca ? be accommodated 

Automobile Association, the • StKVIirtJ* In offices rattier than manholes, 

director of research at the ___ _ _ greatly alleviating problems of 

Association of Scientific, Techni- TTiwwrf- repeater rellabUity; power sup- 

cal and Managerial Staffs and a JJ ll3l <1111 P. lies and maintenance. Applira- 

lecturer in ergonomics at Lough- -. tions are likely to be made in 

borough University. £ • .'undersea as well as land trans- 

The organisers will conduct a Tf|T* HIHPC mission. ' 

sample survey of registrants to 1 Presumably because the fibre 

discover what aspects are deemed nM1P . *_•* can be made only in lengths of 

most important ?N?i of carrying out about 2 J km, the total experi- 

More from the organisers at ^fP^ lrs *? *. pipeline _ wrihout mental length has seme 20 splices 

Lower Road, Chozieywood, Rich- c ~sing it down is to freeze it ^ making the -average fibre 
mansworlh, Hertfordshire (0927S lts co? ten “ warn liquid i 03S 0 f Q.gg dB/km even more 


means that repeaters, being so 
far apart can be accommodated 
In offices rather than manholes, 
greatly alleviating problems of 
repeater reliability, power sup- 
plies and maintenance. Applica- 
tions are likely to be made in 
undersea as well as land trans- 
mission. 

Presumably because the fibre 


Fastaccuratedata 

Our systems give you accurate infOrmation- 


Throuah procedures we've developed 
ourselves, and in conjunction with American 
partners, you can have up-to-the-minute financial 
information on the 3,000-odd publicly quoted 
companies in Britaia and the 11.000-odd 
companies registered with the US Securities arid 
Exchange Commission. 

You can get this information within twenty- 
four hours of lodging your enquiry. 


For example; the wealth of information 
contained in any SEC report can be put page by 
page, onto a microfiche, each page no bigger 
than a postage stamp. 

It's the secret of our 24-hour service, and a 
magnificent saver of space An entire microfiche, 
storage system need take up no more room than 
half the space eaten up by a desk. 

Alternatively, the information you need can 
be supplied as hard copy. 


Prospectuses; rights feue and offer 
documents press cuttings-induding 
international press coverage of nan-quoted 
companies' activities-are kept and up-dated. 

Vlfe also cover Channel Islands and Isle of Man 
enterprises in the same way. giving you a 
complete picture of theiroperations 


An insight into American business 

Anyone wanting to do business in or with 
America has to know what they're talking about 

The exclusive contract we’ve recently signed 
with DISCLOSURE Incorporated gives you 
immediate access to financial information 
covering the whole spectrum of American 
business and industry. From California apple 
growing to Minnesota mining. 


10-K; the insight source 

10-Kisthe official annual busnessand 
financial report which must be filed by every 
company registered with the US Securities and 
Exchange Commission. That means every 
company quoted on the NewYorfc Stock 
Exchange. American Stock Exchange or Over the 
Counter Market. 

iO-Ks are exhaustively comprehensive. . 

They contain far more information than 
you'd get from any American company's regular 
Annual Report to stockholders. 

They cover everything from a company's 
operations, their properties, the number of their 
equity security holders, current legal proceedings; 
sales and income, to the names, salaries and 
specific responsibilities of every one of the 
directors, and the three highest paid officers. 

Likewise, every non-American company 
registered with the SEC has to file similarly 
detailed reports containing far more information 
than any home-produced documents. 

These are also available through our 
DISCLOSURE contract 


The bas'cfacts of British business 

if you're not absolutely sure how to go about 
it gathering British business information can be 
as time-consuming and costly as understanding 
America's industries. 

Our exclusive MIRAC service is the answer: a 
microfiched or. hard copy 'who's .who’ and Wat's 
what of all the 3,000 UK publicly quoted 
companies, reproduced from their annual reports. 

It's constantly up-dated. And more, it goes 
back to 1963. Which is invaluable to anyone with 
an enquiry about a company's past performance. 

With every company categorised industry- 
by-industry against the Financial Times daily 
S.tock Exchange listing MIRAC takes the time and 
tedium out of information retrieval. 


What it costs 

. Initially, the minimumsubscription to the 
entire company inforrration service is £150. 

The average user will find this allows for a 
flow of enquiries over about six months. 

After that; the cost wifi be determined by 
your individual usage of the service 

In some drcum stances ad hoc enquiries can 
■be handled, if the information you need relates to 
one of the MIRAC or DISCLOSURE listed 
companies. 


«M)r ' nitrogen. This can save a lot of Sutato. 

trouble. The high-silica -. fibre has a 

BCB Pipe Freezing Services, graded Index core diameter of 60 

© HANDLING* which specialises in this is now microns and the overall diameter 

rmrauuiiu facing growing numbers of calls with cladding Is 150 microns. It 

-OT-j. j-m ■ for aid and has had to increase is coated secondarily with silica 

r*lHTlTWl fhP its liquid nitrogen storage resin. 

JL HMUP lllv capacity. To "do this it has in- A double he tero structure laser 

stalled at its Croydon centre a making use of indium gallium 

a 2J -°° Mtre bulk storage tank arsenide phosphide and Indium 

J. T which has been supplied by BOC phosphide was used with a 

w and has been devised so that the threshold current of. 120 mA at 

APPLICABLE in industries liquid gas can be decanted into" 1® deg C and an output power 

where pollutants bav.e to be smaller, transportable vessels, of 0.5 watt at 130 mA. At the 
handled to conform with anti- The company is also using ?? e j of the 50 km link, 

pollution laws or in mining and Rnr.'* r.nmo3 s»nri »•«, U hi^ the detector was a. germanium 


Pumps the 
slurry 


Judge the service for yourself 


pollution laws or in mining and ROC's Cryospeed Service which !r e , aet * ctor . j germanium 
chemical plants where heavy eZres deCof SS avalanche photodiode. 
duty pumps are not warranted. gen t0 3 Q 3 mp e freezing teams t *, 7116 *! apanes ^ t**? 0 atat ®* that 
Series L slurry pumps from Sn sites toTO^oJttofSi S? the system operates wrth • no 
Simon-Warm an can deal with “ cwg y,. . country - problems of crosstalk, Induction 

flows from 30 to 1.200 titres/min. Bulk storage facilities are also noise, or reflections; at splicing 
The range has been introduced to be installed at BCB’s centre points. They expect .the repeater 
for light to medium duties where in Birmingham and from its two spacing to be pushed to- 70 km 
the company's extremely robust centres the. company now says with further development The 
Series A units -would be tin- i* can give faster responses to results have just been published 
necessarily high-powered. urgent requests for help. In jn the lEE’s “Electronics 

Wearing parts are available in addition, " the company’s Le r £^ ers - r ’ . . • • 

hard abrasion or corrosion capability in handling long- company is at 1-2356 Tase, 

resistant metals, or elastomers, duration pipe freezing operations *okosuka-shi, 238-03, Japan. 
to suit the application. Shaft which require larger supplies of • ~T 

seals are gland-packed or centri- liquid nitrogen is increased. , . 

fugal to suit the conditions. Details .of the company’s ser- b r [J&H?. 

More from the company at vice can be - obtained from 2a 
Tod morden, Lancs. (Todmorden BosweU Road. Thornton Heath, L\ \t j - ■ 

4251). Croydon, Surrey (01-680 6911). ' 


companles'House onyour doorstep 

You may want to knew something about one 
or more of the UK’s limited companies beyond' 
the 3.000 covered by MIRAC 

VUe can help. 

Through a direct link v.ith Companies: House, 
\ve provide an immediate information service on 
any of the limited liability companies registered 
in the UK. 

Again this service gives you microfiched.or 
hard copy reports. 


Microfiche or hard copy 

Microfiche is no revolutionary process. But 
we've employed it to great advantage. 


60,000 companies on file 

Detailed though they may be, comparue^ 
annual reports may net tell you all you need to 
know. 

To supplement our MIRAC DISCLOSURE and 
Companies' House sen/ice we keep comprehen- 
sive files on more than 60.000 United Kingdom 
and foreign companies, a third of them overseas 
concerns. 


npanies' House, fl 
tion service on 
ies registered ■ 

liaufiched.or g 

I 

comparue^ ■ 
you need to §| 

aosUREand ■ 
icomprehen- H 
sd Kingdom _ 
diem overseas 1 

..J 


If you still think you knowall you need to know 
about the business voulre ia we invite yauto put you* 
knowledge to the test’ 

Complete 3nd r^um this comer of the page, and 
we ll send you a free microfiched report on the US or 
IK company of your choice, covered by our 
DISCL05UPE or MIRAC service, without obligation. 
Vbucan choose any one of 14.000- odd organisations. 

A glance at this report sent to you by return of 
post will give you a dearinsight into one of the fastest 
wavs of getting to knowall you need to know about 
tiie business youre in. And that of others. 


• TEXTILES 


Less dust in the fibres 


mi 


To: Beverley Pullen, The Business Information Service 
of the Financial Times Limited, Bracken House, 

10 Cannon Street London E0JP4SV: 

Td Ske to put your conwany report service to the test 
Please send me, by rettfR of post myfnaelOK or 
Mi^micTOfiched repftton tinsert the company of 
yourchoica 


KUEusosnewa 


ONE OF the biggest problems been supplied to selected 
confronting yam spinners that spinners throughout Europe and 
use the rotor spinning or “ open- iB n ®w coming to be widely 
end" techniques is dust or trash ac £epted as a ..Standard. 

In the fibres. This has tn hn s P |Q ners are finding that the 
^ -r 3 .. .? e quality of. their production Is 

removed before it gets into the improving when they use this 

high speed rotors and so new Flocc&l. as ft is called on 
diminishes quality and, in ex- the Continent.- and -Fibre when 
treme instances, actually causes ft is used in- England, 
yam breaks. Courtauldx SA, is currently 

Currently, with synthetic fibres the biggest supplier of viscose 
of various kinds, the open-end staple to Ihe European non- 
spinners axe demanding that the wovens industry and another 
level of such dust should not new fibre it has developed 
exceed 20 parts per million 5 Pecia!ly for . this- demanding 
fppm) and now a number of market is , one that has been- 
fibre producers are able to offer ?™ e n a special optical brighten- 
staple fibres of various kinds make it ..competitive in 

that meet these requirements. appearance with the polyester 
One of the oldest man-made 5? ple that “ oted ?° r i* high 
fibres is viscose rayon and this jp ^ esree whiteness. 







^ :jj$ 

"WLFI Sk'J* 


-the wood’s largest pwi ofacturer- j 
of Industrial Suction Qeane ra. 

Bury St Edmunds. Suffolk 0284 631631 


THE BUSINESS INFORMATION SERVICE OF THE FINANCIAL TIMES LIMITED 

Eracfcen Houses, 10 Cannon Street London EC4P4EY TsIephane-.0-i-243SCCO Kegistered in London, na 227590 


Registered In London, na 227 590 



produced both as filament and 
as staple. This Is being spun 
alone and in blends with ottier 
fibres on open-end machines. 

Recently the French factory of 
Courtauids i Viscose Division, 
Rowell -Tower. Piccadilly, Man- 
chester M6Q 3AP; tel. 081-236 
7091) has found that by using 
a specially designed extrusion 
spinneret _ it -is possible to pro- 
duce a viscose rayon staple In 
which the trash level is currently] 
between 5 and 10 ppm. This has 


electrical wire&cable? 


«KO MINIMUM 
ORDER ' 


•NOr MINIMUM 
LERCTB 


Tlvjusarris of types and sizes in stccklbrinrHTiafetedeCvery ; 

LONDONOI-Sei arts ABERBEEN$m3235sM 

MANCHESTER 061 S72-491 5 







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. ■J 1 -: 


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• *<!,• , 
i 


... 


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fibre 


vore 


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A proper basis for 




wii^raa 


m 


THE ‘RECENT V accounts"^ of 
British Gis,' the-.. 'Electricity 
Council and. the- Posf Office have 
led to piibiie criticism; . of their 
Boards,, of their auditors and of 
the..9cciowtu(!7\profesBion. The 
naain- thrust ;’ of : the attack- has 
concentrated on. the Boards' 


IN AN ideal world, industrial- 
ists would be able to plan 
onovative products, processes 
ir marketing by working to a 
iet of management guidelines, 
to practice the. world of 
nisiness is far from ideal, the 
guidelines do not exist and 
management has to be content 
with a suck-it-and-see approach 
one based on ultra caution 


state industries 


BY PROFESSOR HAROLD EDEY 


where innovation simply does 

not occur. the list of management precepts 

But by the 1980s, managers for Novation has taken him to 
may he able to turn to a set of lar S e ““ . entering 
precepts which will act as lines companies to dassify industrial 
to guide unsure .managers to- activities and the approaches of 
wards profitable Innovation. The management His aim here has 
work on defining the precepts been . 10 s ? e bow ideas, if any . 

is now under way in one of the get mto the market place and 
ojr m uuc ui. me tQ ^ the constraints in each 


Lynton McLain on an unusual innovation project 

A helping hand through 
the new product maze 


- actions . in. providing for ' ' ' - is mw under way in one of the B m^set place ana 

depreciation on a replacement. - At the heart of the present Perfection in accounting corporations is of some impor- most potentially important re- t0 r 10 cons ^ raints in eacfl 
oin partial replacement basis. • b r o uh a h a -lies concern about cannot be achieved. It is not Tance when it is linked,’ as lias search projects ever undertaken S^UP of companies. 

The- Boards, it is. said, are --tariffs!. Ax; the 'fuss -shows, the possible to capture in a single been the case with the South of m British engineering manage- work has already yielded 

“sing flexible’ ac&ountjng published acCTUDting reports are figure of “profit” the effect of Scotland Electricity Board, to meat. valuable case studies showing 

methods Jo reduce the ininart. of rlikely-'t&'iixSii£Q&'- views about all the imnonderables which views of the Price Commission. Tt fc > how ideas are generated, or why 


S&P: 



using flexible’ accounting published acCTUDtlng reports are figure of “profit” the effect of Scotland Electricity Board, to meat. valuable case studies showing 

methodsio reduce the impact ^ of vlU^-'ttinfiiieBce views about all the imponderables which views of the Price Commission, it is being carried out bv a h° w ideas are generated, or why 
high profits. The: auditors are the level nf tariffs. If they are impinge on enterprises, or to In this context, the essence of single, highly experienced and P 0 ™. 6 are and waste ~ 

taken to Jask r. for : passing misleading in , this context they eliminate the inherent un- the argument in favour of such' qualified man from the research - , deV0ld of ldeas for sur ' 
replacement '"post -and -historical cotUtf-.leaff.to thejimposition on certainty surrounding all an adjustment is apparently and development side of in- vw “‘ 

cost depreoatidn eqiialiy '..readily the corporations of economically economic activities, tt does that the tariff should not seek dustry, with only moderate the lar 2 er companies he 
(coal, and steellttave ’ not fol- : undesirable :pdHcies. It is there- however seem' that the esti- to recover the excess of cur- clerical and research help watched and recorded the pro- 

lowed suit*; • The -accountancy lore- highly desirable that with- mated present-day cost of re- rent cost over historical cost Dr. R. c Parker the former Sress of specific projects 







^■5383$ 


The absent, of. a. Hyde gear- a 'public dorpoiation is to give cial success than the- cost some lenders must be deemed to have year innovation project run bv save practical help in a systema- 
mg adjustment in these reports the! right message to the con- years ago. subsidised the consumers by not the Council of Eneineerme tic approach to creativity and 

Vt9c «ilr>n • . mmikw • comirnAc Cnk-ia^ «. - rlPTTin nr? i n CT Q V\ inrloviMn n f -t-hrair t O fko Ann lnofinn A F all irlau Thoro 


mentary information it would (and pays far) -tte money col- attempted to show how much 
not affect the:- profit shown in lected - from * .the . consumers depreciation is needed to reflect 
the accounts. ’ . ;shouW provide: for the upkeep current reality In- the case of 


Public debt 


likely to embarrass the authors P rocess es and new marketing in 
I of academic papers studied by man y o* these small companies. Dr. R. C Parker — putting creativity into management. 

Dr Parker who have Often, he said, the board of t „ . , .. .. 

directors’ main interest tras in «“* ° f WW* 1 ™."- Th,s “"der the disciphiu-J and ml:- 




There is- indeed no- express and^replacem^.pf.tiie resources coal. for example,, it can be The validity of thi* view rJ thousands of man-houre defining 
ale of com pan^law.: or -In currently eonsained m proauc- arsmed that * h*tt»r . . _.i terms, and often little ai«> in 


^ ^ ?° r _ example, ii can be The validity of this view OI aewung staff numbers The company was “seething with cal eve of an experienced prat- 

Sters Zm e ”i?Th^ 52? .? 5225^’SLlfii «l«h. t^uJuS complsints trem directore were said _ but welc-n_ed ncal innovalor. K..r ... jp. 


rule of company law;: or -in cinrentg; ^on^paed in proauc- argued that a better economic open to aimSon. ST if terms - often little else, in 
present accounting standards, to tion. Fafim^^this, consumers view would be given if the debt in a nublie eornniitTmi Is field of industrial innova- 

corporations making metre pro-. llW 'Dr. Parker's first aim is to 


directed more at their exasper- 


rigorous and his criticism of the useful ues.- « f 


vision In their, acajiretsf to cover 

the ■replacement'ibf assets; -Well 

respected companies have fol- tfmfr '*■'"/ 'V - 

lowed this practice without '■$ >] 

public outcry. The effects have B) : ■ 

no doubt been taken into- con- R. r,' ? 

sideration by the stock market ■ 1 41 

in mterpreting-the results. 'The 

Post Office 1 tsdf vhas followed ’ - 

tiie same, practice -.since 1 ; it 

became a public corporation. '--1 ^ 

Innovations of this kind have K.-V-*' 'V 1 
been a normal feature of V ~rW< 

accounting practice in the past. ■P?V * >,-4 
Practical needs are felt in the Hjv^ - 
business community; Pioneers. 
introduce whai they’ consider to 
be improved procedures; these . ’ . Prtrf. Hai 
show .their worth’and comeiinto pf - ■ 

general use as acc^ted account- 
ing practice. (There wasa" lime J: ;.’S6S 

when consolidated accounts Lmer^This wi 
were regarddf^th auiiteion.; 

Disclosure; • 

By its issue -of the “Hyde” which can'onM 
guidelines as a’.:. provisional by a further? 
measure, the accounting profea- diverslan of ^ 
sion, through . the. Accounting otter ends. . . iS 
standards , committee., rtas' A typical f« 
ind^ intt'ea^: :. AteU.EiCTy situations- in pd 
inat the . leva-? -tn ; .■ deprecia^- an - Increasing « 


“ The level of debt in 

™“ C “ L base for Innovation. ‘He wants Dr. Parker is worried that wamea me wnoie prooiem ui ms time as k and u director 

a public corporation is dfhfTnnmfnaiS hiuL^f t0 dr aw-up a short, readily mote engineering companies in “P vaCio "i° g0 away : with Turner and No wall 

^ understandable list of precepts b® v e not responded to his call 7156 CEI committee on He is now an advocate of nun- 

arbitrary it deDends f0T use by harassed managers for an open door to observe, creativity and innovation con- agement disciplines such 

dJ.uiLraxy u aependS in engmeering^ho^ tettat advise and to generate interest sidered that the latest project synthetics, where a group of 

to a considerable extent Th?^f e J S SSt*. more managers will -no longer adopt in the concept and practice of would hein the management of people are trained to evaluate 

*ue roie OI suen aeot IS more „ - , -J IVipcp i.nimum»c whinh auntod and nmrilirv> ir)P 3 « 111 a iClrilf. 


arbitrary; it is much higher . jj r Parker’s first aim is to ation with employment protec- systematic approach, in sharp formal literature on innovation 
than would-be foimd in the pn- ^ manaeempitt tion legislation than with ways contrast to many of the other fnr working managers. Dr. 

factors^ whldi shouldM^StS of nurturing ideas into profit- companies who gave Dr Parker Parker tried many of the idea* 
a considerable extent on the . aKia lira the lmoression that they for stimulating i?r*?anvitv durmo 


a considerable extent onJUhe avoided to provide a able life. the impression that they for stimulating creativity during 

accident of past Govern* g* for hZv«rioiL Dr. Parker is worried that wanted the whole problem uf his time as R and D director 


»Wn tn thai J a a of ultra caution and new ideas. One company sat on tiiese companies which wanted and produce ideas in a slruc- 

aian to mat or aeot capital. Of~a v.s„ tn inimdnrp a new nrndupr hm tured but creative wav. 


Oil the accident of past, subsidiar/in thp hands of the crea tive innovation, at his offer for over nine months tD introduce a new product, but tured but creative way. 

_ • . MIdinfiTomDan? In iScTa least not without understanding and still did not make up its who knew that their staff was 

Government financing caTtte c2!t ftjL Sat why - Dr. Parker wants the list mind. Beared to stable markets and ACflOD 

r ” . „ relevant for business planning, t0 - be by 0,6 side OTery general manager of Ion B esteblished products. pocp ctllHv 

policies. including pricing is the overall ®“Bineenng manager, guiding another company said a 50 per A ^ ltal element in Dr. CtfiSC? SlUflJ 

cost of capital to the holding Ws acfions d ®y by day. cent reduction in his workforce Pa rker s approach is to obsen’e ^ further benefit for engineer- 

company. It has no direct -con? is a TCr y ambitions target was an essential preliminary to record what is happening u, g management will come at 

nection with the debt finance ® ut he 1183 die confidence and Innovation. His labour prob- * lther or wtihout innova- end of the pro j ecl< when the 
, , . that 1 appears in the subsidiary 3 ? security of financial backing lems took iip so much of his “ on * ™ s Precepts will « action case studies “ now 

iSSi de P reciaUo “ legal balance sheet. Here the S’ 01 ” th e Government’s National time he had none left to think r “ t ^ b*sed °n a hazy memory being prepared by Dr. Parker. 

“ e current cost of Mtion ^ ^ ho ] ding coffiwmy Research Development Corpora- about new ideas. of what he thought happened in with full co-operation from the 

^f P i^f..3 ew ? taes - . _ and the public corporation .-is 5°P» the CEI, Rio Tinto Zinc, - a company, but what-did happen companies he has nailed, will 


rary benefit accounts showed that appears in the subsidiary 3 ? -J 1 ® security of finanaal backing lems took up si 

rest ofihe SSSSfto balance sheet - Here ^ ^Governments National time he had nor 
.future con- devett tew mTeL Mt!on “ ** holdi “S compimy ^velopment_Corpora- about hew ideas. 


«ur through The inclusion o£ current cue. gf corporeti™^ ^ SeetWnS With 

1 ofSTew. the economic --Uee Turner and Newe.1. WllD 


from tte generation of an idea be made available to business 

*d with tho dnpc nnf nf enures iTnrtin thot- UH 10,5 view, roe economic — * ls a cceP* an ce in the marker schools as teaching material. 

> ***. . . d ° es nat imply that f fi nfln( .p in- The .base for -tte intensive re_ onprorv place. The immediate benefit This mav help to revive Britain's 

bme beeo nationaIised infl^es ttoSd ® ea , rch is Ashridge Management . for company is that Dr engineering fortunes, hut the 

Jfi“®* ntai " ed ^c d J° Myer the total cost thus reflect ^ return obtajj^e College,; Berkhamsted. Hert- There have been compensa- Parker is able to test his wide greatest successes arc certain to 


jn^own or a shown Pricing is a separate ***** where Dr. Parker has tions for Dr. Parker. One large range of ideas on Tnnovation C * ^ 

sources from reporting results of cap]ta i resources— tte so- a research fellowship. supplier of automotive com- and measure the benefits before minds of those managers Dr. 

■ P . . . “ d Jz y* . j C i?* unt ,.2* called shadow price of finance. H e has had almost daily con- ponenta welcomed his visits as and after a new product is Parker has been able to iclp by 
fe-Tiit nit i ?» l W0 Vf d 1 ^ In estimating this, the existing tact with the production, man- an opportunity for an objective introduced. bringing creativity and innova- 

iTSSSuTii? i 1S Sf fr 61 J° r legal debt, the interest on it, il«ement and marketing heads assessment of its progress. The This approach allows manage- tion Into the daily round c 


tion - appropriate loV the n “ “SSk 1 ? TT' 1 * 1 3d th7 q uSn rtTgStS & 40 en«ineering compand management ata looked for- insmsUer c 

pnnt \ssett,-is X& e^omifde^sS ^ ^timate aim_in preparing ward to the ultimate result, the try Jheir hands at innovafon, fore there was only sterility. 


current cost of assets . is the fiimuriaj^uthority— \g. the of genera! economic depression, aa J ust ™® n L 8X6 811 irreievanL Lj 

least a matter ttr diScJosure. Govenimen^-is unwilling to as the experience of the steel So far as the accounting \ 

It can be questioned •whether- it divert i nc reasing resourcte at companies in the thirties should ^P 01 ^ 5 8X6 concerned the same ;<* 

would -be helpful, to d e man d the pubjfc expense to meeA the remind us. The accounts should masoning applies. The ^ 

that enterprises- whieh wish to sthnuldred. level of. demands nevertheless present the full , c ^rporations are owned 


mcorporetefttitiw-iattrm.atiou So Jan - -essential requirement' picture. 


by tte nation and their debt is 


in.-thmr mam.accdunt^ a^ in -filrfff-maJcing is to ’ret; tte The Electricity Council has largely provided by the nation 
some, cases have ;dntie r 'is6.‘ for tajm at .a level siifficiaot tb been criticised for its addition Pf UDd -. r its guarantee, so that 
many years, should desirt 'while . Maintain.-, productive . potentiaL to . historical cost depreciation . e . na t’ on bears the risk. It 
business, tte profess) on an'd Theyf’his requires among ' other of an arbitrary 40 per cent Is ,, rd t0 that a gearing 
Government-'- make * upjr'ttejF.ttmgs the- assessmenl of. the because this figure happens to ad *. us P neQ t “as relevance, 
minds: curren t 'cost: - of replacing- the be that approved by the Price . A better plan might be to 

Tb e accounting prMt^on Ms - capacity, ^tidting into account Commission. This does indeed cbarse . ,n “ e accounts, at an 
its Share of him^^£autts;biariii current technology.’ assianing, seem to put the cart before the appropriate shadow rate, 
these complex; Matters ;.ft Jp ay- of "course, that the serv$;e‘ in horse. However.-if, as seems to notional interest on the current 

be wise to hast^:0Owly; ^nose questioh will continue tt he the case, the 40 per cent is 7 alue of th e total resources in 

who doubt ttis.should recfejl the demanded at a price inifficient * n underestimate of the the corporation’s hands. Interest 

receDt re(^Hoff : of ttejgflation to justify ' its .production, correction needed to ' bring on tte legal debt would then be 

accounting ’ proposes. ‘ in -Historical cost has no relevance depreciation to a current cost treated merely as a payment on 
Exposure Draft .18 ^issued, it for such matters. level, adopted as a temporary account of this charge. In this 

should be Mte^opdiscussipn, . measure pending tte develop- way a significant . step could be 

not as an approv^itandard f^ > V • ment of a better estimate, it is taken towards linking the fin- 

immediate implementation. 1 to be welcomed as a move in ancial reporting of the public 

Nevertheless^ .-tte big ; 'public ”;r-V tte right direction. We can corporations more closely tt 

corporations’: - x wield:^ ; great' -This suggests strox^y; that perhaps look for more refined their overall financial control, 
economic pow^V-and:.1theiT the- accounting reports ttonld, calculations in the next report- The profit they reported would 
methods of acctrantihj?are i^ to proride a' useful There is no suggestion at then acquire a rij^iificance 

questionSbly a". -.-matted -of coin' commentary on .what :; has present that a Hyde gearing which is at present lacking, 

s ider able public coircera., It is happened, be compiled; on a adjustment should be more than 

therefore right ^ i»hsider what .like 1 basis. - So they.; should part of a statement supplement Harold Edey is Professor of 
justification there- -;ls.vttr -the include current cost of dejxrecla- tary to the main aeccrunts. How- Accounfinp of fhe London 
policy that is being criticised. : tlqu. ' ' ...ever, its relevance for public Sc/iool of Economics. 


Do you sometime 
wonder whether 


your computer liste 



properly? 


: K v ••• ; '--V . : -V:V ^ 


BUSINESS PROBLEMS 


BY OUR LEGAL STAFF 


Trustees ? , 
responsibility 


duced in ' 1966 (paragraphs of 
schedule 10 jo the Finance. Act 
19661 only applies “ r w hare *' 
person receives or. becomes 
entitled to receive in regcct of 
any shares in (or debentures of) 
& company a provisional allot- 
ment of shares in or debentures 


have such policies? - I live in 
Scotland. 


^ 0n rcoSS a proVisSSMio;. 

iUarcb 10, a trisoiniccable pro-. m ^ nt ^ shares in or debentures 
visional' allotment letter for-393 ..©f. jjiig company and he deposes 
now .shares ai..gL85 per stave, of his rights." The trustees will 
acceptance in -ftrii by -April li doubtless Wish to con&ffi^’' the. 
and sold 338 jretf. store* funy e^lenl oF tte-j peraor^lfeblJity 

g“ 

The tax luspectM gays. lhM -*s act prWpjiy upon receipt of 
the «714 wasmore thanS^per ee^;noticeof the'rights offered (ii) 
uf the holding oa March 20, the. to a cqiisint - them selves . 
transaction must be regarded as basie rules of capitaT; gains . tax. 

lJ&^! lg V2 Sll £P- ^ On the liiniied facts-^pr^sded, 

£12 1 to be thie_jgain- Ik there ^ e -. gjmhot say whether -’ tte 
any answer to - ; . inspector’s ‘ figure of. £ 1 # . is 

The : law -on- this point- .is quite . correct, of course,. ‘but Jjlc , 1 $. 
dev, and' it is a little surprising- undoulnedly right . -;in . : .broad 
ttat .norie of the trustees -a ppeaira principle. -- -■ 

to have: foreseen the ; taxation; - -‘ . - v . 


In English law the position is 
as you state.-' We cannot recom- 
mend particular companies: most 
af -those which issue policies in 
connection with legal and tax 
-planning, risks will do so, as 
would Lloyd's' syndicates. We 
suggest that you consult an 
insurance broker. 


No tax to 


pay 


Now a transaction is to take place 
whereby the said legatees are ! 
willing sellers of the shares. 
Have two transfers to be made, 
i-c- from the deceased to the 
legatee (s) and again from the 
legalee(s) to the new purchasers 
or can one transfer be made to 
cover the whole situation? 

There is no' reason why' the 
persona) representatives should 
not transfer direct to the 
purchaser at the legatee's direc- 
tion — subject, of course, to any. 
provision! 1 there may be in 
the company's Articles of 
Association. 


consequences >nf taking up i offaincf - - 

rights issue ‘.with a ; new to; an V>OVCl •' 


immediate sale.: :• j 

The 1965 capital gain? tax. rules ^fgpgl COSlS 1 '. 

(like tte 1962 shortterm gains .. 

rules) treat -shares comprised hi I? ft ': possible to taxe out xn 
a provisional allotment' letter as Insurance policy to coyer against 
issued- immediately- upon- accepOegaL costs? If 5®“-*^ 

tance, and the concession rntn> jne_know of any companies wnlcn 


Could you tell me how mucb 
the capital gains tax would be if 
I sell in 1978*79 Unit Trust Units 
at a gain of £L500 and shares 
at a ghin of £590? The shares 
were bought after April 6, 1965. 
Under the provisions of what 
was originally clause 35 of the 
Finance Bill (bur was sub- 
stantially altered - in Standing 
Committee and on Report), the 
'assessment would be as follows, 
'and tbefta would be no tax to 

Pay: . - £ ' 

Qualifying gain? 1500 

Other gains ' 500 


Pension plan 


Taxable amount 


First £1,000 at nil 

Remainder £1,000 at 15% 160 


’•In . Leieester wp ' have-" a super; Telationship wjth_-'tte 
Unlon aiid ;witfr our fOO^ employees” - says Peter 
managm^djrettor^.H^ T., H‘. ^eck (Holdings) LnLv 


Less; Credit due on £1.500 
. at 17% but limited to 
CGT 



; GofdbnK SmhhFRjCS_^.;-,'. f 
-. -••“ C/lndueutel DewtoP™" 1 * Ofncer. 
Sv-‘ * W.‘ : '- rtetphoh*05& 549922 6tt87BO : 


-* ' or John Brown FBiCS 
. industrial Promotion Orf«r- 

: v vV: ; ^ foteptiooe Q53J 543922£xtjSZB0 


Transfer of 
shares 


The Superannuation Funds 
Office of the Inland Revenue 
informs us that, subject to cer- 
tain provisions, it will allow 
small schemes to be set up by 
any public or private company. 
The provisions concern tte com- 
position of trustees, and the 
investment policy. 

The board . of trustees has to 
include an outside “pensioner 
trustee" approved by . tte SFO 
and the . pension fund cannot 
invest in more' than 40 per cent' 
of its assets in the parent com- 
pany. The SFO is not prepared 
to circulate widely 'its list of 
approved pensioner trustees, 
but interested- parties should 
approach the Association °f 
Consulting Actuaries (Great 
Britain) for 'information,, since 
an actuary's report wii] he 
required in order to. set up the 
scheme. . 


; : , : However good your 
computei; there's one thing 
thatdictates howeffectively 



ifiCESTffi 


Hg|Xd«»CsM» 


- -4*toe«BrCitr Ertatea D^t.r 
' >tow Wtflc Came. - V - . “ 
'- Lsfceter LE16Z6- 


‘ '-No (ego/, responsibility cun be 
As secretary JL an concerned with Accepted by the Financial Times 
two. Instances' r whereby share- for tte answers . given in these 
holders iu my campauy have died .cofumns. All r inquiries will be 
wtiJwnt tranrfer of .the shares answered by .post as soon os 
being: arranged to the legatees, possible. 






youcanuseit 
. . The terminal 
V; A terminal thats limitedin its abilities 
■Will actually limit the abilities of the computer. 

- /At this point,^ weft like to declare our interest 
Harris make a lot of high technology products, 
■amongst them computer terminals. 

Allour resources, aU our research,^' thin 
.. Our Data Communications Division, have gone 
into developing computer terminals alone. 

The result? A terminal that is better than the 
-terminals marketed by the main frame 
computer manuiacturers. 

- Specifically, our terminal is more intelligent 
than its competitors. 

: ' Whether your main frame computer comes 
fromIBMj Honeywell, Uni vac, Burroughs or 
CE^Hm's the terminals. 

, Wfe ddrver fast and can respond to your 


Hams Tcnriruk Some ul ihe must competitively pnevd 1 « ihc maiUi. 


particular needs. 

We support our terminals 
with a nation-wide team of 
specialist engineers who 

only service our terminals. 

Whetheryour company needs interactive 
or remote job entry terminals-Harris can 
provide them, both in the UK and throughout 
the rest of the world 

For more details about Harris Terminals 
call or write ta- 


Southem Sales Branch 

35-37 Buiy Mead Road, Hitchin, Herts 
SG5 lRT Tel: (0462) 53462 
Northern Sales Branch 

143 The Piazza, Piccadilly Plaza, 
Manchester Ml. 

Tel: (061) 228 3565 


Data Communications 






10 

LOMBARD 


Sterling-lira 

diplomacy 


BY. SAMUEL BR1TTAN 


IF PROPOSALS for a fresh start 
on European Monetary Union 
have worried the British Govern- 
ment, alarm is more like the 
feeling they have given rise to 
in Rome. Indeed at the end of 
July a two-man team consisting 
of the Italian Finance Minister. 
Signor Filippo Pandolfi, and 
Banca d'ltalia Governor Dr. 
Paolo Baffi, visited London (after 
a preliminary call in Brussels) 
to communicate their concern 
and suggest a common attitude. 

The hasis of their fears is 
that the Italian inflation rate, 
now running at 12 or 13 per 
cent, is even higher than 
Britain's, let alone Germany's. 
The authorities in Rome are 
clearly worried that they will be 
faced with a choice between 
going into a currency snake, at 
a parity they will not be able to 
maintain, or being left outside 
an arrangement including the 
other eight of the EEC. and 
them being relegated to a 


Mediterranean or Southern 
European sphere outside the 
mainstream of Community 
affairs. 

The Italian desire, like that 
or the British Government, is 
to make sure that the central 
parity can be adjusted with 
sufficient ease, and that there is 
a large enough support fund to 
allnw the weaker currencies to 
participate. The real nightmare 
in Rome is that the scheme may 
he just loose enough to allow 
the British tn participate, but 
sufficiently stringent to keep the 
Italians out in the cold. 


to hold down both the price level 
and the level of inflationary 
expectation, and thus makes it 
politically easier for the British 
authorities to hold back mone- 
tary growth. 

This is, however, too 
ephemeral a phenomenon on 
which to base any superiority 
feeling vis a vis the Italians (who 
knew all about banking when the 
rulers of Britain were not 
always literate). Moreover, there 
is no reason to suppose that the 
Italian authorities will be con- 
tent to stay indefiniely as the 
EEC's inflation leaders. The Bank 
of Italy will before long want 
to revive the plan for changing 
the currency denomination, to 
avoid the nuisance of restaurant 
meals running into tens of 
thousands of lire and of national 
income figures in the hundreds of 
thousands of billion. When the 
noughts are crossed off and the 
“ lira pesante " is introduced. 
Governor Baffi at least will want 


to use the opportunity to make 
a decisive change in inflationary 
expectations and monetary policy 
as General de Gaulle did with 
bis new franc in 1959. 


Commitment 


High inflation 


This is not a spectre that needs 
to be taken too seriously. Des- 
pite obvious differences in 
national temperament, the UK 
and Italy have many economic 
weaknesses in common. Both 
suffer from a union-influenced 
wage structure which prices 
many workers out of — at least 
official — employment: both suffer 
from official restrictions and 
uncertainty which inhibit invest- 
ment: and both are high up in 
the inflation league. 

"When, at one of the more 
informal of the recent Anglo- 
Itulian gatherings, a guest sug- 
gested that any currency arrange- 
ment which the UK could afford 
to accept would be all right for 
Italy too, the remark was greeted 
with visible distaste by the 
official Britons present. But in 
fact the main reason why the UK 
inflation rate is for the time 
being below the Italian one is 
North Sea oil. The initial impact 
of this oil has been to reduce 
the net British import bill and 
thus to raise the sterling rate 
above what it would be on a 
strict international cost compari- 
son. A higher sterling rate helps 


Meanwhile one difficulty about 
forming any Anglo-Italian front 
on monetary union is that there 
is no really agreed British 
position as yet. The Bank of 
England sees monetary union as 
involving a serious commitment 
to smaller and less frequent 
depreciations of sterling from 
would otherwise be expected. The 
UK Treasury, especially at 
Ministerial level, is more con- 
cerned, on the other hand, to 
prevent the sterling rate being 
knocked about by speculators, 
but does not want to have the 
Government's own hand tied on 
parity matters. The Anglo-Italian 
meetings were notable for the in- 
vention by a very senior British 
representative of the phrase 
“Constructive Caution" which 
covered the whole specthim of 
UK official responses to monetary 
union. 

Unfortunately there are as yet 
no official takers for the view 
that on the currency issue a com- 
promise is worse than either 
extreme. There is something to 
be said for a really rigid exchange 
rate to which monetary policy 
would he adjusted, and something 
for a clean float. But an EMU- 
type band, with central parities 
adjustable by political decision, 
is liable to land us with all the 
disadvantages of both systems 
and the advantages of neither. 
As there Is no real prospect of 
either the pound or lira being 
permanently fixed to the 
German mark, a half-way mone- 
tary union is a bad idea for the 
UK and Italy alike. 


Experiments come to 


■financial Ti®®' WeaussHay. fcngust S 



THIS week, I can report on some 
of the experiments which I have 
been announcing or suggesting 
over the past nine months or so, 
and which I hinted that you 
might also like to attempt. No 
doubt you thought you would 
rather wait For the results. 
Perhaps you wondered if they 
ever went further than the paper 
on which they were written : not 
so, I assure you. I look out. this 
week, on three of my favourite 
themes from the past half-year 
and feel that they are most 
worthwhile. 

Violas have had a good press 
here lately, and I must say once 
again that the small white viola 
cornuta alba is still my plant of 
the year. Perhaps I bought a 
freak plant, though I doubt it. 
Over the past two years it has 
flowered solidly from May till 
September, never so thickly as in 
these past few months. When 
you want more you can pull a 
piece off at any season, taking 
care that you bring a bit of root 
■with it. Its mat of roots runs 
quite widely, so it is far easier 
than any of those cuttings I 
described two weeks ago. When- 
ever you plant it, it will start to 
flower after a month or two. 


There are whites and whites, 
but this while is clear and 
bright, on a small neatly-shaped 
flower, far smaller than a pansy. 

There is a mauve-violet form 
called plain cornuta which is just 
as easy but, to my eye, far less 
interesting. The white one is the 
edging plant of all time. If you 
want a violet-mauve, hunt for the 
glorious small Haslemere 
variety. Its colouring is quite 
marvellous, a subtle grey-mauve 
with a darker marking. But it is 
not nearly so vigorous nor so 
free with its runners. Three 
plants of it do not go very far. 
so you should isolate them when 
you can see them closely. 

Last autumn, you may rceall, 
I was sowing other violas chosen 
from the individnally-coloured 
varieties in the List of Thompson 
and Morgan, London Road, 
Ipswich. These are now in full 
flower along the edge of a bed 
of old roses and I can confirm 
their vigour and the ease with 
which they grow from seed. All 
of them are good, especially 
T Sc M’s selected golden yellow, 
a clear raspberry-red and a deep 
purple-black. I raised 40 or so 
plants of each from a packet and 
am very glad to know that they 


will last now, for as many years 
as I waoL For 50p or so, a packet 
of each of these would be an 
excellent seasonal buy, if sown 
now, they wonld be flowering 
freely next year along the front 
of any flower-bed. 

But I have still not quite found 
the small-flowered trailing 
varieties which originally, drew 


The violas, then, have come for a spring planting- COtnetJs 
off as they should, for they are ~ - 


in no way a difficult plant. If you 
are starting a garden in a -small 
area, please do not forget them. 

If vou read the next suggestion 
-T made, I doubt if you would 
ever put it out of your mind. Last 
autumn. I wrote that I was 
planting gladioli at a season 


GARDENS TODAY 

BY ROBIN LANE FOX 


me to this family. You can see 
these in the fine garden at Manor 
House. Cran borne, Dorset, where 
they edge the long borders in ah 
old walled kitchen garden or 
stand in masses between the 
formal pattern of a small box 
edged evergreen design. They 
can be bought in mixed shades as 
viola bambini. But at Cranbome 
they are grouped in- single 
colours, not least in a deep 
indigo-black. I have failed as 
yet, to find seed of this, though 
the larger-floweretf ones which 
have come up instead are very 
pleasant. 


when most of you would expect 
to be cutting your gladiolus' 
flowers. It was one of the best 
thing s f ever did. These small, 
fairly hardy sorts of Gladiolus 
Nanus are a wonder. You cao 
buy them from any bulb mer- 
chant (£3.30 a 100 was last 
Spring's price) and you should 
plant them two inches or so deep 
in a light soil either in October 
or In March. It was a cold 
winter, too cold for many of my 
Cistus. But the gladioli planted 
then have all come through un- 
scathed and are flowering well 
ahead of those which I reserved 


for a spring planting. v.otobl » 
a strong red, Bose Pvecase a 
prisingly fine P ink - 
a yellow blotch. The Bride is 
pure white. But the winner is 
Blushing Bride, white with a 
cherry-red blotch, one of the 
loveliest.' flowers I have seen. 
These are all small plants whose 
flowers, some three inches across, 
arch over among thin and grace- 
ful leaves- at a height of two or 
three feet 

At first, you think they will be 
blind. There seems to he no room 
in .tiie thin leaves for a flower- 
bud. Baton most of them it pokes 
up through the middle and opens 
into something as exotic as an 
orchid; Colour, texture and shape 
make these flowers unforgettable. 

'Lilies, too. have had a good run 
here recently. 1 am glad, now, 
that they did. It has been a dry 
June and July, limiting the 
growth on the tailor sorts. Green 
Dragon, ' Black Magic and so 
forth. But the commoner ones, 
of which I wrote last spring, are 
flowering their heads off. -As the 
phloxes begin to open and the 
first roses have fallen, their 
strong colour is invaluable. In 
a small enclosed garden, they 
look their best, lighting up a 


background of wans-anfl;®**, 
leaf. Olympic : Hybrids in* W. 
Century Hybrids have dto& weh. 
but the best as alwdys; is.tfe«£ 
which every serious lily-grower 
would consider loo simple- to fa 
worth much interest, the oiaa®. 
red lily. Enchantment. 

I refer you to it again because 
this year, I too see. its.pdmu t 
have massed it in. front- of (fa 
pale blue Campanula Lgctiflon 
which tones it down; It flowers 
with extraordinary freedom, oh 
to 10 big reflexed flowwa nf «£■■ 
orange, a stout two feet high » 
that it needs no staking; E£cb 
year it multiplies, even on inde- 
X have seen clumps In dry, an^L 
tine gardens which tw ve spread 
out into 100 heads of iTrUUniit 
flower. If yon are afraid of the 
strong colour, keep it '.among 
paeonies and iris, now . out of 
flower. Their elegant' leaves set 
it off quite charmingly, • It is not 
a bulb which vanishes after two 
good years. Experts wtiT smile at 
this late praise of it, hutof all. the 
additions to my gardeiTover the 
past few months, there is none 
with the vigour, ease and impact 
of this remakarbly cheap and 
healthy lily. Succumb... to 
Enchantment, I assure you that 
it works. 


Philodantes has useful weight 
advantage over Mandalus 


THE PROLONGED heavy rain 
which swept the country on 
Monday and Tuesday, bringing 
about the abandonment of yes- 
terday’s Seaton Delaval pro- 
gramme at Newcastle, should 
provide few worries at Salisbury 
this afternoon, even if the Wilt- 
shire course receives another 
downpour. 

There is probably no better 
drained course in the country 


RACING 

BY DOMINIC WIGAN 


than this chalky downland track 
to the west of the cathedral city. 

Two trainers who frequently 
do well on their forays here, 
Ryan Price and Ian Balding, 
could well dominate this after- 
noon’s racing. The' Findon 
trainer's team includes Popular 
Win, Kerkorian and Gibraltar; 
while Kingscrere will be repre- 
sented by such useful recent 
winners as Ready Token, Deed 
of Gift and Centurion. 

However, one race which 
cannot go to either trainer, for 
the simple reason that they are 
not represented, is the “Eliza- 
beth" Ladies Stakes in which 
Mandalus will be trying to repeat 
his success of a year ago. On 
the corresponding afternoon last 
year, Mandalus justified odds of 
2-5 in the hands of Elaine ? T eUor, 
and there are sure to be many 


local racegoers ready to back the 
combination for a repeat: 

Mandalus came back to win- 
ning form with a vengeance at 
Ascot on King George VI and 
Queen Elizabeth Diamond day. 
running out a decisive winner 
of the Great Mogul Diamond 
Stakes in which he found few 
problems in giving weight to 
Reparation and Prince Titian. 

Although a follow-up here 
would come as no -surprise, I 
believe the Sir Mark Prescott 
four-year-old is . a better horse 
with the fast conditions he 
enjoyed at Ascot, and it may 
pay backers to oppose him with 
Philodantes. This Barry Hills- 
trained three-year-old, who 
found Smackover just too good 
for him at Goodwood, ran well 
in the mud in Ascot’s White 
Rose Stakes before tiring inside 
the final furlong. 

Another in fine form here a 
year ago was Willie Carson, who 
pulled off a 432-1 treble through 
Right of Light, Indian Mark and 
Violet Honey. Although his 
prospects of a repeat treble 
seem remote, I shall be sur- 
prised if the champion jockey 
elect does not land at least one 
prize. 

Two likely prospects for him 
are the twice-raced Come About 
in the opener, the Amport 
Maiden Stakes, and Indian Mark, 
who bids for a repeat in the 
H. S. Lester Memorial Cup. Come 
About, a bay son of Swing Easy, 
whose stock go well In the soft, 
was beaten by little, more than 


SALISBURY ‘ 

2.00— Gibraltar*"* 
2.30 — Ready Token 

3.00— MaUabee 
3J0— Philodantes* 

4.00— Indian Mark 
430— Popular Win** 

5.00— Centurion 


two lengths when third of 11 
behind Onapromise in a maiden 
event for which he was favourite 
at Hay dock last month. Any 
improvement on that running 
will see him providing stiff 
opposition to Glen Strae’s half- 
brother, Gibraltar, another 
certain to appreciate the under- 
foot conditions. 

' Indian Mark, a seven-year-old 
gelding who returned to a hero’s 
reception when giving octogen- 
arian trainer, Mrs. Louise Ding- 
wall. her first Ascot winner 
earlier this teem, is unlikely to 
find the concession of 121b to 
Northanger an easy task. But he 
is always at his most formidable 
here and may just have the 
measure of the younger Whi ta- 
bu ry representative. 

In the Manton Stakes, I expect 
to see little in it between Ian 
Balding’s Connaught gelding 
Centurion, and the Ryan Price- 
trained Kerkorian, a son of 
Vaguely Noble. I was dis- 
appointed with the Sussex colt 
at Goodwood last month, and 
take Centurion, a big and still 
unfurnished chestnut, to come 
oaf on top. 


J \ Radio 


* Indicates programme 
in black and while 


BBC 1 


fi.40-7.50 ain Open University 
(Ultra Hiah Frequency only). 9.50 
Paddington. 9.55 Jackonory. 10.10 
Scooby Doo. tlOJSS Belle and 
Sebastian. 1.50 pm Finserbobs. 
JA5 News. 2.00 The Common- 
wealth Games. 4.18 Regional 
News for England (except 
London). 4 JO Play School visits 


the Jubilee Gardens, London. 
4.45 R oo barb. 4J0 Pink Panther 
(cartoon). 5.10 Young Explorers. 
5.55 Captain Pugwash. 

5.40 News. 

52»5 Nationwide (London and 
South-East only). 

6.20 Hiss and Make Up 
(cartoon). 

6 JO Hugo van Lawick's Africa. 
7220 The Commonwealth Games. 
8.10 Z Cars, 

9.00 News. 


F.T. CROSSWORD PUZZLE No. 3,740 



9 

10 

32 

13 

14 
16 
10 
21 

24 

25 


26 

29 

20 


ACROSS 

Won't run to cheer some easy 
money t4. 4) 

Rustic cover for church over 
there (6) 

Tell _ a student without cere- 
mony (S) 

Boring nonsense that could 
brine the house down (3, 3) 
Soundly restrict boring bit of 
road safety procedure (4, 5) 
Proudly possess fur wrap by 
the way (5i 

Coin machine opening self- 
starter by chance (4) 
Philosopher willing to join 

squad l7t 

Excite one northern sweet- 
heart (7) 

Craze on point of having to 
die out (4) 

Doctnr for example's found in 
grounds lot 

Kind of 5 to lake sample or 
public opinion <5. 

Stars surround old Bob at 
prayer (fit 

Friend has one dismal key to 
fence (Si 

It’s not scored Off one's own 
hat l3-3> 

Company chap letting money 
be easily followed (S) 


4 Central heating a sensation in 
racing car (7) 

6 Building material firm takes 
over directors (8) 

7 Pitch remnant on to vinegar 
<S) 

8 Where bowlers peg out when 
taken off (3-5) 

11 Blow this lot of cartridges 1 

(4) 

15 Front page feature guides 
politician (4, 5) 

17 Bit of dangerous play at High- 
bury we hear from bird (4, 4) 

18 Leaving note to phone with 
contribution (8) 

20 Part of Easter service Is 
Gaelic (4j 

21 A long way artist has 
travel with mixture (7) 

22 Hair cream manufactured by 
Petty Officer ... (8) 

23 . . . though it makes vest 
ment tie up (6) 

26 Forgo having penn about one 

(5) 

Solution to Puzzle No. 3,739 


in 


to 


gets 


DOWN 

cly French leader 
igerous (6) 
nting trip by footbaU 
cfs in Indian dress (6) 
p newsman being stripped 



9.25 Loose Change. 

10.15 Best in the Ballroom: 
Carl- Alan Awards. 

10.55 Omnibus. 

11.40 Weather/Regional News. 

All Regions as BBC1 except at 
the following times: 

Wales — 5. 10 -5215 pm Pen Draw’r 
Byd. 52>5 Wales Today. 6J0 Come 
Back Mrs. Noah. 6 JO Pawb Yn 
Ei Fro. 7.15-7.20 Tom and Jerry. 
10.55 Eisteddfod 78. 11.40 News 

and Weather for Wales. 

Scotland— 5J5-6J80 pm Report- 
ing Scotland. 11.40 News and 
Weather for Scotland. 

Northern Ireland — 4J 8-4.20 pm 
Northern Ireland News. 5.55-&20 
Scene Around Six. 11.40 News 
and Weather for Northern 
Ireland. 

England — SJ5-6-20 pm Look East 
(Norwich): Look North (Leeds, 
Manchester. Newcastle); Midlands 
Today (Birmingham); Points West 
(Bristol): South Today (South- 
ampton): Spotlight South West 
(Plymouth). 


The Rolf Harris . Show. 2.00 
Summer After Noon. 2£5 General 
Hospital. 3.20 Find VolopchL 
4.20 Michael Bentine's Petty Time. 
4.45 Search and Rescue. 5.15 
Gambit. 

5A5 News. 
fi.00 One-to-One. 

655 Crossroads. 

7.00 Don't Ask Me. 

7.30 Coronation Street 

8.00 London Night Out 

9.00 News. 

9-30 “Don Giovanni." 

12.00 Close: A Victorian painting 
with music by Chopin. 

All IBA Regions as London 
except at the following times: 

ANGLIA 

10 JO am Dynomutt, The Dos Wonder. 
HMD. Star Maidens. 11.05 
Rogue's Rock. 12 pm Anglia News. UO 
Those Wonderful TV Times. ZBB House- 
party. 330 Moira's Scottish Song Book. 
£1 5 Mr. and Mrs. MO About An t-Ha 
1205 am The Bis QtMBUoo. 


Nemo. 545 Crossroads. iOD Crane da 
News. 6 JS Walt TSU Your Father Gets 
Home. WO University Oiatlgnse. 12J8 am 
A Little Night Music. 


BBC 2 


6.40-7.55 am Open University. 

10.35 Gharbar. 

11.00 Play School (as BBCl 4.20 
pm). 

4.55 Open University. 

7.00 News on 2 Headlines. 

7.05 Erica on Embroidery. 

7.15 An ABC of Music, J for 
Jazz. 

7 JO News on 2. 

7.40 Rhythm on 2 with The 
Chieftains, The Dubliners, 
Mary O'Hara. 

8.10 Brass Tacks. 

t9.00 Films of the 40s: “Men of 
Two Worlds." starring Eric 
Portman and Phyllis 
Calvert. 

10.45 Frankie Laine in concert 

1L20 Late News on 2. 

11 .30-1 1.40 Closedown: Reading. 

BBC2 Wales only — 2J5 0-455 pm 
Eisteddfod 78. 


ATV 

9J5 am Someth inc Different. 1030 
-Minims Today. 10.C ATV Sport Prescms: 
RokIuk rrom Holme Pierre pant, nig 
The Jettons. 1130 Magic Circle. ii-Sfr 
The Adventures ol Parsley. UO pm ATV 
Ncwsdcsk. UO Code R. 235 The Best 
or Ladles NlghL 330 The Practice. 3A0 
Money Go Round. 4.B5 Cartoon Tune. 
535 Happy Days. UO ATV Today. 


LONDON 

9.30 am A Place to Live. 9.55 
Be a Sport with Brendan Foster. 
10.20 Oscar. 10.30 The Flintstones. 
10.55 Nature of Things. 11.50 
Cartoon Time. 12.00 Cloppa 
Castle. 12.10 pm Pipkins. 1230 
Sounds of Britain. 1.00 News plus 
FT Index. 1-20 Platform. UO 


BORDER 

1030 am Tccbnoflash. 10.05 m Search 
or . . . ESP. ms How. mo Rogue'S 
Rock. tUO pm Border News. UO 
Stars on Ice. 2.D0 House party. 3.20 Little 
House on the Prairie, 535 The Roll 
Harris Show. MO Laokarotmd Wednesday. 
132.15 am News Summary. 

CHANNEL 

UO pm Channel Lunchtime Mews and 
What’s On Where. 130 The Mackenzie 
Affair. 330 Barnaby Jones. *.00 Channel 
News. *30 The Beatles. 93S Channel 
Laic News. 1230 am News and Weather 
In French followed by Epitome. 

GRAMPIAN 

935 am First Thing. 1030 The Last at 
tiie Mohicans. 1130 Rogue's Rock. 130 
pm Grampian News Headlines. 130 The 
Family. 330 Code R. 6 J» Grampian 
Today. 630 Police Newsroom. 635 The 
Woody Woodpecker Show. 1235 am 
Reflections. 1231 Grampian Late Night 
Hen (Hines. 

GRANADA 

1035 am Sesame Street. 1130 Solo one 
ULA Kathy's Qott 130 pin Thin la Your 
Rich ! . 130 George Hamilton IV. LSS 
The Challenging Sea. 330 Tandarra. 530 
Hie Undersea Adventures or Captain 


HTV 

1038 am Cartoon Time. 1030 The 
Adventure Wodd or Sr Edmund Hillary. 
3L05 Rogue’s Rock. 130 pa Repan 
West Headlines. 135 Report Wales 
Headlines. 130 Stars on Ice. 230 House- 
party. 330 Survival Special. 445 The 
Gem Machine. 530 Crossroads. MO 
Report West- 615 Report Wales. 630 
Father Dear Father. 

HTV Cnuru/Waleo-As HTV General 
Service except-4.55 am-3240 Yr Eistedd- 
fod GenedlaethoL 13B-L25 pm Pfenawdau 
Newyddioo Y Dydd. 430 Miri Mawr. 
430-445 Un Tro. 64*435 Y Dydd Yn Y 
BriftryL 630-730 Yr Eisteddfod Genedlae- 
thol IBIS. 

HTV West— As HTV General Service 
except: 130030 pm Report West Head- 
lines^ 635-630 Report West. 

SCOTTISH 

KUO am Cine dab. 1040 The Stationary 
Ark. U3D How. 1135 Rogue’s Bock. 
135 pm News and Road and Weather. 
130 Lifestyle. 240 Women Only. 3.20 
Survival Special. 535 Cartoon. 530 Cross- 
roads. 600 Scotland Today. 630 This 
England— Todmorden. 1235 am Late CaH 

SOUTHERN 

1030 am Little House on the Prairie. 
HAS How. 1130 Rogue's Rock. 130 pm 
Southern News. 130 Stars on Ice. 240 
House party. 330 Once hi a Lifetime. *es 
Cartoon Time. 535 Slnbad Junior. 530 
CroOraads. 6.00 Day by Day including 
SottthspoTL 1235 am Southern News 
Extra. 

TYNE TEES 

435 am The Good Word followed by 
North East News Headlines. 1030 Search 
far the Super. 1130 How. U35 Rogue’s 
Rock. L3D pm North East News and 
Lookaxotiad. 13e in Search of . . . 
Dmcnla. 240 Women Only. 335 Code R. 
535 Happy Days. 640 Northern Life 
J 2 . 2 D am Epilogue. 

ULSTER 

U20 am The Lost Islands. 1045 The 
Secret Lives of Waldo Kitty. 1145 How. 
1130 Rogue'S Rock. 130 pm lamriiilwin 
130 Stars on Ice. 330 Code R. 430 
Ulster News Headlines. 535 The Mary 
Trier Moore Show. 640 Ulster Television 
News. 6. 85 Crossroads. 630 Reports. 
645 Witherspoon. 1235 am Bedtime. 

WESTWARD 

1030 an The Beachcombers. U4D Out 
of Town. Has Hogue's Rnck. ozi pm 
Gas Honey bun's Birthdays. 130 West- 
ward Nws Headlines. 130 The Mackenzie 
Affair. 3L20 Barnaby Jones. 6 J 0 West- 
ward Diary. 438 Westward Late News. 
1230 am Faith for Life. 

YORKSHIRE 

3030 am “ Munster Go Home.** 130 pm 
Caiodar News. 130 uuie House on the 
Prairie. Lave Story. 640 Calendar 
fEmfey Moor and Belmont editions). 


RADIO I 

(51 Stereophonic broadcast 


540 am AS Radio 2. 742 Dave Lee 

Travis. 5.00 Simon Bates. 1LM Kid 
Jensen with the Radio 1 Ko ads hop front 
Blackpool. 1230 pm Newsbeai. 1245 
Paul Burnett. 24W Tony Blackburn. 
431 Paul Gambacdnl in eluding 530 
Newsbcat. 730 Sports Desk < joins 
Radio 2). 2042 John Peel iSL 1240. 
242 am As Radio 2. 


RADIO 2 l-SflOin and VHF 


540 am News Summary. S42 Tony 
Brandon (Si including 6 IS Pause for 
Thoucht and 7.02 Commonwealth Games 
Sports Desk. 732 Brian Matthew (Si 
including 842 Commonweal! h Games 
Sports Desk, 037 Racing Bulletin, 845 
Pause tor Thought. 1042 Jimmy Young 
Si. 1235 pm Waggoners' Walk, 

Pew Murray's Open House (STi Including 
145 spans Desk. 230 David Hamilton 
(S< Including 245 and J-« Sports Desk. 
4J0 Wagnnuenr Walk. 4.8S Spons Desk. 
4-50 BUI Pnnco (Si including 545 Sports 
Desk. 633 Commonwealth Games Sports 
Desk. T42 Sing Something Simple iSj. 
7.30 Sports Desk. 735 Listen to the Band 
with Charlie Chester (Si. 835 Semorlni 
Serenade <5>. 942 The Fred Astaire 
Story. 935 Commonweal ih Games ‘Sports 
Desk. U42 Offbeat with Braden. 1030 
Hubert Grant says Thanks for the 
Memory. 13.02 Edmonton 7$ with Terry 
Woiian lnchtdUu; 1200 Nows, 200-202 a» 
News Summary. 


RADIO 3 4Mm, stereo* VHF 

IU5 am Weather. 740 News. 745 Your 
Midweek Choice, part X (St. 840 Nows. 


845 Your Midweek Choice, part a (Si. 
940 News. 945 This Week's Composer 
Janacvk tS>. 945 Music for Orcan iS». 
1030 Bcfcc and Purcell chamber music 
concert (Si. 1845 Second Broadcast (Si 
1140 BBC Northern Symphony Orcheetra 
rSi. 140 pm News. 145 Bristol Lunchtime 
Mwren: Chopin. 240 The- Music of 
Armenia fs». 340 Beethoven and Bach 
concert rsi. 4 33 violin and Plano r*drsJ 
Hrt 1 (31. 5.00 Interval Reading. 5.05 
Recital. Part S. JS.45 Homeward Bound. 
OUB News, tt .10 Homeward Bound (con- 
ilnucdi. 3630 Lifelines: Language and 
Communication. 730 Arturo Bcncdem 
uiebeiangeil piano recital: Chopin, 

lS ii l H a Thc A™ Worldwide! 

Moiart: " Cosi fen uiiie. 1 ' 
opera huffa to two Acts. Act 1 iSj. in nc 
interval Reading, 10,15 ■* Coal fan tuue ” 
Acr 1 1203240 News. 

3 V ? F 0«y-6J»-748 am and 
545-730 pm Open University. 

RADIO 4 

434m, 330m, 285m and VHF 
440 am News Briefing. 630 Farming 
Today. 638 Today including 740 and 
148 Today's News and 73ft and 830 
News Hea dl i ne s. 845 Hard Time tSi 
9.00 Nows. 945 The Living World, 9JS 
Sweet Senna of Zkm. 1840 News. 10 45 
In Britain Now. 1030 Dally Servtc*. 1045 
Morning Slaty. 1140 News. 1145 cu„. 
venation Piece; Str Georg Sola musical 
director, talks about his lira and work. 
1130 Letters from Evarywhrra, 12.00 
News. 12.02 pm You and Yours. 1237 
Share and Share Alike (S). 1245 Weather, 
programme news. 140 The World at One. 
130 The Archers. 145 Woman's Hour 
including 240202 News, ue Listen with 
Mother. 540 News. 345 Afternoon 


Theatre. 250 Choral Evensong. 435 Story 
Time. 540 PM Reports. 540 Serendipity. 
5-55 Weafer: programme news. 640 
News. 638 My Music fSI. 740 News. 
745 . The Archers. 7 JQ Something to 
Declare. 8.88 “A Gallant. Romantic.” hy 
Padtme Spender IS). 940 Science Now. 
930 Kaleidoscope. 949 Weather. 10.8ft 
The "World Tonight. 1B3B Ruund Britain 
Otztr 1L00 A Book at Bedtime. 1135 The 
Financial World Tonight. 1130 News. 


BBC Radio London 

206m and 94.9 VHF 
BJS am As Radio 3. 630 Rush Hour. 
9 .W Loudon Live. 120 pm Call In. 203 
MB Showcase. 043 Home Run. 740 
Scudding Brass Strikes Again. 730 Stock 
Londoners. 830 Jn Concert: Liszt Festival 
of Uudon 1577. 1043 Late Night London. 
I240dose: As Ratio 2 

London Broadcasting 

2fllra and 97.3 VHF 

540 am Morning Music. 640 AJU.: 
non-stop news, information., travel, span. 
1046 Brian Hayes Show. 140 pm LBC 
Reports. 200 George Gale's 8 O'Clock 
mi 440 LBC Reports i continues i. 040 
After Eight. 940 Niah titan. -140 am Night 
Extra. 

Capital Radio 

194m and 95.8 VHF 

640 am Graham Dene's Breakfast Show 
(Sj/ 940 Tory Myan (SI. 1240 Davr 
r.«ti (SI. 340 pm Peter Yoodg (S). 740 
T ffmton Today (S). 730 Adrian Love’s 
- Mgjjc line " (Si. 940 Nlcfcy Rome’s 
Your Mower Wouldn’t LHu* It (Si. U40 
wife- ADen’s Late Show (Hi- 24S am 
pScan Johnson's Night Flight (SJ. 


ENTER I \1 N MENT GUIDE 


CG— These theatres accept certain credit 
cards by teieohane or at tne Box Office. 

OPERA & BALLET 

COLISEUM. Credit carts 01-240 52SS. 
Reservations 01-&S6 3161* 

ENGUSH ' national OPERA 
Tout & Frl. 7.30 The Ma gic H ute. Tomor. 
A Wed next 7-30 La Bolwm. Sat. 730 
Tte OmimL 104 balcony seats available 
temn 1040 on day at cert. IMPORTANT 
NOTICE: New production of Mencrttt - 
The Consul replaces sc^ul^ rcrfs i- 
Carmen. For further details vine 


ROYAL FESTIVAL HALL. 928 3191 

Until Ado 19. Evos. 7.30. Mat. SaL 3. 
GREAT STARS OF WORLD BALLET IN A 
GALA SEASON 
Dancing at every .oerf. 

MARGOT FONTEYN. MAIN A GIELGUD, 
NATALIA MAKAROVA YOKO MORO- 
SHITO. GALINA PANOV. LYNN 

SEYMOUR and FERNANDO BU JONES. 
STEPHEN JeFP ER 1 ES ■..-J2 N A 1 liS‘. , ^ l, 

KELLY. IVAN NAGY. VALERY PANOV. 
TETSUTARO SHIMIZU CORPS OE 

BALLET 

Details tram Bov Office 

THEATRES 

ADELPHI THEATRE. CC. 01-836 7611. 
LAST TEN WEEKS: MUST END OCT- 14 
Eros. 7JO. Mats. Thurs. 3.0. Sat. 4.0. 
IRENE IRENE IRENE 

THE BEST MUSICA 
of 1976. 1977 and 19761 
IRENE IRENE IRENE 

“LONDON'S BEST NIGHT OUT." 
Sunday People. 

CREDIT CARD BOOKINGS 836 7611. 

ALBERT. 836 3B7B. Credit card bitg*. 
036 1 071-3 from 8.30 am. Party rates 
Moo.. Toes.. Wed. and Frl. 7.45 pm. 
Thurs. and Sat. 4.30 and B.OO. 

A THOUSAND TIMES WELCOME IS 
LIONEL BARrS 
OLIVER 

“MIRACULOUS MUSICAL." Fin. Times. 
“CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." Daily Mlrr. 

fBHq 




APOU-O. 01-437 2663. Evenings 8 . 00 . 
Mata. Thurs. 3.00. Sat. 5.00 and tLOQ. 
DONALD S1NDEN 

"Amor of the year/’ Evening standard 
"IS SUPERS," Nta.W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
"Wickedly fenny,” Times. 





COMEDY. 01-930 2570. 

Eros- Mon.-Fri. 8.00. Sat. S -00 and 8.30. 

Mat. Thur. 3.00 

EDWARD WOODWARD 
BARBARA JEFFORD in 
THE DARK HORSE 
with STACY DORNING and 
, , PETER WOODWARD 
A cracking New Play by Rosemary Anne 
Sisson. 

"A Tudor treat not to be missed. Damned 
good theatre." S. Times. " Family enter- 
tainment . . . anyone of any age is likely 
to enloy.” S. Tel. “ A laugh a minute-'' 
D. Tel. ■' Opportunities brilliantly seized 
bv Edward Woodward and a firs! rate 
cast in vai May's extremely effective 
production." E. News. "Americans., 
will love It- Gdn. 

CRITERION. 930 32T6. CC. S36'l071-3. 
Eros. 8 . Sals. S-30. 8-30 Thurs. 3.00. 
NOW IN ITS SECOND YEAR 
LE5LIE PHILLIPS 
In $IX OF ONE 

A HALF DOZEN LAUGHS A MINUTE 
SECOND HILARIOUS YEAR 
“VERY FUNNY" Sun. TeL 



DUKE OF YORK'S. 01-836 SI 22. 

Evenings 8 . 00 . Mats. Wed.. Sat. 3.00. 
Limited Season. Must end August 26. 
JOHN GIELGUD 
In JuKa Mitchell's 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
'■ Brilliantly witty . . no one should 

miss It." Harold Hobson (Drama}, instant 
croon card reservations. Dinner and Top- 
prioe seats £7.00. 

FORTUNE. 836 2238. Evs. 8 . 00 . Thun. 3. 
SaL 5.00 and B.OO. 

Muriel Pi. row U MISS MARPLE In 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 



01—437 1592. 
Eves. a. 15. Wed. 3JJ. SaL 6 . 0 . 3.40. 
PAUL EOmNOTON. JULIA McXENZIE 
BENJAMIN WHtTROW In 
ALAN AYCKBOURN'S New Comeov 
TEN TIMES TABLE 
“This must be the happiest laughter, 
maker |n London.” D. Tel. “An Irresistibly 
enjoyable avcatoQ.” Sunday Times. 


THEATRES 


GREENWICH THEATRE- 01-nM 7755. 
waUAM DOUGLAS HOME'S 
Newest Pia v ___ 

THE EDITOR REGRETS 
Cronlnas 8.0. Sats. S ind 8. 
NAYMARKET. MO M12. E»flS. 8.00. 
Wed. 230. Saturday ^30 and 840. 
PAUL SC OFIELD , 

HARRY ANOMWS^^ 
ELEANOR 7WVOR 

BROW PEACOCK . 

-«ld lltENE HAWOL III 

A new play by RONALD I1ARWOOD 
Directed by CASPER WR EM 
“An admirable play honest weH 

viorxc 


—/•n endurable piay ™n». con- 

properly wo rited Q “ t - £«h | Y and 
— lly written, richly satlsfylns. Paul 


tttkifllr written, richly Mtl^fyi<ro. P^lu , 
Scofield at hi* best/' a. Levin. S. Times. 


HER MAJESTY'S. CC. 01-530 OTTO. 
Evening] B OD. Mats. wed,, sat 3.00 
JAM £5 EARL JONES 


- PAUL ROBESON 

MaonMcem.’' D. Exp. , "SpeHblndfw 
iheetre.” D. Mali. ” Make It a i— -* 
Evening Standard. Limited Season. 


KING'S ROAD THEATRE. 552 7488. 


MOTLta Tnur.. 94. .Frj^ SaL 9 30 


THE ROCKY HORROR 
. PONT DREAM (T. SEE 1T1 

LONDON PALLADIUM. CC. 01-437 20 55 
LAST 2 WEEKS ENDS AUG. 19. 
Mon. Tim_ Thun, and Fri. at 8 . 

Wad. and Sat. BJO.lirf fi.50. 

- - THE TWO RONNIES 
■ In a Spectacular Comedy Rtvgfe. 


LONDON . PALLADIUM. 01-437 7373. 
■ September 4. Fur one week only. 
MAX BYGRAVES 
with Special Guest Star 
JOEY HEATHERTON 


LONDON PALLADIUM. 01-437 7373 
September 25th. For one week Only 
LENA MART ELL 


LYRIC THEATRE. 01-437 3606. EvS. B. 
Mat Thun. 3.0. Sat. 5.0 and ALSO. 
JOAN FRANK 

PLOWRIGHT FINLAY 

PILUMENA 


by Eduardo FHtof» f 


Directed by FRANCO ZEFFIRELLI 
“TOTAL TRIUMPH." E*. News. “AN 
EVENT TO TREASURE." D. Mlr- " MAY 
IT FILL THE LYRIC FOR A HUNDI 
YEARS." Sunday Times. 


MAYFAIR. 629 3036. Air cond. Evs. B. 
SaL 5.30 and 0.30. Wed. Mat. 3.00. 
WELSH NATIONAL THEATRE CO. 


DYLAN THOMAS'S 
UNDER MILK WOOD 


MERMAID. 248 7656. Restaurant 240 
EWS.^n^^fl.lS. 

DESERVES FAVOUR 



actors .and arc^heitra Jw TOM 


6. ANDRE Pf 


"VNO ONE WK_ 
LANGUAGE ANE 


ANGUAGE 

_ ..... -“Attest 

> muminsfui and brilliant and serious 

C's-fia-^as. b™ 1 " y 


NATIONAL THEATRE. 928 2252. 

OUVIER [open stage): Ton't 730 flow pr 
prev.i Tomor. 7 flaw p r opening) THE 
WOMAN new play by Ed wart Bond. 


LYTTELTON (Proscenium stage)! Thn't 
7.45. Tomor. 3 6, 7 AS. PLUNDER ov 


Ben Travers. 


coTTESLOt (small auditorium;: Prom 
i't 7 Tomor 8 THE PASSION. 


season: Ton . 

Many excellent -cheap seats all .3 

KS, Iff. -go. 

928 3052. 


OLD VIC 


PROSPECT AT ' 
June-Soot. 
TWELFTH 


926 7610. 
THE OLD VIC 
season. 


NIGHT 

Eileen Atkins." a super by viola” Times. 


Robert Eddlson "brilliant Feste 
Guardian. Today. ThurSL 730. 

THE LADY'S. NOT. .FOR BURNING 
Derek Jacobi "easy and virile authority- 
standard. Eileen Atidns _ " riveting 
physical fluidity." Financial Times. "A 
gem of a performance trom Robert 
Eddison . Michael . Denison. John 

Strident and Brenda Bruce scoop up the 


laughs” Guarrilgl^ 


Frl. 730. Sat-; 2-30 and 730. 
Derek Jacobi... m IVANOV. Chekhov's 
first comedy. . . 

Previews from August 16th at. matinee 
prices. 


OPEN AIR. Regent' s Park. Tel. 486 2431. 
Shaw's MAN OF . DESTINY and DARK 
LADY- OF THE SONNETS 
Tonight 0 - 00 ; -wftfl -MARIA AITKE-N. 
IAN TALBOT. HELEN WEIR. 
DAVID WHITWORTH. 


A MIDSUMMER- WIGHT 5 DREAM 
Mat. Today,. Thor B> Sat. '2.30 Evro. 


Thur.. : Frl; ‘ A . S*t. 7.45 
In AGINC 
Fri..1.1S. 


Esmond .KoHftit In AGIN COURT 
. Luoontoie 


PALACE, - CC, • 01-437 6634. 

Mon.-Thurs. 8 . 0 - Frt. ahd SaL 6 . and BuW 
„ _ JESUS CHRIST SUPERSTAR 

bv Tim Rice and . Andrew- Lloyd-Webber. 


PHOENIX. 01-836 2294, Evenings at 8.15. 
Friday and 5mturt»v 8.00 and EL40. 
"TIM BROOKi TAYLOR,' GRAEME 
GARDEN make: us laughs D. MalL 
__ THE UNVARNISHED TRUTH 
The Hit Comedr by: BOYCE . BYTQN_ 
"LAUGH. -WHY I THOUGHT |. WOULD 
HAVE DIED." Sunday Times. "SHEER 
DELIGHT.” EV. Standard. .“ GLORIOUS 
CONTINUOUS LAUGHTER." Times. 
PICCADILLY from '8.30 am 437 4506. 
Credit card* 83& .107113. Mon. -Thur. s 
Frl. A sat, 5 ' “ *■ ” - - — 


SYLVA MILES twice OSOJR nominee 

“ ■ - 5PECTACULAH PERFORMANCES 

EMM EVERY MEMBER OF THE COM- 
PANY,” Gdn. A "«»r Nay by TENNESSEE 
WILLIAMS 

m V1BUX CARRE 

fTho ■■ Old Quarter *■ of New Orleans) 
For those who delight in the continued 
power of this great writer . . . showing 
off his marveflom comic gift.” Timet. 
PRINCE EDWARD. OCL "(Formerly Casino.) 
01-437 6877. • Pc' l or m ancea this week 
Eras. S.O. Mat. Thur- S.O. SaL 3.0. S.40. 
_ HOTE CHANGE OF SAT. PERFS. 
From SepL 2 . 3.00 and 8 . 00 . 

by Tim Rice and Andrew Lloyd Webber. 
Directed 1 by Harold Prince. 


PRINCE OF WALES. CC- 01-930 8681. 
Evenings 8 . 0 . Saturdays 5.30 and 8.45. 
__ THE HILARIOUS 

BROADWAY COMEDY MUSICAL 
I LOVE MY WIFE 
starring ROBIN ASK WITH 
„„„ Directed b» GENE SAKS 
CREDIT CARD BOOKING5 930 0846. 


QUEtN-s CC 01-734 1155. Progs. 
. rrom August 18. - Opens August -23. 

.GEORGE CHAK1RIS 


August 18. 

ROY DOTRICE 


RICHARD VERNON In ^ VIU - ,E « 
THE PASSION OF DRACULA 


RAYMOND REVUEJBAR: CC. 01-734 1S93. 
At 7 pm, 9 pm. 1 J. Dm. Opens Suns. 

PAUL RAYMOND Brescirts 
THE FESTIVAL OF EROTICA 
Fully aln-oondttlonea 


Fully ain-eonoinonea 
21 st SENSATIONAL YEAR 


(Ovf. art. Tube!. 01-637 


REGENT. 

9362 (3. 

THE GREAT AMERICAN 
„ BACKSTAGE MUSICAL 

Eves. 8.30. Thors. * Sat. ,7.00 & 9.00. 
AN EPIC FOR SIX PERFORMERS 
CREDIT CARD BOOKINGS 
01.637- 986213. 


THEATRES 


ROYALTY. Credit Curds. 01-405 BOW. 
Mondanr- Thursday Evenings 8 . 00 . .Frida* 
5.30 and 8.45. Saturdays jio and B.oo 
London Critics vote BILLY DANIELS m 
BUBBLING BROWN SUGAR 
Ben Musical of- if 


TeL Boo Lings accepted. Malar credit carflk 
Reataurant - 


■grant Reservation 405 2418 


SADLER'S WELLS THEATRE, - fMrobwv 
Asa., eel. (137 1672. .UiRfl Alta. 2 B. 


£<rgs. 7 JO. Mats. .Sat. 2.30'. ; 

MARCEL MARCEAU 


1 Magic . . . Thu supreme nm of put 
E venings 


nmfl." 


SAVOY. THEATRE. 01-838 BOBS. 

Cr. carts 734 4772. Tom Coofl i n 

WHOSE LIFE IS IT AMVWAYT 


' with JANE ASHER _ . . 
“A MOMENTOOS PLAY.' » URGB YOU 
_ TO SEE IT.*' Guardian. 

Eros, at B.OO. Frl. A Sat. 5.45 & 845. 


SHAFTESBURY. 

SiratteSburv^M 


CC. 


01-836 6596. 


Aw. ^Hijjh^Jiolboni end) 


FANTJ _ 

GOOSPELL 
“BURSTING WITH ENJOYMENT." D.Tet. 
Prices £2 to £S. Best seat* £2.50 ‘:-br. 


before show it Box Office. Except "2nd" 
Fri. S Sat. Mon.-Thurs. a. IS. Fin. 


and Sat. 6.30 and 8.30. 


STRAND, 01-838 2660. 8^0. 


Mat. Thuro. S4JO. Sat. 

NO SEX PLEAS' 

wb're mmsH 
THE WORLD'S GREATEST ; 

LAUGHTER MAKER 
GOOD SEATS Ed.00-C1.00 


ST. MARTIN’S. CC. 936 1443. Evs. 5.00. 
Matinees Titev, 2^5. Saturdays I4M a. 
AGATHA CHRISTIE’S . 

WORLD™ E LONGEST- EVER RUN 
26th YEAR 


T a^j. urussr^ & m 

ana at 11 pm 

LOS REALP DEL PARAGUAY 


THEATRE UPSTAIRS. 730 2354. 

BUTCHARhS*’^ ANDY MrSMITH 
Frl. and Sat, only at '7 JO pm . •• 


VAUDEVILLE. 836 9998. 


Mat. Tum. 2-45 __ _ 

Dinah .SHERIDAN. ^ukre GRAY 


. Eva. 900 
■fid *■ 


A MURDER is ANNOUNCED 
The nownt whodunnit by ABatha ChrbUc 
Re-enter Agatha Christ:* with another 
wtrodunnrlt hit Agatha Christie Is stalk, 
tog toe West End yet agate wRh another 
* — murder 


tog ... 

at .he r fteMMIy Insen ton *.-.**. 
niyst^- Mte Barker, Evening News. 
AIR-CQNDITIONED THEATRE. 


VICTORIA PALACE. 

878 4735-6. 8341317 
STRATFORD JOHNS . 


SHEK li^5 src - 

ena. 7J0. Mats. . Wicd.: toff Sat. 2.40,1 


WaRC HOUSE- Donmar Theatre. Co*M- 
Garten. « 5 S SBOB. Royal StakcWeare 
t_. 8 ,M Peter Flannery's 


company, Te 

SAVAGE AMUSEMENT an . aaeeo- 


llw * 1 S 1 ? itebuti " ' F.-flinev“AH 
seati £1.80. Adw. Mens. Aldwyeh. 
Student Standby £ 1 .. - — - 


01-930.6692-7765. 
Sat. 6A5 anB -9.00. 


WHITEHALL. 

Eroa. BJO. Frl. and _ _ 

Paul Raymond presena the Sen 
Sear Re roe Of the Century - 
DEEP THROAT 
6th .GREAT 


WINDMILL THEATRE. CC 4M 
Twice Ntahtiv B.oa ard 


Sundays 6 00 and* ffOO. 
f AUL 

THE EROTIC EXPERIENCE OpVtlflt -. ,. 
'"7Jik*s -til' uaomrt 

Ovtf. 


_ VERY . FUNNY. " Eveni ng RMi Z.j -. 


Thor, 


Mary O’MaTey’s' emkshvhft l 





CINEMAS ^ r 1 ’ 

ABC 1 & 2 SHAFTESBURY AY 
_ Wk,»aud sun. iis. 


aapsgi. 


CLAOTIC 1, 2. 3. 4,- wmwu'^w 
C ourt Rtf. teoeL^fi! 

Soeclal Season of FHitl Hotel..., . 
rarCMimvn.tand AtfuitsJ. Otto price 

am. • Dflota .7 to A S- n. 


MOtera'c 

5' 55, rJr:£?' 




0 . 40 . 

Last WALTZ <U>. Yrogfe -LiW 
3-4S 6.10. 8 . 35. . . t 

4. FINAL DAY! DAY'S W- 


4 6 U«TI U A rb W, W Pg W y 

63a Dt3 ^«- PrtdSjT 2.fl0y^»kHB; 


CM.H?»**'-.Cunton Street. 7 W. T.-pg gT 

A lr CcndlUonctf) DERSU U 2 ALA. 

1V2 SfL %.!!? (English sutetlUesJTvjAi 
AKIRA KUROSAWA 
ELfiCE.” Times. - MASTERWORK.' 
Observer - MASTERPIECES* E. ‘News. 
FUm at 2J}, s-4S and 8J0. Sans. 4*7. 

SQ U ARE THEATRE t 930 32 S 2 ) 
Richard Burton. Roger Mccre, . RKBart 
JS?:’ Hardy KrSger TThE ^* 1 LD 
3**:ESE Sep. progs. Wks. -1.00. 

®* , °' J- ,te *hdws Fr«L A. San. 
pm. Seats may be booked In 
advance for 8.10 orogs. 


OROOH- HAYMARKET 
Last day. Jane Fonda. 


■n ■ Fred Zlnnemiun film JULIA 
FfP-Jkk S- 30 - S.45. 8V45. W 
^ 6 .00 9. OO. All -seats bkt 


27711- 
da rave 
L CAI. 

■ F *? tu S! 

.. bfcBle at 

theatre. Starts Odoon Kensington WWjWT. 
OOEON. Lelcoster. Souane. <930 6 1 11-’ 
WEV SNG7 OF THE PINK PANTHER lAJ 
D*r. Poors open. 1 st pf «■ 

I. 45, 2nd prog. 430. Eve prog. TA5. 
Lain night show Thur*.-Sat. doors »» 

II . IS pm. All seats bkoie at the Box 
Office or Sir non, 


ODEON. Marble Arch. W2. 723 2Q11 J 1. 
^£SE, BNCnUNTERS- OF TTft THIRD 
KIND Pfeg*- Dly- Doors Often 

J'TO.d-lS, 7.45. Late wow Frl. e™ 
Set. Doors open it. IS pun. AIL seal* ■ 
bkbte. 


PRINCE CHARLES. L»IC. Si. SS7 81 81. 
MEL BROOKS 

,, „ ' HIGH ANXIETY 

(See- .V lv - >"?- SUn.1 2.49. 8.15. 

BDO. Late Show Fri. A 5at. 1i.4S.5esD 
bookable. Uconsed B*r. 


ROYAL COURT. 730 174S. Air Cond. 
Eros. a. Sat. at BJO. KMfOT bv Leigh 
jacfcsnn with Aim .Ball, Peter Bowles. 
J"i« CossIih. Leonard Femon and 


'AUL ROGERS. ’’Rgtreslij nftlY . unfatMon- 
na comrtewnralT 4ntHUfl«lL*’ M. 


2uiP W™ 

Billinston — Gdn. 


EXHIBITIONS 


BMgnWN OF ANTIQUE CASTILIAN 

gUfi WrrUR E. Collection of mb and 

> Century Ceramics, Wood Carvings. 
Wrought iron ana many more It the 
S panish Market. Hotel Metrapoie. 
Brighton. Sth-I3th Aug. fll-S P.»- 
ggK— jgj- 4m meet Marmeto df 
m nro go-oomet, royal craftsman to the 

Ante .of .Spain. -- t 



Edited by Denys Sutton 

The world’s leading 
magazine of 
Arts and Antiques " 


Published Monthly price £2.00 
Overseas Subscripufon £28.03 
Annual Subscription £25 J30 (inland) 
USA & Canada Air Assisted $56 


Apdio Magazine, Btacken House, • 
10, Cannon Street, London EC4P 4B1 
Tel: 01-248 8000 .' 


. o: > 





















Puiancaal limes Wednesday August 9 1978 

Television 


'll' 


Munich 




by WINSTON FLETCHER 


Lohengrin 


by RONALD CRICHTON 


58*0 


Peter Cook is bade-’ on Satur- 
day night televlfiloiLjl^as- news' 
should be- - bringing joy un- 
bounded to* the ■ hearts of the 
That Was. The Week That Was- 
generation..: Yet it has passed 
largely unnoticedbecanie he has 
not returned as the deliciously 
mournful E.X. Wisty, nor is he 
back with. Dud._He Is alone and 
palely Joiterihg as host of ATVY 

infantile ne w pop show Revolver. 

Were you a member of the 
TW3 dan? Membership entailed 
holding intermissions during din- 
ner parties so that the guests 
could- turn from their Stilton to 
devour . Dadd -Frost’s acerbic 
newscasts; if demanded the Intru- 
sive siting of- TV sets . at brtng- 
your-own bottle shindigs, so that 
dancers could pause to be. re- 
freshd by Millie Martin’s .rasping^ 
rundown of all ; the goings-on 
then going on. Members forced 
to go out for the evening would 
Starsky-and-Hu.tcb their way 
home, desperate not to miss their 
weekly fix of TWZ wit and wis- 
dom. • 

Not that TW8 was the only 
programme of its era to-eommand ■ 
such steadfast -loyalty. . Early Z 
Cars, j4penoers, Dimbleby’s Pano- . •_ '--1 . 

roma. The Formthe Saga and a J ' . . . . , ,, 

few others puUed us equally ma&: ne Y r evening family Lewisham councillor on the pro- “No we damn well don’t” the 

neticaliy to our sets. To miss a la no i Generation Gome gramme put it. client promptly interjected, 

transmission meant, spiritual ~g? d “ Q u jjl e an Fine. No contest from me or Happily for Sailor’s production 

deprivation and conversational acHevement^ugh hardly an fron) the vast majority of other team, no such ro* 

leprosy ae next morning. e^sajr m- metaphysical subtlety viewers; but dearly not every- Siler cut short S nroooS 

Doubtless ^we each have our the G e^atu^-^ame, dnven body agrees or there would be to lotus-eat with the Ark Royal’s 
favourites, but -no series cur- relentlessly onhy^tuce Forsyth’s no problem. In 1977 more than swabbies y 



After sleepy Bayreuth. Munich Henry the Fowler. Two nights ensembles made up in energy Titus. Ponnclte's production in 
Is Babylon. When I was last there earlier 1 had watched the first what they lacked in trans- the Old tCuvilMusi Reside^:- 
years ago the Nationaltbeater act on Bavarian Television and parency) and for some interest- theater is becoming ;• festival 
housing the State Opera was still am still wondering why this of in" individual performances, speciality, not given during the 
rebuilding. Though it has long all slices of slow-moving music- Siegfried Jerusalem has a clear, last winter season but still a 
been open. Klenze’s great neo- drama should have made such steady, well-projected tenor of draw, to judge front the amount 
classical opera house in its re- good viewing. One factor was the fine quality. He is not as clever of people waiting for returned 
furbished state still dazzles: the surprise of Everting and Fuchs's an actor as Kollo hut he looks tickets. In this opera, formerly 
gilt, the raspberry red and partial return to the naturalistic well, and would look better still dismissed as frigid and mar- 
Bavarian snow-azare look pin- style of scenery. Materials and if he didn't hunch his shoulders, nioreal, the action runs swiftly 
new. The theatre forms a focus techniques were no doubt very He sang the two big solos and and the tension is kep.r high-— 
for the buildings round it and different from those of Wagner’s the duet with refreshing ease, too high towards the end. when 
away down the Ludwigstrasse day. yet the effect was as near elegance and rightness of Ponnellc. so often tempted by 
much of them by-the same, bold as one is likely to see to the expression. , one or other kind of tno-much- 

architect’s hand. The ministerial illustrations I pored over as a The Elsa was Catarina ness, allows his Vitellia and 

blocks are saved from grimness hoy in Stories from the Great Ltgendza. She has the gift. rare Sesro an excess of emotional 

by the width of the streets, as if Operas and the like. in opera singers, ct sounding licence. 

Florentine palazzi had been There was a great leafy oak spontaneous: not a ih c Vitellia of Julia Yaradv on 

pushed back to let in air and with a gaping hole in the trunk * ho ha f this evening at hast was a 

light from the sky and the wealth wide enough for the King to be J n ro > e a r eal .Jfff®." *?£““? disappointment. affected in 

of gardens. Ludwig the First’s enthroned in; turf with tufts of C «Fe!fno ° This manner and mainly dr\ of voice 

dream of the antique was con- brown, reedy grass; the river £55? *“]“?“ .IS. rf *>, —sin intelligent artist below 

tinued by his successor, Wagner’s Scheldt winding away into the f. tlni «■« hutrw forni - Brigitte 

King Ludwig, but re-aligned on distance: on the backcloth clouds S,* ten u* S su D er?or S* 810 - on lhe 1 
the age of chivalry. not projected but painted. X 5*K” S ’ 

Tbt Munich F«ti„] is mom «“ ”«{ ' J*™ *" J S- anTS^talf ninskin- °,n 

tSiJL 4h r r2 «... became 

prices and bigger stars. This final transformation back into 


in the duet 


self-destructive 
A most interest- 


A dramatic moment from the BBC series ‘Sailor* 


rently on air enjoys quite the astonishing ‘ exuberance, is com- 600 complaints of unfair dis- 
same Svengali-like hold -on our pnisi’relywatcto^te.It’s the kind crimination by employers were 

wrn imwnal sRanlinne . D«hom< nf nwionmn'd Mflii aiHtph mi hn .1 ti... 


Having now circumnavigated 


communal affections. Perhaps ir of programme jern witch on by made ~to the Kace Relations 

was the heady newness of tele- accident and find.', yourself still Board and Industrial Tribunals. SJL » . cru “ e noisily bed ward 
vision, as the BBC and ITV' goggle-eyedly gawping at as the Only five stuck, and the BBC 2 r» ate ni f?I 

rapidly and brilliantly developed final creditsrolLfThe celebrated studio discussion concentrated ^]y ^ i HBC’ Un pri»^ ! 


year saw the premiere of Rei- the shape of Godfrey of Bratamt s anlsSSSj don't we hear 
mann s opera Lear with Fischer- was much helped thereby. The wJE* E Randova. the Ortrud 
Dieskau in the title-role (unfor- bridal chamber Romanesque wos * a !asl . moment replacement 
tnnately on dates mconvenient and painted rather like the for a replacement, unable in the 
for anyone wanting to combine Ludwigsftircbe down the road, c ; rcnrn q t;inces to equal her 
Munich with Bayreuth and Salz- was handsome. The second act. covent Harden performance in 
burg) and a new Lohengrin, the so effective in the programme t he role The Telramund was 
first production at his new post illustration, was poorly realised, L e jf Roar thoughtful and intolli- 
by the Munich Intendant, August spoiled for most of the time by „ ent j,ut' smalt-scale for this 
Everding. with settings and cos- a wide and ugly black palisade theatre There was nothing 
turaes by Ernst Fuchs, con- behind which Ortrud and email-scale about the Herald of 
ducted by Wolfgang Sawallisch. Telramund conspired. Wolfgang Brendel. who has 

1 saw the second performance. More than an antiquarian become a notable heroic bari- 
with Siegfried Jerusalem instead exercise, less than a total success, tone. 

of Kollo in the title-role and but a fair framework for the Although in Munirh they sing ductor's 
Kurt Moll replacing the indis- strong forthright conducting of Mozart’s Ciemevza di Tito in chances 


Fa ss bn coder's 
other hand is a 
lovely performance with much 
of the controlled intensity and 
artistry that in Londun 
distinguished the Vitellia of 
Janet Baker. .A luuch uf 
exaggeration towards the end 
hardly lessened the general 
impression. Werner 11 nil wee's 
Titus has grown inure subtle. The 
remaining roles, none of them 
unrewarding, were excellently 
filled by Kieth Engun (Fuhliusi. 
Lilian Sukis (Scrvilu) and most 
notably by Daphne Evaneelatos 
as Annms. lleynahi tiinvaninelti 
conducted >< section uf the 
Munich Philharmonic. The 
clarinet and hassel-hnrn solos 
were admirable, but the con- 
un bandy way with 
of tempo sounded 


posed Rldderbuscb as King Sawallisch (the big choral Italian they call lhe opera awkward in this liny theatre. 


their talents during the 1950s Oh - dear - I.-.dMn.'t-.mean - to - literally ad nauseam on the prob- ^‘y sixties ine iii4L. s popsnmvs 
and early 1960s; perhaps we have .waste - time - watching - that - lems involved in proving that n L „ V PC Speci lt 

all become a. trifile more blase rubbish - when - L-'ahould - have - discrimination had- taken place. a 2!.- St f^T v Go 

about.' the JeJecironic medium, been . . . syndrome). (Even a half-witted employer can addictive for teenagers as TW3 

perhaps the golden oldies were T> >Tt vmwi:.V«Vvi«m*»iiieivpiw indent a legal reason for reject- Jf 88 for r ieir eiders. The teeny 


Harrogate 


reason, W6- hek -tilfr ciarismatic erniHnff it’s illegal uuuoay »an uveruy — — . — * ™ — — r- 

pro^uMD., sd S’Sf to proodaiog mbl job 

loved In years or yore: 


nobody can overtly in the evening, on the 

couples are asked -sueb searing SSimtaariS^^nSeSSi j °£ b e in at six o’clock preparing for 
You- most certainly won’t see would have been possible to their Saturday night fevers.. Pre- 


any if you’re stuck in front of «*■■«»« a tc» |R?»v>e wu«us w :-- - -r - 

the box on a Saturday evening, SAjSE^,S!S air their prejudices in an abstract 


»? eS S£? S disco ver**a f ew^pebple ^wilhng to snmably rTV bave research data 

.inns, .. air their preju^ces in an abstract 

though antf-intdleetuals have way - Lacking such conflict 

lately tried to elevate Kojak Into Discrimination was not so much 

a trendy cult hero. No way. The «.n« H 3 ™ 1 ® 1 withcrat Prince as 

nnlv fwtntimiOTidv fjKrfnutinp tllCy WOfl]flI!t;M.iUOW$d tO SUlly Afacheth withont tbp Ladv 


a Taiwan Christmas, cracker. 


Macbeth withont the Lady. 

The Beeb’s other serious Satur- 


all borne by II o'clock waiting 
for their bot chocolate and ready 
to be tucked up in bed by mid- 
night 

For Revolver cannot be 




contortions. 


a toothsome duo who regrettably worthy 
never appeared m thefr_wprk- trap which -the 
wear, but whose powws of could be! 
detailed perspicuity and deduc- everybody 
tion would have mi^e Sherlock with 'each 6a 
Holmes look like . ' a .myopic 'agreed that 
dunderhead. . . • : • ; ■ _ wax; 

If Kojak is neither Steed nor phene 
MaJgret, Yorkshire’ Television’s social 




Through 

The 

Looking 

Glass 

by Wilfrid Mellers 


Lewis Carroll’s Alice books 
are works of extraordinary, pecu- 
liarly English, genius. 

Superficially, therefore, it 
seems odd that English compo- 
sers have not musicked them 
more frequently; having attended 
the first performance of Wilfred 
Joseph’s children’s opera, 
Through the Looking Glass, at 
■the Harrogate Festival one be- 




only continuously . fascinating 

aspect of the shiny-headed cop’s ~ . , .. .- me mod’s omer senous oamr- *y*. i*“ 

exploits lies- in .the way script- These proceedings : are archly day night offering is its Kl-part tended to appeal to anyone with 
writers always contrive to hadf- controlled — - controlled? by a series Sailor — an everyday story a. mental age of more than 1A 
Identify the crook. Iron* thO start sham’ ebullient Ted Rogers, who of naval folk. It would be un- Like its predecessors, it coirt- 
oF the plot, yet hoW your involve- effects a passable; rendering of charitable to suggest that Sailor prises a studio full of kids dane- 
meat white Kojak unravels the a second-rate "sMondhand car might well have been written by Jn * t0 groups. Unlike its 
clues and catches up with you. salesman. Doubtless audience the BN’S PR DepL; and I’m sure oredecessors. the apparently 
It*s- a neat balance between the research , will me wrong that nobody in Broadcasting -band held cameras judder and 

classic Agatha Christie whodunit and 3I2!i! wllI fl$=fo the top of House would have countenanced snake as if the cameramen were 
and a simplistic action-packed the ratings. PoisbnaRy. as Kojak it as an unpaid advertisement differing a sharp attack of the 
thriller. ':'■••• * wonld sayrif ThCTftr^ee it again for naval recruitment Yet its 

Unfortunately this self-imposed it will be ^oo; 8oatL'' pretty pictures and leisurely (not 

need to be simultaneously sec- With its surfe^LUf !old movies, sa 7 torpid) pace make life on 
retfve and open- occasionally every Saturday evening offers a the ocean waves seem like and 
leads the plot Into labyrinthtne serious prograrnme or. two. Last S. 0 ®??** s PP ,m 5 r houday at 

- .iru* mSIbSTSSm. was , . Jjg- 



DTs. an Illusion further fostered 
by the multiple images and the 
kaleidoscopic shuffles of the 
nasty, brutish and pointless!? 
gimmicky pictures. Still, pro- 
ducer Mickie Most is said to be 
a doyen of teenage culture so 
maybe that’s the way they like it 
It Is impossible, however, ip 
Cook has got 


... about a famous sing lash-up. mouthing dreadful 

~ television commercial that never quips like “Do you people want 
pnt marte- to j, e ar garbage? No, That’s good 

because we didn’t book ’em. 
That's a joke you bastards." 

Come back E. L. Wisty, and all 
will be forgiven. 


We open.” said the copy- 
writer proudly displaying the 
storyboard. “ on a beach in the 
Bahamas. ..." 


Miho Yuki and -Takobjro Harada in the Asami Maki Classical Baflvt 
of Tokyo's ‘ Don Quixote,' in thc secood programme of their season' 
at the WimbieSm -Thaatra. They wUl be appearing there untfl- 
. August .19, .. . . 


St John’s, Smith Sciuare 

AribeBiM Uban|$; 

by N I CHOL AS KEN Y ON /!'.: 

Throughout this week, a well- music to the old Armenian trad!- 
promoted u International . Cele- tion- (which Egon Wellesz, among 
bration of Armenian- Music” is others.- praised so highly) or -of 
taking place, with an interesting 19th-century re-writings af this 
set of lectures at the . City Uni- material. The problem is -still 
versily, and a group . of evening further .compounded by the. fact 
concerts at St John's, Smith tiiat the. whole body of.tbe.ehant 
Square. The latter began -on is'jaow being transcribed in. pore 
Monday with a programme railed Western. -notation, and was pre- 
The Life of. OirisJ— a eompfla- sumably ui.’ed in rhis manner*ir 
tion of Armenian/ chain ts edited. Mondays r performance *>7 the, 
by Loris Tleknavbrian which Ambrosian Singers, 
was given its European jpremiere This xnight account_for. 
in the Elizabethan Hall last predominately smooth 7 ’and 
ApriL : . -. measured progress of the very 

of the Eastern Churches _ are • T^bnavoriMn beat in - regular 
among tiiemqst agw Server his . expnEL™ 

||»^?- lanriMMnfi 5 ' /ir softepiPab or the 
eariy Muddle Ages. : B ecause they yom^tac inflections .of the 

have been OTMerwd to an Orel ^^Sphshed and comnitaed 
tradition, and because they have Robertsep and 

been a 4 aptfid -Le^ie Fyson) bore any .relation 

IttUlgteaJ the- .native perforawng tradl- 

way of “^ tion of these chants it would be 

authenticity- The problem with i nterest iag to know. The chosen 
the Armenian trafalgote rather geq^^^f hymns covered ail 
different, however toe^umtTwas ^^w feaste of ti». rimreh’s 
written down xn tite lOfceMttttiy- the Annuneiatioo and 

and after, but When toe tradition- w Asceuston and 

of interpreting that notation was p^ifecogt; but they bed been 
lost, the chants ^ wti aH rewritten ^ken^oni their original con- 
in a new system of notatioo in w, and . drawn : into . a 
the early 19th caitury. . . ; - . Westernised story-book -pra^enta- 
Thua. when Tjeknavorfan ays tion. As the 
that his. compilation: ases : J2(b- Jwdp ope . *Q find^what pomt Jn 
nry hymns, X am not': the story- had been reached, toe 
dear how tor these consist of. exercise was purely atmo^heric- 


•oncerned with grins and spins, 
n which stars go through what- 
»ver trumpery aud abbreviated 
•aces a selection of “ gems from 
he classics " may provide. 

The stars themselves come in 


Festival Hall 

Gala Ballet Season 

by CLEMENT CRISP 

The last time Natalya Seymour. Dame Margot makes 
Makarova danced at the Festival a most appealing figure of Juliet 
Hall, eight years ago, she fled the in the Romeo and Jvliet love 
«®ce in search of greater scene by Georges Skibine. In 
irtistic opportunities in the which Nagy is an ideal partner 
West 1 would not blame her — her art may now be autumnal, 
’"e Nttte bit if she fled the but it can still touch our hearts. 
alere now installed there for Seymour, with Stephen Jefferies, 
he same reason. This “ Gala offers the Asbton Aurora’s 
•ailpt Season." which opened Awakening pas de deux, and a 
•m Monday and is to continue for Mac and Polly set to Weill’s 
^.fortnight is dedicated to the Dreigrosehenoper music for wind 
dea that ballet is an art largely band — a frolic which she has 

made for herself and Jefferies. 

Luigi Bonino has been brought 
in to compensate for. the indis- 
posed Panovs: be dances a pop 
music fragment by Roland Petir 
with a lot of panache; Malna 
3 variety of kinds— the astrono- Gielgud and Jonathan Kelly are 
•ner's vocabulary of “ white involved in Balanchine’s Chai- 
iwarfs " and “ collapsed, novas " kovsky pas de deux — an en- 
<? tempting for use in categoris- counter which I found in no way 
ng some of the participants — attractive: Yoko Morisbita with. 
*nd their contributions may be first Bujones, and then Tetsutaro 
•onsidered more than variable Shimizu as partner, takes duet* 
n quality. Makarova is seen from Le Corscdre and Susan 
hire times: the essence of grief Lake Act S and moves from trick 
u Swan Joke’s second act adagio to trick, offering a quick guide 
.with Ivan Naey: inordinately to more difficult duets of the 
vitty fp Don Quixote’s pas de renertOTy, during the coarse of 
'eux with Fernando Bujones, in which she spins inordinately and 
•/hich she .- produces both the to no special merit that I could 
’lost technically brilliant, and discern. 

nost polished and aristocratic if 5 that sort of an evening. It 
tan ri ng of the evening (virtu- j s a j so tbe sort of an evening in 
'sity not necessanly requiring which any step repeated more 
he manners of a hoyden; though than four times is applauded, 
he alone m toe evening shows when the Sylphides lighting was 

J?V»JSJ5SSi: bru1al » aad the .accompanimern 

n t- a v ^ ar J n ^ e ® 5 Lfti Jfylvhjdes, to Makarova’s second act dnet 
which is placed quaintly last. in svxm Lake could arouse mur- 
Her companions in this are derous thoughts In the heart of 
Dame Margot Fonteyn and Lynn any music-lover worth his salt 

Rarely-heard work 
in LPO season 

The London Philharmonic Haitink. The 100th birthday of 
Orchestra, now on a sound Sir Robert Mayer and the cen- 
financia] footing, is planning to tenary of the birth of Sir Thomas 
offer several rarities in its con- Beecham will .also be com- 
certs next season. memorated. 

Highlights include Gottfried Sponsorship in all its forms is 
von Einem’s Philadelphia now bringing in about £100,000- 
•Spntphony, Britten's Our Hunt- The John Player Foundation and 
tup FaOiers. ■ Messiaen's Et the British Council will be sub- 
exspecto resurrecticmem mor- sldising toe LPO’s 14-concert 
teorum and the European tour of -the musical centres cf 
premiere of Two Pieces lor Germany and Austria in ApriJ- 
Orchestra by toe Canadian May to be conducted by Eugen 
composer John Hawldns. Jpchnm. The programmes will 

The British oremlere of Include 10 nerformances of 
SinopolPs Requiem Hashshirfm Britten’s Variations on a Theme 
will be accompanied by a' per- of Frank Bridge. 
forinance of Berio’s Sinfonia in. ,WJ>. & H.O. Wills and Cnm- 
a concert to be promoted by lhe mercial Union are each sponsor- 
London Orchestral Concert tog 10 concerts. Gancia (Italy' 
Board. and Shriro UK are each spon- 

The orchestra’s principal con- soring one — Shriro’s being in 
doctor. Bernard Haitink, will addition to its support of the 
continue his cycle of Shostako- orchestra’s appearances at 
rich symphonies.' Walter Weller Glyndebotrrne. Marks and 
will start a cycle of Giazunov Spencer is backing concerts in 
symphonies aud Mstislav the Fairfield Hall. Croydon and 
Rostropovich will conduct Pro- ar Eastbourne: Watford and 
honey's Alexander Nevsky. - Wembley and Courage is spon- 
-SHr Adrian ' Boult’s -90th birth- soring the season of Classics for 


day -in April will be marked by Pleasure edneerts. 


twd 


.concerts - conducted 

• i. 


by 


JOHN fALDING 


Ventionaliy speaking, the Alice 
books are anti-operatic in being 
episodic and devoid of dramatic 
climax. 

Even if one takes the line that 
nowadays that does not matter 
since ' story-lines are out and 
sensory “moments" in, that 
does not over-ride another prob- 
lem: the Alice books are mostly 
talks, and. in their zany way, 
pretty intellectual talk at that. 
If, in a theatrical context, one 
cannot hear the words, one feels 
frustrated: if one can hear them, 
any addenda, such as music, 
seems irritatingly tautologic&L 

Wilfred Josephs is a thoroughly 
professional composer who can 
effectively turn his hands to 
many kinds of music. He has an 
enviable gift of being able to 
create music that communicates 
directly with several sorts and 
conditions of person: While his 
wind symphony (performed at 
last year's Harrogate Festival) 
proves that he can on occasion 
evoke magic of a .kind that 
strikes a vivid response from the 
heart — as well as toe performing 
hands— of toe young. 

He has not, however, 
altogether cracked the tough nut 
of - Alice. He writes deftly for 
the little .orchestra (apart from 
an over-indulgence in Glocken- 
spiel); he produces some rousing 
numbers for’ toe chorus; he 
creates solo parts which grate- 
fully stretch, bjit do not over- 
tax, young singers. 

What is missing is the vision 
that changes the pulse: toe 
quality that still illuminates 
Britten's Noye’s Fludde, an 
equally well-written piece to a 
demanding genre which, for total 
success, would seem tD cal) for 
genius as distinct from talent. 
Something is wrong about the 
idiom Josephs employs. To call 
on a basically Victorian style, 
with parlour waltzes and - gallops 
and Gilbert and Sullivanish 
00m pahs, makes sense at one 
level, since such music per- 
meated the world the real Alice 
lived in. 

But it is not adequate to tbe 
world of the Alice books, and 
one listens in vain for a hint, in 
Josephs’ score, of the distorting 
mirror • angles and chop-logic 
craziness that makes Alice's 
dream world at once dangerous 
and vulnerable. There’s one 
haunting moment of vulner- 
a +l? ty k* Alice ’ s awakening song 
f* “e end; for the rest the music, 
though always agreeable, is 
always bland, catchy yet also 
unmemorable. It is a long way 
from CairoU. and a fair way 
from the world of children who 
can greedily if nervously em- 
hrace_ Alice's intellectual upside- 
dowmsm. This is disappointing 
because the composer of last 
years Eighth Symphony need 
nave no reason to he scared of 

“Parti's tight-rope-walklng 

absurdities. 

. there is much to be grate- 
r .* r ' ' children of toe 
Leeds Children’s Opera Group 
«S\to he enjoying themselves: 
and tow is what ultimately mat- 
A efS | with a children’s opera, 
rauia Bednarczyk sustained the 

quite, demanding part of Alice 
commendabljr the . costumes, 
hy the group, were 
Sheila Rex’s direction 
did little to compensate for toe 
SFl? 8 '. e h is odic nature: hut 

Michael Grady conducted as 
though he found the music 
charming: Which it is, if a bit 
too consistently so. 


Albert Hall/Radio 3 

BBC Symphony Orchestra 

by ARTHUR JACOBS 

Still in his mid-twenties, the sive were tbe woodwind solos, saxophone quartet l toe com- 
Hungarian pianist Zoltan Kocsis how bleak tbe strings! An un- poser marked it “dispensable 
justifiably aroused the enthusiasm favourable comparison with the only in extreme circumstances 
of toe Proms audience on Mon- London Philharmonic Orchestra, but gained an extra trumpet and 
day. His dexterity and decision as heard recently at Glynde- two television cameras, 
commanded this performance of bourne, came to mind. Macker- How kind of Strauss — I always 
Bartok’s Piano Concerto No. 1, ras’s treatment of the first three think — to give us a story to worry 
in which the BBC Symphony movements was trim enough, but about (in this case the household 
Orchestra was conducted by in the finale he curiously failed events of his own family circle) 
Charles Mackerras. to sustain the impetus over the lest we should relax or even 

The timpanist and three silent bar to the emphatic snalch a snooze as the lush 

other percussionists take the chords at the ver y end. 1 suspect tapestry endlessly unfolds! An 
lead in the orchestral support of L hal * h,s supposedly simple work even better diversion is to think 
this concerto Darticularlv in the ha<J been starved of rehearsal or other titles and other 
slow middle’ movement Here a !] me ln f < &°“ r - of c £ e CT . m P ,,ca - " erplanatiuns " which would do 
single soft stroke on a bass drum, tlons of Richard Strauss s Sym- as well. It seems unfair amly to 
after a long period when toe P fumta ^omesUca. b ? r . row , the ° a J? e 0Qe of 

instrument has been silent is Here the playing was brilliant Strauss S 0 ^ ° tb ^ r J on ^ 0 ^ n ^ 
most imaginatively used as a and assured— in another class °!, CO vI! e 5f» 

pivotal effect It was a moment altogether. Mackerras, too, as one p 'j ece l'Vather like the title “The 
SSSS ln 11115 SatISfy ' of the BBC symphony orchestra’s sihtesw&Sn Question " or 
mg performance. two “chief guest conductors." “Prospects for Marginal Dis- 

The orchestra had opened the handled the huge force with investment" With toe former, 
programme with a dull-grey per- fiair. Those in toe audience who Strauss's quotation of one of 
formance of Schubert's so-called had waited for Strauss’s full and Mendelssohn's “Venetian boat- 
(or mis -called) “Tragic” Sym- exact -total of 104 musicians songs’’ becomes a very subtle 
phony. How timid and toexpres- found themselves cheated of a reference indeed. 


APPOINTMENTS 


FINANCIAL PLANNER 

£5730 to £7380 plus £286 additional payment 




The Electricity Council is the central 
coordinating body for the electricity supply 
industry in England and Wales and the Financial 
Planning Branch is responsible for providing 
financial management information of the 
industry and assisting in the formulation of 
associated policies. 

As a result of promotion we are looking for a 
young man or woman who will have an 
interesting range of duties. Prime involvement 
will be with capital investment programmes and 
the associated financial and economic 
considerations. This involves statistical research 
and the preparation of reports for management. 
Additional involvement will be concerned with 
Inflation accounting and depreciation policy and 
will include the use of computer models. I 


You should be able to demonstrate an 
imaginative approach to the factors influencing 
investment decisions and their consequences 
combined with a knowledge of modem 
accounting and statistical methods. An 
appropriate qualification is desirable. 

Some assistance wiih relocation expenses 
given in appropriate cases. 

Please write in confidence, giving age. career to 
date and present salary quoting ref FT/1 25 to: 

Duncan Ross 

Recruitment & Development Officer 
The Electricity Council 
30 Millbank, London SW1 P 4R D 




PLcCfftlOTY COUNCIL 


COMPANY NOTICES 


OLYMPUS OPTICAL COMPANY. LTD. 

(OLYMPUS KOGAKU KOGYO KABUSHIKI KAISHA) 

• f S- G. WARBURG & 03. LTD., is Depositary, announce thee a dividend 
sen P* r Common Shire of Yen SO has been pud U shareholders on 

the books »l j cho above Cbmpsny as at 30th April. 1978 in respect of the six 
mo ?Y j ^ erl j. e . r 7*^. 0,1 t * ul A* i mutt the Depositary Shares are 

entitled to a dividend of Yen 75 which converted at the Exchinje Rate ruling 
on 2nd August. 1978 ol Yen 186.80 => U.S.SI — produces U.S.SIM0H99 
per Depositary Share. 

After adding the fractional amount brought forward from the last dividend. 
In accordance with paragraoh 12 of the Bearer Depositary Receipt, coupons will 
be paid at the following rates per Depositary Share:— 

Under deduction of >5% Japanese Withholding Tax - U.S.S0.34 
Under deduction of 20% Japanese Withholding Tax = U.S.S0.32 

. amount of UJ. SO. 004273 per Depositary Share is withheld 

and will be added to tire next dividend when paid. 

Holders of Bearer Depositary Receipts may present for payment Coupon 
No. 23 wh«h becomes payable on 9th August. 1978 to S. G. Warburg & 
Co. Led.. Coupon Department, St. Alban* House, Go'dtmith Street. London 
EC2P 2DL or ac the offices of any of tbe midervnentioned S ub- Depositaries 
subject IB deduction of Japanese Withholding Tut and Income Tax (if any) at 
the appropriate raas. De calls of tax deductions be obtained from tho 

Depositary or Sub-Depositary. 

SUB-DEPOSlTAR/ES 

Nemo 

The Bank of Tokyo, Ltd. 

Tbe Bank of Tokyo. Ltd. 

The Bank of Tokyo. Ltd. 

The Bank of Tokyo Trust Company 
Algetncne Bank Nederland N.V. 

Banque Generale du Luxembourg SJL 


9th August, T978 


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ACT GALLERIES 


FIELDBOUKIUE GALLERIES, 63. Queen's 
Gro,e. S«. Johns Woou. 5B6 3600. 
LANDSCAPES Dv Royal AcaaemKians. ' 
MARBLE Carvinas. YQMA SAS BURGH. 


FINE ART SOCIETY. 148. New Bond St., 
W.1 01-629 3116. SUMMER EXHI- 

BITION. 


NOTICE TO BONDHOLDERS 
Republic of Iceland 12,000,000 European Units 
of Account 9]% 1976/1986 Bonds 

Pursuant to toe provisions of the Purchase Fund notice is 
hereby given to Bondholders that no Bonds have been 
purchased dunng toe twelve-month period from July 16. 1977 
to July 15. 1978. 

Amount outstanding: UA 12.000,000 


August 8, 1978 


The Fiscal Agent 
KREDIETB^NK 
S.A. Luxirmbourcenise 


SVER'GES INVISTERIHGS BANK A-B. 
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Conies of tbe ab mre menilonad ComnanVa 
Annual Report 1977 are now obtainable 
from: — 

S. G. WARBURG 8. CO. LTD.. 
Cduooo Dept.. 

& Albans Heuso, 
tdimirh Street. 

London EC2P 20 L. 

9tb August, 1978. 


MALL GALLERIC5. THi- Mall, S W.1. 
PAINTINGS AND OBJECTS BY MIHALY 

SCHEMER Mon.-Frl. 10-5. Sail. 10. 1. 
Until August ifilh. Adm. Free. 

&LOANE STREET GALL£RI£5, 158. Slojiie 
St.. W.l. Modern oaintlnas. sculoturn 
and graphics bv Interesting international 
artists. Wide range ol priced. Tues.-Fri. 
10.00-S.00. Sat. 10.00-1.00. 


CLUBS 


EVE. 189. Resent street. 754 0557. A la 
Cone or All-in Menu. Three Spectacular 
Floor Shows. 10.45. 12.45 and 1.45 ana 
music ol Jonnny Hawk cs worth $ Friends. 


GARGOYLE. 69. Dean Street. London, w.1. 
NEW STRIPTEASE FLOORSHOW 
THE GREAT BRITISH STRIP 
snow at Mldnignt and i a m. 
Mon.-Fri. Closed Saturdays. 01-437 6455 


PERSONAL 


CELLAR MASTER seeks drinking com- 
panions (or tour ol wmc regions. 
AitoholJdavf announce tours lor wing 
lovers In She company ol a recognised 
wine export. For Our 1978 Carte drs 
Vim Mease contact Alcohol mays Ltd.. 
Surto 70(71, 12. Henrietta St.. London. 
W,C2 Telephone 01-836 6061. ATOL 
1007 ED. 


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ore Intcrantlonal Ltd-. Group Houso, 
Woodlands Avenue. London. W-3. To). 
01-SR2 3077, Telex 934S2S. 


CENTRAL REGIONAL COUNCIL 
, t^.03Q.30D Bills issued 9th August. 
1976. due Bfh November. 1078. at 1 
rate ol 9 »k%. Applications totalled 

£9m. Total outstanding fcSm. 


ClYY OF EDINBURGH DISTRICT 
COUNCIL 

£l.5m Bills Issued 19.7.78 at 9 Hm>« 
io mature 18.10.76. Total anpllcaUoiS 
-1 j.Sm. Total outstanding £3.5m. 


GLASGOW DISTRICT COUNCIL 
Blits issued 9 8/7B. £2.7m. at 8'tia^S. 
"M Sin at maturing ai1l|7a 

Applications totalled £39m. Bills 
landing £9.5 m. 


HAMPSHIRE COUNTY COUNCIL 

X7Jm Bills Issued 9.8.78 at B 65|S4*V. 

8.11.78. Total applications 
£faOm. Toul outstanding CZOrn. 


METROPOLITAN BOROUGH of 
... .STOCKPORT 

£1m Bills Issued 9.8.76 at 0G3 ;g 4 d l 
to mature 8.11.78- Total appileatkiS 
E9^m. Total outstanding £4.4m, ™ 


SUFFOLK COUNTY COUNCIL ““ 
*3m Blits issued 6.S.7B at k Gj't*"- 
to maturw 7.11.78- Total appikal^iS 
£31.Sm. Tota^, outstanding £6m. D ™ 





; .’:v 




12 


Financial Times Wednesday August 9 19f?jr 


FINANOALITMES 


BRACKEN BOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finantimo, London PS4- Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Wednesday August 9 1978 


The squeeze 




comes 


of the silent 



BY JOHN LLOYD 



EVEN AFTER due allowance 
has been made fjor all the 
factors which mail; last month's 
banking figures taard to inter- 
pret, the underlying message 
would appear to be that, with 
only one more month to go 
beFore the start of the three- 
month operative period for the 
application of the corset, the 
banks bare made somewhat 
disappointing progress towards 
reducing their interest-bearing 
deposits tn the level above 
which they become liable to 
penalties. 


first half-year. This is not unduly 
high, but it is more than the 
market had been generally 
expecting, as yesterday's 
reactions indicated. 


Not high 

The first set of monthly bank- 
tag figures to be issued after 
the reintroduction of the special 
supplementary deposits scheme 
was announced showed that tbe 
banks' interest-bearing liabili- 
ties — which include deposits 
taken from the wholesale money 
market and branch deposit 
accounts but not non-interest 
bearing current account balances 
— bad fallen by 1J per cent in 
the four weeks to mid-June. The 
latest figures, for mid-July. show 
not a further reduction "hut an 
increase of almost 14 per cent. 
This puts them about £lbn or 
just over 3? per cent above the 
target which, under the corset 
arrangement, is to apply to the 
average amount outstanding oh 
the banking make-up days in tbe 
three months August to October. 

Much of last month's increase 
can probably be put down to 
seasonal factors including the 
half-yearly crediting of interest 
Unlike the full money supply 
figures, which are due out next 


Provided the corset arrange- 
ments work in tbe sense that 
they bring about the desired 
reduction in the banks* eligible 
liabilities and thus in turn exert 
a restraint upon the amounts 
the banks are able to lend, the 
growth of ' the money supply 
seems likely to remain within 
the target range for the rest of 
tbe half year. It is evident 
however, that the corset 
likely to pinch somewhat harder 
than had been expected parti cu 
larly if, as some bankers are 
saying, the latest figures indicate 
that they had engaged in rather 
less window dressing than had 
been generally supposed. This 
means that the banks will have 
to put a brake upon the future 
growth of the advances at a 
time when there are some Indi- 
cations of a rise in industrial 
borrowing. The latest figures 
are affected by seasonal factors 
as well as by the switching of 
demand from the money market 
to the banks to save on Interest 
But the uncertainty about the 
underlying strength of demand 
for bank loans suggests that it 
would be unwise to expect an 
early move towards a reduction 
in interest rates, which again 
could have implications for 
industrial investment. 


Real chance 


week, the monthly banking 
fi Vires are not seasonally 


adjusted. Last month would 
have seen, too, an increase In 
overseas deposits, reflecting the 
strength of sterling. At the 
same time, the shortage of 
Treasury Bills would have made 
it difficult for the banks tn con- 
tinue to unwind any window 
dressing arrangements they 
undertook in anticipation of the 
return of the corset Even so, 
yesterday’s figures imply an in- 
crease of probably about 1 per 
cent in sterling M3, the broader 
definition of money supply, 
which would have brought the 
growth in M3 in the first three 
months of the financial, year to 
slightly above the bottom end of 
the range of S-12 per f:ent which 
the Chancellor has set for the 


The corset was re-introduced 
after the excessive growth of 
sterling M3 in the latter part of 
th° last financial year and the 
conflict between the fiscal pro- 
posals put forward in the 
Budget and the new financial 
targets had caused gilt sales to 
languish. The Government 
thereby eased the doubts about 
money supply growth and 
cleared the way for a renewal 
of sales of government stock. 
But tbe use of the corset, and 
the accompanying increase in 
employers' insurance contribu 
tions at a time wben industrial 
investment was growing and 
profits were . likely to be 
squeezed, did nothing to ease 
the prospect of the Government 
going after most of the avail 
a.ble credit in the economy at a 
time when there seemed to be a 
chance of some recovery in the 
private sector. 


Racial reform 


in Rhodesia 


RHODESIA'S LATEST move to 
liinti racial discrimination does 
not go far as expected and 
will almost certainly fail to 
satisfy Uifc majority ol the 
country'*# black population. It is 
true th it the transitional Gov- 
ernment has now formally ended 
diserirjinar.nn against blacks 
in public places such as hotels, 
restaurants. cinemas and 
the?, Ires. But this smacks very 
much of tokenism. In the first 
place, few managements have 
recently been exercising their 
night to har blacks from cinemas 
and restaurants. In the second, 
yesterday’s executive council 
statement made no mention of 
ending segregation in the key 
areas of schools, hospitals and 
residential zones. 


Surprising 

Bishop Abel Muzorewa, one 
of the three African leaders 
supporting the internal settle- 
ment, has nevertheless wel- 
comed yesterdays decision. 
That is somewhat surprising in 
view of his recent public warn- 
ing that the interim Govern- 
ment's failure to act decisively 
on racism has been costing it 
international support. The 
bracks have been demanding the 
immediate repeal of racial laws 
in the fields of health and 
education, but yesterday's state- 
ment did not even include the 
expected declaration of inten- 
tion to take action. It can only 
be assumed that Bishop 
Muzorcwa’s approval has been 
bought by private promises that 
something will soon be done. 
But til ere is little time left. 

Of course Mr. Smith does not 
want to upset the white popula- 
tion too much when he still has 
to secure their support for the 
proposed new constitution in a 
referendum. There are also 
obvious practical problems in 
providing the extra hospital 
beds and school places that 
desegregation would make 
necessary. It is, on the other 
hand, no. use trying to delude 
the whites about the con- 
sequences of moving to black 
majority rule by the end of the 
year. Whatever turn events now 
"take, it is quite clear that the 
old days of white privilege are 
numbered. Declining white 
morale and the high rate of 
white emigration are both signs 
that this is now increasingly 


widely recognised, inside the 
country as well as outside it 

If the internal settlement is 
to succeed in its aim of attract- 
ing widespread black support, 
the whites must make it quite 
clear that they are serious about 
the introduction of a genuinely 
multiracial society. After so 
many last-minute about turns by 
Mr. Ian Smith, it is understand- 
able that many blacks should 
remain sceptical so long as he 
retains a firm grip on the levers 
of power. Nor is it conducive to 
the settlement’s credibility 
when Mr. Smith is reported as 
believing that it is still possible 
to postpone the elections he has 
set for early December and the 
independence date of December 
31. 

The fact of the matter is that, 
as things now stand, it will be 
difficult for Mr. Smith to sub- 
stantiate claims that the 
interim Government is capable 
of staging “ free and fair " elec- 
tions. Patriotic Front guerrillas 
are roaming wide areas of the 
country and Lbte movement's 
leaders have sworn to disrupt 
the elections to the maximum 
extent possible. In Salisbury 
there seems to be increasing 
awareness of Uie internal 
settlement’s deficiencies. 


Conference 

The problem is that there is 
little incentive for the Patriotic 
From leaders to participate in 
a peaceful settlement one way 
or the other. If the internal 
settlement succeeds in estab- 
lishing a new Zimbaowe 
Government, from which they 
are excluded, they will calculate 
that force is the best way of 
overthrowing it. But they will 
not want to come to the nego- 
tiating table if the internal 
settlement is manifestly on the 
brink of failure. In the absence 
of a breakthrough on the 
diplomatic front, the war will 
go on. 

That is why Dr. David ‘Owen 
is right to continue to make 
every effort, hopeless though it 
may seem, to bring all the 
parties together for negotia- 
tions. A conference, hy itself, 
will not necessarily solve any- 
thing. Pressure must be main- 
tained through the five front 
line Presidents. There are few 
other cards in either London's, 
or Washington’s, hands. 



sr ~§ — 'RANK CHAPPLE is mittee (Carter Committee) was 
H deluded,” snapped Mr. largely concerned with making 
A Bryan Stanley, general a case for interconnect Carter 
secretary of tbe Post Office was cautious — “we do not feel 
Engineering Union, commenting able to define a new boundary 
on his fellow general secretary’s without a more detailed study of 
heretical but forthright espou- the effect that a change would 
sal of free market principles in have on subscribers and on the 
the telecommunications appara- service”— but recommended 

tus business. But Mr. Chappie's liberalisation of the small 
revisionism is hardly surprising. PABX market as a trial. 

First, he has made it clear in sir Keith Joseph gave notice 
the past that be is not averse that the Conservative Party was 
to capitalism: second, he is a igo to have a place on the band- 
under pressure. wagon in April, when he pro- 

Be is, as be sees it, defend- mlsed that one of the “ earlier 
ing the jobs of his members in pieces of legislation ” of a Con- 
his 420,000-strong Electrical, servative government would be 
and Plumbing Trades Union, tbe liberalisation of the 
The fact that the way in which supply of telecommunications 
he chooses to do so puts equipment Sir Keith, indeed, 
him squarely on the side of went one step further and said 
some manufacturers, telecom- that the Conservatives still had 
munications managers and Sir an open mind about whether or 
Keith Joseph does not appear to not to open the postal service 
deter him one bit to free enterprise. 

Predictably, he bases his This week, Mr. Chappie adds 
arguments on the case of bis voice. Characteristically, it is 
the U.S. “The interconnec- a loud one: “It is quite right 
tion industry in America that the Post Office should con- 
has already provided jobs for tinue to have for rent or sale 
many of the people who were the completely standard types 
thrown out of work and has of equipment but it is quite 
provided useful extra facilities wrong to expect that the Post 

to both private and commercial Office will be able to provide - • . . „„„ ■*. t ^ 

telephone subscribers. They the vast variety of equipment Iicly on this subject It is left more immediate. If one assumes Jo 855bn and 1 more, wot ail ot 

have managed to deal with tbe that the public will wish to be to my union to see that the that System X exchanges will that growth, of course, is simpiy 

problem by allowing freely the available, and quite wrong, too, issue is raised publicly. In the be appearing in two years time, m handsets: tor ■ 

interconnection of any kind of to prevent the user from hav- past, our manufacturers have then from that date the bulk of remote, control oy pnon&— 

apparatus on to the public ing the maximum choice and exhibited many of the unfortu- the telecommunications manii- where central n eating, jrtrarer 

switched network. By apparatus availability." nate and defensive character-, facturing industry will be heating or ovens -can be tuntea 

do not mean just the tele- Mr. Chappie argues that the istics of a cartel. This is changed over to the new tech- off or on by simply dialling a 

phone handset itself, but also p QSt Office has already con- natural, in that they were pro- nology. \-!l 

PABX and interna] exchanges. ce ded the principle of inter- tccted for many years by the “in contrast, most of the net- telity, and that means it wrn oe 

data and radio equipment connection. "It allows the main bulk supply agreements, and work will continue to use exist- marketed, 
facsimile and telemetric television manufacturers to one should not be surprised that ing exchanges during the next But the changeover from a 
equipment and all sorts of interconnect the modems tiiey should have an unhealthy 20 years and thus the engineers «* service orientated ” to a 

other equipment for particular (m0 dulator-demodulator) f or fear of foreign competition. in the Post Office will be “market -ori entated " company 

user requirements.” interconnection with the public "I would have thought it affected by the new technology has. not been achieved without 

The lobby for “ interconnect ” switched network of all televi- possible to make quite sure that t0 a relatively small extent in pain. Mr. John deButts, the 

in Britain, which Mr. Chappie sion teletext receivers. If it is we do not suffer unfair competi- tbe near future.” AT & T chairman, testified 

now greatly strengthens, has accepted that the television tion from the Far East In the The way to claw back these last, year to a Senate sud- 

been growing in size during manufacturers are perfectly Common Market, competition disappearing jobs. Mr. Chappie committee: “The service mouva- 
the past year. It gets its competent and responsible, I would be fair in that the other argues, is by “ liberating the tion has been bred in the bones 
name from the U.S.. where cannot see why it should be European manufacturers suffer market.” Under the stimulus; telephone people over the 
in 1968 the Carterfone com- assumed that the telephone from the same kind of draw- of competition, more and better’ course of 100 years. To sup- 
pany won a decision against manufacturers, who have much backs and difficulties that we do equipment would be produced, P lant th at motivation with • a 
the AT & T monoply in sub- more experience and knowledee ourselves." and both the Post Office and market motivation might make 

scriher’s equipment. Carter- in the field, are not as compe- But the issue which has the manufacturers would serve nsj a no less profitable business 


would do would be?, "to titj* 
money out of- the teleco Bw^ - 
cations business, motley . 
at the moment is. ploughed ^ 
back Into the bushfcss*' That 
would mean a declijW in 
service itself * or. the cushuttee 
will have to find ’more jna^ 
to maintain the quality of. the 
service, and to- finance ^ its - 
expansion” - 

Mr. Stanley dismlsseg fc - 
Chapple’s claim that the Jw 
Office is already bureiM f 
towards interconnect: - ? 

cant compare allowing -nutihn 
connection with direct iaterton- 
nection with the network; 
the moment, customer “■ •am 
lease a private circuit and they 1 
can interconnect to that Th^ 1 
isn’t direct comtectioh: the 
principle of not allowing direct ' 
interconnection with the' -public 
network remains.” . . 


Two trade union leaders in conflict: Mr. Bryan Stanley and Mr. Frank Chappie. 


T«f» Kir* 


The Post Office agrees with 
Mr. Stanley — even though -Hr. 
Chappie has been-amflihg^^ 
ningly at them a saying that the 
top management “is mnrij more 
liberal arid progressive 7 . . I they 
will see the advantages of 
adopting a completely. liberal 
policy.” For the "moment, they 
do. not. Neither [Sir William 
Barlow, chairman, of the. Post 
Office, nor Mr. Peter Bembn, 
managing director of ,P.O. r . tele- 
communications, sire about to 
allow- the manuftntarere to 
undermine a monoply which 
is now profitable and whose 
breach would outrage. their em- 
ployees; That would be too 
much like fashioning a scourge 
for their own backs. J - 




Instead, they have fashioned 
another. Last month. Sir 
William announced that trie- 
phone charges would , go down 
by 5 per cent a year in real 
terms for the next five years 
—a large promise on top ;of a 
target return of 6i per. cent on 
net assets. .. . . 


a result of the tent and responsible, 
was allowed to 


fnne, as 
judgment 
interconnect" its equipment 
with the AT & T trunk network. 

Last year. Mr. John Stanley, 
chairman of Aircall. the car 
telephone service, formed an 
anti-Post Office monopoly 


exercised Mr’ ChappieT and the an increased demand. JJM 

reason for his stance, is un- The U.S. provides a useful b> J ! 1 **** at 1 

employment among his mem- lesson in this regard, though ^nd I for o^e 

bers. All the three major possibly a more complex ^ 

telecommunications suppliers— one than the supporters of ■ . . . ** __ nn _ Fnr <♦ 

gKLJSM-S 3 m,tTO ’ nnect s ™ era ' ly “ ,o would the public we 
STC — nave cut back staff, and Since the Carterfone judg- c«rve " 

He repeats the view . that will continue to do so. Current me nt 10 years ago. “ Ma Bell,” 


‘It is left to 


my union 


alliance called the National competition in the UK market estimates are that around 6,000 as AT & T is known, has' Mr. deButis argument is the 
Association of Radio Com- would make the telecommuni- more jobs are at risk. been gradually losing more one at the core of the inter- 

munications Services as a cation companies more virile in This trend will accelerate as and more slices of its monopoly connect controversy, and it 
lobbying vehicle for inter- the export markets. "A free the electronic switching system, business In tbe apparatus demonstrates that both sides 
connect He claimed converts interconnection policy would System X, comes on stream in market. A variety of small t0 the argument use the 
on both sides of politics, make it much more possible for the 1980s. System X, in com- companies began to establish same criterion to justify 
Already converted were the manufacturers in this country mon with all electronic themselves, selling specialised their position: the customer, 
telecommunications managers, to obtain a home market for exchanges, requires far fewer telecommunication products. For the marketeers. the 
who look after the coramunica- goods that they could sell over- workers in its manufacture, AT & T, perforce, had to customer’s . demand must be 


tion needs of the larger com- seas without necessarily having because the moving parts in the develop a marketing approach: satisfied, tor the monopolists, 
panies and who reaffirmed to convince the Post Office that electro-mechanical systems — four years ago it launched its the standard of service which 
support for Interconnect at their the goods they required should which still predominate in the Design Line of phones (various the customer deserves is cruciat 
annual conference last year. be altqred. Similarly, the avail- UK network — are replaced by styles, including recently a to be reticent about 

Also inclining to the same ability of some imported equip- solid-state circuitry. Mr. Mickey Mouse shape) and began profits tiiey assume they 
side were two multinationals meot would have the effect of Chappie fears a big loss of to open Phone _Stores (there will mane either by controlling 
with substantia l ba ses in the keeping our manufacturers tip members. will soon be nearly 2,000). The the market* or carving slices 

UK: EBM and ITT. Both are to date. : "My union represents the market is booming: an AT & T out °* 

developing wider ranges of pro- “ Unfortunately, the manu- majority of people working in executive recently estimated Mr. Brian Stanley, of the Post 
ducts — PABXs, data terminals, facturers themselves seem telecommunications manufac- that the domestic apparatus Office Engineering Union, natur- 
handsets — which are crying out inhibited by their fear of ture and for them the problem market alone would go up as ally is on lie service side of 
for markets. Their evidence to offending the Post Office in is greater than for the Post much as ten-fold during the next the argument. “What this 
the Post Office Review Cora- speaking out loudly and pub- Office engineers because it is decade, from around $5bn now demand of- Frank Chappie's 


This, obviously^ is. the hall- 
mark of the Bartow/Benton 
approach: be seen to be 
customer-conscious. . The Buzby 
campaign, and the Tommy 
Steele commercials, are part of 
the same approach. The Post 
Office must be shown to the 
Caring Monopoly, to do what 
AT&T have been forced to do 
under pressure from competi- 
tors hy reproducing that pres- 
sure within its :’owxt vast 
organisation. - 
In the end, the dichotomy 
between giving service and 
serving demand which' are flie 
rather simplistic terms in which 
the argument is couched may 
be decided politically. . Mr. 
Stanley underlined this when 
tie commented that tie found it 
surprising that Mr. -Chappie 
should support a Conservative 
demand. “The trade unions, will 
not Support the return of a part 
nf the public Sector into .the 
private sector.” The. power 
implicit in that undoubtedly 
correct estimation, has yet to 
be challenged by. a political- 
party. 


MED 


11 


MATTE 



From Russia for 


love and money 


Any young man of romantic dis- 
position who has a mind to 
become engaged should waste 
no time about it. The 30 per 
cent rise in diamond prices 
announced yesterday by De 
Beers will work through to the 
jewellers' shops within a couple 
of months. Thai is what I am 
assured by Ra tners. the 
multiple retailers, who concen- 
trate on what they engagingly 
call the “ bread and butter end 
of the trade." Tf you want to 
buy a thoroughly expensive 
engagement ring, there may be 
little extra time, because 
stocks move more slowly in 
Bond Street and thereabouts. 

The cost of a diamond ring 
has at least quadrupled in the 
past ten years (the same cannot 
be said for the insurance cover 
most people have). The rising 
price of gold wiB also push 
jewellery prices up. All of this 
is gratifying for the Russians — 
it's an ill dollar that blows 
nobody any good. Gold sales 


from the Soviet Union 
amounted last year to 410 tons, 
which at $205 an ounce would 
net them around $2.6bn. But 
their diamond sales, made 
through London, are wrapped 
in secrecy. Until the ‘sixties, 
the Russians had a marketing 
contract with the Central Sell-. 
Lng Organisation, run by De 
Beers. But it seems that there 
are no figures on how much the 
Soviet stones sold to the West 
are worth. The state exporters 
in Moscow ■will reveal nothing — 
but are doubtless smiling con- 
tentedly now at the idea of 
being 30 per cent better uff in 
dollar terms. 


local population will view the 
-festivities with jaundiced eyes; 
they had hoped to escape from 
it ail. A St. Helier travel agency 
had invited residents to "enjoy 
a day away from the Battle of 
Flowers" by flying to Derby and 
touring the Peak District and 
Chatsworth House. 


£10,500 a year for 606 boars in 
the chamber comes to £17.32 an 
hour. 


Bookings flooded in, then the 
whole scheme was stymied be- 
cause of the recent turmoil in 
the airways— the travel agency 
could not hire a plane to fly 
out the natives. Will there he 
another attempt next year? 
“Most definitely," I was told. 
"When you’ve seen one battle 
of flowers you’ve seen them all." 


Flying spears 


MPs* count-down 



Some problems are being 
encountered by Kenya Airways 
in giving free flights to the 
Mombasa Coast to red-blanketed 
Masai tribesmen, who have 
never heen up in the air before. 
The Masai are anxious to take 
their spears into the planes: no 
self-respecting warrior is ever 
seen without his spear, and 
sometimes he carries two. Air- 
line food may also be a diffi- 
culty: the Masai usually live on 
blood and milk. 


Trips to the sea are part 
of the Kenya Government's 
attempts to bring the 300.000 
nomadic Masai into the "modern 
sector," and persuade them to 
settle down and grow crops. But 
the airline is not too hopeful 
that the experiment will provide 
a new source of fare-paying 
passengers in the immediate 
future. 


As was demonstrated yesterday 
in this column, the Mother of 
Parliaments is more assiduous 
— ot prolix, depending upon 
bow you regard it — than any nf 
its EEC counterparts. British 
MPs spend three times longer 
together than do French 
deputies, and five times longer 
titan the Abgeordneten in the 
German Bundestag. 

- The contrast becomes far 
more remarkable if relative 
salaries are examined. Visualise 
some • ideal and dedicated 
British MP: he will spend 1,528 
hours at Westminster for £6,270 
a, year— a rate of £4.10 an hour. 
But West Germany pays its 
parliamentarians ESS ,700 a year, 
add the Bundestag sits fnr 310 
hours a year. That works out 
at £72 50 an hour. A Belgian 
MP. who receives £21.500, runs 
a dose second at £70.03 an hnur. 
With the French Ivina third, but 
well behind, at £41.17. 


How even the lesser German 
politicians judge their own 
worth- may be gauged from the 
current fracas in Rhine- 
Westphalia. Members of the 
regional parliament have been 
pressing for new rates of pay: 
£20,400 a year basic, plus 
£11.400 tax-free allowances, and 
a pension Of £15.000 a year after 
15 years' service. There was 
some public protest, sn the MPs 
are now studying a compromise 
that would reduce these figures 
by 10-15 per cent. 

Given the prospect of such 
Continental largesse, it Is small 
wonder that the European parli- 
ament is a lure. A Strasbour; 
committee last year suggested 
that its directly elected 
members should get £35,000 a 
year: although this has been 
modified to avoid ton much 
chagrin at Westminster, the 
Euro-MPs may well receive 

about £10.000 a year after tax. 
plus massive allowances. 


Ram and air 


Rattle wea^y 


It's more a puff of hot air than 
a genuine wind of change.” 


Such values placed upon the 
sendees of their opposite 
numbers may stun our ho el 
In Jersey tomorrow, 60,000 members. Even the Irish, 
holidaymakers will be revelling whose efforts work out at £9.50, 
In the island’s annual Battle of must be objects of envy — and 
Flowers. But a segment of the -still more the Italians, whose 


Ham and nitrogen sandwiches 
have vanished as quickly as 
they arrived- Packaging food 
by a method that removed all 
oxygen from within the Cello- 
phane wrapper was promoted 
recently as an idea to lengthen 
shelf life. In the U.S., the 
method was adopted by the 
National Railroad Passenger 
Company, but this has been 
stopped by the .Food and 
Drug Administration. Properly 
handled, the technique should 
be little trouble, said the Ad- 
ministration—" but we are con- 
cerned at the ability of the rail- 
road company to" do this." Any 
traveller on British Rail can 
only agree. 


Observer 



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; . Itoaocial Times Wednesday August- 9 1978 

POB^HEMiCALS^. 


By KEVIN DONE, Chemicals Correspondent 



^ P“^d y ■ At present. - far from 1 Jxo 

tn Hicnoi pctrocfararicfo sector that remains Mr. Var ley's last four crackers envisaged by the 

?0 Govern, n tm.cg™ 


" 1J 1<V7C|V ..Ln - ^ -- - •---«■ 4V. - — yvuLj jutLnriir.iu, uu u«> uuvcuuucui m l^fn tJXJiy Uli? 

-iaarjfis 


go along with the Government eh ami cal industry ■ trades , , ... .. . 

planners and, the trades unions unions and the Jtepartment of -T?® axnouat of ethane that JJft ** expected before the rad 
to depict a . X3K .petrochemicals Industry) Mr .Variey laid 0 ut ^ ^ ome “*»» * dependent year. This plant has 

industry thrusting forward into his policy in' the House of °? V hat 8011 of sas Bering Je™ proposed by Esso Chemical 
an era- of unmatched expansion ^Commons 'as foBdws: pipehne network is finally builL «r a site at Mossmorraa, hi 

fuelled " tiy ; --the' '"‘unexpected- .m,* , iwmt Bnt ^ needs of th© petro- Fife, and would use ethane-from 

resources, of on and gas feed- thP wL^SSSZJ^St chemicals industry-'’ are a the SheU/Esso Brent Field. The 
stocks from the North Sea. issue- The .economics f250m project has still not 

tf the mnntro «« D + „ ^ f n7,t •“* a system rest almost received final planning perms*- 

fulYbraefi^to^ tw^ai^^l 11 SUS*n?lSE^«-fn ) entirely on whether it can be sion from the Scottish Office, 

to S in terms 'of the natural which has been lobbied hard 

** (methane) that wfll be by local groups, objecting tn 
Swmieks °JnliS^ a - > e secured. The merits of such a the plant on safety grounds. 

K abUll ^_? ^ 5 syste® cannot be judged- by Esso Chemical 4s planning a 

add value to. the basic feed- UK growtoofconsninption and netroehemiMic rtomand 

stocks .by , .transforming them mate * major. ;cOTtril^^ J 

into a wide range -of petro- our - balance- of.“ payments , company that produced has yet to decide _wh ether 
chemicals for. ^ manufacteing ■' ? e L Pipelines report,- Gas .market demand can justify such 

Plastics, synthetic fibres arnTa - 7 t Gathering Pipelines (North a plant which on the current 

host of other oiMncts. ' Thrci'milini " Sea) was fonaed out of a. timing would come on stream 

Th. X|. CHIl U l |t consortium of the 'British Gas in 1982-83. . 

failure of Wesiero econra to ' be the ou^^cotwh ^^ 11 ^BritSi Gajs Gatherin ^ PipeUnes cdn- 


. '® Q t there are other draw- 
backs. Ethane-based ethylene 
plants produce only ethylene 
and are not suitable for pro- 
ducers who also require for 
their markets the co-produets 
such as propylene and buta- 
diene that come from the use 
of heavier feedstocks, especially 
naphtha, the traditional ethy- 
lene feedstock in the UK 

“There are also other dis- 
advantages of using ethane,” 
.says the report, . “particularly 
the dependence of supply on 
gas demand and the uncertain- 
ties of any offshore-based 
system. The economics of ethy- 
lene production from ethane in 
a UK development area, allow- 
ing for capital grants, are how- 
ever, attractive for companies 
requiring to produce ethylene 
only." 



climb quickly of fhe reCes- avail; ability. oTBflMpe and other ptL v , 1oi £? rp ?!^™^ rwSSX 613615 that on ■ the 158515 of dis- 
♦£! „,ci B Petroleum, Imperial Chemical 

Industries, 

Elf -Total. 


sion that followed the Wd- a ssodated heavy; natural gases iSJSSIS’ cnsE10ns petrochemical 

ru p] ing. of : oil jJricesan 1974- An from the North. Her- oil fields. Elf-Tn?aT companies and assuming the 


industry that was ready to gear .We see ethane fts a premium havine sS the^ enmnan^k' remit ' Mossmorran P 18111 ^ built * ^ene 
itself for' another period. o£ -feedstock- Or ethy&ne manufac- 1S nnffirely to.be a requirement; 

rapid' expansion, was faced tore.' which noutfTtiafl to fur- findinS^for n ot beihe' suf- for anotie r new ethylene plant 
instead by faffing growth rates, ther pefrochemlcal expansion.” fln en oy ambitious: But the “ ^ w even bv 19B5 - Even 


serious - -over _ _ 

opacity and wokeaing. prices, tant-b^tc p^octoScal and'an recent study ^ TtiemlSet^S 1W 1 beJieve additional 

These have become the hard ethylene -plant, -'which today its conclusions have Important vo “ imes . ethane coming 
facte of the rimnieal industry’s must cost in excess of £200m, implications' for the develop- asbor £Y ia “e proposed Brent 
market place in western Era-ope ig:af ^the heart df iafe^ern petro- ment of the petrochemicals 3113 systems would be 

and are a formidable barrier to chemicaL complexes. The industry adequate to supply another 

any purely national aspirations 6 thylene plmrt^4?^! y The report rejects the build- p,ant ^ ^ ly 

But it has taken longer for -tngger for the e^afihshment of ^ of a £5bn p^Sie network 1S9(te ‘ 
a sense of proportion to be a wide range'.ygf- downstream t0 gas from scattered flgc « r 5fl 

injected into ther other side of user plantefor thejnanufacture fieIds ^ ^ ere ^ wotdd other . Ud5> gllU 
the equation, namely- the ques- of a wide range ,iof products b e j n tjj e gr 0U nd or 



tion. 


industry. The recent, publication Mr. 

of the lon&awaited ;Gas Gather- time that estiliiat^d'J^Qrth Sea link several fields with 
mg Pipelines Report has gone reserves of ethane; -could pro- existing pipelines from the 

some way to redress the balance, vide feedstock iwr* at least an- Frigg and Brent Fields. Its It is possible,, though expen- 
To see just how dramatically other four ' to" five, ethylene calculations on petrochemical sive, for some of the ethane to 
the picture has changed in less crackers." The. availability of feedstocks ere based on this be replaced by heavier gas 
than two years it is useful to ethane could therefore be the latter conclusion. liquids. If this happened, then 

recall the policies that- were key factor in- th e-. de velopment Ethane is the most important sufficient quantities — 600,000 

being, endorsed as kite as of the British^petrochonicals potential chemical feedstock, tonnes a year — could be made 

November 1976 by Mr Eric industry. • because it has few alternative available for 15 to 20 years for 

Variey, the Industry Secretary. The Government ^has still not uses. a petrochemical development. 


Gas Gathering Pipelines says 
that its discussions with 
potential investors have indi- 
cated that, if there were a 
market, some companies would 
be interested m ethylene pro- 
duction based on gas-gathering 
supplies. But they would 
require a reasonable guarantee 
of a source of supply in suffi- 
cient quantities over a long 
enough period to justify the 
capital investment in down- 
stream plants. 

- GGP calculates that there 
could be as much as 74m tonnes 
of ethane available over the 
years 1976 to 2015, but only 59m 
tonnes is judged to be contained 
in gas that will prove economic 
tQ collect. As a petrochemical 
feedstock, ethane would have 
to compete with naphtha and to 
a small exent gas oil in the mar- 
ket There is no merchant trade 
in ethane, as exists for propane 
and butane, but GGP has 
derived a value of £77 a tonne 
for ethane by relating it to the 
value of ethylene produced from 
naphtha in Northern Europe. 

As far as the other potential 


petrochemical feedstocks are 
concerned, namely propane and 
butane, GGP points out that 
very real alternative uses exist 
for these feedstocks. Both 
could find ready outlets in the 
fuel markets of the UE. and 
Western Europe. Shell, for 
instance, has already committed 
some of its propane and butane 
(liquefied petroleum gases) 
from the Brent Field to the 
North American fuel market. 

Propane recovered from the 
Frigg system would vary in 
amount between 500,000 tonnes 
a year and lm tonnes a year 
from the mid-19S0s to the end 
of the century. Such quantities 
would scarcely be enough to 
support the setting up of a local 
ethylene plant based on propane 
alone, says the report. But 
there could be sufficient 
supplies for a long enough 
period to feed an ethane/ 
propane cracker if it is justified 
fay ethylene demand. The 
volume of butanes that would 
come ashore under the GGP 
'scheme — 50.000 tonnes a year 
until the early 1990s rising to a 
maximum of 400,000 tonnes a 
year in the mid-1990s but falling 
away to 50,000 tonnes a year 
shortly after the year 2000 — 
would not support large-scale 
petrochemicals production, says 
the report. 

If the feedstock position 
is hardly as rosy as Mr. Variey 
painted it less than two years 


ago, the market outlook for 19S5. This compares with the 
basic petrochemicals is far 1975 estimate of 2.8m tonnes 
gloomier. demand by 39S5. 

From 1960 to 1973 the annual The other major strand of the 
growth in ethylene consumption UK’s petrochemicals strategy 
averaged more than 20 per cent bas 156611 to investigate ways of 
for West Europe. Even in the boosting production of the 
UK it rose fav 11 per cent a downstream ethylene products, 
year. Growth from 1973 to 1985 especially plastics, 
in Western Europe was pro- A report was prepared b>’ the 
jected at 9.5 per cent a year consultants. McKinsuy. suggest - 
and it was on this basis that the iog ways of improving the UK’s 
UK industry felt that it could penetration of EEC markets 
go along with the aspiration of based again on major in vest- 
building four new crackers in ment in new plants. But the 
the UK by 1985. Government has recently 

y . . admitted to the petrochemicals 

JNCW pl fln fS sector working party that it 

r believes that the continuing 

Such a growth rate has recession puts back all the cni- 
never materialised. Plants in culations calling for extra 
Europe are presently operating investment in new plants by at 
at only about 70 per cent of least a year, 
capacity. And marketing studies The Government is still 
in 1977 showed that by 19S5 anxious to pursue pr tro- 
th ere could be a need for only chemicals developments with 
about four new plants of 500,000 the utmost vigour, which 
tonnes a year capacity in the explains the serious attention it 
whole of Northern Europe. gives to any new proposals. 

As the graph produced by including Cromarty Petroleum's 
Shell Chemicals -UK shows, latest plans for a petrochemicals 
there is already sufficient complex on its land bordering 
ethylene capacity in the UK to the Cromarty' Firth. This is the 
meet demand until about 1985, site where it appears to have 
even without the Esso Chemical abandoned plans for a refinery- 
cracker at Mossmorran and Its plans might appear over- 
ce rtainl y without any additional ambitious and even outlandish, 
plants. The latest estimates but they are guaranteed serious 
produced for the petrochemicals consideration at a time when 
sector working party suggest a the UK’s overall petrochemicals 
UK demand rising from 1.18m strategy is beset by major 
tonnes in 1977 tD 2m tonnes in uncertainties. 


Letters to the Editor 


A chip on our 
shoulder ’ 


Therefore we- should -assume soon by 


... _ the Government the persuading both Sir Charles 

that low standards are. caused by national heritage of the inland Villiers and Mr. Peter Benton, 
■poor training.-indieatlng that our waterways system may well be the new managing director, of 
educators are t&e, rpain source lost for ever to the detriment telecommunications at the Post 
. of the problem. of alL The Select Committee Office, to appear on programmes 
From Hie Vkona^na- Director . should J . question the on Nationalised Industries— in which dealt critically— though I 

AB Controls and Technology. * description: chartered engineer the 1977-78 session — looked at hope fairly — with the short-. 

Sir,— I trust that you will allow OT professional. does it British Waterways Board. On comings of their respective) 
me to reply, not. only tn Dr. mean? Dfaes It mean that you March 1, 1978 the Committee organisations. 

Mackintosh (Aagust 3), hnt s0sp can pass exammatwhs or does it published its recommendations. So, while the argument .he 
to make several -observations on also embrace ihe - quality of of which the main ones included raises is an extremely important 
the somewhat ‘ contentious thinking processes, which are not the following: one. Mr. Faith cannot be accepted 

National Enterprise Board pro- always related to ibe apaderaic The Government should pub- as standard-bearer for all, TV 
posal to do a bit of- 20th -century league table? licly undertake to finance from coverage of business and' in- 
piracy! . • . : •=• ' - hQ . my , experira£<» iin . the the Exchequer the maintenance dustry. He might, perhaps, have 

Obviously, '-Dn^ Mackintosh^ is engineering ' buOTWSS' v ' -many backlog identified in the earlier been generous enough to give 
absolutely right in .nis_ assertion years of which Jiave been in Fraenkel Report over the next some credit to BBC-1 's majority- 
that we heed, our own integrated managerial pods, the prwuct 12 to 15 years on the scale in- channel coverage of industry, not 
circuit industry andailthat goes presented to was an engineer dicated in the report British only in “ The Risk Business,” but 
with it! This is Trot just the is often ijuedufcated in the tinted Waterways Board should plan with other prime-time produc- 
porat though for having esteb- sense and jacks confidence Tp its maintenance programme on tions like the Tuesday ^ docu- 
1-ished the pera, it- IS a- question dealing wjjni those of lessor this basis; mentarv. “How to be your own 

of how to fulfil it /.:■ - - education /but having more e.^. Any further expenditure on boss." *And while BBC-2's Monev 

* -that many -peopje. perienceir ' maintenance of the waterways in Programme is indeed admirable. 

Sir Keith Joseph, Akennan. j thlrffc that most engineering accordance with the Transport there are many In Industry, trade 
Sir Arnold wemstock to naira -managers would agree with me Act 1968, which cannot be met unions and the Government who 
but a few. have gone an recom tbatyQxe engineer who came up by British Waterways Board WO uld sav that the Horizon on 
as expressing fl ouras as f o . ™ tha^hard way via an apprentice- from its own resources should microprocessors, “Now the chins 
magnitude of investment actually sVTp. HNC, HMD, or obtained a continue to be paid for by grants are down." was the seminal in- 
re t, I ure ^. v ^. k W degree while' gaining practical from the Exchequer. dustrial film of this year, 

that to egtabhsb guch an mdnstiy Experience,. ;is usually -of - Jar The Government should p au j Bonner, 
will cost several femes : tne . nebs ~ 


£50m. 


Vila. - - - 

What has happened to xbg has'^tiso experienced in qnatitly the basis of the submission made }? irhmnnd \i'a"u _ ~vv ; r 4 
Governments pnnclpies? of his academic education. • by the Inland Waterways Asso- * 

cap it in the nuitet- M all.Ots .Unless one wants to remain a ciation. The Government should 

.pip-squeaking-, .^highly ^pur,e ' academic engineer, |t- is - immediately announce its inten- 
ing and levelling ■ qewir" essential to obtain a broad edu- tion to abandon its proposals to 


{more value to' the company, henceforth compile rtatistics re- British Broadcasting Corporation, 
despite, the- deficiencies that- he lating to inland wateiways on Kensington House. 


policies, subscrioe- to . - is cation in engineering- Engineer- merge British Waterways Board NniriTIISlI 

; is, an intensely practical into a National Water Authority. ^ ““**■“*** 


dichotomy 


nothing bnt. a flaiaaht lease Jof.^g 

exploitation .^.nd j^^^ s h tionl discipItne. .demaniing innovation The Secretary of State for the 
k 11 ^p ues are ra an manapement-ahd Environment replied at the end 

chancing. __ " r' .-irf r -i eomnion sense (mostly eomihon of June to the effect that he was 

^?tn^SS ; ihS-?? se) “ ite professional; pat unable to accept any of the From Mr. N. Krasno. 

^ v ... r- ‘-■r, Sefoet Committees recommen- sir. — Your comment (Men 

«dh' Therefore it should be accepted dations. and Matters. August 7) on the 

? “J! by the ihrtitutions conceiped. In the words of the Select imminent demolition of the 

1lrat deterioration of quality Committee. “ the British Water- attractive St. John’s church 


a Ul h»iSeM OI in W our Sow^oS is . caused by their own JbiiUUly ways Board have only been in Reading "clocks ’'the' ways^anrt 

150 desifm * suitable engineering existence for 15 years. During workings of the Church Com- 

prenpnnnl .1?- course for, modern requirements, "that time they have been under missioned in even more mvs- 

!!{l iStiS ^ type^refereHre bodiesaj constimt inquiry and threat of gg °when ^they MJFtodi 

With little T 1 SKI _ 1 acre are many referred to xr* ■ aboliUnn a-nd have, horn rionlml 


lU^nsK. 1 n«re committees., etc., referred to ‘are ' abolition, and have been denied veloo All Saints Ennlsmnre 

js? -i-ss&s® 'Ss&t Tisr 


the green eye m wvy 'owr required, not' talk. Standards Jiiid tutory dirties. Despite this they bi n B 0 haiL rather than sell it 

xcene^looki^ genuinely^at the ^untabffity need improving, have achieved much, thanks to fotoe RSian ^rch to London 

Sex' =M a '. ta c^« 


- tll „ a .- modern situation, not revert to staff at all levels and to the iectives arp naramnnnt- Now 

SureLv there, are many an_ arbitrary ■ solution, such /ns yrork of countless voiuntaiy 5?^^ Poles to 


■n el °mintrv wiM^fx^sunDo^T mi * ln S examinations more- diffi- helpers. It is your Committee’s Reading clamouring to purchase 

^ **&***&*¥ ^uld> ^{32 proto to 


development engineer in 
own country.' 

“ acensation. ..-the last into the future of the d^moltehTt T' citine “far- 

sny. the technology .«* not the produertp Boart for some time. They trust pLtora^to^cftioS" 

that Parliament wiU ■ un- should the sale go ahead. 


Wp arc doing a “leap fcog B mt the raa rkeL 
nneration ! So wfiat; then, is the;4 U p Holism 
observation? Simple! Go west S Vumwfpnrk. 
young man.. acqiHre some tech- Baverfordwest, Dy fed. 
nnlogv at another torapany^s/ .• • 9 _ 

countries expense, and come back 
lo the UK- like. Sir Francis 
Drake ! . . 

After. such a faTake of publi- 

are : ^the .American- 


Third world 
debts 


i-ily, what 

" parent " companies going to do 

about it?. For certain they '. win From Mr. R. Mosseri M mmislI?r 3nn ni!S 

not just ait there and 'give toeir ^ Sir -Wi^ reference tif kfc, ^SmYni. We M *Sh ril 


x^rvedly endorse their find- jf the financial governors of the 
ings, and that the Board will be Church of England cannot even 
,nf on witlj eet tbeir Priorities consistent is 

Of administering a great poten- it any wonder that onr spiritual 
tial transport and amenity asset leaders are having such difficulty 
of the nation. at the Lambeth Conference? 

it seems to us a negation of Nicholas Krasno. 
democracy that an all-party st. Otoe’s Vicarage. 

Select Committee s recommend a- Wftn<ni _ 
tions can.be so decisively re- Woodberr v Doan - 
jected by a Minister and bis 


GENERAL 

. Treasury publishes . Central 
Government financial transactions 
for July, including borrowing Mount charlotte 
requirement Bernard Wardle. 


Today 9 s Events 


Concerts: Glyndebourne Festi\-al 
Onera and London Philharmonic 
Orchestra, conductor Bernard 

Investments; tion of The Magic Flute, Coliseum {JjSj" 1 \ ]bS?H^ L SfL f - n n !? tte ' 

Theatre, WC2, 7^0 pm. 0>ai AIDert HaIU s '''' 1 P-™- 


EXHXBITIONS 


TUC Economic Comittee meets. COMPANY MEETINGS BALLET 

,Mf- Cyrus Vance. UB. Secretary British Tar Products, Cafe Royal, Gala Season, with start of world „ "R?re draivuigs, Tale 

of State, due to leave Egypt and w, 12. Brown and Tawse, Kings- ballet. Royal Festival Hall, SE1, GaJtery. Rlillbank, S\\ l (until 

return to Washmgton. way West, Dundee, 12. Chamber- 7.30 p.m (until August 19). Ai^ust 2S). 

High Court hearing of applica- ‘-in and Phipps. Manor House, . . s . ,r Gilbert Scott centenary exht- 

tion by Britida Airports Authority Northamptonshire, 220. Chubb. 


bJtion, Print Room 


^ G al leric s 

to provent’ airlines 'selling' cheap Abercorn" Room*:. EC. 12. Undon ^ irCUS ^ ic ‘“ ria ,. an ? A^ri^ Museum] 

sLidT/ J^ts af^ - -rl Liverpool Trust, 19. Hanover Gardens ‘ EC ^ ™ 00 t0 “ P ' 11 ' South Ken^ngton. SW7 (until 

_. .... , _ Square, W, 2.30. Premier Con- Caroline Bazalgette (soprano). September 10). 

Singapore National Day. cnlidated Oil Fields. 110. Old Richard Stuart (baritone' and „ -Josiah Wedgwood exhibition. 

COMPANY REStfLTS Broad Street. EC. 12. Wolves Victoria Locock (ptoo), St. Obve. Scieiw Museum. South Kensing- 

Final dividends: HalUte Hold- hampton Steam Laundry. 150, Hart Street. EC3. 1.05 p.m. ion. SW7 (until September M). 

rags: Hume Holdings. Interim Sweetman Street, Wolverhampton, Robert Crowley (organ) and SPORT 

fiyidends: Aut* and Wiborg; 11 - 30 - Melnnle Goddard (contralto). SL '’rrBensonandHedgestouma- 

•\Hl&ton Viyella; General Aci- OPERA Bride. Fleet S'-eei. EC4. 1.15 pjn. ment, Fulford. Show jumping: 

debt Fire and Life; Glynwed: English National Opera produc- Henry Wood Promenade Dublin meeting. 


“Bloody Marvellous 

we 


you get ;m oj?|MtrlHiiity w 

Says I^ndosi Hampbries of Bkesiao Gwent. 


aceorri-beeansewl; SuOm ;lWtlk • jBterTs announcemehr on S who have See wito 



S.O.S. etc., WiU have some $ort of tries.- Egypt is mentioned among reconmendations 
“five year plan, so It was a the, braSdaries wlth £19m. ' JX^eap 

■ May we draw a ” B ” t rn“- Inland Waterways Association, 
.fact that there are snli.A.mun- Tom Wobb, — 


Women seeking 
management 


distinct possibility anyway. 
Allen Bennett. 

Orpre ove Crescent, 
Sheffield . .- ; .- 


From the Honorary Secretary 


Jer- of- UK Ship and Boat Builders National Association 0 } Heme Ecqrumists 


Educating 


' blocked.accounts in Egypt WhWi federation 
L 1»W. remained frozen rad uapro-. jDhn williams, 

durave for the last-- Association of PJeasure Craft 
.It would clearly be to eveiy- operators, 

^^yslnterest that HM^shouW c/oBoating Industry House, 
now ..acquire these - flocked vale Road. 
accounte to meet part of its grant Qnt la nds 
aid .roramitments. thus .finally Wey bridge 


engineeTS 

From Mr. R. Head torn. .. t 

Sir. — If Mr. Gainsborough resolving .this matter wWcb has Smrev 
(August 4) means, that to ini- been in abeyance far.-too- - lonj-. 
prove status and standards of already. -and put these funds to — 


engineers, they: will have to pas& productive use without affecting 
stlffer examinations for qualifi- the balance of payments. , 
ion,' then 'he doesn't appre-. r. y. Mosseri. 


cation. _ . , . . . __ _ 

date the real proWem. If, how- The British Communities 
ever, he lutends to encourage Association 01 Egypt- 
the broadening r of. engineers^ so$ t M ountjoy Bouse, 
education arid experience by Barbican. 1 ECS. 
redesigning the.. training-. pro- j-_. .- - 

grammes, then he - could expect ‘ 


TV coverage 
of industry 


Sir,— Although it is true that 
women are not storming vacant 
managerial positions there is a 
growing number which sees man- 
agement as a goal. To these, 
possibly- the biggest barrier is 
still the climate of opinion — not 
all employers share William 
Bree’s view (August 4, page 17) 
that women managers can bene 
fit both employer and society. 

His defence of British Insti- 
tute of Management's attitude to 
women, in management is -borne 
out by the fact .that , this pro- 
fessional organisation, in which 
over 95 per cent of its qualified 
members and the entire council 


gram meal Uicu wuimm .. •« y -* ■; 

an upswing in the quality of the TUa inland 
profession, - s ,. ' liix«**s** 

Too often our thjn)nng, m , . . . 

education is. based on the-. con- : : W3tCrW Ej S 
cent that .high . examination . .. . --- 

achievement -equates with : prbr From the Chairmm. iruana 
This is not -Wafermips Associative : 


fessional expertise. . , .. --- 

true. It^ is- the education cowrie ffce Direcfor Genenxf stnpma snbjecte 
■Itself thvt dictates the quality of -Boost Bidldera iVflftow y - * industry. . 

thinking . of. its students. . :The Federotfon and , the Cjwfewwto .1. would, however, 
examinations* merely detennlne. Axroeiation.o/ PleamireQraSt 

the level dF. absorption. rind quite QpCTOtoys-Y ■ , •. * .. • ~ . . — .t- — 

often tho qrPtdty of "the, memory." &iri— Ilf action is nottaken BurinsK ” series did succeed in 307, Uxbridge Road, Acton, W3- 


Frora tiut Head of Science 
. anil Features, BBC TV 

reluctance of^mor bSiSe" §(™M. We'mMldw'S^T^ 

x sss n 

desti ^ y Js now recog- woS. an d a C oSd^bie S- 

^ 0 to 0D thp p °vragcmem for those Of OUT 
TV .airtime allotted to the members who either have 

of business and a pm eved managerial status or 

nnint rur* are wishing. to pursue their 

that Michael Biakstad^and bis n 

team -on' BBC-I*s "The Risk 'Miss) Joy Houghton, 


life in mdustm) Wales has never been a soil touch.lt breeds men. 
hke Lyndon Humphries who can take it as it comes, the rough 
with the smooth - and spit out the gritty bits. How this special 
eharaoer can help British industry is a matter of record ..... 

V FOR MORE THAN 4© YEARS THERE WAS NEVER A 
MAJOR INDUSTRIAL DISPUTE AT THE EBBW VALE 
STEELWORKS! 

Lyndon Humphries and his fell ows are proud of this record. 
Although the irony of finding themselves out of work, as die steel 
industry shrinks, does nor escape them. They are typical of the 
_ total force of experienced workers with different skills, resolutely 
resident in Blaenau Gwent. 

~ Whar an opportunity for new industries to re-locate to 
this well favoured region - with one of the best 
workforces in Europe wailing to welcome them. 

Blaenau Gwent is the nearest special development area to 
• London and the Midlands. In addition to its skilled, stable 
workforce - sues and even fully serviced factories arc 
immediately available. 

FINANCIAL INDUCEMENTS ARE GENEROUS - 
- For a numafaauring industry, advance (ad wigs can be rent 
free for up w live years, a 22% gram is available for new plant, 

macbineiy and buildings. For service industries, free 

accommodation is available for up to seven years, plus a grant of 
£X ^00 for each job sealed plus a further granr for employees 
moving with their jobs into the area. Concessionary loans can be 
- negotiated towards the balance of the cost ofa project This 
amounts to the best financial package available to industrialists in. 
Great Britain. 

.So this is the opportunity that is waiting for new industrial 
development in Blaenau Gwent -a perfect loemon for work - 
dose w the M4 ana M5 motorways. A perfect place to live - 
surrounded by some or the finest unspoilt countryside in Britain, 
on the edge ofanational park. Send the coupon below to 
Roger Lead beter, Chief Executive of Blaenau Gwent, who will be 
pleased to contact yon and discuss y our special arrangtnn^nrc 


LjnUm Hmatiirin icniH file it more xifeh fmsra that he 
cm3 hix malt \ rcMthiJ uue of the best veurk records in 
European indutiii. 1 Jfa rcare about 2.000 of them - from 
the Ekhto Yale SU rl 11 wks available note lo nakfa } oh in 
the sperialdiifiopiurul area of Blaenau CiloL 


r 


BIAFmU GWENT 

cqjportunity looking 
fin* Industry- 


m 


Roger JLeadbeter, Chief Expend ve. Borough of 
Blaenau Gwent, Municipal Offices, Civic Centn 
Ebbw Vak, Gwrot- NP3 fiXB Teh Ebbw Vale 303401 
3 am inteieued in moving to Bbenau Gwent. 

Mama Position 


! 

Contour/-. 

. / 

1 

Address 

/A 


L-. m / 


J 


"r;S r- 









Automotive Products up 17.8% at halfway 


TAXABLE PROFIT or Automotive 
Produets, vehicle components and 
specialist hydraulic equipment 
manufacturer, rose 17.8 per cent 
from Ifi.3m to 17.41m in the first 
hair to June 23, 1978 . and the 
directors say they continue to 
expect a satisfactory year's 
trading- 


DIVIDENDS ANNOUNQED 

Date Corre- Total 


First-half turnover * increased 
12.S per cent from £79.6lm to 
£H9.76m. Direct exports expanded 
from I17m to 121.5m. Net profit 
went ahead from £3.02m to £3jdm 
after tax up from £3 -27 m to 
£3.S6m. 


Net interim dividend is raised 
from O.tiBp to 0.75p per 25p share, 
;id justed for the onc-for-two scrip 
issue announced in April. Last 
year's total was equal to 1.361 953p 
and was paid on a record pre-tax 
profit ol £l3.8tn. 


Current of sponding for 
payment payment Jiv. year 

Automated Prods. ' o.75 SepL 29 0.66* — 

Aquis Secs. lot 0.23 Oct. 4 023 — 

Wnu Cook 1.09 Oct 9 1 2.09 

Cowan de Grool 1.59 _ 1,17 ' 221 

Davies and Metcalfe 0 25 On. 6 0.22 — 

Group Investors LIS Oct.. 2 . 1.05 1.9 

William Jackson ......... 5.41 Oct. 2 4.84 5.41 

Mercantile Inv. inL 0.35 Sept 28 0-35 — 

Qwen and Robinson ' 10 Oct. 10 16 

Benjamin Priest 4.08f Oct 3 3.3 5.34 

Rentokil InL 0.72 Nov. 20 0.63 — 

Shires Inv. Co inL 3 SepL 29 3 — 

Bernard Suniey 2.69 Oct. 3 2.29 -L35 * 

Dividends shown pence per share net except where otherwise 
•Equivalent after allowing for scrip issue, t On 

increased by rights and/or acquisition Issues. 


On. 6 
Oct. 2 
Oct. 2 
SepL 28 
Oct. 

Oct 3 
Nov. 20 
Sept 29 
Oct. 3 


Total 

last 

year 

1.36* 

0.67 

1.55 

1.72 

0.69 

1.7 

4.84 

1125 

16 

4.39 

1.61 

8.46 

3-95 

stated. 

capital 


to £93J34m compared with £78.74m 
in the previous year. 

Earnings are shown at 30.9p 
(37.6p) per 50p share, and the 
dividend is stepped up from 
4.842p to 5.407p. The company has 
“close" status. 


53 weeks 
1977-78 
£ - 


Turnover — 

Profit before rax ... 

Taxation .... 

ffer nruDt - 

AtinbauWo 


93.338-10 7S.7t.8~ 

I.5J5J3S I J09.673 


B. Priest 


Directors say that while 
domestic original equipment 
demand has remained firm and in 
the export sphere both original 
equipment and replacement parts 
order intake has achieved planned 
levels, there has been some soft- 
ness in the UK replacement parts 
demand pattern, as wholesalers 
reduced abnormally high inven- 
tories. AH evidence now points to 
liiis overstocking having been 
corrected. 


£13.6011 but the measly yield of 2i 
per cent, on the shares at Sip, is 
likelv to bold the shares back. 


Rentokil 
over £5m 


On June 30 the company 
acquired 75 per cent of the capital 
of each of two related French 
companies. Societe des Usines A. 
Moriniere. an automobile com- 
ponent manufacturer with a plant 
situated near Orleans, and ERSA. 
an automotive parts distributor 
uith premises at Courbevoie in 
Paris. 


midterm 


These new acquisitions will offer 
an extension to the AP range of 
products, a manufacturing base in 
France for original equipment and 
a developed parts distributing and 
warehousing organisation through 
which AP can take advantage of 
the full aftermarket potential 
afforded by its growing French 
original equipment business. 


c comment 


Automotive Products* pre-tax 
profits are 18 per cent higher and 
though this growth rate is some- 
what slower than that notched up - 
over the previous two years, the 
gToup is clearly not suffering like 
some other UK component manu- 
facturers. For them, the problam 
has been tractors but AP is not 
exposed in this area and its 
important clutch and brake 
business f AP controls around half 
the UK brake market and around 
85 per cent of the UK clutch 
market) has continued to do well. 
UN car production rose by 3.1 per 
cent in the first half of rbis year 
which has helped AP's original 
equipment sales (just over a third 
or the total 1 and exports are 26 
per cent higher. Meanwhile, the 
replacement market seems to have 
recovered from temporary dealer 
overstocking. Overall, the group 
reckons that in volume terms sales 
were around o per cent higher. In 
the current year the group should 
be on' target for £16m (against 


ANNOUNCING TAXABLE profits 
ahead by 25.9 per cent from 
£4.01 m to £5.05 m for the first six 
mouths of 1978. the directors of 
Rentokil Group say that the 
group's business is progressing as 
planned and they expect a surplus 
in excess of £10m for the full year, 
compared with a record £fL53m 
In 1077. 

Half-year group sales rose by 
14.7 per cent to £28.68 and 
comprised, UK home £14.61m 
(£12.A6m), abroad £Q.53tn (£0.38mj 
and overseas £13.53ra (£1 1.97m). 

Pre-tax profits were split as to: 
UK. £3 ,26m (£2 .47 ml and overseas, 
£L79m (£l.54m) and subject to 
UK tax of £1.69m (£U28m) and 
overseas tax of £0.77m f£0.68m>. 

The directors say they, hope to 
take advantage of the recent 
change in dividend controls, 
which under certain conditions 
now allows dividends to be 
Increased by more than 10 per 
cent, and accordingly an interim 
payment of 0.72p (0.63p) net is 
to be paid — last year's final was 
0.981 p. 

An extraordinary credit of 
£286.000 (£35.000 debit), comprises 
a net exchange surplus (deficit) 
arising on the translation into 
sterling of net assets overseas and 
liabilities denominated in foreign 
currencies. Retained profits for 
the n»riod increased from £1.42m 
to £2. 19m. 

The group acts as a specialist 
in timber preservation, pest 
control, damp proofing, thermal 
insulation and industrial hygiene. 


services where further efficiency 
has been achieved. The more 
important pest control and hygiene 
operations continue to grow in 
expanding markets while the out- 
look for hygiene, where customers 
seem prepared to pay high prices, 
looks particularly good. Overseas, 
where last year the two most 
important markets — Australasia 
and Europe — levelled off. the 
picture is brighter this time. On 
constant exchange rates taxable 
profits would have been 20 per 
cent ahead — apart from Sweden 
and the U.S., all markets per- 
formed welt With its recent 
Mighty National Exterminators 
acquisition, Rentokil will be look- 
ing particularly to the U.S. for 
growth. The company, however, 
may find more established com- 
petition than it has encountered 
in the UK, Full year profits of say 
£l0.5m would represent a 23 per 
cent increase and give plenty of 
scope for a generous dividend 
increase. At H9p, however, the 
shares look fully valued on a. pro- 
spective p/e of 13 yielding 3.S9 per 
cent (based on an increase of 10 
per cent). 


turns in 
£1.3m 


PROFIT before tax of Benjamin 
Priest and Sons (Holdings) at a 
record £L3m for the year ended 
March 31, 1978, compares with 
the January forecast of not less 
than £l-2m and with- the JELm 
achieved in 1976-77. 


The year's profit includes a 
£70,472 contribution for- six weeks 
from R. and A. G. Crossland 
The directors say the current 
year has begun satisfactorily In 
the majority of areas and the 
group can look forward to its 
125th year in business with 
confidence. 



Financial Tiines Wednesday ’Augast 9) 

Suniey leaps ahe 
to top £2.6m 


Sir. David Jesse I, chairman of Bernard Suniey Investment 

Trust 


Cowan de Groot comes to 


W. Jackson 
downtrend 


slows 


THE DECLINING trend experi- 
enced by William Jackson and Son 
in the first half has. to some 
extent, been arrested. 


Earnings per 25p share are 
given at lS.44p against 25.49p. 
A net Goal dividend of 4.075209p 
makes a total of 5fi40824p com- 
pared with 4'fiS5466p previously. 

The net total is equal to' Sp 
gross (6.66991p) and the. 20 per 
cent increase is as approved by 
the Treasury in connection with 
January rights issue and the 
Crossland acquisition. 

Turnover increased 48 per cent 
to £13.89m, reflecting in part the 
introduction of more factored 
items to augment the range of 
manufactured products. 

S3 weeks Year 
1877-78 1976-77 

I. £ 

Turnover 13.fiM.8S3 9,386.515 

RnrfS before tax LX&SM ZJMSjn 

Tit 241.710 '40JK 

Net profit 1.05A.7M LM3.ES3 

00 goodwill 404,623 139.311 

Attributable 655.171 904.373 

Dividends 323,699 1S0.9IR 

Retained 331,472 723.456 

■ Credit. 


a halt in second half 


• comment 

Rentokil’s strong UK profits 
growth has been maintained in 
the first half after last year’s 
impressive 38 per cent leap. All 
main UK divisions shared in the 
improvement, including building 


For the 53 weeks ended May 6. 
1978, profit before tax has fallen 
by £364,314 to £1.55m. At tbe 
half way stage the decline was 
£300.000, attributed to reduced 
margins in manufacturing and 
retailing: and in September a 
national strike resulted in 
serious losses affecting all 
sections. 


The group carries on business 
as bread bakers, confectioners and 
meat processors, operates dis- 
count stores and food markets 
and owns public houses and off- 
licences. 

Turnover for the period came 


ED 19 has been applied to 
deferred tax, and net assets at 
94.3 p per share are also on the 
basis of EDI9 and after revalua- 
tion of properties. 

Directors say the group has 
never been stronger in financial 
terms, in the spread of manu- 
facturing interests and in human 
skills. However, the economic 
outlook points to limited expan- 
sion in real terms and it is diffi- 
cult to predict the pattern of 
trading. 

Interests of the group include 
the making of fasteners and press- 
ings, design and making of 
mechanical handling and storage 
equipment 


A VIRTUALLY static second half 
year by Cowan de Groot with pre- 
tax profits at £l.07m against 
£ 1.09m, has left the group's total 
at £L92, for the year ended April 
SO, 1978, compared with £L81m. 

Turnover showed an increase 
from £27 .46m to £32.1 7m . id in 
the first quarter of the current 
year is ahead of the same 1977 
period. 

It is proposed to increase share- 
holders’ income by way of a prefer- 
ence scrip issue. This is to be on 
tbe basis of one new 10.5 per cent 
preference share for every ten 
ordinary held. The coupon is 
subject to the approval of holders 
j!!-i the Inland Revenue. 

In the context of the June 1977 
rights issue and with ‘Ire- 
consent tbe ordinary dividend is 
being stepped up from 1.723p to 
2.308p, with a net final of l-588p. 
On a gross basis this represents 
an increase of 32 per cent, as 
forecast . 

The group profit for 1977/78 was 
struck after a payment of £46,333 
on retirement to a director of the 
company and to two directors of 
subsidiaries. The comparable 
figure included an extra four 
months profit of £67,000 from a 
subsidiary. 

After tax of £1,001 ( £77.54 1 
credit) -earnings per lOp share 
were 15.9p against 17.3 p. No pro- 
vision for deferred tax has been 
made in view of the stock relief 
available: if full provision had 
been made earnings per share 
would have been I0.7p (6-Sp). 


tribution to group profits from .53 
per cent to 5S per cent; the Eire 
company, which accounts for 
more than a tenth of group 
profits, disappointed slightly be- 
cause of teething troubles and 
opening expenses at tbe new 
Waterford branch. For the cur- 
rent year there should be a good 
recovery on the toys side but, for 
the group as a whole, the con- 
tinuing pressure on margins is a 
worrying factor. The shares, at 
7Sp, are on a p/e of 4.6 while the. 
preference scrip effectively in- 
creases tbe current yield from 48 
per cent to 7 per cent 


REFLECTING LOWER interest 
chaises and a Xl-2m improvement 
in trading. Income, revenue aur* 
- phis before tax of Bernard Suniey 
Investment Trust rose 
from £523,000 to *2-64rom the 
year, ended March 31, 1978. 

Also, a revaluation of the 
group's UK investment properties 
together with a valuation of Euro- 
pean investment properties and 
other overseas assete show an 
overall net surplus of £11.6ra lift- 
ing net asset value from. 2S8p to 
355p per share. 

Calculated on the netsurphis 
of £4964)00 against £lJ»m, Jews 
previously, earnings per share 
are ■shown as 3.ip (S.0*p deficit). 
The final dividend is 2.608wp 
making a maximum permitted 

4£5p. compared with S.94S82p. 

Rents receivable in 1977-78 rose 
£717;000 to £*L22m and should 
increase by £900.000 in the current 
year, the directors say. 

Year . 

1977-78 1976-77 
£M0 SOM 

Rem .receivable —— — • f-28S 

Rents -payable — - IJJIjJ tag 

Net rants . 49J7 

Prop- and admin expenses 1,237 TqB 

Net roerta Incama 5.BO MB 

Trading profits ... 4-311 3,153 

Contract bntMlna — <-S8S- 3.M7 
Hotntas loss ~ 438 80 

Zsofat .* I™ 6R* . IK 

Jamaica loss - WJ' U® 

Property dcabtiK profit... 703 » 

Sundries 45 51 

Net -Interest costs 5.531 L334 

Share of associate* - — _ lw — 

a?" .* *" - — IS JS 

STSSST.. <2 -u.7 

Extraordinary item* , ... 

Properties salo loss ...... M* -«.<g 

Serai, surplus! ... WM 

Net deficit- — ... 31 ■ 1S.BX1 

From -capital reserve — SU — 

Interim dividend paid 20 80 

Final dividend proposed 431 367 

Fo r wa r d 3,444 MB 

• LOSS, t Profit, t At March St 1875, 
over cost of properties sold durfns year. 

In conjunction with the pro- 
perty revaluation, an estimate 
has been prepared of the addi- 
tional net rental income which 
should accrue in future from 
office properties in the UK aris- 
ing from rent reviews and lease 
renewals, assuming that such 
properties are retained in the 


portfolio and. If necessary, I 
Immediately, the directors 
. Increases have'been cikai® 
on the basis of estimated ofiS 
rental values 'current" " « 
March 31. 1S7S and protijgwi&f 
been made, where necessary, fo*-: 
increases In rents payaW* 


Total ■ rents receivable . jw" 
rents payable from UK office 
properties, in 1977*78. was £345^ 
and on the above basis shcajM 
increase by £S456m to Jftftm- 
over the next four, years. : '. >- 
The directors ■ explidh ’ the 
£436.000 Io» on ' the bou 'aha 
developments of Suniey Sonus 
■ should not recur; as a rtstilt dr 
the agreement with Wans Botfc 
Homes. The loss on ; the, Rtik 
away Bay HoteL Jamaica tB'abo 
non-recurring, following the dale, 
in October last year. v 
' The associate- companies 
which the group : has. & minority 
share last year bought a tare* 
portfolio : of commercial - end 
residential property ..and. .also 
Maple House. Tottenham Court 
Road. Good profits are- expected 
from these in the current. year, 
following various sales, including 
Maple House— now international 
House. ■ - 

Since tbe year-end, £20m. of 
short-term bank loans has. bear 
repaid, with . the . result - that' 
borrowings are iiow l better 
matched and the Interest’ cost 
and the exposure to currency 
fluctuations have been -reduced 
On August 1 tbe E18m of 8 per 
cent debenture stock with Eagle 
Star Insurance was repaid for 
£IL2m. being the current market 
value and Eagle Star subscribed 
for a new £IRm debenture stock 
repayable 1996-99 at 13.7 percent 
being the present . market rate 
for long term money. • 

This has increased share- 
holders’ reserves'.', by £fc8ni 
(equivalent to 42 p per share) In 
the current year. As a result of 
these transactions there has been 
a significant improvement la the 

borrowing ratio, tbe directors 
state. 

See Lex 


ISSUE NEWS 


Wm Took Yearlings down to 9f% 

■V TLA AAimnn vetn nn fViin urAftPr mint slim An Alimidf i 1QB5 


more than 


doubled 


» comment 

Cowan, de C root's profit growth 
of 18 per cent in the first six 
months has been slashed as a 
result of difficult second half 
trading. The picture might have 
been a little better had a dock 
strike in Southampton not delayed 
a large consignment of toys for 
which firm orders had been 
placed. But margins were difficult 
throughout the group, and full 
year profits are only six per cent 
higher. The mam let-down was 
in- the toy division (21 per cent of 
sales) where retailers' de-stocking 
policies— which hit all toy com- 
panies — reduced profits by 14 per 
cent However, there was good 
support from the important elec- 
trical and hardware wholesaling 
division which increased Its con- 


FOLLOWING AN advance from 
£131,226 to £182439 at halfway, 
profits before tax of William Cook 
and Sons (Sheffield), steel 
founder, more than doubled to a 
record £545,722 for the year to 
March 31. 1978. compared with 
£243,540. Sales were up £0.6?m at 
£3. 63 m. 

However, the directors warn 
that it would be most unwise to 
assume tbat this progress can be 
maintained in an atmosphere of 
worsening unemployment and in- 
creasing overall costs. 

After-tax,! attributable profits 
increased from £114,012 to 
£257,901 and earnings per 20p 
share are shown at 10.32p (4.56p). 

The dividend total is stepped 
up to 2.095S8P (Loop) net, with 
a final of 1.09 536p — the directors 
say that had regulations per- 
mitted, a Lap final would haye 
been paid. A one-for-two scrip 
issue is also proposed, and the 
authorised capital is to be in- 
creased from £750.000 to £ tm . 

The order book remained satis- 
factory until the end of April, but 
despite every effort sales have 
now taken a downward trend, 
they say. 

Nevertheless, 1977-78 results 
show the effect of full time opera- 
tion of all the new equipment] 
installed over the past years, the] 
directors add. I 


.The coupon rate on this week’s 
batch of local authority yearling 
bonds has dropped from per 
cent to 9g per cent. Issued at par, 
they are due on August 15, 1979. - 
. The issues are : Rother District 
Council (£0.5m). City of Wakefield 
Metropolitan District Council 
(£0.5m), Dudley Metropolitan 
Borough Council (£0.5m), Oldham 
Metropolitan Borough Council 
(fim), Leicestershire County 
Council (£lm>, Borough of Pendle 
(£025m), London Borough of 
Hounslow < £0.5m ) , London 

Borough of Wandsworth '£0.5m). 
West- Yorkshire Metropolitan 
County Council (£0.73m), Black- 
pool Borough Council (£0-5m), 
Cleettiorpes Borough Council 
(£0.5m). Borough of Cynon Valley 
(£0.5m), Shrewsbury and Atcham 
Borough Council (£0.5m), Brighton 
Borough Council (£lm*. City of 
Glasgow (£0.50) ), Strathclyde 
Regional Council (£0.5m), Ayles- 
bury Vale District Council (£015m). 
Borough Council of Gateshead 
(£0.5m). Lothian Regional Council 
(£025m), Dumfermline District 
Council (£0.5m), and Suffolk 
Coastal District Council (£0.amV 

Two-year bonds are being issued 
at par by Ogwr District Council 
(£025m). at a rate of 10J per cent 
due on August 6. 1980. 

South Cambridgeshire District 
Council is raising £0.5m by way 
of variable rate bonds at £89| per 


cent due on August 4, 1982 white 
Luton Borough Council is issnrnq 
gim variable rate -bonds , at SB&\ 
per cent due on August 3, 1988. 


BRIDGEND 

PROCESSES 


The 340,601 ordinary' shares 
of Bridgend Processes Tiot takeft 
up In the recent rights Issue have 
been sold at 7Sp and the regi& 
trars confirm that &£lp per riiare 
will be paid to quali&ng share- 
holders on August :1L 


LCP — 92.6% 


The directors of -LCP Holdings 
announce that acceptances have 
been received in respect of 
approximately 92.8 . per cent oi 
the 6.Q90J196 new ordinary shares 
of 25p each offered by way of 
rights to ordinary shareholders at 
72p per share. 

The new ordinary shares not 
already taken up have, been sold 
at a net premium over tbe issue 
price. Net proceeds of some 
19.6p per share will be distributed 
among the holders to. whom . such 
shares were provisionally allotted 
— no payment will be made for 
amounts less than. £L 


Fully paid allotment letters are 
renounoeable up to September L 


Much of BTRs growth in 
recent years lias come from the sale 
ar home and abroad of specialist 
hoses of all types. 

Our factories worldwide ■ 
manufacture industrial hoses for 
many different critical applications. 

We supply thousands of other 
products to the engineering, 
transportation, energy and mining 
industries worldwide. Vital 
components for cars, trains and 
planes. Hoses of all types. Heavy- 
duty conveyor belting. Oil platform 
steel-work assemblies. Rubber, 
plastic and engineering components. 

We re confident we've got the 
right mix to carry on growing. Sales 
to key industries and worldwide 
manufacture and distribution. 
Above all, an operating philosophy 
that actively encourages growth. 



Keyser/Sebag plan for 


offshore funds 


Fixed Deposits 
with Lombard 


BY ADRIENNE GLEESON 


.'Offshore subsidiaries of 
merchant bankers Keyser Ullmann 
and stockbrokers Joseph Sebag 
are getting together in an attempt 
to merge some of their funds. 

Shareholders in three of the 
Keyser Ullmann Jersey-based 
feeder funds — Keyselex Interna- 
tional. Keyselex Europe, and 
Keyselex Japan — have received 
documents proposing a merger of 
the -two former with Joseph 
Se bag’s Jersey- based feeder fund, 
Jersey External Trust and 'a sub- 
sequent offer by the latter fund 
for Keyselex Japan. Shareholders 
in. Jersey External have also been 
circularised. 

At tbe moment Jersey External 
(assets of some £3m) acts as a 
sterling feeder fund for the dollar 
denominated Capital International 
Trust (assets of some $2?m). 
Keyselex International, Keyselex 
Europe, and Keyselex Japan 
(assets of some £2m in all) act 
as sterling feeder funds to, res- 
pectively. the Swiss franc 
denominated Fonalex Internationa] 
(assets of some 313m), tbe Swiss 
franc denominated Fonsetex 
Europe (assets of some SI. 77m), 
and the dollar denominated Japan 
Growth Fund (assets of some 
3L2m). 

It the proposals just ’ put to 
shareholders are accepted, Fon- 
setex Europe will be wound up. 
and the cash thus realised will 
be Invested in Capital Inter- 


national Fund. Japan Growth 
Fund will be merged Into Capital 
International Fund. And tbe 
shareholders of Jersey External 
(existing shareholders,, plus those 
shareholders of tbe existing Key- 
selex Funds who have accepted 
by commission or omission) will 
end up with a stake in two widely 
spread International funds, tbe 
do liar-denominated Capital Inter- 
national. and the Swiss franc- 
denominated Fonselex. 


If you have £5,000 or more to invest fora fixed 
period of 3 months or longer, telephone our. 
Treaspry Department on 01-623 4111 or . 
01-623 6744 for up-to-the-minute competitive 
interest rates. Interest is paid without • 
deduction of tax at source. 


Behind the proposals, lies the 
recognition that the Keyselex 
funds- — particularly Keyselex 
Europe and Keyselex Japan, which 
bas suffered heavy redemptions — 
are too small to make economic 
sense. The managers want eco- 
nomies of scale; and they say 
that with shareholders in Jersey- 
based funds canying some man- 
agement costs (like trustee fees) 
direct, the small size of the funds 
worked to their disadvantage, too. 
Full acceptance of the proposals 
would increase the size of Jersey 
External by approximately 38 per 
cent 


Lombard 

North Central 


Limited. 

Bankers 


Treasury Dept, 31 Lombard St. London EC3V 9BD. Telex: 884935. 


Implementation of the proposals 
is subject to the consent of share- 
holders in Keyselex .International 
(meeting August 30). and Key- 
selex Europe (meeting September 
15), and acceptance of tbe offer 
from Jersey External by tbe share- 
holders In Keyselex Japan (last 
day for acceptance, September 5). 



George Blair 

& Co., Limited 

(Engineering end Steel founding) 


ANNUAL RESULTS 
Year to end March is 


Aquis Belgian loss 


£77? j]c.u'6L-<ifL-£iuri hose in action with the fire brigade 




i 


BTR stands for growth 


BTR Limited; Silvertown House, Vincent Square, LoodonSWlPlPL. 


A loss-making situation at its 
Belgian subsidiary left profits 
before tax of Aquis Securities 
dpwn from £139,911 to £89,499 for 
the first half of 1978. Total income 
was lower at £968,385 against 
£1.774,282. 

Available profits dropped from 
£82.220 to £15,212. Basic earnings 
are 0-0Sp (033p) per 5p share and 
fully diluted. 0.l6p (0.34p). The 
interim dividend is maintained as 
, 0223p net— last year's final was 
0.44?149p from £419,000 taxable 
profit. 

. The directors state that 
although rental income from UK 
Investment properties continued 
to- increase, the group’s inability 
to let some vacant space, in the 
Lex building, Brussels, caused the 
Belgian subsidiary to turn in a 
loss. 

As this loss cannot be offset 


against the group's liability to tax 
in the UK, the directors say the 
accounts contain what might 
appear to be an unusually large 
provision for corporation tax for 
the period. 

They point out in their forecast 
tbat London hotels would 
encounter a more seasonal pattern 
of trade this year has proved 
accurate, and the Clarendon Court 
Hotel, was badly affected by the 
slow start to 1978. However, the 
current trend is now much more 
favourable. 


Turnover 

Prof it before taxation 
Prof it after taxation 
Earnings pershare 
Dividends per share— gross 
—net 


1978 

£000 

10,165. 

956 

477 

26.8p 

l&Op 

10.0p 


1977 

£000 

7,231 

882 

436 

24.9p 

3.4p 

2.2p 


Points from the statement by the 
' Chairman, Mr. tan Btair 
Record year for the group. Profits exceed 
forecast made at time of going public. 

Exports now account for 28% of group 
salesi-v 


No development property hag 
been sold during the period, but 


two new industrial buildings 
currently available wfi] generate 
profits when let and sold In the 
investment market 
Two investment properties were 
sold and the profit resulting of 
£224^30 has been transferred to 
capital reserve. 


Continued new product ■ development is 
providing strong base for futu re growth. 


The Company’s shares are traded on The Over-tha-Coanter 
Market. Detaits^f this market together with copies of the 
full Report and Accounts can be obtained from, the 
Secretary. George Blair & Co.; Limited, Newcastle Alloy 
Steelworks, Forth, Newcastle-upon-Tyne N£1 3RB. 

„ . . Telephone: 0632670711. ' 


l&Oi 


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r AifelBt9‘l373 

sees further rise 


15 



problems 


^ c ^' i>uzw ^ ^ 4 f£2^80); consumer ricctronics 

BOARD MEETINGS *g£“ l*w “* lK = » 1M 

^^SSS^SSf^SSSs'^S. '^"gg * «* Wf «nd ten. were 

to continue . Birf ia naw . ' Sncb meetings are usually capital commitments contracted 

S’ ««”«** ^ the pom of cOTswgri^for of j».4Sm (£8^8m} and a 

o?' t 5. UIT ®?, 1 , ■ - dJrjdenris. Official ipdlcaies are mi further film ffli05mi au 

Sfa- John Clark, chairman, tells' areltaMe whether (UrSentls cuncenrea are but irn.™n^!*»w jV 

m^U&ers that -vigoi^Kss 1 action ; Js * mcr,:n5 or finjJs #»• o» “Miviaons it is . 

SEJ? “■“ ,f 0,1 ** S^SS^^SSSSi 

*»Tjw» wa depr^_ resnlts, ■ f*ertra-*ult lS*5»of«. J. Bibtw. 

especially in the fiat 'ML from camagtaa VhreB* Martin Port. General ^ “““ 

Own <m, howester, he expects. Mew, a ^- .” l g . 


overafi performance and profit? 


Bernard Wardte, 

Fin a h — -Bam Brother*. 


Group _ 'borrowings, . JnqhuHng 

.. j;. ■ *- _y r . - • : 4 thi m» — m am kihiikii . Hall l ie . Borne loan capital, amfm ntwt to 

%ZZ^Tn£TSZ %° u isss 

J SL&a3^g »jgA SSVM'S 

Ando-la tenaUo nal Inrert. Trust Aug. io vohrme, the chairman says. 

ever .nnriertafcen by lie group is rSfctoosh anarn^T-ZlI" Sa'S 01 ^* 8 ?i?Sent 

^ 10 “very satfefactpry”T?tip..of-L51 


Ktie prod action of the electronic 'swnjcy (A. k>':T 
TXE4 telephone exchange and w** 1 *^. ... 
purring ahead with major switch- A3 S?^g fltol 
ing developments for System X. caUctom -TT™' 


abs. u at the year end. 

A source and application 


maw of a source and application of 

— ■ Sept, i funds statement Shows a decrease 
*- • Au*. n in short term deposits, hank 
— • Ang - 18 balances and cash of -£8.49m 
(£6-39m) and ah increase-in short 
currency changes and- the excep- tenn borrowings 7 £lS.6Un 
• - actueve tlonai Josses "by. ‘'Garrard, the (£lL66m). At the year end short 

term - - -• 


This concerns the conversion of MeMjrMffls 
the British . network: to atl-elec- 
tronic digital operation. Which wiH 
take about 10 
effectively. 


...w- 4 t':» v .hi: group would have achieved a pre- term deposits stood at £U. 61 m 

tar profit growth of about 30 pw C£16^5tn). bank balances, at £5m 
2*®““ ^ “aSSS.* 1 ^- oejiL ■'■■■'■ -T-J- (£8.75*0) while short term borrow- 

* la- tbd event profit of £42.9m amounted .' to- £48.47*0 

°^L?°gL fPr ^ represents an increase of SJ per W32.S7m). " - . 

Plessey PDX exceeds fSm. cent after providing for Josses of during the year goodwill 


of 


^ points out that two years ago £5jj m by Garrard, including a bad i30"-4ni has. been written off to 
the groups UK: Lteteponmonma? debt of-JM50,000 and ra tionalisa- reserves .pardafly ' o"— — 

tioos busmess suffered further tionand zedxmdancy^stb of about deferred tax of £17.77ni. 


major reduction far -orders for £750,000. ,v _ ,. Research and development 

telephone exch^ge equipment. A CCA adjusted profit before expenditure in 1977-78 totalled 
This caused substantiai problrais tax is 'given at £2Bb6m - (£23.Sm) £7K5im split as to £2L57m com- 
and because .the cuts affected after ' depreciation .adjustment pany funded and £3&SS3m custo- 
future orders the . consequences £io.7m - (£8-lm)". cost! of sales nier funded (££2.5Sm split as to 
have inevitably earned mto the adjustment «ffhi *£5.5m) less the fl5.0Bm and £415m). 
current year. ' gearing jfactor £4m 0PJhn>. Emohnnents <rf The: highest paid 

In electronic, systems, Plessey’s . a revised analysis of 1 sales and directors amounted to £100482 
fastest growing, sector. Sir John operating profits, ■ after, charging (£90,361). Included in total emohJ- 
says -that. .. Plessey .. Electronic rationalisation - and- -redundancy meats is £10,000 payment to a 
Systems is one of -the strongest costs Shows . (fOOO'.B omitted): former director as compensation 
contenders in. the world- for future public systems £174,580. (£185^00) for tiie premature ending of his 
military busktess. which' over the and £1 6,264 (£1 6^)B8 ) ; priva te tele- service agreement and a special 
next decade can be. assessed in commrmj cations -. systems, date contribution of £149,796 to a corn- 
hundreds of millions- of pounds, data and control -£67,060 (£58,8001 pany pension scheme 'In respect 
Looking at the grdup overall he and £7.811 (£7,256); -electronic of his early retirement 
forecasts a hew era of sales and systems and equipment £158.700 Under' the beading of political 

profit opportunity. - (£126,400) and; .£12*440 (£11,001); contributions the group gave 

As regards 1977/78 the chair- hydraulics aerospace dad-engineer- £25,000 . to British United 
man reports that the' group had a lug' £81,500 (£7ffW))M»d £5.303 Industrialists, 
good -p«formance ; . across r the (£3402); electronic. V' components Meeting, m»hh«tA Tower, SW, 
group generally and, excluding £107,709 (£108,000)--. :aud £4,531 September 1 at noon. 

Retail side leay^ Morgan 

Edwai^s with loss 

■ - • • *. * ’ • 

AFTER FALLING '-from a £23,512 to discount retaUhig’^uiplemented by AvomnOes of £131450 of new 
profit to a £116,058 Toss at midway, in .August, 1977.'.- Ah exception capltaL ; 

the taxable deficit at Morgan was the smaU loss contributed by The balance sheet shows net 

Edwards, wholesale and retail Si ddall Bros.' wbieh -has been tangible assets reduced from 

grocer, ended the April V 1978 disposed of,- as .at - Angust 7, to £l.Z6m to £044m during the year, 
year at £492,000 compared with a Warriner and Masotr (Holdings) . Fixed assets are shown- al £1.41m 
£29,000 profit previously. .-' . : 'Then -disposal:' 1 ie'^dfamated to (£L67m), current assets at £2.38m 

After omitting .the interim produce a £250,000: .*caah release (£2. 42m) and current liabilities at 
payment, the conqiahy is passing in the next two : months. This £3.36m (£2.96m), including £0.51m 
its final dividend. Previously a. excludes /the - duposat\bf Siddalls (£0.57m) owed to bankers. 

LSSp net total was paid. freehold warehouse KSf Stoke-on- Meeting, Shrewsbury, September 

The directors detail moves to ' Trent, which: baa a.' bpok value of 25 at noon 
sell certain parts of the groups £91,000. 

interests and properties, and these S^ddaU last year had a turnover 
discontinued • operations 1 contri- of £3fflm and produced A-loss of 
buted a £230.000 loss against a £36,009. •&-> V 

£156.000 deficit fix _the last .year. , Mr. Urapt saw- ttot. on^their 
Of the total turnover of £23. 41m appointment^ the. -:apw f £ Board 
(£25. 06m) lh$-. . .discontinued common mi: reorgaj 

operations’ share 4 ?JKas "'awn group's' business. 

(£S.i 9m). included the 


Confidence at 

Wilkinson 

Match 


The £262,000 loss for continuing able .activities 
operations is after charging surplus 
£140.000 of non-recurring items: disposals shoul; 
There was a tax credit of £34,000. the end of 
(£1,000).. The £361,000 extra ordi- expected- 
nary loss- (£7.000 profit) includes year -the 
£158,000 loss incurred from. April position 
2 until closure by discontinued for 
operations, provisions fair losses acquisi 


on the disposal of fixed assets of, 
£57,000 and goodwill written-off: do 
totalling £146,000. . ; 

The acting chairman, Mr. M. A. 
Grant— one of four new directors 
on the Board following the April 
acquisition of a 29.5 per cent' me 


ot.the 
jfand"\ this: 
of-.unptefit- • 

the sale\of The recent U5. acquisition of 
Most of me True Temper by WUkinaon Match 
completed oy was going “ nicely to plan ** and 
jer- and it -is would add further momentum to 
by the end of- the, the group’s result. Mr. Denys 
will be. in a-,Randolph, the Wilkinson chair - 
pursue opportunities man, told shareholders at 
growth : j«id yesterday’s annual meeting. 

Be said that shareholders’ 


TenySretail stores have been confidence in “ agreeing with the 
at balance date .the. Board’s recommendation to buy 
accounts - -show under ■: Drue Temper will be fully 
t assets a £569,000 item - justified " Despite difficult condi- 
ibed as assets held for tions world-wide, the Wilkinson 
'5*1 . This includes SiddaD, group continued to make steady 
fixed' assets of the closed progress and True Temper would 


interest In the company hy detail stores and : other surplus add further momentum to growth. 
Avonmiles — says the reported -lossf properties. :■ r- . “This will be particularly marked 

stems entirely from, the retafi Mr. Grant says Morgan Edwards- in the second half of the year 
stores and may be attributed -Jh -will benefit significantly from the. because of the increasingly 
part to the change, tn trading -cash realisation of these assets, seasonal aspect of the business," 
policy from conventional retailing as well as -from -the subscription he said. 



on 



Investment gains 
to capital reserve 
£4,000 compared 


Macdonald 

Martin 

A revaluation of the distilleries 


Hambro Trust 


AFTER the hefty increase; 'from- consideraMe recovery In the'httjw £207,000. 

£286,000 to £507,000 v faj the first part -Of the year. .(-•>- transferred 

half, profits before tax of George- Shared In- the group, engtoeera amounted to 
Blair and . -Company,-;:imnroved-'Md^feeifdunder, are traded.Jp by. with £11,000. 
from £882.000 to £956,000 ia the M. J. Nightingale. - Earnings, per 25p share before 

year ended April 1, 1978. Turn over -■ - . Investment gains and extra- 

rose from £7J23m to :£l047m. ' -v .-ordinary items are shown at 

In their interim refmri.-.itoe.j.^f^i^YlTV : A88 p (543p) and after at 8-75p 

dirert ora. expert ed that the second. 'Vf-U¥r.' 4.'.. (7-73p); The final dividend s 

six months’ profit .would be' . T«»TAn4ftwn ••• l^p nrt for a 2.02P (L62p) total, 

slightly less than the first ~half : InVfiNtOrS The company has “ close " status 

producinE a fuD year prdfit^of • ~ and its principal asset is a 15 per 

£fl5 vr° < !^' in ^ Z iTCnmStRnCeS - a In^Ss r^ en from £359^^ *“* stflke “ Hambr0S Ltd ‘ 

°!K Sb’mir SW^JSUfcSSW’ 

earamgs per share are shown at ^5,^72,816 previously, net awdf 
owni^red with_ _A9p. able revenue came out ahead 
The directors say that new pro* fmm : nnsM tn PI 17 701. 
duct, developmejtt ^tinues to. Kp share ^ 

receive iugh prfprrtj^ jbiown at ^07^ compared with. 

steel wheel. product Is now ready- 177 _ ^ a final dhndend of l.Up- ■. . , . . , . , . 

for launching and. is - currently net takes the total from L7p:to^ -'and other freehold and leasehold 
undergoing sampling trials. - rod pi tt -550* value per share is properties of Macdonald Martin 
A slackening of, demand - has Sgwn at-SSp W j ph has_produced a surplus 

occurred -. for some* --products^.,- : - • 

Nevertheless, tiie ^oup has been 
working hard to overcome these 
difficulties. " ' ■ .■ 

New markets are being explored' 
vigorously and as a resist of fta . 9nV9T|CPC 
efforts of the 'sates xtaff^. order 

loading is now satisfactory. For. the year to 

The board is confident,- thejner available, revenue - of Samh®. assist the administration and 
fore, that the group -win show.a Trust .advanced from £168,090 to future pla nn i n g of the company. 

NPI and Vanbrugh go ‘open market’ 

TWO MORE life companies, .'-manager and actuary, of NPI Since the contributions are fixed 
National provident Institution and welcomed, this concession which as a percentage of salary the 
Vanbrugh Ufe Assurance have would be^a great benefit to thd employer is not co mmitti ng him- 
announeed thauthej Intend- to take self ■employed. _ •• . , self to an unknown future liability 

advantage of the 1978 Finanee Act • Meanwhile Scottish Equitable regarding costs. The ultimate 
and introduce an M open market ” Ufe Assurance Society announces - benefits ' depends solely oh the 
option on their self^mployed a new pension plan designed to investment performance of Scot* 
pension contracts. • - - enable employers and employee*, tfeh Eauitable. 

This option wm allow the to top up the benefits Prided 
Invertor when he retires to take by the State 
the cash equivalent of hit pension and/oy the company penrton-plan. 

SSSrt SSwSi with -ft is railed The Money ?«**** 

anothw life coxnpany. Thus at Flan 'and- ia extremel y simple. in 
the time of retirement the operation. _ ^ . ■ 

invertor can shop around in order The contributions paw ihe , tota} ^0^ of £8502,878 
to get the best avaHable pension, emplwer and employee are in^ BeaInst £2 t 958,7S2 i available net 
NPI, a leader in this field, reckons vcsted lOO pct cent revenue of Mercantile Investment 

that many selfemployed could lying-fund which “ ' “ff ‘ ^ That advanced from £L078445 to 
boost their pensions by as much mtercst. on a dw £1,320,145 for the half year to 

aslO per cent by shopping around, interest has ^"° ““HRPsJ! July 31 - 1978 - 
AltUough it is not likely to be guaranteed part ata. re wjjjwr Revenue was struck after man 


Of £1,450^43, Mr. D. W. A, Mac- 
donald, the chairman, tells mem- 
bers in his annual statement 

' The directors intend that the 
□ext accounts for the company 
will be made up for nine months 
to December 31, 1978. believing 
For. the year to June 30, 197& that the -change, will materially 


Mercantile 

Investment 


Altuougn « »s not uraiy 10 uo — -- Revenue was sin«» w«r ujjuj- 

made compulsory, it is ejrpected cent lower than ^ ptdmshred agement expenses of £139.446 
that most life companies will Add, yield on. the ccw> pany’s _main life debenture, and other 

the option « least In. respect 1 of . fund for^. the interest, £1,015453 (£1,071451) 

new contra rts. . - . . t . . together with a bonus rate (^rad- ^ tax of £728.034 (£622^19). 

Both NPI and Vanbrugh have ing on investment periot man re. . net interim dividend is kept 
announced - that the option, will • At pension age the sraimuiated. at oa5p per |5p ahare-the pre- 
apply not only to taw contracts yalue can be taken wa tex free vloos year’s final -was 0.9p from 
but to existing policies. - But much cash stnn up to the £ 2 . 40 m net revenue, 

will deoend on the details of^te or'ehw taken in pension form. -la Net asset value, assuming con- 
evmuiuOnland Revenue require^ addition ver*** of convertible debenture 

ments Until these have been made sum death benefit if th^emjdoyee stock and after deducting prior 



Bassett entersTV 
games war 

The latest emnpany to move into The Department of Trade has 
the fast; growing television games not yet completed its inquiries 
industry is . Geo. Bassett, the before giving its consent 36 
confectionery manufacturer and required under the Insurance 
distributor, which hag picked up a Companies Act 1974 for Hall's 
73 per cent stake in Adam Imports ownership of the World Marine 
for an initial:' cash .consideration and General Insurance Company 
of £Jm. . a Wholly owned subsidiary of 

The deal comes just over three Leslie and Godwin. This formality 
weeks after John Waddington » expected to be completed in 
announced that It had acquired about two weeks, 
another TV . games, -company, So for the moment Wall is not 

Videomast ^r, at a cast of around declaring the offers unconditional. 
£700,009; and the date of the offer is now 

On top of the'initial considers- extended to August 21. 
lion of fgm-Bdssett has agreed to 
pay a further 60p for every pound . __ „ 
of pretax profit, above £500,000, .pVifft 
earned Jby Adam In the year lOTF. . Allll UliCl 
In the nine months to December __ pp 

31, .1977 Adam earned pre-tax SS1YS OllCr 
profits ofj£«5JI60. Net rarets vuw 

attributable to Bassetts' 75 per ic OPtlPTAIIC 
cent, bolding -'.are said to. 'be - ^dlCIlyUa 

u Z Vd SW? ^ foJw. rkh f ( S6$p Saiusfthe 

original 70p_, L as 


LESLIE & GODWIN 

TAKEOVER 

PROGRESSES 


(S6$p against the 

sssk ffaK ass." wt sesterday 

under, the brand name of Grand- £ May had urged shareholders 
Thin io 10 araept the earlier offer which 

Bassetf*h an ha believed fair and reasonable 

iSK* SMS'* XtaZ.'S. 1 '' ' Ipllins 

Hales^lhe ^porte^ of 1 111 13X8(2 part Frith's “ variable 

££ t ^r f0r th? < SplS le SS5 

the pattern ’’ has continued into the 

» A •? S WUS ten R f?r 

the comparable period. Hence an 
r- exit p/e of 7.9 on historic after- 
tax earnings seemed reasonable to 
; him and his advisers. 

" Additionally, the original offer, 
he. -believed, fully reflected Frrth’s 
^ net assets, including the £148,000 

Frank B. Hal!, the U.S. insur- surplus on revaluation of the 
ance broker which made a con- property if the £50,000 capital 
troversial £25m bid for Lloyd’s gains tax liability and closure 
broker Leslie and Godwin, has costs were taken into account, 
received approval for its bid from The increased offer, according 
two important bodies: the Office of to Mr. May, now represents an 
Fair Trading and the Rank of exit p/e of 9.7, and a premium 
England. Only the Department of -over net tangible assets at 
Trade's consent Is now awaited.- February 28 (excluding - the 
Meanwhile, Hall yesterday property revaluation) of 3-5 per 
announced that Leslie and Godwin cent 

shareholders, representing SB.47 Mr. May. again urges share* 
per cent of the ordinary capital- holders to accept the new offer 
(or lG,95j.a58 shares) had accepted- and warns them that it is un- 
its offer, as had preference share likely to go unconditional unless 
holders; representing 90.85 per Foils receives acceptances from 
cent of that class (or 181,700 over 90 pier cent, at which point 
preference shares). - it can compulsorily acquire the 

The Office of Fair Trading has remainder, 
confirmed that it will not refer To date. Foils, which owned 37.6 
any of the offers to the Secretary -per cent of the shares already, has 
of State for Frices and Consumer won acceptance from 43.6 per cent 
Protection, and necessary consents plus the 2 per cent now promised 
have been received from the Bank^by -Corinthian Holdings following 
of England: the increase in the offer. 

Over half Tridant holders 
to reject chairman’s bid 

NEARLY 60 per cent of share- .planning tangle which is still de- 
holders m Tridant Group Prinljere. laying detailed planning permis- 
whlch is the subject of "a G3p a sion. Once that were given, on 
share bid from its chairman Mr. the other hand, and the develop- 
Remo Dipre, have announced their eftm t completed, tl>e scheme 
intention to reject the offer. could be worth £7.5m. __ 
ft a document sent to share That sequence of events, bow- 
holders yesterday, Mr. A. M. ever;.-. Is likely to take several 
Carey, the deputy chairman- calls years, 'The valuers,. Bouser Pen- 
the offffer “ opportunistic-” niqgtdns, -think a development 
He and the other independent could take four years in building 
directors believe that the. u motiva- and in any case iW Board has 
tion behind Starwesfs (Mr. Dipr'e's already decided to. retain the 
private investment company) printing works for at least five 
offers is the hope or expectation years. 

that it can realise a great profit, Finally.'the independent direc- 
g* y° nr expense, out of the tors question the" benefits to 
Kingston site and the group s Tndant’s -'employees if Mr. Dipre 

0n ™ re ^, res - .... takes over -the company, because 

M r, Ca rey is a director of Chlrit of his statement that he would 
Investment Company described as ukc to see It alter direction away 
“owned in the main by froiu ■ being predominantly 
descendants of the founders of printer and publisher. 

Shaw and Sons " the original pub 


CSO raises gems 30% 
and ends surcharges 


BY KENNETH MARSTON, MINING EDITOR 


A B1GGEST-EVER diamond price " 
increase of 30 per cent is 
announced by the Central Selling 
Organisation which markets some 
85 per cent of the world's rough 
diamond production on behalf of 
De Been and other producers. At 
the same time, the CSO is to end 
its recent policy of putting sur- 
charges on the prices. 

The latest increase will take 
[-effect from the next sight (or sale, 
of whieh there are 10 a year) on 
August 21 and will apply to rough 
gem diamonds. It will vary 
according to quality and size, but 
the effect win be an overall rise 
in prices of 30 per rent. 

It follows an increase in 
December last year of 17 per cent 
— the biggest for some 30 years — 
and a previous rise of 15 per cent 
in March 1977. On top of the 
basic prices, the CSO imposed a 
surcharge of as much as 40 per 
cent at the sight on March 28 this 
year. The surcharge was subse- 
quently cut to 25 per rent in May, 
15 per cent in June and 10 per 
cent last month. 

Imposition of the surcharges 
was made in order to combat over- 
speculation in uncut diamonds 
earlier this year when dealers, 
hedging against currency and 
other uncertainties, were holding 
on to gem stocks instead of pass- 


cso increases in 

GEM PRICES 

per cent. 

August, 1978 30 

December, 1977 17 

March, 1377 ...*• 13 . 

September, 1976 .«•»— 5.75 

January, 1976 ... 3 

Jan Liar", 3975 L55 

August, 1973 10-2 

May, 1973 *10 

March, 1973 7 

February. 1973 II 

September, 1972 6 

November. 1971 5 

* Certain categories of larger 
gems only. 


ing them along the processing 
and marketing 

The resultant shortage brought 
premiums of anything up to 100 
per cent and more fn the market 
which were out of all proportion 
to the prices paid for mine pro- 
duction. The CSO surcharges, 
coupled with some credit-squeez- 
ing have brought the market 
under control again, restoring a 
reasonable relationship -between 
the market price of rough dia- 
monds and the price of polished 
diamonds at retail level. 

Diamonds are priced in U.S. 


dollars and the major factor in 
the latest CSO price increases has 
been the sharp fall in the value o£ 
that currency: since the last CSO 
price increase eight mouths 350 
the dollar has fallen by 21 per 
cent against the yen, 2it per cent 
against the Swiss franc and 
around 8 per cent against the 
Deutschm.irk, French and Belgian 
francs. 

At tho same time, however, 
demand for diamonds has 
remained strong. Last year the 
total vnjfae ol sales handled by 
the CSO advanced 33 per cent to 
n record $2.0 7bn and in the first 
half of this year they climbed 
further to SlU2bn. 

The market now awaits with 
interest xhe next sichr on August 
21 to sre how well the latest price 
increase in accepted, particularly 
in regard to anticipatory buying 
far the U.S. Christmas trade which 
account for about 40 per cent nf 
diamond sales there: total U.S. 
sales account for 50 per cent of 
all gem purchases. 

Also eagerly awaited aro the 
1973 half-year prniiis and interim 
dividend of De Beers which are 
due to be published on Aii-ust 23. 
Following the latest gem price 
increase nows the deferred shnivs- 
rose 22p to a lt'TS high of 424p 
in Lccndon yesterday: they have 
come up from 2S5p this your 


Good July tin production 


GENERALLY HIGHER tin 
concentrate output figures for 
July are announced by the Far 
Eastern mines in the Malaysia 
Mining Corporation Group. Tronob 
again comes out well with an 
output for last month of 214 
tonnes which brings the total for 
the past seven months of the 
current financial year to 1,434 
tonnes against 1,253 tonnes in the 
same period of 1977. 

Sungei Besi is fulfilling antici- 
pations of increased production 
this year with a total of 649 
tonnes for the past four months 
compared with 606 tonnes at this 
time a year ago. The chairman 
has warned that reserves at the 
important Hong Fatt section are 
only sufficient to allow production 
at the present rate to continue 
until the end ol the current year 
but operations are to be resumed 
at the No. 3/5 open-cast in 'the 
third-quarter. The mine's ultimate 
life should run to about 1982. 

Southern Kinta's four-month 
total is brought to 556 tonnes 
against 5S9 tonnes while despite 
a further improvement last month 
Berjunlal's three-month output 
lags at 1.140 tonnes against U257 
tonnes; the company announces 
that its No. 7 dredge was shut 
down from July 13 to 28 for major 
repairs. 


Tbe group's latest production 
figures are compared below. 


Aokm 

July June May 
tonnes tonnes tonnes 
lift 107 HI 

Ayer Hiram 

157 

ISH 

3=9 

Bcrt&dii . 

419 

SSI 

SW 

KannmriDB 

33 

37 

S3 

Kramal ...... 

=8 

M 

S3 

Knab Kanmor ... 

17 

IG 

23 

Lower Pcrat 

24 

22 

31 

Malayan 

2 72 

528 

K7 

SUtn. fvlnta Cons. 

1 C 

121 

151 

SUm. Malayan 

178 

163 

133 

Srmcei Beal 

193 

181 

147 

TotiRRaJl Rrbr. . 

43 

42 

2 » 

Tronoh Mines ... 

314 

177 

330 

In the July 

tin 

concentrate 


Mining and Smelling, a member 
of the Auglo American Curpora* 
tiiin Group, reports h.-ilf-ycar 
o.-rr nines of C$1. 32m (XU02.000) 
after extraordinary items. 

This compares with C$1 .54m a 
ypar ago. Revenue in the latest 
period was affected by the lower 
\10lumo of gns taken by the com- 
pany's major gas purchaser in 
Western Canada. Gas production 
rmd revenue are expected to im- 
prove later in the current quarter. 

Hudbay’s 55 per cent-owned 
Francana Oil and Gas had con- 
solidated net earnings in the first 
lhalf of C$4.72ra compared with 
055.1 1m in the same period of 
Jast year. The company's Indo- 
nesian production has declined 
rrom tiie peak achieved in the 
first hall of 1977 but it still aver- 
aged 71.000 barrels a day in the 
Pont six months, well above ex- 
pected levels. 

MINING BRIEFS 

PETALIMG TIM— July mu put of tin 138 
tonnes Ijlini 133.3 loimcsi 

SAINT PI RAN— Hroducti>m of tin i-trn- 
<wntr.ii rs for Julv Unued Kiiwd.im 

Canadian MerrilL the off atii! ireaw nsm. ten wnnes iro per 

eras wminani/ which Is fit q lui-uiv June 311 tonnes, 

gas company wmen is tu.a pex Maliiysw as tonnes Uune -6 tonncsi; 
cent owned by Hudson Ba<y nuuiaw! 105 tonnes ijnrn* w mnnt»<. 


outputs announced by the Gopeng 
group, that of Gopeng itself shows 
a recovery from the previous 
months when there was flooding 
at one section of the open-pit 
mine. Production for the past 10 
months to 1,394 tonnes against 
1,530} tonnes. 

July .tun** Mav 
tonnes conthis Lornici 

Gopcnn J46t 125] jraf 

Tanking 2S* . UH H 

rdrls 1M Mi 18 

Peasfcdrn ..... — ffl W 9} 


HUDBAY GROUP 
OIL AND GAS 


Tishing firm squired by Tridant. 
Chtrit has around 23 per cent of 
Tri dart’s shares. The hulk of the 
other opposing votes also come 
from related family 


E. J. RILEY 
DIVERSIFIES 

E. T. Riley Holdings 


has 


rrom related tamiiy groups in- . 

eluding Knpp, Drewett and Sons. actfuired And or Arts, a private 


the company's printers. 

The central argument the oppo 


company operating china and 
glass, retail shops on the ?<out>> 
coast. The move is a significant 


sition case is marshalling relates h i vp riffi i-it+Ji f n r w i 1 nV” 
to future profit prospects Mr. d U e !? ifl ? ati ^ 1 - J or 1U ®J' whose 


Carey claims, unlike Mr. Dipre. 
that the benefits of the three-year 


principal activities are the manu- 
facture - and maintenance of 


£lRm investment programme are s ?°° ker , equipment, the operation 
_» — j- *--- — - - v of snooker dubs, and the produc- 


al ready being felt. 


intentions. 

Mr. Gordon 


Baytey, grtu^al henefit provision, x . 


He also attributes recent past ^°P household furniture- 
depressed profits to that pro- Andor Arts, formed in 1965. has 
gramme, particularly last year premises -In Southampton, Wm- 
when some £900,000 was spent Chester, and Bos com be. Its -profit 
For this reason he claims that before tax for the year to April 
Mr. . Dipre’s offer is being made 30 - 1977 . was £44,174, and for the 
early in Tridanfs recovery which I® months to February 28 this 
has already started. year was £4%926. 

The question of tho vain of Tlie consideration is a mixture 
the Kingston property develop- of rash and ordinary shares, 
raent site is also an important under a formula based upon 
factor. The directors have had Andor's pre-tax profits for the 
tbe property valued at its exist- years ending July 31, 1979 and 
ing use valne and on that bas>< it 19®- . 

is said to be worth £L8m against Minimum consideration is 
a book value of £266.000 £130.000., The maximum payment 

As a potential development possible -under the formula is 
site it is almost certainly worth £120,000 plus the allotment of 
less, not least because of tbe 480,000 Riley ordinary shares. 

Chaddesley share price 
reaches 44p on relisting 

BY JOHN BRENNAN, PROPERTY CORRESPONDENT 

Chaddesley Investments, now premises will be used by MFI as 
under the wing of Mr. Stuart an additional, retail branch. 
Lipton and Mr. Geoffrey "Wilson’s The value -of the assets being 
Greycoat Investments, lived up to acquired, which consist of a free- 
its advance bDMng as the first of bold property as valued by tbe 
tbe new property “go-go " stocks directors MFI, and cash 
yesterday. The shares, suspended balances,- total some £700,000 and 
before the Greycoat approach at this is being paid in upon 
ISp, roared up to 44p on their completion in November, 
relisting: , . . _ 

Greycoat has now completed LONRHO S TILE 
the first stage of its effective IN TALKS ' 
rayerse takeover of Chaddesley as a second round of talks between 
Shareholders have sanctioned the Lonrho and rfv> Tow-nan ion onthn. 

^7^LP rl II^,. p i p ^J y J f ro . up agreement on the compensation to 
for the issue of 2m new Chaddesley be paid for LmAfrtW "Tan- 
StarBand only 5.28 per emit of 
the. group’s holders accepted tbe natkmalkaiL 
purposefully unattractive Ifijp a However Hr f™ Rmutand 
share alternative cash ier 
required by stock exchange rides. Dares s£m SS 
Greycoat and its principals, who negoStJons weSuroScsSand 

sawssm 

mm "* 5 ^af- 5 RAa 

Once the market price has ^ 28 J 1 said that 

settled down, shares will be placed ... OUJri 8 K f 0I ?Pf n J“ “ Question 
to bring this holding down below Nationa^npJ^J^^ State '^ un 
the 63 per cent that would force X *tt^?^i?!£ orporaUm 
the group into ‘’close” company a and acce P taWe pn«»- ' 
stasis. NO PROBES 

MFI NEW BRANCH nr P^S il w ftepr ?? 3txse ^ nergm 

mtw , " _ , , H® ^ being referred to the 

MFI Fund rare Centres has Monopolies ^ Mergers Commhi- 

s^on: jlltcbefi Somers and a Sub- 
stantial minority in F. H. Tomkins; 

^ 5155*®** investment Holdings an«< 

at mnket prices,. at 62.5jp (5L5p). | being discontinued and the Tndant Group Printers. 



STEAD £ SIKPS0H LIMITED 

FOOTWEAR RETAILERS AN5> MOTOR DEALERS 

Record figures for both footwear 
and motor trading 

The following points are from the Report and Accounts: and Statement of the Chairman, 
Mr. Harry E. G. Gee,: for the year to 3Tst March, 1978. 



1377-8 

1976-7 

Turnover £22,513.334 £18.506,008 

Profit before tax 

2,230,214 

im.520 

Profit after tax 

1,060,382 

940,751 

f Extraordinary item 

113,897 

414,051 

Ordinary and ‘A’ Ordinary 
Dividends 

2.132p 

1^3848p* 

Earnings per share 

3.68p 

3.27p 

f Surplus on- safe of properties 
^Adjusted for scrip issue 



jJ; Thepoofitandturnoverforthe Footwear 
Shops were records with increases of 
1 8.6% and 1 5.6% respectively. 

i 

sfc The 'profit and turno ver for the Motor 
- Trade were also records with increases 
of 1 6.3% and 33% respectively. 

$ Du ling the year we opened three new 
branches, re-located two and 
considerably extended another one. Two 
were closed. Plans are currently in hand 
toopen six more. 

The turnover for the first ten weeks of 
the current year has shown an increase 
•of 23% for footwear trading and 27% for 
motor trading. 






Cawdaw 


Industrial 

Limited 


Holdings 


In his Annual Statement the 
Chairman, Mr. G.H. Lowe reported: 

* .A difficult year for Textiles but better prospects for the 
cmrentyear 

* A return to profitabffitybf the Timber &Kitchen 
Furniture R^trfactumgUnits 

Developments in the Weaving & Bedroom Furniture 
Manufacturing Units. 


Summary of Results • 

Tim over 

Profit before taxation 
Profit after taxation 
For each ordinaiy stock unit 
Earnings of 
Dividend of 


3377/78 

£ 

33^796,827 

435,563 

191,021 

4.1p 
• f 2.4579p 
per unit 


1976/77 

£ 

11,715,946 

503,909 

243,472 

52p 
2£01131p 
• per unit 


Copies of the Report and Chairman’s Statement maybe obtained from; 
The Secretary, Cawdaw Industrial Holdings Limited, 

Cawdaw House, Lower Broughton Road, Salford M7 9£X 








10 


INTER NAT i ON A L i I N A N CUL..A N D COM PANV JN E MS 



^Financial Times _ Wednesday < 




NORTH AMERICAN NEWS 


Modest 
gain in 
earnings at 
Tenneco 


National Airlines files 
charges against TXIA 


BY JOHN WYhES 


NEW YORK, August S. 


IC gains 
controlling 
interest 
in Pet 


By David Lascdlw 

NEW YORK, August 8. 

TENNECO. the Texas energy 
group which is in the process of 
acquiring Albright and Wilson. ££^7* 


NATIONAL AIRLINES today would be in no hurry to pursue competition and on the public 

threw off ail its previous the case at the same time as a interest. Examination should 

reticence on the subject of Texas deregulation bill affecting also be made, said National, of 

International Airlines 1 (TXiA) possible airline mergers is mov- TXIA’s plans to raise S25m in 

bid for control, and filed a series Lag through Congress. foreign capital to help finance 

of accusations with the Civil However, in its filing to the its takeover. 

Board and the CAB. National alleges that TXIA Before the SEC, National is 
, r in ocuiuiucs and Exchange committed various breaches oF challen ging the status of Jet 

Commission. the Federal Aviation Act in Capital, TlOA's controlling share- 

crease in earanj^ for trie ^secorm National’s decision to move to building up its current 9-2 per holder. National appears to be 

q uarter of Uus year. Net income ^ offengive follows the CAB’s cent stake in the larger airline, arguing that Jet Capital is an _ 

or cv ShrT announcement that it would try National urged the CAB to defer investment company under the __ irwl v and 

j M to move quickly on TXIA’s appli- TXI.Vs application until the terms of a 1940 Act which could h 

0hnS cation to seek control of violations are rectified. In addi- prevent further acquisition by ^S3 JhH isTr £nt of 

° NationaL An administrative law tion, National has asked that TXIA of National stock. ' 

the same period last - e2X - judge is being appointed to hold before any proceedings get under Allegations of Impropriety are ______ 

Net eanungs for the first six hearings on the application, way, TXIA be required to spell fairly standard in the case of an 

months were $228.4m or S2.24 a while the CAB itself is to discuss out Its plan to gain control oF unsolicited takeover, and it ^ 

share diluted on sales of $-L2bn, issues which it raises on August National “because of the com- remains to be seen how sympa- stock ay toe 

against S-ll.nn or b-.05 a share 17. Until the CAB announcement plete vagueness of TXIA’s state- thetic the CAB and the SEC “^7? 

on sales of $3.7bn previously. a t the end of last week. National meats to date.” prove to be. M any observers lad ustrl^ said toe tenter 

According to Mr. James had pursued a muted- approach National also wants any even- believe that TXIA has almost OBer **»-* suusmiary tor an 

Ketelsen, chairman and chief on the assumption, many tual CAB hearing to focus on certainly closed all legal loop- 

executive officer, five of the observers believe, that the CAB the effects of a merger on airiinp holes in its plan, 
company’s eight major tines of 


CHICAGO, August S. 
IC INDUSTRIES’ protracted 

near-$400m bid to acquire Pet 
Incorporated, the food process- 
ing group, is now virtually 
completed. At one stage Pet 
bitlerly contested the take- 
over but finally agreed to as 
Increasde offer of SS5 a share 
in late June. 

The tender offer officially 
the 
has 


outstanding shares of'Pet has 
been extended until August 21. 
Reuter 


business showed improvements 
in operating income during the 
quarter: integrated oil. natural 
gas pipelines, construction and 
farm equipment, automotive and 
chemicals. A bigger contribu- 


Good season for Deere 


MOLINE. August & 


By Robert Gibbens - 

MONTREAL, August S. 


tion also came from Philadelphia LAST SPRING’S sharp upturn in up in the 10 per cent area from 

Ti r ^ni^^n^KoS 0 ^ P »f J Lh ,hlCh farm commodity prices resulted the previous year’s Sl.Olbn. 

Tenneco absorbed m March. . * . The fiat earnings were 

The implication is that Ten- " * 6 ?“ attributed to sizable foreign cur- GEORGE WESTON, the big 

neco’s shipbuilding division, its ,, ,,77,,. Ia y n „ q .Jf rency translation losses— 20 per Toronto-based supermarket and 

acknowledge weak point, has not ment < Mr. William A: Hewitt, cent 0 f ^gg ^ ou tsid e the U.S. food processing group, had 
performed welL The company’s chairman and chief executive, — Deere’s stepped-up capital operating earnings of C$lL8m in 
other areas of business include told reporters. spending programme and a less the second quarter against 


Profts rise at 

^ *1 j . iufi wpunuuo, wuuse prv 

(jeorse W CStOTl P®sed merger with Marine Mld- 
v,w 6 V land Banks of New York is 


HK and Shanghai sale 

Hongkong and Shanghai Bank- 
ing Corporation, whose pro- 


farming and food. 


Boeing results 
disappoint 


By Our Own Correspondent 
NEW YORK. August 8. 


“ Our field inventories are on favourable product mix. C$4.5m, equal to 95 cents a share 

the low side of normal and in Industrial equipment accounts against 39 cents. These figures ex- 
excellent shape,’’ he said. ** That for about 20 per cent of Deere’s elude special items. Revenues 
bodes well for our 1979 produc- business and that Is increasing, were CS1.19bn against C$1 .08b n. 
tion schedules.” hut profit margins on industrial In the first half, Weston earned 

Mr. Clifford L. Peterson, senior equipment are lower than on C$18.4m or C$1.43 a share against 
vice-president, agreed with farm equipment. C$5.Sm or 48 cents, excluding 

analysts’ estimates that Deere’s In the first half ended April special items. Revenues were 
net income for the fiscal third 30. Deere reported net income CS2.29bn against C$2.09bn. 


currently under scrutiny by 
the New. York State and 
Federal authorities, has sold 
off its Californian unit, Hong- 
kong Bank of California to 
Central Banks Systems for 
around $20m writes David 
LasceHes from New York. The 
sate Is an important step to- 
wards . the merger with Mid- 
land, since It was required 
under Federal banking regu- 
lations which forbid a bank 
holding company to hold banks 
in more than one State. 


quarter ended July 31 was of S136.9m or S2.26 a share, up 

-vjvw VEIHW K ** about the same ” as the $77.lm from S132.2m or S2.20 a year _ " __ ~ , 

BOEING* E company* or S1-2S a share in the compar- earlier. Sales rose to $1.9Ibn JJareom owned by 

able quarter. Sales he said Were from $1.62bn. 

in the current year should show 


to have disappointed some of its 
investors yesterday, despite 
reporting a 37 per cent rise in 


net income during the second BRIEFLY 
quarter. 

The leading U.S. aircraft 
manufacturer has been one of 
the New York Stock Exchange’s 


Sharp gain for Loews 


NEW YORK, August 8. 


a significant increase because of 
better orders, writes Robert 
Gibbens, Operating earnings 
should remain on an upward 
trend. The backlog at March 31 
year-end was a record €$70m. 

■* * * 
Meanwhile Canadian Pacific 
Mohasco Investments (CPI) said that 


Del Monte concern 

Del Monte, the largest U.S. 
fruit and vegetable tanner 
which last week received a 
S456m takeover offer from 
R. J. Reynolds, the diversified 
tobacco company, last night 
expressed concern about the 
“ unsolicited ” bid and said 
management and outside 
counsel had been Instructed 
to Investigate it, writes David 
Las ee lies- If the investiga- 
tion concludes that the offer 
and its terms are unaecept- 


mosT strongly appreciating 
stocks this year, having travelled 

from around S34 in March to SECOND-QUARTER net Income furnishings company _ 

875. There was some buying 0 f the diversified holding com- increased from 47 cents to 52 demand for most products except able, Del Monte said It wonld 
in anticipation of the quarterly T _ ou , c rnmnrarinn iimrvtt cents, and the holding company zinc and gas is expected to take all appropriate action to 

results, which failed, however, j? r ’ , with interests in land, oil and remain strong, “and in the case 1* — • — -- -*«- 

to satisfy the market and the doub,ed rrom 10 communications. 'Charter Com- of zinc indications of a turn- 

company's stock closed at $69i, on sales revenue up from panyt fell from 33 cents to 22 round are growing,’’ Agencies 
down S3i on the day. S 794 .5m to $846.8m. Earnings per cents. report. 

up from 81.37 to Net earnings of the en tertain- CPI said that the strike at 


oppose it The company also 
said that Reynolds’ August 15 
deadline for its offer would be 
impossible to meet 


Some analysts had been pro- gar* raDVed - wulU6a ^ — ^ , -7 • re 

jectmg second quarter earnings S2B4. .. ment group Teleprompter for the Algoma Steel and the outcome Grand UniOD Offer 

of around 82.15 per share, and on Meanwhile lie consumer credlt g . months of the year of labour negotiations at Great Grand Union via Grand Union 
the. surface .the selling of. the SB" advanced from IT cents to 32 Lakes Paper* may significantly SSSb^M^SlSiS. 


stock seemedla rgely cxpjzlted cents ro toP rSSlts^SoS Hgft To 

ESS SEE conce™ Looi S U na oP^Uom. MrtLlytSSSg' *£»5S 


share or |77fim net. The com- Land ^hore Exploration eased CPI said earnings from oil and 

parable figure last year was ^ « m from 23 cents to 21 cents. gas. iron and steel, real estate 

S1.33 a share or S56.4m on sales front $1.04 to S1.48 for the same For ^ third quar ter, net and forest products were higher 


. . — - - I AW* uic II1UU HUIU m, utk 

of 8l.2bn This years quarterly P e " od - nilflrtA . earnings of the utility Peoples in the half, and the only 

sales totalled S1.4bn. Boeings . /° r Gas rose from 83 cents to significant decreases were in 


half year earnings were up 45 insurance holding company, go c '{T' 
per cent to $122.7m or $2.88 a Jefferson Pilot rose from 78 Xeencies. 
share ot» sales of S2.4bn cents to $1.01. the interior ^ 


results 

hotels. 


of metal mining and 


previously proposed 
offer |o acquire all oat standing 
shares of common stock of 
Colonial Stores at $35 per 
share net in cash, reports AP- 
DJ from Elmwood Park. NJ. 



American Express 
International Banking Corporation 

London Branch 


US $35,000,000 

Negotiable Floating Rate London Dollar 


Certificates of Deposit 
Maturity Date : 9 th August, 2983 


Notice is hereby given pursuant to the provisions of the 
above-mentioned Certificates of Deposit that the rate of 
interest (calculated as therein provided) for the first 
Interest Period (as therein defined) from 9th August, 1978 
to 9th February, 1979 is 9,' e per cent per annum. 


NATIONAL WESTMINSTER BANK LIMITED 


9fh August. 1978 


EUROBONDS 

Chase issue off to good start 


BY MARY CAMPBELL 


THE Chase Manhattan D-Mark they were originally issued, 
issue started trading yesterday Terms of the World Bank’s 
much better than most had dared SwFr 250ra 15 year issue for 
to expect: opening at a discount which Swiss Bank Corporation Is 
of approaching two points, it lead manager will include a 
ended the day quoted by the lead coupon of 4£ per cent and an 
manager, WestLB, at 97J-9S, a issue price of 10OJ. This Is less 
discount of 11 points on the bid than was paid by the European 
side. Investment Bank on its recent 

Exactly why this should have issue, which yielded 4.25 per 
been was not clear yesterday, cent, and considerably less than 
although the sentiment in the issues which are covered by the 
D-Mark sector generally was quota restrictions requiring 85 
better. per cent to be placed inside 

The Swedish Statoil is reported Switzerland. The World Bank 
to be planning a DM 150m issue issues are exempted from the 
of at least 10 years maturity. quota. 

In the dollar sector, prices of — — — ■ — — ^ 


Cutler-Hammer 

Eaton Corporation, the trans- 
port equipment group, has con- 
cluded its tender offer for 
Cutler-Hammer, which makes 
.conirol devices after receiving 
about 1.9m Cutler-Hammer 
shares or around 30 per ceut 
of the outstanding stock, re- 
ports AP-DJ from Cleveland. 
Eaton previously purchased 
2Jm shares mainly from Tyco 
Laboratories giving the com- 
pany a total or about 62 per 
..cent of the 4.1m shares out- 
standing. About 21 per cent of 
Cotter-Hammer stock, held by 
Koppers Co, was not tendered 


Corroon and Blade 

Corroon and Black, the Insur- 
ance brokers, said the 
previously announced acquisi- 
tion of Caine Estes Insurance 
Agency of Greenville was com- 
pleted for cash, AP-DJ reports 


straight bonds were again firm 
in two-way business. Sterling 
bonds moved up by about I of a 
point on average. The recent 
weeks' improvement puts a few au 

J 0 "? 8 w ! tbin f stri 5 n « Alcan Australia 8«pr IBS) 97| 
distance of the pnees at which amev «dc 13*7 asi 

Australia 9Jpc 1992 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Qfffcr 


These Deposits having been obtained, this announcement appears as a nutter of record only. 



US $35,000,000 


American Express 
International Banking Corporation 

London Branch 


Negotiable Floating Rate London Dollar 

Certificates of Deposit 


Maturity Date: 9th August, 1983 


American Express Middle East Development Company SA.L. 

Libyan Arab foreign Bank 

National Bank of Abu Dhabi 


European Banking Company 

Limited 


Morgan Stanley International 

Limited 


The National Commercial Bank 

Saudi Arabia 


Salomon Brothers International 

Limited 


fiib August, 197 ^ 


W 

K 

M? 

»S| 

* 1 | 

9*1 

991 

ni: 

WJ 

!"1 


Australian M. £ S. B>[>7 V2 
Barclays Bank SI pc 1992 .. 
Bowater 81 pc 1992 
Can. N. Railway Upc I9S« 
Credit National Sine 1PS6 . 

Denmark S'oc 19SH 

BCS 9 oc 1W 

FCS S*pc 1°S7 

SIR S:pc 1992 

PVH 9?pc 10® 

Erlc^wn S| oc 19S? 9T* 

Vsm) 9pc 19SS Nor 991 

nt. Lake* Paper S!pc 1934 #S» 

flnmcraW Vpc 1992 Wl 

ffrdro Qwboc 9 pc 1992 ... 9BJ 

ICI 81 pc 1397 .. 9fi2 

ISB Canada 9}pc 1988 imi 

Macmillan Bloode! 9or 1992 H| 
MJWj Fcrpusnn 9Jpc '»1 
Michel In 9»pc 1988 ... 

Midland Int. Fin. 8!pc *92 
NaUcni.il Coal Bd. Spc 1937 
Natl, Westminster 9 pc 1938 
Natl. Wsftmnrtr. 9pc *.«9 "B" 
NewfOpudlaod 9pc 19S9 
Nordic lev. Bank type IMS 
Nonscs Knm. Bit 8 *dc 1992 

Norplpe 84 pc T9S9 

Norsk Hydro 34 pc 1992 

OflO 9 DC IW8 

Porrs Aofonomes 9 dc 1991 
Prov. Onetsec Vpc 1995 
Prov. Saifcatchwn, 3Jpc ‘88 
Rncd TnTrmsMonal 9 pc 1987 

RUM 9pc 7992 

Selection Trust Ripe 1BH9 .. 

Shell Inti. Fin. 94pc 1990 .. 

Sir and. Errdrilda 9pc 1991 .. 

SKP 8 pc 19S7 
Sweden 'K'domi 3}pe 1987 
Unlled Rlscutis 9pr 19S9 ... 

Volvo Sue 1987 March 


8SJ 

mn* 

9S4 

Wf 

1011 

lot) 

KW 

•« 

951 

100 

«»S* 

9« 

»7| 

92 
932 
91 
95} 
9F2 
911 

93 
BS! 
941 


981 

Ml 

941, 

inn? 

961 

99* 

96 

97 
991 

too 

935 

97} 

100 

98 
1M 

99 

ion 

97* 

FT 

1«- 

971 

99* 

101* 

97*- 

** 

10? 


- Bid 

Ftnance- for lnrl. lOpc 1989 94* 

Plsons 10} pc 1987 98} 

Gostcioor Ilpc 1988 93? 

INA 10dc 1983 93} 

Howtltree I01PC 1988 91 

Scars lMpc 1933 93} 

Total Oil 9} pc 1994 90} 


Offer 

91? 
89 1 
941 
94? 


M! 

91} 


DM BONDS 

Asian Dev. Bank 5?pc 1938 924 

BNDE 6]pc 1938 gs 

Canada «pc i9*s 97* 

JJeo Nnrskc Ind. Bk.npc VO 977 

Dcmschc Bank 41pc 1983 

ECS 5}pc 1996 

EIR Kpc 1990 

EU Aquitaine 51pr 1938 .. 

Euratora Stue 1987 

Finland ajpc 1936 

FOranarka 51 pc 1990 ..... 

Mexico 6pc 1985 

Norcem 5Joc 1988 

Norway 4!pc 1983 

Norway 41pc 1983 

PK BanJwn 5? pc 1938 

Prov. Quebec Sdc 1990 

Rasraruukkl 5}pc 1988 


102*; Spam 8pc 1988 


101 

»* 

9» 

97 

08 

IM) 

99 

97 

W 

94 

m 

K 

9fi* 

991 

921 

«» 

99} 

95 


9*1 

904 

*! 

93 

931 

93) 

934 

941 

98 

98| 

941 

93* 

961 

BS 

94* 


Trondheim 5}pc 1988 94* 

TVO Power Co. floe 1988.- 94* 

Venezuela 8 pc 1888 

World Bank 51 k 1990 


981 

941 


«i 

96> 

991 

Wf 

871 

91} 

9U 

pr 

98) 

94; 

341 

98* 

99 

97} 

OH 

94* 

964 

94 

954 

95* 

954 

944 

954 


NOTES 

Australia 74 pc 1894 

Bell Canada 74pc 1997 ... 

fii Columbia Hyd. 7)pe *85 
Can Pac. 8}pe 1954 
Dow O-mli si Spc 1986 .. 

ECS 7: pc 1932 

ECS 3!nc 1939 

EEC 71 tK 1932 

EEC 7;pc 19S4 

En» Ctnrclf 95pc 1934 K 

Cotavi-rken “I pc 1882 951 

Kockuras 3 dc 1943 96} 

Mlcftdin S'pc 1933 9S« 

Montreal Urban Sipc 1931 99* 

New Brunswick Spc 1994 ... 

New Brans Prov Sfpc -kj 
N ew Zealand 8|pr IDSfi 
Nordic lav. Bfc. 72pc 1984 
Norsk BydTti 7lw 1983 


83} 

385 

941 

371 

94* 

94} 

93} 

94* 


m 

wi 

os# 

94 

35} 


Norway Hoc l98! 93* 


Ontario Hydro Spc 1987 

Si rarer S'pc 19TO 

S. Of ScOI. Elec. 81 pc 1991 
Sweden ( K'duin 1 7*pc 1992 
Swedish State Co. 7}pc '82 
Telmes 9 3 pc 1094 
Tenneco 7} pc 1897 Kay ... 
Volkawafeen 7?pc 1987 


93} 

991 

99 

34} 

95} 

9<H 

911 

Ml 


94* 

97* 

» 

98 

BS 

95* 

W 

MS 

SH 

96 

91? 

991 

100* 

03 

100 

9» 

941 

em 

94} 


FLOATING RATE NOTES 
Bank of Tokyo 1884 Sipc ... 

BFCE 1984 Sipc 

BNP 1989 SIkdc 

ROE Worms 1083 9pc 

CCF 19K3 Sipc 

Chase Hanbrm. *38 95uDC 

Cndltannai' 1934 8*pc 

DC Bank 1933 9pc 

CZB 1931 SI 16 PC 

Diti. Wewtnlosrer 1984 Spc 
Lloyds 1981 S Si 6 PC ... . 

..LTCB 1895 Spc 

KMland Tnr. PS W SOispc 
Midland lnt FK "91 97| 6 pc 
Nat. Wewmtnstr. TO 93npc 

QKB 1995 9lpc 

SNCF 1985 95«pc 

Stand, and Chrrd *54 8}pc 


90 

981 


97} 

981 

98 

881 

991 

Ml 

98* 

991 

ON 

98* 
951 
8W 
394 
98 1 
■W 


99* 

99! 

1004 

981 

94- 

9*1 

99! 

981 

im> 

m 

too 


Source: Wblte Weld Securities. 


98! 

99 

BS 

ion* 

99? 

99i 


CONVERTIBLES 

American Rxptcrb 41pc T7 81* 

Ashland Spc 1988 1B1 

Babcock & Wilcox 5!pc T7 329 
BeaUiK foods 4*pc 1992... 58* 

Beatrice Food* line 1992... 112 

Bee chain 8}pc 1993 Hi 

Borden Sw.1882 971 

Broadway Hale 4fpc 1987 .. 78 

Carnation 4 pc 1387 78* 

Chevron Spc 1988 131 

. Dart 42 pc 1987 .. . 81* 

Eastman Kodak 4*pe IMS SB 


84 } . ' Economic - Labs tfpc 1987 77 


too 

PS? 

951 

93 

inOi 

92} 

96 


90} 

93* 


STERLING BONDS 
Allied Breweries 10! pc TO 

Citicorp Iflpc 1593 

CouriaPlds ilpc 1988 90} 

ECS 91PC IM9 941 

BIB Sipc 1988 ... 88 

ETB 9ipc 1902 ... 91J 

Finance far lnd. Oicc 1987 921 


91i 

91} 

93} 


931 


Firestone Spc 1988 TB 

Ford Spc 1B88 S5i- 

General Electric 41 PC 1987 S3* 

Gflleno 4Jpc 1BS7 to* 

CovW Spc 1W7 iss 

CnJf and Weaero 5pc 1998 SS 
3 arris 5 pc 1992 ._ . ...... sol 

BonerweD 4 PC 1335 ...... S7 

ICI filOC 1982 83 

INA Spc 1997 98 

Inches pe Sint' 199! 197* 

ITT 4lpc 1987 Wl 

Jaaco «pe 1892 i«l3 

Komarsn 7inc IBM 14n 

j. Ray McDermott 4jpc "S7 l«s* 


83 

102 * 

120 

IOO 

113* 

112 

99 

77} 

80 

1321 

83 
87* 
78* 
79* 
87 

84 
78 

129* 

HP 1 

207 

KM 

94 

90} 

109 

80 

122 ' 

141 

1C* 


Source: Kidder, Peabody Securities. 




Italian banks agree plan 


to rescue Liquichimica 


BY PAUL BETTS 


ROUE, August 8. 


A CONSORTIUM of leading 
Italian banks and special credit 
institutes today approved a 
rescue plan for another finan- 
cially troubled It al i an chemical 
group. Liquichimica, which is 
currently threatened with bank- 
dupfcy. 

Following a meeting with SIg 
Filippo Maria Pandolfi, the 
Treasury Minister, and Svg Paolo 
R affi the Governor of the Central. 
Bank, the credit institutes agreed 
to advance immediately some: 
Lire 30bn (about $36m) : to 
enable the company to resume 


Meanwhile, the banks, which 
include Banca Naaonale del 
Lavoro .and the special cretfit 
Institutes IMi and IC1PU,. said 
they would grant a moratorium 

on the group’s outstanding debts. 

Last week, another banking 
consortium granted the amng 
Sodeta Italiana Resine (SLR) 
chem i ca l group some. Lire dwon 


% 


to prevent its collapse. 

The salvage measures follow 


me wms 1 . . . 

a long awaited bill approved by 
the - Cabinet last week to aid 


its activities at four of its plants. 
The banks also agreed today to 


advance a further Lire 16bn. to 
Liquichimica. . 

After today’s crucial meeting, 
the banks said that they would 
consider proposals next month 
for the- financial rescue of the 
entire Liquigas gronp. Liquigas 
is the parent company of 
Liquichimica. 


me uuuiei >»* “ 

financially troubled companies. 
The bill encourages the setting 
up of banking consortia to reroue 
c ompanies io dire financial dilli- 
culties, and enables the govern- 
sioners to take temporary con- 
trol of a company in the event 
that no alternative rescue plan 
is- approved. . •• 

In a related development, the 
giant Milan-based chemical con- 
glomerate Montedison _ is now 
understood to be fina lisin g the 


rationalisation 
its heavy la 
fibres sector. 

The plan involves,the cteegtf 
and rationahsation of the flbt^ 
activities of MOnteflbre, Manta- 
dison’s main textile mid fibres 
subsidiary, and Sola VTscosa, is 
whiih Montedison hold® Qie 
single largest stake ‘of a 
lent * 

. The merger of Mohteflhre and 
Snia Viscosa's fibres activities is 
likely to be followed eventually 
by the creation of a new fibtu 
concern grouping the fibres 
activities of state- controlled 
enterprises. 

This would leave Italy with 
two fibres groups, one controlled 
bv the state and the other, in 
theory at least in view of Maine, 
dison’s complex mixed state- 
private nature, in 4he private 
sector. 


Deutsche Bank lifts profits 


BY GUY HAWTiN 


FRANKFURT. August 8. 


DEUTSCHE BANK, West Ger- 
many’s largest commercial bank, 
raised its operating profits by 10 
per cent during the opening six. 
months of 1978, while business 
volume ran at some 16 per cent 
above last year’s average. 

As with almost every other 
West German bank, Deutsche 
Bank’s balance-sheet total showed 
no improvement during the first' 
half. Total assets of the parent 
bank amounted to DM 78j>lbn 
($395bn) on June 30 this year, 
compared with DM 7S.61bn at the 
end of 1977. 


The improved earnings were 
based on the increase in business 
volume, which served to offset a 
decline in interest margins. Ii> 
terest. earnings went up by 5B 
per cent from a 1977 six months^ 
average of DM 9715m to DM 
1.03bn. 

Commission earnings on ser- 
vices increased by 10.4 per cent, 
the rise- being mainly atributable 
to increased profits in Inter- 
national "business, as well as 
trade in securities. They went 
up from a 1977 six months’ 
average of DM 295.4m to DM 
326 -2m. 


Trading on the - bank’s own 
account also helped to- boost 
operating profits. .At the same 
time, foreign exchange and pre- 
clous metals trading was up on 
last year’s half-yearly average, 
In the bank’s credit business 
with commercial customers, 
actual growth was stronger than 
indicated by volume because a 
number of loans to finance pub- 
lic authority budget deficits had 
reached maturity.. .Demand for 
private credit stimulated by the 
car boom, was also lively, per- 
sonal credit increa<*d by 11 per 
cent to over DM 3.Sbn 




This announcment appears aa a mattiT of record onfy 


<JLJ1 « JbJbtiJ 4 m 

• "w 4* *4 



/ 


• 1 / 



U.S.$33,600,000 


MediumTerm Loan 


1 Guaranteed by 

Banque Exterieure d’Algerie 

Mcmagedby 

Continental Illinois Limited 


CiHRaii^d^y . • 

Barclays Bank International Limited Lloyds Bank International Limited 

Mellon' Bank. NA Banque de llndochine et de Suez 
The Industrial Bank of Japan, Limited Union Mediterraneenne de Banques 


- Provided by 

Continental Illinois National Bank andTrust Company of Chicago 

Barclays Banklntemationa] Limited 
IioydsBank International! .imited Mellon Bank, NA 

Banq ue de Undochine et de Suez 

The Industrial Bank of Japan, Limited Union M^ditenandenne de Banques 
. SbcMte.Generafe 



Agent 


AR continental Illinois limited 


Jut? NTS 




VI; 



BANCO Dl SANTO SPIRIT0 


Registered' Office and Head Office 
BOME 

Established 1605 


The Gener^ Shareholders Meeting, held in Rome on. the 26th April, under the 
chairmanship of Vincenzo Firml, approved the balance sheet as at 31st December 1977, 
which shows a net profit amounting to 3.9 billion lire. The meeting decided the distribution 
of a 12-50% dividend and .the allocation of 1JB billion lire to the ordinary reserve. On the 
whole, capital and ordinary reserves amount to 97a billion lire. 


During. 1977 the total administered funds increased by .35.9%, amounting to the s um of 
3,943 billion lire: credit facilities granted to tbe customers amounted to 2,002 billion lire 
increasing by 12.2%. 


Following a resolution approved during an extraordinary meeting, the registered capital 
was raised from 16 to 28 billion lire, of .which, 8 billion by scrip issue and 4 billion by 
rights issue. 


The meeting also proceeded to the election of the Board of Directors and Executive 
Committee after the expiration of their 3 year office, by appointing Fausto Calabria, 
Angelo Ciampini, Vincenzo Firmi, Giuseppe Gatti, Aldo Maria Mazlo. Gaetano Micara, 
Mario Piovano, Ugo Tabanelli. Vittorio Tino as members of the Board of Directors and 
Italo Derencin (Chairman), Costantino Leggeri, Fausto Perseyanl as Auditors. 


The board named as Chairman Vincenzo Firmi, Vice-Chairman Tlgo Tabanelli and 
Secretary Gaetano ZucchL General Manager of the Bank is Mario Torchio. 


The dividend is in payment from April 27. 


1977 BALANCE SHEET 


ASSETS (in billion tire) 

Cash and at call. 617.4 

Securities _ and participations 1,434^6 


Loans and credits 
Other assets 
Contra accounts 


2,002.0 

45fi_S. 

4J243J) 


LIABILITIES 
Capital and reserves 
Deposits, current accounts checks 
Provision for risks, losses and - 
depreciations. 

Other liabilities 
Net profit ' 

Contra accounts 


(in billion lire) 
955. 


3^43.4 


_ 98.6 
869.4 
3.9 
4,243.0 


8,753.8 


-8,753b 




.r 
* > 















*■< •■-t. 

:; V, 

■ ‘ft 

'•’•’ll, !• 

”“d 4 r 

. i ' 'J \ . ' 

" *•*! * 

' i \\ 

: "'v h 

•v 

' "n. 

' *.• : 


• !:> 

. .. i!i '‘ fiv. 
-. . ‘ '• « lr V. 

V'-i'- 


its 


' ■ ''I v 



31 


■unae 


.if* :r>"'i •' 


ED 



^ F^imdal .'Itmes Wednesday August 9 1978 


TL. FINANCIAL AND COMPANY NEWS 





Taiwan 

Power 


By Francis Ghifcr ' • 

THE . BULK of "tite'-propbaefl 
S300m elgta-yearjoan-for Taiwan 
Power Company: has now' been 
effectively . . cancelled, inter- 
national' banking : sources ■ said, 
yesterday.- It was shelved last 
week pending, solution of a die- 
pute between.-Taftranese Govern- 1 
meat- officials: and the lending 

banks. r • . 

It : Was a package of two loans 
—one of. . 9S8^79m managed ' by 
Bank of America and the other 
of S200m managed by Chase 
Manhattan Asia, Citicorp. Inter- 
national, Grmdlay Brandts Asia- 
and Morgan Guaranty.': -'- The 
smaller loan had" been agreed 
in principle a matter of years 
ago and is going .ahead. j)n tfaej 
terms agreed .eariierthis .-year. 

But' there is understood to be 
very little chance of the . S200m 
being resuscitated, at. any rate 
in a form involving the original 
four managers^ ... 

The : proceeds of this loan 
(which carries :« spread of \ per 
cent and a. commitment fee on 
the undrawn ^portion of .} per 
cent) are earmarked to finance 
parr of the cost OTTaiwatfs third 
nuclear power station.^ The loan 
is part of a package which also 
includes Eximbank Credit 

The second- loan, amounting 
to ^QOnv -was to have been 
managed by . Chase Manhattan 
Asia Ltd* Citicorp, ■_ . Grindlay 
Brandts Asia 2&L,. and' Morgan 
Guaranty- 

The banks had -agreed with 
the borrower - on the terms of 
the loan: a.J per. cent spread for 
eight years land-^as they under- 
stood— a: state ofcguaraxttee. But 
after the banks had syndicated 
the loan,' the -Taiwan. Ministry of 
Finance insisted . that the terms 
should.be improved or that. the 
state -guarantee ^eovaived. . The 
banks refused and the loan has 
been withdrawn, from the market 
■ The 3350m, "nine^year loan 
carrying a spread rdf - f per cent 
for the New 1 Zealand - Ashore 
Minin? Company, - has been 
signed. .. . . 


and his family interests The • — „■ — ■r p i»w remained unenangea, me dm &uuh, without nunaesoan* 
has itself MM-deratiK* w hver 5 6m «° ntrolhn 2 42 W <*** mterestjD-inark’s sharp appreciation has intervention. Over the past few 
. - conK aeration i« just over a.em -'.lnot created a great, deal of weeks the Deutsche Mark's appre- 


Brown and Bureau* 

Brown ahd Ttarea . aiJ vu. « . 

^“‘ASe ^ AfterOmdMl is StMmship Company, which in ^ M .ne'M KSk “h a 

““Closed, AFM intends to make turn Is now seeking to acquire touched DM 1.9865 while the Swiss Japanese yen. Yesterday’s per-, *,««. 

nve part^gr pup ABg^iiiU Mold- a formal offer for the remaining the remainder of Duncan’s.' franc continued to Improve to formance was seen partly as a 

^ss. ^nly wading shares on comparable terms Mr. Joss and bis family' are SwFr 1.6925 after a best I: el of reaction to that very fact with 

for the local, offshoot of the UK and conditions and to. make a currently involved In a SA2Jm' SwFr 1.6875 and Monday's close of market sources suggesting that 

tool an d. eqmpme nr group, Spear “ realistic offer” for preference bid for 60 per cent of the Invest- * v “ ' ^ r **•“ ro,c **" 

rod. Jackson .Holdings for AS2m. shares of Brown .and Bureau, ment banker, Merbank Corppra- 

Earlier .this ydMi Brown and The directors of APM said tbat tion, which is associated with 

■Doreen.- acquired, another auto- they considered Brown and Mr. Joss’s brother, Mr. Peter JbsS 

motive J parts; - Lukey Dureau had excellent prospects and another Melbourne business 

j Mufflers,, for ab0Ut-A?4m. for future growth, and would man, Mr. J. N. Marks. 


Olivetti rights 

OLIVETTI will ofEer fl 5^; shares 
on the Milan bburse from. August 
25, reports : Reuter ' Jrom Iyrea. 
They represent just under a 
quarter of the lore 40bn,- rights 
issue not" taken-up by-r-sharerj 
holders. A banking consortium 
has guaranteed to 'take them up 
if tbey are not stiff to the public 


PUK sales 

A modest increase' in sales for 
the first half .: of . 197S.. -la 
announced by PecMney Ujgine 
Kuhlmann the f . • French' ' '■ alu-1 
minium . and chemicals group; 
agencies report. ; -■ 
For the six months sales are 
2 per cent ahead -al. FFr 14.4bn 
($3.3bu). But the performance 
masks some sharp growth among 
the group's in dividual -sectors, 
notably light industry Where 
turnover emerged a. . Cull 11 per 
cent ahead at FFr 2,8bo. - : - 

Sales in JPechiney’s major divi? 
sion— metals— declined by. t per 
cent in the six months .--to 
FFr 6.2bn where they accounted 
for 43 per cent of total' turnover. 




hid for trading group 


SYDNEY, August 8. 


BY JAME& FORTH 

Manu- APM has already agreed, sub- substantially broaden ARM’s 
fact Lurere,. 1he.c M mtry’s _ largest ject . to u certain conditions” existing diversification activities. 
t P ^ r » - , pulp expected to he met by late Sep- The Board intended that in due 

hats joinefi ,^ e over tember, to acquire 2J75m course Brown and Dureau would 
activity here, wffn^a hid of over Brown and Dureau shares, or operate as an autonomous busfc 
A$15m -. (P-S^ITA) for the 43.5 per cent of the capital, from ness entity.- 
im port-export and_tra ding group, the chairman, Mr, Morris Joss Only last month, APM sold its] 


The West German mark rise to 0.67c and six-month weakened to 
a record level against the dollar 2.52c compared with 2.37c on 
^“ Closed at DM 1.88S0 compared Monday. 

with DM 2.0090 on Monday. Con- The Japanese yen showed little 
ditions were fairly active and movement and improved against 
while the dollar was generally the d ollar to Y187.3Q from Y1S8.8Q. 
weaker, the D-mark improved FRANKFURT — Th e dollar was 
more than most. Although the fixed at a record low of DM 1.9S90 
fundamentals affecting the dollar compared with Monday's fixing of 
have remained unchanged, the DM 2.0124, without Bundesbank 


THE POUND SPOT 


Currency. Money and Gold Markets 


West German 
mark firm 


A.Ufi.8 


jjAnir 

'fete* 


ltaV'a 

»prad 


C'liMf 


LAS - i 71, t.hS '1. SMS T.S54S 

Canadian y g 1SWW2J0S5 2.2OSJ-2.20J0 

fiuUder 4 X Sl «.JS.a ^0 • 4 .( 64 - 4 . 17 : 

<M[pu Ft. g • U.S>61.K I 60.6StiC.7S 
Usniab hi a UU4I-10.58 ID .5 b 10.67 

U-&I«t« j | 4.e4S.fl8 S.W;.JJ5: 

lAJit. UK W • S7.5St7.aS E7.5j-t7.Sb 

spra-ft*. | a 'HS.SU.Hb. 

*-«» Ills- 1.617-lJflO 

NnrgDLki.. 7 • 10.18 H. 18 
AMebl'i., ai 2( *.41-8.45 

Big. 8J4B.tlU 

tfea | si E j 36BJ!ffi 

.lustra Sdi' 41 S i 77.7S57-9S 

SiwiM Ft' j 8.S8-3JD 


FORWARD AGAINST £ 


l*w nHHtlll 1 j.i. Clini'ii:i<nl l:» jtn. 


0.70 0.60.. pm 

0- 70-O.EOi 

1- t-l-i ■-.■•hi 
20-10,-. |.m 
1-rt- l.lii-Mi, 
8 .‘ II.. |.l fiiii 
iV17jr. ii,. 
-4Sr-j.il, 


,1.617; 1,618: 1 ivr-S li:«-<ii- 
i 11. 165-10.16, |5->1, rin-pni 
2.'. 1A 


8.425.0.4^ 

- 8J8B.60 

- at23tl 

i 27.78J7.6i 
' 3^7-4J8 


Beleiin rate is for converiibli? 

Finuciol franc KI.T5-82JQ. 


francs. 


4.01 -1.48 l.S3i-.)ia 
3.4o lifl l.40i-.]o- 
6.48 5'. 4' ■ | i.i 
2.97. 4j-50 ■ . j.ti : 

[or 2,.4;nri-ili3 
8.97 i. -i : [■! [.in 
16.47 . . .1.- 

0.41 

•0.74 .6 s _ 

J.26 ,4; 2; -iri 1 i-m : 

I'm • 7.86 4 j i-. jim ; 

»p- 4 un- |un J.oa t;..}’ ..r,- j.m | 

S.90 3.50 vjihi 12^5 6.90-6.60 > fin 
S3- 10 n«i )-m . 6.47 40 Ml :;ni jmi 
4 a i-.|.iii in.jj *9: J, 


£.56 

s.ej 

4.52 
{ 2 47 
1.42 
I 9J 
—I &.!£ 
-I.£Q 
— I.flj 

; '-’4 

: i.«6 

I I sB 

9.60 

5.05 

10.23 


sis-rn«nili furvjrU itidljr £57-£.47c via. 
12-nionlh 4.3M.lUi pm. 


the DOLLAR SPOT 


Day'* 

KTOftd 


FORWARD AGAINST $ 


Close 



recovery at 
Toyota South Africa 

BY RICHARD RCJLFE JOHANNESBURG, August S. 

THE; MOTOR; .-GROUP Toyota vehicles and 9 per cent .of that 
South Africa, which, is controlled for passenger cars, to make a 
by local 'buOTiewmen through total 13 per cent of the’ overall 
the'Wesco hoHtog' company and automobile market. With June 
- . . . car sales at their highest since 

“ 1 ‘ ^ October, 1975. reflecting both 

Johannesburg - ywnsouaated has improving demand and an excep* 
a substantial: .minority share- tional element. ahead 'of the 4 per 
holding,' has ^reported a sharp cent general sales tax imposed 
recovery ,in profits for the six from July 1, the industry has 
mouths to, jend^Jane. revived markedly- in the current 

. At the. TMV'fij^rating level year, and the financial results 
Toyota’s pibfi&^fcprqved from from Toyota, the first for the 
RQ-7m to ®^?*XS2.4m>. and June half-year', from any ’ car 
after tax net patofits rose from manufacturer, indicates the 
-RO^m to- RL3q£ ^ Earnings per extent of : the improvement 
share were / .'iffth^ased from Indications are, however, that 
8 cents- to '37?. cents and the July car sales hi -the aftermath 
interim dividend 'iff 1 1 cents now of heavy June buying were down 
declared £xceediib& total of 6.25 on the levels of a year ago. 
cents for the last fall financial Toyota shares, . long a 
year. . depressed market, are now 

Toyota has.® r Ker' cent of the 185 cents, compared with their 
market Jor : light commercial 1977-78 low of 105 cents. 


Australian 
bond rate 
cut further 

By Our Own Correspondent. 

SYDNEY, August 8. 
THE AUSTRALIAN Government 
has lowered official interest 



,, , ... - SwFr 1-70S0. Using Morgan 

rates a little further across the I Guaranty figures at noon in New , 

board in its latest bond issue. [York, the dollar’s trade weighted 
rate — the [average depreciation widened to 
9.5 per cent from 9.3 per cent 
previously. 

Sterling traded quietly for most trading 


the breaking of the DM 2.0 barrier 
did not come as much of a sur- 
prise. The Deutsche Mark was 
also stronger against the Swiss 
franc and was quoted at DM 1.1698 
down from its earlier level of 
DM 1.1774. 

PARIS— The dollar Tell below its 
closing level on Monday but 
finished the day on or around its 
best leveL Trading was quiet with 
most attention being focused on 
the West German mark and the 
Swiss franc. 


lo FFr 2.5755 from FFr 2.S 
while sterling was quoted 
FFr S.4335 compared v 
FFr 8.4275 on Monday. 

TOKYO— The dollar lost furt 
ground against the yen and 
closed at YIS7.375 compared with 


Carud'n f- 

Guilder 

Belgian Fr 
I)uiii&h Kr 
D-Mark 
Pon. Es 
Lira 

N’rwgD. Kr 
F re-orb Fr 
Swedish Kr 
Yen 

Aastna Scb 
Swim Kr 


Bjnrfe-ajnn 

2J572-2-U47 

3LC-JUW 

5.M30-5.4745 

unw-i.n75 

S36.7B-8J7.50 
5J3UUUI 7» 

4JSSMJUS 

4.42204^405 

1XT.25-1XU& 


OJBTTbJLSm 
2J5724J582 
31. 01-51. 53 
5.4630-5.4650 
LW0-1.W20 

836.76 -S37.00 
5JSOO-SJ2S2B 
4J61IMJ630 
443164.4330 
1*7.25-1 B7. 45 


_ Du e mo nth 
j 0JB-6.83c dli ' 
0 JB-Q.OC pm 
0.104.15c die 


p.a. Three month* p.». 


-051 

m 

-1A2 


B 09-0. Wt dij -6.33 
1 10-1. 00c pm 1.80 
0JIMU5C d» -1J2 


D.914IXipf pm 5.09 2.66-2.6Ipr pm 5J4 


j 3J5-3LS5liredK -4.43 
I 0.25-0 .35c dls —036 

i _ 


10-10.75 iiicdlc -432 
D.K-LlOcds -630 


13445-1. 761D 1.6445-1. M55 


* t’.S. i-cnis per Canadian s. 


lJ5-130ypm 7.65 3JO-3.0Sy pm 633 

L22-1 J6c pm 7.75 334-33BC pm 7-41 


CURRENCY RATES ! CURRENCY MOVEMENTS 


The long-term bond 
benchmark for interest rates^r 
has been reduced from 9.1 per 
cent to 9 per cent in the August 
loan, which will 
Monday, the day 


trend was probably 
prompted by the U.S. currencies 
weaker performance against the 
Swiss franc and the West German 
mark, where in late New York 

, ... , - , trading it fell through the 

open - onjaf the day and opened at SL9S30- DM2.0 level. The dollar touched 
before the|S1.9350 in terms of the dollar. Y1S6.60 at one point and the Rank 


August S 

Special 

Drawing 

RlflhU 

European 
Unit of 
Accaunt 

SferiiCK 

„. 0.457348 

0. *4*922 

U.S. doUar 

_ 1J7D75 

1.28339 

Canadian dollar .. 

.. U48S2 

1.46897 

Ansuian ^i^aillinas 

.. U2W 

18307* 

Br-lAlan Irjnc 

.. 39.E7U 

00.4298 

Danish krone 

.. 6.94783 

7.M8J9 

□rniscfai- Marti .. 

.. 232752 

236551 

Guilder 

.. 2.745U 

2.18531 

trent.-h Trane ... . 

.. 533729 

53ZZ36 

Ura 

.. 10*335 

1078.65 

Yen 

.. 238.011 

241305 

Korwecian krone 

.. *.*5452 

6.76084 

Peseta 

.. %.25<tt 

97.7274 

Swedish krona 

.. 532497 

5.69675 

Swiss franc 

.. 235456 

2.19072 


Prol^up nearly 50 % at 
d Peninsular 



. KUALA LUMPUR. August 8- 

have been those of another subsidiary, 
r to March Talam Mines from 800,000 ring- 
;. Peninsular gits to l.lm ringgits. 

, the Malay- * * * 

itation and 

..jffax profits United Overseas Finance 
iper cent, to a (UOF), a subsidiary of United 
ringgits Overseas Bank (UOB), has 
.etJ - profits reported a 10 per cent improve- 
5i 2'’ ringgits ment in pre-tax profit for the 
et'cent more htif-year to June, writes H, F. 
yeartL\ Lee from Singapore. The pre-tax 
declaring a profit for the six months was 
dividend of0 per SS2;93ra (U.S.Sl^m). compared 
of with- S$2.67m for the previous 
at first-half. 

UOF which was listed on the 

, t stock exchange of Singapore for 

rompuSl rose from 5m ringgits the first time last Friday, said 
Txinggits. while those at that profit for the second half 
1 Enterprises, its palm-oil would not be significantly 
'tations subsidiary, rose from different from that of the first 
ringgiteto 5-8m ringgits,; and half. 


GOOD-. 

maintained for-' 
by . Island. 

Development 
sian property, ' 
mining : group. •> 
rose by nearly 51 
record ■: .of - * 
mSMIa): • 
amounted to, 
tUBJS4-6m) or 
than the previ 
The .group 
second interi 
cent, ; making, a total payo 
17 per-.cenp against 15 per 
the previafis year. 

Pre-tar -profits at the p 


is 


"Forward sterling 'showed a mark. The UB. currency fell to 
weaker tendency after disappoint- L837.25 compared with Monday’s 
ment over UK money supply fixing of L839.65. There was no 
figures which showed a U per detectable intervention by the 
cent increase in eligible liabilities. Bank of Italy. Elsewhere the 
Hie one-month discount against Swiss franc traded slightly easier 
4e dollar widened to 0.68c from at 1^92.60. 

Luzern huu rs Franc 
Vlawyaia Hollar..... 
Ne» Zealand Uonm 
Saudi Arahut Itiypl. 
SinsBrore Dollar... 
Scailh Alrimn Rand 

60.65 60.75 31 37-SI.40 N..r«ai 

4.441*-4.>15li 2.3040-2.a06U i-i-iliu;a. 

1.6K85 1.8375; 0.9466-0.9488 m*»ii 

6.49 8,59 ' 3.e4-3.41 i» il;i+inml. 

4.34-4.35 t2.847-s-2.478 e -,l iun-,1 iiaic* 

1.6718 1-68901 0.8644 0.8733 Yu.-.^Uvia 

10.10 10.20 
8-309 
144. 14"t~ 
3.P3 3.33 
1.9275 1.9375 
57 37.40 

Rare artren for Arsmtlni in rrw> rale 

EXCHANGE CROSS-RATES 


1978-79 1 Federal Budget. the dollar weakened during of Japan was reported to have 

The reductions continue a proi the 1 morning, sterling stayed given up to SIDOm of support 
gramme begun by the author!- j“‘o un a Si. 93 for most of the day during the day. Turnover was 
ties last October when the lonfr before closing at $1. 9333-1 5845. a fairly heavy in the spot market at 
term bond rate’ stood at 10.5 rise ° f 40 points. However, the $55lm while combined forward 
ner cent The Government’s P ound ended slightly weaker over- and swap trades accounted for 
Sated aim is to hnnlTE and its ^de weighted index. S590m. 

J* l aq nSr «St hS which the Bank of England ealeu- MILAN— In fairly light trading 

iWaih^-Thi fell to 62.1 from (KL2, having the dollar continued to weaken 

December. This target appeared s tood at 62.1 at- noon and 62.2 in against the lira, in reaction to 
more readily achievable earlier - - 

in the year, but a ASl.lbn over- 
run in the 1977-78 budget defiirit 
to A$3.3bn (USS3.8bn>, created 
nervousness that the Govern- 
ment would- have difficulty keep- 
ing the deficit down to manage- 
able levels for funding purposes 
in the current year. 

The rate reduction over... the 
past ten months has been largely 
possible because of a lack : of 
competitive demand for' funds 
from the private sector, but 

_igns that dema] 

now picking up. This could put I 
upward pressure on interest! 
rates, despite the G overrun en 
determination to lower rates. 

Many observers had expect 
that the Government would leave! 
the long-term rate at 9.1 per 
cent, but reduce medium-term f 
yield slightly, to con 
market that further, si 
reductions were still to come; 
and thus induce heavy subscrip- 
tions in the expectation of 
further capital gains. 

The rates in the August loan' 
are SB per cent for September 
1980 securities, representing a 
reduction of 0.05 per cent, and 
9 per cent for October 1983, 

October 1988 and October 1997, 
a reduction of 0.10 j 
all three maturities. 


AV9U5I 8 


Bank oi Mora in 
EubUikI Guaranty 
Index chan ge* - . 
62.13 


SliTlmi; 62.13 -41.1 

V.S duJI.ir &4.07 - *.S 

Canadian rinll.ir £2.67 -14.6 

AusirUn si.hiliinu . . 14035 +18 7 

R'-lcun Irani- 113. <1 +12.1 

Danish knin- 114.S4 + 5.1 

DiuiM-ln- Mark I42.S5 +JJ6.B 

Shuk (ram- 1M.J7 +37.2 

Umlrii-r 119.45 +173 

Kn-nrii Irani- 99.77 - j.q 

Lira 53.TC -IT.l 

\ i-ii 15195 +54.2 

liast-d on irailr v.-iahiiil ihjiu.-. {.-.mi 
Wash i UK mn ai.-ri-.-rn-'iii iiHu-r. I'C: 

i Bank of KiibI-vuI lnd- t = I i'ii ■ . 


OTHER MARKETS 


Aujc. 8 


AiCMHiiu IVwx i 1.666-1.570 809.72 01 179 

Auointiw Uollat...-. 1.6666-1.6735 0.6652 -0.8E 43 .ii-iuliim 

Kniianil MmihM.... 7.95-7.97 [4.1170 4.1190 IVniimrk 

Snzil Cm+lro. 34.98-55.98 16 09 IB 60 'Kihiuv 

GreNt liiwhim....' 89.608-71.il8i 35.99 56 88 Wnniiiiv 

dune K.wj. Uollmr.j 9.0575 -9. 0800 : 4.C855 4.t8 -5 li«n 


I 


Iran Kill 


155-139 I 60.77 71.87 


N.-t.i Kan-. 

27.50 28.50 
c2!j«3l- 
10 50 10 6a 
8 57 8.47 
3 i-0 5.90 
1595 1625 
362-372 


Aii". 8 

Pruin-i olenlne 

U.s. Dpi uii 

Ueute-hellari 

Japainsw leu 

mm. u KmiK 

aiw> Inin- 

Duttlii U li ii- lei 

ItitMNii Lera 

j Caiuilti ll. i -ai 

iV-..ii*ll l-rai-e 

E35E2393BM 

X. 

1.934 

5.898 

.362.5 

8.428 

3.275 

4.170 

1618. 

i 2.204 

60.70 


0^17 

1. 

1.989 

187.4 

4368 

1.693 

2.156 

83 6.5 

j 1.139 

31.39 


0-260 

0.503 

1. 

94.22 

2.190 

0.851 

1.084 

420.5 

' 0.573 

16.7B 

JapanewYon 1.000 

2.75B 

5335 

10.61 

1000. 

2336 

9.034 

11.50 

4463. 

6.079 

X67.4 


1.187 

8.296 

4.565 

430.1 

10. 

3.886 

4.948 

1920. 

2.615 

72.03 

-iari»M Franc 

0.305 

0.591 

1.175 

110.7 

2-573 

la 

1.273 

494.0 

' 0.673 • 

18.53 


0.840 

0.464 

0.923 

8633 

2.021 

0.785 

1. 

387.9 

! 0.528 ; 

14.56 

Italian Lira 1-00 . 

0.618 

1.195 

2.378 

284-1 

5309 

2.024 . 

2.578 

1000: , 

| 1.362 < 

57.52 


0.454 

0.878 

1.746 

164.5 

3.826 

1.486 

1.B92 

734.2 

1. 

27.55 

'4ei-liin -Krane HI' 

1.647 

3.186 

6.339 

597.2 

13.88 . 

5.395 

6.870 . 

2665. 

3.630 

103. 


V - * 

EURO-CURRENCY INTEREST RATES 


Aog. B 

Sterling 

Cniuulian 
I*o liar 

U.S. Dollar 

Dutch Guilder 

Sm-a Franc- 

IV. (Jerniau 
Mart. 

French Fram- 


A uao S 1 J*|«ne-+ Yen 

BH 

11^-1 li 4 
111* Ills 
ms 1]>I 
111 4 -1}3« 

8-9 

6-9 

8 1* -85b 

8Ij87 b 
6*4 t'* 
w-esfi 

71, < 

big -8*4 
8*4-9 

4r B -5i B 
4 i b -6' b 
5i4-5i* 
6 6U 
63,-7 
7S«-7S B 

-11*— a ' 

— li*— 2 
— tI — lit 
— r*-ra 
7 B 

>2' Iris 

Z1J-2S8 
2,VZfi 
a.' a.; 
i.‘,- ■', « 
3>3« 
4-4 ig 

714-71* 
7S B 7t b 
8i.:-9,i; 

9i 4 -9is 
10 10 Ig 
10 is- 10 J? 

9 12 
12 15 
12lj-13r s 

13- 14 
1319-1412 

14- 16 

j -I 4 _ i4 
8-Bls 1 i H 1? 

8*-6i{ | 

Sis-634 1 2.* 

8;:.-8... ais-2*! 


SWISS WATCHM 



The following nominal rates were quoted Tor London dollar certificates of deposit. 

| per cent; one year 8.6-8.73 per cent. 

Loos-term Eurodollar deposits: two years 94-85 per cent: three years B4-M per cent: 
rates. 

Short -term rates are call for sierlins. U.S. dollars and Canadian dollars: 


One month 7.90-8.06 per cvm: three months S. 16430 per ci-nt: six months S.36-S.S5 
four sears 95]s-9'is per amt: five yean. 92-9- per cent nominal cIosiur 
two days’ nonce for Builders and Swiss francs. Asian rates arc closing rate? In Singapore. 


hew customers 


INTERNATIONAL MONEY MARKET 


Further rise in Belgian rates 

In’oa further attempt to arrest present level to 7 per cent or pos- compared with 3.0 per cent and 


BY JOHil WICKS IN ZURICH 

FOR MANY.-lyeara, . *e. Swiss ' front . : tfae French team- ihe a turnover by 18^ per cent and ping motors, from- Portescap 
company Porte^p- ^has' -heen watch’s pTatform escape&eiit or this in terms of appreciated France SA in Besancon, is still 

or b " k the com- ."aM stsaffis rs?ri‘ 

sssssare .TSPSfft.asM- m “e sbs z zp mss *gt « « n 5i 

become almost a -generic ’term before".; the -Swiss watchmakers, opportunities offered by micro- mg new applications ia the field month paper has risen to 7.25 per bills were quoted at 6.75 per cent money rose to 4.15 per cent 

in the make-up oL-jeH^lledriever. were hit a few yeare ago .by mechanics and microelectronics, of instrumentation. cent from 6.40 per cent: two- compared with an average of 6.808 against 4.0 per cent, 

watches, and annual ; prpffuetl<ra-a - combination of world,: reees- products similar in character to Demand is «i^a growing r*~ months 7^5 per cent from 6.(5 per cent at Monday's auction, PARIS— Money market rates 

is today runnings --at pvtir ,30m tsiou ' and an appreciating;.. ex^ watch 1 components. Development micro-motors, the range of Pa rent and three months 7.50 while 26-week bills were also were generally firmer with day- 

units.- More than: .10m: Ahtlchod change -• -rate, company t -pead-. was started up of direct-current which was recently expanded -by ^ 9 ent against 6.85 per cent. easier at 7J6 per cent against to-day funds at 7J per cent corn- 

shock absorbers are also : being quarters in La Ch a ux-deJFondk micro-motors for such varied the introduction of new motor S**- ^ test m .°ve represents the 7.172 per cent One-year bills fell pared with 7| per cent on Monday. 

'-sussc ■use 

sk- ^ asassAsassssas a sjsz&jms* s srsywfffv'JS'a 

equipment; ; • f -‘ na-tbe-, firstswiss- companies _ to applications in the consumer- bond : fund papers has been in- all unchanged at 7.70 per cent, was 12-month money at Sfii-Sft 

As closely tied up as pOrtescap the Jura regions watcnmmm^g-.- take electronic time-keeping goods field hi a few years’ time, creased to 7J> per cent from 6.5 7.83 per cent and 7.95 per cent Per cent compared with S|-Sg per 

has always- been with- the- watch based economy, the company wax senously and used its mlniatur- portescap is currentlv co- per, cent At the moment, the for one, two and three months cent 

industry— its very name -is taken -last year able to improvg its isation know-how to build up a nn«ra tin*, with thi Belgian bank rate stands at 6 per resoectiveJv. HONG kong— C onditions in i he 

.. : T . . . . '• ■ . | production programme of step- gineering concern Brown Boveri 06111 and today's meeting of the FRANKFURT — Interbank money money market were tight with call 

- 1 ping motors for quartz watches i n tbe^ installation of maenets in Natira aJ Bank’s council should market rates showed little change money at 41 per ceni and over- 
and clocks— and also for inciu- the micro-motors. in this rate from its with call money at 2JB7 per cent night funds at 5i per cent, 

sion /in precision instruments: 


GOLD 


Record 

level 


; Tg the holders of ; . : ^Z 

. BANQtjE NATION ALE JAIXSEfflEi. 

HecJeerrwi^- FUxrtiTig iSat^ Deposit Notes due iMl . 

In accordance' wife 'provisions of the . above Notes, American 
Express International . Banking Corporation/ as Fiscal Agentr . 
has estabtishwl the Safe of lnterest bn such N0^'tot>p«j.. 
semiannual 'period ending 29Qr January 1979 at 9A%- 
due- at the end of the- attirest perfod will be available 
surrender- to ^ny of the Paying Agents -of Coupon No. 

. • . L . . AMERICAN^ EXPRESS INTERNATIONA 
V. ' BANKING CORPORATJOrJ 
- -:.V ■' i : . Fiscal- Agenf 

Dated 3rd August 1973 ■ • ;V. - 7 .vA- 



Stared . Chartered Bank Um'rted , . 


(Mrf ^a tBdvi^ilffn^Kli^SfinEngiend} 


Itotii^RafeC^pttaJ Note$1990 

Forflw«>monti^'itom 
10th August, 1 978tp 1 3th February, 1 9?9 


On 13th Fbbruaiy, 1979 interest oHJ.S. $46.43 will be 
’ •’ - dueperU.S.$1 ,000-non for coupon No 1 . ‘ . ' : ' 

- ' Pf^tti^^jdng Agent ■ 

' Europea^Amedoan BanikJBtTrustCompany 

IffHafwvttSquare. • ’ 

. ^BVtfYbTk,i^.Y.1D00& • 

Aawtanik; Hargan BsaiaMr ’Tmt ConpaBy rf KtwYmk. 


the micro-motors. 

A _ ... t At the same time as the pro- 

route duction programme is broaden- 
industry has been presented hy ing, the firm has been spreading 
-the platform -escapements them- its wings abroad. A' UK 
selves, apart from the watch in- operation, which Philippe Braun- 
dnstry, ttese are now going into schweig calls “a -dream" and 
such- m strum ents as control says ig the best subsidiary in the 
mechanists, contact devices and-gronp, makes ge „boxes near 
tachometers. ‘Wimborne and dominates the 

The days in which Portescap British market for direct-current 
worked solely to supply manu- micro-motors for instrument 
facturers of • mechanical building.. Incabloc -units are 
watches have become history, as assembled for the EEC area and 
important as the watcb industiy the “Escap " motors raaoufac- 
still is for. the company. Chair- tured by the' French subsidiary. 


UK MONEY MARKET 


Slight shortage 


Rank of England Minimum 
Lending Rale 19 per cent 
: (since June 8, 1978) 


secured call loans at the close, cent and traded for most of the 
The market was faced with the day at 9J-9} per rent However 
resale by the authorities to the dosing balances were taken any- 
market of a moderate amount of where between 7 per cent and 
man and managing director And the English and French i-« appeared to bills and settlement of gilt sales. 8 per- .cent. Fixed period 

PhiUppe Braunschweig now fore- affiliates, as well as companies Kmfon ^ a , ^ 4 ight interest rates were generally 

sees that within the next five in Gennanv Janan smi the ♦S* ni ® x l? r ”? rket yestert ^- in the note circulation. On the easier with the one sterling certi- 
was oSy About one quarter of UnitedSutes ffibrn^ernun «“* ont,es gave assist- other hami banks brought forward ficate of deposit falling to 9{i-Bft 

a^rodaction wiS Bo to to Sh m tW *.522 a .FSf 1 " m 2. unt ^ ances weli above target and per cent from 93-8*. per cent and 

iecffic^-watch^^or maVkS? “ exr naliona1 ■“• dl 5®f t ^°“ Government disbursements ex- the six-month to flJ-Bi per cent 

mgcnawcai waico^. sector. markets. the -discount houses. The help ceeded revenue transfers to the against fi ha* per cent 


Gold rose S3 an ounce to close 
ai a record finishing level of 
S206J-2071 in yesterday's London 
bullion market. The meial's re- 
newed strength reflccLed a 
weaker trend in the U.S. dollar 
and after opening a< iis best 
Jevel for the day of S207-207J it 
was fixed during the morning at 
$206.75. After the afternoon fix- 
ing of 3206.05, a slight recovery 
by the dollar saw gold down to 
$205j-206i, although early trad- 
ing in New York pushed the 
metal up to around K!0S. 

In Paris ihe 121 kilo bar was 
fixed at FFr IM.TOO per kilo 
tS204.85 per ounce) compared 
with FFr 2S.S00 (8205 54) in the 
morning and FFr 2S.450 ($202.81) 
on Monday afternoon. 

In Frankfurt the 12! kilo bar 
was fixed at DM 13.250 ($207.15 
por ounce) compared with 
DM 13,250 ($204.76) previously. 


A.«. I 


Ana- 7 


a 75-map ■ Like many other Swiss com- s^med-to be just about the right Exchequer, 
development janies, Portescap is envisaging a °wunt and discount houses were In the interbank market over- 


against 8^-9* Per cent 
Kates In the table below arc 


Working with 

research and . . _ _ . 

division^ the company plans to expansion in the United States. around 8 per cent for night loans opened at 94-Sj per nominal in some cases, 

expand its production pro- Last year it bought the Watch- 
granune further and double turn : master Products division of the 

over, now -at Sw.Fr 7Sm, within Bulova group which handles the LONIVMU unurv datcc 
the next.few years. Development sau* of watchmakers’ equipment ^ . muntI ■ HR,sa 
wifi be centred on products with to the American mariccL Plans 
tbr potential of- market leaders, are now on hand to buy up a 
As has been the case up to now UJS. production company and 
—ihe only exception being that build, up American-based micro- 
of a group of finished produets motor.'jnahnfactnre. ~ 


.. . H V. rlj 


(ing appliances, and waterproof the year, 
testers for watchmakers — the At present the group is almost 
programme will be limited to wholly Braunschweig^wned— -and 
component parts. Portescap has according to Philippe Braun- 
never, Mr. Braunschweig says schweig, “ more Of an imperialist 
„wryly, felt the temptation to turn than a . take-over candidate.” 
•watchmaker. But. the Board is made up one- 

There seem to be particular third each by members of the 
opportunities In the field of family, directors and "out- 
stepping motors for the precision riders," while corporate execu- 
lndustry. Tbe-.com pany owns the tives have' certain rights to 
patents and has carried out acquire "stock in the SwFr 9m 
further development of the tech- share capital, In time. M. Braun- 
Tiblogy in this sector of Georges sxiweig says, Portescap may con- 
Stcher b atcheff • - who died last rider going public* though not for 
year.7lts “escap” range of step- another five years or so- 


:.v 


' 

We 

-ternnr 
CenilioBle 
n# -tpfvrdt. 

ImerlanK 

Lora- 
A luiwrti i 
- ier»*-it' . 

U.ICBI Autll. 
necouahi* 
hon>I* 

Finance 

Howie 

Depodle 

(.'ampan.v 

DetvMt> 

Di.-aaai 

mark* 

i*fn«n 

Tm&iiy 
«*«- ♦ 

KilKibie 

Hank 

Hill** 

Finer™ in 

Bin- 41 

OsaeniB«ln„„„ 
i *layi 

t.Uyror 
I lava not ice,. 
Onemomh^.. 
£wq tuojith-,„ 
mivemoath-. 
iixmnnUi»__ 
■'in* month)-.. 

- . 

H'a bit- 
bis *H 

bss .k 
3*8; ** 

7 83 4 

. 9is-9eH 
91j n5a 
5A' M i«r 
b^9iV 

9as-9sa 

91S 

912-9*8 

{H 

9k 

101s 

918-9*4 

9k-9k 

9 

9 k ^k 

10 
10k 
10 . 
10 
10 
10 

9S* 

9i4 

9*8 

10 

M5i 

914-934 

p»a 

1 1 1 1 1 1 

BSfl 

9.i 

B/,7 

9 i 

io<a 
io>a 
10 'a 
10*4 

I'*OA , buv....-„ 



l.k 103 4 



— 

' 

— 

1 

— 


— suOwrlly. and finance houses seven days’ notice, others seven days fixed. • Lonser-tp-rm uv-ai amtuntp morteaec 
rae^ MMninafly Uiyai years 11M14 per cent; four years lli-lH.pcr cent: five years UVUJ o«r ocnl- * BanTbilTrat^ln 
rWea for * lrime MSOr - raira for fonr-moatb bank Mils Ku per cot- four-nianli) trade bUla is" 

^Anrao^aie scWns mes fhi: ofiMnonih. Treasury bUla B^w-M per ceni; and two-month 8U*» nttr cent- and rhrw-mnnrh 
mZ? *aiw raw for on»mooUi bank MBs 91- per ceois two-mouh Ha and Sefrmomh 


55?..** **^ a “ Katas (w m iMh ed w the Pinance Rouses AssmaUon) 
xi... rp _yi (for small sums- ar sewn days’ loticai el- 

Treason Riusj Avtrate tender rates of disaram S3MS per 


■aah rT#n«.r.~+:- ~ 1 — m-t r-™.™ <-»•—» iu»n»nw> IflJ per cent from Auppsi 1. I9?fl Clearlaa 

JJ ot . «n»- V days- ioUobj 81-7 per cent. Oaarhm Bank Base Kate for leodins 1C oerttot 


CioMi Jdul litin ib din 
uunet-i 

C’nws. - S2I6 ' -7971 SMi;-SB4i 

Open i un-- ^207-107; 

Unmiru lixinu..-— 'S20E.79 . $995.00 

i£1D$.8S3> -.tli 6-11-53 
Afternoon flsintr.~.’>208^ 5204.DB . 

• 1:187.0171 ill US. 731 

Until I'iHIIn ; 

riiiEn+.lUnU\ 

Kmcerranif sri3;-II5.' •••*21 71-2 13; 

iCIIDj-HU- /UlOVi 110,) 

A‘i« ■MivprpiRTi'- St-8 60' #-7; 59i 

'iWfl.Sli itiu-ili 

oi>i ewivi“ieicii-_... iSSBt SO; i£57-;-b9i» 

. 130-ill 

Utihii-iim?.. ........... 

uiternniinuaia 

Knuifi-niHi «12i-2HA »209;-21l-> 

-cun in.' . Jiitsj-iuBj 

Sen' 6oietxiini- S5B.60 5S7A-5Si 

l'M-ili ;'i‘2S;'-iUi> 

Util tnivereiun- sSB;-B0p 

■XiOi-A i; i Lj'-oli 

SW Hauiei. KiaO.fc-2 iS288J-irB4 

SliI Kao®' >145 149 ‘S144-148 

K 6105-109 SlMi-liBA 


MONEY RATES 

NEW YORK 

FTime Rale 9 

Hod ) , 'unds 7.75 : 

Treasury .BUis U3^io.‘kL *.75 

Treasurrnills i26-wee8i 7J* 


GERMANY 

Discount Raw 

Ovcmiem 

Odd month 

Three months 

Snt mombs .. - 

FRANCE 

Disrouoi Rale 

overnight 

One monih 

Three months 

Six months 

JAPAN 

Dmronai Rate 

Call i Unconditional! 
Bills risen um Rale 


9 

2.97 

— 33 

S.7 

4JL5 


— - u 

73 

- 7J7S 

73 

7.175 


33 

- 4.5 

4.75 





























































IS 


Financial Times Wednesday 


WORLD STOCK MARKETS 


Wall St. reverses early loss to close 4 up 


INVESTMENT DOLLAR 
PREMIUM 

$2.60 to £1—1071% 0065%) 
Effective SIJKH0-54i% CS5i%I 


a share, but Is also investigate Interway moved ahead ¥4 to the year so far yesterday, Commerzbank mdex picked op 4 -a ce°0“Mi to FFr . 

other tender offers. S30J. Resorts International "A,” dropping 65.74 to 5,49221 as fresh toSOS.9. Arnon^, snares to snea several 

Boeing, after losing 31 on however, came back ¥4 to $S31 profit-taking and renewed caution Siemens advanced DM 220 more points were bcanewer, 

Monday on Iower-(haa-expected after the previous day’s jump of over the declining UJ>. dollar in Electricals while »*yer led Hemnessey, 


aioef 

Credit National, 
Pernod-Ruard, Afrlque 


tiVERroMlXC: EARLY dullness second-quarter earnings," re- SSi on the' stock split 'news. further depressed the mar’keL The leading Chemicals up to DM L40 Ferodo, mw..,,, 

rn and S? covered 32 to KNi, while Republic New York gained WS Tokyo SE Index retreated 42D to higher and Thyssen gamed OceMentafe. Rhone Foutene. 

J!" EES, * street 3 siruueled McDonnell Douglas regained $1 to to 639 ihe company and its bank. 41B.5S, • although volume was a DM 1-60 in bteels. 
fnrSri to linUh modest k hSr and Lockheed 1J to S34J. Republic National Bank of New fairly thin -220m shares, the same 

forward tu imi^h modesty higher Hotels advanced to Vork, said their boards have amount as on Monday. 


tradfn^ anC ° afIer turlh * r S55S— die ‘company said'it knows approved a redemption call for 

irauiri-,. . . -r — »i _■ nnfpu pnnvorrihlp Into Common 


to hold their scheduled CanaAn 

tnrlu maotind \^aUflUa 


' The ” Dow Jones Industrial o f no special reason for the shanp °°tw convertible In 
Awe. rolloil!!? an indlai rta. in the stock. The directors at S39 a share. 

reaction (o S77.31. moicd ahead „ , 
to establish a new dosing 197S quarterly meeung tomorrow, 
peak of $89.21 for a rise on the Rausch and Lomb rose 3J to 
dav or 4.16. The NYSE All Com- *47?, Bally Manufacturing 32 io 
nu'm Index was finally 27 cents S41J and Siguode SI to $37 J. 
firmer at S38.47 (also a high for Ramada Inns were heavily 



L’Oreal. CGE, Stc Fnuncaise BP 

Severing recovered DM 6 after and TRT. 
losing DM 7 the previous day. 

Motors were firmer on balance. Tnh ann flfihimr 
with Daimler closing DM 2 up, * b 

while Babcock moved ahead DM 5 Boosted by the 30 per cent 
in Engineerings. diamond price increase, De Beers 

— _„ 11VW , =_ In contrast. Comnwraank shed featured strongly with an advance 

Most sectors pointed higher at DM U0 in easier-inclined Banks. 0 f 27 cents to R727. Dealers anti- 
yesterdays close after fairly active , nce or Ire3n The Deutsche Marks rise also cipated a further rise in the 

trading. In Toronoto Composite ^ helped a gradual stabilisation on chares when New York opened 

Index hardened 2.0 more to a 1978 E lectricals led the retreat, with the Public Authority Bond market. *■-_ trading. Anamint gained 50 

TDK Electronics Jailing ' *10 to where prices were firmer for cents j 0 

Golds maintained their firming 


Selling by major investment 
trusts accelerated the fall. 
Vehicles, Cameras, Oils.- Pharma- 
ceuticals, Electricals, Chemicals 


enme to 34.34m shares, exceeding 
the previous day's total of 33.35m. 

Analysts noted that the stock 
market turned around from small 
early, losses following news that 
OPEC has not made a decision on 


plans to enter tbe casino gambling 
business. 

Firestone Tire and Rubber were 
also active and slipped j more 
to Sl2j after a loss of J in heavy 
selling on Monday. Firestone said 


and Gas 5.4 to L375.6. 

Among companies reporting 


whether to hold a price-raising on Monday that operating net 
Conference ncxi month, as profits for the year ending October 
suggested by some recent reports. 31 are expected to be well below 
Brokers said the gain was the previous year, 
assisted by a report that Egyptian LTV. on reporting sharply 
President Sadat and Israeli Prime higher second-quarter net earn- 


Tnink “A" } to C$151 and Gaz Vl 130' Green Cross Y100 to 

* fn rt«3 irnAAA 


Metropolitan S to C*6|. Y232Q. ESsai Y SO to YU«> and 

However, Woodsreer Minerals Matsushita Kotobiki Y70 to 
shed 3 dents to 47 cents and yi 960 

Wardalr 20 cents to CS4.50 after However, Kaken Chemical put 
both reported a first-half loss. * 


Minister Begin will meet in the 
U.S. next month to discuss a 
possible means lo ending the Mid- 
East peace talks stalemate. 


ings from continuing operations, 
gained SI to 39:. 

Over the counter. Old Fort 
Industries rose to SIS! bid. SIDj 

Analysis attributed early offered from 3151 and 610 offered 

selling in part to a sharp decline — the directors have accepted an three wells drilled In" the Ban try 

in the dollar, which closed at offer from Narragansett Capital ■ ■*- — — -* 

record lows in Europe yesterday, to purchase ail of Old Fort's 
against the Deuischcmark and the shares for $20 each. 

Swiss Trane. THE AMERICAN SE Market Value 

Servnmation jumped 101 to S42 Index finished 0.6S higher at 
— the company said it is studying 159.05. Volume 428m shares 
a tender offer from CDV of S42 (4.68m). 


high of 1,220.9, while Golds forged Tim aieciromcs jailing *10 10 where prices 

~ Y2.030. Pioneer YBO to YL560. choice on bs 

Sony Y3D to Yl^Oand Matsushita movements ranging between gains higher 

Electric Y22 to Y70S. to 30 pfennigs aSl losses to 20 *?*»« rt “ Gs ffiL l^uSd ll 

MTV reacted YlSO to Y5.930, pfennigs. The Regulating Author!- tl^SSwjSESL 1 

. vinoon Telecommunication f - ties were able to reverse the ine 

higher earnings. Donum Industries stmefion Y130 to Y3.720, Mocbida recent trend of purchases and sold Platinums racoroed ™ 

rose { to CM, Canadian Hidrogas Pharmaceutical Y220 to YLGiO. a net DM SAm nominal of paper extending to 8 cents, out / vaoe stos 

3 cenLs to C$4.75, Alberta Gas Fujisawa Pharmaceutical Y110 to after buying DM 4.4m on Monday, shares were occasionally weaker. 

■*"'* - Deutsche Mark Foreign Loans . Industrials . taj*- 

were mixed. inclined in .fairly active trading. 

R425 following the Reed Nampak 
ffnnvr Knn.o Barlow Rand gained 5 cents to 

nun 8 ivuug take-over, but the latter shed 30 

itn reported a first-half loss. nn y23Q 10 Y3 100 Meito Sane+o , rose s^rpfcf on much cents to R4.00. 

D'EIdoaa Cold, which has ygi S Yl 050 'aStvSa ItaSS ,0 ?f I aJld 0ve ^ “ rere f t 

landoned a lest well in Texas. following the long holiday week- Ancfralia 

end. Tbe Hang Seng index moved rtuauuiiu 
ahead 14B9 to 615.64. Markets moved further ahead. 

Property shares led the advance h e iped by Overseas demand. The 
in very active trading following ajj Ordinary index , rose 

last Fridays record-priced land 32 0 to a new 1078 high of 521.73. 
sale, with Owons Kong ns mg 70 ^though this partly reflected 
? ent i =n° n^^^.Hong Kong catching up with Melbourne after 
K Sn e -^jreK&«S“ SJWnff SE holiday closure on 


abandoned a lest well in Tens, Kng ineertng Y33 to Y753, Tbkyo 
dropped U cents to CS1.1I. but Sleet y 30 to Y693. Riken Vinyl 
were up 12 V33 to y.iDO, Knmlal Chemical Y21 
to Y5S5 and Nissin Food Products 


Place Gas and Oil 
cents to C$1.02 the latter "said 
that it has found gas in nvo of vW 
three weUs drilled in the Bantry *“ u 10 
area of Alberta. Tran scan ad a Hermanv 

Pipe, subject of take-over 
rumours, gained j to C$18J. Stock prices 

Tokyo 


mainly gained _ 

ground in a lively business against .Land 22.5 cents to HKS2^fl, Hong S* 
the background of the Deutsche Kong Wharf 20 cents to HKS29.20 nJD ^ y ‘ 


The Nikkei-Dow Jones Average Mark's strong performance on the a nd New World 12.5 cents to 


took its second largest plunge of foreign exchange market. 


NEW YORK 


>!■ 


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414* 

235b 

317* 

195* 


251, 

55 

244, 
371, 
244, 
511, 
624* 
204, 
311b 
40; 8 
61 
64 sa 
S3 
50 
53 la 
4H] 
*3Aft 
315* 
194, 


4ii{ii"leiA»riJi 

371] 

361] 

ronipiK-uv tat... 

i2i-a 

lo 

■>'naer 

19 

19L, 

> nuth Kune 

M7I* 

96 

imln.in 

aift 

3 U 

tunrb.li urn 

341, . 

33 it 

Southern Cal. Kit. 

fib ia 

2030 


Am. 111*1111*1-...., 
Nal. ’o-rtM-e I nil. 
AhIiiihh. -itn,.,, 

Nalonui- 

NCII 

Ve/iiiiiii' I hi,i ' 

Ni'w hnamiM El.! 
Net* Kn-uiml 'I'ei, 
Nnt^tmt MkIih.ii k. 

A la-urn Slnm.,..' 
V l- Imlu-inc-..' 
NnrtulkAM e*tcm 
Nort It Nat. Uas... 
Mho,5Uiin Pnr 
Ntbui-i AiniDit 
NUiimt Maiu-urp' 
Norton Muum....; , 
Occii leu Ul Petrol 
0*1 Ivy Mat tier...' 

Oil lo Uhiii 

Olio _■ 


621* 

1C5* 

34 
42 It 
624, 
21 
227g 
34i a 
14! B 
114, 
211* . 

25 
361g 
267 b : 

35 

26 ^ 1 
20lg : 
215a ; 
271, ; 
184, 
161* l 


22 Ir 
ltl; 
345 b 
415b 
621, 
21 1g 

23 

34 

15 
111 ] 
21U 
847, 
357a 
267* 

35 
26 
191* 
214, 
271 3 
18*1 

16 


Sea Cnnlaifter..,. 

?e*araui ' 

>earieiG.O.i 

Sear* Kuebuck—. 

iKOCO 

-r'bdl Oil 

alM>llTnni«|aiit...- 


334* 

934# 

15U 

25 

394, 

c4 

<*4 

521* 


317* 

251, 

lot* 

261, 

40 

a3i? 

431* 

52k* 


Stock 


Xerox- 

Zapata — 


L .S-Treas#! 
CSTreH.^1 


! 4»g. 

Jlus. 

8 

L. 

197g 

41fl 

193s 

4 

607b 

,597b 

IVSfl 

i8'a 

18ae 

1740 

*94t-* 

*94T 8 

i 1806a 

1811, 

6.77i,!8.75t 


The HKS2L50. 

Hongkong 


CANADA 


Ahitlhi IW|«r.— ... 

.Vauii-o Eaale | 

A lean Aluminium! 

AiHonia .-tw ) 

AiheMoa ; 

Hank ol MoatreRii 


Ua/ik N.n* bwitia. 
Hank- KeDUlcM.,' 


Hell Telephone. ,.l 
bo iv Valley Imt-J 


147b 

t4g 

367 g 

22 

(40 

234b 

225b 

4.50 

59 

33 


144, 

6.12 

3l7„ 

22 

(40 

231* 

23 

4.50 

587a 

334a 


anutlfeni 

«hu. Not. lie ... 
oi^uthem Pacific. 1 
SoutbemKalltray, 


lb 
3D1] j 

321* | 
551a i 


15 
3B5g 
321* 
54 L] 


anuchiaad- ’ 

Vtr't Ba nUiare- . 

operry Hutcli ! 

S|*a> Kami ...... ; 

Si, mb. 

autMlaitl Urathiv! 
-tii.Diikmiinmnl 
m(. U11 Iiiiiuma.l 
MtL Oil Uhm.... 

BtMUtI CIlCJIIHUlr 

■•'UtHiijs Urns ■— 

HiMeiaker 

-nn Cu. ... 

MUHlMraiel 

.-'t nick—..' 

I evil II null II — 

Irklnniiv 

leflync 

lerx. 

Icnn.11. J 


31 

*67* 

2Ui 

46 7 B 

35i* 

283fl 

42 

60 7g 

36 la 
443, 
19 
67>] 
423, 
a5ift 
34 fie 
144* 
46 
11«U 
63* 
al4a 


307* 

271, 

224* 

47 

333, 

284* 

41 7g 

501* 

351, 

446* 

187g 

574b 

42jb 

54 

a4lg 

134, 

454, 

110,, 

5°1 

315» 


him 

lull. Flat mil'.... 
Inti. llwii'Mci...; 
lull. M in A L lieur 
lull. Mull ilf .l»„ 
In-' 

Imi. Pn,M-i . ... 

1 17! 

I11I. Ill'll llnl. . ! 
I III. l(-l_ A Trl... 

I ill dll 1 

I- m a lin-l 

II iiiieiiuiii'iiiaV 
■Inn Malii r..... ... 


• Itervaa SIiI|h„.. 
Owen* t'criuiiK-- 

(lacit- I fiih'i^ 

i'ii lh tin* 

I'hciIIi- l.i-liim^. 
15111 I'm. 4 I j].. 
I'mii \ in M util \ir 
I 'ark. - 1 1» 111111111. 

1‘MU.tl Inn 

I'cii. pH . * L..... 

I’iiih 1 .1 . 1 

Pi-mi /hi 

Pni|-ii-* Ilm,* 

PiMif'li-. (m- 

IVl»i.n 


257* 

344e 

231* 


264a 

045* 

227g 


Perkin Klmv-i. .. 

IM 

Pll/cr 

I’lieHn li<*( K c 

I’li 1 uu ii-i, ,ii m Kle. 

Plitliji llnm» 

I*lillli,i* IVtru‘111. 

ni«i,iii • 

I’ll net Hunen.... 


15 ' 

15U 

PlllnUnl 

I'ler— t lji( A III/: 

ZU9.fi 

286 


abtfi 

hbl] 


39'n 

3SU 


40 

391b 

J’l*«i lniiii>inet>_ 

193, 

20U 

t'ni-t" >i tin mini-. 
Pul' -N-m,- Kleil. 1 

jfii, 

lbi, 

4bl, 

451] 

I'll I1IILBI, , 

371, 

0610 

l*lin'\ 

121, 

iZ'a 

IJiuik.-i uni* 

33 I H 

33 

rtri|»l.l Auii-ittllli 

Z 

1 

l.'n.t 1 l<c- -n 

381] 

38 Ja 

Ill 1 

ISO, 

12U 

Ue|nil.||a- -*l«-l. .. 

3 2 l B 

323* 

Bun , th lull 


274* 

5 > 

o71b 

24 

18 M 

741g 

324* 

144, 

277g 

261] 

19Sg 


27 
645* 
a6i] 
233a 
181, 
731] 
324, 
441] 
27 7g 
261] 
184, 


Itrfciru Peimleiiiii. 

I CXHtti. 

TeXOa^llIL 

levin Unnlenj 

1'exaa Ircrt'm 

rent Oil A G«~ 
Texae l riliiies....; 

Times l ns. j 

Ci raps Mirror 

Timken ' 

Trane. 

Tranamprii-a. 

VnuMcn 

I rani- L' nmn 1 

I'nm-tTM.t Intr'n. 

I ntltn Wnrhl All . 

rrateletT 

in kiicilliieiilal 


1 - 1 , 
at 1* 
20 
a7i, 
8d 7 B 
iil 
214, 
484, 
624, 

52 >8 

41 

176* 

2QI, 

30 1 8 

273, 

2B7* 

09 

20 


105* 
853a 
20~b 
371 ] 
917 8 
26»* 
217* 

49 

324a 

517g 

416b 

177b 

196* 

36>, 

271] 

285* 

391, 

165* 


19m 


1 ItW 

4Ha 

41 

221, 

221, 

ii ll ' ml nr v Ikv 

3ti, 

aOI] 



l.A.L 

401, 

40 

28 Sb 

281, 

L AIM Ii 

*<*»] 

4.4,6 

fcti, 


1 (il 

2i U 

3 * 


«- . 1, 

L lil-e.ri 

3B 

401] 

40 

39aa 

( liluflrt A 1 


i4sa 

.0-4 

4.9 

1 nn hi iwiunrji... 

kSia 

*4. a 

121, 

12>, 

t in-in lari'iile.... 

4ui« 

40 Ja 

361] 


L 111- Ml I IIUUIIKIlf 

Bv t 

9 

32i S . 

32Ss 

Ilium i>n Calll... 
Cuii m 15u-ilii- 

493, 

493b 

495* 
49 U 


544a 
15=8 
28 
90 
24!, 
445, 
17U 
254, 
15 
66 U 
301, 
35i, 
83 1] 


534g 

134s 

274, 

SOI* 

fi4J 8 

43 

1 / 1 , 

264, 

14l 2 

S5i, 

301] 

257* 

8712 


l ill mini ■ 

t uilnl Hmn.ii-. 

I Uancnrii. i 

l 5li'\,lsUDI ; 

Cs s*hne 

IS Steel : 

k> 'leulmciivie-.i 
1’V Indn-irie-...., 
Vb-iiiw Rim.... 

Wat-reifn 

H anipr-Cniimin.. 
ft aruiT-l^inhert 
W art e - Man'mciH , 



M e-lvrii UamsHi* 
Western V \nicr 
Wif-iern I mmi...' 

Wdunali'-e hid- 


71, 
ll3fl , 
3l5a , 
307* 1 
274* , 
29i* ; 
51>, . 
221 , ! 
lbi, 
281- 
504 
30 U 
30 

a0=3 

431] 

a44, 

ib; B 

344* 


71, 

111 , 

315* 

301* 

271b 

284, 

SOI, 

221 , 

13S* 

285 S 

50 14 
301] 
30 

303* 
43 lg 
a4i] 
181, 
244* 


'Vi-.\a t Ti ■ 

11 »ierliMi-Hn-r.... 
W hir-i-iK 

White I on. llnl... 

W illwm Ci. 

| lVi-cnnrin Kleii... 


k9 1 
295b 1 
*4 | 

211] 1 
211, j 
281, 1 


284, 

29 

*35, 

211, 

21 

284* 


UFCnnnda 

bnian i 

Britten ■ 

Culpa ry Power... 1 
CiuiHow .lltnes— 
I'aiMila tVmeni..- 
CatiHilM MV Lin.'. 
CHn.lm11.Uk Coin 
kaiuula lihtiiM ... 

Can. l^clfic 

Can. PmcHU- luv. : 
•’.aiu bu|tet Oil... 
Chi line U'Kceie.- 
Caaviar Aalwstot.: 


17 

161, 


171, 
151* 
5.62 k*5.12 
397* | 40 

lot, in* 
1 7a io?* 

124, I 121, 

■2,4, ] 281- 

1211] , (il»2 
ail* : 181] 
224 < 1812 
66 ! r6l] 

4.95 I 4.95 
lQlg f lo 


alia 

■«7 

301* 

1938 

81 B 


Chieftain..... * 

Umiinco J 

Cons. Batlmrat— ! 

Con sumo- 
Co»eka Ubboutw: 

Co-t&in....— 

iJaon Level I 

Ueuwon Mlae>... 

Oom lllaes I 

lVimo Petroleuuil 554, 

I). uniniiH) Bmlae! 

Ihnatar - j 

Oupi'Klt 1 

Kaicon'pe Nn-kpil 
Kurd Mnt ur Can j 


285g 
tie is 
aOJ, 
19U 


tl21(. 1 flOis 


10 

771, 

94 


2*4, 

Kllg 

144, 

874* 

73»b 


10 1 8 
Vt>3, 
913, 
t65l- 
211] 
( 21 !* 
U4S* 
281c. 
73 


«iOH*Lar —I 

tiwnllei'wkiiileJ 
Ci ii • I On iNliitilM.I 
Manrker'-n'.t.aii.! 

Hicinipcr- - 

rimin' O- 'A'.... 
riiHi-iin Hay Mng 

Hi ill* 1 iii Bay 

HihimiiiOiia Uaw 

-J 

I 

iiaiwnal Oil ...... 

!hcd... - 


311] • 

15 

30 

' 84.’ 

46 
43 
184 
234* 

47 J* 
'39 •* . 
341] 
211 * • 
19 


3li] 

•14 

t««i, 

fcl] 

45 

425, 

184 

24 

474 

lWTe 

Saig 

21 

194 


ln.W — J 14 

lnlsn.1 Nat. CiftjJ 146* 
Int'p. v Pipe Line] 164 b 
kaiser ItOMHircesj * E1 
Court Fin. Corp,. 

Lbhlaw Cntu. 'H' 
Mcmlll'n Bkjedl 
Mawey Feuuscm 

Uc/nryn?- 

Mpuk C-tvpn 

MountainSratelisI 
Nuraoila Minn.. 

Noreen Ene»K> ,. 

N'rlio. Telecnm .. 

Niinmc Oil A; Ua>; 

Petri ni! 


Pn-iHc I'lipfei 11 


154 
85* 
4.20 
214 
111, 
275* 
3&4, 
3.45 
33 
1c4b 
36 
371* 
4.5 J 
Z.icO 


14 

(HI* 

165* 

U5 

84 

4.20 
211 , 
UTg 
245a 
367 B 
3.60 
327g 
lrj* 

364 

364 

4.6b 

2.20 


IWvilU-IVlniicinii. 
1 "an. Can. Pet'iji-. 

PallllK — 

rcii[Jc llc|4. -i.J 
PiaiM' Can. a (lii.i 

I’jiccrLH-VCHipiiin! 

Pub cr CiMyiorMt nl 
I'm-e ' 

Oudaw >Liu -ci m 

Kiuifrr Oil .... 

Kevl McnlHmi*.L 

Km A brum 

Ib^'ii Bk. m Cau j 
l(ii\nl Tiurl 


6.60 

-41, 

Ibi, 


41 * 
;as;3* 
1 16 


5.3v I 13.30 
1.02 I 0.90 


*41, 
171] 
l£5g 
2 2u 
161* 
K6* 
35 
335, 
194 


1.4 

WIf 

IS 
1.86 
155s 
105, 
34 4 
341* 
tHJ 


8 I 
285g 
15 

64 • 
344 1 


Si-eiit re K’soutveii 

Seajrnuu!.— 

ahell Canada......' 

Sherri ti G.. Mines 
aideiiK O. O. J 

UMl iH iJanada ..' 
steep lk»* Inin..' 

T evs-n Canaila.'..) 
lunmtn Uimi.Bk.: 

Tran, Can Pipe Lu! 

Tnuis Mount Upn 

t'noc' tI4t] 

l nmn (ins ■ 111] 

l tii.-iwiK- Mines. Bi, 
Walker Hiram.....' ifij* 
W'e*t C.mm Tra n J 121* 
W esimi lira. I lbl; 


6 

267* 
2.64 
465, 
a- Sa 
184 
94 


8l S 
281; 
151* 
63 b 
336b 
37b 
267, 
2.76 
47 
207* 
185b 
»** 
7 143* 
III] 

:-.bg 

033B 

117g 

lBSg 


r km. t laxefl • rraitoa 

f Nww onrti 


EUROPEAN OPTIONS EXCHANGE 



Oi 1. 

\ ni. J41M 

V.il. 

J HI. 
Iam 

\ l-r/ ; j 

Call. U'I "In.* 1 

111 A 

F360 

_ 

_ 

3 

16.50 ' 


— >3 65.80 

A II N 

F370 

5 

9 

1 

9 


— 

AK/ 

FB7.50 

7 

4 

• — 

_ 

— 

- F50.20 

K/. 

1'30 

13 

2.60 

10 

. 3.80 

1 

4.50 

AhZ 

F32.50 

68 

1.40 

25 

2.50 

17 

3.40 i 

A l.'ll 

F70 


-- 

1 

9 


- F77.BO 

A IMI 

F75 . 

4 

4.10 

2 

5.40 ■ 



AI'll 

*80 

5 

1,30 

16 

3.BO 



KK 

t-SO 

1 

15'] 

15 

• 141, • 

— 

- +64 

KK 

>60 

22 

61, 

12 

7* , 

— 



Mi 

>70 

10 

2 

— 


11 

ol 8 

I'M 

S20 


— 

3 

' 7>« 


- S26*j 

I'M 

325 


2Jg 

■— 


— 

— 

I.M 

.-50 

— 


1 

15 

— 

- ."65 

*1 u 

s7u ; 

11 

ifl 

_ 

1 — i 

— 


Hi* 

V'37.50 ' 

12 

2.50 

; 2 

, 4.20 . 



— ' F57.G0 

Ho 

K40 1 


1 — 

IS 

2.50 ' 

6 

3.20 

HIM 

S260 

1 

511. 

1 

3Sl, 

— 

+2851, 

lii'i 

+280 , 

14 

151] 

- - 


_ 


him 

+ 300 

5 

7>t 

■ 


10 

ISit 

K1..M 

FI42.90 



1 

19 


— F1B4 

KLM 

K J52.40 • 

5 

10 

1 

■ 15 ! 


j 

Kl.'l 

Kieo 

12 

6.50 

2 

12 . 

— 

, 

K1.M 

VI61.B0 . 

2 

5 

— 

— 

— 

— ] ! 

K LSI 

F171.40 • 

— 

— 

4 

8 : 

— 

— 

KLSl 

* 190.50 1 

31 

0.80 

: 2 

3 

• — 

— 1 „ 

til Jl 

{'209.50 

15 

0.40 

z 

, 1.70 . 

— 

— - 

.s.v 

+98.90 

2 

9 

8 

; 10 

— 

— F105.5O 


F100 

— 

-- 

— 

a. 

1 

13 


V 108.90 

1 

2.50 

4 

5.50 

JLjm 



fi 10 ; 

— 

— 

— 



1 

8.20 . 

pin 

• F25 i 

30 

1.70 

10 

2.50 | 

10 

3.70 F2S.60 

Pill 

K27.50 J 

110 

0.50 

15 

L10 ' 

29 

1-70 

PBP 

+40 I 

1 

— 

3 

1 13i] • 

— 

- S525g 


+50 j 



2 

' 7*1 

— 

■ a. 


1*130 ; 

25 

4 

22 

5.90 

-- 

- F131.90 

I,*|> 

F140 i 

11 

1 

10 

; 2.20 

12 

3.50 


SZ5 j 

4 

1‘i 


— 

— ■ 

- . S24>s 

l.M 

>110 , 

5 

• 9.30 

[ - 

— 1 

— 

- M 18.60 

l XI 

F120 1 

14 

3 

— 

. | 


— i 

I'M 

F130 ' 

S3 

0.60 

— 




\o.V 

.145, 

— 


2 

* ! 

— 

- i *47 


j 

A 


-V.U-. i 

FH. 1 

P\ 

650 . 



6 

J!! 9 ! 

— 

- *569iil 


SbO 

— 

— 

f! 

13>] 1 

— 

a. 


S70 , 

~ 

r^mmm 

28 

8>a 

^mma 



BASE LENDING RATES 


A.B.N. Bank 10 & 

Allied Irish Banks Ltd. 10 % 

American Express Bk. 10 ^ 

Amro Bank 10 bf; 

A P Bank Ltd 10 % 

Henry Ansbacher 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^'S 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 % 
Bremar Holding;: Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

■ Brown Shipley 10 % 

Canada Penn’t Trust 10 % 
Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 101% 

■ Charterhouse JapheL.. 10 % 

Choulartons 10% 

C. E. Coates 10 % 

Consolidated Credits... 10 % 

Co-operative Bank *10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

Tbe Cyprus Popular Bk 10 % 

Duncan Laurie 10 % 

Eagil Trust 10 % 

English Transcont. ... 11 % 
First Nat Fin. Corpn. 13 % 
First Nat. Secs. Ltd. ... 12 % 

■ Antony Gibbs 10 .% 

Greyhound Guaranty... 10 % 
GrindJays Bank tlO % 

■ Guinness Mahon 10 % 


Hambros Bank 10 % 

■ Hi!! Samuel 510 % 

C. Hoare & Co tlO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of ScoL 10 % 

Keyser Ullmann 10 % 

Knowsiey & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 11'.% 

. Midland Bank 10 % 

^Samuel Montagu 10 % 

■ Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Go. ... 10 % 
Rossminster 10 


BHP advanced S cents more to 
a year’s peak of ASS.02, while 
Bank improved 60 Carlton United Brewery added 4 
cents to HKS 21.30, Jardine cents, at AS1.S0. Among - Sugars, 
MaLheson 30 cents to HKS1G.60, C5R put an 6 cents to AS3L26, but 
Swire Pacific 23 cents to HKS9.55. Pioneer Sugar shed 5 cents to 
Hutchison Whampoa 20 cents to &$i.io. 

KK?= and WheeIoc}i 5 wnts t0 Overnight news of a further eas- 
Outside the leade^HongJong °^f ^nidnf sSo^juS^ 

little firmer, ANZ, AS320, and 


Aircraft put on HKS4 to HK869 

ahead of the results, due later this o 

month. ‘ Eastern Asia Navigation BN * V ^' ASfl ' 30 ' each d0S,nfi 2 


rose 20 cents to HKS3.30 follow- 
ing last week's results. 


Paris 


Market eased afresh on light 
profit-taking, with the latest fall 


cents harder. 

Id strong Coals. Utah rose 
cents to A$4.3a, while Coal and 
Allied, AS4.70. and Thiess. AS2.S0, 
improved 5 cents apiece. 

Golds firmed on the higber 
bullion price in Europe, Con- 


in the dollar and the rise in gold M>Udated_Goldfields gaining 5 cents 
baring little effect. & t AS3.25. 

All sections weakened, al- The deadlocked royalty negotia- 
thouRh thei. were isolated spots tions made the Uraninm issues 
of resistance among individual nervous, with Pan continental eas- 
is^ues, such Aquitaine, BCT, C1C, ing 15 cents to ASlfi.40, bur 
CSF and Leroy-Somer. Queensland Mines added 7 cents 

Pok, which announced slightly at AS3.02 and Peko-Wallsend 8 
higher first-half sales, gained 90 cents at AS5.94. 


NOTES: Oversea!, prices ilxnro uHaw and/ar scrip issue. eHvi sfure » trapes 
t premium. Rcbaan riivMeniU a Gross dlv. %. *- Assumed dividend after 
jr» afier withlmitimH m. scrip and/or tiRbrs issue 8 Aner local 

• DM 50 detrain unless otherwise staled. Lizes si % tax tree, n Kroner includtru 
vntlds based on net dhrirtenas olas >az Untlac dlv. p Nora, o Share split- t Dlv 
V Ptt 50n a mom unless niherwro* stared, and yield exclude special payment, t Indl 
4. DKr ion dennm nnlesK oUteronse stared caied dlv >i Unofficial trad me o M manor 
•p Sn-Kr 5 » aeaotrt- and Bearer s hares hoMm only, v Merger pendliut. * A nted , 
unless oiherwtse staled, r Y3ft denom t Bid. 1 Traded, i Seller. /Assumed 
unless nrhervlse staled s Price ai time xr Ex rUhts. xd 6x dividend, kbi 
ol suspension, n Florins, ft Setttlltnns. scrip Issue, sa Ex afl. * Interim since 
r rents it Dividend after pendloe ruhre Increased. 


Indices 




NEW YORK -bov lows 


Aug. 

a 


1976 


AUG. i A«s- : Aims. : AI«. j A«w. 
1 I * 1 i , *• : 1 


| HV* 


IndnstrM Jg«L2tl 

H'neffwwJ B8.nl WM\ W-Hj 


<4il> 


Tran^idt^.| S4J.8t! 248.78, 24B^!j 24B.79 241.4l| WS.g 

rHH H.' ' I ttvr (wj iM.08jmi9| W7^j 107^4, T»M[ ItoM 


Trading vuL 


i - 


i tfih 


55,56837^711 6 WTO 47,478. 54.8 IB 1 - 


io* r nifb. 



em loortw * 


JS2T 


M»: 







;'--v 

Ind. dir. yield S 

:• A UR. A 

> Jidy 28. > . July 21 ' ‘.lYcwr affiidnntnt 

5.2s 

; 5.47 . 1 5.69 

L 

_.S.0S . ; : 

aXSJQXLKD JJSTD POORS 

1 t I ■ ! 1 

■ | Aug.* Aug. AMp. Aug. 

; 1:2 1 1 \ * 1 3 1 

l' j 

1 ‘V5F- 1 
I 2 1 

1 1 ? 71 
I A T j High i. ,l*w 

Slow rtwipikit'n. 
H%h t 

:indu»n«4 nsjij hm^ h«a^ iw-fiij -'WJS 

JCwnpdrila j ■ 104.01! 103^ 7M.Bl[ WLS3 

• .• - { 1 ! * • 1 • 1 

! 111.51: 116.05 
! (EJBI 
100.S& 1 04.01 
' 1 18/81 

| 86.581 

mil 

50.901 

1 te.'Si 1 

-154.64 j 532'-. 

(SlSil 



' Aug 2 

• July S6 | July 19 | Yra«-^(«pp* < , > | .• 

Ind iliv. yield % 

j 4.76 

| 4.93 |- 4.98 

-1 • 

• 1 f> a 3 - 

1 ■ 1 I' llMiimii 

) 9.78. 

j 9.40 j 9.30 

__] 

10.00 . .. 


| 8.45 

| 8.66 \ 8-64 

- f 

3.67 


W.T.8.T1. ATJ. COMMOK 


1972 


! lltg. 8 j Aug, 7 t Aug. 4 


Ang. A ur. j Aug- I 
8 ! 7. * I 


Ai«. | 


Hfcii 


Low 




i 48.57 
1615) 


lastm UaOed-..— l 1.884 

mm ;. 886 

Fall. 68S 

UordbiuiEed ........I 4X4 

New HbfbM— ...... | — 

Sev Iion-m.— ‘ . — 


1,952 
t 868 


1,922 

- 679 f 8W 
-413 - -897 
' 385 [ 133 

.'•ai 3- 




} . ! A, 8- 

Amt. 
• ' 

An,. 

A^t. 

High 

Uw 

■HKSSiri'i 1 w i r 



162.90 (W2j 
17ILB2(SM| 

TORONTO Compoelle' 1220 

W 

7278-8 


1220.9(8/81 

880(30(1) 

JOHANNSSBORO j 

391.7 

257.5 

26 1 J 

297.4 (1(8) . 


Imliutrial 1 257.5 

256.fi 

SSLS 

SB6L0 

257^ 18/81 

"1MJ(UA 


A hr. 
H 


Pro- r 1978 

rlmi, - High 


1978 

Low 


Anj{. j Pre* I B78 ; 1978 

8 [ \-iiHt, j Hlfth I bon 


621.75 -441.19 
(8(81 j ,l(5l 
U'i 97.7(1 BSA3 10U6; 90.45 
■ i8f£>) ; (25(31 
96.7K I 93.78 f B4.00 
I (7/Bj I ifi/2i 
75^ | 47 J! 

i (3(8) (3(21 

804.4 ' 619.9 709.4 

: 127/7) I (17/6) 
B5JS < 87.0 i 76.0 
j (9(6) ! (4(4) 
! B15J64 ! 583.44 
i 1 8/SI * (13,7) 
P2.87 M.2* i 56.46 
> (19/71 > rlO/li 

M 4Ifi.5iJ 4CU.87 ; 426.81 ' 364 
09/7) . (4/10) 
Snuratwzn' ' 521.60 378.65 ‘ 38L60 ; 262.0 
^ (Ai [8/81 I ,9/11 


Anatmliac*j b2l.7a _ 
Balgzam 
Denmark 9S.4R 

Bras oe (ft)' 74.8 

• •• • • l 

Gennanyftf) 608.9 
Holland 04) 


i u'i 203.48 1 


Spain 

Swedes (rij 40e.I2j.«08J3S 
Switxerl'dO; 288^ i 386.8 ' ■ 


(£»• •< iia.», r BT^S 
-0251 i' (17(31 
40m|325J4 

(28)6) j ObUi 


64.9 


615.64 


ChMlfifi it, 
price day 


Italy 

Japan 


UK 63.20 


TUESDAYS ACTIVE "STOCKS ' 

racing . 

Slocks - - ^ 
traded 

ftamada Inns - — S33.J0S 
Occidental Pvtrobn. 423.708 

Firestone Tire 431.188 

Boehm - 41&290 

Del Uoote X»^80 

LTV - 3W4WI 

Texaco 2MJBM 

Amur. Tel. and TuL 254JM0 

Pamida 2M8.7D8 

Scars Roebuck mien 


a 

$ 
95 
Ml 
Bit 
71 
25 . 


+4 • 
■H 

4 SI 
.41* 
41 

' 


4* 

-( 


Indices and base dates (all base rabies 
too except NYSE All Common — SO 1 . 

Standards and Poors— 18 and Toronto bank Dec.. 1939 (} Amsterdam Industrial 
Wo— 1.000. the Iasi named based on 197 5). 1970. (1 Nana Sens Bank 31/7/M. |» Banco 
BxdtxUng bonds. 1 480 Iwtosaials. commerailc ItnUana S/W73. o Tokyo 
1400 loduBtrlals. «o UUfmes. 4» Kloanec New SE ft Strait v Ttates tin. 

and 30 Tronsnon. 4 Sydney AB Otdlmnr. e Closed, d Madrid SE SO/12/T7. eSmck- 
U Belgian SE 51/12/63. Copenhagen SE holm Industrial i/i/SR.. -> Swiss Bank 


1/1/78. tt Parts Bourse 196L tt Comnwrx- Corpora tk»o. n Dtutvallabia. 


GERMANY ♦ 


Aug. 8 


Price 

X>m. 


+ or i thv. 

— i * 


.VJSG 77.5;+0.7; — 

Alluuu Veraicb... 4 77 ;+ 1 \3l£ 

BMW- 224.5st1—0.5 4B.0! 


BAfP— 

Bayer. ' 

BHyw.Hyc*.. 1 

Barer. Verenm-k.. 
i2ilaln!..\e>l.ivn»: 

i.V>nraier/i«iiik 

IMltt ^(timint 

Daintier Ife+K 

IHyiiva„ 

Henna — ; 

Deut"die tank— 
DncHifner tank.... 
Dyf-keriHHi Zemi. 
Gulebuiln.m- 


Yld 


SA 

BA 

7.0 


*43^+0.7 06.76 
136.7+1.4.16.78 6.8 
285 —1 28.1S 4.9 

3k6 -1 i 16 1 2.7 
141-4 - 1 - 

227 5-1.2 26.5611.7 
80.1-0.4. - 1 - 
317 +2 28.12! 4.4 

256 -1 17 I 3.2 

161 14 ; 4.** 

296x1* 28.12; 4.7 

237.5' -0-5 SB. 1ft 5-9 
201 i-r 6 l 9.38] 2.4 
207.0j+0J5 , 12 ] 2.9 
5.6 


Hspag Lloyd 119.5m +0.5 |l4J)4i 

Baryener 321.5 + 1.5^16-72] 


Hoecbsl 

Udeach 

Horten 

Kali unrt Salat 

Kanudt 

KauEbot 

Kloctner DM100 

KHT1 

Knipp.. — 

Uude_ ! 

Leuetihmu 100 I 

LultaMa I 

MAN ; 

iianne-iruinn.. 

MeiaU-if ■ 

.Uullcftl-nei liuck-l 

\ ecLiTiiDin.il.. 

i*reij 'Hj. DM UA) .! 
lUteni Wct.Klei-. 
x+iennu 

Tieaipii- 

-n-l Kiii-kci 

rnv«el>A.U. — 

Vmim.^ 

1‘JSBA 

Ven-in-A'Ve't Bk 
Vnlk>ttH^>!tl... 


131 +0.3 
48-&+0.3 
153.5+4 
146.01 — 0^ 


334 

242 

H8 


14JM 
23 M 


3.0 
18. /B] 7A 


4.1 


9.63| 3.0 


18.72 3.9 


18 J6 


25 

25 

9.36] 


BA 


12 > 3.1 


+2 
+ S 
+ 1 

179.0 -1.3 
99-5'— 0.6 
262.5+1.5 
1.510+30 
110.5 +L5 
196 '+2 . __ , 
172.3 +1.2 .17.181 5.0 

240 : I 10 I 2.1 

580 ;+15 18 | 1.6 

ic 8-5 +2.3 — | - 

1*7.3 +2.5; 
182.5+6.2! 26 i 6.9 
db8 +6 128. 1! : a.2 

293 +2.2 lb 2.7 

^50.0+0.5 :2L56, S.a 
124.6+1.6 17.18. 6.9 

lb7 1 14 I 0.1 

131 . + 0.5 12 ] 4.6 
291-1 j 18 3.1 
233.9 +0.7 ! 25 : 5.3 


TOKYO 1 


An*. 8 


•Pricra 

Ten 


+ or | Dir 




308 

436 

656 

410 

945 

610 

JC28 

926 


AMSTERDAM 


A up. 8 


Price 

FIh. 


iVboJd I I'I.SlJi , 

.Vkm (Pl20j | 

AlceraBuki FI. 100(1 

AM BV (Pl.l'Jl 

Ararotaak fFl^Oi, 

mjenknrt ' 

ttnfcsWeat miF.Kn 
Buhrm Totierndei 
Ktafvlei- V 1F1.B if 
Knhbi N .V .Hrarerl 
Bur OimTatlFI. 10; 
QltUlbiu«dnFI.] 
J/e'neJten (FlAbl.i 
Hoac 'vrnB 1 Pi H0\< 
Hunter I.>.(FLIO0) l , 


+ ra r njiv.;Il(l 


107.81 1 

30-5 — 0.5 ; 
365^1 + 0.3 , 
84.3 +U.7 
77.81 +0.8 I 
91 '—1 
122.8'— 1.2 
70J9I— 0.2 I 
280.51-4.5 


*28 5.2 


23^: 7A 
50 | 6.0 


23Jj 0.7 


5J3 


134.2-0.3 


26 
8; 

26 
273 2.0 
37^[ S.o 


324| «■! 
46^ 1 - 


68-^ ; 94.6 S.l 


o6/aJVo.i | ^ a.b 


102 1—1 1 14 13.7 

o7JB— 0.2 1 — 1 - 
Ho. 7/ — 0.2 


0.7| — ( 

K-UM.tFI.riXJ, 154.80 — l.o 

La. Muller ilSOl. 1 40.6 — 0.3 

Kurdeu (PI.W1...1 
.VM.NediiunFl.iOi 


XedCrod BklFI JOj 
.Vedlild UktFi^Oij 


12 i 4.7 
8 I 5.2 


19 


I2JM 3.7 


Royal Bk. Canada Trust 10 


Schlesinger Limited ... 10 % 


E. S. Schwab lljcj 


Security Trust Co. Lid. u % 

Shenley Trust H % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
WTiiteaway Laidlaw ... 101% 
Williams & Glyn's ... 10 % 
Yorkshire Bank 10 % 

Members of Uuj Accepting House, 
Committee. 

7-dap deposits 7%, 7-month deposits 
5Fi 

7 -dir deposits on sums of £10,000 
and under 01%. np to CS.MO 
and over C-I.OOD SJ'4. 

Call deposits over £1.000 ?■». 

Demand deposits 7Ji«. 


Oce iFlJD) 

Open I 

Van Uiumcren.... 
tak bora iFiJoi... 

PtUH|A iFl.ld) 

lifuJ/iiVerfFl.m 
UobeiK (FiaiO)_.. 
Kuliucu iFi-MA... 
Korentu (FIjOi.... 
RiOUlDnlj-liiFijai 

rlaveiiNira.^ 

jievinGrii iKi^Oi 
C oSyn ['ai-.Hi'l'.+| 
I'pik-irrir ,SCt...i 
Vikini; I.V.iiltl'l) 
Wfi'li.l ir.Hyiil<i» 


7.8 


4.6 

7.6 

5.6 
.4.5 

7.7 


6.6 


34. ti— o.l 
105.5; +0.8 
54.91+0.4 

195.5(. 

159^1—0.6 ! 36 
30. 1—0.4 ! 23 
139 1-1.5 — 

07.6i — 0.4 — 
2S.6j— 0.2 | 17 

175 — T""lA2S6j 7. 

139 '-1 j — 1 - 
122.7- .1 f 
131.9 —1.7 i5S 
247.6— u.u 
129 -1 87*1 4.2 

141.5+1 |.S0.Suf .9 
118.4-1.2 ;42 .b 7.5 
41.4+0.0 ;50.2n 1.1 
388 + 2.5 1 35 |4.2 


0-3 3.8 
S.7U 8.1 
9.1 
nn. 1 J* I. 


■COPENHAGEN * 


A. IS- 3 


Priw [ 4-^ j Dlv. |1'(U. 

Kn incrl — | J | % 


Amialstanken — ; 

Dmru+e Bank 

Boat Astat ic Co...' 
Ptnaodhanlren. — j 

For. tapir.„ ) 

jQaddof Ssiik I 


ISBlg 1 I 11 


126*4 1 — *4 

1 66131.. 

138l][„ 

381 ;— i, 
80 1 + Ifl 
ia*f I— la 


Q J/tb’n H.(Ki90j 274 I+U5 


Aocd.Kihel^ 

OtieiaiBlk - 

Jtyvathank — 

Pro«instank 

iopb-Bcreoren.... 


199J, 1 — 11, 
96 j+2 

133 I k.i 

l*Q*\-U j 
414 I 


fittperfoB. 193 




7.9 

9.5 

7.2 

9.7 

SA 


8.6 

3.9 

9.0 


VIENNA 




sy 

nm 




m 

m 




10 



273 


9i 

3.3 

Seleita 

625 

:-4 

38 

7.7 

Sempeji--- — i 
Jiteyr Daimler ...J 
Veit Magnrah— .1 

218 

pr 

a. 

3.8 

BVb 


10 

4 A 


Araht Glam 

Canon 

Casio.™ 

C-buioo 

Dai iVippofl Prim 

Fuji Phot.* .... 

ET tlnclii 

Honda Union 

UuiraeFiKvl ‘1,230 

C. Itnh j 251 

Itn-Ynkailo il.SlO 

Jauw- ! 670 

J.A.L. i2.69U 

Knhmi birai Fw.jl.210 

Kwiattu..- ' 329 

Kubota- - 280 

Kyoto-Ceramic ... 3.850 
Matauabim IekI... 1 708 
Mitsubishi Bank J 280 
MiimiblBbl Heavy 
Mitaubisbl Corp- 1 

Mitsui A Co— | 

Mltaalmbi... 

Nippon Denwju... 
Nippon Shinp&a..] 

Nma Motors _.j 

Ptoneer 

Sanyo 'Electric....! 
fieklwri Prefab .... 

abiwalo...... 

6ony— '1.520 

kaiabo Marine....! 236 
I'akcria Chemical J 412 

IDK :2.03 d 

let jin 1 il5 

Lukyo Marine 485 

I itkyo Kierl Fi.a r* 1 1,1 Id 

Inkyn rat nvo 1 520 

1 "ray ^ 1 35 

loBbir«'i.'urp • 143 

loyrila Jlntnr. f 857 


-20 

-13 

1-5 


Ilf 

1 — 18 


AUSTRALIA 


- Aui;. 8 


.Auat. $ 


|+_« 


15 > 1.9 
12 ! 2.6 


+ 1 
1-60 


18 

35 

12 

30 

13 


1.7 

1.4 

2.4 
1J3 
1.0 


-20 - . - 


:— 10 ' 10 ;‘4.i 


-2 


i — 30 
-22 


185 

450 

315 

674 

L390 

742 

755 

L560 

241 

898 

L120 


-1 

-5 


1—3 ■ 
-40 


1-50 
+ 2 
— 3 
— 10 
—50 
—2 
-11 
— HOj 


IB i 2JS 
15 • 2.7 
35 ; 0.5 
zo ; 1.4 


-50 

,-S 


L8 

4.8 

L4 

2.2 

L7 

0J5 

OJ 

Ll 

L6 

2.5 

L7 

0. 9 
L3 
2.3 

1. B 
U.7 

4JJ 

1.1 


; -l 

‘-7 


a 3.6 
1 12 , 1.9 

' 10 n.5 
i«. : 3.7 
1 an . 1A 


Source NikBn SecunruM. Tokyo 


BRUSSELS/ LUXEMBOURG 


Aug. 8 


J Vico 
Fn. 


+ or 


DivJ 
FrUYkl. 
N«| * 


ArOerf ,2.460 

Hekert ■•8" 2.130 

CJI.B. Cement -iL 152 

LVn-kertll 1 CAB 

EUKb .12,250 

Kiectrobell ;6.840 

Fabnqne Sal 2,7rf5 

li.B. lnuo-Bm '2.J05 

Qevam 1,350 

UHL (BruxLi 1JS35 

Hohnken — 2.475 

Imcniitn 

KmtietUaub ,6.920 

Ui Knyaie Beige. J5.670 

tan Homing J2.810 

Fctonliw +5,780 

Gen BaiuiiH'..i3,055 
Soclien lieigiKue(2.00O 
~wfina_ .7* ®*=* 


J — 55 I - 

;+io |H6 


1—16 
;+5 
[—15 
+20 
+ 5 
—5 
18 


|-25 

—id 


3.255 


■"wvav 

Traction Biert I 

LCB 

l : n Mln.ll/10l I 


Vleille ilaQC*unell,860 


2.470 

2,650 

916 

770 


1 + 20 
b 86 . 

1-15 

1-15 


100 


177 

1430 

170 

150 

89 

164; 

170 

142 


5.4 

&5 


AUUlLdStceou)...^— . 
A cron Aumrslla 

AMATIL8L 

Atnpol K-v plural 1<w...— 

Ampul Petroleum....— 

Anoc. Mineral*—.'. ! 

Aawx.'. Pulp Paper SI— 

A®**. Cun. InriuMiiea ' 

Air->r.Fi,mitailim In . 

A.N.I 

Aiiriimiv i 

Anal UU 4 (■**..— | 

Hainlmri Creek Gold • 

Blue Helal llnl..— .—.—....I 
Bnugiiinvifip Copper— ..—I 

Brain hi ca Iminatrin. 

Broken Hill lVupn«iarv....i 

BH bomb > 

Carilou Culled Brewery... 

l»K (Sl> 

Cock burn Cement— 

Cole* (G. J.) 

Cona, Coldfield* Au« 

Container (SI) - 


Consdne KiotanW— 

Coauun Auotralia , 

DuraJojj Uubber ($1) 

KWw-am ilh...— J 
BA. / mi nerriee. 

Den. Property TnMt 

Hameraley — 

Hooker 

ICI Australia ... 

I nier-Co| >per I 

Jennings (uillwtriM— ..— -I 

lone- (David) — — ..I 

Leonard Oil I 


-Metals h'XMlorarinn ,J 
II I M H0I1 Imp- —....[ 


7.8 

6.0 

9.1 
6.5 
6.3 

10:7 

6.8 

9.2 
AA 


i22bi a. 
S2M 2.7 


+ 50 
+ 2 


'—1301 


174 

2U3 

14u 

215 

.VaStol 

17u 


50 


4.6 

6.7 
7.0 
6.6 
8.5 
6.4 


6.5 


SWITZERLAND ® 


Aug. 8 


Price 

Fra. 


Aluminium ... -1,215 

HBC 'A' -1 1.590 

CltaGeigv Fr.ioot 985 
Do. Purl Cert. 775 

Do. I ley 1 566 

Craiit Siilw 2. 170 

Klcctronntl ... iL885 

Flaclier (Uenrgei.) 660 


-hor 


Dlv.iVId. 
% : % 


Uyer Koirelun.., 1 

McJmOu, lutertutUcHMl | 

Surih Broken H'dinca IGOlt 

UaVlimlce. 

Oil .-iran-fa 1 

Oner Kxjjionutwt— — J 

Pioneer Concrete. ’ — 1 

Iteekitt £ Col aura.. 

H. C. Sleigh.... ; 

south bum Mining 
■^(KirurM Kxplarathm — - 

Tootli iS) 

Wu/inas 


Wwicnra U Inlug (Mcentsi 
Wool nrorths...— - . 


T0.6S 
tA«7 
T2.15 
tl.42 
10.89 
tL35 
tLk4 
U.65 
1 1.1.8 
u:4b 
to.40 
ta&5 
(0.30 
II. <5 
tl.48 
11.80 
t8.02 
*1-25 
T1.80 
t3.26 
*L30- 
*2.16 
*3L25 
* 2.68 
*2.98 
+L60 
*1.36 
* 0.86 
*2.32 
*2.88 
11.63 
*2.45 
*0JB1 
12.18 
tO.la 
*1-18 

*1.18 
*025 
T0.32 
12.30 
*1.> 8 
*2.30 
T0^36 

*1.40 
11.92 
TO. IS 
10.46 
+L58 
T3JOO 
*0-79 
10.36 
10.45 
*1.90 
10.87 
*1.59 
tL60 


'-9M 


1+u.ul 

i-flJll 

,+O.fll 

l+O.Dl 


+ 6.02 


+0.01 


;+0/S 

l-STte 

+0.04 

+0.09 


+0.06 

1+0J5 

1+0.02 


W.01 

Miz 


1-0.07 

1+d.bS 


r+QJ)1 

1 

-mil 


;«d.oi 

1+0.01 

1-0.02 
I -0.01 
|MU>6 
+0.01 


BRAZIL 


Aug. 8 


Price" 

Crui 


T* 


Z5wIYw“ 

Hlv.l % 


•nw 1 
•Iv. 


.toslw OP 1.02 ;+Q.«ja.l2'(UK 

Banco df>Braril_.‘ -1.85 -D.tS J.17 9.1B 
Banco I tan PN ...| 1..-2 — .0.37jMJH 

Bcliro MlneinOPi 1.33 -0.02iJ^8|6£)l 
Lyra. .Vmcr. OP.J 3.61 -D. 8!JJC'o.54 

Ferrohras Pt*. ■ 3^>2 +O.Ol;d.l3[3.(t9 

PirriN..^, ! Lbu ! iA.lt taai 

■ouraCnuOP-1 2.79 i+O.M 1 -Aldid.B4 

i mp PK. 5.70 ,- 0-254.30 

Vale Hi .. Uoce PI-j l..S ;-l.n .1^1, 40 
Turanver - Cr.1l6.2m.. Voiiune. 80.4m. 

- Soaree: Rln de Janeiro SE. 


OSLO 



iPrfcx 

-Pur" 

"JS»v 

YkE 

Aug. 8 

Kroner 


■0 

% 

u«n?Hi Huii...’... 

99 


9 

9.0 

dCHTenuurt 
(JredU&nk— ... 

- 79 
113 

+4J5 

u 

a78 

Kreditka— e«i 

850 

109 

+7.5 

20 

11 

8J) 

10.1 

NorakH^tmlfTtf 

300.5 

—3.5 

13 

4.8 

Storetaand. 

88.25 

+ 0L7B 

7 

10^ 


JOHANNESBURG 

MINES 


+tL02 


-D.01 

1 - 0.10 

1+0.01 


+ojn 

+B.02 

MUK 


PARIS 


Aim. 8 


Price 

JEL- 


Uenie 4) 1 

AM'iiie Uccrl't'e.! 
\lr Lq utile. 


741.3 

427. Oj 

325 

b76 

*07 

874 

a27 


8 
10 
22 
22 
Zli 
16 
10 1 
5 


Hn8QULiiPt.Cert3J66.000 :-17S(^110tl| L7 
-25 


Hi*, (snialll.— ..,6.675 

Interfmrl B 3,1100 

Jenw.li (Fr. UO/.J 1.515 
AeatieiFr. 100).... 3,405 
Du. Keg _-.ia.a30 


OerllkunU.1 FJsa0)j2,62O 
Pirelli aIPiF.100)! at9 


SenriiM [FrJS0)—l3.725 
Do. Part CeH«..l 410 
ftcbhxllerCt Fit 
sulrerCt (FrUXD.1 
aataelrfFJsO)...] 

Swiss Bnt (F.lOOl! 
dwissi 



Union Bank [3.u70 ] 

Surlob lo, .. 22,300 p25 



MILAN 


Aug. 8 


A.MC.. 


Uutcei — I 

Fud 4 

DalTiv 

rtn»(dcr.............| 

Itaicemmi 

Ilalalder.__ 

Mvliotianra. . 
Miiitteflisnn ...... 

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(ul, Vitumw..., 


Price | + . 
Due — 


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hire! % 


150, 8.3 
150^10X1 

600! 4.8 


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1.505 Lg 
142 i+6.75[ 

12.6S0]— 20 
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160.31 + 3.5 1 1 

1.048 1-2 
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ClubMerliter—... 
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Crensnc Lnire 

Duma ... 

Fr.Prtmle* 

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Jawjuea Bore). — , 
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liaisons Plienu.J 

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tarttias. 

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fieri oute 

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385 
L065 
-381 
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122.5) 
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745 
144.9| 

196 
65 
148 
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L/lOi — 14 


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4.6 

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296 
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INDUSTRIALS 

AEC1 S35 

Anglo-Aiuer. indOBirtal ... 10.40 
Barlow Rand ............ 4J& 

CNA Investments ; *1.«S 

Carrie Finance 050 

Dc Beam Industrial *1125 

Edgars Consolidated Inv. 443 
Edgars Store, 28,00 

EverRaady SA 1S.0SKI 


—8.02 

+8.18 

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Krone 


AUA Ab(KrjJd)... 
Alta LairaB(KriO) 
A3KA fKrXC)...^ 

AtbuuCofcoUCraft 

Blllernd. 

Bnfors 

Cnnlo. 

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Klert'lus'B'OCraoj 

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Crcarermans Stores •.« 

Guardian Assurance (SA) 2J0 
fl alerts t m 

Urt£rttay Rodwny o.w 

OK Bazaars y.so 

Premier UlUlng ye.DB 

Pretoria Cement 3,45 

Protea Holdln&s — __ j^g 

Raod M ine s Properties — £.30 

Rembrandt Croup 3.50 

.. — 0.41 

la ^ jjs 

c. G. smith Sugar , tt 

SA Breweries L49 


—8.03 
+0.03 
+8.(0 
-0.1 U 


+ 0.03 


+9.10 
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+0J« 
+8.85 
— OJB . 


-IJ* 


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Tteer Oats and Na'ti. Mlc. no. 06 
uaisec 


+9.01 


Secarilies Rand U.S.50.72} 
fDiscount of 3G.9%) 


SPAIN ■ 


Anana & 

Aslaad : 

Banco BUliao 

Banco Atlantlco (l.8(»i 
Banco Central . 


Per ccflt 


Banco General 

Banco Granada (i.ooo) 
Banco UlEBano — ... 
Banoo Ind. Cat. a.ooQ) 
B. DM. Uedhemnco... 
Banco Popular 
Banco Santamier (250) 
Banco Unmljo (l.(XX0 
Banco Vizcaya 
Banco 2iaragnxann - 
Banksnloo ... . 

Banns AabJacte — 

Babcock WDcox ... 

OC 


Draggdos 
Inmottanif - 


B- L' ArsgoncSBd 

Espanola zhw 

E*«. •Rlo Tlmo 

Fecsa (LOOOi 

Femm rL09fli 

Gal. Prodadn 
Grenao Veiazaner f« 0 ) 

Hldrela - 

tberdnero ; 

OlfUTa 

Papekras Rcualdaa 
PetrolUier 

Putnjfcros 

Sarrio Pa Dal ora 

Sauce • 

SogeKsa 

Toms Hufitench 

Tobacex 

Union Elec, 


r^§i! 

















































































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'* *CT|Vi CTOCE 












Financial Times ' Wednesday Avgast d 1078 


farming 




Bill makes 
progress 

liifi u.S. Congress ag rtaitiiny 
committee has' approved a five- 
year sugar support' prograatme, 
which wouW give domestic pro- 
ducers a starting price- guarantee 
of. IS cents'-a poxmrL 
A .motion -tp send the support 
programme BlJjLto the faji Home 
for action was carried by 37 
votes to seven;:; 

The committee's Bill' originally 
called for * T7 cents support 

S rfce, hilt proponents scaled that 
own to IB' cents in the hope of 
smoothing the scheme's passage 
through the House and maHwg 
it possible for the Government 
to accept the' measure.' ' 

The Administration had said 
that President Carter would veto 
a Bill, containing a .17 cents 
support 

Representative Paid .Findley, 
who apposed '-'the; v measure, 
argued that the support level 
would probably return very close 
to 17 cents in. the course. of eom- 
promises - with a^nate- Billf yet 
to be developed. • ' . 

He was sure “'the Senate will 
insist on a level of 17 cents or 
higher. The conferees will com- 
promise ori'.a ■jrice ' just a 
whisker - -under the 17 cents 
which President Carter has said 
he will veto. 

“That whisker 7 will protect 
nun from following through trn 
his veto threat and get the 
Administration off- the hook/* 
Before passing the Bill, the 
committee deleted - a section 
which ‘would have: exempted 
from its quota provisions sugar 
destined . for - use - in- livestock 
and pet food. 

Renter ‘ . : 



19 


VR- RI ALS 



to lift 
import ban 


Peru may 
cut copper 


shipments 

LIMA. ; August 8. • 
PERU is considertng^ declaring 
force majeore-. on copper' ship- 
ments because of toe-day-old 
strike by miners, " according to 
Minero-Peru..: . 

The smelter and- refinery 
complex at- La Droya was^at a 
standstill and consequently pro- 
duction- .was seriously reduced, 
Sr. Dante Bramb0a, : .director- 
general - of JUnero-Pero,: said 
here. • ... . 

“Our clients win be informed 
in due course," ha addedi \ 
Reuter ' ■ . 


‘ BY CHWSTOPHER PARKES 

refused As things stand- the eventual guarantee, 
mission in surplus this season could The total cost of the basic 
if S m ^ ^ about 500,000 tons or more, buying-in scheme for the surplus 
O®*** 18 estimate that supply may be about £22m. Of that, 
^ yew exceeded demand by £l6m would come from the 

““Jf 25 ?-°°° 300.000 tons, .a Treasury and the balanw from 

mmi the UK> .Community pan- Market prices have been down the special reserves held by the 
“ ers ' as low as £25 a ton in recent potato board and built up with 

It now faces n^al action in dfl y s , compared with the official farmers' contributions 
the European;' Court- 'Of Justice, guaranteed price of- - £44.64 a The support action is. not 
probably . -in- September, which t° n - expected to have much impact 

could, force a .change of policy. Full details of the new market oo retail prices They should 
However, at.the 7 . same time as su PP°rt scheme have: yet to be settle at about 5p a pound on 
this Government snub to Bros- out, although the Potato average, compared with 4}p at 

rels,- the . Ifinififiy. pf Agricul- Marketing Board is - being present, officials claim. Green- 
ture announced -ft £22m national P resse ^ to distribute the Informs- grocers may- have to absorb some 
support schmnelfor- the potato - 00 registered growers with- reduction in their margins, 
market here which should ensure 111 1116 Dext 10 *P 14-days. Shop prices at present are not 

that British growers' prices will The board will approach all reflecting the recent sharp fall 
be .'protected regardless of the fanners on its books with a in farm-gale returns on potatoes, 
outcome- ,-of' tbe . " conxt case. specific offer to buy about 10 In the past few days, however. 
After ;a .protracted exchange per cent of their total crop- They farmers’ prices have improved, 
of opinions between;, London and will be able to take up the offer If the current glut — mainly 
Brussels, the Co mmissi on told or leave It, and the Ministry early varieties— can be cleared 
the Government on /July 7 that expects to have a clear idea of from the market, growers of 
it had one .-month- in . which to the tonnage of potatoes under its xnaincrop potatoes who reduced 
[-lift its ban. ..... control by October. By then it their plantings considerably this 

' Whitehall’s riposte, sent off should also have a fairly accur- spring may hope for a move 
yesterday, said that Britain stood ate estimate of the total harvest stable season with steady prices, 
-by Its . argument Jthat: in the Ministry officials made .it plain In the meantime, the Council 
absence t of n. M c<B aamn ” market- yesterday that they .were leaving of Agriculture Ministers will 
ihg -regime for potatoes it had their options open. If further continue its discussions on the 
the right .to continue operating support were needed, it might be establishment of a Common 
its own potato market scheme, introduced later in the season. Market regime for potatoes. 

- Any. relaxation oL the import The long-stop support provided The Potato Marketing Board, 
controls cdnld;be..dlaartrous for in case the' other measures fail which will administer the 
farmers- who^ ^ are-ciureiitly lift- to snrtain prices will be a support progr am m e, welcomed 
Ing bumper potsdo-erops. Pro- deficiency payment -from the tbe Ministry announcements and 
dbetion has -boosted by Treasury to make up the' differ- hoped that the - action would 
'heavy rain durffig.the recent ence between, the overall aver- raise prices from “ u n satis fa o- 
-critical weeks an^ an unusual age price farmers earn for their Tory and unnecessarily low 
absence. of ' disease^ r . crops during the season and the levels.” 


Decline in UK sows halted 


BY OUR COMMODITIES STAFF 


THE j^CTinffi to tile number 
of -.breeding sqro ; on_ UK pig 
farms appears -J® have ended, 
the. Meat and livestock Commis- 
sion -reports^ ■ » . .- ; r.-r> - • 

While numbed climbing 
rapidly in NortlMam. Ireland, 
however, there evidence 

that expansion ^ h^i started yet 
in mainland BrftaiBf.-; !• 

Working without the benefit of 
the Ministry of ^Agri culture's 
June census figores; r lhe commis- 
sion suggests that In- view of the 
tendency overtire 
for farmers tOr' 
females on their 
the- art In the n 
sown being 
expansiart : can, 
soctcui ' 


12 months 
ore young 
and also 
of mature 
some 
expected 


Pigmeat output was still well 
below last year's level and 
slaughterings would remain low 
until March or April next year. 

Despite an expected It) per 
cent increase in slaughterings of 
lamb this year, prices were ex- 
pected to' remain firm, and 
further Increases in returns were 
forecast for 1979. 

UK lamb - exports rose 8 per 
cent in the first six months of 
this year to 23,400 tonnes. 
Prance remained the single most 
important market, even though 
shipments there fell 14 per cent 
compared with trade in the com- 
parable period' of last year. 

Imports in the first half of 
the year fell 15 per cent to 


120.500 tonnes, mainly because 
New Zealand increased its trade 
with alternative markets, not- 
ably Iran and Greece. 

Although New Zealand's lamb 
production was expected to rise 
this year, overall exports to 
.Britain would remain unchanged. 

Reviewing the beef market, 
the commission reports that 
total supplies rose during the 
first half of the year as home- 
production and imports in- 
creased. Exports rose only 
slightly. 

Domestic output was expected 
to faU below last ear's level in 
the second half of the year, 
however, and imports could alsn 
be lower. 


Upturn in 
coffee 
market 

By Richard Mooney 
COFFEE PRICES moved 
sharply higher on the London 
fn tores market yesterday, after 
a week of very quiet trading 
The recent depressed tone of 
the market was continued in 
early trading, with the 
November quotation slipping 
£20 lower, but modest roaster 
buying was attracted at the 
bottom and prices began to 
recover. 

v Talk of producer price sup- 
port accelerated the rise and 
.by the close November coffee 
was standing at £1,18&5 a tonne 
—op £50 on the day- 
Some dealers thought the 
price rise wag encouraged by 
news that Mexico had re- 
opened coffee export registra- 
tions. It has done so, however, 
at a minimum price of 130 
cents a kilo, which is well 
above the level ruling when 
Mexico suspended exports on 
July 24. 

.- A warning that coffee rust 
disease Is spreading in 
Nicaragua may also have 
influenced market sentiment. 
The disease has been confined 
to the country’s Cuarentena 
area for the past two years, bnt 
Is now reported to be moving 
north towards the rich coffee 
lands of the Managua Sierras. 

The Nicaraguan Government 
bias been complaining for some 
time that its Central American 
neighbours have not given the 
assistance they promised to 
help eradicate the disease. 


Brazil soya 
crop estimate 
reduced 

RfO DE JANEIRO, August S. 
BRAZIL'S OFFICIAL statistics 
body, the Institute of Geography 
and Statistics, has cut its 1978 
soyabean crop estimate from 
8.08m to 8.96m tonnes. 

. Tbe Institute, which is part of 
the Ministry of Planning, puts 
Brazil's previous crop at 12.51m 
tonnes. 

t CACEX. the foreigo trade 
department of the Bank of Brazil, 
estimates the current crop at 
about 8.5m-9m tonnes. 

Trade forecasts still vary 
between 8.5m tonnes and 9.5m, 
with little alteration in most 
people's ideas during the last 
month or so. 

PReuter 


KENYAN AGRICULTURE 


Expansion plans for 
fly-killer flower 


BY OUR NAIROBI CORRESPONDENT 


PYKETHRUM GROWING in 
Kenya, the world's major pro- 
ducer, has been falling back 
badly is the -past few years, due 
to a combination of factors such 
as abnormally heavy rains in tbe 
growing areas, the replacement 
of old plants with new high con- 
tent material and poor incentive 
prices paid to the growers. 

World markets can take at 
least 15,000 tons a year of this 
natural insecticide from Kenya. 
This total was achieved in 
1974-75, but since then output 
has dropped — to 1A000 tons in 
1976 and to au all-time low of 
11,430 tons last year, which 
nevertheless brought in £K7.5xn 
in foreign exchange. 

Kenya's Pyre thrum Board is 
now making plans to revive the 
industry, -which has always been 
high on tbe list of Kenya's 
agricultural priorities. Large new 
planting areas are being opened 
up, better crop management 
fostered and better producer 
prices offered. 

The board’s target is to pro- 
duce 18,500 tons at least next 
year, and to add another 2,000 
tons by the end of the decade. 

Environment 

Kenya produces what it 
believes is the best pyrelhrum in 
the world. Its main markets are 
the U.S., the EEC, Australia and 
South-East Asia. 

Competition from artificial in- 
secticides is keen, but the pyre- 
thrum men believe the natural 
product will always have the 


edge over chemical insecticides 
— especially in these days of 
environmental concern. World 
demand for the natural product 
is increasing. 

In Kenya, pyrethrum yias once 
grown on large plantations, but 
in recent years it has tended to 
become a small man's crop. 
There arc about 70,000 acres 
devoted to the crop which sup- 
ports some 100,000 people, many 
linked to cooperatives. An acre 
or two devoted to pyre thrum is 
quite common. 

The original seed was sent to 
Kenya in 1929 by the plant patho- 
logy department of the British 
Ministry of Agriculture. Since 
then, pyrelhrum growing has 
become a big industry. The 
Pyrethrum Board operates a pro- 
cesJng factory at Nakuru, the 
heart of the growing area, a 
laboratory to analyse the flowers 
and their extracts, and a plant- 
breeding station. 

In the hunt for new areas of 
development, forest workers, 
hitherto allowed to grow only 
subsistence crops, are to be 
recruited into pyrethrum pro- 
duction. If the land is needed for 
afforestation the plants can be 
transplanted after three years. 

The little white pyrethrum 
flowers, which belong to the 
chrysanthemum family, grow 
well along the sunny hillsides 
of the Rift Valley and on the 
slopes of Mount Kenya, where 
rain is plentiful and night tem- 
peratures are low. Other areas 
have been and are being opened 
up. however, aud now Kisii, to 
the west, produces about 60 per 


cent of Kenya's output The best 
altitudes are from 6,000 to 9.000 
feet. 

Now that world demand is on 
the increase, growers are being 
urged to take advantage of the 
trend. The importance of caring 
properly for me crop is stressed 
at small farmers' meeting?. 
Growers are told they can only 
obtain high yields and high 
pyrethrum content if they plant 
clones from high-yielding strains. 

Co-operatives 

After delivery to the Nakuru 
factory the flowers are ground 
and sifted to a coarse powder. 
Liquid extracts arc made by the 
application of solvents which, 
when refined, produce a high- 
quality concentrate u*ed in 
aerosol sprays. Flowers are also 
ground to a superfine powder 
used in the manufacture of 
mosquito coils. 

Pyrethrum growing is one of 
the many ureas in Kenyan 
agriculture where small farmers' 
L-o-opcratives dominate. In 
Kenya, co-operatives account for 
about 90 per cent or production, 
with 1S9 co-operative societies. 

Second to Kenya in world 
pyrethrum production is neigh- 
bouring Tanzania, where there* 
is one processing plant and 
another planned to produce 
between 6.000 to 7.000 tons a 
year. The industry at present 
produces about 14,000 ton* a 
year and in Tanzania, also, 
there are moves la step up pro- 
duction as a result of growing 
world demand. 


Bigger Australian sheep flock forecast 


AUSTRALIAN SHEEP numbers 
should recover to between 145m 
and 155m in tbe early 1930s from 
the present 23-year low of 130m, 
according to Mr. Lionel Ward, 
corporate planning general 
manager at the Australian Wool 
Corporation. 

Addressing the Victorian 
Graziers’ Association annual 
meeting, Mr. Ward said that 
shorn wool production could 
rise to 6S0m-750m kilos (clean) 
in the same period. 

This compares with a forecast 


615m kilos in the 1978-79 season 
(July/June) and an estimated 
603m in 1976-77. 

Mr. Ward said that his fore- 
casts were based on the assump- 
tion that there would be no big 
wool price increases in real 
terms to give an incentive for 
greater numbers, that sheep meat 
and live sheep exports would 
continue to rise, and that the 
long-term beef outlook would be 
stable. 

TTends in supply and demand 
suggested that wool growers 


MELBOURNE, August S. 
would see a continued erosion 
of their terms of trade as costs 
rose faster than prices over the 
□ext 10 years, he said. 

Considerable importance had 
to be placed on reducing costs, 
as prospects for higher produc- 
tivity were not good. 

Synthetic fibre output was ex- 
pected to continue well in excess 
of demand, resulting in a highly 
competitive fibre market, he con- 
tinued. The consumer demand 
growth rate would be about half 
that of the 1960s. Reuter 


COMMODITY MARKET 

BASE METALS 


£737. SB. RartK.' 
ST4fcft 4L : 



RTS AND PRICES 


COPPER— A atedb enter- an balance hn'Tu* U M l n«a 
L 2£t M i Mwb! After n 

on T^ravLan.msovhes fofte«tn« (be •Strike- 

tmlei throughout tl»<tay with Ute only 
feature betas a. mnvwtaff.of the Wntanso 
to riSf it one whit on hopes of lower PSj’SfL 
interest rales. Turnover J%IH5 .names. ^d^tpanes. 

A Tr ia l s ga nutt ed Meal Tradfmr reported^. Morumff-i 
llui in the njnrnioE caMrartrebara traded SO, 36,- 
at rns. three mnuibs m IS, 43, AM. 4C EMKL 
Cathodes, ash X731.5, three months X7«L 18520, 

Kerb: Winters, three months 1744, ,44.6.. .Kerb: 

<s. 45.5. Afternoon: Wire bars, threw - LEA 

months £743. 43. 42* IS. €L • 4S* . fl* 

40.3, Cathodes, casb.xno, three mouths 


three months the day’s lowest level of 03 5.5 which f jts A 17VTC 1 airicnltural committee bad approved a Webbs OJM. Rhubarb— Per lb. outdoor 

reflected profit-taking and the MI\/vLLv3 -48. cents domestic support programme and 8.08 Cuc umb ers — Par tray 12/24S O.so-i.oo 

_... **_ !* * recent physical demand. Turn- LONDON FUTURES CGAFTAI <Jrata . a * lorl ' cn ' rcrt,IS developed, As a result, MuAreamB— Per lb 0-40-8.60. Apples— 

Till Easier. - TonrarttyaUulWd metal over TWO tonnes. - markets were quiet, wtih some cotnmer-^ibaB' the losses were recovered by the Per lb Grenadier D.0S-O.U, Georae Cave 


■ nieil f.1 UIR4»^H UUP qmuit WUXI W* Ml 1ST GUUUUCI- — , “ it — — , 

Vondu:' Cflhb £323. 23.5. three months dal beryizu Uk the spot ™nrtq? betotag- f™* 1 c - Cgarnlfcow rep orted. 
m mi*a £328, 17* 27.25. Kerb: Three months a modest rally. Values Improved by up r’diumr] 

thi» ■(?!*« f 328 - Afternoon: Three months 1327* 10 35 points, but sellers over the market • jw S-, 

-• 27,- M* .36. 38* Kerb; Three mouths always restrained any real surpe, ‘Adt'i 

Mffl. *?• *•* 26. 35* reported. By the close, ealns of between 

- — 10-28 points had been registered to thin 

or conditions. 



lard, three months 
Standard, three x 
Standard, tlra months 
‘«5I». OJ65. 10. 03. 18. M. 
three months £8.32*. 15. 


LHAD j 

' a.m. 
Official 

+_or 

pjn. 

Unofficial 

t+jr 


- £ | 

£ 1 


1 * 

Gub..._~ 

2B2-.fi 1 

— JB.Bi 

380.5-1! 

1-3 ■ 

3 months. 

327-2B-.5, 

-4JT 

386-7 1 


SeK’m’nt. 

522.E 

1— 6.S 

* 1 

j-2JB 

,UjJ. Spot- 


L~d 

31.33 1 



t'estenday'B) 

Close 


Previous 

Clow 


Business 

Done 


WHEAT 


£ per tonno 


M’nthl 


Sept. 
Nov. 
Jan. 

ZINC— Lost around in line wttfa copper Jjjw. 
*nd lead. A steady opening around £838 Mar 


BARLEY <**...11 fll.4S-31.4fil 

[Yesterdays! + or [Yesterday's) + or jSt'iTf 'S 

TJTJn An# H0i.80-Oa. 106.75- DfiJX) 

tnig Urt 107160-87 108.75-OS. 50 

icMo ^-■JiiMP-iiisItii-re-it.oo 

1+0.85 Sales: MBiTf 2.877) ‘lots of‘58 tomies. 


85.40 

87.65 

9u.no 

93.10 

95.70 


1 + 0.20 

t+0.16 

I+0.1B 

i:si 


79.25 

81.90. 

84.65 

87.05 

B9.75 


0.15. Brantley DJ8- Tomatoea— Per 12-lb 
1JHH-40. Cabhagos— Per crate 0.86-1 *0 
Celery — Per head 0.08-0.12. Caufnowers— 
Per 12 Lincoln I.0O-L50. Bread Beans— 
Per lb 0J174UB. Rnnaer Beans— Per lb 

Such O.J54JO. Ground 0 08-000. p 

1 Per lb 0.058.08. Cherries— Per tb Black 

0.45-0.58, While 0.48. Beetroot— Per 28-lh 
95.2S-Sfl.40 0.60-8.80. . Carrots- Per SS-Ib 0S8-L28, 
9B.00-W.2B Cppdcoms— Per lb 0.164.22. Courgettes— 
180^5^7.35 Per lb 0.07*10. Onions— Per has L40- 


Sbrwiiref metal itaivod j*aa followed by mode* profiPtairai* and d J- 5 granidaied basts' 'white' augar was ESL85 ter^ne: Shelf cal aaWLfiO. < codhiwa 

e pre-market but *ab- l«ui liqnidaUop_whii± depressed the Brice K .7^TTr; <**“e> a -tonne for borne trade and lareo haddock 14.06 -HjO. 


102^6-89*1 1*0. Swedes— Per 264b 1 KM JM. Turnips 
108*64)8.00 —Per 264b L00-1.58. Mums— Per lb Lax- 
108*6417*5 tons 0.15. Rivera 8*5. Czars 0.16. 

— * 

GRIMSBY FISH— Supply gaud, demand 

Tale and Lyle es<eflnery price for flood- Prices at ship's side (unprocessed 


on the pre-market 


COPPHU 


Wireibore 

Cash. 

3 months 
clcttl'm’nt 
Catkodec- 

tW h 

3 month.* 
Bent' m'ntj 
U.tL Smti.i 


• Ji.tn- 
Offldal 


+ . w f 


784*5*— 2 
743.541 Z*| 
725* 


J1- 


78L5-2-UU 
739. 


139.5-40:— 3' J 737JM 


p-m- 

UiujfScial 


{721JS2-5 

740-5-1 




feSteck to'doeea shade above •» £3=5*6— chw day's lowest point-on the « 052-00 (name} far export " roediwn haddock £L50-£L9i). smafl haddock 

hue kerb. Turnover 6.100 tonnes. lateruaUOMi ^ SwarT Avtement (U*. £2-06X3^0: large plaice £4.40-14*). mccLum 





(+tor Moral ns: Three months 029. 2S. IS* cents per pound tab and stowed Caribbean Platoe 14*0-14*0, best small plaice £3.50- 

— Xert: Three months £328.5, 29. . • Aftei^ . 49W*8. May pont. Prices for Au* 7: Dafly 7*5 £4.00: lame stdnned dogSab £9.00. medium 

-—■ noon: Three months £327, 2«* 20, 25.5. ™ K,w - (6.76); 15-day average 8.42 (8*71. skinned dogfish £7 00: large lemon soles 

U£ . ‘Kerb: Early Nov. £328. three months IMPORTED— Wheat: CWRS No. L Ufi £5.00, medium lemon soles £4.50: rockfish 

It— 73. £325*. .26. 25* per cenl. Aug. £91.75. Tilbury. U* Dark WflftT CII T I f PEC £2*0-£3.00: sailbe £L86-n*0. 

'rW*B ” j kiT^i Northern Spring No. 2. 14 per cent, Aug. fTUUL "Ui UXLCo 


. . ZINC 


661D-30 1—85 I 


719-20 -Mtei-Z mnnsteJ 5820-30 -47.B &315-20 -jULS r..^ i 
757-S-8 .I+ *E Settlem’cJ: 6030 " —83 - _ ' 


7S7*« -J+JB Sagem's. 

; 3 17 37 

— 0 . ..Sew York J 


3monOiB.J 
“■■** ffraent-. 
^ Prm.Wc*t) 


a.m. (+ oi 
Official — 


e 

319-20 
328-.fi 
320 


28-.fi f-2 
» —LB 


p-nu 

Unofficial 


89*1 


*+? £75*3. ScpL £76.73. OcL £77.75. tranship- LONDON— The market was dull and 

Ba*t. Coast, setters. U*. Hard taaturtfem, Bacbe reported. 

Winter ordinary. Austrateo. Argentine. (Pence per kilo) 


I.GL Index Limtted 01-3S1 3466 - '. November Coffee 1184-lljNt 

29 Lamont Road. Xonfloii SW10 0BS. ' - - 
L Tax-free trading on commodity futures. 

2. The Co mmodi ty fatuits marketTor the smaller investor. 


Gold 

Our latest ' report which is now: 
availableroutJtnes th^ fblfowing:-- 

. I) Cu rrent Outldok 

2) Supply/ Demand Developments 

3) World Cold Production 

4) World iGold Consumption 

5) Gold Sales Programmes 

6) ..Smrv^^ 

7) GoldTi^^i^ Adivi^ j ^-- 

8) Gold Optiiais 1 

for. your free copy ctwjtbct ytwlr' neorert Contf Office ■ ; 


... Renewed jobber and Cmmnbnian Boose 
II Innfflr kept Deltas steady until- producer 
yntng conutned ibt rally, cm Duffns . 
ft 'repotted. 





Part oftiieCorttincne^;to Croup 

Geneva London, ? ^rich 

100 rue dtaRiiohe . . " WoHdTrada Ciwfpvt::' Dofoursmsse ‘3S ■- . ; 
1204 Geneva . - .. London El 9^ . 8008 Zurich r - ' 

'England *• - v * .Switzerland 
TeMOn.4881232, .. Tel: <0t) 320333 „ 
Telex: 887438" • - - Telex: 59204 . . 


Switzerland 7: v 
Tel: <021 > 21.8833 % 
Telex: 27V15- 


Hamburs 
P.O. Box 301031 


Liverpool 


Lugano 


’ Norwich House . . 

Itemford Street- -:-- •_ Via Bale*'*’ \2 
DJZOQO Hatahtirg 36- - Liverpool L2 8TA - - 6900 Lugano ; 

W. Germany • • - ;Engtad * -r - Switzeriwd _ . : 
Tel: (040). 340476 Tel: <051 >236 .6171.. Tel: <090 Z2747S 

Telex: 2163084 . 'Telex;' 629517 - ' Telex: 73941- ... 

Members of aif mojor comwodUy exchanges 

^tiatrto - C horn fmtgn 'Chicago -lirilos.- Denver - De* Moines . 
Hamburg - Houston - Kansas City - Lafayette - London 
Liverpool » Los Aoseier - Lubbock - Lu jono - Memphis 
, /Wnnd^po/I* - Now wImbs ~ New York - Oklahoma Lity - . 

Orfouirfo - Portiflnrf -StLowts- Son Diego - SanFranasfo ^ 
Sao Paulo -Seattle ^ ^-Toroiitd:-^ ^VVoshimton D.C. r Zurich * 


Li aUifi\.v «i .i -g Sovl« and EEC trades unquotedT 

-4-5 Matas U*/ French. Aug. £99*0. ann. ' * 

oztiM-o — s.6 fjafl.50. transhipment East Coast, niters. GrasyWoob Close | — 

— Sooth African White Sept-Oet jGB.00. 

1 — — — Glasgow: South' African Yefiow Sept-- 


P -COCOA 

3Teaten)ay+ 

Close 

+or 

Business 
Done . 

I7oJ> Oontr't 
tk-pt. 

itae_ 

March.. .. — 

Hay,. 

July 

(tat*. — 

Doc-. I..... 

18U9JM5J 

imwfu 

176*66*0 
1W4.63M 
T7 10.614.8 
16806170 
1870.04*0 

+ 1*0 
+ 12.0, 
+*5 

+L6 

+7J 

+*S 

182761TO 
181361785 
177B6S4J) 
17556366 
173*613.0 
171Z6D5.0 
-16626 . 


- Ceuta per pound, t On previous unofficial ^ KSto 

dose. J5M per picul. Sorgnum, Oats. Unquoted Jferemner 

P ^ - MG.CAr- Location ex-fann spot prices, March — 

Aug- 8. Feed wheat: N.E. Etagland £86.00. -May 

■' erf VFtt - Feed barley: Oxford £75.78. July — ; 

: LJV UK runnel ary coefQHem for tbe week October 

Silver was fixed 8*p an ounce lower from Aug. 14 is expected to remain Dccanber...| 
for spot delivery in the London- bullion unchanged. 

market yesterday at 28S.7p. U.S. cent ■ EEC DAILY IMPORT LEVIES and "satoaTNIl- <Bamal' lnti;“of l*00 Idiot, 
eqnfvalenta of flie fixing levels' were: premiums effective today ta order current 2SS«-™ lots oi uuu raios. 



Boats en 
Done 


PRICE CHANGES 

Price per tonne unless otherwise staled 


Ratals 

Aiurtilnlmn... 

Pree marset | -l- 
Copper **ii W.Har 
3 iuantb» do. Ik 

.... . n w , Ca-b Cathode 

feet SZsSc, np 0-5c-, thra-inonth S#LSc. taw Pins Ott^^Nov. prantums se^ b^ieS?^^^»3lc^Cotoffi’ 

4«» 0*?: tax-month 578JC, UP 0.7c; and «wW> Previous In brackets) aD to anus QcL 34 mTw 5.^ M7*fi4 7 4 8? DecS^O Leu'll**- 

13-manift 6M.0C. up 0.8c. Tbe meral rf act^r per tonne: Cmmua wheto- ^ SMa' 3 moat* - 1 

opened at Sf^aBOp <55»^W}c) and dosed 83.19. oh. tril. nil (same); Durum wheat- r^S’n.sSt' Kicke- 

H- “■ Ohs— 09.12. nU. nfl. nil (same); Maize f ™ il “ft*- 30 lots - 

— (other than hybrid tar seeding)— JT-34. »EW . ZEALAND CROSSBREDS — DuD t«>V 

trlL nfl, nfl (76.02, nil. nil, nil): Millet— and feamrdesa. Bacbe reported. Close Free UaikeL.-.L 

63.42, nil. nfl. nil (samel; grata s m g bm nt (buyer, seller, business, sales): Dec. Quicksilver (76ib.) 

— 1 7423, uU.nU.ua tVLST. 0*0. 0.66. nO), 181.0. UE* uhtraded; March 184.0, 185.0, Mivwtroyai 


BLLVBB 
_jper 
t my az. 


■■■■■■ 
jmonfba.. 
6 monUi^. 

iS monthe 


Bollion 

flxtaK 

piwmg 


1+ orj LUX 
cJoee 


2S8.7p 
206. Ip 
303.2u 
319p 


-0.1! 

+o.'i 


2B5.8p 

2S*2p 


Aug. 8 
l*( 


+ or | Moutb 
— i ago 


■ 6 BO I £680 

f t.046-86 ;sK4 L M 

£7a2 f— 2.0 ik704./b 
0740 79—2.5 'X '25.25 
C7 19.G 1+1.75X701.5 
tl737.7B +0.26 £j 22 
>2t)6.B7o| + 3.0 ' 5186.675 
d320.7fi— 3.0 Ed 11.2 
1326* — 2*5 £519.79 

J X&aob 

11.73 *1.75 

LB8 j+OJUj 1.88 


t -l.B Aten for Bouts: Where or mbced wheat ““traded: May. 195*. 187.0. untraded: July fi iumiUu.._ 

\M Bad rye — 128.07 4128.071; Hxe— HM.1S 167.0. 188* ufflraded: Oct. 188* 192.0. tin Uub 

1126 . 181 . untreded: ! Dec. 189*- 191.0. tmtraded. i iruxitb* 

Total sales: Nfl (same). Tungeten fn 


Miuommiawr I — J ItlTnltni _ 

. tM^Tornover 284 (119) lou of 10,088' TfiTO IT fXmf'TrT A DT EC amre 0 2isiHlbc * 1 

UtmCM. Morning: Cash 288*: three SLIGHTLY STEADIER opening on the MEAT /VEGETABLES 


Kerbs: Three months 393* 3* 3* 


wmtoh? M&A fiA ^ArrJtvJn^ SS LoatlMn Bira-rfcMLI marfeoL Little interest SMITHFIELD (pence per pound)— Beef: Producers 

S"f’ a wa? 00 ™ = hbro«hoB the day. clnstag on a onlei crurttrfi kflinri rMbs-SSO ta 58 8- Ulster »i 
J 9 ^ 5 - *-Zi- ^ .“¥■ 14 - note- Lewis and Peat reported i » 87 J |«S^^ MA .. DUI „ 

Malaysian tmdown price nf 2324 030 > ^1. &S t ‘« h,r> — 

fats B2.D to m.9, Dutch 


COCOA 


No. 1 
ILSJ5. 

Prevtauj lYeBt’nJayV 
Clou | .Close 

Bnsiseu 

Amp 

BepU — 
On— r - 
Oca- Dec 
Jan-Mor 
Apr- Joe 

Oct- Deo 
Jan- Mar 

fift.B0-Mjmj W.B66*M 
644664,76: 64.0664 JM 
6*40-6*45’ 5*86-5* Of 
67^5-67.411] 6*8557^1 
69.36-6S.40 &8.B0-S8JC 
61.1b-B145| 80.88-5*70 
BB.166*1&-62JI&52jfl 
8*80-8*001 8*4604.45 

54 JB 

6*465*48 
KTJ657J0 
BL4669J8 
BL8641.18 
1 63.166*50 
64JT6BA60 


i:i28 X133 

1 137.1 1 + 0.25X1 1:8.70 

r 125-3i)| a 125 '50 

<2S8.7i. '—O-l i«s8Q.lp 
296. Ip J + 5.1 1287.2 
6.605 — 75.0)26,621 
6.6 17* + 52.51 tS. 3 55 

$134*0: : - 

.134 37 |+ 1.0 If 131/5E 
317 !— 4* ! 1314.575 

325.76 
1556400 


Veali 

hinds and ends 78* to 84* 
la m b : English small 56.0 to 83.0. 

medlom 56* to B8.B, heavy 52* to 56* ti . a 
imported frosen: NZ PL 33J U» 54*. PM **»» 

33* to SS.9. Lopra Phillip — 

Pvrfc Eneutah under 108 lb 87J) to Soyabean (u*4._ 
4L8, 100-13* lb 38* to 42* 120-168 Zb 35.0 
10 40. G rains 

RnhHta (ftfamed): EagBsB lame BO Bariev kien 
to 65* ChlnB3Q 43* to 43.0. Australian Home ~ 

35.0 tu 38* >r 

MflAT COMMISSION— Average fatstoefc Vnaeb Np . s ^ 
prlra* M represHntativc markets on w t^-, 

iEWmWiB SSS! s £r,5 

:rjr nr:; £ 2 £i-*?w„“. aatsa «i 55 ytei 

Sales: 3,835 (LIS) lota of IB tonnes, 
hdamatioial Cocoa Organteatfoo (U.S. OcL 56 d i 55.75 i. 

HcantB per pound)— Dally price Ana. 71 

I fS?r r (iffi Au ^dS ■ SOYABEAN MEAL . 

Hj average 145*8 UU.74). Futami dosed £LE8 to £1J8 per name P® r »«■ average price 1283p f+8.11: 

'tom ah prices moved lower under mixed P'f* *"£1 30 per cenl, average price wmvtops m- itnn... 


8640y 

t648 

C331 

6S36r 


S26Gy 


081.9 

€99.5 


i.B j £824.575 
! Is&fiO-bDD 


+ 10.0 S660 

l£668 

X348 
£596 


-3.0 


1- i38) loa nf 5-tonncs. _ 

Phyacd doataji prices (buyers) were: numbers down 2,3 per cent average prl« p lirjl ^ 

Spot a3JS> 153.0>: SepL 55.73p (58.0j; 8Sg7p .1+04); sheep up S6.0 per cent. 1 . 

“ - — average price UB.to (+3.1): Pigs dnwn “S" FuLun 

9.9 pw cem. average price SBJp (+BJ». . — 

Scotl a nd -Cattle up as Kr r-nt aierue W*um A Itatex.... 
S^Htal+Sasir SteeTdmrn BM «“«» *«*• 


5460 
1-2.7BI&282.6 


+0.1 (£81.49 
+ 0-5 '£103 
+0.7 jroz.6 


£91.78 

£93 91.5 

1 1,850* + 11.5K.1.78 1.5 
£1.790 !+ lOlCl.riB* 

1 

t'1.188.5 + 50.0. L 1,3 33 
71JB5v j+0.1S:<J.5o. 
53.25 p : + 0.25p3.2bp 
.92 i+i.U Cb7 

adit I.„.......atl6|i 


- - dOWB i-n.rewas 1MV(kH |WMk , r . . . _ 

iyta . liuut ^tion. foflmrins ^raum^isiiBu , •MomtaaL tNew crop. ; UnoBoted. 

tUrriX las^TOhrt easier Chkaso. Reuter mJtme-Aug. nJuly-Scpl. oSept. rOct 

ROBUSTAS oscillated In a harrow reporu ”‘ 
tnwttny range for most of tbe session, 

.Prexd Burnham reported. In late aXler- 


nooh, the market rallied stxonshr and 
vo tame improved aibatanflally as last 
week's “ highs " _ 

doa*. Cold weather rumeure froth Btaxd, October — ... 
with.- the approaching full mean, and Eeownber., 
technical pressure on the September post- Feta-nary _| 

ttan were possible reasons for UH iate .April I 

strength. The market dosed £4613 J a uc 
higher on the- day. . . - ■ ■ Ang avt' — 


]Vesterlay, -f- or i Bastojass- 
i done I — j ■ Done 


copjraff 

i'estenioy’a 
. Ctasn 

+ or 

E per.lonaA 

-SoptostherM 
Novembor— 
Janiiar>- 

Korea 
»*y- 

September- 

1280-1207: + 7*0 
U06-U89i+5*5 
U36U36.+48JJ 
1070-10881+64.61 
J04O-104Sj+S*0 
1015-1025, + 81.0 
1000-1020 +25.0 


were breached on the Aogi»t.„.,JlDUM)-03.fl— 3J) 1OS.B0-O4.M Leaaas— jraugn: lao/Ufls new eroo &80- 

— “1 L43i- T03JW»*1 BXh Snanhu TtsyTiflM^Uaffle tans 

L85 ira^D-Sfl-sn iawLM: & African: *26*00; Uruguayan: 
1HLHMBJ0 ssms 236*80. Grapefruit— S. African: 

• 1H00 Jaffa: 48s *28: Argentine: 

113*J-14J— -LSB* 114A0-14JW Rate Rtf- <8^8 *46*60. Marsh Seedless 
116JKM6*— o.uj — «/M 4AB: CaitforaUu: Marsh Seedless. 

« AJB. 58 *38, Bnby Bed . « *l»f 
Urnguaran-. 46 /m *26*40: Jamaican; 
27/84 *96*26. ApuIik — F rench: Gdden 


*>»****- «»* * Indicator price. 

INDICES 


Late *98*10: BraaOian: Paras *46*00; 
urngmyan: 84/144 026*20. Ttastrinca- 
Eraxffian: ssm 328*80. Hudbrins- 
Uruguayan: vnnmaai* jg^flo cart bail 728. 


Burin cue 

Done - 


Sales I83""c34} r tats ta uo tanaaT 

COTTON 


Dehctous 2Mb 84E *80. 72s *80: Tac- 
■ . UVEBPOOL COTTON— Ko sum or shin- Stnmwr FtDDins 9*6930. Demo- 

1290-11 9E nwm sales were recorded tn Ltveroooi. eras UJHfc s. African: Granny Smith 
1105-11 IB itaving the total tar the week sa tar Row Zealand: Stnrnwr Ptpptas 

1140 - Hist? »* 1® ta*. UenUmts were almost non- W. Australia; Granny 

tOTw- iiiM extetent and only limited . inquiries won S*® 1 ® 8^9295 Itaflan: Per lb Bome 
lQ4*nno tatetta in Central and East Beau ty BJS. CoMbu SeltdMB fl.W*20: 

1D2H TOM African soppUeA reported F. V?. ThtrersaU- SS25; ,!?« W> 02M22: Krench: 
j.u£w-iuH ■ DtmMa A Tor Ruradxn and Turkish unafltleP •taw*— PtoBcb: Gurot 2S*> 

~ was Ught. boa j28:.Ba aan; Goyof JWb 3.063.80; Per 

jb ^Stignl ah: wmtsna *36831; Prendu 

teiom 3JS3'.«510) lota n( 3 tonnes. SUGAR 

; ICO. ty t teaw yrleex -tor Aug. 7 iU£. utHOQH DAILY PRICE tvaw naetf) ta QRHtat; . Car flto»t jm». gtmana *28. 
cents her pound): Colombian Mild £83.09 (ramei a ion» eU for allotment- Tnomom 6360 AS, Wma«y i nan Alphonse 

Arahleas ■ 18820 (same): unwashed .White sugar dafly price vu fixed At 0.40; Spanteh: Cardinal ».u Queen at the 

-Arabtcas 13*80 (same); other mild H0L50 txioiJB).. vineyard .04*. nna— Spanish: 5 kflos 

Ariiblcas .12L83 (121.67): Robust* s ICA . Keen Srilraa from one auaner caused Santa Has* 2jo-3,80: Cahforelsn: 261b 
1978 iiflAo . (same); Rcbnsma IGA- 1868 prices. a» fall at tbe Dpening by ud to Santa Sen 8J8AA8; Queen Amu lLOth 
I1B4S (samel. . Daily ~ Average 1 USAS 111) -pauna-Crom overnicln levels. There* Italians Per n> BarbaMfca n aum 
-Q3M4). / after; '-prices drifted and further losses of 6?- .SfifH^^^migarlaiijiOOr^ “““f 

^tuuncM wore. aD unquoted* Tbwe.ap to a were recwfed.by aM-afternoon- . .pradaces reniw tvi fiMb 

were atr salts. - ft. was then reported ' that the Senate 3^6UB. .Munee-Per u *80. Cos Lfle, 


FINANCIAL TIMES 


An».B 

Auff. 7 Month «^o 

Yearsfii* 

236.651 

235.20 230.44 

24L38 

(Bosk July L 1832s 

. REUTER’S 

180) 

Ails, a 

Aug. 7 (Monlb ago 

Tear sf(o 

143 1. 7 

1429.6,’ 1446.0 

1495.7 


(Base: Seotamber 18. 1881=100) 

DOW JONES 


Dow 



Mon tlj 

y«r 

Jrmee 

S 1 

7 

Bffl 

111511 

auiA.^J 

395.41 

3(53.06 

lrfcS.61 

58.14 

FuCu(eai545.Q0l 

341.93 

M2.6ft331.88 


(Averam lB3V263fi=lM) 

MOODY'S 


Moody’s 


Aug. 

8 


tipte Cpmmi^-|916-2!_9l2 .6 


Ang. 


Moutli 

■go 


(December SL 1831=188) 


iVeer 
ago 

flii.zfaHj 


U.S; Markets,^' 


Strong rally 
in coffee; 
cocoa up 

NEW YORK, August 8. 

PRECIOUS METALS finished mead on 
Commission House busuu: as the dollar 
continued to weaken, f.acbo reported. 
Coffee closed strong on trade buying after 
news of Mexico's reopening of registra- 
tions. Cocoa finished firm on trade 
arbitrage buying. Sugar dosed near un- 
changed after early losses on Cnnimis&lon 
House stops were regained by late trade 
buying. " 

Cnco a -SepL 1B3.T0 1 153.731. Dec. 1S8.B0 
1 149.08), March 146.50. May 144.00, July 
141.80. sen. 139.60. Dee. 137.30. Saint: 
909 lots. 

Coffee— “C" Contract: Sept. 120.50- 

126.73 (13234), Dee. 115.43-115.50 (115.00). 
March 100.75, May 1U6.30. July 103.80- 
lftijO, .Sent 104.06105.00, Dec. 100.06 
103.00. Sales:y SC5 lots. 

Capper— Aug. 63-30 162.301, Sept. 63.60 
I63A0). OCL 64^0. Dee. £5.49. Jan. G6.00. 
March 67.1B. May 6SJ0. July G825. Sept 
TOJQ, Dee. 71.75. Jan. 72 JO. March 73.35 
May 74^5.^ Sales: 4.100 his. 

Cotton— Wo. 2: Oct. Ct JO-61 Jtl >81.871 
Due. d.00-63^4 103.62 1. March M.95. May 
65,S5+>5.M, July 68^0. OCL 65.0j-5a.10, Dec. 
65J5-65.40. Sales: 2.65U bales. 

*C0M— AUg. 208.40 >207.501. Sept. 209.40 
<208.501, Oct. 210.50. Dec. 214.00. Feb. 
217.30. .Mail 320.70. June 224 20. Aim. 
227.70. Oct. 331.20, Dec. 234.70. Feb. 235.26 
April 24L70, June 24520. Sales: 22.JS0 
lots. 

tL ar d Chlcagn Innsi- unavailable 
(22 j|. . NY pnmc si cam 25.75 traded 

23.73 traded). 

Dec 
May 


TMafte—Sew. 2ICMI6: (214 ». 

m:-2231 mij). March 2321-2321, 
337>. July 389, SepL 2411. 


{Platinum— Oct. 255.76270.50 (257210) 

Jan. 272A627344) <270.601. April 277.36 
217 Aft. JUly 28L20JS1.40. Oct. 2S5.1IWS5.30. 
Jan. 280. 16488 AO. April 293.162B3A0. Soles: 
1.5S6 lots. 

SSlhrer— Aug. 553.70 ( 554.001, Sept. 556,40 
(55*90). OcL 500.40, Dec. 586.50. Jan. 
572.40, March S9LS0. May 5S9J0, July 
B9S.10, SepL 007.10, Dec. 020.70, Jon. 625J10. 
March 634.70. May 644.30. Sales: 12. 
lata. Handy and Harman bullion spot 
651 JO 1353.00). 

Sojrabeans— Ant:. sa+fiM} (609}). Sept 

601-6011 (MU). Nnv. 594-5951, Jan. BS2. 
0024.- March 816811. May 01* July 6194, 
abb. 117. 

i [Soyabean : Meal Aup- 137J6U>T.!fl 
(158.30), SepL 15SJ0-153.50 C13SJ50 1. OcL 
159^0-13.08. Dec. 160.70-160.50. Jan. 
102.06161 Jtfi, March 155.00. May 187.06 
167.50, July 188.0616S.70 
.Soyabean Oft-AUR. 2X4625.45 (23.23». 
fept. 22.W-23.65 1 2*321 ct. 22.00. Dec. 
5L5S-21M JuL 21.35, March 21A5, May 
21.60. July 21. GO, Aw. 21.6621.65. 

Sugar— No. u : Sepl. 7.00 ( 7.03i. On. 
7.067.10 17.ll), Jan. 7.367.40, March 7.61, 
May 7.74-7.75, Julv 7.0C. Sept. 6.15-6.16, 
On. 5^9. Jan, 8^0-8.50. Sales: 5J525 lota. 

Tin— 582-580 Bom. <596595 nom.). 
**Whoat-Sept 307'-30S. (3051 1. Dec. 
305X3851 (SOlfij, March 304-2031. May 200!, 
July 2 SOB. SapL 283J. 

WINNIPEG, A nn "* S. tt Rye— Oct. 89.00 
bid (89 JO bid), Nov. 89.50 asked (00.08 
asked), Dec. 87JQ, May 0220 asked. 

ttOata— OCL 71.00 (71.40 bid). Dec. TL18 
asked (TL50 asked >■ March 70.50 asked. 
May 78 jo asked, July 71.50. 

^Wariets-OcL T1.0O (71.601. Dec 7L50 
btd (73 asked), March 7L50 asked. May 
7L» naked, July 73. 00. 

SSHagsetf— O cl 230.20 l230.80>, Jtw. 
229-50 asked. mo.OO asked). Dec. 327.90 
bid. May 23*90 bid. July 239.09. 

VJWboit— SCWRS I3J per cenl protein 
content ea SL Lawrence 161,7* (182.79). 

All cents per pound ex-ware bouse 
unless otherwise staled. • Ss per troy 
ounce— 108 mace lets, t Chicago loose 
to per 100 lbe— Dept, of Ak- prices wre- 
vkws day. Prime su-nm rob. NY balk 
tank can. t Cents per 56 lb bushel ex- 
tra rehouse. 5,888 bushel loin. SSs ner 
troy, ounce, for so oz units of B9J par 
rent parity delivered NY. 5 Certs per 
trey ounce ex-warcbouse. IlNew " B " 
contract- in la a short ton for bulk lota 
of 180 short tom dcltverd fob ears 
Chicago, Toledo, Sl Louis and Alton. 
** Cents per 69 lb bushel •" store. 
t+Centa per 24 lb boshcL ttCentB per 
49 lb hnttipi ex-warebnusc. IS Cents per 
58 lb bushel 'ex-warehattec, LOOO bushel 
tats. MSG ncr tonne. 


U.S. companies 
seek chrome 
import curbs 

WASHINGTON, August 7. 
THE U.S. International Trade 
Commission will hold a hearing 
tomorrow on a petition by U.S. 
producers of high-carbon ferro- 
chromium alleging import 
injury. 

Three domestic producers — 
Air co. Chromasco Mining and 
Smelting, and Interlake— have 
requested that import quotas be 
placed on chrome. 

Producers from South Africa. 
Brazil and Yugoslavia are to 
oppose restrictions. 

During the 197S January-June 
period. SO per cent of UJS. 
chrome imports were from South 
Africa, the trade commission 
said. 

Union Carbide, which has an 
interest In a large South African 
chrome plant, was also expected 
to testify against the petition. 

The International Trade Com- 
mission is scheduled tentatively 
to vote on the proposal on 
August 24. 

Sanctions imposed against 
chrome imports from Rhodesia 
appeared to be working, with no 
trans-shipments through South 
Africa, the trade commission 
said. 

Rhodesian chrome was of a 
much higher grade than South 
African, and was thus easily 
distinguished from chrome 
originating in South Africa. 
Reuter 


China breeds 
new rice 
varieties 

HONG KONG. August S 
CHINESE AGRICULTURAL 
scientists in Shanghai have pro- 
duced new rice strains in test 
tubes, the New China News 
Agency reported. 

The Agency said that three 
new strains were obtained by 
pollen culture at the Research 
Institute of Agricultural Sciences 
is Chingpu. 

The rice pollen used came 
from second-generation hybrids 
bred through conventional 
methods of sexual hybridisation. 

The agency gave no further 
details of the process, but said 
that the new strains had been 
trial planted and yielded 10 to 
20 per cent more per unit area 
than their parents, with heavier 
tilling, stronger resistance to 
disease and better quality! 
Reuter 


Pakistan draws 
up wheat report 

ISLAMABAD, August S. 
THE Pakistan Government has 
already bought half of its import 
requirement of 2m tons of wbeat 
for next year, Ur. Khawsja 
Safdar, Food Minister, said, 
according to reports from the 
Associated Press of Pakistan. 

Meanwhile, the World Bank 
said that Pakistan was preparing 
a detailed report on Its wheat 
position and might seek aid from 
donors. 

Sources here suggest that the 
consortium, led by the World 
Bank, recently rejected a request 
for 2Jm tonnes of wheat until 
Pakistan produced better 
explanations for its poor harvest 
Reuter 


v. 


'V. 








20 


Tflnancial Times Wednesday Angtist S 


STOCK EXCHANGE REPORT 


Leaders and British Funds turn back after banking 


figures but good gains held in second-line equities 


Account Dealing Dates interim results, while Land sector. Stead and Simpson A 4 down at 259p, after 265p. Vinten 
Option Securities recorded 141 and Marks jumped 5 to 46p. after 47p, in jumped 13 more to 191 p,_ after 

•First Dcclara- Last Account and Spencer, 137. response to an investment recom- 195p, on further consideration of 

Dealings lions Dealings Day ■ After reacting a couple of pence mendation. . the chainnan* optimistic state- 

July 24 Aug. 3 Aug. 4 Aug. 15 around 2.30 pm on disappointment Plessey featured late in Elect n- ment and nuying ahead of tomor- 
Aug. 7 Aug. 17 Aug. 18 Ana! 30 with the latest clearing bank lend- cals, dosing 4 better at 10ap on rows results left Securicor up S 
Aue 21 Auk. 31 Sen 1 Sen. 12 big figures to mid-July, prices of the optimistic tenor of the chair- at 13~p. De LaRue, 448p, Hunting 

the big four picked up in the late man’s annual statement. Similar Asoclated, 277p^rose 10 apiece 
<nm 9 Jo un. an bnstaess days eari lor dealings to close around the day’s gains were seen in Racal Elec- while Poweu pnaryxx added 8 at 
The eagerly awaited mid-July best Lloyds added 10 at 270p. tronics, 296p, and Dale EJeetri* 203p m did Stanley Gibbons, to 
bankL/fiSs Srasadt while Barclays put on 8 to 350p ^ while investment demand 192p. Ropner and the A rose 4 to 
^Sck mlrkete as did Midland, to 358p; NatWesl ra^ed Berec 6 to. 167p. the and Lead 

yesterday and brought a™c£ finned 5 to 270p. Bank of Scotland J Gerasim Engineerings yestei^ gamed 7 to lKpJProfit- 

able tiuri-round in both leading moved up 7 to 282p and persistent da * tFifaESSfi? 

industrials and British Funds -demand in a thin market left * ssues - William Cook (Sheffield), trra spurt on Did hopes brought 
Ear*^^ “ft. *?<? '"ML'WJft a reaction of 4 to 94p in 

ranging to around 6 were reduced 415p. Among Merchant Banks. M ^ n % liri _ eveniv matnh** traHp 

to a penny or so and in some Hambros rose 14 to 176p foUow- J^eur anri^nSHh^^rt 

mro c nrirM oIacmI lnwAr nn inff th? PhaimUft'^ BrpfTiptinn at DlCirtSp \%TIFl6 frWh buyiftS ill 3 1Z1 3lOtOrS 3DQ DtStriblZtOTS I0lt 
cases prices closed lower on i"g me cnairmans prediction at market helped Startrite to prices little changed. Henlys 

8 more to 110p. featured with a rise of 3} to 129p, 


balance. The reaction was well the annual meeting of an early . 
illustrated by the FT 30-share and acceptable conclusion to the un P rove 
index which recorded a rise of 3.9 Norwegian loan talks, 
at 2 pm and closed 1.6 up on the Composites closed well below 
day at 507.0. Trading throughout the best. Commercial Union 
the session was quite lively, with touched 163p following comment 
institutional buyers again showing on the impressive interim figures 
interest in the earlier dealings. The but closed unaltered at lfiOp, 
late afternoon reaction mainly while General Accident were sup- 
stemmed from persistent small ported up to 238p on buying in 
public selling. front of today’s half-timer before 

In contrast, second-line equities finishing unchanged at 232p. Life 
pul on another good performance issues* . ? v \£ ver : "eld their best 
and closed with widespread and l e vels_with Hambros closing 10 up 
sometimes substantial gains. Rises 5* 3iap Equity. and Law 6 
led falls by 4-1 in FT-quoted de 2 rer at I94p. 

Industrials, while the FT-Actuaries Breweries closed with little 
All-Sfcxre index improved 0.7 per iteration following an evenly 
cent further to a new peak of patched trade. In thin markets, 

232.44. Fresh criticism of the bid t° a f r T° se 4 t0 and Young 
from Allied Breweries and con- A * «* 163p. 
tinuing fears that the offer may Although ending slightly below 
be referred to the Monopolies best Construction issues stlU 
Commission prompted renewed held useful gains on small buying 
dullness in J. Lyons which fell 5 * n rhin markets. Notable improve- 
more to 128p compared with the ™ cir tf were registered by Taylor 
bid worth about 15Sp per shore. Woodrow, 16 to the good at 412n 



British Funds started firmly and after 415 P. and Marebwiel, lo up McKechnle Brothers, lOlp, and while Dowty. 245p, Associated 

fresh demand at the short-end of at I54 P- Newarthill firmed 8 to Spirax Sarco, 182 p, rose 9 and 10 Engineering, Hop, and Jonas 

the market enabled the Govern- J66 P “d Feb International A 3 to respectively, while Simon put on Woodhead, 97p, an closed 3 better, 

ment broker to sell supplies of 2 ?P* the latter on yield considers- 8 to 272p and Brooke Tool 8 to Automotive Products hardened 2 

i ‘ n 1 i _ mm .. ■ T _i z & ^ - *■ L tn Qf n ftn fhn fii’Cf.hqlf firnhtc 


exception of Shell which held an 
improvement of 7 at 572p, eventu- 
ally drifted back to overnight 
levels on lack of interest British 
Petroleum touched S5*p before 
finishing on balance at 

SaOp and Ultramar closed 2 
cheaper at 272p, after 276p. 

Lonrbo, a doll market of late, 
picked up 3 at 59p despite re- 
ports that no agreement had been 
reached on compensation for .the 
takeover of the company’s Tan- 
zanian interests. 

Investment Trusts attracted 3 
brisk trade and ended with a 
fair list of moderate gains. Clos- 
ing levels were at, or near, the 
day’s best Financials contributed 
their share of firm spots. Dalgety 
were supported at 280p, up 4, 
while Authority Investments, 51p, 
and M. and G. Holdings, 128p, 
put on 3 apiece. 

Following the major reorgani- 
sation and merger with Greycoat 
Estates, dealings were resumed 
in ChaddesJey Investments, which 
opened at 34p and closed at 44p 
compared with the pre-suspen- 
sion level of ISp. 

Furness Withy remained the 
focal point for Shippings, rising 
7 to 262p for a two-day gain of 
14 on continuing bid speculation. 

Awaiting today's interim results, 
Carrington ViyeDa hardened 1} to 
39p. Elsewhere in Textiles, David 
Dixon improved 4 to 78p and 
gains of 3 were seen in Bolmer 
and Lamb, 68p, and J. Beales. 
7Sp. 

South African Industrials had 
an isolated feature in Abereom 
Investment s which improved 15 
to 222 p on revived interest 


in De Beers moved up in sym- 
pathy. Anglo American Invest- 
ment Trust advanced £2J to a 
high of £45, while Anglo American 
Corporation rose 12 to a high of 
344p. The gains In De Beers and 
its associates were additionally 
boosted by the continued strength 
of the bullion price, which was. 
finally 33 firmer at a record dos- 
ing price of 32 06 .875 per ounce— 
a two day gain of 3&5Q. 

Consequently. South African 
Gold shares rose to their highest 
levels since June 10, 1976, with 
the Gold Mines index another 
to the good at 195.7— a two-day 
gain of 10.6. - 

A heavy demand was reported 
in the morning with buyers from 
the Cape, Continent and the U.S. 
in evidence. This continued into 
the afternoon but towards the 
dose and in the late trade some 
profit-taking left prices fraction- 
ally below the day’s best. 

The heaviest demand was for 
the high quality issues. Rand- 
foul ein and West Driefontefn 
were both a point better . at 
respective 1978 highs of £39$ and 
£26. 

Other heavyweights to register 
highs included Western 


financial times stock indices 

— i — i r- 1 *rj 1 4.t A Fp$? 

71.0! 7tu»- TOJOj 70WT53rS3f. 
Tand IXtM i 72.m! 72.71 7S.7SI 72.M1 7*55, 72.4^ 

lnto.rMOr.ll.wf.~l »°’-°| »“■* « 7 ' 2 ,SS * W5j , M U 

195.7 I90.ll 185.11 187^ 187^1 WLfi} 

0.53! .8-34}- 6.37| 6.54j S.38- 8 .« B .97 

J 6 .is| 16J2l| 16.39| 16^1} X6.34j ' 16.80 J ^ 


Gold Mlw - 

Qrd.Dlv.YleM 

bmlng9.ru^diill)n| 

P/8 Satlo (nelll’t) — - 
DmfiagH marked-—- 
Bqnlty turnover Sm .. 

.Squity tMsLJ — 


6.281 

6.511 


«’»i -m 

Vm 4,874): -7#>o 



8^4j ASQj 8. 

■4.9701 5,675 5.7 
96, 3H 102.13)106 

.21,0 791 21,7 id 19.Sqgi.18.__ 

10 'ao'i 5B3 Tt~ IS azn SOOJl. NqoO 5W.4. 1 MA 6W.3- 
3 pm 509A 3 pm STC& 

Latest U*av B14K VMS. .. _ • 

* Hosed bo 32 per cent 'corpora ttoo to. 7 Nil - / ' . 
Buts too GovL Secs. 15/10/SS. Vtmd Jut 1323. ted. Old. UtlXL- 

.trfi.ee cc irtrlrr JllbJlH. lPtL 


yJSiaa. « Actrtcr 

highs and lows 


sje . ActivnVi 


Govt. San— 


:Rat lot.— 


1978 


[Stare CootplUlfam 


High I Low 


78.58 

(5lU 

S1.27 

(9lJ) 


M On! 1 507.0 

r j l3<« 

-GoWillnn.l 195.7 

i 1 S 181 | 


68.79 

la, "61 
70.73 


High f Low 


127.4 
Wlf »> 

, 180.4 

teWi) 1 
433.4 i 849.2 
*3) | <U)9/n>! (2 
13a3 J 44IL3 ! 43.5 
(5rl) I czrnm XXtMM) 


49.18 

(3/ll75» 

60.53 

l*U7W 

49.4 


-natly 

ont-iwjE*d^ 

IntuKrtn..., 

Sjiwnitatlve.J 

'SuUdk J 

h-dnvAv-ragtj 
mu-biuoi ..j 

Sprvut » Ut v.. - i 

Tirtals 




169.5 

*«7AI 

5Q.0 

i4ajt 


159 A 
20B.-5 
44.7 
125.9 


137A 

1884, 

,334 

«*a. 


J4W- 

uu 

1164 


OPTIONS 


De Beers go ahead 


near-short tap. Exchequer 10 per pons. Elsewhere, renewed specu- 44P- Still — . ... „ . .. . 

cent, 1983. at 95J before withdraw- ,atJve buying lifted Brown and the record profits, increase, while small buying m a 


Still drawing strength from to 91p on the first-half profits 


market -left ERF 4 


ins "at 'that level."" The banking Jackson S to~192p and Travis and Still reflecting doubts about the restricted 

figures, however, subsequently Arnold 4 to 162p while, in belated outcome of the Allied Breweries higher at a 1978 peak of l*4p. 
encouraged a considerable amount re sponse to the annual results share-exchange offer. J. Lyons fell T. Cowie hardened li _to 47, p; the 
of selling in this area of the Howard Shuttering firmed 3 to 5 to 12Sp for a two-day loss of price in recent issues was 
market and earlier gains of A 3 ? p ‘ . BPB put on 7 to 252 p and, 9 or a discount of about 30p on incorrect. T . .. . 

were replaced by losses of that a hcad of tomorrow’s interim Ihe Allied offer terms. Belhaven . In Newspapers, United 

amount at the close. Trade in the results, Carron firmed 2 to 60p. Brewery, in which J. Lyons hold improved 6 to 362p N«ra 
* ’ ■ — a substantial stake, eased 3 to a3p tional 3 to 275p ana cast midland 





Mining markets were featured 
by the strength of De Beers, 
which surged ahead to close 22 
higher at a new high for the year 
of 424p following news that the 
Central Selling Organisation had 
lifted the price of rough gem 
diamonds by a record 30 per cent 
and discontinued the recently 
imposed surcharge. 

Other Financials with a stake 


Holdings, J to the good at £23}, 
Hartebeest, 3 firmer at £ 35 , and 
President Brand, which put on. } 
to £11. President Sfeyn put on 
38 to a high of 965p in response 
to a follow-through of overnight 
U.S. buying. 

Platinums moved further ahead 
following the continued strength 
ot the free market platinum 
price. Bisbopsgate and Rusten- 
burg both closed 5 better at the 
common price of 103p. 

London-based Financials dosed 
below the day's best but still 
registered good gains. 

A strong showing in overnight 
domestic markets helped Austra- 
lians gain ground with diamond 
exploration companies particu- 
larly favoured. Carr Boyd soared 
10 to 33p, and Cozinc Riotinto 12 
to a new' high of 2S2p. 

Elsewhere, Tehidy Minerals 
came hi for persistent speculative 
buying and put on 7 to a high of 
5?p. 


DEALING DATES 
First Last Last For 

Deal- Deal- Declare* Settle* 

- . Ings Lugs lion ment 

Aug. 7 Aug. 14 OcL 26 Nov. 7 
Aug. 15 Aug. 29 Nov. 9 Nov. 21 
Ang; 36 Sep. 11 Nov. 23 Dec. 5 
For rote indications see end of 
Share Information Service 
-Stocks favoured for the call 
were Audiotronle, Thomson 
Organisation, Lonrho, British 
Land, Premier Consolidated Oil, 
Marks and Spencer, Butterfield 


Harvey, Consolidated Plantation 
warrants. Federated Land; , 
Be jam, K Shoes, EBD, . Lister, < 
Otter Exploration, Triplevest-, 
capital. Ultramar, Oil Exptor*. 
tion, Carrington Ylyella, ML 
Burmah Oil, Johnson Groups 
Burton A, Uden, Ome DeTebp. 
meats, Atlantic Assets and 

Spiilers* A. put was done q 
S tafiex International, white 
doubles were .arranged- - in 
Ultramar, Hanson Trust, Snoj 
Hotel A, Tarmac, A. Kmk, 
Johnson Group and JL Lyons. . -■ * 


LONDON TRADED OPTIONS 


232 p 

and speculative favourite Mills 
and Allen put on 13 to 206p. 


Properties, after a steady start, 
drifted easier on lack of interest 


dealings. 

Institutional demand pushed 
premium to SlOTi per cent 

investment currency market 

had started hesitantly. A good two- 0 „ 

way trade developed at the higher iSOUIUe & HoLL T1S6 

B gyffSSt d^uJW^«-bSWK Se ™ r hetter 

sellme . a " d . dl i?Pf d . t0 potential bidders have emerged The ascent of the miscellaneous .English Properly and British 
ojeraight level before f or Bourne and Hoilfngswqrth Industrial leaders was interrupted Land both closed a penny cheaper 
demand sparked off a fresh , speculative mid-afternoon yesterday by the at the common price of 40p, 
and closing at SlO/, for a rise of fiurry in the shares which rose latest clearing bank lending while Slock Conversion shed a 
a point on balance. Yesterdays smartly to 225p before closing a figures for mid July which were couple of pence to 240p. Initially 

52 l E25r on factor vas °- 6oS5 net 12 higher on the day at 222p. deemed to be disappointing. Up 8 cheaper on the annual results 

r. i , Elsewhere in Stores, H. Samuel A to 7 higher before the announce- and disappointing asset valua- 

j 0ver rfu contracts^ were met renewed support at 177p, up 7. ment prices were marked lower Hon. Bernard Sonley rallied to 

effected in the Traded Option while MFI improved 3 to 117p with afterwards and the closing trend close 2 easier on balance at -4fip. 

market compared with the pre- the help of acquisition news. A was narrowly mixed. Beecham re- ? n a restricted market Waniford 
vmus days total of 1 13. Over good two-way business was trans- acted from 7l7p to finish unaltered Investments rose 18 to Slop, 
half of these were transacted in acted in the leaders which closed at 71 Op. while Glaxo ended 2 01 _ „ „ 
three stocks. 1CI closed with 146 mixed. Mothercare put on 4 to dearer at 610p. after 61Sp. Metal iSliell BlTO 
contracts done as interest in- 168p, after 370p. butUDS softened Box closed 4 higher at 366p, after Oils made moderate progress 
creased ahead of the forthcoming a penny to 104p. In a firm Shoes 360p but Bank Organisation closed in slow trading but with the 


NEW HIGHS AND LOWS FOR 1978 

NEW LOWS (3) 

INDUSTRIALS (1> 


The tallowing securities Quoted In the 
Share information Service rettertlav 
attained new Highs and Lows tor 1978. 


NEW HIGHS (449) 


BRITISH FUND5 (21 
COM WEALTH A AFRICAN LOANS (1) 
AMERICANS C4> 

BANKS (9} 

BEERS (6) 

BUILDINGS C2S) 
CHEMICALS (TO) 

DRAPERY & STORES (IS) 
ELECTRICALS (20> 
ENGINEERING (37) 

FOODS »7J 
HOTELS (31 
INDUSTRIALS (711 
INSURANCE (8) 

MOTORS (lOI 
NEWSPAPERS (2) 

PAPER & PRINTING (5> 
PROPERTY (15) 

SHIPPING (1) 

SHOES (SI 

SOUTH AFRICANS (II 
TEXTILES <71 
TOBACCOS m 
TRUSTS (1S61 
OVERSEAS TRADERS 12) 

TEAS (1) 

MINES (391 


W Ribbons 

SHIPBUILDERS (1) 
Hawthorn Leslie 

TEAS (1) 

Lawrie Plants. 


RISES AND FALLS 
YESTERDAY 


Up Down Same 

British Fends 50 17 21 

CarpKrf Dam. and 

Foreign Bends 30 1 35 

Industrials 619 1M 7TB 

Financial and Prop. — 2S0 34 190 

Dlls 12 4 19 

Plantations 7 7 17 

Mfees — 84 8 36 

Recent Issues 13 2 33 


Totals ..... Xus ar'uis 



| . OetJber 

t January 

i A1 

r- ■ 1 

Option 

jtix'nHH 

^iri'*e 

C b<stns} 
offer T. Vol. 

1 CWtn/i 
' offer 

Vol. 

; ClrtMn; 
offer 

"’Vo l" 


BP 

750 

i 120 

tz 

[142 





653p. 

BP 

' 800 

l ’4 

10 

105 

— 

128 

— . 


BP 

850 

! 45 

4 

71 

• — 

95 

- — . 


BP 

900 

1 24 

— 

48 


7a 




; 25 

1 

27 

10 

31 

13 . 

lfiOp - - 


; io 

29 

i5tg 

20 

10lB 

- — 

*■ 

Cone OoM 

16Q 

43 

4 

46 

8 

48 ■ 

^ — 

lOSp - 


180 

23 

1 

28 


32 

‘ — 

- - 


200 

10 

18 

16 

8 

22 

— 



100 

27>e 

— 

sa 

— 

— 

. 

lisp. 


110 

181b 

— 

20>3 

— 

24>a 

: • 

‘ it 

Courts u ids 

120 

10 

a 

14 

21 

18 


M - 


130 

6 

ii 

9 

— 

13 

• 


QBC 

220 

78 

5 

84 

— 

— 

. — 


080 

240 

69 

•— 

66 

6 

70 



QBC 

260 

39 

17 

49 

1 

54 

.. — 


OBC 

280 

23 

54 

34 

— 

40 

— 


OBC 

300 

10>B 

50 

21 

— 

28 

-, — 


Onind Met. 

100 

21 >2 

8 

£6 

10 

27 

. — 

ll&p 


110 

131= 

11 • 

17 

11 

19>a 

— 


Grand Met. 

120 

7 

a 

10ij 

27 

)3i a 

— 


ICi 

330 

74 


75 

15 

76 

_ - ' 


1CI 

360 

44 

28 

47 

17 

b6 

• s. 


-ICI 

390 

20 

23 • 

31 

7 

37 




ICI 

420 

7 

26 

16ia 

25 

?3 



luii Sere. 

180 

62 


€4t s 

6 

69 


B37p , . 

tea>d 6en. 

200 

42Jt 

20 

46 

— 

Ol 

a . 


Isoi Secs. 

220 

E4 

26 

291b 

4 

351a 

4 


land Sen.. 

240 

.9 

72 

17 

2 

?5 

~ . 


Murks £ Sp. 

60 

29 

- 

29 


301= 

• ; 

87p 

Murks k Sp. 

70 

19li 

22 

191s 

14 

22 

ii 


Marks S. Sp. 

80 

9ij 

19 

Ilia 

65 

1313 



Marks & Sp. 

90 

4ls 

12 

6i a 

14 

8 



Shell 

500 

84 

_ 

91 


102 

a*_ 

. 67 3p 

Shot r 

650 

40 

2 

66 


67 



Shell 

600 

14 

20 

30 

1“ 

41- 




Total*. 



60S 


281 


i31 



, tl- 






APPOINTMENTS 


Deputy cWef executive post 
at Sime Darby Holdings 


Tunku Dato* Ahmad bln Tnnkn is at present managing director 
Tahaya, a director of SIME of Murex, and his duties with 
DARBY HOLDINGS, is to join the that company will be taken over 
company’s executive team as by Mr. Gerry Mulder, who has 
deputy chief executive in its been appointed director and 
Kuala Lumpur head office on general manager, Murex, from 


AND SON 


October J. Tunku Ahruad is at that date. 


managing director of Ken Rose, sales manager, will be 
Malaysian Industries commercial manager, Murex. 

Mr. Athol Lonie has been 
appointed chairman of Terrapin 
Resta. and of Intercity Electric 
and Mechanical Services, sub- 
sidiaries of • the TERRAPIN 
INTERNATIONAL GROUP. 

* 


present 
Dunlop 

Bcrhad, a post he will relinquish 
at the end of next month. He is 
also a director of Bank Negara 
Malaysia and a member oT the 
Consulial i\ o Advisory Committee 
on Natural Rubber, the executive 
Board or Malaysian Industrial 
Finanre Bcrhad and the Capital 
Issues Committee of Malaysia. 

Mr. John Bell is m succeed 


DAVID DIXON 
HOLDINGS. 

★ 

Mr. Ronald J. Hodge has been 
elected chairman of USMC INTER- 
At the same time Mr. NATIONAL holding company for 
the UK operating companies of 
USM Corporation, itself an 
operating subsidiary of Emhari 
Corporation, of Farmington 
Connecticut Mr. Hodge continues 


Mr. P. F. Phillips, a former 
director of Morgan Grenfell Inter- 


Tunku Ahmad as managing direc- national. has joined the 
tor of nunlop Malaysian Indus- international division of CROCKER 
tries Berhad. Joining Dunlop in BANK as vice-president in charge 
1*J57. Mr. Bell held posts overseas of merchant banking in its 
before returning to the UK in 1967 Asia-Pacific region. 
to become production manager at 
Fort Dunlop. Birmingham. He was 
made general works manager in 


1 9M and production director for 
Dunlop’s UK tyre group in 1971. 
He then moved to overseas croup 


* 

Mr. Barry Ball has been 
appointed sales director, and Mr. 
James Duckworth, commercial 
director, on the Board of UNITED 
AGRICULTURAL MERCHANTS, a 


as overseas ro-ordinator and for subsidiary of Unilever. Mr. Bull 


the past year has been general joined' the group in ^1944 and has 

O.TS mnnilfai’l urine luun rr litre paeinnal mini ft nr in 


manager, overseas manufacturing been HAM'S regional manager in 
services. the North East since 1975. Mr. 

* Duckworth became chief 

Mr. Jeremy Hurdle has joined accountant of UAM in 1975 after 
the Board of ALEXANDERS service 
DISCOUNT COMPANY and Mr. 



with several Unilever 
companies. He now takes over as 
commercial director from Hr. 
David Gibson, who has moved to 
Lawsons of Dyce, Aberdeen. 

★ 



Mr. James Balgent has been 
appointed general manager of 
LEWIS'S BANK, a subsidiary of 
Lloyds Bank. He succeeds Mr. 
Brian GoaMing, who has been 
seconded to Lloyds Bank 
California. 

* 


Mr. RONALD HODGE 


Mr. Kevin J. Broderick has been 
appointed chairman. Mr. C 
Mrdhai'l Pedler. mannerme director, 
and Mr. Ronald D. Miller, market- 
in” director. of CSP. nr 
Manchester, following 1 lie retire- 
ment of Mr. A Noel Burroughs. 

★ 

Mr. G. F. Cole has heen elected 
to the Board of ARMSTRONG 
EQUIPMENT. Mr. Cole is 
chairman of Crane’s Screw 
(Holdings), which was acquired 
by Armstrong in December, 1976. 


as president of USM’s Fastener 
Group based in Birmingham. Mr. 
Laurence E. Dowley has been 
elected managing director of the 
Board of USMC International and 
continues as director of interna- 
tional finance for E mb art 
Corporation. Mr. James Cudworth 
and Mr. J. Michael Prosser, 
respectively managing directors of 
Farrel Bridge and Tucker 
Fasteners, will represent their 
units on the Board. Mr. Hodge 
succeeds Mr. C. George Bennion. 
who is retiring as chairman and 
managing director of BUSM and 

USMC International. 


Dr. John 


★ 

G. White 


has been 


Mr. JEREMY HARDEE 


Barry Sutton has become a 


He 'is a director of a number of ^PPomtedraan^ing director of 
companies in the Midlands and PKRMANITE, a subsidiary Of 
was the founder chairman of the Tarmac, from September 4__ Dr. 
National Exhibition Centre. Mr. Wme is at present assistant 
B. A. E. Maude has resigned from managing director of Hepworth 
the Board of Armstrong Equip- 11011 Company, 
ment. * 

* The POST OFFICE has appointed 

-Mr. Andrew Barr has been Mr. Ian Barr as director. Postal 
manager of the company. Mr. appointed operations director for Mechanisation and Buildings, at 
Hardie is a partner or Dixon AUSTIN MORRIS, Oxford and Postal Headquarters in London 

1) tison and Co., deputy chairman Seneffe, Belgium, operations. He from September I. He is at present 
of the National Provident Institu- formerly director of quality director. Eastern Postal Region, 
tion, a member of tho Council of f nr Leyiand Vehicles, medium and and he will succeed Mr. Kenneth 
the Advertising Standards fight division. His previous Noble, who has been made 
Authority and also of the appointments include manufaetur- director. London Postal Region. 
Monopolies and Mergers manager of car assembly for Mr. Alan Clinton, head of Parcel 

Commission. Chrysler, . Linwood, and plant Post Division at Postal Head- 

* director for Leyiand Vehicles, quarters, will be the new regional 

Mr. Bruce Sutherland is to Bathgate, Scotland. director, Eastern Postal Region, 

become director, planning and * __ Based at Colchester, he will be 

administration, engineering dlvi- Mr. R. A. Panreyman has responsible for postal and counter 
Sion, BQC from September 4. He vacated office as a director of services in eight counties. 


ACTIVE STOCKS 


No. 


Deuomina- 

of 

Closing 

Change 

1978 

1978 

Stock 

tion 

marks price (p) 

on day 

high 

low 

ICT 

£1 

14 

308 

+ L 

400 

328 

Marks &. Spencer 

2rvp 

10 

87 

+ 1 

88 

•67* 

Shell Transport.. 

25 p 

10 

572 

+ 7 

5S6 

4S4 

Inchcape 

£1 

9 

375 

+ 3 

445 

350 

BAT Inds 

25p 

8 

326 

+ 6 

346 

267 

De Beers Defd. ... 

R0.03 

8 

424 

+22 

424 

. 285 

GEC i 

25p 

S 

293 

— 

294 

233 

Grand Met. 

50p 

8 

119 

— 

119 

87 

Lonrho 

25p 

S 

58 

'+ 3 

7S 

55 

Midland Bank ... 

£1 

8 

358 

+ 8 

390 

330 

Vinten 

20p 

S 

191 

+ 12 

195 

74 

Blue Circle 

£1 

7 

279 

+ 1 

282 

220 

BP 

£1 

7 

850 

— 

886 

720 

Dunlop ............ 

50p 

7 

75 

+ 1 

90 

71 

EMI 

50p 

7 

150 

;+ 1 

190 

130 


RECENT ISSUES 


EQUITIES 


- _ o 

Fncr =-* p o-* 
P-'. 1 ~ 


65 

W 

100 

85 

115 


P.K 

r.P. 

r.p. 

p.p. 

F.P. 


31/8 


6/7 


nn* 


Rlspi Ltw 


79 

177 

»47 


71 

4 

142 

S3 

138 


Stock 


iU 
12 


|Cartiers Supcrfooda — 
Hmrny— .. 
Kumtherm. 


Hunting Bair. Service* 
Jones (H.)'.(Jew’IrsJlOp 


79 

10 

177 


147 


+ od-.5 


+2 
+T 
+ 2~ 


s .a 

=*3 

if s 
a* 


ML41 


62.64 

4.65 

65.5 


il 

St 


rax 


3.11 


si 


w-ei 


2J 

te.d 


7.1 


1B^ 

6.3 

124 


FIXED INTEREST STOCKS 


* 8 
? S 

1 = 

I 1 

ianv 

Stock 

sl 

+ « 



-_5“ 

Hiich 


3Srf 










■ m 






94) 

S2i4 


•jua 

itaO 

42-9 

52iJ 

4n 

liarnrt tel Hal. 198"/ - — 


Z 99. a 

r.p. 


®ia 

98 

98 

il'niimma ru V*r Hue 

Caffyns 10% Prsf — ... 

99U 

98^ 

— 

«a9ia 

£100 

£10 

157l2 

Ulf 

101 f 

Ciizyiao Vsr. Kale Bert. 1SU 

Uo. i 2 ig Bat ... 

1 CK/ 

116a 

..... 

• • 
loop 

P J. 
K.P. 

•iio 

16/8 

96 

95 

98«e 

10 t^ 

06 
96 
98 
101 u 
B9* 

Central & BUeerwood 10“ Pref J 

Cnwby Spring interiors to* P ret 

K*. 1 Aouiia WaLSt Kai. Kiel. 1983.— .. 

Kcd»uA^l ln8.0faoeLuXiie.t2Qd Com Pro/. 

98 

95 

98 

IM*P 

EE 

fl 

P.P. 

85/6 

1034 





99 

i? 

VC 

PJ*. 
P.P. 
P.P. 
P P 

18/8 

15/12 

10 op 

89p 

■st 

lOlp 

itUHUendenimRenua 10» Cum. Pref 

103p 

99p 

BOisp 

8 B 

941« p 
99* 
lOOp 

— 1 




86 ‘ iMnoloym l 2 KPbrtJy Coov. tins. Im. ’»-' 88 . 

— 

£100 
• n 

F.P. 

P.P. 

Ii9 

99 r'il North*® plan Var. Bate Bed. 1883 

9l|teettv,is lO^Prrf — - 

+ii" 

• • 

— 

— 

^ 1S 

8 &i 8 |ltotmrk 94 ECum Pref 

95ia 
951* 
99 li 
444* 

— 

f«9':i l-.P. 

L*eiji£4b 

£99Ji[ F.P. 
C9bi« CU 6 

■ ■ ! p.p.i 

^OilO 

100 

44a< 

au7 8 

8 Ks 
96 g 

+.I 4 ; rf-fl li.i. Var. Bst 4 - l( 4 *i. i'bl ....... 

43 .N.iriipipi^ii^n ll«l. her/... 

IVun.invunh Variable 19o3 

24 |UVi KcniTTstet Ut lleb. 19»- 

9*j.|Yniin»! .t (A Brrwrr 0% Pret 

; — 

16, S 

Z4Iy 

96 P 

...... 


44 RIGHTS ” OFFERS 


insue 

PHre 

p: 


?=» 
o — 

ll 


lAimt 

Ueouiu-. 

Date 
a 


SAX7& Nil 

16/6 

6 

P.P. 

88*7 

28 

F.P. 

18 ii 

15 

K P 

26-7 

14t* 

F P 

86-7 

36 

F.P. 

2-E 

78 

P.P 

4,E 

70 

Si. 

10/fi 

Sa 

F.P. 

S,b 

94 

Nil 


.10 

F P 

88 7 

110 

Nil 

14/6 

LOO 

Nil 

— 

84 

Mi 

— 


1978 


UiKb I low 


Stock 


16/8) lbi s 


1/9 

1/9 

81<9 

1/9 


8.9 

8/9 


37e 


13/E 
18/8 
18/8 
15/8 £5 


96 

«is 

L3^m 

44pm 

iS|HU 

UjHTi 


/to 


*>9 
31 Is 
lsi, 
161a 


86 

45 

lOpra 

bb 

84pm; 

19pm 

6pai 


ANZ.. 


BrtdffodProweea. — 
Brook* T(d Bo*. ~~~, 
[Jirttnautfa lavs^., 

KtavkABopper.^ 


Hwilim Sima A Cogcioe.., 
LUP 


Iwh [ffDii—.. 
■Xitrum IW. 


Property Pkrtne riiiip e J 

-uudlffe Ppwb*™ 1 — 

1 'GSfilClIUl 

WUlimmaiJ'Bi'aSiij^CvCmgdflf 
Yortihlre fbemlcala.-.-.-.— ... 


Utoaint 

Pnce 

Pt 


57 


'7pm 

IQU 

44 


24x,h»* 

lBi* 

67 
96 , 
19pH* 

46 , 
Upm 
72 

44™- 
l&pm 


i+ oi 


+7 
+ 19 
+ S 


+ 1 
+2 


+ 1 


RenuKUtton date usually lasr day for de*ilng free of stamo fluty, h Figures 
Based on Drosovctus CSUSUte. g Assumed dlVtdrud aod yield, u Forecast riivwiend: 
cover based no orenons year|s *fernuu<s. t Dividend and vtein based on nrosDecniH 
or other nfllctal esnnuiM for iSrg. t, Gross. T Kigores assumed. tCDvar allows 
tor conversion of shares ooi now ran/ung for dhrMend or ranktns only For restricted 
dividends, 9 Placin'! wlon to public. « Pence unless otherwise indicated. S Issued 
by tender. U Offered to holders of ordinary shares as a *' ri gh ts ." ** Issued 
by way of caoitaljsation. tt Ulntmum teoder price. U Rdntrodnced. ffl Issued is 
connection with reamanlsaiJoa merzer or take-over. ffU InrroSoctlBB. O Issued 
to -former preference Holders. ■Allotment tenon (or fuDroahQ. •Previstajal 
or parUr-paid allsuacat letters, * with waBbnto 


FT-ACTUARIES SHARE INDICES 


These indices are the joint eompilatien of Ae Financial limes, the Institute of Actuaries 

and the Faenlty of Actuaries 



'v. 


: t- 


FIXED INTEREST PRICE INDICES 



Toes. 

Ang. 

change 

% 

xd adj. 
To+lsy. 

xdafl. 
to date 



1 

Under 5 years __ 

105.94 

-0X6 

to. 

535 

2 

5-15yearsJ. 

11537 

4837' 

— 

7JH 

3 

Orer 15 years 

3222 

4M0 

— ■ 

U 

4 

Irredeemables 

Z2&77 

+0.42 

• — 

734 

5 

AH stocks 

11U6 

■ +031 

— 

U9 


Fum a IN TEREST 
FIELDS' 

Be. GovL At. Gross Red. 


Low . .. 5. 

Coupons 15 
25 


years., 


years—;, 
years — 


MmBani 5 
Cmonu' 15 
’ 25 


year*.. 


years. 


yeara- 


ffigh - a 

Coupons 25 
25 


years — 
yeao 

years. 


Irredeemables. 


Tues. 

Aug. 

8 


M3 
.10.73 
' 1144 


1X20 

1195 

1X99 


Mob. 
Aug. 
7 • 


8.65 

3SJ9 

XL51 


1X16 

32.00 

1X07 


1X22 

32.44 

32.70 


1X50 


17 M 
3Z4? 
1225 


Year 

(WtaJ 


715 

10.99 

1X77 


199 

1X81 

1229 


UU3 
3306 
33 J6 


1X55 1 1X70 




Tnoaday, Aug. S 

*¥ 

Triday 

Ang. 

79km. 

Wed. 

August 

2 

Tneo. 

Ang. 

Monday 
July | 
31 

Friday 

July 

za 

'Tear 

•go 

(approx.) 

Inrtaz 1 
Xu. i 

[ IfteW 
1 % 

15 

20-yr. Red. Deb &Loans (15) 

57.86 


9730 

67.34 

67.88 

57^2 | 

57 J1 

57.28 

| 57.82 

53.14 

Z6 

Investment Trust Prefs. (15) 

51.66 

13.42 

51.66 

5151 

61.51 

61.80 

51.80 

'5X80 

61.80 

5X23 ; 

17 

ComL and IndL Prefs. (20) 

70.19 

13.00. 

70.04 

70JJ0 

70.04 

70.83 

70.16 

'70.12 

70.06 

•88.97 


r«u^* 4l a T, ^c an n* , ^‘ base datas mad : vstaes and aasUtuant dunges are pgUbMd In SIBmiW 

London, leap lnm **" nbiblm ‘ Ftartl nSS^a^a^ML 














21 


% 








August 9 1978 


INSURANCE, PROPERTY 

BONDS 

Abbey Ltfe AssniM^ Co. Ltd. .‘•JSSK NTI Pen 55005 Management Ltd. 

Equity ft nd.»....J3M . ftMUlft . - iw^rratar "!<22 13 "^ 44 4 '1 Z M “"■««! Eurnl .11561 56MI ... j - ■ 

Eqtnj-Acr.-. _J|z3 J ■ 34.11 +fl» — - -V< C 0 • "v .V/ '. ~ ' i,j 1 l*mcs Aneow f. Ni*« doatOijjSfpi. 1. 


AUTHORISED UNIT TRUSTS 


13 5) IW«CTHJteh>*nt,RC«.'. 
§flUKyftwi.. : . 1 ,...|384 . . M 

Stouts Act. r 13 1 ; 34. 

Piripen.vF(l lfl| 157 

pM|H.rtyA.Y I» 9 ;M4 

Selcdii* Fund .. 937 98, 

Con verilW Fund-.. 1516 • 138 

rnlK IwptnJ.^i. InZ US. 
Rung >clwUi:n_; .. 387 - 43 

IVm Sraurm ...137 7 -145 
ry«t H4na«d.__ m* ‘ M* 


mil +o,i 
138.3 40J 


- - . ,7. * - ™«* ■"'Cl* r. *mi deni me scpl. i. Allied Hunbro Group* .At <*j 

— ””“*® Lue ASS.' OOC. New Zealand Ins. Co. JUKI LtcLV Hirahro Hu? . liuimn. Rraatwnod. R<m*c 

2 Prince of Wain Rd, B'awuth. 03H TSTfKJ ...... “ no ,n! r J,V, « "* 01 588 2851 or Brentwood itttTIi amsa 

(ft. Cash Fund. „..W7.J-. RU I - MolrlanH lU^e.SoMheniS&i =JS OTflfiKfflS _ 


' ml S' "* ■WeirBanfc.Brsy-on.ThamefcBerti 

- sassr-’i- ssf ; 

tttojwnt hcrt .luos.-i 1164 +oil - O.ftS.SuporFd.n.,1 S78M- 
nlcca at An. & Valuonna irarmaUy Tuesday. Guardian Koyal Exchange 
Albany Life Assurance Co. Ltd. . R «i'*l Exchange, E.CA . 

SI, Ola SurUniRMi KL, W.)L (U-437SS82 l >I «fwrty Bonds — J1BL2 : aT.7 

SSWi^Jgl. -ay = Sm * n l,It “ ,UI “' L 

WiiKonrjFdAc. 

•Dntl.Mm.fvL: 

“■ — FUAcc. 

V.Ate. 

. -n.FAAct 

nwifflViiAn!.- 


or. t^uiw FiitidTJliiLe' ■ 315 ft - _ 

C.I -Gilt Fund- 1113 0 11*3 — Smalllu-Kd ._ 105 3 

C.L. Ini L Fund n 2 LB- 12&3 Trrhiinlof^Fd.. — IK 5 

G L. Fpty. Fuiul 1973. . ,'MZ.l] . _ E d , «1 

Crotch & Sec. Life Ais. Soc. Ud.¥ Fw^sm^T""-! Ill53 
Tei r Bank. Bray -on .Tlianw*. Berks. M2M4284 — IS 4 , 0 

Flexible Vi nano* I rrnsl • I...I _ Deposit PH..... >7.1 


3455 ... 
110 8 <0 7 
115.3 +0 7 
1033 +1 1 
117 2 -2.1 
1214 +04 

1OT4 

1022 


akw T?„ 5 t iw u m ha ,„t Gartmare Fund Managers V (aUgi 

Abbe} unit TrU Mgrs. Lift, (a) EKi.Mary.WFt-i \ hhi- ni-Tcri 

Trfln.Cnlchnuc* pH.. AytebUTY. m»65Ml mAnieri. an T a 132 5 350I+0M 0 

Abbey Lipt*n| 1352 ' 37.4] -MM1 485 BHUshTri iArr >... 60 4 fraW+OO 2 

Ahhec income Ml B 44 5| *-0 5j 584 nunron'liiyNli.i!* 4 . 171 J 188 3 +?£ 2 

A^hcy Inv. Trf. FH..I40J 42.41 + 0 5j 378 Esmlmnintl-t. 250 254 +0 2 8 

Ablw)Mji*fi.Thi )AS 0 SlJjid -»0.6{ 4.00 -Oi hwKii L Tru-t - 385 4} 5 4 0 

_ . „ ... Hinhlm-iiWTif . Mil 64 5a .0 7 8 

Allied Hambro Grau pV m ifi income Kumi <73 83j* +13 5 

Himhm Hie . !{utliin. Rimtvrrai. E<y>t .• — ■ H B1 1584a -tO 14 2 

oiy » 2851 « %l :8-S I s 


1 laUgl Pel i ran Units Admin. Ltd. (gHsl ' 

ni rm:<£!i HI Kmunnin SI. MnnclTBSter MI-236SeBK 
+0 51 0.01 relleanUmw |403 47 0j-0 8j 4 80 


OFFSHORE AND 
OVERSEAS FUNDS 


0.01 relleanUmw |403 97 0J -0 8) 4 80 

2 w Perpetual Unit Trust Mngmt.V fa) 
853 4H Hart Sr., Ilenley ™ Tham^i iHOirew* 
rpemair.p Mh. — 1426 457| 330 

5 M Piccadilly Unit Trout (a»bl 


I Alexander Fund 


11401 + sus ‘v n "‘ Luxemhmrrs. 

I ?» AlrviuiikTFm.rt. j 5LS725 I •• 
JJO .\« u>.i.| value Aueun 2 


Kej'selex MngL, Jersey Ltd. 

]■*' Boa.98.SL ilclier. Jnr'rj'. . i Enc omWTCTm 


.ViIm; iiHibs I ait Tnra HI 


qidMoofto-Art 

S ln.FnFdAcc. 
PcmAce. 
ilnrPraAee 


115.7 ...... _ 

11SI - 

—177.8 _ 

. “.'240.0 — 

123.0 — 


DM!I7SH2 Pruperty Bond* _ p8L2 J W.5I .... ! — 

| - Hambro Life Acs unmet Limited ¥ 

7 Old Park Lane. London, W! . _ OMSS0031 
Fixed Ihl Dan 

. 1 . JrJ i.pettj' 

• — J ~ Mwupad Cap 
Maunod A or 
OrarKM.. 

GiRBdcnd 
Amen can Ace. 

PmFJ Hep, Cap 


I — Norwich Union Insurance Group¥ 
_ Pi) Riiv 4. Norwich NKI3NG, ■ 00032220 

Manoficd Fund ......1220,7 23Z3J+U5I — 

m __ ^ gkuiix Fund 364.7 385.W +4 b\ - 

01-383 71 0T Property Fund 130 5 13731 .. . j — 


fiwdlnt. Fund— 1556 163 3+0 51 — 

Depo«IFund.._ 1 MJ - 

6Nor. Uni July 15- 205.8 | .....1 — 


AMBV Life Assurance Ltd.? 

AlmnHae. AlraaRd. Relgalr. Reimte-tOlDU pS.'SS'c^ 
ASIEV SI*n«Cd-Zn«7 m*l ;....[ ^ . fSMan: AK.i 
AMtVMcd'Bv... may. ma — Pea.Giit£*.c 


Phoenix Assurance Co. Ltd. 

4-5, Kinj: WUUam Su. EC4P4HR. 01 USB 

Vk^alihAis. 11168 12311 1 - 

Ebr.Ph.Ass _L «L3 | J — 

Ebr.Phiqi 176.6 8flj] .] — 

Prop. Equity & Life Ass. Ca¥ 

1 19. r rawford Street, W1H 2AS. 01-48808 

RSHkPrep.Bd._.| 184 6 | .1 - 

£>o Equity Bd. 75-3 „.J — 

Flex Money Bd. 1503 J ....7J — 


Balanced Find* 

Allied Ut [70.6 

Bn( )i>d% Fund 675 

Urth A Inc 398 

□«ct tc Ind. fcv-. 35.1 

Allied L'apiLal 765 

HoiabraFund 1122 

Hambro Act. Fd [320.4 

Inromr Fond* 

Htah Yield Fd [736 

Hlch Income 69.7 

rVU.Eq.lQr, |4M 

lumualmm Finds ' 

Imemational [283 

Pacific Fund 49.1 

Sect Of America _ 5 82 

U.S A. Exempt* |4B.b 

f-pNidid Fuji 
Smaller Co.s Fd. _ [39.0 
2nd Sml r. (~n'n Fd. ..M8 2 


42 63+0* 403 01-S88 4111 


5 03 Gibbs (Antony) Unit Tst. Mgs. Ltd. 
5.18 X Frrderick^iiiice.i i|./jcht>-.£i.^R8HD. 


39 1| +0 4| 1 02 3. FredertrlTg llace. uld Jevnj. R2K 8HD. k'ap T.d.iJi*4.'y 


ArbuUmot Securities (C.I.) Limited 

P'J FkrtSW.KT itMicr.Jmej'. 0SMTB17J 


+ 0 . 

4»2 +0, 


+05 458 iai A.(>. lnrnmc*.. M . |44 6 47 61.... 

+ 11 414 lalAC.Uroathrt -W.S 4361+11 

+ L5 475 laiA-G-FirEa+i' ..(25 5 27 421 

+UB) 439 Dt-allni; 'Tiles. rrWtU. 

Govett (Jobmv 

615 W.Uwdon Wall. tt<-2 015 


. . HI .'OK till 

wl ' Kilra lncumt. u ... 303 

i. Small Vo * Kd 42 8 

Cnpilal Kunil 483 

7 BO Ini Rrns.A 506 

4 50 Private Fund 37.1 

OJO Ac cumlir. Fund.... 65 8 
Terhnolooy Fund— 6L7 

Far East Fd 29 1 

American >*und.. n .. 36 


Novi ileal me c 
[ +0 31 9 60 Gtn'iSei-s.Trt . . JS8 


46ll-0 ^ 4.62 NestdcalinCdalfAiicuntl-L— — — ntnt; <k aoitjgn .tlftrs. 

EBit * I nllT-j i ' | • | ] $00 1278| ....J 295 li hanncfross. Sl Heller. Jor+ev <IKM> - nn4! 

aadi+OU 236 Neu lii-ali nc dale Ancud I 


L-u+t 15. 

10U i 1200 


Fr-1.411 

15471 *21 Z.£0 

ri.wsfl 

13 ... . - 

£7 28 

8 17|-d 19 — 

£388 

4 ... 3.71 

s;a*« 

Jl» - 

0552 

16971 .. . — 

£13533 1+00)1 -... 


, King & Shaxson Mfirs. 


5a 4a +flb] 
399a i0.7j 
708 +1^ 
664 +02 
313m +0 2 
28.0 -05 


2 u Australian Selection Fund NV 
291 Market ilppnnumii,-, ro Irish Younfi A 
ICO nuThw-aire. 127. Kent Sl.. Sydney 
2.00 t hil Shun-. _ ._ J 31SI59^|-A.05[ — 
i Net .\mi Value AuCUM 3 


Valle;' H«. St. Piicr Purl, ijniti >(>+.41 1 24TM 


rj>y - |i%WpSK5-.._i:B9.i S2^ toil ils CErieveson Management Co. Ltd. acmibi. unit* — m 

4 1: Si JK *«5>* sh6mSt -E'-P=M. „ 1JiM443 j Provincial Life Inv. 

* U.S A.K*empto — |4B.b 103a| +05| 1 j 44 panincion Aue. 2. |2153 22534 474 3B. Blsbopesaie. E.C i 

, Specialist Fna*. ‘(AcctuP- Vmlf > 236 4 247 6 _... 4.74 Prolific Units [923 

ni+BflMm Smaller Cb.'JtFd.—BO.D 41.7^+039 4.43 Btncdt Vd Auc 3- 1K.0 1906 7.72 High Inromc [120.2 

i ZndSmlr.Cn-sFd... W2 516 -0.4 4 61 .LiAroom. I 2092 219.1 ...., 7.72 p _, ji p ar tFnl(n Mne 

| — Recovery Site 939 100.4 -18 538 EnAwv.Auca — Z194 230J +4.4 264 Pn*®*- PO™OIIO Mng 

i “ Mci Mi n. ACTdl)-..- 43.2 452 +0 6 4.9S (AecUBL L nitsi — 227.8 2MJ +45 264 Hnllwra Bore, EC1.Y 2NH 

"7 i nrmeas Earnings. 6U 65.6 +0. a 4.42 . Croehstr- Aug. 4._ Wig 1073 ^... 2.66 Prudential __|U5S 

0- ¥ . Expt Snlr. Co's _.4>p38 2 250-51 +1$ ^ Jg QoUlcr Managemcnl 

01- 4880857 Anderson Unit Trust Managers Ltd. iAccum.UniLM».[747 tb.b( L.... 4 12 The st*. Exchange. EC 2 N 

—•■I — 1 58 Fenchurch sl EOM oaa 623SC3I Guardian Royal Ex. Unit Men- Ltd. Outrun iien. FtL.lioao 

■H - .Vndenon U.T IS26 5531 „_J 4C8 ju.^1 Exchange. EOP3DN. 5i«8»tt 

Ansbachcr Unit MtmL Co. Ltd. t«)iuu>nihiiiTsi ..|973 imcj+uj 4 . 1 * Reliance Unit Mgr*. 
0 I- 680 MO 0 1 Nobio St. Eczv 7JA." 01-823 arm. Henderson A dm lustration? (aXcKg) 

01-MMMK Inc. Monthly Fund .[170 0 760 Cf [ 962 PmanJer FT Admin, 5 Rayleigh Read. Huttm, sSSdrd V^iccTi'tea 


Tr. London naii.E .1 2 01 5885620 Praelieal Invest Co Lid.? (v He) Net -Vmu Value Avpal il 

s-hldr. Julytn 1437 13141 | 179 rraciivai luveni. UK.T t»n+» 

DifcAdwm Unit bni 182 C .. ..I 179 «.RIoomsbu«> Sq. WC1A2R.4 01-E38883 R . . c » 

Next dealim; day aui.u3 11 . 1 Pradl™] Aug. 2 ._ [1524 17251 1 4.oi Bank “ Amenca International S.A. 

Grieveson Manaeement n» lJd Accum. Units— P30.0 293.9| | 4.01 M B«ilM-an) R.A 3 I l.i^crubourK G.D. 

«r.t*shamSt. n^rrs Provincial Life Inv. Co. Ltd.? , . ncon, '.‘ jst-suiaa mit . J 7.61 


lTnoma.-Slns*LtiiKiklu N lMM ' >lK2M.4P.'.fl 

riih Fundi Jpn+t'i IC913 9 ITol- J ATI 1200 

1 all Tru-a >1.0 M >. 103 1 105 « +0.M IT ( 

Hill End. Uu«nM->lL447 9 50] . . i 12.1 
Inti. Gtnv Sm. 7 hi. 

Kir J Mi-rlina... . lilBM 1840i-0r?| — 
First Iml ,,|U86.28 187.19|*Di2[ - 


AMEV Money Fd _ X0S3 
AMKV Equity Pct~ llfcj 
AME\ Fixed luv..,.%7 

AMEV Prop FA 976. 

AMfA'UeiTreii.Fct 96.7- 
AMEV Mgd 97,4 

FI cxi plan — _,f%n 


Pen. Gilt Ed*. Cap 
Pen.CUtKdg.Acc 
Pen. RS. Cap. 
RAAcc. 

uaj -.cap. 

Pra.DJLF.Aee_ 


Arrow Life Assmnce 

5^Uxtw^eRwia l w\a.~. r: -7' tn ... 

sa«®Mr-7M£i= 

Barclays Life Assur. C& 1X0. 


— — — Property Fund.„ 

— J* 58 -^ — . Afij^inripiSd: 

" - Hearts of Oab BCnefit Society 

15-T7,T.rVfl«ck Place. WdRaSM 01-3875030 ISSStJ^Fiftr 
, «S«WOfO#6— -i - Fa,aiS^ l d._ ,Aj - 
m H1U Samuel Life Aanr..-Ltd.¥ 

NLATwr, ACkUsrombe RtUCW. 014864355 lionet ruid 7 a I . 


Property Growth Assur. Co. Ltd.? 

Lran Haaae. Croydon, CR9 1 LU 01-68001 

P m i MHu PuimI i 1M 9 — 

leu :»». — 

7612 - 

7623 — 

1554- ..... 

1552- 

7B5 . +1.0 - 


Recovery Sit* 939 

Met Min-ACTcft)-.- 492 
i ivcrteaf Earnings. 613 
Ex PL Snlr. Co's_6(2382 


3S Builcvanl R.wai l.uvriuboun: G.D. Kieinwort Benson Limited 

m+mfldA-n WMInvcvi Incom.'. RifUlII IBM -- J 7« M-FrachurohSY EF3 

01-aofl4U3 ... Pnrea at Aurum 3 Next sub. day Aucum 8. Eunnu+i Lus. J-. 1.120 +) 3 12 

.... 474 233. Blsbopvgaic, E.F2. 0l-»7B5n F g t ^ s America Ltd see i.uern-ufy Ine 644 68.1 .... 411 

_... 4.74 Prolific Unit* »Z5 9911 +0^ 282 ror nnB - “ Fd lio Arrant ... 795 »W 0 . . ail 

7.72 High Income |l202 12Bq +l3 5.90 Alexander r cl KB Far Em F.l . . it S1224«: ... 163 

+ 4.4 264 P™dl. PortMie Mngrs. Ltd.? taKbHeJ Banquc Bruxelles Lambert kr jaMn^ndT?. IrsiaiB -oj? 0 te 

+46 264 HMhoru Boro, BC1N SNH 01^0502112 + Rue ]•« | a Regcn M B 1000 Brussels K K I. S fiwth Ftf SI S1238 0 72 

-... 2.66 Prudential __|U5S 144.01 +L0( d09 Renta Fund LF. [1.915 . L974| -1| 769 f.'F 1 V K i* rn , l {iS J 1 s»i l 55 5 A« I'lS 

""" 4.12 QoUl«v Management Co. -I**.* Barclays Unicorn InL (Ch. Is.) UcL ■ta'aci as Lcniun paving accniicuily.^ 


Eunnvnl Lux. K. 1.120 
liuerawi'lne. 64 4 68.1, 

lk> Acrum ... 79 5 84 a 

KB Far Lm F.l . . 31 S 12 2-lie 

KB I ml. Fund SI .S1193 

KR Japan Fund. .. Sl'STSlB . 
K K I. S fiuth Fd SI S1238 , 


ni+omoo 

+ 31 5 12 


Qu liter Management Co. JUd.? 
412 The Stk. Exchange. EC2N1HP. 0M 
l+rf Quad run thgn. Fd .1108.0 1129 ...... 

“T Quad roniIaeoB»>. 126.4 13044 — 


KB act as Londun paying accnls wily. 


- Arbuthnot Securities Ltd. laHc) Funds 

_ 37. Queen SL London EC4RLB3' 012383381 Cap.Urowth Inc [475 


Henderson Idminrtntion? Reliance JI«e.,Tunbrldeo Wells. KL 088Z2227I »i ice ana wu n BO wing i- 

fS^JSSSSSSSSSs. 49 o| ::d in B-loyoLn* 

aXc) 0=77-^ ^WonleT Ine IS.7 47il | MJ ^,^^^^59^ ..." 


3K Romford Rd.E.7. . ... 01-3045544 

Barctaybarids* [127.6 --1344 .. J ~ ' 

Eoully — - 123 9 :B05 -+U _ ' 

Rjl-eted.— 1110.^-1X72 +0.4 _ 

Property — . 1 .: — patn nm 1 — _ 

Managed UU-..'. 2202 +0.9 — 

Mnney 992 . 1044 _ 

ManPeBoAMUin .- 1026 : 308.1 +1.7 — 

Do. Initial 99 7 ‘ 2853 +1.6 — - 

GiltRilgPmt&Aec... 98.0 - 3032 +1.1 — 

I>o. Initial _ 990 - 2802 +LW — 
MMicf Pens. Act-.- 1M2 .1866 +0.3 _ 

Do. initial [976 1024+021 — . " 

•Current unit value Angcat SL' 

Beehive Ufe AmorJ Co. Ltd.? 

71. Lombard St. EC3. - (aOaZiZBB 

Blk. Bone July U 1S28B | 

Canada Life fttnnmce Col. - 

2-8 High SL, Potto Bar. Borui P.Bar 51122 

EqtyGlhFd Aug.1 _1 - 622: I | — 

XeUnL Fad Aug. 7.[j .23315. . 4 — - 


♦Property Unrt*_ 
Property Son w A . 

Managed Units 

Managed Series A_ 


01-5345544 Managed 3rrie* C _ 
• | _ ■ Money Unfto - - 


— Actuarial Fund. 

— Gilt-edgcdFond 

— Gift-Edged Fd (Ai 

— ORotlre Annuity 

— 41 mined. Annly 


+ 1.0 — 

+ 1.0 — 

+10 — 

+10 — 


+0^ — 
+o3 — 


v9**+0.4 — 


.„ laLSpr. A ._ 

...;.T — ' Pn*. MaangedCapb.' 

+0W _ Pna Man need A cc. 

m _ Pna.O tne3. Cap 

+1 71 _ Pit* Gteed.Acc 

+1.61 — - Pon* Equity Cap . 

+1 M Pena. Equity Ace 

+ ]7jJ- _ PnuJ'-id.Inl.CBp. 

+0^ Pna_Fxd.Int.Arc 

+ 0 _l[ Pen*. Prop. Cap 

c g; Pen*. Prop. Ak-.|»i . : — — 

L u • - Imperial) Life An.-Co..o( Canada • 
01-883 12RB ^ ^ , 7,255 

—4. pS^^jpKS-j;:^.ri “ 


■} iota _ 

;VSS =- 


Prop. Growth fouluu a> Annul tie 
All Wilier Ac. L'U. (135.4 14251 

•All W rather Cap. . 126.9 1335 

Vlnv. Pd. Uu... 1422 

Pension Fd. Ul*. 1314 

Com-. Pens. Fd 1490 . 

Cnv. Pna. Cap. UL U3.7 

Man. Pens. Fd 148.7 

Mon. Pens. Cap. Ut. . 1362 

Prop. Pens Fd! 1482 

Prop Pena.Cap.Uts. 1342 

Bdcg. Soc. Pen. L'L .1326 

Blds.Soc.Cap.UL.. 1212 


Extra Income Fd 
High Ine. Fund.. 
MAccum. Unitai 
;8>j% Wdrwl.Uts 

Preference Fund 

Ace tun. Unllw 
Capitol Fund... 
OimnxUir Fund 
lAcrtun. L'aitai- 
:io%Wdrwi.u.i 
FlnJtProp.Fa. 
Giant* Fund 
'Arcum. Unitsj 

Growth Fund 

:Accma. UmUi— 
Smaller Co's Fd 
Eoaern 4c lmL Fd. 
;6%wdro-LUisj 

ForaguFd. 

N. Amor. & lnt. Fd 


to 70 - Cap. Growth Arc... k 

45 4«3 +o:s| 920 1 ne«me U Asset* . [353 37.6) +05i 5.70 Ridgefield loL UT . [1B3.0 

635a +0 7 930 Htgli Income Fuad* Ridgefleld Income. 194.0 

sa :Si iiiS Sssr.neT-ISI w ^: 8 ;^ Si5 ^ad Asset M 

40.4n +D 2 T 2 .M Sector Funds 71«Q.Guetaoo»eRd.. Ay) 

22.* ..... — ■ Finan^inl * ITU [272 29.01+0.41 3.95 N.C. Equity Fond - 181.7 

67.0 + 1.0 4.98 oil 6 Not. Res 129.9 3LM + 0 JI 5.77 K.C. Engy.Rrn.TK. 115.4 

96.2 +L3 4.98 i.i— ik..i N.C.Inrom* Fund.. 1S72 

S 8 b +08 4.98 1931 ««+oq| 1 ST N.C. lull. Fd. Dor. 96.4 

20 .< +L 0 2.77 S^iToWZr: si 1 « Nr.InU Fd (Ace 1994 

g-£ 2-M -m^wS^ AuBTjniSa 426 N.C. SmJlr Coy, FdlliSl 

» 4 a +oi 23 ? Ovmtati Funds Rothschild £ Loirn 

«7.6n +0 3 2.51 «» Si St. Swllhin* Lone. Ldn . E 

314^0 4 JU'RSSt -~1Z M3 857a +L 1 )B N m'jStriR ' 1 

24 6+0 ? j ?a North Amcr. M0 47.0a +0.2 131 Prices on July 17. Ne: 

S a Ym NAmjRivAugA^. UL 6 137.1 258 Re wan Unit Trust 1 

SS Ol^rJImcJ |»3 6161+061 3.17 » Cltt S“V25;! 

Arch wav Unit Tst. Mn. Ltd W falte) IDII Samuel Unit Tst. Mgrs.T (ai American Aug. 3 170.0 

™ Ltd? taXc) 4B Beech SL.EC5PSLX 01-8388011 SrcUT+ue* Aug. 8 182.0 


so 61 +0.61 337 Bidgrflehl Management Ltd. Do.Aust.Min 1.B&2 '2 

5l3+04j 3J7 3840. Kennedy SL Manchester U61S388S21 {£)' i‘n^' I n^l5~'Ra l 1 

376] +05] 5.70 RidgeTield InL UT.U.D3.0 109 Of .,....[ 2.68 ft?' licuIEr!? “"Qal <* 

Ridjwneld Income. |94.0 loiol ...._| 951 ^ 

+S 3 *jq Rothschild Asset Management (g) . p. 

6271 +0.9) 859 ^Dt-(10. <3sAe-taOQ»« Rst .. Aylesbury. KS6SK1 ComnodHy 

29.IH +041 3 95 N.C. Equity Fund - 181.7 193 2[ +2.11 296 **'„ ’*?' P **! 18 

31_ad +ojI 1.77 N.C. EngyJira.TK 115.4 122 7] +Ob) 2.46 -\R^C Jnlj 3. ..|Sl HUD ■ 

N.C. Income Fund.. 1S73 167 Jl +1 Jf 657 tAARHD July3..j£l.S37 L 

9921+091 253 N.C. laU. Fd. Onc.i 98.4 104.73+041 1.45 COUNT --July J.. |B«t t 

io3 rS Nr. Inti Fd. f Acc 199 4 305 3 +0.«l 145 OrtgmaJly i»ucd at *5)0 - 


9.10 .Hlablncome 163.7 

1264 Cabot Extra Ine [59.6 


29.01 +0.41 
3fM +0J| 


38.4 +LE 
43 0 J +0 4 


53 On +06 
39*m +0.1 1 
47.6n +0 2 
314 +03 
314 +04 


+0M 264 
+0.31 251 


Do.Aust.Min U&Z 38.91 +1.5 150 

Do.iirtr.Paciric_...M7 7 7281 — 

Do. Inti. Income [395 4251 8.20 

Do. I. of Man Tsl ...M62 497d[ 8 B0 

Do. Manx Mutual ..[26.9 295] 3.40 

Bishopsgale Commodity Ser. Ltd. 

P.D Box 42. Douelxi. I.nM. 062+ZI9I1 

-VRMAC-Jnlj 3. . .|SVS2«ai 3t«M I — 


1 . ... 1 3 90- P.O Bw 195. St. Holier. Jersey Q5.-VI2TW1 
+0 3t( 8.00 Uos-ds Tst. O' 5.-0*.. |57.2 U2I . { 127 

ng latex Next dealing dole August 15 

Man) Ltd. Lloyds International M grant. S_\. 
08M4850 r Rue du Khnne. PH Rnx l^B. 1211 Genes a II 
Lloyd* Ini. GniHih.imooo »5B| . . ,| 160 
+1.5 150 Lloyds 1 nL Inconu.’ . |SFZW BD 389Jfl J 650 

8-20 M & G Group 

8 ^ Three gum*. Toarr Hill EX3R 6W) 01-SG 4583' 


Originally iuord at *510 one 


n i -06 Samuel Montagu Ldn. Agts. 


4,3 N.C. SmJlr Coys FdjUSl 


4 - 57 . Bridge Management Ltd. 


ll+.niil Broad Sl.Ri'r 


463 + 0. 
857a +L 
476a +0. 

137.1 

61.6 +0j 


317, High Hoi bora, WC1V7NL. 01-016233, rh| British Trust 1631 17451+251 505 HlchVld Alitt — 156.9 517] — . 

Archway Find -_|869 w 924[ .....( S.73 399 «3i tol j.n 'Acrum. Umun Ka 820 

Prices at Augun 3. Next sub. day August 10. ujDoOarTnui..^ 84.9 909 +0J 266 Mwhn Aug.S.-^_fea 8723 

• ... _ _ _ (MCouilal Trust 31 * 33 c <u IAkiui. Uflilli„.|U2J 187.71 — 

Barclays Unicorn Ltd. laKgHHc) • (SnaracM Tiud-PM ltu 451 Royal Tst. Can. Fd. Mgrs. Ltd. 


Rothschild & Lowndes MgmL. (a) i»o. Be* soa. Grand Cayman. Caraun I*. 

ini H5 St-Sirilhiw Lane. Ldn. BCt. 01-8284356 VbVhiJuh3) .. I Y 15.934 | | — 

+Lll 3« Newt-1. E*empt_..K123.0 130 01 1 3 65 GJVI. Bia 580. UongKeng ___ 

+0j| 131 Prices en July IlNeil dealing An g. IS. NipponFd Aug IsPsllW a8M| _. ...[ 0.79 

-■-■I 2-28 Rowan Unit Trust Mngt. Ltd.?(a» F.x Slock Spin. 

+0.6I 117 my Gate Hj*. Unibnrv Sq.. EC2. 01 - 60 S 1068 Britannia TsL Mngmt. lCI> Lid. 

s-t (a) American AUB. 3— (70.0 73J| .. . J 0.97 M Bath SL SL Helier. Jersey. • 063473114 

01-8288011 Securities Aug. 8 (1820 191.0] +6.0] 331 leiarllM HuamI Mr 


Ma n ned Fund — 
Fixed lnt. FtiL 


.i-i =.--isssSBe= Kiln- 

Cannon Assurance Lt^L? * Irish Life Assurance C*. Ltd. 

LOlyroplc Wy.. Wembley HAfiONB 01-0028876 11. Finsbury Square, xfct ' . 01- 


22Z.Bisbopagate. E.C3. 
Prow. Managed F±.H215 

Pro, CairliFd. 1M2 

Gilt Fuad 20 m.l 

Property Fund 963 

Equity Fund U4B 

FXd. InL FUnd. — 963 


i in ft ScruriwTrasi 
US tbllDKbYToldTrt^ 


Equip- 1 aft* ; ..[11809 - , +0J9J ~. BlueChp.Au 

Propertjr Uutta..^. ElfLU v». . . Managed Fu: 

Equity BoodiExee.. E1L09- 12.79 +B33 — ExanmLMax 

Prop.BondExec,.. £341 7*31 — Pro^Tfcod. A 

BmlBd(E»«MTj nil. 03.44 1422+005 — Prop Mod G 

DepoollBond-.- UL7 . m2 - Kiubr A Cl 

Equity Accum. MB' +2 — drag & hi 

Property Acrum £12.82 <— „.... — 52.C0TtiMU,' 

St’yfS- Aceunt. . +7 - BdhdFd. Bw 

-ciTFquUy 99.6 - 105.1 +1J — Neat 

2nd Property 1053 lHj .._.. — , ■ 

2nd Managed. UHL1 1056 +0.4 — . Lanffieam 

2nd Deposits 973 .M2J — _ ■ LanghamHs 

2nd GUI 90.1. 95.3 — . Lanehatn'A' 

2nd Eq. Pens-' Acc.lDZa Mat +L2 — ’ mwBoad 

2odPn»J*cnwAcr. _ 1091 113 > — _ WTratSPrS 

2nd Mgd. PetU-’Acc 1028 ■ UM +D.4 — . r^., V. r 

2nd Dep Pw Arc. 995 - 205J — Legal & C 

2nd Gill PepWAre. 90.4 “■-•bS ...... — Rlanwood 

LA-FSI.P W5 . - 42.1 , — Sumr^no 

LfcESJ.F.2. R80 -30t -Ij- ~ CaSjuitlaL 

Current rahie A»*ast7. Dp Accnml 

Capital Life Assurant*? - 

Coniitou Home, Chapel AahVFtan- 0HttM3U Fixed Initial, 

Kr> Invent. Fd I U0.9B Ann. 

PnrnunJcerlov.F<L.[ lULfT. | ■*“. IML Initial— 

Charterhouse Magna Gp.? ' Mmageduift 

16. Cheuuera^q^D abridge DBS 1NB- - ' 53181 Po Acoun... 


Blue Chp. Aug. 4__JM>L‘'- - 
Managed Fund— HmL6 ‘1 
Exmnnt Man. Fd-.&,T 
Prop feed. Aug. l_fiJB.9 , 
Prop. Mod. GtE—.fntX •; 

Kilt & Shazsoa L14- 

52. Corn Mil, EC3. 


Provincial Life Assurance Co. r. M Barclays Unicorn Ltd. laKgl?(C) • cb) Financial Trust. 

nrance LO. tut. UnJconi Ha 252 Romrord Rd.E7, oi 534 S544 ft) taromeTTun, 
SSZ.BuhqiqMe.EC2 ■ 01-2476531 Unicom America B65 3931 -i ia ft) Securit y Trim 

^.Managed Fd.Wlf . .127.*+*-=] - DuTaK. jEZz!?. B0.9 875 +L0 UA tblBlgh YfoldTra. 

Prov. Cash Fd._^__ 1DS2 11031 — ■ Do. Ausl . Inr 63 .7 68.9 +0B 164 Tal+I ■ fauoi 

Gilt Fund 20 U92 125S+4I.7 — DoC^LaJ ^r 70 4 76a2 +04 4 W Intei-T taftgl 

Property Fund 963 ML? - KgamM." UU +16 537 18. Chriatopher Stra 

^uitylWl U4B 1095 - Do. Extra lacomo _ 29.9 322 +03 769 MWLIbw. Fund | 

Fxd. InL Fund. (963 J8L«[ — Do. Financial 653) 703 +03 4.69 R>? Fund M&OJ 

Prudential Pensions Limited? D^^^STZZr' Si “3 ta i 567 S3.»*ikSu£C2V8J 

HolbarnBars.BClN2NR. 01-MBS22S Do. Growth Am 43 9 475 +0.7 3.91 KCT Energy In. Fd- 

EquIL Fd. July 18... [£2S 06 2SJ4J | — Do. Income TYt 90.9 983a +L3 578 

V«rf Ini li.lcio Iria try lorn I «fto. PK. A'us.TsL..(l433 Mg *u 

Priees at inly 3L Next sub. day August SL w 

_ „ . *; * ’ Do.Bnowerv. MJ) 4939+67] 535 KcyF | «dTnLFd.- 

Reliance Mutual •• Do. Trustee Fnnd_ 12L0 1303c +L7] 4.77 Key Small Co sFd.. | 

Tunbridge Well*, Kent 08822227] po.W'JdwtdeTsL— S3.B 5R2* +a.a IB Kieinwort BeOS 

Re] Prop.Bdo.__l. 198.9 1 --4 - RSSSfcz: "3 80.9 lU '****!!**-* 


,-SZ Sterling Deaaal noted Fd*. 

734 Si “3: 


Murray, Johnstone ilnv. Adviserl 
Ltd. ' 163, Hope St. Glasgow. I'D 041-22! 5321 

063473114 •HnpeSi Fd. . _. J St -538720! 1 | — 

•Murray Fund | Sl'Sll 39id ) | — 

i -NAV July 3L 


■....J 3.72 
3.72 


ill 5*. Jermyn Street S.W.L 
758 Capitol Fd. [705 


i i-C Intnl.Fd. firi.6 96 

-■ f-2 Jenwy Energ) Tu.. [140.0 351. 

• — I 3 rl Unh.wLSTia.Stic... £238 25 

Jd. High InLKlIg.T-a.- [984 £L0 

01-8308352 UA DMJw Denominated Fd*. 


M. Prudential Pensions Limited? 

01-8288253 Holbom Bars. EC1N2.NR. 01-40592 

—I i“ gKEW&HI ffl~\ - 

_ .Prop.F.3iUyia Plot 2&bb( 4 — 

...... -- Reliance Mutual • 

Tunbridge Wells, Kent 08SE222 

Rel Prop-Bdo. |. 19B.9 1—4 — 

BabdfVL&t^^t —{ 105 . 45 ■ '1M-99I + 0 .l 2 | - Rothschild Asset Management . 
Next dSucgdaMkAugurt 16. SLSwIthiiu Lane. Loudon. BC4. 01-82843 

Lantfiam Life Assurance Co. Ltd. K C ' p ”^s-^5rKJ'Lm»*S£S sir * — 

■ lauifhamH^HabnbropltDKVt'fWL 01-2035211 . ^ da 7 M - 

- tjMighM wiif-P tMi m i v-~+6Mi J — Royal Insurance Group 

JPropBoud — gjM* -Vial —.-I — New Hall Place. Liverpool. 06122744 

Wisp (SPl Man Fd |)W 1. - R ^. a | sbi(fM Fd.„H4L9 15L2J +3.1J - 

‘ fcCenerrifUl^^.iLtd. Save & Grotip¥ 

Da »rinm .wTA - .-.153.0 — PmpertyFlt* gfc3. lte.4 ..... | — 

ffimituliil njl HMt U7M +iw Gill Fd 124.7 1S-3 +8.5) — 

i^+ia _ Deposit Fdf___ UAI 1307 +4)3- 


S3+0J1 758 Capitol Fd. ,»03 74fl — J 350 

*oS ifci t.i.t ■ XWI+OJ1 75* Income Fd. _Jn3 75^ — ] 750 

tS a aBtel.? (aKg) Prices at July 81. Next deellug Aug. 15. 

+16 537 . ML Christopher Street. E.C3. 01-2477243 Save & Prosper Group 

:g j j-g BtSKTtSS. JttSS “ ^ 1X3P » ' 

Xi? S H Fund Managers Ltd. (aKg) 6873 Queen Su Edinburgh EHZ 4NX 
+06 567 25, MtlkSt_ £C2V 8JE. 01-8087070. Dealinga to: 01-654 B8BB or 031-228 7351 

:b is si ja is * pre «^ r «+» . 

|i2 *K«yExenipl Fd „ 1513 lM6dj 531 late ™Honol Ponds 

August SL K^Iucome Fun«L- 14.6 m3 +06 7.71 Capitol — [595 42.4 +03) 2.91 

+071545 Key Fixed 1nL>\L- 6L2 65J) +D.7 1L91 l.T.U Bib M6 +03 367 

+L7] «77 Key Small CU's Fd.. 1053 llzfl +L5J 563 Unis. Growth. [74.4 S8.(l| +08[ 131 

+&a iB Klelawort Benson Unit Managers? increasing income Font 


=BB 

lily 81. Nea 


EEll 


i“ Negit S.A. 

log 10a Boulevard Rr^-aL Luv+mhoura 

1L80 NAV August 4 1 Sl’SU.53 | 4 — 

, Negit Ltd. 


Unii-sl.STsL. ISHS551 SStt | — .scpi+ x+u. 

I at. High lnr. TM .|98 l 4 SUSLIzJ | 900 Ban* of Bcrnaida RldfiA.. H aiui II on. Rnndn. 


sling Aug. 15. Value August 4. Next dealing August 14. NAV Aug. 4.... — {£632 — 1+063) — 

. Brown Shipley Tst. Co. (Jersey) Ltd. Phoenix International 

KC3P 3EP P.O. Box 583. Sl Heller. Jmey. 0534 74777. P*> B°* ~ SL Telcr Port. Cucrnwj-. 

Sterling Bond Fd..|£10J2 10JC| .... | U.7D Inter-Dollar Fund .|J2J9 2 58) J — 

jes xid.? Butterfield Management Co. Ltd. Quest Fond MngxnnL (Jersevi Ltd. 

. PO. Box 155. Hamilton, Bermuda. P.O Box 1M, Sl. Holier. Jcrwy. 05T-4274 

49 . 41+051 291 Buttress Equity p.30 23H — I 1.76 QuetU Stic Fxdlm. I £1 | [ — 

iS Buttress Income ..R97 2 «( . . 1 74a due«tutl Sqcw ...I SCSI 1....1 — 

mnJ tos in Prices at July 17. Next sub. day August 10. UuMtlaU.Bd. I SL : S1 J . . ] — 

Capital International SLA. >rtcm m August i N«t dealing Augu* ! 

615) +0.9J 633 37 rue Notre-Dame. Luxembourg. Richmond Life Ass. Ltd. 

Capital InL Fuad-.) SFS19.02 [ J — 48. Athol Street. DougLu. I.OJT 0G423SI 


- 3D. Ftanchurch St_ E.C5. 


KB. Unit Fd Inc.-J 


Baring Brothers JL Co. Ltd.? fa)(x) oULUDitn lac*, nit 
B8, Icidrahall St, E.CB. - 014.882830 CTmfiR /g^- 


88. LcadeohoU St. E.C3. - 014882830 

Stratton Td. [134 4 19Z2I ..._J 4.17 

Do.Acemu. [2286- ....J 4J7 

Next sub. day August 1G. 


KBSmlrCo'aFdinc . 
KB^m-Cos Fd.Acc. 
High ^d. Fd. Ine.— 
High Tld Fd. Arc— 


01-8288000 High-Yield .._ 
96.94) 522 High lucssac Fundi 

IS f 

g.6 3.98 Income [ 

S-S L'JL. FUnds 

50j 638 UK Equity ) 

SO B Overseas Faadstxt 

503 ...... — Europe f 


414) +03) 2.91 
3hJ +031 367 
md +06 131 


Quest Fund MngmnL (Jersey! Ltd. 
P.O Box 1M. Sl. Holier. Jeney. 05T4 27441 

Quest Stie Fxd InL [ £1 | [ — 

Quest lull. Secs. j SCSI ....I — 

Quest Inti. Bd. I SL : S1 J . j — 

Prices at August 2. Nett dealing August 9. ■ 


^Mjl+aS 1 m Charterhouse Japhet 
^ 1. Paiernoster Row. EC4. 

uiihd jjiai am Adlropa .[D3UIM 

5<1.0nf +06| 4.79 adi^ertia IUU413II 


Property Fd.* 

Gift Fd. ! 

Deposit Fdt : 

Camp Pras.Fd.r- 


.4)0. Accua ,- 


Managodlniari f 

1C. Cheuaura^q^ Uxbridge UBS 1NB- • ' 52181 U^Accum ^.t; 

aa-w:-- »s sa -- • - sjsssi?^” 

- «2 Z - W AGraeral (l 

Chrihse Equity 55J 737.11 ...» ExemiaCashlniL. 

Macua BICLS dc- W t - 1 — ..Do. Accdiu. 1 

. Mogan Managed «... 1506 J “ 

City of Westminster Anar. Co. Ltd. gtenwtFbSd i'5t 
Rlngntead House, • Whinducse Bead: . . . SS^SS^ETTS* i 
CrojSon CROSJ a! 01-084 POM. g*^^** 1 ** 


i rr- t** ' 


_ Comp Pens. Fdf. 208 7 

EquitvPmsJ-cL- 197* 

„ Prop. Perm Fd.* 227.7 

_ Gill Pena Fd 95* 

_ Depo&PeuFdt 199-5 


•Prices on August L 
tWeekly dealings. 

Schroder Life Group? 
Enterprise House, Portsmouth. 


165.4 - 

1313 +8.5 — 
130.7 +0,2 — 
2197 ...... — 

2086 +2.4 — 
2404 . ... — 

130.7 +0.5 - 
104.1 — 


Bishopsgale Progressive MgmL Co.? ^nit iSrt MmmgenUtLtd.? 

B, Bishopsgale. E.CH. 01588 8380 ‘V” UA |SL4 

B'Este Pr.**Aug 1 . IU&1 200 Q J 371 ?2? Sector Fuads 

Ace. Um.**Aug. I._ 0243 2Jari ....j 371 fei -W R5^3 12S Commodity [824 

BYatelnLAugB — U64 mM+lOE 3.41 JACXntl*MfnFd.liai3 104,4) [ L75 Energy R4.1 

lAccum.) Aug 8 P063 22ai|+lL3i 3.41 Lawson Sees. Ltd. ?(aHe) Financial Secs. [78.4 


635 Selcel InteimaL _>.|Z756 29t 

635 Select Income £7.0 U 

Scotbits Securities Ltd.? 


SSStSt#! 

Equity Ftmd — >26 

V arm land Fuhd 73.9 

Money Fuud ++—•+■ «L2 
GUI Fund D4 

PI' LA Fund. . — - 1*9.7 
Prnr, MtuM. Cap.— M7.1 
Pcik MnKd.Acc.„ DL7 

r*Tis.Mcairy Ca{x„ 4*7 

Pens. Muncy Arc. ~ J85 . 
Pm*. Eqalty Cap. „ S.fl 
Pens 1‘^jultj Acc. _ 603 


Ito-Accum. 115.4 32L5t ... .1 — Fixedlnt 3Au 

Si :.«d = BfWfc 

Exempt Prop. ItriL. W.B " L..J — Sc. Aog. l_ 

DO. Accum _™_iJt9«.4 - MngdRbLAUfc 

Legal ft General Prop. **- Bfn. Ltd 

n. Queen Victoria SL.EC+N4H* 11-2481)678 Money 3 Aug. I 


FquityJulj-lB 
Equity 2 August 1 
F-qiuty 3 AuguM 1 
Fixed luLAuc. 1, 
Fixedlnt 3 Aug. 1 
Im.Ul Attg.l.->— 
K&S Gift Aug. I 
K& Sc. Aug. 1 


2303 

' mi 


Ace. Utn.**Au|L 1 — Q241 258 ... .J 371 ffiKKrtfBSJ iSa {5 Commodity [824 

BYatelnLAugB — W6A 19B.4J+103) 3.41 LACIml* uen Fd.[lB12 «J4,4) [ L75 Energy JW.1 

lAccum.) Aug 8 |20fa.8 22ai|+U-3j 3.41 LbWSOD Secs. Ltd. ¥(aHO Financial Secs. [78.4 

Next sub. day -August 2a -August IS. 37. Queen's SL. London EC4R1BY. 01-238S2M mgh-Mudmam Fund. 

Bridge Fond Maugers?(aMc) ' S-3 geto torna L^ lgiS 

King WiDiamSL.EC(Il OAR 01334051 ^KSSltSfc »9 Ub 2.M L 

American OGetLi- 26.7 283^ 134 tAceuaL Units....- 64.9 78 0 zifi SCOtbltS Becnritie* Lra- T 

Income* 55.1 59. W +2.7 5 99 ttfHR and Warrant- 38 9 420a 1.83 Scotbits 4L4 445x0 +0-81 364 

Capital lnc.t — WO 4LH 296 tAnuuiran Fd __ 24.7 266 ..... 050 Seotyield B.9 57.9| +0.7 6.98 

Do. Arr.T *31 45 « 296 pAixtun Unitsi 257 27.7 ..... 050 Scots hares 593 643) +0.4| 4.40 

Exempt t.. K10 150 oJ 5 61 -High Vic'd .443 48.0a 1167 Scot. Ex. GUr 6 246.2 257.9| „....| 213 

[alernt] luc-f _ — . 17.6 Z83j 3 32 — fAecum Umisi_(M2 68.7 11.67 Scat Bx.YM.*6 163.1 lTDSJ I 733 

A*cf . — _ 194 2051 ... 532 DeoL JtMan. Tues. TtWed. IThcn. —Frt. * P rices at July 28. Next sub. day Augum 0. 

Dealing "Tues. rfdfllm Priero July Legal & General Tyndall Fund? Schleringer Trust Mi 

^ .. , . „ . WiConyuge Road. BrixtoL 027232241 140. South Street, Dorking. 

Britannia Trust Management (a) (g) Di*. July 12 B72 M.W | 533 AimKramnZZZ wa 

3 London WnU Building*. London Won. tB*ea».L to». .-(TU- 7601 i — Am.Cru»thIL_. 


97.7] +051 
116.W-a.4l 
*75| +0 J( 

88.61 +0.71 

sl » 


Adi verba DM4130 50W+010 

Fondak ... DM3121 32*4+810 

J-Jf Fandts DMD 78 2298-830 

5-M Emperor Fund SI'S) JO jjfl 

U7 Hlspano SISH.H «.«1 

3 U Clive Investments (Jersey) Ltd. 
171 P.O. Box 320. Sl Heller, Jersey. 0534 

277 Clive GLJtFdi C.I 1[1D-Z7 10311 J 

Clive Gilt FdiJsy.l.|l034 loSJ ...._} 


60 ^+oiJ L» Carnhill Ins. (Guernsey) Ltd. 


P.O. Bax 157. SL Peter Port. Guernsey 
lntnl.31an.Fd [169.8 1S4M [ 

SStI VA Mta Group 

+D.4| 4.40 p.o. Box 3012. Nassau. Bahamas. 

— 1 753 Delta Inv. Aue. 4 |EL9S 2.«5[ ..._J 

Auliue 0 . Deatscher Investment-Trust 


Prices at August 2. Next dealing August 9. - 

Richmond Life Ass. Ltd. 

— J — 48. Athol Street. Douglas. I.OJf 0C423SU4 

txfThe Si IrorTnirt [109.6 U23|-01[ - 

Richmond Bond 07. 1786 ISaffl +0.M 10 66 

01 2483899 Da Platinum HdL— 128.9 135.ri +0.4 _ 

4 84 Do. Gold Bd. ... .1130 119.n+07 — 

-0 10 457 Do. Em. 97 OB Bd.... 1764 185 7| +05| 11.15 

Id C if. 

01 a 507 Rothacblid Asset Management (C.I.) 

— P.O.Box S& Sl Julian ■-CL tlUL-rnsrv 048126331 

...... 2.79 O.C.EqFrJulj 31 .B&O 61 61 ... . | 2 64 

tJA OC.Inc Fd. Aufi.1 ,.p5L4 160W J 7 JO 

~~~ . OC.InUFri.t 5136 1*4 j 122 

053437381. OCSmCoFdJbS I- 154 0 163« J 388 

J 1L00 n.C.Cotnmoduy'. .141.2 1502 430 

....4 1L00 O.C.DlrComdty.t..lS27.15 285aJ .. ,| 069 

1 "Price* on July 3 1 Next dealing Aug. 14 .. . . 

tPnces 00 August 7. Next dealing August 3L 

“!*j - Koy* 1 Tn,sl rc 1 !) Fd. Mgt Ltd. 

P.O.Box UH. Royal TfLHse, Jersey. 0S34 27441 

R.T. Int'l. Fd KVS97D l£32|+f)15[ 3.00 

• R.T. Inl'I. (J*)‘ l Fd. J94 1H1-D03I 371 

..._J — Prices at Aug. 8. Neal dealing Aug. 15. 


Frtj* l‘+julty .Arc. - (683 4M)+4.J| — ’ Ubydlr 8t Unit 

2 E fLZZg'Sr +** ** ** ^Sri 

TL-rt J S_^n»_6 •u 9 . 3 _.j-- .-ssssssjwS 


ILtJuccn Yh+ori* SL. EC+N CT 81-2489678 Money 3 Aug. I 
L&GPrpTUAug. 4,796.7 . - - 9071 „..| — Property Aug-1 
_ Next aubruay. S^t^L . - 1 

— — Life Assur. Co. of FenttvJyiuife bspiuGba^ 

*d - :-tALWIRiia_+^J9B . /1>M| ‘-i.J V- {S£gfflg5gjii. 
- a Uoydr Bfc Unlt TvfSbxgn. Ud\ fmuuU>«lacA. 

,■*« "TS? 

Exempt [MF2 1075j „.w4 7ft Money Pea. Cap. I 


r Mngrs. UO.\ 
01-8231! 
107-5) _.wj 7 


Fxtl.InLPn.AccB 
8 Prop. Pen. Cap B. 

, Prop. Pen. acc. B 
‘ Money Pra. Cap. B. 
I Money Pen. Ace. 
-Overaeas*. 



Loudon ECBM5QL 

Assets 

Capita) Arc 

Comm k Ind 

Commodity — 

DomestHT—™ 


01-638 047BAM7D 


12 B73 M.6J I 533 Am.Exe 

Vnwsi. — (7X8 76.H J — Am. Cm 

Next mib. day Aug. id Exernnc. 


•Prices at July 2 & Next sub. day Augiw 0. Deutscber Investment-Trust Save ft Prosper International 

Schlesinger Trust Mngrs. Ltd. (a) (zj Rostlach 2885 Biebergasse6-loaooo Frankfurt. Dealing 10 : 

140. South Street, Doridug. <0308)8844] ^R^SuondC; |wiS» S53^23H - 37 BroadSuSI. Helier. Jer!a»>- 05! 


m = 


.™ ig| 1 S j BBBEWTSH 7 

igaaTUffl d-g;igBHJS.-aa BSsUeBi ' SHe i 

Confederation life insnraace Ca - 1 Mgar«m.Juiy=8....l272.9 Z72.9| ._4 - 

0, ' ?wa ^ s S^SBSP r -'lSS sif.-H SoUr Life Asonrance Limited 

WSArnmi ■ TteLoadon 

KUHgri Mncd Pa... 726 -76J - Park. Exrtrr. 030*82143 ,|gar Equ 

fsmSh • : • ‘tt . z • ., §78 ±: -=■'■■• gSSis 

8 »f :vd'C £S • $ 7 . = zV-K&r 

Cornhill Insnrance Col Lift > '-^rto^dT 1*6 S “ iajwEwft^ 

S2.i"i«nhilt EJM - n-OMfCM Property Frad..-T ‘ .B.6 ' &£Si l S , P 

c?l‘ Feh.AHfi.19_., 11260— - J ...... Gd Depo*ani.^J»al - .4 ■ a&gg h ,r 


Far East ... 235 253 +0 

FinaaelalSecs 698, 747+0 

Ge-M k General — 106 1 3140 +2 

STSMh=rSi 3 HI :i| i£ *««»> — KJ 3 EW 3 S= 

KTL Sgfcs^r- HI JS« 111 ThW«fSSi?Zr MB W6 :H 351 — 

W9 5 472 +14 275 Do.fAOOT.) 12L8 330.9 +15 551 J. Henry Scbrodc 

BWAtar=.SS Si ^ 7% 635 682 +15 757 

New Issue 38.6 405+0 7 421 77-6[ +U[ 757 Caprtal August 8~ 

North American 322 3*3 -12 170 Uftyffs lafe Unit Tst. MngTS. Ltd. fA<xum.i 

SS re *^?2S l S6«Ja +56 638 72-80. Gatehouse Rd , Aylesbury- OStUll 

535 +0 7 ^uityAcram. -.11658 1745) ™[ 3.92 SSS BSS 

lKchSSL=lS7 SI I 03 4u M ft G Groap? lyKcXz) MMra.Uj& 

Vmr Energy p4.X 367d| +06) _ 2.41 Three Quays. XnwT Hill. EC3R 6BQ. 01828 45BS SeramuSS 

The British Ule Office Ltd.? fa) ' AmerX^r^^.^T 159 %5£g%£SR 

Reliance Hie. Tunbridge Wella. K l OWE 2=71 (.Vc urn. Units) B55 SOW +0.1 159 ^ i. 

FL British Life B3J. 562 5*7 AuHralniioa ^ — [575 617x4 +03 163 

HI- Balanced" 149.7 563 I 55* iADCUJU. UnJu) [5* * 6251+0.4 153 , . . , 

BLDtridend-. foe «ujj I a.92 CMiamodity — p)9 botJ +05 4J<T Scottish EqpUabl 

•Prire* Augi« ft' N«t dealing August 0. SI ^ 

Brown SlupJey ft CVl LtiL? tra«w^am«fth|.a |g JSSUSuSSlIZ:# 

^.Sl D"»tod”™“p67 Lw3:S5 Ifl Dealing da 

«» a( 1 2S 1 Vt cum. Units) 0002 255.3+24 7.51 Sebag Unit Tst- ] 


- Exempt High Yld_. 

+L4I 475 Leonine Administration Ltd. Exem pt Mg-idr*.. 

5“ XDtttoSt-.LandnjlWIMOJP. 01-4885001 

| i SBSsrrdK M3S SS 

+15 670 Uejds Bt- Unit Tst. Mngrs. JUd-? (a) Inv. Tsl Unltq. 

3 ! 1 WSWaaStf^ 1 --. m+mran 

+1-3 US 


z os Dreyfus Intercontinental Inv. Fd. 
M t2-?l ZH P.O. Box N3712, Nassau. Bahamas. 


37 Broad Su SI. Helier, Jersey 
I A DoHar-denomtnaLd Foods 

Dir. Fxd. lm.‘*t 1925 9S 

ImernaLGr.'t [7.S7 8! 

Fir rndom-6 ff7 T7 *11 


^AV August 1 |Sl SIAM ‘ 1S59| J — Nor^uSwrican-? .Uof 2 4j 

929 Emson ft Dudley TsLMgUray.Ud. Seprt>"t IM-99 165 

30 + P.O. Box 73. SL Heller. Jersey. 053420591 30. 

iS£ EJJJ.C.T. [1292 137.41 +4 J[ 380 gSSSfi MBSSt: Si 1U8 

455 Eozobond Holdings N.V. Commod-rn 1232 129.; 

1200 HaodeDkade 24._ WilIemMed, Curacao ^VutS^T?”: U4.1 120.; 

■Prices on August " August 2. 
t Initial oiler. {Weekly De 


tn uo.iMram.i_ 
+ 2 Second (Cap.). 


taw *NUVIald , „ 

if? Pref.tGlRTrnat— 
2# Property Shane 
5 la Sp*+>4l SILTet— 
£■ 25 V.E Qth. Acctzm. 

U.K. Gnh.DisL 


i-oisi i» 

1+0 45 J — 
Mir — 


Income Augusta— 
(Accutn. Unltii 
General Agg! 
(Aeeum. Units 


— Fixed IntcrrtiL— 4345 36 Q .-f - - 4 “ccui 

-■ The London ft Manftnter Asa. Gp.? 

«Awiatirl*m*.Exewr. OaBftBISS WorEqu 

— ■ ^QwihAud: 234.7 --I — ' 

— - #FRx.Ewmi*F«t. • ,157.* — - — ■ • ggSftift? 

ssscz'"-» s 3 :“ MsISF^p 

SfdS Property Fuad, — ' . 13.6 ....- i®teEfi l S , p 


aimf4,K*i_:S.9 60 9U..-1 

■ M 'Aug. £• ••Aufi. 3 *™Au*; ft 

Merchant Investors Assurance ’ 


Cap Feh, ABfi.19-.-D26* - — ^ G“- Fd- — |WU - I —4 ~ 

ssasya*!??? 

jraR.^rat«.L«idonT«TRM«. W-4SBW81, Cnrarn*p<»t»-_._hiai 1T4A — . ~ 
CACMBfiftFA-^jns.*^ Bgj. 

Crown Life Assurance -C^.Xtd.? ■. ..t,. 

Cro»rnlj!eH»e.Wohtad.eimitW0988M0»3 SKI ~ 

J4mvg;d ^nd ACC ../IC7.1 KJ +15j _ Hzi I 

V.jDiLdrd lnfift a jU7I ' rrTi 457 THviMrfuM**' •• nwl tpJ 5 -Zi 

EflufiyFd Acc. -..P5^7 Mftff+OA ~ . ItacorareFd8tf.*..M.D 680 — 

Property Fd. luft. ..Sl -iii.t -- w ' — . -Merchant Investors Assurance 

S: -r . ^ giwr— ■ ^ - 

BtnsMcsib is :» ^-fihasF 3 ii - -> 

IISSJSHSr^lP ^ 3i y jSSjK gsr . = - 

Mniiw i-'d.ircm.— m* MIA +0.1 J 7 * nSSolliArMr~ — " 52s 

dim Tit incm.-.-i.jlg.o 312-6 +lg 7« SZZS iJF* * • ISJ z 

Own Bit- Snv+A -PB3 —^4 ■ . 3403 .-a 

CruradeT Iaimranc»€«i: Lt«L * ‘ ~ 

Vincula House. Tuowr Pt. TO- <B -ttiBOm * " 

<.rn.JTnp.Au*. ft ^.(71.1 . - BLK ^4 NEL Fcwritnnt Ltd. 

fifilr Star Insvt/Mia&ml As*. : ,661 -.1 2 
l.Thiradaee«)eSI7ecZ. 1/ 01-9881013 NefcEq Arowi lEl6 128 9 •*-* 

EBfle-thd I'lriW ■ [55.r -SZ? +05[ 518 NelraMjmwCira.BSs «« --{ - 
Kqtilty ft LW Lift Aht-Soc.: JUd.? fc§2 G tteriS:®8 ■ - 


llUEl)' Place Uwdun tlL-IN STT. 02242 
139,3) +0.71 

- - 11*3..— 

Solar Equity S. [274 8 184.1] +]j| 

' Solar Fxd. 1M.S — 11179 1243+041 

SoJarCaahS 
Solar Inti s 
.Solar Mu aged P 

Solar Property 

Solar Equity- P 
Solar Fxdlut.P 
Solar Cash P 
Solar loti. P. 


L98 i+rah" Agents: Intel 15 Christopher SL. EtX 
2 24 TeL 01-247 7Z43. Teton 88I440& 


NAV per share August 4 5US20.40 


I 0.25 

20.7| | 11.52 

1 2. — August 3. 
Dealings. 


. _ „ . , . F - & C - Hgtat. Ltd. Inv. Adyisers 

551 J. Henry Schroder Wag* ft Co. Ltd.? i-2. Laurence Pounluey Hill. EC4ROB A 
Z7Z UD.CbeaDaide-E.C2. 01-2403434 01-823 48B0 - 

137.61+35 Z43 CenLFd. Aug.2 [ SUS686 J [ _ 


ta Fidelity MgmL ft Res. (Bda .1 Ltd. 


•PenJrClmrFcU.vlB 069.7 174.94 .... 
"Spec Ex. August I-Q646 272.H .... 

•Recovery Aug. 1_.|1995 205.4ol .... 

•For tax exempt funds only 


1885 +104 662 P.O. Box 870, Hamilton. Bermuda. 
L7x ...... 353 Fidelity Am. Ass, ... | 5USZ7M I 

Fidelity InL Fund.. JUS2459 

336 2.41 Fidelia Pae. Fd.„..t SUS5467 + 

377 -- Fidelity WridFd.. } SUS1683 + 


in Fidelity MgmL Research (Jersey) Ltd, 
456 Waterloo Hoe, Don Sl,Sl Helier, Jersey. 

0534 27581 


•Prire* August 2' Next dealing August 0. 

Brown Shipley ft Co. Ltd.? 


, . 4J0 Scottish Equitable FntL Mgrs. Ltd.? — I J25 1 „ 

72»3+oi 7 B 8 Aocum. Units Z .|mj m!| + 1 ^ 4.w Ftrst Vfkiag Commodity Trusts 

334ft +12 7 51 Dealing day Wednesday. 8. SL George's Sl. Douglas, I o.M. 

it* 

5 t 3 - 0.2 176 FO Box 51 1. Bridbfy. HBC-, E.C4. DI-2305MK FsL Vik Cm. TaL 132 3 34 M I 

IS &S 8 as!ft:Bi ftldf IS g-yfliltifeM . :d 


-0J 3 02 
+0JU 7JB 


184.1 +15 — »« « 1 452 . *teiim.Gai"ia»"ir 2405 

1247 +0.4 — Do. ICC » Aug 8 13887 309^ 1 452 ri-nyi, « s 

1068 +0.1 — Dermic Trim III M lAcrum. Units j„ 13 7 

107.9 +0 6 - Financial B7* 4011+04] 449 Estro Yield w.o 

138.9 +0.7 — General [M B 217 } +da 515 i.^ccum Untwi 1205 

1177 .... — Growth Ac cum 149.1 5Z.ll +L« 4.96 FurEasterp — 6L9 

183.7+1.3 — Growth Income 091 " 4La +aft 496 1 AccoaL Unitsi _ . 67 8 

123.9 +05 — High Income [310 3371 +fl.d 936 Fund ol Inv. T«s__ 68 D 

1066 +01 — I.T.IT — §33 24.7! -mi] 354 lAeraBLDiiitW 837 

107 9) +06| — index {S .2 2S*d*-+ 53 «JB Genorol — 180 0 

c__ f... ,1 * u Overseas ..... ■ BO J 225)0+01 ) 304 1 Accuf. UnltSl ■ ■■ 288-1 

Snn Alliance Fund M a n g m L Ltd. periuroumce [625 ws + 17 ! cos High income 107 j 

SuoAlhaoce House. Horaham. 040361 141 Brcorora- 245| +05 602 ■ Acra ra Unit s)— ?M 6 

Exp.Pd.lnt July 12.1052.9 159.41 J ~ Ennpt.Julyx &L9 593] — ] 550 

inLSUjAug-B ' “ Canada Ufe Unit TbL Mngrs. Ltd.? Mag num — 1 229 1 

Son Alliance Linked Life Ins. Ltd. High sl, potten Bar. Hens. r. Bars: 122 — ?2?il 

Sun Alliance House. Horsham 040364141 Cau.GenDuL_^.^H6 427«J + 0*1 a 08 iVccumD.iii.il mi 

Equ fly Fund 11316 138 *J +2.1! - Do Gen. Acrun — ^ s 32^+0^ 458 

FtxedfnterestFcL . .[107.3 U3«+0^ ~ l BC +2^ ZE ^^SwZ=09 

11671 ....J - DO. Ine. Ace urn 1+55 47^ 7 41 s^cMriGen. 1852 


107 9[ +06) - 

Snn Alliance Fund MangmL Ltd. 


BS Units Asc.8 EU 

Do. icc 1 Aug 8 — pa: 
Oeraale Troszs (ai (ft 

Financial 137 8 

General pOB 

Growth Accum (49.1 

Growth Income Ml 

High Income DIB 

index gb -2 

Overseas ...... . pnft 

Pufoniuwe [625 


Tjl POJ8o*5II.Bc3dbfy.Ha*L.E.C4. D1-2S8300C F«. V iV CrnTriT 132 3 
* 00 Sebag Capital TO. ..B67 37ft +0.61 3.67 FsLVLDbLOn^'usi) 
2" Sebag Ippome F<L..p.9 Sdfl+iLsj 758 


ftSt- Qgprge's Sl. Douglas, I o.M. 

D8M 4682. Ua. Acts. Dunbar & Co. Ud_ 
S3. PoDMalL Loadon SW175JH. 01-8307 


Security Selection Ltd. 


F«L Vik. Cm. TaL [32.3 34 0 x 1 1 

FsLVk.DbLOp.Tsi-.f750 80ft ] 

Fleming Japan Fond SA 


137. rue Notre-Dame, Luxembourg 


J _ ’■ Sun Albance House. Horaham. 0403 (M14lf Recovery . I [22.9 

-Exp.Pd.Int July 12.K152.9 159.41 ... J - 1 BnnpLJuly X [569 

A - UUJr Aug.8 1 0510 I+094] _ nsmma . Tif. - 


Ftxedf merest Fd 
Property Fund .. 
International FU. 
DepoattFUwl . 
Managed Fund 


Midland. 

• Accum. Dailai. 


<an ' .*0L HlghSL. lawn Use, Crwtoo. 

5?*: -Property— 155 4 

_ . Rspe g fMl. 1628 

5»*S “3 
W.te : a2| 

7*, Manaflad .ZZ— 1075 
t BiSrfPww.-.-. - 1403 
' Inti. Equity . ^ . Ul< 

_ . Inti. Managed M9J 


____ 71.7[ +0.9( - 

"Au^ft Sun Life «f Canada (DJU Ltd. 
are- 7 ' a. 3 . +. Cockxpu r st, svri v s mt , 01-030540 

Ql-dBBOm MopicUGrtb. [ 2070 I J — 

j”"" 1 MapIeU.Manfid._l 1362 I „..„] — 

“H Z - M4pleLf.ES-. — 132.4 I .....J - 

— Penal. Fn Fd.™. 20&1 _:4 — 


Z Capel (James) XngL Ltd.? 


--I13J 7.41 Second Gea_I 
i-vcrma. Unicx)- 

Spectal 

01-5888010 lAcnuB.Cnltsi. 


885 +05 
19554 +14 
3039 +27 
1143 +0.9 
1925 +1.4 
. 180.9 -07 
1825 -0 3 
2428s +21 
3064 +27 
1937 +08 
319.9 +15 
90.7B +15 
936 +1.S 
200ft +L4 
30511 +27! 


as sssa^'^’vs'B 1 4 

5.48 Unci tsth Tst inc „^.o 235| j 219 Free World Fund Ltd. 

5« Stewart Unit Tst Managers Ltd. (a) Bldg, Hauuiio^ toemud*. 


(jjja 46 Charlotte 5q^ Edinburgh. 
159 TStewxrt American Fund 

f-S? Standard L’niu 168.9 

K Accum. Units [745 

?-**' Withdrawal UnlU . [551 


NAV July 3L 1 5US190.79 | 4 

G.T. Management Ltd. 


S3 =4 2 


SSMO t initial idler. tWeekly Dealings, 

ipjen Schlesinger International Mngt. Ltd . 
TBA. 41. La MoaeSL, SL Helier, Jersey'. 0534 73588. * 

S.AJ0. 186. 41 -Jf 7 94 

I _. S.A.O.L 095 180 +01 4.45 

■■■-*— Gift Fd._ 232 23 4 +0.4 11. ^ 

LI Ltd. inU Fd-Jerao — UB 123 299 

u ' lntnl.Fd.Lxm6rfi.-_ S11J9 U20+0K - 

^ . * Far East Fund.... ISO 105 ..„. 256 

".I;] Z ’Next «ub. day August 9. 

!t|S] IT Schroder Life Group 
-fieri Ltd Enlw Pnse House. PortimouilL 070527733 

iBternatiaqal FnmK 

TSey - Pvqujiy 1183 125 8j — 

. SEquitv. . ..._ _1355 144.1 _ 

-i'J — £Fued Inierew H41 D 150.0 ._.. — 

-0781 — SFixed Interest-. 1105 8 111.7 _.... — 

-1 — .£Man4gcd 5317 1401 — 

BSts SManoged (120.8 127.6| — ■ 

J. Henry Schroder Wagg ft Ca Ltd 
014)30 7857 120.Cbeapslde.EC3. 01-5884000 

I 3 00 CbapSAug, | SLS1Z42 -0.03] 252 

im Traf*l4arfune30...| SIS1ZL27 .. ..j — 

1 xou Ajinnf-d-Aug.8— fSTSa® 3B-uiM 263 

Dari in K Fnd ISAl .94 2 06 +0 id 5 00 

Japan Fd.laly27-.pl '5767 2Nri( | 0 49 

-I — Sentry Assurance International Ltd 

P O. Box 338L Hamilton 5. Bermuda 
udai . Managed Fund [Sl'SUU 2101 [ — 

“ Singer ft Fried lander Ldn. Agents 

^ 20. Cannon SL.EC4. 01-2488048 


132 Tef^JBB m9? n Tt > s > 'i»mnn*' Lofldoa ECZ Deicafomb . _|DM2S92 n3« J 672 

— Tel. Dims 8131. TLX. 886100 Tofcj o TsL Aug. I ... | SU 53950 | ] 157 


■Stewart British Capital Fund 


100 OW Broad 5L.ECSN1BQ 01-9888010 . Accom. Cnttaj 

MplUL »77 93-35 „j 459 sp+riallBed Foods 

Income [82 4 87.71 — 4 7 09 

Price* on Aocnn ±..Nea dealing Angnst 18. . 

Caxilol Unit Fd Mgrs. Ltd.? (aKci ^ l “ 


Prop- Fd. lnr. ___ 
rated InL. Fd. Inc 


— 1 — Income July ia 03477 — 1 _._.] 61 

J — 1 z - I - 


JC.qnny K NdoxGth tncCap- 

Amcrsh ant RMd,Hi(b Wycombe . 0404S3377 Kelcx Gib Inc Acc.. 

Foully FA ... . - 1)71 j ‘ 127«+15[ NelUxd Fd L'*p- 

Pmofr1\ FVl - . - — |U) 2 ,1118 +0.1 1 hd8xd.F4. 6ct‘..| 

FmHAimitlf . ®82 JU? 405) **-*. •• _ NratSuh 

■itil IVpiiilfFA~--.{9?.7- -i.l099( +02l — - War New Cam 

+0« - RattackUd 


SSISS£e:|??4 

SgS M SS c &. £1 sl 

Nri«*G(Mncrap- H O • 52 g 

nsamsbh sj 

Nd «ML Fd. Aral . [488 Sl H. 

Next Sub. day AueuA - 
Par -New Camt Property •« 
RattackUd ftmrt Manage™ 


Charterbonse Japhet? 

1. Paternoster Row . EC*. 

GJ. Inlcnutl 124 6 

Acccm. Units 1293 

CJ. Income — — — 35.0 
CJ. Earn Fin -B7J 


Accum. Units. 


BUILDING SOCIETY INTEREST RATES 


GREENWICH 


UJNOOM GQLDRAWK 

]»««»>:•-• 

»: l7-.CMwdh Hish Rood. 

; Lwdoa W4 IMG. 


touacin . . m« ««>;•• 

r-.t r.rt-citwieft *Wl Hf&fldi . .. . . - »5; IT ChfawisK Rish 

ririvijwicb. SKih 8ML* J- ; £wdao. < W4 SNG. 

•Li.twii! ttaTF. Ad*., TShare 1 l\«wintfi 

sy.i SuftTHL Shares Tenn- jw— . -• s 

Sb+r.n : Trt.-T-V- above tfearv rate, aiL tv 

. «s. 1 -- abtrat- Awe -rile. Inicrcti - - * 08 (*■_ 
i-i.-’ 'Juiiicriv on rt-ui'NiierTH ahnm 
.M><:r6Ul' incDmc.-sfesns‘'6.aO%V ■ " ’ . 


Z Pmai - Pa Fd.—..| 2B&1 [ — ,-jrtlol _ — ___-}W.4 

- : Target Life Assurance Ca Ltd do. acc™. Units _^D8 

z ' Target House. Gatehouse ML. Aytorinm. i ^,7.““ 

&^txnc mf A 'W PB,5 “ 1 fc- Tswa#as 

r -'feJM a£“S) 7 8 mj = charities official : 

-a ■ - gop . Fd- Inc. HUS, „ lift* ...... — 77 London Wall, EC2N 1 

Iran 1310 — IiK-owe July ia__Q34. 

~ Sol:::: - 

791 *-3+1-0 - Charterbonse J*ph 

— • -^2 - S“S*® , ^ n ” So, -.JH — 1 Paternoster Row. EC* 

. BtftPlanMao. Are.. 129.1 135.9 — i.v7TS Si 

Z 7 ' BetttuMafl.CapL" 1283 12*5 - ffiS 

Z ' - GUt Pen. Acc. 13L0 1379 - — Acc um. Uni ts B9J 

- GUI Per Cap. -hzjj IZftBj ^ - gjlg^irTTpa 

Z Transinternational Life Ins. Ca Ltd wtmVriti pis 

3 Bream Bids*, EC4 INV. 01-4036*97 rni?* ~~K? 

TUDp loved Fd. H4S2 156 ft +4.61 _ v \ cx 

Tull p MJUijd Fd __ 1177 . ' 123J +3.6 - . “ ***** “ 

Ufin-BradVd. 1218 1282+34 — chieftain Trust Ma 

Mol Pm WL Cop.. 1255 1321 +44 _ 

Man. Pen. FJt Ac?: . 1134 1404 +47 — V **7 ^ EC ®‘ 

Muid Inv F) Inti. 1M.7 165 9 +30 -. Amcri catu-- g* 

.Mra£to-T4A«>[mi 10 * 4 + 3 . 1 ] - iffiL-ia 

'? Trident Life Assurance Ca Ltd? Bo»k Bb™. TsilJ. 

■ • "■ Rnulade Hon sr. Glmireder 0*62 36M1 QonfCdeXlt ion Fnwi 

RSl 33J3I — j Z 50 CbMcenr Lane, Wesn 

^ Propmr L505 ■ -1592 — Growth Fund™ ..[452 

Equity Antcncan _ 91.7 973 -0 2 — roKnxnalitin FHnj 

Cfc faulty Fund., IMi 120.4 +05 — 

Hlfh YiOl J 1395 l«7i — 3a Font Straw, London S 

: Gift Edged .._i 1219 129.1— — rowuopoln.Glfa Fd.[M5 

jau«ty 1235 138.1 — DOlncameFO. p8A 

InwnuUonol 107.4 1117 — .... 

Ftacai 1269 1M.4 — crcwent unit tsl 

■CwMBb rnp . 124.9 J3JJ — - — «Meirill«Cm,Edlnt» 
'■ ■' WOMJfcAPf — 1282 - 3358 — OrvABer Fll_iZ7J 

- - r«n«. Mjied Am. ... 220.6 -127.7 — ryefc. KicJl DiiL. Es 

• Ppa&(u£uep.C'ip.. 282^ IMI ...... I I Me Rruna (Cl 


CarUol Unit Fd Mgrs. Ltd.? (xMo 

MilburaHooro.NewrastiMipraTrao 21ISS '■^oS'uX? mt i« 


1669] +L- 
325ft +3.' 


L'orltot JH.9 71« 1 

Do. Accum. L'nlts _pD8 86ft I] 

po. High Yield KZB 4Sft 1 

Do. Accum. Unlta -055 55* 

Next deriiBj: dole date Jair 28. 
Charities Official Invest. Fd? 
77 London Wall. EC2N 1DB. 01-M 


3IM uSttIZl' U«6 1 l5ra +15 

383 Pcns.EaLAUgtni7-|l47.4 155ft | 

3-93 M anwTJft *. Manag emprit Ltd 


430 Standard H44J 155ft +3.ft 403 

430 Accum. Units (165.1 lTBft +4 4 4.03 

4.74 Dealing TFri. ‘Wed. 

4 74 s«m Alliance Ftmd MngL Ltd 
4^2 Sun Alliance R»e. Horaham. 0403 64141 

ExpZq Tst. Jlc 12U2143 225ft ... J 453 

. u VTneFandJr Fi |U61 122ft +lft 351 

650 Target Tst Mngrs. Ud? (aXg) 


— Tel: 01-828 8131. TLX. 886100 

— Loudon Agents for 

Anchor 51111 LB 

OBJ Anchor GUt Edge... £9.84 4 9 

4.03 Anchor InL Fd Sl'StB 522. 

Ancborln-Jw.TXl. 29 7 3L 

Berry PacFd. 5US5241 

Bern- Pac SQ3g__ 315 80 329 61 

M) 4 ) G.T. Asia Pit. JMK149 115 

a „ <1 T. Asia Sterling.. 05.45 1651 

g-tf G.T Bond FundT,. L'SSISfil 

G.T. Dollar FA SUS7 65 

G.T.PacificFd VSS15.97 


Tokj a TsL Aug. 1 ...| SUS3950 | | 157 

2* Stronghold Management Limited 
j S P.O. Box 315. SL Helier, Jersey. 0634-71-180 
2 46 CommodHj Trust- 18865 93J2[ — .[ — 

o'5o Snrinvest (Jersey I Ltd izl 
142 Queens H -ce. Don. Rd. SL Helier. Jsv. 0534 27343 
American luilTa...]EB.61 1 731-1)53 — 

g-41 Copper Trust H51 21 115ffl . . . .1 — 

J® Jap. Index Tst 02.28 12531 -03i — 


-v,-_| 10 98 3L Gresham S4..EC3. 


Dealings: Q3MS841 Gartmore Invest. LUL Ldn. Agts. TSB l n *t Trust Managers (C.I.) Lid 


i li Tor*** Financial 
Target Equity 
TargelEx. Aug 8 — 


J S 2- St Mary Axe. London. EC3. 

|| M 3 L s f 

rS HK* P»c. U. TsJ... ISHH5*B 3«ri .... I Z-lf Price* on August 8. Next sub day August 1& 
tmi J«l»» Fd.—,, hwM V if 


01-2833331 BoxairHrRd-.SLSariour, Jerscj - . 

uL Jersey Fund 158 4 53 InJ 

id. H-Kone Guernsey P^rnd .. -.1504 _ 53.U 


■u sv Geonw'sKiy.SMveaagn. 043858101 

ra 5! *“ say ... [ 3J» iSjSgiK? 

J 4 > Mayflower Management Co. Ud Target iml 

014881S15 K»G*mh*aSL.S a V7AU. 01-808B0W S*^^- Vnita 

- I i“ SSBffli. 1 ,— IBS 1 -SI :d iS 


eUnouth. Only available to Bet. Cbsrittcs. Mercury Fflnd Managers Lid TgL Pref. 

rbarterbonce Janhetw W Gresham St. EC2P2EB. oi-tno 4SB5 Tgt Special Sits. 


J" lie Tokyo Pacific Holdings N.V. 

IntL Bond Fond |SL'Slfl 195 lUSSq .] 5 70. In tunic Management Co. N V, I'amw. 

1.60 Gartmore Investment MngL. Lid. NAV per share July 31 SU565fK, 

009 G«2^nM*M5 M ' 23ft .^¥3 Sb Tokyo Pacific Hldgs. (Seaboard i N.V. 
757. Gartmore I otL Grth|66J 70 6af ,-...| 3.00 tn Hmi a Uanagemeol Co. N.V,, Curacan, 


3 +oft AM Hambro Pacific Fund MgmL. Ltd 
“V, 2110. Connaught Centre, Hwig Kong 

aa> taRB) . Far East August 2_|5BKWlfl H8J — 
031-228882112 Japan Fond?. J — 


30 Gresham SL EC2P2ER. oi -000 4555 Tgt Special Stto. 

m-HssK >««ias vs, Target ^ 1Agrs - (ScotUnd) ii > ^ 1 „ FrE^A^^SiT%a“*..j 

268] . ...] 191 uSc' SjStB — 7oV W S +15 5S 19. Athol CresrenL Edin. 3. 03 i-ZM 8821/2 Japan Fund ftl'SIM 9J« .... J 

.we. Uja. A uSl__ 75 6 soft +2.7 318 "IS « S'S ln'3 sm Hambros (Guernsey l LtdJ 

m 3:.— 27*1 as.9 I’d 4™ ExtSincome Kd.lu* taj +oft 985 HambroFoad Mgrs. fC.I.) Lid. 

SI 336 Midland Bank Gronip Trades Union Unit Tst. Managers? 

37ft rj us Unit Tnm Managers Ltd? (a) leo.Woodsiroecaci . ot-rasaoji — s^ljjSL jiQTil-oiS 


lntuais Uanafiemeol Ca N.V., Curacan. 
NAV per share July 31 5US475a 

Tyndall Group 

P.O. Box 1850 Hamilton 5, Bermuda. 2-27 C# 


I Hambros (Gnernseyl LtdJ 


160. Wood SitwK. E.CJL 


23 - Chieltaiit Trust Managers LUL?(aRg) 

2? Z 11 New SL ECXM 4TP. Otr2832832 naA«m. 

h 3 0 — . American iGC34£- 26ft +0.11 154 Growth-: 

l|T _ Hiihlmor B.t 46.7|+Lft 888 Do Lcrnm, ,,, : 

_ ' , „ UdemationalTct— ]^|26S 2BSm +0ft 2 95 camtal- . . . ’ 

Ltd-? Bosk Resree. Tst-j21Jt 38ft -Oft 434 [m. Accum. _____ 

WS2305H confederation Fnnds MgL Ltd.? U) 

— 1 Z SB Cbnncery Lane, WCEA IRS . Ol-atSOSBS Huernadonal___ 

Zj — Growth Fund—.. [453 47ft +Lffl 3.99 


TcLff7«7U8C Transatlantic and Gen. Sees. Co.? 


79# -0.7 

42.1 -r0 5| 258 Barbican Aug 3 [78 JL 

451 40ft 2 ■» ■ i Arccm. Untts-i 

SZJN +a.4| 3.05 Barb-Exp*. July 58 
351 +0ft 385 Bochm.Ang3. 

584fl +0.71 6 20 (Arcmn. Umtsl 

68.1 +0ft 624 CoJemo An putt 4- 
54.7 +0.7] 236 lAeenm.UniUI_.. 

583 +0.7] Cu mbld . AucraR.2-_ 

701 +07] 7.79 (Aeram. Holts) 

744 +0.8I 7.79 GHta. AnflUtR. 


Intol. Bond $US 107 59 110 71-051 
InL Equity SUS 12 00 1237 +03; 

InL Segs. Vt 1 Sli s LM 187 

Ini. Syga. -B' SUS 120 3 34 -0 (S' 


— . — fh-erseas Aug. 2 111 5122 L29ft 

lAccum. L'nitai -.Kl'nUI ini 

Lid' • 3-WaylnLJu/ya) . |5I'S266 2Sj( 

048I-2BS21 3 New 5L SL Hrlirt-.Jenr> 

+3.01 370 


$JB7 ^•W Nw'UBdoaRd. CheUoiforiOW65]©l Pticn on Auguai 9. Neti dealing August 16. 


5 S Z.Z ill fiendersoa Baring Fund Mgrs. Ltd. 

916 435 805. Common House. Horns Kong 

■ 6.1 4AZ Japan Fd. Aug 2 Bi<ai» 2UM..-..J — 

Jt6 4.B Baring H end Bond Fd Aug^T5U5102flB*. 
2H ■■■'■■ 2fS *Es elusive of any prelim, rhorcev 


sS lAccum. Sharei. 1 . . £1255 
2so Amcricln Aug. 3 . S3 0 
8 50 i Accum xhoresi. — SS.S 
||S Jenwj-Fd Aug.2... 202.6 
JfS iNon-J. Arc. Utt* - 2866 
, f - GiH Fund Aug lOib 
Ltd. lAccum. Shorcsi ... 1402 


Growth Fund (453 47ft +lft 3 99 Ba fit SSSSTiyJSr^ 

Cosmopolitan Ftind Managers. Du Accron. E99 74ft +o.d 7.79 Glen. Anansta 

MdiS-fSKtetB 

^ Ron “-ft — - 1 -Pnca* at Jab 3LN*rt dealing Augnst 3L (Accum Untls) 

MAnramFd pO.0 — 1 1 1150 u: M is* —TT- “ ,, j Van. Gwtta. AuK. B 

: qw«w tw m ctl <»w 

, «Helnlwcrn,EdlnI»Efibg 031-2364831 in sster Angus n 137.5 39JJ +L3I 551 VaagTwAUgZ 


17jx 350 

57.C 682 

624 > ... 682 

612 +L4 427 

785 +1.7 427 


Victor House. Doufitns. Isle of Man. 8824 241 1 1. 
Managed July20. J1302 137 2( ...| — 

Uld Intnl. MngmnL (C.I.) Ltd 


SS HiU-5amneI & Co. tGueniseyi Lid **»■«■ Sl ^ Ufl 

8 LeFebrra St. Peter Port fiuonisey. C.L ‘-■I B- Fund ISISKU8 HUH - J »U0 

Guenury T ol_ [163 1 1745| +2.0( 3J3 United Stales Tst. IdIL Adv. Co. 


M.W+3.JI ZM BID Samuel Overseas Fund SJL 


. M 031-2J64B3 1 ill aster Amps 17 ..137.5 39ft +L3J S58 Vang. Tra AUg 2 

Crn.Aioer.Fil 275 29ft | 100 Lxemm July 31 W73 ODlft ~[ 351 lAecum. Unils .1 

8 Cfi^ 8 St=* IS »?■«>* »» * 6 —- M 4 _ SSSfKi- 

CTOs Rntna M21 452<8 -aft 415 ulc Queen Street, SA1HSUG. 01-9307333. WirleDi August* 

Crts. Tnlorn — ■ {247 . 26ft I[ 197 MI-A Units |45 7 4>ft -1_S| 17S Do. Accum. 


I*fiu>ftt Rain 8.43 Sturn Arcounta 6.90. 


Fans. Mnad Ak._.. 1205* -327.3] — 

PKrt(Utn>eji,lap. 1029 109 ft — 

Pettx«d.Dra Aee.. 1075 113.8 - 

P«1 Ppty.Cap . ... U« 7 121.9 -.... - 


Pens pro. Aw ... 

f-TWL Hond 

‘TnO.GJ.Bqnd — 


2 % = 


- Etiscretienary Unit Fond Managers Mutual Unit Trtist Managers? (aKg) Tyndall Managers Ltd.? 

— 22, Bkmifleid SL, FC2U 7 AL. 01-6384485 Are..£C2RTBU. 01-6084800 18 , Ca/iyngr HauiI, Bn«lnl. 


669 +36 
563 *\S 

69.4 +1.J 

77.4 +2J| 
4*8 

490 

66.71 

72.9 .».J 
835 J 


jjj 137, Rue NatK-OiiBe. Lusemhaurg 


aist+ooil - 


14. Rue Aldrinci-r. Luxcmbourfi. 1 

V.S. TsL Im-. Fnd. ..[ 51133 [-0.02] 0 88' 

Net asset August 7. 


785 j International Pacific Inv. Mngt. Ltd S. G. Warburg & Co. Ltd 


01-6004053 
-D Oft - 
-00ft - 


rCaxh idor tor £100 premium. 
Tyndall Arnrarancri Pensions? 
iKCjmyngeRradflrLi^. or. 

3-Vax-AufrJ™ — | 1262 | .. .. 


jri T Disc Income ,1751. M2 ft _...{ 41 

? E. F- Winehester Fund Mngt. Ud. 

077722211 (Md JewiT. E23 01606211 

..I — ureal Wtnrbester ,T7l 136ft : 52 


;:.ToB Sll*?n 52 ln»»0Aut2.__.|lW.4 

’ Mutual toe. T*_ ffej 77Jl+Ll| 698 lArcurn. Unitsi 187.8 

rt, Ud. ML’ioa] BloeOun -]455 491 +0.tJ 6.43 CatrlU] Aue. 2 138.4 

Dt+Wlfi- i ' aW . a,U “ th ' 1, *“^ 9 663|+0ft 820 lAccum. Units I 1036 

, : ' National and Commercial EiemptAMfig — us> 

1 3H -- ci , ... f Arrtun. L niw 1572 


INVEST IN 50,000 BETTER TOMORROWS! 

Sfi.000 people in t2ie ^ted Kingdom suffer from progressiveJy 
paralyslnp MULTIPLE SCLEROSiS-the/wuse and cure of 
which sre suit unJmowo-HKLP US BRING. THEM WSUEJF 
AND J . _ . . < 

Wo need your. -donation to enaWt-us- to continue our work 
for the CARE -and WELFARE ^JF MULTIPLE SCLEROSIS 
Eulfvrvrs and TO. wimmie our cbnunitmeat to find the cause 
and cure of -. -MULTIPLE! SCLEROSIS •- through MEDICAL 
RESEARCH, -V ' : - - :• . • ■ 

y 

Please help— SeDd a dooafion today to: 

Room F.L. . 

- T)ie Multiple Sclerosis Society., of G.B. and NJ. 

4 Tathbrodk Siireet, : 

' • ; • twftdon' &Wi 1 SJ ■ • 


S3KiR?.:_-. !8S :::::: - 

Prope rty Ang 8-- . 105 £ — — 

Si . “ 

U'tttalhi. Aug 3.. BS . ..... — • 

MaPria-WAufi i . 174.2 — 

fftib auk i . ?ns • — 

Op.HqndAugl_ WO - 

Ofr Prop. Aon I-- • *7-8 -—I — 

Vanbrugh Ll/e Assurance 
4I433taddM»,Ua.W!RflLA. 014W49! 

UaaanftFd. [1523 1H.4] *0 - 

Equity FU p«2 2624 +54 - 

Dual. Fuad unt 714 1 — 

Fixed lalcrat Fd. _ jUl.S 1777 +05 — 

Property Fd.-- JWV-2 — 

Ouh Fund (119.4 125-7] .. ..J — . 

Vaabragh Pewdans Limited . . 
41UCUUd80X SL- Uhl. «1K SLA 01-IS9 tx 
Managed. JM08 10621+0 31 - 

Propeny--. _.pl7 7 ' 18tft I — 

Gum ia i ra d see 'Zea Base Rate* UWt 


Ct-Winrh'cr 


Ta=i 


426 ri.SL Andrew Square Edinburch (01-558 8151 int gap* Aqg g 


iurcniBi<i»i.™ laLEara-Ang-g-... 257.8 
2632] 5759 i.Uriim.UaiUi — _ 287 J) 

2234] — 5.759 Prel ab* Z 100 0 

(Arcum. I'mlsi 123.8 

26621 3.40 Sc« ACop AUt2- 1436 


Emswi tc Dudley Tst. MngmnL Ud. /"f^SS.ulSbSzr.ES.J ml zJ In 9 P^f 0 g t: z tt, - ::: 

2B,.\rllofit(Miflt-S.W.;. igpt Jdbas. — „ U308 135 bj 740 lA^unx i-oiUi :r~. 

Ebmob Du.Hct Tsl JM 9 73JJ+3JJ 320 •"f™- Lanai _ — |JM2 166ft J 3.40 SeerJiCajp AUfi.2_ 

Eqnilas Sees. Ltd. fa) (g) National Provident Iw, Mngrs. Ltd.? . 

iist6h op * J p«.*x:2 ai-rasssi fp ^SSl Stj £? ,3H,, „ JH STmS 

Prograssrtf. [723 76 ft +03) 335 Xto'Su^T* "SS 25f +H 3 90 iSpES Growth 1 

^ sl“"l !b Sl iWmirt. 

4»erabimIW.m(^5«»iw. 0»4333rr -»I*nc« raJaly’S^vit derime Auc'urf ” Do.Aeniai _ 
CflBrty 6 Lovf___J71.4 75.2! +0-9} 3JU *Pne« os August 9 Next dealing August 22. Financial Pr nj, 

Frmnlingbrti Unit MgLLtd. {ai National .WestminstertMa) 


Ij 4 PO Box R237. 3ft Pin Sl. Sydney AusL 30, Grcshpm Street. SCI 01-60040 

.J! 4.75 JhVfl.n Equity TaL.]5A215 22*| 4 - Conv,M.Aufc7.,...| SUS9.7B J-003 - 

ft? JJE.T. Managers (Jersey) Ud. ^gklSFxlf." J’.“ = 

■ -- { 7.J7 P0 Box IM, Royal Tsl H*e.. Jm-iejOSW 27441 McrcEbdFd Au<2_|ftftlJ7 lUft 02S( 

J °A? af Ju^" Sl*Ne^?uh dav Augiul 3L Warbnrg Invest. MngL Jrsy. Lid. 
0272 ^24 1 Jardine Flendng & Co. Ud. X-LhanoeCi^s. Si Hrilcr. Jsj- Cl 053473? 

"‘.I 7.90 4*h Plwr, CoiuilUKhl Cenirc. Huoc Kune CMT Ud J ulv 27 £13 20 1350-045 Z 

j-29 HKS311.M -MK !« MrtaliTsi July 20 QL89 12 13 . . _ 

479 HK53B7.0 - ? J1 090 T3JT J ul> H SlSUlft U^-0.36 — 

7.73 Jard neSEA t'SSlBU -CBO 1.70 TMTUd. Jub 14__ £1026 lO.M^ - 

7.75 Jardine FlenUaL. HKSUM -9 Bj — 

4.37 Jstl PM.SecsJIac.). HKS1345 -0 42 — World Wide Growth ManagementO 

::::: £S 

3.40 Sen sut/AUfiiiS IS. tt urldulde ulh I d[ SIS1635 [+0M| - 


Warburg Invest. MngL Jrsy. UtL 
LChanueCrtMi SI. Hrilcr. Jsj- Cl 053473741 
CMFLtd. July77. — .||(*5I2M UUj . I - ■ 

CMT Ud. July 37 (03 20 1353-0 45 - 


World Wide Growth itinajrmmt^ 
lUa. Boulevard Rej-aJ. Luxembourg 
U oridulde Gth Fdj SL S1615 [+0M| — 


NOTES 


j714 75.1! +0-^1 311 ■Pncn m AttgasL 9 Kexi dcaUnC AujCo 

Framlingtots Unit MgL Ud. {ai National .WestminsterYia) 

VMrcUpd Yard. CC4S 5DH- o:.24B6Sfl 3 ? 1 ' Et3V fi£U. 0t+M6 8000 

Adtoriraa- [54« 57 ft „.[ iftj - .W.4 +0.71 

cwndTa. la i-4 aval 347 f.?^iSt — * — -'(52 *2-y 

IwomTu. 1 112 6 1».6! 646 .SSM*??! 

InL Growth Fd._^_i22U Iftlft „ \ 2 U £^SS*9 T ' — E! *40.53 *l4l 

Do Accum. i&l) 


75 U +0.7 
752 +a7 
no on +07 

100 Ort +11 

429 +0 5 
77.9 +10 
702 *10 


j nfaBxnMtwfwl «_ «,• 

4.20 Special Sit*. [341 36.4J +0ft 4.92 

TSB Unit Trusts (y) 

*16 21. ChaaliT Way. Andover. Hants. 02840BIBE 
6.12 Dealing* in COM 834323 


■fj’f fS Ibices do not Include 5 premium, except where indiraied 9. and are in pence unless vdiwrisc 
2ol in i ,« I n di coicd . Yi iddt % mhouu in lari (,-uiumni allow (or Oil busing npente* a Offered prices 

, , Tji JS Inelude >11 .expenses, h T<Hh)\prin« t Yield based on offer twice d Estimated K To-day's 

In» cln opening prree. tt DjstnlniHon free o! U t taxes p Periodic premium insurance plans- » Single 
Sf ; 2, n :£ P r t™ um J msurauea x Mffered price includes all expenses except agent s commission: 

it o ^ i Zi 7 Price includes all expenses if bought thrnuch managers, c ITeucm-* da>V nri. r, 

V«‘i In 7 at las ta realised capital gains unless indiemed by *4 Guurnwcy grona. f Suspended. 

3 *-“ +u- ” « 1 ield bt+ore Jersey tax t Ex-subdivision 


Wolf.ro Lumrance Co. UrLV SSSSSS+ 

Wiqylatk Park. Ew+er PSKSass 

ttovmahHFd. ..[ .1078 I J.~- 16*3 - ... 

Fnr other (undv slriw refer ("The Lennoa * c T. Ine. Fd. 1‘a.: 

• Moncbestcr Group . liT-tsfiCm — 

Windsor Ufe.Assor, Co. Ud. SaftSK w"™ 

Jioyol Albert Hsc-FhrtLSl, Wl ndwr 38144 u.T.fttfL Fund 2— }M55 

UfcIns.PhttMc [691 72ft...-! - GJ.FborViUFd— SiA 

RSSSSfiSS'.: 5K8 1 d = a jl xn*t w «i 

RH-Axift. Den* . ..j- £25.98,, I ,-...[ — i, Bavlctah Bd. Bicntmni 


Do Accum : l 33*5 331 ft I 2.36 ri; — 41ft +0 6.12 . Deabnm tn (DM 8M323 

Z F *~FH 77ft +xft 553 fbiTSB General— _M81 515ft +f)i 353 

Friend* Provdx. Unit Tr. Mgrs.?- ro.ersaI FiLirf. „ [653 702 ] +1 ft 2 ta ihiDo. Accum. 618 Uft+0.7 353 

Pi sham EL-ft. Dorkrat'. Oo65655 S£L Trn« Managers Lid.? (aKg) Ih' ~ IS 

FriradsPro»-.tt-~-»S 2^+^ 3» vMtrauquri.Darluag.Sttires. Ml! ^^UidS^' Sl S3 Uli 25* 

Do. Ann m >01 wz l+ ic i 3-» 689] +0B1 - 4 17 ihi Do Actum [97-2 IDft +1.S1 239 

R.T. Unit Managers Ul? * ftj 5^ lift tjo" llat€T B “ W fa> 

»F.BxbnraCireu*ffi2M7nD 0I42S88M: £ aSiSSS' ‘JSt 1 ifeSffiSjir Wail ng Street, hftfcn*. 02323S23I 

^SF^!ZZZ^7 U6ft?af IS Norwich Unia^inirarjSirG^p (b) 

GT. toe. Fd.X‘n.: — 11732 l»ft 733 p.O. Bax 4. Norairh. >'RI 3NC. 080322200 Uml Tntt AcCOTat * ^ 

wS*rSi non <- ros P T *LF(L 072a 39161 +4.91 4.79 Kil)fiWllli8»St,EC4RSAIL 01 -823 4651 

139 2 jflSSlJ!} Pearl TVtisl Managers UcL (aMg)t») 17 lf?J I i-S 


nsu +05 
662 +0.7 
673 +06 
70-2 +07 
966 + 0.9 
1033 +1.0 


023233231 
4J.0ft +0 d AM 


i«i 3 l-T' Pearl Trust Managers UcL (aHg)t») ^? r GrULF^"SS 0 17 |IiI J VS 

JddS 9 7* ^^?J™^'' K, ' IV ' rES 0I-+Q58441 toA^^.^.1363 Sards® 

60ft [ FearICrowttiFtf__p«s 2L«[ +0L» <5* wns«jo„ w—a 


.tcllin U inta 
Prarilnc. 

1 0 277 ) 227 5 00 Pearl L’nilTsLlZ" 
J 7 J 3 +C. 4 J AM lAamm-Caiw , ,. „ 


*» Wirier Growth Fund 

6.96 King William St. EC4H OAR 01*3 4951 ] 

4.75 IncanwUniU— . BL4 3311 [ 4.07 

4JS Accum. llnl Lx p*J . 38ft L07 . 


CLIVE INVESTMENTS LOOTED 
1 Royal Exchange Ave.. London EC3V 3LU. TeJ: 0I-2S3 1101. 
Index Guide as at I 8 U 1 July, 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 131.60 

Cliv e' Fixed I merest Income 117.33 

CORAL INDEX: Close 506-511 


INSURANCE BASE RATES 

t Property Growth 10i% 

t Vanbrugh Guaranteed 9.2^ 

t Address shun n under Insurance and Property Bund Table. 






International 
Insurance Brokers 
for Shipping 

1 Carron.ro 5tW, 
5r= 1 t-jndan EC3A 7HJ 

TetoaTwre 01-6^3 THtl 


FT SHAKE INFORMATION 


BONDS & RAILS— Cont. BANES & HP— Contmued 


SERVICE 


£NGINEESIN&-Contmned 


financial .Times Wednesday A,ugu*t Ifji'.x 
1 FOOD, GROCEBIBS-^ftit 



I 

SI 


9.49 
4.65 
7.46 
1232 
1025 
12 09 ! 12.18 
8.71 10.71 
12.41 1 1231 
1130 


f: 









In). Nat Gas SL 


PlaceCasSl 

Rio Atom 

Royal HtCaa-K 



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35 
17 
47 

40 
b&l 

32 
49 
68 
86 
39*, 

41 
82 
65 

£312 
146 
92 
84 
82 

33 
U8 
190 
141 
651, 

30 

197 
123 

134 | 79 
17 10 JJanesEdwLlOp 

45 31 







FINANCIAL TIMES 

BRACKEN HOUSE, 10, CANNON STREET, LONDON EC4P 4BY 
Teles: Editorial 880341/2, 883897. Advertisements: 883033. Telegrams: Ftnantimo, London PSt 

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Telex 440225 TeL (302) 347 8878 



+1 536 

2.04 

*2.03 

. — 4.43 
+1 hi 09 
+4 Q7% 

+2 4.76 
+1 3.50 

2J1 

211 

+3 dl74 
+1 d912 
6-23 

715 

hi 08 

*L51 
+5 9.61 





UBJiGruap 

Vertis Stone lOp, 



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<7*® 19 13 

« 29 22 

” 206 105 

M 106 82 

34 24 

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1«2 Vz 

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77*2 56 , 
IP® 

I * 252 
0.6110.6)25.6 
* IM* 127*i 
3.8 &2 4.5 41 
4> U « Dfc 
30 136 

63 38 . 
lELS 126 ' 

,41 MS 
367 

7.9 91 75 

7.0 63 22 

82 94 55 

0 106 77- 

90 109 70 

* 28 21 

143 45 I 30 
7.0 20 
67 61 
IMI 152 
5L5 -414 
* 232 
71 83 
7.9 33 


JJ life 
86 218 
(5.8) 115 
* I 52 38 

68 47 
87 70 

67 





*®--i ^ 






y.rr, 


t* 



hotels and caterebs 


52 1 31*2 
£29 |fg4 

148 
10 
87 
75 



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riflBt ntlsuL. 


Biminchanr George House. George Road. 
Telex 3986S0 TeL 021-454 0022 


Mflndietter: Queen’s House: Queen Street 
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Telex 238409 TeL (2129 489 8300 
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cbiyoda-ku. Telex J. 27104 TeL 295 4050 


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Crane Fruehauf loss 
of £1.7m last year 


TELECOMMUNICATION EQUIPMENT 


THE LEX COLUMN 


: -r* 

. v.H • 


BY NICHOLAS COLCHESTER 

CRANE FRUEHAUF, the Nor- 
folk trailer manufacturer, made 
a loss last year of £1.7m after 
having forecast in October 1977 
that its pre-lax profit would be 
£3m. 

The shortfall emerged in pre- 
liminary figures presented yes- 
terday by the company's new 
American-led management 

The forecast, had been made 
by the previous management in 
the course of strong resistance 
to . the take-over by Fruehauf 
International of the U.S. 

Mr. F. J. Schwab, the presi- 
dent of Fruehauf Europe, and 
Mr. George Malley, the presi- 
dent of the American parent, 
said that they were bitter about 
the year's outcome. 

They claimed that the profit 
forecast, and the accompanying 
bid for Crane by Inchcape and 
Co., had added £3ra to the price 
Fruehauf finally had to pay for 
Crane. 

Asked whether the U.S. com- 
pany might now take legal action 
against Crane Fruehaufs 
against Crane Fruehauf*s pre- 
vious management, its advisers, 
Barclays. Coopers and Lybrand, 
Mr. Malley replied that the 
“matter is under review.” 

Mr. Schwab revealed that 
there had been argument with 
Coopers in preparing the year- 


end accounts and that the firm 
would not be retained as 
auditors. 

Mr. Charles Ball, former chair- 
man of Barclays Merchant Bank, 
who played an active role in 
Crane's resistance to the U.S. 
bids, yesterday repeated his 
earlier assertion that the £3tn 
forecast was only valid in the 
context of a take-over by Inch- 
cape. Part of this profit forecast 
related to deployment by Inch- 
cape of Crane’s assets in Nigeria, 
he explained. He also main- 
tained that the different attitudes 
of Crane's old and new manage- 
ment to the British company's 
overseas expansion must account 
for a substantial part of the re- 
ported profits shortfall. 

The Crane Accounts for 1977 
have, in effect, been qualified 
by Coopers with the information 
that the final figures have only 
been reached after “significant 
adjustments ” to the internal 
accounts of the previous 
management. 

In particular the accounts of 
two Crane subsidiaries — 
Dennison Trailers Ireland and 
Crane Fruehauf Finance — had 
been qualified, tbe former for a 
stock shortage of £450,000 and 
the latter for inadequate 
book-keeping. 

The hew Crane management 


made It clear, however, that 
these irregularities alone did not 
account for the profits shortfall. 

They claimed that Crane's 
basic business bad made a pre- 
tax profit of £2.7m in 1977 but 
that this had been offset .by £3m 
in operating losses— chiefly in 
“ speculative international ven- 
tures” — by a £408,000 write-off 
of a manufacturing project in' 
Iran, and by the £382,000 that 
Crane spent trying to ward off 
Fruehaufs many bids. 

Prominent in the operating 
loss was a write-down of close ; 
to £lm on the value of inventory 
awaiting sale in Iran. 

This ** missed forecast " 
follows news of a similar error 
by Dunford and Elliott, -whose, 
new parent Lonrho id now con- 
sidering court action. 

The Take-over Panel has 
already asked for details of the 
Crane shortfall, but — as with 
Lonrho — it will defer to the 
courts if legal action now, 
results. 

Crane Fruehaufs new manage- 
ment says that tbe company is. 
now operating profitably. Tfaei 
president of Fruehatir Inter- 
national yesterday ceased to be | 
managing director of Crane and 
passed the job back to an English- 
man, Mr. Philip Craft, who was 
previously a senior executive in 
the company. 


Chappie against The worrying pace 

Post Office 
sales monopoly 


Rhodesia’s move to ease 
racial laws falls flat 


BY TONY HAWKINS 

RHODESIA'S STATEMENT on 
the abolition of racial dis- 
crimination was greeted on all 
sides as a non-event today. The 
statement largely legalises and 
formalises already-accepted 
breaches in the racial code. 

It abolishes racial discrimina- 
tion in public places, such as 
hotels, restaurants, swimming 
pools and cinemas, but as the 
majority of such places have 
been multi-racial for some years 
this is hardly a major advance. 
The difference -now is that no 
hotelier can ban a person on the 
grounds of colour. Legislation 
will be enacted to allow anyone 
who is discriminated against on 
colour to seek redress tbrouEh 
the courts. 

The statement also announces 
the opcning-up of all trading 
and industrial areas to black 
businessmen. However, this too 
is more a formality than any- 
thing else as the owners of such 
properly have been allowed since 
last year to have black tenants 
if they so wished. 

Perhaps the most significant 
change is the decision to 
enfranchise blacks living in white 
areas for local and municipal 
elections. This implies that 
abolition of the Land Tenure Act 
is soon to follow, as there is 
no other rational for taking such 


a step. But Nationalist spokes- 
men and white moderates have 
expressed disappointment and 
dismay at the transitional 
Government’s failure to grasp 
the nettle and deal with the really 
contentious issues such as 
schools, hospitals, white residen- 
tial areas (segregated in terms 
of the Land Tenure Act) and the 
military call-up. 

“Less than peanuts,” snorted 
a spokesman for Bishop Abel 
Muzorewa, clearly out of step 
with the Bishop himself, who 
described today as “one of the 
greatest” in tbe country's his- 
tory. 

A spokesman for ihe Rev. 
Ndabamngi Sithole also described 
the statement as very disappoint- 
ing. Most of the changes it 
announced had already been im- 
plemented. he said. A spokesman 
for Mr. Joshua. Nkomo's ZAPU 
said that the country needed an 
all-party conference to settle the 
war and not minimal moves of 
this kind. 

The Executive Council was at 
pains to emphasise that this is 
only the first step towards the 
removal of racial discrimination. 
• There Is no immediate reac- 
tion to the report that Dr. David 
Owen, the Foreign Secretary, is 
planning another Southern 


SALISBURY, August S. 

African safari later this month, 
aimed at convening an all-party 
conference, though the opinion 
is gaining ground here that tbe 
transitional Administration will 
attend such a meeting later this 
year if only to demonstrate its 
willingness to negotiate while 
the Patriotic Front of Mr. 
Mugabe and Mr. Nkomo demands 
a near-total handover to its 
forces. 

Our Foreign Staff adds; While 
refusing to confirm that Dr. 
Owen is preparing to fly to 
Southern Africa in the next few, 
days, a Foreign Office spokes- 
man stressed that the Foreign 
Secretary had said on a number 
of occasions that he hoped to 
go to Southern Africa in August 
to help convene an all-party 
conference. 

These hopes remained. . the 
spokesman said, but no date bad 
yet been fixed for a conference, 
which would involve leaders who 
had reached an Internal agree- 
ment in Rhodesia and the 
externally-based leaders of the 
Patriotic Front prosecuting the 
guerrilla war. 

Dr. Owen has kept a flexible 
and relatively open schedule for 
August. 3nd is thus ready to 
make the trip if necessary. 

Editorial Comment Page 12 


BY JOHN LLOYD 

MR- FRANK CHAPPLE, General 
Secretary of the Electrical and 
Plumbing Trades Union, bas 
come out in favour of handing 
over marketing of telecommuni- 
cation equipment to the private 
sector. 

The market, which includes 
data equipment, PABXs and 
telexes as well as telephone hand- 
sets. is enormous. There are 
nearly 22m telephones installed 
in the UK With telex arid other 
related equipment the Post 
Office estimates the -value of 
equipment in use at around 
£1.3bn. 

Hr. Chappie is concerned by 
loss of jobs in the telecom- 
munication manufacturing indus- 
try and sees a free market in 
equipment as a way of stimulat- 
ing demand. He reckons that 
some 6.000 of his members’ jobs 
in the industry are at risk. 

Conversion 

Confirmation of Mr. Chappie's 
fears comes today with the 
announcement that Plessey. one 
of the three major suppliers of 
Post Office equipment, is to lay 
off 600 of Its 20,000-strong work- 
force in its UK telecommunica- 
tions business. 

Mr. Chappie’s conversion to 
this position supports the view 
taken earlier this year by Sir 
Keith Joseph, the Conservative 
spokesman on industry, who said 
that “one oF the earlier pieces 
of legislation ” of a future Con- 
servative government would be 
to allow manufacturers to market 
equipment in competition with 
the Post Office. 

Mr. Brian Stanley, General 
Secretary of the Past Office 
Engineering Union, criticised 
Mr. Chappie’s call. It was “very' 
surprising that Frank Chappie, 
on behalf of his union, should 
be propagating a right-wing Con- 
servative point of view." 

Mr. Chappie said: “ It is right 
that the Post Office should con- 
tinue to have, for rent or sale, 
the completely standard types of 
equipment, but it is quite wrong 
to prevent the user having the 
maximum amount of choice. 

“It is wrong to expect that 
the Post Office will be able to 
provide tbe vast variety of 
equipment that the public will' 
wish to be available.'’ 

Mr. Chappie believes that 
competition in this market will 
strengthen the export potential 
of tbe UK telecommunication 
companies, which have seen their 
share of the - world market 
decline dramatically over the 
past few years. 


“ Unfortunately, the manu- 
facturers themselves seem in- 
hibited by their fear of offending 
the Post Office in speaking out 
loudly and publicly on this 
issue. It is left to my union to 
see that the issue is raised 
publicly." 

Mr. chappie believes that the 
Post Office Board is “ much more 
outgoing and progressive than it 
bas been before. It will see the 
advantages of adopting a com-; 
pletely liberal policy concerning 
telephone Interconnection. 

“I think it is better that the 
Post Office do this of its own 
volition rather than being 
forced to do it by political and 
legislative action — action which 
may be motivated more by the 
desire to humble and destroy the 
monopoly than by a constructive 
attitude for providing opportuni- 
ties of jobs in a new area to 
people who may find their old 
occupations disappearing." 

Mr. Chappie believes that the 
situation for his members is 
much more urgent than for Mr. 
Stanley’s. The changeover to 
the manufacture of System X, 
the new electronic exchange, in 
the early 19S0s will, he says, 
lead to a further loss Of jobs 
in telecommunications manu- 
facture. 

“In contrast most of the net- 
work will continue to use east- 
ing exchanges during the next 
20 years and thus the engineers 
in the Post Office will be 
affected by tbe new technology 
to a relatively small extent in 
the near future.” 

Mr. Stanley said that Mr. 
Chappie's idea would mean a 
massive loss of revenue for the 
Post Office, and that customers 
would be required to pay more 
to maintain and extend tbe 
network. 

Redundancy 

Plessey’s annual report pub- 
lished today says that 600 
employees will be made redun- 
dant in tbe next financial year. 
The redundancies will be con- 
centrated in the company’s Edge 
Lane factory in Liverpool which 
is devoted to electromechanical 
exchange production. 

The report also contains warn- 
ings of further reductions. “We 
shall deal with further stages 
of telecommunications moder- 
nisation and rationalisation on 
a planned basis,” it says. 

Chappie comes to aid of 
manufacturers Page 12 

. • Plessey report Page 15 


aIwavs "cneei&l ■ a loss of £l.7m against forecast- 

fact.ore"butthereisMde^i^ Index TOSe 1.6 tO 507.0 ^£^ 3 ^ 0 ^ 

that the July banking figures-. . _ : “ „«i it. Rnunhivrii^J 


are unsettling. Far from fall- 
ing, the banks’ interest bearing 
eligible liabilities increased by 
£441m last month and are how 
higher than they were before 
the corset was imposed a 
couple of months ago. Mean- 
while the total eligible liabilities 
figure, which fell by 0.3 per cent 
tbe previous month, rose by 11 
per cent. This should not be 
taken to mean that sterling M3 
has grown by the same order 
oF magnitude, but it could 
nevertheless show a rise of 1 
per cent or so and the authori- 
ties are going to find it more 
difficult to justify a cut in 
interest rates in the short terin. 

The main worry is bank lend- 


** THE BANKING 
30 ' 'CORSET 

29 -DIMKHHG SECTOR: 
fattens! -Soaring I 
28 Liabilities f 

anas) 1 

27- I- 


I tKtog-ociOT 


spawned it. Roughly £L4m^ of 
the loss relates to ..writeoffs in 
Iran and 1 Crane’s , hew Ui 
masters .have been .adamantly 
opposed to Crane’s . Strategy 
there since long before they 
firet sought to expand their S 
per cent stake inrCrane to jfli 
control. It is very .difficult to 
see how much ' of Crane's 
apparent relapse Is due to 
accounting prudence anti how 
much to the new -management's 
desire to wipe the slate dean 
and do things differently. 

- A forecasting error of this 
magnitude mates a mockery of 
the use of forecasts- instate, 
over situations. The/BLteover 
Panel is now fa^-fctth the 


NEB and bank to aid 
small companies 


BY JOHN ELLIOTT. INDUSTRIAL EDITOR 


Early August figures show car 
imports have over half market 


BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 


CAR IMPORT sales in the UK 
have risen sharply again in the 
first few days of August, taking 
n little more than 50 per cent of 
a market which is likely to 
challenge the record figure of 
234.000 registrations achieved in 
August 19t3. 

At the same time. BL Cars, 
after a bleak second quarter in 
which it wns dominated by Ford, 
has come back to take a tenta- 
tive lead in tbe charts, with about 
23.5 per cent of the market after 
seven days. 

Ford has dropped back from 
the 35 per cent penetration It 
achieved in July to about 22 per 
cent of total sales of 133,000 in 
this period. 

Ton much should not be read 
into figures this early in the 
month but the current market 
picture is causing intense interest 
in the industry as the possi- 
bilities of both a record month 


Continued from Page 1 

Sadat-Begin 

both sides. administration 
officials said today. In addition, 
it is likely some of Mr. Vance’s 
officials will stay behind to brief 
other Arab Governments, in 
pirticular Saudi Arabia, on the 
forthcoming summit The 
Saudis had pressed President 
Sadat not to undermine his 
standing in .Egypt and the 
Arab world by continuing talks 
with Israel that yielded no 
result. 

President Carter’s summit in- 
vitation was only one of several 
options that Mr. Vance took to 
the Middle East, according to 
administration officials. 

It appears likely that having 
failed in Jerusalem to get any 
firm Israeli commitment towards 
territorial concessions of the- 
kind that could persuade Presi- 
dent Sadat to allow lower-level 
negotiations. Mr. Vance, on Pre- 
sident Carter’s instructions. 


and a record year for car sales 
begin to harden. 

Opinion is still sharply divided 
about whether these records will 
be achieved. Optimists, parti- 
cularly at BL, believe that sales 
could reach about 265.000 in 
August, with total registrations 
for the year abont 1.7m. against 
1.66m in 1973. Tbe more cautious 
companies feel that the market 
will not exceed LGm units. 


Recovery 


BL’s ‘ recovery has been 
achieved with the backing of 
healthy stocks after several 
months of disappointing sales, 
while Ford has done better than 
it usually does in August a 
month which traditionally 
favours companies supplying the 
private rather than corporate 
market. 

Most BL dealers have now 


abandoned hopes of achieving 
the 27 per cent market share tbe 
company was talking about 
earlier in the year. But they are 
confident of increasing their over- 
all unit sales now that they have 
got off to a reasonable start to 
August, which is always tbe 
most crucial month of the year. 

Importers’ stock levels are 
also believed to be reasonably 
high at present, with some 
European companies like 
Renault and Volkswagen dearly 
stocking up to make a big posh 
this month. 

If the market moves towards 
the higher level of predictions, 
they may be able to make even 
bigger inroads as the British 
manufacturers run into stock 
shortages. 

Importers last achieved 50 per 
cent In the UK In January this 
year, and since then have, been 
running at an average penetra- 
tion of 47 per cent. 


Continued, from Page 1 


THE NATIONAL Enterprise 
Board is about to finalise a pilot 
scheme with a major clearing 
bank to provide finance for small 
companies. 

It will be launched later this 
year in tbe north of England. 
Tbe NEB has one of its two 
regional offices in Newcastle, the 
other being in Liverpool. 

The plan Is that both tbe clear- 
ing bank 2nd the Board should 
put up equal amounts of money, 
although it has yet to be decided 
whether this would be in the form 
of loans as well as equity. 

The bank is understood to be 
keen to increase its involvement 
with small firms while the 
Board has found it difficult to 
find small and medium-sized 
companies prepared to accept it 
as a partner. The NEB has also 
had problems in establishing 
Itself in the regions and hopes 
that 'it will be helped by a link 
with a bank whose Hlgb Street 
branches are in daily contact 
with local businessmen. 

The arrangement is also 
significant because it shows that 
financial institutions are begin- 


ning to accept and co-operate 
with the NEB whose future 
could be affected if the Conser- 
vatives win the next general 
election. 

Tbe plan will have the support 
of the Government, which up to 
now has failed to launch any 
major new initiatives on the 
financing of small companies 
despite the work being done by 
Mr. Harold Lever. Chancellor of 
the Duchy of Lancaster, wbo is 
responsible for co-ordinating tbe 
Government’s small firms 
.policies. 

Last week the National 
Economic Development Council’s 
Roll Committee on finance for 
industry produced a report 
which gave only a guarded wel- 
come to limited Government 
support for a guarantee system 
for clearing bank loans to small 
firms. The report said, echoing 
Department of Industry and 
Treasury views, that the major 
problem for small firms is lack 
of equity rather than loans. 

Mr. Lever is also working on a 
scheme for the Government to 
help small firms to raise working 
capital. 




China 


played the trump card oF the 
summit. 

ALEXANDRIA: Mr. Mohammed 
Ibrahim Kamel, Egypt’s Foreign 
Minister welcomed the 
announcement Of the Camp 
David summit 

Mr. Kamel added: “President 
Carter's invitation marks the 
beginning of active American 
participation at the highest level 
in the peace process. He is 
throwing his weight behind the 
peace talks.” 

If the meeting failed, the U.S. 
would have to contribute its own 
ideas, tbe . Foreign Minister 
said. „ 

TEL AVIV: Mr. Begin said that 
he hoped the summit would lead 
to a breakthrough In the dead- 
locked peace negotiations. 

He conceded that failure would 
make the situation worse, but 
added? “We have to take risks 
lor peace." 


promote whatever ' agreements 
with Britain were worked out at 
technical leveL 

The Chinese also agreed today 
to resume talks over an air 
service agreement between the 
two countries that would enable 
British Airways to fly to Peking 
via Hong Kong. 

Kenneth Gooding writes: The 
value of the coal mine consult- 
ancy contract to PD-NCB is 
likely to be more than £250,000. 
It would be some time before 
any UK equipment was needed, 
as 'it could take as much as 10 
years to bring the mines into 

production. 

Apart from equipment for new 
mines, British companies hope to 
clinch orders for machinery 
worth about £100m to refurbish; 
China’s existing mines. West' 
Germany is Involved, too. and 
hopes to negotiate the supply of 
equipment valued at a further 
£50m. 


UK TODAY 

RAIN in most areas, cool; dry,, 
some sunshine in NW. 

London, S.EL, Cent, S„ E. and 
Cen. N. England, E. Anglia. E- 
Midlands 

Cloudy, rain. Max. 18C (64F). 
S.W. England W. Midlands, 


BUSINESS CENTRES 


Arnsidm. 

Athens 

B ahrain 

Barcelona 

fielm 

Belfast 

Belgrade 

Berlin 

BimKhxn. 

Bristol 

Brass? Is 

Budapest 

B. Aires 

Cairo 

CardlC 

Chicago 

Cologne 

Copnbagn: 

Dublin 

Edinburgh 

Genera 

Glasgow 

Helsinki 
H_ Kong 
JoDok 
L isbon 


Vdw 
midday 
•C *F 
F IB Bli 
S 30 M 
S 36 17 
S 23 73 
S 29 34 
P 12 54 
F 54 W 
R 15 S9 
R 13 S3 
C. IS SI 
P 19 M 
F 23 71 
S 15 59 
S 38 97 
R 14 57 
S 35 77 
C 17 63 
F 2fl SS 
C IS 61 
C IS 39 
R 13 59 
C 17 83 
C 13 SB 
C 3! » 
S 24 75 


London 

Lnemb'ff 

Madrid 

Manebstr. 

Melbourne 

Milan 

Montreal 

Moscow 

Munich 

Newcastle 

New York 

Oslo 

Pans 

Penh 

Reykjavik 

Rio de J'o 

Rome 

Singapore 

Stockholm 

Strasbr®. 

Sydney 

Tehran 

Tofcyi. 

Toronto 

Vl-rva 

Zurich 


Vday 
midday 
"C °F 
C 15 58 
C 15 58 
S S3 73 
C 13 55 
R 9 48 
F 21 70 
C 22 71 
C II H 
C U 53 
R 12 54 
S 28 84 
S 22 72 
C It il 
s 15 M 
C 11 52 
S 29 ' 81 
S 25 77 

s 3» se 

P 19 J» 
C 10 61 
S 17 63 
S 32 96 
C 31 88 
,C 34 73 
h 15 a 
R U 52 


Channel Isles, Wales 
Showers, sunny intervals. Max. 
=16C (61F). 

X: W. England. Lakes, Lof Man, 
5.W. and N.W. Scotland, 

.■ Cl as row. Cent Highlands, 

. Argyll, N. Ireland. 

Dry, sunny intervals. Max. 15- 
J7C (59-63F). ' 

N-E. Scotland, Borders, 
Edinburgh. Dundee, Aberdeen 
Cloudy, rain. Max. 13C (55F). 
Moray) NX. Scotland. Orkney, 
Shetland 

Dry, stumy periods. Max 15C 
(59F). 

Outlook: Mostly dry, sunny 
periods. 

HOUDAY RESORTS 

Yd ay Y'day 

midday midday 

•C *F T “F 

Ajaccio C 22 72 Las Pirns. F 23 73 

Biarritz F 25 8$ Locarno C a tu 

Blackpool C 14 57 Lusor S 40 164 

Bordeaux C 13 8SI Majorca S 25 77 

BonKume C 17 63 Malaga 6 26 79 

Cape Town C IS 59 MalU S 31 3S 

Gibraltar s 26 79 Nairobi S 21 79 

Guernsey C l* Si Napba F 28 w 

nurtbrncK c 15 59 -visa. s a !* 

Inverness C 12 54 Ramies ! S 37 Si 

late of 'Man R 13 55 Vo.uncia S 27 Si 

Istanbul S 27 SI Venice R 20 6® 

jersey C 17 63 

y— Fair. S— Sunny. R— Rain. C — Cloudy. 


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SSrt=r« * 1 

£783m of which probably half in toe UK tele communi ratio ns ^ toeii^am^ 

reflected seasonal influences business, which has brought diction. - 

such as the debiting of interest with it extraordinary charges of js that court «cticm Tates jae 
Even ’so an underlying growth Ota in the last two years, matter out o£ to hands,, ?fhe 
?f«Mm still loota highsince Plessey. says there should be na : ioJurea party m tlja c ase-ffititt 
ae feu^s do not tahe account ,«ed for any more “major- pro- a group of smaU^areMtes ! 
r +> ,_ T-rtn-ioarers. The official visions. '• But even. . after its but a large U.S. corporation. IF . 
line is that borrowers were for- drastic reshaping, public tete- Fruehauf really thMcs ittasa ! 
sakme the non-clearers and communications systems still case in churning ^ that Cranes 
switchin® back to the clearing account for two-fifths of group forecast cast it an extra £Sm 
E3S Srertoft facilities fo? Petits, and more than half the the remedy lies in its hands, 
reasons n£ cheapness. This may «ales on this side go to the Post _ - . : . J 

be so but it will not be apparent Office. ■ „ aDIIie y - 

until the full money supply This sector is now pressing Bernard Sualey’s property re- 
figures are published. ahead with its biggest ever throws up a- surplus 

The immediate reaction of the ^^pment proffl-amme. ^ £1L6 and increases the ret 
eilr edged market was to mark ^T**. r asset value per share by a quar- 

Drirac lower However as long ProjJuc* 1011 of . electronic ter t0 355P at tlie bailee sheet 

L the corset remains in place exchanges and major switching d ate _ g u t this figure needBto 
th PrP should not be too much developments for System X. ^ adjusted, to reflect the. out- 
to worry about It is the clear- Presumably it is going to be t<ome of laat week’s debenture 
tan biSs that need to be co* cash h "“*Fj or J 0 E - r ar V ■* refinancing deal with Eagle Star 
rnpf l f0T unless there is a CDme - 11113 be foitoconmig which adds another 42p1o the 
slowdown in their *°in the rest of toe business? heok value. On this basis the 
prmwth in lending they will xro u P 15 honing for an un- present share price - of 248p 
be penalised The gilM edged 11611(1 stands at toe exceptionally high 

market only needs to be con- from - ^ e *?alf of this discount of almost 40 per cent 

cerned whence authorities year, but there » likely to be t0 nrt asset values. 

start talking of ’’relaxing” toe another sizeable loss on record Sunley is well aware that its 
start talking of Teiaxmg me ^ on ^ of propert y investment. 

rapidly expanding electronics contract building, housing and 

Dl systems side seem to have been a French; holiday resort de- 

Plessey coming under pressure. velopment does not enhance Its 

Plessey needs to generate So there are. some questions attractions, in the stode nrarket 
more cash. Its latest accounts to be answered at the annual jt has already pulled out o£ 
show that debt rose by £15m.in meeting. Shareholders may be operating toe loss-making Sour, 
the year to March, a period happy about , the liberal divi- i ey Homes business, has sold 
when requirements for new dend policy. But they should the loss-making hotel in 
working capital were modest note that net worth has declined Jamaica and has plans to dis- . 
and spending on fixed assets was in each of the last two years, pose of the Isola 2000 resort and . 
cut by nearly a third. The bal- and that even before write European office investments as 
anee sheet gearing is still not downs the latest payment was soon as suitable buyers can be .. 
high, even after writing off not covered on .a current cost found. That would leave a 
£30m of goodwilL But toe fact is basis. sound _UK property investment , 

that over toe last four years, a „ , portfolio and a (largely Middle 

group with annual sales of over rmCuflUI rorCCBSt East) contracting business 

£600m has (after excluding its Argument over Crane Free- which Sunley may eventually 
associate interests) accumu- hauFs missed' profit forecast — hive off. ' 



RL-gfmeml at tbe Post Office. Primed-, by :St. Cbjaetu's Press tor and tnibtWicd 
by lie Financial Times Ltd., JBraefcei Home. Camion Street, London. EC4P «1BY, 
1 $ The. Financial Times Li«U 1978 




I