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PLANNING A NEW FACTORY? 


Buildinthei^ 



STRUCTURAL FFIAME 


ATCOST INDUSTRIAL DIVISION * 
22 OLD BOND ST, LONDGM VV1. '*■ 
- • Tel: 01 493 0 B 02 



No. 27,633 


Thursday August 10 1978 


***15p 


© 

<%> 

1076 



CCTGTNSNTff. Sgxme. HHCBi AUSTBIA S^JS.- 6aC|UM Tr 25i DENMARK Kt I,l: FRANCE Fr 3.0; GERMANY DM 2.0; ITALY L 500; NETHERLANDS R 2.0s NORWAY Kr 3J; PORTUGAL Etc 20i SPAIN Pta 40: SWEDEN Kr 2.25; SWITZERLAND Fr 2.0: 


EIRE 15p 


NEWS SUMMARY 


GENERAL 


" : --y 


BUSINESS 






GotdMincs 


• EQUITIES resumed their 
y:.?.-’-...'.'-/?-" 1 - 1 “i' !’ Y^cent strongs -upward move- 
The Israel I cabinet meets today, meat, “ and the F.T. Ordinary 
in a special session to reassess Index closed fL2. up at 516.2. 
Israel's negotiaflngpositton for Gold mining shares were In 
nest mouth's tripartita Middle - . . V : ' ' 

East summit at Camp David 
with ; U.SL Prudent .. Jimmy 
Carter and Egyptian President 
Anwi^r Sadat, -r- . 

.Israeli Frontier ‘ Mena hem 
■Begin . last, night heard, report 
of this .week's tidtebetween-U.S; 

Secretary 'nt State .Mr. -Cyrus 
Vance andjHr.TSadat, when Mr. 

Vance .succeeded, .in reviving the 
stalled peace, talks, Back Page 
Beirut: Syrian artillery shelled 
Christian legist BeiHut breaking a 
4S-hniir JuU in...tbe conflict be* 
tween •• Syria . , and Lebanese - 

rightist! J militia; Page $ " . 

docks s&d$tll3 

Clyde naval frames ' Were ; at a 
standstill after 20Q .dockers were 
suspended without, pay for can* 

Uniting to -IHaek..; the .,-P.olarw 
submarine HMS : Resolution.' in 
support of al.pay. claim. Back 
Page • :; 



- • ■ . .-.fip-M- ... 

demand fr om : International 
centres ' antfltitirGold Mines 
index ipttfc tm-^9 to 200.6. 


.. . _ GOLD to a record 

S207Jin LoijihaL ' 

. .'• GILTS dwed-^ixed and the 
Russian Government- jSi^Aptties index 


• STERLING ^ffied V, cents 
up at ■ best since 

pound's 
rose to 
rthe dollar's 
to 9.9 per 
worst level 


whs 9.97 up 
re the close. 

curities 
tn issue 
c-diafc' if* 

. 

ernment^bend- 
fisures stftjgest 
Is likely, td be 
sts than in thenar 
c kPage-^ . , 

FENDS’ national 
has expressed con- 
on insider trading. In 



Rift denied :. 

Sergei. Kauzov. :-the 

husbapd .of .fJreek; shipping feUO.Ol to 7£J®;:> 
heiress Chnstma-- Gbassis. dis- - . 
missed report* yibfit she had 

abandoned .him^asd said his _ 

bride would reture to Moscow frfjniaiy~2B.7’ 
smW1 ' . . 'S-i.r ' trade-wel^ht«tj: 

Salmon theory 

Health experts believethat the cent (9.51 a 
tin of salmon whiefc^jWiMned ye t, 
four Birmingham pensioners may 
have beeii the only cdn&mijiated • WALL S3 
t in. The four are ' still critically 8990& just /l 

’ " ■" !t \ ! ' v COUNCIL fm 

Forgery tnal . . . ' industry **> 

Tht-jury >!^ejr:^tivr : ’ ^ 

forgers .trial .at-T&e- = Bailey 

W, J 1 b ,t • CENTRAL 

sitter fhcar.-yerdicf; •Judge Alan . imf and r 
Kuig-Uanuttan ttild -them y ester- that borr< 
day that he woul^ comptete his n**fo r i6i 
Miinmuig up theru 4. .. . - • . yea^dj 

Vaccidirf^^Y^':^# 

Mr. 1 Jjck Asblcyj-MP. has ffiii. 

for an indepondcnt inquiry into ^^v^s.^Back Pace 
the use . of ■ whoopi ng .-Wh ^ *****'.. HacK F 
vacciiw, following , ^JODLAND BANK has ehacmed 

Depar/meht disclosure- that -nme '.as- the- clearing bank negotiatiim 
rhildwn-ha\frdirt.of.the-tiiaM.ai^ with iheJfEB to 

ibis year. - • - .- : - • /. -uprtfvidp cash aid for small com- 

Cllmbem kiiled ^ ^ : -S • ■ 

and foreign: A cupilal will he wd- 

' r %Tne K ednied in otiihore oil exploration. 

MPS: S wiss mou7«aine^ 

Hurpy 70, died of os^tu^lon near' ry\ 
fht? TtfatterJforn,jBammif^'als6 ^ • ■ GREEK shipnuners h&ve bK- 
virUBi-of f ' - ' sun to move business our of the 

_ A ' ' - - - ' t London iosuraneu ccrnuunoity. 

ADdUCtlOn Claim fitioM a. "recent decistop.- by 

.roshua ^kimo.'&ad -aMflctcd ^p °' er 15 yearS - odl 

rh .. ' 50,OW> . rttitdrep -1 from **«* ^ • 

Rhodesia for hls ^uMT^la.-anny. 

’ • . • . v -'.fir LABOUR ‘ 

Troo PS ^t airpo rt -./•.POST-OFFICE engineers'-who 
TTtmp^ w -aTirK(i>red' 'rarK and are.^ro: decide. t«rt:iy wbeibar to 
tanks*' mavetf^ ^ ;lhio 1 --:H«inirbw^ ^ step- dp .U«ir sanctions ih -ttieir 
yiwteritej-- - - -/Se4rt»nd •' r 1 1 yard over- -a shorter- w«|4ng 

*1 bribed th^ .oiilitars/ prcsertcc weck.. ' ar^ almosl certain / in 
1 - prtjcffnhpn • T against . choose . as thoir p rime tareot the 
leri4rfcHL‘ : r - City of Lobdnn. Page 10 s 

♦ STRIKE; by 43.000 Perbrian 
miners: has -caused the ftate 
industry to'cul shipments pt lead 
and- silver and drclarc a^panial 
ipre majeure on Mime deliveries: 
Oh the' LME lead prices moved 

-ahead; . wiUi.tash metaL f2^-.up 
.HL02S.25 a. tonne. Page 23 .. 


% J:: 

Tn’o-yeck-oW . - tbs? - rube' .baby,' 

Loaifte Brown: *:-hak .rifcoived a. 
mamago prnpdsaF from a man jn ' 
Saudi: Arahiin 2 .; 

ThirtjHrigh^. lerflfnir -ships ' lefi-' 
fJTcai Yarnioitih'" at the .start “of 
the /<Wfcraile r .taH^ *ace to 
rcnnvay. . : ..- 

L»ii: hfoadwter.- ian. Gilchrist 
has .been sin^.nded./foUoiriitg- 
hia’. referee ^ .After jfiigfti . 
progtamme tn-tireJate . Pope Raul 
an “ a Mll>’ tdd^OTl^ y 
Wairr ratlontiig : - been : 

impowd in ToSyd; wWre tenh 
ncraturcs; have *ri?n. -n' al»dt- 
WF far six we*ks^'. /-Vu.'- ■■ 

Huii d reds fled, vU las . arid camp 
piles on Frao« , ii.Cote:d l A*nr-ai- 
urcs banned rhy -slromi- winds 
spread Along ti» Ct«stihte/ '. 
Vlstrr conn* bas-bRnuod further 
showings in the PtoviniK nf the 
iilm '/Saturday. ’Nipht- Fwor” . ' 


an 


COMPARES > 

•-J. -BUEV AND. S . 
ffntt halt, pretax. prefiU-{tm by 
£929,000 ih--£3.72ni. and foll^ear 
profll of about £7 5m is expected. 
Page- ir ■. -. W :-.. 

• - fiLVNtVEX) forecasts 
advarrrfl from iiam to 
f W in group pre-tax profit- Jar 
the- whole of IPTS. foil owing-, the 
increase: in the 26 week* ttf-July 
17«wft f6.12ra to £S.46ra;Ph*a J$ 

•/ GKNEiLVL ACCll)ENT ^Me 
aft“underwrifing profit: of .HJin 
in -the second nuartcr of ; lS5R, 
reducing the overall six -month 
deficit m cumpl red- with 

£6 An last year. Psce 17 jmd-lei 



start UK output 
of micro-ciipiits 

BY JOHN LLOYD 

The first mass production of micro-processors and advanced micro-computer 
memories in Europe will begin in the UJt., possibly by the end of next year. 
The venture. will be a joint one, between the General Electric Company and 
the TJ.S. electronic company of Fairchild. 

Talks between the two com- 16K RAM (random access 7 success is seen to be the com- 
panies have -been -going on for memory j, currently the most bination of the special skills of 
some months, and an announce- advanced memory chip . in GEC with Fairchild's experience 
mem was expected. However, the volume production. . .* • . of volume chip production. 

am? Win* mea^^^fjEC^FatP 5 J r '- ^°£. ert Cla yt«n, GECTs Much of the technical e?tpertiae 
child will Sfta the mikeT well techn,cal director, said that the will come from Fairchild's S>o 
before GVMOS the company C0II1 P an y would keep its- options Jose factory, which manufactures 
which has a £50m hacking from ope n on the production of the metal oxide silicon (MOS) pro- 
the National Ehtterprise Board 6 ; K R *^ M> ^ next senera.tlOT ducts. But new lines will be 
and which will manufacture of . . . “ jero-coarpu ter memory.. -developed and manufactured in 
broadly sSilar products? . to produee the UK joint plant. - 

The initial capital required by „I“ e . . 7 19SOs * "'-‘j.- GEC also believes that the two 

for the prelect will be about Th e Jowt venture will iteaffi- companies* ga^ f orces j 0 Qj e 
£20m, with both. companies pro- nave a certain amount ■ w UK and Europe will be crucial to 
viding roughly equal amounts. Government backing, under the the future of the venture The 
Around 1,000 jobs will be *70m scheme announced Wst company is sceptical of the 
created in a new plant, though montii to- support companies. lNMOS project on the grounds 
no site has yet been chosen. which plan to develop and matra* that it has no marketing base 
Establishment of the plant facture micro-electronic devices. The venture meet«i need* in 
means that: the , UK follows the GEC has already had talks ^h co ^ p n ^i e e 3 Fai?ch^fd7 fl i^ 
US and Japan into volume pw with Mr. Eric Varley, the Inddsr^ E uSpmi? ^ base wSh it^hSs 
duction of micro-processors and try Secretary, but no sum has wanted for some timo andV^r 
micro-computer memories. been agreed. 2^1* 

Coapled with the NEB scheme, GEC Semiconductors, whfi* f®a b ,I ™ it to break^in^the 
ihe project could put the UK in now manufactures ‘‘specud^^f'® “ f® S^J" t0 rt , the 
the lead among European chips for particular applicatioaL 
countries in the' new technology, will remain in being as part of the 
The companies hope for an the new company, it developed th t te e " 

annual" production worth the chip used in push-huftan. ^ t ” . m . u ° ic f t ' 0 ” s a °lf computer in- 
lietween £35m and £40m. They telephones and also makes chips ,f^ eCtron,c . c ?£ 

will manufacture a range of for teletext and view^ai*- . ^ 00,Is ' sector . especially 
micro-processors, and a micro- systems. “ ; . television- 

computer memory known as the The key to the new venture's Background to the deal. Page 6 

Thorpe decision to stand 


b-00 


DOLLAR | 

*^1 ACAIN5T THE 1 



t80U* ( 


1-70H, 


h-60; 


pfenfSI 

D.Mark\J 195 

\ /xJ 190 

' Yen 1 


Swiss Franc 

Litl-hul taaka 

J r na a 1 H i 1 W 

JULY 1978 AUGUST 



BY PHILIP RAWSTORNE 

SIR. JERTOIY THORPE, the 
former Liberal' leader yesterday 
defied the advice of his senior 
party colleagues and confirmed 
that he would defend his North 
Devon seat at a general eletcion. 

His decision, announced in a 
statement from his local associa- 
tion, was ■ greeted with ■ dismay 
and disappointment by leading 
Liberals. 

Their almost unanimous view, 
pressed on Mr. Thorpe during 
the>past few days, was that he 
should withdraw from the elec- 
tion mutest, until the conspiracy- 
to-murder charge against him 
had been cleared up. 

Many Liherals fear that their 
national election campaign may 
be seriously damaneM by becom- 
ing entangled with Mr. Thorpe's 
personal fight. 

They had hoped that if Mr. 
Thorpe persisted in entering a 
general election, he would do so 
as an Independent Liberal and 
run a largely separate campaign 
in North Devon. But this ques- 
tion was still unresolved last 
night. 

After three days of intense 
consultations with leading 
Liberals about his political 
future. Mr. Thorpe's decision 
was announced by Mr. Charles 
Vaggers, chairman of his local 
parry, yesterday. 

Mr; Vaggers said: “ Since it is 
apparently thought that some 
further statement about Mr. 
Thorpe's position in North Devon 


is called for, I wish to re-*l§r.3$ro.-?ective candidate has charges 
the situation. .*of a serious nature laid against 

“ Mr. Thorpe enjoys the cor^- him. the Chief Whip should 
fidence of his ..constituency mfOftn him that he should not 
association and we have slated stand and advise his constituency 
our intention of inviting him. to association against adopting him. 
become our randidate again at * - Mr. Beilh has acted in accord- 


the next election. 


ance with this convention. If 


" Mr. Thorpe has already in- the advice is not accepted, what 
dicated that it is hts desire to follows must be a matter for the 
meet the wishes of hrt con- convtituenev association.” 
siituencv association. In the cir- The inference is that although 
cumstances. both Mr. Thorpe no active steps will be. taken to 
and the North Devon Liberal remove the official party label 
association feel that no further from Mr. Thorpe's candidature, 
statements are called for." he will not he invited tn play 
■. . - any part in the Liberals national 

Ilfracombe^*" Sei", 

mylil!' a^cir 0 * 5 °“ l »■ ^ pVS" Liher.l 

WIUI mn approval- mp f 0r Truro, repeated his «i*w 

Mr. Afan Beith. .the Liberal yesterday that Mr. Thorpe should 
Chief Whip, said afterwards: have abandoned his plan to 
“Jeremy Thorpe has over ihe stimd for the General Election, 
last few days sought the opinions The former leader “ could have 
of his colleagues and the pariv cleared his name and then made 
offirers nn the status of his 0"? ?»f the all-tim* comehacks in 
candidature at the next election. British politics." Mr. Penhaligon 

“ These have been conveyed sa ]£' _ . Q t ihor-M vp 

to him with the proviso that we Jo -? n Pa^doe- Liberal MP 

believe that any decisions rcsi f ? r u Co I n, j al - ■ s 

properly with him and not us.” that he had joined o.ner 

The party had no further com- Liberal MPs «n advising Mr 
menr to make on the situation, Thorpe that it would have been 
Mr. Beith added. better both for Mr. Thorpe and 

But Lord Wade. Liberal "elder the Liberal Party if he had 
statesman and former party withdrawn from the election, 
president, commenting on Mr. “ But the decision was entirely 
Thorpe's status last night. sa:d: one for Mr. Thorpe and the 
“It is a convention in the North Devon Liberals, and 
Liberal Party that, when a stand by it." 


Dollar 

weakens 

further 


By Peter Riddell, Economics 
Correspondent 

THE DOLLAR fell sharply yes- 
terday to reeord lows against 
both the West German mark 
and the Swiss franc, while 
sterling rose to its highest 
level against the U& cur- 
rency since February. 

The U.S. currency fell to an 
all-time 16w of DM 1.9690 at 
one stage yesterday before 
closing at DM L9B30, compared 
with Tuesday's close of 
DM 1.9880. This represents a 
decline of just over 3 per cent 
In the last week. 

The dollar also fell against 
the Swiss franc, dosing at 
SwFr 1.6860, against a low of 
SwFr 1.6680 and Tuesday's 
dose of S.Fr 1.6925. 

The result was that the 
dollar's trade-weighted depre- 
ciation widened by 0.4 to Its 
worst ever level of 9.9 per cent 
according to Morgan Guaranty 
figures. 

This produced the ' now 
familiar impact on the bullion, 
market where the gold price 
rose by $1 to a record close in 
London of $207} an ounce after 
a high of $208| at one point 

The farther marked weaken- 
ing in the dollar yesterday re- 
flected a continuation of the, 
switch during the last week in 
selling pressure from Japan to 
the main Continental markets. 

In particular, the dollar has 
fallen sharply against the D- 
marki which bad nnl been par- 
ticularly strong in the two or 
three weeks after the Bonn 
economic summit in mid-July. 

The explanation for the 
catch! ag-up by the D-mark is 
partly because the markets 
hare become reassured that 
the proposals to stimulate the 
West German economy may not 
prove as inflationary as had 
been feared, especially follow- 
ing a revision downwards of 

Continued on Back Page 


Renewed air 
chaos likely 
this weekend 

BY MICHAEL DONNE IN LONDON AND DAVID WHITE IN PARIS 


AIR travellers throughout the 
UK and Western Europe once 
again face'bjg delays as a result 
of the French air traffic con- 
trollers' decision yesterday to 
resume ihelr work-to-rule this 
weekend. 

Before last weekend, their 
action had disrupted air traffic 
for three weekends in succession. 

British holidaymakers who 
bave already suffered delays nr 
are likely to do so over the 
coming weekend, were told by 
the Office of Fair Trading that 
they were not entitled to com- 
pensation from their travel 
agents or tour organisers. 

Control tower staff at the main 
French centres voted to resume 
tbeir work-to-rule, suspended a 
week ago in the faint hope of an 
agreement with the French 
Government on pay and condi- 
tions. The work-to-rule means 
a severe cutback oo the number 
of flights over France. 

The 2,500 air traffic controllers, 
who voted yesterday in the four 
centres of AthisMons. near 
Paris. Brest, Bordeaux and Alx- 
en-Urovence. propose to continue 
their industrial action until 
□ext Wednesday to cover the 
extended weekend ending with 
Tuesday's Assumption Day holi- 
day. 


Cancelled 


SE may ease foreign dealing 


BY NICHOLAS COLCHESTER 

THE Slock Exchange is moving 
towards u decision tn allow its 
members to compete freely with 
international banks and invest- 
ment hanks in making markets in 
international securities. The 
ffcct would be to preserve the 
British “ single capacity " system 
nf trading in British securities 
but to abandon it for foreign 
.securities. 

The pressure for this change 
has. been building up for some 
time and there have been various 
initiatives— so far unsuccessful— 
allow British jobbers, or 
market-makers, to trade foreign 
srointies with international 

customers without going through 
iJindon broker. 

The - catalyst fnr such a 


decision is the impendinjr study 
of the Slock Exchange rule? by 

the Office of Fair Trading. The 
feeling is growing within the 
Stock Exchange council j.nd 
management that a convincing 
case ran be made to defend ine 
present system of trading for 
British securities, bat that the 
Exchange would do .well :n 
appear less restrictive in the 
international arena. 

The Exchange's rules have 
long upheld the probitv of the 
market in British securities: they 
form the core of the City’s 
system of self-regulation in '.his 
area_ The principle a e “ single 
capacity " prevents conflici nf 
interest by insisting that an 
Exchange jnember be e:ther a 


dealer or an agent but not both. 

On. the oiber hand the 
Exchange has no regulatory im- 
pact on the market for foreign 
securities, and the separation of 
*sent and dealer is a feature 
almost unknown outside the UK. 
The argument is gaining ground 
liiat tbo Exchange's restrictive 
practices should be vigorously 
upheld before the OFT where 
they do good and abandoned 
elsewhere. 

It is regarded as almost in* 
evitable that the OFT will decide 
that parts of the Stock Exchange 
rule book — notably the prin- 
ciple Of “single capacity" and the 
minimum commission rate — will 
have to be tested before lbe 
Restrictive Practices Court 


CHIEF PRICE CltMfiES YESTERttftY 

(Prices in pciied unless otherwise 

indicated) 

RISES; . : V-: 

Karratt Developments Tift : 8- ’i 
Barclays. Banfc:. .3M.-F-. j* - 
ftibby fail + « 

Blur Circlt. Sflft +,30 . 

Bourne A „ ' , - v f . 

HoIHnffSwftrth 240 + W 
Brown .ti^vv-.i-^*«5S + 10 
<*oMW.J Sheffield.;. ' Rfl * It- . 

Tvrvrty *58 4- S 

BRT 

*»FC ■ 

^Icm•rnl Archlpni- 
Glrtuforf- 

GL-R 1iV' .. 

Hadrp. Carrier 4f» .+ IS 
H^mbxoLife 3W + 20 

ll.wfccr' HTddrtey,.. .. 244- +• !«-“- 
7 nvorp.brfloti "DfsL; '... ISO- 4’ 70.. 
l.'nns W v* ' : 9t 

Bov:;',.- -..:- + ^ ^ 


W4 +.10.. 
sod + .10 _ 
Mi'r.s.::. 
.... 124 '"7* Vt 


Of ret 

r & O Defri 

Powell Doffryn ... 

HukClht 

Smith Bros. 

ilun Alliance 

Sunlcy: lB;> 

Tate and Lyle 

Tube lnvs 

Vinleh"-- ' 

BP 

Btirmah. 

Ancio*.\m. Cnrp. ... 
-.4nglo-.tin.-lnv 

Blyvoor 

Garr Bo.vd’ 

De- Beers - Defd. ... 
New Wits. . - ... — 
Wesr Pnefonrcin ■ 
2cr : . 

FALLS*. . 

Guthrie - 


..104 .+ .7 
.. .88 .4-. 5 . 
.. 220 +-7. 
.. affir m a , 

.. . « + 4 - 
.«»+. 18. 
.. SW rir. 20 
187, + 10 
20 

' ± » 
**. *»:.•*■ M 
.. 74--*- 4 - 
.. 360 ■+. IB 

::ma 

.. 132 + 13 
an :+ il. 
;. ®r;+ 4 : 




CONTENTS OF TODAY f S ISSUE 


European newu i...... Z 

American news ; 4 

Overseas news 3 

World trade news 4 

Home news-general 6-7 

— labour 9-10 


Techninl News. II 

33arketing 11 

Arts page ..I 1*7 

Leader page 14 

UK Companies 16-1* 

Muting IS 


IntL Companies 20-21 

Euromarkets 20 

Overseas markets 22 

Money and Exchanges 21 

Fwming. raw materials ... 22 

lK stock market 24 


BeUniT the. ear sales boom 14 
Economic .viewpoint; A new 
■approach to unemploy- 
ment 15 


FEATURES 

Business and ihe Conns ... 13 
Untmrrled life In Soviet 
regions 2 


• After the Mauretania coup 

Working Britain: The 

unique confection 


Mtw&nmcnts.-. ? 

AnM+KW«M« Www. 

■«As . n 

' Soxinm Onm I 

CntftpiWV ■ ... 12 

Etwttnte iwiieawi^ 

Sinlw tainitsisrt CoU* 


FT-Actsartat imKew 
UtWT MM tajnrd* 

Latter* 

Lux -.1 

UmUMnt 

1* - Mw «nd Hatten - 
U 


Hvf Worm at ion ... «M* 

Today's Ewll — . IS 

TV ud ItydlD - U 

Urit Trans 25. 

Weather ar 

hn Rants . - 32 

For.taeast Shore Index. ’phone 01-246 3026. . 


21 

2* 

IS 

a 

u 

u 

u 


IHTERIM STATEMENTS 
CatrhMtai VlyeUa ... h 

Mania Ford .... u 

GW- AcM«ttt Fbe u 

Clyowetl . . 17 

GoM Flaws Cnw It 

ANNUAL STATE HE HTS 
HTtJafwrtan Sumbti l. If 


j£ in New York 

- 

Ad S . 2 

Pr^vuim 

SW<€ 

Sl.'ftirO-SSVj 

si-WWi-aSMi 

1 ni'Hiih 

O W-0.n7 ill*. 

C.70-CI.M dl* , 

3 nmniht- 

1.46-1.39 .11.. 

l.W.I-SSJl- ; 

1C mi.mliA 

4.00-4 JO ill- 

1.60-Mti ill* 


Flow control of flights in the 
Bordeaux flight information 
region is due to start this morn- 
ing. Other regions, including 
the northern area controlled by 
the biggest centre, Athis-Mons. 
follow tomorrow. 

The one glimmer of hope that 
a renewed go-slow m*ght be 
avoided dimmed last night when 
the Transport Ministry cancelled 
a meeting between union repre- 
sentatives and the Ministry’s 
financial department, responsible 
for salaries. 

The four unions involved had 
met M. Joel Le Tbeule, the 
Transport Minister, for over 
three hours on Tuesday. 

The-; Unions said ' "afterwards 
they Thjad received “ no positive 
response " to their claims, which 
include a revision of iheir salary 
system, higher manning levels, 
improved safety standards, and 
the right to strike as enjoyed by 
other civilian groups. 

The Government has refused to 
consider reinstating this rteht 
lifted' in 1964. On safety 
standards, the unions said the 
Ministry had displayed its con- 
cern but had not come up with 
any new proposals. 

A Government spokesman said 
after yesterday's weekly Cabinet 
meeting that the Minister was 
empowered to take whatever 
measures might be necessary to 
deal with the difficulties caused. 

The air controllers are seeking 
a new system under which 


bonuses — they account for 40 per 
cent of their income — are indexed 
along with their monthly salaries. 

It is feared that if the Govern- 
ment yielded nn this point, it 
would open the gates to heavy 
claims from other public sector 
employees. 

No reliable estimate has been 
made of the cost of the dispute 
to air companies. Air France said 
ihaL because nf the extended 
French weekend, there would be 
a heavy queue of traffic but that 
the pressure was likely to be less 
than a fortnight ago. 

After the recent flight chans, 
there has been mounting pres- 
sure from travellers in Britain 
for some kind of compensation. 

As a result, the Association of 
British Travel Agents sought a 
meeting with the Office of Fair 
Trading. ABTA argued that the 
travel industry's own code of 
conduct did not provide for com- 
pensation for situations outside 
agents' control, such as industrial 
disputes. 

The guidance from the OFT 
yesterday confirmed this position. 
But the OFT stressed that travel- 
lers should read the small print 
on their booking forms, to deter- 
mine their legal rights in their 
own cases. 

Most travel agents and tour 
organisers, however, bave in- 
cluded in their booking condi- 
tions clauses that disclaim 
liability for losses caused to 
travellers through delays or lost 
holidays stemming from circum- 
stances beyond their control, 
such as bad weather or industrial 
disputes at home or overseas 

During the recent delays 
several major tour organisers 
spent large sums in providing 
their clients with extra meals, 
and in some cases accommoda- 
tion. 

Compensation 

One estimate is that the dis- 
pute has already cost the tour 
organisers several hundred thou- 
sand pounds,- and if compensa- 
tion were to be added on. some 
of the smaller tour organisers 
could face bankruptcy. Most tour 
organisers have now stopped pay- 
ing even for meals. 

At the same time, however, 
the travel trade generally be- 
lieves that something should he 
done for those passengers who 
have lost holidays through no 
Tault of their own. and it has 
been suggested that the Govern- 
ment should permit part of the 
£15m cash standing in the Air 
Travel Reserve Fund — derived 
from consumers' cash contribu- 
tions — to be used for compen- 
sation. 

Although the peak of holiday 
travel demand is over, it remain's 
extremely high. As many as 
100,000 passengers are likely to 
be moving through the UK's’ air- 
ports this weekend. 


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9rM City ot London • Edinburgh -Pant- Amsterdam. Sydney- MAltourna-BmAana 






2 


EUROPEAN NEWS J 


Eanes expected to appoint 
civilian Prime Minister statfjord 




, .-Rnancial Times 


Increased W. German consumer 
demand shown by bank surrey 


life in 


BY JIMMY BURNS 


LISBON, August 9. 


project 


BY JONATHAN CARR 


BONN, August 9. 


PRESIDENT RAMALHO EANES appointed to the post Tbe state political power in the hands of By ** Gi “" . lemeise from a survey of the ?“™ “.gf 1 CS£iUUS 

s ass iSMss sa , «*uf?«**a: svswa s-ms ‘ ewga. «« ■ sts s . tr SSsSssSSSSF* ® ffa s ■ 

SSJ’.’UtiJS tSWfM S SCSSSiKfflB g^gUgS^Sj; srs^S:; ::: 

the country’s two-week political Gen. Eanes to settle for a non- eminent legislation. was still at a standstill today |g°® ^ ggg* i S? d 2! w a whole *** Mo ^ coW ' "• 

crisis Havine consulted the military Premier In recent n <e nrrtwfwi that the Presi because of a ban on smoking- ! in inflation and the low for the year as a waoie. ■ even though there are tears U vfo?w , ow CARRIES rhi* • 

issr£*2dPs dSfc.-sgMSE ^HtesaaSsB 

portu^Sc pHes. b s wt g ^ ger “ *■ ^ of a"arw attisre a*- - ™" n ,, . , f «* 

.rtlH unclear today who the new The Socialist Communist and would appoint a soldier to the Tte PJ ! 22J85? JLIlllCll |OU lOSSCS ICJMTCC1 *’ 06 ^ stan. 

Prime Minister would be. Conservative parties have all post **e Md, ^eluding MObu and jvm aiwvu xv«« r»* 16 per cent m 1975. . •• Summer started late in the 

Despite the official secrecy made clear over the past week So the crisis In a sense has ,!L Drv !^L iL° a com ' BY CHARLES BATCHELOR ' AMSTERDAM, August 9. _ The overall turnover increase tbis year and' the crops 

surrounding the Premiership their preference for a civilian returned to square one- Either pan ^’ , ar ®. large sums figure conceals the stmetura I are a little behind. Bnttherehas ■ 

for the past 24 hours, there are Prime Minister, arguing that the the politicians agree among eve . I ^ r . a ^. rr. ® „ confa pues . THE GOVERNMENT'S plans for authority homes for rent and <rf changes.' taking place in response plenty of rain, the wheat la 

growing signs that a civilian appointment to the post of a themselves or the President him- Sl-PffSHSi „ , public spending cuts could lead subadised houses for sale, i? conatuMr hahite. fuj^^ andr;Kiev,.Wgb op on 

rather On a soldier would he soldier would invest too much self will again take the initiative. S£j£JSdS Spending on schools hnsptals SS** S^StSTSiRB 

. , _ #Aj - •_ delayed. mduri, mieofto? Government bwmn & household goods are showing H>^ eper 

AtUTAIQII yATllfTAA QlV*ll1T tamiW Af l Lar S e building unions. also be reduced- : below average growth. ■ ■ Kiev Is a surprisingly non; 

Angolan reiugee airlixt planned saasa 

BY OUR OWN CORRESPONDENT USBON, Angus, S. SHSHKH J?*S 5 

f£240ml tf tteFl uK tAJS programmes.. This is expected articles •. connected with car ^ the major mbaa*. .Indus triil 


CLEAR SIGNS of an Increase in shows that retail trade turnover tions and a rise in family aflQW- 
West German consumer demand in the first half 1978 rose by anas wbfcfc wdTte 

41l . about 6^ per cent in nominal: reinforced from the start of next 
emeiBeJ from a survey of the tenns a aalnst t^iat of the same year through the Governments 
retail trade just issued by one nannrl list year. That means an economic package decided late 


last month). By Anthony Robinson, East 

Further, the rate of inflation Europo Correspondaot;^.- ; • 
has dropped to below 3 per cent, Moscow .- -- ■- - ■* ‘ -• 

even though there are fears it cAtiTtYPs thi* «h*i. 

may climb anain in the autumn. iff 5?* 111 


markedly. = It totalled 13.5 per 


l daring 


Dutch job losses feared 


BY CHARLES BATCHELOR 


AMSTERDAM, August 9. _ The overall turower incraMc Ukraine this year and' the crops 

... fi S»re 5; are a little behind. BatW hS 


Angolan refugee airlift planned 


BY OUR OWN CORRESPONDENT LISBON, August 9. ^Th^Un "T Hnn .«id~ th aT v ihw in drawing an house cwsmicti.on a ■ Doom sector, ao ^;|the Jertlle QiacK eartn. or work 

f Som) of SeFl programmes. This is expected articles connected with car u, the major minhsg, industrial 

PORTUGUESE AND Angolan to Angola under the arrange- colonies in 1975 and 1976 put fUl cSs propS^SvS fee n^toe '-fewer houses being Ownership. . . . and en»ueerlng complexes like 

officials have begun to collabor- ments, which are being co- severe strains on the Portuguese gre hazard. years would be in the construe- bailL main store chauis^are theDonbas. ; 

ate in an airlift of Angolan ordinated through the Angolan economy. The Government is statfiord a worker* are tion sector. The tmblic spending cuts were strftfis to take account of these The rav«g« of war havekmg 

refugees who have applied, for Embassy here. believed to have spent almost changes, as well as to meet been repaired and many bridge 


LISBON, August 9. 


aie ID an airuu or Angoian onunaiea rnrougn tne Angolan economy, rue uoverpment is statfiord A worker* -re tion sector. The nuhlie soendine cuts were w “tit „ «mg 

refugees who have applied for Embassy here. believed to have SDent almost n ™ ^ uttjoro a workers are me puouc spe 6 «as changes,, as well as to meet been repaired and many -bridges 

repatriation, it was reported here ^.ggojjjf jg Z M o"Te MS jj 

Nations* 11 H?gh 'commissio^'fo? S hmeVs S MfaStS ^^riL^d^ 7 w*S “^th^hLgS ^ "£Tte5 

Refugees here 2,347 Angolans Q De Q f th e main issues discussed villages ^ Dll ,° Vn Gcmmenee, said. The Figures reteasedthis week show introduced to improve their only see the golden domes -of old 

have applied for the necessary bv President Ramalho Eanes and w-,rh ,mp*nniAv 11111011 cakmlles that investment that only 100,(»0 houses are j^gg aQd sales service are un- Kiev because the city as aach is 

documents so that they can president Agostinbo Netn of Ta'nZr mnrtineS^bS d set a SdJ of between ^ 100.000 nd FI expected to be built tins year, uk e jy to make their full impact hidden by the steep and.-thickly 

return to their country of origin. Er du S their ySnmlt ?o th? tt ,5 l 30 - 000 (between .£24,000 and 10,000 less than forecast- Reasons this year. The result will be wboded right bank ■ which* rSa 

Most are expected to be back in m pp Hnp in Guinea Bissau In »,-rf J 1° T^n, ty MC ?5 £36,000) is needed to keep one put forward for tbe sluggish, pesr-. tunj over growth for the stores 300-400 feet np from the river 

Angola bUthe end of the year. ^ Bo S the PortunuS and SSSSSl “BSSSS building worker in empJoJmerrt formance are tbe slowness of lie s S^ewhat less than that for the itself. _ ’ 

The aiflift is being organised SanGovereme^^vea *£* ^cime ITZZ 2& ?o mX^tSs' for «•» toad authorities in drawing, up SSil^ as a whole. But sales The character Of Russian cities 

on a fortnightly basis. from this co j Iderable stake in seeing the SsiraotStableXblem iSi practicable, hweviT ^ Govennneofs savings pkns, the rise inj house prices by the mail order concerts and Russian crowds ^determined 

month, and the commission and matter of refugees settled as _ __ nntT _ rj. v nafter Enerev Corresnon- measurea provided for a redue- and tbe upward trend of mort- should be well up with the to a certain extent by tbe virtual 

^S K S^.JS1SLmS SKSSSStiid efficiently of ^ "SESt Se% econoS JPiSSSVffSSSTl^ *°u \* ** iste at building local gage ratts. - average. ^stmceof thejprivate' motor cat 

isssura bj«-» w«b ssw?sssi ssx s.«? — - - • ■ ■ - ■■ — : ... at 


billty for the immigrauLs- safe potential, with a self-suffic'ency ucipaung m me aiatqora projecr 

passage out of PortugaL About d, P'°mauc relations. in ^erg^ K still desperately have agreed to use ships for 

260 Angolans mainlv teachers The influx Into Portugal of short of manpower, and could transporting oil from the field to 

and small merchants 'with their nearly lrn settlers and refugees well afford to re-integrate many shore terminals, at least for the 

families, have already returned from the former African of its former subjects. time being. A decision on a 


time being. A decision on a 

permanent transportation system T~v 

—possibly entailing the construe- TO I ITT ATI I ln| 
tion of a pipeline— will be taken LaU&& UJLt JL/tftl 
early in the 1980s. 

A separate transportation com- BY OUR OWN CORRESPOND 
pany is being formed, led- by 

Slat oil. The company, to he THE DANISH Prime Minister, 


Social Democrats back 
talks on Danish coalition 


Swiss foreign reserves rise sharply s® 3 "* for A separate transportation com- BY OUR OWN CORRESPOND 

offshore Oil pany 1S being formed* led- by 

av inuu unrirc 7 imrrn Atitn.ct q . _ _ , _ Stat oil. The company, to be THE DANISH Prime Minister, 

BY JOHN WICKS ZURICH, August s. B y Our Own Correspondent called K/S Statfjord Transport Mr. Anker Joergensen today 

. _ .. . ROME .August 9. A/S and based in Stavanger, will received the backing of his 

FOREIGN currency reserves of port the dollar and from a jtaLY has begun offshore oil comprise Statol! as operator. Parliamentary group to con- 

the Swiss National Bank rose further repayment by the U.S. exploration in the outer depths MobiC Continental Oil, Esso, tinue talks with the Liberal 

by SwFr 2.01bn during tbe Treasury of bonds denominated of its southern continental shelf Norske Shell. British National Party on the possibility of 

week ended August 7 to in Swiss francs. which dips from 200 metres to Oil Corporation. Saga Petroleum, forming a coalition govern- 

70 aohn Thi« *ham risp The increase in reserves 1,000 metre S- .Amerada Corporation, Amoco meat. The Prime Minister's 

The State hydrocarbon group. Norway, and Texas Eastern mandate from the group is for 

w< !“ ^ _ t ^, eref ° re - ha U h ® en Eute Nazionale Idrocarburi Norwegian the formatloii -ol a . Social 

month and 12-month swap trans- substantially larger but for fENI), said its oil subsidiary Statoi! has already chartered Democratic - Liberal - Radical 

imoiSiti^ to S 150 m a^d a si47hn dollar divestments by the Bank AGIP had sUrted exploration two tankers which ate^eiidly Ljority goverorS and tSs 

i S15 ° “ SM7b * resuMne from the r? p aymeBt of activities ifl the F Z()Tie of for offshore loading, mandate has not changed to- 

re^ecnveiy. end-of-July swaps with commer- Italy's territorial waters off the The tankers. Polytrader and Poly- day, said group chairman Mr. 

Further foreign currency in- cial banks and from obligatory southern coast of Calabria. traveller, each of 126.000 dead- Jens Risgaard Knudsen, tol- 

flow resulted from National conversion into dollars of pro- The State oil group has weight tons, are said to be the lowing the meeting. 

Bank Interventions on the ceeds from foreign Swiss franc secured nine oil exploration most advanced ships of their .After negotiations between 


flow resulted from National conversion : 
Bank Interventions on the ceeds from 
foreign exchange market to sup- borrowings. 


1 licences 


Central National Barrie 

Ohio's international bankat the center of industrial America. 


BY OUR OWN CORRESPONDENT COPENHAGEN, August 9. 

IE DANISH Prime Minister, This may open the way to a 
r. Anker Joergensen today Social Democratic-Liberal coali- 
ceived the backing of his tio n catting out the Socialists’ 
irliamentary group to con- deslre tQ ^ the Liberal in- 
lue talks with the liberal flneilt:e balanced by the par- 
irty on the possibility of ticipation of the Radicals, and" 
rmlng a coalition govern- the liberal wish to see the 
ent. The Prime Minister's Radicals balanced by Conser- 

andate from the group Is for vative membership of a coall- 
e formation ol a . Social > 

•moeratic - Liberal - Radical . ... 
ijority governmern^ and this _ A Social Democratic-Liberal 
aidate has not changed to- Cuvernment would only be 
y. said group chairman Mr. supported by 86 out of 179 
ns Risgaard Knudsen, foU 

lowing the meeting. practice it could count on much 

.After negotiations between broader support 
the Social Democrats and the Both the unions and the left* * 
Liberals yesterday, the Prime wing of the Social Democratic 
Minister said, that both sides Party . have criticised the 
had agreed ‘that other parties attempt to form a coalition 
^should anly be brought ~lHtb with the Radicals, and the 
”fte talks if both the Soria! Liberals. Conipientators here 
'Democrats and the Liberals -today suggested that . their 
'agree. opposition to .a Liberal-Social 



• •' Public transport — buses, trader. 

ground trains, trams and trolly, 
buses — is cheap and frequent But 
off the main roads with the' 
trucks and buses the roads are 
quiet and' uncluttered. People sit 
for hours on benches, cluster at 
bus stops, or walk hi vast 
numbers np and down the main 
boulevards with seemingly- no- 
where to go. ; 

Although the Soviet Uniop his 
undergone a major population 
shift to the towns, 40 per cent 
still live on the land. Many of 
those who now live in the cities- - 
clearly show their peasant- 
origihs. . The ideological '-Ttran* 
formation of this -stolid 
moving peasant base is one T of 
the . long-term alms 0 < :S 0 viet 
policy. 

7 -In Kiev’s Orthodox cathedral, 
meanwhile, a~ reminder. -of toe' 
traditionally authoritarian nature 
of traditional Soviet society came 
when a Tolstoyan young acolyte 
smartly rapped my hands tor not 
. holding them in a sufficiently 
. Mr. Anker Joergensen reverant pose while altar ladies 

fiercely shooed away -the faith- 
Dehioaatic Government would. f uJ crowding, the, xaiL They 
be ev^.shaimuv^at there was wanted holy water which was 
no. hint of dK&gEe£ment to the then served out in glassful Is 
Social/ Democratic group after. fr°m an incongruous plastic 


. j 

"II 


. — SoClaLi .. , . . - 

agree. opposition to .a Liberal-Social todays meeting. . pitcher. . 

Religious • observance te 

' _ i ^ ... reported to be on toe increase. 

The need for a marriage dS&r&PS 

Cf V- beautiful Hlttog diaat attracted a 
BY HILARY BARNES IN COPENHAGEN -• -SwyySSg peJ^ mdudeA 

. .... \ Kiev's public buildtogs tend to 

DENMARK IS onq of toe most tion to 1-2 per cent, which would: toe votes of assorted left-wing be oppressively monolithic hut 
credit worthy countries in toe be compatible with reducing the parties as that, would dearly the city is also full -of parks, 
world in spite of a DKr 51bn current account deficit for the make It impossible to obtain the stadia, numerous wax' memorials 
(£4.Sbn) net foreign debt at the third successive year. support of too centre-right (guarded by young Komsomol 

end of last year, equal to 18.4 The two policies are inter- parties on the bread and butter boys\and girls performing the 
per cent of gross domestic .pro- dependent Fiscal policy could economic policy issues. slow ^Russian goosestep with 

duct,, the kind of debt ratio be less harsh if there were a The hard realities of. the -rifles over their shoulders) and 
associated with LDCs in acute guarantee that incomes policy economic situation' are that statues 1 -, of revolutionary heroes 
fi n a n cial distress. No one is more would be really effective, unemployment • .this year will in prosaic three-piece 1 suits, 

aware than the government that There are two 1 stumbling average over per cent, while The- statue* are - somewhat 
Denmark s good credit rating can- blocks. One is that the two-year GDP growth will be 1-L5 per repetitive with Lento having 
not last for ever if the debt is not co u ec tiy e wage agreements cent, as compared with rising pride of place to squares and 
stabilised soon. between the trade union federa- L8 per cent last year. The aver- parks throughout the Soviet 

This is the underlying reason tion and the employers only consumer - price level Is Union, to Baku, the capital of 
for the attempts- Mr. Anker expire next March, which means expected to be about lO^per -.cent Axerbaidjan. however, it is a 
I Joergensen, the Prime Minister, that any incomes policy fixed this higher than in -1977 while earn- statue .of Kirov, the Republic’s 
has been making since Miy to autumn has to stick next spring. in £ s wUI only rise by 8-9 per former party leader who was 


meeting 


The need for a 


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Central National Bank of Cleveland-Consolidated Balance Sheet 
(In Thousands of Dollars) 

June 30, 1978 Inabilities 


Assets June 30, 1978 

Loans $ 859,373 

Investments 749,989 

Cash and Due from Banks 507,419 

Other Assets 100,293 

Total Assets $2,217,079 


Liabilities Jane 30, 1978 

Deposits $1,744,763 

Borrowed Funds 287,740 

Other Liabilities 48,502 

Total Liabilities 2,081,005 

Capital 136,074 

Total Liabilities and Capital $2,217,079 


Central @ 

Central National Bank of Cleveland 


expand toe Social Democratic 
minority government Into a 
majority coalition. 

Mr. Joergensen and his senior 
advisers feel that only a majority 
government can carry out the 
effective incomes policy deemed 
essential to control inflation, 
improve competitiveness, and 
induce export-led growth. 

So far toe attempt to broaden 
the Government has not got far. 
but toe negotiations gained new 
impetus this week. 

Mr. Joergensen bas tried to 


Mr. Anker Joergensen 
and his advisers feel 
that only a majority 
government can carry 
oat an incomes policy 
necessary to control 
inflation and improve 
the country’s competi- 
tiveness. 


cent, with private consumption later assassinated in Leningrad 
therefore likely to. show a small on Stalin’s orders; which 
decline. Although .fiscal policy dominates the dty. From toe 
was tightened up last autumn Kirov monument toe city spreads 
with a round of indirect tax out along toe Caspian Sea shore 
increases there is a substantial beiow — like Naples . without 
budget deficit Most of it is Vesuvius. Azerbaidjan is part of 
being financed from . the non- the Soviet u deep south*” A hot 
bank sector, however, with toe wind blows over" parched bfown 
result that .the money supply; hills and- on toe outskirts of 
Ml and M2, ha&.'qoly showed an Baku, a forest of old-fashioned 
increase over. the. past 12 months oil rigs and gently nodding oil- 
of 6-7 per cent... donkeys suck the last drops of 

The current " account deficit precious crude from ope of toe 
has come down from DKr 11.8bn oldest oil fields in toe Soviet 
in 1976, a record^ 4.5 per cent of Uuioa. 

GDP, to DKrlffbn last year, and The people are southern, too 
after a shaky" start to this year, and -the local language -is finked ~ 


Member EDIC 


AU q[ the Bonds having been sold, 
this announcement appears as a matter of record only 


5th July, 1978 


Credit National 

US$ 75,000,000 

Floating Rate Bonds 1978-1988 
Unconditionally guaranteed by the Republic of France 


set - up a coalition wit h t he GDP, to DKr Iftbn last year, and The people are southern, too 

kto® 1 ®*?., ' (a party with -strong ^ _ after a shaky start to this year, and the local language 4s Bilked 

links With the country s farmers, Th is is JJJJJ 11 ***7 * may reach the:- Government's to that of neighbouring Iran.- 

andthe second-largest opposition target reductiwr to DKr 7-5bn The ultimate In iSrhaidjani 

party, after the tex-abolitiomst an advantage. - this year. though some status symbols is a mouthful of 

Progress Party) and the Radicals The other stumbling block is economists think it. will be flashing gold teeth. In toe hot 

(a small party which has often toe attitude of the trade union DKr S-9bn. Tbe aim is a redue- evenings men sir in their shirt- 

supported Social Democratic federation and toe close co- tion to DKr B4Jm. about 1 per sleeves at small tables in court- 
governments In the past). operation between them and the cent of GDP. which could com- yards and play cards 

Something may stin come of Social Democrats, from winch, fortably be -financed by normal ' A significant proportion of Tbe 
^combination, but after a the government cannot easily private secmf^bSrrowing. ... Soviet Union's MtiSniu Hw- 
meeting between the Social dissociate itself.- . -The -brightest-prospect- at the here’ and th^Bakn^n tral 

Democrats and the Liberals on The trade union federation is moment is toe fight against infla- moscrue. built thrnuch ttiP- mft 
Tuesday it was rumoured that a prepared to accept wage tion. Excluding ; indirect tax of a wealthy ladv lustbefnretoe 
Sodfll Democratic-Liberal coali- restraint, but with increasing increases, consumer prices have Revolution, is earnpred with the 
tioa was now .the preferred, insistency is setting three con- risen by about 7-5 per cent over splendid local DmwUi 

alternative. ditions: a tax reform which hits toe past year and at an annual y At ^ r-nubUcM nlinuMidi 

Although such a coalition business, a housina ' finance rate of -L2 per cent in the second ^ 


housing ‘ finance rate of - 


Banqve Nationale de Paris 


Bankers Trust International Limited 


Orion Bank Limited 


Banque de Paris et des Pays-Bas Caisse des Depots et Consignations 

Kredietbank SA. Luxembourgeoise Morgan & Cie S.A. 

Morgan Stanley International Limited Sodete Generale 

Swiss Bank Corporation (Overseas) Limited 


Although such a coalition business, a housing finance rate of ±2 percent in the^second headonartera thedmi ire nhl3 
would control only 86 of toe reform directed against home- quarter. The Ministry of Finance eeokwrtst 
Folke ting’s 179 seats, it could be owners, and compulsory wage- now expects toe 4 rate of price gJS? of tS Sn iSk nn 
certain of overwhelming parlia- earner co^wnership in industry.' jncrease in 1979 to be ! about 5 JJg toe-”eS ^eeoSffiln! 

mentary support. WhUe wage-earner co-owner- per cent only, which would be oMnre 

If anything is going to come of ship (also -known, as , economic easily the best- performance for p ro cr Pamrae explorati 

the talks it should do so fairly democracy) is a political non- a decade. ^ wTu- mmf'nf f„hn.n Jnnn tniL. 

soon. On August 15 the 1079 starter this time round, the tax ** tois progreffi can be kept ment ^ d 

budget will be published. In and housing reforms have “P- and the growth of incomes 
September, next year's income already been put forward in out- brought down to I^rhaps 5-6 per d 
tax scales have to be fixed, and line by the Minister tor f « next yew. ministry officials 

in the first week of October, the Taxatioii Mr. Jens Kampmann. bfJJeve that « will baye a sub- ?f! a tte Kazakhstan shore of 

SSSStSS S5SSKS s’SKS! 

a,'r™*arjs£ , .‘iSias SmS 

S •£ ft SS^JEfiTSUiSa enormous &TS5* It the 

Lsrswsjssas 

SK Mai ^ aU k ^ and against the background of toe mountains lies China 

Unfair of hints u £. : effect ^flf^e^Seof'dSSoS ^ lc “ E s ht 

that toe party is not afraid to go which are allowed from income P This S " however -'■ ^ould not 9nafn ^ IU ^ for protec ' 
to the polls. . before ^arriving at taxable provide for the significant ^“^oincursions 

Mr. Joergensen is said to have income, including the deduction iraprwement in tol relate rost century. This former 

his outline of a coalition pro- for property tax. savings placed level in Denmari?raifipared 'with 1 S tld °f nomadic henisi 

gramme, but even the Finance i n an establishment account by other counteies.^iie slowdown in S,*® b «»rae -one of . 

Minister, Mr. Knud Hemesen, would-be entrepreneurs, and wage growth hv an extra three “® mo Si wonomicaJly dynamic 

says that he has not actually seen employers!' contributions to percenuee oofiS is what J 1 ® US SR, and these two 

iL Tlie two key economic policy private pension schemes. Finally politics in the autuinn will be all t , ct0 F s * um contributed to a ' 
points, are not. however difficult corporate income tax would be about The task Is not easy, as £l e ^. y *asy?t>ing relationship 
to roresee. The first is a tough raised from 37 to 40 per cent, past experience indicates. In no RltislJ to s and Indigenous - 

incomes policy; toe second a Mr. Joersensen's enthusiasm vaar sinw iQfi/i haw« wa« rate« ^^aaKS- 

fiscal policy for 1979 which will for these proposals is not over, risen by less thaa 8L2 per. ctot “ ' - 

reduce toe forecast 4. per cent whelm rag. He has said that he and the average for toe 17 years ■ 

real growth of private cousump- wifi not try to carry them with to 19f? was 12.1 per cent 


Fmancui. Tn 

dm and MB 
Second dm j 








' 10 ,1978 


brings 1 >«« facing 

# ° defeat m 
[Still Parliament 


China-Japan treaty talks enter last round 

• Vt : i Vw -£• ’’ ’ V../-:' :- Iv.; . •■*.■■■ CIGIC2T ID BY JOHN HOFFMANN PEKL\G. August 9. 

T d’-h ' 'ClQlllll B I DnvlifrmAnt 1 - I£f. E F0REIG N Ministers of officials. If the talks are Japan's basic foreign policy he inclusion of the anti-hegemony 

■ Vvvll vlll T JltlB Bli^B I II . JT AY lid. Ill tilt China and Japan met tuice today successful, the. treaty couJd be emphasised that the Tokyo clause is deeplv rooted -in its 

• 3.s*r .*-*** i. • iv *.?•■■. **** to open what will probably he signed by the weekend. . Government was not against any conccrn about ' th _ cr0Vljn „ 

■V !••.••'■• "• ■ •- By K. K. Sharma the last round of negotiations The Soviet Union has warned country. ■ the growing 

aT - ..•*■■• BEIRUT, August 9. NEW DELHI. August 8- ? n . 3 SinoJapanese peace and Japan that it will rake offence if He said he hoped the treaty 1 A n . m,ence Gf Lhe Soviet Lnton in 

CO N T lNfeh ttfit phwttob -- anh Mm raw fuMnWoc »<> .mu » , MfiRnS-n riFca re innate fn endship treaty. the tTeaty is signed with the would be concluded to the satis- • f '* nca and -V |a - A larger 

BS are 8ti 1,1 °P SP * and Otrwtians militias in ^ East Gweromentfores ittfiwt' roafS r Th , e la,ks were described as anti-hegemony clause included, faction of both sides, and Soviet presence io the Pacific 
» * -Sbattenhg og. • . R B v eiru *. tbls morning shattered oarliainemarv defeat to-morrow rrank - suggesting that both sides However, during working-level reminded the Chinese Foreign would complete the “encircle- 

impact utteLchro wa*»y bar- the relative quiet. The shelling took Pains to spell out their posi- talks between China and Japan. Minister that people all over ment .- S china fears 

which haft: been trying hard to 5 c ou J et ,ater eased but the situation charges SLiSm tions on the troublesome "anti, the Japanese Government has the world were watching the \ succeSiSc andfriend- 

r T“! T. „ „ §53? i^son and^relaUves^f^Jdr/ be Semony clause.’’ which has apparently conceded that the developments. He suggested ship ^reai^^wit^Tapan ^wquld 

losses me grow- President ■ Sarkis headed a Charan Singh, the former Home P. een ** Principal obstacle in clause need not be taken as that both tbe Japanese and ailay those fears and establish 
was;|»;^«*-|im ’ ^V^tSlOMted at the edge I? eellng b ? cabinet at which Minister. ■■■.: ueaty for ** *^■"9 t0 . a par ? CU |5 power : °". ne * Governments would he a strong buffer in the Pacific 


By K.K. Sharma 


tenetM* uwsw iii*. ** u * ««*«»« «» «.««v . Government fae«»c its first mator I , *" c ‘ aiR s were described as anti-hegemony clause included, faction of botn siaes. and aoviei presence id tne t'acibc 

» * -Shattering og. • . R Beirut this morning shattered defeat to-rnomiw rrank - suggesting that both sides However, during workiog-levei reminded the Chinese Foreign would complete the “encircle- 

impact on ,4he Lebanese epohQmy har- the relative quiet. The shellmglP^^*^ took P^s to spell out their posi- talks between China and Japan. Minister that people all over ment .. S china fears 

which haft: been trying -hard TP ^ S eSfni. l ,ater ea f eb but the Situation charges SLiSm tions on the troublesome “anti, the Japanese Government has the world were watching ihe A suewaful ne££ Ind friend. 

i^son and^relaUves^f^Jdr/ be Semony clause.’’ which has apparently conceded that the developments. He suggested ship ^reai^^wit^Tapan ^wquld 

losse?-W^lftlrfx«'th^ ^ me grow- President . Sarkis headed a Charan Singh, the former Home P. een ** Principal obstacle in clause need not be taken as that both tbe Japanese and ailay those fears and establisn 

was' ‘ SloStefit the edge ™ eelln S b y the cabinet at which Minister. ■■ ■.: ^ V * fOT ** te S m, i g t0 . a par ? CU |5 power : Cb,ne -? e Governments would he a stTDng buffcr in ^ Pac JJ c 

Repr.es«ftatives -of economic flf the^pFedoniinantl v ChrisUan tje Seneral secority situation and The debate in the Rajya Sabba Pa pJ„^i/ ear f' anMir 5na . e *^ Mr. Sonoda made this point ridiculed if the treaty were not region, but economic considera- 
0TS«lisati.H[5 :nd‘ ttade unions quarter- 6f Ai : «aifi', scene the impasse in southern Lebanon Is on a motion by Mrs. Indifa 0T , C |i° a C !f! r today s discussions concluded at this stage. tions are as imnortant in the 

Mv6 aounde4 tMe' Alarm. Id a fierce - dlasbesi -during the oast w « r e discussed. Gandhi’s Congress I Party oaflr W hi>w e mclusibI1 cJ ause, with Mr. Hua. In reviewing Chinas insistence on the negotiation as political ones. 

* P 351 t, . im> fr»«. th a J whlcn opposes domination of any Thin, uf-.ni, 


and Soviet presence io the Pacific 


jobt^atem^. issued after a fw vedfe between Syrian troops Reuter adds: Former President 10 8 for the appointment of co£ R S ^ 

c EU ^- 01 the Ar^jifiaW-keeping force Mr. Camille Chanwnn. leader of missions of inquiry into, -the vifw is that the S?use rSSrl 
Sarkis, fhtgr. Sfrrd-tb* country’s and,ehristi«u militias. Govern right-wing WatlonaJ Liberal charges. The allegations we io ChS »■«“ -* » s ?iH oas Soviet 

SS2S? ■ pon M,.*KSK!f!g! 

in a ^tmem p&lishad , Sir, * h ._^f ore ^ lll,er 


Peking-Libya link established 


la b„ sl . *aS?to rJSd' 'i'iona Si * tTffif jSSF XS IweenX’^uSfl® 

. by. iiis.: aides :t0 be’: profoandly .itesanji«iid .^e^aniount the goods t 11 ™* has 'taken to labelling the The Janata Party Is m • a a powerful nation as?xe Soviet reports from Pekint * 
.concerned, about the economic sS&dltt- the- harbour Wt? NLP and - Ptw Gera ay el's minority . itf the Rajya. Sabba. ^nlS ' Ke Sion tf «fabll S h 

action,: ■ , - . - .^-r -houiaSL Their^value bas been Falangist : part* “gangs of Most opposition parties .are u ^' JaTianese Fteaten ' dlSLSnSiouJ eS dS 

■.«nce the present' ^iri’-of grated at , -around S300m. murderers.” ■ . - supporting the moUon and : the Minister Mr lw«o' 'soSIfi SncS?Hdtto ?Sd n ??. £ 

violence began 40^ '-days' ^6, bus»> These businessmen recall that a The two sides': routinely accuse Governments defeat is certain, an-jv^ , n p e iaiiE yesterdav to Libvan leader Maim- Abdel- 

ness acti^tth^boeq at a vjr- cjmSldei^le^p^ barbour each 'other . ofVproveking the ^ould not be serious hut with £ ChfnSe mStei sllam Jallond utJ Smved in 

tual.standsfUP^^Qie^banks, mpst -was ttes^byed; -and the goods increasingly frequent battles f®* P 1 ® prospect of another M Huana Hua. The two *h«* Chinese caoltat last Fridav 

of wMcb have fh^ ^ofSces^k tKwe iqoted-ditrlng the civi 1 war. which haveMeft parts of East defeat m the Lower Hoime oa a gave agwd JS? an offlSal J!S 

the iwn-toanL Th^goyenmdQt has moved a Beirut deserted. Thousands of si mi la r inooon on, Saturday*- it • r nr *l ■ c HmWina «« m. -1*11 n aT nrht mivc* 

“. ,0 Uie port citizens have -been, driven away , The. Janata Is in a. majority neeotiatio?* eaiSS’nn in r^ent mats in^TPeSI? h? nJtShZlL 


negotiations carried on in recent 


for an official visit. 

The visit caught most diplo- 
mats in Peking by surprise. 


Foreign Ministry and it was surrounded in mys- 


tery until the New China News 
Agency announced that diplo- 
matic relations bad been 
established. Libya has had 
diplomatic, ties with Taiwan, 
but Informed sources said at 
the lime of Major Jalloud’s 
arrival there were no Libyan 
diplomats in Taipei. 

The move was seen in Peking 
as a further example or China's 
expanding . diplomatic activity 
in the Arab world in rivalry 
with the Soviet Union. 


China wants political peace; for 
the next 20 years while it pur- 
sues its ambitious economic mod- 
ernisation plans: ; 

Modernisation- -a.t the - speed 
which China -envisages -wUli'.re- 
quire Ihe co-operation oT de- 
veloped nations, and Japan is in 
a favoured position for such co- 
operation. The two countries 
already have a S20bh trade pact 
extending over the next' eight 
years, and both are eager to ex- 
ploit the further trading. oppor- 
tunities that wrH accompany 
China's growth. A- pence and 
friendship treaty would ensure 
saTe ground for closer commit- 
ments on both sides; 


offices/haro.fc^ and .^chmijpiff h^^en the Syrian's rightist org^iriisa thins: ' - " T be off. Th^^verameut^qay TTolCVO SUTVGVS COUfiUTHl rGCOVCFY ! ^ L 3 Ilk 21 tfEVCl 

'■ ‘ .7^--.* •• '4.1 "• -■ v - . - Janata Members stay away from V •* J h^fl for WitnPWC 

tn SV^ii«S # «f tl E ££*> BY ROBERt W • tokvo.au*u« 9. ByMervynd#Sil v, 

m il I yl Vll|flv LU Singh are suggesting. CAPITAL SPENDING ' hy orders by the electric power per cent in tbe second half. This COLOMBO, August 9. 

r : T ■' .If the motion- were carried in Japanese industry is rising and industry because they are said to is consistent with a recent shift A PRESIDENTIAL commLssion 

ttv nit j T TfiySk'i.' TfiiiibiWitrif * ’ Urn •*“ Sab ha, the Govemment will continue to rise for the rest move more erratically than those of Japan's domestic economic! inquiring into abuses of power 

. t ._: '. -V ■ ;■ JUlAttruUM, Apgust u. would be threatened. •* of this year, accdrdlng to two from other industries. The growth from manufacturing in-! by the Sirimavo Bandaranaike 

CTU^BILiiAjS ^-HGHTING'. fdr the ttwzis fearas bolding before territorv said ’that' EPLF morale Mrs - 041,1011,8 mov ® I® launch reports issued today by the power industry is known to be dustries to such fields as electric! Government today ordered police 
the Fritrgp-- the^thiopiiiglArogos arrived in ^ extreme^ ^Wfih while that ® countrywide agitation against Economic Pianning: Agency. expanding its capital spending power, leisure development, to prevent six people from 

elaim tVnl i ^i^txrder. td->fkM-i-jffiefr - forces for of the ELFa'm^ar« to he mneh tbe Government made a hesitant The first report, a survey of rapidly, so the statistics probably restaurants and trade. leaving the country. 

HWfSBiS? tow! ■ b “ s f, ve ln *£: businesses, showed titTS&tS ™ Estate the total rise. The indicators released today The'commission 'said they are 

in me piiov^» ^ ...stabitiaa . +„ campaign was literally washed spending rose 14B per cent in the RoMuse of dooiininp invest- were tlie l*test of several show- to be summoned as witnesses, 

ajter tlte^^ StVthe suff^d^aw IcSS L wefl S ff wh T n beaVy AprU-Jun^ quarter Se? a men^ta thf fiSt qiafter? Se in ^ tha ! ^® economy is The ,ist inch,des the ,ornier 

advance.. by ,.^uppian : , Gof?en»- . ei id of its a^^^AS far as we're Se ouantiSs EXL p TS 5 1 J decline of A7 per cent in the first derail rise for business invest- ^ ecovenn S under . continued mayor of Colombo and Justice 

menrJtoMes,. ^ey ^a^bey'havev^onceni^^j^^j^jig “ SfflJ Se^aK reSSSttat proces ? lon Quarter. Busies plans indicated mentintbe first h^foftheyear Government economic stimulus. Minister Felix Bandaranaike's 

,1™.* JKeUn -ppa, jKam, ol the tee , , continued gr 0W ti for the rest of “as ooly l l Sr cent compared ° epan “ en ' s *°« «'« t a v, permanent secretary Other, are 

th. ELF hare switched to the EFLFl J^°|^ «- »«• *• W -«• to the second half of last year, JSSSKS SS“!5 


retain to attack 


BY ROBERt WOOD 


TOKYO, August 9. 

by orders by the electric power per cent in the second half. This 


ban for witnesses 

By Meryyn de Silva 

COLOMBO, August 9. 


to a- to protect looters, but to the safety of Mount Lebanon, in the Lok Sabha but is siaarply w e eks 

operatiohs tfriJppfng to their low-, the force hssijtot been able to traditional stronghold of the divided on its approach to. the 
est level - smc^^tiiewarehded . ensure total sqdority. Maronite Christians who make up motion and many mem hers ; : .are 

two: yeai$ -viftgar. ; -Gavermnent-. Meanwhile, : jttHCwed artillery the bulk of support for the insisting that the whips should rT 

offices, haw. h^^paiwysetl and \wchanBe r b^een the Syrians rightist organisations. - - be off. Tbe .Government may: | 

.Ml ft---, j 1 - r ; : •; • - Jose if a substantial number of -l 


behind - the - 1 ; Mmwext ended EPLF -SoJ 
Ethiopian 1 tyns& ri • and ihe ^ 

. 1 Since :mid^July ; - . Ethiopian! lion Fr ont, * 

regular troops, and militia have adjoining p: 
retaken xnost:<£ the major towns- they have ai 
in the saut2mem : part of the. pro- actions hoi 
vince ■* and- xeepened tines; of .3 toes.. Son 
eommauicathm to Asmara which- that .Ethlot 
has been under siege for nearly' advances m 
a year! •• On&MOf 'the two" main ■ liability ; tig 
guerrau ,Erimia./thfi:::EritreStt a siguM 
Liberation : : . Front,- : ; - suffered Etbioniim^ 
serious baittlefieJd. «tefaaisr fDier shift tBARB 
other main J^taip, the Eritrean the gueitll 
Popular Ubecafion Front insists in -ftmour M 
that it . deAuacately abandoned visitor Jqt| 


AFTER THE M AURITAN1 


ng to the arms There are renortR that quarter, eusmes p ans mtucatea ment in the first half of the year nuuujib. oanudianaiw s 

in, of the toSe numbS “f Sf^Shtere S ^ r? L continued growth for the rest of was only l l Sr cent compwed ? epan “® n ,! ator * sales have permanent secretary. Others are 

‘or the ELF have switched toV^E^LR „ „ G ? ° ; addressed . tw o the year, the agency said. to the second half of last year, £*“ J? ,8k \ 48 ™n«s a former Member of Parlianient 


Popular Libera- 
s Operates in the 
S of Tigrai, say 


meetings in which she madg-a 


- .. . uibtuAigo iu nuik.il OLic. UiaUtS cl rm. . . 

Having, according to its own bitter attack on the Government secon <? 3 “"S” broadly defined money supply! corporation. 

SS°ttS't£f?» JgBaged m no But if she had planned to ? f d ? ™ was 12 P er Mnt bi ^ er ^ June The new constitution 

fighting, the EPLF now has con- demonstrate her nooular aooeaL showed _that_ such orders _declined agency expects an increase of th a vpar aeo. J nacvH lact ninh, u-ith nnlv 


Tn the second half of lact venr . c " U1,SK * earmngs a lorraer memoer ot raruament 

r'nf the survey of caoitarsnendine have been ^proving, and the and the chairman of a petroleum 

°* . e BU f v ®y oi capital spending hrn9f .| v «, nn u, »nmn»*i« n 


rb^unguemna siderabiy greater fortes at its she did no^ achieve^ herpornSe. “O^erately in the second quarter 7.3 per 
Ethiopian disposal than the -ELF and as Her Coneress I Partv^W a ? er a dramatlc 17 P" cent of the : 
ttjervers be i eve it is no longer tied ‘down in a demon^o^thrauSf advanced in the first quarter. The Th 
ws^tnulitary number of towns, its forces are SSSS^Sh JES£*lL!2 deciine '. P« cent after 4 


■ cent in the second half 
year. 


fetesent 


manufacturing 


d half tban 3 year ag0 ‘ 1 passed last night with only seven 

These indicators have not vetlFrodom Party members voting 
sparked a full revival of business j against it and the Tamil United 
sector or political confidence. Business- Liberation Front absent as the 


BBiirove more a fi? to "’JSLiV ^ZILES counti ? wtb varying success. “easMud adiustoents. had Sen 815601 4>3 per cent ,ess in the men are particularly worried vote was taken. Earlier the Gov- 

SS? th^EthiODiaS 1 aga,nst Most culminated in the pres ante- ThSeeScy predicted firs - h8lf ^ in *** P^J 10118 abo «t the most recent upsurge ! era mens withdrew the most con- 

y- . llt . .. “ISJ 0 ™ . non of memoranda to authori- th^new ml ehl ntlS ni m £.i! P enod and was expected to in the value of the yen, and troversial section. Both opposition 

h/pn°?n ti ^ lTb JE force ? c °v n_ ties ln ^ ^rioas states. . In J ," °i!? thp^hlrd spend 11 per 0601 ,ess i0 0,6 are still reducing inven- leader Amirthaiingam and Mrs. 

Xhriwor tlnuing their huild-up in the Ahmettobad, capital of .Gujmt, SSS-, CBDt ^ th ^ d second half. But the non-manu- tories. Pessimists note that both Bandaranaike saw President 

mm* dpoieivluf neW s y f rePMUpi % d ^ party members -.t^re ; factoring sector increased its industrial production and ship- Jayawardene to protest against - a 

tops uecisiveiy next few weeks are likely to reported to have been arrested Machinery orders are generally spending by 6.4 per cent in the merits dipped in June, although provision which makes it an 


A recent prove decisive for tbe future for defying a ban on proces 
and EPLF of this group: near the Governor’s reside! 


a leading indicator of capital first half and was expected to they had risen in the earlier offence to advocate or agitate for 
spending, but the statistics omit increase it by an additional 12 months of this year. 1 amendments. 




cal log jams 


ik‘=<±±Sj 


A MONTfi. «te'«onung to power khwml© ha 
the new regime in Mauritania tions 7 with 
seems- to: he maMo& good hehd- be crucial in 
way to its principal objective-— ment amM 
ending the crig^iag jeonflltst la Boigny ^of 
'Western \ ■•=; . offered :hfe 

It was tbat conflict which -«(dr. ; ' Spa 
brought . down the ' -regime of active part 
President- Wim* Oirid Daddah,' '.™ • ' BIEb 
who nileffthJa ndrth-west African -imdoubtwft 
stale front indepradenee in I960, hre^dn^^e 
From - early M-4976. When -been 7 iMvent 
Mauritania: wag given a share of a aettMrient- 
the former Smiai- Satarv-by alTwSSi tii 


WESTERN i 
^OSAHAKA | 

If Zouerate 


.>Tmdoid 

j v 



New Issue 
August 10, 1978 


All these bonds having been sold, this announce- 
ment appears as a mailer o! record only. 


Morocco, which 


ed its rela- 
Mcb could 
a settle- 
11 phone t- 
'Goa&t has 
a»-¥ 'fnffU- 
. . . staling an 

\h& aegotktioos. - 
^itaitian--/ coup: . is 
r she main' factor in 
be logjam wihibb! has 
nting moves towards 
t — a settlement wWvh 
to this complex dis- 


- in AMU,,!. ' rf*Mwi4a‘ r-r* increasinfily .Anxious 
^ IBiri tiie problem is. to find 
troibi« h fi> Rjt'SfHutioo ,4hat all parries can 

thft . Go n “^ n femes** and both Kang. Hasasn of 
NouakcbotL. - - ~ llbrocoo : and JRresideut Boume- 

teXe sW** OMAr pbUtical 
jntemiia inmhMatttr waca iwrae reputations on opposing aider of 
devastating «W%,botii op^Jbe thecoufiict 

i Pm forwwi Is to 

M^" 1 ”**** should allow ^.semi- 
iSd ■ ®* ll<HK>ro(Mls Potowio - . govern- 
nwct to establish dlM&t i»- its 
S ^ n in^rivir sMtionlof the Sahara, afirf aHow 

Sri to rta AiKeriaaccess to the MUUkfor 

arrived in Maurito^a to help 

fend it and Fran«f-had..to send , f, c 

Jaguar >«■ SS2Stt£.S25&2S* 


Mauritania's esfitirocer - . ” S il 51^¥^SS , ^ 

The presauti-of A worsening deposit ^ °Se 

economic Bftnati(m; : .and a war h» rtTsii " ^ 

which was becoming increasingly. 53G?2^?S««n r iiff 
unpopular. vspecizOly wlth tbe h 

black - population from . the watiL'J*?^.^ 0 ^ 0 ^ ** 
nf the country .led - to L JPrec{deql - 

Ould Daddah'soverthxow iD-JWy- 0 

by the chief of d^,Iieu^ 0 i/P«^ y £JHlk»'2E 
Mohammed 


from collapse T^nd to end, pie. r6SlltT o£ - thia drain on 

a ceasefire ; Maur^snlffn .refinery, have been shut^dawn 

sector «£the disputed territory without .ever oneroti 

a," gqodwiH * gesture. There . Because of the . .jffridpfeto 
are .reports: that Colonel Quid attaeks oh the Zoueratth'^lnes 
Salek. had secret talks with rnost pf the skilled Frew*fc : work- 
Preiddem ltotiari . Boumedleone force have left and exports' of 
of Algeria at r rhe rtarent OAU iron ore .have fallen Jw®- lijm - 
Nnnimit in KttoriWim.- France Is tonnes in 1974 la S.w'>j^Ee 2 ir. 


worth $62.8m, and accounting for 
85 per cent of exports. . 

While . Iron ore has been 
affected by the war, agriculture 
has been badly affected through-, 
out this decade by drought which 
has destroyed 90 per cent, of 
cattle, the country's main agri- 
cultural resource, in the early. 
1970s; along with many camels, 
sheep and goats. Cattle herds 
have now recovered to around 
1.25m head but ’to little benefit 
. for the Mauritanian economy. 
'Nomadic herdsmen prefer to sell 
0}eir cattle illegally on the boof 
to\neighbouring Senegal, Mali or 
evftn the Ivory Coast to obtain 
harlj, French-franc-baeked 
currency. As a result, the 
Government abattoir at Kaedi 
runs at 15 per cent capacity. 
Cereal crops of millet, sorghum 
and some rice are mostly grown 
by traditional flood culture - on 
the narrow strip of land adjoin- 
ing the Senegal river^-virtually 
the only fertile area in this vast 
desert country, twice the sire of 
France with a population of only 
1.4m inhabitants. However, the 
river has been repeatedly failing 
to rise to a level - sufficient to 
Irrigate crops, causing severe 
gram shortfalls. While admitting 
the severity of the problem, aid 
officials claim Mauritanians 
exaggerate the extent of the 
drought to qualify for more aid. 

This year the harvest is down 
to 21,000 tons, a shortfall *.>f 
around 160,000 tons and a third 
of normal production. Last' 
year’s crop was only 35,000 tons. 
Some 70,000 tons of grain have 
been promised to make up the 
deficit after Govemment 
purchases have been taken into 

■ account. The real problem is 
now considered to be that of 
-animal feed, as pastures are 
.badly hit by drought. 

Aid officials believe that the 
assistance provided rn the past 
.has led farmers to planting 
fewer crops, knowing that any 
shortfall wHl be made good. The 

■ problem of food shortages is 
aTsn exacerbated by the fact that 


jadhibou 


nbou^Alar 

^MAURITANIA 


KwSj r- 1 f 

m. 

nomads have become settled as- 
a result of tbe drought. One in 
every two now lives in or 
around a town, mostly near 
Nouakchott, tbe - capital: wbose 
population has trebled in this 
decade severely straining already 
extended facilities. 

. This gloomy picture, com- 
pounded by very inefficient 
administration, is partly 
alleviated' by the rid Mauritania 
bas long received from France, 
the EEC and international 
organisations such as the World 
Bank, and as the war has 
inteusifiedL, from the conserva- 
tive Arab states led by Saudi 
Arabia. There are also good 
hopes for fishing, second now lo 
iron ore in its contribution to; 
foreign exchange earnings. 1 
Mauritania's waters, including 
those along the coast of its share 
of Western Sahara, are rich and 
have only recently heen 
exploited. Hopes are also hein? 
pinned on a new mining venture, 
tbe Guleb iron ore project, 
which stands a good chance of 
success. 

At a meeting in Saudi Arabia, 
backers agreed to provide the 
buik of tbe S5S0m financing 
required and both the European 
Development Fund and the 
World Bank have given 
assurances of support. Already 
a considerable amount of tbe 
financing has been secured, 
notably S35m from the Saudi 
Development Fund. This project 
is crucial for Mauritania as it is 
designed to ensure iron for 
export when the present mines 
are exhausted 

But the area to be exploited 
is in Polisario’s area of opera- 
tions. Mauritania’s development 
depends desperately on peace. 


NORGES KOMMUNALBANK 


DM 100,000,000 
6% Bonds due 1990 

unconditionally guaranteed by the 

KINGDOM OF NORWAY 


CREDIT SUISSE WHITE WELD 
Limited 


WESTDEUTSCHE LANDESBANK 
GIROZENTRALE 

KREDIETBANK S.A. LUXEMBOURG EOISE UNION BANK OF SWITZERLAND 

(SECURITIES) Limited 



AMSTERDAM-ROTTERDAM BANK N.V. 


ANDRESENS BANK A/S 


Abu Dhabi Inveatmont Company 
AFIN S-P-A. 

AlahJi Bank of Kuwait (KS.C.) 

Algernon* Bank Nederland N.V. 

AJE. Amos & Co. 

Limited 

Arab Finance Corporation S.A.L. 

Bach* Halsey Stuart Shields 
Incorporated 

Bence Commercials ha Ran a 
Banes del Gottardo 
Banea NazionaJe del Lavoro 
Banco dl Roma 

Bank of America International 
Limited 

Bank Jufius Baer International 
Untiled 

Bankers Trust International 
Limned 

Bank fur Oamehiwirtsehatt 
Aktieng esc lte chart 

Bank GutzwIOer. Kurz, Bunge nar 
{Overseas) Limited 

Bank Maaa A Hope NV 

Banque BruxeRas Lambert SJL 

Banque Fran^aiae du Commerce Exterieur 

* Banque Generale du Luxembourg 
Sooe i e Anony me 

Banque de rindochine at de Suez 
Banque Internationale a Luxembourg SJL 
Banque Nationals de Parts 
- Banque de NeufBze. Schlumbarger, Mallet 
Banque Nordauropa SJL 
Banque de Parts ot dec Pays -Baa 
Banque Populate Suisse. SJL Luxembourg 
Banque de rUnlon Europeenna 

Bayerlaehe Hypothaken- und 
Wacheel-Bank 

Bayerlsch* Landeshank Girotantrale 
Bayertecha Vierrinsbank 
Berliner Bank 
Aktiengesenschart 


Blyth Eastman Dillon £ Cou 
international Limited 

Calssacles Depots at Consignations 

Chase Manhattan 
Limited 

Christiania Bank og KradMcaua 
CHlcorp Intetnatlonal Group 
Commerzbank 
AkUengeselischsft 

Copenhagen Handelsbwrie 


CiacGtanetrit-BaukveTaat 


BERLINER HAND ELS - 
UND FRANKFURTER BANK 

SMITH BARNEY, HARRIS UPHAM & CO. 
Incorporated 

BERGENBANK 

Credit Commordal de Franca 
Credit Lyonnais 
Credlto ItaMano 
Daiwa Europe N.V. 

Richard Da us & Co. 

Bankrers 

Den Danske Bank 
aMB71 Aktieselskab 
Deutsche Bank 
, Aktiongesellscnatt 

Deutsche Glrozentrale 
- Deutsche Kommunalbanlr— 

DG Bank 

Deutsche Genossenschaftsbank 
Dillon, Read Overseas Corporation 
Oresdner Bank 
Aktiengesel Is chart 

Drexel Burnham Lambert 
Incorporated 
Euromobiliare S.p.A. 

Compagma Europea intermoblliara 

European Banking Company 
Limited 

First Boston (Europe) 

Limited 

Fofldo de Invareiones de Venezuela 
Glrozentrale und Bank 
der ostarrelchischen Sparicassan 
Aktieng esellsch aft 

Goldman Sacha International Corp. 
Greupemeni dee Banquier* 

PrivtoGenevoia 

HambrosBank 

Limited 

Hamburg ische Landesbanfe 

— Glrozentrale - 

Handelsbank N.W. (Overseas) 

Limited 

Hessische Landesbenk 

-Glrozeirtrale- 

HlllSamualACo. 

Limned 

E.F. Hutton 4 Co. N.V. 

The Industrial Bank of KuwaH rtr 
KansaHts-Osake-Psnkld 
Kiddet Peabody international 

Limited 

Klefnwoit. Benson 
Limned 

KredietbankN.V 

Kuhn Loeb Lehman Bro there 
International . 

Kuwait Foreign Trading. Contracting 
• 4 Investment Co. (SJ*JC) 

Kuwait International investment Co. M.k. 
KuwaH Investment Company (S.A.K.) 

Lendesbank Schleswlg-Hreeteln 
Q*«*wmtralir 


MERRILL LYNCH INTERNATIONAL & CO. 


DEN NORSKE CREDIT BANK 


Lazard Brothers 4 Co. 
bmiied 

M anu fact urers Hanover 
bmited 

B. Metzler seeL Sohn 4 Cou 
Morgan GrenfeH 4. Co. 

Limited 

Morgan Stanley International 
Limited 

The National Bank of Kuwait S. A. K. 
The NDcko Securities Co^ (Europe) Ltd. 
Nomura Europe N.V. 

Norddeutsche Landesbenk 
Glrozentrale 

Nordic Bank 
Limited 

SaL Oppenlwlmjr.4 Cie. 

Orion Bank 
Limited 

Oslo Handelsbank A/S 
Pierson, Hearing 4 Pierson N.V. 
PKbanken 
PostlpankM 

Privatbenken Aktieselskab 
Renouf 4 Co. 

N.M. Rothschild 4 Son* 

Limited 

Salomon Brothers International 
Limited 

Scandinavian Bank 
Limited 

J. Henry Schroder Wagg 4 Co. 

Limited 

SkamTmaviska EnskUda Ban ken 
Sodete G6n4relB 
Sodete Generale de Banque S.A 
Sparbankemas Bank 
Strauss, Turnbull ft Co. 

Svenska Handebtbanken 

Swiss Bank Corporation (Overseas) 
Limited 

Trinkaus ft Burichardt 
Union Bank ef Finland Ltd. 

Union Bank of Norway Lid. 

Veretns- und Westbank. 
Akhenge&enschart 

J.Vontobel & Co. 

M. M. Warburg-Brmckmann, Wrtz & Co. 
S.G. Warburg ft Co- Ltd. 

Westtatenbank 
AhliengeseRsChaft 
WestLB Asia - 

Limned 

Wood Gundy Limited 

YsmalcN international (Europe) 

Limrted 



Financial Times Thursday Augdst 10 1978 


\ KW S 


Carter’s need for success 
at Camp David summit 


BT DAVID BUCHAN 


WASHINGTON, August 9. 


THE MIDDLE EAST summit at 
Camp David has. apart from its 
consequences for peace in that 
region, important domestic politi- 
cal implications for President 
Carter. 

If the gamble nf the Septem- 
ber 5 summit pays off by giving 
a fresh impetus to the faltering 
Egyptian-Israeli negotiations. Mr. 
Carter will go into the mid-term 
congressional election campaign 
in the autumn with his political 
fortunes much enhanced. 

Saying the President was “ still 
the biggest drawing card .in 
America.” Mr. John White, the 
Democratic Party chairman, said 
this week that Mr. Carter bad 
committed himself to campaign- 
ing for democratic candidates on 
at least three nr four days a 
month in the autumn campaign. 
Mr. White said the President and 
his Cabinet had promised to 
make 400 political appearances 
in advance of the November 


elections, despite statements by 
several Democratic candidates 
who hoped that Mr. Carter would 
stay clear of their election 
campaigns. 

Mr. Carter returns today from 
New York where yesterday he 
had the task, welcomed by poli- 
ticians of New York state and 
city, of signing the $l.6bn 
Federal Loan Guarantee Bill for 
the hard-pressed city. This came 
in a week which also saw Presi- 
dential forays to northern Vir- 
ginia and North Carolina. Both 
visits were rated as successful by 
White House aides, and accorded 
with their advice that Mr. Carter 
should make himself more 
visible to the public, only 38 per 
cent nf which approved of his 
conduct oF the presidency at the 
end of June (according to a New 
York Times poll). The propor- 
tion compared with 46 per cent 
who thought he was doing a 
good job in April, and 64. per 


cent a year before that 
Mr. Carter has recently brought 
in an old associate Mr. Gerald 
Rafshoon. a political public rela- 
tions expert, who has seen it as 
his job to project the President 
more prominently, by, for 
Instance, persuading him to hold 
a recent news conference on 
prime-time television, and to 
push some of the more erratic 
inmates of the Carter White 
House out of the limelight 
Mr. White said his party would 
devote special attention this 
year to the senatorial contests 
in North and South Carolina. 
Texas and Maine, and to the 
races for the governorships in 
New York. California, Pennsyl- 
vania and Texas. 

None of these states figured 
in primary elections held yes- 
terday. in which the voters 
generally supported incumbent 
politicians in Georgia. Michigan, 
Ihado and Missouri. 


World Bank 
defies U.S. 
over loan to 


Vietnam 


By Our Own Correspondent 


New York papers face stoppage 


BY jOHN WYLES 


NEW YORK, August 9. 


NEW YORK'S three daily news- 
papers face possible stoppages 
‘rnm tonight unless there is a 
breakthrough in negotiations 
*‘ith the Pressmen's Union today. 

The possibility that inanage- 
nent employees would be able 
o maintain publication in the 
^vent of a strike disappeared 
/esterday when the delivery 
Irivers' union promised to 
nnnotir the pressmen’s picket 
ines. 

The Publishers' Association of 
New York, representing the New 
fork Times, the Daily News and 
he New York Post, is seeking 
-.ubstaniial manning reductions 
□ a new contract with the press- 


men to replace one which expired 
at the end of March. The news- 
papers had threatened to impose 
new working arrangements from 
S.30 p.m. last night but the dead- 
line was deferred yesterday until 
6 p.m. tonight at the request of 
a federal mediator. 

The pressmen, who operate 
the printing machinery, say they 
will walk out if new manning 
arrangements are unilaterally 
imposed. The manning dispute 
arises From the introduction of 
new printing technology at all 
three newspapers which has 
recfuced the number of workers 
required in the pressrooms by 
nearly half. 


The publishers are seeking a 
gradual reduction in employ- 
ment based on the guarantee of 
five working shifts a week to 
employees who have worked 
continuously for one newspaper 
since August 1975, and who have 
worked at least 200 shifts at 
their newspaper daring 1977. 

Figures released yesterday 
suggested that about 1.100 people 
work in the pressroom of the 
New York Times at some time 
during a year, but only about 500 
would qualifv for the five-shift 
guarantee. The Times estimates 
that it needs fewer than 400 
regular employees' in its press- 
room. 


Curb on regulatory bodies urged 


BY DAVID LASCELLES 


NEW YORK, August 9. 


TREATER Presidential powers 
<ver federal regulatory bodies 
re recommended by the 
\meriran Bar Association in a 
Iraft report on reform of the 
egulatory system. But in a 
■arallel proposal the Association 
alls for a reduction in the scope 
f federal regulation in the 
nterests of the free market. 

The lawyers’ professional body 
•as yet to adopt the proposals 
s policy, but the report puts for- 
••ard a strong case, presumably 
n anticipation of opposition to 
he idea of bringing politics into 
egulatory bodies like the Civil 


Aeronautics Board and the 
Federal Communications Com- 


mission. 


Such bodies have traditionally 
cherished the'r independence 
and it has long been a tenet 
of U.S. politics that they should 
perform their duties free from 
interference by the executive 
branch. The Bar Association's 
report argues that Government 
regulation has in many cases 
eluded control by elected 
officials. It says that the scope 
and complexity of regulation is 
now such that it should be 
co-ordinated at a higher level. 


The report recommends legis- 
lation to give the President 
limited powers to direct agency 
actions over critical issues. It 
exempts the money market func- 
tions of the Federal Reserve 
Board, and a few other highly 
sensitive areas. 

The association expresses con- 
cern about the erosion of free- 
market operations. It urges the 
deregulation of competitive 
industries like the airlines and 
the phasing out of price controls 
on oil and gas as part of a 
general move to reduce govern- 
ment interference in the 
economy. 


Import curbs 
help Barbados 


By Tony Cozier 
BRIDGETOWN. August 9. 
fEASURES to curb imports 
ave had the desired eifect of 
u proving the economy of 
•arbados. Mr. Tom Adams, the 
Time Minister, has said here. 
Addressing a meeting of over- 
?as diplomats. Mr. Adams saief 
lat bis Government had to 
•rive against a popular lack of 
nderstanding or the desperate 
ature of its balance nf pay- 
lents problem in order to 
revent the economy falling into 
jiernational bankruptcy. 

In 1976 there was a trade deficit 
T US? 1 39.75 m and. in 1977. 
192.1m. Such measures tn limit 
ji’.’nrto as liccn«-n restrictions, 
uhi'r consumption raxes on 
i\ur> items ami sjncler credit 
■ruts hj\e had their ulTcrt, 

" in fart, my advisers Ml me 

:.it. on available n nli-m-c. a 

irp!u- of noiiio !S5 5m will come 
r-niit l»\ the end »f ihc voar and, 
:.d. hy that tune, mir intcr- 
.tinnni reserves should -limy an 
•rn\iso of some SI", fun " 


Casino move in Florida 


BY OUR OWN CORRESPONDENT NEW YORK, August 9. 


AFTER NEW JERSEY. Florida 
could become the next state out- 
side Nevada to legalise casino 
gambling. Petitioners in the state 
announced last night that they 
had managed to gather the 
259.000 signatures necessary to 
get a vote on the issue in the 
November 7 elections. 

But the going will be tough. 
State Governor Reubin Askew is 
strongly opposed to the idea and 
has vowed to fight it on. moral 
and religious grounds. An 
opinion poll commissioned by 
Golden Nugget, the leading Las 
Vegas casino concern, also re- 
vealed recently that 47 per cent 
or the state's population were 
against casinos. 46 per cent were 
in favour and 7 per cent were 
undecided. 

However, the petitioners have 
the powerful hacking of almn<t 
i entire 111 in mi Reach hotel in- 
dustry. which is prepared to 
spend Inrje sums for an amend 
men I which would provide a 
much-needed hno<t to trade. 

Apart from the Governor, the 
oppiisilmn consists of other 


gambling organisations, like 
horse and dog tracks, and the 
Chamber of Commerce, which is 
striving to transform Miami into 
a respectable banking and 
business convention centre. 


Sra. Letelier sues 


The widow of the late Chilean 
Foreign Minister. Sr. Orlando 
Letelier. filed a federal suit yester- 
day which named the government 
of Chile as among those respon- 
sible for the murder of him here 
two years ago. Reuter reports from 
Washington. The suit also named 
as defendants four Chilean secret 
police officers. The suit, asking 
For more than 8 1U.01K) in damages, 
is believed to be the first brought 
against a foreign nation in the U4>. 
for wrongful death. Eight people. 
including Gen. Juan Contreras, the 
former Chilean secret police chief, 
were indicted last week In 
Washington on charges of plotting 
the murder. The U.S. has asked 
Chile -to extradite him and others 
for trial. 


WASHINGTON, August 9. 
THE WORLD BANK yesterday 
over-rode U.S. objections and 
approved its first loan to 
Vietnam— S60m for an irriga- 
tion project. 

It sems likely, however, that 
obstructionist tactics by the 
U.S. will come to an end next 
year. The House of Representa- 
tives last w eek rejected amen ti- 
me nds to the 1979 Foreign Aid 
Bill that would have blocked 
the use of U.S. money in World 
Bank lending to six countries, 
including Vietnam. 

Last year the Carter Admini- 
stration reluctantly ordered its 
World Bank executive director 
to cast bis vote against loans to 
certain countries, so as to 
persuade Congress to drop 
similarly restrictive amend- 
ments passed by the House. 
This year the Administration, 
working with liberal Demo- 
crats. sueceded in killing these 
amendments on the House 
door. 

Thus, much , to the relief of 
the World Bank, which Insists 
that it cannot accept money 
that is earmarked in this way, 
the U.S. is likely to stop voting 
against loans to countries on 
political grounds in the next 


fiscal year. Earlier this year it 
to Laos. 


voted against a loan 

When the House continues 
its consideration • of the 
Foreign Aid Bill, probably 
next week, the Administration 
will still face two major threats 
to Us proposed contributions 
of $3.5l>n to the World Bank 
and other international lending 
agencies, Tbe first will be an 
attempt by the Foreign Aid 
Balt floor manager. Rep. 
Clarence Long, to cut those 
contributions by a further 
$584 m. 

Tbe second will be an 
attempt by protectionist 
Congressmen to ban the use of 
U.S. money in World Bank, 
loans to specific projects which 
they consider will compete 
with V-S. producers. Last year, 
to the displeasure of tbe World 
Bank and the Administration, 
the House required that no U.S. 
money go to citrus, palm oil 
and sugar projects. 


Survey shows 
shift away 
from banks 


By Our Own Correspondent 
NEW YORK, August 9. 
SOME DISCONCERTING news 
for the U.S. banking industry 
Is contained in a survey pub- 
lished today by fortune 
magazine which examines - tbe 
attitudes of 760 leading US. 
corporations towards banks 
and their services. 

Hie survey shows that, on 
balance, companies are drift- 
ing away from banks as ,a 
source of short to medium 
term credit, that more than 
half tbe companies questioned 
saw little difference between 
the banks and that companies 
keep a close eye on ; their 
banks’ financial health. 

Although nearly two-thirds 
of the companies questioned 
said that their reliance on 
banks for credit had changed 
little in the past three yean, 
the remainder said that on 
balance they had' turned to 
other credit sources, chiefly 
commercial paper and Internal 
generation of funds. Among 
the top industrial companies, 
there was also a heavier 
reliance on Eurodollar loans. 

Three-quarters of the 
respondents also said that if 
securing a loan of $50m or 
more they would prefer lo 
deal with more than one hank, 
on average four. 

Asked if they maintained an 
active analysis of the financial 
condition of their depository 
hanks, 54 per cent of the main 
corporations said yes. 


Tine big medio 


is it big for 
Y©&ss“ budget? 


America. 

So big you have to see it to believe it. 
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covered on an effective daily basis by any 
newspaper. 

Save one. The Wall Street Journal. 
Our plants, located all across the U.S., 
enable us to reach millions of U.S. 
decision-makers with the same news on 
the same day, coast to coast. 

The Journal’s topicality — com- 
bined with concise, useful writing that's 
renowned world-wide — makes it in- 
valuable to those who manage American 
business.nnance,investment government 

So advertise in The Weill Street 
Journal. 

Big reach for a big country. At an 
affordable price. 

7he Wall Street Journal. 

The all-America business daily. 


Represented by DJIMS. In London, call Ray Sharp at 
353-1847:in Frankfurt, call Joachim Nunvarat (611) 74-57-40. 
Other D JIMS offices in major business centres around Ihc 
world. 


Leaders of Andean Pact 
seek closer co-operation 


BY SARITA KENDALL 


BOGOTA August 9. 


THE NEW Colombian head of 
state. Sr. Julio Cesar Turbay 
Ayala, began his 197S-82 Presi- 
dential term with an Andean 
summit meeting yesterday. 
Attended by the Presidents ut 
Bolivia. Ecuador and Venezuela, 
and the Peruvian Prime 
Minister, the meeting was 
designed to revitalise the nine- 
year-old Andean Pact. 

The declaration signed by the 
representatives of the five pact 
members expresses concern thar 
progress towards a new inter- 
national economic order has 
been so slow. It also stresses 
the role or economic integration 
in strengthening the unity of 
Latin American countries when 
prices for commodities and 
manufactured goods are nego- 
tiated. 

Sr. Turbay (62 1 has Fre- 
quently stated his support for 
the’ Andean Pact, hut pa$t 

Colombian Governments have 
been most interested in the 
trade advantages of the agree- 
ment. Both the metal-working 
and petrochemical programmes 
of tbe pact members should be 
finalised before tbe end of this 
year, tbe declaration said. 

The number of foreign delega- 
tions in Bogota for the presi- 
dential * inauguration has 
improved tbe shaky democratic 
image of Colombia. The out- 
going president. Sr Alfonso 
Lopez Micbelsen. has been widely 
criticised for the corruption and 
incompetence of bis administra- 
tion, and leaves a difficult econo- 
mic and political legacy. Sr 
Turbay has one dubious advan- 
tage — whereas Sr Lopez started 
tn 1974 with 3m votes and 
national expectationc at a high 
point, Sr Turbay won the elec- 


tion with a small majority and 
no one expects miracles from 
him. 

The new cabinet shows a 
masterful political and regional 
balance. By including seven 
Liberals, five Conservatives and 
one general, he has managed to 
please tbe leading factions in 
each party. But Be has also 
made it clear that there will be 
no radical policy changes. 
Although President Turbay 
stressed that he would wage “ an 
implacable crusade " against 
drug-trafficking, he. also sug- 
gested that the U.S. Government 
might make greater efforts to 
control the financing nf the trade 
through U.S. traffickers and con- 
sumers. 

Crime came in for particular 
emphasis in his Inaugural 
speech, and will undoubtedly be 
one of Sr. Turbay’s major prob- 
lems over the next four years. 

From cabinet corruption to petty 
street violence, crime is one of 
the biggest concerns of all 

Colombians. “Ir Turbay just 
manages to make the streets 
safer and reduce theft in the 
ports, he will earn everyone’s 
gratitude and my support,” said 
a Conservative party business- 
man. 

Reuter adds: The Venezuelan 
President, Sr. Carlos Andres 
Perez, said that an oil price 
increase was Imminent and it 
would help revive the dead- 
locked dialogue between rich and 
poor nations. ' 

“ Oil prices will so up. not 
because OPEC is a selfish cartel, 
but because it is the only system 
tbe Third World can use lo pul 
pressure on industrialised coun- 
tries to fix a policy on the prices 
of raw materials,” Sr. Perez said. 




fS 


SI 


WORLD TRADE NEWS 


Japanese exports claimed! eec agrees 

MT i hmirr AW 

to be ‘at turning point’ 


ST ROBERT WOOD 


TOKYO, August 9. 


JAPAN'S exports are showing 
definite signs of decline.. Mr. 
Shiro Matsumoto. director of the 
international trade policy bureau 
of Japan’s Ministry of Inter- 
national Trade and Industry, said 


in a Press conference today. 
"Japan's almightly exports 


now* 


seem to be at a turning point.” 
he said. Mr. ' Matsumoto dis- 
tributed a Government-compiled 
trade index showing that exports 
declined 2.5 per cent in volume 
terms in the second quarter of 
this year compared to the pre- 
vious year. 

The decline was SL2 per cent in 
yen terras, but -because of the 
rise in the yen’s value and 
accompanying price increases, 
exports were up 20.9 per cent in. 
dollar terras. 

It was the first decline in yen 
or dollar terms in recent 
quarters, and ‘ Mr.. Matsumoto 
predicted further declines ahead. 
He said export approvals, a 


statistic to be he announced by 
his ministry on Friday, showed 
a decline in yen terms. 

Steel, television, textile and 
ship exports all declined in the 
second quarter. Mr. Malsumoto 
said many of these were meeting 
price resistance m espurt 
markets. 

Motor and chemical, exports 
were still rising, but he said 
motor exports seemed to be 
meeting increasing resistance 
abroad. The share of Japanese 
cars in new motor registrations 
in the U.S. during the first 20 
days, of Jnog declined sharply, 
he said 


Mr. Matsumoto acknewledged 
that . imports had not been 
rising as .Government officials 
had hoped. They increased hy 
only 7.7 per cent, in . dollar, 
terms in ■’the second quarter, 
compared with last year (This 
meant they declined significantly 


in yen terms and their growth 
in dollar terms was less than 
that of exports, making Japan’s 
export surplus in the quarter 
higher than that of the previous 
year*) 

He- said that impnrts of manu- 
factured' goods rose by 2S per 
cent Tbe ratio of manufac- 
tured goods in - Japan’s imports 
has risen from 21.5 per cent, in 
the whole year of 1977 to 24 
per cent In the first quarter of 
this year and 26.1 per cent in 
the second quarter. 

WilJr the abolition of Japanese 
tariffs on foreign cars in early 
March, foreign 'car sales in Japan 
rose ,33: per cent in the first 
five months 'of this year. . 

- Sales of foreign-made motor- 
boats, agricultural machinery, 
toys, sporting goods, chemical 
machinery, ' watches, furniture, 
and art were also strong in the 
first' half of -the-- year, Mr. 
Matsumoto said. 


limits on 
wool from 


Argentina 


By Rhys David 


UK exports to Mideast up 20% 


FINANCIAL TIMES REPORTER 


DESPITE GLOOMY forecasts 
UK exports to . the Middle East 
and north Africa have continued 
to rise in the first half of 1978. 
According to tbe London 
Chamber of Commerce and 
Industry's economic report sales 
to tbe Middle East rose 20 per 
cent from fLSbn in the first half 
of 1977 to £2J.6bn in the same 
period, while its percentage 
share of total UK exports went 
up from 11.4 per cent to 11.7 per 
cent. 

Another oil producer, Nigeria, 
has also assumed greater import- 
ance for UK exporters with sales 
going up from £51&3m in the 
first half of 1977 to £615.3m in 
the same period of this year. 


This places Nigeria eighth in the 
UKs list of. leading export 
markets compared to 13th m 
1975. 10th in 1976. and 9th in 
1977. 

Other oil producers in tbe list 
of leading export markets for the 
UK arc Iran at 13th. Saudi 
Arabia at I7th. the United Arab 
Emirates 21st, and Kuwait 23rd. 
Exports to Iran are now gaining 
pace again after the stagnation 
of 1976 with an increase of 
£61.4ra to £3S5.Sm. Sales to 
Saudi Arabia are also up by 
£68 -8m to £337.1m and there is a 
particularly large jump in sales 
to Kuwait from £122. 2m in the 
first half of 1977 to £172.7m this 
year. 


At the same time Kuwait has 
risen' from 30th to 23rd in the list 
of top export markets. The only 
blackspot ir a fall in exports to 
the United Arab Emirates from 
£235 3m in 1977 to £206.7ra this 
year. 

But according to the chamber 
tbe main trend is a continued 
shift in trade towards tbe EEC. 
The community’s share of UK 
exports has ; gone up from 36.5 
per cent in 1977 to 37.4 per cent 
with large increases in sales to 
West Germany (2nd i. France 
(3rd); Belgium and Luxembourg 
(4th) and the Netherlands (5th). 
There has also been an increase 
in the EEC’s share of UK imports 
which has risen from 38.4 per 
cent tn 39.7 per cent. 


Norway urged to back Volvo deal 


EXPORTS: OK Argentinian wool 
textile cloth to the . UK are to 
be brought under restraint under 
; a new five-year agreement 
j negotiated by the EEC Com, 
mission in Brussels. - ■ 
j The agreement will Umit the 
Argentinians to shipments of 
! only a further 60 tonnes in' the 
I period from August to 
j December, bringing total exports 
;to the UK. for 1978 up to 
1 around 235 tonnes compared with 
! 203 tonnes in 1977. Imports 
next year will be limited to 245 
tonnes- and will bo allowed to 
grow annually by 20 tonnes to 
305 tonnes- in 19S2. 

The new restriction comes 
after, a period of considerable 
pressure hy the. UK industry anil 
will be seen as evidence that the 
EF.C Is anxious, following recent 
criticism, to demonstrate its 
readiness . to utilise the 
machinery It now has to control 
disruptive imports. 

Like- other recent- entrants 
into , textile ' exporting, the 
-Argentinians have developed a 
rapid assault on the UK market, 
increasing sales from --28JI00 
sq metres in . 1976 to .736,000 
sq metres last y earl Sales so far 
this year have reached 641,000 
sq metres. The cloth supplied 
has been both woollen' and 
worsted and of 'good quality, and 
; because of its low price has 
found ready buyers among the 
traditional customers of tbe 
Yorkshire textile industry. 

UK producers believe . the 
Argentinian prices*— -£3 per metre 
for a good quality worsted com- 
pared with £4.20 from a York- 
shire milk— have been set at un- 
economic levels in order to gain 
market entry and market share. 

The EEC’s move, which affects 
only Britain of the member 
countries, was ■ yesterday 
welcomed, by Mr. Peter Richard- 
son of the wool textile delegation 
in Bradford who S3id it demon- 
strated that the GATT Multi 
Fibre Arrangement could be 


BY FAY GJESTSl 


OSLO. August 9. 


NORWAY’S Minister of Indus- 
try, Mr. Olav Haukvik, has urged 
tbe country's business and .in- 
dustrial leaders to co-operate 
with the Government in making 
a success of the cars-for-oil 
agreement With Volvo of 
Sweden. 


Addressing a seminar on the 
project attended by some 80 of 
the most prominent people in 
Norwegian industry, banking 
and finance, Mr. Haukvik said 
that if the deal fell throngh it 
would seriously hurt Norway 
and the cause of Norwegian- 
SWedish co-operation. 

He said it was “not impos- 
sible ” that Volvo’s planned new 
model might be produced in 
Norway. He regarded the deci- 
sion to develop the new model, 
with all this would involve in 
the way of components and 
spare parts, as the most impor- 
tant single feature of the pro- 
posed Volvo .agreement 

In the remaining negotiations 
with Volvo, the Government 
would liep in the closest pos- 
sible touch with Norway's in- 
dustry, financial institutions and 
trade union movement, tbe 
Minister promised. To create tbe 
3.000 to 5,000 new jobs the agree- 
ment envirfiged would require 


industry’s co-operation and en- 
thusiastic commitment. he 
pointed out. 

So far, Norwegian businessmen 
and industrialists, as well as the 
political opposition,. have seemed 
lukewarm towards the Volvo 
project Some 30 of the- indus- 
trialists taking part in the 
semifiar held a preliminary meet- 
ing at the Federation of Industry 
to agree among themselves on 
what questions to ask Mr. Hauk- 
vik after his introductory speech. 

Some 13 Norwegian bankers 


and insurance executives are 
also attending today’s meeting. 
Several of them are expected to 
question whether Norway's small 
capital" market can raise, the 
funds required to finance the 
Volvo investment 
Meanwhile, it has become clear 
that- the -Volvo agreement wilt 
not be debated by the Storting 
(Parliament) until early next 
year The agreement is scheduled 
to. be worked out in -detail by 
October l§,and presented, to the 
Storting soon afterwards. . 


made to work. 

The’ Commission has been 
under heavy criticism from 
various parts of the UK textile 
industry over recent weeks as a 
result of its apparent reluctance 
to take action along tbe lines 
laid out in the MFA bilateral 
j agreements with supplying 
countries to control .imports 
where these exceed certain fixed 
levels. : 


•• r- - • 

Swedish car exports up 

\STO( 


BY JOHN WALKER 


TOCKHOLM, August 9. 


BOTH THE Swedish car manu- 
facturers Saab and Volvo report 
increased exports to the United 
States during the first seven 
months of this year compared 
with the same period in 1977. 

This has been achieved in 


spite of an overall drop of 3 j 
per cent in the import if foreign 


cars into the U.S. 

Saab report that their exports 
to the U.S. during July rose by 
50 per cent to 1,261 units com- 


pared with 841 .in the same 
month in 1977. Saab exports for 
tbe first seven months of this 
year were up 15 . per ctent to 
9,051 units, compared with 7,879 
units in the same period in 1977. 

Volvo exports to the U.S. in 
July went up by 13 per cent to 
4J557 units compared with 4.023 
in the same month In 1977. 
Volvo car sales in the first seven 
months of 1978 went up by 5.3 
per 'cent from 26,719 units • to 
28,148. 


Italy relaxes 
advance import 
payment curbs 


ROME, August 9. 
THE - ITALIAN Government 
announced it is relaxing curbs on 
advance payment of imports 


from today by allowing importers 
to pay for goods up to 120 days 


ahead of receipt, without further 
formalities. Hitherto, the. limit on 
advance payment was €0 days, 
unless official- authorisation was 
obtained. 

F.or prepayment of imports of 
between 120 and a maximum of 
360 days, official authorisation is 
still \needed, a . Government 
deeree\said. 

The relaxation is intended to 
facilitate^ import operations, and 
has been made possible by Italy's 
high reserves and continuing 
favourable '.balance of payments 
position, official sources said. 
Reuter “ 


NATURAL GAS 


Holland prepares for the future 


BY CHARLES BATCHELOR IN AMSTERDAM 


HOLLAND, WITH tbe largest have 268bn cubic metres in export contracts were 
proven reserves of natural gas In reserve after meeting expected enthusiastically signed. Since 
Westekii Europe, is importing domestic and export demand up the . realisation that 'nuclear 
"as from Norway and Algeria, to 2002. power was not to be the promised 

The -'■Dutch admit that this But why begin so early with panacea Gasunie has been un- 
raodern version of sending coals these extra purchases when gas scrambling its earlier policies, 
to Newcastle is at first sight odd- is still at its peak? Gasunie Now that Gasunie’a negotiators 
are. after all iir the started to consider buying extra are buying rather titan selling 
favourable position of being, supplies as early as 1973. Since gas, the company hr again think- 
togethe?-with Norway, the Only th * D il h % s contracted 40bn cubic mg we U ahead, hoping tiiis time 
net exporters of energy among “etres from the Norwegian that its basic assumptions are 
Q l members of the OECD ^ sector of the North Sea and fa correct The Dutch- reason that 
e “ „ . June last year agreed to take if they get into the growing in- 

Whn*j preparations are made ggb Q cubic metres from Algeria ternationa] gas market while it is 
to receive the _ first uquenea Qver 20 years starting In 19841 in its infancy, they can build up 
natural gas (LNCi) from Algeria, The c^ongc value of the a strong position.. By 2000 the 
Nederlandse Kasume. the Algerian gas is even' higher— gas may not be so readily avail- 
national gas distrio u tor. has us equivalent to 95b n cubic metres able and it certainly will not be 
eye on the Soviet Union. I ram of Gr0 ningen quality. as cheap.- 

Nigeria -and the Middle Ewt as The a ^ m ^ t0 preserve for as • Despite bavins- lived for 15 
potentia 1 suppbers of yet more long as possible the Groningen years with an eroding network 
® as ‘ gas field as a strategic reserve of underground pipelines and sur- 

Im porting gas from abroad —strategic in the economic, and. f ace installations to darry domes- 

makes. ttty good sense to the ultimately, in the military sense, tic gas the prospect of imported 
Dutch for a ntmiber of ? reasons. The Dutch remember only too ga S has roused strong emotions. 
They have spent Fl I2bn we ij that they were singled out Over a year after the contract 
(S5.5btrt in building a sophistic- by the Arab oil exporters for was signed with Algeria and tmlv 
ated distribution ‘network .over particularly tough sanctions SSe mSm! VffitSS'S 
the past 15 years. Domestically during the oil crisis. Algerians are due to be fold 

produced gas now meets .55 per The Dutch also clearly see the where to Und the m no 
cent Of Holland’s total energy “buffer role” of the Groningen decision has yet b£n t!Sn on 
requirements, including *0 per flpm ^ having a wider. Euro- where to' terminal - 

cent of household needs: 40 per pean, dimension. The Economics Gasunie is to favour of the 

Cen H r 0 n Criv U M al pe C r n renf tl o n f ?^ er ’ ™ Van 

and nearly SO per cent 01 Aardenne, said earlier this year land at thp mnuth nf Furonnrt 
demand from electricity pro- that the Groningen reserve wh ich i? close tO 'ihTain 
ducers, • ■ would allow Holland to maintain industrial customers. 1 Fears of 

The gas is earned by Gas supplies to other countries an explosion while the tankers 
10,000 kms of underground pipe- if “technical disturbances upset unIoad have , ed ^ .exhaustive 
lines and processed by eight the flow of LNG. studies of the possible dangers, 

compressor stations . 75 metering Holland is also unwilling to Th e unions tbe’ recently 

and regelating stations and more s Up into a greater dependence on developed harbour of Eemshaven 
than 1.100 receiving stations, oil following its experience. m north-pasternTtolSand. which 
Apart from “e distribution 1 net- during the energy crisis. But is in an area of SKnempIo^ 
work 93 per cent of Dutch homes given the limitations on alterna- m eDt 1 mgu -. M 3 

have been, converted to natural tjve sources of power it will be Bui it is alsn more than 200 km 
gM and of these hems 93 per forced to accept . growth in the aw „ l 
cent use gas for space beating. share 0 f 0l i to 55 per cent in customers • V 
Partly because of tbe 1985 from 40 per cent now. Tim decision tn imoort eas is 
depressed state of _ the world Nuclear energy was to be. the not wlthmu its mcSry imU- 
economy and Holland s refusal to power source of the. -future but catioils . ^ 1 ^ 
sign Pew <£iiOrt contacts environment! objections and the been blamed foT many of 
deliveries of Dutch gas, which problems of storing the waste Holland’s ills The 

have risen steadily since the dis- have now delayed the start of its boost given^to ^he balanced 
covery of the massive Slochteren modest nuclear programme. until payments ooshinn has pushed 
field m Groningen in 1959. have at least the early 1990s. the Tullde^ta i^ThLaSS m 

now begun to decline. Originally Dutch policy, follow. th e foreign exchanges that Dutch 

mg the discovery of. the Cronin- business Mmnatp on 


the sizeable revenue inflows 
from gas sales. ’ Bat with 
Holland’s balance of payments 
surplus shrinking at a rapid 
rate — down to FI lbn (8450m) 
in 1977 from FI 7.5bn the year 
before — the cost of gas imports 
might not be ; .so opportune. 

Holland has made a modest 
start with an at first sight sur- 
prising policy of buying -a com- 
modity it already has in 
abundance. But the opposition 
it has already encountered to 
plans for a gas terminal and the 
five years needed to conclude the 
Algerian deal indicate it is wise 
to begin early. 


Proven reserves, including 


imports, ^re still a healthy gen field, was to exploit it as ^swn^rnarke^ 0 

- - •- *-= * — - -it rha ctort nuirk v ac nnooiK a hnfM. ,t>- i... ' .inura . * 


l,8lSbo cubic metres at the start quickly as possible before the Supporters of this viewT and 
Of this year. On the basis of heralded nuclear revolution made the. Central Bank which has 
proven reserves— which are W the gas cooker a museum piece, tried to reduce Suite! imports, 
per cent guaranteed m be m the Domestic industry was persuaded would therefore* UestoSy 
ground— Holland would still to convert to. natural gas and. welcome a counter b alan ce to 


J MAPCO I 

I DIVIDENDS I 

I UP AGAIN. I 
il THAT’S I 

I GROWTH. I 


In the past five year 
MAPCO dividends h 
grown from 27c in 1 
to $1.20 in 1978. Am 
our first quarter 197 
Increase is the 14th 
idend increase in IS 
I years. It's an impres 

I growth picture for a 
company. 

Interested? Write 
MAPCO's fastest rep 
It’s good reading. 


I 


I 


s ageo 


Obi* * hods e*s. 

TtrtMOkiahaina Ml 


I .1 





Open the papers practically dent companies, like Wimpey, in that field, bringing home 
any day and what do you see? who can do the job, and who valuable foreign earnings 

"£30 millions|ost so far in do it well. We don’t get into the every year, 

plant walk-out? *Giant foreign headlines, because we have We’re giving British industry 

order canceUed!’ “Man sacked very good labour relations. a good name. Ours, 

for starting work early!” We don’t lose valuable orders, 

3^ wonder^ten, that British because we deliver on time. 
industry has- a reputation And we don’t have a rigid 

abroadfor being so tied up in attitude. We believe flexibility 

red tape and petty officialdom makes good business sense. \ 

that it no longer has any As far as reputations go, 

incentive to dothe job. there isn’t a contractor in 

But there’s another side to Europe with a better one than 

tire coiiLTherdare indepen- ours. In fact, we’re way ahead nx 








Financial Times Thursday August IQ 





it curb 



BY DAVID FREUD 


EARLY REMOVAL of restric- 
tions on the use of sterling 
credits in financing exports and 
third-country trade is called for 
by the Committee on Invisible 
Exports. 

r"n a submission to the Wilson 
committee on financial institu- 
tions. the exporters said the 
restrictions, introduced during 


the financial crisis of I97fi to 
produce 3 “once and for all" 
rise in the reserves, were, caus- 
ing a continuing reduction in 
foreign income. 

The Committee on Invisible 
Exports, which is made ttp of 
banking, insurance, commodity, 
transport and other , foreign 
currency earning associations, 


Forced investment 



THE CITY'S leading merchant 
banks have attacked proposals 
that financial institutions, in par- 
ticular pension funds, should be 
directed to invest in indusuy in 
order to double industrial real 
investment in the next 10 years. 

The proposals were made by 
the Trades Union Congress to 
the Wilson committee on finan- 
cial institutions. In counter- 
submissions, released today, the 
Accepting Houses Committee 
argued that investment decisions 
should be taken only on com- 
mercial criteria. 


The banks added th3t for. the 
institutions to make investments 
producing a negative real rate ol 
return would be auainst the in- 
terest of the beneficiaries of 
funded pension schemes and in- 
surance policy holders. 

In the case of funded pension 
schemes, this would mean that 
companies would have to inject 
further funds to stop them be- 
coming insolvent, imposing a 


heavy financial strain on such 
companies. 

TUC suggestions that the 
Government should guarantee a 
minimum rate of return on the 
proposed forced investment 
would simply pass the burden 
onto the taxpayer, said . the 
batiks. 

They also argued that the 

proposed standing committee, 
with statutory powers of direc- 
tion. would lead to abuse of 
power. 

They said: “With the very 

substantia! growth of institu- 
tional funds, it would find itself 
wielding an unacceptable 
measure of power and we doubt 
whether the abuse of such power 
could be easily checked.” 

The hanks said it was not 

appreciated, that pension funds 
represented largely the 
contractual savings of the UK 
workforce and that dividend 
restraint artificially reduced the 
benefit of working people's 

savings. 


also proposed changes to long- 
standing restrictions. 

The controls on the reinvest- 
ment, of profits overseas and the 
purchase of foreign currency for 
direct investment abroad should 
be relaxed. It said. 

Similarly, there should be 
some relaxation on the holding 
of foreign currencies so as to 
allow financial institutions, mer- 
chants, shipping companies and 
others who incur overseas liabili- 
ties to match these liabilities 
with holdings of foreign cur- 
rencies. 

The committee also coiled for 
gradual phasing out of the 
investment currency pool and 
merger of the official and pre- 
mium rates of exchange. 

Tax changes urged included a 
reduction of high marginal rates 
on personal incomes, abolition of 
discrimination against unearned 
income and allowances to finan- 
cial institutions to adjust for the 
effect of inflation in the way 
stock appreciation applies to 
manufacturing industry. 

The committee also called for 
avoidance of potentially harmful 
government policy on decen 
tralisation and of restrictions on 
office development of a kind 
likely to cause further increases 
in rents. 

The committee estimated that 
the net foreign income earned 
per head each year for the 
financial services of the City was 
£4.100. compared with about 
£2.600 per person in manufac- 
turing industry. 

In 1976 the City’s contribution 
to the country's net invisible in- 
come was, at £1.8bn. more than 
a third of the total figure of 
£49bn. 


Wilson Committee secretary 


to leave for City bank job 


BY MARGARET REID 


SDR HAROLD WILSON’S 
committee on financial 
institutions is losing Mr. Brian 
Hudson, the secretary, half 
way through its work. He is 
leaving io take up a senior 
banking job in the City. 

Mr. Iludson. who is 33. is to 
become senior manager in 
charge or corporate planning 
at Nordic Bank, the City-based 
compony which b owned by 
four Scandinavian banks. 

He has resigned from the Civil 
Seri ice after 12 years, latterly 
as a principal ir. the Treasury, 
where has final salary was a 
little over £9.0.10 a year. 

‘■f wasn’t seeking a job else- 
where. I wasn't unhappy with 
the Wilson Committee job — 
quite the contrary — hut this 
oiler was made and 1 was 


attracted hy it” Hr. Hudson 
said yesterday. 

“My interest has always been 
financial and 1 would .certainly 
have joined the City when 1 
left Cambridge had I not gone 
into the Treasury.” 

Regarding his salary at Nor- 
dic Bank, he remarked : 
“Clearly City salaries are 
hieher than Civil Service 
salaries." 

Mr. Christopher Kelly, 
another principal in the 
Treasury, is to take over as the 
Wilson Committee’s secretary. 

The committee, which 
began work at the beginning 
of 1977, issued a progress 
report dealing with finance for 
industry last December and Is 
now considering regulation of 
financial institutions. It is 
expected to complete its task 


by the latter part of next year. 

Mr. Hudson, whose twin 
brother David is already in the 
City as a director of Samuel 
Montagu, the merchant bank, 
is not the first Treasury 
official to move to the City in 
recent years. 

Mr. Stanley Wright left in 
1972. when he was an under- 
secretary, to become a director 
of Lazard Brothers, and last 
year Ur. David Walker, an 
assistant secretary, transferred 
to the Bank or England, 
where be is chief of the 
economic intelligence depart- 
ment. 

Asked about Sir Harold's 
reaction to his resignation 
from the Treasury and depar- 
ture from the committee's 
secretaryship, Mr. Hudson 
said: " He took it calmly.” 


Currency 


warning 


bv Fowell 

Financial Times Reporter 


MR. ENOCH PuWELL yesterday 
warned Unit Britain would 
become ” one of the classic 
depressed regions of the new 
European Stale” if u agreed to 
the Bremen proposals lor the 
alignment of EEC currencies. 

I he euunlry would also effec- 
tively renmrn.-e its economic and 
poll Ural rights of sell -dcu-rmi na- 
tion. he <aid at Uxbridge. 

Mr. Powell rJjimed lhai there 
was p. "great danger” of Britain 
agreeing to the Bremen plan 
whichever party formed the next 
Government. 

“The result will lie disaster,” 
he declared. 

The Germans wanted the new 
system hecau.-c it would 
rvm force thi*ir commercial and 
industrial dominance of the 
EEi": the French because it 

would sms! a in the common 
ac-iciilwral policy. 

The forces which wanted to 
“im<h Britain over the Bremen 
edge" included politicians and 
parties with a vested interest in 
the aggrandise nienl of the 
OitTiiiiumiy. 

” Behind and heyond all these 
are the serried ranks nf the 
thoughtless and the ignorant . . 
the same people, in industry, 
commerce and the City, who for 
25 years before 1971 were con- 
vinced that international trade 
and business would stop dead if 
the parity of the pound were not 

fixed. , _ 

“To such as these, the Prmo 
Minister has only to murmur 
the phrase 'monetary stability* 
and they wnulil all follow him 
over the edge a* the rats foi- 
iov/cd the Pied Piper or Hume- 
lin." 

Economic and monetary union 
was now just around the cnrnrr. 
“Currency alignment, given the 
free trade which virtually exists 
In the Community already. ! s 
economic and monetary union; 
and economic and monetary 
union is political union as soon 
as the blinkers are taken off.” 


Phillips deal 
in Toronto 


E LONDON bouse of Phillips, 
ich had a turnover last season. 
E23.Sm, is taking over the 
ding Toronto auctioneer 
ird-Pricc. The firm will be 
jwn as Phillips Ward-Price, 
i? first series of sales under 
new name will begin in late 
number and will include a 
vale collection of Oriental 
rks of art. 

V'ard-Priec was established in 
2 and Richard Price Browne 
1 continue to play a leading 
•i in the Toronto operation. 


Conoco sub-sea well 


wifl speed revenue 


BY KEVIN DONE 


CONTINENTAL OIL of the U.S. 
has completed the first of three 
sub-sea wells on its North Sea 
Murchison field. 

The wells, which are aimed at 
increasing the rate of early pro- 
duction when the. field conies on 
stream in the summer of 19S0, 
have been used to test new 
methods of sub-sea. installation. 
They should considerably en- 
hance the early cash flow from 
the field. Mr. Dennis Gregg, 
general manager of the Murchi- 
son project, said yesterday that 
revenue in the first throe years 
could he increased by $270m 
(El-JOml. 

Tlte system, which Conoco 
claims is a unique development 
of sub-sea satellite wells and 
pipelines, is based on three wells 
drilled during the exploration 
phase of the Murchison field in 
197S and 1976. 

Two of the wells will be used 
for producing oil and the third 
will be used for water injections. 
This will allow the pressure of 
the nil reservoir to he main- 
tained virtually as soon as oil 
production begins. 

Tile suh-sea completion system 
will add about S?Qm to the 
development costs of the 
Murchison field, which are 
expected to total some SS50m. 

Without this development the 
field could begin production only 
from three wells drilled from 
the main platform, which should 
he installed next year. But this 
will allow five wells, each pro- 


ducing 10,000 barrels a day, to 
come into production immedi- 
ately in 19S0^Iong with an added 
well for water injection. 

Conoco has been working on 
engineering and design planning 
for the system for some five 
years. Mr. Gregg said that many 
Oi the previous problems of sub- 
sea technology have been over- 
come and this scheme could lead 
to the standardisation of such 
equipment 

Some form of sub-sea well 
completion U likely to be nsed 
on the Brent Cormorant Dunlin 
and Hutton fields. 

Conoco has also begun explora- 
tory talks with Shell/Esso about 
the possible transmission of gas 
from Murchison via the Brent 
pipeline system to St. Fergus, 
north of Aberdeen. 

Conocn's partners in the 
Murchison Field which has esti- 
mated recoverable reserves of 
about 35(1 million barrels of nil 
are- the British . National Oil 
Corporation and Gulf. 


Jobs loss faces 


100 workers 


ONE HUNDRED workers face 
losing thoir jobs at the Wlllen- 
hall. West Midlands, works of 
John Harper and Son, which 
makes castings for tractors. The 
company, employing 730 workers, 
has been hit by the world slump 
in the tractor market 


Healey 

attacks 


6 



Tory ad 


BY PHILIP RAWSTORNE 


MR. DENIS HEALEY, Chancel- 
lor of the Exchequer, last night 
savagely attacked the “rent-a- 
fake politics" of the Conserva- 
tives' £2m advertising campaign. 

Saatchi and Saatchi, specialists 
in advertising detergents and 
deodorants, had been chosen “ to 
cleanse and sweeten the image 
of extremism and division" 
which Mrs. Margaret Thatcher 
had created. 

Speaking to party workers at 
Mifton Keynes, Afr.- Healey said: 
“The fundamental technique 
used by the Tories is faking. 

“The apparent dole queue on 
their poster consisted, in fact, of 


MICRO-PROCESSING RIVALRY EMERGES 


GEC-Fairchild plans to 
king of ‘Silicon Island’ 



well-paid models^retendmg they 


were out of work. Their tele- 
vision commercials use profes- 
sional actors to imitate ordinary 
men and women. One has to 
remember when looking that 
nothing is for real. 

“ Britain has the most mature 
electorate in the world. It will 
not be taken in by the' politics 
of Rent-a-Fake. 

“Again and again, we have 
shown that in our country, com- 
mon sense and principle can 
triumph over attempts by the 
rich and powerful to manipulate 
fear and gTeed to their own 
ends.” • ' 

The Tory leader was “ hoping 
to dodge the legal limits on 
election advertising” by getting 
most of it done before the elec- 
tion started. “ She has far more 
money than the law would let 
her spend in a single month," 
be declared. 

Apart from official Tory Party 
funds, the big brewing com- 
panies “ which plead poverty to 
justify putting up the price of 
beer ” were said to have given 
her 2.000 poster sites worth 
£200.000. 

“British United Industrialists, 
the Economic League, and Aims 


WHATEVER uncertainties, sur- 
round the success of the General 
EIectric*FairchiId joint venture 
into mass production of metal 
oxide silicon (MOS) products 
announced yesterday, it should 
have a decisive advantage over 
both foreign and domestic rivals. 

The project will be the first 
of its kind in Europe. 

The major foreign rivals will 
be the French company, 
Thomson-CSF. which is being 
steered by the French govern* 
jment into a link-up with a U.S: 
; company, possibly Mostek; and 
the German company of Siemens, 
which is also looking to the new 
world to bridge the technology 
I gap or the old, but is reportedly 
[also considering going it alone. 

The main source of domestic 
competition — which Mr. Robert 
Clayton, GEC technical director, 
merely “ nates ” rather than wor- 
ries over — will be INMOS. the 
National Enterprise Board’s 
£50m project into advanced 
microelectronics. 

Drs. Richard Petritz and Paul 
Schroeder, the two U-S. co- 
founders of INMOS,' are looking 
for a site for the first plant, 
which will research and develop 
the micro-computer memories 
and microprocessors — to - be 
mass-manufactured in the UK in, 
perhaps, four or five years. 



Optimism 


By that time. Clayton reckons, 
GEC-Fairchild will have been in 
production for three or four 
years,- assuming, as he optimisti- 
cally does, that the joint opera- 


tion will be rolling by late 1979. 
He can be optimistic, he says. 


were continuing their backstage 
fund-raising. 

“ Sectors of big business which 
hope to do well out of a Tory 
Government are sprouting para- 
political campaigns like toads- 
stools," Mr. Healey said. 


New tank 


decision 


likely soon 


By Michael Donne, Defence 
Correspondent 


A UK GOVERNMENT decision 
on procurement of a new main 
battle tank (MBT-80) for the 
British Array for the late- 1980s, 
replacing the present Chieftain, 
is expected within a few weeks. 

The decision will be* of vital 
significance for the Anpy— which 
regards it as its most important 
re-equipment decision in more 
than a decade — and/or much of 
British industry, since upwards 
of 1,000 tanks, worth over £lbn 
including spares, could be built, 
with big export Orders also in 
prospect 

The choices facing the Govern- 
ment are either to undertake 
MBT-80 wholly in this country, 
seek an lnternationai collabora- 
tive programme with other 
NATO countries, or buy a 
foreign-built tank, such as a 
derivative of the latest U.S. XM-1 
or West German Leopard 2. 

The UK is looking for a main 
battle tank substantially io 
advance of either the XM-1 or 
Leopard 2, however, to counter 
the Soviet tank threat into the 
next century. By the time 
MBT-80 comes, into service, 
Chieftain, which 'was designed in 
the late 1950s and entered pro- 
duction in 1963, will be over 20 
years old. 

The Defence Minis trj- has been 
discussing future tank pro- 
grammes for some years with the 
U.S. and West Germany, as we il 
as other NATO countries, in 
efforts to establish an inter- 
national venture. 

Both the U.S. and West 
Germany have earlier require- 
ments for new main battle tanks 
than rhe UK and have embarked 
on their own designs, so that 
there seems little likelihood of 
a major collaborative venture 
with them. 

The new MBT-80, when finally 
developed, can be expected to 
include such new developments 
as “ Chobham Armour” — armour 
giving greater protection than 
hitherto — which is fitted on the 
Shir Iran version of the Chieftain 
tank now being built for Iran, 
as well as a new 120 mm gun. 


because much of the expertise 
will simply be lifted from 
Fairchild. New machines for 
the UK plant — on which there 
is a waiting time of six to nine 
months — have already been 

ordered. 

“The way the NEB has gone 
about this seemed to us rather 
odd. We heard about the 
INMOS deal when we were in 


serious discussions with 
Fairchild, and it certainly didn't Hf 

make us think again. It will 
have to build up from scratch 
and it will have to find a market- 
ing force. 

“We have always. considered 
that we should start with a 
marketing force, which both com- 
panies have,' in Europe. INMOS 
is still trying to gather technical 
expertise m .the IIS: for the 
moment, it has -only two 
people.” 

Even with strong GEC and 
Fairchild sales forces, the new 
venture will be a high risk, one, 
like all advanced roicro-eleo- 
Tronic's projects. ■ 

In the first place. Faurenfld has 
had less experience than other 
U.S. semiconductor companies 
io developing and manufactur- 
ing MOS products, preferring 
the alternative bi-polar tech- .• 
noiogy until some two or three HR. WILFRED J. CORRIGAN 

years ago. . ' President Fairchild Camera 

Mr. Wilfred Cprrigan, ' the = - ■ 

chairman of Fairchild, who has 

had his eve on GEC for some the market will switch from 16K 
time, impressed the UK com- to - 64K, and that the 16K has 
cany’s executives when be several years of life left. We 
showed them round his new bet, but we don't gamble, said 
MOS factory in San Josd: but Mr. Clayton, 
in some areas, his company is Volume production means 
still thought to lag. securing very large markets— 

It is almost certainly not as hence the str^ whJch^Gla^op 
advanced on research into the lnys^wt marketing- That means 
newest random access memory ^tGEC-Fairchild must sell in 
(RAM) chip, the 64K RAM. as Europe as well as the U.K. and 
companies in Japan and other vnU probably have «o sell m the 
U.S. companies like ITT (which U.S.as well since it rep resets 
is also thought to be consider- hy &r the largest market-and 
ing UK production). hs likely .to continue to do so. 

The new plant will begin by GEC is making the assumptiem 
maoufacftufrg the 16KRAM, -orbet-that J 

which is the most advanced several new markets in Bntam 
memory in current volume Europe chip-hungry in , a 
production. year nr. two. They will be the 

production. automobile industry, telecom- 

T qixta marlrek munications. computers and. in- 

ludrivcu ereasingly. consumer electronics, 

The NEB's hopes are pinned including television and washing 
on the 64K RAM and it believes machines, 
that by the time it can begin If a fair bet that these 
volume production, the market markets wiU be available, but by 
will be just about ready to buy. no means a foregone conclusion. 
GEC. naturally, is doubtful The UK- Government . recently 

about this: it is uncertain that dangled £!5m in front of manu- 


facturers to . encourage them to 
apply microprocessors to their 
products— a bribe that ’would not 
have been necessary had they 
been scrambling to find appUca. 
tions for themselves. 

Government money will, n0 - 
■ doubt, be invested in tb£ GEC-" 
Fairchild venture, too, though 
GEC thinks Government can play ‘ 
a more positive role as a pm*- 
chaser of its eventual products*. . 
for uses in defence for electronic 
exchanges (through the post. 
Office) and Tor computers 
(throtich JCL). 

Rut tt will not turn the mmiEy.' 
-down, and conversations have 
already taken place between the 
company and Mr. Eric Yarley, the 
Industry Secretary. 


Strategy 


He has£70m an call for “viable 
projects which contribute to the 
strategy of strengthening the UK 
micro-electronics Industry as a 
whole." - 

GEC-Fairchild will no doubt 
qualify, m will Jlessey and ITT 
If and when they move In the 
same direction. 

Yesterday’s announcement now' 
brtags- total UK investment rtt 

advanced microelectronics to 
arouttd £150m. most of it govern- 
ment money, and all of it 
announced in the post month. At 
least two projects are off and 
running. 

Naturally, their products wffi 
compete, but they will also be 
complementary to -the extent " 
that, in making the. UK bito a,: 
European copy of the concen- 
trated electronics production 
area in California known as 
“Silicon ■Valley," more projects 
may be attracted, both by 
Government -grants and by a. 
growing pool of scarce technical 
expertise. 

We are already being called 
“ Silicon Island " — rather pre- 
maturely, certainly, but per- 
haps. in time, the title wWl be 
correct. 

JOHN LLOYD 


Regions queue for new industry 


THERE MUST by now be a file lished jointly by Newcastle The North West Industrial are Strang political arguments 

in Whitehall of applications from University, Newcastle Poly- Development Association says fqr establishing the industry in 

centres seeking to become the technic and Computer Analysts that the world's first computer the north. Both areas believe 

micro-processing capital of and Programmers, a software was designed in Manchester 30 that their, competitive position 

Britain. company in which the NEB yeara ago and the dty is still the t in attracingindusiy has worsened 

a tetter from Mersevside was already has an interest. main UK research and production since he Welsh and Scottish corn- 

sent off this week to*Mr. Eric Tyne and Wear will soon make base for ICL. prehensive development agencies 

Varley, Secretary for Industry, a submission for the plant to Other major electronic com- were set up. 
setting’ out the area’s case for come to the area. panies in the area include GEC, Merseyside, where nearly 

the new INMOS plant which may Bristol, Bath, Wales and Scot- Ffessey, Ferranti and Mullard. ioo.OGO are out of work, has 

employ up to 4,000 people. land are also being considered. These groups and other smaller particular problems but the 
The Hovemment is to back it - * ecisian eventually concerns employ more than north-west overall has the UK’s 

through the rStional Ente^ii ^ »f ke “ t a H very high political 26000 people in eltctrorucs or i Qwest ralio of unfilled vacancies 
Board! It will rival the GEC- hut sa f ce ? sfuI a f ea associated industries. to employment It also claims 

Fairchild plan unveiled yester- must meet some baaic re<iaire ' Themorth.east also has a sub- t 0 have been receiving a dispro- 
day. - meins. ___ stantial mv^lvenafent xu.tbe eiec-pgrtjonateiy i ov share of invest- 

■ Merseyside's letter has been Labour anywhere in the. UK tronics industry,, though of more ment - per capita by Government 
followed by a similar appeal could be trained for the manufac- recent origin. ; • and industry in recent years, 

from Greater Manchester. A ^ rlD S Process but It would make A b6ut hair-a- da ^university p 

more eeneral aoDlication, on more to draw on stalls centres, mclu<fin" Manchester, . wnerever me new jnani goes, 

behalf of^the region as a whole, already available in regions with Cambridge, London, Edinburgh, 

has been submitted by the North an (fisting involvement in elec- ai>a Newcastle, can cl a un to have t0 -Ifelv 

West Industrial Development Ironies. become deeply involved in inicro- wider area. Ultimately, the 

Association. It follows what More important, however, is processing. Qf on 

might be considered a nre- access to skilled brainpower able / Newcastle's move In setting up ‘he software side, wnnng^micro- 
emptive strike by the north east to work on application of micro- a research - unit is intended to processor programs, could ran 
region. processors in the industrial areas strengthen the area’s ability to ihto tens of thousands, far 

The Tyne and Wear County where they are expected to take provide the software back-up that exceeding those employed in 

Council, not content with waiting over control of manufacturing will be needed to apply micro--, actual manufacture, 

for the National Enterprise and other operations. - electronics to industry. In the LoDg-tenn effects, however. 

Board to consider its case for The NEB has also emphasised North West, - these facilities are not what interest regional 
the initial £50m investment to that the project should go to an already exist in the University development bodies at this stage, 
be made by INMOS in the design area of high unemployment. of Manchester Institute of As. all the lobbyists realise, 4,000 
and production of micro- The two northern areas feel Science and Technology. jobs and the chance to be in at 

electronic circuits, is putting that they can match this check- Even without the industrial the ‘start of a new industry are 
^£3 00,000 into a micro-electronics List and are now confidently and university facilities available seldom on offer, 
research -ostitute to be estab- putting forward their claims. in the two northern areas, there • RHYS DAVID 


Midland Bank 
partners NEB 
in aid scheme 

By John Elliott, Industrial Editor 


MIDLAND BANK yesterday 
emerged as the clearing bank 
which is negotiating a pilot 
scheme with the National Enter- 
prise Board to provide finance 
.for small companies. 

The joint venture would, it is 
understood, be launched' in the 
north of England and would be 
based on the Board’s regional 
office in' Newcastle. 

- Details of the scheme have yet, 
to be finalised. But it is- likely 
to. provide small, firms with a 
mixture of long-term Loans and 
equity capital. 

The bank and the NEB would 
each subscribe equal amounts of 
money. They expect to launch 
the scheme late in the autumn. 

This plan could be affected hy 
an October general election 
.because, judging by present Con- 
servative policies, a Conservative 
Government might not want the 
Board to- engage in this sort of 
entrepreneurial activity. 


Textiles retailers still cautious 


BY RHYS DAVID 


CLOTHING and textiles retailers 
are still cautious over placing 
orders with suppliers in spite of 
the relative buoyancy in sales 
in the shops for much of this 
year. 

The latest Survey of Textile 
Trends, published Jointly by the 
CBl and the National- Economic 
Development Office, shows that 
retailers's sales hopes expressed 
in the April survey were largely 
realised in the followin’ months, 
with some sectors such as mens- 
wear, c'mldrenswear. carpels and 
household textiles, performing 
well. 

The retail sector generally has 
been letting stocks Fall, however, 
and with a somewhai less opti- 
mistic view now being taken of 
prospects, re-Drdering is evidently 
being delayed. 

In manufacturing there is, by 
contrast, slightly less pessimism 
than in April, says the survey, 
which was set up a year ago to 


Improve the information avail- 
able to companies on trends at 
various stages in the processing 
chain through to the consumer. 

The overall picture in manu- 
facturing remains one of con- 
siderable doubt over prospects, 
reflecting the large degree of 
unused capacity still existing in 
most of the 20 sectors covered 
in the findings. 

Nevertheless fewer companies 
were predicting a decline in 
their business prospects over the 
□ext four- months than in the 
previous survey. Among end- 
product manufacturers — the first 
to benefit if any reordering does 
lake place— there are signs of 
improved confidence. 

The gloomiest view is still 
taken at the upstream end— at 
the spinning and weaving stage 
—but even here more than half 
the sectors covered were expect- 
ing improved exports. 

Roughly half the sectors 


reported output to be growing, — formerly the Wool Industries 
though at a slower rate than in Research Association— for the 
the previous survey. The main Department of Industry, 
factor seen as likely to limit fur- if the average, company in 

j 0ul P ut , ,s \ the industries were to take 
aught be expected, the level, of advantage of the energy-saving 
significantly, _ a opportunities identified in the 
total of slx sectors mention re porL it could expect to cut its 
shortage -oF skilled labour as a -fuel and electricity bills by 18 
likely or potential constraint. pgr cent, or nearly £18.000 a 
Thirteen of the. sectors report year at present energy prices. 

A 5 per cent saving could be 
the past four months, with eight though “gold house- 

of these sectors in upstream S D in E ” m^sure^ while the 
manufacturing). Of the five MJSfin- W Ver cent savine 
sectors reporting an incerase in 3Sd be'achievSd from project 
employment over the past four ? v : n « , relatively hi eh 

months four were in end mcpendit^-buildiSg 

Another report says that- i nsu . la j ° a ,. a . n ?... h . e .l r?covery 
woollen and worsted industries P rocesse5 > Ior “Stance, 
could save - aver £5m a year on Eucrpp Use in the Woollen 
their fuel bills by improving a** Worsted Industries Depart- 
their beat recovery process, ment ol Industry's Ind ustrial 
space beating and factory Energy' Thrift Scheme ; library 
services. of the Department. Abell House, 

The report is prepared by Wlra Job* J*Rp Street, London, SW1. 


Hovermarme takes 
over Solaris assets 


BY LYNTON McLAIN 


H OVERMARINE TRANSPORT, w&U adapt production to make 
the Southampton sidewall hover- new 60 ft work boat versions no 
craft company, bos taken over be sold alongside the sidewall 
the entire assets of Solaris hovercraft work platforms. 
Marine; kjcai manufacturer of The Hoag Kong and Yaumati 
the £100.000 catamaran which Ferry Co., which last year oar- 
was one of Prince Caroline of ried 170m passengers, making it 
Monaco's wedding presents. the world's busiest ferry com- 
The move wifi more than P?ny, has order 10 HM2 craft 
treble the manufacturing spacer Six are now in service operating 
for sidewall hovercraft for a a t premium fares four ti m es, 
world pa&oteraft market estim- those of the. local ferry, 
ated to be -growing at 15 per cent Other customers for the HM2 
a year and worth more Whan $lbn craf t include the Rotterdam Port 
over the next five years. Authority which has ordered- 

Hovermarine Transport has four craft for . patrol and fire- 
won orders for more than 50 of fighting duties, at a total 'cost of 
its 38-knot HM2 passenger craft nearly £11 tn, 
since 1970. This year alone, In the U.S^ *t be c ity of Tacoma 
orders worth over £6m were won Harbour Authority has ordered 
by the company for civil applica- two craft tosapkace.a 50-year-old 
tions. The toted order book now fi re tender. . 
stands at £8m. Hovermarine Transport is a 

By next year, -the annual turn- ^’holly-owned . subsidiary of the 
over Is expected to top £10m,' Hovermarine Corporation df 
boosted by Hovermarine Trans- F'ttsburgh "UiS-A., and was 
port's first- orders for military formed after the collapse of 
craft, Mkedy to be placed by Hovermarine .Ltd. In 1969. the 
December, Mr. Bill Zebedee, °"B» n al UK manufacturer of 
chairman, said in Southampton sld ^wail craft, 
yesterday. Th,s operated -.under patents 

Acquisition of Solaris had been 

finaltaed vMth *e Board of the B5Sg3T'*DSBSSt fSe 


BL depot 

plan 

attacked 


BL PLANS to buy tend at 
Coventry for a spare parts depot, 
instead of using a site with 
planning permission It owns at 
Cowley, have been criticised by . 
Mr. Evan Luard, Labour Mp for 
Oxford. 

Leyiland’s main spare parts 
depot is at Cowley. A smaller 
depot at Coventry deals mainly 
with Jaguar, Rover and 
TT^tumph components. 

Mr. Luard, a junior minister 
at the Foreign and Common - 
wealth Office, has asked. BL to 
reconsider its plans which, he 
$a>id. put jobs in the Oxford area 
at slake. ... 


Call for bank’s 
withdrawal 
from S. Africa 


catamaran company but is sub- 


designs on glass fibre technology. 07e th * lh « e years 
Tte sq ft Solaris factory Half the money has been used 
at Woolston near Hovermarine t0 fund d&7e iopment .of a 
Transport's works wail continue stretched version of- the HM2 
for nmo bang to make the known as the HMS. the rest is 
established 4- f-t- catamaran, but being used for working capital. 


‘Boom Christmas’ predicted 


THE SHARP recovery in cou« mas” is predicted* partly .In 
sumer spending is expected to response to the' November tax 
continue until the late summer rebates and the effects of the 
of next year before levelling off, an £H'^ adjustment la pensions. 

sordini- to the Augut issue of J ir ' ct S'willT^sed S 
the. Henley Centres Framework next year’s budset and that a 
F orecasts published yesterday. * | a rg a y rise S- receipts from 
Consumer spending in # real national insurance ..and pension 


terms is expected to rise by 5-2 contributions may well. result- in 
per cent m 1978 and by 4.5 per a large cut inlthe standard rate 


cent neirt year. of income" tsuc from 33 to 30 per 

Accordingly a boom Christ- cent. 


By David Freud 

THE End Loans to Southern - 
Africa group plans to question 
-Standard Chartered’s involve- 
ment in South Africa at the t 
bank’s annual meeting hi ' 
London today. 

The Loudon-based bank has a * 
63 per cent shareholding in the 
Standard Bank Investment' .’ 
Corporation which, losether with 
Barclays National ' Bank, ' 
dominates hanking in South . 
Africa. 

_ The End Loans group has : 
Cffculated a report to share-' 
holders, including local authori- ' 
ties and churches, which calls ; 
tor the complete withdrawal of - ' 
Standard Chartered. 

The report states: “ Standard • 
Chartered, through its Involve* - 

ment in South Africa, is among 
the companies most deeply ' 
entrenched in the apartheid ' 
syste ®; Its presence in the * 
republic represents direci - 
support to minority rule and the '■ 
^uhuuation of apartheid.’* 1 

The group raised similar ques* 1 
tions at Chartered's annual 
meeting last year. On that 
occasion Lord Barber, the bank’s 1 
chairman, replied that while he 
personally had never been in i 
Favour of apartheid, the -bank..'- 
was carrying on a normal com- 
mercial operation ip the republic 


J 


ii 




me 


dialled Everest with 

Binary is tested hy CHRISTOPHER PARKES 


BUSINESS AND INVESTMENT OPPORTUNITIES 

READERS ARE RECOMMENDED J O TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 




s mint 


KENDAL. HINT cake is, • In 
appearance, =. -jai; :'..‘ ,unsabtie 
although unpf$po 0 ses 5 tpg.' sweat- 
meat, ■ resembling - ’ uothiag 'so 
much as a ^Jab' crf paraf^ .vax. 
In. the mouthi howe^et, there Ls 
& transform* .Concentrated 
aromatic sweetness -assaults tired 
tastebuds and; seeks ; out unerr- 
ingly any loose . fillings or ex- 
posed fragments of nerve.; No. 
nrad for dental. X-rays. A cavity 
invaded by high-octane bit of 
peppermint is easy to pin-poim. 

There is brbad agreement 
among the four, manufacture^, 
in Kendal on the ingredients 
used: sugar, glucose, oil of pep- 
permint and .• an emulsifier to 
finish the job. /An d - while some 
makers mutter daridy of special 
processes, to the unspeclaliaed 
palate there is UttfeohvtepBdff-" 
Terence between brand* .. . 

Mr. Harry Wiper, of Itofcert 
Wiper. The Kendal Mint Cake 
Works, Enfty Lane; alrh^ for a , 
blend of. textures .In his bend- 
made cake — half ; s61id and- half 
granular, but always. **. dreamy " 
when sucked. " 

He claims that his reticence 
about showing visitors his tiny 
factory is based' on the need to . 
protect . has secret . . process, 
handed down ' from his great- 
great-uncle Joseph. .Wiper who, 
he says, originated the recipe 
in 1869 and began manufacture 
ing cake ifi JuaiJTerney Green ' 
Steam ^ Cj^ectrohery Works 
along with his renowned “ Gold 

Medal Toffy.”- / =y : ' 

Altogether more forthcoming 
was ; MT.' Sliahe- • Barron, : the ; 
brawny . managing director. - of 
George Romney limited, who 
continued boiling; and pouring 
as we. talked. 

The tourist season is peak pro- 
duction time for. the mini cake 
industry, and- trippers^ munch,, 
their way through as much as 
can be’ turned out The fresher 
the cake, it seems, the stronger: 
the flavour.- . No one- seemed 
happy -about preparing stocks 
during the slack . Winter months 
for sale lu the summer. : Oil ot . 
peppermint is highly volatile, ' 
after all . ' ' - • ■'! 


mmm 

mMm$Y 

Pf 


* T-; 

' r-";* .-)*£ ■ 

" IV'% 


■ -,p' A ’ 
-’,1 



EXCLUSIVE REPRESENTATIVE 
FOR SEVERAL 

FOREIGN BANKS 

seeking QUALIFIED 


SiIk) IiJl D?»v 


BORROWERS 


Brokers protected. Local representatives 
wanted- .Write Swiss-American Combine, 
P.O. Box 680 Panama 1, Panama ‘ 


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Well respected and old established private 

SWISS COMMERCIAL 

- and 

REAL ESTATE COMPANY 

wishes to sell some of. its equity internationally. 

Please write to W 18-118193 - Publicitas 
CH 1211 Geneva 3 



Hr. Shane 


Kendal.JMiut 


m • # . • . a uc muuauy w- 

Rising costs £££' 1 

Tearful and ghasping in the - done by hand: ' Ew 
reek of rapidly evaporating; mini, of . the hardened p 
M r. Barron grumbled about the "Wiper’s factory t 
iniquities of the Common with a custom-mad 
Market, Which was forcing him blocks are weighed 
to pay nearly £280 a tonne for wrapped by hand." 
sugar when there were supplies Since the proce 
on the world market for less be earned out by l 
than £ 100 . ' ■ ’ 1 

Mr. Wiper had a similar com- , 
plaint and he had been waned- ft 

by his suppliers that by 1980 he mMMM ■ ftft ■ 
would be paying at least £300 a- «■ If ■■ft! 
tonne for sugar. CHi-of peM*£ 
mint, a costly essence at the best DflKa 
of times; had gone up by 45 per . uttifti 
cent -over the past. year. " * - . ■flflZffl 

Retail prices of; mint rake* Cggjffffir- " 
however, . have . :just. • peep - ■ 
increased about 10 per cent Stt-. - r 
Wiper's standard O oi bar ls.- 5 ©$?: 

now 25p compared ; with. Kto - : i* 

earlier this year,; Romney's. . 
price was increased 1 recently for : •. • rr** 

ihe first time in two years. ■ ‘ - 

To help keep down: costs,. Mr.- 
Barron said, it was important . ta ; w' T ■ -J- 


Terry Kirk 

managing director of George Romney, 
manufacturers, keeps a sharp eye . on 
fflie precious mixture. 


■ .. i 

of 10 - to 15^ per oatt# year since the health foods fashion started 
then. . . v. . about 60 per cent of all sales 

The industry IMfc small and were white, and 40 per cent 
specialised that there is little brown. Now the market is 


j£|fe&thing is divided 50-50. 

S scoring Heaviest sales go- to the 

in Mr. tourists who flock to the Lakes 
*d out during the summer. Mint cake 
r. All has such a reputation as a 
ed and restorative and energy provider 
among . the world’s leading 
esgiag has to mountain climbers that the 
kP&Sllsts and holiday ramblers take to It 
& '. readily. Its main, advantage over 

other ' sugar-based energy 
iiiilAb rations -is that it does not-pro- 
Wftft9fffi voke thirst and hi fact can be 
KBftftlft thoroughly refreshing. 

• ; Of . . course, the confection’s 
ftf il main claim to fame is that it 
gpftlaft - - was eaten on the first successful 
HBHyv ascent of Mount Everest The 
tx-l-i-Sy ■ - V headline on a newspaper clipping 
^displayed in the lobby at the 
- Romney works reads: “Everest 
'^-Hillary tells his story. On the 
iHwwSg/ : summit Tensing embraced me — 

' we nibbled Kendal Mint Cake.” 

. Cotapetltion is still keen among 
-the inkers to win the accolades 
of successful expedition leaders. 
, ..The wrappers of most brands are 


incorporate as much gluc««—:ia; apparently unsuited to. mjiss Plastered with these credits, 
cheaper than sugar— «s po^bteproductlon methods— close super- 
in The mix. Up to.: 40 per cent .vision of thg bo i lin g is crutist- . VniTTPrC 

glucose blended with the rngwho . big-business . confectionery ouipvi 3 

i* first boiled wSth watcr^lB a makors^or machinery- mmmfac- Mr< Wiper boasls th at ti, e 

crucible and Scottish ^erra del Fuego ex- 

second more vigorous cooHng into the pgr. pedition which left Britain last 

in smaller pots. • r .: ^ autumn on an 11 -month project 

After cooI,n S ^ ' lui t00k ^ mint cake with it Apart 

eight minutes tlMYloIer^.-see^- '^ - W^PPhig. macbnie caji be f rom demonstrating the good 
in o fades away,- ^only ii-tp. be adapted to suit the produet, hut ^ 7>!r exoedltinn ieaHer 
renewed on the addition of the at £S5,000 to £40.000 eae fa^ the y ^ Wiper claims that his cake* 
vital flavour — t oa, pi oil of. work Out markedly more eostiy ^iMted becau^ of the laS 
prppernsint to 40 Ihof fiugatmi^^^n-the hand packers currwtly ^ "g of its ^ vouring . 

. „ , ':^The^ onlv roaior advice of :There is considerable inter- 

All hv fiand yeare has J been theStS factory sniping about the quality 

AU.By.jWW; ■: %3S .«.«■» »< ta tenfc 

The blend is poured by hand Thls came about oufid^oy. n 

into shallow trays 4 vhore , it r aeeldent.' Mr. Barron claims. CumteJ that on one Himalayan 
hardens quickly and la Tapldly He was tinkering with tlte Idea ' expedition the ^imtaineers 
transferred out of the sugar boil- , for. novelty sweets for duldren. were so put : off by me poor 
inu room for hand wrapping. . But rumour raced away wIQl&c flavour of their supplies that 
Romneys, produces about *5 story that be was about to l&unqh they were quite unable to eat 
mnnes of cake a week t&iring chocolate-coated, mini cake, Qm »t-_ 


the busy tourist season, and ticks of his competitors quickly_ to& Their^sherpas and porters, it 
over on 2 tonnes or so daring up the idea and Romneys -fowad is reported, were markedly le» 
the off-times. When Mr. Barren itself following- suit- Sales finicky and polished off the stuff 
took over five : years ago he booming. . ; Such is progress: , *■ in double-quick time. W hicb, con- 



rapidly increased bnlput by 50 Tbc -only other development sidering they had carted it all 
per cent and has. been aiming has.been an Increase in sale* of the- way up the mountains, 
at a steady rise ia~ production bronvn s u ga r mint cake, .ujggli seemed only fair. 


Superstore 
rejections 
nits cities 

BY PETER RIDDELL, KONOWCS CORRESPONDENT ■ \ 

CITY 

be hold Ur dingle £gutts S SSBSSSS ^ rarSff to a study-ol 

"tK indicated In stock- SSSg SSficant - ^^nin« inquiries published 

hrnkers* rlreulars puhliflhed this tim lo glBbilliy. ' . 

week from Simon Coates and “ The brokers also suggest that ■ Tho study, by chartered sur- 
Cnpel^ure Myers. ' Both brokers “usloss th^balancc of payments fveyore Donaldsons, concludes 
believe that ^the ahn«l rate will ^deviates-. significantly mu-. -Its that at planning' appeals inspec- 
m>t eo owr 10 per cunt in 1978. expected modest surplus . and tors are increasingly rocagnisiag 
The majority view until now ■pravwijhg /wages and money Uypermarkels “as specialist re- 
hds- been that there wiH be a supply stay around their forecast outlets in their own right” 
rein m to dop*>£digli inflation Previously bypreuiarkeis, 

durinsfi the; ftert year,- largely » depredate by more than 5 par ^ Uch me firal introduced into 
because nf .receul h^® r W « nt . . ‘'j.- ili,- . ■ the UK by the French Carrefour 

awards. i*fttlUpn and Drew, for Profit margins v,cf ^ aroup in 1972, have posed a 

example, was^this ^ ^ SSwcm for the King 

projecting rise, of: between 11 progress after ntitoritia over whether tfaev 

‘ - "oSS be euuridered id the 
12 months to the eudoflSTS. - “ladeed.the food price war wav traditional super- 
But Simon and Coates argues suggests that, in sonm naas, deT Jf D p m eats. Became 

that for inflation to reach double marginS-WflL move su^patiy. of -their »»— above 50^)00 sq 
figures n«t year^wag^would.toto ^verse.; On «LSdtteTimpa« « tS 

probably hava to rise by more; expect price increas^iuptivate mort planning 

than 12 pot ^ ^ .S3S35 have been refusei 8 

increase by .at least por.centge^lleveL tbrt 


iwrea^ ie5 stl^ ednt. genererierel.- "T* ^refused. 

mStiHqriS-. Widen, and: pro-- A- broadly sfmilar *to*js - B^vnly three of ttto seven 
dnrtivltv srow -by less ihim-2 per taken -by Cape^Curc Myws* who projects, in 1976 and 1977 plan*.- 
diirtivity grow uy "***»?* * tharSc GovernmcotV pro- ntng imfpectors said should go 

**^Gf course, an '4wl«fro- -in rpowtis TO limit pay rises te 5. per ahead, were r allowed by tbe 
one l TOwwds Sectary of State for tbe 

al wayaposalble. . but on.prosMta cenera|lovtenng of infl^wary En^rmieiit. 
indications, Jt looks vfeyun- exnectxlions.".. ...ff. - : . , says “** a 

! kriv”S brokws, - : ; - Sren after flowing fdr some number of. dues or towns -where 
« We eStfirixe' to -believo thit.earningt ' drift there w» now hypermarkets cannot be sited in. 
inflation ne« yew ^»»W j«ak reasonable -MKpeete. ; 'ttftr.ihe ex^Ung cenirro w de- 
around B per cent, i depressing rate of growth in earniMtcouId pnved af speciflc benefits of con- 
SSJSh MM tteW^br slighOr^v lO v^ent. 8 nf%nomic car-borne 

Sirierahlv^^better GUUX ; . ..the! Wr cenL. - . , .. . ■ ■r v . . food , Shopping. ■ 


rf specific benefits of con- 
ana economic car-borne 


THE WORLD DEMMffl FOR FUT PALLETS 
EXCEEDS £2,500 MILLION PA 

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

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


BUSINESSES FOR SALE 


BUILDING COMPANY 
—STAFFS 

Old established building company for sale, mainly 
houses, some industrial ~ Land bank for over 700 
units. Current turnover £U> to £2 million. For sale 
as a going concern comparatively small borrowing — 
Price £ 1-25 million. Principal - to principal only 
please apply < 


Box G. 2410 , Financial 
EC4P4BY 


, 10, Cannon Street, 


FIRST CLASS 

SHOE COMPANY FOR SALE 

FREEHOLD PREMISES— 21,000 SQ. FT. APPROX. 
SITUATED IN PRESTON, LANCS. 

Weekly production— 15,000 pairs men’s/ladies/boys 
Modern machinery. Labour available. 

: Apply to;— 

A. C PALMER & CO. 

37 NEW WALK. LEICESTER. * 

REF. FAS 


SOUTH CORNWALL: FOR SALE- 

THE LARGEST AND MOST SUCCESSFUL GIFT SHOP 
IN THE SOUTH-WEST 

Priceless waterside position right on the quay of Cornwall’s most 
famous fishing village. 54ft. frontage in splendid purpose-built 
property. Wide arcade entrances and inviting interior exert maxi- 
mum attraction and magnetism on passing crowds. 00,000 net 
trading profit on £1101)00 T/O (£1301X50 T/O forecast 1978). 
A veritable “money-making machine.” Open only Easter to October. 
£150,000 Freehold and to include the freeholds of five fiats over. 
S .A.V. SOLE SELLING AGENTS 

ARMSTRONGS. - 

Wellington House. Par Lane, Far. Tel: 4150 


SOFT DRINKS MANUFACTURING 
BUSINESS FOR SALE 

Established Company manufacturing range of Fruit drinks 
a'nd squashes from Freehold Works — London. T/O £800.000 
p.a. Modern recently Installed lines. . Warehouse facilities. 
Management and Trained Labour Force. Considerable 
potential within existing factory and .plant Fuil Details, 
Box G.2412, Financial Times, 10, Cannon Street, EC4P 4BY. 


BAHRAIN 


Business in Construction Industry for sale as a going 
concern- vrith existing equipment contracts and contacts. 
Own workshop (with overhead crane;, yard and office with 
three years lease remaining plus option for further six 
years. 

Write Box G^36fi. Fi«ani?fai^ Times, 

10. Cannon Si met, EC4P 4BY. 


FARMING ENtERPRISE 

• IN SUSSEX. • 

To be 'sold as going concern. 

600 acres, modern buildings, Georgian house. 7 other dwellings. 
Pedigree dairy herd. Present management available. Freehold. 
CLIFFORD DANN & PARTNERS 
Albion House, Lewes- TeL (07916) 4375 


JERSEY CL 

Registered Company 
. (Worldwide investment 
powers) 

GIFTS & FANCY GOODS 
OLD ESTABLISHED 
BUSINESS FOR SALE 
’ 5 YEARS AUDITED 

ACCOUNTS 

AVERAGE £15.000 PA. 
(after tax) 

£40,098 

. . - - . Stock Optional 

Write Box 02423, 
Financial Times.. 

10. Cannon Street, EC4P 4BY. 


: FOR SALE 

PRIYATi COMPANY 

m^rfaecoring teak working model 
***» cnebea Mgmi. ok. Turnover 


riCMUttO per wuum. home and ant- 


home counties 

fw Sale as Going Concern 

** ui W >rd non-:«rrott* foundry 
??®' ■*•*** enainwring business. 

**• ■** f*ra ry premises. 
T/O la Baa of flm. Long -urm 
Fall, deal l* on mquest. 
Prtncj^ab only. 

G.2«0. fWneW 7Ws. 
- lO. Oomofl Street. EC 4 P 4Vfi 


Hotel Invesbn ait Opportunity 
FbrSale orLease: 

-A modern 200-bedroom Hotel property on tin 
South Coast of Jamaica, 10 miles from 
Kingston, In historic Port Henderson. BuHt in 
1873 to IHC standards on a 9V4 sere site, tha 
, property offers fust-class accommodation for 
resort hotel or other use, including swimming 
pool, 5 hard tennis courts, beach fronrage and 
ail normal hotel facilities. Located next to an 
attractive residential area, and dosa to the beet, 
beaches on Jamaica's south shore. 

Please address enquiries to "Hotel 
Opportunity" P.O. Box 946, Kingston Central 

Jamaica. 





ELECTRICAL components 

Company: Four years old. T/o £500,000. Exports 40%. 

Products: Manufactured components for Hi-Fi, Radio. TV. oood 
margins. 

Market: Only one major European competitor, ten times our size. 
Problem: (a) Additional resources needed to take company from 
small to medium size, (b) Our Chairman/participator retiring 
.and wishes to withdraw from private company investments. 
Money: Purchase equity share/loan injection approx. £200,000. 
Write Box Box 0.2406. Financial Timex, 10. Cannon Street, EC4F 4BT. 


SALE — LEASE-BACK 

Private buyer wishes to purchase good class shop 
or office property and lease back to present 
owners on attractive terms. Covenant and position 
important. £50,000-£500,000. 

Box G.2397, Financial Times, 

10, Cannon Street, EC4P 4BY. 


C 3 RRIGAH-F 3 RD 
ENTERPRISES LIMITED 

(in liquidation) 

Substantial profitable Com- 
pany with 23 property 
assets in and around York- 
shire. BINGO HALLS, 
CINEMAS, AMUSEMENT 
ARCADES. Shortly to be 
sold either as a whole or 
individually. - 

Full detail: on application fief, 
RCW/ 1 D 0 /U). 

Tel. (0532) 442020 

18/24 New Station wait. 

Boar Lane. Leedi uSI >UM. 


PRESTIGE CARS WANTED 
TO ALL COM PA NT DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS. 

Are you obtaining the best price lor 
your low-mifoijjp prettige motor-car? 
We urgently require Rolll-Roycc. 
Mercedes. Daimler, jaguar. Vandcrt 
Plas, BMW, Porscne, Ferrari, Mascrati. 
Lambeiirghini. Jensen Convertible. 
Rover. Triumph and Volvo can. 
Open 7 days a v « 4t 
Collection anywhere in UK. Cash or 
Bankers’ draft avaiUlc. Telephone ns 
for a Arm price or our buyer wDI call 

ROMANS OF WOKING LTD. 
Brookwood (04847) 4567 


EXCLUSIVE DISTRIBUTORS 

required for 

HOUSEHOLD & ‘COMBAT’ WATER PURIFIERS 

in Africa (including Nigeria) and 
Middle East (including UA.E. & Kuwait) 

Both iftodelt requiring no plumbing or electricity and effective against BilhsnJa. 
Typhoid. Cholera. Dysentery. E. Coll., etc. 

Reply to Box G.2411, Financial Time*. 10. Cannon Street, EC4P 4 BY. 


THE COMPLETE FINANCIAL 
AND MARKETING PACKAGE 

We are an International Marketing 
Consultancy based In London which 
offers financial and marketing advice 
either in thit country or world-wide. 
Capital would be available to suitable 
enterprises where expansion or de- 
velopment of new projects is beyond 
the limits of existing cash flow or 
financial resource!. We alto give 
experienced advice on both mergers 
and takeovers. 

Principals, or their Agents, should 
In the first Instance write to: 

Box G.237S. Financial Times. 

10. Cannon Street, EC4P 4BT 


PROPERTY DEVELOPMENT/INVESTMENT 
Speculative Funding Required 

Substantial liquid property group is seeking to expand hs existing 
institutional funding arrangements by way of arranging speculative 
funding for. well-located Office/Indus trial development schemes, 
geographically located within 30 miles of London. Circa £3m-£5m. 
Principals will only be replied to in the strictest confidence. 
Write Box GJAOS. Financial Tines. 10. Cannon Street. EC4P 4BY. 


CONTENTS OF 
FRINGE BANK 

(and rrom ocber sources) 
Exceptional quality office funvjcure, 
teak desks, hide chain, swivel chairs 
in tweed, filing cabintcs and fiKng 
cupboards. Adler and Olympia type- 
writers. 100s of other bargains. • ■ 
Phone for details: 

Brian North or Bill Raynor at 
'* Commercial.'' 379 Grays Inn Road. 
London. W.CI. 01-837 9663. 


SYNDICATE 

being formed for the purpose of pro- 
moting a novel and exciting concept 
to take advantage of the modem trend 
of youth in the field of entertain- 
ment, leisure and pleasure. Minimum 
oartkioation FI. 000. 
BUSINESS AMALGAMATIONS LTD. 
6 Old Bond Stmt, London WIX 3TA 
01-629 8586 - Tchoe 262350 Impidn 


OUR SURFACE COATINGS 
ARE SIMPLY SUPERIOR 

For roof repairs, floor' and wall 
protection or durable' decoration 
there's nothing to match our unique 
range of liquid plastic coatings. 

PLASTICS AND RESINS LTD. 

Clnrdnd Rood, Wolverhampton 
WV2 (BU. TOones 0902 53215 



OFFICE 

FURNITURE 

Manufacturers of high quality office 
furniture Invite enquiries from Euro- 
pean and overseas distributors and 
export-import agents. 

ISOPLAN LTD. 

Uppor Ickmcld Wap. 

Tring. Hertfordshire. 


START AN I MPORT'EXPpRT AGENCY. 
Mo capital reouired. Established over 
30 years. Clients In 62 countries. Send 
lame SJV.E. — Wade. Dept. F.. P.O. Box 
9. Marlborough, Wilts. 

MANUFACTURING PARTNER sought by 
mechanical engineer, experience,] Inno- 
vator. planning to establish machine 
and product deslunldevelopment . con- 
sultancy in Scum or Midlands. Write 
Box G.2414. Financial Times, 10. 
Cannon Street. ECJP 4BY. 


THE SMALLER 


For further information contact: 
K.Dean, 

ARBUTHNOT FACTORS LTD;, 
Breeds Place, Hastings, 

E. Sussex. 

Tel: 0424-430824 


ENGINEERING ACCESS ORIB 

A long csuolisbed range or accessories 


including Angle Plates. Adjustable and 
Bax Angle Plates. Drilling and Machine 
Vices. Surface Plates, Bench Testing 
Centres, etc., is offered for sale with 


stock, airing*, pattern and drawings. 
This range will be of particular interest 
to an engineering company wkh a 
salei iorte. 

Write Boa G.2407. Financial Times, 
10. Cannon Street. EC4P 4BY. 


BUSINESSES WANTED 


DORMANT 

LIMITED 

COMPANY 

Wanted a dormant Umlied Company 
which is not trading but which in the 
pan had mjurHl and now disposed 
of a substantial Business or Property. 
Maximum issued share capital or net 
assets £2.080. 

Replies to Leach & Co, 
Ashley House, 

1S/20, George Street, 
Richmond. Surrey. 


CIVIL EN6INEERIH6 
CONTRACTOR 

Our dient would like to acquire 
a fairly substantial business en- 
gaged in -civil engineering, pref- 
erably with overseas capability. 
For further information, please 
reply in confidence to 

SLATER, CHAPMAN & COOKE 

Ref Cl 00, Chartered Accountants. 
Ida St. James's Street, London, S.W.I. 



SMALL EXPORT 
MERCHANTS, AGENTS, 

etc., with one or more good custo- 
mer or agencies required for purchase. 
Profits should not exceed £10.000 p.a.. 
bvc lass-mi king companies fulfilling 
above criteria alto considered. 

Write Bex G.2401, Financial Times, 
10. Co men Street. E C4P 4BY. 


CIGARETTE VENDING 

WE REQUIRE 

A CIGARETTE VENDING ROUND 
IN THE WEST MIDLANDS 
with a minimum turnover of £125,000 
per annum.. Please state asking price 
and qoallty of machines and location. 

Write to: 

MR. JOHNSON 

2 Theodore Close. Oldbury, Warier 
West Midlands 


WANTED TO BUY 

Substantia) Main Dealership for 
cash. Ford preferred but other 
Leading Franchises considered. 
Subject Manufacturer’s approval. 
Full replies, strictest confidence. 

Write Box G.2409. Financial Times, 
10, Cannon Street, EC4 P 4 BY. 


TRAYEL/LE5URE INDUSTRY 

Public Company seeking diversification 
wishes to acquire established Travel/ 
Leisure Businesses. Primarily interested 
in tour operating companies and IATA 
licensed travel agencies. Substantial 
cash r aso ureas available. Please reply 
*n strictest confidence to: 

. Box G.240B. Financial Times, 

10, Cannon Street. EC4P 4BY. 


DUTCH B.V.S. 
FOR SALE 

For details please reply to 

Bax GJ2404, Financial Times, 
10 Cannon Street, EC4P 4BY 


ISLE OF HAN OFFSHORE 
TAX SAFEGUARD 

Grasp the opportunities in a low tax 
area. We specialise in the formation 
of companies including nominee 
appointment. secretarial services, 
general agency work, telex and general 
consultancy Including commercial 
placements. 

Full details from P. A. Brown. BROWN 
BROTHERS LIMITED, Victory Home, 
Prospect Hill. Douglas. Isle ol Man. 
Tel. 0624 Z56S1. Telex 82841 


SMALL PRIVATE 

PRECISION ENGINEERING 

CONCERN 

wish to sell 5l?o holdings. 
Est. 14 years. Owner retiring. 
Write Box G22&4 
Financial Times 
10, Cannon Street, EC4P 4BY 


TURKEY 

International company wishes to 

contact companies with 
BLOCKED FUNDS IN TURKEY 
with a view to possible trading 
agreement of mutual benefit. 
Write Box G.2393, Financial Times, 
10. Cannon Street. E C4P 4BY. 


WANTED TO PURCHASE 

COMMERCIAL CREDIT 
STATUS ft 

- DEBT COLLECTION 
AGENCY IN 
SCOTLAND 

Write- Box G 2402, Financial Timas, 
10, Cannon Street. £C4P 4BT. 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM. Buy, uve up to 40 pjc. 
Lease 3 years from £3.70 weekly. 
Rent from £29 per month. 

Phone: 01-641 2365 


Business and Investment 
Opportunities 
Businesses ForSatyWanfed 

Every Tuesday and Thursday 

Rate: E16 per single column centimetre. Minimum 
5 centimetres. For further information contact- 
Francis Phillips, Financial Times, 10 Cannon Street 
EC4P48Y.TeleX: 885033. 

01-248 4782 & 01-248 5161 ! 

FINANCIAL TIMES 

EURCPESBUSWSSNEWSfmR 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 
EXPRE5S CO. REGISTRATIONS LTD. 
30, Cry Road. E.C1. 

Of -628 S434/S/7361, 9 936. 


MEDICAL ASSISTANCE tor companies — 
worldwide. For particulars write Trans- 
rare International Ltd., Grot* 
Woodlands Avenue. London, L. 

01-992 5077. TeJt* B34525. 


PLANT AND 
MACHINERY 


GENERATORS 

Over 400 sets in stock 
1kVA-7QQkVA 

Buy wisely from the manufacturer! 
with full after salei service. 

CLARKE GROUP 
01-986 8231 
Telex: 897784. 




























c 


C. London 

Our client is an international investment company 
with assets of $500 million spread over the Middle 
East; Europe and the Americas, it is primarily 
Involved in marketing and development projects. 

The Controller wishes to recruit a Chief Accountant 
to control the small Head Office accounting team 
and to assist him with group cash planning. He/she 
will be responsible for group accounting, budgets. 


£10,000 + and benefits 

consolidations, and the review of mixed accounting 
systems. 

Candidates aged 30-45 should be well disciplined 
CA's or CPA's with broad commercial experience 
and hopefully a knowledge of French. The job 
described and the salary are no more than indi- 
cators -thefinai specification will be written round 
the person appointed and the generous benefits 
package will be very negotiable. 


Please contact James N. Denholm; FCA, in st ri ct confidence, at Management Appointments . 
limited, Albemarle House, 1 Albemarle Street, London W.l.Tel: 01-499 4879 

Management Appointments Limited : 


Interqational 

Banker 

c £15,000-118,000 


An International Finance Group ■with offices 
in Manila, Hongkong and Bangkok seeks the 
services of an experienced international banker 
aged between 35-45 for relocation to the 
Far East. 

Past service with aMerchant Bank or an 
International Commercial Bank with expertise, 
in project development andinstxucturing, - 
negotiating and syndicating -credits is essential. 
The salary and benefits willbe commensurate 
with experience in the range of ,£15,000- 
£18,000. 

Initial interviews will be held in London. 

Please give a comprehensive personal and 
business history, including home telephone 
number All replies will be treated in strictest 
confidence ana should be addressed to:- 
The Advertise^ 46/47 Bloomsbury Square, 
London, WC1A2RU 


International Organisation 

based in Paris 

requires an 

Assistant to the Head 


of the 


Marketing Division 


which is concerned with all aspects of marketing 
policy for CIPEC member governments and their 
copper companies. 

University education, probably in economics, and 
good understanding of copper essential. Other 
market and marketing knowledge, experience of 
market research, understanding of technical uses of 
copper, or a period of marketing consultancy 
useful. 

English essential, Spanish and/or French useful. 

For job description and further details, write to: 
CIPEC — 177, Avenue du Roule - 92200 - Neuilly-sur- 
Seine- FRANCE. 


LEGAL EXECUTIVE 

City merchant bank requires mature legal 
executive, male or female, to assist the General 
Manager. Experience in taking security for all 
types of banking transactions and in writing over- 
draft and loan facility letters is essential. 

Experience in documentary credit work or in 
monitoring the various aspects of the development 
of a commercial lending portfolio of a merchant 
bank would be a considerable advantage. Salary 
and terms will be attractive for the right applicant. 
Please write in complete confidence, stating 
details of education, qualifications and career and 
experience to date to: - 

The Managing Director, 

CAYZER LIMITED, 

$ Laurence Pountney Lane. London EC4R 0HA. 


GROUP ACCOUNTANT 


London W1 


Up to £6,500 


London and City Finance Group Ltd, a rapidly expanding 
medium sized financial group of companies, wishes to appoint 
a group accountant to be responsible to the- Financial 
Controller. 

Responsibilities will include — Preparation of monthly, 

quarterly and statutory accounts, budgets and ca*h forecasts, 
financial administration and control, viability studies for new 
projects and monitoring of group investments. 

Prospects are excellent and an initial salary tn the range 
£5.000 to £6,500, depending on experience, is envisaged. 

Applications witb details of experience and qualifications, 
which will be treated in the strictest confidence, should be 
sent to — 

John Richardson, FCA 
London and City Finance Group Ltd. 

18 Seymour Street, London W1 
Tel: 01-935 2332 


Merchant 

Banking 

Manchester A.I.B. & AC A. 

As a result of continued expansion and demand 
for our services, we need two more executives in 1 
our Manchester Office, which serves the North West 

We are seeking young qualified people to join 
the existing team of professionals based in 
King Street. 

Chartered Accountant 

•You will probably be a graduate, aged 24/26, 
recently qualified in the Profession, with an interest 
in corporate finance. . 

A.LB. 

Yon are probably aged 24/28, at present em- 
ployed in a merchant or clearing bank and ideally 
you should have some experience of charged 
security and corporate lending. 

Remuneration will be negotiable and terms of 
service are attractive. 

Interviews will be held in Manchester or 
London but in the first instance applications giving 
personal and career details should be sent in . 
confidence to:- * •* 

David Woodward, Personnel Manager, 

County Bank Limited, 

11 Old Broad Street, London, EC2N IBB. 


County Bank 

Cvfr A member of the National Westminster Bank Group 



recruitment consultants 

35 Mew Broad Street, London 1I\JM 

Tel: OT5SS 35 SS or OI-SSS 357B 
Telex No.sa737^ 


Two challenging and varied ippnj ft tirrnti ic opa fe- advance to a board appointment within 34 

2 FINANCIAL CONTROLLERS- 
QHP GREEK SPEAKING 

ATHENS T 35,OOO.US ^SO,WO US $ 

EXPANDING INTERNATIONAL CONSTRUCTION AMD ENGINEERING GROUP- 
ASSETS OF SEVERAL HUNDRE& MILLION US S . 

We invite applications from qualified- accountants (CA, ACA, CPA. AACCA or ^CMA)ag«r 30-50. j^or" 

who have acquired at least.5 years 1 post-qualification praettaf comroerchl/mdu Jtrial ftmnlotu- ' 

The imwM emdhltt, (job ref. no. M7I/FT) wSI be fully reepoMlH. 
and improvement of financial control, management reporting systems anil cash management etc. Th * - 

no. 3872/FT) will cover the control of the accounting operation ipi a major oil rrfWjnd a shmjOT ^VO ' V-' 

of cost control methods and management reporting systems, la hatfa.paudans about 10 /» 

alary negotiable 35JJ00 US S - 50000 US S + car. fre. furnished *wx*hmdttlon, ^relocation ” ? ■ 

passage. Applications in strict confidence rating appropriate Reference number to the Managing Uirecror^ ' “ 

CAMPBELMOHNSTON ASSOCIATES' (MANAGEMENT RECRUITMENT CONSULTANTS) UPpicu, - 
3S NEW BRO AD STREET, LONDON EC2M 1NH TBi ffl -588 3588 or 357* - TREXr W3M ' 

Opportunity to make significant contribution with ‘pr ospects of becoming Cretfit Manager in.2 ye ari . 

ASSISTANT CREDIT MANAGER 
(ffiEDIt ANALYST 

.LEADING EXPORT FINANCE HOUSE— SUBSIDIARY OF MAJOR BRITISH BANKING. ORGANISATION " ' 

WeTirvrte application* for the post of Assistant Credit ManagerJrdm candidate* qualified; A.U. or A.QJ-S.^and 
of three years' experience in credit analysis, preferably Involving ifcore/tfiedlum-term Eurocurrency loans. ResponsibHIty wl^fr* - 
to the Credit Manage/ for evaluation of credit applications, to £500.000. with an incrasng role in die superriiion of the crtdfe . 
team, initial salary negotiable £6.50O-£Bh00. with competitive benefits (the post of Credit Manager warrano adtUrionally a 
Company Car). A vacancy exists also for a Credit Analyst wrch similar but lower responsibikdes suitable for recently qualified, 
or part-qualified candidates, preferred age 22-26— salary negotiable c£5.000 plus similar fringe henefn and good prosp«t* for 
further advancement. Applications in strict confidence under reference (Assistant Credit Manager} ACMllMo5/rT or IVreqit. 
Analyst) CA 10485/ FT will be forwarded unopened to our Client, ; utdbss you list companies to which they should not Ph.-tor-. . 
warded in a covering letter marked for the attention of the Security Manager; ... * . 1 

CAMPBELL-JOHN5TON RECRUITMENT ADVERTISING LIMBED, 35 NEW BROAD SIKEET, LONDON EC2M 7NH~ : 




CITY 



a 

International Banking 



London 





Bank of America, the worlds largestintematlonal bank, fsseeta’ngan experienced 
professional to implement financial planning, analysis and control procedures 
across its Europe, Middle East and Africa Division. Policy formulation, the develop- 
ment of new planning strategies,aitf profitability improvement projects are major 
aspects of this challenge appointment 

Candidates, graduates or MBAsaged 28-35. should have at least flue years 
experience in the development and operation of advanced financial planning, 
budgeting and control systems fnduding responsibility for financial review 
presentations, at a management level, preferably in a multi-national environment. 

Exceptional career development opportunities exist within the Bgnfe Inter- 
national operations. Salary will reflect the senior nature of this appointment; 
and benefits ane in line with best banking practice. 

Write in strictest confidence with full personal, salary and career detailsto:— 
GCL Hope, Bank of America NT & SA, Personnel Planning & Recruitment; : 

25 Cannon Street, London, EC4P 4HN. ; 


BAN Kof AMERICA 




Senior Investment/ 


/ 

Assistant Head 
of Internal Audit 

c. £9000+ benefits 

This appointment Is to the City-based Internal Audit team of 
Williams & Glyn's Bank Ltd., the U.K/sfifth largest Clearing Bank 
which provides a wide range of financial services throughout 
. England and Wales. 

The successful candidate will be required to.fulfil an innovative 
role in the planning, development and supervision of effective 
operational, financial, and systems audits in sped Red and diverse 
areas of the Bank’s specialist operations and Group subsidiaries. 
Candidates should be qualified accountants with at least three 
years' auditing experience at a supervisory level. . 

In addition to the ability to communicate effectively at all levels, 
both orally and in writing, the job holder must be capable of train- 
ing and developing members of the audit team. Preferred age 
range 2&-40. 

Starting salary will be negotiable arot(rid £9000; valuable benefits 
include generous House Purchase facilities, contributory pension 
plan, and a profit sharing scheme. Re-location assistance to 
London will be provided where appropriate. 

Please write giving full career details or telephone for an appli- 
cation form, quoting reference B.907,to: P. D. Richards. Williams 
8t Glyn’s Bank LttL, New London Bridge House, 25 London Bridge 
Street London SE1 9SX; Tel: 07-407 3127. • 


c.£i4,ooo c TaxFree’ 

on the Mediterranean 


If you are a qualified accountant with 5 or 
more years' experienceof controlling fixed 
asset accounts with an oil company then yon-, 
could be well on yourway to a new career . 
opportunity on the shores of the 
Mediterranean with Occidental, one of the 
world’s most progressive and rapidly 
expanding oil companies. 

Occidental have operated in Libya for overl 0- 
years and now, in partnership with the 
Libyan National Oil Company- are embarking 
on a massive new programme of Oilfield _ . ■, ■ 
development calling for additional 
specialists to provide professional back-up 1 - 
services at OxyJibya’s head office in Tripoli- 
The successful applicant will be assisted by a 
team, of 3 accountants, and will be 
responsible for planning and performing + 

Inventories of fixed assets, noting and : ! v 

adjusting variances between physical checks . 


and Company records; and for reviewing and 
. modifying existing accounting methods. 

We are offering a highly competitive salary 
packageend a signature bonus for direct hire 
; applicants, equivalentto 25% ofthe annual 
base salary^before tax. The position will be on 
.. resident status, with generous housing, cost- 
- of-lhring, and vacation travel allowances, 

. BU PA cover along with full assistance to 
relocate you and your family toTHpolL 
If you have the qualifications and experience 
to match our requirements, please send your . 
detailed resume, or phone for an application 
forms-i- 
Tish Connerfy 

Occidental of Libya Recruiting 
Gillingham House 
38/44 Gillingham Street 
London SW1 VI HU 
TeUOl -828 7711 


WILLIAMS & GLYN’S BANK 



Group Chief 
Accountant/Treasurer 



London 


about £10,000 pa. 


An international publicity quoted Group with diversified industrial interests and 
sales approaching £200m. requires a mature and motivated qualified accountant 
for this senior position within its small, specialist Head Office.' Reporting to the 
. Finance Director, the main responsibilities will be the production ofthfl Group’s 
Interim and Annual Reports and control of all statutory accounting requirements, 
the treasury function of the Group and the supervision of a small accounts 'team. 
The successful candidate is likely to be a Chartered Accountant with proven ability 
and experience of these tasks in industry or commerce and is unlikely to be under 
30 years old. Some knowledge of Group-taxation is desirable. 

This appointment is seen as a means of recruiting a potential senior executive and 
there are excellent opportunities for career progression within the Group. The 
negotiable salary includes a car and other attractive fringe benefits.' 

Replies in confidence quoting reference GCA21 to: David Sheppard 


DAVID SHEPPARD & PARTNERS LTD, 

Management Consultants 
21 Cleveland Place 
St James's, London SW1Y6RL 


^3 
- ***: 


Midland Bank proposes to make* Senior appointment to its Economics 
Staff wfth responsibility for co-ordinating and further developing 
economic forecasting activitiesvrithinlhe Midland BankGroup. The 
person appointed will work closely with the Group’s Economic Adviser 
and in its Economics Department of over 20 professional economists, 
who are increasingly involved incorporate planning as an essential 
feature ofthe Group's development throughout the world. Computer 
facilities available include access toibe London Business School’s 


econometric model. 


Applicants should have good academic qualifications, preferably In 
economics and econometrics, together with experience in the application 
of quantitative techniques. The job would be located In London or 
Sheffield but initially in London. Salary within the range of £10,000^ " 
£12.000 together with car and other fringe benefits associated with the 
banking industry. 

Further particulars may be obtaftietl front Midland Bank, Economics 
Department, Griffin House, Pennine Centre, 41 Silver Street Head, 
Sheffield SI 3GG. , ^ . 

Applications to include curriculum vitae should be sent by . 
September 10th to: - 'T- 

Midland Bank, Personnel • . . 

Division, Coortwood House, . ' ’■ . i' — __ __ • 

Stiver Street Head, .. k* n!% 

Sheffield SI 3RD. - ■ ' • ■ ■WBIHiailQ- 

Names of three referees > ’■» M 

will be required which may be W ■■■■ 

included until the a pplicatian. v r 








nr^ it*] 

Li Jl J I s a 



J] 




7“ . : : > ? Northwest, c. £6,500 

. " Our clients, -an established ‘public company, with Pensic 
. ^wnufacture.-piirtt and ^llcowerH^. sold nationally requiremer 
tHrpuigli their 1 own andr otofer retail outlets, and. through aged 25 Ui 

Iner^ the need have worke 

for an AssisantvGornpany Secretary to take over the are now lot 
everyday’’ running of a small department involved experience 


one company, with Pensions, Property and Insurance plus statutory 
old nationally requirements and general secretarial matters. Applicants, 
. and. through aged 25 — .45, will be qualified, ACI5 or ACA, who 

ated the need have worked in the Secretariat of a public company and 
take over the are now looking for additional responsibilities and 
ment involved experience. Relocation assistance is provided. 

C.G. Moores, Ref: 247 27/FT 



^MalcLorfemaie candldates'shoufd telephone in confidence for a Personal Hlstorv F 
' - jt'.; ‘ ^ -■ MANCHESTER: 06J-236 8981, 5*//7 Life House, 3 Charlotte St, Ml 4HB. 


Form to: 



■I #P99P1 

Wfil 


L4UJ 9 f 

I 



f» m 

\*awHWs 


corporate Accountant 

Computerised Accounting Systems 


Our clients are a successful, UK based, engineering 
company -enjoying impressive growth and an excellent 
export record. This important position has arisen, in a 
company noted for its prospects of career advancement 
into line management. Reporting to the Company 
.Accounting Manager, and deputising for; him in his absence, 
the successful candidate will assume responsibility for the 
development, introduction and implementation of 


Central London, to £8,500 


computerised accounting systems throughout the group. 
Other major duties will include consolidation and solving 
group accounting problems. Applicants will be aged 
25 — 32, ideally graduate ACA's with experience in the 
profession; or a'large company, of consolidations and 
auditing or implementation of computer based accountancy 
systems. There will be some travel in the UK and fringe 
benefits are excel lent. 


N.P.S. Lilley, Ref: 2208 J f FT 

Male or female candidates should telephone in confidence for a Personal History Form to: 
LONDON: 01-734 6852, Sutherland House, Argyll Street, WJE 6EZ. 


POTTER PARTNERS 

iNsnrrunoNAt saues- London 

We are seeku^ . an experienced - Institutional 
Dealer/Ad\^isor to join the staff of oyr London 
ofEk:e; PrefeiT^d age 27-35 years. ; 

Creatfyi^ris -the key requirement— apt' ability to 
recognise" . and to market attractive 'investment 
opportunfijes; to: the firm's 1 . international" institu- 
tionairclients;- " ~. r7; . ’•>> = . 

A soimd ^bwledge of the Australiaa inarket is 
essentia* and full support will- be provided by the 
firm’s various research activities. ; : / f - 

An attractive salary will be offer£^-;i» the right 
an ' * 



fTom other approved schemes operates. 

Applicants should, in the first instance, state present 
position, age and brief details of experience. 
Official appKcation fprias will tse forwarder, to 


sdected candidates. 7 ^77 >. 


Applicatiohs^cnddbevreceived within 14 days df'the 

date of this advertisement 

■ •’ ' 

; _"V_ . Repliesto Box A6436 . . 7*:' 

-1 : :. H r^inandal Times . . - . : 0 r y '- 

S 1 '' ^ 


COMPANY ACCOUNTANT 

A leadingflnn of West SBd Retail Jewellers requires* 
qualified- Accountant with pcst-qualificatiou, preferably, 
commercial; e*pfed_e*fte. ; :" r . 

The penson: aiipofoteA ^ to the Managiag 

Director antfwill taXe responslbllity for p reparation' of 
periodical r and .iujndal Accounts. . day-to-day control, at 
financial and p«$onneL matters, and will be a ppotoffij 
Com pagy 3ecre ta gy . The post requires a good p«son?Sty 
and carries. excellent projects.. Age 25-35, salary £8,18)0 
pUmnon-«m^bUto^Pcnsion Scheme, etc 

Pteaseepj&ti wriitep arfft /bU career detaOs to H. Lomc% 
Sayers fiqflgncoTtfr, £2 JBroofe Street, London Wi Y. 2DB. 


Foreign Exchange Manager/ 
Chief Dealer '* 

,■ ' ■■ Ltndra •• 


.***■7*. 


An old established Australasian Bank wishes to appgxrt 
an «perieaced ‘ Dealer to establish and develop a Dea«ng 

Room. la. tendon.?. . .. 

Applicants should have several years' experience in 
both" Foreign Exchange and Euro ^ 5 
well - as - an * ability . to' .aupdwhe. the ifitroducuofcHii 
appropriate back-up aa^uijting procedares. . 7/ 

Thin is a career: -nppointment- nnd aecordmgij _ the 
person appointed will be able to demonstrate a tosh, to 

gradually- develop, a presexme in “toe ^ k SL a .?S?S!5' 
to our .name. The rcmtmeratlqn pacb^ga offered wiUieflect 
the hriportonee of the podUoi : . ' m - I 

All applications^ which will he .treated m comMeac*,: 
should Include ! full details of tpreer, experience to date 
ind should he. submitted in writing to Box 301 L -Streets 
Financial Iiraltod. 62 Wtom Street, Finsbury ; Square,; 
London- SG2A 2BU; ' 


£7,500 

. Tax Ftee Phis AIl Expenses 
If worldwide travd, allied to very real. career 
prospects is what you seek,; this multinational- group 
offers An- almost, unique .oppoctunity for .Recently 
alified accountants to .: undertake various ad hoc 




mat ion etc; at offices throughout the: worlds.. F'irst 
class accommodation ahd travel at company .expense 
is only part. of JhiAcarefec. package. Conte#. Jane, 
de Siofl on 01-K28 $055- A - ■" \ 

OiitenaM 1 ! CASKattaUtS T 



Midlands based, this appointment calls for a seasoned 
negotiator with entrepreneurial skills developed in a profit 
responsible general or commercial management role. 

- Overseas experience, preferably in third world or developing 
cqimtries, will be needed. A civil engineering qualification 
andhackground is desirable. Age 35 to 50. 

' Responsibility will be to- the Managing Director of an eight' 
figure turnover manufacturing group - ahacknowledged 
leader in its sector of the construction industry - for the 
group’s overseas joint venture operations. 

The task will be to survey potential markers, identify 
investment opportunities, and establish and subsequently 
develop the viability of joint ventures. ; 

Remuneration not less than £12,500. Can Re-location help. 

Please send concise career details - in confidence - to 
£. I. Clark ref. B.75056. 

Hot appabammt ft opa to mat tad ramus. 

United Kingdom Australia Bdgiun Canada 
France Germany Holland Ireland Italy • 

New Zealand South Africa South America 
Sweden Switzerland uAa. 

International Management Consultants 

Union Chambers 63 Temple Row Birmingham B2 5NS 



— 

--L1 1 

— 


Senior Financial 

Systems Analyst 

London c £9000 

The Fi n a n cial Systems & Development Department is concerned with 
developing and implementing new accounting systems and new approaches 
to tbe problems of planning and control. A recent project has been 

the introduction of a large-scale budgetary modelling system. 

We now wish to appoint a Senior Analyst (male or female) within the Group 
whose responsibilities will include tbe farther development of our accounting 

i 



e 

to£ 10 , 000 +car 

Hertfordshire 

Major engineering concern with high export content 
wishes to appoint a qualified Accountant (preferably 
■Chartered) to the position of Financial Controller. 

Knowledge of the financial management and control 
of large overseas and UK Government contracts 
would be useful but not essential. 

Applications, including full details of career to date, • 
will be treated in strict confidence and should be 
forwarded to R. M Marshall, Robert Marshall 
Advertising Limited, 30 Welfington Street, 

London WC2E7BD.PIease-Iist in a covering note any 
companies to whom you do not' wish your • 
application forwarded. 


The main qualifications for this position are a sound understanding of the 
principles of finance, accounting and systems analysis, coupled ' with wide 
experience .of computers and compurerised systems. Formal accounting 
qualifications, while desirable, are not as important as a record of practical 
achievement. 

The annual salary range for this position is £8613-£9963 (inclusive of £456 
Inner London Weighting). The artmtl starting point is negotiable 
within tins range. 

Please write with full details of age, qualifications, experience 
and current salary, quoting reference F/030501/T/FT, to the 
Assistant Personnel Manager, British Gas, 59 Bryansron Streep 
London W1A 2AZ. Qosmg date for applications is 

2Ji August 1978. BRITISH GAS 


I 


FINANCIAL MANAGER 

CHANNEL ISLANDS c. £10,000 


Our client is a commercial engineering undertaking which provides diverse essential 
services to the community. This key appointment will appeal to a qualified accountant 
with sound commercial experience, aged 35 or over, who values the quality of life 
in an area where the personal tax rate is 20%. 

Supported by an- adequate and experienced staff, the appointee will be responsible 
to the Chief Executive for the whole financial arid administrative functions including 
the appraisal and continued development of existing computerised systems. As a 
member of the management team he/she will provide financial advice to the Board 
generally ' particularly concerning the implications of the economic situation on 
operating efficiency and future investments. Commercial awareness, the ability to 
conduct top level negotiations and maximise profitability are essential requirements 
for this challenging position. 

House purchase can be arranged at reasonable prices and interim accommodation 
is available. 

Applications to Miss Marion Williams. 



Reginald Welsh & Partners Limited. 

Accountancy & Executive Recruitment Consultants 
123/4 Newgate Street, London EC1A 7AA Tel: 01-600 S3S I 




CASH MANAGEMENT 

c £7000 


The 0Bctricrty Council manages a debt of some 
£5,000m on behalf of Electricity Boards in 
England and Wales. 

You will join the small team responsiblefor 
this work which includes the forecasting of the 
-electricity sup piy industry's cash requirements, 
raising its funded and temporary borrowings, 
servicing existing loans, the management of 
cash flow and the provision of cash end interest 
forecasts. The work is both demanding and 
interesting. 

You must be able to think creatively, have sound 
commercial acumen and the ability to 
communicate effectively, both orally and in 


writing. You should have an accounting — 

qualification or an economics degree and/or 
banking experience would be an advantage. 

Salary will be within a scale £5730 to £7380 
plus £286 additional payment. 

Some assistance with relocation expenses 
given in appropnate cases. 

Please write in confidence, giving age, career to 
date and present salary quoting ref FT/94 to: 

Duncan Ross 

Recruitment & Development Officer 
The Electricity Council 
30 Mtilbank, London SW1 P4RD 




around £8500: car provided 

for a large company based in Central London, which has 

diverse interests in the food industry. 

The job reports to the Group Treasurer and carries 
responsibility for specifying, forecasting, planning for and 
reporting upon our cash management requirements including 
working capital, fixed asset expenditure controls and foreign, 
exchange exposure, as well as assisting in determining the best- 
methods to meet the Group's financing requirements. Close 
and regular liaison with subsidiary companies is involved. 

Candidates, ACA or ACC A, must have at least four years* 
post-qualification^expericnce which has given them a very 
sound grounding in &nanrial accounting, a good working 
* knowledge of cash flow accounting and forecasting, and 
experience in the design and operation of both' computer and 
inanual systems. 

Please write with fall details. These will be forwarded direct to 
our client, list separately any companies to whom your 
application should not be sent. Ref. B.19S6. . . 

This «ppomlatt*aij open to men and %-otnm. • * 


CONFIDENTIAL w™!*™* STREET 



ELECTRICITY COUNCIL 


Jonathan Wren • Banking Appointments 

The personnel consultancy dealing exclusively -with the banking profession 


LEASING 

ADMINISTRATIVE EXECUTIVE £7,500 min. 

The demandslw leasing services from our clients' banking operations are such that they; 
are currently looking to appoint an executive with legal end administrative experience 
to their highly professional leasing division. 

The position will involVB-fesponsibility for negotiating and co-ordinating a significant 
flow of leaang transactions on behalf of the firm and its clients. A minimum of three 
years relevant business experience is required, ideally including exposure to the legal 
and tax considerations of the equipment leasing industry. The appointee is likely to be 
accustomed to operational control, and must project a good marketing image in order 
to liaise with client management. A legal qualification or background will be parti- 
cularly helpful. 

This is an exceptional career opportunity to join an expending division of a vigour- 
ousiy managed, mufti-disciplined group which is involved in the provision of leasing 
facilities to industrial and commercial companies as well as to public authorities. 

Salary is negotiable and an attractive range of company benefits including a merit 
bonus scheme will apply. ■ CONTACT: Sophie Clegg or Ken Anderson 


jmT3. CONFIDENT! 

\\ S flraesimjBaa 

A- member- of MSL Group, International 


W1X SOB 


BANK RELATIONS £ Negotiable 

Paris 

An international bank seeks a person to work in its Paris Office lor two years In the 
Bank Relations Department and than return to the London Branch of that bank. The 
position involves the usual bank relation activity and, as a majority of the work will be 
in English, theapplfcant must be a native English speaker with a knowledge of French. 
Applicants should have preferably a university background and have approximately, 
two yeans experience in general banking gained in e British or international bank. 

CONT ACT: Richard Meredith or Ken Anderson 


170 Bishopsgate London EC2M 4LX 01-623 1 266/7/S/9 









c £ 12 , 000 plusbonus 

Aberdeen 

Hunting Oilfield Services, amajor company within the Hunting Group, provides a 
comprehensive drilling support and service capability to the oilfield industry. 

in anticipation of the continuing expansion of business in several cSversffied fields, 

'a Financial Controller is now to be appointed at the Company’s Aberdeen 
headquarters. Reporting tothe Managing Director r the successful applicant, man 
a woman, will be involved in a wide range of finance and accounting activities on a 
multi-national scale. The responsibilities call for aperson with ahigh level of 
intellectual and creative accounting skills, who isable to operate effectively in a fast 
moving, decentralised and challenging environment. Preferred age is around 35. 

Salary will be negotiable around £12,000 per annum plus bonus . 
i and an attractive range of benefits. 

with personal and career details to: 

^ j£ J L ;. .--v J. F Cross, Personnel Manager, ■’ ■ 

c/o Hunting Engineering United, Nl 

• Reddings \Ataod, Ampthill, Beds. . /if 



NOSTRO We are an expanding international bank who 

Dcm\rrTT t atthmc seek experienced candidates in their mid 20’s 

for an unusuaUydemanding task 

CLERK C.£3,750 Excellent fringe benefits including free lunches. 

Please write, sending detailed c.v. or telephone 
the Personnel Department on 01-638 2323. 
Saudi International Bank, 98 Bishopsgate, 
London EC2M 3TB. 

Saudi International Bank 

AL-BANK AL- SAUDI AL-ALAMI LIMITED 


UNI VERSITY -OP ZUBIA 
Ajpliranma Tan invfted'ior the 
toftcnrmt; pttti in. Ute Hev'SCBQOL 
JOT BUSINESS .STUDIES which is to 

.opes in October W?? in k&wiu 

PB4FE5S0R AND SENIOR 
LECTURE R.'LECTDRER 
The ntvr School will offer tuition 
In AccOumaiKT and Business Adminl . 
stratioo leuuw; to the award of the 
Bachelor's Douce In these, two dts- 
dtpUnes. The apDOhitees vfH be 
required to assist In de&icnhur ^ur- 
ri cola and syUabttSca in their 
field or specialisation as well as to 
participate In teaefthta and general 
naming of their dewnnent. Candi- 
dates should be In poHeSEim of the 
foil owing qualifications: BA and UA 
or MBA or PhD In ang of fl» follow- 
ing arras: Financial Management, 
Accounting and Finance, Qaanttiadre 
Methods. Economics and Behavioural 
Sciences. Applicants holding first 
degree Qualifications in accounting 
and Finance and Financial Manage- 
mem require also any one nf the 
follow: IU additional qualifications: 
ACA. A CCA. A CM A . FCA. FC3UA. 
Applicants lor the post of Professor 
must have j PhD In . their field of 
specialisation plus a reasonable, teach- 
Ins experience in the some area. 
Salary scales: Profe ssor K881MU3 
pa. Senior Lecturer KTfcttWflifi m. 
Lecturer K4838-TOH o-a. tn sterling 
= K1-5+T The British Government 
may supplement salaries In ratine 
DSeiSSl p.a. isrriinsi for minted 
appointees and I93HJM ojl isierttngi 
for slnalo appointees rrertewed annu- 
ally and normally free of all taxi 
and provide children's ■ education 
allowances and holiday visit passages. 
Family passaaes: baxoane allowance: 
superannuation and medical aid 
scheme: regular overaeas leave. 

Detailed applications <2 eopVrfi with 
currictrluin vitae and naming 2 
referees to bn sent direct to Registrar. 
University of Zambia. PO Box 2379. 
Lusaka. Zambia, by 4 September 197H. 
Applicams resident In . the UK should 
also send one copv to the Imer- 
'Jniversliy Council. 90'91 Tottenham 
Coon Road. London WLP ODT. Further 
details may be obtained from cither 
address. 


LABOUR NEWS 


Singer 


^Rnandal Times Thursday Aug^;ib _ 




rescue be aimed at City 

plan fund I BY NICK GARNETT* LABOUR STAFF 

THE CITY of London will almost speed up the installation of 
j certainly be the prime target for equipment. 

openea . &«««* tan.ptton h p,* c £ o«& s 

Jr 1 eneineers decide today to step . effecuvely forcea mio 


Accountancy/ 

Bookkeeping 

Salaries £2,000-48,000+ 
juS ring. iTiteor call (nr cmeof our 

FreeLists 

o! vacanos iPtease quote list ref t 
Commerce & industry (Ift tfsees) 
Ur-MFl-J0i3.WC-io.0Cl0 
Part-quaUfterf/Experiencnd 
U^CirWiiOXi-iS.OOO 
The Profession [UK/ Osee*,l. 

ListPn'3G£:.ciea-i3,cioc’ 

Pi/haid Owen Associates (Staff 
66 Moorgate. £C?ff 60. 

Tel: 01-6383833 ?4 hours 


Trust Houses Forte 
Hotels Ltd. 



Grosvenor House, 2 luxury complex comprising 
hotel and service flats, situated in Park Lane 
seeks a Financial Accountant. You would be 
responsible to the Chief Accountant for the 
running of the small department which controls 
the financial records of the entire complex. 

We are looking for someone, probably 
chartered, who has experience of running an 
office. If you have worked in a hotel or a 
related industry it will be an advantage, and 
familiarity with computers even more so. We 
expect you to be young, but age is less impor- 
tant than personal dualities and the ability to 
nr into the team. 

Salary will be commensurate with that of a 
younger qualified accountant with all the 
benefits associated with a large international 
company. 

Applications in writing to Miss A. I. Fuller, 
Assistant Divisional Personnel Manager. Trust 
Houses Forte Hotels Ltd.. London & Interna- 
tional Division. 12 Sherwood Street, London W1. 


REPRESENTATION WANTED 

A well established American Financial Corpo- 
ration desires representation in Europe. Applic- 
ants must have extensive knowledge of interna- 
tional banking and finance, with experience in 
arranging financing on multi-million dollar pro- 
jects. Excellent profit potential. 

For details contact: 

FINANCIAL PRESENTATIONS INTERNATIONAL 
5952 Royal Lane — Suites 214-216 
Dallas. Texas 75230 — USA 
Tel: (214) 750-0281 
Cable: Fin -Pres, Dallas. Texas — USA 


AMBITIOUS AND CONSCIENTIOUS ASSISTANT 

<ase between 25-£>i 

required by Maiming Director of Lowtaa based pharmaceutical company 
To take choree of export, marketing and trading in finished products. 
Some experience ' of shipping documentation, elementary book-keeping and 
ir -ut'na would be useful ■ asset. Dubes wtU Include administration of office 
and handling trade enquiries. 

This position holds ap extremely good future with propspects Air .the qght 
person and salary will he iMSOilsWe. appropriate to age. experience and abtftfy. 
Reply in confidence to Box A.M17. Financial Times. 10. Canhon Street. BC4P 4BY. 


DEVtLOPMtNT DHUCTOR Jo [teWl 
expansion of National Charter sham 
programmes. ' Ejawttlve trarol and long 
hours. A really worthwhile, responsible 
position. Successful candidate may have 
entrepreneurial skills, proven organis- 
ing ability and retail ” know-hoy. ’ 

INTERNAL AUTUTOR. 48.500 Plus, mort- 
gage. Now appointment with consortium, 
- Bank. Similar experience preferred. 7o 
establish function. For full details 

ence and references essential. Good 
salary neg. Car. Rente xo Rosemary 
S.evofison. P.O. Box 4UB. London WtA 

PERSONAL 



APPOINTMENTS 

WANTED 


BASH SERVICES 

Baths resurfaced ijti-situ 
in white and most standard 
colours at a fraction of the 
replacement costyTor expert 
guaranteed service contact 
Bath Services, 

26 Romilly Street London Wl 
Telephone Ofc-4J782»'87L3 




By Ray Herman, 

Scottish Correspondent 

WORKERS AT Singer’s Clyde- 
bank sewing machine factory 
voted overwhelmingly yester- 
day tf> subscribe 50p a week 
each towards a consultants* 
study on ways to save, their 
jobs. 

The money will he deducted 
from pay packets from this 
week and paid into a special 
bank account being opened by 
shop stewards. 

PA .Management Consultants, 
which will undertake the study 
aims to complete the report 
by October.. 

31 r. John McFadyen. con- 
vener at the factory, said the 
spirit of the meeting, attended 
by 4400 of the 4,809 Clydebank 
employees, was tremendous. 
" We are trying to apply a 
little grey matter to this 
problem and trying to do some- 
thing about it for ourselves." 

The company has given 
workers until October to Bnd a 
viable alternative to its pro- 
posal to -end production of 
industrial sewing machines, 
with the loss of nearly 3,000 
jobs over the next four years. 

Mr. McFadyen said that PA 
had been given a wide brief, 
to look for new short- and long- 
term markets for present Clyde- 
bank products, and to examine 
the capacity of. the factory for 
manufacturing new products. 


Flights diverted 

MORE THAN 700 passengers on 
seven international and domestic 
Bights were diverted to Liver- 
pool Airport at Speke yesterday 
from Manchester Ringway 
because of the industrial action 
there by firemen. 

The firemen’s lightning strike 
lasted 3i hours and affected 25 
flights. It was the first of a 
series of strikes planned over 
manning levels. 


Dispute ends . 

A THREE-MONTH dispute in- 
volving 90 employees of the 
Union Cold Storage Company on 
the Mersey was called off yester- 
day. ' A settlement was reached 
in the dispute which started 
when the men refused to date- 
stamp Imported butter., under 
EEC regulations. 

Rail peace talks • 

SIGNALMEN win meet' British 
Rail management and union 
officials .at Liverpool Street 
station today to try to find a 
solution to- the. dispute affecting 
trains travelling through Bethnal 
Green. The signalmen there are 
claimin'* their jobs should be 
regraded. 


APPOINTMENTS 


THE CITY of London will almost 
certainly be the prime target for 
fourtber disruption if Post Office 
engineers decide today to step 
up sanctions to their dispute 
over a shorter working week. 

- A meeting of the- national- 
executive of the Post Office 
Engineering Union is due to 
review its policy this morning on 
sanctions which include a work 
to rule and the. non-commis- 
sioning of new equipment 

Meanwhile, the Post. Office 
Engineering Union said .that, tt 
had received a complaint from 
its City of London branch that 
a City firm had attempted to 
bribe one of its members with 
£500 to instal equipment daring 
the dispute. 

Engineers have been disci- 
plined in the past by the Post 
Office fqr accepting bribes to 


speed up the installation of 
equipment. _ ^ 41 _ 

City, hankers claim that they 
are - effectively forced mto 
making extra payments to Post 
Office . engineers." - One. senior 
banker said last night that it was 
^accepted general practice that 
if xtia paymnts nr not forn- 
comthg- one can wait for sis 
months for work tn be done." 

’ The union's executive may 

decide today that presenr 
sanctions are having such a 
serious .cumulative effect that 
they should remain os they are. 

IF tt decides to tighten the 
sanctions, however, this is likely 
to be done on a selective basis. 
Union officials will consider 
further disrupting international 
telecommunication links and 
might also decide to black further 
work - . involving specialist 

machinery used by the City. 


Difficulties in making, ii^, 
national telephone' «ite : tare 
grown dramatically since - the 
beginning of the week: On Sou- 
day, less thro * tenth of the 
country’s - 18,000 automatic aqg 
operator connected circuit* Mtere 
but of commission. By y*steift» 
a sixth of the circuits were- out 
or action and the Post Office 
said the position woulwd worsen. 

The union will also decide its 
response to the rost Office which 
has been seeking preconditions, 
including the lifting .of sanc- 
tions. before it will start tafia 
on the proposals made, by Lord 
McCarthy for settling the 'dis- 
pute. ' 

The proposals, which Uie Post 
Office has accepted, involve * 
reduction from 40 to 371 bums 
in the engineers' working 7 week, 
linked to increased -productivity. 


BL strike could shut factory 


! AN UNOFFLCHL strike at BL’s 
truck and tractor plant at Bath- 
gate, near Edinburgh, could shut 
the factory before the weekend, 
making 5,500 workers idle. 

[ Mr. Michael Edwardes. Bt» 
chairman, had warned that the 
plant's future ' was in doubt 
I unless there was an end to wild- 
cat strikes. 

j Fifteen-hundred .machinists, 

! members of the Amlgamated 
Union of Engineering Workers, 
came out on Tuesday in support 
of a pay claim over [be introduc- 
tion of new machine tools. 

Arthur Smith, Midlands Corres- 
pondent, writes: BL Cars un- 
official toolmakers' committee is 
conducting shopfloor collections 
to - support an indefinite strike, 
by 32 men at SU Fuel Systems, 
a components supplier. 

Mr. George Regan, leader of 
the SU men. who are demanding 
pay. equal to that of other 


Leyland . toolmakers in the 
Birmingham district, said last 
night that the strike would be 
the spearhead of the. toolmakers' 
campaign for improved 
differentials. 

SU supplies carburettors to 
most BL Cars* plants. Mr. Regan 
claimed the strike would begin 
to have an impact on some 
models,' . -particularly . the. . new 
Princess model, by next week. 
The company insists that stocks 
are " sufficient “ far the fore- 
seeable future.” 

: Most of the 32 men boycotted 
a meeting called yesterday by 
Mr. Ken Cure. Birmingham East 
district.; secretary of . the 
Amalgamated Union of Engineer- 
ing Workers, to urge a return to 
work. 

Mr. Regan said that the 
unofficial toolmakers’ committee, 
which ' claims 3,000 members 


within BL Cara, bad promised to 
pay the men their average take- 
home pay of £30 a week- for as 
Tong *s the dispute continued. 

The committee's executive win 
meet next week to consider 
whether to stage another' all-out 
strike. Such action would un. 
doubtedly - put in -doubt the 
viability of the State-owned com. 
pa ay in its presenL form. 

Rover shop stewards are com- 
plaining that -the company has 
refused to implement- an -under- 
taking given in 19751 Aggrad- 
ing exercise to establish new 
differentials has been conducted. 
Stewards insist that the ‘ new 
grades should be estabtished and 
back payment made to 1975. : 

Management has pointed out 
that such action would conflict 
with the central negotiations 
now under way to- -establish a 
new grade structure^ .throughout 
BL Cars. 


Cash rise urged for 


BY OUR LABOUR STAFF 

GOVERNMENT pay guidelines 
should include a guaranteed cash 
increase for the lower paid, 
based on the guidelines' percent- 
age figure of the present male 
average earnings, the Low Pay 
Unit says in its Phase Four 
response today. 

In a paper. on incomes policy 
and the low paid, the unit says: 
“Clearly an overall policy of 
5 per cent increase would be 
disastrous for the > low paid' in 
wages counaUiadastries and in 
the large public sector manual 
agreements” — for example, the 
health service .and local authori- 
ties. 

■Under the -unit’s proposed 
formula, with average male earn- 
j ings at present running at about 
j £90 per week,- the low paid 
should be guaranteed a minimum 


of 5' per cent of that -tfl^ gifre 
increases of at least £430. . - 

Mr. Ceri Thomas, a member 
of the unit, yesterday broadly 
welcomed the specific proposals 
for the* lower paid under the 
Government's White Papa* on 
Phase Four, entitled - Winning 
the Battle Against Inflation, 
which -fit in with the - unit's own 
thinking. 

Increases higher than . 5 per 
cent Tare. aHowed . .under .the 
clause, though with a ceiling on 
resulting eaxnnjgs erf £44.50 per 
weeke ^ 

- IV wages -'councils took the 
£44150 ceiling as tteir guidelines, 
ti?6n the White Paper proposals 
wfere “ quite a positive step,” 
Mr. Thomas added \- ' k 

Pay awards made under the . 


Government's Phase Three guide- 
lines by 40 wages councils, cover- 
ing nearly 3m workers, ranged 
generally from 9.5 to 109 per 
cent the unit says, r • . 

More than three-quarters of 
the awards breached the 10 per 
cent limit Only Tj per cent of 
those listed by the .unit ' were 
below it ' ' ^ 

The Employment "Department 
objected to 20 of ti^e first .38 of 
the awards, but. because em- 
ployers . were .complying with a 
wages order r 3he • Depaftfflfent 
judged that the rises were sot In 
breach of the guidelines. 

Illegal underpayment of wages 
council statutory minimum: tates 
reached a record high last year, 
increasing . by 65 per cent over 
figures Tor the previous- year, 
accenting to^the unit 


P. Macadam joins National Westminster 


Hotels 


LEGAL NOTICES- 


Credit 
Analyst 

c. £7,500 plus benefits 

A leading American wholesale bank seeks an 
analyst who has had experience of syndications 
particularly in Eurodollars and in other banks' 
trading limits 

Tins responsible post requires a candidate. 
25-30 who has had 3 to 5 years experience with 
an American or International bank. 

This particular bank offers excellent career 
prospects together with a generous benefits 
package. 

Please contact Oliver Rothschild at 

Stephens Selection 

SMVivorSu'ci't. Lnndnn W1X3RA. 0M9306 

Recruitment Consultants 


STOCKBROKERS 
TELEX OPERATOR 

Age 21 - 1 - . Some clerical 
duties in liaison with dealers. 
Salary £3.500 to £4.000 phis 
bonus. 

OVERSEAS 
SETTLEMENT CLERK 
Age 25ish with at least 2 
years' experience s^mi-senior 
position, second in charge. 

Salary up to I-L200 plus good 
bonus. 

Evans Employment 
Agency Limited 
01-6280985 
Mrs. P. Dudley 

STOCKBROKERS 

CONTRACT 

DEPARTMENT 

Yentek Operator 
required 

Previous contract note pre- 
paration and lodger posting 
experience necessary. 

Quarter bonus scheme 

LVs etc - CpHfurt. 

Office Manager (PJR) 
on 01-606 6622 
(office hours) 




EXECUTIVES 

I If you are in the job market I 

now we a re here to help. ■ 
Ourcliants don’t wait for that ■ 

magic advertisement to ■ 
appear- with the aid of W 

experienced counselling and I 
the use of our promotional || 

services they get there first. ■ 

Percy COUTTS frCa 

| 01-8392271 I 

B 140 Grand Buildings, Trafalgar HK 
■ Square. London WC2. ■ 
I Not an agency but Europe's 19 

■ most experienced job search B 

Iao^Ni- Ma.QU.HcV WtUt 
> nrenon, fo,- vacuum Platte tormina. 

PrrtOtyM and mould malelin Is j 
I cpociafi^ Please write te Bo* A .6440. 
I Ec4p t, S l BY T,n ’“' 1fl ' C ' nnon MrccL 

! PUBLIC NOTICES 

i 

GLASGOW DISTRICT CCHUNCK 
Bills -issued 9; 0/78. £2.7m. at bi' h % 
land Urn at maturing 8.11/78. 

! Applications totalled £39m. Bills out- 
I Ibndira £9.4 m. 


No. 15 of 1B78 

Ml the LEEDS COUNTY COURT. In 
the Manor of COURT LEATHER MANU- 
FACTURING COMPANY LIMITED and 
te the Manor Of THE COMPANIES ACT 
IUS. 

NOTICE IS HEREBY GIVEN that a 
Petition tor tho uindtiut-up of the above- 
named Company by the Lm-ds County 
Court was on the 2Mi day of July 
presented to the said Court by LEEDS 
CITY COUNCrL Of the Cii'lc HaU Lords 
and that the said PetKton Is directed to 
be heard More ibe Court ah tins at the 
Court Bouse Albion Place Leeds od tho 
Utf) day of September I97S at 10.38 a.m. 
.n the Forenoon and any creditor or cdu- 
inbuiory of ibe said Company desirous 
to support or oppose the making of an 
order on the said Petition may appear at 
the time of the bearing in person or by 
his Counsel to that poroow and a copy 
of the Petition srHI be famished by (he 
undcreianed to any trodltar ar ootv 
uibmorv of the said Company requlrinc 
such ropy on payment of (he remljicd 
char;,! for ihc same. 

J. RAWNSLEY 

Solichor. 

l^-.'ds -Cliy Council. 

Civic Hall. Lticds. 

Tel. Leeds 482517. Ref. AS. SMB. 

Solictor for the Petitioner 
' NOTE— Any person who intends lo 
: appear at the hearlnp of (lie said Petition 
mat! wrve an. or send by po-i to rhe 
above named, noiire in utIuih: of his 
intention so to dn Thi- notice must 
siau* The natm- and address of Ihe nerson 
nr If 3 firm. 'h» name and addreiu of 
the Arm and musi he si)zn , <t by ibo 
perioti.or Unn. or his or their Solicitor 
tlf any i and man be served, or if named, 
must be sedl by pool in sttfflcieni time 
.to roach the above named not- later than 
four o'clodi In the afternoon Of the 
lath day of September 197$.: 




No. O0S4M of ure 
In (he HIGH COURT OF JUSTICE 
Chancery Division Com panie s Court. In 
the Matter of FREIGHTED LIMITED 
and In the Manor of The Companies 
Art. IBi?. 

NOTICE IS HERE BA" GIVEN, mat a 
PedUou fur the windinn up or the above- 
named Company by the Hlch Court or 
Justice was on the 1st day of August 
1973. presented to Uht sold Court by 
ERIC PAUL FALCE of 37 Hiyfa Coombc 
fUso. Mottinstuun. Loudon. S.E.8. and 
that the said Petition Is directed io be 
heart before the Court shuns at me 
Royal Courts of Justice. Strand. London 
WC2A 2LL, on the ICih day of October 
1978. and any creditor or contributory 
of i be sold Company desirous to support 
or 0PP43C the mokiiK of an order on 
the smid Petition may appear at the 
lime of hcartiK. fa person or by his 
counsel, for that purpose; and a copy 
of the Petition will be fnra*hed by the 
undureicned to any creditor or contribu- 
tory of ibo said Company reqult-mu such 
copy on paymont of. the reoutaied chiugc 
for the same. 

STONE HAM LANG TON 3c 

P.\SSM0KE. 

M fflxh Street. • i 

Chlslehunu, Kent. 

Ref: JCR. 

Sollctton for Hw Peinlom-r 
JfOTE. — Any person' who intends io 
appear on the hearmp of the said Pciiij.Tt 
musi serve an. or send by post io. the 
above-named Bailee ui writlna of his 
intention so to do. The noil's* muss state 
ihe name and address oi <be p>-rsor,, or. 
If a firm the mime and address of the 
Arm and must be sinned by ihe pvruun 
or firm, or bis or tholr solicitor m auyi 
and mum be served, or. If misted ruusi 
be sent by pom in sufficient imv.- io 
reach the above-named .not later than 
four o'clock in tin; afternoon of ih e 
Lftii day at October lirs. 


Mr. Peter Macadam, chairman 
of BAT Industries, has been 
appointed a director of NAT- 
IONAL WESTMINSTER BANK. 
Mr. Macadam joined BAT Group 
in 1946 as a management trainee 
and was appointed to its main 
Board in 1963. Be became group 
chairman in April 1976, having 
been vice-chairman since Janu- 
ary 197-i. He was appointed chair- 
man or BAT Industries when it 
became the parent company of 
the BAT Group following the 
merger of BrftiRh-American 
Tobacco and Tobacco Securities 
Trust in July 1976. 

* 

/.Mr. A. C Griffith has been 
appointed chairman of MAIN- 
WORK (MAINTENANCE CON- 
TRACTING), a company in which 
-Mainwork Ltd., a subsidiary of 
David Brown-Vosper (Offshore), 
has acquired a controlling 
interest. Mr. W. S. Talford, 
managing director of Mainwork 
JjttL. has also been made 
managing director of Mainwork 
maintenance Contracting). Mr. 
J. B. Gray has become com n any 
secretary and Mr. R. C C Clark 
and Mr. D. Gnu 1 *, directors. 

•k 

Hr. P. Duckworth. Mr. B. 
BazeQuirst and Mr. J. Shepherd 
ore t o join the Board of MURPHY 
CHEMICAL from September 1. 
The company is a member of tbe 
iDaigety Group. 

* 

Mr. Richard H. Cogswell has 
been annotated cha irman of 
CRANE TEST AND INSPECTION 
in addition to his other responsi- 
bilities .within the Taylor 
Woodrow Group. Mr. John P._ 
O’Hara and Mr. Robert S. 
Crompton have become directors 
of the company, with Mr. George 
Douglas continuing as managing 
director. 

* 

. Mr. Jack T. Atkin and Mr. 
-Douglas Greaves have been 



Mr. Peter Macadam 

appointed to the Board of HENRY 
BU UT CONSTRUCTION. 

* 

Mr. Alan Cameil has been 
appointed director of marketing 
of PLESSEY ELECTRONIC 
SYSTEMS. 

* 

Mr. Lawrence S. Doyle has been 
appointed as director of claims 
for the EXCESS INSURANCE 
GROUP. 

* 

Mr. G anther P. Eschenbrenner 
has been appointed deputy man- 


aging direct or o f PULLMAN 
KELLOGG LIMITED, transferring 
to Wembley {London) from Pull- 
man Kellogg’s world headquarters 
in Houston, where he has been 
director of general engineering 
since 1972. '■ 

.. '.it . 

Mr. Ramon Mortimer has been 
appointed managing director of 
the ironfoundry division of S. 
RUSSELL AND SONS, a member 
of the B. Elliott Group. He joins 
Russel is from the- British Leyland 
organisation where be has’* been 
manufacturing operations director 
of Aveling Uarford with respon- 
sibility for the Grantham and 
Newcastle plants. 

Y * ' 

Mr. Ron Wlllianis has joined the 
Board of POLAR: CONTRACT 
MOTORING as director of market- 
ing with additional responsibility 
for sales In Southern England. 

* 

Mr. Nigel jf. L. S da ter has been 
appointed a ■ director of TOWBY. 
LAW (SCOTLAND), a member 
company of Towry Law and Co. 

Two Board ^appointments have 
been made by AUTOMOTIVE PRO- 
DUCTS. They are Mr. C. D. Cook, 
director parts _ and service, and 
Mr. J. G. Dollfits, Geranf DIreoteur 
Generate, of AP SARL, the com- 
pany's French- subsidiary. 

Mr. George DrtscoB and Mr. 
Tony Merrett hare been appointed 
to the Boand of MATTHEW HALL 
MECHANICALl SERVIPES. a sub- 
sidiary of Matthew Hail and Co. 


Mr. Driscofi joined the company 
in i960 in the contracts accounts 
department and -became a divi- 
sianal direotor . in 1974. Bffr. 
Merrett started with the company 
-in 1949 as a student heating and 
ventilating apprentice and was 
made a divisional director in 2973. 
* 

Mr. L R. D. Gibson has been 
'appointed a director of WILLIS 
FABER AND . DUMAS (AGEN- 
CIES). 

Tbe following appointments 
have been made by SCANDIN- 
AVIAN BANK: Mr. Richard F. "N. 
Clark becomes assistant general 
manager in : London. from 
October 1 and wail be Succeeded 
' by Mr. Andrew - L. . Pocock ■ as 
general manager of the Bahrain 
branch from September 1. . Mr. 
Ronald Y. LowenLhal has replaced 
Mr. Pocock as the bank’s regional 
manager and representative from 
South East Asia, in Singapore. 

• - * . - 

Mr. Roland C. Shaw has been 
elected chairman of PREMIER 
CONSOLIDATED OILFIELDS In 
succesfflofi to Mr. H. t. Nicholson 
who has retired,. Mr .Shaw con- 
tinues as managing director of 
the company. He Is also chairman 
of Brindex. the Association of 
British Independent OB Explora- 
tion Companies, and a member pf 
the council of the United King' 
dom Offshore Operators Associa- 
tion.. . 

★ . 

Mr.' G. K. Barrel] hag resigned 
as a dd rector of " BURRELL AND 
CO. and subsidiaries. 


■Interim Unaudited Results for the-26 weeks ended 3rd' June 197* 


Sales (including V^A.T.) 
Profit , before Taxation 
Taxation 

Profit, after Taxation 
Dividends 
To Reserves 
Earnings Per Share 


Half-year 

_:l!978 
; & 
3,136,345 
553*837 
294,647 
259,190' 
I7li875 
87,315 

1.66p 


H alf-year 
1977 
• £ 
2,701,060 ’ 
444,517 
240,359 
, 204,168 
153,750 
50,408 
*l-31p 1 


Year 

1977 

£ 

5,571,505 

965,255 

526,808 

438,447 


122,197 

*2.8113 


JJ Ventilation Limited 
13 Dowry Square; Bristol B$8 4SL 
Td. Bristol 29T296 j 


* Adjusted for Capitalization issue in April 1973 , • 


4 ' 


1*1(4. : * Sk- 




fj i 


Uth Septe?nbc?.197S. 










torv 


r paid 


10 1978 

- ■ ? L-‘. . _}:-%/ .. - • -’ ' .-, .-■■* ;■ •■.••'••. T«i • '■ . . 




The Marketing Scene 


11 



EDITED BY MICHAEL THOMPSON -NOEL 


a win 



AS; PAKE OF a SIOO» hattrick 
of rtceot supQemsv N. W. Ayer 
ABH -:lnteratttibnal :has won. the 
tame -for. Paa Aioerican World 
Airways* Intarnatiomd advertise 
ing-acctant, ,vsronh SSQm-plua. la 
- - Ayer ABH< W 

the $22m U-S- /-UP buriatss and 
successftilly defended the UA 
Army recruitment accotmL aow 
worth S50m-pln». v ‘ • -j. 

Acceding to WilHab Wtftrip. 
****P's executive - vic^reai 
dent for madceting . and services, 
Ayer*s appointment if effective 
from SeptemhartJLin. the U,SL<an‘d- 
fW»a -October 1 overseas, writes 
Michael- ■ Tbanipsoa-NoeL; 

Tbe 7i afctin*’*fcys ft wants to 
communicate a clear, consistent 
international' ima^e.' ■ 

. Previously, "Oib ‘ account was 
split between: AHv and Giir «m> : 
which' handled SI2m worthof 
domestic. TXST Pan Am advertis- 
es. antf JWT, which . handled 
520m worth internationally. . 

News,. that pan American "was 
^eloiLg a- single agency came on 
May IS. During the selection 
process,' 20 qf the largest U.S. 
agencies with International net- 
works pitched in.- ' ’Ey the time 
JWT was kxfcU the final review 
had become* straight fight 
between Needham,- and 

Steers, McGazm-Erickson,' Grey 
Advertising -and N. W. Ayer. : 
McCann’s Was touted as the: 
likely, wfhnerrfotiowing a string 
of international^ .account ' xfaaa. 

’ That’s the McCann posture.^ ah 
observer said last night " They 
play a very, hard -game." 
(McCann's : most . recent: UK 
success - was .'rthe capture of 
Kodak’s £3m JfrbmJWT.) , 

For the. British arm of Ayei 
ABH, Charles Barker-ABH . Inter- 
nationa]. Pah Am represents an 
estimated - hillings gain for its 
consumer, agency. Ayfer Barker 
Hegemann, of up to £850,000. 
ABH clients -include Harp Lager 
and the Midland Bank as well as 
the recehtly^cquired, £600,006 
Mercedes truck hdmness. It ia 
showing projected billings thiaj 
year of £12m-plas, 25 per cent 
up on last year. Total group 
billings,; says .chairman -Julian 
Wellesley, should reach £45nx 
According to WUUam Waltrip. 
“The objective of the search 
was to find 'an agency -most 
capable - of . creating ■ • and 
implementing world-wide advei^ 
tising which will communicate a 
clear, consistent image of Pan 
Am to travellers and the travel 
trade, , We feel confident that 
N.W. Ayer best demonstrates 

that capability. 7 




BY MICHAEL THOMPSON-NOEL' ' ~-‘ 

? at commercial disaster area 5—i Bakers are frequently «fti- increasing affluence and chang- 
^ J nown 85 ^ bread have «sed on the grounds that altera- ing patterns of life. 

f $?“ ed question. To do that, tions are made to the ** natural " It should be added that after 
m ost all we need is a copy of the cam- product- despite the i fafet; that many years of decline, bread 
pa *£° brfef to which the agencies permitted additives and- - pro- consumption in the U-S/appears 
S re working. , and, a; digestible cesses employed are very strictly ^ have* stabilised, though at a 

McDougaH. have formed the 


controlled by legislation, based significantly lower level than in 
Bread - sales' in Britain have on expert advice from specialised Britain. 

for the best part bodies such as the Food We envisage a qualitative TV 
From 1961 to Standards Committee: V . campaign with a strong emphasis 

British- loaf.. In a . sense, it is 1977 ’ total- UK domestic con- 4 — For centuries the, British °®.„P u , trition ■ ani1 52? p - ara V, ve 

reminfecent Jol :! how ^Wall’s slumped. by 2S per cent, have overwhelmingly preferred *M ue fo * money. Additionally, 

to T famous Sausace ^ roin 45-1? oarices- per head per white bread to brown, on the require some form of PR 

- opinion 


launched ’ its - ■ famous 


great 



wWch; 
that the sa 
natural 
However; 



"Zreivr Htunphrtea 

The real thing: Cyril Pucknell, a master baker for 20 years, and his son at work in their Manor 
Bakery, in Wellington, Surrey. They use a 100-year-old. side flue, brick oven. 


client commit- 

_ „ * which will be 

accounting’ "for "52 per. cent of the exclu sion of whited " \ r ~ 5?* 0Wn as the Bread Advertising- 

„ . , sales: brown --"bread, including ... - . , - ^ ■=■- V., Committee. A senior director will 

. - f£T wldclx wholemeal, forV'only 115 per . ( s 2 Bak^s are frequently cntl- be required to represent the 

the: Bread Arfrertislng Group is cent. “ - for offering a narrow r«ge agency and to control the cam- 

playing for areAltogether bigger. _ - - . . . v ^ Df choice and for concentrating palgu under the direction of the 

Its plans ' ing&de a long-tenn .ft para ?^^ * 0n ^ T]l0 “ E ? 2“ the- loaf with the blandest co remittee The quaUty and 

campaign mtset, flavour, variously described .as stature of such an executive seems likely that unless generic wholemeal bread. Owing to the The aiui of a generic campaign 

worth £125nfeto £1.5m a year the oasera;; qr^ei. cotton wool and flapneL. offered by the agency -will have advertising is undertaken now, obvious public preference for must be to change the attitude to 

startiM autumn, f Contributor? reasons- for the iJeare lor variety is evidenced a strong .bearing on the agency the decline will continue. white bread, this had led to the bread of the greatest possible 

though Ihq.TeMth of the cam- decline of - bread". ckn be so®- 373 increase m sales by master selected. The bread industry of this increase in consumption of fibre number of people, many of whom 

paigH is .dependent on_a ^atis- marised as follows: « e P brea d i/ 11 After the war a generic cam- country is made up of a large in breakfast foods, rather than pay scam attention to the 

factory. , change on public atti- 1 — Progresave • increases in et f^u small bakers who ; bake paign. Use your Loaf, began in number of small master bakers in the consumption of wholemeal nutritional qualities of the food 

tudes Mq*WPSXbreaa. living standards, .have inspired wipm sight of the customer), 1957 and ran into the TV adver- and a few large firms producing bread. However, in the face of they eat The message must be 

Several -top agencies are com- competition from, a wider variety bu ‘. Ulls development is. Dim ted tising era. Undoubtedly this bread from plant bakeries. The the menace of early death due simple and appealing, with a 

peting forti^-prestige slice of of more expensive foods. by me ronnderable premiiHOthat slowed the rate of decline, but latter part of the industry has to heart disease, medical and slogan that will stand ihc test of 

business. Xs oTare several lesser 2 — The media have been niost t>e_ cbaiged. by companson the decline continued. A further suffered from over-capacity, but nutritional opinion has recently time. It should stress that bread 

ones : wba .mcveni: .even been vociferous jn i>ersistent criticism with standard plant bread.- and generic 'campaign. Six Slices a this has. now been largely cor- somewhat changed and is not just a dull food, that a 

t - of white - hread, particularly by the advantages of convenience Day is the Well Balanced .Way, reeled. Bakery profits are still broadened, and can now be large variety of bread is available 

gain.- : cdn tBqn e rs . included J. wrapped- ana sliced, so that a-po better keeping quaUtips. of was started in 1971, but was unfortunately minimal, and the summed up, very simply, as: Eat in this country, that it is good 

Walter - . Th^ggg m. Saatchi and bread,’ unlike . other common the wrapped product - . - .. stopped before its effect could industry is fragmented/ It is for less fat, eat less sugar, eat more value for money, and that it has 

Saatchl Gari^ ^y ompton. Qplvy foods such as meat, eggs and These criticisms overlie. avir-.be properly judged. No further these reasons, and because' 55 per cereals and fibre. sound nutritional qualities, that 

Benson." aos^^utner, McCann- milk , suffers 1 from - a relatively tually universal decline in bread generic advertising has. been cent of flour milling output is for L L is. the campaign should have 


Erickson.' 
Masius, 
lift Unlv 
^hat 
up with?: 
though in. 
instructive 
and the 
operating 




cManus and poor public reputation implying consumption throughout ;. the undertaken tince. " ■ bread,' that the InLllers' have On this basw there is the ^pig 6 mas^peal based on 

Massimi Pol-'that it contributes only carbo- West whlch^ stems frouui two Consumption has continued to decided to finance a major bread possibility of increasing bread reliable nutritional opinion 
hydrates, to -the diet. This is simultaneous causes: (a>. the decline, with the exception of sales campaign. sales overall. .However, an 

will they come entirely untrue; bread not only declining expenditure of pbysf- the years 1974 and 1975, when Medical • and nutritional advertising campaign to this end uuuets ror tne main campaign 

1 onnn finrl nut nennii4o*- -e nunini* onritwiKirKrtn In ai 1 nriAMtn ^11 Xn — • .r iAaum . 



meantime 
how 


are obviously television and 
women's magazines, since wompn 
are the chief buyers of bread. 


themselves, than any other commonly con- cated, prestigious and convenient not appear to have 


e" pressures of snmed.food.. 


types of food made possible by size of the overall 


Llju UU4 UUtTd UL UUUICUlb dUU UlCUM J Bwaiiamt iiwiiiuu.im 1 ‘ rKftl ,|. v_ _ i ^ 

affected the fibre, which are removed in the coumry is that we all eat too h nl « 

markeL It mHIing process. It has advocated much. 1 b ° p ‘" ' Qn ^ 0 ™? 1 n „ s . A d . ve , r , tISI 7^ 





.Dj 

WECH PR 
in excess^iff 
and Marsfi 
expansion 
Kershaw 
Marketing, 
renamed 
ABM 
he plans 
to : build., 
major force 
In 

voracious* n . 
has produced 
successful 
including 
Paints. Bv 
Seal Ink and 

tbe last . 12 



plans expansion ; Saatchi Group No. 2 

billings now Marsh, the agency has had to Tbe aim is that the pew strengthen our management and and Wasey’s, £69.5m- 2. Saatchi 
Alien, Brady turn down She opportunities to agency will be folly operational move- us closer to my ambition and Saatchi. £51 5m' 3 JWT 
plans a major compete for business worth in imown oflices early nextyear. to make ABM thebest managed Group, £50.6m; 4 . Qgilvy and 




.recent 


.own 


less 



in the influential Press, 
i also be supported by 


It will 
public 


• relations activities undertaken in 
V ’ - j co-ordination, but on a separate 
I budget by the Flour Advisory 
Bureau, the publicity arm of the 
National Association of British 
and Irish Millers. 

Currently a successful bread 
advertising campaign is being 
run in Sweden based on govern- 
ment-sponsored dietary goals, and 
other European countries are 
attempting to arrest the decline 
in bread consumption by com- 
bined advertising and public 



for business 

iate agency. £4miHus. Its first client is James WaHcer, agency anywhere” Mother, £50.6nr 5, DArcy-Mae- 

jng and *W&.have To ensure that we the jeweller. . - It is also his oft-repeated Manus and Masius. £49_2m- 6 

be 3 have the capacity to give the Managing director of ABM ^"hition to make ABM the big- Collett Dickenson Pearce, £32!4m; 

5^ «« best possible service to oristing Kershaw will be David PeiJSn, f** 1 Britislwwned advertising 7. Dorland Group. £22.5 m; 8. 

1 inStiSnl *“ current joint managing . dh?*or ” roup ' Young and Rubicam, £22. 4m: 9. Peter Marsh, chairman of ABM 

sney into a w^^^stScbed 1 ^ raoa" David Crotea&!e ' • RECENT ACCOUNT moves in Tjj ^SSf| T f 2l ' 9m: 10, ^ Bur ' a single agency or media-buying Rations. In the U.S. branded 

right *5S " \™' SSi ^uSg; Ifndon have altered the ranking ne «’ £30 ' 2 “' service Soyl “industries^ Up *" 

ABM’s With ao much new business Soith l op „ advertising # aNOTHEK £1M account is cently entered the UK D-I-Y | challenge, 

appetite around, we have decided to flSiP arm 1£ I ^ t ? e Saatchl and on loose. Lloyds Industries, market: Us parent claims to 

consecutive invest heavily to create just that 5!? tc | u T 1 . ntere ®^ “ ow “ cond P art of Holt-Lloyd International, dominate European automotive 

ive pitches, capacity m the new agency, and jfcrt only to Interpublic. According to has bid farewell to its three D-I-Y sales, 

ust, Berger ABM Kershaw, just as JWT did S yS L ^ ? aaT J; b i s analysis of the agencies — Grey - Advertising. • CHARLES -'BARKER RE- 
ixpress 555, with Lansdovme and McCann did thatl ^ teSt ^ C1 i r ^. t *° p }* n Summerfield and James, and CRUITBfIENT Is to handle aU 
, But in with Universal McCann and « cIo « m 1 *®?“? ° f CIon Sb.: Howard and Richards recruitment advertising for 

close on the heels of Goddofe- mgs are: 1, Interpublic (which of Manchester— and is seeking Rolls-Royce, currently worth 

snu further includes the MeCann satetlities to consolidate its advertising in £300.000 a year. ; 


Universal McCann 
says Mr. Harrison McCann." 


Medcalf, will 




V 


And that is the bakers’ brief. 
The task of halting, let alone 
reversing, the slump in bread 
sales is one of the most daunting 
challenges thrown down to the 
advertising business in the past 
10 years. Let us see how it 
performs- 


BHimBV ABfflOT BBfflETTMJD TfiJSCHOETERS 

• METALWORKING ^ 


Freezing chamber 


Heater and steaming 


Robot 



Vacuuming 



Hydra&me 

Shuttle best ixiisitria}) 
jsffxl construction site camptesooisl 



HeddBch TekHsdcfiteh 25S23 


INSTRUMENTS 

Co-ordinate 
checks made 
precisely 

MOVING into the larger end of 
mechanical component measure- 
ment. C. E. Johansson has 

. ... developed the Cordimet 1200 

HOT-FORGING Yia tM powder fence that the set-up fit econo- co-ordinate measuring machine 
metallurgy route is-i-gaining a.mical even, with production- lot offering a capacity of 1200 x 800 
great deal- o£ interest among quantities as low as 2 .QQ 0 parts, rm ww 
engineers, parttculariy. : in. the Smallest part handled has maxi- The instrument has a bridee 
U.S. and Sweden. ^Ute. former. mum-dimensions little over 1 in construction with the bridee 
rountry, Engineered Sinterings and the largest up to 4 ins long, carriage moving in the x-axis- 
and Plato t (Wr.tave.taen Pim... weight limit fe^lVthe. ZryS^is S^nSn tii 

fnS^iK 5 Qf the fwra f^-T ; ***&* runs on air hewtiSs a? 

;Snt ^- ^ Production rate ia dtw hot-, its two ends, while the central 
fflised P/K pa J? eac b IX to ’lS column on the bridge carriage 

-“con^te* depending on ^ type moves up and down for z-axis 

£2 SISSSSFSk ri°L-m25 : Qf P« rt Bei °S forged-wm have data. 

S^ohvsiMrDroiieSe? amrS * PrtiKlri area orjj _to. 7 sq The bridge runs on a massive 
o.irt ins and ^ U. ins thi^-When granite table and to further 

ShinSrtr^ ^ ■ ■ iwiKWUy. die k ^^ foig- improve Stability is itself 

maenuung. But ; u • tMw cannot j^g . production will be -about " fabricated from granite. . _ 

* ow ' sooa doubled. V-V Air bearings are also used for CONCEPT in the finishing borough,. Leicestershire, in con- which frequently cause distor- ing to introduce more moisture, pany has just been brought into 

disappear- • General-purpose robptfi «f,ihis the carriage, so that manual dis- 01 fabrics— -the Juki process-— junction with BOG. who will tion. If these are not properly and vibration to help remove operation at the Yorkshire Brick 

of are programmable;- parts- posithin of the measuring probe reduces shrinkage, improves the supply the liquid nitrogen. removed, shrinkage can occur, stress. These stages take less Company’s Suirfoot works, near 

ft!!! handling or-tool-hantHin&mach- requires little effort and wear^ ^is Ioo £ of - wo T en materi ^ a ? v d The Process has been developed either durin S cutting or than s minute to complete. Barnsley, Yorks. 

JjJ* ip « able t0 c° atT ° l and mfe«iro- SknSted. makes u easier to woric with, and imceSuS? used in Jawn f 55 ®^ m e *« n during the Because of the extremes D f tem- The kiln, which has cost about 

10000 1 ^ lhe equipment wife^wbich Resolution of* the machine is process- The miy s«Smd Jater wear of a g^ment. Re cent peratures, sufficient moisture is £ }m , has an 82 metres long 

V - 77 -« they are working. The ESP mut 0.002 mm while the repeatability whlc b a f es , bipad nitrogen . d iL ju. new trends in the clothing mdustry, condensed into the body of the r U nneI is two metres wide and 

The equipment used Is a Uni- haa fl p ^ tro nic m^mojy and. I of the sanr^er. ^ JJJ™*- *• leSiiJue. ° Pl m ^ aI t( > ^ re a hi § h Ievel has^ 1 helgff of S ll 


M = MOTOR 


Set roller 


• TEXTILES 


Stops fabrics from shrinking 


• PROCESSING 

Big brick 
kiln built 
in sections 

THE FIRST kiln of its type to be 
supplied to the brick industry 
by British Ceramic Service Com- 


ma te industrial robot - and pro- 
duction labour has been roughly 
halved. : • 

The dwWnmfo go over to the 
robot Tiandler’ .was made some 
three years* ago and- it resulted 
in 
an 


Apart from speed and versa- ^dards in the market Dlace ‘ , , is fi »ed with 52 burners each 

the heart of lhe orncess other benefits include a are hiehtiehtine these Droblems ' V* e new technique also helps capable of firing on natural gas 

sSoneSg machine P whfch feel and look to the t SeMj nr oces? the fabric reduce 016 effect of anotb ® r fre - or oil and has 39 kiln cars which 

^taSSse^Sld of !i?u“ ^ed garment, lower resist- W S^ld nitrogen « nent , ««tHc problem-hygral pass through it slov^-iy carrying 

- . „ . „ BiuvEen It can operate af hiah ance 10 the passage of a needle. sorav -to a temoerature nf minus ex P an sion. the natural expansion the ware. The required peak 

the^devetopmenl of what is „ 2? r °c! rQ ^ % company at m. sp e^ and treat range ^ a reduced tendency of fine S deerets d p^ lo the s“eam- aPd contraction of the fibres in temperature of 1,050 degrees C 

to break during sewing. material is frozen solid. This oumimty. The w , n was constructed from 

Daring the manufacture of freezing, which is the heart of Further details are available 32 separate sections which were 


via a micro- 


with from two to six programm- tional facilities 
able arm and wrist movements' processor. 


uses the 
nitrogen. 


production system made up. . of Jobs need ho more tiwt JW Dunstable, Beds (0582 6B1S1) 
the feeder for the sintered com* steps.^ ^>sitiottiuK - 'repeatxbffi.ty 
parted parted 1 the controlled- Js-to 0.05 in. 


atmosphere' ftttnsee.- the forging" " Untanation ^rope*- L'lyi/lc floEVC 

presses and the robot .itself. A 3 /A 4 ,' Sta fford Park^ 4 »'flHfford, X" JLXllJL^ JLIm W jS 
U has been found by czper- Salop TFS 3 AX. 

■ . 


The machine is being marker cd 
in Britain by Neston Tejniie 
Machinery Company, Looqh- fabrfcsT residual stresses remain the process, is followed by steam- from BOC. 01-560 5166. 


Pendant does many jobs 


in metals 

A PARTICULARLY 
ultrasonic flaw detector has 
put on the market by Baugh 


MATERIALS 


produced at British Ceramic 
Service’s Stoke-on-Trent works 
and as each section was com- 
pleted it was taken to the Stair- 


x Tight seal 


medium of 15 minutes and high stitule the largest contract ever access to tbe Data checker data- f. nt n!ant ‘ that t+1D 
of 15-20 minutes. signed for supermarket point of base - accumulated from the 1 5? 


Effective with iron, steel and sale devices. American Stores transactions 


con*-' 


material which poly menses in largest UB. retail supermarket MK 40 iTR. 0234 211262. 
the absence of air. nsing the firm. i 

metal as a catalyst Acme markets which will use 

A Hylogrip primer is also n P to S7m worth of_ the equip- j 


INTENDED TCL automate, any: lead -screw inaccuracy .and of fOF lOlfltS 

miinas nartine with. d«d». hadtlash. --resolu^ 

operated or pan^fflrvo-fi wft*.tbe -Adaptive dynam>e_ eomp ensa- w jjjj more expensive P A T EN TED a low-cost 

tiSncr" 1 '• tofrqmenta. pound for ’sealing and lockiog available i and riitre bottles, ment plans to instal Datachccker 

flriJlT tZL ' to a artuarpSSm - Measuring only 10x180 x 281 metaHo-metal joints, including and may be used to give an systems in its existing stores 

Sin^ifSr 2MK wSn^he slide SoS rain aIld weighing 43 kg, the threads of. set screws, nnts and accelerated curing time. It has Acme has completed a successful 
S° n pEP 2 the mSaedMsIlion instrument is able to detect flaws bolts, and studs and castings, has. the. advantage of removing oil t«t of Datachecker products in 

SSSSSI^iiSPSJki hw«» CridK ^ in steel, for example, over a been introduced by Marston and grease from the surfaces to three stores in the past year, and 

^ ^teSSh^mraitaS ««• 10 10 *al«t be bonded. recently installed systems in five 

7 metre*. .. . specialists. ■ -Mareton Lubricants. Xavior additional store locations. Be- 

^Tta teSte 1 WW like SSto .T^wnlwamea wt Mlag AwltabU ia ttas grate Street, UverpooL 051 227 U77. tween 150 snd 200 store locations 

any other mariune tool control encoders. The difference between wSn«2SSS on £id rMEiv -S 1 * 

pendant, but This w. a (Jec^itive the two is -registered lathe *«*- 'S*^ff°2SoS wSS. ShZ 

appearance. since it mm do teach- troller. So lo corre^ for any ,nff pns&e^jmeazo&s win an Ing strengths, ^the product, called 

latert elec- difference observed, the latter operatlng fre^cy in tiie ran^ Byk)^, will cover all the 

tronic techniques. - • r : aatoaattcaliy adds in* cor n p ea - P-5 to .SOSz, High sawn requirements of a looking and 

VCC cinS ide. cqmplme. in the naTcjSS ^ SmSS^ 

automatic c^Uaff^d- seqtient»l (&»this has been done ffbzjn- 1 TOntrola ^ 4o - ma - to “ «« : the selection problems of 



«is p<»ltiOning'ftpnr staple Jnstroment easy to operate. engineers, 

manual lnput/*Od tUs can be if mtiSsM 'aSh Time base delay « con- With: application in the atrto- 

achlrred^^witiiout lengthy tinuously vamble up to 300 mm motive, marine and domestic 

machine -• setting opentSoe,^ '‘S?9fir minus ?PiS wbu * supression M stoi- appliance manttfactnring indus- 

SS 'variable up to the eqmva- tries and in general engineering, 

sequence controller* bated, :na •■SSSBn df - slgoafe whreb -are ^^Jriaarily on threaded compon- NATIONAL Semiconductor has checker hardware both chains 

M-dMHL ' -screen height The inprt «,ts, Hyiognp can also be used entered into an agreement To Plan U* have National’s manage- 

provides . n « J»«». 5H!P.®Sw 0 SJP St **l Pf^e up to S14in^Ske? ment - 


• COMPUTERS 

National’s 
point of 
sale drive 


will be covered by tbe new con- 
tract. 

The comparable contract with 
Alpha Beta is the third major 
agreement with the chain, 
which operates in California and 
Arizona. It introduced Data- 
checker equipment about five 
years ago and currently uses the 
systems in roughly two-thirds of 
its 300 store locations. 

In addition to using Dala- 


trfp do«S- . 

Tim electronic' logie provide* storage exte&dK tn ra atten ^ ti °? -n ?* tor - metri-to-metal cylindrical provide up to SldnTbatachecker meat information processing 

absohife' dfoeorioul -iapot and ' to 32 ca]ftrated ip 2 ^ 5 ! epfi fo £ romponents or fiue-to-face joints eleetrimic supermarket stores program fMIPl, a flexible pro- 
memory;*tpr|*e. ^ ■ ^ CDr * te , ■ ** ?tee tim re quired to re tain tbe ^em to AcSeMarketsIi^ gramming language that allows 

back encoder units *refftled, ua8 , Further detai ls tro a ^nrinn aTl, changes in signal amplitude. - joint without, movement , Philadelphia, and Alpha Beta useful management reports, to 

to each Jlfe-ThWC are dlrocil^.MlUcront __ electr onic -. jp^ems - More- from^tbe coapay . aj • Coring time vanes accordinc Company, La. Habra; California, be run in the store, 
attached to lhe machine slides dtvtstas^Caxtop ^£“J^ B * d fD rd .Widexaareh Str eet. iteretord to viscosiTy — low viscosity has an over the next three rears These 


and this eliminate*Th* affects of BCK410HT. 0234 45 ^ 21 ^ 


HR4 9EZ (0132 67671), 


-- -rr~r« — ' “•*« .«*■■». , ucm .reports provide in- 

average cure- amq of 10 minutes, xne agreements together con- store management with real-time 



WHEN THE 
AIM IS 
GREATER 
PRGDUCTIOM 


Nearly everywhere you look in manufacturing industry, 

BE Group machines, equipment and know-how are 
helping to cut production costs. From rivets and rivet 
setting machines to parts feeding and assembly machines, 
net weighing and weigh/count systems and many other 
automatic processes. BE Group members are specialists 
in creative engineering, design and manufacture. 

Shouldn't you know more about it? 

S en d today for 
The Guide to the BE Group 

-&OUO Head Office; 

BHivcatad Engi n —n n fl LtaL, 

PO. Bax 2. MwKiewHe Bo«l. 

AyfeSbury. BuCH*. HP S* BAB. 

Tat AyieSBury |0296| 591 1. Telex: 833:0. 



-A'. - 









Financial Times Thursday August 10 1975 


lombard 


Iran takes a 
long view 


Time to streamline the European Court 


BY ADRIAN DICKS 

WOULD YOU, given the choice 
of bow to invest between 
DML4bn and DM1.5bn <£370m, 
let us say; over the past four 
years, have put the lot into a 
single tradition-heavy, closely- 
controlled business dependent 
for half its sales on steel and 
shipbuilding, and employing 90 
per cent of its huge work-force 
In West Germany, the world's 
most expensive labour market? 

No? Then you might have been 
surprised to learn that the Shah 
of Iran, with access doubtless to 
better financial advice than most 
of us, has done just that Fried. 
Krupp Gxnbh, holding company 
of the group that bears Ger- 
many’s best-known industrial 
name, ended an enduring, if 
minor, mystery of international 
business recently when it re- 
vealed that this is the price Iran 
has paid for its by now vast 
stake in the group. 

Starting in 1974, the Shah's 
advisers bought 25.04 per cent 
of Fried. Krupp Huettenwerke, 
the publicly-quoted steel-making 
subsidiary, for a reputed 
DM 300m. In 1976 they acquired 
■the first instalment of what ..be- 
came in late July a 25.01 per 
cent holding rin Fried. Krupp 
Gmbh for what is now known to 
be DMSTOm. in the autumn of 
1976 Iran took 40 per cent each 
of two big Krupp companies in 
Brazil, paying in excess of 
DM250m. 

Fears evaporate 

To date, all this adds up to the 
biggest industrial investment any 
oil state has yet succeeded in 
making in a western industrial 
group. Fears of Middle Eastern 
"domination" of the commanding 
heights of the German economy, 
heard when the first siep was 
announced, and when oil interests 
seemed likely to take over 
Daimler-Benz, seem to have 
evaporated. The Shah’s repre- 
sentative on the Krupp super- 
visory board has evidently 
assured his colleagues — half 
oF them now elected by the 
group's employees — that Iran 
bas no interest in moving beyond 
its blocking minority to a 
majority holding. 

It is ‘easy to see what Kruop 
has got out of the deal. The 
holding company has cash 
reserves of nearly DM 900m 
thanks to Tehran's subscriptions 
to three successive capital in- 
creases. Krupp is now, as its 
finance director put it, a net 
creditor of the banking system 
— a comforting feeling for a 
group that was pressed hard 
by its bankers a decade ago when 
the last Krupp proprietor died. 

Moreover, Iran last year pro- 


vided 10 per cent -of Krupp's 
export business — though Krupp 
men claim they have won no 
orders that were not competitive 
in their own right Some of those 
sales were paid for in Iranian 
crude oil, on which Krupp claims 
to have made a good price when 
it resold it 

■ In spite of spectacular orders, 
especially from 'the Comecon 
countries, for its sophisticated' 
engineering know-how and plant 
construction, Krupp's results 
have been heavily burdened in 
recent years by the crises in two 
of its biggest areas of activity, 
steel and shipbuilding. 
Rationalisation in these two 
areas, involving a heavy run 
down of manpower according to 
plans adopted several years back, 
still has farther to go and will 
be costly. 

Probably unique 

That is true of most other 
German steel groups, but Krupp 
is now probably unique in its 
financial insulation against hard 
times. It may even be in a posi- 
tion to start thinking about an 
acquisition in North America of 
the kind that has become de 
rigueuT for big German com- 
panies. 

But what has Iran got in return 
for its investment? In financial 
terms, not much from either the 
holding company fa DM 5m 
dividend this year) or the steel 
subsidiary, FKH (which lost 
DM 40m). Krupp men insist that 
Iran has never set financial tar- 
gets or indicated what dividends 
it expects: the talk is all of out- 
standing co-operation, partner- 
ship and of the general expertise 
which wtll rub off from clos* 
acquaintance. There are, in 
addition, training schemes for 
Iranian engineers and execu- 
tives. 

Not least, the Iranians are 
simply in a position to see bow it 
is all done by 3 big, sophisticated 
company from the inside — and 
without the bother of numerous 
small shareholders, for in the 
Krupp acquisition they are 
thought to have dealt mainly 
with Herr Bert hold Beitz. right- 
band man of the last Krupp and 
now chairman of the supervisory 
Board with voting powers for the 
Krupp family foundation's 74^9 
per cent holding — as close to a 
Shah as anyone in West German 
industry can get these days. 

Not the least of the many ser- 
vices Herr Beitz has rendered 
Krupp, however, is to have found 
a shareholder with apparently so 
few demands to make. There 
must be many businessmen who 
wish they could get equity 
finance from an investor ready 
to take such a very long view. 


THE NUMBER of cases brought 
before the European Court of 
Justice in the first six months 
of this year was 157. almost as 
many as for the whole of 1977. 
This increase in the Court's 
workload is no chance occur- 
rence. Not only has there been 
a steady rise in the number of 
cases dealt with by the Court 
over. the 21 years of its existence 
but it is a safe guess that the 
rise will accelerate in the near 
future. One reason for this is 
that British business is only now 
becoming aware of the scope 
offered by recourse to EEC law. 
The European Court has under- 
lined this by insisting that 
judges in national courts should 
give precedence -to EEC rules 
even if they conflict with 
national practice.-or with newly 
introduced national, legislation. 
All this Is likely to increase the 
number of references from 
| national courts asking the 
! European Court to decide 
I specific issues of Community 
law. 

The second factor contribut- 
ing to the increase in the work- 
: load of the Court is the activity 
of the EEC Commission. 

| Frustrated by the impossibility 
of obtaining political agreement 
for its various schemes in the 
Council of Ministers, the Com- 
mission is increasingly using 


the Court as a last resort, bring- 
ing actions against member 
States which it considers have 
failed to fulfil their European 
obligations. 

For example, it now 
embarking on a series of law 
suits against Britain. Denmark, 
France and Italy, all of which 
are zeeused of tax discrimi- 
nation against imported 
alcoholic drinks. In particular, 
the Commission Is bent on 
undoing The historical discrimi- 
nation against wine which has 
resulted in the British drinking 
beer by the pint but wine only 
by the glass. Also the Com- 
mission's proposals designed to 
protect French wine against the 
competition of cheap Italian 
wine, if passed, will inevitably 
keep booze to the forefront of 
the Court's attention. 

Another source of new cases 
might be the Commission’s hew 
policy of making provisional 
decisions removing immunity 
from fines for restrictive agree- 
ments notified to the Competi- 
tion Department 

The Court already has a 
steady influx of cases referred 
to it by national courts asking 
for interpretation of the rather 
obscure provisions of the 
European Convention on Juris- 
diction and Enforcement of 
Judgments in Civil and Com- 
mercial Matters, and must 


prepare for: an even greater 
■workload from the Community 
Patent Convention. 

Also the litigiousness of the 
staff employed by the various 
institutions of the Community 
continues unabated and the 
Court bas To give a considerable, 
proportion of its time to com- 
plaints by Community officials 


pean treaties between member 
States and between them and 
the institutions of. the Com- 
munity and can invalidate Com- 
munity regulations and 
directives. And. last but 
certainly not least, it is the 
industrial tribunal for staff 
working for Community. The 
increase in the Ccurf s business 


BUSINESS AND THE COURTS 

BY A. H. HERMANN, Legal Correspondent 


who feel that they should have 
been promoted or transferred 
to a more desirable job. 

This description of recent 
developments is far from com- 
plete but quite sufficient to 
show that the Court is a multi- 
purpose institution. It is the 
supreme authority to which 
national courts turn when un- 
certain about an issue of Com- 
munity law — and this includes 
not only the three basic 
treaties but also, further Euro- 
pean conventions. It is a court 
of appeal against the decisions 
of the Commission. It is an 
administrative court to which 
private parties can complain of 
maladministration or inaction 
by the Commission. It functions 
as a constiutional court in dis- 
putes arising out of the Euro- 


on all these fronts is inevitable 
under any circumstances but is 
likely to be further accentuated 
by 'the inability of member 
governments to mend the cracks 
in the policy of the Community 
which are left to the Court to 
paper over. 

It is therefore not at all sur- 
prising that JDr; Hans -Kuteher, 
the President of the Court, felt 
compelled, before leaving for 
his summer holiday, to warp 
the Commission and the Council 
of Ministers that the workload 
of tile Court was growing to 
unmanag eable proportions. He 
proposed that the number of 
judges should be increased 
from the present nine to 12 
and the number of Advocates 
General from four to six. This 
is a rather disappointing 


proposal, because simply to 
increase the number of judges 
will be of little avail unless the 
organisation of the Court’s work 
is radically changed. But the 
call for more judges should 
provide member governments 
with the opportunity to impress 
on, the. Court the need for an 
organisation and methods study 
designed to eliminate the pre- 
sent wasteful use of legal talent 
and to reduce the need for so 
many translations. These hold 
up the Court’s work because 
deliberations -of the judges are 
mostly conducted by circulation 
of documents and notes maw 

of which have to be translated, 
and judgments are often drafted 
in French .first, whatever, the 
languag e of the proceedings. 

-Any proposals which require 
a revision of the EEC Treaty 
can probably be dismissed as 
impracticable. But within the 
confines, of the Treaty, four, 
app roach es to . reform seem, 
worth considering: — 

The first. -would aim at reliev- 
ing the Court of most of its 
staff- cases, either by accepting 
the proposal- of the staff muons 
that .there should be an arbitra- 
tion - committee to deal with 
individual complaints or the 
Commission’s idea of an ad- 
ministrative tribunal with a 
chairman appointed by the 
Court. 


* The second reform would **, 
lieve the Court of too neresrfty 
of dealing with all references 
from national courts in plenary 
sessions. It is within ihe power 
of the Council of Minister* to 
change this rale if asked to do 
so by the Court. 

The third laboumvtng device 
would be for the Court to treat 
its Advocates-Gcneral as dc facto 
judges of the first instance* re- 
vising duly those parts Of- their 
opinions to which toe parties 
objected.- This, would assume 
tost parties to a dispute, includ- 
ing m exn be r-governments^ would . 
be allowed to makeOThnusaioos 
after the Advocate-General has 
presented his Opinion or to 
accept it as a satisfactory solu- 
tion of their dispute. ■ 

The adoption of reforms 
along these lines, or of other 
reforms with similar- effect 
could .reduce the number of 
cases in which individual: judges 
have to be involved; This in 
turxi would cut down on the 
need for' so many translations. 
Instead of increasing its staff 
of translators, the Court could: 
increase the number of legal 
assistants, and even employ . 
some economists to analyse toe 
background and possible con-' 
sequences of decisions— surely 
indispenslble in a court which: 
aspires to the role . filled by. 
the UB. Supreme Court 


Injured Shirley Heights out 
for rest of the season 


ENTERTAINMENT theatres 

GUIDE "SUSrar 1 - ».f, c »&.-™ SS5 

CC — These theatres accent certain credit JAMES EARL JONES 


SHIRLEY HEIGHTS. who 
injured a tendon on John 
Dunlop’s Arundel gallops at the 
weekend, will not race for the 
rest of the season. It will 
probably not be known for some 


RACING 


BY DOMINIC WIGAN 



f Indicates programme in 
black and white. 

BBC 1 

6.-HI am Open University (Ultra 
High Frequency only). 9 JO Pad- 
dington. 9.53 Jackanory. 10.10 
Scooby Doo. 10.35 Who's There’.' 
11.15 On The Move. IMS Cricket: 
Second Test: The Comhill Insur- 
ance Test Series. England v New 
Zealand. 1.30 pm Mister Men. 
1.45 News. 2.00 The Common- 
wealth Games /Cricket: Second 


Test. 2.50 Eisteddfod 78: 
Ceremony of Chairing the Bard. 
330 The Commonwealth Games/ 
Cricket: Second Test. 4.18 

Regional News for England 
(except London). 4£0 Play 
School (as BBC 2 11.00 am). 4.45 
Graham's Gang. 5.10 Boss Cat. 
535 Captain Pugwash. 

5.40 News. 

5.55 Nationwide (London and 
South East only). 

6.20 Dr. Who. 

6.45 The Commonwealth Gaines. 

7.45 Top of the Pops. 

8.10 The Hollywood Greats. 

Ronald Colman. 

9.00 News 

9.25 The Songwriters: Tim Rice 
and Andrew Lloyd Webber. 


F.T. CROSSWORD PUZZLE No. 3,741 



ACROSS 

1 Curtsy to bachelor in reel (6) 

4 Cessation of work to check 
buttons (S) 

10 Process carried out on fish 
and boilers Hi 

11 Put back Scandinavian coin. 

after a pause i*> 

12 Tool for a dissolute person 
(4) 

13 Being inclined to enter cup 
and making large profits <S. 2i 

15 Send abroad some French 
wine (6) 

16 Cut off a learner nr maybe 
more than one i7> 

20 Loudspeaker, wrongly sent to 
monarch ? f 7 1 

21 Sign of stress from airman 
with money (6) 

24 One who introduces couples 
and manufactures lighters (101 

26 I had love left for a favourite 
(4) 

28 Potters about with old trades- 
men (7) 

29 Play upon words to^a fellow 
could be sarcastic (7) 

30 Inclined to be angry with 
burden I half shed (8) 

31 District of city that could get 
hot? 1 6 > 

DOWN 

1 The finest journey— on horse- 
back? fS> 

2 Where it's dangerous on the 
road and at the top of the 
snooker table (9) 

3 Flag to be seen in Fair Tsle 
(4) 

3 Intimidate, then tear apart 

inside (S> . 


6 Wrongly license pet in epi- 
demic (10) 

7 In the midst of producing 
mango (5) 

8 Excused river Service Police- 
men before start of trial (6) 

9 A key French Island could be 
active (5) 

14 Boots arc not thus without 
limbs (10) 

17 Alteration to notice about 
men met round the north t9 » 

15 Fool trapped in breakwaters 
—it could bo sticky (S) 

19 Steps over wall to race round 
— the heel ! (8) 

22 Cite me coming up? It’s 
sickening! (8* 

23 Entice with note to politician 

on 3rd of October (5) 

25 Dance with beat and energy 
<3> ’ 

27 Move slowly inside church 
(4) 

Solution to Puzzle No. 3.740 


QEEBftHHa BEnBBE 

e a n - a a o-n 

nHQEEEDH SHOOHE 
E a B B H 0 H B 
nQO00EQB9 P3EDEB 

la h 0 - O' □ b n 

BHEES HHnBHEC 

□ 0- 0 -:I : - - • Q Q. 0 

QQQQQCS 0000 
a a b - a - n - r q n 
00000 J 3 E 0 anE 0 QH 

be e ana o 
SEDGEE-i, QEBBSnEH 
JME " B O 0 D 
3 H0QS -HEQaEHQIj 


time whether he can resume next 
year. 

Although the mishap to the 
dual Derby winner is clearly a 
hard blow to British racing, there 
is at least some compensation in 
knowing that the timing could 
bave been considerably worse. 
For the national stud would not 
now be looking forward to the 
acquisition of such a potentially 
fop class son of Mill Reef had the 
colt been ruled out for the season 
a few months earlier. 

Moreover, it is heartening to 
know that in lie de Bourbon 
(now generally quoted at 13-8 
for the St. Leger), England still 
appears to bave a top class colt 


10.20 I Claudius. 

11.15 Checkpoint. 

11.45 Cricket highlights. 

12.10 am Weather / Regional 
News. 

All regions as BBC 1 except at 
the following times: 

Wales — 5.55-6-20 pm Wales 

Today. 9.25-10.20 Eisteddfod *78. 
12.10 am News and Weather for 
Wales. 

Scotland — 5.55-6.20 pm Report- 
ing Scotland. 12.10 am News and 
Weather for Scotland. 

Northern Ireland — 4.18-L20 pm 
Northern Ireland News. 535-020 
Scene Around Six. 12J0 am News 
and Weather for Northern Ireland. 

England — 5.55-620 pm Look 
East (Norwich): Look North 

(Leeds. Manchester. Newcastle); 
Midi ands Today ( Birmingham ) , 
Points West (Bristol); South 
Today (Southampton); Spotlight 
South West (Plymouth). 

BBC 2 

6.40 am Open University. 

11.00 Play School. 

2.10 pm Cricket: Second Test. 

England v New Zealand. 

625 Ooen University. 

7.00 News on 2 Headlines. 

7.05 The British Connection? 

720 News on 2. 

7.40 Gacdeners' World from 
’* Cobblers.” Crowborough. 

8.05 Top Gear. 

830 BC: The Archaeology of the 
Bible Lands. 

9.00 Washington: Behind Closed 
Doors, part 1. 

1025 Late News on 2. 

1025 Washington: Behind Closed 
Doors (continued). 

12.05 am Closedown (reading). 

BBC 2 Wales Only — 230-430 pm 
Eisteddfod 78. 

LONDON 

930 am A Place in History. 9-55 
Skilful Soccer with Jack Charlton. 
(020 The Undersea Adventures of 
Cantain Nemo. 1025 Spiderman. 
10.45 The National Film Board of 
Canada Presents . . . 1135 Cartoon 
Time. 12.00 Little Blue. 12.10 pm 
Pipkins. 1230 Doctor ! 1.00 News 
plus FT index. 120 Platform. 
130 Young Ramsay. 225 The Ben- 
son and Hedges Internationa] 
Open Golf Tournament. 3.50 The 
Sullivans. t430 Children's Film 
Matinee: “Wide Open Town.” 

5.45 News. 

6.00 Survival. 

630 Cartoon Time. 

6.50 Crossroads. 

RADIO 1 247m 

(S) Stereophonic broadcast 
I Median? Wave 

5.00 am AS Radio - 7-02 Dave Lee 

Travis. MO Simon Bales, ms Kid 
Jensen with (be Radio I Roadshow (bom 
SouUwon. • QJO pm Xeu-S&eai. 12.45 
Paul Barnett 2.00 Tony Blackburn. 
4-31 Paul namfrsconi tncludins 5J0 
NewftK.ii. 7 JO Snorts Desk (Joins Radio 
2t. 10.02 Jotm Peej iSi. 12.00-3.02 am 

As Radio — 

RADIO 2 1200m and VHF 

5.00 am Vows Summary. 5.02 Tone 
m-andon iSi Indndtn? 6.1 5 Pause for 
■nioiKhr and 7.02 Commonwealth Games 
Spam DfSlc 732 Rnart Matthew (S • 
Including 1 8-02 Commonwealth Games 
Soon a Desk. 837 Karine Kane tin and 
LQ Pause for Thoucht. 10 -OS Jimmy 
VoniK i SI. 1235 pm Wacaonrrs' Walk. 
12.30 Pete Murray's Open Boise (St 
Including 145 Snorts Desk. 2J0 DavM 
RamUion (Si Inrtodlns US aod 3 JO 
Snorts Desk. 430 Waggoners’ Walk. 
4.05 Snorts Desk. 450 Bill Prince (Si 
Including 545 Spans Desk and Le2 Cross- 
Channel Motor! tiK Information. .533 
Commnnvi-ihh Games Snorts Desk. 7.02 
Country Club tS, mclndim; 737 Sports 
Desk. *02 Folfareare Live at SUmouih 
(Si. 0.H Commonwealth Games Snorts 
Desk. 10.02 Wif* End. 10-JQ star Sound 
E»rn. 22- B? F.rfmnmen 10 with Terry 
woL-an inrtii<*<ni! nin \evs. ? n j nj an 
News Summary. 

RADIO 3 464m. Stereo & VHF 

6-55 am Weather 7JB S'ews. 1J0S 
Overture 'Si- 8j» News. 3JB Mamins 
Concert Ijn. MO News. 7.85 This week’s 
Commsrr Jan^^ek iSi. 10 PS Senes and 
Sinns Quarters (Si. 1105 Cricket. 


capable of repelling the overseas 
challenge for the country's oldest 
classic on September 16. 

At Salisbury today. He de 
Bourbon’s handler, FuSce 
Johnson Houghton (responsible 
for the 1967 St Leger winner. 
Ribocco, and the following year's 
hero. Ribero) could add to his 
already outstanding record for 
1978 through Water Ballet ■ 

This good-looking bay daughter 
of Sir Ivor’s sire. Sir Gaylord, 
was far from disgraced last time 
out in a mile handicap at 
Pontefract where lack of finish- 
ing pace saw her lose to Bertie 
Me Boy in the valuable Larch 
Handicap. 

Although that Pontefract race 
was in May. there seems little 
doubt judging by the remarkable 
form of her stablemates, that 
Water Ballet will be ready to do 
herself full justice over toe lj 
miles of toe Upavon Stakes — a 
trip which will suit her ideally. 

Ryan Pride, whose colt 
Gibraltar ran a good race with- 
out being quite good enough to 
open bis account here yester- 
day, could have better luck; this 
afternoon through, the twice- 


7.15 Leave It To Charlie. 

7.45 *’ The House in Nightmare 
Park.” starring Frankie 
Howerd and Ray Milland. 
930 Great Expectations. 

104)0 News 

1030 Oh No It’s Selwyn Fro&gitt 
11-00 Richie Brockelman. * 

12.00 What The Papers Say. 
12.15 am Close: A Victorian 

painting with mask by 
Chopin. 

All IBA regions a$ London 
except at toe fallowing -times: 

ANGLIA; 

10.20 am Ahlmated Special. ILOS Space 
IBM. 125 pm Anglia News. U 6 The 
Entertainers. 2.00 Women Only. 438 
Lassie. 4^ Westway • 535 Brcones. 
6381 About Amelia. 635 Arena. 10 JO 
The World of Liberace. mu Chonper 
Squad. 12 25 am The Living Word. 

A TV 

1020 am Music at Harwood. 10.45 
BaiflesnxuuL 1U0 Snldernun. 1130 
Manic Circle. 11-5 5 The Adventure* of 
Parsley. L20 pm A TV Newjdesfc. 130 
England Their Enpland. ZOO Summer 
After Noon. 330 Quick on the Drau-, 

4 20 KCicple. *35 Three (or the Hoad. 

6.00 ATY Today 1030 GanJcnioe Today. 
1 L 00 Dan Ambus. 

BORDER 

1030 am Certain Women. 12.05 
CLuwrtjoarrt. U39 Wildlife Cinema. 
7139 pm Border Kom. 430 Code R 

5 IS Snlo One. 6.00 Lnof: around Thneuliv. 
10.10 Andv Williams Show. 11.00 Banna. 
1135 Border New* Summary 

CH4NNFL 

1.20 pm Channel Lunchtime Nrvs and 
What's On Where. 430 The Little Home 
on the Prairie. 535 The Practice. 6.00 
Channel Neva 630 Island of Adventure. 
635 Summer Diary. 1038 Chanm-T Late 
News. 1032 Down the Line LUX) The 
Andy Williams Show. 1130 M" Lords. 
Ladles and Gentlemen. 1225 am 
Actualities et Projections No. 9 

GRAMPIAN 

935 am First ThJnf:. 1030 Cash and 
Company. UL0S The Compnnv Men. 
U0 pm Grampian News Heidlin>-s a.jo 
The LJtUe House on the Prairie. 535 
A'xiohon-Wildhfe Thoatre. fa .00 nramni-.n 
Today. 6.16 Farmlnc No vs. 635 Flair. 
1930 Oh No. It's Selwyn Frosnlit. 11. 00 
Din Aliens*. 12 29 am Hefl , '-'i>ni. 12.25 
Grampian Laic Nicht Headlines. 

GRANADA 

10.20 am Return to the Planet or the 
Anes. 19.40 The Lost Island*. 1105 
The Beatles. 11.25 SHopy. U.® Kathy* 
Qnlc. 1-29 pm This Is Your Right, a an 
Urrlc Rouse on I he Prairie. 5.10 The 
Utwterseo Adventures of Captain Nemo. 
535 Crossroads. 630 Granada News. 
6.05 Dn Rite 63S Those Wonderful TV 
Times 1030 Clarmc-rboard North West. 

11.00 What »he Papers Say. 1130 Law 
Centre. 1235 am A Little Nlsht Music. 

HTV 

T 10.20 atn “ Sanders of the River.” 
starring Paul Robeson. 130 pm Report 
West Headlines. 13S Report Wales Hoad- 

Second Test. CornhUI Insurance Series: 
Eastland v. New Zealand. Including 
135 pm News. 1.60 The Great Match— 
Finland v New Zealand 19T3 ttalki and 

2.00 Lnnchrlme scoreboard. 636 Llfpllncr 
The Wider W’nrld. 730 Proms TS. part i 
Bnrrok >Si 830 Official Sperets: A Richt 
to Know i talk by James Comfort i. t,20 
Proms IS. part 2 : Hardn. Dvorak is.. 

Scientifically Speaknw- Professor 
J. Z. Vonnj; talks about a new approach 
to zoology. U30 William Mathias ig«. 

10.0 The Bach Family (S'. 1L4S News. 
1130 -U .55 TtmiBhrs Schubert Sons (Si 

WF^W-7.00 am Open University: 
7.B0 With MW 1U5 French Baroque 
Miolc t5'. 1230 pm Radio Srmphonv 
Orchestra. Berlin, part 1 tSi LBQ \ PS , s 
L05 Radio Symphony Orchestra, Berlin 
MO - ‘S'. 236 Father and Son Concert 
{«'■ 230 Bliss chamber music tSi. 3.15 
” Gemma di Vent* •• Opera In turn Acts 
music by Doolzrni. Art 1 tSi. 435 
Words . . . (tadki. 030 ” Gemma dl 
Versy. ■ Act J , Sl . 535-730 Open 
L’ldversity. 730 With MW. 

RADIO 4 

434m. 330m, 285m and VHF 
630 «m News Bricfias. 430 Farming 
Today. 630 Today indndina 730 ami 
too Today's News. 7J0 and 830 News 
Headlines. 835 Hard Times 1 S 1 . 430 
News. 935 These You Have Loved tSi. 
1030 News. 1035 From Obr Own Corres- 
pondeaL 1030 Dafly Service. 11135 
Morntnc Story. 1130 News. 1135 Down 
Your Way. 1135 Near Myths: Aspects of 
Ancient and Modem Greece. 12.00 News. 
1232 pm You and Yours. 1227 Many A 
Stic. 1235 Weather programme news. 
130 The World At One. 230 Thu Archers. 
135 Woman’s Hour Incindfauc 230-292 
News. 2JS Listen With Mother. 330 
News. 535 Afternoon Thentr- (S'. 4.9o 
News- 435 Jack de Manlo Precisely, a 35 


SALISBURY I 

2.00 Startingo 1 

2.30 Amedeo**’' 

3.00 Scbweppervescence 

3.30 Admiral Grenville 

4.00 Water Ballet * 

4.30 Carrigeen 

5.00 Great Expectations 

YARMOUTH 

2.15 Arizona Pie 

4.15 Chalomean ** . 

4.45 Native Spring 

raced Harry Demetriou colt. 
Amedeo. 

This bay juvenile by So 
Blessed out of Java Sparrow has 
not raced since disappointing in 
toe Stetchworth Maiden Stakes 
for which he was joint favour- 
ite at Newmarket on Craven 
Stakes day. 

However, he is reported to be 
in fine trim and I feel confident 
that he will be the one to beat 
in Division I of the Amesbury 
Stakes. . 

At Yarmouth, Chalumeau 
could be a winner for toe out- 
of-luck Lester Piggott in the 
Scroby Fands Stakes. 


him. 130 Out of Town. 230 Women 1 
Only. 330 The Electric Theatre Show . 1 
430 Out Clsb. 435 The FlintKnacs. 
530 Cross™ 3 cU. 630 Report West. 6-22 
Report Wales. 635 Survtval. 1035 A 
Celtic Celebration. 1135 Law Centre. 

KTV Cymrv /Wales— As HTV General 
Service except: 935 am-1230 Yr EWedd- 
fod Geoedlanihol. L2P-U5 pm Penawdau 
Newyddloa Y Dydd. 235-330 The Royal 
National F.lstMdfod of Wales. 430 Mirt 
Mawr. 4304.45 Wribethna. 630432 Y 
Dydd Yo Y BrifwyL 635-7.15 Yr 
Elneddfod Gcncdlaeihal. 

HTV West— As HTV General Service 
except; 130-130 pm Report West Head- 
lines. 632445 Sport West. 

SCOTTISH 

1830 era Valley of the Dtnosaora. 1035 1 
Junior Waiftiee. 135 pm Newp and Road. 
136 Wfld. Wild World of Animals. 230 1 
Woman Only. 430 Island of Adventure. 
545 Cartoon. 530 Crossroads. 630 
Scotland Today. 6J0 Weir’s Way. 635, 
Caxnock Way. 1030 The Entertainers. 
1136 Late Can. 1135 Emergency. 

SOUTHERN ! 

1030 am Woody Woodpecker. 1638 , 
" The Time of HI* Life." starring Richard 
Blake. . 130 pm Soothera News. 130 
SnrvtvaL 230 Womi-n Only 430 Dyno- 
mtm the Doe Wonder. 4.45 The Lota 
Wvnds. 5.15 Slnbad Junior. 530 Crnis- 
road*. 630 Day by Day. 635 University 
ChaBenpe. 1030 Dancer tn Paradise. 
1236 Smiihom News Extra. 1130 What 
the Papers Say. 

TYNE TEES 

135 am The Good Word followed by 
North East News Headlines. tI830 
MortUOR Movie- "The Maple Bow," star- 
nnp Stewart riranccr and Phyllis Calvert. 
130 pm North East News and Look- 
aroofld. 430 Thursday Matinee: ■■ Rooites 
of Sherwood Forest." slarrinc John Derek 
630 'Northern Life 10 J 0 What About the 
Workers. 11.00 Rafferty u w Epilogue 

ULSTER 

tlB30 Mam] on Movie: ■■ Forever and 
a Day.” starring Anna Ncaide. Ray 
MUtaod. 'Claude Rains and Ida Lupine. 
130 pm Lonrhilme. 448 Vlsrer News 
Headlines. 430 Clue Club. 4.45 The 
Gene Machine. 545 The Adventures of 
Iliac* ' Beamy 6.00 Ulster TelevbHon 
Newa. 635 Crossroad". <40 Reports. 
635 Want A Job 730 r artoon Time, 
in JO .GardeniijB Today linn noun's 
Heines. 1125 Bedtime. 

WESTWARD 

1030 am World U 40 Tree 

Top Tale* 11.00 CTanperhoard. u jo 
T he Gene Marhlne 12 27 pm Gus Honey- 
tim’S Blrthrinr" up Westward News 
IleadHoM 430 The Little Httutr on rhe 
Prairie. 545 The Practice. 630 West- 
ward Diary 1038 Westward Late News. 
“^5 Dtn ?T ^ The Andv 

ivnuams Show. 1130 MT-orrfs. Ladles and 
Gepdemen 12 30 am Fatih r>ir -Life 

r YORKWIRP 

1830 ora Pwer Without Glory 12 JO 
The- Whtre Stone, 11.35 The Woody 
Woodpecker Show. 130 pm Calendar 
News 433 •• Rogues of Sbervood 

PorMt.” atarrinu Joho Derek. 630 
Calendar rpmk-v Moor and R.-lmonr 
pdfriorwt. 1639 Wh.tt A hour the Workers? 

11.00 The Streets of San Francisco. 

Story Time. 530 PM Reports 5.40 
Sereodipi'* tSi 555 Wcarhi-r: procraimne 
nt-ws. 630 X*wx. 630 Brain of Bntaln 
1 BT*. 7.00 N<*wa 735 The Archers 738 
Let’s Get This Settled. 735 Ceorac 
Meredith tn Love. 8J0 Odd One OUL 
8.45 The Block and White Minstrel Slnrv 
(Si. <30 Pastle Howard >Sl. 

Weather 10 00 The World Tonight. U30 
ITapoiness la . . . »-tih Bernard Falk 
1BSS My Delight with Joan RafawIT. 
1130 A Book At Bedtime 11 . IS The 
Finadclaj World TonlcAL 1130 News. 

BBC Radio London 

206m and 943 VHF 

530 am AS Radio 2 630 Rush Hoar. 

9.00 London Live. 12.03 pm Call In. 
233 Shnwcasi-. 433 Rome Run 730 
Jazr Alive! 730 Black Londoners. 330 
Snuf-TR. 1033 Late Nish I London. 12 . 00 - 
a«se: as Radb 2 . 

London Broadcasting 

2film and 973 VHF 

53B am Morning Music. 630 AM: non- 
stop news, information, travel, sport. 
1030 Brian Hayes Show. 130 pm LBC 
Reports. 330 Gemu Gale’s 3 O'clock 
Call .430 LBC Reports i continues i. 830 
After ElKbt. 630 Mghlllnc. 1.00 am 
Nlsht Extra. 

Capital Radio 

194m and 95.8 VHF 

6M am Graham Done's Breakfast Show 
(St. 030 Tony Mntt (SI. 1230 Dave 
Cash < Sr. 330 pen Peter Younja (51. 7.00 
Lord Ceoixe-Brown's Capital Commentary 
■ Si. 746 London Today i$i. 730 Adrian 
Love's Open line fSi— Cricket phone-in 
with Prvd Trueman. 9.00 Nicky Home's 
Your Mother Wouldn't Like It (St. 1130 
Mike ADeii'e T-»W Show ^ 2-00 am 

Duncan Johnson’s Nlsta Flight (Si. 


cards b> teld»hona or ar the B<u Olhcc- 

OPERA & BALLET 

COLISEUM Credit aros U I -240 S2S0 
ResenriUons 01-U36 3101 
ENGLISH NATIONAL OPERA 


- MaonttcNA^O. 


THEATRES - 

Of 930 BOOS ST. MARTIN'S. Ct. 030 1*4X tvs. B.OO. 
h, 2 on' Matinees Tues. 2.45. SAturdavi 5 aod S. 

MSS AGATHA CHMSTtrs 

THE MOUSETRAP 

M, ' ' WORLD'S LONGEST .EVER ' RUN 

- .HUhimtiDu awn TEAR. 


theatre." D. Mall. “ Make, «t a muat.” TALK OF THE TOWN. CC TSA 

Evening Standard, tlmi tcfl Seamn a. 00. Dlnmg Dancing .’Bar* men 

ragTSGS S3 TABS. »iO Saw Revue 


8.00. Dlnmg 


Tonight & WbO. neat at 7.30: .La Boneme. king's road TMSATRE- 352 7MJ. 
Tomor. at 7.30: The Mon. to Duir. 9.o. Fr, '„ Sj „ t ' 9 30 

7 JO new production at THE CONSUL - THE roQCY HORROR_5HOW 
tons replaces scheduled pert. o» Carmmj. ■ • JQNTDBEAM IT. SEE W 


Wall DAZZLE 
and at tl nm- 
LOS RE ALES DEL PARAQUAT 


on day at pert_. t ura Tniirs. and Fn. at 0 . MtSMITH. Tomor. A Sat, mity at 7.30pm 


104 uakony seats available «rom 10.00 
on day of pert. 

ROYAL FESTIVAL HALL 028 3191 

untn Auo. 19. Evs. 7.30. Mat Sari. 3 
GREAT STARS OF WORLD BALLET 
GALA BALLET SEASON 
FONTEYN. GIELGUD, MAKAROVA. 
MORISHITO. SEYMOUR and BU JONES 

^ V bE N B A A C LlkT SH ‘ M,2U 


’ LAST 2 WEEKS. ENOS AUG. 19. 

Mon!. Tues.. Timra. and Fn. at 0. 

928 3191 YVrd s n a Sat. 6.10 and 8.50. 

Mat. San ,3 TVK TWO RONNIES 

_ D ballet In -a Spectacular Comedy Re rue 

MAKAROVA. LONDON PALLADIUM. O 1 -fST, 
ih nil ionfs 'September 4. For one Mek wr. 

Y SHIMIZU MAX BYGRAVES 

r anuauu .. special GuastStar 

t JOEY HEATHERTON , 

LONDON PALLADIUM: 01-137 7373! 

Septumoer zsth. For one Week Only. 
.... LENA MARTELL . 


' THEATRES Septamoer ZMh^ | ^ R °^ L Ww,,t 0nl¥ ' 

•u^Vn^K^MUST EN^OCT 6 ^ L^CTHtATRV 01^37 3«6- 
hvgs. 740. Mats. Thurs. 3.0. SaL 4.0. Mat. Thur*. S.Q. SaL S.O and a_JO. 


IRENE - IRENE IRENE _ J°AN cTnlAY 

THE BEST MUSICAL PLOWRIGHT FINLAY 

,'>’1976. 1977 and 197B! Edu'are “^F.llwm 

■’ LONDON'S BbST NIGHT OUT." tOTALTRmMPH .” C £* ^Newf 1 ^^AN 

CREDIT CARO ^ OOgNGS 636 76 1 1. ^OR^HUNIMED 

ALBERT. 036 3070. Credit card bless. YEARS." Sunday Times 

036 1071-3 02!" .®-S® »*"• , r * t “ MAYFAIR. 629 3036. Air «ond. tn. 8 . 


FRANK 

FINLAY 


FILUMENA 
by Eduardo de Filippo 
Directed by FRANCO ZEFFIRELLI 
■* TOTAL TRIUMPH." Ev. Ncwm. “ AN 
EVENT TO TREASURE." D. MW. “ MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS." Sunday Times 


Mon. Turn.. Wed. ami Frl. 7A5 piq. ^ 5J0 and 8.30. Wed. MaL 3.00. 
- c , d r5<2. D c ■« WELSH NATIONAL THEATRE CO. 

A THOUSAND TIMES WELCOME IS DYLAN THOMAS S 

DLi«K UNDER MILK WOOD 

'■ MIRACULOUS MUSICAL F n. Tima* MERMAID. 248 7656. Restaurant 248 


* CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." Pal ly Mirror. 

ALDWYCH. 836 6404. Info. 836 S332. 

Fully air conditioned 
ROYAL SHAKESPEARE COMPANY 
Tonight. Tomor. 7-30. SaL 2.0 and 7.3Q. 
Stem Gooch's THE WOMAN PIRATES 
AND BONNEY AND MARY READ 
More fun. thoupht-provoklnB and 
expectation defying than anything riso 
on the West End Stage.’' Time Out. 
With : strl nd hero's THE DANCE OF 

death tnew oerf i» Aug-i- RSC also 
at THE WAREHOUE (See under w.l. 


Evenlntis 740 and 9. IS. 
EVERY GOOD BOY 
DESERVES FAVOUR 


VAUDEVILLE. 636 9988. CC Cts a. 00. 
Mat. Tues. 2 . 45 . Sat. s.and 8. 

Dinah SHERIDAN. Dole** GRAY. 

A MURDER IS ANNOUNCED 
The newest whodunnit bV Agatha Chrtsde 
" Re-enter Agatto Christie wllti anothr 
whodunnit Mt. Agatha Christie Is nalk- 
Ins the West End vet again wtth anotkar 
-of Iter fiendish hr Insen ions muraar 
mysteries." FeHu Barker. Ewenlno Nnq. 
AIR-CONDITIONED THEATRE. 
VICTORIA PALAOL 

82fl 4735-6 834 7117. 

STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Ews. 74 0. Mats. Wed , and Sat. 2A3 . 
WAREHOUSE. Oonmar Theatre. Comm 
G arden. 636 fcBQB. Royal Shakespeare 
Companv. Ton’t. 8-00. Fate Atkin's 
A ANO R- "Drematicalhr hiphty 
charged . . . Pete Atkin’s piano playing 
is as en lor able as his dialogae," .Times. 
AB seats £1.80. Adv. bkss. Aldwvch. 
St udent standby El. . 

WHITEHALL. 01-930.: 6092-7765. 

Ergs 8 JO. Frl. and SaL BAS and 9.00. 

- Paul Raymond presents rtuc Seesalkmal 
Sex Rente o« the Century 
DEEP THROAT^ ' 

6th GREAT MONTH 


acrorsand orchestta ny TOM yyiNDMILL THEATRE. CC. 01-437 6312 . 
STOPPARD 6 ANORE PREVIN Seaft £4 TWIre Nightly 6.00 and 10.00. 

£3 and £2. "NO ONE WHO LOVES Sundays R on I«s no 

Tuc.cuM.ru ■ rr , un run ^JunyiYi V.VU and o.wi. 


THE- ENGLISH LANGUAGE AND THE 
HIGHEST COMIC ART CAN POSSIBLY 
MISS THIS PLAY." S. Time*. "At last i 
a meaningful and brilliant and serious 
political play." Cllrc Barnes. NY Pott. - v 
Run exte n ded to Sept. 30- 

NATIONAL' THEATRE. . 928 2252 * — 


ALMOST .FREE. 485 622*. Lunchtimes Edorard Bond. Tomor, 7 30 The Oiarrv 
ONE OFF bv Boh Wilson- Tues. -Sat. O rchar d..' 

1.15 pm Suns 3.0 and 5.0 om. No LYTTELTON (proscenium stage*; Today 3 
Shows on Monday. How PC mat4 *_7A5_PLUNDTR by Beh- 


l yGp Sltt.fafaiL. 7 SSH hi VTYNOHAM’5. 01 -63^ 3026. Cfedl 
8 WS. 036- ion from 6.30 ajn. 
Tomor. 7 30 The Oianrv Thur. 3. tic. Frl. and Sat. 5.1 S an 
P2?£?Trw. , ."Enormously rich 


PAUL RAYMOND presents 
(UP OFF 

THE E ROTIC^E XPE Rl^l NCE OF THE. ' 

" Takes to unprecedented DnHu what Is 
permissible on our stage.*' Evg. News. 
. -. . 3rd GREAT -V BAH- v ; 
rVNPHAM'S. 01 -A3^ 30^ Oed'lit Cart 
8 KW. 036- 1071 from 6.50 ajn. Mon.- 
Thur. B.OO. Fri. and .Sat. 3.16 and 8-30. 


1 vr sf 2 NQ^b^J a K nS caff^oT^maR 5 uSl3ori'urnl- Prom 
Mondays. ■ ■■ — • Matt excellent cheep seats all 3 theatres 


Satnders. Tues. -Sat. a.O. pm. NO Shows Sept 2*. 

M ondays. ■ __ . • Many excellent ehe 

AMBASSADORS. CC. 01-836 1171. dar . of °ert Car 
Niahtiv at 8.00. Matinees Tues. 2.45. ’ 2033. Credit cards 
Saturdays at 5 and 8 . old viC. 

PATRICK CARGILL and TONY ANKOLT ■ PROSPECT A 
ih SLEUTH Jtrne-Si 

The World- Fa moirs Thriller twmlf 

by ANTHONY SHAFFER Eileen Atkins " a 

"SeHng the pmv .aealn ls III W M Robert Eddisan "1 
utter and total loy. .Punch. SMt Prices dlan. Today 740. 
£2.00 and £4.40 Dinner and Top-Price THE LADY'S N 

seat £7.50. Derek jacohl "tis 

APOLLO. 01-437 2663- E renin SIS 8.00. { 

Mats, thurs. 3 OO. Sat. 5.00 and 8 JJO «' «uh«^ Final 
DONALD SIN DEN 2 'I 

"Actor of the year." Evening Standard i 

” IS SUPERB.” N.o.w. Bruce KOOB up t 

SHUT YOUR EYES AND 7-3 

THINK OF ENGLAND “L. 

— - ’’Wickedly funny." Time . _ 

AKn **roM STOPPARD^S ' B3€ “"A MIMulSSSS 

DIRTY LlNCN * MIDSUMMER 

’■ HHsriOKS . . . see It," Sunday Times. Jodar. Frl. and Sat 
Monday to Thursday 6 JO. Friday and S**: , J? 1 ?! _. 

Saturday at 7-00 and 9. IS. . 

ASTORIA THEATRE. CC Charing Crest dark lady^OT 
Rd. 01-731 *291. M«vr -Thurs- 8 IA b.OO Mat. Wed. 2 
Frl.- and 5 * r ' aa 6 -°° |T > . ,t ? ■ 8 ' 45 ' tBuWet AGINC OURT. LIiik 

ELVIS PALACE. CC 

"infectious appeallnri. loot stamolng and Mon.-Tnurs. 8 .O. 
heart-thumpbig." Obserrer Sears £ 2 . 00 - JESUS CHRI 

£6 OO. Half-hour before snow best avail- by Tim R ce and 
able seats £3.00. Mon. -Thurs. and Frl. ohofmiy Srs= , 
6 pm pert. only. reOEPIX. 01-116 I 

BEST MUSICAL OF THE YEAR a jS n ™J5 Ir 

EVENI NG STAND A RD AWA R D GAROENto^ 

CAMBRIDGE. CC 836 6056. Mon. to THR It M VAR 

Thur. 8.00 Frtdsy. Saturday S.45 and The Hti Cn-n-dv 
■JO "LAUGH WHY | 

IPI TOMBl HftVf DIED. • Snn 

ExriHng Black Alrlcan Musical DELIGHT •• r,. s fa 

"Packed with variety." Diy. Mirror. CONTINUOUS LAI 

Seat oncra S2 OO-LS.OO. - „ rf l ' 

THIRD GREAT YEAR AO U.LV frnm 

Dinner and -pp-prlce seats £8.7S IncL cards BX 6 

CHICHESTER. 0243 81312. SYLvIa 1 mVi r| m 

Today at 2 £ 0 . AUO^ II I and 12 7.00 an^SHI 

LOOK AFTER- LULU ... ^ptrTArli 

Tonight at 7 .00. A ug. 12 at 2.00. FBr>M EVFRY MF 

the ASPERN PAPERS PANY.” V ”^rdh.n 

COMEDY. 01.930 2578. TENNEMF 

e»os. Mon. -Frl. 8 . 00 . Sat. 5.00 and 8 JO. _ V1BU3I 

Mai. Thur. 3 00 fThe Ota Quarts 

EDWARD WOODWARD "For those who d* 

BARBARA JEFFORD In B-~iPr # th „ 

THE DARK HORSE "1 his msrylKtvs 

with STACY DORNING add wiM'rT T^u. 

PETER WOODWARD T»*~ARD 

A cracking New Play br Rosemary Anne n S W. - n? 

Sisson. Ev ' w " M»t Thi 

"A Tudor treat npt tn be missed. Damned c notf rHANd 

so*l theatre." S. Times. ” Family enter- From S<*o—moei~ 7; 

ta Inmen i . , . anyone ol any aoe is likely __ 

ra enlov." S. Tel. - a laugh a minute" ^ T,n ' 

D. Tel. " Oodoti uni ties brllllnatlv seliefl D'-rer-d bv 


day. of peri Car .park. Restaurant 928 
2033. Credit cards bkgs. 92a 30S2. 

OLD VIC. . _ 928 7616 

PROSPECT AT THE OLD VIC 
lane- Sent, season 
„ TWELFTH NIGHT 

Eileen Atkins a superti Viola." Timee. 
Robert Eddisan "brilliant Feste.” Guar- 


Thur. B.OO. Fri- and .SaL s.15 end 8-30. 
_ “ ENORMOUSLY RICH 
VERY FUNNY.’' Evening News. 
Mary O'Malley's smash-hit comedy 
__ ONCE A' CATHOLIC 

Supreme comedy on sex and raflpton.’* 
Dally Tetesrapfe. 

•’ MAKES YOU SHAKE WITH 
LAUGHTER." Guardian.... 

CINEMAS 

ADC 1*2. SHAFTESBURY A VS. 838 
88 B 1 . Sep. Ports. ALL SEATS BICBLE. 
l: 2001: A SPACE ODYSSEY (Ul. 

70m m him Wk. 6 Swu 2 JLS, 7.55. Late 
stow Frl. & Sat. 11.05. 

2: \THE ONE AND ONLY lA). Wk. * 
Sim'i; 2.00. S.1S. 8.15. 


_ THE .LADY’S NOT. FOR. BURNING .. Sort'd 2 . 00 . 3.1 S. 8.15. 

Derek Jacobi “easy 6 vinle authority." ■ ... — . 

Standard. Eileen AtJcfne “rixettlng pbvsl- P^JP^hl . ,Qwn 
cal Rulrfltv." Financial Times. "A oem Tobe) L *8_5 2443- Max Ctebutt' grtaeest 
of a pertormance from Robert Eddlson . . . him LOLA MONTES iAJ. 4^0. 6 JO. 8 JO. 

Michael Denison, John Sarldput A Brenda I Z . _ . . _ 

Bruce scood up the laughs." Guardian. 1 . 2 . 3, 4, Oxford Street toon. 


Frl. 7.30. Set. 2.30 * 7J0. 

Derek Jacobi In IVANOV — Chekhov’s 
first comedy. Pr e vie w s from August I 6 tn 
at matlnre prices. 

open air. Regent's Park. Tel. 48S 2 «i. 

A MIDSUMMER NIGHT'S DREAM 
Today. Fri. and Sat. 7 . 45 . Mat. Today and 
SaL 2.30. With RULALENSKA. IAN 
TALBOT. ELIZABETH ESTENSEN. DAVID 
WESTON. Shaw’s MAN OF DESTINY and 
DARK LADY OF THE SONNETS. Mon. 
8.00 Mat. Wed. 2-30- Esmond Knight In 
AGI NC OURT. LUffchthne Tomorrow 1.15. 

PALACE. CC 01-437 6834. 

Mon.-Tnurs. 8 . 0 . Frf.'A Sat. 6 * 8.40. 

_ JESUS CHRIST SUPERSTAR 
by Tim R ce arid Andrew Lloyd-Webber. 


Tottenham Court Rd. Tube!. 636 0310. 
Special Season of Film Entertainment 
for Children land Adults). One twice SOo 
Mpn -Frt. 11 am. Doan 104S am. 

T^HiRTan 10 ,u *’ SAMMY ^ 

U and a prog. Children baH.prlce. 

1 . Walt Disney's HERBIE GOES TO 
MONTE CARLO (Ul. PrPBS. 1 JO. 3^0. 
5.55, 8-05. Late Show EMMAMUELLE 
2 (XI. 1 1 pm. 

2. Doug McClure. WARLORDS OF - 
ATLANTIS lA. Prog*. 1 - 10 . 3.30. 5.55 

8 JO. Late show TEXAS CHAIN SAW 
MASSACRE (X-GLCi. Horn. 

3. John 'Carpenter’s- DARK STAR fAI. 
2.15. 5.35. 9.00. ZARDOZ (XL 3.40 
7.05. Late show 1 1 pm. 

4. THE LAST WALTZ lU>. ‘Progs. 1 . 20 . 
3.45. S. 10 , 8.35. Late -show 11 pm. 


PHOENIX. 01- 836 22 94. Ere nl run at 8.15. sjas. 8.10, 8.35. Late -show 11 pm*. 

Friday ana SmurIiv 6 OH end 8 40. — — 

■ TIM BROOKE TAYLOR. GRAEME CURZON. Curzon Street- W.l. 439 3737- 
GARDEN malm of Uuoh." D. Mall. (Fully Air Conditioned! DERSU U2ALA 


ow Edward wondwird and a first ra'ei w - 


GARDEM make of Uooh." D. Mall. 

THI UMVARNISHFO TRUTH 
The Mir Cnm-dv by B^Vr-g BYTQN. 
“ LAUGH WHY | THOUGHT I WOl'Ln 
HAVF DIED. • Stindny Timet. " FHFER 
DELIGHT - By. Rfewtarw " hi ORIOUS 
C ONT»MUOUS LAUGH TE R." Times. 
P'C'"AOIt.LY fmm B.’O xn» 437 4506. 
Credit cards BX6 1071-3. Mnn.-hur. 8. 

.. an * *■» 5 and 8.15. ■ 1 5th ar 71 . 
SYLVIA Mil rs twre <Kr »R nominee 
an n SHEILA GISH 
. SP*CTACHL*° PEOFORMAhlCES 
FRGM EVFOY MFMBFR OF THE COM. 
PANY.” Gunrdlxn; A n*w alay br 
TENNECCFC WIL' IAMS 
_ VIBUX CARRE 

•The "Old Quarter " of New Orieansr 
For those who dHipht in (he continued 
onwrr of this great writer . . . showing 
nh hit mwrellntff comic gift " Times. 

painir-r Fnw^RO CC. rPormerly CKJnrTi 
‘’t-ljr 6P-T7 ow tiv rr u iu-x tni* trenk. 
Eves on Mrt'Thnr to Fri f •» 8.40. 

NOTF CHANGE O* SAT PER OS 
From 5-n-mofr ■*' <»*f. 3.00 and 8.00. 
^ ^ EVtTA 1 

b» Tim pw and A"*— w tn»d Webber, j 
CUrertnd by Harold Prince. 


east In Val May's extremely effective 
eroducrlor. • E News. •• Americans . . . 
will love k.” Gdn 

CRITERION. 930 3216. CC. 836 1071~3 
Ergs. 8 Sats. 5.30. 8.30. Thurs. 3.0. 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
in FIX OF ONE 

A HALF DOZEN LAUGHS A MINUTE 
SECOND. HILARIOUS YEAR 
“ VERY FUNN Y." S un. Tel 

DRURYLANt 07-536 8108 Mon. to 
Sai 8.00. Ma-'rees Wed. & Sat. 3.00. 
A CHORUS LINE 

A r^re. eevaerrilno, loyouv astomshmo 

stunner/ S. Times. 3rd GREAT YEAR 

DUCHESS. 836*8243. Mon. to Ttmr* 
Evenings 'B.Chi Fn 5>t 6 15 and 9 00 

OHI CALCUTTA* 

" Thr miolry Is slonnlng." Dally Tel. 

9th Sens nrionar Ye ar. 

DUKE OF YORK’S. 01-815 SJ22 

Evenings 8 00 Mats. Wed.. Sal 3.00. I 
Limited Seav?n, Musi end Auaust 25 ' 
JOHN GlelGUD 
In jnl*x Min- hell's 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
*• .■a.?’;? "Iffy n- one Shn-iiu 

"f. Harold Hobnprv ’Drama! Instant 
credit care reservations. Dinner and Top- 

twice s eats £700 

FORTUNE. B3ff223B E*s. 8.00. Thurt. 3’ 
Sat. 5.00 and B.OO. 

Muriel Pavlow as MISS U4 RPl( in 
MURDER AT THE VICARAGE 
.FOURTH GREAT YEAR 

G/WR^X THEATRE CC. 01-836 4601. 
Ev «J- 8 is Wed 3.0. 5a r 5.30 8 30. 

TIMOTHY WEST. GEMMA JONE5T 
MICHAEL KITCHEN 
in HAROLD PINTFR'S 
THE HOMECOMING 
'BRILLIANT — A TAUT OND EXCEL- 
LENTLY ACTED PRODUCTION.” D. Trl. 
r5 N '^EXHAUSTIBLY RICH WORK*" 
Gdn, "NOT TO BE MISSED. " Times 
GLOBE THEATRE. 01-437 1S92. 

Eves. 8.15. Wed. 3.0. Sat. 6.0 8 40. 
PAUL EDDINGTON. JULIA MrKENZIE. 
BENJAMIN WHITROW Ip 
ALAN AYCKBOURN’S New Cornea* 
TEN TIMES TABLE 
Thlfa must be the happiest laugrter. 
maker In London." o. Tel. "An rrejistiblv 
cr| ova Me evening," Sunday Time s. 

GREENWICH THEATRE! 01-858 7755! 
WILLIAM DOUGLAS NOME'S 
Newest Plav 

_ . THE EDITOR REGRETS ■ 
Erenrnps &.Q, . Sets. — ana R 
HAYMARKET. 930 «832. Evos. 8.00. 
Wed. Z.30. SaL «JO and 8.00. 

PAUL SCOFIELD 
HARRY ANDREWS 
ELEANOR T REV OR 

BRON PEACOCK 

and IRENE HANDL In 
A FAMILY 

A new play by RONALD HaRwOOD 
Directed bv CASPER WREDE 
■' An admirable May non on. well con. 
celled nroeeriv worked out lresmy and 
. nrtinglv nriilen riel*:* Ta' M*irg. pj.ji 
ScoBeM at hi* beat." B. Levin. 5. T-ires. 


(Fully Air Conditioned! DERSU U2ALA 
(Ui In 70 mm (English sdbriitta*!. A 
film by AKIRA KUROSAWA “ MASTER- 

t PIECE." Times. " MASTEHWOrk.’" 
Observer. " MASTERPIECE.” E. News. 
Film at 2. 5.45 and 8-20. Suns. 4 and T . 

LEICESTER SQUARE THEATRE (930 5 2521 
Richard Burton. Rogert mdot*. Richard 
Hams. Hardy Kruger In THE WILD 
GESSE (AAi. See. progs. Wks. i.oo. 
4.30. B.1D. Son. 3.30. 7.45. Late Shows 
Fri. and Sat. 1145 pm. Seats may ba 
booked In advance for S.10 props. Mon - 
Fri. and all progs. Sat and Sun. Excl.' 
late-night shows. 

ODEON,' HiymarfcaL (930 2738/2771 ■> 
MIDNIGHT EXPRESS (XI. S«P. PrOgt. 
□ly.. doors open 2.00. 5.00. B.OO. Late 
show Fris, A Sats. doors open 11.15 p.m. 
All seats bkbte. 

odbqnl Leicester Sauare. (930 6111.1 
REVENGX OF, THE FINK PANTHER (A) 
Sen. Proas. Dly. Doors open 1.45. 4.30. 
T.4S. Lata shows ThurS— Frl.. Sat. Doors 
open J 1.15 p.m. All seats bkbJe at the 
Bor ^Office or by Post, except Thurs. 

ODEON. Marble ArchT" lV~2. (723 2011>zT- 
CLOSE ENCOUNTERS OF THE THIRD 
KIMd (Al. 500 progs Dly. Doors ooen 
1.05. 4.15. 7 AS. Late show Fri. and Sat. 
Doors open 11.15 p.m. All seats bkble- 


Evenimm 8 .e' 1 B A5 ‘ J. 05. 4.1 s'. 7 AS. Late Show' Fri. and Sat. 

BR04Duy?v %«F^ U iu«CAL ,T ' T5 *- m - A » 

I LTVR MY WFU FejniCE CM4Pi.es, jric. So. 4y7 8181. 

*»arrl«o ROS'M OCYW'TH MtL BROOKS HIGH ANXIETY iAI. 

Dlrp^rd hv GENE 5AK5. 500. Peris. DIV. Hnr Sun.t 7-4B. 5.15. 

CREO'T CARD BOOKING* oxn (irt4n J 00- Late Show Frt. and Sat. 1145. 

EmTeen''^ rc tri-7 34 — 11 66 r • • ^ Bhble. LlC’d. Bar. ' 

■re'" Writ B.o. kriv 5.0 and fl So! I 8 ™. 0 '® 1- Oxford Circus. 437 3300. 


Oi-ens a. m. 23rd at 7 
»OY DOTRICE 


GEORGE CHAKIOis 
. JAMES VILLIERS 


RiCHAhrj vrstinN In 

THg_PA««»OW O F PRA CULA 

»«v-»c*~ , Tpcv ,, BR*R. rr- ri'.ij 4 isos. 
At T ' — i O m 1 * r~n. (»»-« Suns, 
B MJI B*vwHM« 

THE n*Tiw»l ne rimyir^ 

Ful’u ak^rirt'-ispri 
21s> CF N5aT< nMAL YEAR 

’rr-'-J. <oii cite. Twhei. oTsi-t 

TH' I5»«*T. »W”r» N 
nsritercr.' wilS'-- L 
Eres « »n TH.im. * «a* 7 no * o on. 

Af* coo riy Dco-rr».r fi t 

TREQ'T r»»n erYH(ING5 
01-637. orPP'3, 


nil Clavborah. Alan Bafn In Paul Mjnr- 
*ky'« AN UNMreaiEO WOMAN (XI. 
Preos. 1-13. .X. 40. 6.05. 8J5. Lte- 
Show Sat. 10.50. 


ART GALLERIES 


FIELDBOURNK GALLERIES, 63. Qnced'S 
Grgwe. sl Johns Wood see 3600. 
LANDSCAPES bv Reval AcadwnkSini. 
MARBL E Cary bugs, VOMA SASEURGH. 
F'NE ART SOCIETY. 148. Npw Bond St 
3116. SUMMER EXMI 

hi non. 


avrt rn* , $rtDLKdiiv Ivifvlltaent " M. flM BritHfi ind 

— GriT - F'Wh MODERN DRAWINGS - and 

. Modern British MARITIME PICTURES. > 


RriYALTY Fr-HIt rardt or-«n s nnr\A 
Nr-^r-TNUMH,, EW">MI POO. Fr'Haw 
5 30 and 8.45. CntuMjre 3.00 ■•ri b.qq 
L ondon r— Mes mb «ti-< Y noniiEjc t- 
BUPrling frown P'KaE 

_ . _ Best Mcs-rri Of 4 °77 
Tel B ticking s ar-ented. Mzjcr crodti card* 
BfcfMuren t R Mr ration 405 2418. • 

IDLER'S WFIII tW 5ATF«: Roariierry 
A»o.. EC7. P37 1672. - Until S-OL 2. 
Eves. 7 30 MIL Sri. 2 JO. 

, MA*C*L MA**CfiAU 
Maple . - . TMs supreme mine of our 
thwe. Evening New*,-. 

SAVOY THEATR8. ‘ 01-035 P88P. 

Cr. nnk 734 4772/ Tom Corel in 
WHOSE LIFE IS IT ANYWAY? 
With JAN* ASHER 

"A MOYFNTOU« PLAY- I URGE YOU 
„ TO SEE IT." Gnartton, 

E*gs. a| 8.00. Frl. 6 SaL 545 6 8.45. 


42. Albemarle street, Piccadilly, W.l. 


CLUBS 


- , w riCHCfii TJR U»f. A M 

Carlo or All-In Menu. Three Spectanur 
Floor Shows. 1045. 1245 and 1.45 and 
ma*tc of Johrttnr Hawfcatworth & Friends. 

■ S ?/Py :l " 5tY<) ^ t ' London. W.l. 

FLOORSHOW 

JWE GREAT BRITISH STRIP 

- Midnight and 1 a.m. 

MOfl.-FrL Closed Saturdays. 01-437 6455 


SHAFTESBURY! CC. 01-836 8506. EXHIBITIONS 

Shaftesbury Are. (Htth. Hdborn end! ' 

FANTA c rtC - - 

"BURSTING WiTH^NJOYMENT.". D-Tri r OP ANTIQUE CASTILIAN 

Mm £2 to £5 Beet • pen ^.50 w-hr _ Collect ion _ of 13th and 

bMore show at Box Olffie. tjtcewt 2nd WraumS" 1 ?.?,. Cw T fl ?S' 

Deri. Fri. & sir ^ 4 <wv.Tiiun. 8.15. Frt. mainr. more i « dip 


Prirec £2 to £5. Beat soars *2.50 w-hr 
breore mow at Box Office- hjccere 2nd 
oerf. Fri. A Sat Mon_T1iurs. 8.15. Frt. 
*"6 Sat. 5 JO and 8-3 P-. . . • • 

STRAND, 01-036 - 2660, -Eveolrtflt BJIO. 
Met. Thurs. 3.00. Sot. 5.50 and 0-50 
NO SEX PtfOSg-— 

WE'RE BRITISH - . 

THE WORLD'S DRFA^ST 

L AUGHT LR- M»KF» • 

GOOD SEATS £4- 00-61 .09. 


IrtmSn 'J*® 1 Melropoie. 

Brightoa. 5th- 15th Aug. (M-9 p.m. 

- rtny ! and meet Marmaba- de 
Kl^rST^l?- rwal *» *he 

"rww 3«.. Conduit St! w' l' 

S3Si ^SS«iS, ,0 ' s - »J6-ia.s5L 


!s % 

^5: 







r i. : 




g sg'rrr ' . ,- Jf— — — — 


‘M 


t 


A' 


M V 




w 



s’it / 


August 10 1978 

year 




The, ..'3S78 .-. Ahs-on-Prov^nce 
Festival was^ planned substan- 
tially as: a tribute to .British 
opera and., British' performers; 
both played a considerable part 
in the program Sj?. This was . a 
timely- gesture of recognition, 
by the festival director, Bernard 
Lefort, ot; among other -things, 
the degree, to which musicians 
from this .side: of the channel 
now participate . in v French 
operatic activities,’ a . degree uh : 
thinkable tsven. only a few years 
ago. IV w the results were not 
by any wcahsimifotmly success- 
ful, there waff general agreement 
that - the. . e^rt- “had been 
rewarded; ^ Vv- - 

The “Scottish : . Chamber 
Orchestra pteyetf for two of the 
three ; festiyad. .opera, eveo is; one 
of tte >twoV was , given in co- 
operation . with Scottish Opera. 
This was 'Tint, ah Fortunately, :a 
full evening of opera, bui -rather 
a Soiree feirceli— the Ode for St- 
Cecilia's Day, in the first Jialf, 
followed- by Dido and Aeneas in 
a new staging by Jobn Copley, 
in- the second.; There: were prob- 
ably solid financial reasons, why 
a full double, blii of opera Could 
not be offered' (*t borne, Scottish . 
Opera plan to take' Dido into its 
repertory alongside : - Holst's 
Savitri. - Even so. 1 the. mixture 
of concert and. opera proved at 
dampening one, ' sot least 
because the reading of the Ode 
loped pleasantly along, short on 
particularity of response to the 
copious graphic musical imagerv, 
or vigour in the choral and 
orchestral delivery — it was as 
tbougb Charles Mackerras, -tbe 
orchestra,' and the Scottish Opera: 
choir -were all saving themselves 
for the second half.' ind the; 
effect was noticeable. 

Dido marked Janet. Baker's 
first ' appearances in 1 opera in 
France. By report, the ptemiire 
had been a troubled -one-r^a. com- 
bination of audience disapproval 
at the . presence -of television 
cameras, working their familiar 
damage (their ' appearance at 
French festivals .often seems as 
predictable, and as destructive, 
as Bash-photographers in the 
audience. ' delayed starts, and 
noisy latecomers).- and hints of 
“ political " intervention by a 
small section" "of the French 
public. By the: third perform- 
ance, all was .calm, receptive, 
and. at the end. enthusiastic, for. 
an account of the jttile of unsur- 
passable eloquence "and" ipaSesty. 
Dame Janet's volte is “now much 
more variable in 'quality than 
once it was: there -were, patches, 
in “Ah. Belinda." of- unsteady 
emission, and the-,- pitching of the 
high Gs tended to fall on die 
sharp side of. the,, note. Butin, 
the grandeur of the '.characterisa- 
tion, ut its quietly, sentient detail 
and reserves of. scalding ange.r, 
in the manner in which Purcell’s 
dramatic intentions, were borne 
on the inflection: of - the woyifc— 


-la. all “these aspects a noble por- 
trayai seeine'd distilled to new 
purity ' and"., intensity. With 
Norma ‘-Briffttma- as an airy, 
charming Belihda; Alan -Titus as 
.an Aeneas . wb&ftatched Dido in 
vividness of words and presence 
< if not always in .the careful 
joining of - notes into legato 
phrases \ and Mackerras and his 
orchestra and ehoras redeeming 
their honour with playing and 
Singing of ?«3»ilarating ciaritv 
and firmness, the musical side of 
the great music drama was well 
served. • ’" v 

Visually * 0 d .dramatically, the 
evening was less-happy, objec- 
tion. to : the" familiar Stefanos 
Lazaridraznixture-of black bach- 
dorH.gau&ily- ornate costumes in 
Sarfshjmd stain colours, heavily 
elaborate props, <the Sorceress 
and. her tribe s were burdened 
with* larseV fantastic monster 
head-dress) .r*od- sbarp-featuxed 
set design . (here,- a series of 
nasty-tooktng : jagged : rock sil-' 
houettes) r 'iS - 1 >rob 8 bly a matter 


elegant rendering of a work's 
surface. Lucidly, with a Dido of 
such central weight and power, 
the depth of the work was com- 
municated .after all. - 

The hit of tbe 197S festival 
was Jorge Lavelli’s production of 
Handel's Alcina, with the Scot- 
tish Chamber ...Orchestra con- 
ducted by Raymond Leppard, and 
with a splendid cast, including 
Christfane Eda-Pierre in tbe title 
role. Teresa Berganza as Rug- 
giero, and a British contingent 
made up of those accomplished 
Ha ridel tans. Valerie Masterson (a 
great favourite In France). 
Philip ' Langridgev and Ann 
Murray. I must strain every 
nerve in the. effort of being fair 
to La velli's show,' which T dis- 
liked almost from start to finish. 
Yet I was forced to recognise 
that a strong theatrical intelli- 
gence was at work therein. 

Lavelli’s show,' one calls It for 
it was very much the. producer's 
evening. His vision of the work 
dictated the particular- character 



by MAX LOPPERT 


Morgana and Oronte were given supple account of “ HE restano le 
blackface makeup. The opera lagrime.” (Why is this first-rate 
was shorn nf (by my count) singer so rarely heard in 
nine arias; several middle;sec- Britain?) 
nons and do capo repeats were Bergari u *c' - Verdi » 

removed from those that re- . e ven * i, „ 

?,"££&* parMn' $*wS? 

sensuous, magical-romantic at- Dt v '; ■ », sta .p,r^„ n _ ?, 

inosphere. were jettiMined. were , 

The pomt of all this seemed to Miss Maslerton sang a capti- 
bc to focus on the glittering yet vatingly li-ht and playful 
tormented sexuality, the outward Morgana, delicious in “Tornami 
fascination an inward terror, of a vaahepgiar"; and the Brada- 
the sorceress- herself. Why. maote of Ann Murrav and Mr. 
Lavelli asked in a programme Langridge's Oronte dealt admir- 
note.'should Alcina be unable to a bly with the reduced amount 
exercise her potter in any other of music that remained to them, 
way (except by sorcery), in a In smaller parts, Christine 
frenetic race towards a bajv Chateau and Francois Loup were 
piness-she is incapable of attain- -vocally no more than adequate 
ing? Certainly, in the .loag-reci- Whatever one may have felt 
tatives and arias of the second about the result, this was an 
act, "Ah! mio cor." “Abl.Rug- Alcirm acted with absolute con- 
giero crudel." and “Ombre vietion bv the entire cast 
pailide.V a musical sequence^ f ^ r 

,n * 10 d ° Britain. It was 
intended as popular fare, as part 
reflected on the Sttge with the flf ^ Qp ^ Sam Tone se Tries 

A°!pi^ 0,81 had been Wjelcomed at pre- 
tS vious festivals. Around tbe 
ifoough she is at the centre of the beautiful Fountain- of -the Four 

fn°r Dolphins, at a quiet intersection 

“Jiv closed off to traffic, a small 

th6 rn^inpZ 11,6 atre bad been constructed. 

l” 5. & c of drSSS S7, e s 

tone and ^'^" ^'eracuon * conc p eit ; W V 

of Blot and sn^plot— wore out a shred of the - inteIJ i g ence 

Ai*i*n in tl,at persuaded one to sit, albeit 

man ^Ji 11 tn if nf complaining, through Lavelli's 

managed to -make a cast of Handel a shri „ shaJloW- silly 


Chrirtiane Eda-Pierre. 


plot and 

sacrificed to fine, S ™! 

yss,¥ fn . 1 JSS"! ‘y V PdPPet-ttieatre kind nf Doniaetti. 

^ away wheneve^ Bj^ni ^fieshinduLd" f SSdTS 

fn^S'"™7a7oo^«7 0 S Retouch, d n~7Sar^ t ^of fte 
tS5s £ ma“ eD 7 arins dr ; mn “ b f°- , . 

nerisms, and the occasional producer. Jean-Louis 

briliant flash oF in sight-— finally, Tharain, had conceived the 
this was for me an Alcina of Paging as a kind of marionette 
losses rather than gains. show, with a squadron of supers 

in pantaloons and powdered 
Th.s was despite one of the cheeks prancing around the 

most -distinguished musical ren- p rincipa! characters, and with 
ditions of a Handel opera bne bits of business on swings and 
could Hope to hear-rindeed one , adders Bratuitously appIU?d l0 
of the strongest indictments of 
Lavelli-Zachwatowicz. it could be * 


,-v-f.c • -- 


Albert H^lf/Radio 3 


of personal. rtMte.: But, as io 
almost every ilaEaridlffdesigned 
production T have seen, with the 
exception of the -Covent Garden 
Figaro and {thej &NO Seraglio, 
there came?- that unfortunate 
moment when .A long, flowing 
robe (in thi&-case, tbe Sorcoress') 
caught on some prbtniding edge 
or. surface. -and: had -to be ripped 
loose-— a judgment, surely, on tbe 
fuss and clutter of the designer's 
method? Mr. Cbplej^s production 
moved forward in a deft and 
decorative way. 'with beat Copley, 
esque pointers of, the action — 
Belinda's Pandarus 'role was 
wittily clarified— and one or two 
questionable / -gksses (Dido's 
suicide, though - effectively 
plotted, struck.- a’... false, and 
musically insenBitive, note). As 
so often Jb.JuCdpley staging. 
Ihe impresslbtt. left - was of an 


~. : v ‘V- 


and colour of Kryatyna Zachwa- 
towicz’s designs. AJcina's en- 
chanted island . became the 
darkly' imposing facade, “heavy 
with ornamental grillwork. of an 
18th-century mansion, draped 
with sinister suggestions of dark 
foliage and, at various points, 
swathed in folds of black and 
brown curtaining. (It was yet 
another opera production of tbe 
70s in which tne modish colours 
of black, brown, silver and white 
in some of- the costumes, domi- 
nated tbe stage.) Aldus's cast-off 
loverg had been transformed into 
furry animals, who could be seen 
through the windows of the man- 
sion. prowling in their cages, and 
who threw off their animal masks 
in the final chorus. Every decora- 
tive element had been subdued 
or else cast aside — Alcina and 
Morgana wore fuzzy wigs, and 


argued, was the degree to wtnch r. . 

visual ugliness and gloom xSOOK KCVT6WS 3ppC3T Oil 
managed to dull the ear to the n - in 

manifold beauties of. sound. j age 

Leppard is, for my taste. , a ' 

Handel conductor of too soft and 

yielding a substance — string lines tbe action. In other circum- 
melt with lustiness, obligato stances, Gabriel Bacquier's Pas- 
colours glow with roseate hue. quale would be a .portrayal 
But there could be no question- gratefully encountered; Timothy 
ing his excellence as an inspirer NoIen, a smoothly sung Mala- 
and closely sensitive accompanist testa, and Faye Robinson, a 
of fine singing. Of this there black Norma with a picturesque 
was a feast At first one feared soubrette soprano, both gave 
that Miss Eda-Pierre's tiigbre jjotentially estimable perform- 
might - prove too cool and re- ances ruined by the j apery un- 
strained for tbe glittering sbr- posed upon them. (The Ernesto, 
ceress. By the second act, ease, Michael Rosness. would probably 
resourceful projection, fearless- be feeble in any kind of 
ness of technique and dramatic Pasquale.) The playing of tbe 
insight lent depth and resonance New Philharmonic Orchestra of 
to that wonderfully individual Radio France under Gianfranco 
cool tone, and the Martinique Rivoli was clean, if never very 
soprano crowned her perform- lilting or lyrical. All in ail. one 
ance with an aching yet finely act was quite enough. 



by MAX LOPPERT 


One of the two hew works’ .at rommeautry 
the Proms this- 


Polish disappointment 


by FRANK LIPSIUS 


Based on the success of tbe stage, the play does at least take convey the message without need 
[Theatre of Nations three years advantage of man's natural sym- of helpful meddling (not, of 
. . upon, such,-: ex-: ago. Warsaw's International pathy lor animals — and animals' course, tbe fault of Laughton). 

Proms this- year. Rpbln pressioif. After two hearing^ of ! Theatre Meetings used the aus- assumed simplicity. Emotion runs Disaonnin? men t in Warsaw 

Holloway's Romania for. violin ihe ' wnrk, at the morning l pices of ihe Ministry of Culture high in each of the scenes that wa ^ w £jj d 1 : a pro- 



Bess M otter, Larry Dann, Marti Webb and Brian Protheroe 


Lcrut-mi Hurt 


Regent 


The Great American 
Backstage Musical 


In its way this 90-minute 
pastiche revue is a little jewel, 
but you have to approach it with 
a feeling for parody. It is sup- 
posed to- 'take place at the time 
of the second world war, and the 
songs imitate the music of that 
time with considerable accuracy. 
Moreover they are sung by the 
six-strong company with much 
understanding of the proper 
style — styles, rather, for there 
is more than one — and it is 
possible to take them more 
seriously than 1 imagine the 
authors Bill Solly and Dooald 
Ward intend us to. There is a 
very sentimental number.- “I'll 
wait for Joe.” sung near the 
end by Bess Motter in character 
as a chanteuse in a clip-joint, 
and I don't think the abundance 
of her applause was altogether 
due to her talent for imitating 
other singers; it was just for 
singing so well. 

. The 15 songs are strung along 
an unimportant plot about love 
among the singers in Johnny's 
Pocket Revue, the entertainment 
at a downtown bqr. One of the 
singers becomes a Hollywood 
star, one becomes a millionaire,' 
one is hit by a shell while enter- 
taining the troops, and so on. At 
least no one could take this 
seriously. 

The songs are another matter. 
They belong in a period when 
revue songs had to be witty or 
tuneful or both, and some of 
these soogs fulfil that require- 
ment as well -as many of the 
numbers I recall from the Gate 
Revues. Sweet and Lote and the 
rest Miss Motter's roll-call of- 
cakes In '’Crumbs in my bed." 


the absurdly distorted “English" 
sentimentality of “ Cheerio," the 
rousing vulgarity of “ When the 
money comes in." which Marti 
Webb, wearing a green-and-silver 
topper with matching tailcoat 
and right-leg garter, belts out at 
a Shubert spectacular — these 
aren’t only beautifully imitated 
from 1939 music; they would 
have rated high in it. Brian 
Protheroe's “The star of the 
show" would have been a hit 
as surely as "Transatlantic 

lullaby." 

The singing and the dance- 
routines have evidently been 
scrupulously rehearsed, and 
they are performed briskly and 
tidily. As ah actress roughly in 
the mould of Gertrude Lawrence. 
Judith Bruce’s English accent is 


as convincingly false as the sen- 
timent of “Cheerio." and she has 
a great time in a neatly-suggested 
big production number. “1 could 
fall in love.” Marti Webb grows 
more and more metallic as 
Shubert anil Hollywnud imprint 
success all over her; Martin 
Smith is quiet and courteous as 
the - secret millionaire: Larry 

Dann, who has the least to do 
and the least helpful material to 
do it with, is the comedy man. 
Comedy dialogue is not a strong 
point with Messrs. Solly and 
Ward. 

The admirable choreography 
and the witty direction are the 
work of Bob Talmagc. Robert 
Tapsfield is responsible for the 
sounds in the pit. 

B. A. YOUNG 


The Fifth Kilkenny Arts Week 


American jazz tenor saxopho- 
nist Zoot Sims is to give two 
concerts at the Fifth Kilkenny 
Arts w’eek later this month. His 
two appearances on the opening 
day. Saturday, August 26, will 
be at Kyleler's Inn. where he 
will be accompanied by an Irish 
rhythm section comprising John 
Wadham. Noel.. Kelehan and 
Jimmy McKay. 

At this year's festival the 
accent is. on music and the visual 
arts and craFts. The music events 
are held in the 13th-century St. 
Canice’s Cathedral, which has a 
capacity of 1.000. 

Among the groups giving con- 
certs are the Cbilingirian String 
Quartet the Medieval Ensemble 
of London, the New Irish Cham- 


ber Orchestra, the RTE Sym- 
phony Orchestra and the Testore 
Chamber Orchestra. 

The major art exhibition will 
he of David Hockney's drawings 
for the Giyndebourne production 
of The Rake's Progress. This 
will be presented in a converted 
gallery of Kilkenny Castle which 
will alsb be the venue of late- 
night readings by authors, in- 
cluding Laurie Lee. 

The budget for the festival is 
£30.000 with contributions com- 
ing from, among others. Kil- 
kenny County Council. Kilkenny 
Corporation, the Arts Council nf 
Ireland and the South East 
Regional Tourist Organisation nf 
Ireland. There are also local 
sponsors of events. 



the English Chamber Orchestra fidenl form ).T feel strongly -that ! from seven countries 'two were pJav is set entirely in a m a 1 i a£nn the 

under Simon Rattle. /The con-; there is little trace, or .self- 1 from the Soviet Union). Besides ^ hire surooJnded b? PolaSd of the sttlish in er-wa? 
cert also offered Haydn’s' «tli Indulgence in the warn and ; productions from these com- ^ as a v^ the olay^^^ 

Symphony.- a .hard-dr iven, beautiful sounds, in the wistful < panics, the participants attended chorus^to the viclMitudes of his matched cDuo'le in wfhich the 

humourless, and untidy arwrant quality. of tbe solo writing, in the a symposium on “The Art of five-piece band ° with husband his fn ends and parents 

Md accord^ and IZortZt ^ iS *w?re *lm C? ■ 

i tmnfjowx. and. thr Mozart C sweetness. Discipline has been i out, the continual need to bring the ctirner while the ele«antlv more cnnhimw-atprl hchavinnr out 

major Piano Concerto; ^witi, asserted bya masterly eoatwl of new people. into the theatre. The mate SKSe Tw^Gom- 

mmiAinoei 1 tnot Ar^nc. ! CVmn/Kntm fPnTtirPri .Tor7V - * « r 


Imogen Cooper rather --'lesi harmonic movement: the writes- j symposium featured 
poised, rather edgier 'or tone, tralhra. is delicate and punioseful Grotowski speaking at 
than usual.) . • (wonderfully spare use of the ‘ sessions of the conference: he 

The new work war-'easily the harp), the form is stipple but (then rook the participants on a 
highlight of (he evenitilg— a short, lightly organi.sed. It is. A work ■ two-day retreat to show his work 
beautifully shaped ^structure, at that should find an easy plage inv a ‘ Wroclaw, 
one a linked >^our-hjovemimt the violinist’s repertoiy,' h place ; 


appearances to alter the course browicz was not one to be put 
ciosea of ^ hors^-g iif e . off by the illogic of the pre- 

KhoIstomer*s first misfortune wisej be is tnuch naore 
was to be less beautiful than his interested in delving Uip depths 
chief rival. As a result the hero or - frustration and sadism the 
rapes the mare who abandons P^p r 8?rl evokes from those 


conyer.td and' a. s«. of theme and nor overcrowded with ff0th-J contribution remain confidential “ ' He overcomes herself up in a closet to escape 

^ .i nations, filled;', as'-. thd tttle eentury pieces of surh Immedialc : and tittle was heard about it rh , d jMbi]itv when Prinpp Scr- then- attentions and comes out 
promises, with gently romantic attractiveness which are also except from disdainful partici- DU vv,ov 5 kv recognises h«s wiTrih. on ^ Pr0S6 the stage and use 
i .'inMiuidn.l «tiKt)a distinctive. and Sn*lv :»«■«*«■ „r fham Pnlac u-hn I .v*, i 


lyrical sounds . of - aa Individual subtle, 
and poetic kind; . From J -the' wade- 
L-haracier and the colour at those- 
sounds, it seemed thtft 
first inspiration had 
call the textures and 

n.iiive impulses. . .... . . L . 

violtn-orcheslra works from this j 0 ji n p 0 ote in the Five Mad ri- : 5011 rces - a pr03ect 

century (and late la:. the last); Ea ic (1973) on Jovce anri-Ktint i undertaken with UNESCO money, 

‘ —Mipture', amF-thM r ‘ ‘ ' *•““ u — 

upon them. . There Arc 
MiUKCstion>, in -the back 

nf ihc sccondi Bartok enneerto. of .Romania's- new-found maturity. 

•lie two by Szjuunhwski and by and noetic restraint. the^un4 culfures t°S et ber. 
rrakofiev. Elsewhere, Stravinsky aecorapanieti choral 


finely 'pants, most of them Poles who d h eniovs two years of hap- lhe iavatort' conveniently placed 

ithought they'd heard itall before. ^ sZZil « stage right. Kryst.an Lupa> 

_v. ■ i itii'clr i rnrauiAi! ti pfinTi*n« _ ■ ■ 



The second . mis/pnune is 


White being a lot smaller and 


century (and iff v the last); Bals n9 T3) on Joyce amF-EUot I undertaken witn urtAWLU money, — — - - less vel] cndowed iQ theatres 

t.. recapluro, a^- thpn io build pbems, followed by the 1974 i has . d ' s 1 P ar ^ e J li J s M * n {S h 0 4e^fomd^ to nSticina^e than Warsaw, Krakow maintains 

tViBFo •■»«» strong madrifia! on Dry den's “.Ah ^ngMpenmentinlhe simplistic mix- “eb^jsfo^dwparacipae a reputation al par uith the 

ground, joy." Heard tn the wake - the -mR of native dances with the os aiSEme capital. Without the excitement 

:erto. of Romany’s.- new-found maturity Rrawl»o« purpose of bringing « she flees witii a handsome of hosUn3 j nterna ,ional theatre 

^■■u£|ro^tures together. ** ™ **• 'OSZl meetings, it seems to focus its 

h< . r-- Wusicf Non-participants had the J in ^ ]f j^drink arnTdebauchecv attention on its r«m,rre.= 

(in the acerbic, oms-grained cut soun ded "early “-youtKftal in [chance to slay in Warsaw to see a’dKhXomer rads un tit ;he 
..f the Presto musicLaod some its q Uirki bri;:hl imi sical loajseo'; the theatre. On the whole it was fSJiewhJr L SL mS- beams 
sudden orrlwstral surtfnss.of -a and freshness of detati, pre-i disappointing: most productions _ e “ p . ’ . SU1S ' 


... , . - pro- 1 disappointing; most productions , 

luk-romantic kind, with two soar- cocihus rather than fully! were performed two nights in a Tovstngonov took . the _ hows 
tng Srruusslan. horns prominently achieved' as settings, of .verse. [rolling schedule that occupied a from the enthusiastic Warsaw 
employed. Fndfcalt that behind ,j ft the second of the 1973 coUec-: number of Warsaw theatres audiences, but the production 
thr musical factu re .there -was a tion. Eliott “Children's- wfees.’*' through the two-week event. (One was actually the work of a young 
sketchbook filled 'with well-loved the.danciOc upwind pattenis of i.night almost all the theatres were director in the theatre. 
Miiinds. culled .both for their own women’? voices suggest -playfui! closed while the Polish national Rozovskv. The play is quite 
sake and m ; - illumination _ tip- mercurial 1 'movement'.. 1 : with! team competed in the World Cup achievement, not only For 
musical procedures of various delightful resource, 
kinds. ' . 

But, unlike other reeent Hof- 
joway pieces, in -which detectable 
influences seemed^ to impress a 
kind of mannered thiiinei^. even 
precinusm'KS, on , the: musical -in- 
ventton. - Ihe - -Rwaanza - -mows 
hevond its sources to create 

funinhitig quite different from first 

them— something elusive -and ar the London Palladium with! 
ironic tiplone.^at-nnee a iyricaL. three concerts on Septemtiec2l;H {?.„ 


attention on its own resource? 
and comniemenT the beauty of 
the medieval city with excep- 
tional theatre. 


Two new RSC 
productions 


an 

yyitb! warn competed in the World Cup achievement, not only for the 
’match io Argentina.) Those who evidence of mastering the pacing 

saw productions the first night and flair of. the Leningrad Two new productions will join 

wanted friends off the second Theatre, but also for unique ^ hsc* 6 repertoires later this 

nisht. but native -Varsovltes touches, like the effective music vear Stephen Poliakoff’s Shout 

■seemed enthusiastic enough to and the repealed al.entation of Acw ^ R „ s at The 

UAitrtritnwi- ‘? ee * tJ lL pUe? ? f ?rfo ™ ers w °»*' hnmour “ d fortune. W^oSe on September 21 

3Lt- X w front of decent houses. Reports on other invited pro- (previews from September J9i 

r': . : T-'wrmn fnrthncT awav came the mentations encouraged defections and Bronson Howard's Sarniopn 

Rettr. Midler is to make, her; Workshoo of Teheran 10 see Polish productions, among opens at the Aldwych on Decem- 

, tale of unmitigated disas- ?*** an Andrzej Wajda ber 2t ( previews from December 

written by its director, Prodwotion of the Spanish play W». 

^nrji«inn anrt a niaBinc or s « snrf | Esmail Kltalaj. tt concerns a by -^ntomo Biipro Vallejo. The Stephen Poliakoff's pew play, 

expression, and a placing of. a ^d _S. be ^^. I ne'er-do-weti Iranian peasant who and ® recht " ^Men for the RSC. explores 

her aiaS? show- indudiS^s i, steals a policeman's bicycle. hjth playing at the neft the complex relatioflsmo between 

and her ' thSweirl a blind man’s money, quits TJwatre Na Won in a \rorkina- a mother in her early thirties 

SSn K Sr^Swork. refuses to help put out a ^ a dauel,Tt T in h ? r raidleen ^ 

‘ -fire in his sisters house from P* a .v stars Tadeusz Lomnii^i whose mutual jealousies and 
_ . . iR.tftw.iB.i-n • - -f which she dies 'or burns. The 35 io later life, showinc his affections form the basis of the 

\ ..rrii-ni th. ttv' ' events occur with nn logic, retention of qenius and activity play. Lynn Farieigh. is playing 

iwfta ttw 

at dtt'Kaoar* N flw wuiA. 

' r*- : ' 

T«rVw <wcan» it * i Atmonaa 

■ t-ftrtn Vimn Hnimm 

- ; C'WWW(|*W l Ml 



«U«airCa<la Mmuc 

' 3WK>VKnill»UWK*lH - 


d-KI-IVii<i A olffNHB _ 

— wmiB w t j— ww 

i" j 


- Vn*/« or K in p w 


r*f rs^Uf ' 

; W» -lanm, yiw IW 

I** 

1 *» ; 


form a two-hour show with' an- 



American 

character falls in a pool of' water, the play makes between Galileo ISTo'and ‘wat Adapted 

■his legs in the air like a scorpion and the dove! opera of the ammic fnr ^ Enplish 3S Brighton 
trying to sting itself with its bomb. - in 1874. In England the play 

tail. Laughton adapted the play into was_ revived frequently with 

From the other end. of the English and. as a good friend nf Charles Wyndhani in (be leading 
scale, both geographically and Brecht as wei! as the first English role. 

The Ron Rus.-ell Band -j« nest | artist ica Hy. was the. Gorky Galileo, bum she changes Brecht The play, Kobstitled Pistol* tor 
Sunday's featured group at the ^Theatre of l^oningrad’s produc- made .to the play to have it Seren. tells the story of a voung 
New: Orleans Sunday- Bruiich'tion of The Seorg of d. Horse, accuse scientists of not exerr.sing !nan W h 0 « i ovpd w j se | v hut not 
.session al the Pomoap.: Hmel, I based on a Tolstoy short story, their .moral responssbiliry lowara four well" and unfo'rtunately 
W.l. trtucb starts at H am cUtt* p ‘Kholsimner.“ Now over two humanity :n the matter of ihe fain- knew each other. The 


-New Orleans Sunday 
- Brunch at the ; 
Portnian Hotel :; 


fihmnR -until 4 put. ; j years .-old. the adaptatinn has 

On An«u>! 20 the. quintet of gained . quite a repuiation 
iwtMSl Johnny Barnes-aart irnm-; throughout ea.nprn Europe, 
hbniht Potc* Strange wtllplay arrdj.whcre. the work nf Torstoznnnv 
tut tbe Sunday nf August Bank ( theatre .is already well known. 

.Holiday the. vncal Irifr. Sweet I Without taking .great pains in . 
Substitute'will- appear- - ' jproduce the image of a horse on which was 



after ail meant now been shelved. 


NOTICE OF REDEMPTION 
To the Holders of 

CABOT INTERNATIONAL CAPITAL 
CORPORATION 

9 l /z% Gnaranieed Debentures Due September 15, 1980 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated as of Septan* 
her 15, 1970 providing for the above Debentures, $1,000,000 principal amount of said Debentures bear- 
ing the following numbers have been selected for redemption on September 15, 1978, through operation 
of the Sinking Fund, al the redemption price of 100$& of the principal amount thereof, together with 
accrued interest thereon to said date: 


DEBENTURES OF $1,000 EACH 


2C-13 

14 

15 
SI 
47 

49 

68 

50 


897 1743 2683 3519 4334 5464 6548 7610 

804 1747 2709 3332 4343 3470 6331 7P13 

823 1781 2714 3554 4552 5300 6S64 .7636 


8574 

8394 

861U 


92b HBB 2122 2599 4555 3311 3606 7640 6635 

— 8&18 


060 1628 2754 3607 4S7I 5512 0636 7653 

989 1832 2762 3644 4582 fitiia 6649 7065 8661 

990 1883 2766 3665 4002 5534 0660 7700 80G2. 

-- 997 1881 2795 8878 4814 3556 6666 7727 8664 

315 3037 3004 2800 3698 4830 5574 6681 7734 «6 gg 

133 1042 1905 2826 3706 4674 5630 6715 7765 8073 

340 3055 1921 2865 3708 4879 5661 6747 7773 

136 1077 1938 2881 3720 4695 5681 6736 7775 

187 1089 1969 2894 3730 4699 5718 6760 7779 

209 1002 1980 2919 3733 4700 5721 6785 77B7 6730 

224 1095 1984 2935 3751 4708 5735 6787 7831 8731 

239 1115 1985 2959 3755 4734 5741 67yC 7860 8741 

241 1123 2010 2963 3767 4784 5756 BS20 7872 £769 

258 1133 2025 2964 37M 4785 5779 6823 7878 g™ 

366 1137 2031 2974 3802 4824 5801 6825 7890 8839 

274 1187 2041 3026 3827 4829 3834 8837 7804 ®«3 

298 1214 2073 3029 3833 4648 5888 6849 7905 B868 

301 1220 2073 3030 3846 4859 5894 6881 7966 8678 

310 1224 2080 8032 3871 4887 5896 8684 7979 3881 

313 1233 2098 3055 3889 4894 5909 6885 7980 B894 

331 1255 2108 3066 3911 4805 5810 6805 7996 £944 

363 1264 2115 3080 3913 4B38 5013 6817 7997 8061 

385 1288 2134 3098 3916 4958 5920 . 6927 8039 8964 

394 1287 2149 3133 3934 4968 5960 6950 BO40 

408 1309 2188 3137 3048 4980 5085 6059 8070 

412 1339 2223 3131 3966 4093 5993 6969 8077 

445 1341 2226 3157 3985 5004 8007 6887 8064 

470 1350 2229 3166 4022 5047 6025 7001 8123 Wig 

508 1354 2251 3171 4072 5052 6030 7075 8141 0032 

518 1377 2253 3190 4082 5060 6042 7087 8174 

326 1387 2270 3193 4089 5070 8073 7121 8191 


8710 

8720 

8725 


8968 

8981 

0008 

9017 


033 14X2 2303 3222 411 

536 1438 2310 3323 411 

547 1440 2339 3233 413 

574 1494 2343 3260 414 

578 1477 2355 3273 416 

591 1483 2372 3278 


9032 

9041 

5075 CORO 7134 8214 g«| 

a 082 6132 7135 8335 90>5 

3108 6154 7173 8296 gOjU 

3114 6157 7181 8310 9M5 

5131 6162 7184 8312 £llg 

— 5154 817B 7219 8314 jjjffg 

594 1499 2398 8286 4205 5101 6220 7233 8330 9 339 

632 1507 2412 3290 4222 5197 8229 7240 8321 9142 

852 1519 2414 3307 4235 5222 0235 7270 8333 9150 

669 1521 3430 3325 4246 5235 6270 7303 8349 

681 1571 Sm 3328 4807 5244 6208 7314 R353 9175 

709 1587 2479 3340 4329 5249 6330 7318 8364 0178 

720 1812 2483 3368 4330 5264 6337 7329 8367 9185 

721 1639 3485 3379 4331 5272 8341 7357 8395 9187 

736 1672 250* 3385 4357 5283 6348 7381 8406 Mg 

740 1682 2555 3896 4378 5288 6362 7*16 8411 


9345 10110 10953 11752 32583 13393 24170 
9349 10125 10933 11755 12605 23399 14180 
93 GO 10161 10B71 11759 12606 13402 34186 

9331 10167 11610 11769 12608 13425 14224 

9381 10189 11043 11702 12625 33426 14240 
9372 10218 11044 11800 12630 13441 14267 

9403 10222 1J075 11813 12864 33446 34284 

9423 10230 11083 11817 12689 13474 142BB 

9429 10244 11087 118 IB 32712 13489 14293 

P440 10274 11100 11838 12720 13513 14324 

9454 10283 31119 11838 12733 13535 14331 

9493 10327 11143 11864 12752 13537 14332 

9506 10328 31167 11872 12753 13581 14338 
9517 103 66 J 1171 11884 12770 13585 14343 

9524 10373 11186 11B93 12785 13579 14361 

9532 10380 11190 11898 12817 13582 14364 

9533 10387 11234 11917 12842 13593 1437* 

9500 10398 11249 11932 12843 13596 14388 

9569 10404 11255 11941 12845 13597 14413 

9570 10410 11256 11992 12864 13598 14431 

9578 10417 11279 12014 12872 13617 14433 

9587 10418 11283 32017 12902 13630 14460 

9631 10420 11286 12019 12907 33635 14484 

9637 10428 11288 32028 12913 13B44 14520 

9648 30429 11295 12031 12915 33668 145Z6 

9662 10446 11307 12055 12926 13715 14929 

90B6 10454 31326 12079 1^30 13720 14530 

9600 10469 31337 12089 12989 3S725 34544 

9692 30473 11346 12001 13003 13730 14578 

9687 1 0458 11356 12142 13D08 13759 14597 

9724 30513 11361 12145 13015 13776 14603 

9727 1BS57 11385 12178 13017 13793 34624 

9737 10563 11334 12183 13032 13803 14837 

9751 10572 11407 12213 13033 J384G 14846 

9758 30574 11426 12233 13051 13848 14683 

9781 10580 11468 12253 13087 13855 14726 

900* 10643 11430 12281 13088 13875 14729 

9806 10659 11494 12274 13117 13586 14731 

9809 10660 11507 12301 13132 13900 1473S 

S836 10667 11526 12341 13136 13903 14746 

9B57 10683 11545 1234G 13132 13907 34750 

9860 10691 11551 12370 13122 18908 34782 

9883 10698 11567 12374 13187 13909 14794 

9923 10716 11575 12381 18188 13914 14817 

0948 10720 31585 12307 13196 13320 14834 

9970 10735 11602 12400 13200 13094 14853 

9971 10749 11812 12412 13212 14025 14888 

9981 10765 11626 12415 13215 14030 34891 

9983 10811 11661 12424 13223 140S0 14899 


9985 10834 11666 12435 13225 14062 14908 

9199 30004 10862 11673 12446 13239 14063 14913 

756 1688 2570 5297 4379 5314 8367 7418 S416 9208 10005 10868 11679 12449 13266 14073 14920 

764 1890 2587 3401 44» 53M 6413 74M 8427 «]0 1«}5 10885 11B7 IMPS 13371 14081 14923 

709 1598 2605 3404 4404 5371 8423 7440 KJ73 9212 10018 10896 11688 13504 13288 14106 14944 

*05 1701 2606 3429 4426 5388 0455 T443 84M 9= 15 IM04 1 0903 11701 12508 13289 14108 14971 

817 1706 2808 3441 4442 5403 6486 7«l 8490 9239 1 ™?* l£«H J1 Z 12 14993 

827 1721 2837 3488 4497 5411 0473 7494 8505 9201 J0082 10917 11713 12537 13352 14126 

847 1729 2847 3493 4499 5420 £493 7^5 U21 «72 10095 1W39 11718 12549 inn 14130 

881 1731 26« 3508 4500 5460 6532 7595 8568 10099 109a0 11731 12578 13369 14168 

On Sepember 15, 1978, the Debentures designated above will become due and payable in such coin 
or c u rrency of the United States of America as at the lime of payment. nhalT be legal tender for the 
payment of public and private debts. Said Debentures will be paid, upon presentation, and surrender 
thereof with all coupons appertaining thereto maturinc after the redemption date, at the option of the 
holder either (a) at the corporate trust offirc of Morgan Guaranty Trust Company of New 
York, 15 Broad Street, New York, N.Y. 10015. or (b) suhject to any laws or regulations appli- 
cable thereto in the country of any of the following offices, at the main offices of Morgan Guaranty Trust 
Company of Ndw York in Brussels, Frankfort/Main, London or Paris, or the main office of Algemene 
Bank Nederland N.V. In Amsterdam, or the main office of Banca Commerciale Italians in Milan, or the 
main office of JBanque Internationale & Luxembourg in Luxembourg. Payments at the offices referred 
to in (b) above will be made by check drawn on a bank in New York City or by a transfer to a dollar 
account maintained by the payee with a Iwilr in New York City. 

Coupons due September 15, 1973 shoud be detached and collected in the usual manner. 

On and after September 15, 1978 interest shall cease to accrue on the Debentures herein designated 
for redemption. 

CABOT INTERNATIONAL CAPITAL CORPORATION 

Dated: August 10, 1978 — — 

The following Debentures previously called for redemption have pot a3 yet been presented for 
payment: 


M-2S7 1973 22«J 
381 1979 2207 
703 2009 2503 
706 2014 2514 
. 25 s 2U1 2535 
922 2114 2848 
971 2178 2834 
1466 2186 2847 


2856 4866 5317 5879 8047 10294 11727 12418 13218 13333 13464 13731 14271 14966 

2873 4868 5323 6468 9084 10744 12054 12548 13220 13349 13463 13803 14316 14991 

3065 4869 5567 6633 9304 10745 1=066 12916 13237 13338 13370 13309 14347 14903 

3161 4915 5564 6837 9308 11278 12176 1297a 13251 133S0 13663 13324 14657 

3172 4916 5849 7628 9311 11262 12205 12994 13253 13389 13760 13928 14670 

3JSS 5222 ^S? 7735 10031 11300 12222 13202 13265 13397 13770 .14203 14720 

3478 5073 5863 8935 10065 11605 12355 13206 13397 13422 13772 14204 14953 

3479 5069 5869 8846 10066 11717 12406 13211 13304 13444 13778 14215 14958 




14 


FINANCIALTIMES 


BRACKEN HOUSE. CANNON STREET, LONDON EC4F 4BT 
Telegrams: Flnantfmo, London PSA, Telex: 6341/2, 883897 

Telephone: 01>248 8000 


Thursday August 10 197S 


High stakes at 


Camp David 


PRESIDENT CARTER is con- ing what is needed to achieve s 
siderably raising the stakes in rapprochement with the Arab 
the Middle East negotiating rejectionists. 
process by convening the meet- Yet this is a factor which may 
ing early next month with Mr. limit his freedom of manoeuvre 
Sadat and Mr. Begin at Camp at the Camp David summit. He 
David. The announcement has already given up some 
comes at a time when both ground for which other Arabs 
Israel and Egypt have shown will not lightly forgive him: he 
signs of diminished flexibility', has for example dropped his 
vniic the meeting itself will be commitment to the Palestine 
clo*e to two important dates Liberation Organisation in 
in the Middle East calendar: respect of the occupied terri- 
first. towards the end of Sep- tori es and ^ignored Syria’s claim 
tember. the Sinai disengage- io the restoration of the Golan 
ment agreement of 1975 comes . Heights. This may be the 
up for renewal: and secondly, moment for Mr. Begin to make 
October has been set by Mr. an advance on Israels official 
Sadat as the month during negotiating stance, 
which he will review his Middle Much depends on what role 
East peace initiative, which the U.S. Government plays at 
began with the visit to Jeru- the meeting. Mr. Carter is no 


salem last November. 


Intransigent 

It does not appear to have 

been very difficult for Mr Cyrus 
Vance, the U.S. Secretary of 
State, to secure the agreement 


doubt conscious of the fact that 
a successful conference could 
help retrieve his somewhat bat- 
tered reputation in foreign 
affairs and boost his domestic 
position before the mid-term 
Congressional elections. 


of Mr. Begin and Mr. Sadat to p r nlt> 

take part in the Camp David ™StTI\e rote 
summit. Mr. Begin could not Mr. Vance has indicated that 
have refused without again the U.S. still wants to remain 
appearing the more intransigent the neutral chairman, -rather 
of the two men — something than to take an active role in 
which Mr. Sadat has been doing imposing a settlement. He may 
lately with his demand arter the fee! that the U.S. can best assist 
inconclusive Leeds Castle meet- by intervening in the talks as 
ing of foreign ministers last the need arises to remove 
month that Israel must commit obstacles and misunrierstand- 
itspJi to withdrawal from the mgs rather than by presenting 
West Bank and Gaza Strip be- its own proposals and attempt 
fore peace talks could continue, ing to gain their acceptance 
For Mr. Sadat the Camp This is likely to be more accept 
David meeting is a sufficiently able to Israel, which is ex 
lofty forum to enable him to tremely sensitive to any sugges 
extricate himself from the tion of U.S. pressure on it. Mr 
implications of that statement, Sackat feels, however. th3t given 
and at the same time to demon- the advantages Israel possesses 
strate to American public both in militay strength and in 
opinion, which has been show- underlying political support in 
ing some signs of restlessness the U.S., the Carter Adrainistra- 
with him. that he is not obstruct- tinn must take a highly positive 
ing the peace process. role if there is to be any chance 

The first consideration is very of progress, 
important because Mr. Sadat A summit meeting with direct 
has been under especially heavy U.S. involvement is unprece- 
pressure in recent weeks from dented and the consequences of 
other Arab states to accept the failure are obvious. But there 
failure of his peace initiative are another three and a half 
and allow a degree of unity to weeks to go before the summit 
be re-created in a fissured Arab tabes place — time for prepara- 
world. Significantly this pres- tions to be made and new 
sure has mainly come from positions considered which 
Saudi Arabia which, never ex- could ensure that the meeting 
cessively enthusiastic about the at least opens the way to a 
Jerusalem visit in the first more fruitful negotiating pro- 
place, has recently beeo explor- cess than we have seen so far. 


Cartels are 
not easy 


Behind the car 


Financial Times Thursflay August 10 1978 


sales boom 


BY TERRY DODSWORTH, Motor Industry Correspondent 


B RITISH car registrations among private customers. The what they are awarding to 
are very likely to come proportion of private, as iheir managers. 

’lose tn a record in 1978 °PP° sed 10 corporate, customers This month is the critical 
rnde ;r? f L e^riv Lures for is stHl low in the and » nf)t period in determining whether 
ESS fre an^R to eo by revers - ed ? ? e 5* boom will result iu a new 

ft S i L , g ,oL 8 m seeab1e future— simply because anmia i market record or just 
the I -66m sales in 19 <3 could o£ t j, e strength of the corporate fizzle out: a short-lived 

well be exceeded by a comfort- sector. But some dealers are phenomenon. August is tradi- 
able margin. ' Many dealers noticing a distinct return of tionallv the best buving period 


believe that they have, that tar- interest among private custo- u f t he year because of the intro- 
get licked already. “Virtually mers: fl,ink P?°Ple,have be- duetion of the new registration 


says one c ? rne . accustomed to the idea s uflix, which has both a' certain 


G hf, n i n " that will now- have to pay commercial worth in" dating a 
ebullient., salesman in London. £i t Q 00 more for their car than car f or resale, and a great deal 
“ As soon as cars come into the they were doing three years of sta tus value for new buyers, 
showroom we are chucking them ago.” says one.Leyland dealer, so far. sales have been good, 
out of the doors.” The fourth factor, the im- certainly high enough to attack 

This turnaround from 1 the provement in company liquidity the record of 234,000 units .set 
depressed market conditions of and the increasing buoyancy of in August 1973. About 80,000 
the past four years has caught the fleet market, has perhaps cars were delivered on the first 
most of the British industrv by had the most far-reaching effect day of the month ( many vehicles 
surprise. At the beginning of the on . market r ear - All the are ordered iu July for delivery 

year, official forecasters were evidence suggests that the com- on August 1). far more Jan on pn ntrast BL started the think else today simply because attractive products into The UK. 

predicting > siight !««..» C'p”' ££ “ird 6 ,nS““ ^000^- T°" i « SfiSS Si £?£££ to * Mini Tins inevifabiy undermine, to 

bare be“p SI Uke aSeS gS- mgistotion? madf Xir Jay out.ini.s_ dealer ne^ork. aU torfrUto? of (he demesne mam. 




above 1.5m. ^ 

No single reason can be given 
for this abrupt reversal. A 
similar upturn occurred in 


towards a more normal replace- is being followed. This is . . 

ment pattern for cars. because August tends to be the so far “ 1S year ' 

This means that companies biggest month for the private 
are now tending to replace their buyers for whom the kudos of a 

,, ,, cars after about two years, on new registration plate is a much 

r/r JLl the grounds that vehicles which higher factor in the buying 

tJ have been run for about 40,000- equation than for corporate 

odd miles cost too much to customers. Thus the BL range, 

maintain. In the aftermath of which is still angled more 
the oil crisis, many groups put towards the private sector. 


years ago. continued for some 
18 months, and has since levelled 
off so that this year both 
countries are 
similar registrations to 
thos recorded in 1977. In 
Italy, which has gone through 
a similar unhealthy patch to 
that experienced in the UK, 


All the signs 
were good 


Clearly, August will be a 


-.-....registrations.. 

this degree, there are bound to reaches of the market, 
be shortages elsewhere among Fourth, the big American 
the" UK manufacturers. This multinationals are now follow- 
means that imports will receive ing a long-term policy or import- 
yet another boost, having ing part of their range from 
already managed to push their their other plants in Europe, 
share of the market up from 43 This category of vehicles will 
per cent in the first seven probably account for between 


crucial month for BE; which months of 1977 to 47 per cent 5 and 10 per cent of the UK 


expecting r b n " a n c i a r^V a Ttiackef on** theT r usuallv does* better"^ AnV.Vrt has had a hard fight all year this year, and topping the 50 market on a fairly permanent 
registrations to .<L° n __r"ri n Augurt tn maintain its position in per cent mark in early August, basis— last month they achieved 


car fleets because they could at The expense of Ford. 


to maintain its _ «... . 

not afford the dutlav on n «* , . .... Britain. Dealers at present are Imports have consolidated a 6.S per cent share— although 

vehicles alid^prefereed to suffer k I" d . now T? divided about its prospects, their hold for several reasons, the mix -.of products will vary 

the h -Lr sendee biUs Bufthev betTe * stocked ,. t than J®. u -&- SO me clearly feeling that the the first, and most important, depending on the needs of the 
have rince r«ched a ° ^ B C0mpe ,? 0r : ™ IS ' “ company can do well in a being that the domestic manu- particular importer^ Both Vaux- 

sales have actually dropped this '. hppp , hp - u avp rpn i npp "* part, *\ a rssu 11 °f BLs dis- buoyant sales period, and others factoring sector has continued hall and Chrysler, for example, 

vear bv 5 per cent. If events , . . , ’ appointing run of sales in the suggesting that kev elements of to suffer from disappointingly have considerable capacity 

had gone according to the UK *Jl* ea,s ° been P atft four months, when it has the range are nou \ outdated low otrtpur. Every- one of the available in the UK which they 

forecasters’ charts, the market boosted by the fact that cars been totally dominated by Ford jj, ev - are faced with an big four manufacturers - has arc aiming to use. But there 


would have begun to accelerate 
this year, and then moved for- 
ward to a new peak in 1979. 
Instead, a number of factors 
seem to have combined .to 
stimulate sales earlier than 
expected. 

First, there thas been a 
palpable improvement in the 
level of consumer- confidence. 
According to the dealers who 
have to sell the cars, people — 


because they must. 


dealer put it 

Secondly, the moderation of 


this return of confidence. All 
the big UK companies (with a 


TOP 12 CAR SALES IH UK, JAN -JULY 


Total 

Including 

imported 

% imports 

Ford Cortina* 

102,600 

23,889 

233 

Ford Escort* 

70,127 

7,293 

T0A 

BL Marina 

43,478 

— 



BL Mini* 

42,05 J 

18 

0.04 

Ford Fiesta* 

41,353 

5,700 

133 

BL Allegro* 

38.039 

5,210 

14.0 

Vauxhall Cavalier* 

34,225 

26,088 

762 

Vauxhall Chevette 

32,427 

— 



Ford Caprif 

23,611 

23.611 

100.0 

Ford Granadaf 

23,545 - 

23,545 

• 100.0 

BL Princess 

22.467 

— 

— . 

Datsun Sunnyf 

21.191 

21,191 

100.0 

* Includes Imparts from Continental plants 
t AU Imparts 




uphill struggle. 
Mr. Michael 


been hit by serious disputes will always be some vehicles 
Stringer, for and disruptions to output this which they will prefer to make 


. t ‘ year, the most important re- outside, and there ire distinct 

example, the managing director ' . m 1 — *i,— i.; 


, L cently being at the Chrysler, signs that Ford, the biggest 

of the Wadham Stringer group T invrnwt plant in Scotland importer, -is now -planning its 
and head of the Levland which makes its larger volume future expansion in the UK in 
Dealers' Council, said yesterday Sunbeam and Avenger models, the component rather than car 
that all the signs were good for as a result purpiit was only up assembly sector. Even BL has 
the company with ‘the market by 3 per cent overall .in the now begun importing a few cars 
up by 34 per cent in August half year compared with from its associate plant at 
and Leyland's share up by 34 a 22 per cent increase in the Seneffe, Belgium, 
per cent as well. The biggest market. In the April to June So. far this year, Ford has 
problems at the moment were period, at a time when there been by far the largest importer 
on the production side. “ BL’s could be no doubt about the into the country, selling about 
penetration might not have expansion of sales, output went SQ,000 foreign-made cars (which 
been high In the past few into, a . declining trend, falling account for some 30 per cent 
months, but art .the half yearly by 3 per cent compared with of its own sales! against 
stage the group had sold 25,000 the previous quarter. - Datsun's 60,000, and taking 

more cars than .in the same Secondly, the big Continental leadership from BL only by 
period of 19m. That will be p ro dueers are* how making a virtue of its imports. Ford has 
60.000 over a full year. When ma j or ' thrust the UK fol- registered 177,000 UK-made 


STEEL, shipbuilding, and man- 
made fibres would feature high 


In steel, where the EEC Indus- 
trial Commissioner, Viscount 


on anyone’s list of nianufactur* Davignon, played a more leading 
ink industries which have been role in the negotiations, an 
hit especially hard by the slow aqreement was reached only- 
down in world trade. Cyclical when it was clear that the lead- 
problems are nut a new ex- ins importers were 'to be per- 
pt-rience for any of them. But suaded to accept voluntary 
the present recession has gone limits upon their share of the 
deeper and has lasted longer market. As with fibres, thr 
than any they have seen since arrangements were intended to 
the 1030’s. The difficulties this bring about a measure of 
hns created for the pmducers of stabilily before moving on to 
Western Europe, North tackle the more awkward prob- 
America. and Japan have been li*ms of controlling new capacity 
made no easier to resolve by and encouraging plant closures, 
i he emergence of substantial But the weak point has lam in 
production and export capacity the attempt to set minimum 
in some of ihe lesser developed prices for certain key products 
nations, a process which is still without imposing effective c 0n - 
com inning. trols over their production. The 

In each industry, discussions Commission has issued guide- 
have been held at international line targets for output. But, as, 
level with a view to achieving ihe reports earlier this week 
a en-ordinated approach to the have again demonstrated, the 
pioblenis of over-capacity and *teel makers have failed to 
competitive price-cutting. The abide by them and their unwil- 
Talks have involved different lingness could well forfeit the 
groups uf countries and have importers' readiness to go on 
travelled along different paths, co-operating, 
but they have all made only 

limited, albeit varying, pro- The shipbuilders, on the other 
gi-pss. hand, failed to get even this far. 

A code of conduct on unfair 
Hurdles competition and an outline plan 

The EEC fibre prod uccrs [ or redu ^ opacity drawn up 
appeared to have achieved the ^ OP a " 0E ^ D W«T 

most success before their *?" two ^ ears a |° ^ 

capacity ^^ ptoduct,™ agree- J ra tW 

s xsz a b ;r;r„jcT sals have so tar 

ment was designed to stabilise Deen 

fihre capacity withio the 

Common Market and then tn Share Out 

IU" “,.-L” h | C l' h r„ U l d Not everyone would accept 
satisry the imere.is .if the p ■ cancls as a wav managing 

dl i Wr if .n .irl.Hv Tfi-mt '■ industrial criaes. They may help 
whn had been already adaptin„ t[| share ollt d j fficu i tirs and 

tu the lower levels . demand ^ ^ ^ mn 

hy closing and ratinnalisms pollUclll acceptable the 

them plants and these nf Italy s> ^ ad tin3 t0 new 

who had a lower share of the , k , rns f dem3 „ d . Buti as 
hhres market and wanted to rarii „ Ih i s century 

m The scumbling block has been t^ticiSnfhaT'.h'Twin 
the Cemmission-s onw.llinsucss Tem wor" and are 

tand prnbabb cvemu^l\ also prcpared !o accept a measure of 
the Council of Mims ers ) to commotl discipIine . 

.sanction a derogation from the 

Community's compptilion rules Either way, with or without 
which might permit the forma- cartels, there can he only one 
tion of similar “ crisis cartels ” aim. This must be in bring 
in other sectors. Even if this about a better and reasonably 
hurdle were to he surmuunted. expeditious balance between 
it is an open question whether supply and demand in a way 
the cartel could be made In which promotes the long-term 
w-nrk in the face of continuing health of the industry without 
pressure from imports not only jmpnsing too great a demand 
of fibres hut also of textile and either through artificially high 
cloth ine products with which prices on the consumer or 
the fibre makers' own customers through excessive subsidisation 
have to compete. . un the taxpayer. 


r n .- a ,n moi „ “ two years I don t til ink you can. common Market' and the dis- Thus at the end of the day, 

are now used muck ntore in the popular car sector. The the tap °. n mg nil ing of tariff barriers. Host importers of cars of all kinds 

fu»H 0 npb2 I 1 **? widely as a perk for middle as effect of this period, and Ford’s ou *P ut . “ d ^ 10 0' 0t >° Q f tliese companies, having will make the biggest gains out 

pnmnarpri with ^hP fnor h^r’ weU ** senior management, extraordinarily successful July, u " ,ts Jusr on ® ye ,? r * Jt is -already established broadly- of the surge in the market this 
C0 "JJ a "? yiilfnh h pr-g J ., hG nZ Since the advent of pay-restraint when it captured 35 per cent Physically impossible. based franchises throughout year. Over the longer term, it 

in iq^ 77 * Thic P olicies - this ^end hjAs become of the UK market — its highest By contrast, Mr. Jim Camp- Europe, are in a position to*, is very hard to see how these 

vpar «hP niL- ii* ornurth " fm more and more pronounced. It figure since October, 1961— -is bell, managing director of Maun invest heavily in this expansion, gains, once made, can be 

nriJpc chn.iM hp Hmifpri C ? r does not a PP ear t0 ' have been to have reduced the company’s Egerton and president of the At the same time, they are reversed. The multinationals 

P thprip than lODPrrenr l ° iQ t ^ ie least bit aff ? cted ^ the stock level at a time when out- Motor- Agents’ Association this taking up any of the slack left are not going to abandon their 

ra rpri - S fh' on tn so npp new °P taxing com- put is low because of plant year, strikes a more cautious by the gradual diminution of neW-found production flexibility 

P h. r t two vear aen P * CenI P any caTS ' theoretically holidays. It is already acutely note: “We are going to shift Japanese cars sales in the UK now. that it has been established 

aoout two j ars ago. increased the tax burden for short of its most popular our Austin Morris range but which followed the March agree- as part of their manufacturing 

Third, the improvement in many executives! Indeed, some Cortina and Escort lines and there is no doubt that the pro- ment to limit shipments from pattern. Thus the main burden 
personal disposable incomes of dealers believe that this move these difficulties can only duct has much less appeal than Japan to the same level as last of stemming the flow must fall 

between 6 and 7 per cent in the had a beneficial effect by dear- intensify if the market goes a‘s many of its competitors. New year. on the beieagured BL and Mr. 

past 12 months has stopped the ing up areas of doubt, so that high as the 265,000 that some customers are going to look Third, the importers have Michael Edwardes* new manage- 

slide away from new car buying companies now know exactly competitors are predicting. first at a Toyota Starlet or some* introduced a wider range of ment team. 


MEN AND MAHERS 


Date for leaving 
the dock 


•The City won't let me go” said 
Sir Bernard Miles cheerfully. 
“Think of it— a professional 
comic on tap.” He was giving 
me the news that the date for 
the closure of the Mermaid 
Theatre has no%v been fixed: 
September 30. Not the per- 
manent closure, needless to say; 
the Mermaid, founded by Miles 
25 years ago, will he shut for 
at least 15 months while the 
seating, backstage facilities and 
restaurants are enlarged. This 
is part of a development at 
Puddle Dock being financed by 
Touche Remnant, investment 
managers, who will themselves 
be moving from London Wall to 
offices over the theatre. 

Sir Bernard, who will be 71 
next month, was gratified 
recently at being called "an 
elder statesman” before giving 
an after-dinner speech in the 
City. He is also proud of having 
now spoken a total of 1.25m 
words of Samuel Pepys during 



large enough ” for Jari Enter- minster City Council, who said: 
prises to complete its forestry, “Is that the Bygraves we know 
timber, rice and catUe raising and love — IU go around there 
projects. Thfr decision shows at once. 

that Brazil is starting to keep But Connell stressed that he 
closer track of foreign projects ^ not just concerned to get 
on- its soil, especially In- the quick service for comedians. His 
much-coveted Amazon. society's national council has on 

it such figures as banker. Sir 

Frederick Hoare and Sir John 
Betjeman, the Poet Laureate. It 
is affiliated to the International 
return of Association Against Noise, 

Guernica” which has headquarters in 


Political painting 


“ Tou would think that at 
least the PO could provide a 
free 'Dial An Apology' 
service ! " 


Obstacles to the 
Picasso's painting 
are multiplying. The huge Zurich, and is now completing 
canvas is now in New York, plans for an October conference 
and there has been debate in in Baden-Baden. The theme will 
the U.S. as to whether Spain be 'Traffic Noise” and 1,000 
is as yet in the “ democratic delegates from aU around the 
state" which the artist world are expected. Connell 
specified as a pre-condition for says that representatives from 
its return. Now Picasso's the police and local authorities 
daughter, Paloma, has declared in Britain will be there. Current 
that she will not' allow the research on electric vehicles is 
paintings to be returned until expected to be a focus of 
a party of Catalan actors, called interest at Baden-Baden — 
“The Jugglers," are let out of whose mayor, Walter. Cariein, 
prison. The actors were jailed happens to be Germany’s fore- 
in March for two years for in- most anti-noise campaigner, 
suiting the armed forces. Paloma I asked 'Connell if he had ever 


Law the iontfla is a childhood • friend of the thought of asking Betjeman to 
w J M6IC director of the group, Albert write a poem in praise of 



What will happen to the legalisation. Many of these are watch over ^ Proceedings first 
Mermaid staff at the end of next as aee p and impenetrable as m the lown st * uare - - _ 

month? There are going to be the darkest Amazon'itself. Even ■■■ ■ ■ " U 

some tearful partings: all the SO- when an enterprise owned 


Grand slalom 


restaurant waitresses, some of by Daniel K. Ludwig lays claim Silence Seekers 
whom ha\e been with the Her- to 7.5m acres that is very cool; .... 

maid since the sixties, will be it is an area considerably larger If you are dedicated enough to Win 4 Nobel Prize and you 
paid off. But Miles will retain a t j ian Wales. be chairman of the British Norse *111 never be lonely again. In- 

nucleus from the theatre. There Ludwig might be thought to Abatement Society, you must vitations from the international 
are tentative plans to perform have the means to digest such expect to receive some daunting conference circuit come that 
in a barn at Milton Keynes a -irge bite. His fortune is complaints. Anti-noise cam- much thicker, faster and more 

Miles will be restless to ring estimated at S3bn. But the land paigner John Connell, who also enticingly. Travel-weary Cam- 

up the curtain again in the City, institute of Para State in the runs an export business in May- bridge physicist Professor Sir 

"l cannot forget how they let Amazon has just granted his rair. is accustomed to letters Neville Mott tells me he has 

us start at Puddle Dock without Jari Enterprises legal title to a about everything from. low-flying ius* turned down yet another 
any planning permission or mere 835,000 acres. aircraft to somebody's overloud academic jamboree, this time at 

proper lease— they just told us The 81-year-old Ludwig may radio. But this week he had a Sal t City - .despite the 

to get on with it.** Perhaps most get a further 150,000 acres if plea for help from TV 'star Mas P ro “^d temptation that he 
problematic is whether, when it the President of Brazil so de- Bygraves. who said that pneu- could work ina skiing holiday 
retunis sometime in 1980, the erees; the land he is claiming matic drills had been thunder- ™ Rockies. Sir Neville is 

Mermaid will be able to regain lies in an area considered im- ing outside his flat for three ,a - 

that arf hoc air, that certain portant to the country’s weeks, “Will it never end?" he 

bohemiamsm, which has always national security. Officials say asked. Connell telephoned the 

been its special charm. the reduced spread 1$ “ quit® noise control officer of West- 


Observer 


ro&iB 

? 



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?inaa^I IjiAes August 10 197S 


ECONOMIC VIEWPOINT 




J* ® ^ , COPTTMBUTIpNS': tn- labour stock,, Capital shortage 
Knowteage can ewe irom un^x- unemployment' was previously 
pectetf places: The Orgiralsatftm regarded . ai rare in modem 
for Emnomic Co-operation and industrial countries, and was 
Development <OEC33),'att, inters mainly associated. with develop- 
ilational- countries. " But it has 
with hea&iuarters id Paris, has r^merged .in Europe in recent 
at times been knoWn as ‘^the year either because of insuffi- 
Brih'sh . Treasury In' esile. 1 it dent investmant or a level of 
has been dUefly vaotable in re- real - wages : and other labour 
wot years for growth Bianship on costs which ’ Has" given new 
a wpdd -IteWl* -and: ■ it was investment," ■ an • excessively 
especially afcdye'hr urging a co- labo u r-savfng bias.. 
ordJnated demand boost on Gov- . /The' ... third ' ' component is 
ernmebjs . .before the July “ cyclical unemployment," due 
summit’ ' < to_slumps and recessions and 

.. Buf-fco o^anisation is 

lithic and a. section of the Sec- ? 7 a v^^? 3 iat * 1 ^ ein f ncJ - T ^ 1 s 
Cbnuriitte S’pSilS ~ ^ OHCD i5 * 

J “Star S 

S categottes^'fticfibnai: and capital 

t h p ^ shortage - unemployment. The 

}?* , *** sum of theae-islabelled. rather 

do^iim^Pt Pn 5 ti?ri !5 &***&' "Twemptoyment at full 

document entitled A Medium .^ 5 ^^ of ‘ -easing capital 

stock -or "thbWomploymcnt 
ana Ai an potrer. -Policy (available .,*• nnemnlbyiilent " The 

ha stark ^ conclusion^ reached that 

ha s not so fax received the atten- this . full cap acft y rate of U n ■ 

ti °Thp t ^22* V employment- has been rising 

♦ basic _ approach 15 substantially,-. ^especially i n 

^ European, countries: 

three types. -The first is. fric- The following- 1 breakdown of 
tional unemployment.” T h i s the UK figures Will help to make 
arises from familiar causes such (he discussion 'more concrete* 
as time spent between jobs and. - . — - 

the mismatch between ; the skills. " -■-■■■• ' 

required and those on offer at 
going wage levels. The OECD 
definition of /frictional unera-' _ 
ployment is fairly'hrpad and in- G * v ? rn ?!55 t **"“• 



UK UNEMPLOYMBvJT 


% 


tj. ■ 

dlCD. 


^lujiutUL xo .l&LUJ Uiuau AUU 111 J | 1978 . ; ■-> - 

eludes for instance regional G ov/mm*rt’fi***v 
imbalances elsewhere described 1574 . 

as structural. Conversion to 

Secondly there is “capital- definition, iff* 
shortage ” unemployment due 
to there not -being enough 
capital to employ' the available 
labour force. The capacity may 
be of the wrong: kind in relation 
to the current pattern of 
demand, or it may be too capita! 
intensive to employ the easting 


5.7 

53 

5.0 


2.4 

0.9 


Of which: 

Frictional' ■ '' . * 

“Capital shorfaq*"- 

“ Full capachy^^ttncmployment 
rate ' 33 

“ Cyclical " residual 7, - 1.7 




The total- labour force -on 
which the OECD percentage is 
calculated is just over 26m. This 
could give a minimum unem- 
ployment level achievable in 
1976 without drastic changes in 
labour market practices of about 

860.000. Even this may be opti : 
mistic. The key point. Is the 
sharp rise compared with 1974 
when tiie minimum level was 
supposed to be 2.1 per cent or 

550.000. It would be wrong just 
to extrapolate tins trend 
mechanically, to- 1078; neverthe- 
less the minimum achievable 
level might easily have reached 
one million.- - 

As the large table; shows, 
similar tendencies have been 
at woifc in mosf other countries. 
The reasons given by the OECD 
fpr the. increase in frictional 
unemployment are mostly de- 
mographic and occupational..' 
The increased share of women 
and teenagers :Vin-tim total 
labour market* and the lower 
“job attachment" of these 
groups makes for higher labour 
turnover. 

The OECD treads warily on 
the vexed question of the effect 
of higher social security pay- 
ments on time spent out of 
work, simply citing various 
studies giving a range of 0.2 
to 12. per cent for the addi- 
tional unemployment thereby 
generated. The effects of lower 
tax starting .points, interacting 
with social security payments, 
in reducing the net gain from 
talcing employment, are not dis- 
cussed. So the figures for fric- 
tional .unemployment may he 
regarded as minimal. 

The estimate of capital short- 
age unemployment may in one 
sense also be too low. For the 
OECD analysis. showed that as 
a result of government and 
union pressures . to retain 
workers, there has. been abnor- 
mal labour hoarding. In most 


countries, however, estimated 
hoarding went down between 
the recession 'year of 1975 and 
the modest recovery of 1976. The 
exception was the UK. 

The UK was not however the 
worst country for capital short- 
age unemployment. The top -of 
this league is the Netherlands, 
where capita! shortage, is ’re- 
garded as more important, tbao 
cyclical unemployment. Another 
Interesting feature is the '-'in- 
crease in frictional unemploy- 
ment in Germany, now that 
forge . inflows and outflows of 
migrant labour no longer. take 
place. - ' " ■ * ' ' 


Judgment 


There are obviously large ele- 
ments of judgment and guess- 
work in these OECD estimates 
and the boundary between 
categories is hardly cl ear cut. 

Nevertheless they do seem to 
point in the right direction. If 
large-scale econometric models 
have any future at all, it is 
surely, in this type of structural 
analysis rather than In the con- 
ventional national income fore- 
casting. 

My main worry is about tbO 
category of cyclical unemploy- 
ment. It cannot mean literally 
the unemployment that emerges 
in a cyclical downturn. For 
quite clearly this unemployment 
is not going to be eliminated in 
the present recovery phase. 

- OECD Governments have 
hesitated to increase demand 
(i.e., to increase budget deficits, 
and raise the money supply) to . 
the extent indicated, because 
they fear that the net result wifi 
be accelerating inflation with no' 
lasting gain to employment . 

There 'is in fact another 
school of economists (in a - sec- 
tion of the now very fragmented 
monetarist camp) who urge 


precisely opposite policies— a 
steady lowering of' budget 
deficits and of monetary targets 
to squeeze inflation out of the 
main industrial economies. My 
own suspicion is that neither of 
these opposite courses^-nor the 
middle one actually adopted at 
the summit — will be very 
successful in eliminating the 
So-called cyclical element in un- 
employment. 

The OECD report has some 
fascinating insights Into the 
causes of recent unemployment 
levels, irrespective of the cate- 
gory - into which they are placed. 
The most striking is that, ex- 
cept for 1975, employment as 
well as unemployment has been 
growing quite rapidly. This is 
because the increase in jobs 
has been concentrated in the 
sen-ice sector (so-called “de- 
industrialisation" which -is not 
just a British phenomenon). 
But the service sector recruits 
many workers from 1 ‘ peri- 
pheral " groups (such as wives, 
students, or the retired) who 
had previously been outside the. 
labour force altogether rather, 
than from those who have lost 
their jobs in industry. 

Another tendency has been 
fqr labour to become “ a quasi- 
fixed factor " — or in plain 
English more difficult to dis- 
miss. ■ This increases job 
security for existing workers, 
but because of its effects on 
real labour costs, it has dis- 
couraged employers from 
taking on new - workers or from 
investing in new capacity. Some 
employers try to get around 
the fixity of labour costs by 
hiring “fixed term labour”-— 
in British terminology, contract 
workers. 

Unfortunately young entrants 
to the labour forces are in prac- 
tice the greatest victims of -this 
fixity of labour costs. One U.S. 
calculation suggests that if the 


unemployment rate among 
“prime age white males” were 
to fall to 1.5 per cent — the 
lowest it has ever beeo in 
peacetime — the jobless rate 
among youths and women -would 
still be 7.7 per cent 

A lot of the mystery would 
have been removed if the OECD 
Report had been more forth- 
right on the influence of the 
price of labour— that is the real 
wage level — on the supply and 
demand for workers. (This 
emerges clearly in the footnotes 
and appendices but is obscured 
in the main report.) Job 
security is as reasonable a claim 
for industrial workers as it is 
for dvti servants. (I have put 
forward a proposal for provid- 
ing it in The Economic Con- 
sequences 0 } Democracy*). But 
such security reduces flexibility, 
and thus raises costs under any 
economic system, not just 
capitalism alone, and it must 
be paid for either in lower take- 
home pay or lower employment. 

Then again youth unemploy- 
ment is partly a matter of 
wages. If employers are forced 
to pay everyone the standard 
wage, or something near it, and 
provide the full paraphernalia 
of job security, they will obvi- 
ously favour the trained and the 
mature. Minimum wages in the 
UB. and union wage structures 
io the UK are tbe direct cause 
of much of the joblessness 
among young people, blacks, the 
unskilled,' and the dis- 
advantaged. These include the 
long-term unemployed who as 
the report stresses become “vir- 
tually ineligible for future job 
vacancies" because of demoral- 
isation and deterioration of 
skills. But if they could be 
employed at a wage correspond- 
ing to their present low produc- 
tivity, with possible increases 
later, the whole picture might 
change. 


COMPONERTS OF UNEMPLOYMENT 

Unemploy at 

full capacity Capitsl- 

un employ. Cyclical of-exi sting Frictional shortage 
rate unemploy. capital stock unemploy, un employ. 

1974 

1975 
1974 

55 
8.4 
7 A 

UNITED STATES 
0-6 4.9 

35 5.1 

2.1 55 

4.9 

4.9 

4.9 

Oh 

0.2 

0.6 



FRANCE 



1974 

2.8 

03 

2.5 

2.4 

0.1 

1975 

4.1 

1.3 

2.S 

2.4 

0.4 

1974 

45 

1.1 

3 A 

2.5 

0.9 



UNITED KINGDOM 



1974 

2J , 

0.1 

Z1 

2.0 

0.1 

1975 

3.4 ' 

0.7 

2.7 

2.2 

0.5 

1976 

5.0 

1.7 

33 

2.4 

0.9 



SWEDEN 



1974 

2.0 

0.3 

— 

U 

0.1 

1975 

1.6 

0.0 


1.6 

0.0 

1976 

1.6 

0.0 

— 

U 

0.0 



GERMANY 



1974 

2Jl 

0.4 

13 

15 

03 

1975 

43 

1.1 

3.0 

2.2 

0.8 

1976 

4.1 

0.6 

35 

25 

1.0 



ITALY 



1974 

5.9 

0.1 

5.8 

S.0 

0.8 

1975 

6.7 

03 

6.4 

5.0 

1 A 

1976 

73 

0.4 

6.8 

5.0 

1.8 



NETHERLANDS 



1974 

3.0 

0.5 

25 

15 

0.9 

1975 

43 

1.4 

2.9 

1.8 

1.1 

1976 

4.7 

U 

35 

LO 

1.5 





Source; OECD 


My own complaint about 
elementary price mechanism 
economics was that it was 
obvious and boring. But it 
seems to take a Herculean 
political battle to get the 
obvious accepted. 

By contrast with the analysis, 
the policy conclusions of the 
report are familiar and conven- 
tional. It urges selective job 
creation in the weaker coun- 
tries. demand expansion in the 
stronger ones, and it indulges 
in a rather dangerous flirtation 
with job rationing and 
deliberate productivity reduc- 
tion. 


One of the less unreasonable 
palliatives mentioned is employ- 
ment subsidies in the private 
industrial sector as a means of 
•‘reflation" instead of general 
budgetary stimuli. What we 
have had in the UK instead has 
been an excessive budget 
stimulus, brought about by the 
combined efforts of the three 
political parties, and then an 
attempt to undo this by means 
of a higher National Insurance 
payroll tax. Those whom the 
gods wish to destroy they first 
make mad. 

Samuel Brittan 

•Temple Smith 1917. 


/m *l . 




Letters to the Editor 


A'TiorAolantrAfiio UK operations of .^nch companies very well, but if it does become believing foat the present limit to a stultifying and, in the ease 
ivlill UClCUil Ulilv as Milliard f Philips) and Texas law then it should also be made is too low. 


Instruments? They have stayed, illegal for employers to dedurt 


of long journeys, soporific norm. 
It would however be much E Grattan 



chip engineering 

Front Mr. R. Toemnn 
Sir.— In a letter oh. July 27 
defined 
circuit 
this cmintry 

ing capability seems to me uie. vymrenaii seems: nave a blind Parry) 

_ Dr - spirt wilh_regardjlo these com- wages unless the employee of "an advisory limit is thaiftt Frvm Mr. H. Leggatt 

ddnT'SS mskM . > wnne " re .^ wt J».w allows a n-asorub* degree of . Sir.— May l express surprise 

little attention has been 
your columns to one of 
points in tbe latest ver- 

nfMP 

Industry scheme. _ . H ew the* has bwn a ousi- introduced then I think that the CO n Cll Sion tirat £150.000? 

There are 01 her aspects of the ness which /a*, sorted out the Labour Party would probably be ™ Shch a further fiscal imposition 

Inmns enterprise. -IF the work men from me boys it has been the loser, 
were performed in- this country, the semiconductor industry. We ^ s Rf)e 
by a niuliinalional lC company,' must* certainly have -a viable 
an kinds of spin off would occur microelectronic manufacturing 
which benefit- general engineer- and .development capability in - WMIC *' 


[GENERAL 

Post Office Engineering Union 
I executive reviews sanctions 
imposed by its members in their 
claim for shorter working week. 

- Deputation from union side of 
joint co-ordinating committee 
meets Lord Peart, Lord Privy 
Seal, on application of 10 per cent 
I pay policy to industrial civfl ser- 
vants, some of whom have been 
'blacking Polaris submarines. 

British Railways Board state- 
ment on plans for soccer sup- 
porters’ trains. 

Two-day United Counties 
Agricultural Show opens, Car- 
marthen. 

OFFICIAL STATISTICS 

Vehicle production (July, pro- 
visional). Finished steel consump- 
tion and stock changes (2nd 
quarter, provisional). 


Today’s Events 

COMPANY RESULTS 
Final dividends: AGB Research; 
W. G. Allen and Sons (Tipton); 
British Benzol Carbonising; David 
Dixon and Sons Holdings; Gold- 
fields Property; Heron Motor 
Group; Midland Educational: New 
Wihvatersrand Gold Exploration: 
Scottish Homes Investment. 
Interim dividends: Aarsonson 

Bros.: Automated Security 1 Hold- 
ings); T. Clarke: Dinkie Heel; 
Securicor Group; Security Ser- 
vices. 

COMPANY MEETINGS 
Allen (Edgar) Balfour. 100, Old 
Broad Street, EC. 12. Armilage 
Shanks. 75, Harborne Road, 


Birmingham, 12. Associated 
Newspapers. Waldorf Hotel, W.C., 
10.30. Baker Perkins, Connaught 
Rooms, W.C.. 11.45. Bamberger®, 
100, Old Broad Street, E.C., 12.15. 
Bra by Leslie. Abercorn Rooms, 
E.C.. 12. Castings, Barons Court 
Hotel. Walsall, 2. Cattle’s Hold- 
ings, Royal Station Hotel. HUH, 3. 
Cullen's Stores, Burford Bridge 
Hotel near Dorking. 3. Daily 
Mail and General Trust Carmelite 
House. EC, 12. Duncan (Walter) 
and Goodricke. 100. Old Broad 
Street EC. 11. Standard and 
Chartered Bank, Connaught 
Rooms, WC, 12. 

SPORT 

Cricket: Second Test, England v. 
New Zealand. Trent Bridge. Golf: 
Benson and Hedges tournament 
Fulford. 


ins. The growth of the semi- this country, but I would rather « 

conductor industry in Britain see taxpayers' money put where I 11*1 V"|n 

has made new demands on T>re- there is proven record of staying V T u 


or 

is 


cirinn engineering even in old the course and with people tfho. . cnppHc 
established industries > siich - as. dearly know what it taket 5|ICtuo 

press vool manufacture. mouW C. F. Machin. ■ - 

making, etc. A company eobr. Ms chin Associates, 
trading for . clean, zafr. Juiineta Oudlvw House. Sea. Lane, 
now exports these after having RusfiHptan, Sussex. 

Learnt to make -them to., the 


to 


conclusion that rigid speed 
restrictions, particularly on 

rnotorvBv*? feavc b&pn Jiliovccd to ^ 0 ff 6 Cti\cIy ensure thit tftG 
moto^a s mvc own to great majority of private owners 

act as a weapon To encourage the 0 j important works of art 
incompetent at the expense of (whether on public exhibition or 
the competent and that this not ) w ill be obliged to sell them 
negative attitude is but one -inevitably overseas, 
symbol of fee general decline of j n these circumstances the lip 
British purpose in recent years, service which has constantly been 
If we want to bring about paid by the Labour Party to the 
higher standards of driving on necessity to preserve our cul- 
. motorways it is - time, in tural heritage turns out to be 
Mr. Churchill’s words, .to set ' the mer ? w V ff when P oIit ical horse 


lough specifications oL the'e^ec- T nacOfi 
tronics industr>\^ There-., are JUvnlavli 

assets 


larcn numbers of* successful 
un all enterprises ’. in the ‘field 
now. 


From Mr. E. Grattan 

Sir. — May I refer 

jAVhiteTs letter (August 2) sug- people free-so that they mav trading is at stake. It would be 
cestins that the 70 raph limit' _ . . . • . . . interesting to know what the 

should^ berateed to*85 mph. More C ^™ tive Pa ^ has t0 say 

tii an a third of the motorway fox themselves and 10 develop about this. 

•drivers exceed the 70 mph limit. «« discipline rather than being Hugh Leggatt. 
so there are good grounds for condemned, like school children. 30, St. James's Street, SW1. 


\s for spread) ag.£120m among f r ?J w . Mr - w * Barrett 
U.S. and British companies' and Sir — xour 


l ; K multinationals. 


who” Was' comparison (August 5) between The cars we use must be improved 

n'vT m;Vdv 'mone7'"by hacking ali mented farms and rented: frac- From Mr. L. Sharpies . wide range of future po&sibP.i- failed to achieve io practice, 

pf»ss)bJc runners in -a race ? - .tog overlooks some lupq ame mai Si r a _ sure l ca nDO t be ties. Higher petrol prices would although partial success has been 

differences between the type of 71 .... on.-nura-e ih^ technological chieved, for instance by Honda 

of Japan, and Ford of America, 
resulting from the but only in the area of emission 

At present the superior process ^‘^UhP^io^hav^tho ing the “Lex" column (August project suggest tbaUW per cent reductions. From tbe standpoint 

capability '.»f CaUfomia’s 7) has certainly not made me real increase m petrol prices of fuel economy, both engines 

’’ Silicon Valley" may he seen to TetaKc po^^-^ fcel aoy bener , refer> of would result m an increase in are. less efficient. Other com- 
at work in every semiconductor r ° ;ur 5j. course, to the apparent intention rail and bus traffie of only o0 pames are involved, including 

plan* In the world. Tbe major -™^^h“noi?fnue to to ^hS ; ° r Rovernment agencies to finance per cent. It concludes 1 lhat if Ley land, and at a recent con- 

ch.ilK-ncp is from^Tapan.. One; S construction of a sports car People will not be bulliwl into jerence, on the subject— held in 

note* the crM*pe ratio u ov er In ore * ^ .v -^51. ~ nroducUon complex in Belfast. leaving their car. then Ihe cars London by tbe Institute of 

which they use must be im- Mechanical Engineers and 

proved." and a very significant attended by delegates from all 
“break-through" is required in over the world — it appears that 
internal combustion engine success - is still far away'. It is 
ii’s with ‘ir <« u , mc technology, which inevitably wili known that Ford has been 



pi in US Inntos tcchnoloEisls slsiency but only for ^ssata pos- world needs. designs. Economy of fuel con- principles of the reciprocating 

liore in Britain will create work siraiiar fundaniTOtil A fuel guTZlmg sports car sumption and poisonous exhaust piston engine. is such as to make, 

lure in Britain wm- create, wore characlertitIcs . 7 ; . must surely }e it the bottom of emissions are parameiers of good within thee known parameters. 

“stratified 
and there- 
significant “ bregk- 
combustion 

of Mncrts from“kriehce~hw(^ m nasic Tw-nnoiogy nave ongi- technology is to' be achieved, a 

■ ’ ■ this being an implied advantage produce, nated from outside the industry; radical reversion needs to be 

‘’compared with hire purchase. Despite the dire predictions the jet engine of Frank Whittle made t 0 first principles, and a 
.Under Ihe present siiuatjoo^it is from many authorities that the 2 ad the rotary engine of Felix new and profound .re-examina- 
quitt possiole for a business to world will run out of oil by tbe Wankel are typical - examples, turn made of a machine that 
employ substantial assets with- end of the century, a recent The industry obstinately refused has been with us for well over 



inriintries. 

U. Tueman. 

‘Jt. Avenue, • 

H Grorc, Stockport. 


Back the 
stayers- 

From Hr. C. Mfldito*. 


• out its accounts givinguny in- research project by the Uni ver- to see any virtues in these a century? 
dlcatian of this .ir.vesinfwt and dty of Salford, sponsored by the revolutionary ideas. If there is any degree of logic 

users 'of abeounls are entitled to' Science Research Council, has The pressure of events of the j n the foregoing; then surelv any 

. have, this assbi/tialrtlit>\po^tio*ii suggested that the most construe- past few years has now JoTced new conceotual ventures in the 

^ quantified, in the balancesheet. tiyc .areas For energy conserva- the .automotive industry, at last, automotive industry should be 

Only^w wm ihey f°m» » te.e «">'»»• 'S* <° fare r,,lil ? a..dih,y «, now d i«cW ton* development of 



•\ugint 3> to Mr. Toeman’s let- help Aheir case by oversimplified tr ^P° rL . 


ever, in most cases, they have a ud ingenuity should be mobi- 


• These changes would involve co me to realise that a t-oncept ijaed for this’ purpose. 

. smaller . and lighter car® with of internal combustion of r F K 

new engine technology, to make infinitely greater efficiency m? far-sighted person 

more efficient use of energy potential and of considerable si£- lhat Britain will 

reserves. The project disclosed nificance to r the two problem r ave 4 significant motor industry 
that tmncnnrt «-bb ihp .»>. . j. *» nmu n .* —a in. sav. ten vmk' time? The 


ter nf July 27. , - *-• comparisons. 

The history Of: tbe wmiconderc-. BxrrtU. 
tor industrj’ from the invention Greenacres, Wethertil, 
of the junction transistor, baregr; Ceriisle. . - 

SlrS with thc^amw^f enter- ri rji 1 ' - that private transport was the area sis “now ’‘-worthy ofsome ijln?™* 1 ? 1 ? —15’ * 

ini'timMn Silicon Valley^ Callforl Sn— Mr. Dmiglas Hoyle Is pro- . Out of ail the options for exactly praiseworthy. - IrtilL * e « a i{f i “ dj L . h w ace , the 

nn RnurelS 1 Bo^ton.-Glen-pbslng leg K! a I inn whicbwoultf ecersr savings, improvements Ricardo’s concept Is today tl ? e ,at,er 

i^rtnany and. France? :• - force ^public companies » seek to the private car would yield usually referred to as “ stratified are not m 1be *teht places, 

l aniiid echo «r Tueman and th» consent of their shareholders the best results. This finding charge," a basically simple rhenry Leonard Sharpies. 

>sV K mircess lirihis field not before' making any Ttolttical reflected a continual dependence of combustion which the auto* 3, Gormp Park Arcnue, 

*jt»re * come from tim 3sp*tjqhs. This may weljt.be all od private transport over a very mauve industry has nevertheless Ossett, West Yorks. 



WHERE IN THE WORLD 
WILL YOU FIND 

STANDARD CHARTERED? 


Water Street, New York; Water Street, Liverpool. Just one of the 
coincidences that are bound to happen in a Group with 1500 branches and 
offices in 60 countries around the world. 

Wherever in the world you h ave a business need, you're likely to find 
Standard Chartered ready to help. That’s nor a coincidence. Why not ring 
Keith Skinner on 01-623 7500 to talk about your own special requirements. 

Standard Chartered 

Bank Limited 

helps yuuthroughout the world 

Head office: 10 ClanernsLan^ London EC4N 7AB * Aasexa taaied£S^miIie* 











CHK.-J 


f 

Better trend for Glynwed— sees £4m rise 


AN ADVANCE from £13m • to 
around £17m in group pre-tax 
profit is forecast by Glynwed for 
1978. 

-PrindpaUy reflecting' the elim- 
ination of all significant losses 
in UK activities, the flrsr 28 weeks 
ended July 1 has produced an 
increase from £6. 12m to £8.46m 
in the pre-tax figure. 

The directors point out that in 
particular the sector covering 
bathroom and kitchen products 
and foundries improved its per- 
formance during the first few* 
months of the year. 

At the same lime sheet steel 
stockholding, which lost over 
£lm In 1977. produced a modest 
profit. As already announced the 
proposed sale of this division did 
not lake place, as the buyer, 
Finsider International l part of 
IRI the Italian state holding 
company) withdrew at the last 
minute. 

The South African subsidiary, 
of which the group now owns 
only 6R.5 per cent, suffered diffi- 
cult trading conditions which 
coincided with the acquisition 
with effect from April l, 197R. of 
the domestic appliance business 
of South African General Electric 
tPty). 

The rationalisation of distribu- 
tion networks together with 
other benefits will rake some time 
to materialise and a loss has 
therefore heen sustained in the 
first six months or the year, the 
directors report. 

They say that the outlook for 
thp second half depends on 
maintenance of the present level 
of economic activity and on some 
recovery in South .Africa. Given 
those circumstances, profits for 
the second half should at least 
equal those of the first six 
months. This would take the 
year’s result well past the 
"previous record of II 5.7 m 

achieved in 1974. 

Firsr half turncrer .showed an 
increase from F13R.35m to 
£lfi5£5ni. After tax the net profit 
mines through at £4. 02m against 
£3m. 

The interim dividend is 2.45p 
(same) — the total for 1977 was 
S.2p. 

197 * 1PTT 

wopk" 

fAOil fiWO 


HIGHLIGHTS 


After being hit by bad weather rn the first three mouths 
General Accident has come back with an underwriting profit 
in the second quarter and the overall profits figure is some 
£9m higher. Despite a 36 per cent fall in first-half profits 
Carrington Viyella could well turn in unchanged profits for 
the full year now that it is experiencing the effects of the 
boom in consumer spending. Lex" also takes a look at Smith 
Brothers, which has produced satisfactory profits largely due 
to the strength of the international share dealing. Elsewhere, 
Letraset. as forecast, has turned in profits in excess of £7m. 
while a combination of loss elimination and recovery has left 
profits at Glynwed nearly 40 per cent higher. The expected 
shortfall in Blbby's Seed and feed activities has been more 
than offset by the paper and converted products division. 


machinery at the manufacturing 
companies. Two major items were 
It 110,00 on a computer at HaU and 
Hall and £107,000 for equipping 
the new subsidiary, Hallite Engin- 
eering. 

A high proportion of group net 
profits has been and will continue 
to be reinvested in the • business 
in order to finance its growth and 
expansion, the chairman explains. 

Meeting. Siinbii ry -on -Thames, 

September 22, noon. 


Trariuic profit 

10 272 

TP-S 

Inli-rp^r rharc** .. . . 

i *n 

1 '1? 

Prnfii before lax . . . 

M.V) 

fi-lM 

Taxalinn 

4.4.T 

n in 

.\>t profit 

4 IH? 

n.mw 

Mlnnnljr lo«s 

*4 

*3B 

Aitnhutahlc . . 

4.iKfi 

2 .95* 

Prf< Inn-nce dindpnrls . 


25 

Ordinary 

1..-40 

1.536 


• comment 

I^cks elimination on Voeue bath- 
rooms and sieei stockholding, and 
a recovery in domestic appliances 
and foundries are the main factors 
behind Glynwed’s 38 per cent 
increase in pre-tax profits. Overall, 
it amounts to good news from the 
UK businesses. But Defy Indus- 
tries of South Afnca (with its 
recently acquired domestic 
appliance business or South 
African General Electric) lias 
been going through a rough 
patch, turning in a loss for the 
first six months. However, here 
Glynwed is hoping for at least a 
breakeven result for the full year. 

Glynwed 's forecast that present 
trends could produce equivalent 
pre-tax profits in the second half 
suggests a figure for the year of 
at least £17m. With the shares at 
L24p. this would give a fully taxed 
P e of about fit which is well 
supported by the 11 per cent 
prospective yield. 


Ault & 
Wiborg up 
at midway 

FROM TURNOVER of £19.fim 
compared with £16. 87m previously, 
pre-tax profits of Ault and Wiborg 
Group advanced from £1.0ftm to 
£1.3Lm in the June 30. 1978 half 
year. The result is after interest 
charges of £121,000 against 
£115,000 last time. 

The interim dividend is lifted 
from 0.65p to 0.72p net per 25p 
share. Last year, on record 
profits of some £2m, a L3p final 
was paid. , 

The group's interests include "the 
manufacture and marketing of 
printing inks, printers' rollers, 
paints, chemicals and coatings. It 
is 41.9 per cent owned by Sun 
Chemical Corporation of the U.S. 

• comment 

Following last year's £l.4ra capital 
spending and earlier rationalisa- 
tion. Ault and Wlborg's pre-tax 
profits are 24 per cent up at the 
half-way stage. Sales have 
increased by lfi per cent (includ- 
ing some volume growth) while 
gross margins have improved 
about half a point All divisions 
have chipped in this time though 
inks (about 30 per cent of sales) 
has contributed most of the 
increase Ault's fortunes .here 
largely rest on (he newspaper 
industry and while Fleet Street 
has not been a good market, the 
Croup's higher quality inks have 
sold well outside London. Paints 
account for 25 per cent of sales 
and here it is mainly the more 
important “ refinishing ” products 
(sold to garages) which have set 
the pace. The company has 
suffered from the troubles at 
Leyland. its main motor manufac- 
turing customer. Meanwhile 
chemicals capacity has increased. 
Though the polyester marker has 
been weak. Further capital 
spending is planned— to be met 
from cash flaw and short-term 
borrowings — though working 
capital is another £)m higher. 
ProGts at least the same again 
are possible in the second half 
which puts the shares at 42p on a 
prospective p/e of 7.7 and a yield 
of 7.S per cent. 

Burtonwood 

Brewery 

(Fnrshaws) has continued * its 
policy of acquiring sites and 
premises for conversion to 


licensed houses and intends using 
its liquid assets in investments 
of this nature, Mr. R. I. Gilchrist, 
the chairman, says in his annual 
statement. 

Three such acquisitions are now- 
operating and several others will 
be operating in the current year. 

At the March 25, 1978, balance 
date the group had cash and bank 
balances of £866,386 compared 
with £684,743 a year before. As 
previously reported, taxable profit 
in the year rose from £Um to 
£I.54ul 

Mr, Gilchrist says that the 
group's wine and spirit qompany 
has made substantial progress 
and a start has been made on 
the production and distribution 
of its own minerals from Burton- 
wood. 

Meeting, Burtonwood, Cheshire, 
August 23 at 11 a.m. 

Hallite 
passes £lm 
mark 

FOR THE year ended April 29. 
1978, profits of Hallite Holdings 
have advanced by £270.911 to 
£1.005,967, . after showing a 
£146,527 rise at halfway. 

The group makes synthetic 
rubber and plastic precision seats. 
Turnover for the year rose from 
£5m to rr.CCm. After tax £569.430 
(£394.239) net profit came out at 
£436,537 (£340.817). 

Earnings are shown at 19p 
(14.96p) per 50p share. The final 
dividend is 4-37p for a net total of 
6.52p (5834p). 

Mr. H. H. ,\L Harmer, the chair- 
man. says in his annual statement 
that in the UK a satisfactory level 
of incoming orders continued 
during the first nine months of.the 
year, but has since been at a lower 
level. 

The current year is therefore 
likely to be one of consolidation, 
he states, and it is to new markets 
and existing markets outside the 
UK that the group must look for 
growth in 1978-79. 

Total export sales, which in- 
creased 39 per cent to £1.07m for 
the year, have more than doubled 
during the last two years. As the 
effects of the investment in sub- 
sidiaries and associates made out- 
side the UK during 1977-78 were 
not fully reflected in the results, 
further growth in exports is ex- 
pecred in 1978-79. 

Capital expenditure advanced 
40 per cent to reach £520.000 for 
the year, of which ,£487.000 repre- 
sented expenditure on plant and 


Syltone 

spending 

plans 


After spending £699,000 on 
capital projects in l»n-7S. the 
budget for the current year at 
Syltone has been increased to 
£760,000. Mr. John Clegg, the chair- 
man, says in his annual state- 
ment 

Of last year's figure — which was 
£99.000 above the original budget 
—£397.000 related to permanent 
buildings, while £100,000 of the 
current year's spending will be on 
permanent buildings. 

* In the year the engineering, pipe 
systems and electrical distribution 
group opened branches in Dallas, 
Texas and Lyon. France to sell, 
stock, service and repair its equip- 
ment while two branches were 
opened in the UK. 

Mr. Clegs says that although it 
Is too early to attempt any 
meaniznful predictions for the 
current year, he adds that the 
group is on target for its set 
objectives for expansion. 

As previously reported, pre-tax" 
profit of the group climbed from 
£0.fi5m to £1 .04m in the March 
31 year. During the year fixed 
assets increased from £0.89m to 
1137m, and net current assets 
from £I.8fira to £2 .24m. The 
group's bank overdraft rose from 
£0.29m to £0.fi4m. 

A current cost statement shows 
the profit reduced to £0.7?m by 
additional depreciation of £0.13m 
and a cost of sales adjustment of 
£D32m. offset by a £75,000 gearing 
adjustment 

Meeting, Bramhope, near Leeds, 
August 31 at 2.30 pm. 



THE CONTINUATION of slugg^h 
trading conditions has jmtne 

UK operations °* 

Viyefla in Jhe first *»lf «f MM 
and at the trading to**' 
profit-. has fallen by £3m fo 

. £7.98m. -After allowing- for lower 
interest’ and exchange losses the 
pre-tax . bglancf emerges at 
£AS*m against rr.o*m- 
Mri L. Regan. i&e chairman, 
refers ..to current reports of 
increased consumer spending in 
' textiles .and clothing and says that 
this could lead to a better profits 
performance than that ^achieved 
In the second half of 19«». 

. Overseas "he looks forward to_ a 
larger contribution from bourn 
Africa and Canada and a reduc- 
tion in ..Italian losses. 

In the half year, "roup external 
sales apfisS.lm show a 4'.* per 
cent rue- over 1077 and inriud** 
direct exports from the UK. of. 
£20m "being an increase of - 10.4 
per centf 

'. The trading profit was struck 
after charging reorganisation 

costs. of £0.6m (Xl.lra) and after 
. taking iat3 account the Temporary 
Employment .Subsidy which was 
lower than in 19* <- 
• The chairman reports at ex- 
port sales have maintained the 


volume reached last year and the 
contribution to the trading unfit 
by overseas eompaajes «ras ar 
similar level to 1977.- 
In addition to the exc^imn 
losses charged to pwfiranff-w ■ 
exchange profits taken direct in 
reserves . ih .' respect of hM 
assets . amounted . to 
(£363009 losses). -, Tv 1 :. 

The Interim dividend 'is 'inj' 
creased from 9.5flS95p to 
—the total for . 1977 wax-2Ap paid 
from pre-tax profit of-£i64m 

• Kirueirtt' • 

<990 naa. 

t*»rmn uw — ... .. man ui un 

Trading proftr - TVS liwf 

IntPfPH MSaMe ..... ■ L*M & 3 C- 

Profit SWD 532- 

Kxv h»BW tow* W *2 

ProOt bttaro lax 4M 

T&sauott !.)». |«r* 

owfit - v.aw jif - 

Unnrtth-s . — 7)4 - 

(■n-hTvnv*.«h*HiwK) 7% . jj* 


External ulrt — .... .. m.on 131 m 

Trading proftt- - 9am 

IntiTPM- Miahtr ..... ■ 2J04 ■ 

profit . ... -rmz- ?35- 

Enchant* tow* • W m 

ProOt bxfar* tax 4M 7S* 

T&saliOrt T.f%> . 

\«*t or* fit - s.aw .!*»• 

Unrartth-s . TM p 

Pn-lm-nr*', OtahJrral 754 }j* 

AitntnMrtk- mtnuarr 5W» 

Init-nm UtvM«-tid .. LSU ■ ten 

- K.-suied la lake arrourrt of dawo* 
in amimuiiiE potter for dtlcnrd ux ra 
forrura currency mnslattnn adeawt (a 
Ibr arvounis for 19T7. ■ Gam. . 

Capital expenditure during (ho 
period amounted to £&9ra com- 
pared with £5m. 

Imperial Chemical Industries 
has a 494 per cent stake in the 
company. 

See Lex 


FTftbUe MoMJfeAt 

Mr. Leonard Regan, chairman pf Carrington Viyella. 

DIVIDENDS ANNOUNCED 


Container group signs 
Mersey dock contract 




Date 

Corre- 

Total 

Total 

Current 

or 

spending 

for 

last 

payment 

payment 

div. 

year 

year 

int.. 

0:72 

Oct 13 

0.65 

— 

1.85 

irit. 

3.00 ‘ 

Oct 6 

*1. 5 

— 

fi.54 

int. 

0.67 

Nor. 10 

0.59 

— 

2.1 

int. 

1.1 

Oct. 12 

0.98* 

— 

2.02* 


4.19$ 

Jan. 1 

3.75 

— 

8.09 

.int. 

2.45 

Dec. 20 

2.45 

— 

SJ2 


4.37 

Oct. 2 

3.9 L 

6.52 

583 


3.09 

Oct 27 

2 72 

4.5S 

3.69 

■int 

I.6S 

— 

1.49 

— 

4.58 


3.47 

Nov. 4 

254 

4.97 

4.44 

int. 

0.55 

Oct. 13 

0.5 

— 

127 


Sodastream 

expansion 


Dividends shown pence per share net except where otherwise staled. 

* Equivalent after ailoiving for scrip issue. 7 On capital 
increased by rights and/or acquisition issues. {Includes additional 
O.D66p in respect of tax cut. 


Reduced interest helps 
Bibby in first half 


THE Port of Liverpool a 

' major boost yesterday, with the 
announcement that the Atlantic 
Container Line had signed a con- 
tract with the Mersey Docks and 
Harbour. Company to use the 
specialised container terminal in 
the £50m Royal Seaforth dock 
complex for the next five years. 
' Mersey Docks a iso said that 
a second Important shipping line 
is 'expected to sign a similar 
agreement In the next few weeks, 
r ACL, with two sailings a week, 
is one of the biggest and most 
regular users of the port, having 
built up its traffic since 1969 
when it operated out of the 
Gladstone terminal before Sea- 
forth was opened. 

Mr. James Fitzpatrick, manag- 
ing • director of Mersey Docks, 


SODASTREAM, the company 
which makes do-it-yourself 
machines for fizzy soft drinks, is 
to take over a new factory on a 
nine-acre site at Peterborough. 
The company's 230-strong labour 
force will be doubled in the next 
five years. 

Cockburn Cement 

The Rugby Portland Cement 
(RPC) subsidiary. Cockburn 
Cement (Australia) is to make 
a AS14m debenture issue. The 
company said that funds raised 
will be used to complete the 
financing' arangements for the 
construction of the raoderp sus- 
pension preheater iime kiln at 
the company’s South .Coogee 
works. The issue has been under- 
written and RPC has radicated 
that it will not be taking up any 
of the stock. 


Bayerische Vereinsbank 
one of Germany's 
major banks reports 



FOR THE half-year ended July 
1. 197S, profits of J. Bibby and 
Sons have - shown a £929,000 
advance to £3.72 m. 

fn the current six months some 
slowdown is expected, and a profit 
of the order of £7.5m should be 
achieved for the year, an increase 
of £ 1.33m over 1977. 

When last reporting in \\ay, the 
directors expressed their confi- 
dence of profit growth, but not 
at the rate achieved in the 
previous years. For 1975 profits 
were £2.89m and in 1976 they 
come to £4. 5m. 

The first half profit was boosted 
by a £503,000 reduction in interest 
charges, and a £160.000 lift in the 
share from associates. 

The chairman, Mr. J. Bibby, 
reports a substantial increase in 
trading surplus by the paper and 
converted products division, while 
edible oils made a good improve- 
ment. The feeds and seeds side 
-encountered more difficult 
conditions which affected sales 
volumes and did wen to achieve 
a trading surplus only slightly 
below that of , last year. The 
farm products, division also 
showed a reduction in trading 
surplus, due in part to tbe fact 
that the comparable . period of 
1977 included a contribution from 
Norfolk Newlay Egg Company, 
which has since been sold. 

The reduced interest charge 
reflects tbe veiy favourable cash 
flow referred in the annual 
review. 

..The associated company* 
Steriim, has again produced 
commendable ' results, while 
Ekman Cleave and Farm Feed 
Holdings have shown a recovery 
following the setbacks encoun- 
tered last year. 

In the second six months of this 
year, feeds and seeds wij] continue 
to operate in an uncertain trading 
environ ment. Farm products 
should show some improvement 
on the first half year’s perfor- 
mance due partly to seasonal 


■* 

\ * s '..v .v 




Endeavour-Ultramar 
in $lm Egypt deal 


k Vt.V 





^*411 


Bayerische Vereinsbank 
Head Office 
International Division 
Kardinal-Faulhaber-Strasse 1 
D-SOOO Miindien 2 
Telephone: (US9) 2132-1 
Telex: 523321 bvmd 
SWIFT: BVBE DE MM 


Assets 

E>ue ; to Customers 16& 

Due from Custdmte 15£ 
Bonds Tssued 37^. 

Mortgage and Public . 

Authority Loans 37.3 

Capital Resources JL5 

Wlimw DM 'i 


Bayerisdte Vereinsbank 
(Union Bank of Bavaria) 
London Branch 

40, Mooryate 
LONDON EC2R GEL 
Telephone: (01) 628 9066-70 
Telex: 88 1 3172/3 bvlg 





Union Bank of Bavaria 
(Bayerische Vereinsbank) 

New York Branch 

430, Park Avenue 
NEW YORK, N.Y. 10022, USA 
Telephone: (212) 7 58-46 64 
Telex: 6 2 850 ubb uw 


BAYERISCHE 
I® VEREINSBANK 

INCORPORATING BAYERISCHE STAATSBANK AG 


Endeavour Resources, the 
Australian oil and mineral 
exploration company, announces 
that Ultramar is acquiring 91 per 
cent of Endeavour’s Mairut Block 
in Egypt for Sim. Endeavour will 
retain the other 9 per cent. 

Endeavour will carry on to the 
next stage of exploration Includ- 
ing the drilling of two wells in 
the arqp, preliminary assessments 
of which are regarded as “most 
favourable.” 

. Tbe ntramar deal was accom- 
panied by the latest news of 
Endeavour's . other onshore oil 
prospects. 

The-, first well on Endeavour's 
Papua, New Guinea, licences will 
be. spudded In by Ej^o this month. 
Drilling is estimated to cover a 
55-day period to reach the target 
depth of U.OOO ft. On completion 
Endeavour will be assigned a 

10 per cent undivided interest at 
no cost. 

On onshore prospects elsewhere, 
the company is currently evaluat- 
ing seismic resulis from Its 
Palehawarra Southwest Block in 
South Australia (10 pejc cent 
owned), and at Adavale Basin. 
Queensland (20 per cent owned) 
where detailed seismic work 
scheduled Tor later this year 'will 

be followed by drilling. 

The company is also carrying 
out a programme to define drilling 
targcls in the Surnt Basin. Queens- 
land. in which a 25 per cent work- 
ing interest is held. 

. n was announced in London 
that investors in the UK and 
Europe have paid a premium of 
3. cents bn 4m Endeavour 20 cent 
shares issued by the company 
yesterday. A further SOO.OOO 
shares were taken up by Bond 
CnrooraLion which already holds 
25 per cent of Endeavour. 

The placing by Norths, the 
Sydncv stnekhrokers, raised 
nearly" £7WMHW fur the Australian 

011 and mineral explorer. 


Australia's Woodstde Petroleum 
says that the Brigadier No. 1 
exploration well in Permit 
WA-90-P offshore Western Aus- 
tralia was spudded in on August 2 
in a water depth of 312 metres. . 

The well, planned to test tbe as 
yet undrilled Brigadier structure 
about fiflkm north of the North 
Rankin gas field, is at a depth of 
713 metres. 

Participants in the well are 
Wood side. 50 per cent, BHP Petro- 
leum Development Australia and 
California Asiatic Off, 16 j per cent ' 
each and Shell Australia and 1 
Hematite Petroleum- SJ per cent' 
each. J 

* * *■ 

Natnma s has completed a fourth 
well in the Selatan area of its 53 
per cent owned southeast Sumatra 
contract area- offshore. Indonesia. 

The well. Selatan No. II, flowed 
at a combined rate of 2,450 barrels: 
of oil a day from the Batu Raja i 
formation. The company says that ; 
results from Selatan No. 11 con-: 
firm sufficient reserves to proceed ! 
with construction of a second i 
permanent producing platform in i 
the Selatan area. j 

The first Seiatan platform is! 
currently under construction and 
production, is planned to com- 
mence early in 1979. Initial pro- 
duction from the second is 
expected to- begin m mid-1979. 

* • * * 

Following important new .strikes 
in the Dhofer Province of Oman 
the country's southern oilfields 
are expected to double their 
previously forecast rapacity to 
Un,QQ0 barrels of oil a day, accord-- 
ing to Petroleum Development 
(Oman). The new finds in the 
previously war-ravaged Dhofar 
Province were particularly 
enenuraaing at Birba. where-ntest 
well. 25 km northwest of the mam 
Dhofar oilfield at Marmur, also 
produced better quality oiL ' 


said ’yesterday that his company 
was delighted that the senric* 
it had given to ACL had been 
recognised- • - . • •• v 

The contract would enable’ ft-, 
to offer better facilities; ■It, 
gives us the basis on, which hi 
plan fur the future., to purchase 
equipment and to provide other 
resources with confidence.'* 

Mr. Richard Orman, director 
and general manager of the ACL' 
division of Cuoavd-Brncklebank, 
the UK general agents, said: 
“ The approach of Mersey Docks 
management towards resolving 
the problems of Royal Seaforth, 
and tbe improvements achieved 
earlier this year, have given us 
the confidence to enter into this 
new contract.*' 


factors and the remaining 
division should maintain the 
progress achieved in the first six 
months. 

The directors believe that the- 
amendment to the ’ statutory 
restraints on dividends will permit 
a higher .overall distribution to 
be made in respect of 1978 than 
would have been the case under, 
the former regulations, and 
intend to seek the required 
TCeasury consent when the results 
for the full year are known. 
Accordingly, they have decided to 
increase the Interim from 2.5p to 
3p per share: in addition, as a 
result of the retrospective 
reduction in ACT. tbe company 
is permitted to pay a special 
interim of 0.06l2p per share in 
respect of 1077. 

• comment 

A combination of a better than 
expected performance from Bibby 
plus the hint of higher dividends 
pushed its share price 12p higher 
to 2B4p yesterday in a fairly 
narrow market The company 
has been indicating for some- time 
that profits growth in the period 
wnuid not match the rate seen In 
the comparable helf of 1977. Its 
main feed and seed operations 
had an excellent first half in 1977 
because the 1976 drought had hit 
farmers’ own feed and seed 
stocks. With better weather 
conditions in 1977 demand fell 
add volume in the first six months 
of 1978 was lower. But the profits 
shortfall here was more than 
offset by growth in the paper and 
converted , products division^— 
which provided more than 20 per 
cent of tbe pre-tax figure — plus a 
better result from the edible oils 
division. The farm products 
division was down partly because 
of the sale of Norfolk Newlay 
Egg Company last year. Assuming 
a 10 per cent dividend increase 
the yield Is a fairly modest 4JI per 
cent 


GOLD FIELDS GROUP 

VOGELSTRUSBl'LT MIL DOUIIMiS UMfTEB 

(Incorporated in tfie Republic pf South Africa) 
INTERIM REPORT 1978 

The consolidated unaudited profit of the company and hi whdly- 
owned subsidiary. Struisbult Investments Limited, for tne six 
months ended 30 june 1978 is: 

Six' Six 


Income from investments 
Sundry revenue 


Months 
ended 
30 June 
T97B 
R000 
959 
424 


Six 

Months 

ended 

30 June 
1977 
R.D00 
698 
218 


- Year 
ended 
31 Dec, 
-1977 - 
. ROOT 
' 1,709 
311 


Less 

' Administration expenses ...... 

^mounc written off 
/ investments 



/Profit before taxation .... 
Taxation (transfer from \ 
p deferred tax) 


Profit attributable to- member* lJUM 767. 1. 191 

Earnings — per share (cents) \ 8J 5.0 7.8 

Dividends — .'per share (cents) \ 4.0 '3.0 7.5 

— amount absorbed (ROOD) \^61J- . 460 1,150 

\ 

Investments •'* 

Each investment is written down When the market value or 
directors*. valuation is below the book value ac the end ol a 
financial year. No provision is made In the accounts for the 
interim period, but. the depreciation, at 30 June -1-978 was 
R33 J .000 ( 1 977— R623.000). 


Particulars of listed fnvesQmeftts 

Stock Exchange value 

Book value'-.....'.: 

At 30 
June 
1978 
ROOD 
17,4*3 
*448 

At 30 
June 
1977 - 
■ROOD 
11.826 
5,939 

At 31 
December 
1977 
R000 
14.441 
5.824 

Excess in Stock Exchange value 

KL815 

5.887 

8AI7 

ffook value otTunlis ted 




investments'. 1 

4,347 

4,651 

4J47 


Outlook - •' 

It is expected that investment income during the second half 
of the year will.be greater than it was in the first half. 

DECLARATION OF INTERIM DIVIDEND 
A dividend. No. 63 of 4.0 cents per share, has been declared 
in South African currency, payable to members registered at 
the close of business on 25 August 1978. 

Warrants will .be potted on or about 28 September 1978. 
Standard conditions relating to" the payment -of dividends are 
obtainable ac the share transfer offices and the London Office 
of the company. 

Requests for payment. of the dividend in South African currency 
by members ‘on the United Kingdom register must be received 
by the company on or before 25 August 1978 in accordance 
with the. abovementioned conditions. 

The register of members will be closed from 26 August to 
I September: 1 978, inclusive. • 

Registered- and Head - Office j 

Gold-" FfeljJs Building, . On behalf of the board, 

75, Fbx Street, R. A. Hope '. p,. 

Johannesburg M, B. Forsyth 1 

2001 . ' 

London Officer United Kmgdqm Registrars 

49, Moorgate, Close Registrars .Limited,' 

London EC2R 6BQ. 803, HIgh Rp , d> 

'Leyton,' 
London EI0 7 Aa. 


9 August l?7B 


BUILDING SOCIETY 
BATES 

Every Saturday the Financial Times publishes 
a Uble giving details of Building Society 
• .Rates-on offer to the public. 


For- further details please ring 
>-- 01-248 8000 Extn. 266 









r J 

■ V: 



/ ' Li 

L J 


E&ancfsl 

■■ .• . ■ . . 


■ AugH$fr 10- 197S' 


near £1 .2m 


GOOD CT2C03STO quarter -results 
are reported by General Accident 
Jfrc «dd Ltte Assurance Corpora, 
uon. These sre^ery'nmch in‘- 
contra&t to the poor first quarter 
“Wires whictr :. were adversely 
affected hy severe weather con- 
ditions in both the U.S. and UK.’ 
An underwriting profit -of £3J3m 
was achieved in the second three 
months, -redac2QJ6 the overall de- 
in the- first- six months; of 
» 1878 f5 - 8n 5 compared .With ' a 

lost of ~$&8nr In the : correspond- 
ing^ period' last year. • /' ■ 

^g'topwVemehtxonpied'^ witi 
n 21 per cent Advance in invest- 
ment mcome : to ■aajun, resulted 
ta first half pre^ '.profit*- rising 
by 30 per centfto mim. - 
Net premium written on sen-' 
erai business were 14.6 per cent 
higher ar £388m. If the effect of 
exchange rate movements r Is ‘ 
taten. out* then the group ex- 
perienced a 12.8 per cent pre- 
mium growth in real terms. r 
Operations in'- the. US.. which 
account for around :40 -per cent 
of the group’s business showed 
a considerable improvement' and 
resulted in . ah ‘underwriting '-pro- 1 
fit of £0.7m, cutting., down -the 
underwriting losses for the first 
naif of the year to fOSttt. against' 
a loss of £«m last year.- Premium 
ir l c ? T n ^ e ^^ 8 10 per-cent higher 
at The. operating ratio' 

re the second quarter amounted 
to 98.81 per cent' leading .to' a 
first half figure. Of per cent 
agamst 10L26 per cept hi 1977. 

The profits achieved in the 
a immobile account, the group's 
main line of business arose from-' 
previous rate, increases but were 
balanced by.losse&ln the liability 
and property accounts. Although . 
these latter accounts showed im- 
provement, the ■ group ' does- -not 1 , 
have any further motor, rate -In- 
creases under" consideration at 
present. Indications. *re thgt t/.S '■ 


results could peak out fairly soon. 
In the UK a, good second 

! [uarter resulted ia an underwrit- 
Qg - profit of 'JBJin— leaving a 
.first; pall loss of £5m— more than 
'double that of: last year^on pre- 
miums S3 per cent higher at 
£145m. This defied 'arises almost 
entirely from, the’, exceptional 
losses incurred in' -Industrial fire 
and in the home. owners accounts 
during; : the . ' first- quarter from 
severe weather.- . i; ■ 


Six months 

1W8 1977 


Set • OTrtteq 'jmvai lnmS- : 

■ Iqvuiucui fffmp' mo— 
Undcrwritlmr Jnsi 

Lc&g ta r m iinamic* profits’ 

. sixMae. - — ... :. — ; 

■ Loan and bank inter** w 


B. Wardle d< 
far blit secs i 


FOLLOWING DIFFICULT trading ■ 
conditions in the first quarter, 
profits before tar of -Bernard 
Wardle and Company fell slightly 
from £530,600 to £501,000 for the 
28 weeks to June 11, 1978, on 
higher turnover . of £lS.75m 

against £J0.02m; vV' "- 
During the period; exceptional 
profits were made .'from the pur- 
chase of the Annorfde ' stocks 
and these have not been included 
in the group’s trading profits of 

1343,000 (£588,000): 

These exceptional profits, which' 
were in line ' with directors’ : 
expectations, are being held in 
suspense pending the ascertain- 
ment of all expenditure arising 
from - the acquisition. It ia 
expected that a significant por- 
tion of these profits Which total 
£387,000 will remain- at the year 
end. 

Air. D. A. Boothmfur. the chair- 
man, reports that,:- Annoride, 
acquired in February/. operated 
profitably and contributed signifi- 
cantly to group profits. In addh_ 
lion, full year results will include 
the benefit a ri sing from the buy- 
ing of stocks at favourable prices 
loss exceptional v expenditure 
arising from the acquisition. - 
The Dutch subsidiary, Schotte, 
incurred a loss of EJ2.TO0 for the 
period, but Mr. Boo Hunan says 
corrective action has “been taken 
and the directors believe /that, 
subject to no farther worsening 
of the Dutch . economic climate, 
this drain on group resources has 
been stopped. 

The chairman says the improved 
trading conditions oS the second 
quarter art continuing and 'be.' 
expects -group second hatfzrasults 
to bo satisfactory with record- 
overall figures for the fuB year. ^ 
For the whole of the 1BTM7. 
year, a taxable profit of £L0ftu 
was reported. 

After tux or £336,000 { £304,000) ' 
and an exchange . gain of ; 
(£10,000 loss), available profits 
dropped from £283,000 to. £226^)00 
for the 2S weeks.' , -, v 

Tax includes a faH transfer, te 
deferred tax account, although .the 
directors expect that deferred tax, 
will he provided ar^he yearSend 
only if it is considered probable 
that u liability will .ftrtse. - 
The interim dividend ls-stepped 


The group. wMeh' is the largest 
motor insurer ta'tbeUK, recorded 
an underwriting .profit sufficient 
to offset' the first quarter lasses on 
t -ehsccount /TtUB-' group is still 
experiencing -tr Wgb wciaence of 
claims: with. no signs of improve- 
ment hot already it states that it 
is benefi tirig from the rate increase 
made at the beginning of 
February. Hhe groop is not con- 
templating any further increase in 

the immediate future.- 
Else where usderpritiBg Trends 
were substantiaaic,.. 'unchanged. 
Losses contiriuediW^ Europe and 
aWhough . the i. experience in 
-Australia has deteriorated there 
has been some .improvement in 
Canada. . . 

.Coimnen ting. q iAhe -results Mr. 
David Blaikre,- thq -chief general 
manager; said - -tbit. following the 
exceptional weatbet^loseeii in both 
-the^U-Sr, " and - UK-:-in the first 

quarter. . nnderwainjE experience 
had now improved^ each of tfae^e 
territories: He loqfced forward to 
a continuation o£4»e; trend during 
the. rest. of tiwffsuyi..-" 

Tbe imerim - iWidend is being 


raised from 3.73p to ,4J25p net In 
addition the compensating . divi- 
dend of 0.066P reflecting the 
change in tax rate ;wffi -.also be 
paid. The -total :pa& for.£8ft was 
8.097p. - ■ . ’= : r 

in. the life department new 
business' figures -for the. -.first half 
of 1978 are as -follows; new sums 
assured -£973Am iiSSK&m) and 
annuities £24m - <£132m); - and 
annual .new life. and. . annuity 
premiums * £8.5m -<£5.7n0; and 
single new - life and' annuity 
premiums ( , £3.9»).- - 

See- L*x- .' 

' Martin 
Fordup/ 
at midway 

FROM TURNOVER up rfper cent 
to £3.14m, profits 'before tax of 
Martin Fori, ladies.- .wear retailer, 
rose by almost.. ’25 per-cent to 
£553.837 in the- first .half . year 
ended :Jutte.'3. 1378.“ f.I 
. And . in the • light-';', of the 
advancing turnover levels - being 
experienced, the- second ' . six 
months, is viewed with confidence, 
the directors say, 

Earnings per share are shown 
to have risen from -an ad justed- 
I.31p to I.66p and the Interim 
dividend is l.lp- compared with an 
equivalent 0.984p. Last-year’s total 
was. equal to 2J*24p from pre-tax 
profits of £963,000. 

28 weeks - 
' ‘ 1977- 

■ ; ' £ t 

Sales* ,:,.3.1S8J4S 2,701,009 

PtofH Mm tax -... SSMB M4A7 

Tax 7MM7 240.239 

Net profit - . 259 JM -284JS8 

DlvlOenda 171 STS. 1SL750 

To reserves . . S7.315- - 50.409 

* t«li*1»wtlwy VAT. . , • 


DESPira - REDUCED ' marifet ^ 

activity in the eecond half, profits DA . Dn iM-r-nuAe 
before tax of -Smith Brox, stock. BOARD InEETlNCiS 

^ Stowing companies have notified 
£824,313 . to £1 l orn in the. year^ fines o! &o&m meeiiws w» u» stock 
ended April- -2S, 1978. The first E x c ha ng e. Soch meeUass are nooaliy 
half saw a recovery from losses! hrl4 for piupases af eonsldering 
Of £561524 to a £70i2S2 profit.' dividends Offlcul imUcattons are not 
Vn*nhtB> - Opt cVtAtm available whether (Uviiteiids concerned arc 

MratogS^pCT interims or finals and me euh-illvtelMM 

as o.6p. (o.-Sp) and. the suvidend- gbown below are basad mainly on last 
total is the maximum permitted, years mnciabio. - 
^HL966l7p-i^auixO-«46p..with- q-- ; ■ „ today . ' 

. nf i 044An\ * - > martmK Aaransoa Brottets. Anslo- 

nnai ot A4bbup |^»m«p>. v-. topraatiroal mvesunrot Tmsu Autarated 

- In . the . circumstances me sccuritp. carroo. T. ciarV. Diakie Heel, 
directors consider the overall sqmrrd Hom. , 

result “ satisfactory.” Finals: AGB Rweareb. w. C. Allen' 

An extraordinary debit of just* c^ontama. 

over £29909 reflects the C0«5' P^ M - G » ld P, -M* Propcny. Heron Motor. 

P/.T/i Group. Midland Educational. Muar 

involved, wltn the proposed- Wwr Rubber. New witwatersraod Cold 
Bisgooo . Bishop merger.- .- A ; Bxplorntmn. Scottish Homes Investment. 
Monopolies' investigation cleared Setmrlcor. Security Services. Wholesale 

tbedeal eariier. this year but tt»r fitIlDCS • 

two sides later announced they, rntfrii m Ft/TURe DaTES • I 

had decided yiot lo "enter into; Harrow Hopborn ... ... iao*. « 

new merger discussions. ' . Sirws rChaHos* AOS. si 

Commenting on the results,* Wt' Brifixcwat»r Estates Aos. 21 

Tony - -Lewis,- chairman, say^ AJ“ f "" Unin — £ 

reasonably satisfied with : Gresham lnvesmr«tt Trust AnK-15 

figures." • ■. 'V investment Company Aas. iB 

Once again profits for the -yeas™*®. _ '■ ora. is 

included ‘a large element-' -iv — f 

internationaJ business. .. ■ — ^ W 

-Tew '*• - 
1S77-7S 1975-57. 

' . x- x 

Tnroovfr ;jUm. JJT&a . . • • 

PrMlt brfore tax SfS.to a record £4.62m from turnover. 

Pnor War kdlustmenT. - 15SJ0B of £lo3.5m against £117 Am. 

Net profit 577.149 566.70' Hie motor division dominated 

Final ord. . 802.RS 257.U4 renl of turnover for all the 

Forward 1.123.353 i.OMju. group profit Profits from tfie 


Good start at 


SO 


-up from 0.5p to net per top 
share— last yeay$-£bta] was iJ27p 
and directors say- the full year 
payment WiDrbetsibriMered in the 
light of GovermUfent legislation 
and tbey-bope it wfli- reflect any 
improvement iir payability. 

. Bernard. WanUe> &jr acquisition 
Armoride, probably^, contributed 
around £50,000 to ti?VEroup*s first 
half profits so that W«es precious 
little in the wayu^gbowth from 
the remaining -; ^^S-joperations. 
Poor trading has bfieniOtnpounded 
by. stiff competitkn^tJind demand 
for car upholstery.^ per cent of 
profits) and pai*ag&g.ta quarter 
of profits) only started to nick up 
in the second quarter. In Holland, 
conditions were aI%difficuU and 
the Dutch -subsidiarij may 'do no 
better than break ^vea, for the 
full year -after flrsS. hi« losses. 
However, the overall pldtore for 
the second half is nmc&heaithlar, 
especially as the ,.uJC ecg^omy 
continues to' improve.- ‘ Arinoridc 
has increased tt^'fltoupViqanu- 
fdcturmg capacayof PVC sheeting 
and vinyl JeaUfercloth by 3b per- 
cent and con tfi&pmp; rationalisation 
should enahfi^Jt^to turn in arotnui 
one third ' wrTgfoup sales by the 
end of the year. Excluding the 
£587,900; exceptional profits from 
the purchase oT Armorfde stocky 
W'aidlo ls on target for at least 
£lnt:tar the year. At this level, the 
p/e. is &8 at 34p. although the 
yield is a more . attractive 8 per 
cent ' -v 

Prospects looi^ 
good for , 
Kelvin Watson 

Currently sales of all divisions 
of R. Kelvin Watson, optician* are 
buoyant, and Mr. Geoffrey XWyin 
Wataoiu chairman, says prospects 
for achieving increased targets are 
.extremely .good. • 

! He adds that plans tor 7 the 
future, which include the expan- 
sion of the optical practices and 

the' promotion of both hard and 
soft contact lenses on a worid 
wide basis, should ensure that the 
company's " forward progress, is 
maintained- '*r- 

: As reported on July 12, preoix 
profits for the year to Maroh Si, 
197S. recovered from £342^81 db 
£556,030; . ; ■ ? 

I All optical practices contbreea 
i to - trade- profitably during ' ,'tffe 
i year. • ■ Practices have been pur* 
chased at Stoke-on-Trent and at 
| Han ley* in- addition u> the practice 
ai West Kirby acq« ,red In'AjwS 
1977, A planned pol/cy or.rafifiA 
bisfcing and re-5lun£ key practices 


.NOTICE W RjmEMPrTON' * 

MITSUI 04Lfc r . 
LINES, LT0. - 

(OsalaSA<wMhsa|Seuvrim 
KriraAfld Kafaba)" - 
5Mj per can. Congnteri Notes 
doc 1936 - . . 

NOTICE IS HEREBY GIVEN to ; 
the holders of the per cent. Guar- 
anteed Notes fine 1980 l the ( 

of Mitsui aSJL Lines,- L«Lr-x4xpB- 
nese corpurattcw tlbe "Coctpany^t.; 
ihai purauaot to Goodukuk-Jt. CE) of 
the termvanri conditions, of the Nads, 
the Company will redeem, oh Septem- ; 
her 15.1978. AU dte^otes thenout- 
Mandins. 

The price at rindt dte- Note* wilt ; 
be redeemed wifl be tel , per taw. of 
tile principal amount thereof JWd will 
be U S. S1.020 per U-S. SI, 000 prinei- , 
pal amount of the Note*. . 

The payment of the redemption 
price trill be made at the office' ca any' 
of the Payrne Aiwtds irt forth below 
on and after September 13, l978*upon. 
ntevemsiicvn. and surrender of. (he 


has been embarked upon which 
together with system changes will 
lead to an improved performance 
In this division. 

The demand for contact lenses 
remains high. This division one 
of the important revenue earning 
areas of the company’s operation. 
Of necessity, however, market con- 
ditions art- likely to change. In 
response to just such a change, 
whereby one at' the company's 
major customers has decided to 
undertake their own contact lens 
service, the directors' are broaden- 
ing the scope of the company's 
activities, t'se of a free phone 
system has enabled area appoint- 
ment offices to be reduced from 
seven to three. 

During the year »)l activities of 
independent sales divisions per- 
formed well - against their 
respective budgets, despite in 
some instances, difficulty in 
obtaining adequate supplies. The 
growth in sales explains the sub- 
stantial increase in ' stock at 
March 31, which is reflected In the 
accounts. ' " *1 


Dhamai result 
delayed by 
tax demands 

. The results for 1377 of Dhamai 
Holdings, due to have been 
published in July or August, have 
been further delayed following 
the receipt of large tax demands 
from the Bangladesh authorities. 
' The demands total £293,484 of 
which £135,317 is said to be in 
respect of estimated profits for 
.1978-79. The company says that 
this part was clearly wrong -as it 
was after all tea trading had 
ceased. 

Of the rest £109,401 is in respect 
of alleged capital gains apparently 
based on estimates of market 
value of the estates which are 
considerably above the actual sale 
price. The Board's previous pro- 
fessional . adrire from Bangladesh 
was that the capital gams tax 
liability on the sale would be very 
small or even nil. 

The company says that the 
.balance of £45.786 appears to be 
in respect of clawback of capital 
allowances. Dhamai fools that 
there may be some liability here 
but ihe figures . cannot be 
reconciled with any presently 
available in the UK. 

- The directors state that all 
possible steps to appeal against 
the assessments are being taken 
and further information to 
evaluate the position has been 
requested urgently from the local 
agents. 


c„„ , I- division were up 40 per cent com- 

aee *-ex . - pare( j with last year. Sales of new 

. •' Leyland vehicles to retail and fleet 
/ro j ^ _ a, customers increased against the 

IjOOU Stan at <-.gpneral trend of decline in 

. _ __ . national Leyland sales penetration 

WISmTl H0Pl*TftTl '- ' and volume, the chairman says, 
lriauu LgCl lUU Profitability from used car sales 
The current year at the Inch-, increased during the year and the 
caps subsidiary, .Mann Egerton and- substantia I involvement in the 
Company has begun well with sale of Leyland parts through the 
profits for the first three months- group's own workshops and to the 
more than 50 per cent above the motor trade once again produced 
comparable figures last year, Mr; a profit increase. 

J. *W. D. Campbell, the chairman Demand for -new Rolls-Royce 
says in his annual report .-.-.•-cars exceeded supply and de- 
These early and encouraging- liveries were less than in the 
trends ' suggest another good- previous year. However, volume 
trading result in 1978-79, Mr /-and profits from the sale of used 
Campbell says. JRolls-Royces improved. 

Profits before tax for the year' Meeting,' Norwich, September 7 
to March 31, 1978 rose 30 per cenj. at 11 am. 


Letraset profit up 
12% to 11 Am 


IN LINE with a forecast of “i% profits bad more than trebled 
excess of£7m "made at the timer between 1974/75- and- 1975/77. 
of the J- and L. Randall offer hi However, these figures reflected 
April, pre-tax profits of Letraset a virtual doubling in pre-tax 
International increased 12 'per profit margins fas the group got 
cent -from £6.64m to a record to grips with its overheads, etc.), 
£7.41m for the yeaT ended April- and in the last ' financial year 
30. 1978, with £3-4m against . there was a slight fall in margins. 

£2. 87m arising in tbe first haH. . mainly due to exchange rate 
Sales for the year rose by 17 per-' movemenfs. Volume growth of 
cent to £33.a/ai and the direct ors-6 -per cent was much the same 
report there was steady volume as the previous year and the 
growth throughout the year. • . -.enmnany is looking for a similar 
They say, the company’s abflity^eottorn In the current, year, 
to maintain net profit ;to sales Assuming that margins are main- 
margins in line with previous: tabled (and there seems no 
years demonstrates the continuing- r^son why they should not be) 
stability and strength of the com-, Ldfraset's -existing businesses 
pany*s worldwide market .position. roHd make £8,vn. However, the 
The cash generated during the'^eil • interest lies in Letraset’s 
year has remained strong and acquisition of J. tnd L Randall, 
financed both acquisitions and an AWlmutib the lov business which 
increased level of capital expen di- makes -around £0.7m will come in 
ture. they add • - handy the main nurpose of the 

After tax of £3.8Sm C£3.-54m) net deal -vns to trans^erm LetraseT’s 
profits were ahead "from £3.1m to balance sheet. The combined 
£S 53m and stated, earnings are ?roup is now rapftaJi“d at £43m. 
15.S5p (1423 p) per JOp share. has. net’ worth of £20m or so. 

As already, announced, the net liquid resources of around 
dividend is raised to a Treasury and should make nrofirs Of 
loial jrf ■ 5.3P4UP m-er £10m in ihe current year 
(2.S26B1J1) net, with a secom! The key question is whar wilt 
interim m lieu of final of -4.497Sp |>>Traset do next? The croon 
—holders or the S.0Sm shares makes no secret that it would 
issued at the time of tbe Randall i-t-e to diverrifv into new B****as 
acquisition will receive the second bat *he orohlem for sharehr'> ?f « 
interim. • . is that it is -hard to see how it 

• , ? 1577-78 rKttJts. do not can find as profitable businesses 
include a £y con In out ran from as It is in now. At '45P the shares 
Randall, which was acquired after .->re on a prospective multiple of 
the year-end. ri 


Sales 

- !9rr-T8 

ran 

.... 

19:6- rt 
pm 

2* nr: 

Operating proSi ... 

7.«1 

6 MU 

Start assoL' Iok .... 

• 34 

_ 

Prom before tax 

7MT 

6.6O0 

UK tax ... . 

2 014 

1747 

Overseas lu ... 

TS51 

t.~Ol 

N« nrofti 

MmoriH toww 

3SG 

3.:** 

1' 

vn 

Extraordinary debit 

.. - 31 

• . 

A'aDabY . ..._ 

3.516 

3>vi 

Dividends 


«•> 

Bi-iamert 

1.993 

' 2.4m» 


AMENDMEIVTS 

In the' Iiqhr*of re-enactment of 


• Profils. ' Crvdrt year cancelled. 

A comment Marling Industries: Final of 

fcommeni OfiKNp for March 31. 1978 year 

I.etniset had already forecast that rertuced" : ' ‘to 0 532Ip. payable 
its pre-tax profits would be in October 6, making. 1.0321 p total, 
excess of £7m for 1977/78. never- F. H. Tomkins: Final of 0J5p 
theless the 12 per cent increase reduced to 0.817^p making 
looks, pretty , pedestrian given that 0.9G755p total.' 

Coutinho Caro lower 


Redundancy payments 
hit Benn fipros. 


Notn. rcvffUsr wfth -sfl cmrncw «P- 
poruuniog thereto mwunas vW. Sop- 
rember 15. «7«, flwhog riudr ihe 


it-quvree i^ ( ■ • *vj a ■ ■ 1 

amount of theiriawrv uomsturrdcca- 
pons will he deducted from tbe warn 
due far payment. . 

Ttw Rank of Tokyo T Wt.Con- 
pur (.VW y«k) ■ Ttwr Bank of 
ToVjoTV«tCouaw<Lo«*w)* 
Knvah Eortten TradfoS Con- 
tracitag "* tevwuwt Co. , 
(S. \ JL) (Kawahf * Ere&fbnk 
SA. LumM»wteob« {Luxcm- 
boars). "?*■■■■ jV.-,. 

The irtHipon fcr imritst payaMe cm 
Se pt ember 1J,. shmSd-bft.-lte*; 
lacked and presented 
the usual matuiar.^; ., . , , ... 

AU panneots %2lhtinade in 4cJ- 
lam of the United SmtcsriiAp™ 


or such mher.eofci or mqirepiyof the 
Uniwd Statr*' of -America w K the 
time of paytnent a ksfitamkriwAw 
payment of pUmal- or ttw, «lws 
therein, cither h^- kapsw’ to a UJL- 
dollar account. Toaimnumd , W ino 
payee with, or 

drawn on. a w h W# Y« w,. 

subject in cache** ». at giffipfi p &tr 
lows or rrguIflbOB*. *u to. rnmne . 
■with tbo wrms aad canddSoos ri tte 

^'raOM 

BER 15. : 

NOTES WILL CEAS8TO ACCRUE. 

Mnsm ^UNBStTtt 

Br; 

TRUST COMPANY 
✓ir Turner md Erieeipet TqmrAweat.: 

-Atqp»lpr 1976 ; 7 J 


AFTER AN excop tion.il . low -Of ■ 
£225.674 agairut £156.000 last time, 
pre-tax profit of Bonn Brothers 
-dipped .from £758.1 IS in £714 W5T 
in the Juno 30. 197S yvar Tuttx-' 
over ' was up from £7.o6n» . to 
£B5m.. . 

Mr. Richard Woolk-.v. ihe dWr. 
fintLX^ys that although turnover - 
per cent on coatznoad, 
mgher demand' for ?n>up ser- 
rices,' trafitnp ' margins were rer 
dOTM owing., to Ihe decision to 
(ttveat in longer , term croup pub- 
development, and also to 

rifting- costs. ; 

Higher non-trading ^mconft 
HriTWfi.'llR profit before the cx- 
ceptlonoi , jrem' to £94<Lt4S 
(DW4.1181L The item relates to.. 
reduadaney'-' payments while last 
ye»t<!(- Ueift Ares n lump wwr pen- 
Jhtff fmfi-Mvjnent. 

After tax of £28S232 t£41fl,809) 
— which was reduced ms inly fiy 
not^taxable eauftBl gains ;ma<3e 
on sal** of gilt-edged stocks— 
net Drnfit_came out ai £428.435 
(£841^06), before an- e^tra- 
OPdfnare loss of £IB 203 This com- 
pifees- a JWB.7M loss ojv the clo- 
sure of its /subsidiary The Press 
at CobmbdtendB. offset oy a profit 
Pn thewUe of goodwill and copy- 
right of titles. - - ' 2. 

' ' The rV exceptional reaufioancy 
chats also relate to the rale- of 
the -printing' .subsidiary which 
fetthed fSOfLSdO. Mr. W'collej says 
Ihe effect or the dosnre on tales 

and profits of the group win be 
ihecl&bfe. * 

'EaroiflJP* per 23p share -of the 
puWUher of trade journals and 
dirpeforjes. - are -shown at S^p 

*5e9pr. and .6-12P artor rexlr»- 

items. . . .. j 


•- .\s already announced.- the 
second interim dividend of 
1.56565p net lakes the total from 
2.11S3p to 2.365fi5p. the maximum 
permitted. A scrip issue of one 
10 per cent cumulative prefer- 
ence share of £1 for every eight 
ordinary shares is proposed. 


Reports to 
meetings 


. Lord Hay ter. chairman of Chubb 
and Son, told shareholders at 
yesterday's AGM that unaudited 
■accounts- for the first quarter of 
the current year indicated that 
the group was trading at a very 
'satisfactory level. He said that 
‘it- would he -unwise ar this stage, 
however, to make any foreca-H 
for full year results. 

★ ■* . + 

. Mr. S. Douglas Rac, chairman 
of Brown Tttwse, said that group 
sales in the first four months of 
tbe current year had been well 
above those for the corresponding 
petted a year ago. Following the 
recent change in the rate of ACT 
the group is proposing to make 
an^ additional dividend payment 
nf &DTSp net a share in respect 
of the year ending March 31. 10 7R. 
★ * . * 

' Mr’ W. .TL V. Chamberlain, 
chairman of Chamberlain Phipps 
told shareholders at AGM that first 
quarter trading rerolts were well 
UP. to target and he expected to 
report good:-.i«dii)i» for the .first 
half of the y«r hi November. 


DESPITE TURNOVER rising from 
£73.5m 4o £89 56m, taxable profit 
of Coutinho. Caro and Co, tbe 
unquoted steeL chemicals and 
industrial plant supplier, fell from 
£2.D3m to £L87m- 

Mr. H. A. Oppenbehner. 
chairman, says the fall was due 
to stock losses, higher interest 
rates -and substantial caplts) 
expenditure during the period. 
The benefits of this spending are 
now beginning to arise. -■ 

After three year‘s of decline 
from Die £2.7 Im peak achieved in 
1974. the chairman says he is 
convinced that 1038 will 'again 
show growth on all sides of the 
business. 

He says although . profits are 
lower, few Other companies, in the 
trade have been able to do as 
well. 

The kisses absorbed, by the 
steel stockholding -and import 
subsidiaries have put these 
companies on a - profitable course 
and measures bare been taken to 
avoid ihe recurrence of such 
setbacks. 

Oo the future he says that prices 
have firmed by up to 25 per cent, 
providing stock profits to the 
stockholding companies and better 
mnrgins to tbe import subsidiary. 

Foreign subsidiaries continue to 
grow and to open new markets 
and The machinery trade has 
secured a few substantial orders. 

Profit of the group— which is 
jointly - owned by Couiinbo. 
Caro ' and Co. of Hambure 
and. Oppenheimtr interests — vsns 
subject to tax of £Q.66m (£04Mmi. 
and minorities took fOJm 
<£0-38m). Dividend again 
absorbs £200,000. ; 


CITY OF 

WESTMINSTER 

ASSURANCE 

A substantial growth in *J:e 
business over the first half of the 
year is reported by City of WesJ- 
mtegter Assurance, a member of 
the ' Sentry ■ insurance Group- 
Single premium business was 33 


per cent higher at £1.28ni. while 
rcsular . premiums more than 

doubled to £800,000. 

Mr. Peter Connor, the general 
manager, states that the company 
was pleased with the increase 
comi ng f rom its pension business. 
The eompapy had now achieved a 
- ood mix of business covering a 
wide range or conventional and 
uniM, hiked contracts ranqin® from 
low premium term assurance for 
short periods to substantial 
controlling • director' . pension 
schemes. 


Metal Box 
India rise 


Metal Bpg Company of fndia. a 
subsidiary of Metal Box. lifted net 
profit .to Rs. 28.7m in the March 
ISTS^ year; compared with a 
Rs aim profit previously.’ 

In. 1975-76 the company 
reported its first year of loss and 
:he latest ■ profit has not only 
helped the .company to wipe out 
its past loss but has enabled ihe 
management to resume paying 
dividend. -The company has 
declared a dividend of 8 per cent 

for the year. 

The company's RslBOra diversi- 
fication project to make bearings 
has attracted wide attention in 
investor circles and part of the 
finance for the project will be 
raised by a Rs 20m convertible 
bond issqe. before the end of this 
>ear. 

The issue forms part Of the 
company's plan to bring down 
the foreign-held part of its 
equity from the present 60 per 
cent to. 4ff per cent in a few 
years. " 

According to Mr. P. K. N said a, 
chairman, tbe issue is the first 
of its kind to be made in -India. 

The company's collaborator on 
ihe project is the French Socaete 
NouveHe. de Rouletpent, a large 
numyfacturer and principal 
supplier in France 'of bearings to 
Ihe aerospace, auinmobite. rail- 
way and agricultural equipment 
makers. 



INTERIM RESULTS v 

Trading Results ■ 

Group profit before t? xation for the 26 weeks ended 1 st July 1 978 
amounted to £8,459,000 compared with £6,1 20,000 for the corresponding 
period of 1977. 

The improvement on the corresponding period last year arises 
principally from the elimination of all significant losses in the U K activities, 
in particular, bathroom and kitchen products and foundries improved their 
performance during the first few months of the year. At the same time sheet 
steel stockholding, which lost over £1 m in the year 1 977, has produced a 
modest profit As already announced, the proposed sale of this division did 
nottake place. 

The South African subsidiary, of which the Group now owns only 68.5%, 
has suffered difficult trading conditions which coincided with the 
acquisition with effect from 1 st April 1 978 of the domestic appliance 
business of South African General Electric (Pty) Ltd. The rationalisation of 
distribution networks together with other benefits will take some time to 
materialiseand a loss bas therefore been sustained in the first six months of 
the year. 

Ordinary Dividends and Prospects 

The Directors have declared an interim dividend for the 52 weeks ending 
30th December 1 978 of 2.45p per share (1 977 - same) payable on 20th 
December 1 978 to Ordinary shareholders on the Register at close of 
business on 4th September 1 978. 

The outlook for the second six months of the year depends on the 
maintenance of the present level of economic activity and on some 
recovery in South Africa. Given these circumstances, profits forthe second 
half should be at least equal to those for tha first six months. 


The unaudited results ofihe.Groupforthe26 weeks ended 1st July 1 978. together with 
the published figures forthe corresponding period of the previous year and the final 
audited figures forthe 53 weeks ended 31 st December 1 977 are summarised below : 


1978 
26 weeks to 
1st July 


1977 1977 

26 weeks to 53 weeks to 
25th June 31st December 


* £*000 
285,440 

16,559 
3.532 
13,027 
6,504 ' 
6.523 
(47) 


£'000 rooo * £*000 

Turnover of the Group 155.280 138 345 285,440 

Group Trading Profit 10,272 7,938 16,559 

Interest Charges 1,813 1.818 3.532 

Group Profit Before Taxation 8.459 6.120 13.027 

Taxation . 4,437 3.114 6.504 ' 

Group Profit After Taxation 4.022 3,006 6.523 

Minority Interests 64 (56) (47) 

Group Profit Before Extraordinary _ 

Items 4,086 2.950 6,476 

Extraordinary Items — - 680 ' 

Group Profit After Extraordinary 

Items 4,086 2,950 5,796 

Dividends: 

Preference 35 35 70 

Ordinary pps pps pps 

' Interim 2A5 1,599 Z45 1,536 2,45 1.536 

Final - - 5.75 3,727 

Note: UK Taxation on the profits of the 26 weeks ended 1st July 1978 has been estimated 
on the basis of 52% Corporation Tax. ( 1977 -same) Overseas Taxation has been 
estimated at the appropriate rate. 


Glynwed Limited 

Headland House. New Coventry Road. Sheldon, Birmingham B26 3AZ 


pps 

2A5 1,599 


pps pps 

2.45 1,536 2,45 1.536 

- 5.75 3,727 



Carrington ViyeiSo Ltd 

INTERIM STATEMENT 

The Directors of Carrington Viyella Limited announce the following unaudited 
results for the Group for the six months to 30 J une 1978:- 


Sa/es to External Customers 

Trading Profit 

Interest Payable 

Profit before Exchange Gains (Losses) 
Exchange Gains (Losses) . 

Profit before Taxation 

Taxation' ; \ 

Profit after Taxation 

Interest of Minorities ■ 

Preference Dividend 

Profit attributable to OrdinarySharehoiders 
Cost of I nterim Ordinary D ividend 


1 978 
£'000 
158.085 

7,988 

(2.894) 

5,094 

(254) 

4,840 

(1,155 ) 

3,685 

(204) 

(256 ) 

3,225 

1,212 


1977 * 

£'000 

151,165 

10,989 

(3,545) 

7,444 

92 

7,536 

0.277) 

6,259 

(77) 

(256) 

5,926 

1,077 


* Resisted id u)eb account cl changes In accounting policy ioi deterred taxation and foreign currency translation 
adopted in the accounts for the year ended 31 December 1 977. 


1 . External sales at £1 58.1 million - 
show a 4.6% increase over-1 977 and 
include direct exports from the U K of 
£20.0 million being a 1 0.4% increase. 

2. Trading profit is after charging 
reorganisation costs of £0.6 million. 

(1 977 £1 .1 million) and after taking 
account of the benefits of Temporary 
Employment Subsidy which were 
lower than ini 977. 

3. The contribution to trading profit by 
overseas companies was at a similar 
level to 1977. 

4. In addition to the exchange losses 
chargedtothe Profitand Loss 
Account, exchange profits taken 


direct to reserves in respect of fixed 
assets amounted to £226,000 (1 977 
losses £363,000). 

5. The Dirertors have declared an 
interim dividend of 0.6688275p 
(1 977 0.59895p) per share on the 
ordinary share capital of the Company. 
After taking into account the tax 
credit, the gross 1 978 interim 
dividend per share shows an increase 
over 1 977 of 1 0%. The interim dividend 
will be paid on 1 0 November 1 978 to 
shareholders on the register on 
60ctober1S78. 

6. Capital expenditure during.the 
period was £6.9 million (1 977 
£5.0 million). 


COMMENT BYTHE CHAIRMAN, MR. L. REGAN 


The half year profits have been affected 
by the continuation of the less than - 
buoyant trading conditions described 
in the Annual Report. 

The major impact of this was felt in our 
UK trading operations and ' 
consequently their results compare 
unfavourably with the corresponding 
period last year. 

Export sales have maintained the 


volume achieved in 1 977. 

Current reports of increased 
consumer spending in textiles and 
clothing are welcome and could lead tc 
a better profits performance than was 
achieved in the second half of 1 977. 

Overseas, we look forward to a larger 
contribution from South Africa and 
Canada and a reduction in the losses 
suffered by our Italian operations. 





18 


Nat West 

mw Registrars Department 


National Westminster Bank Limited has; 
been appointed Registrar of 


CHRISnE-TYLER LIMITED 


All documents for registration and 
correspondence should in future besenttcx 


National Westminster Bank Limited 
Registrar's Department 
PO Box No 82 

National Westminster Court 
37 Broad Street 
Bristol BS997NH. 


Telephone Bristol (STD Code 0272) 
Register enquiries 290711 
Other matters 297144 


Progress 
by Mount 
Charlotte 

FROM- TURNOVER of JMJSm 
against 13.88m, profits before tax 
of Mount Charlotte Investments, 
the hotel and catering group, ex- 
panded from £75,000 to £320,000 
for the 2S weeks to July 16, 1978. 

The directors state that on the 
basis of present figures, it would 
appear that their expectancy of 
record profits for the current 
year will be fulfilled. 

For all 1977, a peak taxable 

profit of £522.000 was achieved 

and a single Q.4849p net dividend 
paid 

There Is no tax charge for the 
half year - and after minorities 
and extraordinary debits attri- 
butable profit is up from £67,000 
to £313,000. _ 

33 weelra 
IKS 1577 
£000 ION 

Turn o ver — 5*®! 

Depredation - 3* J- 

Profit before ux 33S 75 

Tax - — — “ 

To minorities } 3 

Extra ord. deb lit A 3 

Attributable 313 _ 

t Coasters of lassos on sale of fixed 


Hume sells off more 
property investments 


Financial Times 3barsd?y 



Accident § JT 







Interim Statement 


The results for the six months ended 30th June 1978, 
estimated and subject to audit, are compared below with 
those for the s imilar period in 1977 which are restated at 
31st December 1977 rates of exchange; also shown are the 
actual results for the full year 1977. 


It must be emphasised that the results for the interim period 
do not necessarily provide a reliable indication of those for 
the full year. 



6 months 

6 months 

Year 


to 30.6.78 

to 30.6.77 

1977 


Estimate 

Estimate 

Actual 


£ millions 

£ millions 

£ millions 

Net written premiums — 

General Business 

388.2 

338.6 

674.6 







Investment Income 

Underwriting Results — 

4 3.1 

35.7 

75.3 

General Business ". 

(5.6) 

(6.8) 

(6.2) 

Long Term Insurance Profits ... 

L4 

12 

2.7 


38.9 

30.1 

71.7 

Loan and Bank Interest 

0.8 

0B 

1 5 

Profit before Tax and Minority 




Interests 

38.1 

29.3 

70.2 

Exchange Rates: 


- 

— 

UBA. 

$1-86 

$1.92 

$1.92 

Canada 

$2.09 

$2.10 

$2JL0 


Net written premiums and investment income increased in 
sterling terms by 14.6% and 20.8% respectively. Adjusted 
to exclude the effects of currency fluctuations, the increases 
were 12.8% and 19.2% respectively. 


The United Kingdom underwriting loss was X5.0 million 
(1977 £2.3 million loss) on premium income of £145 million 
(1977 £118 million). All departments gave an improved 
performance in the second quarter and the major part of 
the loss for the half year was incurred in the Fire and 
Homeowners accounts, still reflecting the exceptional losses 
of the first three months. 


In the United States, net written premiums were $269 
million (1977 $245 million) and the operating ratio was 
99.63% as compared with 102.26% for the same period in 
1977. Profits in the Automobile account were offset by losses 
in the Liability and Property accounts although the latter 
showed some improvement. On the United Kingdom basis 
the overall loss was £0.S million (1977 £4.2 million loss). 


Elsewhere, underwriting trends were substantially un- 
changed. Losses continued to be incurred in Europe and 
although experience in Australia has deteriorated there has 
been some improvement in Canada. 


Life Department 


New Benefits 

Sums Assured 

Annuities per annum 

New Life and Annuity Premiums 

Annual 

Single 


G months 
to 30.6.78 
£ millions 

6 months 
to 30.0.77 
£ millions 

Year 

1977 

£ millions 

973.9 

582.8 

1.144.3 

24.0 

13.2 

. 21.6 

SJ 

5.7 

10.9 

4.3 

3.9 

8.7 


Dividend 

The Directors have declared an interim dividend for the year 
ending 31st December 1978 of 4.125p per share (1977 3.75p) 
payable on or after 1st January 1979 to ordinary share- 
holders on the register of members on 24th November 1978. 


The additional dividend- for 1977 of 0.066p per share 
approved at the Annual General Meeting held on 24th May 
1978 will be paid at the same time. 


General, 


General Accident Fire & Life Assurance Corporation Ltd. 

World Headquarters. General Buildings, Perth, Scotland 


A FURTHER reduction • in 
property interests is announced 
by Hume Holdings, with a number 
of major disposals in Australia 
and the UK. The proceeds from 
the UK disposal, amounting to 
£4-32m, are 'being reinvested in 
UK equities. 

The sales include Hume's share- 
holding in the associate company, 
Scottish Life Hume Properties, to 
The Scottish Life Assurance Com- 
pany. Additionally, the Australian 
subsidiary, Westiyn Investments, 
has disposed of its assets compris- 
ing two investment properties in 
Perth and Its small share port- 
folio. 

The total proceeds from these 
disposals, including the repay- 
ment of intercompany loans, 
amounts to £5 .3m after provision 
for capital gains tax at current 
rates and the surplus over cost 
amounts to £3.32m after similar 
provision for capital gains tax. 

It is Intended to invest the net 
proceeds arising from the Westiyn 
liquidation of about £0.98m of 
investment currency in the US 
equity market. 

As a result of these disposals 
the value of the group's interest 
in direct property investment has 
been reduced to some £L.34m. 

The directors estimate that the 
gross Income arising from such 
re-investments, assuming current 
yields, should result in an increase 
in gross revenue of about* £80,000 
in the 1 year ending Jane 30, 1979 
over the income that would have 
arisen from the retention of the 
investments. 

In March this year, Hume com- 
pleted the sale of other UK 
properties. The net proceeds after 
allowing for capital gains tax and 
repayment of fixed interest 


been finalised but is- estimated at 
about 7.4 shares per 100. 

At August 8, Roth child Invest- 
ment Trust held 27.02 per cent oF 
Hume’s shares and London and 
Manchester Assurance Company, 
6.97 per cent. . 

Year 

1S77-7S *1375-77 
£K0 MM 

Franked Cridrads - 95 SB 

Unf ranked dividends ... 168 134 

interest — . 3597 L33B 

Property : • 317 ' 352 

Finance and tratOns ... 9 *168 

Gross revenue 2 jkJ US 

Management expe nses . EJ 38S 

Tntervsr ... '386 <32 

Revenue — ... • 1.92* 1J*M 

Share of associates .... 299 1BI 

Revenue before ux ... tSO . WB 

Estimated tax 693 833 

Net revenue 1.327 .1.199 

UitHRitF Meres .... ri . 13 

A ttributa ble „ 1JI4 1,197 

Preference dividends .. 244 2«4 

Avail, ordinary - . 1.270. MS 

Dividends 2.074 . 832 

Forward . _ 196 111 


lisation of the collection of waste 
paper in the area. 


Capitol- 
EMI down 


to $15.2m 


Adjusted to reflect disposal ofprtmerty 
associates. ♦- lactates special nmwTecnrring 
receipt of £53,800. 


Western 
Board waits 
for upturn 


borrowing amounted to £L9m. 
Most of this was re-invested in UK 


equities. 

Meanwhile, the . group has 
announced its figures for the year 
to June 30, 1978. Revenue before 
tax Increased from £2.05m to 
£2 52m. and after tax and 
minorities, attributable revenue 
was up £327,000 to £L5m, a rise 
of 34.7 per cent 

In their interim report, ‘he 
directors were confident that 
revenue for the year would con- 
firm the chairman’s AGM fore- 
cast of an increase over the 
previous year. 

Earnings per A and B share 
are shown at 7.48p against 6.0 15p 
and the estimated net asset value, 
fully diluted, at June 30 was 
98.3 p compared with 86p. As at 
August 7, It had risen to 104.6p. 

The directors are recommend- 
ing a final dividend of 3.09S75p 
making a total of 4JiSS75p against 
3.69 75p. An interim dividend of 
l.B75p is also declared for the 
current year. The capital 
dividend on the B shares has not 


Although the first three months 
of the current year at Western 
Board SEEDS compare very favour- 
ably with - the corresponding 
period last year, Mr. H. H. Vogel, 
the chairman, feels it is too early 
to make a forecast for the year, 
while the general level of activity 
among customers remains some- 
what depressed. - 

As reported on July 19 taxable 
earnings for the year to March 31, 
1978, rose from £601,194 to a peak 
£91&35G on turnover of £3. 02m 
against £2. 5 m. 

Mr. Vogel says that results were 
achieved in spite of a generally 
depressed level of activity in the 
industries- which are the com- 
pany’s main customers: “We 
achieved these results to some 
extent by doubling our export 
sales,” the chairman adds: exports 
from . the UK amounted to 
£484.813 (£244,084). 

The MUI at Cam worked to 
capacity throughout the year, but 
the company’s two board produc- 
tion lines in Treforest could not 
be fully utilised as the potential 
output was unable to be sold. Dir. 
Vogel states that the continuing 
problems in the motor industry, 
with the resultant drop in car 
production and. changes in schedu- 
ling. make forward planning very 

diffi cult 

In August 1977 Western sold 
Turner and Co. (Cardiff), waste 
paper coDecting and processing 
company, to help in the rationa- 


With turnover up from $209.77m 
to $222.6Sm taxable income of 
Capitol Industries-EMI Inc. 
declined from S17.51m to 815.17m 
in the June 30. 1978; year. 

After tax of S3. 16m compared 
with $1 Jam— adjusted for a 55^m 
of over-provisions, in previous 
years — net income was gtihn 
against S16.16m. ■ Earnings per 
share are shown at 33.30 against 
94JS9m last time. An 8 cent final 
quarterly dividend is to' be paid, 

Mr. Bhaskar Menon, the presi 
dent and chief executive, says The 
major disappointment of the year 
was its inability to fully. match 
target ■ profits in the face ‘ of 
increasing costs. Following- a 
strong fourth quarter, the com- 
pany is devoting special efforts to 
improving profitability during the 
current fiscal year. Directors are 
confident for the future. 

He says that among its achieve- 
ments during the year were: the 
successful projection of several 
recording stars: the estab l ish m e n t 
of EMI America Records, as a 
second record label; the extension 
of Us manufacturing agreement 
with Warner Communications; the 
conclusion of a national manufac- 
turing, distribution and sales 
arrangement with United Artists 
Records: the move into profit- 
ability by the magnetic products 
division supported by a depend- 
able product range; and its victory 
in the ciass action suit filed 
against Capitol Industries. 


MINING NEWS 




s new 



BY KENNETH MARSTON, MINING EDITOR 


Midway rise 
for Davies 
& Metcalfe 


From turnover of £3 .36m against 
£2. 68m pre-tax profit or Davies 
and Metcalfe advanced from 
£203379 to £249,260 in the June 30, 
1978, half year. 

After tax of £129,615 (£105,757) 
net profit of the electrical and en- 
gineering was £119,645 (£97,662). 
The interim dividend is up from 
0.2233p net per ti>p share to 
02456p. Last year a 0.43B7p final 
was paid, adjusted for the one- 
for-one scrip issue. Total profits 
last year were a record £0.33 m. 



Sampang pulls out of merger 


The complex merger of five 
plantation companies into a new 
public company, Rightwise, will 
□ow exclude Sampang (Java) 
Rubber Plantations. 

Yesterday shareholders of 
Denndi Holdings, Gadek Indonesia 
and Arbour Court Investments 
agreed to the scheme of arrange- 
ment under which the’ merger 
would take place. Shareholders 
of Sampang did not j 
The courts will novy be asked 
to approve an amendment of the 
scheme to exclude Safapang. 

Under the initial scheme share- 
holders of Deundi apd Gadek who 
want to retain their income have 
a limited option for convertible 
loan stock. Sam pang’s share- 
holders got no such option as it 
was considered unlikely that they 
would have received dividends 
this year or next 


Offices Is acquiring the freehold 
interest in 27, Leadenhall Street, 
EC, has been completed. 

■The allotment to the vendors 
(the Fishmongers’ Company) of 
4,003,679 ordinary shares of City 
Offices has also taken place. 
Dealings start today. 


a year ago and DBV is paying 
around £70.0G£ for its stake. The 
remaining- . 25 -per cent Is to be 
retained by Ellis and McHardy of 
Aberdeen. Mackenzie is to be 
renamed Mainwork (Maintenance 
Contracting). 


HAMILBORNE SELLS 
TRUST STAKE 


OFT COMPLETES 
EASTWOOD PROBE 

The Office of Fair Trading has 
now completed Its investigations 
into the cash bids from Imperial 
Group and Cargill for J. B. East- 
wood, the eggs and 1 poultry con- 
cern and has passed its recom- 
mendations to the Secretary of 
State for Prices and Consumer 
Protection for a decision on 
whether or not to refer either or 
both bids for a Monopolies probe. 


Hamilborne, the brick manufac- 
turer in which Mr. Graham 
Ferguson Lacey’s master 
company, Ferguson Securities, 
recently took a 51 per cent stake, 
has sold its 29.67 per cent stake 
in Yorkshire and Lancashire 
Investment Trust for £390,000. 

The purchase of the strategic 
holding in Yorkshire and 
Lancashire was one of the first 
deals to be ratified by the Board 
of Hamilborne under its new 
chairman Mr. Ferguson Lacey. 

It is understood that Hamil- 
borne paid around £350,000 for its 
Yorkshire and Lancashire holding. 
Hie shares are now said to have 
“ been placed in firm hands 
Including several Institutions," 


ECONA GOES TO 
NEWMAN-TONKS 

The offer by Newman-Tonks for 
the capital of Econa has become 
wholly unconditional 
Acceptances have now been 
received in respect of 3,906^06 
Econa shares which, together with 
the 150,000 acquired dining the 
offer, represents 98.3 per cent The 
offer remains open. 

Mr. H. R. Scott and Mr D. E. 
Rogers of Econa have joined the 
board of Newman and Mr. N. L. B. 
Wright of Newman has joined 
Econa. 


ELECTRIC CONSTN 


CITY OFFICES 

The contract under which City 


BROWN- VOSPER 

David Brown-Vosper is' to 
extend Its offshore engineering 
and maintenance business with 
th.e acquisition of a 75 per cent 
stake in Bruce McKenzie (Engin- 
eering) by DBYs subsidiary, 
Mainwork. 

- McKenzie was formed less than 


A new marketing company has 
been set up in West Germany 
by Electric Construction, the 
industrial and marine generator 
manufacturing subsidiary of 
Hawker Siddeley. 

The company is based in Ham- 
burg and will also perform. service 
work. 


SHARE STAKES 


A. G.-B. Research: Confederation 
Life Insurance Co (of London) 
has beneficial interest in 410,000 
ordinary shares (5.1 per cent). 

J. Hepwortb and Son: Mr. N. 
Shuttlewortb, director, has ceased 
to have beneficial interest in 

100.000 shares. 

Anderson Strathclyde: Kuwait 
Investment Office sold on July 
25, 1978 370,000 shares reducing 
interest to 2.5m shares (7.91 per 
cent). 

Robert Kitchen Taylor: London 
Trust Co. has acquired further 

5.000 ordinary shares and now 
holds 415.000 (1X94 per cent). 

Northern Engineering Indus- 
tries: On his appointment to 
Board, Mr. C. R. ‘ Thompson's 
interest in company was as 
follows— £1,300 7 per cent Joan 
stock, 2000/05, 10,000 ordinary 
shares (as trustee but with 
beneficial interest) and 23.871 
ordinary shares (jointly with 
R. E. MacWatt). 

Andersons Rubber: Mr. T. L. 
Taylor acquired 11,000 ordinary 
shares at 40}p on July 31, 1978 — 
including his family interest, Mr. 
Taylor now hold- 73,400 shares 
(9.1S per cent). 

Investment Trust Corporation: 
Possfnnd Assets now holds 
1S2,345JS44 ordinary shares (75.4S 
per cent) and 2,056.146 preference 
shares (94.53 per cent). 

Newman Industries: Company 
reports following sales by 
directors:— Mr. A. F. Bartlett 
66,666 shares, Mr. C. Bush 25.000 
and Mr. R. H. Baldwin 25.000 — 
these shares were sold for 
personal taxation and financial 
reasons. 

Cosalt: Mr. J. Carl Ross, presi- 
dent has sold 22,500 shares at 
6 4p and 20,000 at 67p. 

Leadenhall Sterling: Bricomin 
Investments now has interest In 
1,813,516 shares (79.51 per cent). 

Refuge Assurance— Mr, j. 
Proctor-Pearson, director, disposed 
of 30/100 shares at 15ip on July 3. 

F J C LiHey— Mr. F. J. C. Lllley, 
director, has disposed of 200, ono 
shares, reducing interest to 

967.000 shares at six per cent 

Godfrey Davis — The Bookbinder 

Trust has reduced Its holding to 


X259J219 shares (10.4 per cent). 

S. and W. Berisford— -Mr. E. S. 
Margulies, director, - has disposed, 
of 20,000 ordinary shares at 153p. 

Lindsay and WQliams — Mr. P. 
Bennett of Security Growth, has 
reduced his interest from 101,000 
shares to 79,000 (7.8 per cent). 

-J. Salnsbury — Vanheimer 
Trustee now bolds 9,794385 
shares 11 per cent (nan-beneficUtl 
as trustee). 

Dauae tnv Tst— London Trust 
has recently sold 100,000 income 
shares reducing holding to 

900.000 (12.9 per cent). 

Drayton Far Eastern Trust — 

Debenture Corporation acquired 

100.000 ordinary shares on August 
3, bringing total holding to 

600.000 ( 3 pef cent). 

- Euro therm International — 
Dr. G. T. Roberts, director, 
disposed of 23,000 shares cn 
August 7. 

Lever — Alenin Properties and 
associates are now interested in 
1,536^00 ordinary shares. 

Inefaeape — The Earl of Inch cape, 
director, has sold 78/100 shares 
at 3«Sp. 

Wearra - Group: The non- 

benefitial interest of Mr. A. j. 
Harris, director, has been reduced 
by 114.000 shares. This sale was 
effected at 27}p per share. ' 

Thermal Syndicate: Carliol 

Investment Trust disposed of 
its holding of 19,192 5.6 per cent 
preference shares on July 28, 1878 
(23.99 per cent), London and 
Manchester Assurance and its sub- 
sidiary, Welfare Insurance, are 
now interested In 26492 5.6 per 
cent preference shares (32.74 per 
cent). 

Head erson-Ke nton : Folio win 

directors and their families sol 
on July 31, 19TB, the following 10 
per cent preference share hold- 
ings: D. Hyman 310,091; J. Davis 
39,900; L. Lipsrt 9,650; S. Y. Brown 
600 and H. R. Fair 4.400. Mr. Fair 
has requested the call on 1S75Q 
of his ordinary Incentive shares. 

Invergorden Distillers (Hold- 
ings): Mr. L-- Roydon. director, 
sold 100.000 Carlton Industries at 
310p on July 28. 1978. Invergorden 
DisdHers is a subsidiary of Carlton 
Industries, 


ASSOCIATES DEAL 

Fielding, Newson-Snuth and Co. 
on August 4. sold 10,000 Allied 
Breweries ordinary shares at 85p 
on behalf of Morgan Grenfell and 
Co, the advisers to J, Lyons and 
Co. 

J. Henry Schroder Wagg and 
Co. sold £15,000 Imeprial Group 
8Jper cent convertible stock at 
74 p on behalf of associates. 
Schroder bought 1,500 Bo water 
ordinal? at 19Sp and 1,750 at 196p 
also on behalf of associates. 
Schroder bought 80,000 Imperial 
Group ordinary at 84Jp on behalf 
of associates. 


LONDON'S Selection Trust has 
entered Into another diamond 
prospecting venture jn western 
Australia ,vla Its wholljM wBe d sub- 
sidiary. As Mining Ventures. The 

■ latter has signed a letter of intent 
pwith • Australia’s Can- Boyd 
Minerals whereby AS Mining will 
carry out at its own expense 
exploration on 98 mineral c lai m s 
in the Kimberley district. 

The present partners in the 

■ venture - -are: Carr Boyd 40_pcr 

cent. Alkane Exploration (Ter* 
rigal) 20 per cent. Hill Minerals 
12 per cent. Crusader Oil 10 _ p er 
cent ..and private investment 
interrats 18. per cent. - 

AS ^Mining has reimbursed Carr 
Boyd ( AS 1 04.876 (£64800) for 
acquisition costs oE the claims and 
cay? acquire a 40 per cent stake 
in the venture if the results of 
bulk t e s tin g from any one locality 
indicate .that a reining feasibility 
study is warranted. 

Carr -Boyd and the other part-, 
ners thus have a free ride until 
that stage, after which all part- 
ners will share further expendi- 
ture In proportion to their 
interests. In addition, AS Mining 
has ah option to acquire an addi- 
tional ll per cent stake (making 
51 per cent) within the next five 
years at « cost of ASllm, a move 
widch would capitalise the venture 
at AtlOOm. 

The cl aims , which arc believed 
to cover 29 diamond prospects, 
are- in the Mt. Percy, Ellendale, 
Noonkanbah and Fitzroy Crossing 
districts. They are not- far from 
the areas In which AS Mining is 
involved in its other diamond 
prospecting deal with North West 
Min Log and Haomn Gold Mines 
which was reported here last 
week,. . 

Other groups involved in tnc 
diamond prospecting rush include 
those led by Conzinc Rio tin to of 
Australia -at .Ashton; Western 
*>iteeii- with Leonard Oil and 
Metals: and the group led 


by . Otter . Exploration 
Sparse’S, Bamboo Creek m 
S amantha. In addition, De Been 
Stockdale Exploration, Broken Rm 
Proprietary, Axnax and: Selects 
Trujt on its own behalf," 
ground in tbo area, ' . 7 . 

.. The latest news fanned interest 
in the sbaronar te t^-yeagito 
where Carr Boyd rose 4p monte 
36p, making a. two-day ris© ^ 
14p, while gains of . around fe, 
were seen in Oner (45p), Spargnv 
(4*p) and Haoma : ((Up). Sfeteo." 
tion Trust hardened to 442p. _ 


Mincorp puts 
up £1.58m 
for Tehidy 


Mining Investment Conmattuk 
t” Mincorp ”); formerly- Selukwa 
Mining and Investments, ij 
making an offer for . afi the 
ordinary capital ' of TfeMto 
Minerals- not already owned. : 

Mlncorp's principal. business i* 
opencast coal mining while 
Tehidy earns mast of its revenue 
from mineral dues and investment 
Income. 

The offer is two ordinary shares, 
of Mincorp for each TehWy 
ordinary— with Mincorp dosing at 
33p last nifdit. each Tehidy ; s 
valued at 7Qp and the capital apt 
already owned by- Mincorp-.gt 
£L38m- Mincorp currently ^ beta* 
around 23 per cent- of TWBdjt- 

Shares in Mincorp are dealt in 
under Rule 163(2)- and the new 
Mincorp shares to be issued win 
not rank for atiy dividends In 
respect of the current year which 
ends on !>eptember, 90. . . 

An underwrit tcn'.eash alterna- 
tive of 64p per Tuudy. share is 
being offered conditional 1 upon 
the offer becoming -unconditional 
Tehidy shares, a strung market 
recently, were suspended at 37p 
yesterday morning at foe 
company's request. 


Palabora’s half-year 


WE OF the few copper mines 
that is still making profits, the 
Rio Tinto-Zinc group’s ' South 
African Pa ki bora operation re- 
ports half-year ret earnings of 
Rfl-SPm (£5. 59ml. equal to 33 cents 
per share, compared with. R 1 0.45m 
m~the same period of lfl<< when 
the. year's total amounted to 
RI9.1Sm. 

A second interim dividend is 
declared of 121 cents which fol- 
lows the first quarterly payment 
•of ‘a similar amount. Last year 
there -was a first interim of 15 
cents followed by two payments 
of ty -cents each and a final of 
15 cents to make a year’s total of 
43 cents. 

Although . copper sales in the 
past /half-year', rose to 55335 
tonnes compared with 48.919 
tonnes in the same period of 1977, 
revenue suffered ’from a fall in 
the metal price received of R123 
to R1.058 (£&0) per tonne. 

But the company points ' put 
that a higher average price should 
be realised in the current half- 
year if the recent improvement 
in the London. Metal Exchange 
cash price for wirebars. on which 
Palahora bases Its pricing struc- 
ture, is maintained and sterling 
holds its current exchange rate. 
The LME price was £726* yester- 
day. 

Following the decline in South 
African demand for copper, Pala- 
b ora's balance of metal available 
for export is being sold to other 
customers who. are prepared' to 
pay “ a significant ” premium over 
LME prices jbecause of the cop- 
per's high quality, it is stated. 

The two new autogenous mills, 
which have been' giving trouble, 
are being shut down weekly for 
inspection and any repair? needed. 
However, they are achieving their 
rated capacity and it is hoped 
that they will continue to do so 
until the replacement shells can 
be installed during the first half 
of next year. Palahora shares 
were 20p up at Slop yesterday. 


African Vogetetruisbult Metal 
Holdings in the Consolidated Gold 
Fields group. The Interim dividend 
is raised to 4 cents from 3 cents a 
year ago when the total was 75 
cents. 

Investment income during foe 
past half-year amounted to 
R959.0QO and Vogels' expects that 
it will be higher during the cur- 
rent half. The shares were 65p 
yesterday. 


MEXICO-BRAZLL 
BAUXITE TALKS 


Brazil's state-owned (2a Vale do 
Rio Doce (CVRD) says that. 
Mexico is dntarestqdi.-'ln.- taMagti. 
5 per cent share in ihe Mineracao 
Rio do Norte bauxite mining pro- 
ject on the Trombetas river in 
Brazil's Para State. , 

CVRD at present holds * 46 
per cent stake in the venture 
which has a . capital of 3345m 
f£378m). The other shareholder 
are Canadian, other Brazilian, 
U.S n Dutch, Norwegian and 
Spanish interests. 

. Bauxite exports from Trom- 
betas are due to start in the first 
quarter of next year and a total 
of L5oi tonnes is projected for 

im. .. 

Mexico hag also expressed in- 
terest in buying alumina from the 
Alunorte project near Belem, 
which', will start operating id 
about four years’ tune, and in 
CVRD giving technical assistance 
on bauxite deposits hs western 
Mexico near ManzanJEo, 


BETTER PROFITS 
AT VOGELS 


An increased half-year net 
profit of £L28m or 85 cents per 
share, compared with B767.000 a 
year ago is reported by the South 


ANGLO AMERICAN CORPORATION— 
Coal division sales output for July (Scans 
In metric tonal. Republic of SetxUl Africa- 
Bituminous: . Amilgamared (Cornelia' 

30SJBS. Anglo Power (Armey ert.m. 

• Krteli 49.SI1, Blestrak 23.78*. Coronation 
(Bank* 205.095. New LAT 80 - U&CT- 
coal Estates 391.945; Sofludxfc 
Springfield 272.333, VrrteW Coronation 
(Coal) 20.049 (Coke* 37.723. UUmt coOerlea: 
Vft>jfouta1nl26.Q32. Znnuaun Natal's InOo- 
menl Colliery 32,010. ArntnacWc: Bataas 1 
Co Dienes 24.588. Natal Anthracite 59392- 
Kbodesla: Waclue CoDlery (Coal) 174 JR. 
(Coke) 15.778. Swaziland: Swaziland CoJ- 
IlenW Upakjt Mine 1.738. potawanm: 
Compute Colliery ZLBSC.. droop total 
2jns.l41. 

P ALA BORA MINING COMPANY— DW- 
dend number 45— second interim dividend 
(or 1978, of 13} cunts per R1 share 
Warrants wtD be posted on or ahont 
September IS, 197*.." -- • 


WOLVERHAMPTON 
STEAM LAUNDRY 


The annual general meeting 
of The Wolverhampton Steam 
Laundry Limited, was held on 
August ' 9, at Wolverhampton, 
Mr. J. B. Brockbank. BSc, M1EE 
(Chairman and Joint Managing 
Director) presiding. The follow- 
ing is an extract from his 
circulated statement: 

Although we had sincerely 
hoped to report a modest profit 
for the year, we are again dis- 
appointed that we can only show 
a slightly reduced loss. This, of 
course, has mainly -been due to 
the continued slack state of trade 
generally. 

A further factor, which may 
not be immediately obvious, is 
the effect of Bank’ Holidays on 
the domestic laundry business. 
We find, in fact, that any week 
containing a Bank Holiday 
results In a loss of several 
thousand pounds, and since the 
year under review included two 
Easter Holidays, and in all three 
more Bank Holidays than the 
previous year, the detrimental 
effect on our profit position Is 
obvious. 

In fact we are obtaining an 
increasing proportion of our 
business from various forms of 
“Contract" work — mainly Local 
Authority and Industrial busi- 
ness-^-but Domestic work still 
provides the greater part of our 
turnover. 

I am still not able .to make any 
realistic forecast of future 
prospects. So much depends ou 
the trend of business generally, 
and on Government action in 
particular, that nothing better 
than guesswork is possible, . 


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lay. Augfct.10 1978 




Sun King 


BY RACHEL BiLLJNGTON 


~ ~ , ■ main weapons in the battle of 

First U«Jy. ofVeraUIe* by Lucy etiquette,' sad fee ubiquitous 
, iL 0 ™ 011 - Hamish Hamutqp, • , ■chaise-perc^e; ,, •'•'an' important 
£7.95. -402 pages 1 ~ feature ^ofcdurt life. 

The' ,',persp» Is 


Adelaide, 


. “.Small details seldom find a daughter;. .of Victor Amadeus, 
prace in 'memoirs; but more -King o£.SavQy, Adelaide's sad 
than anything else they give' the history, ': although perhaps no 
essential flavour of what we seek more extraordinary than that of 


to find, tee true, atrnosp here of other "royiil princesses of the 
«■ bygone age." - At- the beginning time, seems ahnost fantastic to a 


of First Lady of Versailles. Lucy modern reader; 
Norton quotes Saint-Simon’s 


- Af ten she was 

s? MM SfS* sr 


SiffS; ^r?>ufde 

Queeh^f France^'nd Bou rgogzie. Two. years later sbe 

Queen of France, ^nd . was mother wag marlied and -by the time 





The Duchesse de Bourgogne by Jean -Baptiste Santerre 


mh^Sf w M M hrt .l«.d, suffered 

of i uer^n^ P : «««] miscarriages. Meanwhile. 

OI aieraon. . tto kin* had. become her slave. 

The time is_the:ie_year*m the Indeed his delight- in her lasted 
If«en of Louis XTVi-1696 to 1712. until her death. With- the help 
The Sun King. -although- 'as ; eon- of lavish quotes' ' from Saint- 
vineed as ever. ‘of his- god-Iike Simon; Fenelon, Madam e and a 
qualities, is bow, -at 59' years old. dozen or so other ' diarists or 
settled into savu» -his soul under letter-writers. -. . Lucy Norton l-iT ;’-; 
ibe guidance ~_oL his unofficial paints a' vivid; -picture of the 
wfe, Madame de Maintenon. .cheerful young girl's appeal to 

3 ch ii d ‘ ^ ^oomy eld king and his 

reri. gra n d^adren and bastards, govern ess-Hke wlfe, With his 
t'rf **y the need mistresses _a fiiiftg. of. the past, 

France not only° in Prance, lint iSS- ^ ded 1° princes were taken from their fashion for nurses to rush in and 

in as much of Europe a« possible. - h - motiiers a * birth so that they out of public gatherings with 

' +>,„ «i -« - .. ** • ms shoul d not become, too attached syringes hidden under,. their 

The place is the court.of Ver- children by Mmd. ^ATontespan, to each other skirts -. 

sriilles. with visits to the neigh- he remarked, r. She. knows the _ _ , ’ ' ' It was probably the crude 

bourmg palaces and occasion- way to love; It would be delight- Adelaide had no choice but to medical habits of the time which 
ally a Bash to -.a r battlefield or ful- to b e rov^hy.ber.”- return to play, v In this penod actna iiy caused AderaWs 

the courts of Spain- or Savjoy. Needless 'to - baf' Adelaide’s w ?* n stm ^ to her late, teens de ath. At the age of 26 she 

Although Vereailles is suffering wltfrLonis^did not make Za* a . way the aa ff ered a high fever due to an 

■like the > whole of France from her popular w?SShbr«Sof the J?*,,, had attack of measles and was 

the effect of too many wars, not coart. However 'there was little neither her husband treated by the endless blood- 

they aSSS^RS^ trad- purgatives thep 


Great offices in perspective 


BY C. P. SNOW 


The Lord 
Underhill. 

£6.95. 210 pages 


■p. .. . wuiiniia **“ ^isnHSsal of the Whig virtues which Macaulay couldn’t Thomas Cromwell did not want 

iii K2 r «T ThiTfirt in terpretaUoq of history. They possess: but the same applies in the Chancellorship, which passed 

»L^r nce ^ have been brought up on judg- reverse. to a nonentity. Cromwell stayed 

ments of people radically It is likely that Macaulay’s the King’s Secretary, bad all the 


The Secretary of State by David different from those of a genera- command of narrative, as power- real power and was the precursor 
Kynaslon, Terence Dalton, tion ago, and are able to contri- ful as that of any historian, is of William Cecil and Chief 
£6.95. 177 pages bute their own versions in the not accessible to anyone working Ministers thereafter. 

— — — ■ . — - — present ■ astringent air. not in a period -of social pessimism These books are recommended 

inese two books are the first optimistic but cheerfully accept- or decay. Just think of the to ail those— there seem to he 
volumes in_a series_to he called ]ng things as' they are. This epochs when narrative has. been quite a few— who wish to keep 



fascinating place. The. Intrigues .iteTnSU^thr wurt' 106 de, ? ttc J?r husband’s reputation of life, could not stand up to 
between tne rival factions, whose v~ «oies or gie court. agaws his fellow commander on guch harsh treatment Within 
leaders were quite likely to be . did.notme&n her life was the b.ttiefleld, - the - Due de a we ek the same ruthless attefe- 
father and son.. are as vigorous happy. The gaiety of court life VendOne. ttons h ad killed her ever-loving 

as ever. Etiquette, which Louis countertgtepced- by two Using oil- her influence with husband (who was suffering hot 
made sure ruled _court behaviour problems. .by _a physic- the king, she successfully routed only from' measles but also a 

even in the most tragic or hi- “ty deformed; ^xpuglous fanatic this popular military hero so that broken heart! and her eldest sop. 
appropriate circumstances, for a husband. . whos e deeper he was actually banned from The' second* son, the future 
hovers like a second unforgiving qualities she Only grew to appre- attending the court But such Louis XV was only saved by his 
god above all their actions. Ver- date ’ late inj.-tfeir marriage, strength of character was not women attendants who locked 
sa files, house and, gar dens; ante- Secondly by nwr-.dttty to pro- typi'caL The most memorable him away from the doctors. ; 
rooms, _ bedrooms. reception- dues the third generation in line descriptions * are of the “ baby- Poor Adelaide- She had served 
rnpms. is laid out physically be- f° r the throne, r xjer many mis- talk” with which she used* to her purpose and died in the. 
fore us with every Intimate de- carriages were"blamed. sensibly entertain the king, her habit of course of it. She understood' it 
tail. The stage -is decorated with enough, on ‘ the.^rigours of too making playful interruptions only too well. "Princess today, 
the four-poster, beds which saw much. hunting, dSfcdng and eat- during meetings of state and the tomorrow nothing, and in two 
so many royal u levies” and so ing and she wakjercntnally for> extraordinary occasion when she days foraotten,** were her last 
many ynung hrides to their un- bidden them - woen .pregnant, secretly underwent an enema recorded words. After 266 years 
known princely husband. In the However the dfeUray of two live while chatting to the king. He Lucy Norton’s persuasive and] 
outer rooms. stand the stools and sons gave her littfo-pleasure and considered this the wittiest joke knowledgeable biography comes 
chairs which were one of the little serious occupation. Royal in the world and it became the to.contradict this gloomy epitaph. 


i^cesofState. The series is means that functionaries such as at a premium. Just think also of in contact with modern historical 
edited by M. M. Reese, well known Wolsey, Thomas Cromwell, the abdication from narrative in thinking, it is pleasant to be 
for having written one of the Robert Cecil are viewed, and contemporary prose in the West reminded by Underhill, who 
most useful non-specialist understood, with much more Of the two books, Underhill’s writes with considerable wit in 
accounts of the life of Shakes- sympathy and understanding than is the more immediately attrac- the seventeenth century sense, 
peare. This new senes is W ould have been feasible earlier tlve. He has had rather the that the Anclo-Saxon administra- 
aesi&oed to give studies, sue- ^ century. All that is to the easier job. The Chancellor's tion was far more sophisticated 
“ ut based on the latest good. These two men are repre- function has changed out of than that of ' the Norman 
scholarly findings, of the origin sentative historians of our own recognition since the time of his conquerors. That conquest was 
ana development of The major time, more sensible and ex- Saxon predecessors, and has a classical example of a higher 
official British jobs. This could per jenced than ever before. ' changed more than once. Yet culture being taken over by a 
have turned out a very dull ■ . , in form at least be has kept a lower. As so often in these 

affair, stuffed with false piety That kind of professional con- cer taj Q identity. You couH see cases, the lower culture 
and historical double-talk. Much fidence exacts a him -as large as-life on the Wool- possessed the more ..effective 

lo the general benefit, that hasn't, though. Nicholas Underhill' talks sack a Few-weeks ago. speaking military technology, 
happened. If the succeeding about the ** pernicious^ “ Welsh. Whereas the Secretary of One additional pleasure from 

volumes are anything like as Macaulay of whom in the state lout court is a title that these books. They are admirablv 
good us the first two. the series is nature of things, both violently sounds strange to British ears, produced, and quite cheap by 
going to be a rerreshine success, disapprove. .Macaulay was com- and h as become lost through dif- today's standards for illustrated 
. Both authors, got Firsts in placent, if you like, sometimes fusion over many functions and and well printed volumes. The 
History at Oxford, are in their brash and insensitive: but men functionaries. printing has been done in 

middle iwenties, and have not as intellectual and detached as True, in one of the Chan- Lavenham, Suffolk, and the 
stayed In academic life. If they these two _ writers ought to bring cellar’s transmogrifications, he publishers, Terence Dalton, are 
are a sample of contemporary back to mind the fact that he was lost his real power as the King's also based there. Lavenham is 
young Oxford historians, that working at the peak . of this essential Minister, and the power an attractive small town, but 
school is doing us proud. They century’s success, or so it seemed fell into the waiting hands of the this must be the first' time that 
are sharp-witted and detached, to him and also to others less King's Secretary. This is care- it has been a home for high-level 
determined to present a histori- euphoric. Whereas Underhill fullv and dramatically described publishing directed at the 
cal character without hindsight, and Kynaston are working in a by Underbill. Wolsey was the national market. This is 
with the intentions, and in the period which is moving towards a last great Lord Chancellor with precisely the kind of devolution 
conditions, of his own time. trough of western resignation, supreme power. When Wolsey which would brighten the whole 
They are a sign, of course, of That gives them historians’ and More were eliminated, country outside of London. 


Angry about Africa 


BY BRIDGET BLOOM 


North of L utii by Shiva Naipaul. 
Andre Deutsch, £6.50. 252 
pages. 


made and abandoned.” Nothing 

Nai paul’s disillusion comes as ultimate 
he gazes over the green acres of ?* a ? a,D S 

_ B. ... _ Vffinoiil’o 


‘■'r.-i-.' -'1 


Reading Shiva Naipaul's 
account of a six months' journey 
through Kenya, Tanzania and 
Zambia I was suddenly reminded 
of a passage from Graham 


but lies." Greene's all of the picture. Naipaul’s 
sympathy and under- book is indeed so bitter as to 
_ _ is quite lacking in prompt questions about his own 

a European tea estate in"*Kenya: Naipaul’s liturgy of bitterness. motives in writing it. Did he 

“Suddenly I realised how It is tempting to be snide, in fSously^ determined lf to™ find 
fragile it all was ... at any seeking to ask what has gone not biT,n good there? Or did the 
moment Africa could close In. wrong for Naipaul, and suggest treatment he received as an Asian 
The house, the lawn, the mono- that he was trying to do In Africa ,, term he desoises lust as he 
n.ani.ca] acres o £ tea-it what his brotarv V. S Naipaul wh1 t «' blicta 

could all be swept away with- has done much better elsewhere: he raeets per haps justifiably, for 
out trace. V.S.’s telling, and .even cruel failing to appreciate that the 

I’ve no idea whether Naipaul criticisms of India and the Asians too contributed to African 


Greene's Journey Without Maps. 

Walking thrnuoh Ciprra T.pnnp * ve uo iuea wnemer ivaipaui Asians too conuiouiea to Aincan 

?w !Lr! M "“r vi read Greene bef °re lie set out, Caribbean somehow still produce development) over-colour his 

and Liberia, over 40 years ago. but l he ^ found ^ an overall rounded picture, judgment? 

Greene grew disillusioned with humility to accept Greene’s con- where people laugh and cry and . „ . w|thnnt itK 

Africa. It seemed, he wrote, elusion. “There is not so much are human. occasional insights: inevitably he 

Itbat white and black. virginity in the world.” Greene Shiva Naipaul’s people— and hits a target from time to time, 

“were living here for a short rays ^ follow-up to his depres- there are a great range of them. There is a lot w-ong with Africa. 
wHiiP M thp onvfnri. nf tv.* slon ' that one can afford not to from shoeshine boys in Nairobi, as many Africans admit But as 
wmie on the surtace ot the ]ove it when one flnds it » to whitp businessmen in Mom- the liturgy proceeds, one be- 
lana, out Africa baa tne last Naipaul concludes that Africa basa or socialist officials in Tan- comes exasperated and then 
say, and it said it in the form “Is a hopeless continent . . . zania — are caricatures, one bored by his almost wilful 
of rats and ants, of the forest where only lies flourish ... the dimensional creatures whose failure to look beyond the sur- 
swallowing up the little pits lies of an aborted European stupidity, venality or laziness, face of the societies he so 
the Dutch prospectors had civilisation: the lies of liberation, may be part but are in no way roundly condemns. 


i i -■ ! • K l»ii 

>2;i \a 


St i r* 



h. h 

st. 1 



BY DAVID FREUD ‘ ^ 




hook fe a. tiiird through the 


Blacklieath Poisonings ._by characters -iAd their rei^ttion- 


“°° P 38 ” Iror the^ remaining two-thirds 


Tightrope fOr Three by MaTian the cleyeriy woven plot coasts 
Babson. CoUins, £335. 181 faster, and faster to its climax 
pages '• : . - ! in tbo^fuUy-rounded atmosphare 

r; — r A ' ■ " Ji, — Z — a generously-peopled 
The H J5w narrative can provide, 

hard. Macmillan, £&75. \9i - atmosphere is also provided in 
pagef ■ . . - a second element of the hovel,.. 

.. . . • . ... It tea solidly-based period i^ece. 

It might appear somewhat ^ jjj e London suburb-, of-' 



Friends 


BY DIANA RAWSTRON 



TheHicMen Eeonomy^The con- Sg «S5Sta 


194 pages 


satisfy themselves that what they a profit is not. 


How many people are as honest are doing is. not wrong. Various 
as a colleague of mine who. on excuses are given and the tected or not reported 


at ihe° underground station and goods— “cheap goods” or ‘‘re-stock’" control.” “‘Caught 
no collector at the end of his jects” never “stolen"^lso rarely means ’court’." Em 


Julian Symons 


churlish to criticise athnljerfor Blackbeath in the Victorian hey- 

of The 1890s. A middle-class 
olhers, by some^of Tolsjo^ family' owning . a fairly . pros- 
noiels. ^oat the spme critictem. pg^ous to v company live . in two 1 

^Tea^dffficultv the SoWem 'nf a«*iteotuiii oddities of hooaes get his way and- then murder 
laree nuiSS? of 00 ^ heath - Three members of them all ? Or will they kill him 

chiractoreVa boi tim . family are poisoned . by instead ? No prizes for guessing 

uuudM<.ta •** uww. ... arse rue. ; .. U»e answer. 

nu^perhap^a^ds^ 5 ^ Cl ^ are r meticQlwi sly The limiution of the plot! 

Jem hv focusing the narrative on show and the story 1 move® at aside; the characters— seven of! 
a few characters. .It 7 u a rare <tie measured, deliberate paro of them— never develop past the . and so on. 
author that gives eqiral weight to cardboard stage. They have no 

10 or more while: retaining the Nevertheless the ending caught background. They enter the 

reader’s interest. , ' ■ me completely by surprise. - - book; do what the plot requires, 

in tho . The ending is never in doubt and exit. 

tir m Tiofifropc for Three: An On the surface The Quiet River 

° P* 0 ! escaped Dartmoor killer hijacks is about psychological domina- 

charart|rs; 0/^ a helicopter to make his getaway tion and self-assertion. Again 

W 1 qu,1 S 10 France- Inside are a. com- the cast is seven-strong, although 

,i* e P aQ y director hurrjins to Tend it concentrates heavily on one 

difficulty of introduction, and the 0 |f b j s threatened deposititm' af couple who have moved to the 

reader has to do quite a -bit of a Board 'meeting; his estranged country from London. Beyond 

^ b^k in tne ^rly. part w jfe with their daughter, .-who their new garden flows a large 
- wa has 'acute appendicitis - and river, 

memory as to who is who. needs an operation; his mistress It is in the context of the 
Nevertheless,- the people are and the pilot. j ' -' brooding presence of this river 

sharply drawn- and before the Will the killer, who has a gun, that relationships with two other 

couples and a singular fanner 
are formed. 

f . . Unfortunately the relation- 

V-*-/ tl fttZ BY WILLIAM WEAVER ships, are barely, believable, not 

/j: least because they seem to form 

7T~r , ~r =r“' •••' r r style and the same insight. Bis in so abrupt and isolated a way.. 

latest hook exploits thc thh^ Many more characters are 
.tionancz. Ckfa. w pages ■ honoured plot of a couple who needed for a story set in a 


fare to London Transport? Not author suggests that the stereo- for wrongful dismissal or pro 
many, it would seem. According type "’of the fence as the “Mr. test strikes, 
to reports in the newspapers. Bi S" of properly crime reduces The author's solution is 
every on? is on the “fiddle.” the guilt of amateur traders. . system of community courts 
“Perks" include taking home ’‘Mr. Big” is predatory whereas under which offenders would be 
company goods, doing jobs “ on ordinary people only deal in brought before their colleagues, 
the side,” personal use of the things which come their way. Community rule has been shown 
firm’s photocopier, telephone a ad operate on a small scald and do to reduce violence in the prison 
stationer}', inflating expense not rely on the proceeds as their system. One method, of com 
claims, short-changing, false rax basic income. Indeed, the munity control of pilfering has 
declarations and welfare claims author suggests that social re- been operating successfully for 

wards are the motive, not money, several years at a Cadbury 
They have been described as a The. participants enjoy their Schweppes factory where 
“hidden economy” operating fringe dealings and like to do offenders are dealt with by a 
within the legitimate economy of favours for friends. tribunal consisting of manage- 

society. This book is a fascinai- Payment is often in the form mem and union officials, 
ing discussion of one aspect or' of “buying drinks.". A few This book gives a fascinating 
the hidden economy, namely pounds put behind the bar for insight into the hidden economy 
“on the side" trading. The the recipient will be use'd by him and calls for a reconsideration 
author obtained much of the to buy drinks all round so others of our hypocrisy about what is a 
material by taking jobs in areas in the network also benefit. One crime. It will be of particular 
of employment which afford person interviewed saw the interest to those in the crime 
opportunity for workers to en- whole activity as community control business. 


1977 

Ifitqtr. 

103.2 

105.3 

109 

103.3 

216.4 

1.330 

na 

2odqtr. 

101.9 

103.0 

106 

102J> 

222.0 

1.330 

163 

3rdqtr. 

102.8 

103.8 

106 

104J3 

224 J! 

1.418 

151 

4th qtr. 

102.3 

103.3 

106 

104.4 

239.4 

1*431 

157 

1978 
1st qtr. 

103.3 

104.2 

98 

106.3 

246.0 

1,409 

188 

Jan. 

102.9 

103.6 

106 

104.9 

241.0 

L419 

180 

Feb. 

103.6 

104.1 

116 

106.8 

246.5 

1,409 

187 

March 

103.4 

104.8 

103 

107.0 

249.8 

1,400 

196 

April , 

103-9 

106.6 

104 

106.7 

250.3 

1,387 

204 

May 

105.9 

104.5 


108.4 

2552 

1,366 

210 

June 




10R.6 

257.1 

1,365 

217 

July 






1,371 

211 


In short— Cricket centuries 


Readers of The New Yorker murder, a total stranger in easier village, 
have ton* admired Berton’tb swindle the insiuraMp >( ^bisfr The ending is quite at odds 

Roueh's drily-recounted'. Annals pany. Naturally, sometm^ ^goea with the rest or the book, it is 

or Medfciiw, tales ef quirkish wrong (not the murtler^lteeff; one thing to allow a nver a 
ailments and their victims (a that works beautifully, te every psychological impact .on the 
memorable one concerned a man carefully-planned detain, and people who live nearjt. It is 
who turned bright orange from the biter ^ suitably bit. Actually, quite another to credit it ex- 
taiing ton many carrots). This the ending is fairly predictable plicitly with motivation. If Mr. 
elegant writer his. more recently and something of ■in an ti$L&nix- Hubbard's theme was animism 
also produced murder stories, but. readers wIU enjoy the hook he - should have introduced it 
employing the; same laconic for.' its concision and style.:. earlier. ' 


doesn’t pull itself together and the creation of Israel, the Korean 


EugHsh Cricket by Christopher shake itself out of the deep Rip War. Kennedy's 1,000 Days., the 

Brookes. Weidenfeid and Van- Winkle sleep that it. finds Cuban missile crisis. . 

Nicolson. £530. 210 pages UselTin, what Packer is doing *s He learned to travel light. For 

— — definitely goins; to take hold, years, his only gear was a bold-all 

The Thoughts of Trueman Now bomeone is going to make com- ani j battered typewriter that 

• by Fred Trueman, with Er:c me /ciai cricket work. survived thousands of miles and 

Morecambe. William Rnshton Trueman’s Thoughts is a tens of thousands of words, only 


and Fred- Ramsey. Macdonald curious' hut entertaining hedge- to meet its end, smashed beyond 
and Jane's. £3.95. 144 pages podge of serious opinion, repair, at La Guardia airport. 

- pungent observations and No sooner had he checked into 


A 




Edited by Denys Sirtum 


THE WORLD’S LEADING 


MAGAZINE OF ARTS 


and Antiques 


Published' ^ • Annual Subscription £25.00 (inland) 

Overseas^ bscription.£28.W . USA# Canada Air Assisted $56 


AdoIIo Majrazine, Bracken House, 10, Cannon Street, London, EG4P 4BY 
P ; ■ / i Tel. 01-248 8000 


Christonher Bronkes’s stadv of Various anecdotes which should a Simla hotel than a telegram 
tke^Si Seridw in *nd a lot of buyers. Comedian -“Proceed Makalu soonest 
Fnrland ic a ThAraiiPhlv Morecambe, President of Times "—sent him haridg off to 

Sfre^hln^SeWaccoimtof the Lord’s Taverners, contributes find Hillary an expedition that 


how it has developed from a so ? e : characteristic comments lasted weeks the kind 

- _ -- - " .inn. AiU^VinAMi CnwArt vC n<mi OVtlOdonM that U/.IC tA 


rural folk-game to become, in the ^l°^ e ' ll t ners « Spnng is here expcnence that was to 
mid-1970s, ahnost a hiehlv com- oace soon w « wiU repeated time and again. 

mertSlSd morL He ItomS thTiU t0 sound of leather bit- Breathes there a journalist with 

game’s development in some ^eman text which 15 further relish such a life: 
instances taking issue with pre- ^livened by William Rush ton’s “ 1 was intensely curious,” he 
viously accepted tenets of cricket Ex ‘ cr i cfeeter F . r , c<1 writes. “ If I had not taken to 

fateiorians such as H. S. A. Ku j n sey is named as compiler journalism. I would have been 
Altham. 3nd €d ^ or hut has failed tn spot arrested for peeping through 

erwininov mis-spellings fDennls keyholes." As a journalist my- 

to ISitotiSS un ffi. ,n tm ani1 1 to > ow wlu ‘ he 


Brookes examines closely tite 
dkss structure of the game. By 
the mid-l7lh century it was 
viewed with suspicion by respect- 
able people. Then wealthy people 
and jgemlemen started lo play. 
Later, in the mid-1700s. royally, 
in the person of the Prince of 
Wales, legitimised it by actually 
playing in matches. 


means. 


KEVIN H6NRIQUES „ M only , he ^ 

him. There were Indian peasants, 

• . Israeli kihbulznlks, nomads. 

Growing up On “The Times” by black * activists, guerrillas. 

Louis Heren. Hamish Hamil- soldiers .He saw black, brown 

ton. £655. 319 pages and yellow mobs all over the 

— — .i — i ■ world, “hut none so frightening 


Louis Heren' is a lucky man. ® Southern (U.S.l white mob. 

... Full-scale He made the now-impossible them college-educated 

professionalism came with the jump from messenger boy on middle class, 
creation, in IS46, of William The Times to become that paper's Mr. Heren makes some interest- 
Cbrke’s All-England _XI. a depnty. editor. As forelen eorres- in? comments about h|s paper, 
wandering team of the to? pondent be travelled the. world to which be remains immensely 
players, which pre-daied Kerry on an expense account. loyal. 

Parker by over a century. He got to know many of the For variety and spice of life 

Mr.' Packer is inevitably men- famous— Gjindhl. Nehru; Dayan, his is a book about which it 
tioned by Fred Trueman in his Glubb . Pasha, McArthur, is hard to stop writing. But 
semi-seriDus examination of the Adenasier, Brandt. Kruschev. some photographs would have 
whole contemporary cricket Johnson, Nixon. .. . He reported helped, 
world. He -says: “If cricket the end of the British Empire, JOHN DUN STAN 


UK ECONOMIC INDICATORS 


ECONOMIC ACTIVITY— Indices of industrial production, manu- 
facturing output,engineering orders, retail sales volume <1970= 
.100): retail sales value (1971=1001: registered unemployment 
(excluding school leavers) and unfilled vacancies (000s). All 
seasonally adjusted. 

Indl. Mfg. Eng. •• Retail Retail Unem- 

. prod, output order vol. value ployed Vacs. 


OUTPUT— -By market sector: consumer goods investment goods, 
intermediate goods t materials and fuels); engineering output, 
metal manufacture, textiles, leather and clothing (1970 = 100); 
housing starts (000s. monthly average). 

Consumer InvsL Intmd. Eng. Metal Textile Housg. 
goods goods goods output mnfg. . etc, starts* 


1977 

1st qtr. 

115.9 

99.4 

106.1 

100.4 

83.9 

104.4 

19-9 

2nd qtr. 

JLI3.4 

115.1 

97.5 

1053! 

96.8 

803 

100.2 

25a 

3rd qtr. 

98.0 

104.7 

99.6 

83.3 

100.7 

25.4 

4 th qtr. 

1172 

97.5 

101-9 

99.1 

743 

100.0 

20.7 

1978 

1st qtr. 

116.9 

99.2 

104.9 

100.7 

76.8 

99.7 

17.8 

Jan. 

116.0 

99.0 

104.0 

100.0 

753 

99.0 

17A 

Feb. 

1 1 7.0 

99.0 

106.0 

100.0 

78.0 

100.0 

15J3 

March 

118.0 

100.0 

104.0 

101.0 

78.0 

100.0 

20.6 

Aoril 

119.0 

100.0 

109.0 

102.0 

85.0 

105.0 

25.4 

May '• 
June 

117.0 

99.0 

106.0 

101.0 

85.0 

99.0 

25.1 

29.6 


EXTERNAL TRADE — Indices of export and import volume 
(1975=100): visible balance; current balance; oil balance; terms 
of trade (1975=100): exchange reserves. 



Export Import 
volume volume 

Visible 

balance 

Current 

balancp 

Oil 

balance 

Terms Resv. 
trade USSbn* 

1977 

2nd qtr. 

118.0 

109.8 

— 794 

-3S5 

— 745 

100.3 

14.9 

3rd qtr. 

124.1 

106.4 

+ 54 

+357 

-602 

101.0 

13.4 

4th qtr. ' 

117.9 

102.6 

+ 45 

+ 486 

—657 

102.4 

20.39 

1978 

1st qtr. • 

1203 

1143 

-574 

-305 

-646 

105.1 

20.63 

2nd qtr. 

1223 

110.2 

-136 

+224 

-424 

104.4 

16.75 

Feb. 

127.4 

111.3 

+ 43 

+ 132 

-203 

104.8 

20.7 

March 

121.4 

1163 

-279 

-189 

-209 

104.S 

20.32 

April 

126.1 

104.3 

+ 188 

+ 308 

-151 

104.0 

17.04 

May 

120. L 

114.3 

-218 

- 98 

-156 

105.1 

16.66 

June 

July 

122.1 

112.0 

-106 

+ 14 

-117 

104.1 

16.54 

16.74 


FINANCIAL — Money supply Ml and sterling M3, bank advances 
in sterling to the private sector (three months' growth at annual 
rate); domestic credit expansion <£ml: building societies’ net 
inflow; HP, new credit; all seasonally adjusted. Minimum 
lending rate (end period). 


Bank 


’ 

Ml 

M3 

advances DCE 

BS 

HP 

MLR 

1977 

% 

% 

- > 

£m 

inflow 

lending 

% 

2nd qtr. 

24.8 

14.9 

5.5 

+769 

- 1.290 

1,047 

S 

3rd qtr. 

28.0 

10.4 

20^ 

+385 

1,084 

1*149 

7 

4th qtr. 
1978 

23.2 

12.6 


+698 

1,565 

1,189 

7 

1st qtr. . 

24.7 

24.0 

17^ 

+ W18 

1.049 

1.260 

6} 

2nd qtr. ' 

8.7 

15.9 

24.8 

+2,893 

694 

1^S3 

10 

Feb. 

26.8 

25.5 

17.9 

+963 

353 

418 


March 

24.7 

24.0 

17^ 

+597 

3QS 

413 - 

6} 

April 

19.1 

24.7 

12.6 

+ 1,432 

335 

463 

7 

May 

13.2 

17.4 

18 J1 

+1.124 

212 

471 

9 

June 

July 

S.7 

15.9 

24.8 

+337 

147 

459 

10 

10 


INFLATION— Indices of earnings (Jan. 1976=100); basic 
materials and fuels, wholesale prices of manufactured products 
(1970 = 100); retail prices and food prices (1974 = 100): FT 
nmodity index (July 1952=100); trade weighted value of 



Earn- 

ings 0 

Basic 
mails.* ' 

Whsale. 

mnfg. r 

RP1* 

FT* 

Foods* comdty. 

Strlg. 

1977 

2nd qtr. 

114.5 

347.7 

259.2 

18L9 

19L1 

250.0 

61.6 

3rd qtr. : 

116-1 

340.5 

267.7 

184.7 

192.1 

239.9 

61.8 

4th qtr. 

119.9 

330.6 

272.1 

1ST.4 

193.3 

23422 

63.2 

1978 . 

1st qtr. 

123.1 

326.7 

279.0 

190.6 

197.3 

238.61 

64.6 

2nd qtr. 

340.7 

284.6 

195.8 

203.8 

242 J27 

61^ 

Feb. 

123.7 

32L2 

279JI 

190.6 

197.3 

224.86 

66.0 

March - 

125.0 

331.0 

280.6 

191^ 

198.4 

238.61 

64.1 

April 

127-2 

337.4 

282.7 

194.6 

20 LS 

238.94 

61.8 

May 

129.3 

341.5 

284.6 

195.7 

203.2 

230.67 

613 

June 

July 


343.1 

340.2 

286^ 

288.7 

197J2 

206.7 

242^7- 

237.68 

61.5 
- 62^ 


Not seasonally .adjusted. 


J 







20 


^5hancial Times Thursday ^ 


l\ 1 1 KMI IONAI. FINANCIAL AND COMPANY NEWS 


NORTH AMERICAN NEWS 


RCA blames price 
increase on costs 


BY OUR OWN' CORRESPONDENT NEW YORK, August 9, 


LTV earnings soar as 
steel operations recover 


RCA CORPORATION has be- 
come the first U.S. colour televi- 
sion manufacturer to announce a 
general price increase in nearly 
four years. 

Tbe move, which will increase 
factory prices by around 1.5 per 
cent, is a partial reply to critics 
who have argued that the com- 
pany ought to be exercising 
more price leadership. For more 
than two years RCA has been 
locked in a battle with the 
largest U.S. producer, Zenitb 
Radio Corporation, for market 
dominance, and its price cutting 
tactics based on lower produc- 
tion costs are generally held to 
be a depressant on Zenith's 
profits. 

However. RC.Vs consumer 
electronics division claimed 
yesterday that the new prices 
were necessitated by higher 
manufacturing costs. 

Zenith, however, rejects this 
■analysis and maintains its stand 
that tbe real drag on prices is 
caused by imports, -particularly 
from Japan. It remains to be 
seen whether Zenith, which still 
has a slightly higher market 
share than RCA, will now raise 
its prices. The company said 
recently that a price Increase 
would be needed by the autumn 
and it may wish to delay its own 
move in pursuit of a competitive 
advantage over RCA. However. 


some analysts would expect RCA 
to shelve Its own price increase 
if Zenith stands pa-t. 

But Zenith may have won a 
little elbow room -by the increas- 
ing. production it is getting from 
its Mexican facilities. Last 

autumn the company became the 
last UJ». manufacturer to move 
Its assembly activities oat of the 
UA and some estimates put the 
company's savings in labour 
costs per employee at S10.000 a 
year. 

Having led the fight for UJ3. 
Government protection against 
low-price imports. Zenith is chal- 
lenging assertions that the rise 
of the yen against tbe dollar is 
raising tbe retail price of 
Japanese sets. “ I must say we 
have not noticed it," said a 
Zenith spokesman today. Never- 
theless. the volume of colour 
television imports from Japan is 
being reduced by an orderly 
marketing agreement concluded 
in May last year. 

The Commerce Department 
recently published a survey of 
the first quarter which revealed 
a 41 per cent decline in Japanese 
imports from tbe third quarter 
of last year. However, sub- 
stantially increased imports from 
Taiwan. South Korea and Canada 
meant that the overall import 
total had fallen bv only 2 per 
cent. 


BY JOHN WYLES 


NEW YORK, August 9, 


A STRONG improvement in the 
earnings of its steel subsidiary, 
Jones and Laughlin, helped carry 
LTV Corporation to a net income 
of $33.4m or S2.24 a share in the 
second quarter. 

This was a substantially better 
performance than this con- 
glomerate achieved in the same 
period last year, when it turned 
in net income of only SI .6m or 
7 cents a share on sales of 
$1.21 bn. Sales in the most recent 
quarter were Sl.Bbn. For the 
six months. LTV reported net 
earnings of S8.4m or 49 cents a 
share on sales of S2.57bn. com- 
pared with a loss of S2m on sales 
of S2.32bn. 


The recovery in LTVs steel 
operations comes at a time when 
final preparations are being made 
for the proposed merger- with 
Lykes Corporation, which was 
approved by tbe Justice Depart- 
ment in June. Tbe combination 
of the two companies' steel 
interests will create the third or 
fourth largest steel producer in 
the U.S. 

LTVs steel shipments in tbe 
second quarter actually declined, 
from 1.45m tons last year to 
1.37m tons. Dollar sales, however, 
rose from S610.9m ter 3556.3m, 
and operating income from 
$ 21 ,4m to $34.5 m. “Improved pro- 
duct mix and higher selling 


prices were the main factors con- 
tributing to the improvement in 
steel operations during ' -the 
quarter” said Mr. Paul Thayer, 
chairman and chief executive, 
today. 

The company’s aerospace divi- 
sion also returned an. increase 
in operating income, from S&34m 
to S12.7m, but meat and -food 
products, which .have been 
swinging between profit and loss 
for the past IS months, finished 
S2.56m in the red. 

Second quarter and first half 
figures included a special credit 
of S6.5m and extraordinary items 
of close to 39.1m. 


Request to 
block TXIA 
takeover 
rejected 


London insurance 
market losing 


Record for 

Norton 

Simon 


TransCanada Pipelines 


TORONTO. August 9. 


Boeing shares recover 


BY OUR OWN CORRESPONDENT NEW YORK, August 9. 


BOEING COMPANY staged a 
recovery on the New York Stock 
Exchange yesterday after 
investors overcame their initial 
disappointment at the. company's 
second quarter earnings. 

The value of the stock has 
increased by some 300 per cent 
this year but slipped markedly 
late on Monday, despite a 37 per 
cent improvement in net income. 
But the S1-S2 per share quarterly 
earnings were substantially 


lower than the $2-2.50 forecast 
by some analysts, and late sell- 
ing wiped S3* off the company's 
price. 

However, an announcement of 
an order for three 747 jets from 
Philippine Airlines, coupled 
with some analysts' expectation 
of a further 20 per cent or more 
appreciation in the share price 
this year, led to a S3f rebound 
yesterday when the stock closed 
at 3734 after active trading. 


NEW YORK, August 9. 
NORTON SIMON, renowned for 
its Max Factor cosmetics. Avis 
car rental and Canada Dry ginger 
ale. has returned record fourth 
quarter and annual results profit 
margins have been squeezed. 

Net earnings for the final 
period advanced 17.7 per cent, 
from a corresponding 5271m or 
53 cents a share diluted to 
331.9m or 63 cents a share, while 
revenues soared 44.6 per cent 
from $46&2m to 3672.8m. 

Full year net earnings rose 
13.7 per cent, from SlOlBxn or 
31.93 a share to S115Bm or 32.25 
a share, on sales up by 34 per 
cent from S 1.81 bn to S2-43bn. 

Tbe latest results reflect the 
acquisition of Avis in July last 
year and are in line with fore- 
casts made by Mr. David 
Mahoney, the chairman, last May. 
Agencies. 


THE CHAIRMAN of Trans- 
Canada Pipelines, Mr. James 
Kerr said be was advised that 
Canadian Pacific, which owns 
about 13 per cent of the out- 
standing shares of TransCanada 
has been approached by various 
organisations who might be 
interested in the acquisition of 
these shares reports Reuter. 

Mr. Kerr said he has been 
advised that Canadian Pacific 
“ may be receiving proposals 


which might lead to tbe. sale of 
these shares.” He gave no 
further details. 

• Reuter adds from Calgary: 
Petro-Canada said it has no plans 
to acquire control of Trans- 
Canada Pipelines. Petro-Canada, 
the Government-owned oil and 
natural gas company, is one of 
several ' companies rumoured in 
the past few days to be planning 
a take-over of Canada’s largest 
pipeline operator. 


BRIEFLY 


J. Ray McDermott fall 


NEW YORK, August 9. 


MILAN 


FAIR 





AN INTERNATIONAL SPRING EVENT ■ 
FOLLOWED BY 57 SPECIALIZED 
TRADE SHOWS WHICH KEEP THE 
FAIR OPEN TWELVE 
EVERY YEAR 

Plan a visit to Milan Trade Fair 
to.be held 14 to 23 April, 
and another to the trade show 
that specializes in your line of business 


MONTHS 



TRADE EVENTS SEPTEMBER 1978 - MARCH 1979 


SEPTEMBER 

September 1-4 

10th M1CAM - 42nd International Exhibi- 
tion of Footwear 
September 7-11 

International Music Salon - High Fidelity 
ERTEL 4 - European Exhibition of Radio, 
Television and Electroacoustic 
September 8-12 

AUTUMN CH1-BI 78 - International Salon 
of Bijouterie, Fancy Goads & Sales Pro- 
motion Articles 

AUTUMN MACEF 78 - International Exhi- 
bition of Household Goads, Glass & Chi- 
naware, Silverware, Gift Articles, Hard- 
ware & Tools 
September 21-26 

SMAU 78 - International Exhibition of 
Office Furniture, Machines & Appliances 
September 22-27 
18th Italian Furniture Salon 
7th International Furniture Salon 
3rd EUROLUCE - International Lighting 
Salon 



NOVEMBER 

November 21-25 

15th BIAS - Biennial International Exhibi- 
tion-Conference: Automation & Instrumen- 
tation 

6th international Chemistry Review and 
MAC 78 

November 23-27 

MANUTENZiONE 78 - Exhibition-Confe- 
rence: Materials, Equipment A Products 
for Maintenance, Cleanliness & Hygiene 
in Industry A Community Life 
November 29 - December 3 
1st National « Do It Yourself » A Hobbl 
Exhibition 




JANUARY 


OCTOBER 

October 7-14 

11th BI-MU - Biennial Machine Tools Exhi- 
bition: Machine Tools - Tools & Equip- 
ment - Machines for Processing Rubber 
A Plastics Materials 
October 8-10 

SUMMER MIAS 78 - International Market 
for Sporting A Camping Equipment 
October 10-14 

SICURINT 78 - 9th Exhibition-Conference: 
Appliances A Equipment for Safety & 
Health In Industry 

5th Exhibition of Equipment A Appliances 
for Civil Protection A Fire Services 
October 16-27 

38th Ml FED - International Film, TV-fTTm 
and Documentary Market 
October 16-19 

MODIT - Ready-made Fashion Wear for 
Women 
October 21-23 

INTERSAN - International Orthopaedics 
Exhibition - Medical Techniques - Surgi- 
cal Instruments A Equipment - Equip- 
ment for Hospitals - Physioelectromedical 
Appliances - Corsetry - Hygiene Articles 
for Infants 
October 21-24 

SELE-PEL - New Season Selection of 
Leather Goods 
October 28 - November 5 
8th MIPAN - International Exhibition of 
Machinery, Plant A Accessories for 
Making Bread A Confectionery 
October 29 - November 5 
EXPO COMMERCiO 78 - 13th Internatio- 
nal Exhibition of the Commerce Equip- 
ment 

E.S.E. - 8th European Drinks Exhibition 
8th SlPRAL - Food Products Exhibition 
October 31 - November 4 
ANTINOUINAMENTO 78 - 5th International 
Exhibition -Conference on Techniques, 
PJant A Installations tor Water A Air Puri- 
fication. Soil Decontamination A Refuse 
Disposal 


January 5-9 
34th MIPEL - Italian Leather Goods Mar- 
ket (International Salon) 

January 9-12 
ESMA-EUROTRJCOT - European Hosiery 
and Knitwear Exhibition 
January 19-24 
CHIB ICAR 79 - International Exhibition of 
Gift Articles, Fancy Goods, Bijouterie and 
Smokers' Requisites 
CART 79 - International Salon for Statio- 
nery Paper. Paper A Cardboard Products, 
Educational Supplies 
January 26 - February 1 
17th International Toy Show 


FEBRUARY 
February 8-12 


INTEL 79 - 5fh International Electrical 
Technology Exhibition 
February 16-20 
SPRING MACEF 79 - International Exhi- 
bition of Household Goods, Glass A Chi- 
naware. Silverware, Gift Articles A Quali- 
ty Goods for the Home 


MARCH 


March 1-7 

20th International Exhibition-Conference: 
Heating - Air-Conditioning - Refrigeration 
- Sanitary Installations - Bathroom Acces- 
sories - Ceramic Glazed Tiles 
March 4-7 

WINTER MIAS 79 - International Market 
for Sporting and Camping Equipment 
March 14-19 

SICOF 79 - 8th International Exhibition of 
Cine-Photo-Optics A Audiovisual Equip- 
ment 

March (date to be announced) 

MODIT - Ready-made Fashion Wear for 
Women 

March- Aprfl (date to be announced) 

15th COMIS/PEL - International Fur 
Dealers' Salon 



For further information write to: Flora d! 
Milano, Largo Domodossola 1, 20145 Mi- 
lano (Italy), Telex 37360 FieramD 


■ 

I 


Net income of J. Ray McDermott, 
the offshore oil and gas con- 
struction group, for the first 
quarter ended June 30 fell from 
$45 ,6m to $32.3m, on sales 
revenues up from 3298.9m to 
3719.3m. Fully diluted earnings 
declined from S1.41 a share to 
72 cents. The results for the 
latest quarter Include Babcock 
and Wilcox, acquired in March 
For the second quarter, tbe 
insurance holding company 
Lincoln National Corporation 
had operating net income of 
S39.95m compared with 339.61m, 
on revenues ahead from 3480.7m 
to $556 Jim. Earnings edged up- 


wards from S1.G6 a share to 
SI. 67. 

For the first half of the year, 
operating net income was 
S7 3.43m or S3 .08 a share against 
$64.34m or S2.70, on revenues up 
from S931.4m to SLOSbn. 

Tbe dental and optical equip- 
ment group Dentsply Inter- 
national had second quarter net 
income of $3.59m or 80 cents a 
share against 32.74m. or 81 cents 
last time. The results were the 
highest for any quarter in the 
company’s history. Sales reve- 
nues were up from S52B4m to 
356.63m 
Agencies. 


EUROBONDS 


DM issues rise further 


BY MARY CAMPBELL 


LARGELY under the impact of a 
strengthening D-Mark, bat also 
because of unproved perceptions 
of the German government's 
capacity to fond its deficit, and 
greater liquidity In the German 
banking system, the German 
bond prices improved markedly 
again yesterday. 

Accoring to one dealer the 
German government has 
succeeded in selling at least 
DM lbn worth of Schuldscheine 
(promissory notes) In the last 
few days, a proportion of which 
would have been refinanced by 
sales of paper by the banks to 
foreigners. 

Chase Manhattan's recent 
issue was quoted at around 972- 
98 J — up from 87f-9S at the close 
on Tuesday. 

One new issue has been 
launched via Deutsche Bank, 
a DM 30m 3} per cent con- 
vertible with a maturity of five 
years and seven months. It will 


be convertible from next Decem- 
ber at DM 2L66 per Y50 nominal 
share. This puts the conversion 
premium at 2.28 per cent over 
Monday's Tokyo price for the 
shares of YL970. 

The borrower is Fujitsu Fanuc, 
a numerical control equipment 
company with the majority 
owned by Fujitsu, and Siemens 
also bolding a stake. 

Due for announcement, also 
from Deutsche Bank, at the end 
of .this week is a DM 40m con- 
vertible for the Japanese com- 
pany Trio-Kenwood. 

The issue price of Nippon 
Steel’s 5} per cent DM 100m 
straight bond was last night 
expected to be set at 99. 

The dollar and sterling 
markets continued more or less 
unchanged yesterday. In the 
ease of the dollar the weakness 
of v the currency is being out- 
weighed by the continuing fall 
in . Eurodollar Interest rates. 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


STRAIGHTS 

Alcan Australia 3 toe 1S8S 

AMEV 8 pc 1887 

Australia S*pc IW2 - 

Australian M. & S. 9toc 
Barclays Bank 84 pc 1982... 

Bowater 9*pc 199! 

Can. N. Railway 8 1 pc IQBC 
Credit National S*pc 1988... 

Denmark 84 k 1884 

ECS Bpc 1993 

ECS 5! pc 1897 

BIB SJpc IBM 

KMT 9)K 1998 
Ericsson 84 pc 


1989 

Bpc 1986 Nov 

Ct. Lakes Paper S}pc 1981 

Hmneraley 9ipc 1992 

Hydro Quebec Bpc 1992 ... 

ICI Mpc 1987 

TSE Canada 94 pc 1998 ...... 

Macmillan Bloedel 9 pc 1992 
Massey Ferguson 9}pc *91 
MfebeUn 94 k 1988 . . 

Midland Int. Fin. Sipc '92 
National Co a] BcL 8PC 1987 
NalL Westminster 9pc 1988 
Natl. Wstmnstr. Bpc Hfl 'B' 
Newfoundland 9 pc 19S9 
Nordic Inv. BanJt 8 toe USB 
Norses Rom. BX 9}pc 1992 

Norptpe 8Jpc 1999 ... 

Norsk Hydro (ft pc 1992 

Oslo 9pc 1988 

Ports Automates Bpc 1991 

Prov. Quebec Ape 1995 

Prow. Sasfcatchwn. Sfpc ■88 
Reed rntetosTtonal 9pc 198/ 

RHM 9pc 1992 

Selection Trust Slue 1989... 
Shell IntL Fin. 8 toe 1990... 
Enatdlda One 199L- 

SKF 8pc 1997 

Sweden .UCdrani Stoc 1987 
Dulled Biscuits Bpc 1989 ... 
Volvo 8 pc 1887 March ..... 


■M 

Offer 


BM 

Offer 



DM BONDS 



m 

«8* 

Asian Dev. Bank 5*pc 1988 

93 

94' 

931 

M4 

BXDE 8 Spc 1988 

90 


934 

W* 

Canada 41 pc 19X3 

97* 

98* 

991 

1001 

Den Norake Ind. Bk.Snr'SO 

971 

981 

M 

9W 

Deutsche Bank 41 pc 1883 ... 

90* 

97* 

991 

99* 

ECS »pc 1990 

90* 

911 

90i 

08 

RIB 53 nc 1990 

0fl| 

91* 

m 

97 

EE Aquitaine 51 pc 1933 ... 

93 

94 

981 

90* 

Enrawra 5toc 1987 

90 

97 

991 

100 

Ptmand Hoc loss 

94* 


941 

934 

Foramarks 51 pc I9B0 ...... 

94 

95 

Mi 

97* 

Mexico 9 pc 1983 



991 

1M 

N orcein SJpc 1939 

98 

99 

97* 

08 

Norway 4|pc 1083 

901 

97* 

Ml 

10D 

Norway 4lpc 1993 

944 

95* 

BS1 

09 

PIC.Bsnken Mpc 1988 

93* 

941 

191 

1011 

Prov. Quebec flpc 1999 

95* 

904 

981 

97* 

RauarnukM SJpc 1989 

93 

94 

#61 

07 

Spain flpc 1988 ... 

94* 

93$ 

1B31 

1M 

Trondheim Mpc 1888 

94* 

954 

961 

■97* 

TVO Power Co. «pc I988._ 

95* 

96* 

BS4 

991 

Venezuela flpc 1988 

94 

93 

1084 

101* 

World Bank Sipc 1990 _ 

M4 

954 

964 

#7* 




937 

94* 

FLOATING RATE NOTES- 



1011 

102 

Bonk of Tokyo 1984 Sipc ... 

99 

08* 

1014 

102* 

BFCE 1984 8 toe 

981 

994 

1B01 

101 

n-m 1937 81 1/, PC 

99* 

1004 

m 

981 

BOB Worms 1985 One 

97* 

9SI 

931 

98* 

ITK. 1935 HI PC 

98* 

98T 

961 

07 

ChsSe Manhttn. *93 9 Sts pc 

98 

#04- 

9i* 

96 

CredltaiMiaH 1984 84 pc 

.98* 

991 

1M 

3901 

DO. Bank 1382 3w. 

99* 

99* 

981 

90 

GX6 1981 81»pc 

99* 

100* 

961 

07 

IntL Westminster 1984 8pc 

989 

99* 

#71 

084 

UotiJs 1993 8 iSwpc — ... 

99* 

ISO* 

92 

94 

LTCB 1983 SPC 

99S 

991 

S3* 

984 

JGdfc- tl Int FS *87 8#upc 

98* 

. 98* 

91 

92 

Midland 1m FS *93 97 ]S pc 

981 

m 

954 

06* 

Nat Westminstr. ’B 0 9$upc 

9SS 

99* 

981 

994 

OKB 1VS3 8jpc 

991 

1B04 

911 

92* 

SNCF 1985 Bins pc 

98* 

89* 

93 

933 

Stand, and CMnL *84 Sine 

981 

99* 


NOTES 

Australia 7»pc tss4 

Bell Canada 7lpc 1987 

&r Cniiratbla Hrd. rjoc *$5 
Can, Pac. S*pe 1934 
Dow Chemical Spc 1956 ... 

ECS 7*pc 1982 

ECS Sloe IMS 

EEC 7;pc 19R2 

EEC ripe 1SS4 

Enso Cutaett 9 toe 19«4 .... 

norarerken 71pc 1982 

Kotitsms Sue 1933 

Michel In 84 pc 1983 

Montreal Urban Sloe 1981 
New Brunswick Sac 1984 ... 
New Brans. Prav. Si pc ■83 
New Zealand Sloe Ufflc .. 
Nordic Inv. Bk. 7 5 pc 1984 

Norsk Hydra 71 pc 1682 

Norway 73 pc 1B82 

Ontario Hydro Bpc 1987 ... 

Singer 8Jpc 1982 

S. Of Scot. Elec. Sipc 1981 
Sweden i K'dorn , ?fpc 1992 
Swedish State Co. Tipc ‘82 

Tenant 91 pc 1984 

Tenneco 7}pe 1987 May ... 
Volkswagen 7 toe 1987 


931 

K* 

MO 

981 

971 

94* 

941 

931 

Mi 

90 

930 

960 

m 

991 

970 

990 
951 
94 
951 
93* 
981 

991 
99 
941 
950 
990 
910 
93* 



American ‘Express 41 pc -87 

81* 

83 

944 

AtfhlWd BPC 19SS . ^ 

105 

1K4 

».* 

Babcock & Wilcox 7pc "92 

119* 

1201 

rv. 

Beatrice Foods 4*pc 1992. 

99 

1004 

90 

Beatrice* Foods 41pc 1992._ 

111* 

113 

93 

Beech am B!pc 1992 

112 

1U 

9i* 

Borden Spc 1932 ,. .... 

97* 

99 

93 

Brdfldray Bale 41 k HOT... 

764 

ra 

!tti 

Carnation 4 pc 1987 

78* 

80 

95* 

Cftewon 5pc 188S 

UI* 

133 

94} 

Dart -Upc 1987 

814 

83 

!K 

Eastman godak 4*pc is«s 

87 

8S4 

971 

Economic Labs. 4 Ipc 1987 

77 

78* 

»* 

Firtftone 5nc 1988 

37 

MM 

IDO* 

Ford 5 pc 1988 

8 a 

87 

98 

General Electric 4*pc 1987 

• 83* 

OT 

109 

GiDetre 4tpe 1937 

77 

■•34 

98* 

GonW 5pc 1987 . — 

1254 

127 

94] 

Gulf and Western 3 k 1988 

89 

904 


Hurls 5 pc 1992 ... 

UK 

US 

91* 

Honeywell Bpc Bffi 

88 

394 

94* 

ICI -MPC 1992 

83* 

94* 

100 

IXA 0DC 1997 

984 

ISO 

9*1 

Inchest* SiPC 1992 

loa 

1394 

95* 

ITT 4|pc WOT .......... 

m 

80 

96 

Juscu Ape 1992 ■ . 

121 

123 

100* 

Komatsu 71 vs 1990 

140 

141 


920 J. Say McDermott 41 pc *97 141 


The Milan Fair Organization declines responsibility for any changes in the dates 
announced as above by the respective Committees of these Exhibitions and Trade Shows 



STERLING BONDS 

A Died Br*wencs lOipc Vfr 
Citicorp I Opr 1993 ... ... 

Conrtaulds Sipc 1999 - 

ECS 9JPC 1969 

BIB 9!pc 1988 

ETB Sipc 1692 

Finance for Ind. 3 Spc 1987 
Finance lor Ind. lOpe 1989 

Fittlts Wipe 1997 

easterner npe 1988 

ISA lOpe 1988 

Rowacree lDtoc 1998 

sears i«po 1883 .... 


900 

*1* 

900 

943 

991 

Mi 

K4 

940 

980 

m 

w* 

u 

930 


9H 

ManpaMia 6 toe 1990 

199 


Mitsui 7*pe 1MB 

138 


J, p. Morgan 4!pc 1887 . . 

101 

on 

Nabisco 5* pc loss 

102 

94: 

OwMU niinolR 4*pc 1987 ... 

1244- 

915 

j. c. Penney 44K 1987 ... 

764 

BM 

Rirrion 4Jpe 1887 ... .... 

139 

904 

Reynolds Morals 5 k 1988— 

SC 

Mi 

Ssndvlk Sipc 1938 ... — 

120 

M* 

Sperry Rand 4} pc 1987 — 

a»9 

9» 

Squibb 41 Pc 19OT .... — 

83 

m 

Texaco 4}pc 1988 

l» 

w* 

Toshiba Mpc 1992 

12i> 

94* 

Ty CO. 5 k 19R4 

'<>» 

92 

Ty Co. S*pe 19SS 

102 


143 

1940 

138 

1920 

1030 

128 

78 

1400 

970 

122 


944 


840 
79 
137 
770 
103 
Secarlttea. 






By Our Own Correspondent . 

NEW YORK, August 9. 

A FLORIDA circuit court 
judge has refused the State. 
Comptrolerr’is request for' an 
Injunction to stop Texas Inter- 
national Airlines from buying 
any shares In National Airlines. 

Tbe judge decided he - did 
not have jurisdiction In the 
matter but has allowed the 
comptroller 10 days to present 
contrary arguments. -®e 

request for the injunction was 
made at the bidding of National 
Airlines, which is based in 
Miami, Florida. 

Meanwhile. Texas Inter-: 
national said yesterday it will 
not add to the 3JS per cent 
stake It already holds In 
National before a meeting of 
the Ctrl! Aeronatnlcs Board on 


August 17. This meeti ng^ wi ll 


discuss issues raised by 
application to seek control of 
NatiouaL 


Heinz bid 


EL J. Heinz has executed a 
definitive agreement' for the 
previously announced. 371m 
acquisition of Weight Watchers 
International, AP-DJ reports 
from Pittsburgh. The agree- 
ment has been approved by 
the directors of both com- 
panies bnt Is subject to 
approval by shareholders of 
Weight Watchers at a special 
meeting next month. 


Kodak anti-trust case 


The ILS. District Court in 
Manhattan has rejected a move 
by Eastman Kodak for a retrial 
of the recent anti-trnst shit 
which resulted in an award of 
$8L4m in damages to Berkey 
Photo, Reuter reports from 
New York. The decision dears 
tiie way for Kodak to appeal 
the verdict in the U.S. Court 
of Appeals in Manhattan. The 
damage award stems from 
Berkey’s claim that Kodak had 
monopolised parts of the 
amateur photo market since 
1969. 



BY OUR OWN CORRESPONDENT 


ATHENS, August 9. 


GREEK SHIPOWNERS have 
begun to move business nut of 
the London insurance commu- 
nity following a recent decision 
by LloytiV and the 
companies to Impose additional 
premiums on cargoes carried m 
Greek ships over 15 years of age. 

Mr. Anthony Chan dr is, presi- 
dent of the Greek Shipowners 
Union, said in Athens earlier 
this week that be himself was 
now insuring 70 per cent of Jus 
fleet outside the London market. 


He added that other Greek ship- 


owners are now expected to 
low his example and use other 
insurance-markets. - 

The Greeks are angry at the 
i decision made by representatives 
from both Lloyd's and the Insur- 
ance. companies that additional 
premiums should be imposed on 
freight Insurance of Greek ships 
over 25 years of age with' effect 
from July 1. In some cases this 
coaid be as much as a 50 per 
cent Increase, although 'Lloyd’s 
has said that tbe rates suggested 
were only of an advisory nature. 
It was .up to underwriters to 
determine any eventual rate 
charged. 

However, Mr. Chandris feels 
that the additional insurance 
premium on Greek ships over 15 


years old was unfair -ana 
diminished tbe Greek shin, 
owners' ability t* compete -to 
world freight markets. He could 
not believe that a - lfiareawjto 
British ship sold to a Greek 
became a Digger risk for tbs 
cargo underwriters., :requfew 
additioxud premiums, the faS 
after the sale: to a Greek 
• The view of Lloyd's is that 
tbe Greeks have overreacted, 
writes John Moore in London, 
The new rates, it argues, wfll 
only be charged to tbashippenr 
of cargo, not. the shipowners 
themselves. And underwriters do 
have. discretion over what rates 
are charged. But because doc 
claims experience bn Greek 
marine insurance over the last 
six months has been " horrify, 
ins,’’ there is a general move to 
enforce the suggested rate 
revisions. *: 

- Although the Greeks represent 
roughly 7 per cent ofLthe world 
merchant fleet. ' they have, 
accounted for around 30 per 
cent of tbe total losses in the 
Lloyd's marine market Lloyd's 
argues that the problem has 
been largely compounded by the' 
use of second rate equipment," 
hence the need far rate 
increases. 



BY YOKO SHI BATA 


TOKYO, August 9. 


JAPANESE corporations are 
taking! .steps to repay foreign 
bonds Issued in the high interest 
days. . . 

Between now and October sis 
Japanese companies, Nippon 
Steel (50m 91 per cent due 
1980) OSK Mitsui Shipping 
<$2Sm flj per cent due 1980). 
Marubeni Corporation, Mitsu- 
bishi Petrochemical Co.. Kawa- 
saki Heavy Industry and Mitsui 
Toatsu Chemical Industry (all 
Swiss, francs), are planning to 
exercise, call rights for bonds 
issued in 1975. 

Large exchange gains are 
stemming from prepayment of 
the dollar issues. As for Swiss 
frank- and D-mark issues, 
Japanese corporations are plan- 
ning to refinance them at lower 
interest' rates. 

Nippon Steel is to redeem 


350m worth of .five-year corporate 
debentures issued - when the 
dollar exchange rate was Y302. 
Assuming as exchange rate at 
Y200, Nippon Steel would make 
more than Y5bn of profit from 
exchange gains. 

An official of the "Ministry of 
Finance comments that 
“ Japanese companies cannot 
expect much, profit on their 
ordinary business performances, 
Therefore, they resort to prepay- 
ing their borrowing in order to 
make exchange gains. If I were 
a financier of a Japanese com- 
pany, I would surely exercise 
prepayment at this particular 
time. 1 ’ However, refine ndngtof 
dollar issues) through Swiss 
franc or Deutsche marie tomes is 
" nothing but speculation tor 
exchange gains and rather 
undesirable.” -j 


These notes have ail beeirsold^and this announcement appears as a matter of record only. 

JOth August 1978 . 


Charterhouse Japhet 
International Finance B.V. 


(incorpanstecf with [imrWd fiabflitytn iha Natharimds) 


U.£ $10,600,000 

Guaranteed Floating Rate Notes 1985 


Guaranteed on a subordinated basis as to payment of ptintipaland interest by 



Charterhouse Japhet Limited 


(Incorporated urtthGmitadfiabiStyinEngtend) 


European Banking Company Limited 

Baiique Populaire Suisse SA Luxembourg 
Banque Worms 

Chemical Bank International limited 
Rothschild Bank AG 

J.Vontobel&Co. 


Bank Leumi (UJO Ltd. Banque Continentale du Luxembourg SA Bayerische Vereinsbank 

_ Grieveson, Grant and Go. 


Bayerische Vereinsbank International 

Sodet£ Anonym 

SchrOder, Munchmeyer, Hengst & Co. > 


Nordic Bank, 
SoridtS BancaireBardays (Suisse) SA 


Sod£t£ Centrale de Banque 


Tokal Kyowa Morgan Grenfell 

llmH»a 


United States Copper Mine 

send 

Integrated Metallurgical Plant 

FOR SALE 


Heck M in i ng Company’s tindividetl one-half interest in tLe Lakeshore 
and Met^Itixgcal Plant located on the Papago Indian Reservation. 3 ft mil^ 

fix flaaa Gr ande, ATirnma. 


Sealed bids most be snfcmitted pribt to September 16 , 1978 . 

. Qualified parties may obtain detailed infbrmation regarding tins facility and 
xtB production, history hy writing nr py fllrng i J 


W.H.I1CVB 


or 


Phone: (208) 752-1251 


WlT.T.TawrAl CglEBTEg 

HeekMmiPg C ompany . 

P.O.Bo£ 82 P 
Wa 21 aee,ldaIio 83873 

Tbmk: 326 £ 76 Heck Co Vale 


'-Theve-axe no preesta HisTt ed terms of 'any offer* Inzt tie Company reserves 
light to refuse any and all bids for any reason. AJDL proposals Trill be kept in the. 
strictest confidence. * - 


Principals oidy 






ATIONAL COMPANY NEWS 

Mat 


Currency, Money and (iold Markets 


BY RANPS GHIL&& 


Sterling and 
D-mark strong 


THE POUND SPOT 1 FORWARD AGAINST £ 


tomwitw' ' ! i - ‘ Sterling- was sharply firmer in Using Morgan Guaranty figures 

- aalang $200m fag according to the delivery of Portugal, which Is being yesterday’s foreign exchange at noon in New York, the dollar's U* 


prosecutor s 

to probe weak lending margins 

Swiss banfe >■”"*&'*** 

■ -VEN^lfflLA^ saiang $2fl0m fag according to the delivery of Portugal, which is being 

By John Wicks for 10 y&%rs waic a four year date of the equipment being sup- aranged by seven banks,: will 

• •“ ^pe.pexiod dh. a spat spread plied. .dose later today: managers- say 

- . SUUCH. August S-; ol I pei r cent , for the first three The costs of the Ititipu project the market response has been 

THE Public Prosecutor’s Office years JMMjj. jo; t Per cent The are expected to be revised up- good despite the political- tm- 
of the- airich district is- invest!- to arrange this wards at the end df-this year to certainly at present ruling in 

gating the financial difficulties Of -Jfy ■ Lioyds Ban ^ a figure of SS.fibn, not'including Lisbon. . This loan carries. ; a 

An^cb^-Zuerich AG, , 'The i oaB for this SSkStS ^ ^ *** 2*™*"* !■** tte rate up to DM *lim tiSFfik i MQ pro- 

bank, .wWid&t /remains- open for. l»R(wr : ^gned in February Marv Camnbelt adds* Tester- SSrioifc^* ^ ^ ???* S Ht 30 i J54 ° before easing back vlously and there was no Bundes- 

SwFr 25ns {$14.8fflj guarantee fori- 13) JWl. Tbe new loan banking sources were that final external funded debt- (debt its best d os ine ^vel since Febra- some official intervention earlier 


0.3. y 
C-Uadiaa $ 
Guilder 
Briswn Pr. 
Danish Kr. 
U-Uan 


4ie 4-15-4.211* . 4.1B+4.19A 52 c-pm 

6 8fl.30-61.00 80.85-80.9S 25-16 c. pm 

B UT.BS4-10.55i 10.81-10.82 5*1 ore pm 

5 SJ2-S.M 5.884-8.871 3fl-2| of pm 

18 87X5-88.80 87.53J7.80 4u-1W«. din 




SP-fe 

J. Ell DU unHIUlll 

6.64 

1.86-1.86e.|im 

S.Sfl 

4X8 

1.90- 1.75 e.|MBj 

8.44 

7.16 

6-5 e.j'tn 

6.25 

8.94 3 

53-46 >--{411 

SJ8 1 

?-2B l 

| ucepro-i dl* 

— 8.10 ' 

8.70 ll 

pt pm | 

0.68 


148.45*147.25 148.85-147.' 5 5tk- L <ni 30f.d 


4+IBd is. <1 |k —15.831140-488 «*. rln 


11«a 1.815-1.629 1.524i.l,S25l 1 lirepm-1 din f er ! 4 7 nrv ilia 
7 10.12 18.19* iaib4.lO.lB4 6*Bnru|*n 4.72 |7 6 pm 


0.62 '60ei>m SOc^iu 0.40 
per |4 7 Ml: ill* I — 1.55 


Lloyds 


, . uuo niuiu si LUC euu UI.-UAxa UU C«U ttoiv TU11U6 »«,, 1 , . _ - wwaa 

Bank a figure of JS.fibn, not 'including Lisbon This loan carries * however, heavy de- fixed again at a record low against ! ■ 

r «. EsiS 3 * 3 Ei ESrr -r r 

■uarv lUTsirv A.ah.11 . iiui* ' - - & - *Hr“* ba . ck “fi there was np Bundes- : ! ! 


PS 8.424-8-81/ 8.46 {-8.47A 6*-2* p. |-» 

Blfl 8.56-4.64 8.601-8,611 34-1* nrr |.m 

B»* 560-566 itb-ttB 8.50-5.30 ypn 

4i* 27.B5-27.BS 27.75-27.80 22 12^ pm 

1 5X54-5X8*. 5X84-5X8* 4-5c.pn> 


54-2* e. T-m 4,25 jBi, Blj c. p*n 
3*-l* mr pm S.4B j8i-4j ore pin 
4-5O-5.30 ypni 15.46 l8.95J.55 rpm 
22-1! gm pm 7.34 U5-35Rn>P<n 
4-5 c.pm 12.78 10-9 c.pm 


convertible Bancs. 


Vno'A!' mum *r»«o v»er luesnays ciose ana nvwever mere appearea to Tie me 

2WJ I^L “fjf Ioan banking sources were that final external funded debt- (d^t Its best dosing level since Febru- some official intervention earlier 

from former' shareholders, has oa ^ 1 ^ ««ms than ex- confirmation of the terms could aranged for a maturity oMaw* aiy 20. on when the US. currency fell to . ■■ 

been suspended from oDeratfav °ut osfae other hand not be expected for another than a year) of the Republic of Against other major currencies. DM L9B90. =L 

as a stockbroker bank on the It-.te tikely to go Portugal amounted to- fLZba* the_ pound showed an improve- -The Swiss franc improved gSSff* 

- 0 • 011 ™ h^f^e amou^ expected. . into the syndicanon stage in calculated at the then preva3Bn| ment and the Bank of England's slightly to 1 DM 2.1775- from bScft 

Z - ; TSte tenuf finaliy. Agreed for the -autumn. exchange rate of Escudos ■ •• DM L1756 in tenns of tim D-mark Danish Kr 

Last week, tne bank’s .board, this lowt Are likely to put paid If confirmed v at the levels for one dollar. Of this SELfhn l__ us c*ms - . - " . while the -latter was firmer against 

delegate and sole manager, Kurt £o"bdpes tbatmargins ore on the indicated by the Brazilians, the total of funded debt. SSO&nv was - 96 — — the Dutch guilder. The rate .fell ££5-“ 

‘GratwohL wu iiured '£rom'tfie • ,/' teims woitid maA a further direct debt of the Kepnbllc and A _ to DM 9m per 1M guDders. N nwrn.Kr 

trafllnp florid a* ritApfc - -Diaaa- -S m ftt fe - W ei t es from Rio major improvement for Brazil, the remainder ‘ was ‘debt V CANADIAN - slfehUy below ; 1 ts lower interven- f^n<*Fr 

the-stock de‘ Janefao: The -tenns of the The re^entiy-eompleted $175m guaranteed by the Republic* 94-H nSflAW - ^uro^an s^g, 

exchange. - . V:^;, . U ..... .. .proposed, "medfam . term loan medium ter^/credit for ltaipu, Severeiot^r loans bivebeen ' UULLAK r h 3 ^ e -”„^ w ^^US, ^ sa 

a from; .Gennaii banks to the which was guaranteed by the raised since then, most notably ~ - dm mSs* The SS? fnSi ^ F - r 0 

Brazrlian/gOTaguayan. company Government of Bran], paid mar- S20m from the IMF, $750m under ^ | Sded rtSw, iff ^flSS^P^d ’ D ' 

raf® .Itj^Btaao^bare now. been gins of 2 per cent for 12 years the aegis of the OECD. $15to 92 1 a ~ ^ Led lt DM as44 per Too 

£LJP w ^JSLSff' -hg^ed, ; Brae^an, reports and 1J for 10 years, with six from West German banks and 1 4L . francs. In later trading the dollar 

-JSS pi ? re A . pdioete.- ■ Aocosd^c 1 '-. to the years* grace. The most recent $300m. the loan currently intbe S JT\ made .a slight recovery "to 

43.5m .in 1576, An interim reports,- 1 ihe $2^m Joan wilt be big BrazUlan ‘state guaranteed market 90 I \ _ DM 1*9765. • 


THE DOLLAR SPOT 


43.5m. -in 


auditor’s -report drawn -up last fa -two equai^ tranches. One credit to; be announced is $130m .. Debt service figures provided 
month shewed provision retjuire- $125m tranche '^wDl offer a offering ij per cent for 10 years to lending banks In cormeca&pn 
ments of SwFr_15Bm. as well as margiii over fa*o>bank rates of and 1} per cent; for 12 years: with the loan show that interest 


Ver "J aJ i Ua ^° 1 ° ' j certain if per rcent fior a -12 year final Rafinor, the Norwegian state and amortisation on the $8p8£> 
assets and low uquidity. maturity, and ibd other tranche controlled refinery, company, .is portion of the debt outstanding 

The- Banking. Commission has- will offer a margin of 1 per cent refinancing in' part, two - loans at the end of 1977 will be 

allowed- -the -bank .to- continue for a 'IQ year final maturity, raised in 1972. andA975. It has between $31m and $33m this 

operation* fottbwing- a guarantee There wotsfal be sx-ffear grace signed , an $85m 10 year credit year and during each o£ the 

made by- two former .shard: periods kj/fcoSi/cases. with a group of banks of which next four years. ■- j. . nairiiiatim. nr »- +— x. u ,. iBhtll A w»« — eeneraiiv "weaker « 

holders^. Dr. . Paul Sacher, In . addition.-to the 8250m Hambros is the agent The bor- These figures do not: tops Sd« r °Se to^a£? fro^ B2^ ^g^tX dollar T^diiiS 

_shmBholder . trf 'lhe medfam-te m loah ,^ 5130m sup- rower is paying s spread of f per include interest and amortisa- having stood at 62.3 at noon and nervous and the U.S. curr 


llllllllkl 

IIIIIHIIIil 


HHKiii 

111111111111111 


wiuig uic jaikui WOO SUIUC1 nfidiiui 

the Dutch guilder. The rate .fell fSJ*™ 
to DM 9L91 per 100 gtiDderS. Nn«n.Kr 
slightly below its lower interven- French Fr 
tion poiDt within the European Swedish Kr 
“ snake.” However, at the fixing TP*.., . . 


“ snake.” However, at the fixing TS^u <j_k mmi 

the guilder recovered to um 

DM 92.095. The Belgian franc . DA Js£ 

traded above its floor level and .... 

was fixed at DM A344 per 100 

francs. In later trading the dollar . 

made .a slight recovery "to t#u«ntr 

DM 1-9765. 

Against 22 other currencies, the fewest 8 

Budesbank trade-weighted mark ’ 

revaluation index jumped to 147B steriinc 

from 147.2- previously and showed u-*- foliar 


a ** ojnowLSBM asan-ossu 

r 2J4134J51Z 1 144°-? 1440 

a Fr 3UB-XL380 XU35-3U55 

I Kr 5X38»&«55 5438&544K 

< 1.S738-3.WOO XS750-1.S7U 

^ — T5J&S-75.&5 

833JM3M8 833XU3U0 

. Kr SIMM MW 52U5gX14S 

i Fr 4JS5&4JS1S 435504JS80 

h Kr 4.41604 4240 4 j414Mj«2U 

lBuomm ussb-ub.w 

i Sch — MJ27-MJ32 

•r XS7S5aJ«M 1X7S7AX772 

- DJL ceau per Canadian *- 


Six-month forward dollar 3 .25-3, 15c pm, 
12-Tnomh 5.45-5^ 5c pm. 


FORWARD AGAINST S 


One mBPtt pj. Three nmate p j. 
QJB-antc dl* -0.97 U6U2cdl9 —OXX 
ajMJOcpm 1.M 0.95-0. 85c pm 1.59 
BJK-OXOc db -IM 0.07-0. 12c db - -HUS 

B_KU0.76pf pa OAJ 2.49-2j*W pm UI 
im-XSOllrafi, —4X1 18.75- UXUlrvdis— 4X4 
03fr4.ee db -133 135-Lecdb -Ufl 
ZJfrUSr pm 739 33S-338» pa 849 
LSfrUBepiR 7.a 332-3 37c pm UB 


CURRENCY RATES [CURRENCY MOVEMENTS 


assets and low. liquidity. maturity, andthO other tranche controlled refinery, company. . is portion of the debt outstanfing »... . Pf r cent, appreciation from £ES?£ n 

The- Banking Commission has will offer a margin of 1 percent refinancing in part two loans at the end of 1977 will • be ““ . e " ( * . , _ Belgian franc ytjnti 

allowed -the -bank to. continue for a 10 year final maturity, raised m 1972. &nd r 1975. . It has between 531m and S33m this 86 L1 l ! M N .. U J-1-i-U Hmo in S-SS 

operations foUovmig-a guaxantee There wotdd be^year grace signed . an $85m 10 year credit year and during each o£. the 197 7 1978 R e SSAStS cwiaS 

made by two former .share: periods fa.hcfftcases. with a group or banks; of which next four years. ■- 'j. . calculaHnn nr itc w# was eenerallv weaker ex cent Frcoci franc 5X3729 

JSSS-- packer, fa^<Btipn- ; -to the L 8250m Hambros is the agent The^or- These .figures do not: tops Si« \o e£? ^^t E X d?Uar ^dm?wL ® ^ 

majority shareholder , ot -the medhun-ten n loan ,,a 5130m sup- rower is paying s spread of i per include interest and amorftep- having stood at 62 3 at noon and nervous and the U.S. currency Norwegian ' m _ U5492 

Hoffmajm-La Roche concexn^^antT pbers* credrti^in tiie process of cent for the first two years rising tion on the debt guaranteed by B2X in the morning. eased to FFr 4X537^ from P»«a 9U5« 

Dr. Adolf Jann, former. Roche being finalised via Deutsche to I per- '.cent -with two years' the Republic which was outstand- Tbe D-mark’s performance could 4-3620 on Tuesday. The West 

chairman; Sacher and Jinn said Bank. Thrstcredit would carry grace- r . : - ing in December, 1977, nor -do almost be called a catching up Germ 411 mark was quoted at 

their shareholdings in the bank a rate *.Of^4'ffter.^»nt over 20 The syndication' of tiie 5300m they take into account all the process. Recently the Swiss franc SET compared with : 

to Gratwohl earlier this yedr. years, with grace periods vary- seven yearloim for the Republic loans raised recently. and the yen have improved FPr 1 . 2 - 1Q12 i previously _ while 

- The commission has stated that ' • • ' "• : strongly against the dollar but the Wr sms W OTHER MARKETS 

write-downs wU1 i. aec«s W _ ^ Z . ' _ ' . ~ ' t,.; SS'.Sl brimia. Hswyrer. fe fte 


to Gratwohl earlier this yedr. 

-The commission has stated that 
write-downs will .be necessary 
on certain loans. - 


Special Earmin 
Drawl na UbJi of 
Rights Account 

3657398 0X66922 

13707S 138839 

144802 L46897 

1X2384 0X076 

393761 40-4298 

6.94783 7.04849 

252152 256551 I 

2.7646 2-78531 

553729 5X2236 

1063X5 1078.65 

238.011 24ZS0S 
6X5492 6*76084 

962593 97.7274 

5.62497 5X9675 

25566 229072 


Bank el Horen 
Austin 9 Ensland Guaranty 

Index changes % 

Sterling 82 jM — «.* 

U.S. dollar S3.78 - 9.9 

Canadian dollar i?« —145 

Austrian schUUns ... 141X9 +U1 

Bold an Iranc 1U.4S +12.7 

Danish krone 11456 + OX 

Deuischc Mark 14227 +373 

Swiss franc 195X9 +873 

Guilder 120J4 +17X 

French franc 99X3 — ax . - 

Lira 55.77 -473 

Yen 155.72 +5L2 

Based on trade weighted chances Inna 
Washinsloa aKreement Derembcr. ton 
(Bank of England Xndex=l00). 


years, with gia re periods vary- seven year loan for the Republic loans raised recently. 


»“»“8U ■SUUH LUC UUUW UUL LUC ailMTl (mm m<. Q4QS- OTHER MARKETS 

wiss sSto^tSSfe the 

dow t il a t tnc Bonn smnnut zs no j _it,_ .■ * pfan^iav £ 8 

mariThu bren U m^fv lort a ^ ainst ^ Japanese yen and Aug ~ 9 •_ I 

timeancf vSerd^Suched^S dosed at Y1S7.60 conqiared wfa 1,584-1,688 8ia.72ei 4.78 Austria. 

Y187575 on Tuesday. The UB. AMbMfe Dollar—. 1.6775-1.6845 O.B607-O.&O42 delRinm 

25? nSs” ‘eauwt the doDar of currency dipped to Y186.40 at one i lUakka— 7.9750-7.9900 4.10004.108O Denmark 

DML9690 • before closing, at nnint although it is Ukelv that the Biwii Cnueita— 8j6.iD-i6.iO ib.ii- 18.62 France. 

SS-TbSilUS fcom S8K^1SZ== 

^iboot inaaa™ aa*fiaSX?^w® SURssiss J8US. .KESI.SB= 

and a continuing huge trade during the morning and the Swiss Uisrahonin fmx 60.85 60.95 5i.8A-3i.26 .\>nw»y 

deficit helped to depress the dollar franc rose sharply against the M-.ai.vwa Dollar— . 4.47404.8650 z.aooj.axoau natural 

a J *L a n M.. u _ __ . ■ * 9 t__J 7 PXkn 1 hdPA n QOXri ri OA7|9 


Demag profits 
satisfactory 

:By Jonathan Carr • 

- : ^pNN, August 9. 
DEMAG, -the;!. West German 
mechanical engineering, -concern 


Staiibic R 12 m rights issue to 
cut Standard Chartered stake 


■. ' : 

BY RIOi^-fCOLFE 


JOHANNEBURG, August 9^.' 


£ 

Note Him 

27.30 28.30 . 

62t s -63VB 
10.50-10 65 
. 8.378.47 J 
5.BO-3.90 1 
1595-1685 l 
362-372 7 
4.13-4.23 1 

io. m 10.20 - 

82-89 

14A-1471| ' 
3.23 5.35 - ' 


“ 7^,.™“ ..i . deficit helped to depress the dollar franc rose shaii>ly against the Mawyrfa Dollar. — 4.47404.8650 z.aooja^oadttNrtujiai ea-89 : 

STAITOARDr^UJK Investment- reduce their foreign sharehold- added that market conditions ■“*. slumped to SwFr LB86D dollar before there appeared to x ’aBa am" 0 °‘ S 3 t ia' ? i 

Corporation^ Votudue) has an- i Q gs to 50 per -cent by 1985. would dictate the timing of ifey 50 , C * X1 1x11 bank toterventiim. sta^pon. Doib£?..' 4.3626-4^3750 2.2020 aiaosiJuniiMStatk-.— 1.9275-1.9375 

nnrtnoiM -niiri^in'rai<y» Rl25m Stanbic recently achieved a for- future rights issue. As the shares with a record level of SwFr 1.6680 T h e doHar ^as quoted at SwFt Snath African iteMt iL.6805-i-697a 0.8622 o.B7iilYnEmi*ria. — 37 37.40 

SEES ther smaU • reduction by the were 365 cents at the time, Tuesday’s close of L6750 above ns record low of — 

(514.4m) by wy.of a SIX for-100 nrn „i c itfrtn n r 7tnp Rank 9 «iih. nrncAnt 'amnn-mi-Tif, 'i.T<v*vlv SwFr 1.6925. SwFr 1.6682$. Rate alum Armnnin la rne run. 


present arrangements cli 
flow from -the subsequent 


a. nrsi nan or; strong saies growm. ngots .issue •^oramary snares sidiary of DDT; Tiut righU issues flow from -the subsequent 
especially abroad Lastyears net at 370 cents perisbare,' compared have been the conventional way 'provement in the share price 

with toflav’a clos&g price of 415 of achieving -- major reductions and m the economy fa geitekri. EXCHANGE' 

trtaWrKMba ■ ?T91 »« «o »“ ■““«!« r—^ 

lOtjMiing LUU J^on.- _ h needa. - business has also arisen with toe aur. 9 

First half sales increased by 6 cents, ^? visa £ standard’s • stake in Stanbic decision of Guardian ‘-R«j>al TT~_, ~ , " — 

.per cent to DM lltan. Domestic issne iff. 3.4miSares on top of will fall to 59.5 per cent on com- Exchange to_se.ll its stake. Jn 

turnover rose by 9 per cent and tfie present issj^eapltal of 56.3m pietion of the latest rights issue. Guardian Assurance, its Sooth 

-foreign sales shot up by- 17 per and~provide 'f oi$S3fciklard Bank with its entitlement being taken African subsidiary, to a local •*•«•«»» Mm* 
ceqt, thanks fa particular to the 0 f the- -UK to jiffga its entitle- np by- local institutions. consortimn in which Stanbic. has p»"— ■ 7enixro 

carrying through of several- par- ment to *2;im 3&Sa or 63 per In the chairman’s statement acquired a 25 per cent interest rmich mw 10 
ticularly large, .individual eon* cent, reflecting^ present stake for the year ended March 31. This deal. commits Stanbic to an S "“ F ™« 
tracts. in Stanbic.. dated as recently as June 16, outlay of R7m for shares inifcie UlBblcr 

Order intake shows the position In term? of im South African Stanbic told shareholders that no company . now controlling uaiaui u™ uxn 
reversed. Here domestic orders banking Jegisl alj^Ae foreign- capital-raising exercise was con- Guardian Assurance, plus a 
were up By H per cent to' ctmtirelled bank£>Sninbic and templated .in the current further undisclosed sum for 
DM 431m while-: foreign orders Barclay* . "^ghLv have to financial period, although it medftunt^zm r finance-- 

DM 719m. . ...... ...I- ,X -- : ■■ - ' • “ • - • ■ ...;r. 

‘IGam SS1K Properties Hong Kong 

economic recovery la key Eum- . * . r Kov»lr fni* 

pean countri^-Jimeans that to _ byamSHONY BOWIeKJ; 1 . . HONG KONG. August 9. DdjttK. IOX ... 
the first. half foreign orders made - . .*-.-5v. ci»' ■ 

up 62 per cent^pf total orders SUN HSNG Kai .Propertie^ Ppa -. Proceeds of tiie issue, which olDSSDOrfi 


CROSS-RATES 


U^. Ddfcr |l>ein» ?bB M* r tj J a pa n ea c Xen ] Kreoi-b Franc I »wi. tfimoc I Dutcfi Uuiiiiti| Imii&q Uta I Uuuiln Doiiar I Itoii'Ma Fnin 




i 

10. 

3 

m 

\ 

2.576 


£ 





BY AMSHONY ROWlfii, J, 


Properties 

. . HONG KONG. August 9. 
Proceeds of the issue, which 


Hong Kong 
bank for 
Singapore 


Feuro-currency interest rates’ 1 



against 65 per cent in the same of ihe^ding developer* here, wiH be underwritten by Wardley. Or. 

period of 1977. - Orders in hand ha* announced trading jffofits np toe merchant banking arm of the ajj APPLICATION has been 
have risenby 2peT cent sirtcetife by.*89‘ -per. 'rent before “extra- Hongkong and Shanghai Banking -made by Sun Hung Kai Securi- 
Start Of this year. tb DM 3bn. -■ ordinary .-items to HK$141.7m group, will be used to finance ties to establish a merchant bank nominal rates were noted for London dollar certificates ot deposit. One month 7JO-S.OO per cent: three months 8.10-8.20 per cent: six months B.45-8.B3 

. 'jp#M 5 wT i »n . f0r S . e * r V ° ^ ^ invest fa Singapore., reports Reuter ^ U^term Eurodollar 'deposits: two rears M-9i per cent; three rears U-S| per cent; fonr rears S5».0^u per cent; five rears 0HH per cent nominal drain* 

orders is duo not least to an June 30* raenx. _ from Hong Kong. rate*. 

increased demand for construe- ■’ .-At the Game time, the company According to Mr. T. S. Kwok, Negotiations with the monetary Short-term ra»« am can for sterling. U.S. dollars and Canadian dollars; two .dam* notice for gnUrfers and Swiss francs. Asian rates are dosing rate* in Singapore, 

tion^ ^machinery reflecting ■•■the announced plans for rriring the Sun Hung Kai Properties Authorjtv of Singapore have 

relative boom to the building HKSL4&& by way of a one-forfive chairman, the value of additions been going on for several months 

sector in general, .*nd..^ tbe. woric- rights issue. „ , , to the company’s land bank - «t a if 

tog through trf- governrirent The ■ imni»> will Involve ‘tost aeauired durtoe the last financial * rinaoaai sun writes, 

measures to promote, road ^con- 


struction in particular. 


rutou isme. m me a uuu utuxn _ . rj___ •«*-» 

t .The ■ issue will Involve tost acquired during the last financial S ***“. 

i- undcT :25m new shares. , to he year exceeds cost by over ™» f ? r J*unf ^ ■ Secun- 


INTERNATIONAL MONEY MARKET 


GOLD 


I offered at HKS6 each* 


VONTOKL EUROBOND INDICES 


PRICE INDEX 24L78 
DM Eondi • 1M31 
HFL Bomk.3 Net** 101-42 
U-5. S Sura. Bond* V8.9I 
C*n -Dollar. Bondi »W.3» 


LIJI AVERAGE YIELD 2.8.78 
10+.31 *. DM fcwdi 6.735 

101. V0- -HFL Bond. 3 Non* 8.073 
.99.06 UX. S Sara. Bonds 8.936 
T 00.37 . On-CMbr Bondi 9.211 


HKSHOOm. The group is now in ‘“‘e^^naiise ns 

the course of developing more 

than 50 sites In Hong Kong on Fl "n 

which around 13ra square feet of fShSi 
floor area can be constructed. were *nuonnced this 

Part of the rights proceeds will su ?SSmW T .« 


Belgian bank rate unchanged Further 


The Belgian bank rate was left showed a slightly easier tendency market 


mostly 


r 04 l U1 tUC ilguu ^LVLCCUd niil A TT HO mm Ell 9M Mali J l *^6 4a “ WWXIV IWC »»*w a SUgUUJ PC1IUUM.J “*OiACl Idltp **«C LUlfJUJ yt B fl /\ 

go 10 finanang construction of . fpLilS® m und»nged at 6 per cent after with 13-week Mils at 6.71 ^>er cent unchanged with caU money at ■ ■ 

the Sun Hung Kai Centre, which L a yesterday's meeting of the frorn 6*75 per cent and 26-week «-5 per cent, tbe same as Monday 

has been started and will cost mow wv at National Bank’s r uling council. b,Ds at 713 7 * r cent from 7J6 ??f~ m0Pth “°, ney v SSi firme LfI n w , 

around HKSIBOm of HKS42unn (DSS90in>, and for Jf. coaacu- per cenL One year bills were also . 6 * & 1 P« cent from 53-6 per cent Gold rose 51 an ounce in 

around ffle sfake ^ ^ t0 a This came as something of a 7 51 pw cent comp^ed but the three-month rate was yesterday's . London bullion 

maximum of 25 per cent between surprise to a market which had 753 per on Tuesday, unchanged at 6]-6} per cent as market to a record close ' of 
August this year and April, I960, freely expected around a one point Federal funds were quoted at 71 was six-month money at 7-7 J per $2061*2071. The metal opened 

rise, after Monday’s decision to per cent compared with 7', 3 per ce £ 1 7_-_ ■ , ■ ^071 a lT>ri^«-L ° 0 W 1 

raise the rates on short term cent earlier and -71 per cent the PARIS— Money market rates $206.-20#} and was&xed in the 

n 7 nrev-ious dav (W-^nth certl - were generally firmer with call morning at $208. The afternoon 

Treasury certificates and four gewo d 2 osit wSeunchaneed 71 per cent compared fixing showed very little change 

month bond paper. However it (?£■**£ peJ cral wSe ?S?^ontb wilh 7 * J** C 6 " 1 on Tuesday. One- 5207^5 but tbe metel did touch 
seetmt reasonable to suggest that JLtmSte at SS month funds rose to 7|-74 per 52081*209 at one point Once 

the Belgian authorities are unwill- t^ So^?£ 3 ^r clnl Tte c ? nt *n«n per cent as did again the dollar's . continued 

tog to play ail their cards at once, „• JfL. the three-month rate to 7i-7| per weakness played a major part in 

aiS toe possibility <rf an increase S 2 t from ^«n!r cent tTOm 7 *" 7A ^ e f L S -“' iuiluencine the cement of gold, 

m the bank rate cannot be ruled I *** 4 p 33 month money was slightly easier fa pans the 123 ldlo bar was 

oot In the near future. “f‘- TTOTTTWn _ _ at 7 J- 7 J per cent against at FFr28,950 per kilo 

Deposit rates for the Belgian FRANKFURT — Call money was per cent while 12-month funds (S206.73 per ounce) compared 

frane. (commercial) were 7 J- 7 J per finner at 3.05 per cent compared rose to 8 f- 8 f per cent from 9,^8* with FFr28.900 ($206.46) in the 

cent for one-month, 7J-7J per with 2^7 per cent previously, pec cent. morning and FFr28,700 (£204.85) 

cent for three-month and 71-8 per Longer term inter rank rates. HONG KONG — Conditions in on Tuesday afternoon, 

cent for six-month. Deposit rates showed little change from 3.5 per the money market were easier In Frankfurt the 12 J kilo bar 

for on® year were quoted at SJ per cent for one-month through to than on Tuesday, with eall money was fixed at DM 13,200 per kilo 

cent 4.15 percent for sis-month. at 5J per cent and overnight busi- ($208.12 per ounce) compared 

NEW YORK— Treasury bills AMSTERDAM — Interbank money ness dealt at 5£ per cent with DM 13,250 ($207.15) on 

- * Tuesday. 


ri 


Weekty net:B$ssr value * :Vr- 

ori August 7 , 7978 

Tokyo P^ffic Holdings N.V. 

US; $ 69.03 • 

Tokyo Pacific Holdings (Seaboard) N.V. 

u.s. $sb^o . 

Listed on -the Amsterdam Stock Exchange' . 

Information : Pteaon, H aidring APienon ttV, rieflmgrecht 2l4,Arr«tmttom 


3 Tto * Nora ^f&sdssd uM maids the Urt ttn&Stata of America. IMi adsertisanaft amtanasa watte ef record <a&. 

NEWTSSUB .■ ■ -V-jf'. July 25, 1978 


US| 35 , 000,000 



Boating RateNotes Due 1984 


Erst Bwton (Europe) 

liiiBted * V 


Aiasterdain-Rotterdam Bank N.V. 
Banpe Nadonale de Paris 




-^oitjzciitrak— . 

Nippon EnropeanBani SLA. 


Union tie Banqnes Arabes et Erancaises— 
U.B.AJF. " 

Banqne BrnxeDes Lambert SA. 
BGBANK 

Denisdw Genosseoscha&daid: 

Kuwait Intemationanavestment Co. &ai 

Grion Bank limited 


OK MONEY MARKET 


Small assistance 


Bank of .England Minimum 
Pending Rate 10 per cent 
(since June 8, 1978) 

Day to day credit was again in 
1 slightly short supply in the Lon- 
don money market The authori- 
ties. alleviated the shortage by 
buying a gm»M amount of 
Treasury bills and a small num- 
ber of local authority hills. Total 
help was termed as small. Dis- 
count houses were paying up to 
9} per cent for secured call loans 


LONDON MONEY RATES 


during the-’ day but dosing 
balances were taken between 8} 
per cent and 9 per cent 

The market was faced with a 
moderate net take-up of Treasury 
bills and the resale by the author- 
ities of a moderate number of. 
bills. There was also large gilt 
sales and a slight sum of local 
authority bQIs and ' bank bills 
maturing in official bands. 

On the other band there was a 
substantial excess of Government 
disbursements * over revenue 
transfers to the Exchequer and a 


modest fall in the note rircnla- 
tion. - 

In the interbank market, over- 
night loans opened at 9}-9i per 

cent and eased to 9|-9i per cent, 
and then to 9-Di per cent. How- 
ever in quiet conditions dosing 
balances were taken at up to 11 
per cent Interest rates were 
slightly firmer after yesterday's 
banking' figures reduced the pos- 
sibility of any cut in MLR this 
week. 

■ Rates fa the table below are 
nominal fa some cases. 


DuLtxint 

****** Treasury 
lepenii b„i, 9 


Gc<i >1 Hullum (a linei 
00 new > 

Uk*t> S2O63-307j 

Opening ;S2D8i-207i *507 K7J 

Una-nine flxhng.....-i£30S,II0 - S 2D 6. 75 

.IK1D7.0M) (SliB.353) 
Afternoon 6 £207.95 S!00.&» 

[(2I0G.48B) (£1(11.17) 

Gold Coin* I 

dume-ncal ly ( 

KnJEwrwHl 

;l£)0fij.|lQf; OMKU MIA) 

Sew SovereMu (S57J^9;i • »"-8 80 ' 

!l£29£-Mj) (EW.al) 

Old SavereiKiis~_..lSb8j-604 1868^-60^1 1 
lWaO-51; ](£60i-4U) 
Gold Colnc.., I „.,.,„ 1 | I 

intenjnHorwil.v J | 



5iiK>t>it' 

Bank 
Bill* « 

Fmelrsle 

BiU»« 

9"% 

9»a 

95a 

Sit'S 3 b 

10 l 8 
10 1 8 
id's 
105, 


Ifrcsl rahartty and finance fionses tnto days' notice, others seven days fixed. -■ Lnn£eftenn local anihorliy morttaBe 
flOBtoafiy thru years m-11* ocr cent; toor years lli-Ui per cent: five ypara U 1-113 » «« o Bank bill rates in 
anieaM tmytn* rates for prime paper. Burins rates lor fonr-aiouii bank bills 95 k-93 fier cent: four-month trade bills 2Di 

Aporoxlnut* sell i n g rates for one-tnomh Treasury, bills Sttu-ai^er cent; -and two-month ner «no sod three-month 

* Apamute seBbv rale for one^nonth bankblUa ti per cent: twiwjjiwiUi mV m S Sr^iSnth 
“ira-IS* t * ? B * Oyfrm oQUt trade bQIs 10 per ant; two-month 16 ..per cenq . xmL.-nisa thnermamii in per cent. 

~ Rates (pablWed hr U» Finance Houses Ateacfadon* iOt'TJer cent from Aoeurt I 1978. Ocarina 


iHirnawnil) : | 

Krufiernmd ;S2154-Z16i |?S124-8l44 

ilt.14.51 i Ini, :£1 10-111) 
New cSneemEtix.... rf5t4-lir4 1558.60 

U2tj «ii, j. £30-31) 

Old Suvereicnb 1* 684 . 60* [ScB^-60i 

ji.i -ij i(£J01-lli) 

>20 Enaie. 5182 i 4 8280-212 

flJ fcasie- - l >!*6 60 $186-149 

« fieitle- IS t> 5J-I 8 i ‘S US- 109 


MONEY RATES 

NEW YORK 

Prime Rate 

Fed Foods . ... 

Treason- Bma (13-weekl . 
Treasory Bills (26-weekl , 

GERMANY 

Discount Bate 

Omnlfibi 

One month .... 

Three months ....... 

Six months 

FRANCE 

Dlscoum Kale 

Overaizht 

One moan — _ 

Three months 

Six months 

JAPAN 

Discount Hats ............. 

CaU (L'arondiuoiui) ; 

Bills Discount Raw ...... 






































































. Financial Times Thursday 



WORLD STOCK MARKETS 


Dow 8 up at mid-session on 34m volume 


INVESTMENT DOLLAR common shares at JS2 cash for Pacific Investments' 13 per cent Tnlrvn Taihel Densyo Katefca Y30 .to at HKgLlP anfi S^r» Padfic 

PREMIUM each share from now until August Interest in Transcanada. CPI rose ‘ 4 . Y1.050, TriO’Kenwood -Corporation a cents on at 

$2^0 to £1—108% (107*%) 22, unless extended- f to C$221. Market remained eafflewnelined, yso to Y820 and K. Hattori Y30 Elsewhere Hong Kong Aimaft 

Effective 80480—555% (54*%> Knraametal climbed 1} to S34 Imperial General Properties with investors expressing concern to Yi.250. added ^ at «ong 

STOCKS ON WaU Street moved after reporting higher fourth- added C$1 at C$22— Abacus Cities over the strength of the yen and . • Ko“S gJjEf wwT SwbmSk 10 

stronglv ahead From the opening quarter earnings. LTV rose 1| to has raised its offer for Imperial West German mark on overseas JraTlS an “ . ubS « - 

yesterday to record further new Sin? Reliance Group U to $37 to C$25 a share from C$20. foreign exchange markets. Trad- - _ -^0,™ ten- cenlS at ^ 

highs for the year at mid-session and Mlmmesota Mining 1* to $62*. Torstar “B" shed * to CS16J — ing remained slow, with volume . “*' er if g ^ B^r^ rk€S TnhannesbUTff 
after sharply increased trading Digital Equinment, however, the company, which reported amounting to . 208m shares d . e "91 wifh hh»* wtenfav S. 

volume. dipped 2g to SSI — the company higher third-quarter earnings, (220ml. The Nikkei-Dow Jones closed wiw a nrTn j y S{ jjj responding to the sharp 

The Dow Jones Industrial reported only a slight rise In said it expects a flat final quarter. Average declined 11.44 more to h __ well diamond price increase, De Beers 

Average advanced 8.14 to 897.35 fnurfh-ouarter earnings. ^ 5.4S0.77. although the Tokyo SE Furtrier^ . "r; * shot further ahead to a new. 1978 

at l pm, while the NYSE All THE AMERICN SE Market Value Germany index, after Tuesday's fall of 4JS9. absorbed and foreign buying was q( R7g5 bef^ ending a net 


added HK$2 at HK871. Hong 
Kong Hotels 40 cents at HK$16.40 
and World-Wide Properties 10 
cents at HK51-45. 

Johannesburg 

Still responding to the sharp 


Average advanced 8.14 to 897.35 fnurth-ouarter earnings. 

at 1 pm, while the NYSE All THE .AMERICN SE Market Value 

Common Index was 55 cents Tndex moved ahead 122 . farther 


Closing prices and market Resorts International A ^1 h Nissan Y7 off at Y74S, but Elec- ««'*> ZZZ'tZ consolidating us .rasaii kooo 

reports were not available advanced 2} to §85} and Anest dollar m fore ign exchange deal- • p arliru tarty weak the which reportedly said, that despite pa^s, prices eased initially Yoster- 

for this edition. H to S26L * ^ j*™* day/picked up. with TDK the stock market's^itsharp gy partial-recovered later 

Medfield rose 1} to $22* after S acmSThe bS Electronic adding Y50 at YA080 up-^3, sbouid on the record Gold fixing. 

ass WK w. - » k ™3 -- °^ l0 ^= “S£=^a£— £SCsl 

isjssf rs&» wys ara-asss ■s.srss V 


JIIUKII-UUOIICI samiliga. ju . . : . SDOl lUTincr aiiwu u> « usw, 

THE .AMERICN SE Market Value Germany index, after Tuesday's fall of 439. absorbed and foreign buying was of R765 before end mg a 

Tndex moved ahead 132 . further _ hardened 0.08 to 410.66. noten. . .- 23 cents stronger at R7.60 f 

to 16037 at. 1 pm on volume of v .^ are ? conti nued move Mot ors were mainly lower, with Operators erted ” _ . E” 1 " L se °^ ~ two-day advance of 50 Cents. 

2.94m shares (2.50m). higher m lively trading following T |a down yi6 at . YS41 and raent comment by W«s Germany's * Wilh ^ gold share ma 

Resorts International A Nissan Y7 off at Y748, but Elec- Banlr Fuer consolidating its . «Ciait I 


Tuesday's “l ^m^iOT^of^ffllml h -?£!*fJr vSSFEi N^KntSi more to’sMJL that’ land prices hi the "ontskirts l ' ae ” 

“““ jrw 23 s m 

ana 1^., Karo me marKecs reiusai stock. t-inv or ex»er>r«d o«eh*n» viam Amhlan on V2S0 m- month 


the rate fluctuates freely from . a .. 
areas aro^ rising day-to^ay and more significance AuStraha 
should be- attached to the one- A# ,_ 


buoyant 


to decline on Tuesday is an indi- 
cation that the stampede will 
resume, adding that the market 
has ignored the falling dollar and 
rising gold price. 


stock - is Ing on expected exchange rate Y3.600. Arabian Oil Y250 to m ® nm . performance, share prices turned 

fanoda appreciation, flowed into the stock Y1300, Meito Sangyo Y200 to “SSS-SSr* c.“ r « mixed yesterday, with some 

A^anaaa markeL Y1350 Hfeamitsn P harmac eutical Rubbers, Mechanicals, Stores, further Overseas buying interest 

Markets continued in firm fettle ® e ^ tscfa ®, Bank c , moved ahead also Y200 to YL570, Toho Y1S0 to 5 J counter-balanced by general 

in. active early dealings yesterday. »« YT^Kmitsu G« Kogyo Y100 


S U M7il.ted con- ■»« So-ei DM ■£ t V.^. Toho“ R 3BS W J", 1- .«■ 

Hmipd to strengthen. with adding 23 at 13233 at mid-day Harpener advanced ^ y7gi Sumitomo Precision Pro- C1T- Alcatel gamed 17 to days advance of 8 cents, but 

Mcmorex gaining 2J^o 853*, Golds advanced 15.6 to D >* 50. dnete Y70 to Y550 and Toyo Joxo FPr lflffi on announcing hugher News rose 10 cents morn, to 

Bnrrongbs 82 to S84| Datapoin't ODs and Gas 7.7 to 1,583.3 and i S 1 *’ Motors, shed y64 to Y519. first-half sales. A82.40. and m the Sugar sector, 

1! to 866, FEW 3} to $293*, and Metals and Minerals 4.0 to 1,0443. ° The Bond market showed a On the other hand. Koto Other bright spots included CSt unproved 4 .*** 1 ® }? *9’ A, Jf 

ITEL 15 to 8321. but Utilities shed 031 to 185.04. fuS,er recover wiA ^Thlie Ceramic lost Y120 to Y3.730. Bancaire, Locafrance, Sfllc, Henin, Engmeenngs were i^ly firm, I 8 * r 1 * 

Aircraft stocks also continued Transcanada Pipe, the most Authority issued gaining Kyushu Matsushita Eleetrie Y54 Afrique OccideuJafe, Eurofrance. ^^-^^^^^/Sd^Lease 

their advance— Boeing rose 1} to active issue, lost i to C$1711 on dm L while theRegulating to Y840, Nippon Telecommtmlca- Peehelbromie, Pw*nod, Generale Mrr fronTof 

$74} and Lockheed 13 to 836. 65363 shares— the company said Authorities sold DM 5.2m nominal tions Construction Y50 to Y3.670, Ocadenmle, Arimnarf. Paris- aad f 

Weychaeuser moved ahead 1* the Canadian Pacific Group has of paper after selling DM S.5m the Japan Security Patrol Y40 to France, Legrand, Thomson Brandt ^ASSJB 

to $31* after announcing an offer been approached by organisations previous day. Mark Foreign Loans Y2430, Sankyo Electric Y34 to and Slgnanx. S but CBC. des^ a 


to repurchase up to 3.5m of its interested in acquiring Canadian were also firmer. 


NEW YORK 


Abbott LaIb 385a , 3BU 

Adiirewgrapli 37ia | 27la 

Aetna Lite A Cai 42Tg i 43 

Air Praiixl* 301a I 30 s * 

AU.'aiiAJuniliiluin i2k ; 32 

AW»_ 467 B I 465, 

All**. Ludlnm... 181c ' 181* 
Allegheny Power 1BI« I 18Sa 
Allied Chemical. 35 i 4 | 35 1 2 

Allied ■si.w 27 la 263* 

A Ills Chalmers... 361* 363s 

AU.VX 38U I 38I S 

Amerada He4s.„. 28Sg ■ 28 
Anwr. Airline*... 17Sa 1 1?S| 
Amer. grantla.... SUg I SI 
Amcr.Bnailaii. GOsg I 58J« 

Amer. Can 43 lg ; 421a 

Amer. C van am Ul 31*« 3 Ha 

Amer. DIM. Tel- 54** I 54H 
Amer. Etert. Piw 23*4 ■ 23 i* 
Amer. Ux press... 39ig i 3ST| 
Amer.HnmeProil 30^1 ' 31 
Amer. UdMI.. SOU J 301a 
Amer. Mourn.... 53a * SSg 
.Amer. Nat. Ga*.. 43 la i 431a 
Amer. Standard.. SUi i 52 

Amer. Stores 35U I 36 

Amer. TeL ATM. 611* ! 6U4 


CnrninR 603* 

CPCInt'rn'iionaij 49Ss 

Crocked .Vat I a9lg 

Crown ZeilHTbacU 36Sg 
Cummin- Engine 38Sg 
Curtiss Wrtabt...| lbSa 


Ametek— 35i* ■ 35la 

AMP- 19 : B ' 197 8 

AMP_ 373* I 381$ 

Anrhor Hoefeiog. 303s I 30 lg 
Anbeuaer Busdh.. 27 39 I 275a 

ArmroSteel 323* 32ij 

AJ.A. 27 ! 87 >g 

AsamemOU— 16lg ! 16 1 g 

Aww 191* : 16 

Aibland oil...... 57ig 373* 

All. Richfield ; 513g : fill* 

Auto Data Pro....' 35 Ir • 347g 

A VC- Ilia i 111* 

Amt — . 3l?a 1 305g 

Avon Product*...: 6H4 603* 

Bait. Gas Elect... 271* 1 273* 
Bank America.... 275g 1 27lj 
Bankers Tr.X .Y. 38l a i 47i a 

Barber Oil 25* I 255* 

Bkxter Trarenor.; 4B<* I 475e 
Beatrice Fund.....' 253* 267g 

BectonDickenson 391s 1 385a 
Bell £ Hovel I—.. 21^ . 2l&a 

Bendtx ' 41i B . 40&g 

Bennoet Cone *JU’: 4is 4>a 

Berhieliem Steel. 25ig ; 25 1* 


Usn [win* tries.. 477g I 473* 

Deere - 34&a | 34 1* 

Del Unilt. 38 I 367g 

Uelinna- 121 Z I 123* 

Denraply Inter...: 213* 22 

Detroit Baiaoa...| 16U I 16U 
Diamond -''hamrk 1 251* 1 2filg 

Uirtapb"!),- j 161* | 16Sg 

UUnrs Equips. ...1 533e 1 63'a 
Oii>iiey (Haiti. —| 494* i 443a 
Dover Cortm— ... 473g \ 467a 

Dow Cbemk*J-. - 26 U 2b 1 * 

Uixto. ; 281- * 283a 

Dresaer : 44 U [ 443g 

liiipnnt^ : 128 1 126 

Eagle Pii-ber i 22Sg ■ 23 

East Airlines. [ 137a 14 lg 

Eastman Kodak..; 653* 64 U 

Eaton > 401* 401* 

K. G. t G I 29 lg 293* 

Hi Paso Nat. Gs*i ID* 171* 

Eitra.— I 341* a4J* 

Hmeraoo Bltccncj 483a 477a 

EraeiyAirPr'ighti k8lg 273* 

Umiait I 43 1« 43 3a 

B.M.I. I 3 4 

Engel bard 23 U 24Sg 

Ramarh : 29 >* 29 lg 

Ethyl 227 a 223* 

Knon j 47la 47ia 

Fairchild Camera! 45 443* 

Fed. Dept. Store* 483a 483e 

Firestone Tire.... 125a 12Ta 

Fit. .VaC Boston J 30sg 2v3* 

Flem Van j fc4ia 233* 

Flint Rote 4LSg 303* 

'Florida Power.... 423* *23* 

Fluor...— I 37 lg 36?g 


403* 403* 

125a > 12lg 


Black A Decker... 21 


Boeing 73 lg 

Boice Cascade..... 3 Ha 

Burden 284 

Bor* Warner. 315g 

Brnniff lnt 167s 

Brmscan *.V 14 >a 

Bndoi Myers 363* 

Brit. Pet. ADR...* 163* 
Bnwkway lilass-l 334 

Brunswick — [ 173a 

Bueyruu Ene. I Iflig 

Bnknna Watch J 8 jg 

Ilurllngtivr Nlhn.; 413g 


73 i a 693* 
3 ll 8 1 314 
284 28 

315s 36 

167s • 173* 

14 ig : 144 

363* • 36 
I63g ! 164 


BuiTungh- : 84 I BlSg Gd.rput Pandi 306a 

lampbellbiHip^.. 364 I 36 Gelty UU. ; s47g 


F. M.C I B41* 243, 

Pmd Motor ’ 47 47«g 

Foremost Mcfc-J 224 2 27 a 

Posboro 396a 491a 

Franknn Mine..: 87g 9ig 

Fnanurt Mineral 283a 281* 

Fnietiauf i 403* 303* 

Faque Inds. j 125g 12ig 

GJLF I IS 14ia 

Gannett. 491* 4S5* 

Urn. Amer. lnt— 105* lu3* 

G. A.TJI 30 J® 31 

Gen. Cable 19 186s 

Gen. Dynamic...: 86ig 85 

Gen. Klertrxi — ; 653* 65ig 

(>ud. F,kaIh. 1 441a 3-ag 

General Mni»— 42k> 327a 

General Motor,. 66:* 65 lg 

Gen. Put*. Clll.i 19 18T a 

Gen. .-ignal 43 43 >8 

fieu. Tel. Elect ....j 3u?s 307g 

Gen.Tjre- • 28 28 

- I o3* 5“a 

Getirjrui Panili 306a 307j 


Canadian Pactde.' 18i» 
Canal Randulpb... Ill 

Carnation. I 3Hg 

Carrier i Geni-ral[ 124 
Carter Hanley....'. 193* 


Cat el pillar Tracts: 613a 


CDS — 63 ' 62 

Cctanese C>qpa...! 423a I 42 1- 
Central A 8.W....; 167 B ! 163* 

Certain lee,!.. 2C7 a . 20/g 

Cessna Anvra it...' 45ig 453g 

Chase Manhattan 44 jr j 337s 
Chcunc-il Bk. NY: 4 lag l 4lJa 
Cliewbrult IY*iul.' 26ls . 264 
Clierne Svstrni..! 303a j 304 
Chirac,- Bridge—! 044 643* 

Clirraler. 114 ' 114 

CuirranM ' 43* I 4ig 

Cine. Milam xt.. .; 35'« 344 


Gillette. 30 

Goodrich B. F — alls 

OflodyearTire-.. 184 

(iiiuM 327a 

Grace YV.R 275a 

Gn.Armn Fsjd.es 67g 
(in. Nictb iron.. 264 

Gicybonnit ; 14 

Guii A lV>?iein...j 155a 

Gun Uu — 244 

HsnhurU'ti eB4 

Hanna Miinnc....| 474 
Haroircmcuer ....j l67g 

Hams Cnqni Mag 

Heinz U. J 413g 

UuulMcm i 273g 


30 29T* 

alls 2l3a 
184 183a 

327 a 32S« 

275a 274 

67 B 7 

26 4 263a 

14 : 14 

155s 154 

244 I 244 
CB4 ! 684 
474 «7 

1670 ; 153* 


Johns UanrUln-j 313* 22 

Johnson Johnson! 857g 858g 

Johnson Control. 1 28 277g 

JoyManoIfc-tur'c, 373* 384 

K. Mar Corn | 2BTg 29U 

KaiaerAIumfnrra 343* 347s 

Kaiser industries 17s 2 

-Raiser 8teet 25a» BBSs 

Kay 123* 123* 

KenneeoR 223* 22> 4 

Ren Mj-G«. 464 464 

RKIde Walter...., 364 364 

Kitnherly Clerk- 477 a 47 4 

Rnppers — | 225a 225e 

Kenft I 484 484 

Kroner Co. 1 36 367s 

Leaaeway Trans.., 38 384 

ten htiaiiM ! 37 37 

UWiy Ow. Foo,!.. | 264 26Ss 

Uireet Group. 35 .• [ 354 

Lilly (Ely)...-.... 824 316» 

Litton Indn-t. 233s 231* 

Lockheed AirerW 343a ' 327* 
Lone otar Indus. 23 • 224 

Lone Island Ltd. I94 ! 193* 
Louisiana Luxl— 224 223* 

LulTMII.- 445* j 444 

Lucky Store- 173* I 174 

L'ae Y"unj£»t'wn. 104 94 

MacMillan 103* I 103* 

Haev R- B 454 i 45 

M Ur. Hanover— . 373* 38 

Mapcu...— — 354 363* 

Marat 1 ion Oil..— 483* 484 

Marine Midland. 1 5* . la 4 
Mar-ball Field—. 234 j £44 

May l>ept.oliiiv«| . 254 254 

MCA 1 6B5a 55 

Ui-bermuU— I 24 24o* 

UcDonneii Uou» 384 a74 

M.-Graw Hill. a<H» 24J* 

MeiiHitea — . 51 514 

Merck ! b23g 623g 

Merrill LftHih...j 2 1 204* 

liens Feti oleum ^ 31 3 14 

MOM ; 423a 407* 

Mtnn Min); AM(f>| b07 b 61 

Mobil Corp fab&B 546g 

MonaaDit,.— .....' 634 63 

Murgan J. P- ! 501* 60 

3i.4o rota • 535* 637* 

Murphy Oil.— .! 414 414 

Nabisco. 235* 233* 

Jialiv> Cbemioals. 317 a 315* 

National Can—i 195* 193* 

Nat. Duiuier-— .[ 22lg | 22l a 
Nat. Sen as? Inrt.l 1«6* | 104 
.Natrona, steel.— 34 345* 

A atoms.* - . 427g ! 416* 

NCE ! 62A* I 624 

Neptune imp...— 21 I b U* 
New KnfiiaO'i Ki.| 227* ' 23 
New Hni>innit Trt 344 I *4 
Niagara. Mr.bswk: 147a 1 16 
Niagara Share....! lli* ' 11 4 
.V. IL Inum-lnr*..' 21lg , 214 
Nortol k.C Western' 26 1 247g 

■Vottl) iVlLGsr.., 361*. I s57g 
Ntlin.3iaie> Fatj 267* 1 2*67* 
Nthwert Airniiv 1 3b 36 
Nthwert Bancorpi k6 5 26 

NurtiHi -mum..... 20 1 g 194 
Oochtenu, Petb.Hj 213* 813* 

Oglin' Mather... 1 274 274 

Ohio Rdhou ' ieJ« 183* 

Ulln I 164 16 


Stocu 

A T 

r 

Revlon 

56 

65% 

Reynolds Metals. 

33 

327* 

Reynold* S. J 

681* 

57ii 

Rich 'sou Hei roll. 

271* 

271* 

Rockwell Inter— 
Rohm A Haas 

355* 

3S1* 

36t« 

361* 


Nkhiban 


Wort worth...— 

Wjly 

loin 

Zapata — 


Orenea* .Ships.. ,| 857* 26l* 

Owens Corning. J 344 34 s* 

Owens lltDoia— ..! 234 227* 

Ha-m.-Gat. J 244 2«*4 

Facirle Li*,|uiu”J 194 19 1 g 

Fan Fn r. A Ltg..| 224 224- 

Pan Am vl'iaii.Vlq big c 4 


CllhiSl* • 27lp 

Ciri**, hi-rvux 48, 

t'tfv lnvr*lliU!..-' 154 
CICTCbuhl Cltlf-- 62 

Cisw l j»tfl • 46 

('■•Icate I9ID1 214 

C vllin, Aikiiiau..' 114 

C'liliimiiiaGiu- ' 28 

I'liluRilin Piet— 214 
C'.<ni.ln-C,MSAiii' 19 
Ciouim-tum KnuJ xtij 
l „nil>iL-th>u Bi— 144 
I'iu-wTIi 28 

(.'■■rw'llitliilia'l. 34 
('.■nun. Nuciulc.- 45 
l (•nifiuierik'ieiipp 153* 
C" ,, oti Luc In-.. ..' 41 

V -inn,.- Z2 

C'-n. KIimxi A.Y. 234 
Fuji- ....: 26-'a 
I'hIuii .Vs! . Gao., 375| 
I'.-nMinipr nwer 24 4 
Cixillitixuc, Gq,. 30 ij 
t ml inrntai ( HI.. 27 
( ',<ut incula Tplr' 154 

l ixilrtu IMIa 1 41 Ir 

C>v|<cr IiuIhh 544 


274 : 264 
48, j 484 
154 ‘ I64 
62 '> 614 


Hen le Packard— ' 681* 

Hiiictsy ( nn, > EO-\ 

Hruurarakr 1 Ab 4 

Honeywell..— 71 

Hi«iri?r 124 

Hi«p4.'orp. Amer 443* 

H mi-ton Ast.Gari 265* 

HiiulfFh.Al L'lim 125* 

Hutton (K.F.j 20 

l.C. indiDdrtes— 1 297* 

INA 445* 

lusinoll Rand... 613* 

Inland Steel 394 

tnsiicu ■ 15 

IBM 289.6 

Inll. Flavour* - 257a 

lull. Haroeuer.. 1 a9ij 
Inti. Mm Jc Client 40 
lull. Mululavia.^ 191* 

I ii.ii I 165* 

lull. Par-er. j 464 

IPG J 374 

Ini. Ileittticr .... 123* 

1 111. Tel. A Tel—. 33 4 

I In vent ' 1 

Iowa Bed ( 384 

IL Inlornatk’iiHli 124 


884 i 684 
20-’, • 295a 
351* j 385* 


445* ! 443* 
613* ; 624 


Facirle Li*,|iiiii”J 194 19 4 

Fan Fa r. a Ltg;.^ 224 224 

Pan Am Wool Alq 81* clg 
Parker Hannirm.' 283* : 284 

Peabody Inll 283*. I a£Sa 

Fen.Pw.iL.... I 2>4j 2i4 

Fenny J. C | ' 40 ] 395* 

Feuiuon - *83* I *9 

Peoples llrug 184 I 134 

Peoples Ga*.„,... : 064 J 367* 

Pel *kix..„ a . NI i 327a | iisj 


I'erkm Elmer. ..., ilia 1 27 

IVf I Si | 645a 

Pflrei *7lg | 38l s 

PiM'ipa Unljy 24 233a 

Philadelphia Kle.. 184 I84 

Philip Morris 741* 734 

Pbilli{n Pptro'm. . 325* 1 323* 

Fusbory 44J* 1 444 

Pitney U>.nes.... ■ B77* ■ 277 B 

Pmstiin • 264 2S1** 

Fiesscjy Li, l .Ullt! 19s a [ 183* 

] Polaimd— 543* ! 63 3* 

Frtmnec Elec ; lb5* 1 lola 

PPG IndustniK.. 28 1 273* 

| Prodi* (•niithie.- 90 I 904 
Put. serve Elect J 244 ; 844 


JBnyal Dutch ....- 614 614 

HTK — 14 14 

Rubs logs- 113* 113* 

Kydei System 28 28 

datewar -Stores... 423* 433* 

Joe Minerals. 24 1 2 oj* 

3t. Hcgh> Pa|«r... 314 313* 

Santa re Inrta. 34 334 

saui Invest— 64 7 

Sasun I ml". J tn* b5* 
•scblitz Brewing.J 13lg 144 
.Scbliimi'crger — 924 924 

3CH— 21 807 8 

Scat Hipw 174 174 

»rovii Mir 244 23 1 

Scutldet Duo-CApl t4 c5a 

sea Contaruer—.l 333a i 317s 

Ktfinm — ' 2cl* 264 

saane(U.U.|. ' 154 ( lbi* 

sear- Kr^buck— 26 i 254 

aEDCO 1 393* I 40 

shell Oil 34 334 

shell Tran.rmH— . 44 434 

signal— ! 52 tg 525* 

SipiKl* Ckx Pl. a74 s6 ‘2 

simi„HMy lhar — ) 127* !i 

Singer- — J 19 194 

Smith Kune 971* 96 

SuUtniu .— 34 34 

sunt Glow ■) ! 34i* ■ 334 

3fNithemCal.E<i. 25Lg 2n3g 

simihcm 16 „lt 

Sum. Niii. kc ...I 3C4 355g 

Stall heru Paritii.l 32tg 32'* 

EmitbernRailwsil 551* 544 

.mi tla ian>I 31 307* 

•'w'f Haobliare- . «67* 271* 

Sperry Hutcii. — 214 223* 

speny Ran-i 467* 47 

■Squib 36 4 333* 

aundani Brand? 2ba* 2oie 

itu.OiiCai Horn iu 42 417* 

’hi. On Indiana. 5u7* 504 

sld. Oil Ohio 364 354 

Staul I CLiemlitr 445* 445* 

sterling Urun 19 lc4 

studeraker 674 673* 

?un Cu. 42i« 423a 

suibL-inind c5ig j 64 

ayntex— 345* 644 

reobm.'oUir 143* 135* 

leal non ,x 46 I 464* 

laiMyne. 11*4 j 1103* 

tries - 63* os* 

tenecu — — 313* | 315* 

Leeorn Petroleum 1 1-3* . ICS* 

Tesauu. 2r 1* , 253* 

Teubgalf. 20 t 8 I £07g 

Lexas Eastern. — , 37 4 s74 

lexas lou'm 1 8 j7* ' 917* 

Texas Oil A Gas- a7 I 461 * 
Texas L Gillies— . I 2 jA* ! 217* 
Times Ins.—. 484, | 49 
limes Mirror.-;., au** • c25* 

Timken 524 . 514 

Traue. 41 ; 4 I 5 * 

TransmetC*. 4 174 ( 177* 

Iranecu— — 1 204 : 196* 

Tran: L'mun.. ) 3o4 j 364 

iran-wav lutr'n.; 273* 1 274 
Trans H ono Air.i 287* I 285* 

Travelers- ! 49 394 

in Continental ..' 20 I 195* 

TRW ' 411* 41 

A)lh Ceulun* Km! 4fc3* i0ij 

LJC.L. ' 404 40 

CARLO 244 243* 

UUl in. 4 2 5* 

Unilever 38 404 

Unuever AY 6**Sg 645* 

Union Hancorp— 253* 247* 

Union Can Ale.—. 4u4 1.403* 

Union Commerce. 87* B 

Colon Oil Cain... 49»* I 493* 

Union Paeiflc..—) 493* ( 494 


Au*. 

! 

197* 

19 Es 

41* 

4 

60 T* 

591a 

1.5a 

181* 

18fl« 

176* 

1947b 

1947* 

18 IG ; 

tan* 


CANADA 

AtStlbi Paper.—! 147* | 144 

Aenl-o Ba"ie ts* I 6.12 

AiiwnAiuinluluin| 387g 1 al7g 
Amnma 6(ee .— J <c | <2 

LJMI.S — J 140 ■ 140 

Bank ru Horn ren. a33* j 231* 
Bank N.,r« ?, r4ia 225* 1 23 
Bash RenHiiUM.. 6.5 j I 4.57 
Ben Telephone—! 69 [ 5t>7* 

Bow Valiev Ind.4 id i iis* 

BPCanaits 17 174 

ilrnsotn — j lrl* *iel* 

Urlnun — 5.62 16.12 

L-'ripiry Power—! 3®4 40 

t/HmrlDW Mine«...i 104 I04 

LrimiU «. enieiii..i 1 7g 107a 
oiuuiG AW Lmii.! 123* liia* 
U-in.imp.LkCJMni 2c3* EtU* 
'nuiadM indusl... TS14 t (,1 l 

vso. PaiSric ......j Bit* 184 

Jsji. Pavlik.' Inv. 224 184 

•.an. ?u|s 1 Hi ... t6 r 64 
L'jrlmg O'Keete.- ’ 4^9 4.95 

■.easier A-Jje-los. lOig lu 

Cinenain-'. I s7l* c85a 

LViniUKTi .——.-I a 7 t« 4 

cons. Buiium—j ic4 c03* 
LoOHimer tir*.... 193* In 4 
L'ji-ekit Kmin nW tig r 1* 


• among Banks, but CBC, despite a 

Hong Knnp sale of 200,000 of its shares at 

„ ^ ^ Ail £5, held steady at that price. 

Despite afternoon profit- taking. Among softer Oil issues, a 

r S B eCial it>C ^ < SaJe ® f 41,1 ^ n ^ eaV0 “ r ITOEQHTO Cmnp-isice 122C.9' (e) l 1216.8 I2MJJ 1229J iB/B) 

following another day of hectic shares at 24 cents each brought 1 
activity. The Hang ’Seng index the market price down 2 cents to 
was finally 5.94 firmer at 621 jS, 27 cents. Woodsidc Petroleum 
its highest dosing level since the lost 2 cents to S7 cents. 
t522 jQ recorded on November 13, Coal stocks were mixed, with 
1973. Turnover on the four ex- Thiess making a late gain of 3 
change aggregated HKS347^im, cents to A£LS3, but Utah reacted 
against Tuesday’s HKS271^5m. 5 cents to AS4.S0. 

Jardine Matheson and Utilities Uraniums mostly relinquished 
led the ' advance with Jardine some ground, with Pan con tinental 
rising 60 cents to HKS17.20. Hong finishing 40 cents lower at A$I6.00 
*'°?Pr-^- IepIlonc * airied HK$I^5 and Kathleen Investments 3 cents 
at HKS36.75 ahead of the interim off at A$2.62, but Queensland 
results, while China Light moved Mines put on 3 cents more to 
ahead HRSL10 to HK$28J20 and AS3.05. 

5SSJ^ ons EIectric 25 cents to On fresh diamond speculation, 

HKSb.eo. CRA rose 5 cents further to 

Hong^ Kong Land rose 20 cents AS3.03. Carr Boyd and its asso- 
to HKS11.60, while Hutchison dated companies were active on 
Whampoa and Wheeloek put on news that they had been joined 
10 cents apiece to HK$6.80 and by the powerful Selection Trust, 

Hh$3.4ia respectively, but Hong of the UK, in their diamond 
Kong Bank ended 20 cents down search. 


M0IE5: dt-rrasu cnevs fflewu owlow aua/oi &itp issim » Pei rtare ■ Cranes 
» omniuni Brtman RItoIhul. - 9 Grow rtlv It. * Amumed dlvidmC aftw 
•in- avrr wnrirroidins lax. scud and/or nidus nsw k After local 

3 0*3 an nenom unless ortoerwlse srarrd. uses w % ru free a Francs: loctmnnu 
\1**Hi* Based 4n ner dlvMewhi nlns .ax llntlar die. p Nom. u Share sotK. t Dtv 
« l*>* jUi de rural u nlew mtienw Wiled and rieM exclude special oarmcot t Inrti 
4> nKr 100 nemmi unle*» oth‘*rwt*c staled cared div t Unofficial trading o Utnonrv 
h SvrKr 5»* tmhto and Bearer shares holders only n Mericrr pending. • Asked 
■aHirt* otherwise mated. * vsn rtennui t Rid. f Traded • Seller c Assumed 
.tnk'tB otherwise Rated S Pure ai 'line tr Bx rtehrs. x»* Ex dividend, xe Ba 
01 ■suwmwii n Florins f> SrMntnus scrip tssso. xa E* all. a interim since 
r'enia >1 nirirlend after, wtidlne rlahrx Inrre a nert 


GERMANY ♦ 


Itl24 | ♦«»* 


TOKYO 1 


l Sun Uetei 10 

IViie-uB Ulnfr... i74 
Uom Miner— — 94 
D>jnie Petroicuu: c.5*« 
Duniimoo Undue ilt3* 
Doratar-.— .... El 4 

Uui« lilt 143* 

Falcon 4C Nickel 273* 
Ford Motur Gao.. 737g 


Gen- tar — .— j 314 314 

GiauiYei'wknueJ 16 14 

Guil On Lanai la J 30 fa 93* 

Hawker ->bi. Can J 84 C4 

inter — J 46 46 

Hcmdl 'A'— 48 423* 

Uo.i-on Uav Mngj 184 >84 

HiaVtm Bay 1 80 3g 24 

Hu.btraUi'A Gall 47ig h74 

l-\.L I IF* 8 197g 

llrMMii— J 341* 53>a 

lm|«na>Uii. } 211* 31 

I nct> I 19/ I 194 

lutMi— J 14 I 14 

lDlapu Nut. Gm*. lib* . t*I7* 

lui'p. v Pipe lane _l«g ( 165* 
aairor Uerourco 154 1 1 1£> 
Urn 1 F111. Lui ■ ba* 84 
Lrtitnw Uom. ’B . 4.2u 4.20 

McmiU'n bicel.. 214 814 

Missey FetdiMu. H4 uig 

Mclmyra— 276* 245* 

Boors Lnriui 383* 367* 

MouDi»inSr»ieK> 3.48 3.6U 

Nunuhla Mines... 33 32i* 

Mumra Knencv-, lc 3g | 1-3* 

NUui.Xeiecooi— 06 06I4 

Nimnac OU A lit- 374 364 

( 2kwu» PHrim 4.5. 4.6o 

riictiicCupv*' a.cO a.bO 

FacibcF^nneum 6.50 '41 
iWU.Lan.Ferm- -44 JSiJ* 

Future Itol* 116 

People Dma. 3.. b. so t-.80 

F-ace Can. A th.- 1.02 u.90 

PiH-vrUeienpim - a4i* k4 

Fewer Lur|*orat'n 17 1» | 174 

I’nce— 1=4 ' 15 

Quebec at uTBeoaj 2-2. 1.B6 

EaiiKiwOii 1 161* 15S* 

Kwt r>tenh<ra-e.J 1> 5* 1L3* 

RwAiKuni 35 341* 

RuyniMk. ol Lao. oo3* 344 


,L.-.— — .... 

IWtl— 

«r»l On 

j— — 


Philadelphia Kle.. 
Philip Merrls— .. 


Lniroyai — | 7 lg 74. 

United Brands... Ill* 114 

l. - Banojrp. — 31a* 315* 

la Gypeuiu.— . J 307* 304 

US shoe. i 275* 271* 

UsSleei i 294 283, 

1'8 lecbnrtnRier.i 51 4 604 • 

t'V loiiuairtei-..! 224 224 

Virginia Elect— .1 164 I 133* 

Weigreeo — f 284 j 286* 

Wamer-Lommn.J 50 4 504 

Warner* (aunben.! 301* 1 304 
Wastvllan’menij 30 ■ 30 

Welle- Fanm- ' a0S fl i 303* 

Wratern Banraiq, 434 , 434 
Wretero A. Amer' 343* 344 

Went era Untan.... 187* I 1B4 
Westlneb'se Kleci 24 3* • 243* 

Weavaen- 29 | 283* 

Weyerhaeuser.... 295* . 29 

H’hlripWi 24 I 233* 

WhncLrm. Ind.,.1 214 ' 214 
. William l‘o 1 214 | 21 


Pullmau _..., 445* 


Pure* 17i« 

Quaker 'Jam 253* 

Rapid American . IB 

Raytheon 564 

HGA 304 

Hcpnlilie -'ll eel... 263* 


445* 43 

174 • 171* 
253* ; 253* 
IS . 14i e 
564 j 653* 
304 , 304 
263* I 257* 


ica* 1 T 4 




awiawa 



2.2 ACVILOSl cental 
l»*l 
1.6 
2.6 
L7 

1.5 

2.6 

}•] Aaaoo. Ccoi Industrie*-.-., * 11^6 
hz ArauFcsnidatlon Idtbsl.V -tl.08 

“ 3.N.I-- A 11.45 

rr Audlmoft. f0.40 

1-0 Amm (Ml » R.. - I Rfi 


B9M!-fo. 6[ a 

113 j -1 11 aa 

aw* rao a a 
108 Pi 11 102- . 
200J5-'— 12 4,B 
91JWj+3 7 iS 


BRAZIL 


Kyoto-Leramn; ...3,730 — 1, 

vlatsushita Inn j 711 4-3 

Miiwibiahi Hank. t80 
Mitsutoahl Heavy 1.4 — 1 

d (wilnxiu forp.. 480 41 

3.0 Mu»ui&iV. 317 +2 

4.9 Miluiknabi 570 r-A 

6 6 .Vip jwiii UvfiMi '1,39 j 

A 8 Mplua bhinianJ 721 — 2 

— Aiasan llntorn ..J 748 —1 

6 3 Pioneer-.. 1,670 +11 

— atnyu ‘Kloctnc.— 241 

aekiaui Prelab—! 897 i — 1 

hweiiloL 


Aura Oil 2 Gaa.._ 

— Bamboo Creek Gold.-... 

Blue-Metal Ind. -— 

Unmtainrtlle Copper 


281 j+1 I 15 ; 2.7 j Brambles Lnduarriee ; 


.On« - |Dlr;] 


121.7— 2M 

17. le 

7.1 

lc7.5f+0.6 

14 

0.7 

132.71+1.7 

12 

4.6 

k33 +2 
Bod .'-0.9 

18 

26 

0 9 
6.4 



1,160 +30 
, 4 i +20 
235 —1 
406 —6 


—120 36 0.6 Broken Hill Proprietary—. 
+3 20 I 1.4 BH South...-. J 

=r~ 12 j 4*8 United Braw^y- 

+ 10 15 1.4 ^ 

I is I ..4 Gu^fivld* Aunt 

-El" il SI ,'»» J 

—7 Jo LI Gunxinc KUidnto— 

+ 10 48 Lb Uiwtatn Australia. — 

a- a H Ra g^g= 

+30 20 09 ®der-^niiih 

Jio 40 Industnca..— 

— 1 11 i-A JI*”- Property Trust.'..— - 

—6 15 1.8 g*™«*1ey 

1+50 30 0.7 S'tVLv"--- 

. 1L1 Australia — — 


J. 17)9. 18 

0^7!2US 


10.66 |+d.01 . 

tiS i"S j+Mafo. iajn j« 

tl.48 ^ncodoMraaU-.) 1J» U«.aSj.l7to.l8 

tl.80 Banco Iran Pfl -. La2 | — OJ7I2UB 

17.94 -BJK L33 U-O.0^JJ»j6Ml 

11^6 48.01 iS“ Ara ”-o p ~ 3b l l-OLi^Jjaoia.B4 

ti.80 1-... 85fc2d tS h^ilifiS 

M-M *«ra OP - a.79 +a«j J .9l!8^ 

Unlp PB — .. 6.70 L jO.flB‘4.58 

1S-1S Vale Rio Done pp| 1,25 U aflll ..lelliu* 


1.33 |-OJlKjJ)aj«sOl 
3.61 i-OiajJtols.84 


tl.80 1 — 

ts^o l*«44 


11^0 

t2-16 -.... 

t3.32 j-OA‘5 


1^0 '0.16,1 

wratkuxOP- 2.79 !+09<jj.23i8J24 

alp PB 5.70 I |0.aB'4.58 

ale Rio Does pp| I.<t5 !— 0.B1! ■.lBllLW 
Ttowrer: Cr JSMhn. VtAaae TVJha. 
Source: Rio de Janeiro SB. 


t2^5 1-JUB 
13.03 Mtt 


u|i; SSBSlSfisscrn 

o 3.6 ... , 


njahiha Lurp. I 133 2 10 

toyou M.<.g t 84 1 j— 16 I 20 

Sourer NUtka secnrtuea Tokyo 


320 L2 , l'y Jwnsi (Darvl). 

142 pi i “ 5 


iLH 35 JOHANNESBURG 
M,BE » 

12.82 hik * Hand 

♦i’S2 tfMK 2S* 10 am - s.ds 

t2>JO MUB Charter Consolidated 43^0 

10.80 . — Q.01 East DrjefotUelu ' 3C83 
12.18 . — KlatMznr . 2JS 

10 -15 — Harmony — — y*0 

tl.18 - — Kinross - 7‘*5 

tl-19 (4ft.fi I . ■-?" - - 1L09 


Rand +rr— 1 

6.B8 +I.U 


8RUS5ELS/LUXBHOURG 


doya> Tt u«t.— —i 


1* 5* 111 A* 

35 041* 

Oo3« 044 
194 I t!9 


Jim Walter. ■ 324 i 32ae j Herons Inti 854 . 874 l Wlaconsui El’eetl'.; 2b 4 


B.-eptreE'aoonesi 8 | 81* 

Soa^rmina— 1 2b6* 1 28ij 

Shall Canada j 15 I 15 4 

dberrln G. Mines Dt* j 63* 

aiehens U. G. 34 4 355* 

glmpauu 6 I a,* 

"itert ol Cana, la.. | 2cT* ; 264 
steep Rock Iron. j 2.64 I 2.7o 
Tewu Lenada— 465* • 47 
Turnotn Dora Jlkw ELS* 201* 
Trana Can Pipel j>) 184 I 84 

Trans Mount Ojirj b>* »i 2 

TrUec — ■ 1144 tl4r* 

Union Gas -.; 114 ' li>2 

Util.oia.-OF Mines' 81* | ;cS* 

Waiter H Irani i 35 j* ■' aas* 

"fit 0,-auil Trans: 124 1 111* 
U'esuo Goo. I 1 ip4 I IBS* 

t Hta 1 maraa • rraden 

«Nra StoCk 


EUROPEAN OPTIONS EXCHANGE 



F360 i 





1 

• IS I 



t — 

K365 

F370 ; 

1 

8 

— 

■ 1 

1 

; is 

1 

K3U ■ 

1 

• 2.80 1 

35 

I 3.30 ; 

10 

— 

P3o!so 

F32.50 

5 

1 1.60 1 

2 

2.40 i 

9 

; 4.90 


F70 ; 

— 

1 _ 

1 

1 9.70 i 

— 

; 5.40 

nr 70 

F75 

4 

4.50 ; 

16 

: 5.70 1 

— 

— 

„ 

rao • 

20 

1.90 1 

4 

: 3.50 

— 

1 — 

!«S65‘- a 

JS4S ; 

4 

i 21 1 

— 

1 — I 

— 

1 

1 

5*60 • 

11 

1511 

1 

! 161* 1 

— 

1 

- 

660 • 

12 

8 

2 

87* 

— 

— ■ 

.. 

S70 • 

10 

. 5 

12 

. 4S* 

5 

] 3a* 

. >■ 

S25 . 

2 

2S* ; 

— 


1 

! 4 

■S27l t 

&60 : 

4 

' 6I S 

21 

7 

— 

i — 

S663* 


BASE LENDING RATES 


G5l *70 . 

HO F37.50 ! 

IBM S240 ; 
IUM 5280 . 
IBM 5500 I 
KLU F155.50 | 
ELM F152.40 ; 
KLM F160 - 
KLM F161.90 , 
KLM I70F 
KLM P17L.40 1 
KLM F181 l 
KLM F 190.50 . 
KLM F 209.50 
,\N FU8.90 ! 

PHI F22.50 ! 
PHI F25 : 


|F37.60 

|£290»* 


21 1 4.60 
10 ! 0.90 


I “5 : 

- ■ 
230 : 


Suv. 

4 I 86 


an I - I - 1 - 


— [ — j 5554 


I 34 ! 825 J* 

| 5 ; FI 18.70 

Feb. I 

- I S733, 
174 

121 * 

- ! 6»24 


A-BJN. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd. 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W. 10 % 

Banque Beige Ltd. ... 10 % 
Banque du Rhone 101% 


Hambros Bank 10 % 

Hill Samuel S10 % 

C. Hoare & Co tlO % 

Julian S. Hodge li % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot 10 % 
Keyser Ullmann 10 % 

Knowsley & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 111% 
Midland Bank 10* % 


Barclays Bank 10 % * Samuel Montagu 10 % 

Barnett Christie Ltd.... 11 % ■ Morgan Grenfell 10 

Tl.nroi i.*. IfAlJiro.. T ft J TV tT • x .. ... 


Bremar Holdings Ltd. II % National Westminster 10 % 

Brit. Bank of Mid. East 10 % Norwich General Trust 10 % 

I Brown Shipley 10 % P. S. Refson & Co. ... 10 % 

Canada Perm't. Trust 10 % Rossminster 10 % 

Capitol C Sc C Fin. Ltd. 10 % Royal Bk. Canada Trust 10 % 

Cayzer Ltd. 10 % Schlesinget Limited ... 10 % 

Cedar Holdings 10J% E. S. Schwab 11 

[ Charterhouse JapheL.. 10 % Security Trust Co. Ltd. 11 % 

Choulartons 10 % Shenley Trust 11 % 

C E. Coates 10 % Standard Chartered ... 10 % 

Consolidated Credits... 10 % Trade Dev. Bask 10 % 

Co-operative Bank *10 % * Trustee Savings ' Bank 10 % 

Corinthian Securities 10 % Twentieth -Century Bk. 11 % 

Credit Lyonnais 10 % United Bank of Kuwait 10 % 

The Cyprus Popular Bk 10 % Whiteaway Laidlaw ... iot% 

Duncan Lawrie iq % .Williams & Glyn’s ... 10 %. 

Eagil Trust 10 % Yorkshire Bank- 10 % 

English Transcont, ... 11 % ■ Members of the Accepting Bouses 

First Nat Fin. Corpn. 13 % . w 

First Nat Secs. Ltd, ... 12 % g? acp06lts TO * ' ,CP0Bto 

I Antony Gibbs 10 % t- 7-day deposits on sums or no. wo 

Greyhound Guaranty.. .10 % ^ St 10 425000 

i r^| d ^f S M 3 h k re 2 0,11 Cwosto’iw S1*«W 2*. 

1 Guinness Mahon 10 % f Dcraaod demits 


and under BP'i. uu to £35.000 7«,, 
and otpt £23.009 8i%. 

J Can deposits over £1.000 7<+. 

} Danaod deposits Pi’.. 



tu» Tokyo Nawu-,- . 

NielrolM loieniattauat— . 

— . Korth Broken H‘dtnga(GOe} 

3UR6 (MJf hrt dro*- . I ' ,, | rn 1 1 | 

ar, DU 3»reb 

f™. +or 

— Net s Keck in ft Loin ion 

~~ 8- L. Sleigh — 

77*' ~ — Staithland Mining 

^ o"o RxptanSra — 

+ “■ “ WfillUDl • — ■. .. 

-li U 

~5 |170 6.1 

+25 1 150. 6 A p . BK 

l-*U 86 6.3 PAR » 

j — 5 164* 10.7 : bfl gr 


. 12.40 ' 1+0.10 Ji 010 ? evaporation —. — a« +0JS 
tO. 84 1-0.02 -7-W +A33 

tua kfl.rn Ml * ru* 

tO.16 f+0.01 pS Jr ^ te n 5f^? lfl — m.73 +9J5 

to.45 -om — — 1, M 

11.87 i-0 Jll - IS. TO +*l10 

13.00 ' ' 5 - W - 

tO-35 -d!ai wSteS rl ^Sf in ““•* 

.10.46. Western HhMl ngS ..--.-.■mpO +035 

11^1 i+o.oi western Seep UAfisfl 

®5 ' mma ^- 

— 11.60. , -.... Aogjo-Amer. lodrotii^™ 10J» +o” 

Barlow Rand 4.40 +0.15 

CNA Investments 1.79 +e.n 

~ OI j F^i 1 i d ' p» >u3s +i ' 01 


Efigara CoosoUdoted Invl 2-+5 

1 + 20 |4S- I +J Iteiite 4*. ' „!’■ 742.4)+ 1. 1 1 4lgt 0.6 l S 5f r,3 5' 19MB 

1 — 20 >166 u.« Alniiur uivirlYe 439 +13 Izi 16 4 8 R eady SA - . _ 43.05 xd 

, :<S!L6s! a.7 ■» IMS Jl litS - ? FL-denUc VoDesbelesshiBS . iB5 

;:s te 1 u .as ts 

(£^ iLtuj |:6 - -i ^ l£ liS 

L-pp )l7ul 6 Ji J.O.h -.-“' 883^-1.5; 31.* 35 OK “ = S 

F« «:« : ” 7 1 7 **? ; 11 Eff a?;— --- ii 

— sssftsFa-jtii'aiB s£H,= : - » 

Dome* -745 II-.. 33.751 4. Croup 3.B0 

&r‘^r* e8 : • 144.7l-0jju.1a 9.7 sw^Hoidinm ?'« 

I +or I IHr^XId. °^OcoMe*.raieJ 205 -1+9 | 8^6| 4.0 g^ PT H0Wi1 ^ ------— 1^ 

| — S j S Imorai '64 1—1 1 6.7i 8.9 C. G. Snath Sugar +*5 

r » J«ajn«BoreL„. 143^— 4.5 ! ~ SA Breweries 1.4s 

}— 5 8 3.3 ^ 

!+g j || i ^ | 6 9 Securities Rand U^SO. 

!♦£ K& 1:1 (Pisconnt of 35.4%) 

its 6 1 “'In SPAIN V 

! + 6-^,,“ , „ fi R,h "i V.V I 0IJR+O.8 ! 7.6 d.2 .. 


—IP ' 1 -— GlnhMertiue. -421 

Lreilit iJoiu. KVce ”184 

Oreuro* Loire >' 87, 

O Donieu 745 

IV.Pwirtes : 144, 

Price +or Dlv. l ld. °«n-OcoMe*.raIe4 SOS . 

P«- — % i % I moon 64 

— ’ —I' 1 Jacijne* Bore] 143. 

I , - I , , Eftaiws ] 210 


Securities Rand U.&£0.74i 
(Discount of 33.4%) 


SPAIN to 


VlEStfllOti. 1.7 PeranLUklinL":::! 304/81 +8!s f l‘.& a!s Ausn,t 9 

! jUU i L7 473. |-1 1 17.26; 3.7 AxUnd . 

i+SO 1 20 I 26 filt" 1 ?: 214^—.' — - Banco BE 


Per cent 
121 


i— 25 I 21 ! 1.4 l“ to technique.' -39 L..-, n .j 30 1 6^ 

1+20 lalb.5’ 2.0 22H PUl ® ;] 605 J+1 30' l aA 

1 :mS.I 52 «»ne Poulenc -.| lu3.a+X 9 i 8.6 

i-S 15 ! L4 -*-&tfw , i.i j. 165^+ 1.8 *14.65 9.5 

— 1 I 15 I 5.2 Rbralenol. — 1^70®.-.: — ; 39 I 2 J2 

; +25 2b! 1.8 293.6^-0.41263; 8.7 

! + 14 26 6.1 fe^ieranlque.... 782 (—6 1 25s! 3.3 

i-i-10 U 43 ttrauirto Brandt. 257.«+4.0 lft.16; 6.4 

!-*-3 I 14 . 4.1 \ 24 1-O.a 1 — I — 

•4-4 J l*i I 4.2 

+fj Jg JJ STOCKHOLM 


— — Banco Bilbao 306 

—j 30 6^ Banco Atiamlco (1,900) 217 


30' i ail Banco Central 


+ 140 20 3.2 
44 2.0 


Aog.9 j Enm 
AGA Alj<RrJ^^.| 216 


lu5.5j-t-X , 9 | 8.6 Banco Exterior 2n 

185^ +1.8 <14.65 9.3 Banro General - 279 

irTOtij.-.-...' 39 I 2js Banco Granada <1.000 150 

293. Of— 0.4 1 263| 8.7 B+nco Iltowrao - 2ft 

782 J— 6 I 26* 3.3 |«K0 W. Cat. (l.QM) ns 
257.0+4.6 10.16; 6.4 g- Ind-^Medlterranca.. 205 

24 I— 0.8 1 — I — Banco Popular 29> 

• : Banco Santander i2$0) 371 

Banco tTrqnUo (1,000 1— "2SD- 
. -■ Banco- viseaya 3*7 

g» +_» — 3 

Kr * * Banns Andalnda 243 


o- Babcock Wilcox 

gc 


las'®: t u as— 

- j a 

ill. .116 ii ExpL.RJo Ttafo ' 

e 20O\ -2 6.76 i 2.9 Teen oooo™ 

1 Ufi'uim*. 243 -1 10 4.1 Venora t Loooi 

— M'wt liut-B’tKrtc 147 -2 6.4 GaL Predados 

- 1— Hneroon’E-iKxftJ 146 1-1 . 6 4.3 Gropo Velaamaz ffflm 


+ 6.5 1 —I— Hneroou’E'tKifi^ 146 1-1 . i 6 

+2 Z 7 9 Kraolte 11 B"* \ 297 fr— 1 B - 6 

+ j 5 150j 93 Fagrevia. ■ jpg- 4 

IViin 62 ' 6 — 1 - 

+ 160 600 4.8 Kiuiiiestwnicen... 36X - 18 

+?_ — I — Marat, ou. 115 8 

-40 J.8 Mo Ooh Doto.trt., 65 — 1 - — 

— “ ran.icilt A_B n'<7 +2" 3.7! 

+7 - “J ~ ‘ K - p - *»' Kr^.... 78^-0 A 1 *Jt j S.X \ 


350 -a 

203 “ 2 

29 — 

12 — 

28S ,+J ' 

78 — 

53 — . 

302 — 

» - -1 

C&Sft -ft» 

W - U 

77 -1 


— j — -.K.F. Kis" 

130^ 7.9 1 karat Bnxkmia .. 
80| 9.1 r<u>lMll, -IT KrtC 

L'drteholfn 

VoIto (Kt. 6Ch— . .. 


J-l Venora 0.0001 " n _ 1 

5 "? ^Twdados 77 — 1 

3-3 77.75 - 

4,4 Pspeteraa Retmldas 68 + * 


186 -1 . 8 
74 -1 5 

60 4'X.T Sf~r-' 
-82-0M1.6 6 


16 4.4 fejyk™ Rennldaa 68 + « 

8 7.0 SSSHSf ■— 122 — 

>.% 5 H ISIS p y a " J r 

S' 5 *s T Ut - 


$ 3> »BU'-= 


B A I AMuauurctt ' SUE — Ox 

^.iTOttwi Snstenca IZ“ . « _ -x 


r ' Tnuacet I 

J onion uitf, 


W "-VX. ' ' 

» JO — 038 



























































Tii^^ I^ixrsaay August 10 1978 


23 


m 

'ARMING A 

HB 

ran 

> ] 

raw materials ■ ■ ■ 




JOHN CHfiRMNGTON, AGRICULTURE OORRKPONDOfT 

jXjji w tQnt S fa ^‘ a fw ff *>“**<* environment to swell 

^v 11 - ** very ■w* CpnUk'Jt will do this 
QtsanwuUins , if the stormy even when staodoR oerfnr-tiT 

weathw floes not change within straight * Perfectly 

a few days. From aU parts of - 1 u 

the- couistiy there are tides of m. 1 ®* eara of -parley hang and 

beaten-down crops and damaged ******;£? off. but 

grain. Although some of these a P™ 1<HJ sed spell of 

reports may .be . exaggerated,, WlU cause 

because farmers, ats generally s ^ rout ’ n 2-. 

Pessimists, there is no doubt that fo the ease of alternation of 
the grain harvest could be- on wet and dry weather, barley 
the verge of disaster. splits. This does as much damage 

The damage at this stage ig-. ^ ^aiity as actual germination, 
more likely to .affect Quelttr 0®® crops, are, beaten down, 
than quantity, and a good deal become ■ much harder to 
of harm may have been done - crwn ^h e becau» : they take 
already The-only swine grace in <«7- »“<* become 

the situation is that because of <wrgrown ’ with either second- 
the cool summer, many of the S? 0 **? 1 or-.. weeds.- The weed 
creeps are not quite mature: situation .has improved for 

- o,.* ^ ..farmers; who took the trouble to 

ntw .pnee Ahey are mature, use a pre-emergent weed-killer 
9*®. - ° ccuc - 35 when soMTOg,:last autumn, 
happened wjdejy in last year's - Secend^rwth, Which affects 
similar conditions, and the grain spring- .- barley in* ; particular, 
wcomes useless for anything hot means; that the crop becomes 
feed - • ■ '• ■ ‘ smothered, by immature grain. 

Wheat is particularly vulner- which' ■completely' ruins the 
able as the - ear v^tplds the sample^ A great deal of barley, 
-moisture, -keeping the- grain in espedaily in East Anglia, went 


gram crops 


down in J one, and is brfdly 
affected. 

The physical damage has been 
considerable. The heavy rains 
since .July 30 have probably 
taken a toll of at least 10 per 
cent of potential ' yield through 
heads being broken off the 
mature crops of barley, and this 
damage gets worse as the bad 
weather continues. 

Most farmers are equipped 
with sufficient drying capacity 
to cope with the worst of sea-, 
sons, but running costs are high 
and the resultant grain, even 
when dried, has, in the eases 
where it has germinated, lost its . 
value for milling, malting or 
seed. 

There is. of course, a market 
for all grain as animal feel, even 
when suffering from weather 
damage, but the returns to farm- 
ers are less than that sold for 
human consumption. 

A really disastrous harvest 
could mean a costly increase in 
imports of milling wheat and 
•possibly even some malting 
barley. 


A spokesman for the National 
Farmers' Union described fann- 
ers' harvest prospects as dismal 
“ It's a story of tangled crops 
looking more like camouflage 
nets than cornfields,” he said;. 

Cereal crops in the north west 
of England were being damaged 
by birds as well as tbe weather 
and farmers could not get into 
the wet fields to lift potatoes. 

The National Weather Centre 
at Bracknell forecast tempera- 
tures “ still below average as far 
as harvest weather is -con- 
cerned." - •„ - 

Tbe weather would become 
warmer before the end of August 
but still be changeable with-' up 
to average rainfall. 

Harvesting bas been virtually 
at a~stand9tii] in most regions 
for the past fortnight because of 
the wettest summer in more than 
a decade. 

For cereal growers in East 
Anglia and the East Midland^ 
it has turned into a “hit and 
run harvest," growers grabbing 
what they cao in from the fields 
between showers. 


Sharp rise 
in sugar 
exports 

By Our Commodities Staff 

TSE AMOUNT of sugar 
cleared for export at the 
Common Market's weekly 
tender rose sharply yesterday. 
The maximum ■ export subsidy, 

however, was reduced. 

The sugar management com- 
mittee approved the export of 
43,500 tonnes of whites com- 
pared with 36,750 tonnes last 
week and reduced the subsidy 
from 26 units of account per 
100 kilos to 25.491ua. 

The London dally price for 
raws was raised, another £1 
yesterday morning to £93 a 
tonne, and, as the world 

market retained its buoyancy, 
futures prices advanced again. 

December sugar, for 
example, gained £2.30 on the 
day to close at £95-625 a tonne. 

The Belgian Sugar Beet 
Association said rain and low 
temperatures had held up 
development of the crop. 



on coffee fond 


BY RICHARD MOONEY ^ 

UNCERTAINTY OVER whether coffee chief ’ would like the 
or not major coffee producers are market operators to believe 
considering setting oxp an inter- there is one. -? - 

SUPPOrt Both these- 'interpretations 
SLh fee fere ■*?*£ would suggest fiat Sr. Calazans 

St bf Sr. SmmtTSS- worl deoffee 

zans. president: of the Brazilian . '\v. 

Coffee Institute, that the question if ™!e was.lhe-. case he has 
was “a matter of commercial enjoyed tittle success so far. At 
secrecy.” . last night’s close, November 

The question arose a week ago delivery robufta \ coffee on the 
while coffee producer represents- London futurea, market was 
tives were in London for an Quoted at -;£ijH)4r£L205 a tonne, 
Internationtl Coffee Organisation £IS up on tbe day. This rise did 
executive Bpard meeting. not fully reflect overnight gains 

Rumours circulating in the- New York..;: . .. . 

market then .said that certain It was suggested in coffee .mar- 
producers were planning to con- ket quarters that .the rise had 
tribute $150m each to a fund been restrlcttdiby the influence 
aimed at maintaining a minimum of the stronger. tone of sterling 
price of ISO cents a kilo — eurrent against the dollar. - 
pnees are ground 120 cento. Tlie Rnmoum that ^Brazil had sold 
total value of the proposed fund 3m bags (60 talw each) of coffee 
was estimated at about Slbn. . . to Russia and thaf some Central 
The rumours, were quickly American producers had with- 
denied, however. ; Sr. Manuel drawn from tbe market had little 
Aguilera, director general of the effect on sentlxnatf. Dealers said 
Mexican Coffee Institute, com- there was yety Uttle physical 
roented: “There are a thousand business: -.V.- • 
rumours — but this one has no In hir statement Sr. Calazans 
basis.” . said that Bradl^ould continue 

Nevertheless, 'Tuesday’s state- to defend. :lfs, > minimum export 
niont by . Sr.: . Calazans has prire of 15Q cents-* kilo, 
effectively reopened tbe issue. Asked whether* 1 Brazil needed 
His com taent.; which appears to sell coffee .'because of its 
deliberately vague, has been spi ralling trade deficit he said: 
interpreted in some quarters to “Brazil always'- needs to sell 
mean that there is a price sup. coffee, but there.ia. no buyer in 
port scheme already in operation, sight and nothing to be gained 
Others believe that no “fund " from lowering the priee in order 
exists,' but that the Brazilian to sell at the majnent.” 


Platinum 
price rise 
forecast 

J OHAN NESBURG. Aug. 9. 

A SOUTH African platinum pro- 
ducer price- of between $250 and 
$260 an ounce, compared- with 
the present $240, is expected 
before the year ends, industry 
sources said. 

They are generally bullish 
about the short-term: market price 
prospects. In addition to reason- 
ably firm demand from Japan 
and the automobile industry, tbe 
market reflected a weak U.S. 
dollar which they believed could 
hot rapidly be corrected. 

A flight out of . money into 
commodities had led to very 
strong investment, ' speculative 
and currency demand for 
platinum which was boosting the 
price. 

Japanese consumption of 
platinum for jewellery, which 
accounted for about 30 per cent 
of the total market, was poten- 
tially very flexible and therefore 
major factor in determining 
producer price levels. 

With currency fluctuations 
there bad hardly been any move- 
ment in the price in yen terms 
for a couple of years, so that in 
this area farther upward adjust- 
ment was . possible before con- 
sumer sensitivity set in, 
Offtake by Japan was estimated 
at 750,000 ounces or more for 
1978, while total world demand 
estimates ranged between 2.6m 
and 2.8m ounces. Supplies were 
variously estimated at between 
2.2m and 2.5m ounces. 

Reuter 


Peruvian m in ers 
are ordered 
back to work 

BY CHRISTOPHER PARKES 

THE “ILLEGAL" strike ' by was inevitable. Cash metal 
about 45,000 Peruvian miners h?s gained £25 a tonne, dosing at 
forced 'the state industry to cat £323.25 while three months lead 
shipments of lead and silver, advanced £1.75 to £32&25 
The Government in Lima has Zinc prices rose briskly dnrin_ 
declared a state or emergency In the afternoon after a sluggish 
the industry and ordered tbe morning. The impetus came 
miners, whose stoppage has mainly from announcements by 
paralysed six major mines, -to Norzinc of Norway and Botiden 
return to work no later than of Sweden that they were raising 
today. their selling prices from $550 a 

Minero-Peru told Reuter that tonne to S625. 
it had declared a partial force Botiden said it had put up its 
majeure on some metal price so that it conformed better 
deliveries. “ We find ourselves to the present market levels and 
unable to fulfill all our contracts the exchange rate of the dollar, 
because of the miners' strike, u a Traders in London said that 
spokesman said. the increases corrected the 

The strike has affected produe- “ anomalous situation " prevail- 
tion of copper, lead, silver, zinc ins in the European zinc market 
and iron ore. recently. They expected other 

The official news agency said producers of the metal to follow 
that the strike had been declared suit fairly quickly, 
illegal and tbe miners ordered National Zinc in the U.&, fol- 
back to work in resolutions lowing the lead taken by other 
approved by President Francisco companies, put up its price 0.5 
Morales Bermudez. cents to 31 cents a pound. 

The miners, who have been Copper traders were also 
on strike for five days, want active on the London Metal 
higher pay and the reinstatement Exchange yesterday, prompted 
of 15 -union members sacked again by the possibility of a cut 
more than a year ago. ’ in shipments from Peru. Three 
On the London ' Metal months copper wi rebars rose £5 
Exchange, lead price moved up a tonne on the day to £745.75. 
daring the day on feelings that .Forward cathodes ended at 
the force majeure declaration £741.5, a gain of £3.75 a tonne. 


ICARIBBEAN AGRICULTURE 



BY CANUTE JAMES 

KINGSTON, August S. 

THE CONTINUING thatf In re- soya and 2m pounds of peas available to implement and ran 
Iations between the 12 members annually. the projects. It is estimated that 

of the Caribbean Common Market The second major farm the crop and livestock pro* 
(Caricom) has opened the way planned under the project will be grammes will provide 26.000 new 
for implementation of the group- in Belize, operated by that jobs, 
ing’s most ambitious programme Central American mainland 

of co-operation in its five-year colony in partnership with a "I- a* 

history. Jamaica, It will be sited on at UlStTlDUtlOff 

Just under three years ago the v^ey^fpr^du^ Sw With ** 5m P e °P le in 12 
members of the community {JJJJJ member countries living on ex- 

woriced out plans for a food pro- ™J“ • ^> a P ensive ^P^icd food, finding a 

duction scheme. The aim was to ,or Vum and ready market for the corpora- 

reduce the region’s 8600m ^ L num and peanuis. tion’s output will not be a 

annual food import bill, and .The targets for the end of the problem. 

eliminate the malnutrition which ten year period have been set at However, getting the food to 
has pushed an estimated 7.000 22.5m pounds of corn. S3ra o, e mar fc e t could be, as the 
children in the Commonwealth pounds of soya and 2m pounds of underdeveloped marketing and 
Caribbean to the edge of death, peas, with the maize being used distributive svstems in most 
A further 90.000 are said by re- and processed in Belize and the Caricom countries have had dif- 
gional health authorities to be soya being sent to Jamaica where fieulties in handling quantities 
moderately malnourished." processing facilities already which are modest compared with 
Political and trade squabbles, exisL ihos* which the corporation 

however, left most of the plans A regional livestock project has hopes to produce, 

on the drawing board until the been planned under the Tive Jamaican Agricultural 

recent successful Ministerial umbrella of the food corporation Marketing Corporation has re- 
Council meeting in Kingston and is to start in Belize which, ccntiy been unable to mov» 
breathed new life Into the along with Guyana, has large produce from fields, despite 
economic movement. tracts of underutilised and forecasts of heavy production. 

v nu , {t . unused land. The Belize farm is The greatest threat to the 

1 f- to be stocked initially with 25,000 plan, however, is the ever-present 

i° ,e J?, JEt Jamaican hybrid cattle. risk that political differences 

priority 5 although I? Is MllSely The ten-year aim of the tive- between member countries might 
toSem set for a decade af^r slock farai is ti> supply just ^ stall even kill the pro- 


its launching will be achieved. 


;ranune. 

Political 


leaders took the 


Capital 


Less cocoa 
used in U.S. 


under 600m pounds of meat a 
year. 

Tbe corporations food plan has formal decision to establish the 
also set a target- of 77m hatching corporation when they had their 
eggs per year in 10 years for the official summit in St. Kitts 
. The food plan is being admini- region’s poultry industry. Only }L 1 P e ^ b 1 ^_ n 1,, JJ-j Si " ce . th . en 

stored by the Caribbean Food a very small percentage of hatch- J*ttle has been done to imp] e- 

Corporation, which- bas its head- uig eggs is produced locally. S L'l h the 

quarters in Trinidad. It is the Ooc of the areas of greatest ^nic s^biUtv 
first multinational commercial potential for Caribbean food Wnic 6tablllty worsened. . 

undertaking launched under the production, and one which has 
aegis of Caricom and has a share been neglected, is fisheries. The 
capital of 100m Trinidad and area is not recognised as con- 
Tobago dollars. taining particularly rich fishing 

Jamaica. Guyana, and Trinidad grounds, but regional agricul- 
and Tobago each own 25 per cent ture, nutrition and marine 
of the shares, with the remainder researchers have claimed that WASHINGTON, August 9. 
split between Barbados, Belize much more could be done to U.S. COCOA bean use in the 
and tbe other members in the positively exploit fish stocks. second quarter of 197S totalled 
eastern Caribbean. — , f the cor nnration nearly 125m lbs— down 33 per 

Despite the problems affectmg a pla P s t J, cent compared with the corres- 

tbe region during the past two g a ™ * “ h a ve S aid S?t pondin S P^iod last year, the 

years and the apparent inability Sd Jivestock^rojwts De P a ^eru of Commerce said., 

of its political leaders to see eye ™ K^ted 5 are aiT^ Xre Net lmports of cocoa products 

to eye on most matters, one ^ readilv avauS.^ and ta the same P eriod were down 
aspect of the food rorporation’s 2,11 otSuSS JS rtSt 52 „ per c ™ t J 
production plan i s underway— ma t i p * 1 c on ditions are also Cocoa g ruadm $ s accounted tor 

a farm up the Berbice River in Si^Jible 68 per cent of the beans used ’ 

Guyana. It is run principally by Ia our compared with 55 per cent in 

Guvana, Trinidad and SL Kitts- The farms growing cereals and the second quarter of last year, 
Nevis. vegetables, however, will have with the balance supplied by 

A pilot scheme is being under- to depend on substantial qnanti- imports. 4 

taken on 5.000 acres which it is ties Df imported fertilisers. A The department said that total 
planned to expand eventually to programme is being undertaken u 5e could not necessarily be 
50.000. It will be planted with b y the Caricom secretariat for equated with consumption in any 
maize, soyabeans and black-eyed the bulk purchasing, and imports- given quarter, because part of- 
peas. It was envisaged that at the tion of fertilisers. the total might be used to build 

end of a ten-year period the farm There are substantial agro- stocks, 
would provide 25m pounds of industrial skills in the region Reuter 


COMMODITY MARKET REPORTS AMD PRICES 


BASE METALS 


■ tftrrnoog- - iWtecif u s^ ^ vsWcflir « it £SS« on tha lueJserto. Turnover L365 cents per pound)— Daily price Abb. .& 
taerlte* adlnai rh* dtfUr ■ K^rer wanes. . 152.56 (15LM). IwSauor prtces ads. 9e 

COPPER-Hteto- in active tndtu on ’iSl? 

the London MeuI Bxchuue. nrward ,5'J2 .Tj” 08 “" ^* **» 

mewl moved op front. i7« to l7A7 in On 
moraine (ollowmfi continuing talk Ot an 


Tunnvcr IMM iHiin. 
Amalgamated Metal Trading 


IminlnriR torce majwre doriaraflon oa .to la Um morning cath ylrebara traded wr * 
Prruvian stqqrites owin g to the atzike. JTC7. -ftaeo mertw ffASJ. At, -.US. - 
nh-tr, The upward, trend contloncd during ff. < 6 4, _B. - W.5. Caihodcfc caedi^cn, 
midday wilh the price lining to 1749 at £*** mf wta RP. CJ. C, OJ, -ft. 
one DMM before tt /eH away .to tbe K CT he..'Mreto ash ntr. lint mama 
£76SA Cathodes, cadi OSSJ-'-Aft «MM: 


» PPCT ionwu IWrfSSa 


vwh W-B Ml 

£ MiHitlw,' 746-.S i+W, 
Sa-Kl'ni'nlj 727.5 j+Uj 
CatbodoaJ 

Cwli ! 723-^ •+ 1,8 

} month...: 742 .fi ,+tof 
Ketil’m'm. 72S.fi :-eld , 
P.S. fimi J — • 


726-7 


IWS «, «S. AS, 44 S. 

«— Barely Changed. Forward .metal 


TUI 

B-TTl. 

Official 

r- 

p.m. 

Unofficial 

■Hor 


do £ 

£ 

£ 

£ 


6620-40 

+ 10 

6620-30 

♦ 1IJ 

3 month* . 

6650-65 

+ 1S 

6545-60 

+17A 

ttettfemt. 

6640 

+ l« 

— 

(MM . 







6620-40 

+ 10 

6620-30 

+20 


6635-48 

+ lb 

6630-40 

+17i 

Sett fern's. 

6640 

+ 10 

— 


Strait* K..^ 

1*1739 

+ 2 

— 


New York. 




— 


SOYABEAN MEAL 


Deafen said values at one sugo lost 


hers down' 72 per cent, average Price 
69 rap I +0.93 1 : Sheep up 1S.0 per cent. 


PRICE CHANGES 


up to r i tt per tonne, reflecting the ScpUand— Canie down 6.D per cent, 

TftFFKF steadier pound against tbe dollar and ^ce VO.OOp (+0.50>; Sheep op 

Li ; . liquidation in front of a crop forecast fro m Pt.6 Per cent, average price lS^Jp i + 3.7 1 . 

ROBUST AS ' title headway, as the U.S. Agriculture Department . doc Pi es down S4.6 per cent, averago price 

chartist and Commission House follow- shortly. Renter repeated. “ 


Prices later ®.6 d 1 — 1-3*. 

JBh aided by VLC forecast rates ot UK monetary 


reported. A steady close saw values 
Balm to mid-range £5- Eli higher on the 
day after some late. local trade mbort- 
coverrn*. 


jYewtenlay , 4 - nr 

Busirrea* 

! Close , — , 

Dime 


YeuenUy's* 
Close I- 


. opened stead* -.at *6.531! owing to the Ann- uonilns: standard, three months 6.369. . 

.+«•**• OI Ob « K^b: tt.CS. three CQPfEE - 

i^-fi.. ffige d up to -n,« P reflcc ttog.ltoyldWMto months X6S40, 45. 50 L Afteraora: IE p« tonne- 


— . ■! | .of copper. 


f-nr! 
— I 
I 


tCnertoRnr 1 

Auimat 1112.00-12.0 +2.5D — 


August 14 ■ previous week’s figures to 
brackets t— Fresh nr chilled beef carcases 


£193.45 per tonne t H 93.45 »_ 


package unless staled! 


Done December — +0.2D 1C9iHM»A0 5.10; toazlllan: ‘ Penu, 


February 
April 


1 10.20- 11.5 + 0.05 - 

>111.53. 12.2 -O^s: 112.00 


I ----- ^ Standard, three' mmuhs £6.50. 40. ». 30. -i*,. ..^ u . 

•.••• Kert: Siandard* months IKS40. .35. September.. 1Z80-129O +5.0 1315-1201 June 1 12-S0.I4.3 —0.5 D 1 — 

7X8-3 jgicc down to BMP on. the fcMt. lead — sUntuly Bnwr. After opening x OT erober 12OV120B+ T7.S 1Z2Q-1 ias August M14J»-UJ — 0.75 — 

.741-2. . ?»«,»• The market traded quietly to Qe after- 037 00 the pre-market lorward iZZzZr iiinvTrr ^ 

au Safcwujr-Trs S!=:S kH ““ m 1K 

SUGAR 



Aup.9 

Wfr 

+ or 

' . 

Month 

»P» 

Hauls 

Alurnirrtnm ... 

fe‘680 


£600 

S1040-60 

hrw market f-a- ■ 

:l.KD/6t 


Copfjer ssb W.Bnr 

f 726.5 

+4.5 £708 

i monUM Ho. do. 

t745 75 

+ 5.0 

£728.25 

Ua-h Cathode 

l'722.5 

+3.0 >£703.5 

3 month* (a. da 

^7+1.5 

t 3.76£723.7B 

Gnld...:^...Tnn- r«. 

-207.155 

+0.2BIS1BB.B25 

Lra-1 Csnb.... — . 

-323.2a 

+ 2.5 ] £3 15.7a 

i month-..— - 

Nickel _... 

i'323.25 

+ 1.75: £323.75 
£2.566 


LG. Index Limited 01-352- 3466 - Three month Gold 21L42I3A 
29 Laraont Road, LonflDa SWlO OHS. - • " 

1. Tax-free trading os commodity futures. ... - 

2. The commodity futures market for the smaller investor. 


COMPANY 

NOTICES 


THS "COUNCIL Of VWgnjX - 
lUSEtTUMKNT FUND FOR 


,000 


LOAN or I'LL 

7% 1 972- tOS 7 
Hotctm of -tpa anote Mwaoned ku»" 
are horewltn UHofmed .ttofl: the »rst 
annul Insutmeet 

oate amount ad Hw. M.WWOO N* 
toM eSecud ftv MrtW to tot which 
took place an Ut> joiv 1970 In the 
meaence er. ■ notary public. - 


Tbe hearts mudea With toe d oS “I '■ 
»•«« ten drawe^v tor a nd. Be came 
retoMnabW et per en and, after . 1 3th 
Seotember . 1S7B at -the odkes of tha 
wliowino banks: 

— OANOOr INTMNATIONALS a. 

LUXEMBOURG ■ 4A.— L«J*e«bo*itW 
—ALCEMEME 9AWK NEDERLAND 
M.V.— Amsterdam; . 

^Vd'lJR»ASSRSfr < ":. 

— BANQUE OE L’lNDOCNWId CT 
SUEZ— Paris; • . - . . 

After the ahewe Wed_» rd««n fMea 

■ -.jSecMte Anonyme. 

L u imnb pa rp. . 

10th Ana**!. 197»- 


CREDIT LYONNAW ' - ‘ .: 
U.S.S7S .000.000 -1976192 -• 
FLOATING RATE NOTE ISSUfe 


BondboMen are hereto 
that ceuooB No. 6 Mil M w Mms 
from February «». 197» at » uric* 
of U.SS46.f3 per eoupwL ra wteg the 

Irb** 1979 inclusive. T th w am 

sttst'vjiu S5 rt 5« 1 rsa^ 

182UG0CB. - '• ' • ■ 

CREDIT LYONNAIS-LUXeMRo^tC 


M.C HOLDINGS uMtTIft- 




T ^bT»CE '.is HE KEBY G I VEN 
Transfer onoas am) Rcatm^ of Members 


:A T a 


will be CLOSED from the Sth 
1979, w the ilOi September. 197*. 

dates IwluWve. 1 

Or Order of the Beard. *— 

C. H. JONES. Secretary. 


- Z 1 NO 

a.ra. 

Official 


pja. 

PnofHffatl 

Cash 

j month*., 
n'mcnc-.. 
J*rm.We«t 

£ 

317^8.6 

326.5-7 

31B^ 

— i^ 
—LB 

£ • • 

322.5-3 
322- .3 

ra^ai 


LEGAL NOTICESf 


BANOUt B BIBgW D'AVOgRUI 

U« 35 .80 0.000 

FLOATING RATI NOTES DUE 19*A 

In ittHdiiiu en .tu mriitOM Of - 
hMpreoce Apcocv AanrmA 
Esterietire e'Atserle- 


berween Baaoee.— ... 
and Citibank, NA'I mm ■ w 
A np«t 7. I97fi.-awj w.ls h wyto WW" 
that -toe Rata at liaerrat hat .tog 
fixed, at 3**%. and tMV th«Xb<a|>«n 


dated M of 


Amount nyatua orfttiWT 9.197V 
anaiMi Coueon ; No. 1 wBI be 
U5149.1B an4. ttot.iuCO •"«*«* W 
ton computed «*_ ""Kl? 

of van «a peed n«4> dl»w«i to 36V. 

BVt CITI6ANIC. N-A-^LONPON 
Aupuat IP- 197*. 


PuWlf llmltM*SUlpSto , ^te- *b# SJWto 
and fapiWMBoa -ot-rto^ Stoma Claude 

Capital: ^L7^91CJltb 

75 quai*i«Sav. p*«»:7sneT 

■ 

a* FWKh franc* dO.OWJJOO 
We intoret the ■ boMboMm mat toe 
company h» . wriaWM Vy. marbet 
700 nends o» Frauen francs 3,000. uws 

g gg 

,e 

Momiiiai YftHir off bonds rwolntea Ifl 

2«flrtsar , fl fesr^sar^s 

as om.om. . -. - : 


been prewnM 
ht^pambera 


have._hot yet 


'ThV’fWtowhttr bonds, drwrn tor nteav- 
m«m in 1972 yd t? 

Jungrthnin of ton.' 
' 13th D«ebae-i97d 


o VI? to 9.SBB 
a .4117 
1.J4# 


0,5 CREDIT COMMERCIAL Dl 

financial Abw* •« *** Che**#* 


No. S60WS ot tsw 

ia tbe tnerr court OP ' Jtgncs 

Chancery DMalon Cumpanted Cauet -i n 
toe . Matter U K . * ■- ■ 0HMBW1 
GROUP UM1TSD and hi tbe.JMfer of 
The Cmwanlw Act, 1948. 

NOTICE . ZS HEREBY CIVHIC, » 
PodHaa Tor the Winding up of te aifave- 
tanwfl.CnafiBRT tar the Htab-Cwas y 
Jnatsee. wm- on toe Tib day OtAugast 
WB. P MCBftd to Ihr sald govri by 
ARTHUR COOPER tWINE MEftepa^n 
U3f rret> : wImmc Registered Oflfce 3m at 

IT -OtmtotoURd Avenue. Faifc; Rbpft, 
NW» TRN- in’ toe Comity er Cititrr 
L a nde d - W tae MenhanLs. and that toe 
said fVritwi K directed to to heard 
tsefOra the Court Siting at toe -Stoll 
Cearat «l Jv#tce. Strand. toadeo.WCSA 
3LL. on toe Mill - day of October tm, 
and- any ctedlior or coatnh miBT -of -the 
said' Company desirous to ttevort' or 
opp u e v tbe matting of an Order m the 
aaid'PeiUoB may spew M - Jto -atme 

Df hearing Jn JHRsn OT 07 IOS COODBri, 
for tom porpose: and a dm «t toe 
Petllton wiH to furnished tar me under- 
shined ro any creditor or coatr&utwy 
air the said. Company rooirirtog rodt copy 
on pUBHK Ht toe rvgiilMefir^bme tar 
too same. ■ ■ ■ • 

> ■ raOWER 5THX * ftSBERG, 

• I^W^- e^nn^Lnadim. W.CA . 

- H*fc'RGW/AJB. ™^-M538ia. 

Agents for J. S. B. ttUXL 
. - • BetonlBurr. 

-. -.BrWrt BS60 TUB. .- - . 

. ; ■ Sob chore tor ito PetMetor. 

NOTE — Aw perron wt»o . tmrodg to 
appear oa U» hearing of the stgt Peotton 
»wt ur«t «, OE send *» JW TO, tm- 
abevc-named settee in wrntagvef hig 
aawulou so to do. The notice dost -stale 
jto name and address ot iN-jenm. •«. 
,tr a firm Jhe . name' aed ot-Jbr 

Lfirni aod'masr be signed to to -prison 
or flrot or .bin or ttwlr BWwrfflAioi 
Bnd.AhM -be served, or. tf pectM, Bmm 
be sent by pw » 

wadi toe. anew-named mt later .tom 
fonr e'etoeft- tn toe afternoon of the 
Ua day of October i&iS. ' ■ 


possible force majenre on Peruvian lead inoo-inzo 

supplies. Thereafter, however, proto- 100 °- X0Z0 

taking came into toe market and the price ! 

Ten back to close at £3272 on the late 

kerb. Turnover MM tonnes. icq Indicator prices (or Aug. S il\S. 


Uroguayan: SO/144 $2tt-6.h0. Tan serin 
Brazilian: 5.V<C r..5O-3.G0. Mzndarli 
Urneuayao: Efleodale lA-Mo cartons 7.S0. (’Vee-Uontet icififil .l: 1.73 
Lemons Italian: 108/120’s new crop 5 0B- I 1.90 

S.20: Spania: Troys LS3-2.40. large boxes . 

4.J0-3.5Br 5. African: 4.2tM5.M: Uramiayan: Pumnom trov o*. 'lI 2B 
28/150 5.00-5.70. Grapefruit— S. Afncan: 
am 3.40-4.50: Jafla: 40*8 4 .00; Areeotlne: 

T*..hg tu.'siu u,Hi< Coortlne* W“«amuvBr iJUlo.ij.-iJioiau 


+ 0.01, 


, nuB - M n .„ v , Ruby Red 4S/S6 S.W-S.BO. Marsh Seedless ‘ I.‘iabs„ 

LOUDON DAILY PRICE -raw mgarl ^ califorolao: Marsh Seedless I- 2 - 1 l288.6p 


133.00 ( 82 . 00 ) a tonne df for allotment, c, & « 4 -v. Rnij« orvi jg SOO- 

Sales: 5.4S9 i’ 3,683) lore of 5 tonnes ^7 Price w to fixed at uruttnaron: Marsh Seedless 40/64 L2flu JaSb 

.w , 4 40; Jamaican: 27/84 3.60-5.20. Apples- 


H2.8 


fl.7a 

1.88 


u:i33 

+ 1^ IEIB9.2G 
S126 51 


<!81.35 p 


LEAD 


Cub 

3 month! . 
ilcre'ra’nu 


— — L L, jTS- cents per pound): Colombian Mild 


Officml 


j+ o*j p-m. 

Unofficial 


UjL SpotJ — 


£ 

328.8-3 
327.5-8 >J76j 
323 +.5 


£ 

+.5 


Keen buying at the opening ftamd only pn^rb: Golden bellclow s'ilh Ws 4.70. :-i* j 


4 . cxr fcC “ ,a itoerodMfi*. t riW Mi ifiii Anna ~~ — T~* “T. — — -W-...P Ti: rrmcti: uwa?D uitiiciuiiti *imu cm 5 7.m. :: 

PIT Arabicas 170.00 tUfiifii: mra-ashril *^25, tSSS*?.- ar,d ^ p T ,e “ 4JD; Tasmanian: Stunner Pippins woMrem StWiha' 

Arahjcas 133.00 fsarne.i: other m^d advatoed about ISO points from 9 4 ( 1 . 9 . 80 : s. African: Granny Smith 9J0; °—b, — 1 

1 - Arabicas 124.08 fl22£3>; Rotxmas ICA levels. Farther wins a-ere recorded vv. Australia: Granny Smith .9.40-9.50; „ 


gale L* £ s 1976 ‘lttttTmS.oilt; Robuscas ICA as the dollar again woakenei ltalf anT^PsT pound Rnme'^ Beauiy'^O. Is’. Potneora 

328-3 i+L75 116 75 UttJfi). Dally average 12019 back to opening levels, C. Golden L Drllclous J.JM.20: Spanish: New Oils 


19131/56 
C322.75 I+5.75IE312.5 
L552.25 1+6.5 ^£622.575 
650-800 


i2 ^° r.!.- ««•«>; 

31J5 


Czarnftpw reported. 


ARABICAS were mnraded. Close «in 
— older buyer, seller): Aug. 1 <2.00-184 (O. 


tm. Afternoon: Three monlha £328.5. mated, Aug. tmuaoted. Sales: mL 
28; 2&i. Kerb: Three months X328A SS. 


crop 0.18-0.22; French: Cardinal 0.09. Cocooiu (PbSi) 

Pears— French: Corot 28-lb box 3 30; Grounrfnnt 

Italian: 20 -fh 3.A0-3.G9: per pound Spanish: Unaee>1 Crude iti 
W illiams 0.20-0.21: French: Williams 0.17. fttijn 
Peaches— Italian: 1« trays 2.20-2.90: ^ 

French: I.60-Z20. Grapes — P^r peand 

Cyprus: Cardinal 0.40. Sultana 0.28. Seeds 

Thompson 03M.3S. Rosakj 0.40. Ajpbons? Ibpts PfaUlin. 1 

fc4.5a-Sl.40 0 - W: Spanish: Cardinal 0.25. Que-on of Soynbwa 

56.6o.t6.b5i 93.30-83 55^ Sfi ;iu « m toe Vineyard 0^5. Plums Spanish: 

108^5-00.60 ^n/A-^anlimsn.va an ■* Santa Ruse X20-3.6O: Call font} an: 


sugar' 



*TeI. [Yesterday’s 
Comm. J Close 

Prevtous 

Close 

Business 

Coxra. j 




£ per tonne 
05.75-33.80 • ol.OMl.4 


.-635a 

l648 

L'331 

.-540r 


?AS5v 

52557 


17A fiBAFVC 

ZINC— Gained vrwtnd on balance. The UiVUlIJ Ocl 1 

flnnness of capper and lead enabled dne LONDON futures fCAFTAl— The *>«. — | 

to £dc? np to- £S29 in the marninKbgKire npnifrt lOp Ugber. Wheat is vefJ March 

profit-taking pored tbe price to IStW to good volume ranted on heavy short- Slay 
the rings. In the afternoon, however . the covenw le dose firm. 85-105 up 
price rose quickly 10 touch £33 US follow- ^ —yh «? lore traded on Ndv 

log news that National Zinc had raised sav moparr in the spot 

*« trade wan faidy thin. Barley dosed Saiern'iSM <2A87i lore "of a'lmaf' A^c*do5^k^^''Fner;e 1 f-5'sJ Whm r 

SSJ, Slg, ® Uau,T 45sA “O toe day, Adi reported. JTfn^ and Lyle ex-refinery pn^ fbr S. African: Ftort'e 3.554.00: Ivory Coast: Nol IJtod^pnnc £91.75 

puce 10 IW. ya wre w ; sraanlated basis white sugar was £2«4JS 4.DfL423. Capsicums— Dutch: Per 5 kilos A Herd Winter- ; 

WHEAT BAR LEV iRnti 1 toone for home trade and 2.60: liallan: L50-1.SB. Cherries— WasUnc- English tfillinyt il‘33 

O*L 0S f £ 152.60 1 far tarpon. ton: Per pound O.M. Onions— Spanish: Cocoa jbiumeat.... id 1,874 

Intaraatiotul Sugar AgrecmOB __OU. 2.553.20: Mallcse: 1.50. Tomatoos— Dutch: future Nov. E1.8Z3 


price eased fractionally and dosed 
ABB, Turnover 5.323 loons. 


M’nth 

YesterdayV + or Testentey 
close ■ — • close 

s' + or 

tfept 

66.35- 

-+0.85 

79.75 

+0.5® 

Xw. 

B6.70 

+ 1.B5 

82.40 

>+0.51 

J$IL 

91.40 

+OJ0 

85.10 

r*o^5 

Mar. 

9i.fi J 

+OJ0' 

87.60 

+ 0.«5 


96-60 

+0.30 

90-20 

+ 0.4B 


U.S. Markets 


Strong rally 
in coffee; 
cocoa up 

NEW YORK, August 2> * 
PRECIOUS METALS nmuh^i steady an! 
Commission House baying as the dollar, 
continued to weaken. Bacfae reported*. 
Coffee dosed strong on trade baying after 
news of Mexico's reopentng of reglstra-- 
tJons. Cocoa finished firm on trade 
arbitrage baying- Sugar dosed near m>_ 
changed after early losses 00 Commission 
House stops were regained by Ute trade 
buying. 

Cocoa— Sept. 1K5.7B (153.75). Dec 330J0-- 
. (149.00). March 14BJ0. May 144.08. July 
14*56. SepL 139.60, Dec 13750. Sales: 
+ 17.6|£6,54BJ | sag | 0 is. 

Coffee—" C " Contract: Sept; 129 JO- 

126.75 (122 54), Dec U8.45-133.50 015.00)1 • 
March 109.75, May 10L58, July 163.00- 

ire.so. sept, moo-moo, Dec ibo.od,- 

102 00. Sales: E25 Ms. - ; 

Copper— Ang. 63^0 (63.38). SepL 63.60 
(KLSfl>. OcL 64210. Dee. 65.40. Jan. 66.00, 
March 67.15. May ©JB. July 6BJ5. SepL 
7025. Dec. 71.75, Jan. 72.30, March 7X35y 
Ubv 74.35. Sales: 4.100 lots. 

CoUoa — No. 2: Oct. OUtMtlJS (61.07). 
Dec. 63.20-63^4 (63.62). March 64J5. Mar 
fiSAS-BS.DO. Joly StSO. OCX. fi5. 05-6500, Dec . 
65 35*68.40. Sales: 2,650 bales. 

‘Cold— AtU- 21)8.40 1207^0), SepL 209.40 
(20S.50J, Oc?. 210-80. Dee. 214.00, Ffta 


tnlMu dose— Wheat: SepL S6JO-S5.W. Season. Bache reported. 
Morning: Three months 038.5, 57. 263. Nov. hS.7B-S7.75. Jan. 9U55-WJ5, March (Pence per kilo) 

Kerb: . Three man tha £327.5. - Afternoon: 93J0-8LS8. May KA6-9CJQ. 


««s per pound fob and stowed Caribbean i>p: Cu.’nw?r: 1.80: Jersey; 1.50. Melons Coffee Pbture._._ 

hero. Prices for Aug. S: Dally 7.06 —Spanish: YcDow en* 2^0-2.76. Bov. It: 1.204.5! 

<‘•05); 15-day average 6.48 (6.42). Eeslish Produce: Potatoes— Per 25 kflos Cuuon ‘A’ lodex 72.05e ,—0.2 

1 .20-1 40. Lettuce — Per 12 0.60. Cos 1.00. toar Into,... 53.25f +OJ5| 

tVrbbi 0£0. Rbnbnri) — Per pound, out- >u^ar (Raw) _.-':P3 — 

door 0.06. Cneumbers— Per tray 12/74' a ffoiiinn i /s 

LONDON— Quoubly dearer in a doD B.W-L0O. Mush rooms — Per pound 0.40- — — " 

— ' ~ ■ 0.60. Apples — Per pound Grenadier 0.8ft- 


WOOL FUTURES 




8675 


£688 


£646 

+4.0 

5590 

— 

5455 


* 

+ 0.5 

EBZ 






91.5 

+ 23.5'£1.7B!.B 

+ Z3.0 

E 1.728.6 

+ 1B-0 

E 1.283.5 

—0.2 

7U.Sa t 

+ OJ5 

53 ■ 

+ 1.0 

£89 

- 

2u*r> 


,h.h— — j v. Saleg; 25v AnttnUin TfHimtv'i 4 m ttnainn 

Cash 03. three months £328X 2«, 28 75. loo. Barley: Sept. 79.75-79.59, Nov. 82.45- Gra^lciZ lT_) 

29. 29J, 30. 31. 36A 31.' 32. Kerb: 62J0, Jan. Sl»S4J9, March 87jC87^5, ”°°1 LIO<e ■ ! 1Jone 

Three non tbs £311 J. 39.5, 30. May M25»£. Sates: 139 lots, 

r Cents per pomd. t On prerioos tmcfflrtal hg c a— l a em tafi ex-farm spot prices, October 

dose tOC per picul. Are 9. Feed hnrlon Shropshire £75-50. Deeemw 

Kbw £75.50. ilareh 

CTTVCP U.K. monetary co-offldenr r®- the \j7 v 

3AX^v£JV week from AU& 14 is expected to remain Jc!y~ 

Silver was fixed iSo an «mc» lower .. , OeteW 

Mr spot delivery fat the London bullion IMPORTED — Wheat: CTOS So. 1. 13i nww mh— 

.natter yefierfay at 286 Jp. U.5. eent Per con. Anc. £90fi0, TObmy. U.S, Dark 

iMttivalenls or the fixing level* were: spot Stontorn Spring No. 3. 14 per cent. Aim- 

358.1c, Unchanged.' ihree-mcmb 3«7.6c E5.58. SepL ET SO, Oct £7109 traasA:p- KQ (same) lot* of 1.5W kilos. - ... _ 

down o.Bc; str-mnnth 578.6c down 9 7c meia East CnasL seUerg. u& hard j£? l ! SY CREASY— (Jn order buyer, Lanons 0I5 - KiVers 81S - Cs * r « 0.10. 

and B-mtmth SOI*, down 13c. The metal Winter ordinary. Australian. Argentine. »«er. business, sales). Micron Comma: 


Jiusinraj 



| 

.W2.a ; + 0.5 
J-47J ;+ i.ol 
! 45. 0-49 J3 , + 2-to 

!«B.tM7J> :♦ i.o; 

-.040.0 :+U0; 

62.9 ; 

W2+2J 


mi Ti„ ail ^ ... "No m i n al. T New crop. iUntnaoted. 

R^rrJfc m J^e-Aug. vJulr-Sept. a SepL rOct. 

Bramioy d.i*. TamxtMs* ■ rff 12 -jd j Seoi JVt *i in? x Per 

Encltsb UMA Cab««ae*-Pcr crate nrirl 

0 SO-l.OO. Celery— Per toad 0. 08-0.12. . “ r DrlCB - 

Caullfknrerp— Per 12 Lincoln 1.00-L60. 

Broad beans— Per pound 0,07-6.08. R aimer 
Beans— Per pound Stick 0.20-0.23, Ground 
0.19-0.14. Peas— Per 

Cherrlea— Per pound . . 

0.40. Beetroot— Prr 28-lb 0.664.80. Carrots 
—Per 3-lb WSB-IJiO. tapslccuns— Per 
pound 0.1641.22. Cnorpeucs— Per pound 
0.07-0-10. Onions— Per bap LOD-IOO. 

Swedes— Per 28-fb L0O-1J8. Turnips— 

Per 2S>)b l.oo-lfio. Plans— Per pound 


s urouna 

pound D.054U6. rvmrcc 

Black 0.56. White 


opened at im-SVjp l SHJ-636C) rod dosed Soviet and SEC grades unquoted. 
al-2W.2»B.t5S3WBci. 

RUBBER 


SltiYEB 

IW 

tiw oc. 

Bullion 

fixing 

pricing 

f or 

" 

1>.M. B. 
close 

SJM 

JBWI01L 
Bsnooths- 
12 months 

286.ttp 
294 p 
301.6p 
317.2p 

—2.2 

-2-1 

—1.7 

-1.B, 

254.55a 

292|) 


H- J* EASIER opeatng on tto London physical . V ^ 5 s ; 6 : 

— market Duel tftrmmhoat tbe day. dnnu 


Oj?- S47 £, 347A347J. 16: Dec. 356.0. 

359.WS3J. 4: March 362-0. 363.0. 
TP -3-363 5. 8: May 364.6, 363J, umraded; 
376.1. 371.9. 371.0-371.0. 12 OcL 3^^. 

4: Dec. 375.6. 3753. 


^W ZHALAIfU CROSSBREDS— Small 

Peai reponed a- Matown sodom pnre SSSJ® SP" ?£}**. ^F? e 

nf 2323 (23213 wm* a kilo (barer, «*r buyer, seller. 


fVS Augnst). 


Peru fish catch 
bigger than 
expected 

WASHINGTON, August. 9. 


1 . • 

""** So. 1 i Prrriuni iYe*t'pd*j , '«^ Btretmi 
__ . R -5.S. 1 Gum Glen drae 

-Turnover 146 (264) lore of lOJWfl • 

os. Morning: Three months 294.8. 5.1. 9S, : ; 

MJ. 95. 5.L 9U, A5, 4.7. 4.8. 3CrebK s^pr. 1 w MAi w M.Wl-MJHl' — 
Three months 284-3- Afternoon: Three Oct, , b*2b-tSZz' 


^ostoess. safest'. Occ. tss.o. 185.0. nc 

Sgil £" ™«« total industrial fish 
“graded: Oct, 1 E 6 . 6 . 1 K. 6 . mnraded: catch in the first half of this year 
Dec i»j, 291.8 mnraded. safes: 7 lore, is npw es tima ted at 1.43m tonnes 

meat/vegetables and 258,400 tonnes above^the 


LS is sij li' tt.53.tt.73- B.4fW&Z 65-M5.1D ^fpeoce per inMtf: 2!? “2® ° f J 15t 

tZ Kerbs: Three t am i M 292, 9L», L5. S7-Mis7-Sft *<7 skat « t? ^.i 7 in “Hen 


IA, LS. 

COCOA 

Good nndcristaB uon s unwr demaafi heW Jm-Mar fe5.la-tS.2B B4.R8X6.W — 

prices steady toronahout the day. despite Apr- Joe b7J.5-57.iO 67.KEffi.Rl 



Agriculture 


- -f-bmtied origin selling. G1U - rod DnSUs 
repanctL 


sides 53.0 to' ss. 0 ; msicr year, the U.S. 

Department said. 

-. a field report from Lima, 

aSSi^fare 616 To“’aa.B: Dwdt the department said that the 
ends 78.0 to 84JL large catch in the first part of the 

- EBRllSh smaa 5S - 0 ,B year, and the expectation of a 


COCOA 


_ Safes: tt ("“tfi inn nf n iminm nv* Scotch ncdiuas sc.o" to 6?o,^iSgvy u.i larce catch when fishing resumed 

lYeotraday-s' + orj - BualiwM Wltli W.of 5 tonnes. » 5BA litmoned frazeo: NZ PL 51^ next month, pointed to a 1978 

™ « S“ -th "/ topnes— tbe 


FINANCIAL TIMES 


An*. 8 1. Aug, 7T.Uomb Yeorggp 


336-661 S3S.S9I 25 9. 44 I 341,59 
(Base; July i.‘i9S2=ii») 

REUTER'S 

Ang. BT A oi. 8 I'cnra^r. 


MWiWl.? I 1454.7 1 1496.7 
I BareTseprenher' ta.’ nni=i6oj 

: DOW JONES 


dow I Ana. Ana. I Month 1W 
Janet | ■ B 7 I sen 




5.4 1 i5o3.0e|ai5,8 1 jaBB. 14 
!.03i 94 1.9S 1 : 4Z.6633 1.86 


(Average 1924-25-26= 1 M> 
MOODY’S 


Moody’s ; 

Aug. 

Aug. 

Month 'Year 

8 

7 

ago J ago 

Sple 0 >mintvl 4 i 6 . 2 l 

1 * 12.6 1 

IdlZ. 2-315.6 


(December «. lB3l = mo» 


Clone 


— Dane 


NOkbCantrt- i ! 

•Sea L 1651.0-82.0 i+SO.5 1M2.6-T6.9 

life-.. lb 12.0 14U) 1-tZS.D 18T&JL1B08 

Marsh ;i779.v-8#J> :+25.5 17K.0-70.9 

Uar.—.JllU.^ffi-9 5 + 22.0 176DJ-U.- 
July— —,.17583 57.0 1 4 241. 1758.0-28.9 

117.5.0- 24.0 +22.3 — 

itec.^ ;,-.-u6JjLina 1+ggJ — 


Spur XL25p ‘*aatei 
Oct- 56.2SP l SC. Dpi. 


COTTON 


4i.o. lUft-StosaTTi "mm ito same as last year. grimsbv c . eu _c , ^ ■ 

The large catch was partly sS ^ “ 


TLard— Chlcato lease unavailable 
(S£S). NY prime steam 23.87 traded 
(23.75 traded). 

tMabB— SepL 21BJ-21B4 (214), Deo 


0 Platinum— O a. 268.78-270^0 (167. SOT, 


TSftvcr— Aug. 553.70 (654 DO). Sept. 558^48 
556 90), Oct. 569.40. Dec. 5*8 JO. Jan. 


search 034.70. May 6443M. Sates: 12.000 
lets. Randy and Hannan bullion spot 
351.50 1553.00). 

Soyabeans— Aw. TO4-6MS (60M). SepL 
MI-901? (MU'. Nov. 594-5051. Jan., 803... 
Wi, March 910-611, May 91B, July 819?, 
ADR. 617. . 

USoyabean Meal — Aug. - IB7.B0-357.7fi* 
058.30). SepL 158.38-158.50 O5SJ0), Oct t 
159.20-159.00. Dec- 190.70-16030. Jan. . 

Ufi.00-1B1.S8, March 165.00, May 167.80. j- 
18750, JttlS. m.m-1 58.76. . . £ 

Soyabean Oil- APR. 33.40-23.45 (23.321. V 
5CPL K.66-2.65 (22J2). OA 22.BC. Dee. 
21 .m- 22.60 j.m 21.55, March 21.39, May *: 
21-00, July 21.00. Aug. a JO-21.65. J 

Suffer — No. 11: SepL 7.00 (7.M). Octi " 
7.08-7.10 1 7.11 1, Jan- 7JO-7.40. March 7.61, 
May 7.74-7.7S, July 7.96. Sept 8 15-8.16, li 
OCL 8.20. Jan. 8^0-3£0. Sales: 6.825 lout; n 
Tin— 5S2-590 nom. (390-396 nom.). * 

"Wheal— Sept 3071-308 ( 305}). Dec. ? 
305L305; (301|), March 304-8634, May SOM, J 
July !S0], SepL 2934. < 

WINNIPEG. August 8. ttftye — OcL 99.00 ? 
bid W920 bull, NOV. 88.50 asked 190.08 '* 
asked). Dec. 67.08. May 9220 asked. ^ 

ttOats-ijfl. 71.00 (71.40 hid). Dec. TUB J 
asked 1 71.50 asked). March 7050 asked, i 
May 70 jfl asked. Jnly 71.50. ‘ 

tXBarley— O cl 73.00 (71.60), Dec. 7LG0 1 
bid (72 "D asked). March 71 JO asked. May 
TlSo asked. Jnly 73.00. 

4t Flaxseed— On. 230.30 f23O.S0), Nov. v 
339.30 asked (330.00 asked), Dec, 237.90 * 
hid. May 234 bid, July 339.00. ' 

SCVWieal— SCWRS 135 per cent protein - 
conienl df Sl Lavrenev 151.79 (182.79). ~ 


All cents per pound exrtrarebooM 
unirts oibenrisr staled. ' Ss aer tray 
ounce— 100 ounce lots, t "Chicago loose 
5s per 100 lbs— Pcpl. of Ax. prices ore- 
nous day. Prime steam fob. jfY bulk 
tank cars, t Cents per 56 lb bushel ro 
warehouse. 5.000 pudwl feta. Jss per 
troy nun eg. lnr tt is units of 99.9 per 


■MS'**"!*' EndisbtameffiS.to attributed^ "rabtiCeTy *Ia*nje £tiST5SZ\fg S5S SEAS’ '\ST-fS 

-raj* i. miuraci m % a sbor. ion for bulk lots 

nl IK) short tons delfrerd fob cars 
ChiCiuo. Toledo. St. Louis, and Alton. 


.eeklyTuchovy £teh«'of S ^ 

rs fatnocfc '™3PJ "5L55S2* ’ w !5 a»a£*X tot a 


fiatem xes (S«3) Sore of 10 tones. 

tMaraatteu! Com OrputailM (U5. RPOTUd. 


LIVERPOOL 

man safes anmnnred 

ins ibe total fur ito ml so far to 27* oricra 
IttitoX. Small loHnes hnstsess was 
reported in East African and Sou: 

Ammom growths, P. w. Txnersall . ..... 

f+L2>- Eastand and Wriw-Cartfe. autt- Reuter 


Sal the fl.60-SL0tir 


biabei in store, 
bushel, tt Cents per 
ex- waren truss. B6 Cems per 

|l» ■.■XpJloZ?™*- lm «»“ 




Widespread advance in equities after initial bout 
of uncertainty— Share index jumps 9.2 to 516.2 


Account Dealing Dates 
Option 

"First Dedara- Last Account 
Dealings tions Dealings Day 
July 24 Aug. 3 Aug. 4 Aug. 15 
Aog. 7 Aug. 17 Aug. 18 Aug. 30 
Aug. 21 Aog. 31 Sep. 1 Sep. 12 

* “ New time " dealings may take plan* 
from *130 a in. two buslnoss days earlier. 

Apart from a brief spell of 
uncertainty at the opening fol- 
lowing further consideration of 
the disappointing mid-July bank- 
ing figures, equity stock markets 

resumed the recent strong up- 
ward movement. Scattered sell- 
ing by nervous holders took the 
Industrial leaders down by a 
penny or so at the start, but in- 
stitutional buyers were showing 
fresh interest and prices made 
fairly steady headway for the rest 
of the session. 

Down 2.3 at 10 a.m.. the FT 
30-share index advanced to dose 
at the day's best with a rise on 
balance of 92 at 5.162. Although 
buyers were nearly always in 
command, selected stocks enjoyed 
a useful two-way trade. Condi- 
tions were again lively as re- 
flected in official markings above 
the 6,000 mark for the second 
day running. 

Secondary issues were again 
well to the fore and as on Tues- 
day, closing gains were often 
substantial. Giya wed, up 13 at 
124p, on the better-than-expected 
preliminary results provided one 
of the day’s outstanding features. 
Rises led fails by about 3-1 in 
FT-quoted Industrials and the 
FT- Actuaries moved ahead fur- 
ther to close 12 per cent higher 
at a new peak of 2S524. 

British Funds ended the day 
with an irregular appearance. 
Fading hopes of an early reduc- 
tion in short term interest rates 
following the banking figures en- 
couraged further selling of the 
shorts which closed at the day's 
lowest with losses ranging to 
around A- The near-short tap. 
Exchequer 10 per cent. 19SS, 
closed that amount down at 95. 
On the ofljer hand, long-dated 
maturities finished on a quietly 
firm note in the virtual absence 
of sellers and on occasional de- 
mand which left Anal quotations 
showing scattered gains of £ and 
i on balance. 

In the investment currency 
market, the premium opened 
higher at 108 per cent and traded 
well around this level until dip- 
nine: to 1071 per cent in the after- 
noon on arbitrage selling. Institu- 
tional demand, however, later led 
to renewed firmness and the close 
was 108 per cent, up ?. Yester- 
day's conversion factor was 0.6423 
10.65351. 

Traded Options attracted a fair 
interest, the number of contracts 
completed increasing to nearly' 
895 from the previous day's 817. 
Over 250 deals were transacted in 
Marks and Spencer, while 137 
were recorded in Land Securities 
and 117 in GEC. 

The latest banking figures to 
mid-July, which indicated that 


lending by the major clearers con- 
tinues to be buoyant, attracted 
renewed support to the home 
banks and dealers had their 
busiest day for some while. 
Persistent buying, some of which 


Wda bLUSdUIC, 1CU IU 41 jump m x J± 

to 364p in Barclays and prompted 
a rise of 9 to 367p in Midland. 
Bank of Scotland added 10 at 292p 
and National and Commercial 
firmed 4 to 78p. 

General Accident succeeded in 
emulating Commercial Union’s 
fine interim performance, report- 
ing first-half profits much higher 

than expected which left the 
shares up S at 240p, after 242 p. 
Royal put on 7 to 400p and Sun 
Alliance gained 18 at 599p. Else- 
where, persistent buying in a tbin 
market left Hambro Life 20 up at 
395 p. 

Distilleries contributed their 
share of firm spots. Invergordon 
rose 10 to 130p, while A BeU 
moved up 6 to 268p and Macallan 
Glenlivet improved 15 to 330 p. 

Building descriptions remained 
firm on continued small buying. 
Blue Circle stood out with a rise 
of 10 to 2S9p, while BPS put on 
6 to 258p. Taylor Woodrow made 
further progress and hardened 6 
to 418p for a two-day gain of 20, 
and recently neglected J. Smart 
gained 4 to 48p. Barra tt Develop- 
ments found support and put on 
6 to 119 p. 

In a poor turnover, JCX eased to 
394p on initial uncertainty but re- 
covered to close a couple of pence 
up on balance at 400p. Small per- 
sistent buying lifted Fisons 7 to 
Slop and, in a thin market, Farm 
Feed Improved 5 to 60p. .The 
denial of a bid approach had little 
effect on Yorkshire Chemical 
which hardened a penny to 103p. 


I42p and ME Electric 6 to the 
good at 214p. 

A good demand in a market 
none - too well supplied with 
stock which continued into inter- 
office dealings brought double- 


nguxe gains lu me Eiogmccnug 

leaders. John Brown, 452 p, 
Hawker, 244p and Tubes, 408p 
all closed 10 better. Elsewhere, 
Glynwed jumped 13 to 124p, 
after 125p, following the much 
better-than-expected interim pro- 
fits; Hafjfite added 6 at 158?, also 
after favourable trading news. 


support helped to push prices 
higher. Beechara finished 7 to the 
good at 717p, after 708p, and 
Glaxo closed 4 better at 614p, 
after GOSp. Metal Box, 374p, and 

Rank iWinknltnn 268 d. nut an 


8 and 9 respectively, while 
PiUdngton rose 7 to' 602p on 
further support ahead of the forth- 
coming 100 per cent scrip-issue. 
Elsewhere, renewed investment 
demand helped VTnten to advance 
14 more to a 1978 peak of 205p 
and buying in a market short of 


I entebtainment, catering 

2' 70 “ . A F.T.- ACTUARIES INDEX J 


NOT DEC JAN FEB MAH APB BW JWt JM- MB 


Stores active 

Dealers reported a heavy trade 
in the leading Stores which closed 
firmer throughout Marks and 
Spencer were particularly active 
and the old and new shares 
dosed 3 better at the common 
level of 90p, Gussies A added 8 
at 320p and Mothereare 6 to 174p. 
Renewed speculative support on 
persisting bid hopes helped 
Burton ordinary improve 4 to 
164p with the A 3 up at 152p. 
Buying ahead of next Wednes- 
day’s interim figures helped 
F. W. Woolworth revive with a 
gain of 2i to Tip. Continuing to 
reflect the chairman's recent 
comments on interested bidders. 
Bourne and Hollingsworth surged 
further forward to 245 p before 
dosing 18 up on the day at 240p. 
Speculative buying on bid hopes 
prompted respective gains of 20 
and 8 in Fortnum and Mason, 
780p, and Liberty, 172p. Martin 
Ford hardened 2 to 34p in re- 
snonse to the interim results and 
OintYh added 8 to 17Bp. 

GEC claimed the limelight in 
Electricals, rising 10 to a 1978 
peak of 303p. Wholesale Fittings 
rose 5 to ISOp in anticipation of 
today's preliminary figures, while 
small buying in thin markets left 
Forward Technology 5 better at 


The chairman's optimistic re- 
marks at the annual meeting 
about current year prospects 
prompted a rise of 6 to 123p in 
Brown and Tawse. William Cook 
Sheffield jumped 6 to 40p on 
further consideration of the ex- 
cellent results, while Bamfords 
closed the same amount up at 
37p. 

Foods attracted a- good business 
and closed firmly. Tate and Lyle 
stood out at 187p, up 10, while 
Spillers. 33£p, and Associated 
British Foods, 76p, put on 2 
apiece. J. Bibby responded to the 
first-half profits increase with a 
rise of 13 to 264p. J. Lyons, a dull 
market of late on fears that the 
proposed merger with Allied 
Breweries may be referred to the 
Monopolies Commis sion, rallied 6 
to 134p. Others to attract interest 
included Rowntree Mackintosh. 4 
up at 410p. and J. Salnsbury, 5 
higher at 237p. Morgan Edwards, 
however, eased 2 to 32p for a two- 
day Joss of 6 on the dividend omis- 
sion and loss. In Supermarkets, 
Tesco were active and 2 better 
at a 1978 peak of 54p. 

Mount Charlotte Investments 
closed a shade harder at 21p fol- 
lowing the substantially improved 
first-half profits, while other firm 
spots took in Reo. Stakis, 3 harder 
at 35p. 

The prospect of Chinese coal 
mining contracts helped Powell 
Duffryn to rise 7 to 210p. 

After opening a shade easier 
on further consideration of the 
latest banking figures, miscel- 
laneous Industrial leaders soon 
picked up as fresh institutional 


stock left De La Rue 15 dearer 
at 463p. Revived bid hopes lifted 
Ofrex 7 to 104p while, reflecting 
the group's gold interests, Barlow 
Rand jumped 20 to 260p. ICL, 3S5p. 
Maynards. 138p, Watehams. 265p. 
and Jardine Slatheson, 291p, alL 
closed around 9 better. 

Motors and Distributors had a 
quieter session. Dowty featured 
with a rise of 8 to 253p in response 
to speculative demand fuelled by 
reports of China's UK order for 
two large coal mines. Small buy- 
ing in a thin market lifted ERF 
10 to a 1978 peak of 134p. On a 
less cheerful note. Automotive 
Products reacted 4 to 87p on ligbt 
profit-taking following the previous 
day's rise of 2 on the interim 
figures. 

Jn an evenly balanced business, 
Newspapers generally held modest 
improvements. Following the 
annual results, Benn Brothers 
finned 3 to 73p, while increased 
interim profits lifted Ault and 
Wiborg li to 42p. Buyers returned 
for McCorquodale which added 10 
to 290p. 

Although inclined easier where 
changed in early dealings. 
Properties generally improved on 
a resumption of buying Interest 
Bernard SimJey featured, rising 
20 to 260p following comment on 
the property* revaluation and the 
annual results. Elsewhere. Imry 
firracd 7 to 352p and United Red 
5 to v 80p. A. and J. Mu Alow also 
found renewed support and im- 

g roved 4 to IS2p, while Second 
ity added 3} to 42Jp. 

U.S. interest and domestic 
market influences lifted British 


Pet role am 14 to SS4p. Shed 
improved 6 to 57Sp and Ultramar 
4 to 276p, while a late short-term 
snecuiative flurry prompted a rise 
of 4 to 74p. after Top, in Hannah. 

Investment Trusts maintained 


vestment stood out at I54p, up 
8, while gains of around 5 we re- 
seen in Britfsh Industrial and 
General, 114p, and FUG IT, 55p. 
Yorkshire and Lancashire Invest- 
ment closed 2 harder at ' 33p 
following news of the sale by 
Ha mi I borne of its 29.6 per cent 
shareholding to institutions. In 
Financials. Smith Bros, rose 4 to 
66p on the increased earnings, 
while Akroyd and Smith ers picked 
up a like amount at 232p in 
sympathy. Chaddlesley Invest- 
ments, which returned to tile 
market on Tuesday, attracted re- 
newed interest and moved up 4 
more to 4Sp. Also wanted were 
R. Kitchen Taylor. 5 higher at 
85p. 

P. and O. Deferred came to the 
Fore in firm Shippings, closing 5 
harder at 93p. while small buying 
in a restricted market took Hunt- 
ing Gibson up 9 to 127p. 

Among quiet! v firm Textiles, 
Carrington Yfyelia dosed a shade 
easier at 38Jp, after 38p, follow- 
ing the interim results. Tobaccos 
edged higher with Imps dosing 2 
harder at 87 p and BAT Industries 
DeFerred 3 up at 297p. 

Widespread gains in South 
African Industrials included a rise 
or 20 to 430p in O. K Bazaars, 
while Plantations -were note- 
worthy only for a reaction of 
12 to S53p.2n Guthrie. 

Gold at 30 month high 

Continued pressure on the 
dollar pushed the bullion price 
up a further 25 cents to an all- 
time closing high of 3207.125 per 
ounce— a threeaiay gain of 85.73— 
and prompted renewed buying of 
South African Golds which left 
the Gold Mines index a further 
4.9 up at 200.6 — a rise of 15.5 
over the past three days and its 
best level since February 16, 1976. 

The strength of the bullion 
price also lifted the securities 
rand, which in turn gave share 
prices an additional boost 


Buying of Golds was widespread 
and heavy throughout the -day- 
with interest coming from most 
international centre)*. The market 
paused briefly in the early 
afternoon but the emergence of 
■tic inwiwcl m the late trader 


enabled share prices to resume 
their upward path and dose. at 
the day's* best. 

- Prominent in heavyweights were 
West Driefontein, finally £1* 
higher at a 1978 peak of £271. 
and Western Holdings, a simitar 
amount firmer at £24}, while 
medium-priced issues showed 
Libation 23 to the good at B32p 
and Biyvoor 20 up at 378p. 

Among the marginals East Rand 
Proprietary were again outstand- 
ing and finally another 14 better 
at 420p. „ ... 

South African Financials also 
attracted some heavy buying. 
Further consideration of the 30 
per cent increase in the price of . 
rough gem diamonds saw De , 
Beers advance 26 for a two-day 
improvement of 48p to 450p. 
Anglo American Investment Trust, 
rose another £2} to £47} reflecting : 
its substantia] holding in De 
Beers. Anglo American Corpora- 
tion put on 16 to a high nf .360p, 
New Wits 13 to 152p and Union 
Corporation 6 to 31Sp. 

Anticipation of a forthcoming 
rise in the platinum producer 
price gave platinums a boost with 
Rnstenburg 3 up at a high of 

106p. 

In Coppers Pal a bora gained 20 . 
to 510p following the. second in- 
terim dividend, while ZCI put on 
4 to a 1978 high of 17p. 

Among generally firmer Tins 
Tehidy were suspended at 57p at 
the company’s request . i 

Australians, although subdued, 
provided features in the specula- 
tive diamond exploration com- j 
panics. News that Carr Boyd had 
signed an exploration deal with 
Selection Trust was followed by a 
rise of 4 in the former's shares to 
3Rp for a two-day improvement 
of 14p. 

Other diamond explorers to 
move ahead included Haoma, a. 
similar amount better at a high 
of 61p, and Otter and Spargos 
which firmed 3 to 45p and 42p 
respectively. 



2 pm SUL 3 nm 
Lam index BUM* M. 

• Rnv*d oo 55 percent rorpomtioD iaa- t WB =8 - M . 

Bun ioo FKjti tau ixs. lwL Orf. Irt/M. Cm 

hivim se Activity Joty-DK. ms. - - 


Miwi tj ihm sb Activity Joly-DM. 1*0- 

HICaHS AND LOWS 

TT ' M73 [Si' nw OmpUrtfan ; 

' High | b>w I Btgh . |- how- 


SJE. ACTIVITY 


GeutSses-. 78.58 68.79 

l5il) IM& 

Fixed inti— 81.27 70.73 

l9,l> Ifitf) 

ItuL Ord__. 516.3 

(9 t*t CWil 

Quid Mines. 300.6 130.3 

,9 t»i «wll 


• 187-4 

j 

■ 150.4 
t2S.HA?) 
i 549.8 , 
1 14,1th i7)j 
443.3 
I (82^751 j 


\ ^ i 

JSS2KJ3 

SO. S3 Sp«nl*tivc~| 
(Ml A) TbUta J 

jsMJsaaaa 

43.5 Specutatm,,.] 
|26i lOjtll TnUH J 


Z6L7 { ItSOJB 

234.0 347.4 
63.1 son 
141.6L 148,2 

165.4 182.9 
BIS. 7 lfCS2.I 
«1 . 44,7 

uw-afua* 


OPTIONS . . 

- DEALING DATES •. Premier . Consolidated ' o£-?S- 
U - .. . . x r rt - J. Lyons, ■ Central 

A^9 Nov ^ NoJ' 21 

^ r? P. & o. Deferred, 

Aog. 3(1 Sep. II Nov. 23 Bet. 5 PelPOleiini ^ Bryant 

For rote indications se e en d oj were taken out in Lonrha ud 
Share Information Service Ladbroke Warrants, 

Money was given for the call doubles were arranged fcr-rV 
in UDS, - Courtaulds, Marks and English Property, . LincniBs-^t 
Spencer, Thomson Organisation. Thorn Electrical and J. Ioroa9. v . !M r,' 

LONDON TRADED OPTIONS . ' 4 


Kh'^'ih : 1 ‘liwin 
(u'i J I'lTrr 


ACTIVE STOCKS 


Denomina- 
Stock tion 

Barclays Bank ... £1 
De Beers Defd. ... R0.05 

ICI £1 

GEC 25p 

Beeiham 25p 

Marks & Spencer 

“New" 25p 

Sunley (B.) 25p 

Boots 25p 

Glynwed 25p 

P & 0 DefcL £1 

RTZ 25p 

Shell Transport ... 25p 

BATs Defd 25p 

SP : £1 

Courtaulds 25p 


of 

Closing 

Change 

1973 

1978 

marks 

price (p) 

on day 

high 

low 

14 

364 

+14 

364 

296 

12 

430 

+26 

431 

2S3 

12 

400 

+ 2 

400 

328 

11 

303 

+ 10 

303 

233 

10 

717 

+ 7 

717 

5S3 

10 

90 

+ 3 

91 

673 

10 

260 

+ 20 

260 

170 

9 

223 

+ 2 

231 

1S4 

9 

124 

+ 13 

125 

95-1 

9 

93 

+ 5 

US 

S3} 

9 

241 

+ 3 

242 

164 

9 

578 

+ S 

586 

484 

8 

297 

+ 3 

297 

227 

8 

864 

+ 14 

896 

720 

S 

124 

— 

131 

109 


bp . 

HP 
bp 
BP . 

C«rl t'nkm 
Cnm. t : qioti 
Cum—CiidoD 
ini' 

Uma.Gahl 

UnUkbuU 

Courtiujlrla 

CourtniMri 

l-juruiniri^ 

Cnitrtttutd* 

UBU 

OKU 

UBC " 

a KG 

GBC- 

Giunrt Met. 
UnwiSiei. 
linunlMei. 
f Cl . ' 
tet , 
itii : 
id • . 

[Alt' I 

L*nrl Hei-e. 
tAO'l iWO. 
LttrE^etn. j 
Unrfc* Jt 
Stu-ks A SfJ 
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offer Vtrt. 


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39*8 J - - 


sSap;' •:* 


NEW HIGHS AND LOWS FOR 1978 


IN THE U NITED STATES DISTRICT COURT FOR THE 
SOUTHERN DISTRICT OF NEW TORE 


—against— 

Hobebt L. VBSCO, «± aL, 


i ComnaawM, 
Plaintiff, 


72 Cfv. 6001 (CBS) 


Defendants. 


NOTICE OF HEARING ON SETTLEMENT OF CLAIMS AGAINST 
INTERNATIONAL CONTROLS CORP. BY LO.S, LTD. 

AND RELATED COMPANIES 

To: Pbssons With Claims. iNCLDDZNa Caoss^CXAnu, Countebcuums, Tamo Fajot Claims And Ant 
Other Cuumb-Otcr against Intern ationai. Controls Cow. Auuhg Faoat Ixs Imvoltsmsmt With 
LOE.. Lm 

International Contrails Carp, (the “Company”) has entered Into a Settlement Agreement as of April 24, 
3973 with LOJS~ Ltd.: Tranoriobal Financial Services, Limited; Fund of Funds, Limited; F.O.F. Pro- 
prietary Fonda Ltd.; IOS Growth Fond, Limited (also known as Transglobal Growth Fond, Limited); 
I1T, an International Investment Trust: Venture Fond (International) N.V. (collectively r ef erred to as 
the “IOS Group”); and the respective liquidators, adm i ni s trators and trustees of the IOS Group- Under 
the Settlement Agreement the Company baa agreed to pay the IOS Group 311,000,000 In settlement of all 
claims arising out of the Company's involvement with the IOS Group and other persons and entities 
related to LO.S.. Ltd. The IOS Group has agreed in return to provide the Company with releases and 
covenants not to sue. It has also agreed to provide the Company with releases and covenants not to 
sue obtained from other entities related to LO.S^ Ltd. aa follows. Releases will be provided from TIT 
Management Company, SJL and Overseas Development Bank Luxembourg, S~A_ and covenants not to 
sue from Bahamas Commonwealth Bank Limited. Global Holdings Limited and Global Financial Limited, 
Global Natural Resources Limited, International Bancorp Limited, Investment Properties International 
Limited, Property Resources Limited and Value Capital Limited. 

The claims being nettled arose in connection with the Company's involvement with LO.lL, Ltd. during 
the period from approximately Jane 1968 through approximately January 1973. They relate primarily to 
allegations that Robert L- Vesco and tho Company controlled, abused the assets of and looted the IOS 
Group and other entities related to LO.S., Ltd. It has been asserted that the claims amount to many times 
the present assets of the Company. 

By this settlement, the Company seeks to resolve aQ such claims (excluding claims asserted in an 
action entitled Greenberg v. Vcaco and by the Internal Revenue Service) which might materially adversely 
affect the Company's Snnnein] position. 

This notice is intended to provide persons who have claims, including counterclaims, cross-claims, third 
party claims and any other claima-over against the Company with an opportunity to assert such claims 
and/or object to the settlement. Failure to do so may be cited by the Company aa an equitable bar or 
otherwise hi defense of any such assertion or objection in the fa tare. 

A hearing will be held tn Room G19 of the United States Courthouse. Foley Square, New York, New 
York at 4:00 P.M. on September 20. 1978 to determine whether the Settlement Agreement should be 
approved. The hearing may be adjourned from time to time. At the hearing any person having a claim 
against the Company arising from its involvement with LOJSL, Ltd. may present any evidence that may be 
relevant to the issues to be heard; provided, however, that no such person who (s not a party to the 
Settlement Agreement shall be heard and no papers or briefs submitted by any persons shall be received 
or considered by the Coart unless on or before September 11, 1973. a notice of intention to appear and 
copies of oil Bach papers are filed with the Clerk of the Court and served upon: 


The following securities quoted In the 
Store InformetlOB Service yesterday 
attained new Highs and Lows lor 1978. 

NEW HIGHS (380) 

AMERICANS (141 
CANADIANS (21 
BANKS till 
BEERS (Cl 
BUILDINGS (19) 

_ CHEMICALS (5) 

DRAPERY & STORES (201 
ELECTRICALS (14) 
ENGINEERING (291 
FOODS (91 
HOTELS (2) 

INDUSTRIALS (SB) 
INSURANCE (8) 

MOTORS (B* 

PAPER * PRINTING 12) 
PROPERTY (121 
5HIPPING ID 
SHOES (5) 

SOUTH AFRICANS (2) 

TEXTILES (SI 
TOBACCOS 2) 

TRUSTS 98) 

OILS (II 

OVERSEAS TRADERS (3) 

MINES (481 


NEW LOWS (2) 

CHEMICALS (1) 

CatalTn 

FOODS (1) 
Taverner RuUedoe 


RISES AND FALLS 
YESTERDAY 

Up Down Soma 

British Foods 9 2 4S 

Counts. Dominion and 

Foreign Bonds 1 5 St 

Industrials 536 170 133 

Financial and Prop. ... 173 70 201 

Oils — — 12 3 20 

Plantations ....... 6 2 23 

Minas W 11 33 

Recent Issues 11 6 31 

Totals *52 288 L295 1 


FF-ACTUARIES SHARE INDICES 

These iadices are the joint compilation of the financial Times, the Institute of Actuaries 

and the^ Faculty of *Actoaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


RECENT ISSUES 


David M. Butowsky, Baa- Eugene XL Anderson, Esq. 

G onion Hnnritz Butowsky Baker Weltzvn ft Shalov An demon Bassdl BaU ft Ofick, P.O. 

289 Pork Avenue 630 Fifth Avenue 

New York. N. Y. 10017 New York. N. Y. 10020 

Marvin E. Jacob, Esq. Raoul Cerate n. Esq. 

New York Regional Office Forsyth Decker Murray ft Hubbard 

Securities and Exchange Commission Cl West Slot Street 

26 Federal Piasa New York, N. Y. 10019 

New York, N. Y. 10007 Gregory C. Glynn, Esq. 

Sheldon Camhy. Esq. Division of Enforcement 

Shea Gonld CJimenko ft Casey Securities and Exchange Commission 

330 Madison Avenue COO North Capitol Street 

New York. N. Y. 10017 Washington, D.C. 20549 

The Settlement Agreement and other documents relating to the above- referenced hearing are on file 
at the United States Courthouse. Foley Square. New York, New York 10007 and available tor inspection 
during regular hours on each day other than Saturdays. Sundays and Federal legal holidays. A more 
detailed notice describing the Hearing, the claims being settled and the terms of the settlement may be 
obtained from David M. Butowsky. Esq.. Special Counsel to International Controls Corp.. c/o Gordon 
Efarwitc Butowsky Baker Written ft Shalov, 299 Pork Avenue; New York, New York 10017. (Telephone 
(212) 4864580.) 

By Order of the Coart 

/a/ Charles E. Stewart, Jr, 

United States District Judge 

Dated: New York. New York 
July 11. 1978 


LEADERS AND LAGGARDS 


The following table shows too percentage chaagost .which horn taken place since December 30. 1917, 
Malty scale** of toe FT Actuaries share indices. It also cantata* the Cold Mines Index. 


Grid Hines FT 

Mining Fkmn» - - 

Taya ud Games — 

Engineering Contractors 

Mechanical Engineering - 

Investment Trusts — 

Newspapers and Publishing 

Chemicals 

Packaging and Paper .. U .. IW «. 

Overseas Traders ................ 

Electronics. Radio and TV 

Capital Goods Group - 

Build) og Materials - — 

Tobacco «— 

Motors and Distributors — — 

Consumer Goods < Durable i Group 

Contracting and Coostrwtiu 

Wines aad Spirit* - - 

1 Mur an te (Life) 

Electrical* — — • 

Office Equipment ... 

OJhcr Grom* - -- 

Industrial Croup ......... 

Matai and Metal Forming — 


iRSuraace Broken? 

500 Share Index 

All-Share Index 

Textiles 

Coxunnnpr Goods i Non-Durablc) Group 

Pood Retailing 

Stores 

Pharmaceutical Products 

Property 

Food Manufacturing 

Entertainment and Catering 

OHS 

HraweHe* 

Merchant Basks 

Financial Group 

Household Goods - - 

Insurance (Com petite) 

Him Purchase 

Discount Mourns 

Banks 

Shipping 

f Percentage changes based on Tuesday, 
Indices. 


la too principal 


+ MT 

+885 

+ 8JS 

+ 821 

+ 7J8 

+ 7.23 

+ AH 

+ 4.20 

+ L56 

+ 3.4S 

+ 3-51 

— + 3JI 

+ 318 

_.. + 3JM 

+ 2J1 

+ LM 

- 8J5 

- 0 M 

LW 

- 2J0 

-M6 



Ni. 
d P-P. 
28 F.F. 
IB FJ*. 
141* P.P. 
3b K.P. 


sU F.P. 
110 Mi 
100 j Nil I 
84 i Si | 


lts/c 05 
18* 2b 
I6.b la I* 
liB b7 
1(9 98 
21/9 89 

1/9 -Ml* 

— 15|>in 
d<9 .2 j 
8/9 46pm; 

— I Upm' 

— j I3|ritil 


tip BndMKl PrnOM*« ; — “ l + »* 

31ljlUniokaTiicjl Knit — — 45 > + l 

4elj Dartmouth I nv*.. •-•m.—.. B4le 

IP lg-Kiairtcfc. Hopper.-- — — ■ U* 1 * 

46 ;HwUbjh Ima * Gomdub — .™— 57 

& |LUV_--. 

79 Lweb FffBL) «g -• 

45 iW. K.I— .... 46 +1 

10pm : Property Portnonhlps. 15vm\+2 

6 b ! uiirJIlIp vKnniimii — .... — TO —2 

dmijlraieni 1 — ..j..; 46imi.+2 

lfltrnilwdliam^'m'slkwajXtJvCmlMPl »bi-iu 
6pmi Yorhsfain* Ghonieala - 1 12pml 


15 20-yr. Bed. Deb & Loans (15) 

16 Investment Trust FrefE. (15) 

17 ComL and lndlv Prefs. (20) 


August S.%78 


RenuDdoaon date usually last day for deattus fret of stamp dury n Kigures 
based on urtooectus esnmaie. o Assumed dividend and yield, u Kore casr alvmgiu 
cover based OB mirrioua year's earmnxa. rDmdend and yield based on prospectus 
or other official estimate* r« 1979. o Gross. T Figures aasumed- l Cover allows 
foi converaon of shares Q01 now rsukinB tor dMdeud or ranRJng only Wr restricted 

dividends. SPlam- prir* to public. »P ew» unlosa otherwise indicated. Issued |. . | l | - 1 . I . . | I I I 1 

by lender. II Offered » holders o t ordmairy thaws a&j ” nghm." ~ toned . . ; — — — — ; 1 „• 

by war Of capital tsarton. to H tnimum tender pnee. M Remiroiluced. IJ Issued it> - t Redemption yield, raghs aad lows record, hare ■<»»* « aad valves and epostiwe n t changec are r ullJ I - V1 In SMurday 
eonnrenan with roanutfsution menier or take-over. pa TiumducOofl “lissnert. issues. A list of the coastittents la available from tha . nhOihcn. tin Financial Times, aradnm Honso. Caanwr strooL 
w former ontieroiKe rm-iers ■ Allen mem mien (or lullypald). ft.FrortUODa 1 Loadoa, EG4P 4BY. Rha 23g> by post 22p. 
or turtly-iuld aflonneru leoera. * with warrants. 


67.34 1 12.96 67J*- 5730 57-34 57.28 57.S2 87.31 57JS 

5L66 j 15.42 51.66 51.66 5L61 6L5L 61^00 51.00 51.80 

70.191 13.00 70.19 '70^)4 mOO 70.04 SQ.23 70.16 70.14 


















































































AUTHORISED UNIT TRUSTS 


OFFSHORE 
OVERSEAS ] 


M Fnunlitigton Unit : Mgl 

mssssa^^ 


AbtwgrCn.TU'v.vjSj-.- nS3| +o. 

ABMS Hunbr* Gmap¥ ^K») 


FrunUtxgton UvH Mgt.Lld. <a> Minster Fond Managers Ltd. Provincial Life mv. Co. Ltd.¥ ScctbUs Securities Ltd.V 

M.1fclandTaidBCiB50H. 01-3488871 MUtfttrHm.. Arthur St. ECi 014=3 1KV> 2 aBJ»on»caie.ECJJ. 0 ! MTsOS SMttau [416 441 


Injf CM. *tee«te M>:^ -SUB — 120 Minster Augus t 7... 1375 " 3951 .'.Ifl 558 

21 a-fisasatesrffi-'-'aa.- w «® 

Z iflH :.::: IS *£ u " tt *■* «s™“- ut 

. SiSZ s ‘™ ts K¥" c - 

; -PWwa But, Dorking. . C009M35 * 1 

• dJaSl^ uts -!&; ; • : a-s m- Mntua3 ««»** t™* Mm»« ^ ■ w«) 

'•■32 w W.COpUiaJIAw.ECaR^BU. 014084808 

us G.T. Cut. Managers :Eld¥ - Mutual 60 c. Hu*_., 152,4- SAH-OJI 6.22 

Tg W.ttn^rcaivuaKCM'IWlri : 014588131 {J U D M { L 1 }*- T «: ■ - PP SS J LW 

«s — K, IKS :-:■■! ?S SSSSKMi 


.875 

uu 

no t . . 


. , uumm mo - 

Allied lit 

1 Brit. Inri* PXiad 
. Ctth. tine. .. 

. ' Byi * tmt Oar. 
Allied cmjms 

■ "Hambro Fimrt 

! HambireACT. W.— Jim 

' Jana* Fund* ■ '■• 

sjsoytewwt^wg 

j laWaadanal yaada 

1 International— J2SA 

1 Pacific Fund |ni ■ 

; Ers^^awrtca— »7- 

[ VS.A. MacnpHr^PM 

■ Foods 
1 SwallwCb.’jiFtt.. 

> 3ad smlr.Co'oFdi 

Smmns 
: MatSE* „ _.... 

»>wtt«s Earning* 

sxvl soar, ce’i 


..-•'| 558 Prolific Knit. Nil 10011+10] 250 gHlgldd.- P4J S#3 +05^ 692 

-.-I SS« High Income [Elo 129 S +0.3 5-« D fflM IS 

Ltd.' Scot. Ex. YK.**. (171 a 17851+871 7J8- 

014307 m Portfolio Magrs. Ltd.* (atfblic) •***» “ Au «^ » N *« mb d*y August 21 

“ EBESBS MLO, EPS ScUttittger Trust Mngrs. lid. .dW 

reT WXB) . MfcSwaSlieeLnnrfciiift .0308)88441 

S“ s ** w Maaaganent Co. Ud.f . 

Z..J tw TbeStk Z\chd3gc. EC2N 1HF 014004177 


v Target Tsl Mgrs. (Scotland) (aKb) 

4M+0 4J 361 ir AUiolCreicenLEdiAa. asi-EBBsm 2 
?52I*SI J2? TBrfirt .MncrJSagJcpOfc 32 71-03) 129 

446 T-nwiThieUc. ... fS.0 *3 -o3 557 

74 41+345) 2.N Extra Inrame Fd. . - 1618 66 q *0 J 952 


. . . . Trade* Union Unit T&t, .Managers*# 

S. LUL UU W IM .gttodStlW.B.CJ. 01-8288011 

2581 Ssu TUUTJ U lya._ 152. 554) — J 530 


p^ia 


33 is m. Si •••” fg 

+e3 ,tt ..r7T.uB.AGetir_. 420 National and Coraoerctal 

•"-fci 4 ^T. JapgajtCea-. W1 ■• «« ..... a.90 31. SL Andrew Saw 

+tu[ 656 G.T.P<mrVtbFd__SA ; W^l — 720 

- ■ • ,CL..fc A. Trust 4p) fg) •• lAccwnAJmLs) — !I 

tan tot ^^WghM.Brintwcod ■-. V«grfr:B7300 
ins ifi G. (»«' 3731 *0J| 445 National PwH 

i5 Cartuere Fund Managers f (a Kg) 

' ISt-Mwr Ax*.EC3A0feP. ‘01-2SS3S31 (Acciim, VnltaV _~J 


■ 515 +ffli 

au +i4 

46.6 +&« 

65.7 +QJ 


M I 

*71 Bnra Ineon»T(t r 
t? - ? laPnrEaLTnE- 
+1J *-76 ntcbineoneTtt^j 


Mutual Blue dhiC.M55 9u4dnntp«. Fd.’.BM.O . ILLS...! 5.B4 ^SScfc.^" 

3« Hutaal RighYlif^S S3 TT. I Quadrant lmrome..^ ' 150*3 1 fiSSS&Jr 

7 J 0 ••••...'■■ Jfr.ioat’dral 

2-a National and Commercial Reliance Unit, Mgr* Ltd.¥ iS^^SKSr 

4M ? S,St ' A ? >rt ? Squgji. ymborgh 1P1 -R6 va\ ftcliaorc Hsc,Tau bridge Welle, HL 088222271 Hortci l^dtrs 

1M JJKomoAug.8 P658 . X72.W +8JJ 1 539 Opportanitv Pd f77 ? 77.2 +2B 4 S4- Mil Yield' 

750 Cx«*JuiVk 1 *' Wo8 - tin dj +flj 534 PnL A Gill Truii 

^ National Provident Inv. Mngrs. LttLV Kidgcfield Management Lid. jji'mti 1 Dm 

„ 4B,GncccburcbSL.EC3P3HH 014234200 3M0. Kennedy SL. Moor beoer ‘ 081ZM85SI 
' NJ.|.Cth.UB.T»_.|«.fi • SLfi _....| 3.90 TUdgtflrW la. UT 003 0 1OTDC_...J 2.M J. »«iry Schf 

3881 K£R3 , fcVM0<P_-K» fci3 I 3.90 BWRfiflelil Income. |MD lflli) — ,| 9J1 ,«iMieaiuide F 


mxszm n: 

National Provident Inv. Mngrs. LULY Ridgefield Management Lid. 


33.1 +0 4 i02 ' 

no +01 404 Transallantie and Gen. Secs. Co.Y _ 
33 oic +03 9.10 fil-a&N’cn London Rd. Cbclmilord 0343 S1B&1 
3S3 *«■? W Barbican Aas-3.r.. (785 

*2-i 7m IACCUHL Unite.) 121.1 

5.°. *** Barb£jrpL July SB. 898 

12-5 «, 2S Buckm. Aua 3 B15 

w n +0J aX lAccunl L'nlU) 100.9 

«? ' • 1 iT»» Cilnm Auri1A4-.. 134.7 

lAccnniL Unite) 16Z.4 

Sf i-2 cpmbid.AmautS- B3 

— IS lAccuin. Unite! 606 

2-7 437 Glon. Auxusi B S73 

22.6| — 457 (Amite Unitsi 73.9 

UariboroAua 8.— SS8 


; Anderson Unit Tnist Managers Ltd. m 


mm iasnuKcra LUL lit a«huim 4+IL1M in “«>P«ne. _ 

■ ' l»IteiirhurchSLBUM8AA . 023 K31 ■ Inti . E*«n frtPd." ~ plA-'i 5AS l*«waA— 

AWUMMU.T.— C2*. .. 565) ( jum 4«liitl.TI*.(Aet)^p6.7. • .-393*0.41 L00-|J5™^- 

■i Ansbaclwr Unit gnt r« t*j . . Cibbs^ (Aalmu) Volt. Tut Mgs. Ltd. ubwuhot 

)?*»■»■»«* ■ tu-asTes*. Mtofiv.w; 


■' N4>.1. Cth.UB.T5t_.ia.fi ■ sls _....| 3.90 TUdgtHriii la. ut Q03 o 109 « _ _| 2.68 j. flenry Schroder Wage & Co. Lid.¥ iA«um. Dn*tj\ — 

2 8 ® 1 SSffJ* ,, ' ta !£!r--ffiR S3 - 5-90 RMfiefleM income. jWe lflio) 9J1 isfl rtMpside F-Ci Dl 340 34S4 Van C ’ n 4 Aag - 8 "' 

SS SSS2S?Si25f“KS^ e5BrRK“jui« m.H . i® 

28? "Prices on?ujj"lr7 , ^«t dealing August 3j. Rothschild Asset' Management f^) j^^MAnimai' - Sol |S Vaug.?4eAi«.»... 

8.46 PHf«*on August ft Next do&Uar Abeua 22.. 73«).GnehoweRd.. AjrlB»bufy, B2M 3041 iac^a. U nite) " M? fi w|3 ■■■■" 662 L1nitsJ “ ' 

_ 2.94 ' Gomel Aa$. {).._.! 90 4 94^3+14 3.44 

^1 l» 4 lrf.° IS S^-'- 

+ l3 3 » . (Arcom^Dnllsi . 149 3 t 3 _... t41 “•■^wute.™ 1 


.l»Mwihly fUftd. [170.0 UO*' | 

Artnthnot Securities UrL faWO- |fi£tgSS2E 
37. Ow en St. London EC47L1BY -07-388838] ■ “ Deal 

5 hS? liKISltrE’/ “SatSI *52 ®«« a«« 

gfejgrtgg -.S^-aBjaKaBs- 
,g®r!SS"-- ss 

■Commodity Fymd _ 62.4 .. Bj mjS ate WfevWon fll 


$a IS WestnrinsiertKa) n!c iStsi 

+BJI IS Ml. .Ctaea'iMide. EC2V «EU. O1-0M BOOH. '''H**- 

m IS saw «~a=Es gf: JSt ^- ( S£ 

4Z3J in N.C. Smilr G51 Fd 
leoH+oa 4.72 - 

Sffi.+o^ IS Rothschild & Lowndes Mgmt. (a) 


3 40 (Accoov DnJts, ,04 9 

143 •FvqhQwrFdJy!8 Il69 : 


1 RSUR&r: 

?-?S 1 Arran. UmtsJ - , 

Wictv Auc.3 

,2? 1 Aram. U mu)- .. 

WirkM. Aucna»4... 
fS Do. Accam. 


83. lid ... ST1 
128.9 •• 551 

■915 .... «.75 

863 _ . 4.62 

106 6 .... 462 

MU _ 550 
1710 ..... 550 
39 jO +25 650 

646 +2.2 650 
6U . 4.27 
783 ..._ 4J7 

585 259 

669 259 

5L5 3.22 

64.4 312 

77 « . .. -fas 
49J +13 598 
511 -13 598 

M 7b .... 4.75 

no 475 

724 7.97 

833 ._-J 7 97 




FtetAChxrFiUylS 0697 ' 174.43 ..." 

^ w ^SSSwr^StiVEsSS 2^33 : :::( Ui TyndaU Muiagers LULY 
. *Ftor ui 1 exempt (uiuU «Uy W. Canynae Rond. BrictoL 

U. (a) . lnconwAutB. ffM * 

01-fin 4338 Scottish Equitable Fnd. Mgr*. Ltd.0 1 Aetna. Cmbi 


...,.( 750 
—.1 4 50 
— j 0J0 


7E0 UntwalFittf) 


LOO aSw1thinsLBJje.LdiL.E04. 


iwA.G:#arawc.. J»5 —J OJO nel Trust Managers Ltd.Y (aXg) Mm* « Jmy ifTS«n deaiins Ant is. „ n ST KSSSi'"'? 1 

Govett (J<*u)V - 7 . SKSEssn S 2S2 Rowan Unit Trust Mngfc Ltd. Wa> D«ji n * day wedmmiSr. “* Ew^JuwTa. 

03 77.LondcmWiaLE.CJL' "I..--/ «-M«S(0) "«“ rffl «M9t„la4 565J +« SOS chyG»teH«c. Finsbury S*t.EC2. OI-OWUWS rr-„ M 

-02 106 STiMr. July 28 M3.7 - . .UlM— -J 179. Fur Mn n mi .rt-tr . t —---—- Anwrtcaa Aug. 3 1705 7301 I 0.97 Sebag Unit Trt. Managers Lid.Y («1 J^lLtWvSsi: 

■jrf D °- ACCU Si^:ri^ ~1^3 ft"' 1 - 7 ’ mlSS Secnrit»«A 0 g.8_. 1BZ0 . 191.S .Zj 3.W PpB«5Jl.Bcklbnr Hst.LCt 01-3385000 sSKtep aSL» 

-0J 1254 - . |C« dealhte dar^aput It. . gee gougcUM Atae 1 MiuffWW 4 — SS S-2 — 1 JJ4 ^obagCapiteiPa... 135.9 »7*l~03l Lit 

S3 ifc CMeveson^ Manag eme nt Co.. Ltd. Nenrieh Union inonniwi^Mii n.\ StoujAiao — k! m S +i' d ■ lis s * i ** IncoB * F * -l^ 11 34^ +o3 786 sraS^A^J... 

Sj -£S 50 Gres*** Stllc^ 2DS. M33 wgfc u6 l5| . J-ndm; WW1 Gr+ 

►02 • 4.96 . Borrlngt«mA««J»„l222J 231*11+7.9 4.63 . Secnrf» Selection Ltd. CapiiaiCrowUi 

“ M-JS&ttc KS -SS 7^'^ Royal Tst Can. Fd. Mgrs. Ltd. S^SS&Skli 

** IS? — woe SJs JW Trust IHanagers lid. toXgjfc) 54. 3.mnyn Str«yx. S.W u 01-629B252 uS^OthTW I dc '^.o 111 "'.'"{ Ill Fh^SjWm- 

"i Hi -5E££-&%3 S4--SS T- JK =HiehH«lb«TLWClW7EB . : 01-«5IK4j 'C3p*teIFa: Pas 7*4{ I 350 - 1 

| : ill SSrs? , "~ BBasr 

IM IB +: ; W+43 f^te"u^5r"Kl • sare & Prosper Group nsi « 


^ , Sff3S^JWd3&-U i«L A u*5'5i 


01-5889620 "**"Rb4 

! ■ ”1 L79 F** - New Cm 

! ft «* Rodseh 


For New Gaat Pond Bbnagexs JJUL 
gee RothseUld Awet UmngcaMBl 


. ...» - ... — . — * income Units IKU 5621 ... J 4 95 KS^aub 9 

Rowan Unit Trust Mngt Lf*. W a> *7^ ^ MES^a. 

ChyCalc Hoc. Finsbury So, EC2. 01-000 IMS _ _ , lArann. Unite) 

,53 — I M2 ES^tSs.- 


Sectzrlbea Ann, 8— 1521 
Hi nil 714 AUK 4 — 55 9 
lAectan. Unite) 7B.8 


. ... 3.89 FpBnSil.Bcklbry. Hse.,E.C.4- 01-X 

—I 7-K SobaJCC.plal P(L ..LM-B 37iU— Q3I 

L ’Tlio s **"* IncoB * Ftl -1“-° 343 +Oj) 

1 356 c.Uu 


imtWMrrt.U.I- 


.-GtomiFund 

. lAccum. unite)— 
<■ GrowthFtmd— 

(Acetun. Unite)- 

- Smaller Cfet Fa. 

' EootMD & Loci. F4. . 

• MS Wdrwl.tIU.1^— 

, FcrelcnFd. 

• n. am.* inure., 


+02 4.96 . Berrlngton A 

— ~ Z7T (ACCVBL. Unite) 

•..: .. ; -264 -BtngJLYd. AngiTL. 
.-O-l 254 (Aoctnn. Unrim ■ 

LSI . Eadenv. Auk.8 

■■■■■ ' 251 . fAncnte Unite) 

3 | IS SgSKffla^ 

+02 123 LiL&BnU. Ane.9, 

+14 4 . 155 (Acctm UnUs) 

+0A i l-M I 


01-2885000 ScoCACop. Auc.0 
-Q31 5-1® ltenm.u«ita)_ 


Royal Tst Can. Fd. Mgrs. Ltd. 

54. Jormyn Stnyjt. S.W v, 01-629KE2 

Capital Rd: [705 744 1 | 3J0 

iDCameFd biS 7S.3 _ 4 7 50 


Jiaiwny>]uai ra. ..W., 57*1-031 5.7U lAectBn.UnltSI — 

Seb>C income Fd. ,p35 34^ +0j) 756 ScoUne.Aus.fl. .. 

■ .' ,, _ , testa Wail Gmr 

Security Selection Ltd. capit al Gro wth 

15.1»4Jncoln a Inn Fields. WC2.- 01-83169300 5? 

jaaeafdK &a =j ^3 


027232241 

+3-61 7.6S 
+6.4 “7 65 
+4A 4U 
+6.4 4.16 

+3.2 739 

+46 739 

+72 469 

+86 469 
+0.6 9.67 

+02 9.67 

+32 SU 
+4 A 5.13- 
+5J 882 


i B*ra Inc. Growth. 

( t?2 Do.Aemm. 

1 FlimscWiyny. 

Do. Accsm 


A t* * 




577 ACCDlSUmU — 

i^S Pearl Inc 

IS Pearl U nil T«l,. 
3l ” fArcum. Units), 


. • 3AJ ' ** 2 00 GuartUan Royal Unit' Mgrs. Ltd. ~ M = . 4 . asst St Hciau, London eop iep 

Archvray Unit TBt/Hjga. Ud-9 (aXc) Royal B»*an*e.ECaP5HML:' - ' r<a-«2S80ii FWitan Units Admin. Ltd. (gXz) 68-73 Queen Si, Edicburch EH2 cmx 
317. High Holbom. WC1VTNL. 01-821 6038. (sa) Ga»rdhlIiriX,,»6Ji V nrtJd +OJJ 4.3a 81 Fountain 9L.Kaneh«at«r 061-3385885 Deannia Mr 01-604 8800 or 031.228 7351 
S52r&*5akr5q&i+ ** Henderson AdninrtMHrtff laKcHg) *to**W» pw .. 976| +ft6| ajt. Save & Secorities Ltd.f 

111 { *HSW C) «8»^Sl, Henley on Ttennea ••0036868 SKS ^TII^ Ba | 

0»-5M»+4 JJl ilUI il4l PV«malCSpX»h.__)426 43.7] .-_J 330 Ual+. Growth [74 < ».4| +0.4j 

:’^/S|*o| Ins Ficcaddy Unit Trust (aXb) . 6ia)+03) 

- Antewf QU>ta Unit Tnm M*w*gm LUL his* taemne Fumta ■ ■ 

£$&1$ IM hSfffti*' ^ ^ **»■ — pi ■ 

W2. X«-&taU^FdZH;Sn.-. 460 MC9 306*6+0 41 

|»3 ^,3L»d+0^ L74 Capital Fund 48.7 04+0.1 4n UKSqgl iy. — (46.9 SAAaq +0.4{ 

j»mnra«t_jjjr.- jta+io MV IntanmtteDte ' * -■■--■V,-.'--' ;■• InCKrtu. A Assets- SO-9 54M +OJ 230 O+uraeas FtaWD ^ ■ -- _ ' ,,, 

2?1 1 KW . - Mta +CJS 367 ttehne ... loa a ■ l-.-.^mral +a M 231- Frtrato Fnnd S77 40.llS +0i 3.90 Europe (13 , 98 J +06^ 

•Do Frt. AWftt -fi«M _ Seal T-_4 SJ6 International .„BB,9-.- ^^£3+0.^ L66 Arcumm-.Fusd: — 636 780 „... 2.46 Jfp“- JOT-0 ml] +n3 

Prleen at July life) S&b. day August 3L wid. Wide Aufi. 7 pM ;KS I 436 Technology Fund-. 617 663 2.91 U- B (8L9 - 886j +03J 

■&«s^g£ saBt^iBi^ta M .ssSliB=SJ- a sssb?.—^ 

loir In FwSS^ pl Practical Invest. Co- Ltd-f (yXc) . PhS oc lal S ee s!!. -"uSj Sfl+S^ 

Do. Aram. *[71.0 ... *U1+0.4I 463 North Jtoer. — R5X ■: +o5j 179 44. Bloomsbury Sq.WClA2»A 0T-8238B93 StfMUnlmnni Funds 


Unicom America-. 37.0 39 

fcXta.Aust.Aae. K.7 V8 

'Do.AMt.Inc. b**.. 69 

Do-Oipltel 70.9 766 

Do. Exempt TSL — 116.5 121 

Do. Ertra Income - 19.9 . . 32 

Do.FlnaocM SS3 ,7* 

DO. 500 396. :• N 

Do .General .HZ 37 

Do. fawwth Acc__ <42*.- H7 
Do Income Tit-—. HA . 986 
’Do Frt. A-otTW.- WJ 150. 

Ktnt snh^d 

Do.Acran. uZm ■■ S 


l+OJl 162 
r+o3 A If. 


Cop. Growth Inc. 


49. (Charlotte Sq- Edi n bureh. 
tSWtart American Fund 

SlOftord Unite 168.9 

Acraua. Unite [743 

' Withdrawal Uniu-t552 
..“Stewart British raptnl Find 


^ j IS 


BStedrn JM-=l a ss£^™ 


Deal in U TFri. -Wed. 


367 Sa* AHiance Fund Ltd. Tssscottisb.. 

San AlHsncc Hse.. Horsham. OM304I4I fhjDo.Aeeuin. 

w.MBKff SJ|* 43 | IS 


TSB Unit Trusts (y) 

2L Chantry Way. Andoser. Haute. 028482186 
Dealings to 0284 63432-3 

fhITSB General 148.1 5L5ta| 3.53 

■hiDo. Aeeum_, 616 363 

Itaj TSB Income, — 637 67J 762 

(hi Do. A mm 65.9 707 .._.. 762 

r<.T: Scottish «J 977+06 2J7 

(b) Do. Aceum. 976 104.1 +06 267 



467 Sector Funds 
567 Financial* ITU 
566 OQ A NaX-Bes — 

368 ium im H fi * - — .•').+.,.*■•*- 

S6T caboc-: te.9 r l/iJ88: 

SJ6 Internaiionol BB.9'. ' . 4L 

«t 3L Wld-Wide Aug. 7_ [156 . „-. K 

iS SBBS^==&V'a 

M* North Amur. SSi '•■:.■ JoS 


Target Trt. Mngrs. LtcLY (aXg) 

4931+07} K76 3tGrthhkmSt-EC2. DeaUncs 03 

mam + o.4i 475 13S8223S" 

TamrtEuuay_ 

, 98 J +024 373. TaxaetEx. Aug 9 
117 JLl +0.3 069 ODtt ACC. UniLS- 
88^+06) 116 Threat Gilt Fund 


-■ «h* 1^. Nerth jS n*r._._.M« v 179 44.BloanntauySq.WClA 

MM M2* TS? ““ aw“*d UnitTBLaigrot w ^ 

Do-Aeoan. -I— -1^5* Z§jf ~-”lJ Jay 45 Bench SC.EC2P2LX ' ' . > - 01-828801 

Nert mbu day Angufls: (WBrldshTmsL— 

Wihnpinte Prog re sri ve Mgiitt- C«lV 

hBUMpmuECt. • , 01-6888280 

Wfin»Pr.’-6a«.l_Ma anM-.^|'371 {WKnaiiclulTriat. 

Acc.Ute.+-A^l_t*,l i71-tta 

—4 KS- - 1«M -I 3.41 lb) 

iT*.- InteLf f*Xg) 

jg sssasss^^ui 

SSKSfS^rSTl 2*2} Key Fund M>n>gn».U£ (AKg) g9 

1- M8 a^Minrst-Btsvane. /.i.<«MBiwio sSra^rSdlZ a/ 

K S-a*i3 Key^erurla-Fd-e^ ••-».» +06 J70 Co nwrd hie Fond, 131.4 

rnteraiL lor.t J&l BJJ+061 1U KcylnctHHc Fond— 85.0 ■; AAf +06 764 Fens. Selective-— B.7 

DbAro-I - . — .-M2 2L3j +6.7| 368 Kay Fined lot. Fd - U2 S3-.. U« 1 Fton*. security 137.7 

Danila* -Tuoo. tWtd. {Ttaa Pneca Aa*tut Key Small Co'sFd, [1066 . l3)L+0J1 5.60 Pena. Moonced 182.9 

Win - Ktehnrart Benson Unli|lnagersY Si 

Britannia Trust M a n agement (a) (g) 20, F+whurrh s»,E.C3. - • jf awissaoa muLFd.S['4r! m.9 

a London Wall BulMtasB. Ltrtwkm WalL B3.UnllFd.Ine._M2 •"• SUM — 1 522 WquityFd.Scr.4_ »l 7 
London scat sol oi-aaaofWDrtB AEAihuifUA r ,. ttu» -)aB-iJ sm jgmr.iw.ser.4_-. 222.4 

an KA Fd-Jn+-TXU.„js27 ■" ISM 1+J 3.9B TMoneyFd.Ser.4_ UOJ 
«n K.B.1 W .UlTWLAcc :E& ; 5.98 Price* at Am. e vduadi 

sn KBSmtrCo’sFKnac_W6 SSJ Z-J — 

in KB-SmCjviFdAcc. 

UitlhYld.Fd.Ine_. 


Baring Brotben ft. Co. Ud-Y Mb) 

‘8B.LMdeahanSLE.C6. 01-5B83S 

SOWtooTbt MM CY 


irsatrluLAnx 
(AcraoJAn. 

Neat sab. i 

Bridge Fond ManageroYfaKc) - 

KI ng WUhum SL. BC4R fiA& QM 

ABtaficu * Gefit -136.7 • aa* -,.:... 

SS3ibc 4 «i Si+ii 

tt’rr: Seo Jgfg S 

rMerMLIae.t lBLl . »3+fi6 

Do. Arc.r --So 2X3 +0.3 

Dm) la* “Taos. tWM. tThur*. pncea 
. 8W10. 


Capital Are 
Comm A Inc 
Commodity 


gK - 


563 Select Internal 
363 Select Income — 


886|+06l 156 Targat Gilt Fund 
Tarsct Growth 

s|aa 

MV) +03 225 Ttf^-Aug-O— 
212 9) +1011 265 

M.4|+0i| 6.92 Ttf Special Site 


++ M1 +v.^ Ulster Bank? (a) 

tcLY (aWg) Waring Street. BaliOSl ' 023288831 

Dealings- 0S88GM1 *hl01«terGrowth-_|4B7 ' 437ad| +07} 467 

4331 +02j 361 

SI Jo i| *64 Unit Trust Account ft MgmL Ltd. 
2292 ...._ 671 Sing WUllom SL EC4R DAK - 016034851 

JJJ2 -A-i JS Friars Hse. Fund— T1636 1726a! .... .I 4.49 

-0-2 Mf WlelerGrth. Fnd.— W..4 S3 ..._. 467 

326 +OJ 4AL no. Aceum. _B63 S3 J 4 07 

31.2 +0J 168 uo ftOTm - ^ ■—* 

346 +0J 168 

17 ^55 JJ5 Wielcr Growth Fund 

342 +02 753 King WlUlam SL EC4RSAB 016334951 

M.7B 1168 Income Unite _—Bl-4 33 Jl 467 

221^+67) 417 Accum. Unite P63 3*3 .._.J 4.07 


INSURANCE AND PROPERTY BONDS 


Abbey Life Amrum Co. Ltd. Grown Life Assurance Co. Ltd.? Lloyds Life Assurance 

L3 SL Paul's ChnnJgtriLEC*. ^ 01-24BBU1 Crown Life 8ae_ Woking: GU21 UCW 048035033 30. CUfion St- EC2A 4MX 

IggSSlzrffi. #1=3 - . 


tislasdsbi 
















































Telford 

Mod e rnlsing the -Mi d I an d s 

"fbr-full rijforrnativjp, .'eoritutt: '• 

■:$}.& »6'rsr%HaUi'3eIfor^ SitapitFz'^?^-;. U 

fo rd^ - p ^52 livj'ViXl : ■'•• ■ "'‘' :v - 


FT SHARE INFORMATION SERVICE 


TtnancJal Times Thmdar August - 

| . food, GKOcaaui^^t 

I .-■ «Dtk 1 S 

^S-KKtifrl » 

66 ' 


BRITISH FUNDS 


1 65 
B2> 
79 
265 
684. 
140 

Is^kSl 


197* 

High Law 


|+ a) TIeM 
| - | fat. | Red. 


“Shorts” fLives up to Five Years 

99% 9 8% E.tth.5pf7*7S* 99,?, 5.03 8.81 

105% 101,1 Treami^ll^pcTKJ-. 101%»i -% 1130 11.09 
97 94% Treamiy-pcTS*: — 95% -f, 3.13 7.04 ■» 

97% 95% Electric 4 Upe “4-73 — 96% -% 442 7.75 Hl|a 

304 U 99% rreasuirlOijpcTK*.. —A X0.« 9.64 


304\i m rreasuir ItJ'Tpc TK*_„ 100% 10.41 9.64 

96ft 941, ElectncS;FcTB-7B._ 951, 3.« 7.04 

103% 96ft Treasure 9pc lSKK — . 99%nl -ft 907 937 31 - 

102>,1 97% Treasmv&ipcHttS _ 99% -% 958 10.02 33 

95% 92% Treasury 3ftpc TT^iO. .. 94ft 3.72 6.93 mi, 

«ft 93i. FandiiWoUpTMOS 94% 5.57 867 £Jc 


71 la 71 8 U6.ll O'!!". IDIIi -— --- - J —lit D • £. 1U.TV 

100ft 94% E«h.9spcl»l 96 i? -ft 9.31 li 73 

8711 85% E\eh.3peI!Hl~- .. . 86%d 348 822 

97ft 95 ‘ft Tnas. Variable Bl$j- 951% 9.92 10.23 

111 102% Eseli 12%pc IS81«± — 104 \J -A 12 12 10.92 

99% 91ft Trra*.8ftp | :'8WE£ — 94 -ft 904 10.61 

85ft 82ft Treason 3pc RS: 85ft»l -ft- 332 7.92 

115ft 106ft Ticauir Hoe VS— 108ft +ft 12.90 11.07 

96ft 44ft Treas. Variable 7GfS_ 94 ‘ft 10.02 11.18 

96ft 89ft Treasury fr'.pe '82. S2ft -A 8.95 1076 

100ft 91ft EwhS^pe 1381 93 A -ft 9.93 1134 

94ft 91ft Ewh. 8%pe 1392 A 93ft -ft 9.92 3L34 

%‘,5 89ft Beta. Wtfc 1963 — — 91ft -ft 9.54 1113 

85ft 79ft EtthSpc® Slftnj 3.68 7.93 

114ft 100ft Treasury I2pc 138Wi— 102 ft -ft 1169 1122 

100ft 89ft TreBM,:y Sftpc W 92,-. -ft 10.01 1128 


eauinSftPc “Ura-I 

Five to Fifteen Years 


108ft +ft 12.90 11.07 

94ft 10.02 11.18 

92ft -» 8.95 1076 

93ft -ft 9.93 1134 
93ft -ft 9.92 3134 
91ft —ft 9.54 1123 

81 ft ml 3.68 7.93 

102>ft-ft 1169 1122 


95ft 9? EttiLlOpelSWe .. 

8$. 80% FandingSijpeW-Mtt- 83ft +ft 6.62 9.61 

%-s 86ft Trearaiy8ftpe-84A6B 89% 9.61 10.70 

87% 77ft Fimdiiu!0?pe -858W- 80% 825 1022 40 

89% 79% Treason 7ftpc-8588tt. . 82 9.49 10.89 121 

60ft T ran«r«l 3pc "SMB — 64% 4.65 833 19 

t 64ft Treasury 5pc8M9 — 68% 7.46 10.00 

101% Treason 12pc 19 «W- 106% 1233 12.09 

B9% 77ft Treasury ^8791^ — 81% 1025 1127 

106ft 92ft Treasury 1 1 -'*pc 1991 - _ . 98ft 12.10 12.19 

75% 63% FanH,ni:5%a.'’87-?lS.. • 68 8 71 10.71 

112ft 9Bft Treasury 12V «»■- 103% 12.41 1232 

96% 64% Treasury lOpc 1982 86ft td 1130 11.97 . 

113 97>e Each lapc-SE 99ft*fl — 1230 1231232 

Over Fifteen Years 

110% 96% prawn 12ftpc Wt- 101% ..>..1240 1237 

72% 60% Fundi dc G pc 1993^-— «Vd ...... 9.49 11.07 

■120% 104ft Treason ttkpc ) STOit U0% 12.74 1235 

128*110% Treason 14ftl*WJt~ 112ftxil +ft 1279 1234 /u 

114% 97% Each-UftpcISW 100ftaM-% 22.43 12.43 

• 89% 7V« Treasury SpcTOtt 82 1126 U.79 ; 

•306* 93 Treasury I2pc TO 98 +% 1231 1235 j 

51?i 43ft r,as3pe9n.W 46ft 6.68 9.63 ■ 

95 62% Each. I0 1 , pc 1995.. — E7ft 11.84 12.13 

114% 98ft Treasury I2%pc ■»*:- 105 12.49 12.43 

90ft 767» Treason Ppc-SGIKJ.. TBftri 1137 1LB6 

131ft 114ft Treasury li%pc7»3 - 121ft +ft 13.02 12.™ ~ 

127ft 101ft Exchequer DftpelMt 133% +ft 12.61 12. 

50 42% Redemption UrclWHR- 451* 6,81 9. 

115% 100ft Treason 13 , *pr'97«_ 1C5% +ft 12.62 12.53 54? 

98% 85 Exchequer ICMjpc 1907 87x3 ..... 12.03 12.24 mj. 


95 -A 10 61 1130 
83ft +ft 6.62 9.61 

89ft 9.61 10.70 

80% 825 1022 40 

82 9.49 10 89 12% 

64% 4.65 833 19 

68% 7.46 10.00 

106% 1233 12.09 

81% ..... 10.25 1127 


87ft 11.84 12.13 v\l 16% 

105 12.49 12.43 SJ W* 

7RUxri 1137 1186 soft 14ft 

121ft +ft 13.02 12.74 5 ki d jffiL 

103% +ft 12.61 1231 

45i» 681 934 fg? ff 7 * 

105% +ft 12-62 12.53 37? m 5 

J ? 3 33ft 


88% 74% Treasury aft* 1B97» . . 75%wi 1147 11.93 771; iff 

72% 60 rreasan«%pc «■!»». • 64 10.86 1170 


135% 1181* mas. 151. pc T*SU 125ft 

99% 93% Exrh. 12pr 1898 99ft 

90i ? 77ft Treasury 9.. pc 81% 

.96>* 83% Treasun 10^7999- 88% 

15% 15 EaLISpcW&Llfedi- 15ft 

• 42ft 34% FDwJiDpS/pr -SOW 36% 

80% t>7ft Treasury Spc mom.. 70% 

58% 47 Treasury 5ftpcW-12tt. 47% xd 
•76% 62ft Treasury 7!dic-i2-!5:t. 65l a 

- 97ft 93ft Exch. 12pc '13-17 97ft 

Unda ed 

37% 301, Consols 4pc 32% 

.37% 29>« ffarLoanlrpctt 31ft 

39% 33 Cam 0i;pc'61 Aft — — 36ft 

28% 23% Treasure Spc 66 Aft,_ 25 

24% 19% Coosnls2-cpc 21 

24 19% iTreasmySftpc 21 


125ft +% 12.97 12.77 Sr- St. 

99ft 12.46 12.49 P ?SP 

81% ..... 1L79 12.07 fn 

88% 12JW 3230 Si’ 

15ft 12.49 VLSI 4i* 

36% ..... 936 10.85 j?? A 
70% ..... 11.79 12.00 17 2 in! 

47%d 11.50 1L77 ig. yit 

65ft .... LL89 12.02 S’ 

. 97ft 1A46 1236 RSf, 

1 SX. 

32% 1239 - 

31ft 1135 - 

36ft 10.04 -. 

25 1232 . - 

21 1244 - 16% 


INTERNATIONAL BANK <g u 

88 | 82ft ?5pc Stock— -82 1 S4i ; | | 5.92 | 9.74 12% 825 P 

CORPORATION LOANS I? I" 

98% 937* BinnhamOiipc-TOai- 9SW 9.64 10.93 2li ** 

94% 88% Bristol Vspc TMl 90 8.61 10.50 

107 100% GJ.C UftpcTC 102%-% 12J7 11.55 

112 100% Dal2i2pc]983 103*d 12.02 IL661 1(& 

97% 90ft G]assmrB%pc-8We-> 92% 9.97 11.44 jT 


112 100% Da. 12ftpcJS83 

97% 90ft i]]3Sgarr9%pc'804C-> 


97% 90ft Glasgow 9% W 8WC-. 

94 90% Herts. 5%pcTB80 — . 

99ft 97% Lit erpoof5%pe 76-78 .. 

102ft 90ft Do 9-*pCB084 

29% 25% DaSjpcIrred. 

99% 91 LnaCorp.9 1 4PcTW-85- 

1 97% 94% UCf fipc-S-W 

92ft 84ft DoS : pc7T^l 

87ft 76ft Do5ftpc-«:-«^— . 

70 65% PaScpc '85417 

78 66 DoPepcRWO 

26ft 22ft Da ape's) Art 

93% 91 Mid<h.5'4pcl980 

99ft 94% Newcastle 8%pc TWO. 
106% 100% Warwick !2ft*» I860-. 


94 90% Herts. 91% ..... 5.66 9.75 14% 

99ft 97% Literpflffl5%pe "r6-78._ 99 A 531 1230 151! 

102ft 90ft Do9’*pcTOM 95ft 10.46 1136 830p 

29% 25% Da Sftpc Irred. 27 1335 - 10% 

99% 91 Loa Corp. O 1 *!* 'St-85. 94 10.19 11.14 28% 

97% 94% UCf 6pc-S-78 %>*xd ..._. 6.23 9.84 74p 

92ft 84ft DoS : pc7T81 86 639 10.91 25 


80ft 686 10.00 

70 7.95 11.05 

69 9.86 1L72 

23%xd 12.70 - 

93 5.64 1003 

96>* . — 960 1L20 
102ft ..... 1220 1134 


COMMONWEALTH & AFRICAN LOANS 

101ft 95ft lAtlS Sftpc T5-78 101ft 534 10.66 

95% 92ft Da Sftpc 77-80 94 589 11.63 

86 % 82% DdSbpell-e 84% 6.64 U38 

99ft 96% K.Z4pcT6-78 98% 4.08 999£g 

96>i 92 Da fipcTROO 93% a) 6.41 1033 293 

87% 81% Da Tftpc 753-38 83 9.16 18.99 035 

?Sft 91 Sth. Africa flftpcTML 95% 1031 12.47 534 

70 50 Sth Rbod Sftpc -fiMO. 50 — — 03 

• 96 78 I»a6pc7MI 78 — — 165 

LOANS & 

Public Board and Ind. - 21 

64ft I 58ft lARric.ML5pc-SM0._l 61 I ] 8.27 | 11.42 

90ft 80% AkanlOispcWI — S3 12.96 13.40 1£| 


33% 28 ptet-UTr 3prB' 2«xd 

153 107 |USiMC.9pel982. 150 

95ft j 87 [Da without ff.irearrt.-. . 91 | 

Financial 

107% noi |Fni3pclSE1 1 102yd I 


110 102 mal4pc79 

114ft 102ft|Dn Hpc« 


10.69 3237 mu 
609 - jm’ 

11012 1260 23))- 

U5 | 

]12.62 1 1134 83 
13.84 13.10 *230 


109*41+% 13-00 11991^91 


85 79ft ICFl'SJjwDeb 'RL8I SOftrf -ft 683 ILflOtM 


81ft 73% itafitjpcWi.Rl-ftt . . 
9° 89*; Do IQftpcl'r.tLa TO . 


76 8.08 1140 28 

93ft... .1133 11.90 £24 


99=4 90ft Do llpc tins Ln B8 - 93ft -ft 11 92 1230 46 


101ft 90ft Do litre t n«.Ln TO 
71ft 62ft Da TftpcAfieh. T4*'K . 
Hft 62 Do ?*pcA Dh VI TO. . 


96ft -ft 12.35 12 50 *020 
65% -% 1140 12.90 OVj 
62«d . .. 1169 12.90(3% 


84ft n DnPpc A'VI-M 73ul -% 1233 13.10' 1 

81% j 68 |DnSVpcLn. , 9!-97....| 7W ...1268 1330^2 


FOREIGN BONDS & RAILS $ 

J78 1 ( Price 1+arinN.OI Red. 29 

i Lw J Slack I £ | - | Grass 1 YlrW 133 

| 17 UnMfaca4.rRt*,.| 24 I I - I — m 

ftpSrrPwf- -- 40 d m 


1S« 1 

. High Law | Slack 

ii4 17 lAnhdacad.'iRtc. .. 

40 33 I Dp SprPref . . . 

98 °S [I'hLIean Mixed.. . 

415 350 rGrrrjnVnc 4i<pc 

54 46 Greeks Ass 

■ 51 46 rmSpcMSiiti Iff _ 

44 40 | Do 4pc Sued Ass.. 


- 0.10 ta 

3ft 16*60 Pf? 

6 f5B8 bis 

4 f4.65 TsI 


FINANCIAL TIMES 

BRACKEN HOUSE. 10. CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial 886341/2, 8S3897. Advertisements: 885033. Telegrams: Flnantimo, London PS4. 

Telephone: 01-248 8008. 

For Share lode* and Entiness News StummiT in London,' Blnni ogham, 

Liverpool and Manchester, Tel: 246 8826 
• INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: P.P Bow 1508, Anurerdam-T. 

Telex 1J171 Tel. 540 5SS 
BlrmlriRham: Ccoree Pmsnse Road. 

Tele* 338850 Tel: 021-454 0PS2 
Born- Prensliauis 1UI04 Keussallce 2-10. 

Telex 8809342 Tc). Cl 0039 
Brumelr: 39 Rue Uucnlo 
Telex 23283 Tel: 512-M37 
Cwtm- TO. Pnx 2040. 

Tel- 938510 

Dublin. B Fltzwilllam Square. 

Tele* 5414 Tel. 73S3Z1 

Edfnhurch: 37 fleome SfnW 
Telex: 754M Tel. 031-520 4130 
Frankfurt: Im Sachaenltuscr 13. 

Telex: 416=33 Tel: 555730 

Johannesburg: P.O. Box 2138 
Tele* 8H2S7 Tel: B38-7S4S 
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■Tel: 441 <1772 


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Telex 966813 Tel: 081-834 9381 
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Telex 7900 Tel- 294 3748 
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Tel.- 253 4818 

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Telex Alim Tel: 878 3314 • 

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Building, 1-8-5 Oienachi, Chlyoda-ku. i qi 

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\ Coas. Pfante li 
Grand Central lOp. 

GtDmiell 

HsnKmsWr EsL 
1 > tfighteaSMSOi 
>2 Kuala Kepongl 
i ftKnIim!&fc_ 

!■ Ldn.SumrtroK)p._ 

- 1 MalabtfMSI- 

[30*2 kfaar River IOp 

Hsuliioa HM« IOd 
S tmga Krian JOp- 



+ «j 

Die. 


Price 

- 

Net 

Or 

95 


279 

4.71 

1211 


355 

IS 

16 





56 

>iiM 

3-73 

10 

250 

...... 

s284 

10 

44 


hl.40 

12 

47 

10 

+*2 


12 

9 

. 353 

-12 

1523 

16 

120 


♦14.06 



135 


Q2D2c 


' 83 
57 

— ; ; 


15 

02 

175 

-2" 

♦4.06 

11 

81 

49 

+1 

bOISc 

ML44 

19 

32 

76 

74 

+l" 

4221 

Ea 

20 

19 


Yli 

firs 

4.4 


■ TEAS ■ 

India and Bangladesh 


-.123 fiW 


AsraniDoOHreQ — 
Asm FtontierEL 
Assam In vs. £1. 


304 20*2 Bcpiro Plants IOpl. 
1 — Lawrie Plants £1 — 
McLeod Russel £3 . 

Horan £1 


ttiryio HMfc. IOp . 
Warren Piaas. — 
WnUamscmfl 


245 

310 

+3 

♦955 
M6 5(l| 

5.9j 

£.Q 

. 119 

+3 

721 

3.7 

• J!?® 


*2.01 

15 

345 


blS 



2ZS 


123.70 

27 

370 


1551 

4.9 

29 


*FL75 

32 

217 



14.39 

4« 

175 


924 

4.7 


7.9 

5.9 
9.6 
6.5 
9.1 
62 
95 

102 

7.8 



SECURITIES COUTD- 


London Branch; F.Iarkat Bldgs., "9 Mincing 
Lane. London EC.-.R 7 EE TLX: 881 1 131 A;B 
OK'ASAN L'jWDOM Tol; 6J3-ii3l-; 7 


IRENES — Continued 


1878 

High Loir 

210 
24 
GO 
175 
90 
41 
17*2 


15 

138 

125 

370 

2S4 

72 

61 

140 

40 

22D 

39 
bi? 
243 
l«r 
48 

178 

70 

ElWi' 

40 
548 
300 
160 
70 


CENTRAL AFRICAN - 

I Slack | Price | + -“1 St IcitJ&S 

244 
5.0 

17 
85 
175 


[155 

Fslrim Rh.50r 

175 

+7 

Q50C 

13| 

15 

RhctfnCoro iff ip. 

17 


057 

7.1 

bit 

FiXiii.'mf K-i 

75 

+5 



122 

rsnjTanjnbiSOp. - 

174 

0100 

17 

;s 

52 

Do Fret, son 

|WfiUeteCoLPJl.l_ 

87 

37 

+1 

X 

26l3 

14 

10 

ZaaCprSBDOSi- 

17 

+4 


— 


AUSTRALIAN 


10 

Aimer 25: . . . 

14 






w 

E«vainiillt30Tiwa 

. 137 

-1 

Q8c 

14 

6 ? 

KHFmnh.Tac 

119 




25U 

1 cotraJ P=£rtic 

620 




ilb 

iMJa-:RnrjBu50c 

284 

+2 

QlOc 

2? 

45 

C-'l KiIrco:!ic5l. 

Hi-snaGrttlN' L_ 

62 





J3 

61 

+4 




£1 

ID 

tismettv Arens Sp - 
Metals El sOr 

134 

30 


t3.55 

20 

325 

JJ.IJI Hides 53c . 

212 


Q9c 

17 

10 

Mount L veil 2:* 

. 29 





Vs 

Ncrnnetal 10c .. 

**i 






Korth 9. HilUOc 

228 

-1 

QBc 

15 

ft 

NLh. KoJcurli 

16 





44 

-2 





117 

•jakbndceSM .... 

175 


TQlIc 

15 

iil 

Pucinc Copper 

64 

-6 




750 

Paciont'itSc 

£15 


— 


12 

PannsailtExjp. 

27 






311) 

PoLo-WallsMd jik- 

546 

-2 

Q15c 

45 

50 

Southern Pucmr . 

225 

-5 



S4 

Kesin. liming 5ft.-- 

147 

-2 

to* 

14 

35 

WhunCreeLCOe - 

45 




2.2 


40 


3.9 

- I 

3.9 1 

~ I 

1 7 ' 

t • 


30 

400 

60 

300 

145 

101 ; 

300 

180 

93 

11 

77 

510 

415 

73 

62 

235 

61 

61 

220 


330 1230 


228 

7B 

100 

100 

233 


1100 


240 

45 

2CD 

111 

IS 

®s 

Q 
6 s 
450 
£60 
40 
50 
It 5 
49 
« 7 
140 


134 

55 

85 

74 

148 


TI 

Anal Xipcria. 

Aver H ican SJJ1 

B trail Tin . 

Serjuniaj S1S1 

(Gee-.iii 

(Gala A Base l£i;p- 
fppperjgConi — 

Honnkans 

Idris IOp 

|Juiurl2ijp 

Kana aUng - wiso 

Killing hall 

p-DrcdyngSUJ-l 

iPahanc 

Pennknlen lUp 

[Pristine SMI 

SaunPirna 

SomhCroPytOp. , 
.South KintaSMOJ 
SthnMalsianSKl 
|SniigetBeiiS3ii_- 
Supreme Corp.151 

TanjmgiSp 

hooctat Hrbr SMI 
(Tran oh SMI 


NS 


3 

370 
58 
290 
1274 
10 >2 
295 
ISO 
88 
9 
77 
■ 490 
415 
71 
58 
235 
57 
56 
215 
315 
207 
• 78 
90 
90 
232 


+1 


+10 

+1 


+1 


255 
SJfl 16.7c 
3.8! 
|uoc! 

1523 

J12D 

ZQUJc 

-125 


,75d 
660 


B2.02 

4-19 

^77.8cl 

10el 




1.6 166- 
0-1 t 
4.4 102 


0.71 45 


82 

60 

78 


125.5 

4.9 


117.5 
7.8 
55 
1112 
78 
91 
67 
, 28 
Mio.9 


si 


COPPER 

70 (Messina RQ5D 1 95 1+4 IJCSOe) 1.9} $ * 

MISCELLANEOUS 


57 


[Ramwin 


35 

9 Banna Hints 17*»p- 
ZL5 Cons. March. I0c_ 
|245 NonhgnteCSl 

164 R.TJL 

.30 SjhinaindLCSl— 
£12 [750 TaroEipta-SI 


61 

17 

300 

465 

242 

90 


43 [Teludy Minerals IOp. 


180 [120 |YnimCan5.CS!_~ 


S' 

250 

385 

241 

65 

500 

57# 

176 


-a -f- 


+15 

-5 

+3 

+8 

+18 


V&Oc 

964 


135 

Q7c 




_ 35 
L9| 19 


NOTES 


E 'nlesjs oifamrta* tadceM, price* mmd set dMdridi mrm Hi 
fm* end iVn«niin»Hun at tip. Eatbratcd prieeteanrings. 
nfiax cad eosers are bawd an bleat annul report* ttdi 


Sri Lasbi 


35)38.8 23 3 
91 30.7 

35 3I5 61fl 
45 32(1 f- 
6J 22W 
8.0 * 

4.0 33.0 
45 305 


iLmravaU- 


-| 210 | 1 553 | 151 4.C 


Africa 


3185 


5076 1 * 112.4 
1320 1 24)105 


MINES - 
CENTRAL RAND 


DnrbaaDetpRj— 
East Rand Prp. Rl- 
Rand?D,irnEa.R2. 
Wert Band R1 


^ +5 

420 +14 
£40*4 +J Jlgsac, 


144 


11013c 


EASTERN HAND 


1 [Bracken SOe. 

EratDcj»iIU 

ERGO&50 

GrwKvieiaOc 
Kinross HI _ 
Leslie *c 


liarievaleRO® 

S. African Ld.35e_ 

MaifootdnSOc 

WinMbaakBO — 
Wj£ Nigel 2Sc 


101b 

436 

130 

440 

68 

75 

68 


+2 

/ +1 
+6 
+3 
46 

I 

54*j [+2 


850 

62*4 


+14 

+2 


15: 




18 


LS 45 


0.4] 


14 7 


9 2 


26 

491 


27.4 


Ifl 6.0 


4.085.1 
3M* 445 

- 01*4 
*4 33 J 308 
3.7 - 380 
9.1 16J 
28432 280 
4.0 35.C 153 
93 19.2 £15*| 

648 

4.4 6 652 
41 34 * 592 
33 54.1 328 
37 6 £26*j 

_ 75 201 289 

0.9(11.4 14a £27*8 

- 241 
17.9970 

— , 264 

9.413.4 
0.fl , 
4.M3S5 
2.4(46 a 

LtHio.«i54HS. 
£20*| 

45)3LS121 
4ST|4J3 
4Ms|134 


FAR WEST RAND 


EJtvow25 
Buffets — 

Dec Ocraol ROJO 

OwrofatdemRl _ 

EartDrieRl 

EbmfcraDdiait20c_| 
QjtrargRi 


HarteteestP.l 

HocJGotdfU 

Li barton Rj 

Southraal 5Cc_ ™. 
StiliooielnSOc. — 

Vaal Reefs 50c 

Vcnterspost Rl 

fe W. 

Western Areas Rl . 
Western Deep B2_ 
ZaisipanRl 


Q63c 

Q17£ic 



LOi 3t 


O.FJS. 


59 
1279 




75 


f ree SWcDer. SDc 

S.Gednld50c__ 

SSaaipJBasRl- 
50c 

IkiraJDe 


Pre& Btead Hie 

Pte«.Steyn50c 
SL Helena Rl_ 

Coisd 

Wdhmn50c 

3[W.HoUing5suc 


no 

axpg 

107 


Q12r 

t««c 

h 

448 

+10 

P55r 

47I 

128 

-1 

Qbc 

05 

1213b 

£10*8 

nos, 

+^ 

» 

1@L : r 

2.0 

99 

25 

Zto 

+ia 

to?;.' 

Ts 

£24*8 

+1 


15 


FINANCE 


Finance, Laid, etc. 


111 4332 

5 1S 5^i;i j § 


AkrupiSHHtlters 
ArnourTrt. IOp. 

: .Mahontjlm.ap.- 
BnUsnuiArTDV. 


.5, oSSEXfi \ 

<3£U Cason Mkt. ip. 

m Dalgetyfl 

^2{totBaydoy__- 


*A [TUI 


1W 4.9)392 
IX 345m[ 
59} 43 43 j 
10} 3.7|265 | 

4> J 93 


iU? 

,426 
taei ?j 



+3 


[FjSfiS0£AGK.5pJ ! 
[ijaajetlBtiipj 

TOlirat | 

^JAweSp- 
gajahrotoat— , 
jHampusTo^pi] 


-1 


55110.9} 25 
291 

- i-l-l 65 


W 1 


<0.00 1 
175 
12 
050 
551 
102 


103} 


AngAm.Coa)50c_ 
AngloAiner. !fc_ 
4 Ans. Am. Gaia RJ _ 

.Ang-Vaat 50f. 

Charter Coas. _ 
Cons- Gold Reids - 
East Rand Con. IOp 

Gen. Mining 82 I 

1 GoUFidd{SA25eJ 
Jo-bargCccs-E 
S&SfleWilSc- 
MincHTil3«i- 
MlactreoSEDL®_ 
NrarWh50e__ 
Patino NVFUS.^ 
Eand London 13t_ 

Selection Tma 

SentrortlOt 

Silvermraes»jp_ 
TsaalConsliiai- 
G.C Invert R|„_ - 
Vnion Ccrpa^Sc. 
Vogels 2* j: 



bud. w£ci+ possible, are updated an haH -yearly figure*. PJban, 
Icalrabtec <n the baste ol net dhtribatlau: bucketed figures 
UneEcace 10 per cat or nan difference IT calculated on ~afr*. 
hflmri halloa. Cowers are baaed on - i miliian f iflllllblltee 
[T-elfte sr« booed on telddle iw+rcs. are Crosa, adtnsted to ACT of 
Ot per ml aed alias fra value of d ecl a red ifiatrilartl— aat, 
IrlEbUL .Securities with d en o nitn a cl oas other than rtorfiafi an 
jqaoied Indudve of the invesmut dot ter prariam. 

Sterling denotanated secnriUes which lactndn te wd rait 
dollar premium. 

“Tap* Stock. 

Highs and Lons marked thus have been adtastad to aDoiv 
lar rights Issues lor cash. 

Interim since increased or resumed. 

Interim since reduced passed or deferred. . ’ 

]it Tax-free to non-resident* on application. 

Figure* or report availed. 

Unlisted security. 

Price at time d suspenshm. 

Indicated dividend after pending scrip and/or rights lana 
coicr relates 10 previous dividends or forecrate. • 1 
■Merger bid or reorganisation In progress. 

Not comparable. 

Same interim, reduced final and/or reduced auutna 
indicated. „ 

Forecast dividend, cover on earnings updated by latest 
L-ilenm statraneoL 

C.ttct allows for cor.versiou of shares not bow ranking far 
diri deads or ranking only for reatnetod dividend. 

Cover does not allow for shares which may also rank for 
dividend at a fuiurt- dam No P.T ratio usually provided. 
Excinding a final dividend declaration. . 1 

.Regional price. 

II No par value -* 

a T*i tree, b Fijniros based on prospectus or otiKr official 
estimate, c Cen/s. d Dividend rale paid or payable on part' 
of raprial: cover based cn> dhidbid on full caprtaL 
e Redemption yield, f Flat yield, g Assumed dividend and; 
yield, b Assumed dividend and yield after snip lags' 
Payment from capital sources, k Kenya, m interim higher' 
than previous Iclai. n HJgbLv issue pending O Earnings 
based on prelim: nary figures, s Dividend and yield MCdcKto a' 
special paymeaL t Indicaled dividend, cover relates to 
previous dividend. PE ratio bused on Latest anmiaJ- 
earnines. n Forocasi dividend, cover based on previous year* 
earning*. * Tax tree up u> 30p in the £. w Yield allows for 
currency clause, y f ifndend and yi eld besed on merger terms 
- Diviavnd and yield include s special payment: Cover does not 
apply 10 special pjvmenl. A Set dividend and yield. B 
I 'reference dividend passed or deferred. C Canadian. E Iscun 
price. F Dividend and yield based on prospectus or other 
ofDclal 1-aimatvs lor 1919-SO C Assumed dividend and yield 
aller pemllos senp and or rJsbis issue H Dividend and yiald 
b ase d on pcosoecius or other official esinalc* for! 
lFib-TS. K F-.jrurvs b»wd on prospectus or Mber official . 
estimates fur lifts IS Dividend and yield based on prospectus . 
or oilier official ertimates for 3STT8. > Dtvrdoid and yield 
based on prospectus or ether official estimates for 1B79. P 
F inures raved on prwocclDs or other oQinal eril males for 
1 9TR 73. Q Gross T Figures assumed. 2 Dividend total to-. - 
dart (4 Yield bused on aunmplion Treasury Bill Rate stay* 
uncharged a mil nur.urlly of stack. 

Abbreviation?, dex dividend, era scrip Issue, era rights; Bex 
all: d ex capital dinrthuuoa. 


Recent Issues " and “ Rights ” Page 24 


This service is available to every C o mpany dealt in on 
Stock Exchanges throughout the United Kingdom for s 
fee of £4 DC per annum for each security - 


REGIONAL MARKETS , 

The follow! nc is a selection of London quotation* of slum 
previously ljried oril- in recionol morkels Prices of Irixl 
i5t,ue^. trust of which arc ani offu-ially listed io London 
.ire as quoted on Ihv Trish evebanae. 


.Asti Spinmn- - 
Bcnatn 


DvsoniR. mA 
EilisitMcadv 

Eve red - 

Fr/e Forfle — - 
Finlaj-Pfcg Sp. 
rtraigShiri f*~ 

HiCsonsBrew.. 
I.O.II. Stin. £]*. 
Holt (Jos. >25p_ 


recl Mills 

Sbcffidd Brick 


25 

.. 

<4 


21 


310 


26 


500sl 


37 


61 


36* 


52 


it 


125 


77 


155 


263 


6S 


185 


'20 


45 

— 


Sheli Ttelrrhml ( 

Smd3lMVm..i..M 


JEISH . 

(7nnv. 9% '80/88 
Alliance Gas. - 
Arnott 


62 

185 


CarroIJiPJ.i^ 

CluniteJIdn 

ConcreteProds.. 
Helton rHldgs.i 

Ins Corp.. 

Irish Ropes J 

Jacob | 

Sunbeam 

T-M.G 

I'mdore 


£33 

-*i 

70 


3 M 

+6 

UR 


105 


143 

+8 

52nl 

+3 

160 


130 


67 


S3 

+1 

210 

-3 

Wid 



OPTIONS 

3-moath Call Rates 


3.5! EJ 


IndnrtrialB 

A. Brow 

AJ\ Central - 

BAP. 

Bebcock - 
Barclays Bant. 

Beech am 

Boots Drug. 
7-owaiers .. 


DIAMOND AND PLATINUM 

I 

1 


►AmJmaic-. 

, JBJPleflL BcJ 

\De Beers DL 5c 

DatfpePLHS 


£07lj 

105 * 
450 

'if 

106 


+zy 

+2 fl 

f 

+3 


-20 
0525c 1 
Q20Dc. 

'■".Te 


7.6 

— 4 -°, 
33^ 7B 
35UAIHL2; 


A T_. 

Bniisb Of-nen 
BrO'Vti'J.i-. - 
Buctoa .V 

Cadbufj-s 

Countu/ds 
Liebtmhasis.- 
PuSillvr.-.— 
Dunlop.-.— 
Eaple Star — 

;f-:m 

;1en. Ace. dept 
iJwi. Electnc. 

C-'s\o 

Ctilr-dMCL -„i 

n.i'A-A 

Guardian 

HawkcrSidd.. 

Hducot Frairr. 


■'Imps" 

I CL 

Inveresk 

KCA 

Ludbrofce 

Leg al & Gen- 
L« Service. ... 

Llovds Bank.. 

••Loftr... 

Lrmdon Brick. 

Lonrbo 

Lucas Indr. 

Lyon? 

' Maras - ' . 
MrLi fcSoncr 
Midi ana Lank 

SKI 

iNit A«l£ank 
Do ’.VnErants 
Pi O DM. 

Pler.'eV— - 

ft-H.M 

Rack Ore. A - . 
Reed Tntn)._- . 

Spinors 

Tescu 

Thom 

Trnst Houses . 


Tube Invest - 

Unilever - 

L'UL Drapery- 

Vickers 

Woolwortbs— 

Property - 
BriL I.Jmd -- 
Cap. Countie 
E.P 


lutreuropean 
I^nd Secs. — 
MEPC. 


Peachey j 

Samuel Props.. ' 
Town & City— 

OUi 

Eni Poroteum- 

Eurmah Oil. 

Cbarterhall . , 

Shell 1 

Ultramar....-, 

Mines 

Charter Cons. 
Cons. Gold 
RIoT ZiK 


m 


A «elr-t;on of ilpt : on« traded ic riven on the 
London Stock Exchange Report page 









Thursday August 10 1978 



SEARCH FOR OFFSHORE OIL 


China seeks risk capital 


BY DAYFD HOUSEGO 

BRITISH PETROLEUM and 
Exxon have been told by the 
Chinese authorities that foreign 
risk capital will be welcomed in 
offshore oil explorations. 

The new policy means that 
companies will bear the cost of 
offshore exploration though this 
could later be sez against the 
returns from successful finds. 
There would he no compensation 
m the event of failure. 

Such a pattern, which still 
has to be worked out in detail 
here, is comparable to that oper- 
ated by many producer coun- 
tries seeking "lo encourage oil 
exploration. But it marks a 
major departure by China. 

Oil companies have been seek- 
inc clarification in the light of 
rerent statements from Chinese 
leaders, including Mr. Li Chian”, 
the Minister of Foreign Trade, 
that under no circumstances will 
China consider joint ventures. 
Chinese officials have now made 
it Hear thai the government in- 
tends to finance development hut 

City plans 
guide to 
curb insider 
dealings 

By Margaret Reid 

THE CITY’S recently-formed 
watchdog body, the Council for 
the Secur'ties Industry, is 
expected this autumn to issue 
guidance on curbing insider 
dealings. 

The move, the Council’s first 
public action, is likely to ban 
share deals by company directors 
and CUy advisers — such as 
merchant bankers — who have 
confidential information which 
could affect share prices. But 
it will not seek to lay down 
rules for other people who — as 
tippees — happen to hear inside 
information and then carry out 
share transactions. 

Insider trading is the use of 
confidential information by 
people in the know, such as 
directors and professional 
advisers, to make personal profits 
on share deals. 

The Government recently pub- 
lished a draTt Bill to outlaw 
dealings based on information so 
sensitive lhai it was likely 
“materially to affect the price" 
of ihe shares. 

Under ihe Government's plan, 
tippees who had knnwinsiy 
received price sensitive confi- 
dential ' information would be 
prohibited from dealing. 

However, no date has been set 
for the Bill to come before 
Parliament, still less to become 
low. Meanwhile, public com- 
ment is being invited on the 
proposals. 

The Stock Exchange last year 
issued a model code which 
would ban share deals by 
directors and employees with 
price-sensitive information and 
also put art embargo on any 
dealing in the shares by such 
people two months before yearly 
and half-yearly profit statements 
were due. 

This is intended to he used 
a* the model for house codes 
which will be required in a few 
months' tune in all quoted 
companies. 

The guidance on insider deal- 
ing expected to be promulgated 
by the council is heme seen as 
a holding action providing some 
non-slatiiiory rules applying 
throughout the City eniunuinity 
and In directors uf listed 
companies. 

The coum-il will study pro- 
posals for a legal ban and give 
it* comment to Mu* Government. 

Work on the planned guidance 
i< being carried out by a sub- 
committee set up ai the cuiim-il's 
first meeting «m Mav tfl and 
chaired by Sir Alexander 
.Jiihnslon. former chairman of 
ihr Board of Inland Revenue 
who ts depul > chairman of the 
council and the City Take-over 
Panel. 

Continued from Page 1 

Dollar 

estimated Government borrow- 
ing tills year. 

In contrasi. ihe dollar was 
somewhat steadier In Tokyo 
against the Japanese yen and 
closed at VIST .60 compared 
wiJh Y1R7.37 on the previous 
day, after a low of VI 86-40. 

Dealers reported compara- 
tively little Intervention hv 
central banks in any of the 
major markets, though there 
could have heen some smooth- 
ing; operations towards the 
dose. 

Sterling was noticeably 
firmer yesterday, noi only 
against the dollar but also com- 
pared with the stronger 
European currencies such as 
the D-mark. The result was 
that the trade-weighted index 
rose by 0.3 lo 62.1- 
The pound closed 15 cents 
higher againai Ihe dollar at 
Sl.9490 after a peak of SI. 93.15. 
This was touched after lunch 
when there was apparently 
• heavy demand from the Con- 
tinent. 

The authorities in London 
appear lo be mainly concerned 
with ensuring lhai ilie trade- 
weighted index slays at roughly 
around Its current level Tor ihp 
time being. This index has 
risen by much less than the 
rate against the dollar in re- j 
cent weeks. 


is willing to see foreign com- 
panies take the risk on explora- 
tion. 

British Petroleum is repre- 
sented on the present delega- 
tion to China of British, indus- 
trialists led by Mr. Edmund Dell. 
Secretary for Trade. Exxon also 
has a mission in Peking. 

Orher American and Japanese 
companies have been negotiat- 
ing with the Chinese over off- 
shore exploration. These discus- 
sions reflect the emphasis that 
China is now placing on offshore 
oil as (be country’s biggest 
potential earner of foreign ex- 
change. 

In line with reserving as much 
oil for export as possible, the 
Chinese authorities have told the 
British delegation that all their 
future power stations will be coal- 
fired. At the same time they are 
pressing ahead with a rapid 
expansion of coal output both to 
prevent enoray shortages remain- 
ing a bottleneck in their indus- 
trialised Asian drive and for 


exports. 

As part of this programme 
Powell Duffryn and the National 
Coal Board have been asked to 
do the design work for two new 
mines. Dowty Mining also has a 
mission here which is hoping to 
conclude a contract fnr about 25 
sets of mining equipment worth 
an estimated ElOOm. 

China is looking for a three to 
four-fold increase in its oil 
production from last' year's level 
or lBm barrels a day. 'Offshore 
deposits are said to exist in the 
Pobai Gulf (where Japanese com- 
panies are to drill). Huapei Bay. 
the Taiwan Straits and the Parea- 
cel Islands whose, ownership is 
disputed. The continental shelf 
off China's coast is generally con- 
sidered a promising area of 
exploration. 

A puzzling feature of this 
planned expansion is that the 
growth of oil production has been 
slowing down. One explanation 
put forward by foreign observers 
here is that the Chinese are 


PEKING, August 9. 

attempting to restrict domestic 
consumption. Another, is that at 
Taehing. the onshore field that! 
produces about a third of China's i 
output, ' difficulties have been ' 
encountered in secondary re- i 
covery methods through water! 
injection. 

Mr. DeiJ said at a Press con-; 
Terence here tonight that offshore j 
equipment was one of the areas! 
in which the Chinese were sbow-j 
ing much interest in British j 
technology. He emphasised that j 
many countries were now com-; 
peting for contracts in China ! 
and that British industry should, 
make a speedy response. > 

In the aerospace industry, bo' 
said, the Chinese were interested j 
in the HS 146, a shorthaul four-j 
engined jet with searing capacity] 
for 70 to SO. He said that to-; 
morrow he would be visiting Sian j 
in central China where the Rolls; 
Royce Spey engine is being madej 
under licence. Rolls Royce: 
anticipate further orders from 1 
China. — f 


Israeli Cabinet to meet 
on summit stance today 


BY DAYID LENNON 

ISRAEL today began a reassess- 
ment of its negotiating policy 
; n preparation for the tripartite 
Middle East summit meeting at 
Camp David with the Presidents 

of Egypt a n< * ihv U.S. 

A senior American official was 
reporting this evening to Israel 
I on the Egypt-U.S. meeting in 
Alexandria at which President 
Anwar Sadat of Egypt agreed to 
] participate in the summit called 
by President Carter in an effort 
to rescue the floundering Middle 
East peace negotiations. 

The Israeli Cabinet will meet 
tomorrow morning in special 
session to begin planning Israel's 
position at next month's crucial 
meeting which could determine 
the future of the Middle East. 

Surprised by President Sadat's 
swift agreement to the summit, 
i Mr. Menahem Begin. Israel’s 
Prime Minister, has ended the 
holiday which he started on 

Tuesday. 

This evening, he headed an 
Israeli Ministerial team which 
heard the report of Mr. William 
Quant, of the US National 
Security Council, on the meeting 
between Mr. Cyrus Vance. U.S. 


Secretary of State, and President 
Sadat, in Alexandria. 

Even though Israel refused to 

make any new concessions during 
the talks with Mr. Vance in 
Jerusalem on Sunday, the 
Government is aware that it will 
have to present some new ideas 
at Camp David if it is to avoid 
being blamed if the talks fail to 
produce progress towards the 
peace settlement. 

The coming weeks will see 
intensive American activity to 
prepare the ground for successful 
talks In Washington. Israel Is 
aware that the prestige of the 
U.S. President hangs on the 
successful outcome of the meet- 
ing. 

Officials today praised the role 
of the U.S. in getting the negotia- 
tions re-started, despite President 
Sadat's earlier refusal to meet 
unless Israel agreed in advance 
to quit the occupied territories. 

At the same time, it was 
stressed that the two main par- 
ties to the talks were Egypt and 
Israel and that, if possible, prob- 
lems should be solved between 
them without outside help. This 
was a clear indication of Israel's 


TEL AVTV, August 9. 

concern that the US. may put! 
forward its own peace plan and ' 
try to impose it on the parties.] 
No agenda has yet been set for \ 
the summit, and Israel is. con-i 
cerned that the U.S. may try to] 
return to the idea of a declare- ] 
tion of principles for a Middle i 
East peace agreement. In the! 
past, this has contained the con- i 
cept of eventual total Israeli ( 
withdrawal from the West Bank.) 
something which the Government ' 
is not prepared to do. I 

Israel is likely to prepare its | 
own position on a declaration j 
of principles and possible i 
alternatives to U.S. proposals; 
which may be made. This 1 
reflects the seriousness with I 
which Israel views the possi- 
bility that President Sadat ! 
will try to place the blame] 
for any breakdown on Israeli ] 
intransigence. i 

The Government believes that | 
Israel can sriUl find a formula j 
which will enable it to appear j 
flexible on the issue of the West I 
Bank, without actually com-; 
mitting itself to withdrawal > 
from the occupied territory. [ 


Central borrowings likely 
to be near Budget forecast 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


CENTRAL Government spending 
and revenue figures for the first 
four months of the financial year 
suggest that borrowing is likely 
in be much nearer the level fore- 
cast in the budget than in the 
past two years. 

This confirms the general City 
view that there will be no repeti- 
tion of the events of 1977-78 
when it became apparent by the 
autumn that a large headroom 
existed below the Government's 
borrowing ceiling, allowing 
further tax cuts. 

At present it looks as though 
any margin will be much smaller 
in 197S-79 and anyway not 
apparent till rather iatcr. 

The Treasury announced 
yesterday that the central Gov- 
ernment borrowing requirement 
between April and July 
amounted to £i!.5Ibn. compared 
with £1.52bn in the same period 
last year. 

This represents a rise nf 64..? 
per cent, compared with an 
increase of 79.7 per cent to 
rr.94bn forecast for the full 12 
months in the budget. 

In July, the central Govern- 
ment repaid an estimated £Slm. 
compared with a repayment of 


£213m in the same month last 
year. July is traditionally a 
month of heavy tax payments 
though comparison with a year 
ago is affected by changes in the 
borrowing pattern. 

Consolidated fund revenue for 
the first four months of the finan- 
cial year was 9i per cent higher 
than a year ago. compared with 
a rise of around lOi per cent 
forecast for the full year in the 
Budget. 

This is because of the 
difference in the timing of 
implementing the tax cuts and 
rebates which have come earlier 
this year than in 1977. The 
figures should come more into 
line in the autumn. 

Consolidated fund expenditure 
so far in 197S-79 is 1SJ per cent 
higher than a year ago. compared 
with the rise of 1B.S per cent 
forecast for the full year in the 
Budget. 

Spending on the main pro- 
grammes is, however, in line 
with forecasts and the difference 
is explained by higher outlays 
on the service of the national 
debt. This in turn is partly 
accounted for by alterations in 
timing. 


There have been changes ini 
the pattern of borrowing by- 
nationalised industries and local 
authorities. This makes it diffi- 
cult to estimate what is happen- 
ing to the borrowing requirement 
of the public sector as a whole, 
which differs from that of central 
government by also including 
loans from the market. 

Nationalised industries, for 
example, have borrowed a ner 
£272m more than a year ago in; 
spite of substantial repayments 
by the British Gas Corporation, 
reflecting its large profits. 

This may be partly because 
nationalised industries have been 
financing their early repayments 
to the market of overseas loans 
by borrowing from central 
government. 

In contrast, borrowing by local 
authorities over the first four 
months fell by £610tn. It is not 
yet clear how far this represents 
a switch from centra! govern- 
ment to borrowing from the 
money market .on interest rate 
grounds or indicates a net re- 
duction in their overall level of 
debt. Tins is crucial for esti- 
mates of public sector borrowing. 


Clyde dockyard men suspended 


BY PHILIP BASSETT. LABOUR STAFF 


NAVAL BASES on the Clyde 
came lo a standstill yesterday 
afler some 200 dockyard workers 
were suspended without pay for 
refusing to work on the Polaris 
submarine HMS Resolution, 
which has been blacked in sup- 
port of a national pay claim by 
183.000 industrial civil servants. 

Talks lo try to settle the pay 
dispute, which fall.*, under the 
Government's Phncp Three 
guidelines, will be held in 
London to-day. Union leaders 
will meet Lord Peart. Lord 
Privy Seal, and other senior 
Ministers, lo discuss the Govern- 
ment's 10 per cent offer. 

Shop stewards ai the Clyde- 
side buses said last night that 
Navy personnel had started work 
to prepare the Resolution for 
sea. The 2.500 workers at the 
bases had all staved i 0 finish 
their shifts after the 200 crane 
drivers and stnres staff were 
suspended. thnuch all work at 
ihe bases had been blacked. 

The dockyard workers will 
turn up at the three bases uf 
Faslane. Coulporl and Arrochar 
today and will be asked to work 
nn the Resolution. They are ex- 
pected to refuse. 

They will then be suspended 
without pay again- and the rest 
of f be workforce will down tools 
and sit in at the base until their 


shifts end. Shop stewards' do not 
expect the workforce to be 
locked nut. 

it was originally given an 
ultimatum for work to' start on 
the Resolution by 5 pm on Tues- 
day by Mr. Neil MacEacham, 
Commodore of the base, though 
this was later deferred until mid-, 
day yesterday. 

At a meeting yesterday morn- 
ing. shop stewards decided 
unanimously- to recommend that 

the blacking should stay in 
force, and mass meetings unani- 
mously backed the decision. 

Mr. MacEacharn then told sbdp 
stewards that if normal working 
was not resumed by 3 pm yester- 
day. employees refusing to work 
would be taken off pay and 
replaced by naval personnel. 

The shop stewards asked that 
the decision be deferred until 
the outcome of today’s talks In 
London, but Mr. MacEacharn 
said he had received his orders 
and the suspensions would go 
ahead. 

The Ministry of Defence said 
it was normal civil service 
practice to take employees off 
pay if they refused to do any 
piece of work. They would he 
asked again on a daily basis, and 
their jobs would not be affected 
immediately. 

Workers af the nearby fuel 
depot of Old Kilpatrick have 


promised support for the dock- 
yard workers. No fuel normally 
used for yard boats and for some 
yard machinery will be 
delivered. 


Pension 

funds 

seek 

Allied 

meeting 

BY CHRISTINE MOIR 


THE National Association of 
Pension Funds is expected to 
set up a case committee in the 
next two days to formalise the 
funds' growing concern over 
the Allied Breweries bid lor J. 
Lyons and Co. 

Mr. George Dennis, chairman 
or the investment protection 
committee of the National 
.Vssociatiou of Pension Funds, 
said yesterday: “ There is 

tremendous concern from oar 
members both In terms of the 
industrial logic of this bid and 
because it does not appear that 
shareholders of Allied are to be 
consulted. 

*• Some of our members want 
to press for a special meeting 
of Allied. 11 

Mr. Dennis said that the 
investment protection com- 
mittee had received so many 
expressions of concern from 
pension fund managers that it 
was now taking soundings as to 
whether members wanted a 
special case committee to be 
cslaGIished. 

Ind us trial logic 

The first thing such a com- 
mittee would do would be to 
seek a meeting with Mr. Keith 
Showering, chairman of Allied, 
tn see if he “can reassure 
members” over the industrial 
logic of the bid. 

Falling that, Mr. Dennis 
said, the next stage would be 
to see if 'sufficient members 
were prepared to requisition a 
special meeting of the com- 
pany. 

A special meeting must be 
held if shareholders represent- 
ing more than 10 per cent of 
the votes ask for it. Between 
them the pension funds hold 
considerably more than this 
percentage of Allied’s equity. 

A spokesman for Allied said 
that the company had not 
been approached by any share- 
holders seeking reassurance 
over the bid. 

He confirmed that the com- 
pany did not intend to eall a 
shareholders' meeting because 
the terms and nature of the bid , 
did not necessitate a special 
meeting. 

Allied has sufficient un- 
authorised capital to make the 
offer Tor Lyons without seeking 
shareholders’ approval for fur- 
ther capitaL 

It also believes that a 
merger with Lyons represents 
only an extension to its exist- 
ing business and not a material 
-change of direction. 

Finally, Implementation oF 
the hid would Increase Allied's 
equity by only 14 per cent.- 


Weather 


UK TODAY 

MOSTLY ' dry, sunny intervals; 
cloud in W. later. i 

London, SJE. England, E. AngfiaJ 
Cent. S. England 
Showers, becoming dry sunny 
intervals. Max. 19C (66F). 
Midlands. Channel Isles, 5.W„ 
Cent N. England 
Cloudy, sunny intervals. Max. 
19C <68F>. 

E-, NJE. England, Borders, 
Edinburgh. Dundee Aberdeen 
Drv sunny intervals. Max. 16C 
(6IF). 

Wales. N.W. England, Lakes, 

L of Man S.W. Scotland, Glasgow, 
Cent. Highlands 

Sunny intervals, cloudier later. 1 
Max. 19C I66Fi. 

NX. Scotland. Orkney, Shetland , 
Cloudy, sunny intervals. Max. 
15C <59F). ■ 1 

Argyll. N.W. Scotland 
Sunny intervals, perhaps rain 
later. Max. 16C ffilF). 

N. Ireland 

Sunny intervals, perhaps rain 
later. Max. ISC (66Fi. 

Outlook: Rain, sunny intervals. 

BUSINESS CENTRES 


THE LEX COLUMN 




Recovery to come 

at Carrington 


The stock market quickly “ ' 

shrugged off the disappointing Jj^ex roSe 9.2 tO 516.2 
banking figures and both 
equities and long dated gilts 

moved ahead firmly, yesterday. - - 

However although three month [\\ %r 
interbank rates have fallen by TwffE-MOtfTH 
around » of a per cent since the i nterbank HATB l » ^ 
release of special deposits , last - ijff-TT 7 \T 
month, few are expecting an \ 

imminent cut in MLR. / | 


Carrington Viyella 

Carrington Vfyella's 36 per. 
cent decline in first half pre-tax 
profits must have left a few 
analysts with red faces yester- 
day. The pre-tax figure of 
£4.8m is well below the lower 
range of most forecasts. But" 
the message from Carrington is 
that all is not as bad as it may 
seem. First of all. these results 
are being compared with a 
period of good recovery during 
which trading profits rose by 
more than 50 per eent. 

In addition, the group reports 
definite signs that increased 
levels of consumer spending are 
now beginning to show through 
in orders for products like 
shirts, outerwear and sheets- 
The recovery is most pro- 
nounced in lines closer to Car- 
rington Viyella’s retail 
customers (Marks and Spencer 
accounts for some 15 per eent 
of total sales) and is just about 
becoming traceable at the 
heavier end, in carpets. 

The first half figures reflect 
fiat trading levels across the 
board, and the overall volume 
of sales is probably down 3 to 
4 per cent bn last year. But 
the improving trading picture 
is enough for Carrington to sug- 
gest that second half sales 
should contribute better profits 
than the £9m recorded last 
year. This indicates that the 
full-year figure could be about 
£l6im, and the same as last 
year. But thanks to Carring- 
ton's £10ra share placing in 
April last year prospective 
earnings per share' on a low tax 
charee would be down from 8p 
to 7p. Still, the shares look 
firmly placed at 38ip on a pros- 
pective yield of about 9.1 per 
cent 

Smith Bros. 

Despite a decline in profit in 
the second half; the market was 
pleased with the £I.lm pre-tax 
reported by Smith Bros., the 
jobber. The final result was 40 
per cent up on the. previous 
year and the share price rose 


j CLEARING BANK 
BASE RATE 


ir -i’r 1 ii j j ti 

4p..t"o. 66p for a p/e of 10 and 
a yield -of' 21 per cent. 

. Behind the recovery lies a 
remarkable shift in the source 
of Smith's earnings. The 
management does not break 
these down, hut it is a fair 
guess that the business, of 
jobbing. in British equities con- 
tributed little, if anything, to 
Smith's pre-tax figure last year. 
• The' redeeming factor bas 
been the steady expansion of 
Smith's dealing in international 
securities — particularly gold- 
mining shares. Over the last 
two years Smith has developed 
direct links with dealers in 
other financial centres— New 
York; Paris. Johannesburg — and 
this expanding network 
of “correspondents” already 
accounts for the lion's share of 
Smith's transactions in foreign 
shares.. 

Smith’s- decision last year to 
denominate the greater part of 
its gold-share dealings in dollars 
was another siep to preserve' its 
position in this international 
market.. The management make 
it clear that overseas trading is 
now /the ba%ts of Smith’s 
business, while "profit at home 
is ymed as a windfall. 

Smith's experience is addi- 
tional evidence that a 
competitive market in British 
shares now exists mainly thanks 
to subsidies from other activi- 
ties, be they trading in gilts or 
overseas shares. The Stock 
Exchange's apparent willingness 
to relax rules under which its 
membership trade foreign 
shares should provide extra 
financial support for London’s 
unique way of trading. 


General Accident 

Bud weather hit Genchj*^: 
Accident’s underwriting resujyfej 
for six at the beginning of thtoif} 
yeai. bur it has recovered 
strongly in the second qunrterr / 

An underwriting profit nf aifeii 
in the latest three, months cut» 
the half year deficit' to" ISjBfibw 
and suggests that the group ii/v 
on course for an underwriting'* 
breakeven in 3978 compared- 7: 
with last year's loss of £6.3pt'/> .. 
In that case, its pre-tax profits*^? • * 
could rise from £70JSm. to 
or even a shade mure. K*t 

Both the UK and the 
contributed to the underwriting -W 
profit in the latest period.. TfieVv; 
trend may have been fiatterM.];? 
slightly by the group's cautiQua- -• 
treatment of storm damage in. V 
its first quarter figures. Bht . 
motor business itfc the UR, .; 
which was looking a iittfej ” 
worrying last year, is now back 
in profit and the performance 
of this tine in the U.S. con.// 
tinuos to improve: - Like ConK ^r 
mercial Union earlier in the 
week, the group concedes Thai 
profitability in the U.S. may; be. T 
nearing a peak. But on current 
form there is no need, to worry ” 
about the overair outlook for 
1979. 

- Profits this year-will probably / 
■not be high enough for General 
Accident lo lift its -dividend by 
any worthwhile • -amount- .in, -.. , 
excess of the general 10, per. ; 
cent limit. So after yestertatfS- 
Sp rise to 240p. the. prospective 
yield is a well covered 5.7 per 
cent, while the p/c could be - 
about 61. ., ! 

Merchant bants 

The merchant banks are 
victims of a vicious circle. -In . 
lU latest evidence to the Wilson ^ 
Committee. the Accepting 
Houses Committee argue that 
its members' profitability has • 
declined .substantially in real 
terms, arid that between 1973 V.-j.; 
and 1976 retained earnings were / 
insufficient to maintain the real ^ 
value of the banks’ free capital. 

The committee reckons that . 
its members' capacity tn take bo 
new business between 1972 aad 
1976 was reduced by : £2lbm : 
Given that the total advances 1 
of the accepting houses are no 'S.„ 
more than £2.9bn currently, 
they have, obviously, suffered. J . 
But their case would carry r ; 
much more weight if they made 
a stab at producing inflation 
adjusted accounts. . . ._ \ ; 


SHARE REGISTRATION 

Look what doing it yourself 
is doing to your profits. 


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workers. Some union officials Budapest v 21 toiosio 
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HOLIDAY RESORTS 


Two weeks ago, Mr. Fred onWin c h jt Rome s is 77 

Mui lev Defence Seerpmrv Mrttart r i' ® siodujoim f is « 
j ’ .v ni j secretary, p^nufun c w «! Vienna f 22 ?j 

closed, tbe Uyae oases and cent** c 13 soiwaraaw c 14 57 

ordered tbe Navy in to prepare ciawow c 13 39<zurirti f 13 59 

for sea the fourth blacked 

Polaris submarine. HMS un . Y *-&.*-* 

Revenge; to relieve the Resolu- HOLIDAY RESORTS 

tion. — 

Yesterday, Portsmouth dock- 

yard workers blacked the frigate ^C“f[ .^tp 

HMS Falmouth in support or the Aitccio s « 77b«»-r c 17 m 

claim. Navy men broke the Aimers s as sa'L-m Pons, s a n 

workers' overtime ban to slip JSS5« c 15 ■juST s u 1* 

the snips nioonags at tbe week- Borduui c ?a ns; Majorca & ?s 79 

end to release it for traditional Booicuro- r is aiiiuifsa s us n 

guardship duties at the Cowes gS*™' | SlKE. f £ g 
regatta. Pam s a trlxicc s »4 73 

The Falmouth now needs Florence f ja gs'Owmtw s a k 

■}*«: b “L “fSSSK c S SK I 3 « 


Y'day r • 
midday; 

"C “F 

S *3 77UerwF 


Y'day 
■ R»ddaF 
■C *F 

C‘ 17 IT. 


S 28 Sa.'L-m Puns. S 23 73 


19 w Locarno 


because the dockyard workers SHS5 F t? s £ « 

aTc refusing to work on the ship Tnvenww c 12 Tunis s 27 si 

if it returns to Portsmouth, it ffi**! n ¥ aa £ If S'vSbb?* J | ~ 

win go instead to civilian docks 

at Southampton, |F— F»lr. 6 — sunny. C— Cloutr. B— Bain. 


F 33 77. 
S 41 llM 
S 26 7B 
S 2S 79 
S B E 
F 2« 75 
S 24 73 
S 23 72 
S 38 ss 
C 18 64 
S 28 S2 
S 27 K1 
S 23 79 
S U 73 


Mounting overheads.fe^ese .cahtiardly be justified for an 
internal service which only becomesrealfy active once or twice a year. 
Using NatWfest Registrars,onthe other hand, mostcertainlycan. 
. For example, one 'phone call and one payment takes care of 

each distribution (we take care-of the printing of warrants, packing 
and posting, and all the follow-up procedures). 

When your Share Register ison computer with us, and being 
updated daily, you have rapid access to all sorts of vital statistics. 

_ Most importantof all, for a modest charge perholding you could 
be saving your company- and shareholders-a great deal of money 

- ^ You can start now by asking us to send you a brochure . 

giving full details... 

. Telephone the Manageron 0272-297144. 

3.NatWest 

mw Registrars Department 

National Westminster Bonk Lid Registrars Department. 

National Westminster Court. 37 Broad Street BnstolBS997NH. 

R«2i«er«d *< the Post owce. Printed tv fit. anneal's Press far aad oubtiahrd 
t>y the Financial Tunes Ltd,, Bracken Bouse, Cannon Street. Leodon^&vp 
» C H C His Financial Tun** Ltd., iwg