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FINANCIA 




ROLUMS TRANSPORT 
SYSTEMS LTD 

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MAR (UK) LTD 

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No. 27,638 


Wednesday August 16 1978 




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CONTINENTAL SBJJWC PW»: AUSTRIA Sdi »I MLCmW Fr 2 S; DENMARK Kr 3.5; FRANCE Fr 3-P; GERMANY DM 2.0; ITALY L 500; NETHERLANDS Ft 2.6; NORWAY Kr 3.5; PORTUGAL Esc 20; SPAIN Pp <18; S WEDEN Kr 335; SWITZERLAND Fr 10- 

NATIONAL INSTITUTE SAYS RECOVERY WILL SLOW 


EIRE 15p 


NEWS SUMMARY 


GENERAL 

Phones 
back to 
normal 


BUSINESS 



faD 13 ; 

Gilts 

mixed 


soon 




6-MonUi 
Eurodollar 
Interbank 
Rate 



JULY AUGUST 


• EQUITIES lost a Httlr grmmd 
as institutional buyers appeared 
to hold off, and the FT ordinal? 
index closed 2^1 down at 51 L2. 
Post Office engineers have been Recent rises in_ the. Gold-Mines 
ordered by their union to index were halted -by tfie^fUl in 
suspend their most disruptive the bullion price, and' the index 
sanctions from this morning, closed 5. & down at 20L0-" 

The instruction foDows a provl- dosed mised, with 

on endin * «* shorts a longs 

international telephone «> m 

Vices are likely to return to S f*?J!? es “ dex rfoscd 4> ' 06 np 
normal within a few days but at 

•be union will continue to re- - cwRTTNr 7A mrints 

fuse to commission new ex- • doaed 70 points 

changes. The work-to-rule, local down at $L9740 after- touching 
overtime bans and refusal to $2.0030. Its index / remained 
but some branches may not obey 
'inioa instructions immediately. 

The agreement, which /would 
reduce the engineers' working 
week from 40 to 37J hours, win 
be put to a special delegate con- 
ference of the Post Office 
Engineering Union within a 
month. The Post Office is in- 
sisting that all sanctions must be 
lifted by September 12. .Back 
Page 

Dissident exiled 

Soviet dissident Alexander 
Podrabinek, who compiled- a 
dossier alleging that political 
critics of the state were sub- 
jected to enforced psychiatric 
treatment, has been sentenced to 

five years in exile. Page 2 T“ . „ ^ - „ . 

onefcajoged at 62.7. The dollar's 
trade-weighted depredation Im- 
proved slightly to 1ft? per cent 
An ambush gang got away with (10J5). - •'* 

£750.000 in 35 sacks after a four- ■ ilL- r: 

minuic raid on a security van in • GOLD fell $1} to 3313} in 
P.wnstead. Surrey. However, the London and In New York the 
; s,r « *o 30. wen missed Comex August settlement price 

noftooo ags eoatauuag moQ * r ™ mut . 

_ ... - • WALL ETBEET 

Strikers killed ) down at ssLis, ta 'the 

four black miners, were WUed the dollar's slide, y .• v - 

and five wounded when Rhode- l rninrER- on 

-ton police opened fire on a f untfbxjptm on 
crowd of 3.000 strikers at the .ftmites market 

M jQgu la copper mine. sharply by £52 to HJ2SZ a tonne, 

■ in spited reports of BrazBlan 
Activists attacked fn»st% Page 2S. . 

The homes of Dr. C. F. Beyers • JAPAN’S wholesale price 
Maude and Mrs. Helen Joseph, index fell hy l per cent in July— 
m-nt opponents of apartheid, 'the'laregstrinaigtn in 20 years-^ 
were the targets of petrol bombs due Tnauily to the rise of the yen 
and ‘.-botgun blasts. . They are ' against other currencies. Page 3, 
Vinth under banning .orders. ; s OCCIDENTAL PETROLEUM 

Qmaavah Lmi. has signed a preliminary agreed 

dnoozer Dan ment with Morocco for develop- 

Vauxhall Motors of Luton is ..to went of shale oil extraction, on- 
d.fy an industrial tribunal ruling show' and -offshore oil and gas 
;hjt it should re-employ J5r. exploration and the manufacture 
Mohammed Ayub, . ’who- was -^Phosphoric acid. Back Page 

^ makeshift # WESTER x MINING of Aus- 
onJ during a nl B bt shift. tralia plans to take Esso Explore- 

& hu cuia n tion and Production Australia 

aWdjj - and a West German mining 

Two Israeli mothers swapped group as partners for ibe £190m 
babies yesterday to correct, an development of a Western 
identity mix-up in the Haifa Australian uranium mine. Page, 
hospital where the children were 1? ' 
hnra two months ago. Both: _ 

mothers insisted that they bad Vf-ofp nirl 

lu>r>n ciivpn the wmner hahv and kJltllv OiU 


£750,000 raid 



Reflation urged to 
combat threat 
output stagnation 

BY PETER RfDDEUU ECONOMICS CORRESPONDENT 

The prospect of stagnant output and rising unemployment next year “ clearly 
calls for a significant measure of reflation,” according to a new assessment 
to-day from the National Institute of Economic and Social Research. 

The institute, an independent consumer demand will be as scopefor refiation if the existing 
research body, predicts in its sharp as suggested by the insti- target range of S to 13 per cent 
latest quarterly review that the tute, which projects a rise in is retained, 
short but rapid recovery in real consumer spending of 5.5 The institut*. annexe cii®htlv 
economic activity taking place per cent this year but of only The lnsinuie appears slightly 



in the UK will come almost to 0.6 per cent during 1979. 


a halt from next winter. 


more pessimistic than some other 
forecasters about the prospects 


Consequently the Treasury is for prge inflation. Assuming a 


Uke,y t0 be less bu I lisb about 1)16 12 Percent rise in av^age ea’rra 
about 1 3m of this corrent account than the insb- ings in -the new pay round, it 

for adulte m tute ‘, whi - cb 3 £ 19bn P^ecl* a reacceleration in the 

likely to start risinc aeain in surp,us in 3979. even though annual, rate of consumer price 
1979 y to 'reach L5S^by 8 the 8 end of «®«als believe that the surplus inflation to 10 per cent by the 
the year, unless policies change. wHJcontinue. fourth quarter of this year and 

The institute^ areues that Wb^ assessments such as the to nearly 11 per cent by the end 
reflation need not be unstrained institute's apparently increase of 19?9. 

by the balance of payments but jjj . review also contains 
that the risks lie in the relation- articles on various aspects of 

ship between the exchange rate potential conflict with monetary i ncom es policy, which the insti- 

and prices.- tute has consistently supported 

Accordingly, pay policy should ^he institute recognises that in the p ast few yeai ^ 

be firmly applied and it might f nd ,^tes_tbat flnaucial targets concludes that incomes 

help if a significant element in for 197&-80 wil lhave to be set policies have not in genera! per- 

a reflationary package took the fairly generously if they are to £a ne £fly lowered real wa?5 

allow for the needed fiscal expan- - c cu lc- ‘ WdB ” 


form of direct tax cuts. 

The Treasury’s appraisal, iD »®®* . . . t caught up after an effective nay 

its recent internal national in- 0° the basis of present poiS/has bee D relaxed, 
come forecasts, is not believed P obcie ^ however, public-sector However, the behaviour of 
to differ significantly from those borrowing is expected to be wages appears to have chanRed 
of the institute and other bodies £8.1bn in the current financial ^ current nolicv from mid- 
in projecting a slackening in the year and £8.4bn in 1979^50, with igT^ithouah iMs^till unclear 
rate of growth of disposable in- increases in sterling M3, the whe^r the ^ unnreeSJnted 
comes and in total ontpnt next broadly defined money supply £**&„** s In ftTSTlhES 
year. (including cash and current and “ “jf, 1 

Whitehall economists, however, seven-day bank deposits), of yBan .*" 1 uIUmatel y be made up. 
appear to doubt whether the about 10| to 11 per cent in both Detail. Page 19. Editorial 
deceleration In the growth of years. That appears to limit the '-.'Comment, Page 14 


since in real terms they have 


the 

fell 


been given the wrong baby and 
l he swap was arranged after rf ofcncto-fl 
tissue tests proved them right UC1C11UCU 


The budget also imposes steep Kenneth Mason, its actinE presi- come ^ increases as “temp- 
increases in tax on tobacco pro- dent said that the Government 0 rar\" but it drew protests 
ducts, beer and spirits, the re- would need to monitor the because of the repeated state- 
tention of duty on coal exports— situation carefully and he ready mm * recently by Mr Malcolm 
which the Government had to apply selective stimulatory jr ras * r prime Minister "that he 
promised to abolish last year — measures should the effects fo was m charee of a ' “low-tax 
and a damp on various methods direct and indirect taxation Government” 
jnf tax avoidance. Another new prove too depressive. m- Howard said that all 

revenue raising measure in the Mr. Mason congratulated the Austral itUHJrodnced crude should 
budget is a tax of Agio on all Government on having, .the £“5 **?££%£ ^ ££!t 
atom leaving Austria by sea etotoge to^mbel btod deasrajs parity levels from tomerrow^U. 

or air. but said : mere must be con- nroeesis »,t Imct tpmn. 

There are few concessions for cern about the likely adverse tne p ij eeas &t ,east te i> 
[industry, although the sales tax impact of the far-reaching Continued on Back Page 


man to become a matador, was burg to hnfld UP a new 
killed in a hang-gliding accident .finance, advisory service. Back 
at Mnjacar, Spain. ' Page . 

A Spanish priest- who was . 

expelled from .the Raman Lu Mr Anita 
Catholic church forbeU»«tortO- # alCAN ALUMINIUM (UKJ, 

pre-tax profits for thft 
du% declared lnmseif. . first— half of 1978 down From 

i .rex onus XVII. X14.7m to SSAm. Page 18 and Lei 

Welsh Youth Rugby Union is to - 

introduce minimum suspensions • SMITH AND NEPHEW tum- 
or six weeks for kicking, and over for the M weeks to June 1? 
punching and' eight weeks for rose 7.9 percent to £84.77m and 
bud language and abasing pre-tax profits by 25.5 per ceatl 
referees. to £9^8 sl . Page 17 


CHIEF PRICE CHARGES YESTERDUY 




/ 


* Prices in pence unless otherwise 
indicated) . 

RISES ' 

Alina it London Props. 233 + .9 

Carlton Inds. 238 Hh 10 

Clay (R.) 87 + 9 

Utonfield Secs. + U 

Hawthorn Leslie . 73 + 8- 
Im-erpordnn Distil. ... 149 ■+ 9 
Lambert Howard! ... 49 + 3. 

Midland bids. .48' +- 5 • 

Newmark fL.) 205 + 10 

Property Prtnshps. — HO +. 4 
Richards Wallington SS + 5 ! 

Unilever — 574 .+ 4 

Vibroplant 196 +6 

Vickers Ktpsm. 1M + 8 

.\.vcr Hiram ram 415 + 20 
Gonzinc Rlotinto — 294 + 8 

FAILS 

Alcan Aluminium ... 153' r-..lp 


BSR v— :*.l 99 

Bowater — 201 

De La Rue 44S 

EULs Everard — , S8> 

Furness Withy ^ 251 
Heath fC. E.) ...» 287 
MHIs and Allen ..»= 189 

NatWest 2S0 

Nottingham &lanf. .s 12S 

Reed Intni. 150 

Vinten 210 

WDlls Faber 280 

York Trailer 55 

Slebens (UK) 8i* 

Uluamar 250 

Blshopsgatc Plat. 106 

Buff els- -a05 

Cons. Gold 194 

Rustenbazg Plat. ....^ 99 
Selection Trust aa..-*. 460 

StllfonteSn ...sn.-svns 313 

Uniisel «*— 4 S 

.West Driefoatein. -^SSk 


- 5 

■ 5 

- 9 

■ 5* 

■ 11 

- 8 

- S 

- 6 

- 6 . 

■ fi 

■ 7 
-7 

- 3 
-.19 

- 6 
- 8 
“ i 

■ 6 
■45 

■ 12 

- 17 

- 13 

- 1* 


Sweeping tax increases 
in Australian budge 


BY LAURIE OAKES 


CANBERR.4, August 15. 


IE AUSTRALIAN Government on motor vehicles was reduced revenue raising measures on con- 
day introduced a sweeping from 27.5 per cent to 15 per cent sumer demand and economic 
dger package of tax rises and to help local manufacturers. To activity.”. \ 

. hlic spending cuts which drew prevent imparted vehicles gain- Mr. Robert Hawke, president 
expressions of concern from both Ing the same advantage, the of the Australian Council of 
business and labour. Government imposed a special Trade Unions described the 

The budget, described by Mr. additional duty Df 12.5 per cent budget as a “ complete con- 
Williapi Hayden, the Labor on them— as well as on other fide nee trick" and predicted that 

Opposition leader, as a “ disaster finished goods subject to import it would further depress the 

for Australia,’' increases income restrictions such as clothing and economy. \ 

tax by 1.5 a cent and imposes footwear. Mr. John Howard. the 

a state levy on crude oil produo- The Confederation, of Austra- Treasurer, said in his budget 
tion which effectively adds - 16 lian Industry, through Mr. speech that inflation was likely 
cents per gallon to the price of nT _ ” to be running at an annual rate 

petrol. The programme pro- Malcolm eraser takes a lesson. ^ on \ y 5 ^ cent by <5.1979 

"poses the abolition of the ^ Fage . — but he also conceded that 

national health insurance system Editorial Comment. Fage 14 unemployment was likely to in : 
set up by the former Labor Lex, Back Page crease during the finamcial year. 

Government. __ — . Mr. Howard described the in- 


Dollar rallies 


after pound 
touches $2 

BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


THE DOLLAR stopped falling 
yesterday. A modest rally fol- 
lowed daily declines for almost 
three weeks and marked weak- 
ness in the morning when 
sterling rose above $2.00 for the 
first time since March 1978. 

The recovery was very limited 
and only took the U.S. currency 
to slightly above its closing 
levels on Monday, and below the 
rates before the weekend. 

Dealers reported that there 
was no underlying strength. 
Trading volume was moderate 
with Paris. Milan and Brussels 
markets closed. But later in 
New York, hectic conditions 
developed. 


Conflict 


There were conflicting reports 
about central bank intervention, 
but it is probable that any action 
was on a small scale. There were 
also references to a Swiss 
Cabinet meeting this morning, 
but no new moves are expected. 

The main reason for yester- 
day’s rally is Ijkel yto have been 
profit-taking and a closing of 
speculative positions on the view 
that the dollaT might have fallen 
too rapidly for the time being. 
Few dealers currently expect 
more than a temporary’ respite. 

At one stage yeseterday the 
dollar fell to SwFr 1.5470, which 
represented a decline of nearly 
8 per cent since the beginning 
of last week. The rate later rose 
to SwFr 1.6065. . against 
SwFr 1.5835 on Monday evening. 

Similarly, the dollar’s low point 
against the Deutsche Mark was 
3 1 per cent down on the level of 
10 days ago. and 2} per cent 
against the Japanese yen. Tbe 
dollar closed up on the day 
against both currencies and the 
gold price also declined, by $1} 
an ounce to $2132. 

The rise in sterling to a peak 
of $2.0030 in early trading was 
not regarded as very significant 


by the authorities in London, 
since it mainly reflected the 
decline in the dollar. 

Sterling finished at $1.9740. 
down 70 points on the day with 
the trade-weighted index un- 
changed at 62.7 after a peak of 
62.9. 

The authorities are taking a 
fairly relaxed view of the impli- 
cations of the recent rise in 
sterling for l lie medium-term 
competitiveness of British ex- 
ports. 

This is because they attach 
most importance to the trade- 
weighted index as an indicator 
and this has risen by less than 1 
per cent in the last month com- 
pared with a 5 per cent apprecia- 
tion against the dollar. 

The decline of sterling this 
year compared with the stronger 
Continental currencies is re- 
flected in the fact that the index 
is more than 5\ per cent below 
its 1978 peak. 

John Lyles writes from New 
York: Economists here are call- 
ing for firm action from the 
Carter Administration and the 
Federal Reserve Board to rally 
to the defence of the dollar. 

Opinion is hardening that 
there is no en di nsight to the 
dollar's slide in the foreign 
exchange market unless the 
Administration farther sub- 
stantially reduces the projected 
S45bn to SSObn budget deficit for 
fiscal 1979 and Uie Federal . 
Reserve Board is seen to lake a ! 

Continued on Back Page 
Panl Sanroelson writes on the 
American economy. Page 14 


£ in New York 


Aug. IS 


Cn-i-hiii* 


S|^t I 51.9735.97;.:. : 5l.>&Q-9!tfO 
1 n..flth 0.56-0.4B..1,. to? .li- 
3iimtfth«| 1.59-1-33.11- ' 1A7- 1.37 ill- 
12 in .Dth* | I.TMAJ.I.k 1 7iU.;*i ,ii. 


f9.mSper£ I 

200 

f- . 

STERLING i 

Against the DOLLAR 

Lu 

J 

1-90 



J 


f- 

1-70 

>r\ 











1976 

1977 

1978 

_J 


settlement 


By Andrew Taylor 

HAWKER Sltmi-II.RV i> in 
receii i* a tulul of I'lidni emu- 
pt-nsaliuu from the tioieni- 
uiem for its luo aero- pace sub- 
sidiaries naliimali-ccl ia-i sear. 
The sum is on lop of ihc 
or loans alreail* u-paiil l>> 
British Aerospace to Hie 
group. 

The com pen sat ion i- iiiurli 
higher than many in (|; r <’ji» 
had -x peeled ' particular!* 
given the level of loans already 
repaid. The luial package in- 
cluding loan repay men I- is 
likely to he around £12lim 
when additional sums for di\i- 
demls and interest are taken 
into consideration. 

This is only (lie second 
major settlement since the 
nationalisation of the ship- 
building and aircraft industries 
and th? first aflcrl ing aero- 
space interests. Six necks ago 
Swan Hunter announced that 
it was to receive £15ni compen- 
sation fur its .shipbuilding 
interests. 

As in the Swan llunler deni 
the compensation is to he paid 
in the form of Got eminent 
stock. 

The £Gflm figure — a arced by 
Sir John Lidhury. Ihc Hawker 
director representing stock- 
holder interests in negotiations 
with the Governmeol — includes 
£3.1m already paid on ace cum. 

II compares with uel tangible 
assets of the two vested sul»- 
sidiarics. Hawker siddeley 
Aviation and Hawker Siririeloy 
Dy tunnies, of £2tim according in 
ihc group’s Iasi balance sheet. 
The deal therefore leaves ihe 
group wilh a book profit of 
almost £35 m. 

Cash balance 

Hawker is unlikely to relain 
the Treasury Stock and a sale 
would further increase the 
group's already healthy cash 
balance which al December 31. 
1977. slood al around £lrtOm— 
including the loan repayments 
from British Aerospace. 

This cash is likely to Ur 
used to support the group’s 
capital expend tin rc pro- 
gramme — Hawker is cum mi tied 
lo spending around £50m in 
the eurrent year — and also Tor 
further arquisilions. 

Since the end of last year 
Hawker has spent just over 
£3Um acquiring a coni rolling 
52 per cent interest in Carlton, 
the ba! f eries-l o-uliisky group 
and a near 20 per cent stake 
in J. II. Fenner, the power 
transmission engineers. 

Last month Hawker said that 
it had no intention of making 
an outright bid tor Fenner. 
Nevertheless Fenner's share 
price rose 4P to l Gap yesterday 
on takeover hopes. 

The compensation figure 
represents- about 30p a share 
with Hawker's share price sus- 
pended yesterday at 242p. 

Meanwhile set I lemon t terms 
still have to be agreed wilh a 
.string _ of other companies 
including Vickers. GEC, Cara- 
mel Laird, Yarrow and Vosper. 

Lex Back Page 


_ . • ULSTER Industrial affairs 

urreny ■ « •• Minister', has defended the 

London tube workers are to hold 

one-day token stoppages every of aid into fte De LorMh-l 
Thursday from September 7 sports car plant in Belfast Page 6* 
until their dispute over rest day # bbSBY LINE, the Liverpool 
working and overtime js resolved- baredbuft shipping company, is 1 
Troops guarded Memphis. Tea- considering an offer by the 
ncsscc. yesterday, and . tried to Government of a three-year ra ora? 
cope with .fans moamlhg Elvis . torium ‘ on. its debts with UK] 

Presley's death, as firemen shipyards. Back Page 
joined a police walkout , , 

ES'S-KffS 

ment in Briton's nest election. J^fSTwhicb tave K blactoi 
Long-range weather forecast 40 b v employees fbr three years. 
mid-September predicts «kR and page lO 
changeable spells followed by 

more settled weather. Back Eage # LLOYDS BANK has appointed emuy-tu**.***™ ^ 

Henry Higgins, the first English- a former director of S. G. w ^|v6rkload in *our American com- fur,ber ft ‘SPSM 0- . ® " ew 

y - ^ “ corporatej^^rr, wit - tjk remuneration hiSnest-paid_mEn of the biggest ventiirc, Marble Arch Produc 


Lord Grade’s pay rises 253% 

; BY JAMS: BARTHOLOMEW 

THE SALARY of Lord Grade, terday that his previous salary £231,767 last year although he 
Chairman and chief executive of looked so small to American film waived £194,119 of it. while Mr. 
^Associated Television, rose by producers that “I was really a Michael Smurfit of Jefferson 
2>3 per cent in the last financial laughing stock." He added that Smurfit was paid £380,000. 
year — from £59,500 to £210.428 one of the corporation’s Lord Grade said the ATV 
^probably malting him the employees In America was paid board bad been tryin, 
highest-paid director of a British “ a helluva lot more.” re-nejotiate bis contract 

public company. The higbest-paid directors of lone while but he bad 

In atVk annual reDort which British public companies are really had time. The board 
to* sent to staShowSTveste? considerably less. Mr. wanted to tie him to the 

savwssjsrssK His in us - is 


? to 
for 
never 


.. it; c ttk Tpmunpration 

pames. Hie UK remunerati ^ eornDan i es __si ie n Transport \ions. which is taking on 
[has not been Increased. and Trading.- BP and ICI— American rompa^ies on their 

. The directors write that the received £20L22O. £95,500 and 0 - vn ground by making television 
Kdary paid him in Amwta. » £95.363 respectively. film5 aTld specifically for 

small viewed against that paid Larger sums were received by Aprerkan networks. Lord Grade 
to other leaders in the American directors of a private company said lhat he already has S70ra of 
motion picture and television and an Irish pubbe company. ders for ^ rompajiy 
industries." Mr. Richard Tompkins of Green . . F _ 

' Lord Grade himself said yes- Shield Stamps was entitled to Annual statement. Page 16 


European news 2 

-American news 4 

Overseas news . . a pua 3 

.World trade news .......vssa 4 

Home news — general ...sa 6 
. —labour 10 


CONTENTS OF TODAY’S ISSUE 

Inti. Companies 2(WI 

Euromarkets 20-21 

Money and Exchanges 21 

World Markets 22 

Farming, raw materials 23 
UK stock market 24 


Technical page 10 

Management page 11 

Arts page ^ w s sa sh. 13 

Leader page 14 


UK Companies n 16-18 
Mining ^55 .v.m..a.. 17 


_^nl A. Samnelson on the 

• American economy 14 

Prospects of local govern- 

- ment reform 15 

.Putting more pressure into 
-' -lobbying the EEC U 


FEATURES 

Bangladesh economy: The 

landless peasants 2 

Foliation in Comeeon: 

A new approach 2 

Australian polities: 

A Machiavellian lesson ... 3 


Chilean scene: 

The political pressures ... 4 
Japanese trade houses: 
Mitsubishi and Marubeni 21 
FT REPORT 

Copper 7-9 


JUfrtKmwiU ...» 
Base Rates 
■MS. Sot Rates _ 
.Ciuffinrd 
firiouAmwn Cable 
Barms Oats. 
FMrtwrto InAca 


* 

a 

29 

12 

12 

22 

» 


Gardening 

Horae Co almen , 

Letters 

Lex 


LonrtanJ — 

Hn ami Mattan 

RadaB . 


22 

a 

35 

28 

12 

U 

12 


Share InlanttaihM — 36-p 

-Today’s S vests 19 

TV aad Radio £ 

Unit Trusts — ... “ 

Weather — 

INTERIM STATEMEirrS 
Duffy BRwrusttc _ 21 

Nostagtaan Mots — Z> 


ANNUAL STATEMENTS 


Ahoroom 

*»«. Con. 
Dala EhxMe loti. „ 

lashram Grs. , 

initial Sentea 


u 

la 

u 

XI 

u 


For latest Shore Index 'phone 01-246 8026 


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AUSTRALIA AINK3 l\^W ZEALAILiT) 
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Cnetswnrh Houw Le-.-:r Sireel, Mancfysc' jr M11V/D 
Tei: 0&i-^6 ^-03 Tefec o6392 





Financial Times Wednesday August 16 1978 



EUROPEAN NEWS 


COMECON countries have' tradi- POLLUTION IN COMECON 

tionaily been somewhat reticent 


about social and economic 
problems — inflation and drug 
addiction, homlessness and 
poverty are seen as exclusively 
Western and sure tokens of the 
impending collapse of capitalism. 
Pollution too has until recently 
ranked among the cardinal 
Western sins, hut now there 
seems to be a growing recogni- 
tion that it also afflicts the East- 
Signs of the, new, relatively 


A new approach to 
the environment 


enforces pollution control regula- 
tions, and a of other 

water users and other potentially 


involved parties. 
Anti-pollution c 


BY ROGER BOYES 


open 6 approach' appear almost *»?*. com “ e ^ drew “terae oil seBpage fro m Ea fai Bay has waters, 

daily, especially in the more criticism: thete were indeed cut back the sturgeon catch ip ^ j 

economically advanced Comecon limits to growth but these were the Caspian Sea. And until 1965, 0 £ the 

countries. A leading Radio imposed by man and not by according toMoscow newspapers. ^ 


Anti-nofitition decisions usually 
break down at the enforcement 

leveL 

Yet environmentalists are 
evidently becoming more 
vociferous in the Comecon coun- 
tries. Sometimes they even win 
through, as in the case for the 
preservation of Baikal in 
Siberia, lamed for its pure 


Podrabinek given 
five years 
internal exile 


TCie battle for the conservation BY pAVID SATTBI 


THE BANGLADESH ECONOMY 

Time begins to run 
out for millions 
of landless peasants 


** 1 


MOSCOW. August 15. 


BY KEVIN RAFFERTY, RECENTLY IN OACCA 


Moscow commentator, Mr. na i*? re ^ some njw,wu smuv Ministry of Timber Pulp ana MR. ALEXANDER POD- Podrabinek to help in his .. enoenn^ there Is little work and 

Vladimir Pozner. recently The East Europeans hav_e, of mettes of raw sewage was flashed woodworking (no^renamed tie RABINEK. a ymmg soviet disi- defence. JUDGED EV the cow .'atUon al «asmw,U»i re j ! s mar y« 

criticised the Ministry of Build- course, been able to afford a each day into the Moskva river Ministry of Pulp and Paper dent who wrote a book giving Earlier. Mr. Vyacheslav Bakh- indicators. Bangladesh today s co tiona were that in 1B7S-76 

ion Materials for ignoring a 1974 somewhat cavalier attitude to whidi flows ^irou^i the Sowet industry) whose cellulose mills case histories of alleged psychia- min, a co-founder with Mr. ? oin B well. Economic growA in ^* c ^^^ 0 ^ cn f^ u i v ailont P r 

decree on pollution controls, environmental issues. Because of capital. Now almost all d om estic represented a major threat to the trie repression, was today con- Podrabinek of the subcommittee the year which ended ,tt '*H? s e underemployment amounted (o 

Soviet newspapers have dealt the lower stage of development m sewage Is Purified but controls lake, and on the other side a victed of anti-Soviet slander and on psychiatric repression of the was 8 per cent In rca| • xs ner cent of the labour force, 

recently with water conservation several industrtel branches and have only recently been place d loose coalition of conserva- sentenced to 5 years internal Helsinki Agreement monitoring. Wee production has reacuM a hi* can drift into the 

in Uzbekistan, the control of low population densities in many on the discharge of industrial tionists, scientists and writers exile. group, said that the case against record 13m tons, a h _nd fu i main^ /owns where 

salination io the Caspian Sea, areas, notably Siberia, they have waste water. operating witbinthe Ministry of sentence, which was Mr. Podrabinek was based on his start has been made there is a 'statutory ration 

and the cleansing of the Dnieper been able to view the problem .toother problem, affecting Land Rec la mation and Water i^ded down after a brief one- authorship of a 300-page hook wheat, and food ^ M-siem offering fraud at below 

River. as one oF conquering nature agriculture-based economies such Resources, and theMinistry of ££ nifra entitled* 1 Punitive Medirise.- been cut too l-5m tons from a W«g® onenn, 

Czech and East German rather than preserving It Now, as Romania and Bulgaria, m the Public Health. SbJe midmum L nie^s for The book reached tbeWest and peak of 2.5m. Other frjfSjJJJJ vSered-^uidL perb£ps 

journals have also been devoting if the increased Press coverage pollution of lakes and rivers by the Timber Ministry conrictio5Tof X SffenS? The * believed to have helped per- crops, like jute and tea, are dain 0 hinarif regttei grasps 

an unusual amount of attention is anything to go by. the Comecon agricultural diemicals. This can proposed to construct two cellu- other possible sentence is three suade the World Psychiatric w< ^ ! - . . under the year round. But urban life 

to environmental subjects. One countries are beginning to reap occur,, as m .Romania, berause of f ose ^Us in the Baikal basin- STlaboS- cSnp Congress to censure Soviet Inflation appears tobo under the > rounu. 

Czech magazine even issued a some of the more unpleasant inefficient drainage systems. In arguing that the pure water was __ 5H 4ll » . psychiatric practices last year in control- La * were 1 The civil servants who are 

tacit appeal recently for more consequences of their rapid the Soviet Union, one of the needed to produce pure cellulose Di®idents said that details of Honolulu. been restored though there were -t? for -i radical i-ourst* 

action against noise pollution, growth in ihe past decade. worst cases of agncultural pollu- cord f 0r rational defence-local tnal. which took place m Foreign journalists were barred Wowi . v Pushes when tbe army pwinR tor • ■ JJJJg Bt to start 

The scope of the press cover- The Soviet Union appears to tion came when dust .Storms blew ^habitants expressed their Electrostal, an industrial city -W framtoavelling to Eta-trotaS, custodians of PO wer squahblcd Jaie svSl 

age is significant not only in have led the way in both fertiliser mixed with, topsoil off opposition. The local Communist °“/ es east M ®S“ nr » stlii where Mr. Podrabinek is officially tiicrnsrfves. A peawfiil (Th(J Marxist govern'. 


action against noise pollution, growth in the past decade. worst cases of agricultural pollu- con j f0r national defence — local tnal - 

The scope of the press cover- The Soviet Union appears to tion came when dust storms blew inhabitants expressed their Electrostal 
age is significant not only in have led the way in’ both fertiliser mixed with, topsoil off opposition. The local Communist Rules east 


view of the secrecy which had 
previously surrounded environ- — “ 

mental issues, but also the hints Environmentalists are evidently becoming more the area added to their prestige, nesses agaiust air. rwraomeK Mr. Podrabinek, 25. is the last oemocracy ^ haM^in taking this step) They hope that 

it contains of a greying environ- ^vu umuwtiaunu, *** cyiucuuy use ^ regional public health**"* Soviet Psychiatrists and of :he major “Helsinki Group- £? ta elections are held in "“^^enfnriRht buv 

mentalist movement in Eastern vociferous in the Comecon COUIltneS. Some- officials were informed by some ™nj defroce witnesses were dissident s Ip ? be arrested and iraD rovements mask time. If extension work could 

According to the Book of times they even win through, as in the case for SSTjUattST n«°r SferL-Si flu, Mr. I margmal^ farmers, if credit 

the preservation of Lake Baikal in Siberia. SS S^ffm^tt^n^U 0 

(GUKPPiW). pollution needs to Health Ministry took up the case th e trial, all of which were “•}■ JSjF** of ^ ^han half ie fSnSnJS- — -- 

be treated delicately if at all. and ensured that the national refused. ot ^ crs Hjf 1 wnrtau , tio^iJ effectively! landlSs. Only 

“Materials conceniing the acknowledging and tackling the land in the Krasnodar region Press yjSEVBS? Mr. Podrabinek decided to dls- as an'ambulance Siver compSd years ago a major World 

actual state of pollution caused pollution. This may be because into the bea of Azov. char 3 e Mr - Yar » Shalman. his 200 medial ca»> historic ofdS Bank study of Bangladesh quoted 

by Polands industrial activity 0 f the sheer size of the country's The low levels of motor vehicle According to western analysts. g 0vict i aw y er< after the judge In sidents Ile-edlv D m: into a figure of 25 per cent, 

within the Polish sector of environmental problems and production for internal consump- “JJ ' ® the case rejected his request to psychiatric hospitals and also a Some senior civil servants are 

nvers whose sources are in may also reflect Moscow’s need tion has helped to preserve _ a ^f5SjL? -5|S , 5 represented by both Mr. Shal- Sst of 100 Soviet paychitrists who so alarmed by the figures that 

Czechoslovakia are not to be for western expertise to help the quality of air in Eastern tiieTtmber Mimsti? and set a man aQd ^ Kom0)0 p er ^ on commissions said to have they are urging President Ziaur 
released, it says. On the other solve them. . Europe. But as growth rates for environmental a BritJsll bamstoj. by Mr. declared dissidents insane. Rahman to take radical action 

band, according to the book— Th Soviet approach is that remain high in comparison with conHicts. in favour of the have-nots, v 


Environmentalists are evidently becoming more 
vociferous in the Comecon countries. Some- 
times they even win through , as in the case for 
the preservation of Lake Baikal in Siberia. 


being pi^d together: But they SnT=iriT genual elec^nhas^n 

nians however as new industry in s aid that the prosecution wit- r itv - he ML and the return of complete rueni avruw 

the area added to their nrestice. nesses against Mr. Podrabinek mV. Podrahlnek. 25. is the law democracy is promised by a'ltie Thf»v Irivni iKit 


ior id ^* j 

!i)ni- ;l ^ 


smuggled out last year by a e0 mVl, t i n^' ‘ Dollution “is not an tiie West, and as consumer Waste emission standards 
farmer censor. Mr. Tomas* • JP t ** 1 1>i f hut rather the off- expectations rise, the Comecon were imposed on one of the mills 

CtmrraurcU; “i .1 ena 111 llSei-. OUl rdlUer US uu *« in anTUnnt viMnnr rnr lhl> *n- 


Strzyzewski— “information about , ‘r thV mnrV imoortant countries are having to gear —an apparent victory for ihe en- 

the pollution of these rivers ririvi tJ? make an efficient use of themselves to large increases in vironmentalists— and it quickly 

caused bv industrial activity natura^resources. This is Darticu- domestic car production. became apparent that the mills BY JONATHAN CARR 

within tk. tunt... „r r>. u. natural resources, inis IS pax ..,1.. .minrt nriolnal fnr mirifleation 


Invasion condemned 


within the territory of Czecho- 
slovakia mav he released.’’ 

This chauvinist attitude io 


BONN. August 15. 


isSr’nasssu “ 1116 *“ 01 zjLtrtz rsz? js & wuu# “ ^ «*” ss ?_ ets 


in favour of the have-nots, v 
Otherwise, they warn, there 
will be permanent .ind wide- 
spread misery and hunger far 
worse than that Bangladesh has .- 
already suffered. One high-level 


told me that time 


running out. 


pollution reflect the nationalist . Soviet industry makes increas- apparatus 


Her, Eryat gff A.MS* 


This chauvinist attitude io w c er . p . . . . „ n „ r fragmented decision-making then asked for less stringent mentary. the former West Bu T r °P®- l , „ . - might be two lo five years to 

pollution reflects the nationalist : „ „ v j e apparatus which has until waste emission standards while German Chancellor and father of . ^ s , ar ti c * e ;. ]?***. Erandt K nn „ n t, 0 nt changes. The next 

rather than Marxist anprnach ‘°®.? e c ma P h ds recently stifled any potential new staff were trained and new ^ “ostpoUtik”, Herr Willy str “f ed ld^Lwtic aims atone M harvest would be a decisive 

shared by both environmentalists EJf^iiSiHTJ^SlSSSi 7 environmentalist lobby. equipment installed. This was B d , . renewed his con- couW n0 , 1 counter the harsh pro- f ac t or and Bangladesh has had 

and non-environmentalists in S i b< e, l a “ l ^SELS 3 B im 5 General questions of pollution permitted and pollution effec- today renewed his con- ^ unleashed m the Soviet an un Wually good run of three 

Comecon. The issues nf economic year has been estimated at lKm control in the USSR are handled tively increased for two years, damnation f the Warsaw Pact sphere of influence when the years of favourable rains, 
growth and national development cubic metres daily. With Siberian by ^ Ministry of Public Health 0nl y after behind-the-scenes invesion of Czechoslovakia 10 power centre felt itself According to the Land Occu- 

are closely intertwined with maUBl riai output scneauiea to an ^ its branches, in the various bargaining by the Health years ago this month. threatened. There was no alter- oanc y Surv'ev conducted in late 

the environmental dehate and it some ouu per cent aunng republics, but national and State Ministry environmentalists and “Wherther those in Moscow, native to the detente policy. igrr 32.79 per cent of rural 
can be “unpatriotic" to insist “® f planning agencies are also con- a string of decrees hi 1969. 1971 in East Beilin or anywhere else But he added that bitter households had no land apart 

on certain forms of conservation. amQ .4 nt e , qual -, a . . tne . cerued with the effective use of and 1974 was a compromise willingly hear or not — the shock exoerience could not he frnm the homestead and a 


and non-environmentalists in for S ! ber i?“ General questions of pollution permitted and poUution effec- / anai r y 

Comecon. The issues of economic ye ?? has been estimated at 185m control - m ^ USSR are handled tively increased fra- two years, damnation o fthe W: 
growth and national development cubic metres daily. With Siberian ^ Ministry of Public H ea ^h Only after behind-the-scenes invesion of Czech os] 
are closely intertwined with lnduslrial °“iP u i_ scheduled to anj j branches, in the various bargaining by the Health years ago this month, 
the environmental dehate and it some ouo per cent during j-gybyw but national and State Ministry environmentalists and “Wherther those ii 


sin'iuuiiiriiiw 11 ,U„ „„ v . in ,E ichuuulj, uui ii<iuuu«i auu ouue ... , _ . 

can be “unpatriotic" to insist t i°„u planning agencies are also con- a string of decrees hi 1969. 1971 in East Beilin or anywhere else But he added that bitter households had no land apart 

on certain forms of conservation, % a “. *n*nh cerued with the effective use of aud 1974 was a compromise willingly hear or not— -the shock experience could not be from the homestead, and a 

“We must be willing to slow JJ ■ “ e n p“ water resources. In addition, the reached. Pollution-prone in- of that time has scarcely worn shrugged off; it was important further 15.29 per cent had only President Ziaur Rahman: no 
our economic growth by prob- e "*‘ 1 emission of harmful pollutants dustnes were banned from toe 0 ff, the sense of outrage remains to repudiate those who held that half an acre, often fragmented radical course 

ablv 7 to 10 per cent for several Presses for recycUng ana must ^ ^^4 by State lakeside and strict pollution un diminished." he wrote in an the very recollection of August into little strips. According to 

years to divert funds to rescuing pwiiymg tn e water are aeviseo. authorities— a process which emission standards were imposed, article published by his Social 1S6S. to be hostile to detente, the U.S. Agency for International t0 irviug l0 achieve workable 
the balance of nature. ’ wrote a Another aspect of the problem usually involves local soviets but at the came time production Democrat Party (SPD) Herr Brandt said that what Development the survey under- co-nDeratives. then maybe there 

pro-environmentalist in the is toat of untreated effluent, (councils), tlur Ministry 0 f norms for the timber mills and ^ Bonn Government— and the former Czechoslovak leader estimated the amount of landless- rou , K d h0 n hapc of puUin- the 



President Ziaur Rahman: no 
radical course 


pro-environmentalist In 
weekly Literaturuaya 
eight years ago. His 


the is that of untreated effluent, (councils). 


Gazeta Caviar prices have soared over Public Health’s Sanitary neighbouring 
rather toe past 20 years partly because Epidemiological Service, which lowered. 


were along with it Herr Brandt as Alexander Dubcek and there D ^ s . , _ . ■ poor masses into economic deve- 

chairman of the senior coalition about him had sought to produce .. Hl ? land offers a Bangiaaesni i opn , en t. 

party, the SPD — has on occasion in “socialism with a human ^ bis job and liveiin But these are all ifs and 


P’lfU', luc aru — uaa un ueuaiiou iu auuj iiMn wilu a nuaum — . — ■ r - ■■ t„ w _r “““ 

been criticised for allegedly face” had been swept aside— and 5i s Pj acc i“i 0 l SfS 1 V 25»,nf President Zia seems to have sot 
favouring too much a policy of but it could not be removed I? V S!!* his face against radical action. 


Akzo nv 


favouring too much a policy of but it could u »i ^ tuuuvw n , n ,_ nrf =_ rtow . er — — 7-— ■■■ 

** quiet diplomacy " to try to from history. • Bangladesbis live. land is power Whcn 1 sa W him recently in 

4 P aqr P ° ” . and the indispensible prccon- Uucca his ^emc was that with 

fi> uon ,J £ any economic harri work aH mund BaogUd^h 

Danish warning on deficit ^ csjirffi- tSs/TK 

® to make improvements anl .to vmafteu and encouraged civil 

BY HILARY BARNES COPENHAGEN, August 15, ^ n '' est I _ m new . far mi ng m e tboas wrv;inls to Kct away from their 

„ t . bu, 1 the marginal farmer lacks dcsks and imo c0lintTvside 


Registered Office at Arnhem 


Report for the 1st half year 1978 


Sales and results 


Results for the second quarter of 1978 developed as pre- 
dicted in our 1977 annual report. Net income was Hfl 13.3 
million, compared with a net loss of Hfl 2.6 million for the 
second quarter of 1977. 

Income for the first half of 1978 therefore netted Hfl 15.8 
million versus Hfl 10.4 million in 1977. 

Net income was adversely effected by our unfavorable tax 
position, mainly because no tax deductions could be made 
for losses incurred in the Netherlands. 


mented and additional efforts to Increase revenues have 
already met with some success. 

Results of Akzo Coatings were significantly better than last 
year. 


BY HILARY BARNES 
MR. KNUD HINESEN. 


COPENHAGEN, August 15, 


93.3bn (£8.7bn), in collateral for bank loans. 


But his thesis Is that Bangla- 


Pharmaceuficafs, consumer products and 
miscellaneous products 


Sales for the second quarter of 1978 were up 3% over sales 
for the corresponding period of 1977, while the rise for the 
first half of the year wa s a m ere 1%. This retarded growth, 
reflects - the difficult' position of segments of the chemical 
and man-made fiber industries, particularly in Western 
Europe. 

A further adverse factor was the depreciation of the U.S. 
dollar against the Dutch guilder by approximately 10% com- 
pared with the first half of 1977. 


Sales and operating income of pharmaceuticals and con- 
sumer products were higher than in the first half of 1977. 
due in pert to consolidation of the accounts of R.E.T.L 
(France) and Msyolande (France). 

In the. category of miscellaneous products, operating in- 
come of Brand-Rex (Akzona) was up substantially. 


Capital expenditures 


Expenditures for additions to property, plant and equipment 
aggregated Hfl 200 million for the first six months of 1978 
and thus remained well within the limits of funds from op- 
erations. 


Danish Minister of Finance, has expenditure by 10.8 per cant to big farmer offer gets credit at dcshls are a j', poor t0 n e iher, and 

warned that there will be a new DKr i09.1bn and in toe at lhat doefi not 3CCOr d with the 

Hotoi-inrutinn in nonm.rv. on revenue and expenditure then lends to the smaller man at j_ rd * aete f .j,- 

deterioration in Denmarks account from DKr ILSbn to rates extortionate enough to _. i an( i Q ,.. n i nf! nir ,i hnrn _« 

current balance of payments DKr 15 .9 blL squeeze the small man out if the w i 

deficit next year unless fiscal The total borrowing require- crop is below average. 

policy is tightened up. ment will increase from Widespread sales of land ^, QSt They ^are precisely the 

In a statement on the 1979 DKr 32bn to DKr 4i3bn, includ- occurred after the 1974 floods prSfdentZte i»Sd 

Finance Bill published today, ing the sale of DKr 7m bonds when many marginal farmers had hesitate to takT^dinal 

Mr. Hinesen said that unless to social pension funds and to sell just to get enough food to Jnlv a detemtrStS 

policy was adjusted, real private DKr 17.9bn for repayment of the see them through the year. Sales _ ffo L wouI( [T“®?. 

consumption would rise by 4.5 Government debt The net are continuing and there is plenty n .rT j « 

per cent while income would borrowing requirement, exclud- of scope for more. According to {...j,* - 
increase by about 10 per cent and ing the refinancing of existing the Land Occupancy Survey, -«*„_* r«i a ti neiWQrK or 
consumer prices by 5 per cent debt, will rise from DKr 20.3bn about half of holdings consist of c« ,v.» . „ 

The Finance Bill, published in to DKr23.6bn. less than an acre and 60 per cent P® 353 ? 1 

the middle of negotiations Considerable borrowing abroad of less than three acres. At the rvi^ t0 

between the Socialist Democratic by the state will continue to help other extreme, about 3 per cent e niI p 0 -<„i ♦ n w L^ sieni j . &e f n 
minority Government and the finance next year’s deficit, with of households account for more 1 L'° accommodate toe 

Liberal Party, iu the formation the Finance Bill written on the than 25 per cent of land and 11 J, umbors , of 

of a coalition, does not take assumption that the state will per cent of households own more mVnA_ 1 Tji. lIlere 18 utu ® xllQm for 

.......I ,u. ...Vl.k TIE-. A nhm.il tk'.r CO .... Mn, .f tk. III ,1 IlDtU vre. 


Operating income for the first six months of 1978 stood at 
Hfl 192 million versus Hfl 162 million last year; this corre- 
sponds with 3.6°/o and 3.1°/o of sales. 


Personnel 


Man-made fibers 


The Improvement in operating results relative to 1977 was 
principally due to lower losses on man-made textile fibers 
by Enka's Western European operations. This positive de- 
velopment is largely attributable to cost-cutting measures 
■which are now taking full effect. Because of keener compe- 
tition. second-quarter income of the industrial fibers group 
was lower than last year, although earnings still exceeded 
the budgeted level. 

With shipments and prices up. American Enka was able to 
achieve positive operating results for the second quarter of 
1978, after a slight loss for the first quarter. 


Altogether, the number of employees was down 600 in the 
first half of 1976 to 83,800. Reductions at, chiefly, Enka (up- 
ward of 800) and the two chemical divisions Akzo Zout 
Chemie and Akzo Chemie (300) were partly offset by an in- 
crease for Akzona (400) and by the inclusion in the person- 
nel figures of the approximately 300 employees of Mayolande 
(Akzo Consumenten Produkten). . 


The Finance Bill shows an foreign debt was DKr 27bn, or 30 acres. world nrrLTff n 

increase in central Government about 10 per cent of 1977 gross Neither education nor industry *,*,1- ™ world Rank 

budget revenue by 4.9 per cent domestic product offers much hope for the poorer Lao* sihtenif 7.?.? ^? P u Uc . h ?: 




Soares party eases stand 


«euner euuv-auuu uur uiuusiry rahL* , 

offers much hope for the poorer T aos Ethinni^' 

Bangladeshis. From quite a und Blali) taut its 

young age the child can earn of the P leadtosr°' kJ» S _ d< ? u . hle lhat 
extra pennies by looking after p er put 

and _ washing^ cattle. Industry ^ ere P s | IS 


The Board of Management 


sr “ MMr surns LIS£0N ' August 15 - 

IN AN ATTEMPT to restore President Eanes decided on elec- ^ Prospect of any The economy as a whole is kept 

some political stability. Prime tions as the only way out of the rapo* ticking over at its low level of 


auu waju.ufi kULUC. luuusuy mprp ice ^ . ■ „ 

provides about 6 per cent of .the Der ce n t n F r ^ d S 
rnuntre's i>mnln vm ont faminst L . t Or families consume well 


country’s employment (against be ow »»,« " es wiuum * wei J 
77 oer cent in acrirulturpl and minimum number of 

XJTtamfl? SEZSS 11 ^ calories needed to sustain health. 


Minister Alfredo da Costa may by political deadlock a transitional . ln J ^*5® straightened circum- activity only through foreien aid 

Hw. I S tail CCS tflfi lanQJeKir K.TT 1 pla ripcVii .... — 0«1 ^ am 


Chemical products 


Results ol Akzo Zout Chemie and Akzo Chemie for the first 
six months were unsatisfactory, at levels which were even 
below last year's. Cost-reducing measures are being Imple- 


A 


the end of this week form a gov- government would have to be stances the landless Bangladeshi worth Slhn a year or twic? the 
eminent of political indepen- formed to draw up the necessary «nner has few options. He can value of Bangladesh’s escorts It 
dents which, while lacking electoral law. It is generally II c ° untrys, . de an , d Is a pitiful enough existence for 

Socialist participation not neces- believed, nevertheless, that hold- - pic ? ' “P. work, the masses, if there k another 

sarily provoke a dangerous con- ing elections before they are due This may be too difficult at bad harvest even this equilibrium 
frontation with the Socialist under the constitution in 1980 harvest-time, but outside these eould be toppled over. 


Akzo 


Arnhem, August 1978 


Consolidated statement of income 


2nd quarter 


1st half year 


in Hfl million 


Sales 

Operating costs excluding depreciation 
Depreciation 


2.671.1 

(2,448.8) 

(120.7) 


2,562.3 

(2,378.6) 

(128.9) 


Operating income 
Interest 


Taxes on operating income less interest 

Equity in earnings of non-consofidated companies 
Extraordinary items 


Group income 

ot which minority interest 


Net income 


Net income per common share of Hfl 20. In guilders 
Common stock 


5,320.4 

5,264,8 

(4,885.5) 

(4.846.7) 

(243.2) 

(256.4) 

191.7 

161.7 

(121.1) 

(123.7) 

70.6 

38.0 

(6Z2) 

(34.8) 

22.6 

16.2 

2.1 

IS 

33.3 

20.7 

(17.5) 

(10.3) 

ISA 

10.4 

0.53 

0.35 

591.9 

591.9 


Party. could be costly both in economic 

Following bis second meeting and political terms, and sbould 
this week with the Prime be avoided if possible. 

Minister, a leading Socialist The Socialists, therefore, find 
spokesman said today, that his themselves under increasing 
party was still resolved not to pressure to moderate their 
work under Sr. da Costa's leader- attitude towards the Prime 
ship, but it would not make any Minister, even if acceptance 
final judgment on Sr. da Costa means only pledging not to vote 
until he had chosen his against him in Parliament, 
government. Significantly, the policy of non- 

Sr. da Costa himself emerged participation declared last week 
from a short meeting with Presi- by Sr. Mario Soares, the 
dent Antonio Ramalho Eanes last Socialist leader, was criticised 
nigbt pledging to form a govern- this wek by a leading member 
ment “with or without the of his party. Dr. Jose Medeiros 
Socialists.” Ferreira, a former Foreign 

Indications are that even if Minister. 




Romania concerned over 
Soviet view of Hua visit 


Getaboveitall, 


BY PAUL LENDVAI 


BUCHAREST, August 15. 


....with one of today's most valuable 
management tools - a Beechcraft 
Super King Air corporate aircraft 


The above consolidated statement of Income was prepend on the basis ot the same principles ot consolidation and 
cfeferm/nafron of income as wen used in the 1977 annual report. . 


Sales by main product group 
2nd quarter 1st half year 


Operating income by main product group 


in Hfl million- 


2nd quarter 
1978 1977 


1st half year 


man-made fibers 
chemical products 
pharmaceuticals, consumer products 
and miscellaneous products 


CHAIRMAN -Hua Kuo-feng, the leadership two weeks’ ago, the 
Chinese Communist Party leader Albanians disclosed that they 
and Prime Minister, arrives here were urged twice— in 196S and 
tomorrow morning on what 1975— by China to conclude a 
Romanian officials privately military alliance with Yugoslavia 
stress will be a ** normal state and Romania, 
visit,” The Albanians now claim that 

t , . ... , • they turned down this idea. 

Slightly bewildered, _ yet whose aim, they say, was to 
pleased by the attention paid by turn the Balkan area into a 
the international Press to the powder keg. 
visit,- the first paid by a top Romanian official circles noted 
Peking leader to an East Euro- that Pravda, during the week- 
pean country, Romanian officials end, picked up the Albanian 
are obviously concerned about accusations in an attack on what 
“speculations " and their possible termed China’s warmonger- 
impact on their powerful Soviet ing plans in the Balkans. How. 


Copies ot this report may be obtained from the London Paying Agent: Barclays Bank Limited, Securities Services Department 
54, Lombard Street, London EC3P 3AH. 


i neighbour. ever, well-informed Romaniuo 

_ . . . , . officials empbatlcaly stressed that 

The concern is obviously due Romania had ‘ never been 


to toe embarrassing revelations approached in this respect nor 
made recently by maverick did it consider the idea of a milL- 




Albania which last month tary alliance, 
publicly broke with China, its — — 

hitherto close ally. In a lengthy ™i 

public tetter sent to the Chinese 222£?s5£ r«T!Kf ^££n!3: 

J li 


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- ■** k»j - . - .. 


Iftnandal.^ Aogiist 16 1978 


OVER 



NEWS 


Japanese wholesale price 

fall 



BY ROBERT YfOOP. ^ 7 

THE: Japanese wbotes&le price 
index declined fry -.1' per cent in 
July— the largest macghi is 2Q 
years. . :■■"■■ ” : . 

The drop was traceable -almost 
entirely to tbs yfas-rfee against 
other currencies.' The landed 
prices of. Japanese imports and 
the -yen -prices', of Japanese ex- 
ports both "«ater~'d£rectly into 
the Japanese 'wholesale 'price 
index. v‘ 

The arera^ei yeqr rate In July 
was 6.7 per. cent above the rate 
in June; 'so "the landed price 
of imports declined 6.2 per cent 
despite price increases of im- 
ports in dollar terms. Yen 
price* of Japanese exports also, 
declined as. exporters received, 
less yen for. their sales in. 
dollars : and ' other _ currencies. 
Together,." the.:' two factors 
directly accounted foe 30- per 
cent of July's 1.0 3>etf 1 cent 
wholesale price: decline, the. 
Bank of .Japan said. ■ 


’ Landed imports have a weight 
■ of about 10 :jper "wnt in the 
Japanese whotesge price index. 
TSnrn’i lO per .eeat decline of 
the dollar relative to the yen 
automatically, wonld . produce a 
1 per cent decline in the index 
even if no Japanese import 
passes the ©in'- 0“'- 1*> a user. 
Exported goods' hlso make up 
about 10 per cent gf Jhe index 
About per fifat: of July's 

decline fa wholesale wires was 

traced to “:domestic;' r factors, but 

some declines in domestic prices 
are. in. fact^fce to earlier declines 
in the costs off -.'imported raw 
materials . y.-- -- * 

- . The 1 Japanese wholesale price 
index fa now 22> per cent below 
the level of Julylastyear. The 
Banfc^of Japan today -predicted 
Another big _ drop : fa - August 
.because of -the yenV*ontinuing 
rise. The yen set naftat post-war 
high, of 1800. to U^-jfaUar in 
Tokyo today, largely fa reaction 

1 ~ T 


TOKYO, August 15. 

to the donor’s continuing decline 
against other currencies. 

Another big wholesale price 
decline this month would 
increase the year-to-year decline 
of the wholesale price index 
drmatically, because wholesale 
prices rose in August 1977. Over 
the past four, months, wholesale 
prices have declined' at an 
average annual rate of &5 per 
cent almost entirely to the yen’s 
rise. 

Japanese consumer price infla- 
tion is usually about five 
percentage points higher than 
wholesale price inflation, largely 
because of Japan’s, protection of 
inefficient small-scale stores and 
because of the high weight of 
labour-intensive public -services 
like transit. Japan’s consumer 
Prices are now rising at about 4 
per cent a year, reflecting whole- 
sale price declines that were 
averaging about 13 per cent on a 
year-to-year basis early In 197& 


World Bank pessimistic about 
at ‘margin of existence’ 


BY CHRISTOPHER SHSRW&L 




THE HtESENTSMhn. world -total . developing cotrifai®?^ They do obstacles to poverty alleviation 
of people 'living "at'- the very not face slow growtij. br the sort measures posed, by deep-seated 
margin of existence.” will more .of dependence .oh? agriculture tradition, weak administration 
than double by the' end of. the and concessional- rtsrpiral that and political opposition are "no 
century if the - post-war. rise. In low income countries .in South justification” for inaction by 
living standards', experienced by . Asia . and Sub-Saharan ' Africa developing countries, on whose 


Third : World -conn tries: does not - confront, 
persist over thfa^hext few years, ' The mnv 
according' to tbg . World Bank, . that trade ffi 

In its fast World Development .vital for theses 
Report 'Published today*, the sees the trends 
Bank - says conttnuation r of the - tectfanlsm am 
broad trend : would reduce . the countries - as 
number. though only to 600m— report c 
a figure- it describes as " distort)- : argument on 
fag.” But . the - Bank- also -dis- impact prot 
misses as “extremely optimistic ” would have 
the possibility :■ <4- achieving a_ _ developing 
still kiwer figore farou^i liigher The Bank 
world growth. ' . .'7 :. ... poverty fa 
The report emphasises the countries, where 
broad improvement which has .poor - are. 'founds 
occurred in -the developing conn- an increase Id 
tries since the war., Bife-offi dais ductivity to r*' 
say. this is a direct ; result of power of the 
collaboration between 1 the. Indus- farmer and 
finalised and developing conn- employment for 
tries rather than simply for- higher- wages, 
tuitons, though they' also admit, efforts .oh f arm 
privately that .to suggest no largely over, the 
improvemenYhas occurred would most - .. effort 
be to undermine: ffcture_ efforts devoted to the 
by- rich nations .to combat employment," 
poverty. of no .solution 

The Bank’s statistics* never? The ■ Bank 
theless demonstrate how irregu- * 
lar the pattern has been and is . 
likely to stay. While thc-propor- 
tion of * absolute opor" in the , 
population of ; the \ fti-called 
“middle : income/* couritries 
(annual per capita. fortune 

greater than S250) wav- heart - ■ ; > 

by three-quarters ,by.- ttnP vegr THERE a rff. signs 
2000 if post-war trends wntfoue, ment at -the conges 


stresses 
fflts are 
tries. It 
s pro- 
ialised 
and the 
lengthy 
deleterious 



own shoulders "the main 
responsibility is said to rest. But 
international action is also 
necessary, and the Bank says 
co-ordinated demand manage- 
ment by toe industrialised 
countries is "essential 
On the aid front the Bank 

urges an expansion of capital for 

measures the long-term international lend- 
ricb and fog institutions in order that they 
might increase their lending and 
tion of eDSQre a better balance between 
income tbjs a^d medium-term lending 
of the fr0Ta Private sources. Private 
both bank lending is projected to fa- 
pro. crease, but the report says the 
ha/iog high ratio of gross to net lending 
.irfnnai by private banks “ has the poten- 
- tfol for serious instability.” 
Individual . countries could 
encounter short-term liquidity 
problems, it adds, but present 
prospects “do not suggest a 
general problem of debt 
servicing capacity.” 

* World Developme nt Report 
1978, the World Bank, Washing- 
that ton DC ( August 1978). 


op of 
dless at 
own 
ty now 
believes 
be 
farm 
knows 


tipn easier 

BY bl« COfti&PtiNDENT 


LUSAKA, August 15. 

has dropped from 31 to 10 days. 
However, the position of 
bian copper exports Can- 
nes to concern , industry 
arces, who calculate that over 
>,000 tonnes are held up at the 
‘ in transit and at the port 

540m. : -" of 52,000... tonnes of Zambian itself There are signs, say the 

Middle in«me'- countries, as. -imports atoWd Inside and outvie sources, that the backlog at the 
diverse as Venezuela, Malaysia the port; compared to 68JHK) port ia being reduced, but there 
and Nigeria .. are . of less tonnes. On June 24. The number remain serious problems on the 
immediate concern -to the. Banjc, of ships writing to berth on toe" Tanzanfa-Zambia railway 

which is - one 'of the key same dates has fallen from it" (Tazara) which carries the bnlk 
channels of assistance . to to 12, and average waiting time of the copper. 


of - impr 

. ed Taazan 

the report says the fall in Mow port of DfaEsS^Wm,. which’ 
income” countries expected to handles . over .80. per cent; of 
be less than half. Even then the Zambia’s -. trade,- according^ to 
actual number, of poor oeople in -figures released here by shipping, 
low income, countries wIB decline agents Leopold Walford. -. 
only marginally, from 630m to On August" 12- there was a toad m 


NOTICE OF REDEMPTION 
of . 

. ->v: 


Ashland Oil Finance Corporation 

V .(ttccessor to Ashland Overseas Finance Corporation) 

5% Subordinated Guaranteed Debentures Doe 1988 
Cmnvurtible into Common Sto^k of 

ASHLAND OIL, INC.-J 7 


* TWmtlK XS HBUkIeY ifart AaMwhI OH 

owned snbsidugy of Ashland Oil, Inc, a Kentucky corporation 

and will redeem, on September 8, 1978, all its outstanding S'Tc’ Sfli 


-(the •Company’*), a -wholly 
if), has elected to redeem, 
mated Guaranteed Debentures 


Due 1988 (the *©ebeSturesP) in accordance with.tbe.ienns of .thr^jdenune dated as of Januaiy IS, 
19G8, among ABhlindT Overseas Finance Corporation, Asldend as^&jarantor, and Morgan Gaaraniy 
Trust Company of New York, as Trustee, at the redemption price of their principal amount 

plus accrued fatvfat-fram Jaznxazy 1$, 1978. The Debentures were originally iasoed by Ashland 
Ovoseas iTnance Grapbtation.mtd, on. June 28, 1974, all obilgahji^ thereon were by the 

Company fa connection. Kith the, merger of Ashland Overseas Fmaaq*' Corporation, into the Company. 

Payment of the redemption price and accrued interest, "whlchi faS. aggregate 81,057A6 for each 
$1,000 princfaal araouht of Pnhrniwre% wiU be made at das Trust Department of 

Morgan Gaman^t-TtiKt Gdn^wny^of-New' York, 15 Broad Steeet, «ew YoA, N. Y. 10015, or 
at the bfficaaqf Morgan. Guaranty Company of New roatTn Brussels, Frankfurt (Mam ), 

Looden^rPrt^wrthoji^ office afArnfandam-Rotrerdacu Brakf 
<^ce iff Banca Yanwilkr & C. 8 p.A. fa M2an, or at the office bfcl 

pnci*‘U_fprwyU)np>i< rf | » T»iifw<iI * i ^i w ?q T xmnribn Trrff- DebentUSrif^ ^ 

xm or aftcr January 15, 19®, tfasmio wfaia they are snxzss^red lor redemption. 

- The'DAeifan^eri^irtt-ie&Bmprim fajtcrtudance with tkei^jgDizig will no longer be deemed 
^ t ^ i id ui gA fee r SOT amd^j ^ l978, r^aa with respect^^^fo wiU cease as of the dose of 

bushmss on S^flsnSir % 19Vo,. except thq of the holdafi^fcfaof to recejve the redemption 


Cv. fa Am<wnl.nn | nr tliw mam 

ae de. Paris et des Pays-Bas 
*. have all coupons maturing 


l- to St®tacmacr 8, i078. On and after! 
ltnnerwfileeas&to aodnub ■ -■ _ ; 

i *hi» 

option: 

aMNyE^pN"^ cosaio 

Gnil too ‘ok Be" <ff ^78, Debeatufahi 

Debentxrrea,fato CtBmnon.Stoefc nf XahymJ (“Garaman Stock”) 
flurrenderfag tucHDe&enmies wdh all coup«minatimBg on or aft 
at Iho Corporate Tnwt Department of Morean. Guaranty Trust 
S traet, Nfnr^foric, N. Y. lOUI^ or jifi main offices of Morgaxa ' 
in. 


8, 1978, fatesesx on tbs 
to-BoU their Deheattipea thiou^i 

CK OF ASHLAND 

iWe the right to convert: their 
tifaprice of 840 per share upon. 
15 , 1979 , attached thereto 
of New York - 15 Broad 
yofl 


Trust Company of New York 
office g EAny fardam-Rotterdam Bank N-V. 

or nt toe office of Banqua 
together whh written 
. re, and specifying the 
dudL'bd ie^Bttaad, -nth 


Gnomon Stock of . AsUimd 


fa AfastefaMBfor the rurtn office of Bfata. Yotcriller & G. S.pA, . 
tireaddtreSof.thepezoasotmatBto;-. - -.', '-'^ 

Fro Jafaioji3^'397^tiuDMtoJtiljr^.3978» tool-- - ... 

xeN&tfBBiye. hnr of $Sff tonfagfi. o£$3fru« xeportad on th&Go^oritC Tap^ for New Ymt Stock 
Exchange itttedsecnritie&Ilin hst rf^Matcdsale price of the Gomm^ Smck of Ashland on July 25, 
2978, was 3®5^per tffinot. At titepnwBt.oaw aaio n pace or J^pcar^ksxo, each 5L000 principal 
jumuinC mDehtetigA h Tiiyi^j ifem «f C rnirmn n aim iff Aahha^ vdff rii Aam w haan 

market vafae cf;|9Dfl at-toa ebaaif hnaaess on July 25, 19%'|topiijiaent oe nd parewnt: will, he 
made upwivuuw^Pii-tff'D^ie at n r es farjnaragt accrued therera*ja the-JDebentures are redeemed 
on Seplauhar fi, 19^, toe -fadder iff rttdx Debenture will recovo 5i‘ ? 057^5. Jf the irmrirx- mice of the 
Gmution Stock of Ashland irere to exceed $42^0 per share at too.tims rf converaon, Dabenhzre- 
holdeis -wwiH recrtve Connnm Stoci -npon eonversou having ignaSBr niarkct valne than the- cash 
which they ‘would facrito np<ai JMeaptMSL The valne of COmman, Stock of AaM*ntl is subject to 

AshfamfsBoaid ofDkectois declared a guartcriy cash drvi[i^pdof&50 per shore payable on. 
September 15,- 1978 to.'htiMera tff record ; of Common Steck on jfolpgt 14,197ffi DebenmrriioIdeis 
who surwatwr lhrir^aRWaieifor oonyaficBi after August ^^-gjlLnot xeorive such dividend. 

The right to ■nfuiw r r 'D f’htn W Pffl' into iTm w ma m Stock Tafl'O^^rMtW lilnap of b ' ffi B U W g A 
September 8, 1978- No furtbnr mnveiaion. of the Dehesttuzes onrSejaiade after Septembers, 1978. 
DA^^ire^n dt c^ggfted priog to^i^i.drtfe w-ffl. be z e^^d^to^e4,einp tion. pace (inrinding 


Bated: August 4,1978 


ASHLAKD OIL 5®{ANCE cobporaxcon 

; fy WaiJAarB. Skatox, president 


Jordanians 
dismiss 
West Bank 
proposal 

By Rami G. Khouri 

-■ AMMAN, August 15. 
JORDAN is not enthusiastic 
about President Sadat's pro- 
posal that it should resume 
-control of the Israeli-occupied 
West Bank for a five year 
Interim period, and says that 
it was not- consulted before 
Sir- Sadat presented it as a 
crucial part of his latest peace 
proposals. 

Mr. Sadat has said that 
Jordan should regain 
sovereignty over the West 
Bank and Egypt over the Gaza 
Strip for a five-year period, 
after which the Palestinians 
should form their own govern- 
ment But a senior Jordanian 
said: “We are not entbuiastk 
about the idea of ruling the 
West Bank and we- do not now 
envisage a transitional Jop 
rtanian role in the West Bank.” 

The Jordanian government 
strongly believes that the UJ>. 
government should take the 
opportunity of next month's 
Camp David summit meeting of 
Mr. Sadat, Hr. Begin, the 
Israeli Prime Minister and 
President Jimmy Outer to 
produce a “ bold and clear ” 
policy towards the Middle 

East. 

It feels that the lack of such 
a policy has resulted in Israel 
befog able to avoid making 
commitments to the principles 
of UN resolution 242. which 
calls fOr withdrawal from all 
occupied territory. 

Jordan think* that the in- 
volvement • of President 
Carter's personal prestige in 
the Middle East peace-making 
process heralds a new UJS. 
commitment to pushing 
through its own proposals 
about the shape of an Arab- 
Israeli settlement, and says it 
has been assured of this by the 
State Department’s special 
envoy. Hr. Alfred Atherton. 

But Jordanian officials feel 
that while Mr. Sadat has 
shown he does not want to sign 
a bilateral peace agreement 
with Israel, his isolation in the 
Arab world may leave him with 
the only option befog a 
separate peace with Israel. 

They fear that the new UB. 
commitme nt to pushing for- 
ward its own proopsais could 
conflict with the long-estab- 
lished Arab consensus on the 
principles of a Middle East 
peace settlement They Include 
a full Israeli withdrawal from 
territories - .occupied In 1967 
and a process of -national self- 
determination for the Palesti- 
nians. 

L Daniel writes from Jeru- 
salem: Mr. Menaehem Begin, 
Israeli Prime Minister, today 
denied flatly that there had 
been any intention on bis, or 
anyone else’s part to sabotage 
the Camp David Summit meet- 
ing with President Anwar 
Sadat of Egypt and President 
Jimmy Garter of the liS. 
scheduled for September 5. by 
putting forward the plan* for 
five new West Bank settle- 
ments. 

He said work on five pro- 
posed new Jewish settlements 
on Arab land fa the Jordan 
Valley bad been stopped to 
give a psychological boost to 
the summit He told reporters 
outside his office, however, Out 
Israel bad a right to put up 
such settlements. 

New Saudi 
revaluation 

By Richard Johns 
THE SAUDI Arabian Monetary 
Agency yesterday revalued the 
riyal against the dollar for the 
second time In three days. 

The move raised speculation 
about the willingness of the 
Kingdom to rtutemplate an oil 
price rise before the end of 
the year to compensate , for the 
continued depredation of the 
13B. currency. 

It coincided with the meet- 
ing in Taif, the Saudi moun- 
tain resort, between Sheikh 
Ahmed Zaki Yamani, the Sandf 
Minister of 041, and Sheikh All 
Khalifa al Sabah, his Kuwaiti 
opposite number. Sheikh AJi 
Khalifa headed the Organisa- 
tion of Petroleum Export 
Countries. committee of ; 
experts which last month ! 
recommended the bolding of 1 
an extraordinary ministerial } 
conference to decide on an oU i 
price increase of about 5 per 
cent from October L 
The new rate is &35 riyals 
to the dollar, compared with 
the &37 announced on Sunday 
an d though onl ya fractional 
adjustment of 0.6 per cent is 
the fourth since July 12 when 
the Saudi currency stood at 
3A5l 

In a parallel move Bahrain 
and the United Arab Emirates 
broadened the official fluctua- 
tion rates for their currencies 
from i5 per cent and 7.25 per 
cent— allowing a greater 
amount of movement before 
their monetary , authorities are 
obliged to intervene to sup- 
port the official rate. 

Egypt borrows 
from Arab fund 

By James Buxton 
.THE. Arab- Monetary Fund, 
which is to have a role in the 
Arab world comparable with 
that rof the International 
Monetary Fund, has made Its 
first balance of payments sup- 
port loan. Egypt fa borrowing 
$17-5m f0r three years at an 
interest rate starting at 2.75 
per cart fa .toe first year and 
rising to 4.75 per cent in- the 
third year. 

- Dlsrtissions -are now. taking 
place- at the Fund's- head, 
quarters in Abu Dhabi, with 
Sudan, which is. expected to 
borrow $7.5 hl 

-Sndan and Egypt are the tw o 
Arab countries with the most 
serious payments problems. 


AUSTRALIAN POLITICS 


Malcolm Fraser takes a 
lesson from Machiavelli 


SENATOR Reginald Withers, 
upon being dismissed from the 
Australian Cabinet distributed to 
journalists and Liberal Party 
colleagues an • extract from 
Machfaveili’s The Prince. 

.J£ 'said: “Whoever Is the 
cause- of another becoming 
powerful is ruined himself: for 
that power is produced by him 
either through craft or force: 
and bpth of these are suspected 
by toe one who has been raised 
to power." 

Applied to Senator Withers' 
case, it was singularly apt; for 
he had done more than anyone 
else to make Malcolm Fraser 
Prime Minister. 

The controversy will guarantee 
a 'fiery start to the new parlia- 
mentary session — a session 

which already promised .to be 
difficult for the Government 
because of the political conse- 
quences of a tight clamp on 
publics pen ding and increases in 
indirect taxes which were 
featured In the 1978-79 federal 
budget last night 
- The ferment fa the Liberal 
Party over the dismissal was 
demonstrated last week when a 
Minister in the Victorian, state 
Government, Mr. Robert Dun- 
stanjmade emotional telephone 
calls to two Melbourne news- 


Dunstan, a prominent 
Victorian Liberal and state 
minis ter for public works; said 
that ; Mr. Fraser was ruining the 
econ omy , killing the building 
industry, and sacking his 
strongest and most loyal 
ministers. 

-“This man has gone mad,” Mr. 
Dunskan said. “What does he 
want to' be? The next Pope?” 

The Prime Minister’s staff 
shrugged off the incident, telling 
journalists that Mr. Dunstan had 
simply “ dined too well." Never- 
theless, Mr. Fraser was in contact 
with the Victorian Liberal 
premier, Mr. Rupert Hamer, next 


8 Y LAURIE OAKES IN CANBERRA 

morning, and Hr. Dunstan was 
compelled to resign from the 
Hamer ministry that afternoon. 

The issue which led to Senator 
Withers' downfall involved the 
process last year by which 
federal electoral boundaries were 
re-drawn in Queensland. 

A Queensland Liberal back- 
bencher, Mr. Donald Cameron, 
claimed that . the Finance 
Minister, Mr. Eric Robinson, had 
used his position to influence the 
electoral commissioners with 
respect to his own seat of 
Macphersoo. 

Mr. Cameron’s persistence first 
caused Mr. Fraser to dismiss him 
from the post of Deputy Govern- 
ment Whip in the House of 
Representatives, and then— when 
he still refused to let toe matter 
drop— to appoint a Royal Com- 
mission into the affair. 

The judge conducting the 
inquiry, Mr. Justice McGregor 
of the federal court, cleared Mr. 
Robinson but found that Senator 
Withers had acted improperly by 
making a suggestion to the 
electoral commissioners .about 
the name of the electorate. 

Mr. Fraser was placed in a 
difficult position. Senator 
Withers had done nothing illegal, 
and the breach of propriety 
described in. the Royal Commis- 
sion report was not a serious 
one. 

But, because he played such a 
leading role in attacking alleged 
improprieties by the former 
Labour government, Mr. Fraser 
is extremely sensitive whenever 
similar allegations are made 
against his own administration. 

So he decided that Senator 
Withers had to go. When the 
senator refused to resign, Mr. 
Fraser called together a group of 
senior ministers and got toe back- 
ing of most of them to have his 
commission terminated by Sir 
Zehann Coven, who took over as 
Governor-General last year. 


Although Mr. Fraser expected 
some controversy, the extent of 
the criticism caused by the dis- 
missal of Senator Withers has 
clearly surprised the Prime 
M i n ister, he is now preparing a 
detailed statement on the issue 
for presentation to Parliament 

A number of federal Liberal 
backbenchers appeared on tele- 
vision to attack Mr. Fraser’s 
action in the days immediately 
following the sacking. 

Senator Withers himself made 
no public criticism of the Prime 
Minister, instead be gave a non- 
attribu table, background brief- 
ing to some 20 journalists which 
has resulted in a spate of un- 
sourced but prominently dis- 
played newspaper stories dis- 
tinctly unflattering to Mr. Fraser. 

Mr. Fraser is insulated from 
the crisis to some extent by the 
record majority he won in 1975 
and held in a snap election at 
toe end of last year. He has 
the added comfort of knowing 
he need not face ' the electors 
again until the end of 1980. 

Bnt his Liberal colleagues in 
the states are not so lucky. The 
Hamer Government must have 
an election before Ifay next year, 
and if opinion polls are any guide 
it could find itself in trouble — 
a situation which helps to explain 
Mr. Dunstan’s anger at Mr. 
Fraser. 

In New South Wales (NSW) 
the state Labour Government is 
planning an early election in 
October, confident that it will 
increase its majority because of 
the unpopularity of Mr. Fraser’s 
federal Liberals. 

In a by-election fa NSW two 
months ago, regarded as a trial 
run for a general election, there 
was a swing to Labour of 9 per 
cent 

After the frenetic style of the 
Whitlam years, politics under 
Mr. Fraser had seemed relatively 
calm until recently. But now, 
in the wake of the Withers con- 



& 

Mr. Malcolm Fraser 

Iroversy, it is obvious that Mr. 
Fraser has failed to achieve the 
goal which he publicly set for 
himself in the 1975 election 
campaign— io keep politics off 
the front page. 

Part of tbe problem was 
reflected in Senator Withers* 
quote from Machiavelli and the 
clear feeling that he had helped 
Mr. Fraser to power. 

In March, 1975, he had swung 
a number of crucial voles front 
Senate Liberals behind the 
Fraser bid to take over tbe 
Liberal leadership from Sir Billy 
Snedden. Without those Senate 
votes, Mr. Fraser would have 
failed. 

Then, seven months later, it 
was Senator Withers as Liberal 
Senate leader, who executed tbe 
plot to force the WhiUam Labour 
Government to the poll* by 
blocking appropriation Bills. 

When Mr. Whitlam refused an 
election and rried to “ tnuqb it 
out.” Senator Withers kepi the 
Liberal numbers firm until, after 
a month-long stalemate, the then 
Governor-General. Sir John Kerr, 
stepped in and dismissed Labour 
from office. 

Now Senator Withers, who was 
Administrative Services Minister 
and fifth-ranking member of the 
Fraser ministry, has been 
despatched to the back benches 
by tbe man be put into the Prime 
Minister’s lodge, and neither he 
nor his supporters have taken 
it lying down. 

Mr. Fraser may have made his 
biggest blunder since leading the 
Liberal-National Country Party 
coalition back into Government 
in December, 1975. 


Sino-Vietnam talks resume under a cloud 


BY RICHARD NATIONS 

••’•I 

CHINA and Vietnam resumed 
talks today fa Hanoi over tbe 
status of the Sino-Vietnamese in 
fa ‘atmosphere soured by an in- 
creasingly harsh exchange of 

accusations. 

Atfew hours before tbe talks 
scheduled to resume, the 
China News Agency 
i that a strong protest 
□ lodged with the Viet- 
Embassy in Peking 
j faat a Vietnamese 
armed Jorce' 

Thursday 1010' 
province. 



bad inti 
o\China’! 


intruded last 
s Yunnan 


In a broadcast over the week- 
end however Radio Hanoi bad 
already countered the accusation 
by charging that S7 armed 
Chinese had provoked tbe inci- 
dent by crossing into Vietnam 
and burning farmhouses. 

Both sides have accused the 
other of stirring up provocative 
Incidents over the past two 
weeks which could undermine 
the current talks which began 
last Tuesday. Another episode 
which underscores the tension 
and apparent mistrust surround- 
ing' the negotiations occured at a 


hotel in Hanoi where a number 
of Hoa (Vietnamese of Chinese 
extraction) were reported by the 
New China News Agency to be 
awaiting repatriation. 

The Chinese claim that Viet- 
namese authorities nsed tear-gas 
and firehoses last Friday against 
over 100- Hoa before removing 
them to aft unknown destination. 
Radio Hanoi has denied maltreat- 
ment of the hotel residents, but 
alleged that agents of the Chinese 
embassy were responsible for 
inciting disorder. 


BANGKOK, August 15. 

Tbe Vietnamese Communist 
Parvy Central Committee circu- 
lated an announcement today 
that one of the country's major 
tasks was “preparing for the 
defeat of a large-scale agres- 
sion." China seemed to be 
jmpluied as the power with 
hostile intentions. 

Reuter adds from Hong Kong: 
China and Vietnam laler 
adjourned their second round of 
talks no nearer agreement on 
the position of ethnic Chinese 
in Vietnam. 


\ 


rr 


Hade Development Bank 
Holding & A. 




Report of the Chairman of the Board to the Shareholders 

As at 30th Jane, 3978 total consolidated assets of the Trade Republic New Yock Corporation, of which the Group 

Development Bank HoUingGroup readied US$ 4fi0l.5 holds 62% of toe capital, achieved excellent results during- 


million compared to US$ 3,586.9 million as at J une 30, 
1977. Total deposits with our Group increased by 31% and 
amount to US$ 4,007.5 million as against US$ 3,051 .7 
million at 30to June, 1977. Total capital and loan funds, 
indnding toe interests of minority shareholders amount to 
US$ 457.8 million at 50th June, 1978 compared to 
US$ 327.4 million at the same date tbe year before. 

. Net earnings after taxes, minority interests sod transfer to 
inner reserves rose to US$ 16j6 million or US$ L0L per 
share as 'gainst US$ 132 million orUS$ 080 per share far 
toe fist ax months of 1977. 

The Group completed toe plating through Merrill Lynch, 
Piezoe, Famer & Smith Incorporated, New York, in 
accortfajawito a private pbosment ^rreroent, of 25 year 
serial notes whidx will total US$ 30 mfllian on 
,9to August, 1978. 


tbe first half of this year. Indeed, the corporation published 
net earnings mplicable to common stock of US$ 10.0 
million or USS 3.30 per share as against USS 9-2 million 
or USS 2.94 per share for the first half of 1977. Total 
assets increased from US$ 2,1374 million as at 
30th June, 1977 to USS 3,047.4 million as at 30tbjun^ 
1978. 

The growth of the customer^ deposits, whose amount 
and number expand year by year, is a good sign of the 
co nfiden c e placed in us. 

An ever increasing clientele combined with a strong capital 
base and a. highly selective approach towards investment 
enable us to fodk forward wim optimism to the future 
of our Group. 

EDMOND J. SAFRA 

31st July, 1978 Chairman 


interim consolidated balance sheet as of 30th June 1978 


Assets 


30thjune 
1978 1977 

US$ 000's 


Liabilities 


30th Jane 
1978 1977 

US$ 000’s 


C ash m hand and halmren , 



Deposits, balances due to 



\ with banks 


83*954 ‘ 

nistnmprs anil mnw n-q-mes 

4007,548! 

3,051,683 

Bank certificates tffdcpoat 

365,248 

400,168 

Other SataEtfa 

336.151 

207,824 

Precious metals 

*1 48J044 

*75,841 


4343,699! 

3,259,507 

Knanrial paper 

443,602 

541^16 

Capital and loan fends: 



Government and mtunopel 



Sinking Fund Notes 2002 j 

21JOO j 

— 

bonds (USA and UK) 

400.636 

285,777 

Sinking Fund Debentures 2001 

50.000 

50,000 

Other bonds 

258^79 

300,831 

Sinking Fund Debentures 2002 | 

35,000 

~ 

Current accounts and advances 



Convertible Subordinated 



to cretonnes 

1,719,162 

1,233,566 

Capital Note* J997 

1L290 

12,500 

Investments 

4582 

9.047 

Other loins 

40.000 

40.808 

Rued assets 

46,658 

56,089 

Minority interests 

99*215 

44715 

Other assets 

132328 

70,551 

Shatix&fcis’ fends: 



B - - A 



Share capital 

24665 

24605 




Reserves 

174594 

154805 

... - 1 



Total Shareholders’ fends 

201,199 

179.410 




Total capital and Jcao foods- 






employed 

457,804 

327,433 


480L5Q3 

3^940 


4.804503 

5,584940 

cf U5$T42J 05,000 is 1978 £sd 



Contingent Ea&Hries: 



' - -tfGSS 70081,000 is 1977 



Letters of credit and guarantees 

195^0 

164226 


For the 6 months ended 30th June 


Net earnings after tax, minority interests and 
transfer to inner reserves (USS mflliom) 
Earnings par share 
Number of shares outstanding 


3978 

16.6 

pS$3Ai 

16,403300 


1977 

15.2 

US$0.80 

16,403300 


Principal Subsidiaries 

Trade Deydopment Bank, Geneva - Republic National Bank of New York, New York 

^ ' . Other affiliates and offices in; Beirut, Bogota, Brussels, Buenos Aires. Chirac, . 

Jrankfict, London, Luxembourg, Mexico City, Montevideo, Nassau, Panama City, Paris, Rio de Janeiro, SaO Paulo, Tokyo. 








Financial Times Wednesday August' 16-1978 


"NEWS 


House passes foreign aid 


few 


WORLD TRADE NEWS 


BY DAVID BUCHAN 

THE CARTER Administration 
weathered an important test of 
its ability to achieve foreign 
policy objectives when the House 
of Representatives last night 
approved a S7-3bn Foreign Aid 
Bill, with only minor further cuts 
in U.S. contributions to the 
World Bank and other inter- 
national lending agencies. 

The House defeated an amend- 
mentlproposed by Rep. Clarence 

Lone;, floor manager of tbe Bill, 
tn cut U.S. contributions next 
year to tbe inter-American 
Development Bank and the Inter- 
national Development Associa- 
tion nhe World Bank's agency 
for soft loans) by S5S4m. This 
move by Mr. Long, who had 
earlier engineered a cut of 
SSitm in contributions to the 
international aid banks. whi>-h 
he terms "the fat belly of 
foreign aid." was considered hy 
tbe Administration tn be a big 
threat to its credibility abroad. 

President Carter, who yester- 
day took Congress to task for 


failing to P^s much of his 
proposals on domestic policy, has 
recently had some success on 
foreign policy with Congress 
agreeing 10 lift it sban on U& 
arrabs sales to Turkey; its deci- 
sion not to force the President 
into early removal of sanctions 
on U.S. trade with Rhodesia; this 

following Congressional approval 

of ?aies of fighter aircraft to 

Egypt and Saudi Arabia; and 

ratification hy the Senate of the 
Panama Canal treaties. 

In the foreign aid vote yester- 
day. Mr. rarter had th esupport 
of the former Secretary of State. 
Dr. Henry Kissinger. He wrote 
to the Speaker of th eHouse. 
Mr. Thomas O’Neill. that the 
amount proposed for the inter- 
national aid banks was the 
absolute minimum needed if the 
aid programme was to support 
U.S. foreign policy and economic 
objectives effectively." 

Tbe Administration had also 
feared that — in addition to cuts 
in the absolute levels of U.S. 


WASHINGTON. August 15. 

contributions to the interna- 
tional agencies, and in particular 
to tbe World Bank and IDA— - 
use of U.S. money loaned by the 
World Bank and IDA. Mr. Robert 
McNamara, the World Bank 
president had said that this 
would be unacceptable to the 
bank. 

But the House only voted to 
forbid money to Cuba, which is 
not a World Bank member, and 
Vietnam. Proposed restrictions 
on aid to Uganda. Cambodia, 
Laos, Chile, Argentina, among 
other countries, were defeated. 

But the administration has 
objected to the House decision 
to freeze S90in worth of aid to 
Syria until Syrian forces cease 
their actions against Christians 
in Lebanon. The State Depart- 
ment commented that this was 
nor a help to efforts to make 
peace in the Middle East. 

The Foreign Aid Bill now 
goes to the Senate, which is 
usually less restrictive about 
foreign aid than is the House. 



Aeritalia and Boeing sign 1 
work-sharing agreement | w ith $soom 

BY PAUL BETTS ROME, August 15 power plan 


ROME, August 15 




Mr. Kjell Bjoerk 


AERITALLA. the Italian the aerospace activities of the Italian Parliament in lam i Darhv 

national aerospace enterprise. Statu IRl-Finmeccaniea group in agreed to give financial support j A,an r 
today signed a major risk-shar* 1969, is understood to value -Us to the Italian end of the pro-. KHARTOUM. August 15. 
ing participation agreement with share of the programme ul some gramme. r . .: -. s5 i S »inec of Ihe 

the L.S. Boeing group for the *2bn. . The participation of Aeritalia: WITH Tl»* assi ware 

production and development The deal also fulfils the in the 767 project is now likely i World Bank, Sudan is putting 
programme of Boeing’s new 767 Italian national industry's n> put pressure on Italy’s j together a $5QQm project to 
medium-range passenger carrier, greatest ambition in the civil national airline, Alitalia — j , n cr«?ase country's electricity 

The Italian group wjil he aviation field. For some time, which has already announced its' .. ca n a citv and to 

responsible for the construction Aeritalia has sought to lessen its intention tu buy the 76* 5 Euro- : ^ distribution net- 

of mo*t movable component:? or. dependence on the production pean rivaL rhe Airbus — . to. moucraiw -*»«. * 

the wings of Ihe new aircraft of military aircraft which cur- witch lt» the new Boeing, work. World Bank ©trials are 
and also for the radome or nose rently accounts for about 75 uer medium-rancc air carrier. _ : nowin Khartoum for talks On the 


and also for the radome or nose rently accounts for about 75 per medium-ranee air carrier. : now in K 

Vnlirnrlnr cone - cent of its turnover. j 0 hn Wyhw adds from -New; pro ject 

ijd 1 V dill IF Aeritalia said it will build the Aeritalia is also involved on York: The Italian agreement is H , n |. «, .neciedin 

MUV1 wins control surfaces, wing the constructinu of body panels expected to be followed by a j The World IBank is txpecteum 

u • j £ trailing edge, flaps. leading edge, and tail units for the McDonnell similar arrangement concerning, contribute about Swm orsoura 

Kinnan OT wing tips, elevators and the Douglas DC-9 and DC-16 aircraft. the 767 with a consortium of; hut Sudan must find 530um in 

l tw r U*- veruca! tail rudder, which will The Dalian group said here Japanese aircraft manufacturers.! j oca i currency. The balance is 

amount to some 15 per cent of today that some 100 Aeritalia including Mitsubishi. Kawasaki' peclC( j t0 \, t , raised among 
the 767 development programme, engineers will be collaborating and Fuji. , • Ar ah financial institutions. 

The deal, signed in Seattle. on the project with Boeing at So far. Boeing a launch of the ; Arab 
comes after nearly -even years Seattle as from next year. airirraFt i.- based on gn order For The British civil engineering 

of discussions and slop-go Aeritalia now expecLs to re-' 30- 'units from United Airlines. | concern. Sir Alexander Ginb and 
negotiations between Boeing and ceive some L150bn (about-. Several olher major U.S. airlines | partners, who built the Roseires 
Aeritalia. £l00tni from the Government to are' expected to follow suit. 1 Dam which generates i a bnnt <0 

Aeritalia. which currently em- go ahead with its co-operation although none has yet done so. | p( . r C enl uf the power distributed 
ploys about 10,000 people and with Boeing in the 7fi7 project. Th’e 767 is a 200- passe nser. : hy the Blue Nile grid system is 

was set up through the merger Aeritalia originally signed a .medium-range jet and ihe first ; involved m the project which 

of the non-engine aerospace co-operation agreement with- aircraft are scheduled for aims to meet Sudan’s electricity 
activities of the Fiat group and Boeing seven years ago. and tbe_ delivery to United in uiid-1982. needs until 1986. 

: About S5 iH*r cent of the elec- 
tricity distributed by the Blue 

TV v l O 1 A pi ' ‘Nile 'grid system, which serves 

Dutch confident on fibres 

j rated by hydro-electric station* 

BY CHARLES BATCHELOR ' AMSTERDAM, August 15. ! Under^he' 1 new pro- 

; jeet the Blue Nile grid will he 

AKZO. the Dutch chemicals and according to Mr. Ovezall. cussion of the cartel plan until i linked with thermal .-■tin inns in 

fibres group, is confident the Viscount Davignon was not ^October. H is then expected to [olher towns, possibly throughout 

EEC Commission will finally able to gain acceptance tor ft is 'analyse htc fibres industry’s \ country. 

approve a plan by the leading plan at the first try. but Enka -problems and to consider sun-; 

European fibre producers to re- believes agreement will come, able solutions. J 

duce capacity. Tbe plan put for- he said. If the plan is approved The Commission has strong, - * j. 

ward by the EEC Industry Com- this autumn, it is not expected doubts thai the cartel would bn| I n0I*|X|Hl 013.111 

missioner. Viscount Davignon. to beein to show up in the fibre authorised under the EEC's nor-i ~ 

has met strong opposition within companies’ results until thermal rules. Ut her measures, such | e TapJoii 
the Commission. second half of -1979. as special aid from the EEC's! JOE iiUl lJall 

Akzo. whose Enka fibres divi- One element of the plan is to regional and social funds to, is 

sion is one of the big producers scrap excess capacity, as opposed cushion Ihi* impact of reuunuan-j au*hm *— 

involved, has well-founded re a- to merely taking it out of com- cies would bo preferred by one ! THREE Japanese companies i 
sons to believe that the pian will mission. Akzo’s extensive body of opinion. { have won a S65m export order ; 

be approved, if in a modified retrenchment over the past four Discussion of ihe plan began- j rfim Jordan's electricity 

form. Akzo’s administrat. e dir- years means rh3t any new agree- last autumn among the producers ; u f hori | V („ build a lh«*r:nnl 
ecror Mr. Ruud Ovezall toid a merit to cut capacity would only.' and a formula tvav finally worked, p [ ec j rl( . ’ pf.mC no.tr Amman. 


Swede 


Industrial output rises by 0.5% 


BY OUR OWN CORRESPONDENT 


U.S. INDUSTRIAL production 
rose by 0 5 per cent last month, 
the Federal Reserve announced 
today. This was ibe same in- 
crease as that recorded in 
revised estimates for May and 
June 

Fed economists regard this 
essentially flat performance for 
industry — increasing 3t an 
annual rate of 6 per cent over 
the past three months following 
the large rises r«f 12 per cent 
in March and 1.6 per cent in 
April — as satisfactory. Rut they 
t-oncede that increases in indus- 
tr'ai production may tail off 
inwards the end of the year, 
along with the overall growth 


Congressmen 
told of plot to 
kill Dr. King 


rate of the economy which is not 
now expected to he more than 
4 per cent this year. 

The July production index is 
4.S per cem higher than a year 
earlier, with the increase in 
consumer goods at t.3 per cent 
only and that for equipment 7.2 
per cent higher. Fed economists 
say this was to be expected of 
the now rather ageing growth 
cyrl e in the U.S. economy, with 
consumer demand giving way to 
increased fixed asset Investment 

Output increases in business 
equipment rop 0.9 per cenl) and 
construction supplies fup 0.7 per 
centj uhirh together account for 
most fixed asset invest menu led 


WASHINGTON, August IS. 

the increase In the July index. 
Durable goods materials output 
rnse by l per cent in July, reflect- 
ing strong production in steel and 
equipment parts. But output of 
nnn-durable ponds materials 
remained stagnant. largely be- 
cause of strikes in the paper 
sector. 

Overall production of consumer 
goods rose 0.3 per cent last month, 
while the output or car plants 
rose only fractionally from a 
seasonally adjusted annual rate of 
9.3m vehicles in June to 9.4m in 
July. This coincides with the 
traditional switch-over in many 
car plants in the summer to new 
models before the new model 
year starting in the autumn. 


Tighter control in Brazil 
of loans from abroad 


w BY DIANA SMITH - RIO DE JANEIRO, August 15. 

M a rti? S ?,S!^ d KU he hL? e tSd THE MONETARY authorities in foreign debt is estimated at 
Martin Luther King has. told Brazil have imposed a further S38$bn with hints that it could 
Congressional investigators- he f reeze on the conversion into reach S40bn by the end of the 
believes that a conspiracy was j oca | curren cv of foreign loans, year 

Si a f °o he 711X15 have S0UEht - t0 post - Meanwhile, inflation .continues 

ni IhfriJthI “in P oae uatl1 aext year an Increa ? e W rise, provoked by rising food 

Dr. Ralph Apernatn.v, woo !n the domestic money supply prices, although the latest whole- 
took over from Dr. Kms asbead. which would be caused by con- sa ie price index figures were 

° f , t?* SS. t nr ^ ersion ™. w ' nt0 c ™ 7e! ™ s of joggled so that the price of 
Leadership Contercnce. said Dr, . loans arriving from abroad. maize, a staple item, was in- 
King apparently knew from* The first postponement, of 30 c [ ut j e d in Dip index at a set 
some source * of the impending j days, was decreed in June. This ra the r than the market, rate to 
assassination attempt. ' . was followed by a 120-day freeze ma ](P tbe overall figure less 

He told htc House of Repre- j n late July. Now. the period has jnJated 
sanative* .Assassinations Com- j been extended m 150 days— - Continuing bad weather proh- 
nnttee at the start of public meaning that loans received on jems-now snow and frr«ts in 
hearings into the murders of Dr. | or after August 14 cannot he con- fh(1 s0lUh ra ther than the 
King and President Kennedy i verted before January. 1979. destructive' droughts of the 

that he had no independent ■ As a complementary measure. ear |j Pr nar , 0 r t h e vear— mean 

evidence of a plot. ] the authorities have again thaf rjs j n , roud pric e S w ilt con- 

But be cited the fact that the ; raised the interest rales on , jril(e l0 push up the cost of 

convicted killer of Dr. Kmg.j Treasury notes and bills tn make jj v j ni? • . 

James Earl Ray. was able to; the open market more attractive, The official inflation rate for 
travel undetected tor two | and to attempt to mop up sur- the vear en ded last month 
months after the shooting which; plus cash. reached 38.8 per cent and ex- 

look place at a motel in ; The impact of foreign loans on needed the government target hv 
Memphis. Tennessee in April., the Brazilian money supply has ^ per cent There are few 
1968. Ray was captured in [increased in 197S. as both state- s jon S of improvement for - the 
London. I run and private enterprises res j. j 0 jjj e y ear 

‘‘1 believe very firmly that it I resort to foreign markets for 

was a political assassination. 1 ! funds. Foreign exenange re- « ■ c l 

beiieve that it was a conspiracy, serves in Br3i*ti ar ®. - n ™ 0 ^ r i a " ttananias DSn ClaSu 
a nattempt to kill the drem of ordinarily high, at S7.55 l.Sdd in Ten lobster fishing boats manned 
whites and blacks," said Dr. April and estimated at close to by Cubans living in the U.S.. pari 
Abernathy. $9Sbn now. (Figures are officially 0 f a of 30 alleged to be 

Earlier, discussing the day Dr. announced by the Central Bank poaching in Bahamian waters 
King died, be said, many people thre months after the fact.) have been seized by Bahamian 
felt that he had a premonition The explanation Given for this gunboats, Nicki Kelley writes 
or maybe some knowledge. striking sum bv the Treasury from Nassau. A 14-year-old boy 
Dr. Abernathy was with Dr Minister. Sr. Marin Simonsen. is aboard one of the essels was 
King on the motel baJcnny when I the wish to leave the next shot and critically injured when 
he wa» shot but. Dr. Abernathv j Government, due in take office in the Tobstermen tried, it was 
toid the panel, was never! March. 1979. with a “ comfort- reported to ram the three patrol 
questioned bv federal agents uriable" sum in hand to meet the craft. The Bahamas banned 
local police. ‘ debt service obligations in 19S0- foreign commercial fishermen 

Reuter 1 1981. Meanwhile, the gross from its continental shelf in 1975. 


The head of the subsicrary in 
! El Salvador of the S» ?di?-h 
! L. M. Ericsson telephone com- 
I pany. Mr. Kjell Bjork, 37. has 
been kidnapped, the company 
reported, John Walker writes 
from Stockholm. So far. mother 
tbe kidnappers nor tfreir demands 
have been made known. A spokes- 
man for tbe company in Stock- 
holm said that this was the first 
time an Ericsson employee work- 
ing abroad had been kidnapped. 

Gold auction bids 

The U.S. General Services 
Administration said ii bad 
received 19 bids for the 3un.n00 nz 
of gold it is auctioning fur the 
U.S. Treasury. Reuter reports 
from Washington.! Swiss Bank 
Corporation bid For U2.<niQ oz 
at from $213.23 to KI1.M. 
Dresdncr Bank of Frankfurt bid 
for 64,000 oz at 5213.56, 32.0mi oz 
> at S2 13.73. 32.000 oz at 5213.61. 
I32.0D0 oz at S2 13.51, 32.000 or at 
I S2L3.47 and 32,000 oz at S213.4I. 

I Canadian inflation 

j Canadian consumer prices last 
• month rose ai the fastest rale in 
more than three years, up 1 -i per 
cent after a 0.9 per cent me in 
June and a 1.4 per cent increa i c 
in May, Reuter reports from 
Ottawa. The July year-nn-year 
inflation rate was 9.8 per cent, up 
from 9.2 per cent in June and the 
highest since November, 197a. one 
month after the Trudeau Govern- 
ment imposed wage and price 
controls, which it is now- 
dismantling. The July index, 
base 1977, stood at 177.7. 

NYC racial attack 

About 20 white men shouting 
racial insults used baseball bats 
in an attack on two coloured 
women and three men in a 
Brooklyn Street, Reuter reports 
from New York. The victim's, 
aged between 14 and 29. suffered 
bone fractures and other injuries 
before the club-wielrilne gang 
fled. The attack resemblr,.! one 
earlier this summer when several 
youths with baseball bats attacked 
and injured five people in Centra i 
Park. New York. 

Memphis treaties 

Troops guarded -nr ike-hit 
Memphis. Tennessee yesterday 
and tried to cope with a flood of 
Elvis Presley fans as firemen 
joined a police walk-out. Reuter 
reports. The mayor -=aid that 
striker^ were harassing other 
workers and trying to shut down 
the entire city. With fan-s pour- 
ing in for the first anniversary 
of the rock and roll singer's 
death, about half the city’s 1,400 
firemen ignored their uotoo 
leaders and walked out in sup- 
port of police pay demands. 
.About 1.2U0 men of the 
Tennessee National Guard 
patrolled the streets and guarded 
12 of 51 fire stations <uiU open 

AMERICAN COMPANY NEWS 

Store groups optimistic after 
quarterly advance; Pilots cod 
North-West Airlines strike: 
Canadian Pacitie np at half-way 
— Page 20 


Dutch confident on fibres 


BY CHARLES BATCHELOR 


AMSTERDAM, August la. 


Thermal plant 
for Jordan 


ecror Mr. Ruud Ovezall toid a ment to c*uf capacity would only and a formui.i n.iv hnam- worsra, £, footr ic pl.inl no.tr Amman, 

press conference. have a marginal effort. nut aimed at bringing capacity , 3nn(llin ,. lt| j n k . mam contractor. 

The plan for a market-sharing The scrapping of plant would use up in sihmii 94 per cenL/Jf c ltll)l 
cartel is not an attempt to inter- have little impact on Akzo’s asset. level at which iirofit should again ■ " . 

fere with the market mechanism, position, since plant which has be- possible, from present levels ; The company k.ihi ihL o air 
The market has already been been shut down has already been of 60 to 70 per cent. European} firms are Miji I'-lecinr. w..i i 
distorted by subsidies given, not- largely ■written down in the com- fibre industry losses have totalled | will supply tw“ liirnmc.i. anu 
ably in Italy, to increase capa- party’s books. more than S2hn in the past three. Kawasaki Heavy rnaustnes, 

city. The carted is an attempt The EEC Commission decided years. . which will make the boilers, 

to return the market to normal, in July to postpone further dis- Akzo results. Page 20 } Reuter 


Reuter 


CHILEAN PRESIDENT MANOEUVRES UNDER PRESSURE 

Two strong cards still in hand 


Freightliner 
to market 
Volvos 

By John Walker 

STOCKHOLM. August 15. 

VOLVO, the Swedish truck and 
car manufacturers, have signed 
an agreement with the American 
Freightliner Corporation, a sub- 
sidiary of Consolidated Freight- 
ways. to market Volvo trucks in 
the U.S. and Canada. 

The agreement covers servic- 
ing and stocking of spare parts 
and will come into operation on 
January 1, 1979. It will give 
Volvo access to about 200 sales 
and service stations. 

On the North American 
market, Volvo has sold more than 
1,000 vehicles in the medium 
weight class. Sales this year are 
expected to rise to about 700 
trucks. The total truck market 
for vehicles above the 15-ton 
class amounts to about 170,000 
vehicles. Trucks in the 13- to 17- 
tun class, on which Volvo will 
concentrate, will cover the 
medium- and short-haul segment 
of the market and will account 
for about 30,000 vehicles. 

O Massey-Ferguson announced 
that it is to supply S70m worth 
of tractor components to Iran, to 
be shipped mainly from its UK 
plants over the next 12 months. 
The components will be used by 
Iran Tractor Manufacturing to 
produce tractors in Iran, with 
the aim of achieving 45 per cent 
local content next year. 


S. African investment in 
Israeli wharf likely 


Ushiba for 
U.S. talks 


| BY L DANIEL 

A SOUTH AFRICAN group. 
Murray Roberts Holdings, is 
ready to invest in the constntC- 
; tian of the new coal wharf 
which will have to he built near 
Hedera. whore Israel’s first coal- 
fuelled power station is now 
going up. 

The group composed uf 
Murray Stewart of Cape Town 
and Roberts Construction of 
Natal — appears to be the only- 
serious contender as of now for 
the construction of the wharf, 
which will cost S35m to SlOOm. 
depending on how far out to sea 
it is located. The company has 
bad a man in Israel for the past 
two years. 


TEL AVIV, August 15. 

There has been no formal 
comm n ment as- >vl as no final 
dvciMon has .boon laken so far 
hy i he Israeli authorities on 
whether the unloading of the 
coal should taqe place at Hedera 
or in Haifa port. 

If Hedera is approved. Mu ray 
Roberts intend lo organise an 
international consortium in 
which the Israel Government 
and nr the Israel Electric Cor- 
poration arc aUo likely to 
participate. 

Murray Roberts would get a 
25-year concession toi the un- 
loading of the coal. This con- 
tract could be terminated by 
the Israeli Government, it is 
learned from, company sources. 


TOKYO. August 35. 

JAPAN'S External Economic 
Affairs Minister, Mr. Nnbubikn 
Ushiba. said he will v»>« Wash- 
ington on September 6 for three 
days of talks on trade problems 
connected with the multilateral 
trade negotiations. . 

Mr. Ushiba told a Press con- 
ference that the talks are 
expected to centre on U.S. 
demands for increased Japanese 
imports of American oranges and 
beef. 

Agriculture Minister. Mr. 
Ichiro Nakagawa, will also attend 
the talks after a twn-dav visit tn 
South Korea for Ministerial 
consultations, he said. 

Reuter 


Gas export outlook bright 


EXPORTS from major natural 
gas producer countries should 
more than double to 12.63hn 
cubic feel by 19S5 from an ex- 
pected 5.05bn tn I960 and against 
2.1 6bn in 1977. the Bremen Insti- 
tute for Sea Economics said 

The U.S. as the largest natural 
gas importer will have an esti- 
mated import demand of 1.82bn 
cubic feet in 1980 which is 
expected to rise 240 per cent to 
1985. ir said. 

The West European require- 


BREMEISI, August 15. 
ment is seen at 1.63 bn cubic feet 
bv 19S0 rising 77 per cenl to 19S5 
while Japanese demand is put 
ai l.Glbn in 1980 then rising 
177 per cent to 1985, it said. 

Algeria, which is the largest 
natural gas producer, is seen 
having gas exports at 6.6Sbn 
cubic feet by 1985, over haif the 
tutal gas export market, and 
compared with estimated expnrts 
at 2.98 bn cubic feet in 1980, the 
institute said. 

Reuter 


Steel petition 
withdrawn 

PITTSBURGH, August 15. 
National Steel Corporation 
i said it had withdrawn its anti- 
; dumping petition charging manu- 
facturers from six European 
nations with dumping steel 
sheets into ihe U.S. 

The company said it believed 
the facts supported its allega- 
tions but added that further pro- 
cessing of the complaint would 
divert Treasury Department man- 
power which cnuld better be 
used in the administration of the 
trigger price mechanism. 

Reuter 


BY ROBERT LINDLEY. RECENTLY IN SANTIAGO 


PRESIDENT Auqusto Pinochet 
functions best when he is in 
trouble. He demonstrated this 
again in January when, under 
pressure from armed forces 
officers internally and from 
human rights groups abroad, he 
called for a lightning vote on 
the question of whether the 
Chileans supported hi/n or noL 
General Pinochet wnn over- 
whelming support. But despite 
this he is now in the most 
serious trouble he has been in 
since he seized power nearly five 
years ago. 

Last month, he successfully 
brought off the sackins of Gen. 
Gustavo Leiuh hmli as Air Force 
commander-in-chief and a-? a 
inemhpr-— rhe third most power- 
ful — of the four-man military 
junta. But the victory was 
expensive. All hut two of the 
remaining 20 serving Air Force 
generals either were forced on 
the retired list hv rhe expulsion 
of Ge.n. Lcich or resigned in 

sympathy with his call for a 
return io democracy in Chile 
within five years. 

Now the U.S Stale Department 
will ask for the extradition or 
throe Chilean army officers, in- 
cluding an associate of the 
President. Gen. Manuel Con- 
treras Sepulveda, for trial on a 
charge of murdering by setting 
off a bomb the former Chilean 
Socialist Foreign Minister. Sr. 
Orlando Leteifer. and art 
American associate of his, Mrs. 
Rnnni Moffit. who was also killed 
in the explosion. The incident 
occurred in September 19* n. 
Gen. Pinochet gave another 
demonstration of. his political 
skill hv plating the three former 
functionaries of rho nnv defunct 
secret service. D*na. under honre 
arrest almost the minute the 
indictment*; were announced in 
Washington. 

Gen. Pinochet's swift com- 
pliance with the terms of the 


1902 U.S-Chilean extradition 
treaty caused much surprise in 
Chile, where it had been 
generally expected that he would 
defy the Americans. The 
Chilean Supreme Court will now 
have to judge the merits of each 
extradition petition and make its 
decision. There are many doubts 
about the Pinochet regime’s, 
insistence that the judiciary in 
Chile is entirely independent, 
but the Carter Administration is 
not likely to ease its pressure on 


waters, which are at the southern 
tip of South America. 

There are those in the officer 
corps who would like to see 
General Pinochet got rid oF. on 
the Grounds that overnight. 
Chile's bad image abroad would 
greatly improve. For these, of 
two tempting dates for getting 
rid of him are approaching: 
August 20. the bicentenary of 
the birth of the hero of Chile's 
independence from Spain. 
Bernardo O'Higgins — who 


Officers in the armed forces admit their fear of 
revenge by friends and relatives of their victims, 
should the military government disappear 


Gen. Pinochet tint;] it has 
received satisfaction over the 
extraditions 

Six weeks ago rhe U.S. 

Ambassador. Mr. George Landau, 
was withdrawn from Santiago 
because the State Department 
wanted more co-operation from 
Gen. Pinochet m the invest iga- 
tmn of the murders. President 
Pinochet complied. and 
Ambassador Landau was back 
in the Chilean capital within a 
week. There were reports from 
Washington that President 
Carter would have broken 
diplomatic relations otherwise. 

Can President Pinochet block 
the extradition of the three Army 
officers? There has been no 
denial of a report that nine of 
the 2S members of the Array’s 
council of generals demand that 
Gen. Pinochet settle Chile's 
differences > with the United 
Slates over the Letulier case, 
and also those with Argentina 
over the Beagle Channel boun- 
dary dispute, which could lead to 
war. Argentina im unilaterally 
declared null and void an inter- 
national court's award to Chile 
uf the disputed islands and 


resigned when discontent with 
his Government became 
generalised — and September 11. 
ihe fifth anniversary of General 
Pinocclict's cOup d'etaL 

But the President has two 

strong cards to play. The first 
relates to the fact that Chile’s 
middle class is the largest, in 
relation to its total population 
of any country in Latin America 
— comprising some third of the 
country's 10m inhabitants. This 
middle class associates the 
Allende Government deposed by 
General Pinochet in 1973 with 
chaos. “ The replacement of the 
military Government,” the 
general said rerently, u will bo 
the end of Chile.” In other 
words either me, or the chaos 
Chile’s middle class so fears. 

His second card relates to the 
terror which followed the 1973 
coup. According to the World 
Council of Churches, • 30,000 
people were killed and 3,000 dis- 
appeared during the year follow- 
ing it Although few political 
prisoners are left in Chile (the 
Government say there are none*, 
the Chilean Roman Catholic 
church’s Vicariate of Solidarity 


still lists 615 persons missing 
after having been arrested by 
security agents. 

Armed forces officers, all of 
whom were involved in the 
public mind in the repression 
following the coup, admit their 
fear of revenge by the friends 
and relatives of their victims 
should the military Government 
disappear. 

President Pinochet ascribes 
the pressures on bim to “a little 
group . . . who have made me 
their target because I haven’t 
opened the doors to the politi- 
cians by so much as a single 
centimetre.” 

His assertion that there is no 
political activity in Chile today 
is, however, untrue. All the 
parties— except the Marxist ones, 
which were outlawed at the time 
of the coup — are officially “in 
recess," but actually most are 
functioning more or leas openly. 
The Christian Democrats, the 
largest party, have taken the 

initiative to establish a eon of 
a front with the Radical Party, 
which embodies Chile's social 
democrats, and was part of the 
late President Salvador Allende' s 
Popular Unity Front. The 
Christian Democrats and the 
Radicals, together with the right 
wing of the divided Socialist 
Party, realise the futility — with 
Gen. Pinochet in power or out 
—of pushing for elections in the 
near future, and are trying to 
achieve something they ciH a 
** minimum consensus " for a 
transition period. 

The two Immediate aims of 
this embryonic opposition front 
are. a revocation of the Govern- 
ment’s more repressive measures 
3od a change in the junta’s 
economic policy, which is 
founded on the principles of the 
Chicago school of economists. In 
these aims they hvae the support 
both of the labour unions and of 
the Catholic Church. 


JAPAN AND THE CARIBBEAN 


Paying the price of parsimony 


BY DAVID RENWICK IN PORT OF SPAIN 


THE U.S. 8120m or go a year in 
trade that Japan does with the 
12-territory Caribbean Com- 
munity and Common Market 
(Caricom) is now endangered by 
a determination on the part of 
some member states to “punish" 
that country for what is con- 
sidered its parsimonious attitude 
towards financial assistance for 
the area. 

The issue surfaced at the first 
meeting of the Caribbean Group 
for Co-operation in Economic 
Development in Y/ashington 
earlier this year when Japan 
which attended and sat in on 
most of the discussions, declined 
to commit itself to any additional 
aid on a multilateral basis, at 
least for the first year of the 
newly-established Caribbean 
Development Facility. 

The U.S. 3112m -pledged by 
individual donor countries and 
international agencies for the 
next 12 months was mainly 
offered by the United States, 
Britain. Canada and Venezuela, 
among others. 

The Caricom feeling was 
succinctly expressed by Mr. 
Henry Forde. Ihe Barbados Mini- 
ster of External Affairs who 
declared after tbe meeting: “ We 
did not find Japan, a rich and 
mighty nation, very forthcom- 
ing and we let it be knowm that 
Caricom would be discussing 
joint action in tbe matter, with 
a view to shutting Japanese' 
goods out of tbe region, if 
necessary” 

Antigua, one of the smaller 
regional territories, which was 
represented at the Washington 


conference by Mr. Lester Bird, 
its deputy Premier, has already 
decided to put ail Japanese 
goods under licence, which 
means that special permission 
will henceforth have to be 
granted for imports. 

While it is likely that further 
methods of *' retaliation " against 
Japan witi be undertaken, if it 
does not change its mind on the 
aid question, it remains tn tie 
seen whether a concerted Cari- 
com position on rhe matter can 
be achieved, given the differenr 
interests, and stages of deveiup. 
men. of the regional partners. 

Japanese goods also still- tend 
to have a slight cost edge on 
competing imports, despite thy 
appreciation of ihe yen on 
foreign exchange markets, and 
Caricom -countries, beset as they 
are with inflationary pressures, 
would presumably find n dif- 
ficult to justify to businessmen 
and consumers the rise in prices 
that would result from having to 
switch to more expensive 
sources oF supply 

Given Japan’s reluctance ro in- 
crease aid (lews on a multilateral 
basis tits only contribution in 
tliis direction so far hem* a 
Japan Export-Import Rank 
S$.3m loan to the Caribbean 
Development Bank, none of 
which has yci been drawn 
down), one possible method uf 
adjusting the imhjl jnee. between 
the two Sides would be increased 
Japanese purchases of Gam-mu 
goods and a stenped-up pro- 
gramme uf Japanese investment 
in the area. 


The latter is the solution that 
rends to be favoured by the 
Trinidad, and Tobago Govern- 
ment, which has the highest 
level of economic relations with 
Japan Of any Caricom state. 
Trinidad and Tohugn bought 
TTSIBSJhn worth of goods from 
Japan during Jamury-Oelober 
Iasi year— 8.8 per cent or all int- 
purts in the period. It has also 
llujied a number of loans on Hie 
Japanese market, the most re- 
cent being a Yen lObn 12-year 
bond i»ue, at 7,6 per cent. 

Dr. Eric Williams, the Prune 
Minister, paid a rare tfor turn) 
overseas- visit to ' Japan tn 
November, 1974. This was fol- 
lowed by » trade mission in 
May 1975, led by the then Minis- 
ter of Industry jiid Commerce, 
Mr. Errol Mahubir. 

The mission's efforts could m: 
be described as wildly successful 
— Trinidad and' Tobago's exports 
to Japan- were ;a mere TT 8L2ra 
in January ■October last year, 
leaving -» balance in Japan’s 
favour of- TP SlM.rm— but. In 
ihe near future, the country till 
be producing the more sophisti- 
cated kind' of -product for which 
: there may be greater demand in 
the Japanese market, such -is 
steel, liquefied natural sas 
(LNG), fertilisers and methanol. 

This type of Industrialisation.- 
based -on -the ; availability in 
Trinidad of natural gas and dieno 
energy, la nor likely to be 
emulated elsewhere In Caricom. 
whi*ru indigenous energy re- 
sources arc limited (as in 




Barbados) or extremely expen- 
sive to exploit Us tn Guyana), 
so the hotter opium for most 
Caricom members is probably to 
attempt to attract exchange flows 
in the form of direct Japanese 
investment. Differences In 
Foreign Investment policy, how- 
ever, may nut make this alterna- 
tive appealing to all. 

■ Although the Man ley Govern- 
ment in Jamaica, under its 
rei-ent agree ment wth the IMF. 
seems more prepared now to 
welcome foreign capital, im-lml* 
ing that frum Japan, than u h.r. 
been for thu last few years, the 
stand of iho Forbes Burnham 
Government , n Guyana, is still 
.ulnuaUy one of extreme caution, 
even mild hostility, toward* 
direct external investment. 

Tr.inidad and Tobago,- -for its 
part. Is willing to accept 
Japanese capital, on the basis of 
joint venture investments with 
the , Government u r local com- 
panies. 

arrangements could 
possibly also extend to fishing 

a™ 5 the Caribbean 

The Antigua Govern- 
already warned 
that it will take steps to $fnp 

trawJers { ram operat- 
ing. In US waters- . 

since small : territories with- 
out back-up n-ivul ' futilities 
would find It difficult t« mnVc 
in's kind of threat effective, it 
seems the host approach would 
ni? not tu * rv to beat thn 
Japanese hut to join them in 
joint exploitation of regional 
fishing resources. 


' Jr,:--. - 






iJKnanGM^Tim^SWe^ esday:' A'ngnst •16~1978' 














Amotonngwriterrecently described our new 
two litre saloon, the Kit 132, as a bit of a wolf in sheep’s 
clothing. Obviously hefound the body shape too quiet 


Certainlyd|esrft look hke something out 
of 2001, we agree. But tofpur eyes it’s unostentatious, 


of the 132. Did he find ft indulgent 


ling to the interior 
, plush and over- / 


it’s sur- 


prisingly comfortable Und well 
equipped with one or two 


original touches- sun ypbrs 
that slide into the rooff 


out of harm’s way, for example. 

However, there can be no doubt about the wolf bit. 
When you switch, the engine on it positively growls. 

A twin cam, fast breathing engine with a pro- 
gressive twin choke Weber carburettor delivers 112 bhp 
and a top speed of 106 mph* 

. - For an information pack M m 

with the full specification MsBSgs^L . 

road test, colour choice and details of our Mastercoven 
warranty, write to the address below. 

If you are also interested in 


our Fleet leasing scheme, 
let us know and one of 


ourrepresentatives 


will come to dis 


cuss it with you 


JSL 


V: 










a. - *» 1 

^«6*; • 


If V ' 



The Fiat 132-two litre. 








■ * 


: ■ - ■» 



mmmrn. 


J 


V. 


V-' : 




ISnuTTT nffiRU its: Fiat SpAD 




2 LITRE. £449459. PRICE i 


5 AND DELIVERY CHARGES.PfflC£ CORRECTAT TIME OF GOING TO PRESS 












Financial Times Wednesday August 16 1978 


HOME NEWS 


Australia 
air fares 
may be 
reduced 


Rails imported by 
British Steel 


By Michael Donne 


BY JOHN LLOYD 

THE British Steel Corporation noise. ington has been resumed this 

has had to import between £2m- Most of the rails normally are week after a two*week holiday at 
£3m worth oF rails from France supplied from the Corporation’s the plant. Talks are going on to 
in order to keep supplies flowing Workington plant, which pro- settle the dispute, 
to British Rail at pre-arranged duces about 5,000 tonnes of rail Importing steel products from 
levels, a week. other countries is m line with the 

afore than 10.000 tonnes of corporation's policy. ■ 

rail has been bought by the Policy Sip Charles Villiers. chairman. . _ 

Corporation from Sadlor, one of J has said that suppliers would not ■ By David churcnni 


Inquiry 

called 
on UK 
poster 
industry 


• NEWS ANALYSIS— THE CHRYSLER TAKEOVER 

Dealers on the marque 
to retain all outlets 

\ BY MICHAEL CASSELL 

TIME WILL test; assurances ' 'The Chrysler dealership organ!- »oM J5.44G can 

from France that the distribution sation in. the UK employs about durnw ; the ampnM 1 ^ 

operations supporting the com- 25.000 people and handles the ™“P a 0 f t St “ommSSS 

pames involved in the proposed fu l ranee of Chrysler and SUnca number Of ‘I* 0 ,}*-* 1 

Peugeot-Citroen / Chrysler deal Jars, including the Alpmc ^ 

will be preserved intact — but Avenger. Sunbeam, and Hunter Citroen has 234 dealer, tn nis 

J*?: M** AJEFffLSSS "Btata « 


™ AUSiniiaa AT5ms ' that the Corporation had met its Steel Trades Confederation, 

port Minister. target delivery dates for the The Corporation said thi 

jhe present cheapest ra ji s _ British Rail is replacing go-slow had seriously afl 

scheduled service fare between existing track with continuously production. 

economy 3 " 1 * advance " p^chS weIded s,eel railS ’ which reduces Normal P roduction at — at “* e .. Poker'Gron^-as well as trade ■BP'S* to "£ 'Start. at the “moment they dealers are In *«* nppjg- 

Excursion fare, but it is under- associations and other orgamsa- lf th^deai caes thSmJh fcave dTfferent characteristics and there arc J'J FH ‘' l „ p as n J 1 ^R y t ^5j2 e *J 

stood that the rates now planned __ * m-w . — lions asking for comments on resolved if the deal goes through ^ maintained their indepen- selling motor cars of all types m 

Win be substantially below that nA^niln /vi* «*ATT7 r<V7rf AVM f /\w Its draft terms of reference for All three marque names have dehce despite the integration of t rance than m toe UK ana mat 

level. I leiailS OT new SVStem IOr the inquiry. The companies behind them well-established, S^tU; companies in France in there is some swing ! back to 

Mr. Nixon, speaking in the V/ Vl MAV' f f concerned have been given until independent distribution and „ muUWranvhise w 

Federal Parliament in Canberra. September S to reply. marketing organisations In toe ■ Trogcot has 226 dealers sell- ^'g**??** 1 *, 

declined to say what the new 1*|* • • Their replies will then be UK and yesterday all were mak- iwo its products in the UK and Citroen ,a po markets oasw 

fare. »ould because “Slough Slip 1 *1^1111*51 11PP firPlTIllllTK taken int ° " rh ™ ,he “ d “ r , th V th .? "“W-”' UuJs for more ■. It «ants to model opt.onj ■ ^ 

“ very sMisfMory disuissioM lllC 1U3U10ULC U1 C1U1U1U3 Office of.Fair Tradins.asta the things to stay Just as they ate. -ana at least another 30 or 40 wita aprlee 

had been held vita .he U.K. on r Commission to investigate the Peugeot expressed the feelings to Join its two-t.er system" -^o^pJLttee SlSmafro 

them. Australia was still negotia- BY -ERIC SHORT mdustry. of its “other hair in emphasis- regional distributors ami local ^CVto its i reside 

ting with i he U.S. on mins- The British poster industry ing that neither distribution' dealers. On January I. W79 ftmseienmomns 

Pacidc fares and with South- ^ „ , , . . accounts for just under 4 per o peart i on in this country believed however, the system is beinq 01 • :«T ihi«- rnnAtew 

Ejs[ Asian countries on the UK/ DETAILS OF the new system any deficiency in the life com- premiums to keep the level of cen t of all media advertising it would have achieved the same overhauled and all dealers will pnvate vehicles this couwg 
Europe- \usirai ia nues under which life policyholders panys cash flow is minimaL premium unchanged and in- expenditure. with current spend- level of sates and market pen e- have "direct status.' avainM 13.O0S In the . pe bd 

He confirmed however that will pay their premiums net of The new system also extends crease the benefits. ing around £5(Jm a year. tration if they had worked of ni 9 J 1 ' ♦« whlrh Hipv 

thfn^wrTuSunuid be“ much tax were S’!® 0 yesterday. Pro- the limits to which tax relief This new system originally The Office's decision to initiate together. Chrysler said it in ArtMQ l ™roSr»hntionor 5 anS 

clwaoer Uim anvihina IvaiTabie nsion for the chan 8 e - due t0 applies Previously. Uie limit was formed part of the tax credit a Monopolies Commission in- expected its sales network to All 601131 *“£? » h dl taEX? 

todov” dU ' Uin ° " ,tl,aWe start next April, was made in one-sixth of tout income. Now system propored by Conservative quirj— wh:ch is likelv to take up regain a separate entity. , - . , _ _ t,on ?;, 1 mainHtolnri 

y ‘ the 1976 Finance Act and the the limit is either one-sixth of Government in 1972. At the time t0 j wo vears— appears to be although it could not dismiss the The majnnly of Peugeot would he able to maintain ana 

One* of i he problems Mill in necessarv regulations have now income or £1.500, whichever is of the introduction of the new: based on 'the devetopment with- possibility that It might dealers handle the company* justify t heir own muepenacnce 

the way of ihe cheaper fares is been published. the sreater. scheme in 1975 as part of the! in the industry of a consortium eventually he handling Peugeot cars exclusively and it will IS hive an 

(lie atutuae ..t ruu nines such as Under the present system, life m order to determine eligi- IMF package, it was stated that of e i ght leading companies to and Citroen models. appoint a mu lii-franchiae dealer The new group would naiL M 

Smjjapi -re. which wants to ensure policyholders pay ' premiums bility. life companies will have it would save 1.500 jobs in the m anacc poster advertising Chrysler, understandably, has only if it does not involve the jr* hands a ana n«i n tod 

that any new cheap fares on the gross to the life company. They l0 as k further questions on The Civil Service. The Inland nationally. the largest distribution network selling of m«*n* than one mutni- flictifi«h tmefi m smnii ana 

UK- Australian route continue to then claim tax relief from the proposal form and seek addi- Revenue still claim that more * of the three For its models. The fecturer's vehicles from the medium >uo tamiiy 

provide for the “Singapore stop- Inland Revenue — providing tinnal declarations. The regula- than 1.000 Jobs will be saved Pnmnpfp group has about 650 dealers in ettme source. the future row and sxai. oc 

over.” their policy qualifies for relieF tions set out procedure for life The life companies themselves u P th e UK. of which 400 represent Peugeot dealers m the UK three. kT 

This is a system whereby. ‘for — . b r ^ thelr ta e x «*?« companies. claim that the cost of changing The consortium’s operating larger operators dealing directly offer 19 basic m^eloptionsin v in th !f IL extent of “any 

a small extra amount, a adjusted. The rale of relief Another problem thrown up administration procedures has i company- British Posters- was with, the manufacturer. The toe pm ate car sector, ran^in, w ^ lch snowed 

passenger can stop off for up Snntedjs « bawc rate only on by tbe change re i ated to prem- cost toe industry at least £l0m- formed in 19/1. to provide a remainder tend to be smaller from p? y m nl . ths Q( Se fonnation of the biggest 

to 4S hours en route, with either one v*™* 1 of iums paid by banker’s standing collectively. The Life Offices', national advertising service. The companies, many of which are In the first seven « motor manufacturer in EuSpe. 

Tree or very cheap hotel accom- premiums. order, direct debit or deduction Association yesterday . issued a individual companies did not serviced via the mam dealers, this year, the dealer nawork motor uunuunur r f 

modation, and other discounts. The new system proposes that f rom pay . Banks and employers background memorandum des- have the resources to provide the — — 

Singapore, in particular, gets poticyboldem automatically get deducting life contributions from cribing the new system and has national service required by • j • 

much Df its tourist traffic from “L e ‘Respective of employees' salaries have agreed produced a leaflet explaining in advertisers for major campaigns. _ AltiriAC 

this facility. whether they pay tax or not, by to make the reduced payments simple terms the effect of the r British Posters was therefore ( AflPSI THIOTI - FPflllPS TO L ■ ITIl!S 

paying premiums to the life without fresh authorisations changeover formed to provide this service V'Ullt'UiUll/U Si JL'BJPiiXV'fcJ •'V VllMVW 

a i company net of tax at a rate f rom policyholders, but some The Income Tax (Life Assur ■ while still allowing the indi- . ■“* 

Approval fixed at 171 per cent The life Hf e companies could still ask anc e Premium Relief) Regula ■ vidual companies to compete in — __ — , 

Maiav^ria nff*rc . nmn! i n M. company will claim back the tax policyholders to complete new tions 1978 SI No. 1159 SO price! areas where they were strongest. I | A | AVAflVt AQ1* 17011011*0 

stooover^ ri-hto for * lement the Inland Authorisations. . 25p. Last year British Pasters’ f|T |I0|jOrPa|l YcIIlUiC 

hrfth Revenue. On industrial life assurance. A New System far Receiving revenue reached £8.3m. T 

-irp Arrangements have been made where premiums are collected by Your Life Assurance Tax Relief. 

tnurUt tSrtf ed c t ;«no r ^^«J heI u 50 11131 11113 reimbursement will agents calling regularly at policy- issued by The Life Offices' Assn- BY OUR BELFAST CORRESPONDENT 

fflghtV hSw!'«i be on a monthly basis and the holders’ homes, special arrange- ciation, Aldermary House. Queen TTrocpi* Qnnpolc 

add AuSwia pass SSJS pr0Cedure shou,d enSure tnents have been made for small Street, London EC4N 1TP. X X d.3Cl D0N CONCANNON. the ment of Commerce, for which to provide funds on the basis 

either Malaysia or Singapore. 1 arroinc* CT TTTC Minister responsible for Indus-. Mr. Concannun is responsible, that Iheir investment w®*»srav a 

L he i r sc X. oval for cheap fars XTY70? 4r j 4. i j against SUITS *». 

<ss NEB s trade secrets pledge conviction ^ r“ m o. 

over P rights.” for example on *l £3 B 0 ur Scottish Correspondent decision to pump £45m into the hecn disappointed by the scepti- j CC i was developed and ut a time 

thp advanrpd mn>hM? P nmr DcLorean sports car plant for cal read u»n the announcement when there was no assurance 

sion farp benvee^th^ UK ^d BY ^ WILKINSON SIR HUGH FRASER, deputy West Belfast. . has bruii-ht. that it would eventually be 

Australia. ’Hie -SouttEasf Asian chairaan of Scottish and Univer- He said the decision to commit M r . Concannon made dear -adequately funded and . go for- 

countries fear that if this rule THE National Enterprise Board rejected at a hearing in not be its policy to countenance s _ c “ 3S f^nds to the venture, which thai the cost of the prnjc/;. had ward. .. .. 

is also applied to toe new cheap said yesterday- that it would not chambers. the improper use by ln:.ios of a “”?"? d an _? pp *f* a ® ainst 1,15 represents an overall investment U ot increased since Mr. Mason, In rpitc of this, the dealers 

fares, their own tourist traffic want its semiconductor suV- The dispute centres on the tradep secreis of ropriefary conviction under the Companies of £65m. was not taken lightiy. tfisler Secret arj. denounced it. displayed their confidence in 

will be substantially reduced. sidiary to make improper use of designs for a 64,000-element information.” for failing to give a true and Mr. Concannon said that he- The figure of £65m sqoou at the tho promoters and the product 

m t.iL-c w, ir , « #k its rivals’ trade secrets. random access memory (RAM) The outcome of tbe dispute A fa ‘ r . v,ew of ^ company s cause of the project’s magnitude, total value, he said. '.Costs of by responding in encouraging 

TTtr The statement follows reoorts component to be used io com- likely to be watched with intense affairs - the process of evaluation which -pre-production activities” in- numbers, he said. 

UK . and s 5. a , nd l nav,a an 3ir XI outers. Most of the maior semi- interest bv U.S. aemiconductor • A month aeo. Sir Hush was led to Government approval was curred beforehand were, funded The decision to fund the am- 


i due to be adopted 
Peugeot. Tbe com- 
to build the present 
dealerships up 


BY -ERIC SHORT 


ing around £50m a year. 


tration if they had worked 


of 1977. . . 

The extent to waicb these 
separate distribution organisa- 
tions. in the event of a take-over. 
Peugeot would be able to maintain and 
company's justify iheir own independence 


NEB’s trade secrets pledge conviction 

n.. A m. /■ 


either Malaysia or Singapore, : 

their approval for cheap fares 

'jZT*. rules relating ,o NEB’S Si 

cheap fares has been "no stop- • ^ ^ ^ 

over rights," for example on 

the advanced purchase excur- RY max- wint kimvom 
sion fare between the UK and BY *** . WILKINS0N 
Australia. The-Soutb-Easf Asian ' • ■ '' 

countries fear that if this rule THE National Enterprise Board rejected at 
is also applied to toe new cheap said yesterday that it would not chambers. 


Concannon replies to critics 
of DeLorean car venture 

BY OUR BELFAST CORRESPONDENT 

MR. DON CONCANNON. the ment of Commerce, for which to provide funds on the basis 
Minister responsible for Indus- . Mr. Concannun is responsible, that their Investment was a g rave 
trial Affairs in Ulster, took the regards, ihc DeLorean Motor risk, was lll “ d ® 


Oslo in June. The last r 
was in London last week, 
was inconclusive. 


airlines, including 
Caledonian. 


ga °, J° Mostek has issued a writ* to entry int0 the mass production tives who broke away from accounts. No date has yet been announcement was made but Mr. Concannon said the invita- last, has also brought criticism 

rouna try to prevent nve ot its former 0 f semiconductors is based on parent companies to set up on set for toe appeal bearing. "many more besides.” tion issued to American car from hard-line Protestant ele* 

..... in „ n __i 1 „i v _ s 1113 ““ffTUSjlS??. , fit Plans for this component (the their own. often with the help of Mr. William Forgie, a former The Northern Ireland Depart- dealers by Mr. John DeLoran meats in the province. 

was inconclusive. M^te ou^de toe company Ail ^ venture capital. director of SUITS who was fined j 

The Scandinavians want only “ ve “ ave 06611 ““eP by inmos. a statement from the NEB said The success of the new com- £75, is also to appeal. No notice ■ " \ 

one airline from each country to OriginaUy, Mostek took out that it bad not so far received panies was inevitably based to a has yet been lodged on behalf A M I _ 1 1 

fly between them, but the UK injunctions aimed to make it any official communication on the large extent on the detailed of the third accused. Mr. Angus /AllTlV Urill 0"^f a rriiSGlITfl 1TI3V lIP 

is seeking new routes for several more difficult for the executives legal proceedings. expertise which the founders Grosart who was also fined *75 ^ ■^■*** l ; | 


is seeking new routes for several more difficult for tbe executives legal proceedings. 


expertise which tbe 


British to change jobs, but this appUca- However, the board says: "The had gathered in their former Mr. Grossart is also a former 
tion appears to have been NEB can confirm that it would employment director of SUITS. 


The Suff olk Punch is cheaper to run 1 SSS15“ j A POSSIBLE breakthrough in the containers are also coated with 

, rcspon storage and transport of liquid a fire-screen paint which expands 

. -m a j ' b a -m THE ARMY has been • given petroleum gas to make distribu- under heat. 

A millr Ti/hftT >rv nAMM/v Government approval to recruit cion much safer has been con- In the latest field tests, highly 

1 IH^IO RhI 1 I iw 81 5a H 1 B STb 5h B another 4,000 in 1978-79, in firmed by the Expanded Metal explosive quantities of ethylene 

w-Q. A jLAjLUIlK. Ctt, w M/MLA.mmrMs addition to the 1,900 additional Group.'...- oxide contained in a steel sphere 

troops authorised last February. If further research and de?- were ignited internally by remote 

BY iohn GRIFFITHS This increase is needed to help velopment work is successful, the control. 

1 reduce the over-stretch apparent new system could be used Tor Expanded Metal claims that 

throughout the Army — and road tankers carrying liquefied the foil packin'* acted either lo 
THE SUFFOLK Horse Society re-emergent viability of the did when they actually owned typical vehicle costing £7,000 or tractor’s ability to drag a seven- especially in the British Army of gases, such as propylene, the eliminate the explosion or con- 

celebrated ils cenlenary last Suffolk for at least some farm them.” so. and baving a useful working or nine-furrow plough all day at toe Rhine, wbere the normal chemical which exploded and tain it within safe limits. The 

year in Hie unusual position of and haulage functions, and to National Farmers’ Union life of seven years. Add on the the larger farming units on which strength of about 55.000 is 3,750 killed more than 150 people at honeycomb of aluminium foil 
having its two-legged members a desire Eor conservation of the officials discern a definite revival costs involved in maintenance, Britain is coming to depend. short because of deployment of a Spanish camp site recently. packing is both light and ex- 

nur number the objects of their species. . df the Suffolk and other heavy road tax, etc. Then consider One farm in Sussex does use troops to Northern Ireland. The technique uses a special tremeiy thin and displaces only 

affection by nearly three to two. Riding on the back of all horses' usefulness, on cost that you can buy a Four-year-old the one-ton horses exclusively. About half of the 4.000 will go expanded aluminium foil packing a marginal amount of the 

Fifteen years ago. however, three, however, is the factor grounds, for a number of tasks horse plus harness plus dray for but the one- or two-furrow to the Rhine army, where a new inside the storage vessels. The liquid stored in a tank. 

about the only function the most likely to ensure that num- both on and off the farm — -a view about £4.000 with a working life ploughs traditionally pulled by unit of battalion size will be T 

society looked like holding was bera will increase: surging prices shared by John Taylor, managing of at least 14 years. Even the horses is uneconomic for ail formed, in order to release an 

a wake. For the Suffolk, an u a remiti uf esi-alatmy demand director of the 1.000-acre Cricket allowing for the cost of feed and but the smallest farms. Expert- infantry battalion for deplbymen I TQt is- J1 J J 

amiable, chestnut brown barn from home and abroad — parttcu- SL Thomas estate in Somerset, care for the horse, it should be meats are going on in the States to the UK. This will increase I vI'3h III^ VS NClf3¥lff OTOTIQ. 


recruit 
4,000 more 

By Michael Donne, Defence 
Correspondent 


stored more safely 

BY KEVIN DONE, CHEMICALS CORRESPONDENT 


BY JOHN GRIFFITHS 


door of a horse bred originally larly the U.S .—which breeders 
for tilling tbe heavy clay soils at the moment are in no posi- 
of the county, was down to a tion to meet, '' We can't even 
precarious 100 in numbers and satisfy the home market, let 
seemed about to be ploughed alone the Americans." * says 
under by the tractor for good. Clark. 

Tbe breed is still far from Tbe first pair of mares Roger 
numerous. There were a little Clark bought, in the raid-sixties, 

cost him about 50 guineas eacb. 
^ ^ ^ ^ ^ good brood raare now will 

■ ■■a Aasana a fetch up to £2.000. Foals have 
%ef OB HB |fl Ala* been fetching up to fl,000. and 
Wb MB bIB3JiU prices are continuing to climb. 

One of the reasons why the 

S lTp-fl & B population has not grown faster 

I ftira l m that, in common with other 

u KJ^ kB IB heavy horses, the Suffolk is not a 
tSxJk particularly fertile beast: “only 

about 60 per cent of marcs taken 
to stud actually produce a foal 
in any year against over 90 per £ 
cent for tbe lighter horses," Clark 
say8. Since Britain's breeding 
mares still number only about * 
100 — some 30 foals were produced 
last year~-the gap between 
demand and supply is likely to 
over 300 Suffolks— known also as stay wide for some time. 

Suffolk Punches— in Britain at . One or other of .Clark s Suffolks 
the last count. That is just one- is on permanent haulage duty on 
tenth the number of the taller, toe farm; the prize stallion has 
longer-haired and better-known bis own ways of passing the time; 
Shires which arc so much a hall- the other eight are a changing 



with eight-horse teams pulling, a the pool of units available for Midland drops 

variety of tractor implements, emergency tours in Northern 
I* but it is a practice yet to he Ireland and elsewhere. _ n ■ 

£ tried seriously in Britain. One The higher rate of releases pBlcfTl SCfl0IT10 if 
.i advantage that the heavy horses from the Army in recent months. - 

do have is that on the farm thev together with a low level of 

can still operate on stickv soils recruiting, both due to dis satis- ^ JOHN BRENNAN, PROPERTY CORRESPONDENT 

and in conditions that would bait faction over pay, bave con- . 

a tractor in Its tracks: a bis help, tributed to the Army’s manpower Marine Mioiana. the U.S. bank and orderly disposal of Stern 
for instance, in taking fodder to shortage. that recently pulled out of the properties under the manage- 

bard-to-get-at grazing sheep. ' The recent restructuring of the three-yeaWJid scheme arrange- ment of City accountants. 

Nevertheless, the sheer putting Army also has bad adverse meat to break up Mr. William W. H. Cork Gully, 

power of the Suffolk has served effects, with some units finding Stern's former £200m property Marine Midland made It clear 

to land it in some unlikeW places, it difficult to meet all the empire, is understood to have that it had been satisfied with 

Slightly lew tall than the Shire demands made. ,. 1 !. niipcd lp *Z u0ve i tcfintiy to the management of the scheme 

at an average 16-17 hands, it* Furthermore, the .Army is 'freeze the schemes manage- when it decided to take hack 

strength derives From" Its massive taking on new equipment which ment accounts. into direct management the 

denth oF ch*5t which makes it* will require additional personnel. Last month the bank, which properties on which its Stern 
noint of draueht lower and and also will be required to give was initially owed about £10m loans are secured. But it is 

hence its leverage that much more support to the RAF and J?- v Stern companies, was the understood that the move might 

greater Navy in future. firs f major creditor to abandon have involved the “freezing" of 

In th® past, Siiffniks have the scheme. management accounts nedeti bv 

....... 4.. tv* Tha ,rmn*!*ompnt pnueri n tr SI Ps.iT>-..,!.. .... .. “ **. * 1 “ 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


In th» past, Siiffniks have 

found their way to the farms 
of Chile. Argentina. Sonth Africa IVfprCPVciHp 
and Australia Recently, one of IYACI SCJ' 31UC 
the few animals which has gone __ 

for export left for Pakistan, SOcS IOi 
where it win boost the Suffolk- *' . 

bared stock of horses which even T3TG UTCr63.SGS 
today lug the government’s • 

artillery around mountain MERSEYSIDE council council 
borders. decided yesterday in the face of 

In the final analysis, however, strong Labour opposition to 


mark of the brewery trade, and population of bought-in stock for Jjjjj ls jjjjjgljj® is P rimari, Y the' growing con- apply to the north west traffic 


In to* past, Siiffniks have the scheme. management accounts nodeti bv 

found their way to the farms The axrangement, covering 51 Cork Gully to run ttae<? cheme 

of Chile. Argentina. Sonth Africa MprcPVdHp of . the 65 property companies Now. the U.S. bank annears to 

and Australia Recently, one of IvaCI SCJ'MUC wihtin the .Stem group that col- mave decided not to Droeeed 

the few animals which has gone lapsed In 1974, involved a loan with legal action that would nut 

for export left for Pakistan, SOcS IOi moratorium and ' a creditos’ the management accounts into a 

over ow ouuuuva— M — - - - — „ _ , _ . e n , , where it will boost the Suffolk- p • agreement to allow the steady temporary legal Umbo 

Suffolk Punches^-tiT Britain at Ooe or other of Clark’s Suffolks Beer on the hoof— Mrs. Cheryl dark of Colchester with bared stock of horses which even I3TG lHCr621S6S 

the last count. That is just one- is on permanent haulage duty on Boxer (left, aged 15) and Becfam (U) lowing a today lug the government’s • ■/ " ’ — " 

tenth the number of the taller, toe form; the prize stallion has Truman’s dray. artillery around mountain MERSEYSIDE council council L _ •! i 

longer-haired and better-known bis own ways of passing the time; bordera. decided yesterday in the face of I l 3 111 I IB If 0031 lift VPlIPfi 

Shires which arc so much a hall- toe other eLtol are a changing . . nTa _ nfna ... a . oain7 „ - h . caM ^ . 1 . In toe final analysis, however, strong Labour opposition to A 1 *T ******* Uil “ c UCU 

mark of the brewery trade, and population , of boughton stock for £ 251 !!? p5nom e n?pr Sa a TC i^SlS in lJS" 0 iX is P*J mari,v toe growing con- apply to the north west traffic « ^ » r - 

considerably fewer than toe re-sale, animals being broken for J™ BnSJtjSSp ^J 00 ? ? 14 " year Period, cern that such an unarguably commissioners for fare Increases hv lc Pfl lTftfl- W (1 f 

Clydesdales and Percherons their owners, or which fulfil roles oentte to the estates 600-stoong Such figures make one wonder noble animal, so much a part' of on buses, trains and ferries with W y JVvUUlUIi m dlClL l 3T l 
which together comprise the rest on the show circuit — “our shop herd and its wildlife park, how the decline set in in- the The eastern counties’ farming effect from October. * • 

uf Britain's heavy horse popula- window." says Clark. Occasionally Taylor quotes toe milk first place. “Trouble is," says tradition, should not he allowed The increases would average by PAUL TAYLOR 

ii 0n . they put in an appearance be* business he knows well as an Roger Clark, in the late forties to df^appenr That has saved the 12 J per cent and would help to 

But for a number oF reasons Tween the shafts : of a Truman's example: once mei and vehicle and earJy fifties everybody Suffolk. Those who raise them raise another E3m demanded by THE FIRST purpose-built mari- vessel are expected in hn in th n 

the Suffolk breed can be said brewery dray at carnivals and prices started to accelerate wanted to get out of horses and and live with ’hem display a the Government lime training vessel was nn veiled Far East, Middle wj!, 

to be at least back on its quite similar occasions. L at0 tractors * often. [ think. Dride in. and attachment to. the Coudcil members were told I in London yesterday by. ita Joint Africa and South America where 

dauntingly large feet, if not Traditionally, however, the killed the sraaU producer doing because everybody else was horses which clearly extends that there had been a 16 per cent developers, Redifon Simulation there is an oxnandinc nieri fit 

quite in a position to kick its Suffolk bf 8 ,£® en a farm horse, his own selUiia. doing it Now toe wheei has far beyond economics. drop in the number of bus and Watercraft effective ship tSiMamnmr thl 

mechanical rival anywhere that The maJ° ri 5. of borse-u sing The alternative chosen by Mr. simply turned full circle and Bill Woods, now 82 and were- passengers following fare in- „ arf nt thn developiqg nations S “ 

mi-ht seriously hurt. breweries such as Young's and Taylor himself at the time was everyone wants to be involved tary nf the Suffolk Horse Sndetv creases- over toe last four years Rcdifon, pari W toe Remmiaon Q . r 

Roger Clark, whose 10 Suffolks Whitbread employ the Shire, toe now ubiquitous electric float; with horses again.” for 60 years, is quick to point and a new increase would lead ®I°ii. pa ^ between SamSi “iJSSSS 

at hta Stoke by Nayland farm Truman wm the last big brewer but he visualises that it is in However even toe Suffolk, out the Suffolk as being “the t 0 a further decline of 4 per cent. 5 raft : J 2wJK! «ch tocludS S??'? 00 

npap Colchester include toe to use the Suffotk. but toey were areas such as this that toe Suffolk with a performance which saw oldest purest breed in the The new fares, if approved developing the vessel which is Ilf, iil?5l“ dla S standard training 


• ion. they put in an appearance be-'^toeM he knows well as aa Roger Clark, “in the late'forties To ril^appenr That has 6aved the 12J per cent and would help to 

But for a number of reasons Tween the $h a fta of a Truman’s example: once fuel ana vehicle and early fifties everybody Suffolk. Those who raise them raise another E3m demanded by 


Warwickshire's Royal Show for yet." Clark jays, the amusing give four wheels a run for their pion accelerate a 2i-ton load today’s Suffoiks can trace Their organisation of the bus service between land-based simu- details of the 

the ’•wst three years, attributes thing is. L _ since . s 9 ld from nought to 22 ft up the road male line descent back in an on- involving taking 170 vehicles off lnt,on training and on-ship “ ^ s r*' 8 *wpt recret until 

the revival in the horse’s future them, tbey-ve used the horses for “The economics are fairly in four seconds, can hardly be broken chain to one horse foaled toe road in an attempt to save ex 'P pr ‘encc. Later this 

to a mixture of nostalgia, a advertising more than toey ever obvious," says Taylor. “Take a expected to match toe modem in 1760. an additional £2.75m. Tbe major markets for toe iflo topect toe craft ** ***** 







-V. Copper prices have remained surprisingly low considering the firmness of world 
demand, and disruption of supplies in some of the major producing countries. There is anxiety about 
the future unless a better world agreement can be reached on pricing and marketing. 


. nui 


HisP 


• ' r t : : •. 
• i i : \ ’ 
i ' f 


! i 


. i V 

! \ i ‘ 

i! 

.. rw 

: V 1 ' 


Concern 

over 

future 

supplies 

By John Edwards 
Commodities Editor 

“BUSINESS IS better, but 
prices are still miserable." 
That is how one leading U.S. 
producer recently described the 
copper market and few people 
in the industry would disagree 
Although consumers are pleased 
to be able to buy copper at low 
prices, they are worried about 
future supplies after four years 
of gross surplus since the 1974 
boom. 

On the face of it eopper prices 
should have moved substantially 
higher during the past year. 
There have been severe supply 
disruptions from three of the 
leading exporting countries — 
Peru, Zaire and Zambia. 

Producers in_ many other 
parts of the world, notably 
North America, have been 
forced to cut bach output 
sharply because of the Jow 
prices, and there fs currently a 
world shortage, of concentrates 
as a result of smaller, mines, 
lacking their own smelting 
facilities, ■ deciding to close 
down. Stocks of refined copper 
"held in the London Metai 
Exchange have plunged by over 
150.000 tonnes this year ton. 
Demand for copper has been 


+ 9 - 75 

+ 931 +264 


expanding, albeit . somewhat — 
slower than hoped, and is now 

only just below the record levels WESTERN WORLD REFINED COPPER 

reached in 1973. Indeed the ro oo short , ons v 

Commodities Research Unit is r rt t s> 

predicting that world consump- 1974 1975 1979 197 ^ 

tion of refined_coppcr dus year mine production 6,832 6,362 6,857 7 1511 

t ® nneS mark Refined production 7.663 6£40 7,353 7,699 

firSt * tin? - e ,eV *I‘ry» n rf Relincd consumption 7,157 6,020 7,070 7,531 

Yet current prices m Londnn Ne , iinp0 r ta j + — — 7 +2 +56 +88 

and New York remain at much Govt. purchases ( — )/sales(+) +216 +9 —75 — 17 

AP,We,,, sur P ll, s/deficit +715 +9M +264 +23S 

allowing for the fall In the value * Eastern bloc. 

of the dollar and sterling Sources: World Bureau of Metal Statistics and Brook Hunt and 
against other currencies, are sig- Associates, 
nificantly lower. . 

. Negotiations for ab infer- *— * "" ■■■ " ■■■ 

national copper ' agreement. 

leading to price - stabilisation, producer price cystem and base Peru is still in an expansion 
have so far failed -completely, its prico on the “free" mar- stage, although labour prob- 
Frequent talks, held under the ket quotations in New York. Its lems have brought disruptions 
auspices of the UN Conference decision to take this radical in supplies, 
of rade and Development, step was caused by a huge in- T> p _ iro th. 1 ™, 

have not even been able to of copper imports into the ^ r ® .J° w pyi “*j “°* e 
reach agreement on setting up U-S., which jumped to 326.000 rhp capacit y . ,s 
a joint producer/consumer rtwt ton., in the first half of 55^“ " “ 

study group. Copper, is one of 19«8. double the amount im- J ^in^ W ,« yearS j and * S ^ Dl ir d 

the ten “ co .producers Ported in the first half of 1977 25!! J? 4 Il d f utback& 
under the UNCTAD integrated when total imports for the ?l ese developments 

commodities programme seek- whole year were 390,000 tons, P *H ned severa L yea 5 s ? g ? 

ing a new economic : order, so This move by Kennecutt has pnc ® prospects looked 

efforts are likely to continue. noi only effectively cracked the the subsequent 

But it seems Tairly plain that North American producer price ^ . ow . p T. I f; e f has brough t 


But it seems Tairljr plain that Non 


1-1M iiio4 producer price * W V°“ 01 ,ow P r f ces nas Drought 

any International, price stabifi- system, but also means that ® virtual standstill to investment 
sation scheme is going to re- exporters will have to switch ° e ^- pr °i ects needed t0 re- 
quire a radical change of heart hack their main selling efforts P ,a e e m,nes becoming exhausted 
both by producers and cnnsum- to Europe and Japan, as well Keep “ p . Wlt “ “e under ‘ 
ers and is unlikely Jo material- as the growing markets in deve- Iymg growlh ,n consumption, 
ise for a long ^raeyeLJf ever, loping countries. ■ The annual growth rate in 

Alternatives, such as including Supplies to these' markets demand for copper has fallen 
copper ’w thin the Loxgd. Con- have already been cut back by in recent years compared with 
vention as suggested by the ’he invasion of Zaire, that is the 25-year period from 1950 to 
West German Chancellor, are likely to mean significantly less 1975 when it averaged over 4 
unlikely to get off the ground copper-— at least for a while— per cent a year. The energy 
eilher. if only beeauaeVof dis- from the Kolwezi oiines once crisis has brought a significant 
agreement amongst ttie'Jiroilue- the existing supply pipeline is downturn in capital investment, 
ers themselves • * exhausted. Transport and pro- and the increasing sophistics- 

Meanwhile prices have 1 Tab- dnetion problems have hit tion in manufacturing tech- 
come more destabilised with Zambian copper supplies as niques has brought a general 
the move by.Rennecott, the big* well However, Chile has miniaturisation in products 

gest US domestic copper. tn\successfully lifted production tn resulting in the use of less 
abandon its traditional fixed ground lm tonnes annually and metals overall, including copper. 




- This reduction in size and 
switch to less metals-in tensive 
products is probably more 
significant than substitution of 
copper by rival materials. 
• However, plastics remain a 
) major threat and optical fibres 
I are a longer-term potential 
[ replacement in copper’s main 
j outlet in the communications 
j industry. 

> On the other hand there is 
good potential for copper in the 
trend towards capturing solar 
I energy, the development of 
more electric cars and in 
desalination plants. Opinions 
differ on what the average 
annual growth rate in copper 
demand will be in the years 
ahead. Some experts claim it 
will be around 3.5 per cent, but 
a fall to 2 per cent has been 
pessimistically predicted by 
Brook Huot and Associates, 
consultants who specialise in 
studying the copper market 
In the short-term the trend 
m ■ prices is likely to be 
controlled by whether the 
gloomy forecasts of an 
economic recession at the end 
of the year and in 1979 prove 
to be correct or not. A decision 
by President Carter, or the U.S. 
Congress, to go ahead with 
Irfans to rebuild the U.S. 
strategic stockpile of copper to 
250.000 tons — possibly as an 
alternative to curbing imports 
—could help lift prices too. 

But the main influence will 
undoubtedly be whether 
industry continues to suffer 
a lack of confidence in 
the U.S. economy. Although a 
further fall in the dollar should 
raisejgterling prices for copper 
this would do little to help 
producers if at the same time 
the slow recovery in demand 
for copper is bit by another 
decline in industrial activity. 



mm 




Rto Tinto-Zinc Corporation's big Bougainville copper and gold open-pit mine in 
the mountainous and rain-soaked terrain of Papua New Guinea. 


m . * - ‘ : * - - 




-OIK' 
■ d«F. 

Ovsf' 
.Cl. IS? 
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SSK ’ g 

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H- -I5:c ■ •’ V«r:FC15N07^::-* C-’- V -f? 

. I; 

•‘ 00 - : ■ i 

‘ ' A 

•:si3:d£o . s’ • & 

. ' .- V ■ 


, v 723 

,‘ S ' 3' 63<0 £352 

P| 3" 315 " ; 316 - 
lt ■ '316 ,513 

'" J =3 35; ‘ ;&i.5 






\y J.:a: 



3«V ,. 33 . , U~f' f 


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Metals prices, nevw and 
money rates dn one terminal 





The new Reuter Monitor Commodifies ? 
Service provides traders, on a single desk-cop : 
unitvwith. an extended range of market 
moving data.- 

In addition to fast; up-to-the-minute 
prices on metals, futures, physicals and 
contributed pre-market data, the new 
terminal can simultaneously display the 
Reuter Monitor Commodities News or the “ . 
Reuter Monitor Money Rates Service. 

This new multi-function terminal gives 
the dealer access to information from Reuters* 
links with the futures markets; from Reuter? 


;.own worldwide network of correspondents 
reporting news and price movements as they 
occur, and from market makers, brokers and t 
other professionals contributing price and 
market information directly into the system. 

The divisions between different markets 
are breaki ng down.The interchange of 
constantly updated information is therefore 
more important than even 

The new Reuter Monitor terminal, with 
its flexible displays, supplies this interchange. 

For details please contact R. Hawkins, 







mm 


mm 






•••■ •••• * 
* • • * 
•*«* •••• • 


• *. 


• . •••• 




The D-Mark too 
hasonly 

one hundred cents- 

we call them Pfennige. Good money, 
although there is only 10% copper in one 
Pfennig. Despite Hs silvery appearance 
ins D-Mark also contains copper We at 
MetaHgesellschaft have to know because 
wsfMpchj ce mint blanks for these coins 
ana for a pood deal of mints around the 
wond. Coins, of course, are just one of 
many copper containing products bom 
MetaUgeseDschafl And Metailgeseilschaft 
is not just making money with money. 





Metailgeseilschaft trades copper around 1 
the clock and around the globe. An experi- 
enced team offers individual service on a 
world wide scale - fast flexible and 
reliable, geared to new technology, sup- 
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any place. Copper is our element 

A century of experience in prospecting, 
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The Supply of Raw Materials 
The Production of metals and Energy 
The Protection of the Environment 
The Priorities of Our Age 
The Priorities of Metailgeseilschaft 

METALLGESELLSCHAFT AG 
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D-6000 Frankfurt am Main 1 
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London Trading Branch 
1 Kingsway 
London WC2B6XF 



Reutos Ecoiromic Services, S5 Fleet Street, London EC4P 4AJ.TeI: 01-353 6060. 








^financial Times Wednesday Augast 16 1978 


COPPER n 



NON-FERROUS METALS 
ORES & RESIDUES 




CITY WALL HOUSE, 79/83 CHISWEU ST., 
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Telephone: 01-606 6050 
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C. : - '/■ •• 

. > ■ . ~ Ring dealing members. 

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Mine development hesitant 


ON THE Papago Indian reserva- 
tion south of Casa Grande in 
Arizona there is half a copper 
mine for sale. It was offered 
in the newspapers early this 
month by Heda Mining, which 
spent $ 100 m on the mine and 
then had to close it because of 
low prices, somewhat to the 
chagrin of the banks which had 
provided loan funds. 

But Heda is only one of many 
companies which have found 
themselves in tight financial 
Situations, caught up in reces- 
sion. low metal prices and 
inflating costs. While there has 
been some recovery, the indus- 
try is still in a trough. The 
consequences are likely to be 
apparent in the 1980s. 

The accepted wisdom in the 
industry is that a decline in 
Investment now will mean 
metal shortages and high prices 
later; the demand for copper 
will continue to grow despite 
temporary setbacks. There is 
much to back up this general 
argument 


The lengthy lead time neces- 
sary to bring a mine to product 
tion means that investment 
decisions need to be taken now 
for new supplies to be available 
in, say. five years’ time. But 
market prices of around 60 
cents a pound are. not condu- 
cive to that sort of commitment 
The price needs to. be about 
double to act as any immediate 
incentive. 

At present there is substantial 
unused capacity in the industry 
because of mine closures and 
cutbacks over the past three 
years, but new mines have 
nevertheless continued to come 
into production as a result of 
programmes started several 
years ago. More mines will 
continue to come on stream. 

Rio Tinto-Zinc has estimated 
that net additions to mine 
capacity this year will he 

350.000 tonnes and in 1979 a 
further 542,000 tonnes. In 19S0 
there could be additions of 

206.000 tonnes and in I9SI of 

288.000 tonnes. But in 1982 the 
expected extra tonnage falls 


away sharply to a mere 30,000 
tonnes. 

One of the reasons why 
companies have been reluctant 
to make new and Large invest- 
ment commitments is the 
difficulty of financing. This has 
affected even the large groups 
with an international spread of 
interests like Rio Tinto-Zinc. Sir 
Mark Turner, the chairman, at 
the annual meeting in London 
last May spoke of the effect of 
higher costs. 

“ In the past new mines have 
been financed on an off-balance- 
sheet basis, that is to say 
without underlying guarantees 
from the responsible mining 
house, and highly geared loan, 
capital has been provided by 
the financial community on the 
security of take or pay or floor 
price contracts covering the 
sale of the output to reliable 
customers. The recession which 
followed the increase in oil 
prices in 1974 has resulted in 
the requests by customers for 
cutback in contractual delivery 


1,500 


1,250 


£ per tonne 


>.?• •‘S jjgSB 

ftfSl COPPER 

-r^ / j CASH WIRE BARS 

/ ’ •' ", .< . .«■ i./: !J(', !(“■?( 


1,000 






^ r 

* : V ' t w ' m 






•• -v <f ; • 

tt.- 


jp;'j 1 %. 



If; - s’* 

— ImH — 

— 


Ky-.' ■ 

i j 


1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 IE 


— understandable enough when 
planned demand, by fabricators 
is drastically curtailed. The 
result of this, however, could 
have repercussions in the 
financial markets, either 
through the reduction in the 
proportion of loan- capital that 
is made available or in demands 
for additional security,” . said 
Sir Mark. 

But there is a. corollary. to. 
this which suggests that the 
mining industry will not neces- 
sarily be starved of capital It 
is the gathering interest of the 
major oil groups, with their 
healthy cash flows, in base 
metals projects. Thus British 
Petroleum has established a 
new minerals subsidiary and, at 
tbe beginning of this year 
Exxon announced plans -for a 
Sl.lbn expansion of the La Bis- 
putada de las Condes copper 
min e in Chile. Moves of this 
sort, carried out on a wider 
scale, could mitigate the possi- 
bilities of shortage in the mid- 
1980s. 

But oil group interest is not 
sufficient to compensate for the . 
malaise in the industry which 
has resulted in a general switch 
of interest away from base 
metals towards energy minerals 
like coal and uranium. Mining 
exploration tends to move in 
cycles. An indication of this 
was revealed by Phelps Dodge, 
one of the largest US. copper 
producers, when Mr. George 
Munroe, the chairman, said in 
New York that this year copper 
and bard rock exploration ex- 
penditure was being cut back, 
while more would be spent on 
energy minerals. 

At the same time the explora- 
tion effort is arguably too nar- 
rowly conceived in geographical 
terms. The European Commis- 
sion has pointed out that by 
19S5 the EEC countries will be 
dependent on the developing 
countries for more than half 
their copper supplies. Yet tbe 


amount being spent by Euro- 
pean companies in the develop- 
ing countries has fallen. 


Dropped 


In 1961 57 per cent of ex- 
ploration expenditure was 
spent in the developing coun- 
tries. By 1973-75 the propor- 
tion had dropped to 13.5 per 
cent Ir is not likely to have 
increased over the last three 
years. Unlike the Japanese, the 
Europeans seem to have been 
reluctant to widen the scope of 
thtf r procurement policies. - 

The industry itself attributes 
.its very cautious attitude to- 
wards the developing countries 
to a lack of confidence In stable 
Investment conditions. It has 
found it difficult to come to 
terms with the changes in taxa- 
tion and ownership patterns 
which have followed from the 
: assertion bv many countries of 
'sovereignty over their natural 
resources. 

“The size and nature of 
mining operations makes them 
especially vulnerable to risks of 
Creeping expropriation, through 
the gradual erosion of the terms 
agreed with the host govern- 
ment for the operation." said 
Mr. Beville Pain, the retiring 
President of the Mining Associa- 
tion of the UK, in an address 
last December. 

' But there is some evidence 
foa» the industry' and the gov- 
ernments of the developing 
countries are reaching a new 
modus vhcr.cU. The enunciation 
of policy in an important cop- 
per producer like Papua New 
Guinea, gearing tax demands to 
levels of profitability, is an indi- 
cation that a balance of mutual 
advantage can be found. 

The industry has won the sup- 
port of the European Commis- 
sion, but not all the govern- 
ments of the Nine, to a string 
of proposals embodying political 


risk insurance and financial 
assistance for selected mining 
projects within a framework of 
tr^nty agreements between the 
EEC and host governments. The 
suggestions have been put to 
the developing countries belong- 
inn to the Lom6 Convention * — 
but the response was coot. 

Even if the Lome countries 
agreed to all the Commission 
proposals it would only create a 
climate in which the mining 
companies might invest more 
heavily. The effects would he 
very long-term and not neces- 
sarily relevant to the nud-l98Cs 
when shortages could occur. If 
it can also be argued that a 
new modus viveudi between 
companies and government is 
being forged, then the main 
factor holding bade copper 
investment by groups in the 
industrialised world remains 
financial. 

Their relnctance to invest 
has not been shared by the 
State producers in Chile and 
Pent, which, with Zambia and 
Zaire, form the nucleus of the 
Council of Copper Exporting 
Countries. Although their un- 
willingness to hold down pro- 
duction during the recession 
has been a source of bitterness 
with established producers in 
areas tike the U.S.. the exist- 
ence of their capacity may be 
welcomed during the next 
decade. The share of . world 
mine capacity held by these 
four countries at the end of last 
year increased ro 40 per cent 

The grealer part of new mine 
capacity expected to come on 
stream in the next two years 
will m fact bo in the developing 
world — in couutncs like India, 
the Philippines, Brazil and Iran. 
These producers, unlike Beds 
Mining, might catch the market 
at a good time. 

Paul Cheeserigfit 


U.S. producers switch to 
free market pricing 

A REVOLUTION in the pricing aand consumers have been forced The big surplus of copper fixed prices, which have failed 
of copper. That is a fair reluctantly to base their direct during the past four years has in the past But any move to set 
description of the decision by supply contracts on the wdidl-y ; also made consumers less con- a mi nim u m price, guaranteed 
Kennecott, the largest U.S. fluctuating London Metal - cerned about the security of by a buffer stock as proposed 
producer to abandon its tradi- Exchange prices. In addition aJi supplies provided by producer by the UN Conference' on Trade 
tional producer pricing system other copper stolid outside North contracts than in times of and Development, immediately 
and switch instead to basing the America is based on the tate scarcity. They . have been raises the question of how to 
price it charges for copper onto quotations- even governments tempted to buy merchant copper define what Is an acceptable 
the New York Commodity ^ producers quoting fixed io greater quantities when m inimum for producers with a 
Exchange (Comex) quotation. ta market prices are at a suffi- whole range of varying cost 

From the end of May onwards accoiaamx wich ^ ch*^ in cientiy attractive discount to Set too high the minimum price 
the Kennecott price, used for ^ market "Meiri ^ P roducer Price. As a result would literally cost a fortune to 

supply contracts with producers have been forced to maintain; set too low it would be 

consumers, has been based on \ . .. make more frequent changes in of little use to the producers in 

the New York copper market their fixed prices disregarding greatest need of support. 

Quotation at the close ef the ^TSdse^aod^aSS to “ >“*• "extent Meanwhile, if the U.S. pto- 

ZTTpreZZ M “ STL' "££&£&. 2SS w ™ 111 > mdurti ° n «■* Eystem is 

fb to cover toe cirt of deU?«y wMch maJces *wward This has brought home to pro- by other companies following 

The°raove has be'e^so successful a hsghcmare. oo one toTWt *“■ the u^mfortabie fact thh icouM 


© 


ROTTERDAM / 

Financial assistance in the international 
metal trade lias been one of our activities for 
many years. Our clients find it very convenient 
to have a bank Hi Rotterdam where their metals 
are stored and shipped. For the financing of your 
meta! trade contatt our metal account manager 
who will be plea sed to assist you. 

Dial ROTTERDAM 694224 or telex 21366. 


brandies all ov 
Netherlands 



Affiliations in 
New York. Curacy 
Antwerp, linuscb* 
Zurich, Frankfurt. 


UE.UXE*K£ UC*3^>UX-BOnXro«l 


producers have been forced to several attempts over the years. within 

adapt their pricing systems in However, in North America, limits, 

one way or another to remain producers have so far managed P 1 ? 63 ,°^ surpluses are _ 




etals 


artificially imposed 


John Edwards 


H. Albert de Bary&Co N.V 
established in The Netherlands 


AMSTERDAM: 450 Herengracht, phone (020) 21 3312, telex 12029 
ROTTERDAM: 21 2 Westblaak, phone (01 0) 1 443 1 1 , telex 22608 


one way or anotner io remain producers nave so far managed — ~ rr — . rr^ _ . 

competitive. The charge to retain control of UuTprice f**** ^counts, or The more producers use the 

by Kennecott has extra sigmfic- they charge for copper through |° we T t . t - pnces ’ t0 remain free market the 

ance in that it is directly con- a producer price system used C0mpetltive - infta^nf 

traiy to moves for a general for supply contracts with their The move is reported to have 10 , miJ0W 01 

stabilisation of commodity customers. In other words, paid off handsomely, and J® 0 ®” 1 

prices and of the copper market producers fix the price they are another producer, Anaconda, %****■ J*™™* ™ me 
to particular. going to charge, even though it decided to follow suit last 

has to take account of market month. Other producers have f i smficant victory m ccnvert- 
Tracbtinnaily the U.S. pro- influences. reacted by adjusting their pro- U.S. producers away from 

diUcera have been, and indeed ducer prices in line with the P roducer price system, it is 

many still are, the main sup- T ntP(Jr{J rinn I free market trend far more from certain that tills will 

porters of the producer price AUlCgiaiiUIl frequently. heneflt the industry as a whole 

system, .which is supposed to They have been able to do so The net result is that the “ * e loD ? !"!“■ J , 
introduce a greater measure of because of the far greater importance of Comex and the Buyers frightened by violent 
stability both for buyers and integration of the copper London Metal Exchange as pric- price fluctuations that can 
sellers of copper. industry in the U.S. than else- ing media are considerably t^eir carefully worked 

Ouitskle the U.S. producers where. The big mining groups enhanced. Although there is a ou 3. Profit calculations might 

■ to a large extent also <«mtrol bigger “paper" turnover on t ^ d t0 ^ aTOlir materials 
the smelting, refining .; and Comex, the London Metal ot “ e . r ™ a . n copper, while there 
fabricating facilities, as Well as Exchange as a centre for inter- little incentive to _ invest in 
a large part of the sertmdary national physical trade has ^P^ nsion of production if the 

refining capacity. ^ • normally the greater influence, likely return on the funds 

captive outlets ‘for This is not always the case “ un ' 

copper sales enable •the' «un« since when trade interest is at certamty - ' 

producer to impose a- -Axed a i ow e bb. as in times of gross John Edwards 

price, even though it has to be surplus of supplies, speculators . 
competitive with rival domestic t en( j to play a more dominant f 
producers. role and the highly speculative 

111 r® 1 ■ But in recent years the growth Comex market comes into its 

of copper imports into thfr U.S., own 

blBHBDIpH “ L™* 1 ' domesuc Both produccrs ud Mn . 

I IP I Fa ll'J fart 

fiqiia/] •* merchant M pathhgp , value of CQPP^r in conU'^diC- 

mu op, ts S oid s 1 f "isrr 1 r ?*• 

“ proaure “ “ rco “- non-ferromm 

¥&CO N.V SS -“p! Ring Dealing! 

J m . ' -m that U.S. manufact^ers Sce costs 10 produce - . rr . / 

greater competition from over , ^artificial price. JZXChCMgC. 

Cincnano^ was an ^ lav* tn ensure that b! jf cd C0S J S - 1116 

they are receiving therr raw whole structure of supply and 
material supplies at a com- “eniwm is distorted and too 
netitive price level. The chaos sroount is taken of the 

in the foreign exchange rates, non-trade political and economic 4 

fnpm 5>1T3 IP telex l?n9Q and constant Ganges itf the influences. 

fOim 144311 teSpPfim ValUe the d0l,ar <^ er are l 0W bein S con - 

VU 1 U; 1 1 , telex £^bUo currencies, has made if neces- centrated on schemes to control 

sary to adjust fixed prices far 1116 * ree mar ^ et fluctuations 

more frequently than jn the within an agreed framework — 

past; rather than seek to impose the 1 1 


rommodity 


brokers 


IVI.C-Brackenbury & Company 

— Members of the London Metal 
Exchange 

Brackenbury, Barlow & Company- 
Members of leading London Com - 
modity Markets. 

Brokers to an international clientele 
ranging from the largest trading 
Companies to institutions and priv- 
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Professional advice on hedging, 
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For PERSONAL attention contact: 
Malcolm Brackenbury, Alastair 
Barlow or Graham Leckie. 


M. C. Brackenbury & Company 
Brackenbury, Barlow & Company 

19 St, Mary-at-mn, 

London EC3R SEE. 

Telephone: 01.623 5701. 

Telex: 883304. 


International traders in 

non-ferrous metals and numerals. 

Ring Dealing Member of the London Metal 


Exchange - 


Pinners Hall, 

Austin Friars, 

London EC2N 2BE 
Telephone : 01 -628 5957 
Telex; 887276 

A subsidiary of Cerro Sales Corporation, New York 




■lSa 









■v> 


rvf. 


S>! fe 



: !' * 


j 









Financi^-’Rmes -Wednesday 1978 


COPPER m 




am 


ConscMpboB of copper has been declining steadily, mainly 
t>eeans£ of competition from alternative materials. But the 
V; JWnstry is fighting back on several fronts. 





■. *<. s 





s?.y 




engineermga 


v£V. 


/'wurmlr -7 ' - : 7 ■ *• u~" ~“ 7 ht«s but production xn Fran 

GENERAL engineering accounts sited on tbe'noast ,._iritanium potential and one area which has not been so encouraging. 

for aboot* 15 PM cent of total is. less .eapilteo^ salt could have enormous -implies- These production fienres 

* ‘per is ^°. ns ® toipbuilding. Work is should peak, though, by the 

M and 55* d6 “, to d *”! op of ovSm it 


set for a record year and cop^r prices have never been 
German production is being soP • ^Bcapetitive with al uminium. 
nraanuaraed at the bnoyant 1877 . . jfc^wver, while aluminum 
levels but production in France tnayfo e more durable to stress 


copper consumption in Britain water, and al 
and probaWy a bit more world- more resistant to - 
wide. The otdfookimthis sector weeds, these . 

Is generaHy : quite bright Des- case -of titanium-; 

. pit® some sSigh^eant’ substiri* b^ngovercome. 
tion by . otoer- iwtois , copper’s The' .trend is 
essential qualities .aod ; relative id Britain, by. the,.! 
cheapness still-. make -it an tricity Genet 
extremely attractive ooiusna<Mty decision to , use 
for xhahi^acitirbre: * 



in the huU ^“ "W- . * 0 a i? is generally expected that there 



Liie .. _ . , , j - - ■ - . . U1UL U1C1C rts* 

ntlv e 4 nu ^ ate * siup s _need to go will be some fall in 1979-1980. stil 
into dry dock-r-and one vessel Long-range figures from Amal- to'- 
, tlH ^ hT . ? f tbjs nature js actu al^ being gamated Metal' Traders suggest 
£bgited launched m Britam, later^ &at consmnption win fa n to _ 

- Elec- month. Other .possible- .fresh 834,000 tonnes in the US. Japan ~*n& 

tor copper - — , - J - £ "*- - 

development 


for its 


nnlikely to . have . the 
ce to corrosion and anti- 
tbat is offered by copper, 
only solution to the 
efforts to find a sub- 
far copper would seem 
that industry remains 
about the volatile price 
nt in copper, 
copper industry is fight- 


EW 


Much depends, of course, on 


icket 


world -economic .growth and replacement" 
more specific*^ the growth of chmneLr in tirei 
engineering 


• rr; 

‘ <.5 


_ ... “d ' 1 here, these has been a more b 

although ma ?^ acture r oE - ^ recent breakdown- at 300.000 
^nes exchangers for power, stations, tonnes (against the expected 

m lower • . - : Tim Dickson SS' 0 ?®?^' {" 1 1978) * J** <* 

1 _ld -be - . TXT toe leveJ of vehicle produo-* ^ 

riStoir" - •• . torn is not the only governing 

whp _„ rn j ' factor for copper consumption. 

, wuere i ~ — *• A number of manufacturers are 

■rmaiitv 1 — X t now experimenting with copper 

quauiy . .. substitutes — in particular 

g .respect WORLD-WIDE CONSUMPTION aluminium radiators. There is 
'**- . of ■ copper in .the -transport abtmt 8 to 11 lb of copper /brass 

jotttdown industry appears to be exceed- a radiator. ‘ ‘ 

..in the log most expectations tixis year, These aluminium radiators 
ition but the longer term outlook is have been tried unsuccessf ully 
New less encouraging.. Some drop in before. A model developed by 
output vehide production looks on the Coventry Radiator was used by 
popper, cards oyer the next couple of a specialist - UK manufacturer 
is still years while: numatorisatibn and as well as in the U.S. but the 



, jvoio uuuuuuubauvu ouu oa wcu as iu me u,o. 

demand the competition from axbsta- idea -was soon aborted. 


.. ® ast fates such as aluminium must 
|loration jjj-g tfoeir toll. 

Earlier 


ive been 
Sr many 


But it now seems as if 
a French manufacturer has 
projections * from developed an acceptable rad.i---* 

Hi^iwuua jiwu. #tor Th - s ig behlK usefl 


,, eheapOr in- 

vrorid engineering markets, miripar 

Eg^raon here wm obviously ^ 

boost copper consumption. For^ pricLofteLm 
. casts shop, .copper constunp- materials amt 
lion :in ^Western Euaipe titanium fits 
advancing : from filOJWO tonnes Tto«y, r ^ 
last yfear ,to ' 030,000 1 tonnes .Txy ; ^ 

?»". inw.JftgWTO/groiitfi .ta^iSmes 1 
from LSSm tocmes la- 1877 to^froin a^eh 

1.48m ronnes an 4880 bat these although the 

estimates bave been lately grow^ fasr. 

-scaled down, ■ •: ... notable from ’ 

The picture of increased aud the 
copper ^ consumption led by sector.. Cop 

general . economic* growth is.; standard in . ..... - ator 11U . Dpmp 

however, mudi too simple! years but the ffiMfen s that Amalgamated Metal Trading J“ deI . an ^ 5 

Copper’s • popularity in - the titanium is’ dSSBffsw x into suggested that consumption of and , thoueht that a UK ' 

gdteril en^nete^v^or has .&riito^there^^HE&iiple, it copper by the transport indus- motorear mMufacturer is 

bcen dented by^lmproved tech- iS:being x^d=wHpbaU in tries in the UA,, Japan and gen^y considering moving 
oology leading to greater effid- Saudi ,Arabia^^||® biggest Western Europe . wooW be OTer t0 radiators to 

enezes and, . /perhaps more ney ^ defiflllna tojgaBW^ in the about 860,000 tonnes tMs year certato models : It is ironical ~ i 

important, substitution by bQier worlA . . • -.* i ^ ' .* against 884/MM) in 1877- Bat tiffs however that these develop! 

petals.. . :• : .-:W?/-L'*/^,-.V .. Atongside. a vast figure wipi . shortly, be. revised me nts come at a time when 

Valves, pumps and -fittings tHimber bf srtp aMyCT.e ssential upwards to tost over the 1977 
axe the big -popper; alloy users products used . aWBfe fetoeer- fiwire. 
wfairii seem to have bield r th^r tog ; industry pins, t-—, nf n , 

own to the facebf oratoMtitfon screws, hooks, ^SB^ s and 

from alumanium , and . stainless springs *> nim JBK# . Most SdnSfes^s^S^ ^ 
steeL The letter have made of these bave SMBE ly been inost 

limited inroads. biti c^r^ made ^ 

strength; mistai»e -,.. aiid contmue so. some nron i hs rt . now looks as If toe DESPITE THE general reces- 

m a chinfla bility to&to ganto^ilty ^expefts/.reck ojj ^ flBW ie tal jg wimber of cars produced. In the gion, • demand for copper 
been difficuto to^cplaee. ? v **;• losing . : aa~ mh c toSBHBK er cent reacb 9 An which is products from the construction 

Elsewhere, a'^ast toftoage of of its market: which . °“ y ^ <level industry is rising tiowly. Major 

copper tube is employed each, (tould have-serioffigBEteations 1973. However, fabricators like IMI and Giyn- 

year .an mamifactnre - of; in the long tepoC/Wttinium. tD 8etoer with toe ievea . of wed suggest that this mostly 
;..CKmdtomra..midvbtoit! -.retoAB- -stainless steel hnd ll^^nfaigth ■ lruc ^ deliTaries total vehide 1 reflects the upsurge in home 

Mg y-; .jtokrfp oarer dasfiesare thejjMin^KMxtes; .P r -°d uc tion should be a record improvements, notably in areas m 
_ - I« Japan.tbe story is like central and - hot water 

iji this area hasTfeen toll; liiw^-Cknied <mt W'toiuch toe same with production systems. Copper industry fore- 

ever, from titanitnn. T& trend - toe Copper 2fevelopm|n1- ,^sb- running at record levels for the casts indicate growth by a tenth iJad' 1 
Is v -worldwide ybmt yf^ediSy ^ 'datjon new ^aseSr- f* y®»r. in copper consumption by toe some 

apparrat in -the • VS.- vriiere oyjpet - ; ^e metal’’s ahti-fllini In Europe toe picture has m construction indiatry 
Jnore powrar statibns^afe being r 3SPtq^ii^-:jHiay- : have U^Eappedlbeen more mixed. Britain looks * >etween 1977 and 1980. ../ 

#**-•■* ■ r- A The use of copper hr the 

building.- trades is; .Jspread 
_. among three-ioter-related^areas 

\ —tubing, fittings and Sheet, All 

are connected in some' Aray with 
j! ' - * plumbing systems. / and they 

represent the areas 
newer substitute materials have 


which has been sub- 
by the copper industry, 
evelnped a miniaturised 
.radiator that uses 25 per 
bs metal while the cost 
on is something in toe 
of 15 per cent 
t alternative uses for 
in vehicles are also being 
ed. The use of a copper 
e alloy for disc brakes is 
.1 advanced. These disc 
evidently give more effi- 
b raking at a lower tem- 
and therefore have less 
Some interest in this 
is now being- shown by 
Rail. 

growing number of 
cries being used in motor 
es must give some long- 
■ boost to copoer, as indeed 
the battery-propelled 
e if it caught on to any 
extent: currently there 
is to be more interest in 
ctric pkt in the U.S. After 
re is between 6 to 7 lb 
Der in the electrics of a 
lerican car. 


David Wright 


Construction 


in part to stockbuildtog by 
ers’ merchants. 




-COPPER CONSUMPTION t jSt toe industry at largi 

/the electrical; itianStry- jh th^^^^om^ company? 
country recovered mofeftiy to ' T s3gn/ of any ts 1 

1977 but was kin sWetb i&^tovery' from toe recessie 
Bke' 10 per cent' Siok'At ha « ?ateh . 

^«B#38^SiS1ShS* Sri?' 

Metal, GEC) moMbr om&m that ^ ^ J C0 ^ S1 ^ 1 

reyo&ek^aroun d wire and cj 
demand for- c^>le -^n%.VOTe with toe lndustry's tonnage 
remains weak as far as tbeltome areas Hke contacts and " 

- market is concerned. .-, . - .7: / . : nals very- modest in comp 
The cables division .jif BICC '3® ^Sius withl 

rolls around- 136,<)00 tonnes of gflncatera buying copper 
copper Tad a year, thp ^iir /vf mnelters -and lmpn 
which' is consumed wf tfe^ the T^ 5 “™1 

BICC group. About onertoirii oa a ' .0 ‘ ' 

production is sold. ohtside tKe '' scalft -. .. . ' 
company and last year dqtoekto ■ ^ In -tois respect BICC 
demand remained M tow.“ Sales new refinery which it hoj 
overall at BIGC^Cables lm-: bring into' production . 
proved by 17 per4*nt but that next year, The hew ' plant| 
was largely as a. result 6f slmrp- be capable of producing ^ 
growth to - exports, wblch rose tonnes: . of .--refined C 
by . 38 - per cent /to repreBefit ;innuaHy. y The cathode li- 
nearly twofiftos of total tutor will provMe' ; a substanliali 
over in the div^on. Compared portion of toe high purij 
with oafrtoird-m 1876. ... feed- requirement of the; 

: BICC . is undoubtedly the Pony's continuous coppei 
dominant sapper - of-- eopper pTantiwhlch has a potential 
cable and wire jo the jM^ftriciL .PUt' 1M.OOO tonnes a ye 
trades, in this-tokmey' and -as- roughlya, third more tha 
such i^. deiwr® ^jpatterns. are a output adtieved' in 1977r 
reliable fcaroiafefer -Unlihfe -somfe indus 


r some time copper has 
largely untroubled by toe 
of cost pressures that 
from price gyrations on 
mmodity exchanges. The 
has been ah*® to compete 
stable price basis for a 
of. years, and has also 
satisfaction of watching 
its competitors among 
the plasties fraternity squirm 
under. -tije impact of the “oil 
crisis.'’: / 

The -present andVhistorically 
low levels for toe copper price 
has meant that some, areas of 
production have- beebme un- 
that thp economic and closed ae a re- 
iaic har- sult *?“* prospect of^upply 


. copper’s domination of . the so far been unable to. enter, S 

t electrical trades looks beyond namely hot water containment !L lat 5l unmnr^I^ StTfSl!? 

challenge. At both ends Of toe and distribution. By far toe most 
./power range — from high tendon important of the three is copper Sj s S5v >ee " SSjS' "SJE 
’ cable down to telephone cable tubing, which' may account -for the 

^ ^ -»»** over 52,000 tonnes of %Z^rSJTTSZ 


produefecontinues to improve — 
at least among the construction 
trades: 


modest — aluminium has tended copper a year compared to 
to supplant copper. But alu- 10^)00 tonnes or so* each for 
mihhim is not nearly so eon- fittings and plate copper, 
dnetive as copper and as a Where plastic-based, - sub- 
result its use among other stitutes Tor metal have mostly 
forms of cable and wire is taken over in construction areas . . 

; limited. . . like external ' guttering and the !! I 0 i? nm last year, sug- 

It was' to 1945 that British -general internal plumbing,, toe ® ested .T? T *^ er having dipped 


The. company's fifth edition 
of Copper Trends, published in 


Insulated Cables merged with builder still makes extensive use ]* * A ^° upl 5 L® f + per ? e “ t ?9? 
/Callender’s Cables and Con- copper for tubing where hot J 197 L t0 . i 15 '?S 

giitniction to form vtoat is now water is concerned Apart from °° “' a “ 

I -known as BICC. The company its non-ferrous qualities, copper . r t3?^£? PJ3er ,5- v the buj,d * 
p ls the largest organisation in the has the abUity to retain heat. Pr °‘ 

wbrld in. its field, vrtth sales especially -when combined with np ' t0 1 “ 6 ' 000 tonnes 


J.last. year close to flbn. The an efficient lagging system. . 
lirect copper element within ftne old Imperial. Metal - Oiwciai statistics tend to fit in 

Jiese sales breaks down into Industries group) reported smiglj; .enough, with this fore- 

^17. per cent- far general -wiring higher demand in its building cast. Against- a figure of 73,400 

^ahd/ cables, 11 per cent for Products division in 1977, and too? 68 far UK output of copper 
^ power cables, 9 per cent' for as a result sales in this sector 
‘ slephone cables and 3 per cent rose 10 .*487®, representing jnsi 
tfar enamelled wire. . under a fifth of total turnover. 

r/-In terms of volume the largest 1 ? is y !f' 0D W*. fittin 8 side 
'" the four companies that com- ^ ooe * company expects a 
toe group is BICC Cables. ? har P volume. Home 

_ company manufactures improvements as an alternative 
ilea to over 10.000 JHervpt ^ 


tubing-.-, in 1977 (which was 
about toe same as in 1976). the 
first quarter of 1978 took in a 
rise to::2i£O0 tonnes. 

J.B. 


.TO>txni.. 


, .1 


9 



Thirty seconds 
•door to door. 


AMALGAMATED METAL TRADING 

leading ring-dealing members df the London Metal Exchange 


Amalgamated Metal Trading Ltd, 

2 Metal Exchange Buildings Leadenhall Avenue London EC3V1LD Telephone 01-626 4521 Telex 888704 


Gold 

Silver 


Copper 



Hedgers and speculators benefit from market liquidity, rapid order execution and prompt 
dissemination of tracing data provided on COMEX. ..which is why more metals futures 
contracts are traded on COMEX than bn all other United States exchanges combined. 


You should learn more about metals futures trading. Information kit available. 


GOM 0 C 


The World's Largest Metals Futures Exchange 

Commodity Exchange, Inc. Four World Trade Center, New York, NY 10048 (21 2) 9385900 


> SILVER COPPER. GOLD ZINC 

. 5,000 Boy Ounces 25.000 Pounds ioo Troy Ounce* 50,000 Pounds 




1 ff_. n company is atpaius to stress that 
jenrey crown the general bouyancy^ ^of trade 


Domestic aud a] 

IN THE PA^T A^ITVfwxSt recent foi 

cades few dreas of znaun^nu^r of '2WJ tot 

'-'hwe " seen - -re year. diPP 1 


tnees' 


mg 


fundamental and rapid ehaigeg 


tonnes; -in 1979 as toe 


amer bocan tails off, and 
as toe domesfid goods -sectoix i^ck;to53i»-t<mnes in ““ 
Tbe > microjerohuSon- cot 

Britain h 5? r- 

mmlatnrisationf ifa^oved te- -.fii-tttg'latt ffW yrara. tbeO 
sign terdmlqu^ 1 >ffer .of If coimtriea^ 

melS* pdf a slightly 

“f* great^^attentioB-to enrodtokfag doss' on 
cnd-prtduct ; and . more * 

tetnag- tiofiitoiption has .- 
S S S-i, wbtri 

demud ft«r ®PPW .tom &e -es^om is checked 

Pneodanj 'theic ia ^ 5 

considerable jraioberof f«nSUar.|S*' ^ ilSTlSidJb? 
everyday 4 Wris*Mcb cap eoD-S ^^" 56 Mul ^ be ' 
tato ropper— TV andTadio sets, 
hi-fi equipment, re&igeratora,'. . -TV. :; sets .are 
food mix ers,- washtog njachine^. rimporfant osexs of co pi 
plus any kticboa appUance witt : tj^cal set contains as mni 
an etedric.nxrtori r •• . i ' to ;of tb e metal, but to 

Defining household ’ ■ goods,, beiag eontinually whittled -2 
however, is a : difficnlt. task. Hht by j&niaturisatkm of c 
according- -to tho. Oammodity ents lHw resistors and 
Research . Unit -/the seeter tors,-' Much- of this/^of 


accounts far ' between a fifto hasi^appeaed but the US. ■ 


by major manufac- against m^ybe five, times. that at 
anxious -to find a toe height of toe Vietnam war. 
itute forwhat was becom- Other markets* -however, are 
a very expensive materiaL opening up— India and Iran, for 
_ch of -this was. confined to example, have lately set up sub- 
|&jpe, where ASElA in Sweden stamtial ordinance factories, 
mounpie* . .developed an jjfat many domestic uses 
;um_ magnet wire for copper- has - become plain 
elecme motors.■ -. unfashionable. --- witness, for 
;« then the price of copper example, the fading attractions 
.. fallen with’ a . some . conse- of copper cpoldng pots- and 
’eirt flagging of interest in kettles and toe greater appeal 
. .placement research. Phillips, of aluminium and ataini^ 
however, is one manufacturer steeL a seems- that' aesthetic 
known to be actively looking for appeal said cost will remain 
paeans of reducing the copper /flal factors and one small, but 
£ftpntsnt in -electric motors. certainly not insignificahtj eon- 
/Among the ' miscellaneous tribution of toe Copper Develop-' 
s ior .copper, there, seems meat Association has been to 
,e doubt that coinage will b^ P p romote toe growth of 
an important world con- craftsmanship through schools. 
«mmv Since - looming into Finally, on a brighter note 
fashion about TOO. years ago, BQ reports that copper tube 
| Cupronickel has been standard sales- to. the. plumbing rector in 
/in this field despite. French and Britain have’ increased by -more 
^taEan flirtations' with nickel than 20 per cent fa the.finst six 
afac .Coinage is a particu-. months, of the current year- It 
Important - copper market .may'niit : be-a slice, of total 


/ 


-and a quarter of total U;S.’ cop- dovro wards and recent 
per usage.-.".. deretenments can ongadd- 

Metal- Tradfag, on' t2te fltoer tn tois.- . - ; -- - . 

‘hand, calculates that the &mte?- - Copper is ali» im 
tic- - goody Tfljmre ■ of; •; hoasehnyi jjadgets -wttn 
European 'copper . coosnxgptiofb motors. ' •Hbe. Mte 
- " - ; fe^TQT^'ikjrrly: nv a greri: 


copper consumption , but at least 







America’s defence - require- it is a sign that some of toe 
however,' have seriously c u rre n t rise fa our disposable 
ted; as/ an outlet . One incomes -ls-going- towards copper 
estimate from .the Com-'..lni t3&" farm of home- improve- 

ity ;Researdi--Unk. antkS-^ments. / 


that 20-S0.00Q toan^ were 
’**^'arixiaments : in 1977, 


TJ). 






SOCIETE GENERALE DES MINERAIS 


XwV- ' 

./ >> y 


± fuL 


PURCHASERS 
of unrefined copper 
SELLERS 

of electrolytic billets, 
cakes, wirebars,Contirod e 




Also zinc, lead 
cobalt, nickel, silver, 
tin, cadmium, etc. 


Ruedu Marais 31 

B-1000 Brussels. - Belgium 

Phone: (32-2)218.80.30 Telex: 21.253 


IN THE U.K. CONTACT: 


SOGEMIN 


Tenih floor : : 

Stock Exchange Building. 

Throgmorton- street 

London EC2N1EL 
Phone:01-628 6421. • 
Telex: 885244 









ID 


LABOUR NEWS 


Rolls-Royce 
plea to men 
over jets 


BY OUR GLASGOW CORRESPONDENT 


Tube men 
call for 
weekly 
strikes 

By Nick Garnett; Labour Staff 


COMMUTERS ON London's 
Underground will face service 
disruptions from early next 
month if unofficial strikes called 
yesterday go ahead. 

Meetings of all grades of 
workers called for a series of 
one-day strikes each week. 


ROLLS-ROYCE has asked its but are not making it public 
1,100 workers at East Kilbride to until after the decision, 
co-operate in allowing court The way was cleared for the 
officials to take possession of the Chileans to seek repossession last 

four jet engines owned by Chile month, when Mr. Edmund Dell.:. . _ 

that have been lying blacked at Trade Secretary, granted export! beginning on September - ® ■ * 
the Scottish factory for three licences for the engines, which dispute with the London i Trans- 
years. were blacked in 1974 in protest [port Executive and the Greater 

The company has tofld shop at. the killing of Marxist Presl- 
ste wards that it will not resist dent Ailende. Avon - powered 

fighters bombed bis 


legal moves by solicitory for the Hunter 
Chilean Air Force who are palace, 
expected shortly to to seek imple- . 

mentation of an . order for Harm to Sales 
repossession of the engines 

granted at Hamilton Sheriff Rolls-Royce clearly hopes that 
Court last year. the workers, having achieved 

In notices in t?,e factory the W,J1 

management requests co-opera- a “I5® 
tion in moving the crated Avon ^ 

tor'mu’rl'SlB*, 11’"*! ?' „he, Chile’s taem™air- 

»kL 1 J d t0 line. LAN-Chile. is understood to 

6 t h F t J? e m P J a * f and ta £ e be considering buying Lockheed 

The com p a/ iy reminds workers TriSt ars powered by Rolls-Royce 
that the engines belong to the rb°11s 

Chilean Air Force and points out ^ company has agreed that 
that any refusal or delay on its the £100,000 overhaul bill will be 
part in complying with the court ttttled only after the Chileans 
order wiU constitute contempt of have satisfied themselves that the 

„ ..... . . . . Avon* are in working order. 

. East Kilbride workforce despite three years of exposure 
is meeting on Friday morning to to the elements and suggestions 
decide on its response. The bv East Kilbride shop stewards 
stewvnN have aerced on a reconi- that they are rusty and un- 
meadation to the mass meeting usable. 


Offices picketed by 
social workers 


SOCIAL WORKERS in Newcastle 
and the London borough of 
Southwark picketed council 
offices yesterday in support of a 
pay claim and negotiating rights. 

The 151 strikers in Southwark 
and the 250 strikers in New- 
castle. mainly members of the 
National and Local Government 
Officers’ Association. have 
refused to provide emergency 
cover for “life or death"" 
services. 

The Nalgo national executive 
council met yesterday to discuss 
whether hte strikers should work 
in emergencies such as child 
battering or hardship to old 
people and to decide whether 
social workers in Tower Hamlets 
should join the strike. 

The Southwark and Newcastle 
Nalgo members are on all-out 
strike. Their colleagues in 
Lewisham and Ealing stage a 
one-day stoppage on Monday. 
Only the London workers refuse 
to nnerate emergency services. 

Mr. John TYatt. Southwark 
shop stewards’ convenor, said 
the social workers unanimously 
rejected a call to provide emer- 
gency cover. 

"We have taken this action 


out of sheer desperation. Social 
workers have a conscience about 
their clients and the decision to 
strike was a very difficult one to 
make. 

“We will not provide emer- 
gency cover because we believe 
that will just prolong the strike 
and more people will suffer in 
the long run." 

The social workers are fighting 
for the right to negotiate locally 
with individual councils. They 
also want pay rises above the 9.9 
per cent nationally agreed with 
Nalgo in July. ' 

The Southwark workers have 
rejected an offer of between £2 
and £14 a week on top of that 
rise. They say that so far South- 
wark council has flatly refused 
tn negotiate. 

A spokesman for the area’s 
Nalgo branch warned that the 
strike could spread nationwide. 
And Dr. John O’Grady, leader of 
Southwark Council, has already 
said that people could die be- 
cause of the lack of cover in 
“life or death " cases. 

Ten team leaders and senior 
officers were operating a service 
but they could not possibly cope, 
he said. 


Strike- breakers now 
work separately 


ELEVEN WOMEN who refused, 
to join a recent Bank of England 
strike were working in isolation 
from their colleagues yesterday 
“ to prevent possible ill fee lings’ 
being expressed." 

However, th ebank denied that 
the women had been “ sent to 
Coventry " or that they were 
being paid for doing nothing. 

The 11 are. employed at the 
Bank of England printing w6rks 
at Dcbden. Essex, which pro- 
duces 35m notes a week to 
replace those taken c*ut of 
circulation. 

They rerused to join a strike 
last June in support u ( : a closed 
shop ul (be wtn-ks and face dis- 
ciplinary action by '.heir union, 
the Society or Graphical and 
Allied Trades tSo^ati. 

During the strike the 11 were 
switched from th-;ir normal work 


of examining notes, and Bank 
officials say they will be kept 
apaA until after union discipli- 
nary hearings next week. 

The Bank of England said: “ It 
was a decision of the manage- 
ment to segregate these 1 women 
from tbeir colleagues to prevent 
possible ill . feelings being 
expressed. ’ 

The women elected to stay at 
work during the strike because 
thev believed the stoppage to be 
unconstitutional. “ They were put 
on other duties during the strike 
and remained on them when the 
dispute ended. This situation will 
continue until after the Sosa 1 
disciplinary hearing next week." 

The Bank described the situa- 
tion as sensitive. " It’s plain sense 
to keep these women apart and 
certainly there have been no 
confrontations inside work. I 
cannot speak for what .goes on 
outside." 


London Council over economies. 

Union official* are seeking sup- 
port for a strike of all Under- 
ground staff, including signal- 
men and train crews which 
wonld shut down the whole of 
the Underground service during 
the 24-hour periods. 

It was still not clear last 
night, however, how much sup- 
port would be given by the train 
crews, who are not as directly 
affected by the economies as 
other grades. 

A strike by ticket collectors 
and other station staff without 
the drivers might still allow 
Underground network to 
operate, with commuters travel- 
ling free. The- system takes 
about £600,000 each weekday in 
fares. 

The GLC has told London 
Transport to cut costs through- 
out its operations by £8m with- 
out reducing mileage of trains 
or bus services. The transport 
executive cuts include reducing 
rai linen's overtime and restrict- 
ing recruitment. 

The rail men are angry at the 
overtime restrictions, complain 
that there has not been enough 
consultation, and say that the 
GLC has not taken into account 
cost-cutting proposals put for- 
ward by the union. 

Workforce 
laid off 
at Perkins 

THE ENTIRE production force — 
5.500 workers — was laid off at 
Perkins diesel engine plant in 
Peterborough yesterday. 

They were sent home because 
of a strike by 800 maintenance 
men, who are in dispute over 
grading. 

Production of engines has been 
baited. The plant will stay idle 
until Friday at the earliest, when 
the strikers have called a further 
meeting. 

Medical editor 
settles dispute 

MR. LAURENCE DOPSON, 
former editor of the British 
Medical Association news review, 
has dropped his . industrial 
tribunal action for unfair dis- 
missal following a settlement 
Mr. Dopson will be given one 
year’s salary and the Institute 
of Journalists has agreed to 
lift sanctions against the appoint- 
ment of a new editor. 

Strike goes on 
at Ever Ready 

STRIKING DRIVERS at the Ever 
Ready plant in Park Lane, 
Wolverhampton, yesterday re- 
jected a union cal Ito return to 
work. They walked out calling 
for pay parity with skilled 
workers. 

The dispute, involving 16 
drivers, has caused 1,100 workers 
to be laid off. 

More trade for 


Liverpool 


THE PORT of Liverpool has been 
promised an increased share of 
the fruit and vegetable trade, 
including tomatoes, cucumbers, 
potatoes and peppers from the 
Canaries. 

The assurance came when a 
six-strong delegation from the 
Mersey Docks and Harbour Com- 
pany. including docker shop 
stewards, held a week of talks 
on the islands with the produce 
growers, exporters and steve- 
dores. 


Vauxhall workers end 
Ellesmere Port strike 


BY PHILIP BASSETT AND ALAN PIKE 


ASSEMBLY WORKERS at Vaux- 
hall's Ellesmere Port car plant 
on Merseyside voted yesterday 
to end tbeir five-week strike in 
support of a dispute involving 
100 transport drivers and accept 
a peace formula reached by man- 
agement and national union 
officials. 

At the same time, machinists 
who have halted production at 
BL's Bathgate, Scotland, truck 
and tractor factory with a 
strike over new tools, were 
instructed to return to work by 
the Amalgamated Union of 
Engineering Workers executive. 

Production at the Vauxjyall 
plant should -be back to normal 
today. Almost 5.000 prediction 
staff, mainly -members tf? the 
AUEW. who were told before the 
factory’s three-week holiday that 
they would be laid off because 
of the strike when the plant re- 
opened. were recalled f or work 
yesterday. 

Night shift assembly workers 
were recalled last night, and 
the remainder are expected to 
turn up for work ‘today. 

A mass meeting of the 3.000 
assembly worker#, members of 
the Transport s'dd General Wor- 


kers’ Union, tor* only 20 minutes 
to accept the -peace formula. 


The 


100 drivers, aiso TGVfU members, 
met earlier, and accepted the 
proposals. 


The drivers' dispute, which 
Vauxhall management say has 
meant a loss of 4.000 cars worth 
£8m at showroom prices, was 
over a claim for special produc- 
tivity payments and a reduction 
in hours from 47J a week to 40 
without loss of earnings. 

The compromise formula for 
settling the dispute gives, more 
cash fn the form oF improved 
meal break allowances. Allow- 
ances will, be raised from £1.56 
to H.S5 per day without receipts, 
and subject to the production of 
satisfactory receipts, total allow- 
ances claimable will be £2.60 per 
day. 

The improvements will apply 
to all worsts in the three unions 
who at present receive special 
mealtime break payments. Joint 
deputations will be made to 
Government departments over 
the interpretation of EEC regula- 
tions on drivers’ hours. 

Production at the Vauxhall 
plant at ' Luton, which uses 
engines, axles and gearboxes 
from Ellesmere Port, is also 
expected to be back to normal 
today after the holiday shutdown. 
Lay-off notices for 2JKH) car 
workers were posted on Monday* 
but withdrawn after the Elies-' 
-mere Port peace formula was 
reached. - 




The 1,500 strikers at BL’s Bath- 
gate plant who stopped work a 
week ago, are claiming extra 
payments for operating new com- 
puter-controlled machine tools. 
But after the AUEW executive 
had studied the terms of the 
agreement covering such changes 
yesterday. Mr. Hugh Scanlon, 
president said the executive was 
satisfied that the men should do 
the new work. 

“We shall instruct members to 
honour the terms of the agree- 
ment and return to work." he 
said. 

The strikers, whose action has 
led to 2,000 other Bathgate wor- 
kers being laid off, have already 
rejected a call by .local AUEW 
officials to go back to work. Last 
month Mr. Michael Edwardes, 
BL chairman, visited the plant 
and - warned that its future 
depended upon* an end to 
unofficial disputes and restrictive 
practices. 

• Vauxhall have decided not to 
comply " with an industrial 
tribunal order that they should 
re-employ Mr. Mohammed Ayub. 
sacked for sleeping on a make- 
shift bed on the night shift. 

The decision is likely to mean 
another tribunal, which could 
order Vauxhall to pay extra com- 
pensation. Mr. Avub has already 
been awarded £903. 



Technical News 

EDITED SY ARTHUR BENNETT AND TED SCHQETERS 


Financial 'Tftiws Wednesday August 1S1978 


• MATERIALS 


• SECURITY AND SAFETY 

Line of defence 


Alloy can work 
when very hot 


GOOD CREEP resistance and 
high yield strength are shown 
by a recently developed 

magnesium alloy which is n° u ' 
under assessment by national 
materials testing laboratories in 
the U.S., Germany, France and 
Britain where it was produced. 

Magnesium Elektron (Tube 
Investments group) which has 
assigned the designation Elek- 
tron QH21A to ‘ the alloy, 
indicates that a great deal of 
private research has already 
gone into the new material. 

Main alloying elements are up 
to 3 per cent silver, thorium 
1 per cent, zirconium 0.7 per 
cent neodymium and other rare 
earth metals 1 per cent 

Castings are pressure tight, 
easily TIG welded and have 
good machining properties. The 
creep resistance and yield 
strengths are shown up to 
300 deg C and the material has 
a tensile strength of 240 
Newtons per square millimetre 
and ultimate compressive 
strength up to 3S5 Newtons. 

Fatigue endurance is up to 
110 Newtons per square milli- 
metre for up to 50m reversals in 
rotating -bending tests' of un- 


HANDLING 


notched standard specimens. 
Brian hardness is between 70 
and SO. 

No deterioration has .been 
detected in the alloy's properties 
after prolonged operation at 
200 degrees C. Above that and 
up to 300 degrees, operation is 
possible with some sacrifice in 
strength or life. But compared 
with other magnesium and 
aluminium alloys, the new 
formulation, on a strength/ 
weight ratio basis, provides an 
extra operating margin of at 
least 50 degrees C 

This last point will be of con- 
siderable interest in the aero- 
space industry where improved 
lubricants allow higher tempera- 
ture operation in gearboxes, 
auxiliary drives and similar 
equipment for which the alloy 
will be suitable. 

Already Kiockner-Humboldt- 
Deutz of West Germany has 
selected the metal for tbe air 
intake bell and main support 
ring of its gas turbine engine 
T117 and it is being assessed for 
use in various components of a 
British aero engine. 

Magnesium Elektron, Regal 
House. London Road. Twicken- 
ham TWl 3QA. 


AN INTRUDER detection system 
of particularly high sensitivity, 
for steel mesh perimeter Fencing 
Introduced by ARC Europe is 
called the Perim-AlerL 

Manufactured by the Norton 
Company of California, its 
electromechanical sensors are' 
mounted on the fence, in closed 
circuit and feed signals by cable 
back to a control panel where 
each zone of fence (zones being- 
decided upon by the user) is 
separately monitored. 

Sensitivity adjustments in tbe 
fence units and the- control panel, 
keep false alarms to a m inimum. 
For example in wind speeds of 
more than force 6, sensitivity 
should be slightly reduced on 
tbe control panel — varying in 
each zone according to wind 
direction— but can still detect aU 
but the most cautious ladder 
placed against a fence post. Cer- 
tainly any attempt to climb or 
cut the wire would be detected 
in the fiercest gale. 

At lower wind speeds, sensi- 
tivity at the fence is enough to 
detect a bird hitting it although 
the' central control would nor- 
mally be adjusted to ignore this. 

For the same reasons the 
system, unlike microwave or 
infra red equipment, is. not 
affected by rain, snow, fog or 
humidity. Separate detector cir- 
cuits raise alarms if any of the 
electrical wiring or the sensors 
are tampered with. 

Every signal transmitted by the 


fence sensors causes an “alert 
light" to shine but only jf the 
signal exceed® the programmed 
limits is it converted to full 
alarm. A pulse counter on each 
zone at the control panel is 
adjusted by thumbwheel to the 
best setting for prevailing con- 
ditions. Also an alert signal wlu 
only convert to full alarm if the 
pulie count is exceeded for more 
than a pre-set time of 15 or so 
seconds. . „ . „ 

Once an alarm is triggered a 
buzzer and light on the enrols 
show which zone has been 
attacked. 

ARC Europa. Shakespeare 
Industrial Estate. Watford. Herts, 

WD2 SHD- 92-4430. 

Protective 



tor building products, 
hast exchange, fluid power, 
general engineering, 
np taslenars, refined and 
wrought metals. 

IMi Limited, 

Birmingham, 

England 


m 


gloves 


A CLAIM that it is able to 
despatch any of its range of pvc 
protective gloves within 48 hours 
of receipt of order is made by 
Comasec Safety of Lyon Indus- 
trial Estate. Hartspring Lane, 
Watford, Herts (0923 23345}. 

Three ranges are available: at 
the top end is the Multi 
designed for wear resistance ana 
comfort and the Presti which is 
designed to conform to tbe shape 
of the hand and allow maximum 
dexterity when handling acids, 
alkalis and other chemicals. 

Other types of glove have 


been developed to handle stone, 
metal with sharp edges, barbed 
wire and glass. There is also a 
glove for delicate operation* in 
which both the hands and Vk 
material being dealt with must 
receive protection. 

Crook alarm 
costs less 

VIRTUALLY IndistingatsMlte 
from a hi-fi speaker, a low coac 
burglar alarm works on tne 
principle of detecting reflected 
ultrasonics from the body of an 
intruder. 

It takes power from- row 
batteries and gives tbe user 45 
seconds grace after being 
switched on to leave trie room, 
caravan, garage or boat. After 
that delay, the detector ckt itK u 
on and should an intruder cross 
the beam — adjustable from 2 to 
20 feet — the reflected sound'wxve 
will be picked up and a praam 
alarm signal result. 

Haddock Hortsman. New 
Bryngwyn Road, Newbridge. 
Gwent. 0495 243688. 


Small forklift truck 


A SMALL forklift, easily moved 
about by hand, works from fac- 
tory compressed air lines and can 
raise 1,000kg (22001b). 

Made by Danish company 
Quick Wood and sold in the UK 
by Trepel (UK), the device 
makes use of a bydropneumatie 
system in which compressed air 
drives a hydraulic cylinder giving 
a smooth, precise movement and 
good rigidity under load. Vertical 
movement at the forks is con- 
trolled by a hand valve. 

A switch gives automatic 
adjustment of load height, 
making the forklift useful for 
manual stacking and feeding 
operations — the unit can be set 
to work in either direction. 

Overall width is 550mm, Icncth 
L200mm and the raised height is 
1,970mm, reducing to 1,210mm 
when lowered. The ■ unladen 
weight is 192kg. The forks will 
raise loads from 90 to 850rn m 
above floor level. 

More from the company at New 
Road. Sheerness, Kent ME12 INB 
(07956 45S11. 

Finding the 
right truck 

MATERIALS handling speci- 
alist, Mr. Gordon Carlton, has 
produced a “UK Industrial 
Truck Directory” which shows 
that over SO companies are 
offering forklift trucks in this 
country-. 

The publication, produced in 
association with the National 
Materials Handling Centre, 
claims to be the only reference 
book of its kind. 

It details not only such things 


• COMPONENTS 


as sales offices, depots and the 
name of the chief sales execu- 
tive, but also gives a potted 
profile of each organisation. 

Copies are avialable free of 
charge from PEL Communcia- 
tions. PO Box 33W. Wembley, 
Middlesex, HA9 9NU. 

Keeps load 
lined up 

A POWER swivel device de- 
veloped and manufactured by 
Clarke Chapman ' Marine of 
Gateshead (part of Northern 
Engineering) is now being 
fitted to cranes of the com- 
pany’s own manufacture and 
will prevent uncontroUed swivel- 
ing of large containers, keeping 
them at the required angle to 
the ship during loading and un- 
loading. 

The cranes already have a 
beam device, at the point of 
load attachment which because 
it is raised and lowered by dual 
cables spaced several feet apart, 

{ 'invents the load from assutn- 
n? a pendulum swinging motion. 
Th • device is built into this and 
prevents swivelling as well. 

It is controlled automatically 
by integration with the motion 
of the crane so that as the lat- 
ter goes through a complete 
slewing operation the container 
itself remains paraiell to the 
centreline of the ship. Manual 
itself remains parallel to the 
crane operator, allowing him to 
adjust the angle of the load at 
any time. 

More from Northern Engineer- 
ing Industries. P.O. Box -NT. All 
Saints, Newcastle upon Tyne, 
NE99 1NT (0632 24013). 



Tube measuring and bending equipment has 
been modified for mass production applica- 
tions, especially those involving frequent 
“set up" changes such as automotive ex- 
haust pipe manufacturing. By obtaining 
bend data compensated for spring-back by 
Vector 1 and with that data centre's facility 
for inspection, high accuracy and repeat- 
ability are achieved with minimum scrap 
rate. The need for storage or master pipes 
and expensive cheeking jigs is eliminated. 
Vectorbend 300C-MP is highly productive 
because of its rapid set-up time (the machine 
has its own memory unit), and ability to 
manipulate pipes automatically, especially 
. when fitted with , the optionally available 
auto loader. Its bending head is a self- 
contained, fully demountable and inter- 
changeable unit The 76mm diameter capa- 
city Vectorbend can, therefore, be supplied 


with interchangeable heads with maximum 
capacities of 19mm and 38mm diameter 
respectively. It ean also be converted to 
precision draw bending. In the step-cycle 
mode, the unit’s memory Is programmed by 
keying-in bend data on (he tab stop control 
console. This Information would include 
angles and plane of bend plus distance 
between . bends. Once programmed, all 
machine movements are automatic but full 
manual uveride is possible from the control ' 
console. Up to 5 Vectorbend 3000-MPs can 
he interfaced with the computer in tbe 
Vector 1 tube measuring, inspection and 
bend data centre, all working on different 
jobs if necessary'. In -this mode, bend data, 
compensated in respect of tube spring-back 
characteristics, is. directly programmed Into 
Vectorbend JOOC-MP's memory unit from 
the computer. Addison K at Westfields 
Road, Acton, London, W3 ORE. 01-993 166L 


Auto-return turntables 


O DATA PROCESSING 


SO FAR known mainly for tbe 
turntables and record changers it 
sells to original equipment 
manufacturers for inclusion in 
branded products, BSR, through 
its subsidiary Audio Dynamics 
Corporation, is making a bid for 
a share of the retail market- 
turntables sold direct to hi-fi 
enthusiasts — with tbe announce- 
ment of three new semi- 
automatic units. 

ADC marketing director Roger 
Allen lakes the view that a whole 
new generation of young people 
is now emerging that has grown 
up in households where hi-fi is 
the norm rather than the excep- 
tion. They expect to acquire 
individual quality items of 
equipment. 

BSR already claims to have a 
world market share of 70 per 
cent in turntables and record 
changers, producing over 250,000 
units each week in six Factories 
employing 13,000 people. 

Soon the three new items will 
be coming off the lines at the 


rate of about 6,000 units per 
week, a formidable challenge 
indeed to the Japanese and other 
Far East importers. 

Three new models axe 
designated ADC 1500. 1600 and 
1700 and they all employ manual 
set-down of the pick-up arm on 
the disc with automatic arm 
return at the end of the play. 
No wood is used in the base 
construction: instead, a plastic 
fabrication is employed consist- 
ing of an ABS outer shell with 
foam injected between tbe layers 
to give a sandwich of good 
strength and light weight. 

Model 1500 is driven by a 
precision ground belt and servo 
controlled DC motor, the 1600 
is direct driven, while the top 
of tbe range model 1700 is direct 
driven with a quartz-referenced 
phase-locked loop motor. The 
expected average retail prices 
will be £79, £99 and £129 respec- 
tively. 

ADC is at Powke Lane. Cradley 
Heath, WarJey, West Midlands 
B65 5QH (0384 65191). 


Gearing up for export drive 


Shows shift of status 


LIGHT reflecting electromagnetic 
status indicators made 'by 
Ferranti-Packard (Canada), are 

available from Pye Electro- 
Devices in the UK 

Series P35 is an enclosed indi- 
cator of circular form with a 
transparent protective cap. It. is 
supplied with a retaining ring 
for easy panel mounting. Series 
35 Is similar, but lor PCB 
mounting. 

Both devices make use of an 
8.9mm disc, one side of which is 
light reflecting and ihc other 
matt black. The disc is moved 


from black to white or vice versa 
by the application of a one-milli- 
second 250mA current pulse and 
is then held in position by rema- 
nent magnetism until reset by a 
further pulse. 

The units are virtually mainte- 
nance-free, with no lamps to fail 
or mechanical linkages to wear 
out— tbe life is stated to be 100m 
operations. 

The reflecting, fluorescent discs 
are available in five colours. 

More from the company at 
Exning Road. Newmarket. Suffolk 
CBS OAK (063S 5161;). 


COMMUNICATIONS 


Tete-a-tete by phone 


TELETRONICS has introduced 
a new one-to-one intercom 
system, ideal for quick, private 
person-to-person communication. 
It could be the answer to com- 
munications needs in office 
receptions, accounts departments, 
security posts (like factory gate- 
houses), in hotels 'and 
restaurants, and in retail outlets 
ra n g in g from shops to garage 
forecourts 

It has a master unit and slave 
unit — both compact in appear- 


ance. and similar to a "trim- 
tine” telephone handset They 
provide clear communication 
between points up to 400 metres 
apart. 

Extremely easy to set up and 
use, installation is by two wires 
— without polarity, so that either 
wire can be connected to either 
terminal- The unit is styled for 
either desk-top or wall mounting. 

Teletronics, 9 Connaught 
Street London W2 2AY. 
01 262 312L 


POST OFFICE, Insac and GEC 
Computers have agreed, in 
principle, to co-operate in the 
marketing of systems develop- 
ment and support services for 
Prestel internationally. 

Ability to offer a complete 
package of software, hardware 
and the Post Office’s know-how is 
essential for a major drive in 
overseas markets. Insac’s new 
Viewdata Systems International 
Division will provide software to 
meet special systems require- 

Report on 
data bases 

BUTLER COX Foundation, the 
research association of Butler 
Cox and Partners, os to conduct 
a survey on the experience of 
data base management system 
users. A brief questionnaire has 
been designed to measure the 
initial benefits DBMS users 
hoped to achieve and tbeir sub-’ 
jective rating of tbe success 
actually attained. 

These re so Its will be tabulated 
according to the DBMS product 
used, leading to a relative rat- 
ing of the main products such 
as IMS DL/L TOTAL. IDMS. 
ADABAS etc. Tbe survey will 
also measure the overall degree 
of user satisfaction with DBMS 
implementations and particular 
aspects of claimed improvement. 

The questionnaire is claimed 
by the Butler Cox Foundation 
to take under ten minutes to fill 
in. Companies completing the 
form will receive a summary of 
the overall findings: it is being 
mailed to 300 DBMS users in 
the UK and Europe. 

Companies wishing to ensure 
that they receive one should 
contact Butler Cox and Partners. 
Morley House. 26-30 Holborn 
Viaduct. London EC1A 2BP. 01- 
353 1138. 


ments, and . will capitalise on 
Insac’s experience, with Prestel 
in the U.S. . 

GEC Computers, whose GEC 
4000 series computers are at the 
heart of the Post Office’s Prestel 
services, and also in use by the 
German and Dutch Post Offices, 
sees this'new market venture as 
a way of- extending 'worldwide 
penetration. 

Dr. Alex Reid, Director, of 
Post Office, - Viewdata, believes 
Prestel can provide a platform 
lor increasing-BTitish exports and 
wants the Pori Office to take a 
direct part in this new initiative. 

Insac. ..set -up by the NEB in 
1977 with a £20m commitment, 
sees the American market as 
probably the major outlet for 
systems and. services based on 
the PresteL idea and is being 
advised to' this end by Sam 
Fedida, iritose brainchild the 
oricinai Viewdata concept was. 

Through its collaboration with 
CAP. Systime, SPL and SDL. 
insac could, if necessary, call on 
a tuial staff strength of 1700. In 


practice. Insac's sales force wou 
generally be put to work on tl 
distribution of a major produ 
selected by its board as a so 
ware system that computer use 
with powerful equipment wou 
welcome, because it is not ava 
able from the computer suppti 
or because existing routines a 
unsatisfactory. The packa 
could be developed by one. 
more of the partners. 

This view reflects the opinic 
expressed several times at maj 
internatiunai conferences 
Herb Grosch. the well-knot 
consultant, that much mo 
money, is to be gained by inw 
ing research and development 
efficient software than in dci 
loping new senes or compute 
that users do not want since fh> 
Still arc nnt using their, existir 
older equipment anywhere nc 
Us capacity— largely because 
software defects. 

More information from Ins 
pa la Systems. 17 Lincoln's li 
fields, London WC2A 3EG. 01-8 
>536. 


• By agreement between the 
Financial Times and the BBC, 
information from The Technical 
Page is anriiable for use by the 
Corporation’s External Services 
as source material- for its over- 
seas broadcasts. 


If you’re feeling expansive, 
we can fit you in. 

just now we’ve units of between 1 JMO and 5OJ30Q su ft 
comprised ot new industrial or existing warehouse SDJ1 -e * 

And these are on offer at verv attractive rales 
They’re immediately available. 

But they’re not the only reason why you should consider 
Bristol fbryour industrial expansion. consider 

skilled^ 6 ^ * Urk for “* y °“ n0cd - BoUl ^'Hcd and semi- 

And the services. Plus Britain’s most streamlined business 
communications. ut:ss 

Pur more details of Bristol’s Service-; to industry, witetn 

Mike West, The Council House. Cnllcgc<ireen, Bristol BS1 Tn? 
Or ringhim on Bristol 102721 2yit,:o. ° i R - 


Name. 


Address. 


HI 48 


Bristol 

v requests the pleasure of your Company 


i 




EDITED BY CHRISTOPHER, LORENZ 


"iik 


MAX COINTREAU recalls the . m 

occasion .when he- was invited ' M " ^ •— 

to lunch by Sir James Gold- * ■ #1 1 

smith, perhaps the b^t-known \ J l'V III 

Anglo-French, entrepreneur.' 1 ™ ^ 

The venue was the Laurenti thfr- - ^ ' - : - 

plush establishment Just off the 
Champs Elysees in Fariff which 
Sir James now owns. At that J. 

time Sir James was sSHsearch- Max- Cointreau remembers 
ing for famous brands to add that at the lunchtime meeting 
to those already owned .1^ his “Sir James asked - m© some 
various companies. Aud it does .questions and I gaye him what 
not lake much, research in' such he mast have considered to be 
circumstances to- thiw up the all the wrong answers. We 
name Cointreau. ■ : - - both spent the rest v£ the -lunch 

It is the world’s- hesrt-seUing. trying riot to look ; at' our 
high strength liqueur; estab- watches.” ! *' - . 

lished since /the early 1900s as Fending off unwanted take- 
an international' best-seller and over, approaches ha*; -been as 
ther^ore ma-rjust a currently- simpie as -that for Cointreau so 
fashionable drink. far because -there axe. only six 

The brand- has. helped -the shareholders. Three of them. 
Cointreau company’s turnover Max Cointreau,, -his . brother, 
reach FFr - 600m (roughly Robert :and • cousibj J*lerre 
£70.5m>- last year. It- is an Cointreau,' are involve# in the 
extremely profitable ■ brand day-to-day " huming .; ^ .the 
because a relatively hi gh price company. ' .^V-. ' 

is an essential _ part of main-r: But, like family, .am panies 
taining a "quality" image for throughout . Europe- ^intreau 
the product •" ' must face up to the problem of 

Although i they- are never disF -what -will happen ’’when its 
closed, informed estimates -put shares are spread .'anfohg more 
taxable profits at at least people and people -are not 
FFr -42.5m (around £5m) and heavily committed lirffie busi- 
they- could he much higher: ness.. Both' Max Pierre - 
Cointreau certainly -admits, to . Cointreau. : each - j. have r . six - 
making a healthy .-hfter-tax . children and .Rpbes^has one . 
return of between 14 and 16 per' child; this aJunfty'wHI lead ; 
cent- on shareholders' funds.' . -eventually to' 'a'wideci group of ; 


s new 


spirit 


BY KENNETH GOODING 


shareholders.. 

At one time, in the early 
1970s, Cointreau seemed to 
have settled for the idea of a 
merger with the Reiriy Martin 
Cognac group as a possible solu- 
tion. There were already strong 
links between the two concerns, 
they had — and still have — a 
joint marketing company in 
France and Max Cointreau, 56. 
is not only brother-in-law to 
Andrd Heriard-Dubreuil, chair- 
man of Remy, but also Rezuy's 
joint managing director . 


Unravelled 


In the past year or. so; how- 
ever. the two groups have been 
moving apart. Joint -sharehold- 
ings have been unravelled and 
the important outcome has-been 
that Cointreau now has' control 
of Piconi, a company . which 
makes an orange-based aperitif 
wine and the Salut-James rums, 
while Remy is now sole owner 
of the Krug champagne ' busi- 
ness. The former partners have 
also sold off the Salignac brandy 


concern to the North American holding cpmpany can now be 
group, Hiram Walker. dealt lfrith independently from 

These moves left Cointreau in^those >• -of the operating 
a position to reorganise itself companies,” says Max Cointreau, 
with a little help from the “It also solves the problem we 
French end of the McKinsey- might, face if the next genera- 
management consultancy tion of shareholders arc not as 
organisation. interested in the day-to-day 

A new holding company has running of the business as we 
been set up with Pierre Coin- are.", 

treau as chairman and Robert- One of the first fruits of the 
and Max Cointreau as general new " approach has been a 
managers. As has always been rationalisation of the Picon 
their policy, decisions will be business Its manufacturing 
reached by consensus and voting operations near Paris were 
is not involved. Herbert Millet, closed down and production 
formerly . a financial vice-presi- transferred to the modem 
dent with British-American Cointreau distillery at Angers. 
Tobacco’s cosmetics division, has This : -affected 60 Picon 
joined as director of finan cial employees but half of them have 
affairs. been taken on again because the 

Various operating subsidiaries former Picon plant has became 
have been set up; the most Cointreau's distribution centre 
important one is responsible for for the Paris region, 
the production of Cointreau Some of this rationalisation 
liqueur and marketing it around was necessary because Picon 
the suffered a bad knock about four 

This new structure allows years-' ago when it lost the 
us to decentralise and settle French ' agencv for Vat 69 
lines of communication. The Scotch, a Distillers Company 
problems of the separate brand. - which does well in 


France and was selling at the 
rate of 12m bottles a year. 

The new corporate structure 
will also provide more promo- 
tion opportunities for the 
enthusiastic team of young but 
highly paid managers which 
Cointreau has attracted. They 
are mostly French but there is a 
sprinkling Of Englishmen. 
Germans and Americans among 
them. 



Untapped 


It is certainly not automati- 
cally assumed that members of 
the' Cointreau family will fill top 
slots in the organisation. But 
there has been one recent ex- 
ception in that Max Cointreau’s 
second son, Andre, joined Picon 
as marketing manager. How- 
ever, as Max Cointreau points 
out: “ He received marketing 
training with Unilever and then 
went into banking with 
American Express, so he had ex- 
actly the right qualifications for 
the job.” 


The Cointreau company still 
•gets most of its income and 
profits from Cointreau liqueur 
and sells about 2l:6m bottles 
around the world each year. 
There are no signs that the 
annual volume growth rate of 6 
to 10 per cent is on the decline 
and the enormous -U.S. market 
is still virtually untapped — 
Cointreau is making it a top 
priority to change this situation. 

Further diversification would, 
however, obviously he worth- 
while. And, once again, the new- 
corporate structure will make 
future acquisitions more easy 
to handle. 

It was rumoured rceenlly 
that Cointreau was interested in 
buying the Roc cosmetics srnup 
but was outbid by Moet- 


Henncssy. which lakes in the 
Christian Dior perfumery 
business. Max Cointreau won't 
admit to that, but agrees that 
Cointreau pulled out of a 
proposed deal “because the 
price went ridiculously high.” 

At the moment Cointreau has 
no plans to go public, although 
this, too, would be made easier 
as a result of the structural 
changes. 

There are no cash-flow pres- 
sures even though, for example, 
working capital last year was 
Fr -Win l around £4.7m> com- 
pared with Frs 38m (Cl.lmj 
only three years before. Infla- 
tion accounting is a way of life 
at Cumtreau. In any case, the 
Cointreau liqueur, made from 
alcohol and orange peel, can be 
sold immediately it has been 
produced and no big stocks have 
to be built up — a problem which 
the Cognac producers must face 
because they cannot sell lheir 
brandy until it is at least three 
years old. 

CointTeau'c . dcbt-to-cquity 
ratio is a healthy one-to-twn and 
it can borrow at low cost. 1 j per 
cent above prime rate. 

*’ So why should we go pub- 
lic ? " asks Max Cointreau, 

■* particularly when the French 
Bourse has been so depressed 
for so Ions and looks likely to 
stay that way.” 


“LOBBYING the EEC is ,81 - 
watching grass.. grow.”.. is. ;the ... ; 

dispeptic comment of one ex- 
lobbyist in Brussels. ■ Brit the . 
need for. .indu s try and business 
to lobby . the EEC institutions • 
has probably? never - been 
greater..- Tja-;snrii-itraditiohal : . j 9R9H9SI£ 
areas pf EECtfeaustrial policy’ 
as cbmpany^liviP-.harmon isation PHI 
and - t.. ^technical 

b arriexs^T . tP v - triufp ^whi ch con T - 1 - - 

tinue; tckiurifteir -slowly along) 

activist’ : EEC -. ±ndustry -cenoF more 

mis a it m er.-- Viseourit . . Etienne • TVpnmmtfv wSsSffi 

Daviguon; -f :-sectoral , policies 

day wfefcings'pfe steel. ; textiles, verv iTl .ftjgng 
shipbughig; ^^iotwear,- mjm- BrMsh^d > , : ^@ 
made-fibres. . . concern izl 

Industry -also- .-has/ a vital jrf- whentheir "■ 
terest in how the : European always' coincide 
Community : ren^ot&tor^'Tts tfae sine; 
trading, 1 pmocStfons: wi&vthe cBit an Am eri caa/cag jqfep 
side wo5D| ; in;theLC«crent Tokyo Ford). 
rouoff aF%e T . GATTfttfitt-V'M.,- Tn fact, Amerlc §jKg 
F ernanfl Braun,- who as Director peed to : appraat±f-g^ 
Genier^'-for jndmrtnal Affairsis sioh separately, ;bS®p 
M. Davlgpon's.top pfficial. notes^ other and frbnL tl^c- 
that ^the' Kennedy round Jn counterparts, .- 
GATT brought lots of organised strictures of tJ^. ^|b 
lobbying, %nd it ir agmn/oa fhe- iSgain^t 
incrraBe with ]fte : T^o ropnd " So for f jtwtanceV-^p 
Thenearer said^to be anywhere General 'Motors ^ t a® 
between 400: and ; 5«d European; xear called, on .-Mi* 
tradp r ^o(^ti<His, mnstly ba5etL se P? ra tcly. after thc;/^ 
in Bnjssete Tbe' 'top - fi^TSiijnCr. had 
among them incliudes"; UNICE the Europe«^car md 




(the European' •• employers’ about general pjobleriai mission is listening more to 
orgamsatitm), EHJC (Eu r ope’s .recing tne s^tor. • • • Mobbies - and pressure groups 

trade a n io n s ) • iau jtOFEK u : yian ever before out of a desire 
(steel),. COMXTJjJX'J.'iL (te*- . Xla2tlC ft make industrial policy more 

tiTes).CEPAC (pulp. and paper) ; ottiers -that do not want tri^TP 011 ® 1 ^ t0 ^ real business 
and CEFIC: ^chemicals)— all at WBd. He estimates that about 

them are powerf^Enrope-wide f ^man in BiSSS cent f 

associations. There is no . .i positive, m that it alerts the 


How industry can put more 
| clout into EEC lobbying 

>:••• by DAVID BUCHAN 

prions Forin^nce there are now Tt* "action programme” Of course, during the prepare- 

ks& up 3PPr0Ve ? Euro-stan- predated each year by the tion of a case thf competition 

Son- in eBpe “' : f " ■ 10 , Common President, Roy department can be swayed by 

they are M For'^Sr vvmr. 1116 technical Jenfans, to the European Par- a good lawyer’s brief, by 

M?(like b JtSi bamers 11181 han ?P*r the sale of liamerit is also designed to give discreet personal contacts, on 

it "steel 5jS2flJ '25SSL5 natl0nal ihp % public notice of the Com- exceptionaUy. by purely poti- 

S2Sr 8, # *5? operational made the Community. In this mission’s intentions. It sets out tical considerations^ This last 
part " . of to* ■**?- £***} area, the Commission began by proposals, rather like the was Z Scm 

ibers in g0mS , i° tte m T T K industry Q ue “’ s ^ ech at start of petition dSartaient* “went 

SEf n 2 There^ ^ Is- never a associations to ask what they' a- British parliamentary session, easy" on all cases involving 

gS^ce day in which I don’t pick up felt ought to be done, and then Because the Council of British companies in the nnf 
W Uke *°5 ethta * took it from there. Mtakter, is the uIHmste^bitS „p to ftfwfuK ref«enS 

^iriies ^olobby^them- In the more numerous cases in .almost all important cases, on EEC membership 

S lves become influenced by. the in which a proposal germinates there is obviously a premium Nor does Raymond Vouel’s 
6SS inside the Berlaymont, the Com- on irihbying national industry com^tiSon d^Sient art in 

Wpean rejerts^iy^Seestira that ^ he — " a vac “ um > as it might like 

feE 'fbe is Europe’s voice with the BSC ' — L°. de ® w . on 

a 6 Lohhyins * e EEC ^ been likened to -^ssss&rsag 

*** three dimensib # ^ 

know fairly and squarely what there are SO many pOintSjat which pressure SmeSnr 
fcmf /s- the commission is up to, not any T. f , . goveraments or political parties, 

5Jrads>ro-European proselytising.". can be applied as regultions make their ?L “f lw 0I *e 

M-gWMS'jStiTS tortuous way from Commission ..to Council 

-"^SaSaF.** ofMinisters ' v ■ \ srjjara.-s.ri 

- >L mdustaal policy more choosing “politicians" for his 

iSS Hte ... 2._ . \ . Commission and of promising 


IBift r-and maintain the same— “.Our joh 
this is to let the home departments 
.-^BMil^ion know fairly and squarely what 
g^jP P gj f " the commission is np to, not any 
^pro-European proselytising.”. 
m M. Braun claims that the Com- 


fhere are so many pointsfat which pressure 
can be applied as .regulations make their 
tortuous way from Commission .^to Council 
of Ministers. J r -. \ 


tu.uuo uie DuaseiB law r • i. r, _ — — T 6«uc. vijub uxv uic cai ut us guvernineai on an -u is certainty not unheard of 

-specialise in *9 preblems _U»t cUp^mat here remarks “Tt is important matter, thek it is for French. ItaUan or GeraiM 

^ ork ' A lawyer for deitf , LiSon nSSS?*™ «!rh7>' now the exce P tion rather than probably home and 6rk No commissioners- to telephone 
G ?bta ie b* Steen and HamiltS, egative the rule for the Commission to government will be overruled their national capitals fora bit 

the blggest of these “EEC r**£**Jl? a8i ** spring a proposal out of the in the' ebuaeU unless it jpfe of guidance on what line to ?ake. 

nffpSwm s PremSirAiriMvad* in Brussels, says thiit ^ blue 011 1116 member • states." to be. - The place to apply this Nor was it considered strictly 

offered him a Press-pard instead. ;a- tonjpaniei -often come to M SSEKL .SKl* JR ^ory tower approach .of pressure is in the national unethical, although a Ste 

The Commissum -is only sup^vfor.- idviee or - an independent S:Irr!:®57 an y es ' l , aoor ana y, e previous Industry Commis- capitals. British diplomats say embarrassing, for Mr. Christo- 
posed,by protocol to treat with.hrieff-.to-piit-to the Commission, a .® afw J ys i )pe ?' , sioner, Altiero Spinelli, who “anjihiug of any importance is pher Tugendhat to try to delav 

associations “ established at-the because they are afraid their' liked 10 launch full-blown Com- worked out in London,” though his fellow commissioner Vouel'-s 

level of the nine . member -interests, will' be traded awaftr' “Jr™ p »^f a ; e “ c mission proposals on an unsus- they are given latitude on the ruling against Distillers’ whisky 

slates” according.to M. Braqn, '.for sheepmeat” in a late night £ i act ' Pwting world, has thankfully tactics,- handling and presenta- pricing practices last Deeem- 

In fact, its ear can be bent by Council of Ministers’ haggle. been dropped in recent years, tion of cases in Brussels. ber. on the grounds that this 

almost anyone and M, Braun Law firms here will also Ial«K t hSv h in? h** 1 industI y depart- But in .competition cases, com- would aggravate Scottish sensi- 


In fact, its ear can be bent by Council of Ministers’ haggle. been dro PP ed in recent years, tion of cases in Brussels. ber. on the grounds that this 

almost anyone and M, Braun : -Law firms here will also tak^^r^Sn.^r 1 tw 8 "in-t i, teei T 116 industry depart- Bu; f in .competition cases, com- would aggravate Scottish sensi- 

says, for instance, that it is on, generally for smaller com.- ; :]t:^*rj l i° D +T .r 1 n. I tJ— ? j eD m ®nt claims that it positively p an ies are. really on their own tivities towards the EEC. 

often better for his department panics, a watching brief -that^ invites lobbjing during the for the. reasons that the Com- With Mr. Jenkins elevated to 

to see national -associations -bigger coippames would pay. . " „ , . . JJraun - formative stages of a proposal, mission can hand down decisions the pedestal of Commission 

from different countries . infliyi- then: -own .men to do. Muchrof - . EE ~ has been m. Braun stresses -that the in ihis ; area without reference President. Mr. Tugendhat is 

dually, rather than together, the individual lobbyists job. is ,^ D three dimen- Commission tries to spread the to the Council or member frequently the object of ores- 

. J - : journal chess, because there are net of consultation as wide as stales. .True, there is a body sure from British companies. He 

so many points at which pres- possible to cover both sides of called tfie advisory committee dropped his opposition on the 

I P£IlfP lie Tffl Sineufor IT * SISiJ 11 “ f P ,- ,■ as , G ^ ndustry - Trade union approval on restrictive policies and Distillers case when it became 

M>Blfu4lw-. UI CM lOlflgd IL regulations and directives make is vital in some cases, such as monopolies.- composed of clear his view had tio support. 

Arcr - 1 'J!' a F 0 from ., th ® proposed EEC directive on national. Officials (in the UK Bat companies can perfectiy 

Conmission to the Council of the interests of workers when they are from the Office of Fair legitimately try to play one com- 

"" • Mmsters, ma in most cases the companies merge, and highly Trading), to which the Com mis- missioner off against another, 

answering machine tel/ jjgpm - ^ . r : econonucand social committee dearable where the restructur- sion presents its -.decisions What makes an effective 

• the smallest &. ; jgfl \$g&y II • r H u L the European Parliament ing of a sector will lead to job before making them public. But Brussels lobby? Certainly, i 

latest model from competitive rates _ . It- Bjuun suggests that lobbying losses. Consulting the ETUC these officials are not expected UNICE. the European CBI i s i 

the2eisa.<3rou]>4. / . ,H - . >.-• available .v ’should take place at every stage, or its national union federa- to take a national pitch, only too broadly based to be able to 

of West Germany’ immediately £ But. how does the lobby or tions also helps to dispel the to pronounce on matters of take firm positions on any but 

. lobbyist know when to start? charge, often made by the detail and not of. substance, the broadest of industrial issues, 
PIMP nf*7'IR TOCC amrtimol ? n certain tedustiy has Community’s left wing critics. Once the competition ruling is such as company law harmonisa- 

1 bHUIIJUI m Qliy Ul 1 1 Vi: ♦? less reason to fear being left in that .the Commission is in the public, the only forum in which tion. The same generally goes 

. Agovm Answering, 4 ^cfenhomBoad, London SE265QY j £ dark because it itseH is the pocket of the big multi- to fight it is the European Court for the ETUC on union matters. 

iJoriglnator of EEC proposals, nationals. of Justice: Perhaps the strongest indus- 


trial lobby at the moment is 
EUROFER, which groups to- 
gether all big EEC steel pro- 
ducers. Its clout is powerful 
because the EEC steel direc- 
. torate, which has been under- 
staffed to cope with the post 
1974 European steel crisis, 
badly needs its help to run the 
Davignon plan for steel. 

It helps of course to have the 
special lobby status conferred 
upon the coal and steed dndus- 
L. tries by the Treaty, of Paris, 
1 which states that “undertakings, 
f workers, consumers and dealers 
T and their associatipns shall be 
; entitled to present any sugges- 
. tions or comment to the high 
t authority (the Commission) on 
. questions affecting them." 
t Strong industrial lobbies 
> make the Commission’s work 
. easier, to the extent that one 
[ association can answer fnr a 
whole sector, as EUROFER can. 
except for a few- small renegade 
steel firms, mainly in Italy, 
which want no part of M. 
Davignon’s programmes. ' 

Mr. Camille Blum, economic 
director of COMITEXTTL. attri- 
butes much of his association's 
power to the fact that it has 
managed to forge something 
like a common view on Europ- 
pean textile policy from the 
10-11,000 EEC textile firms that 
come under. ' its umbrella. 
"Without a common view, you 1 
will never be successful with 
the CommisakHi." he says, add- ! 
ing that much of the original \ 
impetus for ' COMITEXTIL in 
the early 1960s came from the 1 
commission, fed up with listen- 
ing to so many disparate * 
voices from the textile sector. J 
Mr. Blum stresses that 1 
COMITEXITL’s role is rather r 
different from that of the U.S. t 
textile lobby, for instance. a 
which has been pounding on the a 
doors of the Carter Administra- t 
tion and Congress trying to get f 
textiles excluded from the t 
G ATT Tokyo round. COM I- n 
TEXTIL is, he says, much less 
overtly political, and more » 
technical g 

Nevertheless, last year's fci 
renewal of the multi-fibre - S i 
arrangement was negotiated ci 


is pretty much as COMITEXT1L 
u- wanted. Its technical spatlr- 
J- work bore fruit last summer 
il when the council of ministers 
c- adopted a negotiating mandate 
r- for ihe EEC Commission that 
?t included all the concepts 
5. COMiTEXTIL had developed; 
e such as the need to measure 
sensitive areas by the rate of 
e import penetration and the 
d ‘'globalisation" or lumping 
i- togetner of all import quntas 
front whatever source in a 
particular textile product, 
s So by the time the negntia- 
e tions with individual countries 
:. started in the autumn, COMI- 
h TEXTIL had largely won its 
! battle, apart from keeping a 
close eye on the chief EEC 
k textile negotiator, Mr. Tran van 
j Tinh, as the negotiations pro- 
3 ccoded. 

1 The ability to present a united 
, front to the Commission is one 
» of a Euro-lobby’s trump cai*sji. 

, Hard economic and commercial 
. information, of which the Com- 
mission is often painfully short. 

. is another. From its member 
. asso ciat ions and companies, 

. COMITEXTIL can get current 
. market information of a kind 
- that the Commisison has not got, 

; and could not get, and which is 
, essential in order to update 
figures available to the Commis- 
sion from national statistics 
offices. 

The fact that the Commission 
often has to take on trust 
information from bodies like 
COMITEXTIL puts those associ- 
ations in a strong position. : 

Most Commission officials 
give the impression they quite 
enjoy being lobbied. Apart 
from offers of expensive 
lunches, which provided they 
do not come too frequently from 
the same source, are regarded 
as harmless hospitality, the 
attentions of companies and 
trade associations help rein- 
fnree Eurocrats' hopes that 
their policies do have some 
practical relevance. 

M. Braun regards the British 
generally as good lobbiers, 
being more used than their Con- 
tinental counterparts to canvas- 
sing. or being canvassed by, 
civil servants. 


• 1-year rental at 
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•available" 
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t*‘ v 







12 

LOMBARD 


Spending the 


Financial Times Wednesday August 16 1978 

Bringing out the killer instincts 


oil money 


THIS WEEK. I have' my eye on growth. They bum away the polishing ofT my whole lawn. You is a flodnd in a froMm. obvious shallow-rotu^ and the Super WMd'K 1 

weekend gardeners on holiday, greenery and persuade you that know those evening* the ones But Round-Up will kill . the Immediate cireumfercnei of aH t ± ^ 

wonderlnH how to mrb the weeds they have burned away the whole which you set aside tor. mo wins thickest meadow-tufts. • big plants, you will MU off the have UWL j* » ■»> 

n9 . A plant. Sometimes, they- have. But only to find that the rain begins Elsewhere. I stand by, year’s Una! show of » ***[ c°aj all ““*** JJI.S.i 

after the past month s monsoon. Round-Up never misses. Like just when you discover that the Stma2ine, easily bought in altogether. Never let i« drip on surface, ms useful lip would 


after the past month s monsoon. Round-Up never misses. Like just when you discover that the Stma2lne, easily bought in altogether. Never let it drip on surface. Th-s. ■ *™*M 

Weeds put everybody off. We Paraquat, it is neutral as soon petrol can is empty. How hand* brand names. If you are to the crowns of the plants where draw up jhL puisro and sw--it 

all resent the time which they as it touches bare earth. It some a tinted lawn would iook aaprehensive, buy the named it would upset tiwin. Be very soaking inrotun. wit a pi_nr 


BY PETER RIDDELL 


all resent the time which they as it touches bare earth. It some a tinted lawn would iook aaprehensive, buy the named it would upset them. Be vcr> soaking tnreu^h hut a ouht 

take up, but it still surprises me only kills weeds with grassy on such a summer evening, as Garden Weedex brand only, careful as sou «o round phtavt* had mod and U hau poured 

how few of those who resent leaves and to do this, it must red as ones temper between This is the chemical which you' and so forth. h»t uke heart rn»m with rain- gj* *} « ,™L2* 

them know how to take a short- land fully on them,' preferably. borders of iris and white can use quite cheerfully in beds my own appalling blunder. dilute Stipi.r Stmazirte « mere > 

cut. So a word, this week, about in their growing season. In : - Reaching for the Weedex las* w 

my two favourite short-cuts of theory, then, you could use it ' spring, I picked up my last few onh. ; **”***?“?: *? . „ ~ ' . 

the moment which I will be quite safely under fruit-bushes CARDENS TODAY packets of Super Weedes. the . lB s L\ a 5" n ' 0 L £21 j?tK 

repeating in- my own week of and so forth if. you were ■ vnller for paths and drives only, that I sjilj i? r 

hoUdarartening. absolutely certain that you never . . AMF - nY . . Ithasadash of Amlnotriazole. poisoned llowcrlwd.Bai^l the 

The past year or so has seen dripped any of it on to the fruit- BY ROBIN LANE FOX which sounds horrible. Un* pbinfai - a £ vhS^reoS 

one first-class addition to the bush’s stems. You could even ; _ _ awarcs. 1 up the water the rtSxmne* 

gardener's armoury. It is not Ptatt vegetables^ among your- _ . “ ... *M*r and. sprayed jw «g 


repeating in- my own week of and so forth if you were wlter for paths and drives only. tiui i S “}J ■"* it aSJ 

r u SmM SSSESS SSgS35 BY ROB,N LANE FOX ■WfF 3 gSHS 

thinking about the economy is X n t\ loneertteni thinkim* A gardener’s armoury. It is not plant vegetables among your- carrier and sprayed my way run sittenaw rn*m ine roiawne< 

nowhere better illustrated than re rent Fabian Society meraoran- however, on sale at garden couch-grass, two or toree hours paeonies. But if there is a of established shrub* perennials down a bed of .J? £ ( | Reaper wSS 

io its attitude to the use of ^“"argued that /though the centres and it is probably not m minimum dose oftomHJp for and rose.- It Mtt i» Wiped rose* vanegated m* »*H«. « • '*™**™%L 


was w'holly inadequate in its 
discussion of the options. This 
was hardly surprising, since the 


d Monsanto’s new herbicide called too late if you appUed.it at once, and gone. a prevention. not a cure. At this dead hed would he awful, a researchers had nul taxable In 

a ™2’ jnt ^ . Round-Up can still only be May is the cruellest month, how- Round-Up is no more of a time of year, after such rain, whole dmd lu*d would at least he contain a laugh. Not ever> dav 


sudden. 


main aim was to avoid any split restraint o° 


Fabians 


ws argued that bought at f arm ^hemical stores, ever. You catch the grass then friend to pets than I am. While I rely on it The late spring dose consistent. So I went on to the does a ordmini! *[£* 
public expenditure It seJlfi jn highly concentrated as it comes into full' growth. it is still drying, far an hour or is wearing off. the last crop of end. panicked, confessed and up to admit that he had tmlwned 


the topic recently, one member the development of public 
of the Cabinet remarked that the services." There is certainly a 
issue was now dead since it had case f° r us ' n S some of the pro- 
b«n delmed in the sprmg. 


been debated in the spntt g . ^ 

Fabians’ faith in the public 

irreversible Friendly Dancer to s 

This is a ludicrous view, not recognise that there should be 

least since the Government has a continuing public debate about FEW TRAINERS have a better of 10 behind Northern Dynasty 


Friendly Dancer to step on it 


ENTERTAINMENT GUIDE 


just announced proposals to the windfall sum of revenue pro- record at Brighton than Paul here in June. 

increase petroleum revenue tax duced from the North Sea. The Cole, now enjoying bis 10th and Although she ought not to 

c ^ t c • ; . a_j t, rnnn infb P'<rtn»r. 


in order to increase the nuhlie i® 511 * “ simUar in many respects best season. And it could well reverserecentforraynth Partner- 

p to the indevation of personal be that both Friendly Dancer and plan over li miles at Windsor, 

.njrc of the very large profits income tax allowances. Before Screen Goddess will further judged strictly on the book the 


share of the very large profits" income tax allowances. Before Screen Goddess will further judged strictly on the book the 

being Obtained "from the this was forced upon the Govern- improve his “strike rate" there additional quarter-mile on this 

natural resources of the nation." ment by the Commons last year, today. course for which she is ideally 

The suggested changes are politiicans were able to announce I am particularly hopeful built just could turn the tables 


expected to increase the Govern- as tax cuts whal amounted to 1 about the chance of the Juke Eos in her favour. 


iQ-ooii j w j . impact of inflation on tax allow- 

lfl|9-S° and hv around £400m to aaces fixed in terma . 

£-*;hn (at I9if pncesl by the Similarly politicians will be able 
mid-19S0s. These figures by to present as tax cuts the dis- 
theinselves underline why it tribntion of revenue from the 
would be quite wrong to regard North Sea. 
the North Sea debate as over 


RACING 

BY DOMINIC WIGAN 


BRIGHTON 
L45 — Marco ing 
2J5 — Tweel** 

2.45 — Jenny Splendid 

3.15 — Skyline Drive* 

3.45 — Friendly Dancer*** 

4.15 — Screen Goddess 
BEVERLEY 

3J10 — Joleg 
4.0ft — Brad den 
5.00 — Jerson 
5JJO — Jimmy Hill 


CC — Tnw theatres accept certain credit 
cards bv telephone or at the Bax Qtfcob 


OPERA & BALLET •'■TopiSSt a Saturn.,?' at 6.10 a. a SO. I . Dina® WBKW VJK; 

IOLISEUM CrtPI cartM 01JZ40 5238. Tnur*na» 8 frioar at BO. ( * MURK# IS AWMWJWCr 

RtKCMbons 01-838 3181. THL TWO BOKMIBS Tl«* newest WlMHMlM oy AVtU C 

ENGLISH NATIONAL OPERA jn a Spccucuiar Corned* Rwnc - ■Reenter . Apatna Cftriatip w.».a 

;ss?.' .f 7 s io: s. 7 ds« i t.ji?ssi 

porfj Frl. At 7,M ow promiT- a* • Scpiemb^i *• KTJjTr J2Sr* on v ‘ i of tier JnptfnkHtt t 


i THEATRES j THEATRES 

ifltRMN PALLADIUM. CC. 01-437 20 SS J VAUDEVILLE. 83b 94RJ. CC 
t0 'v^i 4 DAYS ENDS SATURDAY Mat Tory 2 as. M'JO 
i s?tu?n.« at 6.10 & 8 50. Dinafl SHtRIOAN. »lK*. 


COLISEUM. Credit cartH 01 Jt40 5230. 
Reacrvauons 01-838 3181. 


r5REAT^STAR5^0^W0R^D^8AI_E£T “ _ PRANK I WAKCHOUSL ' boiimar Theilrc Count 

FONTEYN? GIELGUD. MAKAROVA. PLOWRiGHT w r >NLAY | Garden S35 88 OB. n»U ‘SMkMPW* 

MOROSH1TO. SEYMOUR and F,LUMEN 4.. I Cwnoanv. Tompht 8 DO. PdM 

JEFFERK*KELLY. hSkRTIN. NAGY. ' . BV tduarda «C FUI»* ( A AND R* ‘ .1" J 

SHIMIZU and CORPS DE BALLET * Directed b* FRANCO ZEFFIRELLI . Atktni 1 muclc. which alone would maJnt 

— ■ ... “TOTAL TRIUMPH E». New*. AN [ ,rn- n i 3 , worth Doing to UtRm te.“..£*en. 

UIYAL FESTIVAL HALL. 928 S1WI. EVENT TO TREASURE -'D. Mw. MAY . stanjJaid. All veil* El .BO. AW. ’#»Bl 
Aua. 2T to Scol 8 IT FILL THE LYRIC FOR. A HUNDRED | Aldmcli. Student Stanyjhv Cl. 

LONDON FESTIVAL BALLET v EARS " Sunday Time*. ■ — . 

ITS r i 30 - ! 2?V.6.%*«. A /.1; ilfcS *jL“UVS Wb l 'fi. - Sli’a^ssSSa 

*aT. H K*i«WM, 1 OEtP THROAT . 

THEATRES : under mi^k wood j bo, creat month 

L DELPHI THEATRE. CC 01-B3B 7511. *ZM - 2B35. '“icmnoWsO 8nd l *S!lS J WINDMILL TMMTU. CC. 01^17 MU. 
LAST NINE WEEKS MUST END OCT, 14 EVERY GOOD BOY 1 W Nluhllv 0.00 and IfLOO. .• 

E«gs. 7-30. Mats. Thun. 3.0. sat. AD. deserves FAVOUR ; Minam 6 0g .and 8.00. . 

IRENE IRENE IRUiE ~ a D iav tor aO.-iv and orchestra hv TOM 1 PAUL RAYMOND prnetll* 

THE BEST MUSICAL STOPPARD ana ANDRE PREVIN. Seat* _ ^ X1 „ 

ol 1976. 1977 and ‘ 9711. £4 L 3 ar d LJ. • NO ONE WHO LOVES: THE EROTIC EXPERIENCE OF THE 

IRENE IRENE IRENE' . . jRe ENGLISH LANGUAGE AND THE ; „ MODERN R A 

“LONDON'S BE5T NIGHT OUT." HIGHEST COMIC ART CAN POSSIBLY ” Take* ip unpi«ede*trd «*£ *» 

Sundjv People. MISS THE PLAY ‘ S- Tlmei. *' AC lA>t ■ wrml%Lihh: cut cur *iao* Cvn||. Ntwi 

CT6D1T CARD BOOKINGS- S3fi 7611. <a mejnlnaful j mi txriiliant and aevtau* i - 

ILBERV. B3G 3878. Credit card bkOS. nal, U“' Slienac^'ta !£pwmbcr N SO ^ ! WYNDHAM-S. 01-958 ~303B' Crdd-t jif 
836 1071-3 from BJQ un. Part* rate* — Bkq*. 336 1071 tfpm B-JO-.l"* «#■ 

Mon.. Tues- Wed. and Frl. 7.45 pro. NATIONA LTHEATRE. 928 2252. \ Thnr. 8.0 Frl and Sat, s.1S and Kps- 

Thun, and Sat. A30 and 8.00. OLIVIER .poen ,'Mri- Tm** 2 45 ,Jd*» "ENCIRMOU&LY RICH. 

A THOUSAND TIMES WELCOME IS : pr mat) A -.3.1 THE WOMAN norttn VERY FUNNY." Event its Nhmc rj-'- 


and to as.sume that irreversible 
decisions have been taken. 

What has happened is that the 
henefiis of North Sea oil and 


Capitalism 


LOYAL FESTIVAL HALL. 92A 3191. 
Aua. 2T to Sul 8 
LONDON FESTIVAL BALLET 
Evs. 7-30. M8L Sats. 3. Aua. 21 to 
Sent 2. Swan Lake: S«pt. 4-B. Mbnd 
BW. Tkts. £1 to £3.50. 


mpnt’« lAtai “tab»” hvfiWm in "0 more than adjustment for the . Another young trainer enjoy- 4 .0fl-Bradden % 

ra-o<w aw i ™ impact of inflation on tax allow- — mg a profitable campaign is 5.0ft— Jerson ara.i. trow to.oo on d.v 

13,b-S 0 and hv around £400m to ances g xed i n mQney terms. James Bethell and he, too. could 5JW— Jimrav Hill royal festival hall. 

L-ilhn (at 1977 prscesl by the Similarly politicians will be able RACING leave the course with a winner. 

mid-19SOs. These figures by to present as tax cuts the dis- He has secured Ron Hutchinson s Barry Hills three-year-old uas gjujlbal^ts 

themselves underline why it tribntion of revenue from the 6Y DOMINIC WIGAN accomplished son for Skyline been clipped by both Mecca and i ^'obow®to lg &vm 
would he quite wrong to regard North Sea. Drive in the Lancing amateur the Tote to three-to-one from jefferics. kelly, w 

the North Sea debate as over — riders' handicap, and the com- four-to-one. — sl * i. M ™.* l ^ -. C0 ?TL 

and to assume that irreversible B1Tu n a n«,r binati on will prove extremely A good deal or this interest in royal festival^ mau., 

decisions have been taken. Pnntfnliom P ant ?i5‘ T ^ ,lS difficult to contain. the Lam bourn colt seems to stem London festwa 

Wh it hie h»nnpnoH ic th=, v^3.pit3USlU youthfuMoolong bay three-year- Hawaiian Sound was all the from the rumour that Lester |^. 7 -^°- s »5£ l i,S! SL s ; 

hpnpfi'ii " old, who quickened impressively ,-^g yesterday for the Benson Piggott will be on him next week. §«. Thu.*?! uhcs.si? 

eas hi vp ia top i 410,36 is 3 S°°d reason at the distance to forge clear of Hedges gold cup and the in preference to More So. 

gas nave so Far largely been h lh should be further the Old Coaster in a five-furlong twatrf 

sona? ^consumnt 11 ^ er " consideration of the idea of a maiden event at Wolverhampton I ADELFMI THEATRE. CC 

srinnl consumption. This is M orth gea Eauitv Stock as nut- ^ October, goes for the Sea- TV— _ .. - last nine weeks m us 

clearly a conscious political b q c^uea^e' Samuel SuU« slakes in preference to X rOOGFlV UCVClODDlCIlt 

dr'cision. and has been reflected BrlSan and Barry Mley in Se stablemate Habibi, who un- A ll/pvilj uv t viu^uivui. 

hon^fi| USe n°f f V acc0 -^ nt April issue of Lloyds Bank doubtedly would have come in £ . 

Z r k N , ih S t 0,l “ Review Their suggestion was for good support. TPllnWChlTI QTRIIT 

perhaps £t 4 bn tn £_bn this year essentially thai the total receipts Although she has not repro- ICIIU tt 2lUl |J wl dill 

—lo sustain economic activifr at froni Sea oi i should be duced that Wolverhampton form J 

n higher level than otherwise, segregated from other taxes and thta term, failing to make the THE British Property Federation Sir Eugene Melville, the 

This preference has also been distributed on a pro rata basis fr* 1 * 1 ® 00 both her appearances, is to make a grant to the Univer- federation’s director-general, said 

,n ™J! l0 22i 0 t0 UK cittaens the rights to share Friendly Dancer is thought now sity ^ Reading for the teaching yesterdav that it had wanted for 


tot. ail a mi. at f-w u mum i mim m , .niuu 01-137 7373 • 

Tcmor. at 7.30: Tlit Magic Flvt* iftnU PALy^DIUM. -22^ I’m* Wm tnrt v 

oeru. Frl. at 7.30 w pnwon. Of ScpMmtwi - ** r ..HfW* 

THE CONSUL "161* reoMces KhtOdTcd • JHAX BTOTAVrti . nn»(HM. frti* B 

port. « Carmen*. For turtlw dccald - w ' ‘. h „ .TcSt r, w AIR CON Dint 

nr a 01-240 5250. Toe. amt at 7.00- •. JOEY HETHE R TO N . . 

seven Deadly am. 104 balepn* seat* LONDON PALLADIUM. 01-437 7573. ! OTCTOHIA PALACt 
avail, irom TO.OO on day Of uerf S«ScmL« r 25. For one week only. [ Ol-SSS «1S^ 

— ^ LENA MAR TELL ; STRATFOB 


THEATRES 

IAUDEVILLE. 83b 94RJ. CC. [«« .»D. 
Mai Tui-y 2 45. M' JO 4I.B. 
□ nuB SHERIDAN. Da ICC LiR-VY. 

' A MURDER 15 ANNOUNCED 
T1>.- wwM wlraatinlt oy AVtU CMKn 
"Reenter Aaama Cnmnp w>K> anamer 
whodnml Ml. Aflelha Crrm<* il Usllr. 
,na IM* Wn Enrt ,i! HUH with KWUr 
of Her iteMiaOly jnueMMU mower 
nower'e*." Felix Barkpy iveuin* Ne«. 
AIR CONDincuUD THEATRE- 


*2^ wmSu'SiL 1- 7%0 Ll ~Min, “ t. 'V.OO' LYRIC THEATRE. 01-437 »88. Sn.SOO 
GREAT STARS OF WORLD BALLET MaL TMirs. 3.00. SaL 5 00 and 8.30. 


01-923 4735-q. 01-834 T5!7. 
STRATFORD JOHNS. 

SHEILA HANCOCK. 

ANNIE 

E*ps. 7.30. Man. Wrd. ana Set 2.43. 
WARCHOUSE. DvMinar Theatre C event 
Garden. 938 8808. Royal SNkWWt 
Comoanv. TontsiM 6 DO- FMt" At*i«< - 
A AND R. " Above all Uwt rt Few 
Atkins' mueic. whltb alone woald make 
the play north OOIJ >0 io liften tc.“..i*r.i. 
Mandaid. All vc»!-v LI .BO. A01. W 1 V 
Aldwcli. Student Stand&v £l. 


uJj MAYFAIR. 629 J0J6 Air tend. Eve- SO.; 
MnsVb* 1 * - “• Mbt * 4 Sat S.To "na 8.30 Wed Mat. S.OO. I 
1 ■SStlJH NATIONAL THEATRE CO. 


Property development 
fellowship grant 


THEATRES 

ADELFMI THEATRE. CC 01-838 7511.' 
LAST NINE WEEKS MUST END OCT. 14 
Evgs. 7-30. Mats. Thun. 3.0. Sat. 4,0. 
IRENE IRENE IRUiE 3 

THE BEST MUSICAL 
of 1976. 1977 and >978. 

IRENE IRENE IRENE 

** LONDON’S BEST NIGHT OUT/’ 
Sunday Pcoafe. 


□ VLAN THOMAS'S 
UNDER MILK WOOD 


! WINDMILL THEATRE. CC 01-4 97 8)1 Z. 

I Twill- Nluhllv 0.00 and 10.00. 

MinOav* 6 03 and 8 . 00 . . 

PAUL RAYMOND prcwoll 
RIP DTP 

THE EROTIC EXPERIENCE OF THE 
MODERN ISA 

‘‘Take* to unpieiedeoted Umm nkm li 
swxmluibltf cut cur *iao* 11 Cvnf. Newt 
}IH GREAT YEAR; 


nvml revenue from Nnrth S**a s' ~i ’ ctoVm“ ciin n m " ho to be back to her best and, if “V* ”' TJ : " some time to encourage a real 

nil — around £550m in 197S-79— to i?a^fVab?e m Lrt^^n I s d a b^|thi S is the case, she should not o f __ Practical aapecta of develop- understanding of the positive 


some time to encourage a real 


II — riiumia Wiiiim m ibib-is— lu transfprahlp anrl thus rpalisahlp uiw , m .. , . , — r 

cuts in income tax. in^he stock miSl This as And too much difficulty in boost- ° ient . *n emphasis on the ro i e D f t h e property developer. 

But this does not d^al with the authors suseest would b* a ing her paddock value with a win developer s roie. Lyn Davies, chairman of aldwych mb ^404^ wo. >» 5332 . 

the issue fnr all time. There is. big stride towards a genuine over Mr. Frankie Vaughan’s 'I’hn initial grant, £3,000 a year the School of Planning Studies,} royal sh^kesfeare^ompany ; 

however, the obvious possibility “people's capitalism,” but as a somewhat one-paced Ra'tamataj. for three years, will be used to said: “We shall appoint someone 
that the Government will merelv result it would limit the optioric Screen Goddess, a small half- establish a new post to be called with considerable practical ex- 
siib*nme the growing revenue and resources available to poll- sister to the smart Negus, showed the British Property Federation perience of property development 
from North Sea oil into general ticians and officials. This is no that she acts well on this tricky. Visiting Fellowship in Develop- who will be able to contribute 
rax rereiDts without further dis- doubt why they have been cool undulating and cambered course ment, and the first Fellow is to to our teaching throughout the 
cushion of the alternative uses, on the idea so far. when finishing a respectable third he annotated from October I academic year.” 


ALBERT. B3G 3878. Credit cam bkos. e.tc-niKi to 

836 1071-3 tram 8 JO un. Pony raid S - ^ - 

Mon.. Tues ~ Wed. and Frl. 7.45 Rm. NATIONA LTHEATRE 
Thun, and Sat. 4-30 and B.OO. ' OLIVIER <OD«n 
A THOUSAND TIMES WELCOME IS : pr mat) A -.30 THE _ . 

LIONEL BARTS bYjEBv.vrd Band Tamar. 7 30 Macbelb. 

OLIVER LYTTELTON .atowen-iim llin,|' Teil 

“MIRACULOUS MUSICAL." Fin. Tlmea. *.I° , 2 0r - I»I* 

"CONSIDER YOURSELF LUCKY TO B8 b- Alan **0" 

it b, E rrt rae iv a r . im - ftnlla-uiM. rtl#,FSLOF lunjll J 


ABLE TO SEE IT AGAIN." Dally Mirror. 


A Tenor. 7 35 la;t 0?r*t. of BEDROOM 
FARCE b- AUn Avclilnuirn. 

COTTESLOI .imall aucufor mm] Prnm. 

E»TI B lanrd Seel. 21 THE 
PASSION. 

Many »vtf“IV"l CH-^O M*»f» jH 1 ttirrtrw 
day Df o«!ri Cjr rurk RMtviiraH 
«9H Jon Crrd-t card Mec. 3o«? 


Fullv air-conditioned 
ROYAL SHAJUSFEARe COMPANY 
In repertoire, TonioM. 7.30 
Steve Goochs THE WOMAN PIRATES 
ANN BONNET and MARY READ 
'* More (un and thausht-provoklna than 
anything else on the ewst End Stue." 
Time Out. With Strindberg's THE DANCE 
OF DEATH irext perl. Tomor.). AS YOU 
LUCE IT. Nov* booking. Opens Sent. 5 
RSC also at THE WAREHOUSE (see: 
under WJ. 


VERY FUNNY.". Ev*M ns NR"** fV. 
Mary O Mancv's snuut-mt cgmWf 

ONCE A CATHOLIC . . 

1 Supreme comedy on not and rd lH rW w r 
Daily Teiewawt. . - .- -r.-.'. 
“MAKES YOU. SHAKe WITH >**.■ 
LAUGHTER." GuaidiM- 


cinemas 

ABC 18 2 SHAFTESBURY AVC. 838 BMT 
See. Pom. AH, SEATS 8KBLE. L-. 

1. 2001: A SPACE ODYSSEY (Of T0«*n 
Mm. Wk A Sun. 3,35. 7.h* - . . 


OLD Vir 029 -018 

PROSPECT AT THE OLD VIC 
June-Sent leaaon 
THE LADY'S NOT FOR 1 URNING 
Derek Jacobi raju and virile authority.'* 
Standard. EMeen Atklni “ rivotma 
Physical luldllv Financial Times. “ A 


2. THE ONE AND ONLY IA\ 
Wk. & son 2.00. S.15. S.15. 


l'*on .John I ■ — — , — — -i- 



t Indicates programmes in 
black and white 

BBC 1 

fi.40 am Open University (Ultra 
High Frequency. 9.15 Padding- 
ton. 9 to Jackanory. 9A5 Grange 
Hill. 10.00 Three's Company. 10J5 
Cricket: GilJelte Cup Semi-Final* 
1.15 pm News, lto Fingerbobs. 
1.45 Cricket: Gillette Cup Semi- 
Finals. 4.18 Regional News for 
England (except London). 4to 
Play School. 4*43 Pink Panther 
(cartoon). 5.05 Young Explorer* 
5.35 Captain Pugwash 


5.40 News 

- 5.55 Nationwide (London and 
South-East only) 

9.15 Chocks Away 

9.40 Elvis on Tour 
8.10 Z Cars 

9.00 News ' 

9 to Loose Change 
10.15 Come Dancing 
10.55 Omnibus: The Story of 
Leos Janacck 

1L40 Cricket: Gillette Cup Semi- 
Finals highlights 
1ZJ0 am Weather /Regional News 
Ail Region* as BBC-1 except at 
the following times:— 


F.T. CROSSWORD PUZZLE No. 3,746 


i 

I 2 

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m 




9 






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1 


n 








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13 l 



14 

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Wales— 145 pm Golf: Rank 
Xerox Welsh Professional Cham- 
pionship* *05 Pen DrawY Byd. 
5-55 Wales Today. *20 The Big 
Time. 7.10 Newydd. 7.15 Pawb 
Yn Ei Fro. 7.40 Come Back Mrs. 
Noah. lOto Golf: 1078 Rank 
Xerox Championships highlight* 
12.10 am. News and Weather for 
Wale* 

Scotland — Sto pm Reporting 
Scotland, tf.10 am News and 
Weather for Scotland. 

Northern Ireland — 08 pro 
Northern Ireland New* 5-55 
Scene Around Six. 1U0 am News 
and Weather for Northern 
Ireland. 

England— 5.55 pm Look East 
(Norwich); Look North (Leeds. 
Manchester, Newcastle); Midlands 
Today (Birmingham): Points West 
(Bristol); South Xoday (South- 
ampton); Spotlight South West 
(Plymouth). 


3to A Thousand Moons. 4to U/aoada .News *05 The tale and Time* 
Michael Ben tine’s Potty Time. 4A5 S J5 r *« A- “"- “ m ^ 
Search and Rescue. 5.15 Gambit. *** - Ju5,c - UTVr 
5.45 News HIV 

r 00 21 Years On UJn Canoon Tirae. 1040 The 

c « rmccrnorie Adventure World ol Sir Edmond Hillary. 

k r0 ^ T ° a ? 5 „. 33.85 How. 13J3 The Paper Lads. L2B pm 

7.00 Don t Ask Me Report West Headlines. L25 ftepon 

7J0 Coronation Street Wales Headlines. UO Sian on 

8.00 London Night Out te - *4» Houseparty. 3-28 Survival 

9 00 Best Sellers- “ The Amen T1,e Gene Machine. 5J0 

S ’ W i De ABpeD crossroads. bM Repoa West. *15 

WUraer, part 1 Report Wales. *30 Laverne and Shirley. 

10.00 News * 




F»lAO 

Mon.-T 




FMOEN1V. 01-836 2294~EyenlBo, at BIS 
Mafr Wrd 3.0 Saru-rtavn S.(jq |i’|n 
BROOKE TAYLOR. rtRAFMF . 
GARDFN make us lauah." D Maik 
TRUTH 

. The HR -Comedy by Rawer RYTON 
“ LAUGH WHY I THOUrtMT I Vvnmn 
Kfi Sunday •• KH88R 

DFIIGHT.“ E». S*»"d"d "Ginainijc 
CONTINUOUS -LAUGHTER.*- Time?. 

Matinee today 3.00. 

PICCADILLY from R.30 anil 43 v JSO* ! 
Credit cards 836 1071-3 Mon.-Thur B. 
["■ * Sa*. 5 4 B. 15. SYLVIA MILES 
twice Q*^AR nominee ard SHEILA GISH I 
• . SPECTACULAR PER-DRUANPES 
F 0 R°« .EVFRY MEMBER OF THE COM- 
PANY. Guardian. A new play hv 
TENNEWEE WILLIAMS 
„• VIEUX CARRE 
IThe " Old Quarter - of New OrfeanO 
- For those who delHiht In the ontlnued 
oower of this areat writer . . . showing 

OB Ns marvel lauc rnmlr nil, *■ -r 


10.00 News MTV Cymru /Wales — As HTV General 

10to Best Sellers: “The Aspen Service except: U0-L25 pm Penawdau 
Murder ” Dart 2 - Newyddion s Drdd. *20 Mlrt Uawr. 

llto Whickpr’s World Un Tm. *09*35 V Dydd. 

lien world HTV West-.vs HTV General Service 

1XJHI ani Uose. A painting by except: U0-L30 pm Report West Head- 
Canaletto accompanied by lines. *u-*30 Re port W est, 
the music of Vivaldi SCOTTISH 

All IBA Regions as London IO 20 am Clue anh. 10J» Th* 1 
except at the following times: — siatioaair Ark. mo how. hjs Paper 
A TvriT I A i-ads 1-H pm News and Road Repan. 

AllUHA UO Lilestyfc— The Chesterfield Canal. 

“ Dfownuit— the Dor Wonder. 2-00 Women Only. 3JB) Survival Special. 
3*« Star Maidens. 1*05 How . 1L30 *15 Cartoon. 5J0 Crossroads. *00 Scot- 
Paper Lada. US pm Anxlia News. 3J0 land Today. *30 The Electric Theatre 
pose .Wonderful TV Times. LOO Haase- Shaw— RJ chard Hams. 1U0 Bonn Or. 


rui * pr ° B *' 1 » 

2. 'la«it 2 DAYS. Do uQ McClure ' 

’M^sSs •sar** ,a '- 

3. John Carv'rttmr'sDARK STAR (A> - 
£ ^ 5 35. 9.00. ZARDOX ;*£ *4* 

CUVON Curi,non Street. W 1. 499 S737. 
Ii F F*I V L_ A, i« CcMH,1, l. onnd '' OERSU UZALA 
Vij. ir : 9.7171 lEnausn <«ii>-tltiesi A 
liffi-fr. AK'RA KUROSAWA. "MASTER, 
PIECE. Tim« -• MASTER WORK." 

» ■ IWAATERPIErE " E. News. 
Film 31 2.D. 5.45 and 8 2D. 5un* 4 4 7. 



{• £ 


BBC 2 


iBow inawwniu iv tunes, iou Haase- Show— RJchard 
Party- 1 *20 John Cairoey— Novello. 5JS 12.00 Late Call 
Ur. sod Mrs. 1.0S About Aneba. 12J0 am cn 


6-40 am Open University 
10.35 Gh&rbar 

11.00 Play School (as BBC-1 4to 


pm) 

llto Open University 
4.10 pm Cricket: Gil 




A10 pm Cricket: Gillette Cup 
Semi-Finals 
4to Open University 
7JD0 News on 2 Headlines 
7.05 Erica on Embroidery 
7.15 An ABC of Music 
7to News on 2 
7.40 Rhythm on 2 
8J.0 Brass Tacks 
9.00 Man of Two Worlds: 
portrait of Gian Carlo 
Menotti, composer, impre- 
sario, President of the 
SDoIeto Festival 

tlO.QO Films of the 40s: “Thu 
Demi-Paradise *’ starring 
Laurence Olivier ■ 
llto Late New* on 2 
12 to Closedown, reading 


LOIVDON 


ACROSS 

Dispose of two foals in a note 

(in 

& 28 Vegetable creating 
vehicular disintegration (6) 
llake-up far an unusual rogue 
1 5 ) 

One who used to recruit 
household staff? (9) 

Irrelevant like a broken pencil 
(HI 

Virtuous doctor takes right 
article to the left (5) 

Real nut changed gear (7) 
Nobleman giving spike of corn 
io learner (4) 

Place for southern vessel (4) 
Discharge soldiers with con- 
tract to hire (7) 

Rouse from inaction for a 

festival (5) 

Matter for printing appro- 
priate for the author’s protec- 
tion (9) 

Fruit producing wrath in 
Spike (9) 

Beat with a stick and put in 
loose stitches (5) 

See 7 Across 

Record eastern sailors 
intended, we hear, for judg- 
ment (11) 


5 Public performer with craft 
on strange site (7» 

6 Short-lived, variety of maple 
here (9) 

7 Preserve a railway for a bird 
(6) 

S Soldiers depend confidently 
upon following but not very 
often (6) 

14 Salesman takes her up before 
the finish to admonish (9) 

16 Big ship going to the east. 
Could it be the Bounty? (8) 

17 Clothing or underwear males 
start tailoring initially (8) 

10 Act in spasms or cunning 
moves (7) 

20 Soldiers allowed to enter 
exercises are fully satisfied 
(7) 

21 Agent could be only partly 
satisfactory (6) 

22 Type of bar which should be 
attractive to Poles (8 j 

25 Steal in for a bird (5) 

SOLUTION TO PUZZLE 
No. 3.745 


9to am Elusive Butterflies. 9.55 
Be a Sport with Brendan Foster 
I0to Oscar. 10-30 Haiti. I0to 
Nature of Thing* 11-45 Cartoon 
Tirae. 12.00 Cloppa Castle. 12.10 
pm Stepping Stone* 1Z30 Sounds 
jo/ Britain. 1.00 News plus FT 
| index, lto Platform, lto The 
Rolf Harris Show. 2,00 Summer 
i After Noon. 2to General Hospital. 


b 2 Abw “ “■* “ SOUTHERN 

i T'Y/ . 30-20 am Little House on tile Prairie. 

. 1 V 1 3.85 How. 1138 Paper Lads. *20 pm 

. „ *" Something Different. - 3*20 SoRttaern News. 330 Stars on lee. 230 
Ann Una Today: Tweed Salmon. . 1*6 Houseparty. 330 Thomas Hardy, vw 
ATV Sport. 1138 The Jetsons. ' 1135 Slnbad Junior. 530 Crossroads. *09 

Magic Circle. 330 pm ATV Nemdes*. Day by Day inHmUwg SontlispoiT 
Cvd® “R-" ^5 71,6 Best of Ladies' 1230 mi Southern News Extra. 

Night. 338 The Practice. 3.40 Honey tVIMC TI7E7C 

Go Round. 435 Cartoon Time.-' 535 1 lilt 1CU 

Happy Days. *00 ATV Today. ii-j« The ’35 am The Good Ward fallowed by 

Majesty of Henry Moore. North East News Headlines. U30 Once 

RflDnCD Upon a Circus. 33 3 0 How. lUi The 

DUIvUtK Secret Lives or Waldo Killy. 130 pm 

1038 am Technoflash. 18.45 In -Search North East News and Look around. 130 
Of ... The Magic of Stonehenge: 1LB5 In Search o/‘. . . Big Foot. 2JB Women 
Hour. 1130 The Paper Lada. +130 pm Only. 335 Canada— Five For trails: “The 
Border News. 130 Stars on Tea. '2J» Prairies.” 535 Happy Days. *08 Northern 
Hoossoarty. *15 The Rolf Hams- Show. Life. 1230 am Epilogue. 

*80 Look around Wednesday. 1235 an III CTC D 

Border News Summary. ULwltlx 

mi a HTXTT-. 1030 am The Lon Islands. 1035 The 

*-«2AiYlYtL Secret Lives of Waldo Kitty. 1L05 How. 

135 pm Qnumel Lunchtime News and 1130 Paper Lads.' 130 pm Landmine. 
What’s On Where. 135 The Mackenzie UO 'Scars on Ice. 338 Survival Special. 
Affair. 338 Bantaby Jones. fcJDO Wiawnet 43* Ulster News Headlines. 535 Tht 
News. 638 Battle of Flauers. . 1838 Mary Tyler Moore Shan-. *00 UlRer 
Channel Late News. 1230 am News and Television News. *05 Crossroads. *30 
weather in French fallowed hr Epilogue. Reports. 6A5 Witherspoon. 1130 Bed- 

GRAMPIAN ix/cctwa d 

435 am First Thing. 1038 Hannah WtilWARD 

Barbara Special. 1130 Huir. JUS 1030 am The Beachcombers. 1*40 Out 
Paper LadB. 138 pm Grampian News of Town. 1*05 How. 1130 Paper Lads. 
Headlines. 130 The Family. 331 Code 1237 pm Cus Honeybnn'g Birthdays. 13B 
R. *00 Grampian Today. (Jg police Westward News Headlines. 135 The 
Newsroom. *15 Cartoon Time. 1230 Mackenzie Alftur. 338 Banuby Jones. 
Reflections. 1235 am Grampian Late *00 Westward Diary. 1838 Westward 
Night Headlines. Late News. 1235 am Failh (or Life. 

GRANADA YORKSHIRE 

1*25 am Sesame Street. 1139 Solo 10.28 am "Don't Raise the Bridge 
One. 1135 A Han dial of Songs. 131 pm Lower the River" starring Jerry Lewis. 
This Is Yonr Right. 1.20 George Hamilton Terry -Thom as and Bernard Crtbblns. 130 
IV. 135 The Challenging Sea. 330 Calendar. 139 Little House on ibe Prairie. 
Tandarra. 538 The Undersea Adventures 330 Love Story. *00 Calendar lEmlcy 
of Captain Nemo. 535 Crossroads:' *00 Moor and Belmont editions 1 . 


CHICHESTER. 0243 8131 2. 

Tomqiw. Aua- 17 & 19 et 7.00. 

THE A5PERN PAPERS 
Aua. T7 A 19 at Z.OO. Aug- 18 H 7.00 
LOOK AFTER LULU 


COMEDY. 01JB3O 2578. 

Evas. Mon.- Frl. 8.00. Sit 5-00 and 83U 
Mat. Thun. 3.00. 

EDWARD WOODWARD 
BARBARA J-EFFORD in 
THE DARK HORSE 
hv Rosemrv «nnc vuon 
■' Excellent family ' entertainment, anyone 


of anv aoe is likely to enjoy,* S. Tel. 
■■ Diiwwid good 1*»eatre.' S. Ttmes. 
■' Americans will love it." Odn. ” A 
laugh a minute •* D. Tel. " Os oert uni- 
ties brilliantly seized bv tint rate 
cast. A most arractlye and entertain Inn 
evening. "■ E. News. 


CRITERION. 930 3216. CC. 835 1U71-3 
Ergs. 8 Sats. 5-30. 830. TTiurs. 3.0 
NOW IN ITS SECOND YEAR . 
LESLIE PHILLIPS 
In SIX OF ONE 

A HALF A DOZEN HILARIOUS YEAR 
* VERY FUNNY.” Sun. Tel. 



D'JCHESS. 836 8243. Mqn. to Thun,. 
Evenings B-00. Frl.. Sat. 8.15 and 9.00 
OHI CALCUTTA! 

“ The nudity •» stunning." Dally Ter. 
9th Sensational Year. 


RADIO 1 


247m Your Midweek Choice, pan I tS>. *80 
News. *95 Yonr Midweek arnica part 
2 <S). 9,99 Neva. 9 jOS This Week's 


DOWN 

1 A wine put up in the east 
could be poison (8) 

2 Hasten with letters of credit 
that could be forged (8) 

3 Small in a way but totally 
charming (5) 

4 Wrongly kill new source of 

printing material (7) - . : 


fiagatiStiQ zmwmam 

h a m a a n n 
mmaunsan rawnan 
q - a- h n a a a n 
h nnGH GBQanan as 
Q G G .0 0 

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Q Q B H R a 

ES00H9na •: nsaann 

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EEnansanH masas 
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Hasans sdbhsqhh 

H Q B 0- Q Q E 


{SJ wnTSSdtoS. » «»■ MO New* 9JS iSlrWi 

SJ» ,» ubX t composer; Radunanloav (Si. 938 Mode 

TnJv^s pw? f0r 0raan (S) - t®- 2 English Songs iS>. 

Travis. 9Jn Simon i Bates. US Peter mjj Russian Plano Mnalo .c . n im 

SSlwIh t ^2SM?m I N 1 M£S r BBC * muu Oreh^re ^ 

tS tJ 0 vm Brtsiol Lunchtime 

338 NewrtjML WB SSS^U ^ 

IXjSJSb^SL ^ American Music at Keele -Si. 435 

Xif with g2S. E S b Ne^ , ‘ 25 

Radio 2. tocfndlng 1.55 pm Good Listen- SS SSinSdL ‘ 23 H l»SS 

jj^kuSS 1 M JKftfa Radio? 105 Tfe Worldwide. *35*^18 7*- 

With Radio 1 - 1 Z 0 SA 82 am With Radio 2. pa* ^ Brillen. Elgar, Waiion fSt. MS 

RADIO 2 1400m and VHF the Smmner Holds— Snawhau 0 r Europe, 

I UJS Choral Mime (St. 1*45 

RnStan^rs?^«.iSS2?^f5'v ********* Mechwlacd Image by 

si* 0 ??? tsi mcJoomg 8.15 Pause for p at Gllmonr. n.ic Perlman and 
Thought. 732 Terry Wogan 1S1 Imrindfim AahKenazy recital <S> n ae Neva. 

Xhd *45 Pause for SSEm tS, SAnbert' SdtfW 
Thought. 1*92 Jimmy Yoong ts> ludod- recom (19271 so ® 

mg 1«.8! pm Cricket; Gillette Cop semi- Radio 3 VHF only— * 0*7 on am and 
finals. 1235 pm Waggoner*’ Walk. 12J0 * 45.730 pm Ooen uSverahv 
Harry Roweirs Open House fSi including uoeD umrerslty - 

L 02 Cricket 1 farther neursi and US Sporty RADIO <1 
Desk. 238 David Hamilton fSi Including 

5.4S and 3.43 Sports Desk. 430 wagaoiwR? 434m, 330m, 38am and VHF 

.Walk. *45 Sports Desk. 438 John Dtuu „ 4l ^ M am News Briefing. *10 Fanning 
iS) fcoBtfiraed on VHF) including *45 Today. 630 Today: Magazine. Including 
Sports Desk. 633 Gillette Con Suoctal. *hd 100 Today's News and 7Jfl add 

738 SPOTta Desk. 733 Listen 10 the Band News Headlines. 8.45 Hard Times 

with Charlie Chester (St. *15 Sem print ‘S'- 4*0 News. *35 The Living workL 
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NOTE CHANGE OF 5AT. PERFS. 
From Senember 2- «»ts. 3.00 and 8.00. 
EVITA 

bv 71m Rke «KKf Andrew Llovtf Webber 
D irected JfS Harold Prince 

PRINCE W W4U5. CC. 01-930 86bT. 
Ekonlngs 8:0 Saturdays 5.30 and B-4S. 
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BROADWAY COMFDV MUSICAL 
I LOVE MY WIFE 
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CRED IT CARD .B OOKINGS. 930 0846. 
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THE P ASSIO N OF DRACULA 

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MARC PL M ARC* AU 
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L I , ( SS? R - *2; THCATRX 01-930 S3S2- 
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P??NCE CHARLES, LelC, So. 01-8 37 HlBl. 
MEL BROOKS HIGH ANTxIeTY 8 (aV 

?on °? ,T ? D i" v «“«- Sun 1 zf/fiT 6.15.' 
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Credit Mrt, "M 4T72. Tnn r’antl In 
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Financial Times Wednesday August 16 1978 


Salzburg round-up 


13 


by R 0 N A L D- CRT C HTON 


At this festival where post-war hopes to hear and enjoy in many vocal sheen but still mightily 
music has made , little impact roles, bat as Salome in this pro- authoritative. CappucriUi’s Posa 
Henze has nevertheless been duction she is as neat and trim not in his fullest voice was for 
represented with three first per- as a young suburban housewife, that reason more rousieally 
formances— Anti/one for strings If she took a pair, of diamante interesting because less unvaried 
in 1960, Tile Baeaarids in 1966, horn-rinrmed spectacles out- of than usual. The Eboli wag Eva 

• this year by It vilalino radfUrp- her handbag to have : a closer Raadova, replacing Cossotto I 
putto. a work for vtohn and look at J oka naan one wouldn't find her thoughtful restrained 
chamber orchestra designed For be in the least surprised. She reading more congenial than the 
Gidon Kremer. The new work is misses the extremes of innocence belting bitches given us by the 
a kind of- discourse on the cel* and of depravity, and.for that heavier exponents of the role 

•• brated Chaconne of the Bolog- loss even so beautifully steady a But though Miss Randova’s ton* 
nese Tommaso Antonio Vitali. a vocan line won’t make- amends, quality is sympathetic, it isn't 
work loved by Henze in bis youth Few opera singers wbald risk improved by being directed so 
and still a favourite with hrai, the Dance of the Seven Veils on often at the floor Apart from the 
inducing affectionate speculation so vast a stage: in this production auto-da-1 e scene where chorus 
about the personality of the it is effectively, choreographed and orchestra were duly, tremen- 

com poser, of whom so little is and danced by Heidrim Schwaarz dous, the only episode in the 
known — except that he was nick- — nevertheless, though like- opera which really caught fire 
named “ Vitalina." ness between the two: penor- was the interview between Philip 

Henze's score, which uses mcrs is .close, illusion vanishes. afld th e Grand Inquisitor. Jules 
much of . the Chaconne in its Jokanaan is Jose., van V* 01 * Bastin. beavilv bewhiskered, 
original form with simultaneous another excellent singer. But looked more like an irate Chow 
comment from the orchestra, is though one' can understand this than a 90-year-old. blind eccJesias- 
b]ro a double in the Baroque Salome wanting to settle down tic, but he delivered the message 
sense of variation on or oma- with such a gentle, high-minded, j n no uncertain way. 
mented version of a theme. It sad-looking man, bo hardly Sug- p or y, e g00< j 0 f one’s soul, to 
isn’t a violin concerto, rather a gests either the Iust-rouser or escape the atmosphere of 
caprice for violin and orchestra the inspired prophet. The smaller wealth on the other side of the 
in the 19tb century sense — not a parts were strongly cast,- wto river, fa necessary concomitant, 
deep work but an attractive one. Wieslaw Ochman as Narraboth. as things are. of the general level 
the Chaconne as if were Erich Kunz as the fifth pf a most 0 f excellence obtained! any 
^.examined through a magnifying effective quintet of disputatious visit t0 galzhurg Festival 
glass with which Henze plays, Jews. Jules Bastin as First JVaza- should include one concert in 
."■--.tilting it this way and that, rene — yet the important couple the charming, old-fasbioned 
Kremer played with brilliant Herodes and Herodias were only concert-hall of the Mozarteum. 1 
l£i$Senergy: in later performances lightly filled by Karl ^Waiter heard a Mozart-matinee with the 
’vi> -^ he wiR sorely -clarify his tone Bobra and Agaes Baltsa v • institution's owrr orchestra under 
‘^>«more. Leif Segerstam conducted Verdi usually strikes - sparKs Christoph Prick. The only 
'-^/ihe Austrian Radio Symphony from Karajan. In'.the Don Carlos familiar item was the G major 
^Orchestra. which seems to have become Salz- j?i ute concerto, played by 

'■ > What, ob what; to say about burg’s Jedermdnn - of:- the Karlheinz Zoller. For the rest. 

Karajan’s starry, marmoreously seventies, there was. much, joy to early svmphonies and little- 

brilliant affairs at the Grosses he had from hearing the notes so known vocal pieces (K217 and 

Festspielhaus? The revival of impeccably played.- And: yet- — 374. to be precise), sung hy a 

-last year's Salome I found a ever , and anon ' there were talented warm-voiced soprano, 

• pretty tedious evening in spite moments ' wben 'vqiee^. and Zsnzsanna Fejer. 

'. of magnificent playing from the orchestra parted companyKfpr a This concentrated tour of 
-Vienna Philharmonic, particu- beat or so for lack- of -a- strong noeratic fleshoots — . Bayreuth, 

laxly > n the final , scene. With rhythmic lead, and the^curious Munich and Salzburg — has been prominent in leading roles — we were a few years aso. and 

Hildegard Behrens cooly floating phenomenon noted in Karejan's a slightly humbling experience, but because of ibe general level nowhere docs this show more 

•’ the vocal line above. a sumptuous Trovatore. when the chorus, sing- Not on account of the solo of efficiency and seriousness. We painfully than in tbe spheres of | 

• or instrumental background, this ing sorto voce is kept. below the singers — in each of the three aren’t quite so good as we think, choral, singing and stage 

could hardly fail. But even then accompaniment figure-., in*. the cities British soloists are and we- aren't quite so good as management.' 



Television 


The People Watchers 


bv ARTHUR SANDLES 


Perhaps we are all gossips at Norman’s gossip column style will. The gulf between oust jtui 
heart, in that we are determined of approach may not be what wesi may h:*\e ex is Led aii\wa- . 
consumers of information about we would ask if | ic were to lake but Stalin certainly saw To 'it 
people. Be it Jeremy or over the Great tintnns. but it that u was dug to a ghaMlv 
Christina. Charles or Liz. we is .well suited to his subjects, depth. 

devour words of iheir doings This week it* an urgv of gossip As' the series »cls into ns 
with an enthusiasm which would as our Barry bites irifo the Jean stride its makers can -'tan ufein- 
do credit to any backyard tale Harlow legend and dimes out advantage of ih-' slock «»f film 
swopper. Library - shelves bear wirh a mouthful of boyish giggle and still inaicrial and «>( von 
witness to this appetite For an d inuendo. temporary figures 'who a re will- 

personal details. Biographies Oh for a hit uF this zest in jpg. and 'able to talk -iboui ihc 

outnumber workson gardening, the new London Weekend Tele- past The research usk is a 
cooking, travel or sport. When vision five parlor im SlaJin (The liuie more trick v than that f.ic- 
Watergate burst upon the world Red Tsar is ihe sort of punish me Mr. Nimnari and LU’T has 
it was not the events that cap- headline we onlv get away with apparent!.- come up with sumo 
tured public attention, it was the here when the editor is not look- gems, 
minds and motives of the people j n gt. If the Great Britons has 


behind those events. 


“^p/ndVKo jSLSfS . SSJffSSS s- 


Whai we did not set in the 


it’s expression in television, and Philip Madoc provides the voice- 
the last few months have seen a 0V er and doe* hi* best with a 
veritable explosion in the cult scr j pt which gees off at exira- 
the. video personality. Edward ordinary tangents ai times. Nu 
VT1. Shakespeare. Jesus. Thomas one j s j e f[ m such doubt where 
Cook. Joan Crawford Florence vvnlers Paul Ncuburg ■ (also 
Nightingale. Madame Curie and producer) and Bo tesla w Suiik 
now Stalin are a few who have £ tatld in their *- 

been give tbe small screen treat- B 0 j S heviks and 


altitude to the 
iheir 'twenties 


plotting. The crushiugly awful 
facts of Soviet life t*»en. and 
now. could have been left much 
more lo speak fur themselves 
without the sort of descriptions 
that dismissed mod era Russia as 
“a police slate, run by a posse 
of bureaucrats." 


Hildegard Behrens 


there were periods' of flagging, orchestra with bewildering effect. 

-and earlier the lack of rhythmic was observable agalzr--' in ‘the je . _ n .. 

.vilaflty. the artificial. elongation cloister scene. Schneider-Siem s-| OCR cltlD-UnnO, Benin 
r>f Scbeider-Siemssen’s set and sen's San Juste convent, and his 
the apparent inability of Karajan auto-de-f6 are splendid: elsewhere 
as producer to achieve dramatic the huge, symmetrical - grille- 
tension through the placing of cages become repetittwL-and in 
his characters combined to make some numbers, for-, example the 
a soporific brew. The Munich Eboli-Carlds-Posa trio. ifie-singers 
Elefetra. described here a few are placed too far aphft for tight 
days ago. was not so polished as. ensemble. . T 
this Salome . ' but not for one The cast was intensely grand. 

’ moment did one's attention. Freni and Carreras ax Elisabeth 
falter. ’ and Carlos sang beautifoDy and 

Miss Behrens is -an excellent were wholly endearing, -rGhiau- 
lyric-dramatic soprano .whom one rov’s King Philip isjiov^ short on 


The Wall Is Mama 


ment. 

The style of that treatment 
varies considerably, from tbe 
glossy stylised epics that came 
from Thames (Edward VU) and 
ATV (Shakespeare. Jesus) to the 
stark realism of BBC l's current 
view of Great Britons, which 
leans over backwards to invent 
or embellish nothing. 

The Great Britons series shows 
that tbe strongest of subjects 

has to fighl hard to survive , . . . . 

programme makers who 3re ]? believe that he rose tD be in 
determined (o underplay the the nghj place to lake over the 
piece for fear of being called leadership or 160m people 
cheap jacks and sensationalists. stntPjy because he was good at 
A week ago Philippa Stewart administration and Lenin and 
monotoned her way through the Trotsky needed someone lo do 
life of Florence Nightingale the paper work. If that were 
proving that skilled writer she *nie world would be ruled 
may be. but presenter she is by shorlhand-iypists — and proh- 
not This piece showed' that ably better ruled for all that, 
when live material is thin on Instead of dciail of Stalin wc 
the ground a little inventiveness were given a confusing history 
is required. At least last night’s lesson, 
subject in the 
Burns, bad left 


inn Ih** character, wht.-h i*. after 
all. ihe arid test of good !■]<■- 
graphv. Television, however, doe* 
nnl seem terribly well skilled at 
doing- this unless u j,tu., In- 
takes the full plunge and pre- 
sents us with an actor in the 
prime role. Then the question is. 
of course, do we know the 
character, nr do wn onlv know 
the actor's' idea of that 
elm racier" 

Perhaps we all prefer the per- 
formances whn-h give n, »mr 
heroes and heroines a-, we have 
ourselves imagined i hem— not .is 
. _ they reallv are. Thti<. for me. 

I will assume that the first F.dward VII iTimnihv We*i » and 
episode told us so little about the Madame Curie (Jane Lapotaire) 
early life iff Stalin because so were indeed ihe true character- 
little is known. 1 find it difficult Tim Gurry may have hem a 

jolly, rum husl nous Shake -a it-ari\ 
hut he was pot my Shakespeare. 


anil sure l v ihe real Jesus w.is 
nut the soft textured gemdv nwidy 
Ihat Rnlicri Puwell made him. 

I' it therefore iitiniKsilde to 
make the perfect hin-jraphi.-.il 
television series'.' (if «-oui*«c n is. 
And of course 1 -hall remain 
hooked to them all. fien-elv cri- 
Hcn’ hm lovine evorv minute of 
il. There arc even two tonight — 
iWoit iff Ttrn H'nrWs looks at Gian 


series. Robert Tbe worrying aspect nf allthis carlo Nennfti it 9 on -,nd 
a bit of meat ^ Ihat declared stance by the Omnitius rhooies a Czechic rst on 


in the form of his written words, programme makers. Now in my 0 f thc ", ' i-n-n-t ,, 

ings. forties I was slill a schoolboy 10*5° le ‘ Leos Janaccl ' aT 


by RONALD -HOLLOWAY 





Don Warrington and Elizabeth Adarfi 


New End 



by 3 . -A.; YOUNG 


Michael Abbeosetts is a West man see the naked me?" 
Indian, and he has • sajne There is an uncomplicated 
interesting things to say in his sub-plot about marital infidelity. 


play about the mind of Uie .West; which Mr. Abbensetts seems to [ . • h _ r l ndes , §ra ip_Hai Link's details in 
Indian immigrant _here. Three say is part of the West account of the symphony, though canvas, t 

of them are working flat«ur;in nature, but the pleasure o f t ^ -it has beea heard many times in was sthl magnificent. 

ia. in the bubbling taU^ .ri, ndon rema jns one of the most 

Jh % th« S fnbff lucid, most picturesque, and most . 


a tailor's shop shortening evening 
trousers for export to • the where' emotions 
Japanese. They need to raise to buret out through the joke&J 
£1.000 by next day for the down- atid in the subtleness with which 
payment on the purchase of the tbe characters are adulterate# 
shop. with unexpected elements. 

They represent, three" .con- Walker, for instance, the man. 
trasled attitudes to the com- most headed for integration: 
mercial civilisation in which first expresses a passion for 
they have chosen to live. Walker Leadbelly and the blues-singers 
(played by Don 7 Warrington) of his time (“They’re oqr 
intends to join business as a- culture”), but later confesses 
businessman^ “ I .-want "to open that the great heroes of his 
If the newspaper just once,” be mythology are Gary Cooper, 
says, “ and not have to read that John Wayne, Alan Ladd — a IT} 
I’m a problem;" Simple, friendly white men. Buster, the man 
Buster (Trevor Butler) works without- ambition, is knocked 
Tor him, and is happy’ to stay speechless when be hears on 
. in that position. ’“The- minute telephone that he has become 


says, “be doesn’t, give a damn the -all-time phoney, is the man] 
for anyone else.” The third man.- who sets himself up to marry 
Horace (Lloyd Anderson) is Walker’s neglected wife Darlene; 


simply obliging \ as a Friend, (Elizabeth Adar6).~ 


though he sets some extravagant I found the play mterestii® 
terms Cor his help. He is a instructive and amusing, and it 


A? 


a line to imaginary success,, and players under tbe direction of 
he ton expresses his inmost Peter Stevenson.. Mr. Stevenson 
character, in a fundamental line is white. Is there some signifl- 
— “Why should 1 let the white cance in this, I wonder? . -- 


Rick Cluchey’s The Wall is Scbaubuhne am Hallescben Ufer ScbaubUhne am Halteschen Lifer 
Mama is known to . British in West Berlin is just another offered iis stage while the 
audiences since it had its world stone in the reconstruction of Ensemble was on summer tour, 
premiere at the Edinburgh festi- that legendary wall. His play is All the slang used at 
val in 1974, thereafter staged at dominated by four black Ameri- “ Mother’s " East-side bar stems 
tbe Institute of Contemporary Art cans in the lead roles, three directly from the black experi- 
and the Theatre at New End, originating from the New York ence, honed to a raw edge by 
Hampstead. It was a play be area and the other from Chicago, the principles as though this was 
wrote in prison for the San All of them have had theatre simply a slice of their everyday 
Quentin Drama Workshop, fol- workshop experiences, and the life. A four-page glossary of 
towing the Success of The Cage majority in the production have terras in the programme pro- 
(nexl to Genet's Deathwotch, the settled temporarily in Berlin as vided a couple of hinis for those 
best of tbe prison plays). The part of an expanding and fruit- who can’t catch the general drift 
Well Is Mama stems from the ful Cultural Academic Exchange of things. The play, for the most 
same experience: a decade with (DAAD) programme. Clucbey part is visually self-explanatory: 
black prisoners and another recently performed in. a Beckett the emphasis in Cluchey and 
decade with black actors (ex- production of Krapp's Last Tape. John Jenkins's direction is 
prisoners) touring The Cage in and will have the playwright strongly on the physical. 

America and Europe. looking over his shnulder again “MeCber's” (the “Mama" in 

r It would be wrong to say that in a self-directed Endgame for the is inhabited by junkies 
The Wall Is Mama is a play the Berliner Festwochen this and transvestites, preachers and 
~$bout blacks by a white author, autumn. mafia thugs, and friendly and 

d therefore a rip-off (as the The Wall Is Mama is an passing whites. Tbe main figures 
ring goesj. The milieu of a unusual Berlin production, are Mama (flea) an d Duke, who 
loVer East-side bar in New York Cluchey's workshop has now, trying to slay clean hut owes 
was elched in fine detail by the more or less, found a foothold money to Sonqv. a “ dealer ” with 
experiences of black actors work- in this island city. The Quartier blood on his- hands. '..Pussy and 
iiig\n the play and black people Latin, a haven for blues the year PhilJv are, respectively, black 
contfiibuting to it by way of around, provided ihe financial and white transvestites- working 
countless stories both in and backing and a bridge between the streets and Mama's. The lone 
out of’prison. the German and English speak- loper to this area of townys Tex. 


Marceau founds 
mime school 

Marcel Marceau. the French 


with which to enliven tbings, 

If the makers of the Great when Stalin died, the years of 
Brttons have trouble finding live his rule are politically grey 
material the same is certainly days in my memory. My children 
not thp case with that current were bnm after Kruschev left 
Thursday night series of profiles the scene aod yet one is now a 
written and presented by the teenager. 

ubiquitous Barry Nnrman. The It is to programmes such as 

Holipmood Greats. (Thursday, by this that our family looks lo for mime artist, is to head a now 
the way. is addicts night for information — a briefing on a school of mime in Paris. Known 
biography fans what with the period which is still only taught as the Ecolc dc Mimodrame 
Greats, f. Claudius and Washing- superficially in schools. An Marcel Marceau, it will he 
Ion: Behind Closed Doors.) ahundanre or facts is much more funded by the City of Paris, and 
Norman can, and does, luxuriate useful than political judgments, will initially take 100 students 
in a sea of old film clips and However. I am optimistic about on a three-year course. This will 
a seemingly endless well of the rest of the series, and grate- include not only mime, but 
Hollywood stars or yesler-yester- Tul for it. Slalio's shadow looms fencing. acrobatics. modern 
year who somehow survive large over the modern world. an d classic dancing and 
chirpy aod prosperous in the Without him Russia might have improvisation, 
environs of Los Angeles. Lilian gone through further decades of The school, at the Theatre do 
Gish and Bessie Love were anarchy and disruption, and per- la Porte St. Martin, will open in 
winkled out for last week’s haps would not have withstood November. It is intended tn lie 
edition on the nicc-guy of German invasion. But with him fully international, and si interns 
Hollywood’s thirties era- Ronald Russia saw million of Its citizens will be accepted from any part 
Col man. sacrificed to'the cause of a single of the world. 




Albert Hall/Radio 3 


Mahler 2 


by MAX LOPPERT 


Cluchey's production at the ing communities here. The a Gung-Ho veteran from the 

Vietnam war in freshly stanched 
uniform. Duke’s final line before 
he is shot dead with Bea >hy 
Max. Sonny's gunman, is the 
eternal unfulfilled wish: “Mama, 
when we get our place in the 
country. . . ." Like a Warner 
Brothers^ . gangster movie, only 
much closer to home. 

The SchaubQhne staging does 
service to The Wall Is Mama. 
Seating is on tiers jutting down 
on to the .floor of the bar with 

The Resurrection Symphony at inaudible, and coarse-sounding its slahlef chairs, neon sign, aod 
■pte Proms is a tremendous when it could be distinguished - , counter lighted in eery, dungeon 
spectacle. Monday's performance. That fine young singer Margaret tones. Cork Marches chi. Bud 
given by Bernard Haitink, the Marshall failed to strike form in Thorpe >...The actors barely have 
Kjondon Philharmonic Orchestra, the soprano solos; Helen Watts to raise their voices in be heard, 
abd .an enormous and well- was tbe noble alto, with volume thus drawing ihe viewer gradu- 
schooled choir composed of and quality of timbre now ally inin the dramatic experipnre 
{-London Philharmonic aod BBC slightly reduced. Yet even ‘t^ e t0 most of Cluchey's 
Choristers, laid out that spectacle though there were smudged success as a writer-director). 

o the foreground of the The Ivall Is Mama has a dis- 

the view of the whole tinct advantage over today's line 
of rather dull and repetitive ex 


'dramatic of our day. It is un- 
staled by routine, or by tbe feel- 
ing that Mahler is now a 
campaign won, a territory fully 
{.charted. It holds tbe balance of 
^symphonic discourse, pictoriai 
Colour, and strokes of theatre 
56th musical and visual, with 
wonderful steadiness. 

Yet the level reached on this 


Riverside’s 
Six-day 
jazz festival 


perimental theatre: it’s experien- 
tial drama. 


i ' 5 a- 

y-M ■' 



A recently discovered 1937 photograph of Stalin with Secret Police chief Nikolai Yczhov. 


Over 30 British jazz musicians 


ofSn q S? wil1 be performing in six double 
TOHoimly high as in the past bills at the Riverside Jaz? 
(iiotably in that never-to-be-for- pe^ya^ being held until August 
LPO performance at the 20 in Riverside Studio’s 250*eat 
festival Hall ast September). Sludi0 2 m west London. 

On this occasion, there were Featured for the first time on 


black man gets ahead," be the father of a boy; and Horace. ftwches '.of end-of-term tiredness jb e London jazz scene wiil be 


Jin the playing, with chipped and three new groups — Surrounding 
'-tarnished notes from all sections silence, the new Gary Boyle 
^but most often from the brass) Band, and the latest version of 


■ -nhTouahout the evening and John ^evens’ Away. 


with disturbances in ensemble in 


terms Cor his help. He is a instructive and amusing, ana ltljbe long first movement. with p rosramme 0 f p i ano so i os 
smooth, affected young man with is admirably played hy all fourimstrumenlaJ solos were not un- by K e ith Tippet with the new 


The Festival opened last night 


faiitogly clear or tidy. jazz-rock venture Surrounding 

. a sp aT ** ^ of Silence completing the bill, 
block H m the stalls, the offstage Tenorist Dick Morrissey, and 
brass band was intermittently guitarist Jim Mullen's band will 

play this evening with singer 
Viola Wills as guest. 


. This announcement appears as a matter oiteepfd onl? 

Sydestsjaellands Efektricitets ARtieselskab 



. Dfls 15.000.000,— , 

Medium term fixed rat&Ioaa 


Arranged and provided "by 
BANK MEES & HOPENV 


July. 1979 


in cooperation ■with 

DEN DAN 5 KE BANK. - 
a£ 1 S 71 Akuc&dskab ^ 


The August 17 programme is 
Turning Point, one of the lead- 
ing British jazz-rock groups, plus 
the new Gary Boyle Band. 

The fourth night brings to- 
gether two of Britain's most 
distinguished jazz names: John 
Surra an and Mike Westbrook. 
Both will play programmes of 
solo pieces; Westbrook on 
piano, and Surman on amplified 
saxes and bass clarinet. 

The fifth night brings an 
intriguing doable bill: the auto 
biographical jazz poet and 
unaccompanied singer, Fran 
Landesinan, and tbe rock group 
Landscape. 

Soft Head will open the last 
night’s programme. Then the 
Festival will close with the new 
six-piece John Stevens' Away. 

The Festival will also include 
some surprise guest appear- 
ances. the film Jazz on a 
Summer's Dag at It pm on 
Saturday, August IS. and real 
ale in the bar every night of 
the Festival. All tickets, are 
£L50p. 

KEYIN HENRiQUES 


This announcement appears as a matter of record only. 


NEW ISSUES 


August 15,1978 


$30,000,000 



Trade Development Bank Holding S. A. 


(A Luxembourg Corporation) 


Series Notes Due 2002 


Arrangementsfor tbe direct sale of the above Notes 
were made through th e'und er signed. 


Merrill Lynch White Weld Capital Markets Group 

Merrill Lynch, Pierce, Fenner ESmidilncorporated 


3i . 





14 


Financial Times Wednesday August 1$ 197S 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON' STREET, LONDON EC4P 4BY 
Telegrams: Finantimo, Loo don PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 

Wednesday August IB 1978 , 

Australia’s 
tough Budget 


s view 



BY PROFESSOR PAUL SAMUELSON 


A LTHOUGH IT is never in a sense has been long over- mists in the crowd, and- a few tarists actually belong to the ; 

easy to understand what due. But. verily.’there has been optimists. But the majority are minority who believe that the 

is happening in the more nonsensical aisunipnraf/on In oonsidezaWe agreement, in- next four quarters Will be strong 
American economy, the situa- on this subject than on any deed m more agreement than ones for American business, 

tion at the present Ume seems other In recent history the uncertainties of the situation To confound the issue further, 

especially confusing and even Our best conservative econo* rally warrant. As I read their a non-monetarist iike Dr.- 
MR. MALCOLM FRASER'S Australian politics. Much, the paradoxical. Here are some mists do not agree thar the prognostications, the group has Michael Evans of _ Chase 

Liberal-Couatry Party govern- same goes for the acceleration illustrations. federal deficit will- be reduced with glacial slowness swung over Econometrics foresees almost as 

ment has consistently pro- of the policy of moving m Inct w ^ n tiv th» iwr«» rfnzi»n !* th e masshre cuts of personal to the view mentioned at t the doleful _ an outlook as the 

claimed 
objectives: 
government 

lOWer taxation. til j«oi.ui.c 11 -••■■■O.- r — — - I >1 H JU«1 so . _ . ,, r-, n ..... : _ -o~ *•* — — — — . — — - — * r - - 

has nnt been equally successful sensible a policy for Australia t p at ,r -a- , . ®*p® neilc * a private conversations, ennserva- or three quarters a: a rate sgm- claiming the Keynesian revolu- 

nn all three fronts, and the as it would be for the United ‘ grow ? h - or , recession tive experts are disdainful of the ficantiy below the 3* to 4 pe tion and who was Dr. Evans* 
1978-79 budget introduced in Stales. Unlike Mr. Carter, Mr. hhe turn of the year, factual analogies and the analy- cent trend rate needed to keep earlier mentor, has one of the 

the Canberra parliament jester- Fraser should expect to be able Ye‘ the stock market has surged tical hypotheses advanced in nur unemployment rate from least pessimistic scenarios, 

day demonstrated strikinglv to get his legislation through. t0 a new >'***& P Mk - 811(1 ^ e defence of these tax cuts by Mr. rising. U we define the occur- My own weighting of the 
that the aim of lower taxation Much more questionable, volume of transactions on Wall Arthur Laffer, Mr. Norman ence of a genuine recession as evidence suggests That the- 

is- for the time being sacrificed however, is the government's Street has set a new all time True, and other witnesses testi- a period in which for -two or matter is still moot. /Drue, the 

to the over-ridins strategy of plan to impose an extra 12.5 record. fying in favour of slashes in three quarters at least, real expansion is now an elderly one. 

holding down inflation. per cent import duty on certain • just when many observers of tax rates - . GNP actually declines, then the by historical standards. True, 

manufactured goods. This must the money market have decided Thus. Mr. Herbert Stein. Presi- consensus forecasters are for the 7.4 per cent growth rate of 

Indexation be an erTor of judgment, and that the Administration and the ? ent Neon's economic adviser, the most part denying that the rebounding second quarter 

its timing is particularly un- Federal Reserve have become [ av, ? urs cut f , n - r . ates „ America faces such a genuine 0 f 1978 is unsustainable. True, 

r the consumer is getting deeper. 



1 BILUON DOOARS0972 DOLLARS! 

1,600 

gross national product 

V>00 — 

Consensus 

1,400— 

Forecast 

_f+*Z***. Chase — 
aT Forecast 



, 

i 1 ■ 

1,fc0 ° 1976 1977 

1978 1979 1980 


• The fight asainst inflation has fortunate.' Mr. John Howard. I SdHaSlbSS of business “ d ^ people at all recession. 
?nnp rplafivelv well. Af the »*> L: _ . , „ 1 5011 on ceaoiy aisease oi inmnia i-mi- s.., i cn a .j 


gone relatively well. At the t he Treasurer, said in his budget 
end of 19/4 the consumer price S p eec h thar “ it is not intended 
index was moving up at an that t j, es:e arrangements should 
annual rate approaching 20 per bavp anv additional nrntective 
cent, and the pace nf infiatinn effect.” ’ Yet it is difficult to. 
is now well under half that. In sep whaf nther pffecI they can I™ 1 **; 
the budget speech. Ihe govern- bave. The timing is provnea- 


ment forecasts for at least lire ' since the rest K of the stampede to bid up the prices revenue at ^ dUp , lsa l 
hopes) thar by this time next industrialised world — whnsp bMK * s ’ 
year the rate will have drnpncd ecfinn mies are on the whole 9 Just when the Dow Jones 
“towards' 5 per cent. The ] eP!! protectionist- towards averages soar, the dollar sinks 

relatively tight monetary poll cv marui f aP tnrpd goods than Au&- in Tokyo and the price of gold 
has been, and will no rTotint con- tralia — has been making effnrts sets records in Zurich, 
timie to he. a help but much tfJ resist domestic protectionist rn,- Port _ ftnr 

will depend on whether the Br a«5,, r « an d sincp we are The Republican Party, our 
government can continue to appmachin^ the culmination of operative Ming representa- 
persuade the Arbitration Com- In P nK . drawn ^u? trade liberalisa- ti , ve of the affluent Rea , GNp owth , 

mission to keep waee indexation tjnn nean tiations in Geneva. classes - baa btsen steabmg the 


inflation th* ranks have ,nco ? e IeTe,s - be does so Admittedly, these same con- j 0t o debL True, interest rates 
swelled * of the camp that not ,n the belief tb 01 lh,s Wl11 sensus forecasters did not as a have risen much since the onset 

bSevi i we are now verv ltself P roduce a dramatic change group in 1973-74 predict the of the recovery three and a 

irj? f n The iLfc nf mtere^ in tech nological productivity or occurence of the worldwide half years ago. True, inflation 

rates i^wer rates are inS ca P ltal “W* 1 * but rather in the recession that actually came to rates have been reaching 2-digit 

thlv « tw M P eclation that »t will reduce pass. This time they may again annua i levels in recent months, 

ahead, they believe, as they and nol enhance gTnnttn t of prove to have been urn com- threatening to force the. 


THE CHASE HALF-YEAR FORECASTS 


197B 


1979 


prim inflation. 

On the other hand. 1 
government expenditure 


has 


may say. 


proved much more difficult to 
arhieve. In 1P76 outlay* went High cost 
un in.4 per cent, and in the can „ be said t0 be , 


which promises that 


to 

of placenL Let me say though in Federal Reserve to tighten . up 

on monetary policy. 

All these listed factors impart 
credence to the view that the 
U.S. recovery will falter in the 
mnnths ahead. Still, one has 
learned from experience that 
a priori reasoning about future 
inevitabilities is a dangerous 
activity. Sticking with the 
recorded facts, we still observe 
a fairly strong economic per- 
formance. 

Housing starts are holding up 
very well indeed. Interrogating 


ini 


p a ,r financial -rear hv 1U nrr Aus[ralia . s ] ong . term irKerest . 

Sit Van" been T« B A^ll. to « Mj ^ l« > 


will even result in greater 
revenues for the U.S. Treasury! 
We middle classes have tired 
producrtviQ.’ Industrial sector” it j 0 ^ feeJ . m § sorry for the pour; 



1 

2 

1 

2 

Real GNP growth* 

XI 

2.1 

percent 

1J 

ZB 

Consumer price growth* 

8J5 

73 

6J8 

SJ 

Money supply growth* 

7.8 

7 J 

7J8 

8.0 

Profit growth* over previous 
two halves 

22 

10 

8 

22 

Unemployment rate - 

4.1 

6.0 

63 

LA 

Short-term interest rates 

7X1 

7.70 

7.26 

6J9 

Long-term Interest rates 

8.72 

8.97 

8.70 

£51 


Percentages are expressed as annual 'rates. 


bousing experts, one finds as 
yet precious little hard evidence 
of M disintermediation N and 
tight rationing of mortgage 


sharply, but exocnflitum is still y beware It haTfor fa we are f^eUng sorry for would-be expanders of the their defence that what they h °, ,, 

expected to h C 7.7 per cent > befin frQm ourselves and are advocating public sector. Downward pres- lose on the rare occasions when 0 ^mIaWlity^ to builders and 


higher than last year. 


reductions m capital-gains tax sure on government spending is the U.S. economy does go 


home buyers. 

rates that apply primarily only a g° a I be thinks worth achieving through a major turning point. ^ . consider the Inventory 

to those who are far above the without regard ro Its short-term they more than make up on the situation. It is a rare busnejs 

middle classes in levels of business cycle effects and long- many occasions when more vola- c T cle wnich consiaerspie 

wealth and income term su PP!y effects. tile amateurs erv wolf in the swings m the rate of stock- 

, Any«“ 2«*-« in *S depression 


Inevitably, the price to be nrrl „ r 

paid bv consumers for the . Jt 1S ’ afte f a !*', ln ord ^L to 
reduced' budget deficit will come im P r ° ve ;* usi !? ll * s competitive 
in a substantial increase in position that Mr. Fraser is keep- 

taxation of various kinds, which f n f . up lb 5 ^ at !l e . f= 3insr 
together are expected to bring inflation. The political con- 

in II per cent more revenue, sequence of his tough budget is I for an economist." particularly ornd^rtivit^'bt' "Letusesamine more closelv “ Ies 10 inveotnry stocks 

nf these increases, tike Utolr to be same unpopal.nlyjfor one with asense of humnur c"n the '"dUtaSSl S? "£ 


£3 “Li likely course of UJS. eapS »-seepes. 


Some 


on the conservative side and 


one can find little talk of 


those on drink and tobacco, are at home, and his standing will and a cynical disposition. Alas. no ” 

’ ■ - •— - *- ^ however, this is a difficult time 

as for the p0,icy niaker for the strate whv I heSSve " this’ or“‘iiam^ *Ba!ik‘“m “chicasn' 1 stand by what 1 have earlier, 
everywhere regarded as classic Vown inflatioH’ economic forecaster consider the proposal to redSce whichSpects so low m ^he next V.S 

revenue sources, the increases My purpose here is to identify nur present maximum tax “rate annual growth rate from 1978 *5® aat 0 J e ' M 'S 

-hould not be unduly conlen- he should be well placed to face those aspects of the present on capital gains from 49 per to 1979 as to imply under my have marked on its bottom, 

nous in the context of a general election in 1980. American scene that are truly cent to the 25 per cent ceiling definitions an outright recession 10 Washington- Impelled 

puzzling, and to evaluate the level of some years ago. It is rather than a minirecession: By by anxiety to fight inflation, the 

weight of evidence for the con- doubtful that so extreme a cut> and large the Harris Bank has Federal Reserve will have over- 

flicting opinions on them. No back will prevail, even though been of the monetarist view- tightened the credit markets, 

simple and confident answers it is all but certain that tax point (which concentrates pri- Under similar- presures to 

are possible because of the un- rates on capital gains will be manly on the money supply as resist inflation, the Admmistra- 

certainties and imponderables lowered. But, in any case, there the determinant of macro- Uon and the Congress will have 

intrinsic at this stage of the are comparatively few persons economic movements). Can we waited too long to take ofF- 

business cycle. Still it will be w ho are now paying those 49 per therefore say that monetarists setting expansionary 

useful to review the likelihoods, ^nt rates, and all of them are are now generally more alarmist measures. 

And it can only help to separate extremely well off in comparison than eclectic post-Keynesians, so Therefore, evaluations of the 
out false dichotomies that so w-lth middle class standards, that a crucial test of the merits Federal Reserve chairman. Mr. 

ONE OF the firmest and most settlements to respond to the often dominate what passes for our crude seismographic instru- of the different methodologies G. William Miller, * Dr. Arthur 

consistent proponents of fall in real earnings which informed discussion of finance, meets will not be able to isolate will be provided by next year’s Borns’ successor, become 

incomes policies in recent years occurred after the present i e t me devote only a the subtle effects of such a tax outcome? important Recent Wall Street 

has been the quarterly Government re-introduced a f ew W ords to the hysteria for change. Nor at all. Other monetarists, gossip has put forward the view- 

economic review published by formal incomes pnlicy in 1975 ^ reduction. I believe it re- I have just looked over some such as Citibank’s experts, pro- that Mr. Miller may, after all, 
the National Institute of needs some explanation. To g ects a political trend of some three dozen consensus forecasts, ject nothing worse than a mini- be weak on the issue nf fighting 

Economic and Social Research snme extent, this period has lasting significance, one which As usual, there are a few pessi- recession. And a few mone- inflation. His every public 

The review has the refreshing been exceptional in that real 
and commendable characteristic post-tax earnings fell in a 
of periodically returning to the manner rarely seen before and 
forecasts and advice it has the second phase nf the policy 
offered and examining how they was . more severe than the first. 


A verdict on 
incomes policy 


utterance is scrutinised for 
.possible heresy. As far as I 
can make out. the only solid 
evidence for this suspicion lies 
in the fact that he was in a 
minority «f nvn in opposing the 
last increase in the Federal 
Reserve's discount rate. If Dr. 
Burns were still chairman of 
the Fed. 1 doubt thai he would 
favour the dangerous pro- 
gramme of engineering deliber- 
ately a preventative recession 
in order tn help bring down 
the rate nf inflation. 

So it seems no crime for 
Mr. Miller in reruse tu join m 
such a rash crusade. One should 
not however, in my opinion, 
read inin recent Federal Re- 
serve pronouncements and deci- 
sions any determination to 
force down interest rates. This 
is important. The early August 
dramatic jump in stock prices 
was triggered by the belief that 
the peak nf interest rates would 
soon be behind us. Thai is why 
bond prices were rising at the 
same time that share prices 
were. 

1 would put the probability 
at less than a half of an immi- 
nent sustained drop or levelling 
off of short-and-long term 
interest rates. So long as output 
continues to grow by an annual 
rate of at least 3 per cent, and 
so long as consumer prices rise 
by more than 6 per cent, there 
is a .significant danger that the 
cejnponents of the money supply 
will. have, to grow faster than 
the announced Federal Reserve 
target ranges permit if interest 
rates are not permitted to ex- 
ceed levels. 

Fnrtunarely for thnke hoping 
tn make nut a case for American 
equity, a resumption of tighter 
money . need not pull -stock 
prices down in the wake of bond 
price declines. Granted that 
higher interest rates are usually 
a factor adverse to share prices, 
we have to recognise that the 
significant Wall Street rebound 
since April occurred for the 
most part in the face of rising 
interest rates. 

Too exemplify one mini- 
recession scenario, the graph 
gives estimates by Chase Econo- 
metrics. Although they are more 


pessimistic than my own pre- 
ferred forecast, the reader 
should find them indicative of 
much American opinion. 

By contrast with the Chase 
gloom. Figure 1 shows in iis 
upper broken line the more 
usual consensus forecast. Dr. 
Evans believes bis Chase fore- 
cast merits -30 per cent proba- 
bility of being realised— as 
against only 2o per cent for the 
consensus forecast and 25 per 
cent for an outright recession. 
That 3 eaves only 10 per cent sub* 
jectivc probability for a 
continuing high-growth expan- 
sion - 

Space has not permitted 
detailed analysis of the Ameri- 
can balance of trade deficit. 
Fortunately, the forecasts of 
next year's business conditions 
are not sensitive to what 
happens in foreign exchange 
markets. Let me record the 
belief that it has not been a 
mistake or a tragedy for the 
dollar to have floated downward 
in the face of our serious deficit 
on current account. 

There is some reason to 
expect improvement in the U.S. 
export deficit during, the year 
to . come. Western Europe and 
Japan mas* well display im- 
proved real growth relative to 
that of the U.S. A token reduc- 
tion of our trend rate of oil 
imports could occur. The 
classical medium of exchange 
depreciation is slow to produce 
its healing therapy: hut; on 
balance, one expects it to begin 
to take hold. 

These are troublesome times 
for the world economy. Never- 
theless. so far ln the 1970s the 
U.S. has performed in a less 
disappointing way than have 
West Germany, Japan, Scan- 
dinavia, Britain, and most 
industrial nations of Europe. 
Neither galloping inflation nor 
malignant slump are suggested 
for America by the visible signs. 

Property always looks nerv- 
ously at hostile legislation from 
populist democracies. For better 
nr worse, the Carter Administra- 
tion has neither the will nor 
the power to pursue egalitarian 
programmes, a fact not lost on 
shrewd capitalist observers. 


MIN AND MAHERS 


have stood up in the light of unlike every previous stage ti vn -J Artisf jn Oils 
subsequent events. In the The_ authors Relieve that either ° 


latest issue, the review con- 
siders the different forms of 
incomes policies which have 
been in operation during much 
of the 1960's and 1970’s to see 


the targets for net real earnings . i.u-«, lrt U 
have changed nr the speed of I flying turOUgil 


plan the day's work at the office, 
like the madman who kept hit- 
ting himself on the head with a 
hammer, .you simply think: 
•‘How marvellous it will be when 
I stop." 

In America the problem has 
now been solved- A "friend 
newly returned to Los Angeles 
says it is the fashionable thing 


adjustment has changed — or Today - art extra vaganza in 
both. No doubt time will soon Edinburghf when Dr , An)0 i d 

show which it is. Hammer's legendary coUection 

whether there is any evidence t hni?^ht a to 0r cnn a tribute 0, to l0 the wiI1 be °P® ned b ^ Prince 
to suggest that they have had Lbseq^em catching up process between “ 10 u,c 

an influence upon wage w h en pa y restraints are eased i"i e f h _ d |n rtU , nlJP W fT 3 , Tn S to go jogging with your psycho- 
inflation. a subject of endless j 5 the desire to unwind the dis- for tbe st fy® ar ' 0 *_d owner Ham- ana j ys { anc j have a session on 

debate on which no consensus torting effects of restraint upon “ er nas J* 151 arrived in entain the Californian business- 

of view has yet emerged. pay differentials. According to f™ 113 Morocco with a letter nt men aj S o getting into the 

another article in the National intent from King Hassan for habit of making morning 
Compensation Institute review, incomes major mineral d ev ® ,0 P me JJ : . he appointments with their lawyers 

^ policies appear to have had sur- is en route to the Soviet Union 

The authors or one study in pnsingiy little effect upon pay for the opening of Occidental 
the review- are however in no differentials and relativities. Oil’s ammonia terminal at 
doubt To them the conclusion g ut CO uld be. as the author Odessa. 

that incomes policy has little acknowledges, because the study Before doin® his deal with 

rMscanabir They ha?e found exami i ie ? ? ba , nge6 ? he agsr . e ' Hassan, the Oxy boss had an sympathy goes out in advance 

s?rnno P pridpnre to that ^ d,stnbut,on of income in change of letter* addresspd on to the man who cannot keep up 

Darticula?^ ^ incomes ® policies ^ ' th f r * hand to “Der Mr. Presi- the pace or lacks the wind to 

particular incomes policies changes in individual firms — j ant - nn 

have reduced the rate of money where there is iittie available !£«,_» Dear Sir " The man 
— and hence real — wage in- d ata and where accidents of h " knew T_ n1n ' * ^, hn d id an 
Nation during the periods in timing in the introduction nf wbo Knew Lenm - 
which they operated. One such pa v restraints can have an 
example, and a not surprising appreciable effect, 
one. was the sx months com- Those who believe 


or their financial advisers, for 
a three-mile discussion of 
pressing affairs. As yet, nobody 
has seen a ' track-suited board 
meeting in progress — but my 


and on the other — to the speak up in bis turn. 



reaction in a bull market”; 

“A big line of shares has been 
.overhanging the market. I can 
let you have the last 50,000.” 

For really tight corners keep 
these on a card by the 
telephone: “The man who is 
dealing with this is tied up in a 
meeting*’; “We will put some- 
body on to it right away”; *T 
can only think the cheque has 
been lost in the post 1*11 make 
out another one." 


I historic oil price deal with Q|n|QfTiaball 

ninn^'rar’entlv 8 mad. China’s Premier Hua K„o-F=n S »*«*■ „ „ 

----- — - 7 - ^pntai nlatform that rhe Prince arri ves in Bucharest today on career and children, so will not Mot comb Street; these date 

Wilsory wage freeze imposed by effectiveness of incomes policies IJ »i» vi«it Ji n „ L first the first leg of a tour to cement be having any of the latter. froin when tha 

the Conservative Government w i» doubtless cite the declare- f . * a h N orth Sea friendly relations with Romania Beautiful enough, in the words 


Genteel casualty 

Ever since Tesco cut its prices 
and declared the war of the 
High Streets last year, it has 
only been a matter of time 
before the last traditional 
grocery chains would be 
missing at the front 
Among the 40 Oakesbaits 
site, being sold by Barker and 
Dobson in their retreat from 

blonde Mrs. Bjerregaard says ^ in Sloane 

Eaton Terrace and 


gone very quiet — we 
be near French air 
space ! ” 


in the ___ ... 

from when the company 

... t wwu-av- win aouuLicas cm? me ueciara- _[_ it n ff c h nrt in tho North Spa illcuu U iciauuiia wim nuiiiau"* oeauurui euougn, ju uie wuras Started in 1SS9. Oakesbnits' 
in the winter of 1972-73. But t] on j n the rate of increase- in 'Tr amn !ip- nnt nno to be and Yugoslavia. How tactful 0 f th e Danish embassy, “to be old-fashioned personal touch, 
when the constraint has been average earnings from 30 per l91int _ ri hlf cn-pat and the 11131 1116 Gh* 116 *® Army team 0 n any magazine cover.” she is ^chiding credit and personal 
lifted ^ e , of mcrease m cen j a year before phase one rammis ” ** should have come tiiird' in thp also reputed to be icy in dealing deliveries. are doubtless 

rpcenl Peklng international with her staff. An official of the enough to- give any super- 
Basketbail Tournament. Other Education Ministry remarked market accountant the 

But the departure! 

a more relaxed 

leave a gap im 


wage settlements has acceler- ^'ie' present policy waT'inui ^wlth Morocco he has added 
afed to compensate for rhe rn n <>nt w • ™ , *‘ n cco. ne nas-anaeu 

previous losses in real income, duced m_ 19^0 .to _I4 per cent tbe list of countries - 


evious losses in real ,nc ° me - an d 8 per cent in the following monarchist republican x * E oma°ia; 2, Yugo- t he other day: “We are never shudders. But 

To the authors, and no doubt ^ y / ars> ^ equally rfSS? - that have short of a cold beer at the of that relic of 

It _!.! explanation is the influence fnit^ 1 irtinsvncratic ministry. We just let Ritt touch era will ieai 

Ice-cool blonde 


not surprising. For there is now f allen for his idiosyncratic 

considerable empirical evidence ? XCT !®f SJ WI ?* m , n,! sty,e of d " ins Hl ! 

— which the authors re-affirm \ ^ W '’ n,,ectio , n nf Daintin " s ,s nr } e nf 

— to suggest that movements in inflatlon ln 19,4 -'5 which dras- wnriH’c in nr,wti> 


the bottle.” 


Belgravia 

suburbs. 


and the older 



during the following period. broader macro-economic effects 
- It is possible— and the study of. excessive wage increases on Petroleum Revenue Tax. 

provides some circumstantial Prices an f * oym f ?*' 
support — that workers have incomes policy is able to do 


and Is considered to have both Marker, of stockbrokers Simon 
brains and ambition to a high and Coates: 


Rrian — — J — — “"o 

air-conditioned vans at £9,000 


apiece and tells me 


support — tnat woraers nave ZT. 7 M ; n J nesree, «jn 

become increasingly conscious this, then so much to the good, JO§§lll§ li16 miflQ Democrats, 

in wage bargaining of inflation but i* is umikely to be achieved As every jogger knows, the real mark's entry into the Common 

and changes in the net real by the lands of policies govern- problem is how to occupy your Market, although she avoids 

earnings. If so, then the time merits have tended tv favour in mind. However much you tty the subject nowadays, 

it has been taking for wage the past- to mentally recite a sonnet or Married to 


degree. On the left of the Social - “I have seen the underwriting " ea „” 
she opposed Den- letter”; 

“The bid will be out tonight”; 

“Even if the market were to 
reach 350 this would not Indi- 
an historian, cate a bear market— merely a 


up our there. Nice to know nur 
compatriots can at least enjoy 
a nice vanilla whip. 


Observer 


161li Overseas 
Import Fair 

“Partners for Progress” 

Ait event of the first importance 
for Europe’s import trade 


August 30 to September 3, 1978, is the time 
when producers and exporters from Africa, 
Asia and America gather in Benin to 
establish profitable business contacts with 
European importers at this attractive spedal 

Tain 

Europe's only fair of its kind for overseas 
products embodies all the advantages of a 
concentrated and attractively priced range 
of goods, with the accent on textiles, toot- 

h^iin™«f a « lhe ^ 9 °° cls ’ ,ur niture. carpets, 
handicrafts, foodstuffs and gourmet items, 
technical equipment and semi-products 

who af ® looking for new 
thSS.fc nd rtf* suppliers to freshen up 



2™® ' JfJ rrad ® Fair 8 ra "0e of offers which 
grows wider and more varied from year to 

Come to Bertin! 

Get in on this source of fresh new contacts! 

Expand your range of goods with products 
from overseas Take advantage of all the 
f K h “ce® «> W Europe*® leadlngTiads Fair for 
ffie import industry — the Overseas import 
Fair Partners for Progress' - can offer vml. 
Berlin, In 197^, more toan ever before. *° U * 

August 30 - September 3, 1978 




iniemabcflat Con grass Center B&rirt 
Congress Hafl Berlin 
E ■ tvwnon Grounds Berlin 
DeutscMamlfiallonca Palace Berlin 


S^ K Beriin 

-for Exhibitions. Fairs andCanwM-*. r mi. 


ssssur *"* 1 

Telephone: (030) 3038-t 

Telex: m 82908 amfcb d 


Contact wfdrow: WeaBbouma Marketing Services Ltd. 

C rown Houao Mordcn Surrey SM4 SEB.ToL : 01-5401 lOLItotan 92S72S 





A 






S-- 


ew 




S 



Knaadal Tiiries ^Wedhffsd^ August 16 1978 

PROSPECTO REFORM 


15 

BY ANTHONY MORETON 




WHEN Mr. Peter Shore tqld abolish. the- equity : boroughs opposite of what he had done 

the Common* on August f larger eittej'th< boroughs for councils — and Sir- Keith 

he proposed to make-kome Ithc roedittra*sitBd ones), the Joseph was recasting the health 

"organic** changes ia>the • niraI epnndU 7 and the parish service, setting up the large 

structure of local- government Sfalv h ^ hauth orities. 

it was to « House that had its Ser nimb^-of district <■ v h * Us 

numo$r w uisinct feeling that disaster had struck. 

cess councils. - ■ They were not only being 


mind on. the- summer 


starting that evening. Vet the But at the" level _ot the 


merged but they were also 


statement had been ^waited counties wfccfc really, cried out i osi n« water mwers to the new 
with *o^M»Ur.in«tt«Lvp» for ra iUoU.nfS««B ducked iuth^ 
ins own aide -because Labour the issue.. He afcflisheti a few and-Srial senricS to the new 
represents the towns and wants councils, suchair Jutland and health ^uthor7ri^f StiS with 

«VCS*- J9TO; Local 'government Humbert arid -Awn. and® sS roya?^ chStSj-SSf 
Act; • *fld .. on - the Opposition - up , ^ uew. super (or. metro- Durham. York. • Bristol and 
benches bttauae, -apart from pal j tan),- counties - West Pirao^were in effwt Tut 

Jfinstje. '****! ?* tb *- alur » Midlands, ^Greater Manchester, 0 ?!JS5faI ii» 
the Tones want to .protect the West Yorkshire, . Merseyside. CaradoiTdjSritf cSSnX^ rSEI 

gEFUHMSKf “ ChSi Xre 

rS»Sc?Tls“flie latest Wear - '; Loj3dOQ was fcft- alone. , he maill lown is Powey . : 
vogue word in Whitehall. It is . T) u ^ ae ™ %*&&& had worked 

a synonym for “limited**. lvOCK€tB0g - Jt might. have been tolerable. 

Labour would Jike to undo But in so doing he appeared SSropoUU^^tStte^SiS 

“?3h^.« ti> 4n££ta»d hv V M? POwers«bitraril y . their tradition tfaluntry. values 

--ref orm 8 | introduced by Mr. ^ .wltWnJfce metro* and a pleasant, cleau life, like 

FnSw politan . counti^-were ai lowed Devon orNorth Yorkshire or 
was Secretary for the Environ- tp. retain education,' Whereas the Wiltshire were unable to' 
ment,.but it knows that w rest of them I^it to the ™Sfi ■ ff* prtSS 5 

««*SSS * counties Newca^^J district their own towns, with their 

upheavaL So, after within Tyne an*. Wear, now housine lists and unemoloy- 


not do so 
enormous 



little bite 


Term S’ irk 

Sir Arthur South outside Norwich-City Hail. Norwich has 
been in the forefront of the bal$* to regain some of the 
powers It lost In the 1972 reform. 

^Sme^SSc^ tteSe - haVe '*!”*■ '»:■ -i had^oSSs pU* structure Without responsibil- 5ft0j«0. It was instrumental in 

® orgamc. The- consequence of the ning. education and personal W f . or highways and planning getting the other nine authnri- 


anidi thMighr and not a -little administers, its" tram schools mern^ueues Tnd 
£ Usb £* whereas Bristol, its larger providence for factories for 

it has - settled tor- minor population,, which, ted a very workers 
S?,'l s ^L^ J ord l r ^ > *!?? °y« fine education, system ,' -lost its ^ 


rri,. ur*1lrM uiug, cuu^uuu «-uu pcxauuat — " * ° j, “ . . - , — 7- 

ihe walker - changes navp Mergers' also emerged at a social services they did not all a ‘■i*? could not be run tjes? £i with populations over 


be ® n ._ Universally .condemned human :levet -Staff-guarantees reaUse that the towns were the efficiently and the result of 20d^00 together to press upon a 
outsiq^ the counties, which b?ve were given and; whete men were growth points and therefore switching these powers to the govaflament— by now Labour 
the oounciis that gamed from displaced they werajn effect needed more attention. Friction counties was to create further and ^refore much more amen- 
them. Almost evenrone agreed guaranteed their’ ^previous arose and relationships between friction between the various ablerSto their cause — the need 
that something had- to be done earnings' levels. ' F¥ffi chief counties and districts fre- levels of local government for restoration of some or all 

about a structure that, had executives .from^V displaced quently deteriorated. What This was not a political prob- of. tttjdr former powers. In addi- 
evolved in the last century and councils sought post at became apparent was the un- Jem. In Thamesdown ihe an- ttOB»tO Bristol, the nine were 
was based on the ancient coun- Thamesdown f the pew name for reality of trying to solve the tagonism between the Labour Catfiff. Derby. Hull, Leicester, 



how those changes ought to have At the time , the- .Walker County Hall. Towns have dif- Ipswich, a Tory district, there from the list when the Govern- 


been made. reforms on local': 

What Mr. Walker did for were going 
England (Wales was given a Minister was 
similar but separate reorganis- water authorities^" of 
ation and Scotland a completely country, setting ;- Jqp 



ent ferent problems, which interact were always problems between meat' announced that local 

the in a different way, from those itself and Suffolk. gbveriiment would be one of the! 

the of the counties. This was the The backlash was led by issues that an assembly in 

the weakness of the 1972 Act Bristol, the largest distinct out- Wales ; would have to look at 

large Another major weakness was side the metropolitan counties, and the remainder became the 


different structure) was to regional bodieaTT^> complete the lack of flexibility in the new with a population approaching Big Nine. 


While the Big Niue were get- 
ting together to press their case 
the smaller but no less import- 
ant towns— those with popula- 
tions of between 100,000 and 
200 , 000 — were determined not 
to be left out of any realloca- 
tion of the cake. There are 22 
of these In England and Wales 
and they soon became known as 
the Group of 22. 

They are still called this, 
although strictly they are no 
longer 22 strong. Newport and 
Swansea withdrew when the de- 
volution promise on council 
reform in Wales was given, and 
three districts (Oxford, Cam- 
bridge and Northampton) 
wished to have nothing to do 
with the agitation. Its leaders 
are Norwich and Ipswich. Nor- 
wich, a Labour town in a Tory 
county, wanted’ to avoid criti- 
cism that it was politically 
motivated and so approached 
its Tory neighbour, Ipswich, 
jointly to sponsor the case for 
reform. The others, such as 
Brighton, Bournemouth, Torbay 
and Middlesbrough quickly 
joined in. 

Once again, the alliance 
straddled political parties. Only 
three of the Group (by now 
reduced to 17) are Labour- 
controlled — Norwich, Middles- 
brough and Thamesdown. The 
Conservative councils were as 
anxious to regain powers as the 
Labour ones. 

Mr. Shore at this point found 
himself in great problems be- 
cause although an eager advo- 
cate of doing something for the 
towns, he encountered stiff 
opposition in the Cabinet. Mrs. 
Shirley Williams, at Education, 
was adamant that the educa- 
tional changes were working 
satisfactorily and Mr. David 
Eunals, the Social Services 
Secretary, appeared from his 
departmental eyrie at London's 
Elephant and Castle, to be 
reasonably happy with the way 
things were going in his field. 

The result of this in-fighting 


was seen on August 3 . when Mr. 
Shore unveiled a hotch-potch. 
He called the changes organic; 
if such a word has any meaning 
in that context, what he pro- 
duced was dis-organic.. - Within 
local government there is a 
strong feeling that he has only 
got it partly right 

The main points of the 
changes are briefly: 

• Education: The Big Nine can 
put a case forward for haying 
their schools and other facilities 
back, but it is by no means cer- 
tain they will all get them. 

• Social Services: The larger 
districts will get these back. 
These include the Group of 17 
as well as the Big Nine. But 
there is a caveat: “It will be 
necessary Id pay full regard to 
any recommendations the Knyal 
Commission . on the National 
Health Service may make about 
the structure of the service and 
its relationship with personal 
social services." said Mr Shore. 

• Highways: Some authori- 
ties will be able to claim these 
back. There is also a genuflec- 
tion in the direction of the 
counties — the counties’ proper 
responsibilities for planning 
have to be preserved— and “ the 
precise distinction between 
districts which might seek some 
or all of these (highway) 
powers will continue to be 
studied." 

• Planning: Sole responsibility 
will be allocated to the districts. 
This has been taken to mean 
all districts, and hot just the 
two groups of larger authori- 
ties. 

What Mr. Shore did not say 
was just who would adjudicate 
in any dispute. It is hardly 
likely that any county is going 
to give up its powers willingly 
or easily. So if Middlesbrough 
makes out a case for the return 
of a particular power and 
Cleveland fights .it, who arbi- 
trates? Mr. Shore skirted round 
this issue and his department 
is no more forthcoming. 


However, Mr. Shore is un- 
likely to set up an independent 
body since it might produce 
solutions unacceptable to him. 
Since he has been won over by 
the pressure from the town 
hails the inference must be that 
he will decide — and deride in 
favour of the towns. 

That is, if he or any Labour 
successor sits in his office at the 
end of the year. Such a .switch 
needs an amendment to the 1972 
Local Government Act and so 
will have to be in a Queen's 
Speech with legislation to 
follow. And with one exception 
the Tories are not going to alter 
the system if they are returned 
to power — they . have said that 
the Big Nine might get back the 
social services. 


Upheaval 


Backed by the Association of 
County Councils, the Conserva- 
tives want nothing to do with 
this tampering with their 
system. While, privately, voices 
can be heard admitting that the 
Walker changes were a disaster, 
in public the party believes that 
more change would cause 
unnecesary upheaval m local 
government 

Curiously, Labour also is not 
whole-heartedly behind Mr. 
Shore. In June its national 
executive admitted that while 
wholesale reorganisation is out 
of the question because it would 
entail too much disruption, it 
advocated a long-term plan of 
radical reform for local govern- 
ment which would replace the 
counties with elected regional 
authorities responsible for 
water, sewerage and economic 
planning as well as the 
strategic and technical services 
now held by the counties. 

Mr. Shore was silent on this 
too. In fact. Mr. Shore’s silence 
was. in many respects, more 
eloquent than his words, an 
enviable situation for a 
politician. 


-> .Y 


Businessmen 
on TV 


Letups to the Editor 


Kazakhs, from 
came to an end 
Hie Manachus. not 

FTomthe Chairman, - • v u * bv 

feseo Store* (HoUXngs) .. . -too todSL. 

Sir.— I would like to comment Sf wuSe to fiShL— 
on the article by Nicholas Faith advance effectively;?^ 
headed “Why businessmen are vnt onr^Tiho 
filing tide screen test ** (August ^ a i5ed wSt was b 
<J e__ «... • ■ did resist Russian. 

For WIJ OWtl part, .1 am SU1> * Vi — - n-,,., ruhplliiin 

nVnrf that U. Vaitk hvm. “C gTeal - rCBUlllQII 


annexation of Kaxid^stim In that is dealing with minor Japanese trading system in 1947. As in 
century.. The.greaVJfereat to the companies, compared with the Germany then, there is now an 


nomads large trading houses, there is. a almost dearth of iron and steel 
thanks to learning curve upon which both products in China. If energy 
Hussions, sides need to embark before it is (coal, oil and uranium) is the 
were possible to establish proper busi- root of the world economies, then 
that , n «s relationships. From a Iron and steel are its trunk and 
ussian " estern exporter’s point or view, branches. 

much attention to small, but im- The most nractical and effeiv 

people miSSiSSl 1 ®!®? tive way of S elUa S all the world 

g the mind of toe economies moving, while at the 

\ and » C 5lSif» a i S same tiTne reducing debilitating 

jtnesary f® 1 *** n 5. r fji! western type “give away" sub- 

Others, JJ ®. cce P? anc ®'f t ^f BI J55!»!!iHSE sidies and Brants, would be for 
*** originally recoUed by ™.fJJ d i!5 the U.S„ Japan. Germany, France 

of*SS t husinftSrn^h?fl^^S a tii ^ oviet historians .as ntfruigle and Britain to each give China 

Jm&^SF^SP mSS'*;!* "“T" 1 : SIM:- “Vemrn'tS Shli'h SSc mJK *» “» °f rolled steel products 

refused his mritaiTon, this Kn ^ re Iff? Prepare* lo receive conceptual a The r«ul5L n riBmu5tive effect 
applies .10 all executives; This. ■ State _^ffas needed tA fumim *»c and uatsmnmc whioh ine resulting cumu.ative enect 

is certainly not the case 
past year, members 
Board have appeared on 

end l do not believe tkfl TMn- .« »fr».«r..*obln«n appauud T| ae p 5 of communica . «” 

t'» and understanding can be cuimje, shipping, mining and 
tlle aTJaSF. ta SJSSH.!B l l ittanufacturins indtuSTlrticb 


as mSmTSia 

*oe ^panicuwr to jam- gnaaLay originally recti 


is in any way exceptional in this tg do so. 
respect. ' H. Hams Hughes. 

On the contrary,' it Is my ex- S. l><winffton Stx&les, 
perience that the majority of f utueil Hepth Lane, S\U5. 

Britain’s businessmen are ■ 

anxious to explalirtheir view not ' 

only far. the benefit ol their I jriVIITCr 
shareholders but also, and bf 



inescapable responsibility svatesmen fiddle to provide by 
•that an exporter must face is the fheli- costly bureaucratic and 


one in which he must be con- 
vinced that tiis Japanese counter 
part Ls as well informed of the 


financial interventions. 

Given this approach, ail that 


• -S' • 

gehbral 

. CKdrman Hua Kuo Feng, 
Chinese head of state, on visit to 
Romimia. 

Prince of Wales speaks at 
National Gallery of Scotland 
law*; Edinburgh. 

-BBC announces its autumn 
plartt 

OFFICIAL STATISTICS 
Cyclical indicators for UK 
economy (July). Basic rates of 
and normal weekly hours 
Monthly index of average 
(June). 

NY RESULTS 
dividends: Garford-LHley 
os; Joseph Webb. Interim 
Is: Barrow Hepburn 


Today’s Events 





Group; Britannic Assurance 
Group: British Aluminium; Dream- 
land Electrical Appliances; Moor- 
side Trust: Olives Paper Mill: 
A. G. Stanley Holdings; Tiger Oats 
and National Milling; Tube In- 
vestments; F. W. Woolworth. 
COMPANY MEETINGS 

LCP. Metropole Hotel, Birming- 
ham. 12. Moss (Robert), 333. Ban- 
bury Road. Oxford. 320. Negretti 
and Zambra. 100. Old Broad 
Street. EC, 12. Town and City 
Properties. 100. Old Broad Street, 
EC. 3. Victoria Carpet, Green 
Street, Kidderminster, 3. 

OPERA 

English National Opera produc- 
tion of ' La Boheme. Coliseum 


Theatre, WC2. 7.30 pm. 

MUSIC 

London Fire Brigade band con- 
cert. Finsbury Circus Gardens, 
EC2. noon to 2 pm. 

Henry Wood Promenade Con- 
certs: BBC Northern Symphony 
Orchestra, conductor Raymond 
Leppard, soloist Heinz HoIIinger. 
in programme of Strauss (Sym- 
phonic poem. Don Juan): Mozart 
(Concerto in C major for oboe 
and orchestra t; Britten (Six Meta- 
morphoses after Ovid— solo oboe); 
Elgar (Symphonic study. Falstaff): 
and Walton (March, Crown 
Imperial). Royal Albert Hall, 
SW7. 7;<o pm. 

Daniel Barenboim (conductor/ 


piano). Pinchas Zukerman 
(violin), Joseph Kalichstein 
(piano) and English Chamber 
Orchestra Wind Ensemble per- 
form Berg and Schubert sonatas 
and concertos. Queen Elizabeth 
Hall, SEi, 7.45 pm. 

SPORT 

Cricket: Young England v. New 
Zealand. Leicester. Gillette Cup 
semi-finals: Somerset v. Essex, 
Taunton: Sussex v. Lancashire. 
Hove. Golf: Welsh professional 
championships. Whitchurch; 
Second City tournament, Sutton 
Coldfield. Swimming:- Age-group 
championships. Coventry. Tennis: 
British under-21 championships, 
Manchester. 


LEI 1 '“ c f is required is a high degree of 

hlfown^The P re S no placed fre * “^ange of money goods 
“"2L. 1 n ® iwL and services, to ensure 25 ye«r« 

5HS2fi? u .|5 ™La^n 0 fiJ£! of fruitful human endeavour ir. 

Westerner who must at all times j_ _ ni » development 

uwiift aniritnil nnrtei-d anriinne rn “““0 HQU ueveiopmeni. 


Avoiding 

tax 


fsd 

•air 

M 

£& , 

trad® 


more Importance, to the public 
at large — and spend an increas-. ETvllac . 

iiig amount of time on, this pJS: v*. r chtasion rnn . ann nn .. n . 

important conummloations interest Jlr. avoid spiritual understandings ro j3? cSwSHrS? 
non. . . • • ■■ John CherrlnRton’s article *. of which the Japanese are com- - 

It is not for me t® crtticiao, 12 - . " A not so wonl? disposed in their dealings rJfaSTsi 

I wonder whether ti could -b^JgSL ]n h S first pa'i£ with each other. Lytham Si, Anne s. 

that Mr. Faith graph he slates ... “ l hawi ' Undoubtedly, few British com- 

^ experienced an Increasing revul-' parties have the- stamina, 

SSSlIi ‘«Tw e »2 s on of killing any wai m-olooded* patience and cultural aptitude to 
appear on Time for business^ . creature except for food or . to attempt to lake the Japanese 
In our case, for example, it takes protect crops.” 1 am sorry hi seriously. Without a genuine 
many more than a few mioqtes this as It could be used fair attempt to identify with them. 

iL dc SS°£ the - present Socialist Govsiju. the prospects for business culti- From Mr. IF, Fliess. 

merit, as ammunition to extend vation can be regarded as costly Sir, — Your interesting article 
proposals' to ban shooting. At. and speculative. Of course, mar- on tax avoidance (August 14) 
iDcatuinai strategy. ** ir5e the moment it says they are onjji ket research is important, and contains a harmless-sounding but 
L-onsiaorjoic issues aemanomg -coactnuid with banning huntlni- It is a powerful negotiating tool nevertheless ominous sentence: 
considered appraisals- and Trim He al*o refers to (he earli# to have a good definition of the “Operators of avoidance schemes 
tne best wm ia i^e wond a. e&mt mention of driving on a groove- market before attempting to are awaiting a general election 
programme that • attempts- to moor I have always uadets engage with prospective distribu- result before deciding a new 
analyse them is inevitably prmte stood that a grouse drive firs tore. However, this tool is useless policy. — " Docs this imply that 
iq misunderstanding or place on Snailsden Mtw^. for the purpose of esiabliAibg the Tory Party is the party of 

d^oruon. . j. ■ _ ■ • .. ■aear HuddewfleW, owned by Kh -relationships — it is an aid only the tax dodgers? 

This is not to ttfeny the'Jm- w. Spencer Stanhope. The part* bribe processing thereof. Walter Fliess. 

POfJf 00 * Qf .making Uy. . effort £ a d been walking grouse all That Japan is resisting im- 33, Post House Lane. 

a J “ sl oc ^ 1 ^^ y » 5 u ^*'-Wben- Mr.' Spencer Stanbiar portr is hard to believe. Cer- Great Bookham. Surrey. 

became tired and he got d«w£ lately . some protectionism is 

No a^Uggta Ole" which ^ evident in the more sensitive r 

The status of 

veinstock would be beppv to iTSTJ. '“‘■nZ? f‘nnk%tS As far as foreign investment GUgllieerS 
sol a (0 the Ctonplexitite of ^ ra ' . 1 1 pIac ? > ta Japan is concerned, Mr. From the aieirman, J. X. ftoiceu. 

Bntlah Steel’s forward strategy r n g Clucsfon ' h- ' “ K ”' K “ H 1 

Th.^^ 


Trade with 


cannot be toM totbe parentheris Santh H 
of a comparatfitoly ; short TV 
programme *-aa I iuo sure Mr. 

Faith himself understands. 

Bui' 1 suspect, aoihtn'g more, 
that Mr. Faith hihasetf reciwdlses 

the weakness of the' vast " he 

argues so passsionately. Tn-tbe>“ w JT 

final paragraph he says that if 

we ignore the pnbllc they will Awnw»« ^ 

ignore «. I agree entireiy— and W twiTn Jh f 

ihe tt’WWre from the Htgk 2^5*5} 3. 

Streeut Ccrtainljt -Suggests lhe Ke«lanrcn ( au 

Britain's burinewraen are b 
means 
Swinflcld’a 
Leslie -Porter 
Tesco How*. PO^Bes 18 . 

Dclemere Road’ Quahnnt, 
tt'qUhom Cros^ Herta. ; 


Miyoslu has a barbed point in Sir,— 1 was pleased to see that 

•lVUs reference to Hitachi’s unsuc- a fellow structural engineer, Mr. 

1° establish a plant p. Mason (August 14* is opposed 
- «4n the. VK. That was ihe worst 
• 7 . y ieos»oii that the UK made if 

. It has senous Intentions of .. iiiuuii 

. encouraging other written and spokes about the 

■ ’Japanese industries into the UK. ^tus of engineers. The Fioniston 

Enquiry is a waste of time and 

SS' Cms.deTuons we «^ ers ' U*F 


to the registration and licensing 
of engineers. 

A lot of rubbish has been 


•wire of th. Co.en,mjnl-s jS'S " 

amiUnlj lo ^onirovers^ in- en " dm , , 1U1 , qu^iannaire tI»o 

Ih ° I shaUder ro mink. 

OSPrale from the UK — uie A} Jn _ 

Infa imnffi. Mrm Thai tndl> liman . A . ® IOCa] meet 111 j. 


sUrih'ihU 5SS!«r to the MtiSSS sxrmffuissm: 
rehiaag . to..' the status quo to *° b Sudne the Staras !n engineering is 

Jaoaqisvone thias J»w S5? of: Sie^riStedanf we acquired byone-s performance 


Lesser Horde’s 
subhdssloit 

From Mr. H, Morris ff^hev . 






A ** 

J” 


of the redundant — ... , , 

, .. tnlght ult ima tely nravake strikes -afiP “le end product Of OOO S 

^wL^rcfortS^ !«*»«. « Ter cent of engineer- 
lag amtimamial prcmiuin to tA ^ Amn)ov(yj; mg is routme work carried out 

by workers who have acquired 
their skills In a practical manner 
For those who need qualifica- 
tion there has always been avail- 
able membership of the enginrer 
ing institutions which are recog- 
nised and respected' throughout 
the industry. Could not some 
new glam* symbol hove an 
adverse effect on the member- 
ship of those institutions! 
Registration and -licensing 


that "Kaafehslaa.''v6htotarHy eflfom'- to enter the Japanese 
joined the Russian empire for market— reMtlts have been Quite- L/Ullla 
protection «aln*t Pomsdle, ffliprepqitimiite to effort owrat Frets Councillor J. Gouldboum 
visions in the .fliMteMtb. ee#> Hb* efforr as such hai . Sir— You renart neeotlations 

SvS?- 

n&iWfiSfe » -sETir'ftsf ; -.'EBp'SSSiS ssss 

1730 and sulaequ^erente of strcssvd In hla statemeni is some- as * nation honour- control and fonas and freedom to 

the ,aame sort during \ ihe -tWnfc perhaps, that be can hi m iraoe. get on with the job in our own 

eighteenth century Jaeaot forglveu for having tal ? ^*£«; )PI J^rtlcip*tion- in world l rode by way. 

nothing in practical terms ihd granted. ^ namely,, that ®Wus .ai thto time, has a slg- J. N. Rowen. - 

i* was precisely for that ro&sop exporters first have to undersami : nifl«ancc. as great as the entry of Fultcoodl Rood South. 

that Russia began > a?Uitary the Japanese- In cases wnere oae;wp8teru Gerainy. Into ihe' free-Sution-fiMsApehl, iVofte. 


THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY 

U.S. $700,000,000 Term Loan 


JUNE 1978 



BANCO NACIONAL DE COMERCIO EXTERIOR, S.A. 


MANAGERS 

Bank of Montreal Citicorp International Group 
international Mexican Bank Limited 

-INTERM EX— 

j:i conjunction with 


AI-UBAF Group 


Lloyds Bank Internationa! Limited 
Mellon Bank, N.A. 

Libra Bank Limited 


C0-MANAGEH5 


BAN* fUR GEMEITIWIRISCHAFT AG BANKEP5 7PUSHVTERNAT10NAL LIMITED 

COMPAGNIE PIN«NCIERE DE LA DEUTSCHE BANK AG NO RD DEUTSCHE LANDESBANK INTERNATIONAL S.A. 

PITTSBURGH NATIONAL BANK ROSENTHAL INTERNATIONAL LIMITED THE ROYAL SANK OP CANADA 

SECURITY PACIFIC BANK SOCIETE GENERALE DE BANQUE S-A. THE TOKAI BANK. LIMITED 

TORONTO DOMINION BANK 

FUNDS PROVIDED BY 

BAMKOf MOSTAEAL CITifcAHr N* HD- CS IMTERUAT^OHAL LIMITED 

MELLON WW.*4. UBAA BANK LIMITED THE nOYAL BAH* Of CANADA 

UNION DE BANOUES ARABES ET FRANCHISES — U 8 A F SCDETs GENERALE SI BANQUE £ A. 

1NTENWLX INTERNATIONAL BAW UMlTED — imprAE* GROUP— , INTERNATIONAL V5.ICAN BAN* LIMITED — INTERMIX — 

SECURITY PACIFIC BAN* BANL FUR GEWEINYIIRTSCHAFT AC — KF.VVDR* CAYMAN ISLANDS BRANCH'S 

■ANKERS TRUST COMPANY COMPAGNU r-.ANCK»E CE LA DEUTSCHE BAN* AO 

NO*D DEUTSCHE LAMOESBAiHt INTERNATIONALS A. PITTSBURGH NATIONAL BANK 

ROSENTHAL INTERNATIONAL UWTID TORONTO OOMINIOV BAN* THE TOP Al BANK. LIMITED 

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THE FIRST RATIONAL »»H* OT CH'CAOO FIRST KHNSTL'JtNIA BASK ML- NASSAU BPAr.CH kREDIETBANK N.V. 

MARINE MraWaO BANK THE SAhV. A BANE UVITEO J HENRY SCHRODER WAflG t CO.U^i- ED THE BAN* OF NEW YDR* 

THE MITSUI BANK. LIMITED AMERICAN EXPRESS inTERn-TiDNAL BANKING CORPORATION 

ARAfl BANK I0VIRS1A5I LTD BANCO URDLIUO. 5 A — NEW YORK AGENCY IRVING TRUST COMPANY 

ISTItUTO BANCARK) SAN PAOLO Ol TORINO LLOYDS BANK CALIFORNIA VC? CAN THE TRUST COMPANY N a. 

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UNION BANK. CALIFORNIA THE VALLEY NATIONAL BANK OF ARUDNA - NASSAU BRANCH .■.EL’S FARGO LIMITED 

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FIRST NATIONAL BANK OF ARIZONA THE HONGKONG AND SHANGHAI BANKING CORPORATION H-FMW INTER NATIONALS A. 

IRAN OVERSEAS INVESTMENT BANK LIMITED MORGAN GRENFELL I JERSEY) LIMITED th! iO al BAN* OF SCOTLAND LIMITED 

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INTERNATIONAL COMMERCIAL BANK LIMITED lAVGRO BANK INTERNATIONAL 

THE MITSUI TRUST AND BANKING CO- LTO -NEW YORK BRANCH PIERSON K„ SUING & PlERSON I CURACAO 1 K V. 

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BANCA COMMERCIALS ITALIAN* — LQN DON BRANCH BAHCA NA£JQ;jAI.L DEL L*>ORO — LONDON BRANCH 

BANCD CENTRAL £> - LQNOEPl HIANCH BANCO CENTRAL Y ECONO MIAS BANCO DE VIZCAYA S A 

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BANK OF IRELAND BANK OF SCOTLAND 

BANOUE CANAblETiNE KAHONALE (BANAMA5I UMIIED 
BAJIOUE CDUMERCtALE PD1ML EUROPE DU NOHD* EURO RANK) BA NODE ROTHSCHILD CANADIAN COVM'HCIAL AND INDUSTRIAL BANK 
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FIRST WTIRNAIKWAL SAW IN HOUSTON. N A FIRST NATIONAL BANK IN ST LOUIS THE HUNTINGTON NATIONAL BANK 

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AL SAUDI BANOUC BANCA MARCH. S* BANDUE BE LGI POUR L INDUSTRIE S A BROWN, SHIPLEY fi CO UMJTI D 

CUWNNBAME ■ COUTIS ft CO E*SI.t\t£T UNITED M’-K (fcA’lOUIUWL EST-DUEST S A| 

DRAY. DAMES C COMPANY UVtTlD ITALIAN INTERNATIONAL BANK LIMITED - T'J.VAI? REAL ESTATE BANK P.SC. 

THLLYOWA BMO. LTD. LA2ARD BRDTHSHS A C&., LIM11ED THE MITSUBISHI AND BANUNfi COHPOfl ATION 

THE NATIONAL COMMERCIAL BANK -SAUDI ARABIA r r sTirnEJCHlSCH[ LAEhbuimnk 

50CICTI QtHCRAtl AtSACIf NHt Dt BANQ UE - S 1RASBPUHQ SOCt IS LYONNAIS' 1 DE DEPOTS ET GECftESUlNDUSIRItL 

ILBAE. — UIMONE Dl BAMCMf AfUBE ED QFTOPEE pTAUA] GPJL — ROME 


DANK DM RUSH COLUMBIA 
THE BANC OF YOKOHAMA LIMITED 


X Bank of Montreaf 


*• AflBllt 







COMPANY NEWS+COMMENT 


Nottingham Manufacturing makes headway 


ATV looks set for record as 
current year starts well 


Ijjuiancial Times Wednesday August 16 1378’- 

xwrdas Wiggins 

' Construct 

® rises to 


FOR THE. half year ended June 
30, 1978, profits of Nottingham 
Manufacturing Company ' have 
shown, an Increase of £441.000 to 
£4i)Sm, on a turnover ahead 
JET.IRm to £62-6m. 

The directors emphasise that 


INSEX TO COMPANY HIGHLIGHTS 


Company 

At Isa Investment 


Page Col. 
" 17 6 


than Lhosi- or the second six 
months— for that period of 19 m 


Alcan Aluminium 

16 

5 

ATY 

16 

5 

Bishopssatc Property 

16 

6 

Broadstone Investment 

16 

3 

Capital and National 

17 

2 

Chubb Fire Security 

17 

8 


Company 
Inch cape 


taivra uvauuaj WITH all divisions of Associated 

** Television Corporation trading 
profitably. Lord Grade, the chair- 

■ ■ ■ wr Which ausws wdl (or the *,T 

future, particularly as any siemfi* fide . nl . ! hat . , rec ^T t V 
cant improvement in demand for asain he achieved in the current 

capital goods is still awaited. M r - ycar - rj , 

page Col. Hopkins tells members. . And to reflect its widely dtversi* 


profit* to m-Brn. Capital and National' 

Products or the group include - . - 

knitted uiitwear. hosiery and Chubb Fire Security 
tufted carpels. Its largest bale’ Electric 

customer is Marks and Spcnccr. - — — 

The interim dividend is raised Dufay Bitumastic 

from 0.9 Up to Ip net per 25p Gresham Investment 
share at a cost of £51 9.000: the 
tola! for J977 was 3-243S73p. 

First fialf 


Lambert Howarth 

12 

7 

Newmark (Louis) 

18 

7 

Nottingham Mnfg. 

16 

1 

Press Tools 

18 

6 

Reliance Knitwear 

18 

8 

Smith & Nephew 

17 

4 

Wellman Engineering 

- 16 

3 

Wiggins Construct. 

16 

8 


York Trailer 


ana snore ierr 

for Wellman e4m £i49m ’ 


toon soon are still a problem, in spite of the TTl „ 

Tiimnvi»r k.iht ssors restrictions introduced as a H fjl“illir5l€TinCr 

Trnrfina profit .. jiio s.rsi result of the Multi-fibre Arrange- IjNvvUI 

■" m J ^ meat. In fact, textile and clothing i 

i.'niivcriibii- ' loan On. sis ?m imports tn the U.K. for the period fill M OH K 

Profit hfTnr* tair ... 4.KS 4-W7 were almost a filth higher. How- UUiiUvIV 

Profa a/ tor tax t3-48S 3.171 ever, the prospects Tor the second _ _ 

* T « b,n I * 1 ** 31 ‘5'- half are a little brighter as im- Wnllrvion 

b? t . i* eiy h i ° d r p lor w euman 

has tn7«*n jrfjur.iiti m refl-'ct Hi,.- chansi. 1 dramatically as the. pipeline _ . .. 

in avcouaiin» polio - lor provision ot do- dears. Consumer spending is con- PROSPECTS AT Wellman 
fi-rrtd iaa. tinuing to rise and encouraging Englneerins_ Corporation are en- 

_ + noises have been coming from couraging but first half perform- 

• com men l Marks and Spencer, NM's largest ance in the current year is likely 

With more than two thirds of customer tarourfd one third of to be lower Mr. Alan Hopkins, 
group profits normally accruing group stiles). In addition, the com- the chairman states. 
in the second six months. Nolting- pany’s tufted carpet interests The imbalance between the first 
ham Manufacturing's first half (nearly a fifth of group sales) are and second months* results will 
results are not an ideal guide to now on the road to recovery, be even greater than last time, 
the full year outcome. Neverthe- Overall, around £l6ra looks pos- Adding to this delays relating to 
less, considering that at least sible for the year, which puts the payments from certain customers 


The directors still- have money fled activities, tbe name of the 
to invest in similar businesses and group is to be changed to 
they continue to search Tor suit- Associated Coormimkatioos Cor- 
able acquisitions. .Ideally they poratkm. The name of the tele- 
seek a presence in the U_s. but sn vision subsidiary. ATV Network 
appropriate vehicle is not easy to will remain unchanged, 
find he says. For the year ended March 28. 

On turnover down from £19.19m I97S. profits before tax rose — per 
to IlT^fim taxable profit for the cent from IlLXfim to £13.7ra.on 
year to March $1, 1978 improved turnover of £112. 59m against 
to £l-55m fiMlm} and the net £SS.S9. The year's profit, a 
dividend is raised - to 2.3!i6p record, is 122 per cent higher man 

(2.145p'i— as reported July 7. 1875-76. Lord Grade points out. 

Adjusted to a carrent cost basis. The balance-sheet show an 
along the Hvde guidelines, profit amount of £10-3m deferred . tax 
is reduced to 1122m (£871.000) by and the directors say the avait- 
ertra depreciation of gifirt.000 ability of stock relief, previously 
(£,164.000) and costs of sales of allowed to i certain subsidiaries in 
£43.000 (£181.000) and a net respect of films and recorded 


T71 £43.000 (£181,000) and a net respect of films and recorded 

monetary adjustment of XlSt.noo programmes, has been questioned 
£Jillvl/lU (£393 000) by the Inland Revenue, whose 

j - a a Year end net liquidity was down arguments are being contested, 

nilllnrik £238.000 ( up £705.000) with £1 —9m _ Provision has been made for 

UUUUl/A. Government securities disposed nf the maximum liability or some 

and short term deposits up at -10.9m which could arise if th e 



£0.44m 


After debiting a minority 

profit of 16.000 against £3,000. pre- 
law profit of Wiggins -Coastruet 
rose from £874,000 to HS3.00D for 
the vear to March SI 1078 after an 
interim advance to £141,066 com- 
pared wHh-H06,181L • 

Turnover for the full period, 
was ahead by £3.87 tn to ilS.Um 
mid pre-tax figure also indented 
an associate company’s loss of 
£0.1)00 {nil). 

Tax took £197.000 (£155,0001 and 
there was an extraordinary debit 
for the year of 134.000. Thc-dhd- 
dt-iid payout for the year- « 
stepped up to 1 649p tl.3421p)‘*n 
per lfip share with a final of 
u.STOp; 


Downturn 
for Inti. 
Investment 


claims of the subsidiaries 
affected were unsuccessful. Of 
this amount. £9Jm is included as 
tax deferred by stock relief and 
fl.Rm is treated as a current 
liability. 

At the appropriate moment. 
ATV Network will automatically 
be applying Tor the continuation 
of the seven-day Midlands 
franchise which it has held since 


JL>uiay up 

£67,000 

midterm 


Lord Grade, who intends thi& year to embark on another 
round of world-wide- travel, tq order to promote British 
film and television productions. 


FIRST HALF 1878 sales of Dufay 
Bitumastic were up slightly .From 
.. 14 .Sam u> £4. 94m and pre-tax 

tret Uic Sla-iMwU pr0| j ts roso £67.000 10 £375.000. 

-mother Profit for the whole of 1977 
sl.piwl from ITOMKM to COOl.IHW 
ote British ^ dircclor!j anlie j pate that 

results for the second half win 
prove to be satisfactory. 


results arc not an ideal guide to now on the road to recovery, be even greater than last time. | 1 1 V C JLIIICI 1L 1968, following on the live-day __ . in-iuriin" film \ner tax of II95.00Q against 

the full year outcome. Neverthe- Overall, around £l6ra looks pos- Adding to this delays relating to Midlands franchise granted at the proper ty £ 2^28 (gjli). theatres £7&flm (£4>.Sbm) j riki O00 net profit was £180 Km 

lew. considering that at least sible for the >ear, which puts the payments from certain customers Profits betorc tax ot the Inter- i tioQ of independent TWe- BOX t£322): J Lelephonean^erlng. Itad music nabjf* IS StmiTi fci47%i ud^K-hllf - e^niras 

three months of the period were company on a prospective p/e of abroad will mean that profit on national tovgtMUt TraM ^ ioa jn 195t machines JW0 f» J®*!:- BSSSf 1 . JS«£K %!h.lfcEJJeir ire shwn K ]«h> iiaS)£ 

buoyant in the retail sector, ihe almost 6 on a 3U per cent, tax them will not be taken m the amounted to 023.006 in .the half ^ ana ] ys i s of ^up profit merchandising W0S <£U)o): fiance m^ro (CUklani uhUe curiwr are snow n as i.wp i*-w. ** r 

nne tenth profits rise was a little charge with a yield of 42 per midyear results. year to July 31. 1978 compared (£0 oo's omitted) shows television and insurance £366 (Wn>;:IbbHitM.‘S of L " rfu-lrteorf » 

disappointing, and the shares cent. This compares with 7.5 and The group’s outstanding order with 1XM.3G9 m the same period , w<2gi); film production theatrical costumiers £136 (£im; include partly wcurvd -( K h Jh m 

dropped 6p to l2Rp. One possible 7.5 per cent respectively for the hook is now some 30 per cent, last year. The total in 1977- ( s was ^ribution £2^96 (£1^34): holding company charges were from bankers of £l-.J-»n (£*»-<«« - «*?«;nvely raised from (t^BSp to 
explanation is that cheap imports textile sector. higher than the same time last flJMm. . . . „ r music publishing £2M33 (£2.142): -E497 in^Jo). Meeting. ATI House. W.. ^p- .“™J rt ™?| rf^JSuSui. 

■ n ' 1B0 c ^ eat a5 “ ls arc shown “ 14 » rionn for XI.7T, „T.h™d 1 ,cln?n U SSf 

1 p -6 _ 1__ was after higher expenses, l<-«nn*i . . — last yenr’- final payment was an 


explanation is that cheap imports textile sector. 


Gresham passes £lm. mark 


T.VXABLE PROFIT of Gresham included, net profit would have ment or up to £210,000 will be 
Investment Trust for the year to totalled £714.000, before an received if certain profit projec- 


and interest of £1 84^48- (£107.29 1 ) 
hut before tax, £285,148 against 
£314.390 including withholding tax. 


IVC Uicrill 1)1 UP J_ilU,UUU W 111 W 4L, A 

■" dividend is stepfied Ifp from U7p 


York Trailer aiming for £2m 


dctul is amiuunced nf 6.0lS4S4p 
for 1977. on the reduction in ACT 
—last year’s final payment was an 
aduusted 0^C!4583p. 

The 2! per cent inereaw in 
profit ability is due entirely to the 
company’s, pulicy in pursuing 
other outlets for more technically 
sophisticated types of . surface 


(£84 000 of which £184 000 uuurr a*mri» ai >y*r nni snare ana man capital ror tne ‘ — vv _ 7 - - ~\C7 „ :.l'„ rTflrr ineraarKet naa oeen preparea rtflS74't7 md tin interest m a 

(£61000) was retained * CSp per share and unlisted Invest- expansion and venture capital, are ch arge. income received from in- •-econd six months. thedireciOr. for i nlenm results “ somewhat nrftne*rt V ’ ownin- iwrlnership tn 

* The financiar position of the ments held, together with listed beginning to bear fruit and the vestments made with he pro- say. Second half Profits are helow ~ Iast tjme but Yorlr JSSSif- 31 "fat esSoo 
.mpany fs raceSLlly “lrnn“ * h »«* resulting from sales or company now has an above aver- has been minimal in the expecled to be higher man those Tral | er - S 2 5 per cent pre-tax ™I ra „ <» .rhore the eh-iir-1 

[-posits and short-term indebted- flotations, had a hook value of age number of potential invest- pg/7 n .d- dtrectors say. now reported and revised budget? pro? n s slide left the shares 3p ^ r * 1 p ‘ 7.’ u; . 


dividend 


Deposits and short-term indebted- flotations, had a hook value of age number of potential invest- PO^od. the directors say. now- reported and revised budget* pro ;its slide left the shares 3p Wr. H. iV -P ■” * , 

ness as at March 31 amounted to £*.51 m and a market value or mcnls under consideration, the T Y a o. aI 0n ni r*> m V f2!?f Dt . S a i P? mr - t0 P rofits of n . ot Ie T s ‘ban j ouer at 55^ Foreign exchange n^n, tells members in his annual 
£2 14m, enmpared with capital and directors' valuation of £8.55m. directors add. ^ u J y 31 was L79.92m (£3A3m) and £2m for the year against the 19 m difficulties, particularly in West statement that the future of the 

’ . . . nt_. _ si L i* ... j nP VA I f IP TIPT QflaTP U ‘♦•s raonerf n T Cv iim t r..: .1 u: J as ..... 


reserves of £9.7m, the directors Since March 31, two unlisted 
point out. The group has made a Investments have been sold at 

good start to the current ycar and substantial capital profits. In 1970 KrO/HlCtAnP TnV 
thev expect to attain record a minority interest in a small lii v«UalV)IIC Xlfl v ■ 
profits. instrument manufacturing com- F th h ,, , . g7K R . 

Earnings per 25p share were lp pany was acquired as part of a st „ ne TrSlJJSort! M 

higher at 3.Sp and a net final scheme to enable the manager to advanre in Drc . tflX raven fjl r ro " 
dividend of 1.3ftA59p lifted the acquire the company from its «oq trio m iw-j evenue Irom 
total to 3.01098P (1^1593p). sole proprietor. The company has 10 tW6-U!E - 

Tax on revenue took J39S.0O0 prospered and an offer for cash -After tax of £231,423 against 
(£260.000) leaving the net surplus Tor the whole of the issued share £187.983 net revenue rose from 
at £613.000 (£456.000) of which capital has been accepted by the £321,666 to £414.659. 

£280.060 (£164.000) was retained, shareholders. The interim dividend per 20p 

Had earnings from companies in Wren Trust has received share is stepped up from 1.4p to 
which Ihe group equity interest £450.000 for its holding which had 1.55p net. Last year’s total pay- 
excoeded 20 per cent been cost £30.000 and a further pay- ment was 5.15p. 


July 31 was £39. 92m (£34Jm) and £2m for the year against the 19m difficulties, particularly in West statement that the Tutiire of the 

. ass ^L o 5, ' ue ?. er s |] a r e " :,s record or £2 74m. Africa, provide the biggest bead- company is still extremely un- 

I0i.jp (90.8p) after deducting The interim dividend is lifted ac jj e and Carrimnre l with some ™._ in ' Bul jf ,k c company 

prior charges at par. from 1.071 p to a maximum per- so ^ ^ of overseas) has bU . ‘ 


l\lnfi®Slwxsoa 


MITCHELL 

SOMERS 

The directors 


Mitchell 


Iasi year's total or 2-143p included rent year* (£l4m>. Elsewhere the toe Ienrim - .. 7, ' 31 - er 
a i.072p final. home market has been quiet after Meeting. _41. Bishopsgaie LC., 

The directors say the adverse last year's commercial trailer September <. at :<.30pm. 
factors in the first half especi- boom, but (her* are signs that] -. 
ally centre upon Anthony Carri- de u mand is. picking up again. The . 

° v k . . . , . .1 ■ mhpp acnmcitinn Sinfi mrnnl chnu'pH 


LlnM 

SI Comhitl fO 3PB 
Gilt Edged Portfolio HxuxMncnt 
Stnln Index 15.1.71 
Portfolio I locoino Offer . I1JJ 
bid SI .19x4 
Portfolio II Capital Offer I3B.4S 

Bid 130.49 


UUU) Ot wnicn capuai. nas oeen accepiea oy me Somcn: have entwidprod rhp nm. ally centre upon Anthony Cam- “■*- 

was retained, shareholders. The interim dividend per 20p visions of the dividends bill w hich more through the inability of this oll jer acquisition Scammel showed 

i companies in Wren Trust has received share is stepped up from l.4p to Events the company from company to efTect substantia] a modest advance by t it 

e- VSSiStAS year ’ 8 t0taI pay - MwSBpm dtipKSs^^lns, outstanding jsJSSLS 


outstanding 



wiDins mrouEn its inienunn to imnrnvpmpnt oivpn its l-ir^e 

pay a f O f L«P In ^^ain developmg unprovement^gnen ^s bn* 

1978. ’ ^ This is the result of import per- 


In order to provide shareholder^ mux- being temporarily withheld S^rnore d fo? thL 8 blSS 

wilh the income whicb-dhey had 'pending improvement in rheir ^[rimore. for tnc digest 

been promised, the directors have foreign exchange position. Result- gJJJJjg] ^ 

declared an interim dividend of mg from this Carrimore suffered i 3 FurJnf 

1 6p on account of th? March 3L an overall loss Tor the firsl hair foS!.* 

1979. year, payment' of which is year— in contrast to good profits !, e^Pensmn nere may lake 
tn hp hmuphi forward m 8«>nr«>m. of a vear earlier. time- At nap the snares stand on 


Fixed Deposits 
with Lombard 


I to he broughi forward 10 Septem- of a year earlier. I ip „r i?, „ T. r i- 

! ber 18. The present backlog of orders * prospective P_ E of just over 0 

■ . on a -full lax charge and a yield 

I SS UE NEWs a prospectivc 6-5 per cPnt - ■ 


Yearlings unchanged 


Bishopsgate 
Prop, qualffied 


If you have £5,009 or more to invest for a fixed 
period of 3 months or longer, telephone our 
Treasury Department on 01-623 41 1 1 or 
01-623 6744 for up-to-the-minute competitive 
interest rates. Interest is paid without 
deduction of tax at source. 


Ayeafof solid 
advancement 


The coupon rate on this week’s coupon rate of 11 j per cent at * * ^Jr* 
issues or local authority yearling pa*\ Auditors, Peat Marwick Mitchell 

bonds is unchanged at 9$ -'per variable rate bonds are being and Co. have again heavily quali- 

cent. Issued at par, they are due issued at £99 J per cenr by Havant fied the aceonB | K of Bishopsgate 

on August 22, 1979. ®°™ UB n t " ou ? cl L Property and General Investments. 

The one-year issues are: City of eaton Borough Council (£0-5ra). <pf, e y say they are not- able to 
Coventry (£lm). Daventry District and London Borough of South- cong^ Sit the company will be 
Council (JEO.om), District of the wairk (£lm). due on August 10. ab ,_ tQ ac Kj eve ; the orderly 
Wrekln (£0.3m). City of Salford 1983- The rate of interest will be realisation of assets bv December 

C"? » ot . ‘ Mr cem ab0 ™ LtB0R - : taE 

(£2ffm), Tayside Regional Council of cm 54(55132 bv that date 

JSS; % A p dur h SS?ft Council TECALEMIT 0 Also, Ih^are Mt abfc to con- 

(£0£om), Cambridge City Council Tecalerait firm th« vain** arttrihuleri to ihp 


LI 


Lombard 

North Central 


(£1m). London Borough of Sou th- 


an nounces 


wark (Ilm). Test Valley Bnroilgh ^n^ihS 

Council (£0.25m). Tjrne and Wear {" \ he \ jSS2 

Couniy 'Council (£2m). London ^“P*** 1 to l -<49^13 shares 
Borough of Barking dim), \orth- . h.i^ i,,- y,~~„ 
avon District Council d0-25m). --TlLilf 1 “JIi ^ntifuS 
South ShroDshlre District Council PharphotH*^ Sm ^ 

D^Siric? 1 ’CounciV' 1 (IoJ?m h ** becn granted For ihe payment 

SS«d£ cfuSVio^! ££ ^sSTSISS.'aimS 

Slough Borough Council i£05ra). E^wSoJS ^iitinutod * 
Lancaster Cily Council i£0.5ftr). 35 P re ' ,ousJ y intimated. 

East Staffordshire District Council u/ u f 1717^ IJ 
(£0.5m), Llanelli Boroueh Council »rin. LLcL n 
(£0.2am). North Wiltshire District William Leech (Builders) 
Council (£0^15m). announces that acceptances have 

Four-year bonds, due on August "been received in respect of 
11, 1982. are being issued by approximately 99 per cent of the 
Dacorum District Council (£0J5m) 3m new ordinary shares offered 
and Borough of Ellesmere Port by way of rights to ordinary 
and Neston (£0.5m). carrying a shareholders. 


20. 1978, sufficient to repay a loan 
of £11,546,832 by that date. 

Also, they are ndt able to con- 
that firm the values. attributed to ihe 


Limited 

Bankers 


Treasury Dept., 31 Lombard St„ London EC3V 9BD. Telex: 884935. 



INITIAL 
SERVICES LTD 


Incorporated 
17 September 1928 


Results - 


yean to 31 March 




m 


DIVIDENDS ANNOUNCED 




Leonard Dale, Chairman, says : . 


"II has been a successful Vear* for 
Dale Electric Inlernationai. The enlry of 
Houchin to the Dale Group has proved as 
positive as anticipated. 

Generating set markets in the U.K. 
and overseas remain buoyant and the 
company is generally improving its 
market shares. 

The outstanding order book stands 
at £20.8m. an increase oE Si per cent, over 
the equivalents of 12 months ago. 


Significant product and market 
developments are expected in the 
current year. 

Output is at record levels, even 
exceeding growth targets. 

Investments in new factories, 
projected at £1 million, for Houchin, 
Erskine and Conyers will generate 
greater growth for subsidiaries! 1 


Current 

payment 

Ailsa Investment 2SS 

Broads tone lnv Int. 1.55 

Peter Brotherhood 2nd int 0.01**' 

Cap. and NatL 3.1 

Cap. and NatL int. 1.75 

Dali Electric 0.94t 

Dufay Bilum. lint, 5.09- 

Gresham lnv. 

Inti. Investment inL L3ltt 

Lambert Howrarth int. 1 • 

L. Newmarl: 4^2 

Nottingham HnTg. ... inL 1 , - ' - 

Press TooLs 1.05 

Reliance Knitwear l.gl _ 

SmiLh and Nephew ... [|inL 0^4 

Wiggins Constr. 0S8 

York Trailer int. 1.19 


Date ■ Corre- 

of sponding 
payment div. 
Sept 29 2Ji 

Oct. 2 L4 

SepL 1 — 

Nov. 24 3 

April 6 1.5 

Oct 13 1.44* 


Sepr. 3 
Oct. 6 
Oct. 2 
Oct. 20 
Dec. 1 


OcL 5 
Oct. 2 
Oct. 2 
Oct 2 


4 

4.6 

2.45* 

L41* 

1.52 
2X2 
3.17 
6.02 
3.24 

1.53 

2SS* 

2.43 

1.54 


Principal Services 
Cabinet Towels 
Linen Supply 
Industrial Workwear 
Cleaning Cloths 
Contract Cleaning 
Janitorial' Supplies 
Dustmats 
Drinkmasrer 


Leonard Dale, MBE 


York Trailer int. 1.19 Oct 2 1.07 — 2.16J 

Dividends shown pence per share net except where otherwise stated. 

•Equivalent after allowing for scrip issue. fOn capital 
increased by rights and/or acquisition issues. J Supplementary final 
of 0.016p lifts total from 2.143ft to 2.159p. 5 Additional 0.012494p for 
1977 on reduction in ACT. Additional 0.0243p for 1977 on reduction 
in ACT. li For 16 months. Payment 0.0963p Tor ■ 1977-7S on 
reduction in ACT.' ft No implication of increased total. 


Manufactures 

Towelling 
Towel Cabinets 
Fabric 

Cleaning Cloths 

Workwear 
Bathroom Fittings 
Dustmats 



1978 

1977 

Turnover 

93,358,457 

75,756,058 

, Operating 
profit 

9,854,077 

6,835,388 

.Taxation 

4,075,889 

1,422,634 

‘ Profit to 
members 

5,192,380 

5,339,784 

Dividends 

1,955,603 

1,754,441 

Retained 
. profit 

3,236,777 

3,585,343 

...Earnings per 
. ...25pshare 

13.2p 

12.8p 


Chairman’s Review (extra**) 

-fflt is pleasing in a Jubilee Year to be able to 
* e P? rt * record profit. From turnover up by 
23%, the operating profit is 44% higher than 
in the previous year. ’ > 


HIGHLIGHTS . ..16MONTHS ENDING 30 APRIL 1978, 


16 MONTHS 
TO APRIL 30th 1978 


12 MONTHS 
TO fANUARY 1st 1977 


It) THE HOLDERS OP 


The- Long-Term Credit Bank of Japan Finance N.V. 


TURNOVER 


PROFIT [Pre-tax] 
DIVIDEND shard 


£22.608,000 

£3.430,000 

3.6688p 


£12,302,000 

£2,135,000 


PEND shard 3 - bb8g P j 2.4392p, 

Copies of ihe Annual Report will be available From the Company Secretary. 

DflLC 

Dale Electric International Ltd. 

Electricity Buildings, Filey, Yorkshire YOl4 9PJ.Tfe1ephonel.0723 514143. 


$6U000.imU PfoatiaK Rale Natal doc 19KI 

In accordance with the provisions of the above Notes, Bankers 
TVust Company, as Reference Agent therefore, has established 
the Rate of Interest on sudi Notes for the semi-annual period 
ending February 1“,. 197fl as nine and one sixteenth, per cent 
(0 1 ibCc) per annum, As calculated in accordance with Clause 2(d) 
of such Notes, the Interest due on such date which will be 
payable on surrender of Coupon No- - of each Nocet t he~Coupon 
Annum"), amounts in United States Dollars to $46.32. 


banker trust com pany, London 

Rc[crtrvx Agent 


DATED: August 1 1 . ISrjfi. 




Territories Served 

England 

Scotland 

Wales 

Northern Ireland 
Eire 

Netherlands 

Germany 

Belgium 

France 

Singapore 

Malaysia 

Western Australia 
South Australia 
Victoria 

New South Wales 
Queensland 


“This was effected despite discouraging 
economic conditions in Europe and Australia, 
as well as in Britain. Most of tbe group’s 
activities contributed to the advance, wh£h 
was broadly based.” 


’ «As servants primarily of industry and 
r commerce we are closely linked with their 
- success; nothing would suit us better than 
; a general resurgence of economic activity 

That apart, we have more benefit to come from 

.the money and effort expended in recent years 
in development. • First indications from 
-trading in the new financial year point the 
right way.” 


rtficr cl ibe Rrfairf J mi Aorntot may tv n taaiard m m .a, 

&avfjiy Lit Grttttl Raid, Lrndim FCIl’71^'. . ■ * 




’;«rt lU ' r 












4 


\ 


■MMAifisa 


A 

V ' h, ' 

^lll 


Financial ltoes;^^^day;Axfgti^- 1978 

MirniilS 4 v | 


«ll : V I Smith & 

Partner plan for A$300m interim i 



rise 


25% Dale Electric 

reaches £3.4m 


i eenrric uramum esc- 

...... .. party sales of £42.2m and profits 

BY KENNETH MARSTQN, MINING EDITOR ' ^ . ° TOeSfw. Jot the 24 weeks 

AUSTRALIA'S Western Mining is ment of the mine t*P»*«tion Western Mining:, said yesterday v^pe/cent to 
tn lake in Esso Exploration and and will cost - some.-. A*300m. that the prepayment sales would tlx* s^w'I^ariuan^^ 

Production Anstnate..(an oSshoot Western Mining's 75 W cent be done at market prices at the rent « d 

of EXXON) and . Urangeselfeehaft share of the stage twbcost will time of production. Under present Tteprofit exchange 

as partners for the. development he secured against Ah* company’s Government guidelines uranium 0 f 5330 non a *»ainsr T Yo*s of 
of the reel irric uranium prospect share of the YeeUrrie . project producers can negotiate export £200 000 But by the end of July 
in Western Australia. It i< ex- assets. : _ *?i® s J but contracts cannot be i^is gain had been eliminated 

pcctcd to cast some A$32lm Western Mining sawr that 35 signed. through the improvement of 

l£190m) amt will have an annual per cent of the .cost wuJ be He added that Western Mining sterling, particularly relative to 
production capacity of approst- financed .through- a -Inn pre- was not selling the ore for. cash the US„ Canadian and Australian 
mately 2J500 tonnes of uranium payment arrangement- -against and that It was being sold dollar and the South African rand 
oxide. Production is expected to uranium oxide saiefc 0* that domestically. He raid western Excluding UK deferred tax. the 
start towards the end of J984. percentage to i Esan: :Bo» Esso Kilning was selling it to the joint t ax charge for the 24 weeks is 
The joint venture will be and Urangerallsehaft a«o venture partners and they would 12. 92m (f2^m) and leaves earn- 


BY KENNETH MA&STON, MINING EDITOR 


O tUku 


l.i per cent and Urangesellschaft iV u that Australia, Sir Charles Court, been made, the tax charge would 

10 per rent Financing will on a gfgj **• ' of wSw welcome the proposal and add been £4.57m f£S.66m) and 

product pre-payment basis ■ with - ba ^ e h f’ f J^S. X^| h s it enhanced the prospects for the earning 3.02p <2.4?p). 

the result that Western Mining's 2JJ5, n * establishmeirt of a uranium The interim dividend w being 
total contribution -to the project -.v® “ enrichment plant in Western stepped up from O.S13p to 0.935 p 

will be the ore body, design and ^ r ^^ e vr>orresp<mdtot says Australia, which had tong been an ,n 2? ld 514V d ? , 2 , V7 of 

development work ^to stage . one the Is objective of the State GoveromenL r ® 1 ®^ I follow ‘ 


nnd Its 10 per cent share of the designed * to" fir the Western Mining shares were 146p j 5n S 1be reductionin ACT 

A$2 1 m cost of that stage- A^tralten GoVrni^n^guld^ in London yesterday. - - * holders ° r £2i61 ? ° f lhe 00 

Stage one will: tak? %ee .. . 7T . .. ' fvertible unsecured Joan stock 

and include the cost andope 


board meetings 

TM iriknw c.onip: l ni t ?s have notified 
dates <* , Boa _ rd n ' to the Stodt 

FirtwoP. Suvh niM'iingg mx- usually 

held tK «■-■ Durtwscs of coosWerlne 
dividends. rimeial indications are not 
available wnein'.r dividends concerned are 
interims - *x. finals and die subdivisions 
shown below are based mainly an last 
ros H doetablt. 

TODAY 

iBterhnS: Ar^.-ol^x'irlc. Barrow Hepburn, 
BrlUimW ■ AanrariuQ. British Aiumiulum, 
Dreaffllafid ElvUrical AppUancre, Moor- 
slde Tntft. Dir.es Paper Mill. A G. 
Stanley- TWi-r Man and National MUlins. 
Tube loveffln-.nia. F. w. Wool worth 
Ftnalar B-aan New Northern. uarford- 
LUeT toflottnvv Mi indy Mills. Krt-lonal 
Properties. Jus..-pa Webb. Untied 
PomlnW®*' Trust, a J. WorUUjuntW 
FUTURE DATES 

Alien Harter and Ross Aim. 29 

umddn.pra* Aua. a 

Peart AMBrunce A ns. 30 

Sieetlrr Sem- 13 

nnai> ■ 

Aaaodatal Toolins Industries ... Any. 17 

Cooper Induanes aub. it 

Meat T rade Suppiu-rs An*. — 

Patter Timber sew. i 

Smith Wallis Aus. 23 

Victor pnrtoeis iVVallsendi Aug. 23 


pound. But there is usually a 
three to six month delay before 
currency movements filter through 
to the group's trading perform- 
ance. Personal hygiene products 
have been helped by a 41 per 
cent price rise. Elsewhere on the 
trading front the problematic 
plastics operations in Canada have 
shown real improvement while 

UK cosmetic sales have had a good 
half year. So jESOm pre-tax for 
the full year looks a reasonably 
conservative expectation— a 16 per 
cent improvement. The shares, at 
76p. are at their hfeh for the 
year, and could go higher. For 
Smith and Nephew could have 
some freedom under the new 
dividend rules. A 15 per cent 
half way dividend increase, could 
be maintained in a similar 
increase for the full year. On 
prospective profits the shares 
stand on a p/e of llfi ( assuming 
a 52 per cent tax charge) or 6.6 
on a similar tax charge to the 
previous year. Assuming a 15 per 
cent dividend increase the. shares 
yield 55 per cent 


Australian Government's^ 
W*ra fines on overseas -partjotptf 


Me- *n London yesterday. -•••*• 5SLi “- B T V 1 uie von ,- 

‘■“jr ,, - , . . ■ . . vertible unsecured Joan stock 

t m Meanwhile, the Australian . Gov- elected to convert their holdings 
J?™ errmienf has disclosed In the 19TO- into .i^3m ordinary shares on 


■ * * •; 

A A. . .1 


ird 

i *1* L 1 


"3‘ nlu ® devetopmena-. has emment has disetosed to The 1978- rimorSaiysha^on 
of plant to determine the most Boftened , the blow of . Western 1979 Budget documents that the Mav 31 

efficient treatment process for the Mining's accompanyihg.wws of a estimated 6 cost of • the Banger v weeks 

nre. lurther drilling or- ore sharp fall in eamiE&s .for the uranium project in the Northern vtrs iptt 

reserves; and testing - for water year to June 27. Hit by the Territory has now risen to _ . «« two 

supplies. it is expected the weakness' of nickel markets, they A$32(kn. The Government. 7 i^ 

n.-resrary Governmental approvals hnve dropped W- AJlfAm from through the Australian Atomic SSSZES ' SZE ~ \ & 

i\ 1 rl be recenrd Jfl orth*f to start A$22.lm and. thfi. dti^dfiod total Energy Conunlssion, has to con- lnitfeat ijoi 1 cu 

work on stage one by early 1970. is- halved to 3 cents. /. r ; . ? tribute 7£5 per cent of the capital Acetates' share rsn -isi 

triage two will be the develop- Six Arvi Parbo, the chai r man of costs, or A«32m, in return for 50 ^ nfk . btf * r * *“ JJ-a* 

Per cent of the earnings, under ££££« •; ~' 9 ^ 

. . . . -a « -m-m / ; a an agreement with the di.s- Afnibniabtc «.*» s.oso 

M 19%'M i\W1kia /Ywwij. <-i -m m a I coverers, Ptdto Wallsend and HZ 'Zicluln mter-companv uIm and 

uppenneuner calls tor tss wwaofi . to bwwps^ *- •— 

- A$44m will bo required in 19^-79. The group manufactures surgi- 

S i ' -m ' - V j el which A$24m will be borrowed cal. medical and sanitary products, 

\ AAAnAwiYT ls/\/\r<T by the AAEC and A$20m provided textiles and clothing, toiletries 

_ f\ _ Hi ( BrIi |lT| \ nfllllSfl directly by the Government. The plastics. The third report cover- 

Government's contributions will ing the 40 weeks’ ended October 7 

be financed primarily by borrow- will be issued in mid-December. 

COMMENTING ON • the South venture partner Urangwlischaft, ings by the AAEC. From September 1. Mr. Eric 

African economy Mr. Harry have discovered eight boulders |“ 

Oppenheimer, chairman of Anglo with a high content ed uranium 
American Corporation' says in his lying some S kmV ndmi of the 
annual review that with the partners' Michelin uranium pros- 
ending of the recessionary phase poet in eastern Labrador. _ 

the tune has came to stimulate " The first two uf. the -boulders w 2 

expansion and he calls for have assayed 1&32 per cent and -H ■ 

measures to encourage foreign 13.96 per cent uranium . oxide, ■ ___ ■ ___ 

in\fstment. respectively, and the others are ■ 

He believes that such invest- still in process of being assayed. ■ ■ ■ m w B ■ B w 

ment would be attracted by a The bedrock source '--.of the ■ ■ ■ m ■ B M 

stable and expanding economy, boulder has not .been '-located ■ ■ ■ ■ ■ ■ ■ 

' This M ould also hold the prospect and their significance Js'uot yet ■ ■ m. / I H j B . 

»f further progress in conditions .known, but expldratkat work is V/ 

for the black population: he feels continuing. The find is in «n area 

1h.1t an economic boycott of were a low-grade urstdnen boulder 

- South Africa would not cause the train had been previously located . 

■ Government to change it racial 
policy, but would only harden its ■_ - - 

prDduce Northgates 

Mr. Oppenheimer continues to ■ 

stress the need for black {|3lI“VC3r‘' • 

advancement, pointing out that J - "‘.s s 

job reservation 1ms been ended CANADA'S Northgate, Exploration J 

in the Republic's irocr and steel reports a half-year . consolidated 

industry where “ it is now possible net income of C$565, 008 TI2SU>00) / 

m promote workers and offer compared with C$832,080 for the 
them terms of employment that same period of last year. The 
arc in no way connected with latest results include: .exchange 

rart*." gains of CS6G8.000 agfitest only ^ ' -tL ^ 

He also believes that black CS78JM0 tost lime. ......Vv-.; ■ /T^SSgaE 

workers should be included: lq:". Because of the wewttess of 

(he trade unf oh movement. BtocV metal markets, there-j^s an j f&a&SSff 

trade unions are not forbidden, operating loss of C$6l3jfiflpn die ^ — — 4j*fSS® 

by tfiv ig §mr?h “Africa but they {w^t half year, despite au iflCroto- . ■* -1- - — W-JV 

n re rena gnttft d . hr v t terras bf rai^eot in tte sedood qi«leMpfh^ .. f lK, 

the mdGKtmf rectmciHation art stemmed from higjfer productim 

and ore. left out' or -the Bold of of lcad coccemrjrtes and a better \ 'yS^ Sj£A-S J 

cii , '*ffTive hartrsinin'r. lead price..:.- \ 

He adds .and when The eompa^ adds that because \ * — 

black trade' unions’ emc«e ; which of the labourdtopute. operations \ jSj KX 

are properly conducted and at the Irkh Tynagh lead-zinc mine \ 1 

reasonably representative we iu Count- Galway were suspended \ 

should certainly be prepared to on July 10. Negotiarions are con- • » 

rcrognise and negotiate with thwupg in 'ah effort to resolve tti to .' \ -ajrnr — p'w < 

them even though they may not problem and' so enable operations ^ |W 1 LT)\ 

;is yet l«s officially recognised in to be resumed. Norfhgate shares* 
terms of the legislation." AnRfo-.wprv S85p. yesterday. 

A mcr iron's aim is "the climUia- . 

non of race as ia factor hi or^TTiiiTV yt» 1 - 5 MN i V I n 1 

determining wages and other con- KUtiilriJr tSg8kAl.R dP8^'^5s liil 

ditiuns of employment." . , T . . - fg& U AiJ fs. TfH 

Turning to the mining outlook. t Toe DepaPhnent of Industry nts /vR , \ \o/ 1_1 U \ 

Mr. Oppenheimer says that SSouth .. -esmilar to pjanmnr . i \ lY ■ l ^1 1 1 1 il ■ \ 

ATnciiN coal export earnings fUthWffws ui England and Wales A. 

have now reached- third" place tomdicate some of the sources [Wv W T ' 

he hi nd gold and diamonds. Of toiAlCh tbeycan tarn for advtoe . FJh { 

c»lil and urnninm^ he believes in . dealing with planning ques- - - 

that if prices stabilise at- current; : ;ttoD$- re toting to mineral work- .- \L 'f , Alii 

levels capital expendiure will fall ings.- The circular. l-'TS available -. / s|«'' ^ 

from the beginning of the 119805. fans- the Stationery Office, com- wHEL " ijnLj rV J **‘9 — — 

-Mhcn the mining industry win plements a Department of ; • ^MPinllflEn ' * 

M:iri to reap Us reword.". Enviironmeivt circular on the same : wnTWUlmJ&r ' ' |X 

Anglo is seeking to Increase its KUbjeot. U is the result of a Ml W ra i ll 

interests in Br.iiil "perhaps wtth recommendation by the Stevens iflflJSMilUS If 

nrituisntoAs from time to time.” . Committee on Planning Control •_ MSbUBiIM MB 

Work is continuing on. the . over Mineral . Working. . w HfffiL I 

pussilile establishment of '.a gold . + + * Wk . jl 

In" RnhJ and a J ‘ “^SSSr VM«| ' 

metal projects are being followed iSSE: **L _ \.8f ti 

1 ‘ - •' . r . inlands to develop sold pros- ****■ ^ 

HR!\rn flM THE pecK H has reached ajri'emeni: 

Ul'X I nt .. for the rc-opening of ihc Timoal 

1JOM Dh’R TRAIT • gold, mine at Mount Ida which' . . 

- v LWI - 1 ' 1IU ' U - ' ritwed to HW7 after ha vine bwf 

An intriguing report from the worked for M >>«irs and has. 

filo Timo-ZInc virinip's Brlnco stars td negotiations to finance the. . 
t'.madinn oxpluraiion nrm states development of .. the Queem 
that lhe company and Its joint Ms-rgaret gold mine at Bulong. - ..- 


Kinder will become a deputy chief 
executN e - and Mr. J. Benson and 
jUr. . J. N. Hillman, managing 
directors or the textiles and 
hygiene divisions. will be 
appointed to the board. 

• comment 

Latest figures from Smith and 
Nephew .. are encouraging. Sales 
growth, which slowed down during 
the tost financial year and started 
the current year in unpromising 
style- (only up by 5.5 per cent), 
has- risen by over a tenth to 
£42^m in the second quarter. 
Margins .have also been firmer 
helped by good ordering in 
medical and health care sales. 
Here, - although a substantial 
amount of orders are exported, 
prices held up in spite of a strong 


Progress 
for Ailsa 
Trust 


AFTER TAX of £189,834 against 
£172,710. revenue of Ailsa Invest- 
ment Trust improved from 
£318,991 to £381.358 for the year 
ended May 31, 1978. Gross income 
was higher at £627,538 compared 
with £567,686. 

Earnings per 25p share are 
o.Olp (4.39p) and a final payment 
of 2-92871 p raises the total for the 
year from 4.l003Sp to 4B2871p net 

Net asset value is shown at 
I42p (l25p) per share. 


INCLUDING five and a half 
months results of the recently 
merged Houchin. pre-tax profits 
of Dale Electric International 
amounted to £3.429.977 for tire 
16 months to April 30. 1978. com- 
pared with £2,135,698 for the pre- 
vious year. 

In October, when reporting 
first-half profits marginally 
higher at £1.103,421 (£1,073,043). 
the directors said that because of 
increasing administrative difficul- 
ties they had decided to change 
the December 31 accounting date 
to coincide with Houchin's year- 
end. 

Mr. Leonard Dale, the chairman, 
now says that the outstanding 
order book stands at £20.8ra — a 
51 per cent increase compared 
with b year aco~and~ output is 
at record levels, even exceeding 
growth targets. 

With the UK and overseas 
-markets for the group, which 
makes electric generating sets, 
remaining buoyant, it is generally 
improving its market share and a 
projected investment of £lm in 
new factories will generate 
greater growth for subsidiaries, 
he adds. 

Significant product and market 
developments are expected in rhe 
current year. 

Turnover for the 18 months 
totalled £22.61m against £l2Jini in 
1976. After lax of £1.703.968 
(£1.123.849) ne* profits were 
£1.636.009 (£1.011.849). 

Earnings for (he period are 
14.59p (lQ.G4pi per lOp share, 
while the dividend total is 
effectively raised on increased 
capital from an adjusted 2 .45 025 p 
to 3.668Sp net for the 16 months, 
with a final of 0.9448p. ' 

• comment 

Comparisons at Dale Electric are 
doubly complicated with the 
change io year end and only a 
Si month contribution frbm 
Houchin. Stripping' out that 


acquisition's £im, profits for the 
111 months emerge at about £2.9m, 
but the 5 per cenr advance on an 
annualised basis fails to highlight 
a better showing in the second 
half of the financial period: the 
first sis months were held back 
by the disruption of alternator 
supplies. Overall, gross margins 
are half a point better than those 
achieved by Pelbow in the year 
to end, March. Meanwhile, Dale 
has high hopes for Houchin 
(ground equipment for aircraft) 
which should make £L3m in a 
full year. Sates of a new plug in 
aircraft starter are picking up 
while Houchin products now give 
the group a complete range of 
generator equipment, with further 
models planned for the current 
year. Exports account for some 
60 per cent of sales and overseas 
offices have been opened recently 
in the Middle East and Houston. 
The shares fell 4p to 172p yester- 
day where they yield 3.2 per cent 
against Pelbow's 5.2 per cent. 

Chubb Fire 
ahead at 
£2.73m 

PRE-TAX PROFIT or Chubb Fire 
Security, fire righting equipment 
manufacturer, was up slightly for 
the March 31. 1978. year from 
£2.6Sm to £2.73 m on turnover 
ahead by I5.56m to £36.01m. 

However, after a lax charge for 
the year of £1.5m compared with 
£1.44ra last time, net profit 
emerged lower at £1.23m against 
£1.2-lm. Dividends absorb £0.65m 
(£0.63ml. 

The ultimate holding company 
is Chubb and Son which yester- 
day announced a rights issue on 
the basis of one-for-four at IlSp. 




Highlights of theyear 


KRINCO ON THE 
BOULDER TRAIL 


ENDED 31st MARCH 

Profit before taxation 

1978 

£000 

62,274 

1977 

£000 

73,383 

Profit attributable 

- 


to ordinary shareholders 
after extraordinary items 

33,201 

32,425 

Earnings per ordinary share 

40.7p 

42.5p 

Di vidends per ordinary share 
(with tax credit! 



Inchcape will still seek 
opportunities overseas 


fur SOME year Inchcape has 
in 'i'ii furred to iokc steps to in- 
i-uw&tf its profit base, in the UK 
l»it it will continue to took far 
new npp»rtuni tics ^overseas, says 
t hr chairman, the -Earl nflnch- 
capi*. in his annual stalemem.-. 

Tin- group will took to those 
ri'untno which it knows well, in 
ndililion tu others in which.it is 
mil yei well established. This 
applies particularly to the Pacific 
Kashi where > (here are golxl 
cnmniU for believing that enn- 

.sulcrablc growth can be achieved. 

Also, rays Lord Inchcape, it is 
.mned to increase to worthwhile 

pi-oportiuna. .the relatively small 
investments, made, to dale in the 
t'.S. and Latin. America. In those 
countries the dirertora- hope to 
iw some degrw the .specialised 
knowledge of overseas territories 
and marketing expertise whirh 
tliey have acciunutotcd ever the 
years. ' - - f 

A geo graph tosVaplit of attribuf- 
•tide net awls shews tin perceni- 
;uw»: Africa 7 UIL Austtaha-atid 
Suutli Parbtc- 9 (6). Caribbean 1 
(Minu*). Far East SI (24), India 1 
Cs.inii'). Middle East 11 (7), North 
.uni Smith America 1 (snme). 
South Host Asia £6 (28), UK and 
Kurnpc 24 (SI). • . 

lunting to the nmlook for Hie 
j-'miip in the enrrent ycar. jbe 
vlkiirman report* t bar to date con? : 


<l.u pattern set In the second halt 
“l tost year, but there are . signs 
• has there may -be ^uhe improve* 
men: later in the year, “though 
the, is not likfly to be- dramatic." 

A> reported on duly 2S. in a full 
prriiirtinary stnteoipnL prohis for , 
the yivtr ended March 31, 1938- fell 
fntm ITS-SBhj h> £62J7m. with the 
M'nmiit half- showing ..a drop of 
£ 12.68m, The dJvldcati )» stepped 


,.up from lOp to lSip—thc com 
enjoys exemption from dtvi 
controb. * 

■ During the year the group 
raised £17.97m by tbe sale -of 
fix«l assets, investments Aid 
shares in subsidiaries, but spent 
over £55m on the purchase Of 
stouter items. Net liquid funds 
fell by £I9.S5m — Increase to 
bankers* and short term loans 
£25. 99m, less rise in cash bolaneto 
CIS.fHni. - - - 
Investments were shown in tbs' 

balance sheet at £S8.49m. Market 
value- of listed companies was 
£IBJR5m and directors' valuation 
of unquoted stood at £Z5.32m. 

Increase at 
Capital & 

Natal. Trust 

Gross -tocome of the Capital 
and National Trust rose frost 
£lJ2m to -2L2Un to the year 
e*M>d July 31. 1978 and after 
expenses*. Imereti and tax; 
rc,\-z*ue iitributaWe w wr 
ordinary .--shares amounted to 
£652,854 against £611.438. 

- Eamix^t .per 2Sp share a« 
wshown at «i.BSp (4J6p) and -tne 
final dividend is S.Ip making a 


1W4H VI 'iWH ~r- 

previously. The dlreclora _ar« 
ateo d«lari»x nn iaterim dividend 
ol 1.7 V f«»r 1T7S-79. payable on 
April 6 am year. - ' 

- Manattrmem expenses amounted 

Ic £a,985 f£56Jtl). “iterest, 

£47,rnW iwime) and tax took 
smw* £395.054. 

- Net. awe* value per orwntty 
and "8” ordinary share is ISOp 
cdnvp&red with 150J* tost )W - 








Financial Times Wednesday August 16 1978 

Alcan (UK) Louis Newmark 
slumps midway meets forecast 


We take pleasure in announcing 
Hie admission of 

James W. Glanville 
Ian K. MacGregor 
Alan Roberts McFarland, Jr. 
WardW.Woods, Jr. 

as General Partners in our firm 
effective September 1, 197S. 


Lazard Freres & Co. 


THE DIRECTORS of Alcan 
Aluminium (UK) report a slump 
in pre-tax profits for the first half 
of 1978 from £14. 7m to £alm. 
Sales fell slightly from £13T.5m 
to £136m. 

The directors state that low 
demand for -the company's pro- 
ducts, particularly in die first 
quarter, combined with intense 
price competition and resulted in 
heavy pressure on margins. 

The comparative strength of 
sterling encouraged imports and 
decreased profit on exports. 

However, in the second quarter 
the volume of orders gradually 
improved, although price com- 
petition remained severe: volume 
of sales increased by 14 per cent 
during the second quarter com- 
pared with the first and resulted 
in pre-tax profits of £3.6xn com- 
pared with £L5m for the first 
quarter. 

Six smuts 

1573 1977 

£900 BMW 

sales ..... ix.m isijn 

Depreciation 4.109 4.100 

Interest - 3,3» 4.489 

Other uxtnn - ^99 409 

Exchange loss 2 C 0 *788 

Prun profits 5.100 1AJ0C 

Tax SJOfl 7.708 

Net profit - 2.500 7.009 

MiaonUcs — .. — SM 

TGain. 

Demand is expected to increase 
with a consequential improve- 
ment in profits in the second half 
of the year, -the directors add. 

After tax of £2Jhn against 
£7.7m earnings per £1 share are 
shown as dp (l&2p) and an 
interim dividend of &3p is to be 
declared on September 15 for 
payment on October 10. 

Depreciation for -the period 
took £4.3m (£4.1m) and pre-tax 
profit was. struck after interest 
£3.5m (£4.4m), ocher income 

£0Am (£Q.4m.) and a currency 


exchange loss of £Q.2m f£0.7tn 
gain). Minority interest, last time, 
was £0-Sm. 

See Lex 


£0.25m 
by Press 
Tools 


RECORD profits before tax of 
£250027. compared with £175.251, 
from peak turnover - of £231m 
against £L74m are reported by 

Press Tools for the year eqtfed 
April SO, 1978. 

With first half profits up from 
£72,000 to £124,000, the directors 
said the group had orders sod 
facilities to produce record sales 
and profits but they were depen- 
dent on uninterrupted services 
from their nationalised industries, 
to achieve this potential. 

After tax of £120,612, against 
£90,982. earnings per lOp share 
are shown at 6.03p (4J26p). 

A final dividend of -1.0505p 
raises the total from 1.5316p to 
l.TlQap and Mr. M. B. Barber, the 
chairman, Mr. A. Falser, a 
director, and two sha holders 
intend to waive the final on a 
total of 350,000 shares. 

JOHN MICHAEL 

The directors of John Michael 
(SavSe Row) say accounts for the 
year to January 31, 1978, Will be 
late because of a delay in the 
receipt oF information from 
overseas relating to the group 
accounts. It is anticipated that 
these accounts will be submitted 
within five weeks. 



PRINCIPALLY DUE to its product 
rahgMin the olrotro-mecbameat 
anil, electronic fields, Loots New- 
mark expanded taxable profit 
from Il.S4m id ^ record ^lm 
for the year to April 1. 1978, com- 
pared with a sun 

at.- half nme. when £916,000 
Against £753.1)00 was reported. 

Yearly turnover rose £3.1m to 
13174m and profit 
after depreciation of £410.000 

JSS *■«"> m»«»4 

dead of 4.2214P hfts the total pay- 
ment to the maximum permitted 
6.72340 (6.022:10) net. 5SJ* uncd 
prefit was I7SO.OOO (£b6G,000). 

Tbe group’s activilics are in 
electronic and precisian engineer- 
ing anH watch distributing. 

Lambert 
Howarth 
ahead so far 

■For the 24 weeks to June 17. 
1978, profits before tax of 
Lambert Ilowarth Group, foot- 
wear manufacturer, improved 
from £1 02.274 to £141.249. on 
Tower sales of £52Sni, compared 
With £5.75m. _ . . 

■ Competition from imported 
footwear continues to restrict the 
group's production levels and 
profit ma reins, say the directors. 

The pattern of trading is 
similar to last year, while the 
reduction in turnover is matched 
by ah increase in finished goods 
stocks which are held against 
.firm' contracts For delivery before 
the year-end. they add. 

The result was after depreci- 
ation of £101 .M2 (094.904) and 
investment income of £7,311 
I (£6.644). Tax takes £73,500 


(£33,000) leading net profits ahead 
from £49X174 to £67.749. 

The net Interim dividend iirlp 
tOflp) per 20p share ccutins 
*■30,000 (27,000)— last year’s final 
was 227p paid from £474,600 tax- 
able profits. 

Reliance 

Knitwear 

advances 

IN UNE with the midway- fore- 
ra st of improved results, fwf-tax 
profits or Reliance Knitwear 
Group advanced from £781.337 to 
£823,636 for the year to April 30. 
1978. on sales of 114.94m against 
jni.GKm. 

In February, when reporting 
first-half profits of £391.000 
(£384.000). the directors said that 
trading was continuing ai reason- 
able levels although margins were 
still not satisfactory. An improve- 
ment in sales was anticipated twit 
not In tinte to affect full-year 
results. . 

They now stale that present 
order books are good and that 
the group divers Hying into 
sports and leisure activities. 

After lax of £111.430 (JBS.7R7). 
an exceptional tax credit this time 
or £843.750 and a £404.691 extra- 
ordinary debit, attributable profit 
for the year foil from £694.330 to 
£653485. 

As forecast, the dividend is 
effectively raised to the maximum 
permitted 3.2£p (adjusted 2.S75pl 
net. with a final of l.Slp. Earn- 
ings per 20p share are 12.19p 
(Il.Sap). 

Group figures Include a small 
contribution from its new acquisi- 
tion, Barraian-Lelccster for Tour 
months. 


BIDS AND DEALS 



Anglo American Corporation 
of South Africa Limited 


( Incorporated in the Republic of South AfricaJ 


\ •••ytDP'o .-'.f ■«/ ■ s ^.S.: . ".A" . , .. M ' v /- /. « . ^rTfl'IW' M 




-ir?. '«! 


fcv. ■ i 

j 

if ■. «" i 


Boycott would not bring change in 
South Africa’s racial policy, says 
Mr. Oppenheimer. Best approach 
is through economic growth 
accelerated by overseas investment 


Points from the statement by the Chairman 
Mr. H. F. Oppenh aimer 

Massive unemployment or under-empfoyment will hot be avoided and social 
stability will be at risk unless the South African economy can resume a rapid rate 
of growth. The material and human resources for growth on an adequate scale 
are certainly there but they cannot be turned to account unless the necessary 
investment capital is made available. This cannot be found in full from local 
sources and the country’s greatest need is therefore a renewed inflow of 
investment funds on a large scale from overseas. 

It is just because our prosperity and stability are at this juncture so 
dependent on investment from abroad that many individuals and groups who 
disapprove of the country's official race policy believe that an economic boycott - 
if it could be made effective- would force South Africa to change that policy 
radically. 

Economic Growth 

If a boycott did in the long run produce change it could only be violent change- 
'induced by the sufferings that it would have inflicted on black people. It is 
difficult to believe that any end could justify such means, and particularly so 
when the opposite policy of stimulating economic growth must bring about major 
improvements in the opportunities, conditions of employment and wages of the 
black workers. Such developments would almost certainly also lead to the more 
rapid elimination of racial discrimination, particularly in the highly sensitive 
areas of education, security of tenure, and in regard to the harsh restrictions that 
exist on the movement of black workers 

Industrial Relations 

This whole field is now under consideration by the Wiehahn commission whose 
report is expected later this year. One of the most important questions with which 
the commission must be concerned is that of black trade unionism. Trade unions 
are an integral part of the free enterprise system in South Africa and throughout 
the West. Those of us who are committed to the extension of this system should 
see the inclusion of black workers in the trade union movement as a healthy and 
desirable development. 

We have made further progress in implementing the Group’s policy of 
improving the earnings, living conditions and productivity of our black 
employees. Our aim is the elimination of race as a factor in determining wages 
and other conditions of employment. 

In our desire to achieve a more stable labour force we are planning to reduce 
the proportion of migrants by providing more of our senior workers - as we are 
now permitted to -with family accommodation in mine villages or nearby 
townships. Indeed major housing programmes are in hand for all the Group's 
mines, and good progress is being made. 

Gold and Uranium 

The strength of the gold market in face of the additional supplies arising from the 
United States' auctions is encouraging. 

The uranium market has remained firm during the last year. Production from 
gold mines in the Anglo American Group is quickly being stepped up and the 
position is not far off when our Group will be supplying half of the uranium 
produced in South Africa. 

Diamonds 

Diamond sales by the Central Selling Organisation in 1977. which was a record- 
breaking yearfor De Beers in all respects, increased by 33% compared with 
ax. 1976. 

The De Beers group has never been more active and innovative and though 


the years ahead will no doubt have their stresses and strains, I feel sure that it 
can face the future with confidence. 


Amcoal, the Group’s princrpal coal company, achieved satisfactory growth, 
increasing turnover by 31 % to R259 million and earnings by 68% to R47 million! =. 

The Group's coal interests with their wide spread of business and very large 
coal reserves, will continue to earn substantial profits and are exceptionally well 
placed to participate in the further expansion of the trade. 

Industry 

Although trading conditions in the home and overseas markets were even more 
difficult in 1976 our industrial Interests generally made further progress during 
the year. 


Features of the Consolidated Financial Statements at March 31 1978 
As from January 1 1977 Rand Selection Corporation was merged Into Anglo 
American Corporation to form a mining finance house of very great strength. 

The merger was accompanied by a change in Anglo American 
Corporation's year end to March 31. 

The accounts for the fifteen months ending March 31 are therefore not 
comparable with those covering the year 1976. 

ROOO's 

Issued ordinary capital and reserves .. 858 319 

Listed general investments 

Book value 713 779 

Market value .. .. .. 1996731 

Unlisted general investments 

Book value .. .. .. 121796 

Directors' valuation ' **' 272 296 

Investment income -general investments 213179 

Equity earnings .. ' 195 036 

per share .. ... .. .. 89.9 cents 

Dividendson ordinary shares .. .. 99132 

per share (includes a special interim of 8.25 cents a share) 45.25 cents 
Number of issued ordinary shares 222 964 532 


Forthe Chairman's full statement andjor a copy of the annual report please 
complete the coupon and send to the address below. 


Lrjffl LALJ iifciL-! LjsSy 


nos Wita* 1 :**-** i— 


To: Anglo American Corporation of South Africa Limited, 
Room 50, 40 Holbom Viaduct, LONDON EC1P 1 AJ 

□Chairman’s statement DAnnual report 


Name 


— -*v"¥-r w 


#-v * 

[;£& Company 
fC- Address 


- V- v i f- ■: VV/M S 




H-v'j..- j£" " £'' ! l jL-'V'SiW'S® hv'W'f' i «.•«"» : ,» 


jfi'—wwji'* 


BHG raising £0.8m by 
NZ flotation 


Barrow Hepburn Group is to 
float its New Zealand hide pro- 
cessing and exporting subsidiary, 
Colyer Watson, on the New 
Zealand stock market 

Barrow intends to retain 40 per 
cent of the equity of a new com- 
pany, Colycr Watson Holdings, 
which will arquire Golyer Watson 
and the remaining shares will be 
issued at NZ$ 12Qp a share. 

This will raise some £073,0S1 
for Barrow. It will be used to 
reduce group borrowings which, 
even after the deconsolidation of 
British Tanners Products, still 
amount to mini. 

Yestcnlay. Mr. Richard Odey, 
Barrow's chief executive, con- 
firmed that the group expected 
to remit around £300.000 to the 
OK. and admitted that he was 
“quite glad” to be able to raise 
such an amount witiioht actually 
having to disengage entirely from 
a profitable business. \ 

The flotation, he explained, 
.would also allow Barrow to de- 
consolidate Colye r Watson's bor- 
rowings in NZ. These would now 
be refinanced in that country and 
could be secured against assets 
there. 

The move was also made' 
because Golyer Watson was ex- 
tending the number of processes 
to which hides were subjected. 
While this would increase the 
added value, Mr. Odey said, it 
would mean carrying larger 
stocks. This in turn would involve 
heavier working capital require- 
ments. 

Finally. Barrow felt that it 
would be in a better position to 
participate in government grants 
for the indusfay in NZ if it was an 
NZ-controUed company. 

Golyer Watson is the largest 
hide and sheepskin exporter from 
New Zealand (having around 55 
and 35 per cent respectively or 
the markets). The New Zealand 
Government gives substantial tax 
credits to the industry related to 
export turnover. 

In the year to December, Colyer 
Watson made pre-tax profits of 


£536.335. For the coming year 
Barrow is forecasting not loss than 
£352413 including tax credits. On 
a strict comparison this represents 
a 46 per cent, decline on last year. 

Net tangible assets at the end 
of June were £l.Sm. 

CARLTON RISES 
ON RUMOURS 

Shares of Carlton. Industries 
and its 76 per cent owned sub- 
sidiary Invcrgordon Distillers rosr 
sharply yesterday on speculation 
that a bid is in the pipeline for 
luvergordon. 

A spokesman for Carlton— 
shares up lOp to 23Sp— said that 
the group had received no 
approach regarding a possible 
takeover offer for Invergorden, 
whose shares finished 9p higher 
at 149 p 

IRISH OIL & CAKE 

Pursuant to Irish OB and Cake 
Mills offer for British Margarine 
Company, acceptances have been 
received In respect of 40.985 
shares or 80LS per cent of the 
issued share capital together with 
assurances that acceptances will 
be received for u further 7.983 
shares amounting to a further 15.6 
per cent. No shares were, held by 
IOCM prior to the offer, nor were 
any shares acquired or agreed to 
be acquired during the offer 
period by IOCM or its associates 
(so far as is known to IOCM). 

The Bank of England has 
granted permission for the share 
transfer. 

The ocer has gone unconditional 
and will remain open for 
acceptance until 3 pm on 
August 25. 

ASSOCIATE DEALS 

Hill Samuel and Co. has bought 
3.5,000 FluidrJve Engineering at 
S3Jp as an associate. 

Hurst-Brown on August II sold 
,. r a ^ discretionary investment 
client 8,000 shares or Chaddeslcy 
Investments at 47p. 


Weston-Evans silent 
over suspension 


■ ■■ i 


•■silence continues to surround 
the share suspension of Weston- 
Evans, the . engineering group 
which Is the subject of a bid 
from Birmingham and Midlands 
Counties Trust At yesterday's 
annual meeting, Mr. Fred Cros- 
land, the retiring chairman, was 
conspicuously, silent as to why the 
company asked lor its shares to 
be suspended last Friday, and no 
shareholder raised the point. 

Later. Mr. James Red fern, the 
managing director, could not say 
when an announcement might be 
expected though WE's advisers 
Barclays Merchant Bank, had said' 
last week that it would be early 
this week. • 

The shareholders’ meeting, on 
the other, hand,, did not lack 
excitement. 

Mrs. Lyndsay Hacket-Pain. whn 
was com nany : secretary when W-E 
went public in 1957 and resigned 
from the board in 1964, sought 
shareholders’ support to oppose 
the election to the board of Mr. 
Graham Ferguson Lacey and Mr. 
Cecil McBride, the two men who 
own Birmingham and Midlands. 

Mrs. Hacket-Pain urged share- 
holders to vote against the men 
because they had been buying 
shares In the . company without 
the knowledge of the other 
directors. 

On a show of hands her propo- 
sition was carried but was 
decisively defeated in a poll in 
which 9m shares were cast in 
favour of the two men against 
opposition of (Birmingham 
owns 42 per cent of the equity). 

Mr. Ferguson Lacey told the 
meeting that Birmingham’s offer 
document,, which had been, held 
up awaiting an announcement 
about the suspension, would be 
sent to .shareholders- this week. 
Later Mr. Redfern refused to 
! comment on whether this meant 
, that Weston-Evans would 
definitely be making a statement 
this week. He said- that Mr. 
Lacey and Mr. McBride did not 
participate in boird meetings con- 
cerning this matter. 

Before the row over the re- 
election of. the directors, Mr. 
Cmsland, had encouraged share- 
holders to anticipate- the raainton- 


Progress made 
oy the group during the past few 
years. . 

n ^' e P r ,ar Pe part of the profits 
V™? 1 } he u / s - he Pointed 
srtf? mnnh UntTy w, ?ere there was 

ros s S i"7£f rt3mty and wh ere 
w?!.- 1 ; "sen astronomi- 
iri y 'n. Wh,,e m 11,0 U-S. and the 

erer hl re h^ ere T, ™ b, «ns l haw- 
confidencein the 
management and workforce. 

tridant printers 

frSl e C0 * nt . estcd offer 
22™ Investment Hold- 

i5 r oZ* ,d j n J Grou P Printers 
J?* exteflde d until August 29 

fm?n^ ay * rtjn u th * rul1 bme Unfit 
until September 22. 

” r - R emo Dipre, Tridant’s chair- 
man who owns StnrwecL said 
yesterday that he had reread 

-h=r« aE es .hQ C i‘4 ,a2 „, Dr £ r ^; c t 

“SWyU-KJBH ^ 

S* 0 * th? Shares* 
th? a Wd consider 

CROSSLEY BLDGS. 

by Bo water Corpora- 

SJSdSj cap i Ul of 

Products not already 
owned have been aoccnted in 
reject Of 5,498,077 SrStaJ? 

represent uig 89.84 per 
cent of the shares for which the 
Offer was made, and 71,135 4!» 
per cent (formerly 6 per cent' 
gross) preference shares (83.69 
per cent). v 

The merger is not being 
referred to the . Monopolies and 
Mergers Commission. Accordingly 
the offers have become uncondi- 
tional in all respects and «hq 
remain open. 










"Hi; 


i Sm H- 


l t - 1 
i : ; 
l - ■ 


' Financial Times Wednesday August 16 1978 

QUARTERLY. REVIEW OF THE NATIONAL INSTITUTE FOR SOCIAL AND ECONOMIC RESEARCH 


for a pause Output growth moderate 


ulf 

Mlilv" 

‘ '.in..- 


A SHORT but rapid recover}- dating of the. earlier ones ralhcr Externally, a significant rise inflation again higher than the projected at about 101 to 11 per 

in total output is taking place than completely new; iney are in the volumc-of imports, asso- intern ationasl average, the trade- cent iQ both years, 

uutwiii uonu> almost In a stanu- p^sed on the assumption of a eiaied with the recovery of weighted index is expected to be The review includes proiec- 

S l ,pi/ r0 ! n winter onwards. 12 rwr cent rise in averase earn domestic demand, is forecast for some 4 to 5 per cent lower than tions undertaken on the basis of 

Thar is the main conclusion or. ings during iho next pay round the remainder of this year, and its current level by the end of the alternative assumption of a 

ini' .iiwst quarterly review ironi and no further changes m tax the improvement in the current- 1979. 9 per cent rise in average earn- 

iho National instHiue of rate-:, apart from Indexing of account surplus is not expected On the assumption that inter-, lags during the next pay round 

bromwiic and Social Kjsearcn, income-tax allowances next to continue, with a surplus for est rates have peaked, and given rather than 12 per cent. Conse- 

putuishcfl this morning. • spring. the year of about £600ra. the expected petering out of the quently* consumer price inflation 

The review gives a warning L — ... ■■ — — ... recovery of private demand, the should remain just below 10 per 

lhai unemploymep^ will betm li* RAnnrK'hv PFTPR Rinnci 1 authorities should meet their cent through next year, rather 

nse again. war JJJf Reports W rfcTER RIDDELL targets for the monetary aggre- than U per cent 

m-cj Hoarlj. calls for a sisniFi- S»nd DAVID FREUD gates. The*® would.be little or no 

•■an i measure of reflation. Lpio «xT* BJ rpCUU On unchanged policies, the effect on the real economy, at 

n point, such moves a&eaiun ©e ■ ■ . - ... ■ ■ public sector borrowing require- least until 1980. but the ex- 


■‘Afn^ mVZtnk'd with occurs, attributable predomm- during 197S to only 2 per cent in 1979-SO. That is a fall from SOOm or so with correspond- 
intoArftaW 'exchdimr rive aorly to a rise in' real pereonal durina 1979. Imports of goods about 5} to about 5 per cent togiyjreft* r latitude for ex pan - 

dbpoMble ..incomes and coo- ami services should rise in real « nominal GDP. „ ... 


1 10*1 «jf duinesiu' demand would sumer spending. 


terms by about S per cent during Domestic credit expansion Is Ntstipwtt Institute Economic 


and thus push up the domestic ginal cut in the underlying un- V\ith the UKs 
juice level.” employment rate. ’• 

Under certain circumstances. Although the annual rate nf 
wr would not regard a fall in Inflation, as measured, by the j»eal G 

the exchange rate as unwelcome: consumer price index . .]s cur- (pere 

the continued deterioration or rentlv some Sj per cent, the 15 
the non-oil trade balance (from per cent increase ro averase . 

a deficit of about £2 ton in 1978 earninps during the past year 7 17 

to nearly Cribn in 1979) argues will inevitably increase unit costs 1977 vo (Q 

for an effective depreciation, more rapidly trom.niw..^ 1973 JO fz! 

"The key word is •* effective The inflation rate .is expected ■ . 

both in order that the initial to be 10 per eenrbyjhe end 
competitive advantage should of this year. In 1979. riven the M 

not be eroded by higher pay earnings assumption and the ex- Estimates™ 

settlements and ieeaule ef °he PMtaUon that The oSm rate GDP:j 

inherent importance of contain- '^5 

inn ftAcr InflArinn ciiph an ay. flUtlllDfl OnWfiTdSi'tDfl TfttG Of COTl* 

pansianary strategy would make sumer KS. 

it even more vita) to ensure that Gd3fi upwards toil p^r cent. W/u-s. 

Ln-fv DO flev i firailv applied Consequently, the rise in real 100 

It raicht w G n helo if amaior Personal disposable, income slows Percentage changes 
Pieman weAs/tona™ tick- down - and. 2 iven the prospect nr 1977/76 *1.0 

^e were lo take he ^r^ of «««e change in. the. personal 1978/77 J.0 

sn rhat savings ratio (and then only a 1979/78 12 

S poluax Smes continue s3lRhl fal1 from summer 19791. 19771V/761V -o.l 
n L f l is al^n worth notine 0,0 rale ° r increase, pr con- 1978 IV/77 IV 4.1 

“m eltlteish 1o"SiDe‘ P ^ d m“Si O W 06 I: Der l^'T 81 '' “ 

in "VfVeS? »£<> “tie !« JT. M BjS&£ P E 
financial t.irsm for the f ourt h- qua rter comparison. 

fo.eviA-ts vnrfo Uul *wj.h -with continued.' ' restrained 


With the UK’s rate of price The increases in sterling MS are Lon&m SWlP 3B1S. 

Summary of the forecast (June projections in brackets) 


Heal GDP Real personal Money supply 

(percent disposable Unemployment (percent 
change, income (per (fourth change in 
year /year) cent change, quarter. sterling M3, 

year/year) million) fiscal years) 

1.0 (OS) —1.4 (—13) 1.4 (1.4) ISA (ISA) 

3.0 (25) 5.1 ( 5.4) 13 (M) 11A (12.0) ' 

23 (13) 1.6 ( 1.1) IS (IS) HA (11.0) 


Consumer 
prices 
(par cent 
change, 
year/year) 
143 (143) 
93 ( 9.4) • 
113 (7M) 


Current Public sector 
account borrowing 

balance requirement 
(year, (fiscal year, 

£bn) ; £bn) . 
03 ( — > 5.6 (5.7) 

05 (03) 8.1 (83) 

1.9 (1A) 8 A (9A) 


forces imply tt»ht such lax- ^Sinu^^hlned 

need »o hi. set ^iini pu i,ii c spending growth, s slight 
pt-nernuf-ly as they arc to allow j u jj in lJ|e recover)- uf 

for the noedvd fiscal expansion, private investment and exports 
Tin- appraisal section of the a continued incresuse in non- 
rcvKw -‘Iso discusses the pro- 0 jj imports, the growth in GDP 
poT.iSs fur F.E«- cuTrunvy slab- i fi projected to slow sharply. 

1 1 if a Lull. Uhilc ihe luslilutc is Consequently the underlying 
sceptical about ihe posAimlity of ra t c 0 f adult . unempoly mem. 
m’oncslmg ihe aims of internal which is expected -to. slay about , ZZj 7^ 
and external pquhbrium in the 1.3, n ;hj S year, is likely (on un- 
lanq. run sulely, tliruugh the changed policies) to begin to rise 1977/78 
medium of flexible exchange aeaui j n 1979 fly perhaps 150.000 Forc«ast 
rales, it seems that the prob- durinq the vear to about l 5m 197 8/79 
leins could well be exacerbated (Creat JBriUin. : v- seasonal iv 1979/80 
by u reiurn lo the rigidity or adjusted). . ' -Foreign 

seim-rigidily of a European The institute takes a more 
snake wilh only a dubious pros- rau timid view of thE tfltispei*i.s 
peel of this having a powerful fur mamifactnrine- itwestmeni. w-w- 
eliect on inflation. revising downwards its earlier 

The general shape nf the ’nsti- projection of a volume. rise nf Wf 
totes forecasts is very .similar nearly S |.*er cent in 197S W ju-t 1 1 

to the ones pohiishcd at the Jc.sj- than 5? per cent, .with ex- 
heqinrunu of .Tune, am! the oansion of 4 to 41 percent nexi. 
projections are essentially :«n up- vear. - ... 


borrow- debt to currency of 
inf non- publ 

require- bank sectf 

ment private 
sector 


public public private 
sector sector sector 


463 1,157 

886 179 

1,165 -4379 


3375 - 336 
333 3325 

2,081 3,768 


8.T00 6500 1,000 1500 - 900 4500 800 6500 - 500 900 5,000 

8,400 7,000 1300 — 200 4fl00 500 5500 - 500 950 5,450 

currency bank lending to the public sector, overseas sterling deposits, and banks* foreign currency 

deposits (net). • • _ 


CONTRACTS AND TENDERS 

HOME-GROWN CEREALS 
AUTHORITY 

Sale of Barley Ex Intervention Stocks 

The fluiiii'-Ciriiwii Cereals. Authority. on behalf of the 


Wage policies have restrained 
pay rises ‘only temporarily’ * 

ilHE REDUCTION in the I’alc probably arise because of the are rathifcr weak at an aggregate 
tor wage inflation produced by particular circumstances of pay level.” - 

^me incomes pulicics during “ ar saining v.-ithin the company The final special article, by 
Sil-TS has been only temporary. hI, Ul 0 Si^ ? r ' Franft Blackaby, deputy 

uSordmg to a Win the latest KBSS % 

In&btuie Review. anomalies which are then pre- t hai -of making transparent the 

Atthuuqh some incomes poli- served by 12-month/no exception macroeeonwmc consequences of 
cies hf»\e reduced the rate of ru ^- . - . decemral&ed waae bargaining 

wage inflation while in opera- The ma n conclusion is that He QOtes ^ n enera i recoenition 
tion. pay na» immediately after J^ere is little evidence, apart - aeed° hy .ndustS Sed 
the police, ended were higher the highest income groups. « <3n tries 7nd calk tor three 
than they would otherwise have tout there has been a strong com- c Sn aes? 
been. The increases match losses Passion of pay brougnt about .... nn . 

darina thv operation of the directl - v b >' incomes policies. Tho.*e are. to build on Ou- 
tcomes puli' j “The period of Lhe £6 policy, ^ociil-contracf discussion of the 

^ Since i»7a ihere is evidence whlch ,nisht h£fVe been expected pst three years, extending ibem 
re ablv. seems to hove had verv to olude representatives of 

that the larat-t lor real net earn- ._ L mnH! emi-iuvefs: tn mnve tnu-irii; I 


v. ti! i)L* evstiuT anti details of the stored and 
dt her ;irr:;t!tvnieiHs _aiv eniliodiecl -ir. a N««lit'C n S 
-r-M-ini;*. i« Tender tuueihcr with lender ins forms 
v. tiicli div available from:- • • -• 

ll^itte-Grmvn 0*reab- Authority . 

llamlMi Ilmise. Ui?hsalt* Hill. 

)MibioiiM9 5PR. 

TvlXo. 01-263 3391. 


He .notes that there is no need I 


S;.»« k> (i»r Mila are approximately as follows: 

Str.rr* Stoc’k 

!-;!y. Cunljs. 3.3 31 Tonnes 

IVu'Teik 1.550 -. 

Uadleigh. Sum.iic . ' ' 2.J21 . 

I l.:rie}.uiry. Wtireesiorshire 3.6PS .. - 

)Ian!*y, Liuilh. Lines. ?,S7ti -» 

v*lil MeJion Mowbray, 

LeKvsil-rsHire * 4.”0L* 

P.ilr.iciot. Falkirrs SeuUand 1-9 


1 . . j rnosc resuiis are surpnsmg. anofoanes. 

Th ' amhurs Mr S fi B th ? C ' f ’ lr - Blackaby says the primary 

Tnt* autliurs. Mr. iv. li. o. pohcies have been deliberately n p*i is to (wtahlich a antral 

Awry and Mr. P. A Ormcrod. designed to be redistributive. ™ d - that woSd sSnvl potmS 
argue that before IflTo there is *• Th e end of incomes policy survive pouucai 

considerable empiriia? support periods is always said to be a ' 

for an equation beginning from period when differentials are He notes that there is no need 
the urupusition that muncy wane restored bus there is also little -for =uch a body to start from 
movt-nicnis art* generated from evidence of this. It may be that -j- ginning again in consider- 
ihe desire by employees lo adjust one must investigate pay strnc- ing m 'c-i criteria that justify any 
real nei pay to a tarqei value, tures at the ground level is exce?i:onal treatment The pre- 
They say they have consistently order 10 appreciate the full effect vtous todies in the field, notably 
failed 1u find a sipnificani effect of incomes policies on differen- the National Board for Prices 
for the level uf unemployment tiais. bur the evidence examined and Incotoes built up a sizeable 
in Die wa»e equation. here suggests that those effects and u>;Etb 1 body of case law. 

. The study is one of three 

articles in the review exploring -w-wr 11 . 1 • l ^ 

sss. ^jstzhS 1 ^ the World prospects bnghter 

impact or pay restraint on 

1 "p' s ^ivSpjrsLs this vear, poorer next 

mvolv-ed in rationalising wage v 7 Mr 

bargaining. THE INSTITUTE has become Thi' has caused the institute 


v LOSING D ATE FOR TENDERS WILL BE 
12-nn.in.21st AUGUST. 1978 


CO.'VSFANY 

NOTICES 


PUBLIC NOTICES 


lueariAK COAL AHA snu 

COMMUNITY 


CITY Of BRISTOl . 

VARIAULL RME REDttMAOlt 
5 TOC 1 . llB; 

Jiv .CDunif o' me Ci 1 * f Ci 
HHiwi- ihdi fhr imii 


5 1 HVTNTY trAR'EOND^ pf ir*G 4 !(*f iPigrcit -dP lkt No*^tol>rr 

cui PKWiMtjei? I.'. ««« b,. J. , 

l"c Coi^Mion #( "Rr- CartTX'jn maw ui; Pt-r 

C"- ’ "Vi fl*ipoLiK>i»..-ii»JU- U* juium* , sttrt, ■ ■ 

,n:ji>:.mi o. iKVili , MWtiMinn IP. — . 

11 >, .. in.i OUO -■ BOV. i-.ic-n #unli«ri' . I‘W AihIimL 13 TS 

iu! imim 1 o-* ii>Ui Niueiniwr. : . _ - . 


in Die wajje equation. here suggests that ihose effects and u>?hi) body of case law. 

... The study is one of three 

la - articles in the review exploring -w-^v 11 . 1 • l a 

k sss. ^jstzhS 1 ^ the World prospects bnghter 

3 Tonnes impact or pay resiraini on 

} - this vear, poorer next 

1 .e lavolved in rationalising wage v 7 Mr 

> , tiargaining. THE INSTITUTE has become Thi' has caused the institute 

- Camraenting on the Henry- marqioaily more opUmisric since :o cut its forecast for gross 

J ■» Ormerod artivie. .Mr. M. J. C. May about world growth this dome^c produet (GDP) growth 

Surrey, editor of the review, year, although it has downgraded this j-e^r -to 3 per cent,. followed 
l notes that the evidence that until 11s expeciauocs for 1979. by * 4 per cent gain in 1979. 

' 1975. incomes policies have not The forecast o: the tola! Growth la West Germany is not 

> » - tn general produced a permanent increase in output m the "24 mem- expvcicd to show much progrtMi 

lowering of real wages is only ber countries of the Organisation befo" e auwn»n except in build- 

pv.' part nf a romplcx story. for Economic Co-operation and inc. That Implies an increase in 

' '' ' Many would argue that the Development is 3.5 percent in G\P nf 2.7 oer cent this year and 

f unci inn of a successful income* 197S and 3.4 per cent :n 1979. 3.5 r"?£ ce ht rn 1979. 

• policy lx mu to reduce real 1979. c ? untr l es ,n ,i h f 

^ wages at all hut to allow iho The maJn reason for Lhe change v'^?7m£toii*ti» S 

jame r'‘ ai . rale nf increase at is lhe cxpecled drop in output 3 ner 

_ 1ACC ; tower nominal rates uf increase i n the U.S. in 1979. down from m A "5« l JSbiii-7ss 

TICES ur wanes and prices. 3^ per cent this year to 3 por ”" ? .: e nO%^S? a v f44 5 nf 

— “ Given the eosi-plus nature of cent. . v JSl a , £g 

5701 (adll Sear The ,nst,We sccs '^dicaliuns New ZcztinA (where a 0.5 per 1 

DtiMABLt _ ^ Period Of cua>umer ^ uc ds buying in eem drop is expected). 

c.-kw !of^? es ^ r, " ; ' ,r i in i ,np U - S " curii * a Particular, has i n 1979 the institute expects 

S lIh-i naxmiiw 10v.Gr . pflCCs "ClOW Whal (Uev hoflC stimulated bv eKDeCtnliOnS enm* COnterm>nm> nf amunh 


CMMftATION BILLS 


— ■ . ; ! .jiN,t*K-H 

Cl.ABANTECO TI0A7H4C NOTES .1 tfJneiija 

OUE .1332 . . ( A vouvt i 

In a'.u>raAi>fL' shift. ipO» txinm . ol i fidwniiw. 

in* « . 4a: me.-Kv «w*w« bdvmm 
iirumiK Supply CnmrnbEKHi and! 

.ni NJV . ria»I Aweof. MJ -- . 

m Wi. min «b - 

c.— » j'-*t a? liK^mt-ao Coroan «««■• 

Nn *i f .in; felhiLMV 'Sis, 1070. ik»H ; #*#* 1 

Sr- *i - — , r airoWi- - sIm*.i Of'- 

f—?. 'r‘‘ vi' !!>; nv-phet 'oi dm.MmM 

i-i-t -.,••! i : '.w : nu ja) it, Tinn. 

«. CITINANK. N A. 'CLLLARM 

Xm v -‘r'» AV-ki . tu^ieu* 

A.-ry i li»u.. ' Ainer-0'i 


o-* NuK'nwr. ^ - -*r- __ j .- ' , . ' . ' .7'. stale u:uii«ci» iw ur oustaiuvu. peCICU Average 3 DO Hi /.< per 

•dPiicf of raw ' corporatiw* wll* w D p £i^f*u 0 W0 V. OIhl ' n ' lM In Japan the gross national cent in the OECD in 1978 and 

LLLi--.vK.iTs supply COMMISSION 'ilia RMBirj d.iis have been the case. nrtu!ur> (CMP I rose bv nearlv 1Q7Q Th»* nn | a _:e M „• 

t^uiii Ato.1 jiSSJS' pSS*moi5 ,, Li > om? W the present tiicoiiies cen { ; n *j, 2 first* quarter, changes from the previous forfr 

i&'EEJi Ef« but **» ,BSti:ate 335-6 mt the «•* ap v ply 10 Fr * nce A* 

sirrwiv ^m^biiwi bcftr K3 } produci, ? n iugilests that that be higher, than was thought 

!•*■ -»•» nji - riaji Aygo t. . rtaftn mj .. . . — Procetfemed full to real wages snurt will bp followed bv de- esrMer — 

.* •’c’vnf y ijwt cwroan')- artscniUAI during this period will ullimatcly celeration. The avera^ pai e 0 f jq per 

* i -: 4o: iVvw 4 ' i i • ^ ERSON AL 5?„ [ ?P ad ‘ : UP aud. If so. bow Thar makes it unlikely that cent forecast for France in 1978 

• . a S^‘ y -. , . Vr . . „ ^ Cowaimenra target of a 7 aad I9f9.aytue to the removal 

is. citihank. n a. 'cularmutcr ucti. un.iMng t ow -- » uc A- per centi rise for the 197S-79 of price controls, 

* Ml *rr. wan on. diffm-nlialft notes that fiscal year will be achieved. How- In the U.S. the forecast in- 


PERSONAL 


LEGAL NOTICES 


inrtuiur ten.,. --- .. —7; _ 11 • , , ■ , — • i-v- ... - - — - vus luicuin ' ** 

\ 'rz l ii'” ~ s * 'clSS ^2 lnc0raos Policies cuujil provide over. *>ince manufacturers - stocks crease to.. an inflation rate of 7 
i vi'T» wjjr ranij«S* , 'AiiP t 'o!(‘ ,,, ’j : ,J^;- ® squcCiJt* becaU-se of the accident have 'been reduced and improve- per centm 1978 and 75 percent 


f h o?. , ^ J jcL i l3 £roL P f timing of their introduction, ments in capacity utilisation as in 1979 is Partly the result of a 

iihitbq. ' because of ' UatTatfl elements In well as profits should encourage lery rapid rise _Ln food prices 

'• «9*r constructsoc or hcc,msi- or corporate ‘ investmea!. the snsri- early in the ye* r> although that 
~ differential application by the tuie has shaded *l<? previous fore- is not expected to conunue at 
fiwrnKcn!. cast upwards. the same pace.- - 

Vjftlthough . quite strong effects It now expects GXP to rise 5J5 Other 1 ' 1 ®®- the rate of Inflation 

* mid: been exported given ihe per cent jn 197S and by the same is expected , to remain fairly 


« , f . ll£ ^ul! ’ ■ ' " '— "’ " dHrcrpnHai .3ppiip-.1tnp by the tuie has shaded its previous fore- is not expected to continue at 

^ Government. cast upwards. the same pace.- - 

! . CLUBS . Although. quite strong effects It now expects GXP to rise 55 Other 1 ' 1 *®- the rate of Inflation 

H.r P rn -rti --y , ■■■■ " "■■■ —- had; been . expected given ihc* per cent in I97S and by the same is expected , to remain fairly 

FrSaTo’JS?' %z. Lvr. M. tscu-W- s-m, - sa oss» ^ u vohimpof . proiems. there wort fiuurc in 1979. stable m most of the bigger 

^ r^"'.n SS&XF& cffecl i- if 3nv i or . A f ier ? r 'gL iB indus- c0 “ 5 ” nes Wp ^^J? 1B _ two^'ear 

i f i .ry-.ii ai most of the ponodx concerned trial production in Praaw in the period, wwt .Germ 4ny*s rate ts 

hcfiu?V OtKiJl RondiP 7 DDfl Pri'iNiNirtrij', - 4 --- H ' VV.S j M No . doubt • there arc sreat first four months of the year forecast at *85 per cent. Japan's 

Lmwnwn 'StooSwmw *- Bfoblcow regarding differentials there was & drop in May and only at +4.5 Per '.cent, Canada’s at 
;T^5srtM**’i s23*r^ ”r»rt 6»^;.WjT*S i T ?m - ® *uch companies as British slow growth is now expected uctU S.5 per cent, and Italy's at 23 

Uejlaud. but these problems the autumn. percent- ' 


INDUSTRIAL OUTPUT, the 
institute’s review predicts, will 
grow only moderately this year 
and next The study foresees 
3 per cent -expansion in 1978. 
mainly in the first half of the 
year, falling to 2 per 'cent in 
1979. 

The Strongest growth areas 
are in oil, with increased pro- 
duction from the North Sea, 
and in building. Output in ship- 
building and aerospace ' is 
expected to drop. 

Oil production is expected to 
grow by half this year to 56m 
tonnes and in 1979 by half again, 
to 90m tonnes. 

That growth brings mining 
and quarrying up by 9 per' cent 
this year and a further 5 per 
cent next year in spite of a flat 
trend in coal production. 

The main area of improvement 
in construction is expected in 
the non-housing side, particularly 
commercial property. A drop 
in housing totals will be due 
mainly to cutbacks in the public 
sector. Building Is expected to 
expand by 45 per cent this year 
and p per cent next 

Tne review states that there 
was a 23 per cent fall in the 
number of public housing starts 
in the first quarter, although 
private housing starts in the first 
half of the year were 30 per cent 


up on the same period last year.* 

Private housing orders remain 
high, although lower than in the 
fourth quarter, while private- 
sector orders for non-housing 
construction in the first quarter 
were “ much higher than in any 
period in the past four years.” 

Output from the aerospace and 
other vehicles sectors continued 
Its steady fall in the first five 
months of the year &ud the 
review expects production to fall 
3 per cent over 1978 as a whole. 

Its forecast for 1979 is another 
1 per cent fall. The future, it 
observes, depends critically on 
such factors as whether the UK 
rejoins Airbus Industrie or goes 
into partnership with one of the 
big U.S. producers. 

Disappointing 

No recovery is in prospect for 
shipbuilding, which Is not 
expected to surpass last year's 
output in 1978 and might slip 
back another 1 per cent next 
year. 

Motor vehicles are also likely 
to disappoint. The review notes 
that in spite of very rapid growth 
in sales this year, production has 
grown slowly and imports have 
expanded. 

Output this year is expected 
to grow by 2.5 per cent, but with 
a decline in expenditure in the 


second six months, production is 
likely to expand by only another 
1 per cent In 1979. 

For mechanical engineering 
the outlook is not good, and fore- 
cast growth has been revised 
down to 2 per cent in 197S and 
1979. 

Net new export orders for 
instrument engineering have 
declined, although output in the 
first five months of the year was 
up 4 per cent over the period 
in 1977. The fall In orders is 
likely to hold growth to 3.5 per 
cent, this year and lead to a drop 
to 2.5 per cent in 1979. 

By contrast, orders on band in 
electrical engineering were high 
at the end of the first half, while 
production has grown fasL Thai 
should mean 5 per cent growth 
this year, slowing to 2 per cent 
next. 

Ferrous steel output has 
recovered from the disastrous 
fourth quarter of last year, 
mainly because of the Davignon 
plan, although demand prospects 
remain poor. Crowth of 1 pe- 
cent is expected this year and 1 .a 
per cent nest. 

A mild recession in chemical-: 
seems over, although imports 
were high in the first half com- 
pared with much less rapifi 
growth in export*. Growth of " 
per cent, is expected in 197S and 
1976. 


Estimates and forecasts of the gross domestic product (£m, 1970 prices, seasonally adjusted) 

GDP: Compromise 

estimate* Con- Public Gross Exports- -Total Imports Adjust- 

sumerr’ authori- fixed ofgoads. - Jbiai of goods, ment to 
index, At expend!- ties* invest- and . expend!- and factor 

1979==. factor - ture current ment services ture services cost 

100 cost spending 


between the “ compromise " and expenditure estimates has been allocated to stodebuildmg. 
Public borrowing and money supply (Cm) 


Financial years 

Public Sales of Change External Bank Bank Bank Domestic Foreign Banks’ Change 

sector public in financing lending lending lending credit currency non 1 - in money 

jar row- debt to currency of to to overseas expat* finance* deposit stock 


liabili- (sterling 
ties M3) 
(net) 

862 2,453 

776 2*2fr 

468 6,164 


ABERC0M INVESTMENTS 
LIMITED 

(Incorporated m the Republic of South. Africa) 


j&k 


Audited Income Statement for the year ended 30th Jane, 1978 


Turnover 


Income before taxation 
Taxation 


Income after taxation 
Minority interests .... 


Net income 

Dividends receivable from 
associated companies 


Net earnings before extraordinary 
items 


Ordinary shares in issue (000’s) 
Earnings per share 


Dividends per share 


1978 

R’000 

99,004 

1977 

R’000 

100,656 

4.637 

854 

10,668 

2,402 

3,783 

302 

8,266 

356 

3,481 

7,910 

172 

183 

3.653 

8.093 

14,046 

26 cents 

15 pence 

17 cents 

10 pence 

14,046 
58 cents 
40 pence 
29 cents 
19 pence 


OPERATIONS. Net earnings for the year are stated before extraordinary 
- items of R2.560.000 which are primarily attributable to losses arising from 
the discontinuation of the businesses of two subsidiaries in their present 
forms. In addition, the group's net assets have been reduced by Rl, 360,000 
due to a decision that the equity accounting method is no longer an appro- 
priate basis for the statement of the balance sheet value of the group’s 
investments in associated companies. Investments in associated companies 
will, therefore, be stated at original cost in the balance sheet at 30th June, 
1978, which is, in the opinion of the directors, below the realisable value of 
these investments. The comparable figures for the year to 30th June, 1977, 
have been restated to give effect to this change in accounting policy. 

Net income of R3,48 1,000 has been arrived at after taking into account 
approximately R 1,500,000, of which R500.000 results from the pre-dosure 
trading losses of the two discontinued operations referred to above and 
Rl.000.000 from non-recurring provisions against stocks, debtors, 
development and research costs, and potential future contract losses. The 
change in the basis of accounting for investments in associated companies 
has also resulted in net earnings for the year being reduced by R340.000 
(1977— R323.000). 

The year has been one of restructure and consolidation. Aberconi’s 
management structure has been radically strengthened in line with the 
divisionalisation of its activities. Main areas of focus in industrial and 
mining fans, design engineering, automotive and general industrial springs, 
and components, have been identified. Steps have been taken to exploit 
overseas markets for these activities. Sophisticated budget and control 
systems have been set up throughout the group, and a more formalised 
forward planning of the group*s activities forms a vital part of the 
management process. 

Results for the year under review reflect generally narrowed margins and 
reduced work lo'ads. A reversal of these conditions became apparent during 
the April/June quarter when some increase in available business in South 
Africa was discernible. The outlook for the year ahead is encouraging. 
The Fan Division, whose profit for the year under review was reduced 
from that of the previous year, anticipates sustained earnings. This division 
had orders in hand at the end of June which were some R3, 000, 000 in excess 
of those at June, 1977. 

Profits from the Design Engineering and Fabrication Division were much 
reduced during the past year, mainly due to a low work load at the Consani 
factories. This position has been corrected, and Consani turned the year 
with a backlog of work which was about R6.000.000 above that of a year 
ago. A marked improvement in profitability should be achieved in 'this 
division during the year ahead. 

The Spring Manufacturing Division also fared badly during 1977/8. This 
was partly because of reduced demand, but more importantly because of 
marketing and production problems. Increased selling prices have been 
achieved against a background of higher demand, market knowledge has 
heen improved, and highly beneficial technical assistance agreements with 
overseas spring makers are now in operation. These factors, together with 
the effects of a substantial strengthening of management in the Springs 
Division, should combine to move this division into profit during the year 
ahead. Components did well during tHe past year and. given a continuation 
of the present economic climate, this division' should show increased profits 
during 1978/9. 

In view of the current situation and outlook, the board has decided to pay 
a total dividend for the year to 30th June, 1978, of 17 cents per share, and 
a final dividend of 9 cents per share will therefore be paid. 

DIVIDEND. Dividend no. 31 has been declared at the rate of 9 cents (5 3 
pence) per share, and will be payable to shareholders registered on the 
Johannesburg . and ■ London registers on 8 September, 1978, Dividend 
cheques will be posted on or about 2 October, 1978. those for shareholders 
on the London register being drawn at the rate of exchange then in force, 
non-resident shareholders’ tax, where applicable will be deducted. 

ANNUAL REPORT. The_jnnual financial statements will be posted to 
shareholders on or about 22 September, 1978. 


;; \5artw»*>i i 


Abercom Investments Limited. 
7th floor, 

20 Anderson Street 
Johannesburg. 

15 August 1978. 


By Order of the Board, 
D. J. McLoughlin, 
Secretary. 



20 


Financial Times Wednesday August 16 ^3^ 


I I R WIIOWI. FINANCIAL AND COMPANY NEWS 


NORTH AMERICAN NEWS 


Pilots end Store groups optimistic Eli Lffly 

strike at P . ® v , to buy 

Northwest after quarterly advances cardiac 


AKZO forecasts return 
to profit for full year 




I 


Airlines 

By John Wyles 

NEW YORK, August 15. 

NORTHWEST Airlines, one of 
the most successful operators 
in the U.S., has finally reached 
an agreement with its pilots to 
end a 1 OS-dav strike. 

The stoppage cut hack North- 
west's passenger and cargo 
operations by about two-third, 
although its revenues were 
considerably fortified by the 
receipt of more than S105ra 
under a mutual aid pact involv 
ing 14 other carriers. 

Northwest's conduct of the dis- 
pute was masterminded by its 
hard driving president, Mr. 
Donald Nvrop. whose clamp- 
down on costs is a byword 
within the Industry' and has 
contributed greatly to the air 
line's standing as one of the 
most profitably in the U.S. 

Throughout the strike Mr. Nyrop 
resisted his pilot's demands for 
a reduction in their maximum 
working day and for more 
generous free travel for them- 
selves and their families. The 
few sketchy details of the 
settlement available today in- 
dicate that no concessions have 
been made on either of these 
two fronts. 

Described as “ a draw " by the 
Airline Pilots Association 
negotiators, the new contract 
is backdated to July 1 last 
year and is understood to grant 
increases in wages and benefits 
of mare than 810,000 during 
the life of the three-year 
agreement. The average pilot's 
salary at Northwest is 
currently $49,000 a year. 

The long strike is thought to 
have inflated the second quar- 
ter earnings of Pan American 
Airways. United Airlines and 
Delta Airlines who compete 
with Northwest on a number of 
routes. This diversion, coupled 
with a reduction in overall 
operating expenses, is judged 
by Mr. Robert Joedicke. an 
airline analyst with Lehma* 
Brothers. Kuhn Loeb, to have 
inflated the earnings of U.S. 
trunk airlines by around S70m 
in the second quarter. 

Earlier this month Northwest 
reported second quarter earn- 
ings of $20.5m on operating 
revenues of $160.3m, compared 
with net income of S27.23m on 
revenues of $251J>Sm in the 
second quarter of last year. 

During the strike Eastern Air- 
lines announced that . it was 
withdrawing from the mutual 
aid pact at the end of 1979, 
arguing that the costs exceeded 
the benefits. According to 
Eastern's president, since the 
agreement started in 1959 his 
airline had received 526.1m 
and bad paid out 574m. 

Payments to a strike-affected 
airline are based on a propor- 
tion of its weekly operating 
costs. Northwest was entitled to 
50 per cent of its S2.8m a day 
operating costs in the first two 
weeks of the strike, 45 per cent 
in the third week, 40 per cent 
in the fourth and 35 per- cent 
for the balance of the stoppage. 


BY DAVID LASCEULES 

TWO OF :he largest U.S. chain 
stores, K Mart and J. C. Penney, 
today reported^ steady growth in 
earnings during the second 
quarter of 1978, and were gener- 
ally optimistic about tbe pros- 
pects for the rest of the year 
despite uncertainty over con- 
sumer attitudes. 

K Mart achieved sales of 
52.77bn. up 18.6 per cent on the 
same period of last year, while 
net income totalled $83.9rn, or 
67 cents a share, up 21 per cent. 
Gross margins remained un- 
changed at 26.2 per cent of sales. 

Mr. Robert Dewar, the chair- 
man, said sales were slightly 
above target, despite the move 
into double digit inflation. The 
strength of domestic appliance 
sales was in part due to advance 
buying, but a number of other 
areas showed strength too, in- 
cluding men's, infants' and 
children's wear, and cameras. 


Ladles' wear continued to lag. 
however. The store’s Canadian 
operation continued to suffer 
from the effects of a depressed 
economy. 

Mr. Dewar commented that 
'* despite the conflicting econo- 
mic indicators, the favourable 
trends in personal income and 
industrial production continue 
to provide reasons for a positive 
outlook for the balance of 1978." 

J. C. Penney's sales rose by 
22 per cent to S2.43bn compared 
with the same period of last 
year, and net earnings increased 
21 per cent to $41m, equivalent 
to 60 cents per share against 52 
cents per share last year when 
there were about 1.7m fewer 
shares outstanding. Gross profit 
margins improved slightly on 
last year, but were down on the 
first quarter of this year due to 
heavy promotional activity and 
“ normal seasonal factors.” 


NEW YORK, August 15, 

Remarking on prospects, Mr. 
Donald Seibert, chairman, and 
Mr. Walter NeppU president, said 
that they expected favourable 
sales gains to eontjoue through 
the rest of the year, thoueh not 
at the pace of tbe first half. 

Both stores are pushing ahead 
with ambitious expansion pro- 
grammes. J. C. Penney has 
opened l-3m square, feet of .-store 
area so far this year, represent- 
ing 46 retail units. K Mart 
opened 17 stores during the 
second quarter , • and expects to 
open a total of 168 duriog the 
whole year. 

Meanwhile, Lucky Stores, the 
California-based store ^roup. 
annnounced a boost in second 
quarter net income of 38 per 
cent to 520.4m on revenues up 
by nearly 21 per cent to ?l.l6bn. 
Reuter reports. Earnings per 
share were 44 cents against 31 
cents. 


Canadian Pacific up at half way 


BY ROBERT GIBBENS 

STRONG RISES in second quar- 
ter and half-year results are 
reported b\ Canadian Pacific. 
Net earnings for the latest three 
months totalled C588.12m. equal 
to CS1.23 a share and 17 per cent 
up on the corresponding 1977 
figure of C$75.22in or C81.05 a 
share. 

At the half-way stage, earn in qs 
were 20 per cent higher at 
CS 152.8 m or CS2.12 a snare, 
again CS 126.4m or CSL75. 

Tbe performance is e \ en 
better than indicated since both 
1977 periods include an extra- 


ordinary gain of C$7.2m on the 
disposal of an investment in a 
subsidiary. 

The higher earnings were due 
to better results from most of 
the CP group subsidiaries includ- 
ing the railway operations. Only 
CP Ships produced lower resuJts 
— the net loss in the first half 
was CSStn against a loss of 
C$4.6m. 

In the June quarter, CP Air 
earned CS4.4m against C$268,000 
and in the first half earnings 
were C$4m against a loss of 
C54.3m. 


MONTREAL, August 15. 

CP Investments, which is 82 
per cent owned by Canadian 
Pacific and represents most non- 
transportation interests, had 
higher earnings in tbe first half 
due mainly to a strong perform- 
ance in its oil and gas subsidiary. 
Steel, real estate and pulp and 
paper subsidiaries also turned in 
a strong performance buT metals 
were lower due to - weak zinc 
prices. 

Despite strong gains in the 
first half from CP Rail, cost 
pressures may affect the rest of 
the year. 


Setback for Petrofina Canada 


BY OUR OWN CORRESPONDENT 


PETROFINA CANADA suffered 
a 34 per cent slump in earnings 
to CSS.2in. or 83 cents a share, 
in tbe first half from CS12.5m, 
or CSl.25. a year earlier. 
Revenues edged up to C$2S6m 
from CS258m. 

The company blamed the 
profits drop on continued excess 
refining capacity in eastern 
Canada and tight margins. 
Petrochemical sales rose by 


37 per cent however, and prices 
improved. 

Canada Safeway, the largest 
supermarket group in western 
Canada, earned CS3L6m in the 
24 weeks ended June 17. against 
CSl9m a year earlier. Revenues 
were CSS86m compared with 
CSlbn. 

From Toronto, IAC. the sales 
finance and leasing group which 
is transforming itself into a 


MONTREAL, August 15. 

chartered bank in the next ten 
years, earned C$12.1m. or S6 
cents a share, in the first half, 
against CS155m. or CS1J.4 a year 
earlier. Revenues were CS1 25m 
against CSll9m. 

Thomson Newspapers turned 
in first half earnings of 525.5m. 
or 51 cents a share against 821m 
or 42 cents a share a year earlier. 
Revenues were 8147m against 
5121m. 


Dresser Industries earnings on target 


BY OUR FINANCIAL STAFF 

DRESSER INDUSTRIES, whose 
S144m oil equipment sale to the 
Soviet Union has now been given 
The official go-ahead after doubts 
in the wake of July’s dissident 
trials in Moscow, expects earn- 
ings this year to be within its 
long-term goal of a 10-15 per 
cent annual improvement 
This is despite an increase of 


only just over 7 per cent in the 
third quarter to $50.2m by the 
Dallas-based manufacturer of 
equipment for the oil, gas and 
chemical industries, whose finan- 
cial year runs to the end of 
October. 

At the per share level, earn- 
ings moved up to .8128 from 
$120, while revenues showed a 
gain Of 21 per cent, to 5779m. 


Dresser’s results for the first 
nine months were -more in line 
with its stated objectives, how- 
ever. with earnings advancing 
by 11.5 per cent -to 5137.7m. On 
a per share basis, they emerged 
at $3.52 compared with 53J.7. 

Dresser's earnings for the 
1976-77 year amounted to 5185m, 
or 54.75 a share, on revenues of 
52.54bn. 


Pacemakers 

INDIANAPOLIS. August 15. 
ELI LILLY, the chemicals and 
cosureties group, has agreed In 
principle to buy Cardiac Pace- 
makers Inc. for 81262m worth 
of common stock. 

Lilly said the agreement 
calls for the issue of 025 
shares of Lilly common stock 
for each share of Cardiac, or 
some 229 m Lilly shares worth 
about S126^m at current 
market priees. 

The transaction is subject to 
a ■' definitive agreement, 
approval of both companies' 
boards of directors and Cardiac 
shareholders, and Securities 
Exchange Commission ap- 
proval for the issue or Lilly 
stock. 

Cardiac had sales of 5322m 
in 1977 and S2 2. 8m for the first 
six months of 1978. 

U.S. launch 
by Schweppes 

By Our Own Correspondent 
NEW YORK. August 15. 
SCHWEPPES USA is planning 
a major attack on the American 
soft drinks market with a new 
citrus flavoured beverage 
called Rondo. 

Weil established in the U.S. , 
as a manufacturer of mixed 
drinks, Schweppes has hitherto 
stayed out of the highly com- : 
petitive soft drink sector. It is 
now taking tbe plunge at a 1 
time when the market is show- i 
ing good growth and manufac- 
turers' profits are on the j 
Increase. 

The top five soft drink 
makers scored a 7 to 8 per cent 
gain In sales last year and they 
are expected to advance by up 
to 6 per cent (his year. 

EUROBONDS 

Straight dollar 
issues ease 

By Mary Campbell 
FOREIGN exchange market 
developments seemed to become 
a more important factor for 
dollar bond investors yesterday 
than the continuing fall in dollar 
interest rates. Prices of straight 
dollar bonds were off a good 
quarter of a point on average 
yesterday in what dealers said 
was good turnover. This was 
despite the Assumption Day 
holiday which closed the markets 
in Catholic countries. 

In the D-Mark sector, activity 
has fallen from last week's 
levels, particularly In the domes- 
tic market. 

Society Generate is expected 
to announce an eight-year $25m 
floating rate note for FRAB 
Bank today. Indicated terms in- 
clude a margin over inter-bank 
rates of a quarter of a point 
with the minimum rate set at 
6} per cent. 


BY CHARLES BATCHELOR 

AKZO, the Dutch chemicals and 
fibres group, achieved the 
expected improvement in profit 
in the second quarter of 1978, 
but a sharply higher tax charge 
reduced the return at the net 
leveL The group repeated its 
forecast that results -for the fuff 
year will show a return to profit 
for the period as a whale. This 
modest upturn is expected to con- 
tinue into 1979, Mr. . ttnud 
Overall, administrative director, 
told a Press conference. 

The current quarter of this 
vear is expected to show the 
usual seasonal downturn, 
although it is unclear whether 
this will exceed tbe accumulated 
profit of the first two quarters. 

The company reported a net 
profit of Fi 13.3m (S&3m) in 
the second quarter compared 
with a loss of Fl 2.6m in the 
corresponding 1977 quarter. This 
meant that first half profit was 52 


Per cent higher at FI 155ra com- 
bared with' Ft 10.4m. Net earn- 
ings rose to Fl 0.45 per Fl -0 
nominal share from a loss of 
Fl 0.09 last time. Profit P« share 
in the first half was Fl 0-53 
against Fl 0-35. 

Sales in the second quarter 
were 3 per cent higher at 
-Fl 2.6 ibn (S126bn), while in the 
first half sales rose 1 per cent 
tb Fl 5,32bn. Volume sales rose 
2 per cent, while the company 
also managed to increase prices 
by 2 per eem. However, a 4 per 
cent loss oo currency movements, 
notably the 10 per cent decline 
of the dollar against the guilder, 
cancelled out these two factors, 
and tbe 1 per cent rise in turn- 
over came from acquisitions, 
among them the French company 
RETI. 

Akzo's operating profit rose to 
Fl 101.6m in the second quarter 
from Fl 76.Sm. and lo Fl 191.7m 
in the first half against Fl 16L7m. 


AMSTERDAM, August 15. 

No taxes could be set against 
losses In Holland and tbe tax 
charge was Fl 35.1m in the latest 
quarter against Fl 17.4m i o. 1977. 

Cost-cutting measures further 
reduced the losses from chemical 
fibres in Western - Europe, 
although increased competition 
depressed the performance of 
industrial yarns. . The fibros divi- 
sion' made an operating profit of 
Fl 12m in the second -quarter 
compared with a loss of Fl 14m. 
of Fl im against a Fl 30m loss. 
And the first half showed a profit 
Results in tbe chemicals divi- 
sion were less satisfactory, how- 
ever. partly due' to increased 
competition from East European 
exports— and first half operating 
profit fell to Kl 64m from Fl 75m- 
ja the pharmaceuticals and 
consumer produets division, first 
half profit rose to Fl 127a from 
FI U7m. 

See Lex 


Dutch bank lifts profit 
by 16 % in six months 

BY OUR OWN CORRESPONDENT AMSTERDAM. August 15. 


NEDERLAND SCHE Middeh- 
standsbank (NMB), Holland’s 
fourthr largest bank, lifted net 
profit by 16 per cent in the first 
half of-1978 to Fl 56.4m <S2B.7m) 
from Fl 4S.8m. Its balance sheet 
total rose 14 per cent to Fl 31bn 
(S14.7bn) from Fl 27.3m at the 
end of 1977. 

Last week ABN and Autro 
reported rises in profit of about 
one-fifth. However the growth of 
NT/IB's balance sheet falls 
between those of its two larger 
rivals which were 9 per cent and 
21 per cent for ABN and Autro 
respectively. 

NMB described its first half 
performance as " satisfactory " 
and said that provided interest 
rate margins are maintained 
profits for the year as a whole 
should rise by at least the first 
half rate of 16 per cent: in 197/ 
the bank increased profits by 26 
per cenL 

Income rose oy 12 per cent to 


Fl 479m while costs rose by 11 
.per cent to Fl £2Stn. NMB paid 
-Fl 45.7m into re»tf*ve* compared 
with Fl 4i.li.Tt in me firtt half 
of last vear. The tax charge rose 
to Fl 43.3m from Fl 37.5m. 

Interest margins are at a 
relativelv low level in the first 
half but have since shown “some 
improvement.” Liable capital 
rose to Fl l.lbn from FI 1.04bn in 
the six months. 

• Bond coupons tn Holland con- 
tinue lo irse depsite the success 
earlier this month of hte state 
tender offer. ABN. the leading 
Dutch bank, is to raise Fl 150m 
by an issue of 10- year bonds 
with a coupon of S£ per cent, 
which is a full half point above 
the coupon attached to the 
Government issue. 

The recent state tender issue 
attracted applications for Fl 700m 
in bonds, or more than half the 
Fl l.Sbn raised by this year's 
three previous state offerings. 


Sandvik first half rise 


BY JOHN WALKER 

THE SWEDISH special steel con- 
cern Sandvik's order intake dur 
ing the first half of this year 
amounted to SKr 2.7b a. an 
increase of 25 per cent over the 
same period in 1977. Group sales 
in the first half amounted to 
SKr ’ 2.5bn compared with 
SKr 2.1bn. 

The order intake is forecast 
to continue to increase in the 
second half of this year, and 
total sales for the whole of 1978 
are expected to rise by 18 per 
cent to SKr 5.3bn. compared with 
SKr 4.5bn In the corresponding 
period in 1977. i 

Pre-tax profit for the group for' 


STOCKHOLM. August 15. 

the first half of this year amounts 
to SKr 268m <S61m> compared 
with SKr 236 in the same period 
last year, hut It appears that the 
second half micht nor be quite as 
good as the first. Pre-tax profit 
for the whole of 1978 is forecasi 
as SKr 470m. compared wttb 
SKr 471m in 1977. . 

Operating costs in the first 
half of 197S amounted to 
SKr 2bn compared with SKr l.Tbn 
in the corresponding period in 
the previous year. Forecast 
operating costs for the whole of 
1978 are SKr 4.Sm compared with 
SKr 3.7m for the whole of 1977. 


Purcell 

Graham to deal 11 
in London 

By Mary Campbell 

PURCELL GRAHAM, a broker of ' ! ^ 
corporate bonds and preference - 
shares on the New York and 
American stock exchanges. Is 
starting to trade Eurobonds next 
Monday from a branch in Lon- 
don. 

In contrast to existing Euro- 
bond dealers (he branch will 
restrict itself to dealing between 
other brokers in a manner more 
i akin to the business of foreign 
exchange and money brokers In 
London than Eurobond dealers. 

The company will initially 
specialise in yankee and Euro- 
dollar bonds plus the World 
Bank's dollar-dcnomihatcd issues 
concentrating on about 50 issues 
to start with. It will start busl* 
ness with three dealers. The aim 
is to have direct lines to tbe 
fifteen or twenty top Eurobond 
dealers in London, though only 
five will be installed by next 
Monday. In time and If the 
current venture is successful, it 
would expand the list of bonds 
it trades and set up direct lines 
to dealers on the European 
continent. It aims to make a 
turn of about an eighth on each 
deal. It would not hold bonds 
for its own account. 

As an intermediary. Purcell 
Graham would give professionals 
an opportunity to remain 
anonymous in deals with each 
other. Any dealer wftnld he able " 
to tell Purcell Graham details of - 
bonds he had to offer or wanted 
to buy, information which would 
not be passed on to other pro- 
fessionaLs. 

The Inter-broker function con- 
sisting of brokers who do not 
take positions and deal only be- 
tween other brokers is a regular 
feature of the U.S. stock market 
Other U.S. brokers involved in 
this busines are considering 
setting it up in London. 


THE NOTTINGHAM MANUFACTURING 
COMPANY, LIMITED 

Interim Report for the six months ended 30th Jane, 1978 

Group results (unaudited) for tbe six months ended 30th June 1978 are as follows: 

6 months 1978 6 months 1977 Year 1977 

Turnover £62,265.000 £55.079.000 £128,285,000 

Profit before Taxation 

Profit on trading £4^40,000 £3.721,000 £12,460,000 

Investment Income 969,000 - 1,026,000 1,883,000 

Profit on disposal of investments ■ 114,000 139.000 1,371,000 

5,323.000 • 4.886,000 15.713,000 

Less: Interest on 6j% Convertible 

Unsecured Loan Stock 1993/98 345,000 . 349.000 696,000 

£4,978,000 £4,537,000 £15,017,000 

Profit after taxation (see Note) £3,485,000 £3,171,000 £10,501,000 

Note : Taxation has been charged for 1978 at the estimated rate payable for the year. The 
charge for taxation for the first six months of 1977 has been adjusted to reflect tbe 
change in accounting policy for provision of deferred taxation. 

Turnover and profit for the first six months of the year are normally, due to seasonal 
factors, less than those of the second six months. 

The Directors have declared an Interim Dividend of 4% (lp per share) against a com- 
parable rate of 3.648% (0.912p per share) as an Interim Dividend for 1977. Tbe Interim 
Dividend, requiring £519.000, is payable on 1st December 1978 to shareholders oa the 
register on 30th October I97S. 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


BUILDING SOCIETY INTEREST RATES 


STRAIGHTS 

Alcan Australia 8ipc 1989 971 

AMEV flpc 1987 95| 

Australia Sipc 1993 93} 

Australian M. A S. 81 pc It 99} 
Barclays Bank 81 pc >992 .. 95| 

Bowater 9}pc 199! $9j 

Can. N. Railway Slue 1886 sjj 
C redit National Sipc 1886 .. 97 

Denmark 8jpc 1984 — 98! 

ECS 9pc 1993 — 99} 

ECS 81 pc 1997 93* 

BIB 8tPC 1892 ... 9fl} 

EMI «PC UH9 93} 

Ericsain 8}pc 1989 971 

Esso 8pc 1988 NOT 99} 

Gt. Lakes Paper 8ipc 1984 98} 

Hameisley 9}pc 1993 101 

Hydro Quebec 9pc 1992 ... 97} 

ICI 8Jpc 1987 95} 

ISE Canada 9}pc 1988 1U3} 

Macmillan Btaedcl Spc 1993 97* 

Massey Ferguson BSpc *91 93} 

MlcbeUu 9} pc 1988 100 

Midland lot. Flu. 8 !pc *92 *97} 
National Coal Bd. Spc 1987 931 - 

National Wstmaetr. 3 pc to 101} 
NatL Wstxnnstr. 9 pc ‘96 ’B’ 1011 
Newfoundland Spc 1989 . 100* 

Nordic Hit. Bank 8}pc 1989 971 

Norees Korn. Bk. 8}pc 1992 95i 

Norplpe 84pc 1989 . as* 

SorsK Hydro Sipc U9s ... 93} 

Oslo 8pe 1988 — .. loo 

Ports AutoDomes 9uc 1991 98 

Prov. Quebec 9pc 1993 ... . 94} 

Prov. Saskatcfawn. SJpc TO 97} 

Reed International Spc 1997 93 

RHM Spc 1992 — 9A 

Selection Trust SJpc 1989 . sis 

Shell lull. Fin. Sipc 1990... 93} 

Skand. Easktlda 9pc 1991... 99} 

SKF Spc 1987 913 

Sweden iK'domi Sipc 1997 95 


This advertisement complies with the requirements of the Council of The Stock Exchange. 

Export Development Corporation 

(An agent of Her Majesty in right of Canada) 

wit w 

Societe pour I’expansion des exportations 

(Mandataire de Sa Majeste du chef du Canada) 

U.S. $125,000,000 

8-60% Notes Due August15,1983 

Ihc syndicate managed by the following has agrecil to subscribe or procure subscribers for the Notes: 

Salomon Brothers Wood Gundy Incorporated 

The Notes, issued at S'60 per cent, have been admitted io tlie Official List by the Council of The Stock Exchange. 
Interest j> payable semi-annually on February 15 and August 15. the first payment being made on February 15, 1979. 

Full particulars of the Notes and the Corporal ion are available in the E\tel Statistical Service and may be 
obtained during usual business hours up tu and including August 30, 197S from' the brokers to the issue; — 


August 16, 1978 


R. iNivison & Co. 
25 Austin Friars 
London EC2N 2JB 




United Biscuits 9pc 2989 _ $8} 

98} Volvo 8 PC 1987 March 94 

|2 NOTES 

1001 Australia 7}pc IPS4 931 

98} Bell Canada 7 1 pc 1987 98} 

99} Br. Columbia Hyd 7 ipc ‘85 94} 

96} Can. Pac. 8}pc 1984 .... 98} 

973 Dow Chemical Spc 198S _. 97} 

99} ECS 7}pc 1882 94} 

100 ECS Sipc 1989 94* 

96 EEC 7 Jpc 1982 951 

97} EEC 7Spc 1984 94} 

99} Enso Catron Sipc 1984 96 

98} Gotaverken 71 pc 1982 . — 951 

100 Koch urns 8pc 1983 963 

99 Michelln 8 } dc !Bg3 .... „ 981 

10U Montreal Urban Sipc 1981 99} 

99 New Brunswick Spc 1984 . 97} 

98} New Bruns Prov. Sloe '83 99} 

104 New Zealand 8ipc 1986 983 

98 Nordic inv. Bk. 7Jpc 1984 94 

M Norsk Hydro 7 Jpc 1932 ...... BM 

I90j Norway 7ipc 1982 93} 

m Ontario Hydro Spc 1987 ... 931 

oji S laser 87pe 1982 99} 

|05 S. Of Scot. Eke. SiPC 1981 98 

102} Sweden (K’doml 7} pc 1832 941 

ini Swedish Slate Co. 73pc *82 951 

Telraex Sipc 19*4 99i 

Tenneco 7Jpc 1987 May 91} 
97} Volkswagen 7toc 1987 95} 

sterling bonds 
aoi Allied Breweries IWpc *90 BLi 

97 Citicorp 10pc 1993 — 93} 

mi CourtauUs 9 1 pc 1988 90} 

95 ECS 9 3 pc 1989 95 

os,’ EIB 93PC 1988 98} 

92i Era 9Ipc 1992 94} . 

94> Finance for Ind. SJpc 1987 93} 

99> Finance for Ind. lDpc 1989 '95i 

92t Flwns lOipc 1987 983 

953 Cestemer 11 DC 1985 9W 

r\A iOpc 19SS 94 

Rownuee lOipc 1988 93 

— -w Sears 103 pc 1988 94 

Total on 9 Ipc 1984 91} 

DM BONOS 

Aslan Dev. Bank 5}pc 1988 933 

BNDE 6} pc 1986 96} 

Canada 4,’pc 1983 97} 

Den Norske Ind. Bk. Spc VO 9S* 
Deutsche Bank <Jpc 19S3 .. Mi 

ECS Sipc VW> K 

EIB Sipc 1990 913 

EU A poll nine Sipc 1988 ... 93 

Eitminrn 53pc IW7 961 

Finland Sipc I9w 94} 

Forgmarks sipc 1990 95 

Mexico 6 pc 1983 93 

Norccm 5Ipc 1959 93 

Norway 4 Ipc 19S3 M,’ 

Norway 43pc 1883 95} 

PJt Binlcen SI pc ZPSS 347 

Prov. Queber 8 DC 1990 Mi 

RautarnukkJ tfpc 19S3 S3 

Spain 6pc 1988 . 94} 

Tnoodbctni anc 1958 94} 

TV0 Power Co. ipc 15S8... M 

Venezuela 8pe UBS . 911 

World Bank 3lPc 1990 95} 

FLOATING RATE NOTES 
Bank of Tokyo 1884 Sipc ... 99 

BFCE 1954 Slue 981 

BNP 1993 8I16PC 591 

BQB Worms 1985 9 pc ...... 98 

CCP 1985 SJpc 98} 

CftASe Uanhnn. -93 9Si6Pd 98 

Creditanstalt 1984 8 Jpc 98 i 

DC Bank 1982 9 pc 993 

GZB 1981 8I|6 Dc 993 

fori. Westminster 1984 spc 99; 

Lloyds 1 0X1 siswpe 

LTCB 1983 Spc 992 

Midland Int. FS *93 97u Mi 

Midland for. FS X7 SO16DC 98} 

Nat. Wstminstr. "80 95uoc os: 

ORB 1983 Koc SB? 

SNCF 1985 95(6pc 99 

Stand, and ChtnL '84 Sipc ssi 

Scarce: While Weld Securities. 

CONVERTIBLES 

American Express 4‘pe ‘87 ES} 

Ashland 5pc 1988 101 

Babcock 4 Wilcox Toe ‘SJ 122 
Beatrice Foods 4! pc 1932 . 9$ 

Beatrice Foods 41 dc lte2... utu 

Becdum 63 pc 1993 1121 

Borden ape 1992 98 

Broadway Hate 4,’pc (937,. . 751 

Carnation 4 pc 1997 75} 

_ Chevron Spe ibss 133 

■J Dan 4tiK 1987 Si 


Wee BU Of 

99 Eastman Kodak live W8S 87} 1 

941 Economic Labs. 4*pc 1987 77} 

Firestone 5pc 1988 ...... .... 78 

Ford spe 1988 ftt 

wi General Electric 4ipc 1987 S4 

971 Gillette 43pc 1987 ....... .. 77 

» GOUld 5pc 1987 126, 

m Gulf and Western 60c 1988 88} 

ss Harris Spc 1992 2M 2 

ju Honeywell Gpc 1988 *7 

93 ICI 6[pc 1992 85 

1NA 8 pc 1997 98 1 

SJ Sooree: Kidder. Peabody Securities. 


GREENWICH 


(81-8S8 8212} 

Kl Greenwich Hbtb Road. 

Greenwich. SElO 8NL. 

’Deposit Rate 6.45*0. Share Accounts 
6J90%. Sub*pu. Shares 7.99%. Term 
Shares 2 m. i% above share rate. 
3 yrs. l’i above share rate- Interest 
paid Quarterly on sbarcs/tenn shares. 
Monthly Income shares fi R0%. 


LONDON GOLDHAWK 

OO-MSUZX) 

13 17 Chiswick HUA Road, 
London W4 3NG. 


Deposit Raw fi.45. Share Accounts 6J3. 
Sub pn. Shares 8-20. 


This advertisement appears as a matter of record only. 

Empresa Nacional del 
Petroleo, S.A. 

ENPETROL 

U.S. $60,000,060 

Medium-term Loan 

managed by 

Bankers Trust International limited Chase Manhatt an limited' 
Compagnie Financier e de la Deutsche Bank AG 
Manufacturers Hanover limited 

omanagedby 

Banco de Vizcaya, S Ju : Barclays Bank International limited 
Citicorp International Group The Mitsubishi Bank, T 
The Mitsubishi Trust and BanKog Coxporanoa Toronto Dominion Bank 

provided by 

Bankers Trust Company Compagnie FinandSre dels Deutsche AG 

Manufacturers Hanover Trust Company The Chase Manhattan Bank, NJL 

Banco de Vizcaya, SA. Barclays Bank International limited Citib ank, NA. 
The Mitsubishi Bank, Limited The Mitsubishi Trust and Banking Corporation 

Toronto Dominion Bank 


July, 197s 






I 



* 



u. 


5 1 ; ill 
ir ‘ \ 

1 




del 


Financial Times Wednesday August 16 1978 


! NIL. FINANCIAL AND COMPANY NE WS 


JAPANESE TRADING HOUSES 

Setbacks for 



and Marubeni 


BY OUR FINANCIAL STAFF 

MITSUBISHI CORPORATION, 
Japan's largest trading bouse, 
has reported a fall of 33.1 per 
cent in consolidated net profit, 
i» Y22Jbn <$121m) for the year 
in March 31, from mzibn the 
previous year. 

Meanwhile, another major 
trading house.. Marubeni Cor- 
poration. has -announced that its 
consolidated, net deficit for the 
year was more than double that 
of the previous year— at 
Y 16.07 bn (8S?m), against 
Y7.92ton. 

The fall at Mitsubishi resulted, 
the company said, from the 
sharp rise in the yen in the 
foreign exchange market, the 
depressed Japanese economy, 
and an increase in reserves to 
allow for such uncollectable 
trade accounts as might arise 
from business failures of some 
customers. 

Mitsubishi hopes to maintain 
profit and sales figures in . the 
current year at lost year’s levels, 
bur offers nn firm forecast, in 
view of uncertainties over the 
world economic outlook, and the 
continuing rise in the yen against 
the dollar. 

The fall in Mitsubishi’s con- 
solidated net profits— which 


follows a substantial rise in 
1976-77— is appreciably greater 
than that in those of the parent 
company. It was reported in 
May. that parent company profits 
were down by nearly 11 per 
cent to Y16.04bn, on sales some 
3 per cent lower, to TJB-3 trillion 
(million million). 

The comparison "• .between 
parent and consolidated results 
is even more striking a * Maru- 
beni— which in May reported 
that parent company profits had 
fallen to Y3£9bn, from ’Y&lSbn. 
Marubeni, which grew out of a 
textile house: .has interests in 
metals, machinery and construc- 
tion. petroleum and chemicals, 
and foodstuffs as well as - textiles. 
It has for some time been faced 
with the problem of restoring 
profits of its subsidiaries; , 

.“ Mitsubishi's consolidated turn- 
over last year fell by 22 per 
cent to Y9.76 trillion. ($53bn), 
from Y9.99 trillion. Its consoli- 
dated gross trading profit was 
reduced by 6*2 per cent to 

Y 237 16b n, from Y252-?9bn. 

. Mitsubishi’s exports increased 
S.3 per cent to YUM trillion, and 
accounted for 18JJ per/ cent of 
total turnover, against. 17 per 
cent of the year before- ;lmports 


fell by 8.4 per cent to Y2.B 
trillion, accounting for 26.6 per 
cent of the company's business, 
against 28.4 per cent 

Transactions outside Japan by 
Mitsubishi or its subsidiaries, 
were up by 7.4 per cent— and 
accounted for 10 per cent of the 
volume, compared with 9J. per 
cent 

Domestic volume totalled 
Y4.34 trillion, down 4.4 per cent, 
and amounted to 44^5 per cent 
(46.5 per cent) of the business. 

In exports, the biggest increase 
was in machinery, with ship- 
ments, mainly to developing 
countries, rising by 148 per cent 
to Y1.72 trillion. Textiles repre- 
sented the biggest decline — of 
15.1 per cent to Y472bn. Mit- 
subishi's volume leaders, ferrous 
metals and related products, 
declined 12.7 per cent to 
Y2.1 trillion. 

Net income last year amounted 
to Y24.42 per share, down from 
Y37.47. Non-diluted per . share 
income was Y23.42, against 
Y35.13. The cash dividend 
applicable to last year was Y7. 
up from Y6.60, in spite of the 
fall in earnings. There Is, how- 
ever, no special share distribu- 
tion. The . previous year there 


was a scrip issue on a one-for-20 , 
basis. * 

• Robert Wood writes from 
Tokyo: Toyobo Company, one ofj 
Japan’s leading spinners, will 
acquire 100 per cent ownership! 
of Brock Mills Corporation of] 
Canada, a textile company that 
had been owned jointly by 
Toyobo and Marubent- 

ToyobO and Harubent acquired 
the company in August 1973. It 
has not paid any dividends since. 

A Toyobo official said that his 
company had no plans to use 
Brock Mills as an export channel 
for its products, but would try. 
to reconstruct its management to • 
produce a profit for the parent 
Officials of both companies j 
declined to disclose terms of the 
transaction, but a Marubeni 
official said: “ I do not think we 
couid get any profit from it’ 

Brock Mills was described as 
Canada's fourth largest poly- 
ester textile maker. It had been 
52 per cent owned by toyobo, 
47.3 per cent by Marubeni, and 
0.7 per cent by local interests.! 
The transaction will be com- 
pleted at a special stockholders* i 
meeting in Montreal on Thurs- 
day. 


Currency, Money and Gold Markets 


Dollar recovers 
from new lows 



The IXS dollar staged a marked 
recovery i& the foreign exchange 
market yesterday afternoon. This 
was probably partly the result of 
intervention by European central 
banks,' but was also due to ner- 
vousness about the possibility of 
farther-foreign exchange controls 
bei ng ra troa need by Switzerland. 

During the morning the dollar 
was very we ak, tended to improve 
od covering of positions ahead of 
a Cabinet meeting of the Swiss 
Government today. A later report 
of a meeting between the Swiss 
National Bank and the major com- 


Pioneer 
Electronic 
improves 

TOKYO, August 15. 
PIONEER ELECTRONIC Cor- 
poration, Japan’s .leading manu- 
facturer of auido equipment, 
raised its consolidated net profits 
by 8.7 per cent in the third quar- 
ter of its financial year, revers- 
ing the downtrend in the first 
half.. Sales, however, fell by L9 
per cent. 

For the three months to Jane 
30, net profits totalled Y3.G4bn 
( 519.8m ). against Y3.34bn in the 
same period of the previous 
year. The improvement was in- 
sufficient to offset the fall in the 
firfst half, , however, and for the 
firs nine months, net profits were 
6.2 per cent lower than a year 
earlier, a YlO.Olbn. 

Pioneer attributed the im- 
provement in third quarter 
profits to price Increases In over- 
seas markets, reduced produc- 
tion costs and lower materials 
and component prices. 

Sales in the third quarter 
amounted to Y48.filbn ($286m). 
compared with Y48.44bn is the 
same period the previous year. 
For the nine months, there was 
a rise of 0.7 per cent, to 
V153.6bn. from Y1 52.5 bn. 
Agencies 


Sharp earnings fail at Abercoi 





BY OUR FINANCIAL STAFF 

ABERCOM Investments, the 
South African engineering :group, 
has reported a fall of,, 54.8 per 
cent in net earnings before 
extraordinary items for the year 
to June 30. to RJMffiiO 

from RS.09m the previous year. 
The dividend is cut to 47 cents, 
from 29 cents. 

The years resahs, . Abercom 
says, reflect narrowed margins 
and reduced work. loads, but a 
reversal of theseV conditions 
identified by the company In the 
Aprll-June quarter and the out- 
look for the current }ear is seen 
as** encouraging.’* 

profits at the Jan division 
which were down last year, are 
expected to be sustained. Design, 
engineering and... fabrication 
also produced lower - earnings 
last year, but AbercbuLls looking 
for a marked improvement in 
197S-79. The spring manufactur- 
ing division is expected to move 
into profit. . ■ 

The components, tovirion is 
said to have done! 'teett and — 
given -a continuation «xf the cur- 
rent economic climate — is 
expected to show-; -increased 
profits- . 

The year. Abercom. says, has 
been one of restnictarfag and 
consolidation, with the.manayo- 
raent structure having . been 
“ radically ” strengiheiteft alon? 
divisional lines, and fdow. areas 


such as industrial . and mining 
fans, design engineering, auto- 
motive and general industrial 
springs, and components having 
been identified, and steps taken 
to exploit overseas markets. 

The net earnings, the company 
says, are before extraordinary 
items of R2.56m primarily attri- 
butable to losses arising from 
the discontinuing of the busi- 
nesses of two subsidiaries in 
their present forms. In addition, 
the group's net assets 
have been reduced by RlJNim 
as a result of the decision that 
equity accounting is no longer 
appropriate for the valuation In 
the balance sheet of investments 
in associated companies. 

Investments in associated com- 
panies will, therefore, appear in 
the June 30 balance sheet at cost. 


which in the opinion of the 
directors is below realisable 
value. 

Turnover was slightly lower, at 
R99m (SI 13.8m). against Rl00.7m 
the previous year, while income 
before taxation fell to R4.64m, 
from RIO. 67m. 

Net income of R3.48m 
(R7.91m) was arrived at after 
taking into account approxi- 
mately Rl.5m, of which RQ.5m 
resulted from pre-closure losses 
at the two discontinued opera- 
tions, Rim from non-recurring 
provirions against stocks, debtors, 
dtvelopment and research costs, 
and potential future contract 
losses. The change in the basis 
of accounting investments in 
associated companies reduced 
net earnings by R34CL000 
(R323.000). 


Modest rise by Unisec 


mercial banks led to a further 
strengthening of the dollar, which 
closed at its best level of the day 
against most major currencies, 
and also slightly firmer on the 
day. 

The'. Swiss franc rose to a 
record- SwFr 1.5470 against the 
dolia&tbut closed at SwFrl.6065, 
compared with SwFrl.5885 on 
Monday, while the D-mark 
touched an all-time high of 
DM.L&130 in terms of the dollar, 
before finishing at DM 1.9550, 
compared with DM 1.9465 previ- 
ously- 

The Japanese yen was at a 
record Y1S1.60 against the US. 
currency in early trading, but 
closed at YIS4.77J, compared with 
Y183.70 previously. 

Central ban la in Switzerland. 
Germany, and the Bank of 
England gave some support to the 
1 douse. . and it* trade- weighted 
depreciation on Morgan Guaranty 
figures; improved slightly to 10.7 
per cent, from a record low of 
l&S-per ceni on Monday. 

The pound rose to S2.0025-2.0035 
m early trading, when the dollar 
was at it? weakest, but then eased 
to M387n with official interven- 
tion, before falling to a low point 
of $£,9720-1.0740 in the afternoon. 


in line with other currencies. 
Sterling finished at 5JL9730-LS750. 
a fail of 70 points on the day. 
Its trade-weighted index, as calcu- 
lated by the Bask of England, 
was unchanged at 62.7, after 
standing at 62£ at noon and 62.9 
in early trading. 

FRANKFURT— -Fears of pos- 
sible new foreign exchange 
controls by Switzerland ahead of 
today’s cabinet meeting, was 
probably behind the recovery of 
the dollar in early afternoon 
trading. The market was reported 
to be covering positions before 
the Swiss cabinet meeting, even 
though the president of the Swiss 
National Bank played down the 
possibility of farther controls. The 
dollar was fixed at a record low 
of DM 1.9290 against the D-mark, 
compared with DM £9532 on 
Monday, and the Bundesbank did 
not intervene. But by mid after- 
noon the US. currency had 
improved to DM1.9420, although 
trading remained nervous m title 
absence of any determined su 
port for the dollar by the U. 
The market continues to expect 
some move by the U.S. authorities, 
but has so far been disappointed. 

ZURICH— Early trading: was 
described as hysterical as the 
dollar fell to a record low of 
SwFr 1-5470, after opening at 
SwFr L5655, and compared with 
SwFr 1.5855 overnight. Conditions 
began to calm down before mid- 
day however, prompted by inter- 
vention by the Swiss authorities 
on a larger scale than has been 
seen recently. The denar’s par- 
tidal recovery may also have 
reflected covering of. positions in 
the present uncertain climate, 
with the Swiss cabinet due to 
meet today to discuss foreign 
exchange problems. By mid- 
morning the U.S. currency had 
improved to SwFr 1.5525. 

TOKYO — The Bank of Japan 
appeared reluctant to intervene 
on too large a scale to support 
the dollar, even though the cur- 
rency fell to an all time low of 
Y181B0 against the yen. before 
finishing at a record closing low 
of Y182.S5. compared . with 
Y1R4-821 on Monday. 

Oil producing countries were 
thought to be putting selling pres- 
sure on the dollar, as well as the 
large UJS. banks, bin tbe apparent 
lack of concern over the weakness 
of the dollar in the UA may have 
made the Japanese authorities un- 
willing to act on a large scale to 
attempt to stabilise the market 

Trading volume was moderately 
heavy at $573m in spot turnover, 
and Sfi9Bm in combined forward 
and swap. 


PMPM 



m 




■i 


THE POUND SPOT 

— Jlfinf" 


Aug. IS Day’s 


Spread 


Clow 


K I 


I t j9. & 

Canadian P 

UnfMer 
Belgian F. 
Danhib K 
D-llsrk 
POrt-Kaa. 
Spin. Ph. 
Lint 

Strega. K.. 
Preach Ft. 
Swedish Kn! 
Yea 

Austria. Scfa 
awiflHFr. 


7l 4 n.87S0- 

9 [SLZ4M-2.SMD 
2‘2| 4. 15-e.aU ' 
b ttua-floio- 
" I 10.62-10.73 
j E.B2-5. 87 J 

B7.iiua.6a 
W.lfrMUk 
t.61 2.1,624 
I0.I2-10-2T 
BJ44«U 
8.604.67 
5B1-568 
Z7.6a-zr.es 
3.09-4.19 


3 

la 

a 

"/■ 

9k 

Bit, 

Bis 

41b 

1 


ri_37S®-1-S7B0 

'2.2466-2^506 

4.18-4.19 
HU5-SLE5 
ffl.84-TB.G6 
VJfo-SMi 
, 87 JO-87.70 
hi? -20-147.40 
J 1,614-1.616 
p£lZ*-llU4i 
W4frBja* 

8-60-8.B2 

394-369 

274B-Z7.7B 

,3.1^-4.104 


FORWARD AGAINST £ 


One morn h • % pj. ( Tbrre months- % p.». 


0- 5Q-0.40e.prn 
0.80 JXbflr.pnij 
Z5b- liB t'-IHU i 
Itt-ltt c-jim ; 

1- Z'jOre ilia ■- 

34- 1 A Ph 'in ! 
70- 370 ir-dii 
SOtjpra-OToClis, 
5-‘» bre din !• 

4- tforedia J 

5- 'f-li c.pm 

2 «ote pm-par 
Si«-3JE ypm, 
*40-10 etc pin | 
Sie-Zse c.pm | 


3 52 ;1.42-1.32c.pin| 2.7B 
2.93 j1-35-l.25r.pm, 2.31 
G.8I pm 6.02 

2,97 '.45-JO r. um \ 2.45 
■ijS 44-61 iirc dll 1—1.07 
B.1B 4-7 pi pin \ 7.77 
■16.47,100-506 c. ills .—15.55 
per ,70c pni^Sudisi 0.54 
| — 2.B5 
0.29 
1J4 
U1 
8.45 
5JI6 
10J9 


I»r iw {nnsaovui 

<J7 10-13 Lira dl» 
033 par — um dis 
£-32 44-34 r< pni 
1-53 j4*-2i ore um 
10.68 B-85-B.4QJ- pm. 
&60 40-SD gn> pm 
10.07 [8i-7i c. pm 


Belrian rata 1* for cnnvertiMe (canes. 1/ Srt -month forward dnOar 2.80-2 JOc pa 
I' manrlal franc 6l^a.6 S . 4.S3-4-55. 


THE DOLLAR SPOT 


Guilder 2^*10-20085 2J038-2LU8S 

Belslan Pr 3C-2J-38J6 ‘U52-S1J6 

Danish Kr 5J22S^3W0 5L387SS13 

D-UarK Z.n7D-L«m LWUW> 

Port- £S — 44J&4A5D 

Lira . 8BL5042SJQQ 8E7JU43LM 

Nrwsn. Kr 5J8Ut&X3U . SJ2W-5J?nO 

French Fr urso^jstn H22B34.2'jao 

Swedish Kr 432454^515 4349S4JS15 

Ven 1S2JB-1BMO 1MJ0 -U>IjW 

Attflrla Scb — 215243. *731 

Swiss Pr XJSUVLSBS 3JMHMLS430 

* VS. cents per S- 


FORWARD AGAINST S 


One month 


p-a. Three months p.a. 


0.07-O.OSc dls —0.75 

DJ84L50C pm 2-11 

0j2£dls4UHcpm 0J3 

0-924g7ri pm 5.24 

3JD «-2Qllredis -5JS 

Par4U0cdJi -DJ0 

1.20-J-OSy pm 7J% 

UA-U)9c pm 3.M 


OJMUncdis 

US-L24CPRI 

0-07-0 Alt: pm 

^6SUDpT Pm 

U-ILTCnredis 

0.47-0 .52c ills 
3JS-3A3J pm 
2-12-2JI7c pm 


-0J6 

2M 

052 

5- 35 
-5J» 
—0.44 

6- 82 
7.13 


CURRENCY RATES 


CURRENCY MOVEMENTS 


AnpM 15 

m 

Eft-nmn 

Unit of 
Account 

Anpust 15 


StertJnc 

MASS 


Sterling 

.. 6268 

-40g 




U4. dollar 

.. B2S6 


Canadian dollar 

247460 


Canadian dollar .. 

8216 

— M.9 

Austrian schilling 


— 

Austrian schilling 

. 14226 

+14.9 

Belgian franc 

— 

— 

BelftJan franc ... . 

.. 111.24 

+125 

Danish krone ....... 

6.U4L5 



Danish krone .... 

.. 113.54 

+ 4 J 

DeoTscbe Mart ...... 



Deuisrhe Mark ... 

. 14265 

+36A 


2.78599^ 








_ 12841 


Lira ...... 

_ 




_ 101 -H 

-29 

Yen 

296.7727 



Lira . 

. 55-88 

“47J 

Norwegian krone _ 

6AB475 

— 

Yen 

. 15741 

+55.6 

Peseta ....... 

— 

— 

Based on trade weighted changes from 

Swedish krona 

— 

— 

Washington agreement December. 1972 

Swiss franc 

202429 

— 

• Bank of England 

lnde*=ieoi. 


OTHER MARKETS 


Aur. 15 


Argentina Pen-. 

A ustndin Dollar. 
Finland Markka.... 
Brazil Crnzei 
Gmw Drachma — 
Hivnir Koo" Dollar. 

Iran &*].._ 

Kuwait Dimir fKD) 
Luxembourg Franr 
Malaysia Dollar - .. 
New Z«a Is mi Dollar 
Sanrli Arabia Rival 
^mgapore Dollar... 
donth African Rand 


A 


£ 

Note Rates 


1.606-1,6 10 ( 813 .58-815.60 Au^rla— 

1.7040-1.70901 0.8554-0.6665!Bel ] jum- 

7.94l n -7^6le 4.0348-4.0349 1 Den mart 

56.53^57.53 118.506- 18.91E France 

70 JO 1-72.025(35613.-36.487 iGenuanr 

4.7700-4.7750'! tal 

p9 .402-72.442 I J spin 

0^705-0^756l.\etherlanil 

50.69-30.72 IXorvai 

2 . 2560-2.2570 Port u>al 

0^302-0.9328i5pain„ 

3.35-3.41 l^triuerland ..... 
2.2115-2.2125 L'nitei States... 
0.8700-0.8832iYugoB.lavia 


9-46-9.49 

IT 7-143 
0.574-0^44 
60 J <6-60.65 

4.47*l B -4.491" , 

l.8S90-1.8610| 

6d6 3-6.73 
4.384.40 
L 71 74- 1.7435 


■I 27.30-2840 

.( 6Us-621? 

.. -10-60-10.75 
,.-J B. 35-8.45 
.: 3 BO- 3.90 i 
1580-1610 : 
362-372 ; 

•! 4.134.2 3 
10.13-10^3 
82-39 

..I 1441c -148 

3.10-3^0 
1.9800-1.9926 
. 37X1040.00 


■Ral® elv»n fnr \r«*niin» i« irm rale 


-y 


'■> -3: 


DUFAY BITUMASTI0 LTD. 

Group Interim Statement 
for the six months ended on 30th June 1978 

The unaudited results for. the six months ended on 
aoih June IB78 were as under. Taxation provisions have been 
estimated. Unaudited figures for the six months ended 30tb 
Juno 1977 and audited figures for the 12 months ended Slst 
December 1977 are set out for comparative purposes. 

Unaudited Unaudited Audited 
Six months Six months 12 months 
to MATS to 30.6.77 

roon £*ooo 

External sales -L938 LKJ1 


Vo 31.12.77 

rooo 

9.S15 


Profit before taxation ... 

375 

80S 

eoi 

Taxation 

: 195 

161 

308 

Profit after taxation — ... 

180 

147 

2» 

Dividends . 

67 

65 

156 

Profit retained 

113 

&! 

139 

Earnings per share ' . 

L62p 

I52p 

2.66p 


The increase In profitability of some as compared 
with the corresponding period oT last year, is due entirely 
to the policy adopted by your Company in pursuing other 
outlets for more technically sophisticated types of surf are 
coatings. 

There has been no uplift in the demand for pipeline 
enamels but indications of a return to activity in this field 
are encouraging. With .the reported modifications in the 
Hebburn plant, now fully' completed, your Company is weft-;, 
placed to take full advantage of an increase in demand for 
its products when it occurs. 

It is anticipated that ihc reSnlts for the- second half of 
tbr current year will prove to be- satisfactory. 

Following the reduction in the basic rate of income tax 
from 34% to 38% and In keeping with the Chairman’s State- 
ment which formed part of the 1977 Report and Accounts, 
your Directors have; declared- a further dividend In respect 
of the year ended 31st December 1977 of 0.0124Wp per 
Ordinary share.*. 

Yoor Directors have declared an interim dividend 
of 0.5S7508P (03S3333P— 1977 j per Ordinary share on the 
cupital os increased by the 1 for 5 scrip Iwio of 15th May . 
1978. Payment of these dividends totalling ftfip will be made -j 
an i6th October 1978 to shareholders on the register on. 
llth September 1978. 

a ATTWOOD . 

- - Chairman. 


BY HtANCIS GrtttiS p JC hederal open marker tom- uncommitted reserves to each call money at 8 per cent, com- 

BAST EUROPEAN entitles are due this year. the U A Federal Reserve oiher. jrared wdth 3.05 per cent pre- 

Hntnino i ho nupup of borrowers The bank* ar«*ue that in Inf '' J^terday as the dollar The majority of the committee, viously. One-month funds declined 
ffLLkin! 4 (totonnined view of toe iwrrowin” Mach** further record lows in the particularly Mr. William Milner, to S.45 per cent from 35 per cent; 

28® »? “ft”* a tP ™i needs of iS theS^s S2 ««*»««» ™rkeL ^ the Fed chairman, are expected three-ni^to to *& 5 per rent from 

effort to get finer terms on ine needs or iiii mere is iinie win! cc , mrn:; tee. which decides US. to take the line that nothing 3.7 per cent: and six-month to 4 

loans they raise. The loan for in n on very fine jr..ir-:::-ry policy, tvas nor should be done at present that per ceat from 4^5 per cent, 

the International Investment since there is a particular -y gener^. y- expected to make any may harm the economy, parti cu- __ 

Sank fUB) increased from an strong chance that ^ they will be mi't move 10 further tighten larlv since inflationary fears have AMSTERDAM— Cali money rose 
Initial S450m to S500m. Is now in able to lend on better terms crcd.: vonditions however. Slower tended to abate recently. *° 4.75^5 per cent from 34 per 

the market Terms include a later. qro'-V 1 in ^ Ipuney supply, and Committee meetings in recent aend period rates were also 

maturity of 10 years with a five Banking sources sax that Bar- a '**»kenuig of the domestic months have generally led to a flrm®r. with one-month _ rising to 
War grace period and a spread clays Bank is arranging a loan of may Prompt a wait and Lightening of policy, with the 6-®-25 per cent from a-75-6 per 

Ml sir cent for toe first two and SBftfSwS SSPff iS5 S ^ •flvSS' ^i? e h ra a le Thich 0D ! ed risin ? ZFJSttTSiJFs 

ne raie unicn ( rorn gj per gent to 71 per cent P er cent from R25-6.J per cent. 

loans to com- j n four months, if a holding and six-month to 7.125-755 per 


for the remainder. 

, The commitment fee is i per stood 
taint (or the first three months eight 


• • 


• \VV«V/»VV.V*V»VA%V»YiVaV/. , .» . 

us $ 20 , 000,000 •; 

Floating Rata London-DoUar Negotiable 
Certificates of Deposit, due August, 19S0 


| n i Banque Nationale 
% ^ ^ Paris Limited 


BNP 


In ccMrcfenco v.ilh Tire provisions of lha Cerlifcles, 
nov.ee is Itoreby given ti’iatfcr the six months interest 
piMiod f«cm August iBTfv 3 97fl to Februar/ 

1979, the Certificates wil carry 50 Inieresi Rote of 
SV,-.?a per annum. The refevam interest payment date 
wiil bo FobrJ3TV r 1 64fc 1 579. . ' 




•* 


-. CfccStSuiw® Who Weld Umiied 

AfiefttBonk 

***1V/AV/*V/*V«V#V*%V»*V**V<***'* 


BY RICHARD ROLFE 

UNISEC GROUP, the second 
largest investment trust in South 
Africa, arier First Union and 
tleneral, has reported a modest 
rise in first half profits to June 
30. At the pre-tax level, the 
advance is from R3.3m to R3.4m 
«U,S-$3.9lm) and at the net 
attributable level the improve- 
ment is from 6.4c to 6.7c. The 
latter figure excludes at'tribut- 
hle retained earnings of the 
irnperty-owmng subsidiary, 
Vudex, which would have added 
aaniher 0.5c to the earninss per 
snare total. 

ie interim dividend has been 
held, at 4c, but the directors 
forecast that slightly higher 
earnings will be achieved than in 
1977 and a total dividend up 
from 10.Sc to 10.75c is expected. 
The share 1 ; at 120c therefore 
yield 9 per cent, slightly above 
the market average. Asset value 
has risen from 164c a year ago 
to 179c. putting tbe shares on a 
discount of 49 per cent. Market 
value of listed securities is 
R2S.2m compared with a figure 


JOHANNESBURG. August 15. 

of R2Sm at December 31. an im- 
provement considerably less 
than the standard market in- 
dices. 

The Boatris of Rembrandt Group 
and of it? 5S per cent subsidiary 
Oude Aleester, whose minority 
shareholders Rembrandt is 
attempting to buy out at 60c aer 
share, have released a statement 
indicating that they consider tbe 
terms proposed to be fair and 
reasonable. They also say they 
Intend to accept in respect of 
their own shareholding, writes 
Richard Rolfe from Johannes- 
burg, 

It is added that although the 
tenns have been accepted as 
fair and reasonable by Centra: 
Merchant Bank (SenhaDk). ic 
view of criticism in the financial 
Press, Barclays National Mer- 
chant Bank has been retained to 
give advice to the outside share- 
holders. Shares in Oude Meester. 
which is the only significant 
liquor investment in Johannes- 
burg other than S\ Breweries, 
remain suspended. 


EXCHANGE CROSS-RATES 


T r -Aiai. 1- 

Pm mi MeriiULi 

L.S. LV4.li! 

lUeiiix-tM’.Mcrt 

J*l«oeue l«n 

Lieu U tutor 

t'nuftc 

Uutcn bui«.iei 

llaiiftU Urn 

Innu.iu Uunuf 

Belgian Franc 

KkiBA-Sreriiffj 

1. 

1.974 

3.660 

365.0 

8-355 

3.175 

4.185 

1615. 

2.250 


t ! A liter 

0.507 

1. 

1.955 

184.9 

4.235 

1.6081 

2.120 

81B.1 

1.140 

30.70 



0.511 

1. 

94.56 

2.165 

o.ezaf 

1.034 

418.4 

0.583 

15.70 


2.740 

5.408 

10.58 

1000. 

22^9 

8.69S 

11.47 

4425. 

6.163 

166.0 


1.197 

2.363 

4.620 

436.9 

10. 

''3 AID 

5.009 

1933. 

2.692 

72.63 

S'nsi AftS' 

0.316 

0.622 

1.216 

115.0 

2.631 

■ a. 

1.31B 

508.7 

0.709 

19.09 

L .B ’i 

0.239 

0.472 

0.922 

87^3 

L996 

0.7B9 

1. 

385.9 

0.538 

14.48 

ill* ». y* 

0.619 

1.222 

2.390 

226.0 

5.173 

1 - 9 P 6 

2.591 

1000. 

1^93 

37.52 

. -fU'-iMt:: UoMei 

0.4*75 


1.716 

162.3 

MbJm 

1.401 

1.860 

717.9 

1. 

26.94 

«-nii ftane 1. 

1.650 

3.257 

6.370 

602.3 

mmm 

5.2S9 

6.906 

2665. 

3.712 

100. 


EURO-CURRENCY INTEREST RATES* 


.x 1: 

rlerliJtfl 

LuLulIlhJJ 

LViI^r 

V.>. Dollar 

Dutch Uuinlei 

| ejwiri. tram- 

IV. Uen tan 
Unca 

l rcDL-ti I'ntnc ! 

! Italian Lira | 

| a had s 

J Japanese Ten * 



_ 1 ...l • " UuLk-t- 

; ••□ita.. ; 

13-15 ' 

i2i..-isis ; 
.l^.i2i( l 
1 !>!!*: j 

d-9 

89 
&. B 

Sr, 9, : 

'i^iO 

7'i-cla 

7;.. Bf;. 

Big tit 

4U-4Jt i 

4ij 4i 4 

4 

5<i-6| a | 

iffSifc 

21!^3Sb 

21**6, 

21g<, 

3l B -3l4 

7i,-7S, | 

'6e 75, i 

J 

8>j 9 

9-12 

121-1312 

13-14 

1311-141, 

d^l. 

E||j 

r ..i 

llis-lris ! 

9!g tti 

BSi-9 

6Ja-6i» 1 



ib-iuts 1 

141J--15X, 




Tr. roCW jjs r.onvs3i rates wr<- uuoted for London dollar certificates of deposit: One month SMS-8.10 per cent: three months per cent: six months S-50-8.M 

:r 1 . •" ou y jr wr scat. 

L-j-. :- teon EnTo4i}5ar deposits: win sears 8LStf,-9iv& pec cent; three sears Bt|6- 9 Jjs per wot;; Cow years 9Si6-0Si6 P« wnf. five years S5 ib-Q7i 6 per mw somlna) 
.:o; : .. -ates. 

f --"-term m’w are caR for stcriuut. US. dollars and Canadian dollars: two dJ7S' nonce for guilders and Swiss francs. Asian rates are dosim: rates In Singapore 


MEDIUM-TERM CREDITS 


INTERNATIONAL MONEY MARKET 


IIB squeezes loan terms U:S. credit policy meeting 



deal” basis Terms are under- nema' tafi) cannoi.be ruled shwSd now be aSoptSi. rent Irom 6.75^7 ^r renL 

to include a maturity of ou: m ihe near future if the do!- [his^ will be the first time that — - 


than that paid by UB on Its last The lead manager is inviting 
loan. Participation fees, also banks into the management 
lower this time round, are: for group on the basis of a £ per 
amounts of S25m plus, 4 per cent cent management fee for com- 
fpltis status of co-manager; for mitments of at least S20m. The 
amounts of Sl^S34m> 4 per cent: overall management fee is 3 per 
for amounts of S10-S14m, 1 per cent. A number of U.S. banks 
,cent; for amounts of $6-S9m, 5 per have turned down participation 
Cent: and for amounts of S2-$5m, in this loan because they believe 
,4 per cent. , terms are too fine and the 

The loan agreement, which is amount of the loan rather ambi- 
under German law, includes a tious for Romania. 

[prepayment penalty clause which Barclays yesterday refused to 
prevents prepayments for at comment on these reports, 
least one year after each draw- Mexico’s Financiers National 


HONG KONG— Money market 
were easy, with call 
money falling to 4g per cent from 

-Interbank money 45 por rent, and overnight funds 

This :« the rate that banks lent market rates were easier, with unchanged at^l per cent. 


_ years with four years lar remains under heavy pressure, there his hem no chanee store * 

rising to * per cent for tbe grace and a spread of S per cent The d' -count rate is at present -jj \iareh meetinc E 
remainder and the management for the first three years rising to ; i ^ er KHawKFintT Tn»« 


UK MONEY MARKET 


GOLD 


Late 

fall 


Small assistance 


Bank, of En glan d M inim um 
Lending Bate ZO per cent 
<4inee Jane 8, 1078) 

Day-io-day 


credit was 


night to the houses, a slight m- again to 84-SJ per cent, before 
crease in Lhe note circulation, and rising to 9-91 per rent in toe 
a modest surplus of revenue pay- afternoon, and dosing at 7-S per 
rnents to toe Exchequer over cent. 

L n Government disbursements. . Short-term fixed period interest 

up to S} rates were fleowaljy easier at the 
call loans, steady °P enin 2 

3S.ofTp7r‘ ’JSL ISAS SS Sl-grtf were 

ltf.the courst of the third year mg the deal on a private basis? treasury ton^he dteSSt *,* u ^ tZ^lSSjPXl Monday - e f rt sed 

One nf 3 nor cent for those made Just fiiened i* the Sfiflflm fin- hnuses m tnscouni jj, interbank market over- to ' .?A-9tSr Per cent at the close. 

»2the couraeof the fourth year ere?Md from Si InitSlSoS D °^t' , ni s hl °Peoed at SJ-9 per while the one-year eased 10 9*-D? 

one of 4 ner cenL and for those Swlmbp irw-i <v?r brought forward surplus rent, and eased to S**S1 per rent, .cart from an unchanp 

Sute f to^fte? l, one of i Sr f«? y J f «r ba,2ncc ^,^™ Monday, but this before returning to Sffl per cent open mg level of 9j. 9} p or rent- 

made Thereafter one of » pe Jn a spread of 1 per cenl was ovv-'-ejehed by repayment of on expectations of a slight short- Rates ln the table below are 

“BLdner Bank is lud^n^r {h™ ?«n“ Bartm lent over - ^ of =,^11 eretfit Rates eased aoeueal ta same cases, 

god the management group Is national. Libra Bank. Lloyds 
essentially made up of German Bank International. London and . ^..noiu uAt.me 

and Japanese banks. Continental Bankers, and Royal I LON DL/ht MONEY RATES 

rThe absence of leading U£. Bank of Cairada. 
hanks from the management Direction NaeHmale de Vlale- 
Js & notable feature of dad, of Argentina. Is raising 
oan: these banks say they S70m for ten years with five 
«rq unwilling to len dto Comecon years' grace and a spread Df 
borrowers on such low spreads l per rent throughout through a 
and strongly object to a further group of banks led by Bank of 
Shrinking of fees. The last loan Tokyo and European Banting 
tor IIB. 8500m .for six and a*ha!f Company. The borrower has pro- 
years on a split spread of 14-U .vlded a stale guarantee. 

rent, was raised lost summer Cuba has been raising money [: * 
gb a group of banks led in the form of small loans in 
W Cfiosc Manhattan. recent months, but has bees 

..Their concern is all the greater carefully avoiding publicity. 

Sk the Soviet Foreign Trade Bank Canadian banks, traditionally 
intends to prepay at least one of active lenders to Cuba, have eon* 

the two £12 5 m IraArhM nf a loan tinuort in ftie pa!b 


Aili. 

191- 


j "Wfllffc; 

: CMUkmtc 

j 'll 4cin.it. 


j UN9L- 

Inicrlftoa J Autlioni*. 

, ■ I'pi-'l’ 


Ux#i AuLL-l 

JWROt«b!e 

, IOQi» 


j. r ' - — 

•sv- rsit.tt.-, _ 

mr* »'i — 

4;-K-<-nu.' ~ 

f « J li l/llli : 8I|.9>: 


•iW iiufttl- 




n-su 


i Bl e 
; g.;-6«s 


9I» < ~ 


9ip 

9ia-4»< 

5Uj 

9j!-Ul2 

9^: 

tOii 


9l£-95!. 

Sii-BJs 

81s 

9IJ-91? 

Bts-dis 


i>4MM 

Houif 

U#po««. 


912 

S* 
9S 4 
91, 
10 
10 1 4 


Uonap&uy 
Drew it- 


9iq 

9*2 


Uliuuil( 

umrkei 

■epmii 


61 2-BS, 


812-878 

8 

9 

9 


fKftaary 

8ill> 9 


Hiiffiu..- 
Hill- V 


r;aelra :* 

Bin-* 


Gold opened at an all time bagh 
of S21S-2I62, and was fixed at 
8215.90 t£i08.03li in the mornfing. 
The recovery of toe dollar pu.stied 
toe metal down to $223.20 
(£107^70) at the afternoon fixing, 
before it dosed at $213-213}, the 
lowest point of toe day, and a 
fall of $1} from the previous 
dose. 

After toe London marked had 
officially closed gold continued do 
fall, easing to S2UJ-212 shortly 
after toe finish. Trading was 
hectic La toe afternoon, as toe 
dollar improved, and ahead of tbe 
monthly gold auction by tibe U.S. 
Treasury. 

In Frankfurt the 12{ kilo gold 
bar was fixed at Di LI 3.385 per kilo 

1 $216.10 per ounce), compared 
with DM13,400 fS213J.7) ■ 


Aog. la 


Adc- 14 


S214i-2I5 
MlllUj 
S2I2.SB 
S lb 7.457) 

ttlu7.BS!l 


5Z19i-221J 


U(U>1 Bpiiwd is tint! 
ounce) I 

Cu^e. S215-CIS? 

IJpejMns *Z18-21BJ 

Uomins e*,in B _..S21B.90 

lilDe.OSI, 

Afternoon faina.„. s21S.2A 
ii.-107.Z70i 

UoW Com 

Aime-i icaily 

Knuerrand — .... S219J-Z213 I 

i ci fOMiii'Vlin ii-nai 
\ew ooTereinn...... 858^60^ !5»Bfr814 

;ja0-51, f.£3DJ1j 

tint soi’ereign- ,.>fiO-62 fS60-62i 

^ .. uaci-sii) 

bgidUnn. 

:niemMKUnuu 

linijjemijd 6218i-221J 

Jtllfli-Hti 

.New sweretsoi— .. saai-nOi 
!.AZ8i-S0ii 

•Jut soveieico'<.»..-^G04S 

Usift. .„ t iSI0-8t2 


-li MB5-T70 

■3 ? 


5219>221i 

.£111.112) 

S5M1 

x2S-:^02) 

560-62 

S31DJ12 
8 162.166 
5112-116 


MONEY RATES 

NEW YORK 

Prime Rare .............. 

Fed Funds ...... 

Treasury Bills U3-v«k) 


* 

7.275 

6.97 


8§ 

8tJ 


8 ] 4-9- 
! Sis 
»Js-9!4 




ID 

ID 

10 

10 


towel flars- notJco ntBere sewn flay* fised. - LongeMerm w.i mnna-tai 

! st*n» u per asm; four years 11M1* per aw; fire wad* lia-nj per » 

Bmnns rain for foor-momfi bank per^foSmtt tffi Sf 

teS dse-nuBirh Tnnom hills canaitM n>r nm' will IW- P^r 


mis ntmiaDlf ftt«, y 

an* auyiM **** far pr 



j Treasury Bills fSfrweekl 

7ja 

1 GERMANY 


1 Discount Rate 

3 

OTL-mififal 

3 

One Unntli ... 

3J5 

Six month* iif _. 

4 

FRANCE 


Dist-oon: Rare — 

M 

OvfciniKta 

155 

One month .... - 

1JBT5 

Throe month?. ... _ 

TJ62S 

JAPAN 



« 

Call ifnconUdonali ^ , - 

4375 

Bills Discount Rate 

4*625 

i 







































































financial Times Wednesday Acgast -IS j j7jj- 



Wall St. above worst despite weak dollar 


INVESTMENT DOLLAR 
PREMIUM 


and shed S| to $44j. Texaco, in SXt— a series of large blocks, Campbell Red Lake Si w S44, 

second place, easead Si to S26i including one of 100,000 shares, Camflo SI to $15} and Giant 

ss.60 to ei_ion% ri043%) despite its natural gas find in the moved just before the close. Yellowknife $| to 8145. all on 

Effective SL9740— 331% /S6<c.i Baltimore Canyon. Resorts International *A* gave fairly small volume. — p . — — — ~ ~ ~*~ [T t u_ 

FURTHER LOSSEsIL JSd International Business Machines •** to “ active «*■* Controlled Foods rose ** to «1 gg B , g™“ n r MdExjirt 

on Wall Street yesterday, folio- up ai S291£. Other Glamoure AVX lost STi to *33— it offered d 's25on Oriented stocks were particularly Share prim closed wised, with 

inn nrofit-takinE on the eontinulnn 11111 Blue Ontps which lost 81 or 400,000 shares of its Common at V 1 ™* S^jned to S*> ™ Hoogovens slightly higher at 

25 P £ the IS} « ° r W- fer fl dded Sift at S5J jjgrtr higher first half net earn- ^ ^ ^ ^ „ gS. hmTHL^SS to 

Exchanges to record lows. But i“- 0f halt due 10 “ ‘“Snfc «f un- JET* “ Si its’ 5?^- “ - did >yal Dutch . to 


i-. «, r proved 90 cents to SHK 14.10 and 

bWltzenaiw Hong Kong Telephone 75 cents to 

Prices continued to drift follow- $HK 33.50. 
ing the steep decline of the dollar 

Amsterdam 


trading 0 was the slowest in three wa n Kod ak, Polaroid, General order imbalance, 
weeks and a late firming trend S2.' n 5? s 5 nd .- Dn J 

tempered stock market losses. Hewlett-Packard declined 82j 
ah r n- , , to SS7}, American Brands Si to 

After failing almost seven ^ Md Banscfa and Lomb Sli 

points, the Dow Jones Industrial to Sol*. * 

Average finished 1.04 down at *' , , ' 

887.13. The NYSE All Common . Fltatkote further improved $1J Vnll ___ 91(lwI 

Index shed 0.08 to S58.48. while t0 . , a " d . “* Talbot {"» f l sh 2£ V 210 

declines led gains by 878-to-597. advanced $31 to $33*. fl-SOm) shares. 

Trading volume decreased 256m 'Sanders Associates dropped $31 Electricals, Vehicles and 

shares to 39.76m — the slowest to $185 — its proposal to construct Cameras were major losers, 


Tokyo 

Share prices fell In light trading, 
led by Export-Orientated issues 
following the shar pyen apprecia- 


Bank of Montreal finished un- active turnover, 
changed at 8234— it ha dhigher Registered stock edged 
balance of revenues and plans a 
rights offering. 


higher. Fl x 23 - 3 ® Internationals. 

Smah losses predominated in In- UnCcver gained FI 2.80 to 1X0.7 
su ranees, except for slightly on its higher second quarter 
higher Znerich-Yerslchernng and profits announced Monday. AKZO 
steady Winterthur Bearer. closed official trading unchanged 

. D „«j e but rose FI 1 to PI 325 In alter 

Share prices eased, pan* stSdTXd Foreign SStta S£22i i tfif ! SS 

owing to the dollar's weakness ii t “e danced. quarter ^profit compared with last 


Germany 


and partly as technical reaction 
to recent strength. 

In Engineerings, Linde. 


at 


On the Foreign sector Dollar 
stocks declined over a broad front. 


year’s loss. 

KLM fell FI 1 to FI 1505 while 
Algemene Bank were FI 355 ex 


pace since 25.4Qra shares changed a Highway Patrol system for tallowed by Pharmaceuticals and DM260, led losses of up to DM4. German shares fell sharply, while 5^ derid and Amsterdam Rotter- 
bands July 25. Saudi .Arabia was rejected. Chemicals. Amnn° Motor* RMW at Dutch Internationals followed the dam Bank FI 76.2 ex dividend. 

Amon* Motors. BMW a I general easier trend. State Loans were higher. 



Aug. H 

AufrO J 

July 3) 

(S'W fldp ftppmxi 

lad. div. jieLl X 1“ 

8.28 

i 

6.47 

6.13 

SUBDASD AND POORS 

I 

1 1 

WJO 

|dtnce CnmpdaFn 


Turnover on the European 
Options Exchange totalled 756 

.. contracts, up from Monday's 601, 

trading led by AKZO and Royal Dutch 


wpt-p lower hut Fisheries, indud- GHH i“ ov e<I np DM 3.50 to 217 was in evidence among Industrial 

844 , sejsst were bousht sss *s ■JssLr^-w" £ 


Chemicals. 

Analysts warned that the Active Pan American Airways Sony feJ1 Y20 to Yl.490. Pioneer omSb"!’ were* 0 ^ DM V and S eneral easier trend, 
dollar's sharp fall could prompt slipped $5 to $7J — it will redeem Electronic Y6Q to Yl.500, \ ictor Daimler shed DM0.5 to 317.5. 

the Federal Reserve to tighten $25m of 20* per cent convertible Japan Y30 to Y1.170, Nissan w hile Prenssag lost DM2 to 133 Australia 

credit policy by raising its debentures. Motor Y16 to Y731, Asahl Optical jead Chemicals down. 

discount rate and by raising its r„ Y25 to Y535 and Kaken Chemical c . ,. n Markets finned, with u.<u>i« !«* hv akzu ana Koval nnteh 1 

target on key Federa! Fund At*. Jg A^caTSS^bu^ » W* ut&ZS* ** 'SLSSF ”S& ShSe^dMiUK 

The Fed's policy-making Open shares showed only fractional Foods and Precision Machines .. • wnue some pre-ouaget 

Market Committee met Tuesday, changes. 

However, money specialists 

™s« N-S S.mStu To‘ S32J S3 «'«uvely. 

bSeofa^'pWSy^ket '■ Ftl ™ - 

ing domestic economy and a picKea up .”’ i t0 * 29 *' Canada 

slowing in growth of the money THE AMERICAN SE Market a mixed trend prevailed ... ~ r -- c - 

supply. Value Index fell 054 to 161.56, moderate trading yesterday, when although there were a few weaker prices. Consolidated Gold Fields changed. 

In the day's economic news, the e . ndfll £ a s 9' m g ° f nimrconsecu- u, e Toronto Composite Index issues losing^ up to 15 .P/ enn1 ^- put on 5 cents to ASS JO. 

Fed reported that Industrial JSL.’SJ?!?, JSS? 1 * shed 0B to 122L5.Nine of the 14 *n» CRA moved up 16 cents to Johannesburg 

Production rose an adjusted 0 J f -®S“ S slightIy from sub-groups were lower, led by a Bt P* fc r I\jo C 5 t T> D ^L 8 ' 5 iS^T,H^ P ^ d AS3J2. Metana 10 cents to 50 

- 4®TpQint drop in the Gold Index wd» DMS.4m on Mondaj. ^ Ha0Ria 2 cents t0 62 cents. 

to 1572J0. 

Dome Mines 

to 28 cents. 


caution tively. 

Next came KLU with 91 and 
. Philips with 72, while Eastman 
interested in bujinf^ s.ske in “"n^ *** ™ ^ m0St atiei ^ 

the concern. night, MDI rose 8 cents to AS2.42. 4 . , „ . , „ 

State Loans were mostly firmer, while Centra! Norseman advanced Of total senes traded 14 were 

in with gains of up to 60 pfennigs, 20 cents to AS10.50 on higher cold lusher, 26 lower and six un- 


per cent in July, the same as an 4 * 75ra yesterday, 
upward revised ficure for June. Instrument Systems topped the 
Coca-Cola led the active list active list but held unchanged at 



NEW YORK 


Abbott 1*1* > 

A-l-lre~Mntrai.il ...| 

Aeto.1 Lire i lW. 

Air Pn»iui-,-....^| 
Alna.Vluniiniuni 
AUuk 

Aliee. Luilliim... 1 
AHeubenv I’lm.-r 
Ailie>l CliemiiMl. 

Alllal -u.rv> : 

AH»CLuiiiiei'...i 

AMAX 

Ampnuin 
Amer. Airline-...' 
Amur. Umn- !«....[ 
Anier. Bnai<l>n,l .• 

Amur. '. un 

Amur. UinuHiiiul 1 
Amer. Dm. m.. 
Amer. KIm.I'»h 
A mur. Lxi>iv»... 

Amer. Hume l*r»nl 
Amur. Meiii-nl... 

Anicr. Mi.inr^ 

Anier. Nm. On*.. 

Ami-r. Mnmlnni.. 
Alum. 

Ani'.-i. lt-l. A It-iJ CU- 
Aiiii-luk I e6 

Aliljn-x 1 

An -her H» km 

.\nlioii~ei 

Aim «5luul 

A. -.A. 


j7 

^9ig 

44/g 

29&b 

M 

46Bg 

18-e 

lcl, 

3614 

*6ig 

ids 

40^4 

i.9 

16 fg 

61?b 

60 ig 

-ta-i 

a is, 

39ig 

231, 

38i« 

3lJg 
29 u 

a-i 

43is 

521, 

0633 

to-'g 


t>r. a 
16=>, 
au.'g 
z6if 
® l ; s 
271g 


I 

A-mnera Oil | 17ag 

15-, 


A oivm : 

A-i««HI <»ll 

All. KiulifiuM 

Anlii Uuu ' 

A VC 

Aven - _... 

A vim I’lihliut'.. 1 
Hail.Ga- bna-l.... 
Hank Anirnm.... 
ilfliikur- Ti. N.Y. 

imriw On 

busier l'raiuih*. 

Ikai rice Fi.nl ' 

buti.mLlii-heiiH'n 

Uei. A Himvil 1 

Hen.ti* • 

HeiiffUMi tim-’M'; 
Bui liieliuni t-lpL-i., 
JllHUk A lln-kui.. 

Ikieitn- ' 

HnK.1-CBMfl.il- 1 

Bi-nteii 1 

Unix "flinur 

BnniiR 1 111 

ilrflMHU -A - ) 

Ull-l.n M.turr 1 

Hril. f’cl. A Dll...' 
Un«.-kflB\ LiIam,... 

UniuaAluk I 

Unc>ni- hrie ] 

HuhiYN Wall h ! 

Burmi^Um NihnJ 

Uum-imli 

Cani|Ai II .-NMII-....I 
Caiw>i>hii ttiuirt< .| 
Cana' IUiuUm).!).. 

Carnal Kill 

Uniei A UmiuiR 
Carter Hau u-V.... 
Catui V' 1 'ar Tnu l> 

CBa 

CrUui-4 IAiiui... 
Ceuimi A a.W.... 


4314 
allg 
34 Sg 
1214 

6ui a 

61 

*7lg 

37>g 

i5U 

48J* 

jia-', 

3BI4 

2ri4 

42 

5U 

S£4I| 

HC" 4 

714, 

3I>4 

32 ig 
lo 
i-Sb 
; 512 


a67g 

28ig 

46lg 

29^, 

dm 

463a 
19 Ig 
Its lg 

36 

26 

36sb 

41U 

kSS* 

I6v a 

a27g 

59>, 

424, 
32 
36*4 
25 lj 

59 ig 
SIS, 
291, 

ovg 

43ag 

s2>4 

36U 

60 J 3 

3 6 !« 
lsU 
38 ,3 
17', 
5U!" 
B6j, 
a 1-4 
27 Jj 

17V a 

i6 . 
35-, 
aii a 
34 u 
12 
32.'b 
60 
At '4 
27U 
38 
25»g 
491, 
2a ig 
391, 
22 >4 
42lg 

24 -’g 

20l a 

724g 

3l'« 

29 

3138 

15Tg 

Use 

36 k| 


i«-u Auvmii... 1 
CiM-e lUnuaiiinj 
ClieniR-ai Uk. N 1 
(_ ue-vorgh 3t.fi .[ 
CUe~-iu »v-luin..; 
CniuaKu Uri>U-c...' 

Ciirv-ler. ,! 

Ciuerama 

Ciul-. lliiai-nm...' 

CiiLtnv 

Chiu- aeivme i 

Cll% IlIVu IiIIMm.! 
Clovelaiui CHit'..i 

Ln« C.-MI I 

C.iiuhIu l*a‘in ■ 

Coiliu- AlkllUUl.J 

Cli.lllll'-M lit 

CVi-uim-m Pat.... 
Coni-ln-koj-l Am 
L ajiii' u- 1 h ill Cii K . 
Cimn-u-liull t>i|... 
l“niVlll iuli.un 
Cm’n-'OiOi- Kei.- 
C an 111. SalCiiile. 

Clrtll V“ IUTKH.-I8IM.1- 

Cnnn Lite In. 

Conrau. 

<Ai|>. SitlMill -VI . 
Cun mu Ftnal........ 

C.JHMII Nit. I.hu.. 
Cnrvsoiuer Fiiwer' 
C.altilUHlle. Cl rji., 
CnDCinenuu Oil.. 
Cunt<nunLni Te<u 

Comm L*atn ' 

Con|«r lotlu, 1 




o5ig 

=6Je 

i5ig 

*6 

"Big 

HBSfl 


IV l* 

b'*3| 

62 J, 

H4Sg 

HO 

^Olg 

21 

12 

1I7 0 

*.77„ 

=bi B 

*l!g 

<01. 

18 1" 

las* 


iUh 

l&lj 

in 

*7l| 

*7t 3 

* iy 

— l s 

447g 

45 

ibti 

toi 2 

40 ig 

4G1( 


*3 

iiSs 



■Ab 

98 



<S4I« 

aoTg 

9059 

-:Bi 4 

i8j0 

16 

lb 

4Ulg 

.40 1 4 

t27a 

a3I« 


Ciuii.iu tiia— 

I'Cliil'ni’liniM ; 

L miie- j 

I’l.n-ken Nil 

Cr-m 11 fjr lurtwi-li 

- 1 1 1 ■ . 1 n 1 1 1 - Knuniu 

Clllt lb S WVikIiI...- 


Lmim 1 

L'm tuilii-l ne-.. 1 

L'lW- 

Mi-nlc 

Lkfili-na 

I **rllf fc,il.\ llllul... 

I I T r - ■ 1 1 til it. ill ... 

I ■uilll.ill.l •- IlHIllrk! 

Hi -iavbun 

ui-slu K.|ui|* 1 

Ounev 1 Win.. ...[ 
U-»»er inridi 

lk.it i.liemi «i..„ 

Ollll.lL 

Urewet 

i'i'l-'iii 

Kayie IY-Ikm 

Kill \1H1ne~... . 
IjiMirm Ko-liik.. 
tm-.n 


■Ji.i|m» Jnuvlll 
l>>hllM'll JllllltM-U'. 

I Jnliii-nn (.i-nin-l.l 
4-i.\ Manilla lin'-i 

K. AIji- i.i-rf- j 

Ivh iKr A In in 1 11 t'm! 
Kaiser I ii.lii~lrii-t 

KaibO* — lui-i j 

heilUeiKl ] 

l\en ll.ficv. 

Ki'lriu Wallet 

Kiiiil.-rJ.v L lurk.. 

| Ko( -iiers ! 

km!i_ 

Kmicrlil i 

I tjen-u-wAv I'nuii-.^ 

! laevi Mrau» J 

Lb -in U« . F.nsi.j 


327g 
86 7g 
265{l 
a4Sg 
283a 

3414? 

17g 
IcBj, 
la 
23 i z 
52 ig 

3r 1 

487b 

kllg 

464, 

0BS4 

;6l4 

365g 

2GSfl 


524( 

854* 

^BSg 

591, 

277 0 

3414 

2 

271, 
12 
231g 
52 
able 
49 
22 
16S4 
36 U 
57 Ig 
561a 
tei! 


K. U. A 

b'< Nai. Da < 

KUra l 

timi'inm Kiei.lii-- 
hmui.i AiitVmiii- 


30 * 


h.nnail 

K..U.I I 

Kiiueiiiini 

r.-nurk i 

hiu vi 

hk.wHl 

fH-ivlillil Lnmeia 
r*i<. Du|(t- Shut* ' 
r'uu-dniie lire....' 
r'»L. All. liioli-u. 

I'leii 'nil 

r.iutkMte 

r'l.irnla I*, hi ri..,. 
r'lm.r 


' L'lisei t- rouji. I 

Cill.i 1LI1 

Liti.in luiiii-i j 

La.-kliwl Aiti-i'llj 
Liin* sou I min . 
Lin it 1 -lan-i |j.l. 

! Lhiiiiiuiii LhIIiI... 1 

I Lni>n»»i 

I I.ji-ky st me- 

i.'kv y mm«r »u.| 

'lauAli.liiu 

ILsuv If. H .... 

Mil-. Hauvuei 1...' 



U dm l In'll 4.1 1- 

j Marini II i- 1 'R nil . 
Mar-ball bietil.... 


-6>B 
t33e 
Bo >4 
; 6l, 
c5 
ltf'd 
22 8g 
443e 
18 
lii, 
11 

43 1, 
391, 
343, 
47., 
1:38 

23 1, 


s63b 
= 3^4 
i-3'4 
361, 
b 438 
lb J9 
221a 
441, 
IJTb 
12 
lOlg 
4338 
39 aa 
e4jb 
4'i 7 0 
1.-38 
l3&8 


r.Sl.C i 

1'ikM Mi III -I | 

r'.iruni"-! >!u« 

I'C.IIH.I 

rrauh-iii Muil...| 
rrn-|w-l Mmern j 

r'meliaul 

rHijuc In. i- 


Vim IK-I'I. -H- re. 

MCA 

i| Duiini-Il 

' >t Uk -in id • tkai. 

«l (mm Hnl 

Mem- -lev 

Uun-l 

Mufti- I.Vil- li.... 
Mesa Full" emu. 

1ILM 

VI mu Mint A lit: 

.Mill'll CiW|i. 

MullMUlO 

M.iittaii J, H 

Miili-n.la 

Miil-]iLiV Oil 

| NiIiIiku 

Nh(.s> Client iifliii. 

'dli.'IBL Lau 


i6'4 

25^ 4 

z&la 

*35, 

34 

60ig 

a21 8 

~c .0 

44 la 

Olkj 

<5 

647g 

5C!* 

o2 

425, 

a37 B 

321 8 

203, 


5?* 

26 

59(a 

353g 

cO>, 

2 1 Sj 


444 

blig 

c5Sg 

5 tig 
a3 
43 iB 
Bb~8 
n04 
21 


O.A.F 

(.i'kiuiuU 

lii'ii. Ainm. IiiI...; 

li.A.'I.A , 

lien. Lai mu - 

Oeii. UyiMUiw... : 

lien. l-.mii-n> 

un. 

f.iunui ai M- 


lb'B 

17 *8 

tirfluiH Miilirt .. 

94 

94 Ig 

tieu. Ful>. till... 

1/ 

I6<a 

(JUII. ,tfllrtl...w.. 

19 

19 

lien. Tut. h-uul ... 


85s 






82i* 

till -ri* '■ Fhu -11 ... 

95 ig 

=6ig 

liclll Uu_ 

19 

195b 


li 

nig 

tiii uiie 

:0i2 

31 

ijimLnub b. K 

lBift 

iai B 

ti-.anl.lrar liru 




Ollg 

61 J » 

<.,n.Al-ali Fiu-lun 

+4lg 

■I49* 

tin. .\unii Iron. 

16k* 

lfa6g 

GrevUuuu-i 

20 U 

-4. I 3 

tni'i* He tern... 

**5l4 

451* 

lill.l tin 

= 45fl 

051* 

>1 a. 1 bii dull 

4Ug 

415* 

Hwids Minm*;... 

*5<a 

*6fg 

tt mi nit j e^rr ... 

9Ulg 

299, 

bum-. Lorpfi 

=5 

341* 

Uuiuz K. J 


v*i. Dii-liiier-.... 
I Am. nervier Inn. 
\aliiniai Muui.... 

VnIiiiiih- 

M. li 

\eiiiuiii- 1 iii|> 

\-.-m hil^iaml hi. 
New Kiyuupl let. 
I Nia^Hia M-ibauk 
Nm^fliH sliaiu.... 

1 .\. I_ liniU'ine- .. 
Ai.iluikA W «tlelU' 

I Nuiili Nal.Oa-... 

I MUu.SUUus l'»r 
Nibue;i Airiiuei 
| III weil Hanuelp 
\iirtuii -*i un in.... 

I i.kx-iilunla- Hwnii; 


'.•"livy Mai bur. .J 
Oh in ii- 1 is. in. ...... I 

Oliu I 


2212 • 
17 

332b ■ 
m 24 1 
63 1, ' 
al 1 
2278 ; 
345s ; 
14-g 1 
111* I 
2359 j 
25lg 

30 

BbA, . 
344 ' 
BOSg i 
AWSg ; 

21 *0 I 

264, I 
16* 
174 l 


223, 

17 

33* 

42 jj 

634 

21 

23 

344 

16 

114 

214 

244 

361g 

264 

3»L 

a&-< 

19.g 

2llg 

274 

1 84 
17 


Hewie Faukanl... 

H-> i-lai Inn- 

Hnme-iaku 

Hmi« «e" 

H- ever 

iii>-|Ki,iriL. Amui 
Hi<u-i.«i Nal.Un 
HiuillFli.A) Chill 

Huitin (k.r.i 

I.C. Iniiu-lnpu... 

INA 

Iiijur-ou Hsu 

Iii.au.l ^leei...._. 
Ill- "TO 


ovenena shi[j5...| 
Owen* Commit. 
Ohuiib Inman.... 

, li Hi. Ua- ....... 

I'nulHv- Ll|4lll IIIK J 
! Hu Hr.* Uk- 
’ Hji Am W.inlAiH 
I l*arkei Hmnuinu 

j l'eahwt> 

| Fen. Fvr. * L....| 

l Vi my J. C 

iSiiiivii , ......... . ' 

I'ei-pie- Unis.— 

I‘n.|-le» Gn» ... 

j 1V| 


2439 

33 

*34 

6- Ig 

lblg 

221 , 

■ ! 4 

*9 
*7(8 
2.3, 
3USb 
* 67 B 
12 
36 5g 
32 


244 

1.3*2 

4339 

24 

l«6g 

224 

8 

2- >8 
*74 
B.l, 
393g 

*8<g 

i2>8 

c61 B 

32 


Hut'liall.. J 

He\Miai>tn Muiiil- 
Ucy in-l.li- It. -J.... 
Hu ll miii Me r.-ll . 
({■■■kweil Inter...! 
Uubin 1 Hums I 


55 Ig I 



with DM 8.4m on Monday. c^To 62 remt SgTS'W 

Mark Foreign Loans remained North West Mining 4 cents to 47 
firm. cents end Western Oneen 7 rents g^jgtt&XTtSS 

_ at the high level of 77 U.S. cents. 
Peko gained 10 cents to ASo.92 « Heavyweight ” issues lost np to 
and EZ Industries 4 cents to ^ 

A S3 58. bar Queensland Mines fell 
10 cents to AS3.10. 


Until I Du lull ! 

II Tfc , 

Uii>- L -2- j 

Itv-ie* >v.iuni 
>tluiu*.v' Sime 
-I. J.»/ Muieiul-.! 
ii. llugi- l*a|#i.. 
n.iiila F« liKls... 

-1111 Illkl.-Vt 

5axiii I mis 

si lililr Urcwmc 
3f-liiuin(iu^uu> .. 
.-it 11 

1.S.O H|iur 

>1JV | Alin 

Suu do Dik-.L*| 


Ol7g 
14Sg 
1238 
28 lg 

434 
*44 
33 4 
345, 
blj 
7 

133, 

904 

mU4 

174 

*34 


613, 

liS, 

124 
*85g 
434 
24 Ig 
344 

34 3q 

63, 
■=3* 
iSag 
89-4 
*05g 
174 
24 Ig 
iir, 


-u* 

i-Hcmiii 

nr-c iL.i'.i 

H»l-- 11-1*1 IIL-k.... 

1KI»L»J 

■ibuii lAii..« ! 

sliuii I nuu*|i"n.. 1 



| 

•Mnijnitilv Hi.. I 

miitur I 

smilli K'iik 

II' H I VII 

XUth Kill u 

DiillieiuLai.L. 

NiiUn-ni Co 1 

3tl»ll. lit- .. | 
laurlwrw . 

»uUl>.-lllJi'HltUN}i, 


29-4 
s4.g 
144 
24 ta 
384 

36 id 

45*2 
934 
A7 
124 
19. '4 
97 
■ 4 
364 
*»c 4 
1 5-i 
36lg 
il 4 
=44 


311; 

i„ 
144 
24 4 
*s»4 
334 
>,5 
£41; 
S6F S 
13 
laJa 
S.7.; 
»■* 
354 
2 1.4 

151* 

i54 

52 

=3a? 


WU II -Hlltl 

Vi haix-lmru 

.*l*ii\ 

pern Kan • 

= M»«1li 

‘MiuvUitil UthikI 
-IiIJ.i .Ui -ili ill i » 
lm. Oi In tinim 

*1.1. Oi. OIik 

•lain I CHuiiKun 
»tcriio^ Iiruj; 

ilu.if akm 

'un 

.-Minii-tmDil 1 

3j uie:« ] 

leriununlor | 

i eierioiu i 

iciut 

ii-nmi I 


3 IS; 
iblg 
20 Ig 
484 
33Ja 
284 

i'*4 

91 
374- 
m3 4 

1 

«95e 

i4ig 

C3i. 

334 

M 

454 

1044 

7*8 

31*.} 


324 

ib-4 

*04 
484 
54 la 

kt?* 

4 24 

314 

374 

434 

17.* 

70 

>.54 

=44 

3358 

14 

46 

1034 

738 

314 


lejuniPritiKMiin, 

lemt.i 

Iumu^uM — 

I ux<t* ta-slr-m. .. 
lU-MS 1119)1*111...-. 

lesad Oil A Oh*. 
iexns L ltllnes— 

nines *o- 

limtM Mirr.ii.... 

I I mken - 

l'nin- - 

Imibiiiuri-fl 

I rail-*-, 

Iran- 

irau-flay lull'll. 
Linn* W i -r«i An.! 

I'nvuiura 

1 ri CuiidiiuDtai ..I 


111* 
*64 * 
ML, is I 

a94 j 
89 J 

*73* . 

- Iks . 

4 BA; i 

.5 

525b 

*1 

174 

214 

35 

*84 

*74 

384 

194 


11 

261j 

kii 

?94 

89 

284 

2J.4 

50 

*24 

53 

114 

174, 

214 

*54 

2 Big 

*74 

a84 

197b 


ll(W 

Ath Luiiiiuy l-i.i 

L.A.L. 

L-AHLO 

Ufi I - 

C Hl.utul 

Liuh-vur 
L moil bmiLurv— 
Lii Uni Car<>iilu.... 
I iii.uj Lummerr. 
Lm.ni OH Chiu... 
Lninn Hoi Hu.-.. 


40jg | 

39 

394 

s 64 

21 

*.47 B 

-7 

<SS9 

404 

67g 

6159 

5UJb 


904 
c6ia 
40 
**.1, 
21 
444 
= 64 
<slg 
40 


o-a 

514g 

504 


IUU : 

lull. Flatviini.....i 

lulu tliirve»«er...i 
lull. Min^Chemi 
Ian. JIilltllia*l)..! 

i'l *■ i 

inti. Paper 

I WS 

lm. Me. -liner 

hit. Lei. 2 Tel 

luvenl 

luita Beet I 

IL iDicnuunnal'i 
Jim Walter. I 


I'erkln timer. „J 

Pel 

Pllaer 

I'licipa Lkfl|;e..... 
PliiiH.ie'|itiia Kie.l 

' Plllllp U"ITIb 

| Phillips Pmrv m. 

"Udlairy _.| 

Piiuvy ikiot* 

Piluton— | 

j P'e»»er Lbi AUK 


*7Je 

9-16 
= 54 
244 
164 

id 

524 

454 

*6 

244 

19 


27ag 
5 j 
. 6 
24 4 
lb 4 
724 

32og 

4o 

<84 

244 

i95s 


; Pi) i am hi ■ 

Putuaneu Hiec i 

rKi lu.iualrie*..[ 
i Ptwiei Uninii>c..| 
' I^jLi urve Kfecl .) 
Pu-.mau -....j 

■■m ex. 

4uu« Oats ] 

lUpi.i American J 

Uayibeon...— j 

KCA 

Uepuiuiu Sleei — 
Kuniiru Inti- I 


534 
i 4 
277 B 
684 

*560 

26 

18 

*94 

167g 

9589 

314 

*53, 

867 B 


534 

9.3*9 

277 fl 
899, 
*35, 
4 6-4 
184 
B94 
15lg 
664 
31Sg 
264 
89lg 


l nlivya i 

Inilel UraiHb....| 

■.. . Uaimurli. 

LMi.v [iMim I 

1 3 

o6 3iee — 

(» luuiuu—.-cio- . 
IV ln.lu-lrie*— .| 
l immia Klnl 

VVtiijreeu — | 

AHmer-Lominn..i 
*V arour- L« ml *ri J 
Waste - Alan' men I 



Aeriern Uancun 
rtwiern A. Amer! 
We tern L>mun...[ 
»V estliitfb'-e K'ec- 


O, 

lIBg 

31Tg 

323, 


* 1 4 


.738 
3 Li 4 
21*4 
ii4 
*74 
52 4 
294 
29Sg 
314 
HlBfl 
c67a 
2139 
*■♦ 


7 

114 

324 

324 

*7Sg 

28 

604 

2 lit 

i=lg 

*74 

524 

2934 

31 

3l*9 

414 

3730 

21 

*i*8 


Wee nun ..... 

Hejenaoiuer -..I 
‘Vlilriptal. 

M lulu Cun. IimI | 

William Co , 

Wl-tinsin tied. 


*9 9b 
30Tg 
*34 
224 
207 b 
2b 4 


*94 
30 Tg 
*31, 
*27g 
203e 
2B3g 


Wmlnmnb— 

Wvlv 

’Lui-a 

itapma 

detlllh HriIIo. 


L.i.Trmr4il»SM -95 


l.'i Trea53lf?3.«:! t-J4 


L ^5. do.lin- silhj 6.89, 



CANADA 


Ami. In IH|-t-i .1 

,\eni Livinv I 

\iLnu.\uiiniiiluml 
\i*-i.um “lur-i. ...J 

\)lf»|.s., _| 

(tank .it SL-uirm 

Hank Ai*vh 73 Un 

Basi.- Homnini-s. 
B^i. leiephiine... 
bi.iw Valiev fmt J 


34-4 

big 

=54 

13 

41 

*3<: 

*24 

4.09 

:9U 

374 


144 

t53 

= 51: 
<34 
31 

-'34 
*24 
;4.2 J 

:a-:- 

i7 


dKanaila ......... 

or ■ smut 



Lui-tary. 

(aifirti.u Minn— 
Lina- In i ruieril., 
Cana- In MV Lan. 
LJui.lni|i.bki.un 
Cgnr.-lH fii-liisi ... 

Cm. Fail ho 1 

-.-IlL I’oul Ik lift 
^aiu TMiii-i I in.. 
L’*i Nna O'Keeie. 
Cksiar Asi«sti*J 


t Big 
' 1 -4 
J8.00 
40 
i63t 
lUi| 
l<Sg 

29lg 

t-. 3g 
214 
2*4 
643; 
4.80 
l 3! 


l63g 

I- -i 

6.5U 

40 

iei< 

1 .'s 

124 

*y-; 

l 14 
<2 


74). 

4.8U 


wiueiUun- 

LollllllUD 

tolls. limJiijr-l..,' 
L*m-unier tii-....- 
i..i-ek*i llrkniiio-i*. 

Oi-trtip ' 

IMi’il lluvm : 

Uem-i-ii Mine-...] 

Ik -hi Mines. ' 

U*.iue Fuit.ueiiiii 

Ummamii Kri.l-i- 
Uonilmr 

UUfiUt I 

i H.umi'yo .\ iL-ke-l 
f’.ir.l Mi ili it Cbii.J 


71; 
304 
-01? 
It 4 
5 A 
12 4 
10 
#74 
E>3 

C6 

=7 
*i 4 
,'i- 
294 
80 


■6f£ 

:9»: 

iOitf 

If. 

tit 

12 

10 

.83, 

-S 

.67 

in 

*7i* 

784' 


Gen*iai ... 

Liiaui>ei'winnfe. 
li ii .1 ».'i- Lsna-la. 
HawkenH.i'an. 
Hmiiiii<er— .—... 

H. .HU- On 

1 1 ii-1-. .i i Day Mn^ 
Hml-.jn ttiy 

Hu.l-ouUUi tin-- 

I. A.C 

Imaiv 

Imieiiai Oil 

Iiiuo - ‘ 


32 ‘ r 
4 Sb 
304 


43 

4*4 - 
19 
*34 
-I67 S 

IV 4 
=64 
21 
18Sg 


317g 

154 
304 
84 
424 
424| 
183j 
23 4 
467 B 
194 
= 6 
21 
184 


luitai -.. 

mlaii.i Am. tie-. 

I HI p. v Pipe Liiiu 
haner IImuiuH 
Lauri Fin. C>np,^ 
t>.J.|a c. Ci.in. -8. 
Muimll'ii Umuil*. 
Mwscv Feau^a 1 - 1 

Mulmrie- 

Muore l.urpi 

Al oiiii la luTsrateK, 
AoiflUita Minus... 
.V'lix-n Kuui-y... 
Nibu.Tuiui.iini ... 
Muimu- OH A Uh, 
UikWi.il Futi i m 
l‘iu.-ilk , Cu|4iei M. 


14 
114 
lri, 
I4i, 
8.4 
A.2i 
224 
114 
*74 
3bU 
*73 
=3 4 
I67g 
AbSg 
404 
-• 90 
2.00 


14lg 

UJt 

lbi, 

145i 

big 

4.30 

2Sig 

1159 

*64 

■364 

3.75 

34 

17 

365a 

404 

4.6 

2.13 


Pm-, He Pui itneumi 
Pan. tan. Fui'm-) 

IWkw 

Puo| at. Uu,ii. .1.. 
Puu-e Can. A on. 
P BiurUevrjipini 
L'nuur Ciiruml n 

l*THlf 

Ouubuu Miir^e-uij 

Kill i,;el On 

If ii' I -lufllmu-f. 

Uig A. i? -in 

Ihij-a. Lik.tii (.an 
I'l u-l. ...... 


1374 

.7 

rib >4 
-.62 
1 3 
-34. 
L.S, 
i = 4 
2.3d 
165g 

IL.bg . 

3* 4. 
; 35,. 
lw 


374 

*.6 

ti«4 
n.7 j 
1.06 
24 
18 
1=4 
240 
•16T 8 
1 L 

*44 

3=59 

19 


a x-j'ire ll'anur u»i 

■senjirmiia I 

iliuli Cnna-1* ■ 

nlierriti U. Miner 
jluliflii- U. li, j 

Slni|wn- 

steel oi Camma.. 
sleep Kir.k Iron.. 

lexoi-u Camilla 

luiuntu Uum.Uk. 
rnmaConFlpeioii 174' 
Tmin ALouni Up 1 -J, 

Innec I tl4ig 

LDiunLuib ! 114 

l)UI. Ma -ue Mine, 

Waiker Hiram.... 

Wew OaftiTnm 
Wudun (len. 


74 

.Big 

143, 

64 
= 538 

6T„ 
a. 4 
ri .68 
■*74' 
2U4 


l4 

35ie 

124 

20 


77 B 
£9 
15 
o4 
3 7g 
6», 
2=4 
2.68 
474 

2C=8 
17lg 
■ 956 
7144 
114 
8 

354 

I47g 

204 


Hong Kong. 


The market firmed sharply in 


very active trading with across- where traded. 


123 cents. 

Most Mining Financials were 
softer in line with Producers. 

Platinum issues were easier, 
following Impala’s statement on 
the planned production increase.; 
Cappers were a few cents off 


Sens 


th e-board gains. The Han 
Index rose IS. 44 to 64758. 

Hongkong Bank at SHK 21.40, 
Hong Kong Land at SHK 12 30 and 
Swfrr Pacific at SHK 1 0.0 each 
rose 50 cents. Hutchison Whampoa 
put on 30 cents to SHK 7.03. 
Jardine Alathcson 20 cents to 


The Industrial sector was harder 
on balance in low volume trading. 


MARKETS CLOSED 


Markets were closed yesterday 
in the following countries for 
Assumption Day: Austria. Bel- 

ffvms 7! — s-sas 


Spain and West Germany (Munich 
Elsewhere, hina Light and Hong onlyl. 

Kong Wharf each advanced India (Bombay. Calcutta. 
SHK 1.0 to SHK 30 and SHK 31 Madras) also were closed ' tor 
respectively. Cheung Kong lm- Independence Day. 


NOTES: Overseas oner* shown oriaw anL-or serin issue, i* Per share. Francs 
xlIiiqi- -S or.-mmm Belgian dividends a Crest dm. % h Assumed divM*od aflur 
an- .-,f7er oriihnoiritriH tax. nerto and 'or tight*, tesur ft Alter local 

0 DM Sfl rttmum nnless ntbunree staled, rases, m % tax *re». n Francs: loriodma 
vi:!d5 bas<*d on net dhndunds plus 'ax. L'mlac div. rNom. o Share soJlL * Dtv 
V Pta son dcRom unless rpBerwtfr.* siated. and .netd uxrlodu special imymeni. , Inti- 
X DKr *m dunom. nriMs mhprwiw staled, uaied div n Unofficial tradlmt o Mttxirlts 
hSK-Pr 341 -lenom. arte Bearer shares holders only u Merger pending. *Mkad. 
unless mhenrisv* starea • VS0 draom * Bid • Traded t Seller. ? Assumed 
unless niheruite stated ; Price a; -ime xrEx rtehts nil Ex dividend. *c Ex 
-( suspension o Hnnns .SchUlinu*. scrip tame, xa Ex alt. * Interim since 
t t.enm d Dividend alter trending: rmlos 'nmeased. 


Indices 

NEW YORK -mw area 


l.uur iAuft. 

i i? i i* * l 


Au«.! A«K*i 
10 * ** '. ^ 


High Low i High ! lot— 


UriartH*! .J ffi7.Jm.lTj «W»; MS.«; Ml.6i| 8«J1| | jJBSf fflMl 

; 247.31: WM W ^ W9 - 8 ® M ^ B1 . ! ^‘ti | Sffli ] JtS 

Getter ! »K | gg iwSijesiSo 


25.7W SMJOj 5i.65tf ( MHO 


-I - - 


■ p. rf . m Imlrai cbkagffl rroln Au S Ml 


Aug. 

16 


Ana. 

14 


Aug. ; Aog. 

11 i 10 


a i uie h ! to* DW 1 * * L-a- 


Ii^i "U>! 1BJ “ !£? 


10.JI; !«.»: ■«* *»•«; w- 1 ,{& 


Aug. 9 I Aug - ' July » I VtiragvffMTtTTX.i 


tad div. yield % 


J 4.70 


tnd. F/B Kaiw 


I 9.97 


4.76 

"^78 


4.93 


4.49 


9.4U 


10.06 


toojt Gov. Ifcrtui VKM*1 


8.59 I i 8.®® 


7.70 


H.Y. g v. ATJ. C0MM0H. 


tain 


Rises uui Falla 

;Aug. 13 Aug. nice. H 




An*. | 

la ' 


High 


Uw 


6S.«fl| 68-66) 58.53] 5*.Mj 


16i3i 


Usuea traded. j 1.890 

Rkw» ; 5*2 

Falls....- I 878 

Unchanged ......... 

Non Highs- ; 

New timi > 


41* 


1.917 1.882 
816 863 

702 j 6X4 
399 ■ 40* 
X7B j 124 
- 3 1 2 


MONTREAL 


'2A~ 


! ! i ; j 

i Aug. i Ang. : Aui;. [ Aug. .- 

] la j 14 ; IX ! 10 1 


14 W 


nigh 


Love 


Industnal 

C.iuihincxl 


139.B7 139.78] 199.531 lSa.67, 
207 A3 207.38' 207 M 215-97; 


200.21 i9iP» 

207J39.lh.-6i 


l54.M(8*-2} 
170.52 (eCli) 


TORONTO LVmiaMIft 1224 A l225.Si 1223.3. I2I3.S, 1225.3 ilAjih • 


JOHANNESBURG 

n..w 

lmiuKirial 


> 1E7A 
■ 263.1 


272J ! 27U 
261.9 < 281.5 


265.8 

ttt.8 


"87.4 fMd 
293.1 11581 


{ 7U.C tSP«M 
. ML? (IMl 


_ , Aiie. f Pro- 1978 ■ 1978 J 

■*r , C5it« , lii ' vtotia 1 Hl||k U » l 


Luc. 

16 


Fre- 

»tinfi* 


19T8 > 197= 
High , Uw 


Anairali»>4i o»4J?l OE2.S7 ac«^l ■*!. 19 Spun ttfr, fci *• • LKViH e?.l» 

tid'd . tl.ai ' ! rirtn ■ tc«i 

(97J88 ; 1UMK 90.43 Swodnn «» -102.75 •' 406 JS3 1 ] J2=.74 

1 Btrt (2361 1 I • t*:S) i (jj!) 

.■*.£?■ 8SA5 98.95 1 9UJq Bwiczorl’dl i 2S4.P I M.S mo 


Belgium 
Denmark >** 


ui 


France itt- 


i ilasi 
76.8 TKs 
j (3d5) 

fl MBn p'tft 817-7 '8JW.9 

' r«T7i7) 
t'SJJ 86.8 . tJ7.0 
< 9*1 


Holland itti, 
Hong Eon^ 
Italy 
Japan * 
Singapore 


(6,2) 

4i.n 

(3.2) 

Beft.4 

(If*) 

7h.O 

(4 .41 


C2£) , f»rti 


i5: • w 


KSA8 


t^7.98 631^4 647.98 Jfi. 4* 

(15ie) i (13-1) 

t«-W i 36.4b 
» (IlJfll 

J17JU 41Hj 9 4J6.51 ! 3M.IM 
ildiii (4.119 

3d3.K a^.0 

ll$>| ! (U,|l 


TUESDAYS ACTIVE STOCKS 


ina cxL-ept nv.sk All Common - M 
Standards .inr. Hnorg — 10 in' rorerao 
Un — i.ihkj. tin- fast named based mi !97ii. 
i Exchuiinu itiMUTH. r 4W Indnsmaii 
1480 innu-TUin 4» Utillires. 4i> »irunKe 
and Tii Trjn>unri. *. Sydney All Ordinary. 

Relnian nK .11 •«'« ** Cmrehhwn >11 
l/VTH r» Pans Bourse 1941. !t i^imtnerjr- 



Stocks 

Chanse 

CJfttteK day 


trad Ml 

nrtce 

day 

Coca-Coin 

... SW.300 


- 1 

Texaco 

... 5«83iM 

261 

- k 

Medusa — 

... SS.lffl) 

44 

+ S3 

LTV 

sa.m 

121 

- 13 

Pan AAt Air 

... 349LSOD 

n 

- i 

Nalco Chemical 

.. Z1S.I00 


+ t| 

Ralston Purina 

... 2U.TOO 

Ml 

+ 3 

Sanders Associates 20S.BW 

1 M 

- S3 

N.L. Industnes 

. 209381) 

i2k 


Holiday Inns 

.. 29LS0QI 

=H 

+ i 


GERMANY ♦ 


Ana- U 


Frn.1- 

Uni. 


4- «*r ' Ui*. 
- • i 


YM. 

£ 


UA-K.. 


Vbt. 76.8-0.4! - ; - 

*. . iaM* \ur-l. li...: 482 .—2 151.2 j 3A 

ilM\v • 22BJ*r -1.0 .38-8:1 6 2 

" 152 -2 lAlfcl 7.1 
X55.8-I.l- 16.76; 6.9 

29u ' 28-12. 4.9 

350.s: ■ 18 1 2.7 

16X - | - 

330.5 -0.7 2b.5«ll 6 


Uniur 

lll|i.'l.lly|rs>..«. 

Ikiv-.*i.\i-ri-in*''.k.: 

CiiKiltii.Ned.wn-i 

Loi'/nurz-oilik ' 

Com tuininn ’ 

UamiK r Burn ‘ 

UnitC'd 1 

Lien 


80.3 ^-0.8 - 1 

"L »l 


317.5-0.5 :25 12 4.4 
263.o +2.0: 17 | 3A 
16^5 -1-3! 14 4.2 

Uuiii-i'ie Bank 300.5-:r—2.0 28.12 4.7 

Uo-Mlut: Uitnk..... 2413'-a2(a8.12; bA 
I B ukui lu •) « /-.-■ill .. 203 >8 I 9.561 ZJ 

6-.iteli.-itni.nii ! 217.0*3.5! 12/2.8 

Main- L-i., •! 191.5m +OJ5 IL4.U4! 5.9 

Hari«iier ; 538.0—0.5x15.72.4.7 

129.4— 1.9 Lb. /oi 7.3 

4a0 —J.7 •* I 4^ 

155.5— 1.019.63 3.1 

145A !14A4' 4.8 

335.5— 4.0 |25.44 3.4 

242.5— 1A 118.72, 3.9 
95.5 -0.5 1 - ; - 

177.8 -2-7 1 18. 7B 5.3 
98 JB -2.3 1 — ! — 

260 -4 I 25 ; 4.8 

1,700 ! 26 7.3 

109.0 -L5| 9.56| 4.3 


H>.«l-Il7l ] 

Hrwli_ j 

ilortun..... 1 

h'eli unit Ml*— 

Karsiailt ! 

KiuDm 

Ku> knur UMW. 

KHU 

hii,|i}i.. ...j 

UlHlu ' 

Urt-.upi.rau 10? | 

UiifiiaDbfl I 


.,l.\.v.._ 

Uoiine-mann .| 

lie<aiip«* ...... — 

Uunulienei Kuuk.| 
.W-fcennmifi... — i 
Hrun ok till lUCi. 
Uliein We-i.Kluu 

■sulienim ..... 

jiunef» | 

■mi* i Zuuiim-. 

I'n i * m.-ii A .U ..| 

\'ana. 

‘ KBA ! 

v un-iii' A We*-i Uk 
V nik, u Hf.cn 


12 i 3.0 
17. UI 5.0 
10 ! 2.0 
1.6 


26 I 6.9 


197.6 — O.b 
172.7—2.8 

240.0- 2.7 

680 ■ J 18 

136-5 -t 'l.3 
1=3 2 

181.2I-1J 
264^.-28 |2o-I2; 5.3 
K89.7 -4.3 ; 16 l BM 
2 aO [— 2 ;tfb.nt| 
123.6— 1.4 17. Ib| 

IBS. 2 -2.8 14 

152.1- 0.4 12 

293 -1 18 

256-8 —0.4 ■ 25 


TOKYO 1 


Ana. 15 

•Fnm 

Veil 

+ W 

Div. 

** 



318 

+ 1 

14 

3J8 

tianun 

430 

-3 

U 

LA 

Cuin 

775 

-5 

25 

l.b 

fInihin.. M «... 

420 

-20 

20 

2 A 

l*ai Aijn-iin Print 

547 

+ 7 

18 

j 6 


503 

-8 

lb 

l.b 

H>tiu.1ii — , 

227 

-a 

12 

2.8 

tt'HUln JlirtUTB 

520 

-a 

18 

17 

Home Fikirl.....^. 

1,220 

+ao 

36 

1.4 

ti. Hull..., ....... 

263 

+4 

12 

2J 

ire-V<tk«iin ..... 

L6l>0 

-80 

+4 

30 

O.a 


675 

13 

O.U 

IA.L. 

3.730 

1—20- 

— 

— 

Kiureai Kln-t F« 

1,200 



10 

4.2 

K.innLiu „„J 

324 

-1 . 

18 

2.8 

kui tea.. ....... ...... 

281 

+1 

la 

2.7 

h.iutiuf«ramw — 

3,620 

—50 

3b 

0.6 

UulMubilH linl... 

710 


20 

Ijs 

Mitsul'iitii bank. 

278 

-8 

10 

I.C 

IIiIwiiiihIiI Heavy 

ia4 


12 

4.8 

lldsiibubi CwiH 

451 


13 

1.4 

)l-.i»ui i Co — ... 

512 

-i 

14 

2.2 

II II silk ruin 

661 

-i 

20 

LB 

Ail l+n Denso 

1,360 

—40 

to 

O.b 

Sfainpan- 

710 

L— 5 

13 

0.8 

Ais-nu Unian „. 

731 

-16 

lb 

1.1 

l'l'jueef 

1.5DO 

-60 

48 

1.6 

-auyobleecnc^.. 

239 

Mi...,., 

12 

2.5 


Bn5 

10 

30 

1.7 


U 120 

-10 

2U 

0.9 

xmy 

1,490 

-ao 

40 

1.3 

laiebu Marine .... 

253 

-a 

11 

2.+ 


406 

—a 

16 

i-B 

1 UK 

2.050 

-30 

50 

0.7 

Leijln 

117 

l-i 

lo 

4.3 

lukyu ilanou — 

460 

— 1 

11 

1.1 

1 ukyi 1 KrertFowr" 

1,120 

+ 80 

8 

3-b 

I'Hyo 

S<tO 

-a 

12 

1.9 


142 

+ i 

10 

a.b 

■ iwhilM Corp 

151 

-y 

Hi 

3.8 

luyiflfl )li+v...„ 

836 

1—7 

■20 

1.2 

Snnrve Nikko Securmeti. Tokyo 



BRUSSELS/LUXEMBOURG 


Amr. U 


AMSTERDAM 


Auv. 16 


Priee 

Fi*. 


+ 0.3 


«!b 


5.1 


t BM. t Asked, f Traded. 
I New stock.* 


EUROPEAN OPTIONS EXCHANGE 



l,M. 

Vrt. 1 toil 

Jan. 

Voi. | Imi 

Apr. 

Vdl. | Lael 

aiouk 

AK7. 

F27.S0 

20 

5.60 

2 

5.60 

- 

_ 

Fa 2.30 

AKA 

Fa- 

17 

a.4u 

11 

4.5 . 


— , 


AK7< 

F32.&0 

134 

1.80 

108 

2.80 

16 

4 


AltB 

P70 

2 

8 


— 


_ 

F76J20 

ai:b 

F7a 

2 

3 


— 


— 


KK 

feo 

14 

739 


— 

— 

— 

86514 

EK 

670 

3 


3 

41* 

2 

6 


PNC 

S26 

3 

2 

5 

3U 

— 

— 

S26 

mi 

67- 

5 


— 




St3sa 

HO 

F40 



5 


2 

2.90 

F37.50 

luM 

f 2b0 

— 

— 

1 

mzm 

— 


StSSi.j 

IBM 

630 

a 

ms 

1 

i£9 

— 



klm 

1-150 

17 

9 


— 

— » 

— 

F152 

klm 

F152.4u 

17 

9.10 

5 

16 

— 

— 


KLU 

FI 60 

17 

3 

— 

— 

— 



K LM 

F 161.90 

1 

4.50 

— 

— 

— 



KL» 

F170 

7 

4 

— 

— 

— 


.. | 

k'LJl 

F181 

5 

1.60 

__ 



— 



KLH 

Pt9u.6Q 


— 

££ 

£.50 




I’Hl 

FB a 

20 

1.50 

2 

2.70 

9 

3.50 

P25.60 

PHI 

F27.W. 

50 


5 

0.90 

12 

1.60 


HU 

F120 

2 

8.50 

1 

9.50 

— 

— 

F 130.50 

ItU 

Flau 

112 

3.60 

45 

5 

— 



HD 

F140 

14 

0.80 

31 

2-00 

— 

— 


3 

S2b 

— 

— 

— 

— 


3.00 

8241* 

I'M 

F12Q 

6 

4,00 

— 

— 

2 

5.50 

F12U.30 

CXI 

F130 

16 

0.60 

— 

— 

— 



NUN 

S45 

3 

3J« 

— 

— 

— 


5471a 

| TOTAL VOLUME IN CONTRACTS 



756 | 




— — n 

i 






BASE LENDING RATES 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Batik Ltd. 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banque Beige Ltd. ... 10 % 


I Hill Samuel 410 % 

C. Hnare & Co tM % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. oF Scot. 10 % 

Keyser UUmann 10 % 

Knowsley & Co. Ltd.... 12 % 

IJoyds Bank ; 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. llj% 
Midland Bank 10 % 


Banque du Rhone 101% 11 Samuel Montagu 10 


Barclays Bank 10 % 

Barnett Christie Ltd.... 11 % 
Bremar Holdings Ltd. II % 
Brit. Bank of Mid. East 10 % 

■ Brown Shipley 10 % 

Canada Perm't. Trust 10 % 
Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings Jfl’% 

a Charterhouse Japhet... 10 % 

Choulartons 10 % 

C E. Coates 10 % 

Consolidated Credits... 10 % 

Co-operative Bank *10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk 10 "-'i 

Duncan Lawrie 10 % 

Eagil Trust 10 % 

F.ngltsh Transcont ... 11 % 
First Nat Fin. Corpn. IS % 
First Nat Secs. Ltd. ... 12 % 

m Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 

Grindlays Bank J 10 % 

Guinness Mahon 10 % 

■ Hambros Bank -r: 10 % 


Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 % 

Rossminster 10 % 

Royal Bk. Canada Trust 10 % 
Schlesfnger Limited ... 10 % 

E, S. Schwab 11}% 

Security Trust Co. Ltd. 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

'-ade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
-nniieth Century Bk. 11 % 
United Bank or Kuwait 10 % 
Whiteaway Laldlaw ... 101% 
Williams & Glyn's ... 10 % 
Yorkshire Bank 10 % 

tire 


[ Membcru nf 

Committee. 


Acaepuns Houses 


deposits 7%, 7-month deposits 


7-day deposits on gums of DO.BOO 
and under 63%. np to £25,009 739. 
and over 123.000 91%. 


Call deposits over xi.ooo 7 %. 
Demand deposits 73%. 


All. ml iFlJe.) 

\kni .Fi2lJj 

AlRFmllnkiFi.lOO) 

AXIBV IH.IOj 8d.tii-0.4j -U j o.U 

\mr«®nlt iFi-Uji 76.*M .. A25S,£>_9 


108.5 

31.5 

355ml 


+ nr 


Div. 

T) 


Ylri 


A2J5 8.1 


uijeabiut ........ 

UohiWesi ntiF.lOl 
huhnn I'etiuniie 
tlresrtcr V 1F1J4 j 
KnnunN.V.Lre-rei 


92.& + 1.S 
127 1-0,8 
70.7i-0.2 
287 I* 12 
132 j;/- 0.2 


Uni l«inTflt(F1.10l 66-nd +Ci.B j 1 


ti LbIaI U nxanievFI . 

He'nunen iFiJO-i.I 
tiuOfii -veiu iPl^CM 
Hunter U.(FI.«0W 
K.L-.U- ibl.iOUi....' 

int. llulier ■ I20i.{ 

•Wnrten iFl-10i...| 

■Nnt.Neillii«<Fl.iCr.t 
Ve-IUreil UkiFl^Oi 
An! Uni UkiF.-cGi; 

i-V-u <Fi Ai) I 183.5]— 0.4 

! 33.1;+ 1.0 

tan Umnierun... 


37.3 +0.1 I 

103.0. 1 

37.41 + 0.2 
23.71-0.7 

150.51— 1.0 

51.Q+0.2 

lotsiaS'J 

58JJ+1.5 
19s — 1 


iHhUwitF i0)...| 

fljiiifiT iF .10)., 

■£-nsufaYet<Fi..0Ci| 

iiutm.ii tF.jti). ; 

ltu4IIU.il (* IJXJI— 
Korenio (K 1 jnq... 

i(-,\-Biliutcb(F>^u 

. lavefilHiix 

sluv.ntirt. (F-. 20)1 

rub.vuhu.-.Hi.i-.i 

buiJevertF Jtn,., 
Vikmii Uu.r.ull) 
iVu-ii.Ulr.B5|il»L 


23 


6.7 


7.3 


145.51-0.3 
36.9;— O.l - 
2S.5i-0.ll 17 
79.6; + Q.5 ' — 

174.7 3 .AliStj 

139.01—0.3 I — 

122.8 ! <9.4! 

1*9.3— O.B! ai.Jbj 8.3 

249.8 +0.3 i 2. 8.U 
129.8! +l.o I 27, 4.2 
143.$ -0.5 laO.Sl 

119.7 +2.B!4z.t 

41.4 [S-j.21 

389.8 +0.8 l 43 


0.5 

7.1 

1.1 
4.1 


COPENHAGEN * 


Auu- Is 

Fries 

Krcirei 

+ or 

Uiv, 

% 

TM. 

> 

pwipp 

1401*1 + 1* 

11 

7.9 


127 


12 

9J5 


164 

+ 1 * 

12 

7.3 


Hf 1 * 


15 

9.7 


383 


12 


r’m , Pftpu 

82 

+ 1 



Hamleirtanli 

128 


12 

8.5 

ti.NWn lUkiKti 

277 


12 

3 9 

Surd Kai+i. ........ 

198 


.12 

6.1 

Uiitfaunk 

109 

+ 3 



Pnmliiuik.. ...... 

1321s 

-ij 

_ 

9.0 

PniV ins' sink....... 

l«Pa 


11 

79 

snpb.Uerermn...- 

416 

-21* 

12 

8.9 


194 

-in 

12 

6.2 


VIENNA 


Au«. M 


Fiiui 


i + ‘ 


re.nisn>L«ii 

l*urm«M , -«r. — . | 

-?i»U 

- w u p en t — 

»ejT Dniniter.... 

Vult UsKnesIL ...,| 


242 

276 

628 

90 

218 

235 


1 10 

1 9i 

38 


\-?r] 


10 


3.5 

7.7 


Fru* 

Fr*. 


+ or 


Uiv. 

fr*. 

Nfl 


Aitusl — 2.396 

desert -U" 2.200 

v'.U-K- L'mneiil ...il, >80 

Cnehenia - — . i 440 

bUltt 2,* 10 

UM rebeil...— .... .6. 760 
*'nbni]uu .Nut— .. 2, 750 

•■.B. InmuBni 2,3=0 

ti e inert .. ..... 1. j40 

UUL (Bnu L0_... 1.330 

UutwfceD :2.455 

I men on)......—..: 1, <65 


rSo 

+4 


ttreiietisiik..... 1 


[7.UOO 


L* Uajuie- Bet-e.J5.710 


2.610 


Fun Uoidinc.—- 

Printfirm^ 5,800 

»< Qen Uaiiqin-.. 3.095 
■iirtien bei-rieiiuji 
.ohna ..... 

-O.VKV . 


L rnulLoo Kim. 

LCB 

tin Uuu-tMtii.... 
Vieiiie Uiiulmfliit 


2.U20 
.. 3. *60 
2.460 
2,630 
916 
754 
1,600 


\-90 

Pas 


+5 
+ 5 


+ 10 


+ 20 


+ 80 
-ao 

+ b 
+ 30 


-16 

+M 


116 

100 


177 

1440 

170 

150 

86 

16+i 

170 

142 

ss.ss! 

174 

4Ua 


14u 
*16 
A it 10, 
17J 


50 


Yul. 


5.8 

8.5 


7.8 

6.4 

5.8 
to.4 
6.3 
10 ./ 

6.9 
O.G 
4.1 
5./ 
d.7 

4.6 

6.6 
6.9 
6.6 

8.5 
6.9 


6.6 


SWITZERLAND • 


Ana. IB 


Aluminium ..... 
Bltt '.V ... 

I lintiflO' tr.lOul 
Uol Fait tiert. 

Un. Kea 

(.'iwllt biiime 

Klii-trnw*tt .. 

Fiwfaer (tie.. reel. I 

Uofl mu n Ft tii-rt » J 


Fnuu 

Frs. 


1.165 

1.680 

1.0U0 

775 

560 

2.000 

1,845 

640 

166.760 


+ or 


—85 
+ 43 
-60 

-40 

1-16 

—15 

;-LSM| 


Div, 

t 


8 

10 

22 

22 

22 

16 

10 

3 

lUffi 


YM. 

t 


3.4 

3.0 

2.2 

2.8 

3.9 

3.6 

2.7 
3.9 

1.7 


Do. '.nniflili i6.676 

liiierti.uii U -3.850 

-Ittiriiii tfr. 1001^.11.330 
.Nestle (Fr. 1 00). ..(3. 405 

Uo. Ue« 2.17ti 

Ucrl Hun U.(F.sdui , 2.640 


Pirelli al FTK.lOOl 

"auiilut crr-fiA))... 
tin. Part tiuitK.. 
xriiindlurtii VIOl 
? uli*r tit (f rl0.i).| 

■Vi»MU , (f.l90)...: 

3 wins Bnk tt'.IOU)[ 
sums (Bel ( Kr*30v4.825 

Union bank 3,140 

lunch In*. 111.450 


290 

13.700 

412 

290 

325 

823 

384 


j=?ia 

-15 

1-65 

—40 

(—80 

-2 

-20 

-10 


-15 

-11 

Els 

+ 60 


11U 

20 

21 

15 

is 

2b 

Mr 

12 

14 

1j 

10 

40 

10 

44 


1.7 

2.6 

1.3 

2.3 

4.0 

1.4 

6.1 
L8 

3.2 

4.1 

4.3 
4.3 
2.6 

2.1 
3.2 
1.0 


AUSTRALIA 


\iie. 15 


;+ Ml 


Allal . * — . 


V WILiSt i-utll-1 ! 

Amw AiftlraJlil.— . 

V M A I'l L 5 1_ 

A iii|jr,i l-x|4nral1iin 


V«ii|*il )Vl retrain 

inu. Umenila ...... 

\aaia-. I*nl|> Pai+r SI 

\w«. fun. ImluWMua 

lu>i.Kiamdarkm Inveit....' 

V..N.I ! 

Amlmren t 

\ii--t till a (iu..., .....i 

Kanihua Creek (iulil ; 

Bure .Uuiai linl 

U- inpnnvitle Cot-per -1 

Umnihlee tintuMrres j 

Hf*en Hill Flti|-netarv....j 

ll H Jjwilli 1 

tinrliun L nned Brewery....! 

i. iSti — 

tin-klturn Cement 

I '.-lei iG. J.U.— , 

i. *4)8. OnlrtlteWs Auyt j 

tiV-nialiw | 

ti'uu/uic ltwtinh>.„ 

i-unialu AiMlnl 

Dunlop Hubher (Slj 

tif UIT 

l--k1t'rvMTjlrh 

LJ,. Indualri 
(•'un. Propet ty Trim ....... _ 

Hameraley ■** 

H. ioker... 

If I Australia \ 

Inlur-Copuer 

lentntifi* Indtwrtwti. ! 

iDavhU 


U/inumi till.. 

Muiflla Bxpionitlnr 

11 1 \I 

Ujm Km pi mi mu.. 

N iutH*la> Interuat wnal ..... 
N-.-rtii Ufuksa U'dlngi (G0r)f 
UakLmlH 


Oil ^enrcti; ............ mm— 


tiller Hi plain (km 

Pioneer tioncrt** J 


K<-uteli( ft t ot man | 

H . f . 


xuitabUHl 

3]<in»s h’xphmlkm ......_ 

r..*h IS) - 

Willupo.— — ...... 

‘ViwiBrnu SCI nine italuenre 


Wuciwinba — ^ — — 


TO.66 

T0^7 

t2.16 

11-43 

. 10.88 

■11-30 

tl.28 

tt67 

tUO 

ri.«7 

10.65 

70.65 

10.29 
IL^S 
11.51 
tl.BO 
17.96 
11-26 
11.83 

13.30 

11.30 
12.09 

13.30 

12.70 
13.22 
U./5 

11.35 
10.88 

12.35 
t2.88 

11.70 
12.50 
10.80 
t2.18 

10.15 
11.17 
H.18 
:0.B6 
10.28 
12.42 
11-68 
t2.30 
10-88 
tl.42 
11.94 

10.16 
tas3 

11.38 

13.00 

10.79 

10- 34 
10.48 
tl.BS 
tOj38 
11.59 

11- 39 


+0JW 


+•!.' 2 


I+U.D3 

•+1.P? 


;+l.'4 

;-D.n 

♦7.04 


; WI-L‘S 


1 - 6.16 

'♦•1.81 

'+0.03 


(+0.i 5 


1+0. IS 
+0,05 

CS?i 


i+0.04 

-u.'/l 

1+0.07 

)ri)Xl 


;-0.07 

J+a.oa 


a n .: B 


+0.04 
— 0.-,T 


I+Q.H1 


H-0.02 


+0.01 


-0.01 


PARIS. 


Ai«.U 


Iteiilu *4 — . 
\fnqne Uaout , r& l 
\>r UqutrtB. 


Anunaine— 

nif 


Bouyeiree.—— 
U.Tj.N.Gervois— , 

*-« rretixir 

: JO.lt. 


ft latte! 
tire Baaoure. 

tiiuh Ueiiiur ) 

titediiCam. Frtej 
timiDH Loire^ — j 
Uu mes ........ 

Fr.Futreles.., 
tien. Ocerlentale^ 
I mean ..... ^~.. 

J icq i in lioral. -. 

t-n 

U'Ureiu. 


Friiv 

Kra. 


t<A;nuxl. ... 

Ual»oiis Fbehlx« 

Oiuhuitn •■B"— ~ 
Mire* Hennessey 

Horn Met. UI — 

Full ea 


I'ecfalam'.u— 

Fernod-Kberd. ... 

Fin*; cot -fiiroai. 

Foctaln. 

Kmiia TeubDlque.j 

liclOUW 
Khtne Poulenc — 
it. uahftin 

»kis Koraiipul.'— | 
Hie* 

l'e lemccmiiQue— . 

I hamaon' Uwtrtt 

U3innr^.M— — « 


743.8| 
440 
332 
569 
809 
894 
537 
1.738 
3B6.5j 
L067 
405 
422 nd 
122J9 
86.91 
715 
140.81 
210 

66.01 

152.1 

214.U 

742*3 

1.77lf 

590 

1.3401 

549 

167.9! 

185.9 

91.9 

309 

506 

213 

455 

680 


105.5}— 0.2 


169JM 
1.700 
295.11 
787 
244J9I 
24, a 


+ "rj Uiv.;kf,i. 
Ki». 


+ 1-8 
+2 
+ 10 
-6 
-5 
+ 10 
+9 
+ 13 
+ 2.6 


-1 
+ 1 
+ 1.9 
-0.3 
-14 
-2.5 
+3 

+ 1.9 
+ 4.1 
+3.2 
+4 


41® 

lU.b 
2d. 26} 
li.-bl 
42 
40A| 
75 
31. bl 
7d.50 
12 


0.6 

4:8 

6.0 

4.7 

2.7 

4.7 
7.B 
4.3 
SJ i 
7.2 
3J) 


OSLO 


~ rT*n + f + or'' 


An*. 15 j Iki-nm J, — 


netaeii Hank 

99 

8 

{ 9.1 



.n«l.ll«nk_ 

85 

!"4 : — 


1101* 

!— Us i 11 

i 9~l 

Ki.-iBiW ! 

303 

1+3 * 80 

; e.a 

ivmnikiv -iti | 

108 

-a ; n 

102 

v+'kHtriniKr-i 1 

209 

+a : 1 a 

. 4.B 

Tli*<H-r*ti.l 1 

105 


BRAZIL 






+ *»f •- ui 

Auu. 15 

1 1111 

1 

1 — Uif. 

! ? 


Un-Ha UP ' 

llaih-uilti Brazil. ..I 
Itiilni I run I’N ...J 
Muieiniiil-j 
i«»«i Amer. ul*. ! 

iViMfu I’F ] 

i ' iivi - i „.„ 

urea I'nir IU*... 

Li«i|. Ft ( 

iare IIish- Fl'i 


3.58 

3.40 


,-Q.W -M, 


' 5 J. 1313.76 


1DJ8 

IBJM5 


1.45 j— 0.06 J. 16] 
2.68 -O.b I Jti 
5.58 + O.PSO.25^4 JSO 
I JB. -0.02 .IKW Lffi 

Tuniaver Cr.IB5.764m. Volume S2J«im. 
Source: Rio de Janeiro SE. 


JOHANNESBURG 

MIMES 


AnfinsT 15 
AmUo American Corpn, _ 
Charter Consolldaied 

Bast Dricfonietn 

Etsbun: 

Harmony 

Kinross 

Ktool 

R listen burn pfauimm 

SI. Helena 

Som&vaal 

COW Fields SA 

Union Corporation 

De Beers Deferred 

Blyvooruttzcbt 

East Rand Pty 

Fuse Slate CcdnH 

PresMeni Brand 

President Stem 

Stilloniein 

Welkom 


Western Holdings 
Western Deep ... . 


Rand 

+or- 

«.3S 

+0.13 

320 


.13.00 

-829 

2.30 

tLU 

7J3 

-S.IJ 

7*1 


IO.SO 

-0.20 

1.70 

— O.M 

USAS 

-0.73 

9. S3 

— B.1B 

27.M 

-no 

5.48 

40. IS 

7.70 

- . 

6.30 

-0JM 

0.75 

-4J5 

94 75 

+0.18 

ȣ0 

— 625 

X7J3 


5.43 : 

-0J8 

8/« 


48.00 

—0.26 

141. SO 

-831 

115.94 

-910 


i 1-2*1 2.7 
12 10.0 


6l.IV. 4.7 
14. Il 10.0 
8.2tJ 3.9 
5.7i 8.6 


10^7) 7.8 
2.2 

+ 17 36. TO; 2.1 
f ! 49. bl 6.8 
+ 35 :4..3En 2.9 

a.3 
6 I 1.9 
+3,4 jla.^ 1Q.7 
—2-3 i 7.6} 8.2 
+i_ I 7.a 2.4 
+83 |1/.^ 3.4 


+ 7 
1-7 


♦0-9 ] 14.66* 9.1 


5.9 

5.2 

e.b 


+ 1 i 39 
+0J2 j 26.5! 
+8^126^' 3.2 
+2-9(16.16 6^ 
+0.3. — — 


STOCKHOLM 


Aug. IB 


MILAN 


AiW.lI 


3J9 

4-3 


AMU ... 

Bartogt 

Pint-.,-.,.....,,.,, 

Uu,Pnv....„„,„ 

r'lii-ider | 

l(+H.-ufnenl 

lU.hUlPT... 

M mi toi «im ...... 

.Uoni 1-.1 ium ...... 

inir«nFinr..„... 

Pireillll'a...... 

Filttlii -TI*.- 

inui Vlacoaa...,„ 


Price 

I*n* 


11& 

508.6! 

1.909 

1.666 

144.751 

la.ibO 


+ nr 


+ 3.5 
+ 43 
+ 28 
+a.re] 
-40 


304.7a!+9.Mi 

33.140 + 100 


161.80 + LM 


1.065 

i.eas 

1878 JM 
845.0] 


+ 2 
-a 
+ 2.6 
+0.5 


Uiv.,1'1,1. 
Lire 


tool 

laUi 


7.9 

9.6 


600) 4.7 
1,209 


S.6 


‘Sj 


130| 7.9 
9.1 


Price 

Krone 


.VGA AutKijO), 

A, la UvalKK(ca| 
AaKA cKrJft 
AtumuCo{»a(Xr2a 
Uilierad 
UntorK 

Omni — '-J 

Kieet'uis’B'lKriO 
Kncwan ’KTKitU 

F«nen4s~, 

Unwgeg (freet^ 

lUreiittiMUen. 
Uaiul-ou^.,— n-i 
■iLi Oeh Uaro 
bftmivik A.B— + 
-.K.F. ‘S' Kw. 
Miami EnatnMa 

t«n<1»tlk‘ir . 

Uilrtehoim... 

Velv* (Kr. 50).... 


213xcf— 2 


184 

90 

136 

64.5] 

llD 

'200 


238 (—3 


i4a 1—6 


145 


+ oi 


+ 2 
,+S 

h 3 

HUB 


+ 1 


Div. 

Kr. 


272 


77.6J + 1 


172 


83 


1-1 


mJ 4 


+2 

i — i-J X6 


+ 10 


63.0-3.5 


+3 


73.S-0.S 

62.a._ 


Hi 


6 . 6 - 

fi 

9 

6 

A 

10 

9 

9.6 


¥m. 


0 


««...J5.9^ 2.1 


4J5 

8 

5 


n 


2.6 

3J! 

S.6 

4.4 
6.2 

3.5 
2.2 
4Jt 
4.3 
4J 
3.2 
3,8 


4.3 

6^ 


8.8 

4.S 

6.8 


7.9 


INDUSTRIALS - 

AECE SJfl . 

Anido-Amer Tndugmal ... 10.70 

Barlow Rand aaQ 

CNA invesmrems _... \jgj 

Currie Finance nj*. 

Du Been Industrial . 12.15 

Edgars Consolidated lav. 238 

Hdsars Stores Hl.38 

BVMHeMty SA flJC 

Federate VotSsbuk-usdnas . s.lt 

tireatermaas Siares 2.63 

Guardian Assurance (SA) jjo 

Hutetu LIT 

LTA 2.05 

McCarthy Rodivay Ijjo 

Ned Bank 3,79 

OK Bazaars 7J3 

Premier KUIlag a on 

Pretoria Cement T3.® 

Protea Holdings i n 

Hand Mines Properties ._ 238 

Rembrandt Group 3. 80 

Rctco o.« 

Sasc Holdinss 1.93 

SAPPT ; nljg 

C. G. Smith Susor . ., rjg 

SA Breweries 1.31 

Tinier Gats and Natl Mlu. 10.9Q 
Uulwc 1J9 


+0.10 

-B.0S 

+ 2*1 

-0.K 

+0.0.- 


+8.05 

+«J1 

—Oil* 


Securities Rand SU.S.0.7S} 
(Discount of 34.13%) 


SPAIN 


Auntsi m 
Mlbitd 


Banco Bilbao 

8*000 AllanUoo tl.008) 

Wtore Central 

Banrn Rxreriqr 

Banco General 

Raiiro Granada IIJDD 

Banco HtflDano 

Banco Inrt Gat rtjinei 
R- | nfl.Mrdirerraaeo._ 

Banco Popular 

Ea wander 

Raneo Urwulo Ojftos) .. 
Banco vtoeare .. 
Baited Zanjunywo 

KanRnnlitn 

•tenuic ADdaiocia 
Mabdteii WUeov 
etc 


PWCOBT 
123 +1 

MS — » 

sn — 

su — 


m 

zn 

iso 

23* 

IS 

ZDS 

MB 


- 2 


— 2 


— 0 
- 2 


Drasaflrw 


inmnbanU 

fi I- Araumnas ’ 

fiSDB&oia Bint- 
KXOl Rio Tinro 

Fecsa il.oefl) 

Feanas -rj.iMO) 

Hal. Predados 
•Srapo Vetanuu t«ft) 

Hidrola „ 

iiwmaaro 

11 lam 

Pane Was Roumdao . 

Feirafttwr ^ , L 

Pvtroleos ' 


+ 4 


sniece 

samo Ftpdtn 
■Souefi&a 


Tbienuilca ^ 1 , 

mrru Hooioudi - . 
Tnbaew .— 

Unten race. 


- 2 
**■ 2 
SM - S 
258 
20 
278 
158 
30 
» 
n 
m 
n 

53 
W 
89 
M 
10 

n _ 

MS _ 

n.s 

*5 _ 

uo - a 

87 ~ 2 

UO -2 

3SL50 - »9.i 

as .« 

sojo + oja 

uo 

u _ 

« - a. 

11 + (LSD 


+ 030 



L97H iSmcoCwmirtUi'n 


»A2t 1MJM 3J» 

(Ml illA/nu3p.*/52) 


iv rd 


Band Dec.. 1939 H ftrosrerdom In d mna i 
isis cs Han* stan Haas 31/T/WL Attuea 
CnmmercMte liallau VUU 7TMuo 
New SR «M«a h StntiCu Thnoa Mas. 
r Clued. dMadiKi HE SB/19/7T. aSnch- 
hniip Indutnai 1/1/W 1 <wl*a Hnx 

Cnnrerarinn n Unavailable. 


IWv.VVti 


v • r *. 11 dt 1 

■ '.ui. i V .- S4 \ 


0.95 i .J.uiUJS 

1.70 +0.92 -.rifn.11 

1.42 :-0J1 

1.2 1 -0^3 '.Ufc'BJW 


QJ59 



M wil 
4 §(>od 


































4 


A 





Financial Tunes . Wednesday August 16 1978 



prices end lower 

_ T T . 


NEPAL AGRICULTURE 


despite Brazilian crop damage 


BY RICHARp MOONEY . 

AFTER A DAY of. hectic and 
confused trading, coffee prices on 
the London futures ifcarfcei 
finished sharply, lower yesterday. 

Continuing fears of a serious 
Brazilian frost poshed prices 
higher in early dealings and the 
November position— which rose 
-C13S on Monday— reached £1,400 
a tonne at one stage. 

Reports. from Brazil, however, 
tended to minimise the damage 
done by ap overnight frost, and 
by the close November coffee 
bad slipped back to £ 1.282 a 
- tonne— down £52 on the day. . 

There does seem to have been 
some damage in the main- coffee 
state of PajranS;' . but. few 
observers cared to estimate how 
much coffee might have been lost 
from next year’s harvest. '■ 

One Brazilian trader, however, 
said he thought Parana had lost 
about Ira- bagW60 kilos eacTi) 
out of a 197S-79 crop previously 
forecast at 5m to 6m hags. - 

London traders, meanwhile,- 
said it was pot dear whether the 
damage had been done by frost 
or by cold windfc Whatever the 
cause, though, most were agreed 
that losses were 1 not too dramatic 
so far. 

They were careful to point out. 
however, that the danger is not 
yet past Sources at the Brazilian 
federal government weather 
office said they expected the frost 
warning for southern parts of 
the country to be maintained last 
night. The cold air mass over 
north-eastern Argentina had 
split into two halves — one 
remaining virtually - stationary 


and the other moving across the 
country towards th&JMIantic. 

If. yesterday's ’ crop loss 
estimates prove near the mark 
and no further .datnage is done, 
coffee futures prices will 
probably subside, one. London 
trader stated yesterday. He sug- 
gested that prices might case by 
£50 or £100 a toone. •„ ... 

It is j>rpbabje,_ however, ihat 
the precise extent of Monday 
night’s damage will .never be 
knowojt fter the drought earlier 
this year, which trimmed 3m to 
4m bags off the current Parana 
crop estimate,- ideas of next year's 


production have been little better 
than guesses. 

The Brazilian authorities have 
taken a cautious attitude to the 
situation. The Coffee Institute 
announced yesterday that it bad 
suspended exports while it 
evaluated crop prospects. Sr. 
Camillo Calazans, president of 
the institute, said he did not have 
full details of the damage, but 
it looked as if the first flowering 
for the next crop was affected; 

This was the first time that 
frost has hit Brazilian coffee 
areas while the Government Was 
virtually without stocks, Sr. 


Calazans added. He was worried 
that a sharp price rise might 
have an adverse effect on coffee 
consumption. 

• Some coffee will lie cheaper 
in British supermarkets next 
week. Tesco u* to cut the price 
of its own-brand instant coffee. 
The 4 oz refill puck will go down 
by bp to 69p and the 8 oz puck 
by 14p to £1.35. 

Safeways is reducing its S oz 
refill from £1.47 to 11.29 and its 
4 oz pack by 2p to 69p. Safe- 
ways' coffee granules and coffee 
and chicory mixture will also 
be cheaper. 


Frost hits Parana again 


8Y SUE BRANFORD 

FOB THE second night running, 
the state, of Parana Juts been 
hit by frosts.. This- tide it was 
the north east - of ’'the state, 
around Jacarezinho. and Nova 
Fatima, that was affected. 

Traders in' Ladtttiaa;ifc '.Parana 
believe that Iftraday' night's 
frost will prove- less damaging 
than Sunday's as - it 'affected a 
resign with oniy^Gtn bushels 
and the cold south' wind, .which 
does more harm- than the: frost 
itself, was blowing! less strongly. 

Traders, who epent -yesterday 
out in- the plantations near 
Umurama in the west abd north 
west regions of the state, which 
were' worst affected' hr Sunday 


night’s frost, believe that next 
year's crop has been greatly 
affected, although the disaster 
has by no means reached 1975 
proportions. 

They are estimating that next 
year's crop in this area, which 
possesses 200m out of 650m 
bushes in the state as. a whole, 
will be down by 50 per cent 

The cold wind “■barns'* the 
leaves- on bushes faring south 
and prevents the newly-formed 
buds from opening. 

An accurate evaluation of the 
damage will only be possible by 
Thursday or Friday when . the 
affected leaves will start turning 
brown and falling off the bushes. 


S AO PAULO. August 15. 

Sr. Daniel Henrique de 
Andrade, manager of Bung y 
Bern's office in Londrina, said 
today that he believed that the 
worst of the cold weather was 
now over, as the icy wind had 
died dawn and the cold front 
from Argentina appeared to 
have blown over. 

In mid-July, Sr. Daniel, who' 
has been studying Parana's 
weather for 30 years, said that 
all the serious frosts had 
occurred under a cresceot-to-fuli 
moon. He had thus predicted 
that the next period of danger 
for Parana would occur from 
August 11-18. 


Record copper demand forecast! sharp fau s 

-*■ M.' in oi i nrn w 


BY JOHN EDWARDS, COMMODITIES EDITOR 


in sugar 


WESTERN WORLD consumption 
■of refined copper- will -exceed 
7m tonnes for the first time ever 
this year, according* to the latest 
quarterly review of the .copper 
market issued by Commodities 
Research Unit today. . : 

However it is predicted that 
demand will torn down again in 
1979. - • 

The review points out : that 
buoyant fabricator activity in 
the U.S, and Japan ip the first 
half of this year has helped to 
maintain demand for copper, hut 
a marked slowdown in the 
American economy next year 
will be reflected ur a fall in 
copper consumption- there. Mean- 
while, little growth in Japanese 
and European demand for 
copper is expected. ' 

Cuts itT supply and tfie resul- 


tant rundown . in. L .stocks, . ate 
expected to push - the copper 
price through £800 * tonne by 
the end of the year. ' • 

However, by the second quar- 
ter of next year the slackening 
in world demand for copper, com- 
bined with the reappearance of 
a supply surplusas new ■ mines 
open in Mexico, Iran and the 
Philippines, will once jgtin bit 
prices, it is claimed, and- prices 
next summer may -t»- only 
modestly up on presedt levels. 

On . the Loudon V. Metal 
Exchange yesterday popper 
prices lost ground for the first 
time in ffve trading days. The 
market followed a downward 
trend on New York, despite the 
failure of ne wtalks la end the 

Peruvian miners* strike. 

''Lead; values. ..which rose' 


strongly in early trading, ended 
the day only slightly higher. 

The markets also shrugged off 
a series of U.S. domestic prices 
announced by copper, lead and 
zinc producers. 

KERALA PLAN 
FOR COCOA CROP 

NEW DELHI, August L 

The Kerala state government 
plans to cultivate cocoa on 
25.000 hectares in a seven-year 
programme beginning in 1978-79. 
Hr. Bhanu Pratap Singh. Minister 
of State for Agriculture, told 
Parliament. 

The plan is to cultivate the 
cocoa as an intercrop in coconut 
and other plantations at a cost of 
R*7.I3m. 

.Reuter 


By Our Commodities Staff 
WORLD SUGAR prices fell 
sharply on the London terminal 
market yesterday. 

The London daily price for 
raws was cut by £2 to £92 a tonne 
and on tbe futures market the 
December position closed nearly 
£4.50 lower at £93.375 a tonne.' 

The decline was attributed to 
reports of higher beet weight, 
and sugar content in the latest 
tests on the West German and 
Swedish beet crops. 

Tbe rise in sterling against 
the dollar also encouraged profit- 
taking sales 

Another influence was the 
news from Washington of the 
Administration's strong opposi- 
tion to a House of Represent- 
j alives Agriculture Committee 
i Bill which would set up an 
, import quota system designed to 
raise the minimum price paid to 
rs. eruwers to 16 cents'a In. 


more U.S. 
wheat 

WASHINGTON. August 15. 
CHINA HAS purchased a further 
Ira tonnes or U.S. wheat bringing 
total sales to Peking to just over 
2m tons since April of this year, 
the U.S. Agriculture Department 
reported here. 

Most Of the wheat is for export 
in the marketing year, 

which began on June I. 

These arc the first U.S. wheat 
sales to China since 1974, when 
tbe Chinese halted purchases 
after a car^o was found to be 
infected 

Mfi Bob Bergland. the Agricul- 
ture Secretary, who is to visit 
China. - in October, said that 
special .steps had been taken to 
ensure that wheat sold to China 
was from contamination. 

• Thee House of Representatives' 
international relations commit- 
tee voted to authorise the estab- 
lishment of an international' 
emergency wheat reserves of up, 
to 6m tonnes. 

This was double the size of a 
rioiUir reserve voted by tbe 
House agriculture committee 
earlier in the day. but in line 
with what the Carter Administra- 
tion wanted. 

The 'panel rejected an alterna- 
tive vflicih would have given tbe 
Secretary of Agriculture discre- 
tionary power to use $500m per 
year., to buy wheat stocks as 
needed to meet International 
needs. 

Reuter 

Wool sales open 
only slightly up 

0y pur Commodities Staff 

-THE ! '• / AU STB AU AN wool 
auc tions officially opened the 
1978-79 season yesterday, with 
prices only marginally higher 
th&a at the end of the last, 
season’e sales in June. 

However, although increases ‘ 
were somewhat less than antici- 
pated. the Australian Wool Cor- 
poration also provided less 
support than predicted. 

At -the Melbourne sale, the 
corporation look only S4> per cent 
of the total offering of 10,589 
bales; 5.5 per cent was passed in 
without being sold. 

■ Prices of merino fleece and 
skirtings were generally up toj 
1.5 per cent higher than in June, I 
while crossbreds were up to 2 per 
cent” dearer. 

In Sydney, the corporation 
bought 12 per cent of the offer- 
ing; with 2.5 per cent passed in. 

11 was generally anticipated 
that- the corporation would have 
to buy larger quantities *o boost 
prices during tbe traditionally 
quiet! summer months 

In .the event the corporation j 
appetis to have managed to keepi 
value! above the increased! 
reserfe level without adding too! 
mturb to. its stockpile. 


Time running out 
for erosion fight 


IN LESS than ten years (he 
once mighty forests of the 
Nepalese Himalayas will be gone, 
according to a forestry expert 
from the UN Food and Agricul- 
ture Organisation in Kathmandu. 
The World Bank is apparently 
of a similar view, for it has 
arranged for 15 surveys to be 
carrvred out. during the nest four 
months to provide the basis for 
a nationwide 20-year scheme to 
re-forest the flanks of this great 
crest of Asia. 

Erosion has always been part 
of the natural balance of the 
region, but as the controlling 
presence of ancient forests bas 
crumbled before the growing 
demands of the population for 
fuel and fodder, tbe pace of 
erosion has increased threaten- 
ing disaster for Nepal's 13.3m 
people and millions of others 
on the flood plains to. the south. 


Monsoon 


Most of Nepal’s population is 
without any fuel source other 
than wood or expensive kerosene. 
On the rugged mountain sides, 
where 60 per cent of the people 
scratch out a bare living, the 
forests that are oot cut for fuel 
or fodder are often cut to make 
way for new fields and terraces, 
as villages grow and good land 
becomes scarce and over-worked. 

In theh spring, the fields and 
terraces are dry and dusty. Then, 
in June, the monsoon arrives 
and in three months deposits 
80 per cent of the country's rain- 


BY A CORRESPONDENT 

fall nf up to 8000 mm a year, 
stripping the hillsides of lop soil. 

As the rain saturates the hills, 
landslides occur by the hundred. 
Homes, fields, new irrigatnon 
canals and piped water systems 
are destroyed, and roads blocked. 
Two or three large slides have 
blocked whole rivers until the 
backed-up waters have burst 
through, causing violent floods 
and wrecking havoc for up to 
200 miles downstream- 

NepaJ's Tamur watershed an- 
nually loses 68.9 tons of top soil 
per acre compared with the world 
norm of between 0.5 and 9 tons 
per acre. Each year Nepal's four 
main river systems, carrying 
trees, boulders and an estimated 
240m cubic metres of soil spew 
on to the Gangcatic plain, damag- 
ing large areas nf Utar Pradesh. 
Bihar, West Bengal and Bangla- 
desh. 

Silt from the Himalayan 
watershed discolours the Indian 
Ocean more than 400 miles out 
to sea. and satellite reports 
show 40,000 sq railed of silt clog- 
ging the Bay u f Bengal. 

Floods from the Himalayas 
were undoubtedly once a con- 
stant bounty Tor tbe people on 
the plain, because of the rich 
alluvial soil they deposited in 
sporadic minor floods. Now. as 
over-population. deforestation 
and erosion snowball gathers 
momentum, Nepal is in danger 
of becoming a mountain desert, 
with omre than 4,000 square 
miles already identified as “ de- 
sertified,” while devastating 
floods are increasing in the 
south. 


Ironically, without mineral, oil 
or coal deposits of any size, 
water is also .Nepal's most im- 
portant natural resource. Mas- 
sive hydro-electric power plans 
are underway all over the coun- 
try, the largest being the S1.5bn 
Chisapani project on the Karnati 
river, which will take more than 
20 years to build. 


Ready 


Nepal hopes that the new 
power plants will aid control of 
flood waters, solve some erosion 
problems by providing an alter- 
native fuel, aid food production 
with irrigation and produce a 
highly profitable new export. 

Nevertheless, replenishing the 
forests remains lhc most obvious 
answer in returning erosion to its 
normal levels- The Food and 
Agriculture Organisation's expert, 
Mr. Mervin Stevens, believes that 
Nepal is ready now to undertake 
wide, village-level Te-afforestalion 
projects on the basis of forestry 
studies that have been done since 
1965. He says that the Ions delay 
involved in wailing for the World 
Bank surveys -(during which Mr. 
Stevens' S9o,000 project has 
been temporarily suspended) 
is unnecessarily “ rehashing old 
ground ” and also wasting 
precious time. 

Other observers agree that half 
a dozen S80,000-a-year consultants 
are not needed lo lop off 13 years 
work in the field and that it is 
simply time to get on with tbe 
job. 


Spanish bid to improve orange quality 


BY A CORRESPONDENT 

REFORMS PROPOSED for 
Spains' citrus industry should, if 
adopted, improve the standard 
and acceptance of Spanish 
oranges abroad. 

The proposals .issued in the 
form of a Royal Decree, come at 
a time when action is needed lo 
compensate growers for what is 
expected to be a poor crop next 
season. 

For some years it has been 
suggested that there is a need 
for a register of exporters who. 
to qualify for Inclusion, would 
have to supply a minimum ton- 
nage of fruit, obey rules govern- 
ing standards and submit to strict 
inspection procedures. 


Among the aims of the reforms 
is the removal of conditions that 
favour producers and exporters 
careless about standards and 
bureaucrats to whom efficiency 
is less important than power. 

In the past, citrus producers 
have tended to be dominated by 
the merchants, larger co- 
operatives and government 
officials. Tile reforms should 
mean that next season the 
growers will find themselves with 
many more votes on the 
industry’s commiltee of 
management than at present. 

The producers' extra power 
will be measured by more lhan 
just their own votes, though. As 
a potential ally they have 
suddenly become much more 


interesting lo co-operatives and 
syndicates wanting to oppose the 
merchants on issues in which the 
small have had to bow to the big. 

However, political differences 
vanish before a menace that is 
universally opposed — the virus 
disease -tristeza,” which lias 
been relentlessly destroying 
plantations despite an elaborate 
scheme introduced some years 
ago to replace all existing trees 
with others with in-bred re- 
sistance to the disease. 

Ironically, the depletion — and 
the fear that next season’s crop 
Will suffer seriously from the 
disease — lias been a big factor 
behind the moves that should 
lead to a belter deal for the man 
who crows the fruit. - 


COMMODITY MARKET REPORTS\AND PRICES 

piCp MPT AFC - - - London. H(»tU SRbanjtr. Afirr reautn. htAk rise fn thr Penoug market v 
I'**- * tng stead? ihroaiibout the moraine despflo onM unlv offset by the early siren, 

flkf &rw*5S of (Rerlinc asanwr Wo of 


5 r tse (n Uk* Pecans market was Pflf'flA oa: *** t**?. start is «i a stead v note. 

Kirtly offset by the early «rewnb LUW/I Lewis and Peat r -ported a Malaysian 

trims and forward st ami art metal The recent steady trend eonttawd sodou-n price of ZJ'i (3M> cents a kilo 


PRICE CHANGES 

MEAT/VEGETABLES Price per tome uolea* otherwise stated. 


'S’H"’ •‘SS"* ^’v * 1 runo off from a -«Ut<np ;o CC.7M on the pre-market nnor throughout u* despite a farther »bwvr. SejM, 

Bret tune in ate LadiBC days on uk or *73 |o dose arum* the lap 1 * to caws it 15.7CS id "he raendng nags weaken] os in the IT 5 dollar GUI nod - 

- ■ - — , . . - toypmil l«ei of 1753.5 reflecting the weak- owing \o trade selhng. In the tflernoun Duffus reported. ' l v'w’n 

ruPPKR ' (Sr'jr i : ,• :r+,ir MS* of Comer.-' Turnover: 29.7M tonne*, the price tell afresh as bnli inundation iti. 

' " .VndMnMwl . UMil Tn rtlnc « «H» '« before It rallied - ~ +*~*i6m* - - 

--V- ,V tare 33-wus « 

«j» * * *««, * g. -. Cathodes, cash TS7. I-j. three '-JU 5 tonnes. Ax-aLonir r, t ■. - .. jjjj. 

-u'H £' : VS ''months OfiL Kerb Wtrohare. three- ' ‘ ~ h»i* .. 165SJ 55J ilUS It 48.5-27J} u,.t. lu.- tIjA- 


Wirfihar* ' • ihiw months £73. S.a S. 3. 8 . 

9 rn oaths. WM +% 1 W .54 .^ months qss. Kert»; Wirebare. three ~" 

*3rSZ, W3 -tt ; - ^ Alwnom.- W,reb£ 


- , .jTw hvpt lfcSJ553 

,|'£nb l .| - Uw J. 14 J is.y 7 JO I.2UW7J 

. ~ wnttuiait W.J -7.75 1/83^75.0 


me* or -J.i (=M> cents a kiio SMITHFIELD « pence ocr pound)— Beef: 

W- 1 .- Scotch mikd Sides a«.l» to 5S.0. Ensllsb 

, - - ‘ hlndqnartL-rs BS.O to 89.0. Ulster hind- 

S’k I Year'idsy't Bu>mm Purimi* Qoamrs' &6.0 to 68-0. forequarters 3B.0 to 
itj-a. Ctoa* • iloue I t Uiv '* u. Etre bindauarters BS.O to <8.0, fort- 

-- 1 murfen 37ll to 39.fl. 

Veal: EnRlish fais 62.0 to 68.0. Dutch 

»7J»na.lM J6.70-S7J0 6SJ5 57.25 hinds and cods 7B.0 to 84.0. Sf.mmli.m 

JJfMa.M i7j>tka/.M -B.5u B.rO t-a“b: _ English small jfi.O to fl2.0. 


Aiij. in + oi ' Month 
H/ • - ; a 0 f 


a 


LG. Index Llmited'91-35l 3460. , ' November Coffee 1284-1306 ] K«wVwtk. 

29 jLaaonl Road,, London BH'10 OHS. 

1. Tax-free traffing on commodity ratares. 

2. Tbe commodity mtoreis market lot the smaller investor. 


Standard; ' Sab s. il 5i4> lots ot 10 toaaes. 

■Ca*h 1 6780 S - 12.5 6752 6 - 21.5 international Cocoa OrgaobaUM HA Sai.; 5 al 507 > lots of tonnes and 

J mooths.' b68w-90 *ZJ> 5(65.70 -Bi ceflU per pound'— Duly p.'icv aoz. I<: ::: Iota of 5 tonnes. 

Mutni't: 6785 --15 — • ..... Ii 7 . 7 » ilijv. J-'u-.Uir jtnci* am. Ii: ‘•m --,/ ctasins: ont.-i.-s 

Mran-fL-.i :Sl /84 * 23 ; — • J 3 -dar aw rase : 3 L]< 2 May >MAi: Scpl j 4 


U;S. Markets 


Copper and 
precious 
metals ease 


avcia&e '.4ft ni 1 145.131. 


-* <»» 1M onevs ■bturersi iron'. ,\twu«i 15 C8 calth- 70 33p per h«. !.»■■ 
Sr-y >Mir. Scpl •S7.S-. C»cL r-o.25i: UK shet-p 143. Up per ks. ••m. 


Pork: English, under ino lbs 37 0 to 44.0. » m..utlr- in. -K | -707.75 -6.5 ^'il-25' * ^ Y0PK - Au s || s t J s - 

lUK-lifl lbs Sfi.O to 43.0, 120-160 lbs 35.0 10 fin'd Troy nr. . 13.375 — 1.2b ; PREUOVS MET..LS r«u-d on Com- 

41 q \s*t (,'a-h I 330.5 + l.a HaC'4 | mission Hou».- prpfii-iakmu. after a strong 

Rabbits i skinned •• Chinese 4“ a to 4.1.0. # S3B.H *1.5 iial3.2S f rally m th..- dollar. Copper also fell back. 

Auoralian 3*0 to i» 0 . Nu-se ird .366 , follow-ms prt-ctous metals, on scauercd 

MEAT COMMISSION— Average lalstork Freeilnrset 'iiiji.irtl 1.77 *1.V8 ’lens lion ulnl ion Bathe Tcporipd. Alter 

sriM ar represt-iifaiit'e markets on , 1.90 , 1.90 1 initially opining linm-up on coilmiission 

\ mas< T 15 CS cattl<- 7D33p m-r k«. , ■ J Hony buyins due In frost scares, coffee 


5ejp '-'- 'Jl. 


Plat iiiii m t my n*.- 1 1 24 ,S 


rjfihi-j uvakli' on trade si-llimr. Cocoa 
opened firm on lrade aiturasc burins. 


-'[ Uomins: Standard, cash W.7M. three 
“ItoojrttH XtfJM. ifl.895. 90. Si. SO. Kerb: 
•jSUDdart. three months £5.663, W. £«.7h®. 


COFFEE 


SOYABEAN MEAL 


d c.w. 1*1.4*: CB Piss 624P Per Vs. l.w. c u-rkei! ' - 1*0 Ti' opened firm on trade artnlrase bunTO. 

r i.j.. » xSso . cj * d on «*" wiw proht - 



h-rs Up 24.7 per ccm. average price 69 Mp TS7***7mr nr' ’ ‘ _n a j.77 7 ,a kitW- 

1 -OjS': Sheep down 1J Der cent, average i nwoibik 'dla’a -02 ic+ifii. 

price lK.3p t-i-1.3.: Piss up UU per IgSS 1 6 -21 S £6 a70 s,arcW ,a0 - 6& - »» 

cent, average price fiUp C+*Si. Scotland eiveisos *»»■ 1<2 - 5 ' ^ ^ Sa,es; W7 

—Cattle up 4.S per cent, average price llln — c,n - i '° ,s 

72.MP i-9.f5>: Sheep up 48.3 per rent. iHEJ? affliJi::- ifS' « ' t'n iiSiiSRi Coffee- ' C" Contract: Sept. 3Si,0n- 
averase pnee f-Mi; Pws up 6.5 1 ' all ® In « £302 1 W M ,W3 0D - Dcc ' “*■* ' U7 - 3 '- 

per cent, average price 63.1p f-0.5'. a n ,« rlVl os . iH.75-U5.uo. Map lis.w. July lOSJKHiO.ao, 

COVEMT garden (prices In sterling — ,‘ D ,2S I Sepi. lfi7.5O-lift.00. Dec. Do^S asked. SaJcF: 

per package unless statedl-fmported >560-600 

produce: Oranges — S. Afncatv. Valencia QU* ] > Cooper— All*. 6333 n5B..tSi. Sept. 

Late 4.00-5.30: Brazilian: Peres 4.4(L5.09; Coconut iPUIl 18672.5 --12.5 8646 Oei. Dec. K7.B0. Jan. 69 -20. 

Ummaran: *19 144 6-004.50: CallfDrtUan: finwn>iDUL — ..|t’6ua t688 March 69.15. .Ujv 6 9.93, July JO.SO. ScP'. 


- like ehrty firmness of copper and some the aftenmon the market 'Jaded to Itc rin.tenUj +"er. IfueiueN. per ~ padugc " Mless staled'— Imported Kft * 1uwr * -(>560-600 ffSsP-l 

. »egai »py interest tc aerated by the C,0W1 ~ : Uf,Bfr produce: Oranges — S. AJncare Vateucia Oils ) 

•r tocem fall in warehouse stocks and the wmnR a sh*ra reveratt Late 4.00-5 30: BrazUlan: Peras 4.4O-S.09; Coconut tPblu. — 19672.5 -12.5*645 

strike 1 a Peru for*- art metal cased bade Drex<:l Burobam repoxtrt. patois at Die ICperiooue Uruguayan: St- 144 6-W-6.50: Caiifomian: firounJuuL — ..|i’6ao t688 

. 30 dose OP the Ule kerb at £339.5 owing npiwl' Aua«.»t ihtaS84!8Ut +2 jtf. 155.65 Valencia Laie 77' IBS &2&-6.60. Tansurtnos Libwi Cru-ie <tj. 1^325 --5.0 *.344 

to UK downturn (n cooper and spcculanw •» 1 H7.avi i.a * 2.20 no 7J 1000 —Brazilian: 33 n X5B-3.60 Lemons— Poim Motayeu — >600 r T 15.0:585 

t Wto tile rise. Turaowr: 6ff7a *2***J t *' “*£5 - r -.^12.6-12.8 ,2.1b 1.2.8 -11.8. t.aluTlOO-l^Os new crop 5 09: Span. a: 

. * “OhW. 6 M ^ “ 31 ^ f- xunn .4.7 * 3. 15 114.001540 IMta large hose* 4.8^6 50: 

. '.' _ v- Ajt: .. —•t 114.70-10.0 t 3. 15 — I'niguapan: S» 15fl j.OU 10. Grapefruit — Soeds 

S -/tSAll. \ j££Zl. rjTitwSrt.-* Ilf -UiQ - s ’(men: 2T.72 3J0-I.S3; Jaffa: 40a tt*.m Phillip. 6465- -5.0 

0mc1 * 1 ■ t »V +€’■ ^ ; W6A3 1 I8^ - - 4.0U; Argemiue: Marsh Sccdksn 40/72 vyubtu <UJ>J..-I>266, 1 1.0 fW 

. ! C . I i- CtlPPEL ; Moot ^Si:c»: 55 (13S1 faxs Of 100 tonoes. .1 60-130: Californian: Man* WhJ it , 

*' Jjba 35 S-.B -+6 ■; 534-5 +1^ A: per i.mifr ' w - Uruguayan: Manih Grains I 

L' SrtvSvTt:: 330.1 53 ®’ 5 |"thf *n*ernf*r .. 1« 10-1 41b 1645- M30 SL’GAR VwnIHI™:.' fBI.45 -£» rB1.7 


iw -;il5 0.-lf.5+2AO - S "iir'AW. 1T-T1 3J0-J.S5; Jaffa: 40a C«(iri Phillip if466* -5.0 >450 

uiTJ»t - ^WbJMjS.O — — 4 . 0 U: Argent loe: Marsh Seedless 4®/72 vnubean iU. 6 .j....i j26&j 1 1.0 5264 

Salt*: 35 OSS) lots of 190 tonnes. " »-» 30: Californian: Mart* Sei-dU-s* 44 . 

iocs or xw tonnes. . M ^ , W; Uniguayan; Mafxh Sorties* firtun . 

_ M-H 3ffl: Jamaican: 27/M 230-460. WdC.. ‘ 

SLGAK f^A£ 2 TiAS - *>'« ■»»•» 

LONDON OAILV PRICE .raw sugar Pippais 9>0: S. African: Granny UlUMh Ktwi5i”i'ft,’i , .\m- -cM.Se ... t'UJ2 


-i- bOffOing: Cosh £337.3. 38, three months U M1 ti 1140-1170-57.6 1X60- 1 

4 L i*. < 2 - Kerb: Mat - 1090 - 1100 - 255 ) 1205-1 


Sjtor cuoatte X3aS. 43. 43.5. 43. .Ultr- j u i v 108» 1093 -425 1145- IKS 

BOW: Three manite £541. 41 J 42. J*. 4«^. unseariaa' .. 1051 1090 -34.5 1 !0 0- 1CS3 
C®. SL5. Kerb: 71»rev months £339j. 48. 

-.ZINC— Mwved aarruwfy. Forward — 

PMM traded a oht hr between 038 and ICO Indkawr prices Inr is 14 iL'S. 


I.tw- 02 -I • a tome eU for jllnaieur iu.ju: Italian, per pound Rome Beautv Wl(w|l 

. i-nn sSksfl!-.- :* *TOte sogar daily price was o 16. Golden Delirious «.I5-0.19: Spanish: *.. . n_. .g,. 

t -• lVi n,-w reop O.IM2t Pears- french: Core. 

Tar T.’rtW.sa nregular atm mitially a-ib boxes 3XM.W: per pound Italian: biuiu^, 4l. .mVr J»u s 

fi ai,i: 1® points below kerb let els. cuym 0.17. WUJlams 0.22: French: j. . "fL 

*. » — ■ '.^«s WMT MrrnwMl rlrrinc th.. w.n. .. lt_n JT . raiwrn^j.l^M 


— .«.! V • '.^>ws were re cose red daring Uk- willidflts u 1H-D.17. 


I Cooper— Aug. 63 33 i66.3Si. SepL M "» 
12.5 #645 On. «.i<1. Dec. K7.B0. Jan. 68-20. 

.... t68B March 69.13. JJjy 69.95. July JO.SO. Scpl. 

5.0 <.344 j n.flj. Dee. 72.65. Jan. 73.00, nlarch 73.63, 

15.0 :585 i May 74.30. Sals* 11 MU lots. 

s CoUeP — .\o. 2: Orl. 62.S5 >C2^5i. Dee. 
| 64.47*94.50 I«.7?». March 66.55. May 675W- 
■ 67.30. July Us.KMjS.l.’i. Oct. tf.GD-6a.7D, Dec. 

5.0 >450 ( 65.P), Saks. L050 bales. 

1.0 5264 i ‘Cold — A oc. 212.60 (214.70 1 . Sept. 2L'I.30 

I ■2I5.7(ii. Oei. 214.50, Dec. 2TMHI. F.'b. 

1 221. 311. April 224.70. June 22S.2U. Auc. 
. 33I.7B. t»ci. 275.3U. Dee'. iW 70. Feb. 242.20. 

rtn’i , 81 7 Apn! 243.7". June 249.20. Sales: 19.000 lots. 

tLard — ChlcasO lonse 23.3« . 23.00v MY 
t'IOZ prime skam 25.00 traded 124.73 traded <- 
fMatatd— Sept. 223-2221 (21d;.. Dee. 230- 
1.0 l91.25 52» 1 252j ■ March 239-2.V. May 544-2461. 

; July 243.-249: Sept. 24D-352. 

....91.0 SPtaUnum— Oct. 271JU-2T4.90 I279.30U 

...1.806 fan. 276.70-177.40 <2S1.W». April 279.30- 


fflj prior lu rifeUBB on Uir ate kerb at crnis Pit penW: Col-rfsbian Mdd -■ f ~ w i(iw> ujw-ijs. tr*pw»— per i- u» un • »». tfl 298 52 Oi 1.22 

9betotmcr prtre. Values edged up un the Arahinm l«M «:74.05..: crwarbtd » J . ttH? bin Webbs DSO. Rhotarb-^er pound, outdoor 71.05 

teMuirket maomced b> tbu trend in Arabicas HOBS o:ber C- '*•'«» tfeuoned. 0.P0. encu m bers -per tray L-24s l~o- i-sm "ns -,a.b 

cower and lead but oroSt-takinR and Arabicas MtM» il3a.E7_: sobustas JCA — * " “ ' " 


.•gurn-:- Later prici-s attain Engish producer Peiaiecs— per 25 Kilos L -, llT<H . Fni'.irtv.'.""',! 


Pit peuntf': Cpkasbian Mdd "- iV Soul quotations ucre about oio-uo. Lettuces— per 12 0.90. Cos tIPO. 


_ _ 1.4". Mushrooms— per pound O.4P4I-B0. „ l 2 m ril{KWi It UR “nn - nV 5 

I SfNfik] iknddauoa prompted a *Unhi oil- 1976 130.09 *1^30: Roausia 1CA twi .. • Applei-pre pound (Irenadicr 0.05-0 06. \r«*n.a« -i-kmr"aoi. ^ 203 [ cluu sSI'n- 

SuK-lD ffaw pivot around Ibrlr user- 13923 llllSf. Daily a% erase IZitn ■ Vrtdorfs,v IVnM.hMiM Lord Derbr 0 . 10 . C.eoiw Cave 0.13. ?£2L12-L*2*-. L*?*’. ■" 203 - I March If 't?' 

nhAl levels. Turwuvm 5.TO0 losses. «V13 5S>. 1 "" . • H.« IKn* Bramley C.W. Tomaioes— per 11 lb Enscltsh - Nominal, t Net* crop. 1 t‘i nquoted | rcn M Triiv u 

-r—r - f i_L ARABICAS were tequoted- SaJcs. Nil • • 1 . 30 . 1 . 40 . Cabbages— per crate O.W. Celery mjune-Au*. n J^ty-Sepi a Sr pi. f'W 

- m,.- ; t& Jl. *+T' tot* 0* i; - 3 **6 -per bead D.OS-O. 12 . Caaiaiowers-per 15 sScPt.-on. u amxSl rPcr ton 


? — ARABICAS were OWtei. SaJcs- Nil lr- 

-is, i <£%. i-stw-tr w - — 


Future ,\..i 1.614.3 ■ 7.0 l 1.727.5 1 279,70. July 2s-:.00.255.'2i). Oct. 2S4.90-2S5.J0, 

i|T»h- r'liiurv...^..,: I Jan. 2SV«0-2>T.S0. April 293.30-292^0. Saic5: 

Aw. - £1.292 -52.0 c. 1.227 , 2 . 2 in lots. 

■LL.u'A' in.iek....'73.itou 71.05 , 'Silver— A ur. 361.40 i56S.70j. Soul 562 « 

!■■■«■ kiln. _...i37 -0.5 aP.5 j ■370.60 >. Ore. 54s.90. Oeu 575.00. Jail. 

'!t" >■<•»» Ic92 -2.0 :83.5 I pIli.W. .March ?S7.30. May 595.W. July 

■ fl.iw -I- mn. .. (JZ81- .. . 203 «n M. S‘.'Pl. 613.5". Dee. C27.20. Jan. 631.90. 

- 'March b-U.'-u. May 650 . 70 . Sales: 12.000 

c i H M * Hardy and Harman spot bullion 


Evenas read t&; thousands or 
children iaBritaih are dose Wdespairand in 
urgentneed cf help. \^*hat can we do about it? 

One veiy good way is to RelpBamardo's. 
They have some marvcllonspeople who spend 
their Iivesdoing everything they^canfor 
children intro ibie. ' ■ 

There amxnany calls on your money 
these day ^but Ihope.you will feel, dsl do. that 
children are special and need an extra effort 
from all of us. : 

Please tr>» to spare something now 
It could hardly be.put to bpttcruse. Thank you. 


C|«rt<«inc Lincoln 1.50-2.00. Broad beans— per pound i Indicator finer. 

. I (Vtl.U 9s.7S--s.35 B3J-.D.0B pyr uoUnd 0 j 06 Rumter beans— per Bound 
5-45*i<0. i7.7b 7.8S 7.7*k3.Sfi Stic* 0.2M.25. C round 0.1 «-« 1». Peas— 

JJJS fle.KJ n&^OJK.SS t> 2 eO 99 00 per pound 0 05. Beetroot*— per 2S ib 0.6»- 

1 0.7S OS. lu4.Su 04.76 1.4.00 0 10 0.50. Carrels- per 2* lb 060-1.09 Caps'- (Mni/ . rri 

:5 4a.SS lt,7.4.-7.ro US.iOQS^a runts— prr pound 0.16-0.20. Ceurgettos— |!\ DICES 

I 7.00-7 x, iiijjs.jj.jd i;o.75 per pound u.97-0.10. Onions— per bag 

1 0 Ts-.WlM^ ib .vO 1 1 1 .00 I Ob-I.M Sweden— per 2* lb Q.MMIW- 

-• wg-«2a72. inn „i vi tnnmy. " Tnroips— pr r 2S lb 1 . 00 . Plums-prr P-*uli<i 

S «»• e ' 10 ' W* FINANI 

a basis .bun arur r?KJ V. OUlUIBS 0 99. .. 


■ i t&xrfca yesterday- cent «quivak-nts 

Of the fix my levels were: spot 574.2c, up beta. 

.- Mis three-month SSUJc, up 7c: yix-immlh Nm-, 
305UC. Up 6jco asd 12-moMh bts.oc: up j kn . 

.. I3» metal opened at 2&7-2S8p <574- M, r . 

. . raao and Chaed at 2$5j-2Styp <367-36910- ju« r 


53.10 ' — 


M-80 -OJa 


57.35 —O.W. 51.4a -0.0- 

90.15 :-O.W 54.40 — QJS LONOi 

92.75 86l60 c-^.11 repsrt.d 

93.30 i — U.70 89.20 -0.15 


Seed your cheque- PO. n» dy pa^-ahloxo Dr. HarnanioV. 
ta Dr, Barnsroo s, Kf U..- 
1’rcopoit, IlftHit EssctC IGfilBB. / 



"ZIXQ • OiiicbM , - \ Iiutffcwi - Cwn-c i£«h 1JMKM hoM^t ; Sw 1 finm*™* 

. „ •►!... iMWui K.75-:S.S0 B 05- .0.00 per pmmd 0JJ6 Rumter beans— per pound Mirrti siiir j!iv SIS' 

^ ...i saV.3 +2.5-321^.2.8+ .26 GRAINS SJWUfl. ;.8S 7.7-13.88 St.t* 0.2M.23. Grtmnd O.m-g.W Peas- 1 ^ ' 

-M' AucK,.... 324.5 ,*2Ji; - • LONDON POTUNK (CAFTAv-Tbe -«-» ■ ! fS IMnifPC s,,p '- lsrnn 0«. 115.30. Dli-. 

■? VraiAToi' - 29.31 tnarkn opened IQp to I5p iwr. v*>j: ^ i 7 *.»* L iM'k're'cn '•«'»? ° S ‘ 2a Der^muaJ P u«?0 lO^ ^'ntomre-peT^ig SWUIUA ;**.2tH6!*.M). Jan. 17ft.5rt-17u.Ofl. March 

valuer used ruiailfi ou «iene reade MCI. *•-* - * -w >1 IJK-t 1.59 1.0.75 Per pouod «.9 i-b.iu. wmons— per ong 'innn un it® aa.i7s ui luir itu Vi m. 

- Kbnuns; Cash £325.3. three tremius J J1S _ SK Zoo6 barms supper: trj» grtu a: !»•— 1 3 ■•■■te'IMA I6.V0 111.00 ttrtl.M 5wed»— per 26 lb 0.*0-l>9D. . . — — : jfc'oiuiTi: a 

4IJ 31. 32. 315. K. Kerb: Three around 3 ?b dnru on Xfiiembrr. and :.V» - bal -j- 4^*-"*2a7Si lots u( 50 tonntiL " Turnips per 2S lb UM. Plums per P |, iiJid Snuahran" nil— lu? -i:-; c.-i 

' 5S? i iiiS5i ttU U,, K?rh' c‘i»: rtste'. r. tv- wS Uhl cvrrtinery unte inr n,1Trs 051 n °- 1B * FINANCIAL Ti«l£S ' -:..iv23.io 24.«.. Ore' :4.a«4.«.' Dlv'. 

■. sss ■ ktr6 ' ssiias'.sjyrs as ss^p ssr afs — .».»• :a?^su!s a^a^ssf ss 

-VtAf n et ww Trfl • up oreuimra ramtUejsi interest bring w spot positmas. tzsi -u* f- •* Wi fn- expon. Z — n> 3.05. 

_■ ' «ow. till per BiraL Prtcc* ctosci 3>l3a tower. AJi ceuor.cd- micnaioml «L5. T . .... . 246.49 245.69- ; 236.3 J *.37.30 . Sngar-No 11: Sepi 7 14-7 ’l5 .T.U).. Oct. 

■ WVPP gw* CafUftban SR! LANKA int * '■ = -TJ-rj* <7.21.. Jaa. 7 55-7.65. March K3- 

- *WL Y JCJtV whsat • fURLCr port— lor Aug. it Daily *.4i __ _ ■ r. 4 -!. May r.K.7.96. July s.t4. sc-pl 5.22, 

SUvm- n, fixed 0.39a an oum* bisber iY«Mur% ,7 ”'' Rr6 ««■ TO EXPORT RICE REUTER’S 1 Oei i.iZ. Jan. S.504.BJ. Saks; S.S50 !ms. 

r ~~ ^ ~ : r ^l — — wool n'miDK Colombo, August u. »'«• 15 A ^ 7ta ; jgggjy Vcnr *** ^ 

a S§ Uio: SSt =gf a .FUTURES SRI LAXKiL, once •' the granary uP°*jmijfuSSSr K74.5. « *gi ^ «* JM* ««r saw. 

atte. up Ueo iN «-® OB S, 6 ^2 c: l -7 J*n- 90A& i-O.U: 54.b0 -005 WNDON-DttB -and featureless. Bacht of the East, is fo become a nee rBat*: SeDtemb^MS.- 7931=1004 wivvi'pvr rnn' 

I* . 73» aeul opened ** 2a7^S^ fa.4- M, r . 92.75 -_o.ic e— jM reKrt.d. exnorter for he first time in 200 ?*: An *H sl L - n-Ryo— Oet 97.ua,. 

BSlii and dosed at 2S3i.5S» (M7-36Sic)- JL, r 9b. 30 Sj .10 _ 89.20 -0.15 ( f«Ke per kite. yuars. DOW JONES $5m® ^ J j , “ r h * S 4,60 Wdj ' J34c * 

i : — : i “I “K**** ’ A “maha” harvest »)«• j' ’*S r i“ i »“!'5ii4 l ia""S« r ^Oais-Oet. tLw bid). Dec. 7l?o 

^ILCKU ; Bunion + ofi I-3t.lv> ,+ "f sc.7i«L58. Mar 95iS-».oj. Saliw ^v-ll C ’ r t * 1 "* » , ’ r<,c earlier this year and a bumper Ju,t ** ; 15 ‘ W : «_■■■ i asked rr».40 as^edi. March 7J.50 asked, 

r , pgg _ i fflp* 1 ~ j cluW i — tots. •■rtaf-StjK. .*v>^.uas. xcv. slw- j • crop from the current yala ” ifULi '367. leifiFiifl «»-?■: 35 1 38 : M ^ :i ' M **«*• ^ Ja,r 7L5 °- 

,-lrorctt, pHctaK i I «.», JM, 64.35^4.03. March «3.3»s*^5. atJL4S.fi ' ' _ „««« will mvo tV,r* ielanri a IxtSxSS iiSs” I ttttvtaf-OcL tlAU bid *71 bidi. Drc. 

■rr '. ■ is*r amraded. Sa!^: K5 -«s. ,' ..v r . I season bill rivo inc isiano a - — 6 =- 5 ? SS - ' 5 17211 ask-d 172.20.. March 72.39 bid. May 

. j - ‘ ! ? at 9 i ll It Surplus of 300,000 tOnnCS by (Ample* iSM-VS-Shflftni 7J.19 asked. July 72.9D 

,., J 207.3 p '+0.3 284.5u -4.85 IMPDItTCO— ttfbcv.- CWRS So. T. !/J4U«a ; “ December. • «ciawe®d_n« «. 0 = htn 

4SSMSB* 4 i!S-.:.-.-r:gSS:“: r tET-i** uwaiy km " oooys Jf’.S'K: 

tttaaWlitM, ; : _ V'yr— jSflff! .■ ■- !ln,ady ^ 3 un ne-Qtijiiuns with ; ^ J " 1 ’' - S3S ” 

,» im « i» sk ^ s 1 “ -^=^---UL ti r •^sr^'^ssL-'wjrriJsr* 

Monw: ^cc uwoUa at.. 4J. iinflic,!.-: ' ’ Jris of l J03 ts. rlt ilieMed lfI11 . 79H.O 925 5 cr ” ,s ?tr r,nunfl f*-***n*u*« 

» ”EpE 5*-- l’ s. ffr-'set. -.Jg -S.-P! ra.V’. stomey Crsasy im ord-r btre.-r. China and Pakistan lo defer ship- ' ' '.nrrti,.^, v «ni-» oftorwiv sian-J. *Js per iroy ; 

numrn * ■■■ V-^- D ^ iranidiinTirtU 5i«r Ct»«: fi .V.w '*v' MM5BJ. d: hec. -«u. menls of nee contracted JO ' omi. i-— ,99 oumv iats M.-bicaco lnns«- 

SJlfftSSS,tUtJah; ^ »»«-.-• *** «*«»»»» - r * ■££?& 

riit-i. C. .1. Burtop. S o * 8k him . Oats: ail y-“jnr>i- > Ju.'y 279.8. Caj}. UfiJludreS: C»tL 377, ft production 4Cre flllt SO ^ ! Iai>-: .*irs. Can >f .'rt Hi busbi’l ex-. 

rrtTTftN ' - HCCA-Loealw. cx-lanu «p- ?- 3 Dc«-. 375J1 , 176.ti, 37VS-' encouraging. „ 1U11U ; r.ir’ how.-. j.Wu hnih-.-l Imp. *Ss por 

wl 1 Un Feed barley: S.g. Seri'- ti. Tom sak«- a th«> M maha ” harvest tmmuhl C ? l f, 5BY p,SH -5«ppi T , w u. d«w»ito onn " Ijr .-0 oi units uf 99.9 p. r 

^ -*r to tr«k «^?S l SSBTS5 : AiE ?' n K L %i of ^ di,y v n ? c ™ 

r WaSS,.? . I S “g; m:DDrn ^ tffcfi. unuaih^: Estimates for the current crop s.w. mmium i^.-st . • - c.-ms p^r r. bu >ud m sun*. 

.F^^Twrnan RMricd. smL furnart RUBBER iiSfl range from ^am to 30m bushels. mm« njo-rcte: Ur-'- " ^ n ' a -« ' b ^usbeL ’Cent* per 

1EZI!LJF a L.Er t 5L _. a _„ _ “if J** A nn .»i mnomminn rtf «+» ic medium rsrffl: larsu .esnon -to lb butbcl cx-a a rehouse, ft Cecis per 


... ^3*0 and Chart at 2$3i-5tyP l*Wel- jiuy | 9S.30 i-o.lQ 89.20 -0.15 ‘fWbce per kitoi 

■ — . ■ — , — dose; vfhedt-^SepL S3.ia-M.70. “vu-v^u T««trt V »+ "ST 1 

• rtifT-to I n .,L»» ' , J Ml c j. _ So*. S7^Hf7.33. Jan. March r>n«i W.fc-ii Ckme : < Dtjio 

: +017 I-M.h. + SC.75«j8. May 9SiS-».03. Sales, tifi - - 1 

' P» , ffiUap i — i ctort ; — hns. lartey-Si-p;. n-^ 0 -li 53 . >«■. suw- j • 

. .-woy be, < twtes I ! n.a, Jml SL33+i4.a3. March «S.3»s*^5. ‘SfiJt42.fi' 1 — 

\ 1 Miy fflJtrsdrt. Sains: B5 too. iip.i t/-r . — 

*lXX— r ..,- : 2B7.3p '+8.3 284.5u -4.85 nmutTEO— tWbcv.- CWRS So. T. “ 

; JBUUHL., 2B4Jp .^IL2 29 US|. -4.B5 131 K r «». .Vs*. OUS*. TJbcrv C S ' ' W . SSS I 

bmooita.,; 30L2- . -0.S. - Durk Nonbera Sprnjs So. 1 J4 3 :r cs..:. iV-Jre i “ 

- 316.4c ■ — Sew. / 77 J 3 . Oc!. £ 7 > W Nov. fTSJV). ;r.*r.- r..J24c£sU ' i “ 

■bipmtat Eas!-Caast. L'.Ji. lurd V<si>-r i-***** - 


2 “ “ awjred Car.tt»an SRf' LANKA 

jtT i— Ft:cfs for Aug , Daily 7.43 _ 

jZii. tvmze Utt. TO EXPORT RICE 

WOOI PTmiR FC COLOMBO. August 14. 

” UUL rti UKta SRI lanka. onee “ the granary 
lohdon— D ali -ana re 41 a re >ck, Bac&c l ^ e East, - is fo become a rice 
ircrt.d. exporter for he first time in 200 

J peace per lutoi I'ears. 

«*: Bu*mm * a record “ msha ” harvest 

: ~ 1 1Wlc earlier this year and a bumper 

j • crop from the current ^yala” 

^ "*< r £*£«|-2 1 — ■ •' — season will give the island a 

‘ 4245^113 — - surplus of 500,000 tonnes by 

. T'i'i -towns* ; _ December. 

.iv ■ •• •■; - The Trade Ministry has 

s*'*’ ! ’ . — already begun negotiations with 

rtwrer... . .' ' I 2 , ft Maldives for the sale of 


•tjwjJteM i 

: 


FINANCIAL TiM£S 

Any. lb 1 \i.-.Oe ' iLuiiii' ” HB . » «-■ 

246.49 245.60-~2S6.3J J37.50 

1 Have: Jtiljr i. ^' = 11101 

reuter-s 

Aug. 15 Ai*i{. W i'uTmUi - *;.. Year Ui- 

1440.4 1441.^ jqaB.Q 1474.5_ 

ffia&e: SeDietnber T 8 ,'f 93 l=iU 0 » 

DOW JONES 

!>«** , All". I Aue. JMi/iiia l'w 
Jliihs , 15 I 14 ! Hy 

ip*.... .367. 163&S. i}83 5 i ^27351.38 
riinim.1 0 &l 43 L 3b6AS3SSre5326.’7a 
(ArrtiiKp ?894-?^gh'rnmi 

MOODY’S 

,, , , j -'"e. J A<‘i". 'j-ilii Ywi 

ILinklv - 1 16 I It -a-, -ta- 

Li 0,111a V 1 93a.4 933.7 0 1 1 .0 925-1 
> npppnirH,! 'ti lea 1 — li— - 


COTTON 


HccA-u»(m cx-iarni «p— 2 ~ j ur,u v^fi ® cr . t76.ti. 575.3- enctjuraginc. 

red tartey: SE, ZugUb Cfi» Seri'- tom sak-s- a THp “maha” 


. aisles, but. pseniuax were HIGHER tyX-iB 44 '.be Laad'ia b»- Jf. 

Ohnsal aatiftL Gou5 utcrefl Ibroasb- tws- 


lots UUU. 


Um tonnesi 


lots. V. SC per loose. 





24 





Financial Times- Wffoesday 


Buyers hold off again and downward drift continues 

■ . ' d • . ■ 

30-share index down 2.3 at 511.2— Gold shares react 


financial times stock indices 


Account Dealing Dates 
Option 

‘First Dcciara- Last Account 
Dealings lions Dealings Day 
Aug. T Aug. 17 Aug. IS Aug. 30 
Aug. 21 Aug. 31 Sep. 1 Sep. 12 
Sep. 4 Sep. 14 Sep. 15 Sep- 26 

” " Naw lime " Heelings may take place 
Tram f JO a m, tw* burns* days earlier. 

Equity stock markets passed 
another subdued session yesterday 
and the majority of the Indusrial 
leaders lost a little further ground. 
The July trade figures appeared 
to be quickly forgotten, but with 
several other economic pointers 
due later in the week in the shape 
of the money supply figures On 
Tursday and he Retail Price Index 
on Friday, the underlying tone 
became uncertain. 

Potential institutional buyers 
continued to hold off and. with 
occasional smal IseUinc evident, 
the FT 30-share indev drifted off 
to close 2.3 lower at 511.2. Among 
the days few areas of interest, 
the suspension of Hawker Siddc- 
ley at 242p pending details 
of nationalisation compensation 
terms — announced well after 
market hours — enlivened interest 
in other compensation candidates, 
wlh Vickers moving ahead to close 
6 dearer at I90p. By way of 
contrast, fears about the effects 
on U.S. earnings following the 
recent slide in tbe dollar prompted 
marked dullness in the Insurance 
Broking sector, as reflected in a 
fall of 2.3 per cent to 363.09 in 
the FT-Actuaries index for the 
subscetion compared with a loss 
nf only 0.4 per cent to 234.fi, in 
the All-Share index. 

Interest in British Funds tended 
to be restrained, but a resonable 
trade developed throughout the 
market. Short-dated stocks traded 
within narrow limits before clos- 
ing a shade lower on balance, but 
longs ended with gains of 1 after 
having been down that amount in 
the early dealings. 

The fall of $11 in the bullion 
price to $2132 an ounce, which 
reflected yesterday's sudden turn- 
around in the fortunes of the 
dollar, brought a halt to the recent 
upsurge in Gold shares. Losses 
in the heavyweights extended to 
over a point and the Gold Mines 
index reacted 5.6 to 201.0. 

In tbe investment currency 
market, the premium opened 
lower and drifted down on a lack 
of buyers in the face of institu- 
tional and arbitrage selling. The 
close was around the day's lowest 
of 101] per cent, 3 points down 
on the overnight level. Yesterday’s 
conversion factor was 0.6485 
(0.6402). 

The volume of business in 
Traded Options again left much 
to he desired, although the 
number of contracts completed 
improved to 594 from the previous 
day's 331. Cons. Gold with 159 
were again the most active reflect- 
ing the movements in the bullion 
price: the April 200 series 
cheapened 4J to 18 ip. 

Ins. brokers dull 

Concern about the effect nf a 
depreciating dollar on their over- 


seas caminss depressed Insurance 
Brokers which closed lower 
throughout. C E. Heath declined 
8 to 2$7p. while Sedgwick Forbes. 
463 p. and Willis Faber, 280p. cave 
Up 7 apiece. Hogg Robinson 
cheapened K to 212p and Minet 
shed 5 to 21 lp as did Alexander 
Howden. to 162p. Composites also 
moved lower with Royals a couple 
of pence down at 398p ahead of 
tomorrow's interim results. Legal 
and General receded 4 to 173p 
among Life issues and Britannic 
relinquished 2 to lTSp: the latter’s 
h3lf-vearly figures are due today. 

The major clearing banks con- 
tinued to drift lower. NatWest 
dipped fi to 2S0p and Midland 4 to 
3B2p. Elsewhere, Union Dlsconnt 
firmed 7 to 343p. UDT edged 
forward a penny to 44p ahead of 
today's preliminary results. 

Distilleries continued to attract 
a reasonable trade and closed on 
a firm rtorc Invergordon. in which 
Carlton Industries, controlled by 
Hawker Siddeley. hold a 76.2 per 
cent shareholding, met with 
renewed speculative interest and 
finished 9 higher at 14!ip Tor a 
two-day improvement of IK. Small 
buying ahead of next month’s 
results lined A. Bell 4 Further to 
294p. while similar rises were seen 
in Highland. 153n. and Macallan 
GlenllveL 3-V>o. Breweries drifted 
gentlv lower in light trading. 

Selected Building descriptions 
improved on sporadic demand. 
Blue Circle firmed 3 to 296p and 
Nottingham Brick 5 to 3&5p._ the 
latter in a thin market Vibro- 
plant added R for a two-day jump 
of 16 to a 1978 peak of 196p on 
the* sharply higher annua? 
profits. Richards and Wallington 
put on 5 to SSp on revived specu- 
lative demand. George Wimpey 
hardened 3 1 . more to 98$p and, 
in response to the annual results. 
Wiggins Construct firmed It to 
35p. In a restricted market, Burt 
Boulton finished 19 dearer at ISOp 
but, following the sale of the 
building supply division to Travis 
and Arnold. Ellis and Evcrard 
cheapened -V. to SS Ip. After 
recent strength. London Brick 
closed a penny lower at 77p: the 
interim results are due next 
week. 

Business in IC1 lacked urgency 
and the close was a penny 
Cheaper at a+OOp. Elsewhere, 
Blagdcn and Noakes firmed 5 to 
275p in belated response to Press 
comment, but recently firm 
Lapnrte met profit-taking and 
shed 3 to 12-tp. 


Publicity given to the implica- 
tions of the falling dollar on the 
company's profits unsettled B5R 
which dropped 5 to 09p. Dale 
Electric closed 4 off at I72p des- 
pite the increased earnings but 
Louis New mark responded in the 
increased dividend and profits 
with a rise of 10 to 205p. 

The surprise mid-afternoon sus- 
pension of dealings in Hawker at 
24 2p and the later statement to 
the effect that the group has 
readied agreement with the 
Government for a XBOm nationati- 


after the recent good rv'f •'•head 
of the forthcoming 100 P«? r CL ‘ m 

scrip-i>sue left FOfciugton 7 down 
at Slop. Unilever were a tin** 
exception, rising 4 more !" a74p 
following Press comment on the 
much bettcr-than-expeclcd second- 
quarter profits; the N V ro»e II 
points to £27{, Elsewhere, specu- 
lation that Hawker may bid for 

Invergorden Distillers helped 
Carlton Industries, which hold a 
7G per cent stake in ID, rise 10 
to 238p r after 240p. while 
J. H. Fenner gained 4 to l*5p on 


t-4400 


NEWSPAPERS, 

PUBLISHING 


-F.T. -ACTUARIES INDEX . 


- 1977 4-1978- 


o 60 l I. i 1 I l 1 1 1 1260 

DEC JAN PKB MAR APR MAT JTJN JUL AUG 


Bourne better 


A resurgence of speculative 
buying on hopes of early news nf 
the bid discussions was respon- 
sible for a ralijy of 6 to 265p in 
Bourne and Hollingsworth. Still 
reflecting bid hopes. Burton im- 
proved 2 to lfi8p. while the A 
hardened a peny to 153p. F. W. 
Wool worth eased a fraction jo 
7fp in front of today's interim 
figures. Lambert Howarlli rose 3 
to 49p among shoes in response to 
the higher first-half earnings. 


saUon compensation payment for 
its aviation and dynamics 
interests, enlivened proceedings 
considerably in Engineerings and 
sparked off a good demand for 
other stocks awaiting such pay- 
ments. Vickers, in particular, 
rallied from ISlp to close the day 
6 firmer on'balance at lOfip. while 
Hawthorn Leslie rose S to 73p and 
Yarrow improved 5 to 2 op in 
sympathy. Elsewhere, WGI rose 4 
to 122p in response to Press 
comment, while persistent demand 
in a market none too well sup- 
plied with stock left Midland 
Industries up 5 at 4Sp, after 49p. 
By way of contrast. Alcan 
Aluminium fell 10 to 153p in 
reaction of the first-half profits 
setback and Tubes softened *2 to 
4l2p in Tront of today's interim 
results. 

Foods fluctuated narrowly and 
closed little changed, but J. Sains- 
bury lost 4 to 233p for a tiro-day 
decline of 10. Barker and Dobson 
were also dull at 13?p, down J, 
following the company's decision 
to withdraw from the grocery 
business, while small selling 
clipped 2 from Geo. Bassett at 
144p and 4 from Tate and Lyle at 
lS2p. Of the isolated firm spots. 
Carr's Milling rose 3 to 5p and 
Bishop's Stores put on 5 to lB5p. 
In Supermarkets, Lennons eased 2 
to 34p and William Morrison shed 
3 to 92p. 

Carlton Inds. good 

Lacking frp.sh institutional sup- 
port. the miscellaneous Industrial 
leaders drifted lower on small 
selling. Bowatcr. 201p, and Reed 
Interna lional. loOp, gave up 5 and 
6 respectively, while profit-taking 


vague suggestions that Hawker 
will use part of its compem-alion 
cash in acquiring the shares in 
Fenner it does not already own. 
Interim profits In line with ex- 
pectations left Smith and Nephew 
It dearer at 775 p after 7Sp. while 
Barr and Wallace Arnold Trust A 
hardened 2 more to 131 p on Press 
comment- Profit-taking after the 
recent good gains prompted falls 
of 7 and 9 respectively in Vinten. 
210p. and De La Rue, 448p. 

York Trailer. 3 cheaper at 53p 
on the first-half profits setback, 
provided one of the few nme- 
worthy movements in Ji.'He.ss 
Motors and Distributors. ERF. in 
sympathy, eased 2 to 127p. while 
similar Josses were seen in Heron 
Motor. 138p, and Automotive 
Products, flip. 

Jonas Woodhead finishc-d a 
penny off at lOOp: the price of 
10fip in last Saturday's issue was 
incorrect. 

The announcement that the 
Office or Fair Trading proposes io 
refer the supply of roadside 
advertising services to the 
Monopolies Commission left Mills 
and Alien International fi lower 
at ISflp. Richard Clay firmed 9 
to 87 p on speculative demand and. 
awaiting today’s annual re.'Ulfs. 
Melody Milk added a penny to 
!03p. 

With the exception nf Sltnrk 
Conversion, which drifted 4 easier 
to 2fifip, leading Properties held 
firm in a slow trade and secondary 
issues provided the occasional 
Reflecting the chairman’s annual 
statement. AJJnatt London firmed 
9 to 233p and, in a thin market. 
Glanfield Securities put on 11 to 
273p. Buyers turned their atten- 


tion lo Property Partnerships 
which improved 4 to UOp. and 
Trafford Park Estates which 
added 3 to I27p. Be U war Hold- 
ings hardened a couple of pence 
to 70p on renewed speculative 
support, and Chaddesiey Invest- 
ments rose a similar amount to 
o2p in continued response to the 
recent major reorganisation and 
merger with Greycoat Estates. 

OiJs remained quirt and British 
Petroleum eased marginally to 
S&lp, while Shell, in from of 
tomorrow's interim figures, 
cheapened 3 to 572p. Profit-taking 
following the recent speculative 
advance clipped a couple of 
pence from Bortnah at Top, while 
disappointment with the interim 
profits coupled with adverse 
Press comment left Ultramar 6 
lower at 250p. a fail of 27 since 
last Thursday's announcement. 
Oil - Exploration eased S to 19Sp 
oo profit-taking, while a sole seller 
in ialcr trading was responsible 
for a fail of 19 to 3i.->p in Slehens 
(I'.K.). 

Overseas Traders were notable 
for a speculative flurry in William 
Jacks which closed 3; better at 
3UP. 

Investment Trusts closed with 
the occasional small loss following 
a disappointing trade. Gresham 
Investment finished *2t off at SSp 
on the liquidation of speculative 
positions following the good pre- 
liminary figures. Financials had a 
couple of firm spots in Dalgety, 7 
better at a 197S peak of 295p on 
buying in anticipation of results 
due shortly. and London 
Merchant Securities, 3 up at lt6p 
on vague talk of further ration- 
alisation moves. 

Furness Withy weakened fur- 
ther in idle Shippings, losing 11 to 
251 p in light trading following a 
bid denial from European Ferries. 
Other dull spots included British 
and Commonwealth. -F easier at 
290. and Common BrosL, S cheaper 
at I34p. 

Nottingham .Manufacturing 
featured in Textiles. losing 6 to 
12Sp on the disappointing half- 
yearly figures. Reliance Knit- 
wear contrasted with a rise of 3 
to 50p on the increased earnings, 
while interest was also shown in 
Yita-Tex, 3 higher at 53p. 


the outset on tbe initial rise In . 
the bullion price to a record 
*216-373 per ounce. South African 
Golds went into sharp reverse as 
the metal price dipped following" 
the strong recovery of the dollar. 

The bullion price dosed ’$155 
lower at $213,375. ai first fall far 
seven trading days, while the 
Gold Mines index relinquished 5,5 
to 201.0. 

The substantial losses in share 
prices owed more to a heavy 
marking down by jobbers rather 
than to selling pressure and* fails 
were exaggerated by the . lower 
investment premium end securi- 
ties rend rates. 


Sovammear :*«■ : 

Fixed lpu?r«t - 

' Iwtuvtru! i*nlinMT— 1 

GnW Mm*'—— 

Owl. Hir. Ywhl 

PiE Hull.. 

Xquti.c turnover £m...' 
. Equity twrsMOn 


7 LOB 71-2B 71.5* 71.34 
72.80 78.89. 7 9-Bfi 7X02: 7S.8& 


Si 1.8 515,5 514.0'- 5W-0 507.fi 

201.0 206.6 205.fi 2°0.6> 1*5.7. 


5-28 5-26. B.26 S.2T 

15.92 15 88 15.87 15 


6,231 6.5 II 


8.54 8.57. 837 8 56 «-4fi 

5,097< 3.613 8,004. 6.7 H 8,231; 6.51 1 ; 
69.16 98,78X88.47 145.17.113^ 

17.322- 254184 26.569 85.416 2 5,565; 

am mi i- NetiP Ml L X SSI* M*-* 


10 am 5txa H am mlc nobp x »*** 

:pn Mt.a. a pm sli t. 

Latest I nit* #W4 88 
• Based oo S3 per cm! ijv ' N'l 

i on ciovi. sm. IS I9.ai. Fitri IK. i32n- 1ml. 0«, t- »- w 

muJTus” '*»™ a**”* W =- 

uiAuq AND LOWS - • S-E- ACTIVITY 


HIGHS AND LOWS 

i are "isinoa coo«pfl»d« 


Heavyweights gave up as much 
as £11. as in West Driefontefn, 
£2SJ, while stocks to lose around 
a point included Randfontein, 
£40 J. and Western Holdings, £34. . 


.Among cheaper-priced issues, 
falls of between 13 and IS were 
common to Stllfontein, 313p. 
Zand pan. 254 p. Harmony, 43Sp 
and Unisel. 227p. 


— 

! High . 

U*« ; 

GnrLSeo— 

; 7asa 
<3 l> 

68.79 : 

Fixed tnt.... 

81.27 

i9.li 

70.73 

.Kti* • 

imL <ird 

516.2 

•9:Fl 

433.4 

<: Ji 

GnJ>1 tlniw- 

206.6 

.Uc> 

130.3 


4 uk. !’! *«*. 
i7? u. 


127.4 I *0.18 ; 146. S ( 101.8 ■ 

<*!.*» ; V ».7S» , toinSriS.::., 184.5 .'XH.O.j 

549-2 ; 49.4 SStMg?^ 130 5 ‘ J Ml 
Imtustiiala 229.7 .’ 866-1 • 
4C2.3 43.S .. M3 j ».9 

CSf.B, ,gfi ie.71i : td»i> • 1W * 14L7 - 


Financials moved similarly to 
Golds. .Anglo American Corpora- 
tion ' closed a penny harder at 
372p, after a 197S high of 376pi 
while Union Corporation eased 6 
to 324 p and De Beers 2 to 460p. 

Among London - domiciled' 
issues. Gold Fields fell 6 to 194p 
and Selection Trust 12 to 460p. 


News of the proposed merger 
with Impala Platinum and the 
pending name change failed to 
inspire Bishopsgate Platinum 
which dropped 8 to lOSp, 
influenced by the downturn m 
Golds. Rustenburg gave up 6 to 
99p. 


OPTIONS 

»K\L1\G D ATES Premier ConsoIWaled OH, UDT, 

Fir^t Last Last For British Land. CharterhaH, MFt 

Veal- Deal- Dcciara- Settle- Furniture, Consolidated Gold- 

logs ings lion meat Fields, Union Corporal Iob^.; 

Anc 15 Aug. 29 Noi. 9 Nm.NI Howard Machinery. Dawson 

Aui.30 Sep. II Nov. 23 Dec. 3 International, Bryant, Mlfchea 
sSr 12 Sep. 23 Dec. 7 Dec. 19 Cotts, Sabah Timber. A. feB.JQe 
For rate indications sec end of Beers, K Shoes :ind Barker and 
Share Information Service Dobson. A put ^ “ 

Money was given for the call in London Brick, while doubles vrere 

Courtanlds. Barrow Hepburn, arranged in Lonrbo. UDT. tAfdtaJ 
Minet, Boots. Baca! Electronics, and Counties uJtd Barker 2nd 
SpUIers, Chaddesiey, Lonrho, Dobson. 

LONDON TRADED OPTIONS 


Coppers were unmoved. Tins 
gained further ground owing to 
the strength of the Penang tin 
price which prompted a strong 
overnight eastern demand. Ayer 
Hitam were lifted 20 lo a 1978 
high of 4l5p and Malayan Tin pat 
on 15 to 470p. 

Australians moved eratfcallv. 
After moving ahead in overnight 
domestic markets prices improved 
further here following the Federal 
budget before turning easier in 
line with the investment premi um. 

Nevertheless. Conzinc Riotinto 
held an earlier gain to close 8 up 
at a 1978 high of 2S4p and MIM 
Holdings put on 6 to 222 p. 


Golds marked down 

After moving further ahead at 


Of 

Ciosinc 

Chanze 

1978 

1978 

marks price (p> 

on day 

high 

low 

15 

400 . 

- 1 

401 

338 

11 

S64 

— 2 

S96 

720 

10 

355 

- 3 

368 

296 

10 

nos 

- 2 

311 

233 

s 

201 

- 5 

212 

163 


ACTIVE STOCKS 

No. 

Denomina- of Closing Change 
Slock tion marks price (p> on day 

ICI £1 15 400 . - l 

BP • £L II 864 - 2 

Barclays Bank ... £1 10 355 — 3 

GEC 25p 10 nOR - 2 

Bowater £1 S 201 “5 

Burmah OH £1 8 75 -2 

De Beers Dfd. ... R0.D3 8 460 — 2 

Marks Snncr. New 25p 8 S7 — 1 

.Vottinghara Manf. 23p S 293 — 

BATs Dfd 25p 7 295 — 

Beecham 25p 7 710 — 2 

Distillers , SOp 7 197 - 2 

Invergordon DlsL 25p 7 149 +9 

Royal Insurance... 25p 7 39S — 2 

Shell Transport .. 25p 7 572 — 3 



" ' """ 

i vtfirr 

January 

April 





t'lnsinp 

Vert. 

Citrine 

VnL 


Option 


niter 

YnL 

»«ffer 

offer ' 



780 

129 

_ 

147 


133 

’ 

8Wp - 


BOO 

84 


no 




BP 

650 

51 

2 

79 


99 


.-4 


9 JO 

26ta 

6 

54 


16 

— ' - 

Wp 


140 

19 

- 

21 

- 

27 

14 


160 

6t? 

— 

12 

32 

16 


Cent. 1 ‘nii*u 

1 BO 
160 

Hfi 

38 


51; 

39 

28 

43 

17 

194p 


IBO 

19 

45 

24 


SB 

1 



200 

9 

80 

14 

1 

18>: ■ 

— 

.. - ' ■ 


too 

23 


£4t? 

— 

20 ' 


iaop . 


110 

14 

— 

16ig 

- - 




IZu 

8 

— 

It 

— 

I4ta 




130 

3ir 

— 

6<: 



“ ■ 

30» P 

75 t»C 

220 

91 

5 

9? 

1 

83 

— 

ttur 

240 

71 

- • 

79 

— 

— 

BO 

tfKl! 

260 

51 

-- 

61 

— 

b5 

— 

*• 

RKC 

280 

32 

17 

46 

- ' 

50 

. 

ta 

<: ec 

300 

20 

39 

3£ 

“ “ 

38 ' 


ro 

(IKC 

330 

7 

19 

16«? 

- • 

2ZH 

— ' 

119 P 


100 

21 


241; 

1 

£6 

— 


110 , 

15! 3 


17 

• • 

191? ■ 

— 

as 


120 

6 Ij 

- • 

101; 

■ - 

14 

— 

400p 


330 

73 

S 

74 


76 

15 ' 


36D 

43 

16 . 

45 

55 

50 


Iff . 

390 

IS 


29 

30 

.’J 

-- 


Jll i 

420 

7 

12 • 

17 , 

-• 

191, 


3SBp 


180 : 

58 

. 

60 

' 

64 

St ■ 


£00 

39 

11 . 

43 

” 1 

47 


M 


220 . 

20 ' 

14 

26 

- , 

.-•i 

S i 

io ! 


240 

7 <a 

3 , 

14 i 

- • ; 

19 


87p 


60 

30 


301- ! 

• - | 

31 

— 

Mark* A '( .' 

70 

20i- 


20in 

« 

li 1 

j 



80 

101^ . 


lli a , 

9 

14V] 

— 

o, 


90 

4!j . 

2 

6 

3U 

8i» ■ 

— 1 

874p 

Shell 

500 

85 ' 

19 • 

66 : 

17 , 

100 

— 

— tir-ll 

550 

37 ; 

^ 1 

46 ' 

- 

62 ' 

-- 


600 • 

12 1 

10 

25 

3 

37 

— 


r.dnw 



311 

— — 

226 i 

— 

57. 



APPOINTMENTS 


HOME CONTRACTS NEW HIGHS AND LOWS FOR 1978 


Senior changes at 
Laporte Industries 


Services at 

Glasgow 

Airport 


The tallowing securltm Quoted In the 
Share information . Service yrvenJar 
attained new Higns and Lows tar 1976. 


NEW HIGHS (155) 


RUBBERS (1 1 
MINES 12 li 

NEW LOWS (2) 


FT-ACTUARIES SHARE INDICES 


Mr. D. A. Smith, personnel and 
operations director. L.\PORTE 
INDUSTRIES LIMITED. will 
relinquish his responsibilities for 
operations at the end of October 
to concentrate on the personnel 
position. Mr. K. J. Minton, 
managing director of the general 
chemicals division. Mill become 
operations director from Novem- 
ber 1 and he will also lake over 
as technical director on Ihe 
retirement of Mr. G. H. Madeira 
in 1979. Dr. J. V. Bramiey, 
deputy managing director, general 
chemicals division, is to be 
appointed to a senior croup posi- 
tion responsible to Sir. .Minion 
next year. Mr. B. A. Hall, works 
manager. Warrinston. has been 
made managing director, general 
chemicals division, from the 
beginning or November. Mr. J. 
l,cach. works manager. Widnes, 
is appointed works manacer. 
Warrington, from October 1 and 
Mr. R. Parroil is now works 
manager, Widnes. 

■k 



mrr X : 








Valued at £300.000. a contract Tor 
air conditioning, ventilation, hot 
and cold water, and other 
services, to be installed at Glasgow 
Airport terminal building, has 
been awarded to HUMPHREYS & 
GLASGOW- SERVICES by Fair- 
clough Building for the British 
Airports Authority. Work has 
started and should be completed 
by February 1979. 

★ 

ROBERT WATSON & CO. has 
received three contracts from the 
Co-operative Wholesale Society, 
totalling almost £350.000. for the 
1 supply and erection of structural 
steelwork for a warehouse and 
j several stores. 

★ 

I Eight multi-section display units, 
costing £16,000, are being built 
hy LEABANK FINISHING for the 
Ecology Exhibition — Phase I. to 
be staged by the British Museum 
of Natural History. 


BRITISH FUNDS (11 
COM'WEALTH & AFRICAN LOANS Cl) 
LOANS (1) 

FOREIGN BONDS (1 1 
AMERICANS <21 
CANADIANS (1 1 
BANKS 15) 

BEERS («' 

BUILDINGS <16) 
CHEMICALS 131 
DRAPERY * STORES HO) 
ELECTRICALS (3> 
ENGINEERING II Si 
FOODS (21 
INDUSTRIALS I27» 
NEWSPAPERS IS • 

PAPER A PRINTING l3) 
PROPERTY 16) 

SHIPPING 111 
SHOES 121 
TEXTILES IS) 

TRUSTS IIS) 

OILS 111 

OVERSEAS TRADE R5 'II 


PROPERTY (11 
TEAS 111 


These indices are tbe joist compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


RISES AND FALLS 
YESTERDAY 


Up 

British Funds .. .. U 
Carpus, Dominion and 

Foreran Bonds 4 

Industrials 2LT 

Financial and Prop. ... ST 

Oils 7 

Plantation* 6 

Mines O 

Recent Issues I 

Totals JS3 


Down Same 
« 11 


EQUITY GROUPS 
CROUPS & SUB-SECTIONS 


_ _ - Mon. Fri Thiirs. Wed. Year 

Tues., Aug. 15, 1978 ■'“* ■'% ^ 


3 57 

382 V39 

177 TIE 

15 13 

k It 

M 21 

6 4 0 

702 un 


Figures in parentheses show number of change 

stocks per section % 


RECENT ISSUES 


EQUITIES 


Price =“■■ 1—5- 

pi ! - ! - 



Two appointments have been 
made in international companies 
nr EMI from September 4. under 
Mr. Malcolm Brown, director of 
music operations. South East Asia. 
Mr. Neil Sarsfield becomes man- 
aging director of EMI (Hong 
Kong) and will continue to con- 
trol EMI (Thailand) and deputise 
for Mr. Brown. Mr. John Forrest, 
who was EMI’s resident director 
in Iran, is to be managing direc- 
tor of EMI (Singapore) Pte. 


Mr. D. A. Smith 


Mr. Robert Vincent deputy 
managing director of YARD LEY, 
is resigning from the end of 
August to become deputy manag- 
ing director of MAX FACTOR. 


SHANKS and McEwan has been 
awarded a £2i9.00n contract by 
the Department of Transport to 
re-align 800 yards of the A43 trunk 
road in N'orthants. 


t'.r. ! SliBI dl i 71 Mujcfiouti 78 i '*r2.4), i-li 4.7* 7.0 

r.Y. — J 12Sj| a .BflUKF. - 1 lOig' ■ — • — — I — 

F.P.I 6/7 | 1?2 i I4U iBaroihann !lBl | 2.64; 5.fi‘ 2-2 17.2 

F.l’. j 24>ei 94 I bi I Hun tint Pc« r. 5«ri-L* ; 93 —1 | 4.66 3.Q. 7.6' B.5 
F.P. j 8/9' 1W lib Joo«lK.)iJ<rw’lrstlOr'147 \ tA£ 2.1; 5.6 1Z.7 


FIXED INTEREST STOCKS 


Mr. Roy Burford has been 
appointed managing director of 
Glover Plastics and Glover Tools 
(Mossley), members of the Cap- 
per-Neill group. 

★ 


Helicopter 
service for 
Motor Show 


±* f.i 
2 - 

— 



Ui + - 

y- 


Mr. J. J. Nelson has been 
appointed to the Board nf 
bROADSTONE INa’ESTMENT 
TRUST. 

*■ 


Mr. Brian Rowntree has been 
appointed managing director of 
A P BANK, in which capacity 
he will also be chief executive. 
He will lake up his new position 
tn October, following his resigna- 
tion as managing director of 
Bank .lulius Baer International. 
A P Bank is a subsidiary of the 
Norwich Union Life Insurance 
Society. Mr. Peter Bunce has re- 
linquished bis post as general 
manager of A P Bank to devote 
more time to his other business 
interests, but will continue as a 
director of the bank. 


The Secretary for the Environ- 
ment has appointed two addi- 
tional outside members lo ihe 
ENVIRONMENTAL BOARD. They 
are Mr. F. E. Cleary, chairman of 
ILislemcre Estates and Mr. D. 
Sugdcn, designer and engineer. 


Mr. Richard tinncasicr, chair- 
man nf DANIEL DONCASTER 
AND SONS, it tn retire on 
February 2fl, I979. He will be 
succeeded by Mr. Anihuny Shad- 
forth, chairman r»f the parent 
company. Lnco Europe. Mr. L I). 
Batch In, now Doncaster group 
director, operations, becomes 
group managing director on 
October 1 this year. 


COVENTRY AIRPORT has 
arranged a helicopter shuttle 
service to and from the National 
Exhibition Centre for the 
duration of the International 
Motor Show. 

The service will operate at 
frequent intervals, flying from 
the airport's apron into the 
erounds of the centre. The jour- 
ney lakes only seven minutes 
and will cost approximately £15 
per person each wav, althouch 
ir will he cheaper if all of the 
helicopter’s four seats are bonked 
in advance. 

The airn»rt is lfi miles from 
the exhibition centre. 


« • | v.f. 
■ • I f.l*. 
£9 9.4 1 F.l*. 

• * j F.l*. 
£99*.| F.F. 
£100 l£10 

• * | F.l*. 


■ * I F.l*. 
* • F.l*. 

i96 ! F.l*. 

; F.l*. 
■«J 'FI* 

■ ■ : f.i*. 


E1<M F.l*. 

• * F.l*. 

}100». , F.l*. 


<100c , F.l*. 
• • 1 (.1*. 
- « ; f.i*. 
C99>j! • .1*. 

C99-1* F.l*. 

■ ■ ' F.P. 


I L9 

lltJ/ti 95|H 

— *»l4l 

I 8-9 SSiji 
I - ldu I 
15,12! ll Jg 
ilS/9 «i - 
29/9 : 

! it* 98 Jfl 
| lDifl lvM|. : 

|aO'B lOiu 1 
.29(9 ; W ; 

llti/a lUJi'i 

[15/12. 

: - . ast-si-l 
i - I «» ! 
■ 9. a i *—i I 
~ 

1 1/9 ; loV|. 

' _ 

■159 , 

'IS, 9 ; !»' 

; - , Iw. 1 
|d0-IU; Mi. 

! - I :IW H . 

iia.9 : 

I 1,9 i &T'. 


Airftow SLrenm.ine* rri ; 

yip -Li. led Itetaiier- 2* Pn?i 

&S tflrttliogtiaiii Vnr Kile liV^C — 

98 C*ffjnn 101 Frei - 

»jii Common Vor. K*i* Kol. I9ti 

101*1 . Do. 12*S K.-1. l»fO. 

ICeatrnl Jt Sh‘Xnrt*»i I'm 

JS ' Cr raby Bpnna lmeri.ir, IlN, Pref 

Ant' in Wain It lte.1. Frvi. 

ln..i.HHiYlO* > l(»<2iv1l'iiinPrpl 

yoisiFiuVe" K “ T *- t*N* 

#:l«lG. IL H-iLliuRs 104^ l*r| 

Kinlim lOj . urn. l*m. 

4ii<iJfliunr« FrliHi- [Oiium. l*rri 

vt, l*n*i 

eS Uool»n» Foillv L>iii. I «►. Ui. 

v.i.jUon H’Korrii U>t ;mt I nm. I*rw 

■«i l ^-\orlh«inr'<* , 'i '"Mr. Unit- Kvl. lH%j 

lir e* 1 -'" ||>1 I’m 

041-ii'pllmiin 10% «‘nm. l**v( — 

•t. ilirtiirk V*1 < nm I’iyi 

+.i». •utlxliy F*rLf llwwi ^(.iua. I*r*» 

-rjia'Seflcn Vw. i<»ic liei. 

4 v . 'SjulurtPl.Ki' ■"*<* in Hfi. IJC'f 

.-MjalWaaitannMlii V«mih< IMe4.. 

■j* K«n< Vtl-i U*« Uch. 19W? 

■Npiynung i C'*». **% Pnei 


.... 
»5fl + l 


. 9»Ui „ 

J 98< s - 

100 I 

. 11S«! 

•: 97 I - 

.' 98 I 

I 99 1» 

.■ 98i* ■ — <2 
. .luop: ... 

981* ». _ 

. BZi*|- _ 

• ' ... 
941*,.. „. 
99.i. ... 
105|\ ... 

■ 991*,.: .„ 

9a ... 

. 98 : _l 

. 

-• 44 ij. ... 

997«. ... 

.- 241; . ... 

.. 95,1 ... 



FIXED INTEREST PRICE INDICES 


Holiday trains 
for Midlands 


“RIGHTS" OFFERS 


FIXED INTEREST 
YIELDS 

Br. Gort Ar. Cross Red 


S.r* I Loicoi 


INTERNATIONAL COMPUTERS 
is to re-organise its Americas 
operations from October 1 when 
the tour assignments of Mr. R: J. 
Taylor, vice-president. Americas 
operations, and Mr. G. D. Rowctt, 
president of U-S.A. Inc., market- 
ing division, come to an end. 
They will then take up senior 
appointments with 1CL in the 
UK. Mr. R. A. Bright will become 
vice-president. .Americas opera- 
tions, and Mr. W. W. Ford moves 
to the new position of general 
manager. La I in American opera- 
tions and OEM sales. 


The MINISTRY OF DEFENCE 1 
has made the following appoint- 
ments: Brigadier H. S. DalzeD- 
Payne to be General Officer Com- 1 
manding 3 Armoured Division 
In November ltffs in the rank of 
major-general in succession to 
Major-General 3L J. h. Walsh. 
Brigadier J. M. Palmer lo be 
Director Royal Armoured Corps 
from that dale in the rank of 
major-general in place of Major- 
General P. D- Reid. 

* 


Mr. Jeff Clew has been 
appointed editorial director of 
the HAYNES PUBLISHING 
GROUP. 


Captain A. J. Whetstone has 
been appointed Flag Officer Sea 
Training. ROYAL NAVY, with 
the acting rank rf Re Jr Admiral, 
in succession to Rear Admiral 
G. I. Pritchard, from November. 
J97S. Captain W hers tone will be 
promoted to the substantive rank 
of Rear Admiral in January. 1879. 


BRITISH RAIL is putting on 
more than 125 extra trains for 
Midland Region travellers over 
tbe late summer Bunk Holiday. 
Almost 100 of them will he 
excursions to popular inland and 
coastal resorts. The other trains 
will supplement regular services 
on Inter-City routes. 

The region’s Inter-City services 
nver the holiday will be: Friday. 
August 25 — normal service with 
som e ex tr a trains: Sa l ii rday — 
normal Sa turday se rvi ce with 
snme extra trains: Sunday— 
Sunday service, but some late 
aftomnnn and evening trains will 
not operate: Monday — Reduced 
Monday service with relief trains 
in the late afternoon and evening 
on snme routes: Tuesday — normal 
service with some extra trains, 


Issue HeouiKf. 


Fric* = - j — 

Pi <£ b 1 |Hi«nj Low 


■ Own* | +01 

Pri« — 
V. 


so | sa | 
nu If. f.I 
13 F.l*' 

14<«! F.l*. I 
so : f.l*. 

7 2 1 F.P. I 
/0 ; F.l’. . 
SJ ! F.P. 
94 ; SU 1 

3u . f.p. ! 
no Ik.f.i 

LOO 'Sit I 


30/8-24/ III 
io// lo/b 
26;7 ltMSi 
2bi7| 16/fcl 
it 81 1«9< 
4i8| lft! 
10 b 1 219 
3/8 1 I 9' 
21,8; 4il0 
asBv os 
14, B' BiS 
2S/B: 22 & 
16.8 lb.'9 


,I7pni|Bllclt*r<>«l Hedge 1 

' 2)lg tiiuukv 7<x>l Koh. — - ; 

loli'UMtrpC’utb Inv*. 

161* I tilsw KK . UOP14' — — • 

46 lUtwllain C\«cln? I 

t« LC.P 

79 UeeditWm.i 

45 ISwfiih (W L.t • 

lU[ifli|r«vperty Purl rivrabi^ .' 

ph !‘.nb:llllr >|>OM-nMI< 

134 IwwiuiiU— 

. illmni>L.I 'm vCtt. Kit 1*1 

tHMIlYl'lVJlII*- 1 


Under 5 years 10534 

5-15 years 115.96 

Over 15 years 12231 

Irredeemables 129.05 

All stocks 113.91 


Tiiex 

Aug. 

15 

Day's 

chance 

% 

xd sdj- 
To-day 

xdadj, 
1978 
to data 

105J4 

+0.W 

— 

6.04 

115.96 

+014 

— ■ 

7.04 

177 21 

+0.14 

— 

&67 

129.05 

+0J1 

— - 

7.24 

113.91 

+0 09 

_ - 

7.2i 


1 Low 

2 Coupons 


I aa« 
14 


S years. 

15 years.«. 

25 years. 


4 Medium 

5 Coupons 


5 years.. 

w years 

23 years.. 


g.67 7 Hi S h a )'«rs 

5 Coupons IS years 

7-M. 9 25 yean 

7.21 10 1 Irredeemables ""7 


Rcnwiclanon <td.i- u-nidlly JoSl fur deolliiR Irve or map «luiy. h Ftcum 
Oasrtl mi urubpvriur. I'.snnuii- o Asauwco iJlYW'-nd and Held u Forw^si dlviQL-nd: 
'.■over h.itcd mi or>-vmi|.s rear's e«rnin*s. » DlvinuiM and rifhi hasco un omsBeciiis 
nr oibor nme ml ..-stiniaies r<ir 1BTS- o Cross. > Hcures assunird. t Co wit allows 
lor i-otiPTSifiii Hi shann nor now ranfcinu fur rtlvirli-no or ranking only tor rrstricted 
■uvidunds 1 Placing nnci> in public, pt Pence unh.-ss oifai.-rwise indkated. *! Issord 
by iuimilt. ii uiR-ruil lo holdrrs of ordinary shares aa a " ratns.” •* Issued 
try way of rnpuainanoa. n Muitmuni render once. II RrinnwlBeed. C5 issued >n 
conm-crlnn wuh reorsanlsaaon mewr or uke-o*er. ill? intrortucaon. □ U^ued 
in former oreferenev hoid.-ra. R Allotment liners lor fiiUy-oaidf. • Provisional 
or pully-paid aiiomciu letters. * With warrants, - 


ilfUL i 
AMR. • 

w . 

1 

PriiUy 

‘'"t 

Thnrc 
3*4!- 
10 . 

W+A, 

A T 

Tun. 

it til:, 
o 

87.30 

57.36 

07.36 

57.34 

57.86 

61.57 

61.S7 

51.57 

61.66 

51.66 

70.47 

70.47 

70.19 

70.19 

70.19 


! Trar 


*K«' 

WVVTIrSl. 


r R atemirtlop yield. Hlotu amt tow* record, boos data and value* ontf conttofenc eft assn an (MiMfetmi 

SSa, ew SJIX* “* **«**-~n«*± h^T?^ 5 ^ 


* 




■ ■ 


J 
































































Financial Tiiass Wednesday August 16 1978 




AUTHORISED UNIT TRUSTS 


OFFSHORE AND a 
OVERSEAS FUNDS i 


Mk«%. liA (a] .- Fnoallnctoa unit Hst. Ltd. (a) Minster Fund Managers Lid Provincial Life Inv Co. Ltd V Saw ft Prosper continued f Mfr _ , 

„* sf-s? “• a-*..*-™* l«.» essejxsj 

K. _a Ss r ~- ii ffl= aassaBKjH- fflWH mss=m JBii»BsaE=K is vsusszm 

g«K£!*l m W — ~ Manager*. «. “^Z. ZT " S 


bberCntitol — tea 3771 _ .-. 

h bey Income . „K1 44 H 

bbrrln* Tst FU..M.6 4X3 

MwytiWiiTst — |48.a Slid, ..... 

Uied Hsmbr* Group? fa) (g) 

■JS5 r !L ,, * c ’ ' Huh**! Bwn twnd .EiBa. 
'■388 3841 or BtcutwuOd.ORT?) 3U4GB 

hUu«4 tVmb 

llied let ..... U...I71J 7651 .-fl.l 

fit. Indt Fund 68* WJ -01 

itb.&lnc.. *04 42 3-01 

Ifjrt, ft lnd. Dev 54 1 ■ ni ..... 

Iliedi'npitol,,. XT* 83,1 .... 

amhruPnnd ... H3J . »i2 +0.3 
ambro Ao.- Kd _ . 129.4 ■ U83t -OJ 

uw Fnwh ' 


4 .M American BSV 

CavUalTA 136.4 

*2* lBCWHBTSt . — -. Ub.b 

3.VT . InL Growth Fd. 1274 

Do. AcrUm, ..... UX4 


PHteris prov. Uto.„J*b J 

o, ttKAiwm. 16 3 84,1 

-01 3.S GX. Unit Managers Ltd? 
-01 J JJ ift Finsbury Circus EC3M7DD 
442 aT Cap lne «, # ^ 

31 ji-ftfewfidHl '» 

“®Jl 41 * «;T. fc.R.ftGmi . ..[1524 1*11 

G.T. Japan & Ccu._ — . 

...J 7 M *HLP^niSx.W~ 

-Ml *.« «T WM. Fund ...... 

-52 4JH *1 T. Four YdsKd {576 


Target Tst Mere. (Scotland) faith) Alexander Fund 

19, Athol iTKconi, Edin.3. 031-22080315 37. roe Nwro Home. l.o<ceml>oitrK 

-Oil S« Tirget Am»r.Ei R le(51_Q 53*1 4041 XSJ Alexander Fund_.| W57 S4 \ ..-I — 


t*h Virtd FU _ ju 7964 .... 

SBhlmrnroo [703 ..'Tftff-M 

.ILFjq. Inc... PL2 44.Uf-il 


.a?i • '* 1H Mutual Unit Trust Managers* < a Hg) - , 

[id.f ...... 1.1. Cnpuinii Av*.,EU2R7BU. 01-0*4803 S.“ i l|f r r ^ naj 

DD ■ - OK58813I M nuiaj Sec. Phi a., 133. » 87*1+0.11 6 07 The SU Exetianw 

B _0Sl 140 “uluo tnr Tst .. .173 9 79 W +0.a 6.12 Qmdraat Gen. Fd 

1^9 5 48 Mutual Rtue Chip . ya 8 5t> ba +041 625 . QnMirant loeoat 

+0.1 730 Mtttwt High YU— |M3 68.II-O4J 7JJ 

J “ National and Commercial ®* , ‘ ,anc ^ 

+2.1 400 m. s _. “ .7l_rT^ T Reliance H»e,Tui 


U03l-0.1I 6 87 Scwyield^ — 5*3-02 6J9 TaroetThiMlr 432 4651 .. .I S43 Mel bin value .W u dft . •' SondM-lee _.rnU9BS 1385 

ScolithT W . . . .■— WJ. 65 3 +01 439 E«r* Income Fd-_|603 65.0w| -Ll| 9.93 1 - So**}** Infl _ . . £7 57 837 -B.20 - 

,lAL¥faKbKc) i?ag:SItfein.4 ;;;;.; |g S^ri* 1 ** <C.L1 Litatod ?a%ii col f£i!i . lulls: - 

ouium +*-«-^».W«. dwAWa> , T «dw UdIob Unit TsL Kasagarsr “ .SSS^SSjTi, , TS SESSiSSC. “Ss^* 4W T 

1*5.01 0*1 4.05 S c M*riB«r Trust Mncrs. I4d. (a) (a) «».W*ailS»Wt 1 E.»''a t>l-aaa»n Next denltne dale Aueuri 3ft - 

^ TUTTAU^I 1S2.0 55.41 1 5J0 Salhaft JL.J™ ^ tr.’-w A 


Ke>'se!ex Mngt. Jersej- Ltd 

Pit Box 98. St. Helier J«.-r»y.. 't’S't 01-60670711) 

FwbcIcx tt*13b6 1«W ' 2.75 

Sond»-le« Frt 119 OS 1385) _ 

Kejwlei Im l _ .. C7 57 8J7I-S.LC — 

Keyiselev Europe... £3 92 4 451 3.7* 

Japan GIX Fon-1 . il'SMiS 11 ft) _ 


'*£ ««m.r Management Co. Ltd-W 'SSSJi' 

aD7 The Stk. Exchange. Etas'lHP. 01-6004177 Am Growth-.----. ^ * 

6.12 Quadraat Gea. Fd.. 1114.0 lU.B .... J 4 77 S£ h ,]S£^ 

h35 . Quxnrant Income. -lllli 1363) 7J2 I^^TiL ^ 


{0306)86441 
I -0.11 2.57 


. , - V !^l d ?. B,i rA ),tUc AueuK 'l* 
East &Iml T«1 >u Ii. |U0 8 127.01 ..... 


U9 Andrew Square, Edinburjth 031-06 Blfil 0 


Reliance Unit Hgrs. Ltd.fr 
Reliance Hie, Tnnbridse Wei b.Ki. 0M222271 


Inc rune Dt+t--. 

Inr 10% WdrwL — 


UrraacUnjJ F1M1 

itertigiional E 

“title Fund £ 

!»'- « Amerira_ .6 
h.A. Fxempt6-~r 
an-UttK Fuad* . 
natter HVdJ 
i id SnUr. t V» Fd. . P 

' S1I5.. -»l! 

et Mm.*Cdty.-H 

verse** Hamlnia.H 

xpt. Sailr.Cah^-U 


G- *'A. Trust (a) <g) 
O.R-jilcIsh RcU KrfDr+'ood 
IB G.ftA. te-2 


f+l3 720 IncutwAna 9 (165 .8 

• lAcrum. I nisi 227.0 

Sipt.AucB. .._ 1303 

(02171327300 t Aceum. Unisi [1602 


559 aaSSSBBSfer* Sfio fl 5| 22 

53? SckfordcT. Inc. __.]46.0 49^ -Ojj 536 pref i (Sit TlUSU 

FRkpenr.sttunc 

Ridgefield Management Ltd. i^crSMScmn. 


fff Transatlantic and Cen. Sec*. Co.V Ne,t *^'"8 d u ie Aug^t 17. 

4 00 81-88 New Umdoa Rd. Chelmstoni 0245 51651 AmdraMan Seleftinn V..~j ksV . 

8 97 Burblrao As*. 10— HO 8 853<d 4.99 f^P^TM lan S MKUm Fund N» 

923 lAcninUaiUi M53 UXffl ...» 4.99 Market Opponuniu^ V / B Irish Voun* * 

— BarbXipt. JuI;2S.Im.O 91 U 4.75 J27 - Kt T l s l - Sidney 

303 Suckza. Auc. 10. — ¥B X 89 7^ _.... 4A6 US51 Share* .... . .1 Jl'SlSt | — 


lueuK 'ii'" 1 King & Shasson Mgr*. 

127.01 -J 295 J Chari mjfrwv. M. Hellrf.Jerw-.'.iOSW 1 73741 

uguat 17. Valli? IIml st Peter rnn Ornai. aMSli 34704 

1 Thomas btrert-Douela.^. 10. M 


37^1 1 <-91 


L« Gartmore Fund Managers f (aKK) National Provident Inv. Mngrs. Ltd.R 3«o. Kennedy sl, Manchester mismsszi u-K.Grth.wn. 


2, St Mary Axe. EOA SBP. 

2c» W4FEflS?nT».-_ .1383 
453 British Tn. 

51? Commodity 

Extra IncuneTU— 

4-58 Hi Far East. Trust- 
*■» HtKh Income Tst 
... Income Fund 




n ueigun Rid foil eld Int LT.t 

I 390 Rldantield Income. r 


M=l 


+0.1 9J23 (Acrum I'mU 1 1253 

• ... — BartXiptJulyaS. 89.0 

+0.1 3-03 Sudan. Auc. 10. — 85 1 

3-82 fAccum.limHi 1055 

4.18 CoIujo Auffusi 11 .. 138 9 

— • i.Accum. tlmui. 167 7 

..... 12J0 Cumbld. Augusts.- S53 

+0.1 1-97 (Ace pm. Units' 60 6 

-0.1 221 Glen.AnjjMtH 573 

-03 4.78 1 Acrum. UnlH) _-._ 73.9 

-0J| 4.78 Marlboro Aac R — 55* 
lAccum. UoHM 637 


931 J. Henry Schroder Wagg & Co. Lid.? Van.Gwih. Aus S.. 


120. Choapetde.E.C.2 
CaDitsJ AOSit 10—1114 5 


lAccum. UBttSl- 


mmsasi GroeechurchSl .EC3P8HR Ql-ffl2«B0a Ridfrfleld Int LT.U03 .0 309JJI 1 2.40 - Vj , lAccum. Units). 637 t 

• --- - Sl - Mar 7Axe.EC3A83P. N.Pl.GthUiLTljt-Mt.S SL8) 1 390 Income. P40 18LD) — 1) 93l J. Henry Schroder Wagg & Co. Ltd.tf Vao.Gwth.AuR.a-. 53 7 £ 

! ' ' j 01 i.Verunt I'niUF Ka &T3 I 3.90 lai Cho>pe^n.EC.£ 0I-2MM3* S'? i 

IM m d 235 ®oth<cl Hid Asset Management (g) M. r P **j jjj« ' iS^HI HI vSZWTSii- g j 

31 +UJ 0.61 ^ l€v> 0,r «■ Next dcnilng August 31. ?T-80. Gw? toiueRd, .^lesbuy. ' Q29G5041 locome AWt 15.- p02 3 204.6c +2J 6S9 wSSJilJrm 1 Si ’ *£ 

as ii tl s^w^nsi g|isj| is gssa 0 =S s " 

^ ^3 5.“ w«dminst«Tro) ^ igl IS SfiSSRSSascW Td :.r IS R*S&SKiL|gI l 

....-Taj» HWntLftt-wac.i fflaiaSSSfiEi* 1 "- WI f • 4.18 gti zs| IS liSSS&S^Sfii-it 4 , • 174^ :z i-g __ 

jjjm Gibbs (Antony) Unit Tst. Big*. Ltd- ■ Rfwaine to 2 75.3 -ofl 734 ^ *specE*. A^aii-UMi 2717 in Tindall Managers LtdLV 

[Mtr— S a^gMKHIltuni.wu “ SSSSf g 


1333 ...» 

916 

89 7 ...... 

uu ..... 

1463 

17 b. h ...... 

590 

64* 

6L2 

7*5 

586 ...... 

66.9 

5 65 ...... 

*9.4 

77.4 


1 Thomas btrocLDmiRliLvlO.U iU8Ml48M 
GillFundil«sev')..J£532 91SI-0B3 1200 
GiixTyuaii.oi».._..m);i 105 a .....1 12 kj 

Gilt rod. Guernse^£9J50 953] | 1200 

Inti. Gm Secs. Tst. 

First Sterling (aa24 18401 J — 

FirtllnU. [5186-28 187AM .} — 


|A6 Net Ahsei Vdue A«i B «ut 10. — fQjj^ J»«j 

sj* Bank id America International S-A. . 

£j0 35 Boulevard liny aL Lu*embomg GJ>. Kleinwort Benson Limited 

427 WldlBVMt Income ..JSTSU1B UZ*q . 4 756 JO.Fenchutch SuEOJ 

427 Prices at August 10. .Next sub. day August 16. EarinvesL Lux F. I 1113 1 

239 GUrrnnj?' tnc. (M4 68 1| 

259 . DO. Accum .. — (795 B4ol 

3.12 KB Far East Fd. — SIMM OS 

332 e , - KBlnG Fund — ! SI'S1Z32 


7 if I Banqne Bruxelles Lambert 


. — I 5.98 Is. Rue De la Regencr b ][»00 Brunei* 


.nderaon Unit Trust Managers Ud. 

IB Fmehareti St. EC3XSAA 6230231 1"U. _ 

ndercoa UT . ...{562 60.4[ | x» tcRnlL Tut (Asc 

assasE.r* ,k -st«* : 

it. M onth tyPund. [170 J) _ M0A( — | 9 JO (ajA-Ullaeome'— .H52 4Uf.^.J 


rtmtbmt SecnriUes Ltd. fage) {SktclF^E^rSl 27i 

'. Queen St London ECtR I BY OIJSasai DenUcg -Tues. TTWi 

-. Aecum. Urn U> 59.9 ■■ 44J +0.2 8.93 TT.LoadooWeU.RC5L 

Ja% WdrwL UU.) 57.7 -i 623 tW) 2 993 Shir. August 11 — ttB3 U3 

ktoIeiVBce Fund 84,4 . 26J .„... 1150 ■ Bo-Accum. Unit— .{184.7 J9t 

wTBn. Uiuui X7.9 .40.0 — OJ 1250 Next dealing dag Aw 

'ouHdoFmd - mb Si ia'-i Tn ■Grieve^on M anage m ent < 

tecum. Unit*! R.S 99-C +05 4 81 S»«Sroih«mSL,BC2P2DS. 

. o+.W'drwi Ut-. 559 .• . 603 +05 4 81 Barrington Ani S 

Inaprop-FW. 193 ZB* +02 2.74 (Accura. Unltic! 

UtaUFuud 40.1 4X9 ..._ 259 Btng.H.Yd. An*. 10. 

trrtim Uslfs)— . *7.9 513 259 (Aecum. Units) 

. rowtn Fund 57.4 ■ - 403 +D 2 245 Endeev. Aue.8 

. »«7lta. Uniut. — 94a 4B3 +83 2 45 (Act tun. UniU) 

BeUwCtt-rnFa - Hi - . SS +0.1 111 Gtwhar, Angi VU2 

MttcmB.tnU.rd.. B» +02 139 (Aecam. Unite}— 

"tWdrorl.UteV.- B4 .- +03 1-19 Lxv & Bralx. Aug. B. 

wMinFd..-.--. 17.9 1Q5 3[ ...... - 135 (Aixum. n n |A' 

AJner. & 1st Fd.fcw* IpSiqll L00 


| ! t?. ? liS ■ 3H i i« Neuter High tSc.-'-B* Im| ^ MO 

-OJ 1250 Next dealing dag AwutlL ‘ 


■___ income „..Q9 .d ari] -o2i i 

4 40 {^“^“Inv.Fd.^.te.4 78.2 ( 

Universal Fdjd)__l64lz 69.oj-0.7i 1 

NEL Trust Managers Ltd.f JaXg) 


St,SwllhinaUne.LdD,ECA 01-6264356 . • ,. . iAccusl U nits) 

IS New c*t. Exempt— ..JC12XD i30.of i 3*5 Scottish Equitable Fnd. Mgrs. Ltd.p capita) Aog.9. 

1 Price* on July 17. Next dealing Aa£. 15. aSSt. Andrew*** . Edinburgh 0)1-0668101 ^"‘S - *’"'*® 1 

t±fJH00 Unit Trust Mngt, LULT(a) iltfS^Ea’i 

'69JI-0.H Sft ^ aDGrte^PlmhuryS^ia. 014M10H De^ng da? Wadneadaf. M^roLUnite. 

56.4j+oil MO American Aag. »_PU. .7*01 _ ; . J o.9? Sehae Unit Tst. Managers LfcLW fa) EKim’trSKn 


Income Aug. B 


51 1] 5 58 

MJOai 459 

82 N .. .- 459 

75 .3 7 66 

M7I 7.66 


5M | Renta Fund LF._ 


w - J. 772 ?®KfS3!? 


KB Japan Fund— . 
KB. US. Gwtb Fd. 
Sign el Bermuda 


SL'S)3 08 
SVSJ2J2 

srajaiB 
SUS12J8 
SUS5.21 
940 20 


01-6233X0 

3 14 

....... 4 11 

4.11 

153 

1 f!7 

065 

072 

173 

8J3. 


*KB act as London pajinc ageats only.' 


^ Barclays Unicom InL (Ch. Is.) Ltd. ^ 

7.66 L Charing Cross. SL Holier. Jr*y. 053473741 r i M . j- j»i. /p v i rixp m-__ 

Oversea* Income ..(47 3 49 7x4 J 2200 LJO>flS Hit. ft .1.1 l/T Mgrs. 

InJ do liar Trust SVSUM uH - J 3.90* P.O. Box JB5. S( Hrher. Jersey. 053417501 

UoibondTruA- |RSU157 UU11+0J2I AM Lloyds Ta O'seeiv.. 162 6 65 91+4 71 177 

s Next dealing date Sept. IS. 


am ■ ASSizr?- Xomich Vnlon Insnrttce €n> „ ft, SBWffifc as* J S| ^ IS 

481 gmnent OouMa., P.o.Boa^N^SSiST 8 SSSfl S5fflfcr SI 3$ id IS 

55 ^ GWiupTat.P4. U7L9 3*25i-Ml 438 tAcim».Unii») pEi 11051—4 M6 

J-g wmngtoja 8 -gZJ Jg 

"" 1 Sazi 736 Pearl Trust Managers Ud. (aXgM*& Royal Tst Can. Ffl. Men. Ltd. 

2g jr — - 7J* tsa HJgh Halborn.WClV7EB 01-4009*41 M. Jermyn Street. S.W.l. nijm we 

^3-r- IM Growth Fd [24.9 26 B j 451 SpSdF«- _!_ Pft7 7851+4^^ 

3^3— m ArctunUrtit. &»5 JLfi 1 451 rS~rT~-&5i 7 t 2 ^‘3 7 m 


274 (Accmn. Unitnj 

259 BWg.H.Yd. Aug. 10. 
259 (Accum. Units) 

2-45 Endcev. Aug.8 

245 (Art am. Units) 

4.91 GTpehjW, Ant U— 
139 ( Accmn. Unite). — 
139 ZA.ftBraH.Aug.0. 

155 (Accum. Units) 

LOO c-.pxi v> — i 


B +r*1 JJJ Pearl Growth Fd [24.9 2 6 B) I 4JH CantaJFd -J74L7 7881+4 41 A 1 

r— gJS SS 1 451 imSm+FM ^5 nH+25( 73 

~ zM uSiTsnrsi Hi S 3 n ’ mee * “ ADt »■ Nejt de * lll « *«*■ SL 

r— - Jg lAccum. Unux) [493 5io| -o^ 4.70 

. wr. « in. ‘■“fw " -*i “"■ J * 4 - UB Gnardlan Royal Ex. Unit Mgr*, lid. Pelican Units Admin Ltd. (gMx) 4. Greet St. Hwi+nc, London EC3P 3EP 

.Jraway Unit T*L Mg*. LlAf-taXc) Royal Exchange. ECSPSDJf. . ;. - ar-oaamn Sl FountolnSt Maaebexer 961-238 5880 08-13 Queen SL. Edinburgh EK2 4NX 
IT. lllgh Rolborn, WC1V7NL. OI -®1 6235. teg)Ga8JrdbniTS*-_p6.9 .10851^-291 ftlfc Pelican Units [ei t 985) -03] A74 Deelins* to: 81-9M 8MO w 031238 7351 

rchway Fund JB75 «a) | 556 Hendcnon Admin stratloB If (aXcKg) _ Save * Prosper Securities Lid. If 

ncea M August lONext rob. day August 17. ^ s RsyleighRoad. Butts O. Perpehtal Unit Trust Mngmt-V (a) inumAml Fnnda 

-arclays UnleomLtd. (aXOVfC) Brentwood, Essex. <B(n-a7 238 48 Hart st, Henley on Ttrame* 040128888 CMttal B9.7 4261 -031 2J 

nlrarn If a 3S? BAm/Aprf DA Vfr ..mm.lilha d* "•'.rfj. jw in FpcOiaJGpCth [426 4531 I 330 feSsSSEZZlpH m3-0jJi9 

- ; .W«MLSJ5rii21«-. -4-mu 

ww«" r “ 38 S 3 to aa «r a 

2 :..j *59 V.K. Fund* 


option; si 


Cap. Growth 
Income fc Asset*. 


it. Exempt Tst .... . 

%>. Extra Income .. 

O Financial 

o.wo — 

e. General 

4>- Growth Arc 

o- Income tsl 1 

Do Prf. a 1 ns. Tst... 


1 nlconi Ho. 253 Romford Rd-ET. oi-SHSK L.R. jftmd* 
nlrarn America -.mo 398) -Oil x» 

0 AML Acc BL3 87.1 -m3 L65 ™ 

:sse^=;B . 31 ag-Ss^r*- 

o Ftnanelal 65.6- 78.1 -Oil 485. SertirfU^e , - 

O KO »A 873 -0.il 551 PluxncUl X ITU — tf7A 

0. General . 545 ' 37.1 -Ojj 584 OU A NaL Rex [30.7 

•0- Growth APC 440 97.6 -02 ' X9B 

O- income Tit. KU _-99*» -53 582 Cabot [94.4 

DO Prf. A'iiuTbl. . tl4X3 - 158J .. ._} S16 Inreramlona! 093 

PrtrcK st July SL Next sub. da* August SL Wld.mdeAng.K~.n5 
* Recovery. .. .W4 M21 -OJl 559 Oversea* Fund* 

"j 9 ■ ?£? Australian 1395 

o«V" Id wide list — 154.4 SIM } L9Q Bi mn wi. 44 * 

IsLIn-FdJnc gj 71.S -0.2j 481 pSaS 843 

o. Accum .. — - (78.4 - 81,7] -Oj] 4.61 Karth Anw. nan 

tariag Brothers & Co. MtUf (aXx> 

LLeodenhnUSt .S.C3. OI-98B383D nni Samnel Unit 1 

raap_-~Ba 

Next subTdey ABimt 18. (hi BrltUh Trust—. 

dilrilTris. 

lishbpsgste Progressive MgxaL Co.* wMbr-nw.. 

BUhopa gMe.BCa. 

Income Trust 


,J>3 Ja-J S-2 Sebag Unit Tst- Managers Lid.? fa) 

60 M . 7« POBexSlLBckUtfj Hw.ECA 01-238 MOO * 

Is ssi^d in 

11051 — 356 londen VFaP C 

Security Selection Ltd. S, p JSiS^’ wU ’ 

ers. Ltd- JM8. Uncota V Inn Fields, WCS. 01-831683M Extralnr Crwth- 

nijMw UnvlGthTstAcc—teJ Z7.M l 239 Do. Accum. 

Tafl^^ UnvlGthWmc-fSc 23$ J 219 ^PrtO. 

eS&SA.*? Stewart Utft Tst. Managers Lii (a) 

4S.Cbarlott»S«6. Edinburgh. 031 -2aB 3371 Special SUsT 

tSirwan Amertcso Fund 

SIS “J “ TSB Unit Tras 

EHUNX withdrawal DnR* -[573 6l3 --J — 21 Chantry Way Ai 

CSl^ao 7351 *Siewa« British Captial Fund nealtuci 

ties Ltd.f Standard. — t—- 1145 0 157.01 +L4I 450 (blTSB General 

Accmn. U!dU— r 1 166a JM.5+L7^ 4.00 tblDo. AcnmJZZ 

DeeUng tFri. *Wed. fb) TSB lace me— 


2032 

1415 

1992 — 

119.6 

1698 . — 
278 6 ...... 

310.0 

105 6 

138.8 

154 6 

174.4) 

Ml 


027233341 

I Z-65 


EMI *SubJcci id lee and mihhulduig inxes Next dealing dale Sept. 15’ ’ 

7.65 

IS *£!Tl V £ Ca r i °- ™ Uo *** International Mgnmt. S.,L 

416 { aM ' 7 Bue du Rhon* 1 - p 0 Ro* 1211 Geneva 1 1. 

739 Ms2' Brt "^7s Ha^ln'il lisa UurdsInLGrawih [STOSJO 559001 J 160 

75? El ftS \ UWdslnL Income. tsrasjo 3U«| 640 


7 u Unicorn Ausl Ext . 583 627rf L40 

7TJ Do.Aux.Mia 375 4041 +0.4 L50 

cm Do. Gnr Peelfic.-. . W 1 74.3 : — 

4 I0 Do. lot). Income — M2 43 3 830 

St? Do-l cgMunTn 46 6 50.23 8.80 

9 47 Da Manx MntulL_tZ73 2^4j _ J 3.4D 

513 

5 13 Bisfaopsgate Commodity Sen Ltd. 

“* F O. Bax 42. Douglas, I.O.U. 08*4-3*11 

__ ARMAC»Jul*3 ISVSajS MM ..._.l — 

5-5S FAXRHO T*Aug. 7..KXIM7 i.uj+iifb — 


830 

■H Jg M & G Group 

Three Qua>>. Ti«+er Hill F/3R GBQ 01-806 ISB 
. lii) AL.UndcAug.15.... |Jl'SJJ7 3 461+0 091 — 
Aust Ex Auc B.—.m'ffln zin ..... _ 
08*4-3*11 GoldExAccAug.apVSDll 11311 . .. — 

I _ Island {1402 1492} -0 7 93 17 

HiiLl — (Accum UnlUi 1982 21091 -Lt) 1337 


IS EfflP3» T -te lb »-««» 

fl? 0ri *‘“ u >' ^ Samnel Montagu Ldn. Agts. 

Bridge Management Ltd. ‘ 114.OW Broad su EX’S. 014*BWT4 

747 mTt ApoUoFri Auft*...[5F4515 49 KH 3 S3 

J „ P.O. Bo* 508. Grand -Cayman, Cayman la. Jarrfrst July 31 la vni in nr- n fs 

AW N-baahlJmy31--J V 15.934 | J - 'J" - 1™5 US L95 

” G.P.O. Box 5*0, Hoag Kdoe -. 117 Jersey July tt5 13 5 58 0 75 

Nippon FtLAUg. 9_ |sfsit« 207M — 4 O' 8 ® 117 jSsO'» Aufr 2 (Hl 91 llH] _ 


Britannia TsL MngmL ICI) lid. 

30 Bath Sl, SL Heller. Jersey. 0834 


75 Piccadilly Unit TrnSt (aKb) . 

Aataay GMn Unit lri« Mumro Ltd. ' .. 
7.41 3. Frederick's FUce. Old Jcwry. ECSR BHD. 
838 01-588 4111 
Extra Income 
3.92 Small Co's Fd 
2,43 Capital Fund. 


4261 -031 2JD .. |r “- 

iojj -oi] 1 w Stra Alliance Fond Mngt. Ltd. 

Sun Alliancepse., Horsham. ' 040384141' 


TSB Unit Trusts (y) Vrt ^ 

21, Chantry Way, Aodover, Renta. 026482188 

Dealings to 0364 834324 30 Bftth »■■ St - teller- Jer 

7-g +L4I 450 (blTSB General 1485 52 OK -02 350 Starting Dcaomlnnud F« 

D.0|+L7| ADO (blDo. Acttun. EH 66.9—02 350 Grtwth Invest— 06.8 

(b) TSB Income Br 675-0 4 6.97 intnl.Fd. fet 

no Do. Accum &6 A 71.7 -05 6.97 Jersey Energy Tm.. 1« 1 

TSB Scottish—. In 4 975 -02 257 Unlval.STs£Sl6-. .^240 

(b) Do. Accum. PAS 1043 -03 257 Hijb InLSUg-TsU.. SS4 


Starting DauMdnated Fds. 
Growth Invest- B6.8 


Murray. Johnstone (Inv. Adviser) 
U63+rjua 2Q3, Hope Sl, Glasgow. C2. Wl-^irOTl 

1 ‘Hope Si Fd I SUS3872rt 1 J — 

—4 -Murray Fund JL'Sll.39«d 1 j — 

—- j LOO -WAV' July 31. 


. Blthapsgat*. E C3 
'XatePr.--Aug.I5 .{1972 
cc.UU.~AMg. 15.. §3* 9 

'gslelnt Aug* 1286.4 

Vcctun.iAnr a .{2068 
Next sub. day -Angni 


bridge Fund MuugeraKaXc) 

-lag William fit. BC4H BAR . OI 

.arertcan A Gen 4. 177. 7 2UB 

■co mo* ,„p*2 6131 +2, 

^ptUI Inc. t no 7 43 j] .... 

KlAcc-T ...M50 4fS .... 

Ixemptr J1480 158.03* ... 

nletiKL Ioc.T- — UOl 1951 .... 

Jo. Acc.t ..J02 2X3.... 

•eating -met. fwod. tTbun. Prtca 


W T?5? HiH Samnel Unit Tst. M*ri.t (a> 

I aj7 48 Beech SL.EC2P2UC 01-001 

xxvSTlC (blBrltiATnixL_g« „ 

(glltnTTriut W02 . tlU -621 9 

ive MgBiL Co-F ixlDotJarTnm — los.7 VALArdfl "i 

.. -M >-~L (h) Capital Trust K.7 4«W-oS 4 

2U3l+9W*S? fwyi,, “ c “‘' r ™ rt - 

2584+115] 358 

iWAsT-TTl 218 

22031 I 238 

32. -Angmt so. InteLv (aXg) 

16 Cbriampbor Street, E.C2. ' <R-W5 


- Ibl Ern*. a Assets. 

2.62 PnvaiePuod 

■ 355 Aceumltr. Fond 
.431 Technology Fond 

244 American Fnnd7~ ^62 '“28^^03) U0 wa 

5.QT7 Kngrgv . »X4 

384 Practical Invest. Go. Ltd.? (yXc) nuuKblSen. |78. 

2-S 49- Bloomsbury Sq. WC1A2RA 01-8238803 RlgWUBfamun Fnndx 

U8 Practical Aug. 0 — [170.0 1M5| . — 1 3 83 Select InternoL B7« 

Accum. Unit* {240.4 254.9] | 5.03 Select income §7 j 


436 UKEuuity j472 

S inzzz==& 

}3 Scalar Fad* 


2aj:P3 15? Tu-get Trt. Hi.grs. Ltd.f (aXg) 

14| 8.45 3L Gresham SL.EC2. DeallngtrOa 

Target cemsmdUy.ML* 4451 

50.7rt-03| 4 J2 TargS Financial..- 655 70.9 HI3 

TjrettEaUT— (40 6 437 _ . 

10151 +0 41 3.05 Target Ea. Asg. I6h272 235.4 +64 

Uftli+oa 050 aDoT acc. U oH*— . . 5os.s 319.7+95 

UA1 -oil 150 Target Gilt PUd_hl68 122J -tu 

Target Growth— 129 7 319c -05 

90 61 1 350 Target I ml — -. — 28.4 30 Sx —0.9 

m 3 -63 if? Do.ReiaT. ttdi* — [3L6 34.0 -02 

84?-03 226 Target Inc. Bs.9 366 -0.1 

' ^ *- 7b Tr-Fr- Aug. M g66J 1731a +0.4 

294 41-051 2 03 T O- pi 167is T-.- 

605|-OJ( 689 Tfl. Spatial Sfas — [298 22.43.— 


113 4( -0.4) 350 Ulster Banlrif (a) 
NLf (a Kg) Waring SireaL BallaaL 

Deal! ngt: 02869*41 l b )Ul***rGn»wiii~.pB.9 
445| -.J 351 


038239231 
42.9W) -DJ| 4.90 


UA Dollar DeaatnWcd Fds. 

UnlvxI.STtt 1ST Si 56 SI 

InLRigb Int T*1 I9B.4 Jl'SLI 


— ?22 -Murray Fund_~-I jL’sn.39xd — 

-NAV July 31. 

iM 

—1 ilbo Negit&A. 

20a Boulevard Ro>-«l. Lutcmhourg 
• -’■j ^ NAV August 4 1 51' 51153 ] j — 


5 AS Trust Account & Mgmt. Ltd. RO.Box58S.SLHeUer.Jwy. 053474777. 

ts I720C1 W TS» stertu « Boadrd -' £103< ***** Phoenix International 

3 “ WleIarGrtb.FDd.-Pl. 4 33.B “"J 4 07 Kottrofie M Hinarrawnt Cn TtJL F0 Bov TT. SL P«er Port, Cuenucy. 

4-40 Do. Accum. &63 457 Management cn. Lta. x nle r-Doll 2J -F QIl d..[52A4 1631 4 - 

L63 P.a Box 195, Harm lion. Bermuda. 1 1 

3 Wieler Growth Fond BuwmFneume~:.'Ji'u!w "~ij 7^ Quest Fund HngmnL (Jersey) Lid. 

Wag William SLEOUlOAK 0142348S1 Prlw * * Aufiu * t *■ NtiT S * pL “■ F.O Box 194. SL Helier. Jerse)'. 0534^+41 

ateffizr-gi SU zd is CWM S.A. asa.Eg£h| sSt [::::) “ 


Value August 14. Next dealing August 21. Negit Ltd. 

„ . . _ . „ _ — _ Bank cC Bermuda BldgiL, Hamilton, Bmda. 

Brown Shipley Tst. Ca (Jersey) Ltd. kaVAui* |ifi22 — { j — 


li? K w 

*» assr- 


29441-051 
60 5{ -03) 


17 ™ Xo i 4 m Wiel « r Growth Fond 
34.7 -o3 751 Wag William SLEMRsaR 

14.7a .__] 1L88 llcoma Units Pi .4 

22.4m 1 432 Accum. Units _p63 




84-4300011 

li INSURE 

-£3--7ao - 

-03t 4.9S 

752 Abbey Life Assurance Co. Ltd. 


INSURANCE AND PROPERTY BONDS 


*5) in Capital International S.A. 

37 rue Notre-Dame, Luxembourg. 

~ “ Copiial InL Fuad | JUS19.28 J , 


Quest Slle FxdlaL £1 1 — 

Quest tad. Sees.—. SI'S l I J — 

Quest iml Bd. ) SUS1 | . { — 

Price al August 9. Next deoling August 14. 


!=<=■' 


Crown Life Assurance Ca Ltd. If Lloyds Ufe Assurance 


jl-GSL Paul’s Churchyard, EC4. 01-2489111 Life Hat. WoUag.GU21 IXW 048825033 


jEoult>- Fund t 


OI4B348M- “ 5* 1 !*» *** 

^ FnBd Mwawer* Ltd. UK*) 5S25S2.*&|— “ 

41 1 IS C^rb^ndT 

:::: 1 8 Mm IS S£$G258^ 

:::q IS J 5 f 43 .-.fS 

J 134 Keg FlxadlnL F0.-&L3 - ■ CS^+uj-IUI — 

eat Anguxt Kay Small Co-sFtUftM.0 »m| +13^550 emvS^.Z'" 


•sam. 

jptlal Arr 

'omm 6 lad i 

'uBIlDotlltj- ! 

Vuneslic— 

Uemat 

Ntrn Income 

r ar East 

rinoBrUI 5eai — 
mldftGeneraU... 

tiavr.b. — . — 

nc ft Growth - .. 

ant'l.urowtb.u.^u.. 
_nvcxl T&t. Mmm - . 


~ , lf I nvT<t.Trt.f»biircs-. 

JlniTalA- 

+« High lor 

'K'wl'uu*. ....... 

iixth .Macriran . 

• J J ’TiKocwuna] 


trltannlu Trust Management (?) (g) 30.PenetmrehSL,EjCJL- 

Londan Wall Rnildtaga London WalL K.B. Unit Ftt. Inc M9 2 

ondouEv^MaQL m-8W047gM9 ♦KAUaHPHAc_Z}llll 

•slits .1767- 84.71-01 4JI M-PpLroaTKs.-. 

j^rtlol Arr ^.- 58.7 633+03. 353 

Vtnmfilftd. ULS 662^-03 42* 

’uBUBndit}- Ml . 9l3 «L4 480 

•omeslic .—.... NL4 . 4*5-03 390 S&XrfSj l™ 

UrmpL. (1244 130.91 +01 664 High Yld. Fd. Acc 


114.R+634 350 pmiuy 1323. 

Ktelnwwt Reason Untt-MnagenF 


65 4L6j +LH — 

• 1 35.1+10 — 

580 157.9 +0206*58 

561 ‘ 164.4 +0T^- 

IL8 13U +0.2 — 

Z25 393+0,1 — 

765- lasS+OJ — 

SJ '95.3 +1.7 - 

17.9 1453+02 — 

S55 195 3 +25 — 


man. Fd. Ser. 4 I 

B*»5 9Fj|uityFd. Ser. 4..I 
522 WCom. .Fd. Scr. 6_[ 
mone>'Fd.Ser.4..r 
J JJ Prices at Aug. 15. Va 


& ^ 

SSJ 

uotloa naan 


. It! Albany Life Assurance Ca Ltd. J w 

, _ ».0 1 ^4 — 31. Old Burlington sl. WM. 01-U759C Crasader Insurance Ca Ltd. 

+01 *54 High YUL Fd. Act-] 50-0 1 «+4 — 9 Equity Fd. Acc. [1975 207.71 — Vincula House. Tower PL. EC3. Ol-CflBOSl GIdDcS 

a-v 152 * C Unit Trust Manage metf ^Ltd-T ^'i^^4 c d c Ar ^ Z «h. p ~P.A«.a_pai Aft --I - m & C 

H43 IS The Block Echaagc. JK2N iHP. oi-Mf s*0o 5? in i ri^jPdAa" u£l m! — Eagle Star lnsurfHi&land Ass. Three Cn 

^ s asteKs^Bs .1 “yg-dta i #== Basas® mSTSSS 

+08 255 2Ra« Uuenab-^Kto / -4421 1 6» tatnfc FnFdAcc _ 120 6 126‘ - Amentomi Bowl High Wycombe •W333'.-/ CllLB ^ a 


+141 — Mang'd Fund Acc. -U080 

+LH — Idang'd F d.lacm. 1060 

+0 20458 (JISLflanp'd Fd. IaiL_.. 1069 

+021^-^ Fd. Arc. 1022 

+L7 — Equity Fd.locm__ 1022 

+0 2 — Equity Fd-lniL 102-3 

+8,1 — Property Fd. Acc. £•* 

+03 — Property Fd. Lnan_ 97.6 

+17 _ Property Fd ImL_ 969 

+02 — Inv. Tst. Fd. Acc — 1119 

+2t __ Inv. TsL FA Inna. . 1319 

+42 _ lnv.TsLFdIniL._lUB 

+0 2 _ Fixed Int Fd. Acc.. 9*4 

+15 — Fxd. lot Fd liurm. . 98 4 

+10 IutadLFd.Aec- 1203 

+01 — Inter’LFdlBCin._ 1205 

+0J. Money Fd. Acc. __ 965 

Hr Tue sd ay Wonfi+Fd.Incm._... 165 

ur lueuiMj. n|t fa lnBm 1072 

T Crown Bit- Inr ‘A 1 .. 1553 


— 0.2 
-02 
+ 0.1 
+03 

-03 

—03 

-0.4 

-03 

-03 

..... 





Schroder Life Grooptf 
Enterprise House, Portsmouth. 


3 02 London Indemnity AGnLIniCa Ltd. 
- 18-30. The Wrfcuiy. Reading 583511. 


547 auiifrajftte _E2 5 a3 7°.3 — 

— Fixed latarcat ll<l 367) +82] — 

1154 The London & Manchester Ass. Gp.v 

— WfealadePirt. Eider. 039C-E156 

387 Cap. Giuwlb Fund, 2413 1 _ 

7T_ QFlax. Exempt FA. 140.4 — 

« = 

JM j - 



C Charterbonse Japhet 

J 1 , Pul ern oiler Row. EC4. 

A+frOpa — DM3810 

— ■ ■ - A dt verba PMdSO 

Fondat DMX138 

FoOdis puna 

070527733 Emperor Fund SI'S) 17 

I _ Hlspana ]irs*LB 


Richmond Life Ass. Ltd. 

01-2883990 4a - Alhol Street. Douglas. LO 3T 0824 33014 

J 451 ixjIThe Silver TruaL 109.2 11LW -0.3) — 

452 Richmond Bond 07 178.6 1891 -02 10.62 

5 00 Do. Platinum Bd. 1312 1381 +06 — 

504 rm-GoldBA. 1 133 1192 . . - 

_ Do.Em.07,OZed._ 127.1 1865 +03 1L12 


urn 


US MUw Msnenab — tto / -443 616 

756 WANDUL UnlUL_, 864 , «*.*] — _ 626 

Art -Orouin Fu nd.^ Mb 65.4] £3 

171 -lAccum. Unity* -=. b65 77.11 ... . 257 

. . - - 629. TtGill and WarTam «7 43.« +0.1 125 

l Tunerty Sham - MS 16ti ... . j 257 tAmWlcanFd IT# 29.1] . 058 

Ihield . -.Bja 51fflS -lof 458 fiXccuml DtriW) g-6 - »3.._ 830 

aural i/hange. .. -B35 3*rtl -67] 451 -Wgli Yield . *73 SUM 1094 

'm* Ewjry-..— 04J 3**3 +01 ] 241 TTAcoctl Umtal _|B J ^ ■■ . 18.94 

-.y. « nm« IM. ‘ l»rat *K0iy. *Ta«a. WW. tThura. -Krt. 

>be nritigh M» Office UAf W Legal it General Tfnrfill FUndW 

icllrtice Hro.. Tunbridge WcUa-Kt 080222271 

ItKISSJfc.-.-BI SS.-SI ig assy’s? 1 ' vj.."”" 3 - 

-tLWridend* (455 W]+oi! (« ■■ 

•Prtcri August 8. Ncuc* dealing August 18. . ***** *“ ®*7 * a *- 

tmmn HMnlsw * 14 AM LhftUUW ldoMd» 48w Ltd. 

jrewn tail P*<y ■ -.auhaSL.tMdoewmojp. o 

lngrx FcumteraCt-ECa • 0HWP8M8 ijnr wf naa 8121+1 

-SUmUAug 75 v .^* « iS/SSSHTZriBK - +1 


|Prop.q*n-Aep. — t 
JifpIcAvPwLAw-t 


1150 — 

ISO l - 

2473 . ... — 
1IU . — — 
1372 _... — 

126* — 

130.6 ...... - 

2223 — 


H3 AME\ 

■ • AhnaH 
1094 AMEVi 


Vice 1 Aug, Llff 

■taancttL** 1 * l ** 'J 

wSSftMiKLTjb am gk4j^oF'45iI»areky« life Assur. Co. Ltd. 

row yi taram a .-^j • • 4W +61 1£L£33£!i — ^ «Jtom«rdRtl,R7. 01-5345544 

iihlnrtHim m 3 HI ...... 951 second tCapj... — 525 -02 IO Btolastamdi" 11308 13771. ... — 

tV ..»*■ au ii Do.tAcOmU — 732 78-7 -02 193 5Sj*7 a “*" gS z fil l ini _ 

MM &4 28.78 SS Tb WttTOB tt) M3 95.7 -0.3 551 j ^72 ZT — 

vet-seas Kj ■, Z2I SJfL Rnii 1107 !" - 

erformaaca. ..__6a7 477 +42 «3f FbimSlWlncJ+^. H.9 6S.7 -02 7S3 Kj3+ . j+j ( _o 1 _ 

ewwety _..Sl SC5 IT! 601 Po.McaunJ T.'Jn'f 7*i{ -03 733 «V ’ iS3 1 — 

«mpt. August U..-&.9 443) ... 455 Uftyd** LRe Unit Ttt. Mngrs. Ltd. UanAsttAcctm. .1103 1 1086 +0 6 — 

DUtda Life Unit TsL MugrtrLtd.? SW^JStM 2 Sail!.? = 

aKiuhSL. ruttmUar.Ucm. - — 1 3J1 «» W -0.2 — 

auCcnDux. I48.4 4lW -0 11 455 “ « * G»«Pf ftr)ic)tti »m«fP|«a.Acc. .D0L3 1067 +03 - 

n IMS Arcum _..r505 SIH -021 459 T6eae Quay*. Hw HHL EC3B BBQ. 01BSS 4S8S D0.Iftgl»d . .-P77 IBLfl +D_l - 


13751-00 332 WOmyngeR^RrWoL u=^322« AMEVProprd. g76 

SSlIttMUH M 1 ” SWBgsil 

xt dealing August is. Next sun dor Aag. 1*. FtadpUa 068 

Cn. Ui# AdutohrtfatlM Ltd. Anew Life Assam 

W 01-6008530 *"** “**' « + so, UstbrirfreRosd. W \z 

? T» jS 5 fe==iH ■ hsu « esssa^-ies 

'5 SUM — I *M Uojd8Bk.|ftittTit Mugrs-LuLFia) 

P- 33^1 Jg ?****■.„ 


Life Assurance LtdL? 

. AlmmRd. Retgate. Reigatr 40101. 

L»a.-d -lldao 156M — 

1%' .. DOS 1167 — 

ms Fd ... ins. 4 uu — 

uiurFd .112.0 128.6 — 

wdlru.. 91.7 98.7 .„... — 

>fFU.. 976 1824 — 


eagle star lusurpixuaxui ass. Three etmri3b«cr rai I 

1. Threadneedle SL. EC2. 01-588121= Pem. PetuUdP— ... I 1 

Eagle'Sild Units . ,)S53 S7.R -03! 5H lUB.7 

Equity & Law Life Ass. Sec- Ltd.f Fwn!y»aH3l^S.9 
Amenbam Road. High Wycombe 04M33377 gM u^H y 4 

® 34 |z eSM! 

sasassfRT-^ 

Mixed rd*! \UA2 1203] +0jj - 

General Portfolio Life Ins. C. UdLf jgjWMygf ■**« 

80 Bail bolomew Ct. Waltham Cross WX3UJ71 rTo n* aLF 6~A 

Portfolio FUnd.__l , 1381 J ... J — , 

Portfolio capital )422 44^ *_] _ Merchant lnotos 

Gresham Life Ass- Soc. Ltd. < gt.BtfhSL.lemBna.c 


)«cr S3] EC3R SBQ OI-03S 4563 

3:S1 .- 1 :d = 


Scottish Widows' Group 

H105BU. 031 455 f 

113« - 

112.7) - 

146 « - 


FO^Box SftSL JnUani CL 
P.O. Box 330. SL Hdier. Jersey. 053437381. OC£qFrJuh-31 1330 

Clive Gilt Fd. (CJ.I .(9A5 9 89af [ 11.80 Or.Inc.Fd. Aug l". 15L4 

Clive GUt Fd.Uayj.l9 82 9.8M I LUM) O.CimlFdt SL36 

O.C5mCoFdJIc3l._ 154 0 

Cmhm I.J IGaerasey) lid. SSBEfe gj 

P.O. Box 157, SL Peter Port. Guernsey -Price* on Aug 14. \> 

Intnl . Man. Fd.._ — [169.0 13t5j J — tPrices on Angu* 7. No 

Delta Group Royal Trust iCD Fd 

PO Bo* 3012 Narnu Bahama . P .o. Bor 1W. Royal Txt H; 

Delta Inv. Aug. 8— [12.89 2l9f 1 — r. t . mix Fd. ISFS9 7 

' K.T. Infl. (Jsy.J Fd..l94 

Deatscher Investment-Trust * • Prices ai Aug & Men 

Poctfacb 2685 Biebergaue S 10 8000 Frankfurt. 

ffifSaESu-rM sssa- 

Diryfos Intercontinental Inv. Fd. 

P.O. Box N37I2 Nassau. Ba h a mas. Dir. Fxd InL--;. _(93Z 

NAV AugnaiO — (W'Saaa ISVf I — lmeroaLGrt .1811 


Rothschild Asset Management (C.I J 

P.O.Box 58. SL Julian s CL Guernsey. 0481 28331 

O.C-Eq-FrJu!y 31 -.(380 &L6| 264 

O.C.Inc.Fd. Aug 1 .. 15L4 1604 730 

O.C2atLFd.t SL36 144 ._... 1.22 

O.CJ5mCoFdJK3l._ 154 0 163.4 303 

O.C. Commodity .... 143.7 151.3 .... 425 

O. C Dlr.Coi7idty.t_ S27J5 2B2s( 069 

■Price< on Aug 14. Next dealing Aue 31. 

t Prices on Angust 7. Next dealing August 22. 

B«yal Trnst iCD F«L Mgt Ltd 

P. O. Bo* 194. Royal TxL Hse.. Jersey. 0534 27441 

R.T. InlX Fd. ISFS9 70 U371 1 3 00 

' R.T. 1 ni l. tJsy j Fd. . W LOl] 3 21 , 

. Prices HI Aug & Next dealing Aug 16 

Save St Prosper International 
Dealing to: 

37 Broad St. SL He her. Jersey 0534-20531 

VS. Dollardaumdiialrd Funds , 

DJr. Fxd. laL-J. _(9JZ 4.M . ... 7.29 

taerwd-GT.t 311 8771+024 — 

FarEnslcrn-i 49.64 536R-UC — 

North American-} . 4 05 4+81 I 

S*prn~~i IS 38 1681( — ' 


Emson St Dudley TsLMgUrsy.Ltd. ill 

P.O. Box 73. Sl Holier. Jersey OS34SO501 Startteg-denaiainJded Fumb 
EJ7J.C.T. —IU&0 13S2J +0.8] 350 Channel CapitaJ0_|2524 265 


— — Solar Life Assurance Limited 


Eurobond Holdings N.V. 
Handeiskade 24. WIHematad. Curacao 


~ 10/12 Ely Place London E.CJX 8TT. 01 242 28(B l T vS.“J^ ff‘ phgr SU ECi 


Channel IslandsO— 154.9 163.1 

Comnwd.— }., 1247 131.< 

tSL Deposit 108.0 

SL Fixed—} 114.7 1814 


Solar Managed K —11328 


5.11 wnuauq.KWMttt 

AM Fl mgkSie d.l 

4.96 goAAcrtW.) 

931 BMOOdtCWJw. 

333 Do.lAccaatJ 

617 TUHiTtaoflawU— 


!Z! — parttoiio Capital ._ |422 44.^ — J — Merchant lmertoro Assurance 

Z Gresham Life Ass. Soc. Ltd. .< Sl. Lem. Hoc. Croydon ow 

— 2 Prince of Wales Rd. B’moulb. 0202 707855 Property Pena — 162 9 Z " 

•••• — GJ- Cash Fuad 1973 102.41 . ... _ E^jlty — l_ 622 

— • GX. Equity Fund — 114.4 12D ^ — — Equity Pens. 1795 

GX. Gut Fund 1136 119 « — Market 1431 

GX.taU.Ftmd 12*1 135.71 — — Money MkL Peaa _ 185 1 

01-7498111 G-L.Ppty.Fdnd — . [972 102$ — D+po-4t— 1295 

■ j - Growth & Sec. Life Ass. Soc. Ltd.? gif ” 

■■■“* Weir BonhRroyon- Thame*. Berko. 0SB44284 Raamed P c.ai. — l 142.9 

I Flexible Finance l CUBS I KU.tquic- . 1141 ...... 

4 tlSSbSi^rr.! w J z:i - ««i M^ed m§ -..-I 

i- WBid’-TroH d = S.r" si S^_. 

Guardian Royal Exchange Xr&n Eq cap tots 

Royal Exchange. ECO. 01-207107 5f{S wl 4 1 

Prtmmy Band* - |XB02 1477] ._..J - ^ *5 to? ^ P 

Hambro Life Assurance Limited V 5fu?rHli r ' e SS 
70WPartLaae.Umdon.Wl 01^880031 QSSVd CmZ wo 
Fixed InL Dep [125.9 132 ^..J - iCel Mxd. Fd .HxZ IU 


.^•ffi-gaesasitzw- wii 

601 Do.tAeoumJ J»9 763j -C 


Solar Caili S 1006 

Solar IniLS 103.0 

Solar Managed P— 132.4 
Solar Property P._ 1120 

Solar Equity P. 1750 

SelarFiuLIr.LP — 1176 

ScHarCaab P 1084 

Solar Iml P 103.0 


1395 +01 - 

1182 - 

1B4 8 -05 — 

124.1 +03 — 
1064 . — 

1093 +0.5 — 
1394 +03 — 

1179 .... — 

18*3 -05 — 

123 t +0 J - 

1067 _ 

1095 +05 — 


NAV per share August 11 5US2DA0. 

F. St C. Mgmt. Ltd. Inv. Adviser* 
1-2. Laurence Pountncy Hill, EC4R DBA. 
01-323 4680 


•Prices on August 7 
t Initial after. 


I -021 236 . 
-O.J] 476 


l. "August ft ""August 10. 
(Weekly Dealings. 


Schlesinger International MngL Ltd. 

41. La Matte SL.SLReiier, Jersey. 0534 7358a 


jCenLF d. AugS [ 


I 1 - 


Sun Alliance Fond MangmL Ltd. 
Sun Alliance Htmoe. Horsham. 04030414) 

Exp. Fd. Ini Aug *-[£156.2 16281 1 — 

InL Bn Aug 15 1 05.11 1+D0i| — 


Fidelity Mgmt & Res. (Bda.) Ltd. 
P D. Box 070. Hamilton. Bermuda. 

Fidelity Am. Am...] SUS2933 I I - 

Fidelily InL Fond. SUS2533 | . .. J - 
Fidelity iron. 5US560I [+UW - 
Pidetit}' Wrld Fd....} 5US1731 ..... - 


SAUJ. 034 0.4 

GUlFd. 233 23 

Iml Fd-Jenn 121 12 

JnmLFcLLxmbrg 51I.B3 124 

-Far East Fun d__(I0I 10 


-Next sub. day August 16. 


-1 SN 
-001 455 

11 70 
L« 

*005 - 
+1 223 


WOS S3d%.™| r.“J = Schroder Life Group 

Entcrptue House. Fostamou ih. 

Fidelity Mgmt Research ( Jersey) Ltd. iniernxtamai Funds 


wlm DHL -D4 7 MJJ -»T| 7.83’- • Sra also Stoc 

.' -u Ijk Acrum™ .f«J 4Mj -ftfl rtieafiri 

tprl (James) Mngt. Ltd.? : ; - ' a££3.,u« 

mold -Brood SL,ECSai..lBQ 01-S8880ld ( Attm a- Ualtx) 

■sat::— -rM »»«:»■» . 

'• Price* on Aujtust Id -Ve« thmung Sept ft 
ftrllol Unit Fd. Mgrs. Ltd.? UHc) 

lltHirnllau*e,Nrwc«athHUia»Tyne 2lW5 (Acrum. UBitaT 

.TttansdBS &S ri iS 

-tsasdfarjai 

haritles Official Invest. Fd* H“ 

riemdcmWall.aSNIDB. • OldBBiSU CAenna-UnKs) 

- -riKS-EJi; r | i‘“ gsg 

itUmmlK only attUaUe to RvgGbwiUek. H lgbln cwBy . 

' r barterhuasa Japhet? ' KmS 1 

r MaiMimricrRow.EC*. ' . OL348WOQ lAwntnUnlU) 

. J InMrnrtl ......1462 • ■ 4M) V .,J- U7 

J rrom. l/nlts Wl 334i — 207 

J InrtrtOP _ _P*° 39* — . 739 

J euro Fin 678 — M-.^. 8ft6.- 

rcumVnhi te.9 . Kw JZ. ft 86 

J, Kd. luv-Tri -1*1 ■ — 336 

rotSi Unha — .^,05.5 . JftJl .. ., 336. 

- Prices AosuKft Seat dtealtot Auglirt 1ft 


• v -Cairene unit value August 14 


2298 -0 4 - 
6SB „. — 

70 3 — 

S2* ...... — 

MO — 

50S — 


— ?»PI Pension* Management Ltd. § nn nr » of Canada fU.E.) Ltd. 


Prlcws ADBuse ft fCUt duDtig AilXlnt 1ft 

hiefUin Trust Managcro iJ&MelW °* M, ‘ 

. NewNL3xxK4TP. oicnSaaia ^ g »rt« a« *d Rwrts. 

hrrMt ...JieMi . 26^-01] 13J ^*u*ta*. 

ttcmslional Tri_ M»n ft TIM *S3' 291 
aw Burnt. Ttt ESI 5 15*- -f-44? 


aw Retiro. TtU285 ; - :f-4S« SSS&i 

onlederrtfan. FuhU MgC Ltd,? M Pana.Ex.Au* i4 [i»A u«* I )Br T"” r “ v ' {a '' . I "" . « — •* — 

' J L'bMwery Lue.tSOA iHE ... oUHftuan MaOKXJfft Vnuttnut Ltd. Charter), no Mwni Gtl? 

, rowibFIliid — ~,}«J : 421/ +0.7} JUS &»«**'* Wuy.Sfcneaqn. 0*3858181 mSJSSStSSIuST— -mg, 

■ °y no ^^ rnAmernm.. y7t 

• .lumciMM l^^A^gttireg-t Tmymwvgr atnaagLUtem cn- uq- w»a«v Money— _ [29.4 n.« ..J — 

nsmoimlu (id) W.Wt 20? -T™ WntCto rtmm UJCT' TaLV oi<p8W» «3+;j3 — 

■ aJncomeFd 0*0 - | $ UJO toromeAugia — QlSA SB* +49 7.70 ■ P75 39* +1M - 

. rroccat Hull T*l Wgn. US. UXgf SSSSi^Sn^lS s?l IS I I - 

J SS2^“ W S^ a ' 3uF**i £ ^ MSHl <fep?rwertmlnrter Assur. Cn Lid 

S&Mrlv is ssriTis gaaa® 

?aaH 3 SV 5 rf. "tsssu m ’ “ Hife: I h ii = 

.* iMn=*._:fim w«» -i ftw PS^al^i l<^£ gUeis — a?, ^ - 



S BeeWve Life Assar. Ca Lid? pSj^ca^'i 

1-57 TL Lombard St. ECX 01-K31288 PcnJXDe^Acc— ^ 

Jg MlfflortoAntM 33208 f ~~J - 

a'** G?mda Life Aron ranee Ca Pettiun Ac?~_t 

2*5 MjRith SL. Petten Bar. He»& ?Rar 51122 Pen. Gilt Edg. C+p. f 

WMtaM !:d - 


Fixed Int Dep 1 125. 9 132 U _.J — Nel MxA Fd. Acc_HU 5l3 — ' Dcporii Fund W7. 3 1 

Et rri g,— gl 2fll|..-.{ - Nest SubdSy AagSHa'. ' Managed Fund fll5.1 3 

MamSScapT:: Kb ishl “ sn pension* Management Ltd Snn uf e * Canada fU. 

SSS^“te ill ;H Z 2.A4C*k»purSL.Wiy5BB 

G!U Edged 6259 132* — J - i - J Maple Lf.Grth I 213* 

AmoTcaaAcc 006 2 mi.. J — Pn«» Ai. fc JrtL deltas Sept ). n.plc LL Mangl - 138J 

Pro F f Dcp.Cap — Jl2t 5 135^+0^ - \ew Zealand Ini. Cri. (L’^.1 Lid? uapleLtEw I 1363 

fenJlDepAcc — [150 6 158AI -Dl2 — llairianit Hnvr.e_S««iTk^wi aai +jc M»naK PertnLPtLpa.^"-! 21X0 


— - WaieriooH st, Don SL. SL Heller. Jersey. 

Q534 27551 

Sun Alliance Linked Life Ins. Ltd senesAdntal.i | £430 I [ — 

San Alliance House. Horeham 040384141 SarieaBlPaciriel- I no ne +Dl J — 

Equity Fund 13X3 13831 -031 — Series D IAmAa*J| £2032 J J — 

FixirtmtarealFiL— 1073 113 « ~ ^ „ 

Property Fund — 1109 iikij... — First Viking Commodity Trusts 

ro!2SH t FW FU '" 47 V iS'3 _IJ ” ft Sl George's SL, Doughu, LolM. 

?tc 3 t JSf-3 08S4 4382. Ldn. Agts. Dunbar * Co_ Lti 

Managed Fund [115.1 1212] -0.5 — S3. Pail Mol). London SW175JH. tii-su 


£ Equity 
SEquisv 

£F!xetf luieresL_. 
^Managed 


First Viking Commodity Trusts , n 
8. Sl George's SL, Douglas, LolM. J. Henry Scbroai 

0824 4882. Ldn. Agts. Dunbar 1c Co_ Ltd. 120. Cbeapside, EX*Jl 
33, Pall Mali. London SW17SJH. 01-8307657 Chap S Aug. K [ 

l&vi&SEolndSi- Wd n - Tr * s ‘ e ' Uj! - 1 


1£SS?!S hS h!Er ,H t.« 0)^34200 2.3.4, fockspur St. SRI V 5BH 


Managed Fu.-d_. 71561 
Pnccs Aiiguat L Naa 


i.1 262 U . ...J - 

ant (tooling Sept X 


Maple Lf.Grth^ — I 


217^+ftrf — 

fzai Z 

ME 

n-h 




2.73 r.:, ■ • A . . Pm.njLF.Cap r 1023 1 1 — CCO-Depcsitt -_wa WZJl I _ 

+ 2 Fte.DAF.Aec — | 1043 | . If - Norwich l afon Insurance Group? 

7 .S -ffiS na y B Hearts of Oak Benefit Society POBot a Norwich xrxsnc. 0003222 

HJ SSSwuStalT DUt — - IS 17. Tavistock Place. WTlHaSM 01-3875030 fusd — ®.7 ~ 

Sjn^Bond'Exec ■ £1231 13.03-0.02 — HesstxofOak 066 3*7} — ggPJfrff g?. j — 

4 26 03.57 1436 -0 03 — HU1 Ssrouel Life Assar. Ltd? PSed^t Fjnc — i63 - 3 +6 j — 

^2 gepSS^S«~_J 11X9 118.4 — yLATwr^Ad dtocoart wBft.Croy. 01-8854365 ““1 — 

2M4 . * — V>Of. LX3i»dUa> -I • 4 — 

10*5 Z!.j — Phoenix Assurance Ca Ltd 

?SS j’l — 4-5. King •A.l.iAmSi = HC4P4HR 01-62688 

mi ie 


Btoilland Ho-jsc. S oathead SSI 2JS O70282K5 «rw«.ra....| **i.u P — H — 

SzomiFco iVd mil 1™ Z Targe* life Assurance Ca Ltd 

BaSSftjJSP’ ffllrr = ISS ^ '* 

Aomran Fd-— 0133 119 J -04 — - 

Far East Fd |U2 X2*« +X3 — 

Gift Edged d .. — QOXl vnsi — 

Cca. Deposit f- f9734 182^ — 

Norwich C.iion insurance Group? 

FOBOt 4. NorutCh XR13NC. 080322200 

Managed F H =d — ^D.7 ??X31-03i — 5if.p(«« X£p£i._l794 8631 — 


Fleming Japan Fund SA. 
37. rue Node-Dame, Luxeutbourc 
Fleming AugurtO^l MlSSOBl J 


r _ , , . Free World Fond Ltd Managed Fund - 

„ . . Butterfield Bldg, Hamilton. Bermuda. 

!A£S£3rtel NAVJuly3X 1 5US190J9 J _...J - Singer & Fri 

;H Z G.T. Management lid SSS^ 

= = ?5*o?fe XR'fiF&S ? ^ ^ *+»**•*** 

ZZ — A^hS^B^Sita^fcusi.ii iwd I 280 Stronghold M 


J. Henry Schroder Wagg & Ca lid 

120. Cbejpside. EX*J2. 01-58S40iX} 

7®7 ChapS Aue. 14 SUS12J5 -0.54 Z54. 

310 Tratalgar July31_. SCS133.01 — 

XB0 AimFl Ang 8_> HOUS aS5 263 

DarlingFud. SA1 94 2 06 _.... 5JJ0 

Japan PaAug 10 (SX'SaOS 663 0.46 

— Sentry Assurance International Ltd 
P.O. Box 328, Hamilton 5. Bermuda 
Managed Fund — JSFSUQ8 1B3J .....| — 


Singer & JFriedJander Ldn. Agents 
20. Cannon SL.EC4. 01-2486*# 

Dekafonds UUQ616 27631-0.101 61$ 

Toto.oTa.Augl_|SUS39J8 I ...$ 1ST 


“i Z 

hy..- 10X5 107.4 -01 — 

Maty 105 2 mj — 

aged. WU. I07.£ ...... — 

rat 973 lost — 


Hi? : 

r 

150 W _Zj — 
3 S9.q 1 — 

SSS ::zJ — 

107M — 

lMd _..1 — 


unM — — 
load. — 

rg f fWtal life AssuranccV p*5 SSp i^ZL^S MX? .’Zi - 

733 S^MroaouaechtertAabwioB DSOZizaui Imperial LHe Ass. Ca of Canada 

73s|&r»te«.PM._,-| 10627 I . — I — Imperial Bouse. CoUdfort. 71255 


Anchor G1U Edge „ 

.MicbartaLFUl 

Anchor In. Jay. Tst, 

Bcnry Pae Fd.. 

Berry Foe -SrriK 

G.T. Ada Fd 

G.T. Aria Sterling.. 
G.T. Band Fund. __ 


lRd 280 Stronghold Management limited 
9.91 "21. 12*2 P.O. Box 315. SL Helier. Jency 0504-71 

5J& 2ft0 Ceannwdity Trim -188.65 9332J J — 

ass ZZ o’w Snrixrvest (Jersey) Ltd (x) 

!»7j 1J9 Queens Hse. Don Ed. SL Halier. Jnr. 0534 2734S 

Hi American Ind-Tst— KU63_ . ^ftSlf . ' — - 
1741+0 0M — 

■ ati.nrm 


4-9. King A.i.inuScBCdPdHR. 01-6269876 Tnmdnternattoual life Ins. Ca LW-|§ I 


t*M»-’ftee.. 1043 llctj -Oli — Fax.' MaaorcdCop. 
nPamlAce .. 1092 115 2 ....71 — Pta.5lanS3 Ate. 
*ftFW*'Arril04X 1 U% 1- PaaG-teS&p..- 


!«M B*5 38 5} ... 

■ v ~. Current value Auguat 1ft 



Wealth A» |Hft5 124.91 J — 

EbTPhAM- L ~*L5 J .1 — 

EhYPbEqE — P66 8B5i -.._[ - 

Prop. £quir>' A Life Ass. Ca? 
llftCrawtuni street. W1HZAS- OI-4M0857 

JLSitkProu ad — I 1*8 6 - I J — 

Bo Ea^u 3d J 752 1 — 

Flex Money Bd J • 1505 | | - 

Property Crawtt Assar. Ca Ltd? Trident Life Assurance Ca Ltd? 


C ID /UBHiraaiHB.lB_no.lu_ . _.o.ou . — 

nM CopperTniH (£1X47 1173+0 f'jj — 

S'S Jap. Index T*L {132.42 32*li+0IRj — 


733 £S2!35rfXr3" ?2tS I — — Imperial Home. Gufldto 

529 ' ri— ■W WiUj 186K J — 4 — CrLFd. Aug U D70 

ewZl' . — " Pena Fd. aujl ]l_[72 0 7ft2j 

51* ft n c rli On*c Magna Gp.? Tmt Linked Porttolw 

fn 2S^S’ c SS ,wub S^ 89, “* S5a&W.z:gl 

9s£*%£i£"‘"6SI - SevuroCop-Fd.— .*66 


Til = 


to Mosey-.. 29.4 

to Managed- <06 

SKz. 3l i 

kMmsxd- 


CrLFd. Aug U pro «371 J — 

Pena. Fd. Aug. Jl_|72 0 7S2; _Z1 — 

Tmt Linked PtxtiolH* 

Managed Food MS 2».g — 

FuedlOL Fd W75 2«7j I — 

SeraroCop.Fi — Mi 10X71 1 — 

Equity Fori flBOj 1055] ZZ{ — 

Irish me Assarance Ca Ltd 


Loon House. irtrtaOi 1LU 
Property Fund - 184.9 
Property rsod'AV- 103 
ApiroUuxairund. 7592 

Adric. Furd A'. — 7123 

1 Abbey >'a: ?“ p, ir . 155.4 

Abbey NaL Fd -A). .^1552 
Investment .-urt- JL5 
IcrasCBTOlfd !A1. 702 

Equity Fund 3*66 

Equuy Fund'Ai— . 185 6 

Honey Fund. 1412 

Money Fuad • A' — 1406 

Actuarial fund- 1X5.9 

•CdLadirtl Furd—. - 134.4 


01-8800008 Renriode Houle. Gloucester 


GuL^p ftl £149.4 15ari ...... — 

Property — 1583 3592 ...... - 

Equity American _ 9X8 973 .. — 

SH^ = 

--..1 i§36 W1 "Z: — 

lnieraaUoaal 1103 116 8 +02 ~ 

FtacOl 1293 ' 1370 . .... _ 

Growth Cop. 127 * 3349 — 

Growth Acc. 13X7 1395 ...... — 

Pena Magd.Cap.-_ 11X4 1 222 — 

Pens kingd. Art.— 120 6 1277 — 

PenaGtftDep Cap.. 1B2.1 109 B — 

Pena-GtrLDertAcc.. 1875 1131 — 

Pcnr Ppty Cap 114 7 12X5 — 

Pens Pty. Acc 1199 1269 — 

Tnll.Boud 572 392 ...... — 

TrdLG.l Bond ...Wl - ,-ft2| - 

■Cosh value tor L 100 premium. 


Gartmore Invest lid »An. Agt& 
2.SL Mary Aae. London. EC3. 01283353 
Gartmore Fuad Mngt- (Fur Boat) Lid. 

1503 Hutchison Hse. 10 Hnrcoart Rd. HJlus: 
HK & Par. U. TsL....[lUDin 3nad .... I 2 Ot 

Japan Fd. |U3D3« UJ5W .. ..) O H 

N. American Tst. QUB1Z510 Uzsd lS 

Into Bond Fund fSl'SUB BUSS 3 - ■ J 571 

Gartmare lavrsuneftt Hast Lift 

P.O. Btrt 32. DougloA lolL 0024 2381 . 


Agts. TSB Unit Trust Managers (CJ.I Ltd 
012823531 Bagatelle R<L,Sl Saviour. Jersey. 0S34 734fti 

id. Jersey Fuad ISO 8 535nS +0 «| 4.48 

Id. HEooz Guernsey Fund — BOB 535td+04[ 44-3 
.... I 200 Prices on August Id. Next sub day August 2X 


Tokyo Pacific Holdings N.V. 
lull ml* Management Ca N.V, Curacao. 
NAV per share July 7 SU589L03. 



King A Sbaxsoa Lift 
52.Corthm.ECX 


*** ytm ****** Ltd.? 

.. >. niBCmflcr Fund MBlUo, rounwood Ueuse. Sdtcr SQwrt. licorL 


It} Jewry. ET2 . . ' 014083187 -bbe«**MrSI W. 

'sxssvejR is ss-^g? 

imooa * Dudley ttt. jfttgmm. Ltd S®aSotl 


t. 4riUi0tiBhL.SW.X 

uufin Dudley T*L-}Wt ; 35 
:qnit*s See*. . Ltd <n> (jp 


M t co ztai Mmi 


:qnlt*s See*. lid w ig} . - nu. Abwo. 

I HisbMHnle.£C3 01-awimi 

- 716}- 0*1 »7I k^ySw.; 
Ctiolty A L»w Co. TP.HL? mtitttoi 

OM-nhJtti Hil . Kisf Wreotnba MM 33377 BuAqn^«. 

quiWftLaw {ftl ' 71*J -aq 5*2 Trirwi at -ittj j£ 


Tel. 0742 

u^l 

433 -82 
«.4 -8 2 

329 -01 
S3.1 -OJ 
59 


ffef 
™= ssasej 

IS 


Band Kd. Faiempl - H02J2 miM-aAi — 
Next dealing dsa Augun i& 
Langhara Life Assurance Ca Ltd 


0ift288ES3 Gib-Xdgedrft AL 

jazd ™ ttssessss^i 
sqdz 

2S»$ -J] — VADWratlw rC*p . 

Vies Fd Cis - . — . 
Parian Fd. L tA — 
01 -823 5433 Couv. Pce« Fd —— 


=U = 


+01 — 
+oil — 


Car. Pni. Cap Lt 
Mao. Peat rd- .-r- 
Mas. Peru Cap Lt 

P»p Pea? la ... 


: Hrt = 

1 In ue* invCWneoL 
2010 | ... J — 


— Gartmore 1 na Inc [23J MH ... .[10-20 

— ■ Gamnora i D u. Giih|6ft3 73Ad( .... J 3.W Tokyo Pacific Hldgs. (Seaboard) N.V. 


Hambro Pacific Fond Mgmt. Ltd 
21 10. Connaaght CenUe. Hong Kone 
Far East Augun 10iliBQU5 15331 .1 - 

Japan Fund pl'SUt 939 ) .| - 

Hambros Bank (Guerssej) Ltd/ 
Hxmbros Fd Mgrs. f Cfj Lid 
P.O. Bo* 8ft Guernsey' 0481-38 

s, , »&~ S it s k j jas-a 1 


lnlimu Management Co. N.V., Curacaa 
NAV per share July 7 SL'SSOSO. 


Intnl Bond SI’S 10853 ijna SLnr IS 

lot Equity SUS1Z J6 1X73 -0J7 150 jftSS3Sifflu5?rn 

IdL Svgs. 'A' XUS L 06 1+3-0 02 850 AS5?“SlA2 10 

InL Svgo. 'B' SI'S L24 XM-CW X50 -- 

Prices an August ik Next deiS Augi» =3- 


— Tyndall Group 

P.a In LESS Hamilton 5. Bermuda. 2-2760 . - 
Overseas Aug. 9 — iriSUj L»Sij| .....] 6.00- - 

A t Accum. t’nitsi Bl'Sl « 2^ .J 600 

n.a.-«eroi a-WaylnLJuly 20... JstSXto ZKt . .J - ' 

.171570 2NcwSt,SLHeUer. Jericy D534 3TCH/3 

111 BSO TOFSLAaglO .... IEB15 8S0nri ...I 6CO 


— — Tyndall Assnrftnce/Pension-sV 


Henderson Raxing Fund Mgrs. Ltd 
005. Gammon House. Hang Kong 


w»p «spi stun Fdpft7 — i - provincial Life droaraoce Ca lid 

Legal A General (Unit Axsnr.) lid fie. Rf-har***- £C4 • 01-2478533 

Kings ton* House, ftiagnroad. Tad worth. Pror. Kaanacd ^5^5 OI? ...I — 

ssshe^Lb? adJ = 

Do. Accum. .[9*0 1«3 +01 ~ Propcn+FaRd — j5«_ 18x5.. — 


sh - IntilultliLZ— Z_ 

■ Mwaor? ~"BS? uio) ; . J 3« ^tRiwl aJi Wo Group SiiSfcH'i] — 

TWI-oq J« -Ttprtl it July 3 X°Nbk draliug August 3L ^.SdteS.Xl ; ndenroR.EC3. DJ-28J7300 

ensfcei . m - 1 =J = gasss^; 


CIXVE INVESIMETVTS UMXTE0 
1 Royal Exehang* Avo, London ECSV 3LU. T*?).- 01-2S3 1101. 
Index GaHe « « AvgnnU^lVlgfSftMlHW 14.1.77) 

CilveFiXWJlWeMttCapttRl— 1SS.0? 

Clive Fixed Interest Income, — ..«.«« ‘ 114.65 

CORAL INDEX: dose 511*516 

INSURANCE BASE BATES 

tlToperty Grtp«h„ +— r — lQ , + o; 

-fVmbrogh nuvuRfd — 8.87% 

fAxMtuifs ttmui under liwomflce »jtd prupeh}' Ranrt Tahir. 


tinoMmtlon Life Insurance Co, 

^ C lW a w ii y Laac. WC3A IHE 0J.242O2SI 

♦SftshyFuod IU5J 173 6I..-J — 

•Se^^FoBd-. 1777 186.x . ... —■ 

E 

"wB5SS««z ai.* I - 

Chnhlfi iBgnrancc Ca Ltd. 
SftCMUXRCJ. (H-C8MI0 

- J :r.| z 

HnUWXiulyai-Wi*' ] - 


n^l 

1416 -0 ? 

rxM-eh 

mn-tul 

1163 +06i 

UT*i+«k 


DO. Arena. *1023 30761+03 

Legal ft Genera] rfniJ PoutefiXift 
Exempt Cashlr it -toj 3022] ] 



1276 


1766 


1609 


1056 


1284 


148.0 


8*7 

...... 

1742 



2718 

180 S 


87* 



0J-4W4R 

1 !: 


D&Acrum. ...Mil IMz . — 

E wrapt Eqty. JCJl_jX3 3 Ul* . ...J — 

DuArnuo,. U275 IMS j — 

Kxrovi Fixed ltitSU-3 219J? — 

Do. Acrnrn. (US* 33XM . ... . — 

Exempt Husd. laftpSS - 139» ... ! — 

!».. .Uvum n25« 13X5 . _J — 

E>eapr Prop isit. ]97o aaj • — 

Do- Accmn. . ,[94 9 28U] j — 

Legal A General Prop. Fd Mgrs. Ltd 


Propcnv FsBd — 9M ULri . ( — 

Equity Fund--. — flow li57j-cja — Vanbrugh Life Assurance 

Faft an. . 3M -I - 9l-«X»dfttt&L.LdB.WlR9LA. 01-«*4fl 

Pruaeoaai routm? Lintued? Managed FcL [15X6 iM7t-aii - 

HolboniBars.ECUfaNH, . 0I-4OS9222 Equity Fit Mil 263.1 -0 8 — 

EmitFd .Vrf }S~1U?JM 28 02) *211/ _ Intal. Fund ..... ...[1096 1154 -4)4 — 

FldJrtAutie-Sj; w3UjS - FtaedtatoTOFdw.bHO 177.5 - 

Ftiip FftAcg :0—iUft34 27x2^)13 — Property Fft„ — U«3J 350.4 — 

Sefiaaro Matnal SSFu»d Em 12ft? - 

A -! i r t 1489 I M0 ? 52Sr:1 Vanbrogh Penrioos Limited 

SStaSiW ASitt UniJit 1 " «£^“ % - L ftJ5 Ri yui 

StSurtn:uLanftLoBdoa,ECl. 014304358 E^^ZIZ:” :po* uft3 1*3 . 

SC prog.— — - r-g£7* 1254 .....4 - FtotelntartS* »• —J - 

Scat sub. 8oy SeptaSw 2ft Property tf? 9 . .....f - 

Royal I b aur^ce Groop 

SewUa-VPhrte UwnwoL; 8SIS74422 c “» rantn,d Wlui Bose P-de*' table. 
^ft' ^ f5«pa■ C ta*Ipp R,i ' rZ ' 7, _ Welfare Insurance Co. Ltd? 

. c. -J+I„ i Late. ^ WinalodePark. Exeter tnoe-521 


(EH 32243 J SSSJi? HenS Bood^ft 1 Ang^U 51^10381. 
| — -Exclusive m any n rollA. C hun!c& 

II ill -Samnel & Ca (Guernsey) Ltd 
8 LeFetnre St M Peter Pact Guernsey. C.I. 
Guernsey TsL 1]63* 175^ -n £J 3X7 

Hill Samuel Overseas Fund SA. 

31, Rue Notre- Dame, Luxembourg 

Busrd ajjj-o 02[ — 


Gin Funil Aug 10 
lAccum. Sha/ew 
Victory llm*. Douglas. It 
Managed July ^Z1m2' 


wy 0534 37331/3 

5 880tS .. . 6. CO 

05 WOO . , 600 

995 ... 2 30 

995 .. . . 200 

2220 .... 7.09 

MO ... 7.09 

UU . 10 73 

1443] . '10.73 

lEjrorMau.OCH 74 ME 
* 1373] I - 


V td Intnl .HngmnL (C.I.J Ltd 
14. Mutroster Street. St Heller. Jersey 
Li. LB Fund inatUB 2HMj ) 813 

United States TsL Inti. Adv. Ca 

14. Hoc Aldnngto. Lfftembourg. 
U^.Tft.lov.FntL_l SI13S i ...mJ CiS 
Net asset August 14. 


Vanhrngb Life Assurance 
4 1-43 Maddox SL. Ids. W2RSLA. 


Property Fd.. 
Coin Fund — 


41-43 «aaa«tSL,Ldn.WlR#LA 01-4S948S 

Managed [MM 106J| -0J[ _ 

Eqatty 0104 IUl^ -o3 — 

F^wtl Interest gt mS -2] — 

Pr o p erty f97». 10311.^4— . 

Guaranteed w 'Ins. Base Rates' table. 

Welfare Insurance Co. Ltd? 


International Pacific Inv. Mngt Ltd. S. G. Warburg & Ca Lid 

P0 BOX R2?7. M, Ktt St. Sydney, Aust 3ft Gresham Street Ed 0:^Dfi4X 

iavcUnfiqiUtyTsL.iJAXn X28i i - Coas.Bd. An*.14_l St-S9B4 1+0311 - 

T „„ — Eng InL Aug 14 „ SUSlftTS -D.Bl - 

J.E.T. MRaagero (Jersey) Ltd GrSLsnyiiiyM ..] SUS7J3 J — - 

P0 Box Ml Royal Tfl. S7«l 3teeEbdFdAuCX.jsrSUa Bm] _..|UB 

Jersey EJttrnLTrt .11860 197 M 1 _ 

As at July 31. Nract au b. Huy August 3L Warburg Invest. HngL Jrsy. Ltd 

W :„. T>i nnl1 . , - _ l.Channg Cross. St Helicr Js>'. Cl 0534 7S74 

Jaroine Fleming A Ca Ltd CMFLtdJuJj27 

isis , £. c fri ! "^r c SPiSs* 

aasgv“:d = s sf- 


lanliaeS.E A I USSl*^ 

JardlneFleuvlnt. HJUUon 
InUFac Sees Hue.). [ H5tL3« ■ 

Do. i Acrum. I. | HKifiS I 

NAV July 31. -EqulraleS I' 
K&t fiqb. Auguat 15.' 


1, Cbanng Cross, St Helicr Jsy. Cl 0534 73741 

CMF Lid. JuJy27 [K'sSM 32|„._ - 

CMTLld Joly27 lOJM 13ifl — 

Metals T«.Jclr30.j£ll 89 1210 ..... _ 

TMTAutestil wian uw ... _ 

TMTLuLAnftll...piX40 1XW — 


a«%*i oc tonroxxi rrop. xu. sign. 1M H , Iro , Lmfe, ZCSP3KP oi SM W«ri»ecParlL Exeter anew, 

77. Ouera V irion. 6t. EC4S 47P tt JIM B a g J. Fd pi) tol , to0jUtorW | HOI J ■_■ ■■■} - 

XfiGPrjLFd-Vw: 4.967 lflXfl ’ — fi- (U82 2r3 i-2J Z For other f a^rrc^ |r to The Londoa 


World Wide Growth Managements 

jua. Boulevard Ren al, tuvembeurg 
Worldwide Gth Fd] J1S16 72 | | — 


til -C8 5*10 Next satt day. X b'dLrcL. 

?3^JSfu-i§£ “ I — ' f “ ^ A»- Co. of Pcnssjinaria ZgggZrd'Z »| 

Hatftoi^rs :J txo sd Z Ne*BoadSi. ^7CR0 ■ tMSOXBS SgglvgLpA — mi 

L- . ■ • XACOPVtot, 198 1940| ■- pS>Pe=s/«f— be 5 

Credt ft ComewTCc InBoraace Uojds Bk. Unit TsL Hogra. Lid £g £fEL* 1 l wT~IS ? 

*- Rfswu « , Looftm WIR BFK UtolPTOBi TI.XnnbtoriSl.EC3 U-8S33BB ^^ '•Pnttu qb A 

tC*CJta*ftW^_;A219 132fl| 1 - EMBft ■ 1MX2 / XU t»«Bfrii 


WJ +2J - 

J51 ~° 2 — 
+o: - 

2231 _ 

aox -os - 

tS. 3 ■*« — 

J001 _ 

au !z — 

«u 


Maaebestar Group. 

Windsor Life Assar. Ca Lid 
Rqjal Albert Hoc. Sheet St. Windsor 


notes 


Erie In* Plans. __ 
FuturoAsod Gtttaj 
FtrttreAssftGlbjbi 
Rrt. MaLPnu... 
FlgL. IflwJiravtb 


>2 72.1 

2100 
4400 

_ J25-90 . 


II Yle 1 S£ lt %*iLm ? n ^ in? ' etce ^ - J ^ere.lua,caltui f . aod are i a prncr unites olhcr+sie 
include oilaxpeuuo. h*t^ 







CHRISTIE&CO 

32 Baker Street London W1 
Telephone 01-486 4231 

Nine regional offices 
Specialists in the sale of privately 
owned businesses and companies 
Valuers - Licensed Dealers 


FT SHARE INFORMATION SERVICE 


Financial Times Wednesday ..August 19 . 

FOOD, GSOCERIHS-Cwit 

nuffLwl - fiat* I PH«e | + -^f St lc«|S5t 


clairfi J F^9p 


BONDS & RAILS— Cont 


1ST* 

High Low 


BRITISH FUNDS 


1578 

High Low 


14- *j TlfH 
| — i Inc. | Bed. 


FriM !+ wlffi* ?([ Red. 

£ I - I Gn» ] YicM 

5.06 
12.7D 
•/*i| 12.42 
VA 12.63 


BANKS & HP— Continued CHEMICALS, PLASTICS— Cont. 


193 

High LOW 


5 USS- -T-l *•* 


Net ICtr CrtlB 


“Shorts” (Lives up to Five Years! 


97 
977f 
104 V, 

W 2 
103' 

102 ' 

95=5 
06". 
llD’c 

10 tv, 

91*5 
101m 

loft 

S7',{ 

07AI951 
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9.08 ' 967 
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11 % 
20*4 
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16% 
43% 

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52*4 34 
21% 735p 
998 p 705p 


FireSoneTirelJ 


33iz IB** 
271, 18% 
161 1 131 
975p 
22 




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Masson Fa2flp. 
iSercur. Sets 


,14.9?! 4 31 62 


709 -3 tfc3.51 



1 


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90 JT424 

38 223 

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131 -1 *»7G 
141 +1 rkia 

6*i z 613 

66 -1 2.40 


3 1 


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16*4 

ft 

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15 l ']955p 


16*4 11*4 
33*4 24% 
14*4 11% 
15% 945p 
830p 585 P 

10% 610p 
28% 21% 
74p 50p 
25 15 


<3 26 

3:5 “ 

4.6',“ 
3.3'WJ 
3.0? 3f 
12.0i213 
26! « 
3 3 104 

ism 

20,73 

2.4-lOf 

2B!245 
2.91 94 
4.7: W 



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.07 


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LOS 



FOREIGN BONDS & RAILS 





G 


FINANCIAL TIMES 

BRACKEN HOUSE, 10. CANNON STREET, LONDON EC4P.4BY 
Teles: Editorial 886341/2, 883897. Advertisements: 885033. Telegrams: Finaptimn, London PS4. “f 

Telephone; 01-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester.' Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 



EDITORLAL OFFICES 

Amsterdam: P.O. Box 1296, Awsterdam-C. 

Telex 12171 Tel: 240 555 
Birmingham- George House. George Road. 

Telex 33H650 TcL 021-4S4 0922 
Bonn- rn.'sbaun ll/lO* HeOssallee 2-10. 

Telex 88695*2 Tel: 210039 
Brussel?: 38 Rue Ducalc. 

Telex 23283 Tel: 512-9037 
Cairn; PCi. Box 2040. 

Tel: 938510 

1 Dublin: 8 Fibuilllam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Telex: 72484 Tel: 031 228 4120 

Frankfurt: 1m Sach&cniager 13. 

Telex: 41S263 Tel: 555730 
Johannesburg: PO. Box 2128 
Tele* &62S7 Tel: 838-7545 
Uxbon: Praca da Alegria 58- ID, Lisboa 2. 

Telex 12533 Tel: 362 508 
Madrid: E xpron ccda 32. Madrid 3. 

TeL 441 6772 


ADVERTISEMENT OFFICES 

Birmingham: George House. George Rood. 

Telex 338650 Tel: 021-454 0922 
Edinburgh: 37 George Street 
Telex 72484 Tel: 031-226 4130 
Frankfurt: !m Sachsen lager 13, 

Telex 16263 Tel 554667 
Leeds: Permanent House, The HeadroW. 
TcL 0532 454960 


Manchester Queen’s House, Queen Street. 

Telex 686813 Tel: 061-B34 0381 
Morrow: Sadoro-Samotechaaya 12414, Apt 15. 

Telex 7900 Tel: 204 3748 
New York: 75 Rockefeller Plain, pr.Y. 100101 
Telex 66390 Tel: (2121 541 462S 
Pans; 36 Rue du Sculler, 7500a. 

Telex 220044 Tel: 236 57.43 

Rio de Janeiro; Avenlda Prei. Varga 418-10. 

Tel: 253 4848 

Rome: Via della Mercede 55. 

Telex 61032 TeL 678 3314 
Stockholm: c/o srenska Daehladet, Raalambsvagen 7 
Telex 17803 TeL 50 60 88 
Tehran: P.O. Box 11-1870 
Telex 212634 Tel: 682088 
Tokyo; 8th Floor, Nihon Keizal Shim ban 
Building. 1-0-5 Otemachi. Chiyodx-ku. 

Telex J 27104 TeL- 241 2920 
Washington: 2nd Floor. 1325 EL Street, 

N W.. Washington D.C. 20004 
Telex 440225 TeL 1202) 347 8638 


Manchester: Queen's House, Queen S tr e et. 

Telex 668813 TeL 061-834 0381 
New York: 75 Rockefeller Plaza. N.Y. 10019 
Telex 238400 TeL (212) 480 8300 
Paris: 36 Rue du Sentler. 75002. 

Telex 220044 TeL 23080.01 
Tokyo: Kasabartt Building. 1-6-10 Dcbikanda. 
Chlyoda-ku. Telex J 27104 TeL 295 4050 


3.50 
2.11 
2.11 
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d9.12 
6.23 
7.15 

hl.OBIli: 
±L51 1 
9.61 6 


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n - w 13 

(7.81 20 22 

45 206 105 


424 
259 
6.03 
12.61 
4.17 
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145 +1 

67 

4681 

MS -X 

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Overseas advertisement representatives in 
Central and South America. Africa, the Middle East, Asia and the Far East 
For further details, please contact: 

Overseas Advertisement Department, 

Financial Times, Bracken House, 10. Cannon Street, London EC4P 4BY 


SUBSCRIPTIONS 

Conies obtainable from uewaBMbi and bookstalls worldwide or on regular subscription torn 
topics wukiuhi subscription Department, Financial Times. Lond on 


172 
995 
772 
20.34 
d3.87 
1114 
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IKDtSTBIALS-^oiitinaed INSURANCE 


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Magnolia Group. 105 I....: 
Sfnjnnt. AfALlQp 92 +! 

Man. Ship Can. £l_ 250 f+4 
Marline Ini lOp. 

HaisbaO lAy.'A — 

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Martm-Black— 
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711 

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MS 73 

5 25 

L91 

2.99 

2.39 


+U 


IcwlSilns 

2.11 84) 84 
1H S2 143 
331 5.1 83 

3.11 9.7 (471 
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13.0 

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10.2 6 
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81 10.8 
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5.4J L9 63 
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Price 

+ V 

118 

-3 

40 


178 

-2 

£141;, 

-£ 

158 


155 


22 


£1161* 


188 

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236 

-? 

240 

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575 

-3 

287 

-8 

212 

-6 

162 

-5 

175 

-4 

123 


. 142 

-2 

183 

-3 

187 


211 

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61 

+1 

258 

-2 

270 

-4 

132 


132 


166 

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143 

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398 

-7 

463 

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107 n| 

-3 

580 

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112 

-1 

988 

-12 

170 


£50 


280 

-7 


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PROFER 1 T— Continued 

M a 


612 - 


679 — 


*581- 
h?6 
9.33 
3.a 
5.67 
12.78 
10.51 
8.29 
8.29 
6.75 
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lb.70 
9.74 
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20.46 
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Cm. 32-1 £187 
£157 


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motors, ajkcbaft trades 

Motors and Cycles 


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1NV. TRUSTS— Continued FINANCE, LAND-Contimied 


SHOES AND LEATHER 


! AflehcnelOpf— 
Booth (Is!s't)~- 
foctwearlnrs.— 
GencrScotblajJ 


UstertahapJ 

SewboUiBanVH 

Oliver !G)'A' 

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SleadiSlntW- 

StrongiRsber. 

StjloStois 

Tttraa-K&ElBpJ 
Ward White— T, 
WeamlOp 


SOUTH AFRICANS 


fit) 


125 


1Q29c 

1.7( 

470 


625 


Q63c 

Q20r 

24 

83 


145 


6 

28 

62 

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GoldFlds.P7.yc 

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85 

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87 


97 


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288 


470 

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35 


72 


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130 


190 



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89*2 

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6 

445 

55 

TAferCatsRl.— 
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600 

72 

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0^ 

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TEXTILES 


51 
97 95 
6610.7 
4.6 4.7 
63 12.7 
80 68 
60 67 

ia ai 

4 5161 
23 345 
571 6 
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156 37| 62119. 

1 7 I 3 -ii Ji«r c 


12 


PAPES, MINTING 
ADVERTISING 

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RrtPnrninfc-4-S j-ef 

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porcl Pulp.- 
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323 

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PROPERTY 


Allied Textile ._ 

AlbnsBres. 

BeaJesJ.iCOp 
BectonanA iOp. 
BladcwoadMnrL 
BondSLFaalOp 
BngMdohai 
BncrayGroS 
Bm-Eatalon 

Brtl- ilnhair_ 

Eclner L‘m623p_ 
rairdfDnaJwi_ 
i Carpets Int.Wp_ 

: Car' On \TjeJta. 

Cawfewlnd 

Coat* Mens — 


29b [Corah 


Coatmlds 

. Do 71aDe6C2>7 
£w*tterlJ 

tDaiwclnt!- 

Du. ‘A’ 


DixanIDend 

8SHi5* 

roster Joan i — 

HafflasJ.llto_ 
Uic&agPTlaOp. 
i [Hield Bros, fp — 

sGi?5p 

Kntifray 

(U'gTOtii K. 20p 
Do-waop — 

Ingram ; El * IDp— 

toomevKdgsj- 

Leeds Dw 

Leigh Mills 

Le«x5p-_ 

Lear 

Lylesi6»a2p — 
SactoyHnfl — 
Mackunon Semi 
«artio(Ai30p- 
jedte-T-llOp— 

Montfon 

Notts. Uanfe 

Vov s Jersey 3Bp~ 

ParUand’A" 

PkUesift’dACo 
Dc.WNV10p_ 

WLT.r 

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S£E.T2Bp 

Scott Robeuoa_ 
Sekcnlm. JCp._ 
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ShMob 5picaeis- 
SidlawIsfisiOp, 

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27ij SnVuMsauaoJ 
I'D, Do.!7iv.L!200_ 
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TCit.*xlJrs».lBp. 
Tudatisocs™ 
44ij Tooui 

3Ji; nnrm. 

27 TraHord Carpets 
rrwilleiop — 
Vua-TeiSPn.... 
S’nrh F.ne* 3p 
\aisisl 


164 

51 
78 
77 
25 
34 
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9>« 

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68 

16 

59 
39 

30 
74 

120 

,£7 £H 

39 

141 

139 

90 

23 

41 

106 

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50 

68rf 

45 

32 

31 
27 

52 
66 
18 

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64 

43 

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104 

43 

63 
128 

43 

77 

25 

11 

92 

52 
50 
2 
86 

64 

49 
38 

50 
31 
95 
74 
30 

51 
48 
43 

36 
30 
62 
32sJ 
58 
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60 
27 
74 

53 

37 


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276 

3.16 

167 

1233 


83 i£2, 

34 ^ ^0 

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-3 


3.78 

378 

3.73 

201 

254 

h068 

724 

0.76 

3.06 

461 

d337 

150 
L50 

151 
6252 
h!53 
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03 

457 

d3J5 

167 

376 

1-47 

354 

1329 


070 

070 

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1105 

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273 
153 
255 
166 
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203 


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25 60 

9 T, 63 


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•4Mqi>a. viftC. 
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H.-imUhTma'A’.. 
ha-iir 'cm Ta}3ft 

HaJemen’W- 

isu8d.tiie 


250 
1134 
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167 
302 
3.31 
2.76 

?r 

rltt 
3.55 
. - - ,155 
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i+3 


35! 6y 7.2 ‘ 

2 >010.* 57 . 2®** 

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flu? 






42,105; 


OM 


tt 

5.D 

53 

5.6' 


39 

25w 

73 

<6 

47 

83 

571; 

68 

44 

97 


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(Snt ind & ijetu, 
lBru.ln-.-ert 

iBroadaone -^ip 

wunwrlni 

jnijicnit ?Ud_ 
(Ci_R V In-. 

|Cj cvl-'malnif. 

‘ ilcdonihB 

Ly-fr. 

C^JW'ruD i-ntien 
(ComHIid lir..e. 

fan L Vfiff!: 
k'jpiLil !c \jl _ 

[*».« -R- 

i*un1mj!ii r q 

Carl iul |,i 5. J 

Cedar Idv 

Ojjn1is.iac.fi 

Pp- r -ap,_ 
Ouner Trust. „ 

C i !y 6 Com Inc. 

D> Cap. |£l| 

CtlJ &FW.lnTZ 
85. UtJ'tlntern't'L. 
62 UiyofOxIuri_ 
76h Oavtriioijjosop. 
CiulonImwlOp_ 

Cl>desdjieXnv 

Do.-b" 

Col vausl See Dfi. 
Continent'] 6 lad 
CsaLncul l-mon 
Cntirn Japan aOp_ 
Crostlnm 

CumnlaiiBr 

Duue0nc.'r50p: 
DtMCapilOp.il 
DcpemureCocn. 

DerbyTst. Inc.EJ 
i Do-Cap aC?) — 

(Domini on 6 Gen. 
torayion Corn'd. 
Do. Cons. ~ .. 
Do. Far Eastern 
Da Premier _i 
DiuNei Inc.SOp 
ft* Capilal£l_ 
ilHinbei- klxn. 
Eo'nliurchAiB.Tit 
Elm la-..W.£l_ 
JEkf Ira Inv.TsL 

pot. 6 Gen 

[Efle.i ImeraatL, 
lone 4N Y.Tnat—l 
fEn;.4Swt.Inc_ 


tstite Dudes 

F. A i' Eunlnist 
Fiirnlv lnr.Tst_ 

First Scot. .Am._ 

Form® & Col 

RL'CITiWlSi 
F uMhnvesalnc. 

Do. Cap 

IG.T. Japan 

(Gcn.&C«rnm-cl 
(CemCofisoldti. 
(General Fluids— 
ft). Conv ]0p_ 
.Gen.lmeaors.— 

Gen.Srtitish 

feu-Sfhldn.13^, 
fGh^wSfWdrilJ 
jCIendetonlnv— . 

. ft). “B". 

(Glenmurray Inr.. 

Iw ’ICfTO. 

Globe Inv. 

fj<neu Europe 

Grange Trust 

Cl N‘orJi‘nlitr_ 
Greeninarlm__ 
Crwhamlnr— 
Group lnvestws. 
Gi^rcunlDr.TsLj 

ilambros 

h'lll’PSaljpi 

Hume ffids. -A' 

Do. “IT 

llroxrmdiSi 

Do. i£i 

IndnstnalAGeo. 

brtenatl Inr 
lov inSuecess— 

ImestaB'Cap 

Jardioe Japan 

J inline Set HKB.I 
Jerse; Ert. Pf. Ip 

Jersey Gen. £l 

Jos Boldines 

tweinr.JbtiOp 

DoCNp.2p 

Ke'Tt.wlnr 50p. 
Lake View Inv.— 
Lane & Lon. Inv. 
LkaDebeoture- 
LtmrtSUtReilp, 
Lwialnv tnc3Dp 

[T-o Cap. 5p 

LeVallonetlinr.. 

Isn. Atlantic 

lon.6 Gan. 50p_, 
|Uic iBotjTocd.( 
Lun.fcI«nmL— 
Lm.iLiv.IQp_ 
UaiLoa«id_ 
LfflLfcMomroie 
Lna-LPm-.... 

' Loo. Prudential 

34 Limiorlrte 

85>* k-.Td.Did 
48 Loci anti Ini. 

I37B lUrG IauILtl Up! 
90 DaCao ltlp.-. 1 
79 DotadLoGIne.lOp 

16% DaCao4p 

70 Ifcm* to 
Sdthumlav __ 
SercanliJel.ir— 
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Moata Inrest- 


Pri« 


M 


40 

33 
62 

41 
50 
25 
78 

34 
1600 


-DaWrrti 

S^SASCSlI 




1103 4.3} 3 7 

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11 13.71 67 

25 5L2 59 , 1 ir i i 
{200 iS 7.9 ™ 

23 0«,50- “ 

26 S3 73 
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* 10-lJ 6 if 

0. 9 105] 156 -t 

t ?is 

1. si t 2 i 

H || |j “k,£«)tote.,Krra6 
01 m -65: |tb7 Tprs=liasFl5i 
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£52 


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85 

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| 9 201 ,., T 
53 }J} i -A 

nc --- i‘:. 



ll IgcA 

u 7 J*o H>. 


70' Da.Cop.2i — . 
11 Da NewWntS- 
31% KY.iGartmare, 
61 U3In-.est — . 
ffth-AflantacSec 
KHmAaenean- 
SotlheniSecs^ 
(SI & /\s«oc Inv. 

Jahnchlnv 

Peotlaadlnv. 

^.5= Ifir.a^ 


135* Provincial Cities 

Haebuni 

aeabrooklnv.— . 
ffightsilss-Cap 
RlrefiMert.. 
River Plate Del. 


Do Cap — 1“ 

(StAKhewTst- 

g AatscSOp , 
.Ote’Aj 
Eastlm — 

SBC: 

MomiTst 


15,123 92 , _ 

M ! }2? [ 



_ ScotNflrtheniJ 

7*; =H* SeotOmano 

9*Ii 08 Seal. Ltd 1 st i tu 

zfrf tasst 1 ^ 

213 |2sl ieeABtaueTft— 

19ft; 1 b’ tat&es 

ag 1-1^.- 



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iM.37 


2 41 4 


■5 I 3 6 d«7!. 


U-z 


3 55 
069 
lbS 
IM387 
trl-5 Ob' 
I2"! 
3.27 
627 
691 


1.21 


+1 4 ~ 


TOBACCOS 


(3S9 

^iS*! 

3 9(293 ; 66 
Art 6 « 

381 94| 


[267 B Claus [ 3Z7c{ ,...;ij32i;3X 6” 58 


, Do Ifld . 

[pun lull i A i !bji. 
i Jlmptn.il . 
j JRmhnunc C«p, 
55 {ilcEStenlalft^ 


[-2 


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9 

331 6 


-2 (228 « 


121 LE 39.4 


4.70 

t!92 

1-99 

fl£4 

2ti3 

0*6 

13801 

305 

051' 

314 

233 


TRUSTS, FINANCE, LAND 
Investment Trusts 


2.8 


1-1 



Aberdeen !»*._ 
[Aremi-ODlTtiy. 

Arlialsv 

.Mjtaa«-In-. 

AtiiaiKcTrjgL— 
.illiiunl !ae 5Cp. 
bofayiWSipJ 
.Mcsnarlrs lx..' 

ftv Cap 

,\aen cun Trust. 
AncnnaTa -2" 
.\nsloAmSec*- 
.inoo-lrfl. IV .. 
Do .\a<rSbi._ 
AikLusi-oi. b.. 
Are hisedu lnc_ 
DkCap Sip _ 

Awds*r.lar — 


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Hi 

- is - !.§ U| tep-- 

!'?T ™»o«a=ic- 
. 2 - ilr J3 5 ^ eImK: - 

:n hS* 

rawtwtm 
Lid. Capitals 

292 

ESSSSS? 

:s >27S w^a" 

8 Wutetceom. 
T*-"Br __ 

1 -M. U^ 1 * W - 

21-4 5 i.QrtgreeaiOp.. 

£2-2 1 **9 ItaoiVdnrXL 




w. 


-1 


3.45 

*92 

15.23 

1360 

rf.53 

il93 

856 

1L86 

355 

2.03 

365 

4.06 


+218 

Las 


1 L 70 


496 
4.7]W.O 


1-1 th24« LU 5.0 27.2 
t!3.63 09{ 8.8 198 

~~ 5.6 a? 
-4.7 27.0 


1-1 


1-1 


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5 




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3.12 
6.85 
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IL57 
|386 
13.0 
249 
6.87 
.5 .69 , 
{blD.05] 
KL85 
0.86 
3.91 
2.89 
13.83 


tL03 

5.91 

•361 


1.73 


1-1 


9.49 
L78 
1266 
294 
tL67 
0.86 
tQ47c 

Q13.0 

tti208 

355 

6.09 

244 

183 

1457 

274 

1281 


i (7?r| S!| P/E 

46(29.9 
4.a36.9 


258 
1.0)305, 
4529.1; 


35.5- 


3.1505 


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5.2 283 
5 9 25.7 

7.9 * 

H 

45 3L7 

4.9 273 

26 53.7 

27 513 
08 1632 

3.7 255 

58180 

5.9 24.8 
113123 

62 222 
35 413 

63 229 

6.0 23.7 

108 136 

64 22.? 

86 Hi 
42 35.9 

4.1 37i 
3335J 
44 33.0 375 
38 339 

4.137.4 
5.0 30.0 

4.4 34 9 

5.4 27.1 

5.7 24.1 
98185 


19M , 

ffith 1 


87 


SttA 
Hath Par.. 9, SL— 

In. Itn. TsLfsj-. £] 

ImestaeMCo.^ 

italntika 

i t+Kellock IDp 

Pl».>^nr.Lc.lQp-l 
KitriilLTaTlor 

Ktrahu ift ..Z. 

i LaoomHIath 
1m. Euro i Itp. .. 
Lufl. MwhanL 
MiGHIdarSp. 
IDjedie Im> 1(». J 
Martin iK P.iSp. 
Mass Mn. & R ire 

iloolo>-»i£n 

NJLClmi ISro | 
MppmFd.Su. U^i 
FiranbelOp — 

; Part Plocelnv— 
PejrpunSiiSoaJ 
< Pretsm lYiSOj 
scGeoreeiop—' 
Scot A Merc. ‘A’. 
S£ £4>4peAmi_ 

Smith Bros. - 

SlhaPrw.HXaCfc 
i Sue* Fin. NFLXi. 
TtmMkLTsUQ. 
Wsto. Select 2Cto. 
ffe#t of England. 
Vnle Catto IDp_ 


Price - 


+ *rf Div 
Net 


62!* 

230 

18 

120 

38 

if 

W ! 

28 

116 

132 

66 

48 

£ 111 * 

66 

17 

390 

* 

245 

£77 

13 

lOSid 

£51 

69 

121 * 

£53*2 

£12 

26 

58 

78 


+1 


-1 


-1 


54.0 
W.95 
■Jjiair 
hO 5 
h0.5 
1.02 
1.67 
0.3 
0.51 
13 27 
3.51 
069 
15.98 
QSUb 

1.45' 


1102 
691 
09 4”i 
049 

3 07 

m 5 

<722*3 


zim 


rid) 

Cvr GCs [m 


23 1.7 


24 1(J385 


11 


OILS 


n09»*tt97 


ttAranEneisr£l_l 

AtteckOOp 

BnL Bonin lOp. 
BnLFetxurm.il 
Da8F’*Fr£l_ 
Burma fi £J 
LkiSj Lil 9196, 
rWPSdi Sea£l_| 

t'entmy top 

Charterha/J5p_ 
i CifcFr.HrtrotesB J 

ttClufllbin 

rniyde Petrol £1 
Eftd£aiDurJDc_ 
RCA— 


LASMO, 

iLtSJW 1^,1981® 

USW>-0pi“3vV J 
Maene: Metals HkJ 
OilEspLlOp — , 
Brenner Cons. 5pJ 
Ranger OjL..— . 
Remolds Dir. lc. 
Ryl Dutch F12Q. 

Sceptre Res 

Shell Trans. Reg. 

Da7*Pf.£! 

nSiebauil'JUtl. 
Teuco 4/a°fcCnv. 
Trtcentrol 
Ultrana 


Do 7pcO»-.D _ 
VeewNaL I Deis. 
Do PId.Ced.10cJ 
ffoodade A50a_ 


115 

94 

166 

864 

66 

75 

£5S* 4 

* 

591* 

26*1 

£26 

400 

124 

25*2 

29 

144 

£100 

3 g 

198 

EWl 

5» 
572 
61 
375 
£57 
172 
250 
149 
180 
WO 
81 , 


+•« 

-25 

-2 

3 


-15 

-3 

-19 

$ 

~b 

-1 

+10 

+10 

+2 


213 

tl.40 

L41 


684 

2243 

-1 

267 

OllJIr. 

L02 

Ol 


2L24 


Q53J5% 

15.94 
4 99-i 


7%[ 

Q15V 


15 

42 

5109 


86 

153 


7 9| 
7.7 
2 01 
21 
3 b| 
311 
27 
27' 

i- 


63 

127 


36j 4 6 
33f 4 ?i 


292 

5.7 

4> 


41 
10.6 
•79H 
10 6 
168 
9.6 


73 


73 
108 
3.8 

5.6 262 
4.3 20.9 
S3 
1L4 

53 

12.7 

3.6 
3.0 


to 

1?3 

113 

93 




2.41 


41 

1U4 


5.8, 

245 


6.ai5.9 
3.^ 93 
127| 

dOul — 


til 9] 


1.6 


55 


12 5j 


is t>l 


5.7 

68J 

113 

138 

132 


283 


15.7 

3.4 


OVERSEAS TRADERS 


African Lake: 
AusL Agric. SQc_ 

BerisfrntiS.&W.i. 

EanbnctffiuB > ftp 
i BousteadilOp*- 
• Finlay i James: _ 

Gill k Dufiu.c 

a Nthn.£10 

H’ris’ns.CTO.Xl. 
HnSnungiR.i 
Inchcapetl- 
Jackswm 

J amaira Sugar— 

Lrarbo 

i -AGIebeH n miv 
‘ Nigerian Elec. El 
Ocean Wises 20p 

p3Tson.Zarh.10pJ 

Da'A'NA’IOp— 
SoneenJ£.i lOp. 

Sena - “ 


3655* 

rozer Kerns. 2£>p. 

Du.8pcCnv.81. 

lt.C3tyMere.10p 

Da lOpc La. l&p 


310 

115 

59 

57 

117a 

157 

£68 

550 

95 

377*d 

30 

131* 

59 

223 

86 

183 

178 

30*2 

& 

2K3 

£97 

68 

67 


+3i*| 

-i 

+h 

-l 

+3 

-7 

-UJ 


-5 


h3.57 

35c 


X 


4.19) 4 6] 


629 
1.52 
l5.0 
h4 43 
012 % 
^211 
4.32 
1523 
Z0.67 

6.65 
3.45 
13.40 
2.92 
$732 
f7.82 
14.43 
B- — 
hL76 
6.60 
315 

J% 

C A 


19.0! 

i3 


1 jJl6.rtl8.il 


* 1.1 
4.2(97 
LB Z35 

6.0 10 J 

2 1] 6 8 86 
6.0 9.3 
48 


103 6 4 
32 
2.4 
-22 


il 


23 

L7 

?9 

75 

75 

13 

53 

4.4 

27 

18.0 

n.o 

312 


L7 3.1 
1.9148.9 

4.rt 6.0 


1631301 
1U(65i 
93 * 
5J 73 
6.4 32 

6.6 33 
«55 

23(28.0 
4.1 82 
8.0 (55i 
f8.9 

1.7 83 
0.7 


rubbers and sisals 


1978 I 

High Low 1 

101 
127 


5.14 I 0 8rt * 


029 


yp tt 


L4 12U 
55 272 
3.9 36.0 
33 38.7 



-1 

-i 

-1 


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-1 


284 

If™ 


-1 


731 
365 
1457 
12.M 
R12 
t4 57 
L52 
12 60 
335 
1350 
341 
h208 
tbl6rt 
t2_23 

1576 

203 


£19 Lrt 


1.52 

335 

1933 


264 

h4.32 

L91 


-1 

L:, 


-1* 

1+1 


3 <5 

4 92 
■3.91 
4 51 
095 
357 
16.03 
Q10c 
132 

0?D 

. 10.97 
J >4 6? 
253 
007 
7.70 
KL52 

*U = 


8 i! Q 


13J 


irt 


Stack 

Anglo-Indones'n... 

BemnCwis 10p._ 

BirdiAfncaj 

BradmllH 
Castleireld 
Chersonese 1 . 

, Cots Plants JOp.. _ 
Grand Central lOp. 
Gmhrieil 

BaruonBrEslIIlp 

Hijhlands 5450c 

Kuala KepongMJl 
JtKuliin 5450c 

Ldn. Sumatra ]0p„ 

MalakcffMJl 

Muar River lOp 

Plantation HUss.lOp 

SuageiKnanlOp- 


TEAS 

India and Bangladesh 

Assam ftxoreCi _ 

Assam hiunUeriL 

.Assam lnvs.£J 

Empire Plants JOp. 

Lawrie Plant: El — 1 

McLeod Russel £1- 

Moran Cl 



+ eri 

Dir. 


Price 


N« 

Crr 

% 

+2 

2.79 

4.7 

120 


3.55 

13 

16 




56 

. 

173 

L0 

252 

+2 

s204 

LO 

45 

+'i 

hi 40 

12 

46 

hO30 

12 

10 

0.56 

9 

355 

-3" 

15.Z3 

L6 

124 

+2 

♦t406 


133 

-1 

QW& 


83 


Q12«K 

15 

57 


OllJc 

05 

177 


44-06 

111 

82 

49i 2 


h<H5c 

048 

L9 

❖ 

73 

80 

-1 

-3 

Si 

20 

L9 


rid 

GCs 


Si agio Hide*. 10p~ 

Warren Plants. __ 
WUlmrsontl 


245 


4905 

59 

310 


hl630 

49 

119 



3.7 

30 



16 

345 




223 

+1 

113.70 

27 

365 

-5 

1531 

4.9 

29 

218 

-1 

♦FL75 

1409 

32 

49 

175 

— 

9.14 

4.7 


5.9 
79 

3.9 
100 

65 


J}nt*rna.tid.na£, J?i 


inancier 




SECURITIES 




19W 

High Lre 


MINES— Continued 
CENTRAL AFRICAN 

| + -1 s- 


?10 

24 

60 

184 

90 

41 

17** 


15 

140 

125 

320 

294 

72 

62 

140 

40 

222 

39 

iS 

16N 

48 

178 

70 

£15*; 

40 
554 
300 
160 

70 


155 

15 

52 

122 

78 

32 

10 


Slock 

FalronRh-SV’ 

IRbod'oCnre. l&Gp. 
Roan Cons. M.J_ 

ftSSSKz 

WankieOri.Rh.1 _ 
35auLCpr5BD0^_ 


Price 

280 

19 

75 

1S4 

87 

38 

17 


TTd 

Cw Grs 


Q50c 

057 

Q10 0 

hjc 


131 




23.7 


73 4.5 
13 J.4 


83 


AUSTRALIAN 


70 


13 


n „ 



M 

*V' t'l-Tj 

140 

+2 

(78c 

24 

63 

BH South 50c 

118 




150 

Central Psnfic 

625 



— 

148 


294 

+8 

qioc 

22 

45 

^ ijv 1 Fm^jJ 1 ii $9 ii 

70 

+3 




18 


60 

+4 





81 

in 


132 

27 


1335 1 

20 

176 

M I. M. Hides. 50c 

222 

+6 

Q9c 

1.7 

10 

M(iuaiLvell25r- 

31 

+3 



tt 

N'einnrtai lift. — 

4 ; 2 


-re 



Nonh B.HilloOc 

132 

+3 

QBc 

15 

Bt ? 

Nlh-HJlSlsrlt . 

15*2 

-1, 



1? 

Mb West Mi nine— 

42 

-2 





117 


276 


tQUc 

IS 

30 

Pacific Copper 

63 

-5 



761) 


£14J< 

-‘2 

— 



17 


27 






*10 

PeDvUallvndWc 

552 

+8 

QI5c 

4.0 

90 


235 






84 


146 

-1 


4> 

35 


45 





L41168 


3.6 


21 


40 

25 


3.7 


39 


50 

if! 
10*2 
[310 
210 
93 
11 
, 82 

r. 

7B 

62 

270 

63 

61 

240 

85 

boo 


23 

240 

45 

EB 

S 

130 

78 

9 

68 

450 

280 

40 

50 

165 

49 

47 

140 

230 

134 

55 

85 

74 

148 


TINS 


AnaL Nigeria 

Ayer 

Her ait Tin 

BerjunJai IM1 

Geevor 

k'rtld& Bate U3jp_ 
Gopeng Cons. 
Hongkong _ 
IdnslOp 


[JanTBT )2>2P 

KaounfincSMOi© 

Kill inf halt 

JtljjrlnvdEinjSMI. 

APahanc 

Pengkalen lOp 

FetalingSM] 

Saint P-.tnn 

South Crehj-lin... 
5<>mh tunla SMO jO 
Sthn Malayan SAU. 
Sungei BeiiSM) _ 
S'jprwneCnni SMI 

Tan lone 15p 

TongtaJi Krbr.SMl 
TronohSMi 


23 
415 
58 
305 
135 al 
101 
310 
210 
88 
9 

82 

625 

470 

78 

b2 

270 

63 

56 

240 

340 

240 

85 

90 

90 

255 


+20 


+15 


+15 

+1 

+2 

+5 

+3 

+2 

+5 

+5 

+5 


2 55 

SKltu*, 

3.81 

QUOc 

0.04 

1523 

t22.0 

Z0b5r 
125 
95c, 
.. 75c] 
6.60 
tOBOc 

[UJ77A: 1 
njDUd 
5c 
10c 
0 

8?, 


“ V 

1.7 


166 
10 I 

78 

5.6 


T 


4.1 

2Q.Q 

43 

15.J 

68 

4.8 
108 

7.0 

83 

5.8 
25 

10.9 

7.f 


COPPER 

b04 I 70 (Messina R030 | 103 |-1 ItQ30c[ 1.9| | 


MISCELLANEOUS 


61 

17 

% 

tl2 

67 

too 


35 

9 

215 

245 

164 

30 

750 

43 

128 


jRarymin 

(Burma Mine? tT!^. 
Kon£. Burch. lllc._ 

North tateCSl 

R.T2.J 

Sabina Inds. CS1_ 

TaraExatnSl. , 

(Tetudv Minerals lOp -| 
IYuksnCbns.CSl 


& 

VH 

385 

248 

62 

900 

66 

120 


-5 


-12 

-1 

+2 


1Q30c 

93 


♦135 

Q7c 


16 J 
22 5.7 


3.1 

1* 


NOTES 


Sri Lanka 


1 [233 |123 (LannvsZL 


.| 213 (+3 1 538 | 1.5| 3.9 


Africa 


(BlaiftTeEl 

Ruo Estates 


610 

165 


50.76 

1320 


33 4 

10.6 


MINES 


442 

+9 | - 

403 

-2 - 

£4D*( 

137 



CENTRAL RAND 

I Durban Deep RJ.._ 

East Rand Pip. Rl. 

Bandionl'fl«LR2. 

WesttendRl 

EASTERN RAND 

Bracken 00c 

East Oam R1 — 

ER.COM> 50 

GreohleiSOc 

Kinross Bl 

Leslie 65c 


Manevaie R05D 

S. AIncanU-35c,. 
VlairfimieinBOc — 

ftinkelhaak RO 

WLTOgel26c 


203 

-2 


151 

23h-A 

403 

-7 


12 

123 

-6 


18 

438 

-6 

fQ34c 

18 

65)a 

-*2 

tQ3c 

1.2 

TVz 

-2 

tQ46r 

ID 

W 

-2 

— 


53 

-2 

Q25c 

0.4 

833 

-22 

tVS6c 

1.7 

59*2 

-2 




25 5.J 
M S3 


74 

47 

Jb 

Z7 

504 


l oins otherwise indicated, prices and net dividends are In 
(pence and denomination* are 2Sp Estimated pricejearoinca 
(ratios and coi ere are based an latest annual reparts and acenma 
(and. where p^slhle. are a pda led on half-y earl y Qgnres. PfEs are 
alcnlaied on live basis of net dlctrihattan: bracketed. lUim 
indicate 10 per cent or more difference U cat e ni s led on -nil** 
distribution. Covers are based an -marinam" distribution. 
(Yield-, are based on middle prices, are cress, adjusted to ACT of 
at per craL and allow lor value of declared distributions and 
(rixhia- See url lire wiib dcoonlnallons other Hub sterling are 
(k bo led Inclusive of Ibe InmUnttU dollar premium. 

Slertinc denominated securities which Include i uinsluw nl 
dollar premium. 

-Tap"- Stock. 

Hubs and Isms marked rtrtw have been adjusted to allow 
for nr his irsues for ea>h. 
lmrnn since inert a:cd ot resumed. 

It Interim since reduced, passed or deferred. 
pt Tax-free 1o non-residents on application. 

]♦ Ficure* nr report, awutlrd. 
p+ Unlisted secunr;.-. 

Pnre hi lime of suspension. 

Indicated dividend after pending scrip and 'nr ri^hta lutMC 
vwver relaies to previous dmdends or forecasta. 

5lerv:er bid or reorganisation in p rogress. 

Not comparable. 

Same inlenm reduced Final and or reduced eornlnjc* 

1 rut 1 rated 

Forecast dividend: cover on earnings updated bp latest 
inlenm statement. 

Cover allows for conversion of shares not now rankine f«r 
dividends or ranking only for restricted dividend. 

Cover docs not allow for shares which may also rank for 
dividend at a future date. No P E ratio usually provided. 
Excluding a final dividend declaration. 

Regional price. 

Ill No par value 
]■ Tax free, b Figures based on prospectus nr other official 
(cslumiie c Cents. 4 Dividend rate paid or payable on part 
[of cupiuil: co»er based oa dividend on full capital. 

Redemption yield, f Flat yield, n Assumed dividend and 
yield, b ARsumed dividend and >trld alter scrip issue. 
[J Payment from capital sources. X Kenya, m Interim higher 
than previous lotul n Rights issue pending q Earnings 
based on preliminary figures s Dividend and yield exclude a 
kperial payment. ( Indicated dividend: cover relates 10 
Iprevluiu; dividend. ?£ rauo based on latest annual 
h-dniinas. u Forecast dividend: cover based on previous year* 
|earnine>. v To* free up to TOp in the L w Yield allows tor 
currency danse, y DUldcnd and yield based on merger terms. 
(1 th vide pd and yield 1 Delude a special payment . Cove r does not 
[apply 10 specifl] payment, a Net dividend and yield. B 
Preference dividend passed or deferred C Canadian. E Issue 
price. F Dividend and yield baaed on prospectus or other 
[official estimates for C Assumed dividend and yield 

alter pending vnp and'or nghls issue 11 Dividend and yield 
based on preopecius or or her official eriimaios f»r 
1T73--TO K Figures based on prospectus or other olltrial 
suruilcs for 1078. 31 Dividend and yield hosed un prospectus 
r u-.her nflicml evilBUirs for 1978 N Dividend and yield 
based an prospectus or other official estimates for 1079. P 
(■iijum based on pmpertus or 01 her official vvtlmete* for 
I5T76.79 Q <irc*i. T Figures assumed. Z Dividend total to 
[dale M Yield based »n ossumptiun Treasury Bill Rale slays 
unv hunted until matuniy of slock. 

vhorev 1 aliens «ex dl-- idonri: sex scrip issue: w ex rights-, a ex 
|j]l: dev capital distribution. 


232 
b 2 


FAR WEST RAND 


S“ 

B.9 165 
ZB 432 
4X1353 
9.4 193 

4^2 


4.45 

}Q8‘y!«L_ ...... 

-- 

1360 
24 468 
10 214 9 

-3 - I- I 


Dwlimd Kuan__ 
T>oomfcmtanRl_ 

East Drie R1 

ElindiraadOdaic J 

[HshurgRl 

flStebeeslSJ 

KJnofGaldRl 

LihanooKl 

Scufinaal 50c 

ISalfonieinSte..^ 

Yaal Reefs 50r 

123 IVenierspesxRl 

£l6%rw.DrieHJ 

(Vf«tem Areas Rl_ 
raeaaTiDeepR2_ 
iZindpanRl 


384 

£10*a 

103 

391 

900 

266 

137 

£1512 

646 

622 

587 

M3 

CLAyfll 

Wh 

227 

939ri 

254 



“ Recent Issues ” and ** Rights " Page 34 


11)15 service is available to every Company dealt in on 
Stocit Erchanftes througbont the United Kingdom Tor J 
fee of £109 per annum for each security 


REGIONAL MARKETS 

[The following Isa selection of London quotations of sham 
previously listed only in regional markets Prices of Inst 
issues, mo -4 of which are not officially listed in London 
are as quoted on the Irish exchange. 


O.F.S. 


3 1I 


LQW.I703 
190 

£13J 8 


Free Stale Dev 50c 
FSiGeduldEOc . .. 

FS&aipJ^iR!- 

KanBOaySOc 

LminuRl ... 

Pies Brands* 

Pres Steen 50c . 

S Helena Rl 

Inisel 

WelkmoSlr 

Wild din# 50c 


110 

£20'-* 

106 

438 

127 

ai>o 

£10J- 

PJP B 

227 

374 

£24 


-IB 

-2 

i 

+4 

I -* 


Albany Inv 20p 
.Ash Spinninil... 

Be.um 

Hd wtt Est 50p 
i.’Iw. or Croft . - 
‘ra:c ii Ro.se £J 

Li-.simiK A ■ A 

Eli 15 4. Mclldy 

Evcred - 

Fife Force ... 
Finlay PU f*P 
* Ir.itit Ship Cl 
, Ui^sur»> Brew 
— . i > M sun £i 
^;n«»iiJiK -z-ip 
£ B thrc.'juldsnulk! 

i IPerirrui:' K 
1 * fVCl Ml’b- 
23) 6 B I MiCffiL-lil Erick 

rJici 

li) 


m 


25i^ 


45 

+i" 

21 


31D 

. .... 

2ft 


505 id 

*5 

38 


61 

.... 

17 


52 


22 


125 

. 

77 


155 


260 


68 


185 


20 


46 

-1' 


Sheff Refrshmt. 62 
Siadall IDS 


IRISH 

Cnnv. 9% -B0,83. 

AILans-e Gas 

.\rniJti 

i^lTolJiP J.i.. 
i71undaHun_ . .. 
t iincreie Prods 
Henon*llld«i i 

Ins. Corp 

in*h Ropes 

Jacob 

Sunbeam 

Till! 

Lnidare 


£93 

-«4 

67 


360 


103 


TO 


143 


52 a 


160 


130 


63 

-4 

33 


205 

105flf 



70 


FINANCE 


r* ;3» j li 43*239 1 
i^T4 * nirlr \ 


finance, land, etc. 


iTupcroes 
-2 I^rrjci 3.0 


869 

_ 4.43 , 
... ttD3Gi 

SVL 

067 

«*c.l 




23.9 

240 

K9 


5 6|13 Dj 2.4 
65 


RndifUlcr 

: Bn. aa 6 >'i , 

BntuJiAiwx J 

fW FgfkSft* ' 


i3 rslili! 

as! fo! 

» - - 831 

33 

w . 

40 -1 175 
15«2? . 12 

28 | . . 0 53 
234 -1 j 5 01 
27 .... I« 

22 | ) i 

SdttShawe see fadnRnals 

i §d.-~r i*ni 


♦7 •il«| 20 fcDi-96 
j Tl 02 J 3.7, 3.6j 85 

.i - 1 j ^ 

rll 90 6 8J 25 I 9.4 
2-li 6 51109 


Anp .Am. Coal 50r_ 

.An^toAmer. 1 0c 

.mg. Am liSd R2_ 

(Ang-Vaal 50c 

WunerCons. 

Cons. Gold Field; .. 
|Ew Rand Cod. lOp 
Wen Minin-lC — 
GddFiddsiASc- 
UtrtiurgCoos.KL- 
UiddieWii2flc_ „ 

Minrorp 13® 

MnwroSfiul.M 

.N’euWitSrr 

FaiftiWFIs.fi 
RmdUxuiiiMrt:. . 
Seltrtior.Trasi... . 
Sentniyr lllr. .. . 
.SilvenmnesSta - 

Tvaal fonsWRl 
i f. invciiHl... 

62&c 

Vm^JsSic.^ 




OPTIONS 

3-month Call Rates 


! Industrial! 


SO 

47 
72 

§ \ | A. Brew 

L i , A.P Cement .. 

l-J ItaSrtTT 

f.g ibarcld)^ Bank. 
57 ‘fleircham .. 

6 4 jlf<s-ir E*rii.c .~ 
5 4 tuwuter* •• 

w{bat.. 

b j F.rnsnt>\v*n 
2 7 IF.rnwn'J ■ 
n v ■KW.'A ..... 

iiS* ••• 

2 ~ !• <iur.:<u ... 
i ? I !«.•)* :) har- ' 

{ ? )|i: r, iller* . i 
!l*unh'i- 1 

’"■rll 


DIAMOND AND PLATINUM 


|£115at925 
70 


AKlftAnUuviflf, 

Bur/oiffilePl: 10c J 
Dc Beers fci 5c 

Do 4upc Pf . RA 

Lvdenborc IPjc 

Ra&HaLine— 


£W« 

106 

460 

£114. 

73 

99 



vt.j.frnt 
«-:i i£ln-ir:e. 

i.lfl-.-. 

■rr.i.d Me: .... 

Si.v.r'l'.an - 

Jia'Jiker^iHd 
■ !a:ic a.’ Fraser. 


% 

9 

11 

25 

35 

15 

16 
24 
6 
20 
12 
5 

j? 

15 

>§ 

18 

40 

9 

20 

U 

22 

20 

12 


7.C I 

t'cT*'.'— 

fnv'jresl: 

KCA - 

lord broke- 

Lepal & Ger_ 
Ux Scmcc_, 
Lloyds Bank.. 
"Lots -- . 
London Brick. 
Unrho . . . 

I .uvas lads... . 

LVIKi.l r . . 
-Svaim-"-. 

Mr!;* * Sp.i^r 
MidlandBark 
NSi... .. 

Nd!.»er.t ‘labv 
Ik' Warrarit* 
FflrUDfd . 
Mrwy .. . 

ft U 3L 

RaekOrr "A 
Rwd Ir.rn! _ 

Spijlrrs 

Tesvo— 

"Thorn _..._ 

Trus: Houses.. 


TubelmesL-J 30 


Cnilever J 

Ltd. L»rapery_| 
Vickers. — — 
Woolworths— 

Property 

Bnt. I .and 

fip Lou n ties. 
EF. .. ... 
I m rcu rope an 
tand Secs. ..... 
MEPi." 

Peachey 
S.vnuel Pr<'^s. 
Trwn & i.'iiy... 

Oils 

Er.t (Vfi’icum. 
Hurtnaii'Jil .... 
*. h. a rtcr ha 11 _. 
Shel! 

L'ltrarur. . 
Hines 

Charter Cnns. 
Con* tiold .... 
RmT Zinc 


A selection ».f Options traded ip jr.en on tta 
LofldLia Sloe it Exchange He port page 


A 





28 


[Factories 
i and 


r Phone 

01-366 

hJ27Ij 


FINANCIAITIMES 





Fairvsew 

C rcaiing h i\ l'S for li idui-tr/ 


Wednesday August 16 1978 



known for quality 


Post Office 


engineers to 
lift sanctions 


Hattersley 

puts 

options to 

footwear 

retailers 


SEARCH FOR OIL AND GAS 


THE LEX COLUMN 


\ - * 

* J .i : C. 

sr 


~.*B-'** 




Occidental deal 
with Moroccans 




cr 


BY KEVIN DONE, ENERGY CORRESPONDENT 


for Hawker 


i.vif 
. 'it AZ 


OCCIDENTAL PETROLED 

/ _ -?~B of the U.S. has entered into 

BY NICK GARNETT, LABOUR STAFF |PT5ll C a preliminary agreement with 

A V* IL U.-EJIL V'A vJ the Moroccan Government for 

thf Pn^f Office Engineering Based on the proposals drawn the exploitation of shale oil. 

Union instructed its members up bv Lord McCarthy, the indus- By David Churchill, Consumer exploration boUi onshore 

"^° h “ Sm - MSMls ot T ^;^e^ r ^ 

engineers dispute. ' „ n - . . choice of cutting profit margins ( n r \nmuid Hammer 80-vear- 

International calls, which have The Po^t Office has made a hy at i east two per cent or old ' ^airman 0 r Occidental. for 

been severely crippled by the provi^D that all sanctions must agreeiDg to help reduce shoe exploitation of natural 

engineers industrial action, are be lifted o.. September 1-. imports, protect jobs and re so„ rce s in various producer 


THE Post Office Engineering Based on the proposals drawn 

Union instructed its members up by Lord McCarthy, the indus- By David Churchill, Consumer 

vesterdav to suspend their most trial relations expert, the agree- Affairs Correspondent 

disruptive sanctions from 8 am ment would reduce i the 

today following a Pro visional engineer.- ^ rkrng we k f£ ° GOVERNMENT yesterday 

agreement .on settling the hours to w . oours trom u*xm Qffered footwear nt&ileTS the 


agreement on settling the houra to uours irom uecem- 
engineers' dispute. ber *■ 

International calls, which have The Post Office has made a 


likely to return to normal in a The port of the reduction I improve service to the consumer. 


matter of days from some ex- would he covered by productivity it is the first time Mr. Roy 
changes though the position will changes involving altered work- Hattersley, Prices Secretary, 
vary especially if engineers at ^r. times and other measures, has publicly offered a company 
some exchanges refuse to lift The scheme would be monitored or industry the optiOQ of help- 
tile sanctions. and failure to meet agreed work jng the consumer and the 

Difficulties in making inter- an( j ros t targets would be taken economy as an alternative to 
national calls did not worsen i n to account in fixing payments straight forward price restraint, 
noticeably yesterday but part of made under the engineers’ exist such bargaining is usually con- 
the inland service, including STD j ns productivity arrangements, ducted in private between Mr. 
calls in to West and North Lon- Statements from both sides Hattersley and representatives 
don. was disrupted. said, there would be no loss of rj f t {j e company or industry con- 

The provisional agreement on service to the public and. where ceraed after a Price Commission 
shorter working hours reached possible, an improvement, no report The resulting agreement 
by the union's executive follow- increase in overtime or man- ^ th en announced publicly, 
ing talks with Post Office man- power above planned levels and i n u,is caset however, such 
agement vesterday, will be put no loss of output per man agreement could not be reached 
to a special delegate conference averaged over all grades of on the Price Commission’s report , 
within a month. worker. . last June mainly because so many 

In the meantime, the union's Some of the union s members retailers were involved. The 
refusal to commission new ex- will be concerned not only at British Shoe Corporation has 
changes will continue. All other changed shifts but also at the about a fifth of the market and 
sanctions, including the work to union's failure to obtain commit- the remaining retailers all have 
rule local overtime bans, and ments from the Post Office on a j ess than 5 per cent each, 
the refusal to work rotas at inter- 35-taour week, which has been 
national exchanges which has the 1 sngineers claim - . t fh , t Deadline 
disrupted calls abroad, are being th J^^Sois wfs the flrJt sSi Mr. Hattersley has therefore 
SU Th e - nd Jnion’ 9 executive hopes Swarfs 35 iiours to which the given the retailers until the end 
tuSThe' provisioSl ^agreenieffto executive is committed. of the month to announce their 

I«eS e V 1 bT"{he ,U "S“,r' U Mii' nlSfto'uSSSSiVto'IK Even”' if they eceept Mr 
!5!?P“ d -iJ2L.£ e .Kf« LJ2K. mit a further claim on hours at Hattersley’s alternative they will 


alfhmi-E there is certain mit a further claim on hours at Hatiersieys auernauve uiey wm 
, f "be ™SeSe b oTp«iUon w an appropriate time but this did atili_have_to Jun.t_grossjrnflt 


old chairman of Occidental, for 
the exploitation of natural 
resources in various producer 
countries. Other deal* in 
recent years have covered the 
USSR. Poland and Romania. 

Negotiations with Morocco 
are still at an early static but 
Dr. Hammer said yesierday 
that he hoped to sign a defini- 
tive agreement covering terms 
and conditions for the deal by 
November L 

Morocco's approach to Occi- 
dental appears to have been 
triggered by the leading role 
the company has taken in the 
development of technology for 
exploiting shale oil reserves in 
the U.S. as well as by the 
company's proven expertise in 
phosphoric acid technology. 

Dr. Hammer ‘said in London 
yesterday that the company 
was considering an investment 
of some SSOOm in shale oil in 
the U.S. over six years. It has 
already spent $60m on 
researching recovery tech- 
niques, but it has yet to show- 
1 whether oil can be recovered 
economically from slialc at 
present world prices. 

Shale oil exists in solid form 
[ and the process that Occidental 


is developing involves b' 'ting 
the rock to a temperature of 
about 900 degrees Fahrenheit 
which liquefies the oil and 
allows it to be pumped out 

Dr. Hammer said that 
Morocco could have shale oil 
reserves running to several , 
hundred billion barrels. The 
Moroccan Government has 
said the oil is located in two 
fields in the south 

Both tie about SI miles from 
the Atlantic coast, the first 20 
miles south of Marrakesh and 
the second about 60 miles north 
of the border with Spanish 
Sahara. 

Occidental’s wish to explore 
Tor oil and gas by conventional 
means is based on recent 
seismic work undertaken by 
the Moroccan Government in 
the north of the country in the 
area lying between Tangiers 
and the Algerian border. 
Earlier exploration by inter- 
national oil companies has 
failed to make any commercial 
discoveries. 

The interest in phosphoric 
acid stems from Morocco hav- 
ing about 70 per cent of the 
world’s reserves or phosphate 
rock. Occidental is already 
involved in a big swap deal 
with the USSR in which ever 
a period of 20 years it is 
exchanging large quantities of 
snperphosphoric acid— based 
on rock mined in Florida — for 
Russian ammonia. Morocco 
could allow the company both 
to broaden its supply base and 
exploit new licensing oppor- 
tunities. 

Men and Matters, Page 14 


In the four weeks since the 

last banking make-up day the T n J PT fell 2.3 to Ml .2 
seven day interbank rate has ina ' 


fallen from 11 per cent to just 
under 9 per cent. So thanks 
partly to releases of special 
deposits the shortages are work- 
ing their way out of the money: 
market But the clearing banks, 
in particular, still face an acute 
problem in wriggling into' the 
corset. 

Meanwhile the latest National 
Institute review continues to': 
forecast double figure monetary 
growth and inflation next year. 
But the DCE estimate for 1978r 
1979 has been cut from £7.9bh 
i to £6.9bn. 




CJi-ItpdMNIxa* 

marniwrs-JTUB 

(IllWibiCBftt'BT.C*'/' 


7- Hit mnnrnnr 
r Ull 


Hawker Siddeley 


The terms of Hawker , . demand 

Siddeley's payment for the- used to have large accumulated 
nationalisation of its aerospace reserves, but in recent years 
interests re-emphasise the over £70m was paid out in aivi- 
madness of the Government’s dends to the parent, which 
compensation formula. They largely replaced these funds ' 

are significantly better than- with loans. 


the expense cf real wages 
Australian share prices' have 
already n>en $fr»>R.ely in she 
months prior to the budget. In 
the event the only serious set- 
back for ilio mining -sector is 
the decision to delay abolition 
of the coal export levy until 
,lunc 30. 1979, while consider- 
able encnuraccinent is being 
uiven to local secondary indus- 
try'- What may restrain the 
enthusiasm of British companies 
with operations in Australia, 
however, is the risk that 
domestic demand will be exces- 
sively damped down by the tax 
burden, with Australian bust- 
nessmen os well as trr.du union 
leaders expressing wine con- 
cern. The eovemmenf is rrty. 
inn on n fait in savings tu keep 
demand growing. 


1 \ $ * 

* 

: •: t * , ' 


4*1? * 
;{]**■ 


If Ak.Vs second quarter 
«urcs are -my guide the 
urupcan chemical industry 


aranss .< *. •» — « sTaras 

1-5.000 engineers. •_ — __ — mission's report found that profit 

margins were an average of 47 


Lloyds appointment 
signals new drive 
in merchant bankini 


per cent for the industry, a high 
level ‘derived from the need to 
keep large stocks and covet 
risks in shoe fashion. 

Companies that fall to make 
an undertaking to Mr. Hattersley 


Bibby Line considers 
offer to delay debts 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


announced. Hawker is getting the City had feared— visibly suf- m the Manh-Jii ue perma ana 
£60m for its shares in the aero- fered as a result of this restruc- aUnuugli il back ir.tu 

space companies Including turing. The upshot is that the red in the seasonally weak 
interest and dividends received Hawker takes a book profit of third quarter, the odds are that 
since 1974, the whole package over £34m. which pushes its m*r the group will make a proht for 
works out at about f 120m. worth ( including deferred tax) th U year as a whole. 

This looks a very nice price up towards £400m. Afcw finally seems to have 

for a business which has The share price implications gol ln » n , w with its lussmaking 
produced after tax profits of are not all that dramatic for operation. Over llw List 

between £9m and £14m in recent Hawker — I fiOm represents about t {, rei . years tlus last FI 5<<ni 
years, and has an uncertain 30p a share. The more interest- ^70™ > but in this second 
medium-term future. Aerospace ing speculation concerns qiuir t cr it made a FI *2m prulil. 
companies, after all, usually get Vickers where a strict a PPjJ“ in terms of return. on sales this 
a below average rating on the cation of the formula could 1S ^mvalcnl to 1.3 per cent— a 
stock market value BAC at noticeably less lar crv froro Mie y p^. r cent plus 

Compensation is supposed to than these terms for the being earned in the early 1970'> 
be based on the market value Hawker companies which are b|U ~ L , M#t it is mwinii iU the 
of the relevant securities dur- much smaller. Can this really be . . 
ing the six months to February contemplated? ** 


will be ordered to reduce gross BIBBY LINE, the Lrerpool- foreign debt. The £32m gas 19<4. During that penod, the 1; Kitrlapt Alcan (UK) 

margins to the level achieved in based bulk shipping company, is carrier Staffordshire was de- Hawker Siddeley group as .a Australian DUagei * f 

1975 or to 2 per cent below the considering an offer frr-m the livered from France at the end whole was valued at abopt Yesterday’s Australian budget inure is a minor scare i n 

1977 margins, which ever was Government for a tlir :e-year of last year, but is laid up be- fisom., and aerospace was as hard hitting as expected, shareholders m the recemiv 
greater. t moratorium on its debts with UK rause of chronic over-capacity in accounted for under half its The man in the street will pay listed Alcan <L’K) wll.i pre-tax 

Last night tile Bntish Shoe .shipyards. the gas shipping market fits We shall never know rao re for his beer, spirits, profits in the first half drnppsr.i-. 

nn nnH ofhpr rpfa llprs. I TV ic nffaw tVixx iHa unHur Tn<yAthnr xa .- it'll th p rfnmpctir ^ . . . n _ -h i i C.. 


BY DAVID FREUD 


Corporation and other retailers, j This offer, the first nt.de under domestic £^ he 7 omSatiS tS cigaretti and pe ol Re w i STl L 7 m Su share: 

led by John Tln,p,on. .M they , «beme .nnounert in May by debt, Bibby cod d be faced mm &FXSF r8L bench Mdm who convened then- 


LLOYDS BANK is planning to 

move further into merchant . 

banking in the UK. 

It announced the appointment 
yesterday of Mr. David Horne, a : MS? 

former director of the leading iSmfe*'-' ti. - 

merchant bank S. G. Warburg, to • * • .. ' /ft: 

build a new corporate finance '• , . ,. • -.t&a 

advisory service. ’ ,' kJ p | 

Lloyds’ strategy for capturing ^ 

merchant banking business con- -• W. 

trasts with that adopted by the : 

other m.iin clearing banks, who fM' 

have either bought existing v- «£ — " — " . 

merchant bonks or developed jl > ..wp i 

separate entities from scratch. mml -ow 3 w f f M [ * * '■ 

Mr. Horne is to join the Board ||0§gp vS§p -TVS 

of Lloyds Bank International on iM r 1# 

October 1 as an executive direo ^j| 

tor. He will work closely with the JffllL ■ 

international section's merchant 

hanking division, which was %.|l , ' s r 

formed a year ago. and with HH TH' 4 

Lloyds Bank, the home banking ^ ^ 

His advisory responsibilities mH rS m lfr i' 

cover public flotations, take- ■- 

overs, mergers and capital struc- David Home 

tures. He expecls to build up a ™ r - uavi ° " orne 

staff of between 10 and 20. 

Lloyds said that the creation of vvithin their operating frame- 
the new department would fill the work. 

only gap in its provision of bank- Mr Charles Ball, who had been 
ing services. brought in a year before to 


led by John Timpson, said tney a SC h e me announced m May by debt. Biooy could De faced witn ' cin " ;, c -it £»# a ha<si^ HenoHt holders who converted their 

would give the undertaking Mr. Edrauwnd Dell. Trade Sec- repayments of about £14m this were actually reached since, as lose aU but a b«i C beniht nomera uno cunrereeu «-u 

before the end of the month. reta ry. should be followed shortly year and will have to assure the is the way of things in the UK, under the revised national loan Mink on tht promise m a 

Timpsons and other retailers by similar propositions to the Government that its position with all the negotiations are nn a health scheme and Y-’ill pay 9.9p net cnvicu na lor ima oai- 

had pressed Mr. Hattersley to other three tramp shipowners the French shipyards will not confidential basis. But it seems more income tax. ring unforeseen circumstances 

offer an alternative to margin who have so far applied for aid. jeopardise the reserve plan. clear that the balance sheet But for the investor looking now see annualised firs! hair 

restriction because the UK foot- Bibby Line would not com- There is great interest in the structure of the aerospace sub- at Australia the proposals earnings running at only IQp a 


, V. tn foreign shipyards. The Govern- scheme’s guidelines are so rigid parent company can either let a background of monetary second quarter volume was w 

The retailers nave agreea iu mgnt hag tQ take as t0 make them useless. a wholly owned subsidiary retain stringency the lure comprises per cent up on the first three 

ijttempt to miy Bniisn wu e accouI j t ,- n permitting a mora- Bibby Line lost £4.9m pre-tax its profits, or it can take them a 5 per cent inflation rate by months. With consumer Indus* 

possible out mere m q acainst toriurn in order to satisfy the last year following a £5 3m pro- out the form of dividends this time next year, lower tries continuing to revive the 

cheaper foreign shoe? and finance the business interest rates and a real growth second half should he quite 


agreed to improve service to me 

public, they have a I The company's biggest single rescheduling ot a 

code of practice, which the ;Umce problem involves jus; -such a a financial crisis, 
of Fair Trading wants tightened 1 


and finance the business interest rates and a real growth second half should he quite 

through loans. There is little in non-farm gross domestic strong. Nevertheless the corn- 

practical distinction here product of 4 per cent. An panv is complaining at the way 

between debt and equity, undisguised objective is tn cn- a weak dollar is dragging down 

Hawker’s' aerospace companies courage a 1 growth of profits at aluminium prices in Europe. 


up. • Complaints have increased 
in spite of the code, and not all 
companies have observed it- 
The third element of the under- 
taking, to protect jobs, still 
allows retailers to close un- 
economic shops although they 
have to consult the unions 
involved. 


Union leaders urge Government 
role in Peugeot-Citroen 


Continued from Page 1 

e new department would fill the work.** r MINISTERS ARE being urged the union would favour Govern- member, to the Geneva talks, 

ily gap in its provision of bank- Mr Charles Ball, who had been /\HOg |*CB I IQ by union leaders to ensure that ment involvement in Peugeot- Research officers from all nine 

r services. brought in a year before to xAltwli Cl. A AM. tbe Government establishes a Citroen on the same basis as the unions with members at Chrys- 

Mr. Norman Jones, deputy spear head the expansion of orarllv — going to the Govern- direct involvement in the affairs existing arrangements with ler UK will meet today at the 

i»>f executive of the group. Barclay’s merchant banking meat ’Until now. about 70 per of Peugeot-Citroen if the com- Chrysler UK. Transport and General Workers' 


BY ALAN PIKE AND JOHN ELLIOTT 


chjof executive of the group. Barclay's merchant 


said it was not considered b US j n ess, resigned last autumn, cent of locally produced crude pauy succeeds in taking over A “ whole pile ’ of taxpayers’ Union headquarters in London 
necessary to create a separate shortly afterwards Mr. Ansel l has been sold to refineries at Chrysler’s European operations, money had been invested in to begin drawing up an assess- 


merchant bank because this Egerton left Standard 
would duplicate many of The Qew merchant bank 
services already provided. _ u i 

Lloyds was the last of the For the past eig ht years Mr.| 


Egerton left Standard Chatered’s I less than world prices and the 


less than world prices and the The executive of the Amalga- Chrysler and the Government’s ment of the likely effects of a 

move will add substantially to mated Union of Engineering financial Involvement should be Peugeot-Citroen takeover of the 

the cost of petrol for most Workers — one of the two biggest reflected in a degree of control company. This Is almost cer-| 

— car industry unions — yesterday in a company taking it over. tainly the first time that a group 


Jrfioyus wua - -- : „„ .1,, 1 mnmiisrs car inauairy uuiuus — ye»ie«MJ m a uuuug n uvw. iuc uiai uiuc giuup 

clearers to eater the merchant “0[ne has oeen on the Board of Treasurer called on the decided to write to Mr. Eric The AUEW believes that a of unions has undertaken a joint 

banking field and it had watched £z Conciliation and Arbitration Varley, Industry Secretary, government-nominated director, research exercise on such a scale. 


DanKing neia ana h u»u wduncu ""‘‘.““T' r't'VI Conciliation and Arbitration Varley, Industry Secretary, government-nominated director, research exercise on such a scale, i 

the experience of the SS. Tn determining urging him to-mSe this a firm or someone fuffiling a statilar One particular area of concern 

banks closely. eVnerience of operatSs within a minimum wage levels, to dis- point in forthcoming talks with function, would be e^ential tx> in the minds of union leaders 

' been looking for op( eraun S ttlwin count the increases in the con- the company. protect baft the .State invest- j s over the position of British 1 

the right structure for more than svun er price index which the Senior executives of Peugeot- ment and future job prospects component manufacturers if the 

the past couple of years and we .. He sai^Mterday he regarded ^ ^ rises ^ Citroen are expected to arrive in in the Bntish Chrysler factories deal goes ahead, 

feel we^ have found the right tiSfationa, ™ expected to produce. . °! Peugeot-Citroen deiti went They fear that, longterm 

PaCKn^v. 


AUSTRALIA 


attached to the international arm 


Future oldnage pension 


two to start what could be a ahead. 


rationalisation 


some lan 

difficulty 

merchant 


banking executives from cleann 


matically indexed' 


Efforts are being made by the at an international union con- in the British components in- 


recipients with dependents, the Government to keep the arrange- ference to discuss the Chrysler dustry. 


Vf 


budget proposed. 


ments for these talks, and for situation 


Channel 


UK TODAY Channel 

CLOUDY, some heavy showers. showers, 

London, SJ:. England, E. Anglia, lac (66FL wls' '7.7 'per cent more' than in decisions are made. Ministers are Citroen, a company of which itrikes^and The fact thai" 

Cent. S. England, E and IV. N . Wales. N.W. England. Labe IE? previous year. Receipts rose therefore unlikely to want to they have little direct expert- Sr alor Sk component compaSS 

Midlands, E. and Cent N. England DisU isle of Man. S.W. Scotiand, by ft per ce it 0V er 1977-78. make any statements for at least ence fuch as LuS“5ndCTM already 

Rather cloudy, showers heavy Glasgow and N. Ireland Accompanying budget papers a fortnight. . Yesterday the AUEW execu- If factories in France and 

at times. Max. 19C to 20C (66F Rather cloudy, frequent sfao wed the Government forecast Mr. Hugh Scanlon, the AUEW Uve decided tn send Mr. Terry JJL* naTts flf Eurone 

to 6SFj. showers- Max. 16C or 17C (61F assuine d continued moderate president, said after yesterday’s Duffy, president-elect, and Mr. umci I 1 * 1 . , . ‘ . 

— — to 63F). _ arowth in economic activity and meeting of his executive that Gavin Laird, Scottish executive News Analysis, Fag» 6 

BUSINESS CENTRES Outlook! Cloud and rain most of Australia’s export ’ - — 

— — 7T7~ spreading to most parts. markets, and an improvement in « . . , « - 

miSSr Long-range forecast; Further Australia’s relative inflation per- Continued, from Page 1 

• *¥ ’C ’F cool and changeable spells to formance. A continued pro- 

Aicxndrta s =9 S4 umcmbrs f £ mid-September but a good deal gramme 0 f Government borrow- TV _ If! _ -1 _ 

isr « i i s s s jsxcHsrj" way ' 6314 llollar staff es modem rallv 


Is- S-W. 
S. Wales 


for 1978-79 is AS2.Sbn, A$521m parties, as secret as possible, 
less than the figure for the 1977- 
_ , . 197S financial year. Mr. Howard r lUICtlOn 

England, said ^ estimated domestic . . .... 

deficit was AS782m. Estimated This Is Detau.-je it is like! 


The " estimated budget deficit I meetings with other interested arranged by t the International uk commme^fStories ^ maynot 
n 1Q7S.7Q i e AS*> Shn AS521m I parties, as secret as nossible. Metalworkers Federation in as ^ some unions fear 




.riles,' as secret as possible. Fetalte in ^ some ^ions^f ear! 

'unction by Brit ish n n i pn | p3fjprs fQ sourciDp of componGnts arranged 

TUI, is M«u« i, is likely to more [SotSSSn f?om Free™ !? ™S"‘. “ r 


a. waies deficit was AS7S2m. Ksnmaiea S i .. manufacturers to protect them- 

Showers, heavy in places. Max. outlays totalled AS2S.S7bn. which |j e . several weeks before final colleagues about Peugeot- Siyi from fte imSS of sun- 

,r< rca'B'X . Smw .. si : _ Hppisinns arp muriii Min.etora am flilrnpn a rnmnanw of uhii>h . .. _ K . 


Rather cloudy, showers heavy 

at times. Max. 19C 10 20C (66F 
to 6SFJ. 


The vital link 


News Analysis, Page 0 


BUSINESS CENTRES 


Thinking about doing business ‘Down Under'? 
Contact us at the Commonwealth Trading Bank of 


Australia. 


Aliens S 
Bahrain s> 
Barcelona F 

Beirut s 
Belfast t. 
Bultvudc S 
Berlin F 
BlrmShm C 
BnalOl F 
Brussels | 
Budapest s 
B. AirL-s » 
Cairo S 
Cartlff . ^ 
ChicaKO • '■ 
Cologne F 
Copnhcn S 
Dublin R 
Edlnbrch R 
Frank! art ■** 
Genova f , 
r.iaseow R 
Helsinki Y 


3 =a J&vSEZ B i. s5 Meteorological office. 
F 26 T9!Mex]co C. S 3! TO Z.r,iTrsav 


broadly to maintain reserves. 


SI l. Milan 
57! Jlunm 


HOLIDAY RESORTS 


Dollar stages modest rally 


C 14 3"! Monm-al C 27 Pt 11 

S 26 19! Moscow C 14 a. 

F 33 77 Munich S 33 77 

C l'J 6 i Neu-caatc R 15 M 
r i» as New York C :N» Al 3 ™? 

S 25 77 Oslo R 13 a 

S a 73 Paris F 35 T 7 B 

S 76 01 Perth S 22 72 


SOjPrasuc 

ril WlTtlilV 


16 61 Reykjavik C 12 
36 T8 Hio de J'o R 19 
23 T7 Rome !•' US 

21 TO Singapore C *Jj 


K 23 77 Home * 

S 21 TO SuwaPOre C 

r 15 59 Stockholm r 
r 13 59 StmsbnrB •' 

K 27 »1 Sydney s 

F 23 73 Tehran J< 

r- is S9 TV I Aviv c 

y IS 39 Tokyo C 


ft 13 59 r S 

F 25 TT BlairllZ C 

S 22 T2 Blackpool r 

S 24 TS Bordeaux C 

r i" si Boulogne C 

l 19" 66 CasaMBM g 

!■' 25 79 Caw.- To. C 

C 25 7C Ccrfu “ 


Y'djy 
znldijay 
" »F 

F 27 M rsi.inlw) 


Y’djy 
nuddjy 
- °F 
C 22 72 
K IS 6i 


« *ti»; Jersey K IS M * 

19 68 1 Las Palms F 22 7! • • 

asisjss ^ z division 


firmer grip on money supply next four weeks. in tbe credibility of Mr. G. 

growth. Although economists acknow- William Miller, the Fed chairman. 

The Ufi. inflation rate and the ledge that recent money supply was also a factor in the dollar's 
lack of a credible political figures could be used to maintain recent decline. 


22 72 1 Majorca 
16 61 MoLi^a 

23 72 Malta 
13 30 Nairobi 
29 « XjdIl -3 


=o s« ! BRITISH RELAY, the TV rental markets are signalling that U.S. banks. 
27 Sl * company, has formed a division econmic policies are inflationary 


Dubrovnik S MlXiwc 


|- 28 70 Fjiru _ S 

s n so Florrtiee » 

S 3? 9ti -F wflchfl I •* 

C ZD mi Gibraltar S 


H. Kons S 32 Si Toronio 
joUure * 24 74 Vienna 
Lisbon S 24 T3Wir»w 
- 26 6S Zunch 


C 34 ai Cwrnsey S 

i: 7B InnsibnicR Sj 


23 >• Oporto 
26 TO HIloJcj 
23 13 Salzburc 
28 79 Tonprtlc 
17 i»3 Tunis 
25 77 Valencia 
17 ge Venice 


F 32 90 
S 30 S6 
S 27 SI 
G 19 66 
F 26 7S 
V 25 r. 
F 23 r. 


British Relay 

p -vjm j . 4uu ua maaiion rate ana uie ieuge mat re cunt money supply was also a racior in roe dollar’s 

forms VlfiWflfltS lack of a credible political figures could be used to maintain recent decline. 

. . response is widely held here to present rates, most believe that M r Miller's public fears of 

“ ^c? el ^h" f r the d0Llar ’ a r± the Fed should at least raise the damagi^ the eronSmy b" too 

,.*2.^!?" Sf5? a tT c discount rate on loans to member sharp 8 an increase interest 


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our London branch provides tho ‘vital link* between 
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sharp an increase in interest 
rates is said to bave raised fears 


tv Lo design, manufacture and sup- and excessive,” 

~ ply Viewdata systems for the Lawrence KudloW. 


m/ At 74 per cent is substantially abroad that cutting the inflation 
Paine below most other short-term rate had been reduced in priority, 
money market rates and an Some economists believe that 


k\ Commonwealth Trading 
Wj Bank of Australia 


8 Old Jewry, London EC2R BED. 

Telephone: 01-030 8431 Tolex:S83864 Dealers; 88 125&8 


business and domestic markets. Webber vice-president. money market rates *oq an some economists believe thai 

Viewdata, now being marketed Against this background there increase, it is argued, would be the central banks of Japan, West 

s 21 7oi by the Post Office under the is even greater than usual °f some psychological benefit to Germany and tbe UK are curbing 

f ai sslaame of Prestel. is a system interest in the next meeting of foreign exchange markets. their intervention on behalf of 

E 2? 25 1 which offers viewers a range of the Fed’s open market committee Dr. Leonard Santow, economist the dollar so as not to threaten | a ~‘ 1T ,h r mm mq- 'pnim-a'iiv 'm rimunri rV ' n - 1 . 

computer-stored information on which wii lsct the cenSjbank’s at J. Henry Schroeder Bank and control of their own domestic 

a modified television screen. stratgy on interest rates for th® Trust Company argued that a slip money supplies. (•- - - o ihb Financial Tunr 4 znri 


S 4 ^ n. ot Man v is su! computer-stored information 

i- 73 c— ciown - - f— F air, s— simny. ft— Roio. | a modified television screen. 


.'i