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ws* 





en 




LONGINES 


limbct Building Materials, Heating and * ' 
’lumbing Equipment for the Construction 
and Allied Trades. Northampton 52333 


• . . ■ No. 27,634 


Friday August 11 1978 


**15p 


wsr 


J9S 


CONTINENTAL SELLING PRtqft AUSTRIA 5th I^MLCIUH ¥r ZS- D&1MARK Kr 3.S; PRANCE Fr 3.0; GERMANY DM 2.0; ITALY L 5 BO; NETHERLANDS Fl 2.0; NORWAY Kr 33: PORTUGAL Esc 20: SPAIN Pti 40; SWEDEN 



Kr 3.25; SWITZERLAND Fr 2.0; EIRE 15p 



EVVS SUMMARY 


BUSINESS 



ffomo 

prill 


ttend 

alks’ 



new 


Joshua Nhoma, co-leader of 
Patriotic Front, - would 
nftcly attend an all -party 
erence on Rhodesia, accord- 
to Mr. Jostah Chinamano, 
deputy. 

it Mr. Chinamano added that 
con Terence would have to be 
soon if it were to have any 
:t because nationalist 
•rillas “would win the Rbo- 
an war within six months." 

c ruled out any possibility 
i split between Mr. : Nkomo 
Mr. Robert ' Mugabe, who 
s the other win? of the 
riotic Front. Page 3 


• EQUITIES succumbed to 
profit-taking after extending' the 
recent rise. FT 3(Vshare index, 
up 52 earlier . closed'-'^? down 
at 514.0. Secondary issues con- 
tinued in demantL GoM SUnes 
Index fell 2.1 to. 198.5.-'. 


• GILTS shorts lo&io fcihngs 
made some headway . govern- 
ment Securities Index^ardened 
0.09 to 7123. 


• GOLD rose $i ta aj' retard 
$207|i Comex Augi^ae^lcanent 


3C cancels 
ay repeat 


FBC has called off plans to 
•at Barrie Keefe's com rover- 
play Gutcha. about a school- 
who holds hostage two 
•hers. The decision' follows 
.esls from Mrs. Mary White- 
st but ihc BBC said the 
•at had been called off 
awing internal talks about 
language in programmes. 


5i rut fighting 



radio outbursts of fighting 
v reported from Beirut in 
e of the ceasefire between 
Kin troops of the" Arab peace- 
ping force and Christian 
it las. Page 3 


price dosed $4.50 up a&$299.79. 


ia row over 


• STERLING was 4%ypoints 
higher at SI .9530. cTrade 
weighted index was ?ia$ilwaiged 
at 62.4. Dollar’s deprtteatioti 
wasa record 10.1 (9Ji)#f:taz& 


• iDa-hrcah dispute which 
••.•‘e.! anjitto London com- 
ic i> ended when the three 
.toj! Green signalmen who 
been having ' .unofficial 
•i.' .'.rrci’i in their 

iun's executive lomraUlec. 


• WALL STREET 
6.15 at 885.48. 


tyder’ jury out 


c jury in the ** Ryder tetter ’* 
il, which had been considering 
vr»rdic» for most of the day, 
s *cnt to an hotel for the night. 

Graham Barton, former Ley- 
id executive, and his wife, face 
p charges Involving forgery 
.i fraud. 


m U.S. money supply: 

Sl.lbn. . to 5353 J bn. 1 
JG.lbn lo ■SS4ft9u’U.‘ / <Joi 
^and .industrial loans. 3 
Fed funds averaged 73$' 
per cent. 90-llU day 
cial paper 7-7S {731} .percent 



PEUGEOT -CITROEN TO PAY $430m TO AILING U.S. CAR COMPANY 


Chrysler to sell up in 



BY ROBERT MAUTHNER IN PARIS AND TERRY DODSWORTH IN LONDON 


Pmigeat-Cifcroen 
Chryster 


Combined 


PEUGEOT- CITROEN of France for the French market, a chance 
will pay $430m (£220m) in cash to move into the heavier end of 
and shares for the European .the truck business through 
operations of the ailing Chiysler Chrysler's interests in the UK 
corporation, in one of the big- and Spain 

f^ |^e-up S in the world motor As Europe's largest manufac- 
ausny. turer, the combined group would 

If it goes through, the dedl inherit' a market share in France 
will produce the 'biggest motor of 45 per cent, in Spain of 23 per 
manufacturer in Europe, with cent, in the UK of 10 per cent, in 
plants in France, the UK and Germany of 6.5 per cent and in 
Spain, and a production rate: of Italy of 12 per cent 

i V ^ cleS K a , yeat .. compa ^5 For Peugeot, the deal also 
Jivnic^'w^ each from its nearest opens up the possibility of a 
^TTho,* ^ 0rc *K ? D j ■ Renau1 ^ ' much greater penetration of the 
ha ^%« c 1 °^ lned , sroup U.S. market through Chrysler's 

erap / )ye ^: 1 a dealer network, although this 
$;LL5 .^p- point was not made in yesterday's 
On the face of it, there will be announcement. 

„™* 61 ? erab L e ° veria P in the fhus, in the space of about 
of P r °ducts marketed by four years, Peugeot has emerged 
the two groups. All three nom- from its status as a rather small. Peugeat^CHroen 
pames are predominantly con- provinci ally-minded French com- France 

cerned with small and medium- pa ny into a major world force. Ciny^Erance 
sized family saloons. yet still family-controlled. It is Chryvtay.UK 


.SHARES OF EUROPEAN* 
\CAR MARKET 

~ (jan^May 197&— %) . 


11.B 

6.1 


T7J 


Ford : 

Renatdt 
FJat/Seat- 
V(rflc*«®en 
General Motors 
BL. 

Mynwtdgs-Bcnz 


13.2 
TZ7 
1L8 
11.5 
10 J 
43 
IS 


the greatest secrecy and the pro- Trade union officials in Britain 
posed deal took Government were anxious last night that the 
departments by surprise. deal should not lead to loss of 

There seems no obvious jobs or further penetration of 
reason why the French Govern- imported cars, 
ment should object, but the The general reaction was one 
situation is more comphcated in of relie “ f ^at a possible saviour 

the UK and SP&ui- had come forward, although it 

Mr. Enc Varley, Industry was tempered with disappoint- 
Se<^taiy, heard the proposals ment that there had been no 
for the first time only on Mon- v^ming of the deal or consulla- 
^ tids week in a Personal visit ^ with the workforce, 
by Mr. John Riccardo, chairman 

of Chrysler Corporation. Don Lander, managing 

director of Chrysler UK. said in 


* IndudJng Spain, but aEdudii^' 
Greet*. 


a BBC interview last night that 
shareholding of Cb^sler UK fh d t dd ^ dimen- 

would require British Govern- , ‘ 


sion to 


WORK FORCE 


one aspect of the 
negotiated with 
the Government in 1975 — the 
commitment to make the UK 

a 


However, in a. brief seta tement only about two years since the Chrysler. Spain 

ESierrfJlY Ppnopnf rinrlprhnprf n:i * ^ t. ■ - 


ment approval. There is no 
guarantee either that the arrangements 
Government would be willing to 

Employees continue its financial support. , ^ . , . _ 

751.000* So far, £Slm in grants and P lants “ n ,ntc £ raI P** of 
47 ood* loans has gone to Chrysler with la ^ r Eu n ?P eafl erooping- 
— mV nil - a Potential £37 .5m to come. Th e fusion with Peugeot- 

22J00 i n a prepared statement Citroen was good news for 

. .. . — — -- isisoo yesterday, Mr. Varley said that Chrysler’s employees in Britain. 

yesterday, Peugeot underlined nnfeg with Citroen were finally rrz CT be would be “examining the because it would make possible 

that its major interest in the cemented. induaer Ai,ooo employ*** outside aecur fty prosperity of economies of scale not available 

acquisition will be to create an- Chrysler, whicb faces an enor- rrance - ~ Chrysler UK plants in Scotland in a smaller organisation. 

organisation with the potential mously expensive investment and England, as well as for the The joint Chrysler-Pengeot 

for rationahsation of production programme in the U.S. would jV. naw UK motor industry and economy communique emphasised that 

and more standardisation^ receive an immediate cash pay- 9*' I 06 new European com- generally.” to ensure that the transfer 

It will also give Peugeot ment of S230m, and reduce its It will take at least a month took place in the best possible 

which manufactures a range of debt burden by $4(X)m. Talks'! between the two com- before the UK Government is conditions, -Chrysler Corpora- 

light commercial vehicles; mainly It would also have 15 . per panies -'have been conducted in ready to give a final decision. lion would continue to be 

Details Page 2 # Peugeot’s bid to become top in Etuope Page 18 % U.S. car industry’s year Page 24 • Lex Back Page 


directly associated with the 
management and earnings of its 
three former European sub- 
sidiaries until the end of 19S0. 

The statement also made it 
clear that the companies making 
up the new group, Peugeot- 
Citroen and Chrysler, would 
continue to have a large degree 
of independence, and that the 
brand names and specific 
characteristics of their products 
would be maintained. 

A similar statement was issued 
after the merger of Peugeot and 
Citroen in 1976. 

While it is true that the two 
French companies have managed 
to retain some individuality, it 
is equally certain that overall 
management and financial con- 
trol is firmly in the bands of the 
Peugeot organisation, controlled 
by Peugeot family interests. 

The general expectation is that 
the recently appointed chairman 
of the Peugeot-Citroen group, 
M. Jean-Paul Parayre. a 41-year- 
old former civil servant, will also 
head the new Peugeot-Citroen- 
Chrysler operation, for which a 
name has yet to be found. 

Peugeot-Citroen, one of 

Continued on Back Page 


Bank releases £207m 


in special deposits 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


THE BANK OF ENGLAND 
yesterday announced the release 
of a total of £207m of special 
deposits to the London and 
Scottish clearing banks from 
next Monday. 

The move will contribute to a 


• CARTER Ad sapa 
decided to atlbw Ste 
$i44m. plant 
ture of oil well ^ 
the Soviet Uni op. 
Back Page * 


ition has 
sale of 


£6 ythe - nmnufac- 
I drilling pans to 


orchnol level 


blunder - by- Anatoly Karpov. 
■ champion, allowed Yiktor 
rcbnoi to draw level tit. the 
rlrl chess championship in 
gum. Philippines. After il 
nos, each man has won once. 


• NATIONAL WESTMINSTER 
Bank haj\s6ld its- 19.1m share 
stake in Commercial Union 
Assnratira 
BackPagc 


ank man shot 


. Terrence Carney, an official 
th Ihc Midland Bank ID 
>?:!ield. was wounded by a 
iiu-r's bullet while riding a 
tie ear in Ran Francisco. He 
rrtfm enng in hospital follow- 
i an operation. 


41 NROC ia concerned that 
Freoch hovercraft engineers 
may; Infringe UKJesign patents 
iait tempts to resolve problems 
with part of the NSOO passenger 
trait. - 

Back Page • 


hristina leaves 

rusuna Onassis,' whose recent 
image has been the subject 
mtvnse speculation, flew out 
I.ulon airport uriUt a woman 
end bound for Athens. 


SE commission 
rates may rise 


• ..STOCK; EXCHANGE is 
launch iog major new review of 
commission rates charged by 
brokers, which may well lead. to 
the cost of share-buying going up. 
BatdtPage-; 


hair vacant 


• NORTH SEA oil output Is to 
r * ha receive a further boost following 

,, ? e . jj, j. e Government approval for develops 

pish NdtiDnal bisteddfods of Mesa Petroleum’s 

nior pn«*. the Bardic Chair, ^ the start of 

IS considered good enough to shell/Esso's Dunlin Field. lPa©» 
reive ihc award thus «m- 6) New North sea oil stud* 
ming the Caratlf jinx— the potential market for 

air has been left vacant only maintenance and inspection of 
e times in 100 years, four inclinations could be worth 
nes -when the Eisteddfod has £2ahh by the end of the 19S0s 
•lied Cardiff. ' “ ' * ** 


riefly 


UK STEEL output is back at 
M »*w. 1377 levels, but imports continue^ 

unry broker Uern ck ; Scotch- ^ take an increasing share of the 

aa ■ rv»fNYM IloPna Rnv hwir. . 


ook from Herne Bay, Kent *. market 
r.imi’ British Airways’ r 
Q,ont«h Concorde passenger. . 
r Fmnrc will extend its New * JAPANESE FINANCE Mini* 
irk Concorde service la try is. to permit trading houses 


?Yiro twice a week. 1 
will Bryant. England, won tho faffe 25 
•wl» vinBJes gold inedal in tin* 
immnnwoailh Gaines in 
tmvnlun. 

tree uomen chained thwm- 
■lvr-4 to r.itlinps- at Burnley. 


to take up multi- currency loans*. 


TOMPAUES 

• BRITISH AIRWAYS earned 
£14m. net • profit 


in the first 

,n.*„ town hall to protest at quarter against' only f4m. in the. 
c hjinnmg of dogs from parks, same period a year ago. 

ihifie 7 

r. Jj-rtn I^vy, founder of the 

linnibia Broadcasting . System. # ULTRAMAR first-half pre-tax 
i*U In Philadelphia. . profits-' rose to ■JB8J.ni. (£7An.X 

he Conclave of Cardinals to Cash flow: from o^rations at 
Icl -1 a new Poue vrill begin was a^record. 

i August 25. Pag«-2 Page 2B 


;HiEF PRICE CHANGES YESTERDAY 

Rothmans Inti. 68 y 3 

Paatchi and Sawchi... 1*5 + s 
Standard Chartered... 480 + 22 


97 


(Pricefi in pence ". 
unless otherwise, indicated.) 
IRKS: 

Men (W.G.) CTiptonV 54.+ 4 

uivmuiod Security 

4>ih%jy 6S -r. 4 

uri.mwood Brewery 173 + 10 

.'irroti BS + » 

IISOII ID.) 

Lvp.mdcd Metal 
lontipt; Assoc. 

ni’Jb'iipc : 

ml. r.iint - 

ohn '•on-Kiefeti ^5 

-.m l**.\ 

.XV T “A" 

Ini/ns 

■Innn- Air Jnv. ... 

-iaLXVc&t . 

VATMW (&1.V....WDI ^So-i o 

ked Inli. .1* + 6 


+ 17 
• < ■K4 
SOT. +-29 
380. +. ? 
«•+ -5 
HO + S- 
*SS +-3 
J« + 9 
143 + 7 
97 +-3 . 
38B +'»" 


United Newspapers... 372 + ip- 
Victor Products ...... 195 + U 

Vinten + 12.;. 

Wholesale Fittings 1S7 + 7 . 

.KiUbaghaU Tin 625 + JB 

■ SsssWiern Padflp Pet. 24U + 15" ■] 


Tanganyika ISO 


67 

242 

70 


Tehidy Minerals 

TYoftoh 

Vogehr - V. 

FALLS: .. 

- Ratiorfiold Harvey .. 

. . CoERmcroud -Union - 

CourtauWs ..... 

-General Acrid eat .. 

. Sun ’Alliance 

- Thamstfft -Qrg. ........ „ „ 

‘Ahgfo American Corp. 354 
.. West Rand Cons. ...... 138 


8 - 
10 ; 
19 { 
a + 


S4 

15S 

no 

234 


u 

s.;-. 

6 ; 


379 - 2Q+ 
280 - 5 « 

= I-' 


These pressures were reflected The. Government undertaking 
in a sharp fall in the reserve in December 1976 said that if 
asset ratios of the banks in the the commitment to fixed-rale 
month to mid-July indicated by finance-^above a certain level 
official . figures published on prejudiced the clearere' position 
Tuesday. in re&JSen to any corset, or 

The soueeze has eased since supplementary special deposits 
i"rtbec l+ductioiviu pressure on ^en. ? s shown by a Sy fall 
■ ;••• rr.'-rkcrs, fins should rein- in three-monTb interbank rates 

this .month. The further release The ifehnancing commitment 
of -special deposits: 'bn a smaller has . oBliged the banks io 
scale, than before; will be a increase their - money market 
further help in this direction, borrowing, thtis. creating addi 

Special deposits are foods 


Dollar 
continues 
to fall 


By Peter Riddell, Economics 
Correspondent 


force, the downward trend in 
certairi' sbxirt-teTm interest rates, 
4rhfch has occurred over the last 
fortnight.. 

Minimum Lending Rate was. as 
expected, unchanged yesterday at 
lfl .per - cent and the authorities 
appear 'to be in no burry to 
announce a change which might 
trigger alterations in bank base 
rates. A cut in MLR does, how- 
ever, only appear to have been 
postponed for two or three weeks 
at most. 

-• The special deposits move ful- 
fills an undertaking given by the 
Government in December, 1978, 
when the clearing banks agreed 
.to -finance additional lending 
under, the then existing sterling 
fixed-rate export and home ship- 
building schemes. 

■The move is thus different in 
character from action taken by 
the Bank over the last month 
to ease the shortage of funds in 
the. money markets, either, by 
postponing- calls on special 
deposits or by temporarily 
.releasing funds held as special 
deposits. 


which the clearing banks are Si* J2 

required to keep, vdtb the Bm* ftJHgl. 10 offSet ^ ^ 
of England under official coni • , , V 

The clearing banks haVe faced 


October. 

Some, 


trols. After Monday, : the , . , . - , - 

clearers will only have £83m difficulties m makuag the neces- 
deposited, though the’ )ion- sary adjustments to avoid paying 
clearers will have roughlv £l45m penalties which become liable 
witb the Bank. A total of about if their interest bearing Iiabili- 
£S85ra is now due to be re- ties exceed- specified ceilings 
deposited wiht the Bank during between mid-August and mid- 
September. 

The authorities were stressing 
that yesterday's move 
special and did not represent a 
change of - policy. However, as 

the release is not temporary. It . . 

will ease a little -of the current dilemma has arisen when there 
pressure on clearing banks' arc f'S 115 ?L a revivalm demand 
lending. for loans m,m industry. 

Tile further release has only The problems have partly 
been made necessary bv the re- been of a technical nature as 
imposition in early June of the a result of shortages in the 
so-called corset controls on the money market produced by 
growth of banks’ interest bear- heavy sales of gilt-edged stock 
ing eligible liabilities. and large tax payments. 


... if- not all, of the 

was clearers now seem likely to pa^ 
such penalties since they will 
not be able to cut back their 
lending sufficiently in time. The 


THE DOLLAR fell sharply 
yesterday against most of the 
world’s other major currencies. 
There was again a noticeable 
absence of either sustained 
market intervention from 
European central banks or any 
other action to stabilise 
currencies. 

The dollar had traded fairly 
steadily until towards the elose 
in Europe but renewed weak- 
ness developed in response to 
comments by the Shah of Iran 
about a rise in the oil price 
and to the publication of the 
U.S. wholesale price figures. 

The result was that the U.S. 
currency fell to a low of 
DM 1.9725, against Tuesday’s 
close of DIM L9S30, before a 
small late rally to DM 1.9760. 
There were broadly similar 
changes against the Swiss 
franc, with a dosing level of 
SwFr L6790 against SwFr 
L6860 previously. 

The slight pick-up at the 
dose may have reflected 
support in the U.S. from the 
New York Federal Reserve 
Bank. 

So far this month, ihe dollar 

Continued on Back Page 


Price increases 
‘down to 5.8%’ 


BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 


THE ANNUAL rate of price in- 
creases notified to the Price 
Commission fell in July from 
6 per cent to 5.8 per cent This 
was the smallest rise in the Com- 
mission index since last Novem- 
ber, when the increase was also 
5.8 per cent. 

The July figures, published 
yesterday, show the rise in prices 
notified to the Price Commission 
over the past six months ex- 
(pressed as an annual rate. 

Under Government i»:ic c con- 
trols all manufact urrnq com- 
panies with a turnover :n excess 
of £15m— the ..threshold was 
raised from £12m at the begin- 
ning of this, month — have to 
notify the Price Commission of 
impending price rises. The 
threshold for notification of ser- 
vice companies has risen from 

£9ra to £12m. 

These rises tend to take from 
two to three months to be 
reflected in the main retail 
prices index. And as the com- 
position of the goods and ser- 
vices priced for the two indices 
is different, the Price Commis- 
sion index is taken only as an 
indication of the trend in price 
changes. 

The latest figures provide con- 
firmation that Government fore- 
casts. of 12-month retail price 
inflation oF around S per cent 


for the . rest of the year are 
likely to be realised. 

This rate of inflation, which is 
an important part of the Govern- 


ment's hopes of securing wage 
restraint from the trade unions. 


wa« also suggested earlier this 
week by the fall in industry's 
raw material costs and the 
moderate rise in wholesale prices. 

The July retail price index is 
due to be published next week. 
In June the 12-month index 
showed a 7.4 per cent rale of 
increases. 

The Price Commission prefers 
tn use a six-month comparison 
trend for its index rather than a 
32-month view in order to give 
an earlier indicator of changes in 
the trend. 

The Commission's index has 
been in single figures since last 
September and has stayed within 
a 2 per cent margin since. In 
July last year the six-month 
increase was running at a yearly 
rate of 14.3 per cent. 


f in New York 

— Aiig- to 


rrcrioiia 


Sj»-t I S 1.9530-93*1 si.ajTMtfri 
1 nn'Bih O.SS-O-M rti* • I'.’MI.WiIh 
3mirulti< 1.50-1.4* itl« • 1.9S-1.90 rii« 
IS ir.iiilhf : ,ii« • h.V*. o.lS.ii* 


Mew telephone peace bid as 
both sides agree to talk 


BY NICK GARNETT, LABOUR STAFF 


traJON OFFICIALS and the Post discuss the proposals with the the Post Office has made it clear 
OtEce fina lly agreed yesterday to Post Office before it can commit that il did J*ot want to negotiate 

■ r.- - . - -- — .«* « sm. ■ m .«£ iV» — J ta-itVi tile iminn nn +ho roivtPT 


**«»»-• -j — - — — - - - - , dfeduss the' McCarthy proposals itself to accepting them and sees with the imion on *be report 

and ‘provide. 12.500 jobs. Page settling the engineers' dispute the report only as a basis for tmless sancti ons were lifted and 

Iwbteh has been disrupting inter- negotiation. Sn P twn ri? 

.tfitSmwl husmess operations. The decision to meet was made Jggf SlaSffiSJns Ee S 
; Although .the decision repre* yesterday during a special_ anion - removed, 
spirts .a considerable break- executive committee to remsw its Th post «« st m main, 
through, sanctions applied by the sanctions i policy. It followed a day ta £/SXS XX it wm not 
MW -Office. Engineering Union, of contacts between union J™ 1 » 1 A tu imorove on conces- 
fwhjch have had a progressively negotiators and Post sS bui It tero^e reoort- TS 

worsening effect on international management. ■ 

tefephone calls and some postal a Post Office statement said firmer commitment toward/ a 
SMrt.res, will remain in force. the meeting would be held future reduction in hours to 35. 

The two sides will probably “ without prejudice ” to the views The McCarthy report proposes 
-iflnert early next week. The Post of either party. a two-stage- reduction in hours 

Office. has already accepted the since the McCarthy report, linked to increased working 
report of Lord McCarthy, the which proposes a reduction in flexibility,, including staggered 


Industrial relations expert, as a 
taste for settlement. 

. The' union says it needs to 


the engineers’ working week starts and manning changes, to 
from 40 to 37 j hours, "was sub- cover ihe cost 
mitted to both sides last week. Editorial comment Page 18 


CONTENTS OF TODAY’S ISSUE 



3 




4 

Management 



3 

Arts page 

... 37 


4 

Leader pag* 

18 

Home news— general 6, 7 

UK Companies ... 

Mining 

20-23 
... 22 

• J 




Chrysler - Citroen - Peugeot 
:• deal 

16 

FEATURES 

Around Britain: Harrogate 16 

Tory Industrial policy 

Energy Review: Australian 

19 

The new Portuguese P39 

... 2 

uranium 

8 

Life In the Gaza strip ... 

... 3 


Inti. Companies 24,25 

Euromarkets 34 

Overseas markets 28 

Money and- Exchanges 25 

Farming, raw materials ... 29 

UK stock market 30 


Nottingham Forest's gold- 
mine 15 


FT SURVEY 

Pakistan 9-14 


-APttfetmenu ......... 

AwdnmmiAiMs. 
Bank Return 

Crnxwwrt 

CaterttiiMmet Guide 
Feed Prices 
FT-Act-k-te* todtets 
He*n% Centres* 


J7 

I 

23 

u 

14 

38 

30 

21 

18 


Lw 34 

Lombard - — . U 

Mm aad Matters ... U 

Property 26,27 

Radas 24 

Shan tafWTrtMkW .. 

Today’s Events XV 

TV and Radio 24 


Unh Tracts 
Wctlhcr 


Base teadttoi Ram 


IXTEAIM STATEMENTS 
RaletKf (CS) .... 22 

**e»riew » 

Ultraanr : 3 


ANNUAL STATEMENTS 
Asm*. Leisure 22 

W*nr AUm, BaffV 23 

edge's {Hides.) 23 

■». tr.CoUeR • 2JL 

Ori4 tUs. New W*. 3 

FteWt Prap. 7 

Hbvb Motor _ 22 

«riBs Bras. & ESA 22 

Rettmans InioL ’ 34 


For latest Share Index ’jAone 01-248 8026 


*L 



the Rolls 


non-stop to 


NairohL 


Our Rolls-Royce powered 747s now fly to 
Nairobi non-stop seven times 
aweek. 

Additional 747 services 
depart each Friday, Saturday 
and Sunday. 

We also offer you 
the only direct service to’ 

Dar es Salaam and the fastest 
route to Ethiopia. 

British 
airways 

We’ll take more care of you 











2 


Financial 


CHRYSLER EUROPE - the Peugeot/Citroen takeover 


Whitehall 
relieved at 
likely end 
to draw on 
UK funds 


Whitehall told only last Monday 




BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 


By Philip Rawstome 


THE PEUGEOT bid Is expected 
to be considered formally by 
the British Cabinet early next 
month at its first meeting after 
the summer recess. 

Government ministers who 
have put over £80m. of public 
money into Chrysler during the 
past three years are to make a 
detailed study of the financial 
and employment guarantees 
being offered by the French 
company. 

The first reaction in White- 
ball yesterday however was 
one of relief that the heavy 
drain on Government funds 
might be ended. 

Mr. Eric Varley, the indus- 
try Secretary, who opposed 
the Government’s rescue of 
Chrysler but lost the Cabinet 
battle then, is thought likely 
now to press his colleagues to 
let tlx- deal go through. 

Mr. Norman Lamont, Opposi- 
tion spokesman on Industry, 
said last night that the Con- 
servative Party had no 
objection in principle to the 
take-over and (bought it should 
be given the green light. 

“ Naturally, any Government 
will want to safeguard its in- 
terests in previous agreements. 
However, the final decision 
ought to be for tbc commer- 
cial judgment of the Chrysler 
management.'’ 

Mr. Lamont added “ Chrysler 
(UK) continues to cause deep 
concern by its performance. 
Hopefully, a change of owner- 
ship and management will lead 
to the improvements that are 
desperately needed. No com- 
pany. French or American, is 
going to go on digging into its 
pocket indefinitely.” 

Mr. Geoffrey Robinson. 
La boar 1WP for Coventry North- 
West and former managing 
director of Jaguar, said last 
night that (he terms of the 
deal would have to be looked 
at very carefully. 

“ Does Peugeot stand by all 
the nndpriaklngs of the pre- 
vious Chrysler management on 
thr maintenance of the opera- 
tion in the UK ? This will be 
the key question,” be said. ■ ■ 

Mr. Robinson said that he 
hart already had informal 
discussions with the trade 
unions and expected to have 
talks with Mr. Varley within 
tile next few' days. 


INDUSTRY SECRETARY Mr. 
Eric Varley heard about the pro- 
posed Peugeot-Chrysler deal only 
on Monday this week from 
Chrysler chairman Mr. John 
Riccardo and the president Mr. 
Eugene Cafiero. 

There were further hurried 
meetings with Chrysler and 

senior Peugeot executives on 
Monday and Tuesday. 

It became clear at these ses- 
sions that the French were hop- 
ing that they could simply take 
over Chrysler’s responsibilities 
in Britain, leaving the Govern- 
ment's position as a major 
financial backer virtually un- 
changed. 

But, political considerations 
apart. there are technical 
reasons why It is not a simple 
matter to cross off Chrysler’s 
name from the -financing docu- 
ments and insert Peugeot's in- 
stead. 

Chrysler was allowed to buy 
its UK business — the old Rootes 
Group — in two stages, acquiring 
some shares in 1964 and then 
taking full control in 1967. This 
was after it became clear that 
a large infusion of capital and 
technical expertise would be 
needed to save Rootes. 

That 1967 - arrangement 


included terras which gave the 
UK Government a major 
influence an any significant 
changes Chrysler UK’s situation. 

It was specified that Chrysler 
could dot dispose of more than 
30 per cent of its British sub- 
sidiary without the Government’s 
permission. 

So the proposed deal with 
Peugeot cannot go ahead until 
the Government has made. up Its 
mind. This will take at least four 
weeks, possibly six. 

The Department of Industry is 
as anxious as any of the other 
parties to the proposed deal to 
clear .up the uncertainties as 
quickly as possible. Bat the 
work involved is considerable. 

- The Department's formal 
statement last night said Mr. 
Varley “ will need to consider 
very carefully the Implications of 
this development 

“ In particular he will be 
examining the possible advan- 
tages and disadvantages for the 
security and prosperity of 
Chrysler UK plants in Scotland 
and England as well as for the 
UK motor industry and the 
economy generally.” 

Mr. Varley will clearly want 
to see jnst how far the French 
will be prepared to go towards 


giving undertakings about toe 
future of the UK plants. Formal 
written undertakings about con- 
tinuity of employment, future in- 
vestment and other sensitive 
issues will be crucial to securing 
the Labour Government’s 
approval. 

Exploratory talks along these 
lines obviously have a long way 
to go. Mr. Varley also has more 

than Chrysler to consider. He 
will certainly be seeking the 
views of BL, formerly British 
Leyland, to see. if the state-owned 
ear maker baa any violent objec- 
tions. * . 

And he -cannot afford to 
ignore the views of the other 
Americans in Europe, Ford and 
General Motors, because it is 
essential that they should con- 
tinue to see Britain as a good 
country in which to invesL 

An important consideration, 
from the Peugeot viewpoint, is 
that the UK government be pre- 
pared to continue its financial 
backing for the Chrysler UK 
operations. 

It apparently' came as some- 
thing' of a shock to the French 
when they were told that this 
was not necessarily the case. 

Since Chrysler UK ran into 
soother major financial crisis at 
the end of 1975 and it seemed 


likely that the U.S. parent would 
pull out for good, the British 
Government has provided grants 
of £51 .5m to help cover losses 
and a further £30zn in loans for 
capital investment 

The Government is also 
currently committed to provide 
£25m more in loans and to pro- 
vide more cash towards losses, 
if they occur. This is limited 
to a maximum of £7J>m this year 
and £5m m 1979. 

In the first six months of this 
year Chrysler UK suffered losses 
on £533,000. The performance 
was hit by industrial disputes, 
particularly at Linwood. 

If 'the industrial atmosphere 
cools, the company could at least 
break even in 197S. thus 
eliminating the need for Govern- 
ment cash on that score. 

However, Peugeot will cer- 
tainly want the £25m loan facility 
to continue. 

The haggling will continue 
through the holiday month of 
August And the final agree- 
ment will certainly be influenced 
by' the fact that a general elec- 
tion is not far away. . The 
Government will want to be seen 
to be getting a good deal from 
the French on bebalf of 
Chxysler's British workforce. 



WHO PRODUCED WHATjg 
EUROPE LAST YEAR 



'••••- V i v - V 


PSA PEUGEOT CITROEN 


' Co mmwvirf 

Ppssenprqm _ yd&t* 




Eric Varley, Industry Secre- 
tary: told only on Monday... 



John 


Riccardo, 

boss. 


Chrysler 


Unions wary of threat to jobs 


BY OUR LABOUR EDITOR 


“I will not be any happier 
to have control from Paris 
than Detroit," he added. 


PEUGEOT'S plans came like a 
bolt from the blue for workers 
and managers at Chrysler’s UK 
motor plants in Coventry and in 
Linwood. Scotland. 

One of the first reactions of 
both sides was that a takeover 
could improve the chances of 
the ailing British subsidiary. But 
shop stewards and local union 
officials, who will be meeting 
today to look at the plaB in more 
detail, will want to know what 
the implications are for jobs. 

The news reached senior 
stewards just before the end of 
the working day. Workers 
streaming out of the gates at the 
Stoke and Ryton plants in 
Coventry seemed confused, but 
shnwed little concern about the 
future. Many shrugged it off as 
something outside rheir control. 

The biggest union in the 
British subsidiary, the Transport 
and General Workers Union, 
said the move could be a bles- 
sing for the UK plants, provided 
jobs were not to be put at risk. 

Mr. Grenville Hawley, TGWU 
national secretary for the 
industry, said last night: “We 
were rather worried about the 
financial situation of the com- 
pany.” Investment would be 
needed in new models after 1980 
and there had been no sign that 
the British Government would 
provide more. 

The key to the plan was how 
rhe dealer network was to be 
treated and whether the take- 
over would mean a further in- 
cursion of foreign made cars 
into the British market. 

Mr. Terry Duffy, national 


official for the Engineering 
Union responsible for the motor 
industry, said last night: “My 
immediate reaction is concern 
for the job security of our 
people who work in Chrysler 
UK. I want to know if there are 
any safeguards. It could be that 
the French are buying out the 
competition. But if they plan to 
expand we would not be so 
concerned." 

Mr. Duffy said that the unions 
and Government should have 


Chrysler’s announcement 
was well received on 
the New York stock 
exchange where by early 
afternoon it was the 
third most active stock 
gaining $1& 


been consulted in view of their 
contribution to the rescue of the 
UK operation. 

Mr. Clive Jenkins, general 
secretary of the Association of 
Scientific. Technical and Mana- 
gerial Staffs, described tbe plan 
to take over Chrysler as ** poten- 
tially destructive of thousands of 
British jobs.” 

He said the way the deal bad 
been negotiated had brutally 
violated Chrysler UK’s planning 
agreement with the British 
Government 

Under the agreement tbe com- 
pany had to give long term 
advance notice of what it was 


doing. "This was plainly not 
done in this case.” . 

Mr. Jenkins said : “ Chrysler 
Corporation is behaving in a 
desperately irresponsible way. 
Plans for rationalisation clearly 
spell major difficulties for the 
UK workers.” 

“ One can only question the 
basis of hon-legal planning agree- 
ments when a handful of men in 
Detroit can' put at risk the 
futures and homes of so many 
British and European workers 
without compassion or civilised 
consultation. They must be 
cheeked.” 

Mr. Phil Povey, a regional 
official of tbe Engineering Union, 
said: “Shop stewards are 

certainly not dancing in the 
streets or lighting any bonfires, 
bat of course the plan could 
become a life-saver. We all know 
that Chrysler is in need of 
finance to support new models, 
and this la one way of safe- 
guarding the firm's future. 

“We have not heard of any 
closures or labour trimming, and 
obviously we would resist these.” 

One senior Chrysler executive 
In Coventry said:- “The fact that 
we will be part of Europe’s big- 
gest motor manufacturing group 
must give us strength-" 

■ Mr. Pat Fox, n ■ Transport 
Workers converter ' of shop 
stewards at Ryton, where the 
stewards will today be looking 
for more Information from the 
company, commented: "We are 
told that the deal will offer extra 
security of employment. I am 
sure that was said at the time 
Chrysler took over the old Rootes 
company." 


Spanish management 
excluded from talks 


BY ROBERT GRAHAM 


MADRID, August 10. 


THE MANAGEMENT of 
Chrysler Espana, 97 per cent 
owned by the parent company, 
learned only yesterday of the 
Citroen Peugeot takeover. 
Excluded from the negotiations 
and just recalled from holidays, 
company executives were com- 
pletely taken by surprise. 

Chrysler is Spain's fourth 
largest car manufacturer 
accounting for 10 per cent of 
production and 12 per cent of 
sales. Its locally-built Industrial 
vehicles account for 30 per cent 
pf medium and heavy truck pro- 
duction in Spain. Further, the 
company has a lucrative con- 
tract with the Defence Ministry 
refurbishing Spain’s ageing M-47 
and M-48 tanks. 

The most intriguing question 
is the extent to which Chrysler 
Espana and Citroen Espana, 45 
per cent owned by Citroen- 
Peugeot, will- now seek to inte- 
grate in the Spanish market. Cit- 
roen has a growing manufactur- 
ing capacity here and has just 
opened a new plant at Orense. 
Citroen is currently the fifth (and 
smallest) of the local car manu- 
facturing operations, taking 10 
per cent of production and 11 per 
cent of local sales (mainly 
accounted for by the GS model 
sales). Against Chrysler’s domes- 
tic sales of 35,456 in the first six 


months of the year, Citroen sold 
33.216. If the two group's Spanish 
sales are combined they 
immediately become the second 
largest group in Spain behind 
SEAT. 

Last year. Chrysler dis- 
continued production of the 
Simca 1.000. It Is now con- 
centrating primarily on the 150 
(known as the Simca 1307) and 
the 180 models. On a 1877 'turn- 
over of Fta 41.7bn (£275m) ex- 
ports accounted for Pta 337bn 
( S22m ). Chrysler channels its 
European exports all through 
Chrysler France. 

After a difficult financial 
period in which investment was 
being amortised and adjustments 
made at the Madrid plant — 
bought from Barreiros-^-the 
company is now understood to 
feel in much improved financial 
shape. Last year, for the first 
time profitability began to show 
with a net profit of Pta 710m 
(£4.7m). The main thrust of thlj 
profitability is said to have cornel 
from the truck division. Another 
area is renovating *he army's* 
tanks. It has just- received twjT 
orders to renovate a total of. 
110 M-47 and M-48 tanks worth" 
S220.000 each, -having Already 
refurbished 330. This , military 
aspect of Cbrysler’s/ Spanish 
activity that also covers making 
and repairing diesel . engines, 
tank tracks and M-113 APCS 
(Armoured Personnel Carriers) 
is considered an important asset 


Peugeot (France) 
Citroen (France) 

674,109 

667,220 

losjii^vy 

Total 

1,343*389 

_ 

CHRYSLER 
; Chrysler (France) 
Chrysler (UK) 
Chrysler (Spain) 

476345 

169.492 

96.435 

. ... r m 

■ .',28333 
■HyfiffclU-S 

-.Tatar 

742,492 

49.472 ~tS 

TOGETHER: 

2.085,8*1 

: .'Vv/pS 

224337-^ 

VOLKSWAGEN 
VW (West Germany) 

. Audi NSU (Wert Germany) 

UOS jW7" 
317,928 

; . . . v - 'l? 

93382. V|Jg- 

‘ Total 

13263« 


RENAULT 
Renault (France) 

Fasa Renault (Spain) 

1359338 

2243M 

•• - - 

174371 

Total 

1,483396 

174373 

-Fiat (Italy) 

GENERAL MOTORS 
Opel (West Germany) 
Vauxhall (UK) 

1,200,707 

922304 
93317 . 

>' T41390 v i#2j 

2363 ^ 
■hi W .747 

Total 

1.015341 

94310 . 


* tin 


\% 

y -* 


V. j 

♦. L l* 




FORD 
Ford (UK) 

Ford (West Germany) 
Ford (Belgium) 

Ford (Spain) 


406*33 

541,750 

30538* 

213)268 


14*3» BSj 
- - ? 5CS 

323* ; 3* 


Total 


1,468,240 Wljtt ..ym) 


British Leyland (UK) 


651,06* 119,994 -2111,1 


Daimler Benz (West Germany) 


409,090 174JBM : 5»» 


Seat (Spain) 


346335 




BMW (West Germany) 


284,771 


- 2HT 


VOLVO 

Volvo (Sweden) 

Volvo Car BV (Netherlands) 


171,800 

54,000 


30.100 201* 

- Kff 


Total 


225*00 


30.100 '-':;2SJL. 


Alta Romeo (Italy) 


201,118 


Saab Santa '(Sweden) 

Source: Eeorowirt tnteil!t*nce Unit 


2,057 "... 


76,498 


2T.65T 9IJS- 


OTHER EUROPEAN NEWS 


Cardinals 
set date 
for Rome 
conclave 


By Paul Betts 

ROME. August 10. 
THE CONCLAVE or the Sacred 
College nr Cardinals will 
assemble on August 25 to elect a 
sucre^sor to Pope Paul VI, the 
cmi!! re cation of Cardinals present 
in Rome decided today. 

The election will follow the 
tnuinwral nine-day period of 
mourning — nr the “ novem 
diales ’’■ — after the funeral and 
burial of the Pope on Saturday. 
Topi- Paul will be buried in the 
Vatican crypt near his pre- 
dercssnr Pope John XX1L1. 

The embalmed body of Pope 
Paul today lay in state clad in 
rod papal vestments on a cata- 
falque in the Basilica of St 
Peter's in Rome. Crowds or 
pilgrims and tourists continued 
to file past. 

Fur the first time, the Euro- 
pean cardinals will he out- 
numbered in the conclave qfvin" 
ri<e to speculation here that the 
next Pope could he a non-ltatlan 
for the first time more than four 
centuries. However, the election 
of another Italian Pope is 
thought to he more likely. 

In many respects, the conclave 
will «ee several innnva lions intro- 
duced under Pope Paul. For 
instance, the scaled-off part of 
the Vatican Palace where the 
cardinal-; will he inched in will 
ho checked for electronic and 
(.t her devices to guarantee 

secrecy. 


Bonn sees advantages 
in dollar’s renewed fall 


BY jONATHAN CARR 


BONN, August 10. 


Iceland PM 
admits failure 


REYKJAVIK, August 10. 
■MB. tYElR HALLGIUMSSON. 
iceland’s Prime Minister, has 
conceded that he has failed in 
an attempt to build an all-party 
national government able to cope 
with the country’s grave eco- 
nomic troubles- His announce- 
ment was made last night 

Mr. Hallgrimsson remains as 
caretaker premier, a role he- has 
held since elections on June 25 
left no group able to command 
a parliamentary majority. He 
said he would now try for a 
three-party coalition of his own 
Right-wing party, the Centrist 
Progressive Party and the Left- 
wing Social Democrats. 

Inflation in Iceland is running 
at 60 per cent and the vital fish- 
ing industry faces severe losses. 
Some fish freezing plants have 
a] read v dosed and others are 
threatening to follow suit. 

Reuter 


WEST GERMAN Government out of. dollars into D-marks the Bundesbank this week 
and monetary authorities are became a stampede. strongly challenged this later- 

treating the renewed fall of the First, while tbe movement-of prelation. One reason given by 
dollar below DM with marked the West German currency the Bundesbank for the rise was 
stoicism— -recognising that the appears fairly dramatic in the chat the earlier big influx of 
current situation is not wholly short term, it is much less so foreign funds into West 
without advantages. when measured against tbe posi- Germany reversed itself after 

Count Otto Lambsdorff. the tion at the end of last year, des- March — inevitably baring Its 
Economics Minister, described pite the “dollar crisis” in impact on die capital market, 
the decline of the U.S. currency between. 

as a cause for concern but Bundesbank figures show that 
quickly added that it .would a t th e start of this week the 
make the _ country s imports, Deutsche Mark had 

including oil, cheaper. since end-1977 against the . . , t n , nir T 

Ttae Bundesbank Council in rencies of West Germany's 22 nomy hungry for low interest 
Frankfurt discussed the dollar’s main trading partners' by only M on 
Fall In Its first meeting today per cent — a figure which will 
after the summer break. But it now be higher but not much. 

announced no major decisions. Over the same period, the having their origin less In the 
such as a drop in the discount Deutsche Mark revalued by close presumed difficulties of th£ U.S. 
rate which some market sources to 5 per cent against the dollar, economy or the strengthor the 
had previously thought possible, but devalued by more than 17 West German one, but ratiter 
It is also clear Lhat the Bundes- per cent against the yen. more in Japan. 


According to this argument, 
a new influx of funds — so long 
** il does not ® el out °f hand— 
re aauea raTJ benefit a West German eco- 


rates and more investment 

Finally, the currency 'move- 
ments are seen this tube as 


Dissident 
reported 
about to 
go on trial 


By David Satter 

MOSCOW, August 10. 


bank ?ias been intervening little than 10 per cent against the T# . i_ 

tr, m.inlar f»JA riollarV Wrnn C...!™ A n et « “ 111 ®e WHKC Of 


to counter the dollar’s drop, evi- Swiss franc, and by 2.5 per cent 
dently feeling that the U.S. cue- even against tbe French franc. 5 SFSZ 

undergoing in other words the argument “2^,2? 


"erratic fluctuation" so much as that currency movements this "J 

fairly smooth decline. After year have been to the dlsadvant- ~ eei ? movteg up towards a level 
dropiins 'below DM 3 on Tuesday a ge of West German exporters foreignersfeei Justified tfl view 
on she Frankfurt exchange Tor requires qualification. “ e “ Qge Japaaese 

the first time since March, the Second, the latest currency surplus. 

dollar fell to DM 1.97 yesterday developments come at a time of T3iose who have made. gains 


bur climbed back a little today, concern in West Germany that through the rise in the yen have 
rinsing at DM 1.9S. interest rates may be firmly on now moved on to other potea- 


There are three main reasons 
why the Germans are far from 
panic — although this would 
clearly change if the movement 


the rise — with some feeling that tial candidates for revaluation. 
Government borrowing is in Inevitably the Swiss franc and 
parr responsible for this. then the Deutsche Mark, have 

Both the Finance Ministry and been the front runners. 


Catalan labour council set up 


BY DAVID GARDNER 


BARCELONA, August 10. 


THE SEMI-AUTONOMOUS mediate in industrial disputes All important union groupings 
Government of Catalonia, the had usually been rejected, mainly in Catalonia recognise the setting 
GeneraUtat, has agreed to set up by employers. The appointment up of the executive council as a 
an executive council around Its of a member of the General step towards normalising indus- 
Mlmstry of Labour, which will Workers’ Union, affiliated to the trial relations in the area, ihe 
incorporate the main trade Socialist Parly, to head it in an most troubled In Spain in reent 
unions In the area. area where the Communist-led months, although some sections 

The Generali la ( will have to Workers’ Commission won recent of labour suspect it of being a* 
wait for the constitution to be Factory council elections by a novel method of attempting to 
approved by referendum, prob- higher margin .than anywhere reach a “social contract” in 
ably in the autumn, before it else In Spain, had made both Catalonia, 
will have any real executive employers and workers reticent But whether it will plav a 
power transferee! in it from the about its worth. significant role in improving 

central Government. Us attempts, for example, to Catalan industrial relations 

But the political and moral mediate in the dispute at the depends on whether the Govem- 
authority vested in the Labour motor manufacturers’ SEAT last moat Is prepared to endow It 
Ministry as 3 result of this move March, when the company put its with real power- This, in turn, 
will allow it to play a role workers on short time in an is likely to depend on the 
beyond, fnr example, the power attempt to reduce stocks, was first strength of the Left in elections 
of ACAS in the UK. rejected by employers, then to the Catalan Parliament once 

Previous attempts by the regarded with Increasing sus- the process of devolution Is 
“CooseUeria de Treball" to piclon by the workforce. properly under way. 


MR. ALEXANDER PODRA- 
BINBK, a 25-year-old dissident 
who investigated tbe abuse 
psychiatry in the Soviet Union 
will go on trial next week on 
charges of defaming tbe Soviet 
state, his friends said here today 
Tbe charges against Mr 

Podrabinek, which carry a maxi- 
mum sentence of three years in 
a labour camp, are apparently 
based on tbe book he wrote 
called “Punitive Medicine,” 

which circulated in typescript In 
Moscow and reached the West 
Mr. Podrabrinek, an ambulance 
driver and founding member of 
the Soviet Helsinki agreement 
group sub-committee which 

devoted itself exclusively to 
documenting instances of 
psychiatric repression, was inter- 
viewed on three occasions last 
year by the KGB. 

. Each time be was threatened 
with a long labour camp term 
if he did not agree to testify 
against Dr. Yuri Orlov, founder 
of the Helsinki group, he said 
later. On each occasion he 
refused, and was arrested on tbe 
eve of Dr. Orlov’s trial last May 
on charges of anti-Soviet agita- 
tion. 


V 


Mr. Podrabinek is to be tried 
in Electrostal, the Industrial city 
40 miles east of Moscow where 
he is registered as a resident 
He is to be defended by Mr. Yuri 
Sbalman, the lawyer who de- 
fended Dr. Orlov. But Mr. Louis 
Blom-Cooper. the British barris- 
ter— has reportedly also accepted 
Mr. PodraWnek’s request to de- 
fend him and is waiting for a 
Soviet entry visa. 

The Helsinki Group sub- 
committee on psychiatric repres- 
sion produced ; several reports 
charging that Soviet psychiatrists 
co-operate with KGB men in per- 
secution of dissidents. The 
Soviet authorities have been 
very sensitive about ’ such 
charges and Mr. Vladimir 
Bukovsky, the first dissident to 
send documented case histories 
to the West was later sentenced 
to 1 2 years in prison and exile. 

There has been overt pressure 
on Mr. Podrabinek to emigrate 
la recent months and last March 
his brother Kirill was sentenced 
to two and a-half years in a 
labour camp for [legal possession 
of a firearm in what dissidents 
described as an action directed 
partially against Alexander. 


PORTUGAL’S NEW LEADER 


A delicate political 



BY JIMMY BURNS IN LISBON 


ACCORDING to Sr. Alfredo 
Nobre da Costa, Portugal’s new 
Prime Minister, the first task of 
his Government will be to pre- 
pare an updated electoral law. 
Thus, despite tbe apparent 
settlement of a two week long 
political crisis afforded by his 
appointment, Sr. da Costa is tbe 
first to realise that Portugal's 
problems are far from over. 

Sr., da Costa over the next few 
days will have tbe difficult task 
of choosing a Government; once 
formed, his ’choice will then 
have to be formally approved by 
the Portuguese Parliament. 
Were Sr. da Costa's Government 
to fail in gathering the necessary 
support, it seems clear that 
President E3nes would then have 
no choice but to convene a 
general election. 

What chances, then, does Sr. 
da Costa have of finding the vital 
consensus that would prevent 
the Italian isation of the 
Portuguese situation — an end- 
less series of broken govern- 
ments and 'political crises? 

The choice of. a civilian 
rather than a military man for 
the post of Prime Minister has 
in very general terras responded 
to tbe wishes of the majority of 
the political parties. As the 
chances of a fresh alliance 
between tbe Socialists and the 
Conservatives dwindled, and as 
the President was forced increas- 
ingly into taking the initiative, 
the parties rallied behind the 
very reason for their existence: 
Portugese democracy. 

The Socialists, led by the dis- 
missed Prime Minister, Dr. 
Mario Soares, were particularly 
emphatic in claiming that the 
appointment of a soldier to the 
Premiership would -invest the 
Portuguese armed forces with a 
dangerously manageable set of 
powers. President Eases is him- 
self chief of the armed forces 
and^by the terms of the consti- 
tution, the military council of 
the revolution is empowered to 
veto Government legislation 
Despite this broad Parlia- 
mentary consensus in favour of 
Sr da Costa as a civilian, Initial 
reactions to his appointment 
show the Left and Right in 
Portugal to be divided. 

The Socialists still maintain 
as they have done throughout 
the political crisis, that one of 
their own men should have again 
been entrusted with leading tbe 
country. They base themselves 
oh an Interpretation of Article 
190 of the present Portuguese 
constitution which. states that a 
new Prime Minister should be 
appointed with “ due regard 



Sr. Alfredo Nobre da Costa 


to 


being had 
results.” 

The Socialists, 


for Industry, Sr* da Costa lal 
Reid a number of importantcpBH 
pany posts. Dozing the Rfgl$ 
wing Caetano regime he was*®-* 
the Board of SACOR, tbe State 
oil company, and was reputed ® 
be a close adviser and friend of 
Sr. Antonio Champalinanfl, -wto 
was then in charge of one of 
Portugal’s largest indnstrtf 
monopolies. Sr. da Costa is fr 
•day renowned ' as being firmly 
linked to the business community 
here 

O Dia today quoted what & 
reported to be Sr. da Costa’s 
guiding principle: 11 It is better 
to take 10 decisions and be 
mistaken in three- of them than 
not to take any at all." Am 
both the banking and business 

community continue to believe-, 
in firm decisions. " . 

Clearly, the reactions friji r 
Left and Right appear to indi- 
cate that Portugal has reached a. 
very delicate political situation.; 
There are some Indepenfest- 
observers, for example, troll 
the election 5 rgtie the collapse of the\ 
Socialist-Conservative alliance-, 
two weeks ago was a moment of. 


* 3 ■ 


me aoaausis, having won £7” •v 5 ' 5 *'* -- 

Portugal’s last general election -““toncal proportion*, an d one 
with 32 per cent of the vote. wlIiC “ caId now ka*e co* 
argue that the Article necessarily SK enc f B for tJie futore P*. 
implies them. P °of Ug fi' ^ «t,. 

The Communists do not agree ,,5 0 ’ ^argument goes. TAB 
with this constitutionalist argu- 2. a , nce w ^ i e ,n ga , ve iJ?« 
ment, hut nevertheless have their L a measure of . stataW; 
own reasons for feeling distinctly B T - a,nc L-^ before the revj 

unenthusiastic about Sr da ,!! ?,?: particular, by contra^ 

Costa’s appointment. As the un- l ?“ ck * rln * hesitancy 

disputed patron of Portugal’s I? ^ ^haractensedthe last days 
union movement, the Communist_ mtiwrfty • Socialist 

Party now recalls with a shudder 

Sr da /Costa’s tough tactics as al, l a 5f** 

Minister for Industry during mtertter of Finance. 

1976 and part of 1977. S JX° r Cotwtaocio,, appeared “ 

Such fears are apparently not £af iqt «* , 1 £ , f ch m .? TC J?!*X 
shared, by Portugal’s more con- JSSSJfv oa ^ country^ 
servative and Klght-wlng sectors. Per ££ s ^ ^ esampIe oi 


The country’s two leading Right- ftta 

wine npwsnaoeis o Di*» HS* ? tbe agreement signed 

wing newspapers, o Dia and with the International Monetar? 


Tempo, were this morning mu pi“d in T 

of Ae fi» : the 

choice, echoing the initial confidence while opening.uptrtCr - 

fid 0 ™ WOrft ofW ^ro-backcd^ 

Two weeks ago Sr. Amaral In addition to the official 
withdrew, his three conservative Government pact, defenders of 
Ministers from the governmental the alliance emphasise that there .■ 
alliance. - having accused the was an equally important extra*- 
Socialists Of not complying with official working relationship with 
the pledges, of their jointly con- the Communist Party which - 
ceived programme. To the. con- ensured a measure uffpeace t>n- 
servadves as well as to tbe more th* Industrial front. '. -. . > 

Right-wing Social Democrat Yet as convincing-.' is iThf 
Party (PSD), - -Sr. da Costa argument goes, it has become 
appears acceptable as a doer -apparent in. - - recent weeka^thati • 
rather than a talker, something the stability ensured by IPortt. 
which Portugal still desperately gal’s. second constitutiQU** : 
needs at a- time of pressing Government was perhapjf mbK 
economic problemar they feeL apparent ' than real. - -. - 

In addition to being Minister Editorial comment’ Page HLVi 


1 

t- 


;> 








Ftoand^TJines FirMay Aagast 'U 1978 


OVERSEAS NEWS 



urges 


loess I Israel may 


make new 
■ decisions 


LIFE IN THE GAZA STTSlP AREA 


Caught in the crossfire of peace 


1 ' tax, interest rates -Begin 

,S BY ROBERT WOOD . TOKYO, August 10. ^ ^ ^ 

TEL AVIV, August 10. 

. A PROGRAMME- of ewhomic-refcate to toe US. had proved an Slff.®* 

^^liniulus lia^uid^^^rKome^^ effective -etinuius.^to the J®2* l ?“ fce 5 re toe »ddte E&st 

..cut Of 'M-nv: 

per cent cut to j^cffihiL- dis- . Inaddltion- & 'fiscal and 
. rate, awmOOO^. ($I6bn) nwnetaxy;. steps, he nroposed '{Jg™* JgJ. SSto of 
■*n nuppleszientaxy;appropmito several measures to - reduce K^.JE5 special maeuflg « 

.thirittg the ^rent-€sc^. year, Japan’s bafenee-'-of -*.p*ynfcnis i^ Priuci- said that- the 
w» proposed, today by Mr. surplus. inclwHngr.the.uSe of ex- r^irL.i22 *2Su 

S5”SH“ 

Japan Chamber of Cammerce amecsswnsahroad- ^ - ■ ■ dnrine th* wMksnrior to the 

- “ tJO “ s - *“* ***■■ Nagano was' the and laduatey fe.-a federation of t^esSniSt ^ 

v -:firsc businessman Ip call for- an local chwnhexs ^Mri^agano bis 

. income tax-cut of such else am* is also chairman of ; toe ; Tokyo gffgj S2 thE ferael 5Sta 
one of tiiefijst 4oj^te«i»«^nbqr : of Commetoe;and In- 3 1 “ ( \£K JHSto 
reduction in Bitterest Tates. The dustiy. ■ y; ’ • -.?r- EtSSnSerw'fiai Agood 

...-.ofiwial discount- rate is already * Japan .fc ' new debating the one 

■ a record tow of 3£ per cent econooiic measoxes Jt sho^d iake The Prime Minister announced 
He urged Shat the anctune tax tins autumn. A topptementary ♦>. at he waS _-*-*•*,> resimie the 
vmuSnSSU^ 1 * y ***** ^ ut holiday which BtoaSintezrupted 

ilPuZLSK*- to «very Japanr m» ejected to.be- ea^giat a whennewsoi-tbb Smamitimwt- 
- ;; ese household, giving otmeas. special session of toe&iet (par- ^ armaancedL- 
-enough money to buy more dtir- iiameot) . in September But the t* j S believed that Me. Begin 
-aWe consumer goods. Japan- has- Finance - Ministry, 1 ^*bae ; Mr. ^ 1l ri u« btotinaTto reassess' 
never rebated a compiuahte Pofcida onee waited ns « bureau- tt, e israeu negotiating, pwitiora 
'-• raoney, crai, is- expected to toy to keep and to do toe toinktor«S he 

- v tersest previous tax 1 re- both small, because too Govern- said w. ^ .fissential in 

hate gave Y15.000 Id a typical ment is already rffciMiHng on ^ ^ ^ new situation, 

family of four mambers. Mt national, bonds. Jar 37j?er cent is expecting . President 

Nagano said that toe 1975 tax of sts revenue. - , Carter to try to persuade .the' 

-. - • • - sides to agree on principles for 

... V - - .: - :LrS s K ’»- .- a Middle East settlement 

- Call for big increase SrTsCqSS 

‘ ;-.vy^ . Israeli withdrawal- from toe 

• .••■•■» ■'■ '* ' occupied West Bank and toe role 

- m research spending 

■ Israel wiB concentrate onBn ding 

* BY OUR OWN CORRCSPONDS^T - . TOKYO,- ;Aj^st 10. a new formula on these issues 

''THE KEHDANREN f Pederation The money spefi^n other 

:. 'of Economic -Organisations) has grants and subd3§- primarily J^SAJSLSflSi 


BY DAVIP LENNON, RECENTLY IN GAZA 


THE GAZA STRIP, which with' 
the West Bank is at the heart 
of the Israel-Egypt peace 
negotiations, is a quietly boom- 
ing place whose inhabitants want 
an end to Israeli rule but not a 
total severing of the ties estate 
tished during the past 11 years. 

Just south-west is the Rafah 
salient now called- the Yamit 
district where Jewish settlements 
have been built to cut the Strip 
off from the Sinai peninsula. 
The mood there is one of uncer- 
tainty and apprehension follow- 
ing Israel’s announced willing- 
ness to return the area to 
Egyptian sovereignty. 

Work is plentiful in Gaza, and 
armed protest at a minimum. 
Some of the 175.000 refugees 
living in the squalid camps dot- 
ting the sandy sliver of land are 
building new houses on land 
allocated by the military govern- 
ment. 

In the Yamit district, however, 
private construction is at a stand- 
still and toe only apparent sign 
of development is a Government 


housing project In toe Yamit 
urban settlement. The farmers 
zb the- surrounding agricultural 
settlements are reluctant to 
pitot--, orchards or any other 
crops.-, which will yield their 
fruits only in five years’ time. 

Six' years ago. the fla™ strip 
was the most dangerous place 
under Israeli rule. Terrorist 
attacks were frequent, and 
Israelis drove through it with 
the . windows -of their cars firmly 
ghpt - against bomb throwers. 
Today -Cheering children wave 
and shout “ shalom ” whenever 
groups of visitors enter the 
refugee camps. 

la the Yamit district sette- 
mehi£ the hospitality is warm, 
bat the talk is of disappointment 
and "troTTy over the Govern- 
ment’s intentions. The stalemate 
fn toe peace negotiations is 
viewed here with more satisfac- 
tion than sadness. Perhaps a 
new approach, leaving the settle- 
ments on the Israeli side of toe 
ne*w border. will now be tried, 
some say hopefully. 

In Gaza, the hope for an end 


r* 


'•Itoqafea 


hgp'jQMnYmfe C 

ffistriet 

\ ISRAEL 


to toe occupation which was 
born with the Sadat initiative 
has not died. They are con- 
vinced that a peace agreement 
will be reached. The current 
deadlock is just part of Presi- 
dent Sadat’s tactics to win 
better terms in the bargaining, 
they say. Peace will come, it may- 
take time, but even the Israelis 


most realize that they cannot 
retain the territories and have 
peace, it is said in Gaza. 

The two areas have little in 
common, apart from the know- 
ledge that their futures will be 
profoundly affected by toe out- 
come of the peace negotiations. 

The Gaza strip's 360 square 
kilometres contains some 450,000 
inhabitants. Overcrowding is 
evident everywhere, especially 
in toe eight refugee camps. But 
it is hardly less dense in the 
strip’s four towns and seven 
villages. 

The Yamit district has nine 
farming villages and the embryo 
town of Yamit. Absolute popu- 
lation figures are hard to come 
by, but from talks with toe resi- 
dents it appears that there can 
be little more than 3,000 Jews 
living there. 

The limited number of people 
seeking to move into the area 
seem to be mainly opportunists 
gambling on the compensation 
they would receive from the 
Government if the. area were 
returned to Egypt 


Kruger lists Tribal chiefs support Nkomo 


BY OUR OWN CORRESPONDENT 


TOKYO* } &Bgast 10. 


THE KEXDANREN ^Federation . The money sp 
* of Economic Organisations) has grants and. subs! 


250 per cent in real terms over —from Y93hn vto “■ Y340bn 
the next three years. The largest ($L8bn). Included in Ms cate- 
portion of toe increase • would gory are research' duaow forms 
. be spent on - nuclear .power- of energy, and medioftand. other 


. be spent on - nuclear r .power- of energy, and medfe^and other 
research. Mr. Toshiwp: Doko. the life science research? None of 
’ President of the . federation, these programmes - .^nearly as 

- took the request directly to Mr. large as .the nude^ and. space 

- Takeo Fukuda the' ; Prime programmes hawteeci.-? - 

.* Minister, in a meeting with him. The Keidanren f^M ^dminis- 
_ yesterday. The Keidanfen is tratrve costa aitd;.s$4dles for 
Japan's principle .. business research institutes: ^..engaged 
organisation. - mainly in. pure- rew^rdi should 

The Government spending- for increase more slgwlyithan the 
research and development- wilt: other -forms of> i rte£&rch and 


Uneasy 
ceasefire 
in Beirut 


be Y450.75n (SH4bn ) ' in the development, bift^ 
current fiscal year, according to speclfy how nrato 
the Keidanren's calculations. It spent on them ii^ : 
proposed that toe spending be. already devotes a vj 
! ncrcased to Yl,l60bn ($&2bn) tion of its - research , 
by 1981. i meat expenditure 

Nuclear power research; which research than other 


By ihsan Hijati - 

BEIRUT. August 10. i 
A CEASEFIRE got underway 
here today between Ssnan 


prisoners 

By Bernard Simon 

JOHANNESBURG, August 10. 
THE South African Minister of 
Justice, ttri J. T. Kruger, has dis- 
closed that there are 55 security 
trials, involving 51 people, cur- 
rently pending in South Africa. 

In an interview with an 
opposition MP, Mrs. Helen 
Suzman, Mr. Kruger also 
revealed that 144 people were 
being held in custody under 
Section 6 of the Terrorism Act 
77 prospective witnesses have 
been detained, while 21 people 
are in 41 preventive detention.” 

In Grahamstown yesterday. 
Mr. Barney Pity ana. a former 
secretary general of toe -South 
African Students' Organisation 
f SASO) and a close associate of 
the former Black Consciousness 
leader Mr. Steve Biko, was 
released from prison after almost 
a year in detention. Mr. Pity ana 
was detained in August 1977. 


BY TONY HAWKINS 

REPORTS THAT Mr. Joshua 
Nkomo of the Patriotic Front 
would he ready to attend an all- 
party conference on Rhodesia 
comes- at a time when his position 
seems to be gaining strength. 

He has received a vote of con- 
fidence- with a unanimous call 
from -traditional leaders in his 
native Mata be I el and in western 
Rhodesia to return home. 

The .tribal chiefs and headman 
have 1 - rejected a transitional 
Government suggestion that they 
nominate an Ndebele leader to 
join toe transitional Government. 
The. three black members of toe 
executive council are all members 
of the majority Sbona tribe. The 
chiefs. described Mr. Nkomo as 
their only true leader and urged 
the Government to open direct 
talks With him. Reflecting also 
the growing tribal nature of 
Rhodesia's political and military 
conflict, the Matabeleland chiefs 
demanded tbat in any new con- 


stitution the country be divided 
into two regions — one for the 
Shona and one for Ndebele. 

Parliamentary representation, 
they cl aim ed, should be similarly 
split between toe two main 
tribal groups, despite the fact 
tbat the Shona constitute nearly 
80 per cent of the country^ 
blades and toe Ndebele and their 
associated Kalangas only 21 per 
cent 

Political observers here have 
been quick to point out that it 
is not only the whites, but also 
the Ndebele, who bave their 
reservations about majority 
rule. 

Mr. Nkomo’s position is quite 
central to toe transitional 
Government’s strategy insofar as 
an all-party conference is con- 
cerned. For Salisbury there 
are really only two good reasons 
for attending a conference, since 
almost everyone here is con- 
vinced it would end in deadlock 
and disarray. One reason would 
be to demonstrate intemation- 


SALISBURY, August 10. 

ally a willingness to solve the 
problem as peacefully as 
possible. Rhodesian sources are 
convinced that the Patriotic 
Front of Joshua Nkomo and 
Robert Mugabe would make such 
extreme demands at the tabic — 
-including a handover of power 
in the transitional period to the 
Front — as to ensure that there 
could not be a positive outcome. 

The second reason for going 
is in the hope — which looks to 
be extremely remote at this 
stage— of splitting toe Nkomo- 
Mugabe alliance. On this issue 
— if on nothing else— Salisbury 1 
London and Washington are 
united. It is increasingly recog- 
nised in Salisbury that without 
Mr. Nkomo it will be very diffi- 
cult indeed — if not impossible 
— to hold successful free elec- 
tions. This is not only because 
of the military situation but 
because there will be a very 
low urban voter - turnout in 
Bulawayo which is toe Ndebele 
leader’s stronghold. 


Security is tight in Gaza, and 
the Israeli miliiary rulers talk 
tough, but the residents are 
flourishing economically. As long 
as they confine their political 
aspirations to mild criticism of 
the occupation, and refrain from 
armed action, they can live 
better now than ever before. 

The Yamit district settlements 
were built as a physical barrier 
blocking the route into toe heart 
of Israel from the Sinai through 
the Gaza Strip. The settlements 
are fenced off, but look too frail 
to slow down armoured divisions 
rolling northwards. The will of 
the inhabitants to fight to defend 
the homes the Government has 
offered to give to Egypt must be 
in some doubt 

The wealth which has poured 
into Gaza from wages of the 
30,000 plus residents who work 
in Israel, and from the exports of 
agricultural and industrial 
products promoted by Israel is 
something few Gaza residents 
would be willing to forgo in a 
peace settlement. 


UK workers 
for Zambia 

By Michael Holman 

LUSAKA. August 10 
BRITAIN is prepared to supple- 
ment the salaries of 200 UK 
recruited staff for Zambian 
state-owned companies (para- 
statals) hard-hit by a shortage 
of skilled manpower. Mrs. Judith 
Hart, the minister for overseas 
development. announced in 
Lusaka this week. 

The staff will arrive over the 
next five years, and the first 
recruits are not expected until 
next year. The offer was wel- 
comed by the Zambian minister 
for Economic and Technical 
Co-operation, Mr. Peter Matoka, 
an dit comes against a back- 
ground of widespread criticism 
of parastatal efficiency. A parlia- 
mentary select committee report 
tabled this week spoke of poor 
management, theft and corrup- 
tion In state-owned companies. 

Britain is also prepared to 
expand training in Britain for 
Zambians at middle management 
and foreman level. 


'“JL n J°! troops of the Arab peace-keeptog 
jottld be f(jrc £ and - Christian militias. The 
S*r Ja JSS Syrians redeployed their forces 
dter per- in Christian quarters. While 


will cost YMlbn this year, would - :Mr. Doko propose^ 
rise to Y416bo (S^ibnV by 1981. lottery, and issuance 
Space development expenditure bonds to secure ertr 
Would- nse- front. :Y86bn _ to science and technolo, 
Y175bn. ■•••■ ; : : meat . 


rvr ■ 7”' in cnrisuao qoarieR.. 
Ltovelop- miUtia commanders issued strict 

orders for observing the truce in 

one quarter. . Ashrafiyah Militia- 


, one quarter.. Ashrafiyah Mtiitia- 
M r. Doko propos^a^SWcial men werB instructed not to circu- 


AND SUBSIDIARIES 


SWANSEA CITY COl 

All we’re asking you tock 
what we have to offer. 


to see 


ChiefExeculive &Tdv#Cleik 


»)50821 


The Guildhall 
SWANSEA Telft 


. -^GOkD f JBCDS -GROUP ” - 

NEW WITWATERSM GOLD EXPLORATION 
COMPANY, LIMI1B) 

{/ncorporritWtHn -the RtfMrtylC qfiSouth. Africa) 
PRELIMIMABff' ANNOUNCEMENT 1 Op' RESULTS - ^ 
The unaudited coraopfcted -profit for : th«'y<ter ended 30 June 1979 


is as follows: / 


Income from InvtsnAn. 

Profit on realisation 

Other income ». . ........ ■ 


Deduct: - *. 

■ Adminbtmtion. prsospectlhg and general 

expenses ; ...V ; .J. 

Amount written offrihVestments 

Profit b e f o r e taxation 

Less: . . ’ . . .... - 

Taxation ' ...-.^-1—-- 

-Minority sharvhoWers*. interest 

Profit ittnbuttWe to member* 

Transfer (to)/fi^-iiwestment reserve ... 
Unappropriated preifl ~ 


1 .Year 
ended 

30 June 
1978 
ROOD 
2^78 
313 

V 181 


Year> 
ended;,' 
30 June. 

1977-.. 
R000 - 
1.943 . 
313-'- 
178 ; 

£5 f. 

USE.:- 



Dividends 7 declared : . 1348 \ .73^ 

-interun. ,5flc r^». iiiminwum •- ■ -491. 69ir 

Final 10,0c <9flc) 1.1S5 1-tXO 

Retained ul iHiiw>>u.>inmln>nMn!uM>« - , 47- -v ■ 

Earnings per share'—: cents 1 205 s -?.\ 

Times .dividend vettvered. . ........ 

Net asset talue per share — cents ;. • 271 209 

These results arir published .in advance of -toe annual report which 
will.be circulated to members in September 1978. - - 

In accordance 7 wldi ' the' company’s policy to write down each of its. 
investmemi wito’^r book value in excvff of stock exchange value at 
balance sheet, date to : such stock exchange value an amount qf 
R 19,008 was written off et 30 June I97ff. Jn ^addition an amount 
of R74.000 hai- been - written off unlisted Investments to bring thf^e 
Into line wHh dlriKtors’ valuation. : 

' - MClARATIpN OF BNAL OWfDEND 
Dividend Tibs, 55 of cen^. per ^ share ^ iti respect of the year , 
coded M‘ jw*J97fc\hw: been deriwed in South African curreiCT,- ; 
payable to m emb er s , registered at the dote of. business on. 25 
August iwtf..;- '/.V'- ... t ‘J 

Warrants wifi be ported on or about 28 September 1978. 

Standard cOlWljfi««vrehu»« payment of dividends *te 

obtainable fromthe share-transfer offices .and the- London Office or - 
the company. . 

Request for payment of the dividend k» Sorot; African currency-by 
members on tlwHWted Kiogdom regfster^nust be received ‘ 

company on or before .25 Aogtot lP78 in accordance wiib .she 
abovemehdoned cdmfftiteHs^ ■; - . : . 

The register of member*- whI! be dosed from 24 August toe ? , 

September I97& induiiye., ) ■' p ;• y'r ■. ~ 

LONDON; OH-lCE:-. '• . . -3-. 

49 Mooreatfi.. London £C2JtfifiQ\v By order of the b«pd 
UNITED JUNGPOM REGISTRARS - 

Oose R«sistra«' Limited; 

803 Nigh RpaiCeytoiV' *. V. V.-v V-.--:, ? 

London. E10 7AA ; - ! - - fO.Augast^. 


p late with their weapons or in 
Z uniform. 

• ,-«The redeployment was . in- 
tended to avoid friction between 

>f the two sides. Units of Lebanese 
igendarmes look up positions in 
liot spots, while army contin- 

• gftnts are manning toe “ green- 
litfe” between the predomin- 
antly Christian East Beirut and 
the .. predominantly western 
sector of the capitaL 

. The ceasefire arrangements 
were worked out at meetings by 
President Elias Sarkis with Mr. 
Amin GemayeL of the Phalange 
Party, the main Christian gTOup 
pnd Mr. Dany Chamoun, com- 
. mander of the militia of the 
National Liberal Party. 

• Lie ute nant-Colonel Sami ai 
Kbatlb, Lebanese commander of 
toe Arab peace-keeping force, 
acted as a go-between, with 

• -Syrian officers. 

Officials were hopeful the truce 
would end toe fighting which has 
- beeii going on for the past month 
:. and a half and which claimed 
the lives of about 300 people and 
left some 40,000 civilians home- 
less-. 

It was pointed out however, 
that Syrian troops will npt at 
‘ this stage withdraw completely 
from Christian districts as the 
right-wing groups want nor will 
there be a total demobilisation 
of the militias there 

Observers noted that the 
situation has not basically 
changed, but President Sarkis 
and his Government hope to ex- 
■ ploit the quiet in working out 
0 plan of action which will 
ensure a more durable peace. 

"Victories against 
Ethiopia locusts 

- NAIROBI, August 10. 
MORE -THAN - 50 locust swarms 
have been destroyed or con- 
trolled 4a Ethiopia and Somalia 
in tho last three months, a senior 
control official said today. . 

; Mr. Adefris Bellebu, director- 
general of toe Desert Locust Con- 
trol Organisation of Eastern 
Africa (DLCOEA), said some 70 
swarms were sighted in the. two 
Rom' of Africa countries in the 
'test three months. 

“Over 30 swarms were inter- 
cepted and destroyed In Ethiopia 
and about 21 swarms were con- 
trolled and destroyed in Somalia 
-and Djibouti/' he said. 

. ' Britain today handed over 
eight Land-rovers for use 
.throughout the seven countries 
of the DLCOEA. 

■Renter 

nxAMCUi Tims, pufelhbc* iMtr escew 

vur MMm Ui. nbzrisnlcxn saw.00 
4alr fniBbl> sObAilU t«ir pcf M iiwm. 

Seated clns pmisae pMd «t Kctb Tort:. N.Y. 


SAUDI ARABIA 

CUSTOM CLEARING 
AND 

- FORWARDING . 
'..AGENTS 

ALGH1THAR 
IMPORT * TRADING 
Tel:. Dammam 22198 
P.O. BOX 1407, ALGHITHAR 
TeJeiC 801419 At ghjthar SJ. 


Consolidated Statement of Condition ■ June 30,1978 


DIRECTORS^ 

STEVE BROlDY \ 

Owner, Associated Film \ 

.Enterprises ' 

DONN B. BROWN 

Chairman of the Board 
[Retired], A. J. Bayer Company 
FRANK W. CLARK, JR. 

Executive Vice President and 
. -Genera! Counsel, The May 
Department Stores Company; 
Partner— Parker. Milliken, 
Clark & O'Hara, 

Attorneys at Law \ 

SHERRILL C. CORWIN 

Chairman. Metropolitan 
Theatres Corporation 

TERRELL C.DRINKWATER 
Chairman of the Board 
(Retired), Western • 

Air Lines. Inc. 

DAVID H.GARF1ELD 

President. Mid-City Heights 
Realty 3 Mgmt. Co. 

JAMES P.CHLES, JR. - ; - 

Chairman— Business Faculty, 
Claremont Graduate School 

GEORGE A HART. JR. 

Partner— Bali, Hunt, Hart, 
Brown and Baerwitz, 

Attorneys at Law. - . 

FRED L. HARTLEY 

Chairman and President, z 
Union OH Company.of i 

California & 

JOHN M. HE1DT 

. President, Uniort Bank 

HULSEY S.LOKEY 

Chairman of the Board and 
Chief Executive Officer, 

Host international, Inc. 

PAULA KENT MEEHAN 

.Chairman of the Board, 

• Redken Laboratories, Inc. 

■WALTER F. O’MALLEY • 

Chairman of the Board. 

Los Angeles Dodgers, inc, 

DR.SIMON RAMO 

Director and Consultant, 

TRW Inc. 

JOSEPH R.RENSCH 

* President, Pacific lighting 

Corporation 

DR. HENRY E. SINGLETON 
Chatman of the Board and 
Chief Executive Officer, . 

. Teledyne, Inc. 

. GEORGE A. THATCHER 

. ' President, Union Bancorp, Inc. 
Vernon o. underwood 
Chairman of the Board and 
Chief Executive Officer, 

Young’s Market Company 

HARRY J. VOLK 

. . Chairman, Union Bancorp, Inc. 
and Union Bank - 


RESOURCES 

Cash and due from banks -demand $ 920,075,000 

Due from banks— time 157,275,000 

U.S. Treasury securities 776,606,000 

Securities of other U.S. Government agencies 

and corporations : 184,081,000 

Obligations of states and political subdivisions 401,338,000 

Other securities 10,174,000 

Federal funds and other money market obligations . . 42,700,000 

Loans (less reserve for loan losses $29,607,000) 2,227,185,000 

Customers' acceptance liabilities 133,516,000 

Bank premises and equipment 24,237,000 

Other real estate owned 18,861,000 

Other assets 115,760,000 

TOTAL $5,011,808,000 


LIABILITIES 

Deposits: 

Demand $1,913,226,000 

Savings 525,722,000 

Time 1,554,260,000 


Deposits in foreign office : 222,945,000 

Total deposits 4,216,153,000 

Borrowed funds 322,263,000 

Bank’s acceptances outstanding 133,851,000 

Accrued and deferred income taxes 31,277,000 

Other liabilities 61,464,000 

Subordinated notes ; 55,000,000 

Shareholders’ equity: j£ 

Capital stock ' 27,923,000 

Surplus 103,077,000 

Undivided profits 60,800,000 

Total shareholders’ equity 191,800,000 


27.923.000 

103.077.000 

60.800.000 

191.800.000 


- TOTAL $5,011,808,000 


UNION 

BANK 


Haadquarters: 445 South Figueroa Street * Los Angeles. California 90071. 
Northern California Headquarters: 50 California Street • San Francisco. 
California 94111. 

Overseas Representation: Bogota, Buenos Aires, Cairo, Caracas, 

Hong Kong, Jakarta. Lima, London. Madrid, Mexico City, Nairobi. Nassau, 
Panama City, Quito, Rio De Janeiro, Seoul.Tel Aviv,Tokyo,Toronto. 





Financial Times Friday August XX ’.1978 


(0 

g 

5 


AMERICAN NEWS 


WORLD TRADE NEWS 


Carter tax 
cut Bill 
faces hurdle 
in House 


By David Buchan 


WASHINGTON. August 10 
THE CARTER administration 
will face what is virtually its 
last chance to get through 


NYC newspaper 
workers walk out 
after talks collapse 


by JOHN WYLE5 


NEW YORK. August 10. 


la rt-ti me 


NEW YORK CITY was without would severely hit pai 
its three daily newspapers this workers who are brought in to 


morning following a walkout cover larger than normal print 
last night by press room runs and to replace absentees. 
Congress** V tax cut nackaeel operators in a . dispute which The pressmen's union has not 
which it would consider fair and could have far-reaching implica- publicly spelled out its position 
equitable when the House nfjtions. but protection for part-time 

q ww-. wnen me nouse M Af|j , r several months oF nego- workers is thought to be one of 

tiatiuDS reached a fruitless its primary goals, 
climax last evening, management No further negotiations have 
at the New York Times and the been scheduled and a lengthy 
Daily News unilaterally imposed strike may be in prospect. Both 
The Administration strongly | new woreing patterns which the New York Times and the 


OECD REPORT 


Increase in 
wholesale 
price index 

1 l . . term outlook for shipowner^ Ihe U S. oti imports, there was lTttle to ‘discuss the issue., but talks delivery in^the^ next 18 months 

SklflWSl flOWlI Organisation for Economic Co- hope of equilibrium between so far had proved disappointing, could lead to werwpaetty 
11 ^ operation and Develooment has the volume of world trade and Fluctuations in the value of I ne similar to that id the oil and 


Depressing future for shipowners 

BY DA YID WHITE ... PARIS, August 10. 

DEPICTING a bleak medium- recession and the level libg-off of The Soviets bad shown willing tonnage now oh order for 


Representatives later today takes 
up the S16.3bn tax cut Bill 
approved by its Ways and Means 
Committee. 


opposes the Bill which emerged ' would reduce their press room Daily News have the backing of 
from Ways and Means as being 1 _ * 

too generous in capital gains 


from Ways and Means as being manning by around 50 per cent. financially strong companies 'and 

is | The afternoon newspaper. Mr. are believed to be modestly pro- 
tax relief to richer Americans. ; Rupert Murdochs New York fllable, but the New York Post 


and too mean in respect of cuts Post, followed suit this morning, is reportedly losing around S3m j 
to benefit people in the lower- As they had threatened, press- a year and questions will inevit- 
inenme brackets In a belated j room workers walked out 10 pro- ably be asked about Mr. Mur- 
countor-aitack. the Administra- icot and their picket lines are doch’s willingness to continue 
tion last week put ils weight { being honoured by most of the the newspaper if the stoppage 
behind a substitute Bill Tor an: eight other unions represented proves to be lengthy. 

at the newspapers. Half a dozen New York City 

Although the newspapers say dailies have closed down since 
that their proposals would reduce 1962 when the typographers’ 
manning levels through “attri- union staged a 114-day shut- 
Li od ” or u a rural wastage, they down. 


U.S. wholesale prices, as 
measured by the producer 
price index for finished goods, 
rose by a seasonally-adjusted 

0,5 per cent in July, following 
a 0.7 per cent increase in June, 
the Labour Department said, 
Reuter reports from Washing- 
ton. 

The July rise was the small- 
est increase since March, when 
the gain was also 0.5 per cent. 
The increase in wholesale 
prices has not, however, been 
below 0.5 per cent this year. 
In the past 12 months, the in- 
dex has advanced by 8.1 per 
cent and now stands at 195.9 
per cent of its 1967 base. 


operation and Development has the volume of world trade and Fluctuations ... — 

warned that manv shipping the size of the world fleet being dollar had added a further dls- dry bulk sectors, 

businesses face collapse this reached in the near future. ruptive factor to the competitive The greater flexibility of 

year and next because of un- And although general' cargo situation last year, container and , _ roll-on-roll-off 

economic freight rates. and liner operators had not yet *' A Japanese operator of -a : shipping came^up against the 

« whiu K felt the impact of the crisis. 250,000-dwt tanker on the spot objections .of developing conn- 

hy hen “iL % ™ ominous"^ mikT would, over the jnr.'hfe, Lo eapM-inleMiVe rather 

Ji “ P°^ e ” JJ«JP "J™ OECD warned. Demand for have been 28 per cent worse than labour-intensive transport 

rha 3 co ‘°P eratlv ® basis. h :__ inB ser vices this year was off than a similar Swedish ship- systems- High capital costs bad 

thV cohttaued main- 3HTB incase a, US last owner solely on .he grounds of £ prevented deveiopmg coon- 

y conunueu main — - -* - *- - — vity changes, the report said, tries from going into barge 

The supply of shipping services carrier systems, even in Brazil, 


ii 35 


i :£ 


ienance o7raT^ aTor‘her Q w The year's modest rate of 3 to 4 per Parity changes." the report said, tries 
level of a d e rail n e costs brine cent. The amount of cargo The supply of shipping services earn.. , 

die prospect ”f d “Iso^ncy b prt? shipped in 1977 rose by 34 per increased b.v B.7 per cent TAOt! vLa /ap if lO AfflSTfVn 


SlS.lbn tax cut package, on 
which the House will have a 
chance to vote today. This 
proposal would reduce the 
amount of capital gains tax 
relief by -S300m. but would 
increase income tax cuts for 
poorer individuals. 

The level of tax curs tor 
business — such as increased in- 
vestment tax credits and a lower 
top rate of corporation rax — are 
not a divergence between the 
two versions of the Bill. Nor is 
■the size of the overall package, 
■though the Administration 
originally asked Congress for 


Peruvians welcome accord 
over credit with IMF 


level of operating costs, bring ce ? L 

- - .« per raTe sirce x*£ for the Amazon 

dra? ^rotai^t’ wSSeK S- Apart from the effect of the and sharply down from, the Pre- basin but shipowners were 

renort ft- mariftma' ^rarjcnnct 7n general economic climate, ship* vlous five years* 10 per cerit-odd TeUictam. - • • • 

1977 ** nt me 1 aDS P°ri In pinj? companies' results had in average annual growth rate. The The role of flag?Of-convemencre 

’ many cases been seriously amount' of inactive tonnage countries continued to increase. 

Supply and demand for ships damaged by competition from increased by. 13 per cent over Their shares of. the world ship- 
in- the oil. gas and chemical the Soviet Union. the year pins fleet ros* 28 per cent 

Finished ' wholpsal<> tiriccs of trades looked unlikely to ha lance The growth of Soviet partlcipa-. The oil tanker fleet- showed (ltW.4 gross registered tons! 

foods drooped bv^n nrr cent ° t ut until wrN lnt0 ,he 1*80* and tion not only in bilateral trade slower growth than in any year last year from 27 per cent in 

fniinwini* P a l i n,^- ^nt in- prospects for dry bulk but also in cross-trades, since since 1962, while the amount of 19i6. But at the same time, the 

i carriers and some general cargo 1972 had led to critical situa- excess capacity appeared likely campaign against flags of con- 

crease in line me nr vessels were little better. tions on some routes. Analysing :to continue throughout this venience waged m recent years 

Cancelled tanker orders which the Soviet role in North Atlantic yqar. Hybrid “combination” had shown clear signs of pr«> 
in receot years had been con- and Pacific trade and routes carriers were also liit, and could during results in the form or 
verted into dry bulk carrier between Europe and East Africa .only justify Lbeir high running higher standards. The nest aeter- 
' orders meant that excess supply and the Far East, the' OECD said costs in certain restricted' eases, rent, however, to ^substandard 


4 ■-. -jW 
i W“ 

iH. 


cllae in food prices since last 
September. 


BY NICHOLAS ASHESHOV 


LIMA. August 10. 
The effect of this is that the 


-.. . THE NEW accord this week 

1? t3X j ,ch , between the International fund has acknowledged that the 

White House considered neces- Monetary Fund and Peru was Government is doing all it rea- 
sary to provide a stimulus to the, described by a senior finance sonabiy can in terms of austerity 
economy, the growth of which . 0 fHcia I here as “ realistic.” mean 


Teamsters begin 
Pan Am strike 

THE International Brother- 
hood of Teamsters has said it 
has begun an official strike 
against Pan American World 
Airways, Reuter reports from 
New York. Talks on a new 
country The statement was 
pickets are out all over the 
country. T he statement was 
issued hy the Teamsters' chair- 
man of the union negotiating 
committee for the Pan Am 
contract talks, Mr. William F. 
Genoese. 


in the dry cargo sector had been the subject had increasingly The unit load fleet would con- ships was more 
accentuated. become one for urgent considers- tiaue to grow, but at a slower more - extensive . inspection. 

What with the iron and steel tion by Western Governments. • rate than in the past, while the regardless of the flag. 


Japanese agree Brazil loan 


BY DIANA SMITH 


■Rio DE JANEIRO, August 10/ 


to 


reach ling ij^re j s a possibility that 

lean be adhered to long enough cent by the end of the year i«' 


it auiwuij kail in iciiiu ui 1 V T C J J. d. 

n- this year, and that an annual jU. 3. CTllde OUtpUl 
it inflation rate of about 70 perj Daily production of crude oil 


this year is unlikely 
4 per cent. 

But House Republicans are| l(J h ave a chance of bringing an unavoidable. This attitude is in 
pushing for a 33 per cent tax j improvement to the battered marked contrast to the position 
cut across the board over three | Peruvian economy. adopted by the fund last year 

years. Which would bring the tax . . U h- n ir< ru^Atiatnni demanded 

cuts up to S25bn in 1979. and ! Th,s «uUous approach «s !*hen its negotiator* _dem a ruled 


THE TERMS have now been which the Ministry controls; to -fseturers. have protested to- the 
settled for a 8700m loan for the persuade the Japanese bankers Government over their limited | 
Brazilian - Japanese - Italian first of all to commit themselves share of equipment supplies.’ 
Tubarao steel project to be built From the outset to the full S700ni. arguing that, since Ihe project 
in Brazil’s Espirilo Santo state, then to offer repayment terms is to operate on Brazilian Mil it 
The loan arranged bv the Bank and spreads over libor which Ignores official policy of in- 
of Tokyo. Long Terra Credit would be as favourable to Brazil, creasing substantially the nat- 
Bank of Japan and the Dai-Iehi as possible. The final terras now tonal content of equipment for 


.ms up tos-oim -in ims. ana J nartlv i new reaction a wav from instant budget cuts. The deficit 
even more in subsequent years. a J 1 " a " a > rron l V __ P hp L- pn , roue hlv 

A straight party fight is Ukelv to lhe hl.ndl} optimistic nature of "«« si iumnl 
dcwInnwhM h^HMKP ™«I ^ military Govern- . c “^L s _ 0 . lP !7"“ 


by U.S. petroleum companies I Kangvo Bank, will be in three announced are evidence of the Major State-sponsored, projects. 

tranches of S350m. S250m and success of the Jong, delicate The Government, .however. 

SlOOm respectively negotiations. -’ appears disinclined to increase 

The first tranche to be paid The S700ra is a straight loan, the Brazilian ratio. 


develop when the House conies 
to consider the proposal. 


Foreign laws 
on anti-trust 
attacked 

By Our Own Correspondent 


meat's policy declarations, but is jn rea i therefore, of about 

also, bank economists suggest, a half— and the objective Is to get, 
realistic assessment of the likeli- the inflation rate in 19i9 downj 

to 35 per cent and to 15 in 19b0. 1 


WASHINGTON. August 10. , wan .. 

THE SENIOR U.S. antl-irusi 1 Wd - es - 


hood of success. 

The day that the Minister of officials say that, to achieve 
Finance, Sr. Javier Silva Kuete this, tax revenue will have to be! 
and the president of the Central increased, basically by curbing 
Bank, Dr. Manuel Moreyra. evasion, and that prices for basic 
signed the letter of intent to the foodstuffs and petrol (and all 
fund. Monday, a strike got under other basics like electricity and 
way in carefully selected mining fertilisers) will have to be in-, 
and processing centres. Although creased regularly. This will bejp^W oll^oofinn 
the unions are demanding higher a sharp contrast to the populist j aliegoUtlli 

objective subsidies of the past several' * — 


totalled 8.9m barrels in tbc 
week ended August 4, down by 
54,000 barrels from the foul 
of a week earlier, but up from 
8.4m barrels in the equivalent 
week of 1977. the American 
Petroleum Institute reported. 
AP-DJ writes from Washing- 
ton. 

Meanwhile. Reuter reports 
from Paris that U.S. oil con- 
sumption declined slightly in 
May to 18.99m barrels a day 
from 19.2m 
estimates for 
a further drop In demand *o 
18Am. according to the 
OECD. • 


Aerospace 
sales show 
need for 
projects 

By Michael Donne, 
Aerospace Correspondent 


J'.f's 


THE UK aerospace industry had 

over this vear is renavable in representing the bulk of Sider- The three partners— Sidcrbras. I * i " * e JPVJl? 

P iea^ w^ k crace neriod of braS * 51 P er «nt share in the Kawasaki Steel (24.5 per cent) 

sfx^ve^rs tt b^ft S " C %e P n™ total investment required and Italy's Finsider (24.5 per : “JvJ -SEf 

starts ^tnd a spread or U pedant ^ Zwm'l!! Sm'lop^reM ■ ‘mPorSTm.Inly o" 

over libor. The second tranche. 19<0s and repcatedl > J«S5. i-w ih. ' W7 Jumbo jets and McDonnell 

due In 1979, will be repayable de l. J - , .. -u r _„ •«. semifinished steel plat ^on the , DC-10s and other air- 

!?.2) ye “a ‘.‘'rereid b ' JS. SjdVn ™r P "m “Lh ror So ; atnounting to oeatly 

Snf whii? the P S5. Jrttt ?£ “ f tl -e ^'pm.nt » u pplta for Japanese -=md ! ^u're. .stood bv ,be Socloty 

io April. First same spread, will be repayable ' H h ' a „ ! P „ d i sWes 5l5[er com pray 2 J pi? rem-balf of Kentseki's ! % British Aero S pp« Compabiea 

June suggested in 14 years. of Kawasaki Steel, is -expected to original share, and hair of Fin- j I that for te Janwo to 

It has taken over two months supply the blast furnaces, steam rider’s, in return for Kawasaki's } 

for the Brazilian Ministry of turbines, boilers and other key efforts in persuadina Japanese j 

Trade and Tw,A ‘ - k_-i._ w/vw. 1 £2il.im worth of aircraft and 


■j I.;-': 

? -T.-t 

i •;.:•/ 

! ® 

s w 

$ ’4? 

< 'rr-.: 


£ 




Industry and the equipment. ' ‘-banks to lend the STOOm needed, 

| national steel agency, Siderbras, Brazilian capital goods manu- to get the project off ihe ground, i and parts 


their main 


to be to ensure that they vears 

iin-saui 


Foreign countries designed l'»i huj|di up solidly in the past continue to be devalued in 
companies .or =* p H small stages to reach between 


^ ’Government otRclals says thru “ nd ™ Jhe dnllnr by the 
this bind or strike is mnch more 

I 


prevent their r 

citizens from cr»-<.pe rating with 
U.S. investigations into mono 

tn end than ° ne ° ver 

Assacialon Mr h Jolm Sh.'neflpld 1 sirnightlurAard wage claims. ,l was 80 ' 

*»* ic»Lf 'sunmpv ,■'^.,1 -J] However.-, an austerity pro-# Interest rates have been In- 
Anti TV^ist I « ranime armed at reducing in- creased by an average of 12 per 


Lnrrs ^ nnn-iin 1 under way nt the behest of the Treasury bills” to 31.5 ocr cent I 
matier m Hn^re thTs o?rtlcuhi 1 fMF - is !ikcI y ,,J nct 'd ^ kind ‘tax-free! and bank savings 
vSp cf £. gg ifon " H? Siraed-° r ”«*'« “ nd savv> deposits to 23.5 per cent. The 

upe Of legislation. ne wamea . chm-n rate oairi nn n^rriraFtc hr h«t 


A Vietnamese refugee has 
testified before a Congressional 
panel that he saw 46 U-S. 

war alive in 
Vietnam as late as April last 
year, Reuter reports. Mr. Ngo 
Phi Hung, who fled Vietnam 
in February and arrived in the 
U.S. last month, made his 
statement before a Houic of 


Fokker B-10 deal ‘provisional 9 


BY CHARLES BATCHELOR 


AMSTERDAM. August 10. 


and £215Bm worth of 


The high incidence of spares 
and parts in these totals, how- 
ever, amounting to over £190m 
for aircraft parts and over 
£1 50m . for engine parts and 
'“other than new" engines, in- 
dicates that the industry is still 
living substantially an pro- 



AIRBUS INDUSTRIE’S choice of 19Si Development of the' Dutch Fokker and the merged i grammes first introduced many 
a wing developed by ihe West German wing lias been going on German Aerospace group which j years ago. and that the need for 

- German arm of Fokker for the over the past year and the .the. German Government hopes new ventures is becoming in- 

Representatires sub-cemniltlcf new B-10 aircraft is only pri*-- British company might not be ^dT create from the German side- creasin-ly urgent,' -especially on 

__ — . -- 'visional, it emerged here today, able' to develop.’^ now _vtfbg .of . Fukltcc and Jdesserschmltt- 1 the avil side - 

Fokker announced at the end ' of from scratch in the time avail- .Bnelkcrw-Blofara (MBB). I The equipment sector, how- 

last month that it had been able. / The study. which is due to be < ever, continues to do well, 

awarded the contract but French Should Britain not join in pr<* completed .next month, will ajso : Instruments alone achieved ex- 
aircraft industry sources denied duction of the new aircratL tnc look at the prospects for Fokker i ports in the first six months of 
this. consortium will not have wasted in the International aircraft j over £2Sm. an increase of nearly 

The Airbus consortium nan- an - v lime and design and pro- production market HcKinscy is. 50 per cent on the first half of 
i ners h ave choseo the work will continue in expected to assess the advantages ; last year 


on .Asian Affairs. His testi- 
mony was strongly dlspo led by 
a senior administration offiriaL 


;y-v 


<’3 ' ■' 

-j / '• 

'*r 
•*A» . 

•;.l ’ ■ 

sa . 


d • v ■■ . 

a . . 

s • 

I 

§ - 
"4 


desi-n developed in Germany Germany. Fokker has set aside and disadvantages for the Dutch , 

. .. _. i. space at its plant- in Bremen Fokker of a number of options. ' 

The American view is that] bullying by the government. Even these sharp increases! was ^tilt ^reMrerTVo negotiate I ahead in Fokker's Bremen fac- to continue work on the wing at including continued co-operation 1 
U.S. anti-trust laws apply every- ! which was forced to give in on mean that rates are negative in 7S tore if the BritLh G^remen tbe end of ^ is with Fokker in Germany a3 a full 

where if American interests nrjfvere. polntdemande^ hy the terras of inflation, and officials j BHri^tn^ Aw oEi.ftiSS ISSd2 “TJE iSS "““i A British decision on Airbus the'SnJquence^/ 


trade are affected by foreign I Maoist-led union SUTEP. forecast that, in a couple of 

agreements or practices. In what , At the moment, besides the months, they may be raised 
Justice Department officials saw [ miners strikes, bank clerks are again. Dr. Moreyra has placed 
as a generally conciliatory i staging regular wildcat strikes heavy emphasis on the need for 


and government health workers a rapid increase in the rate of 
are in the fourth week of a wide- internal savings, 
spread strike.. Besides- these main points. 

This tendency is an indication foreign borrowing is to be 
of the difficulty of enforcing a heavily restricted. Later this 
hard-line traditional austerity' year, probably in November, 
programme — as favoured by the Peru will be attempting to re- 
IMF — in ‘a country like Peru schedule its heavy repayments 
| where less than half the working due next year on the public 
population" has what even the foreign debt, which are so badly 
jovernment describes as M ade- bunched that they total, at 
[ quatc work." S1.4bn. the equivalent of about 

_ . , The basic terms of the agree- 70 P* r cen * of the predicted 

other countries is not confined | nienr. which is for l$4m special value of annual exports. The 
to the .anti -trust field. Britain ; drawing rights uver the next 30 strategy -to be adopted has yet 
is deeply disturbed at the appli-i months, are: to be decided, but foreign 

cation of new U S. anti-Arab I Q The budget deficit this year is bankers have been heartened by 
boycott laws tn British subsi-!to be kept to 72bn soles (about the appointment last week as 
diaries of American companies — '5360ml, which is the same president of government Banco 
a matter that British officials took [amount as the deficit last year de la Nacion of Dr. Alvaro 
up in Washington earlier this) in current soles, but only half Meneses. one of the leading 
week. I in real terms. financial figures in Peru. 


speech. Mr. Shenefield said it 
was a pity that this had caused 
disagreements with countries 
like Canada and Britain “ which 
otherwise 3 re such sood friends.” 

Last year the British House of 
Lords ruled that Rio Tin to Zinc 
should not hand over documents 
sought in a U S. anti-trust investi- 
gation or an alleged uranium 
cartel. 

The so-called “extraterritori- 
ality '■ Issue between the U.S. and 


Bridgetown. An official govern- 
ment statement said the offer 
had been rejected at a meeting 
of senior officials here on July 
27. Unofficial reports have said 
that Barbados was asking 520m 
for the base, hut there has 
been no government confirma- 
tion of the figure. 


derides against joining the 

European project, a Fokker is expected within the next few norparSc ratine" at all" 

spokesman said here today. weeks. The British government -r-Jl Vnkkpp irmtn * r‘V .- — r>— 

But if British Aerospace has been under strong pressure favour of^ti'nuln" to S wi h 1 JS? *** 

,n nrn ^ - t n nr.w -v favour 01 conumun* to iwprK wirn (Eximbaflfc) is holding up a 

. !Ur. uerrit nnnnrinp Darkan> tn heln in t 


U.S. holds up 
Boeing order 


WASHINGTON. August 10. 


becomes a partner in the new to make a decision and Fokker's Herman nartner nar iwrni i e. •_ _i. . . 

Airbus generation then it may confided claim that it had been KJapwijk, the executive chair- 1 f, r ]^ l]c n , 8 P aelva ^ ^ el P ' n 
intlduce the &10 WUSS. « it h J awarded lh e widg CWH maJ ^’^^FW-Foter Xp; S A %n?L e ^eZ 3 vTcon. 
the wings of the earlier B-2 and have been part of tins pressure. W hn tion naff dnw-n ta<st month ZClf l T®. “Jl'r:. 


wings 
B-4 Airbus versions. 


Veaezuela investment 


part of tins pressure. W h 0 stepped down last month. 
... , ... The Dutch arm of Dutch- said earlier this year that the 

It is also possible that British German Fokker group has called Dutch company hoped for a 

( Aerospace might prefer to in the American management 35 per cent stake in the merged 
develop its own wing design and consultancy McKinsey to assess German company. Fokker docs 
reject the German one. But this the company’s prospects. The not want to become solely a sub- 
would depend on time pressure consultants will look at possible contractor to the. new Fokker- 
since the B-10 is due to fly in forms of co-operation between MBB groups 


(Pctroven) will invert S20bn. 
over the next 10 years on 
exploration, development and 
production of hydro-carbona, 
the company president, Sr. 
Rafael Ravard, said. Renter 
reports from Caracas. He said 
that the main objective was 
the growth of reserves of light 
crude through an intensive 
exploration programme, which 


W. German minister for ASEAN 


BY JONATHAN CARR 


BONN, August lfl. 


. . COUNT OTTO LAMBSDORFF, achieve this aim. of key exports including ie.4 and 

will include off-shore drilling- |the West German Economics West Germany’s trade deficit rubberi - 


on the continental shelf. 


POLLUTION EMERGENCY AT NIAGARA 

Chemicals threaten public health 

BY CAROLINE HYDE IN NEW YORK 

NIAGARA FALLS. New York On Tuesday. .President Carter dump 20 years ago when the city’s plan is to dig ditches 8-10 
State's honeymoon haunt and approved federal emergency aid company sold the 16 acres about feet deep around the canali to 
second most popular tourist sight, to the area and Governor Carey eight miles from the city centre lay drainage tiles, and then cover 
has suffered a dramatic chance has committed the State of New' to the Niagara Falls school board them over. The chemical-laden 
of image as a result of an York to match any funds given for SI. They attached a warning water leaking out of the canal 
environ menf.il calamity which by the Government for the clean- that no building or excavating would run down the files into a 
hud it* beginnings nearly 40 up This will bring in an might be done directly 0 n the basin from which it would be 
years ago. estimated 88m- What sort of canal and th/T the school board pumped and taken for treatment 

The problem became critical funds can be allocated to the take complete responsibility for or disposal. The Hooker Compa ny 
last month after a rainstorm area’s residents is still un- any chemical leakage. The has offered to pay for pari of the 
when some residents discovered decided. There is some debate school board then proceeded to plan and will continue to provide 
large fuming pools of coloured about how far the danger ex- build a grammar school near the engineering and technical iiivfee 
chemical liquid in their gardens. ten ds. Exactly what area has canal, in the process of which a to the ritv. The company stresses 
Others had already seen rusted- been affected by migrating basement was excavated. The that the 'offer does not .-hanee 
through uil drums of chemicals chemicals is yet ;o he deter- remaining land not made into a their position on any tt ah n tries 
surface in their gardens, and the mined. Donald O’Hara, the Park was sold and subsequeotly Th . * 

third base of the nearby school .\iai-ara Falls city manager, subdivided for housing. 1 awvei r Mr nl r , rta,ne<i a 

ba , S ,f baIi rimm H Turt iotow a ihS Mhf * " Whetflcr ,hl > '* « tern- The area is described as work- known'enW^?m el alist Helkvs 
,n lAhSTn b l'"r ar y or permanent evacuation ifls class. The 300 houses his clients are suing for nioSSre 

SU rh*Z ‘InrHinnv other drums ° f re,0, - atir,n 1 ‘ii possible to around the canal range in market losses and compensation for 

e whh rhonricafs were say ** ,I,e so ^ve not va i uc fr0( n SI&45.000. Even if health-related Snti The 
dumped *mn an old water canal S, '_ en d P 0 ®' 1 l,v « indication. Lht chemical levels can be suits will be aimed at the S* 
which was filled in with earth in Extensive medical testing and returned to normal many resi- Inter, the Government ithe Arniy 
ihrt iAtOi For the oast six questionnaires circulated two dents say they would never go may also have dumped i-hemi- 
■rere' & hijhj unuuUr MO to alro.rt,. c S tal> back to the area and. with all cals), the city, and the 

heavy raina rauTint the undert Mshed that the Love Canal area lhe publicity, foar they will no education. He will be working on 
ground canal to overflow and the |>as a much higher than national ,®f . tb ? deed restriction 


chemicals to surface. After Ions average of cancer, liver disease, have their savings in the houses to dig around the canal, the com- 
investigations the New York respiratory ailments. birth and will he unable to get some- panys knowledge of chemicals. 
Slate health commissioner. Dr. defects and retarded children, where else unless this money and the Federal Toxic Substances 

Robert Whelan, declared a health and 50 per cent mure miscar- can be recovered. Act. The residents alos want 

emergency for the area early riages. Children and dogs have The Niagara Falls problem compensation for their homes 
this month when chemicals were been burned playing in the fields could reappear in this and 3ny some say they will never 

impregnating the air at levels up and visitors have had the soles other country where chemicals 5* lUP ° 10 and cannot be sold, 
in 5000 times higher than is of their shoes corroded. have been contained and buried. Lippes and bis firm have 

normally considered safe. rPS idcnts claim their Tbere are 30 such si, es in New lak€T1 the case on a percentage of 

n The Environmental Protection do ' £ ave d j C d 0 f tumours or York | la . te and more rhan 1 -°0° a - 1 * he Mys ’ ‘ ,Qie 

Ar-Vncy identified a total of S2 5f^ n . b n a er before they have ? c round the countr y- When asked « f w,nn,n S are fairly 
chemicals. 11 of them suspected JSSSTthe rt? of three. One If he thought the chemical com- Sood. 

,f ca usi ng ca □cer Dr Whelan rcgI< ko t jJkes that his daughter’s E2 y OHiSZ __ L . e2 !? lation P?.®ed_ln 1972 io 

-nrnnimendcd that > amities with , hoc rhi 


swag teffa 

,h, iW. well know SSSSTJr % 

precedents for all the others and Protection Agency. Mr. enia 


recommended taster rauun 

children under the ape of two J , ( 0l 

and those with pregnant women “ If IHb 

leave at once. Some twenty should move a wav.” 

families have been temporarily - . *“*■*«• anu nuimiun Agency. Mr. Rprir 

moved to hotels and Air Force The Hooker Uienncal Com- everyone from the President and said: "We’ve h t -en bunin-* iwp 
officere 1 quarters until State and pany. a subsidiary of uwidcntal Governor down is handling the things like ticking time bnmht 
federal asenctes can decide what Petroleum, stopped using the matter delicately. They ’ll all leak outio 100-100 0W 


to do. 


Love Lanai as an industrial To contain the chemicals the years.* 


Minister, leaves to-morrow for 3 with Japan rose last year to a A key-: discussion topic during 
three-week trip ■ principally record DM 3.48bn — based on Count Larabsdorff’s stay tn Singa- 
intepded to heJp boost trade and imports which increased by 19.5 pore od August 20 and 21 will 
cooperation with Asian countries, per cent, to DM 6.49bn and be prospects for further G erm an 
. During his visits to India, Sri exports which rose by 7.8 per investment German companies 
Lanka, Singapore, Indonesia and cent to DM 3.01bn. already speak well of the invest- 

Japan, be will be meeting with But the first hajf of this year ment climate in Singapore — and 
leaders of government and has been more encouraging for bilateral trade has been develop- 
industry — and delivering a the Germans. While there is ing well too. West German 
speech in three capitals on inter- still a . big deficit, German exports rose by 12 per cent last 
national economic’ relations exports to Japan were up by 18.8. year "to DM 723m while imports 
following the Western summit per cent to DM1.7bn while increased by 112 per cent to 
conference last month in Bonn, imports rose by 8.6 per cent to DM 553ra. 

Count Um bsdorfs last stop DM 3.4bn In Indonesia. Count Lambs- 

(from August 27 to 31) is prob- Count Lambsdorff’s first stop dorff will be discussing not only’ 
ably the most important— namely (August 12-17) will be India, bilateral relations but also ties 
Ja P, an ’ t .v r ast .- y< T ' Vest German exports between the European Com- 

He wif] be discussing the (particularly capital goods and m unity and ASEAN (Association 
results of the summit with, chemical products) were worth of South-East Asian Nations! . 
among others. Prime Minister DM1.14bn while imports from His programme includes a visit 
Takeo Fukuda, and he will he iDdia were worth DM r90m. The tn a steel works — one. of several 
keen to gain first-hand informs- Indian Government is expected major investment projects in 
tion on latest progress of the to press for still further efforts which German companies are 
economy, in view of Japan s. by West Germany to correct the involved 

pledge in Bonn to achieve a imbalance. West German imports form 

higher growth rate mainly In contrast, Sn Lanka has a Indonesia shot up by 42 per cent 
through expansion of domestic modest surplus in Us relatively last year to DM 759m— parti cu- 
demand. Mr. Fukuda said he small trade (totalling DM I17m larlv because of Indonesia’s new 
would decide in August or Sep- m 1977) with the Federal role as an oil exporting nation, 
tember whether additional Republic— thanks not least to German exports were up by 5 ner 
measures would be needed to Increases in price and deliveries cent to DM 1.15bn. 


cems over that country’s human 
rights record. 

Argentina's International Air- 
lines, Aero line as. is seeking from 
the Eximbank a 824m direct loan 
for three Boeing 727 jetliners 
and another S44m in private-loan 
guarantees for two Boeing 747s. 
But the state department’s 
review of alleged human rights 
violations in Argentina is delay- 
ing action on (he proposaL . 

In New York, banking sources 
said Argentina has threatened 
to cancel js orders for Lhe three 
727 airliners and'buy a European- 
built plane instead. 

AP-DJ 


Fiat queries 
USSR car cost 


Iran-U.S. nuclear accord 


TORONTO, August 10. 
MR. UMBERTO GABB1, man- 
aging director oF Fiat Canada, 
says importers are asking bow 
the Russians can sell their Lada 
model car in Canada for $3,495 
when it costs more than 18.000 
in the Soviet Union. 

Mr. Peter Dennis, the presi- 
dent of Lad3 Canada, has 
rejected the implication that the 
cars arc being dumped in 
Canada. He said the lower cost 
was partly attributable to the 
i,size of the Lada factory, which is 
reported to be able to produce 
1m cars a year. 

A senior oflScial of the Federal 


TEHRAN, August 10- 
deputy said that after ratification of 


Bos Kalis wins 
Algerian order 

By Charles Batchelor 
AMSTERDAM. August 10. 
BOS KALIS Westminster group 
reports that its subsidiary. 
Nacap, has won a FI 435ra 
(S200m) order lor 710 kilo- 
metres of pipeline from the 
Algerian Slate oil company, 
Sonatrach. 

Nacap will lay down 200 km 
of 40 inch pipeline and 510 km 
of 42 inch pipeline from Hasst 
R’raei to the coast at Anew. 

This is part of the develop- 
ment of the Hassi R'mel gasfield 
which is to supply Holland with 
80bn cubic metres of gas 
between 19S4 and 2004. 

The project is due to bte com- 
pleted in raid-1981. 

Nacap is currently carrying 
our pipeline work tn Algeria 
valued at FI 340m. These pro- 
jects will employ 1,000 workers 
for three years. 


Asia order 
for Leyland 

Financial Times Reporter 


Mr. Cyrus Manzour. 

O^anLsation! told the *£££. S*t lext P«P* red Iast week in I ORDERS TOTALLING about 
pS ^ewsDawJ d SLrakh Tehr3 ?’ 11611 ^ u s - will ! £S.7m for trucks and buses have 
that Iran and^rhe ii ^ ? mSlfiw fK? ^ a £ reament enabling the been won in South-East Asia, the 
Sriedtat S«k Jn Vbe 4t of butid^t l«st nine nuclear Far East. Egypt and New Zea- 

agreement C by iEich thTu .s' ■"iSLS fi? Tl » ** 

will give approval for construe- eslimated 10 M5t S201jn - I London-based overseas division 

Hon or nuclear power plants bv Mr - Manzour also said that last I Vehicles Lid. 

U.S. firms in Iran. week Iran 'and Australia have! e b, SS*ti is from Sri Lanka 

While West Germany an d agreed that Australia will supply ! fDr ffierly Ceylon); where Iwo 
France are currently baUding io !ran w 'th necessary nuclear fuels! Ca R»mbo distributors have 
nuclear power plants for Iran frnrn 19 S°- 
and two of the German plants in Iran is trying to switch from 
Busbehr are scheduled to he oil to nuclear power by buildin° 
completed by 19S0 and 1981. The at least 20 nuclear Dower ulant^ 

U.S. has stalled the talks for in 20 years. The first two riants ' Leyland** Bathsa*. 

building nine U_S. nuclear power built by the West German com- : Km%Lon S v Ho" 3 ' k H o1 ^ Kon,r,R 
Customs and Excise said no com-| plants since 1975 pending a final pany Kraftswerk Union are 1 .j 010 ! Bus Company 

plaints have been received and j solution for re-use of the atomic scheduled to go on rtreain it— . 1,88 P^ced the 

. . — ™^ ut disclosmR the detai]5 g sks jjto ^ 

of the agreemenL Mr. Manzour AP-DJ 


ordered £3m worth of trucks in 
coraplefely-knockcd-down form 
for local assembly. Shipment of 
the 700 vehicles is now under- 
way from Leyland** Bathsa'e 


no anti-dumping investigation 
was being considered. 

AP-DJ 


] IT ” hus cha^rt* for 
double-deck bodies. 


u-fe with 








f we run 


like ample time to prepare ourselves. In 
reality, we're already short of time. 

The present supplies of North Sea 
oil and gas wont last for everAnd 
there are limits to ihe rate atwhichwe 
can increase production of coal and 


What's more, wellbe into the first 


wavtywind, tidal and geothennal 

energy together can make afubsi 


we can all exploit right away. 

Energy conservation. 

Butto devdop itto its fijllpotential, 
well all have to change ourways. 

No longer can we take energyfor 
wanted Whenplanningahead, well 
have to reckononthe realprice of 
energy at least doubling over the next 
20 years. 

So we must find more efficient 
ways of usingexisting forms of energy. 
And well have to develop newproducts 
that consume less. 

The Department of Energy has 


help you financially to find the best 
way of managing the useof energy and 
cut out waste in your company. 


The Department of Industry has 
introduced an Enersv Conservation 


Scheme for which almost every branch 
of industry, trade and commerce is 
eligible. 

It provides grants for the insulation 
of premises, the installation of new 
boiler plants, combined heat and power 
systems and supporting consultancy 
work 

Both schemes will not only get you 
ready forthe future; theyll start to save 
you money now. 

Make it your business 
to find out more about 
them. Do it today | 

All you have to do is I | 

uncross your fingers and \ \\ / 

call 01-211 3925. 





Financial Times Friday Almost: 


wm* 


IpMii 


HOME NEWS 


Steel output rises 
but imports bite 
into home market 


Go-ahead for more 


N. Sea oil production 


‘Racist’ 

film 


injunction halts aii^oi^ ^ 
stand-by sales by TWA 3 




r * 


BY RAY DAFTER. ENERGY CORRESPONDENT 


BY JOHN LLOYD 


STEEL production in the UK, 
after a dramatic decline at the 
beginning of the year, is bach 
at 1977 levels. Imports, however, 
continue to take an increasing 
share in the UK market 


Last month the average weekly 
output was 369.700 tonnes. 0.5 
per cent higher than in the same 
month fast year, it was down 
S.S per cent on June’s average 
weekly output of 405.300 tonnes, 
hut that is a normal din because 
of holidays. 

Over the first seven months of 
the year the average weekly out- 
put stands at 400.100. compared 
with 402,000 for the same period 
of 1977. 


ft The EEC has imposed defini- 
tive anti-dumping duties on some 
iron and steel products from 
Czechoslovakia, Japan, Poland 
and Spain.. These duties replace 
the provisional charges already 
levied. 

The products include hot- and 
cold-rolled sheet and plates, and 
angles, shapes and sections. 

The rate of duty is variable, 
and is designed to bridge the gap 


between the import price of the 
products and the basic price 
published by the Commission. 
However, while the duties are 
now definitive rather than pro- 
visional. they will be temporarily 

suspended. 


Last January production 

dropped sharply to around two- 
thirds of the 19(( levels. It 
climbed back in February, and 
from March the figures have 
been consistently, if slightly, 
higher each month. 

Steel consumption is also up. 
at 3.88m tonnes for the second 
quarter of this year against 
3.76m tonnes in the same period 
in 1977. But it is down on the 
consumption in the first quarter 
of this year of 4J2m tonnes. 

Imports of steel in the second 
quarter of 1978 stood at 890.000 
tonnes, up sharply from the 
840.000 tonnes in the same 
period in 1977 and Up. too. on 
the 830,000 tonnes for the first 
quarter of this year. 

9 The Department of Trade has 
given a full list of iron and steel 
products from non-EEC countries 
which will be subject to import 
surveillance licensing. The sur- 
veillance will be undertaken 
under the Davignon plan agreed 
in December last year by the 
EEC. 

The products covered by the 
surveillance licensing include 
pig and cast iron, billets, wire 
rod. reinforcing bars, hot- and 
cold-rolled sheet and plates, 
electrical sheet and plates and 
angles, shapes and sections. 


French atomic 
pollution 


to be checked 


A PROGRAMME of dose co- 
operation between Jersey and 
Alderney for the. monitoring of 
atomic pollution from French, 
nuclear installations in 
Nonuandy was announced yester- 
day by Mr. Jon Kay-Mouat. 
president of the States of 
Alderney. 

“ It was agreed that co- 
operation would be of mutual 
benefit," he said, adding that ** a 
programme for the regular ex-' 
change of information has been 
agreed in principle.” 

In addition to the newly- 
established link with Jersey. Mr. > 
Kay-Mouat said that, through 1 
diplomatic channels, he had | 
received an assurance from the 
French authorities that Alderney. I 
like Jersey and Guernsey, would 
be informed immediately if a 
nuclear incident occurred at the 
reprocessing plant at La Hague 
or the proposed installation at 
Flamanville. 

Similar talks for closer co- 
operation between Alderney and 
Guernsey are to be held shortly. 


NORTH SEA oU production is to 
receive a further boost after 
Government approval yesterday 
for the development of Mesa 
Petroleum’s Beatrice Field and 
the 8 tart-up of Shell/Esso's 
Dunlin Field. 

Mesa has been given Depart- 
ment of Energy sanction to 
exploit its inshore Beatrice find 
at an estiamted cost of £325 in. 

Oil will be transported ashore 
at a peak rate of SO.OOO barrels 
a day through a pipeline system 
rather than by means of a shuttle 
tanker service which was rejected 
last year by" the Government. 

Even now. Mesa has been given 
only qualified approval. The 
Energy Department said that 
while the production scheme had 
been judged environmentally 

satisfactory it would not allow 
oil to flow until Mesa and its 
partners had submitted an 
l acceptable oil-spill contingency 
plan. 

The partners involved in 
Beatrice — Mesa (25 per cent}, 
Kerr McGee (25 per cent). Hunt 
'Oil (20 per cent). Creslenn (15 
per cent) and P & O Petroleum 
(15 per cent) — will have to order 
their own multi-purpose safety 
ship to patrol the field or share 
a ship ordered for one of the 
other offshore fields. 

Beatrice, 12.5 nautical miles 
off the Scottish coast in the 
Moray Firth, has ah estimated 
160m to 165m barrels of recover- 
able reserves. The oil, due to 
flow In 1981, will be exploited 
through three platforms: a 


Council. 

The Energy Department said 
that the field’s production 
scheme had been scrutinised in 
view of the reservoir's close 
proximity to the coast and to 
Smith's Bank, a big fishing 
ground. 

SbelL as operator for a group 

including Esso. Continental Oil 

and British National Oil Cor- 
poration. said yesterday that oil 
production' had begun on its 
Dunlin Field. 110 miles north- 
east of the Shetland Islands. 
Initial production rate would be 
30.000 .barrels a day from the 
first three wells. 

But, the oil is not being 
shipped ashore for the time 
being. Transportation facilities 
— in particular the oil terminal 
at Sullom Voe, Shetlands — are 
not completed, so until later this 
year the oil from Dunlin is being 
stored offshore. -- . 

At present the crude is flowing 
into the Dunlin production plat- 
form’s own storage cells which 
are capable of holding 800,000 
barrels. The oil also can be 
stored in the lm.-barrel storage 
facilities on the nearby Cor- 
morant A platform to which 
Dunlin is linked by pipeline. 

Dunlin, which has an esti- 
mated 600m barrels of recover- 
able reserves, is the fifth largest 
field to be commissioned in the 


UK sector of the.. North Sea. 
Peak production from the field 
Should be reached in 1982 when 
oil should be flowing ashore al 
a rate of 140.000 to 150,000 
barrels a day. 

Partners in the smaller 
Maureen Field in block 16/29. 
150 miles north-east of Aber- 
deen, hope to begin the develop- 
ment programme on the 
discovery in the first half of 
next year, according to 
Ultramar. 

Companies involved is the 
Maureen project have submitted 
plans to the Department of 
Energy. If these are approved, 
the companies could place initial 
orders for the steel production 
facilities before the end of this 
year. Uftramar added- It is ex- 
pected that- the field, containing 
an estimated 120m barrels of 
recoverable reserves, will be 
exploited by means of a semi- 
submersible production system 
United to a .drilling template 
placed on the seabed. 

Maureen is operated by tbei 
Phillips group which has a 33.78 1 
per cent interest in the reserves. I 
Other partners are: Petroflaa 
(28.96 per cent). AGIP (17.28 
per cent). Century Power and 
Light (9 per cent), Ultramar (6 
per cent) and British Electric 
Traction (5 per centj. 


protest 
by MP 


Financial Times Reporter 


A MIDLANDS MP sent aprotest 
yesterday to to. Kfipnaa 
Brewster, the U.S. Ambassador 
in London, about a television 
programme being • screened 
throughout America, which it is 
claimed, portrays Britain -as a 
racist society. \.. -• 


the BRITISH Airports 
.Authority yesterday won an 
interim injunction until Oct£ 
her 15 against Trans World 
Airlines preventing the airline 
setting cheap stand-by tickets 
In Terminal Three at Heathrow 
and obliging it to sell them 
only at its town ticket office.. 

The authority had sought the 
Injunction because of conges- 
tion being caused at Heathrow 
by the sale of stand-by ticket. 
Although TWA was the only 
airline named in the action. 


British A&wSSSSj® 

National, J5f AJ$£|8& 

Iran- Ak^-4o ensar 
&££• bJ 
J w f n iS£ 

the.. aothorityi pjH^ 

ordered an expedftedi^tb 

ing of the case in the m? 

rial court. - . 


Plans to ease 


central pair handling the drill- 
Ing and production facilities for 
most of the field and a converted 


Makers criticise car 


jack-up rig for the north-east 
portion of the reservoir. 

The oil will be transported by 
pipeline to Nigg Bay wbere a 
tank storage farm is planned by 
the Cromarty Firth Port 
Authority and Highland Fabrica- 
tors (comprising Brown and Root 
and Wimpey). Planning applica- 
tion for the storage facilities is 
with the Highland Regional 


spare parts probe 


BY OUR CONSUMER ADAIRS CORRESPONDENT 


BARLOW RAND LIMITED 


(incorporated in the Republic of South Africa) 

Directors: 

C. S. Barlow* (Chairman). A. M. Rosholc , ‘ (Vice-Chairman and Chief Executive), 
K. C- Comins' (Deputy Chairman). G. W. Dunningham* (Deputy Chairman). D. Brown*, 
G. H. Bulterman*. W. A. M. Clewlow*. Dr. £ J. C. Cronje, D. W. Dyer*. M. E. Gamble* 
l British). R. j. Goss. N. 1. Kolford*. S. G. Keatley* (British). R- S. Lawrence", 
I. G. MacPherson. J. B. Maree*. M..J. Noyce*. A. C. Petersen*. Dr. P. E. Rousseau. 

S. -Rudner*. G. H. Waddell. 

Aicernace Directors: W. L. BarnesVD. E. Cooper*. J. C. Hall* (British). A. A. Sealey*. 
* Executive director. 


MOTOR manufacturers yester- 
day criticised a Price Commis- 
sion investigation Into the car 
spare parts industry. 

Sir Barrie Heath, president of 
the Society of Motor Manufac- 
turers and Traders, described the 
investigation as thoroughly 
frustrating and unnecessary. 

Although the investigation was 
started by the Price Comission 
only yesterday, it had been 
announced in June by Mr. Roy 
Hattersley, Prices Secretary. 

Sir Barrie said the investiga- 
tion amounted to “ harassment 
of a major industry to a degree 
completely unknown to our most 
successful competitors in 
Germany and Japan.” 

The investigation would “tie 
up executive time and effort 
throughout the motor industry 
which could be much more effec- 
tively devoted to improving 
profitability and competitive- 


ness." The cost of the investiga- 
tion in terms of managerial time 
spent would have to be borne by 
the consumer. 

“The investigation is a mis- 
informed and misguided 
irrelevance which could cause 
direct damage to our industry by 
forcing - the exposure of 
important, commercially sensi- 
tive information to our inter- 
national competitors.” 

The Price Commission was 
expected to report by the end 
of March on prices, costs and 
margins in the manufacture and 
distribution of car spares. i 
• Moves to discourage decora- 1 
tive paint retailers from making 
claims of excessive price reduc- 
tions, as recommended in a Price 
Commission report published 
earlier this year, were welcomed 
yesterday by Mr. Hattersley. The 
change in pricing policies 
followed discussions by Mr. 
Hattersley with the industry. 


Mr. Dudley Smith, Conserva- 
tive MP for Warwick and Leam- 
ington. has said that the pro- 
gramme. an hour-long documen- 
tary called “Blade Britaimlca." 
portrays Britain as a racist 
society which denies human 
rights and dominates its coloured 
population by police oppression. 

The documentary, produred by I 
David Koff, was commissioned 1 
by the Boston television station. 
WGBH, a member station of the 1 
non-commercial public broad- 
casting system which showed the 
documentary at peak-viewing 
time last night. 

Mr. Smith, who is vicechair- 
man of the Parliamentary Serect, 
Committee on Race Relations' and' 
Immigration, said yesterday:, "j 
understand that it has angered 
out diplomats in the US. who 
consider it very distorted... 

“Apparently a television team 
came here and interviewed many 
black people doing dirty and less 
desirable jobs in London and the 
Midlands. The implication is that 
the black community is exploited 
and badly paid. - 

“The documentary, as far as I 
can gather, does, not include a 
single opinion to the contrary. 
The film seems alarmist, mislead- 
ing and totally irresponsible ” - 

A legal controversy -has 
developed in the U.S. over the 
documentary. Its producer. David 
Koff was served an injunction 
in a Massachusetts court on 
Wednesday to stop WGBlTfram 
transmitting it last night. 

Ms. Margaret Henry, who 
researched the film, said it-'was 
to have been shown in the US. 
in July— but was cancelled by 
Mr. David Fanning, executive 
producer of the “World” series 
at WGBH and the film 7 . was 
re-edited. 

The legal wrangle affected the 
showing of the documentary in 
London at the Sea la Theatre in 
the West End where it was 
taken off after Mr. Koff started 
legal proceedings against 
WGBH. 


travel misery 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


EXTENSIVE PLANS have been Because of restriettonifattfc 

made in the UK to cope with the by UK cootroUeto atftSE 

lengthv air travel delays expected only one aircraft. .an J wq j K 

this weekend as a result of the way will be able to BwnSl! 

resumption of the French air instead of the three apftrtwT 

traffic controllers’ work-to-rule the CAA.. This .contrifejfe 

this morning. More than 100.060 easing the misery 

travellers could be involved in passengers’ .will 

the UK alone during one of the minimal., : iT-Tw.: 1 

busiest weekends of the year, • While the: Office --flf’Pj 

' While the airlines, airport has already- 

authorities and other bodies in 

the UK are powerless to prevent 

the delays— which may rapidly 

build up to many hours for sped- ^ 

fic flights— i hey are aware of the anj P^P^d Jto gpend gutgbq 

need to do something to alleviate ®’^? s r . tQ tbtir.tfit, 

the strain on paseDaers 

Plans range widely from the pay for hotel acconunod&tkBt 
provision of extra staff, catering stranded passengers at him * m 
facilities and seating at airports, abroad. 
and even the provision, of enter- . Some other . tour- omSM 
tainmenf such as colour TV and as Thomson HoUajatS 
live shows at some > airports, to b^n studying the possrijlIfbJ 
the use of school halls and build- mov tng passengers on 
ings outside airports in which to boats and coaches and 
bouse waiting passengers. chartering extra aircraft to jaw 

The advice generally being up for those aifcraft'tW^ 
given to holiday-makers is to stranded at foreign airparti: ] 
turn up on time for their Sights. David White in Parlg Mil 
but to be prepared to wait If The French Government b 
possible, they should bring their asked airlines to rot back -a 
own fond and drink. Uielr schedules this weekend I 

If delays become too long, order to limit chaos at aiTpci 
some airlines with big loads, such due to the air traffic eoQtrdks 
as British Airtours. may decide work-to-rule. Airports in Knn 
to defer some flights. Passengers will provide .normal reeepij* 
would be given special telephone services for passengers. 
numbers to ring for advice. by. delays, M, Joel :Je- Thi^ 

The Department of Trade is Transport Minister, * said in 
waiving the restrictions an night statement today, 
jet flying to ease the problem. If the work-to-rule goesan,ft 
while the Civil Aviation Autho- French Government envlsag 
rity is again introducing its closing some airports awLstei 


. 1 


“ Spanish track.” whereby . air- ping the operating of 
craft with high frequency radio airlines. • 


craft with high frequency radio airlines. 
can fly out over the Western French pilots’ onions b 
Approaches. of the Atlantic turn* meanwhile warned that they* 
ing east over the Bay of Biscay strike if the -Government tab 
into Spanish air space, thereby In air force personnel to mat 
avoiding French air space. control towers.. 


PROPOSED RIGHTS ISSUE OF PREFERRED ORDINARY SHARES 


Members are referred to the announcement made on 7 August 1978 by this company 
in regard to the acquisition of 55 per cent of the issued ordinary share capital of Reed 
Nampak Limited. That announcement also referred to this company’s proposed “ rights " 
issue of 6 preferred ordinary shares of 10 cents each at a price of 390 cents per share 
(in the currency of the Republic of South Africa) for every 100 ordinary shares' (fully 
paid and partly paid) and for every 100 preferred ordinary shares held by members. 

It is now necessary, in connection with that proposed rights issue, to convene a 
general meeting to consider and, jf deemed fit, pass die resolutions required to convert 
6 800 000 unissued ordinary shares of 10 cents each into’ preferred ordinary shares of 10 
cents each and then to place them tinder the control of the directors for the purpose of 
the proposed issue. 

Accordingly: 

(a) NOTICE IS GIVEN THAT 

(i) a separate class general meeting of the holders of this company's ordinary 
shares will be held at \OhOQ on 5 September 1978 at The Auditorium, Bartow 
Park, Katherine Street. Sandton: 

(ii) a separate class general meeting of the holders of this company's preferred 
ordinary shares will be held at I0h20 (or immediately after the conclusion of' 
the separate class general meeting referred to in (i), whichever is the later 
time) on 5 September 1978 ac The Auditorium, Bartow Park, Katherine Street, 
Sandton: 


Denning resists loss 
of solicitors’ role 


UK chemical industry defends 
road tanker safety record 


BY LYNTON McLAIN, INDUSTRIAL STAFF 


(iii) a general meeting of members .will be held at I0M0 (or Immediately after the 
conclusion of the separate class general meeting referred to in (ii), whichever 
is the later time) on 5 September 1978 ac The Auditorium, Barlow Park. 
Katherine Street, Sandton: 

to consider and. if deemed fit, pass with or without amendment the special and 
ordinary resolutions set out in the Notice dated II August 1978 despatched to 
members roday. 

Thc transfer books and registers of this company’s members in Johannesburg and 
London will NOT be closed for purposes of the meetings. 

(b) NOTICE IS GIVEN THAT should the required resolutions be passed at the separate 
class and general meetings which will be held an 5 September 1978 then this 
company’s registers of ordinary and preferred ordinary shareholders will be closed 
from 9 September to 15 September 1978 (both days inclusive) to determine the 
holders, at the close of business (I6H30 (local time)) an 8 September 1978. cf its 
fully paid and partly paid ordinary shares and its preferred ordinary shares who will 
be entitled to participate in the rights issue. 

The following number of preferred ordinary shares will be offered in respect 
of a holding which is not 100 or a multiple of 100 ordinary shares or preferred 
ordinary shares: 

Number of ordinary or preferred Number of preferred ordinary 

ordinary shares held shares offered 

1-16 Nil 

17-33 1 

34-49 2 

50-66 3 

67-83 4 

84-99 5 


LORD DENNING, Master of 
the Rolls, has refuted a sug- 
gestion made to the Royal 
Commission on Legal Services 
that he Is “out of touch” in 
his capacity as solid tors’ over- 
lord. 

The suggestion was made to 
the commission by professor 
Michael Zander, law lecturer 
and writer, who proposed that 
the function of Master of the 
Rolls, supervising the profes- 
sional practice, conduct and 
discipline of solicitors, -be 
taken over by a body of non- 
lawyers. • 

Lord Denning does the work 
mostly in spare hours after 
his full-time dnties as a judge. 
He revealed that he works 
many evenings and signs soli- 
citors’ practising certificates 
while watching television. 

Appearing before the Com- 
mission, Lord Denning was 
told by Sir Henry Reason, the 


chairman: “I think Professor 
Zander feels that yonr func- 
tion should be enlarged to be 
dealt with - by a body of six 
people . . . because, as he puts 
it. not impolitely bat quite 
directly, he feels that the 
Master of the Rolls is not in 
touch. That is how be 
expresses it In his evidence to 
us.” 

Lord Denning: ** I would like 
to say that 1 think I am very 
considerably In touch.” 

He added that he dealt with 
appeals concerning solicitors 
in his court and received many 
letters from members of the 


public complaining of soli- 
citors’ conduct which some- 


times he dealt with personally. 
He also visited solicitors a 
great deal and went to Law 
Society functions quite often. 

He felt his access to infor- 
mation was far greater than 
that of any layman. 


BRITAIN’S chemical industry 
yesterday defended its record as 
a transporter of hazardous 
liquids, amid calls from local 
authorities for more to go by 
rail. 

The. Chemical Industries 
Association said in a report pub- 
lished yesterday that there was 
no room for complacency or for 
freezing further developments of 
safe methods. 

But most chemicals that may 
be hazardous. flammable, 
poisonous, corrosive, explosive 
or radioactive, were processed 
into innocuous products at the 
production site. 

For most of these chemicals, 
no external transport was re- 
quired. 

The Association of Metropoli- 
tan Authorities said that most 
dangerous cargoes remained 
dangerous whatever means of 
transport was used. 

But there were strong argu- 
ments for more of these cargoes 


to go by rail. Seventy-five per 
cent of liquefied petroleum gas 
went by road, the fcgst by raiL 
For chlorine, a poisonous gas. the 
proportions were about, equal. 

The Chemical Industries Asso- 
ciation said that the IKK. -rail 
network had been progressively 
reduced from 47,417 track miles 
in 1962 to 28,576 track miles 
today. . 

There was no evidence to 
show that either road or rail bad 
any measurable advantage over 
the other In safety terms. 

The main factors in the assess- 
ment of the likelihood of a road 
tanker accident were the chances 
of a collision with other traffic, 
the consequent risk . of damage 
to the container, and the number 
of people that might be exposed 
to chemical hazards if the tanker 
was ruptured. 

The association’s report came 
only, days after Mx. William 
Rodgers, Transport Secretary. 


spoke of plans for tough rep) 
lotions to control the struct® 
and maintenance of oil 1 ** 
chemical road tankers. ' ■ ' . 

The first stage, covering s® 
datory labelling pf tankers, worn 
be enforced at the end.of;ndi 
month. • ^ 

The chemical industry operon 
4,000 specially built -tiifct 
vehicles carrying liquefied che» 
cal and fuel gases. They aff to 
an “outstanding safety„rec®A 
Mr. Martin Trowbridge; direct 
general o( the Chemical Infi® 
tries Association said yestenfly 

No members of the public^ 
ever been killed in BritatiJ® 
the contents of one of the cara* 
cal tankers, but four people W 
died since 1970. in accident*:® 
volving liquefied fuel gas. 

“Chemicals on the mp pg^f 
report bp tfie Chemical 
tries Association, £2, Alan** 
House, Albert ‘Embank®?* 
London, SEl 7 TV. 


Wedgwood to spend £6m 


BY LYNTON McLAIN, INDUSTRIAL STAFF 


Tameside spends aid on 


industrial development 


THE WEDGWOOD GROUP is to 
spend £6m to increase output 
of fine bone china at Barlaston 
and to modernise factories at 
Tunstali and Hanley, Stoke on 
Trent. 


BY PAUL TAYLOR 


A Fraction of a preferred ordinary share will not be offered. 

It is expected that renounceable (nil paid) letters of allocation (with the relevant 
documentation annexed thereto) will be posted on or about 22 September 1978. The 
other important dares (subject to confirmation by The Johannesburg Stock Exchange 
and The Stock Exchange, London) will be: 

(i) Listing for renounceable (nil paid) letters Monday II September 1978 
of allocation on The Johannesburg Stock to Wednesday H October 
Exchange 1978 (both days inclusive) 

(ii) Listing for nil paid preferred ordinary shares Monday 1 1 September 1978. 

on The Stock Exchange, London, commences (Dealings from 1 1 September 


Posting of renounceable (nil paid) letters 
of allocation in Johannesburg and London 
Last day for splitting renounceable (nil 
paid) letters of allocation 


Monday 11 September 1978 
to Wednesday 1 1 October 
1978 (both days inclusive) 
Monday II September 1978. 
(Dealings from II September 
1978 to 22 September 1978 
(both days inclusive) for 
settlement on 26 September 
1978) 

Friday 22 September 1978 


Preferred ordinary shares listed on The 
Johannesburg Stock Exchange 
Offer closes and subscriptions to be 
received by 

Share certificates posted 


London: Wednesday 11 

October 1978 

Johannesburg: Thursday 12 
October 1978 (I6h30 (local 
time)) 


TAMESIDE COUNCIL chums it 
has turned its £150,000 share of 
the £100m Inner City Construc- 
tion aid package announced by 
the Government last year into a 
Elm industrial development. 
Now other local authorities are 
expressing an interest in Tame- 
side's methods. 

Last November, when -Tame- 

side recefved Its share of the 
Government package, it decided 
to stimulate private speculative 
industrial development . rather 
than commission developments 
directly. ■ 

Working on the assumption 
that private developments were 
restrained by cash-flow, prob- 
lems, Thamslde offered three 
site* totalling 4J5 acres toideve- 
lopers on a part leasohack 
arrangement 

Under the arrangement, ' the 
council undertook to buy hack' 
the first units up to a value of 


£50,000 on each site, paying the 
cash iu monthly instalments. 

As a result, two construction 
companies Kenleesy Construc- 
tion of Oldham and CagcelL, a 
Leeds-based company, leased the 
three sites for the construction 
of 23 nursery units, ranging 
between 2,000 and 10,000 square 
feet 

The first site development 
containing 11 units was started 
in December and the council has 
let the first double unit of 4,600 
square feet to Pargon Joinery, 
of Ashton-under-Lyue. for occu- 
pation next month. 

The • council Is committed to 
leasing back ten units on the 
three sites and estimates that it 
has generated 85,000 square feet 
of new factory floor space and 
an investment of £lm. 

Tameside has had several 
inquiries from other local 
authorities about the scheme. 


The group’s Alexandra factory 
at Tunstali and the Hanley works 
of J. and G. Meafcin . will be 
modernised and reorganised. 
Building is expected to start next 
month for commissioning in 
autumn 1980. 


The Industry Department has 
made a grant of £12m under the 
selective investment scheme 
towards the final cost of the total 
expansion plan. The develop- 


ments will streamline produc- 
tion techniques and create up to 
300 jobs' when complete. 

A previous £7.5m factory 
expansion scheme, aided by 
£l.?m of grants from the 
Industry Department, was 
started' iq. September 1976 and is 
almost complete.- This pro- 
gramme has increased the Wedg- 
wood Group’s production capa- 
city by 30 per cent 

The expansion plans came 
after forecasts by Sir 1 Arthur 
Bryan, chairman of Wedgwood., 
that demand for fine bone china 
at home and overseas will 
increase considerably over the i 
next few years. 


Liverpool may 
sell 80,000 


council homes 


THE housing committee at Ii* 8, 
pool decided yesterday to 
for sale almost- all its 8ft** 1 
corporation houses and fists. 
cept those occupied by 
people. They will be 
either to the sitting, tenants^ 
with vacant possession. Govern 
ment permission will also & 
sought to sell blocks -of fiats eB 
lease to tenant co-operatives* 
The proposals were caiTtei 
jointly by the Liberal and w®; 
servative members in the fe® ® 
protests from -Labour 


Lords criticise EEC draft 
directive on advertising 


BY MICHAEL THOMPSON-NOEL 


W. C. WARRINER 


Thursday 12 October 1978 
Friday 13 October 1978 
(I6h30 (local time)) 

Friday 3 November 1978 


Speaker to be opposed 


BY ROBIN REEVES, WELSH CORRESPONDENT 


Secretary 
11 August 1978 


Registered Office: 

Barlow Park 
Katherine Street 
Sandton 2196 
Republic of South Africa 
( P.O. Box 782248 
Sandton 2146 
Republic cf South Africa) 


Transfer Secretaries: 
Rand Registrars Limited 
2nd Floor 
Devonshire House 
49 Jorissen Street 
BraamFontein 2001 
Republic of South Africa 
(P.O. Box 31719 
Braamfontein 2017 
Republic of South Africa) 


United Kingdom Registrar: 
Lloyds Bank Limited 
(Registrar's Department) 
Go ring-by-Sea 
Worthing 

West Sussex BN 12 6DA 
England 


THE SPEAKER. Mt. George 
Thomas. Is likely to face at least 
three other candidates at' the 
next general election in his 
Cardiff West constituency. 

The local Liberal Party con- 
stituency association decided by 
a narrow majority this week to 
ignore Parliamentary conven- 
tion and seek a candidate to 
contest the seat 

The Welsh Nationalist Party, 
Plaid Cymru, hag already 
adopted its candidate in keeping 


with the party’s long-standing 
policy of fighting all 36 seats in 
Wales at every general election. 

The National Front is also 
believed to be planning to put 
up a candidate, bat the Con- 
servatives have decided to stick 
to convention and not contest 
the seat 

At the last general election 
Mr. Thomas, then standing as a 
Labour candidate had a majority 
of 6,672 over the Conservatives 
in a four-cornered fight 


THE EEC Commission’s contro- 
versial draft directive on unfair 
and misleading advertising is 
severely criticised in a report 
published yesterday by the House 
of Lords Select Committee on 
the European Communities. 

The committee doubted 
whether the system of strict legal 
control of advertising proposed 
by the commission would he 
cheaper, faster or more effective 
than -Britain's present largely 
self -regulatory system of adver- 
tising control. 

Improvements could be made 
to the British system to protect 
consumers against the activities 
of “fringe operators." But the 
commission's current draft 
directive was hardly the vehicle 
to' achieve such improvements 

There seemed tittle that 
could not be resolved by extend- 
ing the work of the Office of Fair 
Trading. 


The committee shared the 
grave -fears of the Advertising 
Standards Authority and many 
others who gave evidence that 
the ’UK'S self-regulatory system 
of control, wtuch vets nearly all 
kinds of advertisements, would 
be undermined. 

According to the commission, 
laws against unfair and mislead- 
ing advertising differ widely from 
state to state. It has suggested 
that member countries adopt 
uniform control laws with a view 
to establishing quick and cheap 
means of redress. " 

Courts would be empowered to 
order the cessation of offending 
advertising — even without 
Proof of fault — and to demand 
the publication of corrections. 
Self-regulatory • controls could 
exist side by side with the new 
laws. 

The committee received no 
evidence to suggest that adver- 


tising laws affected the function ; 
ing of the Common Market . 

It the commission's propo^f 
were adopted they would **Wj" 
the introduction of aorel 
cepts into English law 
hardly seemed justified Stf 
context 

The commission had 
contrary to Article 189 of 
Treaty of Rome in. seeking, to 
down the form and methods 
achieving the results fOr wW 01 
a directive provides.. . , 

While some advertising deetf*- 
to be “ unfair "" might, in 
case lead to libel or slander P^, 
ceedlugs in the UK other 
lions of unfair advertising » P? 
directive were obscure. or ■»«;.. 

jective, the committee said*'. 


Misleading Advertising:- 
report of fee House of .EP*?- 


report of fee House of 
Select Committee on the 
peon Communities. H&fSu. 




0 









Financial Times Friday ’’August 11 1978 ' 


HOME NEWS 


profit increases 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


UT1SH AIRWAYS' earned a lion amounted to £J9m, against caused some travellers to defer 
i profit of £14m’ in the first £lSm a year earlier. . Interest their journeys, while the route 
m* months uf the current accounted .for £7m. and. taxation to Singapore continues to feel 
aiiciat vear compared with a provision for minorities took the lack of the Concorde supers 
, n .-r.n t* 'n„i„ Vi™ fn . * iSm . leaving the net at £l«n. sonic services, suspended last 

L , , ° f f e The airline' said these results December because of objections 

m parable penod a year ago. were as expected, but overall by Malaysia to Concorde flying 
t\ The airline said yesterday that traffic volume for the period was through its airspace. 

" the April. June period. revenue lo , . 4 • . Elsewhere, however, traffic 

ailed £402m compared with , This was mainly due to a short generally is up to expectations. 
Win n ihTaamc pSioda vear t all f ln lon 8-haul operations on and prospects to the end of the 
o when British Airw“>“ was ? aster " route* in turn affecting summer period are encouraging. 
U*w. Hv the cn-ineere- sirike at A “ stralia aad Singapore. For the 12 months to the aid 

* "i throw ° Recent UK-Australian Govern- of March the airline reported a 

t ‘ ment talks an the introduction of net profit of only £l8m compared 

t I nu trading profit before cost cheaper fares qp the route to with £34.9m for the previous 
capital borrowings and laxa- Australia ace believed to '..have year. 


U\ 

i 


Apple 
growers 
launch bid 
to win 
back sales 


By Christopher Parkes 


Big 

oil 


rise in North Sea 
jobs 



BY RAY PERMAN, SCOTTISH CORRESPONDENT 


DRK ON maintaining North value of the market to bnild up council says that Inspection, will 
a oil installations could be quickly, from £95ni in -the early cost operating companies about 

envrt thr. r.C »V A inon. a.— I .'aV. *vi'A. fvf > 9 ■ r _. Pir' - r 


rth £280m by the end . of the 1980s to £2S0 tu, by the . end- of £77m a year, against £45m for 
SUs and provide 12,500 jobs, the decade— assuming an infla- cleaning, painting and removing 
:nrdins to a study by the tion rate of 6 per cent a year, corrosion. £38m for general 
■msh Council for Development Tbc number of jobs,- starting at mechanical maintenance and 
cl Industry. over 6,000, would doubled ten £22m for structural maintenance. 


With capital investment in the T ears - 
•rth Sea and onshore likely to T »• 

al £12.5bn. the council 'states inspection 


Most of the new jobs created 
will be in the skilled trades, 
which will account for more than 


»t ihe oil industry is only now -cv , half the total manpower require- 

n* how much continuous *25“E? & *nent. But there 


Ki.ni" Iiuw IUUIU Oiiuuuuui rtinifo that thn Iqi-oact amount DUI mere will also be a 

ention these complex struc- wil? ^psnpnt nn ttnrins and demand foc specialists, super- 
rus and plant will need. offshore SP6 load°ng P,a visors ' surve ^ rs and Rectors. 

Initial estimates oF the cost of which by the end of the decade United Kingdom Oil and Gas: 


linienonce were having to be will be costing £104m a year to An Assessment oj Belated 
•'ised as companies gained ex- maintain. Pipelines are likely to Inspection, Maintenance and 


___ . Maintenance 

nence of working in deep cost another £S7m. storage and Repair Opportunities. Scottish 
:U*r n long way from the coast, handling, terminals some £45m Council /or Development and 
on in had weather. and downstream plant £44m. Industry . I. Castle Street, 

The council expects the total In another calculation the Edinburgh EH2 SAJ. £225 



car 



protests 


BY OUR BELFAST CORRESPONDENT 


IE Rev. lan Paisley's -Demo- amount of taxpayers’ money in- West Belfast Is predominantiy 

itic Unionist Party in Ulster volved. 1 have been concerned Roman Catholic and parts of the 

„ accused the Government of b - v reports that Mr. DeLorean has area have an unemployment rate 
*• warned the Securities and Ex- of well over 30 per cenL 

.quandorinj, public money on. change Commission in Ihe UjS. Mr. Paisley's deputy, the Rev, 

•? establishment of the t j iai on j y investors vfto can William Beattie, who is * 


? . . r 


•l.o icon sports car plant in afford a total loss .the member of Lisburn council, 
•m Belfast. minimum of S25.000 “should alleged that the Government was 

Mr. Paisley, who has had talks invest. ..That is an aarmipg squandering money. "The public 
»h (he Northern Ireland statement if it is true." f: ; are forced to pay through the 

•\ i-liipment Agency, is to lead The Loyalist-dominat 
I i ■> * . if deputation- from ;• Lisburn- ril's ■ planning committe 
Lik. ;i*. ,m, cil. in whose area the £65m though it has ho powers 

:mt will lie situated, to meet respect has appealed to Mr- mcqt of Commerce said it was 
e .igeno again today. •• Mason; -Ulster Secretonpr'lo find for >thc individual investor lo 
lie .said: "There is a vast.anolher site for the project choose a site for the new plant 

— — : — v- 


tetf- eqnn- nose without anv right of objec- 

ittef..- *ai- tiun.The declared. 

rs tfWthfe ‘ The Northern Ireland Depart- 


n 

I v 


£75,000 loan 
to aid 

micro systems 


f 


By Our Belfast Correspondent 
IE NORTHERN Ireland 
.’velopinrnt Agency is Tu aid 
Ulster company. Power Auto- 
alion Products, in its efforts 
secure a slice of the ihter- 
itinna) micro-computer systems 
a rkfl. 

Thp acepey w-ill provide a 
S.tiiiO i.ian to the company to 
able fnrllicr marketing in 
mli America and Europe. The 
mpany has already signed con- 


Betting duty increase 

BY JAMES MCDONALD 


TOTAL betting and gaming duty from monthly payments in- 
duties collected by Customs and creasing by nearly £3.4m to 

“ESS® T e SS '™ 6 ”' genera! betting 
y hjjtiier than in May j nTy — froin 0[W .ourse book- 

and £4.ym up on June last year, makers, off-course bookmakers 
The/main increase over the and totalisators — was HS.Bm. 
year?%as in revenue from off- compared with £15^m in June, 
course bookmakers, with the 1977. 


Ferranti to lease factory 


m No»ih America for the 


FERRANTI is soon to sign a of a number of new companies 


U'l * 

(ijilv iif iiiicrH-cunipulcr-biised 

-if in*. 

\ team uf specialists in micro- 
ocessnr irchnology. Working) 
ib Medical and Scientific 
tiupuicr Services .in Lisburn, 
«. Antrim, has developed the 
Mi-ni. MSGS will undertake 
ilia) production but Power 
jitimaimn Products is expected 
.--.lalilish a separate manufac- 
rirn: facility next year. 

Om- i>l the first uses for the 
st pm will bo in the monitoring 
f.nitis m power transmission. 


j lease with the Scottish Develop- sett mg _up on our Bellshill 


meni Auoncv Tor a '>0 000 sq ft 5? t0,e wi ‘h agency help. Nego- 
meni Ai.incy lor a .o^u u tiaUons are in hand with three 
factory on the Bellshill Indus- other corapanjes •• 

trial estate, near Glasgow. 

The Ferranti Scottish group 
plans lu recruit technically- - 

qualified people to build up COIltT3.Ct 


electronic design and develop- 

ment at Bellshill. Over the next CONTRACTORS Robert Marriott 
two years it is b oped lo provide of Rushden, Nonhants, has won 
16U jobs. a £3tu contract to build 250 

Mr. George McPherson. Ihe rented houses for Northampton 
Scottish Development Agency’s. Development Corporation. They 
heaiT of factory policy, said wilL be the first houses in the 
"Ferranti could' be the first town’s southern expansion area. 


ENGLISH APPLE growers 
have launched a campaign lo 
win back the large slice of the 
British market snatched from 
them by the French. Dutch. 
Italians and other overseas 
suppliers- Domestic apple pro- 
duction is back to normal after 
the disastrous losses last year 

The British apple crop in 
1977 was 27 per cent lower than 
In the previous year because 
the cold spring weather killed 
off the blossoms before the 
fruit could " set " properly. 

French suppliers were parti- 
cularly qick to move in, cover- 
ing the shortage and taking 
advantage of the highest prices 
at the start of the season when 
the “ Ifip apple ” caught the 
headlines. 

To help consolidate their 
position the French exporters 
supported their shipments to 
Britain with £250.000 spent 
on publicity daring the 1977-78 
season — all of it on backing the 
Golden Delicious variety. 

Total 12-month publicity 
budget of Britain’s Apple and 
Pear Development Council was 
less than £160,000. 

This year, however, the coun- 
til has Increased its charges to 
growers from £10 in '1977 to 
£14-50 for every hectare of 
orchard in production. 


High quality 


Officials at the council re- 
fused to say what effect the 
good domestic crop would have 
on retail prices. But there is a 
possibility of some -reductions 
if the French put up a fight to 
retain their newly won share 
of the market 

Last year the Cox’s Orange 
Pippin was worst hit by the 
spring chills. But this season 
the crop is back to normal and 
quality is expected to be high. 

Pieklng will start around the 
middle of September, although 
some early English varieties 
are already on their way to the 
shops. 

The harvest has started in 
orchards growing the George 
Cave dessert variety and Grena- 
dier cookers. 

Pear growers are expecting 
another thin crop, although 
output will not be as low as 
last season. Production is said 
lo be abont 28 per cent higher 
than last year, but it is still 
25 per cent short of the crop in 
the last “ normal ’’ year. 1976. 

Plum growers, too, are cam- 
paigning to boost sales. Mr. 
Richard Fisher, leader of a 
150-strong group of Vale of 
F.vesbam growers, warned that 
English plums could virtually 
disappear from the shops in 
10 years. 

In the past six seasons the 
area under plum trees iu 
Britain has rallen by more than 
half, he said. 


U.K. scientists 
for Germany 


A MEMORANDUM of Under- 
standing bos been signed be- 
tween the UK and West Germany 
on the exchange of Goverambem 
defence scientists and engineers. 

The agreement provides for the 
attachment of defence scientists 
and engineers of each country 
to defence establishments in the 
other. Assignments will last 
about a year, and may be in re- 
search. development or project 
management in any of the three 
Services. 

The exchange is intended to 
improve understanding of each 
country's methods for the de- 
velopment and procurement of 
equipment for the armed forces, 
and to further collaboration and 
standardisation of equipment 
within Nato. 


I.VBOl K \ LWS 


Jenkins predicts gloom 
if Tories win election 


BY CHRISTIAN TYLER, LABOUR EDITOR 


A CONSERVATIVE victory at 
the general election would mean 
industrial confrontation, a loss 
of exports, a strain on the balance 
of payments and further erosion 
of Britain’s manufacturing base, 
Mr. Ctive Jenkins claimed yester- 
day. 

Mr. Jenkins, general secretary 
of the Association of Scientific, 
Technical and Managerial Staffs, 
is one of seven union leaders 
on .the recently-formed “trade 
union committee for a Labour 
victory.” 

But a sharp rebuff came from 
Mr. William Whitelaw. Conserva- 
tive deputy leader, who yester- 
day questioned whether trade 
union leaders were genuinely 
qualified to speak for their mem- 
bers on all political matters. 

'Do union members — even the 
50 per cent who pay the political 
levy — really support the aims of 
the Labour Party and the politi- 
cal aims of the TUC?” he asked. 

The role or the trade unions 


was central to economic survival 
but there had to be agreement 
and trust about the role they 
should play. 

Tiie trade union committee, 
headed by Mr. David Basnett^ 
TUC chairman, was criticised 
this week by Sir Geoffrey Howe, 
shadow Chancellor, for seeking 

to impose a closed shop on 
electoral choice, 

Mr. Jenkins said his claims 
were based on the implications 
of Conservative Party policies. 
He explained that a loss of com- 
petitiveness would follow the 
strengthening of sterling that 
the union expected would greet 
a Conservative victory because 
of their pledge to cut public 
expenditure further. 

He said that the biggest issue 
of tiie day. and the one that- 
would dominate next month's 
TUC Congress, was the threat 
to jobs posed by technological 
advances like micro-processors. 
The Labour Party should 
recognise this “huge crisis'* in 


its election campaign. There was 
a case for a special conference 
on new technology. 

Mr. Jenkins was introducing 
the union's quarterly economic 
review, which forecasts an 
increase in unemployment of 
about 200,000 next year. 

It also predicts that earnings 
during Stage Four of the Govern- 
ment incomes policy will rise by 
12 per cent compared with the 

unofficial target of 7 per cent 
based on a settlement ceiling of 
5 per cent. 

ASTMS expects the rate of 
inflation to rise at the end of 
the fourth quarter and to reach 

10.5 to 11 per cent by next 
August wben Stage Four expires. 
It says that although real dis- 
posable incomes have risen over- 
all during Stage Three, the 
average wage earner was 3.9 per 
cent worse off than in August 
1S75 when the present- series of 
policies began. The worker on 
double average earnings was 

12.5 per cent worse off. 


Airport’s 

firemen 

accept 

peace 

formula 


Wave of unofficial disputes 
disrupts Scottish plants 


NEARLY 6,000 workers were on 
unofficial strike last night in a 
rash of disputes which have 
broken out in the West of 
Scotland. . 

Fifteen hundred machinists at 
BL's Bathgate truck and tractor 
factory have been on strike for 
three days over a claim for in- 
creased 'payments for operating 
new computer-ton trolled machine 
tools. 

The company said yesterday 
that the remaining 4,000 hourly 
paid staff were being laid off 
from last night and production 
halted. 

The dispute conies less than a 
month after Mr. Michael 
Edwardes, BL chairman, visited 


the plant to warn that its future 
depended on an end to unofficial 
strikes and restrictive practices. 

The 3,000 production employees 
at the BSR record changer 
factory at East Kilbride have 
walked out in protest at the 
employment of workers over 
retirement age. The company 
has said it will reduce the total 
of 60 workers over 65— ^one is 
aged 80— in the near future, 
but there has been no agree- 
ment 

Also at East Kilbride more 
than 100 maintenance workers at 
the Sunbeam Electric domestic 
appliances factory are on strike, 
causing some lay-offs among the 
1,000 production workers. The 
strikers are seeking wage parity 


with colleagues in otber plants. 

More than 1,000 workers at 
the three Scottish switchgear 
factories of Reyrolle Belrnos 
have walked out over the suspen- 
sion of one man who refused to 
transfer from one plant to 
another. 

The refusal was on the instruc- 
tions of shop stewards who 
immediately recommended an 
indefinite stoppage. 

Yet another strike is threat- 
ened by 1.700 production 
workers at Catapillars Udding- 
ston earth-moving equipment 
plant Talks yesterday failed to 
settle the dispute over their 
annual pay claim and will con- 
tinue today. The strike deadline 
is for tomorrow morning. 


Former steelworkers press 
for better deal after closure 


By Our Labour Staff 


FIREMEN at Manchester Air- 
port who have disrupted flights 
in a dispute over manning last 
night accepted a peace formula, 
worked out in management 
union negotiations. 

The 74 firemen, whoso sanc- 
tions have included a lightning 
strike earlier this week, which 
caused the diversion of a number 
of domestic and international 
flights, will return to normal 
working ai S am today. 

The formula involves manage- 
ment acceptance that each of the 
four shifts during ihe day will 
be manned by an extra two men. 

Assurances have been given 
that the service will receive eight 
extra firemen as soon as possible 
and in the meantime extra 
manning will be covered by over- 
time worked by existing staff. 

The firemen, members of the 
Transport and eGncral Workers 
Union, pressed originally for a 
further five men per shift, hut 
this was subsequently reduced lo 
two extra men. 

In return, the firemen have 
agreed to begin familiarisation 
training on a new range or 
vehicles that management is 
intending to introduce. The 
vehicles will be put into opera- 
tion once a joint working party 
on extra paynienls for ihe fire- 
men for using the vehicles has 
reported. 


Ambulance 
tests may 
end blacking 


BY ROBIN REEVES, WELSH CORRESPONDENT 


REPRESENTATIVES OF some 
900 men who left the British 
Steel Corpii ration’s East Moors, 
Cardiff, ' . .steelworks shortly 
before die special redundancy 
agreement which secured the 
plain's closure, are\to see the 
Tl'C Sieel Contrail tee to press 
for a better deal. 

The meeting hai. been 
\ 


arranged following the interven- 
tion of the Prime Minister, Mr. 
Callaghan, in his capacity as MP 
for Cardiff South-East, and Mr. 
Michael Roberts, Conservative 
MP for Cardiff North-West East 
Moors lies in Mr. Callaghan's 
constituency. 

The men want to be included 
in the East Moors redundancy 
scheme, which secured the early 


closure of the plant, in exchange 
for severance payments to the 
remaining 3.100 workforce of 
between £4,500 and £17.000. 
depending on lenstb of service. 

They argue that East Moors 
was, in any case due lo bei 
closed in I960, and that they \ 
were being deliberately encour-! 
aged to seek alternative I 
employment. I 


THE two-week old blacking nf 
more than h3lf of Scotland’s S00 
ambulances could be over next 
week. 

Ambulance men throughout 
Scotland have been refusing to 
use Bedford ambulances after a 
number of incidents in which 
they say wheels have come off. 

Yesterday officials of the Trans- 
port and General Workers’ Union 
agreed to make further stringent 
tests on the vehicles. If these 
are satisfactory they could 
recommend a return to normal 
working when they meet again 
on Monday. 


Sun pay deal 


JOURNALISTS ON the Sun have 
accepted a productivity deal 
which will mean a 5 per cent 
increase in pay, the newspaper 
said last night. 

The iewspaper was nor pub- 
lished fur II issues up lo .August 
4 because of a dispute during 
which dismissal notices were 
sentto the 220 journalists in- 
volved. 


Port engineers consider 
union call to end strike 


PORT EQLTPMENT maintenance 
engineers at Hull will today com 
sider a union call to end their 
two-week-old strike over pay. 

All commercial docks, with the 
exception of the fish dock, were 
closed to shipping yesterday. 

Dock lock gate operators are 
supporting the strike over a claim 
for pay parity with dockers. 


Those at the King George and 
Queen Elizabeth Docks stopped 
work last weekend, when man- 
agement personnel dealt with a 
j'ammed lock gate. 

■Dock engineers from all over 
the country met at Coventry 
yesterday. Shop stewards will 
report the result of these talks to 
members over the weekend. 


Managers’ salaries up 25% 


A SURVEY of managers’ salaries 
published today shows that in 
the two years since March 1976. 
when incomes policies should 
have limited pay rises to 14 or 
15 per cent, pay increases were 
of up to 25 per cent 
According to the Institute of 
Administrative Management, 
nffice staff and middle manage- 


ment earning between £4,405 
and £5.235 a year had increases 
of 23 lo 24 per cent. 

The increases were said to be 
in line with those of other 
workers. Higher-paid middle 
management had not suffered 
erosion of pay differentials, 
probably because of promotion 
within their grades and payment 
for extra responsibility. 


Government action plea 


A NEW Japanese challenge to 
Britain’s motor industry yester- 
day prompted national union 
leaders to demand firm Govern- 
ment action over imports. 

The Government and industry 
must really make up their minds 
what they are going to do with 
regard to Japanese imports,” said 
engineers' leader Mr. Hugh Scan- 
Ion. after a meeting of the con- 
federation of shipbuilding and 


engineering unions, in York. 

The confederation is asking to 
meet Mr. Eric Varley. industry 
Secretary, to discuss the effect 
of a new Merseyside assemhly 
plant for Japanese trucks, 
planned by Harris Assemblies. 

Mr. Scanlon said: “We want to 
find out the facts from Mr. Var 
ley. then we shall consider our 
Leyland men’s requests for 
national meeting.” 


NEWS ANALYSIS— CANALS 


Breaking through barriers 
on British 



by paul Taylor 


it 


HE DREAM of restoring the S6- 
itr bmu Kennel and Avnn 
i in! linking tiie Thames and 
•\*rn i>: ojnhc verge nf reality 
i.-r hh>vk than 25 years. 

A scheme. Britain's biggest 


restoration prOjcrt. will 
- complete in three or four 
■ar-. providing invaluable 
crratifHi asset for the public — 
id this week U* completion 
i use a step closer when a major 
Kijiie t<i the projem was over* 
«me. 

Surveying the work on the 
:ui projeet it is easy to forget 
in politico! tension- which have 
icced relationships between the 
rittfh Waterway* Board and 
u Denis Howell. Minister of 
ijiTi* at the Department of 
uviromnenl. 


Tripled 


There is little doubt that the 
id- of public funds has delayed 
»' project and has probably* as 
result, irjplect. the cost since Us 
wpiinn in the .uild-tiOs. 
i; ftivrufore ironic that with- 
in Hu: unemployment crisis, 


»d r.uhscqtipm Government pol I- 
:i-h ui alleviate the problem. 


UI Jllivipi- « "■ ’ 

w cunyl project might upYor 
been possible* 


The Kqnnet and Avon Canal 
winds its way over II aqueducts 
and through more than 100 locks, 
dropping over 400 feet from- 
Reading. through beautiful 
countryside around Bradrord-on- 
Avon and Bath to Bristol ana 
the Severn . : estuary. Water 
supply problems furred the 
clusure of much of the canal in 
ihe 1950s with the last pleasure 
craft travelling its full length 
in about 1962. 

An association formed to fisht 
the- closure subsequently became 
the Kcnnet and Avon Canal Trust 
which has campaigned and raised, 
funds to restore it for puhlic ust- 

The first lock was renovated; 
by the trust in conjunction wiut 
the British Waterways Board m 
1965 but it was not until me 
1970s. that Ibe final objective 
came within sight. 

The two major physical 
barriers lo achieving the scheme 
were a 13-mile “ dry " section p£ 
canal between Limpic.v Stoke aog 
Avonciiff in Wiltshire and rne 
historic and unique Caen 
flight or 29 locks which needed 
extensive repair. . 

The, first barrier was finally 
overcome this week when work 
on -the Limpley Stoke to 
cliff section, was completed, Tia® 
was only possible with the assw. 
tonce of the Manpower Services 


Commission, which under the 
job creation programme, paid the 
£200.000 wage bill for 1S4 people. 
41- of whom were under IS. 
during the 21-raonth project 
A consortium .comprising the 
Waterways Board, Wiltshire 
County Council and the trust 
have run the project. The Board 
has spent £170,000 providing tech- 
nical expertise and plant, the 
council sponsored the jnb 
creation programme and the trust 
collected £110,000 for materials. 


Benefits 


'Apart from the environmental 
benefits and employment created 
by the scheme the project has 
also resulted In the development 
of new canal construction tech- 
niques by the Board. 

To overcome a leakage prob- 
lem on this particular canal 
section caused by. the under- 
lying limestone strata, the Board 
has used u porous Tcrran 
Polyester membrane covered wiih 
■a rock foundation on which to 
base the three- inch-thick rein- 
forced concrete canal bed. 

Having completed the Limptcy 
Stoke to Avonciiff section, which 
is due to be flooded later this 
year, the Board's attention is now 
focused on .the last major struc- 
tural obstacle to navigation, the 


Caen Hill locks. 

This project has created 40 
jobs with the Manpower Services 
Commission once again providing 
£132,000 under the job creation 
programme sponsored by Keiuiet 
district council. Total cost of 
this scheme is expected to be 
£175.000 with the Board provid- 
ing the £43.000 balance for 
materials and plant. 

The Caen Hill locks are due for 
completion in December after 
which the trust hopes to raise the 
£180,000 needed to re-gate the 
locks. 

'The final problem to be over- 
come by the Board is the nego- 
tiation of an adequate water 
supply for the canaL It Is esti- 
mated that about 4m gallons of 
water a day will be required to 
feed the canal and to date the 
Board are still consulting the 
water authorities over possible 
sources. 

Subject to the provision of a 
water supply the Board hopes to 
open the 57-mile stretch of canal 
between Bath and Newbury in 
phases followed by the full open- 
ing in the early 19S0s. 

The Kennet and Avon canal 
project will show the low-ost 
recreation potential of Britain*? 
derelict canal systems, and the 
Board's _ ability to exploit this 
factor given the opportunity. 



WATER IN the 11-mil e-long Chesterfield canal near Retford 
in Nottinghamshire “ disappeared ” yesterday after a British 
Waterways Board dredging team pulled out the plug — by 

accident. 

Pleasure craft were left stranded after workmen, 
unaware of the plug's existence, pulled out a heavy Iron 
chain. . 

The British Waterways Board said yesterday that the 
men were on. a routine maintenance programme and that 
because records of the canal were destroyed during the War 
no one knew of the plug. 

The canal water drained rapidly into the nearby River 
Idle nut . the Board said it was pleased to have found the 
plug because water had been leaking mysteriously from the 
cani u years - A new plug is being made and the canal 
should he back In operation thfc weekend. 


GOLD FIELDS GROUP 

COLD FIELDS PROPERTY COMPANY LIMITED 

( Incorporated in the Republic of South Africa) 

PRELIMINARY ANNOUNCEMENT OF RESULTS 

year ended 30 June 1978 


The unaudited consolidated profit for the 
is as follows: 


REVENUE 

Rentals 

Waste rock sales 

Gold royalties 

Profit on property and township sales 

Profit on Sale of investments 

Income from investments 

Interest 

Sundry 


Year 
ended 
30 June 
1978 
R000 
7,141 
362 
354 
107 
112 
179 
389 
332 


Year 

ended 

30 June 
1977 
ROOD 
998 
197 
1.665 
712 
28 
279 
394 
196 


EXPENDITURE 


2,976 

1.734 


4,469 

2.118 


Administration, property and general 

expenses 

Interest paid 

Amount written off investments 


131 


1.356 

461 


421 

42 


341 


PROFIT BEFORE TAXATION 
TAXATION 


1,242 

563 


2.351 

1.326 


679 


1.025 


DIVIDEND DECLARED 
PROFIT RETAINED ... 


511 

168 


818 

207 


6.6 

S.0 


10.0 

8.0 

1.3 


Earnings per share — cents 

Dividend per share — cents 

Times dividend covered 13 

These results are published in. advance of the annual report which 
will be circulated to members in September 1978. 

Profit on property and township sales includes rhe sum of RJ02.000 
(R630.0DD) paid as compensation for land expropriated. 

Gold royalties arise mainly from the sale of rock from the Betty 
shaft development dump at the Sub Nigel mine. 

DECLARATION OF DIVIDEND 

Dividend No. 117 of 5.0 cents per share In respect of the year 
ended 30 June 1978 has been declared in South African currency, 
payable to members registered at the close oF business on 
25 August 1978. 

Warrants will be posted on or about 28 September 1978. 
Conditions relating to the payment of the dividend are obtainable 
at 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 muse be received 
by the company on or before 25 August 1978 in accordance with 
the abovemen tion ed Conditions. 

The register of members will be closed from 26 Augusr to 
I September 1978. inclusive. 

LONDON OFFICE: 

49 Moorgate, 

London EC2R 6BQ- 


UNITED KINGDOM REGISTRAR! 
Close Registrars Limited. 

803 High Road, • 

Leyton. 

London E ID 7AA. 

10th August 1978 


By order of the board. 


C. E. WENNER, 
London Secretary. 





Financial Times Fridw August 


ENERGY REVIEW: AUSTRALIAN URANIUM 


BY PAUL 


THE AUSTRALIAN Govern- 
ment is slipping into place the 
final pieces of the jigsaw of 
ground rules to govern the 
development of a uranium in- 
dustry. When talks with the 
aboriginals on royalty payments 
and environmental regulations 
for the Northern Territory 
deposits have been successfully 
concluded, there will be no 
further obstacle to mining. 

For the international nuclear 
industry it has been a long wait 
No sales contracts have been 
signed since 1972. Even now 
there is only one group with 
the authority for negotiations 
with potential customers. There 
is only one mine in operation: 
Mary Kathleen Uranium, a Rio 
Tinto-Zinc unit 

Indeed, Australia is a country 
of mixed blessings as far as 
the industry is concerned. =lt 
holds some 20 per cent of the 
world's uranium reserves on the 
basis of present estimates and 
it is politically stable. On the 
other hand bitter internal argu- 
ments have held up the working 
out of a development policy. 
All that, however, is in the past. 

“Australia’s policy is based 
squarely on our recognition of 
Australia's obligations as a 
country well endowed with 
energy resources to make those 
resources available to other 
countries, many of which have 
no real alternative, in' the wake 
of the world energy crisis, to 
turning to nuclear energy as a 
means of supplying electricity 
to Hieir peoples.” Mr. Douglas 
Anthony, the Deputy Prime 
Minister, has said. 

Beyond the modest amounts 
of uranium oxide coming from 
Mary Kathleen, the resources 
will be available in growing 
quantities from 1981-82, build- 
ing up to around 20,000 tonnes 
a year by the mid- to late 1980s. 
The first new mine to start con- 
struction will be Ranger, owned 
by Peko-Wailsend. EZ Indus- 
tries. and the Commonwealth of 
Australia itself. The vagueness 
of the date at which its pro- 
duction will become available is 
explained by the current talks 
with the aboriginals of the 
Northern Territory’. 

If the talks can be quickly 
concluded then construction can 
start during the current dry 
season, which lasts to about 
November. That would enable 
the mine to come on stream by 



last obstacle to a mining bonanza 


URANIUM DEPOSITS and AREAS FAVOURABLE FOR 
URANIUM MINERALISATION 

jaMtaka 

• Uranium Deposits ^^fefiarfek /( 

"B j \ ■ 

. /W j B fe* 


PRINCIPAL AUSTRALIAN URANIUM DEPOSITS 


Western 

Australia 


Northern Territory 

mm basin 


AMADEUS 

BASIN 


^VeeBrrn 


^ Mary Kathleen 


Queensland 


South FRAME 
j AuBt ' alia EiBAYMENI 

Flinders Range 
Olympic Dam • 

> — % ~ > *^GoidcbDain®i 




ejggeriey 

i^raHoneymoon 


Calcrete Uranram 
Occurence 


East Kal karoo Wal „ 


Victoria 





Deposit 


Commenced 

Date of 

and 

Company 

exploration 

discovery 

location 

Noranda 



Koongarra 

Australia 

1964 

1970 

NT 

Pan continental 



Jabiluka 

Mining 

1970 

197T 

NT 

Electrolytic 




Zinc/ 




Peko Wallsend/ 


Ranger 

AAE.C 

1967 

1970 

NT 

Queensland 



Nabarielc 

Mines 

1959 

1970 

NT 

Mary 



Mary 

Kathleen 



Kathleen 

Uranium 


1954 

QLD 

Oilmin/ 




Western 



Beverley 

Uranium 

T967 

1970 

SA 

Western 




Mining 

Late 


Yeelirrie 

Corporation 

60s 

1972 

WA 


Latest ^ . . 

Initial resource Production 

reserves estimate pan* (tonnes 

(tomes Of • (tonnes of por annum « 

uranium oxide) uranium oxide} uranium oxide j 



- 13-30,000 

2/100 

3300 

3,000 rising 

(Jan. im> 

207,400 

to 9,000 

71^)00 


3.000 rnifig 

(Nov. W0) 
8.000 . 

100,350 

to 6,000 

(Aug.. 1971) 

9,100 

1,080 

Sfi4 

- 


(actual 1977 


6-7,000 

praduetiori) 

2400 

15,000 

1.340 

44,000 


2^00 

(Mar. 1973) 

44/100 

approx. 


Source: Runger Export OeWupn 


1981. If there is a delay and at all, the timing could be 
the matter goes to arbitration, fortunate, 
construction will not start until Th e . speedy development of 
the dry season of 1979 and pro- nuclear power stations envis- 
duction will be held up. aged ammediaiteiy after the 

The aboriginals, through the energy crisis of 1973-74 has not 
Northern Land Council, a taken place. ' Growth forecasts 
statutory body established to have been repeatedly scaled 
guard their interests as tradi- down. Last March, the Austra- 
tional landowners, originally . Man Atomic Energy Commission 
sought a royalty on operating calculated that in the period to 
profits of 36 per cent. The 1985 western world require- 
Commonwealth, in seeking xnents for midear fuel would be 
terms for Ranger has offered 190 , 000 tonnes, or 69,000 tonnes 
3./ 5 per rent plus, it is thought less than toe estimate of January 
a dnwu payment of A$2m (about 197B . The Commission sim&ariy 

P 1 ®. 1 ®** 1 of royalty towered its estimate of Austra- 
estabbshed will set a precedent uranium ^ for i 98 o-S5 

Northern by 36 per cem to 33,000-50,000 

owned by Pan continental Min- TOnnes ’ 

ing and Getty Oil; Nabarlek, But ^Sures presented to the 
owned by Queensland. Mines: Uramum Instotute annual 
and Koongarra, owned by symposium m London last 
Noranda. month by Mir. Barry Ltayd, the 

If current plans are realised S eneral manager of Ranger 
all three mines will be in pro- EsP 01 * Development indicated 
duction by 1983. Others else- pnteucttoa from the 

where in Australia ore likely to Northern Territory mines, 
come along 'later, led by Western Yeetarrie and Mary Kathleen 
Mining Corporation at its be at uhe lower end of 

Yeelirrie deposit in the west of Commassioin estimate, with a 
the country during 1984. In cumiriative 1980-85 output of 
spite of the local industry’s 33,750 tonnes, 
cynicism about the Great Looking at the global position 
Australian debate on whether in December 1977, a report by 
to develop uranium resourcesHhe OECD Nuclear Energy 


Agency and 4be International 
Atomic Energy Agency pointed 
out that international produc- 
tion would be around 30,000 
tonnes dm that year, compared 
with a production capacity of 
almost 33,000 tonnes a year 
“Estimated Brand am resources 
show that there ns the ability to 
produce upwards of 90.000 
tonnes a year by 1985. if there 
is sufficient economic incentive 
and stability to provide the 
basis for orderly growth," the 
report said. 

“ Beyond 1985, increasing 
importance must be placed on 
production in countries which 
have not heretofore provided 
substantial supplies of uranium, 
and additional resources must 
be identified whenever possible.” 

On that basis, the role of 
Australian supplies is likely to 
assume increasing importance. 
Mr. Lloyd, referring to OECD/ 
IAEA figures, estimated 
Australian production in 1990 
at 24,000 tonnes of uranium 
oxide of a world output of 
117,400 tonnes. This would 
make Australia the largest pro- 
ducer outside Ihe U.S., whose 
output would be 4&500 tonnes. 

Relating these projections to 
consumption, the estimated 


demand outside the Communist 
world is conservatively put at 
111,000 tonneS, of which the 
U.S; would account for 41,500 
tonnes, or a little less than its 
likely domestic output; Europe 
lor 40,000 tonnes, and Japan for 
17,500 tonnes. 


A plateau 


The delay in the development 
of Australian resources thus 
does not necessarily damage the 
long-term prospect for the 
industry. Despite current rapid 
expansion of the South African 
and Canadian industries, there 
is a space in the market for 
Australia, although not at this 
moment Indeed, the Australian 
mines could avoid — involun- 
tarily it is true — a trough in 
the market 

At the Uranium Institute, 
there seemed broad agreement 
that after a strong rise in 
1973-77, uranium, prices had 
reached a plateau. As Mr. 
Lloyd put it “One must draw 
the conclusion that the industry 
is heading for a short-term 
surplus followed by the in- 
evitable shortage, or that buyers 
believe that many of the pro- 
duction facilities currently 
being planned will not reach 
maturity. ... It is my own 
belief that the uranium supply 
industry is destined for a lean 
period over the next few years 
followed by another period of 


rapid expansion as the log-jam 
restricting nuclear reactor. sales 
is breached." 

There has been no lack of 
inquiries from the nuclear 
power industry for Australian 
uranium. Sales will, however, 
be tightly controlled by the 
Government, which later win 
have a Uranium Marketing 
Authority to advise it No sales 
will be made without the sign- 
ing of national bilateral safe- 
guard agreements, based gener- 
ally on the stipulation that the 
uranium will only be used for 
peaceful purposes. More speci- 
fically, the agreements would 
engage the customers to seek 
Australian consent to enrich- 
ment beyond a certain level, to 
the transfer of the material to 
a third party, and to re-pro- 
cessing. 

At the same time Australia 
would not relinquish title to the 
uranium until it passed Into the 
International Atomic Energy 
Agency safeguards system. But 
while the policy remains firm,' 
and is close to those adopted by 
the U.S. and Canadian Govern- 
ments, its application remains 
fluid and dependent on the dis- 
cussions taking place within the 
context of the International 
Nuclear Fuel Cycle Evaluation 
Programme. 

So far Australia has signed a 
bilateral agreement only With 
Finland, but talks are advanced 
with the U.S., Iran, the Philip- 


pines. Korea, and Japan. It is 
in these areas that commercial 
talks are going on about con- 
tracts for Ranger so that' pur- 
chases are matched to produc- 
tion for the first 10 years of. its 
existence.- Safeguard talks are 
also taking place with Sweeten, 
though the chances of an agree- 
ment are more distant. There 
is, however, not likely to be any 
movement on the vexed ques- 
tion of Australian sales to the 
European Community countries, 
embraced by Euratom. at least 
until after the summer. 

The UK had .initialled, a 
bilateral agreement, but it was 
not permitted by Euratom, 
which is supposed to act for the 
Nine. The French are also 
thought to be interested in a. 
btiateral agreement, and had 
the UK received authority to 
sign, it is possible the Germans 
might have followed suit 

The momentum of talks with 
prospective customers has 
picked up over the last year, 
since the Australian Govern- 
ment committed itself to a 
policy of development based on 
the report of the. Fox Com- 
mission. The Commission had 
been set up by the former 
Australian Labour Government 
to examine the environmental 
implications of the planned 
Ranger development and 
started work in 1975. 

It was essentially seen as a 


• ;n 

moans of providing t po ' 
harrassed Government 
plan to pash ahead "*"* 
uranium mining white j 
ing as best it could *a 
lion, worried variously 
the environment, the fnhS 

the aboriginals, - nudear 

Iteration, and accepted. 

Tuques of economic sqm 

report eventually p*. 
something for everyone, but 
debate about uranium T 
probably still he interne 
not the Liberal-Country 
tion - effectively- blunted 
political opposition by * 
the general election 
December. 

Trades union oppotidun 
uranium mining has been 
gressively eroded, so ttati 
on overseas shipments from 
docks have beep, lifted, 
union authorities are 
vying with each ot _ 
represent employees at 
future Northern Ten 

mines. Even if the Augtr 
Labor Party is wtuialto 
power at the nttot eteetiot 
union support, It te n 
find the industry well ; 
entrenched, locked into 
national loan apd supply 
ments, and impossiblerla 
mantle. ■- '.■:£* 

In any care, the rewarft 
the Australian economy at 
are likely to be 
Pancontinental/Getty,-. \ 
Jabiluka deposit is -the:, 
in Australia, and : . which" 
received enquiries for' 
than 45,000 tonnes of ui 
oxide for delivery up to 
estimates export revepuerf 
the project of A83.4bn in 
first 10 years of its life, : 

Optimistically and froa 
Australian pah* of vtew r JE 
could be a mere satatetiagi 
the surface. Ansbti 
reserves are not oriy mat-, 
about 400,000 tonnes 
uranium erode — 
also high grade iaid. Jow 
And ibhere is plenty more 
find. Another onebodyh&s ’ J 
discovered at Ranger. K 
well be as large os the or 
which iitseJf bas not been" 
defined. Only a small p 
the Northern : Territory , 
been explored tad deposit) 
being found -elsewhere on 
continent. ' . ' ■?. 
















\ rm m R ■ 









V 


1 



International 
Investment Advisers 

• two new and challenging appointments are to be created 
at the centre of a major British institution responsible, on 
behalf of Central Banks and Financial Authorities throughout 
the world, for the management of funds requiring invest- 
ment in international financial markets. These funds already 
exceed £z billion and are growing rapidly. 

• the role will involve both, advising existing clients and 
the promotion of new business. Extensive overseas travel 
will be entailed. 

• the prime requirements are — a good honours degree; 
a post-graduate qualification in economics, business studies, 
accountancy or as an actuary; at least five years’ relevant 
experience in tbc public or private sectors of banking or 
international finance. 

• salary is for discussion in five figures. Preferred age — 
30 - 35 - 

Writc in complete confidence 
to Sir Peter Youens as adviser to the Institution. 

TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

la JfAIXAM STREET • , LONDON WHf 
1Z CHARLOTTE SQUARE **■ EDINBURGH £H2 -pN 


A long-established Public Company requires a Chief 
Executive for its steel stockholding subsidiary company 
located in the Birmingham area, and fully equipped with - 
modern processing plant 

Essentia! requirements include at least 5 years experience^ : 
of successful, management of purchasing end sales 
operations in the flat steel product field. Preferred age 35-50. 

Remuneration is negotiable, but will be not. less than 
£12,000 p.a. Car provided. Contributory pension scheme. 

All replies will be treated in the strictest confidence. 

Please write with full details to: Box No. A6432 — 
Financial Times, Cannon Street, London, E.C.4. 


Engineering 


in a diverse engineering group, one of the largest companies in the 
United Kingdom. 

• the decision has been taken to graft new industries, probably based 
on light electrical and electronic engineering, on to the traditional 
interests of the group. 

• the mam tasks "will therefore be to ensure that the R.&D function 
is developed in line 'with technologies new to the group, to introduce 
projects stqjplementing those already under way and to continue 
technical support to present activities. 

• A top R&D professional is required, with experience in leading 
large imdri-disaplinary teams engaged in die development and 
lannr-htwjr of profitable ventures and products, together with the 
ability to visUalise the commercial opportunities thrown up by novel 
tednKdoggs. 

• total remuneration is negotiable up to around .£20,000. 

"Write in complete confidence 
to Dr. R. F. Tuckett as adviser to the group. 

TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

IO HAXLAM1 STREET - LONDON* WIN 6lJJ 
xz CHARLOTTE SQUARE • EDINBURGH EH2 4DN 


c £7000 . 


The EtectricftyCouncnTnanscresa debt of some 
£5,000m on behalf of SBCtridty Boards in 
England and Wales. 

You wifi join the smaHteam responsible for. 
this work which includes the forecasting of the 
-electricity supply industry's cash requirements, 
raising its funded and temporary borrowings, 
servicing existing loans, the management of 
cash flaw and the prevision of cash and interest 
forecasts. Die work is befit demanding and 
interesting. - 

You must be able to tfirrifc creatively, have sound 
-commercial acumen and theability to . 
communicate effectively, botfroralfy and in 


writing. You should have sn accounting 
qualification or an economics degree and/or • 
banking experience would be an advantage. 

Salary will be withina scale £5730 to £7380 
-plus £286 additional paymenL 

Some assists nee with relocation expenses 
given in appropriate 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 MHfbank, London SW1 P 4RD 



, CHARTER CONSOLIDATED LIMITED 
The following if die text of * circular posted to Itolden of the coopisf'l 
S per cent CauvtrtiW* Unsecured Loan Stack oo IO August Itili— ' 
Cameroon Right* 


Holder* .wishing to exercise their, right ns convert On 
IS September 1 978 must lodge the appropriate document 
mentioned 1 , below not later than . 15 September 1978 


We «ro writing, to remind yon. that, a* a registered hoWar of At ito** 
mentioned loan stock, ydu have the right to convert' the whole or anf pnt 
of your stock on 16 September 1978 into fully paM shares of Z5p nidi of dN 
Company on the hub of 14 shares for each £100 nomhtai of stock. I 
If. 7®" wWl to exerdse yoor right of conversion you most complete the oetkr 
of comtenfae printed on the lorn* mode c er ti fi cate b respect of the wWi 
'hemg a nuitble of £?) of the stock Included b toe lorn sMk 
and . the cert ifi c ate most bo lodged at the Comp an y's transfer eflkt 


toe period 16 August to 15 September 1978 bchutVe. 

Fractions of shares arising from conversion! will be aggregated and mid ad 
toe net proceeds distributed amongst toe persons entitled thereto. 
Application will be made to toe Council of The Stock Exchange for tbs skins 
arising on conversion to be admitted to toe Official List. 

too* converted will cease to accrue with effect from 31 Mato 
, 5r . r J* l * ww * ky w *7 °f conversion will oirry toe right to receive is M 
all dividends In respect of toe financial year In which they are issued, bst wffi 
carry toe right to receive any dividends or other distributions in rwwt 
°* *ny earlier period; in aH other respects they will rank pari passu and fcrt 
?97(L* Wit *' the falfy P** - ,hin3 of too Company in issue on Id 5epcaiik<r. 

Loan stockholders who exercise their conversion rights on 16 September to* 
will be sent the relevant fully paid share certificate, together wirt anv bahacs 
certificate for loan stock not converted, on or about 6 October 1978. In tie 
meantime transfers In respect of such stock and In respect of shares srWK 
fro “. w '5 T ” on wil ' 8* certified against certificates held at the. Comswji 
transfer office. 

ff you have sol d all of year stock plane hand toil letter hm ne d to telr to tot 
stodtoroker or bank through whom the sab was effected, for tnmmM * 
to the mrcliUfr. 

The following infonaation may be -helpful to you whan considering wbedur 
or no t tp exercise your conversion rights: — 

A. Capital 

The value of £100 nominal of the loan stock on 4 August 

1978 was ..... £7049 ' 

..The value of fully paid shams of; toe Com pai^"Vrtlto"wouVd 

convorslofl' of £100 nominal of toe loan stock was £35.04 
r£>. «« market quota dons it shown by toe 

Dally Official List of The Stock Exdnnge on 4 August 1979) 

Inoofnc 

Gross annual Interest on £100 nominal of , Che leu stock 

amounts so - £ 5.00 

. .Total dNIdemlx paid on 74 folly paid sham of toe ’company 
la respect of toe year ended 31 March 1978 (after adding ■ ; 

.raxra tax credits) amounts to fl.9Wl ' • 

If you do hoc exarete ywr eantenion rights now. t ha rfghc co cocrrtff ™ 
,n , ’2« too ram of 24 shares for every £100 nominal of «w*. 
and in toe years 1980 to 1984 at toe race oF 73 shares for every £100 nooitto 
of smek. •' . ’ 

b wwf *» n» In onbr fco comphr w«h toe prarisfam of toe JoA 
require you to be reminded of poor right to convert, but 
"** .h*. “ * repommenifation that It is bi your interest to custitae iW 

ritw at. me present time. 

10 Aogust f978 ' - yours ftithfoWj 

^ ' far ijif an bebalf S 

CHARTER CONSOLIDATED 

40 Hulbom Viaduct, • n. c, Booth. 

London EC1P IAJ. Secnmry 



ANNOUNCEMENTS! CLUBS 


fuciaarYcouNaL 


MUSICAL. ASSIST ANCt tor COUIDanfeS— 
YTOridwW*' For- .Particulars, write TrpM- 
earo interMttopal Ltd„ Croup House, 
Woutiiaw**r Avenue . Undon. W j, TeL 
Q1.9B2 sorr. Tolw 9M£2b. 


a' 










:'3v 







.T^pies 


^Augustjt’i. $&T8 



SURVEY 


Friday August 11 1978 


Pakistan 

The military regime of General Zia which displaced the former Prime Minister Mr. Bhutto 
—currently under sentence of death — still faces the same political and economic problems. 
These are a divided nation, widespread poverty and underemployment of resources. 




i wo 
men 



a 



' supreme • court may^deeMe in to democracy from elections- in 
the case ofpolftcallsmrder of which Mr. Bhutto himself would 
which. . Mr; Bhutto has /been be allowed to take part After 
found gullty, the senior gOieraJs Mr. Bhutto's arrest in Septera- 
are not- going to-vjdtew^Mr. her on the murder charge it 
Bhutto a chance -of re'renge. snon became clear that elec- 
• Thte question'^ tions in October would not take 

relevant 'throughout' the year place and a process of acbourit- 
hecaus.e of the pecifflat , nature ability was started against Mr. 
" of the coup by the'<3J^ tof the Bhutto and other politicians, 
Army Staff. General Mohammed mainly those in . his. . f Dinner 
Zia-ulHaq, on. July 5* Affix. Any governing Pakistan People's 
other takeover nrighMsare led Party. Elections were still! pro- 
tO'Mr. Bhutto dying.iri'irHafl of mi sed but their date. was 
bullets thafvery' mbrnbtg; but becoming vaguer. s . 

this one has ledto-e ta^ajpUcated 
legal procedure' of nearing Mr. PhanaPC 
Bhutto face the consesf^^ of v^iiaugca 
his yea ns-of rule since ajb break- With the mechanism of a 

away of .Bariglaaesfi^^Wyi. return to civilian rule. less cer- 
. The. -current w er tain. General Zia set about 

Mr. Bhutto’s fate ha s, jjiey ya de d making a few changes .in the 
. each' action of. the Srofe.' ' Mr. system. At first it was to raise. 
Bhutto has remaibe^t popular the importance of Islam in 
figure and howeyeriJpp^ that Pakistan society. The. general, 
BHUTTO, ZIA — Zia,-; ■ Bhutto, popularity has been^touted by a pious Moslem, set a personal 
Pakistan’s history of . the last the army’s public nawfejas cam- example. But soon it also began 
• /ear has revolved around, the paign against him; ofj^parties to cover economic policies as 
Fortunes of these, two men to a have profited fromi^lMstaJkes well. In the name of setting 
" Megres . that has made the. rest and bad luck of the^BSftjaL law the economy on its feet after 
jf the world dizzy. Ononejevol government. the upheavals which eulmin- 

: t is a simple case of a military r- The resuft is that df^fcKhave a ted in the collapse of Mr. 
reader overthrowing a .high- always, remained ih^^pubiic Bhutto's government, ‘.General 
---landed civilian ^ruler and then eye about General.' 

. outting him on trial for his bility. At the time,* 
misdeeds.. But on the other, it questions were i 
oas been a cbmpljcate^litruggle: he was really the 
. for power, a struggle which many felt he . would ;: 
not yet over.. ’ . .. '• the year before : 


By Simon Henderson 

Pakistan Correspondent 



rcredi- Zia set about enacting a series 
coup of Bight-wing , measures: He 

tether did not hide that they were so. 
ind it; In one interview he declared 
rhre himself a Right-winger and 
i-senior proud of . it 


The only near-certainty ; in. officer pushed him fcttwW side. The greatest source of 

'a- dt- ^ - * - . _ 


Pakistan is that the former Itis aconstant su 
Trirae Minister, Zulfikar 'Ali that he has sum 
. Bhutto, is not going to be edroliary. of this, 
allowed to return to power. As really a- stronger 
his appeal against the ddath seems. is still 
sentence draws to an end over accepted 
The nextfew weeks the certainty. 


trf 


_ lnteipretatioas 

'will crystallise into eitberdeatfc, Zia are that is is eit 
ATI jnbjfflsi^nt -orVMac 

V I I «i* no- doubt In ' Ahe- minds ofWnen Ke took otter iv?v 
i people here that whafevor -tfee for ninety days befc 



ny strength to General Zia over 
the the year has been the visible 
i be is support of the armed services 
fern he and the bureaucracy. Although 
uddely with some political groups his 
f ’ relations have steadily deteri- 
1 nrated, in the - past few months 
e. he has completely won over 
several sections of the former 
»Iy opposition to Mr. Bhutto, the 
turn Pakistan National Alliance. 


This has finally culminated in 
last week's news that the PNA 
is prepared to join the 
General's 14 national govern- 
ment.” . 

But he may have misjudged 
comparative political strengths. 
The political scene in Pakistan 
has some permanent constitu- 
encies and. a large mass of 
votes which has to be swung 
either way. Most of that mass 
is either still uncertain or 
slfll remembers the benefits 
handed out to it personally by 
Mr. Bhutto. 

An enormous amount of poli- 
tical ground remains to be 
covered before elections can 
produce a result which does riot 
favour the surviving rump 
of the Peoples Party or 
split the vote hopelessly in half- 


a-dozen different ways. Among 
the former opposition, the 
National Alliance may have 
been an effective force to bring 
down. 4 Hr. Bhutto but since 
army rule its decision-making 
procedures have proved 
horrendously, slow. 

. The next step in a new poli- 
tical direction will be the local 
elections talked about' for the 
end of 'this year. Although they' 
will he fought on a non-party 
politial basis. General Zia 
hopeSfthey w ||j throw up a new 
selection of leaders, particu- 
larly *t the grass roots where 
there has always been a dearth. 

F<n*:>a longer period of 
guaranteed stable rule. General 
Zia desperately needs a political 
base pi support him when 
unpopular decisions have to be 


taken. Ihe direction of the 
. development is already there. 
When he first arrived on the 
scene he ruled in a military 
council of the other chiefs of 
staff. Then last January a 
council of advisers, mainly 
generals and bureaucrats, was 
established. 

The new Cabinet formed in 
July indudes Muslim League 
politicians and will now be 
adjusted to make room for other 
PNA politicians as well. Most 
of these politicians are expected 
-to insist that the Cabinet itself 
makes the decisions, instead of 
the coterie of senior generals 
which has made the running up 
to now. 

Although the economic 
climate in Pakistan has 
improved since the political 
upheaval which ended Mr. 
Bhutto’s regime, it still has to 
show a steady advance on the 
rather poor performance in 
'industry and agriculture of the 
Bhutto era. If it does not 
improve in agriculture, the 
Weather Goddess will probably 
be blamed. The result will be 
a continuing poor wheat crop, 
a cotton crop down on fore- 
casts and probably only a rice 
crop of which to be proud. 

On the industrial front, wage 
demands and labour unrest can 
be held down by martial law 
but real improvements depend 
on new investment, new drive 
and new machinery. The new 
Five-Year Plan contains 
optimistic forecasts for both the 
agricultural and industrial sec- 
tors but it looks increasingly 
as though the next year will 
be more concerned with making 
up the shortfall on wheat and 
persuading the Western con- 


sortium nations to provide debt 
rescheduling. 

The political uncertainty has 
overlapped in to the field of 
foreign affairs where after a 
steady improvement In relations 
with both India and Afghanistan 
in the first part of General Zia's 
rule, obstacles have again 
appeared. In the case of India 
it was the re-emergence of fears 
of hegemony and with 
Afghanistan the cause was the 
pro-Communist coup in Kabul 
in late April. In both cases 
party political opinion in 
Pakistan was more insular than 
the attitudes of the- immediate 
ruling class. 


Ties 


At the same time ties with 
the Islamic. States have 
remained close, despite their 
misgivings about .the death 
sentence on Mr. Bhutto. Their 
friendship has yet to be proven 
in terms of new economic 
assistance, however.' In this 
context General Zia’s imposi- 
tion of the Islamic code has 
also won him some Arab 
friends. 

On the other hand, the 
violent sides of that code — 
public hangings and floggings — 
may have adversely affected 
Western attitudes. At this 
moment criticism extends to 
Pakistan's mounting inability to 
fend for itself economically, and 
its determination to make. 1 
France sell it a nuclear pro- 
cessing plant in the face of 
American displeasure. ■ 

The problem that surmounts 
all others, however, is-' the 
legacy of Mr. Bhutto. His 
supporters have a .'faith in his 
revival which does- not brook 


argument. His detractors think 
the former Prime Minister's end 
will be met with a cry of 
delight from the population. If 
the reaction to the next stage 
of the military's campaign 
against Mr. Bhutto is muted it 
will probably be mainly because 
of widespread arrests before- 
hand. His supporters say lists 
are being prepared by the 
police and it only remains for 
them to decide whether to go 
underground or not. The prob- 
lem for the regime is that the 
reputation of Mr. Bhutto will 
continue to exist independently 
of the man. 

This is the real test for 
General Zia's Government and 
depends on policies rather than 
police actions. A former senior 
military officer, whose opinion 
is still much respected in 
official circles, describes the Zia 
Administration as second-rate. 
Politicians and administrators 
of consequence say the General 
is surrounded by sycophants 
and receives poor advice and 
while his Government lacks 
credibility, Bhutto will be a 
problem, dead or alive. 

General Zia now has to steer 
a difficult course through a 
maze of economic, political and 
foreign policy problems. A 
senior member of his political 
think tank says his eyes must 
not he dosed to the problem 
o$ regionalism either. The 
General has shown a tactical 
cunning in avoiding political 
confrontation in the past year 
but now advocates outright 
capitalism tn replace the 
socialism of Mr. Bhutto. During 
the coining year it looks as 
though he will have to master 
the political consequences of 
this economic thought 




X 







■v C 




. Is a face to face encounter with a fascinating land that 
lia^nit&stood coimtless invasions and preserved the essence of 
Conquerors in its prcseatjilay monuments and archaeological 
^heritage. _ . 

See for yourself the excavated sites of Moenjodaro and 
Taxila seats of the ancient Indus Valley and Gandhara Civiliza- 



History. 


CMM. 


Lahore 



Moenjodaro 

(563;kms from 
Kai&chi, direct, 
flight . 


City of- gardens and - famous tombs. 
"Rich inTnstorical monuments— Bad- 
shalii mosque , Shalam ar . gardens, 
Lahore' JFortr Tomb of'Jehangir and 
Nur Jehan. Wazir Khan’s mosque and 
JHiraniUnar. 


Swat 

(245 Kips from 
Rawsrijtindi) 




tions, th‘^ flamboyant monuments of Moghul architecture, the 
Khyher Phss — historic inlet to the Indian Subcontinent— or the 

i 

ancient unchanging traditions of the Kafir Kalash in the Chitral 
Valley. 

Whichever aspect of its past entices you here, chances are 
your trip will be a memorable one 


Thatta 

(9S kms east 
of Karachij 


Peshawar 



Excavated site of 4,000 years old 
Indus valley civilization. Archaeo- 
' museum. 


Famous for specimens of early 
muslim -architecture. Makli hills, 
world’s largest necropolis. Monu- 
ments of Moghul period like Shah 
Jehan mosque, Chaukundi tombs (28 
kilometres from Thatta). 



Historical places — Balahisar fort, 
Qissa-Khawani bazaar, Chowk Yadgar 
and Mosque of Mahabbat Khan. 
Peshawar Museum. 

The historic Khyber Pass (18 kms 
from Peshawar) through which 
entered numerous conquerors, in- 
cluding Alexander the Great and the 
great Moghul Emperor, Babur. 


Remains of. Gandhara '-civilization, 
Buikara. and Udegfara sites. ‘ v 


Chitral — 



Kafir -Kalash yailoys: Birir, Rambur, 
Bom buret. An anthropologist’s dream- 
land. -V ' 



Multan 

City of saints. 

Historical sites and unique monu- 
ments like the tomb of Rukn-i-AIam, 
famous throughout the ages for 
glazed blue and white pottery and 
blue tile work. 

Bahawaipur 

(865 kms from Karachi) 

Royal Palaces. Stadium famous for 
black clay and delicate paper-thin 
pottery. 


Taxila 

(35 kms from 
Rawalpindi) 



Excavated ruins. Monasteries. Gand- 
hara sculpture. Sites of Bhir mound. 
Sirkap and Sirsukh. Statues of 
Buddha, Alexander of Macedonia, 
famous Buddhist king Asoka and 
Emperor Kanishka. Taxila Museum, 
famous for its archaeological 
treasures. 


Harappa 


(1,122 kms from Karachi) 

Excavated site of ancient city of Indus 
valley civilization. 



\ . 


PAKISTAN 


T" 


‘r'Fpr assistance in- planning your holidays 


adrjckiT '"-.and for accommodation and transport 
TOURISM DEVELOPMENT ^ ^^ reservations please contact: > 


CORPORATION LTD- 




Pakistani Tours Ltd. 
PTDC ■ 

. Hotel Metropole, 

Club Road, Karachi.- 
Tel 516031*510234-' 


or any PTDC Tourist 
Information Centre - 
or 

PTDC’s associated Hotels 
in, Pakistan _ _ „ 


FaJetti’s, Lahore. 

Tel. 5.3860-53869 
Flashman’s, Rawalpindi. 

Tel. 64811 


Cecil's, Murree. 

Tel. 0593-2247 
Dean's, Peshawar. 

Tel. 3071 


j 





10 


1i 


IT3BH 




HIPPING 


f 



V, I 


% n 

*2)3 




|i I 


OWNERS, 
BROKERS 
& 

CHARTERING AGENTS 


TERNATIONAL TRADERS 

and 

PROJECT CONSULTANTS 


n 


GULF SHIPPING GROUP 

60/63 Bunhill Row, London EC1Y 8JS 


Telephone : 01-251-1600 


Telex : 8811351 Answer back Deergulf 




m 


,55V 

!isN 

km 


IN VTTATTON 


TO : CARPET/RUG IMPORTER/WHOLESALER 




ill 


IsaJl 

W.l'Jl 

;!tr? 

[fjg 


Msa 


m 


i;.* 


Mr-ra 

!!'i 

ii 


si 




ijlrl 


1 rr»i 
':UH 

m 


lj£5 


ft 

m 


I 


PERHAPS you are already aware tbat Pakistan 
in revel it years has made spectacular progress 
in the 'manufacturing/export of oriental 
carpeU/rug* in various qualities; and Pakistan 
carpet industry has become No. 2 world exporter 
of oriental carpets. 

Quality-wise Pakistani export prices are very 
c-nmpetitive. especially Iranian Weave /quality 
rugs, and many exporters especially in Lahore 
always carry large ready stocks. 

Maybe you or your Representative is planning 
to visit Pakistan (as most of the foreign buyers 
now prefer) to make purchases and select 
carpets/ rugs as per your demand. 

WE ARE PLEASED TO INVITE YOU TO VISIT 
OUR FACTORY & SHOWROOMS/STORES. We 
are confident that your visit will he greatly 
beneficial; and ynu will be able to select goods 
according to your needs 3t most competitive 
prices out of large stocks of various sizes, 
qualities, designs in different weaves in match- 
ing colours of 100% genuine handknotted 
woollen oriental carpets/rugs available in our 
ready slocks. 

We are situated (FIVE MINUTES’ WALKING 
DISTANCE from Hotel Intercontinental, 
Lahore, towards the city) on Mall Road just 
before the Hilton Hotel (under construction) 
nn right side opposite the Anar kali Gate of 
Governor's House. 

If pours is first visit to Lahore , please inform 
ns about your arrival (fight number mid date) 
at Lahore hi advance by airmail or cable. u-e 
will reserve a room for uou in the Inter- 
continental Hotel; AND DURING YOUR STAY 
IN LAHORE. YOUR BOARDING AND LODG- 
ING EXPENSES WOULD BE ON OUR 
ACCOUNT IRRESPECTIVE OF WHETHER 
YOU BUY YOUR REQUIREMENTS FROM US 
OR ANY OTHER CARPET EXPORTER FROM 
LAHORE. 

PAST HISTORY 

For yuur kind information “BEC<» CARPETS 
LIMITED” has been sponsored by the family 
which promoted the biggest Engineering Com- 


;*ii 


:'ji 

J:3i 


plex in Pakistan in the private sector known as 
*• r»Ewi in^ni'tnaL' TiFni+oft” (formerly the 


1 


!• 

Ifir’i 


l!i~. 

m 

lissl 

■!»ai 

;!jiS 

I.l’llil 


BECO Industries Limited 
Butala Engineering. Company Ltd.), whose 
capital structure and assets in 1972 comprised 
well over (equivalent to) SO Million US Dollars. 
This undertaking was taken over by the Govern- 
ment of Pakistan under Economic Reforms 
Order on the 3rd of January. 1972. This com- 
pany as per Balance Sheet for financial year 
ending .June 1971 (compiled on 13th March. 
1972) earned net profit (before tax) equivalent 
to 10 Million US Dollars (at the then official 


exchange rate). 


This company (Batala Engineering Co. Ltd. 
lEECO)) was originally promoted and estab- 


lished in Batala City (India) in the year 1932-33 
as a public corporation with a meagre paid up 
capital equivalent to 1200 US Dollars by Mr. C. 
M. Latif, who was its Managing Director and 
Chairman right from March 1933 till 3rd Janu- 
ary'. 1972. 

This company, which ranked as one of the five 
big Machine Tool Manufacturers of India after 
World War II, migrated to Lahore (Pakistan) on 
19th August, 1947, with all its employees on the 
partition of the Indian Sub-Continent; and 
^-established itself again at Lahore from 
scratch gradually resulting in the build-up of 
two independent Works covering an area of 275 
acres and consisting of 12 independent Metal 
Engineering and Machine Making Divisions 
employing about 6000 workers. 

CARPET MANUFACTURING/EXPORT 
After the take-over of BECO Industries Limited 
by the Pakistan Government, “ BECO CARPETS 
LIMITED ” was established as a family concern; 
and during the last three years have made rapid 
progress in the carpet field; AND NOW RANKS 
AS ONE OF THE 5 BIG CARPET MANUFAC- 
TURERS & EXPORTERS. 

Our total working space at Kashmir Road 
premises is 25.000 square feet and our ware- 
house and showj-dom have 7,200 square feet 
area. During 1&77 (January/December), we 
have delivered carpets to various overseas 
customers valuing nearly 1.5 million US dollars. 
Out of the foreign buyers to whom we supplied 
carpets during 1976 many of them visited us in 
1977 and placed repeat orders, which is a clear 
proof of their satisfaction and our business 
integrity/trustworthiness. 

EXPANSION 

We are building two large- additional Carpet 
manufacturing/ warehouse facilities: a) One on 
our plot (area 4 acres) situated 12 kilometres 
from Lahore city; b) Second on our plot at 
Karachi (area" 7 acres) . Both the above men- 
tioned new facilities will be operative soon. 
DELIVERY & PAYMENT TERMS 
Our prices for Europe are landed destination by 
air freight — minimum order 500 Kilograms. 
Payment through irrevocable Letter of Credit 
or Cash against Documents. For US customers 
shipment by sea. Inspection and selection at 
our premises. Inspection in case of repeat 
orders can be at destination, too, by prior 
arrangements against firm order/contract. For 
repeat and regular large order, a satisfactory 
Banker's reference regarding party’s financial 
standing and business integrity — commencing 
from Airway BUI date sixty/ninety days pay- 
ment against Trust Receipt could be negotiated. 

Verv truly yours, 

BECO CARPETS LIMITED. 

Manzar Latif, Chief Executive. 


1ECO CARPETS LTD. 


Head Office: 2 KASHMIR ROAD, LAHORE (PAKISTAN) 

Cable; BATENGCO Lahore - Phones: Lahore Office: 5714S/57275 Residence: 54667 
Karachi Office: 401253 Residence: 438597 







Financial Times Friday MgustlUlaT^ 



PAKISTAN II 








THE POLITICAL monsoon that 
swirled over Pakistan in 19 m 
has left most politicians and 
their parties wondering about 
their futures-r-or even if they 
have a future. 


BASIC STATISTICS 


The General Election of 
March 1977 -will always be an 
important landmark in Pak- 
istan’s political history — and- not 
just because it has now been 
condemned as a rigged election. 
For the first time the country’s 
fractious opposition panties 
dropped their squabbles and 
were united in one over-riding 
common aim — to unseat Mr. 
Zulfikar Ali Bhutto and his 
ruling People’s- Party (PPP). 

Nine parties, which until then 
had held irreconcilable political 
viewpoints, worked out a com-, 
mon platform under the name 
of the Pakistan National 
Alliance CPNA). Now, after 17 
months, the PNA still exists — 
but only just. And its leaders 
cannot be certain that they 
have succeeded in achieving 
their main objective. Mr.- Bhutto 
and his People's Party' still con- 
stitute an important political 
force. 


Area: 307,373 sq miles 
Population: 72.37m (1976) 
GNP: Rs 133.181m (1976) 

Per capita: Rs 1,840 
Imports: Rs2L13bn (1976) "" 
Currency: \£ 


nationhood and the JI 
more rigid application h 
Islamic law, in Pakistan’s 

P °, ^ to be convinced tMUbSHS 

S J£‘*IvK: MU. (1977) 

-ion 97 a credible civilian goveraaS: 

Kal8,CW7 and that General 

. - for their efforts -would ' ‘ 

enhance their 


Jid) 

Marshal Asghar Khan, but kicks for 25 years are. being tempted further. t ._-y . ^ L _ 

a strong party organisation, it by the offer of office — and the Needless to say, otheraj^ 
tends to gather mid dde class sup-, perks that go with it The most wore sceptical, arguihgtbatjk. 
port and has a liberal leaning severely templed have been ML and JI will lose vmitiftg* 
except o« economic affairs. . . those least likely to make a ^f 

TM National shoeing through nauamJ what the ^ , 

Party (NDP) was created urtte p A11 One other political ■ da&£ 


ashes of the banned National ; Rao f . irma iL.^iL a ^° ment is worthy' of 

Awarcri Party (NAP), which was- jused that bke » General Zia’s plan for threwS 

lead by the veteran WaM Khan, leader- to be a she ^ d jP“^f local government 
It has a strong base in Paid-, r 3 . December. The- A 

stan’s two western provinces, -*™ 1 t0 rightly recognised a 

Baluchistan and the North West JJ**"** M c 0 B Generali wasl void at thc « rass ****> 

Frontier Province, and is led t hf“ to fill this through carefujlrE- 

by Baiuch. Sherbaz Kh™ signe d local SU sTSiCj 


PHaitSi: 1 


Mazari. 


-.--country’s 


MV has unfortunately been 

politicians Mr. Bhutto ex- . . . . 


The events of March to 
October have already been well 
documented, but are worth re- 
counting. As the election 
results were announced, giving 
Mr. Bhutto and the PPP 155 of 
the 200 National Assembly 
seats and leaving the PNA with 
just 37 seats, there was uproar. 
PNA supporters went on the 
rampage, claiming the election 
had been rigged — and most of 
them would now argue -that the 
White Paper just released by 
General Zia’s military govern- 
ment vindicates their claims. 


Attack 


Finally, the Muslim League Juded- he went first to Asghar fi . ed „ W1 ? ^ .^ e dettogfr 
has strong historical links with jui an tempting him with Presk 
the creation of Pakistan, but it deacyof a National Government. by , 
retains just a shadow of Its Khan refused, sticking gjg 

early power .Led by a Sind!, ~ 5 his deman d for fresh elec- jjj * a . 

Pir Pagaro, it is strongly blamic u and repeating h is commit- *■ 
without being as orthodox ^s. metlt t0 tll0 role of opposition. 

JUI. JlorJUP. t The General then went to indlfferent or OnucaL.. . , 

Once Mr. Bhutto had been Wall Khan, the respected NAP'/-tl * 7 •’ A-"- 

deposed, the real weaknesses leader, who emerged in January ^flaETin 
of the PNA patchw'ork began Jo j^Tg a f te r three years of im- Thrn „_ h _ nl . th i 
show: assuming that General prison ment. Wall Kh?n also 
Zia would not allow the Peoples’ £jf use d. recognising that identi- p - : 

Party to return to power whDe . Rcation with the mUitary regime £ e r “iL? 
it retained a commitment to eoffid do his political reputation ™ er J! 

Mr. Bhutto, then it was fronr ; no „ 0Q ^ He also reiterated the 10 spI JL? e W ^ 

these parties that a need for fresh elections. tempting a famon. ied Iff 

government would have to be Abandoning this tack. General WauIan » Kausar. Nlgi.tnto su]>r 
formed; But none of them had fom Ss * h , e : -.tor 

any national aopeal.’ or basis r t ^ fajled - A large propotfto M 

of support, that would seem to JJJuf a lI pNA the Pakistaai el«ctorate — 

make them competent as s P ?A haps even s majority- is M 

• : leaders were enraged to fits- rive ted by the f charisma of lit 

’ Zia 5? ve 5 tha , r ,l “S™? defe $ te ^ Bhutto. . It se^stSt de^ 


party of government. 

So when General 


..Muslim Leasue Members. Just 


all the General’s . efforts. 


They demanded fresh elec- 
tions. Supporters of the PNA 
stopped paving taxes. Street 
demonstrations were wide- 
spread and by mid-April the 
homes and offices of PPP sup- 
porters were coming under 
attack. •• 1 


By mid-June about 11,000 
PNA supporters were behind 
bars. Mr. Bhutto, still refusing 
to call fresh elections, was lean- 
ing more and more heavily on 
the military forces to maintain 
some semblance of order. 
Martial law had been imposed 
in Karachi, Hyderabad and 
Lahore. 


announced a new date for b t»i— s ““ mv*.**** .«««>»• ,m 

General Elections, and allowed pt?a shadow will eouEihae to %# 

politicking to recommence, tt-JSjiiJ' ; .‘!t ml!"? natc the political^gtage, whe&r 
was soon clear that the be is dead or alive'. 

petition was between Mr. - ' ^ nL- e hC Herein lies General Zia's in* 

Bhutto and the military Govern- JP" 1 "JiT solvable conundrum: h vf m 

ment Support for the PPP %£*’■• be genuinely be planning tft 

grew.. rapidly, and only- occelerr t hi nn^fS^n democratic elections -to* la- 
sted when General Zia. tried, to- b - Te,ir ^ in lhe opposition «riv««i » f 

bring it- in check 


ranfcK - electorate, given a free < 

^° n " r» nnaW .1 9 in w , would returtL to power 

General Zia now seems bent k» — * A «ckfcj. m, 


standing murder charges, were man 0»at he cannot 

asiinst Mr. Bhutto. ™ »<>.«* ban it. power} •TtaiimplfettW. 


brought 


and he w« imprisoned.: After J?tnaat-I-Islami Ts ftal he 

winning an annM i for- Kin Mr as Pakistan’s civilian parties o£ -JS’L 


winning an appeal for- bail. Mr. p X . p ""‘I® power for quite some tuae ts 

Bhutto was again imprisoned, ^ fl,ture ' “rtainly match. 

this time on a martial law order. J 1 *® RJ* 1 Davif} 

■ The PNA was a- spectator to .^be ML. standing for Pakistani > D«Ylfl x/OiIW^ 

most of this, so great, was Mr. 


When negotiations • finally 
started with PNA leaders, con- 
flict had already escalated 
beyond control. For the first. 

J-four days of July Mr.. Bhutto 
and PNA leaders were locked 
in negotiations round the clock. 
Whether their differences 
would ever have been resolved 
will always remain unanswered, 
because on July 5^ to the great 
relief of a fevered Pakistani 
population, the Army Chief of 
Staff, General Zia-uJ Haq, swept 
Mr. Bhutto from power. He 
suspended most of the constitu- 
tion. dissolved all assemblies, 
banned political activity arid 
imposed martial law. 


The PNA gave its full bless- 
ing to the military takeover. Zt 
was at this point probably at its 
peak. For six months it had 
operated unexpectedly weil as a 
coherent political force: Mr. 
Bhutto had at last been deposed 
and all that was now needed was 
to restore order and call fresh 
general elections. 

Both aims looked as though 
they would rapidly be fulfilled. 
General Zia had restored calm, 
and he committed himself to 
fresh elections ’“within 90 days." 

Now, almost 400 days later, 
there have, of course, still been 
no elections, and there is no 
prospect of any in the near 
future. The old conflicts that 
once divided the- parties in- the 
PNA have started to re-emerge, 
so that the "Alliance" is now 
barely more than a name. 

To discover why this has 
happened, it is necessary to look 
carefully at the nine parties that 
made up the PNA, with their 
leaders, and to understand why 
General Zia has retreated 
further from the idea ' of free 
elections the longer he has been 
in power.' 

Five of the parties in the PNA 
count for very little; the- Paki- 
stan Democratic Party, the 

Khaksars, J arrmt-ul -U lema-e- 

Islam (JUI), Jajniat-ul-U3«na-e- 
PaJogton (.TUP), and Azad 
Jammu end K&shnrir Muslim 
Conference are either extremely 
localised in (heir support, or 
are one-man parties. They tend 
to be orthodox' Islamic and 


Bhutto’s domination of those 
election weeks, and in the end 
they called for postponement. 
General Zia obliged; -and put a 
fresh ban on -political activity. 

: The postponement is a pnli 
tical watershed for three 
reasons. First, for the PNA it 
prompted the defection of 
Asghar Khan and the Tehriq-i 
Istiqlal. The Air Marshal’s view 
was that now no elections were 
likely for some time, then the 
-whole raison d’etre of the PNA 
had ceased to exist: he com 
nutted himself firmly to opposi 
tion (in the parliamentary 
sense) to the new Government — 
General Zia’s military regime. 

Second, it forced General Zia 
to assume a whole range of civil 
responsibilities: he had allowed 
the economy to drift since thc 
July coup, arguing -that it was 
not the job of the army to run 
the country. With no immedi- 
ate prospect of a return to 
civilan rule, General Zia could 
not allow the economy to re- 
main rudderless any longer. 


Manifest 


Of the four remaAmrcg, the 
Jamaati-lslami (Jl) bas the 
strongest organisational base. It 
particularly strong in -the 
Punjabi with a lot of secular 
support despite, its Jslamic 
fundamentalism. But its leader, 
Mian Tufai! Mohammad, lacks 
any widespread support, - 
In contrast the Tehriq-e- 
Istiqlal has a strong following 
based, on -its leader, retired Air 


Thirdly, it made ' manifest 
the difficulties of transferring 
power to a civilian government. 
Assuming that General Zia 
genuinely intended to relinquish 
power as soon as possible, (and 
many would dispute this), then 
it was at' this point that he rea- 
lised just how hard it was going 
to be. 

Retired General Hao Firman 
Ali,. a senior political adviser tu 
General Zia and a member of 
his •* think tank,” explained the 
contradictions: "There is no 
historical example of a military 
government handing over power 
to an elected government. In 
the army men must accept, 
orders and cannot criticise their 
generals. In a general election. 
General Zia would have to allow 
criticism, and since he is in 
power, this would’ involve criti- 
cism of him. If he allows this 
criticism, then his men will 
think he is weak,, but if he does 
not allow it, then there is no 
hope of regaining civilian rale.” 

1 The most palatable option 
has therefore been to aim 
for an appointed gbvernment — a 
“ National Government”— com- 
prising civilian politicians and 
generals, which would allow a 
gradual shift to '• non-military 
administration and eventually 
to elections. 

It has been this quest for 
members of a national Govern- 
ment which has put the PNA 
under, such stress: on the one 
hand, the PNA is firmly com- 
mitted to democratic rule at the 
earliest;-on the other, politicians 
who have been starved of power 


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Appeal for donations t;q. - 
Befitting Memorial to ^ ..*' '* 
Great poet and thinker of Islam 
ALLAMA MOHAMMAD IQBAL 


The Government of Pakistan have decided to erect * befitdW: 
memorial In memory of AHaroa Mohammad Iqbal the grw£ 
poet ,cf imeraattonal .repute and philosopher and -tWnfcr of„ 
Islam- An. weal site has been selected opposite Mamie SixdMfi 
Minar fn -tiw .Wstorac city <rf Lahore. The Memorial Gamp*** 
* being- to provide facilities for research on Wad* 

and other aibod subjects in the tight of Iqbal’s thomiht to iorf' 
and toee&Q sebbhira. \ ■ 


'Die project is expected to- cost between 70 to SO million rupMfr- 
In order to. ajsocKrta the people of Pakistan, MusHmrtfd 
fneodty jjeopiea from all over the world, the ” Iqbal Merooi**L 
Fund” has- been instituted, and an appeal has been addie^ 
for donations to support this project. All PaMstan! '6nS* - W 
authorised W rec«re donations In cash. Where •hut*** 

do not exist,. Pakistan Missions will accept donation* In C# : 
and In^klod. Enquiries for donation* in kind can be-addr****" 
to the local Pakistan Mission. R 


secretary, “jqral Memorial fund,” 

c/o Ministry of Oritur©, Archaeology, Sports ATanrfc**- 

PaklStao Secretariat, Islamabad. - TTr 


>> 







Financial Times Friday August 11 1978 


PAKISTAN HI 


PEOPLE. 'WHO might (have 
expected that -the economy of 
Pakjf-La-n was at a crossroads, 
following General Zua-ul Haq’s 
takeover, may be ft>r§iven for 

thin Icing that -instead of turning 
right or -left, it has just con- 
tinued straight on. 

In the past year several eco- 
nomic -indicators have shown 
signs of a welcome amparove- 
mamt. bat doubt must be cast on 
the future because : the most 
recent budget, published at tbe 
‘ end of June, -was essentially ip 
the same unimpressive mould as 
budgets over ifche last 20 years. 
The Five Year Plan, published 
in the same month, has been 
described by one group of ex- 
perts in Islamabad as little more 
than a sot of pious hopes; .'In 
fact the annual development 
programme for 1978-79, the first 
year of plan, already admits to a 
deficit of $300xn. 

The -weaknesses of fihe eco- 
nomy are the same as -they have 
been for years; ah over-reliance 
on agriculture, unde ran vestment 
in industry, antiquated plant, 
‘poorly -trained management and 
hence low productivity. Exports 
are up but so are imports, so 
the result is an ever widening 
trade gap. 


Afloat 


At times everything afeems to 
be kept afloat by remittances 
from Pakistani labourers on 
contract in the Middle East, 
which now run at about $100m a 
month. Yet there is no way to 
channel this -into productive in- 
vestment. The small industries 
which emerge owe everything 
to the entrepreneurs! talent of 
individuals. Some of the money 
is invested -in land, but too much 
goes on consumer items — e*fther 
more meat and belter food for 
the family, or imported luxury 
goods. The country's airports 
arc awash with labourers 
r ravelling, home cairynTg huge 
.latw nese radio/iiissette ! tape 
recorders and -it is not unusual 
to find homes with a colour 
i eJ evasion, although Pakistan has 
only, a black and while net- 
work. 

The Government seems to 
ignore these basic facts when 
outlining the targets of the Five 
Year Plan. True, the indices are 
cheering; inflation has been 
brought down from 30. per cent 
to single figures; agricultural 
cruwih has more than doubled 
t*» 4.3 per corn, and last year's 
dvcljjic an and ustriai output has 


been checked. Industry as sow 
growing at a rate of';4.7 per 
cent. . ' . . ' . 

' However,. . everything . .seems 
to depend on debt rescheduling. 
Xhe country is about $7-5bn in 
the red, and interest payments 
and repayments of loans- were 
going to reach about 8500m this 
year. Pakistan therefore -made 
a. strong appeal to the World 
Bank consortium at Paris in 
June that if. the Five Year Plan 
is to have a hope of succeeding 
the consortium countrieslshould 
reschedule to the tune, of 
5300m a year for five years. 

Most countries were reluctant 
to -reschedule, and to date only 
Sweden, Holland and the UK 
have made promises to re- 
schedule or showed, signs of 
entertaining such thoughts. The 
hawks, led by the O.S3 m seem 
to be holding out against the 
move. They argue firstly that 
remittances are high Enough to 
meet Pakistan's trade - - gap. 
secondly that Pakistan . .has 
proven less responsive . than 
almost any other developing 
country to suggestions , on how 
to improve its position. 

There were two other argu- 
ments articulated ! : ,or_ _ in ‘ the 
background. One was American 
opposition to Pakistan’s planned 
nuclear reprocessing-: plant 
Which has prompted-Waahington 
to limit its aid to . concessionary 
PLASM wheat. The other was 
American and European con- 
cern over drugs. -Pakistan is 
becoming an even greater 
source of opium than the golden 
triangle of Burma and Thailand. 
Foreign diplomats : -are not 
amused by what they call Paki- 
stan's. ‘.‘underestimates'* of 
opium production, nor do they 
feel that enough is being done 
to control the problem. v 

The .arguments ,.ih?er' the 
economy then become entangled 
in figures. If remittances are 
included, the debt service ratio 
is only about 16 per If 
they are not, the figure & nearer 
38 per cent. The ccondmy is so 
committed to high rost. long 
gestation projects Jike the 
Karachi .sreel mUf cement 
plants and fertiliser plants that 
little can be iut back on 
development. projects. The rest 
of the budgets mostly con- 
cerned -with ^sacred items such 
as defence, Administration and 
food . subsidies. Although 
foreign .^countries recommend 
cutback#; there is precious 
little political room for it. The 
administration argues that once 
the/ present hump of the 


development project spending: is 
over, the whole job of making 
ends meet will be easier. . 

The new Five Year Plan for 
1978-83 is really the .first long- 
term plan this decade (the pre- 
vious one was abandoned in 
confusion in 1972). It expresses 
“ determination to delay costly 
new projects until some of the 
long-gestation projects are. com- 
pleted 

“ In the meantime, efforts 
have to be focused on improv- 
ing the efficiency of ..the. 
economy by increasing alloca- 
tion of resources to agriculture 
and rural development.” 

The plan calls for an invest- 
ment of $21bn— $14.Sbn in- the 
public and semi-public sectors, 
and $6.2bn in the private sector. 
Seventy five per cent of these 
funds are to come from domestic 
resources and national savings. 
The target growth rates are 6 
per cent per annum tn agricul- 
ture and 10 per cent in industry. 

Ambitious 

The figure for agrichlture- is 
admitted to be ambitious in 
terms of past performance but 
is said to be essential for meet- 
ing objectives of. basic needs, 
stabilising prices and Improving 
the balance of payments. How- 
ever, in view of - last winter’s 
poor wheat crop and fears of a 
less than bountiful cotton- crop 
this summer, the targets .'must 
already be considered unrealis- 
tic. Projections of wheat self- 
sufficiency and substantial in- 
creases in cotton exports have 
yet to have solid foundations. - 

The Plan relies heavily on 
domestic savings to reach its 
industrial growth targets, and 
there are still few signs of a 
higher level of domestic saving. 
But harking back to the days 
of the Right-wing dictator. 
President Ayub Khan, the plan 
recalls that a domestic savings 
ratio of 13 per cent was achieved 
in 1964-65 and considers that 
improvements in the terms of 
tirade and growth of gross 
domestic product make the 
target not unrealistic. 

Wren pressed on lbe obvious 
difficulties embodied in the 
Plan, -.government officials de- 
fend it as a flexible framework 
rather lhan a blueprint and 
there are bound to be wide 
divergencies. One quoted T. S. 
Eliot and spoke of the ,v shadow 
"between the idea and the 
reality.” 

The government seems to he 
hoping for a revival of the 
private sector,, and during the 


past year there have been 
several measures announced to 
revive investment in 'this area. 
The chemicals and cement 
industries are now completely 
open to private business and all 
the other industries which were 
closed to them by the nationali- 
sation policies of Mr. Bhutto 
have all been redemarcated. 
There has also been a series of 
fiscal changes; the lowering of 
interest rates for bank Joans on 
fixed investment the abolition 
of tax on the issuing of bonus 
shares and an increase in tax, 
credit on investment The aim, 
as stated by the five-year plan.' 
is to increase the private 1 
sector stake in industry from 
the present figure of 26 per 
cent to nearly 50 per cent. 

So far, last year's budget gap 
and this year’s anticipated gap 
have been filled by some 
economies in spending, and 
improvements in tax admini- 
stration. In addition there was 
a series- of new taxes in January 
on luxury goods such as can 
and air conditioners, and in the 
July budget on telephone calls, 
air travel, electricity charges, 
cement and edible oils. These 
later measures most affect the 
ordinary Pakistani family and 
it seems likely that future 
measures must make further 
inroads into this area. At the 
moment vast numbers of people 
escape the tax net completely. 
The revenue collection system 
relies on Import duties, and 
even central excise is mainly a 
tax on production. An all 
important .area to be drawn into 
the tax net is agriculture but, 
despite international recommen- 
dations, no agricultural income 
tax has yet been levied. 

The economic future of 
Pakistan over the' next two years 
thus depends oh how well the 
Government avoids a series of 
identifiable hazards. To this 
extent the economic decisions 
are easier to take than those in 
the political arena where diffi- 
culties are less precisely 
located. If indicators continue 
to improve and private Invest- 
ment takes off. then obstacles 
such as congestion at Karachi 
port, aii inadequate road system 
and an overburdened network 
of railways may not be 
insurmountable. But if the 
revival of the past year falters 
because of a failure to take 
necessary but unpopular 
decisions, then current problems 
could take a stranglehold on the 
economy. 






JTie only that- raatte'rs : -to-ui: ^-y^-v.’ 

. ronnmied passenger stinnorf/iind narronaoe.In rho 'vV ./>•- 







Need for foreign aid 


** • smstemf 




0 .. I* 


THE QUESTION of foreign 
mi iwumnit in Pakistan is the 
problem *«f the economy in 
grin-ra! writ small — a wait-and- 
■ifv ail if tide is all pervading. 
thi-M'ly associated with this, 
nltlumyh f»r different , reasons, 
is ihr attitude of foreign coun- 
tries inwards aid and loans. But 
whereas the- first is based on 
pul meal uncertainty, foreign 
nbsi-rvcrs are more concerned 
with economic doubts. 

Despite those factors the past 
year has seen a welcome con- 
solidation of various measures 
taken to improve the investment 
Miniate aud hopes rcijwin rela- 
tively high or subsequent -suc- 
res-, in at least some sectors. 
Combined with the better 
hu«ini"-K climate, increased re- 
mitlnnres from Pakistanis work- 
ins abroad have resulted in a 
growth in GNP of around 6 pbt 
rent. Bin further growth is 
expert ed tn he adversely affected 
by high wheat imports during 
tin- vear ahead. 

Perhaps the most important, 
commute dncisiim made by the 
)*i;t Government has been to 
denijrcaic anew the public and 
private 1 sectors so- that most 
i mlu. strips arc now open to 
private investment, evpn if this 
does involve Government per- 
mission first. The exception is 
utilities, Knf there has be*n 
mipn^t shown in a whole range 
of the other industries like 
cement and the rerently tie- 
natKinaliNed rice husking, cotton 
ginning and wheat depots. 

The real lnng-term uncer-; 
taintv revolves around the 
miimry’s dangerous balance of 
trade ‘position. Pakistan now 
imports goods _ to ro'iccjtite 
value that it exports. The. 
hHl-ini’p of payments pnsotion-is 
only rescued by The hieh level 
of remit toners frrin* ex-TWtriatc 
workers/ And t»p officials ron- 
ri-do ;hj«t although this income. 
i.» prubablv secure for the next 
three tn five years. aHer that 
anything could happen- 

The latest World Bank figures 
show that the Pakistan puM»- 
sector's foreign currency funded 
dcbt 'tthat a'f'-loans arranged 


for an original maturity oF\at 
least a year) amounted to' 
about ®6bn at the last count-r- 
end-1978. 1116 bulk of this, 
$4.8bn, was bilateral official debt 
— owed to other governments—- 
while a further 51 bn was owed 
to multilateral agencies like the' 
TA'orld Bank. The. amount owed 
by entities in Pakistan to 
Western' banks and suppliers is 
relatively small. 

Principal and interest pay- 
ments on Pakistan's eiid-19/B 
$6bn funded debt were calcu- 
lated by the World Bank at' 
about 5500m in each of the years 
1977-32. ■ 

Doubts about the state of 
payments have been the basis 
fur procrastination by the ald- 
giving countries, particularly, 
those of the World Bank cm- 
sortium. At Paris in Jupfr 
Pakistan , asked for debt re 
schedules! of $300m a year 
uver the five years of the new. 
Five-Year Plan and a decision 
has yet to be taken. The coh^ L 
sortium. countries variously 
expressed uncertainly ovbr 
whether Pakistan’s new policies 
would in fact put U on the right 
road to development and these 
misgivings have increased fol- 
lowing the latest requests by 
Pakistan for 2.3m tons of wheat 
in' aid this year. 


Tied 


The other main sources of aid 
arc -the OPEC countries and the 
Communist bloc. In the case 
of the former, aid is strictly 
tied in most cases to specific 
projects, although useful, this 
aid is more cumbersome than, 
say, commodity aid which can 
easily, be used for budgetary 
support. Disbursements of aid 
from the’ Muslim countries are 
expected to fall this year from 
S22Sm’. to § 196m— the second 
successive rear of decline. 
Although this aid is uscfurlt Ss 
small . compared with that- 
Minting from the consortium 
countries, who this year .jpra- 
mised SS50m, with actual. Jia- 
bursements • running slightly 
slower-. . ,,Lf- 

' Aid from the Communist- .ram 


is again project-tied but the 
year has seen the successful 
completion of the Karakoram 
highway to China, built with 
that countries' technical assist- 
ance, and from tbc Soviet Union 
a new agreement has secured 
the extra funds needed (about 
SStiOm) for The massive Karachi 
steel mill project. 

The uncertainties over aid 
■mean constant juggling with 
the budget. With every month 
that passes before the consor- 
tium allows some sort of debt 
relief, this manoeuvring will 
have to increase. 

Watching the consortium 
attitude closely is Iran, which 
for .the first time this year was 
at) observer . at the Paris 
meeting. Pakistan has already 
defaulted twice. with 
permission, on repayments to 
Tehran (due in. January and 
July) on a $570m loan made in 
1974 to help Pakistan ride over 
the worst effects of the 1973 oil 
price increase. An awareness 
ivt Islamabad that the Shah is 
less than happy with. Pakistan 
for. a variety , .of reasons will 
make it interesting to see 
Whether the payment due in 
December is defaulted with or 
without permission. 

Pakistan has now dropped 
from its budget calculations a 
commercial loan of $300m 
being organised on the Euro- 
dollar' market by Citibank with 
an Iranian guarantee. The 
death of this loan is assumed 
to be due to differences between 
Iran mid Citibank over the rate 
of tnterest to be charged .to 
Pakistan. 

The current new major 
foreign projects are the factory 
of the French truck company, 
Saviem, and the tractor' plant 
agreement signed with Massey- 
Ferguson. 

Foreign banks are expected 
to be attracted in greater 
numbers following the liberali- 
sation of the banking laws 
which had kept the position as 
it was when Mr. Bhutto 
nationalised the domestic banks 
in 1973- A deterring ordinance 
has also been brought to life, 
apparently to. limit any sudden 


influx of fringe banks. So far 
the ordinance, which calls for 
guarantees to the value of 71 
per cent time and demand 
liabilities, has only made some 
of the Western banks think 
twice. 

A range of taxation measures 
has appeared with which to 
tantalise- the investor but it 
seems as if some are also 
holding out for even better 
incentives. So far the investment 
tax credit has been increased 
from 10 tn 15 per cent for plant 
modernisation, duties on 
imported raw material and 
capital equipment are to be 
refunded and interest rates on 
fixed investment have been 
lowered from 14 . to 12.5 per 
cent. 

With the import restrictions 
continuing relatively liberal, 
opportunities for foreign 
businessmen are widespread, 
subject of course to the avail- 
ability of foreign exchange ro 
pay for goods. Heaviest demand 
is in the fields of machinery 
and finished goods as well as 
the Technology required for the 
nation's development pro- 
gramme. Oil equipment has a 
particularly good future. And 
while exports continue to rely 
pn cotton products (along with 
cotton and rice) there will be 
a strong demand for machinery 
in this sector too. 


Notice 


• On a restricted horizon the 
future looks good, but during 
the next year notice will have 
to be taken of political develop- 
ments and new economic 
policies which should further 
improve Pakistan's potential 
and ease foreign doubts. Most 
of the investment tor the new 
Five Year Plan is intended To 
be raised from domestic 
resources but savings potential 
has been low and stock markets 
in Lahore and Karachi have 
limited scope for raising new 
funds. In. both development 
and private sectors foreign 
investment and loans will have 
Important roles to play. 

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PAKISTAN IV 


Red Flag over Kabul 


PAKISTAN’S FOREIGN rela- 
tions are now dominated almost 
totally by the events of last 
April 27 is Kabul, when the 
ruler of neighbouring Afghani- 
stan, President Mohammed 
Daoud. was overthrown by a 
pro-Moscow grouping led by the 
new Prime Minister, Mr. 
Tarraki. The old central Asian 
buffer state has gone in 
Pakistani eyes and the Russians 
are a* near an the border in 
the Khyber "Pass, something 
which the British had always 
feared and had fought against 
in the days of the Raj. 

Relations with the Soviet 
Union, already bad, took a turn 
for the worse. The United 
States proved once again a dis- 
appointing ally by failing to 
come to Pakistan's aid with new 
weaponry. India insulted Islam- 
abad by the haste with which it 
recognised the new regime^ in 
Kabul — it did so within the first 
three days, along with the 
USSR and several other eastern 
bloc countries — and Pakistan 
probably hurt Kabul's feelings, 
or at least confirmed its pre.iu.- 
dices. by being among the last 
to recognise. 

The result Is that a foreign 
policy of being friends to all 
has taken several paces back- 
wards. Premises are having to 
be re-examined and much of 
the hard work that General Zia 
has put into travelling abroad 


and getting himself, rather than 
Zulfikar Ali Bhutto recognised 
as Mr. Pakistan, has largely 
come to nought. There are 
Other reasons than just Kabul 
for this, of course, among them 
Middle East countries’ dis- 
quiet over the fate of Mr. 
Bhutto, as well as western 
nations' unhappiness over 
public hangings and public 
whippings as a means of show- 
ing the people that the Govern- 
ment means business. 


the air force, tanks and artillery 
for the army. Peking's Interest 
is believed to have increased 
since Kabul, and Pakistan 
remains for China a useful 
stopping point on the way to 
Africa and the Middle Eart. 


ease the imbalance, which is 
heavily to the advantage of 
Tndia did not make progress 
fast enough. This, however, 
should be only a minor lapse 
and talks are expected to have 
begun again by late August 


Feelers 


Feelers are now being put 
out in new directions. Guest 
status was granted at the recent 
non-aligned conference in Bel- 
grade, and once again in its 
history Pakistan is letting it be 
known that Cento is not the 
organisation it is made out to 
be. The insinuation is that with 
events m Kabul it should be re- 
activated or be nothing. 

The year has not been with- 
out its high points. The Kara- 
koram highway built with 
Chinese assistance across the 
mountains separating the two 
countries was a triumph of 
engineering and will be a 
symbol of a very practical 
friendship. China has proved a 
worthwhile ally in the past, 
supplying large quantities of 
military equipment — planes for 


Relations with India looked 
as though they were picking up 
when the agreement over the 
use of the waters of the Salad 
Dam on the River Chenab was 
signed in New Delhi in April. 
The agreement was a direct 
result of the favourable visit 
bv the Indian Foreign Minister, 
Mr. A. B. Vajpayee, to Islama- 
bad in January, but since then 
relations have faltered, dnd 
Pakistanis do not feel they can 
be improved in the near future. 
Once again the blockage is 
Kashmir, the Muslim State of 
northern India, of which India 
shows no sign of giving up its 
partitioned half — or allowing 
debate on the matter. For indivi- 
dual Pakistanis the Kashmir 
issue remains an article of faith. 
Officials say public opinion in 
Pakistan allows little room to 
manoeuvre, but third country 
diplomats feel that, while some 
of the top men in the Ministry 
of Foreign Affairs in Islamabad 
remain Indiaphobes, the neces- 
sary education of public opinion 
seems unlikely. Private trade 
has been stopped with India 
because the previous protocol 
had run out and negotiations to 


Afghanistan could have been 
listed as a success up until the 
Kabul coup. President Daoud 
made a successful visit in the 
previous month, returning one 
made by General Zia, and the 
old issue of the border un- 
recognised by Afghanistan and 
Kabul’s interest in. Pa than 
tribesmen living an both sides 
of it appeared to be on its way 
to resolution. 


A visit In July by - 
American Undersecretary 
Political Affairs, Mr. D gV j. 
Newsom, underlined this ^ 
tude. Pakistan was told » 
would be given sympathy ^ 
garding the events in Kabul, w 
no arms until the reprocess®, 
plant deal is changed so thu 
pure plutonium Is not a 
product 


Safeguards 


Much of the fear of the new 
regime in Kabul stems from 
tbe possible impact on the tribes 
in' the border provinces of 
Baluchistan and North West 
Frontier. Little if anything has 
happened yet but events in the 
cross-border province of Paktia, 
where the Afghan army has 
been in action against local vil- 
lagers, are watebed with 
interest. Army units have been 
strengthened in several places 
to counter any action, and 
General Zia is pressing on 
quickly with making peace with 
his own Baluch tribesmen, who 
retain suspicions from the way 
the army, in the name of Mr. 
Bhutto, sorted them out during 
an insurrection between 1972 
and 1975. 


Manufacturing 


picks up 


AS WITH other sectors the 
fortunes of industry and manu- 
facturing have been closely 
connected with political events 
of the last year. The agitation 
against Mr. Bhutto by the 
(then) opposition in ..March and 
April of 1977 disrupted the 
economy, and sini<* then politi- 
cal uncertainty, bas affected 
planning and'.' investment 
Generally speaking, though, the 
military Government's support 
for industry has been made 
dear by a series of pronounce- 
ments demarcating afresh the 
public .and private sectors and 
partial denationalisation. 

The result is that the official 
review of 1977-78, as contained 
in the new five-year plan, was 
able to report that there had 
been fuller capacity utilisation 
in the chemical industry and a 
sharp increase in grain milline, 
cotton ginning and edible oil 
processing. The increase in 
output in other industries such 
as sugar and metal products, 
the review goes on. have also 
been satisfactory. Disappoint- 
ment. howe^pr. is exurecsed in 
the paner and board sectors and 
in textiles. In the latter cotton 
scarcitv and erosion of profits 
were faced in July to October, 
1977, and although cotton 
sunolies imnroved with the new 
crop, output of cloth and yam 
for the year as a whole was 
anticipated to be more or less 
at the previous year's level. . . 

Most of the measures to 
restore confidence were 
announced in September 1977. 
They included the denationalisa- 
tion of cotton ginning, rice 
milling and flour milling units, 
the opening up of a number of 
areas to private enterprise 
which had previously been 
declared closed by Mr. Bhutto’s 
administration, the lowering of 
interest rates for investment 
credit and special incentives for 
what was described as the ailing 
textile industry. 


of Mr. Bhutto. The impression in enubU-scade industries, but the 
given is that once the trial is exact dimension as not known, 
out of the way (and if neces- Even in this category criticism 
s ary some sort of public is made that it was not o-n solid 
announcement is made that the financial, technical and market- 
present militaiy-cum-political ing foundations. One success 
type of government is here for story however, is the growth, of 
some time), then the future will exports in. carpets and rags 
be clearer. And although logic- which are up 22 per cent over 
ally it need not necessarily last year to 4he value of about 
follow, the funds will then come $ioom. 

forward. Although tbe five year plan 

General Habibullah expresses puts a neater emphasis on 
hope at the interest being shown agriculture than industry, it is 
by unnamed German, British to ,., y realised that wilhbut the 
and Japanese firms in the two base ^ 

free trade zones planned for fertilizers and agricultural 
Karachi and Lahore. The machinery’, seif sufficiency in 

s™* 1 1° agriculture cannot be achieved, 

the ground first, and he thinks 

it will be a success, but says it t . 
should have been started after lNCXl 
the Beirut troubles began. _ , . . , 

There is also a problem regard- . e nex t Priority is for the 

ing *he funds to build the neces- Pnvate sector where more 
sary infrastructure. However, ^cultural processing rndus- 
to outsiders, while Pakistan planned followed by 

labour is no longer cheap and development of new rndus- 
still is strike prone, the viability F 1 ** “Jte use of agncultural 
of both projects must remain by-products and waste products, 
in doubt These would include molasses, 

The textile industry is also *»*“»«« wheat and rice stow 

particularly affected by these ■ ^ e . °* md “!F ,al 

latter factors as General Habi- development is the further 

bullab admits, and his view is °L., leathe * eoods - 

shared by the bead of the Fauji f™twear, textile crafts and 

Foundation, retired General Rao _ Investment in a S ro_ 


The Kabul coup came when 
relations with the Soviet Union 
were again on a “razor’s edge." 
Genera] Zia has bad little to 
thank Moscow for during the 
year. The steel mill they are 
building near Karachi is behind 
schedule and more expensive 
than intended. Extra funds are 
having to he coaxed from the 
Soviet Union for a plant depen- 
dent on imported iron ore and 
whose finished output is likely 
to be above the world price. 
Soviet diplomats are openly 
suspected of financing Mr. 
Bhutto's People's Party to stir 
up trouble, and ministers admit 
to a nagging worry that every 
second Soviet technician in 
Karachi is a KGB agent 


Attitude 


Three -instances iHlustrate the 
heavy-footed attitude of the 
Russian Embassy in Islamabad. 
In November, 1977, at their 
revolution anniversary celebra- 
tions, they pointedly invited 
only People’s Party poHticaans 
to the official reception. Also in 
November, during their re- 
supply of Ethiopia, they tried 
to overfly Pakistan without per- 
mission and three giant trans- 
ports were held at Karachi until 
a face-saving formula was 
found. Since then the Soviet 
Ambassador bas been taken to 
task for telling a local news- 
paper that relations with 
Pakistan were bad because it 
was “an enemy of Russia’s 
friends, and a friend of its 
enemies.” 


Rrman Ali. who in addition to ^ “? ke . s «P 


textile mills has cement and ^ 

trial investment envisaged in 


fertiliser plants to operate as ^“five y 7^. 
Rao 


Firman AJi admits But the main part pf industry 


labour ^ ^ploited on the 

1960s but feels that the other 3S. 


extreme of strikes and tension 
was reached during 


jects which are so far advanced 
11,11 t * ieir 0311,101 b* cancelled 
cheaply. The obverse of this is 


Impact 


Candidly, the Five-Year Plan 
concedes that although these 
measures helped bring about a 
recovery in output, exports and 
savings, their full impact . is 
likely to accrue over a longer 
period, only establishing itself 
in the next fiscal year. 

The Minister for Industries 
and Production, retired General 
Habibullah Khan, Is slightly 
more pessimistic, although he 
would not admit this. An indus- 
trialist himself with several 
textile mills and a wealth dating 
back to a previous military dic- 
tator, President Ayub. General 
Habibullah says it will take 
Industry between two and five 
vears to get going again. He is 
heavily critical of Mr. Bhutto’s 
handling of the economy, des- 
cribing it as victimisation not 
nationalisation. The deteriora- 
tion was, he savs, bv geo- 
metrical progression. Progress 
will onlv be by arithmetical 
progression. 

He savs the all important 
private investment has yet to 
appear. Thpre have h^*en 
inquiries, hut he considers It 
natural that it will not ponte 
through until the political 
future is more certain. The 
phrase “ political future " is the 
codeword adopted for the fate 


Bhutto’s day. Wow trade inaon that most will come into full 
activity os serkw^y restricted prod uction during the period of 
by martial tew, and so for the five year plan> ^ is before 
several months there ms been 2983. ■'When tbe Karachi steel 
no trouble on tbds front. How- mm, cement factories and 
ever, the ki Wring s of 18 strikers fertiliser factories come into 
in Mol tan An. January by police operation there will be a sigh 
rifle fire is a warming of wbot of relief. However, the well- 
can happen if tension builds up. established dangers of ineffici- 1 
'The fundamental -failures of ency and high costs will still 
industry remain untxcWed. Its exist and could conceivably 
performance remains poor, with wipe out any advantage gained. 
Lrtrtile real growth and a ddmin- Two foreign projects o! 
isbang productivity, and these importance are tiie Massey 
are faults of both the public Ferguson tractor factory to be 
and private sectors. Tbe causes established in the Punjab, near 
are considered diverse. Tbe Lahore, and the Saviem truck 
breakup of the country with the f ac l 0I 7i from which the Renault 
independence of Bangladesh in subsidiary hopes to supply the 
1971 is one, ootioiaHsaAion. re- S lol *.^ 1 pa £ is ^®i ,d aome of 
cession in world trade, and “ ,ddle ^ 513168 ^ weU .- 


By contrast the attitude of the 
United States towards Pakistan 
appears very cautious. Relations 
with Washington were bad at 
the end of the Bhutto regime 
because the former Prime 
Minister had blamed America 
for financing the agitation 
against, him in retaliation for 
his earnestness in acquiring a 
nuclear reprocessing plant from 
France. .Although General Zia 
is pro-Western to a degree 
that makes his non-aligned 
overtures less than convincing, 
he too is determined to buy the 
reprocessing plant. The result 
is American cutbacks on aid to 
the extent that only conces- 
sionary wbeat is now being sent 
and there is American unhappi- 
ness with rescheduling Pakis- 
tan’s debt mainly for economic 
reasons - but also hiding a 
political motive. 


Inevitably the topic has also 
interfered with relations wftfc 
France, which itself wants % 
adjust the contract signed ig 
1974 in the light of presently 
attitudes and responsibilities ^ 
non - proliferation. Further 
negotiations arc rantinuing,^ 
until they are sorted out;^ 
work is being done otr- ds 
S275m truck factory planned^ 
near Islamabad by- Saviem, tie 
Renault subsidiary. Diplomatic 
sources consider the most likely 
outcome is a face-saving for. 
mula for Pakistan, with' ^ 
original agreement heavily 
amended with safeguards. Hog. 
ever, it will take time; Us 
General Zia is still promising 
the plant to the;. people. "Tha 
setting up of power' generath^ 
nuclear reactors, ior which -the 
plant is supposed to be intended, 
seems a long way off and they 
are not referred to : in. the 
latest five-year plan. 

A question mark also hang* 
over the other component 6f 
Pakistan's foreign relations— iu 
ties with the . neighbouring 
Islamic states. -The economic 
link is still there, at least ia 
the sense that Pakistan is able 
to export excess and skilled 
labour to the area and receive 
huge benefits by way of remit- 
tances in return. But Middle 
Eastern aid to Pakistan dates 
back mostly to pre-Zaa days, and 
what there is usually consists 
of project aid,- demanding a 
rupee component. The fats 
of Mr. Bhutto , is more important 
here that apparently anywhere 
else. Only one country, Turkey, 
is officially admitted to hate 
offered asylum, but many more 
are. befieved to have made 
their . feelings known* TJjesa 
feelings -are either pleas of 
personal friendship or anxieties 
about the precedent established 
and the future stability, of the 
region. 

Pakistan likes to think of 
Saudi Arabia as the closest 
friend in the region, but even 
here for every Pakistani who 
says General Zia’s trip there m 
April earned him unqualified 
support, there is one foreign 
diplomat who says the Saudii 
pleaded for Mr. Bhutto. Ibe 
other main neighbour. Iran, is 
firmly believed to have the will 
to cut off aid if the former 
Prime Minister is executed. 
Pakistanis protest at the Shah's 
attitude but they cannot lightly 
disregard it 

' In the midst of all this, 
though, Pakistan has retained 
some future credit by acting in 
sympathy with Iran and Saudi 
Arabia in Somalia at the time 
of the fighting with Ethiopia- 
Assault rifles and pilots, as well 
as non-military aid, were among 
the assistance quietly provided. 

It is an indication that 
Pakistan still sees itself as a 
bastion nf the West One 
Minister interviewed said “do 
not desert us,”- and a high 
adviser commented that the 
Western press criticises its 
friends all the time and implied 
that it thus pushed nations 
closer to instability and com- 
munism. The foreign policy- to 
stop that end does not yet seem 
to have been formulated. 

SJBf; 


lUbUthad IHI . 


international inflation are The iatter - however, has run 


others. But it as also argued ^V?.- P*' 0l, *® ms because of a 
strongly that the industry built JJ? 11 *}?® 1 ll £^ se J v th futQre 

up Re 1960s w^nSdaJIy ^eprocessmg | 

protected ^ Government’s intention is 

P-reseM day plan* *s consutered to develop further the export 
badly maaotained and out-of- orientation of Pakistan’s! 
date and onrtiosms are also industry, and it seems for the 
made of man age m ent. . next f ew years the dominant I 

A recent report on the textile role in this will remain with 
Andustay comimrisstoned by the cotton products. But this is not 
WotW Bank os quoted by the a sector on which to put too! 
local Press as saying the most much reliance as Pakistan lost! 
urgent requirement As the train- its position in the international 
ing of personnel in all sections textile trade and has still to i 
and at all levels, aod this re- make it up. General Habibullah 
quirement supercedes all others, counts on improving the reputa- 
Much the same criticisms can tion of quality and supply and > 
be made for other industries negotiating further with the; 
as weM. and entrepreneurs to build up quotas. He is 
could be also put on the defen- a * so tr y ,n S to make sure com-; 
slve fcwr the way they were kite tutors like Korea are not 
with investment either for . 1)7 lbe export of I 

modernisation or in new fields Pakistani yarn and requires that 
which had been unaffected by (S th . e [* * re f * 10u,d 

**** owoet!lliI, wm ^e C ' 

pCMLCHSS- __ j 

Where growth did occur was o.R, j 


OVER 

1700 

BRANCHES IN PAKISTAN * 

73 

BRANCHES ABROAD 

IN FAR EAST & SOUTH ASIA 

□ MaS ?* 3 * 6 ° DACCA Q COLOMBO DMAHE 

AFFILIATE IN MALAYSIA 
nPERVWflA HABIB BANK 
REPRESENTATIVE OFFICES 

□ HONG KONG DJAKARTA 

IPi MIDDLE EAST 

a BATCHES I DAJMAN □ At. -AIM 
DS r KH|S 'S«"«J f □ BURRAlMi 


n m ■> ' ""Wi-nu I UDtlHUr 

nSuwI^A^^fiP.fl 00610 *” QFUJERA* 
SSSSffSS^S^Omt □ MUSCAT 


KM *!5 aAH CIRUW1 DSEH 

Si t^S^S 3 S^^‘ mxX!S 

IN AFRICA 

n'^fiS^, aMA1 ' ,NDI °MOM8ASABROSE HU 

□ NAIROBI [iiHKimi □ POTT LOUIS 
IN U.K. Er EUROPE 

P Bradford [»ombcm«] □ oewsbuit 

n HUDDERSFIELD n iim 

5 S!S, [ B ,, ^iP LuT0N ° mancwste 

□ ROCHDALE □ SHEFFIELD D SLOUGH 

IN U.SJL 

□ NEW YORK 

R& 382 MILLION 
ra AU i{J , I££ P,TAL & reserves 
Rs. 11423 million 

DEPOSITS 

(k 25285 million 

TOTAL ASSETS 


is ™ JETS.* 

EbSLhi* b. 


Habib Bank Limited 

MM Offla i HIM U 


[ iSa 








13 


Financial lines. Friday ; August 11:1078 


(k 




PAKISTAN V 








PAKISTAN'S AGRICULTURAL ttiraT-progren&t BuCiS dependent 
potential" has. "tantalised and foreign ©eonaimsts'- fitslst that 
frustrated successive govern- Pakistan's agricultural perform- 
menta and a host of inter- ance Is tiU : unjustifiably poor, 
national aid agencies for 30 One expert recen^-^ 
years, ' that there was completely 

In theory an over-abundance ^Satisfactory 'expianatijony- for the 
of important staple crops -like failings of Pakistan’s agricul- 
wheat and rice, and. of valuable, ture. ^Yields remain wtil 'below 
export crops like cotton; should ..those achieved under . com- 
have fuelled ' the -Pakistan parable conditions ' ^h-other 
economy through itfirst tbree countries,” he said. 1 'Production 
decades. The. land is fertile, and has been well ‘below, foepoten- 
the Indus supplies enough water tial implied by -the 'iuipnsts.-and 
to irrigate as much land as any- technologies,. avaflahJfi^.-'-- ■ 
obe would care to irrigate. ' . : Pakistan’s wbeato*3£'— a 

During the 1960s progresswas crucial' staple ^ f ood,i; 'and the 
rapid, and Pakistan seemed major • winter crop-rr’- Is pro- 
likely to .fulfil best hopes, but. vfding the ^eve^st/prohrems. 
during. the past decade agrleul- Successive- governments •- have 
tural ‘ production has limped aimed at self-SofSci^bcy krwbeat 
along behind most csomparaWe as a . coTOerstone ^'^OTnoraic 
developing countries; - Abject planning, but the ; position- has 
poverty persists, the Government steadily deteriorate^’.’^ ; The 
is forced .to funnel, huge Government was fbri?ed: tb. im- 
quantrties of precfour foreign port 1 m tonnes^-bjF-'Wbeat in 
currency into staple~fofds like 1977-78 to meet tfce-«hertfall of 
wheat and the concerted efforts the previous- cwns^Sp^ the 
of international ' aid ' agencies Government alreadyAKhnits that 
have achieved precious little. about 2.3m tonnes Mo have to 
In 1952. ar: the cutset of be imported this- ytfjfcftff: meet 
Pakistan’s first Five Year Plan, the latest shortfall /Tadepen- 
the country boasted an aimual dent analysts are 
foodgrain surplup ' worth the ' shortfall' 

Rs 14m (at current exchange stretch to betw 
rates $1.4m) : by 1959v -this had 2.9m -tonnes, 
slipped to a deficit of Rs 220m .-.This ; not only: 

(&22roV. Last year, foe cost . of huge . quantities^ 
importing wheat alone ‘cost hi currency (deep 
the region of SSOOm, and in the elsewhere in the < 
current year it will be more than also adds to the a; 
double that gestion at Karachi 

j'-'r 'r-s .-But it wheat 
WppflP severest proble: 

XJCLUL cotton crop provides:^ 

The country’s hectic popule- disappointments, 'v* ‘ 
tion' growth "has certainly not Cotton is traditl 
helped. The birth-rate is -stiH tap’s mgjor export ! 

4.7 per cent, with foe' pbpu- aa important, fo 
latibn expanding at foe -rate of earner. From, a 
3 per cent a year. 1 Experts pre- the eariy I97ps —-3 
diet that the present population able weather .and 
of 73m will have doubled, with- lems. t-*. crops have, 
in 25 years. Despite foe ^dvice worse s In foe peak 
of every international ' aid l973'4m bales were 
agency, succesrive gdjtomfoents but by 1976-77 this ha 
have failed to tackle the prob-. to 2.4m bales, j- list 
lem ■ satisfactorily/ r.'to i^the 8.2m bales were harve 
current military re^me tindef eariy opU m ism over.fof jfirren t 
General Zia-ul-BHq seems am year’s rrop (planted jpKspring) 
likely to do better../His Five-, recent flood*: in Pakwsn’s prime 
Year Plan aims to encourage Mtton-growing are* have cast 
parents to limit their families a shadow uT- doupt over pros- 
tn between three and fiver chil* >ects for foe fining harvest, 
dren. .. The factfo^*the Government 

To be fair, a 'succession, ;.qf xwntifldgs^ 'to Concentrate on cot- 
political upheavals, starting with, tpn as Uproafor. export crop only 
the trauma of partition in 1947. highlights Jfs problems. With 
and ending with foe fall of Kr. world mVkei prices often below 
Bhutto last year, coupled with produc|ion costs. and the cotton 
a string of natural ■ d isastep. tCTtJTepndiistry still hopelessly 
have continually dogged agricul- deprgpsed, a country with more 


flexible ' agricultural ‘ policies 
would have shifted into alter- 
native export crops by how. 

The two other major crops — 
rice and sugarcane — have 
caused fewer worries, but even 
here crops have grown . at a 
meagre 2 per cent per year 
since 1969-70. v : . * 

It would be . Jhcoitect. to 
imply that yields per acre .have 
not improved, or that, total out- 
put has not risen. Wheat yields, 
for example, improved by almost 
40 per cent between 1970 ;and 
1977, while yields for. h^smati 
rice almost doubled, and those, 
for sugar rose by 37 per cent. 
Even wifo cotton, where yields 
have fallen, price rises have 
more than’ trebled returns per 
acre over the same period. 


Boosted 



away, 
.foreign 
^needed 
) but 
con- 




But foe rise in population has 
more than' matched any improver 
raent, and other developing 
countries have progressed very 
much faster. The simple fact is 
that Pakistan’s agricultural out- 
put has been boosted over the 
past decade by once-and-for-all, 
high technology inputs — like 
tubewells and Irrigation, fer- 
tilisers. pesticides, high-yield 
grains and so oh. By inter . 
national comparison, larger im- 
provements should -have' been 
expected. 

One foreign agricultural 
adviser said: “ The windfall 
gains won thrhugh foe introduc- 
tion of new technology have dis- 
guised basic structural problems 
that are causing low produc- 
tivity. There are no more high- 
technology inputs that we can 
provide, so Pakistan has a long 
uphill struggle ahead unless it 
faces up to these problems and 
does something about them 
. The massive Tarbela dam pro- 
ject has greatly improved regu- 
lation of water down foe Indus, 
and has given birth to a huge 
network of irrigation canals. 
But- foreign aid -personnel in- 
volved' with 1 on-farm water 
^management claim foal farmers 
lose an average 40 per cent of 
their irrigation water between 
the\beginniiig of their water- 
courses, and the laHd to be irri- 
gated 1 — simply through .over- 
filling and seepage. 

Even, water that reaches foe 
land tends to arrive at the. wrong 
time, and in incorrect quantities, 
because farmers sharing foe 
same ..watercourse fail to 
co-ordinate foe crops they plan 


to grow. The failure bf farmers 
to co-operate at local level, and 
foe absence of any institutions 
to encourage oxpperation, form 
the most persistent complaints 
of foreign agricultural aid 
agencies. 

Fertilisers have more often 
than not been dispensed at the 
wrong time, and chronic short- 
ages have been aggravated by 
local feudal ” conflicts, where 
major landlords can exploit 
their power to pre-empt ferti- 
liser supplies — and other 
precious inputs besides. Agri- 
cultural land ideally needs about 
150 nutrient pounds of fertiliser 
for every cropped acre. The 
average In Pakistan is 33 lbs. 

' The Government is tackling 
as a matter of urgency problems 
of imbalanced fertiliser use: 
shortages of pbosphatic fer- 
tiliser mean that the ratio of 
phosphatic to nitrogenous fer- 
tiliser applied- is invariably 
wrong — which . results in 
abundant early growth hut 
poor seed development 

New seed varieties created 
in Pakistan’s agricultural re- 
search centres have persistently 
failed the farmer, leading to a 
total lack of. trust id them. 
Again and again supposedly 
high yielding pest-resistant seeds 
have failed to adjust .to Pak- 
istan’s climate and cropping 
patterns, or have, fallen victim 
to pests they have been created 
to resist 

The saga of pesticide use is 
hardly happier: aerie! spraying 
has proven unsuitable and often 
disastrous in- many instances 
because Pakistani fanners tend 
to have small plots with a wide 
variety of different crops grow- 
ing close together. In its latest 
Five Year Plan foe government 
has announced proposals to 
revert to much more ground 
spraying, which may be slower 
than aeriel spraying but . at 
least gets the right pesticides to 
the right plants. 

Attempts to provide extension 
services to help the farmer have 
failed so badly that foe World 
Bank has just announced as 
emergency scheme — an “ extent 
sion visitation service ” aimed ^ 
making them more effective. 
Bui the Bank can only afford 
to provide the service in five 
districts. The rest of Pakistan’s 
farmers must make do- as -they 
can. ■“ 

Mechanisation has : come 
mainly in the form of- tractors; 
more than 11.000 have- been 


imported in the past year. 
Where r they have been used 
they- have brought undisputed 
increases^ productivity, mainly 
by bringing more acres under 
the: plough. But tractors have 
tended to go to big landlords, 
who have evicted tenant 
fanners in order to amalgamate 
pmall plots. The new larger units 
of land can be more easily 
ploughed by tractor. This has 
inevitably increased! foe mim- 
bet of landless labourers in the 
countrywide and created con- 
siderable -hardship. 

lie .resultant exodus into 
towns" --has also made farm 
labour more expensive. Fanners 
paying- labourers 10 .rupees 
day just a year ago are report- 
ing that they have been forced 
to pay up to 30 rupees a day 
this year. 

Land reform would do a lot to 
alleviate Pakistan’s agricultural 
problems. Indeed, both Ayub 
Khan in the early 1960s and 
Ur. Bhutto up to 1977 aimed to 
reduce foe gap between foe 
rural rich and poor by limiting 
landholdings. Officially, no far- 
mer is allowed to own more 
than 100 acres, but enough 
loopholes have been left In foe. 
law to allow most big landlords 
to SsttP through. Many argue 
foatilr. Bhutto fell from power 
because ‘foe landlords who made 
up his powerbase in foe popu- 
lous" 1 Punjab feared be planned 
to introduce more rigorous land 
reforms. 


Remedy 


"General Zia-oJ Haq has just 
released Pakistan's fifth Five- 
Year Plan, wifo a comprehen- 
sive policy to remedy the coun- 
try’s chronic agricultural ineffi- 
aenries. On paper Pakistan 
will J5e self-sufficient in wheat 
by 1982-83 and exporting large 
quantities of cotton and rice. It 
shtfnidhave trimmed imports of 
expensive cooking oils by grow- 
ing ®ya beans, sunflowers and 
olhexiTqH' seeds as important 
secondary crops, and should be 
satisfying most qf its own fer- 
tiliser needs froirisfertiiiser fac- 
tories which. are\due to be 
completed in foe near future. 

Whether this achievement on 
paper will become rekrty is al- 
together a different mtoer. If 
the lack;of success of past plans 
is anything to go by, then no- 
one can be very confiden 




m new 


vfV; •_> ■: ■ 






■natural gas in the Karachi 
; hinterland. Other companies 
^preferred to sit on concessions 
’and wait: for someone else to 
dertake the financial risk of 
iloratory. drilling.. From 1963 

- major lead was taken by the 

’Government - created ’ Oil .. and 
-tSas Development Corporation 
=(OGDC>, both in terms of 
-seismic surveys and exploration. 
1 But until 1973 u basic fact of 
;fife for the local oil industry 


‘foe 


IF THE- name oil Tart^a Dam aee^, \Aile :gas- provided 38,?. established company, 
galvanised foe hopes," challengea pv debt ~ and almost 90;per 'is stiB confined to the Poftohar 
and controversies in: Pakistan's ;6eac.«f tius^ ted to be impqhte& .hasfei, and until 1973 was happy 
energy industry early In_ foe. ; in foe 'moistx- ^receni finanddU just to. get enough oil to keep 
1970s, then the dames -of Sui, y^r ' (to ; foe end of Juoe)'Ats l0,000 barrel-a-day refinery 
Ptrkoh and. Dhodak have new pajostan imported 4.5m toi» :oT busy; the difficulty and expense 
stolen its place:'. ’ .. exude oil and^petxoleum mx^ df drilling new wells mitigated 
Tarbela Dam, which ^tands in ducts, at a cost of Rupees 4Bb^ 7 ^asawt greater aspirations, 
the path of the. -Bjdus m it ^$480m ) r . ~ If - one exciodes ; Other foreign oil companies 
tumbies ovt of the: Hindu Kush recahtacoes sent home- ’.-30 : znaintained: an* interest by keep- 
mountains on to .foe plafa^ of. by expatriate workes&--feg hold of . con cessions, but only 

neribern P-akisfon,'.. was re p reseots 42 per oeat 1 fiurmah Oil developed any 

Pakistanis. :.gpat ^6t - 'aU -PaWstac’s forefea f jignlficant business — based on 

““ ‘ V ' 

delays due to blunders and bad An imoort bill of this 

r-- , ^^^'grfsr^ r, s 

national grid : wtfo : ’700kW di 

through thc .ffJl.Sr'S Swu^htfS^l hrfo, 

■ now in operatfoa-^dlmost tvw 

of the -country’s : tpul hydro: ^ 

electric supply, r ‘ . S®*®: ^ 

A further e^ht 1 generators, me *#*- most * 

due to be completed .hy.. 1985, prfor^. has -been to find 
will treble this /supply" to.exploit its own oil ana 
2,ft0kW; By thai tlme,.hassive.-fields; Huge quantitiesjrf: 

50ok V transmission lines, will and' gas rare still imported, \ — — .— ------- 

link Tarbela with Karachi on Slgniffcaht reductions are. Wr“waa that it was much cheaper 
the coast 1.W0 miles tb. the likely : fh foe ; near future but to import ofl from the Middle 
south.^oialng aB ^foe miijor 'some Impressive progress East than it was to exploit 
cities in between / --l . ; V been made. ’ -. , " Pakistan’s proven reserves or 

. tot for fields. 

5 tep toward for- , electricity*, .. / j! -- When foe whole apple ran 

starved Paki^a&^’(per. capita' was overturned by OPEC, Paki^ 

consumptibd lS' tt^Menth bl the tr3feesmeo aat westoa tan’s GovernmenT at least had 

world average) new' -W*d pak^Cao huve kzxxwn abow afiad the consolation that alternative 

pressing energy:proWdms hvie sourees of oil were known to 

emerged sincc lfi^lwh^ v^v^riesr light roadensate oU Mhd exist: many countries had not 
on Tarbela first sfarted^whSch endiish 4d Wg fo t foeir <al tops tto the problem was 
is why the names of "Sul, Pirkoh noftf ground ovA- a orchestrating foe search, and 

and Dhodak have superseded it - >. . persuading companies and fund- 

« 'he foeua of fpUieymkoK' ^ & ^ » *““ tte X 

debate. : r eluded esrfy * oil m«n^— ^ de « bI e financial risks 

The whole its complex^ -tohpef 

transformed .m Soricaltoo- Production from proven fields 

elsewhere thnptoSSf ^ the pS^S^a aptort was^pped up, and urgent 

world, when the OPE^powera^^ * n 

quintupled oil m ^ .pronged prog^mme. Firat ofl 

Rvrinvel wtric ■ power: : .. bad and gas fields which -had 

tHttrorae - important, pr^pudy been lorated but not 

about 15 ’f pet cent ^ thought : commercially viable 

OTuntry’s enetsy needs. : but lt **Wly fonn^ -Altxkk O^vom- were t0 be -.redrilled- and their 
was Smptoiy overshadowed -paasy.iit ^ d ^ f potential reassessed; secondly, 

hy the ItoWtaacfr of -oil: ^ ^aange a hto for -new fields started. 

-L ^ ~ in foe FcrtoSwr bason, Given foe technical difficulties 

confronted, the Government 

per -c«it od^lWaSaafS Attock : Ofl, now PaiOWan’s eaa boast an impressive record. 


Since 1963 one in five wells 
drilled have hit commercially 
viable finds — a remarkably high 
average by any standard. And 
since 1973, when the alarm bells 
rang out. three potentially huge 
finds have been made which 
offer Pakistan foe tantalising 
prospect of self-sufficiency in oil 
and gas and even foe prospect 
of substantial natural gas 
exports. 


Reserves 


These finds are at Sui in the 
Sind, Pirkob and Dhodak in 
Baluchistan. The Sui gas field 
now supplies almost .all of 
Pakistan; it has proven reserves 
of 17,000bn cu ft of gas. Mean- 
while, the reserves at Pirkoh 
and Dhodak are .still to be 
proven, but first well estimates 
imply 174m ' barrels of 
condensate oil and 3.6bn cu ft 
of gas. 

Production from the Potato 
basin has also' been boosted; 
mainly at Mayal, Toot and Adhi, 
and several of foe world’s oil 
giants are in foe process of 
making agreements' wifo the 
Pakistan Government to join 
foe oil search. Gulf OB, Amoco. 
Esso and Hmfcy are just some 
of the names involved. 

Total - finds boost proven gas 
reserves to 22 J 24Qbn cubic feet, 
with proven oil reserves stretch- 
ing to 600m barrels. Govern* 
ment officials claim foat poten- 
tial reserves soar to a stagger- 
ing 58bn barrels of ofl. and 
141,000bn -cubic feet of natural 


Just how touch it will cost to 
find -.that ofl, bow much 
of it can be brought out of foe 
ground, and at' what cost, are 
questions which . cannot at 
present be •answered. 

Even when- the oil or gas has 
been brought out of the ground, 
the problems of refining it 


present the Government with 
difficult. choices, it should be 
remembered foat while OPEC 
fixes the price of crude oil. it 
has as: yet fixed no prices for 
refined petroleum products. So 
several Middle Eastern oil pro- 
ducers have been offering coun- 
tries like Pakistan refined pro- 
ducts at. knock-down prices, 
stropgly reducing the incentive 
to refine inside Pakistan, and 
therefore inhibiting foe pres- 
sure to^bring oil out of the 
ground. 

The Pakistan Government has 
nevertheless committed itself 
to boosting its refining capacity 
from 4.7iu tonnes a year to 6.7m 
tonnes a year. Attock Oil Com- 
pany, (me of foe three major 
refinersi" is due to have its 
refining, capacity raised from 
0.5m tonnes to 1,5m tonnes fn 
foe imminent future. 

But Mr. T. A. T. LocHii, chair- 
man -of Pakistan Oilfields 
(POLlj the Pakistan-based sub- 
sidiary of Attock - Oil, claims 
foat by Christinas he will be 
limiting - his oil production 
simply because refining capacity 
is being -used at full stretch. 
Even if -the godhead were given 
tomorrow, for new refining 
capacity, he claims foat it will 
take two yean to be installed. 
So for 18" months oil that could 
displace expensive imports will 
have to -stay underground. 

In the. latest Five-Year Plan 
foe Government has committed 
huge soma of new money to foe 
hunt :; for new oil and gas and 
the assessment of current finds. 
Development spending. in 1973/ 
1974 was BSrltm (3100m); by 
1977/78 It. ba4 -trebled, to 
RsJJbu ($300m).' ■ A total of 
seven or eight exploration wells 
are scheduled tp be drilled 
every year throughout foe plan 
—compared wifo a current drill- 
ing average, of one a year.' • 


CONTINUED ON NEXT PAGE 


'•/ .. 


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THE COMMUNIST coup in 
Afghanistan sent shock waves 
thr ough Pakistan's neighbour- 
ing North West Frontier Pro- 
vince, and it revived the old 
bogey that Pathans in the 
province would press for an 
independent homeland — Pukh- 
tunistan. 

The trepidation in the 
province is understandable; 
tribes like the Shinwaris. 
Salarzais and Mahmuds straddle 
the Afghan-Paldstan border. 
Many of the tribesmen settled 
on the Pakistan side of the 
border wonder what their 
future will be, now that many 
of their brethren live in god- 
less •Communist Afghanistan. 

But the fears of Government 
Ministers 100 miles away in the 
capital Islamabad are less justi- 
fiable. Expert commentators in 
the province argue that the 
separatist tendencies of the 
Pathans are less visible now than 
they have ever been, and that 
the coup over the border has, if 
anything, boosted patriotic feel- 
ings towards a unified Pakistan 
rather than diluted them. 

It is probably true that in 
the long term Pakistan's tribes- 
men will be keeping a distant 
eye on developments in Com- 
munist Afghanistan. If the 
word comes from relatives over 
the border that great things are 


being done for them by their 
new masters in JCabul, while at 
the same time' they feel no 
matching progress inside Paki- 
stan. then demands for an 
independent Pukhtunistan may 
escalate again. 

In the meanwhile, however, 
most would probably agree with 
a Pathan fanner living near the 
Khyber village of Landikotal: 
“Of course we are Pathans first 
But we are Moslems second, 
and we are good 'Pakistanis." 

The days when tribal Red 
Shirt bands fought for Pathan 
independence, and- swore to 
sabotage all efforts to create a 
unified Pakistan, are part of a 
distant past. 


Party 


The political party which best 
represented this 'separatism was 
the National Awami Party 
(NAP) led by Abdul Ghaffar 
Khan ( now reverently referred 
to as the “Frontier Gandhi”). 
This party has now been 
abolished, but it is still 
nominally led -by Ghaffar 
Khan’s son, Wali Khan. 

Wali Khan is unequivocal 
about where the future of the 
Pathan lies: “Just because we 
criticise the federal govern- 
ment and say that Punjabis 
have too much influence, does 


not mean we are disloyal Pakis- 
tanis. It is -true that we -want 
stronger control over decisions 
which effect the fate of the 
Frontier, but that does not 
mean we. want a separate, 
independent Pukhtunistan.' The 
idea that we want independence 
is a bogey created by federal 
government politicians to serve 
their own interests.” 

There is probably some truth 
in Wali Khan’s claims, but it is 
also true that border tribesmen 
have traditionally played on this 
bogey to further their own 
interests. By alternatively 
courting the Afghan Govern- 
ment and then the Pakistan 
Government, tribesmen have 
been able to amass considerable 
wealth. One can hardly blame 
the- central government - for 
being irritated by this deft 
brinkmanship. 

To many tribesmen, this is all 
great sport As an American 
observer in the Frontier capital 
of Peshawar explained: “ They 
take a very superior attitude up 
here to the antics of central 
government” 

The Government in Islamabad 
often makes the mistake of 
thinking Pathans are a unified 
political whole — and that only 
Pathans live in the Frontier 
Province. 

A tribal Pathan is first of all 


a tribesman, and only after -that 
is he a Pathan. Jamshid JBiitfci. 
Commissioner for Peshawar 
and an authority oh the 
frontier tribes, observed: “The 
tribesman thinks first of all-in 
terms of his tribe. Ah Afridi 
is an Afridi, not a Pathan— 
which to him means the down- 
country rubbish. He looks at 
his Pathan brother settled on. 
the plains, and asks— where is 
his pride, where are his arms, 
where is his freedom?" . - . 

Of the ll.7m people living in 
the North West Frontier 
Province, just 3m are tribes- 
men. Among the Pathans living 
and working in villages .and 
towns down towards the Indus 
there live a large population- of 
Afghans and Panjabis, none of 
whom would claim even arpas& 
ing interest in separatism. . 

This is particularly the case 
with large numbers of refugees 
who have recently fled from 
Afghanistan and are arriving in. 
a steady ' trickle looking- for 
work in Peshawar. Many .of 
these are strongly Muslim and 
feared persecution* under the 
new “godless” regime. Paki- 
stan now represents to them an 
Islamic motherland, and talk of 
separatism is at best irrelevant 

There are also numerous, 
signs that the political parties, 
which traditionally represent 


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Uphill task to develop 
tourist potential 

WITH A history including such late Prime Minister, Sir Firoz is an area that has so many ing rather cursory mention; but 
names as Krpling and Alexander Khan Noon, is aware of the high peaks that only those over lovers of ancient history will 
the Great Pakistan should be problems. A non-political 20,000 feet deserve a name, go for Taxila, the site of a eUy 
as firmly in the list of exotic person formerly associated with Civilisation might be the wrong of the Persian Empire near 
tourist places as many other the Pakistan Red Crescent, term to describe Skardu but Islamabad, or to Moenjodaro or 
countries of the East. Perhaps which is affiliated to the Inter- even the simple tourist can “ the mound of the dead,” the 
even more so for the high national Red Cross, Begum savour some of the challenge ancient city 400 miles north of 
mountains of the north and the Noon brings a public relations of a great. Himalayan mountain- Karachi in the southern Sind 
barren deserts of the south pro- skill to tbe job which. she seems eering expedition by taking the Province., The Moghul Empire 
vide contrasts not easily to attack with zeaL She adihlts dawn flight and returning to .left. behind a variety of inoiiu-- 
repeated. ’Yet for the moment a bias to the north, betrayed by Islamabad in time for lunch for ments, from the hard to . dis- 
it seems the country will her hobbies — “fishing and trek- a ticket costing only about £14. cover springs at Wah, again 
remain a comparative back- king in the mountains ” — and it _ _ near Islamabad, to the inonu- 

water, a stopping place on the Is arguably./ among the ft flU ||. ments at Lahore, the Badshahi 

route east for hippies and over- Himalayas andrKarakorams that Mosque or the Shalimar 

land coaches, but little more, the future for Pakistan’s Begum Noon describes it as <3ard ens: 

- - - * — = — ««» a man s country, whefe noth- 


separatism have been losing 
support. From the ashes of the 
disbanded NAP the National 
Democratic Party (NDP) was 
created. Deep cracks -have 
, recently emerged in this party, 

' First of all, the NDP relied 
for much of its strength on 
support from Baluchi tribes- , 
men to tho south of the 
Frontier who were led by 
Sherbar Khan Mazari - and 
Ataullah Khan MengaL These 
leaders, who have genuine 
reasons to be severely critical 
of successive Pakistani govern- 
ments for the treatment meted 
out to Baluchi tribesmen and 
for scant -development aid, are 
critical also of the NDP leader- 
ship for their diffident support. 

Second, in the province 
itself a split has appeared 
between the “ old guard 
the . separatist Red Shirts— and 
a -“ young guard," led by 
Afrassiy ah Khattack, who 
emerged as a student politician 
; at Peshawar University and is 
more strongly preoccupied with 
socialism than separatism. 

The two other political 
parties with strong bases in the 
province have no reputation 
for separatist sympathies — in 
.fact, quite the opposite. The 
Moslem League is the party in 
Pakistan most closely associ- 
ated with tbe struggle for inde- 
pendence in 1947; and the 
Jamaat-i-Islami is an* orthodox - 
Moslem party with a strong 
Ideological commitment to the 
idea of Moslem nationhood. 

, Interesting developments have 
been noticed in the politically 
significant student community. 
At Peshawar University, student 
elections were won this year, for 
the first time since Pakistan’s 
independence by the People’s 
Party. This is the party of ex- 
Prime Minister Mr. Zulfikar Ali 
Bhutto and its traditional roots 
are in the Punjab. Student 
union power has previously 
been the prerogative the 
NDP. Jamshid Burki reported 
similar shifts at colleges in 
Chars ad da, Tangy. Mardan and 
Nowshera. and felt that this 


was a change too important 
bo ignored, ■ - -- - 

The growth of “Bhqttofe*, 
— which is no- doubts 
due to sympathy for the fonS 
Prime Minister,; whose •£*2 
against a conviction for mSS 
.by. proxy is now drawing ^ 
dose: — represents afun doww^ J 
change in frontier poUt^' 

At a school in the; month'*, 
the Khyber Pass • * ***£ 
Pathan teacher carefulty-^^ 
not to be mentioned; by ; 

for fear of punista'Cnior-^ 
kind — and then 'said; ‘•{ju 
Bhutto was a good tnsAcveS 
be murdered people or'rftfeu 
elections, because . hr-. broad} 
us dignity. He brought a '3S 
awakening and we- wOI 
go to sleep -again. 1 ’ • V.y 

Abandon ? 

For the first time in his W 
this man, and mahy otheto'^ft 
him, has decided to 
his usual voting: . loyalties^ 
those to his viUage ."kiuni?^ 
landlord, and, those to 
people, the Pathans. J&^tas 
to vote on class lines. 
feudal privilege. . This may 
be good news forPakisrapVbiit 
landlords, but it deariy jp^, 
that people like - this - tutiter 
are no longer voting ^ 
jabjs, Slndis r ‘ Baluchi f « 
Pathans, but as Pakist amv . 

Paradoxically this—^si&la 
eventually lead to a fresh on 
for separatism. If large .noth- 
bears of Pakistanis are renm yfr 
being tempted by socialist Ideas 
then they will ..'be carefully 
watching the Afghan 
ment,” and might press is 1 / in- 
dependence if they see evideafae 
of rapid progress under Com. 
munism there. . - ,.,-v 

Commissioner Jamriuld Bttcid 
was well aware of this-, risk 
•“ Mr. Bhutto’s sotiahsttaithas 
been blooded sow, mid there 
can be no going back. 'What we 
must do in Pakistan istake the 
bull by the horns, turn it in-lie 
right direction, .and make good . 
use of it” . ; . iv -.. 


It is not hard to see the m Khyber and ing can be done by half Lahore is also a good start- 

reason why, or hear about it The conSst is ^ P°“t for following the 

Facilities were described pnva- ^nmir are a senes i at vaUeys wherever veu British time in India. The gun 

tely by one person interviewed ^ To The faiK of tourism pro- “zamzama” on which Kipling’s 

a; w&s js §sS££HS£ mlm&sms 



QUALITY AND SKILL FROM THE ORIENT 
TO SUIT WORLD TASTES 


t 5 r RICE * COTTON FABRICS * COTTON YARN & THREAD 
it CARPETS & RUGS * LEATHER & LEATHER MANUFAC- 
TURES * LAMB SKINS * FISH &■ FISH PREPARATIONS FISH 
MEAL -A- READY-MADE GARMENTS AND HOSIERY * RAW 
COTTON -A- SPORTS GOODS -A* FRUITS & VEGETABLES 
-A- PETROLEUM & PETROLEUM PRODUCTS * TENTS & CANVAS 
MADE-UP ARTICLES OF TEXTILES * GUAR AND GUAR 
GUM GUAR PROTEIN EXTRACTS -A- TOBACCO & TOBACCO 
MANUFACTURES * SPICES * SURGICAL INSTRUMENTS 
★ HANDICRAFTS * FOOTWEAR * LEATHER & CANVAS' 
SHOES it OIL CAKE + OIL SEED * NUTS * KERNELS AND 
MEAL At WOOL RAW & ANIMAL HAIR * ANIMAL HORNS 
BONES & HOOFS <& SAUSAGE CASING * COTTON BAGS - 
it SACKS OF TEXTILES it ART SILK & SYNTHETIC FABRICS 
it MOLASSES it ENGINEERING & ELECTRICAL GOODS . 
it TRAVELLING KITS it CRUDE ANIMAL MATERIAL it WASTE 
MATERIAL OF TEXTILE FIBRES it METAL MANUFACTURES 
it COTTON WASTE it CRUDE FERTILIZER it CUTLERY 
it MINERAL & ORES 

For detailed information about these and other exportable 
commodities, please write to: 


ssgr = sr. s* s=--= siSKSS 

the European-born wife of a over ^e water. . This year’s attraction, which Sxioo days of empire. Street 

Further up in the hills lie still cannot be seen by names such. as “ The Mall” and 

— — t — r.the towns of Gilgit and Skardu, westerners, is the Karakoram « Harley Street” have survived 

still to all intento and purposes Highway. The road, she says, gj, vears ^ mdeoendence and 
— — — only accessible by air. A polite could be open already as far as national pride. Now it is young 

request to the pilot usually Hunza, still many miles short subalterns who canter 

results in a standing place in of the Chinese border, but she polo « the 

the cockpit as the twin- pro- is anxious that a few facilities parade ground area or 

pellor aircraft of Pakistan should be made ready first “mardan," and days of prohibi- 

International Airlines flies up Petrol dumps axe few, camping ti on tave put to an end “sun- 

valleys, over saddles and skirts sites and. sanitation of any downers” at the Rawalpindi 

the killer peak. Nanga Parbat, description are non existent aubf but ^ romance 0 £ rhe 

-IP nDIPMT ou its way t0 the very h ^ lrt o£ , She fee . ls t 0 . 11 ™* 8 had , tQ atmosphere is still sometimes 

■t. vniKJV I the Karakorams. With the brave these limitations now, the overwhelming. 

-ro official opening of the Chinese- new road might receive a bad . 

t%> assisted Karakoram Highway, name for ever. Eventually, she / ■^esnawar in the north-west 

Gilgit has new status. Skardu, adds, when the last Chinese memories, 

though, remains the mountain- engineers have gone home, 1 p m> “ tn ® ra , U P 

YARN & THREAD eering capital, the last point of tourists will be able to go all the 

1TUFR MANTTFAC civilisation as each year dozens way to the border at the 

^THER MAImUFAC- 0 j climbing expeditions start Khunjerab Pass.. • f 111 ? the Jhome^made gun fac- 

AJRATIONS it FISH the trek by foot to tbe base Tbe rest of the country tones of Darra in the tribal belt 

IOSIERY it RAW camp of the intended target. It deserves more than the follow- ^ghanlLn folurt^cros.’to 

& VEGETABLES m ' hills but tourism there has 

TENTS & CANVAS ■ Tj^. r\wi 1P a S ^f e - J the 

1UAR AND GUAR JT TO till SC Daoud^i Tprif and the lack 

\CCO «S: TOBACCO of travellers coming across into 

L INSTRUMENTS Pakistan is apparently already 

„„Jr CONTINUED FROM PREVIOUS PAGE felt. - 


Export lufonuation & Advisory Centre 
2nd Floor. Shareef Place, 
Outram Road, Karachi. 
Phone: 213959 


Export Information & Advisory Centre 
11. Canal Park, 

Gulbcrg Lahore. 

Phone: SS110S. 


IVben in Pakistan you are cordially invited to visit: 


EXPORT DISPLAY CENTRE, 
Sun Corner, 
1. 1. Chundrigar Road, Karachi. 

Telephone: 214022. 


EXPORT DISPLAY CENTRE, 
Ground Floor, WAPDA House, 
Shah rah Qua id-i- Azam, Lahore. 
Telephone: 66720. 


SIFORT PROMOTION BUREAU 

Government of Pakistan, Karachi 
Cable: EXPROM. Telex: 23877 Exprom Pk. 


_ . On the other border, connec- 

Pakislan’s oid consumption is quality tLnqxxrted coaL Tbe Gov- tions with India from Lahore by 
expanding at an annual rate, of eaxunemt corop&ains ittoat the oar- air or land remain insufficiently 
5.4 per cent, which means that rent limited market has aUowed frequent and are fraught with 
its indigenous oil industry is tbe coal industry to remain hassles. Maybe not. that many 
still sprinting to stand stilt The btig&ly (inefficient. Among its difficulties but enough to frus- 
best the Government hopes for priorities for tine Five-Year-Piasi irate all but hardy travellers 
is that growing domestic pro- is a plan for' better use of ooai Tbe result is that for years India 
duction will peg tbe imported resources. has taken the lion’s share of 

shortfall to around 3-5m tonnes Discussion of Pakistan's tourism in the sub-continent 
a year. energy resources and p<ro- and for the moment looks like 

If. Sul, Hrkofr and Dhodak grammes would not be complete continuing to do so. 
five up to their early promise, without mantUm ©f nuclear The section in the five-year 
and if development of these P™er. Rot the controversy Plan on tourism hopes for a 20 
fields goes smoothly, then attracted by plans far a araciear P*r cent f rowtfa rate in tourist 
Pakistan can soon expect to repn»essing plant vastly exag- arrivals by 19S3, but much 
meet 70 per cent of its own- oil Berates importance .. of more work seems necessary on 

needs, J!d funding «a**r power - ^flher a-t pre- ™ 

imports through export ' of sent or in the near future. an i . inc f e ?^ he achieved 

surplus petroleum products. Pakistan has just one nuclear Ul ?' Luxury hoteIs 

This is technically feasible in power station, winch has been m ® ven Sweater 

four years. operating tor six years outside 5“? PS" su ^ 

Pakistan has always had a ‘ for ^ one bu t the busSSs 

coal industry; most deposits are ceat of Pafeustans total energy 

found north east of Karachi. ^ work has to be done on 

But they consist of low quality potear pdant at which ^ infrastructure, cheap trans- 

Ugnitic coal which has a high’ » 1 - 00 ? on port and the small motels in 

sulphur content Ninety per MuSi ^ ^ “O® 1 hte distant valleys. The chief 

cent of Pakistan’s coal is used ®o r WOir ® : .™ attractions of these places are 

for firing the country’s brick ^ ^ time bemng, their uniqueness and unspoilt 

kilns, and with the oil and gas dwetopmemt of oh and gas characters. For the next few 
boom, demand has actually fiokis, and extension of hydro- years at least, it appears that 

fallen in real terms. electric power, generation at they will r emain so for the 

Pakistan nevertheless has one '5? ela souih ’ traveller. Large scale 

^ urierpm P^taitoi’s enarzy pro- ttansm wm not be there to 


DIRECTORY OF EXPORTERS 
PERSONAL EXPORTS 

\ r, ; • I-,-, : 

S ZHANC0 EXPORT HOUSE 

PERSONAL EXPORT V .V/ 

BRAND NEW & FOLLY BEGONDTOONEO^r •- > - 
ADTOMOBIIE TRACTORS, DOMESTIC- : ■; 
ELECTRICAL APPLIANCES A HI FI , 
EQUIPMENTS, RICE, SUGAR, FOOD STUFFS, : 
: SOFT DRINKS. /-v“* .* 

Associate Offices ia Middle East, Pakistan 
and Bangladesh. . 

ZHANCO EXPORT HOUSE, C ' “ * 

■ 2/4 Great Eastern Street, 

London, EXO. Tel: 01-377 0H7 ( 41inei>> " -’•f 
•>- . Telex 8811594 ZHANCO G 
Cable ZHANCO UNITED EC 2 . 

UJLE. OFF: YUSUF HABIB AL YUSUF. 


ALL PERSONAL EXPORTS 

of : Fridges, T.V.s, Washing 
machines, all electrical goods. - 
Reconditioned Toyota cars ; 

AZAT (LONDON) LTD. r 

61 Charlotte Street, London W1P TLA V . ' ’ 

•- Telephone: 01-580 4£32 4 Tines Telex: 22831 G - : 


For Home and Export Sales 

• Air Conditioners - Fridges 

Vidios - Hi-fis 

DELTA (HOUNSLOW) LTD. i 

to, Bell Road, Hounslow, IGddlesex 

• ' Tel: 01-572 2285 Telex: 936506 Delta 5 


SHIPPING & PACKAGING 
AGENTS 

z : 

Rdiable Packers and Shif^ppi 
of all types of machinery ^an^ 

household effects. 


. ! .V 




-1 i 


coal-fired .power station at 
Lafehra, in whaoh fetdigenous 
coal is nosed . . /with hugher* 


(friction programme.. 


D-D. 


affect them. 


EXPRESS SHIPPING ASENCSES - 

- ; 294 High Read, London, EX0 • 

Telephone: 01r539 2112/3177 - Telex: 897752r6; ^ 

International Shipping, Packing, Insurance 
: : an d Freight forwarding. . ;> 

Personal Exports of T.V. Fridges, > 

: /• v.cits etc. : .. : 

Special delivery dates for Car? ex Japan; ; 
AHMAD & SONS SHIPPING LTb. 

1*2. fco»l (OLYMPIA HOUSS>, ' 

BIRMINGHAM 12 ^ 

- Teiertwe: aa.TO'UQ/4 : -Ww: xstewG. : 











; Haandfic; 1 States. ^day'Aigiist {It 1978 



f UHh 





As a new football season kicks ofi^ Christopher Lorenz examines the rewards success can bring 

Forest climbed out £5££ 


. £nnari 


ttumbncuntousun . 


A YEAR ago, as Nottingham.'- . . TT : 

Forest returned to first divifiJon • ; • ■ ■ -w^ wy 

football after a five year vasit'.r •V/WT"’’’*' ■ ■ %/«/ 
to the League's lowest and legs ■ 1 IITT 
glamorous reaches, the duB’s T* 1 f 
management revealed', their ’. \t. ' 

financial expectations for the ■ ' 

coming season. ' ' - , J 

Though fully-. Aware - that -• £\'Wr ■#“ 

soccer *' is morerdweiy allied ' ‘ ; ■ ■■m -M- ■ g 

to a gamble than another . ' -mJrJIL 

business,” lathe woWsoitheir’ 
then chairman^ Brian Appleby, . . . ' ■ 

QC, no one-at Forest's City ^, n nTTI1T „,„ , 

r.mimri Vio^ +hi “« purchase of new players be- 


committing the original foot- 
balling sin: showing a profit 
Thanks to its long record of 
past losses, of course, it will 
not actually pay tax: on its 
£76,000 profit But if the next 
couple of seasons produced even 
half the success of the past one, 
it would be in danger of falling 
into the dutches of the Inland 
Revenue unless it spent heavily 
on further players and ground 


sinus FOREST'S 
H MB 

[league Receipts (£)| 


QC, nT«^tT^e5?"ciS i. ^ ^ improvements. 

Ground •• could .v have had the * 8 p™ 138 * ® new P“*J ere «*- Take the largest item of run brought in £223,000, against Gup Final. Had Forest, This process is already under 
slightest. Idea the jackpot 1 ?! 6 ™ e se ^® ' 1 ^: tw:0 months revenue, the receipts, from the previous season’s paltry not Liverpool, lost the toss oveT w *y- Only a few weeks ago. 


Home Attendances 

.(nousAitt) 




they were about to hit— thanks 


League matches. The original £11,000. Even in. the FA Cup; who should change colours for Forest's bid of a reported 


to the team's. unparalleled sue- * n world expectation was that .' these where Forest reached no the' final (both normally wear *500.000 f0T one of Scotland’s 

cess . . under- -the redoubtable- n0 ^ ^wS, . thm ■■ club with would be somewhere. ..in the further than the semi-final,- red);-the figure could have been was turned down, and 
Brian- dough, backed up by a traditions and ambitions region of £650,00D-£675,000. revenue was almost triple the very -much higher. Clough Is still on the lookout 

highly professional commercial cam ^ near to vph^ing a unique The outcome was £749,000, or Previous year’s takings, at Sd much for revenue. With for an alternative, 
management. ■ . ■ ' ~ 15 per cent above budget. *91,000. - all the talk of first division On the construction front. 

That Forest’s' income would-’ thanks to the fact that the All in all. direct takings from foothallere* astronomic wages, there is renewed talk at the 
soar last season was a foregone:.- . average number of spectators matches totalled £1,119,000,' me '““Sht have thought that City Ground of the possibility 

conduaon. Its : retura to: First" ^ ■ /MU .Jr -nt'™ flocking to each match was well against a probable overall most of the extra income would of going ahead soon with the 

Division football, promised anih? : . above the anticipated 28,000; a budget of about £700,000 (the have- been eaten up by salary dream of building a new stand, 

crease by over half, in the mijn- "• j 

her of spectators . 'attending 
each match— thanks r to ' the ' - • 




1969^70 7iyi 


crease by over half. in the mijn- " •' * : - full 23 per cent (or 34,500) in originally-expected figure was - K - with better facilities. nf ... . , -o R « - , , 

ber of s^tprs^ailending. ; >0^ > the <*se of “away” matches, not revealed). Forest has already committed Se^iSSSfSTa 

each match-^ J&anks to the 16 P” ceT * t at home games. a sizeable bonus was pro- - juT itself to further expenditure on County Council loan, repayable ditional financial caution of the 

glamour of visiting teams- such treble, which not eveAthe most ^ ^ ^nimum entry, prices at vided by non-match revenue, ( mak ground improvements of about over several ve a rs. - The balance Forest Committee has deserted 

^ . ^verpool - ^d^MamJmster -glamorous teams can daim: toe *** D^on pounds { y ^ « commercial - IA4I) £600.000. but this does not mean daiSi2^eveno it Commjnee has desencd 

ll * es °* Football League Championship, ? ow f 1 ° r rnn 1 ^ 1 faTO Ufiht side o£ ^ Ground’s organ- . \ \ V it has fallen for the grandiose a dub Forest’s newlv- But there will be every temn- 

F£ .^rlnd^League ^ «0® extra per isation. Though at £118,000, it, .. ■. -^nd dangerous-temptation to acc^latTd go^e. Sut it tauon lo Se more n?te inTe 

of^ <3up : Q 1 ^ the FA. \Cufc eluded m ®f ch - . , was almost double the previous • . which many famous clubs have paUs beside the ^33,000 to months to come, especiallv if 

o f S forest going: ^ the team Even without the ; team’s season s takings, this was only Boases, bonuses of Various succumbed * which the club had to commit this season looks like producing 

exnprt Lb<h ltr " wil1 pla ^ iv^? mb ? ey success in the two cup compeu- some 15-18 per cent above the sorts and such fripperies as free About two-thirds of the ex- itself in 1368, when its main anything approaching the suc- 

than (in,ihio it more tomorrow . afternoon,' Ipswich tions, this above-budget return amount expected a year ago. cars . and crates of .champagne, penditure is involuntary, thanks stand burned down. ces« of the last one. The com- 

Tov ^ -The gol&nine whieh l^gu e games would have when John Carter, the commer- Not a bit of i L The 176 per to the requirements of the On that occasion, Forest’s mittee members will have to re- 
in thp Inwm^hoi^f ^pe^d.is.illustrated gone a long way toccnprove the aal manager, forecart [that the cent increase in operating three-year-old Safety of Sports bank stepped in- to provide member that the financial 

A . kytlm graph,': ® financial posrtjon which club s return to the. Fir^income was only partially offset Ground Act Another £25.000 financing; there is every reason successes of last season cannot 

d«rnUpd "9 ne of the ^/interesting ^ DC ? i e . e “ d . staff By a 75 per cent rise in or so has gone on construction to suppose that the club’s good- be repeated whatever the team’s 

S things 7 about its : report and season had included a £146,000 pull in at least £100,000. -payments to players and staff, of a fence to keep rowdy sup- will with the National West- victories on the field over the 
(this page, accounts for the -iS77r78' season, overdraft, ana _a net deficit at The sensitivity of non-match The net effect of all this is porters from invading the pitch minster is now "at a reoerd next few months, since it was 
W77 J. which havB-jast.jb^ : published, the bottom of the balance sheet revenue to just one success on that- Forest paid off its £146,000 —an occurrence which could high. - the post-promotion— and There- 

tbe eyWepOe^ilt i>rovides of *47,ooo. . ., the field is illustrated by qyardraft— in spite of having to mean the dub’s immediate ex- So. in spite of its heavy com- fore once-for-all — leap in atten- 

ni ! . re f t ' Da f 1K, i West- about the way. fooSudL clubs The biggest jackpot of all, in Forest’s takings of sevend make the first few instalment elusion from the European Cup mitment to construction, and to dances and ticket prices which 

minster, ^ cakm latea * tts tending are financially geared- in terms terms of performance against thousand pounds just for payments on the several expen- competition, one of this outstanding transfer fees on laid the foundation for the 

Clough was.both^ ^ of revenue per.ihhtch and budget, was from the League the sale of scarves, in sive players it bought last year season's potential money- last year's purchases (a net extraordinary financial turn- 

auowed to commit -£450.000 to income againrt overheads. Cup, where Forest’s winning the build-up to the League -rand even succeeded in spinners. £496.000 at the end of the 1977- round of the past 12 months. 


EMHART . CORPORATION 
ranks os one of the.'l&rgest com- 
panies in the U.S.;. it_ is rated 
in the top 200 by Fortune, 
magazine, and has. substantial' 
interests in Britain.; -This week 
it faced up to one of those 
dilemmas which "cah "face, a 
multinational which, is broadly 
diversified and organised along 
product lines; a marked varia- 
tion in employment conditions 
can. develop between sub- 
sidiaries in any. one country,, 
but aiiy .centralised move to 
harmonise them may produce as 
many problems as' it resolves. 

Emhart’s products are wide 2 
ranging, from glass bottle 
machinery to security alarms; 
and tanning machinery -to 
adhesives. It consists of two 
main divisions, representing the 
two companies which existed 
before a reverse~takWifer by 


T'V^' v- J m 


Putting The Shoe on a new employment footing 


■Emhart swallowed ^markedly 
-larger group, ' pitted Shoe 
Machinery. 

USM was ^vAbhserrative 
Boston compai^.-vwlch' made 
every:, sort of, and 

supplies for .malmg shoes. 
Known as . ‘The ; :^n^’’ In its 
hayday in ite IflMAvS -had a 
monopoly In shop ^niftchinery 
equipment which itwould only 
lease, not sell, tA-Az&nrican shoe 
manufacturers. 

. Tn the 1950 s an?rtd-trust suit 
forced USM to di^st-itself of 
half its business^ the 

resultant cash . if. proceeded 
along a far flung^acqnisition 
trail, moving ' InttfL teteners. 
adhesives r and* and 

extruding machi&ry,'-^ As 
f*ortnne . put it back; ip : i 9 T 2 , - 


USM is a “globe-girdling, debt cent of Emharfs total work- 
ridden. diversified company.” force. 

By the time that was written. It is to overcome the differ- 
USM had already rationalised ing conditions of employment 
its management structure along among the 13 Individual UK 
product group lines. This struc- subsidiaries that Ronald Hodge, 
ture has remained since the president of the fasteners 
takeover by Emhart in 1976. division — and therefore a 
What is slightly unusual for -USM board member — was 
an American company is that appointed this week as chair- 
two of its four main product oiau of USMC International 
divisions have their head- "This acts as the holding corn- 
quarters in Europe: The Bostik Pa?7 for USM’s interests in 
Chemical Group in Germany, Britain and the old eommon- 
and the Fastener Group at wealth countries. Its board 
Birmingham. UK members axe the managing 

Each group has a number of directors of the subsidiaries 
subsidiaries which are scattered Wltbin Giat geographic area, 
around the world, but the Hodge’s main role will con- 
greatest number outside the tinue to be that of president of 
U.S. are in Britain, where USM the fastener division which last 
envoys 9,000 people, or 20 per' year had sales' of £11 Om and 



pre-tax profits of £16m. * . 

- He Is anxious to point out 
that his extra appointment does 
not mean that the parent com- 
pany has lost faith in organising 
itself along product lines. “It 
has been a remarkable success,” 
he says with enthusiasm. 

Nevertheless, when decisions 
-were being made among the 
various UK subsidiaries last 
year about whether to opt in or 
out of the state pension scheme, 
it was decided that greater co- 
ordination of personnel policies 
along geographic lines was de- 
sirable. 

~M- a meeting of the USM 
boitd at its Connecticut head- 
qnaxters it was noticed that 
son» ' of the UK subsidiaries 
,were'op(Ing in and others out 


Naturally the USM board 
turned to its only English mem- 
ber, Ronald Hodge, for a view 
on which option to take. 

While wearing his additional 
hat as chairman of USMC Inter- 
national, Hodge will have two 
roles. One will be to co-ordinate 
employment conditions through- 
out tbe UK subsidiaries, and the 
other to “represent the UK 
view ” to the main UjS. board. 

On this latter point Hodge 
reiterates that there has been 
no particular problem with the 
UK subsidiaries not in his fas- 
tener division, but he adds: 
'* There has been a feeling that 
they can communicate better 
through an Englishman.” 

The effect of the new struc- 
ture will be to create the 


beginnings of a management 
matrix, as there will be both 
vertical and horizontal manage- 
ment structures concerned with 
employment conditions within 
the British subsidiaries. 

Inevitably there is the pro- 
spect of argument if the presi- 
dent of a product group and 
the chairman of USMC Inter- 
national want to make different 
decisions affecting one subsi- 
diary. Hodge is rather reluctaift 
to admit this but he does agree 
there is a “potential conflict” 

He goes on: “We are very 
heavily built around group 
managements. Certainly I would 
look askance if a similar .set-up 
in .Germany started , making 
important changes in terms and 
conditions of , employment in 


one of my subsidiaries. I will 
certainly be consulting the 
group presidents before I review 
anything on the USMC Interna- 
tional Board.” 

If it really did come to a 
direct clash — and Hodge is very 
anxious to emphasise that he 
cannot see this happening — he 
says he would defer to the 
requirements of tbe product 
group's management. He adds: 
“It is not as if we are trying 
to introduce instant standardisa- 
tion. The emphasis is one of 
co-ordination.” 

Nor, he insists, is this the 
beginning of a process to 
change the structure of the 
company from a product-based 
structure to a geographic one. 

“What this amounts to." he 
says, “is a bit of fine tuning 
to eleminate some of the minor 
problems." 


Jason Crisp 


EDITED BY ARTHUR BENNETT ANBTED 


METALWORKING 


COMPUTING 


OFFICE EQUIPMENT 


• MATERIALS 


ip— «^Bends wire Circular structure models Copier will g>\7S 

" \ th.ljt.jliI accept books and mag 

am* .„-*k * j * 1*/1A lllrAfl SHELLS has been developed to tures, the shells may Be non- J|f|2[J|V More from the comp 

,Ab»--to withstand tempera- IU ICUUllvU simplify-and cut ‘the costs— of prismatic and double airvAL The ** Jtw ~*' ******* j Great West Road . j 

ura^up. to CTO degrees Father ~ * modelling and analysing circu- possible, boundary contritions . - Middlesex (01-560 2131 

!ar plate structures. The are fixed or elastic in any oi the JJPPQS 
®! ,re ^ SH/1 IIP program caters for many such global or local axes of the>ple- ^ . 

^ btsmjmssk ^ s ^' zslssss 1 STmV 0, s 1 e 8 ore hl,, i: NCR buying 

by a elements at Sorwmical cost, kinds of rotating machinery. or the strut supports of a cool-- copy mg rooms, are used to make COmKailY 

e __5-2 without the need for exuensive Kev to Shells is the pro- ins tower. between two and four copies, a ST •/ 


stands up 
to heat 


potfzp.eris designated as PMR-15 
pd&lmlde. Carbon fibre is added 
ythe polyixnide in its resin state 


SHELLS has been developed to tures, the shells may Be non- j 

simplify — and cut ‘the costs — of prismatic and double curved. The 

modelling and analysing circu- possible, boundary conditions 

lar and plate structures. The are fixed or elastic in any ot the TlPf*||S 

r - .... 1_ n l«Knl M 1 ~~~ 1 .f 4 L. L.U **V<%/**LJ 


portion of blue, and a consum- 
ables store sufficient for 8,000 
copies. The static platen can 
accept books and magazines. 

More from the company at 27, 
Great West Road. Brentford. 1 
Middlesex (01-560 2131). 




Ill nrifT " ' ' QiodhS resistance is imn^ for expensive Key to Shells is the -pro- ins tower. between two and four copies, a * * 

aurtor mateSb^ hi annllra^S' dies '“fi tooling, is a multiform gramme’s use of a “stnp" type prismatic “right” shells can new P ,ain P a P er machine from OTWTTHSTAND ING some 

«’ 'such, ax^he- Shnttit* wire bending machine from finite element to model struc- be curved in plan. Tbe bound- Agfa-Gevaert. the Gevafax X-ll legalfinalities.tncludinsadefinl- 

IS Se^ extreme 5 heat uenSS' Crownflex Engineering, 547 tures. Coupled with Fourier arj - conditions Kin be fixed in the wlth 311 output of 10 per minute Lve purchase agreement and 


QUALITY CONTROL 

Examination 


[he extreme heat eenerat^ '-row'miex engineering, vtf mres. uoupien witn rouner arj - conditions can be fixed in the W1UI 311 oul P ul OI , 1U ^ uim me F T u e I ^ « 

Aerospace ^mpa ny-^tg Pf°^ durihfl the re-entrv nhast^Bv 'Buxton Road, Stockport, techniques, which represent the local or global axes and as in will meet most such needs. approvals by the two Boards, £ Arvrflfrt 

^t 111 3 usiug^a todre heat-resistant’ kS Cheshire SK2 (061-483 3871J. displacement function along the the crribd&T case beams can be Furthermore, the company NCR is moving into the manu- QJ C0Ht2CtS 

sSStu^SSlgMrs^vtif be Sto The machine is semi automatic 1 nsed - to represent the piers stales that its pricing sixucture Z 

SSt5Lf h It affid ’ - t0 the. weight of - the' m operation and is easily Phfies and a cceleretes analyses- of a bridge. can make it economical to have microfi^COM) equipment with C0M p A CT bench top inspection 

SSSJr Xrt^S^ cer8mic foliating layer, apart' adjustable to produce variable mm musing computer tune ! ros toL Loadingfacinties are compre- ? t n “™ ber ® f caWSafS ^US° 71 m ^ an / C0Qtaet analysers for 

de^cn to the fuSre^ 0 . , from cutting. the weight of the -multi-form shapes of wire ele- Input is in the. form of fixed hensive in capability. Dead ^stalled each serving a limited a thg production testing of micro 

In Se iM& a . . hi ^>tistrncture itself. ments with bends in one plane, field records on a specially pre- weight can be automatically cal- Wlth a11 copies combined atready a ^stx.Dutor switcbeSi limit switches , relays> 

temnerrture rertsSt nohSS ' Tiie8e fabricated parts that'tfie Depending on the gauge of the pared data form. This faoili- ciliated. Centrifugal, constant to give an overall total on which V nSJkrte outride the U S oonlaciors. etc., are available 
deSS^bv is making or will; . fcwj wire and the geometric shape tates data clarity and ease of pressure, temperaSS prescribed discounted costs are worked out. ^ddiSfn Sites ^COM ser- froin Craj S an ^ t . ^emcoit to 

SaStiS^nd wm^^o^trete^regi^ei batch quantities of up alteration. dtrelSSSSw afdirert The machine can be set to pro- “ ce s at Ms Se?woS of data U P complicated switch 

tioo. Is reinforced with -cirbdii' ^ of .the quality contain to ught elements per batch can The engineer represents his loads and moments— can be duce single, or multiple copies up cent res in theD-S .and elsewhere. se fti n 8- u P procedures 

fibre filament. Espeetationk aie - toanu fa cturing , and inspeotiqn: be produced at one time. The structure as a series of seg- apphed to any part or parts of to 27, a display counting down to ^ computer CO mpaoy also Comesta design is the result 

that it may reduce the wehtht r ? ro 5 edur ^ developed by Boeing machine will handle wire ments which can be grouped the structure. For cooling towers zero as they are produced. makes and sells microfiche of J° ,n t development work by 

of spacecraft partohy an- mack da ring; the 4rat. phase of^ th£ between 4.47 mm diameter and together to form a shell for sub- special provision has been made Facilities include a filter readers. Cr ^8 “d Derricotti a Badlands 

as one-quarter: . \ ... contract, awarded about a na. 3.842 mm diameter, and up to sequent repetition within the to facilitate the input of pres- which can be switched in for NCR is at 206. Marylebone ^versity. and tostelec. of 

Development worit fs being : ? J3 metres length, structure. The structure may be sure curves for wind forces to particularly difficult originals Road, London, NW1 6LY (01-723 Hockley^ Birmingham. The aim 

An n« ths nratn^ai*- fa»hnAin<n> - fTiTther details on this JKw. / _ Th* nrimp use of the machine a shell of revolution of o seg- lake hrto account the variation «u>h ac ihncA with a hieh oro- 70701. ts to test the various parameters 


tion under a -contract from - ‘ : 2 s,d 

NASA’s Langley.^-. rReaeareh ago 
Centre. •••. . . ■ 

Boeing . Is - bulWips several T> 0 Ann 

structures from the new material, J/ aDvl CdU . : ■ : 
the largest of which will bq a.. . . * 

section of the Shuttle’s aft body J 

withstand 

insulation, v_ >».. ...." 

Other triad parts ^at are to be .Tflp 'I'Q 111 i 

made include rtiffeners, panels, , 1< U u . 

mSto? b StrUCtUreS '“ d IN RESPONSE to demand fromi’ ; 

Th^conttKt covers tile 
dw dop m cttt ^o t ^nuti chititig m S 

tochnlques and processes xor toe. ri Urn Kj- hwathnv nanpr whk>K “ J- 


structure. The structure may be sure curves for wind forces to particularly difficult originals Road, London, NW1 6LY (01-723 Hockley, Birmingham. Tbe aim 
a shell of revolution or a seg- lake into, account the variation such as those with a high pro- 7070). . 15 t0 , test “e various parameters 

ment of a circular structure on of pressure and suction with the associated with contact operation 

a prismatic or rectangular shell, angle to . the wind direction. ^ B Af*ur AfMM#* M a PP Ued J l ° Plunger-operated 

and ftirniture where the con- plate or wall. LUCS is at 39 Gordon Square, " contact modules. 

: figuration of the element may be In the case of circular struc- London WC1H 0PD. 01-3S7 4344. TT - k™ “ ot o^d tabie^ fonns toe 

varied to provide .the required Hfi9VV Olli V SlICICV base U 2!L 011 *° W i? fJ?- u 

i -stiffness along the length of the XAW/tft Y J UUiJ ^UVAJ mounted the fixture for holding 


O PACKAGING 

Heavy duty sticky tape 


component. 


ELECTRONICS 


insulation, v_ -. i I .» 

Other trial parts that are to be.T|| A 1 1| AlTIfflf 5 ' OnTfl 

made include stiffeners, panels* .• ** ... - , ixo «m- oe neio-conveneci to h**®" 1 * »“•* »*“«» *** **•&« ““poiwn «« —.---r, tt „ ■ j- _ Ttminoi 

honeycomb ' Structures in RESponsr tn demand ftnm'V- , versatility without mainframe eit her of toe lareer unS to It comes in widths of 38, 50, 75, equipment and is particularly P® 38 /^ 1 oolrafim! 

moulding.- .. S2 ?mSS ■#%***1 aa/1a Price. Series loo, including the S 125 100 and 150 mm and roll lengths suitable for sealing export cares, P 

d^oomm^of mSXturS lU^yPUlSe COCle . Costing from £75.000, the w^MOS memory o £ 66. 132. 33° and 1,00° metres, or for heavy duty applications. ?nclu^ o ^time. 

for the Breather ^ -ESl^iTbis is 4 strong. - basic Astern includes a virtual b , ytes ’ ^ AB( AIM opening “flutter." 

m^w ^rnalerhi * iShcr^ v\2S' breather paper with 144K bjtes of v,rtl, aJ memory, q CALCULATORS Contesta is useful for monitor- 

^ the ^^ UCVICtSi of MOSreemory and TeSK biHes Ganges to ^ ■ . rri ing operations at very low speeds 

SriTlCtarai . jaooti or.BB.40I6:l972. - of virtual address space; existing . appl ications software, Tamoti tioffliflf f A. I AVQC down to 0.1 ram per second to 

& twddUrecUonal glass raia- INTRODUCED INTO Europe by operator’s console: 40 Megabyte E,es °r operating system. el dill dll UdlCllL IU ICAd^ show contact “flutter.” The 

ftrced. kraft-to'kraft laminate,- it Siliconix- are a “per channel" storage module disc drive; 9- The Vulcan operating system tivc , Haim ha/.t-d'ited to drive mechanism is arranged to 

can ptovideallthe characteristics pair of pnlsc code modulation track. 800 BPI tape drive; 300 on 123 .supports seven languages ? a 9^,‘^p IE Km S ^mountine^ un August 24^197? and thevwill be P r °vide linear motioD to the 

peqfed, in a waterproof, . ** Codec ’’ integrated circuits de* 1pm printer and a communica- including Fortran IV, Basic, toSSJni-i it 1 Amu in Tpms plunger in increments of 0.1 mm 

breMbsWe sheathing paper Retied, to meet CQTT require- tions processor with a choice of .OJSt Cobol, Macro Assembler, DvJr^ Lri^ 0I ?f d time ^ the spe® 3 turning a v «il- 

thnbeMramed construction.- T&w :ments. . either four asynchronous ports Snobol 4, Forgo and Fortran. W1 JiJfJSSiI 0 mid wL^Th 1 rliprant uatent able for non-essential movements, 

layers of specially treated ~ Mde _ is sinRle or one synchronous port Connmrer • L. me **£! ?Pf^ elC P Craig and Derricott. Hall Lane, 

repellent kraft are bonded w ftv . ® iJr uii cooer s ° , uiwitbr Systems Division. Japanese Patents Office, taken was filed in 1967. Wniuii Wood Walsall w mia. 

rvaKW^eSle adheslvTto chfo^ogue-tthdi^tal converter It causunrammodate up to Jams Systems. PO Box 27. 145, after four years of deliberations Since then, some 19 countries ?S Brownhillc 

’water hold tout rfaaving the required logarithmic 384K bytes of mam memory Farnham Road. Slough, Berk- and arguments by opposing cal- around the' world, including lands. wS9 9AS. Brownhills 5^4L 

combtoei'^wiTh more ftin .coaprwsmg characteristics for plus a eomplementuy^ input- shire SU 4XD. Tel: Slough culator manufacturers in Japan. Britain, have issued patents to 

Hdequato brea thing quatities-- ^ ***** lt '■ The decision grants what is Texas for this calculator inven- p^n rate 

Considerable research, and S. virtually an overriding Japanese tion— th e first in which a com- 

development has gone into Se . * rans ® i ® si0 2,'_, j ^ patent to Texas, covering virtu- pic* integrated circuit was made THROUGHPUT of the Siraon- 

derign of Breather 234, which « eMring end toe DF 342 decoder m CONFERFN^r ally all hand-held miniature cal- capable of carrying out many Warm an slurry pump mentioned 

One of" the few reinforced * Ut - 1116 unrasoivc culators. Specifically, it covers arithmetical sub-routines on this page on August 9 should 

breather papers currently avail. ®5S.«TlL«2 0 ISii!ie T7* 'j* (> 1 personal battery-operated ealeu- “ n ‘fo r c °otrol of a simple have been quoted as 30 to 1200 


• , . . _ EXCEPTIONALLY strong seif- Characteristics include tensile the switch or module during Its 

VlYtQll linil hoc tintUPI* adhesive polypropylene packag- strength of 36 kg per 50 mm test cycles. mnn n , 

AAA M-JU. 11 ill i llud vl ing tape for industry by Limpet width— longitudinal 20 kg— tem- Tb* base frame supports tha 

Tapes is to sell at the same cost perature resistance of 70 degrees display panel which gives 

^ t ?: si SSSHE 

^°^?^ n fie1d^rted te to by h^dlspe^er^r automatic ™ 


suitability, - . 



timbeMramed construction.- Two -inents. 


■BW’EP&'SSrf ® ^ ta analogue speech tignah, Fijlftinff mOTe US6S fOT flSh 
niftets.'fully the reowramento of?; Together there circuits provide “Iy* c A3UL 


meeto.'fully the requiramehto of;; Together there circuits provide fixitAAijgi uiuit/ electronic circuitry in a single, 

BA4016rl872.- ' a complete “ Codec ** set to meet chip. 

. The. vapour permeability .the -seeds of per channel voice ACCORDING to the Central October 22 to 25. Venue will be Based on U.S. patent 3 819 921, 
ratio g'ofv.'x minimum oT M -frequency systems used in PCM Electricity Generating Board, the CEGB. headquarters, Sudbury granted to Texas in 1974, 
grammes . per sq metre P*T'da? ch a nne l book or PABX systems, urofitaifip t»«i for the Bouse, IS Newgate Street, Japanese publication was made 

is a^rt twlce ^b^ rcquil^, - standard sampling rates for the STte fll ^ ^JAU (01-248 1202). in August of that year. 

'fiWLflte .burst strength s kHa wtth 0E asn P«>- Papers will -include a world Following this, some 12 

5(1 per ceni greater. i 'ttansmisston^nd reception qf the annoaliy .in power stations renew - 0 c-. toe production and Japanese calculator companies 

- • ®::is .particularly eighthStvon£ at 2.048 Mbs /see. ** i maTOr o.nai probiea l dis^fof ash, the health, safety-, under the auspices of the 

appltoanon^ovei ■ open : Sym^unisS^ ttminW pulres aUow As .^result; m conjunction v.'ith environmental and legal aspects. Japanese Office Machine Manu- 

OX "wb^e difficult site conaitferrs data to be multi- Ash Association (a marketing the material, and the facturers Association filed their 


ally ail hand-held miniature cal- capable of carrying out many War-man slurry pump mentioned 
culators. Specifically, it covers fo sl arithmetical sub-routines on this page on August 9 should 
personal battery-operated ealeu- under the control of a simple have been quoted as 30 to 1200 
la tors which have their main keyboard; litres per second, not per minute, 

electronic circuitry in a 


electrical wire&cable? 


•NO MINIMUM 
. ORDER h 


• NO MINIMUM 
LENGTH 


Thousands of types andsizes instockfor immediate delivery 


life' ]£*.«*■ single traDsmjfision “ w «*«““ ESg^Sff ^ LONDON M 5618T18 ABERDEENl.om3Z355/2 

^ Board, is organising conference traded argument and study. MANCHESTER 061-872-4315 

R latenaatooBa 1 Confer ors^er._^ CEGB, at too above Under . tbe Japanese patent, 


Kents ; Medway -74171. 


r;. : ; sea SA6 6NE (0792 74681). 




Financial Times Friday August 11 197S 


The great exhibition centre 


=< r I LV~TI J j r ANTHONY MORFTON . 

wiU comprise, in .addition to the year to exhibitions put on in the spa facilities from -its own When the centre was first 
ft 1 1 Wn SSiyPs ^ conference centre an office association with a conference, coffers for a while then jibbed mooted Harrogate wrote to over 

V V HARROGATE block, a hotel a ’supermarket and 110.119 people at trade at the £35.000 a year deficit At 50 per cent of the organisations 

. ' -- and shops, restaurant and bars, fairs. this point, to provide an which held conferences with 

BY COLIN JONES Negotiations for a single tenant At the moment the town is alternative, clientele for the between 1.400 and 2.000 dele- 

__ ' „„„ _ , u THE GIANT new conference for ^ office block have almost well served with exhibition town it started sponsoring con- gates asking if they would con- 

flbo ^ ****? State with P ub ™ a dividend capital, a centre at Harrogate should be bee0 completed and an interna- facilities but less so with those ferences and, later, exhibitions aider the town if it had a centre 

aSSSL a h n P /°h!£,m 0 NaHMai lStib Dpetl for business BOme thne tional group is undertaking a for conferences. Those not held to run on a back-to-back basis, suitable for their needs. There 



l - - * v '-l ■■ 


BY COLIN JONES 


lilUMWW 

4 % : 

o* 5 - urns * 
• ^ 
ftUMCNfOTH 


o+ 


& 


uuatuuu.riju.uu uenu uul ui -went, revenue ana uuuii.in.muuu v* iu c«u uuicj ca wcjj. aa l« jt urge csTimaiea mat confer- Harrosaie ~ : 

to be scotched. This is the Idea reserves. Should they. all charge Industry that it will not be able m Vf ' , Royal Hall, the first of which __ ees brought £5m a year tn forced to put off the CBI. which 

that the adoption of inflation different prices for widgets? to acoommatote it next year. th f ar ^« a JS 13 al ^ ad - v one ° £ this year celebrates its 21st H ar ro-at” both di%rt Md had hopes of holding its con- 

accounting will have major con- Of course not Prices are deter- npedictions are being laced the largest conference and anniversary fL there in November, 

sequences for State Board pricing mined by market ■ competition, exhibition centres in Britain. w hppn throu S h “ e SP”™ f «^ nC 5rv, Sntri vail orobablv 

policies. and the profit or loss the Boards y ^ h c ® utuotrL - along with Wembley, Brighton. p " * J?!? guests and general spending. 1979. “The probably 

This hare was started by the make is a measure of their As the opening has been put Birmingham’s National Eschibi- Mr ' Tony M l leSl *5*: Jroctor be ready, Mr. ^ Sh«e?l want 

Pnce Commission in its report on respective performance. We may back so costs have gone up. tion Centre and when com- cetttu .?? has made the Qf KSor x services, thinks that there is no way m which i want — • -- 

the South of Scotland Electricity be in trouble where competition when work started in 1976 It Dieted the Barbican in the City 1730511100 10 20 S5 en 5i57 bllsl * this figure is now between £7m the CBI to come m as the first - - i 

m imss w ms tr ssssa % zsfss^SfS' « ^ rg"; us-sass isssii 

x d op t ':,^enr^ ssr^^-sins htfssjsss? ^ Ktrjss 

rising money cost of using assets, monopoly pricing. But the prin- ? result one private developer towns that hold conferences zZ taken on such a large comm 

it was wrong for it to do so ciples of pricing policy are the has had to pull out from bis — Blackpool, Scarborough, aotod a % b< ? st t t f J ,2; ^nte“ a ry The philosop hy behind the ment. .. Brighton 


«EArWWW-+-^j 

GATwjOC-fc-j 




taken on such a large commit- 




uiuut- V cusi UI using iiucis, UIUU'JUUIJ I'xviuk. DIU me uriu' ” . — - ‘ . uu*u (.uun-.u..*— . . , .t. U.V|«J 

it was wrong for it to do so ciples of pricing policy are the has had to pull out from bis — Blackpool, Scarborough, centenary The philosop hy behind tite ment. Brighton 

u ithout allowing for the falling same. Prices should ensure that £2m share, and in order to Douglas, Eastbourne Torquay, ot Cyclosts Touring Qub. conference centre is simple: Unlike w ? m Die>or an, ton, aC H V clv promoted a variety 

real cost of financing assets with users pay the full current contain the amount falling on among the larger and Pitlochry, The exhibition halls were fill the town s hotels and guest- whose massive 5.0(W-Sea[ centre as pop concerts, 

%!^S^l£irSr.l£SZ ZZOZrt ! hc . ™ t i pa ? r .“” oga “ Bridlingwn. aog^. ».«« lb. ?™ sas : ' T ?;i e ““S 4 *"? ?^ nad H,™. boxing and wrestling mstebes, 


Bo ? l ? s ' i he ss f B is aIroost sets— that is, operating costs had t0 g0 t0 Morgan Grenfell smaller— so’ competition 0 to town took place at night despite beds in tl 

fd?; s ^r„ d on« 1 sla j isr ATSiariirra ^ a - ^ ^ « = - «« z , » 

cancel out the SSEB's extra tal or the real return that could Probably two-thirds of the Last year Harrogate enter- like the Jacques Tati film Jour If visitors 

depreciation. be expected from investing in increase has been due to tained 382 conferences which de Ffete. to occupy i 

Only in the narrowest sense something else. Likewise, new inflation but the rest has been brought with them 41,808 The transition really took town's pros 
was the commission right. The Investment should be expected to j ncu rred by the town modifying delegates— rather below the place in the early 1950s when In the^old 

SSEB's pricin'* policies are earn “? opportunist rate. Pnc- design to incorporate the record years of 1974 and 1975. the newJy-created National waters t 

governed by the Price Code I"® latest developments. In addition, however, there Health Service decided not to today, it 

which allows a 40 per cent efl .. nBSw ’ When completed the complex were another 32,946 visitors last support spes. The council ran exhibitions. 

increase in historic cost deprecia- •' 

tion as an interim step to infla- ■■ — ^ ^ ■ .. n ■ — ■ 

tion accounting- Once this C-ODVCIlieilCG 

Ovac could prove the one — 

SB.'MS'*.-? is&swisK JJ, jji h ave to beat 


Both Brighton and Wembley 


dence of current cost depreci- Ult 

ti i 1 | ation. In the state sector, public «/ 

KGinarKablG dividend capital is not true 

rt ■* , ? quily but . 3 deferrable fixed DESPITE ^ regrettable he went down narrowlv to the for Sungold looks poised to land 

wJ™ d T , L he £ esu,ts w0u ^ d 5® in I erest ( st “ k granted to a absence of Formjdab i ei p erfi ian Brittain horse and Formidable the Newton Stakes. 

J aKc , the ca » of the ,e »: Reserves reBect the Bo]d aQd Welsh i n the minor honours behind the This consistent but luckless 

widget companies which, as we arbitrary impact of past price . lo-dav’s renewal of the Irish colL Royalty colt did well to finish 

ail know, had had the remarkable interventions by Ministers. That jgypQ.fujiong Hungerford Stakes This afternoon's seven-furlong a close third behind the under- 

re J°K d r° b fJ ns fully ? 03t 5 oa ! rda ® re m ° Stly t deb S Sn has the ingredients for trip-* furlong less than the rated Chop Gale at Newmarket 

equu> -financed before they were financed is a matter not of intriguing race B Sussex— and easier ground con- early last month, and he again 


I M I UTA I N M I N T GL 1 DE 


tnun,i'im«ui;cu uciure uicy were iiuauireu us a uiavuci uul u> i-h-imilTto mna 

taken over by the government, principle but of the Treasury's rh e u to have stood their 

As loyal disciples of the Hyde administrative convenience. Ibe 11 t0 Bave st00d “ 

guidelines, they had adopted full Whether a state board’s 

current cost accounting without capital is drawn from the _ _ _ 

any gearing adjustment, which National Loans Fund or is RACING 

was of course one of the reasons raised abroad. It is part of the 

why they had been regarded as public sector borrowing require BY DOMINIC WIGAN 
such poor performers. Should ment. It is the Exchequer— and 

the industry have cut its prices hence the taxpayer— which 

when it was nationalised and the benefits from the falling real ground for this event, with 


cuu uoh luc mcicuivuu iwi “ ‘r — _ _ — 7^ , . . _ .. . .. _ ^ 

1 intriguing race Suss ex- and easier ground con- early last month and he again SS2 

The 11 to have stood their ditions will suit the powerfully- ran well without proving quite 

made ex-Italian home and I shall good enough in the same course s • , __ 

be both surprised and disap- Links States a fortnight later. OPERA ballet 

DAIMfcif* pointed if he does not prove the In what appears to be the less cous«uM^r^«rd| 3 gt ; Mo sass. 

KAVmU one they all have to beat. competitive first division of the engush national wma. 


Cnarchnll Cfatac it could Q3V TonlgM 4 Hur. next *t r JO' Tlw MlglC enlavablc cvcnln.' Sondlr Timn. 

Although he invsriahlv pivpc & P arsnol t aiases it i-ouia P<»j Fiutcl Tomor. at 7.30 new production ot — — — — ■ 

1,1 i««l ne mvanaoiy hackers to take a chance with the consul mia ,rwiac w. « ji«ni»ea gaexnwich theatre, oi-asa 77ss. 

his backers a good run for their Tprp _ v Trep’s newcomer Nest -.SPES!!™ william oouglas home s 

m nnoir nmi < D hi, -leremy nees newcomer, i\esi mu oi-jm s250>. . w«d. mt at 7 . 30 : Nwnt pu« 


mnnov and ie at Vie nr.tant ■•Viciuy hkj ut-wimi, ring 01-240 52501. we«. new 

money ana is at tus most potent B U iTj pr reoutedly BeckhamD- ta Homme. io« balcony seat* 
SSi X have MS r/^/h'^r/ated 8 ^? — , 


l. — ... »»i. theatres theatres 

GLOBE THEATRE. 01^37 UK. VfL^OURT, t 730 ^jg. 

iiIlia McK£NZIE jocicion MiTh Ann Bflll, PRff 

OPERA ■& BALLET PAUL cSmw* paul ro^m.’ 

TIM. Credit cards 01-240 S2S8. ALAN AYCKBOU gW^g a0le COffi M * 

ENOJSH 1 NATIONAL OPERA i^LoMlon."^ TeL^AB Irreahtibli ROYALTY/ Cretin Cards. 01-405. 8004? 

M & TUnr. not at 7 30- The Mlgfc lovable even I no." Sunday TFmM. Mo Mav -Thursday Evealnw 6. DO. fntitv 

t-«<» »r rtfl mw nmdHFMMi -a 5 30 jno 8.2 S. Saturday* 3.00 and 8.00 

itorrMWiTH THEATRE. 01-158 7755. London critics vote BILLY DANIELS In 

homes •^ajssrv.m* 

THE EDITOR REGRETS Tel. Boohinfli accewd. Major CTwHt cards 

Eveninos 8.0. Sad. S and 8. Restaurant ResmaBons 406 2418 


National Widget Authority was burden of debt redemption £15 .ooo in added prize money, f. nd „ oft ? ik A hittir hpr fnr while in the St. Hugh's Stal 

set up with capital drawn entirely irrespective of the purpose for incUlde 0 vac. Boldboy and Weth ^vo^ rtecidine to onno^ fiv^ 1 would ? ive ^o^r chance 

irom ihe \atinnal imon, which the rteht was raised. anyone neciaing 10 oppose uvac w ..l v,n' e eiahlo rnmnini 


Stakes I ROYAL FESTIVAL HALL 928 3191 

Slaves I Unt|| Au9i 19i ert. 7.30 Mat. Saw. 3 


ttsx.'ssr ^ Fund ' ? asfvsaitai.’aj'st n - ed bJ tte , e rare b , rara&iKM 
m^ u r p Mon Go h^Sed n .; issssrMi ■» "hrivx&’ss 1 ^ “"I 1 f? “H ™ s — 

sm ssfM'Z tisttss. w ssrsa S^afflV^ ,a Ms EH » 

B;?rt, i ’ r 'su b D u po,e'°to r o ssf'ss 'srjss toJs? ca i o’Sh^i •«» ** ^ ^ ^ ’.™s a 

GweraWo^fosiri^^i a£d financed a ther^ wav infla- f urlon g s from borne at Good- Lady Beaverbrook, who has been 43 

tioi “inf 2m in* no 'way «>* “'J | rih S ra Sf JSTSIl he? “ 

four Boards different capital justify a reduction in the price *b e “ JjJ . “JJ* 1 ' the S C0Uld find h 5 5 

structures. One was endowed of nationalised wideeta. faltering m the final 100 yards self in the wi 


GREAT STARS OF WORLD BALLET 
GALA BALLET SEASON 


oujuiic ucuuiug iu uduum; uvut gala balut itmun 

is orohablv that two-vear-old Nans stable companion, fonteyn. gielgud. makarova. 

is prooaoiy inai nne iwo-year-oia t nni _j morishito. Seymour and bujqnes. 


winner's enclosure. 


NEWBURY 
2J0— Nest Bniider* 

3.00 — Dayman 

3.30— Ov»c‘* 

4.00 — Inn ini 

4.30— SungoJd*** 

5.00 — Pescadora 
530 — Buz Kashi 


JEFFERIE5. KELLY. NAGY. 51 
and CORPS DE BALLET. 


THEATRES 


et. o ». 3.3=.. 'Si »o= 

‘ °° ■ ^mmIelkvISSu ■“ 

harry ANDREWS .. Maaic . VThiv supreme mime ot our 

ELEANOR p I^S& lline." E«cdUg »««._- 

SR 2«I IRENE HANDL In SAVOY THEATRE. 01-836 SMi. 

A FAMILY Credit cards 73d 4772. Toni Confl In 

A new olav hV RONALD HARWOOD. WHOSE LIFE W.TT ANYWAY2 

D.wcted b/ CASPER WREDE 
■■An admirable plav. Honest, well con- 
ceived. properly worked out. ireshi* and 


with JANE ASHER- 

A MOMENTOUS PLAY. I URGE YOU 
TO SEE IT," Guard I an- 


ADELPHI THEATRE. CC. 01-836 7811. httlnolr wnjlidvrichlv Puo' . E » 4 j A L 300 ' Fri - ^ 5,45 *** BJ5 - 

LAST TEN WEEKS. MUST END OCT. 14. Scohcld at hrs be*t. B. Levin. S. Times. SHArrfiS BURY. CC. 01-8E3 6598. 

Eves. 7 30. Mats. Thurs. 3.0. SaL 4.0. — ' Shaftesbury Art. «Hlon Hoi born and). 

IRENE IRENE IRENE HfR MAJESTY’S. CC. 01-930 6606. »"■ FANTASTIC 

THE BEST MUSICAL “ ■ Eveninos 8-00. Matt. Wed.. Sat. 3.00. GOOSPELL _ 

ol 1976. 1977 and 1978! IAMES EARL JONES -BURSTING WITH ENJOYMENT,- D.T, 

Prices £2 to £5. Best seats £2-50 h-hour 


THE BEST MUSICAL 
Dl 1976. 1977 and 197B! 

IRENE IRENE IRENE 
-LONDON’S BEST NIGHT OUT," 
Sunday People. 

CREDIT CARO BOOKINGS 836 7611 


^MRattwr 


t Indicates programme in 
black and white. 

BBC 1 


Space. 10.45-10.4S News for Scot- 7.00 The Krypton Factor. ^S. rt WaJ, ? on m«i twa. wed. and m. 7 45 pm. 

i__ j <■} M D.-bc frt thA Tatar! . . - OH No. It‘S SelwTO FrogjdrL 8J0 The Thurs. and SaL 4.30 and 8.00. 

1 MwrthArt. ,™i 0> „r urjm i m Si rivWl^ Incredible Unlit. 10JS Mule Makes A THOUSAND times W|LCOme IS 

Northern Ireland— 4.18-4.20 pm 84W Hawaii r i\e-U. people. Xl_0S M'Lords. Ladles and tJ °1£ , ;Ji£ Rrs 

Northern Ireland News. 5.55-6.20 9.00 The Foundation. c^riemen. .. MIHAt -u, DUS °Jt[S?a U .. Tlm „ 

Scene Around Six. 10.15 Festival 10.00 News. ' htv Cymru, Wales— am i OTV General •• mnsider yourself lucky" to be 

'79. 10.45-10.46 News for Northern 10.30 mxirds, Ladies and GenUe- S!SJe^tt^lSS^^S3S& able to see it again.- Daily Mirror 
Ireland. J® 1 ' J Nemddlon s Drtd. 3.00-3.40 The Royal aldwych., 836 6404. into. 836 533Z 

England— 5^5-6^0 pm Look 11 £9 Pol.ce 5. Ninon*! Eisteddfod of Wales. 4J5A45 n0 YAL F ^^S5i!H£ COMPANY 

East fNorwichl; Look North 1 1 -35 Lan Centre. Camou Camanni. 6 . 00*05 y uydd vn y toi5?m 7 lo 2 .oand 7 T 30 , 


6J20 Hoe-Down. Space. 10.45-10.46 News for Scot- 7.00 The Kryptor 

6.50 The Osmonds. land. 7.30 Backs to the 

7J0 The Commonwealth Games. Northern Ireland— 4.18-4.20 pm 8 JW Hawaii Five- 
8J0 The Fall and Rise of Northern Ireland News. 5.55-6.20 9.00 The Founda 

Reginald Perrin. Scene Around Six. 10.15 Festival 10.00 Nows. ' 

9.00 News. '78. 10.45-10.46 News for Northern 10^0 Mlxirds.Lac 

9JI5 PetroceUi. Ireland. men. • 

10.15 Face the Music (London England — 5^5-6j20 pm Look 11.25 Poi.ce 5. 

and South East onlyl. East (Norwich!; Look North 1U5 La 1 *■ Centre. 


^ *»|V| 1” ^ ' -iftCy I?m KING'S ROAD THEATRE. 3S2 7488. strand. 01-B36 2660. EvvtllW 300, 

USnJ 0 , wSd. 8 iSl'Frl. P 775 ra p“ Mon - ?„M^ORWR L S 9 ' 30 MaL ^ISx PLEASE- ** “ 

^ N ^ A ^S UM ENOS^9 7 . 37 . a ' GO O^^^^i^QO. 

Mon_ Tucs- Thurs. and Frl. at B. „ martin's cc. 836 1443. Ev*. 
WBd THE TWO B RWN«S BS0 - *B3lK A l5«Rw iTuSi^!^, S-B. B * 8. 

D~,.» AGATHA CHRISTirS 


Mon- Tue*_ wod. and Prl. 7-45 pm. 
Thurs. and SaL 4.30 and 8.00. 

A THOUSAND TIMES WELCOME IS 
LIONEL BARTS 
OLIVER 

-MIRACULOUS MUSICAL." Fiif. Tim**. 
“CONSIDER YOURSELF LUCKY TO BE 


6.40 am Onen University (Ultra 10 - 43 Regional News. (Leeds. Manchester. Newcastle); 12.40 am Cloto — A Victorian 6 ^ 7 ' w ,. Y . r Gen ^ ! «' 

S§? f^TSSr?. ?'« «M. “A jjis.of ,. S *a ggggf - 25 'STJE* tSS %SSS . : “ 


Paddinston. ifl.OO Jackanorv 10.15 Tw0 Cities.’ starring Points West (Bristol): South Chopui, . 

Scoobv'Doo to 35 Country Searrh Ronald Coiman. Today (Southampton); Spotlight All IBA regions as London 

11.25 ' Cricker Second Tr*st' All regions a* EBC 1 except at South West « Plymouth). 10.15- except at the following times: ' 

England v .Vote' Zealand. 1-10 pm Ihe following limes: 10.43 East (Norwich) On Camera; ANGLIA 

Trumpion, 1.45 News. 2.00 The Wales — IJ30-I.45 pm 0 Dan Y Midlands (Binning ham) Have 10.20 am Dynnniim— ihe Dos wonder. 

Commonwealth names Cricket: Mor. 5.05 Crystal Tipps and mow. W ill Travei; North (Leeds) 10 .« T*u Me wur. u-M Ma^c Circle. 


Fully air conditioned 
ROYAL SHAKESPEARE COMPANY 
Tonight 7.30 “Toroor. 7^ and 7.30. 

Steve Goocri ( THE WOMAN PIRATES 
AND BONNEY AND MARY READ 

‘More (un. thoughi-provOking 2 nd. 

expectation -defying Hun anything e'se LONDON PALLADIUM. 


LONDON PAU.ADUIM. 01-4SI 7373. 
LAST 2 WEEKS. ENOS AUG 19. . 
Mon- Tues- Thurs. and Frl. at a. 
Wed. and Sat. 6.10 and B.SO. 

THE TWO RONNIES 
In a S pectac ul ar Comcov Revue. 

LONDON PALLADIUM. 01-437 7373. 
September 4. for one week only. 
MAX BY GRAVES 
wltn Special Guest Star 
JOEY HEATHERTON 


THE MOUSETRAP 
WORLD'S LONGEST-EVER 


TALK OF THE TOWN. CC 734 5051. . 
B.OO. Dining Dancing (Bara onen 7.15),. 
9.30 Super Revue • 


All TO 4 rPL'inns ac T-onrion HTV Hr Y General service] on die wew End Mage." Time Out. 

^ ^ » as .LiOnaon etC( , pl . x.anjg pm Report west Head-1 With Str.ndberg's THE DANCE 


4.4.”i T.ike 1-Ian. 5.05 Play Henffnrdd. 5.25-9.55 Eisteddfod Bra.ss: Soulh I Southampton) . A Christians in Anion 


Aw at. 5JS5 Captain Puswa-h. 
5.40 i, 

5.55 N.iiinn-. id.' i London and 
South Eti.sl only). 


79. 9.53 PetroceUi. 10.45-10.48 Smt England: South West 


lines. EOMJO Report WeSL DEATH .'neat oert. 17 Aug.>. PSC aUo 

at THE WAREHOUSE <sce under W.i. 

SCOTTISH [almost FREE- 485 6224. Lunchtimes 

1059 am Drnomutt. the Doe Wonder. ONE OFF bv Bob Wilson. Tues.-Sat. 

1.45 Tell T»!c Why. UJO Manic Circle. J-18 om. Suns. 3 0 and 5.0 on. No 

33 Paper Lads. L25 pm News and snows on Monday. 

■tad and Weather. L30 Hauscpany. 24» ,. Mon free. 4S5 6224 Evenlnas Kurt 
jmmor After Noon. 5.J5 Cartoon. 5.20 vonnegutt's PLAYER PIANO by James 

rasaroads. 6.00 Scotland Today. 6 JO Saunders Tues.-SaL 8.0 pm. No snows 


ON DON PALLADIUM. 01-437 7373. 
September 25th. For one Week Only. 
LENA M ARTE LA. 


RAZZLE DAZZLE 
and at 11 p.m. 

LOS WEALES DEL PARAGUAY 
THEATRE UPSTAIRS. 730 1SSL 
Rehearsed Reading 

LYRIC THEATRE. 01-437 3686. Evs. 8.0. BUKHARIN by Andy McSmlth 

Mat- Thurs^^j.O. Sac. ili_j«l 8.50. Ton't and Tumor , only al 7.30 S". : 

PLOWRIGHT FINLAY VAUDEVILLE- 856 998S CC. B^ BOO- 

FILUMENA Mlt TUB. 2 45. Sat. S IM B- 

tty Eduaroo dc Filippo. 

Dlrecteo br FRANCO ZEFFIRELLI _. A MURDER IS ANNqUNCtD ; ^ - 
• TOTAL TRIUMPH." E*. News. "AN It* rh r 5l|f “-w? in«h£ 

EVENT TO TREASURE. D. Mir. • MAY f.? al rh.Kti? h^SatT 

1T F|Lt J B H iutrR‘CJO«A HUNDRED gw 


News for Wale". 


i Plymouth) Peninsula: 


Scotland— -5.53-6.20 pm Report- (Bristol) It's In The Blood. 


.Scotland. 10.15 Breathing 


BBC 2 


F.T. CROSSWORD PUZZLE No. 3,742 




KJ 

~u 


h 

B - 

M 

1 






I 


>6 



ixsa 


20 | 



jfjSf 


1 

^ — 


i 

j_l 

i 

wn 

m 1 



Christians re Anion. i-rosaroads. EJW Scotland Today. 630 Saunders Tues.-Sati 8.0 pm. No snows 

a tv' Laverne and Shirley. 8JM The Int-redlblL- Monday*. 

A I ▼ Hulk. 10 JO Late Can. 10J5 House of — 

10 JO am Friends of Man. 10.45 Paper Horrors: *■ Connress Dracula.’* p l ~° 3 - 6 VJi - 

Lads. 11.10 Commcit of the Sea. L38 pm Nightly at 8.00. MaHims Tues. 2.45. 

ATV NeursdrsB. UO OeniTal Bocplta). SOUTHERN PATRICK CARGILL and TONY anholt 

535 Thus., u underfill TV Times. 6J0 JV7LJ 1 El t J\1X In SLEUTH 

6 40 am Ooen Univprcitv ATV Today. 800 The Iniredlble Hulk. o N>J0 ■ Unmm m Ramhow TheWnrld-FamousTlirlllw 

™ ,vers,l} ' 1L30 Quincy.. ■ ■ Cminiry 10.40 TeU Me Why 11 J5 II asic hy ANTHONY SHAFFER 

ll.ln) Play School. onDriPD *' rsrH*’, 1L30 Tho Paw.-r Lads. I-? 0 pm " Seeing the plav .Mi'n Is In fact ar 

4.30 pm Cricket: Second Test, DL/rc LJffifx . Somhern News. L30 Ttiow wonderful 4 ;y e ^ #,nd - , 

England v \>iv Zealand MJ0 am D7"2P ,ul '-Th- nos WracJer. tv Tinuj. 2.00 Women Only. SM Ww-k- £ ' 00 » nel £A ^ t * ntf °°' Brk 

6*15 Onen Hniviriltv M.40 Tell Me Why. 1L05 Magic arela end. 5.20 Crossroads. 6 M Day by Day. CT 5 ° 

M T1 “ I £*e !r >“■ *2**” Sbmu Soulh Easi. 6.30 TIil- Cuckoo APOLLO. 01-437 26B5. E.enlng* 8.00. 

on .“ Headline 1 !. N’o«. ua survival ioo Alter noon. V-JUJ. a.80 The Incredible Hulk. 10J0 Mats. Thurs. 3.00. Sat. S 00 and S.oo. 

i.Oa Children 5 Wardrobe. 505 Thu FartreJue Family. 6.00 Luofc- vmibern Xem Exrra. I0JS Tbc Friday oonald sinden 

7.30 News on 2. around Friday 8 00 The In.-redlblo Hnlk. Horror Film: •■ PsyctaomaxUa.” "Actor of .f'SVE Stanaanj 

7.40 Siv English Towns. UlW *" P 0 " 1 " TYNF TFFS shut you 

S in 4* . a x su mm ary. i * 1 1— co think of England 

>10 Thie* in^ Magpie (aili- C?H\IVNFI am ' r f iv Cwi Word, followed by -• wickedly funny.” TlRies. 

9-20 Master cEm: Jack Brymer wh^Vo™ WbSS* 1 «»” te*, uT iw £To h J T| n e T s«roi arts tmeathl ' w a Vs 'T V“3o' 'BrbaW*l orchard si^SreaT month 

tdarinet) W-Jth Geoffrey 5?cr Noon. 5.15 Fnends nf BiuSiV 6J0 jj”" °ind "I’ilSiff.'J ** 1*5. ST.iiFn" Dinr^r uNp? lyti C elton ttrSiemSm wS': windmill the athe.cc. oi-43T bus. 

Pratley (piano I . Channel News. 630 Valles Of the nf Scsl-l^ im^ernonn lnvrHM “Hilarious ■ «rt IL". Sunday Timas. 7.45 Tamar. 3 & 7 45 PLENTY new Twl S?.J2‘S£^*Z JP' 00 - 

9.00 Jazz from Mcntrcux with - T: 30 S ?^ a ^ S.15 Gambit. 6.00 Nunbem LUe. 730 Lturday' 1 !? 7 T 00 and' 9.1 5* r an ° COTTBLOE (smilf auditorium): Prom. PAUL RAYMOND presairts 

Rlla Fitzgerald and the *,* 'summer J urn 800 *** Tvnc Tecs TS. — — 8 funt " s* 0 *- 21 tn« _ BOTlc of the 

Tommy Flanagan T-rio. ESre K V " A**** - 

re 9 rw;°^, , News and Weather re French.. SXglZa^E.II^^ ^ Fri ' ^ ~ ,Bu "« 15k 5«T , b-6 1 E-ff!S«. WSSIE — SSSiJS 


YEARS.” Sunday' Times. 


01-836 1171. MAYFAIR. 629 3036. Air cond. Evs. a. 


Sat. 5 30 and 8.30. Wed. Mat. 3.00 — _ 

WELSH NATIONAL THEATRE CO. VICTORIA PALACE. 

DYLAN THOMAS'S 828 a?35-E 

UNDER MILK WOOD STRATFO 


ln 0 the West End vet aagm with an^ier 
of her eprtdishfy ingenlus murder 
mysteries." Fells Barker. Evening News. 
AIR-CONDITIONED THEATRE. 


MERMAID. 
248 Z835. 


828 4735-6. 834 1317. 

STRATFORD JOHNS ; 
SHEILA HANCOCK 
ANNIE 


Evenings 7.30 and B.isll Evg s. 7 30. Ma ts. We d, and Sat 2.45- 


EVERY GOOD BOV 
DC5ERVE5 FAVOUR 


WAREHOUSE. Oonmar Theatre. -COWie 
; Garden. 836 6808. Royal Shalc«Be6rt 


A play (or actor, and orchestra Qv TOM companv Ton't. BOO. Peter Atkin's 

ST°p£a r O * ANDRE PREVIN Sc.K £4 A AND R®" ” OrlmatKlFy Mgj>N 

13 and £2. NO ONE WHO cuves charged . . . Pete Atkin's piano ptavlng 

15 * Vnlovahlo « his dialogue.” Times. 
ART can possibly All seats 61 90 Adv, bl"V Awwvrt. 

M'*S 1N*S..PL*V. ^s. Times At ust Srudent standby £1. 

a meaningful and brilliant and serious " ~* 

political . P^y-~' ^ ll ye Jgr!”- Post ' WHITEHALL. 01-930 6692-7765. 

Run extended to Scptemoer 30. Es . M a 30 _ Frf- ana Sat . 6 _ 4 5 in d 9-00. 

.... Paul Raymond presents the Sensational 

NATIONAL THEATRE. 928 2252 Sex Revue of the Century 

OLIVIER (open SMBe); Ton’t 7.30. Twnor. DEEP THROAT 

2 <S A V.30 TOE CHERRY ORCHARD 6th GR EAT MONTH 

LYT1 ELTON (proscenium WMV Tdn"t WINDMILL THEATRE. CC. 01-437 6312. 

m gs&d 3 h.4. 745 pt£NTY ■"« Twi ?u^ , g.(SiW.^ 0 ' 

COTTESLOE (small auditorium): Prom. PAUL RAYMOND presents 

8 fUn,M *«■ 21 THe THE EROTIC S^E^NCE OF THE 

Many excel Wit cheap seals all 3 theatres ,, _ , MODERN ERA 


10.15 Don't Forger To Write ! GRAMPIAN • rrr ctcd Elvis*"'”' 

11-05 Late NCWS on 2 . q _- First Thin-* In ThD RPirb- ULSTER "Infectious, appealing, root itamok 

11.13 Cricket: Second Test hi^h- F iruL TolT w ^ w W ’ 2D Bm Thl? Losr l5laT,ds ' Tell beart-tuumplng." Obserrer. Seats . 

n"htV ' <TOihcra. 10A5 Tell Mo WHy. HOB Me Why. LLD5 Magic Circle. 1130 Pap..-r £ 6 . 00 . Hail-hour betpr* shorn Sest 

li^nts. MasJc Circle. .1135 Th.- ; Pa pur Lads. Lads. 1.20 pm Lunchrtnje- i -xn The ***** veals £3.oo. Mon.-Thurs. an 

11.45 Closedown (reading!. po F"» C ?S t ’i d . I J„^ , T i J <ead,il,es ' H2 Slor ^ ^ w ’ iDP - Tb '-’ Electric Thcaire gccT MusicA , L r oF 0 THE YEA 

BBC 2 Wales Only— £30-4.30 pm rrJL'JTivyh? sh“«- ^ uiner Nc« ncadimr-s. S 35 ®vISing S standXrd “war 

Ehtcddfod 78: The climax of the IK tS?Ri? ' 3£i tso I?” "“L*™"?' ■ Trtrewoe : 

week B.. 1 I ,,‘5? 252^: Ncw5 '-ross roads. 638 Repons. Cambridge. CC. B3G 60S6. M 

800 Tht Incredible Hull U3S Reflec- 6 jfl Pnlltw SH. 8.00 The Incredible Hulk. Tn or. '. 8 . 00 . Friday. Saturday S.4 5 
T OTVTlOiV amw 1130 Grampian Uue 'iisht Head- n v> Bedtime. _ 8.30. 

},ucs. 1LX Law Cent re. followed 67 tombi 

S-0 am History Around You. R«*«d R,port, - WESTWARD - SS 

9^5 Be A Soon with Brendan (jKAlS.AOA . ia .20 nm aatslcal Fairy Tales— Hansel Seat .o^ces C2.oa-J3.oo. 

Foster. 10.20 Oscar. 10.30 IOJS am &.-saniL- Siro.-t. 11. 20 Castaway. »nd GreiaJ lfl.m Tell McWlj. H.0S Dinner a« ?op-an« sea'll £8 75 

Animated Classics (Mvsterious 1145 Kaihy s Ouit. l.zn pm Thu (s Your Masi<; Circle. 1130 Paper Lads. 12J7 pm ° . JlW top ” ’ ce . sea ^ 

Island) 1115 Sfatinna’rv Ark Rj F ,u - lJ0 T * 10 ' Amaan* World Of Cus HMH-ybun s Birthdays. 13D Wcstwanl CHICHESTER. 0243 Bi 

, . ,„ Q '■ Il-lw orationary Ark. JM Alter X DU |,. SJB The Ne-rs BL-adlrees. 130 Berjl 3 Lot. 2.00 Tonight. Aug. 12. 14 A IS ai 

11.40 Felix the Cat. 12.00 Undersea Adreniuros cf 1 oprain Nemo. Summer After Noon. 5.15 Friend* o( „ look aftsr LULU _ 

A Handful of Songs. 12.10 pm SJ 5 Croraroads. tJH Granada News. M»“ Vi V i’f? ,u ' a ,?L. D “^ ^ THE «°ERN U pi»pVlJ 7 

Pipkins. 12.30 The Benson and •.» summer Soon. 6-as noon Time. *«» «• , n<l ~ 


‘-a>-«i*e. toad available.) 

ITT < CTFI> Elvis 

ULijltan •■ Infectious, appealing, loot itamalng ana 

10.20 am The Losr Islands. UL40 Tell heart -thumping." Observer. Seats £2.00- 
e why. 1US Magic Circle. 1130 Paper £6.00. Hall.hour before show best avail- 


6 pm perf. only. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


^-^FECTATTHE ourtfe " 

June- September season 
THE LAOY-S NOT FOR BURNING 


3rd GREAT YEAR . 

, a 2?r 76161 WYNDHAM'S. 01-836 302* Credit Card 
1 VIC Bkgs. 856 1071 from 8.30 a^n .Mpn.. 


CAMBRIDGE. CC. B3G 6056. Mon. 10 
Tnor.'.S.aO. Friday. Saturday S .45 and 
8 .30. 

tPI TOMBI 

Exerting Black African Musical 
“ Packed with variety." Olv. Mirror. 
Scat prices CS.oa-£S.OQ. 

THIRD GREAT YEAR 
Dinner ana top-price seals £8.78 ind. 

Chichester! 0243 61312 . 

Tonight. Aug. 12. 14 & 15 at r.oo 
LOOK AFTER LULU 
Aug. 12 at 2.00. Aug. 1 ' at 7.00 
THE AS PERN PAPERS 


Anri Erl IRU " *■ ”WI rwn nviuninki 

ana rn. Q epe |[ jecabl " easy ana virile authorn».~ 
:,g Standard. 'EH Pen AtMns " riveting o.lvsi- 

Lnn cal nuldRy. Financial Times. "A gem 

MU of ■ performance from Robert Eddlsoo . . . 

Michael Denison, John Savident & Brenda 
Bruce scoop up the laughs." Guardian. 
Tsoav 7.30. . at. 2 30 ana 7.30. 

Derek- Jacobi In IVANOV — Chekhaws 
First comedy. Previews from August l6Ui 
at matinee prices. 


Thur. 8 00. Frl. and Sot. 5.15 and 8.30. 
"ENORMOUSLY RICH 
VERY FUNNY." Evening News. 
Mary D-Malley's smash- hit comedy 
ONCE A CATHOLIC 
■* Supreme comedy on sea and religion. 


LAUGHTER." Guardian. 



ACROSS 

1 Galo u*ptl by crickt-ic-rs cfi> 

4 Whip rear of n.i-j 111 fun.n 
shou'd Inrow iiuhi »»n the 
6 U n .i’’c: (5-" 1 


Hedse.s' Open Golf Tournament 7J0 1110 "“JLinrp* of p.„rick. ti-38 ttcredihlc Hulk 1BJ8 Westward Late comedy. 01 -< 

7 M Ji,« >i-r • J a Friday Film Prvnilerv " T<, inkT.” Star- News. 1039 Summer of 78. U. 0 S Evgs. Mon-fn. b.oo. Sat S.OO 

i.WU :\eias plus FT index. 1.20 r i n e Charles Broosnn amt wn Georee. MjMerr Movie: " Co 1 11 m bo." 12M am Mat Thur. 3.00 

Platform. 1.30 Family. 2J23 Ben- 1.15 am a luuo Niuhi r.iusir Fuih for ure. SSS'/iPA 


ti It s not so f;ir this way dud 1.W News plus FT index. 1.2© rinR Charles Broosnn ami Susa 
could be 'iO to-Ji Piatrorm. 1.30 Family. 2^15 Ben- 1.15 am a Litue ?(i«ht Music. 

- incr ,..,,, i*rn 1 in .,,, 1 -^ it ^ son and Iledccs Golf TournamenL HT\ f 

i lnsUliilirlH LDUIu IliaKe It 3 l i: rhiMrnn nf th« Ci..., i i- i * - ■ 

, fi , J- la ‘-niinren or the stones. 4 An iojo am B | Tl ,r, ^ Dni, Kh , 

ru, >- 1 , Runaround. 5.J5 The Cuckoo Me why. os Maple ore 


YORKSHIRE 

10-20 am Tarzan. 11.10 The- While Slone. 


EDWARD WOODWARD 
BARBARA JEFFORO in 
THE DARK HORSE 
with STACY CORNING and 
PETER WOODWARD 


Mon.-Tliun. B.o Frl. & Sat. 6 4 8.40, 
JESUS CHRIST SUPERSTAR 
nv.TIBi Rice and Andrew Lloyd-Webber. 


CINEMAS 

ABC t * 3. Shaftesbury Avr. 836 8B6T. 
Sep. Perts ALL SEATS BKBLE. 

IS 2001: A SPACE ODYSSEY SUI 70mm 
him. Wk. A Sun.: 2.25. 7.55. Late Show 
Frl. A Sal. 11.05. 

2.- THE ONE AND ONLY (Al. Wk. A 
Sun.: 2.00. 5.1S. 8.15. Late show Sat. 
11.15. ' 

01-457 6834. CAMDEN PLAZA ropp. Camden- Town 


930 2573 i PALACE. „ CC. 01-437 6834. CAMDEN PLAZA Top: 

» and 9.30 I Mon.-Tnurs. 8^ Frl 4 Sat, 6 4 8.40. Tube>. 4BS 2443. Ma: 


Mm LOLA MONTES (A). 4 20. 6.50. 8.5 0 

CLASSIC 1, 2. 3. 4,. Oxford Street topp. 
Tonenham Court Rd. Tube! 636 0310. 


Me Why. 12-05 Maple Circle. H.JO 11.15 Dynotnull. 120 nm Calendar hVw*. a crarking New Play by Rosemary Anne 
Paper Lads. 1-20 pm Hi-puri West Brad- L3Q neus-.-narar. 2,00 Suremer After Nwn. smon. 


247m Composer- Jjnac# 


— — ■ — — ■ — — by Edward Woodward ano a first rain 

4j 40 HR'’ LOS The Good Did. Bad Old Days. 435 east In Val May's extremely rttcctuv 


isj Sinreonhunir hrmdract Xorihcm I ml and urvh.-sira -S'l. IB2S Story Time. 5.00 PM Reports. 5.00 nroouctkin.-'E.News 

Yuimn Ar-lsis Reciul , S .. U. 2 S Bncndre Within 5.S Wenrher. programme Wl " ,aw lt - 


bU .1’ C- (3-'l 8 Ri-CCfl'ding nil hcil-ilkc sound Waltz. Paper Lads. 1-20 pm Htpuri West Brad- LJQ Ifeus-.-Mrar. 2,00 Summer After Nwn. Sisson. 

9 .\ r I n^i caller m pink heads (Hi 3.4S News. 111,1 s - 1-2S Renon Wali-S Headlines, uo &li Out Of T-nm. t.OQ C.i]..'iid*>r iEiuIl-:- 1,0 Djam, '0d 

(Ai ,, , | . ., enn Cartoon Tima Those Wonderful TV Tinie^. 2.00 Women Moor and Belmont ediuons>. 730 Bless 25i^, *T. Mtrc ' F '"’' l 'r '"ff- 

in fW-r „„,ie c ,.r 11 Increase the -u;.'[jly of sold *■'" ^to^ Time. S1S ^ VnfcrWa ■., Ju . fll[ircfi of rhis Rnuse. BW The Incredible Hulk. ro Smi." S. TSr^A ia U nn rm.n..w" 

10 Dr.\er nc«.i,s docloi lo slir yomq lo t -B.l. agents on trust 6.3p Crocsroadb. Capiatn Nemo. s.a Uro, ,Tnads. 6.00 1L30 The Proirxor^. □. Tel. "Opportunities brniunti” seized 

r> Cn^l'nue^lo resKt Droieel initially (7l RADIO 1 247m Compiler Janac# -S. 4.4a RBI'’ 4.0s TTw Oood Nil. Bad Old Days, a.js c«t ^ Vai W ^*? rt exi?emeiv ft rUcctiiC 

( =l Vl P J 14 Is duck dead ur just separate^ (SJ Slerwhanlc broadcast IBZS story -nme. SBO PM Reports. 5.00 -*<£*"*■ "Americans . 

(3, oi .w\ t MnriiiiM w-we \uimn Ar-lsre Reenji <Si. 11.2s Crlck' , i. Bngidra Wuhm 5.H5 R curlier, progratnnie w,n la¥ * ‘* a "' 

13 Express train from the south ' , _ s.M am As R*lm Z 7 82 Dav" r«e scronn Test. Corobill lnsur.m«> SWR "PWS- bM *l£ w ,2: ‘J®. C| »DK Places. CRITERION. 930 3216 cc aseTim, , 

(fil Two pieces or meat cut off Trovts. 9.00 Simon Bates u.OQ Kd ^SL W - » L" N, J S „ o 7 i 0 „ p '^ sfo SiO. “uri D7 5.o 

-fc , . , ... ... . nrnmutlv (4-4) Jonsi-n with ihe Radio 1 Rnarfehn.u rrnn, N»W5 140 Playhld. 1M Luncbtiifle of tho Work (S). «lt 7*roffle. 038 Many NOW IN ITS SECOND YEAR 

la Instrument with nothing in P™ mpuy w J C K Rnr LLa scorobuard. 6AB L,W!n f v ■ %nd Reason. Why. OJf Letter from America. LESLIE phTluw * R 

order (4) 18 Odds OO the wrong horse or Paul Burnett! IWTony Blarkhnni dS nwreaikm 7 JO Proms TS pnrt 1 fS). 930 Lambeth Conference Repon. 4.4Q 

16 Brew in the north and drink dog (8) Paul Gambacnnl. inolmunc 530 Nembeai. ^3° PgT, 3 jSjffl RSSi ,. Is? ’io^! M a' t SECOND HILARIOUS S YEAR^ INUTE 

outside could produce a 19 Scare right in the swamp (8) J^ n s ffl i , s ^i2lo& R u?‘ ( \s Raii£’“ Sch ” bcrt ***** 1?“ ‘ ffia aSJure »si. kss nishtSp. ulh V --- Ry FUNNY -'~ 5un - T,t 

=0 r„W2£!!ii K i. . 22 %*>*" ,w "“ " radio 2 t^h. ..d ■so 

.. M.'iL ,J « SLbh in «~p», (61 jar-narsii aws 'C.^1 r*T BEC Radi0 ^wta 

-1 Box lor fl S b fron, the south ,, ble „ notiM , COUBtrJ . Tggmj. — J— rSSS » » h. ...“SJ™ ouCMrss. .30 sr.s. ~ 

25 1s able to C0DV a savoury Inchidim? SJG Commonwealth Games » ,^ I 5; , „ ,„P J>0 BRC Northern 9M Uodon Uve. U03 phi Cap In. 2.0J EwinintB W and 9.00. 

:! a** i« to p> » nr 10 cat wiUl me 00 ansttJsr sr*si sa?f asss; Tua ^ srjf«a « 

26 Taking Ihe way 10 London Voirna fS'. 12J5 PR] iVasaon-irs' Walt. c ? rl J ,a,T Arnold Cooke 7J0 Rocks olTf. 730 Londoners. ' 

...i 1 rt, - - -- — 1238 Ptrn Murray's Open Meuse i5>. D l u 51 c J, 5 , 1 ; 3 -® Paitwr and 130 Track R-?«nrd. 10.80 Late Nicht mjKE OF YORK'S. m me 

IncludiBB IAS Spon3 Desk. 230 David S® 1 <S i; -= 3 ^, ““J P| 4nn rtC^*ai London. 12D3-C1«e: As Radio 2. t.eningj a.oo. Man. wcd..* B Sm V no' 

Hsmilion 1S1. Including 2.45 and J.o ' s '- .7®,!“,^ 'SI. SAS Tnndon Broa^^astinfF Ltmima Season. Must end August S’ 

Sports Desk. 4JB Wawvnrn’ Walk. ». wmuuu ww Mwit JOHN GIELGUD 

£nnn« rttafc 4.B0 F!il! Prinr.. .5. le.-li.H. D A Dlfl Jt 261m and 9<J3 V HF U1 Julia Mitchell'S 


PHOENIX. 01-836 3294. Evenings at a. 15 Tottenham Court Rd. Tubei 636 0310. 

Friday and Saturday 6.00 and 0.40. Special Season of Film Entertainment 
-TIM BROOKE TAYLOR. GRAEME 'or Children (and Adulfil One m-Ke SOp 
GARDEN make us laugh.'' □, Mail. Mon.-Frt. it am. Doors TO 45 am. 

THt UNVARNISHED TRUTH SEAL ISLAND fUh SAMMY'S SUPER 


2. Bono MCCluVe WARLORDS OF 

PICCADILLY' from B.SO am. 437 4S06 ATLANTIS LAI. Prmi. 1.10 3.30 5 SB. 
Credit Srtb 835 1071-3. Mon-Thu^fl. ■•*0' LMf lhuyv rtJCAS CHAIN SAW 


Frl". and Sat S e.13. (15th at 7.i 
SYLVtA MJLE^taJoe OSCAR 


MA«SACPE OC-GLC1. 11 dm. 

X. John Carnanterts DARK STAR cai. 
2.19 ,5.35. 9.00 ZARDOZ IX). 3.40 


. . SPECTACULAR PERFORMANCES I 0 5i^*l e AS-°v,II4! ,1 i„. « « 

FROM EVERY MEMBER OF THE COM- lO^B^S 1 'lm 

PANY." Guardian. A new play by J.«s, B.m. 0 . 35 . Late show n ,pm. 

CJJfOEOM. Cnraan street, w.i. 499 3737. 
V1EUX CARRS fFulfv Air CondIMonedl. DERSU IJITAI * 

(The “Old Quarter' of Not* Orteansi tUl In. 70 1 mm tEnotHh iub-tiMMl. A 
" For -those Who doHaht, In the continued Sim hy AKIRA KUROSAWA. " MASTER - 
oovrer of 1W* £L BCE ' "MASTERWORF," 

n M Al. m TPMlIniK I f IIIlfT fllfr 11 TlPnM OlKamr "MACTE DDItrc E »*— — 


25 Is able to copy a savoury 
titbit (6) 

26 Taking the way 10 London 
outer suburb (8) 

2S Gut off a fickle edition 18 ) 

29 Pitch to acquire a ?on! (6i 

30 The French politician to send 
tight support iS) 

31 Customer has no part to 
chance (6’ 

DOWN 

1 Part of factory putlin? .sas in 
Notts, town (Si 

2 Unassailable players joining 
club ( J -4) 

3 Announcing a discovery in 
Greece (61 

5 Rehnld ihe first book to 
plunder (4) 


Sunnite, djfl WN,W Walk IS err 7J ° MW. ImTnrtV’lVHV 

spins DcsL- 430 EiU Prince i5>. imiiid- RADIO 4 tn SiP? a P«, 

ins S.45 Sdoit? Desk and 6JB Cross- 434ni SSOhi iq- .uto 54» am Mornin. Music. 6.00 AM. Non- 

Channel Sfofonnn fnformau'on. 633 ‘“F 3 ,n/ ^ 7nflfJo , n ^ r, ^°2 JOQO " 8 

Commonv-eallb Games Snorts Dusk. 7.02 r^iVv 6 ai TLl parra “5 Brtan Hayea ShOTr UBhi LBC Repom m ia 

! Jim Madcnd and his Band In the Radio 2 12.*™,,*$? lu,1ln|< 7 -“ ^ G g ,r ”.. Gj> r * , 3 ° f! K,t ,?' W srct 

U’llroom (S* mclndlne 7.30 Spore Desk. a, « * 8,W 


IUKE OF YORK‘5. D1-B36 5122 

timings 3.00. Mats. wea.. sai. 3 fiS" 
Limited Su»n. Must end August 

JOHN GIELGUD " 


«u. . imm frt. and Sat. 11.45 n.m. Seats mav be 

•w Tlm tn!^Ndby A l£rohl PrtJ2e. Webb€P ‘ fj»*«ncc tor 8.10 didos MOn.- 

DtreCtM «» H * row Plrlncc - htff-nloht ^Drows”* - ^ * rt E *' U ' 

P EvOTrt«^8.a[ A Srorda«‘ 5.30*% ^ 43 ! **5?,??!}; (WO 77181 "2771^ 
W THE HILARIOUS MIDNIGHT EXPRESS C*1 5*0. ONigl. 

BROADWAY roMEOY MUSICAL PJf" oo*n 240. 5.00. 8.00 Latt 

■I LOVE MY WIFE *J»w Fri*. A Saa. doors Open 11.1s Am. 


in Julia MIKhdrs 
HALF-UFE 


BROADWAY roMEOVMUSICAL 
:i LOVE MY WIFE 
starring ROBIN askwith 
D irected bv GENE SAKS. 


All rears h UH e, 

DP'ON. Lgionter Souare. " rgiij Kin.) 


22 Southern stroke or scribble RADTQ 2 t^oom Vnd to'SSM SES iJSff FinMCia ' s.^; 00 w S5S -=* j £ " i S US**. 

44 TT_,f«V.1» in — _ 5jn . “ sw Summary 5.02 Tony ^. Uf3, Tonlw, ' s Schubert Song gCff Radio London I “ A rare, d^i^Un? S iovau£ astnni*h n n p 5i l ^S L S c y s ™ n - st ? u * R ? theatre (030 5252) 


Solution to Pii7ilo Vo. 3,741 


raEHSna-HBEEQHSE 
a s -Ci ■ n : r.n -B;»c3 v n 
BHBBnna'':QSBQ0aa 
Q Q H J 1 B □ -Cl 

□□□□ SQEnEnnaEan 
O 0 E w l ! B B B 
EnSEBEEJ^QHBHEEIH 
B n - cj bi 

r,Wir 

nncngnoEBE dhhh 
n D H Q i3 B □ 0 
BBE0BEB '•■ QB530HnQ 
OS B B Q Q □ G 
HOEBBnBn GBBHGB 


orrte tun £7.00. 


and his Cabana Bra's, 
TS with Trrry wocan 
3.92 am News Sumrr 4 


nEORGlP*CHAIrtRlS. ROY '&OTRICE. 

JA ^TH V F rL F L ^ON P, ^D P R^ 

RAYMOND REVUEBAR- CC. 01-734 1593 
At 7 pm. 9 pm. l l Rm- Opens Sum 
PAUL RAYMOND DrtSdnt* 

THt WSTIVAL OF EROTICA 
pally ■i"4spn8IHon«l . 

21St SENSATIONAL YEAR 


Rttj s 0Ihce or by Post, tnxui Thurs. 

Ori*nNT M«roie Arro w j' riss 201 V2I 
CLress FNenilNTCRS OF THE THIRD 
/At Vs> progs. Dhy. Doom OOPB 
' "5. 4 13 . 7 43. L»|- ihmv Frl aitd «at. 
Dfmre open 11. IS P.m All wart bfcbfe. 


""'1CF ™*hLZ9.- LMe. So. 417 8181 
MFL PROOFS. HIGH APTFIFTY (Al. 
s»n. PcrH. Dlw. fine. SMn.l 9.45, A.15. 


! _ . _ _ _ . A UTIE nvwai. *.i» im» mono ai fj n * UD UOPaOD inw W'- "■■"*» in HAROLD PINTER'S 

1 RADIO 3 •HHm. Stereo & VHP fj, e Ardrera. LO Woraan's hht frow Opes Use c5>. 1-® Nieto Horae'B Your . the homecoming 

6J5 am Weather 7 M News. 7.05 Manchester, injludinjj J.06-2JD News.. Mother Wouldn’t lake It (Si. LLOO MiSp ijsntlV'^lcte^ PROD ueTftSI?" 

Overture f Si. BJB News. B-95 Morninn Listen with Mother 3j» 'News. Alien's Late SJ®** 3 s ?, an ! *£? "an inexhausti^y^^ich' uintl 11 !: 

Concert (Si. 9d» Neva, 9 AS This Week's MS Afternoon Theatre uj>. ^ Nmrt . Davidson s London Link Inu-reatkwaJ «S). Guard n. ■■ NOT TO « MISSED.^Tlnwc 


REGENT, rosf are TttMl 01-B37 986213 ■*« 


THE GREAT AMERICAN 
'BACH FT AGE MUSICAL 

E ^N^C 7 ?Ssftr%R 7 F5SM*E& 00 


( _vrar, nuwe. tK'd. Bur. 

b^ord firms 437 3S00- 
i‘» Cl»finreh. *u» e.**ev in Paul 
Ma.nr-taoc *». I'UMiygrao WOMAN 

R r? , -AV 3 ' 40 * 60S ' *' 3S - Lat * 

Show Sat. 10. £ 0 . 




, 1 ' . 1 : 

’ *■ . 











Aiignst II 1975 


•Wvi? 


HUKJm 5 XaaUJIldllUIl .by GEOFF BROWN 

Ute Montes (A) famriw pi^ 3 - W .. '.‘•' > -‘V ‘ ' One , never suspected Billy of 

^iii Unmarried Woman (X) bereelf for acticm^at. tiw Aim admission of Infidelity itself success with his first feature, ^° u q r U ^n lSm’ j2 ^ 

■ ATamPi- Wpt» TT*/! e nttiriiniE. ll«tinnw*o >Tr/ih» master _i -u.. . 1 . t, . * v..*. POUT Troni mm in> the worst 


».» U ip upr« w- vueon £?««* ws nowg “ uegms ine nr$t of several aan- oacKtres totally. The source is rf ri5 fcerinninz with the iudne 

^aymarket - -, :: become. the director* putting bis gerous treks, accompanied by a the prison reminiscences of Billy SK*- anMSflfr ** Y ou 'rp a nfe" 

.fames Scott films Natiowfl -Klm -Star through the gnuStag and waiting saxophone on the sound- Hayes-an American visitor to iV^«^imolv--° vif.'rp P ^u 

Theatre — .• debasing nmivcs nt «vmKDW her trsplr T,or M inJ MM.miojr ^rtih T».b«. - »..»>.« _» .1. **** - Jr 1 ? you re ail 


process of. expoang her track, her mind occupied with Turkey caught at Istanbul air- “L. r*And Pstker h« ihnwr. 
ZrS W?:*»J>«t»Uc view.- O^nte spent everything but traffic, She walks port in 1970 with some hashish ^*52 to n™ rhS lI 


r . .. - ■ • v. ... !*“““«• '«w. yv**.**“ «T-«>U 41 UK oui'iramc, oneway pon in iv/u wim some nasnisn ..-'-nYrtMTiff to nrnu» that ho 

Lola Montes, the^st. filmmade .a* Metunt « Germauy.Fxance to and from her sessions with a taped round his chest, and sub- ? hin ?SdiffereStlv ^ he 
3y Max Ophuls Ip 18&5< has not and America decorating the risible therapist (“Turn off the seauenGy left to linger in a dank “™ ■ . reDtly * 

Vf en seen here -to public.for material be was giveo.wiih a guilt for a wed:**): she walks fortress for four years— a sen- Faced, with the mindless 
tfiany a long day; From the first baroque: style whiefr; h.elped to even more when she meets the tenee eventually extended to 30 spectatie of Midnight Express, 
foment whentv^Sihdelierson -shed ■ a critical ’light ’On the palmer Saul Kaplan - (Alan it is a story to invoke hot anger it’s '-especially pleasant to 
he .mrcus rou£ , m«jesticaUy Characters- - plights -(particularly Bates) and begins a liberating an <I outrage, but Parker handles wclrotue the National Film 
■ lescend on either *»de of the those of the women)., and Lola affair, steering a loving path his material in so perverse a way Theatre's brief season in its new 
l L-ii; ,neiT, ascop'e i frame, tt is clear Montes serves . as; the r logical through ice-cream vendors, dog that one's anger and outrage “Bruteb- independent Film 
■_r at this is a TeviVal^tpTqelebrate. clfniax: a film.\0Wt'the lashings excrement skateboarders and becomes directed at the film Makefs -Slot devoted to the 
for- few films ^stocq then have of spectacle almost became the performing steel bands. - itself. films of. James Scott— for Scott's 

- tisplayed / the - '- stylistic subject-matter, providing, some- These camera perambulations Parker has come to feature work Tias al ways been concerned 

uidaciiy, nave "encouraged . the thing which if aV’.oncff ja : cele- seem a dubious, inexact way of films from commercials, which with the- varied and ambiguous 
'-n .arae sense of wonder in the hratibn and a critielsm of -cinema conveying the emotions of the provides the critic with an easy ways’ "of conveying specific in- 
'w^^mence. Its commercial run at itself. -The colour in the' present moment, and certainly 7 offer- no stick to beat him In Bugay formation, through the screen 
xie. Camden Plaza prefaces a print i* fuzzy at times, but. there support to a story . which needs Malone there was no need: the image,. He first made bis mark in 
.. ^ationar Film Theatre season of is nothing fnizy about the film plenty of buttressing. The high-gloss photographic style the late-Ws with a group of art 
^ Ipnuis films throughout Septem-. itself,:whicB iamMterly, magical strongest point in the -wall is Jill suited the ingenious, fantastic documentaries which cut straight 
; »er: there could be no Better, or and endlessly fascinating. „- r >. Clayburgh herself, who gives the notion of a cast of kids impersou- against the accepted style as pro- 
. qore tentalismg,^t^itecti<^ to . . A>bhim.is j3so . at tee dentre wholehearted kind :of perform- ating gangsters. Prohibition moted - Arts . CouociI 
. ll ;L) wor k- . ■ of Au Unmarried Women; -writer- ance one has come to expect boozers and good-time gals. But (thougn • their output is now 

..'-The film has - always been r . ' . 'V- ' much livelier). Then, films on 





Cottesloe 


Mark McManus 


Lcmanl Burl 


1 


IIS work. • - -. . 

The film -has .always been' 

- - urrounded by. - controversy, 

- ike its subject— the 19th-century 
-.’oncer who had some.-of Europe’s 
. <est men at her- feet^' including 

. .iszt and the King .of Bavaria. 

. >n its original release in Britain 
'od America, -the ; commercial 
ndustry took their revenge on 
>phuJs complex style 1 and -slruo= 
'Nure. preparing, a vejsibn cut, 
ubbed and re-arranged -almost 
eyond recognition. The result 
<as called Sins of Lola Monies ^ 
■^N-hich could be summed up in . 
teven H. Scheuer’s Movies on 
' V as “Dull and'fopilsh story - 
f the famous dancer .. . 
OkJstinov is amusing, " but it’s 
jl oardly worth -it even.to. seia-hlm.";. 
J^eter Ustinov plays tiie cihins 
3^ng -master, eoaxirig the'past out 
f his legendary ^ ^star; attraction 
t a series of tableaux, and. panto- 
times which lead into the fl tin’s 
ash backs). And -Martino Carol’s 


ola. a “vampire with' tee. eyes <■« 

f an angel “ has always ; come 


i for cruel words whether the 
Im was shown complete (as 
' ere) or not: the American critic 
> .-fanny Farber once' described her 
s an “ hourglass made out of 
- rale golden cupcakes.^- - . What- 
. ver that means, it- is hut -com- ; 

.. . limentary. • — 

Certainly one can imagine’, .. 
mre alluring and -. magnetic p: 'fjf 
crformances, but. she- 'serves ‘ ■ ■ ' 
dmirably as an enigmatically - 
, till point in a f uriomfiy>tunfc_ 

‘ .ip world For every shot .of _ ... 

. ‘ . -6la Montis seems decked to' 



jii^Ctoybargh and Michael Mun>hy in'* An Unmarried Woman ’ 


artists- seems to consist of one 
masterpiece dissolving Into an- 
other; accompanied by dignified 
commentary, classical sounds 
and an unseen aura of immense 
sanctity. Scott's films on David 
Hoctaj ey . {. Lot v’i Presentation ), 
Richard' -Hamilton and Claes 
Old eh berg (The Great Ice Cream 
Robbery), removed the aura, 
showed us in detail the technical 
processes involved in producing 
etchings, or the influences and 
components which make up. a 
“ pop 7- artist. 

The art films have sadly been 
and gone; it is also too late to 
see Scott’s first feature Adult 
Fun (1972). which takes place in 
a stylistic no man's land, shifting 
uneasily V. but fascinatingly 
between the dingy urban thriller, 
outright fantasy and documen- 
tary interviews. The adult fun 
involves, .industrial espionage, 
with a dislocated hero' hired (in 
a suburban, room with fulsome 
waDpaper) to dispose of . a 
business man who pads -around 
in white shoes. The film was 
generally given a cold shoulder 
when it v first emerged, but ex- 
deserves?. extended public ex-, 
posure, particularly as urban and 
industrial malaise has only 
worsened in the intervening six 
years; its perilous balancing act 
between various styles makes for 
worrying, engrossing viewing. 


The Passion 


by B. A. YOUNG 


The National Theatre’s version 
of the York Mystery Plays 
returns to the Cottesloe until 
September 2 as parr of the 
“ promenade season,” in which 
the seats are removed and the 
audience invited to share the 
floor with the company or to 
find accommodation, standing or 
seated, in tee surrounding bal- 
conies. I have now seen it three 
times and find it more moving 
each time. 

The text used is edited from a 
dozen of the original 48 medieval 
plays by Tony Harrison, who has 
retained the sparkling allitera- 
tion and the northern dialect 
but produced a verse easy to 
follow without sounding modem. 

Yellow lights in pierced oil- 
drums (design by William 
Dudley) suggest the oil lamps 
of long ago, but the people in 
the play' are people of our own 
time — miners, builders, meat- 
porters. bdsmen, a police officer 
wbo later turns up as Pontius 
Pilate. You do not know until 
tee music starts who are the 
players and wbo are the 
audience. When tee Albion 
Band begins its music, music 
that sounds like pop music 
imagined by Thomas Hardy, the 
players are those who clap and 
sing most readily.. 


The plays span the events 
between Jesus's birth (only 
lightly touched on) to his 
crucifixion. They are- done very 
simply; only twice ‘are any 
significant props brought on — a 
length of blue material to 
signify the water in which Jesus 
is baptised, and the great 20-ft 
cross on which he ends his 
earthly life. For the rest, scenes 
break out here and there, either 
among the audience or in the 
balconies, where the familiar 
stories are acted: blind Barti- 
meus, the Last Supper, the 
betrayal by Judas the agony in 
the garden (hard to see amon" 
tee crowd) Peter's denial, and 
so .on, up to the crucifixion 
itself, with Mark McManus hang- 
ing on the. cross for a quarter 
of an hour, a mauvais quart 
dTieure for him indeed, 1 should 
think. 

Some episodes are played 
seriously and respectfully, and 
in some_ the rustic humour of 
the .mediaeval poets is given 
rein. Pilate is married to a wife 
who is always lead'ng him off 
to bed when he ought to be 
working. There is a lot of by- 
play about the workmanship of 
the men who actually carry out 
the crucifixion; doubtless this 
play was given by a guild of 
carpenters who could see the 


difficult)' of getting a loaded 
cross like that to stand upright 
in , the ground. 

There is a sod deal of music, 
some of it modern, some of it 
taken from old songs, none of 
it. I am glad to say. reminding 
me even remotely of Godspell. 
The personnel of the cast will 
vary from one performance to 
another, but you will always 
have Mark McManus. Brian 
Glover as a comic Cayphas in a 
bishop’s mitre. Dave King as 
Pilate. Fulton Mackay as Peter. 

Some small children near me 
were taken out halfway through. 
They had not been paying much 
attention, but they seemed to be 
enjoying themselves, and the 
sight nf very young people in 
the crowd adds a touching 
element of truth. If Jesus were 
to be crucified in Hyde Park 
next week, you can be sure there 
would be small children among 
the crowd, and people carrying 
newspapers and umbrellas, as 
there are at the Cottesloe. On 
the other hand, small children 
(of whom a fair number re- 
mained) may often find it hard 
lo see what's happening, and it 
is worth while chasing teem 
around the floor between . 
people's legs so that they can 
always get a view. 


•£w»t“ l »S!!& from this *ne act^ Mictael tte WRW of UidmglU Expre* Sf^fsiS^S'SSy State 

tantly scurrying— the ^inions 03 ^ 1 ^ 156 cutely^^oured Murphy ^ depends on bemg able to accept JSng seen in the context of 

V -f the circus, all shapes and dramiL But the womiyi iiare is ‘ J i; de ® n ?^ art c But others are tee actions as objectively real cleaners showing on 

” izes. who carry on afidT off the no legendary lover: sfefeKrica toe 0r ,f U ^L eCtlvel \i him T August 21, made between 1970 

arinus props; the royal lackeys- Benton, employed at^ jbnhat- wil ° j Up_ T* 3 / nund of Billy (played ^ iS75 by tee Berwick Street 

i the last flashback. Sequence tan's Rowan ^ Art GaUeicfttwfth a K«„ ed i y ^ mtl ! odu< > , Brad Davis) mna ins irritat- collective, Scott included. From 

ailing for needle and^thread Wall Street husband Spleen- ll , %S r unM FS° red: he ' s i“ st ° ne tee “contract cleaners of Adutt | 

.. .. a secure the froiit ol Lola’s age daughter who. slt&T even ?! of tee world s many unfortunates, pYm id ^ flight cleaners working in 

ress. While the supporting more intelligent tharSte is. wThI tn ^r-wnnH office - bfecks iSD,t s J uch a *? IR 

ast are thus occupied, the lead- Superficially, Mazursky.i^ also £ ■ fairl £« , . 1B £? SSlb e , cbaract * r to are beyond him. And the things jump;- $jote worlds involve 

: ng characters and the camera seem to shire' Ophui^flued. £ v A1 a the mana S«™ 1 double - dealings I 

read a delicate path Ground a camera style.- but thejV%s ^ n » « « n r g n^, f in! hidden-mgay behind anonymous. , 

multitude of gauzes,. : ; paiars;-M$iEprslcy:s camera ^ - fanulai^uiidings. And Scotts 

. . ran erill^. tnirrdrir;, Winding it^ travels arer-«T) hanai»tMt-tbe ^vntombed in a Turkish pnson increaseffVpolWca] concern has 

.. ^ . t airways- theatre - sets, . and comparisob is without yalp?Tak- only haght«ied bis insistence on 

,r a penes, ..i. .- ing to an extreme the Jra den ey f e ^? d ^ ress on bottom nght- attractively pierce tee dimmest clarifying the methods used to 

. - But aH thiir movement and be showcd m N&rt StdT Green- corner ,of a sprawling jesses, showing _ up the water pjJ i sea t his findings okthe screen. 

. poor is not without its signfi- iofch " Village. ’ MaziJsky uses ranvax one can only ennge with drippin^ plan^ently, the mould other items in the season are 

_^ancc. It takes no thuttderclap= every opportunity yF Unger on amused^ _ horror^ and recall gathering nicely on the walls. Coiiin and PIaionida\ (August 

— F inspiration to' realise that the ’ streets "of iisxeloved cit>\ ^ a roervBrothers romantic tosh But this is not fantasy: the #14), a feature shot with Vion-pro- 
he film’s structure . and -Style The film, b^znswte Erica (Jill of the ws- ihe past, it seems, acts of violence are real, and th^fessionals in Ireland, ind the 
rovidc an analogy with /!■ -the Glaybur^z) V andr her' husband ® tneseapable: denizens of New halo of prettiness surrounding first showing or the \Night 
• Im-makmg process itseti.- Take .(Biichael^drnSy) - jogging, and Hollywood always seem to end them Is despicable. And the Cleaners sequel, ’36 tA ’77 
v way -the circus paraphernalia, we^ return lq/the sidewalks at ^processing Old Hollywood script is an unthinking as the (August 22). Stimulating British 
. .'-.nd the scenes - of Lola p.repar- key points jSn.- the unfolding nt .wicker, brighter colours. camera style. One of tee film’s independent cinema does ^iot 
tg for the next stage in her drama abwft Erira’s traumatic '- * worst moments is Billy’s court- reach the cinema all that oftui; 

.resentation . could easily be- reaction terfiis infidelity and their- And now to British cinema, room speech when his sentence -when it does, it deserves eveW 
: ome Martine Carol readying subsequedr separation. The Alan Parker scored a pleasant is up for lengthy re-adjustment support. \ 


St- John’s Smith Square 


Cathy Berberian 


ess in 


RONALD CRICHTON 


Wednesday’s instalment of 
Musicarmema raised none of tee 
scholarly questions which- 
bemused Nicholas Kenyon after 
an earlier programme. Miss 
Berberian is not one to let a- 
scholarly question get anywhere 
near the platform. In fact her 
programme was slightly less 
Armenian than the audience; she 
cast her net over a thousand 
miles or so. taking in folk songs 
in a great variety of -versions, 
united only by her affection for 
teem. She even persuaded her 
excellent accompanist Harold 
Lester, to sing a traditional Yid- 
dish song— rather affectingly — 
before she presented it in Ravel’s 
pungent transcription as 
“ L’6nigme 6terneJie." 

'• v Some of her Armenian songs 
were indeed the results of 
scholarly delving; the Edwardian 
underpinnings of others sounded 


homelier. She sang them all 
with her customary flair, with 
the graceful oriental melismata 
making engaging echoes of the 
“un-vocal” figurations in the 
contemporary repertoire in 
which she is famous. Her 

pressurised chest-voice was 

chiefly reserved for Slavic songs 
—not of course the arrangements 
by Beethoven and Rimsky, 
which she delivered with careful 
tact, but some earthier Bulgarian 
numbers and also a fragment of 
Stravinsky’s “ Pribaoutki." In 
this company, two of Bartok's 
folk-song arrangements sounded 
alien and stark, not quite on 
Miss Berberian’s communicative 
wavelength. Everything else 
benefited from her extrovert 
enthusiasm — folk songs don't 
suffer by being made firmly into 
live music, and tee pleasure she 
took in them was infectious. 


In the ordinary run of things 
the accompanist of such a 
recital has an unrewarding task, 
but Mr. Lester’s time was not 
wasted. Besides his vocal solo,, 
he had a prominent role in a- 
song by Alan Hovhaness, recre- 
ating the shimmering sound of 
some cembalom-like American 
instrument, and throughout the 
recital he matched Miss 
Berberi an's own freedom and 
verve at his piano. Not many 
contemporary specialists, one 
suspects, could let their hair 
down to such lively effect. (His 
performance some time ago of 
Berio’s Recital, with Miss 
Berberian, might have given one 
the clue.) Neither artist gave the 
least hint of patronising the 
material; for that, too, gratitude 
is due. 

DAY1D MURRAY 


Sirauw Is still raudiliipnwrt^-anaires her even so nearly twnceV - There was a galaxy of With respect to the three A refreshing interlude in this 
i Ins native city. The Munich Dctavi&n’s age!, and Ochs as “ Vevperienced stars two nights eminent ladies it was the men operatic orgy was a piano recital 
oscnkacalier, mounted- -ity the country Don Juan, a handsome iater in Elektrxx. Difficult to say spro^S surprises— Fritz gj^en on a Sunday morning by 



msitively so, mingling -/.the. in bearing, a ^ definite. recognis^-State Orchestra and tee three haunted, obsessively yet hfif- wan with Schubert’s Dosthu- 
.rands of life in/\Marta- a ble totevWuaL It is the defini- Allustrious female principals- unwillingly acting out his A major Sonata keeping 

hereslan VIcntw ; wite . lovtng* Hon. that sets .this periormanefc^hlsson as Elektra. Rysanek as destiny. The tension of this per- ^ first ai ^ movements 

noblrusive expertise. * lb the apart. Jpnly Catherine Wilson sT^TOthemis. Varnay as Clytem- formaoce was at once reflected t0 a dv7iam ic level dangerously 
ice of so much enjoyment oue rougher-edged but equally mdi- Pes&a. Nilssons famous per- by the conductor. Up to the point f or the Nationaltheatre— 
uietlr forgets all the times : ip vidual characterisation fat finance hardly changes. Some of Orestes’ entrance, Sawalliscby , a glassiarmonica heard in 
thrr opera houses when - - Rosea-' - Scottish /Opera, has come near./w the vocal suppleness may had given a muscular, exciting distance. Yet complete 
aralirr has seemed either x this in ' recent seasons. MissTwve gone: little if anyteing of but not subtle reading. Now tee lndd jt v of pi an ism and thought 
mnstcr of calculated cullnarity Jones’s voice is not limpid Imt t^npwer. On this occarion the music took on hues strange l gradlI aij y possession of 

r a tired war-horse waitingrYoy thc Coloar is expressive. One. of recognition had a poetic and prophetic. That day one's senses. Some of Schumann's 
radual ohtivion; ’ The settings single note in r . the cverung tmiderness that has not always tee flag over tee Nationalteeater FantosiestQehe, rather hard 
nd costumes of the versatile xptayed in the old way. but theraj^ teere. Rysanek’s tone was flew at haif-m»t for tee former driven, proved less suitable for 

di-gen Rose have the -virtues of was - a mannensm-’ of clipping. cloudy until near tee end. where Intendant. Gunther Rennert, who the sweltering heat, but after the 

ic "production. The mixture is abort 'notes, shorter. tte lugh tones rang out <UB and had died unexpectedly at Salz- interval there was marvellous 

red hv the conducting pTCarlos Briglrte Fassbaenderts *tear. Varnay s voice has little burg. Rennert, who will be Debussy: a Suite bergamasque 
lcjber. embracing every -shade Octavian, the voice showing on *F ®?.y teough an occasional remembered m this country given with tee same scrupulous 
f intensity from' the most passing signs- -of the strain of note ■_ still shows the well- among otter tilings for his work care and crystal delicacy of 

Plicate to the rampageous, and singing major rOIes. (the first-r^n^Bbered copper gleam. Yet at Glyndebourne, was one of tee shading teat' Richter then 

v the shimmering, voluptuous was Sesto in Mozart’s Tims) on-vaa -demonstration of operatic most gifted, influential and pro- lavished on the Bstampes and on 
iavlnc of ‘ tee Bavarian State two successive evenings, was an on _ tee grand scale her ductive of post-war opera one of tee- most diaphonous 

roheslra. ' - " . •exemplary, fully -rounded pei^ Clytenmestra remains an eyeful, directors. Preludes. 

With a- east as gdoti as one 'fdrmaace. . •’ '•-i' 

3uld find today the programme Hans . Sotin's Ochs, beaufr.._- t _ 

o&k (in Munich these *re edited fully sung, perfectly fi'lnla /yBeit Hall/KadlO 3 
Ith a flair ainf knowledge that Strauss’s demands. Curiously, 
take well-meant efforts eise- enougli^ played like this without . 

here seem amateurish) . could -buffoonery. r . -the -. character- ^ ill 

.lord to print Straws’s own becomes much- more foraudable TO"M TIITTA 

,h „? .vxUbl ld.li tulLC by max loppert 


General Mining Group 


COAL MINING COMPANIES’ REPORTS FOR THE QUARTER 
ENDED 30 JUNE, 1978 

(Both Companies are incorporated in the Republic of South Africa) 

(All figures are subject to audit) 

Shareholders are reminded that quarterly results are nor necessarily indicative of the 
results which may be expected over a full year. 

TRANS-NATAL COAL CORPORATION LIMITED 

- Comparative 

Quarter 12 months 12 months 


Tons sold *000 

Quarter ended 
30.678 31.3.78 

5j[37 5.035 

previous year 
30.6.77 
5.313 

to 

30.6.78 

20,795 

to 

30.6.77 

20.451 

GROUP INCOME 

R(000) 

R(OOO) 

R(000) • 

R(000) 

R(000) 

Net income from mining and allied 
activities 

7,848 

7.759 

8.336 

30,995 

30.973 

Add: Financing and sundries 

774 

927 

1,419 

1.665 

683 

Deduce: Taxation (2) 

8.622 

2,464- 

8.686 

2.738 

9.755 

2J97 

32.660 

10.015 

31.656 

4.788 

Outside interest 

695 

1.030 

1.063 

3.695 

4.506 

NET GROUP INCOME 

5/63 

4J68 

6.095 

18.950 

2U62 

CAPITAL EXPENDITURE 

S 

4J00 

2fl78 

12040 

iiwT 


~ ; 

— 

— 

— 

• 


horaeters without incrediblYyouthfal-lookiiig. float-.-- 

v?ir scorning . over-optimistic, ing her high notes as surely as _ - - 


MAX LOPPERT 


Writing in ^flver. Father _Farunal was : ,35ie j -annual Glyndebourne specially striking features of the elaborate alternate first aria. 

?inposer dbscnbpd . ^ a ^ dine p ? Ter Hal1 production. But the Rivolgete a lui lo suguardo." with 

larschallin as a young, beaut- Kusche — ; nwetmum effect wnn meanings to tee idea of con- powerful and precise feeling for great address— on tee whole its 
il woman of at most 32“ {Which minutmm apparent effort. Cert opera. Wednesday’s Cost, characterization as evidenced in substitution - for “Non siate 

' 1 """ -*" ■-qtvvit iiy .th» end conductor each contribution, and tee easy ritrosi - ’ seemed a mistake. 

r 'tf. I of this year’s new Peter Hall pro- dramatic naturalness of such The lindi-pixt of the evening 
v- ^ -t v V' ■ -was sung from a narrow things as the playing and speak- m-as the robust and muscular 

, *T/ • - j.-T 'Jl' ■ J' L _, v raised ^bove tee orchestra, mg of recitative, were just two conducting ol Bernard Haitink. 

IrmiTin OniV Si 11 ! 561 * ^oruste «ven- tokens of Mozartian ensemble The concerted numbers were 

JLt' KJXXXy w XaU*V w jng, dress visible .when resting playing at its most cohesive. It shaped, by .the singers and by 

• - 9 a* whraperformin&. Ana was possible to imagine superior the London Philharmonic Orches- 

-ri r, ! jti.rT.tru-> A orSwM T *** d^mtiDn singing of some of tee roles; Nan tra, with an almost Beethovenian 

PnmP from / vSTDllKv Ofmorement and timing that can Christie’s Despite was slightly combination of fire a nd soli- 

LUXiAV -L_X 10p4,v/V -Jajdly have failed to make shaHow, Patricia Parker’s Dora- darily. of urgency and largeness 

rr , bella was voiced in loose, spread of scale— one felt that Beeteaven 

Awvtv ***** audience every curve tones, and Max-Bene Cosotti's might well have moderated his 

jgSSa« 3 C*' ' J ' | ^ Sr aad f’ though' engagingly distaste for the opera if he bad 

onoocodile ' ‘ full Ita,ia ? iu' dramatic accents and heard this resding-of it The 

’ SmpiaSS . . benches suppli led the full warm ly communicative at aU orchestral detaU ™ at once an 

fSSSnt times * lacked ^ steady long line illumination and a deUght— such 

i ■ ?nd ^Jils firat aria. things .as tee upward brass fan- 

. It - - teSuSSSi exclmn^teelr bi?k A S a ^ J* “Uua beJJa serenata." 

9e?gdd£58.^ Alfonso, and Guglielmo would though they came* near to 

26ctgoid&> i III— irfp^ r ' w “y reading 'with ■ its obscuring tee trio of men’s 

■ ■ -\5»| IWSf? H^^u7ton^ d?S2SS- h00ded ^aiUj. and hint of con- voices, made a wholly new kind 

. ■ •■rWttSi#- * ■ •• » ^wbere there 

Mmnomimiiv man- “ ldmdnal *“* rjment was. once seemed to.be missing the brim- 
■ 3 Xe-* • pusea were economically mao- =, i™-- 1fl fln „ . minn SfUunncnan aT 


Notes I. Dividend No. 31 of 103 cents per share was declared on 7 June 1978 and is payable on 
24 August 1978. 

2. During the quarter Matla mine commenced production, and the company's share of the 
capital expenditure for the Matla joint venture has been taken into account for taxation 
purposes. 

On behalf of rhe Board 

S. P. ELLIS ) n . 

T. L. DE BEER I D,recwrs 


THE CLYDESDALE (TRANSVAAL) COLLIERIES LIMITED 


Tons sold tKK) 
INCOME 


onoocadile ' 
atrapiaSS. ■ 

Ste* gcW £58-^3 
lbclgoUibS 


activities 
Other income 


Deduct: Taxation (2) 


mi 




Comparative 





Quarter 1 

12 months 

12 months 

Quarter entted 

previous year 

to 

to 

30.678 

31.378 

30^.77 

30.678 

30-6.77 

’ HI! 

1.120 

1.164 

4,617 

4,512 

i R(000) 

R(00D) 

rTooo) 

rTooo) 

R(000) 

1.858 

1.569 

1.501 

5.931 

5AM 

234 

234 

109 

583 

147 

- ’ / - ■ 

■ ■ 

— 

■ 

— ■ 

2.092 

, 1,803 

1.610 

6.514 

SJ61 

(837) 

721 

58! 

919 

X127 

2519 

1.082 

1.029 

5^595 

3A34 


,P 2N 

131 

2257 

694 


-m 


'Desnina’s doernr and notary dis- . . »8®.-Bozena Betley svery of sense, if elsewhere there 


•SSanHoS an account jt fiow - a Fiortiiigi ming sensuousness of texture 

^e^^Sn^oTtee vo ^ of uncommon accuracy, teat ^ vigorous . Cosi con- 
nate relay of ctenwter. on tee es - ,*** ductors can. sometimes cqnvey. 


Ojr ,1 flr , ^awr ** Interolav of character on tee xnippciu, ana auctor* sometimes cQnvey, 

A- emtlS of tedpfot and Us un- J “ r P Hf’ 

A folding as almost to amount to a £ d wrt ^ Ibe , sens e of the a: iea.«t partly responsible. The 

f \ - -■■■ ■•"•iasMff a Co* renewal rather tean Procters growing uaceri^ty luppio^s tf the whole occasion 

— \ •• affiSSr 9 * - merely a Cos* concert per- camed upon teem For undemon- was spoiled only b>- the con- 

V V n I O \r KQ Mjf&M . fortnance Stiranve polish, and keenness of sideration teat, concurrently with 

fr,-. . f , ' matcotild. not be explained, undcrarandmg. Stafford Dean’s the concert, Glyndebourne's Don 

j i • - - *■. • • •' to anyone Jn tee audience' who Alfonso could hardlj- be bettered- Gtotanm was going out on tele-' 

■£ I T •g.TYDARilcl: 0H93 67^7 I bad not seen tbe show at Glynde- Hakaa Hagegard. a subtly under- vision— what a thoughtless bit of 
os™* L^Wi. ---11^ iiwim.. tets year, were tee stated Gugtielmo, delivered tee TTV planning! 


NET INCOME AFTER TAXATION ...... 2.919 1.082 1.029 W9 S 3,634 

CAPITAL EXPENDITURE llS "7 n ^257 "fi94 

Notes I- Dividend No. 130 of 9 cents per unit of stock was declared on 7 June 1978 and is payable 
on 24 August 1 1978. . 

2. During the quarter Matla mine commenced production, and the company's share of the 
capital expenditure for the Matla Joint venture has been taken into account ior taxation 
purposes. .. - 

D. GORDON l Di „„ art 

S. P.EI.U5 i D,rWor ' 


Secretaries: 

General Mining and Finance Corporation Limited, 
6. Hoi lard Street, Johannesburg 2001 -■ 

10 August 1978 


London Office: 
Princes House, 

95 Gresham Street, 
London EC2V 7EN. 





IS 


FIN A NCI AL TIM ES 


BRACKEN HOUSE. CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finantimo, London PS4. Tdes 386341/2, 883887 
Telephone; 01-248 8008 


Friday August 11 1978 


A new man in 


Lisbon 


Peugeot at the top 


Financial Times Friday August 11 1978 


BY TERRY DODSWORTH, Motor Industry Correspondent 


“Wi: 


PORTUGAL'S NEW Prime 
Minister. Sr. Alfredo Nobre 
da Costa, faces a number of 
extremely hard taste. His first 
and most immediate priority is 
tn put together a Government 
that will be able to command 
support in a Portuguese Parlia- 
ment m which parties and their 
leaders never seem able to see 
eye to eye for very long. As 
the last Socialist-Christian 
Democrat coalition fell apart 
largely as a result of disagree- 
ments over Ministerial appoint- 
ments. and many hours of sub- 
sequent negotiations failed to 
solve the problem. Sr. da Costa 
will clearly bave to tread with 
caution. 


Elections 

If Sr. da Costa fails to estab- 
lish a viable administration, 
there will be a renewed threat 
nf early elections, which vir- 
tually no one in Lisbon wants. 
Elections must in any case be 
held in October 1980. Addi- 
tional elections in, say. January 
1979. would only serve to pro- 
long the political uncertainty 
of which Portugal has had far 
too much in recent years. All 
those who would like to see 
political stability in the country 
must he hoping that Sr. da Costa 
will be able to form a solid 
enough Government to last 
through to the 1980 elections. 
The only alternative would be a 
return to the Socialist-Christian 
Democrat formula under Dr. 
Mario Soares, the outgoing 
Prime Minister. But that would 
assume that the two parties 
showed greater determination 
to solve their differences than 
they have so far. 

In addition to political 
manoeuvring, Sr. da Costa will 
have pressing economic prob- 
lems to cope with. The out- 
going coalition has been reason- 
ably successful in introducing 
an austerity programme, but 
the country remains faced with 
massive balance of payments, 
inflation and unemployment 
problems. It remains heavily 
dependent on foreign borrow- 
ing and. therefore, foreign con- 
fidence in its ability to manage 
its affairs. Members of the 
Socialist - Christian Democrat 
coalition had been suggesting 
just before their final rupture 
that next year would have to 
be the year for a real attack on 
the economy, assuming, per- 
haps unwisely, that this year 
would have seen the resolution 
of l he country's immediate 
political problems. 


Foreign confidence is not only 
essential if Portugal is to con 
-tinue to attract the inter- 
national finance it desperately 
requires. There is an equal 
need for the country to estab- 
lish that its new democracy is 
firmly based in the run-up to 
its negotiations for EEC entry. 
In this respect. Dr. Soares has 
done a good jab over the past 
two years. But with no single 
party assured of anything like 
an overall .majority, and - the 
Army and the Moscow-backed 
Communist party ever-present 
in the wings, political crisis has 
never been far away. Portugal', 
northern neighbours will 
watebing closely to see how far 
the relatively unknown Sr. da 
Costa justifies his reputation as 
a man of action by coming to 
grips with the problems that 
faced Dr. Soares, and taking 
firm decisions. 

Early indications are that 
while Sr. da Costa may have 
broad Parliamentary backing 
his appointment is likely to 
prove more popular with the 
Right than with the Left, 
former Minister for Industry, 
he -has long experience of com- 
mercial and corporate affairs 
and is likely to have the con- 
fidence of the business com- 
munity both inside and outside 
Portugal. As a Presidential 
appointee, he can be assumed 
to enjoy the strong support of 
President Eanes. who has moved 
progressively closer to the 
centre of the political stage as 
the parties and their leaders 
have shown themselves in 
capable of solving their 
disputes. 


Revolutionary ■ 


Sr. da Costa's business links 
will not endear him to the 
Communists, who already have 
unhappy memories of his time 
at the Ministry of Industry. As 
a Minister, he worked to 
rescue industry from worker 
occupation and bring the 
unions back into line after 
a period of excessive revo- 
lutionary enthusiasm. The 
Socialists may not be happy 
with the choice— Dr. Soares in 
any case still thinks he should 
be Prime Minister himself— 
but they should be relieved that 
President Eanes has not 
appointed a military man. 
must now be hoped that Sr. da 
Costa can demonstrate that the 
President has made the right 
choice. 


Disruption at 
the P.O. 


THE PROCEDURAL wrangle 
which has prevented repre- 
senialives of ihe Post Office 
and the Post Office Engineering 
Un mn from meeting to discuss 
Lnfti McCarihv’s proposals for 
resolving Hie long drawn nut 
dispute over ihe engineers' 
claim for a shurler working 
week — an<l which lias meant a 
fur: her week of progressive 
rieteyioraiion in telephone and 
mail *i*rvr«i*s i<> the consider- 
able «*«'-{ and inconvenience of 
lMiTine-'s and ihe public — 
at la*! tn have been 
rleared out of the way. The 
f.irf f hat talks an* to be held 
wiMiiml prejudice to either 
side'- point of view docs not 
n*«.’n«sari!v mean that we can 
m-i W .»\peci a ranid settlement. 
Tbo ivn panics have Vnth said 
t iii»v -ec in the McCarthy nro- 
•v.snN — wh'i’h remain unniih- 
li-hed — a basis for agreement 
bul there is probably a Good 
deal of hard bargaining still to 
be dune. 

I- scv'ins remarkable that the 
ili-.nuto has been allowed to go 
u n for <n lnn“. The engineers 
iii-gan their action, initially by 
refusing to insial and commis- 
sion new exchange »Miuipment. 
a> far back as Ocioher last year. 
Y'-t it was only at the begin- 
ning of June, shortly before the 
union increased the pressure by 
banning overtime and calling 
fnr a ‘ work-to-rule campaign, 
that Mr. Eric Varley— who as 
Industry Secretary is the spon- 
soring Minister for the Post 
Office — railed in Lord McCarthy 
tn assume the role of mediator. 

The union's choice of tactics 
may have meant that there 
would be only a slow and at 
first barely perceptible build up 
n! disruption to telecommunica- 
tions ami postal services. But 
ji was apparent Irom the out- 
mM. when the union conference 
in .Tune last year overruled the 
POEU executive and called for 
industrial action from the 
following October, and again in 
January this year when another 
conference tied the executive's 
hands further. That the union 
leadership might face increas- 
ing difficulty in controlling its 
member* Ihe lonser the dispute 
remained unresolved. 

in this, as in other disputes, 
it is m»t easy for observers to 


gauge the relative weight of the 
factors that appear to have 
made the rank and file members 
of a union so determined on 
course of action. One factor 
clearly is the fear of jobs dis- 
appearing within the Post Office 
as well as in the supply indus- 
try when the new generation 
of all-electronic exchange equip- 
ment begins to come in in the 
1980‘s. But the POEU’s case is 
not wholly based upon concern 
over the implications of new 
technology. It is also for com 
parability with clerks and 
other PO telecommunications 
workers who already work a 86 
or 37-hour week, ami recogni 
tion for the members’ contribu 
lion to productivity over the 
past 10 to 15 years. 

No employer can guarantee 
jobs permanently, nor can any- 
one pretend that technological 
changes will not alter the 
nature of the work that will be 
needed. But both the Post 
Office chairman and the tele- 
communications managing direc- 
tor have offered the firm pros- 
pect of no redundancies for at 
least a considerable number of 
years ahead. 


No reason 


the 


At the same time, 
engineers have to accept that 
the benefits of increased pro 
ductivity. especially Jn capital 
intensive industries like the 

PO telecommunications busi- 
ness. have to be shared with 
the users of the service if 
indeed' not also with those who 
provide the capital, in this case 
the taxpayers. The Government 
has insisted throughout that 
reductions in the working week 
have to be self-financing through 
some off-setting productivity 
arrangement and that any net 
additional cost will have 
count against the guidelines .... 
pay increases. The McCarthy 
proposals, which envisage a 
phased approach t 0 a 37i-hour 
week, are understood to have 
been drawn up within this 
framework. Given a willing- 
ness to compromise on both 
sides, there seems no reason 
why The two sides should not 
be able to arrive at a satis- 
factory accommodation. 


WERE number one 
Europe this morn- 
ing. If this deal comes 
off we shall be swamped.” This 
is how Ford, the company 
which has spent more time and 
money than any other develop- 
ing a European framework of 
operation, reacted to the news 
of the proposed takeover of 
Chrysler’s European interests by 
peugeot-Cttroen. The U.S. com- 
pany will be eclipsed by the new 
combine, and not just to a minor 
degree. On today’s figures, 
Peugeot-Citroen's share of the 
European car market will 
emerge a good 5 per cent 
ahead of anyone else— and that 
is about the size of BL's total 
sales in the region. 

The dimensions of the agree- 
ment are difficult to take in be- 
cause it dislocates the basic 
pattern which has existed in 
the industry since the emerg- 
ence of Chrysler in Europe 
about 20 years ago. Since then, 
the most significant structural 
development was the merger of 
Peugeot and Citroen about two 
years ago to create a second 
force in the French industry 
(alongside Renault) capable of 
standing up to the other Euro- 
pean majors. Now the French 
group is proposing to take a 
great step ahead of its rivals 
with the creation of a new 
pan-European' manufacturing 
organisation of a type that only 
Ford can match at present. 

Until now, the leading Euro- 
pean companies have been 
bunched in a very tight pack. 
There are six groups in serious 
contention for market leader- 
ship led, after the first five 
months of this year, by Ford 
of Europe with a 13.2 per cent 
share, closely followed by 
Renault at 12.7 per cent. The 
preliminary figures' indicate 
that there are then three com- 
panies— the Volkswagen Group, 
Fiat/Seat and Peugeot-Citroeu 
— virtually neck and neck with 
shares between 11.5 and 11.8 
per cent of the market General 
Motors, manufacturing Opel and 
Vauxhall cars, makes the sixth 
member of the top group with 
10.7 per cent. 

All of these operations are 
financially sound, taking an ex- 
panding role in the world 
industry and competing 
vigorously for any advantage 
possible in Europe. But the two 
outstandingly expansionist 
companies in terms of creating 
new capacity in the last few 
years have been Ford and 
Renault Both went ahead 
during the oil crisis with new 
plants, despite fears of over- 
capacity in the European 
industry, and have been proved 
right in terms of improving 
their own positions. With the 
European market heading 
towards about 10m units this 
year, both companies have had a 
little extra capacity to soak up 
■ilea in the last two yean when 
many companies— for example, 
Opel in Germany— have been 
short of vehicles. 

The analysts who have argued 
aaginst the creation of more 
capacity, such as Ford’s new 
420,000 units a year plant in 
Spain, were right, however, in 
one respect. The European 
region went into the oil crisis 
with a usable capacity of I2xn 
to 13m units a year, more than 
enough, theoretically, to service 


Its needs. What Ford and 
Renault have effectively argued 
is that much of this capacity 
was wrongly, organised add 
ineffective. So as they expanded 
they have made the marginal 
companies in Europe look even 

more mar ginal 

These sick companies have 
all, in one way or another, been 
very clearly identified in the 
past four years. Chrysler and 
British Leyland were forced to 
go to the UK Government for 
assistance, Alfa Romeo in Italy 
has been- In a s imil ar position 
and made even more cata- 
strophic losses, while Volvo and 
Saab-Scania tottered briefly 
towards an abortive union. The 
problems of these have been 
exacerbated by the expansion 
of the Japanese companies in 
Europe. 

It was clear that something 
would have to give, and it was 
predictable that it would be 
Chrysler. . For the last six 
months, all the evidence has 
been pointing to the fact that 
the UK Government's rescue 
programme for the British 
interests of the group, flung to- 
gether at the eleventh hour in 
the slightly hysterical political 
climate of late 1975, was going 
badly wrong. The company had 
never managed to come any- 
where near its profits forecasts, 
its product line was not taking 
on a new sparkle, and it was 
rubning increasingly into the 
old, familiar labour troubles at 
its Scottish plant at Linwood. 

Chrysler Corporation, the 
American parent, has also been 
in no position to retain a heavy 
loss-maker on its hands. It had 
losses building up In the UK, 
the Spanish operations were 
barely profitable, and invest- 
ment was required in all its 
European plants, including the 
more profitable Simca business 
in France. 


The solution to these 
problems, however, is extremely 
surprising, since it smashes a 
commonly held assumption 
about the European motor 
industry: that there would 
probably be no more major 
crossfrontier mergers in the 
European motor industry. This 
is an argument which the big 
companies had come to accept 
only reluctantly. But following 
abortive talks between Fiat and 
Citroen a few years ago, and 
the essentially nationalistic 
solutions to the problems which 
have overtaken British Leyland 
in the UK, Citroen in France 
and Alfa Romeo in Italy,, it 
seemed the only logical inter- 
pretation of events. 

If Peugeot-Citroen succeeds 
in -pulling off this agreement — 
and there is a great deal of 
negotiating still to be done — it 
is clearly going to be presented 
with a major organisational task 
to pull all the separate interests 
together. The key question in 
the deal is, indeed, whether it 
can cany through the essential 
rationalisation job on Chrysler’s 
European interests, while keep- 
ing one very rocky production 
base (Chrysler's UK interests) 
on course, and improving the 
performance of the marginal 
Spanish operation. 

Peugeot - Citroen said yester- 
day that it intends to keep all 
three marque names alive and 
to maintain distribution net- 
works. Chrysler Corporation is 
also retaining an interest in the 
management until 1980. This 
approach mirrors the cautious, 
step-by-step mode of operation 
which Peugeot nsed in its take- 
over of Citroen. Tbere it put 
in a new Peugeot-bred chair- 
man, a new Peugeot finance 
director and about 16 key 
personnel and let them get on 


with it The whole emphasis 
has been on the better utilisa- 
tion of the assets already 
present, in the group, and 
Citroen has merged from this 
spell to make profits again, pay 
back its Government loan end 
overtake Peugeot in the 
European sales league. ... 

Chrysler Europe, however, 
presents rather different prob- 
lems. It is a more ramshackle 
organisation than Citroen with 
an obvious need for significant 
investment in its UK and 
Spanish operations. The .ques- 
tion is whether these businesses 
can be pulled round without 
any significant pruning — it 
seems clear, for example^ that 
the Linwood plant in ihe UK 
has become relatively isolated 
under Chrysler’s management 
and could be easily lopped off. 

As the group stands. It will 
have a vast and conflicting range 
of cars and components to 
reorganise into a rational 
structure. One estimate puts the 
number of separate engines 
being used in the group arid, 
whereas Ford has slimmed its 
range to four. In the middle 
sector of the group’s car range 
there will be four very similar 
models — the Citroen GS, - the 
Chrysler Alpine and Horizon 
and the Peugeot 305. By conn 
trast. Ford and GM both have 
four basic models. In addition, 
the inherited production faeflir 
ties are not located in an ideal 
relationship of size 'to 
geography: in Spain; for 

example, both - Citroen .and 
Chrysler have modestly sized 
production facilities, while the 
UK plants are too small, accord- 
ing to modern thinking, to 
operate at maximum efficiency. 

In theory, however, the new 
group would make sense in 
terms of the scale economies 
which could be achieved. With 
a joint production potential of 



CHRYSLER:Unit Sales 


BY AREA OF MANUFACTURE 


PEUGEOT-CITROEN 
Production 


0 - 8 - 

IWBon 


0*6 


0-4- 


0 - 2 - 


Peugeot 
o — » 


t«*CARSM/ 
M- ABROAD 


MADE- 


>* 


W: CARS MADE. 
3*: IN FRANCS 


Citroen Peugeot 


1976 


1977 


Citroen 

■K* 


* Stake of 15 per cent In Mitsubishi. 


about 2.2m cars and thicks, it 
will emerge as the sixth largest 
motor company in the world, 
after GM, Ford, Chrysler, 
Toyota and Nissan. 

The deal will also add a new 
element of complexity to the 
already elaborate web of inter- 
connecting interests which have 
been developed in the last 
decade. Peugeot-Citroen, for 


example, has several com- 
ponent manufacturing links 
with Renault in France, and 
recently announced a joint van 
manufacturing agreement, with 
Fiat Fiat itself moved only a 
week ago towards tighter .links 
with its Spanish associate. Seat. 

A real and tangible European 
dimension is now beginning to 
emerge in the motor industry. 


Chrysler’s fight to survive 


BY JOHN WYLES in New York 


WHILE stunning because it is 
so comprehensive, Chrysler's 
decision to hive off Its European 
operations comes as no great 
surprise to those who for many 
months have been trying to 
work out just how the company 
Is going to finance, its first and 
overriding priority: survival in 
the domestic U.S. car- and truck 
market. 


On most reckonings Chrysler's 
position was / desperate, not 
merely because of its string of 
losses (deficit in 1974 and 1975 
followed by profits of 5423m 
and $163m in the subsequent 
two years, and a loss of more 
than 5100m expected this year) 
bnt because of the capital invest- 
ment also needed for it to 
remain a significant force in the 
U.S. motor industry. 


The repetitive litany of the 
past six months has been that 
the company, on its own esti- 
mates, has to spend $7.5bn by 
1983 on developing new models 
and modernising much outdated 
plant and equipment. This rate 
of investment is more than 


double that of recent years and 
has been forced on all of 
Detroit by legislation which 
demands that the major 
domestic car producers raise 
the fuel economy of their cars 
year by year until their fleet 
average consumption is 27.5 
miles to the gallon in 1985. 
Given that the fleet average is 
18 mpg this year, the task is an 
enormous one, requiring new 
standards of design and engin- 
eering from a company whose 
financial resources are exceed- 
ingly pinched in comparison 
with its two very much larger 
and more prosperous rivals, 
General Motors and Ford. 

The cost of failure could be 
extinction, since in this decade 
Chrysler has seen its share of 
the market for domestically pro- 
duced cars slump from more 
than 16 per cent to around 12 
per cent The company has 
neither been able to produce 
sufficient winning new designs 
to maintain its position, nor to 
retain its traditional reputation 
for engineering excellence. 
Unless the decline is reversed 


Chrysler could conceivably join 
American Motors as a company 
struggling for survival. 

Having examined its pros- 
pects, most of the industry^ 
analysts have concluded that. 
Chrysler’s cash- shortage, that is. 
the difference between what it 
needs to spend and what i? wfil 
be " able to raise, would be 
around $L5bn by 1980-8L 


Chrysler has raised . 3250m. 
through a preferred stock issue 
this year and; was given some 
credit for ingenuity last month 
when it reached agreement 
with 23 banks to sell half of its 
retail receivables up to 8615m 
on a non-recourse basis. That 
will enable its subsidiary, 
Chrysler Financial, to withdraw 
from the bond market for two 
years so as to allow the parent 
company a free run at raising 
new debt 


Some found little prospect of 
operating profits in the U.S. 
before 1982 and clearly felt that 
the basic problem confronting 
the company was how to solve 
this dire shortage of capital. 


“ This deal will make the 
future easier, but there are still 
going to be long periods of 
terrible results,” Mr. David 
Healy, an auto industry analyst 
with Drexel Burnham Lambert, 
said in New York today. His 
counterpart at Loeb Rhoades 
Horn blower, Mr. Peter Zaglio, 
argued. that among other things 
Chrysler was acknowledging 
that it could no longer suffi- 
ciently finance its collection of 
somewhat indifferent European 
companies in order to ensure 
their survival in a highly com- 
petitive market. It is being 
pointed out in New York that 
Chrysler should be given credit 
for obtaining in one deal the 
possible equivalent of around 12 
years of' its European com- 
panies’ earnings, while at! the 
same time divesting itself of 
around 8400m of debt which 
they are carrying. 

But Chrysler’s retreat to the 
U.S. is by no means over. It 
started earlier this year when 
its Turkish subsidiary was sold 
to local interests and is con- 


tinuing in Australia, "where 
Chrysler is txying to sell a 
stake in its local company to 
Mitsubishi, and in Brazil where 
it says it is discussing participa- 
tion with some prospective 
partners. 

Contributions from overseas 
operations have been erratic: 
they fell to 816“ in the first 
half of this year, compared 
with 828.8m last year, and 
within Chrysler there has been 
a strong lobby favouring with- 
drawal from overseas since the 
retirement of Mr. Lynn Town- 
send from the chairmanship in 
mid-1975. The European opera- 
tions in particular have been 
bitterly referred to as “Town- 
send's legacy," whose origins 
lay in the former chairman’s 
desire during the 1960s for an 
international business rivalling 
Ford and General Motors. ** Un- 
fortunately for Chrysler the 
only companies he could pick 
up were the ones which nobody 
else particularly wanted," one 
New York analyst said, citing 
Simca in France as the only 
exception. 


MEN AND MAHERS 


will use it to drive more piles When I asked the Bank of his Bank Melli invitation had 

in Abu Dhabi. SAIFEM paid whether the centre’s list of to he rescinded when his secre- 

around £2.2m for the vessel, speakers contained advance tary noticed he had the prior 
Here comes the punning part. news °f a startling change of engagement. 

. If BSC bad done the conven- i°b. the reply was: “ Goodness Bank Melli has a long asso- 

Bnlish Steel does not smile thing, it would have hired Sracious, not" The Bank has, it datum with the Pahlavi dynasty 

much any “ore. hot it per- a barge which would have cost seem s» telephoned Geneva to — it was set up as Iran’s central 

mitted itself a baring of the £3ig m f 0r trie 630 days it was set tbe record straight bank soon after the current 


Steel bosses, 
barging about 


teeth this week when it moved ^ use So ^ C0r p 0rat i 0I1 js McMahon is on holiday, but I Shah’s father assumed the 


out of the uphill struggle of no ^ boasting that instead of learn that he will not be speak- throne. It gave up this role to 
selling steel and sold a boat to xnaking a “ loss ” of around ™S at the conference anyway. Bank Markazl in 1960 but as 
Italy instead. £600,000 it made a “profit" of Perhaps in Switzerland, guardian of the crown jewels 


No doubt it courts the wrath £2.55m. 
of its fellow nationalised Indus- 
try, British Shipbuilders, by 
doing so. BSC does not care. Legal angst 


So bucked is it that fears are 
being raised that it will turn Do judges often err? Tomomw one 

itself into a marketing opera-, on Radio ^ a , f lumin 

tion wasting its assets by sell- ^ from the Bench will be 
mg steel nulls to the Germans, talk ing about their 


McMahon and Mahon do not the association continues, 
sound so far apart At the risk Whether the Shah will attend 
of rubbing salt in the wound, it any of the celebrations in 
might be mentioned that person is at this stage, however 
Guinness was also spelt with being kept under the most 
n." My goodness. secure of wraps. 


in* nuns uie talking about their ^ ^ g. l- . 

blast furnaces to the Indians aa umisually f ran k— not to say DanKin S Spree 


Dying breed 


’?cVpnS qu ^^«c bu ^^. SS? 


ham Palace— to the Arabs £ y J Ji dee /f 1 ®! Miskln * the bank which houses in -its base- Perhaps a' change in the for- 
ham Palace-40 the Arabs. Recorder of London, about one ment the crow 7jewels of the tunes of those who work in it 

The cause of the unaccus- man he had sentenced: I Peacock Throne — is to celebrate — that the last gunshop has shat 

tomed joy comes in the unlikely couldn t get out of my mind the its 5o th ann iversary next month Time was when there were four 


form of a vessel known as a worry that wbat I had done was with all pomp and dreumsta nee or P^s where sporting 
pife-dnvtng barge, which BSC wrong and that worry lasted 48 Food (if g U( £ a simole brokers and bankers could look 

bought about two years -ago to hours, and so I had the accused appropriated will nor be in in to a 12-bore or buy 

drive piles at its Hunterston back and reversed that which I fihort s UDO i ' JL L s » box of cartridges for the week- 

ore terminal on Clydeside, at a had done. When I did it I was Lynne iif Tehran's nfficiS entL But City Sportsman, 
cost of £2- 8m. Having driven unable precisely to see where I financial cnmmunitv hosts ^ iast survivor, nestling under 
all the piles worth driving. BSC had gone wrong or why I was i unc hes and dinners ad nauseam **• Royal Exchange, has closed 
put the sturdy ship on the correcting Lt, but it seemed to X s anS S itE «*«• « the end of Its lease 

market, where it was snapped me that a long-term residual JtSSK WdST^d ^ shop was jointly owned 


up by the Italian construction worry was enough, 
company of SAIPEM, which 


finance. 



Hard to swallow 


with the venerable Malloch’s of 
_ „ , u *■ - Pert k When I telephoned there 

The three-day celebrations in I was told that the gun business 
Tehran will be followed by in London has been declining 
trips elsewhere in Iran. It f or years. With just a hint of 
seems that guests can name Gaelic superiority, and the 

potshot 
far end 
Ye canna 
Trafalgar 



sr,: r nr K3 » <=+ - 

n v, held nest interesting occasion.- Mystery man 

month on exchange rate sur- 
veillance and 


European Unfortunately, the occasion A reader went Into a City book- 
currency union. Very much a will be short of top central shop this week and asked to 
matter for the experts, and one bankers since it coincides with order a copy of “Pitt’s Orations 
of the proposed speakers was their monthly date at the Bank on the War with France.” The 
listed as Christopher W. far International Settlements in assistant started writing down 
McMahon of merchant bankers BasJe. Duties in Basle will the particulars, then demanded: 
Guinness Mahon. But “Kit” apparently keep . Gordon “Who wrote it?” 

McMahon is, of course, execu- Richardson, head of the Bank 

tive director of the Bank of of England, away while Dr. (juSBYDGY 


England. 


Otmar Emminger’s acceptance 


Come to Corby 
where the growing’s 
good. 


tf you’re looking fora 
placetoreHocateor 
expand your business, 
the New Town of Corby 
has got so much going 
for you. 

Itis ideally placed in 
the industrial centre of 



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What’s more, Corby is young enough to be 
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i 























Finandi Tinies 

A *i.V 


August; 11 1978 


sf.. 





to 




BY JOHN ELLIOTT, Industrial Editor 




F ALL tne majOrpoHcyareaS' Cathedral 7 ~he would art. find 
here the Conservative Party Mesovafoiple. ' 

.ae promised a sharp change er •: For -a- start,- the new Minister 
irection were it to win the next would be presented by. -his top 
general Election, the question civil servants with one of the 
;? State intervtntioh * in- the gloomiest forecasts ever about 
private sector of industry is one- the - performance and potential 
t: the least w^ ^-developed : ln of. Britinh industry- : He: would 
i?taii. ^ ''told, dismal tales. of poor 

•This is so pj^lyvbecfluse ' productivity^ 'of faiilng export 
nior Tory leaded. 'like Sir Bfirformanee / and bf.JncreMmg 
eith Joseph. Who., is - chief imports . 1 of possibly ; 1 industrial 
dustry spokesman, as well as ooDapses, of " thCj. ijhpprtnoce 
,fc>ing the larty^ertHil policy that the special .todost^. aid 
FVoriord, often s& ihat’they do sche««s. have .had^iJ Ph^lng 
St need -a detailed -industrial companies . info ^wsflapitetion, 
Jlicy. They .helfew, as. they of the: ur^nt need for tax 
iid in their policy document, reforms . . to -boost : .™ 
. The Right : Approach to the enfoeprenefor. ; middle manager 
| economy." last autumn, that eraftema^. : ; . ^nese^. tax 

ij ieir broad economic' approach" 

lUll give industry. aU. foe 
pimulus and aid it needs- CaUed.^^.^- ^ 

li •* enterprise fpdaK*, ''^^SSSiSS^- ^ 
Lould “create conditfolnr which se ep atey .-.-v;-.-- ... 

| lcourage .rising - jcffqdiietivUy,: :t t . £V 

1 ibstantial added - .valne* and -■ 

novation.” . !'v ...- I PTlCIOlt^k • -- ^V ; - 

The literally - mi nded_.. might ' A -J>- ' 

lerefore assume that the next " But -while- the ' newt' ’Tory 
ionservative In dosuyj. Minister Mftashar aid b4s top advisers 
ould immediately wind up the might: :see‘ eye-to^eye '' cm c tax, 
ational Enterprise Board and there would be tensi<«^ 
mcel the existing, .myriad.., of where^. especially: since ■ some 
dustrial aid schemes. He Tories believe th&t th£r ; fodustiy 
ould dismantle, the. sector Department's ' senior,, . civil 
or king party substructure ol servants have enjoye^-toemiiich 
. a hour’s Industrial strategy, power in recent years;'.- They 
his. Department’s planning believe that : riril -^eripfots. are 
-^>scuflSions with Intiividu'al eo*n-_ hot .qualified to '* fi^^^hanage- 
*' ' mies, a low priority add gener- industry .because ti«#; da - hot 
1y let ah' but . the: most have to - bear nil- e ntrep reneur's 
ditically embarrassing:- in- responsibility for/ '-hu^iness 
istrial “lame duc&s" close. failures., -in addftton.;^cnnl 
)wtl In short, both -ministers servants’ detailed -4i(&ermg 
id civil servants Would . be with industrial issu^^tould 

ithdrawn from the front lines not be needed the 

' industrial jirteiy ention hi the- new Conservative ; “H&iltpiprise 
•ivate sector. : package.” > .. V ’ f 

But were <4as new Minister Part of the irniupif' this, 
arrive during the. next few which, would not be l&^on^fhe 
onths at the Department of new Minister, is that ^-^as: the 
idustry’s glossy new Ashdown last Conservative G<hfe-tunent’s 
ouse headquarters — overlook’ Industry Act 1872:-^..derighed 
g the Victorian -Italfcinate and fostered by tod^a senior 

cade of Westminster civil - servants — has 


enabled the present Govern* 
meat to develop its Tange of 
industrial aid schemes. For the 
first three years of the Act's 
life, selective industrial assist- 
ance was provided to companies 
under three main headings. 

First there was regional 
assistance under Section .7 of 
the Act foe projects that created 
or safeguarded employment in. 
designated “assisted areas” of 
the country. Next there was 
aid for companies In -acute 
financial difficulties /under 

either Section 7, or under Sec- 
tion 8 which is not limited to 
employment or assisted area 
criteria but which must benefit 
the economy and the national 
interest. Thirdly the' crop of 
industrial aid schemes which 
has been built up recently was 
started under Section 8 with a 
scheme for the wool ’ textile 
industry.' - r --- 

Since 1975 the ' -labour 
Government has made exten- 
sive use of Section 8 ( and some 
other legislation - like ■; foe 
Science and Technology; Act 
19651 to build np a total, of 
□early 20 aid schemes both* for 
individual sectors of fodustry 
and for general purooses. with 
a total commitment by the Goi^ 
eminent of about £650m spread 
ever a period of years. •“ 

Few of these schemes have 
ended because, although the 
dosing dates for applications 
for help has expired in the case 
of more than half of them, there 
are future commitments still to 
be honoured. In addition the 
largest — a £150m Selective 
Investment Scheme intended 
to persuade companies to bring 
forward major investment pro- 
jects— is only now getting under 
way, while three new : schemes 
have only been launched 
recently. They Involve £25m in 
grants for energy conservation, 
and two micro-chip schemes 
offering £15m for microproces- 


sors and £70m for micro- 
electronics. - 

An Incoming Conservative 
Secretary for Industry would 
call for the papers on all these 
schemes with two main objec- 
tives: cutting public expenditure 
and reducing State interference 
in industry. While honouring 
masting commitments, he would 


aid schemes vary. In some 
Industries— especially wool tex- 
tiles add machine tools — the 
department and the companies 
involved believe that the 
modernisation of the industry 
has been advanced and jobs 
have been maintained. . Else- 
where - .there sometimes are 
objections— -for example in drop 


trial strategy which bring 
employers, unions, and civil 
servants together under the 
umbrella of the National Econo- 
mic Development Council. To 
Conservatives, many of these 
groups are mere talking shops 
which the “ enterprise package * 
will make unnecessary. Since 
Conservatives also disapprove 


(The biggest problem tha£a new Industry Secretary would face 
would be what to do mfir the National Enterprise Board . . . 
Originally the Conservatives intended to abolish the NEB alto- 
gether; gradually during the year they have amended their line. 
They now accept it would be useful as a State holding company 
for “lame ducks 99 such as British Leyland ... 9 


want to trim any scheme where 
possible, and he would make it 
clear that he did not want to 
introduce any more. But even 
such an apparently straight- 
forward approach would run 
into problems. He would imme- 
diately be told by civil servants 
of the hiatus and complaints 
that would be caused if he 
stopped a scheme before all 
existing applicants had been 
processed. He would also be 
reminded of the great national 
interest involved not only In 
energy conservation but also in 
the micro-chip developments 
which are now at a crucial for- 
mative stage. He would also be 
told of two new schemes that 
civil servants are designing for 
purposes which he could 
scarcely oppose. 

These schemes have yet to 
be announced. One is intended 
to help the fishing industry 
cope with new EEC regulations. 
The other would back up the 
£25m energy conservation pro- 
gramme launched last month. 

Industrialists' views of such 


forging— "Where a large com- 
pany may resent government 
money going to rescue less 
efficient- Competitors. The Con- 
servatives however see little 
benefit fo the schemes. They 
believe that they often back 
projects that would have been 
built ahyway and so allow the 
companies pass some of 
their, -bills to the Govern- 
ment' 

So while it might be impos- 
sible .* a Conservative 

Industiy. -Minister to do much 
about ’the existing schemes, 
few, if : any, new ones will be 
introduced. At the same time 
the new Minister would be seek- 
ing waj»‘ of making general 
regfobat' grants more cost- 
effective by trying to ensure 
that gegtanal aid goes to the 
morO l^bpur-intensiye projects. 
But ’ even here such a simple 
principle' might run into 
problems in practice. 

Several of the industrial aid 
schemes have been proposed as 
a result of the work of sector 
working* parties of the indus- 


of civil servants becoming 
closely involved in industry, a 
future Conservative Govern- 
ment may not see much value 
in the general claim that the 
industrial strategy, despite all 
its limitations, has at least 
improved contacts between 
companies and civil servants. 
On the other hand Lord 
WatJdnson, a leading indus- 
trialist and former Conservative 
minister, said recently in a 
House of Lords debate that a 
future Conservative Govern- 
ment should keep the working 
parties in being. So a new 
Minister, while not dissociating 
the working parties, would 
probably want to evaluate each 
on its merits. 

But the Conservatives do 
have a. positive role for the 
National Economic Develop- 
ment Council which they want 
to build into a major forum 
for. debating the country's, 
economic prospects. 

The Conservatives’ dislike of 
state intervention may also 
mean they will be loth to pro- 


vide any state help for the 
funding of small firms, although 
the Employment Protection Act 
might be amended to help the 
small businessman— maybe by 
exempting the smallest con- 
cerns from certain employment 
laws. There would not be any 
State financial help for 
workers' co-operatives although 
the Conservative Party does 
approve in principle of such 
ventures providing they are 
worker-owned. 

The biggest problem that a 
new Industry Secretary would 
face would be what to do with 
the National Enterprise Board. 
Set up by Labour’s Industry Act 
1975, the NEB now has a total 
of 40 investments— including 15 
direct subsidiary companies — 
employing 276.000 employees. 
In the past year since Sir Leslie 
Murphy took over from Lord 
Ryder as chairman, the NEB 
has expanded its activities to 
such an extent that a Conserva- 
tive Government would not find 
its abolition easy. 

Originally the Conservatives 
intended to abolish the NEB 
altogether; gradually during the 
past year they have amended 
their line. They now accept 
that it would be useful as a 
State holding enmpany for 
“lame ducks" such as British 
Leyland and Alfred Herbert. 
Coaxed along at a series of 
private (tinners and other meet- 
ing by Sir Leslie ‘ and his 
colleagues, Sir Keith. Joseph 
and other Tory leaders may now 
have to shift their ground. 
Ideally Sir Keith would like a 
new Industry Secretary to issue 
an immediate instruction to Sir 
Leslie telling him to draw up 
a management plan- for his 
companies to restore all to 
financial good health .and. then 
sell them off as quickly as pos- 
sible. About a year' ago this 
might not have been too difficult 
—although it would have led to 


some resignations in the top 
echelons of the NEB— because 
many of the NEB’s smaller 
investments could have been 
sold while the lamer ducks 
would, have been kept till their 
health was restored. 

Now, as the NEB’s activities 
become more complex, such a 
neat division between imme- 
diately saleable assets and prob- 
lems needing further nursing is 
not possible. First some com- 
panies may well not want to be 
thrown to the highest bidder— 
and even a Conservative Govern- 
ment might not be very keen to 
see. for example, part of 
Ferranti sold abroad. Secondly 
the work of the NEB an some 
areara, such as computer soft- 
ware and micro electronics is 
increasingly valued by in- 
dustrialists and there would be 
pressure for the continuance of 
its work to bring different 
interests together. Thirdly tiie 
NEB is becoming accepted by 
the more traditional financial 
■institutions and is now work- 
fog, for example, on a joint 
venture with .the Midland Bank 
to ihedp small businesses. 

It is the computer and micro- 
electronics activities of the 
NEB. including the creation of 
its INMOS company with private 
industrialists, which would pose 
immediate practical problems 
for the Conservatives. As in the 
case of the micro-electronic 
industrial aid schemes, initia- 
tives are being taken here that 
could be crucial for the country. 
Tory leaders already accept that 
an incoming Conservative 
Industry Secretary would have 
to examine these developments 
on their merits and not purely 
on principle, and once that 
happened, the Conservatives 
would find that the NEB and 
state intervention in general 
cannot simply be wished away. 


ve 


Lettensrto the Editor 


c-' 


Funds for the 


entrepreneur 

ram Mr. S. Banks 



discuss with the appri 
, _ • fesshmal bodies' 8 

Sir,— I doubt whether: foe. 
overnment’s proposals for. ‘a w * y r~ 
nail businesses loans/scheme: 

-ill raise even a famt cheer 1* 
malt business circles. Even HM 
krs eminent should know fkzt h 

here is no shortage- of. loan 
unds, always providing Slough, 

mrinessisadequafoW-i^tRtised v 
jnd that sufficient security 4*. w- - -'■> V- O^xaE*** 

viable. » JW^suremeii^&i 

acing both the Intending eptte- , 
roneur and the small business- 0 ( l VDP f| c : n 
iso is his inability to create^ ^ aQVcITlSlII 
opitBl by saving. Without / -J ; 

apital to bads Wm. tlte . entre- «»* 

roneur will find that no- lender 
ill supply .as a loan , what is 
isentially risk capital - • ■ .- t.Attgust 2) 


membership of the proRfiGlonal introduced a century dr more strikes that are so timed as to 
institutions, and it . be ago. The first class letter post cause the maximum incon- 
rhaps the responsittR^of our had created the infrastructure venience and worse to the pub- 
t of-Eirrirbhm«at to and the Post Office was obliged lie? It is difficult to believe 

, L *- >— pro- to deliver daily to 'every home in that such timing can make all 

the the country. It seemed logical the difference between success 
the to try and make more use of the and failure of industrial action, 
ate existing facilities. ■ At most,' one would think, it could 


Printed matter was not ex- in some cases add marginally to 
pected to pay its way on tiie the chances of success ... at far 
same basis as the first class mail; more than marginal cost to the 
it was seen as an opportunity for public. Is it not time, therefore, 
obtaining ' additional revenue for someone to bell this mean 
with little if any increase in the little cat? No great courage 
_ cost of wages or overheads. In would be required, as foe 
>V- 1939, for example, the letter rate promise to try and do so might 
fid while printed : papers well prove a vote-winner rather 
cok id. Since the 1950s, foe foan a loser. 

PosK Office has maintained that J. H- Humnga, . . 

everydettef, sealed or unsealed, S, Lemzo* Gnrdens Mens, Swl. 
must qear Its own share of the 
costs — printed matter has been 


the 


costs— -printed ■ matter has been rr_* t An J nn J P 

abandoned and second class mail l^/SJJlc£ JuUilllUU 2 >v 

comments introduced in its place. j -g « • • j s 

juj article on The marketing of speciality nOPKiannS 

Iveness of ad- 'products was largely in the hands w r „. 

no firm guid- of snail firms which, did not. FT SH n M T- "• ^ , , 

ring its value, and "qualify for the rebates offered by . ' vas 

der still puzzling as foe Post Office and, in the United ? 

,ch to . invest in this Kingdom, small firms have Warren Si letter of August -5 
rketing activity. Our ceased to trade by mail order— 

2 s that generalisations pne result has been a decline in « 5 le SPSJ ?2 
^ valid — especially in _ the number of items bandied by tak *? of the past decad^ This 
of industrial marketing.ffoe parcel iiost as the speciality ePP . 1168 especially _to the dearth 

ps foe only worthwhileteacducts were usually delivered ng this period of new lan d- 

.. to Dr. Oliver, and me ans. . based ^Port Industnes m foe 

find themselves In a simti&rj^fj printed matter post were to upper docks area, 
ion,, is -tu concentrate oa^, reintroduced -it could be Thl SS 

with their advertising^gjj-j^ed t0 matter handed in decision _, to re-locate the old 

— -„ T - . . those objectives whlchKjn bulk at a sorting office fpre- 

M Government might nexmmrn can be usefully reached tlmmghfGjsorted and tied into bundles). Elm f 1 ° ste , ad i “ 
s attention mnsL profitably to foe .various techniques of adver«2Rftth this proviso, I would- sug- 1311(1 1 n KT n b . e . 01 

storing tax tbrsfoolds and tising, and to put. a value our^eat that the head of postal 
loanees to an appfep&iirte:r their achievement. With a suit** marketing should seek the latter si ?».^ oa lS 

m j vcl for peace time:-' . aWe Investment In pro- and Port'Srefaitroduction of a printed F 1311 * ”““5“® 01 p0 , , i? as bnil<i- 

0rh'"“ benefltS l t -I s - p ^ ss ^^P M tt er post at a special cheap SFJfSS 


muuluu fiaa. capita v - ■ . ,K. ^ 

The current punitive ievei Pf yertisiilg^Kii 
(reel tax effectively prevents foe 
uployee and small businessman- 
■om accumulating more th*n,a t0 . 

’ry small amount of ^capital 
4 ch year. ' ' ' ' , ojperi 

11 M Government would; do-far- are'sc 
etter to consider how- heat,. fo 
.•store tax thresholds to : ac least: 
icir war time - equivriWiW, hi sc 
irrent money terms; 
iresbold for higher -wawF.aa^ 

,34,ooo foreshow . for . the :'foj 
to of tax. Having achieved that, 


• - ■% ■ 

general 

Building Societies' receipts and 
loans for July. - 
Mr. Edmund Dell, Trade Secre- 
tary. continues visit to China at 
head of British industrial delega- 
tion. ' 

Fnial day of United Counties 
Agricultural Show, Carmarthen. 

Royat'-Nalionai Eisteddfod of 
Wales CMtin ues. Cardiff. 

Finai 'session of Lambeth Con- 
feraree, -Canterbury. 

COMPACT RESULTS 
Fin afgnv idends; Longton Trans- 
port (Haffiings); Smith Whitworth. 

costf an? Meetings 

Davenport’ Knitwear, Alien 
ise, Leicester,, lli30. National 


Today’s Events 


Carbonising, Hyde Park Hotel, 
S.W., 3.30. St George's Laundry 
(Worcester), Talbot Hotel, Wor- 
cester, 12. John Wpddlngton, 
Wakefield Road, Leeds, 12. 

OPERA 

English National Opera produc- 
tion of The Magic Flute, Coliseum 
Theatre. W.C.2, 7.30 pm. 

BALLET 

Gala Season, with stars of world 
ballet. Royal Festival Hall, SB.L 
7.30 pm (until August 19). 
MUSIC 

Malcolm Burnock band con- 
cert, Tower Place, E.C.3, noon to 

2 pm. 

Peter Gould (organ); SL 
Stephen, Walbrook, E.CL4, 1230 
pm. 


Henry Wood Promenade Con- 
certs: London Symphony Orches- 
tra. conductor David Atherton, 
and BBC Singers, in programme 
of Stravinsky (Fantasy: Fire- 
works); Panufnik (Slnfonia di 
Stere): and. Holst (The Planets), 
Royal Albert Hall, S.W.7, tjo pm. 
SPORT 

Cricket: Second Test, England 
v. New Zealand, Trent Bridge. 
Golf: Benson and Hedges tourna- 
ment, Fulford; Youth's cham- 
pionships. Renfrew. 

EXHIBITIONS 

Royal Academy summer exhibi- 
tion, Burlington House,- Piccadilly; 
W.l (until August 13). 

Historical development of 
heraldry in Britain from its 12th 


century origins, Britsh .Museum, 
W.C.l (until August 271. 

George Romney drawings, Ken- 
wood House, Hampstead Lane, 
N.W.3 (until September 3). 

Henry Moore drawings, Tate 
Gallery. Millbank, S.W.l (until 
August 2S). 

Sir Gilbert Scott centenary 
exhibition. Print Room Galleries, 
Victoria and Albert Museum. 
South Kensington, S.W.7 (until 
September 10). 

Exhibition of 17th century 
Dutch paintings. National Gallery. 
Trafalgar Square, W.C.2 (until 
September 17). 

Josiah Wedgwood exhibition, 
Science Museum. South Kensing- 
ton, S.W.7 (until September 24 L 



hdsers 



CJWu^dtlional labour being ^.Without^ tn thp lSr of our gfl^Ttedole Lodfle, 
W mbt the fart that the marginal J 1 °“|,Parfh5dale Lane, 


5 iSU.Htil.NW7. 

totally inadequate to cbmpen, SSSSSt ^SSSSS - s 


ie for the risks. 
R. G. Banks, 
.’tltcncpii. 

. '.yimcgic Roa&r. ' 
: ewbury, Berks. 


in 


Hazardous: 

transport 


advertising and promotion to:.-'- 
overall 1 Marketing performance,' 

. Aa -a proportion of the total 
“marketing- ' communications* • - T . J«i 

budget; It is usaally qnite smag lHflil 

^l»ctor which a comply «> the Page 

H.T. Parker. ... 

Bogle Street WCI. 


achieved a much better plan and 
layout 

At foe time of my report, 
commissioned by the Covent 
Garden Market Authority, our 
recommendation was accepted by 
that authority which in its lay 
members represented some of 
foe finest brains in Britain; the 
ultimate decision, however, was 
caused by same market traders, 
trade unions and (once again) 
irrelevant governmental inter- 


'55' “ August 4." headed fereil «- These unthinking people 
vaeae on August neaoea glso j^nored evidence given of 


SSJSTl “STbS 

-'. f to foUow . “ snntiar relocation 


■nm the Mcuiintiiio Director, 
timer Jteseurch Institute . ; 
Sir,— As co-cb airman- with .Sir, 


■^iSr^ 235 SSr?S post for cards 


. ■ ■ • problems for the markets in 

Pnt-nriPP Ymac paris and New York, and indeed 

UIT-priCe Amdi ^aampte g— , Other situations world- 

' teedelivery of mall from abroad W1 “ e - 


zurdous materials '• referred to rM— uu u- pbMjiaii v.- Letters posted In -Switzerland ,.n »],* fntnre hv learning 

■nr .t. C. Wcsto^Pu* aw F air.iuW;^ is sitttnfi'l^ JP SlS^JteS .'from foese, and especially that 

rhaps may co^OTtonjome con^ortablyona tidy profit ?S ^ social -order of foe true East 

fop other implications of the th* Post Office board be pep- "efof! expenenceo for letters 


— — r . ;r:~ - . uK-r««i-.uHwv weiu »«■ v i, End people must be respected; 

i3msli and Mexjcsn disasters on suaded to cut .postage rates for ^jjjv lng from all other Con- Aon <»am — «•«,* •"««» *»— - <« 


uch professionals can assist, ch^jattnas cards ? 0 countries. Not only do — ■ Jt of ^ 

rticiilariy 4n respcct of the- jiater- -nationalised in *«* : ;l^s anivc very tete, but they w. Gordon LiUy. 

.neriala with which the con- try, British Rati, has learnt the rereived at irregular ^ 50 ^,^ close. Sanderstead, 

mere -arc made. • virtue of cut-price bargains to 7lf toni w South Croydon, Surrey. 

Much useful, and responsible attract custom. So if the ^35t' 1 S L JSSSSJ" iSSSSS 

irk has been carried Out by Office offws a similar concessiotr- teSu - t o European conntne^ 

ust. if nm^i, bTfofcorglmisa- U may - iucroase its ^.traffic und LiCeHSlDig 

u.ftK-:foa m»nu. hence ‘iob-ow»riuhlties just v> 10 days or more. 

S&iqulnes received from 


ms concerned with"-foe manu- hence ‘job-opportunities just 

crure of producls transported Ute. tune <rf-y w when goodwill , l ”Sf^nnnt tW Sn P 3 K 

• mud and ralL especially in arK l additional pay-packets are .. 5 u ® t0 ™. ers cann ° t 

v SS^&tSfSPS«& “Z.tLT'.Vfeumeto ffa,*" • tlme - - sa - mple ^ d - 0 "« * 

.mni-iinpp moiori»is. -n*rtirii. And there may just bo time te 


container zttaterl^s* ^Jarticu- 
rly from the p^^of view of SSS' 

rrosion, wrrosion. fatlgvte.aDd 5L M S?£2“ llsh ' 

1’OSii roreasi^: Sff fo«= mffiue 

' ^ tcriorotion does not-take ptace 

irlns the expecteft-lffe of foe surrey. ^ 
unsporting vehidta: Such* how- 

-j er, is foe density of traffic. 

J .' w peciaily by road* foal acridenra 
j^tha type shown In fipaln^ and 


documents arrive 


Bitley. 

Sir^-On August 2 (Page S) yon 


Marketing 




r ..ico must bo expected fo . 

'^■IWW Fnm Ur. C. Kramer, 


on 


to ? -«on a few S 

. fttttc. problems we encounter, working at foe Vehicle Licensing 
. 'Tfcls catxses; of course, great Centre; Swansea. 5 

iwntef e to foe export trade and ^ means ^ ^ 

fortunate motorists whose car 
vfore&n customers think that foeir Heenaes expire at end-Angnst will 

■?? b ® , C a !*ySH receive a renewal form. In 
<do not, realise that their letters turn, foix means that we cannot 
; air;*e.wUb enonnous delays re-licence our vehicles, becaose 
■ My Cta npany has been un- post Office adamantly refuse 
' «mcessfnl m obtaining any satis- t0 re-ifocence without the form, 
factor y Info rmation from the Post (Obviously it is useless to apply 
direct Office giving the reasons for tins directly to Swansea). 

« Why . cannot the Post Office be 



itistical reasons . . 7 • -. • Sir - -Ytrux - pages ^ 

It would appear,^ markkina (Juiy^n^did impossible and - very damaging 

a i work shotdd oijt - marketing of ^fogti O i L. . 

j ihc ballhtic properu ro of rim- «^cJality ' products — products: IL -Stiebol- .... 
iner materials so that pay. ran wh id t-are not usu all y stodied JCm g atetd Road, E8. 

■ more resistant to ■ uapacr fo^ local shops. If quality, — . . 

used, either on oplUswa;or ;“ l aatotslnod customer I°7*^f >w »». ./» 
result ot free fori ng. v e fo : - fo-.ehriafelC .regular, repeat ordem;-,. 


result 01 fiacturinSt. - fo.ehsmelC .regular, repeat ornem;-,. 
irneubr, .containers Mould hC and -makes it possibie for .. 
-pahlc of 'withstanding pwtetra- trade successfully .lav ^|- 


instructed .to issue licences on 
production of the fee, foe last 
licence, foe Insurance certificate, 
the registration book (and MoT 
certificate for **P“ or earlier 
registrations)?. Cannot someone 
cut the ridiculous red tape that 
is going to sweep -us all off the 
roads? Can the Minister of 
Transport act now, so that we 


jin and piercing ^ products. In other countries 

?>jccls whicfotfoca allow rpiww sach firms - still exist ^ ul ^ FrOm’Mr. n?, 1 Huumpa 

foe coownfo. ‘depend- au. foe printed Sr,— Is it beyondfoe wjtof our can re-licence our vehicles before 

A treat dcii Bf ^w(ri^ledge b^^K»t: which ls'stia operated ^d -foroc of our the end of August? 

c b*liii^e'>'behayi<MJr- *f min* foreign rcountrick- -^-|nends f to ; the. EEC^-4o devise K. T. L.,Blziey. , 

matter post v^wayr-afed means of -.penalising 2 Vntrlr^C^ose,A^ttead, Surrey. 


•-■p'Vr . 



. If you can put money aside for 2 or 3 years without touching it, 
well pay you more for it 

We can’t fix the rate of return you get; but we can guarantee 
that your savings will earn 0.5% more than foe Share Account rate 
for 2-year Bondshares, and L0% more for 3-year Bondshares. 

1% adds up to a very nice bonus for you, and naturally you 
sfiHget foe big Building Society security. What could be more 
reassuring? 


The minimum investment 
is £500, foe maximum £15,000 
(£30,000 for joint accounts). 

Interest is paid out at 
^-monthly intervals. 

For further details, call in 
at your nearest Abbey National 
branch. 

; Alternatively, fiflin foe 
coupon and simply enclose your 
cheque. 

- Well organise all foe 
necessary paperwork for you. 

. You just wait for pay-day. . 


To: Dept B.S, . Abbey National Building Society, 
.FREEPOST Baker Street; London NWI6YH. 


I/Wfe endosea cheque, numbered 

value £ to be invested in Abbey National 


Bondshares for the period indicated. 

2-YEArD 3-YEAR □ Tick appropriate box 


I/flfe understand that my four interest will be paid out at 
(^monthly intervals, and that the investment cannot be 
■withdrawn earfer than the stipulated period except in the 
case ofmyA»urdealh(s). 


FULLNAMEg) 


Current When income tax is paid 

Bondshare rates at a base rate of 33%. 


j^year term 7.20% P . a . 10.75%pa. 


3-year term 7.70% 


pa. 11.49%p.a. 




ADDRESS • 



DATE 


SIGNOTRECS) 


FT9 


"Get 1 

I the I 

Abbey 

Habiti 


ABBEY NATIONAL 

BONDSHARES 


A.. 






20 


,, G. 



Aaronson at £1.7m midway— raising £4.2m 


TOGETHER with increased first 
half results and a forecast of 
record profits for the current . 

year, the directors of Aaronson IHB 

Bfoa. announce proposals for a 
rights issue to raise some £4. 2m. Company 
The issue, to maintain a con- X^ouan Bros. 

turning programme of capital 

investment, proposes to offer Abbey 

6.327.897 ordinary lOp shares on AGB a-search 

the basis of two-For-seven at fifip — 

each, and 18.S59 new ordinary for Allen (W. G.) 

every 100 convertible , preference Automated Security 

shares. A resolution is also pro- — r _ — - 

posed to Increase the authorised British Benzol 

capital from £5.5ra to £6.3m. Brosmgrove Casting 

The directors say capital — — 

expenditure of Sim is planned in Carron_ 

the period to September 1979. Clarice (T.) 

partly to expand capacity, partly - . u . — 

to improve efficiency and partly Dinkre Hcei 
to develop new technology in the Di xon (David) 

traditional product areas. n 

Profits before tax for the half- E “* A ustral ia 

year ended March 31. 197S, rose GEC 
from fl.57m to 1 1.68 m and 
directors expect second-half 
profits to be in line with those 
nr the first half. giving record 
profits for the year. 

To reduce disparity, the interim 71 _ 1 _ ___ l ^ 

dividend is raised from n.fitp to VV I? Ill IP 

lp and a 2.Sp final is forecast T y liVIVJtlJV 
with Treasury consent. The total . .• 

last year was l.9715Sp from profits Lf lttlTl(TC 
of £2. 84m. JL ItllJUCLO 

The new shares will nor rank ^ 

for the interim dividend blit will ivrt , nf*Al 
receive the forecast final payment. lilllJl. w * 

The issue is hping underwritten * 


record profits of £Q,43m. a 0.4666p 
adjusted final was paid. 


ISBEX TD COMPANY HIGHLIGHTS 


Page CoL 
~20 I 

27 2 

_27 6 

21 1 

21 4 

21 5 

20 8 

21 7 

20 3 

21 4 " 

20 3 

20 5 

23 1 


_ Corn pan/ 

Heron Motor 

Lep G roup 

Lonhro 

Midland Ed ucational 

M uar R u bber 

P ropertySecurity 

Reports to meetings 


^a ge C ol. 

20 4 

n S 

23 1 

21 7 

21 A~ 

21 2 

22 4 


Heron 
Motor 
up 52% 


Wholesale Fittings 


improves 


Property Security 21 2 WTTH TURNOVER up from fjgf§| 

Re oorts to meetings 22 4 ' HQ65Sm to £133.53m taxable profit BH 

Reports to meetin gs ^ of Heron Motor Group jumped Hi 

Rothmans 22 1 _ gi.6 per cent from £2.D2ra to ang 

Scottish Homes 23 1 £3.06m in tbeJVfarch 31. 1978. year. 

■ interest charges were down 

Secuncoi* 21 3 f rom £ 1.43m to £JJL4m.. and the HR 

Squirrel Horn 21 S result is subject to tax of fO-lBm 1 

f£0.64m). There were extra- Hjj 

Ultramar 20 7 _ ordinary profits ’ of £l.*2xn 

W»'— "*• » J ^ P «" 

sale of surplus Drooerries. offset announces on-target profiti 
by terminal losses on the closure ' ' " 

of^brajiehK. Reynolds, the chief DIVIDEND! 

activities are almost exclusively executive, says that during the 

focused on industry. Here, with year the group reduced its activity^ -Currei 

companies stepping up their in the commercial vehicle sector payme. 

factory refurbishing programmes, while extending its car franchises Aaronson Bros. mL i r 

the picture is much healthier and iD areas of good potential. The Abbey 136 

WF has been gaining market group has also been appointed \y. g. Allen 1 2.03 

share in such items as industrial parts wholesalers for BL in nine Anglo-Intnl. Tnist ...int. 1- 



Financial Times" Friday August II 197&- 

Ultramar surges 
to £18m halfway 




shim A.'fciu'od 

Mr. Peter Smith, chairman of Securicor Group; who 
announces on-target profits for the first half of the year. 


DIVIDENDS ANNOUNCED 

• • Date Corre- Total 


-Current 

payment 


payment 
Oct. 9 • 


sponding for 


plugs and sockets, commercial locations. 


Aotomated Security int. 0.86 


lighting and motor control equip- While Heron’s branches have Benzol 

ment. The shares last night therefore been reduced Mr. BrontsgTove Castings ... 


Sept. 26 
Oct. 5 
Xov. 13 


Samuel. Brokers are a RISE of £293.000 to £1.12m in closed 7p higher at a 1978 peak Reynolds believes trading pros- carron Co int. 1.34 


T. Clarke int. 


Cazenove and Company. second-half taxable profits of of I87p. At this level the shares peels have been improved- T. Clarke int. 0.44 

Wholesale Fittings Company, the are on a p/e of almost 8 while The Heets division had an Diok | e Heel ....inL 0.14 

A comment electrical distribution concern, the yield is around S per cent, excellent year reflecting the suo- Dayid DfxoiI 2.71 

p ii left the figure for the full year to covered almost four times. This stantial Purchase and leasing or EMl (Austral j a ) 2.35 

Following the recently-completed A _ ril 2s. 1978, at a record £l.76m, compares with a p/e for Best and vehicles by the busmens com- Heron Motor 1.92 

fo_ m P?_ nsit VL ; "compared with £158m. Sales May of 7.6 and a yield of 7.3 per munity. LEP Group 2.4S 

Aaronson has needed from £1251 m to £1 6.72m. cent Eamlngs__per 2op share of the MWIaild Educational 351 

the thri^ghput and as such Iws A , half-time, when reporting * company— io.0o per cent owmed by Wnar m Tep 0.48 

sacrificed margins for a volume e,. „r hutiuu fr/iruun Heron Corporation — are shown at in* 


Nov. 2 1.19 

Dec. 1 1-34 

Oct. 2 0.39 

Jan. 2 0.12* 

Sept. 22 1.49 

— 10 


. iV*. At half-lime, when reporting 
□cpo rnsrffins Tor 3 volume c*,. caj" unn / rii* aaa\ 
of nearly a fifth. First half P™? 4 


gain or nearly a firth. First half I.',”" rrr9m #«««» .u_ 

turnover is 17 per cent higher 5K 


" -“Sin arr s 

hair lo^if second half showed an increase. 
K hri/hrpr h f^th M th« albeit at a lower rate than that 

f® r the first six months. 

mfrL-Jr °in Thc ^ n0W that turnover for 

msrkpts. in flduitton. export -u. c„. iLm. » r »L n 


h i" hen d i ti0 s^one XP a nd the first thrti months of the 
lh e company, fnm.-.sl .would ci.e ™ rr "L 


to n /nonetary and volume terms 

an IS per cent profits increase for , hn camD I..* 


David 
Dixon 
well ahead 


munity. LEP Group 2.4S 

Earnings per 2op share of the midland Educational 351 

company— i o.Oa per cent owned Dy Mna . R { ver _ 048 

Heron Corporation— are shown at New witwatersraod ":....” 

1 '-BoP 1 Property Security lav. ... 154 

(9.04p) fi^y diluted The dividend Sco ^f Homes Inv. 05 

is stepped up from 3J«9p net to Q taL Q$f 

3.62p with a 152p final .TheJ l7.o Secm1t ^ Services int. 155t 

per cent increase is permitted as coni—-! Horn int OTi 

the company has close status, WhoIesa]c Fittings ’.V. 356 

During the year a property ni _ iHenH . n «»nno n^r c h 9 r« 


FOR THE first half of 1978. profits 

before tax of the 
pany more than doubled to 
£1 8.14m and the directors expert 
to continue to do weJl i in tj* 
second six months... TheJirsrM 
figure is approaching the record 
£24. 7m achieved for all last yoar. 

When reporting first -quarter 
profit^ up £3.7m to £D.6m, the 
Board was expecting .the croup to 

doronsiderably better Bnonetelly 

this year than tn 1977, despite a 
continued adverse result in 

Q ' Indonesian i operatiow were the 
major contributor to * he first-hall 

jesulL but the Quebec and 

Ontario refining and marketing 
Derations are still meurnng 
loraes. the directors now report. 
The California. Newfoundland, 
Western Canada. Caribbean and 
the UK divisions operated at a 
profit. . 

Cash flow from operation in tne 
first half, at £i4.9m (n05Sm) is 
a record. 

- Net loss on foreign exchange 
fluctuations totalled £1.5m (£3mi 
bringing net earnings for the 
period to £R.37m compared with 
£354 m. Earnings per share are 
shown at IT.Sp f10.4p) and 16.3p 
(9.8p> fully diluted. 

Due mainly to substantial 
purchase and sale transactions fn 
the crude oil market, sales of oil 
rose from 149.700 to 201.600 
barrels per day .while the groups 
share of =as produced »n 
Indonesia lifted output from 95m 
to 191.7m cubic feet per day. 

OH refined totalled 95.400 
f ID8.5001 barrels per day and oil 
produced was 9.500 ( 6.3001 barrels 
per dav. A total of 17 (nine) 
gross wells were drilled and again 
nine oil and gas wells were com- 
fileted. 


there has also been addition to 

pH reserve* . 

An aggressive drilling pro. 

gramme is continuing "ifr prove 
additional gas reserves with 
a view to expansion pl fye UNG 
Plant and additional: gas . krIck 
E xploratory dritUafi wifl bo ro- 
sumed in tho third quarter. 


In the North Sea, the Maureen 
Field ml reserves were, verified 
bv tbe successful drill rag of -an 
offset well. However, two explora- 
tion wells in other Mocks 'were 

unsuccessful. In Western -Canada, 
there were no significant dis- 
coveries in the drilling pro- 
gramme. - 


comment 


Six month* . 


Oct. 12 0.43* 

Sept. 29 9 
Oct. 2 1.42 

Oct 2 0.6 

Sept. 29 0.29 
Sept 29 0.67 
Oct 6 0.63 

Oct. 19 3.46 


SWJB l« 587-111 

Tradltut profit — » ■ 25.178 H-KB 

Deprvcianon. 3.^1 

Pram before tax 1AM0 7.** 

CmTcni «ai — J-®52 

Deferred 14* - 3.» t33 

Ifel proflr 4 M4 

ForeiKii nckutf Hoc. 1557 2.109 

Tax efTecIs . 457 l.UW 

Pmferi-ncw dividend 35* 52a 

Off ACT 55S — 

Attnhuubie ordinary 5S6 n.aifl 

The croup's entitlement to in- 
come from Indonesian LNG sales 
is included net of contractual 
deductions for transportation, 
liquefaction costs and debt ser- 
vice on the loans raised by Per- 
lamina to finance the construc- 
tion of the Badak LNG Plant. 

To match income with these 
deductions, the group's entitle- 
ment is adjusted to reflect an 
equal annual charge for debt 
service over a 12-year period 
rather than the irregular repay- 
ment schedule established for 
the loans. 

In Indonesia the consortium in 
which the group has a 35 per 
cent interest drilled six wells in 
East Kalimantan during the first 
half, all of which were success- 
ful. Gas reserves in the Badak, 
Nilam and Semberah fields have 
been extended and increased and 


With its Indonesian operations 
coming on stream Ultramar w 
enjoying strong upprovenwnts'jft 
bo rh cash flow and operating 
profit. But the group's refinery 
and marketing operations - in 
Quebec and Ontario are stUl dObse 
badlv. During the period, both 
recorded losses. The utHuatfam 
o£ the Quebec refinery feU. from 
an average of 38.000 b*m*s. a 
day in 1977 to between 70.000 tea. 
and 75,000 b. d in the second 
quarter of 197S, although Ihfat v 
expected to increase as demand 
picks up towards the endi of. the 
year. The figures include refin- 
ing done for Canadian Fuel 
Marketers, also based in Ontario 
and Quebec which Ultramar . is 
planning to buy from the- Shell 
group. Approval for the . acqui- 
sition still has to -come from the 
Canadian Foreign Investment 
Review Agency but, .provided it 
does, the merger of the i two 
operations will go a long -way 
towards solving Ultramar’s prob- 
lems in the region. The company 
is confident about, its second: half 
prospects but the Quebec ‘ prob- 
lems make analysts uneasy. 


Dunng the year a oropeny Dividends shown pence per share net except where otherwise stated, 
revaluation produced ■ sup , Equivalent after allowing for scrip issue, t On capital 
plus and I £253m i of deferred tax j ncreaJ - ed by rights and/or acquisition issues, j South African cents 
was wrttten back hito rc^e _. jj,roughouL 5 Australian cents throughout. " To reduce disparity, 
and at year-end shareholders Pina . « Sn rnPP _, v , 


the year. Sffues K* lU ™rSS STS funds' Final of 2.3p forecast 

{ft Ca *rhe P companv° oxMCts^a -P-sentlng I31.03P per 

big increase in demand over the in pfoireV 0 " 1153 ^ "°°llen. elot.h a r nd hos 'l*Z ™ ke t r ’ ^On' the future. Mr. Reynolds PnlOlir 

next couple of years and the new Th^ jaTH -7 nreTax nrofit was from ^ l2 i’l 32 says trading in the current year VU1UU1 

13m expansion programme would TJ* JwJ £5000 a r?er P ^ change f«-2’ 3b0 E !? 1 the -^ar ended A^nl 1. shows a continuing profit improve- — 

522 .T"“ r . a< r'; a WAl* " -he Sis,' ' of iccoamlrs " ^ TnrnL Dir^cto^ .rojo^den, ,nd 


Colour TV troubles run 
EMI Australia into loss 


EE *rS. 3 rernmmended cr i ased trom 10 “° 00 ’ the croup is well placed tn . , ? ke ILIrll /\USU aiia IUIU 1USS 

4° ^ssiru £ j-^P r °--i«n or u mm- sux •“ firsss, srssrjs ^ «. ,«>- 

S 55 «d" r s ’ ?r ro 5 c°i d t ' ra Th f . un ^ Jtoi.Ssir&'BiWfflf S ZSSSf b ° my * ne &BU tm !S&“ C 0 S£ 

ex-rights yield 6.8 per cent recc 1 v cd 0 f II 0.000 t^oao ) . A rter 10 ia 1 1 rem ..o 1- p 10 o. / hvl (.Australia), an offshoot of the with 10 cents in 1976-77. 

Netprofita mounted to •comment UK electrical and electronics Group . turnover declined 

extraordinary £3n,0Q0 profit last against £10 <562 after tax or £71561 ormin inmirrpd a Qm lncs fnr 3 lmn«t npr ppnt frnm qitUm 

Rmrnfnrn time on the sale of property, avail- ,n6^9fli and attributable profit Heron did not quite **>ual « ,?btE f^cca si m-E?? 1 to 1 tK 

Downturn Et able profits were ahead from was £413.071. compared with Henley’s unaudited 51 per cent the year to June 30 1978. This to S6S.8m due 

I62S.000 to £321.000. £10153.7. There are also extra- pre-tax profit increase in the six compares with a $4.3m profit for decline in demand for domestic 

|\Ipw I ftlirt Earnines before the extra- ordinary credits of £50 562 (£53,932 months to March 31. In the same the previous 12 months. electronic equipment principally 

vuuii ordinary item arc given as 23.3p debits) period Heron’s profit was up 35. However the directors sav colour television sets, and the 

Resources (17p) pcr 20p share - A final . dl,+ p« r Wt.lt appears to have been that thpv ; TOPt , t a withdrawal From this activity;... 


resources dend of 3.859p lifts the total pay- 

_ , , .. ment frnm 5.271p to the maximum 

Pre-tax revenue of .Mew Court permitted 5.8S6p net, absorbing 
Natural Resources fell from £203.704. 

£799.000 to £475.000 in the March 
31. 1978 year on tntal revenue m romment 
dowm from Xl.fHm tn £0.3lm. • COmmeni 

The result was after manage- Steady volume qrowth of just 
ment expenses and interest or under a fifth bas pushed up 
£ 433.000 (£S3ii.OOO) .md is subject Wholesale Fittings' margins from 
tn tax of £98.000 i£412.0tW». The 8.4 per cent in the first six months 


Midterm rise 
at T. Clarke: 
sees peak 


per cent. It appears to have been .. .. ' Mt considerable withdrawal From this activity. .. 

affected by the cold snap in SSScSw Most of the group's otherelec- 

Scotland where roughly a third vear EMI tron i“- recorded music and 

or iic hiiciness ic incstpd. All earner inis year c..vii ^ anrn nnta>Mi 


Scotland where roughly a third trontes. recorded music and 

of its business is located. All , .“f ^ , f", 1 retan activities also encountered 

sectors contributed to its overall (Australia) sold its colour tele- difficuIties ], ut the defence elec- 
profit growth with new car sales vision interests to its Japanese ^ conlractin division was 
and profits being helped particu- partner Toshiba, but not before Drofitab | e an d m J s , c publishing 
larly by better availability of running up losses of S3.5m. enioved a very successful vear. 
iS^JgZ ^^^hS V* company also . reports ’ 

rf T. b«n t.k,T,ejdv«,aK j M i .totet RECORD RIDGWAY 


Bromsgrove’s 
second half v 


recovery 

In the second half Brmuqirrove 
Casting and Machining has nude 
a good recovery, nnd profits for 
the year ended March 31, 1978, 
show a slight improvement from 
£130526 in £167.162, 

Tins follows a first half when 
there vtus a setback from £94,600 
to £19547. 

Earnings per 5p share are 
shown at 4.5p, against 4p- The 
final dividend is 1.4p for a net 
total ut 25p. compared with l£K»p. 

The company makes a wide 
variety or aiumlnhim and non- 
ferrous castings, mainly for the 
commercial vehicle, and. farm 
machinery industries- - 

1577 -78- IJ7S-T7 
I I 

Turnover 3.410. M» -2.im.TO 

Profit Man tax UttU 15oJA 

Corporation tux KJI* ni.M 

Pinal dividoitd 32.4GB 19 MG 


.mu i> >uujcti 11 nuirxuc > iiiai-.ni> iii.iii t Deen laKiiiE aavamage ni iue uwi , 

to tax of £98.1100 1 £415.000* The 8.4 per cent in the first six months n ” a Jl ^0 1979 ?rl«e7rnm leasing boom to expand its activi- fprofits b339,000). Because the 
dividend is cut rrom I.452p net to 12.4 per cent in the second *12^ ties in this area; The increase in directors altered their policy on 

per 5p share to tl.5p. half, and full-year profits are 38 frem £4 62m to £?01m demand for new cars in the future income tax benefits, an 


During the year a scheme of per cent higher. This compares "*** [If® period since year end indicates amount of S 1.89m accumulated 

arrangement to transfer alJ listed very favourably with other elec- i that another -good performance future tax benefits has been 

assets, £10.36m in cash and invest- trical distributors. Tor example. growTn 10 ra nue - should be recorded in the current written back, 

ments in two companies to a Best and May. where profits were *'*— *“ — =««~* — * — ^ — - 


RECORD RIDGWAY 
BUYS 26% OF 
TYZACK & TURNER 



with Lombard 


After tax of £152,000 against year. A close company for divi- 


ritten back. RECORD RIDGWAY. the Sheffield- 

Tax effect accounting was in- based tool manufacturer, is buy- 


unit trust with units issued to a quarter higher for the same £121.000 net profit rose from dend purposes has allowed the traduced in Julv 197fi nnri ar half- ing a 26 per cent stake in neigh- 

the company’s shareholders was period. .WFs strategy over the £104.941 to £123.605. directors to lift the interim divi- wav n □Pratin'’ ln« hart hppn bouring W. Tyzack Sons and 

approved. past few years has been to move The interim dividend is lifted dend by 17} per cent. But if the -pHuppH tht r Tomer for £199,000 cash. 

’RnfhcrhiM Tnvodmnn} Tmct’ atrav From thp hirvhlv rnmnATilk'P frnm OMnn ndlnstpri fnr thA thrw>- full vnar rlividpnH ic rnmrouiH at rCQUCea DV ID0 flitlirC t^X U0I1B- 


Rothschild Invpslmcnt Trust away From the hichKy competitive from 0.395p adjusted for the three- full year dividend is increased at wl ^ t . oen * 

owns in per rem of shares of the (and less buoyant) domestic side for-ten scrip issue to 0.435p net the same rate the yield, at 145p is “t^tnoutaDie to those josses, 
unlisted company. 


of the market, and now its per 10p share. Last year, on still only 4 per cent. 


Will today’s property development decision be right fortomorrow? 


You can be sure of one thing. 

A detailed evaluation of the proposed project, at thoplanning stage, will certainly remove 
a great deal of uncertainly. 

Which is why more and more leading property developers are turning to Chartered 
Surveyors like St. Quintin, Son & Stanley. 

A tiim like St. Quintin will provide you with a delailed analysis of a site's value and potential. 
lAfeiv/IJ also negotiate, purchase, advise on whether to renovateor redevelop, make town 
planning applications, fight plannmgappeals, minimise tax liabilities, and provide Jetting, selling or 
managing services anywhere in the UK or Europe. 

WH still have to make the decision yourself, of course. 

But you'll be in a f3r better position to avoid coming a cropper. 


fit attributable to those losses. Last night RFdgway announced 
Tbe accounting convention pro- that it has paid 45p for each of 
vides that there must be “virtual the 442,500 ordinary shares for- 
certainty" of subsequently earn- merly owned by the Central Manu- 
ing enough profits to obtain tbe factoring and Trading Group, 
benefit. The directors say they »hich recently raised £Lam by 
felt Ihis called for an accuracy a ns ts lssue - 
of forecast greater than that Ridsway jays the holding has 
which they feel would be pru- been bought as a long-term trade 
dent in the present trading, retail investment, while both companies 
and economic climate. In,addi- es P ect t0 br,nR 

(ion (he cost of terminating CO m?^ES 1 Alexander Rldcwav’s 
in, t£ es,s “dded ch £ r f - "" uUve S To 
in extraordmary Tyzack Board. Pre-tax profits at 
... . , Tyzack, a Sheffield-based aRricul- 

ine director say the general j U ral parts manufacturer, recently 
reserves of the group remain recovered to £81.061 in the six 
strong and no liquidity problem months to January last. 


If you have £5,000 or more to invest for a fixed 
period of 3 months or longer, telephone our ■ 
Treasury Department on 01-623 4111 or 
01>623 6744 for up-to-the-minute competitive 
interest rates, interest is paid without 
deduction of tax at source. 




/Lombard 

f North Central 


ifif 


• Bankers 

Treasury Dept., 31 Lombard St, London EC3V 9BD. Telex: 88493S. 


*a & 


Securicor 



a sai^ 








mmmnrn 


jfi»ifi 

(il'iu,’ 

tmtjl 

iiifhl 

i;»b| 

liiiihl 

niiiil 

ireful 

m 



StQiiiiilin 

v Smtii.SL-tnlev 


StQiiiiitiiil 


Chartered Surveyors 

Vmiiy House, Queen Sheet Place. 

Lotidon EC4R 1ES. 

Telephone; 01 -236 4040. TeJex: 88)2619 

and at la Fark Place. Leeds 1. Telephone; CS32 460235 


Rue Joseph 1 1 36-38 

1040 Brussels. Telephone; 010322 219 32 83 
Telex. oll82 


GROWTH MAINTAINED 


GROUPTURNOVER 


SECURICOR GROUP LTD ' SECURITY SERVICES LTD 
Unaudited results for half year ended March 31, 1978 
1978 1977 1978 1977 

£000 £000 £000 £Q0Q 

68,368 ‘ 48,111 57,796 46.316 


NETPROFiTBEFORETAX 
Security Division 
Finance Division 


Tax (estimated) 


NET PROFIT AFTER TAX 
Due to outside shareholders 


EARNINGS PER SHARE 7.8p &6p 

NO rt The comparative figures have been restated following changes in aocoutftfng policies. 


2,009 

1,626 

2,009 

409 

351 

138 

2A18 

1,977 

2,147 

623 

517 • 

482 

1,795 

1,460 

1,665 

83S 

648 

71J 

969 

812 

1,595 

7.8p 

6.6p 

10.4p 


1,628 

126 

1,752 

. 398 


1,354 

T354 , 

8.8p 


INTERIM DIVIDENDS (payable September 29, 1978) 

Ordinary 0.8p 0.29B5p 

Preference 2,931p ].l55p 


125p 0.667p 


As anticipated in the recent nghts Issue circulars of both companies, the 
turnover and profit growth has been maintained with increases of over 20%. 
This reflects the continuing demand for Securicoi's- services at home and' 
overseas. The interim dividends declared are at the rates foreshadowed at 
the time of the rights issues. 


-PETER SMITH 
Chairman 














I 




: ' \ Friday Angust ll : 1978 

1 " a > to below £0.5m 



Automated Dividend cut as British 

Security 


I . . 


iiillNij 

.'WHi 


MIXED FORTUNES in the two 
divisions, of. W. G. Alien asti Sons 
• (Tipton), . the. engineering scon- 
ecrn. rosulled in pre-tax .profits 
down from -a" peak £G27,04ff ta 
£466,272 lor - the March SI,’ 1W$ 
year, after a £56,000 iron * ta l 
£i 60,000 at midway. . . .. :J . ... • 
Turnover for' 1977-78 increased 
from ftUSra to £&49s9.-.and the 

- directors say the sroup iucs- got 
off to a good start m-th^current 
year with sates for the flfrt . three 
months amounting '.to ^onie £2m, 
againtt’£L5m 

However, tbe teyel Of orders 
oalstamUng at ^hirteSfrwas fl&u, 
a little less than the £2nr at the 

unrc time last yfeaf/’-’-. ■■ 

The dfrectors “say Tipton' had 
a poor - year J - Much -production 
.was lost tfrradghoui the autumn 
through industrial disputes and 
in Imbalance of orders received 

- by AtteDsOf TJplon^'the fabrieat- 
-taig company, added to these pro- 
.. luction problems. ; ‘ ' 

- These factors resulted' in lower 
than anticipated production, at a 
time of year which is- normally a 

»• period «C high output, and' Uds in 
turn had an adverse effect on 
2 ash flow residting-Thi' --higher 
:. borrowing. ; •' 1 v 

In the light of theSo . problems 
and a review of the competitive^ 
ness of . Allens ' of ‘ Tlptpn’s 
fabrications, the directors . are. 
re-structuring the r -f use and 
facilities of the Tiptofl stte._ 
Despite these problems. Tipton 
held its-: share of a _ declining 
market for Steel hot Water' boilers 
' and increased its-' share of. . the 
. gr ow ing market for steam boilers, 
iey add. Exports of boilers again 
increased. ... 7- - 

Present indications are that the: 
-Southern division . should mam- 
:ain its progress: and’ so far as 
Tipton is concerned, the directors 
ay . they have every expectation 
jf mnintMining • its share. .of 'the 
toller market •••... 

However, the level, -of order 
stake for general engineering 
•I products and fabrications . gives 
"i.hera some cause for concern and 
it Is essential that the group 
^•etains its comMtitivenett, . the 
directors ' adcT.:; They therefore 
.-Jew the outlook for the year, as 
i whole with, caution,. - 
,. Profits for 1977-78 were struck 
. ifler heavier Interest o£ £3iI,62B 
[JE&2271 : Tax look .* : £63,841 

f£I74.5$l> - and earn Wes a-U ab- 
atable to ordinary holders 
?mergcd siiqhUy down dram. 
5M9.S68 to £425,006.' 

Comparative figures, have been 
adjusted, where appropriate, Tor 
he effects of a change in account- 
ing policy relating to deferred tax 
Earnings -per 25p .share are 
ibown -as 12.7p (I3.4tp adjusted) 
and as forecast the dividend total 
!s effectively raised from 2,557p 
to the maximum permitted 2.S25p 
let, costing £94.572. (£85.600),. with 
a final of 2.02fip based on a 34 
per cent ACT rate. A one^fbr- 


nlne scrip issue is- alscr. proposed. 

At- the year-end. -fixed assets 
stood at £L9Sm (fLBSm) and net 
utufent assets at £1*97 m (J&Ttm), 




more thaii 
doubled 

AS EXPECTED . the seebnd half 
at Dublin-based Abbey' was one 
of .rautinued progress, and pre-tax 
profits for the 12: aurnttorin- Apnl 
30, 1973, "finished ^well 'ahead at 
£2L3m — moreT-than-:: double the 
£L01m -for . the previous ■ jrean A 
67 per cent , increase In i dividend 
is also 'declared. -K^ v .- - 

The. company has" recovered 

well from the'£Q36m loss-pt »75- 
1976 and this year's figure is 
£400.000 short uf-tfie record £2.7m 
of 1972-73, f rom-wbence a decline 
started. Midway through this- year 

an. increase, from '‘X472.9W, to 
£924^)00 was reportejjL-.;. . 

- Sates ' for"" the .V 12 . • months 
advanced from £22.0 im to £3L74m 
mid .-profit- was struck- "after 
Interest of .fUBm again»rtfl-38m. 

Tax took £469,000 (£230.000) 
fpr stated earnings of 7J$M&31p) 
per 25p share. Toe final dividend 
ia lS558p net ior^ XMSCpXl^P) 
totaL ■ . ' .. .. 


cuts loss 

IN THE. second.: hill to , March 
31, 1978, Property Security Invest- 
ment Trust edged £23,000 Into the 
black- to reduce its pre-taxlosa for 
the year tq £77,0GO. I*s<:year a 
£594,000 pre-tax loss wig. recorded 
after a £251.000 deficit ariwdf-tlrne- 
The result came after interest 
Charges down . 'from to 

£2£8m ■ and '. : .*amtoistrdtion 

expenses of £112,000 (JEZi^OOO). It 
is 1 subject to tax . of .7 £134.000 
(£170,000) and minority-eredits of 
£109,000 (£1303001. ... . . 

After ektisiordihaty^'judfita of 
£679,000: t£L31m), - balance 
emerged at £577»QWt;‘ (£685.600 ) . 
representing 3.79|> per'SOp share 
(4i5p). The extreantinhiar. items 
comprise surpIuses bu tie Sale of 
properties and. Usted 'in vestments, 
.a currency^ gain hf . £909,000 
(£392,000). and- other losses . of 
£88.000 (£S3.QD6). ; V •, i 
•- A- final dividend lakes 

the' total from 2.8755p nefrlb&OOp. 
and .1 will - v absorb ~ .£818.000 
(£285,000). After carrying forward 
£L22tn from last year, ai^ deduct- 
ing dividends, a 134238$ trims fer 
to the capital reseryaiasdt.JE^.OOO 
to the mortgage red^Mption 


reserve, the balance carried for- 
ward at year end is fl.lm. 

Directors are proposing a one- 
fpr-two scrip issue and subject to 
Inland Revenue consent a free 
issue of two' eigbt.per cent £1 
cumulative preference shares for 
each 25 Ordinary shares herd. 

1077-75 1076-77 

_ raw im 

Turnover - 4.277 s.SK 

Rems receivable ...... a.i?7' . jlb«. 

Sales by dialing 'subs. '.t36 - 418 

Ner-propcriy iaconie ._ 2,771 . - -HJS6B 

Inmuneni income ' . at’ - 48 

healing profit iis - ffi 

Interest - 3J77-- 3.1M 

Admin, expenses '-US . .' 117 

Pre-tax lou - 77 i »4 

Tax la* ’ ' . -17a 

Net loss ' ll! -7W 

From mlnorlUes . 189- -. U* 

Ex fra ordinary proffia .j STB 1.1 JO 

leaving ‘ Sri .835 

BrpuglH forward. L322 ' ' L5W 

Available - - 1.799 . h375 

Securicor 
right on 
target 

IN THE first half of 1977-78. both 
Securicor Group and its S per. 
cent owned . listed subsidiary 
Security Sendees achieved thesr 
profit targets forecast in the 
recent rights -issues -and have 
met their interim dividend pro- 
mises. 

In the case of Securicor Group, 
which incorporates Security . Ser- 
vices and Securicor, profits -for 
the six months ended March ST 
1987 have reached ■ £2 ,42m, com- 
pared with £l-98m in the corres- 
ponding period last year.- as 
shown in the table. 

Fmt-fctif 
1978 tlSTT 

bmm ..am 

6088 - 48JU 
■ 1JB*. 1.977 

2.009 um 
m 38i 
83S - 517 

1,7H> 1.400 

838 ' 848 

83 •> • « 

.... . SO 8 

t Restated due to «*«nw la acco un ting 
policies. 

On capital increased' by the 
rights issue, the interim dividend 
is stepped up from 0.2965p to 0.8p 
net; a total of 2.5p has been fore- 
cast. Earnings on. the old capital 
are shown at 7.Sp (6.6p) per 25p 
share. 

For Security Services, incor- 
porating Securicor, ■ turnover 
advanced by £X1.4Sm to £57.8m, . 
and profits came to £2JL5m 
against £L.75m. 

After tax £482,000 (£398.000) 
and minorities £70,000 foil), the 
attributable balance was £l£9m 
(£1 .35m). 

The Interim dividend is lifted 
from 0.667p to 125p net on the 
new capital; a total of 3.5p has 
been foreshadowed. Earnings are 
shown at 10.4p (SSp). 


upsurge 



at 

3 . Sip 

fully 

Half rear 

Tear 

1078 

ism im-77 

£000 

£000 

ISM 

im 

I M3. 

3.141 

382 

ICO 

507 

39 

SI 

» 

343 

13S 

Cl 

32 

— 

_ 

S3 

41 

108 

US 

83 

843 A 


Group mr no ve r . 
Profit before tax 

Security 

Finance 

Taxarioo 

Net profit 

Outside holders . 
Ord. dividend .... 
Pref. flWUenfl 


INCLUDING two months contri- 
bution. from Brocks Alarms 
group, . profits of .Automated 
Security (Holdings) ' shot up 
from £160,000 to £3SX,000 in the 
six months ended May 31, -1978. 

Mr. Thomas Buffett, the chair- 
man says the period has seen. a 
steady, demand for both the 
historic operations and Brocks, 
and present business activity in- 
dicates a continuance of this for 
the remainder of the year. 

-Margins have been maintained 
at a satisfactory level despite 
the temporary overmanning to 
ensure the smooth integration of 
Brocks. This has been faster than 
anticipated and Brocks security 

division made a ” positive contri- 
bution ” to the' interim figures. 

The interim dividend is stepped 
up from 0.495p to 0.6fip net per 
lOp share— last year's final was 
Q.R25p. Earnings axe shown at 
S.9p fl.Tp) 
diluted. 


Tunww j 

PreM before tax _ 

T«x — 

Net pro Hr 

Pref. dividends _ 

Ordinary 

Retained — 


Muar River 
advances 
to £ 0 . 82 m 


WITH THE fall In rubber profits 
being more than offset by the rise 
In those from cocoa and. higher 
interest and dividends receivable, 
pre-tax profits of Hoar River 
Rubber Company advanced from 
£797,878 to £824^62 for the year 
to March 31, 1978. 

Turnover for the period showed 
little change at £2.07m (£2.02m). 
Rubber contributed - £409,302 
(£542,852) to profits, cocoa £224,722 
(£112,082) and dividends and 
interest £375.866 (2280,305). 

Replanting expenditure took 
£185,328 (£137,361). 

Including land sales surplus 
£50,000 (£11802) net. Investment 
sales surplus- £194.733 (£89,261) 
net and adjustment for exchange 
and tax of previous periods 
£24,267 (£1.360). the balance avail- 
able for appropriations came out 
at £1.09m (fOJhn). 

From this tax took £393,178 
(£422,273) and the dividend 
£134,105 (£120,094); with the pay- 
ment effectively being lifted from 
0.43285p to Q.48335p net per lOp 
share. The balance carried for- 
ward was £56&279 (£357.934). 


THE YEAR to March 31, 197S at 
British Benzol Carbonising re- 
spited in, pre-tax profits slumping 
from £Mlm to £0.79m and the 
dividend total being halved from 
L19©P“ to 0.5974p net 
At the hftlfway stage when a 
decline-! from £581,000 to 
£255.000 .was reported, .the interim 
dividend was passed. 

Turnover for the 12 months 
rose from- £l5m to £15. 38m and 
profit was struck after interest 
or £14339 (£69.463). Last time 
some £19.000 loss of associated 
company ;was written back. 

Aftertax of- £405.803 (£739.224). 
extraordinary debits of £500,000 
(£294967.) and minorities, the 
attributable balance fell from 
£S7W»8-td £84,971. 

Earning* of this coke, and 
smokeless, fuel manufacturer, are 
shown to have fallen from 7J.p 
to .4Llp' per lOp share. 

Second half 

downturn 

forLEP 


BOARD MEETINGS 

. The Mknrias coauumlea have notified 
dates at Board meettew to tbs Stock 
Brnhawcfl . Such mMtlnfis are usually 
held for the MUOOteo of oonBl fieri OK 
aividends. Official mdlcatlaas are not 
available whether dividends concerned are 
interims or Swtla and the snb-d .visions 
shown beltFvr are based mainly on last 
year's time table. 

TODAY 

Interims— Western Selection and tieve- 
topment. 

Reals — BishtmSMie Prtuerty and 
Genovl InvestmditB, CaUeform, Carrihc- 
Ion Investments. GadceU fBacvpl. Raw- 
thorn Baker, lonxum Transport, Smith 
Whitworth. 

FUTURE DATES 

Inurims— 

AfljriKhl and Wilson Aug. 17 

Alliance Trust Ana. 3S 

American Trust Aug. S3 

Anglo American Industrial Carp. Sept. 1 

Anglo American Investment Trust Sept- 4 

Bestobefl — Sept. 13 

Electrical and Industrial Secs. ... Sept. 4 
Virata— 

Gaiford'UDry industries — Aug. IS 

Gelftor (A. and J.) Aug. I? 

Norton and Wright Aug. J7 

Second A0ian« Trust Aug. S5 

Vlbroplani Aug. 14 

Webb (Joseph) Aug. 18 


amounted to £49^52 (£37,659). 
Tax takes £199,370 (£116,000) 

leaving net profits -at £184,038 
against £105,221. 


eaten Mfm Lep Group's £ltn first 
half advance to leave profits for 
1077. np"fK>in £4J)7tn to £4. 69m. 

Turnover for the year was 
£5L54m . (£47J29m) and aftertax 
of - £2JSm. (£165m), net profit 
exaej^ed -»t £251m compared with 
12.42m. ‘Minority interest reduced 
attributable profits to £2.41 m 

(£2jm>. 

Earnings per 10p share are 
shown .at S73p against 35 9p and 
dlvldefid of 2.4Sp net 
tskeS'the toted for the year from 
3.09p M S.45p Dlvidjends absorb 
£219^37 (£196^87). 


Squirrel 
sees 


godd year 

TURNOVER up from £2.42m to 
£2>9m and pre-tax profits ahead 
to. £393;40S against £221,121 are 
reported, by Squirrel Horn, Stock- 
pozt-based sweets maker, for the 
six. months of 1978. 

White' the directors expect the 
year’s results to be satisfactory, 
the increase over last year’s 
£488,960: pre-tax will not be as 
great as suggested by the first 
half figures, they say. 

The interim dividend -is stepped 
tip from 0.625p to -O.Top— last 
year’s jfetaJ was lfi375p. . 
JtePrectetion in the half year 


Record 
at AGB 
Research 

TURNOVER AT AGB Research 
for the April 30, 1978 year climbed 
from £7.95m to £11 .04m and tax- 
able profit of the consumer and 
industrial market research group 
advanced from £1.01m to a peak 
£L37m. 

At halftime, when profit was 
flS&OOO higher at £0J53m, direc- 
tors said full year results should 
show satisfactory progress and 
profits in February were forecast 
to be no less than £LSm. - 
The full year profit is subject 
to tax of £0.79m (£0.58m) and 
before minority interests of 
credits of £18,378 (04433 debits). 
Attributable profit came out at 
£0.6m (£0.42m). 

Earnings per lOp share are 
shown as &65p (6u5p). The 2Jp 
net second interim dividend was 
announced in July. A one-fbr- 
three scrip issue is now proposed. 

Results do not inefade any con- 
tribution from the recently 
acquired publishing interests. 

Dinkie Heel 
up £40,000 

Pre-tax profit of Dinkie Heel 
Company rose from £102,424 to 




£142,407 In the first half of WTO 
Turnover was £0.66ro against 
£0.5im. 

Directors say demand for safety 
steel toe caps both at home and 
abroad continued buoyant In the 
first half. Work has started on 
the company's new factory at 
Bristol and is scheduled for com- 
pletion in the spring of 1979- 

The interim dividend is up from 
an adjusted Q.12lp net per Sp 
share to 0.14p. Lagf year an 
adjusted 0^6p total was paid on 
record profits of £233,000. 

First half 
advance by 
Carron 

A CONTINUING difficulty, in 
maintaining margins restricted 
pre-tax profits of Carron Company 
(Holdings) to an advance from 
£280,000 to £426.000 for the first 
half of 1978, on turnover of £3. 14m 
higher at £34.7m. 

Mr. C. Stroyan. chairman, says 
the modest improvement in 
trading conditions referred to In 
his last annual statement has' been 
maintained. 

“ As anticipated then, a £2m 
10-year term loan has- now been 
arranged to fund the coat of the 
acquisitions made in 1977 at 1} 
per cent above London inter-bank 
rate," he states. 

After tax of £107.000 '-<£1 02,000) 
net profits rose from £178,000 to 
£319,000. Stated earnings are 
3.79p (2.l2p) per 25 p share. 

The interim dividend i* main- 
tained at 1.542p net— costing 
£129,528 (same)— last year's final 
was 2.042p from £483,610 taxable 
profit. 

Half-year profit was struck after 
a £25.000 charge for depreciation 
of property in accordance with 
SSAP 12. 

Peak for 
Midland 
Educational 

Following a jump from £16,500 
to £40,000 in the first half, tax- 
able profit of Midland Educational 
Company ended the March 31, 
1978, year ahead £326,439 to a 
record £400,354. 

Turnover for the year was 
£7.5 3m (£6.5Sm) and after tax 
£206,727 (£169,341) net profit was 
£193,627 (£157,098). 

Earnings per 50p share are 
shown up from 10.98p to 13.59p 
and a final dividend of 320783p 
takes the total from 4J!5126p to 
4.70783p. 


21 

W. H. CULLEN 

(Proprietors; Cullen’s Stores 
Limited) 

(Grocers and Wine, Spirit and 
Beer Merchants) 

SATISFACTORY TURNOVER 

The following are extracts 
from the Annual Report for die 
year ended 28tb February, 197S: 
PROFIT 

The profit for the year, after 
providing for taxation amounts 
to £112,104. 

ACTIVITIES 

The business of the Company 
has continued to be that of 
Grocers, with particular emphasis 
on quality goods and fresh foods, 
and Wine, Spirit and Beer 
Merchants. 

DIRECTORS 

At the end of the financial year 
Mr. W. K. Rogers retired as an 
executive Director of the Com- 
pany, but is continuing for the 

time being as nonexecutive 

Chairman. 

Mr. P. Cullen was appointed 
Managing Director as from the 
1st March, 197S. 

‘ Mr. D. G. Cullen and Mr. t. D. 
McDonald are the Directors 
retiring by rotation and being 
eligible offer themselves for 
re-election. 

COMPANY'S AFFAIRS 
Competition in the Grocery 
and “Off" Licence trade has 
been more acute than ever, lead- 
ing to the inevitable erosion of 
margins, and at the same time 
expenses have continued to rise. 
The Directors carried on with 
the policy of specialising in 
quality goods and fresh food and 
have converted two further shops 
to “ Gourmet and Gobict." one 
in Upper Richmond Road. E. 
Sheen and the other in Western 
Road, Hove. There are two 
further conversions in the pipe- 
line, shops at Gerrards Cross and 
Park Langley, Beckenham. The 
staffing of these types of sbnps 
is a big probletp — training takes 
time and trained men and women 
with the necessary qualifications 
are few and far between. Hence 
the expansion of this side of 
the Company's business can only 
proceed slowly. However, with 
predictions of higher consumer 
spending next year the Directors 
certainly feel more hopeful of 
better times to come. 

Turnover since the end of 
February has kept up satisfac- 
torily and, though in present 
circumstances it is impossible 
and foolish to make forecasts, 
the Directors firmly believe in 
the Future of small ** personal " 
shops and the Company is in a 
very good position to benefit 
from this trend. 

During the year three unprofit- 
able units at Wantage. Radlf-tt 
and Finchley Road have been 
closed down and new businesses 
to replace these are being 
actively sought. 





■ A 


ird 

lira! 



Gro«j> Results for the six months to 30lh June 1978 




■ « 


Review of OfterafioriS and Results 
for the six months to 30th June 1978 


Financial resalts 


amounted to £18,140,000 compared with £7,90S.OO0forthc 
first, half oft 977.' After deducting current and deferred 
taxation, mostly ,\vith*espfict to Indonesian operations, the six 
months operatingjirofit after taxation came to £8,068,000 
compared with £4, 844,000’ for the first Six months of 1977. ' 

Non-cash exchange Icwses Forihe first Half totalled £i.500,(X)U\ 
brineing hel earnings forthe period to £6.568,000 compared 
whhTf3.S35.000 for tJie first half of 1977, Cash flow From . 

operulionsM thefirsi half was'£l4, 927, 000, the highest in the - 
history of thcXjilrixn^r Groups . .. 

The<^liforma;Ne\\foundland, Western Ginada, 7 
Caribbean a md U K. divisiernsrhave operalcd-at a pro fit, but the- 
Quebec and Ontario-refining and. marketing operations hava i 
incurred losses. Indonesian operations werethe major 
contributor to the C^oup profit and cash flow. 

Wc expect to continue to do well iivtiie setond half oF 
197S». ■: , ; ... , • • 

Canadian rcfmingaKd marfeding- 

We are takingibe necessary steps toporehase Canadian 
Fuel Marketers Limited, a large "and sihxx^ul marketing 
organisa tion sell.mg.in excess of 7 O 4 OW) barrels per day of 


g J - - “f — * - 

go back some 1 OOyears whim it was founded by the Webster 
Family as a coal marketingcompany in Quebec CHy. Coal 
marketing h*as becomearelativdy small-part Ot the business = 

1 _ A ... tlu nmnlnela An cal# nf ivfmlnlm nmductS 


through a network of strategically placed terminals and . 
distribution fadlities- Thcpurchisc of.the company is subject 
to the approval ofthe Canadian Foreign Investment Review 
Agency. . • . V/ : -. ; 

Exploration and production . . 

In Indonesm'tbcconsortiumin.whkhw^ a 35 
interest drilled six wells in East Kalimantan during the first < ; 
half of 1978, all of which were succe$sful..Gas.rescrvcsin tne 
Badok, Nilam and SernberahfitWshave beenextended and c 
increased and there has also, been addition to oil reserves. An-c 
asgressiv'c drill ing programuteiicontinuingin’order to prove ? 
up additional gas reserves with a y iewio expansion of the ; 

LNC Plant tind addiuonal gassales. Exploratory drilling w* - : 
be rcsumCdin the third quarter. : ' •; L " : 


- Z r ’Xhjring the first half of 1 978, gas production from the 
B&dak Field to the LNG Plant averaged 530 million cubic feet 
Tjxyday, exactly the design capacity of the plant. Rates 
. : .3a£eding 600 million cubic'feet per day were sustained for 

slgmiicant periods without difficulty. Our share of the Badak 
^production in the first half was 182 million cubic feet per 
; day: Oiland condensate production from the East Kalimantan 
.‘riintradt area averaged 22,657 barrels per day, of which 12,424 
Uriels per day were condensate produced in conjunction, with 
the Badak gas production. Our share of the oil and 
jj atfjpensate production ^for the first half was 7,839 barrels per 
Our share of the above oil. gas and condensate 
. JrOducticn was equivalent to approximately 45,000 barrels 
per day of oil on an energy equivalent basis. 

$$?. In the UK North Sea, the Maureen Field oil reserves 
.wfe verified by the successful drilling of an offset well, 
^ipwever, two exploration wells in other blocks were 
,/iu& - 

A development plan and time schedule for the Maureen 
Reid has been agreed by the joint holders and presented to the 
United Kingdom Department of Energy for approval. If 
approved it is hoped to have initial orders for steel and 
.fabrication out before the end of 1978. Development drilling 
^ frobra semisubmersiblc rig throng a seabed template should 
. b^in in the first half of 1 979. The effect on this development 
v ofthe recently proposed changes in Petroleum Revenue Tax 
.is understudy. 

’■ ; In Western Canada there were no significant discoveries 
/iabittr: drilling programme. 

•:? • • ;An Agreement lias been made with the Eaptian General 
;• Petroleum Corporation by. Ultramar (50%) and Murphy OH 
(50 %) as operator for a new exploration concession covering 
:two blocks totalling about 1,062,000 acres located, on the 
Mediterranean coast between Alexandria and El Aiamein. 

- Formal ratification by the Egyptian Government is expected 
“ shortly. We Have also negotiated a farmout from two - 

- AustraHan companies for a 25% interest in an existing 

/- concession called the Muriut Block (approximately lj2S5,000 
v acres) s which is also operated by Murphy Oil and which ties 

- between ihe two blocks negotiated with the Government. The 
/.first exploration well on the Mariut Block will probably be 
'drilled early in 1979. 


Cori|pli dated financial results 


first six months 
1978 
£000 

first six months 
1977 
£000 

year 

3977 

£000 

Saks 



£289,918 


£207,111 

£472,652 

Profit onTiadins \ 

^jaoTtisation, depreciation, depletion and amounts writtm off 

25,170 

7,030 


11,639 

3,731 

33,126 

8,417 

Operating profftbefore taxation 
Taxation on operating profit: 
Current ' . \ 

Deferred •- V 


6,749 

3^23 

18,140 

1,309 

1,755 

7^08 

3,632 

8,479 

24,709 

A 

\ 

Operating profit after taxation - 

Foreign exchange fluauations (Npte 2) 
Less: Tax effects 



10,072 


3,064 

12,111 


2,957 

457 

8,068 

2,109 

1,100 

4,844 

5,615 

1,492 

12,598 




1500 


1,009 

4,123 

Profit alter taxation and foreign exchange fluctuations 
Deduct: Convertible Redeemable Preferred Shares dividend 
Advance Corporation Tax written off 

524 

258 

6568 

525 

3,835 

1,059 

8,475 




782 


525 

1,059 

Earningsattributable to Ordinary Shareholders 



£5.786 


£3,310 

£7,416 

CashFlowfrom Operations 



£14^27 


£10,330 

£26,556 

Earnings per Ordinary Share (before foreign exchange fluctuations) 
Basic •. 

Fully diluted 

175p 

16.3p 


10.4p 

9.8p 

27. 8p 
25.5p 

Consolidated statement of 
source and application of funds 

first six months 
1978 
£000 

first six months 
1977 
£000 

Notes to Group Results 


Source of Bands 
prom operations: 

Operating profit after taxation 
Amortisation, depreciation, depletion and 
amounts written off 
Deferred taxation on trading profits 
Indonesian debt service equalisation<Note 3) 


8,068 

7,030 

3^23 

(3,494) 


4,844 

3,731 

1,755 

1 Group earnings are very largely in US 
. and Canadian dollars which for Ihe six 
months to 30(h Jane 1978 have been, 
translated into Sterling at USSI.86 and 
Canadian S2.09 to £1 . The comparative 
figures far the six months to 50lh Juno 
1977 have been translated at USS1.72 
and Canadian Sl.82 to £1. being the 
exchange rates effective at that date. 

Cash flow from operations 
From other sources: 

Long tote portion of (JSS75 million loan raised 
Less: prepay men to f cxi sd n g USS25 million loan 

Disposal of fixed assets 
Miscellaneous items 

34^16 

10,215 

14,927 

24^01 

1,744 

416 


10,330 

• 711 
1,127 
' 100 

2 The net loss on foreign exchange 
fluctuations of £1.500,000 during the 
six months to 30th June 197S relates 
almost entirely to long-term loans of 
individual companies repayable over 
the years to 1993. and is due to the fall 
in values of the Canadian dollar against: 
the US dollar and the US dollar against 
the Swiss franc since the beginning of 
the year. 

3 The- Group’s entitlement to income 
from Indonesian LNG sales is included 
in the Profit and Loss Account net of 
contractual deductions for transporta- 
tion, liquefaction costs and debt service 
on the loans raised by Pcrtamina to 
finance the construction of the Badak 
LNG Plant, in order to match income 
■with these deductions, the Group’s 
entitlement is adjusted to reflect an 
.equal annual charge for debt scrvico 
over a twelve-year period rather than 
the irregular repayment schedule est- 
ablished for the loans. 

Application i»f fends 

Acquisitfotiof subsidiary companies 
Additions to fixed assets 

* 

£41^88 

8,812 

- 

£12^68 

1,588 

6,240 

Capital expenditures 

Portion oflongterm debt nowduein oneyear 
Exchange adjustments due to currency realignments 
Con\ , ertibkredeemfible Preferred Shares dividend 
Add: Advance Corporation Tax 

524 

25S 

8,812 

2^97 

S?5 

525 " 
283 

7,828 

3,773 

436 

Increase/Cdecrease) in w«king capital 


782 

28^72 


80S 

(577) 





£41^88 

, _ ^ 

£12,268 



Working capital at30fli Jane 1078 


£38^2 

' . : ,• . 

£3^60 



Long terralotns at 30th June 1978 


£79,060 


£65,459 



Operating results 

first six months 
1978 

first six months 
1977 

Twites to operating results: 


Sa les of oil (barrels per day) 

Oil refined (barrels per day) 

Oil produ£*d(barrds per. day) 

Gas produced (thousands of cubic feet per day) 
Gross wells drilled 

OiJ and gas wefts completed 
(in whiSi the Group has varying interests) 

■ 

201,600 

.95,400 

9500 

191,700 

17 

9 

" 

149,700 

308,500 

6.300 

9.300 
9 

9 

3 There were substantial purchase and 
safe transactions in the crude oil market 
during the first six months of I97K. This 
is the principle reason for the rise in the 
volume of sales of oiL 

2 The Group's share of gas produced 
in Indonesia is the reason for the 
marked increase in g as production 
compared with the equivalent period 
last year. 


lQth August,T97$ 


Campbell 3L Nelson 



, 2 Broad Street piece, London EC2M 7EP 




MINING NEWS 


BIDS AND DEALS 


Brinco’s hopes on Abitibi 
asbestos project 


NAPF sets up committee 
over Lyons merger 


Financial limes Friday August It 1978 '| 

Confidence at 
Rothmans 


BY KENNETH MARSTON, MINING EDITOR 


THE. Rio Tinto-Zinc group’s 
Canadian exporaiion arm, Brinco, 
Is moving ahead steadily with a 
consortium-type approach to the 
Abitibi asbestos project in north- 
western Quebec, reports our 
Montreal correspondent. 

The company has had discus- 
sions off and on with the Quebec 
Government Tor the past two 
years on the project, with the 
possibility or equity participation 
by a Government agency in mind. 
However company sources con- 
firm that the Government has 
said it cannot now envisaee 
equity participation, partly be- 
cause of its preoccupation with 
negotiations with General Dyna- 
mics or the UJ5. Tor the acquisi- 
tion ot Asbestos Corporation. 

If the Government were to 
participate in the Abitibi asbestos 
project it would be throuuh 
Asbestos Corporation or she new 
Nationai Asbestos Corporation 
which will eventually control 
Asbestos Corporal i n. Its own in- 
ternal reports of the project 
have been Favourable. 

The Abitibi project now has a 
cost estimate of well over C$400m 
(£186m). This Is for development 
oF the “A” orebody and milling 
plant. Reserves proved or prob- 
able in three nrebodies are suffi- 
cient for 40 years production at 
the peak rate of 230.000 tons a 
year of fibre. 

Brinco confirms that talks 
have continued with Asarco or 

the US., which was originally a 
prospective partner, and have 
been undertaken with several 
other companies in line with the 
consortium-type approach to de- 
velopment. 

KILLING HALL TIN 
TO EMIGRATE 

Shares or the UK-registered 
Killiughall Tin. which operates in 
Malaysia, were marked up l25p 
to B25p yesterday following news 
of the company's proposed chance 
of domicile to Malaysia — which 
will result in the London share 
price attracting the investment 
dollar premium— and the accom- 
panying capital reconstruction. 


For each existing share; holders 
will receive two shares each of 
AISI in 3 new Malaysian company, 
Kiilioghali Tin (Malaysia) plus 
MKJ.lfl il85p). in cash. Malaysia's 
Ramuda wilt subscribe for 40 per 
cent of the new company’s capital. 

Meanwhile. Killinghall intends 
to *pay a second interim dividend 
equal to 45p net of Malaysian tax 
for the current year to September 
30. immediately prior to the 
scheme of arrangement becoming 
effective. Subsequent dividends 
will be paid by the new Malaysian 
company, starting with the first 
. interim Tor 1978-79 in August 
next year. 


A recovery 
at New Wits 

FOLLOWING a good second-half, 
net profits for the year to June 30 
of the Consolidated Gold Fields 
group's South AFrican investment 
company. New Witwatersrand 
Gold Exploration, have advanced 
to R2.42m (£1.43m) from R9Sn.OQO 
in 1Q7B-77. The final dividend is 
raised by one to 10 cents, making 
a year's total of 16 cents against 
15 cents. 

Although investment income 
rose in the past year, largely 
from the gold share holdings. 
New WiTs resulTs have benefited 
from the need to write down its 
investments by only R93.000 in 
1077-78 compared with R1.09m in 
rhe previous year. The shares 
rose 4p to I56p yesterday. 


ROUND-UP 

Australia's Panmntinental 
Mining ha- placed 240.000 shares 
at ASIS.fiti (£9.28) each through 
the Sydney stockbrokers. Ord 
Mmnelt. At the Iasi balance sheet 
date oi June 30. 1977. tbe poten- 
tial ura mum producer had 6.82m 
shares in __ Issue phis 310.850 
options. The' A$3.77m (£2. 23m) to 
be raised by the placing will be 
used for ongoing exploration. The 


shares. were‘.£l5J in .London 
yesterday. 

* * * . 

South Africa’s’ BlyvooruitaJeht 
Gold Mining announces that mill- 
ing of ore at the mine has been 
temporarily interrupted because 
of the collapse of a section of the 
main overland conveyor which 
transports ore from -No. 4 shaft 
to the mill. A temporary conveyor 
is bemg built and should be in 
operation within three days, but 
it will not handle the full ton- 
nage. Permanent repairs which 
are already under way should be 
completed within ten days. There 
will be no immediate effect on 
underground production as the 
ore witl' be stockpiled on surface. 
It ls hoped that the reduction in 
milled tonnage will be recovered 
before the end oF the year.- 

* * ★ 

Kent (FMS) Tin Dredging is to 
be placed in voluntary liquida- 
tion on September 28. Sinre the 
cessation of mining operations In 
November, no suitable tin mining 
opportunity in Malaysia has been 
identified. Assets of the company 
are now mainly in the form of 
deposits with finance companies 
Directors are of the opinion that 
it would be to the benefit of rhe 
members to distribute the assets 
by way of voluntary liquidation. 
It is intended to call an extra- 
ordinary meeting on September 
28. 

* *• * 

Owing to the continuance of 
UK dividend restraint. Cornwall's 
tin-producing Geevor is not able 
to recommend tbe previously 
intimated final dividend of 
3.76875p. Consequently. the 
total dividend for the year to 
March -31 last amounted to S.035p 
after adjustment for the three- 
fur-one scrip issue. 


HOLLIS BROS. & E.S.A. 

LIMITED 

GROUP RESULTS FOR THE TWELVE MONTHS 
ENDED 31st MARCH, 1978 



I97S 


1977 


£ i 

£ 

£ 

GROUP TURNOVER 

43,489.000 


43.226,000 

TRADING PROFIT 

2,572,989 


3,303.537 

Interest Charges ... 

1.017.508 


1.097,470 

PROFIT BEFORE 




TAXATION 

1.555.4S1 • 


2.206,067 

TAXATION 

772.604 


1.151.007 


782.877- 


1,055.060 

Extraordinary Items 

33.986 


50.576 


748,891 


1.105,636 

Dividends 

Preference: 




4.9% (1977: 4.9%) 
Ordinary: 

4,900 

4,900 

- 

Interim paid 27th 




February. 1978 . 

106.643 

93.057 


Final Proposed ... 

299.585 411.128 

268.285 

366^42 


337,763 


739394 


The directors have declared an Interim Dividend of 4.719% 
(1977: 4.225%) net on each 25p Ordinary Share equivalent with 
deemed Advance Corporation Tax to 7.15% (6.5%) gross. The 
proposed final dividend is 13.234401% (11.851703%) net on each 
Ordinary Share equivalent with deemed Advance Copnration 
Tax to 19752837% 07.957125%) gross. The total for year is 
17.953401% (16.076703%) net, 26.902837% (24.457125?4) gross. 

By Order of the Board 
J. F. DOWZALL. 

Secretary 


SHARE stakes 

Trafalgar Sours: Kuwait In- 
vestment Office acquired 100.000 
shares on August 4, 1978 bringing 
total interest to 9.42m (5.9 per 
cent). 

Automated Security (Holdings): 
London Trust Co. sold 90.000 
ordinary shares reducing hold- 
ing to 1.2m (14.6 per cent). 

City Hotels Group: Mrs. M. B. 
Gutman disposed of further 
10.000 oru riary shares reducing 
holding to 240,000 (3.4 per cent). 

Gresham Investment Trust: 
London Trust now holds 845.000 
shares (5.3 per cent). 

Charter Trust and Agency: 
London and Manchester Assur- 
ance now holds 2,172 616 ordinary 
stock (5.4 per ce..Q. 

Crellon Holdings: Mr. J. Eiger 
disposed of 600 000 12 per cent 
convertible participating pre- 
ferred redeemable share* on July 
25. 1978 and a further 590.000 on 
July 31, 1978. 

. Northern Secnritie Trust: Hon. 
R. Hanning-Phfiipps, chairman 
sold 10.000 ordinary shares at 
I27p. 

Royal Worcester: Rothschild 

Investment Trust acquired fur- 
ther 125.000 ordinary shares 
bringing total holding to 946.500 
(approximately 15:7 per cent). 

Electronic Rentals Group: Mr 
A. C. Cowell director, sold 
190 000 Shares on August 9. 1978 
at I40p. 

Forward Technology Industries: 
Following sales of 30.000 ordinary 
shares on August 7, 1978. and 
Further 30.000 on August 8. 1978. 
Mr. C. L. Corman and Mr. J. E 
Green (as trustees of the GSI. 
Allen Discretionary Trust) are 
now interested in 1,456.667 shares 
Following these transactions. Mr 
G. S. J. Allen is now interested 
in 5.1 18.333 ordinary shares, and 
Mr. J. E. Green in 1,644^150 in 
eluding 1.456.687 held- as -Joint 
trustee of the GSJ Allen DIs 
cretiohary Trust. 

Mercantile Credit: Compan- 

reports the following changes in 
directors holdings — Mr. T. Cowi#> 
disposed of 111,428 shares and 
now holds 2.202.102 ( 18 36 pe* 
cent): Mrs. L. R. Cowie dispose* 
of 18,215 shares and now hoid 
486.594: Mrs. S. Rillingham. wif* 
«r director, purchased LOOf 
shares. 


BY CHRISTINE MOIR 

The National* Association of Pen- 
sion Funds has ^ expected, set 
up a special “ease" committee 
over the proposed bid by Allied 

Breweries for J. Lyons and Co. 
The committee Is to be chaired 
by Mr. Hugh Jenkins, investment 
manager of the National Coal 
Board Staff Superannuation Fund. 

Yesterday, representatives -of 

the pension funds, who Have been 
expressing growing conrern over 
the' implications of the bid. met 
Samuel Montagu, the merchant 
bank which is advising Allied. 

Following .that meeting Mr. 
George Dennis. chairman of the 
Investment protection committee 
of the NAPF said 41 every co-opera- 
tion is being extended to us by 
Allied and its advisers " 

Mr. Dennis confirmed that the 
sub-committee had been set up 
and that it would now await 
further details of the bid in the 
offer documental They are 
expected to be sent to share- 
holders around the end of the 
month. 

So far there is sign that 

Allied intends to change its mind 
and call a shareholders' meeting 
despite the fact that some of the 
Deiudon fund managers are known 
still - to be considering requisition- 
ing one. * 

However, it is thought that the 
present informal discussion 

between the company and the 
NAPF committee could take some 
or the urgency out of this demand. 
Mr. Dennis- said that he fully 
expected an amicable outcome to 
the talks. 

HENSH4LL BOWS 
TO BOVBOURNE 

The Board of W. Heushal) and 
Sons (Addlestone), the aircraft 
galley equipment manufacturer, 
has finally bowed to the contro- 
versial 2 Op bid from Bov bourne, 
•n a letter to shareholders vester- 
day Mr. D. G. - Luffing ham. the 
chairman. told shareholders they 
should accept the offer rather 
♦han remain a minority now that 
Rorboume controls 62.1 per cent 
of the equity. The Board intends 
to accept in respect of its own 
20.9 ner cent holdings. 

The move means an end to a 
three-month battle for Henshall 
involving two rival bidders. Pet- 


ford and Bovbourne. The latter 
sparked off the battle by acquir- 
ing just on 50 per cent of Ben- 
shall through the purchase of 
three blocks of shares from 
members of the Board, family and 
an institution. 

Pelf ord then entered tbe lists 
with a bid lOp higher and sought, 
with the support of tbe Henshall 
Board, to persuade the Take Over 
Panel to agree to an issue of 
Henshall shares which would 
dilute Bov bo ume's holding below 
50 per cent and give the higher 
bid a chance of success. -• 

Permission was not given and 
Petford’s offer lapsed shortly 
afterwards. 

Babcock sells 

Butterfield 

stake 

Babcock and Wilcox has sold 
its 20 per cent stake’ in Butter* 
fidd-Harvey, just over a year 
after its abortive attempts to 
take over the company. 

The 2L86m shares, which Bab- 
cock bought for £1.29m (45p) 
from Sime Darby prior to engag- 
ing Butterfield in talks which led 
nowhere, were sold in tbe market 
yesterday by Casenove. the com- 
pany's brokers. 

Casenove said that the shares 
had gone to a -wide spread of 
institutions. 

Tbe spokesman would not dis- 
close the sale price but it is 
thought to have been at a dis- 
count of between 5 to 10 per cent 
of the price at the time. 86p. At 
the lower of these figures Bab- 
cock would have raised some 
£2.2ro — a profit of £lm. 

Following the sale Butterfield’s 
share price fell 8p to 84p and 
Babcock’s rose by Ip to 146p. 

PYKE CHAIRMAN 
RETIRES 

Shareholders of W. J. Pyke, the 
butchery company which is 
currently the subject of a bid 
from Mr. David Thompson at a 
full 30 per cent below the mar- 
ket value of the shares, were 
given a few more meagre clues 


to' tbe offer in a letter 'quoted! 
yesterday. * . . .- 

Mr. W. J- Pyke, the chainmuj; 
who is 66, has retired and* Mr. R 
Gamer,, the managing director, 
will assume tile chair. 

Blr. Garner, believes' that 'Mr, 
Thompson, who* has’ been hi the 
meat trade afi bis life, wiB have 
a beneficial effect oh the company 
although he wiQ not ' join the' 
Board or interfere with the day- 

to-day management , . 

No financial changes ; have 
occurred in the company, accord? 
ing to yesterday's letter, except 
that tbe overdraft facilities have 
been increased by 35 per cent 1 6 
£im. _ r. 

Shareholders are not- given 
much advice over the bid which 
was automatically triggered off 
under Stock Exchange i-ules when 
Mr. Thompson acquired over 30 
per cent of the shares. - 
The company's advisers believe 
the price of SQp to -be fair and 
reasonable given the narrow -and 
volatile market In the shares, de- 
spite tbe fact that the price is 
29.4 per cent below tbe present 
market value and equal to the 
lowest price for the year. ■ - 
Shareholders are recommended 
to consider either raising cash 
through accepting the offer or sel- 
ling in the market^ The yare hot, 
however, given any indication as 
to future profit trends or whether 
it might be more beneficial for 
them to retain thpir holdings. . , * 
One due .to possible action, how- 
ever, may be inferred from , -the 
fac that Mr. Gamer, appears to 
intend to retain his own 9M)00 
shares— amounting to 13 per cent 
of the equity— in addition to his 
option over a further 50,000. -.* 

ST. PIRAN 
RESIGNATION 

St. Piran. tbe tin mining com- 

E any which was recently censured 
y Die Take Over Panel for share 
purchases in Orme Developments, 
Is to lose another director. 

Yesterday, Mr. Gordpn Jeffreys 
announced that he had resigned 
from the Board of St. Pi ran add 
its subsidiaries, including South 
Crofty and Milbury. 

Mr. Jeffreys, who is a chartered 
accountant, was unavailable .for 
comment last night 


THROUGHOUT all its major 
markets, both domestic and 
amort Rothmans International 
fares tough and increasing com- 
panion. Sir David Nicotson, the 
chairman, says in his annual 
report 

However, he looks to the future 
with confidence. . based on the 
group’s record of proven achieve- 
ment; “Wo are only top well 
aware of the pressures and prob- 
lems, but I am confident in our 
ability to deal with them. Sir 

the year ended March Si, 
1978, pre-tax profit? rose from 

166 44m to a record £80-6lm on 
tunmrer of jELSbn fEL-Obn) On 
a OCA basis, pre-tax profit is 
reduced to £71 -9m after eott of 
sales, FF-Sm, depreciation, n2.5m. 
and gearing adjustment of 

^Liquidity and working capital 
showed a further improvement 
over the year of »7m. Funds 
employed in financing tobacco tax 
fn the’ UK were reduced by some 
£35m following the new tax 
system and this was subsequently 
used in the continuing expansion 
of the volume of business in 


domestic and export markets. 

A geographical analysis of sales 
volume and trading profit (h 
percentages) shows EEC. 68 and 
S3, rest of Europe 10 and IQ, and 
outside Europe* 24 and ST. 

Cigarette sales by member 
companies of the group exceeded 
the previous year’s level by .-a 
satisfactory margin, with the 
better performance coming mainly 
from international brands. 
Licensed manufacturers also con- 
tributed to tbe impeweraemr 
sales worldwide. 

In the UK, sales advanced by an 
impressive S6 per cent sub. 
stantially increasing market stem 
in the face of tough competition 
and generally adverse trading 
conditions. Industry sales were 
hit «r»*° by higher tobacco 
taxation and within a smaller 
market manufacturers, fought. to 
build market share in the growing 
sector foe king size brands. 

The report also shows, .an 
updated valuation of the group’s 
interest in land and buildings 
indicating a surplus over hook 
values at March 31 this year bf 
some 145m. 

See Lex . . 


Canadian purchase 


Ellis and Everard disposes of 
building interests 


Rothmans has also revealed the 
details of its £44m purchase of 
a controlling stake in Canada s 
second biggest tobacco company, 
Rothmans of Pall Mall Canada. 

Rothmans is to make its pur- 
chase through its wholly owned 
subsidiary Martin Brinkman A.G. 
which in turn wffl acquire from 
the Rupert group its Canadian 
interests. These are presently 
vested in a Netherlands holding 
company, Dutch Canadian Hold- 
ing B.V. and consist mainly of a 
controlling interest in Rothmans 
of Pail MaD Canada which itself 
owns 50.1 per cent of Carling 
O’Keefe, a brewing to oil con- 
cern. At the end of tbe day 
Rothmans International should 
end up with 85.6 per cent of 
Rothman’s of Pall Mall Canada. 

However, the 85.6 per cent 
stake will be diluted to 84B per 
cent by the end- of 1979 after 
preference shareholders have 
exercised conversion rights. 

The deal has been concluded 
after discussions with Dr. Anton 
Rupert, one of the world's most 
powerful and secretive industrial- 
ists who also heads the multi- 
national Rembrandt Group of 
South Africa. Approval for the 
arrangement is to be sought from 
Rothmans' shareholders at an 
BGM on September 19. 

Bur the Rupert Group, which 
has a substantial interest In both 
camps, does not Intend to 
exercise its voting rights. 

Chase Manhattan Bank has 
carried out a valuation of the 


Canadian interests for Brinkman 
and has given its opinion that the 
value is in excess of the purchase 
price or C$96. film (£43.9Sm) i afW r 
taking into account a liability of 
C$34ff m due to the Bonk of 
Montreal by a subsidiary of the 
Netherlands holding company. 

Rothmans believes that the 
proposed acquisition represents a 
“ unique” opportunity to acquire 
an established major position in 
another targe domestic market lu 
its own industry— tobacco. Roth- 
mans of Pali Mall Canada: holds 

around 27 per cent of the . 

Canadian cigarette market with r"' i 
major brands such as Rothmans, , n f|U) 
Craven "A" and Number 1. All 1 III/ 

In addition to providing what 
Rothmans International regards 
as a logical extension of its exist- I 

ing business the deal is hoped to * WilHV 
achieve a small degree of. product J] TlilJ i 
diversification through the Carting U ^ * 
O'Keefe interests. Carling holds 
a 24 per cent share of ttenrewing 
market and is among (he top # • ’• 

three brewers. ' 

Carling's wholly-owned- sub- 
sidiary Star Oil and. Gas is 
engaged in the exploration, . 
development and production of 
oil and natural gas in. Canada .. 
and the U.s. The company also 
has a 14 per cent participation In 
a petroleum and natural gas 
permit for 4.55m acres -off - the 
coast of Western Australia. 

In all net tangible assets of the 
Canadian interests being acquired 
by Rothmans International, add 
up to C$12. 75m <£5.77ra).* 


Ellis and Everard, the builders 
and chemicals merchant, ha? dis- 
posed of its troublesome build- 
ing interests to Travis and Arnold, 
the timber group, in a deal worth 
£3 58m. • 

Most of the consideration, some 
£3.19m., repressions debt . that 
Travis has agreed to take over 

from Ellis and Everard, and 

which has been incurred on tbe 
building interests. Tbe balance of 
£386.000 is to be paid In cash. The 
total' payment is to be made in 
two parts. ' 

Tbe Ellis and Everard building 
supplies division (Including tbe 
small fuel company Welland 

Fuels which Travis is also pur- 

chasing), showed pre-tax profits of 
£75,000 on sales of £23.9m in the 
financial year ended April 30, 1978. 
In the set:nd half of the year a 
«mall loss was sustained. 

Travis said yesterday that the 
acquisition will be of benefit by 
sdvanclng its own investment 
programme in the areas involved. 
It intends to develop the exist- 
ing business of the building sup- 


plies division, which operates 
through 28 depots priocIpaDy in 
the east and west Midlands, and 
increase the return on assets 
involved. Commenting an what 
improvement it expected to. -be 
seen in this area Mr. E- R. Travis, 
joint managins director, said that 
he would hope profits represented 
around 4 per cent of sales in two 
years. 

At the same time that tbe pur- 
chase was announced Ellis 
declared its preliminary results. 
These Showed • pre-tax profits 
down 5 per cent from £1.02m to 
£969.000 on sales up 13.1 per cent 
from £37.1 6m to £42.Q2m_ Attri- 
butable profir after tax- and 
minorities amounted to £348.000 
compared with £536,000. A final 
dividend of 3p was declared mak- 
ing a total of 5p net which is 
unchanged. 

• comment 

Ellis and. Everard, after its 
latest arrangement .with Travis 
and Arnold, has shed all its 
building related interests, and so 
now can only be described as a 


chemical company. But In- the 
balance sheet the debt slate has 
been wiped dean by Che move, 
Ellis dashed for growth in the 
bunding materials Industry ’In the 
early 70s, and as such its timing 
was with hindsight misjudged. 
It quickly, built up a. capital 
intensive network of depots at 
a time when the construction 
industry was just about to enter 
recession. Since then demand has 
fallen and debt crept upl In the 
last accounts there were borrow- 
ings of around ■ 112 per cent ~f 
shareholders* funds. ■ Unilever, 
which holds SL5 per cent of Ellis's 
equity, is reserving final judgment 
on tbe deal until it sees the letter 
to shareholders but speculation 
about Its reaction could bold 
Ellis's shares at around their high 
for the year at 95p. For Travis 
the move looks a good one. It 
has been on the prowl for some 
time in an effort to improve Its 
vertical integration along with 
other timber groups who have 
found that -this has offset some 
of tbe more violent swings in the 
timber eyrie. .. 


RATCLIFFS 

(GREAT BRIDGE) LIMITED 


-^ATCLIFF^> 


INTERIM REPORT 
TO SHAREHOLDERS 1978 

The unaudited group earnings for die six months to 30th June 
■/ . * were as follows:— 

Half Year to Half Year to Full Year 
. • 30.6.78 30.677 1977 


£21.470300 £21*830,900 £40345300 


ASSOCIATED 

LEISURE 


Highlights of the year 

(52 weeks to 12th March 1978). 

Turnover Up 32% to record £21.9 million. 

Profit Up 57% to record £3.49 million. 

Dividends Up by 10% at 3.01855p net per share covered 
by earnings of 9.95p per share. 

Substantial Investment of £5.5 million in main stream 
business plus £2.5 million on acquisitions. 

Acquisitions 

The acquisition of three hotels and a holiday centre is 
an expression of the Board’s declared policy of creating 
a diversified Leisure Group based firmly on a strong and 
expanding Amusement Machine business. 

Current Year 

The Board ex pects the current year’s outcome to be good. 

f li Principal Activities: 

j Rental, distribution and manufacture of 
amusement machines and the operation of 
leisure centres, amusement parks and hotels. 

Copies of the 1978 Annual Report are available from 
The Secretary, Associated Leisure Limited, Phonographic Houses 
The Vale. London NW11 8SU. 


Reports to Meetings 

StanChart chief on Bankcorp benefits 

• HE FULL funding package In any case, he believed that ing an increase in trading 
through which standard Standard’s gearing at the end of results. 

Chartered Bank will fulfil its this year would uot be “ unusually Bambergers^-Mr. Cecil D. 
US$372m bid for Union Bankcorp high ” as a result of die takeover. Wood burn -Bamberger reported 
of California, is stlli undecided. It might be higher than some of sales for the first four months of 
At yesterday's annual meeting the clearing banks but equally the year from tbe groups two 
Lord Barber, chairman, told share- ft could be lower than others. divisions were ahead of a year 
holders that the acquisition would Mr. Graham admitted that a a B° 81,11 profitability was still 
be funded partly from the pro- | arge element of goodwill was increasing. , . 

ceeds of the USMOOm floating rate included in the price-amounting .J™*™ h™.® 1 


Earnings Gross 
Estimated Taxation 


8)7,200 

406,100 

£411,100 


683,500 

335^00 

£347,900 


Both Great Bridge -and its Canadian Subsidiary have 
.good first half and prospects for the remainder of t 1 
are satisfactory. 

Following the reduction in the standard rate of ax fre 
to 33% your Directors have declared a Third Interim C 
of 0A189p per Ordinary share on account of the 193 
This, together with an interim dividend of 0J50p ( 
per Ordinary share for the current year, will be paid 
November to all shareholders on the register at 8th Sepce 
1978. ’ 

F. R. RATCLIF1 

Chai 

10th August 1978 



light of the progress of the England would continue and this 

acquisition." an abnormal premium had been shouW benefit the company In 

Lord Barber refused to answer de _, ^ . receive , fhe 1 

shareholders' question* , about iw-if r c ° • 

whether the deal might Evolve a c U n ^V 7 

rights issue. He did. however. 

explain in some detail the nature f another nine f 

of the US. bank and the bene- mon ^ or so. / 

fits which were expected from !L During the meeting. Standard 
At the end of last vear Union ^ p a £f r «2’ s M 

had total assets of URS4.7bn. total ^ awas dts- B T T? .iKl ? rn 1 . I 

denosits of URS3J)bn and share- * 9 %, J f MlPT Hlgllrj 

holders' funds of USJlMfira. deriared that the bank had a I * i l O l lll D u u 

After-tax income for the year f eri I < J^ s . rnor ~ problem relating ■ 

was SI 8.2m but in the- first six J? £eayy Involvement In the | 

months of this year net profits south African economy. ■ 

rose to S12.4m compared wdth He asked the Board to consider I 

S8.om for the corresponding adopting a policy towards its I 

oenod, although this year there South African loans similar to I 

““I which had been adopted by I 

! a t0 “ subfT acted from Mme 0 rher UK banks. He also I 

that figure. asked whether the Board would 1 

Lorf Barber sajd that theorising geek to get Its South- African I r- . 

profit trend which these figures pension fund to se4I its holdings 8 Zi2*Z E 

indicated, nlus the financial of Government defence bonds. I 

resources which Standard could The following are extracts I 

out behind Union would make f rom other chairmen's statements 1 • 1 

unmn even more competitive made at annual meetings held 8 

than it was at present gpd create yesterday: I r 

an investment in which share- Cattle’s' (Holdings)— Mr. R. I L 

h °Mr ple;,se< ?' j__ waudby said as regards short 1 

S' term prospect* he was extremely 

J ™1 ard - happy with the vclume of turn- 

ronMe ”S over, which wax being main- T1 

hSS Union would tained at almost 30 per cent L 

“rtnnn° hlnb^^Vhi was above last yeai’s TeveL He anti- 

it C i«rf 1 nn JfiU cipated that the 20 per cent 

J?- b ems growth budget for the full year t t_ . 

i^ d ho , tildes ^uld be achieved without diffi- Up, 

which had extricated it from pre- * 

vious dHficultle* In the longer term there were 

nJL d an Plans to extend -the number of 

r ^!L^ cu, J 1es Shopaehick branch offices by 10 
T. at under- p er cent Lq the next 5 years and 8 

I** hwnajnnent wa« m addition he was hopeful that 8 Heroi 

above average and ft had much a major acquisition., or acquisi- 8 , 

lower overheads than similar tlons would . take tlie company 8 19 Mi 

banks in California. ' closer hi terms of market share 8 ■ 

AR-far as the pnee was con- to Its main .competitor. B * A copy of the report and ±rr 

cemed Mr. Graham believed that Armitage Shanks Group— Mr. BA * copyoftme report and acx 

tt compared very favourably with Kennedy Campbell, told holders 
•umHar transactions. The purchase the improvement that was evident 
wnuld nor dilute Standard '« earn- during the second half of last \ 

Ings as the profits of Union were year bad been well maintained V 
“ weli able to service the debt ” during the first quarter of this 
incurred through the acquisition, year. AU divisions were show- 


jjTn 


GROUP 

Highlights fotthetear ended 31.3.78 

Turnover— 

Up 26% to £134 million. 

Prertax profit— 

Up 52% to £3*06 million 

Exia^aonlinary items — 

£2*2 million additional pre-tax surplus 
Earnings . per share — 

Up £romlO-26p to 17*65p 
Dividends per share (gross) - 
Up £rom 4-891p to 5-485p 

Net assets per share — 

Up from 89'30p to 131*03p 
Shareholders' funds — 

Up £ 6 * 7 mfifion to £18 * 7 million 
.liquidity— ■ ■ 

Increased by £6T million 

Heron Motor Group Ltd Heron House, 

19 Marylebone Road London NWl 5jL 

‘a conroF-mE retort and accounts e a\oulabi£ from the oombwy secretary at toe above address 









V 







S£i£> 



c— t«i -- _ -(ll .' JEjnra^axjj 


Jinaacial .Tiines ; ^ 1973 ■ 

C§ ' : V v ' V: V • :GH^ANNUAL report 


23 



• • : ■'. ' 

. ,„ G ®p h ** produced a -Iwjsldy ; 
illustrated simplified version' of 

■ its accounts aimed principally at 
its JaG, 000-strong; Uk woxfcfntee. ■ 
-though lUe' docntnent— ^ GEC In' 
•.197S’ 1 — is available to ifae MO.OOO 

shareholders as weEL v-' '. 
. “GEC in 1978*. is generally 
. witty and strongly popuMS? '-in 
tone, begt pining with a Bill .Tidy . 
cartoon on the -title page showing : 

■ Sir Arnold Wera$tcck.VGHC* . 
managing direcrar.'-r-genwBy 
-suggesting tfcrt the ^shareholders, 
and ' the -workers ^should receive ; 
the same annual ! report to; .a.- 

■ devastated. GEC Board; :siid 'tod- ; 
' tug with a; nirits 

■ -of snakes and ladders’ - called, 

“The upg anti doynsf-at 'doing 
.business.” “ ■ - ‘ 


and ladder 

• .r- ;■ - T J-?T JOHN LLOYD 


game 


base 


Sir Arzuild'i foxerwH^t 

••■Ole- need 10.. innovate, and. to 
provide -;4jwimvc-- sa^aetkw. 

■ • * Customers do not howto come 

• to us:, they .only vdff if wo give 

• them better value than our com- 
petitors offer. Whenever we fafl 
to do so in any product line,, we 
are in trouble. Sometimes, the 
right thing to do is to reinvest 
-and attack again— as we are doing 
in some consumer products right 

i- oow. _ 

“ But in the cut and thrust of 
competitive life, it is .inevitable ' 
that not every GEC! activity will 
?lways turn, out to be jl' winner.. 
We haven’t bad many, losers, 
thanks to hard .work Jmd .good 
products, though wfr haven’t- got ' 
tt right every time. And we keep 
: on trying harden? 

-Sir - Arnold- ' concludes with a 
ringing re-assertion of the Pro- 

- res rant ethic as applied to GEC— 
.■^Nobody owes us ar -living. -No 

:.one can hauestly promise jobs 
: and prosperity for alt-dt-dpesn’t 
.. 'ie within, the power-of. any- per- 
.son or any government to tie- 
liver. IF-s.up toall a£ us. A-4pugh 
prospect? Maybe. But a dear and 
-itraightforward . one.' And -If. any 
.-- industrial company, jn "Britain 
'ian handle lL We^can”. y- - .w- 

- The company ’.s chairman. Lord. 

: \elson of -. Staff oi& 'Is- more 

ooleraical than eahpildteiy.-^'He 



"How about letting -the shareholders have the same annual 
^epoit ks.-^e workers??? 


and GEC and now part of British 
Aerospace— jumped from £40m to 
£52m. 

They say until the April 
29, 1977, vesting date the business 
of -BAG continued to follow the 
growth trend "previously recorded 
and that its accounts have become 
available “ and show excellent 
results from the business taken 
from its previous owners." 

As well as the profit, net assets 
at December Si, 1977, stood at 
£80m.- In contrast,- the directors 
say, the - Interim payment on 
account-received from the Govern- 
ment' in February was fB.lm. split 
equally between GEC and Vickers. 

GEC carries its aerospace 
interests In the books at £9.-7m, 
which represents ' the re 


compensation so far received. 


are ' satisfied that the 


■ chides - government: for its., pay 
policies'- ahd 'excessive taxation, 
-preventing GEC frovn^ defeg ail 
-we can to: help people-" to learn 
more demanding skiffs -ti* grasp 
opportunities or to put 1 ha that 
vital extra .effort ._ 
l, “All - political ’■ parties>^ay Up 
service to -the 1 need'^to*' correct 

these disineentives^T^tvirtually 

nothing; positive Es dotted 
He is still moire scatt^ S-ab ont 
-the Government's ^zu^m^gement 
for workers .to aery* rod Wnpany 
boards ' “ Wp hpruorO'-ib 



problem j face-4or4ace,.Q*r- 

. rent ideas about' jkafph- tfireetors, 
mgnkeying, about with bpprdi. ..of 
-.Companies .add all :.the.J»rt of it. 
:may " wen ' have..' tSevi^posite 
, effect ”V .. 

- ■; _Jlb e -snakes andladdere game 
may well be. drawn frtra'%*feht- 
m^Hsh day -in 


Arnold Weinstock: the " snakes 
which sprawl across the 60-square 
game bite on such occasions 'as 
when the customer . falls ;.to. get 
through by phone, or. when the 
sates .maqager is at Ascot and 
there are, no sales, or when the 
accountants ..run out of:' money, 

. and the cheque bounces. ;; . . 

• Two snakes bite, -first, when 
the MD ignores HQ advicefiMid 
the profits' faff and" second-; -when 
the Mp takes HQ. advice, and the 
profits fall. When, the ■“ Ma ngles 
the ■ convenor’s girlfriend.”,- - a 
turn is jnissed.- Cwhat- real ..life 
drama -.lies - behind . this?) .- On .the 

S lus side for Sir "Arnold, when 
e attends Ascot, -huge .- new 
orders . -result -and. -be- gets an 
extra turn.'. - .. 

In their -annual report to share- 
holders the directors disclose that 
taxable profit in 1977 of British 
Aircraft Corporation (Holdings)-^- 
formerly join tjy owneti by Vickers 


The 


the eventual compensation. 


at the values stated. 


ojt £2ff4bn (£2.05bn). A 


(£27 Jm) .and .a cost of sal 
adjustment of £2fiffm (£43.4m). , 
net monetary -assets exceed 
liabilities in both years no gez 
mg. adjustment has been made. 


£3l7-5m. (£279ffm), while 

current assets were ST, 
(£653- 9m). Of the current s 
of ! £1.7Bbn C£L52bn), 

Balances and 'deposits accoi 
for £648ffm (£4S2_2m). 


Lonrho to 
on 



iresmiipecutiveseat 

sugtf^ntiire v 


BY JAMES BUXTON y • 

iONRJBO is to " resume 4fjt ".abi^ 
hi the executive committee of the 
venana • Sugar "Company, . the 
Sudanese concern which, it rAn 
mtll it lost- the management 
xntract in- May last year, and it 
~s' not after jdL ta sefi-,lt^ S&Sai 
3.4 per . cent> -stake '•jn- .the 
rompany. - . - 

’ In what Lonrhtr. the Sudanese 
Government anti Kenan a deacribe 
ts “an amicable , settlement -of 
ill their differences," Mr. [Tiny 
-towlandi -the chief executive of 
,he London-based conglamerate, 
to resume ii» active pMrticfp*-. 
.ion on the Bohrd of .KenaM; 
ind Mr. Bene Leclezio. the Lonztio 
iirector responsive i* 

:o return to the exeoztive 
mittec of Kenana, Mr, -Led 
ms marfegJffia 

rompany when Lonhro held 
the management contract, .. 

Late last year Lontbo, made 
;lear that It wanted tq adTit^ 
shares in Kenana., ‘ Yesterday^ 
innouncement suggests , that it 
dill envisages a role in fte^fijture. 
liana cement of the company, and ^ 
hat it has "repaired its relations - 
vith the Sudanese GovenunenL'’.. 

Lonrho originally conceived the 
venana scheme to butid -one of- 
lie world's largest sugar factories, 
it a site on the White Nile JSO 
nilcs south' or . Khartoum,', tp 
ivopp ration with- Mr. . KhaHl 
ism an. of Guff. Flsheries.'^c6 
f ’■•3 iso has a small stake- in .the 
■roject. v -.. . • 

The project; was- estinwf ed yin. 
H'lobcr 1973 to cost SIBSBfc Ntty- 


Is 

i !\!i; 

I I *11- 


>> 


OKi 


*• ■’ '• -S' ' 

;lt Is .expected to cc^"Y^m .be- Fisheries ( 1.4}, with 3.75 percent 
fore ft * Is fully ia operabon m unsubscribed. •. - - '".••• 

the early 1980s. Tbesfafrtfry -is The .earlier proposal was ‘that 
expected to start apefttopg in Lonrho should. spO its stake in 

■wifi Kenana to the State-owned 'Bank 
of Khartoum. 


tbe J spring of next ye .... 
not handle its first . &D -crop 
until the l97B^T'(^bihfir’ aea- 
spn.- . . /. . . 

’. .'Lonrho . was . blajheft-'Pw^ the 
rapidly rising cost of’ tqW pro- 
jecVwWcb the Britisfi/tiaapany 
said v^s the. result bf^oria Sn- 
Batlon and tbe difBcuItws of cop- 
wit h th e ^ weak^i^Khuiese 
tstrdcture. 

•- - r irtf , ]nT : rV Htf^T MrfMTir^ sole 
iftasDn- it~'fest' tbfc x&55tgament i 
contract' was that It i«fa a ;re- 

^tuiremert^.df the '.'gov%n»mt- an ALMOST doubled taxable 
owned Kuwait . Foreign waging profit of- £350ff20 compared with 
Confra cnng an d InvestmeaPOtot- £176,083 -is reported by . Scottish 

that its projects . be ravaged ; 0 i&V df £3fim “against . £2ff3in 
.either by a Kuwaiti . or by a ■ pt ^nmiOy . ../ 
national -or . the couofry they year’s result was reduced 

were' sited in; Lonrhcf said that by £6LOdo losses attributable to 
if - was hot jjpreparediffo compro- ; syb^dthries sold during the year, 
mise on ttus issu^jf _ ■ . . Al .halftime! .when profit . was 

' Since May lay Kenana has^ a{ j f fom £^,646 fo - £112^31, 
^Sr- -Supncse man age- ± dff^ors f a recas« a jirofit in 

ment at® 'all Jgt a few of the' ^vati^ b£ J97D-77. 
staff seconded Jfrom Lonrho have; 'The' year's profit & before tax 
lefc : _ - Jr- _ .- 6t.SB9.lS4 (JE54^96> and earnings 

.. Suda pese . Government is ■ ^ . ghare .'are shown at 4.03p. 

the largesr single shareholder .skain.rt i.74p. The final djvidend 


CANADA ItEJECTS 
ftCM INVESTMENT 

The ‘Canadian Government has 
rejected a proposed investment In 
Canada by toymakers Dunbce- 
Combex-Maix. The Government’s 
review iagency' said the in vestment 
did not .meet the. lest of Signi- 
ficant benefif to Canada." 

The proposals were submitted 
by DCM's UB. subsidiary. Louis 
Marx and Co.- of- Stamford, 
Connecticut.' "■ 



; Summary of Results 

' Year to 1st April 1 978 

• :’!• : 
i ' '• 

1978 

1977 

' :V ... 

£000 

£000 

t/jGfcxip turnover 

58,538 

49,130 

-Group operating profit 

3,059 

'1,786 

Group prof itj.bef ore tax 

2,478 

.737 

.Group earnings 

1,341 

188 

Total ordinary dividend 

'856 

856 

Fixed asset additions 

5,403 

2,686 

-Return on Capita i employed 

. - , .':U "l.-> 

7.3% 

4.8% 

4 • *■ « M 

rrv; " . . >- > 




The year's trading results 
are significantly better 
than last year's, but last 
year's profits were 
adversely affected by a 
ten-week stoppage due to 
industrial action. 

Copies of the Report and 
Accounts may be obtained 
from: 

The Secretary, Edgar Allen, 
Balfour Limited, 

P,0. Box 93, 

Sheffield Road, 

Sheffield S9 IRA. 


u.-. 



Homes Inv. 
doubled 


'JE&JP P takes' the torai from l.lp 


with '411 

fumyV | fere capital of S160nt ^ fST 
Thg. S^frowned Sudan Develop- v. . 
iflent jSaaptfny has 10 per cent^- . 

iR aSJ» 6 me contracts 

IoyfiStmen! Company <17). Lonrho ?^ ^ 

T ?A.;lNissh o-l wai (1.4). Gulf 






^^Registiars Department 




National We^inaterS^fdirnf^ 
been appointed R^slrarof ■■ ; 

FEBRAHTiUlta ^ 

Afl documents for r^istratiefft and ; 
correspOTdenc»should inftrture be sent to: 

National WestrtilnBter Bank Limited , 

' Registry’s ESepartment 
POBoxNbS2 

... . NationatWa?W^te.rC^ 

. BfistoiaS997NH. - 


:Registeranqiiides29Q711 
“ Other natters 297144 


Stafford 


. v V* 

4 ;• T~r. 

A--- 



PROFITS TOP £1i million 
FOR THE FIRST TIME 


* TURNOVER: j&tMm UP 19% 

* PROFIT ON TRAtHNG . £ZMra, UP 39% 

* PROFIT BEFORE . 

TAXATION. : £LS04bi fitf* 23% 

* EARNINGS PER SHARE <M7p UP 38% 


■; The Chairman^Mr. Roy Wautiby reports: ' 

. * Two ye^ period'showsa growth of 131% over 
*1975^0 trading profttpf £091^000^. V; 

* Tli rnoverfor iheTUBt-3 itionths of the Current 
.year is. over 38% up on last year and is ahead of 
-budget ^ • .■■•••; - 

-x* We are ex^m^yoSrhistic for ttie future an d 
feefihat last -year’s taffstandind. results marks 
the start of an era.o#;i^i|dj)cbcress. . 

V i'ih'--' ’’ — . _ . ‘7* 


general 
at 


pPAIRCLOUGH BUILDING, will 
ptart work nest month on 
KlOfim contract for the new 
{Stafford District General Hospital. 
-fTh&*wo' -storey hospital will have 
j300 Tieds, five operating theatres 
tefei-an -accident and emergency 
^department. ■ Afl departments will, 
fb&i: .Interlinked .. by a. .“ hospital 
f : containing staircases. 
&££&.'. and administrative offices. 
'fmf hospital ~witl be built on the 
of the former Coton * Hill 
= alp j c boajitaj in Weston- 
StafTord. work is expected 
.*B» take-, four years. - 
\ • ’■ *.• 

I^EPHERD CONSTRUCTION has 

TPu-fionr contracts worth x'jwtal 
-. £8fk),000, . ranging from iumall 
Op ■’ alterations to two' major 
industrial devetopmeiffs. They 
kuSude : work on 46 dwellings 
a*U Cleveland Street /Crossbeck 
ace< Normanby, tor the 
^ JWargb Borough GouncH, a 
worth £500,000. % - 


LL CONSTRUCTION hair a 
0 contract to '■ modernise, 
ir and alter the headquarters 
9 f.ine National Union of Students 
*8ndersley Street, London. W.L 
"otk has started, and should be 
rtnppleled hi 12 months. 


pANK RETURN 


Wodnula.)- 
Aue. 9 
1978 

: Inc. (+)or 

JVc.r-1 
| fnrn-eric 

f . Banking department 

LUtffiuTTKS 

untftml 

£ 

ls,&63ff00 

2I,CK7,I4E 

£ 

- 3,*57,6W 



J»LDB7ffE6 

657,3*2,100 

- 12ffW^62 
+ 46416.757 


UM8mi54 

+ 30^49.171 

; ‘f "ASSfftS 
tiovt, IjMnritm. 
&d«*ne«d mother 

JfMtar 

1 

96G ,251,088'+ 3.066 JX» 
2SB.Hnff72|+ 4,927,141 
1 ae^W.672;- 37,987 

Cqhiu......-,. 

. 197,76b 

- 9^74 

i-. '■ ' 

l,*49i890,13*j+ 38^48471 

188CB DEPARTMTEXT 


i - 




Srt» fiW e m'-~ WOBWfflO 

, Ia CiiwJ*iton,S,5J6,U»^BJ!_ ■J2,«OL801 
2*ff8ft7S7‘+ IB/IUSJm 

-_ ,| i ‘ t .. 

nfflfi.lflo;. • 

b«r OcAt; ITS+ rKJ&!sff98 

6 a«ffMw.tuw,7Bhm^ a» . sg s. ^ 




a world 


AUTOMOTIVE COMPONENTS 
80, OI^WIH IN CAPITAL EMPUCPlfED 


£68m 


05 

z 

O 


. £43m 


■. r.. 


1975 



u Vv.;tf 


■ v ,\js,y 4 a. ■ : < s ' \ >v 


■x -. ; . , .. 







I .... iic. 


1976 


1977 


HqMishts of W77 (Aufomoihre Components) 

^ Purchase of a brake pits business in the USA 
^-Nutum 

^ Curty^, Frances leading automotive gasket 
producer, became a T&N associate 
^ E^ oAer acxjuisitic^ m the components field 



Our disc brake pads, brake and clutch linings, 
gaskets and filters, fan belts and heat shield materials, 
are manufactured b^.28 factories and .14 associates 
in 18 countries. . , . 

We are the wdrld’s largest exporter of friction 
materials and gaskets. ■ 

And last year we expanded our world 
involvement even more. 

We are growing rapidly in automotive 
components, plastics, specialty chemicals, man- 
made mineral fibres and construction materials. We 
are growing in the USA market as well as ■ 
continental Europe: Irr 1977 we invested, 
expanded and diversified at a more rapid rate than 
ever before. We are very much more than the 
asbestos giant . 

Why not take a fresh look at Turner & Newall? 

Write for ournew corporate brochure today. 


To: Public Relations Dept Turner & Newall Ltd 
20 St. Marys Parsonage/ Manchester M3 2NL 

Please send me a copy of your corporate brochure and/or 
Report and Accounts. . 


Name- 


Address. 


ajaMBojpo— Kuxuffooi 


— - — — ,JET-J 




r 


Financial Times Friday, August 11.1978 





INTERNATIONAL FINANCIAL AND COMPANY NEWS 


NORTH AMERICAN NEWS 


Jury awards SCM FTC probes Grand Union 
$l2m in Xerox case bid for Colonial Stores 


BY JOHN WYLES 


NEW YORK, August 10. 


SCM CORPORATION was 
awarded damages of nearly $12ra 
by a Connecticut jury in 
its record breaking anti-trust 
battle against Xerox Corporation. 

If the award is eventually up- 
held, these damages could be 
tripled under anti-trust laws, but 
the thicker of legal argument 
which has already made this the 
longest ever jury trial in a 
Federal court will probably en- 
sure that a final conclusion is 
still some way off. 

The award, though, is substan- 
tially less than the S26.3m sought 
by SCM on the issues sealed to- 
day. Xerox nevertheless plans to 
launch a challenge, although 
after the jury had pronounced 
its verdict the company said it 
was “pleased that the jury re- 
jected the overwhelming portion 
of SCM's damage claim.” 

Last week the jury had 
sustained SCM's charge that it 
had been illegally excluded by 
Xerox from the market for plain 
paper copying machines. Today, 
it awarded SI 1.5m damages for 
SCM's exclusion from this mar- 
ket between 1969 and 1976, 
against the $18.3m which bad 
been claimed. 

In addition, SCM was granted 


$330,874 for losses caused by one 
of Xerox's marketing policies. 
Some SSm had been sought on 
this particular claim. 

But the jury has still to rule 
an SCM’s claim for 848.3ni to 
cover profits lost in 1976 through 
exclusion from the plain paper 
copying market. The jury 
decided that the company would 
have earned $23.6m jr it had been 
in this market in 1876, but it 
wanted more evidence to be 
presented before making a final 

assessment. 

The jury has also to decide on 
SCM's claim for damages to its 
going concern value, although the 
judge has already ruled that SCM 
cannot suceed on this claim. How- 
ever. he wants an assesment in 
case an appellate court should 
disagree with him. 

Xerox's defence in the case, 
which began on June 20 last 
year, has been that Its pre- 
eminence in the plain-paper 
copying market was due to 
superior technology and market- 
ing expertise. Any disadvantage 
suffered by SCM, it was argued, 
was attributable more to a 
shortage of business ability in 
that company than to any tactics 
employed by Xerox. 


BY DAVID LASCELLES 

THE BID by Grand Union, 
Cavenham's U.S. susbidiary. for 
Colonial Stores, the Atlanta-based 
supermarket chain, is being for- 
mally investigated by the 
Federal Trade Commission to see 
whether it violates the anti-trust 
laws. Colonial Stores announced 
today. 

According to the company. Mr. 
Ernest Boyce, the chief executive 
officer, has been asked to appear 
before an “investigational hear- 
ing" in Washington tomorrow to 


NEW YORK, August 10. 


ITT sees 
further 
record 
result 


MAN describes 
year’s profit as 
satisfactory 




'.ni’fO 


produce documents relating to 
the proposed acquisition. How- 
ever, the Colonial Board, which 
has just accepted Cavenham's 
offer after resisting it for several 
weeks, said today it Is still 
deliberating whether to turn over 
requested documents to the FTC. 
The FTC has not subpoenaed 
them, a spokesman noted. 

While it was still fighting 
Grand Union's bid last month. 
Colonial Stores said it had been 
advised by its counsel that the 
merger, which Is being arranged 
with Cavenham's U.S. subsidiary. 


Grand Union Stores, would raise 
serious questions under the aati- 
■ trust laws, and it said the 'FTC 
was keeping an eye on the situa- 
tion. 

Since then, however. Grand 
Union raised its offer from $30 
to 835 a share, and on August L 
Colonial voted to recommend 
acceptance. At the time. 
Colonial also agreed to drop all 
litigation against Grand Union, 
and said its management would 
move to facilitate the merger. 
The tender offer began earlier 
this week. 


ICC halts rail 
share purchases 


Chase REIT settlement 


BY DAVID LASCELLES 


NEW YORK, August 10. 


NEW YORK, August 10. 
THE ORDER by the Interstate 
Commerce Commission requiring 
Southern Pacific to halt its pur- 
chases of Seaboard Coast Line 
Industries' stock is the latest 
move in an on-again off -again 
effort begun in January. 

Merger talks between the two 
companies were called off by 
Seaboard on May 18, but 
Southern Pacific resumed pur* 
chases of Seaboard stock in June. 


CHASE Manhattan Mortgage and 
Realty Trust, the Real Estate 
Investment Trust (REIT), which 
defaulted on some S3Sra worth 
of notes and interest in May. 
announced that its creditor 
banks had unanimously approved 
in principle a programme to 
restructure its debts under the 
shelter of the bankruptcy laws. 

This calls for repayment oF 


the S36.79m principal amount 
due in May. However, creditors 


will not be getting the SL4m 
In Interest. Cash for this will 
be generated by the sale of 
Trust assets plus a S20m bank 
loan. Bank creditors, who are 
owed $170m including the new 
S20m loan, will be paid by the 
transfer of Trust assets when 
the restructuring plan is con- 
firmed. 


NEW YORK. August 9. • 
RECORD RESULTS for 1978 
are forecast by International 
Telephone and Telegraph, 
which reported a rise., pf 
IL5 per cent In second^qiuutter 
net profits to SL84.6nu 

Earnings per share moved 
up to $1-35 from SL22, with 

sales increasing from $3_2bn 

io S3.7bn- For the first six 

months, ITT achieved net 
profits of $341£m against 
S308.Sm — $2-50 a share against' 
$2.30— on revenues of 87A3bn 
compared with S62Qbn. ' 

I XT's president and chief- 
executive, Mr. Lyman C. 
Hamilton, commented that : 
** there is every reason to -be- 
lieve that sales, net income 
and earnings per share for the 
full year 1978 will again reach 
record highs.” A significant 
portion of the improvement 
would come from exchange 
rale gains. 

These have made a solid 
contribution so far this year, 
accounting for 23 cents of per 
share earnings in the second 
quarter against an 11 cent loss 
last year, and one of 39 cents 
in the first half compared with 
a four cent rise. 

Agencies 


BY JONATHAN CARR 


BONN, August 10. 


ONE of West Germany’s leading 
commercial vehicle .. and 

engineering companies. MAN 
(Masciuneiuabrik Augusburs* 
Nuernberg) reports a “satisfac- 
tory result” for the year ended 
June 30 allowing payment of an 

appropriate dividend. 

A letter to shareholders from 
the company, which Is largely 
owned by Gutehoffnungshuette. 
Europe’s largest . engineering 
group, gives no profit figures, in 
1976-77 net profit rose by nearly 
10 per cent to DM 60.1m ($30in) 
and a 12 per cent dividend was 
-paid. 

The company does reveal, how- 
ever that parent company sales 
were up by S per cent to 
DM 4.4bn while gToup sales (in- 
cluding domestic subsidiaries in 
which MAN has at least a 50 per 
cent slake) rose by 6 per cent 
to DM 6.7b n. 

Group order intake was down 
from DM 7.7bn to DM B.Sbn, and 
that of the parent company from 
DM 4.7bn to DM 3.7bn. This 
picture is partly distorted 
because of a special order worth 
DM 900m from the Federal 


armed forces Included In the 
1976-77 figures. . 

However, the company notesit 
has met intensified problems in- 
cluding the sudden plunge of the 
dollar and higher German labour 
costs. . ' - 

The breakdown by sector 
shows marked differences of pep.- 
form an ce clearly reflecting some 
of the current problem areas 
within the west - German 
economy. 

Sales of ships* diesel motors 
dropped markedly, as a conse- 
quence of the depressed ctmdt. 
rion of domestic yards. Orders 
were also hard (o come by for 
engineering products involved in. 
energy production. 

Not only were few power 
stations being ordered but 
demand in this sector from 
abroad was often associated with 
financing difficulties and demand 
for barter deals. 

Against that sales of both 
lorries and buses were up by 
about S per cent, the former to 
about 18,500 units the latter -to 
2^500. Sales of punting 
machinery rose sharply 


THE CAR INDUSTRY CLOSES THE BOOKS ON 1978 


Stronger sales but tighter margins 


Credit Suisse hints at 
Winefood sale date 


BY JOHN WICKS ZURICH, August 10. 

CREDIT SUISSE does not expect Italian eor/panies as a result of 
coil tho irilian Winefood the takeover last year of assets 
se “ tS: of the Liechtenstein Texon- 

Group before 1981 or 19SL. The Finan2ans t a |t group, is "con- 

bank’s policy is to divest itselE a^tly negotiating with various 
of all non-bank participations in interests on possible sales in ail 


BY JOHN WYLES IN NEW YORK. 


assets of Texon were 
d to Credit Suisse in April 
fnllnwtng the . improper 


nuat uuum uu cuiu a»u oiujroioi, iuuivaie mill car Min ujr uuui uiujDLci miM — ■> r- — : .. . ., Mnt i nt - - managing uucLiur ou. n. ran 

1978. Their new 1 year begins with every one of these unit sales is AMC are so far running behind latioa, which decrees that total Chryslers new Omni and otner categoiy rarepi inter- j e j cer j n an interview with the channelling of some SwFr U2bn 

the launching of new models in badly needed to generate last year’s totals. fleet sales should return an Horizon, and from foreign Im- m^te s^ ana mere is uiiie Zurich wee fci y Schweizerische of clients’ funds from the bank’s 

September and October, and revenue at a time of rising costs Profit margins are clearly fal- average fuel consumption of 18 ports. Ford has had to price aouoi inai ms irouoieu ram- Hande]s z e itung. Mr. Jeker said Chiasso branch to Texon. 

Ttatrnit ic Nirrantlu .InnmA „,i»h 1 I ; . ^ i: J .L I- .....i.:.. milaa fn mllnn thlc VB!I P thtNBft OOP! TIP PYtTPmpl V pany WOtllCl have OCQR III (lire , , a.. l..„ _r TIu-nHenl. nf MMm.niac Vv «t,A 




probably 


an Ford's by 


r __ _ per cent. Dollar industry and a stronger impetus the smaller sub-compact and a loss. _ . 

extremely good year for unit sales performed even better — towards substantially higher compact vehicles. As a result. This much was conceded by I control of Winefood and ‘other millions of Swiss francs, 

sales, although not as corres- GM managed a 14 per cent in- prices. Both GM and Ford have total volume sales of sub- Mr. John Deaver, manager of 2" ■ • 


whole have been deriving some 
welcome relief from the fall of 


Credit Suisse, which acquired totalled only "several tens of 


Brown Boveri in U.S.deal 


BY OUR OWN CORRESPONDENT 


ZURICH, August 10. 


sales, although not as corres- GM managed a 14 per cent in- prices. Both GM and Ford have total volume sales of sub- Mr. John Deaver, manager of JPT p aehorice rise ftireed ; • 

pondingly profitable, and earn- crease, and Ford 22 per cent, nailed themselves 'to the cross of compact vehicles were 29 per Ford's economics department, be- “r th* J^ane 

ings at both General Motors and Profits, however, were much more the Carter Administration's anti- cent higher in the first six fore a Senate committee in June. . th aoDreclation of their « • ~r T 1 1 

Ford look likely to be down on difficult to come by. Ford was Inflation policy, and after taking months of this year and compact Questioned by Senator Frank has been followed this frctVh’KX/l’l Bit I ^ flAQl 

last year. Chrysler, which restricted to a mere 1.8 per cent previous price increases into sal.es were up 4 per cent. Church, Mr. Deaver stressed that ^ by an icCTease in GM and IJiUyVII OUVClI III U.kJ.UCdl 

announced last night that it is increase in net income and account, they cannot push up than at the start of the model the fuel economy standards re- £ ord JL a \\ cars which are now . 

pulling out of Europe, will actually suffered a drop in profits their 1979 model prices by much It has long been a fact of life quired the company to sell a cosfin „ up t0 ii per- cent more BY OUR OWN CORRESPONDENT ZURICH, August 10. 
almost certainly be in the red. from its North American more than 4.5 per cent without in the motor Industry that small substantial volume of small year j^ t autumn. Japanese care. . a „„ nor j ..j -.-hi--™ , nd an 

Domestically produced passen- operations, while GM managed a risking public condemnation, cars are less profitable than their vehicles with a high fuel econ- however are now costing an SWISS- engineer BBC Brown ing ^ tfi 
ger cars look set to reach 9.2m 1 per cent increase in net in- While suffering something of a bigger brethren, and the actual omy. "so we really have no arereS W ^OO or 15 per cent 

units, second only to the 9.67m come. Meanwhile, among the pricing straitjacket, and anxious need to sell more has been a choice but to sell as many of more than at their autumn Gou . ld lT £" ,? E *£5 sal 

sold in 2973, but when truck ranks of the walking wounded, not to depress volume sales next heavy burden. . . . these small vehicles as are re- launch, and it is somewhat sur- ve . Dl H r 1 ? SSni wnrth Sr Rrown*Rnwri 

deliveries are added, unit sales Chrysler’s quarterly profits year, which will almost certainly In fact, this goes some way quired to meet the fuel economy prising to many observers that SlS 0 h.iJ!Sm dl * tn * ),ltl0n e<lUlp * SuJlw nmSuto* wkhirfa licunre 

could reach a record 1^9m com- slumped by 66 per cent and see a "sorter" market, the com- towards explaining the drop in average." their sales have not been more -“SL* 1 Gould- SeJmen? iStenS 

pared with 12.58m In 1973. American Motors advanced panics are increasingly struggling Ford’s North American profits. Mr. Deaver confirmed that seriously , hurt. By the effa of Bro^n Bovcrt^ ^U be aimed kSwS»v?^ ^n excbiige^ fw 

(Ford was not producing Pintos July, Toyota s sales had fallen nnm,,i| v ,> fha rn’inufaerure of licensing fees 

i ' ‘ ‘ ‘ 1 " 1 — .• "1 because it could make a profit on by nearly 30, (MW units and hic»h and medium.vnlta»e switch- Gould's electrical systems 


.j i 


These Notes hive all been sold and this announcemenUppe^rs as a nuttei of record only. 


1VhAvguu.l!ffB 


“hv „ P Tn r Th « high and medium-voltage switch- Gould's ele 
utem. and that 'if ths law did not Datsun by nearly 20,000. These nani^ularlv in the field of etoup division 
require an average mileage in- have been somewhat offset by tSiSloS of Imperial Cof 

crease year by year, there would markedly higher sales by Honda ^xa-fluoride technology., . or^impenai Lor 




gh and medium-voltage switch- Gould's electrical systems 
iar, particularly in the field of group division, formerly a part 
ixa-fluoride technology. of Imperial Corporation, employs 

Gould will contribute its elec- 4.S00 persons in several plants 


- - . JO : * 1 .** '<• » A » n i UUUIU will CVUill 1 UU ic IU> CICV U 1 K in * klu 

be no economic Incentive to pro- and trical systems division to the and had a 1977 turnover of about 

duce the model. share of the import market is ]Q j nt venture, with manufactur- S200m. 

Despite this pricing policy, barely changed at around 6S per J ^ 


Standard Chartered Bank Limited 


(Incorporated with limited liability in England) 


U.S. $100,000,000 

Floating Rate Capital Notes1990 


Ford’s share of the sub-compact cent. 

market has fallen by 123 per Imports, moreover, continue to 
cent because of declining Pinto retain a substantial grip on the 
and Bobcat sales. 1716 gainer UJ5. market, and amounted to ' 
has been Chrysler, whose Omni nearly 18 percent of all vehicles ' 
and Horizon models have also sold by the end of July. This j 
token market share from both is less than 0.5 per cent short 
GM and AMC, and accounted for of their entire 1977 market share. 


EUROBONDS 


UDS issue now expected 


BY MARY CAMPBELL 


TOTAL U.S. CAR SALES 


European Banking Company limited 

J. Henry Schroder Wagg & Co. limited 

Morgan Stanley International Limited 


Domestic 

Import 

Total 


1978* 

W93.344 ( 82^%^. 
L216.665 (17.9%) 
~M10T009 (100.0%) 


1977* 

5.468459 <8L3%> 
061,450 (184%) 
6,729,609 (100.0%) 


GERMAN bond market reports falls by edging up slightly for 
last night suggested -that as a the first time in two weeks, 
result of this week’s improve- • Euroclear is to accept the 
meat in market conditions, the next two scheduled yea foreign 
DM 65m five-year issue for the bond issues, for Denmark and 
British ' company, United New Zealand respectively, for 

Drapery Stores, postponed last custody and settlement in Euro- 


week, is now being revived. 


In accepting these two 


The issue could not be con- issues, Euroclear announced 
firmed' last night with the lead that it is testing the effective- 


COMPANY CAR SALES 


manager, BHF-Bank, but launch- ness of the procedures it has 


ing was expected imminently. worked Out for the handling of 


Bank of America International Limited Banque Nationale de Paris 

Deutsche Bank Aktiengesellschaft Samuel Montagu & Co. Limited 

Schraders & Chartered Limited 


General Motors 
Ford 
Chrysler 
AMC 


1978* 

3J58.066 

1,609,45 9 

718.283 

107,536 


— — j cheated' at a discount, probably outstanding. 


1977* 

3,082,554 

1,520,862 

750.137" 

114.606 


The reports suggested that the yen foreign bonds, and that It 
terms would include a 5} per cent planned subsequently to accept 
coupon with, the pricing in- new issues and issues already 


•'Hh' 4 j; 


r - 1 The German bond market con- 


Euroclear explained that its 
decision to launch its new 


Alahli Rank of Kuwait 0CS.C) Algomene Bank Nederland N.V. A. E. Ames & Co. AmexBank Amsterdam-Rotterdam Bank N.V. 

I'-D-lod Limned 

Arab African International Bank Arab Bank (Overseas) Ltd. Asiaire&Co. Danca Commercial*; Ita liana Banca del Gallardo Banco UrquijoHispano Americano 

Ciirc Irmiiod United 

Die Dank of Bermuda Bank Gutz wilier, Kura; B ungene r (Overseas) Eank of Helsinki Ltd. Bjnk Julius Baer International Bank Leu International Ltd. 

L "’ill'll jMrdffJ Limited 

BankMctn & Hope NV The Ba nkm'Tokyo (Holland 1 NV Bankers Trust International Banque Bruxelles Lambert S.A. Banque Con tinentaleduLuxembourgSA. 

llmlled 

Banque Francaiic du Commerce Exlericur Banque Franraisodc Depots erdeTilres Banque Generafedu Luxembourg 5 A. BanquedelTndochineetdeSuez 


Algomene Bank Nederland N.V. 


Amsterdam-Rotterdam Bank N.V. 


* Ail figures to the end of July. 
Source: Ward's Automotive News. 


tinued to improve yesterday, service at this time was based 
More surprisingly, demand for on discussion with the Japanese 


1; -4Uid c 


dollar straight bonds continued Ministry of Finance, the Bank of 
firm, dealers said, despite the fact Japan and representatives of the 

17h enilnlloT 1 intowct rufoQ _T a nnnbco _i 


that Eurodallar Interest rates Japanese banking 'and securities 
showed signs of reversing recent industries. 


Banque Internationale a Luxembourg SA. 
Banque de la Societe Financit-rc Europe enne 
8a>eri$cHeH\poihckcn- undWediH.-l-Sank 


panque de Neuflizo, Sctilumhergvr, Mallet Banque de Paris et des Pays-Bas 

Banque deVUnionEurop<5enne Banque Worms Barclays Bank Internationa 


Banque Rothschild 


Bayerlsdhe Landesbank Girozentralc 


Berliner Handels- urtd Frankfurter Bank 


Chartered Merchant BjnkersLtd. 


Compjsnie Monegasque de Banque 


Credit Commercial de France 


ank Blyth Eastm an Dillon & Co. Caissedes De] 

intern jjmnjl limiird 

Chase Manhattan Chemical Bonk International 

llmtlrd UmilnO 

*; Continental Illinois Ltd. County Bank 

Uipilul 

Credit du Nord Credit Industrie] et Commercial 


nne Banque Worms Barclays Bank International Baring Brothers & Ctx, 

li railed [tailed 

ozentralc • BayerischeVereinsbank Bayerische Vereirubank lnierrutionaT 

Sodoie Anonvme 

Caisse des Depots e( Consignations Cazertove & Ca Charterhouse japhet 

itemational Gticorp International Group Gariden Bank Commerslrank 

AL.Iimr-^llHhlft 

County Bank Oedit Agricole (CN.CAJ Creditanstalt-Bankverein 


STRAIGHTS ‘ 

Alcan Australia Sipe 1938 

AMEV 8 pc 1887 

Australia Sipc 1393 

Australian HAS Slue •92 
Barclars Bank »tpc 1333 ... 
Bowater Blpc 1892 . 

Can. N. Railway 81 pc 1886 
Credit National 8>pc 19S6... 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Bid 

Uoncywell 6pc US9 kti 

ICl saw 1982 Kit 

INA 0pc 1897 SSI 

luchcaoe 8)pc 1BB2 J10 


Tenneco 7»pc 1987 May ... 
volksvaseo 71pc 1987 


Denmark Sipc 1994 ggj 


Credit Lyonnais Daiwa Europe N.V. 


Den norskeCrcdilbank Deutsche Girozenlrale DC BANK Dillon, Read Overseas Corporation 

-Deutsche Kommunalbank- Deutsche Genossenschaftsbank 

Donjld>*in. luiLin £ Jonrotte Securities Corporation Dr. -.drier Bank Drexe! Eurnliam Lambert European Arab Bank First Boston (Europe) First Chicago 

i-r-ji-, lluitun liKotroniifd timrfvd l.mnril 

Jordine I Company Robert Fleming & Co. Fuji International Finance Genossenschaflliche Zenlralbank AG 

ii.mird iinin..i unn^i Vienna 

Antony Gibbs Holding! Lid. Cirozent/ale und Banlr r[. f r vslerrtrichischen Sparfcassen Goldman Sachs Inlemalional Corp. Greemhidds Incorporated 

Grou|n;mcnr drt Banquiurs Friv« Gencvois TheGuli Cank FLS.C. Guti Rivad Bank EC Ham bios Bank Handelsbank N.W. {Overseas! Ltd. 

LimtfvJ 

Hessis: l te Landesbank Hill Samuel S. Co. IBI International Inlernationale Genossenschaftsbank AG Intervnion-Banque Istiluto Bancario San Paolo di Torino 

— GirozenlFalp — Lnr.wd 

Kansaliij-Osake-Fankki Kidder, Peabody International Klcimvqrt. Benson Kredielbank N.V. Kredietbank SjA. Lraembourgeoise 

LUBIlrd L.irulnl 

Kuhn Locb Lehman Brothers International Kuwait Financial Centre 15. AX) Kuwait Foreign Trading Contracting St investment Co. IS AKJ 


rope N.V. Richard Dans & Co. 

Bjnkjrr-. 

Mfnul, Hn,W FiHrrWi 

Dillon, Read Overseas Corporation 


Groupment do Banquiurs Privcs Gcncvois 


Handebbank N.W. lOerscasI Ltd. 


Kredielbank N.V. Kredietbank SA Luxembourgeoise 

KuwaitForeign Trading Contracting Si Investment Co. IS AKJ 
Lazard Brothers &Ca, Lazard Freres etGe 


Kuwait International Investment Co. s.a.L 


Kuwait Investment Company (SAKJ 


Lazard Brothers &Ca, 
Limlud 


Lloyds Bank International 

liPIIMl 

Merrill L>nch international & Co. 


Loeb Rhoades, Homblmver International 


Merrill L>nch international & Co. B. Mctalcr scd.Sohn & Co. Mitsubishi Bank (Europe) S A Morgan Grenfell & Co 

limited 

Morgan Cua ran tv and Partners MTBC & 5chroder Bank S A National Bank of Abu Dhabi The National Commercial Bank The National Bank of Kuwait S A. K. 

L •lulled 

TheNikko i Luxembourg) SA Nippon European Bank SJV. Nomura Europe N.V. Norddeutsche Landesbank Girozenrrale Osterreichische LSndwbank 


Manufacturers Hanover 

lifflllrd 

Mitsubishi Bank (Europe) SA 


McLeod, Young, Weir International 
untied 


ECS 9 dc 1993 B» 

ECS SSpc 1997 SIB 

ETB Sipc 1992 96) 

TCM1 9}pc 1389 39J 

TCrlcsron Sipc- 1989 97J 

Brso 8pc 1980 Not. 99) 

Gt. Lahes Paper Sipc I9S4 ss) 
Hamcraley 94 cc 1992 ...... ioi 

Hydro Quebec 9pc 19S2 .. m 

ICI fl*pc 1987 su 

1SE Canada 9)pc 1B8 S . iku 
M acmillan Bkredel 9tK 1993 90) 

Massey Fenmson 91 pc Ml fig) 

MicfioUn 9tnc 1988 19H 

Midland ltd. Fin. Sipc *92 97 

National Coal Bd. 8pc 1987 93} 

National Wsnnostr. 9pc US 181J 
Natl. Wstmnstr. 9pc *88 ‘B’ 101] 
Newfoundland 9pc 1989 .. low 

Nordic Imr. Bank Sipc 19S8 97} 

Nonces Kom. Bk 8)pc 1992 933 

Norpipe S)pc 1W9 964 

Norsk Hydm 8)pc 1992 . 93) 

Oslo 9 PC ’9S8 100 

Port® AWonomes «pc 1991 BR) 

Protr. Quebec 9pc IMS 96} 

Prov. Sasfrardiwn. SJpe ■SO 87) 

Reed imemrionfl] 9pc 1887 9S 

< RTTM 9pc 1992 .95) 

Selection Tnw 8Jpc 19S8 .. 91 

Shell IntL Pm. Sipc 1BTO.„ 83} 
5b and Endrilda 9pe 199U. m 

SKF Spc 1987 91) 

Sweden IK'dOtlll «lpc 1887 93 

I United Biscuits 9pC 1989 ... 9«) 

Volvo Spc 1SS7 March 9* 


S. STERLING BONOS 

Allied Breweries 10* oc '99 

Citicorp I0pc 1993 

no CoortaoMIs 9lpc 1989 

m ECS 9lpc 1989 

■.Si* EtB B*PC 1988 

gS. E1B 9} pc 1992 

inn Finance for Ind. Bloc 1987 
go Finance for Ind. 19 pc 1889 
mi a Fiaons lDipc 1987 — .. 

oS Gesrenter 11 PC 1988 

» INA IBpc 1988 

im H own tree lOipc 1988 


Sal. Oppcnhcim jr, X Cie. 


. Cie. Orion Bank 

h rniti-J 

Privatbanken Akucsolskab 


0\.-*jrsea-Chlne5e Banking Corporation Ltd. 


Pienon, Heldring & Pierson N.V. 


Post i panic Id 


Renouf&Co. 


Rothschild Bank AG 


N. M. Rothschild & Sons 

Uimiid 


J. Henry Schroder & Company SAL Skandlnaviska EnskJlda Bankeq 


PKbanken Privatbanken Aktimolskab Rua Broihers Renouf&Co. Rothschild Bank AG N.M. Rothschild & Sons 

Uinlud Uin>M 

Salomon Brothers International Sams a Bank 'Underwriters! Scandinavian Bank J. Henry Schroder & Company SAL 5kandlnaviska EnskJlda Banken 

lunllvd LiinhrJ upirrt 

Smith Barney. Harris Upham& Co. Sociute Centra Ic tf« Banque SocieiC-Genurale SocleleGeneraJeAlsadennedeBanque Sodele Gene rale de Banque SA 

rmuipw*«if 

Sociele Prhecde Cestion Financiure Spaibankarnas Bank Standard Chattered Merchant Bank Strauss, Turnbull 4 Co, Sumitomo Finance Internationa] 

InnHtrf 

Sventka Handelsbanken Swiss Bank Corporation (Overmsl Tokaikycni-a Morgan Grenfell Trade Development Bank, London Branch UeberseebankAG 

Uiniird Umlied 

UniondeBanquesArabesetFrancaises— U.B-\F. United Overseas Bank Vereins- und West hank J. Vontobef & Co. S. C. Warburg 4 Co. Ltd. 

liinilrU AlucngesctbduK 

VVardley Wesldeutsche Landesbank Girozenlrale Dean Witter Reynolds International Wood Gundy Yamalchl International (Nederland) N.V. 

Li raned lurtted 


NOTES 

Australia 7jpc 1984 m 

Bell Canada 7«pc 1987 mi 

Br. Columbia Ryd 79 k ‘S 3 94) 

Can. Pac. Sipc 1984 .. . ret 

Dow Chemlr*] Spc 1998 ... 97( 

ECS 7ipc HV: 94) 

CCS Sipc 1989 94) 

EEC 71pc 1983 931 

EEC 73pc 1984 84) 

Enso Gutzert Sine 19S4 ... 98 
GalaTcrken 71 pc 1982 ..... S5i 
Kockttma gpc l«S .. 9B| 

Micbclia Blue 1983 98) 

Montreal Utban Sipc 1891 99) 

Now Bnmswlrtc gpc 1984 97) 

New Bruns. Pro®. 8|pc -83 99) 

Now Zealand 8) DC 19S6 . 95) 

Nordic IDV. BK. 71K 1984 94 

Norsk Hydro 71pc 198! 93i 

Norway 7)nc 1983 S3) 

Ontario Hydro 3 pc 19S7 ... 93) 

Singer Stipe 198! 99) 

S. of Scot. Elec. SiPC 1881 98 

Sweden iK'dom) 7! pc 1982 94] 

Swedish State Co 7 Jdc Si 9S) 

Tetotex Sipc 1384 99) 




Scare Wipe 1988 


94) 

98) 

99 

Total OU Bipc 1984 

HI 

91j 

im 

101) 




97 

972 

DM BONDS 



mi 

94) 

Aslan Dev Brmfc. 5 toe 1988 

83) 

94) 

1BU 

102 

BNDE 6)pc mm 

96 

07 

1013 

102) 

Canada 4Jpc 1983 

37) 

98) 



Den Norefce Tod. Bk. 6 pc *99 

971 

88) 

97) 

99) 

DdbkcSh? Bank 44 pc 19S3 

96) 

97} 

931 

96) 

ECS Sipc i9so 

91 

92 

m 

m 

EIB 5) pc 19B8 

91 

92 

93) 

90 

Elf AQOllllne Sine 1988 ... 

33 

94 

100 

190) 

Euratom 5ipc 1987 

9fl 

97 

BR) 

99 

Finland Sipc 19SS 

94) 

931 

mi 

97 

Foremarks 55pc 1990 

94) 


97) 

BSt 

Mexico SBC 1985 

941 

95] 

92 

94 

Norceio 5?pc 19S9 

99 

» 

95) 

96) 

Nonray 4)pc iwa 

96) 

9TJ 

91 

92 

Norway 4!K 1983 ..... 

93 

96 

93) 

96) 

PK Banken Sipc 1989 

W) 

m 

euj 

99) 

Prov. Quebec fine 1990 

95) 

96) 

91) 

92) 

Raoi - .-uokki 3*pc 1988 

• 93 

94 

95 

95) 

Spain 8 pc 1938 

94) 

931 

Bn) 

99) 

TrondheUn 5{pc 1988 

94) 

93i 

94 

942 

TVO Power Co. Spc 1988 .. 

951 

MJ 



Venezuela Spc 16S8 

94 

95 



World Bank Hoc 1990 ...... 

S3 

96 

934 

94) 

FLOATING RATE NOTES 



98) - 

97) 

Bask Of Tokyo 1934 SJpc . 

99 

9B| 

94) 

95 

BFCE 1984 Sipe 

«! 

99} 

ref 

98 

BNP 1883 8IJ6PC 

WJ 

106} 

97) 

98 

8QE Worms IBS Spc .... 

971 

98; 

94) 

95) 

CCF 1983 Sine 

98) 

98) 

94) 

95 

Chase Manhttn. *93 95upc 

98 

98) 

952 

96) 

Credliansrolt 1984 Sine 

9 S) 

99} 

94) 

93) 

DG Bank 19S3 Spc 

99) 

1H 

98 

98! 

GZB 1931 SI|6DC 

MI 

IM| 

95) 

Bfl 

tntL Westtnlnarej- 1984 Spc 

983 

98} 

9B| 

97) 

Llomte 1933 81S»pc 

893 


984 

99) 

LTCB 1333 Spc . .. «. .. 

903 

99) 

99) 

190) 

Midtoy IQL FS *37 89 mPC 

W>) 

ftfl 

97) 

96 

Midland l"t. FS W 9 ’»pc 

ret 

Mi 

994 

100 

Nat- WstmlDEtr. '90 BSi£pc 

9Si 

991 

954 

98) 

OKB 1983 Sipc ... . 

m; 

1001 

94 

M2 

SNCF 1BS5 9i»pe 

99 

Hi 

mi 

98) 

Stand, and Cbmj. *84 9}nc 

98! 


9S4 

H* 

Source; White Weld Securities. London. 

93) 

94) 




m 

109 

CONVERTIBLES 



98 

984 

Americas Express -Upc *87 

83 


941 

95) 

Ashland Spc 1088 

101 

1024 

95) 

M 

Babcock ft Wilcox 7pc *92 

123J 


99) 

i&a 

Beatrice FoodJS 4)pc 1992... 

99 

100) 


Beatrice Pooda Mpc 1992... 112 

B^ecbam Mpc 1992 113 ) 

Bordcu Spc 199! BR 

Broadway. Hale itoc 1987.. 78) 

Carnation 4fiC 1987 78) 

Chevron She 1988 13!) 

Dart A) PC 1987 82) 

Eastman Kodak 4) pc 1988 87 

Economic Labs. 41 pc 1987 77) 

Firestone Spc 1988 77) 

Ford 5pc 1989 85 

General- Electric Mpc 1987 84 

Gillette 4XpC 1987 77 

Goold ,6PC 1987 128) 

Golf and Western Spc 1988 89) 

Harris Spc 199! 219 


Offer ITT 41 Pc 1987 

113) Jueod Spc 199! 

114) Komatsu 7ipc 1999 

99) J. Ray McDermott -||pc "87 
78 Matsushita 8 ’pc 1990 ... 

SO MJtsnl 7}pc ISM 

134 J. P. Morgan 4)Pc 1987 .. 

S4 Nabisco Sipc 1933 ‘ 

88) Otmviu nilnots 4)pc 1987 . 


J. C. Penney 4)pc 1937 

Revlon 4Jpc 19S7 ... ... 14a) 

Reynolds Metals 5pc 1988... 86 

Sand irik 6} pc 1983 1W 

Sperry Rand 41 pc 1997 98) 

Squibb Mpc 19S7 S3) 


Scarce: Kidder, Peabody Sc’ cun ties. 


COMPANY ANNOUNCEMENT 

Blyvocruitzicht Gold Mining 
Company Limited 


>* ic«. 


. ■ (Incorporated in the Republic of South Africa) 

■ "a Member of the Barlow Kiuid Group 

The Board of Directors of Blyvooruitzicht Cold Mining 
CoinpaDy, Lamited announces that the milling of ore at the 
mine has- been temporarily interrupted “because of the 
collapse of a section of the main overland conveyor which 
transports ore from No. 4 shaft to the mill. 

The collapse of the conveyor occurred at O5H0O on 8th August, 
1978 and was 1 caused by a fault on the bearing or a main 
pulley iff the drive section,' which in turn caused excessive 
friction between the belt and pulley. The belt caught fire 
and the heat generated caused the collapse- of a section of the 
steelwork of the conveyor gantry; 

A temporary conveyor is being built to replace the collapsed 
section. This should be in operation within three davs hut 
will not handle the full tonnage. 

Permanent repairs which are already under way should be 
completed within ten days. 

There wlB be no immediate effect on underground production 
as the ore will he stockpiled on surface. It is hoped dial the 
reduction in milled tonnage will be recovered before the half- 
year ending 31st December, 1978. 

Registered Office; Office of the Company 

15th Floor. in the United Kingdom: 

63 Fox Street, Charter Consolidated Limited 

Johannesburg 40 Holbom. Viaduct. 

< P.O. Box 62370, London EClP 1AJ, 

Marshalltown 2107) ' 

lOth AuflttSt. 2978. - 




i • 




Fi^cial August 11 1978 - 


IM M L. HNANC1AL AND COMPANY 



Currency, Money and Gold Markels 





3$ merge with 
property > 
group " 

i By Paul Betts ~ 

KOWCG, August 10.- 
A MERGER of-Bastogl, Italy's 
• oldest and -largest v -financial 
■: company, with the. Rome^ased 
• . property and ConBtraction sroop 
lsdtuto Romano di Beni StaWU 
Is now uirierotoOd-.tb -he im- 
minent Negotiations Tire at an 
-..advanced stage, and details of 
-the deal are-egqpeoted-to.'be di&- 
'dosed to - shareholders next 
month. - ,•-•= •>■-••• - 

Bastogi currently controls the 
property group with, a 51 per 
' :ent shareholding, and the 
■- nerger Is seen here as part, of 
.he financial company’s raorgai* 
' sation . programme under . -its 
icw chairman, • Stg Alberto 
Brandi, formerly vice ffhwiftnnti -j 
>f the Miipn chcmicah .- Con ^fr 
nerate Montedison, c.- J 

The reorganisation - -pro- i 
jramme, which is alst*. expected; 
. 0 include the sale of some- of 
3;istagi's interests In a number: 
•r other companies, aims ai con- 
--eniraimg the financial group’s 1 
-ictiviHes in a specific range of, 
s pecialised sectors, and giving 
t. more active control . of its] 
nterests. - r. ■ . • 'i 

'»■ These new specialised sectors! 
ire likely to take taVBastogL’s! 
nterests in the property,! 

ti« , nechanical, agricultural and! 
rl mgineering fields. . -i 
However, Bastogi; still' has to! 
| . esolve the ’problem 7 : of' .‘its! 

j!j[A nterests in the -troubled 

u *- flontedison group,: 'which is' 

:urrently seeking: to-\ increase 
- , ts capital by no less than 
jire" SOObn. or some k 5580m. 
r Bastogi holds 27$ per* dent 'of 
tfomedisoo, . representing the 
.ingle largest private! share- 
io 1 ding in the loss-making and 

• leavily indebted chetoirals 

jroup. . ‘ • 

Bastogi itself reported 16ssOs 
if L47hn last year, cqmpared 
vith L7.6bn in 1976, mainly as 
i result of the devaluation of 4,ts 
lolding in Montedison, v 

; Arab group to 
sell stake r ” 
in La Ciotat 

T By David White " 

i K «\t PARIS. Aug^tlO/ 

A FRESH question' maris": hangs 
over the future of the large La 
Ciotat shipyards, near Marseille. 
The chairman of the group J>f, 
Arab interests which bolds, the 
controlling shareholding has 
announced that the stakes will be 
sold to the French government, 
but the government has shown no 
sign of wanting urbuy * - 

The announcement, made by 
Mr. Shaflk Mouharram. charritjan 
of the Lebanon-based lutrabank 

• in Beirut, was greeted, with sur- 
prise in official French 'circles. 

• Intrabank, which groups 
mamly Kuwaiti, Qatar and 
Lebanese official funds, holds 1 89 
per cent of the La Ciotat ship- 
yards’ capital through three 
.separate subsidiaries, The value 
of the shareholding -is put at 

FE-VB&n ($l&mj. 

, , rtrt. 1 ? The remaining ll-'p«:f cent fe 
> VfU-liekl by French private sector 
1 interests, including the,. Suizer 
and Worms groups.- ; -- : v • 7- 

The announcement /-.foUpws 
heavy labour cutbacksyai the 
yards, which have suffered from 
bek of work along witotoe-reet 
of the Freni* shipbuilding . in- 
dustry. Most of thfc G.^OPfitoong 
work force was put on short time 
in May, and to ;Jtriy7 -with sts 
vessels under constructi od-a ad 
no more orders to : foUow,! to® 

. company laid off T^a»^wo^ketS-. 


Multi-currency loans for Dollar falls in 
Japanese trading houses late trading 


BY YOKO SHI&ATA . 

THE !EERST impact- iwos;.with 
a malli^uxrency dau»JW to be 
Jiermlttied' by the WJnisW of 
finance for a trading, company 
at toe end. of this mTOtotitTwas 
disclosed here today. 

With the sharp appredation of 

the . yen, J apauese^-!«pOri- 

oriented companies, particularly 
trading bouses, ; ara L turning to 
impact loans- dr- -to -the Issue of 
foreign currency denominated 
bonds in- order to hedge 'against 
exchange-' losses on their- .long 
torm credits, such as - those 
extended on plaht expprts.-. An 
impact loan is :a foreign, currency 
loan raised by a Japanese- com- 
pany from foreign hanks with a 
guarantee -from a Japanese bank 
to Japan. Malti-cnrreaicy.. clause 
is a condition -in a loan ; -.-agree- 
ment allowing the borrower to 
swltCtr currencies during the life 
of - the loan. According, to toe 
Ministry of Finance, •multi- 
currency clause impact; loans 


have not been taken up because 
of strict Japanese foreign 
exchange controls. ‘ 

The barrier on impact loans 
with multi-currency clauses was 
removed, however, by • the 
liberalisation of the foreign 
exchange controls from ApziJ 1. 
Since then several foreign banks 
in Japan (mainly -American) 
have sounded the Ministry on 
taking up such loans. A Ministry 
of Finance official said that 
-foreign banks in Japan - are 
facing difficulties because of the 
liquidity of the banking system, 
and because the higher rates 
they charge are resisted . hy 
Japanese companies. 

These have been. ! repaying 
impact loans prior to expira- 
tion date. Multi-currency clauses, 
it is hoped, may. . attract 
borrowers back into impact 
loans. '. 

In the case of short-term- 
credits. of less than one year, 
such as 1 for television or car ex- 
ports, trading houses are able 
tb hedge against exchange risks 


TOKYO, August 10. 

by contracting in the forward 
exchange market. However, in 
the case of plant exports in- 
volving long term credits, they 
have to meet exchange risks 
stemming from foreign currency- 
based export credits by matching 
them with Impact loans. Multi- 
currency clauses would reduce 
the cost of this since a borrower 
ib able ' to switch to currency, 
loans with a more attractive ex- 
change rate or lower coupon 
rate. 

Government sources argue that i 
currency switches require skilled 
operation. Borrowers familiar 1 
with exchange fluctuations or 
settlement of exchange 
differences between the new 
currency and the former are 
limited, it is said. At present, 
some petrochemical and steel 
companies are also sounding the 
Ministry on taking up 
loans with a multi-currency 
clause, but the Ministry is to 
limit them to trading bouses, 
which have highly developed in- 
formation networks on currency 
fluctuations. 


The dollar stomped against most 
major currencies in yesterday’s 
foreign exchange market For 
most of the day. the U.S. currency 
had traded" fairly steadily but re- 
newed fears towards the close of 
business, over, further .increases 
in the price of oil were enough to 
push the.dollar to further record 
lows. Against the Swiss franc It 
slipped to SwFr 1.6790 after a low 
of SwFr - L6T00 and Wednesday's 

close of "SwFr 1.6860. Similarly the 
West German mark gained at the 
dollar’s -expense to DM 1.9760, hav- 


OFFSHORE BANKING TAX 



Hong Kong moves to ease Bill 


BY ANTHONY' ROWjLEY * 

UNDER PRESSURE the 

local and international 'Rhancial 
community . here, thq 1 A^vern- 
meht has agreed to rtake a 
number of am endto editor, the 
controversial lnlandxSevenue 
(Amendment) Bill, 1978*- •: . 

- Broadly, the Bill, whlch was 
Introduced in March tW& .year, 
proposes to tax banks onitbeir 
-offshore ” profits^a'-.jptoposal 
which' has caused alairtn given 
the standing of Hong Kong as 
an international - finance' /and 
loan syndication centre.; ' j.-H . 

Traditionally, bariks/uke other 
tope* of business he re^ have no 
fax on earnings derived :ftom 
iiOVUSide the . Golonj*. . but- J the 
Government now propa^^fn.trp- 
duittag a 17 per cent rate Ob-Jhe 
net- profits which hanks earn 
from interest, on offshore loans. 
The- -reasoning is tb«L Atnlike 
other forms of business! many 
banks berp derive the bulkrQf 
toelr earnings offshore so.tJo 
not Pto their “fair^^yia of 
tax./ • -j--: ... 

: Tfie hanks were upt^to arms 
oyer the proposal anithresjtened 

- 


to move their offshore loan port- 
folios to rival centres, such as 
Singapore, where offshore tax is 
levied at only 10 per cent. The 
Government has now proposed a 
number of amendments to -soften 
the Bill, although its basic prin- 
ciple remains intact 
The amendments Will be 
moved at a meeting of the official 
Legislative Council here on 
August 16, when the Bill receives 
its formal second reading. 

An important amendment 
deletes the words “directly or 
indirectly ” in relation to whether 
the interest which it is -proposed 
to tax arises m flong'-Kong. This 
apparently catch-all phrase 
incorporated in the Bill origin- 
ally threatened to bring all types 
of foreign loans Into the tax net 
even those organised, elsewhere 
and simply recorded as a book 
entry in Hong Kong. • 

Now tbe most Important cri- 
terion remaining in the Bill for 
deciding whether or not a loan 
made by " a Hong Kong-based 
bunk is taxable or not is toe 
stipulation that it must be made 
" without the substantial inter- 


HONG KONG. August 10. 

vention of a branch elsewhere” 
in order to attract tax. In other 
words, if an international bank 
operating here arranges an off- 
shore loan principally thYongh a 
branch .elsewhere— -in toe Asian 
dollar market in Singapore for 
instance — it will not be taxable. 

This should bring some relief 
to toe American and other! 
international banks operating 
here, although one major bank 
is reported to .have moved its 
portfolio to Singapore already, 
in anticipation of toe new 
legislation. 

Other amendments provide 
relief from double taxation 
where offshore interest earned by 
Hong Kong banks has already 
been .taxed abroad, -and also 
redefine the term '“financial 
institution” to which toe tax 
provisions will apply. 

.Under the amendment: “The 
tax will only be imposed on a 
bank licensed under tbe banking 
ordinance and a deposit-taking 
company registered under tbe 
deposit-taking companies ordi- 
nance. together with any com- 
pany controlled by them.” 


nmmiam 


ine touched DM 1.9725 at one 
point .and compared with a pre- 
vious close of DM 1.9830. The 
dollar was- also affected by yester- 
day's publication of the U.S. 
Wholesale. Prices Index. Although 
this showed a rise of only 0.5 per 
cent the-market had geared itself 
to seeing a more significant slow- 
down. . 

Some sources reported inter- 
vention by "New York's Federal 
Reserve Rank which could have 
explained- the dollar’s very alight 
recovery from the day’s worst 
levels. Using Bank of England 
figures,, toe dollar’s trade 
weighted index fell to 83:5 from 
83.8. previously. . 

The yea was also firmer and 
closed at YT86.S0 up from its pre- 
vious finishing level of Y1 87.55. 
Thej!French franc was'-notably 
firmer fn the absence of any 
sustained -dollar support-action -by 
the French central bank and Im- 
proved to FFr 43075 from 
FFr.4fi462J. 


Trading In sterling was., fairly 
active but- centred more bn toe 
forward market than spot deal- 
ings. The pound’s discount against 
the dollar narrowed sharply to 
2.63c from 3.20c at six-months and 
4.75c compared with 535c for one- 
year. llie pound opened at 
*1.9475-1.9485 and touched 
$1-9540-1.9550 before closing at 
Si 5525-1 .9535. a- rise of 40 points. 
Its trade weighted index, on Bank 
of England figures, ended un- 
changed at 62.4 after 62.4 at noon 
and 62.5 in the morning. • 

FRANKFURT— Tbe dollar was 
fixed at DM . 1.9881 against 
DM 1.B732 previously and at. the 
fixing there did not appear to be 
any intervention by the Bundes- 
bank hr generally quiet trading. 
Against 22 other currencies, the 
Bundesbank trade weighted mark 
revaluation index fell to 147.2 
from 147.8, nn 1.9 per cent from 
the end of 1977. 

In later trading the dollar was 
auoted at DM 1.9783. The Belgian 
franc was again below its floor 
against the Deutsche Mark within 
the European “snake ” at DM fi.34 
her hundred francs compared with 
DM 6.848 late on Wednesday arid 
may. have received some central 
bank support.- 

TOKYO — The dollar remained 
steady for most of the day's 
trading but fell away towards the 
dose at Y187.25 compared with 
Y1S7.60 ' on Wednesday. After 
opening at Y1S7S0. good demand 
for . the dollar especially in the 
forward dates, pushed toe spot 
rate up to Y1SS.0 at one point. 
The volume of trading was 
moderate at $412m in spot turn- 
over with, combined forward and 
swap dealings accounting for 
8537m. 

AMSTERDAM — The dollar was 
fixed at FI 2JL550 which was 
slightly up from Wednesday’s 
fixing of FI' 2J420. In later 
trading the UB. currency 
retreated to FI 2.1460. 

MILAN— At Thursday’s fixing the 
dollar was slightly firmer at 
L8S4.55 from L834 on Wednesday 
while the: Swiss franc fen more 
than 5- points to L492.15 at the 
fixing from L497.45. 

ZURICH — In thin trading the 
dollar moved slightly higher to 
SwFr 1.6935 against the Swiss 
franc and DM L9865 against the 
D-mark. 



FORWARD AGAINST £ 


u.ar-ejTr.pm 

D.S5-fl.55r.pni 

i-.pm 

25-15 u. pm 
1 f<e imi lorn 
Si-? a [>f pin ’j 

bOrom-SOcults 
ia-2ij liiuUi- 
5-1 un- pra 
5-2 e. i*in 
2f-i nr*> pm 
S.GMJUypni 
20-10 bM i>ta 
36j-25£ c-.jrin 


8.57 1. SO- 1.40c, pit) I 

S. 2 S 1 . 45-1 _ 5 Q.-. pm] 
6.44 5li-47o it. pin j 
5 .S 4 Qj -45 I. pin I 
[*r 3i-4-J orcl is 
9.52 pm 

—15.641 140.460 dlh, 
par. ;B0 cjiui-50l-j3u 
— 1.11 ;f-9 iiri ilii 
2 .B 3 14-2 ore nm 

5.5 7 jtj -5 it. pm 
1.74 * 4 ^ 2 -; r-rc pro 
11.36 |d.lS-4.7D y)>m 
6.46 42-52 ktv iiu • 
1 1.45 s 9-8 r.pm I 


Belgian rate is lor con vertiUa franca. J .Six-month forward dollar 2.60-S.SOc cm, 
Financial franc 62.65-fiC.75. 1 I W-monih 4S0-4.t0c pm 


THE DOLLAR SPOT | FORWARD AGAINST S 



CURRENCY RATES I CURRENCY MOVEMENTS 



Bank of Morgan 
Ennland Onaramy 
Index changes s « 


— an r 
— I9J. 


+ 1SJ 
+US 
•f 4.6 
+36 8 
+8T.1 
+17.5 
- 5J 
-C7J. 
+S4J 

. Based on trade treighiL-d cham-ps frnu 
WaidilnElon acrecmem Di-ci-mber. 1 DT 1 
(Bank of Enel and lndex=]0lli 


OTHER MARKETS 



Malarsi n dOUar 0 /S 'TO should have read 4 . 4740 - 1 . 4 M 3 . 
Rate dren for Argentina is free raw. 


EXCHANGE CROSS- RATES 



'•m-l .>tenmi![ l-j» l«*tu»i jUeiiti- lie.'tnri.| IaimiiOm- t*-i- I rren n 


A$16.6m rights by Lend Lease 

V -BY ]AMBFORTH V * 


Uewti-cfae HArl> 
Japntiea+xai) l.W 


Kreoen Mow It 
Knee. 


. an*, i muxJAjaini 
— •*)> ^«ir I <' 


1 . 

1 .B 53 

a 5 12 

L 

0.259 

0.506 

2.745 

5 . 35 S 

1.189 

2.322 

0.306 

0.595 

0.239 

0.466 " 

0 . 61 S 

1.201 

0.452 

0.882 

1.643 

3.210 



LEND IBASE Corporation, a issue*, since 1969. - The latest 
major property Voujf ifi raising result was achieved on a 2.9 per 

first time m 16 ye^s, after boost- 5293^) nj e profit i ncrM se was 
tog ~proflt a ftzreBer -3 per-ceat,,.j ft vv*ith forecasts made by 
from to a record the directors at the halfway 

A$X5.07qi (VS.SI7.52 id) in toe mark- 

year to Jun^ftol - .’-.rTOe directors said the rights 

. jgg, SS 1 'Sf l Mrt..tahS 


Sales rise a| : 
Air Liquide 

PARTS, August id- •_ 
FIRST half sales higher. by more 
than a fifth are announced by 
Air I.iquide, tbe French pro? 
ducer of industrial gases. - . 

Sales for lhe.six months to 
.Tune 30, of 1978 are FFr L24bn 
compared- with FFr 102bn. The 
- p roup’s XI.S. operations. Liquid 
Air Corporation, increased first 
hair turnover to $1545m. from 
8145.7m. . 

• Interest receipts of Cie des 
Machines Bull SA for the year 
ended June 30, amounted.' to; 
FFr 6.08m. while . portfolio 
revenues emerged at FFr 22.73m. 
The company^ previous financial 
period ran for 18 months,, but 
in the year to end -June 1977. 
receipts totalled FFr 7.83m 
with portfolio revenues -aniouat-- 
ing to FFr 30.5am. Reuter 


on the^ 5n f ■ because th f e S™P 
m nfAWWirnr r^nri i^as entering- a new era of expan- 
f Australia and abroad. 

- Turnover had been relatively 
^ ^ ^constant over toe past three 
renresentine a-.#* 3 ” with * ffortB being cob-, 
hJSiJ^Strmpnt *r or &ntrated on improving earnings 

-j 3 | 4 1-5 sald^^ a difficult market The diree- 
roarebolders. the directors sald,^ said the IndiCfttions were 

, The dividend Is. held at in toe years ahead an 

treats -fw- the-year. including ^^ncreased volume of- revenue 
Anal of .6-15 cents. It will be.iwouid be obtained giving rise to 
paid, qu' capital increased during toe need for additional working 
the year by : a one-for-five scn^^apit a i. 

issue, and therefore representor-In Australia an extensive 
an effective increase In toe-tievelopment programme was in 
payment of ;20 per cent. Tne^juxigre'u. with 11 major retail 
latest results is . equal to earpvomti^ valued at more than 
ingt-Qf 30 cents a share covering' A$100m scheduled to be opened 
toe-dividend 2:4 times. ..lover the next IS months. Many 

.' Lend Lease bas made five scrip- involved a financing requirement 


SYDNEY, August 10. 

during the construction period. 

In other subsidiaries, new ex- 
pansion was being planned. In 
the UiL three wholly owned sub-, 
sidlaries were established and 
operations m toe U.S. would be 
intensified. It was proposed to; 
provide AS5ra during The current 
year for funding toe US. opera-] 
tions. 

In Asia toe group was inten- 
sifying its activities and' addi- 
tional management support and 
resources were being allocated 
for this purpose. 

The directors said they ex- 
pected a continued profitable ex- 
pansion of 1 he group's activities 
in Australia, coupled with sound 
prospects for toe new overseas 
activities, and forecast that the 
dividend rate would be main- 
tained on the higher capital. The 
result excluded net extra- 
ordinary profit's of AS2.4m. 
mainly from a AS4.4m increase 
in the value of land and build- 
ings. 

In 1976-77 the group incurred 
an extraordinary loss of AS22xn. 
reflecting a AS4.4m write-down in 
The value of undeveloped land- 
holdings. 


EURO-CURRENCY INTEREST RATES’ 1 


(Sturt term. — . lOGa-107B 
/ mv nuhe*. llfe-llSt 

Uontb- 18 I 4 .25, 

nxnDi.J 114«-J2i( 

-■* mourn- ilSg }2lg 

>ne vur lllg 12 


lautiwn 

Dollar 



UJS. DoiUu 

Dutch Guiidei 

Kraru- 

W. (lerman 
Mark 

7S*-B 
7*4-0 
7HI 8.V 
Blj c*B 
bl| 83, 
8 ri-8+S' 

4T 8 51r 

big b*» 
63a-6Sfi 
67B-7U 
7rt-7,i 

I 1 1*r4 

E1J-2SS 

hte hse 
2fi*r5t 
3ig;i« 

3 r„-* l l 


KreiK-h Franf | Ionian Lira Asian S' ' Jiwnre Yen 



710 
11 12 
111- J21« 
1EI 3 13Tc 
lots 1+12 
14-15 


- 312 — 512 
-V. -1'2 


The following nommaJ rales were\moted for, Lonloo -dollar cvrthlcares of deposit: One anotb 7.95-8 J5 per ceni: ihree. raonths B.15-SJK per c*nt: six months S.j3-S.5S 
per cent: one -you- B.B8-8.76 per cbol \ 

Lone-term Eurodollar deposits: two years 9*-» per cent; three years 91-81 per cent; four years 95 k- 97 k per cent; Gve years 91-9} per ccm nominal dosing 
raies. 

S ton-term rates are call for sterUna. U5. dollars and Canadian dollars; two days’ notice for euflders and Swiss francs. Asian rates are el'isin* rates In SlnRaprirv. 


INTERNATIONAL MONEY MARKET 

New York rates higher 


First-half profits rise at SHK Securities 


: : BY RON RtCHAWJSON r; •" - 7 - . - 

Sung Hung Khl Securities, the.145 cents. In a brief statement 
majer Hong Kong broking house. dlrtictors reported that total 
and financier,, ia. ' which the .assets at mid-year had risen by 
French, ‘banking group. _Com-:^B .per cent from the end-1977 
pagnfe Finaneiere de Paris ; et_figtire to 4LKS1 J34bn. 
des Pay&-Bas (Paribas) recently. : The company will close Its 
took an JJL5 per cent interest^ ^ooks on August 29 to deiermine 
baa reported a - 20 per cent nse entitlement to the interim divi- 
In Its interim profit to HKS24.7m dend. About 8.4m of tbe 23.4m 
(ti-S^S-3m). ; ; --d^res Paribas has acquired in 

interim dividend has been Sps.Hung Kai are entitled to the 
raised by 1 cent to 8 cents. Last payment. The remaining new 
year the company followed up shares will rank for the final 
with a final payment of 7.5 rents toitidend. Paribas has an option 
to make an : unchanged total of -exercisable between August IS 


- HONG KONG. August 10. - 

this year and April 15. 1980. to 
subscribe to additional new 
shares to take its total holding 
in toe Hong Kong company to 
25 per cent. 

Yesterday it was revealed that 
Sun Hung Kai had applied to 
the Monetary Authority of 
Singapore for permission to 
establish a merchant bank In 
Singapore. The company aims 
to enter tbe Asladoilar market 
through a licensed Asian Cur- 
rency Unit, as well as to operate 
in general merchant hanking. 


Treasury bill rates were gener- 
ally firmer yesterday with 13- 
week bills quoted at 6.78 per 
cent from ;6.72 per rent late on 
Wednesday and 26-week bills at 
7.19 per cent Irom 7.15 per cent. 
One-year bills ' were also higher 
at 7.5S per cent compared with 
7.52 per cent.- Rates seem to.be 
firmer ahead of U.S. money sup- 
ply figures and disappointment 
over tbe Wohlesale Price Index 
report. Federal funds were trad- 
ing at 74} per cent, unchanged 
from earlier m the day and 7} per 
cent on Wednesday. Certificates 
of depoidt were unchanged 
throughout.' . 

Bankers acceptance offered 
rates were unchanged throughout 
from 7.65 per cent for 30 -days to 
S per cent .for 180-days. Similarly 
high grade commercial paper 
rates remained static from 7} per 
cent for J39-days through to 7.90 
per cent for 90-days. 

FRAN KFURT— Interbank money 
market rates were mostly un- 


changed although, call money was 
cheaper at 2.95 per cent com- 
pared with 3.05 per cent on Wed- 
nesday. The one-month rate 
stayed at 3.5 per cent three-month 
at 3.7 per rent and six-month 4.15 
per cent. At its fortnightly meet- 
ing, toe Bundesbank Central Bank 
Council left credit policy un- 
changed. The market was not 
expecting any changes as this was 
the Council's first meeting after 
its summer break. 

BRUSSELS — Deposit rates for the 
Belgian franc (commercial) were 
generally easier with the one- 
month rate falling to 74-7} per 
cent frOLi 7i-7j per cent, while 
three-month stayed at 74-7} per 
cent. Deposit rates for six-monLhs 
were quoted at 7|-7i per cent, 
down from 7J-S per cent as was 
toe one-year rate at 7}-8 per cent 
against 81 per cent previously. 
Call money was unchanged from 
Wednesday at 3.5 per cent. 

PARIS— Money market rates 
were mostly unchanged but call 


money was easier- at 7J per cent 
from 7} per cent while the one - 1 
and three-month rates were static 1 
at 7J-71 per cent and 71-78 P^ r 
cent respectively. Six-month 
money rose to 7J-8 per cent from 
7J-7J per cent and the 12-morirh 
rate was unchanged at Sj-8£ per 
rent. 

AMSTERDAM— Cal) money was 
quoted at 4} per cent compared 
with 4}-5 per rent previously. 
Longer term interbank money 
market rates were unchanged at 
6 -6} per cent fomne-nionrh. 6JM33 
per cent for ^tree-month and 7-71 
per cent for six-month. 

ROME— The Bank of Italy is to 
offer L5.75 trillion of Treasury 
bills at its monthly auction on 
August 30: Maturities during the 
same month will amount to some 
L5.5 trillion of which the Bank 
owns. L309bn. 

BONG KONG-i-Monev market 
conditions were again easy with 
call money quoted at 51 per cent 
and overnight -money' business 
dealt at 5} per cent. 


UK MONEY MARKET 


Moderate assistance 


MEDIUM-TERM LOANS 




ENI to borrow $200m from Japanese banks 


BY FftANdS GHftJS. 

A GROUP -Of Japanese banks 
led by Sutnltomb Bank is 
arranging a S2O0m 12-ytar loan 
with six rears’ grace- for the 
Italian state hjdrochftofis ■.rent 
pany ENI. 

The borrower is ,p*ymg a 
spread of l per. cent tor. toe 
first three years, rising hy-i of- 
a point every three years,, and 
a commitment fee of . -f per cent 
per annum ah tbe undrawn 
portion of the Tha pro- 

weds - of tow taw .are ear- 
marked for general purpose ex- 
teniftl investments. . 

A further Wu» .. for,. ENI 
amounting to $lD0m Is bring, 
negotiated currently, but renns- 
are as yol uh disclosed. - 

The Devriqpmetti Bank of toe 
Philippines is refitiancuig S25Dm 
worth of various loans awrimt- 
sna to $300at contracted, in. 1978- 
197?, The new facility will dktts 

u spread of I per cent for. I0_ 


toe banks which in 1976 and. Like toe previous deal, toe 
1977- led varioos loans for toe .new loan will be managed by 
Devekinmant t**"* of toe Philip- C$&8e Manhattan Asia, Citicorp 
Dines;' ' Bank- of MotHreal,. International, Grindlay Brand ts 
Bankers Trust, Chose Man* -'Aria and Morgan Guaranty, but 

hattiitorCiticorp, First Chicago ^*-5 ci £*5? Si ?“ * , + v. 

and Manufacturers Hanover- JtaJMOn loan for the Kmfr 
fjnn dbm Of Morocco is due to be 

loan for Taiwan^ : ' » Rabat today. Figures 
nSJZt which w»L- ° n Moroccan debt supptied to 
S?-«lie banks in connection with 
£i e ,It££ ^ SSKhn eight year loan 

8!3iSh$ £JX^t ^mnged by a group of banks led 

is now V Bank of America (ou a spread 

hkSv^n hi resuscftaS' of l P* r cent) suggest that the 
aftar^ -all ^jJkeg_to beresuM ^ sKrte of toe country’s external 

SLiPft . nil abortive S2fflm : Kingdom’s tot3l .external 

dST - funded debt which has doubled 

sr.?s®s p , fc “'s.T5sa 

The and the end 

rem tor^hwit ; - The debt; service ratio ipay- 


per cent last year to an esti- 
mated 22.9 per cent this year. 
Two other sets of figures also 
point to toe deterioration in tbe 
country's finances r gross inter- 
national reserves, which stood at 
$566m at the end of last March 
fas against 5532m aT the end of 
last 'December) amounted ig.2 2 
months of 1977. imports -and 177 
per cent of 1977 debt service: 
at toe end of last October, the 
equivalent figures were 2.6 
months and 247 per cent. 

Part of the explanation for this 
deterioration lies in the poor 
performance of phosphate espon 
earnings ; the total value of phos- 
phates exported SasT year lei! 
slightly, from S4S8m In 1976 lo 
$457 ‘ last year, while the 
average price per tan declined 
from S35 to S30. and the percent- 
age of phosphate export' earnings 
to. total export earning declined 
from 39.3 pier cent to 35 per cent 
The average' price per . ton of 


Bank of England Minimum 
Lending. .Rate ]q per cent 
(store June 8, 1978) 

Day-to-day' credit was in short 
supply in Ihe London money mar- 
ket yesterday and the authorities 
alleviated toe. shortage by buying 
a moderate amount of Treasury 
bills. Indications were that the 
amouni of help was adequate if 
not slfchtly too much. Discount 
houses had’ been paying up to 94 
per cent tor secured call loans 
during the day but dosing bal- 

LONDON MONEY RATES 


an ecs were taken at around 8 
percent 

The market was faced with a 
large net take-up of Treasury 
bills and banks brought forward 
rather run down balances. On 
the other band there was a 
modest fall in toe note circula- 
tion and an excess of Government 
disbursements over revenue 
transfers to the Exchequer. 

In the Interbank ’ arket. over- 
night loan-; opened at 9J-9J per 
cent and eased. to 9g-»4 per cent 
where most of the day’s business 


was seen. Rates declined further 
to 8-8i per cant before dosing 
very quietly between 3 per cent 
and 5 per cenfc Conditions should 
be slightly improved on Monday 
after today’s . announcement by 
toe Bank of England of its in- 
tention to release £207m of 
special deposits on Monday to 
London and. Scottish clearing 
banks. Bank of England mini- 
mum lending rate was left un- 
changed at 10 per cent. 

Rates in the table below are 
nominal in some cases. 


GOLD 

Stronger 

tendency 

Gold improved Si an ounce In 
the London bullion marker yester- 
day lo finish again at a record 
close of $2071-208. Trading was 
fairly active and the metal opened 
at S205i-20(U to be fixed a? S205.S5 
in the morning and S206..i0 in the 
afternoon. Late dollar weakness 
prompted further buying and the 
metal- closed at its best level for 
the day. 

In Paris the 121 kilo gold bar 
was fixed at FFr 2SJ00 per kilo 
1 8203.68 per ounce; compared 
with. FFr 28.600 1 8205.371 in I he 
morning and FFr 2S^50 ($206.73) 
on Wednesday afternoon. 

In -Frankfurt the t 2 J kiln bar 
was fixed at DM13.150 per kiln 
(&205.S6 per «uhce) compared 
with . DM13,200 IS20S.121 on 

Wednesday. 


. Any. 10 , line. 9 


(iiiUI Uuilion m aw 

r>,i nee I ! 

Uiow. : *1*71 -»8 SWE5-707f 

Opening.. * EA S2K; ?C7t 

Morning Sling. !S2u5.8o SWii.OO 

■ ' ' >i:1 3.754, i{M07.D34>' 

Afternoon figint; -S?P6.60 I$Z07.9* 

- ■ 't‘1» B-6I61 i£W6.489j 

Hold IVrm- ; 

dnrne-MJiilv 

Kmc errand S215J Jlfi; 59139-2133 

t'DI-, ' *0j; -L'llKj-llGi) 

New SowrMcn- * 8? 

■s-.-h i;i3S4-Wij 

OM Sovereign*..... . <S5Ep Mil ^tSA-SDj 


(■(lid t'nifi- 

rniermtHmHiii 
Krmjorrsnrl 

New Snvewigr^ 

Uld Sovweistit. 

ISO fifegifr........... 

;lU tiiicle, 

f? Eai'le- 


S215J JlfiJ 59139.21a? 
t'DI-, 'tOj; -L-I03^I1G3) 
< 87 EDA i^bfA-a^A. 
■a-.-n j-iaSjMjj 
(SSBiMii S: 8 A-SDs 
>a£BU-0l> li'M-jll 


.'S215---9I5J S215*-21S4 
|£Ul9i l10j A-lUlff -VJi 
.SMi.bOi 'SS7A-VA 

ifiSD-ib i*'2-A-3> ii' 

.'SSSi-HJi IsSBi-SOj 

i<£50-5t' i-» 1 1* 

..MS2-S-4 If 552 2 4 

.;?I46-IS0 J? 1*6 tfi 

.'StOai-IWi si'aA 1 9A 


f ner-iue 

1 ' 1 CertitiitaH 


Aiy. W- 1 Cenifi>.«te intertask 
Hi - • i -4f lepo-U- 


L'cn 

AuiiKntv 

iepn-it- 


r lannw- 
Hon*e 
UepoiT* 


Uonpuiv 


Ux.uuui 

mvkfii Tret-ary 
■epF-n nm. 4 . 



NEW YORK 

I Prime Rate — -- 

Fed Funds 

Treasury BIQs (M-weeki , 
Treasury Bills (26-wecK) ■ 


GERMANY 


Diuoum Rite 

OvernlsM 

One inoaih 

Three tnomhs 

Sts months ........ 


*"4 h OUSTS se»en iW wnwr-.otBers seven days hy«t ■ Looser-term local amhorirv mortcaw 

rate -..TntauliM&ree years lit-lSi pw ewm four y^ars 114-1 H er cent: five years 111-12 per cent, •Bank bin rate* In 
rsirfL arc nyhtg rates for nrime paper. Boytta rates for four-month bank bins per cent: fmir-ttiiralb trade Wl£ IM 

- ra * 5 for 00 Treasury WUs per- cenrr and iwtMiwnrb » per coir and three-momh 

' App oidmate selUns rale lor mr-month bank bula 97U-M per ccm; hro-montl] 9 &k-m per «nt: and Uiree- 
awl.; s per oeu. One-momh trade bids 10 per cent; two-month id per cent; and al .0 three-mouth in ccr cent. 

__ Rate (published w (be Finance Houses ftssodatiool IW per cent brum Aususr 1 m - t3 ear ran BatUr 

“• * 1— » IT “ 


FRANCE' 

Dferamn Rate 

Ocemlchr — 

One rnonrh 

Three months 

Six months 


JAPAN 

Discount Rate 
Call 1 Unconditional ■ 

BlHs Discount Rata 











































































I 


The Property Market 


information has enabled it to to a maximum of l5 per cent of 
construct a hypothetical property the hypothetical portfolio. And 
rund with a portfolio built up the purchasing-polley was struct 
by nationally “'buying " real tured so that Just under 40' per 
properties that were acquired by cent of properties, by cost, were 
the real funds in each year since purchased by funds advised by 
RY inuw Dnr.,.,.., 19*7- other surveyors. 

HIM BRENNAN j n ^ 1 $ W ay JLW has managed The hypothetical portfolio has 

- - - • ' . . to avoid Lhe charge of undue £*&wn to - have 100 properties 

riiihtmb c^llc nili purchase, ttta year on IS f *££ ins. SS 

. ^ItlDan K SCIIS OUt !* od Shows that institutional . : t hat were bought by value oC £94.3in. To compare the 

p _ ■ JJE Ss in the lai lS mieht portfolio* performance with 

nf ff|A KtJSSt 3: LCI ‘ftJSf 5p g v«?i not rate a purchase now. But other investments JLW- has 

ill me v^l l V •Mo^' ST n l Ji!If S nr fr fi? Decent in 35 h yP° Uie tical fund drew forked out its performance 

J low point of 6 i per cent in gnl from properties bought in tables for both capital and rents 

PRUDENTIAL PENSIONS LTD. covers a complete island site, me spring. each year. development a simple chain-linked inde*. 

provides over £ 6 m of proof to- with 1,640 _sq ft of basement Pears that the hectic property closely mirrors the actual growth l t5e value at,. the beginning of 
.day that investment demand for space, a 3.15ft sq ft ground-floor buying activity of the first half 0 f funds. a , year wing compared to the 

prime City of London property and banking hall, and just under of the year would bum itself out Tb e amount of money avail- at and the growth 

has been unaffected by higher 19,000 sq ft of offices above- seem unjustified. The tradition- a j,j e j D each year for property iacI or used to build up the year- 
interest rates. PPLi which was represented ^ qu ' et suramer P«iod masks investment also follows the ° n -K*rmae3L. 

It can be revealed that PPL, w Wright Oliphant and Baker f targcly reported hive of pattern of investment by the xcai beea to- 

the assurance group’s £3lBm Harris Saundere oin firms the inve 5W ent activity as deals are f lind s T dropping in the early developments, forward 

pooled pension fund. has of the invS^t “P *>r completion once years from an* initial £3m in sales from 

■22!! s i D ? ie P™- kX for the -best-qulmy offices, investment committees and insti- 1967, ^ Sodel ifli^fted Tn JSLjKT! 


Citibank sells out 
of the City 



‘ Financial it 


25 yen' 1 mm 

• -rev lews. 1,. 

. -.grwiJi agreed ho 

atqnire 'Hadley Hme In 1975, 
shortly Ms co mple t i on toy 

the original devehqiexv the 
Desmond Croup. The. fund, 
advised ’by - Pepper Ahgliss -and 
Tarwdadj initially paid A vacant 
possession price Tor fhe boStU 
lug, and has now topped^tp 
the price cul toting. : : ; 

Cheltenham agents Yonng 
and Gi fling, along with Healey 
and Baker, arranged the letting 
and tfcesale.; ^ 

Young and Gilting report 
that there are now Only three 
vacant bffiee traits of. any site 
left in the central area, of 
Cheltenham, totalling less than 
40,000 sq ft- Once these -office*, 
let up there should be scope- 


amuirru us i4rK«,t single pro- ]^ eI f 0 r me nest-quality offices investment committees ana msu- j «* “ TL morfpl •« lim,w7 n 

bank’s m freehold t o t f° ^’island ^as^ow aa^BvanpuaK citj Se S the howVy^Lon election process ttefirm' rimed Cheltenham attracted ■; more months at rents ranging from for fairly dramatic rental 

block at 34, Moorgate. EC2. “ M 0 y p b Clty “ e Clty after hohday se 33011 - at a typical, rather than an ideal As such it lllus- than its fair share, of spend*. £2.20 to £2^0 a sq ft. growth in the town, opening up 

The 23,500 sn ft offices, built TT \I7 Tv , XI pattern of property typ? nntahu! 3 «i.« M ,ate .S estillB Uve office developers . and* A, new rental level ‘ in the -the possibility of reviving Sun 


block at 34. Moor S ate. EC 2 . “ — at a typical, rather than an ideal « Ti. -, su - cn « Ulus- than its fair share. ol sp&ula- £2.2© to £2^0 a sq ft. growth In the town, opening up 

The 23,500 sq ft offices, built TT W7 TV— -■* T i pattern of property typs and “ “““ocr -of interesting tive office developers and* A, new rental level in the The possibility of reviving Sun 

in 1960, are fully let to Marine J |i W XTODeiTV sTlflPY geographiejd spend, with ia ^book ^ rcfnitol^ during the d^.^reahas been achieved, .this' Life's site for a 77.009 sq ft 

Midland Bank. And as the U* ° * 1 L J A11UCA cost roughly wittin -SSTSSfSSwySSS^lSSS?^ * e boom, as the part three month- with the letting .of office scheme ta Albion Street, 

10 r P M y a H £ P V AG 1h pr °r rty *“ d,c “ Property Index. . «nt tadLSIl Sd to other iSvesSrat med® P fsS years' Jungle ..of -To ^Property Growth Assurance and: espiaftrfn* local specula- 

, £1 i an ^ bas S" market *5 JLW can relax. Its Index P far _ l d chart 1). a point not generally boards testified. Now, afte|*.«;.10^eO sq.ft Kegeney refurbish- tloh that the comwlt Is now *n 

quarters ^he riurehase for^in !f2S !2 anafies - to overcome most of 5 J™ narameiers pre- T »p ible in ^^parisons that use lengthy glut of space, theme^ Sdley House, on Bays- negottation with a dereloper th 

excess of £<im" is known to show construction, or doubts about ear li e ™Stexnp£ °a t S ^ndex” ti on. vent an undue weighting towards 0 a comparison^f cap?tlS growS f npp,y ‘? e ™^ 1 ^ th^othL* vS- 'i w**” 5 CheJtwihain 

TPL an initial return of 4i per their value as a yardstick of per- The strengtii of the index is any single real fund, or towards ( chart P |) P highUa^S be £“ to r j., .r.' SSS^r ■ 5 

cent formance. Now, Jones Lang that JLW has been able to draw solely JLW acquired properties, property’s stable but not oar Wltb aroaj1 ^ ^O.OOO sq ft ^.-.Gfaham - Manufacturing has zoned for 100,000 , sq. .It of 

PPL, one of the largest and Wootton has steeled its nerves, on the mass of detailed inforroa- Bias towards any one fund's ticularly dramatic nerformanT* I® the town m the .past .jslg taken ^the space at £2.75 a sq ft offices. 

fastest growing of the pooled and discreetly unveiled its con- tion available to it as manager buying policy has been prevented as in investment m the Dast ... nn >rr • ~ • * TT" ~7 ^ — w^rrminstpr Bank's 

pensl ?" ? ana - emen . t . funds - Mnth . tributJon tu the world of statisti- or independent valuer of more by limiting the number of decade. This comp arisen is £en!N BRIEF - . > . °L ^ iSSSS?- N?nh 


pension management funds, with tribution tu tbe world of statist!- or independent valuer of more by limiting the number of decade. This comparison is even 
over £122tn invested in property.' cal property analysis, the JLW than 20 sizeable funds. That properties from any one fund more interesting when it is con- 


had been looking for a first-class 
-City of London freehold to lead 
its portfolio. Citibank, for its 
part, has not needed the invest- 
ment since its move to new offices 
at 336 The Strand in the early 
1970s. 

Citibank acquired the freehold 
in 1965 ' and moved into the 
Moorgate offices as its London 
headquarters in 1967. When it 
took on its Strand offices, staff 
moved from Moorgate until 
September 1976 when Marine 
Midland was granted a 15-year 
lease with five-yearly upward, 
only rent reviews. 

The air-conditioned block 


4 oo r RENTAL GROWTH and INFLATION 
iMWagwanoSJianas. 

350 - — — -ILWIrafeiERV 

UK ftmsitPnrja birtat 

300 ” — -<-Windai(M«lneoma 
ooooo FTAebMneaDwKMnd 


CAPITAL GROWTH 

UNVUattQsmnakteskicte* 

»■— — FT mdusSnaJOnfewy Share indec 
JLWIiwteiCatrttf Growth . . 


sidered that the unselective Healey and _ 


y DpIFF -Department of the EnviromnenL National . jvestminsier jaames 

CL SSnekt div or' bedded not to accept the brief subsidiary Lombard North 


/V 


rir".: — *“— • “* ««««« -- 7 - as idea -for a -wider survey. . -the site began to gather dust. . .. 

25%£lJ£SZ£&SL SSSfi *: B will- now belwWnsL ^Coparrter^p./ uslng Hotrard 






are being compared with a care- Albans District Counrilcon&m..^-^ ^ZSSi of wSt^STS 
fuUy selected portfolio of insti- ing its appowtinent as advisereq ,-ftiriier' M ay ahclRowd en~plan- SaSg ere and Healey and Baker . 
utionai quality properties. the towns controversial centi^^g' con8U jtants to St- Albans as joint letting agents, are look-. 
» J£t 7 ^ 8 fr ^ ItJess ? xercise de 2 - eIpp i n ?Pv, oc _ • a ^ P ®* 1 13 yoais. . ing for . prospective tenants to 


■TO 71 n *73 


06 8 m f ItJess exercise deveiopmetu. ■ for the past 13 years. ... .. ing for prospective tenants to 

to make comparisons between H and B has accepted .a torig^. ... . - support an Office Development 

dissimilar investment media, to give a second opinion, an UBIQUITOUS ’ Godfrey Pernrft on the former GPO sort- - 

But as institutions clearly want Samuel Properties 260,0w sq. £L ; Biadman, lax . expert' : and ing .office site for between 77, TOO 
such comparisons, this new index shopping scheme and on o^er, property dealer, turned up. in and 100,000 sq ft of offices. -• 
is a welcome step towards a schemes, from Sainsbury. -v^at/ord this wegk. Copartner-. The "land.' close to Watford’ 
generally acceptable rule-of- and the Sl Albans Uvic isoaety,^^ • Property Developments, a 'Junction station and the town’s 
thumb guide to the performance that the council is rcmsraenng-m'^obsMiary of 'Mr.-- Bradjnan’s shopping centre 'toad been zoned 
of investment properties. the face of fierce local opposition tendon Mercantile Group, has -for. .public body user an the 

• to the Samuels Plan- . * :nov/ agreed terms in take on: a atreoglh of the British Water- 

Pronertv dT b u Dnvers Jonas, short. listed $r. acre development site in -.ways Board’s -plans in the early 

ropertyueals appear on t h e advisory job from a list of,-'£Iarendon Hoad,. Watford. Tbe 1970's to fake a 77,000 sq ft 
Pa Se 37 surveyors recommended by the; land was left in -.charge, of' head quarters building there. 


NDUSTR1AL AND BUSINESS PROPERTY 



Land for 
Development 


CARDIFF OFFICE 


* Connah’s Quay, Clwyd - Ref Cl 


Uantrisant, Mid Glam - Ref MG3 

The Authority seeks lenders fora 
3.5 ha (3 8 acre) residential site. The site, 
forms part of a distncl centre, now under 
construction, some 2 miles north of the'M.4 
Miskin Interchange. 

Tenders shall be relumed by 12 noon, 
Tuesday - 26th September 1978. 


Near Bridgend, Mid Glam - Ref MG5 


Offers are incited for the lease of a 90 
bedroomed hotel site adjacent to -the 
proposed M 4 Aberkenfig Interchange. This 
section ot the M 4 is due lor completion in 
1980 Early possession by a lessee would 
enable the construction to be completed in 
time lor the opening ol this section of the 
motorway. 

WREXHAM OFFICE 
Cftirk, Clwyd - Ref C3 

This residential site adjoins an existing 
estate and has easy access to the M.5,.and 
is ottered in two parcels.— 

Parcel No. 1 comprising .48 ha 
(1.2 acres) 

Parcel No. 2 comprising 1.125 ha . 

(2.78 acres) 

Eroughton, Clwyd - Ref C4 

A 3 56 ha (8.8 acre* residential site 
situated on lhe southern fringe of the 
village, and approximately 6 miles west of 
Chester. 


Art attractive residential site bordering 
open countryside. Chester and Merseyside 
within easy commuting distance. The site 
is offered in two parcels:- 
. - Parcel-No. 1 comprising .8.ha 
(20 acres)" 

Parcel No. 2 composing 1.04 ha 
(257 acres) 


Tremadog, Gwynedd - Ref G5 

A .6 ha.f'1.5 acre) residential site close 
to the centre of this very attractive village 
some 2 miles from Porthmadog and very 
accessible to the Snowdonia National Park. 

The Authority seeks tenders for this 
site Tenders shall be returned by 12 noon, 
Tuesday - 12th September 1978. 

Wrexham, Clwyd — Ref C8 

The Authority seeks tenders for the 
lease (up lo 99 years) of a public house site 
having a frontage to Sontley Road, 
Wrexham. The site extends to 
approximately .7 ha 0.75 acres). 

Tenders shall be returned by 12 noon, 
Tuesday - 12th September 1973. 

CARMARTHEN OFFICE 
Swansea - Ref WG3 

The Authonty seeks tenders for a 
8 74 ha (21.6 acre) residential site situated 
on the north-west outskirts of the city and 
wtlhin easy reach of the city centre, 
Mumbles and the Gower coast. 

Tenders shall be returned by 12 noon, 
Tuesday - 19th September 1978. • 



AUCTION 


THURfBfflf 21 st SEPTEMBER 1978-3 p.m. 

• • : ~-*wr ■ (unless provrmofy so!dJ 

LONDONAUcno^MAfn;HJRTRADEHOUS5 25 UmETOMIYLAN&E£4 

FREEHOLD OFFICE . I FREEHOLD SHOP 
SHOWROOM PRSPERTV I PROPERTY INVESTMENTS 


LONDON SW1 

179/18TVAUXHALL BRIDGERD. 
and Z7J29 Tachbrook Street . 

A prominent location less thanSOO yards 
■from -Victoria S freer. undergrcKmd/mam 
Bne stations. Taghbroofc Street Arms part 
oftha Warwick Way/Wilton ROpd dipp- 
ping centre. 

FRONTAGE abo Ut 29ft 6 in. 

DEPTH 3bout95ft 

TOTALR.OOB AREA 7095sq.fL 

-WANT POSSESSION of Majorfttt • 


STANM0RE 

1 JS CANONS CORNER ' 

Nine shops in a -busy retail location. 
Tenants indude Martin the Newsagent 
Ltd. and Unwins Ud. 

Total current Income " £18,106pj*. 

VALUABLE RBCT REVIEWS OR 
REV51S10NS FROM ISO 


■tWBprrjo*rtrw6llWDffWKia»nw»tx*fHtJiB/bt*ifncC 
nkl «t» ihopaviM iMOlliindindMtiiaBK 



ealey & Baker 


, Established 1820 in London • 

29 St. George Street, Hanover Square, 
London W1 A 3BG 01-629 9292 

CITY OF. LGf'JCXbr'i liKOLO BROAD STREET LONDON ECSN LAR 

ASSOCIATED OFF lC£B PARIS eflL'SSECS A MSTS R D A f. JEF^EY 


FORSALE 

ZOGOyears lease 
Approximately ll,000sq.ft 

=SAVELLS~ 


20 Grosvenor HiU, Berkeley Square, 
London WlX OHQ Tel: 01-499 8644 


ONLY 

£4.75 PER SQ FT 
LONDON, W10 

Newly constructed Bret das» office 
accommodation to let. 

7^00 so. ft- or 

S self contained suites ol 3.700 sq- rt. 
Furtlwr diiUuls apply: . 

LAWFORD & SONS LTD. 

Royal College Street, Catndan Town. 

H.Wi " m^ssaw 


Further particulars obtainable from the appropriate office, as follows:- 

p *$ % LAND AUTHORtTY FOR WALES 
AWDURDOD TIR CYMRU 

Aich Litre} Manager.. S"E > AfYd Land Manager. > H ) Aren Land Manager f W) 

Land Aulhoniy lor Wales, Land Authonn. lor Wales. Land Auinoniy for Wales. 
Bturcl Hoii'.e. ■ 33. Oiosvenor Roao, 2QA -jng Street, 

FU.-airn Road. Wrexham. Larmanhen 

irtirdilt CF2 ISO LLIIIBT SA311B-I 

. Tel- 02J2-599077 tel 0978-57133 Tel. 0267 32471 


J 


■SAVTLLS 

Are instructed by r 
Substantial Private Company 
dienes to acquire '• 

WAREHOUSE 
& OFFICES • 

14-16, ooosq.ft-HW r ooosdJt 

onacresite 

Westy South west of Londtin 
Close to public -v- 
Transport faalftles 

Wf JOM ‘.Y 


-osv enpr HiiLLpr.dop.vyi > -•* J -‘' I 
Tebct : '4S? 3 C 34 


INDUSTRIAL AND 
BUSINESS PROPERTY 
Rate £14 per single coIubui 
centimetre ... 



CHAPTERED SURVEYORS 
CHARTERED AUCTIONEERS- 
ESTATE AGENTS i - 

TOrtH Pi.»Hh:HG CONSULTANTS- 
valuers : ' • . : 


HE MEL HEMPSTEAD 

H'Kiun 1 mile ol ifie Town Centre 

BUILDING LAND 

Detailed Permission for 63 Rouses and 34 Flats. 
ABOUT 6 ACRES 

Main Services Available. Vacant Possession. 

FOR SALE BY PUBLIC AUCTION IN SEPTEMBER 

i Unless previously soldi 

Preliminary Particulars from the Chartered Auctioneers 
2a & 4 Temple 'Square, Aylesbury! Tel:' (0296) 25352. 


Instructed by the Liquidators 

WILSON & PARTNERS • : 

in conjunction with WALKER SINGLETON l 

WILL SELL BY AUCTION 

Part worked 
Limestone quarry 
Known as Cottingham Quarries 
Extending to approximately 64 acres, close to Corby. Northants 
For sale by Auction unless previously sold 
on Thursday 14th September, at 3.00 p.m. 
at the George Hotel, Kettering 

AU aiQVlrUx lo total ouctmuccrs 
£*'**'* , Walter Singleton 

SSE& P, “ 

■ sre » srsar 


vy 

' 

M 





By Order of British Gas Corporation 
• ( North Thames Region j '• • • •• 

RATHBONE ST. 

LONDON W.1 


ENTIRE 

FREEHOLD PROPERTY 

10,700 SQ. FT. 

plus covered yard of 3,000 sq. ft 

FOR SALE 

OR MIGHT LET; / 


. .Apply Sole Agents Ref. 0 /RHN 


Hillier Parker 

May * Rowdea 


77 Crosyenor Street, London W1 A 2BT. 
Tel^ihone: 01-629 7S86 

sml Qty of LondoiT, Edlntmrgn, Parti, Aipsterfam. AWralla. 


FOR SALE 

MUNICH CITY — BUSINESS AND APARTMENT .HOUSE 

2.800 sq n- {30.139' iq ft)' .commercial space. 1.200 sq ra (12.917 cq ft) 
midencia), in base waffle and baaJiieu Toearon. . 

' Asking price: DM 4,700,000 . 

Plene ndd'et* offers to: 

MG 12 3(H>, c/o CARL GABLER WERBEGESELLSCHAFT MBH 
AMiolfadr, D-8000-Munchen 1 



Q$o6SrS.W3. l^OOSqJt on SecondPJob& 

Ivfodexn buHding. : .CFLX3FL Immediate Occupation. 

Erijetedd Offices, S.W.Z 5^20 Sq-Ft. \ 
•j^^ewithVtocsaiit Possession.- .: 

N.Wl. 13^i00 SqJFt First Floor- open plan, 
^deorised building with prestige entrance . 

Sefelbished buikilng2 xaiautes from EustonStatioxi. - 
55uSq.FLfor immmediate ocaipation. 

Gte- suites diortly to be made available: 

CBeads Require; 

%000 Sq. FL plus residential, parking. S.WL, S.W3., WL 
2^000 Sq.Ft plus in Haimnerermth. 

. 20,OQOSq.R plus in. Oxford Street/New Oxford Street area. 


Chartered Surveyors 




Gross- - " 

Fine-Krieger 

Chalfen 


Part broken 

blocks of flats 


27 Princes Street 
Hanover Square 
London \AflR 8NQ 

01-493 3993 


Our Clients will consider 
all situations regardless ol 
percentage sold. 

'Special consideration will 
be given to portfolios. 

Contact Retained Agents 
' as above ref. J.R.$ r or 

J As. 





















4 








* ,:: ’ *1 % Pfeoaacfel :^Eii^:^d^--Aug!^ 21 197&-: 








CMA House, 29King Street, Leeds LSI 3HL, W Yorks 

0532 • 463168 

BRADFORD CARDIFF LEEDS LOfJDON FRESTON 

London EC2 

1Q0 yds Bank of England 
Self-contained corner 

Banking Suite 

Vacant possession 

4,150sq. ft. approx. 

Self-contained 

Offices To Let 

Short Term Vacant Possession 

4,130sq. ft. approx. 


fj=Y Weatherall 
Green & Smith 

01-6389011 



37;00ff^.fe6t Wythensbawe; 

Man^ester^ ; 

* Suitable for Resaatrcfiand Development Laboratories^ 
/Devtapmcot Works ho p s . \V 

‘Ckselo ManchostorMamatHvtal Airport and MSB- - L. 
Motorway. 

:*Praonn«s are pirttwmrtof*y and part three-storey \ 
arithroornfor e x p aia a toiu^b>YateIo^ptostiaa f 

location and in firyt cb^pmflddtt. Previously used L 
foreducstionaipw|Mbsaaupto.Mlay197awdieraaro / 
^cantoan factUtkre and parking areas available. / 



Manchester 


funherparticutosirom:— 

The Dhbckmv ln4uswlalDevak>pm^t drift. , 
Room 109. Town Hoff €« tension. 
MANCHESTER M602LA. ■* * 

TeCophohs Wo. 461 -239 3377-Ext.301.-307. 3i 


Self Contained Office Suite 
?TO LET 


SotoAgents 

Henry Davis &Co 


JO? New Bone Street 
London W7Y9L G 
Tel: 01-4-99 2277 




wetotiirveivi . c.or.Doro'ic4 


FACTORIES W**" 


Ring John Case 

/VT y 7 r 7 £ O' 


0 


h87S\ 


A flNANCIAITIMES SURVEY 

Industrial Property 

_ will now be published on . 

THLIRSi DAV 28 thSEPTEMBES 1978 
for further information 
the editorial sjrnopsfs and advertising 
.;l..rates<fflntact; - 

>v . ‘ > Gift Counter 
OX -248^ 

FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 




appointments 


■ " . ■ 


Haclaninvn’c • reviving. Private developer. Gate 
Aittljlclllct l a ■ of Barbican, has just found a 
i ■ 1 i ■ purchaser for its 10,000 sq foot 

rarocnial plans of MW offices at 55/57 Banner 

d?v?!nn GITY t of , L 9 Ildo ? offl “ St F et ’»L C MarshaU. advised by 
ft, e SESf nt coyl , y men Il on ? d “ Mellerah and Harding, has paid 
^« Q ^^ t T^. Dnua re P° rt of the. £670,000. for the block, which was 
mnf 3D! J JK 0 **/** completed nine months ago and 

turns out to be a £2}m fioancing- which had been on the market 
for a Haslemere Estates re- a + _ n askine rent of £66.000 a 
at 1<W2 Abcburch £aT Goldstein Leigh managed 


Gnataway heads new Honeywell council 


Lane. E.C.4. 


- , „ ..the development from the start, 

Pr?£5r l? aDd Sav * ** ^anfied the sale foe Gate, 
rrosper have acquired the w 

Ea£t Y THAT 0LD favourite, an "on- 1 
budding. wid pen*™ has paid; 

wdS tb?^hni^ y T % ELlm for the 7.035 sq foot offices! 

SSrtSrf SSSSfn; « 54 ** H Mall. SWL The block,, 

rarowuM foundation. An refurbished by Charles Prices : 

"S 1 create OTSeenrities 7 two yeSu^Jo, 
wm?f t tS,^K fee i 0f m0d A ern *^ subsequently sold to overseas 
”,?vw2 buyers who then bought out the| 
JKS’ . f ^**5 freehold. Is let for £81,135 a year 

with the first reviews failing dne, 
ah SL « Baker for S? 5“** id 1081. Sinclair Goldsmith 1 
totti£ aeem?* *** retamed as acted for the shy fund and 
On g aether City ParochW ^ 5 ri “^ advised ^ over ' 
freebold. Haslemere has bought S8 ™. m hark in 

out the Bank of the Middle East's p-l/L* “ ’ 

redeveloped jointly with City e^Sket. 1 Th^boHd 

Parochial to create 14,000 square front “ se market. The build- 
feet of modern spare • ^ *** been, for sate, but now 

■ Vigers and Archer wHl act as S >I ? n *£**£'? 

letting agents on the Catmon “ . h&,din 8 11 B ^ investment 
Street sehem^ and inbolh'Sls J*? less * of coU«e, another of 
ftiebard Ellis advised the bank. “ 

Pleted the £2.4m prnSase of the t 0,d ** ¥ ,85 ^ Sq 

Chantrv Kev* Groun's 28.600 so ft . freehold shop and_ office 


Chantry Keys Group's 28.600 sq 


scheme 


Langley 


scheme in Folkestone to London 


Hall. Langley. Slough. The fund, pe Association Managed Fund 
and the Birmingham - based fo J . a ™ u ® d fj 5 ®- 00 ®-, 
developers, were bolb advised adv l sed . b * McDame^ ® nd .,P aw - 
hv SaviUs. who arranged forward modernised the 1960s buildings 
funding proposals last March, in Bouvene a Ptece Folkestone. 
Completion of the nurchase. on yc ^ r \. Ar 1 ^ , °* 

a net yield of 6.6 per cent the bnDding are let to 

follows full occupation, of the the Property Services Agency 
offices bv Vilkinson Match on an ° to a Arm of local solicitors, 
a standard 2R-voar- lease costing 3^00 sq ft or shopping 

an initial £165.000 a y6ar. . *P ace » occupied by a Job 
— Cenrie, Superdrug Stores, and 

top Twn’CTttfrvcm ' njATTP J - CoraJ - Tbe whoIe scheme 

THE MITSUKOSm CROUP . produces a rent roll of £32.00f 

-Tanan s leadine deDattment store ^ fund an lnitia j yj eld 

cham. ,s to open its of just over 7 per cent 

nutlet in the former British Air- ■ - 

ways’ travel wnn*e a» ’Dorland TOWN GRADE PROPERTIES has 
Ho c use r ' e sent Street paid £ 252.000 for the Kenilworth 

Smith M^lzack and the .British- IndustriaJ Sitea sob si diary of 

Airways Property Department Midlands housebuilders, Thomas 

^ r £™ as i° ng «. a ^ Bates and Sons. Frank Remain, 

€50.000 for the remaining 30 Towngrade . s managing director, 
year^ of a lea^e on the 12^0 ^ fte deal bril]gs ^ 

d Q I r Ji in . lt a The leaS T*«^D5 tbe Kenilworth industrial estate, 
Prudential As^rance Inland an early 1960s development with 

11 ’ 632 st * ft of ° mces and 27 - 890 
a year at the rno^nL .Rutjhe ft Qf ]ight industrial units. 

^ " f - 1 « vea1 rl Z™ ^ru«Zci,i The whole estate is fully let 
due to 12 tenants and currently 

r;Tr2r,' V ta £ ™ 5 •Sv sa generates a rent roll of £40,000 
and Pa^er* s ° a yea r. Reversions in the nerl 

r. r,r a Jg non|llf bring rents 

2R-Rnor St^^fronjaw nearer to local open 

and with a market rents of around £120 a 

a me^anine fl^ The sto’T ’J square foot for industrial and 
6 0PW f trad g up to £3 a square foot for office 
tiv Christmas. . • - gjjace. And, allowing a discount 

_ • '■ _ ... for tbe age of the . buildings. 

THE SPEED at winch Bntisn Town grade expects rents to top 
Land recently let its 29.000 sq £70,000 a year by 1980. 
foot office development at 120, j n meantime, the Kenil- 
Aldersgale Street. ECl may have wor th operation is negotiatliig 
reflected the Post Office's need f or another 5-acre site Dear the 
for quality space rather than any with scope for another 

pressure of letting demand in 135,000 sq ft of industrial space- 
the northern fringes of the Crty. t r> 

to’ the area is dearly J 



SHOPS and 
OFFICES AVAILABLE 

throughout the North East of England 
for current & planned Developments. Enquire now 

write or telephone: 

F. J Hutchins, F.RLC.S., Managing Director 
BARRATT DEVELOPMENTS (Properties] LTD. 
Wingrove House. Ponteland Road. 

Newcastle upon Tyne NE5 3DP. 

Telephone (0632j8668J1. 


SAVILLS 

Northampton 

GARAGE FOR SALE 

24,000 sq.ft of Buildings on i.7acre site 


SavfflsHRefJWD 

20 GrosyenorHiH 
Berkeley Square 
LondcnwiOHQ. 
TeJ: 01-499 8664. 


BUILDING LAND 
AND SITES 


Savins (ReECJR) 
810 

upper King street 
NcrwiCD NR31HB 
TeW06CB)6122TL : 


FACTORIES AND 
WAREHOUSES 


MBCHnVRTV Hitt REDEVCLOVMINI oopfn. I C1TT STOftACX OfHCBS — Appro*. 10.000 
RlDtYtwrwBii So _ Fl To Central Hwtioo. LiM% 


MM rd. trontaae * 2lO’ wrtt acuss 
B>»J jt nir gonrd mulentl*l <empr>B- 
hut smaB xboo Witn tock-ao wnjM on 
"^rtBhboortBB wC tec roar. S.E. 

UtnOon. yVrttc Boa T^932 nnanclal 
’Umco. to; Cannon S treat. EC4I- 4BY. 


LEGAL NOTICE 


y; .V NO. m*SS at 197S 
.. ni me HIGH COURT OF JOSTICK 
Ouaewr PWttlM Cotnpaows Coun. In 
Ow-Hattcr at D. HERON LIMITED and 
m.-'Oe Miner of Tbe companies acl 

1S48. 

NOTICE IF HEREBY GIVEN, dial a 
.Prtftwa Tar tbe Wmdmg up 01 tbe above- 
(MtBWd ComBaov bv (be Hieh Court ef 
Jew was. m tbe sisi day ef July 
J*s«r’ presented to tbe said Gown by 
THE. COMMISSIONERS OF CUSTOMS 
AND EXCISE, or KlbS'a Beam Bone. 
SUL Mark Lane. London EC3R THE, 
amt tbs i tbe eanf phIiiob is dimred 
w, be -beard before tbe Court sIHtns at 
tbe. Bpm courts of Justice. Strand, 
London - wcu 2LL. oo Jhe iBtit day or 
OewHWr I9T8. and any creditor or c*nv 
nujowy or Use said Company destroas 
■to jBumon. or oppose the mafetna of an 
Older on tbe »td Peutlon may appear 
m ». ome or nearing, hi pereoo or 
by bis counsel for that purpose:- and a 
raor at Ou- Permoo wiu be famished 
by -the anoeryboed to any crednor or 
i cenWbofory or the <atd Cmnppny renal nos 
*nch coot on tuyaieu of ifif recuumd 
ebarse for tbe same. 

~V-.~ G. F. CLOAK. 

Elan's Beam Bouse. 

■ '■ 3M1. MAffc Une 
- London EC3R SHE. 

' Sottcuor to tbe PedUonera. 

NOTE.— Any nenoo who intends to 
appear oa ibe Peanut « the said Petition 
rntai jone on. or suod hv post to. ibe 
•bme-named tmUcs m mtURR of bis 
imedUenso to da Tbr notice mast sutr 
fbo Bane and address of tbi- oerson. or. 
-u a firm. Uic name aod addres* of the 
firm: and roust be stated by tbe pemoo- 
or Bin, or -his or rheir sollcHor Ilf ini 
and roost be served, or. if posted, bwsi 
be sun By dor m suScteui nine to 
Tracb . tbe.- abovotoiMd nor . later tbas 
hue o'clock pi the . altenuon of Ibe 
13th tfer of .October?**. . - 


ino. Car Parking. Loadinij Bjvs Joi 
La no Wootton. Teh 01-606 «060. 


EXHIBITIONS 



CLASSIFIED 

ADVEFTnSEME 3 MT 

RATES 

Smsie 
Per ohm 
tf*e cm. 

£ * 

C ommercia l ATndas trial - 
Prooerty t50 14.09 

Hestdetnial Property ZJBO GJS 

Awototmams . OO UM 

Bust ness A investment 
OpMnunaies. COrpaanoD 
Loans. Prodncdlon 
Capacity. Bi sl awa a s 
For Satef Wanted &2S «an 

Sdocatton. Moure 
: Cont racu A Tr u de rs . 

PoreooaL Gardenias OS IS 00 

BMrts and Travel . US U.Od 

Book PoMtatm — 7.90 

Prem i ito posftleiis available 
(H WW SfM OB CthSH BIS 
fLS> par einfe Mhaa cm extra) 

Far S*rM» detail* wn& tor 

Oassified AGverUsfimrnt 
Slsnsger, 

Financial Times, 

ID, Caunion Street, EC4P 4BY 


Mr. - Oimtopher Chataway, 
1 managing director of Orion Bank, 
has bees appointed chai rman of 
an advisory council formed by 
HONEYWELL to assist in policy- 
1 making, ana t0 advise on business 
strategies aod financial policies 
affecting the company’s computer 
and control systems operations in 
the UJK. . 

Other members of the new 
council arevDr. A. W. Pearce, 
chairman SDd chief executive, 
Esso petroleum Company; Mr. 
D. A. J. Manser, executive direc- 
tor, Thomas Tilling; Dr. John 
Powell, vice-chairman. EMt group; 
Air Marsha 1 Sir peter Horsley, 
and Sir John Hogg, deputy chair- 
man, Williams and Glyn’s Bank. 

The formation of the advisory 
council, . . ' States Honeywell, 
provides the company with an 
independent viewpoint in addition 
to . the' established lines of 
management it is an indication 
of the' intention of the company 
to managfrits success in a manner 
compatible with British national 
interests. 7 

* 

■ Mr. ' M- D. Field, managing 
di recto r, wholesale group of W. H. 
SMITH AND SON, is to become 
managing director retail from 
September- 4. He succeeds Mr. 
Simon Hornby, who was promoted 
to group, chief executive last 
month. Mr. K. j. Morris, deputy 
chief exeftitive, wilt have overall 
responsibility for the company's 
wholesale >usin ess, which is being 
split into two divisions. Mr. K. P. 
Beattie - continues as divisional 


July 1978 


director for the wholesale news 
operations. Mr. T. J. &. Water- 
stone. at present divisional direc- 
tor for WHS distributors, is 
appointed divisional director for 
the new division or WHS distribu- 
tors and wholesale books. The 
new Wholesale Group organisa- 
tion will also take effect from 
September 4. 

* 

Mr. Ira Stepanian, senior vice- 
president, has been appointed 
general manager of the FIRST 
NATIONAL BANK OF BOSTON 
in the UK. He replaces Mr. Paul 
N. Voncks, Jr. who returns to the 
bank's Boston headquarters to 
become senior vice-president 
National division. West. Among 
Mr. Stepanian’5 other UK respon- 
sibilities will be the chairman- 
ship of Boston Trust and Savings, 
the UK moneyshop subsidiary, 
and joint managing director of 
First National Boston, the bank's 
London based merchant banking 
subsidiary. 

* 

Northern Engineering Indus- 
tries has made ihe following 
additions to the Board of NEI 
PROJECTS: Mr. C. R. Thompson, 
recently appointed to the mam 
Board of NEI; Mr. J. G. Anderson 
and Dr. R. Hawley, respectively 
managing directors of NEI Inter- 
national Corn boat ion and of NEI 
Parsons; and Mr, R. Braysoo, 
as finance director. Mr. J. T. 
PretsweJI has become secretary. 

★ 

Hr. C. H. Hunter bas retired 
as a director of BLACKWOOD 


MORTON & SONS (HOLDINGS). 
* 

Mr. Frank Metcalfe, who bas 
retired from the Engineering In- 
dustries Training Board. > .has 
joined the Board of ICFC TRAIN- 
ING, a subsidiary of the Indus- 
trial mid Commercial Finance 
Corporation. 

* 

Mr. Gerald Mortimer will hand 
over as group chief executive of 
CONSOLIDATED GOLD FIELDS 
at the beginning of September, on 
reaching the age of 60. He will 
be retaining a seat on the Board. 
No decision has yet been taken 
about his successor, but the Board 
expects to do so within the next 
two weeks. 

★ 

Dr. A. K. Graham, at present 
manager of licensing division, BP 
CHEMICALS, will be appointed 
to a new post of dhrinonal co- 
ordinator, R and D Department 
from October 15. He will be 
succeeded by Mr. R. R. Dobson, 
who is at present manager, R and 
D Division, Grangemouth. Mr. T. 
Reilly, manager of the acrylo- 
nitrile plant at Grangemouth, 
will become manager of tbe 
Grangemouth R and D Division 
in succession to Mr. Dobson. 

* 

Mr. E. Ira Brown has been 
made director of the BRITISH 
EXPORT HOUSES ASSOCIA- 
TION an d the BRITISH IMPORT- 
ERS CONFEDERATION. He is a 
senior staff member of the 


London Chamber of Commerce 
and Industry. 

* 

Mr. John ilsley has been 
appointed a director of manufac- 
turing engineering, PRESSED 
STEL FISHER, a member of BL 
Components. 

* 

Mr. p. Hansen has been 
appointed president and chief 
executive officer of the newly- 
formed COM3NCO EUROPE with 
headquarters in London. Other 
appointments to that company 
are Mr. BL 'A. Madley, vice-presi- 
dent, finance; Mr. D. AL Silver, 
vice-president, marketing; and 
Mr. G. D. Tikkanen, vice-presi- 
dent, exploration and operations. 
The parent concern is Cominco 
Limited, Vancouver. 

★ 

Mr. Peter CnUibert-Srafth has 
been appointed a director of 
BINDER HAMLYN FRY AND 
COMPANY. 

* 

Mr. G. Handley and Sir. E. 
Evans, at present subsidiary com- 
pany managing directors, have 
been appointed to the main Board 
of ASTRA INDUSTRIAL GROUP. 
Mr. K. D. Hanlon has been made 
a non-executive director of the 
group. 

★ 

Mr. Norman Acfaen of the Royal 
Bank of Canada has joined 
ORION BANK as an executive 
director. He succeeds Mr. Paul 
Taylor who has returned to the 
Royal Bank Montreal as head' of 
its Dew global finance unit. 


r This announcement appaats 
as a matter of record only. 


teLLESFORENINGEN FOR DANMARKS BRUGSFORENINGER 

Co-op Denmark vlb 

a ■ . 

Dfls. 30,000,000 Multicurrency Loan Facility w n 

Fixed Rate Option in Dfls. and/or DM 


managed and provided by 


Adviser to the Borrower 


DG BANK /CV... 

Deutsche Genossenschaftsbank ' 

COOPBWIEVE CENTRAL E 
RAIFFEISEN-BOERENLEENBANK BA 
(CENTRALE RABOBANK) 

LONDON & CONTINENTAL BANKERS CTD. 

ANDELSBANKEN AS DANEBANK ■ 
LONDON & CONTINENTAL BANKERS LTD. 


A HNANCIAI.T1MIS SURVEY 

WEST GERMANY 

OCTOBER 16 1978 

The Financial Times is planning to publish a survey on West Germany on October 16, 1978, 
A synopsis of the proposed editorial content is set out below. 


IJVTROD UCnON West Germany under 
Chancellor Helmut Schmidt is playing a growing 
political role in Europe and beyond to match its 
economic strength. But domestically a high 
unemployment rate remains and the Govern- 
ment coalition is shaky. What are tbe implica- 
tions of this outward strength and inner doubt 
for Germany's neighbours and allies ? 
POLITICAL SCENE After years of dominance 
the. three main parties — Social Democrats, 
Christian Democrats and Liberal Free Demo- 
crats— have been given a nasty shock by an 
upsurge of smaller groups. 

ECONOMIC SCENE This year West Germany 
has again been under pressure to contribute 
more towards an international effort to encour- 
age ecoonmic growth. 

FOREIGN POLICY — 1 Its economic strength 
has gradually given West Germany a bigger — 
and : at times unwelcome — role in political 
affairs. One example is Bonn’s increasing 
i nfluen ce in Africa. 

FOREIGN POLICY— 2 A closer look at West 
Germany’s policy towards the European 
C omm unity. 

DEFENCE West Germany is militarily the 
most powerful European member of NATO. How 
far will its growing political weight influence 
planning and strategy within the alliance ?. 
ENERGY West Germany bas few natural 
energy resources. This means that it must seek 
to pr omote those it has. 

the LABOUR MARKET As a purely political 
problem, unemployment in West Germany has 
not had the dire consequences once predicted, 
even at an average of over lm for the past three 
years. 

TRADE UNIONS The spring of 1978 was 
marked by bitter and expensive labour disputes 


that have dispelled the notion that industrial 
relations in West Germany can never cause real 
problems. 


INVESTMENT OVERSEAS The past 12 months 
has seen an increasing flow of long-tera capital 
investment by large German companies abroad, 
pri marilvy in the United States. 

COMPETITION POLICY The Government has 
approved a renewal of the cartel law. The 
object is to safeguard the market economy 
through more stringent, better defined powers 
of merger control. 


AGRICULTURE West Germany — which used 
to be the leading critic of the Common 
Agriculture Policy — now finds it is benefitting 
from it. 

PROFILES A series of brief sketches of leading 
figures in politics, business and industry. 
SOCIAL SECURITY AND HEALTH The 
German system as been praised as one of the 
best in the world. 

BANKING 

(a) The German System: West Germany’s 
universal banking system gives their banks a 
remarkable freedom of operation. 

(b) Growing Internationalisation: West German 
banks have started moving into the international 
arena. ‘ 

THE STOCK MARKET The Federal Republic’s 
stock exchanges are small compared with those 
in Britain and the U.S. 

STEEL The West German steel industry has 
suffered along with the rest of Europe from ■ 
several years of crisis. 

SHIPBUILDING West Germany has seen 
orders shrink further this year. 

NUCLEAR ENGINEERING Passions have 
cooled somewhat in Germany over nuclear 
power as a long-term energy source. 
MECHANICAL ENGINEERING The industry’s 
hopes at the beginning of 1978 -for a lasting 
improvement in orders have been disappointed. 
ELECTRICAL ENGINEERING AND ELEC- 
TRONICS The drive overseas — particularly 
the American connection. 

AEROSPACE The industry’s future is more 
dependent than ever on major international 
co-operation programmes. 

RETAILING The savings rate has dropped 
substantially? from the 16 per cent recorded at 
the heights# the recession/ r ; . ’ ; • 
CONSTRUCTION The industry has been 
through seven lean years in the domestic 
market 

CHEMICALS AND PHARMACEUTICALS For 
the second year in a row the chemical industry 
has been in-.deep recession. 

TRANSPORT An analysis of the development 
cf West Gerihany’s road, rail and inland water- 
way systems:. 

QUALITY" of LIFE How the Germans live. 
The arts, culture— and the tourist’s Germany. 


For further information and details of advertising rates please contact: 

Gertrud Fraser, 

European Advertisement Department, 

Financial Times, Bracken House, 

10, Cannon Street London EC4P 4BY 
Tel: 01-248 8000 Ext. 472 

FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 

The raUenr and mhUeanoo 3 o» Swwt Id tte KlrmnctaJ Toma an? niDtact to clianst « tlw •HttrMlM) of tire Editor. 









28 


• Financial TEiines Friday August 1972$ 


WORLD STOCK MARKETS 


Wall St. reacts 6 on increased profit-taking 


INVESTMENT DOLLAR 
PREMIUM 

SiM to £1 — 1071*5 (108%) 
Effective $1.8530—551% (55i%) 


Analysts said that algo upsetting Industry net profits. Brokers said 


Bow VaDpr Industries rose 1} Sumitomo Predston Products Y67 f^herfinbhatt sales, .xos&'jMto 

FFr 38S. • i 


sentiment was comment by Fede- proGt- taking "was encouraged by to C834J on . improved annual to Y717. 

ral Reserve Chairman G. William a report that some analysts are results and plans lor a two-for-one How ever, Hisamltsn Pharmacen- 

Miller that he hoped Interest rates uncertain about the airline In- share split. tieal lost Y10Q to Y1.170. Nippon Australia 

would peak by December. They dustry's earnings outlook. Among o the rs renortln" better Chemipbare Y60 to YI.200, Kyshu 

said the remark implied that Colonial Stores slipped 1 to results. R. L. Crain nut on { to Electric Power Y40 to YL320 

WITH INVESTORS disappointed Miller expected a further rise in ;312 — the company disclosed that c$llj and HughKussel “A" i to Chiyoda Che mica Y28 to Y775 and Budget nerves and lost'VQme of 

by a large r-than-expected rise in the meantime. • the FTC hag asked officiate _of to C$122. Nippon Miniature Bea r in g Y21 to their upward momen tum to close 


Markets had a touch of pre- 


the producer price index in July After 1*6 ! stock market close, “SEE ** red 


MHte maei hi ooiy mai wi uu«, IHKt iniHnn<il 

and also cautious ahead of the «5L 


weekly Money Supply report. Wall 


hearing today, 
which this week 


began a tender offer for Colonial 


Tokyo 


Y4S0. 



Trading volume was a substan- be repocted. 


on a mixed note, but there were 
some bright features. . 

After disclosing that a lead- 
, fng Sydney broker ha? placed 

Stock pnees were inclined to 340.000 of its shares to ' ' 
curbs: gam further ground in lively more than A$3m into 
Average trading, which included good Uranium company's 


Germany 


tial 39.83m shares, althoug wen 

below Wednesday's level of 

48.85m. 


Chrysler was one of the most reaching 16058 at 1 pm. Volume the Tokyo SE Index improved L36 Commerzbank mdex added ASIG^O. — 

active New York Stock Exchange came to 4.63m shares (458m). to ^15-02, Volume increased to more at Si7.i. neanng the tugh ror mainly little changed, ^although 

issues and gained S13 to $12 i — Resorts International “A” rose 270m shares from the previous the year of 8195 reached on July Peko- A aUsend improved 8 "cents 

Chrysler and Peugeot-Citroen S2 to SSSJ on sharply higher six day’s 200m. 27. Broken said some late preEi- to ASB.00. 

Tokyo .n*.Uu otter J.n.n« 



Avi*. 4' 

July 28 

]- July 31 

Otar acbappnw 

Ind- div. yield % 

. S.W 

S.47 

1 5.83 

■ 5*03 


The Dow Jones Industrial Aver- have agreed on o combination cf months earnings, 
age. after reacting to 883.60 at their principal European opera- Wcstborne 
10.30 ajn n rose 

898-39. almost 


BHP regained 6 cents , to. 


International ^ rhai highs for the day but most man- ASS. 00 on a report- of bydro- 

" dL-fSib of 41 *LTV 'were "artive" amTup fmore adi^ced li.to'|30i in response £gj n ®SKS rJffiSSls Sw *S| d t0 „ ffij* 1 , indications » the Sea- 

to a days high or . ... Earlier this week LTV to a rise in Grst-quarter net Kp lowered told nerrpnt from CO Breweries provided the strongest hone ? 

reaching the 900 rpnoj-irri sharply hicher second- profits, an annual dividend of $1 ___ ~, n r_ effective*?™™ vesterday. sector, with _ Hen nlnger adding J*_drillL 


well, which the eompany 

renoried sharply hicher second- profits, an annual dividend of 51 ZZ r » ~eff^iw7™m ' vesterday. sector, with Henntnger adding is drilling with Esso in the Bass 

mark again, before receding to Quarter net profits from continu- a share and P ,ans Ior a special *** re U ^t* « from > DM3, Dob-Scboltheiss DM9 and Strait. .. 

885.48 for a loss on balance ofllo. ?ng ‘o^rations . ^ Payment m!?ket & I» nrUSSl *££ 

The NYSE All Common Index Digital Equipment also active nravement. ^but^MoTo^ were Elsewhere. Dresdner rose profit? Sid^bia i»Se 

moved in similar fashion to finish were do*" If at Canada Lsier-indVned, with^Honda Motor nM2.40 Daimler D5C50. Manner announcement, but ™ - 

41 cents down at So8.34, after loss of -» on ^Wednesday — the falline Y13 to Y510 on market ex- mann DMI.iO, Prenssag DM450 shadowed bv Westfield.' -which 

touching 558.83. while declines led company reported little change in Mixed movements were recorded ^Udons of tow?? operating and Krupp DM250. Kmped 34 cents to a high fS 

gains at the close by 893 to 620. fourtMuarter per share net ^ . due _ to the sharp yen Public Authority. Bonds rallied the year of A55.34 awaiting the 

LaS P bit?rcontinental Diversified Go^osite lodS shed L 5 to appreciation.- up to DM1 more wito ije Bun. ies- results. 

P 2 !? d th 5 C added 21 to 5261— directors have 1.219.9, although rises held an Fujisawa Pharmaceutical rose bank sell ins 0 DM6^ n om maJ ™ 

™ f n - « hed goods agreeC | w buy most of the edge over losses on the Toronto Y4Q to Y 1,180, Toyama Chemical stock Mark foreign 

r cnt ,n 1.033.000 shares offered by a exchange of 236 to 226. Metals and Y36 to Y796, Green Cross 0 to loans were steady to firmer, 

i-*' T " e r . ls ? " as down from an director who bought the mat 532 Minerals receded 6.0 to 1,032.8 and Y2J500, Kinki Electrical Construc- 

016 pre ' each. Oils and Gas 3.0 to 1.578.7, but tion Y120 to Y144Q. Toyo Radiator p - 

month, but above many Airline issues were lower, with Golds added 9.9 at 1,602.0. Y98 to Y668, Spnten Pbarmaceuti- 

forecasts. TWA down to $25? UAL off Transcanada Pipe shed J to C$17 cal Y97 to Y667. Matsushita i Seiko 

The wholesale price report con- 1{ at S37t and American Airlines — the Alberta Government said it Y»0 to Y1.300, Toho YSO to » ^r 60 - quiet trading, 

tributed to a rise in short-term in- II cheaper at $18. The issues has no interest in acquiring Kasha Y74 to Y524. TDK Eire- operators cited the firmness of 

Ceramic ^ Y70 ^to^YX^OO and the French franc In relation to Central N°recman Gold lO eents 


terest rates, which put added pres- have been strong in recent weeks Canadian Pacific Investments' 
sure on the stock market. on increased traffic and higher per cent stake in Transcanada. 


13 


in Sugars. Bunds berg gained 
5 cents to AS3.40 on reports that 
it is copying the group leader. 
CSR and diversifying into' coal. 
CSR put on 3 cents -to AS&33. 
The Diamond speculative* were 

* l^oThl SftSiS 

Bullion prices. 

CRA shed 3 cents to AS3.00. 



Aug. 9 

Aug 3 

1 July 96 | 

1 Tnragotappntt.' 

Ind div. yield 2 

4.70 

4,76 

i 4 * 93 i 

4.49 

.Ind. F/B Ratio 

9^7 

a. 78 

) b:4& •) 

10.06 

-tong Gov. Bend .vwM 

8.32 

8.45 

1 . 8.66 ; 


1 7.70 

A K3E 


NEW YORK 


Stack 


A Os- 
lo 


Au*. 

9 


AfMt laho 

Ai1>1mMtn|ib .. 
Aetna Lire a I'ai 

Air Pn.>iuft« 

Alr-onAlijinimum 

Aina 

Alice. Luriluni ... 
Aliesbmr P««« J . 
Alllfri ITiemiual " 

Allied m«*i 

Alin Chalmers.. 

AMAX 

Amerada Beta. . 
Amer. Airlines.. 
Amu. Uraa<1«... 
Amer. Bmailrasi. 

Amer. Can 

Amer. Lvanamiri 
Amer. Din. Tel.. 
Anier. 81e.-t.Pun 
Amor. Lspn-s*... 
Amer. Home Prml 
Amer. Meilieal... 
Amer. Momi>.... 
Amer. .\al. CIm.. 
Amer. Slan-iani.J 
Amer. Sinrrs.. 
Amer. Tel. A lei.j 

Ametek 

A.VLF 

AMP 

Ampex 

.An -h"r Ho-Ums, 
Anheuser Bun-h.-j 
Arm. Steel .. 

A.S.A 

AMmera Oil.. 
Aiirvn 


J7Ai 
SBlj ; 
441* 
29S« 1 
3H2 1 
461* | 
IB 7 b ; 
lass ' 
35Ab 

26ie ; 

363g | 
40is : 
a8r s i 

16 i 

sail I 
B9A* 
441 b . 
31«* 
34A, ! 
2318 
391* | 
311* ; 
2938 < 
I 

43S, ; 
625* 
aaJ* I 
611- j 
33S* 
196a I 
38V* ; 
16i* i 
50 ie 
27ig 
52U I 
27ia : 
17A* 
lOii 


A-Lian.l On 36tj 


All. Hwhttehl. 

A utn Data I'm.— 

AVI! 

Aii-i 

Alnll Htadui-I-... 
Bail. Ra- Kkvt...- 
Bank .Vnienin.... 
Banker- Ti. .\.Y. 



Baxter Tmi eU'T, 

Beatrice Food 

BeiixaDHiniwn 

Bell It Rnnell 

Ben.luc 

Beacnet Uoa--H' 
Bethlehem Meei.' 
Black & Decket.. 

few,:::: 

PkNilen 

Bors Warner. 

Brnniff Ini 

Bra.*cM *A' 

Bnatui flyer, ; 

Bni. Pel. ADR...} 

Bmckwav Glare..} 

Bnins-elri 

Bur.vrup Kne I 


517b 

34i» 

1 H= 

31* 

61 

273s 

2738 

a-* 

48l« 
2»>« 
o8s« 
221s 1 
42 's 
*tU . 
25 U i 
2061 
71'« 
311* • 
29 1« : 
31i« 
15i 8 ' 
X-rl* 
36l S , 


39 

29 
44!« 
3O1 0 
32 U 
463* 
lfU* 

166s 

55 i s 
273s 
363* 

5S3fl 

285b 

17lj 

51<a 

61I S 

•*S 

32 

36 

259g 

39 r R 

515a 

30 ig 

536 

431s 

53 

35>2 

613e 

553* 

1978 

393* 

16 

301a 

371* 

32: s 

3658 

lb5g 

1578 

371* 

521* 

543, 

lisa 

32H 

615s 

271a 

283a 

581* 

26lp 

4878 
45 .'a 
303* 
22 
417 8 
4 

25>« 
21 
73 l B 
513* 
281* 

31 >8 
16 1 * 
14U 
363* 


165s | 
544 | 
165, } 
193a i 


161* 
355s 
17 1* 
19U 


Bulova Waii-h j 

8*4 

b7ft 

Bnrlingtim Mhn. 

42 lg 

431* 

to mg 

s5t r 

abl* 


iui e 

18*4 

Unm KnndMlph.J 

li*! 

HI, 

laruatii'll 

311- 

nits 

l amer X Gc-lii-tal] 

12'* 

1 21; 

Carter .. 

191- 

19Tg 

Lai ert-i liar Trai-ti.' 

61l 2 

617 a 

Cite 

621j 

64 

Lelniic^e liiiin... 

439* 

**3ii 

Central A s.W. ... 

16»- 

16 iff 

Cei taint ee<i 

auje 

HU id 

lewna Auvmii . 

45 

44"g 

< lia*e Mnuliarinn 

n4v* 

*5U 

Cheuiu-ni Hk. XY 

42ia 

42 

l.he'rtnKh 1‘im... 

«-B 

abSi 

Chr-->ic !«V»t*ill.. 

30 

3U'b 

V lik.-agT' Rrhlge... 

04 V, 

□5 

V. iiri->ler. 

121- 

U'k 

1 rnetanm 

H-'t 

4*1 

Cue’. UuiMiii...' 

37i 

36 V* 

Otk.'ori* 1 

27s« 

K7»» 

Ut1C\NTI1W.. 

48'u 

4B?4 

liti Inie-liuu. . 

171* 

17 

CirieUivI CUli-... 

63 W 

62l : 

lint V-i+a 

uS 1 -, 

46 If 

■’aim.. .. 

2Hq , 

211* 

Colima Aiknmn..' 

11*8 

Ilia 

teuiimimlia. ■ 

28te 

*8i H 


Ciilumma 1’iiT ... 
C,>iii.ln-Ci..,iAniJ 
l omi >tr<i i»u Knit, 
Ounishiiiiii tn.. 

Wn’w’in Kdi-'ei, 
rm's-'ilil'ii Keij 

1 uni in. »«ieiiiie.| 

Coni|iulcrPoience' 
Li>nti Lite In-.... 

1'oBim- > 

Lon. Kili-nn N.T 
Lnnin Kml- . ... 
limmi Nat. fun... 
LiHisunicr hmrr 
( our until " Ini', 
t'nntineninl till.. 
I'nni rnenisi Ten- 
I'onlwi rhi* .. . 
Looter lad in- 


231* 

187, 

4«lj 

151* 

28 

4>S 

45 

157, 

413fl 

23 

43 

2bl« 

57^4 

24 1* 

31 

273, 

lb 

40>r 

543b 


415b 

19 

42 

15Ir 

2«>l| 

21, 

447g 

16 

421* 

451* 

20ifl 

26 m 

o73r 

441* 

305s 

97&n 

16 

403, 

343, 


ifteek 


Ans- 

10 


Aug. 

9 


Coming Gimu | 601* 

CPLrnt'ra'twmii 501* 
Crune 29;, 

1'im-kea Xal ■ 49*2 

L'nrwn Zeilerhacli 3o*z 
Cummin- Ensiuej 3BS, 
Curtiss Wnghl.. i lb3e 


607, 

495a 

SOI* 

491* 

365a 

38 

163b 


Dana 

Dart Iniiusines.. 

Deere 

Del Monte 

Ueltijiu 

Dent-ply inter.. • 
Dei mi Ritisun ... 
Diainuiurehnnirk 
Du-n,iboiic 


Digit* Equip 

k- (Vvalii. ... 


U in iev 

LKn er Curpn 

Uw Chemnl.... 

Dntro. 

Drener 1 

Dupunt 

Eagle Pi -her 1 

Kan Airliue* 

Kastman Kodak... 

Eaton ' 


291* ; 
481* ; 
341* ; 
37 I 
123, I 
217 3 
IhSa 
247* 1 
171, I 
49 * 
433* ’ 
471, ' 
46 U > 
483a j 
433s . 

147 
2238 • 
i2>8 i 
C43* I 
391* 1 


SO 

481* 

35 

37i* 

127a 

217 S 
leia 
25U 
171 # 
b05, 
48 -j 
4778 
2b>s 
281* 
44 
1263* 
30 >« 
131s 
bb3a 
3B5g 


«. a. a u 

El Hbai Nat. Ga- 1 

El,ra..._ [ 

Kmemm Eievtiu- 
KmeiyAirfr'uciit 
bnuan ■ 

k.m.i : ! 

Enseihant i 

tWinart. ! 

Eihvi I 

bxstnti 

Kaitvhibl Can iet a' 
Pail. Dept, alive* 
fire-Mii*. Tin*... ' 
r"-l. -Nal . Kmtnii. 
Piex. Van 

r'uuihaiie 

rVinta I4,ii ei... 1 
Kiirnr 1 


29** 

i>9a 

535b 

OU3b 

28*« 

45*2 

2.8 

447a 

303, 

425, 

46>* 
53 1 * 
571* 
141, I 
32 1* 
* 5 
3lSh 
52 la j 
5856 | 


30 

USB 

541* 

3878 

*81* 

431* 

27, 

a45s 

30*4 

42 7g 
4738 
351* 
57,4 

121g 

311* 

c.6 

3u3a 
a- ** 
581* 


I'.M.C, 

Fiim Minin ' 

Kureiii.'-i Alvk-.. 

hVialsifn 

Frankiiu Mint.. : 
Freepn-I M.uem> 

Fmetiaul 

Faque I ml* j 


*43, |. 24 l-j 
46*a ; H6I* 


iB.a 

9 

277a 

5138 

>2i a 


221, 
39 
8h 
2o ic 
ala* 
123s 


U.A.F 

Uauueti 

Geiu Amei. Ini...! 

• f..V.T.A ! 

Hen. Cable 

Uen. Dynamic. ...| 

UeU.dJieeinvs 

Uen. Fw»U 

Denenii A1 •■■*-.. . 
Ueuem Motor-... 
Gen. Pub. Cm — ! 
lieu, iqnai..., 
Uen. Tel. Kiei-L.-.f 

rien.Ti-n.. 

j 

eurgia Pamh. 

tietly On j 


143* 

461* 

iv)| 
303 b 
181* 
6b 
03*4 
541* 
a 17a 
ob ig 
18*4 
5l 

3IU 

275a 

-68 

3JJ* 

a43* 


143, 
4o>* 
lk-3, 
307g 
.‘b'8 
86 ig 
-b»4 
34-, 
5238 
baa, 
I8i a 

521* 

3I3« 

27i« 

5*4 

311, 

*43, 


lilliPTlP 

Gi-idneli b. 7 

Uo-tiMii lire.... 

Dmihl I 

limee VV. K [ 

rl. A l mm IVn-ieiil 
rl. .Vnrtli I r.n. _| 

lireilnxiiiit | 

on k We-lelli... 

Im. I Hi 

! 

Mhiiim AIiiiiiik—.J 

ilm iiireiin-^ei ...,| 

Han is lii|4i ' 

Hwu* H. J 1 

H ful nen i I 


29*4 . 
<.15B 1 

IB ' 
32*4 I 
2<l* 

7 

*5 iB I 
3«5 B 
j6 ] 
24 I 
07 ; 

58 I 
t“ l B 
t63« 1 
4l7g I 
a67*, ' 


295, 


52^4 


6.g 

a*- 1 * 
I3.il 
161, 
2-* -V 
bU4« 
*«', 
lttl- 

bbJg 

27 


Srr,*k 


A lie- 
lu 


Jutma .Mnni’ille... 
JuhnKin Joliunou 1 
JnbMin C.ioiml. 1 
Jny Alan 1 1 la. 'I n r'ft' 

K. Mar (.'■ 

KaiNerAIncnini’m 
Kaiser Imlnstrles 

Kai-er Steel 

Kav 

Kenoerr.lt 

Ken M'Cec. 

Kt.l.tc Walter..... 
Kimberly Clerk... 

Kuppera 

Krart 



LMienay Tran,.. 

Leri Si ran,- 

Li 14.1 V Ow. Fm-I.., 


321, 

o7U 

283e 

36 
285a 
35 

2<S 

fc6;a 

121 * 

227 B 

475, 

365, 

49>* 

217g 

481, 

363a 

37 S, 
363g 
26>2 


Auq. 

9 


32 lg 
86Tg 
29 lg 
361* 
29 1 * 
346r 
E'8 
261* 
1 * 1 ] 
22 ** 
473s 
36T S 
485ft 
215a 
48 >a 
36>s 
381, 
36Jg 
£6 <b 


LixJtP* Gmup 

Lilly 

fettuu Ilhlib-L.... 
Lt«-k heed Aim 'll 
lame 5tai I udn 
Li.iu I -Ian- 1 Ltd. 
Lniimiana Irtnd... 

LuIitimm 

Lui-i.i- .Store- 

L'ke Vniij-ai'i* n.| 
llaeMiiMn .... 

Many H. H 

.Mil*. Hanoi er... 

Uapco 

.Uamthou Ul<_.. 
Mamie MuI.rikI 
A Ian hall Field.... 


*612 

0278 

23 U 

55 <s 

£438 

lb I, 

223e 

437b 

I 'Ms 

lOls 

11 

445ft 

3B3a 

iSh 

4738 

1 5ft 

£330 


551* 
933e 
23 1- 
3638 
235g 
19 Ig 
221 - 
437 B 
171* 
105, 
lHa 

4b L* 

385g 
557a 
46^i 
1 3* 
235s 


llsr Uepi.vmtv*' 

MCA ; 

11 Derm. 41 

11 LhHiiien Umie. 
U titan- Hill.... 1 

Aleiuotv, | 

llen-k j 

Hern.. J*vn- li.... 
IIumi Petrn eimi. 

Ul.il 

.11 mu MliiaA Mli; 

Mill'll 1<T|5 

ilnminv. ; 

Mnrpm i. P. 

Mot on iia 

Mur|4iy ' 

Aabitcu 

Aakn LheniH«l».| 
.lattona Can j 


25 

56ia 

247g 

391* 

5- U 
523* | 
OH* i 
2i ; 
531, ; 
43 ; 

ooi* ; 

c41* 


o4 

5ul« i 


\ai. Dteti.ier.... 
Aat.aeri-H.-e IihI 
.Saimna alee.... 

Matonm.- 

A Lie 

.Nepmueliiip. 
Ae« Kn<;jui.i E'J 
.New KiijtiaunTei 
A ift^ftia Mntiank] 
uicfti-a abate.... 
■II. L. Inourine .. 
\ortnl lot IV mem 
Aintb NaLlia.... 


o3 

401- 

55 

nils 

1938 

52** 

1C3« 

54 

-•31b 

633* 

21 

227a 

541* 

15 


t 47a 

-74 
235g 
o9 
£43* 
523, 
62 1* 
21lg 
51. g 

431* 

02 '* 

c6'a 

=4', 

50i 2 

04«c 

411- 

543s 

323* 

1„3b 


221 * 
iei s 
54 lg 
433, 
04. 8 
*03] 
23 
541a 
10 


Mlin.aniU9 I*«rj 


Mlinft'i A<rni«- 
.\th«t3>l Bemnrp! 

•linn hi i in 

■A-i-numi,' Pet, i.i! 
i.'jliliy Mat In-f ...- 

L'hl.l EiIihHI .! 

U'in I 


Hem* Pfti-knni.. ! 

Uuii'lai Inn- 

Ilume-leke 1 

- 

llwver ' 

Ho- |-Corji. Ann, 
HihiMiui Aal.tia-I 
HiuiliPti.Ai L'nni- 
Uuii.iii f K.F.I—..J 
.1. Induatxin>... 
IXA ; 

InaPTM'll Kann... 

I ii lain I ateot - 

llblhu 


69 U 
aui, ; 

5t>4 i 

70ia 

ini* 

44 

«7lg 

14 
197 S 
29*4 
n&i* 
62 
59*4 

15 


*.9's 

21i* 

-73, 
71 
ifc 1 * 
44 Jg 
c7 
131, 
201 * 
atH, 
45l« 

62i, 

40i ; 

101, 


IBM j 28758 


■llLFlaiiHita I 

nil. Ilannter...( 
ml. Min AUhomi 
lltl. Mllll lira Hi-. ^ 

nun ■ 

ntl. I'apei J 

»■« ! 

ill. Ker-iiliei | 

ill. 1 el. It lei...., 

Illl-lll 

Heel 

Iiili<m,liena 


II 


I Jim Waller..... 


tbSg 
3b 'n ' 
407g 
19*8 
i65g | 
44 
*8 

12Sg [ 
5338 
l ! 
3bsa | 
1258 j 
521, | 


=08.75 

eo’j 
= 8.8 
40» 
19 7j 


Id* 


4o'i 

371, 

12r, 

a3'2 


38', 

12 >i 

33. 4 


«*r*r»e«r ahi|»...‘ 

HueiiB Cin-niii|i.- 

Unen- luihu- j 

I'M. Ill tin- 

I'aeilti- 1*4^111 UllS-i 
1*1111 I'll. l LU|. J 
iWh Ain WunlAir! 
linker Haiiniliii. 

Pin l* ill lull | 

Pen. ISr. A L : 

Penny J. C | 

P«-IIII/JHi 

IVnpIO* ITrii* [ 

l*iM,i|ni fin* ! 

I'epanv. I 


Perkin Kinier. ... 

IV, 

Purer - 

l*beip« lA*tge ; 

Pin iru'e. (Jim bie., 
Pinup llimiu... 
I’lilllipn Peirn'lii.: 

1'iiHhury 

Pitney dn»i> .... 

P'llnlnn | 

Pi&ney Lbl AliUi 


Pb.aroiii l 

P«l mner kier ; 

I'Pli Intlururie*.., 
I'rivlul llHIIlli.e. j 
Puli serve Eie.-t.t 

I'uimmu i 

t'uiir, 

(juakei Halil .. 
Kapei Amerusin .i 

IhtyTheiHi | 

KLA ' 

liVpiilnu- MCi'l... J 

Heeiiri, lnl I 


llfift 

1 11*8 

iO»i 

1 20*4 

24s 9 

1 241b 

ab 

06*8 

26(2 

: 25*4 

a 27a 

■ 44lft 

*b*4 

1 261- 

19*4 

i totoa 

BUI 

; ii»4 

2?>l 

! 271, 

icJa 

1 *«/8 

161ft 

l 16l„ 

65 

| 25 

a3<4 

1. 

*sh 

I a3*« 

24 1 j 

1 a*. ■« 

19*8 

i 1S*« 

am* 

1 221, 

7-4 

1 7 ia 


i 481ft 

a7i( 

1 *a 

c ij 

a .*e 

39!-« 

; 40 7r 

aBia | 

[ *.8fc 

12 

»2M 

a6U I 

1 06 

321* | 

] o3 

-67g ' 

-8 

54*, ■ 

b-.* 4 

. 6-»n 

o7 

4.4*4 

a4 

le»4 

181, 

VII, 

(3'S 

H | 

02*4 

•’61a ! 

45 >8 

-8*a | 

ccB*g 

43 i 

20*8 

>9»3 1 

1978 

02 >8 l 

36', 

iwi, ; 

1012 


27 7g 

893* 

*57, 

45 la 

17 

251, 

16<s 

ab>* 

51>2 

2a 's' 

883, 


£8 

911, 

it 

44 lj 

ill, 

2bl a 

16 

681, 

Sll; 

<6 

86*4 


Stock 


A nu- 
ll} 


He v inn I 55>a 

Neynolda .Metals.) 325a 
KeynoMs II. 4. ...> 
Bn-ii'gun Meirell.; 
H'H-kwell Inter... | 

Ki'hm A Haas.....] 


69 

273* 

343* 

351, 


Al'C- 

9 


563g 

531s 

68 

281ft 

35 1« 
55la 


Knyitl Dutch I 

KTE 

Him U»3s I 

Uydei System....] 
aaiemiy Sioiev .J 
au Jne'MtMfMlaJ 
St. Kee» Hiper..* 

asm a Fe (mis.... , 

Sam Invefct-. j 

Saroii lmi> - 

itdlJilz Brewinc.., 
S-'hlunil'eiBer 

■301 ! 

Sum hper 

Su'vil Uik : 

Saiiiilai liuu.L'apI 


61 l a 

1*V, 
121 , 
able 
431* | 
241* 
32U 
34lg | 
65 b i 

OSfl i 

i3is ; 
893* 

cO'-J 

16** 

243, 

t*ft 


61 

133, 

12*a 

283, 

43ia 

23 lg 
51*4 
543e 
67g 
b>4 

15*4 

9112 

205, 

167g 

£438 

fclg 


sib Cnntsiner....! 

1 

>»rie iG.P.t 

Uuehni-k.... 

aEDCu „.- 

aheli On _.i 

dbciiTraftr,eni...: 

rtprtai 

SutaodeCuri 

simpnvity 

5'Wier ■ 

?iniiii K'iuv | 

■•'iirmi 

'•Hltb-lliUll j 

3niiibenii.al.Kn., 

vmilieni Co 1 

sibii. .\ui. He ...| 
unit hem Pan tii.i 
'mulhein'Kaiiviav; 


fc 


515* 

Baa, 

15 

241* 

391a 

=5 

,4*4 

031, 
57i a 
13 
lb '* 
66>4 
3I4 
54 
2= *s 
157a 
56 
52 U 
o4lg 


331, 
203g 
to 38 
25 
395a 

35^4 

46 

S3lj 

371* 

la ig 

19U 

97 

4‘ 4 

2b lg 

lb 

55s, 

32>, 

541* 


rmtn.anil.. 

.'w'| Uuir-harp- 

>prm 

^l-erry KaiV 

omnij. 

sinn-inri Btanilr 

't'lAliitmiluriiHti 
*M. Ill linnaiiM.i 

-Id. Un 

•lauu C ne mu-air 
.-teniui: IJiug-— 

Mu>le««lier 

'un l<\ J 

sumlrtmnd.. 

aintex 

lediDicoim..., 

iektn-n<x 

iwcnyne. 

te a. 

•eneci* 


513s I 
*6(8 ■ 
21 

47*4 ! 

=45a I 

26*4 1 

4238 | 
OH, , 
57i a 
4438 
189ft 1 
691* I 
487s 
s.5ig 
537a I 
13*4 I 
457 8 
1 06 
65s 
3 1 


511* 
! 27 
: 211 * 
I 473s 
I 35ig 

I 2a5g 
| 42*8 
, 611* 
56i 2 
45 

1 le7ft 

! 6 BA* 
43A, 

! *<* 
I o4ls 
I 141* 
‘■fi'4 
! 10814 
I 6 -m 
I 31*8 


I«bop> Petm-euni; 

1 exact'. 

1'csat.guU. 

leuis Eastern. ...| 

Icwf lovt'in ' 

1 exile oh A l 

leNtte l- tint ie».... : 

Ifni* Ills. | 

lime, 31im>r I 

I lmken 

rutile. : 

I iMiimwii, 

iranm-.. .....; 

Iran- L nvm .> 

Imn a,, luir'n. 

I nuir \V»THi All .1 

Iraielen* 1 

■ ri (.uni menial J 


11 
2- 
20 lg 
i87 B 
871* 
* 6U 
2>aa 
50 
i35a 
6278 
43*4 
18 
801- 
cS-* 
281ft 
B6A4 
58U 
1912 


11 
25 lg 
20 1 a 
.-81, 
886g 
4.61ft 
2l7g 
4958 
24 
P21« 
4 l lg 
18 
20*4 
ob 
27*4 
27 Iff 
38*8 
20 


raw • 

JJtbi eiituiT bn 

1-..V.I • 

LAKITt 

(>!■ I 

I nMeki'l .. .. 
nhever M 

Lniofi 1 miHfiji... 

I- uni 1 Carlisle.... 
t-nmn LiHnmrn-e 
num Hi. I am .. 
I* III* HI IlKUk--...' 


41 
29 
371- 

tH'fi j 

a. *4 

42 
i5l; 
^b», 
39*« 

t** 

51U 

50 *, 


41l = 

=9*8 

38** 

*.4 

2k.* 4 

411, 

35 >4 

£51* 
40 3s 
Big 
51*4 
50*8 


Sttr-fc 


WomoRh. 

Wyiy H 

icnx. 

Zapata- 

Zenith Badin..... 
(.AkTreaaCt H 
n6Tre«a*i_ 

L‘jj. HO day bills. 



6.763. 6.744 


CANADA 


Ahihbi Paper...- 

(itniw Krii>c 

A lean A l un i ol utnj 

A K»tru steci. _ 

\slievtiw 

Bank ot .Montreal 
Hank Auvx s> sin 
Et-u. Keeourcea.. 
Pei - Tcepbone— 
Bow Valley lad- 


14 'a ' 
(I- . 
35.ft 

2. Sft 

411* : 
25 
£23g 
I4.4 j : 

= 8>: • 

=43, , 


14*4 

6*8 

361ft 

2238 

140 

25t|t 

taift 

4.5w 

39 

52)2 


BPCanada ....—.I 

BtaMSUI — J 

Brtnco 4 

Calvary l*D,er...; 
Umlkis Mines..., 

1. rfUH.1- Cement.. 
Canada MW Inn. 

Can. Imp. Ek Com! 
i.anoiU Indnrt... lit 1 

Can. IV-ifie 213, 

Can. Pacific Inv.f 2 £*b 
C an. ^>u|«i I MI..J 
Carhiig O'Keefe. -{ 
Caaoiar AstcatosJ 


18 'a | 
in* 1 

6.00 
39 •» ! 
10*8 1 

12 >4 1 
29 U - 


65 
4.80 1 
10 •* I 


17*4 
to «4 
6.00 
39 7g 
1U4 

10 /g 

use 
29 
tr»l» 
81 '4 
22>2 
65 
4.95 
tv *4 


Oueiiain...... .... 

Comioco 
Cmis. Halhun-1.. 
Cuiwuniei Ua»-. 
lo-eka Keemireeaj 

C*-ialn 

(Mon 1 level....— 
DeniM'n Miner- 

Dom Min's- 

Umne PetuHeiunj 
Ummnmn Bn.lcej 

IMmur 

UllpDQI 

Kawun'fte Mickci 
Pord MiiL.it Can..: 


a7», ; 

a71 2 

*8 ' 

27U 

ol ; 

31 

19 '« 

to*e 

cl# • 

F‘4 

12'# 

12 

lu 

95, 

(8*i 

V8>4 

94 

Ml} 

c6'» 

66*« 

a5>, 

*m4, 

21 '4,1 

Site 

14 '» ■ 

.14*8 

2714 i 

27M 

14*4 

74 


Geo-tar...—. j 

UwniYet'whuiie.' 
UU'I Ui- Canaria. 
Hanker -til. tan. 

Hu 1 1 over. 

rl.>meO> 'A' 

Hmi^xi Bay .ling 
Undma Bay. 
Hii'lMOUnd tie 
I.A.t 
l maw?.' 

I in perm I U1I , 
Inoo— I 


; “ 

U'ImoUiiJ l',W ■* 

A.C 4 2 

wac.'— - 

nnenal till ' 2 


315ft 

«41ft 

29*4 

«*Sb 

441- 

4238 

lb«4 

23*4 

47 

ZOL*. 

6 

21 

I8ia 


5 Ha 
141* 
267| 
6*4 
45 
43 
181* 
24 
471* 
197* 
35 

an >» 

19 


I nual. 

I n lata i Mat. Ua> 




I iit'is v Pipe Line] 
l£eeoutve-l 


Kaiaer Keecaave-i 
Lauri Km. I Vais J 
L.4ilnw Com. ‘B .| 
Mi-mill'n Bwcl'J 
.M«M*y Forii«'H.| 

Mclutyte. J 

Miaire Cnrim 

AlumMiuotateKrj 

Munndx Mines...- 
Nmeeti KneiRl-.'. 
Mi bn. Total' on 


.\nnuu Oil X ti,'j 
Uaknuvi IVtrl mi 
Mj 


Pai-irit-C'ir," 


14 
l*7ft 
16** 

15 Ig 
BV, 

4.25 

*au 

l4*g 
27*4 
56U 
3.85 
33 ia 
loi4 
36 

391ft 

4.6J 

H ..11 


13** 

11 /g 

i$4 

15 

81? 

4.35 

21U 

ll*« 

27lft 

367ft 

3.60 

381b 

to 

36*b 

38*a 

4.9w 

2.16 


Cuirnvai I 

Cniteit Brand I-.... | 

— 



La Mm -....! 

L-SSlew 

I a lachui iinme?. j 

l; V Imiu lne*— . . 

ViryiuiH Elect ; 

dalerceu 

'V arncr -Cunimu-.i 
iV'oruer-(«mi'ert.| 
W*oie -Mon'menl; 
'( en-mr-'l 


1 

111 , 

32 L 

32 

271s 

tsS'B 

bOift 

215, 

U'J 

46 *8 

613, 

29*8 

29*4 

* 1*8 


iVo-tem Uai«.-ui^l - 25g 
Western M. Amer | =5 Iff j 

"i-tna I iiiiki... 
Ueluigh'-e Kw 


201ft 

ail* 


v«a 

Ul* 

33-V, 

32 

e 2 s » 

287 8 

5138 

21*4 

ic*e 

«jl* 

517ft 

30 

297ft 

31 7a 

431* 

o6>s 

191ft 

*41, 


IVe-i-aen ... ...j 

W rj K-rnaeo-i-r ....I 

W inr> (K .. • 

iVhit^tnn. Ind..., 

W ki mm t o i 

Wbava-in Elect..: 


29 

31U 

*35, 

*21* 

207g 

24>1* 


X9 H 
311, 
S4i* 
•*iia 
ZDs 
281* 


P,ci he Heto-'iei lint 
Pail. tail. Pet'ni-j 


Parin' 

Peif-ie llefa. s.J 
PtMce Can. tc t ««■.! 
Piaeer 1/eve'npnu ; 
ftuntfunenr'ii, 

Knee ! I 

Quebec ainrci''iil 

i<nrn;cr Oil. 

Kee l Menhuu- 

Kio Almoin 

Ktivai Bk. nl Can J 
doim- Turn i 


" 

liuu-p.^ 


401* 
afilft 
516*4 
a.nir 
1.01 
24lft 
173,. 
1514 
2 35. 
lbtfl 
lc*4 
=41ft 
33G« 
>9 


401* 

031ft 

1614 

6. 30 
1. 0 
24*8 
17*8 
151, 
2.19 
16 
10*8 
341ft 
35*4 
1W 


•Si e|4reH'«Hjn-e? 

Seagram*.- 

Shell Canaria i 

aherriu (l. Mines 

nelwtiaO. li. > 

Siliifaam | 

'teel m CanaiiM..- 
steep His It Iron.. 
I'exocO t'aunda ... 
IVwnDta Uuin.Bk. 1 
iTana Can Pl (re Li 1 1 
Tnuia ILxjnt Opn 

Trim' i 

l-nloa lias ] 

l/titMaw Mlne« 
Waiker Hiram... 
West Cnoel Tnu-: 
M'e«un Gw I 


7T, 
26*4 
147, 
big 
34 
6lg 
aes* 
2 70 
47 
2U&8 
17 
»*B 
M4l«- 
llU 
8 

33la 

12 

i9*a 


8 

2b7g 
181, 
- fig 
351, 
3«| 
2b*i 

a.»3 

473, 

201g 

. I’ 3 * 
9*8 
1 141* 
116a 
big 
56*8 

12t a 

1658 


t BM. 


; man * rrsaen 
9 *te» onrk 


EUROPEAN OPTIONS EXCHANGE 






V11L 

1". 

last | StiR'k 

A B.V 

K330 

1 

59 



_ 

— IF* 65 

■V H!S 

K370 

10 

5 

— 


— 


.Ik/. 


20 

3 

6 

3.70 

— 

- It'd 1.10 

AKZ 

F32.60 

130 

1.80 

20 

2.90 

5 

3.50 ' 

AKH 

F80 

40 

1.50 

— 

— 

— 

- . F77.60 

KK 

saO 

5 

IS 

2 

151: 

— 

- ft>4Ta 

EK 

S6v» 



12 

81- 

2 

101, : 

EK 

570 

5 

2*n 


- 

6 


FMT 

525 

2 

3 

4 


26 

5 3271- 

l. VI 

550 

1 




— 

- .565*8 

C.M 

S7U 

5 

1 

10 

1S& 

-V 

— ■ 

Ri) 

F37.5U 

1 

2 

10 

3.8U 

— 

- IF37.70 1 

uni 

5240 

s 

52is 

5 

54U 

— 

— [saes^B 

IBM 

5260 

l 

34 

2 

38 

— 

- 1 

lull 

5260 

SO 

18 

— 

— 

— * 

— | 

IBM 

5300 

34 

Sl< 

2 

131g 

— 

— : 

KLM 

F133.30 

— 


B 

28 

— 

— iF155.50 

KLM 

Mb 1.90 

3 

5.50 

— 

— 

• ■— 

- 1 „ 

KLM 

FIT 1,40 

A 

4.50 

1 

8 


— 

KLM 

F181 


- 

1 

9 



KLM 

Y l9u.t>0 

1 

0-90 

3 

3.40 

— • 


KLM 

F209.5D 



— 

10 

1.70 

— 

— 1 

PHI 

>20 

6 

1.70 

5 

2.70 

— 

- F25.70 

PHI 

F27.SU 

103 

0.60 

36 

1.10 

10 

1.70 

PRO 

550 

- 


5 

8*1 

2 

9*4 ' S55 

K'll 

F13U 

5 

5 

10 

6.50 

— ■ 

- 'Fldl.fiO 

RD 

FI40 



_ 

10 

2.70 




535 

2 

1TO 

— 


1 

3 i a S24 j, 

I'M 

F130 





-- 

2 

5 ] FU9.BD 

I'M 

F150 

14 

0.60 


— 


■—1 .. * 

2LRK 

$60 


- 

3 

5*8 


— i S6H4 



Ai 


Niir. 

Frl" j | 

RA 

550 



4 

241; 

— 

- | sTa.m 


560 

a*ji 

— 

— 


1 

JH U ' 

B.V 

570 



1 

9S» 

5 

13’i | 

OXT 

520 

re-. 

— 

— 

- 

2 

3's 1 sail* 

n.VY 

S25 

— 

— 

— 


2 

1*2 i 

»LB 

590 

2 

2I« 




MM* 

- ; 3901* 


BASE LENDING RATES 

A.B.N. Bank 10 ?o ■ Hambros Bank 10 % 

Allied Irish Banks Ltd. 10 % ■* itili Samuel 310 % 

American Express Bk. 10 % C. Hoare & Co flO % 

Amro Bank 10 % Julian S. Hodse 11 % 

A P Bank Ltd 10 % Hongkong St Shanghai 10 % 

Henry Ansbacher 10 % Industrial Bk. of Scot. 10 ,% 

Banco de Bilbao 10 % Kcyser Ulimann 10 % 

Bank of Credit &Cmce. 10 % Knowsley 4; Co. Ltd.... 12-% 

Bank of Cyprus 10 % Lloyds Bank 10 % 

Bank of N.S.W 10 % London Mercantile ... 10 % 

Banque Beige Ltd. ... 10 % Edward Manson & Co. 114% 

Banque du Rhone 10|% Midland Bank 10 % 

Barclays Bank 10 % ■Samuel Montagu 10 % 

Barnett Christie Ltd.... 11 % ■ Morgan Grenfell io % 

Bremar Holdings Ltd. II % National Westminster 10 % 

Brit Bank of Mid. East 10 % Norwich General Trust 10 % 

a Brown Shipley 10 % £• s - ?efson & Co. ... 10 % 

Canada Pertn'L Trust 10 % £ 05S ™I r ] st £ r 10 % 

capital C & C Fin. Ltd. 10 % Royal Bk. Canada Trust 10 % 

Cayzer Ltd 10 % Schlestnger Limited ... 10 % 

Cedar Holdings 101% E. S. Schwab 

■ Charterhouse Japhet... 10 % J rus | Co. Ltd. 11 % 

Chnulartons 10 % ef e ”i® y . T I^ s L -v— » % 

C. E. Coates 10 % 52?K 5 h i rt *5* d — 10 % 

Consolidated Credits... 10 % i”?f oa De c: 11 ? nk 1 9' ^ 

Co-operative Bank MO % ® lI *» Bank 10 % 

Corinthian Securities 10 % n«?rJ u J y Bk - H % 

Credit Lyonnais 10 % ~/? . , . ed Bank of Kuwait 10 % 

The Cyprus Popular Bk 10 % wn&^jr L ?. , , dla . W - 

Eagi! Trust 10 % Yorkshire Bank 10 % 

English Transcont. ... 11 % ■ awnhfra m me Accepnns Housez 

First NaL Fin. Corpn. 13 % « -r>' t 

First NaL Secs. Ltd. ... 12 % d *' 7 momh «>««*“ 

■ A ninny Gihbs 10 % t 7-dar deposits on suns of no.wo 

Greyhound Guaranty... 10 % “» "» caooo 7*». 

Grlndiays Rank tlO % T can oeomttz nwr 7-5 

■ Guinness Mahon 10 % 1 Demand deposits 7374. 


all other currencies despite a cut to AS10.20 and Renison Tin. also 
in the French Call. Money rate to 10 cents to AS9.S0. 

-74 from 7J per cent and the 
announcement by Economics tj*__ 

Minister Rene Monory that in- xlOIlg IVOUg 
dustrial price decontrol was now Stocks relinquished some of 
over as factors aiding sentiment, recently gained ground oh 
Oil shares, however, were profit-raking in moderate activity, 
sharply lower, especially those of The Hang Seng index receded 720 
companies in the consortium drill- to g!4 J38, with overall turnover 
ing in the Celtic Sea. where re- contracting to HK$l682m from 
suits are said to be disappointing. Wednesday’s heavy total of 
BP were down 9 per cent. HK $247.3 1m. 

Banks and Motors were the Hongkong Bank and Hong Kong 
most sought after. Land shed 30 cents apiece to 

The best performers included HKS20.80 and HKSI1.30 respec- 
UCB. Coraptoirs-Entrepreoeurs. tively. Hutchison Whampoa lost 
Cetelem, Bancaire, BCT, Earn- 15 cents to HKSfi.fio, while declines 
f ranee, BoreL Presses-Cite, Erics- of 10 cents occurred in Swire 
son. Sogerap. Udaf, Europe-1. SL- Pacific. HKS9.40, and Wheelock, 
Go bain. Perrier, Pierefitte, Mari- HKS3.373. 

Ume-Chargeurs and Peugeot- Hong Kong Telephone fell 75 
Citroen. cents to HK^5. and China' Light 

Roussel Udaf, which announced 50 cents to KKS27.70, 


NOTES: Otmai ortm shown Mm and/or scrip issue. * Pet share. * trues 
Ksduoe » premium. Re lei an dirHfeM* 0 Urasa div. %. - Assumed Otvtdmd artw 
■re after wirbhtarufw lit scrip and/or rtchts issue k Alter 'local 

• DM 5C rtwram anlw, otherwise HUted. i»H -n % tax iree u eYanrx: inctaojnv 

nelds based on net HiTMend* olus tax Uutlac dtv p Nnrri. a Share gplR. ^ Ptr 

V Pt» Sou neuron unless nrhmnp stated and vleld exclude -medal payment. 1 1 not 

4, PKi 1IW derurni an leu* oOierwriie stated cated dtv •< UnnfDcial trading >>'Mlnhn,\ 

l< KwKr SOP deimm and Rearer shares luhiers onJv u Merer/ perolinfl. ‘ 4sked 
dnleoe otherwise statsd. VM denam t Rid. t Traded , Seller c Assumed 
unless otherwee stared 5 Price at tone xr Ex rtahta v* Sx rtudaend. - tc Kx 

id ansoensKin n Klnniu n dehinimw. acrip issue, xa Ex aD. » rnterim stnre 
rten'a 1 rhrldend rftrt wnuina rtahtr Inrreaped. 


Indices 



NEW YORK —BOW JDffro 


jSitwe Ccr«piia ,;/]( 



,.tr»\i 
«JT J: ' 
w»* y 


IMS* 

was 

w.a 


• B.ai, nf Index damgad from Angnst » 


g TATT PARD Aim POORS 

1 f I • ' I I | 7878 

Ay.|A^!^Ay.|Ay.|Ay.[^ 


tSiocft CompUtf 


Loir | High f tow 


;lndnatrtal* 


fComporite 


ii-i^ ,,tm , ,,u6 i "“'is i tfbft&jaa 
'«■«! *« H "“i i ■ sff ,“«,i 0% 


wvag AT.T- nnuTMOTT 


1972 


' Aug. 10( Aug. 9 { Aug. i 


Aug. 

ia 


| A S* 


( A«g. 


Aug. I 

r l 


High 


lata- 


60.34 88.7^ 68.4^ 


48^7 

sfilSi 



1.898 j 1.946 

1.884 


620 

1,080 

885 

Falls- 

895 

532 

585 

Oncbsngcri ...... 

835 

334 

414 

Nn- Hlftho....... 

— 

307 

. 157 

lioTc I<*\i 

— 

7 

6 


MONTREAL tp 


1978 




lnctuMruil 

L'mnhfnoit 


[ 189.871 280.23 199.8SJ 
| 208.87! 207.58, 207.17* 


TORONTO Compare 1219.^ 1221.* iKM.sj 



182.90 0&2) 
170A2 IfiOflt 


98L2 l3d'l> 


J0HANITESBT7BO 

fluid 

InilnrlrMl. 


2GB. 8 j 266.6 
260.8 1 268.8 


}«v'l 


26SJ 

257.5 


25 1.7 l 
SSB3 


. 287.4 ilfSi 
280.3 (10/8) 


IUA (20.-45 
T84J (»v) 


Aug. 

w 


Pre- 

vloua ’ 


1973 ; 1B78 
High 1 laiw 


Aug. 1 rre. 

to ' \llHM 


1S7S 

Hi&ti 


1978 

loir 


Denmark ' 


98.7* 


ftr,rr.lk l «l bZ2M ' Kia6 bZ2.W 4U.l9 Spain 

1 - (ID'S) : lliol 

Beteinm «;i 97-6* 1 87.43 t0L.lt> 9043 Sweden 

v «S):p5j6i 

98.74 : 88.78 ■ 94JM 

1 <7.131 | (6,-2) 

R>X»- 76.6 • 47 Ji 
- 15/81 (3/2) 

8I4A 8J9A * 

(27/7) 

85.0 87.0 
«9/6) 


France Ut>’ 73^5 


(I tr 102.46 ! IQdJ# ■ 110.18 i 87 
' (9b) 1 (E7ia) 
(rv 401.04 : 401.63 1 408.08 336.74 
I ta/li * 

SwitBerl'dl-' 293.4 ; 389.6 I 33639 I 2793- 
( > (8U.f) > (26/4) 


817.7 


aft 9 

1. 


769.4 

( 11 ( 6 ) 

JtijJ 

|4|4) 


Germanyitti 

TTnlla nd l(t) 

Hong Song B14 j 8 1 62IJ>8 1 621.5b [383.44 
^ (9*0! (13/1) 

Italy tEil' R5.70 : 63A8 64X4 55.4b 

y (19/7) ! (10. 1) 

Japan un 41832,4 16.68 . 43&3t 1 364.04 


THURSDAY'S ACTIVE STOCKS 


(19/7) 1 I4/1U) 

Singapore 356.52: <o ! 386^68 ! 2623 


i/-i 


(10/81 f (9/1) 


indices ana base dates (all .oa* values 
ion exceot NYSE All Common — 50 


Kanuula Inns 

Quag. 

Slocke Closing on 
traded pries day 
. 518.380 71-1 

LTV 

■ 584.500 

U> 

+t 

Si-ara Roebuck 

. 474.000 

Ui 

“I 

C-nraler 

«3U00 

12k 

+li 

Pau-AmiT. Ail wan -(09.709 

.-. 71 

— I 

Dlnlial Equlpmem . 

. 3*1,700 

49 

-l 

UAL 

. 379.808 

•art 

-1. 

Texaco 

. ~373.1H 

IS 


J. Kay McDermott.. 

3QT.180 

243 

+ Ii 

American Airlines •, 

.90.809 

18 

“li 


1 am — am ■»««»«» twoft LWc.. ism ■» jumrprn«m indostru 
ttw-l.ia«. the last named -based on 1 9731. i»7fi n Htnu Sena Rank ai/7/84, BanS 
Exdunins bonds t «W (ndustmu. Cntumermle ItaBaoa 1/1/72. a Tnkvr 
: too inniHmals. «*» Uplines. 40 finance New SH «/ld«. oStraiLn Times 1K8 
anti Si Transport. I Sidney All Ordinary, r Globed . ri Madrid SB 39/12/77. m Stock 
j Relsian SE 11/13/83. •* Cnpenlusen SE hn|m Jndmtnal 1/1 /SR. r!Mn Rank 
\t\rr « Man, ftnurop i«n M Cnmnier* rnrnnrailnii n Uruanllah), 


GERMANY ♦ 


Alia- to 


Prtrr 

Dm. 


+ nr j Dir 

- ' % 


Y'd. 

% 


Citalnl Aed.wrtr; 
U'CHiinienrienk-...' 

C-ron Giiinuii 

L»iumlrr Bair...,.,- 

l"«u«e 

I'cmsc 


AbG * T7-6 

An mils Ver-irti... 477 !-l Sl.4 ■ S3 

K11W „.i 224sr+ 1 S8.0t b.5 

133.8-— 0.2-1B./6 1 . 7.0 

baler. ■ 1*6 -1 'iB.76| 6.9 

Haver. R 1 269^ + 1.5 2B.l2i 4.9 

baver.Verwrrdik.i 329.5 + 1.5 18 1 8.7 

- ' 155 :h- 10 

251.0 + 1.5 26.66; 11.6 

8OJ+0.5 - - I - 

319.5 +2.5 .28.121 4.4 

262 -+2 . 17 5.2 

166.5. 4- 1.5 14 4.2 

Ui-nUehe Unnk.... 302. 8xr e0.8 28.12. 4.6 
Dresner Bank... 241^ + 2.4 :28.12 5.8 

liyekctliMtl iSeml.' 200 ;-3.9:9.5B2J 

Gut«r»il tnun^ i 209.5 h-1.0 I 12 2.9 

d«pa- I ao,d | 119.8* +0.8 '14.041 6.9 

H«rpeoer.: i 332.5 +1.6 4.9 

HuectM _...( 131 1 .16^5,7.2 

48.8 — 0.2 : 4 4.1 

156.6 +U.7' 9.631 3.0 

147 . + 2 : 14.941 4.8 
337 +1 ,23.44 3.5 

246.0 h- 1J. 18.721 5.8 
98.3 +031 — I - 

179 +1 118.761 5.8 
99.8+2.31 - 

260 • 2b ' 4.8 

1.595 +35 ! 2b I 7.9 

109.0 -U.5 | 9.36: 4.3 

198.5 + 1.5 ] 12 i 5.0 

1.5.0 +1.7 17.1ft o.O 

246.0 +4.1 • 10 ! 2.0 

58u ' 18 I 1.6 

160.5 } — '■ — 

133.5 +4.5 — I - 

181.5 -0.5 ! 26 I 6.9 

266.0 -1.5 |2k.lSj 5.5 
294.3 +i .4 16 2.7 
249^-O.u 29.56; 5.3 
125.2 +0^ i»7.1b; 7.0 


docach........ 

Morten 

Kali unci 5alz... 
Kar>l*riT ... 
Knulhui .... 

Kh. knei DM 

KHD 


iiitnlj 


Krnp*. j 


I ancle.. 

Ia>uetiln,u 100.,..[ 
Uilluma. I 


*IA.\ 

llaiiuonMiii,.;.... 

Met, Hue- 

Mimriiener l.’uc 

>eckCTtrt,ll.ll .... 

I’reu eeu DM ]U0 
ltnein We-i.KIn 

■Jcliennu 

M^inrnh,., 

■‘lid Zmrkei 

riivr-«n .Ui.... 

I art, ... 

* K8A i 

Verein-AWeat bk 


187.5 | 14 

133.5 -e 0.8 12, 

893 18 ! 

232.7 -0.3 I 25 


3 s 


AMSTERDAM 


Am-. 10 


Price 

Fir. 


Aliol'.l iFi^l .1 

AKW lFl20) 

A'^embtiRiFi.lOO, 

VJUiV (Pi. lu i 

Atniuauk (Fi^U) 
iiueiituti 


+ nr t D.lv. 

- i * 


iu8.O; + 0.e i ,28 


BrtcalVeat me F. I0)| 
TecteruiK 


al.2l + 0.5 - 

3ba ; j'ddAl 

63.8.- .4 | sO 
77.6-0.1 23.E1 
91.8-0.2 26 
123 ' 1 024| 


7u_8 ; *6 


280 i 87.fl 

143 -1 , d7A 

6d.Ol._ 94^ 


Uuhrni 

hleevtel V (Fl.£ )| 
bnninN.V.heareil 
KurCnm I'tl'Fi.luj 
GiilaltinuelnVlJ 
Ho'neaen iFiJf'jj 
Hroyi irene iPiJAnj 
Hunter U.iFl.lOui' 

K.L.M. iFt.iUO"....- 156.0* +1.6 
lnl. Muller 1 133 1 J H9.3,t0.5 


m. 

% 


5.2 


7.8 

6.0 

3.8 
6.7 
6.7 

7.0 

2.0 
6.6 
3.1 
3.3 

15.3 


4.4 

7.2 


a7.4: + 0.2 j 20 
Iu3.5'+ l.o I 14 
37.7 +0.2 t — I — 
a6.0-+0.7i 12 [ 4.6 
a i 3.1 
. . 19 i 7.7 

.Xonnien irt.KQ...; 53.3l-U.0j 12.5J 3.B 
.\ai..\edInwPLIUI> lu4.8— 0.2 4t* 4.6 

AeiK-ntl bkrFlJO. &-».!*:. ; 21 | 7.0 

AedMId ULiFiatUff 193.a:-2.0 | 22 I 3.7 
162.2! + 0.7- 3b 

32 I 1 23 

144 |-1 | - 

23.8+0.21 17 
79.8+0.8’ — 

1>6 +1 | A 266| 

15b. 5 +0.5, — 

12*. 7 i *9.3 

152 1 +0.6 i54./fc‘ 
247.7+ 0.1 2>. 

127 —1.0 1 27 l 
146 .+ 2 <5D.*b| 

119.6 +0.6 ;49.t 
41.4 -0.1 SO. 20 
585 —0.2 ! 53 


TOKYO U 


Aug. 10 


■Price* 


Yen 


+ nr ; Div.}Ykt. 


- | 


435 

809 

405 

540 

5U 

*27 

310 


-7 

+43 


14 
12 
25 
, 20 
3 18 

.-+2 16 

,~1 I 12 

!-l5- : 18 

'+10 


A •« til li Ioih-_ | 320 -,+4 

•.(imm j 

Or>in — 

Clnmm 

Dm Aippm Hunt | 

Fuji PlUHn 1 

...\ 

Hand, Mhuh+— ... 

UiaiseFnCMl 1,220 

C. lu* 264 

hn.Yoka.1n 1,690 

Jacn I 682 

*-V.L. 2.7U0 

Katnei K»ecT Pi* ^ 1-2 10 
Ki*raiei.„.„ M ....i 319 

Kul*'ia ' 280 

h..vun>-t>i»iiiic ...'3,800 

liauitahit, Imf [• 71.5 

IIiIbiiIiiMii Unnk- 
VIitMitnefil Hraiyi 
tl.utibiahi CnrjwJ 

Mi tain k J 

Milauknohi... 

Ailiael IfeaiWk.... 1 1.400 
Aippto 3hm^n.J 735 
Aiwtii 3ldi«»„.' 747 

I'wacer .1.590 

unjii biranu....! 941 
sefciMii l*retali...,| 890 . 

b.-eiihk -1,130 \S0 

’imy .li. 340 r_...„ 

■ -- J OXC J 


279 

125 

460 

316 

569 


-6 

'+30 

>+12 

1+10 

t} 0 
-1 
+ 70 
' + 4 

! ;1 


2.2 

L4 

i:s 

2.9 

1.7 
l.b 
2.6 

1.8 
1.4 
2.3 
09 


15 | 1.0 


i-2 

;— l 

!+10 I 15 
i+14 I 12 
1 I 16 
20 ' 48 

PT" ,E 


10 1 4.1 
18 : 2.8 
IS ; 2.7 
35 . 0.5 
20 . 1.4 
10 I l.t 

12 1 4.8 

13 , 1-.4 


AUSTRALIA 


ti’ia. 10 


Au«. S 


it; 


+ 
+ ! 


lairho Manne— j 235 j— .^_. 


laJ>e>iaChenik«t.j 415 
l OK .12,150 


■9 

,+70 


leutD : 1 16 

ink.tu Marine^.. 486 
lokyn bo.-rtlViwr''l,l2J 


inkyo banyu J 323 

Intay 144 


lualiiln Clilli .1 

loynta Mn,"r .... | 


135 

846 


+ 1 
!-io 

1 + 3 

|+2 

ir 2 


'+' 5 


2.2 
1.8 
0.3 
u.8 
1.1 
1.3 
2.5 
30 ; 1.7 
20 > 0.9 
4U j 1.3 
11 I 2.3 
15 I 1.8 
30. i 0.7 

10 i 4.3 

11 l 1.1 

8 ; 3.6 

12 ' 1-9 
10 ; 3.5 
10 3.7 
20 I IJ2 


Source Niincn Seen not*. Tokyo 


BRUSSELS/LUXEMBOURG 


Ana- 10 


Pnrc 

Fr*. 


I Dirj 

+ nr I Fr-.:Yid. 

Net i % 


Artie" i*.400 ;-20 I - 

dek«rt “M" 1 5. *40 .‘116 

C.bJL Cement— 0.176. +14 jlOO 


I'lKVdili I 444. 

KBK9. 3,270 

K^ctrobell 'O.780 

r'aUnque Not [2.775 

■i.B. InneBw '2.3.0 

Geraert.: JJU40 


DHL (Bras L) |L530 


f Idmkefl. -,’2,430 

tuten-oru 11.(60 


KredleUauik. [7.000 

La Unvare Ueb;eJ5.7t)0 j + 50 1*553; 3. 


16 

i+5 1177 
*430 
r— 16 ,170 

I 86 

Jl64( 

r-50 (I/O 

1 + 5 |142 

1+60 (29 


7.6 

6.3 
b.) 

6.4 
6.3 
10.7 
6.9 
B.l 

| 4.1 


Fan HnMiiu. j2.'(* 10 L ]5tLlb| i.l 


<X-»* iF iDl i 

t-faem 

Van tiniinervti... 
Fa k hi +ii (K. JJ) ..j 
Philip- iP,.li.t}.... 
U.nSrhVriiFi.ipO 
Kcta*.*' iF..bO)._. 
ilniini*. ifi.aoj... 
Korentn tFi.30)._ 
/£. Ij-al I lutein F-^O 
■iavent.il p 

ievuiUt|> iFi.aji 

1‘nkyii Pai-.H"i..t 
L'ntleverif 
Vikina Ke-j-itA‘li| 

*‘eidi.l~ti-.Hv^ik| 


6.6 


7.3 


COPENHAGEN * 


Ana- lo ] 

Price | +or 
Krister 1 — 

Dtv. ;Vm. 
% jS 


139*,' 

11 [ 7.9 

isiig 

120*41 

166*4' +*4 

1381s 

379i a [+ia 

80 |-M 

12 1 9.5 

12 [ 7.2 

13 9.i 

12 ' SJt 

Forr*ftipir_ 

12 ! 8.6 

U.VuVn H.(Ki«a 

2731ft + Kg 
197 — 1 

12 | 3.9 
12 j 6.1 


101 +24 

133 1 




140*ai.. 

11 j 7.9 

-v>i4i.Hertmwn — 
supeKcfc — 

417 !— 1 
193 ! 

12 1 2.9 
12 | 6.2 


VIENNA 


Ann. 10 j 

yrkD ( + iil 

l 1 - 

im. 

* 

Lnl. 

ft 

«? 


342 ! 

10 

2.9 

Pwmotapr...... — | 

275 i 

9 - 
38 

3.3 

7.7 




216 L..+... 

8* 

3.8 

Veit. 3l»cm+lt 

228 !+2 

10 

4.4 


Permtlrw.. _:3.780 

So- Gen Uau<iiie.^3,095 

ae (itn HeiRi*, r u»«.0OO 

yflna ..... — [3.280 

ii.vay 12,405 

600 
916 
7/ I 


•u.vay 

I'taclinn h‘tev-1 |2.C 

ICB J S 

La Hin.(U0)_..J 7 


-50 
+ 15 
—16 
+ 66 
+ 5 
+ 5 
+ 2 
+ 16 


Vtetllg^lloDUvgne 1 1.550. — .... J — — 


1/4 

20b 

I4u 

215 

.12 1U 

170 


4.6 

6.6 
7.0 
6.6 
6.6 
6.5 


50 6.5 


SWITZERLAND • 


Ans. 10 


Price 

Fr~. 


Vhimutluai .,'1.265 

Hht. \V 1.620 

UrtjjV Pr. L Li'l. *43 
Dn. Pari Lett., 840 
Du. Kce-— — | 576 
i.'rctit Shim* -2,250 

Ktcx'lniwaii 1.680 

Fischer iGeircei.l d 6Q 
HuBnian Pi L'ertc.! 70,000 

D>i. (bitiail)— ...i7,000 

tniertood B 13.925 

Jeznoll (Fr. 100i._'1.5£5 

\eatie(Fr. tOOi 3.480 

Dn, K«k 2A30 

Oerilkuu B.(F jall.2,620 

PtnSlI »H*lF.100i' 290 
anliv (FrJWll... 3,790 
Du. Part. Certr.J 442 
NdtimllurCT KIW 285 
siiij+i- L't (FrlOJi.) 345 
**l+«ir(F.i30).. 040 

isrit, Unk (F. ICO)! 387 
(lteWFraOi.4.925 
Laivn Wtutk" 3.190 


+ ur I Dir.-YM. 


+66 
+ 20 
+ 85 


+ 10 
+ 70 
—20 
— 3 
+2.7501 


8 

3.2 

IU 

3.1 

22 ; 

1.9 

22 . 

2.6 

Zi 

5.6 

16 | 

3.6 

« 

2.7 
x a 


Al-MILlt? cental ^..1 

Amir A u-it ra.lt a I 

A,u VTILSI 

Am pot ^.-rploiatiou 

Anrpnl 

Ainc. Um-nli. j 

Aiwic. Pulp Pape* SI J 

Irene- I’m. lu'tuatrie, ! 

Anal. Faundnrli.ii Invert... 

Audhtwn..... 

AirttUtl * f+a*^ 

Bamboo Creek Ool.l : 

Blue Metal Ind. 1 

HooiDUnville C-npj+r ! 

Bramble, Industrie, 1 

Bmitea Hill Pta}-rielari..... 
UU south ’ 


Carlton L-nlted Bretrenr....I 

WH Ul).:....;- —j 

CovkUini Cement I 

t Vilen (G. J.)._ 

Cona. GotdArido Amt .j 

CotitaJm (SI) ; ! 

Ccoulnv Biol in tn 

lawl'ain AmTiaJia 


Uunloii tftibher (SI) 

COK. — 


K3CO, 

lildetv^ml tli.. 

HJS. Induameti. _.. 

Gen. Pro|iei1y Trust 

Hamenley 

Hmkw 

ICI AurtraHa 

Inter-Cnppv — 

Jen ningi Ladustnea.— 

/•wire (Dariil) 

Lennar t Oil 

Metals Kxplnriit Inn 

VIIMHiUdlnga 

Myer Emporium 

>tS*.^Ui«.-iJ- 

\ I'ibnios Internal tonal 

Ann 6 Broken H'rilng, tjft.-^ 

■ 'akbridpe.. 

■ 'll dearefa — 

< itcer Ksptoralion 

PtuoMr Coocnse.-. 

Kecfcitl 2 Co I mao.. — 

H. C. Sleigh 

>iutbbuad Mining _...| 

>|auxn» Exploration 

(•-nth (8) ; — — 

d'oiton.. ... — ........ 

VVeaternu Mining (bOoenta! 
Wool worths.- 


■JO. 66 
(0.87 
12.15 
tl.41 
10.87 
tl.33 
11.25 
tl-67 
(1J38 
V1.40 
t0.45 
10.65 
10.28 
tl.26 

♦ 1.47 

♦ 1.82 
tS.OO 

♦ 1.27 

ri.80 

13.33 

♦ 1.30 
♦2.17 
t3.20 
*2.70 
♦3.00 
♦1.63 
. tl-34 
♦0.88 
♦2.35 
♦2.82 
♦1.72 
♦2.40 
♦0.80 
♦2.18 
♦0.15 
11.18 

♦ L-19 
♦0J5 
tO ^8 
♦2-52 

♦ 1.68 
♦2.42 
♦0.85 

♦ 1.37 
♦1.90 
tO- 16 
tO. 45 

♦ 1.58 
t3.02 
iO.79 

10.34 
♦0.44 

♦ 1.90 
♦0.87 

♦ 1.58 

♦ 1.60 


■+U.03 


-njil 

-aoi 

-O.fll 


.4-QJ8I 


-0.05 
1+0.05 
1-0.91 
I MJ.03 
+0.0) 
-0.01 
'+a.i2 
i+4. 6 
'-+0.01 


I+O-M 


1+ 1.1(1 
1-0X2 


1-0 JB 


1-0.01 

+0.02 

.+0.05 


44.1 8 


LiU 

MM2 

h*-01 

’+ 0-02 

|+e.9i 

- 0.01 


OSLO 


-j 

Price 


Ow. 

Y5t 

Alt’. 10 j 

Kmuer 


* 


UenioR Hit ilk J 

99 

f— 0.5 

9 

9.1 

IkilTfftrmnl „.! 

80 




L veil ui wtrik ; 

113 

11 

82 

Kotauna i 

Kredltkawn 
Aorak Hydro Krriil 

280 

1+30 ! 

20 

7.1 

1(49 

1+1 

11 

10.1 

2L4 

1+3. S 

12 

4.> 

■store! imml 1 

95 

1+3.75; 

7 

** 


BRAZIL 


— -V^iTV MA 


Aug. 10 


Trirt" 

Cm# 


+ or iCru/irhi 


— Oiv.J % 


Aw Eta (l|* i 

Banrudu BraoU...' 
ttam-u Itan 1*.\ .... 
Brigi* Mlnetmiir; 
laijaa Amer. OF..! 
Pelrat+aa FP„... ; 

Flreni.... 

Cruz OF J 


i-oo ; j.uJisjo 

1.68 1-0.00 ,17118.11 
1.30 ;-o.mij^778.48 
IJ3 [ +0.03. J.yb [6,01 

3-55 ! J.20l5i63 

3.45 :;+O.02'J.13!3.76. 

1.45 j— 0.B4 '.L1K11JV 

8.75 I— a«J2f ab^B.42. 

‘ 4J8' 


V^'t^iv util 5-70 ' fli254^8‘ 

L" T BmtoareFF 1 1.31 1 +0.05: .lp| l5.78 


Inniover: Cr.l3B.Hu. Vohime; 
b«»ce: Rio de Janeiro SE. 


JOHANNESBURG 

MIKES 


1+09 i 

l+iUiS 


-0.01 

l-O.Ol 

l— 0-01 


PARIS 


Augl 10 


Fries 

Fr*. 


KMM **. — - 742 

Atrujue Ocx-wCt'e.i 436 

Arr LrijqMe..:. r 322.0] 

Aqm Lame 


1,071 

406.0| 

4ziiq 

121 

87.2] 

729 

143.01 

207 


5 3.8 
1100 ] 1.6 


, + 325; 110 


.--•in 
+35 
+ 96 


5 

!-r2 

'+40 

1+18 


Zurich to 


+ 7 
+ 8 
+ 15 
-25 
+80 


-11.400 '+ 100 


20 

21 

«85.S 

\nA.l 

15 

16 
26 
26 
12 
14 
lu 
1J 
40 
20 
44 


1.6 

2.5 

1.4 

2.5 
3-6 
1.4 
6.2 
1.7 

2.9 
4.2 

4.1 

4.2 

2.6 
2.0 
3.1 

1.9 


MILAN 


Aug. 19 


A.MC 

Hastuci 

Flat i 

Dn.Pnr. 

Ftnrtder ............ 

itaicemenL 

I lalmder..... ........ 

JleilintHIThTl 

Minuedmin 
Olivetti Prir....^. 
Pirn It A Cu. 

Firellisp*. 

inu Virgin,.. 


Price 

Tare 


+ ur 


Div. I'i.I. 
tore'- % 


150 8.1 
loo! 9.7 


120 ! h-9 
605 ;+5 
1.866 ! + Sl 
1.537 ;+ 17 

143 ; - , _ 

14.790 +90 * 600i 4.7 
295.25.- 1.75: - ! _ 
33.040— 120. IJHHJ 1 5.5 
159.75+0.7Bi — ! _ 
1.063 -+8 

1.645 

873.5al - 2.5 
844.5j + 6.5 


ASA, G*+ata._., 

•JarreRiur .+ 1.729 

C.G.H — i... — - 

l.l.T'.AJMtM 

Cie Bancaire...... 

Club lladKar 
Credit Char. .FFcej 
Cieuard Loire..... 

Dinner-..^..... 

Fr.Ferrafea 

Geij, Ucnidmtale 

IrueUU ^.^i— i 
-JniTiuea'-Bort* I 

Laiante... -j 

L Oreal. I 

l OH rand. ... ....j 

Vlaiaou Fite □ ix.. ) 
Miclierin 
line! Henneaoey 
.UoiiiIdcmc. 

IWIliaa. k—. ..... 

Po.-hinep - 

FonaidJticHrd — 
Pouseot-CllrnenJ 
Pii-laio. 

Karim Tecbntqne.] 
'(dialtr 

Kimne Pnuleno ...! 

■I, UnhnUi^.:..... 
skin kirtsiUioC^. 

t>uer 

Itriemecanlciue.— 
rimmson Brandi .1 
1 hi n nr 


-0.4 

i— 1 

-2.9 
—10 
+2.0 
10 
-2 ‘ 

, + 10 

383.®— 0.5 


565 

514 

884 

528 


64.1 

148.0) 

2io.a 

730 rf 
1.754) 

586 
1.305| 

548 

154.1| 

182.E 

92^ 

307.0) 
483 
213 
448 

587 
106.71 
XS9.q 
1.706 
294.9) 
782 
242 

23.7) 


+ or) Div.iYhi. 
FnJ % 


4-lf I 0.6 

21.161 4.8 
18ij 5.2 
26 4.7 

2.7 

4.8 
7.6 
4.3 
0-2 
7.2 

2.9 


Id.*! 

42 
4fl.fi, 

75 
, 31.6, 

-11 176^0 
+ 17.3; 12 
11.85) 

12 . 
+ 0 . 2 : - 
-1B.0.35./8] 4.6 


—1.7 [ 14.181 9.8 
8*j 4.0 


J.8 [16J7I 7.' 


+e 

+ 0.1 

+ 4. 

+0.8 [16.771 7.9 
+ 7 '16.87 ZJi 
+6 138.75' 2.1 

+ 5 i 39ut! 6.8 
+ 6 iSr.Sfil ZJi 
-9 ! 12.6' 2.3 


— 1.0 
0.6 
+ 0.7 
+2.5 
10 
-1 
+ 9 
+ 2 
+ 0.2 
+3.1 
1-1 
+ 1.4 


+ 5 


5 | 1.9 
la.35.1 1.0 
7.6 

7^J 2.4 

3.6 


SO 6:0 


30 6.0 
9 8.6 

14.66 9.1 


39 ; 2.2 
26.6 o.7 
, 26.6[ 3.3 
I16.I&! 6.3 


HJ.3 ; - i. - 


STOCKHOLM 


130- 7.9 
80j 9.1 


Aug. 10 

Price 

Krone 

+ «r 

m 

1 



>— 2 • 

6.6 

2.6 

Alia LevuBfKrW 

■ 148 

+ 1 

b 

5.4 

.toKA (Kr-SOl,.-. 

, 84 

— 1 

6 

6.0 

VUa-CopcO(Kr2fi 

1 135 

+2 

6 

4.5 

BlllcruJ 

66 

— 1 

4 

H 

4.5 

3lllur> „.m.'.H... 

115 


S* 

5.75 

10 



■•L-lliilrMU. 

'240 

-3 

2.9 

4.2 

1 Hi.v? m TO ■ j 1 ! vT* 

150 

+ 3 

6.5 

4 JZ 

Knoaup •£*( Kr!C 
K-r-'le “1F\-'- 

145 


5 


297 


9.6 

.5.3 


105 

62.5 


4 

5.8 


362 

+ i 

16 

4.4 

UHtat.ou 

115 

... j 

8 

.7.0 


67 

+ 2 



3mn.lrtk A.B...— 

275 

— Z 

5.75 

d.l 

’.K.F. -U*. ■«».._ 

74 

+0.5 

4.5 

8.1 


165 


B 


I'ari.irtjk -BT KrtO 

Z 8 

— 1 

5 

6.8 

I'lriphnluu — 

.69 

— 1 


■ 

■ 1J ' ♦ T 

79 

~S 

6 

7.5 







Atm. io 

Anglo American Corpn. ... 

Owner consolidated 

East Driefomein „ 

Ktsborg '■ 

Harmony 

Kinross 

Kloof 

Rusienburg Platloum’"l“!“ 

SL Helena 

South Vaal ~ 

Gold Fields SA 

Onion Corporation 

De Beers Deferred 

Bfyvooruitzjelit 

Bast Rand Pty 

Free Stale Geduld \ 

President Brand 

Pre® den: stem 

Scllfonteln 

Welkom 

West Drtefontein 

Wemern Holdings 

Western Deep 

INDUSTRIALS 

ABCI jj5 

Anglo- Amer. Industrial . +ifl an 

Barlow Hand 4J7 

CNA Investnicdits 1.75 

Currie Finance 022 

De Beers Industrial til. 75 

Edgars ConsotWsied tor. +2.40 
Edgars Slones 

Ever Ready SA 

Federate Voiksbclcggings . 

Crearemians Stores 

Guardian Assurance iSA) 

Htdeos ... 

LTA 

McCarthy Rotfway 

Ned Bank 

OK Baaaars 

Premier Mining 


Rand 

+0T- 

6.09 

— 8.08' 

S.7D 

+0.13. 

w. so 

-8.2J ' ■' 

2J8 

-IU . 

7.50 

HUO 

7J5 

“8.10. 

10 JO 

-8.X0 

1.7B 



17.68 


8.90 


27.10 

5.-10 

7J0- 

iifMSV : 

6J!5 


i.N 

31.75 

1900 

-0J5 * 

16.90 

+o.w ,, ^i»- 1 - , 

5.50 . 

-8J* 

6.00 

“0J( 

49.50 

+0-SS 

40-00 

• , . . 

tl&OOxd 

-J.11 


+0.0T 

+0.13 

-0.W 

+0.05 

+ 8 . 0 ] 


-B8J 

+0.73 


SB JO 
fS.OSxd.. 

2.02 —0.03 


Pretoria Cement 

Protea Holdings 

Rand Mines Properties — 

Rembrandt Group 

Retco 

Sage Holdings 

sap pi 

C. G. Smith Sugar ....... 

SA Breweries :• 

Tiger Oats and NaL MOJg. 
Untecc i,. 


2.40 

2.40 
1.63 
2.03 
8.08 
2.73 

t(.6D 

8.10 

3.40 
1.55 
3.50 
.3.00 
. 0.41 

1.55 

248 

4.45 

1.40 
10.45 

1.22 


-0 M . 

+8.18 


— O.H" 
+0.83 
— 8.82 
+0.05... 
+0.03 
- 8.02 
+8 03 
-8.03 


-O.OS 


Securities Band UJS .50.74 
- (Discount of 33.6%) 


SPAIN « 

August 10 

Aoland 

Banco Bilbao 

Banco AUanlico (1,000) 

Banco Central i 

Banco Exterior — 

Banco General 

Banco Granada (1,000) 

Banco Hispano 

Banco lad. Cat. 1 1.000) 
B. Ind. Medltcrruneo... 

Banco Popular 

Banco Santander (230) 
Banco UniuiJo r 1,000) .. 
Banco Vizcaya 

BM cozm aoMHo 

Bunkunten ... ... 

Banus Andaiucia 

Babcock Wilcox . 

CIC 

Dragsdos 

Inmobanlf — . 

E. 1. Aragonesaa 

Efloanola Zinc ...; 

Expl. Rio Tinto ... 

Foraa ilJNXD .......... 

Fenosa «L000) 

GaL Freda dos 

Grupo VeiazqueE i40ni 

ilidroia 

Iberducro 


Percent 

122 

303 

247 

312 

278 

zn 

ISO 

z» 

17S 

203 

20 

3U 

250 

243 

2?« 

US 
20 
29 
. >2 
259 
TO 
S3 
U2 
» 

M 
TO 
77 
US 
79.15 
65 



- 2 


- 2 


- 2 
- 2 
- 5 


- 4 

- 2 


+ 4 


+ Q>50 


Olarra 11s 

Paprleras RcunWas ...^. 67 

Petrollbcr 120 

Perrqico, 2SL50 

Snlaeo d5 

Sarrio Papelcra ^ soil) 

Sogeflss ..... . _„r 12a 

Telefonica ... ^ 85J5 

Terras Rost cm ch 93 

TtUiBcc* .95 

union Elcc n 


- 2 

- X 

- 2 
+ X 
- X 

+ 030 
+ 4 


~ 4 
+ 0 JO 



















































-r, - 







£• - . Financial August 11'1978 



"N 


>s 


Go-ahead 
for white 
sugar 
market: 

By Our GunrnadHEes-Staff- 

THE .UNITED Tenninat - Sugar 
Market Assocjstioo-:. is to go 
ahead with plans to. start 2 white 
sugar contract in London. Trad 
ing should starMn October 2. ■ 

■ Welcoming the. -plan,, dealers 
said they hoped -it. would provide 
' a good hedging medium for white 
sugar traders:- . Since the Euro- 
pean. Community was producing 
surpluses^ to 3m tonnes 

annoidly ^t-was -only right th at 
there should he a “vehicle" or 
wWch traders could ! hedge. 

The 1 idea has heen under 'con 
sideration for some years. At the 
time of the collapse of the Paris, 
white sugar market in Decem- 
ber .1974, it was felt that London 
should not take, advantage of the 
French dtiemmjL.. ... 

Eat even now -that rtabHity has 
been restored , to Paris* the 
volume has stflt_HQt picked up 
to a. level 1 which 'would allow 
traders to hedge in total security, 
one dealer said. ■ 

The Paris contract ' was 
- unattractive because of the strin- 
gent financial- ^-.^EUftraints 
attached to trading. operations 
there. 

World ■ ' raw * sugar prices 
advanced again yesterday on the 
London terminal market. Decent 
her position, picking up a fur- 
ther £2.425 a tonne, 'to close at 
JE9R.05. . ; , 

Traders- attributed ' the con- 
tinued buoyancy 1 to a ' re ported 
sale of five or six cargoes: at 
S226 a tonne c an if .-The London 
daily price was unchanged. ’ 



asked to approve 
copper import curbs 


BY CHRISTOPHER PARKES 

suppUers S P Sbi£? hom?S Clnlean copper indnstty. rejected the Government's order 

auppuers to protect, npme pro- Spot :vnAvn rose £5 to £732.5 to go buck to work. They 


i." I",- 


New bid to 
end Icelandic 
trawler ban- 

IN A MOVE to get the ban on 
Icelandic : trawlers- lifted, at 
Grimsby, a private meeting Of all 
sides of the fishing industry has 
been arranged under the chair- 
manship of Mr. Austin Mitchell, 
the port’s MP. . ■■*.• 

Though landings are averaging 
70.000 stones of fish a day, mer- 
chants, owners and. processors 
fear a winter famine 'when the 
North Sea' smacks have ! to- scop 
going;' to sea hecaftse! of--bad 
weather. . . * 

' The ban on Icelandic Bhipsj 
imposed by fish pbrters follow- 
ing the expulsion of .British 
trawlers from Iceland’s 200-mile 
limit, have already been iiftpd at 
Hull and Fleetwood; 

A member of the trade said 
yesterday: " There is-a-genuine 


and Icelandic trawlers would be 
very welcome on tfcATnffifket." ;• / tonnes, was 1 also 


^^aninlhte'^iiMl mk re* “™ Sin *"“ 

day in Washington to yecommend cathodes were Lin £L25 at£72B75 11 BL 

to President earter-tbat .annual and t££e ^ an ofBeiaI statemeot . the 

Umports should be -limited to £745.25 a tonne. - -Govermnent gave the miners 

300.000 short tom^* The restric- _ . . throughout Peru until Friday to 

turns shonld : nin for. five years. retltlOIl return 10 work; It did not say 

ITU sajd:^ should he back- m - . i M ders In Chile what «tion would be taken if 
date! from January 1; 1978. yesterday presented the labour ^d- 110 * comply, but labour 
Last year -the -US.. imported minister Vasco Costa with a S0urces said it would probably 

about 3S7.00O tons ..of refined petition signed by 31,000 mine mean more dismissals, 

copper from Canada. <Mle t Peru workers demanding higher Miners from Cerro Verde are 

and other, summers. The pur- wages. expected to join the strike 00 

chases cost gbOPt . Meanwhile as the confronts. Monday. Cerro Verde, state- 1 

... Reuter, reported that ;the com- tion in Peru grew more abrasive, owned, is one of two major 
mission also recommended that the state mineral, exporting copper mines so far unaffected 
the quotas should, be operated on company. Minero Peru, said it by the stoppage, 
a quarterly ' basis; tiroiting im- might have to suspend produc- „ , „ 

ports - over. ■eacdi.- 1 !'thTee'month tion at its Do refinery, because + tjuajone. th e largest contnbu- 
period of the year to oiie quarter of a shortage of raw materials. T0 £ u t0 peruv ian copper exports, 
of the total annual 1 ' quota. Its other main refinery in the Wlt ^ an annua l output of 180.000 

-. President. .. Carter-, mow has central Andes region closed last tonnes : 1 continues *“ T ‘ 

about; two montiis-in: v which to Friday when ths strike started. nonnaiiy. 
decide whether tb/.^opt the Sources at Mtnpeco confirmed • In Boss. Missouri. A max said 
shceme as. ft stands^ adopt jt in to Reuter that the partial force the United Steelworkers 0] 
modified, form, orrieject it majeure applied to refined lead America local union branch rati 
There was little ^r^action on and zinc and copper to. -a lesser fied a uew labour agreement 
the - Xondob Metal ' Exchange extent. Almost all silver ship- Workers, who struck at the 
where prices had. advanced again ments. however, would have to complex on May 31, were due to 
[mainly on the stte^gth of the he cut. ■ Tetum yesterday. 



for two years 


BY OUR GOMWO DOTES STAFF 


A NEW fall- neftt. rweek vail take money." which brought prices down 

egg .prices to leve< Mr. Powell said the price cut earlier in the summer, 

for over two yea^ ^ 1 • was the result of eontinued over- •“'The holiday season often 

. Following the announcement production plus a slight drop in accounts for a slight drop in 
of a 2p to 3p a dozen cut which consumption. “At these prices.” consumption but this year’s dis- 


will take standard eggs. down to be said; “most egg. producers astrous weather has even turned 
about 23p a dozen, IB*. Frank are losing at least 12p. a dozen people away from the traditional 
Powell, marketing -director of ^ this is . a situation which summer salad which normally 
-GoklenJsy, Brians egg- cannot be expected to lost long." gives egg consalption a boost,” 

marketing consortium, com- Mr. John Hutchinson, . sales &e said ■ 
cheated: "It is untikelj that egg manager of Deans Farm Eggs, He c 0tl&nae A Yhat «,*, nrice 
prlees will ever te**lfiw again said the dndustiy had never wS^aate scrious diS 
or represent value for really recovered from the glut Sies T.r eS ^Lcera 

•-./-v../ . 1 .. “While the price drop means 

¥¥• ’ 5 w: Jit* . ,, good news for consumers it will 

Jvise Ul ^niCKen lUlpOrtS take ^ farmers one step 


nearer to ruin. 


They cannot 
a 


BY OUR OWN CORRESPONDENT afford to sell their eggs at 

CHICKEN 1 IMPORTS 1 rose higher than in recent years. tower P^ce than the cost of pro- 
sharply daring- the-, first -half of High prices In Britain have ductum,” he declared, 
this year. At 6,53*~4wm«r by g>e made the market- attractive to -The longterm effect will be 
end 1 of May, itnporfsof poultry- foreign exporters. Normally, to force egg farmers to kill off 

meat, were oaly^jNi'.per cent transport costs are high enough their flocks. When that happens 

below the total forthe whole of to insulate the UK from overseas become scarce and 

1977. •: y competition but with the pnce prices wm u^ubtedly rise." 

■ The rate of in crease ktlll shows of frozen chickens reaching 39p B . 

ribarten of abating. ' a pound on the wholesale mar- But many producers are 

^Imainsap^iBraha've been ket s this week-abont 25 per apparently undismayed _by the 
the NetherlandB and Dwamark. cent more than a year ago— the situation in the egg market UK 
By the' end of Junet the Dutch disincentives have been largely egg cluck placmgs in June 
had sent 4*819 .tqrinttj? According eroded. totalled 3.95m — 7 per cent 

to figures released tffis week by In addition, European supplies higher than in June 1977.. And 
the Ministry of AKrfciature. This have been forced to seek other a 10 per cent nse in eggs piacea 

fear that' mo^'uitei^UH^enticompares with 2,422, Itowa. for export - outlets as a result of io incubators during June is 

mav follow a winter • Scarcity; F^he whole of last yew-.y^ * • Russia’s decision to close its seen as evidence of an even 

-„J — Danes’ share; Va^’i2.S9S frOntiefs to.- foreign poultry bigger increase m chick placmgs 

.jt . - — *"derat>lysearlle r this year. during July. 


Russia mus 
buy grain 
despite 
big harvest 

WASHINGTON, August 10. 

THE SOVIET UNION is 
heading for a bumper grain 
harvest this year which could 
surpass the record 224m tonnes 
produced in 1976, the U.S. 
Agriculture Department re 
ported. 

' Department said, 

the Soviet Union wonld still 
need large imports from- the 
US. and elsewhere as Moscow 
is -committed to reeding more 
and ’more cattle to satisfy the 
.. meat-hungry population. 

The latest U.S. projection 
says-fhe Soviet Union shottid 
meet- the goal of 220m tonnes 
total grain prodnetion, but 
with normal harvest weather 
this would be exceeded. Last 
month USDA forecast a crop 
of 235m tonnes. 1 

- There have been market 
rumours that because of its 
expected excellent harvest, the 
Soviet Union Is trying to cancel 
Its five-year agreement with 
the "*7»S. under which it must 
Import at least 6m lonnes of 
American grain a year up to 
I960. 

: But the Agriculture Depart- 
meitt said that because of tbe 
increased nse of grain to feed 
.cattle, the Russians will still 
need, to import about 16m 
tonnes in 1979, compared with 
about 19m tunnes. 

Maximum 

America is also expecting 
large grain harvests this year, 
and prices on the Chicago 
commodity exchanges have 
fallen sharply because of fears 
of world over-supply. 

Under the U.S.-U5SR agree- 
ment, the Soviet- Union can 
hity up lo a maximum of 8m 
tonnes of American grain a 
year without further consulta- 
tion. 

■ But after a poor harvest last 
year, the Russians have been 
allowed to bny more than 15m 
tenues of UJS. grain, divided 
roughly equally between wheat 
and maize. 

China has also started buying 
American wheat for the first 
time in four years and is a 
major target for US. exporters, 
especially if traditional sup- 
pliers Australia and Canada 
cannot match Chinese demands. 

The Department, said the 
220ht- tonnes would consist of 
about 107m tonnes of wheat, 
108m of coarse grains, and 
atopt 11m tonnes of miscel- 
laneous grains, rice and pulses. 

Hie breakdown for prodne- 
tieig last year included 92m 
tonnes of wheat, • 92.6m of 
jCoarti£, grains and 11m of other 
i /grains: ' 



UK AGRICULTURE 

A bad time 
taking up shee 

1 BY JOHN CHERRINGTON. AGRICULTURE CORRESPONDENT 

LAST WEEK I attended the first spend more time sleeping and the early ’20s. Then fertiliser 
of the big lamb sales at Honey- getting fat than in foraging for from the ha? was found to be 
bourne in Worcestershire, and food. more economic than sheep dung 

Ihen went on to the Sheep 78 The pioneer sheep breeders and the* prime reason for keep- 
event on the Royal Show ground. are thus in some difficulty ing sheep was no lonyer valid 
It made the perfect contrast because, to become accepted, they Sheep had to stand un their 
between the orthodox and tbe have to produce sheep which can own four foot, were found to he 
innovative. compete in prolifieaev and pro- uneconomic, and virtually dis- 

At Honeybounie nearly all the »’ Uh . tb ® established “Pwufvd. 

lambs were fmm th»> well- slr . 3ins . „ an d at similar economic Numbers have risen since the 
recognised crossbreeds used on P nces - In prolificacy they have war. Most are kept un srass for 
lowland farms There has been som ? success. Some of the lamb production, but it is quite 
little chanatTin them for at least h y. bri(ls Jhat have been developed probable that their position 
£ 1 l t ? siT1 8 ^e Finnish sheep which con Id be threaien-.-d by economic 

me last years. jj 3Ve utters, rather than ones and factors. Land, either for pur- 

At. Stoneleigh there were a twos, and have produced breed- chase ur to rent, and costs in 
number of new breeds and ing flocks which will' regularly general are rising very fasti and 
crosses, some of which have produce an average of two lambs it is doubtful if present levels 
been available for quite a long per ewe rather than 3.5 or 1.6 allow sheep fumiinp to be 
time, and which have as yet lambs as with more conventional economic, compared with dairy- 
made little discernible impact on strains. ine or arable furminc. if ih? 

sheep breeding. But productivity is not only a ? an d > s suitable for these alter- 

ln sheep there has been matter of numbers of lambs pro- mdives. 
nothing like the wholesale duced. The ewe has to feed them 
switch to Friesian and Holstein at least for the first six to eight 
cattle evident on dairy farms, or weeks of their lives and no ewe 

to the Land race or Large White yet bred has more than two teats. The cost of bre'din" ewes 
type in pigs. The modern flock- This means with triplets for which moct farmers havc’to buy 
master sticks to the breeds and instance that either one of the has now risen to almost 
crosses that his father and very iambs is on very short commons, astronomic heights. This may 
often his grandfather believed probably the weakest in any only he a temporary phase. I 
in, and appears to be happy with ras ?; °£ none of the three thrives used to have a simple equation 
them. The changes that have as it should. to decide Hie value of a lireed- 

come about have been more those H is possible to remove surplus mg ewe. If Hit- value of her 

due to fashion than to any real l a ?ibs a Qd rear them on arti- annual production of iamb and 
assessment of their genetic or **5 la l feeds and of course to put wool, exceeded her cost 1 was 
economic qualities. them to ewes with, single lambs doing well. Today her cost 

The lowland ewe has usually Prjjdicb have lost- their own at exceeds her production of about 

been bred in the hills from a P 1 ™*- both these are tricky £4(1 by £15 to £20. 1 am still in 
hill breed crossed with an i°‘ )s * an P the success rate is far sheep hecause I always have 
extreme type of what might be I r ° J ? er J? nt Jl T * tber been ' svme parls of n,y fann 

"called a milk sheep. A Border problem is that feeding stuffs are cannot be used for anything else. 

Leicester for instance. The ewe eSatitv^wtth B EEC S ti rice?’ F for But if 1 were entering- a farm 

lambs of this cross are then sold fJSnte a^oma^S P for at Present costs, sheep would he 

to farmers on better land to be gT z n 15 a PP roacn ® Q - the last thing I would buy 

mated with a down breed — a , rean PS lambs under these whether from the hills or from 

meat producing sheep— and the conditions immediately loses the the innovators. 

progeny are the basis for the sheep’s best asset, which is as a — 

commercial fat lamb. producer of meat and wool from 

grass. I don’t believe that any 

Vigour 


grass. 1 aont oeneve inai any • . 

ruminant can be economically TISGS 

fed to produce meat on the cereal . 

t feeds at present available at the m nmhor 

This system which has been EEC prices of either grain or ISI >«««« 

In existence for generations meat. - _ - -. .. . _ . 

combines two factors of immense From this I except the French By ° ur Commodlt,es 5tafT - 
value- Heterosis or hybrid vigour system, which does in fact rely A FLURRY of activity in rubber 
ensures that the offspring of to a large extent on iambs markets Yesterday • took traders 
pure breeds are more produo- reared indoors. But this industry by surprise. ‘The London 
tive than either of their parents, is highly protected (the market physical market spot price for 
No-one really knows why this was closed against UK imports RSS No. 1 grade rose 2p a kilo 
should be, but it is recognised again this weekf and is confined on the day 10 dose at 55.25p a 
by scientists who have no con- to areas of France where there kilo following sharp increases on 
vincing explanation. Then the are few: alternatives ways of the terminal market, • 
subsequent mating with a down (arming the land. Anywhere in Traders thought rumours of 
ram’ will reproduce its like with France, and elsewhere in the Chinese and Russian buying in 
much faster growth rate than Community for that matter. Eastern markets might he behind 
pure bred. sheep have practically vanished the sudden move. There was 

Then there is the benefit of fro® the better land. also some speculative interest 

change of environment The This is a matter of simple apparent in the Jamiary/March 
theory is that sheep from poor economics. During the 19th and April/June forward posi- 
surTOundlngs— the hills— will century arable land in Britain lions. 

thrive all the better if moved was largely fertilised by either “ One thing is for sure, it is 
to easier conditions. The simple sheep or bullocks. Every farm not factory demand in Europe 
truth about this is that the in Hampshire for instance had that is behind it," one, trader 
animal has more to eat, and will its flock and this endured until commented; • — ■•f 


COMMODITY MARKET REPORTS At!D PRICES pricf chanufs 

BASE METAIS ‘ “ori- » » raS-iii jBe rtnio wfth amp* _THl— Bardy changed In qriet tradinc. 15-day average 149.23 (M7.S4i; 32<4Ay premlnnw, with previous in brackets, all Slwep op_ M.l per cent, average 1 42-1 P JT ItlVAi Vll>lilUEvJ 


1 'nmve- no w rsas 

i '.meat, aided By 

CDPPHW— Up asaln im' lhe . Loolon: 

Mcial Exchance. . 17* 8m«r. IW> to- mornJna ta 
nvrmisrht iraiuailantlv markets aaw mr- io -XTKS^a. * 
ward material open huber at iT51 and ittc ifH 

l + oq“ ■ 1° 

1 CtvdBetali. — • 


talk pr a pcs- Forward standard material opened at avenue 148.71 I143J9;. 

Peruvian aovoUas XBJ70 and Hayed at that level iBrouKh- 
demand. On . fe out ibe mornins- In the atiemoon the 
...er, llw price dlppefl Drtt* eased Back in 0.555 ai tme.wtlnt. 
trend gathered pack Sr rellmliiK sale bull Uanldarinn and the rflCFFP 1 
forward metal faUhn amwUieBln* of sterling agahnit the «. Oj 


m units of account per lonne: Commaa t+0.9i: Pitt* up 4 J9 per cynt. average 

wheat — S3JB7. rear nil iS5J7, rest nil), C.Sp i+iAi. PH" P* twlQ ® unless otherwise stated. 

Dorwn wheat— 12824. 0 48, 0.49. nil (128^4, Scotland: Cattle down 10.9 per cent, 

01.4. 0.i6. tiU). toe— 05.TS. rest ml ita.73, average 71.00 b t+fli, r. sbeep np M .4 per 
rest Dili. - Barley — SL30, retd nil (8L39, cent, aventge 130Jp (-8JU. 
rest nil'. O a ts- 7 0.14. rest nil (70.14. rest COVERT GARDEN (Prices lo serhiw 


it: 


i £ - C 
Wlreborir - - ■( . 

■ 735*6-8 

3. 7B4.5-5 

tfeurm'nt- 736 . • i+8.5 

UaiT!^ 731*2 +8.5j 
3 month ..j 7BAB-M+7* 
KmVm'nVj 732 {+BJ| 
V.S. tSmi J ' — • ! 


.73R-3 . 
750.6-1 


IT47. 


+6 

4-6 


. on news of tlx 1 dollar, but values raihed marginally on Hobusias tmded In a £30 range for the D *ti- Buckwhe at — All nil (ail mil. Millet— per package except where otherwise 

before It rallied to clote the" late kerb with forward metal finally whale session m mostly aaiet conditions. ®4J0. rest nil <C450. rest nil). Grain stated i— imported pnuhice: Oranges— s. 

28,823 tonnes. quoted at JASB5. Turnover M6 tonnes. Drexel Burnham Lambert reports. A late J-orabom— 35*85. reM nvl (75X5. rest nllv. African; Valencia Late 4.00-5.10: Brazilian; 

" burst of activity took vaMes to the highs Floor ‘cates: Wheat or mixed wheat and Peras 4.40-5.08; Uruguayan; 80^144 6.30- Metals 

hot Ute breakthrough faimt on (Be dose W ! ~-I2S.1> 030.00). Rye— 157,87 U27J7». 6J6: CaUfontlaii: Valencia Late 73 MK AlurmnUim. 

In the face of fresh trade sdUhg. Final 
levels were up to £23 higher on the day. 



.attd Metal Trading reporter 
that Iqlfeft morning cash wtrebars traded 
"jUtfve mtmthb £751. 1.5. 51; ±3 . 

55. 54,5. Caltv'drs. cash 
months £758.- - Kerb: Wlruotes, ctf 


_TI.V 


IJTMinthS 


726-6-7 1+4 J5 
745-^ ^3.76 


__ £754* Mr St*. AfMfMK-fBBttS'J 
three momns HU. 52. 5LVBL. BetUem't. 


- ««: K«h! 8WM. 

63-66 -I ^^RtflnUw £74SA 48. «8J, 48. 4,. 4A . ..' j monljnt 


I. G. index Limited fl VS53 34«: V V - Three months Copper T42-K& 
29 La moot Road, London SWl& fiHS. 

1. Tax-free trading on cpaimwUty fetnres. 

2. The connnadlty fu tqr ca m arket for the smaller investor^ 


Mnniln p- 

months £6 
Stand ant. 

Standard. 

BL 65, 82. BO, S3, 60. 
three months £ 6.865. 


COMPANY Ni TlCES 


CANADA4JNITEP.KINCPOM FREIGHT CONFERENCE 
NOTICE TO WORTERS lN -mE UK 
TlUtfRC FROM CANADA 

TERMIHAL 5ERVKE CM A RCe^-AFTEft. DISCHARGE 

Tlw oirmbM' Tlsrl of the shore Cd j feonce. oovretlria cervices tram tb* Csn sdtei 
Maritime. EL Lawrence Rher and Great Ukaa ports would advfec Importers watj 
siace tae introdiicttoa op. October 1,977. of the-udsttos Mvel Of ter minal 
tofVKfc elurscs. fbov P*»o continued' to-' incur tncreaies in Mtotr operating are 
relattvo to tntse cnarses,- and coey hare now -found <c oecetsary to <?v |e * JH*- 
charges in ouretttn and Juwo dortdoo that wKh ettect trom- 1« October 1978, 
they win bo increased as foiiow*:— - .‘i. 

Tralte Imuortw (rent Canada* »n‘ i eoat*lnera dn hoare-to-howe 'or - 
ptsr-to-hOH* feast* -to-be -assess on at the tallotgifle J*rir*nil sarvke charge*: 

20' coptalaem... • &S2.-:n per -Genuine- 

over 20* Container* " £*0.00 per container 

On alt other frafSc. a terminal jcrtte .ctew or SO.OO per 1.000 kiire imtel- 
£0.00) will apply o il <argo re >tt tad eg f tttra conatmra or basdhed breafcb^ 
hr lines at ttow tennloats. ■ Claroe* V«tte art* ru le i hall ho ^ - 

aatustment tor sev su teeqw s iR ; trereree; to port . aotterffv _ or _other_ th j t S J ^* r 3- 
charges for- wttarwK. orocBsita ■ or: handling ’ etMUskltwrs between moda « 
transportstloa. 

AtlantK CootaJrwr XJne GJ^. - . 

Canadian .Pic the Steamship* XW. . 

Dart ContilnerlM*. Gompwtv Ltd. 

Hapn-Uoydr jug.. 


LEAD 

■JH. |+ or 
Offldml j — 

p.m. 

UuofHct&l 

+ nr 


" £ | * 

£ 

£ 

Gwh„„„. 

l*4J5-5.ffi+a.8Si 

323-.S 


fmnithn . 

329.6-50, + 2 

328-. 5 

, llilr 

£«U’m‘ut. 

525.36 +1L26 




UA Spot. 

— i 

31.33 

— 


opeot&s at £338 forward metal 1 traded 
jj msictly within a tS range prior to closing' 
na‘ the late kerb at- I32SJI. Turnover 
3J86 to<mes. 


Jl 


«; ZfNO 

Official- I — | 


Mane hw*ter Liner* jim- MamMreMp 

Golden Crgn.Uiw.lM* Momoeerem 


Cunant AuMding, Uvtnndl 13 IDS. 
August 197S. • ' • -T; 


CANADIAN ATlANTlC. FREIGHT T 


LEGAL NOTICES- 


NB. Jd2Kia tt 19fp _ _ 
lit U» HIGH COURT. OK JUSWCB 
imvuci-ry Drtttte ca«i)Wlc» .CMrt , M 
me Matter Of GOAD.: CKEDLAJVD 
lUULDlNOS) LIMITED and in the Matter 
,il The CoJUMbtea Art. M ^ w 
StuTlCE 05 HEREBY GIVEN. Oat 6 
Pi-nllon for tho wwtoB-ap of thr above- 
nauted Company b Q»«t g 
Juuicc was ofl Ihf 1 ' 4Jh'. Itojf Ot Mf 
ItTH pregnttnil" W" th iteHL- Cou rt te 
jnnN MARTIN uurnro 

whoso muctrred office bat B tttb Wjjti 

IXVhaTtiw PfSffBr.flbvrtrd' 

Butorr si Ihl ttU - CtMWP DDW 

i^£.gS%SmSmmS 

A thr timTof teariha ta.teHW.gf Iff 
hrs connsel Mr toil g” r »W 1 vPb ItW 
of the pcHUob will tetonjww 

itudorelBiwd 
tury 8f 

virpy ou paytftw w p*®- w® 1 ®: 

ftr < v - : , 

s 

NOTE^^Sw J**"*-. tjftS 

ntet-r-tnmcG. 

Sa’iSsSTSsssa 
ew? swuVT?!- 


■ ■ -No. 663516 of 1KW , •, 
Ja - the. HIGJB COURT OP JUSTKK 
Chancery Dtvtsfoft Coupamvs Co urt. I n 
the Matter -o! SOVERTLTR SHIPPING 
COMPANY LIMITED and in the Matter 

Of The C«xnp*n»es A«, l&ot- • 

NOTICE IS HERESY GIVEN. H at'd 
.Pettttaf l« the- WtetUuit 
named CHOW: W the niah Co> m ” 
J««i» wu ob the tth da v 
»7Si pmen^d-io the «!i d . 

HER MAJESTY’S ATTORN EV ^ENERAL 
whose. address Jor service I* c a T ^Wr- 
Solid for. MaUhew Parker hmwj. j ga B te 
SWiB W», . and. Bat the. Mid PMrttojr 
la directed- to he heard briori-ttmComt 
stnlnA at tht RMfal Cwrtf ot 
Bmmd. Landn- WCJA 2 LL. on too 
Ifth day Of October 19to, and an y^tatd tog 
or eofifrtbntery. of the saw cpmwjjy 
drtmna towppon or oppm* m*xm& 
Ot n order Peuilon may 

appear *( thr tone rt hrarlnfi- I" t*T*w 
or hr his eoaoscl tor that iwntao* jaa 
a conr ot the Petum wHI be I®™™® 
by tor widerslffncd 10 aw cr ram q i ,P r 
codtribmonr of toa said Company iwnaaaa 
snd» -ctwy oo Payment of me regmated 

rtursr Wr tt* «mm- 

. treasury- solicitor. 

Uaittew Parker Strert. 

London SWlB K4N. 

dolicnsr fw the Pedtianct 1 -. - . 

.1W&-AW' tettdh JfflgSLS 

appear oo. me heartns of Ute PealMit 

nwa- ocm oik W »ena w to« «, ®e 

ahttur-nu&rd IWW* to 

tmeopno ao to do. The no^ 

the tame and adanws of toc Km^ae, 

1 1 a. .ana U» mat ad ■« I SJJ 

ej? tenTby nest 

j*Mb the .abovt-W^^to^^tog 
Iter o'clock -to die rtiMBomt ?T;» 
.■aihifiay oJ Qcwheit tttR- . 


Now York . 1 


4 .D. < 

Official i 

r-" 

JMTl. 

Unofficial, 

+tor 


£ 1 

E .1 

£ 

6655 65 

+ 30 

6630-40 

+10 

6595-605 

r+ 42 -fi 

6 & 7 CL 85 j 

L+ 2 6 

6666 

+ 9 b 

— • 

— 

6655-65 

+ 30 

663040 ! 

+90 

6670-6 

+ 81 Lb 


+ 22-5 

1 6665 

HhS!b 

6555-60 j 

„ Mi . 

| JB 1745 

+ 6 

f 

r: 


COFFBB 


|Yetrtmday'H , 

I Ctore ! + wi 


t 


per tonne . 


Bufineti 

Dew 


SOYABEAN MEAL 

■ UHtoitij : + or i In^inna 
"r f Cthne | — | Done 


+2SL5 Sepiemher..;' 1313-1314 + 24.0{ 1315- 1280 Ifipertonno 

.November... 1U23- 1224- + 19.0; 1230-1 18b Ampul ..; — ‘I60JJC-ZQ.IJ 

Jan tines- ! 1 15S- 1 16& + 1 165-1 ISO Ud«<wr . — -t 10* -60-03. 6 + l.S5| 110.BS-fl9.50 wfA 


G 00-6.60. 

3 30-3.60. Lomoos— Itahan; 100/120s new Cbpp*w;»Bh WJJar. 
aw SJMV^.20; spania: trays 1 J0-5.4B. 4 mooUiv rttv dm 

large hoses 4.SO-5.50; S. African: 4.20- Cathode.. , 

8-00: Uruguayan: 88/150 5.00-5.70. Grape- 4 month* do. dm , 

fruit— S. African: 27/73 3.46-4 JO: Jaffa: Gold- Trov as. 

40s 4.00: Argentina: Ruby Red 48/58 6.40- Lead Gaah.... 1 

5 JO. Marsh Seedless 48/58 3JB: CaUIor- 6 month* 

man: March Seedless U 4.00. 58 4.00. Ruby NUHte< 

Red 48 5 00: Uruguayan: Marsh Seedless Free Mareotd'iix it* 
4.00: J am aica n: 27/64 3.49-4-60. 

28 n> 


I 

t'6ao I £680 

iL05D/6fl |il049 

t'732.5 . + 6.0 f70a 
IE750 1i ; +5.Q '.cizejs 

11726.75 * 4.2518703.5 
f7S5.2p+3.75t723.75 
4207.625. + 0.5 5186.625 

I2323.2S W15.7* 

E32B.2S' t323.W 

'£2.566 

41.75 i 161.7a 
1.92 i + 0.0 1; 1.88 


Gold and 



Kerb: Standard. 


Sales: UJ80 < 2.4891 lots of 5 Kwoct. 
■CO Indlcatar pnces for Auk. 9 il'-S. 
- » rin_n.rh.nuH _ evois per pound i: Colomhiau Mild 

ward metal, opened at £S3l and moved Arn&,ws U9 - M USAOdt. mber n»fld 
irtttto narrow limits before closing at 
£359 on tbe late kerb. Turnover 4.300 
Mimes. 


0.1S. Golden Delicious fl.lMJO: Spanish: • 4 m,,,,,*,.' ' 

New crop 0.13-052: French: Cardinal 0.0B. T, n ,.. uh . 1 

™“ — French: Guyot 28-Ib box 3.60; per 4 ^i,, 1 


LONDON 

Arablcas 124 JS imosi: Robastas ICA tsn 00 1 
1970 us. 75 lUSJMi: HttoWas ICA UGS UTute 
117 00 (116^5). Dally average 120.67 lI0S.no <£I82J01. 


SUGAR pound Italian; Goyor 0. 150.17. Williams Tu nested T-i" 

ION DAILY PRICE (raw sugar 1 ?.T?;. Spanl ^ : . ,Wini omo_> JOd Jl ^ French: Woiimm BLoiiheii 

a tonne Of for allotment. m .' 1 m r, Zinc rush 

sugar daily price was fired at 555?' d mnntha. 


—per pound Cyprioi: Cardinal o.OT, i , Rji j UWWi ”‘^'” 1 


120J91. The market opened some UW points ^ Oil. 

' her ah Md Tatar fnikHm, Alphonse O.J, Spanish: Cardinal fl 2a. «« 


U128 'C133 

£139 '0129.95 

*123.30, 6126 31 

882.0 5 1 — 4.45 £b 1 J6 ,. 
289.1 -4.9 [288.6 p 

l 6.65S -r 10.D'£6.615 
+6,557.5 +22.5, L 6.548 J 

S 134.50 - 

*134 36 +0.5. >131(3b 
.319.75 -3.0 11312.5 
c328.75 -3.6 ICo22.57S 
*860 608 |i650-60U 


ARAB I CAS were untraded. Cose: Aug. and moved fun her ahead later follow mu v.-*,-"— v-ST" — - tk*«noi ,phm 

155JW. Oct. 159 JO. Dec. 140.00. Feb. report-, that Algeria had not received ^“ B - S'vn 1 ’ i 

aw, April, June. A us. tnw noted. Sales: ?■»!."???_ ^ nearby amvaL Final ®j“to 5^ LhSiSSi “ISu 


5632.01—2.5 ,6675 

, jtl64B i:6B8 

prices were the htcha of U» day. some “ » Sa *! ,B Bosa M0-9.«: Oneen Anne Ltasefjl Urorte (*j. E33 1 

!50 points, above onenfut auotauoas. M.o»: Italian: per pound Burbanks OJO- Fhim Malayan — *551r !+ 11.0 >590 

C. Czandkow mmns 0J2. Stanley 035: Romanian: Anna Spain 

0.244.25. Apricots— Hungarian: 2 08. 

Bananas— Jamaican: per pound 0.15. Seeds 

Burineu Avocados— Kenyan: Ruene I4^24s 4.38: S. Uopre PhHlIp [6445 1 + 10.0 6455 

D, me .4incar: Fnerte 4J8: Ivory Coaet: 4J0. soyabean (Ujij |32fi6. 45? 1 + 0.25 SJSBO. 5 

Captktmte— Dutch: per 5 tdlos 2J0; 

Italian: 1,50-1 JS. Cherries— Washington: Grain* 

_ per pound 0.90. Onions — Spanish: 2 JO- unriev BRO ! 

Mllr 1 ’■ 7,' °f 35j *2S2I» e«ts a kilo ibnyer. r... t end C C XrJTZTZi .« .. n- ■?■??? _MaWegc: 1.3ft. Tomatees-Duich: Hoiue 

ZINC— Easier to ra boned tredlps. After August!. VV 5Jte 2.20 : Coernsey: 2J0: Jersey: 1.90. Melon* ™ 


RUBBER 


j • 1 

___ I'rrf. ItKodij-'i Prrriooi 

Morning: Cash £325, mid-Sep t. £328. STEADY opening on the London Guinn. < Glow, j Close 
throe months £32SC 29 J, so. Afternoon: Physical market. Firm throughout the Conn. , | 

Three months £329; 29 J. 38.5, 25. 37.6. 28. dosing abofll steady. Uwr. and ; 

Kerb-. Three months £326J. 29. 2SJ. **^2!*** i per u>one 


Jin. 1 Jvm’niay'*- Pre-now* I Bosinere 
R-sJ-S- ; Vh«e Clore ’ done 


fwn.W«tl 


Sets SEuBB-SSJIO UJB-S4.40J 58.00-55. ID 

.»« 1 56JM6.»: 5«5«ft2a! - 

£ t Oct- Doe: 57.4OS7^0: 66.5MbJ9.S7 JS4A.B0 


1^- ,«J».*8.ia 6fi.6M5.ffi 

ils. • fa 102jto42Jil 1MU540.60 

May .... IMJftlrSJl llU.OO 4*3. 10 

Au« JMjiHNJfljtOfi.Ti 06A0 1 108 ^5-07 J6 

0.-r " ’ 

Dei- 


— Svauatehi Yellow G/I4 2.3fr'2.7B. 
63,00- 1DD.0 rntlont-— Soamsis; 

1M.004JB.2S Italian: 2.60-3.00. 


Water- 


QMUSSS* 40,1^9.5 1:103.4 


k J5*J^JtflM.T5MJO|lMJ5^7J6 ’ EngHslT'pradocts: Potataes— per 35 tdina «?iiJL , SmP , Y!Sl 

l- VTOvtfl-U6.Qjn5.tW-14-flfll — Webb 0-50. Rhubarb— Her round, outdoor 


Webb 0^0. Rhubarb— per pound, outdoor Cota** woitl h 

0.06. encumbers— per tray 12/348 8 JO- ^.^^IbDI S IlCfildiSs 


Sales: 2JJ» (2.001 lots of so tonne*. 1-90. Mushrooms— per pound 0.40-0.60. u««a*l^u»I’ 11 ’’“ 

7 »* e tele ex-refinery price for Applet— per pmmd Grenadier ft65-0 09. ,\ OT . — 


■»* 

(amet for export. I.SM.OO. Cadbaiief-per crate UJb-T^fl. ?ii 25 > 


SSO-JS U3.fi] 338.6-9 1-3J Apr^Jnri 60JM1.W Bftawgjff 6 1.43- OLID 7^ aeJ 

321.26 - bf 6M2.7Bi 81JM1JS E2.7H^1JiO 

— ..._1 2BJ1 r Oct-IMd M.46^ftSR hSJMS.40. 64^64.69 nSr 

— - Jan-Uai| 6BJo-bS.flff ES.TM5jto _ 


. ... — i.wi-i.uu. wasf»Bei— per craie lUU-UM. Suear fhanrt • 1,0* 

IniemateN Suoar Aoreement »U S. Cetery-per head 6.0M.12. CariBtarers- wSS^^hVin.J^ 93 


cents PS" pound and stowed Caribbean per 12 Lincoln L4O-L80. Broad beai 


Uonilog: £S21 V Ibreo monibB £330, AorJnJ u u ua oft t b7 iwl/tt ia eg n^c7 gn cenu ^ yUPU ana »ow«i tanDDein i* r _7 * »»« _ 

2M. sn-gg , 30. Kerb: Three monibs t b7 -“^ 67 - . B “ >s ' a uorti. Pries? for au*. 9: Dally 7^1 poind O.Bi-fl.W. Ranger beans— per pound 

jaiSJ. M. Afternoon: Three moflths £329. - *sc=? S B S~JWT . TSS ^ ,g ; , t70fi,: »«ra*e 9J4 tc.«i. Suc k >3M j 

H - --- -- -- 


L‘82.05 |— 0.551‘82 


£91.75 • ;ES2 

91.5 


2»ln 


;i m 
iasir. 


Kerb: Three months 


sale*: 49S (221j 1018 of U tonnes and' 
It (mil lots of S lonnes. 

j-a^wsE - “ 5 E^% 3 «qsL , ?ff .as 


29. 28J. 29- 
2SJL 


nuiwi wnw — Kr mum > . .. 

20-0 J8. Ground 0.12-0.15. Peas— _ ♦,**«* crop. - Unounted. 

wd DJ&o.oa. ctwrrl*s-per wand * J «to-Sepi- 9 5ept. rOct, 

Black a JO. While 0.40 Baetreets-oer vAHto-ScpL * Per ton - 

28 H..0JMJ0, Carrots— per 28 ' tofilcutor Price. 

LO NOOK— Tbe market was dull and l2fl - Capslcim»-fer pound 9JM.M 


WOOL FUTURES 


SILVER 

-Silver was fixed L45n an ounce lower GRAINS 

[for spot delivery in ibo London tmlbon 

market yesterday at 3S2.66P. OS. rent LONDON FUTURES iGAFTAj— Tbe fM<fl>er— , 
4»tdvatemv of the firing terete were: market opened Mactengrd. Wheat agats Up.+irti>er, 
Snot 549 Jc. dawn 9J)e: ibree-monUi saw a good trade in November hot values UatcIj .. 

B8.Sc. dawn 3.8c: six- morn h 5tiS.Sc. down eased lo trade 5Dp lower. Some short- u av .. 

Me: and 13-nuuub S»2.4c, down 9.4c. covering' inwards tbe close rallied . tbe j u i', “ . • 
fit* maul opened at 283JWM.4p (551*. 'market abgbtly in dose tower. ii,.;.jir_ 

SBd-aiKS cloud at 282]-fiS3*p isst-ssuei, Barley saw reastmaUr snpporr to tbe UmtJw 
2». - .2 0-2 D- bdw ntonlba at 3H8p lower bm trade 

wa* fairly tbm with very lime uuerew 


(Peace per klloi 



Courgettes— per pound (*-@7-0.10. Oal* 
per bag l.W-LM. Swetfes-wr 78 lb 0.96- rUTVlrirv 

1.00. Tnrtips— ocr 28 th L«M50. Plump INUICES 

—per pound Laxtoos 6.15, Riven 0.15, 

Csars 0.13. 


COTTON 



I, _ bs lb* distant positions. It dosed 25-Up SaJeN_Nll (same) tots of 1^60 kilns, 
ft- tr down pa the ifav. Art! rrearts. . STOREY GREASY— (in order borer, 

seller. Bustnug. «ates»: Mknw Contract: 


LIVERPOOL COrrOH-Spoi and ship* 
meat sates atoOwited to 341 ions, bringing 
the rotal fur the week eo far rp 515 [nos. 
reports F. V. Tatteraall. A WUe more 
demand came forward with interest mainly 
in .African and South American types. 
The call for Turkish and Russian was 
somewhat reduced. 




fanontA*.. 


WHEAT RARLSY JW- MfiOJ47.8. S; D«. S35.i 

ffi^L^S&S p bftl 1 ; " ■ : ~ juiv ^jj37o^ SSgj; ifSTSat 

SSiC-!^S £ *^? 5p r 1-B Hem. ! nsrw « 0«* 374.7^75.0. 


i B66.45p — ] — .. §*!*■ 

ffljnanthal ail. Bp I— 5- B; — I ...... *' ov - 

LME— TurMver lSi (1461 tots Of 10JMO jj^. 
ML 1 Morning: data SStS: • ton* month* 
au *.«. BJ. 9.7." Kerbs: Three mombs — — 
BffiJL B.T, 0,6, ■ A/leraodo: Threo months 


Ghana cocoa 
purchases 

ACCRA, August 10. 


fn'St ~ S « 79 - 50 — 0J5 3T5.M74.3. JotaJ sales- 54 

gS ££ ^ PURCHASES OF ih. 1978 Gba>» 

Sfiio Jn ri mid-crop cocoa for the week to 

96-ao i— o- ^_ 89.75 ,-QM is70;8»^' ( J>rt. I96.0-9L6; Dec. i9e.68L0. August 9, were estimated at 318 

tonnes bringing the cumulative 
total for the season to 7.343 


-WWW; 


r&PL 81254BJW. T “ al 5 '«*■' 


7905, fft7, «A W)J. 9ft7 90.0. 9LJ, 91. Nor. 88.7M8J0. Jib. VLm-Wbt. Mires 

»»* lU. ••larbK Three mombs Z9fi *. M.7WO flfl. lUy 96J5«BT&?m Mf PAT lVm?r a 1>T rr ♦ lW 

90.7, 96.1, BA. Barter: SeM. 79.7G.78.4fi, Nbv. an tA £•/ V Lull 1ABLES tptlBeS, according tO the Ghana 

J 5“- May SMITHFIELD .peace per to>-8ert- Coco ? ^larketiog Board, reports 

SM ra.-S'lS; Reuter. 

grew t 2 S 31 dS 

No- : » kxcs* Aaz- gs a: wSISiiiiii precise date when the mid-crop 

SepcOT jo , £>«. raja inuaUp- iamb; tort faa sbub ss o m 84 Tb. tm-diom season began this year but It zs 

flM.oo, sew. SUlWiTSa. 1 ^ 1 o #: ,o Sl * ,eh estimated t0 started 


COCOA 


T~ j\'atenbtv-*i +ur .""lliiSiw 
COCOA i . (Awe I — l Pout* 


financial times 


A lie. 10 | Au*7& IMrTiUli bC" 1 Vrtr«ui> 


ZSa, 67 i 868J H 859.44 I 241.72 
iBMeTjgto i. rs 32 =ioa> 

__ RE UTERS 

Aug. ii)lAue.tf , jK?iVir.u^ T*m*s.r 

1457.0 f ~14aEL6:~ I44g.5 ‘ J496. 1 
fBaw- September is, lBSTsIMi " 

DOW JONES 


Dow 

J ones 

A UP. 
10 

Ahjj. 'ilninli: Tim 
9 ! HU« 1 H”n 


359.00 

l350.Soj 

3S7.43 a5fi.30 >56.54 
pdO.BG) S40.47|332226 


(Avarua *«*■*»= i uo, 

MOODY'S 


Mnodv'* 


Aruj. 

10 


"Xu", plinitii'ieau 
9 j *20 i mu 


ley Unmmtvio.BJLBlfi.a a 3.3033.9 


(OWrinhw vi. imisimT 


NVJlCtelr'd 


8^.^rjji8».5-87J j— B.S5 1 i64fi.fi- sfi.fl towtotomeiit But ciw”iiriteS.' jmpante^ ina£ hz pTTIs™ s*Q “nz wo wee! “ earlier than the 1977 * 

■■ 1«1»*«1« . .1. ■<»-.«* 1.M S. Atnctn While Sem^Oo. £59.00 Ctosgoir PM h» S44. Port ; Knc: tsfi and* r 5*3 SOn which began On June 17, 

cta£t£^n£“ Tdtow Seat -’ oai EMM » »- fl w A *? U “ 1 . 11 ,JSSF >-ear - el8ht sms *<**■ ****** 

RCO^u« gtemw* Prices: ^EAT ^liS^N-Averare fat*** ***>0™™- siriri "unproo-ssriti 

Fred Rariesr— West SoBea £74.90. prlren j® 1 fenced, cumulative purchases cod £3.wt.M.ro. i-odimus 

, The ux monetary modem for the Atung gb raJep'Vr^ i« were estimated by the board al haddock 

M .--W » Sg-SSff* " “ — r KSf '4S, g- g- r ° “ g'^Sftsi'iSiA'S 

— EEC Batty Import Luries and pre (+1.71. p w Lw - _ Last year's Ghana mid-crop J3JW4JB, tow swmwrt rtarflili 


Ute-i, .1*01.0 QU I— llj:Ta16J-l6M 

Mawh-,-^17n^-74Jl ,—8.73 17fi4.#-71.0 

ll*y. !7<9.B.B5JJ !— 6.0 17RLO-S5J 

Ju^c — 4.-n780,fi®a (—4.55 1748.0 45^ 

dbpu 41796^.19.0 h'A&imA 

M-S 189fi.491.fi 


Dre--. — .'1890.0-31.0 


•US. 


tManurtwm Cac—"OfW»lv»Bwi 

.JW .rer poapm -- Dafly price „ 

USSfi- USLS«>. I nMramr pricey Ate. IS OM tevr aha Scpl. Oct and 


NEW YORK. August 10. 

PRECIOK5 METALS vl->ed siiarpte 
WRher un naBnn.4ive C'lmuiliwlon Jfuuxe 
ihun-euvcriTiB IuU>HVin»: rviieWL-d -wvjK- 
nesi in Un: U.S. d<i|lar amid ennefrn r*f 
an oil price rise. . C<>pner rcoiaincd fivudv 
un rinsed trade and Comml^mi Rouse 
acnvliv lolliiMiiiA a reounineridatloii lor 
a 300.000-iun U.S. .inip-ri uuuU. Suuar 
unev apam ralliud. bowed by Cunmnssinn 
Huute chartist boyliiB and “hnrl-cnvennB. 
C>'<IIeo uni.Jied hwfit-r <m ruaMer ink-rint 
and price Dsma. Bachc rcpiirt**. 

Corea— Si-pi. 150.50 ■ nST.Tai. E'ec. li!.0a 
ilK.OOi. March 147J0. Mav !-5(.S0. July 

141.10. Si-pi. IJ9.75. Dec. 137.23; Sales: 
GJL 

Coffee— "C" C«mract: Sopl. 130.75- 

1S1.IKJ ■ 127 .lib •. Dl-v-. 124.00 bid l ItV.IIli ■, 
March M4.95-115.UH. MJV lll.U0-lfl.35. July 
109.00- 1 09. 75, Sepl. 1U3J0. Dl-c. 06.75 bid. 
Sales: HOo. 

Copper— Aas M.75 Mrts3>. StPl. nj.lfl 

■ &1.S5I. net, *5.60. Dec. 96.75. Jail. 67.5U. 
March BS.3S, May r3.25. Julj- 70. Ja. Scpl. 
7J.S5. Dec. J2.WJ. Jan. r.sjj. March T4.4U, 
May 75 W. Salt--: ti,20U. 

Couon— No. Ocl. iU.7lHH.V2 '61J3i, 

Dec. 63.5fi-62.iN iM47>. .March u5.1U. July 

67.10. del. is.is-ujju. Doc. 65.70. Sales: 
2,(R. 

-Gold— Ana. 209.70 1 205-0 •. Scpl. 210.70 

■ 206 70'. Oct. 212.10. Dec. 215.30. Wb. 
JlS.fiU. April 222.0H. June 225.4U. Alia. 
1!SJ9. Oil. 232 40. Di-C. 2J5.0H. 1-0B. 233.40, 
April 242 96. June 2V.4B. satev: 23.000. 

tLard— Chicago lu-sse net available. NY 
prime steam 14 23 traded c'4.00 leaded i. 

tMaiZP— Si-pl. 219-21S: ■215.1. Dec. 2241- 
22ai 1 2241 1 . March 223j-235:. May 2341. 
July 240.-, Sept. 2-C-. 

<S Platinum — Uii. 27M»-2n:.iH> i27B.0Oi, 
Jan 273 "0-27S.SII • >27.1 April 575 CO- 
STS SO. July 2K 1U-2S2..V. Oct. Jia.SO-TSfi.in. 
Jan. 2W.70-2S92I9. April 293.5D-2ai.70. 
Sales: 1.2S4. . . 

silver — A up. 553 IK) i5-ifi 00i.. Sept. 555.7(1 

■ 551 .TUi. Ocl. 51UA6. D»c. 5*17.30. Jan, 

371.30. March 378 -JP, May aii.OU, Jute 
596.70, Sepr. fiba.oU. Dec. GlO.ilU. Jan. 
B2J.U0. atari h «33J». May Sale*: 

7,500. - Randy ^nd Harman spot bullion 
3tt*0 *569.501. 

Swrubow— Auri. ifilfM. Sept, 

mo ( 60 S! Nut. liOMaWS. J 3 n. 

March 6!5:-61b. May 621?. July 623-623!. 
Alto. 62!?. 

Seyabean OU— Ally. £1.73-23 79 I23.59i. 
Sept. 22 P'J-222lj 1 22.75 1 , 'JO. 22JS, Dee. 
21^4-21.73. Jan. n.VKl.13. Sfarch 2I.W, 
May 21.59. July ?1 o-21.Sn. aus. 5L73- 
21. SO. 

.'.'Soyabean Meal — Aup. ]5ftflO-15RjO 
(I592an. SeM. tSO.OU-'.dn.-JM ilCV.iOi, Oct. 
l«).SIW01.iW. Der. I.3,lHl-l£2.W. J’jn. 
lie joit4 ao. .March ?a>; .‘Tii-iiff.uO, May 
i69.on-iu.5u. jiiiv ;7o.20-::o2io. 

S utiar— No. U: Sept. 7,20-7.21 17211 v, 
Ocl. 1.33*7.40 1 7.411 1 , Jan. 7.7S. .March r_°2- 
1.93. May S. 03- 5.06, July 2.22. Sep*. S.M. 
a .40 Oct. SJ0-5.5I. Jan. S j3-fi "a. Sates: 
4.023. 

Tin— 590-396 flow. -■ih’S.jflj uwn.l. 
-Wheal— Sepi. 212-JT2.. •=!!■ >, Dec. Sno. 
309; I307J|. .March D0u«-30ii.. .May SW-StKj. 
Jnte ?9?.!-29i!. Sepr. ZSJ'mnn. 

WINNIPEG. AU5IL«T TO. ttRye— (VL 

■J' 50 bid tSfl.Tfl bid.. N»v. R9.7ti hld i».B8 
hldi. Jiec. 01M bid. 31 ay 9100 bid. July 
90.00. 

ttOate— Oct. 77.00 (n.an hid.. Deo. TkRO 
a^hed iTl.iOt.. March 10.30" a^ked. Vtny 
7B50,a<ked. July 71 JO nom. 

ttSarley— Ci'i 71.10 171.H1-. Dhs. 72.00 
arteil (Ti.iti aiStd-. ilanJi TinO asked. 
May l.'.M a:-bt'cf. Jiiiv JJM nunt. • 
({Flaxseed— oct. . CT.S.So mm. Nnv. 

233.00 bid I33J£0 bid,. Dec. 234..10 bid. 
May J29.9C bid. July 2C9.ni! n nni. 

" Wheat— SCWRS 13^- pur wot prmeln 
content e:! St. Lavrenc^ 2 42. 12 itfiftOSi. 

ATI cents per pound i-x-warcbouse 
unless cufmnme Mates. ■ fs per erny 
oiinkp— IflO uunee lots. * Gbfeapo toom*. 

« per 1U0 rhs— Dtpr. ot Ap. prices pre- 
vlnus day. prune steam mb. xy bidk 
tank cars, i c.-nis pur 56 lb bushel «- 
WBrulHItise. S UM hustle! lots. * SS per 
troy ounce for 50 02 units of 99.9 p?r 
et-ni piunar delivcre-J sv. ■ Cents per 
troy ounce ex-war.-homp-. New ” B, - ’ 
contra yt in Ss a shon ion for SuIK lots 
of 100 . shoo tons delivered f.o.b. cars 
ClueaBO. Tolwto, St. latuii and .Alton. 
Cents per & lb bushel in wore. 


•»*» Ate. rtTwilw for. Ansssr u to ardor ~ Baglaitd —q MMes: cattle mmiber? up finished 'on October 6 with a ”Ww“Te'mou soire i « ib°misM 5f.r 

sec. 6J) per ceta, ^ ^ (+DJ>u ? cumulative total of 14,495 tonnefl. Sd?' Us 16 


ex-u-arehouse. l.'jflfl bushel 
it iC per lonnu. 






Financial Times Friday August il 197S 



Profit-taking brings a halt to rise in the leaders 

Index down 2.2 at 514.0— Fresh advance in secondary issues 


Account . Dealing Dates by the close, 20S contracts had British Benzol Carbonising tinned notional which moved to 164p 137p. The reduced annual loss Golds 6AS6 

Option been completed in C.U. out of a penny to 23p, while Lapoite before closing 6 up on balance at and proposed 50 per cent scrip' ' 

♦First Declara- Last Account the tola! of**. C.U.’s October added 3 to i25p on yield con- 16!p. Other miscellaneous indust- issue failed to stimulate Property South. .African Gold shares 
Dealings lions Dealings Day »S0 cheapened 3} to Tip. ICI also siderations. rial leaders fell away from a firm investment which l easier for U»e fire! time in. 

Juiv *’4 Vu- 3 \u" 1 tuE 15 attracted a sood interest ahead After the previous day's start to dose mixed. Beech mil im- \* nty . , , four days reflecting the mitlal 

7 An-' IT Ann' IB VuS’-ifl of forihcomiiig interim results activity, interest in the Stores proved to 723p bnt met proGt- weakness of the buUion priee. 

Vu-" ■’L lue Vt Sen’ 1 ? -S5 133 contracts were done. loaders waned and a mixed tone taking and closed 5 easier on Warner E^a te, lo0p, and Beflway which slipped before rallying to 1 

Aug. 2L Aug. ..I hep. 1 Sep. 12 was cv -,dem at ihe close. W. H. balance at 712p, while Claso ended Holdings. B8p. both put on 4. the close 50 cents higher at a record 

how nine •• dealings may take piac* PIJ shares DhlCed Smith A continued firmly at I80p. unaltered at 614p, after «22p. «tt*r on speculative interest, §207.625 per ounce, 

from 9.30 a.«n. two business days earlier. r , up 4. and fresh speculative sup- Boots last 4 at 22lp bnt Bowafer whde Lena Lease gamed 7. tu Business in Golds was on a 

Equity nmrkeis enjoyed anmher i\ at West became a firm market. port helped Burton A harden 2 finished 2 dearer at 207p. after 272p following the annual results, smaller scale than of late with 

active da vs' trading yesterday, but ri’* 111 " . •' , . a “ er more to l?4p. Secondary issues 212p. Elsewhere, persistent de- small local and Continental sell* 

l^atimsj industrials succumbed tu following details of the successful were notable for gains of S in mand in a market short of stock UllS lOWejT Ing In the morning and afternoon 

pro fit -taking aftpr extendin'! ihe J , ^ : ! c t , . n '' P e C share- Home Charm, I9Gp, and H. left Hunting Associated up 23 at being followed by renewed 

recent .good rise by a further holding m Commercial Union tit <i am uel a. iS5p. 300p and Vinten remained popu- , a rr?.. American demand in the late 

useful margin. Up 5.2 at thp best , 15 *P J? er s ,? re .various Television issues came in for iar at 217p, up 12. The inclement trade. 

of ,he day at 10 ant. llic FT 30- Institutions, thus reahsins an P ’ ' The Ui buying took prices, off 

share Index reacted io close 2.2 estimated SUgm; GO closed b ■ ■ ■ ■ - 1 LK the bottom but they still showed 

divvi, on balance ai 514 0. cheaper :«» 138p. An irregular pgo , *EL S £5,i maretnal losses overall. The 

There was some funher good trend became evident in other .• /-.» <-’. *'">••• ” cumbed to late small oEfenngs t _ nsat i at j e bUvtn- Was aeain 

iniesiment buvmt* at ttie ou'set home banks. Reflecting the chair. E*#WTbF\ ' 1 i’.V • an ^ cheapened 4 apiece to SfJOp . centred on the bi?h 

but small bU ,»ersi«tpnt sellmg man’s confidence at the annual • V." FOOD fjj ^ecuvely. Tnccntrol jjjjg g** sSSi as wS 

conoted Mil h ihe occasional large general meeting. .standard 2l0 _ . , M AlUIIPAPTIIRIlltfl / lost 4 to li6p. Driefontein and V M t Reefs which 

selling order gradually leri its Chartered ru-e 22 to 430p. . [itIAIw U rAI/ 1 U •>; « V / In Overseas Traders, Inchcape were both finally 2 better on 

mark on prices. Wus that .Vat- Composite Insurances turned . 4* * * . .v.,.;* *■».:• . rallied 7 to 380p after the recent balance at £ 27 ! and £16* resDec- 

We<t had placed its 4.«i per cent easier with ihe CU share placing • '*••••. '•^ETi”^CTUARCS IhCEX- .' sx,'* - # setback, but Paterson Zo chords tivelv 


FINANCIAL TIMES STOCK iNDlCES 

All* 1 A'lR. } A.«r~ Ani“7 j’ A W 

— 10 | 9 t S : _* I * • J I. a P* 

I * 71 . 02 : mea 7a97j 70.S3 

72.B9 72.62' ^ 72.7 ff 73.731 72.65] W.77 

hZr™in»«u«^„l 514. 0 : 516.2- 507.0' 505.4.; 497 .e| 4M.9j 4TB^ 

SSST — 3 »»- 6 l ^ l901 i 105 - l i U " 3 

**T ***: 5-«: ^ 5 -“ 

E««liier.rM^tall>r3 15-95- 15.9li 16.16 16.21- 16.29'. 16.21. 16,24 

mSLU-iU «■»; MB .Mi “3 ®:S 


eSI 6.511) 4.970' 5.B73I 5.7«j 6,536 
Zt^-iroovcri.™. -• (145.17; 115.69; 96.55! 108. Iff 106.04: 24.13 
’ g5.4l425.5 6g 21. 079» 21.710 19.S^J6.816 

in 202 522.4. U am Si O.&. Koat 52B-S. 1 pm 51S.7. . . 

2 pm 517.Q. 5 pm 515.5. 

UHH Index 0Mfl» tm. 

-Bawd on S! per eon eonwnrton tax. 1 Nu-M* 

Basis G ‘> wl - S”*- I 5 ' 11 ' 3 *. FUlH1 lnt - 1KS ' ,nJ * ord- Co1 ' 1 

Mines 12. 0/55. SE Aitvity July-DcC. IMS- 

uiCHft AND LOWS S.E. ACTIVITY 


share Index reaeled to close 2.2 estimated £Uj3m; CU closed b 
drr.cn nn balance at 514.0. cheaper at tJgp. An irregular 

There was some funher sood trend became evident in other 
in\ estment buving al the auuet. home banks. ReBecting the chair, 
but small persistent wiling man's confidence at the annual 
conoled with the ucea-dnnal large general meeting, Standard 
selling order gradually loH its Chartered ruse 22 to 430p. 
mark on prices. ;\'pus that .Vat- Composite Insurances turned 
West had placed its 4.ti per cent easier with the CU share placing 
stake in Commercial Union in the a major restraining influence, 
market had no immediate impact Genera! Accident at 234p, lost fi 
on market sentiment, but may of the previous day’s rise of S 
have been a rex I raining factor, which followed the much-better- 
Thp continuing high level of than-expeeicl interim results, 
nciivilv was reflected in official while Sun Alliance reacted 20 to 
markings oF K.717. the highest 579p. 

since carl v January. Following the full report. 

In contrast, secondary issues Burlouwoud featured Breweries 
continued in demand and recorded wilh a ri<e „f io to 173p on small 
further widespread earns. Rises supporl itl j t hi n market. Else- 
KJ Tails bv about five-i o-m p in where. Gotigh Bros, stood out with 
FT-niinted Inrinsirifl* ami the FT- a r j_ se D f 4 al 
Achnries All-Share index held Kwn (leniand ' too k Building 

irr .ul.lP path T'le release of ..r..,,.,, .. n .i nrire< eln<erl nrnnnH 


220p^r 

210 

1 

. '■'■■■■■ ■ 

.... . 

200^ 
i on 


Lo U 

1QH 


lOV 

1977 

1978 

° DEG 

JAN 




FOOD m 
MANUFACTURING 

•• T. v \... 

... ;.aFJ;-ACTIJAP£S .INDEX; / ! 


Petroleum and Shell both sue- mmm W juu g 

cumbed to late small offerings mammal . Josses , overall, 
and cheapened 4 apiece to S60p franratlatic buying 
and 574p respectively. Triecntrol centred on the 

lost 4 to I76p. 


HIGHS AND LOWS 

j 1978 ~ JSmung~ C,>nipibition j 

| High | Uiw | Hljjli j Low | 


Anc- f An -. 
1U ■ » 


Govt. Seem... ! 


Fixed lnt.... | 


78.58 | 66.79 1 127.4 i 49.18 
i4:l) j 15 ;«) iB'1,36) | i5.li7bi 

81,27 I 70.73 15Q.4 ! 80.53 

i9,ll 1 (616) [£2/11147), (i|l/7C 
516.2 ! 453.4 I 549J3 | 49.4 


i 2 ! 7 ^ ! cKqtcd-.; 143.8 161.7 

9/1.361 | w.inbi , | ua |,i 9 |rw«-... ZS8.2 334.0 
160 4 '80.53 [ Sjvt-ulamv...; 68.1 : 65.1 

2/11/47) (3/U75) i TiSaU 15S.9 . 141.B 

___ _ 1 . 1 a-ilAV .Iv-raRrf 

“S-2 ; 49.4 • | 152.6 1 16S.4 




\ 


setoacK, nut traierson xoenoois lively 

2 i &tt d M l S> 1 » S3 ’’ ““ L ° mh ° tbtd Medium-priced stocks registered 
£ late to asp. snail losses but marginals came 

Numerous gains, usually limited in For sustained profit-taking 
to a couple of pence, were which left Durban Deep and East OPTIONS 

-- — -I « — recorded in Investment Trusts. Rand Props, down 13 at 4I5p and v 

Moorgale Investment stood out 407p respectively and West Rand DEALING DATES GEC, Butterfield Harvey, J. 

at 97, up 5, white Colonial Secnrf- Coosoiidated S lower ar liflp. . T __. p or Lyons. Marks and Spencer. Oil 

ties rose 6 to 263p and Caledonia South African financials ware c_.n„ Exploration. Mersey Docks 

— investments put 00 S to 264p. mixed. De Beers came in for 'late D* 2 ** Deal- Wbecloek Martlen, Unochromo, 

Above-average gains were often American support which left the ^S 5 „ . ll, ® s , . , Amalgamated Distilled Products, 

seen in Capital shares and shares 4 off on balance at 446p. Aug. 1 Aug. 14 D«. Zb Cement Roadstonc, Britannia 

included RL and G, 6 up at 132p, 5- fter 44 ?p. but Anglo American Aug. 15 Aug. 28 Nov. 9 Nov. 21 ^^rrow, Town and City Properties, 

Dualvest, 7 better at 244p, and C? rporadou finished 6 cheaper at Ang. 30 Sep. 11 Nov. 25 Dec. 5 Sears and Debenharas. Puts were 

JIW JUL AUG New Throgmorton. 8 firmer at 3°?P- For- rate indications sec end of arranged in J. Lyons and 

14/ p; the new Warrants of the \ agelstruisbuli ^ rose 5 to a high Share Information Service Burmafc Oil, while double options 

, J . law-mentioned gained 34 to 2Sjp. of 70p on consideration of the to aitMct money for the 1 were transacted in Expanded 

ssawro-j; %ss asft ^"“as: syMa^ssar sr* AHi ' d 

5 to 6Sp and .Aaronson London Merchant Securities, llOp. New Wits added 4 to a high of OIL Expanded Metal, Aarons on, Relailen. and LL te_- 

i penny to SOp. after and 5L and G. Holdings, 135p. rose ^P— a two day gain of 17— on . IZT7II 

ponse to the dividend 6 and 7 respect iveli 1 . Awaiting » n ereased profits and final divi- LONDON TRADED OPTIOWS 


(M.S.-771, 1 2*1/0,401 j trial- 2S7.'e • 218.7 


Gold Mine*.. 200.6 
: i»W 


130-3 ; 442.3 


Spa.-uwivv...l 32.2 


(2S/i>/7ri!(26,'lO/7U ; Tmalp ! 157-0 I 13c. 8 


FEB HAR APR HAY 


Butterfield Harvey. Allied 
rs and LLder. 


■hie f icfnrs but failed to helo s !1' ks - , TE adva " ce ? K to “ News that the group's joint hardened a penny to SOp. after and M. and G. Holdings, 135p. rose 136p—a two day gain of 17— <m 

«horf-Hnie”i m-itiiriiK There were >9 •« peak or isSp on the increased micro- electronics venture with 83p. in response to the dividend 6 and 7 respectively Awaiting » n ereased profits and final divi- 

felSKnMrttahiK r^URM^'to th.S ta ' rchHd ^ fbe^S.may get forecast which accompanied the details of JEmJS bid^ ftStfc ^i- „ „ 

.ire.i before prices e-e/iliiaJIv le rUL^V*L£.S SfiSJ unt1er ^ ay b> ' ‘^ e cnd , of proposed £4.2m. rights issue. minority holding in Pearson ^-, J :illjn e liaI1 w «» ■ feature in 

drifted easier to close with furl her '‘- p ^ t0 jin- * rcv i ve( i bid hinh Hof Among Motor Components. Duo- Longman. S. Pearson put on 8 to t0 8 yea ^ s 

ln^es raniina to >. I^ngs. how- £ ll to t lgJ 1 .* n r ™T« i ■ hl ^ ifS ched 3 kP 'op shed 2 ro 73p and Lucas In- a 197S peak of 246p. t p ,f* k of 62op foUown- news that 

ever continued to make « little hopes, but recently firm Travis , ns 3 better on balance at 30fip. dustrles gave up B at 322p. «■ 11 ■ .. . . company intends to transfer 

holrivnv h.1 1 trade »*i a»ain at and Arnold eased 4 to loSp: the RMf ended a like amount dearer “ in Distributors, mit nn i Following the sharp rise in its domicile to Kuala Lumpur 

a fSlv 'low lcvH The Govern- announcement that the latter has al i53p. after 15Cp. with senti- jo iMp but Hcron ffor despite ? nn , U ^L -2?*“. Dht0, i • 0thers 10 lister substantial 

nmnt broker p<i.ihiish**d 3 price of “^uired »bc building supply ment helped by the favourable the sharply increased earnings (e atur ed„Textiles with a jump of improvements were Malay an Tin, 
"v in^p nartlvnaid tan Ex- d ' v,s,on . °. F El,l j fverard and rourlh -quarter figures reported ‘ haded j P t o I45p. / £*o 97 P a “arrow market. 20 higher at 433p. Ayer Hitam, 10 

chon tier 12 ncr cent 1099-02 but the .^istinu debts for a total b y its U.S. subsidiary. Capitol. Newspapers and Publishers 0Uier “° taWe movements in the better at 380p and Tronofa, which 

onlv a mSdest Sunt of slock BheuW ill Eject rica is. Auto- some times hlid nSfable improve- ,«»• -"jUr to slightly put on the same amount to sag 


ihe premium ‘moving 'narrowly 402p and xifip before settling a good annua] earnings. finished 5 cheaper at 2600*" Else- 36p and 50p respectively. placing in Australia of around 

between W7 per cent and the couple of pence lower on balance Firm features were again where, buyers came in for Saaichi Reports or increased consumer 2 A 4 £; , ™ , shares *' hich raiij ed about 

nvcrniilit IW l«r cent !wf n re L-tmS,,. e'SltS', a ”S™5 .**72^ ?“«*' »Wf> ?™l.« >» «?P s l* nd “S >»«»rds a firm 


FOOD PRICE MOVEMENTS 


Comniereial Union sparked oil a thin markets, lnlerm.tio.ai Paint „hlli W. G. Alien (Tipton) ro* !0 ^ “j y S ^mornin- 

good demand for ihe latter in Prided 3 lo sin and Plysu 8 to flRp. 4 w 54 p with the chairman's s ± t j ^ n ay '° rQ "™ ^ ei tZmSred Sreadv 2 fSSS 

the Traded Option market and, Deapl.e lower annual pre_te op , im „„ c remark,. .tout, cunwl SlT'l&ZS?- '5£E£ A 2P& 

}2rt loJS ^ profits Press com- i° deal and 

FOOD PRICE MOVEMENTS Expanded Metal which rose 4 to . — - 

77p and Molina became popular A/^T, I w / r' 

August 10 Week ago Month ago at 14Sp. up 7. Funher derrmnd ALUfL MULKd 

^ £ X X in a thin market helped Startrfte, No. 

BACON better at Ji®P- Denomiaa- of Closing Change 2 978 197S 

n-,nuh \i ncr tnn 1113 m3 ’ 1,115 Harvey, on the other hand. Stock tion marks price ipj on day high low 

Rriffxh \ 1 off S! 1085 LOSS LOSS softened 3 to 84p on the announce- Icr £t .. 13 .398 - 2 400 328 

Iri'h Spi^af pcr fnn 1.8*3 1.083 1.085 HIh" ° i S BareIa ^ Bank - n ■ U, ... 360 - 4 3BS 296 

l t-iiior \ 1 Der ton? 1,085 1.085- 1,085 had successfully placed its near n e Beers Defd. ... R0.03 1 11 . ' 446 - 4 431 285 


BACON 

Danish A.l per tnn ... 
British A.l ppr ton ... 
Irish Special per tnn 
Ulster A.l per ton? 

BUTTER 


August 10 


Week ago 
£ 


Month ago 
£ 


ACTIVE STOCKS 

No. 


CHEESE* 

NZ per tonne 
English chedda 


EGGS* 

Home-produce: 


BEEF 

Scottish killed sides ex 

KKCF 

Eire forequarters 

LAME 

EnglMi 

NZ PLs-PM-» 

PORK Call weights) 


i Unavailable. 


.. 1.113 
.. 1.083 
.. 1,083 
.. 1,083 

1,115 

1.0S5 

1.085 

1.085 - 

1.115 

1.083 

1,085 

1,085 

.. 12.59 12.72 
.. 74.11 

75.98/77.33 

12.39/12.72 

74.11 

77.22/ 78.02 

12.31/12.62 

72.99 

74.48/76.57 

.. 1.161.50 

1,161.50 

1.161.50 

T . 1,275.0 

1,202.10 

1,202.10 

. 3.60 3.90 
. 2.60.2.90 
August 10 
P 

2.30/2.75 
3.20/2.30 
Week ago 
P 

3.00 3.30 
4.25/4.70 
Month ago 
P 

32.0/38.0 

54.0/57.5 

35.0/37.0 

54,0/58.0 

. 36.0 60.0 
53.5/54.5 

50.0/36.0 

53.0/34.0 

34.0«R4.0 

53.0/54.5 

. 33.0 '44.0 

35.0/44.0 

35.0/44.0 

s 36.0/41.5 

36.5/30.0 

36.5-39.0 

:e price per 

120 eggs. 

7 Delivered. 


Tubes, 41 2p. 


GEC 

-23p 

EMI 

; 50p 

Rank Org 

■ 25p 

1 Unilever 

23p 

Wellco 

op 

Beecham 

25p 

BP 

£1 

Commercial Union 

25 p 

Distillers 

50p 

NatWest 

£L 

Reckltt & Col man 

50 p 

Tate & I,yle 

£1 


7. s e hhrs * w, - ... 11 8 

«■ nrfg NEW highs and lows FOR 1978 

at 40p on the higher interim <1jgga£rT<£^JUB 

profits. J. Lyons eased 4 to 13UP attained new Higlu and Low* lor 1978. 


of 

Closing 

Ci 

flange 

197S 

187S 

marks price (pi 

01 

i day 

high 

low 

13 , 

398 

- 

- 2 

400 

328 

11. ■ 

360 

- 

- 4 

36S 

296 

If. ' 

' 446 

- 

- 4 

451 

285 

11 » 

306 

-j 

h 3 

311 

233 

• 10 

153 

-1 

h 3 

190 

130 

9 

274 

j 

h 6 

274 

226 

9 

350 

- 

I- 6 

550 

476 

9 

281 

H 

- aj 

281 

20 i 

S 

712 

- 

- 5 

720 

583 

8 

860 

- 

- 4 

S96 

720 

. 8 

158 

- 

- 6 

164 

138 

8 

109 

- 

- 1 

201 

163 

8 

286 

4 

h 9 

29$ 

250 

8 

520 

-i 

L 4 

520 

392 

8 

188 

4 

H 1 

218 

164 


RISES AND FALLS 
YESTERDAY 

Up Down Same- 

BnHsh Funds 42 M 22 

Corpn*^ Dom. and 
Fonlip Bonds ...... 12 1 a ■ 

Industrials .J 5W 27 M2'. 

Financial and Prop. .. 254 ' 57 2m 

on* - 7 9 M . 

Plantations 4 5 22 


.... 42 

■es 5 


4 « . 

5 22 
SO ...36, 

3 ' 34. 


— 326 376X132 




Uifn/icr 

JATIIIHU' - 

A f.l (1 

"" 




Ks'n-lH- 

pure 

Chwlift 

offer 

| Vnl. 

Chixinp 

•lifer 

Vnl. 

• tiflcr 1 

Vnl. 

i 

tiputy 
• hu* 

BP 

750 

128 

i - 

146 


• 



i 

863|. 


aoo 

SO 

1 6 

110 

— 

; 133 

-- 

1 


HP 

850 

so 

4 

78 

— 

1 loo 1 

— 

1 


BP 

900 

26 

8 

S3 

— 

: 77 

— 

J 

l&Sp 


140 

•22 

i 15 

24 

- 

! sn 

— 



160 

7 i a 

j iao 

13<: 

32 

! i 7, s ; 

— 


4. • 


ISO 

2 

1 21 

6 

20 

: 10 ! 

— 




lbO 

41 

• — 

44 


i « 7 ' 

— 

► 

196p 

Cntix.tiiilii 

ISO 

23 

! 18 

28 

22 

52 

— 

i 

Cnns.lir+l 

200 

9 

37 

16 

- 

1 21 | 

18 

| 

120[, 


too 

23 la 

16 

25 

— 


— 



110 

15i : 

•a 

1712 

5 

| 201= 

— 

i 


120 

7t» 

28 ' 

111; 


.15 ! 



Coiiruiuld> 

150 

4 

5 


6 

lot- j 

— 

fi 

W7p 

GKl) 

220 

88 

8 

94 

— 

82 ! 


GEC 

240 

68 


76 

— 

— 


GEC 

260 

48 

5 

60 

— 

67 

8 

i 

a „ 

GEC 

280 

29 

33 

44 

2 

: 52 ) 

33 \ 

1 


.. 

OKU 

300 

161s 

55 

30 

— 

1 . 

f 

.. 

Grand Slni. 

100 

21 

20 

25 

9 

26 | 

- -■ 

i 

119p 


110 

13 

8 

17 

7 

19 i 

5 



120 

6ls r 

17 

10>c 

11 

131- ! 

,s 



ICI 

350 

71-- 

16 

73 

16 

74 | 

7 

i 

>9Bp 

(C'f 

360 

4Z 

7 

43 

27 

51 

- • 


ICI 

390 

>\ 

21 

27 

15 

32 1 

4 

i 


ICI 

420 

15 ' 

16 

5 

£0 , 

4 


!37p 

iAnd Se>-x. 

180 

61 


63 

5 

68 

-- 

i 


zoo 

421 S 

10 

46 

1 

Si 

■ 



220 

23 


28la 

— 

35 i 

— 



Eau-I tie*-.. 

240 

8 

29 

161- 

-- 

2113 i 

— 

! 

SBp 

Marks A s#| S 

/■«0 
/ 70 

30 


30 

2 

32 ; 

— 


Jlnrks A .-sp. 

eoia 

7 

21 

- 

23 [ 

. 

1 

tl 1 

Mark* A -p, 

' 80 

12 

38 

13 

9 

15 ! 

-- 



Marks A s»j». 

9D 

41g 

13 

7 

— 

101- 1 

3 



Shell 

500 

92 

8 

93 | 

— 

107 ' 

— 

. 

>80p 


550 

42 

20 | 

58 | 

— 

69 f 

-- 

1 


Shell. > 

600 ! 

141- 

7 ! 

31 . I 

3 

42 ■ 

.4 

I 



T.ilwla 


— 

616 ‘ 

— 

195 

| 

57 

1 



FT-ACTUARIES SHARE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Facility of Actuaries 


on reports that institutional share- nrmq I4’di 

holders may seek a meeting with N S 1 JSffi« ( i , , 4) 

Allied Breweries to discuss the commonwltk. & African loans «i 
merits of the latter's controversial ambmcam^is) 

bid. banks 11a) 

BEERS 1131 

_ , , , 1 4 . BUILDINGS (21 1 

Reed below best t &gSSS & s .»?' 

A Press suggestion that the DR E^|CTRf» r Ls R lS3l ,2S, 

ctroup may be on the verge of sei- engineering issi 

ling its largest foreign asset, Reed hotKscs* 

Paper of Canada, sparked iff a 

flurry of buying in Reed Inter- _______ _ _ 


AM8JUCANS 1151 
CANADIANS (21 
BANKS 11A) 

BEERS 1131 
BUILDINGS (211 
CHEMICALS (91 
CINEMAS ■£• 
DRAPERY « STORES 125) 
ELECTRICALS (231 
ENGINEERING (35) 
FOODS 11*1 
HOTELS (31 


INDUSTRIALS (701 
INSURANCE (3) 
MOTORS IA) 
NEWSPAPERS tS> 
PAPER A PRINTING (S) 
PROPERTY I1QI 
SHOES (51 

SOUTH AFRICANS (21 
TEXTILES Ml 
TOBACCOS <3 
TRUSTS CU 
OHS (A) 

MINES (211 

NEW LOWS (2) 

BUILDINGS Cl) 
McNeill GrouD 

INDUSTRIALS (II 
*• W “ Ftlubons 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Thurs., Ang. 10, 1978 


&L Gras Esc 
•• Bnafatt Mr. P/E 

Figure* la parentheses dwir number of Indfr 'Day’s Weld % Yield 5fc Ratio Index Index Index Index Index' 

»«• a lJ*“ S SS '■ K °- No - No - 

. TsxS% Tu :S% 


COMPANY NOTICES 


CANADA-UNITED KINGDOM FREIGHT CONFERENCE 

NOTICE TO IMPORTERS IN THE UK 
TRAFFIC FROM CANADA 

CUSTOMS CLEARANCE CHARGES IN THE UK. 

imoorierf »re hereby interim* lhal consequent^ uwn E?f 4, ?fi2S 

.n oncrjt.no the iCjlc ot <hjr„c» which «« ,!?*" r , ;”i!5i hl hy SS 

Is; October 1977 when customs clearance services are Pfriormctl bv the 
member lines ol the abort Conlerence on cargo ,' r “" 

Mart, me. St Lawrence River and Grrat Lakes oorts. will be revised with eHect 
Irem H! October >978 ->s tollows- — 

Preparation presentation and lodging Ot orlmc customs entries excluding 

baoiage suitcrancc __ ... ‘7T 

Nolc: When nos; entry is reauired an additional Charge ol £11.00 will be 

£12 00 per cnrr> 

NM«! 1 Ihc >l iweMinfl charges anolv lo entries’ containing one or two H.M. 
Customs unit Items EnlHcs containing more »*■*«»» ‘■F'" iwma ,0 6,5 
subiPkt to .** additional S.1.7S oer additional heading or line. 

d.viuslment (ee £7 75 ncr entry 

p-e>entrf:>on and longing ot entries prepared by importer* £7. SO peren'ry 
Attendance jncj suoeryislon house-to-house arid pl^'to-nouse containers 

LCOO ocr container with a ml <lmum of L3S.OO oer consignment 

House— to- Pier contamors and L.C.L. cargo: re nn 

Up to to tons . . £6.00 ocr consignment 

O-cr 10 tons £0.75 ocr ton with a maximum ol £35.00 oer consignment 
H.M Customs examination, where incurred, to be charged at actual cost. 
Whilst these new charges do nol fully compensate the Lines tor their increased 
costs it has been decided that they will be maintained until list March 1979 
and wilt be reviewed prior to that aatc to establish whether they could be 
e.lendcd further or whether some further jdjustnmt Is necessary. 

Atlantic Container Line G.I.E. Ha nag -Lloyd. A.G. 

Canadian Pacihc Steamships Hrf. Manchester Liners LW. [joint Membership 
Dart ContaiiH-rlinc Company Ltd. Golden Cross Line Ltd. ■ 

CANADIAN ATLANTIC FREIGHT SECRETARIAT LTD. 

Secretaries. 

Cun.ird Building. Llvcroool L3 IDS. 

August I W8. ‘ 


GOLD FIELDS GROUP 

GOLD FIELDS PROPERTY COMPANY LIMITED 
(formerly THE SUB NIGEL LIMITED) 
linear Derated in the Republic Ol South Afrieai 
NOTICE TO HOLDERS OF 5 HA RE WARRANTS TO BEARER 
holders al Share Warrant; to Bearer who have surrendered tjmh- 
Wariants lor canc.-Ilation and rcconyctsion Into registered snares arc aavisca 
tnat reception facilities tor. — 

,|5 lodgement or Share Warrants at the , par !L Ltoyds Bank 

Inter national (Francei Limited. 4S. Bouleeard d« . Capuclnes. 7SC61 
Paris Cedex 02. France, and at the London Office Of the Comoanv; 

ilil prMcntation of coupon; lor payment at the Paris oihce ot Lloyds 
Bank international i France i Limited! 

to Bearer (Other than the orKentatlon of_ coupons 

with solely at the office ol the Company s United Kingdom Registrar. 

CLOSE REGISTRARS LIMITED. 

603. HIGH ROAD. 

I LCrtlON. 

LONDON E10 7AA. 

(Telephone: OI-SSG 52111 

I Coupons detaches from Share warrants should be presented (or payment at; 
i , STANDARD CHARTERED BANK LIMITED, 

j 73 79. KING WILLIAM STREET. 

LONDON EC4N 7AG. 

Lodgement in the United Kingdom of Shane Warranty Talons and/or 
Coupon* should »n all casty. be effected through an Authorised Depositary (as 
Itsied soccihtallr or or class in Notice EC1. ** amended, issued by the 
Hank ot England!. 


NOTICE TO BONDHOLDERS 
TELEFONQ5 OE MEX ICO- S.A. 

iUS 50 000.000 9 'j •» 1977. 19B4 
BONDS 

Pursuant to the pro»Hions or the 
Purchase Fund notice I* hereby given 
to Bondholders that no Bonds have 
been purchased during the twelve- 
month period from August 10. 1977 

t ° A= ‘ Vl!c 5 A°L° AG^ff 

KREDIETBANK SA 
LUXEMBOURGEOISE 


August 11. 1978. 


RECENT ISSUES 


EQUITIES 





K.P. 31/8| ai : 
t.l*. - j 12i 4 

K.I*. S/7 179 . 

K.P. 84/8 95 ! 
K.l*. 8,9i 148 i 


7 1 '(Jartier* 6upurluods .... 

4 • Kmiar 

W2 iKunnoeTtn 

85 HunLliu* iVtT.ieryi«f 

158 Jnotfs lEL) (Jew'lreilOj 


.5, a.l 1 6.S^2.8| 33 
34 

FIXED INTEREST STOCKS 



n !-i“ 





K.l*. i 1.-9 | :«i»; :N|. Airflow fires mil oep iO® Pri 96j 

f M* lie/B Hli a.iioi ItetAiien- ».■ ; j>4|. 

C 99 . 4 j K.H. • - *«U Pa Hi rmlngimm Vnr Kau'UMfi? I 991a 


1 CAPITAL GOODS 03W 242.27 +03 15.71 

2 Building Materials (2D 220.77 +03 15.71 

3 Omtrariuig.C(H]stnictum(7n 387.02 +03 18.06 

4 Electricals (14) 52535 +LB. 1308 

5 Engineering Contractors (14) — . — 35436 +03 16.92 

6 Median teal EnginegrliigC?%) 193.03 +03 16.95 

8 Metab and Metal Ponmatflffi 179.46 -03 15.69 


218.46 +0J 15.84 

26639 +0.4 13.98 

188.07 +3.4 15 J7 

132 25 -0A 18.87 

221.73 +03 14.69 

23931 +0.7 1431 

' -0.4 1533 

' +03 1435 

214.41 r+LO. 17.62 
23269 J :-03 13.07 

J -0-9 1035 

15132 +03 1732 

20930 -03 1038 

18439 -03 17.99 

262.60 +03 20.89 

221.96 +1.6 1831 

21531 +03 14.98 
30135 -02 16.68 

279.73 —02 1033 

+13 1633 

-+03 1633 

+03 


F.r. ; 8/9 I SBI S ! 90 h-^ffyop lot [’net .’ 981*1 


899 ** K.l*. 1 - 


WJjLAinden Var. Kale Kwi. J9Bi. — !l00 


ElOOjElO 115/12 Ills, (Otgl Do. l£6% !te.L IMSti ; use _.... 


3n |(.>nlraJ A rihea-wund 10g Pref .1 98 ».... 

9? 'u'nAby isprini! Interiurv 1055 Prof 98 ..... 

U8ia Pd llkuxi Ansiui 'Vma r& I (ml. Pm. 138a. j 98 


F.r. :i5/9 
K.l*. 129/9 

p.i’.l //y 



5.07 8.79 240.96 236.97 235.06 23153 19664 

533 -930 218.97 21738 215 JO 21194 16764 

334 835 38674 3SL40 376.49 36964 27527 

332 1032 52053 507.91 50533 494.91 404.63 

534 737 35362 35125 346.46 34337 28837 

539 7.90 192.40 18597 18737 38499 37565 

737 838 33958 37626 17488 37356 15936 


831 ZULU 21729 215.71 21338 

1030 26536 263.86 26166 25571 

8.73 38552 38555 18450 18133 

738 133.06 33252 13174 130.11 



9J9 22153 I 23883 2Z757 224.96 

9.48 I 237.68 1 237.60 236.92 23461 

'28324 282.98 280.98 

27051 269.09 265.03 

208.94 208.48 

230.91 

398.71 j 40023 
14826 j 346.93 
20561 
382.79 


94R 

532 1002 

633 1039 

536 750 

4.44 1063 

3 M 33.93 

7.02 763 

431 1430 

7-52 7JZ1 185.40 

7-13 565 26056 

533 6.41 120.06 11937 11835 

5A1 8.74 21537 21333 21237 20922 

3® 2 - 51 299-71 298,43 2B.13 
28038 277.99 27760 273.00 

534 7.03 14058 13662 13862 13632 

7.04 7.42 43357 

568 857 23226 


ol I 100 ,. a.l*. 116/8 ICWy 


a iin»i A nj i ix i% iitxi, pm. lana. j 98 

*!| iKuolaO&X'Ai lD,.UmcelL't£l(^IL , rhlCnmPrBf J 10+ p| 

K-linbuni'/ Vu. Kuio ism .1 99M ..... 


ClOO K.l*. - IO-ISbI b-Unbuigl/ Vu. Ua(o W&S I 99M -.... 

(I F.r. lass I JOii-j] Jaljlftwiew U-tS* IW,. I 991*1 04 

■« K.P.j2fllB 1 » I Wlib.JLEoldiaga.lOiJPri - > 99 | 05 

■ * K.l*. jld/U ! U»|-! lUi|> Uyoiltnuffl Kent no IC/j, Lum. I*re(..— 105ra ....j. 

496 K.l*. -15/12' W|i : 'Jl|,;jennew PrimvHi ICftCuni. Pref I 99|J 


LEGAL NOTICE 

:Ju DOlilT of 197s 

Id Ihe HIHH COURT i)F JUSTICK 


•« K.l*. — 

«4 KIM - 

- ■ K.H. 9/8 . 

VI DO K.l'. — 99,1 S9 t ? Nintljpmpiiiii Vnr. Itate Red. 1993.. 1 99 ™ I 

- • K.l'. | 19 1(11,.- 1/iJiwIxrw ID* Ph-i 101p; 

■ * j K.l'. !l5'9 9t>i a - *i 2 |iai.rk 9« fnm Ki^f | 95i a; 

(TivisSan* CoMDanu-s Cwin? >> in ■’ I < 1S ‘° * ; '**&!*%»%* *' W • Uft I 

V Ma,T,r 'S ™ comoames An. t99Jj | K .,._ _ , ^ Wamihwwtl! Vnnpbie IW3 : MJ a ; 

NiVrrCF IS HFRPF.V GIVEN ihit a ^IPj’fSS ;t5-9 I l^ly Sfi ii+i Kenl Walin Ii9, MHi. ltW"_ j 24i;.. 

n££ l, MX ',1V • ■ : r.i*. IP ! «!■ x— » * ^ «— T « r™- W ; 

naitii-d Comoany hv ihn Itinh Couri oT 1 ■ 

Justiiv was on the 9:h day of Aulhsi ' 

1910. Dr^-nit-q to ilu* said Court by 44 DIOUTC It ARFFBC 

ITER MAJESTY'S ATTORN EY-GEAERAL KBull 1 9 UrrtKO 

tv/iase addross for sorvliv Is e«'o Tn^asnry . — 

Snllriiar. Maithew Parker SmvL Lontlon , = ~ Luiem , , • i 

SVi-IH 9NN. and that the said Poiiuon i«„ e == iUmun.-. | Cim.iu R ;+ m 

Is dir-i'led (0 bi* heard (v>rore rhe Coun , ci^ Knee ! — 

sitiliut at tho Royal Courts of -Insuce. „> bib iHn+ii™, n* 

sirand. London WOA 5LL on t he * . * t ■ l ^ p - 

ISUi day of OL'tober ISIS, and any creditor „ „ ’ ' 

or t-onirlbutory of the said Company SA5./& .Nn 18/8 l/S/Bi oipni] aptu'AKZ — BSptn;— l 

desirous rn sun port or oppov (ho makinc 50 [Ml — — 1 21pm( lTpm (Blackwood Hodge... — — 21pm 

of an Order oo (he said FeuUon max 4d F.l'. 18/7 18|8i 49 . 3Us Hrunke Tool Hn K 49 +4 

appear al (he time of hearing. In person IS K.P, 26/7 18, fc a I lets Damnouih Inn. — 24ij. 

or by his counsel, for (hoi purpose; and 14*2 F.l*. 26/7; 16/b leiij ifiia Hlssrlcg. Hopper 16lgi ...... 

4 copy or (he Pc/kion will be Airaisbcd 36 K.P. 2/Sl 1/9 t>7 s6 UeaHllom auaa & Uonma .... 67 

hy ihe undersigned io anr creditor or 73 • F.P. 4/8' 1/fl 9(1 1 eg L.V.I' 96 I 

coolnhuiory or ihe said Company rcnulrms 70 j F.P. 10<8j 21,9 sb ; 79 Leedi (W ...... 89 ' + 1 

such copy on parmcnl of (he regulated | K.l'. 3/ff; 1.9; 45 Norbm (W. |J.>, 46 ! ; 

charge (hv s»me. 94 • Ml ; 21(8 4/10 15pm! loum Pnifwitj i'brtiicnhips^.^.. — < lSpmj 

TKF WRV SOLIOTOR. a0 F.i*. d8 /i o.u ,!? 1 ™i.4HHlril« 69. -1 

l i9 \H 14 ' 0; 8^! iXpmfreuiiemii I 48|J+S 

S2 rri ?h m.iif, n n,.r l °9 Z5 8 l 22 ^' » a W« 19, util 

appear on ihe beann^ of 1h•• said Pci Mon 1 ' 1 : 

must servo on. or send by post 10. ihe ' ' 

above. 1 ia mi -d amice in writing of his Renunciation date usually i**, day for dealing tree of stamp ducy. n Figures 
inientlon so (0 do. The notice must stair based on prowctu* estimate, a AaSutiWd.dieidenft and yield. « Foreeasa diyHiend 
1 he name and address of (he pc non. or. cover baaed on premium year's earanvw. p Dividend and yield based on praspectna 
if a Arm (he name and address of the or other official estimates /or tan a Cross. 1 V wares assumed, t Cover alWru/s 
firm and rausi be sinned by the person (01 conversion of shares not now rankftK (or dlmoeod or ranKina only fur resuicied 
or Urm. or his or (heir solicitor ui any) dividends. SPlacin" nrtrr to public. PC Pence unless otherwise indicated, fl Issued 

^nrV mifcf fh 1 Knrtu*et fir rf mKfpff mncr hu romfar if flffamrf fn fusidua a# emffnarv ofiaPaB aa ■ J/ Hohte 11 * r«4i«Krf 


- |*!1»|X 


r'i| ; Mnrrliwiel S* Kiel.. jOltsm 

Bi) i M.xiloya _12J riully Cmv. L'nu. Lai. "SH-'Se.i US | 


+ , ‘l-l *ii lUoreO'Kemi* 1 10* ^ihi Cum. Prwr... ...... i94le|-i ...... 


“RIGHTS” OFFERS 


LuMmI , 
Ueniin.-. i 
Dffle 


i Hiub I Law 


Cio»mi(!+ ui 
Price : — 

p: 


Ln’ificn Office: 

49. Mooi-natc. 

Lontfon EC2R 6 R Q- 
10 AuQuSt. I9T8. 


Bv or4Ct* ol the board. 
C. E. WENNER. 
London Secretary. 


art galleries 


r.hr art SOCIETY. 148. New Bond St . 
W 1 01-639 S1 16- SUMMER EXHI- 

BITION. 



■AfLfB .Nil 16/8 ld/ 8 | oipnij Kpnj'Afi'Z — SSpoil-l 

50 I Ml — — I 21pin 17 pm (Blackwood Hodeo.... — -■ 21pm 

dd F.l'. 18/7 18|8i 49 . 3ltg Brooke Tool Hue 49 +4 

IS K.P, 26/7. IBib lib 1 igij Damnouib Invx. — -• B4ifli 

14«I, F.P. 26/7; 16 /b ici a ; i£ (a 'Hlrwica. Hopper.. ....... .......... — ■. ISlgi — . 

F.l’. 2/S| 1/9 i>7 off donllaja auaa i CocRms...- 67 

70 F.P. lO/Bl 21,8 89 ■ 79 L«rii (IVm.l.-., - 89 ;+l 

is | F.P. 3/B; 1.9; aaig! 45 Norton «W. 8.1 1 46 

94 : Ml { 21/8 4/10 IS (mi! inure Property Pan&cmhips^.^.^— — lSpmj 

^0 F.l’,! 48 /1 Q.ss iL' ' j* i.-iuwline h[«M.nmji 69.1 — I 

10 ^*1 I 14/G; 0/9; 48;mi appiifwiiniiH J 48|iml+2 

00 1 il 25/81 22/9, la/uj) IVUliamnAJ 'in 'sKs.JLOgC vVml'ilPl j 19jnnl 

84 ! Nil | 18i8 t 16/9. I 01.111 bpmjYurkxhire ClieuiPTtlv — . — j 12pml 


48|iml + 2 

19i>inl 

lZpinl 


ALL-SHARE INDEX(C72) | 235.46 


FEKED INTEREST PRICE INDICES 


British Government 

1 Under 5 years 

2 5-15 yeas 

3 Over 15 years 

6 fnafe wruhlA — 





FIXED INTEREST . 
YIELDS 

Br. Govt Av. Grom Red. 


Thors. .Wwd. 

Aug. Aug. 

10 a 


Year ^ 1 
■«o . 

(appro xj - r ' 


Than. 

Aug. 

20 

Day's 

change 

xd »d) 

.To+lay 

xdatU. 

1978 
to dme 

U&5! 

HUB 

023 

K7» 

ntnn 

+9J2 

- — 

. 7JB4 

1 »» 

+415 

— 

. MJ 

32918 

+0^2 


724 

33404 

-HUB 

us 

7 JO 


1 Low 

2 Coupons 

_3 

4 Medium 

5 coupons 

6 

7| fflgh 

8 Ccnpons 


3 years.-.-.-.. 

15 years 

25 years-1.— 

5 ytats...... — 

15 years— — .. 
25 y ear s-.. .. — 

5 yew 

IS years. 



15 20-yr. Red. D9b & Loans C15) 1 57.2c \i12M 


17 ComL and lndl. Prefs. i20)j 70.19 13.00 


marble Carv lr>». yoma sasbukgh ;ilxl must be »rv«f. or. rf pofied. must bv render. tf Offered (o holders 0* ord (nary shares is i " righ/s." ** Issued 

— r.'iT» i7«" VI'.' — rSTT ** wai by t Msl In s n ff'c' l =oi Imc lo by tray ol capjrsdJsarion. Tt Minimum tender price. It Reintroduced. SB Issued in 

paintings AND OBJECTS bv "mihalv rpach ,hr .fbovL-namcd not later ihan counpctlon with reoraamwoon merger « tahe-gyer. 

- l uur n'clodt in die afternoon of (be In former preference Holder*, w Allotment tetters (■ 

13 Ui day of October 1973 . or oanly-Dald allotment lettnra. +■ With warrenta. 


Wed. 

Tub*. 

Mon. 

Frictay 

A 3* 

11* 


Aug. . 

4 

67.24 

57.26 1 

S7.30 

67.34 

61.66 

61.66 1 

51.66 

SIJSl 

70.19 

70.19 ; 

70.04 

TQM 

: 


Wed. i Tiiof. 
Ai«. . { Auk. 


Yihc 

Mp|ir»\). 


PAINTINGS AND OBJECTS BV MIHALY 
SCHEMER Mon.-Frl. 10-5. Sais. lSTi. 
Until August 14th. Adm. Free. 


“ "•■***. •'"=» *" uuu- io wr »«» ui era wiuumii uni. n on I annum leiuer i/nos. n nouuBBiKni. „i ... t Redemption yield. Highs and lows reenrti hmdaMmulyulmw^ 

reach (be above-named not lalrr ihan ctmDectlon with reoraamwoon merger « tahe-gver. 1111 lntrnducfion. • _j laned Isaacs. A Ilu ef (ha conatttncnts k avaulhi.' -**” chai ? M '-* f * published In Saturday 

fuur n'clodt in die aftemoon of ihe in former preference hgider*. wnSStmeni leaer* (ar fully^iald). « PravisJonal lSSw, El» ur“priMUfc lir bte ““ p " blls,,OT * “* ^biaadal Tim ns. Brarfnn Haase, Cannaa sireet, 

llfh ilnr nf (VlAhdr 1074 ..u .lUuuAi Uh. ■ . ■>tm. *_mb 9 . 


■X : -i. 


or partly-paid allotment letters. * With warrants. 

















































I I, S"6; 












































sa 


Financial Times Friday* August 111978 

FOOD, GROCERIES— Coat 


W . Berry Templeton 


LTD 


FT SHARE INFORMATION SERVICE 


Property Consultants 
to Commerce and Industry 


BONDS & RAILS— Cont 


BANKS & HP— Continued CHEMICALS, PLASTICS— Cont. ENGINEERING— Continued 


47 Great Runtll Street London WCIB3PA 01-637.4577. 


Stock 


Price |+ <r|Ur. %| 


tois 


Bed. 

Field 


lRrmR.T4Ass . 

ncelaodCVpeTJMB 


[Irelimd7^pc-ffi-8S 


m 

Kgh Low 


BRITISH FUNDS 


|+ d Tdd 
| - | bd | Bed 


fen . . 
SG10a>cl»L_- 

■ Turin SpcEBl 

I rurlD®« 13H_ 
Uruguay 3V* 


55 

66 

8SV 

8312 

390 

71 

140 

75 


DM91 

■97 


+1 


4V 


Si 


506 

12.70 
1220 

32.70 


1025 

217 

867 

952 

850 

360 


US. $ Sc DM prices exclude fuv. $ premium 


“Shorts* (Lives up to Five Fears! 



E*rfL5pe 78388 I 

Iteaany lligpc" TB£ — I 
rreasmySpciT' 
EleetikC^- 




toovI 



Exchequer! . 
rressaiy llVpc 19818. [ 
Treasury 3»c 1S7ML.I 
95*8 rrensmy9^pcHBttt_| 
91? a EsdLSUpel&l. 

94*4 fitch. 9fepcI9&l. 

B5*a Ereh.au' 1981 _ 

95jfe fleas, variable 81 jf_[ 

102 ExdL 13J 4 pc 19818 

91[g rreas^2Pcma*-_..| 
rreasuiyj 


... 4 Treasury Mpe’ICtt - 
94 *b riwa. Variable ‘82#- 

89*b rreasmy8 1 »pc’82 I 

91*4 Ereh.9l«pr Q8S — , 

911, Esrh. SVv- 1S82 A 

89V Bsch.KrfKlfiEQ 


m ‘2 



+i| 


4* 


+it I 


95 


_ [Treasury 12pc 19838— 

89*8 [Treasure | 

Five to Fifteen Fears 

93 fErefa. lOpc 1S83». 

80V ?uaiiafi3ljpc’82 
86V lYeasnirStapcW 
77V 

60V Transport 3pc7B58 — 

64V EreasmySpe’BMB 

101*3 Treaanyl3pcl990}t_ 

77V Treasury 8«« 87 flQtt 

92*2 Treasury U'rpclffil.— 

63V Funding 5>ipc TTr-Sltt- 
98*2 lteasoiylS<pc'S28— 

84V Treasury Mpc 1992 — 

97V jEreh.lSVpc'E. 


AMERICANS 



'110*1 


Over Fifteen Tears 

ioij 


n.*> 

952 
10.63 
1020 ■ 
1064 - 
851 , 
9.93 . 
12.03 : 
1124 , 
izia : 
10.70 
1251 


asg 


96V treasury 12 >^kS38— 

60V Funding 6pc ifflMt 
104V freasiny 13Vpc 19 


cUttt- 


97m Ifireh. . 

76V [Treasury 
93 

43V Gas3pc 
I 82V Qxh.lt 
‘ i Treasury 
1 765 Treasury 
111412 Treasury l 
101% Exchequer 
47< Redemntion3pc 
100% ThssuryW 
85 Exchequer! . 

74V Treasury 8Upc 
60 treasury OpeSMfttt. 

118V Tteas. 15^-988 

93>i ExdL l^c 1998 
77V BeasmyJPaic 19998- 
83V Treasury ll%c 1990_ 
15 QdiJIpc ’99iE£!5wl*_ 
34V Funding 9bc'»mZ 
67V Treasury Bpc 30068— 
47 treasury j&pc TS-lStt 
62V Treasury 75pcT2-: 


30V tou»)k-4pc. ^ 


29V [WarLMnStocit 

|Conv.3hpc Vl Aft 


: 66 Aft 


I1Z39 
9.48 
1273 
1278 
12.44 
. 1127 
1250 


. b59 
1183 
12.48 
1153 


1297 
1 1261 
679 
1259 
1201 
1149 
1015 
1295 
1243 
1178 
1213 
1249 
953 
1177 
1147 
1187 
1245 


2256 

1106 

1254 

1253 ‘ 
1243 

1173 : 

1254 
9.61 

1252 
1242 
1187 
1249 
1251 
952 
3250 
1223 
1196 
1168 
1274 
1246 
1206 
1225 
2229 * 
10.82 ; 
2052 

1174 
1196 5 
1245 : 


USA. 


— « AMF5>bConT.W— 

22 AmzSl. 

Z1V American 
U Amer. Medic. 


Stock 


€ I - 


Asarcolne — 

. . Bakn'inMOorp.Sl J 

11% BarnesGrp.S&— 
22 Bendlx Core. SSZI 

13 Beth. SteelS 

Brown's Fer.clffj- 
H57p Brunswick CarpnJI. 
41% Bun 
301; CBS 
28V CP-Cfo 

Caterpillarll 

Chase AT htnj 125- 
. . ChesebnnghSl — 
765p CtoyderSOuL- 

13*2 Citicorp $4 

733p Crtylnv. JL25 _ 

14% Do.Cm.Prt.BSl- 

12V ColgMfrP.SJ 

29 Colt In da SI 

15V Cnwf Illinrttctlft — 

17 Cotd. (A1S6 

20V Crown ZeiLE 

20V CuflerEammerfS. 
22 Eaten Qp. $050 — 

17V Smart 

28V Exxon H 

670p Fire sto ne Tire g 
11V First Chicago— 
20V dot Corn. S*5_ 

26V Ford Motor 52 

16V GATS 

44% Gen. Hed-SZV 

15V GfledeSI 

28 HnwgweUSLSO— . 

750p HnttanEF. 

B71 LRM.Corp.S5 

34 IngeswII-RS2 


735p hLSjrtensiCofl.51 
7D5p LUimamtionalfl 
18 Kaiser ALSij— _ 
20 Mant Han. US57-3J 
26V Morgan JPHJ SSLS 
12 Ntutni Simon Inc. SL 
13V Owens-IIL S3J25 — 
14V Quaker Oats U 
15V RdiumeSaS. 

16V Hep.NlY.Gorp.JS.. 

11 RexmxdSS 

14V akhdsn.-Mii1UlV 

255p SacJlB.Fl SI 

18% Shell Oil Si 
11 


Singer (S10) 

22V Sptur y Rand 5050 - 
18V [TOW Inc. SI 


|m* ro?u*La.akfli«J 


IkxonFLOSSOJ6^-| 
TerroJ£15 
Dme Inc 

865p transamericaSl 

21V UlATedLSCSS— 
17V JUiLSted SL 


UV Wbotofocthsgj— 

28% Xerox Corp. SI 

XmdcsInclOc 

Zapata Corpk 35c 


av 


+ « 

Dh. 


TH 

— 

final |Cir 

av 

-V 

80c 


21 


V46 




-V 

SL75 



3LJ 


51.40 


25 

-V 

30e 


in 

-V 

40r 


if 

+v 

Mr 



12 

-V 

90c 


76 

+v 

S7 ?8 


3.1 


S1J00 

Mfl 

71 

+v 

40r 



If 

-V 

me. 



71 


S1.00 


0# 

+H 

$2.40 



76 

-V 

5? SO 


36 


n.80 



?fl 

+^l 

$220 

— 

4.4 


94c 


25 

-4 

51 00 

_ 

63 

+v 

SUM 



77 

+v 

fl 00 


4.7 

+v 

S2 

— 

91 

SIM 

— 

U 

il 

pm 



34 

5132 

— « 

7.9 

+v 

51.40 



36 


5190 



36 


tK 

— 

17 

40 

+% 

CLB4 



43 


5320 

— 

48 

+v 

>1 111 

— % 

61 

+v 

sun 


33 

+4. 

<1 20 

_ 

77 

-V 

+v 

5120 

J75fl 

— 

4.9 

5.7 

+1 



28 

-V 

fl Afi 



38 

-V 

v75fl 



7? 

a 

5068 


7.4 

5U.S2 

_ 

74 

+v 

5100 

— * 

34 

75c 


0.7 

+6 

90c 



S.2 

-Ai 

5160 



3.3 

+V 

57.08 


38 


J770 



3.1 

-V 

76c 

. 

76 

+v 

51.16 


3.5 

A 

5104 

15c 

— 

29 

-IV 

$1.00 



71 

-V 

88c 



79 

a 

90C 

— 

22 

~h 

$1.80 


3.5 

+v 

60c 



77 

+v 

51.12 

_ 

1.7 

+v 

SS 

— 

33 

4.5 


10% 


167 

+16 






“V 

52.00 


56 

+v 

SL50 



77 

+v 

80c 



3.1 

+V 

5200 



78 

-V 

5160 

_ 

3.9 

-V 

5L40 



50 

+\ 

5200 

— 

23 


S& 

— 

66 

12 


74 

114 

1297 
53 

134 

390 

|£92 

E95V 

,64V 

235 

. 81 

1298 
[445 
255 

, 48 


94 

Un 


|1255 

1235 


10.01 

1253 

3205 

1244 


SJE. list Pmuluu i S5V% (bwed on US8U9SV7 per Q 
1 Owmlm factor 0L6430 (08423) 


CANADIANS 


= \m 


INTERNATIONAL BANE 

[ 8ZV |Spc Stock 77-8S | 84V | I 5L9Z | 


CORPORATION LOANS 


jBtnfham 
|3riat)l7Vpc 
jGL.C12>a« 

Do.l2ljpclS83 

Glas30w9WW82_ 

IHerto SicTMO 

literpaoTSkpc 78-98- 

Da wipe "8084 

Da^pclrred 
.Coni 


Loo. Coqt .. 
LCCepcTR^ 
Do5‘jpc*T78I 
VoShsK •828* 
Da 5*3* ‘85-87 
DoPflirWSa 
Dn3pc , 20’ 


‘84-85. 


pMdx.ffl,pclSao. 


Newcastle S»*pc 7880- 
lZ^BBO— . 


Warwick 1 


9.64 
861 
I..._.tl217 


ra 

5.71 
, 5.81 1 
10.46 i 
1335 
1019 



fBkMoBtreal 

Bt Nora Scot 

BdlCanadaS25_ 

Esr— 


kSnl®!LaS2 
jCtoLPad&;35.M 
i Da tee Deb. £100- 

ICuilOuCau J 

JiLiwkerSd^B 
|BofliBgo:S5 


955p 


Hodaoo's^&yL 


[HmLROilG. 
Jjj^OTalOlin 

[nL Nat. Gas SI- 


BwAlgom 

BoyalBJtCan.S2 — 


aCaCSl— 

LBk.51— 


889pfEranCaa Rpe 


+40 


+V 


+15 


3 


SL12 

96c 

H2 


SLlO 

sy 4 

97c . 
4%|- 
SU4 
40c 
S206 
69c 


»L6c 


SLOB 

80c 

103c 


31 m3 
121 
26 


Itt 

fflgh Law 

56 


Stock 


■ 90 

I 42 

1 42 
105 

330 
£78 1 
£232 

■So 

078 


Enc A Shax30p. 

KfemwutBl 

Uo>ds£l 

MmcmFlaSOp. 
"ternnySecs — 
ditflanaSl 
Da 71;!% 6383— 
DoJ(A! 43M8- 
iSlusta Assets— 
|N ar Rt A mtSAl 
Nat Cbm. Op — 

Nat West £1 

SehrodasEl — 
SecwEbeMCfcL 
SmUhStAub— . 
Stead'd Oort D. 


fro 


60 


SSV^deOev-SLSO. 


^ DiscO — 


OSVfWells 


Wimrus 


S5- 


, 42 

"S 

14 

"i 4 

20V 

48V 


31V tCaaie's iHdgsJ ldp 
““ ICie B'cre Fr. 100- 


Credit DoUIOp- 
LtaTfcLSeAUp- 
LndScoLFmJup 


UwxgrieMatWp 
jPtw.Frnaadid- 
(StriftOadit Jto. 
10>2 JStxuia Hldgs. inp 
38 [Wagon Finaore- 



Stock 


[Fisoss£l 
Halstead 'JAlfip. 
HksaWeirtSte. 
HowhsDSS — 
InFau^-XsIaJ 

Ian Chert £1 

Do-SSPf.D 

1st Pant 


UpoWL-sIsacpJ 

NonkP-Kra-l 


[PIjsuIOp. 

Raaswn WHLltto 


[RenUBol Wp — 
Rerertex 


Scot Ag. lad. £1 - 
Stewart Piastics- 
5V TtaarBrtmlftL. 

ir-j WanileiReDlte 
— ffoktenhoime. 1 


Vorts Chens — 


Price 


377 

25*2 

217 

525 

£118 


398 

«2 

81 

125 

£30V 

98 , 
235af 
67 
67 
22S 
168 
18 

&2 

225 

102 


+2 


-2 


+3 




-i 


3^ 5 2 73 
37] MMI 
7.H 24 66 
12%[ IQ 4.0 332 
186 - 
2ti 63 8.0 
WU126 — 
43 65 
l3 8213J 
33 


raya& 


314 
*163 
h339 

[td285j 5L6j 


0.69 , 
*129 
7.98 , 


0 1L 

76 75 
81 81 
25 38.7 
34 5.8 U 
27] 77 56 
35) 53 81 
LbJ 82 115 


Hire Purchase, etc. 


CINEMAS, THEATRES AND TV 


91 1 " JHSSKd 5- IS JSSI # 74 “ 


Smpian'A’lC^j 


ICrgen Group 10p 
_ idWrtdSOp- 


BEERS, WINES AND SPIRITS 


* 

1 

^58 

129 

500 

191 

158 

132 

158 

535 

P20 

70 

72 

120 

129 

103 

03 

185 


78 

>30 

U37 

R96 

■ 37 
92 

1 66 

noo 

■ 40 1 

rn4v 

a 40 m 

■ 55 

Rl« 

^63 

IIS 

k 

h 

I 

|50 

62 

95 

94 


Allied Brews.— , 
AanLDisLPrJI)p_| 
BssChartgtoa— 
Beil Arthur 50p- 
Belhateo Brewery 

Boddinghns 

Border Brew's— 
Brown (Matthew]! 
Buckley’s Brew- 

BuIncrtRP.1 

Burtouwtod 

OtyLmDef — 
OarkCMaChewi- 
DistiHersS 
GardoniL) 

Gough Bras.. . _ 
toenail Whitley 
tome Eng 

Guinness 

ffighl’dDutaop. 
[nrergonJtjn 
Irish Distil I en — 
Macallan. Gtes— 
MorlandEl 


135 

129 


SeotlANew20p- 
rcBtarin 


Vaar 


82*2 IWhitoread'A’ 


Jwilr. Dudley 

[Yount Brew'A'SSpj 


+1 


+2 

+lfl 

+2 


-1 


3 

+2 

+1 

+5 


+iv 

+3 


* 

eJ ® 2 
. 69 
i 26V 

2.1 7.6110.61 . 
11 3.2 427 
33 43106 
35 27163 


HVrfWf'dOOp- 

t HT\*Nv 

LWTA 


&d£ 71’ Fret £I-i 
Scott. TV“A"I0p 
fflridvrv'.v wp. 

Ulster ■n. , -A"_ i 
W?rtwardT%'lEp_4 


37 

9 

737. 

142 

64V 

67 

57 

69 

26V 


223 


..'34 

156.70 

tfc-28 

623 

240 

T287 

T3.99 

TL68 


27} 9.01 6.4 
23 63 93 
— — 122 
25 76 8.0 

25 6.6 8.9 
293142 - 

6.0 53 43 
29 75 72 

26 8.6 68 
19 95 8.4 


h 

qXO 


99 

46 

54 

IP 

46 


12>2 

|S9| 


25 3.7148 
20 6311-9 
2.4 4.9 13.0 
5 53 10.7 h(J7 
20 7.4l8J>g34 
6 3.0 6 
62 

55 8.4 

5.7 9 R 
- 13.7 , 

73 9J *228 
33 321 33 

3.7 145 ] f 5 
6.4 85 1.4 
5.0 205 55 
26122 50 
0.9 6 196 
21243 121 
3.6 15.7 ' 45 
55 * - 15 
72 75 124 
3814.9 2 U 
4.9128 23 
58 65 no 
43126 77 
29 158 176 

??V 


53 

33 

33 

33 

15 

Iff; 

25 

13 

12 

10 

99 

28 

36 

"g 

28 


BUILDING INDUSTRY, TIMBER 
AND ROADS 


97 

h64 


m 

p 

Pi 

57 

69 

■82 

m 
■ 81 
B08 

I 

II 

|40Q 
26 g 
50 

I 68 

001 - 

138 


48 

[104 


HF 

L9I 


22Q45 


Wa 

99 


48 [103 
26 


is\n 

21 ! a 

H 35 
o-p! i7 


3-9 


96 V 

io&z 


+v 


M SJE. List Pmulmn 55V% (based on per £) 




47 

«?2 


MMONWEALTH & AFRICAN LOANS BANKS AND HIRE PURCHASE 


Aust5^T5-7! 
Da 5>3>c 77-80 - 
Da 0Vt>c 51-82- 
N24pcT8-7 


DatecTMO 

[Do. 7*3* 'B38S 

^.*icaSVpc7ML 
[S& RtodZ^jic '65-70-1 


+V 


9ifl 

1263 High Uw 
1128. 


Stock 


fi 

165 


LOANS 

Public Board and lad. 


641; 

:90V 

33V 

153 

951; 


28 

107 

87 


|U55LC.9pcISG: 1 

iDa without Warrants-! 


107V 
110 
1141; 
.•85 
8IV 
■ 99 

99V 

•101V 

71V 

:7iv 

84V 

■81V 


£0! 

[102 

102V 

79>j 

S,’ 4 

89*2 

90V 

901. 

73 

68 


FFIlTpclflai 
Da 14pc79 
Da Iter 83 
ICFCSd 


Financial 


1091*1 

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f !C5ijpcIWJ 

PtfcDh. 51« 

lOVpc CnsXn. 8S- 

llpc Casl-l BB 

^HnpcU3sin. , 90_ 
Da TVpcADeb. SVK!— 
Da TWA Dh. ■91-94 — 

iDaSpc'A' 31-04 

Ln.‘9wr;._ 


93*2 

93V 

96V 

S2% 

73V«J 

7ixd 


FOREIGN BONDS & RAILS 


TS7S 

High bm 


Stock 


Price 

£ 


74 

17 

AotofagiriJ Rly 

24 

40 

33 

DaSpcPret 

40 

■98 

9« 

Chilean Mixed — 

■ 98 

415 

350 

German Ynelvpc. 

411 

54 

46 

Greek 7pc Ass. 

54 

51 

46 

Po6pc3Stih.Ais._ 

51 

44 

40 

Do 4pr Mixed Ass.- 

43 


Div.r.! 

Gross 


law 

izim 

m uo 

11- 43 560 

13.4CJ15I 

12- 37 £32V 
H 368m 

12602301 

278 

11-90™ 
1230 

1250® 
11280 
1290 

1300™" 

=»»i 

m yo 

jBaL 

OJO Eg 

po G? 

£558 . ^5 
£455 152 


&. trdand£l 

DalOpcCocr_ 
BtLemdlU— 
BtLecnriO/Kfl 
BkN5.W.W2_ 
BaakScudaodfl 
Bankers N.Y310. 

I ffifc 


ANZSA1 

| Alexanders XL a 
AlgemeneFUflO 
A&nHfflwy£l_ 
Allied buh — . 
ArtroUuwtL£l_ 


iBaafeAmer.SlSffiJ £22% 



ConnthtonlOp— 
*F75, 


/todRanee 
DawexlG.ru — 
DwitirkrHadiDWa. 
iF.C.Rnsnce — 
nistN&iqp— 
Do. Writs. 7S«J. 
Fraser Ans. I0p- 
[Gerrard NatnL— 
fcibbs 
[Gitlea Bros-£l— 
Goode DlMiy^P 

tanadlays 

hijinnesslto— 

Hambroj 

ffiHSasmd 

Da Warrants— . 
HcngShng.3150. 
U«sdToyiibee_ 
UosephfLeoitl- 
KeysffUllnnui. 






5jl _ i 92 
9^ _ [tt 
24 — « 

5- 4 — IH 

Bj 4 018 

29 — U 90 
U| 7.4 13,4 144 
22 _ 65V 

M !J «!i 8 

»a “H 

9.C — 

46 * g? 

2 J, — 207 
59 — 142 

73t 2 9 

19 - i| 

4.0 143| 79 


FINANCIAL TIMES 


BRACKEN BOUSE, IS, CANNON STREET, LONDON EC4P 4BY 
Tdcx: Editorial 886341/2, 883897. Adver^semnts: 885033. Telegrams: Flnantnno, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Sosanaiy in London, Birmingliam, 

Liverpool and Manchester, Tel: 246 8826 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 


Amsterdam- P.O. Box 1296. Amdardun-C. 

Telex 12171 Tel: 240 595 
Birmingham: George House. George Road. 

Telex 333653 Tel: 0=1-404 0922 
Bone: Presnhnus 117104 Heuesoliee ltd. 

' Tele* 8889542 Tel: 210039 
BniMel/c 39 Rue Dttcole. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Bos 2040. 

Tel : 938510 

Dublin: 8 FitzurilUnm Square. 

Teles 5414 Tel: 7BS321 
Edinburgh: 37 George Street 
Teles: 724M Tel: 031-236 4120 
Frankfurt: Im Sochecnlager 13. 

Telex: 416263 Tel: S05730 
Johaanesbure: P.O. Box 2128 
Tel os 88257 Tel: 838-7345 
Lisbon: Praca da Aiegria 58- ID, Lisbon Z 
Telex 12533 Tel: 382 500 
Madrid: Ecproneeda 32, Madrid 3. 

Tel: 441 6772 


Manchester: Queen's Reuse. Queen Street. 
Telex 886913 Tel: 061-834 9381 


Muscnir Sadovo-Samotechuaya 12-24, Apt. 13. 

Telex 7900 Tel: 294 3743 
New Vorfc 75 Rockefeller Plata. N.Y. 10019. 

Telex 86390 Tel: <2l2t 641 4025 
Paris 36 Rue du Sen Her. 75002. 

Telex 220044 Tel: 236J7.43 
Rio dc. Janeiro: Aveuida Pres. Vargas 418-10. 
Tel: 233 4848 

Rome: Via della Merced e 55. 

Telex 81032 Tel: 678 3314 


Slnckholm: cjo Svoaska Dagbladet, Raal a mtoa t ag e u 7. 
Telex I7B03 Tel: 50 80 88 


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M 7-7 32 
4.6 45 67 ce9 
4.6 55 52 
10 52 29.9 
10 53 295 
34 92 47 

* 35 * 


Stock 


Price 1 - 


EWdsIrttPSp 
En da add. BIS 
F.MC 


EiiSte 


Fitral 

kzLtssGforersp-1 
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Ba*lewV*PaOp.J 


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U'lnSSjals . 


HilfortiilUP 

Hinton i.v> lOp- 

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Len»psGp. lop. 

Unfoodriwes-- 

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LoredfGlV-. 

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UoBsil'O- 
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MarjmEdA Wp. 
I Monis riW.nOp. 
Northern Fws, 
Nurdin PI Wp- 
PsmoiP.lHWH 

ftWWJ-U 

Rcku^enU 


Robertson Fooib 
RarabeelL5I^L 
SainstsnyOJ — 


^JSSWi 


+1 


[Tewoap 

[Crogate 

foiled Biscuits. - 

.. [B’atSOTFWph^i - 

HOTELS AND CATERERS 


Mir 


144, 

4.06 

055 

421 . 

*1251 

4273 




4.94 

291 


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1953 

3.75- 


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3.77 

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6273 

7247 


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3.6 60 71 
69 3J &l 
17102 7. 
U 111 - T.l 
132 45 to 
till R3 Tr| 
32 45 1*1 
121 67 7. 


Adda lot. JOp 
BorcIU iVk.UW. 
Erect Walker 5p. 


Hotris30p— 
Hotels- 


iDevere^H 
KEptenreSp—H 
(SmdMetSOpq 
|Eursaal(M1te25 
iLKtoote lOp — 
bit Charlotte lOp 
lEd^hBrinnHamg 
Norfolk cip 
iNocthtllFjH 
prince d Wales- 


■"-.sasa 


Ihot— 
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WheetertslOp— 1 


% 


068 [ 55^ 1* 9 


rQ12jt5[ 2« Iflw 




4 -3 37. 

532*16 

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US 

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INDUSTRIALS (SEscel.) 










BnLCSneT.OsiJ 
Brit Steel Const 1 


|B.EProp.$A2-.{ 
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brooks WaL3CpJ 
iBrownBw.Kenl 
BnmtwisfllitssL 

iBurroCeaii 

[BaiDiicneSp — 
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(CH.IndTs.10p_ 


AAE 


[AGE Research. 
Aon>BBaEros.U>pj 
'Abbey Ltd. . 
AbfixInds.J 


AostioPilcyllOp- 
atob Robber £1_ 


BR.A Group. 
BZT.Deid. 

nrtrt Infill. 

BTZL 


[BairdiWttDC | 

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BarfwRdRlOr. 
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Bodyroteltrtl 


[BORodPeL'.VK^J 


BWS-W.DSC50. 


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Canning 
|Cspe Industries. 


IUeicstk*ilDd.5p] 


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khambe^inup. I 
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EffirttPb'mWpJ 

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HwironSo 106 |-Z 

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Lead lads. 9 CM. 160 
tadotoffSteSE: 127 

■ RnelIMt JO 

■iintssp^. in 
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t^&mipWpI. 237 
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MOTORS, AIRCRAFT TRADES 

’ Motors and Cycles 


|us 

37 UteaCarWp — 
5i, ReBnUftrfo- 
6 #% EttMUfeeMis- 
762 VoboXiSiL 


-b 


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49 348 


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[mry Prnpprtj' 

bdnrnojKaolOp. 
lj lenayn Invest _ 

Land Invest 

Land Sets. aOp_ 

15 Oo.SkcCnr.’GI^ 

5 Do.ffliWoiT.-85_ 
5 Do.mOnv.-SB 

[jwLendSOp 

Lend Lease Me _ 
Un?nN5tipiOp 
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LMmHdeiMp 

HnrlerEaal«- 
Mdnernes lOp— 
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Do. 'A 1 

Rush 6 Tompkins 
SamaH Props — 
ScoLUetrop ^ ! 

■ SecondCitrlDp. 

ShmghEsu : 

9 Do MftConv.-SD 1 
Sxock Con versa-. : 
SimkyfBlinv ; 

• Swiro Properties 
fowg Centre..^ 

• rcnmACihrlOp. 

TtaffordParfc 1 

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1'td.Reai Prop— ; 
Warner Estate— ! 
Wanfndlav.aDp. : 

We&l) (Jos) Sp 

W*minsterP.20p. 
WinstcoKa* — . 


Price I — 


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61.62 

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134 

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ConqKments 

lAa aft e g -— 1 

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UatnnotM 

IBhumadBrot.— 

ffiOTfliteLlto. 


SHIPBUILDERS, REPAIRERS 



«B95 


65 

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140 

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194 xd 



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— 

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54 


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38 

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SHIPPING 


Flsfeer (J) 

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Mated DocksIL 
Ocean Trnisport 
F.ftO.DefiLCL- 
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1 Do.’&.’Mp- — _ 
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299 

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3.9 

4 71 

130 

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167 

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77 

14 

265 

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118 


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.72 


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2.81 


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67 

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144,02 

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61 

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87 Cardinal Did. — 

94 Css?i«i lnv 

56 Cedariar..— 

124 CteaUs ihcCl. 

455 JtoCap... 

46' Chtoier Trust. __ 

26 GtyiCcnaTuc- 

76 DBlCsp.(£1i_ 
481) £Br 6 For In»._ 
65 CHy 4 Intern H_ 

62 CftrfOifard^_ 
76^2 OareriiTOseSOp. 
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94 MrttaesmioionJ 
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67 Cwwafaais_ 

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ju si?iCap.ij0p._ 
56 DebmdtiroCorp- 
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L72 Daniiuoo fcGcn. 
106 Dnyttu Con'd- 

123 ■ DaCona 

27 Da F^r Eastern 

155 Danrarier 

60- Butalvest lor. 50p 
163 Da Capital £ 1 „ 
SS Dcmdce £ Lon, 

8612 E^ahmgli Am. TslJ 
.94 Bfia.Im-.Df £I_ 
961a Bactralnv.TS.. 

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74 Eag-AlniematL, 

63 Eag.4N.Y.Tru4_ 
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Bmrilylnv.TsL- 
76% PteiScot Am.— 
130 Foreign 4 CoL— 
37 RD.GlT.roo.55r. 
35>j Pandinmtlnc.- 

49 DtxCap.. 

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[220 Gen. A Comm 'cL. 

, 73 • fled. Cceimldtd. _ 
125 ' Ge»H*I Foods— 
97 : ' Do-Conv.IOp— 1 

&». Invest ors 

72% Gea-S«tfUih - 


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65 Srtftcros — — 
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AlUedre»tile_ 263 I..-..[td65^ 3J( 62! 
tUkinsBros — — 51 1-1 13.73 
Beales | J420p— 78 |.~ ..IZ52 
Beckman A. Up- 77 |+1 |g4.97 
Blackwood Kort. 

3wtdSt.Fah.l0p 
Bright (John). 

BxUtayGrpSp— 

Brit Bukatoo. — 

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% Carpets lntJOp- 

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I CoOtasUa. 

1 Da 7SV Deb BE/2 
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I DawsooInlL 

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leroaeiHUcsj- 
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Leigh Mills 
Lerezfr— 

Eider 

Lytes( 6 l 20 p — 

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ISarioBoon Scoff, 

Martin LA-irOp — 

Jffller iF.J lOp — 

Montfatt- — 

Metis. Mmt(e — 

Nova Jersey aOp_ 

Parkland 'A' 

PieUwfW.tftCa 
Do 'A'NVIDp- 

AKT.Mp- 

Racfley Fashions ^ 

For Seed (Win. see Kivmgton Beed 
HeUanceKnilJOp- «7 +1 £93 | Z1, „ 

RxdundsMp 23 +1 tLrolZWMl . 

RniiiOflnReed. 86 +1 d4.49j 23 73 5.9 

i££T20F 64 (tcO-671 9^ 19 

ScottHofcertson. 

Sefcersintllto-., __ , 

Skaw Carpers iCpJ 55 (+% 

ShfloB SphnamT* “ 

SMlawlndoSOp- 

Sirdar — ; 

Small iTfdntas- 


670 

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44 76 

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Z9| 931 


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116 

179 

173 

109 

84 

75 

264 

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88 

97 

300 

122 

143 

137 

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66 
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131 
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214 
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232 

158 
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165 


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55 a sxasa 

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60% Bennmrravlnv.. 

56 Da'B'Ora 

Globe lav._ 

i»-eUEnrope_ 

Granfie Trust. 

K. North’ n Inv„ 
Greenfriarlnv— 

Gresham tat . 

Groaplntestan-, 

69% Gnarmau Ibt. Ti__| 

7S Hambms- 

|168 ' HDI (Philip) 

Home fflds. -A". 

Da-B" 

S8% EcoBnmffSj 

TOO Do.i£i 

42% Industrial & Got. 

65% Internat'lfnv 

QB7 lav. in Success— 
Investors' Cap.- 

DB3 lardmeJa pan 

70% JarfflaeSee-ffiOSj 
g?3 favr&LPLlp 

taa Jersey Gra. El 

41% fos Holdings-— 
44 . lorelitv. Inc. lOp 

Da Cap. Sp 

KecfioocIor.SOpJ 
Lake View hw._ 
Line, t Lon. Inv. 
87% Law Debenture- 

|£ll% LaranlStlgReUp 

33v Lada InrTlncJOp 

', Do.C3p.5p 

. LeVallonet Inv_ 
Lon. Atlantic— 
Loa AGartaOp. 
95 V. >dn.6Holyn)aLj 

40% Lon.S.-Lenncx__ 
U". Um.&Ut'.Up— 
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[157 ■ Lon.£Moatnw, 
93/ inn.tPnr- _ _ 
64 LcB.Prwfential. 
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to-iMtopInt. 

Mddramhnr 

Menantmelm— 

MadwasTsl— 

Mads finest 

Mart. Boston 10p 
Da Writs. £1_ 


65% 
244 
72% 
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250 
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157 

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40 Spencer IGeal 

26 Stoddard 'A* 

23 Shwd Riley Dr'd_ 
23 Itm-Comulnle.. 
18 Tert'rfJrey.lOp. 
46 Twokinstma- 

44% Tootil 

31% ToanyYSfl — 

27 Triisoni Carpets 
48 Tn coriDe 1 &p — 

<1 Yaa-TaeSBp 

34 Torti.FiMffJ6p, 
31 lYoqghal 


+% - 


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7.9 
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BeauuoRiPn 
Bearer if Jill . . 

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BradfordPrqj.— 

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TRUSTS, FINANCE, LAND 

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BimarTffl.., 

. Brtdeewjter— 

34^2 Sirt.AmfcCea_ 

‘ BritisbAmett— 

Bril,llUH.Srrt,Ep. 


02 


For Mooktya see Finance Land 
• ' • ‘ 97 [+5 1 3-88 

110 f+I {44.82 

Si c 


[Moaaatelnv — 
LMoorsideTniS- 
WegftfiASUSl. 
Ne*Thnw.Inc- 

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N.Y.ftGartmnre 

IBffl Invest 

Nth Atlantic Sec 
NthaAmerican^ 
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PMAwt Inv- 
fOrtSchtav 
Pondandlnv — . 
Prat Ses. tav. serf 
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Raaban 

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Rights Also. Cap 

River* Mcrr. 

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128 

59 

62 

137 

70 

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140 

38 

36 

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IBiti 

£65 

650 

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515 

105 

*■ 

222 

77 

135 

101 

167 
161 

42% 

135% 

128 

168 
118 

79% 

91% 

111 % 

107 
218 
100 % 

97 
225 
425 
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m 
133 
16 2 
69 

106 
196 
109 

108 

105 
25 

106 
82 

025 

8Z 

114 

190 

81 

66 

170 

114 

1531, 

126m 

59 

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202 


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191' 

55 

175 
154 
96 
182 
142 
117 
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112 
100 
70 
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108 
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36 
72 
83 
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86 

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208 
132 




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3.45 

492 

523 

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8.56 

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355 

203 

3.65 

4.06 


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3.91 

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■MJ3 
335 
3.66 

tiro 

B22 
650 

355 

l. 72 

m. 

3.15 

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7 J 7 
457 
4.77 
0.91 
6.80 
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1233 
132 
6.85 

5.08 
157 

356 
13.0 
249 
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5.69 , 
lblO.051 

hi. 85 
0.B6 
3.91 
289 
t3.83 

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13.B1 
4.77 

4.06 
3.40 
23 
t244 
tL69 

173 

508 
1.83 
t213 
t3.93 
147 
g!8S 
L9 
274 
3.81 
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h* 
266 
294 
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355 

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4.7(28.1 
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4JI330 
3B.9 
68 * 
4.0 38 3 
10.4 6 

79^6 


125 

&8|»0|I66 


FINANCE, LAND— Continued 

(+ erf Div 
Price | — | A rt 


UTS 

Kfb Low 


451381 61 
4.1 37.4 225 
45 34.0 20 
5.0 28.0 120 
45 267 38 
111 3.9 3L8 36 
4. B 25.2 89 
ZJS3.7 23 
- 39% 
55 261 ,30 
10 30 3 HO 
45 291 13? 
45 35.7 74 
74 

4.8 30.4 £12% 

4.4 310 n 
51 271 20 

9.6 1 * 

4.9(283 35 

iai “ su 

. - 13% 

5.4 25.9 }31 . 
6.7 22.0 £51 
63(23.8 ^ 

27(50.7 £54 


25 
1347 
16 
80 
25 
25 
44 
IS 

& 
73 
104 
3B 
44 
|420 
42 
14 
1200 

\ 
1167 
£43% 
10 

. 90 
|£48 
51 
7% 

_ £27% 

ai%tooo 


28 

56% 

87 


24 

36% 

W 


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tat Inv. Taj.?. 3| 
t area mem Co.— 
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ktcchu 30p_— 
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jN’lLCsltna. 12%p I 
(wppaiPd.Stg.IuF; 
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Pearwui£)tSffl_j 
iTttlabl-S. FraSSffl-] 
StCeoiselOp— 
ScoL*»err.-A’- 
ISi'ttpcAnn— 
ISorilhBnM. — 
Stlm.Pac.HK50c 

t ?taNFU». 
jatTsLip. 
Sdect.20a 
tfEngta&a. 
uueCsUolOp— 


Ctt Gre P IZ 


59% 

225 

18 

120 

38 

3S 

89 

?7 ,S 

29 

no 

135 

64 

49 

£11% 

66 

18 

400 

22 

33 

246 

£76% 

13% 

1D4SJ 

£51 

68 

12% 

£54 

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28 

58% 

78 



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2.6 


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42 

1.6 

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351 

3.7 

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0.69 

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11 

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— 

63 

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3.6 

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3.5 

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— 

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0.49 

2.0 

54 


3.07 

1.7 

4.4 


04.25 



83 

+2 

4.99 

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12-5 



— 



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5.2 

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1.2 

11.4 


0.40 

3.7 

3.6 


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32 

3.01 


3.9 
10 6 
.791 
11.0 

5.9 
98 

373 

74 


73 


9.1 


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5.6 25.9 76% 

4.7 272 75 
45 29.9 SbO, 
3.1435 Ol^ 

4.7 3IU 63 

WJ i 7 £261, 

4J 29.4 450 
12 89.8 144 
45 353 26 
6J123.4 ,36 
27 46.9 190 
5.s24j> niw. 
5 J 32.7 415 

4.4 34J 26 

84 17.6 306 

5.4 25.9 19 

6.7 201 03A 
3.0 44.8 1% 
24 49S £49 
61242 6 » 
19 37.7 586 

3.0 50-3 69 

5.913.0 444 

9 %? & 
0.9(84.8 
5.7T25J 161 
5.9] 23.2 190 
3.9r38J |1» 

82 

52)25.0 
53 293 
27 9 

32 38b, „ 
23 533 (305 
— 116 
3D1S11 1 156 

5.8(228 1 60 
4D 26.0 [130 

5 2 263 1 £67 

SSSltr 

41 * 445 
4.6 315 30 
5 J 281 1 19 

5.9 252 

7.9 * 


334 

[720 

65 

i 

49' 

21 

,02h\ 

|350 

114 

1134 

^13 

17B 

pks, 

455* 

484 

57 

|l 20 

B 6 

86 

57 


fttAranEnBgyEL- 
[AttndcSOp — — 
Bnt Borneo lOp. 
BaLPetroTauu 

l_Da B% Pf. £1 

[Bcnnaha 

DoS%UrSU96- 
ttCCPSto.Sea£l-j 
Century lOp . 
CbartRhaUSp— 
aePr.FVtniteBj 

tiCtafiOilU 

HCbdePandtJ 
Endeavour 20c— 
ECU 


LASWl- 

lUSRO M%UHT-8J 
iLASSOUps-IOpJ 
bhgsti Metals lfe. 

ibtl EspLlDp 

Premier Cnna 5pf 

Ranger Oil 

lEeynoldsDrr. If. 
IRji Dutch FU»_ 

ISctirireRes. 

Shell Trans. Reg. 

DanKD 

IttSidmuiDiia. 

p'eiBCO'SWlCnr. 

tTrieeutool 

TJItrsBjar. 


'DaTpcCnv.fJ _ 
|WeeiaNaL lOeta 
Do.FT40rd.Wc_l 
WoodsideASQc.. 


a 

-z 

—iCo 

- 2 " 

+i - 


+2 


6.84 

2243 

5.6% 

267 

qujfr. 

L02 

02 

QMS, 


214 


QSU»| 

15.94 

4.9% 

!S S 

"7% 

Q15%: 


13 


3.9 

HM127 


eljjJ 


3.11 

Is 
86 
3 S3 


3.trt 


2.4) 


UCGI 


- 

342 


6-2 


eI4°j 


12 


5.4 ! 


, 41, 
'120 


raw 

L? 


15.9 

43 


59 

694 

116 

120 

137 


81 


5.9 


16.0 

9.0 


OVERSEAS TRADERS 


o 

4.4)322 

4.7127.9 

26)531 

211516 

02)1594 

32(252 




|+3J/| 

a 

is 


+% 

+2 

SB 

+ 2 " 

+% 

+% 

+r 


0.41 

h296 

274 

289 

320 

213 

125 

411 

284 

120 

T3.76 

tlOB 

012 

825 

t6J4 

}025.6%l 

Q25ifltl 


+iy 

+i' 

+2 


+1 

.+4 

l+is 

+% 

l+% 

;r 

a 


269 

4.24 

711 
3.65 
1427 
1264 
8.12 
M27 
152 
t260 
325 
t3 50 
3.41 
hlOB, 

15.76 

203 

619 

gr 

122 

325 

7923 

311 

t538 

C229 

2.64 

h4.8Z 

191- 


020 
5 JOB 
U .32 
4.46 

3.45 

4.92 

3.91 

LL27 

4.51 

0.« 

327 

t6.03 

Qlflc 

112 

0.76 

10.97 

1US1 

233 

0.07 

7.70 
&1J2 

3.71 


L0{ 6(023.9 

m 


78 

49 


51 17.7 
5.9 24.8 
1112 124 

62 222 ] 
32 01 
62 229 
61232 


102j 


107 

235 

(25 

54 

IS 

250 

60 

E94 

73 

72 


224 

60 

96 

45 

25% 

JP 

'=g 

66 

1350 

9 

55 

m 

“S 

170 

tg 

4% 

44 

3 

*! 

41 


African Lakes— . 
Ana. Aerie. SOc- 


Berisfbnl[S.*W.lJ 156 


SathtickflkalSp 
BoastesdUOpi— 
F mby (Jamal— 
Gin&DuSus 
«.N(lm.£J{(. 
HTu'ns.Cro&a. 

BofistmglSj. 

laciKspetl 
lacks Wm._ . 
Jamaica Sugar— 

Lonrbo — 

HitdieU Cotta— 
Nigerian Hec. Q. 
OcemfWlsnK.20p 
PtiW. Zoch Up— 
Da'A'NfVlOp— 

SangenJ-EJIOp., 
Sena Sugar S0p_l 
AShne Darby HM 

Seed Bros. 

TocerKems.20p. 
DaBpeCnv.'SI. 
U. City Here. lOp. 
DalOpeLalSp 


305 

115 


59 
57% 
117b 
160 
£67 
525 
, 97 
[380 tt 
26i ? 
33% 

59 
45 

225 

87 

185 

185 

33 

n? 

250 

60 
£93 

70 

69 


+1 

+1 

+12% 

+7 


-5 


h337 

Sl9j 
6.29 
1.52 
15.0 • 
b4.43 

m 

432 

1533 

24167 

665 

3.45 

13.4Q 

2.92 


74.43 

fi 

hi. 78 
660 
315 


. .761 

0.4 


190 

11 

4.6 

111 

* . 
10-3j 
31 
24| 
2l| 
21 
q 21 
63 

2 2 


isj 

i 

2 !^ 


1.8J 3.Q 

HT 


a tuny Inlegrated banking servicta 



MINES— Continued 
CENTRAL AFRICAN 


ZLO 

24 

80 

ISO 

90 

41 

.17% 


m 

LflW 

aoefe 

Price 

T - 

Dir. 

Net 

CV 

(155 

Fa] con Rh. 50c 

175 



RP 


15 

RhoChConx lSip. 

17 



71 

62 

Roan Cons K-J 

75 




m 

TaneanriltaSDp 

180 


Q10.0 

1? 

78 

Do.ITi-r.80p.. - 

87 



163 

32 

WantaeruLRli.i-. 

37 


1.4 

10- 

panLCpriBDOJM- 

17 

— 




15 

138 
125, 

m 

|284 
32 
62 
140 
49 
220 

39 

fi 

& 
1178 
, 70 
105% 

40 
1554 

29-5 llW 
70 


10 

64 

1150 

|!« 

18 

81 

ID 

a 

i 1 ®- 

750 

3S 

IS 

35 


'AUSTI 

IAUA 

LN 




14 






138 

-1 

Q8c 

L4 

1 -1 r V : fftTf fTrMMH 

120 

+1 




650 

♦30 





284 


QUto 

12 


b5 

+> 




62 

♦1 





Hamptn Areai jp_ 

134 


13.55 

2.0 

Metals Et Sir- 

30 


_ 




Z1Q 

+2 

Q9c 

1.7 

Moatrt Li’ell^c 

N'evrmetal 10c_ 

29 

4% 



— 

North E.HiUSOc 

128 


QBc 

15 


16 





' 44 


_ 



OakbridseSAl— . . 

176 

+1 

+QUC 

1.1 

I'acific i- opner 

66 

+2 





Pancont125r 

■05% 

+% 





Pari«!3HAEx.5p- 

27 




Pekp-Wullsend rOr. 

554 

+8 

«15c 

4.0 

Snnfliera Pacific.. 

240 

♦15 



Wcsui.MuijDtfNlc- 

148 

+1 

Woe 

14 

Wh tin Creek 20c 

45 



— 


24.4 

5.0 

54 

6.3 

17.3 


3.6 


12 


4.0 

2.6 


3.9 


3.9 


- > 
1.7 


TOO 

_fco 

“ [300 


D45I 

|io% 

boom 


58 
160)lRD 

64 
4.1 

i.a 
S.fl 


16d 


i *a 


5.0) 

63 

ff 

7.81 

(B.S 

L» 


— has 
93 
XL 
SO 

n 
62 
fc»0 
bL 
61 

m 


51 

9 - 9 .« 

Sit® 

cs 


94 

4 2 

(To) 

(62) 

7.8 
32 
3.2 

5.9 

R6J 

85 


boo 

m 


COPPER 

(100 I 70 [XealtuROjO | 99 |+4 JiQ30c| L9 ) t 


RUBBERS AND SISALS 


mm 


%Ji 


27 

63[235 62 

Op 3® 

5? 

^ & 
m 1 

5.0)30.8 W 
42 352 .St 
5.4lZ7i) 2 77 
5-324J ® 
92)183 


UTS . | 
High law ] 

75 
65 

9 
IS 

23% 


4> 


54 

81 

82 


250 






|| 

1M 3.81392 (213 


14 


i.dn| 


6124.0 

4127.1 

^“■1 
JT 

245 
1420 
29 
249 

14)12Uf 1B3 
542731 
39U5.7 


114) 


UL4 

12.7 


& 

65 

56% 

41% 

29 

69 

36 

S' 

37 


175 

280 

104 

20 % 

345 

180 

370 

, 22 
181 
|138 


Stack 

]Angto-Indone*^u- 

iBertatnCoatlDp— 

BinliAfricai- 

BradwaU lOp 

CsstJefteld IDp™ 
ChergooeselOpl— 
Coca. Plants tap— 
Grand Central Jflp_ 
Guthrie £1 


Bmsrt3Cy.Etf.Hlp_ 
Highlands M50c__ 
Koala Eepung MSI. 

ttKaIiaii50c_. 

Mtl Sumatra 10p_ 

HalakodHSl 

MuarBirorlOp 

P!antaU»Ekija.!ap 

SnogaKriauJOp— 


Price 

. 95 
320- 
16 
56 
250 
44 
46% 
10 
355 
122 
135 
81 
56% 
173 
81 
49 
7* 
75 


+ of Div. 
Net 

£79 
355 


1.73 
s2J4 
hi. 40 

w 

♦SSi 

4208c 

% 

♦4.06, 

h §? 

SS 


m 

CVr Grt 


u 
X5L5.4, 
OJ 45 
U 3.5 

L9 4.2 

J. IS, 

15 3.0 fe 


TEAS- 

India and Bangladesh 


23 

240 

45 

ia 

130 

78 

9 

. 68 
450 
1280 
40 
50 
U65 
49 
47 
,140 
230 
134 
55 
85 
74 
1148 


TINS 

Antal. Nigeria 

Ayer HllamSMl 

BaraltTin 

BerjunUlSMl _ 

Geevor 

, Wd& Basel? jp_ 
(Gopcnfi C<ms._ 

Bonckceg 

IdruIOp— 

)JantarlZ%p 


Rannatinc 5M0.50 . 

Killinchall 

Hatay Dredging SHI. 

AFahang 

Penpkalen 10p. 

PrtalingSMl ,' 

Saint Piran 


f mtbCrofiylOp 

uthKimaSMOja 
Ira Malayan SMI. 
snoEeiBffiSMl — 
Suprenv? Crop. SHI 

ITanjongJop 

jTonekab Hrtr.SHl 
TrouohJMl 


23 

380 

58 

295 

127m 

10 % 

295 

185 


9 

80 

625 

.435 

72 

55 
240 

57 

56 
220 
320 
215 

80 

90 

90 

242 


-i-lO 


+3 

+135 

+20 

+1 


+5 


255 

Kft 

IS?' 

15 33 
J12L0 


» 

fe 

toaoc 

W-02 

4J9 

s 

ZOlOcj 
,660 , 

+lojzQ88cl 


ill 36 - 6 


4.4| 

« 

9 

67) 

H 

16 

4.6 

ZD 

1.4 

nil] 

6 


10.5 

ao 

5.9 

7JJ 


43 

20.0 

4.7 


17.0 

7.6 

5.3- 

1L2 

7.6- 
88 
65 

2.7- 
10.9* 

7 .1* 


MISCELLANEOUS 


61 

turn 

102 

tS 


35 

9 

215 

245 

164- 

30 

teo 


{Barymin- 


020 


Bnnna ifinesl7%p. 
Cons. March. 10c _ 

NorthgateCSl 

RTZ 


Sabina Intis. CS1— . 

lTaraErptn.SI , 

43 - ITehiriy 3uneralslt>p-| 

[Yukon Cots. CS1 


53 
13 
265 
390 
240 
62 
900 
' 67 
178 


-% 

+15 

+5 

-1 

-3 


+10 

+2 


WOc 

9.64 


♦135 

Q7c 


id Jf 
2.8| 60: 

To! 

2.9i 19 


NOTES 


Htnlcsa otfcmrke Icfieated, prices «nd net dlwldewta ant 1 b 
pence and denombtatinoB are SBp. Estmtatni priee^mtap 
ratios and men are based on iate^t annna! repurta and nceoaala 
ad, where pessiUr.se npdnled on half-yearly figures. PTEs uv. 
calculated an the basis cf net dtatribnllan: bracketed figures 
Indicate id per m'. ar mare diflbnte O r al ew l a led en “nil" 
wcributioB. Coren are based an “i.n i *lmnm " dtaMbBUtB,' 
[YleWs are hosed on middle prices, are cross, adjusted U> ACT of 
(M per cent- and allow far nhw of liritatf distribution* amt" 
Hxfeu. Sernrities with gMionHm'taaa other Gian nerilBR ars 
boated inclusive of the iawamat Cellar preadmn. 


Assam Dooun£l — 
Assam Frontier £L 

Assam Inv*. Cl 

Empire Plants tap. 
Lawrie Plants a „ 
McLeod Russel £1. 
Moran £1 


l&Litg]aHMg!L-199-. 

PjtoTai Pants. 

IWillianama 


245 

310 

119 

30% 

345 

225 

37D 

29 

219 

175 


+2 


dll H " 


711 

♦ 2.01 

bl5 

Sn 

m 

914 


7.9 

8.9 
9.3 
65 
9.1 
62 
q3 

10.2 

7.8 


130.71 
♦ 

^ '610 
22^,185 
* 

333 
32 3 


41) 

64 . 
3.7 343 

65 322 
61 
8 . 0 ) 

4fi 
42, 


1123 


1130 


Sri Lanka 

(UmuraOJ 1 210 ) 1538 | L5[ 4.D 

Africa 


iBIamyien- 

[Rno&staUs- 


610 

185 


I 50.76) *112.4 

1 13^0) 2.4ll0.6 


I2L7 
124 2 
19.8 428 (140 

19-8 420 244 , 

- £40> a £29>* ; 


MINES 

CENTRAL RAND 


DwpHJ— . 
Band frit Rl. 
, ffonrt EsL R2. 
17B ] 78% I West Hand BJ 


415 -13 


__ 

407 -13 





£40% 

136 -8 

tOJSOc 

tvl3c 

15 


24J 

Vi T 
« i 

43137.7 440 
53)24.9 68 
105 

|.fl395 73 % 
3JJ43.9 56 

4304.9 36? 
3.9373 a 
26)56.9 

053.9 


EASTERN RAND 


57% 

[Bracken 00c 

mpm 

-1% 

tQ2Sc 

1S\ 

18 





12 

735 

ELR.G.0.BO50 

413 

-3 

PCKOr 


76 

CrootvtoiSOc— 

128 

-2 

tQl9c 

XE 

271 


439 

-1 

H)34r 

JJ 

35 

Letlle65c — 

65% 

-?% 

■fQ3c 

12 

57 

Marim!eflfl50._. 

73% 



U 

37 

S.AfricanLd.35c„ 

66 

-2 

— 


31 

tTakfimlemSOc — 

53% 

-1 

m 

0 A 

617 


838 

-12 

X7 

32 


61% 

-1 




Sterling denumi nsied securities which ineltdo ur v es t iaut 
dollar premium. 

“Tap" Stack. 

Hishs sad Lews ranked thus have bees adjusted to aDow. 
for n'ebls issues for cash. 

Interim since increased or resumed. 

Interlra since reduced, passed or deferred, 
hi Tax-free to non-residexiu on appUcarion. 

0 Figures or report awaited. 

(Tt Unllitfed security- 

Prtce at time of suspension. ' . 

Indicated dividend after pemfinK Gcrlp and'or rights Issue 
cover relates to prerious dividends or forecasts. _ ■ 

I* Merger bid or reorganisation in progress. 

Vr Not comparable. 

Same interim: reduced final nad/or reduced earnfalgi 
indicated. 

Forecast dividend: cover on earnings updated hr latest 
interim statement 

Cover allows for conversion of shares not now ranking for 
dividends or ranking only for restricted dividend. 

Cover does not allow Jar shores which may also rank for 
dividend at a future dans. No PfE ratio usually provided. 
\9 Excluding a final dividend declaration. 

If Regional price: 

HI No par value. 

b Tex free, b Figures based on prospectus or other official 
jtstimaie e Cents, d Dividend rate paid or payable on part. 
lot capital: cover based on dividend on full capital. 
|e Redemption yield. I Flat yield, g Assumed dividend and- 
wield- fa Assumed dividend and yield after scrip iame. 

[j Payment from capital sources, k Kenya, m Interim higher 
khan prevtoua total, n Rights issue pending q Earnings 
(based on preliminary figures, a Dividend and yield exclude a. 
bpecial payment t Indicated dindrad: cover relates to 
frrevious dividend. P.'E ratio based on latest annual 
C-amincs n Forecast dividend: cover based an previous rearia 
learnings, v Tax free UP to 30p in the £. w Yield allows for 
jcmrency elause. y Dividend and yield based an merger terms: 
js Dividend and yield include a special payment Cover does not 
Upply to special payment. A Net dividend and yield. B 
Preference dividend passed ar deferred. C Canadian. B Issue, 
j e l 5 7 (pnee. F Dividend and yield based on prospectus or other 
C 7 I r 7 kiUieUd estimates lor 1B7IMD. G .4ssnmea dividend and yield 
*'• a -'hfteT pending senp and/or rights issue. H Dividend and jdotd 
(baaed on prospectus or other official estimates for 
jlflTB-Ta. E Figures based on prospectus or other official: 
estL-nates for 177& H Dividend and yield based on prospectus 
lor other official estimate* for 1918. N Dividend and yield' 
[baud on prospectus or oUver official estimates for 18TO. P 
[futures based on prospectus or other official estimates for 
J197&-V9. Q Cross. T Figures assumed. Z Dividend total to 
a - (dote If Yield based on assumpaon Treasury Bill Bate sum 
4 £ luachanged until maturity of stock. 

Abbreviations; id c: dividend; jc ex scrip Issue; vex rigbtKW ex 
[all: d ex capital distnbmion. 


FAR WEST RAND 


371 

£11 

105 

375 

868 

275 

136 

£15% 

638 

638 

583 

323 

*%* 

» 

948xd 

259 


1137 


+163 
5 23 


4i) 345 
, UJjl05 ( 135 

10;T7:3L5 
10 13 5 143 


Finance, Iliad, etc. 



jd&34 

\-JtSk 
] W 


id! le's.o 

.j . : _ 

Ifl! A9;305 
l5{ 34 402 
5? 4J| 41 
Iff, 3.d26Z 

.* S3 0 


feta ten 


i?ii 12 
23 ’ 22 


ESS 



3.9(373 

3fl * 445 1288 JElyvnorS 
. , - £U%p64 Bpflels— 

43 339 JttB 71% Peelkraal ROat— 

3.7 — 380 |214 poorafonleinRl — 

8 .^ 165 830 589 EaslDrieRl , 

2i 433 280 p3 \EtoiiitawlGVi.20cJ 

3.9 355 153 92 fesburfiRl 

9J|19£ £15% 090 HantiwesslRl — 

— 6 fi 8 HOB [Kloof Gold Rl 

4.4 * 652 |432 lUhancnRI 

41 351 5 <J 2 Ul9 fcoaflma550e 

33 543 XB \2M ^tUfonlein50c 

3.6 ♦ amai K'nl Reefs 50c 
71 20 J 289 ll23 Ken Impost HI — 

114)14.2 £27% [ 06 % Iff. Drift Rl 

... „ .T- 241 352 pC«a*raAreasRl, 

4.45 Ld 83181 07D 5S9 WeflOTltoepIta- 

^faaTiJ 9:3134 2M I 163 NldpanKJ 

07 - 

Hi 4 0 360 . OJF.S. 

ljJ 2.4 468 V ’ f,g ’ 

10)101 25.0 UD 
. - <2Sh 
11 43)315 ia 

♦ 4^ * 448 

11 43299 134 

U 3.2317 £13% 

* 4-3 9 £ 10 % 

10 L2iZi3 £10% 

1.0 51^93 232 

111 4-5BM 360 

0.6j - £24 

12 1.71732 

bu FINANCE 

10 3^431 650 

- 360 

UA 6^235 £ 20 % 

^aMogo 

loj 62j25.0 204 
25 
£19% 

£36% 

as 

230 
36 
196 
156 
£ 11 % 

58 
444 
235 

59 


-7 

-% 


-3 

Mi 

-5 

Q50c 

-12 

tQ78c 

-5 


-3 

108.45c 

-1.0 


-14 

Ke3 

-9 

-5 

QZlc 

W22c 

+> 

f0U5e 

-5 


1 

W3? 

-22 

-5 



27.5 

61 


110.7 

9.1 

1.1 

5.6 

3.7 
97 

3.5 

9.6 
22 
4.1 
4.1 

5.5 

8.6 
3J 
52 
9.t 


“ Recent Issues ” and “ Rights M Page 30 


rrhis service is aval table to every Co mpa ny dealt In oa 
(stock Exchanges throogbout the United Kingdom lor a 
fee of £100 per amt am far each security 


75 

Free Slate Dev. 50c 

no 


012 c 

•* 

mi T 

FJGcduWSOc — 

£20 

-% 

fQ240c 

•2.7 

59 

FS.SuiptoasKl- 

104 

—3 



279 

UaramoySOc ... 

447 

-1 

0S5e 

4.7 

66 

LoraineRl 

125 

-i 

06c 

05 

750 

Pres. Brand SOc 

£ 11 % 


Wtafc 

?J, 

682 

Pres. Si eyn 50c — 

988 


t 02 Dc 

91 

703 

SL Helena Rl — _ 

£ 10 % 

-% 


2.5 

144 

L%isel 

231 

-1 

— 


190 

Welktra50e 

355 

-5 

tQ35c 

lfl 

£13% 

WaalrttngsSOc— 

£24 

-% 

foaoc 

to 


b.t 


Z32 


17-0 

5.6 

10.91 

. 10% 






51 







. 17 




_ 


46 

-Z 







146 


QBfcr 

Till 

315 

4 fl 

i 69 

+2 

1.4 

7i ; 

£?* 


Q«J 
til 94 

6 

37 

285 

+2 

21 

62 l 

£'= 

13 

— 

t!02 

3.7 

33 





62 

-1 

dUHJ 

fifl 

24 

41 


1.15 

2.1 

64] 





« 

113 

28 


050 

63 

27 

130 
. 17 


tt 

12 

19 

53 2 
9-5 

22 

♦1 





32 

+2 

__ 

_ 


32 

+1 

203 

* 1 

9.9 

11 

—4 

— 


.— , 


'424 

1246 

jgJ% 

Sw 

17 
(Q4 
£ 10 %: 
O 0 1 
138 
22 
|32b 
95 
860 
, 50 
375 
161 
29 
□1 
1 B 2 
238 
40 


LABgAsLCoa]50e_ 
AngtoAtner-lOc—. 
Ang.Am.GoldS.l_ 
Afig-VaaJSOc— 
[ChmterCOTA'- 
toou.GaMriehb_ 
East Band Con. 10p 
Csa-SjntaRffi™ 
ICoWflrittoSA.25e_l 

LloTwrsCocs R2. 
Middle TU &„ 
Mtwon>12%p — .. 
iaitawmSBPUO- 
NewWuSOc — 
OpaLhra NT Fls3 ._ . 
[Rand London lie— 

(helenim Trust 

Sen trust 10c. 

SiIvermjBesSjP-- 
fvaa! Ct®sLd Rl_ 

I'C. Invest R! 

raton Cona, 625c. 
|Yogrii2-|f^. 



111 4.9 


REGIONAL ■ MARKETS 

The {ollowinK Is n selection of London quotations of shams 
pivviously listed only in regional markets. Prices of Irish 
issues, most of which are not officially listed in London, 
arc as quoted on the Irish ei change. 


rite Forge.. 


1.0 K. St m. 11- 
Holt 'Jus >25p. : 


25 


44 


21 


310 


26 


5oam 


37 


61 




52 


22 

+1 

125 


77 


153 


270 

♦7 

68 


185 


=0 


45 

...... 


Sbcffi Refrsbmt- 
SindaJl [Wirt-i — 


62 

US 


IRISH 


Conv.0«S ■ai’82, 

Alliance Gas—. 

Arnott 


Carroll <PJ.l— 

Cion dal bin 

Concrete Prods.. 
Herton (HIdgs.) 

Ins. Corp , 

Irish Ropes — -j 

Jacob — . 

Sunbeam—.. 

T.M.G 

ITnidnii! 


£93 

' 

67 

-J 

360 


105 


105 


143 


SZiul 


160 

fi 

13S 


67 

.. J 

» 


210 


9»iA 



OPTIONS 
3-month Call Rates 


Industrials 

Bretr — 
A.P. Cement — 
B-SB- 



DLAMOND AND PLATINUM 


lAagloAniJnvaOc-, 
B!r*cps£*ePIt 10c— J 
|Dc8rereDLar__ 
_Do.40pePf.R5__. 



Babcock— 
EanJaysBank. 
Beceham 
Boots Drug — 

Bwaterc 

gj\,T_ 

^■-)BnUs!iOv>t3ea 
2.6 1 Sravtt tJ..-.— 
Burton 'A' — 
iTutlburj'S — 
CourUmlds — 
rtebensams— | 

Cibtillors 

Duniop 

Ea;Jos'Ur-... 

E-M.i - ■ — 

•linu Accident 
Gen. Electric-; 

■'Ira ltd Mol — ! 9 
a. "A'_..__ 
Guardian — 

. .G.iL.s’ „ - — 
7‘5'2’twborSititfJ 
IjjjjJ Home of Fraser. 1 



LAdbroke 

Legal A Gen.., 
L« Service — 
Lloyds Bank— 

■■LofS*' ' 

London Brlclt 
Lcitrhd— 
Lucas Inds-...- 

Lyons • J.;. 1 

"iflaim''.- 

Mrks. Sc Spncr 
ILdlaodBnnk, 

N.E.I 1 

.Vo'-Tfea Bant 
Do Warranisl 

P&ODfd 

Plesscy-.__...l 

R.HJf 

SankOrR-'A*-' 

Reed J ami 1 

SpUlers.— . 
Tckw..— 
Thom 


Tube in vest. -| 
Unilever 
Utd Drapery. 
Vickers.. 


Wool worths _J 5 
P ra pen y 
Eric Land 
Cniv. ConnUea. 


JoUeuropean 
Land Sees. 

MJEPC 1 72 

Peachey—. 
Samuel Propa. 
Town 6 City™ 

Oils 

Brit. Pctmlcttau 
Burmab Oil,-,. 
r/hartcrhall _. 
Shell 


Ultra tear- 

Mines 

Chaner Cons. 
Cons. Gold 
JUoT.Zinc. 


x _ .Trust Houses..] 35 

•I A selection Of Options UOdcd is given on thn 
t|, Loudon Stack Exchange Heport page 


ill 















Friday August IX 197S 


1 

J 

B! 

E) 

i 

• 1 

I 

;s 

SCOTCH WHISKY 

« 

- • 

B 

e: 

i 

w ■ 

Jfe 

1 

L’S 


■iit? . 
pO 

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* -: 


All-out 
strike at 
Polaris 
bases 


Bjr Philip Bassett, Labour Staff 


DOCKYARD workers at Polaris 
submarine bases on the Clyde, 
where all work has been 
blacked, started all-out strike 
action yesterday. Talks with 
Ministers in London failed to 
resolve the dispute — which in- 
volves 1S3.000 industrial civil 
servants — and will be resumed, 
today. 

Shop stewards at the bases 
said they had been pushed over 
the limit by the management's 
taking 250 workers off pay for 
refusing to carry out work on 
the Polaris submarine Resolu- 
tion. Navy workers are prepar- 
ing the submarine for sea. 

All the 2,500 workers at the 
three Clyde bases — Fasllane. 
Arrochar and Coulpnrt— were 
told at midday yesterday that 
they were being taken off pay. 
A shop-floor amendment call for 
a stoppage was put to a hastily- 
called meeting and was carried 
overwhelmingly. 


— r ■jairBfr"' 


Carter go-ahead for £j£ West 
oviet oil sale 


BY OUR FOREIGN STAFF 


Pickets posted 


Pickets were posted at the 
base and they will be maintained 
24 hours a day. A statement 
from the shop stewards said: 
“The unions feel that suspension 
of our members was an act of 
deliberate escalation on man 
agement's part and we are left 
with no alternative but to 
respond.” 

Dockyard workers at Rosyth, 
where two other Polaris sub 
marines, tbe Repulse and the 
Renown, also have been blacked, 
will hold a meeting todav to 
decide what action to take after 
the failure of talks in London to 
reach a settlement in the pay 
dispute. 

Mr. Peter Adam;, chairman of 
the joint co-ordinating committee 
which negotiates for the indus- 
trial civil servants, said after 
the talks that they were not 
challenging the Government's 
st3f-e three 10 per cent limit, 
under which the claim for sub- 
stantial increases comes. 

“But we believe that there is 
room for movement within 
Government guidelines. We are 
seeking the best possible deal 
within the guidelines." He fell 
that because Ministers, includ- 
ing Lord Peart, Lord Privy Seal, 
and Mr. Fred Mullev. Defence 
Secretary, were prepared to come 
back for more talks this after- 
noon that they were looking for 
a way to be more flexible in the 
application of tbe guidelines. 

• Civilian workers at a naval 
hasp ar Portland. Dor«et, yester- 
day blacked the minesweeper 
Glasserton in retaliation fnr the 
Navy’s clearing a crashed Wessex 
helicopter from the runway of 
the naval air station. 


Signalmen 

end 

tea-break 

dispute 


By Our Labour Staff 


stoppages 

commuter 


THE TEA BREAK 
which lilt London 
sendees are over. 

The three signalmen at 
Bethnal Green. East London, 
have agreed to meet the execu- 
tive committee of their union 
after calling off their rush-hour 
leanreaks following talks with 
a National Uuion of Railway- 
men's representative. 

IF ihe Bethnal Green team 


PRESIDENT CARTER has 
given the go-ahead to a $144m 
sale of oil equipment to the 
Soviet Union, in a move appar- 
ently designed to limit U.S. 
trade reprisals against Moscow. 
The Administration bad earlier 
indicated that It would re- 
consider the sale by Dresser 
Industries in protest against 
tbe tiial!> of two leading Soviet 

dissidents, Mr. Anatoly 
Shcharansky and Mr. Alexan- 
der Ginzburg. 

The deal for drill bit-making 
equipment and technology — 
vital for the Soviet oil industry 
— was virtually conclude 
before Mr. Carter announced 
his ban on exports of oil tech- 
nology last month. However, 
sale of an accompanying 
advanced electron beam 


welder had still to be approved. 
Mr. Carter indicated at his 


last Press conference that he 
would probably now penult the 
sale, though there were strong 
advocates within the Adminis- 
tration and Congress urging a 
ban. Dresser Industries has 
now confirmed that the deal 
will go ahead. - 
The Administration move on 
the Dresser sale was twinned 


with tbe veto of a proposed 
$6.7m Sperry Rand computer 
sale to Tass news agency to 
handle reports from the 1980 
Olympic Games In Moscow. 
This veto apparently still 
stands. 

The Soviet Union has been 
somewhat contemptuous of the 
White House move and senior 
Officials in the foreign ministry 
and trade agencies have sug- 
gested that limited trade sanc- 
tions would backfire. 

Moscow Press reports have 
said that the Soviet buying 
agencies would turn to Japan 
or West Germany for alterna-- 
tive supplies of oil technology 
if. need be. None the less. 
Western analysts have detected 
a note of concern among Soviet 
commentaries that the limited 
sanctions would be .extended. 

President Carter's decision 
to relent on the Dresser sale 
will anger some UJS. crities 
who have argued that the U.S. 
should show the strongest dis- 
approval of Moscow’s abuse of 
human rights. Computer and 
oil technology had been 
judged the most sensitive part 
of the Soviet economy. 


But there were also compel- 
ling arguments for allowing 
the sale to continue. One view, 
echoing the Soviet position and 
clearly reflecting sections of 
UR. business opinion, was that 
a ban would he futile. The U.S. 
would lose business without 
gaining any political benefits. 
Another argument against 
vetoing the Dresser sale was 
that it was in the global 
economic interest to keep up 
the pace of Soviet oil develop- 
ment so that the Russians 
should not end up haring to 
import oiL 

The approval for tbe Dresser 
deal now raises the question of 
what sanctions the U.S. can 
apply when it wants to express 
disapproval of Soviet human 
rights policies. Another leading 
dissident. Hr. Alexander Podra-. 
blnek, goes on trial next week 
charged with anti-Soviet agita- 
tion and the White House will 
have to frame its response 
accordingly. The Podrabinek 
case, however, is unlikely to 
cause as much of an outcry as 
the trials of Mr. Shcharansky 
and Mr. Ginzburg. 


Stock Exchange looks at 
commission rates 


BY MARGARET REID 


THE COST of buying and selling 
shares may rise in the coining 
months as a result of a major 
Stock Exchange review of stock- 
brokers' commission rates. 

The increases would be tbe 
first since April 1976, wben com- 
missions were raised by an aveiv 
age of 3.9 per cent, although this 
did not apply equally to all types 
and sizes of deal. 

A detailed survey of the infla- 
tion of broking firms casts is 
beiny undertaken, since this will 
be one important factor in 
deciding whether an increase in 
the commission— which provides 
stockhrokeis’ revenue — is 

needed. 

The study is expected to be 
the most thorough ever con- 
ducted by the Stock Exchange in 
its periodic re-examinations of its 
scale of charges. It will cover 
the whole structure of commis- 


sions, for gilt-edged and share 
transactions. 

One object will be to assess 
whether different rates for 
various classes and sizes of deal 
are in the right relationship to 
each other. 

Adjustments may be made, to 
the pattern of the structure, 
quite apart from the broader 
question of whether a general 
increase is needed. 

In accordance with recent 
practice, the Stock Exchange will 
consult representatives of users 
of its market including investing 
institutions, the banks and the 
Confederation of British 
Industry, before any decisions 
are taken to alter rates. 

The review is being launched 
when the share market is boom- 
ing and doubtless boosting 
revenue from commissions, which 
are on a percentage basis. 


But stock market turnover, on 
which commissions are charged, 
does not necessarily move in 
step over time with long term 
trends in prices and Stock Ex- 
change firms’ costs, although 
business has been very active in 
the past two yean or so in some 
Bectors, such as gilt-edged. 

The Stock Exchange's basic 
system of fixed minimum com- 
missions is under long-term 
scrutiny by the Office of Fair 
Trading as a restrictive practice, 
but it seems improbable that 
the issues arising from that con- 
sideration will ba resolved for a 
few more years. 

If increases in commissions 
are found to be necessary in the 
next few months, the aim will 
be to introduce them at a much 
earlier stage, to safeguard the 
financial health of member firms. 


Fears that French hovercraft 
may infringe patents 


BY LYNTON McLAIN, INDUSTRIAL STAFF 


THE NATIONAL Research French engineers from Sedam. Mr. Tom Coombs, the manager 
Development Corporation is con- the 'N500 design company, said of tbe mechanical and civil 
corned that French hovercraft on the craft’s official maiden engineering group in NRDC said 
engineers may infringe- UK flight last month that the skirt ^ cornoration had alreadv held 
hovercraft design patents in .would have to be modified or “ad already he d 

their attempts to resolve re- completely redesigned. • • . w,ch Sedam about possible 

curring problems with part of the The only way the French infringements. “There are 
Sedam N500 passenger craft. designers could solve the prob- various patent questions still to 
The fears relate to redesign -tem* successfully would be to ^ ut we WiU ^t' tel 

work now going ahead on the adopt the patented British solu- ® ^ 

vital flexible skirt containing the tion. ^«“ Sg ^i ed ““ a 1,c Mce ‘to jue 

air cushion on the French hover- yesterday. Work in this dlrec- the skirt design could be worth 
cra f t tion had already started, officials as much as £750,000 for any 

One of the biggest hovercraft thought, N500 craft put into operation. 

tbe world. 


in tbe worm, it started cross- 
Channel flights on July 4. But 
regular services have been hit by 
** blow-outs " on the original 
French-designed skirt. 

The French skirt is entirely 
different from the fully patented 
and successful skirt on Britain's 
Super 4 craft which shares the 
Dover-Calais- Boulogne service 
with the N50P. The Super 4 has 
carried most Scaspeed hovercraft 
passengers without much inter- 
ruption since July 4. 

The British skirt is the result 
of over 10 years’ testing and 


achieves their aim they will, 
receive parity with Liverpool design perfection, but French 
Street signalmen. engineers reFusrd to buy this 

It is estimated that during technology through licensees 
their unofficial action, they were i Hovercraft Development, the 


Continued from Page 1 


Chrysler to sell up 


bolding up 15 trains during peak wholly owned patent holders of 
rush hour periods. the NRDC. 



Dry at first- becoming cloudy 
Max. 17C-1SC (63F- 


UK TODAY 

MOSTLY dry, sunny spells, rain with rain, 
in W. later. «4Fj. 

London, S.E. E.. Con). N. and 

NJL England, E. Midlands Hi « b - 

-3c7«sftS[ pe ™ d5 - 2 °°' dry ' «™nTift m »i». 

Sr&SE'SL. t Of Man “Sy. S-g 


BUSINESS CENTRES 




Y"d« , 



Vdjy 


niHl-dat i 


niid-dj.v 



'C 

'F 



*«: 

•K 

Amsirdm. 

F 

:o 

e> 

Madrid 

S 

27 

SI 

Atticra 

S 

ro 

66 

Manclwr. 

r. 

17 

S3 

l.jhrain 

S 

ss 

2-: 

Molhnnmc 

C 

12 

54 

Ear.-ilona 

c 

24 

“5 

Mrstco C. 

s 

VO 

66 

EvlIaM 

c 

17 


Milan 

c 

30 

US 

Bcinradc 

V 

24 

TS 

Montreal 

s 

21 

70 

Berlin 

Y 

VO 

PS 

Moscow 

c 

14 

« 

Birmriim. 

V 

16 

t.1 

t Munich 

F 

15 

oO 

Bnsiol 

C 

IT 

63 

Xcwcartlo 

C 

15 

51' 

Braise Is 

F 

20 

6* 

Mew Yorfc 

C 

n- 

91 

Budapwt 

c 

31 

70 

Oslo 

u 

17 

or. 

F. Aires 

c 

15 

59 

Paris 

c 

17 

fi". 

Cairo 

s 

.-w 1W1 

Pt-nh 

5 

15 

53 

Cardiff 

F 

It) 

fil 

PraKtic 

C 

15 

53 

Chicago 

s 

r 

72 

Rophjavlk 

C 

r« 

35 

r.oluam- 

c 

w 

fib 

Rio dc J'o 

s 

27 

SI 

Copnhjsn. 

F 

rt-l 

72 

lUwnr 

F 

26 

79 

Doblln 

c 

IT 

er. 

Sinnaporc 

S 

3D 

96 

Kdinbrob. 

c 

16 

81 

Plockholm 

Y 

16 

tifi 

Franlifurt 

c 

Ifi 

61 

Ptra ‘■hours 

C 

If. 

61 

Ci-iKva 

c 

13 

5s 

SjfdlUT 

s 

16 

hi 

OlaiMiw 

c 

17 

6.1 

Toll ran 

s 

51 

«« 

Hfisinki 

R 

12 

54 

TOI-j-n 

c 

.tn 

9fi 

>1 Konc 

s 

39 

54 

Toronto 

s 

21 

Til 

.Ip’hurH 

5 

13 

66 

Virnnrf 

c. 

M 

K5 

Lisbon 

s 

2S 

92 

Warsaw 

F 

!» 

I'S 

London 

c. 

17 

ff.l 

Zurich 

F 

Id 

M 

Lmcmbrc. C 

15 

39 






Mainly dry. 

Max. 14C-15C (57F-59F). 

N. Ireland 
Rain, cool. Max. 15C-16C (59F- 


Outlook: Bain, sunny intervals 
later. 


HOUDAY RESORTS 




Y'dai 



Y'das 


mid-djy 


mid-day 







•c 


Atacclo 

S 

23 

73 

L.is Pirns. 

S 

23 

73 

Bumir 

S 

20 

69 

Locarno 

F 

SI 

70 

Black pi nl 

S 

17 

S3 

Luxor 

S 

41 

106 

Bardcaus 

F 

sn 

64 

Majorca 

F 

25 

77 

Boulogne 

C 

J7 

fit 

Malaga 

S 

25 

77 

Ujsalilnc.i. 

s 

2a 

I 1 

Malta 

s 



C.ipe Town C 

u 

SO 

Nairobi 

s 

22 


Corfu 

s 

59 

H 

■Naples 

F 

25 


PubrorfltK 


55 

• f 

Nice 

F 

23 


fare 

s 

23 

Vi 


S 



Ftor-'iKt! 

s 

24 

75 

RlUMIl'S 

s 



lahraliar 

s 

24 

l.r 

Saljfurg 

c 

17 

63 

liuemscr 

I- 

16 

61 

Tangier 

s 



limsbrnct 

F 

IS 

B4 

Tencrafc 

s 

U 


lnvi:mcu 

F 

V. 

M 

Tunis 

s 



lak- of Man C 

15 

39 

Valencia 

F 

26 


Istanbul 

R 


S-2 

Venice 

F 

22 


Jorwv 

C 

17 







*— Fair. S— sonny. C— cloudy. R— Rain. 


Europe’s most successful car For the last few months, there 
manufacturers, exporting more have been indications .these 
than half its annual production, activities were running into 
Is bringing a valuable dowry to financial problems againTh* spite 
the marriage. of the infusion of Government 

The group produced 1.52m finance following the .rescue 
vehicles last year and made a operation mounted in early 1976. 
net profit m 1977 of FFr 1.25bn The US eroun said Werdav 
(about S2S3in) on a turnover of 

£4.3 bn. 0:131 “c 5230m cash it will be 

Chrysler's European sales in paid by . Peugeot will be added 
1977 on the other hand totalled to general funds and add 
£3.3bn and the production of its “greatly to financial flexibility.” 
European subsidiaries totalled a previously-announced S7.5bn 
774,000 vehicles, about half the spending programme through to 
output of the French group. 1935 is needed to help the. cora- 
The net earnings of Chrysler p an y meet Government standards 
France, which manufactures f or f ue j consumption and emis- 
Slmca care, dropped last year to stons. and reduce the size of its 
FFr 47m from FFr 215m in 1976. cars and upgrade its plants. . 

The total value of the 1-Sm _ . w . . „ „ ■ , 

Peugeot-Citroen shares to be „ *T ltc ? froBt 

ceded to Chrysler is about *orK: The Chrysler-Peugeot deal 
FFr 364m (some - S200m) at sparked much interest among, in- 
today's Bourse price of FFr 4B0 vestors and the company’s, stock 
per share. Together with the was tbe fourth most active on 
cash payment of S230m which the New York Stock Exchange. 
Peugeot-Citroen is raising out of The consensus among security 
its uwir resources, this makes analysts that the deal would, in 
thedeal worth about S430m. the short term, substantially for- 
There was no Immediate stock tify chrysler’s balance sheet 
exchange reaction to the agree- helped demand for the company’s 

a5&,"3y.£SH: £ gp* "*** «■— 

announced. *1 

The deal will clearly ease The Justice Department is 
Chrysler Corporation’s severe examining the agreement as a 
financial problems, complicated matter of normal routine. A 
In recent years by the support spokesman indicated that there 
it has had to give its UK was unlikely to be anything in.it 
interests;- “ * to which it might object.’ 


holding 
inCU 
for £29m 


By Margaret Reid 


ANOTHER large block of shares 
was sold through the buoyant 
stock market yesterday wben 
19.1m shares in Commercial 
Union Assurance were placed 
on behalf of National West- 
minster Bank for £29 -3m. 

The placing was carried out 
by J. and A. Scrim geour. stock- 
brokers. at 154p a share, not far 
below Commercial Union's clos- 
ing price of 364p on Wednesday; 
Last night the shares finished 
only 6p down on the day at 158p. 

The shares found new homes 
among a wide range of owners, 
since between 125 and 150 invest- 
ing institutions took op the 
holding between them. 

National Westminster had 
acquired tbe shares, a 4.6 per 
cent stake, in 1972 in exchange 
for selling its substantial 
minority stake in Mercantile 
Credit, the finance house, to 
Commercial Union. 

Mr. Jeff Benson, NatWesfs 
group chief executive, said 
yesterday: “We decided earlier 
in the year to dispose of this 
holding and market conditions 
have provided the opportunity 
for us to do so. The proceeds 
will be applied to the ordinary 
business of the bank. 


Large platings 


Earlier this week Commercial 
Union announced a sharp rise 
in its pre-tax profits for the first 
half of 1978 to £64 .2m from 
£38.2m a year earlier. This, 
coupled with the buoyancy of the 
share market, provided a favour- 
able context for the placing. 

Natwest’s sale of the shares 
was the latest in a series of large 
placings during the current 
market upsurge. Last week. 
Allied Breweries’ big holding in 
Trust Houses Forte was disposed 
of for £48m and. In the previous 
week, continental Group of the 
UiS. sold its stake in Jefferson 
Smurflt for £18.4m. 

In the present cheerful marget 
atmosphere, a number of com- 
panies’ Boards are thought to be 
discussing with stockbrokers the 
possible placing of sizeable 
blocks of shares in other com- 
panies which they do not wish 
to retain in the long term. 

Yesterday’s placing was the 
fourth time in less than four 
years that large amounts of 
Commercial Union shares, total- 
ling £218m. have been available- 
The insurance group raised 
£62 jm by a rights issue in October 
1974 and £764m by another in 
November 1977 In April 1977 it 
issued £50m of .its shares for tbe 
take-over of Estates House Invest- 
ment Trust The Commercial 
Union share price is just below 
its 1978 peak of 164p. 

Natwest, which took up its 
rights offers on its holding in 
1974 and 1977. incurred a book 
loss of £4m on the shares sold 
yesterday. But it had. earlier 
made a £21 m profit oh its stake 
In Mercantile Credit. 


Merger cost 
highest for 
five years 


THE NUMBER of mergers in the 
UK in the second quarter of 
1978 was running at about tbe 
same level as in the first quarter 
but the total cost was £69m 
higher. 

In the second quarter £300m 
was spent on acquiring 133 indus- 
trial and commercial companies, 
while in the first quarter 13S 
companies were acquired for 
£231m. Tbis activity in the 
second quarter shows the highest 
level of expenditure since late 
1973, according to figures released 
yesterday by Trade and Industry 
magazine. 

Total costs were distorted by 
the acquisition during the period 
of Harrisons Malaysian Estates, 
80 per cent of which was 
acquired by Harrisons and Cros- 
fieid for an estimated £95J2m. 
There were four other acquisi- 
tions for amounts over £10m, but 
tbe great majority of acquisitions 
were for £2m and below. 

The figures also reveal a grow- 
ing tendency for bidding com- 
panies to offer shares rather than 

cash. 

In 1977 expenditure in the 
form of ordinary shares was 
£301m out of a total of £S15m. 
In the first quarter of 1978, £S5m 
ordinary shares were issued, out 
of a total expenditure of £23 lm. 
In the second quarter the issue 
nearly doubled and reached 
£167m. 


Continued from Page 1 


Dollar continues to fall 


has fallen by 3- per cent 
against the D-Mark, by 3.7 per 
cent against the Swiss franc, 
but only JL3 per cent compared 
with the Japanese Yen which 
made its strongest recent 
gains in late July. 

Sterling continued to benefit 


-from tbe dollar’s -weakness 
yesterday, dosing only Inst 
short of tbe day’s, peak at 
JU530, a rise of 40 points on 
the day- The trade-weighted 
Index closed unchanged at 62.4. 

The renewed demand for the 


D-mark in the last week has 
created problems within the 
European snake, notably for 
the Belgian , franc which was 
yesterday again below Its floor 
against the D-mark and may 
have received some central 
bank support, 





THE LEX COLUMN 


,^:;gv4 ri 
^ , 


.K- 


A stronger 



“li-nid <*< 


for Chrysler 


ter* 

v 

■#n 


H* 


It is early days yet, but the 
proposed purchase 
Europe by Pemgeot-Citroen 
looks a -welcome development 
for UK suppliers and taxpayers: 
Sizeable parts of Chrysler’s UK 
operations must be reckonaLfo . 
have a highly uncertain. long 
term future no -matter who is 
controlling the business. Yet its 
chances could be perceptibly ' 
improved under the proposed ' 
new ownership. 

Chrysler is one of the weak- ; 
est of the motor multi-nationals 
in product and financial terms.' 
It is highly geared and loss- 
making and it faces an enor- 
mous spending programme over - 
the next few years to. meet new 
legislative requirements in the. 
U.S. Its European operations 
are no help here — they have 
lots of debt and they lost 


carefully- They way. be ;di 


M&w* fe, i ^ to 514 .o 

SSSSS - about-tun. on its stated oWe ^ 



tive. announced less than . 
year ago. to earn 40 per eo 
of group profits from outsit 
tobacco within five years. As 
is there is a lingering feelir 
that RTs deal with RPMC . 
only part of a greater plan ft 
Dr. Anton’s own interests.- - 
Still, the deal looks reason 
able in earnings terms for R 
At a cost of £44m, plus £.16i 
for an assumed debenttu 
liability, it will acquire an S 
per cent stake (declining ne 
year to 65 per cent) in a grou 
which produced earnings- la: 
year of £ll*m. Hi’s pro-form 
income statement for the cod 
bined businesses shows tht 
fully diluted earnings per shai 
for 1977-78 would increase I 


money in aggregate last year. Fvfra SDfiCial deposits per cent Another key facte. 
The operation has only been _ . __ . . ” . could be the dividend cove 


kept viable by UK Government The Bank of England continues which, barring accidents, shoal 
support, and given Chiysler^ to JUSSl* courageously with the rise at 7east 20 per cent frw 

financial needs In the U.S. there shortages in the money market. last year * s higk of 1&8. 

have been major uncertainties Having " temporarily released Th e least flattering aspect C 

as to how the European busi- most of the banking system s transa ction will show up i 

ness would be financed after special deposits to relieve tech- a i read y highly geared ba 
the UK commitment to fund shortage* following the anCe sheet where net borrov 
part nf any losses runs out in introduction of the corset, , it is increased hy £®hn an 
1070 now helping the clearing banks o 0 odwiil goes up by £40m. 

" ‘ . .. v ; , out with their fixed rate export b 

By contrast Peugeot has been financing. Hie authorities /-qr t /Mo* Woe* 

one of the success stones of nermanentlv releasing CU/lNatWeSt 

the international 


are permanently releasing 

. . . . . . ? ot . or £207m of special deposits to the Given the surfeit of Commer 

industry, as demonstiated. ' by ci ear ers. which means that when cial Union paper which thi 
its share price performape^ t j W y come to repay their other stoc k market has had to diges 
Conveniently enough, the share s gpecjai deposits next month 0V er the past four year 
have been particularly strong yj e j r ra t e of call will/ be effec- (upwards up £l80m). jester 
m the last t^nth or so^wrth tive j y per cent rather than day’s £29m placing of NatWest’t 
a rise of about a third. Shares ^ 3 per cent for; the rest of 4.6 per cent stake, was a rea 
make np 8200m of the Pt^cha^ ^ banking system. The test of the institutions’ appetite 
pnee and cash another SEwn. authorities emphasise that this f 0r equity. Pitched at a 6 pel 
This can be covered xnmi ^ a S pe C ia] case and does not cent discount, the placing Wa: 
existing resources. Peugeofs re g ect any relaxation of the tied up in just an hour and j 
equity amounts to 81.9btt. com- controls. However, it ha i f and t h e CU share prici 


capital remains ti/ be seen what will on i y slipped 6p to I58p whief 
Si?®* ^ cash flow ^ happen if the corset starts to gives some measure of : ti« 

a(Iia» fnmmc rtf , ■ j j t. lUrm'. 











In his Annual Statement 
to Shareholders 
Sir David Nicolson^ 
Chairman of 
Rothmans International 
Limited, made 
the following points:— ■ 


:jc Profits in the finantial .year to March 31, L97S reach a 
new record at £80.6 million before tax - an increase of 

01 o/ ^ 

— 1 /o* 


Ordinary dividends total 2.0566p per share, the maxi' 
mum. increase allowed. 5 Company intends to take full 
■ advantage of new legislation embodying some relax- 
ation for compani&.demonstratrag earnings growth. 

3{c Earnings per share at 22.4p-are virtually the same 
(22.2p) after adjusting, for inflation on a current cost 
accounting basis. 

Export operations particularly successful consolidating 
the Group’s position- as one of Europe’s foremost 
cigarette exporters generating large foreign currency 
earnings, especially in Britain where the value was 
almost £17 million. 

sj: Proposed acquisition of Rothnians of Pali Mall 
Canada Ltd. a logical extension of geographical cover- 
age adding a successful tobacco operation and :a 
measure of proven-diversification. 






J 




Rflgraeted at jiw Post oiflM. Frfi»w4 hr St OeoMimV Proa for am Dimnsted 
bv Ibe Financial Times Ltd, Brjwten House. Canww Smart, London. BC4P iBY. 
7 ’ © The Financial Times LixL. 1978 


It’ 


^90m a year, and an already bite into other forms of institutional demand. In 
liquid balance sheet_ will have .. privity lending." absence of sizeable rights issuet 

been further strengthened by _ a growing number of companies 

its arransrement earlier- tbis p ft AL m „ nc sppm to be followin'* TCP 

vear of a S200m medium term * SSptewtth 

l0an ‘ / They m taking the opportune 

On the basis of recent earn- J° be bending over/ j n s tak es that dc 

ings. the purchase price looks bactovards .o avoid any sugges- nQt flt in w jth their- industria 
generous— and- Chrysler’s stock logic, 

moved smartly ahead -In early Pjfj vSnSSn 10 NatWesfs case it made.*, 

trading on Wall Street How- bnoklnss on the deai .btri-' 

ever Chrysler’s net assets in 5irJ° 5S.7 un ??f this has to be ret agairiSt the 

Europe amount to over $600m ^ternational (HI^ ) Not only £2 lnj pr0 fjt it made oh tht 

—and tbe Peugeot management Jjf?® ™ e , J ,S lt 7? e 1 J ha ^ etlol S T ! original sale of its stake ix 
has already shown with. Citroen *™° wmg that Mercantile Credit to CU in earl} 

what it can achieve with a large tiieir . , r ? e ^ sts have + . he ? n 3972. Although the sum real 
and apparentlv ailing motor ised P^outs in relation ti 

business. At tbe recent annual _ RothscMld, Sanuiel Montagu, NatWest's shareholders' fund: 
meeting, shareholders received 81111 /Tr 8 *? i^^T" of ^Ibn, it should help offsei.. - . 

a pointed reminder that their but -they wm also be l® f t to t be £60m goodwill which wil 
fears in 1974-75 about the decide the issue without the ar j S e t be National Bank o’, 
merger with Citroen had Kupert uroup votes. North America acquisition L‘ 

proved groundless. The ehal- That should not . prevent successful. It wil] thus make tht 
len.ee this time looks substan- shareholders from, scrutinising relatively low free equity ratic 
tially greater. the .acquisition circular very look a bit more healthy.