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Full text of "Financial Times , 1978, UK, English"

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Gold up 
$ 1 * 

in hectic 


By David Buchan in Washington and John Wylesin New York 

By Peter Riddell, Economics THE INCREASE m average The earnings figure may drop 
Correspondent earnings in Phase Three of . the because the index is not a cumu- 

Governraent's • pay policy looks lative series, but is derived from 
THE DOLLAR rallied modestly likely to be only slightly above a series of “snapshots" of eam- 
in response to President Carter's recent official expectations, in ings -at particular limes. ■ Earn- 
statement after a day of sharp spite of sharp monthly, fluctua- ingsin July will fall if the level 
fluctuations . Hons. ■ •- . -of bonuses and back pay is, as 

| Dow Jones 
I Industrial: f 

$ against 
v Swiss 

HBaSaSS^ • W\LL STREET < cored vide- statement alter a aay oi snarp spue or snarp monmiy uuciua- mgs m July will tail it the level 

^ ^ ^ns in ««« President Carter responded yesterday to the gathering sense of crisis in the ^‘"‘reported that trading a month to g0 . officiaJs SUSM? «Sf ifSA “ 

Another nine workers at the ln mpnm * Car foreign exchange markets by calling Oil his top finance advisers for recoin- conditions were hectic ^ and m Uniidenf ^t earnings, will Over the last six months a- 

Aldcrmastnn atomic ucapons mendatiOflS to Strengthen the ailing dollar. i£ V £? have risen by no more 'J»n 14JI large gap has developed between 

modest and liw late nsc in tue npr efint at the end Of txie wai?G thp arnwth In averaep PAminPt 

rr,onr,h n« fa hi,.h n . P n, h», I I Alarmed at the intense selling r p T , A r 2 -5rsww h mbcs pms dotiar mainly represented £J nd . “V and K Vate of lSon 

which has seriously weakened W“V defensive marldng-up, as Thk i» pIimp in th» 14 oer cent — . , — .. 

_ $ against - SUi«f e wlde deaUflg Kr^oS'U" 

h -™ u..,™, f ■- \ Swiss SI 

&tS8WSTtS * / KffirSST' W L jjJ! ~\Franc - {--*«& tX TtZ STfiSSK""^ •„ ^ 

mula^d’' d lc?ch lh 5'f h pll.iomum 850 " a AR J\ A brier While House stale- . Ti ~ erratlc conditions and hi the ^S^IrtSSpfl SpSntont- The higher rate of earnings 

V I! ahnve infern a Mn na I U re o" Jl! M \ $ menf sald that Mr. Carter was -6 - V V- - 2-0 limited extent oF the Increase Z w earnings for «?“ ,d •**« feeding through into 

b * F* \f deeply concerned about “the _ OoSSar \L UA *" the U.S. currency afler the gTwtote Sy “!Hy 145.^ before “» eod of * e 

, _ . . J r f sharp decline in the dollar and . i— Ik/-. _ statement. npr -ent in the first 11 months Jear - 

The Mmijiry of Defence has 80c _J? disorderly market conditions." '8/.— |- | /• f \ The dollar still closed at below “f T p£se 'SuS? ud to Jane. The earnings index rose to 

In r m £.in?R ? ?h1 h I In the month Since the Bonn - 2-"3£5S U * Tuesday evening's levels in <* ptiase iairee ’ up w 133.1 in the 12 months to June 

L°* ,c L J economic summit, the dollar has \ _ \ Europe even after the late rally. u, .. 0976=100, not seasonally 

rmtrnrptin" whnt?hodi- "raHii* f f^n hy ,2 ‘ P er «"t against -10i I- ^ | The rate against the D-mark was Swollen adjusted). In May the figure was 

m tcrprctinsw hole-bod j radia- f m the Swiss franc and B per cent - L L DM1.9450 after a low of ^ wv 129.4. 

750 APR MAY JUH M AUG against the Japanese yen . , . , . I DM1.9270 and a previous close This figure is ex ^ ct *L,i2 An older earnings index, cover- 

ri-nr* and can Sui lun- and staternent brou P" 1 somc ‘ 4 s ow p j f m a m j j a ^' 5 a s a a b j f m a m j j a DM1955 °- . decline thei^onmperlod ^ llra workers mamly in pro . 

bon^ cancer ° jers concern over the dollar, comfort to the New York foreign m 111 U21 _ m J M J A Similarly, the dollar finished because the June total was ducUon industries and part of 

bom cancel. lers conccrn o'er exchange market where ihe 0 . .. . r . ~ 7T “ down on the day against the swollen by substantial amounts thc servjce sertor rose 16.5 per 

Mr. .i-hn Du osier, nuclear anil Ihe Dnu .Tone*, average pnt doUar rose asa { n!S( t | ie west Ger- . B “ l lhc v '® w ° r n } ost observers red and other central banks, say- Swiss franc at SwFrl.5SS7J, com- of back pay and bonuses. - rent ln uj,* vea _ t ’ j une t o 333 S 

safely dirccior with thc Health on 7.45 to K94.nS. a new closing man mark the Swiss Trane and J* that confidence in the dollar, ing that greater Intervention in pared with a low of SwFr‘l.5700 When these payments are dis- (1970 = 100 seasonal^ adjusted) 

and Safely Executive, said last high for 1978. the Japanese yen. which in recent days has fallen the markets buys time, but little and SwFr L6065 on the previous counted the rise in earnings over jj, May tha j nde *. wa‘s 327.2. 

ni^ht that ihe plutonium levels . Early yesterday afternoon 10 record lows against the else. day. the first 11 months of the wage The older index has risen more 

so l?r measured "tin not seem • closed a record ,h Cre were preliminary indica- Japanese. West German and Pressure on Mr. Carter to Gold also closed higher on the round comes to about 13.3 per t j, an the more widely-based one 

!o me 10 be somethin': we should level of S— 141 in London a nsc Lions that the Fed was contribui- Swiss currencies, will be restored intervene in the money markets day in the London bullion mar- cent. because production workers have 

he worried about. Pa?c < „f sij—anrf in New 'orb the ing to thc defence or the US only by measures going well has rtme mainly from abroad ket. up Sll an ounce at S214J. The payments affecting the b« en able to take advantage of 

Cnmcx August settlement priee currency by pushing up short- beyond what the Administration and from the New York market Sterling finished 20 points up -June total included bonuses for productivity deals more easily 

CIO i son was 3212.fl0 (S212.60). term interest rates. has hitherto been ready to mu n3gers. not from Congress. overall at S1.9760 after a peak or banking and insurance cm- than the service sector, 

wamiwii There was no indication last contemplate. Mr. Henry Reuss, chairman of S1-9S87* and the trade-weighted ployees and backpay for con- Basic weekly wage rates rose 

vif'+im fiitfAc; ® EQUITIES recovered early night of what steps might nc The Administration has been the House banking and finance index fell 0.1 to 62.6. struction, chemical and raflway is.1 per cent ln the 12 months 

vtVriBkii losses on good news of Tube taken, in advance of a Press con- reluctant to make any wider use r n n*im.M . n R a .b The market has been watching workers. Officials estimate that to July to 262.6 f July. 1972= 100). 

nnc nr ihe four pensioners investments half 'car figures, ference the President is due to of the various “swap” arrange- on 1>acK “S* closely for any indications of about a third. of the 2.8 per cent The index in June was 262.3. 

poisoned after catina a tin of Thc pj Qrdlnarv index closed hold lhis aIt ernoon. ments which exist between the Economic. Viewpoint, Page 18 U.S. attempts to try and halt the increase in earnings between This index covers only nationally 

Another nine workers at thc 

AJdcrmastnn atomic weapons f g50 
research establishment have 
h«*cn transferred to radiation- 
free jobs, the Ministry of 
Defence said yesterday. g0 Q 

Three women laundry workers 
have already been transferred to 
radial iun-frec jobs, after it was 
discovered that they had accuni- 359 
ululated levels of plutonium 
well a hove internationally recog- 
nised safety levels. 

Thc Ministry of Defence has Drtn 
called in the National Radio- 
iogiral Protection Board, which 
has con.Mdernble experience in 
interpreting whole-body radia- 
tion measure men ts. Plutonium is 750- 
rhe world’s mo* 1 deadly sub- L_ 
nre and can cause lung and 
bone cancer. (er's 


mendations to strengthen the ailing dollar. 

Alarmed at the intense selling q 
which has seriously weakened yv“V j | 

ihe dollar against all main nr“ p* 

currencies in the past two weeks. ^ _ 1 \L. -j ' 

the President mel Mr. Michael \ | 

Blumentbai. Treasury Secretary. — r , 

and Mr. Wiliam Miller, chairman -47 — V -j . i — 1 

of the Federal Reserve Board. ' _ ln\ Ay 

A brief White House stale- w 
menf said that Mr. Carter was -g’.' “ 9 

deeply concerned about “the _ ftnlljir 

sharp decline in thc dollar and 
disorderly market conditfons." ~8>: — 

In the month since the Bonn - 
economic summit, the dollar has .... _ «»*»«• 

fallen by I2J per cent against -*”4 
the Swiss franc and B per cent — 
against the Japanese yen. ,,,,,, 

The statement brought some '^'-Vs oiiojF mam 

„r; s concern nver .hr 

1977 1BTB 

A s ,5r," DJFMAMJJA 
}9T > 1971 . 

Salmon poison 
victim dies 

An •»*>' 12 rtflvin *t 510.0 after | 
inquest will open today into heil, ° a bf“t 3 points off at 11 
the death of Mr. Jesse O'"- 

Fanner. The three other hotu- ® r .fl TS trariPri miietlv and Hip 
lism victims arc still in a critical 

pnndilion in East Birmingham ^" ot e , n V l l^ n * ®, e 5» nt 
Hospital's intensive car unit. eased 0.06 to 1 1.09. , 

The four were admitted to hos- * STERLING traded »verv 
IfViSS? erratically on the forclgd «- 

thP LOTllOIltA Of 3 tin Ilf 53 1 111 on, (•hanmn tnarbnfc nlnkinll 911 

Thousand* of Lins of suspect W.? 

*a1m«n were later cleared from P° ,n,s u P 

supermarket shelves and an in- ' c “ 1(1 s -- 6 (62.i). 

vestigatinn was launched to find _ T»p A? sr*j 

how the salmon was contmui- A vTr_.f r . ,!f! d CUj T e , nt 

of the various “swap” arrange- 00 “S* closely for any indications of about a third. of the 2.8 per cent The index in June was 262.3. 

ments which exist between the Economic. Viewpoint, Page 18 U.S. attempts to try and halt the increase in earnings between This index covers only nationally 

decline in the dollar. There is May and June was caused by negotiated basic Tates for manual 
considerable scepticism about these payments. workers. 

__ _ mere statements of intent after 

Russian approach to ICL 
after U.S. computer ban 


FLO blamed 

Iran hns accused the Palestine 

the failure of the currency swap 
packaee in early January to halt 
the fall. 

The authorities Ln other major 
western countries have made it 
clear In the last two weeks thai 
it is up to the U.S. to take an 
initiative before they can pro- 
vide support. 

The recent non-intervention by 
central banks In the txehange 
markets has been seeo by dealers 
as a deliberate policy, which 

Slower growth predicted 


A FURTHER pointer to a slow- 
down In th&rate of economic 
growth from the .end' of this 
year onwards i*. provided- by 
new official flgtffcs published 

account surpluses fell in Julv. THE SOVIET UNION is turning tries with large computer com- application -had been made from could not be continued .. inde y^jterday. -Jl 

and after seasonal adjustment >«s attention to international panies to co-operaie with its ban a UK company for. an export finitely. _TUe Conti^fc-;. smttstftai 

Japan's basic balance was almost Computers Limited .(ICL) of the on the sale of a system to Tass. licence, so the question of its Consequently there has been Office s cyelitul indicators tot- 
in equilibrium. Back Page — - L ' - — ' ' * * — 

equilibrium. Back Page lT} \ aS a possible alternative sup- However. FCL is likely to be of attitude to the 1 U.S. request was speculation about any meeting 

plier of a machine for which the particular interest to the Soviet ‘'hypothetical."' which might produce a new 

U.S. COntTANIESi operaUng m U.S. Government has refused an because it is one of thc few The response from other initiative. For example, the 

uth African have been told by export licence. companies in thc world which governments was similarly dollar Fell at one stage yesterday 

the UK economy, which point 
to future changes- in the level 
of activity, suggest that the 
pccsenl up turn-.: . may ran. out 

1 ihoratmn np"ankation nf heln- T "i'ibo hi u.o. viuv^-riimsui uas reiutxfu an Decause it is one of the few me response rrooi otner initiative, ror example, rne ~ 

•in^ in foment the latest anti- South African have been told by export licence. companies in thc world which governments was similarly dollar Fell at one stage yesterday present uptum- may run. out 

-nvernment pints still fiarin" ^ in ^fir Government that it is con- The refusal was made by Pre- could Tulfil the order for a large guarded. The French Foreign because of the absence of any of steam this winter. 

Sverx 1 towns in Teheran irmS s,derm S softening the embargo sident Carter's administration in system without U.S. or Japanese Ministry said yesterday that as statement after consultations in • Tins rein forc ea -fo e mewage 

S,h hiSnS Ked nitrelledl ih*» »«»PO*ed last February on the protest against the jail sentences support. a matter of general principle, Berne between Switzerland's of forecasts* mtb as 

mam hii/.iar after «hookeeners s “ p P 1 *' of goods and tech- recently passed on Soviet dissi- Siemens of Germany markets the sale of material for civilian sven-man coalition Cabinet, the yesterdays National Institute 

*inpncd work in nrnicst at the nical J d, V R ,0 ,he J Sou fo African dents. He blocked the sale of a a Japanese machine for the top uses was not subordinated to Federal Council and the entire q ^Tf rly . . 

1=5 d«?h« in hi week-VrioN ^ mcd Iorccs and poLcc ' Back ^»n»P»*«r by Speny Umvac to end of its range, while the political consideration. directorate of the Swiss National ■vM jud .^. : pn«pert of 

10 acams in I.1SI weeKs now. pa CC Ta*s. the Soviet news agency. French company cn-Honeywell- The spokesman said that Bank. stagnant witpot and rising 

Han^ines delSLV , The . . sal ° * as previnuxly Bull is 3 joint venture with the technical or security ' consider?- 

c " t - T"7__ a. c eared by the Cocom cnmmitlee U.S. enmnanv Honevunii inform. mioK, h„ h.iH for a significant measure of 

Ta*s. the Soviet news agency. French company cn-Honeywell- The spokesman said that Bank. 
Hanvinss delay . TIie J u sal ?. ^ vas previously Bull is O joint venture with the technical or security consideRi- - 

a 45 ? roi'flivo cl ®f" d b , y thefUtm committee U.S. company Honeywell Inform- Uons might be held as valid . . ^ YnrJt 

Thc Cyprus Supreme Court has JUU.F !> IU X cLCIVt which vets technological exports ation Systems. objections to such a deal. • r m New rnnt 

deferred until September 3D the from the West to East for ICL said yesterday that it In Bonn West Government i 

execution or two Palestinians f]4»ji SCttleill0nt w S l ?, ty • n,p l\?f t j?c S ' w ”L ,ld be Prnpa red to supply a spokesman ' said a’ derision on “I- 

convicied or niurdenng an Egvp- oviutiiitm Following the U.S. Administra- suitable computer to Tas s if it the- Carter Administration's - i 

linn newspaper editor. The * LONDON & OVERSEAS tio " ,s «**ctelon. Soviet officials was asked to do so. hut would reqoest^'for solidarity would not \ *i.«mwd 

delay will allow their defence Freighters is to receive f 14m for ?i a T d ® ,fw ,!h SJL v ®, ,o rtI ? nnf0nn t0 UK Covcrn * be bade unUi a German com- 1 ZSltL KSi il «?. 

lawyer to appeal to President its nationalised subsidiary Austin ll!f fnrmnf rpoiipll e j pa ny asked permission to export *'.»«3o<ih 

K>-pri:tnou to commute Lhc and PickcrsgUl Back Page yesterday that 00 formal request Thc Foreign Office confirmed a rdmouler _________ 

sentence. ^ ' had been received from Tass for yesterday that it had received a Kdt#„H a i rnmmenf Pasp 18 

9) BARROW HEPBURN has been the supply of a system. request from the U.S. Govern- "S™"* 1 uommeni, rage 

Dental fees up lold by accountants Wbinney The U.S. Administration has ment tn ban the *ale nf a com- Uj». may ease &oum Ainca, 

. , Murray to expect pretax lo«e-. asked ail governments of coun- puter to Tass. But it said no Bac *' ^*5® 

Patients dental charges for pf Wi2m frDm it s Glasgow hid,- J 

r in New York 

— ! Au*. IS 

•jpnf £ 1 .8641X9050 
1 nrnnlh .lit. 

* mnnt be I.4S-U7iU» 

OJfrO.49 ill* 

4 .70-4^0 >li« 

unemployment In-. 1979 called 
for “ a significant measure of 

The composite "’1 hides of 
longer-lending indicators, which 
looks ahead an average of Just 
over a year to nifntng points in 
the business cycle, fell In July 
for the ninth month- running. 

Although thl$ -Index is 

heavily Influenced in Che short* 
teem by share prices and short- 
term interest rates, the down- 
ward trend is new so clearly 
established as to suggest the 
start of a Blackening in growth 
this winter. 

Monetarists would draw a 
similar conclusion from Indica- 
tions that the period of rapid 
growth of thc real money 
supply (that is after adjusting 
for Inflation) has now come to 
an end-. 

A more tentative pointer is 
provided by the composite 
Index of shorter leading 
indicators, which looks ahead 
an average of six months. Hi is 
fell slightly -In June, for (he 
first time since last October. 

The cyclical indicators have 
to be treated with a good deal 
of cantien because, of fluctua- 
tions and later revisions to 
their components which con- 
sist of a series of economic 
variables and statistics. 

Dental 'fees up Lold by accountants Wbinney 

_ ■ , . . , . . , Murray to expect pretax lo«e*. 

Patients dental charges for pf £4i j m from |bj & as30w hil1 „. 

™"rTJ 'Fv tm hn'l , n, r ' J * J* dealing subsidiary where dcicc- 

, n n ^ f «’rrSm n Hvcs hav ® ^cd called io. Back 

up lo a tn.4\imijin -5 riom Ociu- 

her l Lhis >-rar. KC 

__ • DEPARTMENT nf Emoloi- 

memphis looting meni is to ask Associated Tele- 

Loot, ns broke niu yesterdav i^ f nn n I?. r j c,:,nK 

during' a tun-hour blackout in a,varded '° L h ° rd r 

.Mcmpln.. . Tennessee. . Mere 

U.K. banks near agreement on 
finance for China exports 


cau%di , 'bv , Mbotu''c” bwausc «f its inability io pay RRIT1SH BANKS arc thought Merchant hankers Kleinwort Ben- that ( the SlOOm deposit was an 

■ * ,hcm fdenuaicly. Page 6. to h P c |ose to agreement on son. whose chairman Lord initial sum 

Rriisflv • BRITISH tnnrwis sD«»nt more ^posit arrangements for Limerick was on the mission, (t-Js thought that thc deposits 

orieriy • * • 1h - n £4 l->5bn on hoi ida vs h r Snancins UK exports tn China, said yesterday ii was involved in will be made for a term of 

Pnlirp sralrri nff pari of inmunjl home and overseas in ' \vT7 negotiations are successful, talks with the Bank nf China. between eight and ten years, 

onn , # i Heathrow jesterdsy after according to tourist board siatis- L,n . vd * ®. ank International, in The schemes are hacked hy It ts n or known at what rate 

a man * body was fnund wedged n cs p aw 7 partnership with merchant t he UK. Export Credit Guaran- interest will lie fixed, although 

in an air v**nl. hankers S. G. Warburg and tee Department and it describes the.aflrced minimum for Western 

Thc Solomon Island* has applied C0MPAH1ES Standard J Chartered will them as an interim means of povemment-backed 

to hrconie ihe 190th member r,f w worn wobth i,« a ™ue tn deposit SlOOm with exlending credit to the Chinese, developing countries is 7^ per 
thc United Nations. R ,T^Au. T11 c ad ? ,hc Bark nf China to cover con- Unti! recentlv, China has cen h China 

in an air vcnl. 

Thc Solomon Island* has applied COMPANIES 
to hrennip Ihe ISDIh member r.f A *? w wnr 
thc United Nations. TJ 

T 11-T M.,u« IJIP isaPK ni ,mna ib cover ran- Ti nt ji rprnntlv rhino h., cent, nowerer. uuua 

rr IL n fi c„ n H„ T, m j ,,p !he £lm .shortfall of fhe fir^i tracts with British exporters. rarely sought 'credit "and b i t at the 'week-end that Japan haa 
pule with members of thr&wie^ n, a header ^eri? * montS" S and" °‘ Veil n^^nTeroationJM^n'S? bureJ' ’"o* schaneB^currently 

£,2 - 5Sm - 21 and ^ «FS£ kV^ BriUh ?r ma ^ d “-nt! pan.v because being' negotiated 

PV-S * • TUBE INVESTMENTS pre-fav 5r 

Pag*- S 

TIip ILS. hallnon Double Engle 

allcmiding an Atlantic crossing , 1 :l rt pcr 'T-- 1 ^r^riT- V" 
flew ever lhc Irish mainland at »??* 111 

* anvancco vy viaii 10 wins credit agreement, panly hpcause DetJ,s , 

• TUBF INVFSTMFNTA nre-Mv week of a British trade it has on (aw to cover such agree- tot pff> vide finance for IndividpaJ 

p rrfi (* f nr 1 hr fiTsf hit f n( irl mission led hy Mr. . Edmund mnnts. ennttacis worth S5m and above. 

Ki w °Jr ^.oS;* in £31 4,n t Trartc Secretary. Under the deposit arrange lf th f UK . ^ ns {or 'ZZ 

inSoaid X of W3 m Thc Chinese made clear they mrm, the British banks would Urge, projects, however, other 

(K9S.Hi,,) nine 3fl and Lnt ' ' ' , ' crc pr ? da " d tf ? P 1 *" ,ar 5« comply with requests in make cr f^L,! , "f s WI,J have to be 

order* wrlh Bntish industry. deposits tn the Bank of China established. . ' 

• NORTHERN ENGINEERING A« many a.* 10 other British which would then be used to pay ra,, y ,n S call tq nation. 

11 o'clock Inst night. <n9SB, ">- *•** 20 and Lcx 

Thc U.S. House Of Rcprpjcnli- ® NORTHERN ENGINEERING 

lives has Allowed women's rignts Industries has won a £4ni turn- ft^nk.s are thought tn be ncqottat- suppliers, 
pro ups another 39 months to try c n ntraci for enuinmem fur ing similar deposit arrangements. Lloyds I 

contract for equipment for 

to gel ihe Equal Rights Amend- a new rail carnage factory tu 
nirni inserted in tbc constitution, he hullt in Iran. 

Pa?c 4 • UNILEVER is raising a SStn m 

man wearing a gorilla mask multi-ciirrcncv loan tn pay fur 
and armed with n billhook its acquis I lion of National Starch 

Lloyds Bank International said 

! Page 3 
Romania visit. Page 2 


European news ... 

escaped with about $$.060 after and Chemicals Corporation of | American news .. 

raiding a Japanese hank. 

lhc U.S. Face 21 


(Prices in pence unless otherwise 
indicated 1 


British Aluminium ... 795 +• 2.> 

Brown I.M -W + U 

Fenner fJ. ID “ “I 

Nwmark (L ) 21a + 10 

Tube Invs f-? + ? 

virkers *2* t ■’ 

Yoyper -Jjj : 

Y'adcs A • ” T '*? 

Ynrrnw • ; ■££ 7 1> 

Confine Rintinm . . -00 + fi 
Tronoh “ , * 1 + } ' 


.Mirren m Invest. .. 1J2 1" 

B'l! (A l - B 

Challenge Curp 


•lard me Malhrson ... 
Johnson Go. Cleaners 

L and P Pnsicr 

Melody Mill* 

Mills and Allen 

More O’FerraH 


ti’cal Elect 


.■s.iinsburv f.l.) 

•Sedgwick Forhc.s ... 

Willis Falv-r 

SicFn-ns iLTv) 




Ovcreas news 3 

World trade news 4 

Home news— general 6-7 

—labour 8 

Spain's motor industry: 
Nearing a crossroads ... 18 

Economic Viewpoint: 

Thc decline of the 3 19 

Business and the law: 

Room for dissent 16 

Terhnical page jS 

Marketing page 15 

Art? page 17 

Leader page 13 

UK Companies 20-21 

Mining 21 


The Japanese throat to 

Harley-Davidson 22 

Behind Uie (jueensway bid 

in Hong Kong ... ’ 33 

The Highland Board’s job 

Creation plana 23 

Independent Namibia: 

JntL Companies ^ 22-23 

Euromarkets 23 

Money and Exchanges 24 

World markets 25 

Fanning, raw materials 26 

UK- stock market 27 

Rosy prospect 2 

Western Sahara dispute: 
peace moves fading 3 

Central American banking 
and finance 29-32 



^fcotek Whi,L 

EJ^-nrcn ■«! 


hW 1 ’— — 

Appointments U 

Appointments Advis. 16- LS 

B«e Lredlnv Rotes 25 

Kooks 14 

twlne« Onpu. A 

Cmimthi 13 

Crass we«J lfe 

ecoooimc inKIcaitro 
Emertalnnient Cutdc 
Epro-oatloni . 
FT-Aomries indices 



Lombard ....... 

**n and Matters . Ji. 

Radns U 

toare tirformauon .. JM&'- 

Today* events W- 

tv ih Radio 1b- 

Unlt Tneti • I3_- 

Weattwr ' ». 

For latest Share Index 'phone 01-346 S026. 

Brit. Alum In lam . _ . 3 
Dreamland Elect. ... 36 

Tlpcr Onto IV 

F W. watlworth .. 39 


CSR Ud 23 

Town and City Prop* 9 

A<o.$ (y> tj 

; m 



i HI 





I flWtflAH I- 


1 fe#- 

i M*s 

t SSSSs-Vs. 



: /Financial Tnttcs; Thiusday August 17 1978^ 


Aid for 





Rosy prospects for 
the economy of an 




By jimmy Bums 

LISBON. August 16. | 

*' IF 1977 was the year of i 
politics, 197S roust be tbe year 
of economics. There is no longer 
room for ideological or political 
fights.” The maxim could have 
come from Portugal’s new tech- 
nocrat Prime Minister, Sr. 
Alfredo Nobre da Costa. It was 
said, however, more than five 
months ago by Dr. Vitor Con- 
.stancio, the theo-Minister of 
Finance, who this week, as a 
member of the Socialist Party, 
refused to participate in Sr. da 
Costa's government. 

' So embroiled has Portugal 
again become in ideological and 
political fights that the country's 
pressing economic problems and j 
the need for a solution to them 
have almost been forgotten. They ' 
.will be called to mind, however, ! 
•tomorrow when Portugal signs a 
’SSOOzn medium-term loan agree- 
ment with a consortium of inter- 
national banks. 

The loan, pledged by Amex 
Bank, Baqque Rationale do 
Paris. Chase Manhattan Bank. I 
Drcsdner Bank. Industrial Bank 
of Japan, and Manufacturers Han- 
over, is the result of the second 
major operation this year by Por- 
tugal In tbe international finan- 
cial market. The loan will be 
used to finance Portugal's i 
balance of payments deficit, and 
to belp restructure tbe country's 
short-term debt. 

External debt 

I J \ 



by - Bernard simon u* Johannesburg 

A STORY 1 doing the rounds in- are equally compfUJoSf. P** 1 SJjLSj 
Windhoek tells of a prominent tteatarlv if politico uncertain- 

right-wing politician well known ties and a relative^ high infla- niuro projMt ha e tra , 
for his view that an independent ti on rate continui to put and that toe JW™ *2"™ 
Namibia (South West Africa) pre**^ on the Sooth African MS £ 

should retain close economic ties rand. ... , nn^ns tbr 

with Soato Africa. Like many Although the iire ?" “ £ K? 1 f S& 

other Namibian whites, however, Namibia's foreign wad® erf Wind 

the man also happens to be a mem that its curacy would 

cattle rancher. Asked whether have to be pegged to the rand hock. *rgalM Strong 

his belief in these close ties for comparatively lims stretches deposits 011 toe 

extended to his farming (about 90 per cent of Namibian Namibian coast, 
activities. he supposedly consumer goods . imports come A surge of prospecting activity 
exclaimed that, in this respect, from South indepen- is expected wben^ tia former 
the sooner Namibia broke away dent currency coulc improve the black “homeland .areas are 
from its southern neighbour, the country’s chances of attracting opened to watte raining corn- 
better. foreign investment. pomes, probably within the next 

The question had reminded; Despite Pretoria s contention few weeks, 
him that the South African auto- in the past that he Namibian Although many strands of 
critics currently restrict each, economy would ho badly narinea xannhia’s ties with South Africa 

Chairman Hua Kno-feng, on a visit to Romania, at a ceremony with President Nicolac Ceauseseu In Bucharest. 

Hua given big welcome in Romania 


BUCHAREST, August Ifi. 

At the beginning of the year, 
Portugal external funded debt 
'debt arranged for a maturity of 
more than a year) amounted to 
Sl.Tbn calculated at the then pre- 
vailing exchange rate of! 
■Escudos 39.7 per dollar. OF this.! 
* 8808m was direct debt of the 
republic and tbe remainder was 
debt guaranteed by the republic. , 
Portugal has continued to! 
‘ borrow throughout this year.; 
. notably a S70m tranche loan! 
from the International Monetary j 
Fund in May. which, in turn, | 
opened up S750m worth of credit j 
. from a group of Industrialised j 
countries. The previous large | 
loan on the Euromarket was! 
signed last month: $150m lead 
managed by Westdeutsehe 
Landesbank Commerzerbank. 

The fact that tomorrow's loan 1 
is being signed at all in the midst 
of what some commentators 
consider to be one of the most 
serious political crises here since 
.the revolution of April’ 25. 1974, 
.indicates that foreign bankers at 
■least have still not totally lost 
confidence in Portugal’s ability 
to survive. 

. A measure of confidence was 
undoubtedly restored here during 
thet six months’ socialiat-conver-! 
:tative governing alliance which! 
came to power, facing a balance-: 
-of-payments deficit of nearly j 
S1.5m and an inflation rate for; 
1977 averaging l 1151 above 27 per i 
‘bent. . 

. ' For all- its contradictions and 
’ hesitance, the alliance almost 
from ■ the beginning convinced 
'’.international opinion that it 
'could get a great deal more done 
' on the economic front than the 
'.previous minority Social ist 

.■government In March the Gov- 
ernment implemented a budget 
and economic programme for 
. i97S which almost to the letter 
•.followed. "thet fiscal and monetary 
"pedicles suggested -^bv. -the 
■■Organisation for Economic Co- 
operation' and Development in 
its review .of the Portuguese 
economy published. ; at , the 
beginning of the year.;.- y 
Significantly, the- alliance. 

' which was criticised by some as 
'being dangerously conservative, 
.succeeded iii swinging the Com- 
munist-dominated unions behind 

- a strategy of passive acquies- 

- Sencte in the Face of a wage 
ceiling of: 20 per cent As a 
"result, Portugal, during the -first 

.‘■six months of this year, experi- 
enced fewer strikes than nearly 
any other European country! 

Joint venture 

MORE THAN 100,000 Romanians 
gave a carefully stage-managed, 
yet genuinely enthusiastic, wel- 
come to Chairman Hua Kuo-feng 
when he arrived this morning 
in Bucharest on the first stop 
of his historic European trip. 

He was met at the airport by 
Mr. Nicolae Ceansescu, the 
Romanian President. Although 
no arrival statements were made, 
the welcoming editorial of iden- 
tical texts published together 
with a large photo of the 
Chinese leader on the front 
page of ati Romanian news- 
papers today provided some 
significant political pointers. 

It praised China's “ important 
and active role in the fight 
against imperialism, colonialism 
and neo-colonialism, against 
every form of hegemony and 
oppression, for freedom and 
independence of the people, for 
peace and progress in the world." 

The editorial expressed the 
conviction that the Chinese visit 
will not only contribute to closer 
bilateral co-operation hut also to 
common action in the inter- 
national field. Observers regard 
the article as an Indirect but un- 
equivocal rebuttle of the recent 
attack by the Soviet Communist 
Party newspaper Pravda on 
“Chinese warmongering aims" 
in the Balkans. 

Chairman Hua and Mr. 
Ceauseseu spoke out tonight at a 

dinner in favour of intensifying 
Rbmanian-Chinese collaboration, 
but made no reference to the 
Soviet Union. 

In a relatively low-key speech. 
Chairman Hua warned that 
imperialism and hegemoufem 
(the code word for Soviet expan- 
sion) were spreading their arms 
in Asia, AFrica, Latin America 
and Europe, trying to infiltrate, 
to undermine and to undertake 
aggression against some coun- 

Mr. Ccausescu said Romania 
sought friendship with all Com- 
munist countries, based on the 
principle of equal rights, respect 
for national independence and 

Bolb speeches are regarded by 
observers as deliberately 
moderate in tone and content. It 
is understood that the Romanians 
specifically asked toe Chinese 
guests to refrain from any allu- 
sions which the Soviet Union 
might find offensive. 

Western diplomats thought 
today's reception for Mr. Hua 
noisier and more colourful than 
that accorded the Soviet Presi- 
dent, Mr. Leonid Brezhnev, in 
1976. but did not necessarily in- 
volve larger crowds. Romanian 
officials quickly pointed out that 

the abundance of folk groups, 
bands and gymnasts was 
organised in order to match the 
spectacular welcome which 
greeted Mr. Ceauseseu last .May 
in Peking. 

Like other important visitors 
to Bucharest such as Presidents 
Nixon and Ford as well as Mr. 
Brezhnev, Chairman Hua was 
handed the symbolic key to tbe 
capital. He also joined Mr. 
Ceauseseu and the usual group 
of young bays and girls dancing 
in traditional Romanian hora. 

Formal talks began this after- 
noon on unspecified bilateral and 
international issues which 
apparently included increased 
economic co-operation. Chair- 
man Hua is accompanied by 
eisht high officials, including 
Chins Teng-kuei. Deputy Premier 
and politburo member, Chao T/u- 
yang. non-voting polithuro 
member. Huang Hua, the Fore-sn 
Minister, as well as two dcj<u\v 
ministers, in charge of fnreisn 
trade and the engineering 
industry respectively. 

• A number of bilateral agree- 
ments are expected to be M-med 
on economic and technological 
cu-operation. A lon^-tcrm 
economic agreement was eon- 
eluded in May during the 
Romanian ' President’s vi«M; io 
Peking. The two sides are now 

likely to agree on details of the 

On Friday. Chairman Hua will 
tour the oil centre at Ploesti. and 
visit a plant producing high 
quality drilling equipment. This 
visit supports evidence that 
Romania is willing to increase its 
deliveries of drilling equipment 
in return for Chinese oil; 
Romania’s crude output has 
stagnated at some 14m tons a 
year and tbs country is having 
to import growing quantities of 
oil. i 

Romanian officials refused to 
comment on speculations among 
Western diplomats about growing 
Sino-Romanian co-operation in 
military hardware. Romania has 
acquired a dozen or more 
Chinese-built gun-boats and pat- 
rol boats. 

David Salter writes from 
Moscow: Pravda today quoted 
ihe French newspaper. Le Marin, 
shar the visit of Chairman Hua 
to Europe has “an openly anti- 
Soviet character. Pravda made 
nu official comment u( its own 
but the Soviet Union often 
quotes views with which it 
agrees before taking a definite 
position. In this case, it may be 
moving cautiously to avoid 
antagonising Romania or Yugo- 

China grain output Page 3 

rancher to a production quota 
of a few dozen carcasses a week. 
Pretoria controls the prices at 
which these can be sold, and 
any exports outside South Africa 
require perm ission from ' toe 
South African Meat Board. - 

The frustration of Namibia 1 * 
cattle farmers illustrates tbe 
growing awareness in the 
territory that a gradual loosening 
of economic links with Snath 
Africa could be to Namibia's - 

Black nationalists, especially 
the South West African People's 
Organisation (SWAPO) have < 
maintained for years that Pre- 
toria has ruthlessly exploited the 
territory's human and natural re- 
sources. A South African re- 
searcher. Miss Sue Collett, 


Srwtt«*»P 5 1 



& Aami'l Botswana 

\ ISlV AfrWl f. _ 

Rob. or 
South Africa 

— - arc dispensable, it is widely 

-. zomtua recognised that the country will 
only be able to re a Use its hill 
economic polential relatively 
cJrM x soon after independence « toe 
St** confidence of private enterprise 
is maintained. There is alrdcay a 
trickle of whites leaving the 
tsw«na territory, and widespread 
nationalisation would inevitably 
- accelerate the outflow of both 
/*-*■*' skills and capital. Particularly 
hard hit would be the civil 
service, which currently employs 
Burt**-, about hair Namibia’s while 

Should a conservative party, 
Africa such u* the Dero oera ticT u ro hal J ** 
Alliance, come to power, its puli- 
cies can be expected to favour 
private enterprise- It would. 
' ' <* however, bare to do a lot more 

agrees In a recently published .. . , . KnIH to develop the primitive, black 

critique that many South African toe isector of the economy, which 

policies towards Namibia have Africa w ero pu lie d a w-ay,! t is has badly neglected. 

been ** paternalistic.” Jj* 0 ®* 1 ® ' ncn jjjjf 1 ? *fiS re 2! What If SWAPO wins the pro- 

She adds that closer ties be- toat Namibia would to fact be ^ clection? Alth0US h oui- 

tween Namibia and states such 10 f«nn awnK side observers give it a more 

as Angola. Botswana. Zambia JJJJ g”?* 1 f Th^ne conditio? than even chance, most Windhoek 
and an independent Zimbabwe toe ^ r f*- r ; c L£^J B f M »y businessmen prefer not ewn to 
“ may in the long run be prefer- ,s r f. i?!™ JS An tn consider the possibility. Their 

able to the existing situation.” %.f3i3Sf 1 must * be frequent use of epithets such as 

Even Mr. Charles Trnebody, the “L„r« nf “ Manrisf and “aotl-wWte” 

Director of Development In the Jjj® confldencB 0 g j ves a clue to the business enm- 
South African Administrator- fo rc>En ime.inrs. munitv’s perception of SWAPO's 

General’s office in Windhoek, Up to the mid-1970s, Namibia s j nIen ^ ons> as one leading 
says that tbe economy H is getting foreign trade balance probably CJCCCUl i V0 puis it: ” If they run 
strong enough to begin to stand showed regular deficits (official t ^ e ^ QW j t be difficult to 

On ItS OWn." na«nante fii'llrps for tht* tern* . .v._ <m 

payments figures for the terri- them.” 

tory have never been published.) w s^ TOral companies have had 

The South African connection ther e was a sizeable inflow S^sions with 

has undeniably brought consid^ of private C apltaL its transfers words 

able benefits to the economy in fif nr0 fl K dividends and SWAPO leaders, om in in« wore* 

the past. i„ the form of Infr.- .all 

stnicture development, cheap larppr K i,,!cot deficits amount- 2SS2 1 oT.r 


BOSjff. August 16L 

Mayor of Stuttgart and son of 
i.tbe wartime Field Marshal, today 
failed in his bid to become Prime 
Minister- nf the state of Baden 
Wiierttemberg in succession to 
Dr. Hans Filbinger. 

Dr. Filbinger (641 announced 
bst week he was stepping down 
after what he called a LeFt-wing- 
inspired campaign nf character 
assassination over his role as a 
j German naval judge towards the 
end of the Second World War. 

Dr. Rommel M9) decided to 
run fur the offiep. But today 
leading bodies of the local Chris- 
tian Democratic Party (CDU) 
agreed instead to nominate his 
only . rival, the State Interior 
Minister. . Herr Lothar Spaeth 
r 40). /If. is now considered cer- 
tain that -Herr Spaeth will be 
elected ' -Prime- Minister By the. 
states parliament wherethe CDU 
a eltar majority,, on- August 
30. - - - :: 

' The campaign for the_nomtna- 
tion. ■cqrrted' out in -a notably 
amicable atmosphere, with each 
candidate stressing the merits of 

the other, ended in a very close 
initial vote today. The party 
executive committee first decided 
in favour of Herr Spaeth by only 
14 voces to 13. The CDU parlia- 
mentary group then expressed 
its support for Herr Spaeth by 
42 votes to 27 for Dr. Rommel, 
with twp. abstentions. 

Herr Spaeth promptly declared 
that he planned fn large measure 
to continue the policies of 
Dr. Filbinger — who in 12 years as 
Prime Minister so strengthened 
the CDU's position that it gained 
56.7 per cent of the vote in the 
past State election In 1976. 

Dr. Rommel started the nomi- 
nation campaigns as the outsider 
but appeared from unofficial 
soundings to gain Increasing 
support Besides the benefit of 
a lamous and respected father, 
be had considerable charisma in 
favour. Bue be has also been 
criticised for adopting ultra- 
liberal positions. as Lord Mayor, 
.dnd; has been known to vote 
With, the' political opposition on 
some issues. 

-. For many In the CDU. there- 
fore, Herr Spaeth was toe safer 

though less colourful choice. He 
has been an effective leader of 
the CDU parliamentary group 
and Is something of an economic 
expert Buf he Is widely recog- 
nised to hive a hard task ahead 
of him iu rebuilding party confi- 
dence after the trauma of the 
” Filbinger Affair.” 

• A minister in the West 
German state of Hesse — which is 
facing an important election in 
October — today sought to allay 
public fears over the deport of 
poisonous U.S. chemical waste. 

Herr Willi Ooerlach, j the 
Minister responsible for enyiron- 
meotal questions, insisted i. that 
the dumping of the waste in 
disused salt mines in th&jstate 
would not occur again. 

Tbe state government argues approved storage of 300 
tons of waste at Herfa-Neprode 
in North Hesse, already used for 
disposal of similar German 
waste, after both U.S. and British 
authorities refused it. .. The 
Government says it acted from 
a feeling of concern and sense 
of responsibility. . . . 

Marxist asked 
to form Iceland 
Government j 

8 ? s ! , sh 2? ia ,5 e ,r COn1 ' while the South African rail- vanea 

nlerely broken. Mr. Wolfgang ^ and post officc abs0rb the toe audience. 

Thomas, a respected authority on sub ' stant i a i losses of their Mr. TihabaneHo, SWAPO'S pub- 
Namtbra .concludes In a. recent. Namibian operations (Miss llcity secretary, concedes that 
book that in the short run. -the,- (joiiett suggests a combined the organisation his not yet 
nes between Namibia and South sho ^aii 0 f RMm). drawn up an economic blueprint. 

Africa will not be severed, -pro- • „ steadily risine earn- and says that any tal kof spedfic 


By Jon H. Magnusson 

Turkey trade gap, inflation fall 

Perhaps . most important was 
the fact rhar foreign, investment- 
frightened off during . the Com- 
munist offensive of 1975. showed 
signs of being coaxed back. The 
_ most, significant pointer in tills 
-xe&pect was the S20in joint ven- 
ture. agreement signed in 
June- between Quimigal. . the 

• .nationalised Portuguese peiro- 
■cheniicaL company, and Upjnbn. 
the U^. multinational company. 

- In a sense, the appointment of 
; a man outside pnlltics and of no 
vteebiricaG ability to lead the 
--country reflects a wish by Presi- 

• dent . Antonio Ramalho Eanes 
I that the more practical aspects 

of the previous government may 
- now be carried on. - 
I’" - In - a jsense; Portugal In socio- 
Economic terms has reached a 
' erueial stage: The austerity pro- 

• gramme adopted after the agree- 
ment with the International 
Monetary Fund, is already claim- 
ing victims in terms nf bank- 
ruptcies. and the consequent in- 
crease In unemployment. Only 
recently, a leading construction 
company here announced it was 
laying off more than 1.200 

Against this background, to- 
morrow’s loan will not be of any 
use to Portugal in the long ran 
unless it is used to stimulate in- 
vestment and development 
policies. Portugal's agriculture 
and industry remain tn desperate 
need of restructuring. Sr. da 
Costa or someone else, mean- 
while, will have to find a govern- 
ment capable and willing., to 
implement a medium-term 
economic programme toat will 
take the country out or the 


ANKARA, -August 16- 

AN T “gneourasring .improvement” 
has occurred in - the Turkish 
economy 4n- the four months 
since the Government’s stabilisa- 
tion programme was launched 
last ", March, according to a 
Finance Ministry document on 
tbe economic situation. 

Tbe Ministry notes that the 
balance of trade has improved. 
In the March -June period 
exports were S 642 .6m. 17.3 per 
cent higher Lilian in the com- 
parable period of 1977.' imports, 
at Sl.qSSnu were.. 21 per' cent 
lower. Consequently the trade 
yap fell by. 41 per. cent.. 

The rise In the wholesale 
price index- has slowed: it grew 
by 4.4 per cent in Uarch; 3,5 
per cent in ApriL 3.2 per cent 
in May,, and 1-8 per cent in June. 

The increase in the namJwIy- 
defined money supply — sight 
deposits and currency Jn circula- 
tion — declined in mid-June this 
year to a rate equivalent to 
an annual 4.5 per cent com- 
pared to 9.5 per cent at the 
same time last year, according 
to the document 

Consolidated budget revenues 
tn the March -June period this 
year were TLS6bn compared with 
TL59bn last year, a growth of 
45 per -cent 

.’Consolidated budget expendi- 
ture in the four-month period of 
this year was TLS4bn. There was 
thus a surplus of TL2J3bn, com- 
pared with last year’s deficit of 

The figures, however, do not 

Soviet doctor’s challenge 


BIOSCOW. August 16. 

5?” SSeati S3W.W ? 

Second tbs ponase wd * orik - 

A SOVIET psychiatrist said 
todajj; toat he found no case of 
definite mental illness among 27 
former Soviet mental patients 
referred to him by a dissident 
commission set up to investigate 
the use of psychiatry to suppress 

Dr. Alexander Volosbanovicb 
said at a news conference toat 
be decided to speak out after toe 
conviction on charges of anti- 
Soviet slander yesterday of Mr. 
Alexander Podrabinpfc, a found- 
ing member of the commission. 
Mr. Podrablnek was sentenced to 
five years of internal exile in a 
remote part of the USSR. 

Tbe psychiatrist's appearance 
before Western correspondents 
apparently represents toe first 

time that a Soviet psychiatrist 
has publicly challenged official 
psychitric diagnoses which have 
frequently been questioned by 
Soviet dissidents as well as by 
doctors in the West 

Mr. Podrablnek compiled a 
dossier listing 200 case histories 
of persons sent to mental 
hospitals after having difficulties 
with tfie authorities. 

Dr. Voloshanavich, who is on 
toe staff of Moscow's Dolgop- 
rudny Psychiatric Hospital, said 
he betieved many of his Soviet 
colleagues shared his concern 
about toe abuse oF psychiatry 
on “an emotional level," but 
were not prepared to lake a stand 

give to 6 whole picture. The. curb 
on imports has depressed ^.indus- 
trial production and -raised 
unemployment Foreign exchange 
reecipts are lnadequtae to' pro- 
cure tbe raw materials add sup- 
pi ies which are needed to. utilise 
-existing ornduetiw cnnacitvl. 

O The Turkish Central ‘Batiks 
Board of directors has dismissed 
a report which accused Mir. 
Cafer Tayyar Sadiklai*, the 
Governor, of falsifying Central 
Bank statements. ; t 

.In a statement issued hdre last 
night the Board said itjat the 
report prepared by thd " batik 
'comptrollers, was “ baseless** and 
that “the balance sheer figures, 
were based on facts and were 
reliable.” The Central Ballfc had 
acted with “complete indepen- 
dence and neutrality fulfilling 
requirements demanded by the 
economy and banking” There 
was. therefore, no reason to 
agree - with the comptrollers that 
Mr. Sadikiar should be dismlssed- 
Mr. Zlya Muezzinogiu, toe 
Finance Minister, wants to 
replace Mr. Sadikiar, and is ex- 
pected to call an extraordinary 
meeting of the Central Bank’s 
general assembly, where bis con- 
trol of the majority shares may 
enable him to fulfil bis wish. 
m Turkish Premier Bulent Eeevit 
said today that his country's new 
relashionship with the U.S. 
should not be allowed to 
endanger the position of mutual 
trust with its neighbours, Reuter 
reports from Ankara. > 

REYKJAVIK. - August 16. ; 
President of Iceland, today i 
asked a Marxist politician, Mr.! 
Ludvik Josefsson. to form a new 
Government and resolve the 
seven-week' political crisis on the 

Mr. Josefsson, leader of toe 
Cummuaist-dommated Peoples’ 
Alliance, is understood to have 
accepted toe invitation 

This is tbe first time since 
Iceland tecari an independent 
republic in 1944 that a member 
of ihe anti-NATO Peoples’ Alli- 
ance has been invited to bead a 
Government. Iceland . is - the 
smallest member of NATO but 
has a strategically vital air base 
at Keflavik. 

The president’s invitation fol- 
lows the failure of attempts by 
tbe outgoing Prime Minister, 
Mr. Geir Hallgrimsson, to form 
a new coalition -Government 
with the Social Democrats. 

Mr. JoseFsson is expected to ! 
ask the Social Democrats and 
possibly the middle-of-the-road, 
Progressive Party to take part 
in a possible left-wing Govern- 
ment He may also try to form 
a minority government with the 
Social Democrats. 

Although. Mr. Josefsson is 
opposed to the Keflavik base, he 
is understood - to be willing to 
accept the U.S. presence for tbe ; 
time being. 

cut off everything.” / jj— In adtoti^/he inriite’ that toTre 

The disadvantages of thb pre- changed the picture dramatically will be no expropriation of 
sent South African connection in the past year, .despite the property without compensation. 

JJ b °to specific and General, collapse oft the . Inshort fishing , It is clear however, that one 
Besides the restnctlons/bn cattle industry and reduced earnings nf a sw&po government's 

S^J* PP ^ Iead *“ c highest economic and social 
fishmeal which last year earned e5 D?amond exports have soared frihutioa* “^Jere^wm'hava^to 

terser * -us sajM-a-yrj ES iSSS 

*s also subject to Pretoria- uranium earnings from nil to 2EJ* \tr ^TThalanHln 

imnosed price and export con- roughly RI50m. Mr. Thomas Jv 

Moreover, South Africa’s rail- S to lasTyear rann0rs ’ “toey think w® 

way tariffs policy has meant, for Collett whos? fibres oraS are aU terrorists.” ho adds that 

S^SEiia W StoM e t : ^ SSa^e to talk to hmdnw. 

to send minerals mined In the 1977 m extremely ■’ 

healthy R265m, or more than 25 — — - - - - - L - 

A ... , , per cent of -gross domestic ‘ ' 

Altnougn economic product. A surge of prospecting 

growth m the wake of activity _ e^ted 

a peaceful settlement would, push up the import biu, when the former black 
would push up “ homeland "areas are 

Although economic 
growth in the wake of 
a peaceful settlement 
would push up 

imports, the improve- Diamond 1 earnings this year opened to- white mini- 

4*» tlia could top R250m, while uranium = — ^ ' iV 

meat in the trade 
balance is likely to 

exports, should bring in around Companies, pTOD* 

R22Snr. This ‘would more than .ably in a.few Weeks.:- 

Lull in French 
air dispute 

continue offset toe plunge of canned flsh . T 

Luuuuuc. revenues from R70m in 1976 to — >■ ' ’ ■ 

; : R35m last yea r and virtually a_ f __, ^ L 

nothing in 1878. „ tar as toe mining: cap 

north-west Cape, to Europe for capital transfers are more EgS ■ ,*5® , con ® e ”® a » ® r - 
upgrading than to ■ the Tsumeb difficult to quantify. Miss CoUett ^a^Wnosays tsat .De Beers 
smelter in Namibia. estimates that long-term inflows narL^°t^ n £«»^ l * >e ^T 

More generally, pressure is (including Government traas- pared t0 shore P rofit3 with the 
growing for Namibia to break f era ) total around RIJHKMOm a . Bew . government.” His nptaJon 
away in the relatively near future year.. Against tote must be set. l,c>, ? ie Qul b y on « mihing 
from the southern African mone- for- the time being, a subBtantial cx€cuUve wh osays that *<wo 
tary and customs unions (which drain oT .“funk” money, sent a £ re P t , toat there wiU .=be 
also Include Lesotho, Swaxiland, across’ toe bordet by residents cS??™- , - T 

and, in the case of the customs and companies nervous of the J» W APQ also talks of imposing 
union, Botswana). future. Sir. Thomas puts the net ®“jct minimum wage levelsT^r. 

The high tariff walls which cap! tat owvemems last year at kJ”’ 

.protect South Africa's manufac- zero. -leaving a paymenis surplus ^ W 

raring industry are viewed as in- Qf roughly R90m. (These figures STSI,5“ pioyer ^ *oreed to^ftay 

raring industry are viewed as in- Qf ^Om. (These figures 

appropriate to a country such as exclude Jioiitb Afrira’s consider- aian hT 1 WoaM 

Namibia which imports virtually able defence expenditure in the screening of oCw 

all the manufactured goods It territory--). . , ... j. 

By David White 

ait me raanuiacuirea gooas li -rr-v. . WlfH.f-Jt- j . 

needs, and has neither the The /installation of a Govern- between tlm 

resources nor the market in ment able to attract famion UW economic poliCtes.aF 

PARIS, August 16. 
FRENCH AIR traffic controllers 
resumed normal work today after 
a flve-day wnrk-to-rule, as their 
dispute with the Government 
went back to square one. 

After tbe fourth weekend of 
toe go-slow, M. Joel le Tbenle. 
the Transport Minister, offered 
to resume negotiations on 
Friday. The unions’ official 
reaction was -positive, but tbe 
Minister made it dear he would, 
withdraw the offer if tbe 
controllers decided to repeat 
their protest action. 

Tbe four .unions involved, rep- 
resenting 2,500 air traffic con- 
trollers. are due to report to their 
members tomorrow, when ballots 
resume industrial action. 

The weekend go-slow, extended 
to cover yesterday’s Assumption 
Day holiday, caused only minor 
delays because airlines reduced 
or re-routed flights that would 
otherwise have been competlne 
for the restricted use of French 
air space. , 

resources nor the market to ment /tote -to attract foreign in- SWAPO at the 
justify widespread encourage- Vestment would mean an even the j?ta it thJ 
ment of local indusuj. bigger wrplmt within e relattvelj ounjS,. ^ J" 

Otter countries -in tto customs !£ e a SefS^ c tSm™t J SS2i ‘f Ngmlbli 

ouim wtutirtw — ** tuaiuuis , neacefnl rtlptripm WJ Z . “ oassuig namioia 

union in terms of its revenue- 'Snf^to b> ' B 'f t th ® sort of settle- 

sbsring formula. ■ S.™ NcmtWc could "SSi 

Iurrau, “- ’ • investment,' both from South shadow SSL" ^ S u,a 

Arguments in favonr of with- Africaatfltf from farther afield. Soim Aft&iT&i/toS 

drawal from toe monetary union it * believed, for instance, that to experience for many' yttS 

Rhodesia conference ‘outdated 


RHODESIAN nationalist 
leader Hr. Joshua Nkomo has 
warned that the proposed all- 
party conference is “ some- 
thing out of date." though this 
did not exdude talks. 

He was referring to a proposed J 
new agreement on the reopening i 
of UB. military installations oh 
Turkish soil whose main func- 
tion is to monitor activities in? 
too neighbouring Sovet bloc. 

Irish power dispute 

The work-to-ruie by power 
station workers, which caused 
widespread power cuts (n the 
IrWi Republic, has ended but 
may resume in two weeks, our 
Du Min correspondent writes. 
Union officials will meet the 
Electricity Supply Board to press 
for new talks on a productivity 

But he added: w The side 
toat feels it’s winning toe war 
-trill not agree to talk on terms 
they would have accepted at 
the beginning or the middle of 
toe war.' 1 

Speaking to reporters. Mr. 
Nkomo refused to disclose 
settlement terms, but said; 
** You can be certain they can- 
nor include equal status with 
the chaps within the present 

regem e. 

“We will say: 'Right: one, 
two, three, four— yes or no’?, 

without necessarily humiliat- 
ing (hem-" 

If the terms were rejected, 
said Hr, Nkomo, co-lender of 
the guerrilla alliance, the 
Patriotic Front, and president 
of the Zimbabwe African 
Peoples Union (ZAPU), ” we 
pat on the bcaL** 

Describing toe Patriotic 
Front Guerrillas as “Zim- 
babwe's? army” Mr. Nkomo 
declared: Anybody who 

doesn't accept that army as a 
Zimbabwe army has got no 
right to stand. He has got to 
truKt tote arm; and no other.” 

This army roust be In charge 
of security during an interim 

LUSAKA, August l& 

stm prepared to accept 

certain elements’* of ft® 
Rhodesian army. 

e 0 jS? y Ha * kins writes in 
Salisbury: Several hundred 
nationalist guerrillas who have 
switched allegiance to the 
transitional Government are 
opcaurtans 1" various parts of 
Rhodesia as “ auxiliaries n to 
the security forces. Officials 
announced tonight. 

A statement by the rnlln* 
■ eo “ dl ° r ™me 
?J“ btcr ,an s « ! to and 
three moderate black leaders 
said some former terrorists ” 
had cTashed directly with 
guerrillas lojni to the extern- 
att^based Patriotic Front 

period before majority rule, he 
said, although Ihe Front was 

•;]!? I 

-K l * 

3 1 

i hI**. 

; r > > hi: 





^■FlnrincUS-.Thnw Thursday jVngust 17 1578 


force expect 
to stay in Lebanon 


Arab peace-keeping force is 
likely to stay-in Lebanon until' 
at least next March. - 

As agreement is principle has 
apparently been reached between 
Syria and Debano'n 10 extend the 
mandate of the force for a 
further six months after the 
present' term expires early is 

The accord .was reportedlv 
reached ai-two days & talks at 
the Syrian port of Latukfa 
between President Hafez Assad 
and Lebanese' Prime Minister Dr.- 
Selim al Hass. 

", Dr. Hoss reported to . the 
Cabinet in Beirut today on the 
outcome of his talks,, which . he 
described an' " very fruitful.” .He 
said the results will be felt 
within the near future. 

The . Lebanese Government has 
to make . the. necessary formali- 
ties for renewing the mandate of 
the force. This would entail 
.obtaining the approval of the 
other Arab states contributing to 
the force, after which an endorse? 
ment by the Arab League will be 

Syria provides 30,000 of the 
36.000 soldiers in the force. The 
rest are from Spud l Arabia, the 
Sudan .and the United Arab 
Emirates. . Y_ 

The Arab League is expected 
to consider . the matter at its 
meeting scheduled for Septem- 
ber 12. League'. Secretary- 
General Mahmoud Riad. . is 
currently on a tour .-of several 

1EJSUT, August 16. 

* J - 

— to ensure inter- 
riry in advance of the 
eting; which may be 
ae Sudanese capital. 

Arab cat 
Arab solit 
held in. 


Mr. Ria has expressed con- 
cern a boujthe crisis in Lebanon. 
He said Bnteti .intervention in 
Lebanon Constituted a direct 

threat .agj 

Sarkis, that 

ing the Syi 
for anothc 

l the entire Arab 

said President Elias 
Ja favour of keep- 
. troops In Lebanon I 
_ six; 'months, only,' 
wants ihel mandate extended i 
under cert4n conditions. 

rtedljr wants the ; 
[n IV. out . of Christian 
Beirut .where they! 

in fierce fight- 
Cbristian militias. 

— __st5: that Lebanese 

forces must play abigger role in 
nuantaimaglaw and order. 

Meamvhiid MaiorGeneral Em- 
manuel Erswne. .copamander of 
the United bcttlons-wterim force 
T7difill, holding 
with .Lebanese 
j.-At' finding the 
ie deployment of 
ilfir '--forces in 

[ROD: : 

r L : yesterday held 

In what United 
described as an 

..He ref. 
Syrians to 
quarters of 
bad been ci 
ing with tl 
He also 

in Lebanon 
talks in Be 
officials on 
Impasse on 
Lebanese * v 
Southern Le 
' Gen. Erski 
talks in Isra 

Nations officia 

attempt to getiho^LaneEfi to in- 
fluence their alies/the Christian 
militias in th* border . strip, to 
stop shelling tpeXebanese bat- 
talion now balttd'at the town of 
Kawk'aba soma IQynziles from 
the Israeli bortfe*£:'v 

Ethiopian troops a< fance 
towards key Eritrean city 

forces are ..pushing' towards 
Keren, the biggest town, stilt held 
b>- Eritrean rebels, and supply 
convoys ha vc. reached a. Govern- 
ment garrison in Asmara which 
has been under Siege for some 
time, the Ethiopian Embassy said 
here today. 

Government ' forces which 
recently' recaptured three towns 
and relieved a siege on a fourth 
in northern Eritrea were said to 
he advancing - from. Agordat 
towards Keren, a town of about 
40.000 people. We have seen 
people fleeing from Keren," an 
embassy spokesman said. “The 
rebels are feeling tremendous 
pressures. We don’t think they 

Aiigust 16. 

will fight it out. Tie fill of Keren 
is a matter of day$ w lie added. 

But a spokesman here for the 
Eritrean ■ Peopltp : . . Liberation 
Front (EPLF1 ihtcb controls 
Keren said the resefc would not 
give up the town. 

The EPLF claimfd successes in 
two recent battles With Govern- 
ment troops. sayujfc SUO Govern- 
ment soldiers .wfe^ kiUcd in 
heavy" fighting fegferday at 
Embadrbo, about Isoven miles 
outside the EHtmapt provincial 
capital of. Asmara withe Keren 
road. And. in a «oad. battle 
west of Asmara at AwTakob. the 
rebels captured o*^ Ethiopian 
tank and destroyed .wee ptbers 

Soviet base 
granted by 
Hanoi, says 

By Richard Nations 

BANGKOK. August 16 

claimed Vietnam had allowed 
the Soviet Union to set up a 
base at the former American 
naval facility. Cam Ranh Bay. 
The. charge was conveyed 
through an alleged Vietnamese 
military prisoner's confession 
broadcast over the Cambodian 
official radio. 

Some weeks ago Peking 
levelled a similar charge 
against the Vietnamese, adding 
that Hanoi had become the 
Soviet's “Cuba ns” in South- 
East Asia. . Hanoi has vigor- 
ously denied allowing the 
Soviets any military facilities, 
and although Soviet ships fre- 
quently call at Haiphong 
harbour near Hanoi, Western 
intelligence officials closely 
monitoring the area say there 
Is . no evidence that Soviet 
vessels have been near Cam 
Ranh Bay. 

A high level State Depart- 
ment official reportedly made tt 
clear to the Vietnamese during 
recent talks that the process 
of normalisation with the U.S. 
would' be seriously Impeded if 
the Vietnamese granted the 
Soviets military facilities. 

Tunisia unions’ 
case ruling 

TUNIS, August 16. 

A COURT trying 101 trade 
unionists alleged to have taken 
pvt in riots last January has. 
declared itself Incompetent to 
Judge the charges against them. 

The appeal court at Soussc, 
a coastal town east of Tunis, 
ruled yesterday that the 
charges fell under Section 72 
of the penal code relatfng to 
national security, and mid the 
cases should be tried by the 
Court of State Security. 


Arab fund loan 
to Sudanese 

By Our Foreign Staff 

SUDAN has been granted a 
loan of $7.2m by the Arab 
Monetary Fund (AMF). which 
exists to proride payments 
support for Arab countries. 

The loan, which has a 
maturity of three years, is an 
automatic drawing by Sudan of 
75 ppr cent of its paid-up 
capital as a result of Its serious 
payments deficit. 

Earlier this week the AMF- 
granted a similar 517.5m loan 
to Egypt. 

China launches drive to boost grain output 


THE CHL\ESE Government has 
announced a wide-ranging agri- 
cultural investment programme 
aimed at sharply increasing the 
country's grain production over 
the next seven years. 

Details of the programme — 

which promises China's 700m 
peasants better agricultural 
equipment as well as tax and 
loan concessions — were unveiled 
by Vice-Promier Li Hsien-nien. 
the nation's chief economic 
spokesman, at a recent confer- 
ence on agricultural reconstruc- 

Ur. Li's speech, reported by 
the - New China News Agency 
today, . linked the state’s aid 
package with a commitment to 
push grain production from its- 
pro&ent level of 260m tonnes a 
year to 400m tonnes by 1BS5- 

The Chinese Government has 

decided early thus year'.- tn in- 
crease the investment in agricul- 
ture, said Mr. Li. “Now it has 
been decided to make another 
increase. The Central Govern- 
ment and the localities should 
earmark more funds for agricul- 

Under the new measures, agri- 
cultural banks would be restored 
Id encourage deposits from farm 
workers and communes. Interest 
on these deposits would be- in- 
creased and that on agricultural 
loans lowered. Long-term, low- 
intel-est or no-interest loans 
would be made by the banks for 
special development projects. ■ 

Mr. Li promised that' farmers 
■would receive a better price for 
their crops. “The purchase 
pride for agricultural produce 
Is JO- a certain extent still low 
arid-, the price of manufactured 

goods for agriculture Is too 

“ Therefore.” Mr. Li concluded, 
“new. reasonable readjustments 
should be made in price 
differentials so that the purchase 
price of agricultural produce is 
raised and the sale price of 
industrial products, especially 
those for agriculture is .brought 


The Vice-premier also ordered 
an upgrading in the quality of 
industrial products for agricul- 
ture. . Every worker should be. 
responsible {or the -products he 
turned out. 

Mr. Li also Introduced' some 
decentralisation measures. The' 
central . Government; he said, 
would give all-out support to 
commune-run industrial enter- 
prises established to process 
farm products. 

Appropriate industries at the 

commune level would receive 
industries would be instructed 
iow-tax concessions .and . city 
to help communes improve Their 
equipment and management 

Some industries would be 
decentralised and .snail produc- 
tion units set up m rural - areas. 
The central Government was 
also commuted to building a 
in each of China’s 31 provinces 
major chemical fertiliser plant 
by 1965. 

In return for the comprehen- 
sive system of incentives. Mr. Li 
made clear that be expected 
greater, productivity from' the 
agricultural workforce. ■ 

China's grain output had been 
remarkable — feeding one -fifth nf 
the world's population from less 
than 7 per cent of' the world's 

PEKING. August "16. 

cultivated area — but “what -we 
have done is far from tfic" soils 
set” ■ 

" Farm work is done mainly by 
hand, productivity is very low 
and th eaccumulalion-nf fundus 
at a low level." he- saicC' 

Mr. Li impressed ~on China's 
farming communities that they 
would hear the responsibility for 
increasing yields .*_■ 

Each province should s'ewup 
one " experimental " fully- 
mechanised count}’ as. a pilot 
project aimed at supplying 
solutions to agricultural prob- 
lems in th whole re □ inn. 

China should also learn from 
The experience nf other countries 
and adopt their technology in 
appropriate circumstances. “ Only 
intensive Tannins ran solve 
China's agricultural problems." 
Mr. Li said. 


Peace moves lose momentum 


MOROCCO AND Algeria, the 
chief protagonists in rite dispute 
over Western Sahara, appear to 
be as far apart as ever despite 
the hew momentum towards 
reaching a settlement which 
began with last month's coup in 

Peace hopes rose when the 
Polisario guerrillas declared a 
temporary truce on operations 
over Mauritanian territory. Two 
weeks ago France announced 
that it was mediating between 
the parties to the conflict and 
the Algerian Foreign Minister, 
Mr. Abdel Ariz Bouteflika, said 
that . a ” peace dynamic ” was 
under way. 

But so far Algeria has not 
indicated that it might be pre- 
pared to cut- off support to Poli- 
sario or abandon its demand for 
the independence of Western 
Sahara, the former Spanish 
colony which in early 1976 was' 
divided between Morocco and 

Air. Bouteflika pressed the 
claims of the Sahrani people — 
as the area's inhabitants are 
known — at the recent Belgrade 
conference of non-aligned 
foreign ministers, and after talks 
with the French President in 
Paris on August 1 reiterated 
Algeria's backing for self- 
determination for them, some- 
thing that is anathema to the 

• In Morocco, the pro-Govern-. 
ment “ Msroc Soir “ wrote-oJF 
Mr. Bouteflika 's trip to Paris as 
a “ new Algerian manoeuvre 
based on peace blackmail.” 

The Moroccan Foreign 
Minister, Mr. 31ohamed Boucctta, 
told me that ‘‘we will welcome 
everything .which will be able 
to bring peace." But he went on 

to say that Morocco would never 
abandon any of the Saharan 
territory it gained in 1976. "It 
cannot be envisaged that Morocco 
equip . give up its territorial 
Integrity or its rights,” he said. 
** This point is fundamental." 

Mr. Boucetta ruled out the 
idea of a referendum in Western 
Sahara, as impractical. 

- .Some observers have suggested 
that a compromise solution could 
-be* .found if Mauritania was 
prepared to hand over Tins el- 
Gharbia, its sector of the 
territory, to Polisario. 

But the idea of a Polisario 
“nui-staie” is strongly opposed 
by - Morocco. Mr. Abdeslama 
Zmned. the Secretary of State in 
the Moroccan Prime Minister's 
office, told me that the creation 
of such a state was “ excluded " 
and ■ that he would favour 
“occupying ” Thiris el-Gharbia if 
Mauritania's new militar y ruler. 
LL-Col- M ousts p ha Ould 
Mohacned Salek, tried to cede it 
to Polisario. 

Mr; Boucetta was less forth- 
right, He said that he could 
hot tell the new Mauritanian 
Government, " a sovereign 
government of a sovereign 
country." what to do with Tiris 
el-Gharbia. But he said: “We 
cannot have elements in 
portions that could challenge 
our security." 

• if there was a " communist 
ideology ” there, he added, “that 
would constitute a danger for 
own security and for our own 
values, We ore a Muslimh people, 
every subversive or communist 
-ideology in the region can con- 
stitute a danger." 

There is no significant opposi- 
tion In Morocco to the Govern- 
niSjt's stand on the Sahara 

problem. “The Moroccan people 
cannot accept any process what- 
ever that challenges it territorial 
integrity,” says Mr. Abdelrahman 
Bouabid, the Secretary-General 
of the main opposition party, the 
Socialist Union of Popular 

But though public opinion 
here remains almost unanim- 
ously opposed to concessions to 
Polisario. the conflict has become 
increasingly costly for Morocco. 

In Morocco's Saharan pro- 
vinces there has been a virtual 
military stalemate for two years, 
while further south. in 
Mauritania, Polisario held the 
initiative until last month's 
temporary ceasefire. 

During a recent three week 
tour of the Moroccan sector of 
Western Sahara, army officers 
told me that the vastness of the 
desert and the mobility of 
Polisario's Landrovor-bome 
guerrillas have made it almost 
impossible Tor the Moroccans to 
eradicate their presence. 

But it Is equally impossible for 
Polisario to breach the elaborate 
defence systems on the outskirts 
of the territory's towns. 

Beyond these “security cor- 
dons," no road transport is 
allowed execept in heavily- 
guarded convoys, while mobile 
patrols, backed up by F-5 jet 
fighters, criss-cross the desert in 
search of Polisario. 

The F-5 jets, which I saw at cl 
Aaiun and Snrara. are apparently 
being used in violation of the 
1960 U.S/-Moroccan military 
agreement, which bars Morocco 
from using its U.S.-supplied mili- 
tary hardware beyond its bor- 

The Moroccans find it difficult 
even to detect Polisario groups. 

The guerrillas are based much of 
the time m the relative safety 
of the rugged Guelta Zemour 
Massif near ihe Mauritanian bor- 
der, from where they have raided 
exposed economic targets like 
Mauritania's vital iron-ore rail- 
way from the Zouerate mines to 
the port of Nonadhibou. 

Another target has beep, the 
100km conveyor belt which takes 
phosphates from the Bou-Craa 
mines to cl Aaiun port One of 
the control stations on the belt 
was successfully raided in mid- 
•tune and both the mines and the 
conveyor belt have been at a 
standstill since early 1976. 

“It is hard to find the Polisario 
groups." says Col. Benani, the 
commander-in-chief of Morocco's 
forces in the Sahara, “as they are 
very small, jusr two or three 
vehicles. They come together into 
larger groups to mount attacks.” 
He said that these normally took 
place after sunset, allowing the 
attackers in retreat under corer 
of night, dispersing in several 
different directions to avoid inter- 

According to Col. Benani. 
Morocco now has 2A.OOO troops 
in Western Sahara. 10,000 along 
the southern stretches of the 
Morocco-Algcria border, and 
9,000 in Mauretania. This is 
nearly half Morocco's total 
troops strength. 

According to official figures 
combined expenditure on the 
ministries of defence and the 
interior— which is responsible 
for the auxiliary militia— in- 
creased from 2.5bn dirhams (or 
15 per cent of the total budget J 
in 1975 to 4.7bn dirhams (or 27 
per centl last year. 

This is a major drain or re- 
sources ■ at a time when the 

Moroccan economy is also suffer- 
ing a number of other pressure*. 

The import hilt has Pearly 
doubled since 1974. from S.Sbn 
dirhams to 14.4bn dirhams last 
year, while earnings from phos- 
phates. the country's main ex- 
port, have been in a trough since 
the collapse uf the. world phos- 
phate boom. 

The trade deficit ■ has been 
widening alarmingly, from S52m 
dirhams in 1974 to 5-5 bn dirhams 
last year. 

The hulk of iliis^ deficit has 
been offset by foreign borrow- 
ing. but at the cost of increas- 
ing public external debt be- 
tween the end of 1974 and the 
and of 1977. from 6.3bn dirhams 
to I5bn dirhams. 

In June, King Hassan an- 
nounced a three-year postpone- 
ment nf the launching t>4 -the 
next five-year plan, apparently 
because Morocco cannot afford tn 
launch major new- development 
projects and maintain its high 
level of military spending with- 
out dangerously raising the 
level of external debt. 

Morroco's high population 
growth rale (3 per cent a year), 
the drift of rural Moroccans to 
the shantytowns an the outskirts 
nf the overcrowded cities, rising 
unemployment (with only 12.4S9 
jobs created last yean and in- 
flation (4.9 pec cent in the first 
quarter of this yeart could lead 
to serious social conflict. 

This is how we measure our annual strike record. 

. * • A’watch is all wsTfeed. . 

Ourexceilent industrial relations mean 
that in recent years, the average strike time per 
man hasbeen aroundtofo-and-a-half hours a year. 

• - Thfe has helped tremendously in turning 
Building Materials intoone of our most 
successful industries!'Jri-fact, it is an excellent 
example of private enterprise working for 

V\fe provide £5,500 millions worth of 
'products, materials and fittings for the UK, and 

export a further El ,000 millions worth annually. 

This in turn allows us to continue our policy 
of steady investment. ./ . . 

A policy we've kept up, despite a 23% 
cut-back in UK demand durincf recent years. 
Already this investment is producing its 

rewards. Last year, we saved the equivalent of 
one million tons of coal, with our energy 
conservation programme. 

And, in recentyears,our prices have shown 
considerable restraint. 

Just like our work-force, in fact. 

The Buipng Materials Industry 

A solid base for Britain’s economy. 


Fliandal Times Thursday August 171&78 

mEWS : 

Setback for 
Carter as 
petrol use 
hits record 

By Paved Lascc/lci 

NEW YORK, August 16. 
attempts to get Americans to 
use less oil received a setback 
today with news that consump- 
tion of petrol for cars reached 
record levels last month. 

According tu figures pro- 
duced by the American 
Petroleum Institute. US 
vehicle owners consumed just 
over Sm barrels a day. This 
was four per cunt more than 

in June and nearly eight per 
cent more than in July last 
year. The British attributed 
tills in part lu the 1.4 per cent 
increase in July sale?. uC new 
cars, and to (he sharp 27 per 
cent rise In sales of new 

The figures also suggest that 
Americans are moiiug about 
much more now that they are 
driving cars which use fuel 
sharp rise in petrol consump- 
tion coincides with a boom In 
air tnivi. which could cause 
higher cunsu mptiou of 
aviation fuel. 

However, there was good 
news for Sir. Carter as weiL 
hr institute reported that the 
decline in oil imports noted in 
the first half of the year 
persisted iuto July. Total 
imports of crude oil and 
petroleum products fell about 
15 per ceut from last year's 
figure to an aterage 7.3m 
barrels a day. So far this year, 
these imports have a\ erased 
7.8m barrels a day compared 
with just over Urn barrels a 
day iu the first scien months 
oi last year. 

The institute said this drop 
was mainly due to the higher 
flow of Alaskan oil. Imports 
accounted fur 41 per cent of 
the total l-.S. supply last 
month against 47 per cent lust 

The question now is whether 
lower imports can be sustained 
for the rest of the year. Tile 
feeling among industry 
observers is that tile drop in 
stocks which resulted from 
the hard winter will lead to 
higher Imports as iureutories 
arc built up again. I'he Gov- 
ernment's aim of increasing 
the strategic petroleum reserve 
to 125 barrels by the end of 
the year and 500m barrels by 
1980 will also increase 

The strategic stockpile is to 
be stored in abandoned salt 
mines in Louisiana and Texas. 
However, the General Account- 
ing Ofiicc today questioned the 
surely of six of the 19 pro- 
posed storage caverns on the 
grounds of geological un- 
suitability. It fears the nil 
could wash out the caverns 
and cause the ground tu 

Quakers to sell off 
with South African 


companies operating in South 
Africa has come under attack 
from the Quaker group, Ameri- 
can Friends Service Committee, 
which has decided to liquidate its 
shareholdings in 15 corporations 
with South African interests. 

The committees decision gives 
further impetus to forces which 
have been gathering strength 
over the last few months, and 
which advocate the withdrawal of 
U.S. companies from South 

Africa because of its racial poli- 
cies. The University of Massa- 
chusetts has decided tn -sell its 
holdings in 20 companies. wlHle 
the Univmih- of Columhia drew 
hack irom this sanction by warn- 
ing that it would not Invesr in 

companies which provide rjpital 
for the South .African. Govern- 
ment. nor in corporations which 
are indifferent tn South African 
“repressive policies." 

Enth universities were re- 
spond ine to student pressure but 
religious organisations have been 
more unsure of the path ro be 

taken and mast have been urg- 
ing corporations to abide by the 
statement of principles devised 
last year hy the Rev Leon Sulli- 
van, a Baptist Minister who Is a 
director of General Motors. 
Some 103 companies have now 
ascribed to his principles, which 
ape devoted to improving the pay. 
working conditions and employ- 
ment rights of Snirtb African 

But Mr. John Sullivan, asso- 
ciate executive secretary of the 
American Friends Service Com- 
mittee, said in Philadelphia 
today that the Quakers were 
M concerned about the extent to 
which American companies can 

do anything significant under 

South African laws. We do not 
see the Sullivan principles as 
offering a serious challenge to 
the Apartheid system.” 

He hoped that the Quakers' 
decision would persuade some 
American companies to withdraw 
from South Africa. It was not a 
normal expectation that com- 
panies should be responsible for 

NEW YORK, August 16- 

what happens in host countries 
but the Friends Committee be- 
lieved that South Africa wa* a 
special case “because ]t Is the 
only country which legalise* 1 
racism in its laws and resula- 

The value of the -stock being 
sold off by the Quaker group 
amounts to a modest Sl-3m ou* 
of a total investment portfolio 
valued at S27ra. 

The committee's -funds are de- 
rived from pension contributions 
by its 500 employees, endow- 
ments and bequests end un- 
expended funds. The committee 
was founded 61 years ago tn help 
conscientious objectors serve the 
national interest in- the First 
World War and is now devoted 
to furthering international peace 

The sale of its investment*' 
started last month at. about the 
same time that the South African 
Council of Church called for a 
radical revision nf investment 
policies by foreign Governments 
and corporations. 

Executive pay ‘rose 13%’ 


SALARY A NO bonus increases 
to senior executives of the top 
100 U.S. indii-trial companies 
ran well ahead of the inHctjnn 
rate last year, with median total 
compensation rising by 13 per 

This is one nf the principal 
findings of a survey conducted 
Ity the international manage- 
ment cun suit ants. Towers. 
Perrin, Foster and Crosby. A 
study or the 1973. proxy state- 
ments of Uie largest industrial 
companies revealed that the 
range of payments last year to 

chief executive officers ran 
(mm 5207.000 to 5922.000. . with 
the median totalling S471.0G0. 

Median increases for the 
second highest paid executives 
were tl per cent bringing total 
compensation to 5327,000. while 
the third highest paid executives 
gained a 15 per cent pay rise 
and moved their median total to 

These increases were granted 
-against the background of a 5 9 
per cent increase in ihe con- 
sumer price index and fint-year 
pay rises, won through collective 

Congress discipline threat 

Women’s rights 
given more time 

By Our Own Correspondent 

WASHINGTON, August 16. 

TO CHEERS from women's 
rights activists iu the gallery, 
the House of Representatives 
last night voted to give them 
another 39 mouths in which to 
try to get the Equal Rights 
Amendment (ERA) adopted 
into the U.S. Constitution. 

Without the extension, sup- 
porters of ihe controversial 
ERA would probably fall to 
get the necessary .‘IS, or two- 
thirds majority, of ali the 
slates. Their approval is 
needed Tor the anu-ndmeut to 
become part of the constitu- 
tion. The normal seven-year 
period t«r proposed couslitti- 
f.hmal amendments would 
••\pire fur the ERA next 
M arch. with only .'J3 slates so 
far havlis* voted fur the ERA. 

The House approved the 
extension by a imn fori able 
niar.cine. and also defeated a 
bid tu allow stales wlilrb bad 

previously suppoitcil the ERA 
to rescind approvals. But a 
majority in the Senate ,io 
which the issue tif ERA exten- 
sion now passes, i.s known to 
be opposed lo the amendment. 

Advocates of wumen's rights 
maintain flint, hrrausr there 
is no such amendment, the 
Supreme Court has never ruled 
definitely that sexuality ran be 
a ground for positive dis- 


THE U.S. Agriculture Secretary 
Mr. Bob Bergland. has threatened 
to resort to ** old line ” political 
techniques to discipline Demo- 
cratic Congressmen who take 
what he called “cheap shots" at 
the administration. 

Mr. Bergland R3id yesterday 
that, after the Congressional elec- 
tions in November, the adminis- 
tration might start to displace 
political appointees who had 
been selected on recommenda- 
tions from offending Congress- 

This tougher line would square 
with the more aggressive 
approach that the President has 
been taking recently with Con- 
gress, criticising it for failing to 
take action on many of his 

WASHINGTON, August 16. 

Mr. Bergiand’s staff said today 
that the Agriculture Secretary 
was only making Uie threat on 
behalf of himself and his own 
department. • They pointed out 
that Uie department employed 
several hundred people in 
various states who had been 
chosen on recommendations from 
Congressmen. Mr, Bergland said 
that he already had a list nf 
“ about 15 " Congressmen who he 
thought might warrant some 

Stressing that the voting 
record of a Congressmen or 
Senator would not be grounds For 
action by itself. Mr. Bergland 
commented. “ this is not reprisal, 
but old-fashioned political 

NEW YORK, August 16. 

fluence trade unions to de- 
celerate pay rises. 

Bonus or incentive plans wrre 
employed by 96 of the com- 
panies. hut the. specific amount 
of bonuses paid vote reported 
by only 67. Among' The*? 
honuses to th eto herrpeem cm 
bonuses to the top three execu- 
tives was. a high of SflOO,^ 1 
and. among chief executive »fli- 
cers. the median bonus 
accounted for B5 per cent of 
salary- Significant factors which 
affected total payments to ciitef 
executive officers included the 
company's return on equity, ib- 
sales. labour force and the ave 
of the executive. Thus, com- 
panies with annual sales of more 
than $H*.6hn paid their chid 
executives belween S427.700 ami 
5992.400. The range among 
smaller companies, with sales nf 
52.2-2.5hn was $217,500 to 

Executive fringe benefits mnsi 
frequently reported to the 
Securities and Exchange Om 
mission included financial coun- 
selling and. estate planning, in- 
enme tax preparation, personal 
use of company cars, payment* 
of private club fees and dues, 
personal use of company air- 
craft, annual medical examina- 
tions and supplemental medical 
and life insurance coverage, 
bargaining settlements ,of be- 
tween 7 and 8 per cent; Many 
of the large Industrial compand 
featured in the survey ru.'.e 
given undertakings to the Cartet 
administration to curb .executive 
pay rises during this year, in a 
move to curb inflation and to in- 

James Earl Ray fakes the oath before testifying at a Congressional Committee hearing in 

Washington yesterday. 

Ray says he did not kill King 


Kidnap search 
widens in 
El Salvador 

SAN SALVADOR. August 16. 

EL SALVADOR security forces 
have launched a wide-scale 
search as tar as the Guate- 
malan and Honduras borders 
for the Swedish telecommuni- 
cations executive. Mr. Kjell 
Bjoerk, and the people who 
kidnapped him. police said 

tilieck point* ban- Item *rt 
up in th** capital nn»l other 
from Ul«* unidentified kid- 
nappers. who snatched Sir. 
Rjtirk from his office al gun- 
ptijnt on Miuiduv evening. 
Tullce do not ? i*! know 
whether the kidnappers are 
guerrillas ur criminals. 

Mr. Bjoerk. 37. has- been 
based here fur five jears as 
the head or she local sub- 
sldiary of the L. M. Ericsson 
group* He is ihe third execu- 
tive 10 have hern kidnapped 
in I'ecciif months. 

A Japanese businessman. 
Mr. Fujio Mafsumolo. was 
captured by ^left-wing 
"iMwrilin* on May 17. and is 
believed I" tuivr been killed. A 
local «i>n ,|> F mcreliani. Sr. 
Tomas Armando Mouedere. 
v*ns kidnapped Ia>i 7 burs day, 

■ year prison sentence for the 
'■ murder ton years ago of the 
, black American civil rights 
i leader. Dr. Martin Luther King. 
| today testified under oath lo the 
House of Heprcscnrjlives Special 
Committee on As- assi nations, 
that he did not kill Dr. King. 

Ray, the slur witness of the 
committee's investigations, had 
confessed to the murder, hut now 
claims that he was coerced by 
his former lawyers into pleading 
guilty. Ray. who escaped from 
jail in Tennessee but was later 

recaptured, appeared before the 
Committee today under heavy 

His testimony follows evidence 
taken yesterday from a forensic 
expert that the shot which killed 
Dr. King did not necessarily 
come from the motel room in 
Memphis in which Ray was stay- 
ing. at the time of the murder. 

The Committee was also told 
this week by one of Dr. King's 
close associates. Dr. Ralph 
Abernathy, that more than one 
person might have been involved 
in a conspiracy to kill Dr. King. 

Peru mine strike endures 

LIMA, August 16. 

THEBE CAN be no solution to 
tiie 12-day-old strike of Peruvian 
miners, unless the government 
and private companies agree u» 
re-engage 329 miners fired .ifrer 
earlier stoppage^, a miners 
leader said today. 

Sr. Victor tluadrw. secretary- 
general of the National Federa- 
tion of Miners and .Metalworkers 
also said that minors Hally 
rejected an offer by the foreign 
mining company. Southern Peru 
Copper Corporation. In indemnity 
dismissed worker? 

The company which owns two 
oF the most productive copper 
mines in the country. Cuujnne 
and Toqucpala. said that it was 
ready to pay 120 miners fired 
from Toqucpala last joar their 
monthly wages for the next four 
years, nr until they found now 
jobs. But Sr Cuadros said the 
offer had been rejected by the 
f ert oral inn. 

The strike Inis' hrmivhi the 
Peruvian uiwi it.: industry. <• -fitch 
accounts fur about <0 per cent oF 

national earnings of foreign 
exchange, nearly to a standstill. 

Miners are also demanding the 
repeal of a iwo-yenr-nld govern- 
ment decree which declared the 
mining industry to be in a slate 
uf emergency and banned strike 

The stoppage is affecting seven 
bis cupper mines, as well as the 
refinery at La Oroya which pro- 
duces lead, stiver, rinc and other 
metal. Partial force. majeure has 
already been declared on delivery 
Of some refined metals. 

Workers at the state-owned 
Ccrro Verde mine joined the 
stoppage yesterday. 

The Marcona iron ore mines, 
some 400 kilometres south oF 
here, are also at a standstill, 
accnrdins tu official sources. 

Sr. Cuadros. who was elected lo 
the new constituent assembly in 
June, and enjnys parliamentary 
immunity, was fired from 
Tunuppala a inr ago for his 
alleged part in a previous 


WASHINGTON, August 16. - 

Ray's present lawyers contend 
that there was a conspiracy; by 
the Federal Bureau of Investiga- 
Lion to assassinate the civil rights 

The committee, led by a black 
Congressman, Mr. Louis Stakes,, 
has been conducting a two-year 
investigation into The assassina- 
tions of Dr. King and President 
John Kennedy, with the aim of 
allaying the widespread mis- 
givings among the public ityat 
the full truth has not been told 
about botb events. Conspiracy 
theories, baye alleged that more 
than just Ray and Lee Harvey 
Oswald, who is said to have 
killed Kennedy, were involved 
in the killings. 

But the committee investiga- 
tion. which has alreadv cost 
84m., has seemed to throw up 
more questions than It has 
answered, amid accusations from 
some quarters that the commit- 
tee is as Interested in the 
considerable publicity vhich the 
investigation has aroused as it 
is In getting at ihe t ru ih 

The chances of establishing 
the truth after ten years, j n the 
case of the King murder and 
of 15 in the case of' the 
Kennedy assassination. are not 
rood. The frearincs could resulf 
In a re-trial of Ray. who has 
neen demanding this. But 
hitherto he has refused "to give 
investigators proof of the con- 
spiracy which he alleged until 
after he had secured the 
promise of a .re-trial. • 


National Airlines moves to 
block Texas International bid; 
bC.u awarded further S35ni 
damages against Xerox; United 
Brands profits surgc-^-Page 22 


for NEI 


NORTHERN Engineering Indus- 
tries has won a £4ra turnkey con- 
tract for 'equipment For a new 
railway carriage factory to be 
built in Iran. 

This is the first contract to be 
won by a newly formed, projects 
subsidiary, which NEI set up 
specifically lo design complete 
systems for process engineering. 

The company believed that 
such projects could become an 
important growth area following 
the merger of the electrical 
group Reyrolle Parsons with the 
Gateshead mechanical engineer- 
ing company. Clarke Charapan, to 
form NEI. 

After the merger last year. 
NEI said it hoped to be able to 
combine the capabilities of the 
electrical and mechanical 
engineering companies to create 
the ability to tender for turnkey 

The Iranian contracL awarded 
lo NEI Projects (Process 
EnsrineerinsVis the first fruit nf 
ibis new policy, it was placed 
by Machine Sazi Arak which is 
building a railway carriage 
works for Karkhaneh Wagon 
Sari, owned hy the Iranian slate 
industrial development corpora- 

The NEI projects company 
will manage the supply, installa- 
tion and commissioning of 
mechanical and electrical plant 
including boilers. controls, 
switchgear, pipework fuel oils 
an* water supply and services. 

The contract, expected lo last 
IS months, includes provision 
or the training of Iranian plant 

NET Projects is also handling 
several other contracts which i; 
took over from other parts of 
the NET group. They, include 
plant for British Steel" and prn- 
ierts in Bahrain, Qatar and 

9 American Bell International, 
a unit of American Telephone 1 
anti Telegraph, won an additional 
8191m contract from the Iranian j 
Government to continue work! 
on Iran's telecommunications 

Soviets place orders for 

with U.S. 


THE SOVIET UNION has bought 
steam-injection oilfield recovery 
equipment- In a $27.3m pack. 

deal signed by the Hachino- 
irapori foreign trading organ isa- 
' non with Struthers Wells of the 
1 ILS. 

The sale involve!* 15 steam 
generators with capacities Qf 10. 
40 and 60 tonne:, per hour and 
an 11 Jim Hire per day desalting 
plant designed to purify water 
, from the Caspian Sea. 

The desalination plant is to be 
'built by Water Services of 
America" and will make use of 

IE. I. Duponi de Nemoaa 
ireverse osmosis technology. The 
I equipment is tu he delivered to 
two oilfields in Siberia and near 
: the Caspian Sea during The 
! course of the year. 

The deal comes amid a boom 
in Soviet purchases of U.S. oil 
land ga& equipment inadvertently 
| highlighted by President Carter'* 
' short-lived move to block the 
:$144m sale by Dresser Industries 
'of a plant for making oil. well 

drill' bits in protest aiainSt the 
trials of' Soviet dlssideite- 
"'13$. commercial soirees esti- 
mate. that contracts ™ r 
than 8200m worth of Q“ an 5 
gas equipment have b*®? signed 
so far this year. Th'? “£ uTe 
wifr- almost certainly 
when an expected centra ct for 
installing gas lift off extraction 
equipment at the giani Samotlor 
oil field is signed in tl* nert few 
months , 

The Soviets have previous^ 
relied heavily on water Injection 
recovery methods and their oil 
wells are believed t» be badly 
flooded- The Strutters Wells 
contract for steair injection 
recovery equipment and tne 
negotiations for the installation 

til gas lift recovery equipment at 
Samotlor. which is nw expected 
to bfe worth shout SCQOm.ifl the 
first stage, reflect the need to 
.improve extraction efficiency. 

Texas International Skytop- 
Brewster division tas signed a 
contract valued at f!5m for the 

MOSCOW, August 18- 

delivery of ten oil rigs, seven of 
them to be delivered by the end 
of this year and three by the 
middle of 1979. The rigs will 
carry oursub-surfac* re Pa ,r s of 
existing NG wells and complete 
other wells to a depth of 6.000 
meters. Texas international and 
Baker Trading have also re-- 
poricdly won an option for five 
more rigs with a value of S7m. 

The equipment is to be 
delivered to two oilfields in 
Siberia and near the Caspian Soa 
during the course of- next year. 

• Demag subsidiary Demag- 
Meer hid obtained a contract to 
supply Poland with a pipe pro- 
duction line with an annual pro- 
duction capacity of between 
500.000 and 600,000 tonnes. It 
will provide the main plant and 
undertake ihe engineering while 
Polish concerns «ul carry out 
electrical and other work. 

The total project, including 
the Polish supplied share, will be 
worth around Dm 3S0m. 

China buys Toyota microbuses 


Prestel sold 
to Hong Kong 

By John Lloyd 

HONG KONG is fo buy Prestel. 
»lte Post Office viewdata system. 
The contract, which is not yet 
signed, will he worth under film. 

Prestel — re-named from View- 
data because of copywrieht diffi- 
i*ulties — enables com outer-stored 
information tn he displayed on 
modified television sets. A 
limited public service is timed 
to begin in the UK at the .begin- 
nin*? of 1979. after some delay. 

The oackaee fo be sold to the 
p[0ng Knnv , Telephone Cpmpanv 
’Wl be the Prestel test service 
software. This package is 
detuned to support a full-scale 
public service on the same model 
as the UK. The company is 
negotiating separately with GEC 
for the supply of a series 4000 
computer which would be the 
base for a viewdata service. 

A limited t«t service has 
already been hown In Hong Kong 
via a link between the colony 
and the Post Office Research 
Centre in East Anglia. Demon- 
strations were made to a number 
of Hong Knrig businessmen. 

Hong Kong is the third country 
to buy the Prestel software, fol- 
lowing w>st Germany and the 

CHINA HAS ordered 670 'air- 
conditioned tourist microbuses 
from Toyota Motors and an un- 
knmvn number from other 
Japanese motor manufacturers. 

Thp buses are to be used for 
ferrying tourists — mostly 
Japanese — around a sharply in- 
creased number of stgbtseeing 
spots in China. Tourism is 
expected to boom in the wake of 
the Japan-China peace and 
friendship treaty signed last 

The number of Japanese tour- 
ists {doing to China is expected 
to rise to 30.000 this year and 
50.000 uext year. China U said 
to be ready to increase the 
number of Chinese sightseeing 
spots for foreign tourists from 
30 to SO. 

Sir, Selsbl Halo, president of 
Toyota Motor Sales, said that the 
Chinese were given a substantial 
discount on the buses as a pre- 
lude to uesotiations for other 
major export orders. These Ih- 

ciqde- the export of equipment 
and parts For a heavy truck plant 
planned bv the Chinese. Mr. Kato 
added that the profit on 'he 
exports deal was negligible. 

. China is said to have pur^ 
chaseid only an average of 20 
Japanese microbuses a jear in 
previous years But the Japanese 
hope that in ic rob uses exports to 
China will now i-crame a large- 
scale industry Each vehicle re- 
portedly sells for Y2-jm 
(813,500). _ 

The Japanese Press also 
reported todax- ibat Japan and 
China, have agreed on technical 
co-operation for improvement of 
China's railroad system.. 

China has an ambitious rail- 
way development plan calling 
for a doubling uf railway trans- 
portation capacity in three years, 
reportedly bpsinning^ next year, 
and for electrification of all 
trunk lines. 

' Japan previously sent consult- 
ants' to .i-l vise Peking on its 
plans and this initiative is 

TOKYO. August 16. 

expected to lead to major 
imports of Japanese railway 

Japan's further help will he 
officially called “railway techno- 
logy exchange.” although in sub- 
stance it wil ibe similar, though 
on a larger scale, to Japan's 
technological aid to uthpr 
developing countries. Peking 
continues to maintain its oulicy 
of refusing overt foreign aid. 

Meanwhile It is reported here 
that Chinese scientists are id 
attend a meeting in Tokyo later 
this month which will also he 
attended by a Taiwanese delega- 
tion. Until recently the Him 
Kuo Feng Government has main- 
tained a policy of boycotting 
meetings that were attended by 
Taiwanese, blit officials of the 
Chinese embassy in Tokyo say 
there is no Problem in sen dine a 
Chinese delegation to the 19fh 
International Conference on 
High-energy Physics hecausr thn 
Taiwanese ' are attending in a 
private capacity. 

UK exports to W. Germany rise 


THE VALUE of British exports 
to West Germany— in .DflUtscfae- 
Mark terras— increased by nearly 
ohe : fifth in the first half of this 
year against the 6ajne,‘,peripd of 
1977.- This Is filter thaiy the* 
growth rate of German exports 
to Britain— though a big visible 
trade surplus Jn Germany's 
favour still remains. j 

According to official German 
statistics abstracted by the 
British Embassy here, Imports 

from Britain in the first half 
were worth DM6.8bn against 
DM4JShn in January June. 1677— 
an imireasc of 19.9 per cent. 
Expbrjfi to Britain were up by 

16.5 pju- ceitf "to DMSJ2bn. 

The "^gures-Ksbow bow- sub- 
stantially NSrth Sea oil has 
contributed to tlievresult. British 
exports riif crude ^petroleum to 
Germany dere up hjkno less than 

64.5 per cent in the first half to 
DM6l4m (whjie Germany's total 
imports of oii during the same 
period actually declined in value 
by nearly 19 per cent). *. 

BONN, August 16. 

If oil is excluded from the 
calculations altogether, British 
exports of all other goods to 
Germany rose by almost 16.1 per 
cent in the first half-year to 

This growth rate is slightly 
higher than the average for the 
same export goods to Germany 
achieved in tne whole of 1977. 
It is also much hLgher than the 
rate of increase Of ail German 
imports in the first half of this 
year— up by 35 per cent when 
oil is included, by 5.9 per cent 
when it is not 

Indonesian smelter finance 

Sugar dumping 
claim probe 

WASHINGTON. August 16. 
THE TREASURY said it had; 
begun an anti-dumping investi- 
gation of imports of e ugar from ■ 
Belgium. Germany and France, 
which totalled S10.4m last year. 

The Treasury said the Florida 
Sugar Marketing Terminal Asso- 
ciation alleged that sugar from 
those countries was being sold in 
this country at lower prices than 
in the borne markets. 


JAPAN AND Indonesia have 
agreed additional investment and 
Guauce to cover a fund shortage 
of about Y161bo in a joint hydro- 
electric and aluminium smelting 
project in North Sumatra, 
Japanese Trade Ministry officials 

The Indonesians agreed to raise 
their 10 per ceut stake Lo 25 per 
cent through additional invest- 
ment. the officials said, without 

The real would be covered by a 
Y95.1bn loan from a syndicate of 
Japanese banks, including the 
semi-official Export-import Bank 
of Japan, a Y35.5bn loan from 
the Overseas Economic Co-opera- 
lion Fund, and a Yl4.5hn finance 
from the Indonesian Government, 
they said. 

TOKYO, Aug. 16. 

The agreement followed a 
meeting here yesterday between 
Japan's International Trade and 
Industry - Minister. Tosbio 
Karaoto, and Indonesian Industry 
Minister Rauf Soeboed, they said. 

Building costs were originally 
estimated at Y250bn. but this 
increased to Y41Ibn following a 
sharp rise tn material and labour 
coats after the 1973 off crisis, 
they added.. . 

Japan currently has a 90 per 
cent stake , in the project at 
Asahan. involving five aluminium 
smelters, seven trading com- 
panies and the Government’s 
overseas economic co-operation 
fund. The other. 10 per cent is 
owned by the Indonesian Govern- 

Reuter > 

India pledges 

By K. K. Sharma 

. NEW DELHI. August 16. 
assured West German: 
Economics Minister, Dr. Oi 
Graf Lambsdorff, that ti 
Foreign Exchange Regulation A 
would be applied “ flexibly - ai 
have conceded two deman 
made by him. 

Dr. Lambsdorff said at the ei 
of his stay here that the Gover 
meat had assured' him that 
| the event of equity dilution : 
1 West German Arms for sale 
| shares to Indians) any diffi 
ences over the market vail 
would be settled by discussio 
and no unilateral action wou 
be taken. He was told permits f 
foreign technicians would 
given speedily and that red ta 
would be eliminated. 

Suntory scotches British imports 


SUNTORY. Japan's giant whisky 
is succeeding in its efforts lo 
keep Scotch whisky Importers a 
marginal factor in Japan's 
whisky market, the second 
largest in the world. 

The British whisky industry, 
led by the giant distillers com- 
pany (DCL), traditionally has 
exported its many brands 
through trading companies, 
hoping competition between them 1 
would build an image of quality 
for " scotch." No British whisky 
company has its own directliy 

employed representative in 

The strategy does not work 
well in Japan, however, where 
the lore I whisky giant holds 65 
to 70 per cent oF a very rapidly 
growing market, and the advert- 
ising and promotion of Scotch 
has "become a confusing babble 
submerged under the lavish and 
well-cu-rdmaied media campaign 
for the H brands of Suntory. 

In volnie terms, consumption nf 
Scotch whisky in Japan is quite 
ubstiurikii. The Japanese spent 
£4ffm on importing tr last year, 
making whisky Britain's second 
ranking export to Japan after 

But more than half is imported 
in bulk; primarily as an Ingredi- 
ent for Suntory’s blends. The 
market share of whiskies blended 
_nd bottled in Scotland was only 
7.1 per cent Iasi year. 

Not even Suntory nicn claim 
the phenomenal success of their 
products in this market is due 
to their quality. Japanese pro- 
ducers can legally call anything 
whisky that contains at least 10 
per cent “ genslm." As is typical 

under Japanese law, the defini- 
tion of "genshu" is vague, but 
Scotch whisky traders argue that 
any wbtsky made from gram 
could probably -be considered 
“ genshu." 

The remaining 90 per cent of 
the liquid tu cheap Suntory 
whiskies can be potato or 
molasses liquor, or neutral 
spirits. Scotch whisky must be 
pure. malt and grain whiskies, 
aged for at least three years iu 

"Technically, the cost advan- 
tage (of allowing neutral, unaged 
spirits in whisky) is enormous," 
said a Scotch trader. Suntory 
Red, the company's second best- 
selling brand, sells for YS2rt 
(63.30), Including about 30 per 
cent tax. 

Nowadays, however, the com- 
pany'!* largest selling brand is 
"Very* Rare Old Suntory 
Whisky." known throughout 
J.apan. simply as “Old.”. It is 
M special class whisky," and i» 
required by law to contain at 
least 30 per cent "genshu." U 
sells for Y2.350. 

Other Suntory brands sell For 
as much as Y50.000 a bottle, but 
British whisky salesmen in Tokyo 
believe that all high-priced Sun- 
tory products depend for their 
flavour on whiskies imported 
From Scotland. They do not 
necessarily support efforts to ban 
British export of bulk whiskies 
to Suntory. 

They note that the Japanese 
couLd probably find ways around 
a whisky export ban. However, 
they say Suntory’s reliance on 
Scottish sources clearly proves 
that Scotch whiskies have. a cost 
advantage over Japanese-made 

whiskies of comparable qnality. 

Suntory’s strength is in mar- 
keting. It is one of Japan's 
largest television advertisers. Its 
army of. salesmen know each 
rftore and bar welL It is able 
to make sure that each Suntory 
brand sells : at a fixed price 
throughout Japan. ' 

Meanwhile. Scotch whiskies 
compete mainly against each 
other, Each brand's distributor 
finances its advertising cam- 
paign from its current whisky 
sales income — which is not very 
large Tor any of. them. The Dis- 
tillers Company depends entirely 
on information from its 

numerous agents and from the 
British Embassy in Tokyo. 

A joint advertising campaign 
by all Scoteb whisky agents In 
Japan has been discussed, hut 
on!;, casually. The Scotch whisky 
market in Japan is one of few 
JlJfliu markets in the world whose 

dominating company (Distillers) 
does not maintain a full-time 
representative there. 

Scutch whisky sales ros* 
rapidly in Japan after 1972 when 
imports were liberalised and 
price* declined. They increased 
more than , 10 times between 
1970 and 1974. But Scotch whisky 
agents are convinced that therr 
inability to maintain a standard 
— and preferably high — price 
for their product has been a 
caus c of stagnating sales since 

The exorbitant prices for 
Scotch before liberalisation were 
i hi- best passible advertisement 
f*«* i is quality. Now 1'ual some 
brands or Scotch .— orten Im- 
ported without authorisation 
through Hong Kang trading 
companies — arc available in 

supermarkets at prices 
those of Suntory Ol. 
mystique oE Scotch ha 
weakened. Scotch sale: 

° n, y 19 Per cen 
1974, while sales of M 
class" Japanese whiskie 
grown 28 per cent. 

Some whisky traders i 
assume that the Japanese 
drinker is an irrational coi 
But no one in the Scotch 
industry cap claim to und 
tne Japanese drinker, bee 
one except Suntory has 
extensive market surveys, 

No one claims the Jj 
market is closed to Scotch 
any more. Taxes on a h 
Scotch are comparable ti 
on a bottle of Suntorv 
The market is difficult, *hi 
For quality whisky, it ron 
two segments: bars and g 

The bar trade is < 
because of the practice o 
ins only one or two bn 
each bar. There is train 
corruption in decidin.!! 
brand will be sold in eacli 

The sift trade is ■ 
because of the Japanese tr 
of viewing a gifi as a 1 
repayment for past ki 
Gift purchasers want 
certain that the value o 
gift will he recognised. Su 
nearly flawless retail prici 
tenance makes that easy. 

Penetrating the market 
impossible, however. 
Horse, a Distillers hran 
through Jardincs. ha* ac 
good sales growth with 
sistcnl marketing policy tl 
included distribution "of 
Horse T-shirts and carefu 
vation of Japanese bar opt 

The suburban evenings are filled with 
furtive joggers. 

At Skelmersdale there's no need to hide 
from the peeping suburban crowds. 

There aren't any. Just clean, sweet country 
air a few miles from industry and 
motorway. The traffic-free drive is good 
for your blood pressure. The friendly co- 
operation is good for your peace of mind. 
And the cost of a home, or a factory 

is good for your bank balance. 

Make tracks to Skelmersdale for your 
next commercial or industrial development 
and a healthier way of business life. 


The experienced one 

Skelmersdale Development Corporation, 

Pennylands, Skelmersdale, 

Lancashire WN8 8AR. 

Telephone Skelmersdale 24242 
STD Code (0695) Telex; 628259 

Financial Times' ThuWay August 


Commercial vehicle sales 
remain high in July 


THE BUOYANT pattern of com- The society calculates that while BL dominated the foui> 

mercial vehicle sales in the UK importers took 16.6 per cent of wheel dirve and bus and coach 

continued in July, but impurts tile July market against 21 per sectors. 

failed to take as great a share cent in Lhe previous month. .In Other figures published yester- 

of the market as in previous - the previous July foreign mahu- day by the society showed that 
months. facturede vehicles took just' weekly car production by BL in 

Figures published yesterday by under II per cent of the market. June.-when -the industry's total 
the Society of Motor Manufac- Over the first .seven months of output reached 122,000, fell to 

may get 

Fewer managers leaving UK 

to seek big cash 


THE NUMBER of managers months of this year compared 

leaving Britain in search of & ^ ^ 

large salaries has fallen Suiting 


large salaries has fallen 
sharply this year, according to 
two surveys by management 
consultants, published this 

executive search consulting 
firm Kom/Ferry International 

tK ' m " piain mined. aiinougn tne corresnondinc penoa.of 1977. blamed the poor performance on aber in the Scottish Highlands. 

s^Sdown “PP^ntlJ »« « Production at its a project team, expected to 

B.^.frnlon, in the roomer- ™„,h™ h nearly M ,!er ceni“ Sl> S^ oro- ^ W i UUn JS. ““K,,!! 

rial motor sector reached 17.^73 sates nithnuch it was also the . 1116 mar ^ et PrD " studying the possible reconstruc- 

The MSL Overseas Index for 
the second quarter is 24 per 
cent below the same quarter 
last year and 13 per cent down 
on the first quarter this year. 

confirm those findings. It 
reports: u The number of 
executives wishing to relocate 
overseas fell to its lowest level 

five lobs advertised for over- 
seas appointments to tbeU* 

national and technical Press, 
notes that the number of Jobs 
advertised to the 

neon countries has fallen by 
half on last year’s 
As fflLT 25 the UR is con- 
cerned there would appear to 
be greater demand for top 
'managers and executives. 

wnciuscu _ “ 4M4 mtnsmK ano nnuuvn, 

55RaMSSS«ii -» -* rMIllc s “ m more 

of 3,856 in 1977. . vii* Korn /Ferry study re* 

Ho^r. the >fiddto_E«t 

since January 1876. The continues to make increasing 
number of executives, re tarn- demands on UJv. management 

rial motor sector reached 17.473 sales. alThough it was also the duC ed anavera"eof9 19S care StVSoIn That means that overall the 

in July, up nearly 13 per cent latest importer, bringing in ? U “LF ! ” “ on o£ . ™ pJant t ® cut d °^P overseas demand for managers 

on the same period in 1977, In vehicles frnm Holland and Spain. a * e 2? iJ R f jJJJf"? 80 ^ prove woc *f l * cont f 1 n and technical ad professional 

June, registrations had risen by Total BL pales accounted foT avera ^® 5,848 a ^ ear ea J lier - toms and increase efficiency in exeCQdves ^ the bas fallen 
21 per cent over the same menth just over 22 per cent of the Weekly average production at the hydroelectnclty-powered 
last year. market, with Bedford taking Chrysler fell to 2,951. against smelter. *** “ 

Over the first seven months nearly 19 per cent and Chrysler 3,59? a year before, while British Aluminium’s pre-tax 

this year, sales totalled 147.S61. 6.S per cent. Vauxhall's weekly output profits for the half-year to upwi 

a rire of just over 14 per cent Ford led the market" in the dropped to 1.612, compared to June 30, announced last night. Kg J j-. 

and technical ad professional 

per cent In the first six 

ing to the UK were doable 
those expressing a specific 
desire to leave.” 

The company comments that ■ 
the trend marks and end to 
the “ detrimenttal " loss of. 
talent abroad. 

MSL, which monitors execn* 


The Korn/Ferry study re* 
ports an Increase in executive 
tives are aware of the oppor- 
^TT^-ts ^ Half tte re- wnirtes to seek greater rc- 

a!? ■sst- io 5 n seukkv £ 

managers by Western Euro- British. industry. 

on January-July last year. 

light, middle and heavy ranges, 1,792 in June 1977. 

switch ‘not 

Marks and Spencer 
starts credit scheme 

rose to Xlil-Wm, compared with 
£lu.l2m in the previous half-year. 
But they were slightly down on 
the £13.9m pre-tax profit 
achieved in th ehrst half of 1977. 

The company is interested in 
eventually expanding its biggest 
most modern smelter at lover- 
g or don if a further deal for cheap 
base-load electricity can be 

Personal savings level 
likely to remain high 



agreed with _ the Government- T TTR T TrvTrr Qf oersona j saving- because their savings commit- that the real value of personal 

ml? roS hffitahESSI nwnts rod. as Ulf wmj. at, ta, d.dLt.ed 

h« n -w.. u.-Hrn may remain uign m Historic menis tuvu aao uiau« oaaeis utw*"** -j 

MARKS AND SPENCER is for times a monthly subscription. “ £ terms for some years yet, accord- premiums, had risen or that a fifth since 1973 and is only now 

thn fi.rt fim» nlnnninn tn inhw. r F»iro«» unit ha ieeiiaH uith . .BWCinuiJ JHIWMBW.. oUkv3i t . in a tn . ntw annlvaie nf tha hiahar Unemployment had ho glnni ng tO recover. It COUIU 

A SWITCH In the financing of auce 8 cretul 
pensions, away, Prom pro-funded customers, 
schemes and towards a pay-as- f* 1 ® .® OII1 £?® y , 

the first time planning to intro- They will be issued with a ?•!„ Hiahiimrfa r ^ S/th*, and > n B to a new analysis of the higher unemployment ■ had beginning to recover. It couia 

of duce a credit scheme for cheque book and identity card KmloSteveiL* " w, ™ aoer determinants of consumer spend- generated precautionaiy saving, therefore take several years 





and can use them in any Marks 
been store in the UK. Each cheque 

mocuieven- „ Ing published by the Treasury The best explanation appeared before the rebuilding of assets 

It should prove possible to yesterday. to be based on the effect of in- is -complete. 

By Peter Riddell. Economics 

the Treasure in written evidence cards - But lhe consu “«r «P end ' chases. The-Lochaber plant, which is personal wealth as well as These assets are fixed in money level the effect depends on the *^ m ^ t ^“„n™dv2tenSv 

S ,uT vSi2J “rnmmSJe wMrh ws boom has P™mpted it to The scheme is being operated built to a different configuration, personal income, reflecting the terms, so that when inflation exchange rate regime operated by tools wm announcen 

wa^DubvS reSav ^art a trial project from the by Citibank Trust, a consumer * ukely converted lo the theory that. consumers may save occurs their real value is the authorities. by the Bank of a 

Th P i is aSS' to the ginning of next month nn the finance company and subsidiary prebaked anode smelting system, more to restore the real value reduced. In order to rtstore this It says, however, that it is not ^ minor chwges raver sujck 

T „, c ". mth* t« ■ kL* tor effectiveness of a credit scheme of Citibank, the world’s second m ^ a t lnvergordoh and the of financial assets. real value ransomers therefore true that under a fixed exchange owned by antisn resiaenu in 

Jh.nL t0 ** *“ d f0r customers. largest commercial bank. ^her big modem British The analysis is contained in save more. rate system, all changes In the foreign companies 

maUngachanc. The company may have lost Interest is payable on the out- smelters at Anglesey (Anglesey the fourth of a series of internal reserves will feed straight they tidy up enstlne ? s 

A switch lo a paj-as-\ou a o vo i ume because of its no- standing balance in the cus- Aluminium) and Lynemouth, working papers made available through, one for one, into the and will not affect the reserves. 

JjJJJid no e t iT-pi*f S1 m^kp K an v* add!' £ redit policy which P articularl y tomer’s account, calculated at the Northumberland (Akan). by the Treasury and summarised New equation • nf 0n ey supply. The first aMeration m force 

f ' h 'ts women shoppers who are monthly rate of 1.65 per cent (nr . .« in its monthly Economic Pro- There is evidence that this is . Eaually. a floating exchange from yesterday, covers disr«Mal 

that this is Equally, a 'floating exchange from yesterday, covers disrosal 

■ , ■ _ .c im J’llfront'l' SPCliritleS 

flows; and liiis would raise 
demand and lead to snmc in- 
crease in the level of economic 

The treasury warns that the 
effect of a switch to a pay-as-you- 
go basis, like a cut in taxation 
or an increase in public psend- 
ing. would not necessarily fit 
in with rho needs of the economy 
at the time. 

regain Berwick 


‘ ing shows that the conventional ratio. External flows may also have solicitors, wiuoe given 

British consumption of semi- fo ° ecastillE eauat ion of consump- The savings ratio— <he percen- important indirect effects on the sell most quoted securities held 
fabricated aluminium unproved ^ base | the treQd f ta ^ e of disposale income saved monetary aggregates, which may in portfolio investments in 

by 14 per cent in the first naif oos _bi p income, broke down —averaged about 14} per cerrf reinforce or offset their initial restricted deposits that do not 

of this year compared with the p Ite I973 wh ^ ® raoMl last year, compared with a effect and which are therefore benefit from the investment 

slump in demend to second a avi £g S ratio r0se t0 ^ prece . range of 8.5 to 12 per cent essential to determining the final currency premium, without first 

half of last year. But British den ^ levels between 1970 and 1973. impact of external flows. applying to the Bank of England 

Aluminium last ni^it was poim- forced Treasury to The revised version of the ..The composition of balance-of- for permission. . 

Ing out that stock changes were reconsider ils forecasting pro- Treasury model includes a new payments flows, may however, 

JjjJg Vhe^cfmmmv^ttoJ'Ues cedures. Among theories equation which reUtes consump- affect the money supply If they Dividends 
figures. The company esiun.ites i, u » reiected. were tion primarily to income and, in affect the allocation of total funds , , 

that there has been tittle change Stween money and other finan- That applies, for example, to 

to a pav-as-vou-go basis might. TlON to retake the marginal Two Scottish Nationalist MPs, in the actual consuraptioi 

(he Treasure savs, be deployed constituency of Berwick and East Mr. Douglas Crawford (Pert* aluminium by industry 

in three ways. Thev might be LoLhian. where a by-election is and East Perthshire) and Mr. Britain. 

used to boost the employers’ re- Pending after the death of Prof. Douglas Henderson (East Aber- — — — 

tamed profits — in which case, if John Mackintosh. Labour MP, deenshtre), called yesterday for -■-* j u * 

the switch applied to funds was underlined yesterday with the setting-up of a venture Ufa TIJirBflll 

within lhe public sector only, the announcement that Mrs. Mar- capital wing of the Sccotish I* 1 ** 

the public sector borrowing re- 3 arel Thatcher will visit the area Development Agency with an 

quiremeni would go down, but at ,he end of this month. annual budget of £2Qm to £30m. vyaAf Arc 

the cost of private-sector capital The writ for the by-election Its purpose would be to stnmu- lllcLd Js 

(supply of which would be re- cannot be moved until Parlia- late the creation Of companies 

duced by cessation of the public inent rc-assemblcs in October. It within Scotland and could TJ A 

sector pension funds' cash flow) will not be moved at all if the become self-financing within a *2,58 VS Ml /\.l . 

would rise. Prime Minister decides on an few years by setting its stake ^**,7 ^ 

Possible use autumn election. in successful ones. T „,„ r 

The initial savins! on a switch CONSERVATIVE DETERMINA- askin E for support since the beginning of last year * at " Tte'diS on^alth suggests Sl'Sets 

a pav-as-vou-go basis mi"hL T|0N to retake the marginal Two Scottish Nationalist MPs, in the actual consumption of naa oeen iorcea to save more me “■»<» u “ 111 31166 

BBC must pay more to stop 
loss of staff, says Milde 

inherited investments, to that if, 
say a UK resident inherits shares 
from a relative in the U.S., any 
disposals — not affected by the 
premium — can go ahead without 
Bank permission. 

The second change applies to 
the way in which stock dividends 
are handled and . means that 
securities received as a result 
of stock dividends will im- 
mediately take the classification 


would rhe lhe balance of pay- lish National Party votes, and t og etheV with a fact-finding day a D 7bUshed by the JSSt day 

moms would deicnoratc, and whether the new Labour candi- ^ norlh Kent marEjna i CD nstitif- _ A- ^ Pub»sbed._by ^tte ^_y 

SSS RAC shows' that motorist* have „ He said whatever the outcome 

strengthen the quality of output, L ayer acquisition 0 f foreign 

5. 15? A ISS’L b ,L S S currancysccurities and nSSS 

rturc pf , n--ir»n cnniributinn!!. In p e o-blcs, seat of Mr. David Steel, this week on bis border constitu- most London boroughs subsidise employees left. So far the Corporation had best television service," he 

, ‘ ™i ,,| «iry nciKves Liberal leader, anfl address en cy and is visiting local indus- .the meter system and only The bbc had been concerned been able to recruit enougb added. 

\ _ cnn^ircrahlu jmoarl Young Conservatives in Glasgow, tries each day. His campaign Westminster, Kensington and by t he drift of performers and people but Mr. Milne has been Mr. Milne was unveiling plans 

J," "J'j- , r,I1 [ m * n ]J 3| s could Lahour expects to choose its proper will start when he winds Chelsea, Camden, Croydon and producers from the Corporation warned that it could face for its autumn and winter pro- 

, * » n " e “ ec ‘ on M ' 2:;e candidate for Berwick and East up the Liberal assemly in South- the City make a surplus on meter an( i j D ^e last 15 months 80 out problems this autumn. grammes, 

r .o innnn'5 Lothian early next month, but port, being held from September accounts. 

^0 Tr ca ; u r v paper is a com- ajrcady M r. Rohm Maxwell, u to 16. In manv areas in sDite of vast : 

nnnion niece lo evidence to the cinm^mnn Pf«h »ir- e.iT.nh.n vniiitn^nn 10 many areas, m spire oi vaai 

Brae Field tests successful 

Grant for 
hang-glider pension schemes. | j_i 0 
This was published at the end of 
June. 1 

nominating organisations October poll. 

British spend 
£4.!2bn on 

111 53^^ inflllfitTV • schemes and in Newcastle the PARTNERS IN the North Sea exploration programme that has pany of Pan Ocean, has put 

IamUJLU^V UAVJ ix. j kx cost: of vandalism to meters is Brae Feld have successfully cost more than £40m. reserves at more than 500m ippt 

A WARNING that the outcome dominantly small ones — would estimated to be £3.000 per tested promising oil flows in The latest well to be drilled barrels. .I. 

or lhe next election would deter- be threatened by a State take- month. their latest appraisal welL on block 16/7 A, is part of a R< ...i lr , of *»,- wost well han* 

mine the future of the road over tf Labour won. The RAC suAVests that local series erf appraisal wells com- 

The Birmingham. Wolver- 
hampton and Liverpool areas all 
lose money from parking meter 



Financial Times Reporter 

BY LISA WOOD I Transport. paid industry 

SPENDING BY British tourists He told East Aherdeenshire it would me 
in the UK fell in real terms last Conscrval'ves that tens of yet anothci 
year in spite of a 9 pur ccm thousands of businesses — pre- undertaking. 

increase in expenditure to 

£2.fiUbn. according to figures 
published yesterday. 

About £4.12l>n. including 

fares, was spent by British i w kh HI HQ HI 

tourists at home and overseas | v B H s 

during 1977. according to the IS 

home tourism sun ey for 1977, 

which was ci»m missioned from IT WOULD be churlish to sup- industry, however, estimate that bably undertaking Its probe be- competitive poster sites and Although 'the eight companies Commission, It Is likely that it vibration, 
the National Opinion Poll by the nose that the pending Monopolies the two leading companies. Mills cause of a possible ** complex adopting a more realistic market- behind British Posters control has received complaints from hkyhook Sailwings. oF Oldham, 

n..!. . FV ■ . ■ ...1 3... I - 3 . _ 3 ah 1 . V. .. T HiAnnnnlv " in Ina ini)n,t u . Tl.,1 inn .huinfi.M In Dnctaiv ghniil th»rp» miartpns nF the mar- Pnmn^TllK IHiahhP tn hnnb TKKtur LaiUSi. has noon pvn^rimantlnn 

While there was little change ! of people, supposedly unem- W ouid seem on tricky ground in T . en L distort, or restrict competi- 
between 1976 and 1977 in the ployed, with htc Mogan "Labour investigating the indixstryr. How- tion in the supply of good and 
number of holidays at homo isn’t working." They have been ‘ services. 

there were changes in forms of condemned by the Prime Minis 
toruism. ter and senior Labour leaders. 

Business and conference But the British poster industry 
tourism increased by 7 per cent is hard pressed to know what 
last year and visiting friends reason there is for the apparently 
and relatives was up by 5 per sudden decision by the Office of 
cent, according to the survey. Fair Trading tOFT). the C.overn- 
Those increases, it says, were mont bndy responsible for mak* 
counterbalanced by a 1 per cent ing references to the Monopolies 
fall in holiday tourism, of which Commission, to take that action 
Britain continued lo have a far now. 

greater share than destinations The OFT has written to about 
abroad. 10 companies and trade organisa- 

Morc than 7S per cent of tions in the industry asking for 
tourism on long holidays, lasting their comment' on draft terms or 
four nights or more, was within reference for the commission to 

■ Because no one poster company 

can afford to provide a really 
ufuiC AM AI VCIC comprehensive national service 

FaELV¥9 Rnattaia for poster advertising— the costs 

of finding and maintinin^ sites 
® is prohibtive — the seven '{now 

enchtl main companies in the 
ROADSIDE industry together Conned in 1971 

a a marketing company t 0 sell 

ADVERTISING poster space nationally. 

To compensate effectively with 
By Darid Churchill, other media, “such as television 

Consumer Affairs Correspondent and national newspapers, the 

poster companies needed to be 

~ * able to offer a guaranteed, cost- 

By Darid Churchill, 

four nights or more, was witmn reference tor me commission to otf *„ t „. n ntheP n, nr « effective national service. Tbus 

Britain and 9S per rent of short inquire into roadside poster ser- fSV^soi r forthe icVesUs ' m*S. SS™,™. I*™- to 

Wliam ana na per rem ui Mian inquire laiu poster ser* , it , rpa«!nn< for rhe investira. mrinea 10 

holiday tourism, testing one to vices. Those concerned have until i reas,OUJ » u,c provide the service although the 

.1.1.1, ..... il fr. in ihn III,' C tf. K nF... LlUO- dirthf ItiHitH fT 11 Si 1 

ni;' 1 



i fi»r 
I* * • 

of the underlying holding. 

In addition, a comprehensive 

Prime Minister decides on an few years by selling its stake ° BBC TELEVISION is losing of 300 videotape engineers/had He suggested that the increase list of companies that have left 

auMimn election. m successful ones. B Pau , T lor staff because of Its inability to left . . / in iicence, fees for colour tele- Britain and are listed as foreign- 

~ ~r J"”” . 4 , The scat was captured by the Mr. Crawford eakl tiiat the 1 pay them properly, says Mr. Mr Milne said that if took vision sets', to £30.00. or fivepence CU n-encv securities has been 

miKh . 1 b ? Ul ® d ker P Tories in February. 1974. but lost days of footioose industry look- THE ROYAL AUTOMOBILE Aiasdair Milne, managing J£« ta^rain a XcSs a day, demanded by BBC chair- p“ nF Jded. 
vII-aI 1 thc k ,S ' no(1s •in^ srr - again in October, when the ing for sites to build new plants Club yesterday, called on local director. video ^engineer and tha/ pay man - Sir Mlchae l Swann, would p The Ganges are the first part 

he rJ^ in «h?S£ iP S? l ,E Lab0 ^ m 1°f/H^nu^SSenri°o Vk n 2 ver ’ „ ^ , authorities to abandon parking Pay policy had caused great J£&£wE> “ toSSubte to *<> » « ^ ^ to meet the of Tthree- or four^tage o^ra- 

Treicurv* f'’ er, , the f^SSl t T < «K?5«, d nSS "srof -ru Ric i ar ? Ev . 3 ^ writra: Mrs. meters In favour of other forms problems over the last three k eep them “ grave ' operation u ki tn tion of tidying up and clarifying 

would ri’J nf*!!?.? fSS.*te«L¥i e iitj liSJ S S!li ?A a A C u h . e _ r ?. J ^ is . It ,.i 0 . Scotland, of parking controls. years. _Mr. Milne said in London problems" would ensue. __ the controls. Later notices will 

:sv V.OR5T ON 


?! There have, for example, been 
ne 37 supplements to the original 

™ ; A. ™ THE - WELSH Development 

serves at more than 500m Agency is to help a North Wales 
1 reels. company develop an engine for 

Results of the latest well hang-gliding, a market which is 

JK 1 UU lllDbC wuiixint, niimu 1 ^ «* I ^ ’/auwiv. UUO W r— 7 ' • . __ . - n n i4 : _ « rnn JF. f r , __ 

paid industrv. For tic taxpayer I Birkenhead, Kipon. Harrogate most difficult North Sea struc- There are widely diffcnng National OH Corporation with a J on 

shirp it would mean the prospect of land Guildford in adopting park- tures to assess. Pan Ocean, the estimates for the recoverable 20 per cent share, reaching final Gaerwen industrial estate an the 
of vet another subsidised Stated ing discs nr other means of operator for the Brae consortium, reserves in the Brae structure, a greementon a development plan island ana given a loan at 
■ ore- undertaking." - 1 street parking controls. 'has now drilled 13 wells in an but Marathon, the parent com- for the field. £10,000. 

H ** - The company already makes a 

“ 110 cc engine which is used for 

£ 0 0 ^ . chainsaws and model planes. The 

lopolies inquiry worries poster groups Islifss 

-®- ■"* and reduces both noise and 

Erits!i Tourist Authority and Commission investigation into and Alien, and the London and monopoly" in the industry. Thai ing structure In British Posters, about theree quarters of the mar- companies unable to book poster Lancs, has been experimenting 
the three other national tourist the supply of roadside adverlis- Provincial Poster Group, have is defined by the commission as .The aim of British Posters bas keL British Posters itself, is only space. One ‘Of toe difficulties of with powered flight for some 
boards. ins services » as in any way about a fifth of the market each, the result when at least a quar- been to make posters as simple responsible for about three the consumer boom is that there time, but has been unable to 

Spending at h n nie accounted prompted by the current Conser- There are numerous other ter of the industry Is controlled as buying television time,' with tenths of that The rest is made are insufficient poster sites to find the right engine. It was 

for 64 per cent of the total, but vative Party poster advertising smaller companies in the In- by two nr more companies “who specific regions and target U P individual companies own meet advertisers demands. considenng buying U.S, engines 

the increase was well below the campaign against the Labour dustry. headed by More O'Ferrall. so conduct their affairs (whether groups available for advertisers, poster sales, especially fixed com- The poster companies, how- un til “ discovered Rowena. 

nse in lhe retail price index Government. On those grounds alone, there- by agreement or not and whether Pasters are the only main form mitments in certain areas. ev&r are extremely unhappy at Skyhook believes that the 

between 1976 and 1977. The Tory posters show a queue fore, the Monopolies Commission voluntary or not) that they, pjfe- of advertising' able to reach a ' The total UK poster industry is the way in. which the OFT has market for powered hang-gliders 

is enormous. It is thought there 
are 100,000 hang-gliders In use 
around the world and that in 
Eve years' time this number 
could rise to 500,000— each a 
potential customer for a power 

■V-V- r w i 

three hi?hls was also in the UK. September S to comment before llDa ’ ... . ... eight individual companies 

montlffOr tourisml'both^t home retorenreto tfa^Monopolle^Com! no°company has aquarter of the finding and matofa^ntog fi rit« Som^nd supermarket hetwee ° ** 

SWW! m Th^ commission will then take ,as 

Britain was spent in the West htc next 18 months to two years each had strengths in certain The real cause of the shake-up bee J “nat P h?itodK° dU fi the chfiJiee t0 il? >lan si , de 

Country, to carry out Us investigation. regional areas. Under the Mono- in the indnstry was the in terven- pe - a £ 36 per .SSSrMJS 11- * 8 1 of **" tyise - l ^ fQre 211 

The sur\-ey shows that in The usual reason for the Mono- polies Commissions guidelines, tion of John Bentley and bis cent more than Id 19/6. transport »**’irjsrtls»ng, sports was considered. 

1977. 59 per cent of the UK polies Commisisnn m investigate it can investigate cases where Barclays Securities, which It would seem likely therefore groimas. ana iiiuminiated s'gns. However, slncftthe Itepartment 

population took a holiday of a n industry is if the dominant companies have more than a bought Mills and Allen in early that one subject for the Mono- ™s tn e t qrai .™adsldeposter of Trade gave British Posters an 

four nichls or more in Britain company in the industry has a quarter share of the market tn 1971. Bentley's brand of entre- poltcs Commissions investigation j n . s “!^ that interests the OFT informal but thorough ‘’vetting 1 ' 

or abroad, 40 per cent took just quarter or more of the ‘market, part of the country. The main preneurfal flair forced the Indus- will be whether British Posters' is wonn aDouti^m. when it was ^ UP| 

one holiday. 13 per cent took That is known as a “ scale mono- poster comp.mies are believed .to try to accept that it had to be marketing is a complex mono- Although me OFT refuses to panies are puzzled as to why a 

two and 6 per cent took more poly." qualify on those grounds. .. competitive -survive. .That poly and whether it Is operating say exactly why it in to refer fuller probe should now be 

fcvo Trade sources in the poster Further, the commission is pro- meant realising the value of un- against the public Interest - the Industry to the Monopolies undertaken. 

Conmte Codtretl 

have traditionally Posters. 






- ; 

*’ L- ' 

•“ ' ' T - , - ir ijrv' 

Financial - TimesThursdayAT^giist 17 1978 


to go up 
by 23% 

DENTAL CHARGES for roatine 
treatment are to bo increased by 
about 33 per cent up to a maxi- 
mum £5 charge' from October 1. . 

The new-scile was announced 
yesterday by the Department of 
Health and Social Security 
within a package which included 
similar increases iu dentists* fees 
and a final agreement to pay 
dentists an average of £945 each 
in expenses arrears for 1977/78. 

Revision of fees and charges 
has been delayed by a dispute 
between the department and 
denitists regarding overpayment 
of fees in the past. 

This dispute was resolved by 
the independent doctors' and 
dentists' review body and its find- 
ings accepted by the Prime 
Minister. • 

The new rates have been 
recommended by the dental rates 
study group on the basis of the 
review body's findings. 

The increase in ' patients’ 
charges reflect directly the 
changes in the’ fees but as before, 
check-ups are free, tile maximum 
£5 charge for routine treatment 
remains and- the maximum 
charges for crowns and dentures 
are unchanged. 

Nine more workers 
in atom plant move 


A FURTHER nine workers at the 
Atom ic Weapons Research Estab- 
lishment, AidenoastoA have been 
transferred ’ -^to radiatioo-rree 
jobs, the Ministry - of Defence 
disclosed yesterday. . 

Earlier, tlkee women laundry 
workers were transferred after 
they were found to. have accumu- 
lated levels .of plutonium well 
above recognised safety levels. 

The estabttsbmpnt, in Berk- 
shire, is. whefk ptatopium metal 
is handled 'in the research, 
development and partial, produc- 
tion of nuclear explosives. 

A new method. Of. monitoring 
radiation workers Jftr any traces 
of plutonium; they may have 
picked up has now detected 12 
people with Ibody burdens at 
about the Um& recommended by 

the International Committee on 
Radiological Protection. 

But Defence Ministry scientists 
say that in taking staff off radia- 
tion work they are being extra- 
cautious in that their results, 
using the new technique, can 
differ by a big factor— as much 
as four— when the worker is 

The new method, installed with 
the encouragement of the Health 
and Safety Executive, uses a 
£500.000 whole-body .counter in- 
stead of. the regular urine 
analyses previously . performed 
on all radiation workers. 

Although widely used nowadays 

for other radioactive substances, 
the whole-body counter — which 
measures gamma-rays — is not 
normally used to measure traces 
of plutonium because plutonium 

emits only a very weak gamma- 
ray signal. 

This signal is easily confused 
by stronger signals, such as that 
for caesium-137, a radio-active 
element present in the bones as 
a consequence of atmospheric 
nuclear weapons tests. 

Mr. John Dunster, director of 
nuclear safety at the Health and 
Safely Executive, said last night 
that the plutonium levels so far 
measured “ do not seem to me to 
he something we should be 
worried about” 

The Board said yesterday that 
the risk of the radiation workers 
contracting lung cancer could 
have been increased by between 
0.1 and 1 . per cent — the extra 
risk which would, be incurred by 
a non-smoker smoking two or 
three cigarettes a day. 

6 Nuclear politics ’ warning 

Boost for 

By Pamela judge 

MORE THAN half Britain’s 
women C&hampoo their hair 
twice a week or more. 

Moreover, according to IRC 
Magazines' latest cosmetics and 
toiletries report, women’s 
application of rouges, blushers 
and shaders has risen by 28 
per cent in the past three 
years, and 83 per cent use 
toothpastes and powders. 

With the adoption of easily 
managed styles, fewer people 
are visiting a hairdresser more 
than once every two months, 
and that has affected the 
increased in the nsc of sham- 
poos over the past three years 
from 83 per cent to 88 per 
cent Sales of hairdressings, 
conditioners and cream rinses 
are also rising,; from 33 per 
cent to 39 per cent, an ' 
expansion of the market by IS 
per cpn?. 

Cosmetics and Toiletries Sur- 
rey 1977-78. fPC Magazines; 
Irvington House. Lavington 
Street, London, SE1 1BR, £123 
for first copy. • • 


brought inm ' 
politics much more over the next 
decade, according, . to Dr. 
Christopher Bertram,’ director of 
the InternationaL Institute of 
Strategic SJudi & . 

Dr. Bertram >>ys. In a paper 
proposing a new, aproach to arms 
control — by .controlling missions 
instead of weapons— that as new 
countries demonstrate .their real 
or potential status “.as nuclear 
powers, it wil] be' necessary for 
the U.S^and USSR to keep their 
strategic relationships clear of 
the impact of -. third-party pro- 
liferation. . 

Third parties^ not be 
serious nuclear iRfflJs for the 
foreseeable future. - - 

But Dr. Bertram warns that 
some nations wfil-viribly invest 
in nuclear weaimns without 
actually implementing., them, and 
others will set ap .a'.minimura 
force “primitive by ‘superpower 
standards but .nevertheless 

frightening to neighbours." 

In addition to a -proliferation 
of nuclear and near-nuclear 
states, the superpowers will have 
to learn to accept the fact that. 
While arms control was shaped iu 
a period of clear U.S. superiority, 
the more recent disap pomtments 
stem from the difficulties of liv- 
ing with nuclear parity. 

“The Soviet Union must learn 
that catching up with the leader 
is one thing, gaining superiority 
over him is quite another. The 
Americans must leant thta parity 
is a combination of asymmetries 
and that marginal advantages on 
one side or the other do not 
undermine stability.” 

A fundamental problem for 
the Strategic Arms Limitation 
Talks (SALT), Dr. Bertram says, 
is that the traditional definitions 
of weapon categories are becom- 
ing increasingly blurred. For 
example, the distinction between 
nuclear and non-nuclear weapon 
systems was once sufficiently. 

cl ear -cut to allow . aims control 
negotiators to write them into 
treaties and to provide govern- 
ments with a relatively unam- 
biguous notion of their respon- 

Once weapons of inter- 
continental capability had to 
have a warhead which was both 
nuclear and high-yield, to make 
up for its inaccuracy. But this 
was no longer so— conventional 
explosives could now produce 
destructive effects of a kind pre- 
viously reserved for nuclear 
missions. Dr. Bertram cites the 
cruise missile as an example. 

He concludes that a change in 
emphasis is needed, away from 
efforts to limit the numbers of 
particular weapons, and towards 
an attempt to proscribe specific 

. Adelpht Paper No. 146. Arms 
Control and Technological 
Change: elements of a new 
approach. 1ISS, 18. Adam 
London WC2N SAL. 

i Street, 

Shore move on South Bank 


Mr. Peter Shore, ^brironroent council homes on the site, but 
Secretary, has cleared, the way there are alternative office and 
for a major public ^tibniry into proposals from the Heron 
the development- section of g“E2f»« aod Commercial 
London’s South - fa*. The Pr ° pe ™*?' „ _ 

- . council xesterday Mr. Shore revoked 

be built 3n initial development plan, and 
granted six-month office develop- 
: Council meat permits for the site, 
teln the effectively opening the way to 
Wtfcrlou Heron and Commercial Pro- 
between perties to submit planning appli- 
[ge. cations to Lambeth for their 
ling, schemes. , , : : 

. • • | « , 


central issue is wh 
homes or offices 
on the site. 

The Greater Lo 
owns the Coin S . 
Lambeth Council’ 
development plan a 
Waterloo and Blackf 

Lambeth favours 


Mr. Norman 

chairman and group chief execu- 
tive of the Sheffield Twist Drill 
and Steel has died aged 57. 

Born in Liverpool, he was 
educated in Wolverhampton and 
began his career as a metallur- 
gist with Henry Meadows in 
Wolverhampton in 1938. 

He was president of the Twist 
Drill Association and the Twist 
Drill Export Association. He 
leaves a widow and two sons. 


y Ethel, unlike Molly 
f x.^alone, has difficulty 
crying ‘Alive, Alive-O’ 

WHEN I was younger there was - Cockles are not to everyone's winter of 1962-63 destroyed the In addition to the birds, the 
a certain Molly Malone who, taste. town’s beds. sands are being affected by 

according to legend, used to .sell Officially, they arc a mollusc. The same winter played havoc the spread of spartina grass, 
her cackles and mussels through similar to the clam and some- with Penclawdd. But nature has planted out to protect the nearby 
the streets of Dublin. We used times . sold by continentals as a way of redressing itself and dunes in 1947 and since . self- 
to sing her praises nightly. such. But they are much the succeeding years saw record seeded along the shore line. 

H you were to jaik about Mliss favoured locally, accompanied by numbers of spats (the young, Already some good parts of the 
Malone in Penclawdd you would vinegar and (if you are really immature shellfish! and the sands, near the village of Crofty, 
probably be asked in return: posh and sitting in a restaurant) sands were able to makegood have been lost, and the outlook is 
Miss Who? For Ibis is Wales, a little thin brown bread and in no time. not so good since the roots go too 

But if you were to ask about butter, and widely cateo by- the What worries everyone sow in deeply to eradicate them. 

Ethel Coghlan everyone in 
Penclawdd would point her out 
even though no one has written 
u song to her memory, Not that 
1 know of, anyway- 

Ethel has fished the sands, of 
Llanrhidian for cockles for- 52 
years, ever since, she. was a girl 
of 13. It is hard, back-breaking 
work fbr the best areas on the 
sands are at least five miles from 
Penclawdd, a village on the 
north coast of Gower some six ■: -/ 

miles our of Swansea. And she 
lives some way out of the village. 

So she sits on the trap pulled 
by bvr pony — once she had, 
like the others working the 
sands, a donkey for company but 
these have long - since gone — 
and heads for the grounds- to 
pick her regulation throe cwts of 

When she was a girl she could 
have picked as much as she 
liked, but times have changed. 

The cockles are no longer there 
for the taking and, ip- order to 

15 or morn scraping the sands 
with a rake-hcad to uncover the 
cockles. bur the good days how 
are not what they were. There 
are Just 47 people licensed to 
fish now compared with twice as 
many «ralr eight: years as® , and 
as many as fito either ride of 
the first world war. Those were 
the great days- 

t? -r-'SvMS.: .. z. m .. 

Ethel Coghlan sits on bee cart- talking to the local fisheries officer after a morning’s 

work on the Welsh coasL 


seaside. In Swansea and near*- Pendawdd is not the weather^- This is a depressur* picture 
by parts of South W *nd it can be very, very cold m But there are always the mussels 

are eaten in enormous quanu- January and February grubhmg (shades of Motiv Maloney and if 
ties. J “ the- sand and sea water with this Is not enough there is the 

. . . Ethel Coghlan believes there your, bands— but the oyster- laver bread. Laver bread almost 

Cockle fishing has been known |$ none to compare wit" those catcher, a predatory bird. defies description. 

In this part of Gower since thethat com® from her part of .the , Oyster catchers migrate to Fen- a i* made by stewing seaweed, 
early years af the lSHh cenrury. sands. *1 could sell 10 tunas clawdd for the winter from their comes out tike a black processed 
The collapse of the trade In Pen- as many as I gather. There are summer home in the north of cabbage and tastes strongly of 

clawdd has been, doe to a some nice ones commg down Scotland and the cockle is their iodine. Teifion Jones, a fisheries 

number of factors: the weather, King's Lynn but they are choice food. Normally they come officer, says that rolled in oat- 
lb® pattern of the tides, the not the same. They have a lot down in September and depart meal and fried it is delicious. So 

spread of spartiia grass from of grit to them. We dean ours in April: this year’s bad summer far. its fine taste has eluded me. 

the dunes - and .-, the oyster- properly." • • 1 has driven them out prematurely But. like cockles, it Is eaten in 

catcher*. Capt John RhyWer^^ iiudJttere are. reveral peat floriss great quantities to Swansea and 

In 188* 0 record 140.000 cwts fisheries officer for South wiu^-on the Llanrhidian sands already. seDs prodigiously in the city's 
were landed: by 39ft the amount .hopes, the trough has now “3* , _ It has been estimated that an market Some of the cockle 
had sunk to jufit tih8e* ' 5,000 passed. He points to rising tana- ojstercatcber can eat 500 cackles gatherers boil two tons of it a 
cuts. There has been something inn to the past two and a flay probably IJlbs in weight week at times: Two tons] Says 
of a recovery » teat last year wants to avoid at all costs JJ®: AMthere have been as many as Ethel CosWanr “ I make the best 
13,448cwts were -sent. to -market, fine of Morecambe. unru.-ree 25,000 blrdtcounted On the sands laver bread In Swansea.” With- 
Hut the business- »'■ still very early 'sixties Morecarobe was one ?tta time The damage they can out wMtine to tmrwie her cl a im . 
..’epreswdTT el the big four; then toe severe mffi« » enormous. 1 take her wort for it. 



Ihese-Boqds haring been uU, fids i 


August 17 9 1978 


Tokyo, Japan 


Convertible Bearer Bonds of 1978/1987 
Issue Price: 100% 

Ibul MatorHyi February 1,^87 

Caamsfen Eight: bom SepteribarLISTO into shoes of Comas Stodc cfSaaknai Siadnmi Cbh,tt& 
ri a cfmesion price of ¥480 per share - 

Tldh|« Frankfurt (Mstiq) 

Berliner Handels- nnd Frankfurter Bank Yamaichi International (Europe) limited 

Credit Commercial de France 

Dai-Ichi Kan gyp Paribas limited 

'Kmraft Investment Company (S.A.K.) 

Merrill Lynch International & Co. 

Swiss Bank Corporation (Overseas) Limited 

Aba Mubi Imestmenl Company 

Alahll Bank, of Kuwait (K.S.C.) 

Algcmene Bank Nededand N.V. 

A. E. Ames & Co. 


AmstodaBB-Rsttedwa Bank N.^ 

Andxcsens Bask A/S 

Arab finance Corporation S.A.L. 

Badeo-Wurttembamsche Bank 


Btflria KtmiiffMMlf l^ulinV^y 

— Gimestnle— 

Ikum CnuMwUiMlMt 

Bonca dd Gotfwdo 

Banco Ambroskno 

Bancs di Soma 

Bank of Aiwrfra IntcanatiwiM 

Bank Mees ft Hope NY 

The Bank of Tokyo 
(Holland) N.V. 

Baoken Thist Intemarianal 


Basqae BroxcBes lambed S. A. 

Banqoe FrencaSse 
do Commerce JEsterieor 

Banqne Generate dnlnssmbcang 

Basqse de rindoehitie at de Sure 

Viwpi* Lifsnarionrie 
k Ijuimboaig 

Bmqne loab-Dwytes 

Bamqae Nartnnale de Paris 

Bnwae de Neaflize, ScUnnAasen 

Basque de Paris et des Fays-Bas 

Banqne de FUnion Enropfenne 

Brothers ft Co, 

Bayeriscbe Hypothekes-uod 

Bbyerisdie Landesbank 

Tlajr il rlir Ye n liinl— k 

Bergen Bank 

Bmkhaas GduSderBedmiaini 

BHF-BANK toteznatfomd 

Blyth Fastman DilhmftCo, 

Caisse des Depfits 
et Consignations 

Chase IfinhaOm 


fTirtokm Wank ng TwJWum 

Gtknrp IntemxBonsi Groap 

County Bank Limited 

Ciidft Lyramis 

CredR Smsse Wbhe Wdd 



Driwa Bun^e N. V. 

Richard Dsns £ Co. 


Dennoake Crcdiffiank 


Deutsche Genossensdnftshaiik 

Denteche Girozenlrale 
— Deutsche Komnnmalbank — 

DO] an. Read Omveas 



n- ji^nmliat 

Earopean Banking Company 

First Boston (Enrope) 


Robert Rcmlng A Ca^ 


Fafi Interearienal Financo 


ZentEribank AG- Wen 

CSnmbrie mid Bank der 
ostmekfabdien Sparhasseq 

Goldman Sachs 

International Corp. 

Gionpement des Baaqaien 

Hessische Landedwnk 
— draaeotiale— - 

Hill Samnel&Co. 


The Indnstrid Bank 
of Ktmail KSC 

fatatriebaric von Japan 


Inter-Alpha Aria (HongKosg) 

Lntmtatiomd Credit 

AlUanoL UmHut 

Ktihifq Bancano 

San Paolo di Torino 

Japan Tatw»iKtn«l Rwt 

Janfine Fletnine & Company 


RjobealMms Haoddshank . 

XMnrari; Benson 


Kredtethank S. A. 

Kahn Iiieb Lehman 

Brothers Asia 

Kuwait financial 

Centre S.A.K. 

Kuwait Foreign TVading 
ContractinstiSinTcstment Co. 

Kuwait Tntei lialjmiaT 

Investment Co. s.s-k 

.Inznd Brothers & Ok, 


Loeb Rhoades, Hernbkfwer 

Intei national tiwIm 

Mamdactnas Hanover 


Metric, Findc&Cn. 

B. Mririer sed. Sob ft Co. 

Mftssi finance Europe 

lima. ■» 



Morgan Grenfell & Co. 


Mwtp Stenhy International 


Mlddmstetohbank N.V. 

New Japan Seanities Enrope 

The NBdoo Secnrlties Co* 

(Europe) Ltd. 

Nippon Loropean Bank S. A. 

The Nippin Kangjo Kakmnant 
Semitics Co^Ltd. 

NoHmca Eratjpe N.V. 

NonUenfscbe landesbank 

Oderrriduscbe Landerhank 

Orion Bank 


Plason, Bridling & Pierson N-V. 





Salomon BMhers International 




S:ngapcae-J*paa MredantBank 

SkandiuaTiska Enskiida Banken 

Smith Barney, Harris Uphanft CSoi 

Sodefe Gentode 

Seoete Generale 

Abadenne de Banqne 

Soti&e Gtoerale de Banqne S. A. 

Svenska Handrisbanlcan 

TjdyoKflfcc Bnwtt Hongkong 

Tokri Kyowa Morpm GraJeH 


UxtbaaBanL k£ Finland Ltd. 

Union Back of Swftficriand 


Union de Bdnqnes Azabes 
' etFmpdses— U.B.AF. 

Verrias-vnd Westbank 

Vfckm da Costa Wemaffimal 


M. M. Warbarg-Oi indgnann, 

pact, a _ 





'Wood Gnndy 


(Deatsdilaad) GmbH 

Unilever N.V. 

has acquired through merger 

National Starch and Chemical Corporation 

The undersigned initiated this transaction and acted 
as financial advisor to Unilever NX. 

Lazaud Freres & Co. 

August 17, 1978 



financial Times Thursday August VT 1978 





seeking QUALIFIED 

Brokers protected. Local representatives 
wanted. Write Swiss- American Combine, 
P.O. Box 6S0 Panama 1, Panama. 

Capitalise on our marketing strengths 

Well-established manufacturing, marketing and export organisation, 
highly successful in specialised Field of electronics, selling through 
top High Street department stores, supermarket, stationery, audio, 
TV and electrical, chemisi and photographic chains, is looking for 
other products to manufacture and/or to market. All propositions 
considered in strict confidence. Write Chairman Box G-2439, 
Financial Times, 10. Cannon Street. EC4P 4BY. 


who must accept US. Dollars 
in routine business transactions 
and who find it increasingly difficult 
to safely invest that currency in 
situations calculated to keep ahead 
of die buying power erosion — are 
joining forces in a situation which 
will keep their Investment principal 
intact, while permitting acquisition of 
equity in high growth rate, high- 
profit. depression-proof businesses 
calculated to stay far ahead of the 
buying power erosion of U.S. currency 

To learn more about die above 
situation, please write to: 

Box F1044, Financial Times 
ID Cannon Street. EC4P 4 BY 

Are you obtaining the best pne* for 
jyour low-mileage prestige maror-cir? 
■We urgently require Rolli-Royee. 
Mercedes. Daimler. Jaguar. Vaiiden 
Pin. BMW. Porsche, Ferrari. Maserati, 
Lambourghiiu, Jetuen Convertible, 
j Rover, Triumph and Volvo ears. 

' Open 7 days a week 

Co flection anywhere in UK. Osh or 
Rankers' draft ava-tabre. Telephone os 
for a firm price or our buyer will call 

Brookwood (04867) 4567 


Agents will be in London 
in September to discuss 
Florida Property, Homes, 
Land, Income. 


C.C.I.M. P.O. Box 247 
Titinville. Florida 32780. 


Due to ui'.dr -c jpita. isation expanding 
company urgently requires funding. 
Company manufactures advanced all 
plastics solar panels and frtttmi — - 
bo:h mduit-ial and domestic with 
extort orders inro 1980. Strong tech, 
n.ta iy, e«:ra marketing experience 
needed. V.ou.'d consider beneficial 

Wr'f- Sox GI447. F(.-nnelol Timer 
to Cc-m Slre-t. FC4-" 4BY 



j Q City Road, EC I 
01-028 Jd3d.*5/7»dl. 9P.K 


being formed for the purpoie of pro- 
noting a no.el and cxC'img concept 
to take advancace of the m.-wlern trend 
of youth in the field of enter urn. 
ment. leisure and pleasure. Minimum 
part par on il.WM 

A Old Bond Street. Laotian W1X 3TA 
01-629 1586 Tel«r 262350 Impidn 

With well established tonuuctions in 
the City, ponwon funds and other 
institutions, u prepared to auisi 
growth companies in a'l manors 
involv-ng finance and/or property. 

Fee o- re;» batii negotiable 
Write 3 or Ci444, Financial Timet 
JO Cannae Street. EC4P 4B7 


Managing due-: tor af major U.S. 
barter company plans to be in London 
and Pjr.i early Sept. What have you 
to trade/ 

To orronge a meeting writer 
Fred B. Tarter 


444 Madison A*e.. N.T., 

N.Y. 10022 TWX £710 5812376 


Grain the opporfuflifiw in a low tax 
area. We specialise in the formation 
of companies Includlno nominee 
appointment. secretarial wnrlcci. 
oenera lagerev wort, telex and general 
consultancy t.irlueino commercial 

Full details irorr P. A. Brown. BROWN 
pmeecf HHi. ftOTte .Mf ■! Man. 
Tel. 0624 256G1- Telex a-«4t 


Marketing specialist. 39. Gorman, with 
many yean experience in consumer 
and industrial marketing in English 
speaking countries it moving to 
Southern Germany end of this year. 
Companies seeking penetration for 
their products /services into the Goal- 
mon Market are welcome ra open 
negotiations immediately. Start by 
(air) mailing your product -literature 
for prelimiiury discussion. 

S. Geldner Dlp.MVtM. 

P.O. Box 23406 
2044 Joubertparic R JJL 

wholeMle. Auenr. and diMrihutora 
ir.te- ppclaltv tFTKUI. P-O- „ 
K-90M. Kowloon contra!. Nona Konsu 



We are an Intamacional Marketing 
Consultancy based in London which 
offers financial and marketing advice 
either in this country or world-wide. 
Capital would be available co suitable 
enterprise* where expansion or de- 
velopment of mjw projects is beyond 
the limit* of existing cash flow or 
financial resources. We also give 
experienced advice on both mergers 
and takeovers. 

Principal*, or their Agents, should 
In the first Instance write to; 

Box G2378. Financial Times 
10 Cannon .Street, E C4P 4BY 

Substantial private company 
with available funds seeks pur- 
chase of an existing plant-hire 
business with a view to expan- 
sion or alternatively would wel- 
come contact with those having 
the necessary Management 
Expertise to create a new 

Intern* parties should reply under 
Bax G.244T. Financial Time*. 

10 Cannon Street, EC4P 4BY 
In confidence 

For furtharinlormatian contact: 
K. Dean, 

Breeds Place, Hastings, 

E. Suss ex. 

Tel : 0424-430824 



Established Builders/Dvvuiopcrs nek 
bonding finance for office unfa of 
4.B.00D iq ft in H Mit Counties — 
Joutt Co.. Partnership agreement or 
just funding. Advertisers own lice for 
immediate development 6.500 sq ft 
2-3 projects anticipsted each year. 
Write Box (72443, Financial Times 
10 Cannon Street, EC4P 4BY 


Factory reconditioned and guaranteed 
bv IBM. Buy. u«c up to 40 p.c. 
Lease 3 years from £3.70 weekly 
Sent from £29 per month 

Phone: 01-641 2365 


Management Services 
Investment Bankers 

Repnencing S & Ls and Insur- 
ance Companies for Investments 
and Financing. 

For information contact: 
David Namer, Park Lane Hilton 

730 Camp Street, New Orleans, 
Louisiana 70130. 


No capital required. Estab- 
lished over 30 years. Clients 
in 62 countries. 

Send large S.A.E. 

Wade, DcpL F* 

P.O. Box 9. 
Marlborough, Wilts. 


Our clients have available 230 iq. 
metre warehousing plus some open 
yard facility situated on busy highway 
15 kilometre! South of Brussels. Use 
af caff, fork-lift and telex alto avail- 
able. Ideal for retail, wholesale dis- 
count operation. Some showroom space 
could be negotiated depending on 
product. Rent negotiable but definitely 
below market rate. 


Security Manager 

Western House. Small brook Ouoentwxy 
Birmingham BS 4HD 
quoting reference 13363 


95% paid by return 
on approved accounts 
Phone Bolton (0204) 693321 
Telex 63415 

Silverbum Finance (U.K.) Ltd. 

iV!R 40.000 SCHOOLS AND I 

bv mail. The Eduealrenal Arldrcv>>- V -™ 

Mai! I no Service. Derby House. Redhlll. 

Surrey HHI 3DM. Merethom 2222. 


..j reached 



wish to purchase 

* Large Motor Dealerships. 

* Contract Hire & 

Leasing Companies. 

* Hire Purchase 
Companies involved in 
Vehicle Finance. 


Principals only, should write in the 
first instance to: 

The Chairman, T. Cowie Ltd., 
Millfield House, Hylton Road, 
Sunderland, Tyne & Wear. SR4 7BA 



Old established building company for sale, mainly 
houses, some industrial. Land bank for over 700 
units. Current turnover £1.5 to £2 million. For sale 
as a going concern comparatively small borrowing — 
Price £1.25 million. 

Principal to principal only please apply: 

Box G.2410, Financial Times 
10 Cannon Street, EC4P 4BY 



(Commission Income £200,000 pa +) 

Principals wish to capitalise on their success for obvious 
reasons, but prefer to remain for a minimum of 5 years. 

Investigation will show further growth can be confidently 
expected. Principals only please write, Box G-2442, Financial 
Times, 10, Camion Street, EC4P 4BY. 


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

Write Box GJ2386, Financial %imes 
IP Cannon Street, EC4P 4B7 



Pretax profits approaching £100,000 in current year. 
Management will remain. Principals only. 
Write Box G-2443. Financial Times 
10. Cannon Street, EC4P 4BY 

7D0 iq f( working irea- Full ail fired 
central heating. Comprehensive inven- 
tory. Sail -contained Hat. 2.000 io It 
land. Fully equipped Canteen. T/o 
£ 1 £ 1 8.460 p.a. Net Profit £73.414 p.a. 

M/440. Nationwide Buiinetun 
166 London Road. Croydon 
01-686 2396 

Sooth Coast town 

Established 7 vein, dcsnfte utkmtt- 
euvmcni. profit* tfrtw steady rise, 
with current year being a record. 
Audlred accounts available. Low rent. 
One or both existing owners will stay 
on for 3 month! or more to ensure 
emoof h transfer of goodwill am teach 
business If required. Would suit indi- 
vidual. h-rsband and wife team or two 
friends. Enormous potential for expan- 
sion. £10.000 Oii.O. 

Writ* Box G.Z3E9. Financial Times. 
10. Cannon Street. EC4P «6V. 


Assets of established Com- 
modity Merchants operating 
from City of London. Good 
overseas connections and Sub- 
stantial tax losses available. 
Write: Box A P.940. 

Reynell’s, Eldon Chambers, 
30/32, Reel Street, 
London, EC4Y 1 AA. 



on South Coast for sale u going 
Concern. Turnover £250.000 with 
scope for expansion. Long Lease. 
For In**- r-fepfiono 

0273 778955 



UK based with world-wide business interests wishes to expand 
existing computer activities by association wlth/or acquisition of 
medium-sized system s/softwa re house whose emphasis is on reah 
time communications — related activities. Substantial resources 
available For development of right organisation. 

Reply In strictest confidence to Box G2434 
Financial Times, 10 Connan Street. EC4P 4BY 





Projected Annual Turnover 1 million pounds 
National Coverage. Principals only. 

Write Box G.2446, Financial Times, 

10, Cannon Street, EC4P 4BY. 


P.O. engineers suspend sanctions 


ing Union said last night that 
almost all ' its members had 
obeyed the executive's instruc- 
tion to suspend their most dis- 
ruptive sanctions in the light of 
provisional agreement to settle 
the dispute. 

There was an immediate im- 
provement in making calls 
abroad although the Post Office 
warned that it would take a 
week to 20 days before the in- 
ternational calls system was 
back to normal. 

The union was taking the rela- 
tively good response to its in- 
struction as a. sign that the' 
provisional agreement to cut 
hours from 40 to 37i will be. 

The special delegate confer- 
ence which will decide the issue 
is likely to be held shortly after 
the TUC in early September, 
either in London or Birming- 

There was some opposition to 
the executive's instruction to 

call - off sanctions, particularly 
in - Liverpool where .eagneem 
delayed a return to normal 
working partly as a protest 
against the deal. There was 
also opposition in Leeds and 

A union spokesman said en- 
gineerT at the international 
exchanges had agreed to reverse 
their decision not to work the 
rotas which have seriously dis- 
located international calls. 

• it was also claimed that most 

engineers at the Fleet interna- 
tional Telex exchange were 
working normally. 

The Post Office said it was too 
early to assess the general pic- 
ture. Although the union issued 
circulars explaining details of 
the agreement, many of these 
did not arrive in the post before 
engineers left for work. 

Some engineers who had been 
sent home for carrying out sanc- 
tions could not be contacted in 
time for work yesterday. 


The buzz is going round . 


POST OFFICE engineers were 
being notified yesterday of the 
basic elements of the produc- 
tivity deal their union executive 
has negotiated In return for a 
2$-hour cut in working hours. 

Although the specific arrange- 
ments will be fixed by talks at 
local level — a possible point of 
future friction if the deal is 
finally accepted by tie union 
membership-— the broad guide- 
lines of the deal will be studied 
keenly by other onions seeking 
shorter hours, with no loss of 
pay, for their members. 

The productivity scheme to 
cover the cost of the reduction 
in hoars has been tailored to 
some of the special features of 
the Post Office industry. 

The three main ones are that 
much of the engineers' work is 
involved in direct service to the 
consumer, that individual jobs 
can be done by engineers work- 
ing in pairs or small groups and 
that the indnstTy is one of rapid 
technological change. 

The unon believes, however, 
that many of the scheme's main 
elements could be applied to a 
whole range of service industries 
— for example transport, gas and 
electricity supply and retailing. 
Beyond that there are pointers 
to productivity features which 
might be applicable to any 

Industry whose workers are 
searching for ways of cutting 
basic hours. 

The deal's central principle is 
the spreading of work over a 
longer day so that, in theory, 
more jobs can be completed, 
together with some streamlining 
of the engineers' operations and 
more local and regional flexi- 
bility in how Post Office tele- 
communications work is carried 

The four main features are: 
changes in attendance hours; 
better work scheduling; broader 
national agreements to allow 
greater leeway in the way tele- 
phone areas work; and the 
speeding up in the testing of new 
Post Office equipment before 
decisions are taken on whether 
to begin installation. 

The deal's general guideline 
is that some staff will begin the 
day at the same starting time as 
at present and the rest will start 
up to half an hour later. Unless 
agreed otherwise, at telephone 
area level, the proportion will 
be 50/50. allowing overlap at the 
end of the day. 

Some staff also will be required 
to work an eight or nine-day 
fortnight. For engineers on this 
system, the working day will be 
spread between 7.15 am and 
6.15 pm, again with overlapping 

as some engineers begin the day 
before others. Engineers work- 
ing fewer days than at present, 
a* well as fewer hours, will work 
longer than eight hours during 
any one day. . 

The intention is that selection 
of staff to work the eight or 
□ineday fortnight will be done 
o na voluntary basis wherever 
possible. _ _ 

Engineers working the five-nay 
week will have their meal breaks 
unchanged by breaks for those 
engineers working fewer days 
will be reviewed. 

Changes in attendances will 
apply largely to engineers on out- 
side work such as installation, 
fault hcecking and cable-laying 
rather than those on repair work 
in exchanges. Engineers involved 
tn circuit and cable routeing will 
hot be affetced. . 

A higher proportion of evgnt- 
and nine-day fortnights will be 
worked in the summer than 
whiter in those northern areas 
where changes in daylight hours 
limit operations. 

Most of this is subject to local 
negotiations with the proviso 
til at the “ reasonable conveni- 
ence” of staff will be taken into 

There will be tighter planning 
on when equipment is to be 
Installed in an attempt to cut 

♦imp-wastine when, for example, 
people who are having telephones 
installed are found to be away 
from home. . . 

National agreements between 
the union and the Post Office will 
be broadened to allow greater 
flexibility from region to region 
on how work is to be done and 
machinery operated. The union’s 
executive has also agreed to 
co-operate in the speeding of 
field trials on new equipment 

An additional feature is that 
the union will seek to perspade 
all engineers to be paid through 
the Post Office's giro system, 
thereby reducing pay costs. 

All this is wrapped up in a 
package of assurances on main- 
taining and, where possible, 
improving service to the con- 

The scheme’s work and cost 
targets will be monitored by a 
union-management team and the 
results related to payments 
under existing productivity 
arrangements as well as the 
union’s claim for a further 
reduction »n hours to 35. 

Union officials are confident 
that the 125,000 engineers will 
accept the deal when they have 
studied it more closely. 

That optimism will be tested 
at a special delegate conference 
within a few weeks. . . . 

safety body 

SAFETY IN the North Sea 
oilfields is to come under the 
scrutiny of a new advisory com- 
mittee set up yesterday by the 
Health and Safety Commission. 

The oil advisory committee, 
the fifth in a series of industry 
based committees established by 
the commission, will examine 
the safety of oil industry 
workers and the protection of 
the public from the industry's 

' The committee has been asked 
to concentrate Initially cn 
safety matters connected with 
offshore exploration and develop- 
ment of oil and gas fields. 

It is composed of nominated 
TUC and CBI representatives 
and it will advise the Commission 
on the adequacy of existing 
safety standards and recommend 
new legislation. 

Sunday Times 
talks today 
at ACAS 

TALKS ON the dispute which 
has caused serious disruption to 
production of the Sunday Times 
this month are to take place today 
at the Advisory Conciliation and 
Arbitration Service. 

The paper lost 334,000 copies 
last weekend and 250,000 the 
previous week because of action 
by members of the Society of 
Graphical and Allied Trades. 
They feel that they have been 
left behind in wage leap-frogging 
and have been reporting for work 
later than usuaL 
The men, who work in the 
publishing room, currently 
receive £37.35 for working on a 
72-oaee paper and are seeking 

A previous attempt to secure a 
return to normal working was 
made by Mr. Bill Keys, general 
secretary of SOGAT, but was 
rejected by the men. 

promise probe 
into SLADE 

THE NEXT Conservative 

Government would set up an 

inquiry into the recruitment 
methods of SLADE, the process 
workers’ union, Mr. James Prior, 
Opposition employment spokes- 
man. said yesterday. 

Mr. Prior said that TUC co- 
operation. in such an inquiry 
would be sought 
The recruitment activities of 
SLADE is the art studios field 
have been raised in the House 
of Commons, with allegations 
that the union has employed 
blacking tactics. 

Mr. Prior said that the Con- 
servative Party believed that 
M the blacking and blockading 
activities of SLADE in its pur- 
suit of increased membership 
are a disgrace to responsible 
trade unionism in a free society. 

Depot deal may 
create jobs 

gardening tool manufacturer, 
has bought the former Scottish 
and Newcastle Breweries depot 
at Caerphilly. 

The deal, understood to he 
worth about £300.000, is expected 
to create further employment at 
the company, which started 
production in South Wales ID 
years ago. 

BL pay hopes rest 
on talks today 


BL CARS' hopes for the quick . Toolmakers leaders would be 
introduction of a new incentive meeting on September 2 to con- 
scheme— seen as the key at rais aider, the best form and timing 
log poor outlet levels — rest oh of any action in pursuit of their 
talks which open in Coventry demand for separate bargaining 
today. right?. 

The joint management and Mr. Fraser said the toolmakers 
anion negotiating committee will .werdl prepared to consider 
discuss company proposals for co-onlinating any action with 
a deal which could, give the that of the craft committee, an 
100,000 manual workers up to £15 unofficial body which claims to 
a week. . } speak, 'for -the \ 14,000 skilled 

Management is likely to iake workers Vithin BL Cars, 
a hard line insisting that/pay- A one-d^y token- strike called 
ments on such a scale must be by the craft committee last 
conditional upon dx&matic Monday met with a mixed 
improvement In productivity. response, and many workers 
The poor production perform- Ignored the call, 
ance so far this year has 

New move for 
shoe settlement 

hampered company efforts to win 
a bigger share of what is 
expected to be a record UK 
market. Mr. Michael Edardes, BL 
chairman, has described an in- 
centive scheme as “crucial to the 

company's survival” PAY TALKS between the 

Negotiations are due to last National Union of Footwear, 
two days and, if agreement cao Leather and Allied Trades and 
be reached, the scheme may be hie British Footwear Manufac- 
put to a ballot of the workforce, hirers’ Federation are to be 
An earlier scheme which offered resumed In London today after 
£8 a week bonus was rejected by breaking down in April, 
the shop floor. The shoe muon is pressing for 

Central negotiations are also another £2.70 a week, a reduc- 
ivin ri Tillin g to establish a new tion of 2J .hours on the working 
pay structure which will open week and _an extra five days' 
up differentials for skilled annual holiday. 

workers. Rapid progress is 

regarded as important to head 

skilled growing militancy nt the JjaltS Danish S ailings 

Mr. Roy Fraser, chairman of ° 

the unofficial toolmakers com- THE DANISH shipping line in Denmark, 
mittee, warned in Birmingham DFDS cancelled sailings from " Talks are in prowess and we 
yesterday tfc«t renewed Indus- Harwich and NewcastJe-upon- advise passengers booked on 
trial action was almost inevit- Tyne yesterday and today these sailings to telephone us for 
aM* because of a seaman’s pay dispute further details, a spokesman said. 

Government is 
asked to veto 
253% rise 

By Our Labour Correspondent 
LABOUR MPa yesterday 
demanded Government actios 
over the 253 per cent increase in 
salary received by Lord Grade, 
chairman and chief executive of 
Associated Television, in the last 
financial year. 

Mr. William Molloy, member 
for Ealing North, is writing to 
Mr. Albert Booth, Employment 
Secretary, urging him to inter- 
vene as a matter of urgency. 
“This will have a terribly damag- 
ing effect on the next phase of 
the pay policy,”’ said Mr. Malloy. 

. Another labour member, Mr. 
Eddie Loyden, MP for Liverpool 
Garston, said that he bad written 
to the Prime Minister asking him 
to veto the increase in the 
Interest of the Labour and trade 
union' movement 

However. Mr. Alan Sapper, 
general secretary of the Associ- 
ation of Cinematograph, Tele- 
vision and Allied Technicians, 
commented that "the pay rise 
looks enormous but is not 
really.” He said that for inter- 
national entrepreneur Lord 
Grade was not very well paid. 

Lord Grade's salary increased 
from £58,500 to £210,428. ATV 
said that the increase was wholly 
attributable to his greatly In- 
creased personal workload in its 
American companies. 

Town & City Properties 


Extracts from the: Chairman’s statement 

Considerable progress has been made by Town & Citv since I wrote to vou 
a year ago. During Hie financial year under review the main contributing 
factors were reduced borrowings and interest costs as a result of property 
sales and a rise in profits from the Service Industry Division- in the current 
financial year the beneficial effects of continuing property sales the 
exchange of S/14% Convertible Unsecured Loan Stock for Preference 
Shares and the borrowing rearrangements set out in the circular of ^th 
April are all helping towards the recovery of your Group, which is now 
taking place. 

Borrowings have fallen satisfactorily. Borrowings shown in the consolidated 
balance sheet were reduced from £317 million to £255 million, and since 
tiie year end to £245 million, before taking into account sales proceeds on 
deposit of £13 million. Equally 'important, the length and pattern of the 
Group s Joans have been greatly improved by the new borrowing arrange, 
ments with Barclays Bank. ^ 

The consolidated balance sheet reflects the most important change which 
shortly after the year end, namely the exchange by holders of 
£26,297.984 of the S/14% Convertible Unsecured Loan Stock, princinallv 
by Barclays Bank Limited and the Prudential Assurance Company Limited 
into Preference Shares. The main effect of this on the balance sheet is to 
from 4 9 to 0 ^ 0 ^ 8 d ° Wn ^ ^ niillion and to improve the debt equity ratio 

Sales of properties during the year totalled £56 million, compared with a 
book value of £55 million, and since the year end a further £27 million 
book value £23 million, of properties have been sold or are contracted to 
be sold; this takes the total since 1st April, 1974 to £300 million, against a 
pipeline 1110 ° f ^ 29 ° miUioiL A satisfactory volume of sales is in the 


The Financial Times 




We haVe three flights weekly London-Cairo-Kuwait plus one direct flight to Kuwait 
with onward connections to Abu Dhabi - Dubai and Bombay 

\ xsiyf&T* • . 



c ef 

-*ji %*•»**:■* « - 

^ v 









THE OASIS: We're opening our unique tourist lounge 
refreshment bar where you will be able to stretch your 
legs and meet other important businessmen before 
you arrive in Kuwait at your destination. 

THE BUSINESSMAN'S STUDY: In the Economy Section, 
our new Jumbo jets protide a quiet study area, so you don't 
have to lose time while in transi:, but rather sink into a 
comfortable seat, have refresh ir. ent and do you r work. 
Remember, there will not be any telephone interruptions. 

THE PENTHOUSE SUITE: First Class passengers will enter 
a world flavoured with the East The richly-carpeted and 
cushioned observation lounge in the penthouse will make 
the Hours pass unnoticed. 


won't wanf think business all through your flightThat's 
why we're the only airline with enter tainm ent on every 
flight. We show films or you can tune into the latest in 
stereo sound. 

bigger so does our service, for us hospitality is a serious 
matter, and something we're proud of. That's why we offer 
yotia choice of three menus in First Class and two in 
Economy Class. 

inaugurating our exclusive Club for those who like extra 
information and enjoyment on their business trip, first 
Class passengers become members automatically And this 
service will be indispensable when you arrive in Kuwait, to 
help and inform you of existing services. 

THE BUSINESSMAN'S SCHEDULE: Join us on our Jumbos 
from London Heathrow direct to Cairo-Ku wait and Bombay 
three times a week, or from London to Rome-Ku wait once 
a week. Our inauguration Jumbo service starts this autumn 
Don't forget our 707 flights leave London for Kuwait 
every day with direct flights from Monday to Friday. 


3*5 PTTTl 

WmiiWfc TraidfUl Wf.M PI-491 4280 » Bii aifjflju int 5ft HoflC Thi» 8ntmria. Npbi Rkmi noh.iiYi R3» 4P* 021-643 5^11 ■Glaspmr- t/in 

Does more to make your business trip a Jumbo success 

Financial Times Thursday August 17 1978 



around £ 11500 + car 

for the London Headquarters of a major British based 
international company with world-wide interests in several 
industries. - 

The appointment is to a small team which provides financial 
information and advice to the Group Board and contributes 
to the formation ‘of financial plans and objectives. 

•Applicants (male or female) should be.qualified accountants 
with a record of creative and successful achievement in the ■ 
above fields, who have apumde-for working on novel 
problems and presenting their conclusions effectively. 

Benefits are in line with those expecred from a majqr company. 

Please telephone (01-629 1 844 at any time) or write'— in 
confidence - in the first instance for a personal, history form. 
B.C. Oliver ref. B.1991. 

United Kingdom Australia Belgium Canada 
France Germany Holland Ireland Italy 
New Zealand South Africa South America 
Sweden Switzerland U.S A. 

International Management Consultants 
17 Stratton Street London W1X 6DB 


For a medium sized public company (assets of about £25m) 
which manufactures and supplies Hong Kong and international 
markets With a wide range of con sum er products. It is part of 
a major international group. 

Candidates, qualified accountants most likely aged over 35, 

. will preferably have a background of manufacturing and 
consumer marketing and some international experience. 

They will have practical experience of standard costing, 
management accounting and computer-based systems, of 
financial planning, of evaluating acquisitions and major 
capital projects and of dealing with banks and financial 

Salary will be above £20,000: free furnished accommodation, 
car, home leave and assistance with boarding school fees. 

Please initially send relevant details, listing separately clients 
to whom we may not reveal your interest. W. Elton Davies 
ref. B.1992. 

This WfahttHau is o/vn to nun and samen. 

United Kingdom Australia Belgium Canada 
Franca Germany Holland Ireland. Italy 
New Zealand South Africa South America 
Sweden Switzerland U.S.A. 

International Management Consultants 
.17 Stratton Street London W1X 6DB 


This key division ofa 9-figure turnover public group employs 2,000 
with sales of over £20m., including significant exports. Their 
products are largely based on pressure sensitive adhesive technology 
and are acknowledged brand leaders in both consumer and 
professional markets. 

Growth and profit rates are already high. To match or better them, 
will require firm leadership and practised skills in manipulating 

Candidates, age 40 or thereabouts and ideally graduates in a scientific 
or technical discipline^ inust already carry general management 
responsibility for a substantial manufacturing business, or possibly 
head the production/technical function in a very large group. 
Preferred backgrounds -would be pharmaceuticals, hospital 
prod nets, £ ne'chemicals, food. 

Salary negotiable to interest those now earning £12,500 to £15,000; 
excellent benefits. Location Yorkshire, 

Please send career details - in confidence - to D. A. Ravenscroft ref. 

Top Management Advisers 

Earnings to £10,500 

We provide a range of consulting 
services to top management from 
offices in London (Victoria and the City), 
Birmingham, Manchester and ■' 


Duringthepastyearwe have appointed 
as consults nts-men and women with 
managerial experience in a range of 
functions from a variety of sectors of 
the economy, both private and public. 
Their ages are between 31 and 42; all 
are graduates, some with second 
degrees. ■ 

We are now particularly interested to 
hear from similarly qualified people in 
sector, and in the personnel and 
productionfunctions of manufacturing 

The men and women appointed will 
receive training and guidance on their 
personal development using their 
previous experience as the basis, rather 
than the definition, of their consulting 
contributions.. . 

Hret year earnings will be upto £10,500 
depending on experience. 

Please write briefly and personally, 
rather than by c.v. to: 

D. S. Anderson, 
Managing Director, 

HAY Management 

52, Grosvervor Gardens, 
London SWT 0AU. 




This-appomtment arises from promotion within a long- ' . 
established group providing a comprehensive range of - 
specialist mechanical and electrical engineering services to the 
building industry. Based in London, the Managing Director 
will,, have, full responsibility for the continued .development of 
the company’s profitable and rapidly expanding overseas • 
operations. Travel abroad will be required, particularly to the 
Middle East. • 

Candidates must be able to show a successful record of " 
commercial and general management in the construction 
industry, ideally in an international context and in mechanical 
and electrical services. An engineering qualification would be 
anadvantage. - -- r • 

Salary negotiable around £15,000. Car provided^. .• - :• 

Please send relevant details - in confidences to B. Hook • 
ref. B. 26398. " 

United Kingdom Australia Belgium Canada 
France .Germ any HoH and. Ireland Italy . 
New-Zea I and South Africa South America' 
'Sweden Switzerland U-SjOl. 

International Management Consultants 

F-ff Stfattoi> Stri^LppdonWpC 6DB, . • 

financial analysis, planning 
& marketing 


up to £7, 000 

This jppthnatuntisopeau-menimdznonmu 

United Kingdom Australia Belgium Canada 
France Germany Holland Ireland Italy 
New Zealand South Africa South America 

Sweden Switzerland U.SA 

International Management Consultants 
474 Royal Exchange Manchester M2 7EJ 

We are a major national Group in the brewing and leisure industry With 
significant interests ranging through Ale arid Lager Production, a large Free Trade 
Sales operation. Wines and Spirits, Licensed Houses and Hotels — all contributing 
to a £390m turnover. "" 

As part of re-organJsation of the Group we have established a Beer Company — 
exclusively to manage ail activities rotating to Bear Production. Distribution and 
Wholesale SellinglTo give the necessary impetus to the Finance Division of the 
Beer Company the -following new career opportunities are now available at our 
Head Office. 




Involved in the formulation and 
implementation of medium to long' 
term marketing plans, the Marketing 
Accountant will -be mainly concerned 
with the profit implications of 
alternative mra^gios and the 
establishment of 'pricing and profit 
margin guidelines and policies. ' 

The full financial service involved 
will be a blend 'of routine. and non- 
routine tasks covering reports on 
National Accounts profitability, 
pricing management evaluation of 
marketing decisions and proposals, 
and advertising expenditure control. 
There will also be regular liaison with 
production accounting areas and 
participation in corporate planning 
using computer modelling 

At least three years post qualifying 
experience in! a commercial 
accounting environment is required 
and candidates must be able to apply 
initiative and Imagination to further 
develop the creative, aspects of this 
role. Controlling a staff of nine, the 
ability to manage people, delegate and 
communicate effectively is an equally 
important factor. 

Reporting to the Fina ncral Planning 
Manager the successful applicant will 
be a member of a team who will be 
closely involved in planning and' 
monitoring an extensive' capital 
'expenditure programme. 

The scope of activities, to. be 
covered will include evaluation of ail- 
financial aspects of Beer Company 
planning including post plan 
performance monitoring.. Financial 
appraisal of plans and of capital 
expenditure .proposals will be 
undertaken using techniques such as 
risk and sensitivity analysis, in 
addition the Financial Analyst will 
have the responsibility for co- 
ordinating working capital forecasts 
and appraisal "of policies on working 
capital and loan investment. 

The qualities demanded are an 
ability to communicate effectively at 
the highest managerial levels, the 
capacity to leam and use the latest 
techniques in financial planning. 

The successful candidate will 
probably have a qualification ' in 
accounting or an economics degree. 
Post qualification experience in a 
business planning environment would 

be an advantage. 

Sales Managers £8,000 — £25,000 p.a. 

required for leading firm of Investment, Tax and Life Assurance Consultants. 
Could lead to Board Appointment. Good personal sales track record and detailed 
knowledge of Directors Pension Plans essential. 

Write enclosing photo, full C.V. and tel. number, prompt reply — interviewing now! 
5 West Halkin Street; SWlX 8JN 

Open to candidates of either sex. these pasts could represent attractive career 
development opportunities to highly motivated applicants ready to prove tfieir 
potential. Complementary to competitive salaries, a generous fringe benefits 
-package features- nob->contributoiy Life Assurance and Pension schemes and 
relocation assistance where appropriate. You are invited to write or telephone for 
an application questionnaire to I. M. Gilchrist Recruitment Manager, Scottish & 
Newcastle Breweries Limited, Head Office, 111 Hoiyrood Road, Edinburgh EH8 
8YS, telephone 031 -556 2591, ext 464. 

Scottish & Newcastle 
Breweries Ltd 


the Airways Pension Scheme ^ 

House, Lampton Boad, Hounslow, 

The Analyst reports to the 
Manager (Research), and is psponsiblefor^e 
KySs Of oil, chemical, mnag vA P&anmd- 
ceutical scoots of UK portfolio. He or she 
be rcauired to pre pa re reports .on new 
holdings? takeovers and company 

perfoSanalysis of companies and ^us tnes » 
monitor information .from Stockbrokers and 
other sources. A positive contribution on 
Ucy decisions regarding the construction of 

A^Saci^T^ invited from P**™™***- 

Sfk^ThVakry- wfll be in 
around £5519 -P* nsins . ? 

Excellent airline oeaena muuuc 

travel opportunities. . 

For an application form please phoneOT write TO . 
W~d of Recruitment and Selection (Refi 

For an application ionnpirascpuwi»u_i 

Head of Recruitment and Selection (Ref* 

1805/FT mscu British Airways, PO Box io* 
TTndirow Airport— London, Hounslow, 

IMS/H I / J.KL DnOSD AH ' - — . — » 

Heathrow Air port— London, Hounslow, 

Middlesex TW6 aJA. Tel: ox-897 3*tf/3*47 

(between 9asn and 4 pm). . , 

British Airways welcomes .applications worn 
suitably qualified Registered Disabled Persons. 




Assistant to Investment Director 

C. £7,000 

This vacancy provides a unique opportunity for 
' joining the management team of a Group of 
.'.British Companies in the City involved in .Ship- 
ping, Insurance and Investment This is a career 
appointment with good prospects of achieving 
:'senior executive levels in the Group. Initially, the 
successful applicant will specialise in Investment 
"Management, assisting in dealings, in-depth invest- 
,-ment research/analysis and the monitoring of 
portfolio performance. 

-'Candidates, whcrsbould be aged under 30, should 
-possess keen analytical ability and be educated to 
Tdegree level with good knowledge of Economics 
£ahd Maths.vTdeaily, they,, should be at present 
% employed -in- the investment field and be able to 
wprk apr their own initiative. An • appropriate 
pthfes^rial qualific^onl^desirable r -: 

The. position carries theushai fringe benefits 
associated w|th a Group of this stature. . 

Applications with details of education and experi- 
ence should be sent to: 

Box FT/359,- c/o Hanway House 
Clark’s Place, Bishopsgate, London EC2N 4BJ 


London up to £8613 

The Pension Funds Department, wi thin the Finance 
Division of British Gas, requires an experienced 
Investment Analyst. Yon will assise the Principal Analyst in 
die preparation of recommendations for investment. This 
will involve continuous monitoring of equity and other 
secrors- In addition you will be expected to prepare both 
industry and company reviews and m ake company visits as 

Candidates should have a relevant degree, or a professional 
qualification, sad a m ini mum of 2-3 years experience in an 
investment environment. 

Salary will be in the rangenf £6882-£8 157 phis £456 
London Weighting. • 

please write with full details of age, qualifications, 
experience and current salary, quoting re£ F/016901 
to theSenior PersonnelOfficfir (London), 

British. Gas, 59 JSryanston Street, London 
W1A 2AZ. Closing date forapplicarions 
31 August 1978. 


Lawyer — • 

Enterprise in Brazil 

If you are an advocate/lawyer and would like an 
interesting and lucrative opportunity of working 
for pur overseas commerce department, in ° 

Sab Paulo (Brazil) , your knowledge and 
experience of <r buying and selling of Enterprises/ 

Pactories/E^rms/Marketing or any other 
business” is wanted. Please airmail complete 
' detaUs/td the following address: 

Orgahizagao International de Advocacia 
c/o Mr; J- B. Marcondes 
Rua Cardoso de Almeida No. 1,384 
Perdlaes, Sao Paulo, Brazil. Cep. 05013 


Recently established City branch of 
. . .. U.S. Regional' Bank requires an 


Applicants, should have had at least 3 years’ 
experience of deposit and forex dealing. 
Salary by negotiation. ' Usual benefits. 

ReP&hoitk curriculum vitae to Bop A £443. 

. fina n cial Times, io. Cannon Street. EC4P. 4BY. 



■^E R \ ^ 

''Ml V 



l^S i. 

N? i is 


Tin^itf.'Xiines.'niursday August 17 1978 


% H \ i 

*tm ; 


**' ■' *L.i 


VrJ. " 


A Middle Eastern Bank is in /tiSe ..process of 
opening two branches in' London and in Cairo in 

The following vacancies now exist' Knowledge of 
Arabic is advantageous.. - - 








Interested applicants please apply with C.V. indicating 
which post they arc interested in and -which branch. 

Only short-list candidates with banking experience will be 
invited for interviews at short notice. (Applications will 
be treated in strict confidence.) l 







£f2 t 000-£f4,000 Tax Free + Benefits 

On beheffofa major international accenting peaefice whose 
business in Bahrain and Qatar is undergoing considerdble expansion, we ere 
seeking audit seniors who will fake responsibility for a broad range of 
substantial clients. Sophisticated audit procedures a reimplemented and the 
firm operates a policy of rapid promotion. 

In addition, a major client of the firm with a head officein Bahrain 
.requires a Financial Contiollerfo manage Ns hotel activities. Controlling 
capital expenditure In excess of EWmilfion, monitoring performance and 
managing the cashsiluation.the Controllerwill repat to Ihe Board. 

Applicants for these positions should be qualified accountants aged 
24-35 with some pest qualification experience. Please telephone or write to 
David Hogg ACA quoting reference 1/1730. 

EMA Management Personnel Ud. 

Bume House, 88/89 High Hoi bom, London, WC1V 6U? 
felephone:01-242 7773 



Thsfe an exceflert career oppo^ thehighly- 

successfiJ and expanding UK manufacturing headquarters of one ofthe 
Located hi this very attractive pert of Cheshire adjacent to some of the 
courto/s major natfonaJparfev^ are looking for a RroducfionCestAccouTtentto 
form part da now team. 

Reporting to foe Co m m e rc ia l Manager, your main objeefive wiB be budget control 
computation dbudgetefor3rnanufecturing areas, preparafibnof production 
reports, ma na g e ment infanTBlfonarxicfosedovyn data to be incorporated into company 

The successful a pfl fc a ntwffl be foBy qualified, preferabfylCMAwah a ftffl understanding of 
computerised accounts gained over 3 or 4 years within a sirntermanufactiiring company. 

A good working knowledge of German is most desirable. 

Career prospects within this successful and confriuaDy-expanding company are excellent 
Starting salary is negotiable and there is a first-class benefits package induing 
jxxvcorrtributor/ pension scheme and relocation assistance where appropriate. 

for an application form, mate an d female applicants should contact T revor Brometow, Personnel 
Manager, Siemens Unrated, Siemens House, Eaton Bank, Congleton, Cheshire. 

Tot Congieton (02602) 783ft. 


As a wholly owned sub^cliaiy of Bayerische Vereinsbank, 
Munich, Germany, one oMhe leading international banks, we 
are one of the important' banks in Luxembourg. 

To enable a further expansion of our activities we are looking 
for an experienced / 


- and a 


Both candidates should have proven experience over some years 
dealing in Eurocurrencies respectively in the foreign exchange market 
and should be able to fulfil the position of a-senior dealer. For both 
positions knowledge of German and French would be appreciated. 
Replies with curricqium vitae will be treated with strict confidence. 
Please contact: 



Luxembourg, 17,rue des Bains, Case Postale 481 



requires two highly qualified analysts- with at least 10 years 
experience plus general knowledge of international petroleum 
and energy affaire. One analyst will specialise in petroleum 
products and the other, in crude oil. 

Please write in confidence for the attention of Mr. Baha H, Azzee 
giving full details of qualifications and experience. 

Interview will take place in the second week of September 1978. 

Financial Officer 

OMAN MINING & CO., a new Company, in The 
Sultanate of Oman, will design, construct and 
• bring into production certain Copper mines, 
followed by other mineral developments. 

required, who must be capable of organizing 
and operating all financial controls for the 
US$100,000,000 plus project, in the construction 
and production phases which includes, mining, 
concentrating, smelting, marketing and infra- 
structure. Duties and responsibilities are at top 
senior level. Responsible to the Managing 

The Candidate must be a Chartered Accountant 
or equivalent; have had minimum of 15 years 
experience with increasing responsibilities in 
Financial, Accounting and Administrative fields. 
The ideal candidate would have a mining and 
construction background, with corporate level 
experience, and be capable of organizing the 
Financial department. A knowledge of Arabic 

Salary open, residence in Oman, housing and 
other benefits commensurate with position. 

Apply in writing to: 

Managing Director 

P.O. Box 75S. Muscat 
Sultanate of Oman 

with copy to: Managing Director, Oman Mining & 
Co., 2nd Floor, 7 Hertford Street, London W.l, 




to help service Institutional business. 
Applv: D. E. fi. Roberts Esq, Ashton TJj. McLaren, 
13. Castle Street. Liverpool L2 45U . 


Anbfe sp a tti ng permu vt» to abta 
to translate mm Arabic to Emdfata 
and vi. Aba to act as Public H*U- 
fan Ktan Arab cstsaren vtsn UK. 
Apply: NatracaM Ltd., UL Hwntttco 
Road, London SWI9 WG. 

Banking subsidiary of large public company requires a 
£ol]y experienced 


to set up and manage a share registration department 
located in Manchester to deal with, the Group's own 
registers {having in excess of 100,000 accounts) and to 
offer services to outside clients. 

The Bank has the necessary compute facilities available. 
The position win call for sound administrative ability as 
well as the necessary technical expertise. 

Salary by negotiation but will be commensurate witiTthe 
importance and responsibility of the post. 

Applications (maWfomwlg) to; — 

{Incorporated Practitioners in Advertising), 
la Bow Lane, London EC4M9EJ. 

indicating the names of any Companies to whom yon do 
not wish your reply to be sent. If the list includes the 
Company involved, your application will be destroyed. 


Chief Accountant/ 
Operations Manager 


Wfearea UK based International Merchant Banking Group currently 
expanding our operations in South East Asia. 

The requirement tsforan experienced qualfied accountant, reporting directly 
to the Chief Executive; to assume overall responsibility for management of 
tire accounting and administrative functions of the Groups HongKong 
branch and finance company 

The ideal candidate wfll possess a detailed knowledge of international bank 
accounting with the emphasis on foreign exchange Proven organisational 
abilitiesare essential 

This represents an attractive career prospect with salary and benefits 

Please write gMngfuB but concise details of age and career history to:- 

M.L Darby Assistant Personnel Manager; 

Kle'nwort Benson United. 

20 Fenchurch Street, London, EC3P 3DB. 


- Meirhanf Rankers — - — - 

Bond Sales 

Latin America and Europe 

Citicorp International Bank Limited, a major subsidiary of Citicorp, 
is a leading merchant bank with its Head Office in London. 

The Bank needs ambitious men or women with 3-5 years* 
experience in selling bonds, either domestic orforeign, to join the 
London-based sales team responsible for marketing Eurobonds in 
various currencies throughout Latin America and Europe. You will need 
to be fluent in Spanish or Portuguese and ideally in another European 
ianguage.There wilt obviously be extensive travel. The opportunities 
for development are excellent with the prospect of continuing your 
career with us in the UK or elsewhere in the world. 

Salary wiii be very attractive and a good.range of benefits includes 
expenses for relocation, low-cost mortgage, personal loan olan and 
non-contributory pension scheme. 

Please write with full C.V. to: B. H. Kramer, Executive Director 
and Secretary, or D. L. Lang, Vice President, Citicorp international 
Bank Limited, PO Box 242, 335 Strand, London WC2R 1LS. 

Interviews will be held in London, Montreal and Toronto in September. 






Chief Accountant 

c. £7,500 p.a. + bonus 

Our client is an autonomous subsidiary or one ofthe world's largest and fastest 
growing health care and laboratory supply companies. The UK subsidi a ry company 

They are now seeking a young, energetic, quahi^acoountant for the position of 
Chief Accountant The successful applicant will report directly to the Financial fja 

Candidates will probably be aged between 25-33, have received a thorough 
professional training, and have had relative experience in commerce car industry for 
at least a three year period in a sophisticated accounting environment 
The position has genuine career opportunities, and terms and conditions of 
employment are excellent 

Please write or telephone with fall career details to S- W. J. Adamson, FCA, 
Grosvmor Stewart I limited, Hamilton House, 15 Tile ho use Street, tfitahm. 
Hertfordshire. Telephone (0462) 65303 (24 hour answering). Please quote ref. 768. 


Executive Search and Selection 

jiH [ja fjj)paijaj fjsl fptp: PliairilltS jalRiifgiriSI 

Jonathan Wren • Banking Appointments 


The personnel con-ulcancv dealing cxcIusiveK with the Kinking profession 


ACCOUNTANT to £9,000 

A leading international bank plans to convert its present mechanized 
accounting system to a computerized system, and is therefore seeking a 
person to assist in the changeover. 

The ideal applicant, aged early/mid 30's,'should have In-depth experience of 
international banking In accounting, operations and systems with preferably 
practical computer experience. A certain amount of liaison with Head 
Office and other departments will be involved, therefore good communication 
skills are required. 

After completion of the installation, the successful applicant will progress to a 
Senior Accounting or Control appointment. 

CONTACT: Richard Meredith 


This vacancy, in the Credit Cordial Department of a well-established 
international consortium bank, calls for a person aged 25-30 with financial 
analysis and credit administration experience gained in banking. A background 
in the broader assets of general banking, the A.I.B. qualification, and 
some commercial (i.e. non-banking) experience would be additional assets. 
The . position offers good prospects within the Credit Control/Loans 
Administration area. 

CONTACT: Sophie C/egg 


To meet an increased volume of syndicated loans business, an international 
bank seeks to recruit an additional young person with experience in this 
field. Applicants, in their 20s, should have about 2 years loan administration 
experience with an international bank in London. The position is as assistant 
to a Loans Officer. 

CONT A CT: Richard Meredith 

170 Bishopsgate London EC2M 4LX 01-623 126 6Z7/8/9 


AepTkattoiM are iiwiud tor the tw of 
BUSINESS studies 


Appffcnt* sbo«M Iw* «t teort a good 
hooeuK scgrM tram a racogniua IrsU- 
tution and/or protesaional quallftwticn* 
with retcnnt teaching or commercial 
ewrtew. A Higher dceret woald 
to to advantage. For a Senior tectare- 
sbip appoint m ent sente adwi mma t lte 
ex per ie nce will be an aorantage. 
Appointee shoofd be capable of offer- 
i ng at teas* M o) tki feUoumg 
sat) leas at Degree and/or Clskxna 
•era Eronotnta, Accwitoftcr. Busi- 
ness AdminiscnnioB, Law. and finan- 
cial Accountancy. Salary scales: 

ladsnt K3SOO-KeeoO m. Senior 
Ltrtuw KSS0D-K8000 PL r£1 ttert- 
lnfl-Kl.37). The British Government 
may romtemeiit salary hi rti»9t CM50- 
£4122 pa tsterUng) for married 
appointee and cz3*o-£2S7G pa tstxri- 
Ing) lor single appointee IStvicwrd 
annually and normally free ot all tax] 
and provide children's education allow- 
ances and holiday rtsit passages, it 
no British Government igpphmat is 

The purpose of this appointment is to speed noa-organic development in new areas of 
business at home and abroad with particular reference to the United States. 

Practical experience of acquisitions, mergers and share valuations is essential, 
preferably industry based, and the. successful candidate is likely to have a financial 
background. Responsibilities will include the initial identification of possible acqui- 
sitions and financial appraisal thereof- Thereafter, he/she will be part of a negotiating 
team, following through acceptable proposals to a final conclusion. 

available, the University nuv bay *a 
addition ot b etw een K7320-K1S5& M 
For lecturer and betwua K16A0* 
XI 590 pa- (of Sower Lecturer (tax- 
able -In Malawi). Family PAHMCSl 
m peran nu. ; ion scheme; Gratuity 15*^,- 

25%; btomilat overseas leave: bousing 
and wfoirf allowances. Detailed applP 
cjBons 1 2 copies) with ovrlaliiffl 
vitae and ' naming three referees -to 
be sent to Registrar. University af 
Malawi. Fa Baa 27B, Zemba. Mabwi. 
Dr 12 September 1S7B. Applicants 
resident In UK ShoaM send ODe copy 
to Inter-Unlvcrellv Connell. 90-91 
Tottenham Court Road, London W1R 
ODT. Further details is» be obcairad 
from either address. 

A competitive salary will be paid plus pension scheme, life insurance ’ and other 
benefits in accordance with, the best industrial practice. A company car will be 

Please write stating qualifications, full career details and salary progression to 

The Staff Executive, 
Marley Tile Company limited, 
PO Box 32, Sevenoaks, Kent. 

have a vacancy for a 



Approximate age 20-25. 

Excellent prospects for the 

right person. 

Salary negotiable. 
Phone 01-638 6099. Mr. J. 
Perryman, to arrange an 

See yourself at Hie 

Young C. A. neg. c £7,500 London 

This is a rare opportunity to move rapidly from the profession to the centre of 
one of the largest industrial holding companies in the U.K. The rapid growth of 
its portfolio has created the need for an additional Qualified Accountant in the 
Head Office. 

The job will centre around the consolidation of accounts and involve 
monitoring, visits to companies and considerable technical expertise. The job 
should develop into areas such as investigation and the production of special 
reports for the Group Financial Director. 

Candidates, men or women, should be Accountants with about two years 
post qualification experience in the profession or possibly in industry. 
Technical expertise, integrity and the ability to deal with senior industrial 
management are the main requirements. 

Starting salary negotiable c£7.500 and the job is based in central London 


For further details please write with brief career details to ; 
Philip PJumWev 

Plumbley/Endicott & Associates Limited 
Management Selection Consultants, 

Premier House, 1 50 Southampton Row, 

London WC1 B 5AL. 


We are looking for an individual with a broad under- 
standing of the major fixed interest and equity 

The successful applicant will report to the Assistant 
General Manager, Capital Markets Division, and will 
be involved in the monitoring of clients’ investments 
and the submission of proposals and advice. 
Applicants should have a flair for reading market 
trends in the securities markets and a basic under- 
standing of the foreign exchange markets. . - • • 

A working knowledge of German or French would 
be an advantage. . 

Further details of the appointment can be obtained 
from Mr. J. E. G. Lundqvist (telephone 01-709 0565) . 
An excellent salary will be offered, as well as fringe 
benefits appropriate to banking, which indude non- 
contributory pension scheme and house loans at 
concessionary rates. 

"Applications with’ full QV. should be sent to:—~ 
H. E. CHIU), MJBJE., Personnel Manager, 
Scandinavian Bank Ltd., 

36 Leadenhall Street, LONDON EC3A 1BH. 



A medium size state owned Bank is extending its operations to coverall fields of 
Commercial Bunking including international dealings. 

We are seeking Banking executives to work in the Fiji group oflslandsio help in 
this development, and have vacancies for Regional Managers and Branch 
Manager*. Only Applicants. for these positions over the age of 35 will have the 
necessary experience, and salaries will be commensurate with the importance of 
ihc positions, and in the order of F$25 jGOO p.a. including gratuity. 

Please apply in the first instance enclosing a copy of your curriculum vitae lo> 
Mjles Walker 


115 Mount Street London W1Y5KD 

who will forward ail applications unopened to the Head Office in Suva. 

Closing date for the receipt of entries in London is 1st September. Interviews will 
be held in London during October and November. 


Private Client Department 

Phillips & Drew has a vacancy in its Private 
Client department for a Manager’s Assistant 

The ideal candidatewill be educated to “A" 
level standard with, a miniranm of two years’ 

Preferred age 20-23. 

We offer a competitive salary, bonus, 4 Op 
luncheon vouchers and contributory pension 

Please write giving full details to: Staff 
Manager. Phillips & Drew, Lee House, 
London Wall, London EC2Y 5AP. 


Risk Manager 

One of the most important contracts to 
have been won by a single contractor In 
recent years is the Yanbu Project - 
awarded to Persons, This is your oppor- 
tunity to take part in the development of a 
whale new City by the Red Sea. 

Us<? your professional expertise with us and 
you'll be in at the start, helping us to 
create a centra of commerce and govern- 
ment. seaport and docks, processing and 
manufacturing facilities end high quality 
community environment. 

We are now inviting applications for a 
senior appointment as Project Insurance 
Adviser. The duties of this position will 
Include analysing risk exposure, advising 
on insurance coverage required and 
working with brokers and underwriters on 
placing the necessary Coverage- 
Applicants should have the necessary 
experience and personal qualities to 
enable them to deal authoritatively with 
senior colleagues and client personnel in 

setting -up and administering the insurance 
programme for this major project Recent 
experience in dealing with the insurance 
requirements of large-scale overseas con- 
struction projects will be particularly 

The salary offered wifi interest applicants 
currently earning around £10.000 a year. 
Previous Middle Esst experience is de- 
sirable as this appointment Is in a demand- 
ing environment A current driving licence 
ls essential. Bachelor status envisaged for 
the first 9 months thereafter married 
accommodation will be available. 

Please send full curriculum vitae, which 
will be treated in the strictest confidence, 
or telephone R M Patrick, quoting 
ref. 1 14.' 35, Senior Personnel Officer, 
The Yanbu Project, The Ralph M 
Parsons Company Ltd, Parsons House 
Kew Bridge Road. Brentford. 
Middlesex TW8 0EH. 01-568 5051. 

A rapidly growing multinational company requires a Chartered 
Accountant or. CPA to assume responsibility for all financial 
and operational audit activities in tbu United States. Canada 
and eventually Latin America. This position will report 
directly to the board and Ms excellent career potential. The 
ideal candidate will have bad 3 to a years commercial 
experience in the United . States as well as previous work 
within, the profession. The successful applicant must have 
demonstrated the ability to deal diplomatically and effectively 
with management at ail levels. 

Age range: 35 to 45. Extensive travel required from a base In 
New York. Substantial salary and fringe benefits. Preference 
will be given to Europeans with experience in North America. 
Interviews will be arranged in Europe and New York. 

Please send your curriculum vitae and mention private 
telephone number. All applications will be treated in 

33 Ch&ieaurSec, CH-lOOS Letisanne-PvUy, Switzerland. 

Telephone- 021-28 73 22. 



financial management 

Ralph M. Parsons 

Englishman— Qualified Accountant, 55 years, presently 
employed as Finance Manager to large Saudi Arabian trading 
group with turnover US $700,000,000— engaged primarily in 
automotive and allied industries. Seeking further challenge 
in Saudi Arabia or Gulf area— ‘background automotive manu- 
facture and distribution id U.K. and ovene&s, fast moving 
consumer goods and general trading. Accustomed' to top 
level negotiations with bankers and long experience In ' 
liquidity' control, mobilization of funds, acquisitions and 1 
project analysis, rii versification and development foreign | 
exchange transactions, budgetary control, management 
accounting and computerized systems. Accustomed to multi- 
national environment, active, resourceful and proven self 
starter— present basic salary US SCQ.Q00 plus various benefits. 
Please rcplv in Box A.644L Financial Times. 10. Cannon 
Street. EC4P 4RY. 

’ Financial Times Thursday August W197& 

A profitable and rapidly expanding 
group (turnover £7 rniHion)whose main 
activities are in the automotivedistri- 
bution field, wishes to strengthen its 
management team by thfeapporntment 
Reporting to and working closely with 
the Chief Executive, thekey areas of 
the jobwiU include: ; 

■ Development of computer based 
management andfinanciai ■ 

Information systemscompatible 
with the group growth pattern. 

■ Formal forward planpingand 
project appraisal. 

■ Control of French end Dutch 

subsidiary companies. 

The appointee will be a qualified ' 

accountant with proven successful 
financial and management accounting 
experience at senior level, preferably in 
a group of at least similarsize and in a 
similar type of industry. 

A board appointment is envisaged 
within 12 months. 

Age range: 35 — 45; Men and women 
may apply. 

P/ease write enclosing a brief but 
relevant curriculum vitas quoting- 
reference GFf 39561 /Ton both letter 
and envelope. Noinformation will be 
disclosed to our client without 
permission. ■ - 

Urwick, 0rr& Partners Limited 

Management and Selection Consultants 

up to £8,000 

PAtscmofthevsrotkfstead^maTagenient progressoito date, including nTanagemerit 

consulting organisations with developing 
interests in vfrtuaJfy every business function 
and an extensive Bst of pt&Rc and private 
sector dents. We are currency able to offer 
young (26-28), professionally quaified 
accomtants exceptional opportun i ties for 

experience In industry or commerce, and who 
are famiSar with computerised operations. 
They must be practical problem solvers, know 
how organisations work, and be able to deal 
effectively witti people at all levels. Astute 
business sense is a basic reqiiremerrt. 

personal and career development in financial For prospective consultants, the gross 

management andgeheral business 

remuneration wffl range up to £8.000 

consultancy. The positions aretondon-based, according to age and experience. There are 

but projects witiinvolve-travel in the southern good prospects of career progression. 

half of the UK, often working closely with other Please write in the first instance, in 
spedaBst consultants jn imitkiscjpfinaty confidence, giving brief career details and 

teams. • showing how you meet the main 

We are seeking htghcafore men and women requirements to: The Personnel Manager, 
whocariderrronstefesoundcareer Ref. FAD, 

PA Management Consultants Ltd 

Rotberitaffl Hoos^Grosverior Crescent, London SW1X 7EETd: 01-235 7050 

j--:- .. A rnen berotPA International 

aliUSliUEl i&sdiiJIlliils 

Assistant Financial Director 

^ \ _ ■ 

Paris c.F.Fr. 150,000 

Oar client is i xa^or intemsHortaJ health cars cor p oration with its European head- 
quarters based in Paris, controlling affiliate and subsidiary companies in Europe, the 
Middle East and Africa. 

They now have a requirement for a qualified Accountant or business graduate as a& 
Assistant Financial Director for an important and eaqaanding part of their operations. 
Candidates will probably be aged 26-35 and- have gained experience in a 
sophisticated and progressive accountancy environment, ideally the European 
subsidiary of an American corporation. 

The appointment has considerable potential and offers an excellent after tax salary 
and includes r e locati o n and other fringe benefits. 

Please write to or telephone S. W. J. Adamson, FCA, Gxosvenot Stewart Limited, 
Hamilton House, 15 Tile house Street* Hilchin. Herts. Tel: (0462) 55303 (24 hour 


Executive Search, and Selection 

City Merchant Bank 

S ecur ities /Money Deposits 


Due to expansion, Robert Fleming have vacancies in their 
Securities and Banking Departments. These include UK and 
foreign securities, also Eurobond and foreign exchange 
settlements. Applicants should be under 25 and educated to 
‘O’ level standard. 

A foreign currency money-deposit dealer, age twenties or early 
thirties, is also required. 

Good salaries will be offered with valuable fringe benefits which 
will include mortgage assistance in due course* - 

Apply: Staff Manager, Robert Fleming & Co. Ltd. 

8 Crosby Square, London EC3A 6AN. 

Tel: 01-638 5858 




Major U.S. hank seeks to augment its European audit 
team with a' top-notch young banker, 25/30, experi- 
enced in international banking (or possibly Clearing 
bank inspection), with his/her A l.R. and capability 
in a second European language. 


Three ox our client banks, each very active in both 
primary and secondary markets, offer a first-class 
career to a young person with a good knowledge of 
Eurobond administration and clearing procedures. 



Excellent opportunity for ono whose F.X/ Accounts 
evper.enee includes B. of E. Returns to develop with 

a vigorous Citj- consortium bank. 

?iK aSe ^^ U?ph01tc — 1,1 confidence — either 
John Cfuverton, A. LB. or Trevor Williams. 

John ' 

CH1YERTON Jl.Smniwnwtare: 


Associates Ltu 





Financial consultancy re* 
quires an administrative and 
-dealing assistant to the 
Investment Director in 
Bristol. Experience with 
stockbroking or Unit Trust 
I organisation Ossentiai. Age 
1 28-30: salary and benefits up 
j TO £ti,UD0 p.a. • 

j Apply with cx. to Ref.'RL. 

c/n Mr. A. c. Smith. Tur- 
. Qiumds. Barton and Mayhew 
• and Co.: Prince Mouse, 1. 

I Prince . Street, Bristol ». - > 


>li»t aM 

5f.'i \ |\ 

; l ’N i K \\ l 

St Sen 






i recto 

i . t --»■ 

: » 
i * 

./if it: 

--“FinanrialTii^ 17 1978 

Carter opportunity in the oil industry 



Amoco Europe- Incorporate ii responsible for coordinating the petroleum exploration and production activities of the European 
Subsidiaries of Standard OH Company (Indian*). «* of the world's larger oil companies. As a result of a promotional transfer 
- “*2’ * '? C * n ?, y . h “ "1 European Law Department which offers .substantial opportunity and scope 

rvi"« .» * ^ ramevv ?j . h ? a .' ' n dustrjr.;We umte applications from Solicitors with at least three years' commercial experience. 
Oil Industry experience IS desirable but not necessary. The work .is varied and interesting and will involve some foreign travel. 
An excellent salary commensurate with experience will be offerd to th successful applicant. 

■ ur ■ A PP , l c *? on *L wt,It * will- be treated with the strictest confidence, should tie submitted to: 

"• w - Brown > 5wior Emptoyoe Rrfattons Advisor, Amoco Europe Inc, 33 Cavendish- Square. London W7M 3HF. 


Age 28-45 . £7,000 

Emending international Bank series mafure person -to assume respoftsttuticy for ail aspects of' 
Premises and Services Administration. Specific, duties wrii include negotiations with suppliers 
in respect of purchasing and -maintenance, control of stationery, printing, office equipment and 
insurances. The successful- applicant wlH also- bs'r expected to deal with all related correspon- 
dence and. documentation. A Banking background would be advantageous, and previous 
exprience fa the City is essential! ' 

- In the first Instance, please telephone.. in confidence. Rod Jordon 


Age 24-30 c£8,000 

European Bank wfeh major expansion plans 
seeks Dealer with a minimum of 3 years' alK 
round: • experience - from within an active 
Trading Bank. An opportunity to progress 
in prime Bank. 

Please telephone Mark Stevens 


:: Agb 23-28 £5,000 

International Merchant Bank reqeires ambi- 
tious Banker with minimum 2 years* experi- 
'■ wice in Loans Syndications. . Superb: diaoce 

- to }bin a very professional team, in a young 
and go-ahead Department. 

- • • • P/ease telephone NeH Keane 

If ypii are seeking to further your career in Baatijtg£our Consultants would be only 
too pleased to discuss your requirements . 


AV43 London Wall -London EC2 - Telephone: O1-5B0 0781 


f Accountancy/ 

Salaries £2.000-£B.000+- 
Jus i ring, writ® (v ca I Jor one ot our 

Free Lists 

ot rjcanries (FVisa quote list rsf.l 
" Convneaa & Industry ;i K. r, agi 
litf '^.C«j £44C0-^.«0 
Part'caoUned/ Expert encad 
Ihe Profession IUKyO':ex'. 

Arertry. 56 Mooi s^lr. £C23t£L 

Tel: 01-638 3833 CJ /klt; 



Mayfair Insurance Brokers re- 
quire experienced person for the 
position of Manager, dealing 
with large fire accounts and 
helping to develop new business. 
Salary £7.500 negotiable, commis- 
sion. car. directorship passible. 

Replies to fie* A 6 *44 
Financial Timet 
10 Cannon Street. EC4P 48 Y 

Accountant & Lawyer 

for Consultancy/!^ 

£ 5 -figure package 

Age 25 +L^ttdon 

A young and fasfcgrowing company, offering ^erialist 
financial sendees, wishes to recruit two able young 
executives ian accountant and a lawyer} for bu&meaa V ' 
rievdopmentAaonsaltaray roles- As a subsidiary cfaimjor 
publicly quoted company, it eqjqys security while retaining 
a high level of autonomy. 

ReeponsibilitieB will involve negotiating at semoflevel 
with existing clients and-developing new relatunishzpLacid 
require professional and personal qualities ofafrighotden 
For very numerate men or women, with an entrepreneurial 
flair ami trilling to face the challenge of growing mto. ' 
a wider business role, this represents an outstBMir^ . . 
opportunity. \ 

The remuneration package will be attracts totbdae 

seeking a real opportunity. • 

Alt inquiries will be handled in the st ri ctest confifence 

Financial Services, 
c/o David Stay & A 
45 Sooth Matton St 
London WIYlHD. 
TteL 01-4938866/7. 



I Extrad. Inc. is an export marketing company with Domestic 
| Associate offices throughout Jhe U.SA and a growing list of 
| client manufacturers. 

[ We now require cm Overseas Associate to seek out and ap- 
I point agents and distributors to represent and selllhe products 
i of our efients. This Associate will notsefl the products himself. but 
will represent Extract in all aspects ot establishing and oversee- 
| fng the wide variety of efistribution channels required to market 
1 a broad range of products. He wifl earn a high income from 
: commissions on afl sales to his country. 

This .Is an outstanding opportunity lor an energetic sates? mar- 
keting person or company experienced in import/ distribution 
methods. Fluency in English is required, and a small copilot 
investment is necessary. 

^ w For confidential consideration, please 
| Zj§s§S£=-^j 5 send details of experience, education, 
KlfSiaSillJ ond P^sonol 010,0 ,0: President. Extrcd, 
Kil |«£U* lnc„ One Maritime Plaza Sen Francisco, 
^|P^. . . California 94111, USA 



Phillips & Drew has a vacancy in its General 
office at / 


for an experienced 


•j« r 

We offer a competitive salary, bonus, 40p 
luncheon vouchers rand contributory pension 
scheme. This year’s holiday arrangements 
will be honoured. ■ 

Please write hi the first instance to the Staff 
Manager, Phillips & Drew, Lee House, 
London Wall- London EC2Y- 5AP. 


21st September 

The Financial Times proposes publishing three ; 
pages of Newly Qualified Accountancy Appoint- " ■ i 
merits on 21st September following the; . : 
phbltcation ■ of 'the results of the Finals: > L ; 

If you arc expecting to qualify, the Financial - 
Times intends to publish the widest possible / , 
range of opportunities open to you. '-.-v.. 

If you are recruiting “ Newly Qualifieds " the ' . 
advantages of advertising, in the Financial-' • 
Times are considerahte-Hhe cost is £14 
single column centimetre— copy can be accepted . . 
until . the . day -before- publication — and they 
Financial Hines has established an enviable - 
reputation in this field. 

For further details, hithiding reprints of ' 
previous features, contact: 

James. Jurat! 
onOI-2484601 (direct line) 
or 01-24$ 8000 ext 588 




At an Extraordinary General Meeting of tire above named cornoaov. duly 
convened, and held at 100. Wood Street. Lena on, on t>te 2Bib day ot July. 
1978. the (ol lowing Special Resolution was duly passed. «c.. ' *' 


" That the Company be wound up voluntarfly and ^iat Robin A. F. Wight 
ot 55. St. Andrew Souare, Edinburgb. be end is hereby anointed Udurdaar 
tor the purposes of the said winding up. " 

J. J. Mt LACHLAN. Chairman. 

The Companies Acts 1941 to 1967 
Members’ Voluntary Winding Uo 
Notice Of Apooimmeirt of Unoloator 
_ Pursuant to section 505 of the Companies Act 1948 
Name of Company— The Ediabortm and Dundee Investment Company United. 
Nature Of Business — Investment Trust Company. 

Address of Registered Omee — 3. Glenftnlas Street. EtflitSurgn £H3 6YY. 
UonUJator's Name and Address— Robin A. F. Wight. 33. St. Andrew Square, 
Edinburgh EM2 2AD 

Date of Appointment — iath July. 1978. 

8y Wbom Appointed— The Shareholden. 


Dated the 2nd day of August. 1978. 

In Members’ Voluntary Liquidation 


Tax* Notice that alt creditors of th* above company mutt lodge claims 
with the undersigned on or before 15th Septemter. 1978. 

Note;— All known creditors have been, or will be. said In tun. 

35. St Andrew Sooare. 
Edinburgh EH2 2AD 



The undersigned announces 
lhat the Annual Report fyear 
ended February 20. 197S) of 
Makiia Electric Works, Ltd. 
will be available in 
Amsterdam at: 

Pierson, Heldring & Pierson 

Amsterdam-Rotterdam Bank 

Bank Mees & Hope NV, 
Kas-Assoriatie N.V. 
Amsterdam. 3rd August 197S 







Baths resurLcedin-sha 
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Btijf wieeiy f-osi the mifrjfa:W-‘en 
w#tb fed a*»r \x a tr-visa 

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lactur*. 30 tors ‘..tting upaertr. 0.*^* 
operated tprcastv to>r, 23 ft. 
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worked to date 5JB3. Pr«- £-3 030 
n-serti for to "t -*•£.' cetoiis contact 
Btrmiao.’um Fori L-lt Trou Lli.. H«r, 
Road. Saiuev. 8mo<ngbat< BB "CU- Tel: 
021-527 £944. Telex 387052. 


1 i " .• » ^ -V ■ 

. Wr. Kopneth aioses is to become 
deputy aircctor-neneral of ntlninp 

and direcior of pl ann ing and 
rnajor projects at the NATIONAL 
COAL BOARD from August 21. He 
J ? CCC Mr.l Mr * Peter Kecs. who left P-] 
the NLB in June to become a 
private mining consultant Mr. 
Hoses was previously chief 
mining engineer to the NCB 
North Yorkshire Area at Allerton 
Bywater. His nmv post will be 
at the board s Hobart House head- 
quarters and his responsibilities 
win include overseeing progress 
of its development and recon- 
struction programme. 


Mr. W. P. Higgins has been 
re-appointed a part-time member 
PANY until December 31, 1979. 
Mr. Higgins is chairman of the 
Central Transport Consultative 


Mr, Frank Andrew 

Mr. Andrew S. R. Davidson has 

been appointed to the boar dof factories — the Albion plant, 
-the BRITISH LINEN BANK. Mr. Scotstoun, Glasgow, and the 
Davidson, a Joint general mana- Bathgate .plant. West Trfitbian. 

[get! ot the Rank of Scotland, is * 

rodent in London. Mr. Richard Groom, who has 

i- ’ * been appointed regional- manager 

Mr. Prank Andrew, previously in Bedford of the GATEWAY 
managing director of. Leyland BUILDING SOCIETY, nas preii- 
Australla has been appointed ously regional manager for its 
gener al manager of LEYLAND Midlands and North region. 
VfcTHiCLE,?.' Toedium/Vight vehicle * 

division. He will be based at the Hr. Alan Guest, chief inspector 
divisions headquarters at Wester of BARCLAYS BANK, has been 
Hailes, Edinburgh, and will be appointed regional general 
^responsible for the business manager of its South West region 
activities of Leyiand's two Scottish from Sent ember 9. He succeeds 


Mr. Robert Pearce, who is retir- 
ing. Mr. John RntlMV'-at present 
on. secondment -to Barclays Bank 
International, wilt succeed Mr. 
Guest. ’ 

Sir Edmund Liggins. senior 
partner in th e company's solici- 
tors. and a past president of the 
Law Society, has joined the board 
of J. AND Hi B, JACIvSON as 
a non-exeeujtTC ! director. Mr. 
H. F. Cooper has retired as a 
director of the group, but will 
continue as chairman of the 
Hoghes-Johnson Stampings and 
.nr Light Metal Forgings, two of 
the subsidiaries "wltWn the 
forging division. 


Mr. Band Johnson has been 
appointed secretary of the 
earment rental services division. 
Mr. Johnson was previously 
accountant to tbe company. 


part of TI Steel Tube Division, 
has announced the following 
appointments; fllr- B. W. Lees 
becomes director and general 
manager, Mr. A. -W. Bradley, sales 
director. Mr. M. J- Hargreaves, 
technical director, Mr. J. S. 
Walker, financial director, and Mr. 
E. C. Pace, operations director. 
Mr. Lees was previously 8 direc- 
tor of Butler Automotive Pro- 
ducts: Mr. Bradley, divisional 
general manager, sales divisioinM 
Edmunds Walker; Mr. Hargreaves., 
director of research, TI Cbeswlch 

Silencers; Mr. Walker, group cfeief 
accountant and secretary, . TI 
Ba Inbridge Silencers; and 3klr. 
Pace, general manager, TI North- 
fleet Silencers. ? 

Mr. L. A Maybury, deputy- 
chairman. is to retire from ’Xhe 
board of LCP HOLDINGS • in 
September, but will remain a con- 
sultant to the company's fuel and 
builders’ merchanting operations. 

* - 

Dr. A. J. Kennedv, who joihed 
on January 1 has succeeded >Dr. 
Ivor Jenkins as director > of 
research following Dr. Jenkins’ 

retirement * 

* £ 

G. L. Paxton, has been appointed 
managing director, and Sir. V. V J. 
Taylor, commercial director. LJlir. 
Paxtop joined Savage Industries 
earlier this year. Mr. Taylorfhas 
responsibility for romme^ul 
supervision throughout ■- the 
group. ■ 

★ \ 

Mr. John Newman, who ihas 
been appointed- a directoi*; of 
.^director of Robert Fleming jand 

Mr. P. W. McGrath has joined 
the board of CATHOLIC HERALD. 
Mr. McGrath is chairman of* the 
Waterford Glass Company, ^and 
also chairman of the Hospitals 
Trust. ‘ 

Cable vulcanising plant for U.S. 

and cable machinery maoufac- 
.torer of Radcliffle, Greater Man- 
Chester, has won an order worth 
■$3m _ (£300,000) to supply an 
efeedric cable vulcanising plant to 
,Kerke, cable manufacturers of 
'Seymour^ Connedtteu'L '• 

^The plant is 'the 6rst using- the 
PI^V (pressurised liquid saltcon- 
tknxous vulcanising) system 
soid in the U^. Three sn alter 
FLCV plants worth about f|m 
are currently being installed in 
(be UK. and contracts valued, at 
around £2 m are currently in the 
final stages of negotiation. 
General Engineering nlahrw 

The PLCV system, compared 
with other methods of making 
electri c cables, is said by. General 
Engineering to be faster, more 
reliable and economical to 
operate. It provides a comxner- 
caally viable alternative to the 
established continuous vulcanis- 
ing methods of making electric 
cable which uses steam to supply 
the heat required for vulcanising.. 
The system was originally 
developed in Italy. 


CRYOPLANTS, North London, 
pan of BOC. has won a £2m 
order for an air separation plant 
irom Afrox. The plant will be 
Jpcaled at Germiston. ten mites 
worn Johannesburg, and will pro- 
duce 120 tons per day of liquid 
Oxygen, nitrogen and argon. Pro- 
duction Is scheduled to start earty 
m 19 so. 

A 1000-tine containerised Pontex 
electronic telephone, exchange has. 
beep, ordered, by the Department 
or . Posts and Telecommunications 
of .titeJRepoblic of Tranakei from 
TIONS.' The* equipment, ‘valued at*. 
£500.000. is’ expected to -be 
delivered early in 1979. The 
Pentex Is the commercia l ver sion 
Df-$be Fiessey -developed. THjJk In 
kts mobbe container it Is factory- 
commissioned and designed to be 
' operational within days of Its 
arrival. Deeding only psaino power 
tp be connected.' . r. . 

-* . • ’ 

age, has an order from Davy 
‘Ashmore International for a pro- 
cess control system for an 11J 
.metre blast furnace to be built 
for Acominas. at Ourp .Branco;? 
'state of Minas Gerais, Bmfl. The 
order Ls valued at about £400,000. 
Three consoles at tbe heart of 
the system will foim a 20 ft 
diameter circular control centre. 

COLE EQUIPMENT is to supply 
MISR Petroleum Co., Egypt, with 
10 chillers for grease cooling and 
salination processing. The chillers, 
worth £120,000 are to be installed 
in plants in Cairo and Alexandria. 

•A Strunck compact ampoule fill- 
ing line costing £220.000 is being 
supplied to the Iranian “Darou- 
Pakhsh” Welfare Organisation by 
MACHINERY (UK). Acton, as part 
of the organisation's expansion 

of Its ampoule department The 
expansion project is being 
managed by the Glaxo Group, 
which is responsible for the super- 
vision of manufacturing, routine 
purchasing arid* expansion pro- 
jects. . for the' - ’ Darbu-Pakhsh 
organisation. . 


A contract for the export of eggs 
to countries outside .the European. 
Community has been concluded 
between the National Egg Packers 
Association and Intereggs. In 
-collaboration with -.the Northern 
-Ireland- Egg Merchants’ • Associa- 
tion and the Scottish! -‘Federation 
of Egg Packers, NEPAL is under- 
taking the largest single - contract 
to date and the eggs wifi move 
out of the UK over a period of 
weeks starting now. 


GLACIER METAL CO. part of the 
Associated Engineering Group, 
has been given an order worth 
more than £100,000 from AEG. 
West Germany, to supply vertical 
thrust and general bearing 
assemblies for 12.500 hp nuclear 
reactor coolant circulators. The 
equipment is for a nuclear power 
station building in the U.S. for the 
Tennessee Valley Authority. 


Valued at £16.300. extruded seam- 
less heavy wall pipe in a high 
strength low alloy steel. Is to be 
supplied by Cameron Ironworks 
to ACC Vickers Babcock In West 
Bengal, for use by Mazagon Docks, 
as marine pressure vessels. Pal- 
mine. Italy, has placed a £39.000 

order for Cameron 700 mm large 
diameter seamless alloy steel pipe 
for an Italian power station 
project. From Spain. Walthon 
Weir Pacific has placed with 
Cameron Forged Products* a 
£33.000 order for gate valve bodies 
for ppwer station, applications. 

KEEN AN COOLERS, Worcester. 
Jbas supplied -tiyo- .double .flow 
packaged wateVlvcCbllng towers 
worth £12,000 to Bryan Donkin 
Company, Chesterfield, for* de- 
livery to Hong KongT; The towers 
will be-.incorportupd-^n the closed 
circuit - cooling .waters system for 
two diesel engine driven 13-inch 
stroke, three crank vertical -com- 
pressors. Each tower is required 
to cool 28.000 galls^hr of water 
from 130 to 80 deg. F. 


Sussex, has won a £300.000 con- 
tract to ship eight Paraflow plate 
heat exchangers and auxiliary 
equipment to Hong Kong before 
the end of this year. The equip- 
ment will be used for cooling re- 
circulated sea water for' the 
harbour city project, being 
developed by the Hons Kong and 
Kowloon Wharf and Godowp Co., 
* ? 

RTC (Real Time Control), 
Watford, has won its first order 
for a warehouse computer control 
system from a member of the 
Keencost Cash and Carry Group, 
Heddens is to install a £45.000 
RTC system at a 23,000 square 
foot warehouse nearing comple- 
tion in Luton. 

AUSUST 31 1978 

Tbe Financial Times proposes to publish a major Survey on Aerospace on Thursday : ’! 
August 31 1978. The publication date of the Survey is just prior to the Air Show at Faru- v. 
borough and will therefore provide useful information to both exhibitors and visitors. v r 
The Financial Times is also sponsoring the* World Aerospace Conference at the Royal: . V 
Lancaster Hotel, London, on August 30 and 31 1978. 

Tbe editorial synopsis is set out below. 
INTRODUCTION The world’s aerospace and 
airline industries are now moving through a 
critical phase, with some major decisions on 
new civil let airliners likely to be taken in both 
Western Europe and the U.S. this year, that will 
determine what airlines buy and fly for the rest 
of this century. At -the same time, spending on 
military aircraft and guided weapons continues 
to increase. Overall, the outlook for the world’s 
aerospace industries is bright, although com- 
petition will continue to be fierce. 

BRITISH AEROSPACE A year after nationalisa- 
tion. How has the British Aerospace Group 
performed in its first year or so of State control? 
What are the problems facing it in its second 
year? • 

frames emerge from the project offices, so must 
the aero-engine manufacturers move to meet 
the changing patterns of demand. 

winged aircraft are increasingly, in demand- for, 
an ever-widening spectrum of tasks and the 
demand for civil types is expanding rapidly. .. 

AIRLINERS As the : world’s aerospace indus- 
tries converge upon Farnborough, one of the 
major discussion topics is likely to fe/the ; , 
progress made in settling the new generations- 
of civil aircraft. What are the projects on offer 
and what is the current market situation? 

spending on armaments continuing to rise, 
there is a demand for new types of military 
aircraft, even while existing types continue in 
quantity production. What is the current state 
of the military aircraft market world-wide? 

After more than 20 years of active development, 

For further information on advertising in this 
Survey please contact: 

Nell Ryder 

Financial Times. Bracken House 
10 Cannon Street London EC4P 4BY 
Tel: 01-248 8000 Ext. 520. 

space research has come -.of age and is 
being regarded, more as a tool for the use 
mankind than as a glamorous new frontier of-;' 
adventure. In particular satellites are being 
used increasingly in an ever-widening variety 
of role. 

world’s airlines have had a difficult time hr. . 
recent years, with rising fuel and other costs/ 
eroding their profitability. They have also been = 
facing the growth of consumer ist pressures./’ 
which have forced down fares levels on some;, 
major routes and which promise further to; 
upset their balance sheets. . . ? 

area of civil aviation that has been growing-, 
rapidly is the use of aircraft for private business 
executive transport either bn a direct ownership 
or charter basis. 

heart of any aircraft, civil or military, is the 
equipment that goes into it representing at ' 
least a third of its value. A big industry has 
evolveds serving the manifold requirements*#! - 
the airframe and engine manufacturers. 

THE RAf With ^increasing- pressures op /the'-- 
defbnce^nddaet,' the’ RAF has' been obliged'to ■ 
cut its spending on new aircraft hut it remains ■' 
a vigorous force/ ... _. t 

LE^UR^ .FLYING flying ps £ a pastime has 
been increasing in recent years in all areas — 
gliding,, hans-gliding, power-flying and even 
ballooning. What does it cost to participate in 
these various leisure aspects of aviation, where ' 
does the would-be participant go and what are 
the prospects for further expansion? 

oil land and environmental difficulties, there ■: 
will be few. if any, new airports in future and 
all the expansion will be within tbe areas of 
existing au-ports. posing problems for planners, 
airlines and Government bodies. 

For further details of the World Aerospace 
Conference please contact: 

' ' Diana Whittington 

Financial Times Conference Organisation 
Bracken House, 10, Cannon Street 
London EC4P 4BY 

Tel: 07-23fi 4382 Telex: 27347 FTC0NFG 


" EUlKJPES'BySiNES&NIWSf^pEFi :• ** .*• 

Tt* CTOTfBT aa1 Sows. >Q aT «*. m **. sm iw L ! \ 



Henry Harland, His life and 

Work by Karl Beckson. The 

Eighteen Nineties Society, 

£6.25. 171 pages 

Five years after the demise of 
The Yellow Book, the avant- 
garde literary magazine that had 
helped to make his name. Henry 
Harland told an American 
reporter how. on January 1. 1894. 
a particularly dismal day when 
“ one of the densest and soup test 
and yellowest " of Victorian fogs 
lay heavily across London, he 
and Aubrey Beardsley bad sat 
before the fire and agreed that 
it was “ quite a pity and a shame” 
that editors and publishers 
should so regularly refuse their 
manuscripts ”"Tis monstrous. 
Aubrey,* I said . . . And then and 
there we- decided to have a 
magazine of our own." 

Arthur Waugh, who attended 
the accouchement at a somewhat 
later stage, added that the new 
magazine was not designed to 
reflect the tastes of a single 
cOterie or school, but to 
be "thoroughly representative oE 
the most cultured work which is 
now being done in English litera- 
ture.” Harland. a devotee of 
Henry James, promptly called 
upon the great man. He was 
well received; James seemed 
mildly flattered. He bad been 
invited, he wrote. “ and all 
urgently," to contribute to the 
first number, “and regaled with 
the golden truth ” that he need 
fear no kind of censorship: his 
composition might “ absolutely 
assume. might shamelessly 
parade in.” the “ organic form ” 
he had himself devised. 

Thus Harland secured “The 
Death oF the Lion ” to dignify 
his opening issue; while other 
early contributors, besides 
Saintsbury and Gosse, included 
the brilliant young essayist Max 
Beerbohm, who supplied his 
provocative ** Defence of 
Cosmetics." and a bold array of 
modern poets. Richard Le 
Gailienne, John Davidson. Ernest 
Dowson and Verlaine's crony 
Arthur Symons, whose offering, 
though entitled “Stella Maris' 1 , 
celebrated the fatal allure of a 
nineteenth-century street-girl. 
Despite his reputation as a 
slightly frivolous wit. Harland 
proved hnth a zealous editor and 
a conscientious businessman. 
“Under £2 a thousand.” he 
assured his publisher, John Lane 
of the Bodley Head, was the 
most that he proposed to pay: 
and Lane was further comforted 
by the excitement that The 
Yclfojr Booh aroused and by the 
huge demand for copies. Aubrey 
Beardsley's strange drawings, 
which he suspected might incor- 
porate phallic symbols hidden 
among their decorative arabes- 
ques, were no wthe only feature 
of the magazine that Lane found 
puzzling and disturbing. If Har- 
land left the office and darted 
o.T to Paris, he would examine 
them with special care, and even 
scrutinize them upside down. 

The success that The Yellow 
Book achieved was also a success 
of scandal. Harland continued 
to throw his net wide: but many 
distinguished authors, notably 
Kipling. Hardy and Meredith, 
still refused his invitations: and 
London journalists attacked both 
Harland and Lane as prophets of 
the sinister aesthetic movement 
that had already thrown up Oscar 
Wilde- *' Be mystic, be weird, 
be precious, be advanced” was 
the maxim, one journalist 
imagined, of “the Bodley Head 
disciples." Henry James himself. 

an easily flustered man, soon 
manifested vague alarm. He had 
begun, he admitted, to 14 hate the 
horrid aspect and company of 
the whole publication." Never- 
theless. he regained courage 
promised another 1 tale, “The 
Cnxon Fund.'' and sometimes 
joined the editor's- “at homes,* 
where he wandered around the 
room ” seeking the word he 
wanted for the completion of 
his sentence" 

Between IS94 and 31897 The 
Yellow Booh ran to 13 volumes 
and there is no doubt that in liis 
journalistic role Harland was a 
pioneer, who did much to 
advaoce the cause of free expres- 
sion and release contemporary 
writers and editors alike 
from the ponderous shackles oF 

the late-Victorian moral code. 

He might perhaps have gone a 
good deal farther had not the 
Oscar Wilde case, during the 
spring of 1S95. brought back all 

the old restrictions. Beardsley 
had to be thrown overboard: and 
Harland naturally deplored his 
loss. But critics, reviewing the 
next number, observed a vast 
improvement in its literary tone, 
Not only was it free, announced 
The Bookman . of “ any suspicion 
of moral slime:" but the stories 
it published were “ far more 
wholesome” and considerably 
less ecentric. 

By this stage of his career, 
Harland, long consumptive, had 
become a very sick man. The 
Yellow Book was allowed to 
expire in April, 1897; and its 
editor died abroad, at the age of 
44. on December 20. 1905. His 
brief existence was certainly 
worth describing; no biography 
has hitherto appeared; and Dr. 
Karl Beckson’s study of Har- 
land's life an# work, based on 
315 unpublished letters, is a sen- 
sible, compact and unpretentious 
book, which gives us a full 
account of Harland r s achieve- 
ment and at least an- outline of 
his character. He had been, 
highly successful and decidedly 
original novelist in the United 
States— Brooklyn was his prosaic 
birthplace — before he settled 
down in Europe: but Paris and 
London — particularly Paris— con- 
firmed his passionate devotion 
to the art of writing prose. As 
a prose-writer he was frequently 
ineffective: he loved words, yet 
suffered, we learn, from "3 tor- 
turing fastidiousness.” His true 
function was that of a literary 
middle-man, 3n inspired host 
and a “fierce and volatile" talker, 
who encouraged the friends he 
gathered about him to realise 
their native gifts. 

Harland was -happily -married 
and owed much to tiie -assistance 
of ibis patient wife AJine; but 
Dr. Beckson bint® that his 
emotional life may now and then 
have been tempestuous. When he 
was 34. he developed a fervent 
amitie omoureuse wit* a 22-year 
old blue-stacking Olive Cuslance, 
who afterwards married the 
terrible Alfred Douglas: and 
their correspondence suggests 
that beneath a mask of frivolity 
he concealed a dark and self- 
tormenting spirit. 

Arthur Symons once described 
him as “a writhing mass of 
nerves and Aubrey Beardsley’s 
pencil portrait dends him a posi- 
tively satanic air. Thong* Dr- 
Becks on does not pretend to 
have dug very deep into Har- 
Utnd’s personality, he has pro- 
duced -an informative and often 
amusing book on a neglected 
man of letters. 



Black Camelot by Duncan Kyle. 

Cullins. £4.95. 277 pages 

Duncan Kyle i.« just about the 
ideal thriller writer. He has a 
knavk lur mieiiimc unlikely >ei- 
lin-’N tor re-inventing: " liis 
Imalo.- arc bnsci) uii PCrupulnuflj-- 
r-->rarched facts 1: he creates 
characters that arc immediately 
pi-r>uj--ivc and always original: 
he is a master of spare, essen- 
tia: prose. His iast-bnt-onc story 
was set in an Arctic waste so 
cnnxinciiig that you shivered as 
>vu I timed the pages. His new 
book brine* hack to harrowing 
life the last months of the war. 
amt you can aininsi .smell the 
smoko and the ruhhtc-diist. taste 
the strong sweet W.D. lea. 

Elm — a:- one would expect from 
this author — that period is seen 
from an 11nusu.1l angle. The pro- 
tagonist is a Nazi, a man with 
nothing to lose, surrounded by 
other losers. A number nf 
historical figures appear in the 
story — Nazis like Ernst Kalten- 
brunner, Heinz Machcr. Admiral 
Canaris — and it is a tribute to 
Kyle’s skill that lhc reader is 
often unable to toll (unless ho 
is a mortem historian, a specia- 
list) which characters are real 
and which are products of the 
novelist’s imagination. 

Most important, this is a 
thriller that actually thrills. The 
story is rich in incident, adven- 
ture, escapes and pursuits: and 
it ends with a spectacular con- 

flagration. an appropriate, vivid 

The Luxembourg Run by Stanley 
Ellin. Cape. £3.95. 272 pages 

Trust Stanley Ellin to provide 
a fuul-prnnf ploL Hut ho gives 
you a ureal deal mure than that: 
just when Utc story m-ciiis to be 
movinu in .1 predictable farut 
( neophyte ganswtpr against older, 
tougher hoys), tt shifts course 
and sets off in a new ami exciting 
direction (a pattern of itloiilc- 
Criisro multiple revenge 1. .lump 
ins brusquely and plausibly about 
Europe (with some splendid 
American chapters, ion), (lie book 
cries out to be filmed, as it no 
doubt will be. A large, varied 
cast of characters. 1 rom the 
underworld to thu most upper of 

Girl in a Blue Shawl by Sylvia 
Sherry. Hamish Hamilton. 
£4.95. 217 pages 

A very successful, very 
literary construction, this novel 
concerns a Victorian scandal and 
murder, among tlie ultra-respect- 
able rich and middle class in 
Liverpool. A modern narrator is 
given a box of documents, which 
he arranges to tcU his story: 
juxtaposed diaries, the unpub- 
lished memoirs of an investiga- 
tor. some letters. Sylvia Sherry 
does all this cleverly, and the 
reader feels that extra, surrepti- 
tious delight that comes from 
reading other people s secrets. 



Here, as elsewhere. Mr McBain is 
vvholly' worthwhile.' 

Edmund- Crispin Sunday Times 
'A completely engrossing. • ' 
professionally well-told novel.' , 

. 7.L .S.. * 


trigger for his unhappiness. By 


she finds harself on that par- 
about certain aswRanents of 

view of 
like the 

To Dance by Valery Fanov'With hlsmvntMtimany he was given 
George Feifer. W. H. Allen, in into- ballets: 

. £6.95. 400 pages.. Illustrated, fffjStifiaMy observes I And -Mr. Austins 

Natalya Makarova by Richard that -these KoyaT Ballet's interpretation of 

Austin. Dance Books Ltd. £4-95, jgaj-f forS it tw emotional by half: and 

2 = — asiSS 

The Panov Affair was headline WJg • line. of escs splintered with frozen 

news for so long that the misery “jetton of SiXL {hat Mr. Austin would 

1 k« -Union unit Cnlhia SOtlflt Psinhfl? was a most U3UB V 

endured by Valery and Galina JjjJjW Painting" ™ se€ ' just a discreetly 

iv in their attempts to leave 

of an 
is well 

Sir Ernest Cause!, Sir Thomas Upton and Alfred Harmsworth covet Edward VH's throne in a drawing 

by Max Beerbohm 

Teddy* s friends 


— — — 7— r — =r-r : — — crata: so would several of the have found them comforting and 

The Rise of the Plutocrats by medici. though that family had comfortable. Presumably they 
Constable, greater gifts and were luckier didn’t want anything material 

£6.95. 340 pages in their time. out of him, though they weren't 

With romantic longin' 9 Scott Luckier because they oould do indifferent to honours. Some were 
Fitzqeraid said * The rich are something with .their money, as self-indulgent as he was him 

somethin- __ 

different 'from* us * YesV they've “Rid, and did, buy power, self, and gormandised away at 
pnt more monev roniiort Ernest The striking feature- of most of enormous meals and enormous 

H°e otin^way 10118 As^a ° r u learns Camplin goldre is how little quantities of food. Gluttony 

would orefer to see Fitzgerald Power they managed to buy. reached its highest, peak among 
set the tetter of tite exchange Harmsworth, and Max Altken the Edwardian rich. Edward’s 
for be was bv far the better- «n*r him, Imagined that they plutocrats weren't tiresomely 
natured man. ’ln this case, how- could acquire power through Intellectual, and their com- ersa- 
ever, he didn't The rich, in Mr. ^eir newspapers. It turned out turn didn’t worry him. They 

they certainly had more money. ^ em “ u he £ ad ltved ctarta* of women. If he wanted 

Mr Camplin’s “Plutocrats” are longer, he would have been more allies there, he had other 
a section or the very rich, disappointed stiU. Even the sources. 
flnnrUhine hetwpen ahniit 1S70 most prodigious American for- His multi-mill tonaire cronies 
and the beginning of the First tunes haven’t been able to buy marte a strange kind of royal 
World War. Camplin would like real power except for asbort kitchen cabinet Perhaps we 
to represent them as charac- P en °d in a single industry, as should remember, though, that 
teristic of what he calls the with Rockefeller and Ford. Edward was not the only notable 
second industrial revolution, i.e. What ^e Edwardian pluto- figure to be hypnotised by great 
the first rush of mass production 013 ts really could buy m some * wealth. American President 
or consumer goods. In fact very what surprising. It was the have been just as vulnerable, 
few of his people fit neatlv into company of Edward VIL Either Intellectuals like Shaw have had 
this specification — perhaps as Prince of w *les or King, weaknesses in the same 
Harmsworth. Cadbury, Lipton, W™ 1 wotdd f a * e enthusiastic- direction j 

Guinness. Many of the others. a11 ? approved of the judgment of Could it happen today? Oh 
Hirsch, Wernhet Sassoon, CasseL Scow Fitzgerald. The rich are yes, provided the rich were 
were manipulators of money, different from us, meaning by ostentatious enough. The present 
some brilliant at it. one or two, ^ the people who taxed and style of the very rich, as with 
such as Hooley and Whitaker bored him. On the other hand, some of the Texan billionaires, 
Wright, plausible conmen the rich were not different from is so quiet and modest that they 

There was nothing uniauelv himself. Actually, the King of aren't such an attraction. They 
late nineteenth centery about England can’t bare felt tend to live as simply as one of 
even the best of these financiers, genuinely poor, even by the side Trollopes dukes, and spend their 
One can find men like them, ever of Ernest CasseL energies discreetly endowing 

since accumulations of money Why such plutocrats became, academic institutions. Edward 
have been possible. Crasstus his closest intimates, neither this VIJJs idea of a good time would 
would have made a reasonable account nor the fuller studies be markedly different from 
addition to the Camplin pluto- begin to explain. He seems to theirs. 

Two Nelsons 


his love for Emma Hamilton and Sir Alexander Ball, as a secretary 
Nelson by David WaJder. Hamish their curious' menage a trois in Malta, added, no doubt reflect- 
Hamilton, £12.50. 538 pages with Sir William, then Ing Bail's views: " Lord Nelson 

Ambassador to the King of the was an Admiral, every inch of 

Wellington met Nelson once Two Sicilies. But Emma Haniil- him . . . Though his temper was 
in 1805, not long before the ton to him was not just a striker constitutionally irritable and 
battle of Trafalgar; it was in of attitudes and the former uneven, yet never was a Com- 
the ante-room of Castlereagh, mistress of several people of mander eo enthusiastically 
who was Secretary for War and distinction. She became a centre beloved by all ranks, from the 
the Colonies. Wellington re- of his life. When be left his Captain of the Fleet to the 
called: home 1° j°u> the Victory sr youngest Ship-boy." Coleridge is 

« Lord Nelson was, in different Portsmouth on September 13th, perhaps an unexpected -witness 
circumstances two quite be wrote in his diary: “Friday to quote upon Nelson’s virtues 
different men. ... He could ni S h t at half past Ten drove and defects, but admirably chosen 
not know who l was. hut be from dear ^ dear Merton -there I by Mr. Walder. 
entered at once into a con- left a11 which I hold dear in this One of the Admiral's oddities 
vcrsatlnn with me in a style World, to m to serve my King was enjoying wearing promi- 
se vain and sillv as to surprise antl country. c-rama and her nently his numerous medals and 
and almost disgust me." daughter, Horatia. were not savouring the name of his 
Nelson then went out of the rewarded by the country after Sicilian dukedom, Bronte. This 
room and discovered from an 0r C son - s * « antS . lron ' ca , Hy : roused some contemporary 
attendant that his sun-lanncd Nelsons ^arldnm a I a grant- of mockery. But no one denied 
companion in a scarlet coat was Nelson^ great naval girts. Many 



in Portugal or Spain. , 

N'elsnn came hack. Wellington Walder quotes Coleridge, who drawn with skill upon his pre- 
wrnte: “ AH that I thought a was in Naples during bis tour of deeessors' volumes. He Is 
charlatan style had vanished. Europe. Coleridge wrote: “The excellent on the background of a 
and he talked or the stale of tidings arrived at Naples on the Norfolk parsonage, the early 
the country and the aspect and day I returned from Caiuhrla; service In the West Indies, on 
probabilities or affairs 00 the and never can I forget the sorrow the long command in the 
Contincut with a good sense, oud consternation that lay on Mediterranean, and on the very 
and a knowledge of subjects every countenance . . . Number* different tactics — always attack- 
both at home and abroad that stopped and shook hands with ing — presented by the battles of 
surprised me equally." me. because they had seen tears St. Vincent, the Nile, Copen- 

It was the charlatan side .of upon my cheek, and conjectured hagen and Trafalgar. A long 
Nelson when he was in command that T was an Englishman/* volume is. not always a pleasure 
in the Mediterranean that had Coleridge, who had served one or instruction to read throughout, 
been entranced by life at Naples, of Nelson's captains. Admiral hut Mr. Walder’s is both. 

ion in a scarlet coat was P u *»ic money passe to ms least Nelson’s great naval girts. Many 
Wellesley, the victor in {5 T r,^r ded brother, the Reverend books have been written about 
1 wars, though not yet ” i 1 ,| b«i. him. and ahout special aspects 

local or Spain. When On the news of Trafalgar. Mr. of his career. Mr. Walder has 

Panov 1U unu B%LVU,|<W ■« «MTb „fn| 1r 

Russia seemed overlaid by pro- vhich revealed a completely 
tests and petitions and the rally- Atefitthetised art. Yet ti 

ing of sympathisers to plead the « p g2 e B 3S5? I o£ mSilw”. taUerida 

cause of common h umanity . In “Wt v , forms the nnai ^ 

the last 80 pages of this book, 
which is Panov’s Story as set 
down by George Feifer, there Is 
a dignity amid the horror that 
the Panovs endured in their last 
two years In Russia which would 
be welcome throughout the rest 
of what I found to be a. luridly 
over-written and unsympathetic 
aariatire. The Feifer style com- 
bines the riper elements of 
Amanda MTCittrick Ros (the 
illustrious authoress of Deltna 
Delaney and other masterpieces 
of the bathetic) with the coarsest 
pulp-fiction manner. . . A sample 
will give the flavour: 

“Shame and . misery twisted 
Galya’s teenaged face. “ It’s all 
right, I understand” I said to 
' myself. The ballerinas who 
bad cursed me had been her 
. idols since she could remem- 
ber. They were crushing her 
like a dott under a tank. She 
had reached the centre of the 
floor, hesitated there. I wanted 
to run. But she did not kneel 
down, I saw her advancing to 
me like' a - stricken Giselle, 
from some realm of purity. 

S 5 j£Es"flS 

EW Wfe She -was rwhat ballet *» Aviv airport. place today 

Tte^the 1 SneU b trae of a- 1" a celebratory volume more rewarding than that of 
vohm£ whirff Sces Panov’s Richard Austin provides, .an Makarova aud Anthony Dowell. 

In vE affectionate and admiring it has begot marvels, and the 
aniaysls of Makarova the dancer. Royal Ballet has a duo - to show 
Snth JpaLm?e S ^n P rt te h!dfiSfe ^hSl Written with a total enthusiasm. U s those artists illuminating the 
5S 'SftJZ ^ commitment to its repertory, though it is a duty 

subject, the book is a- comm uni- that the Royal Opera House 
ration of feeling and of detight seems reluctant nnwadajs to 

for the work of a ballerina. There accept. Can it be that they do 

and ^ htriS- arc h»‘8bts into the procedures not believe in the best? If so, 
S3? m innaar with tte kSSt that help make Makarova’s per- th e Royal Ballet as well as the 
Ba^L Bu? hTdrn?lng ?ik^S f<n™nce S S n thrilling: Hr public is enormously the loser 
extravagant temperament which A “SJln w ' er ? a l ,t wt,en ne Makarova has li pages of 
rampages through riils book, is observes: earefullv illustrations, sadly variable in 

sh»jb-s X rii ,y - % 

where everv detail has teen Anthony Crickmay do jusUte. of 
meticulously filled in: rather course, to their subject. Some of 
we sec a spontaneous creation, the remainder are roe merest 
evolved moment by moment as snapshots and are inctuaea. 1 
-a result of her personal Jdenti- assume, because they coyer roles 
fication with the music and her not otherwise preserved lnworth- 
ticular night." One may quibble while pictures. Reproduction of 
and the mood in which them all is bleached, poor. 

Galina and Valery Panov 

and refined qualities we associ- 
ate with the Apollonian Kirov 
style. And this seems to me to 
be the central problem of Panov’s 
career, for the book presents us 
with a man excessively emo- 
tional. so intensely subjective in 
judgment that he cannot con- 
ceive of the art of dancing for 
himself as anything but fiercely 
expression 1st ic. Any more 
“ classical ” and considered view 
appears incomprehensible, and 1 
suspect that his real tragedy is 
that he was inVifed to the Kirov 
rather than to the more overtly 
theatrical Bolshoy in Moscow. 

Tn rothing that he writes. 6r 
*baf / have seen him dance, does 
hti soioum with the Kirov indi 
cate the refining and sharpening 
of abilities which such an assoc? 
afion should have brought to Ms 
natural gifts. His Is a self-willed 
view of ballet. To describe jbe 
Kirov’s ballerine as “machine- 
stamped ’’—the classically, per- 
fect Knlpakova; Makarova: 
Sfeova: Komlevm Zubkovskaya 
even Ulanova and DudJhskaya? 
— shows a lack of sympathy with 
what the Kirov style, for. me the 
most beautiful in the world- can 
do to unify 'and ennoble tech- 
nione and expression. 

Panov’s belief that ■ choreo- 
graphy can be subjected to the 
whim of a performer— -Panov— 
to suit Ms idiosyncratic tech- 
ninue f“my body wbs inexhaust- 
ible; mv naked technique almost 
astounding ") Is not a view 
attractive to Western observers. 

Tynically the book casts 
people as either heroes or the 
rteewst-dyed villains: Kaleriya 
Fedicheva and Kolpakova are 
baddies; the. distinguished Kon- 
stantin Sergueyev is a gonrtie: 
the late. wonderful Yury 
Solovyov is admired, but how 
ungraciously: “his face was flat 
as a pancake awaiting Its sour 
cream. and completed the 
picture or »■ typical Russian 
peasant lad. although he was the 
nearest thing to the Kirov - .* 
leading male.” (I would remind 
readers that at this time 
Vladilen Semenyov and Oleg 
Sokolov were also superb Kirov 
nrentiers dan sours; and remind 
Mr. Panov and Mr. Fetter that 
Solownv was loved both for his 
beautiful dancing and for th 
sincerity of his artistry, i; 
London as in Len ingrad 1. 

A recurrent thefne is Panov's 
struggle to be taken on tour in 
the West, and bis badgering nf 
the Soviet authorities seems the 







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Dr. Watson triumphs 


__ „ . .. _ - corrupted citizens of Los tales or both authors aside and Opening scene: Tbeo’s 

I he case or the une-renny Angeles and at the centre of it create from the basic premises Taverns in Corfu. Harry Gilmour 

J™"** by y Cunningham. ^ ls ^ watchful eye of Masuto. a story never before told— of a is a middle-aged antiquarian 

Anare Deutsche, £d-S». lou The book begins a little slowly document revealed two years ago book dealer (ex-boxer into the 

with a few peripheral details but written in Dr. Watson's careful bargain) with a nose for gossip 


The Last Sherlock Holmes Story quickly hots up and switches hand revealing the true demise and an eye for a pretty young 
by Michael Dlbdin. Jonathan and train of thought In of hie dear friend Holmes and girl. As the book-flap says. ’* Holi- 

Cape £3.95. 192 pages a P** 1, or ? er fd wa y. — much like the fate of the sordid but equally day on Corfu: sun, sea and sex." 

— U L-i ■■ a visual display urnt of Masuto's brilliant Mortally. Fine. But plodding though long- 

Rex Mnndi by George Sims. m-md. Cunningham's characters Michael Dibdin brews ud a winded character analyses of 
Goliancz, £3.95. 160 pages *ro easuy- disgestible with* personaUtv for Holmes that Harry's holiday chums and 

« ut ?L mg I abor 5l JSly descrlb ® d - shocks even his most loyal com- describing their antics makes you 

E. V. Cunningham— -a success- He 1 1 amon can 7 parn'on and champion of justice wonder if you are reading a 

ful author? He must be to keep personalities along. Watson. Tottering on the in- mystery novel or a aosey-parker’s 

one character on the boil and Even for those who have not credible, Dlbdin recreates the holiday diary. It is just as well 
entwine the reader's Imagination followed Masao Masuto through scenes between Scotland Yard Mr. Sims Is a talented writer. He 
with yet another book. The Case Cunningham’s previous novels, Watson, Moriarty and Holmes! seem* to have an instinct for 
oj the One-Pflnnp Orange. Gently there is suffk ant information Just as you are about to lose descriptive words and an eye for 
his Nisei Japanese hero, Detec- about tins Amencan-born interest he springs another detail, making even the opera- 
tive-Sergeant Masao Masuto, Japanese and his qulrkisms not surprise fact on you which ^ on- Putting on socks seem 
leada us into a fascinating arena to feel outpaced more curious, keeps you hanging until significant, 
that first begins with a ransacked in fact to see what he was up the nest -outrageous revelation. His flow of wnfds got me 
house ra Beverley Hills, takes tojbeftoR b 2? fe Written in a style not unsulted through to the second-half of hW 

“ , sl J to murdered siamp and what he will get up to nest to the topic, posing intriguing book when the intimations 0: 
dealer s shop and to the scene And now a book whicb will questions— some of which still the first half at last became more 
of Ms assistant's violent death, have Sherlock Holmes addicts have to be answered. I can’t help apparent and reasonable. 

The story hinges on one small and Moriarty fans standing on Feeling that Dibdin’s ingenious c - . ... „„ 

stamp— the most valuable stamp their heads. Outcry and denials mind has opened a crevasse wide ■ r ‘ Suns , , upon an 

in the world. The Mauritius of the existence of The Lost enough to take a few more hooks interesting hist rtcal saga and 
One-Penny Post Office 1847. Sherlock Holmes by .Michael debating the demise. AH I can created eminently capable tharac- 
Auctioned, it could fetch nearly Dibdin most surely follow. But $ay after reading this book is, ters to delve Into it The sudden 
5500.000. The search for the Dr. Watson triumphs at long last Good Luck to them. ’ deaths of two tourists become 

murderers has the Beverl.v Hills As most fans of Sir Arthur T , linked with the ancient Alblgen- 

police ferreting into the back- Conan Doyle’s know when- ho “ raKC5 ueorge aims almost s j an ^ w hi C h believed that 
ground of German SS men, of wrote. Jack the Ripper was run- three-quarters of nis book to let Satan was the ruler of this 
Jewish war prisoners. Tramping ning riot— so too was Moriarty us In on the reason for calling world but thai ' saJ’atiOn 
through libraries, talking to the as John Gardner fans well know, it Rex Mundi. A mystery in from “purgatory” vra;. on 
rich and corrupted, the poor and A difficult task then to throw the itself, you might say. hand. 


ECONOMIC ACTIVITY— Indices of industrial production, inanu* 
facturiflg output engineering orders, retail sates volume (1970- 
100); retail sales value (1971 = 100); registered wemplmoit 
(excluding school leavers) and unfilled vacancies (000s). All 








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OUTPUT— By market sector, consumer goods investment goods, 
intermediate goods (materials and fuels); engineering output, 
metal manufacture, textiles, leather and clothing (1970 — 100); 
housing starts (000s, monthly average). 

EXTERNAL TRADE— Indices of export and import volume 
(1975 = 100); visihie balance: current balance; oil balance; terms 
of trade (1976=100); exchange reserves. 

2nd qtr. 
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FINANCIAL— Money- supply Ml and sterling M3, bank advances 
in sterling to the private sector f three months’ growth at annual 
rate); domestic credit expunsioa <£m): building societies’ net 
inflow; HP, - new credit: all seasonally adjusted. Minimum 
lending rate (end period). 



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^X i Sr A 1S>2=lm ' va.u e of 

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190 £ 

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2342 . 













61 j 




62 Ji 

Financial Times Thursday Angnst 17 1973 

Pit ’»•••' 

A Press revolution in the regions 


WRY SMILES- are developing 
throughout the British regional 
Press at a current Fleet Street 
misnomer. When managements, 
unions and assorted - com- 
mentators refer to the ** hew " 
prim technologies they are talk- 
ing, in the .main, about systems 

that are technologically common- 
place by the standards of the 
regional -Press and 'that are now 
operating - successfully in more 
than 600. British newspapers. 

Ai_the same time, the regionals- 
ponttnue’ ta make strong headway 
in rev^nue terms,' • According to' 

- AAtt&rtisino - & CCAAi tflim'r 

moving overat fife same time. 

In the 14 years since, progress 
has been remarkable. There are 
now 27 regional dailies and 454 
weeklies printed .-.entirely web- 
offset Five.fnrther daily centres 
use offset presses for pan of their 
run. • ‘ 

The Thomson evenings at 
Blackburn and- Burnley have 
started a ,£k5ro development 
plan to print offset and a third 
daily. the. Paisley Daily Express, 

papers development at 
Northampton to print a relatively 
small evening and weekly cost 
I5m by the time it opened in 
May. Conversion of existing build, 
ings, on the other hand, can be 
achieved for around £lm. which 
was the approximate price tag on 
the offset move by the Halifax 
Courier last year. 

area of frewbeets. to. utilise the 
new capacity. 

The period during which the 
regional Press has made the 
switch to new technology has 

coincided with aggressive growth 
in revenue terms. The regionals 
take virtually as much display- 
advertising money as the 
national Press — £164m worth last 


recent , survey* the regionals 

accounted ; for 1396m worth of 
advertising revenue last year, 
<uiLv. £2m behind the £39Sm (AA 
definitions) of the TTV network;. 

There are. two main -istreams' 
of .technological development;-, 
each pioneered by the regional 
Press in the early 1960s. They, 
are computerised; phoio-eoinpo-- 
vition (which sets The type), and' 
web-offset- printing. ' Photo-, 
cnmposltioirgives speed Jo both 
the setting and -composition oE . 
pages: offset printing provides; 
qu a Jity of . reproduction and 
colour avail ability; ' 1 

Ideally the two' systems go 
hand-in-hand, but it- Is possible 
to introduce -one without tbe 
other. Britain's first daily news- 
paper using both techniques— 
the Shropshire Star — first 
appeared in October 1964, and 
was quickly followed by. the 
Evening Post at Reading, the first 
Lord Thomson's first new news- 
paper. Some weeklies were 


When tKewfipIaos are complete 
some' 45 person t\of daily news- 
paper. centre? T ontsfde London 
will be usingipffset' .methods. But 
progress in the; -area . of new 
presses is ovm^sha^otf^d by pro- 
gress in the setting of type and 
the composition ^df-'pages. Some 
32 daily cepttes outside- London 
arc now prodiiciiifJUiilaJly. photo- 
composed neiwapapers and a 
.further 26 have- equipment in- 
stalled and VforidM. _ Some 77 
weekly titles. In addition to the 
454' web-offset -titles; are using 
plate techniques to-prini photo- 
composed pages ,oa.. traditional 
machines. •'. 

In simple =tmn»- this means 
that 58 out at 7ff evening news- 
papers. ten oaf of 19. .roomings 
and 534 out of -l-OfS weeklies no 
longer require blocks' from their 
advertisers. - ; * 

Tbe capital* investment 
required can be.daunting. parti- 
cularly if the Installation of a 
new press roeafcs a move to a 
new building. The- United News- 

Frec s hegts 

National newspapers 

Regional newspapers 


, Daffies 




format ■ 






1 • 




■ 85 . 

• . 48 

2 , . 





51 ‘ 

2 . 




. 94 * 


3 . 










16 T 

83 ‘ 

13 ‘ 




T 7 T 



197 S 



17 * 















5»ure«; Adventttax Asioclotioa 

The new production techniques 
mean more editions for tbe 
dailies. They can also mean con- 
siderable savings and rationalisa- 
tion among the weeklies. At the 
new Scottish and Universal News- 
papers plant in Irving, the group 
is producing 28 titles from seven 
printing centres. Only ten years 
ago it was prodneing 22 titles 
from 15 centres. Managing direc- 
tor David Campbell sees further 
developments, particularly in the 

year, against the nationals’ 
£177m — although wbat would 
happen if there were truly 
regional editions of national 
newspapers printed locally is a 
matter for conjecture. 

The strength of the regionals 
has long been due to the large 
amount of classified advertising 
which they carry. However there 
are signs that revenue increases 
are not only coming from local 
sources. National advertising. 

something nF a beta noir among 
the regionals. is also on tbe up 
and up. 

There are problems of defini- 
tion here. but Media Expenditure 
Analysis showed “national” 
^pending in tbe regional even- 
ings, at £37 ,7m 'in tfc e year to 
"April. 1978. compared with 
£33.?n] over the previous 12 
months, and £16 in tbe morn- 
ings and Sundays against £13.35ra 
in the year to April. 1977. This 
is a “national” increase' of 27 
per cent for the mornings' and 
135 per cent for the evenings. 

. • MEAL does not measure 
expenditure i n the weeklies, and 
its definition of what constitutes 
"national” business is often at 
variance with the newspapers* 
own- definitions. In fact' accord- 
ing- to the Evening Newspaper 
Advertising Bureau, its members 
are ‘ attracting, on ‘average, 
around 33 per cent of their dis- 
play revenue from outside their 
oval marketing areas: and in 
some towns, the total can be as 
high as 50 per cent. 

In large part this is a reflec- 
tion of changes in retail adver- 
tising. which js the backbone of 
the regionals* display business. 
Not only are advertising 
decisions lending to move from., 
the local High Street to the head 
offices of national retail chains, 
but 'more and more oationai 
manufacturer advertising money 
is . being chanelled through 

Thus the regional Press is in 
danger of losing direct day-to- 
day control over its most impor- 

tant section of display business. 
Realisation of lhis fact has led to 
a number of moves to establish 
the regionals as a third partner 
in the co-operative advertising 
plans oE supplier and retailer. 

■ ENAJB is cooperating with its 
sister organisation, the Weekly 
Newspaper Advertising Bureau. 

■ jo the production of a dealer aid 
judex which lists the precise 
offers being made by national j 
manufacturers to then stockists. 
This is. over and above ENAB’s 
relatively hew Co-partnership 
scheme, which encourages manu- 
facturers to gear advertising 
allowances to stockists In rela- 
tion to tbe goods which' tbe 
retailer purchases. 

This scheme has already been 
‘used by • a number of leading 
national advertisers — British 
Leylaod. National .. Smokeless 
Fuels, Esso and Hitachi among 
them. Advantages- are obvious. 
By sharing ibe cost of advertise- 
ments. impact can be maintained 
and some of the cost arguments 
against the regionals overcome. 
And because the papers them- 
selves produce tbe advertise- 
ment to the manufacturer/ 
retailers brief, production costs 
are minimised. 

This sort of co-operative 
advertising is massive business 
in the U.S. According to ENAB*s 
immediate past chairman. 
Donald B. Anderson of United 
Newspapers, it could mean as big 
a revolution in sales for Britain’s 
regional Press as the classified 
telephone selling initiative of 
the late 1950s. i 

: 'j, 

. . ..> ■' S. ... L 

SIR FREDDY LAKER has yet It is also an effort by Y and R 
to make an application for and Qantas to stand out from 

™ "h« they regard ar the current 

run, but Qantas is not hanging . „ _ ... , ...... 

around — the national airline clatter of ads * hwh M 

begins a £600,000 campaign next seem t0 t* v * either a packshot 
week and, as ad shows. In of a plane or a mugsbot of a 
a lighthearted vein. stewardess. 

It Is the first visible work hy In addition to the newspaper 
agency Young and Rubicam colour ads Qanas is going into 
and it is partly based on Anglo- women's magazines since many 
Saxon preconceptions of travellers to Australia arc on 
Australians — eonvicis and flying visits to relatives and there- 
doctors and all that — and partly fore the womenfolk are among 
on the fact that women share in the decision-takers. There is 
travel decisions. also a range of back-up material. 

The five who fought 
the Columns ‘fire’ 

“CMON COLSIANS. light my has been modified. Foote Cone 
fire.” the dramatic change in aud Belding was stretching it 
advertising approach by the a hit when claiming, for Bmish 
mustard makers, revealed in Airways. “Why our schedule Id 

What the Price Commission foils to grasp 


HAVE YOU YET read the 
Price Commission report on 
sanitary protection and- other 
hygiene products,, presented to 
Parliament in pursuance of 
Section 6(9) of the Price Com- 
mission Act -of 19777- 1 can’t 
particularly recommend it It’s 
less thrilling than The Dap of the 
Jackal, less amusing than Vets 
Might Flu. less spicy than Valley 
of the Dolls and less, intelligent 
lhan the Beano. It is even less 
sensible that its sister Price 
Commission report on patent 
medicines, and that is no mean 

Nevertheless, and regrettably, 
it should be essential reading 
for everyone in advertising and 
marketing since it represents 
the beliefs of important and 
powerful people in the land; and 
certain of its conclusions— 
elated with pontifical confidence 
—are inimical both : to con- 
sumers’ interests and to every- 

thing that marketing is about 
Let us start- with This ludi- 
crous statement (page 1. para- 
graph 5):. . • : 

“Advertising moody empha- 
sises the Tprbu&Ql qualities 
sought (by the -consumer). 
namely, security , '. comfort 
and quality; c mty some con- 
veys useful information.” 
Rarely can you; have read a 
sentence which manages to com- 
bine stupidity', -arrogance and 
sel f-contradiction 'ga . effect i vely 
and in -so few- wbri& Unbeliev- 
ably it states that the benefits 
women want from .sanitary pro- 
tection products/— namely, 
security- comfort and quality— 
are emphasised iofite ads . . . 
but that the ads do not convey 
useful- information!/' 

The Price ConmSsxion dops 
not deign to definecqtiite whal 
information it believes the ads 
should contain; presumably the 
ads should emphasise the 

principal qualities not sought by 
consumers. Arbitrary, incompre- 
hensible statistics? The chemical 
formulae of the wadding 
materials? The unit weight (in 
both metric and avoirdupois, of 
course)? The name of the 
machine operator’s mother-in- 

The Price Commission, and 
economists and consumerists 
and functionaries . everywhere, 
resolutely fail to grasp that 
marketing companies go to very 
great lengths, and very great 
expense, to discover exactly 
what information consumers do 
want to know about tbe products 
they buy. 

If consumers call for lots of 
detailed data— as they do in 
unit trust advertisements— the 
marketeers willingly supply it; 
if consumers do not want or do 
not care about or would not 
read, understand or remember 
such . data, then marketeers do 

not stupidly try to foist it upon 
them. . 

Let us continue. The report 
repeatedly attacks advertising 
for being a “ formidable barrier ** 
to entry into the market and 
thus a restraint to competition. 
No matter that the costs of 
advertising are as nowt compared 
with the startiu3-up capital costs 
of plant*: no matter that adver- 
tising is the most highly competi- 
tive of market place activities; 
no matter even, as the report 
itself reports, that several com- 
panies have in fact tried, and 
are still trying, to launch them- 
selves into the market in recent 
years. With its characteristic 
determination not to be confused 
by tbe facts the Commission 
asserts (page 10. paragraph 2J4): 
“In our view the prices 
which consumers have had to 
pay have been appreciably ■ 
higher than they tcould have 
been under more open 


I know little about mass pro- 
duction costs of sanitary protec- 
tion goods — in which state of 
bfiss I am patently in good com- 
pany. However, I know enough 
about the production costs of 
similar goods to know that even 
at high volume production levels 
great economies of scale are 
still achieved when volumes 
increase further. As my old 
economics tutor used to say. it’s 
a function of the amortisation of 
massive factory overheads in the 
cost per roll. 

.Nowhere does the report even 
contemplate this less-than-revolu- 
fiopary thought. Instead, the 
Commission cheerfully calls for 
hew entrants, the inexorable 
result of which would be shorter 
production runs, higher costs and 
tbence— ril take a fiver to a 
Tethering pound in the Com- 
mission's pocket— higher retail 
prices. That's a consumer benefit? 

Finally, because it so per- 
fectly epitomises tbe Commis- 
sion's thinking, 1 cannot resist 
quoting this remarkable criti- 
cism (page 10, paragraph 2.13): 
“ Innovation in the tampon 
market has been limited, to 
improvements of existing 

You lazy Sanpro manufac- 
turer! Start improving some 
□on-existent products ! or make 
your existing products a little 
worse ! Under no circumstances 
advertise that your tampons offer 
comfort security or quality. 

Word has it that the Advertis- 
ing Association is to undertake 
the Herculean task of educating 
the Price Commission: sooner 
them than me. In a desperate last 
effort to convince myself the 
world is still sane. I am going 
back to Desperate Dan. 

Winston Fletcher is managing 
director of Fletcher Shelton 

large posters showing a woman 
in need draped on a tiger’s skin 
aud about to be relieved by a 
leopard carting a jar of the hot 
stuff, has predictably fallen foul 
of some sectors of the public. 
In ail five complaints have 
arrived at the Advertising 
Standards Authority objecting 
to the advertisement Some felt 
it unfair to women; others that 
it was anti-tiger. The ASA 
sided with the majority and 
passed the poster. 

In all June was a quiet 
month for criticisms, only 64 
complaints being dealt with, of 
which 41 related to copy. Of 
this number 25 were upheld, 
wholly or in part As usual it 
was the more obscure cam- 
paigns from the more obscure 
agencies < and in particular from 
advertisers who go it alone) 
that were the culprits, but there 
were some rapped knuckles 
among the big names. 

Allen Brady Marsh, and 
client Woolworth, were pushing 
it when they said a Prestige 
Pressure cooker “can cook a 
whole family dinner in six 
minutes” and the advertising 

Europe is more likely to fit -in 
with yours,” and Ted Bates in- 
advertently made fares to the 
southern U.S. on National Air- 
lines cheaper than they were. ' 
Even so the small nature of 
most of the complaints contrasts 
with tbe big defence of its work 
by the ASA in its foreword 
which argues that matters of 
opinion on “which party to vote 
for?” and “what religion to 
aspire to?” should be allowed 
freedom of expression in 
advertisements. Perhaps the 
ASA is preparing its defences 
against critics of the Conserva- 
tive Party election campaign — 
and Labours’ advertising when 
it eventually gets going? 

By Antony Thorncroft 

• Saatchi and Saalchi. currently 
bathed in the flickering political 
limelight, has tucked another 
major account into its belt — the 
£500.000 Godfrey Davis car hire 
business. The agency' won in 
competition with Davidson 
Pearce and Foote Cone and 
takes over immediately. The 
account was formerly with Ayer 



Sheet metal cut to 
any shape ot size 

Giant lathe •■f" 0 ™ •processing 

speeds work Watch over art treasures No P° wder 

BIGGEST turning machines so SERIOUS DAMAGE to the paint- EMI photomultiplier; a light de- 3S0 nm to 760 nra and provides Tv dX-oltli 
far built by Warner and Swasey, ing ol the Last Supper in Milan Acting and amplifying device very detailed information on HOPFER/LOADERS for injec- 
which has a large UK plant, are again underlines the fact thai, manufactured by EMI Electron colour changes. In certain cases tion moulders, blow moulders 
two numerically controlled units while galleries and museums TU t^5 s al Ruislip, Middlesex. it even allows identification of and extruders for the clean 
designed to handle workpieces mav _- Den( j hundreds 0 r ,h OU _ The equipment is used to de- pigments. The equipment is call- handling of powdered materials, 
up to 190 inches long and 42 a * * p 5 Ba nunareas 01 “ ou lect the minute colour changes brated by reference to light- without waste, bv Cole Eimin- 
inehes in diameter. f 31 * 5 of P ounds of PnbUc money that take place in paintings over standards at the National Physi- ment , can handle “powders down 

They are to be used by Vetco, *o«wy a masterpiece, they can- a low period of time. cal Laboratory at Teddington. ttl 2 microns and eliminate time- 

a Combustion Engineering sub- °.°\ always guard ^ against in- Light at a selected wavelength The National Gallery will use wastij ,g nron,,^ loading and 

ECONOMICAL production “ ™ optical fibeto ^oduc ‘the 1 

cm i hacks nf any shape or sixeio and subsequent adjustment is wellhead housing each wejgn erja , or 0Qth a 4 mm diameter spot on the ascert 

sheet nmtal (up to 12Tnm thick) not needed. Verro is currently using con- Currently of special interest painting at a point which is tal c 

v in plastics IS the claim made Punching and nibbling tools . >s cureenuy wncan t0 responsible for conser- monitored by photographic and s 

by Truiiipf for its copy punch espx be interchanged in W to ^ IS ' lh £ an Vo ■ proSic? the vafion « *e reflectance spectro- mean. The reflected light is Th* 

press which combines i he speed secomfc and a fast i-'hncittver j, i/ antirina ed Photometer being used by the delected by the EMI photomulti- surem 

or the punch -press with Ihe ttr other shed metalworking ? h ous, “ ps a "? JLJL iiKrtS National Galiery in Britain. ptier and its output signal pro- on se 

vrr.*aliliiy of the copy and co* jobs such as shearing, slotting, * ne ~™ut^ mdiiole BuiU b -' Professor Wright and ceased for computer interfacing. EM 

ordinate nibbling machine. beadmg. folding, etc., is also out mmupie Df WmsbJI of imperial College. Tiis technique records data Road, 

Ability to perform copy possible. - SSJhS^cbanGM in sei-uo will London, it has at its heart an o\cr the visible spectrum from 3SS8- 

mhblinjrgreaily extends Ihp field Tmmpf has called its new SSS”.. 1 " „ se I “ p, th p2! 

nf application of a punching machine the CS20a and one of ,_ l h^ir' *** -w— •• v n _ 

machine, most suitable fur the its characteristics is rigid ram h '_ a 'i ar « p T7iriff?C i flnTI7 I IT OF1V tlinn © ft 

prmlurtiun of identical cm- RuidiTC which iafccuardijhe f«5 ' Jjg' £ lIluS HOW III ally UlUC 

hai-k< Limitation nf cutout' size tool giving it a long operating boring rani which can operate y Mr Mr t - 

is rliniinaled . and complex “fo whU^ producing a deaf ^wn to a depth of 65 'inches. USING A portable mstrument uhrawnic signals reflected back I € 


Maidenhead, Barks. 
Fluid Transfer, Contra! 
and Filtration 

Lubrication Systems 
Garage Equipment 
Combustion Engineering 


made at 
high speed 

dwprs. whose production would working result. This permits P ul on market by Euromatic to ; :ne transducer from the Tar 

tn other circumstances, demand. Ihe punch to be loaded «ff- be, ..9 ul al 10 e samr_time. ____ Machine and Oil Comoanv. the -»«*-'_soffer _a frequency displace- 

t>u' purchase of an expensive centre so that sheet can be S 

punching tool, can be produced notciied with standard punches. ?T!? 0 L,f l Si l \Esl rmi0e,hani 53 
quickly and ar. low cast. Tnimpf Machine Tools* SL tA£ “ 0-1 ia51 ‘ 

Any number of tools in any Albans on SL Albans 61121.;- - 

Machine and Oil Company, the w ■ irequency 
Sv%asey. 156 _ . . . . ... Jl,. ' due the flow and 

Quicker methods of 
making tools 

Display is 
easy to 


more easily 

"7 ” vw-nr -fw ifyfta'S snapes 

sible pipe can be determined make the conversion lo «-« 

simply by fixing a transducer to velocity (and therefore flow |T|Al*p PQCIIV 
the outside wall witli silicone r.-.v) with displays in metric Ull/I C Vm.i3JUI V 
rubber. £nd imperial units. 

Thus, flows in metal or plastic Suitable for a wide range of IVESTIXGHOUSE has decided to 
pipes from one inch lo 60 ins in liquids and slurries, the PD3 is introduce its Micarta Superform 
diameter can oe read off on a with an adjustable cali bra- — a post-forming high pressure 

digital display without in any won device which compensates decorative laminate— into tiie 
way dismantling or interfering for changes in sound velocity of UK through Sheffield Insulating 

and require cleaning once a day 

.4?i y uniVworkon the vacuum «fLLYS. Glasgow-based pub- 
principle and do not require a ordered a 1-8-page 

compressed air supply. The Strachan Henshaw press for 
hopper-loaders, designated T6, P nn ting paperbacks which, when 
T12 and T25, can handle up to ° n s reara - W,1J b i th I e Tr ™? st P L rr> 

200 kg/hr, 350 kg/hr and 600 duenve press in the UK for this 

kg/hr respectively. ^'P e book. r 

Cole Equipment. 7 Airfield 1\ will hare a mechanical 
Way, Christchurch, Dorset BH23 speed of 30.000 books of 128 
3TB. 02015 6711. pages per hour, or a potential 

j | output of 64.000 printed pages 

I 1IK Sinn per minute. 

AilU The company has supplied 40 

T -a similar machines to North- 

nPflriC America hut this will be the first; 

A/ villlo time in the UK that a I28-page‘ 

vlih the lines and without inter- tin- various types 

rupnng the Dow. 
The instrument. 

More, from the company ai Jo 
knnvm as P.o. Box 297. St. Helier, Jersey, now 

cLX" sb Sbeffield LB “ latiDS 

»es or nquia. company. , the UK bv comnany's East slze pocket books (i.e. Ill mm in 

the company ai in the post-forming process. ir n w.« width). The new Dress will be- 

JttIVELOPilENT WORK at than the original to extend pro- PHILIPS has introduced a series USeS 
Kjpru on ineMicnsivc and durtionjMns. of seven-segment light emitting 

quicker toolmaking methods has i nde^°b^.' diode display modules similar in # HEATiNC 

****** .«» ££££ISS%?3SS3S2 u £ TTC , . ** WB ^ '■Cn"3.'Trws: 

aluminium cavity and- core plates are jointly seeking lire assiSS °J£d tario-wSS Kl P - H HI I PK t O T I S Til fit! I v" d - d0 P° f t 1 rev P a, , lhe edse of ^ Dealing with either loose com- Armada and Lion labels, 

pruduced by tbe Wbeeldon TP of a limited number or couipafifes ■ prher factiilT *** -*^^0 iUl horreontal laminate. ponents or those supplied on With the completion of its 

process of Selly Oak DiecastJngs, In a collaborative funded protect b ONB of the largest shop Combustion for the Corpus . Tirana ’5 mmthick and reeled bandoliers, the machine is fully integrated printery and- 

. an successiulW meet many ol substantiate the extent- OT ita . Aether to form neat and assembled steam-raising hosiers Cnristi Petrochemical Company « guaranteed to post-form easily Cully adjustable for different bmdery m 19. b covering some 
lb P req mre incuts for protolypes technical and economic value. tn Efficient a^emblies! ever built in the UK will shortly in the U.S. This is a jointly 10 a tight 12 mm outsnde radius sires of device and can be set by 500.000 square feet. Collins, as- 

.ind shon production runs. At and _?_ u ai ’ ccl era j^ *1* sire of the symbol in the be leaving XE1 

b ast l .IKK) mouldings can be .pro- modules is 11 x 7.62 mm and it Combustion’s. 1 

PD3. uses the Doppler principle: C.l. (0534 43488). 


In the post-forming process. Molesey subsidi^y. an electronic width). The new press will be- 
nov. becoming increasingly component, lead cutting and installed in July 19.9. 

beQ dlng macbfoe will cut to the Collins is one of the largest- 
laminate is bent after softening requ u. cd length and bend at pnnter/publishers m Europe- 
by heat to produce rounded edges jjght angles the wire connections with a turnover of over £50ra- 
tn worktops that are easier to of resistors capacitors and P er annum, publishing paper-- 
clean, somewhat less vulnerable similar Items! backs under the Fontana, 

and do not reveal the of tbe Dealing with either loose coin- Armada and Lion labels, 
horizontal laminate. ponents or those supplied on With the completion of its 

foundry practice coupled with EkSST^i where' f£S|S ^er either TTL compatible. 

techniques to obtain void J “ u “ ipS h be or with memory — TTL vompai- * XEl WtcrMLoaal M 

C,r cavils .urfacev having a flne SPSS ■ elal. areS or wilh raemorv - CMOS, 

maile finish and accurate dimen- -houw tJnJTqt The housing or the modules k repradueibiliiy. • Sprue a seminar will be held at ^ tau * b “hock-resivtani poly- 
hu^ncs, copiw cooling pipes sad on November . i. carboaale and the snap-together 

cr.n hr> past lnt« nlxiv:.- wmmhln alimSn.-iTnc ihp nppd for 


hu?nes, cupper cooung pipes saa Tiaij-a' on November 9 carooaaie ana me snap-rogeincr j . • 

msvrts cqn be cast Into place;-- Attendance is by invitation only assembly eliminates the need for NnPPff C 0911011 81X20111 FI 
Dpsicn M to diti Cations can bo . from enquiries received. tie bolts. End pieces, for screw Jt^ a x 

-! ; jv Polymer Corooration radius can be as little as capable of - processing 18,000 lisbers. To date some ten Conti- - 

The four boilers, each with a 6 mm. pieces per hour and has tungsten nenlal and British houses are 

cam capacity ’ of 212.0W") Other advantages are claimed carbide cutting and forming dies, making use of the facilities', 

-/hour and iisine heavy fuel for the material. For example, it {L weighs 19 ib and measures printing on three Strachan. Hern 
* were ordered at a cost of over w»!l ignore variations in core * l inches. ^ .sliaw 84 page presses and- -jr 

i:n ‘ radius and forming machine D M0 . re “, 0I n.:.2 Hampton Court Cameron belt press. The- new, 

roller pressures. It also has gA® aS * Molewy. Surrey, 128-page press, printing from: 
minimum spring - back and hi P 101979 SMlt. either nibber or ■ photo pol^rte^ 

requires a relatively short period T ■ _ 11 _ * j plates, should attract a consider^ 

of pre-heating, allowing a faster I j 5f 001^51 1 fl T*V ab 2° inprease * n business. -r. 

cfl*Qnninrr production rate. AJWW*atUiJ Strachan Henshaw, Spewlwe^ 

all dpHljjfL As a result, pre-heat energy ' i • i j Bristol BS5 7L'Z. 02?2 558281. .U 

.n ° „ savings of 25 per cent can, it is WfiTK SllflPfl ■ "' J 

n 7j _WCkaged_ items such as claimed, be achieved. TT A/A Ji. alUcU i : TT? 

Resign modifications can to.SSTT5W«S received Tby £*>'«■ E « d P*** % ^ WtWk' 

easily made during profots-pe Septetnbcc 30. ,w or bracket mounting, and spaeer PACKAGING SYSTEMS Group ping, packaged items such as ^achieved ^ ts VV UlIV.' 21Qt?U 

ijcvciopinent and new eavtty and Rapra is ai Shawbdry omls are included im the range, within SM has unveiled the television receivers, calculators A innger shelf life is also OF A total nf-ts* * _ Q . h 
core plates can be economically Shrewsbury $Y4 4NR. Shawtauy Te™maUon is by means of Model TE J230 tape bander, a and other'domeslic electrical and claimed by Westinghouse While manufacforelf. 54 fu -™. e 
rvprijducpd « -Uhkt ^00361 asT SJgPZZ ^AS^^SSSSTti TK fSSSSSrfc.^ for ’shell 

able increase in business. * '7- 
Strachan Henshaw, SpeedV’diLf 
Bristol BS5 7UZ. 0 272 558281. 

electrical wire&cable? 




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Financial Times Thursday August 17 1978 


The MoD comes 
in from the cold 

Room for dissent at the top 


THE MINISTRY of Defence was which it was allocated should he bYthTultiraate soluW 
recently embarrassed by the forfeited. As the Commander M ultimate so ution. 

House of Commons Expenditure, in Chief. RAF Germany,. told the * n Britain one does no' 

ALEXANDER Solzhenyfeyn has tive.” Another prominent dissenter lawyers and financing litigation recently by Lord Denn in, to Hie . ^solicitors against 

recently criticised western When compared with the is Professor Michael Zander of dragging on for yeare, have an Royal Commission on. gai.. The first can be 

society for having given itself Soviet Union western society the London School of Economics, equal interest in a modem isa^.Seiy lefts 0 tight to ^ ."v 01 ■ enticised ' for no* having suffi- 

an organisation based on the will not be found short of His scathing criticism of the lion of the rules of the Supreme-'.. carefully.- -It was. “'■”/’? ciently taken account of the 

letter of the law. Any conflicts dissenters. Only one does not legal profession led to the Court, in keeping the legal indirect dialogue between tn.e opinion of the Monopolies com- 

in this society, he' said in his look for them in prison camps or appointment of the Royal Com- profession on its toes and. in two .legal dissenters, mission, the s n 

Harvard speech, were solved in exile. The main difference mission on Legal Services. When facilitating its expansion and Derming and Professo • ? ^ 0Dpv solicitors by shield- 

according to the letter of the between Soviet and western called as a witness by this com* adaptation to new require: Ihrd Denning 1 . j n „ th ctn against the penalty Of 

law and this was considered to society is not so much, in lhe mission, Professor Zander criti* merits. ■ .was ** out of touch, in _ . : j,jgjj er insurance premiums, 

be the ultimate solution. realm of spiritual fortitude but transpired th at ” ^ ^ ^ evidence revealed also a 

In Britain one does not always -in. flexibility and willignes? 10 

Garamittee on two counts. First Expenditure Committee: *• we get the impression that this is change. Dissenters in the West 
of all. it emerged that at the are losing out on operational so. What of the power of trade have rather more influence and 
very period when the Govern- capability year after year -with unions and multi-national cor- certainly sit more comfortably 
men* was looking all over the underspend which disappears Derations and indeed the need than their Soviet opposite 
place for defence cuts, the down the drain. That money has of everv government In Western numbers. 

Ministry Was actually under- been voted tor very good de- , n rnmnrnmis at 

spending its budget by about the fence purposes. We can always r“ r ° p ® 1 j™ «fn 0n British legal scene 


BY A. H. HERMANN, Legal Cor respondent 

by: a .direct approach to the declsions may we ll require bis 
solicitor concern?*!. In this con- eX p Pr j enct » 3n d authority, and 
text Tom Denning appeal* to aftep very f u n d uys in the Court 
bp at least as important as Lora t j,ese take him at least one or 
’ -Denirijig, Master of the. Rolls, two evenings every week. 
The question is whether the whether individual cases - of 

p.TCUUiHS wuuai-'k u.* ammiuiv » v«*u aiwajs HAmactif , n j ftn x UE - Qliesnan IS wmvuw V* urillcL N iy,..™. 

same amount as the Government put it to good use. It is wrong Dom aomesne ana icves ou rtost j aW yers will readily cised the arrangements under The example .of a publicly supervision of the expanding solicitors aceused of nascooducr 

waned to cut The total under- that it should ultimately be ? ^ settled b? ldentify scvml Prominent which the Master of the Rolls, funded Legal Services Corpora- i ega r profession can rest for need to be 

S1X - vea f ^ oi r .1 an offi« 3 i SJ5S h *Ir ^veSmentS dissenters. One of them is Lord now Lord Denning, supervises tion. established by the -U.S. ever- oh the personality of a W ■* ■Jg**"' 1 SLtflSrhlS 

'De'enre ^.^laHons? * Denning, who, as he said solicitors and proposed that this Congress to experiment with giantamong English judges. nu m be?of solicitors has reached 

of tfo SmSdefet^eb^dg^ S^Her Majesty? Aimed F<JU on ihe other hand one can , kee f. ^ head function ought to be transferred different models of ***»■' „*¥* Denning som^M.OOo! 0 may be questioned. 

Seoondiv Th* 1 ahouW very ti»t this efl£ n v understand Solzhenystyn’s unbowed . though it has -been the to a commission of six non- vices for the poor, could equally when it woes to WW, But why the Master of the Rolls 

* ■ CommHtee sLa[e Qf affaifs mvj w n eas i “one rstana a o iMenysiyn s ^ of many Jurd ij[ 0 ws lawyers. well be applied to experiments decisions. Information .and ,P r ° should . also attend to - such 

o^reme tLis *>mbto5) the revealed * 1iie 's% j le with afr^comprehSi administered by the House of The pressure for greater with legal services for business. tifoCgb/tb™ administrative, chore the 

Ministrv had taken to all sorts of S[ iUI]p lf °L wade Q f statutes the archaic Lords. What is more, he remains representation for “consumers” Such services, possibly attached . sufficient, but sisnlng aUnoether He seems^e!f -,r,.^c J^,.^„ Vr through the release of more 5 J bll ,ty of Prpcrirm of the r.m,rr of nf ip»i «Pvir*. nor to universities, could, for ^ VnncnH escapes me altogetber. jiejeems 

became clear towards the end . __ „ 

^be finaDrial year that its ^ at ^ the^re^ant 11 5 ^ tatlon t BuT°he administers ^ an tions, often disliked and alone. Nor is it solely in the problems facing business in mi^hj Drought that be should. - ” _ lf it does not 

5 d, “sSS a S.^^L a 15! •»« SMirSA&S OPP— by more coneerva.jve io.e^sb, ot , be ^privileged mterneUonal Mde product Ttos i, to tnwfmd 

eluded vacuum cleaners and fl ^ ble - Th3t - tZT'***™* know both east and west when » W* of *»“ »™«fo that the tion of ' ^tM betweeo the Mwter of should be be bothered with it? 

carpets, the story caused some- * a!> ne\er achieved mi years of he says that Soviet society “has belief that the courts are here machinery of justice should be The process - v- the RbHs and the Law Society. Perhaps a similar test could be 

thing of a stir io the popular f^ ret d * la S u * wth the now . agh ieved a spiritual rather to provide justice than to made more accessible, cheaper machinery of justice is ^ ^ Jt, tbeir expertise and allied to manv other elements 

press. Treasury- develonment of such intensity took after the letter of the law and faster. Small and medium for is not being) .adjured -to antieloate in their proposals “? p . ■, with creat 

jrvices does not to umversiues. couia. ror rea diaes 3 to consult ? Q tlie burden as 

Professor Zander example, investigate new legal <^|J^5d ies if the Royal Com- ™ w u;f e wa fchine 

t-i- s_ nrnhl *rr»K faCJOE business in that he shmild. ll® CSH do li W I 

The limits 

a I mpmb^ e of ' that"the ’ western "system in" its —a belier which does not seem size businesses, unable to keep 

a meniwr oi uie n.xpenoiuire . ..... . r *r, ^;<Var fmm no with larffe mmnanipc whpn 

now achieved a spiritual rather to provide justice than io made more accessible, cneaper 
development of such intensity look after the letter of the law and faster. Small and medium 

with great 

Such disclosures illustrate both be U e'o .nw TSe S 
the merits and the limitations of ™ 

J- j l \ r, j d present state of spiritual to differ substantially from up with large companies when interest to non-Iaywers. and for This, applies to the two recent 7 ~V“f , jk 

exhaustion dcH?s not lookattrac- SolzhenjTsyn’s ideals. it comes to maintaining in-house this reason the evidence green decisions c oncerning J^ges a li ke . 

solicitors and 

t**c UlCHW a U U UIC I Hill IdLllJHS DI , _ _| c ^ <nn ,, 

the present Select Committee “' l ff u ^.* ne 

system It is useful— hot h for "bite Paper on Cash limils 
J ^^ually co.itwns a provision 

the Ministry and for everybody > 

else — that they should have been fi l T. a " y * hq . rt ? aL1 

else — that they should have been " ' f ZrXJrJX , 

made. To see Hun. one only has *" ^, pend " s ^ <ameri for- 
to think back a little io the lime n°^ Cial 

when the Ministry knew ii had J ear ,T l . c of Defence 

this terible problem of under- * J >‘» J»t it ha# i not so far 

Sunshine Lie, back at his best, 
can score at Beverley 

CC’kTmm theatres «cca* wBln owit 



spend, hot thcre was no on? ™™*** d ™ ^^8 authority VI411 V 

whom it could tell — except, of tuke au\ati<.i 0 c of this clause. 

course, a few unsvmpaiheti.- Tth;tt t0 me a scandal in WITH tL PADRONE, trained by A second likely winner for 

souls at the Trcasiirv. ’The laiicr J,self - Ellher flbe Ministry has John Sutcliffe, a surprising Carson, who achieved his best 

took the view that the more QCrt b * en Pu* ,hLn S hard enough, absentee from today’s Le total five seasons ago with It* 

underspending there was. the bet- c,r ** terribly Tanneur Sukes at Beverley, the (four more than last year) is the 

ter for the country. It would alt v f ron - 10 attitudes to defence in tta y C ouid be clear for Denys recently disappointing ex-Irish 

go to reduce the next rears Pub- tbe Treasury. One would have Smith’s gelding. Sunshine Ue. filly BaJilla in the Figham Stakes. 
"ejector Borrowing Kequiro- Ifn'^SS^wra . 40 *V This hay son of that top-class This hay filly b, BaUfiar nut 

' “ "" HaYMMiwa- ». saaa. wwwoo. Ig-un, *Sr2 

OPERA & BALLET | w ®*- ^ "iStii? scoMti-S^ B ‘°°* I A ” t " K*. M 5?i- s “ik.f' 3(> - 

xnent. »o m no uncertain terms. 

Now. at least, the problem is 
out in the open, and it is a very IVIllllla 
understandable one. There is no 

way in which the Ministry can Incidentally, if the scope of 
bp conceivably expected to such comiiiiltees really is to be 
spend precise!*' the sum of its extended, there is one turther 
budget in the limits of one Hem concern in? the Ministry of 
financial year. Too many of the Defence which might be in vest i- 
circiimstances are completely gated. That is. why does so much 

handicapper. Shiny Tenth, who of the Aggressor mare Fighting, 
picked up some good prizes for is now settled into Ben Hanbury's 
Newmarket stable. She could 



wen be back to the form which 
saw her coast home eight lengths 
clear of Kilistrano in a maiden 
event at Phoenix Park in the 

2.3© — Maymonta 

3.00— Balllla*** 

3.30 — Sunshine Lie** 

4.00 — Sernok 

4.30 — Cumnock Seoose 

5.00 — Olympic Loser* 

5.30— Ski Run 


2.15— Low Profile 

3.15— Given 
3.45— Kelly’s Hero 

4.15— Destiny Hill 



JMS-ffiTSMSf *M* ^ 1 W SfflSr * 

m This Creai Artist siwuM not ba 
iTtWjcO." ObienrtT- 

a naw rtar *br ^■Q*t'Sy lyOOP I savoy THEATRE. 

Part.}. Tom or. at 7.30 ncy orodn. q» M 

THE CONSUL the* replacw sch ytyl^ d P*r1. ."a,, u 
ot Carmen*. For furthrH- d«Ms This «55eU 
01-240 5330. Sat. at 7.30: La. Wm*. ggES, 
Tur. ne*t at 7.QQ: Sycn Deadly Sfna. 

104 balcony seats nrart. from 10.00 oo 
da* o t pen. ' 

Wrrstod bv LlASPLU WRtDC 
."An.rtmlrabte ^ 

01-036 BOBO. 

Credit cards 734 4772. Tom Coniin la 

rrorfced out. fresMy and iuh lANE ASHER 

-a YO “ 

Eras, at 8.0. Frl. A Sat. 5.*S and a .41. 

ROYAL FESTIVAL HALL. ®2E 3191. 30th AM. 7.0 rub 8.0_7j u r^ 
Last week. Era. 7 JO. Mats. Sat. 3.00. “INSTANT ENCHANTMENT. 

GALA BALLET SEASON A corned* hr Thoniton Wilde 

FONTEYN. GIELGUD. MAKAROVA. down with a Bescrjredl ™ar 
MOROSHITO, SEYMOUR and O. Tef. For a limited season « 



urn ... ircry.c CC. 01-930 G606. — ■ — 

ptyvibornAM- 2J B-0. Sots. 3.0 and B.D SHAFTESBURY. CC. 01-BJfi 6S9S. 

“?5^T 7 lN^A^ME U ^.-- nd O^” Shaftesbury Ho.born end}. 

O. Tel. For a ilrritcd season until Oct. 14. beiort show at Bo* Oltice. EwcBt 2nd 

HER MAJESTY'S. «C ; 01- B 3fl BBOB. August 2» 

9vwiln<]'i 8.0. MStUlPfl Mi. «>a|#a 

jAMfs EARL JONES as — 

J plvJL ROBESON SHAW. 01-380 1394. National Youth 

«* MaanlBcent.' D. E»P. SpellWiKBiiJj Theatre in a new Ola* bv Peter Terson 

-niSJSS.- D. Mail. •• Make It » "iusl England my OWN. opens Tonight 

perf. SaL Mon.-Ttiur. 8.15. Frl. and SjlL 
fcjO and 8.30. Tran*, to Dube Of Yorks. 
August 20 

A good-sized crowd of Jumping 

From Mon. next untN Sept. 8 

Newmarket trainers, who are faQS ^ like iv at Devon and S& 7 2 ?Va nuKe. 3, SSS: 4*5 S CfSTu* *••* 

Make It a mutt" ENGLAND MY OWN. Opens Tonight 

circumstances are completelv Rated. Thar is. why does so much ‘ IT wuu , tans are nicety at uevon ana 

outside us control. The Ministry, of the authority 0 r the Ministry Sutcliffe a few years ago. came J? re1 ^. f 3 E «*or. John Francome, eager in 

for instance cannot reasonably lie in a statute that goes back right back to his best when out- the other Yoncsn ire traexs, maive regain the jockeys championship 
pav in advance for contracts that more than 300 years— namely the pacing Palavar over a similar ■ t ake - n », he - r t COTd '! J 1 re - aldag 

have not been rnmnleted. The Control of the Militia Statute of one-and-a-quarter-mile trip at F 25!ISi S, “SJS5 Jonjo could weU be oo 

at 7.00. Subs. Evgs. 7.30. 

'MUM Bill. Tfcts. £1 to £5.50. 


'hiphuildinc programme for the 1681? Apart fmm the need to I Doncaster last month. 

KING'S ROAD THEATRE- 352 .488. STRAND. 01-836 2680. Evening* 8.00. 
Mon. to Thur*. 9.0. Fn„ J**-?-™- 9-3°. MIL Thurs. 3.0. Saturdar* 530 & 8.30. 





Gavin Pritchard - .Gp rdc,n * the raaHc with the Tim Forster adelpni theatre, cc. oi-mhjtbu. London * , a{ ; '-*° , . u Yn»c : ' Saturday* 3 ! «- m * s o^^atI I £«^£?. 5 ii. 
Olympic Lo 6 er. Jeremy Hindley > tO-vpar-old Kellv*a Hero last nine weeks must end ocr. i* last a days- ends Saturday ST. martin-s. cc. 01-536^1443. 

Koyal Navy may be a scandal- keep within us budget, the hjs on]v race since then ^Bl^ ^d^S lUcS 10 ^ car t W ' ^l^f He™- . ^ ^ 

at the last count there was Ministry regards that as almost J" S Mother fine ^ bor «? ? hief P roblen, .. ln ,RENE ^ a, ,RCNB -TO. 

Tonight and Tomorrow -t 
SciurdBv At 6.10 and 8-50. 


S ^ fT, 3 M r A 4 X ^^ 1 ^ ON<V - 

apparently not one S which a liccnic 1 ^ do wha! it want!! S2?£lS “* the “arie^s f^uiferenTthe _ «« 

was le=s than 12 months late— There was apparently a ruling on ?™L ? E Xtv J5? ** n /ancied ' ’ City of Exeter. Challenge Cap, "SSF- — 

. but it is not a. scandal entirely the continuing validity of the ™ at A yr h ^ Olympic Loser, a half-sister to win almost certainly be coneed- ca™ 'Icings' ue tbh LOm s2SUJ!.*^ D, S! ? '<>"* 

of the Ministry's makinc. It is statute in 194«. though no one petitive race at Ayr. several winners, including that mg weight to Jacks tones, who is CltEWT CA *° BOOKNGS - 836 61 ~ max bygrai 

not going to make the problem has yet been able to find it For i hope to see Sunshine Lie great middle-distance .performer three years younger. ___ joey hetheri 

anv easier if the Ministry me. But it still seems to he a push Carson one nearer the Busted, is only a moderate • filly- Later Destiny HUJ can justify ,6n-yt^ Ww! rSS 

simnK shells out the cheques for question worth looking at. Even double century, which still But she has shown sufficient a late switch from the Weldon % 7 a^. pm * wgg" “AP'gj- 

work that is nut being done. the MOD might bcnefii from remains a possibility, with a clear signs to suggest that she can gel Memorial Cup in which he would a thousand times welcome is lena marte 

Vet at lhe same lime it is a more into the win over James Bethell's course off the mark here and bfecome an have taken . on the course uol ouvHt* . „r: ' : 

•urelv a veiw peculiar 1 system °P en - and distance winner. Musical exteemely valuable ,tod prospect ^Iren. hy outpacing ^X£ y *£o°'£ 7 l 

which dictates that monev not * Hnuse ot Commons Paper Prince, who seems to have a stiff for her owners, the Snail* ell Virgin Slave m the Wfcitstone able to sce it agaiw." M.rur. - J&an 

spent in a financial year for m. Price £1.10 net. SO. task with 9 st 7 lb. Stud Company. Opportunity Hurdle. - ~ JT ' g* 

ST. MARTIN'S. CC. 01-836 1443. M. 
8.00. Mat>ncc* Tuts. 2.45. Sat*. 5 A 8, 



JM. 01-437 7373. 
For one xcck onlv. 

Air Conditioned. From 8 Dining. Dananm. 





RHieaned Reading 
T ww. A Sat. only at 7.30 PJV . 

ALDWYCH. 838 6404. Info. 806 5332. 

Fully ulr-coMitlonad 
M reocrtnlre. Tixiia+iL Tomor. 7.30 . 
Sol 2.00 A 7-30- Strtmiberg's 

” Much to «rioy." D. Tel*gr»pH. 

•' Emerges as ■ wonderful ptcoe Of work, ' 

b* Ediurdo do Filippo 

VAUDEVILLE. 836 9988. CC Eva. 8.0, 
Mat. Tues. 2.45. Sal. 5.0 and 8<X 
Dinah SHERI DAN, Dulcla GRAY 
The newest whodunit by A path* Chrhctm. 

-•■TOTAL TRIUMPH." E*. News. "AN 

^^a T fH.I R Ef^ R W T A“HUN^ti5 

^ YEARS." Sunday Tune*. 

' Re-enter Agatha Chnstle with another 
Whodunnit hit. Agatha . Chrwtie la stalk- 
ing the West End vet again with another 
ot her fiendishly Ingeobnis murder 

BBC 1 

t Indicates programmes In 
black and white 

6.40 am Open University « Ultra 
High Frequency only). 9.55 Pari- 
! duigton. tn.OO Jackanory. I0.i5 
Help! It’s the Hair Bear Bunch. 
10.55 The Islanders. 1.20 pin On 
lhe Move. UO Mister .Men. 1.45 
News. 4.18 Regional News Tor 
Encland I except London). 4.20 

South-East only) 

6 JO Hugo Van Lavwck's Africa 
T.lii Dr. Who 

7.25 Tnp of the Pops 

8.10 The Hollywood Greats 
Jean Harlow 
9.00 News 

9.25 Bie Band .Special 
10.10 I. Claudius 
11.05 Checkpoint 

11.35 Weather/ Reaiunal News 

Scotland. 11^5 News and Weather 
for Scotland. 

Northern Ireland— 1.18 pm 
Northern Ireland News. 5.53 

All DBA Regions 4s London Report West. La Report Wales. • US <Aug. 25 ). AS you like it now Bdok- 
cr^nt at tP following times — Survoal. ifljs Gallery. UJB The Law mg. ftym fapt. 5. RSC also at mi 
except at te lonowmy tunes. — . c „ nire warehouse «se* uadcr wj. / 

fcendishly Ingchlous murd^f 
i. Feli* Barkor, Evenuig Ngwo. 

2 — An Even mg with Dav* Allan, 

Northern Ireland — 1.18 pm AING LT4 HTV Cymn«/w*lefr-.\s HTV General i 

Northern Ireland .News. 5.55 law am ' AnuniL-d S*iiiaL U. 8 S Space Nervier «««: 2 JMJS pm Peoaurdaa AMB+StADOrt* a. OI-U 6 . 1177. 
Greats. Scene Around Six. 11-35 News ! ^ S uo reS SS’ a T B ^ 2 ^‘ 

and eWather for Northern Ewertaintrs-Tlic . • fiaadena Roof Y rWd ' PA7WCK caSSu- ang tony ajohalt 

lrpiand Orchestra. 2J3* wogSfn Only. •-» Laaaie. JMMtB Music to Cam«. , nu a.Eimi_ • 

MERMAID. 248 7656. M Rwtauiwit 
248 2855.- Evemnga 7.30 and 9.15. i 

deserves favour 

A play tor acton and orchestra by TOM 

Play School (as BBC-2 il.Cfl ami. (he follnwlnct times:— 

4.43 Graham's Gang. 5.10 Boss IVnles— 3J5 pm Wales Today. 

Car. 5.55 Captain Pugwash. 6.15 Newydd. 11.55 News and 

5.40 News Weather for Wales. 

5.55 Nationwide (London and Scotland — 5.55 pm Reporting 

Ireland. Orchestra. 2 - 0 * Worf*n Only. «-» Laaaie. camera. 

England— 5.55 pm Look East Aiw? 7i MJ9 UMJl pm Report We«t Heafl- 

l Norwich); Look North (Leeds, comnurijer. u.n The cockoa bz»ea. sjiaas sp ort We n. 

Manchester, Newcastle); Midlands w B u*. njo chopper Squad. 12 js am SCOTTISH 

Today (Birmingham); Points Wear The LiVtng Woffl- ujo am vaukr ot the otnosann. no as 

(Bristol); South Today (South- / ATV Junior Maiinoe-. "Ahboti and GmeHo Go 

amuntrays m a ana a. a May ™ Anns J”” ] 



o-i -aaa 4735-6. 01 -am 1*19. 


Evm, 7.30. Mats. Wed. and SaL Z.4B. 

Hie World-Famous Thriller 

£4. LJ and £2. " NO ONE WHO LOVES WAREHOUSE. Donmar Thoatra. Ccrvonf 
THE ENGLISH LANGUAGE AND THE Garden. 836 6808. Rural Shalmveara 

■‘Seeing the play again fc In feet gn MISS THE PLAY 

HIGHEST COMIC .ART CAN POSSIBLY Company Ton't 8 00 David Eda»r'» THE 

Ac lost JAIL DIARY OF ALBie SACHS. 'Thrlll- 

utar and total lay." Punch. Seat prices | a meaningful and lf»9 piece Ol theatre." Guardian. All teats 

£2.00 and and *440. Dinar apd Too-prk# . Political play. . C live . Barnt t , N V _PotL £1 #0. Adv bkgs. Aidwych Student 
Seat E7J0. Run extended to September 30. 1 standby £1. 

All Regions as BBC-1 except at (Bristol); South Today (South- 
C fo tinning times:— amnion }; Spotlight South West 

Wales— MI pm Wales Today. (Plymouth). 

[5 Newydd. 11.55 News and DDf 7 

Wfilrc D DV. i. 

7.4S Last pert. b»_BEDR«1M FARCE by 


6.40 am Open University 
1J.00 Play School 

4.55 pm Open University 
7.00 News on 2 Headlines 

7.05 The British Connection? 
7.30 .News on 2 

7.40 Gardeners’ World 

8.05 Top Gear 

(he Bible Lands 

shut your eyts and 


"Wickedly fnnny. 

Alan Aychboum. Tomor. 7 AS Plenty. 
CotteSlOI tsmall auditorium'- Prom 
Season. Eves. 8 umtil Seat. 2 j THE 
PASStoM . ... , ^ . 

Sex Revue of the Century. 

(Bristol); boutn today (bourn- / A1V junior Maiinw. "AMjoU and CostCHo Go nmnln ~ an/i I NATIONAL THEATRE 925 2252 wmT»H.n n , 

o motion ) ; .ypotiight South West lix miAthic « HjuvMMd: to “Th^foo. 2 ^^^ S58: ?V 0 v ^V5Sth Tfl " x 4 Tomor ' OT-^TFrr. .« &l 9 |. 4 s“”' 7 oS: 


RRC 2 "ufc ttdi US TbeLtfi-rmnrti of 5JS Canora. 5J0 Crossroads. 6.0B Scot- "IS SUPERB/' NoW. ai,„ A«h^m tSms Pk^T „ deep throat 

DD '- *■ wATVK^lTui^'l Today. «• Weir'S War- MS urn&M^wnST iudS5iam.-"Vr«n 6th GREAT MONTH. 

6.40 am open University England T3x*r*Enclanil- ZOO Summer C*mo<* way. IB. 30 Golf BlghlShis: •’WfctoJdfy ^■.i^Evvs. a umtil Seat. 2 j the 

1100 Playschool Afmr ™ oon. • £» Play: "Breakdown” Sootdrt Professaonai Golf Aifodioon cheap seats all 3 Theatre WINDMILL THEATRE. CC. 01-437 6312. 

4i5 pm Open University U? mSmh? Worn: Masai Tat> g»»UP. ^ ^a« Call. 11.05 TH1A11UE. 01-836 2132. 

7.00 New on 2 Headlines ** *2 “WjJ.. CnTITHPWM 2033- credit ~rd rnl 9ia 30S2. PAur S RA?M^ nd pr^ 

12 % 5 a«f Lonnecuou? tm„. u* o.u xri*. M M r a SSj m ,S ou> ™’ "“’TSo^'SS 1 or ™ E 

? in WiulH RORDFR ‘ Son of All Baba" atamns Tony Curtis. Saturday at 7.00 and 9 . 1 S. , J *i^?»SST b «,R e Su5'NiNG “ Takes to unorecedented limits vrhit H 

7-4 u Ufl rdeners worlfl DUlil^CiIi L 20 pin Southern News. UK) Survi vaL — — _ TWE LApY|S NOT FOR BU ^ .. DcrmLssIbk on our stiM ■■ Evno Nmn 

8.05 Top Gear 18JI am "Sltty Glorious Years.'' BJl 2Jo Women. Only. 4 JO - Dyuommt the astoria theatre. CC. Charing cross SSfeNL*^ uSST Atki«* *" % 3rd great* year! *' 

the Bible Lands Canoon Time. 1UB a m Border Kews. Dos Woodur. 4^5 The Lost. Islands. 5.15 Road, o 1.734 4291. Mon.-Thun. a om. phyuoU fluidity-- Financial Times. "A — — — ■ — 

Soi^cSSs «S BSS: fflTS®. i I'i 1 *?”.*-.™..™* »-oo. 

) VIC. 928 7616. 

June- September season. 


PAUL RAYMO ND prooenta 


Takes to unprecedented limit* irhit H 
Dermlssible on fiur slice." Evng. News. 

8 20 BC- The \rchaeo!oCv of Cod«H. W5 JObrniy Quest Slab ad Jontar. 5J9 Crossroails. kfl FrL and SaL 6.00 and 8.43. (BuRat food i 

II- 1 LI . .. Loofcaxouwl Tbanday. lBJO Rarderers. . Day by Day. US University CbaJJrnjte. »»? '‘ble)- I 

9.00 u ashinglon. Behind Closed ma PoUw Surgeon. 12.08 Border Mevs 10 J 8 Danger In Paradise. 11 J 8 Soul hem - mtertiow apeeam^foot sfemolno and 

poors paa 1 Summary. • ^ .Nev, Eaira. U.48 Wh.t Tlu; Papers Sar. h^^pl^oSlir^? S^TS.OO-; 

102o Late News on 2 CH4NNEI ~ rrf , le.OD. Halt-hour before Stow best avail- 

10.35 llMshlmlon: Behind Cloned u, „ kE,«C££L xms m NE TEES *• >*»* JgtrsST- "* FrL 

Ooors I continued I Wha»‘s On Where. A2B The Lull.- House *•“ The L.uod Word 1 MOowed I by BEST MUSICAL OF THE YEAR 

11.55 Closedown (reading) on Ibe Pralrtc. SJS The Prautica.T 6X8 ?.* r *® vrT ’ „***. J?."*?. EVENING standard AWARD 

■ /\*tr\Aar Channel News. LID Island of Adventure. Komiug Movie: Moon Zero TVo . — . — — — 

LONDON 4.5 Summer Diary. M28 Cbannnl Laic C ’5 cn , Jr al p ™ il orfl1 CAMBRIDGE. CC 836 6058. Mon. to 

_ ... . * __ 10J2 Down The Line. lLog T*e N'-nva and Lookaround. t42U Thurs- Thun. 8.00. Friday. Saturday S.4S and 

9.w0 am A Place in History. 9-5a "vqUt* Will lama Show. ii tn '.('Lords Matinee; "The Three MuskDiw-n" ®TO I 

:i-;ir..i r,«L> rharlmn i . ~ 7?.;:. starnna Don AoieSie. UJ a The Wilma- iPI.tomw .... 

Frl. and SaL 6.00 and. 8A3. (Bullet food i 
available). | 

am _ 

■' Infectious, appealing, foot ytjmplno end I 
heart-thumping." Observer . Seats £2.00-: 
£6.00. Halt-hour before show best avail- 
able seats £3.00. Mon. -Thors, and Frl. 

6 pm perf. onlv. . 


gem of a performance from Robert WVNDHAM's, 01-838 3028. Credit Card 
Eddbon . . . Michael Denison. John Bfcas. 836 1071 from «,» m Mwi™ 

at matinee prices. 

LITER 0243 81 312 i 

& AUB. 19 at 2.00. Aug. 1 8 at 7.00 i 
Tomaht A Aug. 19 at 7_00 I 


9.30 am A Place in History. 9-55 Williams Show. n u '.('Lords Matinee; "TTic Three Muskaicora" *Lj.? 

SkiJfuJ Soccer with Jack Charlton. Udw* and Gentlemen. 3Z2S am J"™ 1 * Eecftfng Btadk^awSn Musicaf. I 

1025 Spiderman. 10.45 The AfitualWea M Projections. i^„J? ,er 5?an n r l n,w2£. F ** uwaL U ® "Packed wnh vorieW." Daily Mirror. 

National Film Board of Canada 4 MPIAN ’ m v ^SS^r^t 0 ^ 0 - SGJEiT 

presents: ‘La Gastronomie ' 'The ULSTER Dinner and top-pne* *e»t» «. 7 s mu. j Mon.-Th 

lew ■; of WinrtiDe" ' 11 40 Cartoon ^- 2S ST F JI 9t Thln *- Taojltrra. 1 SJ 8 am Morning Mom: ‘Tli« Film 

“ H MlJSfC BtoP « M m J ^ 85 Company Men. l.» jnd n»n Man " stamos George C. Scon. CM(0 «ster 0243 81312 

Time. 12.00 Little Blue. 1 Z .10 pm Grampian .News Headlines. 09 The Uo pm Luachunie. AIR Ulster News tcIS^aSb 19 at 2 . 00 . Ang. 1 8 it 7?00 

Mopping b tones. 12^0 Doctor. UtUa Rouse on the Prairie. 5J5 .Vudoboa Headlines. 4.20 Clue Club. 4 AS Solo look after LULU 

1.00 News plus FT index. 1.20 —Wildlife Theatre. 8.81 Cramw an Today. One. 505 The Adventures of Black Tomoht jaw, 

Platform. 1^0 Young Ramsay. *4® News. ^ 4.15 Flair. 1130 Beaotr. to® Ulster Television News. ™* ASPERN papers 

**J25 Rarilp fnr Survival 3 SO J5r* r f velyn . Ho P"'- ^rr 15 . am Refloctlons. fc.D5 Crossroads. fcJO Reports. fcAS want 

° nacue ior aunutai. izjp Grampian Late .Night Headline*. a Job. 7M Cartoon Tune. 10 J 8 Garden- comedy. 01-930 zs78. 

Quick on the Drew. 3^0 The fiRAN4D4 Hat Today, mo Old House — New Home. Ergs. Non.- Frl^8 O0. Sat. S.oo and 8 . 3 Q 

Sullivans. 4^0 Children s Film __ uKAliAUA UJS Bedtime. edwIrdwoodward 

GiJt for HeidL ’ aZ? SO* STEJf SSJn* & w estward 

^ e,x . , Beatles 1 US SMppy. 1LA5 .\ Hudlnl 1020 am Untamed World. l#^J Tree by Rosemary Anne Sisson 

6.00 Survival Of songs. 1J0 pm Thu Js Your Sight. Top Tales. U-89 Clapperboard. 1U0 " Excellent fjm.w entertainment anyone 

6.30 Cartoon Time tro Little House on tbe Prairie. SJO The Cene Machine. 1221 pm Cus Honey- y. i ! , i . w !» jifcejvto .<mioy. s Tel. 

6.50 Crossroads The IMemta i Adventures nf CapCaln biw's Blnhdays. uao Wewward News -Americans *5m love It 75 ' GdiT-'A iTuoh 

7 15 Leave il lo Charlie Nctno. SJS crossroads, fc.oa r.ronada Headlines. 4jo The Little Bous.; on the a minute." o. Tel. ~ otroonunKle* tartu 

-a- *• e-,ka. n«,i- r,.L-,ii News. 4.05 On Site. 6.45 Those Wander- Prairie. SOS The Practice. 6.00 West- llantl* veiled bv ftrst-raie cost. A mow 

._? ■ r r, . u ? a . r _ fa . r .** er ful TV Times. 18 JO Clapperboard North ward Diary. 10 JS Westward Late News «tracth>e and entertaining evening." E.N. 

Starring rairiCK Cargill West 1 L 00 iVbai The Paper? .s.yy. JUP UL30 Dowd Tbe Line. IV 00 Tbe .Indy — 

Supreme comedy on sex and religion. 1 

.. .. . Ji a,, r telegraph . 


r«,r?^y.. S tl AKE . WITH 
LAUGHTER. Guardian. 


"HT 01-437 6834. 

Mon.-ThUTS. 8.0. FH. and Sot. 6 and 8-40 11 2001: A SPACE ODYSSEY an Tfl mm 

JESUS CHRIST SUPERSTAR 81m Wk. 4 $#n: 225 7SS LiJ°xhSw 

hy Tim Rice and Andrew Lloyd-WetobB\ Fri. & SaL 11.05. *' 7m - """* 

f oS“ 5 ^ t 0 ‘, N 5 “ ?sr, * 5 - 

ACROSS 5 Smooth tree < 5 1 

I Perfect example nf >ky- 6 Master wilh superior force 

iruoper with hopeless sound 
i T > 

5 1R.\ member is in condition 

9 Indicate rhere's nothing in the 
measure (5) 

7 Love story confused half of 
Piccadilly (5» 

8 Unity on eastern part of loch 

14 Female lack-keeper (4. 5) 

Quick on the Draw. 3.50 The 
Sullivans. 4.20 Children’s Film 
.Matinee: *A Gift for Heidi' 

I 5.43 New* 

6.00 Survival 

6.30 Cartoon Time 
6.50 Crossroads 

7.13 Leave il lo Charlie 
7.45 “ Father Dear Father " 
starring Patrick Cargill 
9-0 Great Expectations 

10.00 News 

10.30 Oh No. It's Sehvyn Froggitt 
11 JW This Sporting Land 

11.30 N'ishl Gallery 

12.00 Whal lhe Papers Say 

Mot. Thur*. 3.0D, 
by Rosemary Anne Sisson 

< Tu«? E e 4«5St teoSKB'V^SS 

_tllm LOLA MONTES lAl. 4.20. 6.30. 8.S0 

PICCADILLY from 8.30 am. 437 4S06. Mon.-Frt 

ton -Fri? ^1* ^£L ult 'U 0ne *»•» 5 Op 
nii — Pobf f0.4J am 

<The "Old Quarter, 

Law Ctain. 12.15 am a LitUc Nifht WHliaras Show. 1 1. 3 0 M 1 Lords Ladles CRITERION, 930 3216. CC- 836 1 071-3. " For those who delight In the continued 

Music. and Gentlemen. 12-25 am Fallh for Life. ®J- .fat. S-3D. a.30. Thurs. 3.0. bower of this great writer . . . showing 

HTV YORKSHIRE LESlIuP P^ILL^PS VEAR ms maixelious comic gift. Timas. 

+10JS am "The Ghost Train" *t*rrin* 18J8 am Tartan. U.10 The White a half a *do^e (^Hilarious vrAB« ,p 5! NCe UPWAR P? CC . iTormerlr. Coslnot. 

Anhar Askey and Wchard Marfcrt. Slone. 1135 Tbe Woody Woodpecker A "*• verFfunny "‘sw °¥S. Y i ‘ ” ?.^ 0 & i’o al 

ljft »m Rvpon West HoJdlinrv 13 Shaw. 1.20 pm Calendar News. «B : I "notB CNANBe OF SAT PERFS. 

12AS am Close: A painting by » EftJSnS ^ S * M *"* r z °° arul “- 00 


N SH A !?■ H , UGO pfE HIPPO (U' 1 Ifc 

- m,c c - lft ---. ~ nm “- I:if , . 77 ?*TS t a^ , 2 A n ^S Sc^s^ 

C, fTormerly Casino*. j'°rac J i e *S5. 0) tLlI^. m - 

ormancas this week: t *^5T WALT* (Ui. Progs life 

'.3.0. Sat. 3.0, fl.40. _ * S ' 6 10 a 35. Late show l” pm. 

OF SAT PERFS- - — — * 

S«A 3.00 and 8.00. IA,. Prog,. 1.1 fe 

C .. r- 1 own. F.W i "“IS. JJU me J5HW- lime. »-«■ t,aicuaar. xu jo me Gaiton Sat- 8.00. Matinees Wed and SaL 3.00 I . .. T .. .. *■«. .ws, BJO. ' - ---- 

-ualeito accompanied by irlc ■neatre Show. dJS Clur I".lub,. A4S and Simpson Playhouse. 11.00 The Siru-cLs A CHORUS LINE , hv Tin^ wua: a nd Andrew Ltovd-Webber. ?'.^ oh £ -farpemer's dark star caj. 

the music Of Vivaldi The Pliastones. 530 Crotiruarir UK of San Francisco. " A rare, devastating. Joyous, astonishing ; Directed by Maroia pnne«- s.3S. 9.00 . ZARDOZ (Xl 3Afe 

« un « r " S “ n - nm «- OREAT VEAR - PR,N« OF W^^oT-BM 8681 . | tHE LAST WALT, 

10 Lo Rated part of figure for Bai 16 Ore io b« qlad perhaps. I RADIO 1 

247m N >^- UK Schubert and Britten ctamber it famine news. S.9Q News. 630 Brain oft DUCHESS. B36 8243. Mon. to Thurs, 

• replacement 1 5, 4 > though constrained (9) 

11 Protection on foot for cod 17 Managed to'Sruj u-hn stole the 
taking gold ami silver (4, 5) 5 t 0 ck above <7. 2> 

22 Sign of life in peas 13).. I* Bos»! of ma]i» adverrisino 

(8} SfCreepfionlc broadcast 
XMcdlam Wave 

music Boncm. part l (Si. l.« words • ■ • Britain 1978. 7.00 Nowl ?.D5 The Archers 
■ t.tlki. UB Schubert and Britfon part 1 7JB Lei's Gei This Seukd. 7^5 The 
iRi. Z^B "Ucdee" opera In a ProUuuie OMODTrlde in Sommer. 8. 0 Odd One 

Cvenings B.dq. Frl.. Sat. 6-iS and 9.00.; 

.‘.PRINCE OF WALES. CC. 01-930 8681. ?■ THE LAST WALTZ £U1. Proa*. 1 ?« 

■ Evenings 8.0. Ssrturtt^S.SO and 8.43. j _ 3 - 45 - 61 ° 8.3S. w ‘ "****• 

am As Radio " TB2 Dave Ij>p five Acta ' br ^‘rpeiitlrr; PrdI08ue <*«• ACS Brlion on Brilain iSi. gjn 
s 9.08 Simon Sates 1141 Pwer ' nd Art *J at ' A J ! „' Sl 5 55 >« KaleWoseow. 9J» Weather. IOjjo Tho 

11 wirh ,he Radio * Roadshow K nrtu. A05 "Medee” -\cls 3. 4 and S (S». World Tomahr WM Happiness Is . . . 
11 ‘ ne na “ 10 : «oaasnow trotn _ - Fuuinrf hie with Rernarrln F^lt. in K n„ii*h. 

*"nie nualn is stunning.' 1 Dally Tel. 
SM Sensational Year. 

g ree t ed bv GENE SAKS 


12 Sign Uf life in pc.15 to) 18 Boss of male advprrisinp FokViT wllh’ilie“llaJto“t"Roadahow Vnn A05 "Medee” Ada 3. 4 and S lS>. world Tomahr 10 JO Happiness Is .. . "SEf.JST TSTSm wan , "'Si Von I QUEEN'S CC , 01 - 7341 188 . | 

13 Slunning girl from Split (5l 18 % " d,t atlvert, » ,n « K aaVSUM PaS JSSZrtJSft. -«5 SS STSJKf »»-» £aSTf£SL 'Vm'&JSLHt JStW o“ nd B ’ 3 ° j 

15 Fint-me fociory charity "»««■ lOO.Tonv Wat-Kborn. dja Kid GEDfiGf CHAKRis) 



a- 7 a vs- 1 tTr' 11 " - “• dtssaKt 

U Firet-raie 
Hr 5! 


' 20 Hard case news chief bom- j.-nTn -T iS \oSmji tJ8 L ^ cIln ~ ; 7.30 Proms Bednme. 11 JS The Financial World 

.. if ,2 N '”- 

18 * a- f - '» e -» 

19 Wars Jhai were bloomers (5) 

21 Tapestry produced * liy bacK- 

. . ward arti>t. and Abyssinian 
prmcc (5 1 

23 Pin-tahlt* simply operated with 
trifle (R) 

25 Girl heard order to send 
wronsly t9) 

26 Footstep causing revolution 
under pressure to) 

27 Where the young are trained 
‘ , to shoot (7) 

28 Month before a shell 
revealed crab 17) 

23 Busy worker on railway: 
smelling of drink i5) 

24 Surface with one third-rate 
suojeot (.5) 

Solution to PutzIo N'o. 3.746 

In Julia Mitchell's ' 


“ Brilliantly witty ... no one should 
miss It." Harold Hobsbrj (Droma). Instant 

"° V 0OT "“ „ , JAMtS V.LL.tK »£f.W 

" ,C “JS SSSSS ft dracuva ,"JT 


Mu , , COc nS-rtr* Him? 1,1 wSSSET ***>« 

- 7^" *‘7 " srassa.-’a iSJriTJS BBC Radio London WWta.« SBS ««» * ^cuw- SH&lRfZ » 

RADIO 2 l,a00in and \HF MiuNrtay. Shostakovich «s.. 1 .« 206m and 94 3 VHF * «« Dinner and Too- ^*' Y mond reVUUAR.CC. 01 - 73 * isos hookM in aa*8nte foT'a 

M. ™ »n. Ml Tuny S3K *=.*!= 2?-« t ^ i“’ C *£i' 

«.03 pm Call In FORTUNE. 836 2238. E*S- 8.0- Thurs. 3 

tycJSc. 4.03 Home Run. 7.M 

m V i kulide Buiicii.i ana 5.w Pause for sdiuh>?n song. /ui*c. 7J0 Slack Londoners. 8.33 

Tfcnuafcl. m.o2 Jimmy Young 'S>. n t liiOr' I l! 3r ET\ fsmb o mu l*® te London. 

UJ5 pm Winners' Walk. 12J? H.rrr VhiI * VHF^fSkwrSl OM-Cta*: As Radio 2. 

ETdSF STm rSSSSi VJ? 5 ^ tj0 - m London Broadcasting 

indudinK 2.-C and 3.4a SaortJ Desk, O RADIO 4 261m and 97J VHF 

WaRsancrs’ Walk. A® Sports Desk. 450 411m vui m n,r„ . .,**« coo un Mo ruins Music. 6JM AM- nnn- 

J ote Dunn -S' include i.« Sp«a Dp* 4 «”' VOT nwlZ” 


1 Father's little dance at uncle's 

2 Bring up Adamson to make a 
• disturbance (5. 4) 

■ 3 Oreanise outfit i^. ■_ » 

d Long rn tr for the past W he 
c lost again (8) 

GBPaaBHnaBag hqb 
B G □ D Bono 

E0B0S cnaBBaasQ 
e a q n_o s n o 
SEanQQQE3a as bob 
□ E- H Q B a □ 
EZEHBEfla QQB3 .- 
BBS-, -V. v 'Q"H-'n 
OB B □ B - B E 

ncjoas HEcaonrann 

B B O B □ E 0 □ 

Baassanaa ebeqe 
e a q a a n g a 


Saturday 5.00 and 8.00. 

Muriel Pavlow as MISS MARPLE In 

PAUL RAYMOND presents 
Fullv air-conditioned. 

Zlst sensational year. 

REGENT (Oxford Oran). 637 9862-3. f WB 

°^NiGlJT Vm C a i K pR«? 1 \V? £»S77t. 

Garrick th 

Eves. 8.15. 

| Dei*: ULS? Wit's -End. lfiu.8 Star Sound *■“- *£• TS ^lS ( J 0U E . Ha,,e Uved tSi. uolai aUtUnT 
Estra. 13-82 Brian 2ia:thev uuroduen _ From Our 0*" . . _ .. 

" So enieyibfb.". & Times. 

■■ Lvrka nave more eicganc« 

.. tfcan tbOSb for EVITA. 


GuartHan. "/NOT TO BE MISSED.’* Times. JBgg 

3.0. sipi s 

PAUL ISSf , S!gSS M wiiSVRSw M . c n KENZIE ’ JS^’(SSgl^i*2S^ r fSoSTSSs p rince eN^ T es. , ^ 

ALAN A T a £ E c ®™ed» PAUL ROGERS. "Refresh iBBlronfeshfon- Al ^S’ 437 *HL 

T ®N TIMES TABLE able and CanHIleuOiBly IntelllBent." U I CHiNV^i; 5 , - . 

mutt Be the happiest laughter M. BUMBOMB- Guardian. Sea. Perfs. nu? ( A i J. 

m «her In London." O Tel. "An inwJMfolv ! — — a.qo, Lte Shew «Vi i ? ’i 

enioyable evening. Sunday Times, 'ROYALTY. Credit Carts. 01-405 8004. BKble. Lie“*Sa r P ' 4 ***' 11,4S ' Scl “ 
~ — r Mo nd»y-HHirsdav Evening* 8.0. Friday — ~~ 

(tax oufcc" t £" , h.TV2£i rt5 ***** »t rn» 
or by Post, ««•« Thurt- 

Raund" Midautht. iceludbis 13.00 Neiira. C fnTM 'o nd'WI. MJ» Daily Serrlce. IDAS Canital RudlO 
28feZE2 am Non Summary. Moroica Siary. ^ ujo mg Down 

Your Way. 11.45 Near Sfrihs. 

1 94m and 93.8 VHF I 

R A DIO ^ 464m, Stereo & VHF v ' ws - mi pro Tou and Vouri 12-27 6J» am Graham Deor's Breaking Show 

3 Many a Slip. 12JB Weather; nroirvzano <S ■. 4J» Michael .Vypcl «S». 12.80 Dave 

Ih-55 am Weal her. 7.W Sew. 7A5 Over- news . LN The World at One XJ8 nir Cash <Si. 3.80 pm Peter Young iSi. 7.00 
l wrv AM News. 8E5 Marnuia Con- Archers. 1.45 Woman's Hour inrfudJus L°ttl Gcorgt-Browns Capital Commentary 

■on -S'. MC S-..5, 4AS This HiVcfc-a 'J.ihj-S.K News. 2.45 Listen With UNbcr- ,Sl - TJ * London Today .S*. TJO ad nan 

Compn'.-r: Raihmaninfry <6l. 9J8 Early 3.40 Sew*. 3 .95 Afternoon Thcaire rS‘- 

■I3 th Miry rmswR -S- 1».« 4.00 News a.05 Jack d, Maoni ri 1 1 iP~1r Your Nmher Wouldn't Ukr It >S-. 1L09 

iirt^.na "r;t raw Kefral tS‘. UUw « stnrr Time. S.M PM RrpnroT S.48 Tony if raffs Late fknr >*• iM am 

Eii-lap'- si S: nfohonr Orchesua iS>. LOB Serendlpuy tSi. 5J5 Weather; pro- Duncan Johnson's Night Flight (Si. 

Love's open Line f Si. 4.M Nicky Rome's GREENWICH THEATRE. Dl-858 775s [ ft. 30 . Jn[l . "nn m!?i 5X0010 A Oaford circus. 437 3300. 

Your Nniher Wouldn't Llkr It >S-. 1 L» WILLIAM DOUGLAS homes I Lsofon 'rtw wrte BlLLY^AhireLS In Jill Clay burgh. AUrl s,?„ 33Da 

Newest eUr 
Evenings 8.0. Sits. 5 and b. 

Best of T977 

■ Pact Wtofilcr « 

Te,. cardai Pro. 

Restaurant RMenvtlons 01-403 2418. SaL 10.50. J ' 4D ‘ s ' 05 ' s ' 35 LtbS 

' > jl * >r 

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If'-?’ * 


EtoanciiaL >!Tlxnes.-^&ur9day-- -jnjga£’-X? 197S 

Record Review 


Twilight of the Gods 


11 ■ ■ 1 to grov— aJmost, as it were, of 

Wagner. Twilight of lie Coda, its own accord, without prod- 
Rita Hunter. Alberto Remedies. ding- -bustling, or artful mould- 
Aage Haugiand. Norman ing. wit ha shining lyricism that 
■ Welsby. Margaret Curphey, 'pours out or the lyrical episodes 
Derek Hammond-StrOud. etc./ (has the Rhinem a ideas' scene 
Orchestra and Chorus of ever sounded more captivating in 
English National Opera /Regi- the gentle lilt of its ritythms?), 
nald Goodatl.. EMI SLS 5113 and with an amplitude of pur- 
(six records in box;. 'pose that ennobles the tragedy. 

— When a feeding of slowness 

Twilight of the Cods is on 6095 >®Pinse — notably in the 
records at last, and with it The ^■ et ^ een . , Hagen 1 s 

>0. <tf » m.« i. . Q,i..s ; 2gi v'dissss? rffl 

is a project completed. This final ^tre — patience is richly 
instalment in thet EMI sense of ^Warded in the way the slow 
live perform am-es from ihe Eng- gathering of new motifs soon 
list National Opera «as takeo , s 1h “ topSS 

during the three cycles of the There is no want of vitality in 
tetralogy given at the Coburn 

^S 1 T m nprfn^»nrJ he ni^f ri ® aenIaI Qualities essential in 

»&!» iE*X”to thSTu ^ fl /Xrt1Se tiOD Tb t ,'' t a K S'5 

laoat f /h e lhSo Df aSL P t , ’ el »- er ^J. d ; i « ■it™ « power 

toSSTfe long i2? u ” lh * 
magisterial unfolding of »'2SSdlci^ 

Wagner opera that marks all SmSL®!?.™ 

Reginald GooftalTs Wagner con-SS-V “° ' ^ - » * 

ducting. When side 12 had drawn 

to its close I wanted to of a nr? nn tpwr-poul WJHh tre- 

my seat and cheer long and loud r ° rce ' _ ln **■ Tieilipht. Rite Hunter 

- an unusual reaction for the JJJJJ t V c<?OT * moda “ 

w r « f nhUosophicai aspect 3 of tile the broad sweep and security slightly wearying effect. Perhaps predictable share of error. And 
record reviewer at that), but one 8/u j encouragement at in high-lying phrases, the tone it is because Remedies and Haug. brings, too. its countless rewards 

A gr0&t ; - - - - - * -♦ ***** u i,n - '""'i ^ n £ - — “^■ An — **i"- ■* ■ 

Leonard Burt 

KaH Johnson and syhria Miles 



“Writers are shameless spies M to another purgatorial bout ofexplosions of the illustrator or, 
admits the surrogate Tennessee blood-eoughinff fagomhia. especiallv. of the impetuous, 

Williams character with a wry Sometimes one. has felt that full-blown comedy of Sylvia 
grin at his typewriter. Dredging the erosion of .‘theatrical taboo Miles as tbe landlady. The first 
up potent memories, of his own has dented -s^- i Williams's act ends with a superbly 

time in the French Quarter of documentation off. sexual pain, engineered companv set-piece 

New Orleans— some or them but he comes iip'trumps in his after Mrs. Wire has* unloaded a 
rci'minted in his recently pub- scene between the painter and pan of boiling water on a 

lishcd and forthright Memoirs — tiie writer. '-This midnight fornicating tenant below stairs. 

Mr Williams returns to the encounter glisten* with humour As a policeman rounds them all 
London, stage in blistering form. and' authentic sottew, brilliantly up under arrest, she screams 
This wonderfully crafted and played by Rjcbar&l&se and Karl just because he feels like it. 
deeply moving piece emerges in Johnson- (the writer): as a crucial Only a playwright in top Form 
Aeith Hacks tingling. affec- autobiogTaphicalmieriudc m the can bring off something tike that, 
t innate production, as his best making of an artists. Along the and it works like magic. 

sLZ coinioT - * Thewrit.r In New Origin. |, 

in? around, but unfolds as an ZTSSSL If. “EH* 

elegiac recapitulation of familiar - - - • - ln Berl ^ TJ and lhe 3Ulobj »- 

tbemes. . . 

The rickety rooming house, 
beautifully designed by Voytek. 
with its enveloping dust sheets, 
crumbling plaster and wrought 

Book Reviei^appear on 


tbe young Williams, is suffering 
from a cataract on his left eye. 
As the occupants break free — 

iron motifs, is presided over by f, ruU "f abandoned illustrator by ihrusi- 

“ n <> those grotesque landladies “gg* ** 1 in B her wrist through a window 

Mr. Williams loves to hale. Her touch of her smp CM* djped-up —Miss Miles throws herself, 
clients complain about- tho damp -Adonis ( Jonathan •.’Kenl). sex pathcrie -and suddenly xounger. 
and the cockroaches but also tunning like an electric current the writer. It ends the even- 
*eem to elide with the furniture through an plreijay oveT-i-liarged j ns on a dying fall, but there is 
as the separate rooms revolve in atmosphere. £ .still the front door to negotiate, 

time to the bluesy 'strains of a The kaJeiiMscopie mode of The writer steps out, wooed by 
atreet piano player. : “ Midnight construction^^ appropriate for the wailing clarinet of a coast- 

remembrance- of hn.ind musician. He will never 
never allowed to return. But nor. as we know 
the impassioned onl\ too well, will be ever forget. 

justly provoked 

sounds, at the start steely, un- land bare in common a clean 

English translation of Andrew deepest. most enduring kind. nobility and grandeur of soul sets! Haugiand” a Hagen of with quite such a seamless. Hind 
Porteri the tactful sensitive EMI . with the exception of Aage enters her utterances, so that by magnetic personality, of subtlety sense of dramatic continuity, 
recording team _led by John.Haugland. a recent addition to the end of Act 2 she is again and baleful majesty, whose held This is an orchestra steeped to 
MordJer: and. of course, the'- the-' company’s Wagne rroster, the Briinnbilde that memory notes, high and low, sound out the core in tbe unbroken line 

Peter Moores Foundation, which the- singers are all so familiar cherishes. with an almost instrumental and deep aound-qiialities pro- 

bas made the English Ring -on that comment on their contribu- In other cases, a similar clarity us English vowels are nioted by the conductor: that, 

records a realty. But it is to lions should be redundant. Yet restoration is not quite so sometimes cloudv). The .Morns section by section, it cannot boast 

GoodaU That one turns first, for ^-Ihis is the nearest I come to certain Norman Welsby's (Anne Collins, Gillian Knight, the tonal splendour of the Berlin 
the reading is stamped in every. a general reservation about the Gunther, so vivid an impersona- Anne Evans) and the Rbine- or Vienna orchestras, seems in 
bar with his peculiar and inspir-' jjef — tbe voices, with theh excep- tion of tormented weakness in maidens (Valerie Masterton, context to matter very little. In 
mg gemus. This is now. the tion of Haugland’s and Alberto the opera house, never sheds its SbeJagh Squires, Helen Attfield) full cry the chorus is impressive: 
timekeepers have informed us,' Beta edi os', do not strike (he gritty vocal texture; Katherine are both well-balanced trios, at lower levels individual voices 
the longest Gotterdammemng microphones with complete com- Pring is a Waltraute of ini- notable less for beauty of tone lend to separate out in the tex- 
on reciuds, each act lasting at fort, as “recording voices”: re- pet a o us urgency, but also of (with Miss Masterton's Wogllnde lure. Tbe most important. mo*t 
least 10 minutes longer than production here seems to divest bumpy scale and short-breathed the shining exception) than for heartening thing about tbe per- 
longest Bayreuth timings, them of some of the qualities phrasing: as Gutrune. Margaret dramatic responsiveness. formance is its feeling of whole- 

Mostly. it does not feel slow. lor wh s ch, live, they are admired. Curphey mixes full, rich-tinted It makes tittle sense to com- ness, something shared by few 
what the listener perceives; ..This is not quite the Rita Hunter notes with those clumsily taken: pare tbe playing of the ENG other Wagner operas on record — 
instinctively during the progress pae has loved in ihe theatre; for the degree or lmrlaudo on orchestra with that on the studio- although it i* fully shared by 
of the acts, consciously by their all the delicate applications of which Derek Hamuiond-Stroud’s made Gutterd&mmerung record- the other three parts of the ENO 
end. is that the music is allowed portamento, the ample legato, Albericb now reties makes a mgs: live performance brings its Ring. 

staircase, still in your fatal posi- suggestinc 
tion " warbles the asthmatic, times pas 
homosexual painter as he ascends contricf 

Festival Hal! 

M ak^fova- M arti ns 

; b/cLEMENT CklSP 

I have seen the Balanchine and enjoyable to dance. Both means — also is marked contrast 

Chuftocs/cp pas de' d«u: ; p«v bring a great deal of air.«hd to the tawdry dazzle of Yukio 

formed by four couples during ^hi toto the * h ?reoawhy^ Monshita in Don Quixote, 

the nasi month: with a cood deal MakaTOT3 through the pure lift The evening abo contained 
inc pul month, with a good deal or hcr limbs and lhe happy some other novelties: a glum and 

nf dunmus vivacity by a rrench emotional tone <he establishes inexplicable duet for Mainaj 

couple in Hamburg; coarsely by fmnj the start: M.irtins because, fiielsud and Jonathan Kelly id 1 w 

an hu.Miisii pair at aie restivai tall and- heroically built though which dancing and theme were i 

Hall; and with comptcte autSen- he' Is. his Danufi schooling- has exactly matched, and a solo for f Lord Leighti 

l, riiy by Patricia MacBrhlc and endowed him with a wonderful Luh:: Bon mo by Susanna Ecri; Waicb «f Herr 

Hdui Tumasson during the -New springiness and tiueni-y of move- called Who am 17 in which thi>l tbnn I 

Yt*rk City Ballet's season in ment. ' attractive dancer was put' exhibit! 

i.upcnhajicn last week. through various emotional mills; victoria 

Now Peter Martins -off. JfTCB' Jasf^nich"* feats' of virtuosiiv rhn 3 dr< L ad .'^rdaqp of dull j which opens at the Manchester 

•Sit, -SSS.ISS' t&XS .- ?•!-“ SSS 7 " 

in T ?|iK- 8J sanS Sa^iSf deS? seemed posittvely blase in tace Lynn Seymour and Stephan 

Mii-Brnte ^nd '• Tn^dson* d wWh 5 f - 1S ' ®? mpie , r,r , 1 true Jefferies are now playing 
72 i n li danseur noble absolutely In com- Seymour's -Mac and Potiu for 

hrl!wH,S ,1,an<i of his art. (The meretri- far more than it is probably 
iV » 0l !f !!- * .’-i Clous and rulgar tricks offered worth, hut they are superb 

dynamics, and «Jie .piece ! has a hy other, meaner pw^onaers dramatic artists and make some 

brilliant and almost heartless were - hailed vociferously.) very funny bricks with almost n?- 

sheen to its- every ^ .tnoracnL Makarova, who had earlier again' straw ot all. Their rurtain call* 

Makarova and Martins are been an Udette of unfiawed are also a mad moment. wi*h 
altogether more rciaxed, and beauty, took to Chaikovsky and some nf the oldest in ihp 
they smile because ! H ley, _ can Balanchine with a lovely. daring business trotted out with manic 
make every difficulty seem eaxy and true brilliance of physical and irresistible charm. 

New York theatre 

Survivals and revivals 


Albert H^dl/Radio 3 




The BSC' ' Symphony u plays 
particularly - weti - for : Hans 
Zendcr. lI» r -..pohtelr coasupg 
manner elicits warm, rounded 
phrasing from thcnr, an easy 
balance; a feeling of almost 
ilumcstic iniisje-uiaking; listen- 
ing to it ts a coialoriable 
pleasure. He began Tuesday’s 
Prom with the Second Symphony 
of BeelJwvca. and the 1 broad, 
1 > ncsl lines of the introduction 
were limpid and -spacious. The 
mam Alleorro went “coil brio ** 
without forcing, and the Larg- 
lniUu had a speaking delicacy. 
The ScherZo and Finale were 
perhaps toe easy: as a recent 
broadcast by Lawrence Leopard - 
demonstrated impressively — I . 
trust the BBC will repeat ft— 
there is a case; for taking Beet- 
hoven's hair-raising metronome- 
Di arks seriously, and.. Zehder's. 
Allegro molw here was a not very 
brisk trot. • 

There was nothing. lagsartUy. 
about Ihe reading of Schumann's 
P minor Symphony which ended 
ihe concert. Zender was. at; pains 
u» present 11 as a cnntiaiiuus 
whole, fully exphuniug tJcfau- 

Death and Devil 


Wedekind's Dance of Death in dutifully Expressionistie pre-] 
three scenes is receiving ns sentation js invaded by lhe! 
British premiere in this lunch- genuinely erotic vision of Julie' 
time production bv Jan Sargent Pvasgood in diaphanous shift.' 

Kew York summers seem hare become understandably band. The sister in Germany is 
little more than a time of famous for their performances: confined to sitting in a wheel- 
survival. Not only is it loo hot Nell Carter and Amelia chair and delivering severe 
to think of anything else (except McQueen as overweight but admonitions. Helen Burns has 
possibly tbe threat of another spirited and talented dance-hall the capacity to run across (he 
electricity blackout), but also performers Ken Page matches stage, throw pots and pans around 
enough people have abandoned them step for step. But as vaude- the room and still make the 
the city for holidays that the viJIe. the show lacks humour: as audience see her sadness. It is 
rest are made to feel like cabaret the audience could have marvellously acted and equally 
survivors. a dinner and this much dancing well directed by Lynne Meadow. 

On Bmadwav the *am* for Reprice of the tickets alone; George S. Kaufman and Moss 
mentality prevails this beins and as theatre - remes closer Hart's Once in a Lifetime was 
the .feme P 3£n 9 to the Black aod White Minstrel meant' to 'be Broadway's revenge 

“E* 1 J "?!“ t J a !,^“ a n s Show than anything in town. on Hollywood. It is sophisticated. 

KtiiT^ 10 ^ 6 S ffuna^vs. - late season fmng and funny. It parodies 

business of tourists. This year, opener, is an ambitious under- jj* * “SSS^ n ln Hollywood 
be warned. New York is enjov- taking for a young woman under ®“! sl t ’u 0 i;?i%VL 0 ?r 

ing landmark tourist business. 30 (Elizabeth Swados). wbo 5hflo?ue machhiM J P d b 
the product of successful adver- w 'ret® two hours of music for n ’ atn,nes - 

; Using on television in other t^ 0 dozen street kids shp turns . TW* production in toe skillful 
cities ’ nt0 performers. Directing as nands of Tom Moore (the 

, r . well as writing lhe show and oflelnal director of Grease, to 

Tho of “le hot le?t tickets in m usic. Miss Swados has provided " ive aa ld «a of his style) turns 
town axe the Tony award a num t, er of affecting moments, parody to farce. Even; move- 
! winners (voted by the theatre the song called “Enterprise" nient is done un the double, every' 
jPress in May and awarded in a a b ou t findin" new wavs to deal exaggeration accentuated by ihe 
• televised ceremony in June, just mooe y, or the woeful tale of the hu 2 e I 05 ' ar lea! > 1 seemingly huge) 
>o out-of-lowners know where voung teenager dragooned to a vast and talented hijinks. It is a 
to congregate). Da. Hugh jjf e j D Qie streets of New York, brilliant evocation ol tbe era 
Leonard’s reminiscences of his But the distressed story' of each "'hen talkies were new and a trio 
father, has come a long way to 0 f these kids, coming forward to of down-and-out vaudeville 
“Best play of the year" from sing to the audience, fundament- iroupers (Deborah May. Treat 
its modest beginnings in ally conflicts with their message Williams and John Lithgow) 
London’s King’s Head pub. It of being alone, hurt and unheard. couId talk tlleir wa >’ in L° a cen ‘ 
is a marvellous part for the old The show needs som» other pre- tra ^ r0,e 35 voice coaches to a 
man. here done by Barnard raise than requiring the audience desperate silent-film mogul 
Hughes who seems to play him- to marvel at their survival. Miss f George S. Irving), who finds his 
seif, while Brian Murray as the Swados gives them a voice, but studio stocked with beautiful 
son and Richard Seer as his not always the aooropriate words. faces a7Jd Brooklyn accents, 
i teenage incarnation are equally - ' Finally the Lion Theatre Club 

i memorable. ... has its own new premises in -ttnd 

■ The cpf hv MarWip KpHa** 6 * ucce j s ° r lh ’ s season is Street and presents J. M. Barrie's 
ia T Siitfblv riuiieriri lo K fenro- ev ! den . t 1 '? tiie u umber of revi- Mani Rose as its first production, 
•duee i t Kffioriin^ ^orSnSaM Va,s , pI ^ y i ng fff-Broadway. The Having moved out nf what was 
,. V L° r IkU supply of new plays does not the lobby of a defunct airline 

th“ rc corih wi?h fhe P ' a father ?* ate h «iie demand, forcing direr- terminal.- the company under- 
,i!? JOS** i 0rs 10 search the,r memories or stand ably chose a play that really 
^“‘f r ?* 1 f! n r ,nrt dra F 2^ long-cherished, un- needs (be proscenium stage it 

— .... .even rf jl ia a sheepish apolo^j realised projects. row can nrovide Tbe 1903 drama 

The exhibition meets lhe dehvered in an amusing brogue. Catsplal nri-inallv d reduced ,-oh Jnivfi^c hni 1 Km+ 
almost insatiable demand for ;Tne Irish are an .American ^ SS laru Rn^c U nox ^hSw off 

VradeDr^ "c'tm l VJrin?un ' Sf 1 th” tri^h* 1 * 1116 Hun S ariim pb>' b >' the contem- the company very well. Tbe 

■pictures,’ an lrts cSl 'on ' mSHLSfJSi S& FJZZ.. «*!«: .J«™ a Play, in fact, ends up looking like 

(amfliar works 

j director Melvin Bernhardt bnng plctely different while still de- siderable charm but looks much 

r?°nL£ I ; 0U \ \ b ?rK c Jl cX - . - , Pf ndin s °n each other's support ton old for the girl, while her 

in Dtite Street, which has just • Amt .tlisbehaitn . the Tony s through correspondence. Their suitor seems to have got his 
, ' , .-^L. p ^°- ve<i L t0 . .' r ,hr flf* best musical, is an incomprehen- correspondence is acted out on costume from a passing boy 
successful in the history of the sible. su'-cess The music of stage, the main set being the scout. It would be a shame to 
ca,,ei >- . pianist bats Waller lacks variety, tiny flat of the Budapest sjsler, see the stage affect the choice 

' A T. ■ and yet an evening has been movingly pJayed by Helen Burns, of repertory to this extent: the 

; devoted to putting it to dance This sister lives a muddled, group's forte is long on innova- 

| srteps and ovs poses by five sin?- busybody existence focused on a lion and .short on convention. 

I ,n 3 troupers. They are all black, 20-year romance lhat survived Attempting the opposite could be 
1 and two of the three women the death of the cuckolded bus- fatal. 

pian mythology. In this they 
nmtrast with Ihe earlier Pre- 
Raphaeltie obsession with the 
Middle Ages. Their paintings 
lend to the idealistic, the 
grand, the harmonious. 

m ana’s onetime notion of pdlfing should be regarded as a serious ! and, . as aa acerbic corollary to flashing weal-infested thighs as, 
^Symphonic Fantasy*’;-' he' led- compromise? in lhe breathless jibe Lulu plays (Eortfc Spirit and ^propounds a convincing argu- 
i^pttrposcfnlly through 'spares of this music, even a , Pondora'x Box) so memorably "if ni w£? r rant ^ om promiscuity.' 

cateiy irnss-refurenLoa cwirse, normal-size tatti has a discon- 'Anglicised hy Peter Barnes some »» ®»«s to smithereens the. 
refttsmg to let any vpisode— eyen certing force. Zender expounded - nine years ago, is essential view- - U ‘ Phrased debate of the 

appassiOQato. the _ coiufortably anywhere, being at ragutg debate on sexual emanci- rPV f^ 1 ,,?.J Iee &’ 

sequel urSchumaun ^ Piajh Goo- onte -rand, emaciated patinn and exploitation m a ' r cour^hStLrw Q wIJ?‘5 i I , 'i#rt-S 

cerio.- The soloist 3* Haaush and fiercely private. -brothel setting is irrevocably ‘ h . oraeeches her to lo'c 

Milne, who fulfilled '■*■ ^ironic. We first meet the brothc! Thr* . j ... . 

tanlc role »tyl»hlr-Uw .Ptanth. * the VruuS Ssti-Piani J wds wtth a melo- 

witinn is more energetic^ than insnnricunF TftoCburf .thiMiSS!^ ^ .»2 , 22-S2 ! t? 1 “nf and the angular’ 

effect . and well and living near Munich. Traffic. 

Tbe . 'Symphony wax played . been sublimated in the in wbat is othen^ aTreadfn liy: 

In * Schoniann’s later, «?«■- . Alfrea MaTKS HI nghleous crusade, an attitude ctiltcd. production. Miss Peas-oodi 

upholstered version. ConwMjdy, Palladium DantO ,nsii J? °P t Wlth emerges as the crucial embodi- i 

and extravagantly, w jte • rauouium pauLu Jess dramatic logic as hnnsan meat of the Wedekind spirit: 

Webern’s Six Pieces lor OKaes-; AHrea Marks will play i fallibility asserts itself in a tantalising, sexy and incorri"^^.- 

tra. op: S. in the original version Abaoazar- in this year’s London! wonderfully controlled Shavian it i s a stunning performance. 
Altir its gigantic wind t bcclion, Palladium- pantomime A laddin J exchanre. ■ The programme, rather .ban 

brought into play in only » few which opens on December 20. i As the ronralist throws herself indulging R. D. LairiE with a 

.ton . land nowhere else in «».; »« joins the cast headed b> ' at the feet of the brothel owner, ludicrously aiperfloons quota-- 

proKranune). I doubt ■ that Danny la Rue— as Merry Widow*: the stage is occupied by <± non. might have acknowledged- 
Welter's second thoughts (ne pro- -Twankey in. his first Palladium, brothel inmate anti client. A: ibis the use of ..Stephen Spender's 

duced a reduced version in 192S) pantomime. j point. Miss Sargent's rather archly effective 1952 Iranslatiun. j 

Annella McQueen, Nell Carter and Quriaine Woodard in ‘Ain’t Misbehavin’ » 




Telegrams: Fluntimo, London PS 4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 

Thursday August 17 197S 

A policy of 

EVER SINCE he came to office. 
President Carter has made con- 
siderable play of the importance 
which lie attaches to the human 
rights dimension in America's 
foreign policy, it has been a 
a controversial position, 
especially in the eyes of those 
who believe that governments 
should be concerned only with 
raison d'etat, and not with 
moralising. But there can be 
little doubt that President 
Carter has attenuated the 
brutal right-wing cynicism 
which was so characteristic in 
the past of the role played by 
the CIA. and it seems clear that 
American pressure has caused 
repressive regimes in some 
small and middle-sired countries 
to reconsider their practices, 
especially in the western hemi- 


Where his human rights cam- 
paigning has had no impact at 
all is oil the Soviet Union. A 
total of 17 leading dissidents 
have now been condemned to 
severe punishments, either for 
crimes which they quite 
patently did not commit, or for 
activities which would not be 
considered crimes in democratic 
countries. It is not particularly 
surprising that a superpower 
like the Soviet Union should be 
less impressed by the exhorta- 
tions of President Carter than 
a small Latin American country. 
Nor is it particularly surprising 
that the Soviet Union should 
continue to be as brutally re- 
pressive as the Czarist state to 
which it succeeded. What Is 
surprising is that Moscow 
should have chosen flagrantly 
and so publicly to flout the 
spirit of the Helsinki agree- 
ment. which was intended to 
mark a new phase in the era of 
detente between East and West. 

It was perhaps inevitable that 
such a provocative series of 
affronts to the spirit or Helsinki 
and to Washington’s human 
rights policy should have 
tempted President Carter to 
retaliate, in the first instance 
by blocking the sale of a com- 
puter to the Soviet Union. The 
President may feel that his 
credibility on the issue might 
be seriously damaged if he were 
to put pressure on small 
countries, but ignored human 
rights violations in the Soviet 

Yet it must be clear that the 
hlocking of a computer sale can 
only be a symbolic expression 
of displeasure, not an effective 

instrument of pressure. The 
Soviet Union is not going to 
modify the nature of its regime 
for the sake of one computer, 
and it is exceedingly doubtful 
whether the United States 
would be well advised to 
attempt a policy of economic or 
commercial sanctions in the 
hope of bringing about a change 
in the nature of the regime. 

American pressure did per- 
suade Moscow to give exit visas 
to a number of Jewish 
emigrants. But what the 
Kremlin cannot tolerate is pub- 
lic criticism at home. 

A policy of major economic 
sanctions, such as an embargo 
on any contribution to the ex- 
ploitation of Soviet oil. or a ban 
on grain sales, would no doubt 
damage the Soviet economy: 
but it would also damage the 
economies of the west, without 
any prospect of bringing about 
an improvement in respeci for 
human rights in the Soviet 
Union. Indeed, really heavy 
sanctions might lead to a re- 
vival of the cold war. and might 
well make the Soviet regime 
even more repressive. The fact 
that the U.S. administration has 
recently let through the sale of 
a S144m oil drilling plant sug- 
gests that it does not intend to 
go down the dangerous and un- 
predictable road of major 
economic sanctions. 

On the other hand, the Soviet 
Union cannot imagine that the 
treatment of its dissidents will 
be without consequences for its 
relations with the rest of the 
world. Hopes that were once 
fixed on the Helsinki agreement 
have been put into harsh per- 
spective. and the image of the 
Soviet Union has heen modified 
accordingly in the minds of 
western electorates and thus of 
western politicians. 

SALT treaty 

If the dissident issue is juxta- 
posed with the rapid build-up of 
Soviet arms and the recent 
activities of the Soviet Union in 
Africa, it is scarcely surprising 
that there should be consider- 
able doubt whether Congress 
will ratify any SALT treaty, 
since such an agreement would 
depend so heavily on trust and 
understanding: or that a signifi- 
cant number of Congressmen 
are now calling for the U.S. to 
achieve military superiority. A 
resime that is repressive, 
militaristic and expansionist 
must expect to provoke re- 
actions of hostility and distrust 

Harder times for 

THE NEW report or the World 
Bank lakes the form of a com- 
prehensive survey of develop- 
ment progress and future issues, 
which is most welcome in form 
if a link* muffled in content; 
and despite the avoidance of 
sonic of i he more contentious 
current issues contained in 
third world demands lor a new 
international economic order, it 
contains some clear analysis, 
warnings and suggestions. Its 
barkivard look is on the whole 
encouragin'.:; substantial pro- 
gress has been made in reducing 
abject poverty in proportional 
term’-, though the growth of 
population has maintained the 
ahsuhitc number unchanged. 
Valuable lc-sons have also been 
learned. The future, however, 
looks much less encouraging. 


The progress in the past has 
been based on a number of 
circumstances which arc chang- 
ing — a reliable and rapid 
growth of demand in the indus- 
trialised countries, a liberal 
trading regime, and more 
recently a tery large /low- of 
commercial loans, as the banks 
sought profitable outlets for the 
funds deposited with them by 
the surplus countries, it has 
been possible to pm these re- 
sources to much more effective 
use than sceptics might have 
imagined, partly because of 
large technical advances in 
agriculture and epidemic con- 
trol. and partly because official 
aid has improved greatly in 

It will nut be easy, however, 
to maintain this progress. The 
most pressing problem is the 
recession in most of the 
industrialised countries, and 
the consequent pressures for 
protectionism. The World 
Bank preaches a Ions and 
eloquent sermon in favour of 
free trade, and points out that 
the damage done by apparently 
small concessions to demands 
for protection is far greater 
than may appear at first sight. 
The very fact that protectionist 
lobbies are able to get a hearing 
discourages investment in 
industrial projects in . the 
developing countries, wnai k. 

more, tbe report cites German 
studies which suggest that the 
loss of export opportunities in 
more advanced industries may 
well be greater in (he industrial 
countries than the apparent 
saving of jobs in industries 
which are under pressure. This 
sharp reminder that adjustment 
assistance should aim at adjust- 
ment and not jusL at assistance 
is timely. 

However, the existence of 
protectionist lobbies is a fact 
of democratic political life 
which is unlikely to yield to 
pure economic reason, and the 
report is probably more con- 
structive in urging less ideal 
solutions. Tt suggests that every- 
thing possible should be done 
to give developing countries a 
louder voice in international 
trade negotiations, and that 
these countries should pay 
special attention to stimulating 
trade between themselves. This 
may well depend as much on 
developing a financial as on a 
physical infrastructure. 

Industrial trade and local 
finance, however, are of little 
interest to the pourcst countries, 
which depend on agriculture for 
subsistence and a few primary 
products for export earmngs. 
Here the flow of official aid, 
part of it far social, educational 
and medical development, and 
its management to ensure that 
it does reach the deprived, is 
the nnlv real hope. The terms 
of official aid may have im- 
proved. but its quantity remains 
far below the targets generally 
accepted in pious resolutions 
and actually practised hy some 
enuntries. The World Bank 
naturally wants more resources, 
both to assist the poorest coun- 
tries. and to help, through the 
provision of long-term funds 
and what amounts to a seal of 
creditworthiness, to encourage 
a larger flow of private re- 
sources where they can do most 
pood. The record of the World 
Bank group merits greater sup- 
port; more should be done to 
turn well-meaning summit 
resolutions about aid into effec- 
tive. multilateral action. With- 
out a further push, the whole 
development process is in 
danger of slowing down. 


Financial Times Thursday August 17 1078 

By ROBERT GRAHAM, Madrid Correspondent 


closer to the driving seat 

S CARCELY A Japanese car 
can be seen in Spain. It is 
even unusual to find a 
locally registered car that has 
not been produced in Spain. The 
explanation is simple 1 Spain has 
one of the most highly protected 
motor industry among the larger 
industrial countries. For this 
reason the international motor 
manufacturers have been closely 
watching for clues how the 
industry— or rather that sizable 
part of it which is not controlled 
by multi-national companies — 
will face up to the implications 
of Spanish membership in the 
EEC, and the consequent 
liberalisation of trade. 

Hard pressed financially, in 
need of continued heavy invest- 
ments and dependent upon 
foreign technology, the Spanish 
controlled sector of the motor 
industry has limited long-term 
options. Either the Government 
decides that it is strategically 
necessary fand perhaps com- 
mercially viable) to invest 
heavily in indigenous solutions 
to retain part of production in 
Spanish hands, or the companies 
are integrated more closely 
with, if not absorbed by. tbe 
multi - nationals. The latter 
solution is the more logical but 
conflicts with established ideas 
of national dominance of this 
sector (implicit in the whole 
protectionist philosophy.) But 
now there has beeri an 
important shift in thinking, and 
the State holding company, INI, 
which is also the major Spanish 
shareholder in the sector accepts 
the logic of integration. 



INI in recent weeks has 
begun discussions with inter- 
national partners on the future 
of the three main Spanish con- 
trolled motor companies. Seat. 
Spain's largest car manufac- 
turer which builds Fiats under 
licence and is 36 per cent fiat 
owned, has asked the Turin- 
based group to consider either 
the company's total integration 
or the purchase of INTs own 
34 per cent stake. At the same 
time in the industrial vehicles 
sector Wevosa (24 per cent INI 
owned) is discussing a similar 
arrangement with Daimler Benz 
(its licensor and which holds 42 
per cent of the equity) while 
Enasa. 66 per cent INI owned, 
and the country’s largest pro- 
ducer of medium and heavy duty 
trucks, has been holding discus- 
sions on the same lines with 
Chrysler. Beriiet-Saviem, and 
Iveco. Now that Chrysler in 
Europe is likely to be taken over 
by Peugeot it is likely to drop 
out of consideration. 

These three companies 
account for 30 per cent of 
total industrial vehicle produc- 
tion and 38 per cent of total 
car production in Spain. The 
outcome therefore has profound 
implications for the future 
shape of the motor industry 
and indirectly on the thousands 

of suppliers which combine to 
make the automotive sector the 
largest single area of industrial 
employment in Spain, Seat it- 
self is the largest industrial 
employer with a payroll 

The logic of these moves is 
best understood by looking at 
the case of Seat The company 
was founded in 1948. on INI's 
initiative to provide Spain's 
then developing consumer mar- 
ket with a mass produced 
"Spanish" car. Given the in- 
dustrial ties that had grown 
up with Italy, Fiat was a natural 
partner. The remaining share- 
holders were mainly banks in- 
cluding Banco Urqujjo, which 
still holds 6 per cent.' (Seat 
stands for Sociedad Espanola 
de Automoviles de Turismo. ) 

Until the beginning of the 
1970s Seat prospered. Spain was 
a sellers’ market and there were 
long waiting lists to buy Seat 
cars. In the last three years the 
picture has altered radically. 
Seat’s market share has declined 
from near total dominance to 
30 per cent. In the early months 
of this year its inventory was 
aver 75,000 units, double the 
normal leveL Even now after 
the company has cut 16 working 
days, and according to trade 
source's offered sizeable dis- 
counts. the inventory is at 
44.000 against a normal summer 
level of around 20,000. Company 
sources are hinting at potential 
losses of Pts3bn (£20m> this 
year, while last year cm sales of 
Pts83bn (£565m) the company 
declared no dividend and put a 
small Pts406m (£2.7m) profit 

CAR OUTPUT (Jan. June) 

1777. W8 1977 1978 . .1977 1978 

CHRYSLER 47,288 44,50$ 34,561 35.454- 11.01. *,612 

CITROEN 47,258 45,955 33.180 33JT6 12J079 12J76 

FORD 62,470 114,763 17,254 31,189 ' 42,998 84,242 

RENAULT 102^46 101,622 75.487 78.149 27,161 20,586 

SEAT ■ 163,881 115,046 117,629 101,244 35.547 36,173 

TOTAL 423.443 423,891 280,11) 279,254 129,408 162596 




No. % No. % No. % 

— — 5300 303 180 5.4: 

8,805 513 ‘ 2,361 70J 

— — 150 43 

3.100 184) 650 19j4 







9302 133 
14350 213 
25,750 383 
12.400 18.6 

5,050 7 S — 

66.752 100 17305 

100 334) 700 

manufacturers have been offer- 
ing new mndcls technically more 
advanced than those in its own 
range. In the first six months 
of the year, in spite of the sharp 
domestic recession, the four 
groups all increased their sales. 
Seat's meanwhile fell 14 per 

Seat further suffers from the 
disadvantage of having grown up 
less as a commercial enterprise 
and more as an institution of 
State. Close to Government, with 
easy access to credit and pro- 
tected from competition, it 
lacked an aggressive commer- 
cial spirit Further, once com- 
petition arrived, it was handi- 
capped by its avowed policy of 
providing models to satisfy all 

of its total sales come from 
one model — the 127. 

'Hie other four motor manu- 
facturers are not fully owned 
by the parent company but tbe 
relationship with the parent is 
clear-cut and conceived to a 
greater or lesser extent as part 
of an internationally integrated 
operation, the most fully inte- 
grated being the Ford Fiesta 
production at Valencia. In the 
case of Ford and Chrysler the 
parent company holds 99 and 
97 per cent of the equity 
respectively. Renault, hesitant 
to be seen to dominate Its 
Spanish subsidiary. Fasa- 
Renault, nevertheless has dis- 
creetly raised its stake to over 
65 per cent Citroen has 45 per 

Cbrysler’s assembly line at Villaverde, on the outskirts of Madrid, has provided the base Tc 
an attack on me upper end of Spain's market. The effect of a Peugeot take-over 
y remains uncertain. / 

aside for reserves. 

In part Seat's problems result 
from its complacency and its 
inability tiy' foresee the con- 
sequences jflf a gradual opening 
up of the/local market to other 
international manufacturers. In 
the pakt ten years Chrysler, 
Citroen, Renault and most 
recenfly Ford have all estab- 
lished local manufacturing 
operations as a means of getting 
round the high external tariffs 
applied to car imparts. Seat has 
suffered seriously because these 

ends of the market Thus Seat 
pow has to compete agplnst other 
manufacturers, enjoying econo- 
mies of scale, who are attacking 
specific sectors of tbe market: 
Ford and Renault the small 
family car, Citroen the medium 
sized family saloon, and Chrysler 
has been attacking the upper 
end of the market All four con- 
centrate on few models: Ford is 
limited solely to the Fiesta 
range. Seat has more models 
than all the other manufac- 
turers combined, yet 47 per cent 

cent of its Spanish subsidiary. 

For Seat, Fiat’s 36 per cent 
shareholding has been small 
enough to give the illusion (and 
sometimes the reality). of effec- 
tive Spanish control, but it has 
always been large enough to 
inhibit the company. According 
to Spanisb sources Fiat, having 
accepted the establishment of a 
large volume production, has 
resented the prospect of Seat 
becoming a competitor. 

However, friction has been 

moat 'AvWent in third country 
? marinas, which account for 
ialmast 40 per cent of Seats 
tutoyer. Exports are governed 
byva-1967 Fiat-Seat agreement 
wRfc|t is an unhappy compnv 
iniie.' Seat may use the Fiat 
network but Is effectively left 
with- the less desirable markets. 
'Recently Seat made a virtue of 
n^essity by concluding, an 
agreement with Egypt to pro* 
.dime .there the 133 model 
cji-lfce long run the situation 
sluts neither Fiat nor Seat. Fiat 
fee&tbe continual possibility of 

Seat undercutting, while Seat 

ultimately reties upon Flat's 
goodwill for penetration of ex- 
■pOrt" markets and to maintain 
Its, share of the domestic market 
■.The recession in Spain, coupled 
With, a sharp rise in industrial 
overheads has pul pressure on 
Seat, management to reconsider 
the future. Added to which is 
the realisation that major new 
. investments are needed and, 
more important, that by the 
early 1980s Spain will, as an 
EEC member, have to lift the 
barriers of protection. 

The catalyst changing atti- 
tudes at Seat has been the 
advent three months ago of a 
new. president at INI. Sr. Jose 
Miguel de ia Rica. Coming' ;to 
the public sector from a life 
tlnte in private business and 
experienced in dealing with 
multi-nationals. Sr. de la Rica 
- immediately saw tbe inherent 
vulnerability nf Seat arid for 
that matter of the resi of the 
motor industry that was in 
Spanish hands. Sr. de Ia Rica 
believes that total integration 
of Fiat, or purchase of 'the ’INI 
stake and a drastic reduction of 
the number of Seat models Is the 
sole' viable long term solution. 
INI has the resources to buy 
out Fiat but it does not have 
the resources to sustain its pre- 
sent volume of production nr 
.develop export markets. He 
Sees no justification for sup- 
porting the company in its 
present form. 

Similar but less complex 
considerations apply to the two 
commercial vehicle companies. 
Enasa and Mevosa, Enasa con- 
trols 51 per cent of tbe medium 
and heavy duty truck market 
with its Pegasos trucks. Until 
1973 British Leyland had a 25 
pgir cent stake in Enasa. This 
shareholding was bought out by 
a group of Spanish banks and 
together, with INI, the manage- 
ment set\out to make it a truly 
national Industrial vehicle com- 
pany. It has bad considerable 
success in Latin American sales 
and exports now account for 
one-fifth of its Pts 27ba 
(£313ra) turnover. But Enasa 
has been hit by increased 
efforts by Chrysler to penetrate 
the truck market — a market 
which in turn has suffered from 
the recession. Last year Enasa 
made a loss of Pts 837m 
(£5.5m) and now faces another 
difficult year- BL still does hold 
a 27 per cent share in Metal. 
Santa Ana which makes Land 
Rovers under licence. 

Qne possibility is that Fiat 
would negotiate the purchase 

of INI's stakes in both Seat and 
Enasa as part of an overall pack- 
age,- the Enasa element being 
negotiated by Flat on behalf of 
the European consortium Iveco. 
Enasa is- seen in Madrid as the 
most attractive company- on 
offer by INI. Indeed the size and 
complexity of absorbing. - or 
simply purchasing the INI stake 
in Seat, is enormous. For a start 
to make any of the deals politic- 
ally acceptable in Spain, there 
would have to' be built-in 
guarantees of jobs which In turn 
would require important new 
investment commitments. It is 
precisely these considerations 
which in the past have led the 
Fiat management to postpone 
any decision on their Seat 
involvement, even though such 
a decision ideally should have 
been taken in the early seven- 
ties. Fiat itself has undertaken 
to outline its proposals In 

Trade union 

One international motor trade 
executive cautioned against 
expecting an early conclusion 
to these negotiations. He poin- 
ted out that the investment 
climate in Spain — not long ago 
considered the potential base for 
a flourishing motor industry — at 
present was si ill nervous and 
industrialists in large plants 
like the motor industry were 
only beginning to come to terms 
with the phenomenon of trades 
union . power. 

This said, Spain does offer a 
comparatively untapped car 
market. Car ownership is little 
more than 150 per 1,000, well 
below the European average. 
Industrial truck use is also 
below the European average. In 
the past this was the main 
attraction of manufacturers 
seeking to penetrate the market 
via local production ventures. 
Indeed the difficulties over 
INI’s divestiture could come 
from within the Spanish 
political parties rather than 
from prospective purchasers. At 
a time when the opposition 
Socialist and Communist parties 
want a strengthening of the 
public sector in all areas of the 
economy, the State holding 
company is proposing to divest 
itself of Its interests , in a key 
economic sector, permitting 
almost total foreign control. 
The only motor company of note 
to remain largely Spanish would 
be Motor Iberica; which makes 
trucks and tractors. 

Preliminary soundings suggest 
that this objection will be over- 
ruled by the more realistic con- 
sideration — that this is the best 
means of sustaining employment 
in the automotive sector. Yet 
if the solution is to be foreign 
control, then it will mark the 
acceleration of a process already 
in evidence of foreign penetra- 
tion and control of all strategic 
sectors of the economy as 
Spanish companies discover 
they have neither the economies 
of scale nor the technology nor 
the foreign outlets to compete. 


Lloyd’s laugh at 
U.S. legwork 

It takes a lot to unstiffen the 
upper lip of the world's oldest 
insurance community. Lloyd's of 
London. But yesterday loud 
guffaws could be heard around 
Lime Street. 

What prompted this un- 
characteristic — and perhaps 
slightly edgy — reaction was a 
full-page advertisement in the 
Wall Street Journal. It displays 
a picture of Betty Grable (if 

memory serves me right). ... . 

costumed in a swim suit and Victory P3F3C16 
looking alluringly over her 
shoulder. Across her bottom 
runs the legend — “After years 
of legwork we can cover any 
risk as easily as Lloyd’s of 

This 530,000 boast — cost of 
a WSJ full-page — is made by 
the American International 
Group, America's largest in- 
surer operating abroad. Behind 
the Madison Avenue razrmataz 
is a very serious intention. New 
York has recently liberalised its 
highly-regulated insurance laws. 

A “Free Trade” zone has heen 
established which will enable 
U.S. insurers to write policies 
with annual premiums in 
excess of 8100,000, or of an 
unusual nature — business 
formerly covered by Lloyd's — 
without restriction by state 

When American International 
says in its ad that it has “ helped 
develop and implement this 
innovative legislation” (coming 
into force on September 1) U 
is with justification. Maurice 
“Hank" Greenberg, American 
International’s president, has 
been campaigning for the 
change for over four years. 

Will Lloyd’s respond to the 
Betty Grable block-buster 7 “ We 
only advertise for staff,” said a 
Lloyd's official loftily yesterday, 

“ and we are not thinking of 
engaging the services of Saatchi 
and Saatchi. Lloyd’s is not 
actually 'in need of publicity 

at the momenL” Another 
Lloyd’s man told me: “We can 
get more coverage hy refusing 
one U.S. broker direct admis- 
sion to Lloyd’s than we ran by 
engaging the wbole of Madison 

All of which suggests that 
Lloyd’s are scarcely likely to 
embark on advertising theirown 
virtues. Sn readers nf the FT 
are to be denied the possibility 
of seeing the chairman of 
Lloyd’s perhaps displaying a 
tantalising glimpse of his ankle. 

As New York insurance men 
deployed bathing beauties to 
launch their challenge, a cere- 
mony at the front entrance of 
Lloyd's yesterday epitomised 

the more mellow London style. 
A six-foot model of HMS Vic- 
tory was handed over by the 
committee of the British Insur- 
ance Brokers’ Association. No- 
body actually put a telescope to 
bis blind eye or said Kiss me, 
Hardy,” but the sense of history 
was strong. 

The model, costing £io,000, 
will he displayed in Lloyd’s 
new administrative headquar- 
ters in Chatham— the port 
where the original Victory was 
built As it happens, the old flag- 
ship was commissioned during 
the American War of indepen- 
dence. Somebody in Lloyd’s 
who is good at figures has 
worked out that to build a full- 
sized Victory today— she cost 
£57,748 in the J8th-eentury— ' 
would mean laying out £10m- 

rhe number has been plummet- 
ing during the last four months. 
More credit is being given to 
traders, he says, and in his 
view the banks have learned a 
lesson after burning their 
fingers when the property boom 
exploded: “Their experience 
on that showed that if they'd 
waited a bit longer they might 
have recovered their money." 

Jet Age sheriffs 

Shifting four rusting crates 
containing jet engines — over a 
ton apiece— should prove an 
interesting problem for Scottish 
sheriff officers, anxious to 
liberate them from their 
alfresco position outside Rolls 
Boyce’s East Kilbride plant 

The engines were “blacked” 
by the workforce in protest at 

14 Personally Fm in no harry to 
see myself on a Tory poster.” 

the killing of Chile's Marxist 
President Allende and have 
been out in the rain for the past 
three years. Tbe Chilean Air 
Force would now like them 
back, and all concerned are 
hoping the 1,100 workers will 
co-operate, not least the 
harassed RR management who 
asked me a little aggressively: 
“ You find it funny, do you?" 
As long as a year ago. a Scot- 
tish court ordered the return of 
tbe engines. 

Such an impasse would hardly 
ruffle The serenity of Alastair 
Black, Under Sheriff of Greater 
London, who tells me he 
recently had to seize and sell 
a Boeing 7Q7 ( against the clock: 
Heathrow's parking meter was 
notching up £243 every day 

“ One minute yotfre selling an 
Old Master and the next you’re 
trying to offload a quantity of 
men's clothing, horses, or garlic 
that's started to go off-slightly,” 
he says. 

“You’ve got to be prepared 
to market whatever you seize. 
The other day we had 22,547 
tons of pumice stone. . .** Black 
says 14,000 writs for the pos- 
session of goods were executed 
in Greater London in 1977: but 

Black Sea rock 

Spreading from Surbiton to the 
Black Sea. a spectre is haunt- 
ing Russia — the spectre of 
disco. British manufacturers of 
discotheque equipment hope to 
break into the Soviet market in 
a big way for the Moscow 
Olympics of 1980. They reckon 
that the authorities will be 
forced to import some de- 
cadence. if only . for the 
foreigners. But it now seems 
that disco fever has already in- 
fected Mother Russia. 

Soundout Laboratories, 
makers of disco turntables, is 
pioneering the export of wbat 
Communists might view as 
“ socially irresponsible ” pro- 
ducts into Black Sea holiday 
resorts. It routes them through 
its agent in Finland and sales 
have grown from nothing to 
more than £23,000 in seven 
months. The company’s tech- 
nical director, Todd Wells, is 
not sure that the Politburo 
knows this is happening. As 
far as he can gather, enterpris- 
ing Black Sea hoteliers are 
doing the heretical thing of 
supplying demand, by purchas- 
ing Soundout’s equipment off 
their own bat 

Wells plans a visit to the 
USSR soon, to investigate mar- 
ket prospects for himself. He 
has the feeling they may he 
good. Manufacturers of safety 
pins and zips be advised: brush 
up your commercial Russian. 
Where discos go, can punk be 
far behind? 



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wjs recalled from- holiday 
because President Nixon had 
suspended ihe convertibility of 
dollars into Bold and imposed an 
import surcharge— as well as 
imposing wage and price con- 
trols. The parallels arc ominous. 
It is August: the dollar is again 
under pressure; the U.S. Presi- 
dent has asked for' top level 
Mudies; and the weekend after 
next I shall be passing through 
Salzburg— the place from which 
1 was recalled in 1971. 

At that 'time there was a case 
for floating the dollar, but not 
for the other measures. This 
time the main cause for worry is 
not the falling dollar, but the 
supposed remedies, for it — 
whether undertaken by the U.S. 
alone or in concert with other 

Central bankers and central" 
planners share a common dis- 
taste for exchange rate move- 
ments. as do those businessmen 
who would like stable ex chance 
rates in an unstable and infla- 
tionary world. As a result of 
these prejudices. and a misinter- 
pretation of certain lines of 
economic research and teaching, 
it has becomes fashionable to 
say that ” exchange rate changes 
don’t work." This still seems to 
me an attitude devoid of all 
merit and all thought. but one 
which could do untold damage 
to world trade. 

Of course floating exchange 
rates have not brought about a 
paradise on earth. Nor have 
they provided a magic key to 
enable countries to maintain 
very low unemployment rates 
without accelerating inflation. 
But , there was no reason to 
suppose that they would do so. 
Nor was there any reason to 
expect that they would eliminate 
?ll current account surpluses 
and deficits. 

All that can be claimed for 
floating exchange rates is that 

they balance.' the. supply and 
demand for foreign currencies. 
If they are left to do their work 
there, is no need for balance 
of payments ; policies, cap-in- 
hand official borrowing, export- 
drives, import quotas* exchange 
control and all the other 
paraphernalia of modern 
mercantilism. ^The benefit is 
thus limited, but extremely 
important We cduH have it in 
the case of the dollar if univ 
those in authority, and those 
who comment on their actions 
could resist the - urge to “ do 

A balance payments 
problem arises when a country's 
authorities are? trying, to hoJd 
the exchange rate at a level 
different from the market rate 
and are running out of reserves 
for the purpose^ If £bey ao not 
ihtehene there, cannot be a 
balance of payments problem. 
Nor can there £e more than a 
very short-term -problem — 
entirely taken care of by ihe 
swap network — If central banks 
intervene in a Jhprt-term self- 
liquidating way ' 'simply to 
smooth out fluctuations around 
the market trends, > 

For instance a study by IMF 
staff members* shows for the 
period 1973-76.' deviations of 
up to about 6 per- cent on 
either side of ; a ‘ .13-months’ 
money average ofrfhe sterling- 
dollar parity. If:central banks 
are clever enough to sp"t 
these . deviations and act 
like successful, -'.■Stabilising 
speculators, they can perform a 
useful function. . Their track 
record will be shown at least 
approximately by^beir profits 
and losses. The trouble is that 
they are not content with this 
role, with its ascertainable 
criteria of success; and! failure, 
but try to impose what They 
regard as the "right * rate 

The reason why; exchange 
rates are said to hare -failed is 







i j i . .. -r . i — 

‘Real Dollar Exchange Rate 

Y-V^ • •• . - 0.’ • •• 

. . ./ •••" • ; 




■ k: nmncmmnma 


1876* Wlmwtth funeral 

’Y'\ :j ■’ ... -V. - 

1970 ’71 ’72 ’73 ’74 ’75 ’76 ’77 ’78 

the decline of the dollar 

Yen per dollar 
D-Mark per dollar 
Effective S rate 
(Morgan Guaranty) 
Effective S rate 
(Bank of England) 

Smithsonian rate 
(Dec. 21, 1971) 





Rate on 
Aug. 15, 1978 



. 893 



in % 



—70.7 ‘ 

-17 A 

that although the dollar has 
fallen and the Yen and D-Mark 
risen there is still a current 115. 
deficit — estimated at over $20bn 
this year — a Japanese current 
surplus of over $ and. a 
much smaller German surplus 
of $5bn. (There is also a Swiss 
current, surplus of over S4bn 
which will surprise those who 
think that the Swiss have be- 
come hopelessly uncompetitive 
on non-capital items.) A calcu- 
lation in the current Morgan 
Grenfell Review shows that the 
total of current imbalances of 
OECD countries tcilh eoch other 
(thus abstracting from the 
effects of the OPEC surplus) has 
riseu from around 0.6 to 1 per 
cent cent of GDP in the late 
1960s and early 1970s to 1.2 to 
1.6 per cent in the mid-1970s. 

These imbalances do not 
matter if, at current world 
interest rates and exchange 
rales, there is a surplus of 
saving over investment oppor- 
tunities in Japan and an excess 
of investment opportunities in 
the U.S. So long as the Japanese 
are buying assets overseas — 
whether real or financial— tiipy 
are financing exports which 

other countries could not other- 
wise afford to buy and are not 
depressing the world economy. 
This is obvious if they set up 
plants in developing countries 
in South East Asia, but it is 
also true if they buy Wail Street 
securities or real estate in 

But ol course exchange rate 
changes do protect the current 
account as well. This is most 
obvious when the only differ- 
ences between two countries are 
relative inflation rates. Jf 
Urbania has twice the rate of 
monetary expansion of 
Ruritania and twice the rate of 
wage increases (for the same 
productivity) and there are no 
other differences, then 
Urbania’s nominal interest rates 
will be higher and its exchange 
rate will depreciate indefinitely 
to offset the inflation difference. 
The current account and every- 
thing “real” will remain the 
same — only the numbers on 
pieces of paper will be different. 

What has caused the confu- 
sion is that if Urbania is initi- 
ally inflating at the same rate 
as Ruritania, and then starts to 
create more money, its 

exchange rale suddenly falls 
and its price level rises. Indeed 
this fall >n the exchange rate 
is in an open economy the main 
transmission mechanism for the 
inflation. But what should be 
criticised is the original infla- 
tionary monetary policy. It is no 
more sensible to blame the fail- 
ing 1 exchange rate for the 
inflation than for an ageing 
beauty to smash the mirror that 
convoys the message of passing 


This is still true when we 
move from Urbania and 
Ruritania to actual countries. 
But then the prices of goods 
which do and do not enter into 
trade can move very differently 
in relation to each other in the 
two .countries: and real growth 
rates can differ greatly, as can 
domestic money-holding habits. 
So a simple-minded comparison 
of. money supply growth or in- 
flation rates would not have 
enabled anyone to predict 
recent exchange rate move- 
ments. In fact the U.S. price 
levii has risen by 12 per cent 
more than the German one 
since 1971. while the dollar's 
depreciation against the D-Mark 
(over and above that agreed 
on at the Smithsonian) amounts 
to about 40 per cent Japanese 
internal prices have over this 
period have risen by 25 per 
cent mure than U-S. ones. 
American monetary growth has 
also been less than that of 
Germany and Japan. 

Even if an analyst tries to 
correct for structural differ- 
ences in the three countries to 
work out appropriate rates of 
monetary growth, he would still 
have to remember that the 
official U.S. money supply 
figures are understatements, as 
can be seen from the much 
higher figures for Domestic 
Credit Expansion (DCE). If 
floating were always clean and 
the statistics were perfect, there 
would be no difference between 
the money supply and DCE. As 
it is we have to look at both and 
all other available indicators; 
and aiso allow for expectations 
and portfolio preferences. 

Tbe more difficult question is 
how far exchange rate changes 
have to go when they have to 
compensate for changes in the 
demand and supply for curren- 
cies reflecting forces other than 
pure inflation. Examples in- 
clude structural changes, such 
as the increased U.S. depen- 
dence on imported energy, the 
need of some countries to com- 
pensate for increasing non-price 
disadvantages (eg exporting 
cars with doors which are likely 
to come off) and the desire to 
acquire a currency which has 
become useful for reserve or 
trading purposes. 

A recent OECD study shows 
that exchange rate changes have 
only a modest and short-lived 
effect on prices of manufactur- 
ing exports. The large and im- 
portant effects are on relative 

unit costs and hence export 
profits. This is what one would 
expect when there i$ a prevail- 
ing international price level 
from which exporters hesitate 
to depart. The main exceptions, 
where export prices have re- 
mained more competitive after 
depreciation are the U.S. and 
Canada, where manufacturing is 
much less important in total ex- 
ports than it is for Europe and 

In fact the fall of the dollar 
has been astonishingly recent. 
Buoyed up by petrodollar funds, 
the dollar was last summer only 
4 per cent below the Smith- 
sonian rate, on the Bank of 
England index. The plunge to 
an 18 per cent drop has taken 
place in two successive spasms 
— last autumn and since this 
June. The big improvement of 
U.S. price competitiveness after 
the dollar devaluation of 1971 
and 1973 was. as the chart 
shows, partially reversed in the 
year that followed; and has re- 
sumed again only in the last 
year or so. Now, however, U.S. 
competitiveness is improving in 
a big way and Japanese costs 
are rising in international mar- 
kets to a totally unprecedented 

This does not mean that the 
dollar will cease to fall. The 
big new feature is a desire for 
portfolio diversification out of 
the dollar by private and official 
holders of balances, including 
petrodollar holders. The net 
external liabilities of the U.S.A. 
have doubled since 1971 to 
Teach well over $100bn. By 
comparison Germany has prac- 
tically no such liabilities 
officially recorded. This is 
hardly a stable position and the 
D-mark is likely to come into 
increasing demand for reserve 
purposes, as too is the yen. 

The rise of the D-Mark as 
a trading and investment 
currency has been analysed in 

an Araex Bank Research 
Paperf which shows that 
many European exchange rate 
changes follow closely those of 
the D-Mark. The general 
pattern, typified by the French 
franc, is for the European 
currency to rise with the D-Mark 
against the dollar but by a 
smaller amount. The Swiss 
franc is a deviationist, as it rises 
more than in proportion to the 
mark. The UK (and pre- 
sumably Italy) are outside the 
bloc and go their own way. 

These relationships explain 
why the depreciation of the 
dollar against the D-Mark has 
been so much greater than the 
weighted average shown by the 
indices. (Similar considerations 
may apply to the yen wbich is 
not in the Amex calculations.) 
They also suggest that exchange 
rate changes will reflect inflation 
differences much more closely 
within each bloc than between 
the key currencies themselves. 

There is undoubiediy some 
rate for tbe dollar at which it 
would actually attract specu- 
lative interest and at which 
portfolio diversification would 
stop. But because the relative 
strength of the different key 
currencies are so much more 
affected by shifts of financial 
investment than by trade flow*, 
they can drift quite far apart 
before corrective forces come 
into play. As a result visits 
to King Ludwig's Bavarian 
castles may become prohibitive 
for American tourists, while 
hosts of German-spending 
visitors may line up for bargain 
price tours of tbe Rockies nr 
Manhattan. It seems a small 
price to pay for the continued 
free flow of world trade. 

Samuel Brittan 

■ FhKHuia FTMiwic Ru its. by J. R. 
Amu ^nd A. D. Crockett. Int. Fannie 
Siviioii. Dcpi. of Economics. Primeinti, 
New Jersey. 

’The Eumpcnn f'lirrmcif Blw. Economies 
Unit. Amex Bank. 120. Moontate, Lnmdna, 

e*::p 3.1 v. 

Letters to the Editor 



Texas Instruments, has not so on August 7. There is one his- there appears to be no discus- at LjiGObn— half that quoted for 

far had a distinguishea record in luricai point, however, that t sion of the issue in the report the suspension bridge. If the 

MOS which is the 1C technology would like id take up. which may and accounts. Hagan Government ■ has the 

upon which most ofcffie future be or interest to your readers. The lf » vear oli ,. itv nf , ervif>< , means to mobilise LLOODbn. tbe 

r r ..... a raster- hopes in memory ami micro- In Professor Edey’s article, he ficures are Given bin in a wav in money would seem to be better 

™ 'i ??£* „„ All ,„ fct P mesaors are pinfwjd.' In any ref rs to y Po,t Oflu> having Sh tike is wmpared iilb allocated to the installation of 

l? ,s letter on August event, its IC operations in fuIJowed the practice of provid- un ijL- e i< may h- dtin'-iiit m a submersed buoyant tube bridge 

3 _ Dr - J lack,nlysh f pt?n J s0 '“ ucl J Europe have not generally in- in? extra provision in the the Spires but ” here ° solution, thus le^lng 1-aOObn Tor 

fffuri defending himself against eluded rau.-h advanced /research accounts to cover the replace- ' whv footnotes should oth ® r of benefit the 

Mr. Toman (July JS) DM he work, which « a key factor in mem of assets since It became a Sol be n’rav-JdeH lUshowln which area, and helping to allav the 
almost forgnt to answer the thia rapidly advancing te<h r mimhiim in f™. ih» on! n P ?ro\.ae* to snrm m wtucb u _, c 

basic question about the role of no iopy. 
multinationals in the field of The po-nperaltotf betw 
mu-roelectronics. ‘ Matsushita ana. Philip* tn win 

Tim integrated circuit industry Mp XoclllaQ refers- : has h„.. _ lJu . ... 

i« of an increasingly huge scale. nnl hinq to do with, nr dft-it mi. nnnvrr with some refinements exp , aInpd • the*mo-t eronomical solution 

■■I which the Ininps ; memory ts any ra u.TQcleviront«< 'ptoducts. ev ‘^ r ,.r ince :- - . .. t>v means of a proper 

bin .1 -mall part, It ts capital produced Uv Philip^ Although fh*-f»i*st OITk-c was There i? no ready indicator of d * ** 

mionsivp and the tecbnolrmv p .... .1 .... J... , a 'Government deoartment un postal produertvity. It would be ^lnh%te-nnan er " 


End Lnne, 
r, Surrey 

experience Iinw ure m.uauauv- ni'aitliif-l c 
tillers to come down the learn- , nr „ Pn „,, nn « m , rk - P , » 
me curve and further reriucp his e _ a n .?“ £ hanfev.* with 

cosi^. To produce on n world a f ! ll<;arion dsd 001 recommence five back numbers of reports if 
•s,- a !c it t* necessary to sell on until the a.-rounts for 1947 -IS. they are lo obtain a trend. 

lorv requiremeni was suspended for themselves from two separate 
neea T during tbe war. and formal pub- sets of figure* and from at least 

•lai n is iirvviam/ m : n . u _ n I 

worJd scale; Ihib iR a job for ‘ 

L-ammon fallacies jije accounts for the intervening Finally, there was no under- 

v. hicii inuitinatioDals are ideally a *" e thejassumption that there £ years were prepared internally taking given to produce interim 

UBffnnllcd supply of such anri nur tennis for ! 94647 show reports and i 

Chrysler and 

Mined: indeed it might be 
areui-rt thal one has in be 
nuiltmaininul hi order to 

B men-fwhich there is not. and the that 
* the first 64 K HAM to VPnr 

quarterly statements * r0,n Hr. T. Shtfrpe 

a dpci*'inn was taken in that for al! the hiKinessu'- in the P*si Sir.— ^Speculation th3i Part II 
mr to make additional deprecia- Office. Tiie-e would not be expen- of the Industry Art, 1975. could 

the UK: if it was io do sb ^P^. wjwh Post - Office surplus /after chars- 29. Sackcille Street, 

The Straits 
of Messina 

rxnrrli^c as a failure of th& tu rers - «fiil not have to worry offset by £2m loss on telegraphs. 

is m a»&uuc that wei tan unduly atjout its marketing j r j. a ^ n intprosluiL’ that the 
In* an iurtcupiidcnt norjd power oreanisatmn. arvnunt* fer that year -how that 

tn every Add This jingoistic _ J*? e . n ti J cr approach is the p os j Office capital expenditure 

thinking could be expensive but G LG ^ Fairchild joint venture on plant, -ties and building From Mr. Ft. Sherman. 

ir. probably harmless enough which will no doubt be fnllowed (mainlv Tor telephone work) cj r Your issue Aurtist 9 

when associated with such by other miiiaiivcs front the amounted to just over £1 4m. This * ’ * 

invtal sums as E50in- .ttbB other two British companies, j s i n striking n»ntrast tn the 

article by Messrs. Hunt and Gar- 
neu on August 14. is misplaced. 
For the Government to seek to 
prevent an undertaking in 
another EEC member state from 
estaoiisbin? itself in the United 
Kinsdom 1 would be a breach of 
.4 rides 52-58 of the EEC Treaty 
Thc*e Articles prosrrlbc any dis 
i*r \ mi nation, any inequality of 
trejfment between undertaking" 
of a particular member slate and 

•* cSSdl report f”™ .*#*«'« **> 

'<■ 3 bout the ot the 1"' LSKS L 

ing an attempt is being made the more British orsanisatipns 

in "n Tor the world market; the i-oinpoiimf on a properly 

t.Thn«»l«Ry Is advanced. 1 There financed basis; the better will be WL-i fl. Q 

me. however, some fundamental ihe chance of a successful and ft Hal lilt. 1CJJU11 

<< :hm ion" tq he answered: bow viable • British capability hi this 

bridge design developed by the inoustry Bin the Government 
** Messina Bridge Consortium." tnoiynt ^ differently fsee Mr. 

v.iil the company operate world- vital micro-elect ronirs industry... 'pnVPrQ 
wide: what is' ..’tbe planned A. J. Brown. vvtvio 

market .-Jiare: what competition .UtTrcarr., 

I., expected from rival com- 3 Donalrksmt t><T»n»*nx, 
wbu already, have the St. Auiirctra. Fife. 

>awc technology, cuRtotucr «m- 

i.icLs worldwide- and oxtenkivc 

Ur. Stackin tosh., w sms to- -build Red Grouse 

V a “Silicon Island" .with emt ■ 
money. Let us- hope, that his 
(‘reams do not disinlcgfate. 

* ' A. KwsTer. -• 

” Graft Rihid," 

ClicatPe Htifinc,.- 
Chendhi. iUiJuliirv. 


F rom Mr. Mormiey 

I submit that reports of the Kauf.-nan's speech at Vol. SB4 Hf" 
birth of this particular project D cu - cols. 1347-3) and slated that 
are cxagEerated. The 1969 com- lhe . , 7 I *F r, nitnatinn inherent tn 
petition held hv the Italian Gnr- prwwiitiqn orders was discri- 
ernment tor designs for a cro5«- in m a. ion .on the grounds of resi 

From flte Executive Director, 

■Mail Usi'rs Association 
Sir. — Mr. Waterhou-e’s lelter were for 
- - ' of August 7 was a welcome ex* virions 

■ pla nation of the Post Office's for the design sumnineo oy my ‘ >""* 

. . . poliev on depreciation. The c*m- company for a aovet type nf sub- e o f argument. 

a?rvativc approach of ihe Post werqed buoyant tube Dridpe. The point is. in fact, an elemen 
Office ha? been or some benefit to Tbe statement in Mr. Betts’ :ary one. Some recognition nf the 
customers in ibal it makes for a article that there is no viable fact of the UK.’s membership of 
better controlled investment alternative to the single-span the EEC could have been made 
' policy. One can well imagine the suspension bridre is Inst not in tne/ext of tbe Industry Ac« 

eminent aesians vor a emss- * <■*« 

mg resulted in '.he award of six dencc not nationality— as if lhe 
equal first prizes, five nr which “"ect would be any different, 
for suspension bridges of nc.erence to the recent cases of 
is tvpes. and the sixth was Thief ry (1977 EC.R TfiS) and 
for the design submitted by my Patr:rk (1977 ECR IlS^i would 

A volatile 

i- xbon of a few mtnnrco miiitnu mcnr of tis design, tnere remain tnc we are w 

iut threra nailers tfe's pounds needed to replace assets enormous doubts about »be feasi- Thomas Sharpe, 

o'k fnnd is vecctabfo' Wktrit had reached the end of hiJitv of a suspension bridge fn*' /-iduerfioiise, 

animal The* bSrs thelr working life. which would have a span nf Dundee. 

-;Only about 
Red' Grouse's 

r .SffP will" nearlyaf ways show lot® Many of tbe attitudes to the more than double that of The 

From Mr. A- prqlpn of berries— whinbcriy. cowberry. Post 'Office's profitability arc ■accesl yet built and m addition 

5tr. '~ T1wtie ore obvious bearUeyry j, nt j others. And / if ambivalent Although the pricef ar ^ 3 r 8 f :]f^>'^ cm. Nostis- 
d ms^rs in tryfns to compress they »ei in amrmg stnoks of b»iv inerenaes of 1975 arc the pennon brut^j-eT bmi! m 

an enormously complex problem oats ibcy li have those (too, doip m ant faclor in the turn 


min the spare allowed one fn a Thirv don't have to have heather rrrniid of tbe corporation it is a railway, be 
11aiion.1l newxpapur. Thai ‘he at pH, . v Purely unfair to castigate the dynamie 

future of the' UK setnVcnndnvtor \Vh a t FT real!*' needs a. Post Office fhr being a low-maker lt is 

iinhtsiry ts complex cannot 
doubt, and 1 suggest that 
Mvsi-is. Toeinan and Mar 
r Aitpusi tut have overrimplifled EvUtTiinil Morenc^ 
H.r prchlem to a considerable 3% Plymouth Riwd. 
degree tn commenting on the pemrth. Gtamaruun. 
mows i*f Dr. Macktntosb (August 

Let us lnot at a few facts: 

The present arkoowicitpud wnrld 
leader?, in the m«al osWe sHictm 
(MOSj pivinorj' business ere the 

world ot anv significant span car- 
railway. because of the 
loading prnh- 
hie iq delicti 

The tran?ia- From the Chairman, 

Town centre 

Post Office 

"Time to 

could be reduced by .changing *f * more economica! solutinn 14) the statement that 

llw basis of the depreciation ex ' i 7 s - - -oilier hypermarket groups 

• policy. More important, the focus The rost of the suspension appear leas willing to forego the 

• On lhe profit and Iom issue fnj» de?cnhed is eiver. as traditional hypermarket concepl 

. diverts attention from some mat- Li.onobn. Since the location of 0 f development 00 t {j B eI jr, e 0 f 

lers which need examination and 'he bridge is such as 10 require l0VfD ~ is ceruinlv not true of 

- continent- expensive access roads and rati international stores. 1 suspect it 

The prndactivity rertird, P»- ”1* J?.’"" !? "“1 ISSfe « the other 

U.S. companies Mostck and Inlel. . -,r^,u«. ticu!arly of posts." Is “still ’ poor. prooaD, - v - oe fflKD OIgfler . groups named in tbe ariicle but 

and the Japanese companies ^“^W. Sich of such pri 

cannot speak for 

probably .be much higher. 

o.,„ ,,.v — i - v - rt.v«rt«ru , M ywu w, ouw.. progress as has . My company’s solution— what 1 obviously 

Fujitsu and NEC. No European g* Finance cifd wws — majJe appears tD havc been is effectively a tunnel through them. . 
company has- yet provided “«wwnp. tUe Post usjice -largely at the expense of ser- the water— enables us to relocate Certainly we have a fine record 

eflWluc couipotitffin lo lhe.U*$, - Sir.--] was very pleased to read vice, and therefore, not a produc- the crossing further south, where of working wiib local authorities 
semlcondurtor • companies in Professor Harold ftdey's article, tivity improvement in real terms, the Strait is wider and tbe water to develop town centre super- 

“. standard" integrated rireult (August 9) about a proper basis "" " ■ ’ - * * • - - j ' " * 

priHlucts, except in the case of for accounting for inflation . m 
ic r lain consumer linears. ihe state industries Professor 

(Flullps . ackaowledfeed. . this EdcyV views are very inuro r n — - — — - - _ . -. — 

wveral vears aqo by piircbusing line with timse expreisca oy non of such a system is funda- also been vetted by independent nf ^rironruent 
then H ing about No- 7 -Frederick Waterhmij.-e, our mental, to the longer term pro* enmpi*»eni authorities and found Lassrenee Hill, 
m ihc'Aineric.tft 1C league.) finance member; in this column pects of the postal sen-ices, yet feasible, it has also been costed Mure Square, EC3r. 


Bank of England issues details 
of UK bank's’ assets and liabilities 
and the money stock: and London 
dollar and sterling certificates of 
deposit (mid-July). 

London Chamber of Commerce 
Top Secretary of the Year award, 

09. Cannon Street, E.C.4. I p.m. 

Edinburgh Military Tattoo 

opens. Edinburgh Castle (until 
September 9). 

OFFICIAL STATISTICS flrmin*'*' Wnnrfliniiu V.j 

Consumers’ expenditure (2nd mEnc^l ^ d 

quarter, 2nd preliminary esti- D™ ,n *s ) . 

mate). Building Societies COMPANY MEETINGS 

Allied Retailers. Strathallan 
Hotel, Birmingham, 12. Carclo 
Eneineerins. Queen Hotel. Leeds, 
3. Greene King. Theatre Royal. 

Today’s Events 

National Trust; Danks Gowerton: 
A. J. Gelfer; Norton and Wright 
Group. Interim dividends: 
Albright and Wilson; Corah; 
Evode Holdings; First Scottish 
American Trust; Lea Service 
Group; Needlers: Rea Brothers: 
Royal Dutch Petroleum: Royal 
Insurance: Shell Transport and 
Trading; Transport DeveoJpment 

survey, 5 per cent sample survey 
results (2nd quarter). 

Pina! dividends: Capital and 

Bury Sl Edmunds, 12. Scottish 
and Newcastle Breweries, King 
James Hotel. Edinburgh, 12. 
Symonds Engineering, Great 
Eastern Hotel, E.C., 11.30. 


English National Opera give 
final performance of The Magic 
Flute. Coliseum Theatre. W.C.2, 
7J30 p.m. 


Grenadier Guards band concert, 
St. Pauls Cathedral steps, noon. 

Cricket: Young England v. New 
Zealand, Leicester. Golf: Junior 
home international (women), 
Largs: Irish professional cham- 
pionship. Hermitage. 


( Incorporated in the Republic of South Africa) 


Group Turnover 

Unaudited Group Trading Profit before taxation ... 

Minority Shareholders' interests in trading profits of 

Group's share of net income, after taxation, arising 
out of its interest in the Oceana Group of Fishing 

Preference Dividend 




Group — Excluding Oceana ; 


e Months 
ft '000 
353 000 

6 Months Audited: 

ended Year ended 
30/B/77 31/12/77 

R‘000 R'000 

250 000 551 000 

22 440 

15 701 

6 057 

33 677 

13 873 


20 S21 




12 193 

9 574 

20 438 


2 754 

3 253 

14 293 

11 328 

23 691 

12 677 


22 375 

11 134 105 

11 055 095 

11 056 095 









t 30 

s of associated companies except 

included in total group earnings. If the undistributed profits of the associated companies 
■»n«*i res P e £f of , ? ie,r l alest trading periods, covering six months, and in which al lc-ast 
20 « of the equity share capital is held, are taken into accuunt, the above group earnings 
in respect of the period under review would amount to 130 cents per ordinary share 
(six months ended 30th June. 1377, 109 cents) 


The above statement of group profits includes the attributable earnings of the 
Adcocb-lngram group of companies for the six months ended 30th June, 1978. 

Tbe Group turnover of 353 000 000 excludes sales of associated companies, whose 
turnovers totalled approximately 304000 000. 

Commitments for capital expenditure at 30th June. 1973, amounted to approximately 
100UQ0Q0, which will be financed by retained earnings, 
term borrowings. 





During the period under review, th e company acquired tbe entire issued share 
capital of M3geu Number One (Proprietary) Limited (formerly R. & B. Holdings 
(Proprietary) Limited). 

Notwithstanding severe competition being experienced in certain areas of activity, 
it is nevertheless anticipated that the present rate of growth will be maintained 
for ihe six months ending 31st December, 1978. 

On behalf of the board 
D’ O. BUCKINGHAM 1 Direclors 


NOTICE IS HEREBY GIVEN that an interim dividend (No. 67) oF 25 (Twenty-Five) 
cents per share has been declared payable to shareholders registered in the books of 
the company at the close of business on the 22nd day of September. 1978. 

The dividend is declared in lhe currency of the Republic of South Africa, and 
warrants In payment thereof will be posted to shareholders, by the company's transfer 
secretaries in South Africa and in the United Kingdom, on or about the 2nd November, 

Registered shareholders paid from the United Kingdom will receive the United 
Kingdom currency equivalent on 24tb October. 197S, Df the rand currency value of tbeir 
dividends (less appropriate taxes). 

- Th . e . n 2 nsf . er b00ks and registers oF members will be closed from the 23rd September 
to the 6th October, 1978. both days inclusive. 

The effective rate of Non-Resident Shareholders' Tax is 15%. 

By order of the hoard, 
H. YUDELOW1TZ, Secretary. 

Registered Office: 
loth Floor. AVeshaok House, 
222, Smit Street 
Johannesburg 2001. 

16 th August, 1978 

United Kingdom Transfer Secretaries ; 
Charter Consolidated Limited, 
Charter House, Park Street, 
Ashford, Kent TN24 SEQ. 




Substantial progress on 
all fronts for UDT 


' Financial TIiom Thursday August 17 1978 

ahead 15% 

A GOOD DEAL of progress has 
been made by United Dominions 
Trust in the year ended June 30. 
197S. Profits before tax advanced 
by £4.8m to £i7m, the “lifeboat 
support" is now some 1200m less 
than its high point three years 
ago, investment sales realised 
£14m. and the property lending 
portfolio was reduced by £23m. 

The dividends on ail classes of 
preference stock have now been 
brought up to date, including the 
payment of two years' dividend 
on the fourth stock in one year. 
Total cost is £13m. 

Mr. I*. C. Mather, the chairman, 
says the satisfactory increase in 
profits stems from a " remarkable 
improvement" in group activities 
at home, where instalment and 
credit and refated activities shoe 
up from £2.1m to £14 ,4m. But 
for problems in South Africa and 
Australia the profit would have 
been much higher. There is this 
year a £3J3m loss on overseas 
trading, compared with a profit 
of £t.4m in 1976-77. 

The final outcome, nevertheless, 
records further substantial pro- 
gress, with a welcome addition to 
reserves and a reduction in fund- 
ing risks and other contingent 
liabilities strengthening materially 
the balance-sheet position. Earn- 
ings for the ordinary were 
improved from 3.2&P to 6.41p per 
25p share. 

Mr. Mather says despite a sub- 
stantial increase in UK lending 
book, UDT I las again reduced 
the extent to which it relies upon 
the support of leading banks, 
headed by the Bank of England, 
now some £200ra less than its high 
point three years ago. "Their 
continued co-operation is invalu- 
able and we are thus assured of 
the availibilty of funds for our 

There is ample evidence of 
increasing public confidence, with 
other market deposits at a fresh 
peak and a continued expansion 

of the spread of depositors. 
Available resources have been 

improved by the sale of invest- 
ments in Computer Leasings and 
Henry Wififall and Son. realising 
£14.0m. The funds released are 
being employed to greater advan- 
tage in home group operations. 
The sale of UDC Bank in South 
Africa has relieved the group of 
relatively large funding obliga- 





Profit before tax 



UK Insialmt. credit, 



Other flaaPL-ial services 



Property advances ... 



Vehicle hire and motor 






Property consul, loss ... 



overseas loss — 



UK lajc 



Oversea las 


jtinorliy loss 





Esi ran rd inary oeitni 


Preference dividends 


Re tallied 

* Profii. Prior years 

£2.Im an.lXDI 

and current »«r CJ!ni;. 

The overall result of the 
transactions in South Africa so far 
as UDT holders are concerned was 
a loss of fl.lm in addition to 
writing off Lhe remaining goodwill 
or £12m. UDT now has full con- 
trol of the remaining assets in 
South Africa in respect of which 
provisions of £3.5m have been 
charged against group profits. 

The increase In UK instalment 
and related activities was the 
product of a significant increase 
in new business and lower money 
costs. Traditional links with the 
motor, motor-cycle and caravan 
trades in providing finance at the 
point of sale have enabled UDT 
to increase materially the amount 
of the instalment credit and 
leasing portfolio. Benefits derived 
from the removal of statutory 
restrictions relating to deposit 
and repayment terms for motor- 
cars purchased For business use 
have applied throughout the year. 

The quality of business trans- 
acted throughout has much 
improved with a “marked reduc- 

tion" in the leael of errors and 
defaults- ... 

Mr. Mather stresses that with 
around 75 per cent of instalment 
credit portfolio lent at fixed rates, 
the cost of money is an important 
fact oroffecling profits because 
margins narrow as interest rales 
rise and widen to benefit UDT 
when they fall. The duration of 
higher market raves and tight 
corset controls remains to be seen, 
but they will certainly affeci UDT 
in the current year. The flexibility 
of rate structure and concentration 
on speeding the turnover of the 
funds available will reduce Lhe 
impact of higher money costs. 

Excellent progress has been 
made in reducing the property 
lending portfolio by £25. lm to 
£fi6^rn and it has proved possible 
to bring f lm of surplus provision 
back into profits. “ We still suffer 
fro mthe annual burden of unpaid 
interest which has to be carried 
but this is steadily reducing. Our 
portfolio is now dawn to sensible 

Turning to operations in 
Australia, Mr. Mather says the 
property market was depressed 
and UDT had no alternative but 
to render appropriate support in 
order to maintain the viability of 
the main business of the quoted 
subsidiary. United Dominions 
Corporation. The parent, UDT 
(Australia) Pty. has purchased 
certain property developments 
from UDC at cost, and given 
indemnities against • possible 
losses in respect of its remaining 
property joint ventures. Accord- 
ingly. provision of £3m hare been 
charged to group profits this year. 

With those steps the interests 
of UDT and the minority holders 
have been protected. UDC “-can 
now concentrate on the normal 
trading activities In which it has 
long specialised and we can expect 
a return to a more satisfactory 
level of profit.’' 

See Lex 



Col. Company 



Arcolectric . 


1 Mooreide Trust 



Barrow Hepburn 


4 NEI Africa 




8 Olives Paper Mills 



British Aluminium . 


6 Regional Props. . 



Dreamland Elec. 


7 -R.TD. 









2 T 

2 Stanley (A. <5.) 

20 ; 




3 Tube Invs. 



L tc G. Pens. 


4 Utd. Donms. Trust 



London & Lomond 


7 Webb(loseph) 



Melody Mills 

- 20 

6 Wootworths 



Moorgate Merc 


2 Worthington (A. J.) 




to £3L4m at half way 

BHG passes interim 
to save cash 

Strong recovery trend gives 
Regional Properties £l.lm. 

FOLLOWING the turnround from 
los«es of £168.000 to a profit of 
£453.000 at midway. Regional 
Properties recovered further from 
£6.626 to £I.06m in the year ended 
March 31. 197S, 

Earnings per 25p ‘hare are 
shown at 3.2 Ip against a 0.24p 
loss last time. The final dividend 
is 0-tip making a iota) of l.lp com- 
pared with a single 0.6dp final in 

In their interim report, the 
directors said Dial following the 
resumption of interim dividend 
payments, progress was such in 
the second half that a piiuilar 
par-mem to the Q.5p interim was 

Rent and other Income after 
expenses for the year amounted 
to £1.9m against £2.02ra. The 
profit is after much reduced 
interest or £837.166 i£V.02mj and 
before tax of £467 ,261 against 

1977-7 ltrS -77 
£ £ 

Rem clc- income .. . I.90I.K6& 2 
In:.- rest payable . .. VJT lofi :.i»lfi.4»s 

Prom 1 .DMJB 2 b-Ut 

Tj\ ;.t.:.i’i 

Ncl prof* i 4i4.S.w .'M.4AH 

\i*l ink-rest' 54 j iiJ ."'iftHl) 

r.xiraordinury crrdils; lJ.lii.G5i) -31-45 

i'. red ii balance 1JH3.321 'iSIia 

To capital rnerve! .. 1.13K uso CM iti 

Surplus »or year 593.341 *44 31 7 

Dividends ... SW->I2 V-ViTHI 

Increase in retained ... 'IM.I-la 

* i.oss. ■ AndiniUioiiuss on development 
propertied . Mur tux credit Dj- 
■ EM.<12-. t For net mteren and out- 
fimngs on develop, properties and extra- 
ordinary Kents. r . Decrease. 

A prorcs?iotia] valuation of all 
commercial and development pile* 

has been earned out as a-t March 
31, 1978. Except in the vase of 
one small development site where 
existing planning convent has 
been taken into account all 
valuations arc on an open mar- 
ket existing use basis, the divi- 
dend says. 

This valuation together with the 
book value of the residential 
properties which were not 
revalued requite din an aggregate 
figure of 132.76m and produced 
a surplus of £l.4m over book 

An "alternative use value of 
the site- at Ealing; revealed a 
further surplus in excess of £2m 
which has not been taken into the 

Based upon the former figure 
balance sheet 31 March 31, the 
net asset value per ordinary and 
“A ordinary share was. at that 
dale, ll(Up. Taking account of 
the con ver table debenture stock 
issued since the end of the year 
the diluted net asset value per 
share would be lllfipS 




Mr. Julius Silman. chairman of 
Moorgate Mercantile Holdings, 
told shareholders at the AGM that 
directors had given much con- 
sideration to the problem of con- 

strains upon development, which 
he referred to in his annual state- 
ment, that the agreement with 
Commercial Credit Services 
inevitably imposed upon them. 

The directors have concluded 
that, despite the deed of variation 
recently entered into, the best way 
of regaining total flexibility was 
to replace the outstanding in- 
debtedness to Commercial Credit 
by some less restrictive form of 

The chairman said that this had 
now been achieved and arrange- 
ments far the replacement of the 
outstanding indebtedness, amount- 
ing to some £970,000. had been 

The newr funds bad been pro- 
vided by facilities offered by 
Lloyds and Scottish Finance 
Group and Forward Trust. The 
facility in the case of Lloyds and 
Scottish was secured upon instal- 
ment credit agreements and the 
underlying merchandise belong- 
ing to the company previously 
called Moorgate Mercantile Com- 
pany. but which had now been 
renamed North Herts Finance 

The facility granted by Forward 
Trust was secured by a charge 
upon North Herts Finance Ser- 
vices. In both cases the facility 
was oF a continuing nature and 
guaranteed by the parent com- 

Additionally. Lloyds and Scot- 
tish was providing a facility to 
finance business which was cur- 
rently been written in the name 
of .Moorgate Mercantile Holdings. 


THE INTERIM results for Barrow 
Hepburn Group are restricted 
to trading figures only, although 
there have been major sales and 
potential write offs during the 
period. For that reason the real 
clue to the company’s perform- 
ance lies in the absence of an 
interim dividend. 

Shareholders had been told at 
lhe annual meeting a$ recently 
as April that the company, which 
passed its final dividend last year, 
should be able to resume a normal 
pattern of dividends this year. 
Indeed. Professor Roland Smith, 
the chairman, encouraged share- 
holders to think that the interim 
for 1978 might be adjusted to 
make up for "some of the divi- 
dend lost in 1977." 

That is now not to be. Instead 
the company expects to recom- 
mend a single dividend of 1.3p 
net for the year as a whole, com- 
pared with 1.375p last year, and 
3.25p in 1976. 

Yesterday Mr. Richard Odey. 
the chief executive,' admitted that 
the company might have made a 
" mis judgment over, the divi- 
dends.". The Board now thought 
is prurient to conserve its reserves 
in order to reassure the group’s 
shareholders and bankers, particu- 
larly in the light of the unease 
creased by the possibility that the 
losses at Schrader Mitchell and 
Weir might involve fraud. 

He did stress, however, that the 
company was still technically 
able to pay a full dividend. 

In the meantime the. company is 
taking legal advice as to rights 
against third parties involved in 
the Schrader affair where the 
maximum exposure, is now 
thought to be £tlm pre-tax. of 
which £lm provision was made' in 
last years accounts. 

The year end figures will also 
he affected by the performance of 
British Tanners Products in which 
Barrow and the National Enter- 
prise Board are now partners. 

Mr. Odey said that it wax not 
the group's practice to include 

associated companies in the half- 
year results. However, “BTP is 
expected to show a small trading 

profit for the year, but its 197S 
results will have to reflect the 
rationalisation costa being 

Barrow's share of these costs is 
thought likely to involve a further 
£Lm or so write off in the year- 
end accounts. 

On the other side of the coin, 
however, the final figures wlD also 
include the £8004)00 Barrow will 
remit to the UK following the 
flotation of the NZ bide exporting 
company in which it will retain 
only a 40 per cent interest. 

There will also be tbe dealing 
profits from the sales of the 
investments in Weston-Evans 
Group (which netted the company 
£200,000 profit on a £1.4m sale) 
and Yorkshire and Lancashire 
Trust which was sold for a price 
believed to be around £650,000. 

Meantime, at the trading level 
profits for the 6 months to June 
have increased from £1.63m to 
fl.Sm. After ta x ea rn mgs were 
£850.000 against IT2S.000. 

The main element in tbe profit 
rise was a “ better than expected n 
improvement in the chemicals 
division, Mr. Odey said. Chemicals 
are now producing slightly under 
half group profits and margins 
and turnover both increased 
during the period. 

The upturn was due to a 
recovery in France where the 
branch has performed almost to 
record levels, to the fact that the 
plant in Georgia is now on stream 
and to the reduction in start up 
costs m Hong Kong. These had 
been very heavy last year but 
reduced substantially in the first 
half, and by the year end it was 
possible that these costs could be 
pulled back. Mr. Odey said. 

The machinery division, how- 
ever, rem ains flat and the y*od 
order book referred to in the 
chairman’s statement had not pro- 
duced any profit improvement 
during the period. 

IX THE first she months of 1978, 
profits before tax of Tube Invest- 
ments rose 15 per cent tp-£3I;im 
from increased TerternaT Sales- Of 
£445. 4m compared with £39S.6m. ; 

Prospects for the rest .of. .the 
year are for little change la 
general business conditions, Mr.! 
2. S. KeEett,; the chairman tells 
shareholders.. However, continu- 
ing Improvements in efficiency 
and competitiveaes should enable 
the group to maintain the rising 
trend of profits. 

Last year the- pre-tax total was 
£35_2m on sales of £79L8in. - 

Earnings per £1 ordinary stock 
are shown as 38£p' .(4230).-. -The 
interim dividend is increased- by 

the ' maximum permitted — from 

9.S29p to L0.973p and following the 
redaction in ACT, a supple- 
mentary final dividend of OJBSnis’ 
recommended for 1977 raitirig Iast : 
year’s total from 20A53p tto 

A divisional -analysis'- of 
external sales and profit before 
loan interest shows; Steel tube 
contributed £l 53.1m (£133 .2m) and 
£S.4m (£9m); cycle £7l.5m. 

(£61m) and £2.4m (2.6m); 

domestic ■ appliance .' £7S.6a 

(£6L3m) and £3 -3m (£1.1 m), 

engineering £37 Jm (352m) and 
£4.lm (£2.Sm); machine £3Q.3m 
(£24ml and £0-8m (£02m): indus- 
trial electrical £2S .Im . (£2&3m) 
and £1.6m (£2.7m); overseas 

£48. 3m (£53.7m) and .. £2.-4m. 
(£2.Sm): and parent company and 
other companies 10.4m (£L9m) 
and £5.5m <£2.7m). 

Referring to the sale of 50 per 
cent of the equity of the; con-' 
sumer finance division to LlOyds 
and Scottish Finance, the direc- 
tors say TTs share of the profits 
oE consumer finance are Included 
in the results of associated com- 

> board meetings 

Tftfr Milo wins companies Woj w*** 
’riiiw 'of Board mccttoss to flic 
ExSawfe such awing* ire 
Suitor tbe purposes of eoflsIdcrtnB 
•dJvMends. Official lofflcatton * ar C not 
BMnSflB - urtieiher dividends concerned. are 

finds and me sutwUvtslons 
BAS* A ft « last 

sort mnetoWe. rowy 

- ^H nn- Mhririit and. Wilson. Corah. 

Serene. Neefflera. R« 
SSta*. Royal Pmch WrtiyfcJSgri 
irifflmock Shell Transport and Tradlna. 

BevSopracnt. Wwrttaw* sod 

^wlSc-visMaaied Tool ms. Coooer lit- 


■ Interims , „ g *n 

■Rmefco gZZ j4 

FrtadUnd Oossart 3*4 

Home of Fraser - 

•gE*T ^ * 

HflaTamT Mosccoo f Middle com... sew-=r 

Jenoane — 

■panies for 1978, whereas for 1977 
thC* 1 results or this division were 
fully consolidated. 

The figures tor both years are 
now included in “ parent company 
and other companies on the 
^divisional analysis. 

. Mr. Kelleit explains ibst the 
growth in consumer spending in 
the UK, combined with improved 
market share, enabled the 
domestic appliance business to 
earn much improved profits 
Demand for components and 
service equipment for the auto- 
motive trade was also strong with 
companies in this- sector con- 
tinuing their profit growth. 

There bas been no sign of 
general economic recovery and 
expansion in demand from tbe 
capital goods sector. World com- 
petition for steel products has 
continued to be severe, though 
the croup has drawn comparative 
strength from its selective 
position as a. specialist tube prn- 

dl Demand for aluminium has 
shown some recovery from the 
decline in the second halFaF last 
year, but the strength of the b.h. 
market has ^not been fully 
reflected in Europe. Machine 
tools demand has remained 
generally weak, except for 
numerically controlled machines 
for which orders have been 
increasins. , ^ 

In many overseas market'?, 
particularly Australia and South 
Africa,: trading conditions 

remained depressed and in others 
competition was intense. Never- 
theless TTs direct exports from 
the UK reached £S8m. an increase 
.of 18 per cent In value over the 
first half of 13/i. 

Depreciation — 

Tradloe profli 

Associate* profits 

Proportion BA sroup . . . 

Interest, etc 

Loan Inion-st parable 

Front before ux 


Nor profli minorities 


Extraordinary debtor 

ProJil balance 


Restated. - Losses less profits on 
disposal of subsidiaries and losses on 
redemption of Swim franc Loan. 

SIT monitor 

- 1.17S 


fin . 





V. 1 



27 7 


5 2 









r j 



l 2 

1 4 





19 3 



4 S 

See Lex 

British Aluminium on way back 
to growth path as demand rises 

A. G. Stanley well ahead 
at £0.75 midterm 




Interim Report 

Six months ended 31st July, 1978 

12 months 

-6 months ended 




31st January, 




1978 1977 






TURNOVER (including value added tax) 




Deduct: Value added tax 




TURNOVER (excluding value added tax) 








Deduct: Depreciation on fixed assets 




Interest paid less received 




Add: Investment and rent income 

Surplus on property disposals. 




excluding sales and leasebacks 
















Deduct: Foreign currency differences 




Add: Extraordinary Items 







In the second quarter tumoverwas 14.7% greater than the corresponding period last year. 
This has produced an increase in trading profit which has more than recovered the 
£1 million shortfall in the first quarter to give a slightly Improved result over the six 

There has been an improvement In the net cost of borrowings reflected In the £1.2 million 
lower interest charge. 

The profit for the six months shows a 25.6% increase over the corresponding period for 
last year. 

An interim dividend of 1.225p <1377: i^2Sp) per ordinary stock unit will be paid on 
6th October, 1978 to stockholders on the register on 4th September, 1978, the cost of 
which is £4,631 ,000. 

Wool worth House, 242/2*6, Marylebono Road, London NW1 6JL 

THE DIRECTORS of A. G. 'Stanley 
Holdings, home f decorating 
materials retailer, report pre-tax 
profits well ahead /from £503,518 
to £748.074 for the six mouths to 
July L 1978, on .'/turnover up by 
12.92m to £10J3nL 

They srate that the second half 
has started satisfactorily and are 
confident tha£ the full year’s rc- 
suls will show further record 
growth. Profit for the whole of 
1977 rose from £0.93 m to a peak 
£Lllm. • 

After first half tax of £367,830 
against, £227.300 earnings are 
shown/as 5.4p iS^pl per 5p- share. 
The interim dividend is effectively 
stepped up to 2p fl.67pl net and 
dependent on the final results, 
the directors say it should be pos- 
sible to substantially increase the 
final payment. But, they add there 
Is a possibility the will be 
restricted from doing so— last 
year's final was an adjusted 


• comment 

Sales at Stanley were running 
about 45 per cent higher after 

three months but since this 
partially reflects the early Easter 
a slight slowdown in the second 
.uarter is understandable. Growth 
is now being maintained at 
around 40 per cent with the wet 
summer encouraging nwre home 
improvements. Demand for paints 
has been strong while wall- 
coverings hare once become 
fashionable alter number of very 
flat years. Stanley stores— average 
3.000 sq rt— tend to be smaller 
than those of Status and Home- 
charm and as such it is less 
involved than these two com- 
panies in the faster growing 
kitchen furniture market Never- 
theless Stanley is heading for 
about £i^m this year after 
terminal josses in Holland which 
would put it on a p/e of just 
under 14 at 138p. This seems 
a little high In relation to both 
Status and Homecharm although 
justified in a very strong DIY 
sector; sales should top Him this 
year growing to over £l{bn by 
19S0 and the larger combines are 
taking a bigger slice of tbe 

demand for aluminium has helped 
British Aluminium poll out of the* 
dip in performance seen In the 
second half of last year. For the 
six months to June 30, 1978. this, 
subsidiary of Tube Investments 
reports taxable earnings down 
fl^Sm at £i2.63m on turnover 
lower at £100.7m. against £1 08m. -■ 

Despite the slowdown in. the 
closing six months to £T0.I8m the 
group finished 1977 with total 
profit up from a high of H3,tm 
to a record of £24J9m. The 
directors now say that the .im- 
provement in demand . for 
aluminium la likely to continue 
into the second half of 397S. 
This recovery has been ..moat 
evident in the U.S. which accounts 
for over 40 per cent of world 
primary aluminium consumption. 
Although demand in - Western 
Europe has been slower to. 
improve it has been influenced- by 
the strength of the U^S. market 

UK consumption of semi-, 
fabricated aluminium in the half 
3 -ear rose 24 per cent from tbe. 
depressed level of the second half 
of 1977 but was still 10 per cent 
below the level recorded in 'the 
first half or last year. These 
fluctuations are greatly influenced 
by stock changes, and r it is 
estimated that there been 
tittle change in final consumption 
since the beginning of 1977. 

The group’s sales of semis have 
moved in line with the UK pattern 
but its sales of primary aluminium 
fell substantially in the. first half 
this time. 

The financial position of the 
company was strengthened in the 
half-year, by a positive cash flow 
and interest payments were cut 
from £2.S3m to £l-24m. 

The net interim dividend is 
stepped up to 20p (lop)— last 
year’s final was 20p. 

- Primary aluminium production 
at litveraordon was severely 
interrupted during the six months 
following a fire in the fume treat- 
ment plant and a severe blizzard 
which disrupted power supplies. 
As a result one line of the 
smelter had to be shut down com- 
pletely, leaving production at 
slightly less than half capacity- 
output is currently at 90 per cent 
of .capacity- 

The company has carried out 
extensive investigations, at the 
West Highland smelters with the 
aim of reducing the evolution of 
fume in the cell rooms. A project 
team is being set up to carry out 
a definitive design study for the 
possible reconstruction and con- 
version to prebake operation of 
the Lochaber smelter. Preliminary 
estimates indicate that such a 
reconstruction would cost in 
excess of £20m, the directors say. 


197S 1K7 

mao load 

Turnover 1W.705 107.971 

Trading proflt 13J44 1S.336 

Shares acoocs. loss 78 •404 

Interest ..i. 1/240 a.SM 

Pre-tax pram 12.626 13.906 

Taxr i.isv IJKI 

Net OTOflt 11.437 12.SJ3 

TO mihortdos l.U 9 113 

Attributable 11.424 12.749 

Dividend^ 2 / 2 X 4 1.673 

* Profit, v* Adjusted to reflect change to 
£018 for deferred lax. 

London & 

emerged higher at £284.713 
against £226,605 at London and 
Lomond Investment Trust after 
tax of £255.703 compared with 
£136.692.' Gross revenue was 
ahead from £532,160 to £624,110. 

Ba nting s are shown as 1.51p 

fljp) per 25p share and the net 
asset value is given as 106p (05p 
at December 31, 1977). As 

already announced the interim 
dividend is increased from 0.7p 
to lp net— last year's final was 
1.7p from revenue, after tax, of 




AFTER AN exceptional debit .for 
the March 31. 1978, year of 
£599,462 against a £362.664 credit 
last time. • pre-tax profits of 
Bremar Holdings, unquoted bank- 
ing and financial group, were 
down from £1498,616 to £779.516 
for the period. 

The directors slate that the 
company was adversely affected by 
exchange rate fluctuations, in 
particular through its subsidiaries 
in Switzerland. 

They add that activity in 
domestic banking, insurance and 
corporate financial services 
increased substantially during the 

I977.TS -197M7 
t l 

nprrarlnc pruBt j.Sts.sts 

Kwppnnal debir AMUR! *1£2.6M 

Profit before tax 7TOU L1W4U 

Tax 3 III. b 1 1 17S.HR 

Net profit 46S.3H.1 

To minority 4.B37 iae 

Retained 463.94K 1.E13J9 

• Rest au-d. t Credit. ; From. 


Roue and Pitman, Hurst- Frown 
sold for a discretionary invest- 
ment client 10,000 T. Tilling at 
133 jp. 

■join ! 


SEET improves by near 50% 
to finish at record £1.29m 

os- VI 


Joseph Webb on target 
with rise to £511,000 

STRUCK AFTER exceptional 
depreciation, publicity and other 
expenditure am minting. to 
£123.666, taxable profits of Joseph 
Webb and Co. advanced to 
£511,041 for the year 10 March 31, 
1978. in line with the midway 
forecast of not less than the pre- 
vious year's £454,928. 

Turnover rose from £2.66m to 
£3.26m and after normal depreci- 
ation Of £176,678 (£170,7041. 

trading profits climbed from 
£758.458 to £846263 split as lo: 
holidays and entertainment 
£457,223 (£622.970). property in- 
vestment £96.387 <193,9471 and 
estate development -£292,635 

When announcing a -£50,000 
drop to £237,763 in first half 
profits, the directors pointed out 
that certain negotiations in estate 
development were well in band 
and if as expecetd matured 
before the year end. a material 
increase In group proflu would 

They now say the level of book- 
ings for the 1978 holiday season 
has shown an improvement on 
the previous year and it is antici- 
pated that the increased capacity 
brought about by the acquisition 
of caravan park in Dawlish 
Warren and Paignton should pare 
the way for a further increase in 

The 1977-78 pre-tax result was 
struck after interest and manage- 
ment expenses of £335^24 
(£303,360), which included interest 
charges of OTS.432 <£18U9S7). 

Tax took £237,230 (£5S£32) and 
Included this time a £138.400 pro- 
vision for land sales. Net profits 
fell from £396,396 to £273,811 and 
earnings per 5p share from an 
adjusted 2.4p to 1.7p. 

On increased capital, the divi- 
dend total is effectively raised to 
0.538p <0.48 185p) net, with a final 
of 0.4067p— Mr. and Mrs. J. M. 
Webb have waived a payment of 
£150.000. A one-for-five scrip issue 
is also proposed. 

WITH CONTINUED progress in 
the second half, taxable profit of 
Scottish, English and European 
Textiles for the year to April 30, 
1978, leapt 49.5 per cent from 
£S62,322 to a record £l-29m. Sales, 
excluding Werayss Textiles— which 
was sold at the end of the previous 
12 months^-tvere ahead 27.9 per 
cent to £10.16m and the export 
content reached 52.9 per cent of 
the total. 

In January the directors had 
reported that the first half surplus 
was in line with budget at £561,000 
(£325,000). They now state that 
management accounts for the first 
quarter of the current year show 
an improvement on the same 
period last time and if this trend 
is maintained satisfactory results 
should again be achieved. 

The higher effective rate of cor- 
poration tax charge is due to 
provision for deferred tax in 
respect of the proportion of stock 
appreciation relief that is con- 
sidered unlikely to be maintained 

in tbe forseeable future. 

A net final dividend of 1.1718p 
tilts the total to 1.831Sp (l.Mp). 

Net grgoup borrowings at year- 
end were £794,242 (£960.475) and 
net tangible assets, at £2 ,05m 
(£±23m), were equivalent to 73.45p 
(55.54p) per share. 

The -disposal oC Wemyss had no 
material effect on the pre-tax proflt 
for 1976r77 as tbe group only 
received the proceeds from the 
disposal at the end of the financial 
year and, though Wemyss’ first 
half results were included in that 
period’s figures, the full year's 
saving of- interest on the proceeds 
would have been about the same 
figure, the directors comment 

• comment 

SEETs has a number of positive 
things! going for it at the moment 
The ■ textile Industry has seen a 
steady, swing away from syn- 
thetic to natural fibres and tartan 
and Harris Tweeds hare been 
very fashionable in tbe past year. 

This on top of the rationalisation 
and re-eqnipment benefits bas 
left full-year margins nearly two 
poims higher at 12.7 per cent with 
profiLs showing a 30 per cent 
jump. With home demand still 
fairly flat most of the growth has 
been achieved by a. big push ini. ] 
overseas markets: exports! 'A 

jumped from 45 per cent to 53 >y| 
per cent of group sales, in spite 
of a stronger pound. Most of ihe 
running was made by the 
Mackenzie subsidiary (nearly 50 

per cent nf trading profits) where 
exports increased from 09 per 
cent to S3 per cent of sales. In 
the current year an improvement 
* v* market as a result 

TJ S „ r consumer spend me 
should offset any possible setback 
in North America (a third of 
group sales) as a result of the 
weak dollar At eg p the sharts 
yield a moderate 4 2 per cent 
(covered more than nine times) 
an.® ^ could check the share 

pnee. Tbe textile sector average 
is (.a per cent. 

Late pick-up by Melody Mills 

Worthington falls below 
previous year’s record 

Profits before tax of A- J- 
Wo rUiing ton (Holdings), textile 
products maker, are down at 
£297,441 for.the year ended March 
3!, 1978 compared with Die 
previous- year's record £31L81p- 
With first half profits showing 
a slight rise from £148^00 to 
£151.200. the directors said that 
allowing for Inflation, last year’s 
record performance was not main- 
tained owing to a decline In home 
demand for some sections of the 
group's business. 

1077-78 1B7B-I7 
t . • f 

Turnover L6Q.636 

Freehold Propjr. profit 7,4» — 

Baofc imerpsi 339 J 3 .KG 

Investment income an <*& 

tmervst paid 3 .GSS 9 . 41 ? 

Front before tax w mi 3 U.U 3 

Ta* ljjjm ttfJJOO 

Retained 12 B.P 69 M5.M7 

Earnings per 3p share are 
shown at 7 02p against 7.2?p. ' rhe 
total dividend is raised fr® m 
o.704p to o.7S6p with a final of 
Q.472p was expected 

Waivers have been received in 
respect oF 0.47Sp per share of the 
final dividend on 400,000 shares. 


Lumsden Buckley and Houston 
has formed a new life assurance 
consultancy to be known as 
Lumsden Buckley and Houston 
(Assurance Brokers). Its direc- 
tors wtti be Mr. A. J. Lusudcn- 
Cook, chairman, Mr. Donald K. 
Campbell, managing director, Mr.' 
K. H. H. Jones and Mr. H. A. j, 
tihuttieworlh, company secretary. 

The consultancy will deal with 
ail aspects of Life and pensions 

A RECOVERY in the second half 
at Melody Mills, left pre-tax 
profits for the full March 31, 1978. 
year ahead, as forecast, at 
£519.250 against £514,089 last time. 
Turnover rose from £6. 67m to 
£7 .97m for the year. 

At the interim stage directors 
reported a downturn from 
£25 LOGO to £172.000 but said that 
profit for tbe full year should 
exceed that for 1976-77. 

They now say that extremely 
difficult trading conditions in the 
wallpaper Industry continued 
through the second half and 
final results were not as good as 
they might have expected. 

However, the company has made 
excellent progress in the current 
year, they add. and results for 
the first four months, they say, 
are much more satisfactory. 

Net profit came out lower at 
£236v471 against £249,487 after tax 
£282,779 (£264.602) leaving earn- 
ings down at 13.6p (14fip) per 2Sp 
share. The dividend Is stepped 
up to 3.243p (1904p) net. 

oF Ewart New Northern for theiead in a rnnw + W „ J; _ , 

» ^ feu from e X%roKr r JttS pe^od. 

E stage the direc- ? fter 

tors reported a loss of £1.614 com- eantings’irt oJto”? Signer 1 II 
pared with a profit of £15.401 and share The difldenf P o a vS,r ii 
said that during the second half. less at lp (lSn) nit d payout ls , 
heavier repair charges and Ewart w * A™*:™. a 

increased wages were expected 10 industrial proper* dSSStr- 



Date Lorre- 
of spending 
payment div. 
Oct. 5 
Oct 9 
OcL 2 ‘ 

Oct. 6 
Oct 6 


















Ewart falls 
to £6,873 

Despite a second-half profit of 
£8,847 against £2,207 pre-tax profit 


A. J. Worthington G.4S 

Arcolectric -r.. inti 0 . 1 S 

Britannic Assurance 4.3Gg 
British Aluminium ..Jut 20 

Dreamland ' - -int. 0.45 

Ewart New Northern 1 

Melody Mills 
Moondde T?t 
Olives Paper ..... 

Regional' Prep. 

SEET ... — — 

A. G. Stanley 
Tube Inv. 

3. Webb - 
F. W. Woolworth 

DivIdOTids xhown pence per share net except where otherwise slated 
• Equivalent after a flowing f or scrip issue. V On S3 
Increased by rights and/or acqulsttion issues.- t Supniementarv Hn^l 
0 QJ.C8 raises total from 20.BS3p. jTo reduce SSpa&SS ** hn “ 




Oct U 
Oct 6 
Sept 8 

• Opt 1 

















_ VCL 1 

Oct 9 

Oot. 2D 

fW *7 • 





A IT* 


IS 3 






. int. 



Oct C 



. 0 
. 4.17 

.financial Times Thursday August 17 1978 

' ^ wades 






ASSOCIATED DAIRIES yesterday -Of -around IlSni at April 80. 1977. new major develonmeni* oi 
launched a £5.6to bid for furnish- : Asda has been .concerned to find these are to be ISstSci' centres 
"is retailers. Wades Departmental a home for this cash and. with and of these two ,« 2 Sain 
Stores, in a move which left. some the current attitude of local majo " reeling fadities fir 
analysis questioning -the authorities towards superstore Wades. S “cuium 

Unilever raising $340m 
towards purchase cost 


Canadian strike 
cost IOC $34m 




To finance parr of the S«0m from the change in the company’s company not already owned by | THE STRIKE which hit Canadas Tualamecn thermal- coal project 
takeover of National Starch and status irom a financial trust to an ICFC. ... , I main iro nore-producinc centre, near Princeton to iest for addi- 

Ciiy ^ 

logic behind the deal. . development acting as a bra ke on Thu mirwnt t-i,..,... ~ i*r." — :*■. u,M ;. k, ; 1 “““ •/»— — r — — «“vi«i uuai «■ — .... , i main iro no re-pro oucmK t«*uc. near r-riuveion u> 

That Asda should decide to iue organic es pa nsfonT acquisition has whfch is to be recommended to ChemlcaU C^rauon. LnJIever lewinent. company jn 1975. but . Part of the share purchase is the Quebee-Lubrador trough 800 lions to prov, 
some of .its healthy cash balance been the only real alternative. t jj e ^ ade h 0ar( j follows anl w I S SU1 ® $340m m the form of a “P®*. ** "o certainty over m the fonn of 1CFC loan stock j miles north-east of Montreal, from reserves “ibai are 

cn open-cast 

the subject of 

In go on the takeover trsiil will Over the last : two years Asda— approach^to Is^from^the fitt- ® lJti ' cu rt; ency credit. It may JJ^ether "Jj not the Inland and this is the first ^time th3tj ear ]y.March to mid July resulted a feasibility siudy." ^Preliminary 

ass, vssfsjsi T , 7 « -it . — 

ever, baa • left many close superstore development on out-of trict centres Unilever will finance the 

t&sszzi s sars mm as 

began We -as a dairy business District centres, compose 

•""SP 1 °. ver , the Jast superstore as the 

u • rs . of Mo ?r s,de a n t 1 - SS, v? USS34.4m t£l7.4mi tor Iron Ore is under way in the Telkwad coal 

*w1th 10 of 1 4 H 9 M nreferemle^Si^M fn 9 ompan J' of Canada, reports John basin near Smithers. 

ide’s cm.« Harcreave will receive £26.000 SoqariL-h m his latest Canadian Granlsle Copper, a subsidiary of 

Granby Mining, which in turn is 
The loss brines the half-year % s ubsidiary of Houston’s 
— £.5m Hanna Zapata Corporation, continues to 

shareholding | ose m oney from its big-tnzmage, 

investment and 
oF the group. 
Westair Dynamics, 
air control 

r -non-food^ productsnow- ^cU™" “We feel that wito* Asda’s »** Swiss Bank farther in IT SI 

for a quarter of all store sales— centres and another T2 are in the n ’ uscJ e behind Wades we can get Corporation. lUlIUH HI U.^, 

but to dale Asda has shunned pipeline, according to 'Mr Slock- muctl more out of the busi-. Maul on rackagintr Infernafionar ‘“"■'”7 ' I "' ul,n ’' 

business 1Ca ^ rel8i ^ dS?.^ T? ^ » «• ™ Jj* a «*P«* PM\ ACQUIRES thc^ckastoo^ 

h nr- *«•; . In a U its district 1 centre develop- of . partoerstop on nr , 

and d engineer ' ** J ^ to 

Harcreave and” Co ^?re brnlieht establ * b . 1,w,r ,n t*». TOal b “ S1 ’ producer controlled by Brascan 
unS^hl common owmershto of ness ' U bas n *° Projeels uadvr has reported a 10 per cent rise in 
J M rPreduc7s) Md X' a i v l 1 th,s ficld - bDtfi m Brill>h first-half cash flow to CS].:j7m 

° Columbu . . compared with CSl-r.m a year 

m . „ . , , . in au ns districi : centre develop- _ K,nQ . parln&rship on “ ' i owned\ by Imperial Group and 

Stvekdale. men ts Asda has be«i required to «' ft net centre developments then L. BLACKWELL BAT Industries, has agreed fn TrLLrNG/Fr UJDRn-T 

the \Vade r dell 8 m^?fc d ^ 1 take rhe financial responsibility L t ^ U]k v . lt . w P, u ^ P* ve be ®n fair p.HA Holdings, the furniture prindple to buy Boyerton Paekag- The chairman of Thomas TiUIne 

ihift in Asda d Wo 1 for. finding the retafiers to lease say that all the- benefits would group, has acquired for £65.000 ^Service Corporation for SSm. h J” to T hSd*ej? cS 

tM» cpMin^ I 'F 81v ^ 11 not the satelite shops. Tool-date, most | ,ave beeQ for Wades and noth- cash the whole of the issued Boyerton manufactures fiezible 

l£d "wKii? iD °!T stores of tSse shorw^^teensnSi ^ f °r us," he said. ‘ capital of. the reproduction furni- packaging materials, serving the 

ooeratl V « a add there has* been no dlflSculty . Tho City has yet to he con- ture makers Leslie Blackwell. disposable paper products and from 

I*erate as a separate entity, he j D finding customers^ : ■ vm C ed. Yesterday Asda shares The unaudited accounts of snack food markets in the North 

Tto hw J , More f^MSTSwever local s, 'P ped 5P 2«p while the price Leslie Blackwell for the nine East of the U.S. Assonated Engmeermg. He pomb 

assurer! b dr “K - t. of authorities have^bien demamlinn 2l Wades ordinary shares rose months to June 30, 1978. disclose Mr. John Cornish, chairman and the offer closes on 

Jlre^d? ^f da ha ! at Tart one othcfteSvIeffi *l p t0 101 P the non-voting a profit before taxation and managjng director of Mardon. said August 22. 

2f«sa Us . _ -^es 29p to 9»p. directors’ emoluments of £20.000 

Drilling has started on its ago. 

interim wLho. PW w Cem ai^ anart from^tM^-sunersto re Khar ™ 29p to 9Bp. directors’ emoluments of £20.000 yestaMay that Boyerton would 

and^l 3 ne^m ^ei^Mr ‘stSd^ s^ “We ^ ades> P^-tax profit figures and net assets at that date of be an- e*pan*m n of the company’s HAIVTIF RORVF 

v«L P i fr . C8B > in the ° uae .^ h '\Z which are expected in a week or £43.000. existing bridgehead in the US HAMILBOKINt 

-%On-V OUne A ordinary Chamc Cc 4 Q lOrCaCC Ln&L. VB Cvuio Iia \6 PA mi«. UaI. h mI.i. n.A.ii nnf i u-u:_ — > «t ■ U^Ml/vfi ■ _ i Tn u laltor fA ■shAFC 


i wav 



NZ Petroleum in a 
political dilemma 

, ordinary shares and 98p for the difficulty by working :ln conjunc- company coul^^Sch the £Lm 

non-vofmg shares, and in addition tion wiU* Wades. mark for the first time 

wll Offer a panial share altema- He sees the jaeWteition of The genera] consensus is that 

??'*; P e , L cash outlay is wades as an important; part of 0 n Wades’ prospective earnings, _ 

likely to be in the region of Asda« district centre . strategy. In and net assets toe" price is fair. I Tho proposed merger between flexible packaging company in the 

*3. Bra which compares with group the current year the. group is Meanwhile Asda’s full-year figures 1 the Moorside Trust and London US-. 


cash and short-term investments spending around JH^ai on seven are also imminent 

J? > 

r*r i-rv:» 

«= ! t \1{ V 

1 1 i life 

J and St. Lawrence Investment 
Company bas been abandoned. 
[The board of Moorside. still 
I plagued by uncertainty about the 
outcome of its long-running 
altercation with the Inland 
Revenue, has decided after 10 


Industrial and Coramerdal 

to move ahead £1.7m at half way 

.1' . • : - • . . • " .'/vt'EV' . 


New Zealand Petroleum -has the Elm worth gas play in north- 
been unable lo find partners to west .AJherfa where Hunter is the 
“ finance further offshore oil ex- major participant. 

%XL b ase in ** Norti E“>«" some pos!ib,e acquisiti0ns ' S2 n°w P fe"nd G<.v^Sm«m°i ndhi tnlermZ^I OU* OTS lh at 
In 1976 Mardon baueht Arnold attitude towards international oil it has an indicated gas discovery 

cSophwe whSh if ahoS HALL UK JT? 1 BayHflni its , Petroleum holdings in 

■ ^ T\annriTn<»nt of Tradp ha«» rr *>in w ellmgton. Queensland, Australia. 

giwn C- _ c - ShephertL chairman The exploratory well. Wackctt 

cormecSon with the acouiSn of New Zealand Petroleum says No. I in which the company holds 
faraTaWSTSTBE that continued uncertainty over a 20 per cent working interest 

The offer is now^ncondittonar New , ZeuUmd Government s flowed gas at the rate 2.2m cu f i 

The offer is now unconditional. j exp i oralion poIlcv has ^ day Qn an Qpen hnIfi dr|U 

frightened off possible financial stem test of the interval from 
NO PROBE partners and that New Zealand 5.-158 feet to 5.338 feet from a 

•mT *r .... . .. Petroleum has been forced to lower jurassic sandstone. 

mom hs of off and on negotiations, Tlunee Corporation is "providing nationrt enterprise^ board of a sub- ° *u mi? d c t ai 1 s° o f * o t M a tto n 'a nd no'rih east ^of^the^flloomto PHnr 

to call the whole thing off. In fact £42*000 to J. M, Hargreave (Pro- rtantiaJ minority shareholding in mcenttves havc te£aSlS!d ^eoSile wSth of WolS 

the Special Commissioners have duets) comprising a loan of NegrettI and Zambra is not to be -we are unable to communicate Dip nearest na re new ' 

niled in favour of the company £200000 and the purchase of all referred to the Monopolies and wilh our prospective overseas ^This is the fim siSfi<£nt gas 

to their dispute— which arose preferred ordinary shares in the Mergers Commission. partners.” says Mr. Shepherd. flow encountered from iand- 

* - * * stones of lower jurassic age in 

As more information becomes the copper basin of south-west 
available on the farm-in deal by Queensland and north-eastern 
Imperial CW! into ..JMoranda’s South Australia. The company 
Hunter Exploration, it now plans to drill ahead and test any 
appears that it is the largest additional shows encountered. 

It was subject of controversy | agreement of Us kind in the his- * -* * 

£6.4m bid for American Assoc. 

Sir Ian Lawson and connected cent' of shares) had given 

THE £1M shortfall to trading Africa, reports a shan> Jmprove- nient of its debt equity ratio, 

„ profit experienced by F. W. Wool- ment in pre-tax profits. for the but this gain must involve some 
worth in the first quarter of 197S six months to June 30,-3878. from loss of profit.. In the long term. 

» •;. lias been made up. and for the RL5m to R£3m. on t$taover up the increase in specialisation will 
six months ended July 31 the R4.4m to R3im. " '« contribute tc 

cumulative figure shows a small The directors forecast that fiis. he adds. 

improvement from £17^8m to operating income in ' fta .seconil Despite the group’s success in I sel1 
Ili.oSm. *- ■ ” *- — — — *' — •. ■■ - 

The profit before tax for 
siv months is £i.06m ahead „ 
f i2.5Sin. after being a little behind : 

af £5.33m in. tl» first quarter. tor tnc tun year. ■ P*h« m ine lower margin com- The land and rights are the expfcfeation of forest*! lands and 1 

■ pa ?!m sole assets of .\mericau Assncia- in the mineral rights industry. tn*an a iuHi£wd e %aiL> t ?n 

PTn pYnAOffe i nMnufarturinR Pe activUy 'of ul *“» & Lowmn pa^S^lhat a ]oSS be rio»ly SjjjSj se ral J or The^Uwson cSf 

profit f all/ ' "epd acceptance of Huber’s $6 33 the CTvd to recent years the £?L what hke mtb 

contribute to the growth in pro- 1 overseas t^ts have agreed to irrevocable undertakings to surrounding land Laxes in 3974 hory of the Canadian oil and gas Essor Exploration and Produc- 
” 68 000 acres in Tennessee «®®Pt'the bid. The offer, worth and came under attack for industry. tion Australia and Western 

£6.402, . has been examined by alleged environmental destruction] Imperial could -be in for Mining announce that the 

Batavia-1 well in the offshore 
Abrolhos basin. Western Australia 
Permit WA-59-P was spudded on 

Turnover in the second quarter 
nwc by 14.7 t>er cent over the 
corresponding period last year. 

The interim dividend is held 
^ net p&r-SSp share; total . 
fnr the year ended January '31, 
1978. was 4.173p paid from a pre- 
tax profit of £46,3m,. 

Hall year 
S niuntlu mdid 
31 JuiySUnly 
1B7S IB.-r 

at half 

Owing to v 

share cash offer (approximately company has faced increasing tbeir do,lars - 

.product at a 25 per cent lower 

Tp :■ effort to regain lost profit 
transport arrangements have 


r*®s iWBs - ___ „ 

n'rj-v.T- -J. sso.iu 3 isam tors, the nresejS half-year at RTD tors bjve co-operated in 

Trading Drum -■ -ir£S‘ i?"^K will sMw some degree of methods. Mr. Ryan says. 

Dwcianwi 4 rn xSc P roQl eontriffciion, Mr. Derinot The croups generator plant is 

littir.-si imm load 3ju Ryan, the jrialrman, says in his benefiting from the extension 

iim-Miui'M. rci« aw Mi ' scr annual staftmenL ' opened during the year and good 

InoiK-ny disposals txi? — .... 

ProfH before iu 12315 

330p) and added that Sir laii. problems from strikes, deteriorat- The offer is subject to UK 
two other directors, certain over- in? transport facilities, rising Treasury consents necessary for 

seas trusts and Mr. M. CL C expenses in limber operations the acquisition and the transfer 

adverse far- bwn r^rfi^Sd Tnd disttihu. | Armita 5e (who controls 63 per and very poor weather. of residence back to the U.S. 

„ . August 13 and is now drilling 

This.roeam renewed impetus on ahead a t 313 metres. 

Dreamland turnronnd 
-sees record for year 


rnu wimi in "r. 'lT i T w«| prn hnmisnhpre vauseo oy me converejon priui- uc.ic*it4*i hii«oi uy tv i iso uaiia outers anu uji; 

proflto gproved \ rom n . L ?Jg™ OPEC mSfkets lor Sneratin?!Sn arily ofthe 14 per cent convertible ordinary shares following corople- includes the 25p ordinary 

from for annul 3,r.ra t27B *“■* !Srs«S r 3FMr 0 pated and early steps were taken percentage of substantial interest Caravans. Braby Leslie— Mr. G. M. 



The directors of Dreamland adjusted O.S705p. 

Electrical Appliances report a Tho directors report an im- 
pre-tax profit of 1254.300 for the proved order position for the 
half year of 1B7S compared with group's range of pre-heating eiec- 
a loss of £21,400 last time. trie underblankets and automatic 
Although the improvement in all-night overblankets, reflecting 

Yanttma Group: Because of the Black and Edgington: Mr. D. W. shares. These shares are held as 10 *°? 1 f j*" “ n J inu ed confidence within the 

JJi *21 annual suyemenu uur..m ui« jwr mu swwni. n „ ._ nn ijL r .. chare raniial Wilkinson, director increased his nominee for Mr S Linton Mr G lem an earner than normal lrade trade. 

».w homisnhere I caused_ by tto conversion iwim- beneficial .inteW by 1M.320 Wilso. nand others' and this told ^L^th^TuD^eafsh^ S frS'rte^ro^SpoiSfw H& 

s ares exceed the record £704.009 for change in^trading pattern, an in- 

pated and early steps were taken i b w Brab ? J L S , t Mr JI C5 - M " ^‘t profit is shown as £174,000 krtf over “{hw^mifl^dSmS^e 

In line with iu nnliev of soe- to minimise the effect, the Jp 5 5®T' ’« , haji . soId ord ^, a rL : har ^ s i£2W00 loss), after tax of appliances during the winter sea- 

vKfl 11" poucy oi swj contraction of its UK motor-cycle Ailtanc®, % director, bouts Huyv-^fd 2nd Son (roodul special- leavins 2 boldins of 21.564 in Iht /nill THp infprim divi- ^nn anH ffmitimv nuppnt* nflA l„ 

fiiaSSSS. parts business continues due to 2 j 734^543 (I4.G per eent) ordiiary ]sls>_ ha ^creased its holding and name of Mr. G. M. Leslie and his dend \ s effectively increased both trade and consumer of the 

iSrtS/mS fa o My - - m M w fr0m °; 4 * 10 0 -«P net P er I0 P e?ectric W*"ket as an all-year! 

Brown and Tawse— Mr. D. K. share— lost year's final was an round product. 

John Hayward said the R ae been allotted 8.000 shares 
t- - - . 7 ... - 1 i, r n .|.[niTif -wnm *«r wwi, !«..«.»- - 7 -*—.- ". j \»L” « -Wasan investment. under the share option scheme. 

i.Used » reduce torroi; in s and. <Iarly (D J>rov i de r or seasonal **s? included in that of Mr. D. chambers and Fargns: Barclays c. Walker and Sons have sold 
to runa expansion or worran& expansion, W ill require that the Alliance. nominees (Gracechurch) holds 73.000 ordinary shares. FoUowbig 

- capital: . .••'Bahs of Motor Cycle Equipment Throgmorton Trust: — Mr. 224.900 shares. this sale Mr. J. Walker is 

' Mr. Ryan slates thai nd van rages (Birmingham) as foreshadowed to Franklin, director, has sold Aarnnson Brothers: Wiian In- inierecied in 986 000 shares 
from the saio are a reduction to October. 1977. be kept under 11)0.000 Ordinary shares from a lesimcnt Company has sold 20.000 ,3.75 percent.) of which 826.000 

:the..dcbt equity ratio, sivms _•« -considera lion, the chairman adds, non -beneficial holding. ordinary '■ shares and is now (S ‘jt Der cen ' £ i are beneficially 

Northern Engineering invest, wore attractive financial proBJev A , Ju i y 8. 1978. Jefferson Belhaven Brewer?-; — Following imc.t-sied in 1,055,186 1557 per ownedbv C. Walker and Sons. 

„rntN Africa, which was formed'pr investment and a saving »o Sraurfit Group held 16 per cent shareholders content to. and centi ordmary in its own name Automotive Products — The! Paper Mill and for ihe half year f h B 

ui ot l he merger of ihc local sub- interest. .. of the equity. approval of proposed amendments and 1-. 000 (0.12 per cent) ordinary Emmott F 0und ation ~ ' 


nx sales and ka-wbacis. 

Sec Les 

Expansion by 
NEI Africa 
at six months 

Olives Paper nearly 
doubled midway 

urtion and 

Arcolectric first-half upsnigc 

Recovery Continues at Olives 4-4Sp (2J39p) per 20p share, and 
Mill and for_lhe half year the interim dividend is lifted 

iduirint of Inlernational Com- The company is now more Meeting, DubUn, August 31, 3 to The share" incentive scheme for in the name of Greenfriar Invest- furthe^^l^BOO h ordinan' £148^023 has been^hievecl™ This froni I -P- Last years totat 

Clarke Chapman seenre with the planned improve-, p.m. executives the company has ment Company . Wiian own more shares. Three directors of the the directors describe as ) vas 2~»p anti for the current 

called UP and -Placed all shares wan one ttord of tiie share capital F 0untia uon are Messrs. J. B encouraging. , t ^ rm rhed ‘rectors are confident 

issued to executives mtb a view of Greei^iar. Emmott, M. Keeble and E. G. The jroOt compares with 

to cancelling the share incentive Sh-iddedey Investments — Barratt, who are also directors half of 1977 and with £137.000 f num P enn,t,ed b -‘ current guide- 
stdieme. As a result the following D-.rec.ors holdings are as follows: of lIie com pany. atiafned in the whole of that year. “ nes - 

transaction haw taken place ti. a- »'uwn 60.ol0 shares Batners (Jewellers) — air. L. ftl. The year 1974 was the companys The directors expect tbe 

involving the share ho. dins >n b?ne.:tnai and 31,000 as trustee. R aLner> director, has disposed of peak, when it turned in £370.000. gradual improvement in the level 

incentive scheme shares of dfrec- -ap urainaiy snares and 1.400,431 100.OOO ordinary shares. Turnover in the first half of of demand to be maintained. They 

tors; Mr. E. Sturgeon has disposed beneficial JOp ordinary': S. A. Xegretti and Zambra— Pension 1978 rose from £2.D4m to £2.4Bm. are pursuing Iheir capital 
1.J..J thfl imuroved Tniio! : ccmdW nn tiilv is nnrt of bis '■ 500 incentive scheme L: iJ ton „, beneficial 2op Funds Securities has reduced and net profit was £70.923 expenditure programme which 

->^rt C 1 ** ** ^rnnhn^-^ in?? ^Th«i bonds shares under the arrangement; orthnari and 1,400,431 beneficial holding by 17^00 ordinary shares t£3S^01) after tax £78,000 wil . iemount to aoproximately 

IfiiM'ngs) more than doubled performance, they add- *» 3 , ,0 Mr. G. R James disposed of his I0 P „„, or 5 UM, T : . N - Felterman to 100.000 «4.45 per cent). (£43.000.) Earnings are shown at £200.000 in the full year. 

•om £117,302 to ESSftWI for the . Dunns the rtx months, ouniop »iU mature on to December. 1978 sj .357 mcenme sitoenie shares; 850.000 beneficial and 14.300 a- 

air year to April 30. 197S. z t acquired the 40 per ,are repayable on apphration Mr. G. A. S. Currie disposed of his tru-'.fie 25p ordinary shares and 

The directors Mate that sales Tb^irlJinr^^ ^espMt ^iSS-Sf 1 ^ S “£?” SiiKd^’io 321357 hicentive scheme shares S5.70S beneficial JOp ordinary - 

t up by W per. cent on the ™ ^of n raSS iJi 1 :- ™ under the arrangement, together -har?-: R R. Spinney. 1.-0I 

irre.* ponding period and protll f^L, 1 J”I!K but^ ^ M ' ilh a further 3SJ43 Ordinary beneficial Zap ordinary share-, and 
arghis arc now higher. They ft ( th? vrar «s «- l *gj££ S LSS- shares. Mr. Currie and an a_-*»ci- 447.802 beneficial lOp ordinary 

Id. however, that the outlook ba ? r r thin in 1377. ale acquired a beneficial interest snare*: S. J. Cockerell la.000 

ji m* bright as- if was - a -few Pocted better t > |^ a ^ 1 Con version Issue)^ bl ch - m an add itjoiud fiS.500 Ordinal" bench via [I 2»p_ ordinary shares and 

onih- ago. Demand is weak, 
icy say. and competition .may 
■rre tile company to again accept 
wor margins. 1 ' 

llio interim dividend is main- 
uicd at 0.1S42Sp net per 5p 
iare — last years final payment 
a% u.£22p lux record profits of 

Growth slows 
at Garford 

repayaW le on application J glares. Mr. Currie thus retainBs S5.768 beneficial lOp ordinary 
0n . matUJ,,t3F - a beneficial interest in a tola) of shares. Also MS Registrairs hold 

Holders who decide not to accept 1 - w ooo ordinary shares. loti! of 1J!47,047 25p ordinary 

the . conversion offer should apply LIT 
Tor repayment. No Interest will 
be payable on the bonds after 
‘December 15.. 1978 and they can 
-only, be repaid upon application 
by tho holder. 



L & G pension funds 
climb towards £900m 

of equity ^proportion of the portfolio 
md from 54.8 per cent to 31.7 per 

funds managed by Legal and 
General Assurance (Pensions cen; by investing the bulk of the 
Management) has continued this new money, totalling £33 m, in 
year with the value of these funds longer dated gflts to take advan* 

The company carries on -bus*, r ended .March 32, 197S. compare^, i. * ******* 

■vs m ch-wric switches and neon with '083.721 last t\m K Turnoiy ^ noonfo n<1CC • 

:nal lamps. advanred from £3.46n) to P«1SIS 

Dunlop SA 
boosted by 

^. A i A|1 nn expected to show an increase pro. it^dinnTocicty,* During the first JMrt 1 smee inception. '* l r J 1 

motor piCK-UP ponionmc to 1 be tlx months the society ^t-VA^upV 

iii.d.-cti.iLf the hnuMwd rondi- After IM of £21 5.9S1 ffl>UI» W jyp. of_whic.h f737m was art- JSLFSSL iSES 3E?a&i 

.In February, when reporting-. AM1 _ 

higher midway profits of OiAM-- +7l||i marlr 
(£154.050), the directors wampd, *7 UU AlialXA 

that trading cundltions. we» 
provirvge -mdre difiicult in Hg; 

XUITZS? ss^SSL* « eis “ 

i which £3Jm ft*cnl on 

_ rights issues. The fund 

nrttectiw the improved «ndt. ' row »o«-5i"S potion funds inTes^ent *0 rnlancSl its investment in 

ms in the motor business, -pro- JgJJ * Jj*- 2 ?* JfilShie nrofiiftf “^agement through the medium L-a. equity market putting in 

x profits of UunlOp South AMg. gf ^fffcSS ^171.037 bZ^USTtS JSZ Un- 0a ^pcedh, _ a «iolto p loan. 

bsuh.iry of Duntop Holdings, rort-cm- 
sc from R3.4m to R4,8m for the ’ 


„ . Tlw property fund showed the 

acme of this growth came from greatest growth over the period. 

M half of 1978 OT^turoovw ®°r ■‘luttin^ *FSS EUST* iXl2£ SSiS fiEbT&t to £35 3 m. 

cod from R4S5m to R4tUm. jgj « *«■[. from :«S^n1n?Pi^ t 5edit^ d 'io ******* & cUem funds with ;h« unit price increasing by 

Net attributable .profits were. j£ c i° tal pa - oUl OT "^-55J5 c ^.v!?L,.I 0 whj Ch now number 3S9- This 20.1 per cent The fund has been 

cad ai Kgm, ajiainst Ri2m iajjt°^P lo 03p net. 5 „ M W-iSSSri ii n JS \VHhri^wat the stimulus provided by active dura^the periodpiuSs- 

nc. for earnings per share of » The ‘groups biistoe.^ invDlvra ^teounted to XLGBbn^ the new State pension scheme ins some £§8m worth of estab- 
nv. 115 cents). Tho interim Kmwral eaRtneertos. lhe which came into operation on fished property. In addrtionf the 

viriuid is stepped up from tf iacture of ptostfc extrusioai and-tot'eatmeut mflow was £4 , 4J4 izl April 6, 197S. Clients are investing fund l^s, returned to the develop- 

nts to 9 cents, and although the mouMtogs and woodworking. _ new money at an annual rate of men: field with projects started 

rectors suggest that the increase , ■ RATNFRS S3 ^} m \ , * including town « ntre rcdeveiop- 

dMlr* an dement of parity 1 t. • , „ , On _lhe penormance of the todi- mems Eastbourne and Warring- 

th ?he final, they say the out- vovinoc KAflflC ’ j!:]® directors of Rotners vidual funds, the interim report ton. 

ik seems set fair for a' '.rite w' iJUtIUW JJUuuo (Jewellers) say that due to con- shows That the largest fund still Of the remaining - fund, which 

,( yc.-ir s total of 17 cents. ... « tininng dividend restraint the v are remains the Mixed Fund, which are no: m> popular with scheme', 

ftinuub jw*«:Pscr car sales rose- ' POTIVPT^l Oil - 5®L.*hle.-to recommend a final investments in equities and fixed the tteefa-iftteresi; rund rase bv" 

per cent 111 the first liutf, the vv “ T ^ wdend, so the sewni imerlm of interest securities'. This fund nearly S3m to £4o.4m, desniie a 

■‘felon* *ay lhe ntarhcl for othpr The Treasury announces roar * 9-lBai4p net per IDp share becomes increased m value over the period fau of l-a per cent in unit pncc. 
out products, notably conveyor eonrersiOD offer wil! 00 maue to a ana), making a total of D4296Up. by £65m to £465m, with its uni* The ordinary shame fund 
ir "i.n.j do.ii-in.'. prndun sales, huklcrs oi B! Wf cent- tom WO. mtouaum allowed on increased offer price jumping by 3.1 per increased by £3m to £32.1m. aided, 
dined. Launch oi a new radial- Savings Bonds iFirst Conversion. wpitaL, cent The manasers reduced the by a unit price rise of 5 per cent.) 

The British Ahimm^nm Company Ltd 
Results for the six months ended 30th June 1978 

Key points from Interim Statement: 

£ Although world demand for aluminium declined in the second half of 1977. 
there has been some recovery in the first half of J97S which seems likely to 
continue into the second half of the year. 

* U.K. consumption of semi-fabricated aluminium in the first half of !97S v.ns 
about 14% higher than in the depressed second half of 1977, but still 10% 
below the first half of 1977. 

^ BAs sales of semis have moved in line whh U.K. consumption, but our sales 
of primary aluminium fell in the firat Half of 19“&. 

#The Groups financial position has been further strengthened by a positive 
cash flow in the hall yeas 


Profit before Taxation 
Profit after Taxation 
Cost of Dividends 
Dividend per unit of 
Ordinary Stock 

6 months ended 6 months ended 6 months ended 
30 June 1977 31 Dec. 1977 30 June 1978 

£'000 £‘000 £1000 
107,971 100.179 100,705 

13.906 10.178 . 12,626 

12.855 8.903 11,437 

1,675 1224 2.224 




The British Alu minium Company Ltd 7 Baker Stl^ndcaiWiM 1 AB. 





SCM wins 
$25m from 

By David Lascelles 

NEW YORK. August 16. 
IN WHAT could bo the conclud- 
ing verdict in the marathon 
SCM-Xerox anti-trust case in 
ConecU'cut. a Federal Jury today 
awarded SCM a further S2S.6m in 
damages for profits lost as a 
result of Xerox business prac- 
tices. The sum. whicb can be 
tripled under Federal anti-trust 
law, follows the award last week 
of 511.7m in damages for 
Xerox’s domination of the plain 
paoer copier market 
Both these sums are consider- 
ably -lower than the damages 
claimed in SCM's suit, which was 
originally filed in 1973 and 
relates to events in the 1960s 
when SCM was trying to obtain 
a Xerox licence to enier the 
copier market 

Xerox said after today's ver- 
dict that it was confident that 
the latest award “will never be 
entered as a vaiid judgment." 

In spile Df today's develop- 
ments. however, it is still far 
from clear what the final out- 
come of the case will be. The 
judge has vet to rule on the 
total damages due. and the final 
result is almost certain to be 
challenged and pursued in a 
higher court. 

United Brands 
profits surge 

By Our Financial Staff 

CONTINUING its first quarter 
surge iu sales and income. 
United Brands, the world's 
biggest banana and fruit pro- 
ducer. experienced an even 
larger boost in the second three 
months and is paying dividends 
again after a gap of several 

Earnings advanced by 52 per 
cent in the last quarter to 
PlBihn. or S1.44 a share, after a 
30 per cent jump in revenues to 
SS41m. The first half profits in- 
crease was 46 per cent to 521.3m 
— SI .SO a share — with revenues 
24 ner cent higher at St.53bn. 

United Brands, which last 
month pleaded guilty to bribe 
conspiracy charges in the Hon- 
duras. actually earned more in 
the past three months than It 
diil in the whole of the previous 

National Airlines moves to 
block TXIA takeover 


ACCUSING Texas International 
Airlines iTXIA) of “building a 
foreign equity war chest" to 
acquire its stock, National Air- 
lines hasasked the Civil 
Aeronautics Board to control any 
further purchases by the smaller 
regional airline. 

National's latest move comes 
on the eve of tomorrow’s CAB 
closed Board meeting which will 
discuss a TXIA request for per- 
mission to seek control of 
National. It also coincides with 
the announcement b y a Dutch 
Antilles subsidiary of TXIA of a 
825m debenture offering in 
Turope.- TXIA plans to use the 
proceeds to expand its 9.2 per 

cent shareholding in National. 

The Miami-based airlines has 

started to launeb a vigorous 
defence against the proposed 
takeover, and Is pinning con- 
siderable hopes on the CAB 
either imposing a long delay or 
rejecting TXIA's application out 
nf-hand. In its latest letter to llie 
regulatory agency, it asks that 
TXIA be expressely forbidden 
from buying any more National 

stock without CAB approval. The 
Texas airline has said that it 
will not increase its holding 
before tomorrow's meeting, and 
will not acquire more than 25 per 
cent of National without CAB 

National said that the need Tor 
a CAB order was- heightened by 
TXIA's “recent disclosure of a 
plan to proceed with building a 
foreign equity war chest to 
acquire additional National 
stock.” Referring to TXIA’s 
overseas debenture, issue, 
National pointed out that the 
Federal Aviation Act forbids 
non-U.S. citizens from holding 
more than 25 per cent, of the 
voting stock oF a U.S. carrier. 
It claimed that (be “potential 
degree of foreign voting power 
created by tbese debentures may 
legally disable Texas Inter- 
national from operating as an air 
carrier and meeting its service 
obligations to the travelling 

TXr.A madp no comment on 
National's latest move to-day. but 
the Airline's management is 

credited for shrewdness, and 
observers would be surprised if 
it itad no answer to the points 

The Texas airline believes 
that the CAB will prove sympa- 
thetic to its ambitions and will 
expedite its application. How- 
ever, the CAB will be consider- 
ing among other, things a request 
from its Bureau of Consumer 
protection for an enforcement 
proceeding - on. whether TXIA 
has breached aviation law by 
acquiring its existing 9.2 per 
cent holding in National. 

Some industry . observers be- 
lieve that the CAB will take a 
negative view of this proposed 
merger and one Which is still 
being negotiated between Con- 
tinental and Western Airlines. 

A bill providing For- substantial 

deregulation of. the;, industry is 
expected to pass., the Congress 
early next year, and it is thought 
the CAB might want to see how 
airlines fare in a more cunipetir 
tive environment, which will 
allow a measure of free entry 
into each other's routes. 

Bank ol 



rights issue 

By Robert Gibbens 

MONTRAEL, August 16 

CANALM.& lAird hir&csr 
chartered bank, the Back of 
Mnotreal repons sharply higher 
earnings for the third quarter 
and plans a one-for-seven rights 

The third-quarter balance of 
revenue after taxes but before 
loss appropriation was CSauSm, 
equivalent to <31-18 a share, 
against C531m or 82 cents a 
share. For the nine months to 
July 31. earnings were CSl33ni 
or C$3J3 a share, against 
C$8 8 m or CSSjO share. 

The company plans to raise 
about CS122m through a rights 
offering to shareholders of 
record August 23. They will be 
able to take up one new share 
at SSO for every seven shares 
now held 

As is usual with hank rights 
offers, the shares will not be 
offered to U.S. residents. The 
rights will be traded on the 
Canadian slock exchanges and 
also the London Stock 

Optimism over Upjohn outlook 

INVESTMENT 'analysts are rais- 
ing their earnings estimates for 
Upjohn, the • pharmaceuticals 
group, following a strong second 

quarter performance. 

The company recently reported 
earnings for the second quarter 
of SI .25 a share on sales of 
S347.9m compared with a net nf 
92 cents a share a year ago on 
sales of S30I.6m. 

Mr. Ronald M. Nordmann of 
Blyth Eastman Dillon, referring 
to Upjahn's sales increase, said 
all areas were stronger than 
initially anticipated. I-fc con- 
sidered that the company’s per- 
centage increase in third quarter 
earnings per share may be the 
best of the year because of the 
rise in the yen against tbe 

Another favourable factor for 

the third quarter could be a 
reduced tax rate. Mr. Nordmann 
reckons Upjohn may have over- 
provided for taxes because it 
used a 34 per cent tax rate iu 
the second quarter compared 
with a 321 per cent rate a year 

On the tax issue. Mr. D. Larry 
Smith, analyst at Smith Barney 
Harris Upham, said in a recent 
report: “Although we think that 
operational momentum could 
slow slightly in the second half, 
we project that a favourable tax 
rate comparison could lead to a 
40 per cent increase in third 
quarter earnings per share and 
that the fourth quarter could be 
abead 10 to 15 per cent” 

Upjohn's election not to reduce 
the rate through the second 
quarter indicates the current tax 

CHICAGO, August 16. 
rate is quite conservative and he 
would not be surprised to see it 
lowered at year end. 

Upjohn’s dividend picture con- 
tinues to look favourable, accord- 
ing to Dean Witter Reynolds' 
analyst. Mr. David. B. Lippman, 
even though Upjohn raised Us 
quarterly dividend earlier this 
year from 30 -cents to 33 cents 
a share. He believes there is 
a good cliance the company may 
raise the dividend in the fourth 

Mr. Lip pm an recently raised 
his 1978 earnings.' estimate to 
S4 a share from S3.70 and is 
forecasting S4.40 a .share for 
1979, while Mr: Smith increased 
his 1978 forecast to 84.05 a share 
from $3.70 and estimated 1979 
earnings at 54.45 a share. 



Tax credit boosts Superior Oil income 

year, when it was hit by losses 
on meat packing and lettuce 
operotions. or in 1976. 

. The company’s return to the YORK, August 16 

declare dividends equal tn all NET OPERATING income of the Revenues for the six months rose from S1.45 a share to 81.61, 
arrears and current quarterly oU and S as company Superior were S317.Sm against $251. 3m. while for the nine months, tbe 
dividends on all three classes of 0iI for the second quarter of the For the first nine months, meat products organisation 
• preferred stock and to make pay- curreQt fiscal y ear fel1 from another company with interests Oscar Mayer and Company 
iTU*nts totalling RS.5m. S17m to 311.9m, or from $4.25 a in oil and gas development, slipped from $1.81 to S1.17. 

United Brands' board has also share to $2.96. In the latest Tesoro Petroleum, saw per share For the six months period, 

declared a vear-end dividend on quarter, a tax credit of $10m earning jumps, from 52 cent to cargo container rental group Sea 
common stock of 15 cents, made the final net income $21. 9m $1.55, while for the same period. Containers advanced from SL50 
Holders of preferred stock have or S5.46 a share. gas and chemicals group to 5L96, while for the full year 

received no payments since 1974, For tbe first half, final net Petrolaoe Incorporated advanced consumer electrical goods raanu- 
■while common stockholders have income after the tax credits was from S2.57 to $3.03. facturer Tandy Corporation 

been waiting for a dividend since S30.2tn or $7.54 a share com- Carnation Company, dairy and increased from S2.17 yto $2.75. 

as far back as 1971. pared with S39m or $9.74m. food products manufacturer. Agencies / 


Dollar market 
slips further 

By Mary Campbell 

STRAIGHT dollar bonds suffered 
From continuous selling pressure 
yesterday and with few hnyers 
around prices eased another one- 
eighth to a quarter of a point 
Deutsche Mark bunds also lost 
some of tbe last week’s glitter 
and the Bundesbank was a net 
buyer of domestic paper yester 
day. However, the weakness of 
the Dmark domestic market — 
widely viewed as a technical 
reaction — did not feed through 
cvompletely to the foreign bonds. 

Due for announcement today 
is the Euroyen issue for the 
Asian Development Bank. The 
Yen 15bn ten-year (bullet) issue 
is likely to offer a coupon of 
5} per cent, market sources said 
yesterday. This compares with 
the well over 6 per cent which 
would have been necessary for 
a foreign bond issue on the 
Tokyo market 

The Texas International Air- 
lines S25m convertible has been 
priced at par and lead manager 
Smith Barney was expecting to 
open trading today at between 
99 and par. The conversion 
price was fixed at $14 i, a 
premium of S.4 per cent over 
the $13| closing price for the 
shares on Monday. 

The conversion premium was 
fixed below the 10-15 per cent 
indicated initially as a conces- 
sion to the adverse currency 
situation, management sources 
said yesterday. The share price 
is slightly lower than when the 
issue was launched. 

cautious over 
earnings for full year 


PHILIPS. THE -Dutch-based In- 
ternational electrical group,' -now 
expects volume sales to rise, this 
year by more than the 7 per-cent 
forecast earlier, but tt is no mote 
optimistic of achieving a substan- 
tial improvement in profitability 
than it was earlier this year. 
There are still a great many un- 
certainties. Mr. Joseph Qffergelt; 
managing board member, said at 
the presentation of the. com-', 
pony’s' second-quarter figures. . 

Trading profit rose ll per cent 
to FI 545m (S257m) in the second 
quarter of 1978 as a result of 
better use of capacity and- was- 
6 per cent lower at Fl 963m in 
the first half. At the net level, 
profit rose 31 per cent to Fl 181m. 
in the quarter and . 5 per cent 
to Fl 311m In. the first half.. . 

Net profit per Fl 10 nominal 
ordinary share rose to Fl OJ08 in 
the second quarter from Fl 0.75 
in the same quarter of 1977. 

witfe first-half 

was Fl L6S against Fl 1.62 last 

.•^Volume sales rose by more 
than- 10 per cent in the first half. 

although currency parity changes 

reduced this to 7 PW®®* .**“ 
pressed tn guilders. .The im- 
provement in .sales is slighUy 
tetter than Philips expected, the 
beard said. ... . 

Sites in the WQ 

electronics for sound and vision, 

and domestic a ppl lan ces and per- 
sonal car products, rose tsignift-. 
cahtly more than 7 per cent. 
Colour television sales were 
boosted by the World Cup. and 
Pfamps now hopes to sell im 
more sets than at first expected 
this year. This increase w»U be 
equally spread between North 
America and Europe, and has 
hot been achieved at the expense 
of sales of black and while sets. 
Sales in the industrial supplies 

AMSTERDAM. August 16, 

and miscellaneous activities sec- 
tors were lower than in the same 
period in 1OT- Turnover of,, the 
professional products and. ays- 
terns division was favourably in- 
fluenced by the completion of a 
number of large tclecommunica- 
tions projects. Philips hopes for 
follow-up orders from its sueahle 
Saudi Arabian telephone con- 
tract. but can as yet give no 4ur- 
ther details. 

Sales rose most strongly in 
Latin America and Asia, but 
were held back, in guilder terms, 
by currency movements m ivorth 
America. Sales in Australia and 
New Zealand were lower than in 
the first half of 1977. The rise 
in the value of the yen .and its 
effect on Japanese competitors is 
beginning to show up. but it 
will take a long time to. work 
through in some sectors. 

Sec Lex 

Boussac court decision 
still in the balance 


A SETTLEMENT decision on take a 34 per cent stake in a new 
M. Marcel Boussac’s crumbling venture to take over the remains 
textile empire was still in -the of. Boussac- . ' . . 

balance tonight after the Paris Although this would not in- 
Commercial Tribunal failed to. volve direct state gran.ti. ui8 
reach fl choice between two con- Government's Social and fcconth 
lenders for taking the group -mic Development Fund » 
over reported to be ready to back 

The two are the Agache-Willot the. plan with a FFre 200m loan, 
textile and retail croup, run ’by Immediate investments or some 
ftefSir WiUot broftereand^S *« envisaged under 

?SlSo Q a V Vear° f a nd tiie 1 or tbe ottet about 

wear clothes group of W. Maurice ■ i °, bs , at 1L5O0 

Bidermann. with annual sates. of . to be lost out of tbo .11,500 
around FFrs- 1.5 bn and a .large jBoussac workforce. 

U.S. eiqiort business. ■ — — 

JSLJT hrt S Gervais Danone ahead 

because of tbe group’s greater First half sales of BSN-Gervais 
financial strength and the' pros- ; Danone SA were FFr7J25bn com- 
ped of additional backing from pared to FFr 6.6bn a year earlier, 
the Boussac group's creditor This represents an increase of 10 
banks, including the state-owned per cent. : - 

**biq three.” ■ - J - — “ 

This position has. however, 
been changed at the last moment 
by the S9-y ear-old M. Marcel' 

Boussac himself. M. Boussac met . ... _ 

H. Bidermann yesterday _ and BY OUR OWN CORRESPONDENT STOCKHOLM. August 16 
came out in support of Ws bid. ' .GRAENGES. the Swedish steel. activities of the latter are carried 
M. Boussac has already sold ms skipping ail j engineering group, out by two wholly owned -sub- 
racing stable to the Aga Khan, ^ re a C jj ttd an agreement in sidiaries — Graenges Aluminium 
d disposed of his newspapers, p^^pie w jth Alcan Aluminium and Graenges McTallverken, 
le remainder _ of nis personal of Canada whereby Graenges will aluminum and copper manu- 
* i wildings, like the 4« acqu j re Alcan’s 21 per cent share- facturers. 
which ™**k up th® _HS u £i holding in the Swedish company Graenees said that the reason 
TrttaSj W Granges Kssem The pnrchase , or G ? h ' n \" uSilt.on Is th.t iT u 

^mSmtannio execu- pn?e Ls somewhat : more than at pTe6 ent restructuring the com- 
tivw M BoSsa?S?Si™ e * 38m - ? nd to tte carry- Aluminium and Graenges 

proposed Biderinann take-over ‘“S v *? lue of the investments m jjetaliverken account for about 
assured the integrity of the AImd s accounts. half of group turnover of 

Boussac group and the preserva- : . Thf fina . 1 tran^aetTon js SKr 5.5bn, and will form the 

tion of the Dior fashion business'. & n-^SiiiSl ^suddIcJ nucle,,s of 0,6 Dew t,raen 5 es 
which has remained partof^^ “'f organisation. 

hSSe^business 1 ^ JbsoS^off^lO ■ ■ ' expected to %e completed before The concern- states that a?uinst 
Sen W “ September 30. the background of the restructur- 

Tte fiiderman bid is hacked Sr?en?es already owns ins, it feels that all of these 
by the Ihstitut de Developpement approximately 79 per cent o £ companies should be wholly 
Industriel (ID!), which would Graenges Eaaein. The main owned. 

Ericsson first 
half profits 

- By John Walker , . 

SALES IN the first six months 
of <big vear for L. M. Ericsson 
are up* by 13 per cent to 
SKr 4.1bn compared with 
SKr 3.8bn. Order intake during 
the half year amounted to 
SKr 6bn (up by $2 per cenu 
and group pretax profit 
amounted to SKr 422in (S83m), 
compared with SKr 394m. . . 

The large increase in the 
order book is due. ra the main 
to the upswing of orders from 
Saodla Arabia. There has also 
been some significant changes in 
sales in different markets. 
Swedish orders rose by 35 per 
cent, Europe. other - than 
Sweden, was abend by 29 per 
cent while Latin American 
orders increase l by 41 per cent. 

Graenges buys minorities 

Hu announcement appeals os a matter of record only 



DM. 46,000,000 


















Japanese threat to the superbike 


modern Americans what the 
horse, was to the Old West. 
Harley - Davidson Motorcycles, 
which ceneblates its 75th birthday 
this year, has won a definite 
place in the. folk culture of 
Americans. The company has 
built its reputation on big- and 
powerful motorcycles with 900 cc 
and more engine displacement 
and enjoys the largest single 
share of the U.S. market For 
** superbikes ” with 40 per cent. 

Total production this year will 
be 48.000 bikes in nineteen 
different models, with over 90 per 
cent of this in big bikes. After 
the recession year of 1974-75, 
when sales took a general dive, 
the big models made the most 
dramatic recovery, climbing 42 
per cent in 1977 alone compared 
with an overall growth rate oF 
S per cent for overall motors 
cycle sales. 

At the end of July, the com- 
pany ceased entirely to produce 
lightweight motorcycles, closing 
down its plant in Varese, Haly, 
and thus recognising the Japan- 
ese domination of that large and 
growing sector. Mr. John A. 
Davidson, the 43-year-old grand- 
son of one of the original 
founders and currently president 
of the .AMF subsidiary, believes 
that this decision will have no 
effect on heavyweight models 
which are produced In the U.S. 
and ** continue to sell well," but 
the big bikes are facing other 
problems. Among them are fbe 
new noise rules which would 
especially hurt the superbikes, 
an expected decline in the 
number 1 of IS to 20-year-olds in 
the next decade, and the fact 
that fewer people are taking up 

But Harley-Davidson claims 
that its biggest problem is 
Japanese imports. Indeed, its 
7 per cent domestic market share 
looks rather slim compared with 
Honda's 40 per cent Even in fbe 
area of heavyweights, the 
Japanese hikes account for over 
50 per cent of those sold in tbe 
U.S. Harley explains these 
figures in terms of unfair com- 
petition. It has sought and been 
promised government co-opera- 
tion to combat it 

The company filed a petition 
with the U.S. Treasury Depart- 
ment charging that the four big 
Japanese importers — Honda, 
Kawasaki. Susuki and Yamaha — 
were dumping their bikes on' the 
American market at less than 
fair value. According to Harley.' 
prices for tbe same bikes have 
been as much as 139 per c'-nr 
higher in Japan and Europe than 
in tbe U.S. In 1977, “maximum 
dumping margins" for the Tour 
Japanese manufacturers ransed 
between 20.8 and 42.9 per cent. 

Dumping takes annther form 
connected to the oil embargo 

of 1973r74. That even, not sur- 
prisingly. led to a shortlived 
motorcycle boom, which was then 
followed by a collapse. Motor- 
cycle manufacturers charged that 
tbe Japanese manufacturers con- 
tinued to produce at an un- 
warranted rate, selling “prior 
year models" to American 
dealers at 30 to 40 per cent below 
the cost of a substutnially 
identical “current year modeL" 
Two weeks ago, the Treasury 
Department determined officially 
that dumping had taken place. 
and the U.S. International Trade 
Commission must now decide 

consumers S200m a year. Further- 
more, “ even though tbe evidence 
shows that most excessive motor- 
cycle noise is caused by owner- 
modification ' of the exhaust 
system, the EPA’s proposal places 
the burden of motor-cycle noise 

control on tbe manufacturers. 1 * 
The. council suggested an alterna- 
tive course of action — local en- 
forcement to prevent owner 
modification — but the EPA regu- 
lation appears to be a foregone 

Harley Davidson claims that its 
biggest problem is imports 
from Japan. Even in the 
area or heavyweights, 

Japanese hikes account for 
half of those sold in the UJS. 
But now that dumping has 
been confirmed, duties could 
be levied on imported 
models to make up for past 
and future damage. 

whether the industry is being 
or is likely to be injured hy 
these sales. If this is tbe case, 
duties will be levied against the 
imports to make up for past and 
future damage. But the situa- 
tion is likely to become more 
complex as a result of exchange 
rate fluctuations. 

Harley-Davidson is the last of 
over 70 American companies 
once crowding the field of motor- 
cycle manufacture. Indian, the 
last major competitor. Tell by 
the wayside in 1953. Yet this was 
nrnunrt the time when Marlon 
Brando’s oerformanee in the film 
“The Wild Ones" spurred 
interest in motorcycles and sent 
sales soaring. The JflfiOs saw 
record. year after record year and 

in 1969! *MF. the bis leisure and 
industrial product prnun, took 
the company over. Since- then. 

thouch. circumstances have con- 
spired to make the going rough. 

At a recent hearing of the 
Federal Environmental Protec- 
tion Agency, Mr. Davidson testi- 
fied against a proposal to put a 
78 decibel noise limit on all 
motor-cycles sold in the U.S. He 
contends that not only would 
alterations to meet Government 
standards raise the nrice of his 
motor-cycles about S225 to S400. 
and make them slower, heavier 
and thus less attractive, hut that 
they would be ineffective. The 
customers want noisy machine* 
and they got them bv “souptnc 
up " th«ir bikes. 

The Council on Wage and Prico 
Stabi’^V agrees. It estimates th,n 
the EPA’a proposals would cost 

r» ■> w nnw of raoam oalnr 

Banco Nacional do Desen volvimento 


Medium Term Credit 

Managed and Provided by 

: .- The Bank of Nova Scotia International Limited 
Canadian Imperial Bank of Commerce - 
First Pennsylvania Bank N.A. 

Libra Bank Limited 

‘‘ ' National Westminster Bank Group 

Arranged by 

ZJSR& Bask Lamm 

Aa Agent 

The Tokai Bank Ltd 

Negotiable Floating Rate U.S. Dollar 
. . .. '^Certificates of Deposit 
Series A Maturity date 
20 August 1980 


'In accordance ^th the provisions of the Certificates 
of Deposit notice is hereby given that for the six month 
period from 17 August 1978 to 19 February 1979 
the Certificates will carry an: Interest Rate oi 9^% per 


.. Agent Bank 
The Chase Manhattan Bank, N.A., ' 
: London 






^ifesojcfefi !TSp^;pte^y Atigast 171978 



" - \ m 

Bremen to 
invest in 

By Jonathan Carr 

BONN, August 16. . 
THE CTTY STATEof Bremen has 
taken an indirect stake in the 
troubled West German-Dutch 
aerospace concern VFW-Fofcker 
for a sum understood to be more 
than DM 11 m. (85£td)., 

The fremer GeaeJlschaft Fue’r 
Wirtschuft und .Arbeit, Jointly 
owned by the Bremen State and 
Municipality, has obtained a 65.2 
per cent holding in Hanseatische 
IndustrieboteUigungen. The 
latter Itself owns 26.4- per cent 
©£ the German ■part of VTW- 
Fokker. . • . 

The move is not unexpected as 
the German-Dutch concern, moves 
slowly towards the mvich- 
disenmssed . merger • with 
Messerschmidl - Boelkow - Blohm 
(MBB), the German aerospace 
company based near Munich, 
Southern Germany. - , ■ 

The Mayor of Bremen, Heir 
Hans Koscbnlck, said last year 
that the City-State did not 
exclude the possibility of taking 
a stake — even, for only a limited 
period— should this seem 
necessary to safeguard regional 
economic .interests. 

This was taken to mean' that 
Bremen and conceivably the 
adjoining state of Lower Saxony 
— both in North .Germany — 
would seek to ensure, that they 
did not lose business or jobs 
through a merger, implying 
rationalisation, with a concern 
in the south. 

Last December, following tbe 
announced abandonment of the 
company’s VFW-614 short-haul 
jet airliner project, the West 
German government came to 
the company's aid with a rescue 
-orogramme worth up to 
DM 540m. 

The Bonn decision was taken 
tn help preserve jobs and pave 
The way for the merger with 
MBB. Since then VFW-Fdkker 
has said that it should be able 
to earn a small profit in 1979. 
V.'ork in band includes part of 
the European airbus programme, 
the largely Dutch-built F-27 and 
F as airliners and subcontracting 
work on the MRCA Tornado. 


behind Queensway bid 


IiOCAL PROPERTY developers national Consolidated Investment, shareholders control much larger Chinee money than is evident 
were astonished When, they were which have interests in a wide amounts. even from the boo min g stock 

easily outbid by a ‘lttUe-Known variety of businesses in the World-Wide's vice-chairman, market here. ; 

group of outsiders for a prime colony. Johnny Cheng, is also deputy World-wide eav« that sntn« of I 

central land " b'ch Through their associated and chairman of Overseas Trust Bank Ttc income from another rieveloD- 

banktaTSinpiities, CUTS), a Hong Kongrogistered ST* SS^^tST^' 
Within IffSe biddinr conglomerates control not commercial and merchant bank Territories will be used to fund 
Me 42JPQ onl F World-Wide but also a with -deposits of HK$I.7bn, and the Queensway development, 
►eninK. the price for _,e„o j£ 0 „g Kong-registered property Chinese directors from the which will be above the Maes 

» n. 

opening, the price _ 
square foot site in Queensway, 
central Hong Kong, was running 
into hundreds of millions of 
Hong. Kong dollars and the bid 
battle looked .to be between 
Cantonese ..(the-... dominant 
Chinese dialect group here) and, 
western property, developers. 

.However, when'* William Yip 
Wing. 'Yuan, a director of World- 
Wide Properties* trfticb has been 

Property analysts feel that World-Wide’s total outlay leaves 
little room for profit. On the basis of current selling values for 
office and commercial space, it has been suggested that the 
company could be looking for a return on investment of some 
5 per cent ' 

Not only had Yip Md a remark- 
able price for -A site, which, 
although well situated, lies out- 
side the core of the banking and 
financial Central' ’ District — rais- 
ing the question : of ' whether 

the basis of current selling 
for office and commercial (shop 
and restaurant! space, World- 
Wide. could bp looking at a 

group, Sino Realty, which has Philippines, Thailand, Indonesia. 

Wide Properties, wmeo naa oeen recently been buying up sites in Singapore, Malaysia and Hong 
a relatively smajfctime developer Hong Kong. Kong. Although OTB has denied 

here- until .now, v.'Wd HK$585m One of the substantial minority that It will be involved in the 
(U.S^126m). or HK$t3,7z6 a shareholders of Stno Realty is Queensway development this 

square foot for the site the other Ng Tens Fong, head of the Far does not cover the ultimate bene- 

bidders were left. in 'amazement. East organisation, in Singapore, fieiaries of the 30 per cent of 

which has developed a number of World-Wide shares held by OTB 

prime sites there, including Nominees. 

Lucky Plaza to Orchard Huj£ WorJd wde’s chairman. Yip _ 

Moscow 6 Kfarodny ^Suk! S The Hon is a Prominent Macao bus I- cent. * Also, seven other 
_ extent of theMoscow Narodoy nessman. and a director of the JjSSfrl'SS AZgiSL 1 * a EEi 

World-Wide could hope to make Bank’s financial involvement with Hong Kong-registered Tang Lung E“t2|L c frnm mid two 

a reasonable retnm-bn jts invest- leading figures in tbe overseas Bank, which has HKSl.lbn assets, r? e 19 oi Wnr]ri wm*’« Cnrnmer. 
ment— but as a RaMenese over- Chinese community In South and direct and nominee holdings i?, Build mt? a much mnaiier 
seas Chinese he -bad successfully East Asia has been a source ol in World-wide. Again it lias hiw h« nntheen 

challenged Hong Kong’s political embarrassment follow- Chinese directors from through- *,.11* i-t since conmletioa in 
Cantonese businessmen on their tng Peking's discovery of some out South East Asia. Other cross- ■»«* but nhservars P feet that 

own ground. of these links. holdings and director ships link PuiHenese businessmen are too 

Behind World-Wide properties Well established Hong Kong World-Wide with more Fukien asiate. to repeat that mistake on 
ties a' web of •■-••financial and pressed surprise that World-Wide Chinese entrepreneurs in the « much larger scale. With 
personal relationships . linking easily clinched the Queensway region. Although generally these agencies of ihe Peking Govem- 
Fukienese entrepreneurs in deal (by way of its Lipak Invest- entrepreneurs tend to form only ment itself now investing openly 
Thailand, Malaysia; Singapore, ment subsidiary). They might ad-hoc, cross-frontier business i n property here, thus giving a 
the Philippines, Indonesia and have been less surprised had they groupings, their expensive foray 
Taiwan to two little-known but realised the extent of World- now into tbe booming Hong Kong 
powerful Hoag-- KOag con- Wide’s backing. While World- property market has caused 
glomerares. Federal .. Amalga- Wide's net assets are only around speculation about an even 
mated Corporation and Inter- HK$92m, its directors and major heavier inflow of overseas 

Transit Railway station at the 
Admiralty interchange. And the 
group win take advantage, of 
deferred payment terms offered 
by tbe Hong Kong Government 
for the site. 

However, at current rental and 
purchase values for completed 
office and commercial property 
hervr World-Wide’s total outlay, 
including development costs, of 
HK$l-3Sbn leaves little room for 

profit property analysts feeL On ; recovery [rom ~ the severely 
values 1 depressed 




By James Forth 

SYDNEY. August 16. 

losses continued to mount in the 
first half of 1978, but the direc- 
tors are confident that the 
group’s position will now start 
to improve. For the six months 
to June 30. Chrysler Incurred a 
consolidated operating loss of 
ASJ*i.93m compared with a 
deficit of A$3.13m in tbe first six 
months of 1977. 

Announcing the loss tbe 
managing director, Mr. T. J 
Andersen, said that difficult con- 
ditions persisted throughout the 
period with demand for new 
vehicles showing virtually no 

conditions of 1977, 
Chry sleris sales for the half year 
edged up 3.7 per cent to 
AS136.ini with its new four 

tacit assurance of the Colony’s 
medium term commercial future, 
analysts projections on future 
property values may prove over 

Marginal fall in Sappi profits 




i 1M: 

Hapag Lloyd 

By Our Own Correspondent 
BONN, August 16. 
HAPAG LLOYD, the West 
German travel and transport 
concern, Is still hoping for a 
small profit this year after an 
exceptionally tough first half! 
last year saw group set profit 
drop from DM 19.8m to 
DM Ifi.’im, while dividend cut 
from 12 to 9 per cent has recently 
been approved at the annual 

The problems facing the com- 
panies are largely a continuation 
—and in -part intensification— of 
those experienced in 1977. 

For yeats Hapag Lloyd, has 
been making major efforts to 
diversify away from activity 
directly related to shipping. But 
in the. first half of 1978 this 
policy has not been able folly 
to make up for losses from ship- 
ping freight and regular 
passenger line business. : which 
was down on > expectations 
her a u s*e of world over-capacity 
and the plummeting dollar. 

In a shareholders letter 
released today Hapag Lloyd 
estimates that In the first .half 
alone it has suffered DM 72m 
m lost earnings because of the 
fall of the U.S. currency. . 

Similarly, the concern's ship- 
> aid and repair. service suffered 
from the general depression in 
the sector. The major boom 
division, nn the other hand, wa£ 
luurisia — by air and sea. The 
company hopes for a still hotter 
re nit here than lost year— even 
d.*:nitr the uncertainty caused by 
thr? French air traffic con trotters 

work tu rule. 

SAPPI, the main ;Souih. African profits are down from R9.9m to and Sappi's bottom I ! ne figure 
pulp and .paper Manufacturer, R9-3m (S10.69m) for the period, is R0.1m down at R6-3m despite 
which is a subskiisrY of Union provis'on for tax is also the favourable tax position. 

rnmnmHnr, „ «°wn. fr °oi R2.7m to RLBm, Earnings per share are un- 

Ctuvonhotu has reported a reflecting the relatively heavy changed at 22 cents, 

modest rise m turnover tor tbe capital spending programme on The group does not pay an 
six months to. June JW. with the new Enstra mill, and com- interim dividend, but the Board 
the figure up frOm-R82.8m to mitments are still over R8m predicts that “in spite of the 

R99.7m (SI 14.6m) compared with nearly RlOm a lower profits the present annual 

t» . . ^ year ago. Profits attributable to dividend of 20 cents will be 

But in contrast- .to sharply oulside shareholders are up ma'ntained.” 

higher -profits from tie packac- from R0.9ra to R1.4m. because No improvement is expected 
mg groups. Reed Nampa k and of the strong performance by this year, but Improved cost 
Kohler Bros, (the latter, also in the listed subsidiary, Carlton controlandbcnefitsoftheexpan- 
the . Union -Corporation stable). Paper. which manufactures ^on programme a*® expected to 

Sappi’s consolidated pre-tax tissues and related products, flow through in 1979. 

Anlascbank doses 

Aniapehank Zurich AG. which 
KP' .'lali^rd in Stock Exchange 
and inve-tment management 
hu*-:iii*ss has dosed its doors 

and n"v in tiqniration, ninrM 
AP-OJ fr»»m Zurich. A srairment 
s;tid rhm thp bunk’s liabilities 
uere coreiTd hy its assets and a 
cunrantee of SwPr 25m recently 
yivcn by two former shareholders. 
At the end of 1977, Antaffcbank 
had a balance sheet total of 
XivKr 30m. 

S^cent SinS: TeadfoS 

5 pet cent, some observers su^,-, ^ way The Sigma increased its 

.-J™ 1 market penetratioo of * the 
medium four cylinder market 
from 13.1 per cent in January 
to per cent by June. 

Mr. Andersen said that with 
the launch of the Sigma wagon 
soon, Chrysler was looking to 
achieving overall leadership in 
the four cylinder passenger 
vehicle market by the end of 
197S. He added that sales of the 
group’s six and eight cylinder 
cars was also strengthening. 

Tbe restructuring programme 
announced in May, which 
involved the retrenchment of 
1,100 workers from the South 
Australian plants over a period 
of years, had resulted in signifi 
cant improvements in produc- 
tivity and plant efficiency. 
Because of improved sales 
prospects, which would be 
boosted by the sales tax cuts in 
tbe 1978-79 budget, and produc- 
tivity gains, further workforce 
reductions on the scale fore- 
shadowed in the May announce- 
ment were now unlikely. The 
full benefits of the restructuring 
programme would be realised in 
1979 and beyond. 

“Looking ahead, we remain 
confident that with Sigma’s 
success in the market, models 
planned for introduction in 
coining months and the produc- 
tivity improvements we are now 
achieving, we will emerge from 
197S in a substantially strength- 
ened position.” Mr. Anderson 

Strong growth 
at Tiser Oats 

B r Our Own Correspondent 

TIGER OATS, which dominates 
the South African food and feeds 
market with Premier Milling, has 
reported stronc growth in profits 
over the sis months to June 30. 
Turnover is up from R250m to 
R353m (.*405.7111), and pre-tax 
profit showed a 43 per cent leap 
from R15.7m to R2.4m (S25.75m). 
but both the latest figures owe 
somethin? to the inclusion of 
the pharmaceuticals group 
Adeoek-lngram acquired during 
the second half of 1977. 



LIBERTY LIFE, the' largest to end June, 
quoted life company ia. Johan- Premium income 

nesburg. control of 'J whore from R59m (S67S2m) ^ - 

ESS? i?'~J DC0 ™ frwn , R1 * m number of shares in issue 

Assurance, Wav recently sold - by -td R24ni. The taxed surplus was has rwen from Sthn tn 109m 

Guardian Royal Exchange of ur. from R5m to R7.Im, but so the improvement in earning* 
the UK to a tor,# consortium, after deducting RL2m attribut- per share i 5 by 7c to 52c and 
nas reported another advance able to outside shareholders, the interim dividend has been 
on ail fronts forJBie six months and allowing for reduced pre- raised 3c to 30c. 

Tiger Oats* earnings per share 
were up from 102 to H4 cents. {David .Tones" sale 
and ' the interim dividend hu< ,tyaVia 52,16 

[been raised from 22 cents to 25 
cents. Lust year's total was 52 

AdMek-Incrcm has changed its 
. . .... . yeariend tu coincide with that of 

• ference share dividend pay- • Tlget Oats, but its taxed profit 
improved ments, the net aUnbulaale , was marginally Tot tbe 12 
and net * u /J? lus . u ? from R4ara l ®-mnof» t,-. .lone 30 from R3.Sm 

DAVID JONES will sell Its six 
stores in Western Australia 
within the next month due tu 
heavy trading losses. The com- 
pany said the stores would have 
continued to trade at a substan- 
tial loss for several years, reports 
Reuter from Sydney. 


Profits rise in difficult year 

CSR Ltd’s profit after tax (before extraordinary items) 
for the year ended March 1978 rose almost 7% lo 
US$30.4 million. This was despite subdued trading 
conditions In sugar, building materials and minerals. 
Tight cost control, some price increases, together - 
with lower taxes led to the increase. 


’78 on ’77* 



% Change 

Profit before tax 


+ 4.B 

Profit after tax 


+ 6.9 

Issued capital 


+ 3.6 

Total assets 


-+- 3.3 

CSR shareholders' funds 



Significant events 

• AAR Ltd became an 83“ a owned subsidiary of CSR; 
The outlay was US$53.4 million. 

m The long-term sugar contracts with Japan, -Malaysia 
and Singapore were re-negotiated on satisfactory 

• A new Internationa/ Sugar Agreement came into 
operation on. 1st January 1978- 

• Gove Alumina Ltd (51% CSR)' Contracted to supply 
600,000 tonnes of sandy alumina to Japan over 
twelve years commencing 1980. 

• The asbestos cement business was sold for about 
US$21.6 million. 


GSR's sugar division contributed US$16.1 million lo 
group profit Sugar exports under long-term contracts 
and a stable domestic market moderated the effects 
of low world market prices. Better prices are likely 
as a result of the new International Sugar Agreement. 

Building and construction materials 

CSR’s building and construction materials division 
contributed US$13.7 million. Activity in the Australian 
building industry remains slack but improved earnings 
from insulation materials, cement and ready-mixed 
concrete helped reduce this impact. 

Minerals and chemicals 

CSR's minerals and chemicals division contributed 
US$20.6 million. Profits from coal were steady but 
iron ore, bauxite, alumina and tin reported Increases. 
The acquisition of AAR Ltd has improved CSR's 
position as a major Australian resource-based 
company, in addition to its established operations in 
gas, petroleum and oil drilling, AAR has extensive - 
reserves of steaming and coking coals including a 
54% interest in the Hail Creek coal deposit in the 
Bowen Basin of central Queensland. The deposit 
contains over 700 million tonnes of measured and 
indicated reserves of high quality hard coking coal. 

The year ahead 

CSR has a strong base in resources and has reserve 
production capacity in each division. CSR is confident 
that jt is in the right areas and remains optimistic 
lor the future. 

1 O'Connell Street 
Sydney Australia 

Exchange rate; 24th July 1978 $A1 «= US$1.15 


GENTINff Bex-had, the operator gets from Kuala Lumpur to the 
of a hotel and casino complex Gentfng highlands. Last year 
in the.v Gen ting highlands -out- a total of 646.000 people visited 
side KfcaLLumpur, and one of the highlands and the company 
tbe : biggest companies on the made a record pretax profit of 
Mal£rsian and Singapore ex- 27 Jim ringgits, 
chepges, has. confirmed it is seek- * * * 

ins a listing on the Hong Kong . Central Enterprises, 

Exchange. - . Kong company, is planning to 

A company spokesman said develop what is probably the 
The Hong Kong authorities have world’s biggest fresh water 
Jin. objections- to. its application, prawn farm in the world, using 
and approval is being awaited the Sultanate of Brunei os the 
from the Malaysian authorities base, 
for the listing. The company 

Gm ling’s main business is the 
hotel and -casino, hut the com- 
pany is keen to diversify its In- 2Q0m Brunei dollar (U.S.$9m.). 
Uerests, It is already a major According lo reports from 
shareholder Ip Harriscns Malay- Brunei, the land, situated near 
sian Estates.-. the Temburong river, bos been 

Genting' today received the Surveyed and work on building 
first instalment of 4.5>5m ring-, the ponds is expected ai ihe end 
Sils from Anika Insurance Ber-. of the year. 

Offshore Tax 
Bill passed 

year le“ c '* on i.000 acres of (and 
In Brunei and plans to spend 

By Anthony Rowley 

HONG KONG, AugU't 16. 

! THE OFFICIAL Legislative 
Council here todaj passed a Bill 
amending the revenue ordinance 
_ „ .and making interest earned 
,„iJz ,Z : through offshore transactions of 
banks and deposit-taking com 
parties liable to profits tax. which 
currently stands at 17 par cent 
At present banks pay no tax 
Jon the interest earned from 

has taken a 40- ' deposits placed outside the 

‘colony and from Inin'- where the 
monies concerned are deemed 
to have been made available out- 
side Hiing Kong. Under the 

amendment to the o/fic'.i 
ordinance, however, and with 
effect from April 1. 197S. they 
will have lo pay interest on 
“sums received hy or accrued 

had as payment for its tv, - o he}}- .The project will have freezing [to a bank or other financial 

copters which were destroyed la. plants and laboratories to pro- 
a fire early this year. cess 'the prawns, and the target 

The company has ordered two Is to produce 1.000 tons of 
helicopters from Bell Helicopfr prawns a year for the U.S. and 
era of Texas, for 5.Siu ringgits. Japanese markets, 
lo replace the two destroyed.:. A former British rubber 
The . new aircraft would be de- planter; In Malaysia, Mr. Geoffrey 
livered at the end of the year Hodgson, has been appointed 
and would be used to fly passeh- manager of the project 

Institution by way of interest 
which arises through or from ihe 
carrying on by -the bank/ 
institution of its business in the 
colony, notwithstanding that the 
moneys Ip respect of which the 
interest is received or accrued 
are made available outside the 
colony. - 



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on August 14. 1978 ‘ 

Tokyo Pacific Holdings N.V. 

U S. $70.03 ■ .' 

Tokyo Pacific Holdings (Seaboard) 

U.S. $61 .03 '■ 

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sets new income record 


1 Dollars in thousands except 
per common share amounts) ' 

Quarter ended 
June 30, 

Six months ended 

June 30. 


1978 1977 Change 






Sales and Revenues 

5564,909 5492,940 


SI. 052-4 19 5920,840 


Income before? Taxes 

45,873 37.876 





Taxes on Income 

16,679 13,784 





Net Income 

29,194 24.092 





Net Income per Common Share 

S1.62 51.38 





In theiiixr six monrhs of 197S. 

IC Industries sales and revenues were a 
record 51.052 billion. This M? percent 
incre.iseover the first half of last year 
ffwrks the first six-month period in 
1C Industries' 13 year history to surpass 
51 billion in salesC 

net income up 21 percent 

Net income for the second quarter 
record 529.2 million. Ir was a 
21.2 percent increase over last year's 
second matter and was die highest net 
income for the company in any three- 
momh period. 

All five operating groups 
ahead of last year's 

Pre-tax income for the second 
quarter was up 21.1 percent over last 
\eir. with each of the the operatng 
greets posting increases. 

TIieCot»oiner Products Grot ip 
*r’ 1 i | ' cd a nr.-u- second quarter pre - 1 ax 
inco;v-e record of S15.2 million, a 15 
pcraiii increase <A er the comparable 
per:c*i of List year. Commercial Products 

also posted a record, contributing 
S19.-4 million as compared to §18.6 mil- 
lion for the same period in 1577. 

The Real Estate and Financial 
Sen ices Groups were also ahead of last 
year. Real Estate reported §2. 1 million . 
in pre-tax income, up from §1.2 million 
in 1977. Financial Services, contributed 
S2.9 million in surpassing last year's 
second quarter. 

The Transportation Group had 
pre-tax income of S 10.1 million, a 59.2 
percent increase over the same three- 
month period lasr year. In fact, it was 
the best quarterly earnings for the Group 
since the Illinois Cenrral Gulf Railroad 
was created in August of 1972 through 
the merger of Illinois Central and Gulf, 
Mobile and Oliio railroads. 

Consumer Products 
sales up 23 p 

The IC Industries Consumer 
Products Group, composed of Midas- 
Intcmational and three soft drink 
corr^anies, had record second quarter 
sales of S152 million, up 23.4 percent 
over 1977. 

Midas opened an additional 31 

serv ice shops in the second quarter, 
bringing the worldwide total to 1.053- 
And sales of the diversified line of 
Midas commercial and recreational 
vehicles reached record levels. 



IC Industries is proceeding with 
its offer to purchase controlling interest 
in Pet Incorporated. Pet Incorporated is 
a processor, manufacturer, marketer 
;.nd distributor of food products and 
store equipment, with annual sales in 
excess of SI billion. 

The acquisition of Pet will increase 
1C Industries consumer products business 
threefold and increase the company's 
total sales to an annualized rate of 
over 53 billion. 

If you'd like to know more about 
our growing international muki business 
corporation, write: IC Industries. 

Stockers trasse 38, 8X12 Zurich, 

a b 

tw>>iK« Office: 

55. Chemte Moist Ddbiwlc. 

CH - 1209, Geneva, Sniuvrltlld. 

Financial Tithes iPtoirsto.Ai^st ^ .1^78 


New Issue 
August 17. 1978 


this advertisement appears 
as.a mager at reconloniy. 

Tokyo, Japan 

DM 100,000,000 

5 3 A°/o Deutsche Mark Bonds of 1978/1985 

unconditionally and irrevocably guaranteed by. 

The industrial Bank of Japan, Limited 

Tokyo, Japan 

Offering Price: 

5V« % JX3„ payable annually on September 1 
September 1.1985 
Frankfurt am Main 

Yamaichi Securities Co., Ltd. 

Deutsche Bank 

AtafengeMOachaft ■ 

The Industrial Bank of Japan Morg an Stanley International 
(Luxembourg) SA. Umftad 

Swiss Bank Corporation (Overseas) 


Westdeutsche Landesbank 

Abu Dhabi Investment Company 
Amsterdam- Rotterdam Bank N.V. 

Atlantic Capital 

Corpora tio n 

Banca del Gotta rdo 

Bank fur Gematnwirtachaft 

Banque Bruxelles Lambert SA. 

Banque de Hndochtm at de Suez 
Banque de Neuflize. Schlumberger, 

Banque Populatre Suisse S A 


B aye rise ha Landesbank. 


Berliner Bank 

Caisse das Ddpfttset Consignations 

Credit Commercial de France 
Credit Suisse White Weld 

Dal-lchi Kangyo Paribas Ltd. 

DG Bank 

Deutsche GanoamHMbbaak 
Euromobiiiare S.p A 

Fuji International Finance 


Hill Samuel ft Co. 


Kidder, Peabody International 


Krndietbank SA Luxembourgeoise 

Lazard Brothers ft Co-. . 


Manufacturers Hanover 

B. Metzler seel. Sohn ft Co. 

Morgan Grenfell ft Co. 


New Japan Securities Europe 

The Nippon Kangyo Kakumam 
Securities Co., Ltd. 

Dan norske Credit bank 

Rothschild Bank AG 

Samara Bank (Underwriters) 


Skandinaviska Enskilda Banken 

Societe Generate 

Svertska Handelsbanken 

Union Bank of Switzerland (Securities) 


J. Vontobel ft Co. 

S. G. Warburg ft Co. Ltd. 

AlaMi Bank of Kuwait (ICS.C.) 

-The Arab and Morgan Grenfell 
Finance Company limited 
Baden-WQittemberaische Bank 


Bank of America Intemational 

Bank Leu Intemational Ltd. 

Banque Fran^aise du Commerce Exterieur 
Banque Internationale & Luxembourg SA 
Banque de Paris et des Pays-Bas 

Baring Brothers ft Co.. 


Bayerischa Verainsbank 

Berliner. Handels- und Frankfurter Bank 
Chase Manhattan 


Credit Industrial et Commercial 
Creditanstalt- Bankvereiri 

Delbrucfc ft Co. 

Dilion, Read Oversees Corporation 
European Banking Company 

limited - 

Goldman Sadis Intemational Corp. 

EF. Hutton ft Co. N.V. 

Kieinwoft, Benson 

Kuwait Investment Company (SJUC) 
Lazard Frfires et Cia 
Merck. Finck ft Co. 

Mitsubishi Bank (Europe) S A. 

National Bank of Abu Dhabi 

Algernon® Bade Nederland N.V. 
Arahold and S. Bleichroeder.lnc. 

Banca Com men aaleltanawa 

Bank Julius Baer Intemational ' 


The Bank of Tokyo (Holland) N.V. ‘ 

Banque Generate du LuxembourgS A 
Banque Nationale de Paris 
Banque de Paris etdas Pays-Bas 
(Suisse) S A. 

Bayetiscfte Hypatheken- and ■ . 


Bergen Bank 

Blyth Eastman Dillon ft Co. 

I m ai Hii a n al Limited 
Credit Lyonnais 
Daiwa Europe N.V. 

Deutsche Girozentrale 
- Deutsche Kommunalbank— 

Drasdner Bank ' 


First Boston (Europe) 


Hambros Bank 


Industriebank von Japan (Deutschland). 


Kredietbank N.V. 

Landesbank Rheinland-Pfdz 
— Girozentrale - 
Lloyds Bank International 

Mitsui Finance Europe 

Nesbitt, Thomson 

The Nikko Securities Co„ (Europe) Ltd. Nippon European Bank SA. 

Nomura Europe N.V. 

Sal. Oppenhaim jr. ft Cie. 

N. M. Rothschild ft Sons 

J. Henry Schroder Wagg ft Co. 

Smith Barney, Harris Upham ft Co. 

Societe Generate de Banque SA. 
Tqkai Bank Nederland N.V. 
Verband Schweizerischer 
Wako Securities Company 


Westfalen bank 
Yamaichi International 
(Deutschland) GmbH 

Norddeutsche Landesbank' 

Girozentrale j 

Orion Bank 

Salomon Brothers Inter na t i onal 


Schroder. Munchmeyer, Hengst ft Co. 

Society Banca ire Barclays (Suisse) SA. 

Sumitomo Finance International 
Trinfcaus ft Burkhardt 
Vereins- und Westbank 

M. M. Warburg-Brinckmann, Wirtzft Co. 
Wood Gundy Limited 

New Issue 

This announcement appears as a matter of record only. 


July 1978 



6.5% Japanese Yen Bonds Due 1993 
Ninth Series 

The Nomura Securities Co., Ltd. 

The Nikko Securities Co., Ltd. Daiwa Securities Co. Ltd. Yamaidri Securities Company, 


The Nippon Kangyo Kakumaru Securities Co., Ltd. New Japan Securities Co., Ltd. 

Sanyo Securities Co., Ltd. Wako Securities Co., Ltd. Merrill Lynch International, Inc. 

Tokyo Branch 

Dai>ichi Securities Co., Ltd. Okasan Securities Co., Ltd. Osakaya Securities Co., Ltd. 

Yaraatane Securities Co, Ltd. Loeb Rhoades Securities Corporation 

Tokyo Branch 

Koa Securities Co., Ltd. Marusan Securities C<l, Ltd. Toyo Securities Co., Ltd. 
Yachiyo Securities Co., Ltd. The Chiyoda Securities Co., Ltd. Hinode Securities Co, Ltd, 
Ichiyoshi Securities Co., Ltd. The Kaisei Securities Co, Ltd. Kosei Securities Co, Ltd. 
Koyanagi Securities Co, Ltd. Maruman Securities Co, Ltd. Meiko Securities Co, Ltd. 
Mito Securities Co, Ltd. The National Securities Co, Ltd. Nichiei Securities Co, Ltd. 
The Toko Securities Co, Ltd. Tokyo Securities Co, Ltd. Towa Securities Co, Ltd. 

Currency, Money acd Gold Markets 

in late 

Trading was vary erratic in the 
foreign exchange market yester- 
day, with the dollar moving very 
sharply in late trading: The 
apparent lack of any new foreign 
exchange controls following the 
Swiss Cabinet meeting poshed 
the dollar down to its weakest 
level of the day fairly near the 
close, hot news that President 
Carter Is to initiate a study into 
ways of assisting the ailing 
currency, led to an equally sharp 
rise. The market was very thin, 
towards the finish, however, and 
dealing spreads were very wide. 

Sterling opened at SL9825- 
1.8850, and touched SL9S35-LSS75 
in the morning, before easing to 
8L9760-L9770 by mid-afternoon. 
As the dollar fell sterling 
Improved to a best level of $L9875- 
L9900, bat with the tl-S. 


* •. 

1 . t-- - . 

s i •' ' • <»»? 

I. 972 S-U 808 1 - 3758.1 

currency’s late recovery the 
pound fen again to *L9750-L9770 
at the close, a rise of 20 points 
on the day. 

The pounds trade-weighted 
index on the basis of -the 
Washington Currency Agreement 
of December 1971, as calculated 
by the Bank of BgJ&nd, fell to 

52.6 from 62.7, after, standing at 

62.6 at noon and 625 in early 

The Swiss franc rose to a high 
point of SwFrl.5700 in the after- 
noon, but closed at SwFriL5887J 
against the doDer, compered with 
SwFrl.6065 previously. . 

The D-mark touched DM15270 
in terms pf the dollar at the same 
time, but finished at DMLS450, 
compared with DM1.9550 on Tues- 

The yea . traded within a 

narrower range however, rising 
to Y1S3J0, and dostogart Y184M. 
compared with Y 134.77$ pre- 

FRANKFURT — The Bundesbank 
did not intervene when the dollar 
was fixed at' DML9484 against thej 
Deutsche - Mark; compared with 
DML92 90 previously. The firing 
level compared with ,DMLM46 at 
mid-morning in Zurich and an 
early Frankfur rate of DSCL9575. 
Trading was relatively quiet com-| 
pared with previous days, this! 
week, with the market wating to 
see the outcome of yesterday’s 
Swiss cabinet meeting: 

In a radio interview the presi- 
dent of the West German Federal 
Bank Association said that ha is 
opposed to Bundesbank intervene 
tion in support of the dollar, not- 
ing that U.S. inflation is tdtmhfog 
into doable figures, while the Ger- 
man rate is under S per cent. He 
added that some resistance to the 
dollar’s fall may be encountered 
around the DMX90 level. 

The Bundesbank trade- weighted 
revaluation index of the Deutsche 
Mark was 147.9 compared with 
148, up 2.4 per cent from the .end 
of 1977. 

PARIS — The dollar improved 
from early levels against the 
French franc, ending •_ at 
FFr 4-2250, compared with 
FFr 42200 in the morning, but 
sharply lower than the finwirng 
level of FFr 42950 last Friday. 

AMSTERDAM — The guilder rose 
to FI 2J045 in late trading, from 
a filing level of FI 2JL16S against 
the dollar. The Dutch currency 
was very weak within the Euro- 
pean Currency snake however; 
falling dose to its intervention 
point in terms of the 'D-mark. No 
central bank Intervention was 
noted, but tire guilder fell to 
DM 92.01 per 100 guilders, com- 
pared with a mJnmum permitted 
floor of DM 9L99}. 

TOKYO— The doBar Improved 
slightly in nervous 'trading;’ 'to 
finish at Y 183.77$ against the yen, 
compared with Y182J55 on Tues- 
day. It traded between Y188J0 
and Y18-L10, and any interven- 
tion by the Bank of Japan war 
probably confined to the morn- 
ing and was on a very small 
scale. Japan’s current account 
surplus of $2.05 Obn in July, was 
slightly lower than the previous 
month, but was generally in line 
with expectations. 

Adrian V. 


S" 1 "- 

Swedish Kr. 
Yen ' 
■Austria Sob 

*u 4.I64JS 

a saaotojo 

is B7-S&OU0 . 
8 MtStt-MTJe 
Ills UPI-UH 
7 10.1MMT 

91^ 8.5«4*1 

El. 661-588 
4ia Z7.6W7.8S 

1 L1Vi.ll 

L8LL85 : 
87 JO-67 J6 ! 
BB4388 ! 

rrsasua . 


On*, month ip* 

S.6SJ.< 1 

2SO-1SB M8 

1 ar -ts 


SOmniJOed* -pu I 



lire die ' . — *-» 
24-14 o.P“' 
Zaepat-ysr. 1-58 
MLLISypw 1M*; 
HsJSta. pm WJ7 

fSJSo. pm 


aviS Hredk 

43-fJe. pm 


vtn-niSBi franc 

the dollar spot 

' ' Dav*B ■ “7 " 

Amt li ** t3Ul t3aM 

s- isjsj 
$sss sgyg 

fhOA -SSS® 

IS-® 8 nrJMZLM WZt3*4B3JS 

S® WS! : 

5SSS S5 tSS 

Amb±iSd> T i^SSS 5 

.XJJS. «mi per C«n*dbol 9. 

cHr^iuwith 555 Ooflar 3JM.«te m. 

forward against $ 

!' -% 

OHUWb . a* YkmeiBfBtt* M. 

fljflUJICpm U5 LMAJklU 2JZ 
U&OCMt Mi pm+Me*m ftb 


UUAcdb 4S -AM 

XJMJtopw TJI UftLUcna TJI 


1“ sasctal Eano«a 

25 Drswiaa UaUeT 

RIsMs Aw — t 

§S“ nn ® Vmbb — 

IT.&. dollar J-*™ _ 

fS.rv»rflg n (JoTlaT 

APUfrittp yhllHng ^ ■ — 

BuigUn franc “• 

D mMi krone — — . — 

DSatscbe Mai* “ 

Guilder — MW — 

Preach franc . — - 

lira ~ ■ 

Von SIl.727 — 

Konreftfan fcrtjno _ L5SOS 

Pm . — — 

■Sswlisli fcrena ..L— - - 

Swiss franc — 2J«» 


Bank af Manna 
England Cmajr 

Staling - iramMaMi 

US. dollar £J* 

dollar 1 c2S w I- 

AtmrUn BchflHn* _ XOJM ^ 

Belgian franc — 11 13 * ^ 

DsufaU krooa — , — JMJW » 

Deottche Mark - 

Swiss tome 70 JJJ - 

French tome M0.7* - 

lira 55.77 m 

v n i — — - - astn a * «v. 

Based on trade weighted chan ges ton 
Washington agr eemen t December, m 
(Boole of England Indw=MW- 

ArgenUn Pw>— | 
Austaalia Dollar— 
Ftnlsnl Markka~J 
BtbsU Crurcinx — 
Greece Drachma.... 
Hong Kmg Dollar. 


Kowalt Dinar (KD> 
T.i.wmhr^ iTy Franc 
Malaysia Dollar. — 

Bow Zealand Dollar 
Saoitl Arabia Riyal 
Singapore Dollar— 
South African Band 

L8442- 1.860! 
63 2-6.62 
4.57-4.38 Is 

68.886-71 A68 





Austris — _ — 
Belllmn-.^ ... 
Germany — 


Japan — » — 
Notberiami - 


. Ktte Satm 

. 8.80-320 
1441#. 148 

Re»* uiverr hir Aiwein Is free rate. 

exchange cross-rates 

IViuDrt bterlli 

|Ueutsche>larti| Japaoaeae Xen 1 Ifrench iftaoc 

Poun.1 6terUng 
U.3. Dollar. 

UeavciM Hark 
iapanete Yen 1D30 

Preach Franc 10 
?w1m Franc 

Dutch G uiiiier 
Italian Lira 100 

^uaiiian Dollar 
■■•*1 -inn Ftanr If* 1 

| 3.145 

{ 1.598 









. 11.48 





3.751 . 


1.326 ■ 









889.1 . 












Cans ci am 

rSliort. term 

I .layi-* nutire 

Mow n 

Liuec months.. 
■Sis monUt--.—. 
One vesr_..._ 

UH 121# 
111 #-] 11 # 
111* US# 
11S# 114, 

02. Dollar Dutch Guilder ,’Svnaa Franc 

- 74,-u 6-51* par-*# 

7T#+1# 6 51* : . par i# 

71# 73, 5 ok r par-l# 

81# hi# 6-61* < A A 

Bla-85, 61* -61* « ft 

8i*-9 6fi#6% T#l 



French Franc ( Italian lira 

7b#- 71# 
73# 7H 
9 81* 



13- 14 

14- 18 

Japan —* T#n 

-»*-14» j- 
-»*■?* M 

The foBowing nominal rated vere quoted (or London dollar certificates of deposit: One month per cant: time months 836M8 Per cmG aix n a e ntlis 3JB1P 

Per cenc one rear 8.70-8J0 per cent v •• . 

Long-Term Eurodollar deposits: two. year* SlSis-Pu per cent: three ream 9*ia«iu per cent; four sears 9S]*-BGi* per cent: fire sears 9%-87u per cent iv— #*■« 
doslni rates. • • 

Short-term rates are can for Sterling. 02. dollars and Ca n adian dollars: two days’ notice for xnOdere and Swiss francs. Asian rates are dasinc rates in . 



Less pressure on Belgian rates Further 

Rates on short-term Treasury 
paper were cut by the Belgian 
National Bank yesterday. This 
reversed the general upward 
trend seen in recent weeks. Last 
week rates on Trasury crtificates 
were pushed up for the third 
time In 10 days, In what was seen 
as an attempt to defend the Bel- 
gian franc within the European 
Currency snake. It therefore 
came as something of a surprise 
when Bank Rate was not increased 
in line, but held at 6 per cent 

Yesterday’s cut in rates was 
fairly modest however, with the 
rate on one-month easing to 7 
per cent from 7.25 per cent, fol- 
lowing last week’s rise from 6.40 
per cent , Two-month was also 
cut to 7 per cent from 725 per 
cent, after rising from 6-65 per 
cent last week, while three-month 
fell to 7.25 per cent from 7.50 per 
cent after rising from 6B5 per 

The Belgian franc has tended 
to improve its position within the 
snake this week, rising slightly 

against the D-mark on Monday 
and Tuesday. It has been the 
weakest member of the joint float 
for some time, frequently falling 
below its minimum permitted 
level against the D-mark, but by 
Tuesday it was no longer the 
weakest, with the Danish krona 
nearer its floor against the Ger- 
man currency. 

Deposit rates for the Belgian 
franc (commercial) have eased 
over the last week, with the one- 
month at 6fr-7fr per cent yester- 
day, compared with 7J-7i per cent 
Wednesday last week; three- 
month at 7}-7f per cert, com- 
pared with 7H$ cent; six- 
month at 7}-7i per cent com- 
pared with 7f-S per cent; and 12- 
month at 7J-7| per cent com- 
pared with 8i per cent. Brussels 
call money eased to 4 per cent 
from 5 per cent yesterday. 

PARIS — Money market rates 
were mixed following the long 
weekend holiday. Day-to-day 
money was 7} per cent compared 
with 7} per cent before the week- 

end, with one-month funds at 
7 J-7} per cent compared with 
7J-74 per cent three-month at 
7}-7* per cent compared with 
7j-7| per cent and six-month at 
7£-8 per cent compared with 
7{j-7H per c ent 

FRANKFURT — Interbank money 
market rates were unchanged 
from call at S per cent to eix- 
mont h at 4 per cent 

AMSTERDAM— -Call money was 
unchanged at 4.75-5 per cent and 
one-month at 6625 per cent. : 
Three-month funds were quoted 
at 6.625-6.75 per cent compared' 
with &S25-&S75 per cent pre- 
viously, while six-month fell to 
&875-7J25 per cent from 7.125-7.25 
per cent' 

NEW YORK — Fed funds rose 
slightly to. 7ft per cent from 7} 
per cent and Treasury bill rates 
were firmer. The 13-week rate 
rose to 7.02.per cent from 6D8 per 
cent, white 26 weeks bUJs rose to 
722 per cent from 721 per cent. 
One-yes’ bolls rose to 7.68 per 
cent from 7.68 per cent 


GoM finished at a record dosing 
level of *2144-215} in the London 
bullion market yesterday, a tin of 
<***• It opened at 
32144-215$- and was fixed et 
*215,70 (£108.939) in the morning. 
The highest level touched was 
pi5j-2l6i shortly after the morn- 
mg fix i n g, and following -an 
afternoon fixing of *315.75 

GoM JteWon taflaef 
ounce) ; 

Ana.Ifl f Aog.IS 

ISaiMUl *. 


Adequate credit supply 

Bank of England Minim um 
Lending Rato 10 per cent 
(since June 8, 1978) . 

Yesterday was the third 
Wednesday in the month, and 
therefore published figure day for 
London banks. The recently 
Introduced “corset” controls put 
a rather different complexion on 
trading from previous months 
however, and instead of banks 
offering very attractive rates to 
discount houses to keep in Une 
with their reserve asset require- 
ments and ensure that eligible 
liabilities remained as high as 
possible ahead of any new 
controls, the banks were con- 


cerned to fine tune their positions, 
in order to prevent penalisation 
under the * corset " restrictions. 

Money did fall very sharply in 
late trading; but tills was simply 
a reflection of the overall surplus 
of credit, rather than an indication 
of conditions peculiar to make-up 

Conditions were rather patchy 
overall, with some houses paying 
Sjh&f per cent for secured call 
loans, although closing balances 
were found at 14-4 per emit with 
rates coming off sharply near the 

In the interbank market over- 
night loans opened at 8f-8$ per 

cent, add fell 'to 5 per cent In the 
afternoon, before closing at L3 
per cent. 

The authorities absorbed part of 

the surplus by selling a small 
amount of Treasury bills to the 
houses. * 

Banks brought forward lightly 
run down balances, the authorities 
resold s small number of bills to 
the market, and there was a slight 
net take-up of Treasury bills to 
finance: .On the other hand there 
was a "modest foil in the note 
circulation, and Government dig: 
bursements were substantially in 
excess of revenue payments to the 


aas=5r:ffis ,ftl ess*'; 

Afteenocii tfcrfog^ sY^re* 1 W j 

Knigorraad S 220-223 831*4X1* 

sap as* ■ 

WOhu. .WMlil WHI» ; 


Krn * crr “ d 8220-222 fSIU-ttU' 




" — S no-115 13110-115 

drri!!?' 855 ^ eased as the 

dollar made a late recovery. 

In Paris the 12J kflo grid bar 
28 f 50 kfii 
nra i? .. ®nnce) yesterday 

compared witfiL 
^14.22) in the morS 
28,750 ttmM 

^• 5W Per feflo ($ 2 X 9411 per 

Sts,* dm ** 




Luca- [L<wu 4uU> 
AuUxmt)’ BCROMO'e 







IS'IS •*?> 

9a#-9T# Slg-Si# 


market frouuxy 
■epeaii Bin* 4 

Baak Pim/Treip 
Hillx 6 Billie 

9-91* 91# 

9A-91* 9i# 

its as, 

Local auftarlt? ana finance homes sctm days’ nod to. others sewn day# te«j, ■ Ti nn irrr- T r r” load flMhority msrtjnn, 
rate nominally three years ner. cent: four years 114-u: ikt cent; Hw y ¥aiH 1 1 T.nT^r wm « Bank 6U1 retreX 

Ubl* are buying rates for Ddmc tuner. Burins rates for fonr-momh bank bills Sl-flj* per ceutT fror-manth trade bills- lfl{ par 
Cent. . ... . , 

Aporosdnaie wiling rales far ane-nrandi Trewmry bEIIa 923s?B-*=u oar wnt; and two-month 823sz« y i* ner cent: and 
Hiroc-monih fllSis-flJ per oaiL Anorosunahj seRllls rets lor one-moo Ih bank bibs OUSn per irantr two-month per 

cent: and three-monlh S'm-SJs; per cent One-month trade bins Si per cent: uro-momh u per ctoU and three-momii H per 

Financt HWM Baa# Rams ipnbllalicfl by tbe Finance Bouses Assocjauon) IU per cent from AUUBt 1. 1WB. Deartea Bank 
Oepwn Rates ifor small sums at wwo days' noUre. 3-7 p^r eem. CtaarinJ tenRr todtag^ User 
Treasury »lla? AreragB tender rates of discount SJOM per cent. ^ 

nbw roRK 



Tmwry BUI* HWoeki 
Treasury Bills etwiefc) 


Dtanmt . Bara | 
Onniat ~ 

One month 

Three nwrati u . 
six 'months — ; 

Discount -Rate - _ 

Ovenuaht • "I** **" 

One month “ 

Three months’ 

Six months 


DIscdunt Rare 
CaU (UncondUfamali 
OlKOtmt Bate 


Ififlantial Times Thursday, August 17 1978 


Dow rises 7.4 on Carter’s dollar concern 


te.wj to n—ioo?; uoij£> 

Atey— S2% (&?%> 

?v_^JS£5 r means of *®PPed the active list, adding at Metals declined. Vieille Montague trading wiiJi investor attention from news the Government wiU 

$1 3 on a turnover topping 1.6m lost 8Fr 40 lo ) , j 60. largely directed to the Gold increase expenditure on the de- 

.*• hares. It reported hicher fiscal Chemicals stood out with gains. Market and the instability of the velopment of the Ranger project 

frnrrf niMKtar rifil aamUma .nJ ** f'*. l__l 1 T»t*_ «r. . . * n-n inline Afl I _ n_. . i. - - i t_.i i « - 

third quarter net earnings and a Geraert Inched up BFr 10 to 1.330. dollar on ihc Foreign Exchange Overseas demand helped Mount 
yinni risc hi its order backing. Holdings and Oils were mixed to Market. i$a rise 10 cents to AS1L50 and 

Active Shenandoah Oil rose SIS slightly lover. Petrofina flipped Banks nnd SiceJs were steady Haraerslry lo cents to AS2.60. 

to ?36 although it reported a loss BFr 5 lo 3.703. against the overall trend, while Bougainville Copper firmed 3 

for the second quarter. Resorts Zaire shares were mixed. Kleber. L>ume», I^afarge. Ci meats cents to AS1.54. Central Noise- 

propping up the dollar. 

International Buk incus Machines 
jumped $5 to $2861, Eastman 
. . - — yen* Kodak rose $2 to -W72. PWamid 

^ored in active trading on Wail $ to 834' Du Pont.Slf to S13!»'. 
r S if da> ! ^ hcn *5? ^ 0ck Telert > nc « to 51061 and 

• Market responded to President Burroughs £ij to JS4». __ _ _ _ _ 

cern" r avcr* > the !iI ^^eni "h/unHe 0 ^ .^'“‘^d Br^irls plckvd mp $j i 0 Iniematio'nal A gained 51 i” to - 8SS Fino litre mer" iost BFr 40 loToS Franciis. two. Petrules BP and maiTadvanced 25 centsfto ASia75 
the dollar on ForS lScha^ *12? on improved second quarter and Prime Motor Inns » to $16*. while KDL improved BFr 4 to 140. F ctodo yw kened. on record gold prices. 

The* Dow" 32 InditiS ■M.n'tihiS and it.said it would p:ty French and Dutch slocks were * ..■»*« FFrsS Banks were boosted by the 

Average moved un 745 £ W4 5S ? ,L pa , st due dividends on its- prp. Canada hotter in a steady European list l,< ; CGE £ p |ied FFrs-Lo prospect of lower interest rates 

Sndtn^co^n. 3 “ RFr \W°« l! "~ *“ MSSj! 

;5£jL a I* Spt&^r "? Ue SS^Mf ocllve S t S« S "! "“if ?™™.*!™™ ™ *?.;■ aD ? ,he ***** 0011X5 at Amo * 

advances ted declines by a two- picked n p p» to «* «• Canadian Stock Markets yester- 

.to-one majority. Trading volume — 

expanded 6.3Sm shares to 36.14m 

l *S^ %£&%■**** STA-ISr 5 "" “ Msssfssa.-ass: Amsterdam 

* c ° m * “ Js£js& sztt 5?^%."! 

K on 8.6 to 1,036.6. Oil and Gas U S. shares were mostly lower, mlntaJned. ° L ppe vcre higher at FI 2&» on the increased 

The While House announced moved a 
that President Carter met with * 1 to S1S - pul 

■Mr. BhimenthaL Treasury Seere- S CM rose *11 to $213 3nd Xerox 10.4 to 1.599.3 Utilities 2.98 to 
tarj-. and^aUo Mr. Miller, Federal $tt to *834 — 3 -“'Federal .Jury 159.50 an(J ^ank* 1.40 to 28S.67. 

Reserve Board chairman, because awarded SCM S23.5ni in domnees Rut Golds shed 2.0 to 1.570.0 and 
Ql -Ibe President’s •’ deep con- in- addition to flliftn previously Pa pent eased 0.37 to 132.11. 


Prices were a 

.. deep con 

cern over developments in the awarded in its anti-trust suit Canadian Pacific Improved $1j 
Foreign Exchange Markets re- against Xerox. 1 . 
renily. The dollar has been WleboJt Stores gained 51 i lo SI 1 
plunging against all major foreign and Koehring si} -to 523. 

currencies. Pope and Talbot advanced . . _ _ 

The Fed chairman said the Fed another $1 to *344 on rumours gained sj lo 38. Canadian Mar- Exchange 'Market 
was considering what might be of a possible takeover by Amerl- ronl SI to $9i. Power Corporation Some' Lighi 

liiile higher but 



Prices firmed 

profits, particularly in the second 

ciinhHv vnlbc Akzo shed FI 0.30 to 31.2 on its 

trading continued thin. ~ Volume wages moved up DR? 4.2 to 241.0. iiffiStionate quarter loSS ' 0lhfir 
, 0 , t ... - 210m tsamc) shares. Most Man added DM 5 at 2025. but In,<? mauonaJs 

^ hl Sh?f net earnings investors apparently took a wait- Deatsche Kabcuek lost DM 320. 

reported earlier this Meek. and-see attitude despite the Most tilorts, were little changed. 

Among other companies vvith easing of the yen against the Bayer, off DAI ]jj at 1345 

higher earnings. Inter-City Gas dollar on the Tokyo Foreign Chemicals lower, while Banks 

. , were si cad. iq weaker and Steels 
Electricals mue changed, 
technical factors. public sector Bonds 

were very firm, 
with Unilever up FI 2 at 121.7. 

KLM advanced FI 3 10 1535 on 
the higher July load factor. 

Banks were firm, vvith NMB up 
FI 25 to 1975 on ils higher firsi 
half year profit. 

The few lower issues included 

done about the dollar, ~ can Can. which American Can **A“ 5? to ?lfi} and Steep Rock rebounded on tecnnicai laciors Public wmr — 

. Money Market specialists gay the denied. Iron 15 cents ro S2A0. However. such C export-related ^oTnlio dm " itum wmSE Bt,n fkcn. Van Ommcren and 

Fed moved to tighten credit policy. VHn de put oo tf to *WJ on „ Alcan Atamlntem rose •> to a^ Motors and PricisloS ^k ourcLVe? IHC 

in part to fbore-up the dollar and higher second-quarter net earn- will sen iL* 21 per cent instrument Makers generally Mark Forer-n 

" But -low-priced” st e a d, to firm/ 

also in response to the problem incs. holding in Granges Essem AB for eased 

of inflation in the U.S. The THE AMERICAN SB Market 838m- Chemicals advanced, 

specialists say the Fed indicated Value Index gianed-1.1? to 162.73. 
by its Money Market action that again setting a reconi Volume of J>niS5eJS 
H hod raised its target rate on G.4om shares was -Up Jrom 4.56m Belgian shares were mostly 
Fed funds to at least S per cent on Tuesday and the highest since lower in moderate trading. 

Tr«™ 71 per cent. They added that 8.55m shares traded February 20. Steels were down with Clabecq 

Loans were 

Irom _ _ 

the Fed appeared likely to raise 1976. 
its discount rate before the end Instrument 


off BFr 30 to 1,570. 
again Electrics were mixed. 


Toy o Rogyo rose Y14 to Y338, 
Mfnulta Camera V10 to V460,To>o 
Ink Y43 to Y690 and Toyoma 
Chemicals Y58 to Y818. 


The market eased 








AUtvJi Im be o8I|~ [ 47 

A l«lr»-6Mi;r»pb ...> 307j j 
Aft ha I J(o A 465® > 

Air Pn-iui-f j 29la I 

- Aliiia(iiiiiilnlura> jlag 1 

Alim. 4TT3 j 

AHe«. LtKfinm... 19 ' 

W'*lihrllV Pcnror lb.g ) 
Ail'd. Chcmlnal. 56 

AIIinI More* 2S7] 

Alii* IMwImcrs... 38^6 . 

AM IX- 41 1« I 

A rrwnul* Hew.... 29 
Aiucr. Airline*)... 1750 I 
AnWr. Hrenrti..... 5ii„ j 
Amrr. Rruviii-ut. 61 6s ! 

A iiat. Con 425.1 ' 

A hut. t'yviiamid SlTg I 
Anu-x. Phi. Tol.. 35 <m ! 
Ai'ii't. i:ii>i.hi4 i;3ig i 
Aider. K\prv»^ .. 38i» y 

A iner. Hi nut) i ‘rod 31 'a • 
Anier. M*dK»l... 29*4 | 

.\n«*r. Mi -tor* .... 6 I 

Ainnr. \^t. (is-.. 4S>« j 

.Xiiat, Siniplnnl.. 625g j 
AV.rr. M.Hi# .... 37 | 

A nn-i. 1 vl. A Tel. 6 1 is i 
Amcli-U 36U < 

a sir 19 ! 

AMP 375g I 

Au'ut-i. ... 16. « • 

A n.-lj.*r Ho-fcinc. 30'i ; 
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ArmoiStHd... — 33'n.l 

A ,v. A 265, , 

Asscm* fin 18'a ‘ 

A sti-" 16--» ; 

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a vc iai 8 1 

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Banirr- Tr. A.Y.- 371*. 

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fieira HomJI | ai»* 1 

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firnguel 5 j 

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1'iai-v A tKy-kei.., 205a ‘ 

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JRtTiii-n. • 291* ] 

fiord "’"HIW. 33 ic ! 

fimmO ini 16 • 

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36 is 
16 Tb 

31 10 


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1 "»wi fCcHttlttclt 375* 
Cuiumin- Knfjinv. *600 
C'iu*»m IV right.. ,) 17 >8 

Okdb_ 30 

D»rt Indamrlai- *B 

M«rt 34 1« 

Oei. Monte 340* 

Heltoiui 121s 

1 Sen tb ply Inter... 2U: 
ilmrort Uaisoa... 2ol« 
OtBinoiklahBnirk 2D1* 

iHcmphrust'- 17»C 

OlRiu Kqiiip 49*8 

IHniwy 465* 

Lfidr-x Ciirpn 47 

iW Cbeuik*i_.. 271a 

l'i*i«- eSJs 

Hns>r*-- 431* 

U»l»jn\ Vi95, 

tv« S H* 1‘ii-lier 254)7. 

U*-t Airline*. 1348 

KsMnihn Kutiil.. 67-h 

fintirti 38--1 

B. (i. A IJ 304] 

111 1W&M.I).-. 17*0 

Kim..... ! 3350 

hnimon KIhath- 3Bi, 
Emuty-Au Pr’ijjlii , 274, 

Kmum i 43 is 

K.3I.I ; are 

Kiu-clbiuM ...I 245, 

Ktnwrli _...! 29.; 

ktlij l j *»37a 

Kvtou 48 sa 

Faiivbihi Umrui. 36.'* 
FbLUept.iiSoret! 375, 
fit rest eue Tire.... 120* 
J-’M.hat. fi«st-<u.l 31's 

Kl«n Van 230, 

Flint kmc ! 35 it 

FliTbln Fewer... ! 310, 
Fluor. ; 390, 

F.U.C 241, 

Fnnl Mmrw. 46i a 
Ftnwi0*'t UcA....- £3 

F*i\l«*|r» 3k >3 

KiHiiltUn Mini, . 9i| 

rwevt^V Minimi; 87 

Fniefaaur 3i:* 

y*4ne liwb. i 


liaunrtT.... : 

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(f.A.I.A ! 

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in.* I 

121 , 

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121 8 

211 * 









43l e 


221 h 




24i a 
23 la 

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I 16 

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Johns Mant-IUe..- 
Jobunn JhIhiwhi| 
Johnson Lomrr-i.j 
JoyVIanuin.iLu-1 1 

EL JXjr tA rj. : 

- knlser 1 miiici Her j 

Kaiser Steel | 

Ewy j 

Keencvnu 1 

Km «.<**. 1 

KkMe Waliei j 

KitnbeH.v Clerk..- 

•fewM* ! 

Knfr | 

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Lenewe.x linn*..! 

I*»ri dmiiM. i 

Ubby Ow. F.iii,.; 

Litton liniu-i., .. 
LnMnsl A m-r‘il 
Uwe stu I 
Luifl l-tan-l Liii. 
Louisians T^n>l... 


Lucky Sti-M- 1 

I/Mf Y'un"«t'« n, 


Uacy U. H 



llamtHi! Uh... ■ 
Manoe Mulwinl. 
ttanbaii Ftck 1 .. . 



SldJerrioii.. . 
M.-Untirie" IV-iu: 

M. -Grmd Hill. . . 



Mata HsUim-iiii- . 


Mtanili'mA \n-. 
Mnhti'Ci-ifi... .. 



jlu»|*i.\ MU • 

I abiaci-. 

.XhIiT- Chmimlfr. 1 Can 

>m. IhtUllcrc,..., 

N. d.>«-ruo- 1 mi.. 
'lllh-HS. Stcc-".... 

Nfrl-.lnh-. ........... 


331 2 
86 h 

1*1 2 
23 ia 
611 , 
217 & 
35 1« 

36> 2 
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al'a : 

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Goiufiicvi-fii.. ; -t', I5:a An. 

iil-ll. l.vtfv 

lii-Ht-ral Mii*b_...l 
Lipnent- Mocorr,..j 
Geu. Pub. L'UU- 


lien. 1W. BlivL...- 

lien. Tyre 

(iniOKi. r 

HiurRi* 1'seiU. .» 

Uet^>- Oil. «..! 


Goplriefi IkF ( 

Oor*l» isr hw_.. 

33^ , 
630, 1 


P0; B j 
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{ Hami-cfiii giT...,- 

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M.:ln/ II. J 


| Hew»e Pifi-kael...; 

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I kL-.,-ci ^ 

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lilHISli-q, Val.'.iH | 
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Unumi IKK.'.... 
l-i:. luilu-Hn- . 

».SA : 

liiKOtmili Khim . I 

Intend T»tv*H ' 



lntl I E'hi«Ufi..,. 
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lull. Mui.V CtH-i.i 
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loi.Tcl. a la!.... 

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I A. Till A at, ti ■>.... 
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I \llme.-l A 1 ruin- 

t AliiMa-t Uaurorj. 

j tt-iii-ii 

I Uiv-.if-llliii Pfittvl 

|t»i!ii»t Mather.. 

■ •in... •-,h-4*u., 


,■1 ei -ear Shlja...i 
I tin, -tit Ct-rulng.. 

I I'.tflll li!nuw__. 

1 IV »‘l- Lm_ 

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! Vail Am , 1 ' MSM- 1 

| l*H- her Hnuiiutij. 

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34 1 : 






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XI ‘A 

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44 Sa 

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26- , 

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, L Villi \ J. C,„ IV . 

i 38] 3 

39 s. 

, l*. in*. m|i . ^, <M1 

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■ 12 


til ■ 1 n'i 

! 36 



: 32>? 


j i'i ■»,*! Ennrt.„ 

1 87 


Kev Ini ; 

Keynnlita Metal*. [ 
Ueynnlils U. J. ... 
■Mikn Meirell. 
Ifiwkwell Inter...' 
Hnhin a Haas. j 

Komi Dutch I 

kTK J 

Kuap LSI.... ..I 

Uj’ici System...,; 
safeimj- ottnn.. 
Si. Joe Miners If 
St. iWis Paper. .. 

dania « Irul* 

5 m 1 I Diehl 

dnxati I ful*- 

dcblite fiienring. j 
sschimnOeifter ...J 

8C3I J 

Snrti Paper. J 

Scnv 1 Sftit. ! 

3«l 6c Duo.Ub| J 

its Container...., 

Mitrani ' 

tarv iG JJ.) 

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»hei> On 

sUoi ltan-i> rt... 
riltuai ...» 


Mui,eh.ti.v l*al._ : 


south KMiie.. 


XHitll mw u ^.....i 
5futU-nitwi.ini. 1 

vsiUiem Co 

Sibil. MJ. lie,...' 
southern VV-ihy.. 
suuiUen iJCaii »«y 

•sitliwipt ; 

'» ‘t UaU'luirc* .! 

>p-m Hut cl 

lurry lisiM | 


btallitanl lb s 1 111 - : 
t.ia'hc* uemi»i 
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■hi. OH Oli'-i-... 

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1 wsw ■ 

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Iin.i-i In? 

1 .mei Umur. .... 



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I Intu-ien 

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I ll!» ' 

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V 11*41 «llk.W|l. 

L iu««n CinMv ... 

L iibw 

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; |*.|IIii.mii ■ 465* 

: |*"»- ! iBTi 

C.«-| I Cafi- — ... gas, 
' i;i|.-n tmetkwu.^ 154* 

1 i;i.“lnfi-!i ! 55 tg 

l«»'A — : «a*a 

If, I- m .in* Steel — I ' 2b»s 
I. 1 nr Inti 88: a 

a- <n 

35 V 






24 1.. 

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t V In-iu-tre...... 

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" iuii -'tan '11 tent 

V'lWtrii UaJii.i<n 
M Olein A. Altai 
Urtitni L nfi’u.... 
A'WIIiivIi'h luw. 

! Un'**... _ .. . " 
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Wi,i:il*. n | 

WLiteCni. I11-L. 

William Co 

Wu&vutiu klect-, 










32 la 
28 ‘2 
387 S 














120 s 


22 : a 
la >b 
37 1, 
200 * 

30 tn 
i-3 1 , 

XI u 


317 a 
29 >a 
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52 :« 
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23 », 




Wo.ii north 20 

Wyl.v -‘.‘s 

Kcrfa- : b3li 

Aftrwiu 18 

Aentth Umilio. 180, 

L.».Trtw-* e , UK' t96 

L'3TieftiAi2>j;.-2: tBlis 

L' -lay bills.. 7.2 1^ 6.89 1 


Awufi Pape/ 1 

Ann! t> Eu.e. 


A-uoina 9iec> 


Dank 01 Mnnina.* > nfin 
Itesl Kmnneci..' 
Bel- J eitpArue... 
Bow Vbiiov lint..- 


23; * 

-.3 . 



State Loans were little changed. 

Hon§ Kong 

The market eased slightly in 
fairly active trading and the Hang 
Prices slightly Id hesitant b’eng Index fell 4.44 to W3-54. 
trading following the recovery of Jardine Malheson dipped 40 
the dollar and the mark. cents to $HK18.10. Hong Kong 

Banks fluctuated and Insurances Land 30 cents to SHK12, Hutchison 
quiet were well maintained. Among Whampoa 3 cents to SHK7 and 
___ Industrials, Saurer Bearer rose on Wheeloek 21 cents to SHK3.50. 

renewed heavy speculative China Light lost 40 cents to 

demand. 5HK29.60, and Cheong Kong 20 

Domestic and Foreign Bonds cents to SHK13JI0. Hang Lung 
rose in Ih-elier trading. Rank rose 10 cents to SHK7 and 

°!LHl e F ? re, S n Jtecior. Dollar City and Urban j cents to SHKL65. 
crocks, Dutch and German shares T , , 

gained following the easier trend Johannesburg 
of Swi s?.' »ranc against other cold shares were steady in 
c.™™*- French stocks edged afternoon trading after opening 
f1, S° er - easier, but dealers noted the high 

. . .. securities Band Rate was still ln- 

Anstraiia hibiting overseas interest. 

Iteourc; flocks vcrc slronfly "J 2“* TOrc mo ^ 
supported in the wake of the UQcnan Sed. 



"To - 




iu. a 
♦31 * 

WHCftuwila ' 


Brlnct. .............. 

L’-i'gfy Power... 1 
oanilV/w HlrKi._ 
b iniuia i. rruciti _ 
oa nil* MV Lull. 
LMn.lruj.bk Von.- 
L'anaiift litaufti ...' 

twn. Plane 

Cftii. PftelbL- lut. 
i’«n. Sii|«i l»i ... 
furling OTipere.- 
Uuslar A««ii*. 

v'n.ertain. .......... 


lOol Bathurt* .... 
CouruioCT trft- .... 
Co-«m iitn'unr- 


Lteoa Here 

Ueni'Oii llmta... 
lli.i'i Mtk- 

lAme PMn' i-um 

Uimtiiqk-ii Bn.-ij. 



r4*Wi;, \u-.»“ ’ 
l-ul-l M-A-J? 'J3U..^Frrkn\. 
UU't ' 'I. fftlM'lM. 



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riu-urii ll*r Un- 

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lul’}-. v f:\it Lint 
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f.aiCK-' UH 

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SlD.t’KO — 

sita- vs t'axj -i .. 

j Iron.. 
Tt*» 3 Uiar* _. 

U-n<UI'< Din .H-. 

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2cJ- a 




; 14 


35 i; 
20 'P 



6 m 
2c I, 
4 7:- 
i 14 1" 
35 i, 


Federal Budget, described by 
brokers as an Investors* Budget 
with a heavy emphasis on luring 
b ack fo reign investment. 

8HP rose 40 cents to AS856. 

De Beers rose 5 cents to R7.75 
on U.S. interest. 

Coppers were mlyed while 
Platinums were a few cents 
harder. The Tin sector also was 

Arnpol Exploration improved S mixed. 

cents to A51.50 bid on an increase Asbestos counters were very 
in the price Tor domestically- steady while Coals were firmer 
produced^ crude oil. Woodside across the board, 
were np 5 cents to 90 cents. Industrials were irregular In 

Uraniums also received a lift quiet trading. 

NOTES: iWrrscai onevi shown twiow aMfior scrip msue. - per snare. Krenca 
si3adr * .i.-wn mm Rf-wian nvinermr o'.nnsniv %. *t Assomud rtivlitaiKl «nei 
*rv after u-th-vunina r«s »rno M/at nehlr lasip- * Alter lnca> 

6 nil sn t-rnini unless <rt>-mse siaie4. tares, m % tax free, u Prance; tncln/tim. 
*teHte t>as»n »r» nm riimociv)* plus -ax Uinlar dir. r Non* 9 Share n>l|L « Dir 
f HU*, tfritorn unlfc- niiimtnr -tiled and /telrt nxciurt* special oapmern I nm 
4 OKr HR 1 ifnntn iimec* ntn-rwixe vtntfld c*>hi 1 fllv a Iliuiffici«1 tradfiiB o Uin»n>> 
fi S*ft V r enn Bearer shares taoMers only u Menurr * A|»pfl 

■nkta iriemv *nrH 1 VM rtenom * Bui 1 Traden ’ Seller t Assumed 
mlrtt Mherwita stated S Pncr *1 rime xr Bx rlehta <1- Ks dtaMentl. tcKr 
: sasnensmn nf-i.iHrts SrMlltnxs. Gcnp issue, ra R» all » tnrorlm since 
' 'Mia -f nirirtew* *tter DMidlno rlcfirc 'lirwiwi 


NEW YORK -nov jokes 





Aua. I Ana- : 
10 • A 


5UM* C.^WiV* 1 ’ *0 

UIkIi I Lem- ! Hicb i Iv>n 

lndu*tnal .... 834.58 B8713 SSI. W 830-63 8B3.45- SSt.63 B91.S? 743.13; 1051.10. 41.23 

J al - ,a ! oom | ; !, If M I (».2) <277.52) 

B*meB'Dils‘| S2.BI 88.381 88-95' Efl-86: iB.35. 30.96 




, . illril . I 

-Kxaiwport—- 2M.BB 247.BT247.16. M157 ( 2«.4o', 3495B 200.68 i 19r.31 I 978.00 15.25 

■ 1 l ilr-Si J f9.-|> (7,'S,49) i 

UtUiUc* 106.77' 106.7$' 109-Bt! 107.37 107.41' 107.48 llO.afi l 102.84 ! 1ESJ2 ' 10.68 

l i I . ; rjaa ::x>n&netofl2, 

Tt».lms vol.- S " i '■ • i : 1 i 

ttWH { 56. MB 3S.7B0i3S.330j SSA5Dj 50.830. 45.850 — I — | — i — 

* fifuJd oi I outs Lh,n({ed from August 24 

lod. djv. yieM a 0 

A up. 11 

A up. a 

July SS 1 (Vtar «ki> eppniri 












A u«- ; A."R. f iu*. r 

II 1 10 ; 9 Hipb 


5iaca Compilm'n 

L.iw High : !*)» 

,12 lie RTi U4.09 114.69. 1I4A7I 115.85. 116.82 : 96.621 154.64 I 6.62 

I ; 1 iIS.ti • (6*>l 

VCompotlte • 104.66 103.061 1M.ST W3.96' 104.66} 104.50; 104.66 ' 66.90 i 125.66 4-*J 

1 I I ■ I : il6,Fi ' fo.St I'lfiWJi 1 (IjA 32 

A up. 

Auk 2 .lui,l 3< ■ I'mraprt ui)'pir>x.i 

ln>i ri'r. new r 

I 4.70 




ln»l. P'B ItelK. 




Loop lifv, Ht-nd ■ 

! 8.32 






Risesanii Falla 

Au". 1* Ann. li 

HI-. 14 


A up. 

All,. > 
14 . 

Auk. I 

II - 



68.95, 68.4B, 68.56. 58AjJ 6B.93 

1 I 1 i I ISIS) 

j 48J7 


I “ties iraUi-t 

Ulrta . 


I'lii-heneM .. , 
Nct Hlullr.... 

New I# -ns.... 





1.990 1.917 

597 816 

87B 702 

415 I 399 
- 173 


i Aar. 

I 16* 



I U 

I Auk. 





300.20' 189.07 139.76 199.Bi : 

2BB.66 207.59. 207.56. 207.20 

200.25 WS1 
208.66 (16-?) 

I 167.90 tl-.£- 
■ 1/0.62 |40 -Ii 


m— ite 1254.6. 1224.5 1226.2. 1225.5 123*. 6 .IS « ' 988.3 >iv. I ■ 



260 Jl 

266. 1 





167.4 i l.S) 
285.1 llb.'S) 

I83.C r*t*.4i 
134.9 (1*7 1 



Pre- ! SKVt 
vante '■ Hlclt 



A i ik- 

!*«■- , 




AaBtrali&i".) tSl-ili iat.fl , mi.h 

16,%] i iJ.0‘ 

Belgium c-;i 9l.*o 
Denmark " ^;>4 
France ‘ri’ K.7 

Germany i Tt) dlt.l 
HolUnd (4jv tr.i 

97.78 ; 10U6 I 90.45 
. 76. .ii : (25 ib\ 
US^S 93.9b: 04.IAI 
(14,0 : -i 

TbJB \ 76.5 i Vi.* 

'. fit) 

811.7 1 81U.9 7m.4 

l iZIiit ■ ih t,) 
86.8; Bl.J 76.0 

, /9fb) (4 2) 

I - 

Hong Kong 645A4 . 647316 ! 607.9? *3.44 

tffl 1 tlo.C. llc.ll 

Italy in. 64.35 . 64^3 b*J5: tc.4c 
* ; . , 161 m . * 10 . 1 . 

Japan ta> 417^0 41733 Via. -si 364.0* 
.1J.J. (4/KI) 

Singapore Sfib. 63 . 584 i 395.63 

■a- • (14‘| .4,1, 

inoiota mao 'mu' dales tall mw .im 
toe ’ except NY’ SET Afl Onmmon - 5n ■ - »■ ■ 

’ttanaards ano ^Oors— 10 and rurontn tlJ im u w , a laa3 

Spain lrf>. 102.46; 1 £c.imJ; t ij?s 
; 1 nop) ; xi */3, 

Swedeii ic 401.36 '.402.75 ',4«ijcis 525.74 

_ . .. ; ■ >4,tt ii/!-. 

Switzerl di/ EE6.7 I S84.S ! 536.43 JiS.O 
; I <2t 6) (25*41 


Pan Am Air 

Champ Ipiernauona 


Ralalum pnrina 

Sears R.^bueh 

Ow Petroleum 

Tlmcb Mirror 


Digital Equip 


Closing on 



da y 

. -MS.SWi 





i 403, 2UQ 










, 115,000 






— i 


<n *~*L < ” B - tl,e !■» named j[|aseo m 1973 •. iarn n iiatm Sens ^ Kanca 

SxctadiQK bonds. IW liuiostnats. Gnwroercmie IteUm VUn. a 10k so 
400 inammais. M UQllnea. «u Stance Ke» SE tn/ts 5 Straus Thaw iSfi 
*nn zn Transpnn. t Sydney All Ordinary. r-CfnsM. d Madrid SE SOASvTvTTsro^- 
HeteUl’ SR XI /12/m. •• ConetthBBen XE holm IndnsMsl T/1/5K. /Sw4n am.*- 
1/1 /vt r« Pane Oourne 1941 tf Cmnmer* mmnranim n Onsvellebte. 


Aua- H 

Pricts l + tn ' Uiv.iY'd. 
Dm. 1 — ■ % I % 


*■•«» VtaHi- 

76.8 —0.8 - . - 

481 -l 61 J! 3.2 

226 A 38JY. 6.VJ 

130.7 — J. 3 18.76 7R 

154.2 — 1.6 '18.76 7.0 

29v/ 48.12; 4.0 

430.0 -0.5 i 18 l 2.7 

161 - - 

230-5 20.56, 1 1.6 

80.3 . _ 1 _ 

3 17A C“r; 28.12 «.4 

266.0 --2.5 17 3.2 

164.2 - 1A 14 ■ A.3 








V-aibi titew 317 




Canon ........ 485 




CaMa>.._ ■ 760 






C11 -ii.t.N&i.»n- 
Ociii'i-rtlnsk— . 

t'«:il Ci :immi 

I te>n.'<r Beui..„ 

LlUuHieUuiiir 3CO.OXI -0A '28.12 4.7 
lire-dtur BbbA.... 24 1.0' -O^ i*6.l2 5.8 
Uv :tt<riipll 2emt.- 195 •— 8 • 9.58 2-8 

(iutcti- rtnuns 218 .+ 1 . 12 ! 2.4 

ri.jeti- Uoy, ...... 1,9.0— 0.5 lA.u* 6.9 

Herjeacr 236 -2.0 *«fc.7E 4.7 

I 128.6 — u.8 7.3 

U'jt'.ct* 48.1 +U.S 4 4.2 

167.0+1. a 0.63 3.0 
146.0 +0.5 14.04 4.6 



Ite* Nip|+.ii Hniil. 

Fuji FI ir.u* ; 


Honda Mctfni* 

Hour* Food... 

C. I lob 


Kill i;*ii| aelx. . 

hunts H 

Km"! •' — 

h.c h. yer UMlv- 


fii-f. ■ — 

(-■: .*. 

U- . .ii.uau tOX... 

IjllVMIfc, , 

.4 A > ■ 

U-tifi. -tuann I 

I U> Inked.* —^...,1.640 

Jaoca^ 870 

J..V.I 2.760 

Katimi tl«.1 Pir.’ 1.200 
Konwteu— 323 

Kur*.<la ...... 260 

K) c-l»Ccntni>o ... 5.550 
■Ueleuahtte itnt... 704 
Aliipufiieh' itenk. 279 
Xliikul.itbi Ban 126 

Hitwlii'li' 453 

il n sill a. Lo, 3*3 


45 ! 1.4 
12 . 2.5 

336.0 +U.S 23.44 3.5 ,\ 114**1 Hens/..!!!. 1.380 

'lutii i -nerJIark.- 

•■-.■mi 1 

I*—* •'■-• Oil lo/.’ 

- 'cl 

243.5 - r 1.0 18.74 3.8 

95.0-0.5 - - 

179.0 - 1.2 16.7b 5.2 

100 . 0 - ~ - 

256.5- 1.5 45 4.8 

1.695—5 25 7 A 

10S-1-U.9 9.56 4.3 

202.5- 5.0 12 3.0 
172.8 *0.1 .17- It 

24b.u 10 

580 16 

160.5+4.0. — 

132.5 -0.5 - 

18Q.7 -0,5 25 &.B 1 i«Liv +auyu 

263.0- 1.2 2«- 12 5.3[ il4Kl 

0'|imi slnn{w).. 710 
yit mn Moturv 73Z 


:*n\utl«trie._. 239 
Xeisul Preset*.... 891 

lueewti-. 1.120 

>Ti.V L5O0 

tkhfli* .Venue.... 1 233 
lefie-teCbeinicei.' 403 

Of - -2.09J 

1-6 I leijm 116 

— fiA.tu llerliie 478 

— I I-.+ i-oLict.Tl’.jui l.llu 

6.9 , i<4>w feujvj 520 

Ii-jsv 140 

ia 1 


r Bio. r Aseea. ; Traoeo. 
C7.ev t BtCCiL 


8«Wa i 

<*» t. t 

! foi. 1 irt+1 | 

Vol. ' 

l««. L-.*r. 

I^lnl VoU l«*‘t 


T87>60 i 

3 ; j 


• 8.90 1 - - to 1.40 

IS: S.6J ! 




F58.50 ! 

3 . 1.60 ; 


: 9.70 * 62 3.40 . .. 


P75 ; 


5.60 , + 7 77.80 






»6y +. 1 



970 . . + ; _ 




VM| - I - 


: 8.40 

HO +- i _ 1 


1 4.60 




, 2.80 

1 l».'C 

?a4u : 5 , 551: : 


: 8BH 


> 2 BO ; 5 , 581* , 


! 4-J 

l i'll 

S+ou . 7 201* 1 


' 261* 

K 1 >t 

1-150 ' 6 11.30 : 

It I.M 

V 152.40 1 * : 8.00 ; 



1. I.M 

mw3 ; 11 : 7 


1 ~ 




— i292J, 

_ : — 1150.50 

K I.M 
1.1. M 
k I.M 

pi.-; 1 

l M 
I M 
>n V 

1161 90 ; 

fi 170 ! 
F 17 1-411 ] 
1 101 ■ 
t 190.60 . 
I L'OU.SO . 

F22.50 . 

t J5 
F 27.50 
*50 : 
VI 30 ' 
• 140 i 
I UO : 
I J.^0 ) 












, 6.30 
* 4.80 

; 2.50 
1 1 

: ’ 2 
1 0.90 



8 — 

5 i 35, 


















2. HQ 

1 105.60 





2 90 

1<‘1 \l, 1 l'LL.ML kS COSYKAClh 


F 132.20 
FIS 1. 80 


A.B.N. Bank 10 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 *\, 

Aoiru Bank 10 % 

A P Bank Ltd 1U % 

Henry Ansbacher ...... JO *T, 

Banco de Bilbao 10 a n 

Bank of Credit & Croce. 10 % 

10 % 
10 ir 0 
10 ‘V, 

10 ^ 

Bank of C\prua 
Bank of N.S.W. ... 

Banquc Bclcc Lid 
Banquc du Rhone 

Barclays Bank 

Bameti Christie Ltd.... 11 % 
Brcmav Holdings Ltd. 11 % 
Brit. Bank or 31id. East 10 % 

■ Brown Shipley 10 % 

Canada Pemi’t. Trust 10 
Capitol C & C Fin. Ltd. 10 

Cayzcr Ltd 10 % 

Cedar Holdings 10* 

■ Charterhouse Japhct... 10 *5 

Choulannns 10 % 

C. E. Coates 10 *7i 

■ Consolidated Credits— 10 ‘<* 

Co-operalire Bank ‘’10 r u 

Corinthian Securities 10 

Credit Lyonnais 10 Vo 

The Cyprus Popular Bk 10 

Duncan La\vric 10 *7i 

Eogii Trust 10 *« 

Rngli>h Tran scent. ... 11 *7, 
First Nat. Fin. Corpn. 13 'T, 
•First N*ai. Sees. Ltd. ... 1^ "b 

■ Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 

Grindbys Bank jlO % 

Guinness Mahon 10 

»JIam1iro> Bank 30 

Zo i 

■ Hill Samue] ?10 

C. Hnarc «+• Co *10 

.Julian S. Hodse 31 

Hnnakong &. Shanghai 10 
Industrial Bk. of Scot. 10 

Kcyser Vllnunn JO 

Knows! cy & Co. Ltd.... 12 

Lloyds Bank 10 

London Mercantile ... 10 
Edward Manstra & Co. 11! 
Midland Bank 10 

i Samuel Montagu 10 

■ Morgan Grenfei] 10 

National Westminster 10 
Norwich Genera; Trust 10 
P. S. Refson & Co. ... 10 

Rossminster 30 

Roya] Bk. Canada Trust 10 
Scfclesinqer Limited ... 30 

E. S. Schwab lii 

Security Trust Co. Ltd. li" 

Sienley Trust 12 

Standard Chartered ... JO 

Trade Dev. Bank 10 

Trustee Savings Bank 30 
Twentieth Century Ek. J1 
United Bank of Kuwait 10 
Whiteawaj' Laid law ... 30; 
Williams & Glyn‘s ... 10’ ^ 
Yorkshire Bank 20 % 

| ‘.:-cfivt pf ‘5r As:»9'j!u Slaa,¥5 

7-fiaj ;• i v/.vb c>?os.:i 


• 3* J- fi'-ftta'I* Of: *3ni« at :« 
■ail on ji r ijr> ;a C3 9 9 "r r «. 

and trti-r Hi in . 

Cat!! f 'T £j.-w> 




291.6+1.8 le 2.7! iu!liit«Urp... 

250 2b.afc 5.3 ; |, nT *j, M.*^ .. 

123.0- 0.6 l/.le 7.0 

187.0- 1.2 14 3.7 

132.6 +0.4 12 4.5 

293 - 18 3.1 

241.0 *-4.£ 25 5.2 


Soar-.*- viirKn ■'•fitjrni.'b 


\i«:. If 



+ ■'/ 


Pcv. Yh. 

\ ■ . iVfi*.. 

A. ■ I .J* 


x — . 
\ - • IF! JO 

-.-st atFjsrl 

Mis. - • Tfitnojr 

j ' -Bcirei 
Vo- 1. •■'■IfFI.IC'- 

H'.'.i— ---o ‘Fl-ftf.. 
h ■ -.• ViJjC 

H r U . iFux 


' : 'er ICs l: 

Nx-i. — • 'FI. 10;.. • 
.\ 4 r.\ - itutfl.i 
. b-ktFijs; 
.\+ *; HklFIx^ . 
,J~ v 

Ilj, - 

lei. i't: 'neita^.. 

Pr.r -- -rush... 
!■- — : 
!»”•* -S ■■"iFiJCC, 

i: .v- ':-cC)-.. 



, '»r*+l *-0 '0 

.. ! tkJMSI -l.” 2.2U0 

i. -. C.8.K. '.••tneiil ... 1.194 

I 459 

109.2 -t- 0.7 -fib 5.lltui:*i 2.260 

31.2—0.3 — — , Kieli. 'Jli. 6./5J 

Price +••/' 

Vi*. — 






8*. 6.6 I 

£6 7.3 
27 s 1.9 J 

37.a 5./ 
944 6.3 
20 5.4 

14 13.7 

360.0 *5 A 255 7.9 

85.6 i-U.6 40 o,.j 
77 JBt6 *- 1.6 \255 6.8 

93.1 *0.6 cb 5.5 
12-<.3 ,0.3 
71 . 0 -U .3 
290 -3 

132.0 -0.3 
66.0ri —0.5 

37.4- 0.1 

38.5- 0.9 


163.5 -3.0 

5 1.0 


105.5 -0.8 
56.6 — 1.9 

197.2 fr 2.-2 
162.9 -0.4 

34.0 -0.1 

145.0 -O.S 
37.2’ » 0.3 

26-5 - 1.0 
7H.7 -0.2 — 

176.3 -0.8 A2bh 
139.5-0.6 - 

123.0 -. 0.2 -9.5 a.t 







tafii’igui.- Nfi 2. ISO 

■j.U. I ii(>.--Bm— ... 2.3:0 

'xim: 1.350 

MIL >llru7 I.i 1.-25 

Hoi- mu. 2.450 

1 m a.-r . uin 1.75 J 

KitrlKlIaiiii 7 ,uuO 

Lh He ur-., 3.680 

l*-.i H.+liDc 2.8+0 

firf p-Hno 3,795 

StL.- tabu B«i|.|iie..3.-0j 
5w 0. n Beiy (*•■/ J.OOO 

''•Pita '3. <55 

'/■>«bv ... 2.450 

I nvlkau Kte-t.... 2.o4 j 

5.7, Lt 8 914 

4.5 | In Miu.ti.l-/. 7 so 

Vj I Vieiiie MontauDe 1.560 



* 14 
— 1 

- lo m 
-10 430 



-10 : 8b 

-10 142 


—30 .225 -a. < 
t*U ' 2.7 
—5 :iV-f i 4.6 
-90 .205 . 6.8 
.-20 :14fr- I 7.0 
-5 i216 | 0.6 

— 10 IA 21 D a.s 
10 1 17>.- ! 6.4 


-4 I 60 ! 6.7 

'-^O I - 

1641 10.8 
'l<0 • 7.0 



Aua. 16 

:+ «*! 

Au*l. S > — 

Ah*. 14 

Pvuw 4- or ;Crua V'm 
Cm/ | — [Utv. g 

AUJI I L-Tfli cent*-- —I < 0.66 

tatw Australia ■ tO .07 

AM ATI l< SI .; 12.10 

Am(>J l-.\,+.r»tfixi tl .50 

Vni|H IVl rr.lctim..— ; * 0.88 

Vmcc. lilfimli. ....— | tl .30 

4 Pulp PSifi>r 91 - I tl .30 

Avne. Cm. triiliHirfes tl-fi? 

A u*i. Foundation Inefet. .. 11.11 

A.N.I -L47 

Aia 1 in«a — - — ' 0.56 

Aim till 3 Us*. Z 0.66 

IhinhjD Viuk Gold....... ; 0.32 

Blue Metal lod tl .25 

Ucuotinvillfitixaper- tl .54 

BmioWes lufioatrle*- 1 1.82 

Urvkeu Hill Proprietan. . 18.36 

HU .-vnilli T 1.28 

Carilca Untied Brewen'.... ' 1.83 

call (Sli — ; 3.58 

tiuetburn Uement- tl .35 

ColtalG. J.) > 2.02 

Con*. GcJiUioMa AosU. t 3.30 

Container . : 2.70 

Oniutuc tOrrtlmo 1 5.35 

Curtain Ataitlh.-.- tl .76 

tiuiilxp Hutiber ( 911 — rl. 8 S 

ksil'UI! • t 0.88 

liloei-nmUb._,..._^._ ) 2.37 

HX. IihHuiurte* > 3.00 

lien. Prr^wit^ Trim! tl .65 

Harttervlev > 2.60 

H» ataor '.O.d 2 

l«;i AlMMlta . 1 - 2.16 

liiler.i.upl+r . 0.16 

Jeniiliia, In.liitinn. * 1.17 

Jwmt* i Hat. Ml tl.l 9 

Ia-I|il*l,| till— : 0.?5 

Bxf+wlon :.'.30 

HIM Hoktliittk : 2.50 

Mj-fr Kini*iriuni ■ l.o 5 

•Vi. : 2.38 

N u:li» .!»•> 1 Iiltaimunnal -rtl.B® 

> -n li Brr.fcHD {j 'dinar (P. •: T 1 .44 

* 1.90 

i.U i .'vmii-Ii rtJ.le 

Ull-.r | .!■ *a lino... — > 0 .s 4 

I'l.ifieiT CtXUHhLfrN * 1.59 

■fin-kill A Uilnrti...,- i 3 .Qi/ 

H. ( . *U . 78 

matt libuiit Mining r 0.54 

-t«rK(«. i.s(aloretioa- * 0.49 

r.itb «si 

IVfitita 10.88 

tt’l'ltnia Mining t^OctaiP * 1.60 
'J.'aH«.cUa - * 1.58 

' ActallatiP. 

’ ' Bunajutlokra/U...- 

-a.' o ; Uano • lun PN ...' 
+0.02 ; be'”.. Mlni'iraajl' 

I La'is Arcer. OP.. 

P«i'..i.m» PP......I 

[•-0.02 Pireiii _.} 

...._ a-Jirra Cm* OP...- 

t* j.u l Cnifi Pt 

Vejp I. -., Hrrr-PP . 

0.95 ; I 0 . 12 H 2 . 6 S 

1.80 +0. 10; j. 16,B.88 
1.33 1—0.01:0.37,27.8 1 
1.20 O.Oli J.0616.66 

3.47 -0.11J.20 5.7® 
3.43 + O.OSK). 1313.79 

1-45 [ (O.ielll.05 

S -68 | ' f_S 2 8.20 

5.47 .-0.11 0.25(4.57 
1.2B l+O.naij.lB! 14.06 

Volume TJJJDa 


Source: Riu dc Janeiro SE. 

:^ds | oslo 

•aJl.nj • 

+ 0.02 

Ana. 14 

Krr/ner — 

...... i Heni.n lSb*._„. 

' j I* m-^aar., 

+D.05 ■ 2 

j ...... ' Kwmus 

i j Kro1itla»,eii 

• — — I '’WliiHyainoKrcC' 
+6.13 ' iftwBunid 

+a).D! ! 


88-5 —0.5 • 

83 i+1 , _ 
110.0—0.51 11 
302.5 -0.5 i 20 
109 ,+ i : ii 
210 ,+ l ,12 
98.75~6.35, 7 

I 6.7 



Aug. 16 

Price I fi »■ 
Pa*. 1 — 



Ci 1 5.6 '; 

3b . 4.4 , 

23 ; 7.0, SWITZERLAND • 

17 : 0.9 I 

in*. ! e 





5. -t 

1.5 I 

AiLtnnjium ....... 1.183 

MK. - A* 1.62 J 

131.2 + 1.9 9a./5 S.l [ l iL-.i ijeo' 1 i.046 

250.0-0.2 2. .b.0 | 1*l P*.i l>n. 780 

1+9.0 —0.8 27. 

143.0-0.5 >u.ii 

‘ * : ‘ F -J8-~..| 121.7 +2lo W.B 

i ik-*..- •* -yJiiti-. 4 1.4 

■ ■* .1 T-rfjrpK: 390.3 -0.S 33 





!>.. Ifi.-a 669 

I L ivall +uiHt 2,210 

| fc:«.tr*w»tt 1,060 

V'-i-lfi-r ti« na“.. 615 

, t 20 





a : 3.4 
| lu 1 3.0 
22 1 2.1 

1 ri , 2.» 

Bid : 5.9 

+ 10 1 16 1 3.6 
- 15 . 1U 2.7 
.—25 1 9 4.0 

II-.I11 juPI Ctrl-. 67.350 - 600' 1 lOt. 1.6 


». j.1* 

Ptv.-e : + >rr:Uii. Y'd. 
Krcmer — - 

I*... <»rnai:) 0,770 

tnicrti-.-i JJ- 3,900 

Jeuj..]; :l'r. IV. 1.545 

Ntu.ii' tt‘r. 1 'a.i.... 3.450 

!>.. lh£ 2, 175 .M.- 2.7Q0 
Ptrelh alPlP.titil 290 

+ 100 Liu ; 1.6 
+ 50 , 20 ! 2.0 
+ 15 I 21 I 1.4 

+45 2.a 

• + 6 !*«./ 3.9 
-rfiO ; 15 i 1.4 
la I 6.1 

tairtu, 'FrJHi... 3.650 ' — 50 | 26 j 1.8 

. . .-.uVen,^.. 
'.'.'.uv..... 1 
hs,r i*u:ic tai..., 

rtr. — .r-> ' , , 

t - . P’ ■* 

Iiu:. !v.-- •'UH — ^ 
li..» IMkrtC 
A.. • hr- e 

' •« r : V 

It: *1 nak 

9-VC ■-•fa— 

14QJ, +1. 
1260,'— )« 

138V* - 

384 -rl 
«l* - 11; 


27«l ; +1, 3 
1981* +:, 
108 -1 
132'* - 1, 
1391* -I 


1921, —IS, 










7.9 . Tcii-.u-ik-r LA t lu.. 
9.5 1 ilaljcr L.L iFrlwj. 
7.3j •v-i>MiriK.a:iti... 
9.7 : »i ka bull \f. 16ji" 






3.2 j av t*. 1 &>i 1 Kriuj. 4,b23 

V. t.Vjt, Haul- 3.170 

Zuri.-li luk. 11.500 

— 5 

. + 1 

+ 9 



I - 






.... . 40 

; + 3Q 1 £0 
, + 50 I 44 









\tn.|ur- UcCKlVe. 

Air Uctuide..—.. 

Aatunaiue 1 560 

me .] 499 

ifi/u.i auta | 890 

il.>..V.Gterva1*_ ' 528 

earn luur^ 1.758 

C.U.K ; 581.0 -4.5 

i.-.l.l'.AIcatef- n „|l,067 : ... 

L ie Hencsirc. ! 400 5 

LluiiMofllter. 419 !_3 

CnalilCotn. FFce; 123.0 -0.1 

f rwi-er Loire I 87.0 + l*. 1 

Unmet i 678 -39 




Jrtcunefr Ua^el... 

I rfim-.'f I 208 

l.'ntni 1 730 

Liiniii.l. 1.776* PillrdlX..' 580 

MicUvnn -U" |L347 

Ilwl llenuenn 

.iloiiiine* i 

I'airii «»k. 

I'tv'iinafv ' 

Fcni'O.iJnatfd ] 



2 K! J mihes 

Intni 08,0 Aui‘--n , »n Corim. 

+U-IU I Chanar ConMl;d«:cd 

"V- uz ; EaM Dnefoaieln 

---■-; I Elsburs 

-"•ui Rannuay 

1 Kinross 

+Xu1 j Kluor 

Husfi'tibiin Plaunum ...„ 

! 4t. npi-'na 

-J.- 1 * - Souii Vaal 

-4.05 I r;oliI Fi.-W* SA 

* 3 L nmn Corroratinn 

-0.0) j I>® Ee+rs tiel.-. rt+d 

-0.02 J Blri'OiiniKzvhr 

.-J-v* ! East Rand piy 

' ; I reo Suit- r.-du.d 

1 Pr,-^i«1-ni Erji.d 

-0.0 1. Pr-. nd.-o: Si/vu 


-0.0 1 IVeJfcom 

. .. : '*.>*.1 DDclooi+jn 

-0.0 1 • W . -rtfirn MoltfilteA 

.. . j WVP-.TO De^p 



1 Aflxio- \ni. r. Industrial ... 

1 B/rton- Rand 

I C.\.\ In* usitii+nte 

-r*— r j Currie- l-'inancv 

f>c Reers Imlustrial 

Edsars ConsntuidawO lav. 
EtUiirs Sinrcv 










a. SO 

r O.. : 4* 
43. .3 


»ni ^ ; ^Reaov'VA 
.1 .1.1. **.0 Vnlttl 


xlo 9 *»*'! 30 • ^vocrale Voik.sMeA.tnss 
530 -- .‘ e -; ?-° 1 OrcaTcrmans Siores 

-to z:z si igj"S» '5 a> 

,_a ms 7ei«/TA 

Tr,- 5 {•? ! McCunhy Rod** a? 

sn 7 + l ,jr ' B *“ ar » 

in so I PrciW,tr Mill ins 

1 1 ** ji I p **'< , n* Cement 

1 J j ak Pr vt^4 Holdinxs 

Vi I Rand Mines Prooemes ... 

«"**• OlfS****"* 

afo- 7 : 1 : 0 

65 -1 

151.8 -u.5 
'- 1 
640 -9 

163.0 -fi.S 3-9JSAPPI 

184.0,-2.9 LSJ5U.0 

o.7 ».a 1 C. r,. Smith Susar 
_ — |.*A bretcenrs 

Ib./t 8.1 Tis+r Oats and Nat. M:Hs. 

15.:; xjc 

Aklt 2.1 
39.r 6.9 
it . as 2.4 

12. t 2.6 

9 1.9 


10. so 

1. P-* 




2. l^i 

2 ;» 







1 .30 



Securities Rand U.S.S76i 

(Discount of 33.48%) 



- 0.01 

+ 0.13 



— n.Jo 




+ 0.0* 

+ 0^0 



+ 0.02 
— 0.B1 




90.2-1-7 7.6 8.3 
298 ,-11 7.0 2.S 

498 -8 3.S 

210 -3 — — 

lln-li'i 'lflutanigueJ 469.9 T 4.9 50 . 5.9 

576 50 5.2 

KlWnc IVmleUc...] 104 J 1 - 1.2 ® 8-*> 

L (jiJmiu 1 156.9—4.0 14.58 9.3 

kia Wec^tewA. ...| 1.704 _2 *9 XM 

294.0-1.1 26-6 0.7 

lc>t-iiieuiaiqiJ«..J 790 -5 U5-5 3.2 

I hum mhi Untnm.l 2440 —0.9 IE. 18 6.2 
23.7 -03. - - 

L ail ior 


Aua* 16 

Pricn + >V 

Krone — 

U11-. V1.1 
Kr. - - 

Au = . W 


+ >>i till-. l".i|. 
— Lire % 


e*. ;*;;-i*) 
•V" — 

















; »0 


VML 112 -3 - - 

ifitl’.V 5Oa.0 —3,0 — — 

'fwi.k 1.964 +55 . lou 7.a 

Uj-Frv _..L62o -60 loti 9.3 

ere- !r T i 146.75 +2.1)0 - - 

. . . . l<:.yai - 235 oOd +.6 

|;«arr+« 51*.U+7.1 d — — 

.'■iL’iiiamo 53.390 - l6s> t.fcUv 3.7 

’.filar-. 11 .... I-B.J, J.0 

-.a .*>11 1+ r 1.1 JU +53 

Ha«piiiA l • . ... 1.650 -19 13 J "a .9 

Pire:i>«i* 875c — 5 ! bO B.l 

:m V-irv 8«8 +3 ' — - 

ALIA A".ik’rjjUi_.l 
A'U Uvahilirau,; 
AsKA :Ki-jOi».J 
At In urCupcot Krt&j 

Iilllrn»l_ , 

Ur-lL-r» I 


t‘eitbi-rta u • 

> .n. 3 rea -L'( krit| 

>^*e't« “B"„ j 


■ .ran-e, (I reel ; 

-iin.iita.i«iinvii... i 

'l*iv-.a,u ' 

L* -li iMtn-Iv.. 

■an '« >1. I.i; 

.K.l . Kr<. .. 
uni ■ hinknda ... 
I m Mi* ’E’ k'+lt 

1> Irteni iim • 

IVi.-'Ki. -..i,,. . 

150 — 4 






148 -S 



103 -2 

69.5 -0.5 
370 .. .. 

66 -5 

269 -5 

78.5 - 1 
171 -l 
. 73.3 

hi .5 * 1*0 

82 -1 

! SPAIN * 

August 16 

A&lairi ... 

Hanoi Bilbao 

Banco AttenUro f 1.000 1 

Banco Central 

Banco Extorior 

Banco General 

Banco Granada 1 l.bOO ■ 

Banco Hlsoano 

Banco led. Car. fl.OdO/ 
B. lad M«3lrtrraneo .. 

Banco Popular 

Bau co Sanfimd'-T < 2A0 ■ 
Banco Crquiio .I.OOOi . 

[ Banco Viacara 

Banco 2arasozaco 

. Bankuntai 

i bums Anda'.wna 

EaLwck V.'ilcox 


I Dra^ados — 

' Imnoban.! 

E. 1. Anstamsas 

0.0 e.A 
6 3.5 

5 5.7 

6 4.4 

4 6.2 i Kiranola Zmc . 

-4 5.0 ' Em!. Rla Tin:o 

5.75 2.2 ; Kocsa 

10 4.2 PviHM >l.i«9) 

6.3 4.3 ' Csj. FTcda-lw 

a 4.5 1 Grupo Vtiaaouci '400 

a , fr - nWro!.i 

9-& *"£ l Hh-rducro 

4 ■ Olarra 

“ r, Pap-.leras Ttrunidas 

16 4 -3 PMmi.l-r 

B b.5 !•■!« os 

. Z, ~ . 1 barrtu Papaiura 

4- 7 = . Sn;ae- 

J- ' 1 Si’:?**, .. . 

^ 7-S T c'et<Bj:ra 
a h.s. T ; jrTar HnciTC-h . 

T* Tumrcv 

b '-j 5 I fiion E:'.*c 

Per cent. 





















121 . 


+ J 
+ * 

+ 3 

- 1 
+ a 
— 4 
+ a 
+ 3 

+ 1 
+ mo 


- 140 

- 1 
+ 3 

- 0.58 

- BAO 

- l.» 


Confusion p e ru cu tback offsets 

on cotiee 

market Zaire copper boost 

World sugar 


B / Richard Mooney 

AFTER a da; of confused 
trading. London coffee futures 
prices closed little changed 

Values continued Tuesday’s 
fall in early trading and the 
November 'position sank to 
£2,253 a tonne at one time. Bat 
as dealers reassessed the 
Brazilian crop situation Novem- 
ber coffee was boosted to 
£1,320 a tonne before failing 
back near the close to £1,293 a 
tonne, up £1 on the day. 

Conflicting weather reports 
from Brazil have led to a 
confused situation with some 
traders saying frost fears seem 
to have subsided and others 
that damage may be worse than 
had been anticipated. Reports 

that damage has been done as 
far north as Minas Gerais have 
worried some dealers. 

Meanwhile. Sr. Camillo Caia- 
zans. president or the Brazilian 
Coffee Institute, has estimated 
the crop losses at 3 Jim bags (60 
kilos each), but most London 
traders see this figure as a 

sizeable exaggeration. 

Call to reopen 
Brazil soya 
dumping study 

BRUSSELS, August 16. 
Industry Association has asked 
the EEC Commission to re-open 
the anti-dumping case against 
Brazilian soyabean meal which it 
closed last November. Associa- 
tion officials said here. 

However, they said no decisions 
on the case were expected tintil 
next month at the earliest, when 
most of the Commission's officials 
return from holidays. 

They declined to detail their 
complaint, but EEC sources said 
European seederushers felt that 
Brazil was not respecting the 
agreement which led tn the case 
being closed last year. 

Last November Brazil agreed 
to raise its export tax on soya- 
bean me al to 11.1 per cent by 
November 197S, bringing it more 
in line with the 13 per' cent ex- 
port tax then ruling on its bean 

The European crushers had 
objected that the previously 
large difference between the two 
taxes made it impossible for 
them to import Brazilian beans 
to crush in Europe at a profit. 

However, from May 1 this year 
Brazil cancelled its tax on 
exports of soyabean meal, say- 
ing this was partly to offset an 
increase to 9.6 per cent from 5 
per cent previously, in its in- 
ternal sales tax. which had been 
commitment to the EEC. 



COPPER PRICES see-sawed on . 

the London Metal Exchange 80 Q r 

yesterday when a report that 
supplies from Zaire may be 
increased was later countered by r I 

news that Peru is cutting back 730 ” J \ 

deliveries further still because of /I 7“ 

labour problems. _ f J fZ 

A final twist was added by L. Ji J* 

President Carter’s announcement - « f— a/ — - 

of measures to .boost the dollar — fnL.*J fijr — 

causing a sharp downturn in the | — 

New York market which ~J_flfinnril — 
depressed London copper prices -J®. — l.lflUUI-fCZ ~ 

in late dealings. 650 -/——•* Ml ■ HI 

Cash wlrebars closed £<L23 up f |J!5B flfllf gaaq 

at £642.5 a tonne, but the market F 1 1 , 

fell back in after-hours dealings. r~ [ I | “ — 

with three months wirebars trad- I I I t?tS~ 

ing at £754 a tonne, shedling war apr may jun jui aug 
virtually oil the earlier gain. _____ 

It was confirmed by Sozacom. 

the Zaire state metals marketing _ . .. . . 

company, that Zaire would lift Co PPcr production in Shaba is 

I tbe 50 per cent foree majeure now higher than it was before 
i on copper deliveries imposed the invasion last May. it is 
I front July l following the claimed 
invasion of die Shaba province .. 

that disrupted production at the c afterwards the 

Kolwezi mines. Southern Peru Copper Corpora- 

Howevcr. a spokesman said tion announced it bad declared 
that a decision on the exact date a full ‘force majeure on its ship- 
on which tbe cutback in supplies meats of blister copper, because 
J>° " tled had not bre “ of lie continued strike by 
He 'added that Sozacom bad workers 111 copper industry, 
heen considering removing the The company said the cutback 
force majeure for seme time in supplies would affect direct 
and a decision on the date shipments of blister copper to 
of its removal would be taken customers in the UK, Japan, the 
very soon. U.S. and Peru. It would also 


“ini j | l | — jgjgr 

Copper production in Shaba is 

in the short term reduce the ton- 
nage of the toll refined cathode 
copper returned to Southern 
Peru from the Ho refinery, and 
it is anticipated shipments of 
refined cathodes will be reduced 
or suspended within the next few 

Latest reports from Lima 
suggest that deadlock has been 
reached in efforts to end the 
strike. Miners' leaders said there 
could be no settlement until the 
Government and .private com- 
panies agreed to re-hire workers 
fired in earlier stoppages. 

The miners are also demanding 
the repeal of a Government 
decree declaring a state of 
emergency in the mining indus- 
try and banning strike action. 

The conflicting influences, 
especially the continual changes 
in exchange rates, have brought 
tbe copper market to life in tbe 
normally dull month of August 
according 'to a review of the 
market issued yesterday by 
London brokers, M. C_ Br’acken- 

Tbe review points out there 
will be a shortfall in copper pro- 
duction this year against demand 
for the first time since 1973. 

It claims that base inetal 
prices, particularly copper and 
lead, arc In an upward trend 
which before the end of tbe year 
could take the markets near to 
the highest levels reached last 

U.S. soya crop rise forecast 

THE U.S. soyabean crop is now 
likely to exceed the 1,765m 
bushels forecast on August 1 by 
the U.S. Department of Agricul- 
ture because oF favourable grow- 
ing weather since then, accord- 
ing to Donald Frahm. senior 
economist at the American Soya- 
bean Association. 

Mr. Frahm. speaking at the 
association's annual meeting in 
Chicago, also predicted that the 
1 1979 Brazilian soyabean crop 
would be about 13m tonnes, based 
on current market prices and 
assuming normal weather condi- 

He said land planted to soya- 
beans in Brazil will probably rise 
next season, but present prices 
would not encourage a dramatic 
expansion. He doubted whether 
the reported target of 14m tonne? 
could be reduced since it would 
require better than normal 

Brazil lias only small amounts 
of soyabeans and soyabean oil 
left to export until the new crop 
harvest next March, he pointed 

out. But “some meal" would 
be available until then. 

Whether the Soviet Union 
buys Brazilian or U.S. soyabeans 
in tbe coming months will de- 
pend mostly on price, Mr. Frahm 

He predicted that the Soviet 
Union would be a consistent 
buyer of soyabeans, with pur- 
chases of at least lm tonnes and 
a maximum of 2 in tonnes. 

A forecast that world demand 
for U.S. soyabeans will rise by 
50m bushels in each of the next 
five years, was made by John 
Reed, vice president and general 
manager of the Continental 
Grain Company's processing 

Most of the growth will coroe 
from developing nations in the 
Middle East and South-East 
Asia. hg. said. 

But Mr. Reed added that 
China. 'with its huge population 
and efforts to improve diets, 
offered more potential as a large 
buyer of soyabean oil rather than 

CHICAGO, August 15. 

Mr. Brian Rutherford, chief 
buyer for BOCM Silcock. the 
Unilever subsidiary, said the role 
of the U.S. soyabean producer 
in the world market continued 
to expand but increasing produc- 
tion in other countries was 
likely to bring pressures. 


NEW DELHI, August 16. 

Three State governments have 
asked the Indian Central 
Government to increase the 
minimum price of raw jute. 
Minister of State for Industrial 
Development Abba Maiti, told 
Parliament today. 

She said West Bengal had 
recommended that the minimum 
price should be raised to at least 
Rs250 per 100 kilos from the 
current Rsl50 while Orissa and 
Tripura had asked that it be 
raised to RslSO. I 

SUGAR PRICES on the London 
futures' market moved higher 
yesterday but dealers could offer 
no confident explanation for the 
advance. The Londo daily price 
was unchanged at £92 a tonne 
in the morning but the December 
position on tbe terminal market 
gained £2.4 to £95.775 a tonne by 
the close. 

Some market traders suggested 
that the imminence of buying 
tenders in Sudan, Jordan and 
Egypt may have encouraged tbe 
rise, but others said that with 
New York prices at a discount to 
London, they could not under- 
stand why prices had not 

Another factor possibly aiding 
the advance was news that the 
U.S. House of Representatives 
trade sub-committee had voted 
for a 15 cents a lb “floor" price 
for sugar. Though higher than 
; the 14.5 cents favoured by the 
Carter administration, this is 
lower than the 16.5 cents pro- 
posed by the House Agriculture 

brrW 8 etaoin shrdlu cmfwyp vbg 

In Brussels, the EEC Commis- 
sion authorised sales of 39,250 
tonnes of white sugar (43JJ00) 
for export at its weekly tender. 

The maximum export rebate 
was raised to 25.509 units of 
account per 100 kilos from 25.49L 

0 East Germany has acceded to 
tbe 1977 internation sugar 
agreement, the UN’s office of 
legal affairs said. 

So far, 39 exporting countries 
and 16 importing countries have 
{expressed their intention to be 

1 bound by the agreement, which 
came into force provisionally on 
January 1. 

EEC rebates 
lor chemical 

| THE CHEMICAL Industries 
Association has negotiated a 
rebate on Common Market sugar 
that will be worth up to £lm to 
British pharmaceutical com- 
panies and food additive manu- 

The EEC abolished rebates on 
sugar in 1974 but they were re- 
introduced at the beginning of 
tbis month and UK chemical 
companies can now expect to 
receive back £22 on every tonne 
of Common Market sugar that 
they buy. The sugar is used 
chiefly in the production of 
vitamins, food additives and anti- 
biotics such as penicillin. 

Re-introduction of the rebates 
is expected to push up the UK 
chemical industry’s consumption 
of EEC sugar from 77.000 tonnes 
last year to 94.000 tonnes this 
year— still slightly less than in 
1974 when the rebate was 

Boards squeeze 
irivate traders 

out private 

TEMPERS ARE rising in a long- 
simmering dispute between; 
South Africa’s commodity r 
traders, most of whom represent 
international trading houses, and 
tbe agricultural control Boards. 

The Boards, which coordinate 
production and marketing of, a 
wide range of farm products such 
as maize, wheat, meat, .oilseeds 
and eggs, are increasingly by- 
passing private traders by con- 
cluding direct export sales with 
foreign governments and other 

Tbe main culprit is the Maize 
Board, which is currently 
executing a three-year contract 
for tbe supply or 1.35m tons of 
maize to Taiwan, and recently 
concluded a deal with Mauritius. 
It has also sold directly to 
Venezuela, although this business 
has since reverted to the traders, 
who claim the Board was unable 
to handle the complexities of the 

The brokers fear that the* 
Board may have further plans up 
its sueeve. Negotiations for 
another long-term contract with 
Taiwan will get under way early; 
next year. 

In a comment which aptly 
reflects tbe traders’ feelings, one 
broker said at the time of tbe 
conclusion of the present Taiwan 
contract: “ TheyVe pinched our' 
customers again. If the Board 
had found themselves a new 
market I would take my hat off 
to them, but they have merely 
taken ours.” 

Similarly, in the case of the 
Board's contract with Mauritius, 
a broker complains that “the 
trade has negotiated sales to 
Mauritius for years." 

Several other Boards are also, 
coming in for heavy criticism. . 
Since its formation in the 1950s. 


Cooperative Federations. As a worldwide matching of materials, 
resaSTsay th e traders, they are suppliers and ^ were.catertasto 

.saw smbs 

;'*a reply to boarS^nfomatiOT 1 : gSheri^ 

ttan that i^mledce and marketing facilities are far 

SrSe ifSSU^SSS — fh 

trigs' STATE 

should at least be given the control boards' export activities 
chance to compete. • have so far met with little suc- 

Privale potato exporters have cess. They insist that they will 
also been cut out of several not let tbe matter rest, saying 
foreign markets, such as Hang that it is hardly in tlie Pretoria 
Kong and Mauritius, by the Government's best interests at 
Potato’ Board's appointment of present 10 antagonise unaeees- 
exclusive agents there, while the ssrily some of the world’s lead- 
Egg Board now sells direct to jag trading houses. 

several arr^P^ ousl X,“ , 7;^ For its part the Government 
by private traders. The latter jhat w fiiJe it recognises tbe 
claim that they did tbe spade- ^ privale Enterprise 

-work in getting South Africa a 9 Africa’s agrlmil- 

foothold in the markets exportS( and that perier- 
concerned. ence should be given to the 

In a thinly-disguised attack on ^ders in the export of 
the control boards Mr. Louis gootmiied products, there are 
Lewis, chairman of the wain circumstances where it is desir- 
'ahd Produce Shippers Associa- We for coa trol boards to 
tion — whose members account ^ Sa 

for' exports worth about RoOOin Mr _ Hendrik Schoeman, the 
a: year and who represent such 0 £ Agriculture, claimed 

well known trading houses as W eek that some foreign 
Bunge, Trada, Cook industries preferred doing busl- 

and Continental Grain — said in ness on a Govern men t-to-govem- 
his annual report last week: ment level. Moreover, some 
- “It is not generally realised control boards have been com- 
er fully appreciated that through pelled to handle foreign sales, 
the organisations represented by because “exports take place at 
the Association, the agricultural a loss, or at least originally, wore 
sector is being servised by the sold at a loss.” 
world's leading grain houses who Mr. Schoeman added: 
emplov the most sophisticated “Importers have id these cases 
marketing techniques available.” become used to dealing directly 
' Mr Lewis pointed out that with the boards, and prefer to 
tradrs have never failed to bid continue with this arrangement." 

U.S. wheat deal ‘set aside’ unchanged 


unchanged 20 per cent “set- 
aside” programme for the 1979 
crop of U.S. wheat brought some' 
early selling on the Chicago 
grain futures market yesterday, 
since it was in line with general 

Mr. Bob Bergiand, U.S. Agri- 
culture Secretary, announcing 
the set-aside programme, forecast 
it would result in wheat prices 
of around $2.75 a bushel. That 
compares with an average price 
of S2fll for 1977-78, he added. 

The goal was “ to eliminate the 

boom and bust cycles which have 
characterised the farm eco- 

.The Administration was still 
pressing bard for success at the 
International Wheat Agreement 
negotiations, and trying to 
impress upon other countries 
that adjustments in wheat acre- 
age, production and marketing 
are of global concern. 

Mr. Ber? land ' said the 1979 
wheat programme would include 
a 15 per cent voluntary reduc- 
tion from 1978 wheat planted. 
Farmers would then be eligible 

for target-price coverage on 100 
per cent of the 1979 planted 
wheat acreage. 

However, tbe loan rate, or mar- 
ket support price, would be 
unchanged at $2.35 per busheL 

The “ set-aside ” programme is 
voluntary, but farmers will not 
be eligible for USDA loans or 
disaster and deficiency payments 
if they do not comply. 

For every 100 acres of wheat 
planted for harvest as grain, 
20 must be set aside and planted 
in appropriate soil-conserving 



nicr M ITT A I C that Zaire was about in lift its force eased off to 16.790 owing to h*tg» sell! 

DfAijL ITIC I ALo malcore. Tbe 0 Hc»* eased afresh to [730 coupled with the downturn In copper. Hi 

COPPER— Hiubcr bur below the day's 
b'-st levels on the London Moral Exchange, 
rnrward metal tnored up from ' 73 * to 
£Tfit on vh pre-market owlnc in the situa- 
tion in Pern and Chile before falling bads 
to 1732.3 on rumours — liter con firmed— 

topjicr ■' n.m. +-ir" mm. ~ ;i+or 

■ Onielul 1 — j 1-nr.fllrial _ — 

■ H ; £ I £ . £ 

Wlrebaw ) 

l.RMh 742.5 5 .. . , 742-5 ^4.25 

? m..i»tlw. 758.5-9 - I I 75B-.5 -4.5 

^rnl'in'iii 743 — 


l a.u 755.5-6-1.5 736-7 +5 

.- in.mih 752 3 -.76| 7S3-.5 -5.5 

-‘rirrui'oi 736 —1.5; -• 

L'.Jt. Sun. U 1 63 66 . 

that Zaire was about m art its force 
maleore. Tbe pt1c«* eased a Treat! to (T3i) 
prior io afternoon dcaunas hut Him lifted 
Quick! r to 1739 owing ip the force 
majeure declaration by Poro. Howrv-r, 
Hir statement from President Carter coo. 
corning the recent fall in the dollar 
pushed Comes lower and resulted in 
London dippincjo £733 on the late herb. 
Turnover: 24.573 tonnes. 

Amalgamated Metal Trading reported 
that In the morning cash wirebars traded 
Tit £74.7. three momh-s E760. hi. SO. SB. 38.5. 
M. as.S. 39. Cathodes, cash I733J. three 
months £753. 32.5. Kerb: Wirebars. three 
months £737.3. 37, 33, 54.3. 3|. S3 J. After- 
noon: Wirebars, thrv months £753. 33.5, 
.70. 35. 5T, 38. 5T.5. 57. 5T.3. 38. Kerb; 
Wire liars, three months £757. 36.S. 37. 

TIN— Moved ahead. Forward metal rose 
to K. 74 H in the morning, reflecting tho 
steadiness of the Penang market hot then 

eased off to I6.7WI owing to hedge selling, 
coupled with tbe downturn in copper. How- 
ever. in the afternoon fresh buying taw 
the price recover to done at £6.748 on 
tbe late herb. Turnover: 1.485 tomes. 

i a.m. H- or ‘ P-ro- H" or 
TIX j Off leu’ll I — : CnofflcUl, — 

High Grade * j S~'[ £ [“iT 

Caali -6790800 +- 12.6. 6790-800. +4 1 J 

3 mouth*. 6730-60 ,-^iT.S- 6735.50 
Sett lem‘t.1 6800 +16 | — 

l.G. Index Limited 01-351 3466. One-month Gold 215.8-217.3 

29 Lamont Road, London SW10 OHS. 

1 . Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 

about ff 



Q: In these days it is hard to estimate what I 

may have to leave when the time comes. 

I ivant to be fair to dose relatives; but I also 
want to benefit a cause close to my heart. 
How can I best ensure both? 

A: Most of us have a similar problem, with 
inflation. The sensible course is probably to 
leave fixed proportions of your estate to the 
individuals you wish to remember — say 20% 
to one. 15% to another and so on — and then 
tbe residue to the cause you wish to help. 
Q: I wish to remember old people, since they 
seem certain to be in continued need; 
but their needs may change- How can I 
anticipate what they may be? 

A: Help the Aged has a justified reputation for 
keeping well abreast of the needs of old 
people; and has pioneered a great deal of 
much-needed work for ioneij\sick, hungry 
and despairing old people. Their trustees 
are especially careful to make maximum use 
of volunteers in daily touch with the elderly, 
thereby ensuring the most practical response 
to need and obtaining the utmost value for 
each bequest 

They publish two useful guides for those 
considering their wills; and I often commend 
these to clients to study in advance ot consulting 
me. Copies may be obtained free on request by 
writing to: Hon. Treasurer, The Rt. Hon. Lord 
Mavbray-King, Help theAgwl-Room FToL. 
FREEPOST 30, London W1E 7 JZ. (,\o stamp 

Standard 1 

Cell 6790-800 + IS *6790-800+* 1.6 

5 inoatiw-; 6780-5 ,tW. 5; 6725-30 + BO 
fieutein't.; 6800 1 + 16 — ...... 

Stnito E.-j ; 61785 j I — 

J»ew York • 

Moraimr: Standard, cosh £8.755, three 
months Ifi.TSU. 40. SO. S3. 30. 23. Hish 
Grade, cash S6.7M. Kerb: Standard, three 
nwnlhs £6.723. 13. £6.760. 10. £6.700. After- 
, moon: Standard, three months £0.720. 23, 
30. Kerb: Standard, three months JSJ7S, 
30. S3. 40. 30. 

LEAD— Hardy changed and mostly fol- 
IotIuk the trend In copper. Forward metal 
opened in the na$t> at 5343 following fresh 
buyiEZ but eased back to £328 on the 
morning herb owing to hedge selling 
prompted by the downturn In copper, fo 
the afternoon, trading was oulci with for- 
ward metal finally 5340 on the late kerb. 
T urnove r: 3,425 tooncs. 

■ rm , a-m- ,+ <w. p.m. + or 
LEAD t Oilleial I — ■ I'twiCDeUl 1 — 

; £ I ;"£~* 

Caidi 335.5-6 —2.6, 336-6 I 

3 moot hi.' 539 . 5 —5 <339-40 . + 1.ZS 

•rett’m'ut 336 — SL5i — ; 

r.3-_bt*<l . — _ | 351.33 .. 

Morning: Cash £3263. 35. ihrvc momta 
CM3. 4*3. U. 41.3. 4i. 40.3. 3 9j. Kerb: 
Three months CS9J>, 39, ss.3. 3S. nr j, as. 
Afternoon: Three months £339. 39.5, 40. 
39j. Kerb: Three monUa £340. 

ZINC— Firmer, mainly influenced by the 
trend in other base metals. Forward metal 
opened around £332 and thereafter traded 
quietly before moving ahead on the late 
kerb to dose at £335. Turnover: A32i 


*.m. .+ »T( p.m. ;f+or 

ZINC ; Official " — : Unofficial! — 

' x '■ ; £ ■ 

Ca»h 324.25-5 126' 325J5-6 '+3.75 

5 moarhs.. 351.5-2 ; 5S3-.5 ! -t- 5 

S'nieni 324.5 : ..... : — . 

Prini.«de»i- — _ i_. 1 29.31 ! 

Manilas: Cash £324. 24.5. three months 
£732.3. 32. 31.3. 32. 30.5. 31. 32. Kerb: 
Three mouths £331J>. 31. 30.5, Afternoon: 
Cash £325.5. thTee mooUis £S31. X!. S3. 32J. 
Kerb: Three months £533. 34. 33. 

* Cents ner noond. t On previous 

unofficial close. ;SH per picul. 


Silver was fiacd l^p an ounce lower 
for spot delivery In the London buliiOfl 
market yatentay. at 296.1 b. UA cent 
equivalents or the tains fcrels were: spot 
566C, down S^c; three-montb 5. jJe. down 
b.5c; sls-man»h r&jsc, down s.3c: and 12- 
tnoDth 610c down S.Bc. Tho meul opened 
at SS3v2Mip <3A4-3«54ci and dosed at 
iv.3-2S&3p roS««-;cJ. 

SILVER | Bullion + or, UlA !+ or 
per j fixing ] — • doss J — ’ 
troy or. i pricing , 

dp* 236. Ip !-1.2 286p j+1.5 

3mooih«^ 29ap ‘ — i.3 : 293.05b J+L6 

crri'Qib*.. 300. Ip ! — 1.1- — j 

12 moot 1)5 315, Sp — Q.9 — 1 — — 

LME— 1 Turnover 153 (I2si lotso f 19,060 
ora. Horning: Three months 29X3. 3 X. 
3.4. K'Tb: Three months 2X5-3. 12. X 
92.9, 03. Afternoon: Three months 294. 
93 -S. 3.7, 3.5. 3.6. 3.T. KX 2.8. 2A «, 
9X8. U. Kerb: Three months 292. 9X3, 
3, 3.3. 35. 3.4. 3. 


15-day average 151.71 f!5l.lSi; 22 -day 
average 149.63 <14SJE). - 


ROBUST AS eased. in the morning fol- 
lotting lire seC-off in- New York the pre- 
vious night, but new baying steadied the 
market at about £30 to £30 lower, Dresel 
Barnham Lambert reported. Strength In 
New York C contract prompted a rally 
in the afternoon and values at the close 
were £3 to £13 higher on balance. Dealers 
noted that market tone was nervov while 
the extent or trust damage to the 
Brazilian ctob r em ai ne d unknown. 

t Yesterday’* i 

COFFHH *** [ + or | 

JC per tonne | i 

September.. 1426-1430 4^15.01 1448-1568 
November^. 1291-1295i 4-01.9 13*0-1265 

January 1210-1*16,_ -1*35-1189 

lUreh ........ 1150-1165! + 02.5- 1170-1 11B 

May 1120.1130: -r 30.(1, 11*6-1080 

July- - 1080-1110 + 10.0| 1080-1060 

Septetulasr- — 

Sales: 4^01 lots or 5 tonnes. 

ICO Indicator prices for Ann. U (U.S. 
cent* per pound »: Colombian Mild 
Arabtcas 180.00 iraniei; unwashed 
Arablcas 140.00 'samc.i; other mild 
Arahicas 134.00 <140.60 1 : Ritiustu ICA 
1976 130X0 (same i : Robusia ICA IMS 
1302S (garnet. Dally average 132.00 

ARAB) CAS were unnunted. Sales: ND 
i samel lots of 17.230 kilos. 


UNCERTAIN opening on the London 
physical market. 


>'«. I i Business .l'caterdavV Previous 
ft.a-S. ! done I '.Tire' ! Cine 

(sent - 57 JO-58. 10, 67.50 -58.00 — 

Out i 68 j40.58.60, 58.20-58.90- - 

Oct- Dei- 60^6-68.65 69.0463.10 B0JI0-5B.10 
Jaa.fiton 81.30-5 1.40 B0.95-61.05 1 BtOO-Sfl.91 
Apr-Jnd 65. 15-66.20 , 02.60-83.90' 65.35^2.30 
Jy- oepd B4.6644.80; 64.6D 64.65 BJ384.70 
Ort-Dee, 88-45-68^.5 66J56.68.4tt 88.60-68.56 
Jan-Mar, 68 . 15-6 B JO 68.05-68. 10j 88.75-68 JO 
Apr-Jnej 88J6-6S.70 B9J6-63.70 703038.70 

Sales: i5Wi wis or i-j toaaes and 

117 (19) IMS of 5 tonnes. 

Physical closing prices 'hnyerm were: 
Spot STJtig <3T.0>; Sept. (game); 

Oct. 58.750 (58.51. 


market opened 10p Wshcr. Wheat met 
resistance oa any attempts to itllj and 
values eased Io dose £-39? lower id - wrr 
tbln trading. Barley saw some boring 
Nippon on any dips in Sept, and Nov.. 
tin* distorts being generally neglected to 
dose unchanged to lDp lower, Adi 


|Ye*terday'«- + or jTMreflay’s) + or 
ITmbi dose — | clre 1 — 

84.80 j— 0-oOj 78.70 
87.30 1-0 JI5 ! 81.35 
90.05 l—Q-lfl: 84.20 

Kafre (other then hybrid fir seedlral— 
77.41. test nQ fTS.23. rest nil). Buckwheat 
— all nlL NIM-6UL rest nU (6438. 
rest nil*. Grain Sorabem— 78.78, rest nil 
fTSjSS. 138. 1J0. nil). Flew teviesr 
Wheat or mtsed wheat end nre Door— 
127 JC >128-18i. Rye (126.0). 


The market opened £2 Weber following 
a steady Chicago market. Outsider buy- 
ing coupled with light short-covering 
drove prices to the highs of the day, but 
disappointing Chicago opening levels and 
profit-iaklng In tbe ltte trading session 
marred snmeof the gains to dose 90 
to 50p up, SXW Commodities reported. 

Yprtdrdsy + or Bnalneefl 
Clove | — Done 

£pertoan*j i 

October 118.88-11.0+1:90. 1160-11.00 

December .JlllW-IJ-V+OJIll 14J6-11B0 

FW>n*iy ;i14JO-14J — CUE 76.60-1 4 

April -.1115.0O-16J) — 0.16 — 

June. 115 JO-17.0 +OJO — 

August. IliaJO-ia-Oj+OJ^ — 

Sales: SS (33i kits of 100 totutes- 



£92.60 isaroei a tonne cl! for allotment 
shipment. White sonar dally price was 
fixed at £108.00 (same). 

Trading was confined within a narrow 
range throughout the day in good two- 
way trading conditions. C- Czarofkow 

C'ugar ; 

Prof. jYerterdiy'a] Previoos Boaineu 
Comm. Clove I Clove Done 
Conn. I J 

£ per tonne 

Oct ; 8S.GO-8fi.88; 81.45-81-60^ 94.40-90.73 

Dec—J 95.78-86 J6I 8S.55-93.48i 98.96-32JU 
Uaroh .i1fl0.70.B0.76{ 98255-M.50il0iJfr32.75 
May .... 182-90415 J»:100.26-00,BOi1Cl5.60- 100.0 

Vog flOB. 10-08-25. 105.404)3.50 1Q6J044-00 

Oot_... 1109.50 -08 J0[107 .00-07.26.1 10 J3418.68 
Per. .UH3.76.1i.gl1 10.75-1 1-00. 14.60-18.00 

Sales: 2-2M (2^68) lots of SO frames. 

Tate and Lyle ox-reflnery price for 
granulated mala white auger was £264.93 
(samel a tonne far hams trade and 
£152.00 (same) tor export. 

UrternaUoeal Seser Asrennem <U.S- 
cerus per pound fob and stowed Carib- 
bean pom— Prices for Ana. «: Daily 
7J\ (7.0 1; ifrday average 6-33 (6J6). 


LONDON— Dull and featureless. Bute 

( Peace per Kflu) 

Australian (Ycsterriy's-t* or| Business 

Greeoy 7Vc>j|j Close ■ — J Done 

October B39.0-42.O j — ...! — 

December -^S4fi.0.47J i-OJflj — 

fitorrii _p44.M9.0H- 5 ® — '30 

^lay 544.047 J U-fitf. - ® 

July fe45^MJ J ~... — ^ 

Ortnher (248.0-62.3 

December ...B48 .0-82-0 ; — .i — *’ 

(4-8J8K Sheep up to J per cent, averase 
price 142Jp <— 0-S): Pigs np 
cent, avenge price 6L2p Scotland 

—Cattle munbera up 23.3 per cent, 
average price 70.46P (+0.48); flwp down 
2.8 per cent, average price ISLOp (-3L2); 
pigs up 85-3 per cert, average price 8* 

COVERT GARDEN (Prices tn storting 
per pactase exceot where «r«e<l»: 
Imported prodaca: Oraasee-S. African: 
Valencto Late 4.0tt6fl8; BrariBan: Peras 
4.40-4 jo: Uruguayan: 80^4*- MM-50: 
Californian: Valencia Late 72/163 8.00- 
t50. TBspertoes— Braafltan: S3/8S 020- 
3J0. Lemons — Italian: lOO/lSVs new crop 
5.00: Span la: Trays L804.40, large botes 
4- 30-5-50; Uruguayan: 86/150 W0-3J0: S. 
African: 6.00&30. Grapefruit— S. African: 
27/72 3M-4JS5: Jaffa; 48V 4J»; Argentine: 
Ruby Red 48/58 5.0MA0. Manfli Seedless 
4B/56 X80; Californian: Jtorti Seedi»s 
84 3.60. 56 *88. RnbV Red 48 5A0: 
Urognayan: Maxrti Seedless 40/64 3 JO: 
Jamaican: 27/84 2M4M. Apptas-Tas- 
tnantan: Stunner Pippins 8.80-10.00: S. 
African: Cranny Smith 18.00: Italian: Per 
lb Rome Beany 0.18, CoWen Delidoos 
0.18: French: C olden DeUdous 20 lbs 
72‘s 3-80-4,00; Spanish: New crop 0.18: 
Portugnese: OJS. Pear*— French: Guyot 
28 lbs box X60; Per lb Italian: Guyot 
0.15-0.16. WOhams 020-0X2; French: WU- 
bams 23 fits 4.80. Peaches— Italian: 1} 
trays 2-30-2AK F r en c h: I-40-L70. Crapes— 
Per lb Cypriot: CkitHasI 0.30. Sultana 
020. Thompson OJS. Rosaki 0J5, Alphonse 
0.33: ItaUan: Vignette UD. Plums— 
Spanish: S Won Santa Rosa MDlft 
Californian: 28 8w Santa Rosa 880: 
Italian: Per lb Stanley 0.16. Giant 
Prunes — Italian; Per lb (JJ 60.17. 
Bananas— Jamaican: Per B> 0.13, 

Avocados— Kenyan: Fume 14/34‘s 4.20- 
4.40: S. African: Fuerte 4J8-4.30. Cap- 
ricums Patch: Per 5 kflos 230: Italian-. 
1-50. Onions— Spanish: Z36J30. Toma- 
less Cnerascy: L80: Jersey: L60. 
Melon*— Spanish: Yellow 8/14 ZHW-80, 
Water-mei bos — Spanisii: 2^0: Greek: 

3,00: Italian: 3.00. 

English prodaca: Potatoes — Par 25 kilos 

0- 90-L40. Lett* ce— Per 12 fl-SU. Cos 0.90. 
Webbs 84(8. Rhubarb— Per lb. outdoor 
8.03. Cucwu b ars Pe r tray 13/24' s 1J»- 

1- 40. M ush r ooms — Per E> 03ML5Q. 
Apples— Per lb Grenadier ILS«4M)a. Lord 
Derby 0.08, Georse Care OJS, Bnmkry 
043. Ts m al o es - P er 12 0» English LOT. 
Cabhaaes— Per crate 080. Cetary— Per 
head 0-08-0.10. CaaMawmtt— Per 12 Un- 
coin L88-LS0. Broad beaus— Per lb 8.05. 
Rusaer beaus— Per lb Stick 0.184)21). 
Ground 043-8J5. Peas— Per lb 6.05. Beet, 
rest— Per 28 Bw 0.804.70. Carrots— Per 
28 Qm D- 80-1-00. Capsicums ■ Pe r lb 0J7- 
0.18. CwraeriLS Pet lb 0.87-040. Onions— 
Per bag L60-L80. Sw ed es - J* sr 28 lbs 
630. Turnips— Per 28 lbs LOO. Plums- 
Per lb Laxtues Ala, Mm* '840, Czars Onlaun 0.081 

WIPE S Leads: Tanners restating 

higher urfcea. 31-35* Mice 5A5p per kilo. 

2 M 0 J Wtos withdrawn pop. 2 WS bios 
withdrawn 68 p. Light cows S 88 t> Per 
bio. Ho calf offered. 


Price per tonne unless otherwise stated. 

U.S. Markets 

Auk. IS 


+ or 


Aluminium— — — 
Free market (■is) 
Copper caoh WJu- 
S mouth* link doL 

Cs-h CoUkxIo, 

S mouth* do. rtou 

Goi.i Troy os. 

Lewi Cash— 

5 month* 

Nickel- — . 

Free UarKet idfXlb) 

£680 £680 

£742.261+4.26 £704 J26 
£768^6 +4.5 £725.76 
£736.5 +6.0 £700.6 
£75345 +6.6 £72L25 
S214.B7S + 1_5 8184476 
5^356.5 +1_0 £304 
£339-6 +1J25 1^13^5 

I £2,566 

41.77 51.78 

1.90 L9Q 

Platinum troy os. . 
Prae Market—. 
Quicksilver (761b.) 
rtlver tr oy eg 

Tin Cash - 

i mouths 

Tungsten (*) 

Hoifram BjCXHbcU 
Zinc esah— L— 
^ roonthn 


Coconut (Pbib— 


Linseed Crude (v). 
Palm MsJ«yBn 

£124.5 l£129 

£159.75 +o.75j«iaa^ 

8125/30 -3128(51 

286.1 p -1.2 £77.7 p 
493 1 ■ —1.3 l284.6p 
£6,795 +41.6<£6,370 
£6,727.5 +S0LD £6,505 

513440 — 

#135 38 #131/58 

£325.75 +3.76 £302 
£333.26 +3.0 £31245 
5&5a-800 5650-600 

6670* Lz-fl #646 

£64H £688 

£326 £344 

#970r -3* #585 


IhpmPhllflp «465« +5.0.3450 

boysbaui (UJSJ— 5266? ,+1.0] 0264 

Grains ! 

Hariey BEG: t ! t 

Home Putures— . £81.35 1—0.1 1£81.7 

French No. A Am £99 -5y ^._^.X10S 

No. 1 Red Jpdnin£81.5 +1.0 £91.86 

Na^HsrdwuAMr ; t 

hag llah filuilngt £94.5 9 1.0 

Cocoa shlpmons £1.840 —(8.8 £1,808 

irtitiira Kov. £1^04.6—10.0 E1.7273 


.Nov- — - - £1.293 +1.0 £1,227 

Cotton *A* Index — -_0,2fi 71.Q5o 

lhiboarklio 37.S5p +0.26 53. Bo 

^ugar (K»w)_ £92 £83.5 

WocitopaOTv kilo-. ZB Ip 2B3p 

* NwntnaL t New crop. tUno&oted. 
m Juoe-AOg. nJuty-8ept. qSepc rOcL 
sSepL-0(3. vAag.SepL x Par ton. 

£1,293 +1.0 £1,227 
73^c -0,26 71.05c 
37.85p +0.26 53.5o 

£92 £83.5 

281p 283p 



U -16! 86.60 
■ 101 80.20 

■Tevterdav b + nr i Bostncw 
COCOA I Close j — | Done 

N'o-bConlr'l 1 

trra 1825.0-24.0 1-11.76, 

Pre....^ 1804.8-06.0 i-HLO 18I5.D-173S 

Mslrb. 1776.0-76.0 — 8.0!17B3JW7.0 

.May 1)66.0-60.0 -5.0:1764.0-40.0 

July- — 1)61.039.0 r-7.0 '1735.0 

■fwl* W 10.0-50 Jl —2.5 ! 1710.0.17181 

DW 1702.0-16. 0 +2.0! — 

Sales: 1.^91 <3.-33> lots nr 10 rannes. 
international Cocoa Or^anbatior (U.S. 
reura p-r pound i — Daily pric« Am. 15: 
154 01 i lar.Mi, Indicator pricefi Aug. to: 

3toy j 95 .20 1—0. Ifl| 89.20 j. 

Business dane: Wheat— s*m ~5KTa jtt.'75! 
Nov. 8T.WKi7J9, Jan. March 

9S.90^UJW, May KJMSiJy). Sales: 55 tats. 
Barley— Scpi. 7S.W-re.85. Sov. gLSWI^l. 
Jan. St-ti-Sfp. March M.RM8.B0. May 
untnided. Sales: 99 tats. 

H GCA— -Location ex -farm spot prices. 
Feed barley: Shropshire *73.70 

UK moHetan- CMfficient for die week 
from August 21 Is esptced to increase 
to L2SS, 

IMPORTED— Wheet: CWRS No. 1, 
13i per eem. Aug. 01.50, Ttitmrr U& 
Dark Northern Spring Su. Z 14 per cent. 
SO PL E9X5, OCL 11930. .Nov. £SlS. tran- 
shipmem East Coml u.s. Hard WiDtoT 
oratory. Australian. Amentia™ Soviet 
and EEC xradcs unuuoirt. 

Main: U3./Frencb, Aug.-SopL &BJ0, 

Oct aoo-u. transhipment Ejai Coasi; 

S. African While S:pL-OeL £37.00 Glas- 
gow; S. African Yellow SepL-Oct. £57.00 

Barley, frershvm. Oib; ajj ymanoie d. 

August ii in order current levy plus 
ScpL. Oct. and Nor. premiums (prcvlnua 
in brackets' aU in v* per i.-,iuie.'Cenimvn 
wheat — 85.S7. re-J nil (?3.»«T, res ml). 
Durum wheat— HS.04, n.l. nil. 0.65 1128.24. 
rest Oil*. Rye— S4J1L nils rret nil >- 

Barley— ffi.94. res* nil ist.*a, rest ml*. 
Oats— 71.11. rest nil i To. 14 ^31 nil). 

■ ~ Sales: KU (same)’ lots' of lieOB ks. 

SYDNEY GREASY: Micron Contract 
<ln order buyer, aeller.' business, sales!— 
Oct. 34L2. 346A 346^346.3. 3i Dec. 3S5JI, 
355.3, SS3SS3S.0. Z Mari* WLA 3015, 
ai-MSLS. 3: Mar 364.0. 365.0. 384.9-5313. 
6: July 389.6, 389.5. 369^5884. 4; OCL, S72.5. ST2JJY13. 2: Dec. W4.0. S7i5, 
ImtradHL Total sales: 23 fata. 

and featureless, Bacbe reDorted. Dec., 1S4.0, un traded; March 3SL0. 186*. 
untraiM; May 1SS.0. 1XS.B. untraded: 
July 135.0, 16S.9, untraded: Oct. 186.0. 
190.0, untraded: Doc. 188,0. 190*. un- 
traded. Total sales: nil (same). 


SMITH FI ELD (pence p« pound}— Boot: 
Scottish killed Sides 34.0 to 38.0. 

Veal: iguriith fats 62.0 tu BS.0: Dutch 
hinds and ends 78.8 to S-LO. 

Lamb: English small 58.0 to CSJ, 
medium 54.0 to 58.0. heavy sj to M.0: 
Scottish medium S4j0 to 5SJJ, heavy 50.0 
to 5S.0. Imported frozen: HZ PL 53.0 
ta fri.O. 

parte: E&gUsh. under IDO 1b J7.0 to 44-8. 
100-130 lb 37.0 U 430, 128-160 lb 38-0 
to 47.0. 

Partridges: Young each 150 J) to 210-0. 
old cacti ru.O to 00.0. 

HEAT COMMISSION- Average fatstwfc 
prices nt repres e ntative' markets on 
AnRtiat U; CB cattle TO.lFo ocr kaJ.w. 

I +0.41 1: f IK sheep 14L2p per »5.est.d.c.w. 
f-UH: GR piss S2So per kgj.w. (+0.91. 
England and WaJc*»-CaTile numbers up 
1SJ mr cent, average price 70, mp 

Extra finance 
for Sumatra 

TOKYO. August 16. 
JAPAN AND Indonesia have 
agreed on additional investments 
and finances to cover a fund 
shortage o£ about Y161bn in a 
joint hydro-electric and alu- 
minium smelting project in 
North Sumatra, Japanese Trade 
Ministry officials said. 

The Indonesians agreed to 
raise tbeir 10 per cent stake to 
25 per cent through additional 

The rest would be covered by 
a YB5-lbn loan from a syndicate 
of Japanese Banks, including the 
semi-official Export-Import Bank 
of Japan, a Y35_5bn loan from 
the Overseas Economic Co- 
operation Fund, and a Yl4.5bn 
finance from tbe Indonesian 
Government, the officials said. 

Building costs were originally 
estimated at Y250bn, but this in- 
creased to Y4llbn following a 
sharp rise io material and labour 
costs after the 1973 oil crisis. 


246.491 245.69] 255 J4 | 2S7.S0 
(Base: July 1. 1253=1801 


An*. IGlAafti 

14433 1 1440.41 1416.4 | 1477-0 
(Saw ssennher M> i83l=uoi 


Dow AobT A i m :- ^onth Yroc 
Jouqs 15 . 14 Hffo uqa 

«pot S67.16'363.4a 551-27 a5U58 
(AftnJK »*««6=2a» ~ 


: Adf. Aaq. inoochlYwr 

Hoods’* 16 1* j *gQ oep. 

sola Conuumssaa 958-^9 lLolmia ■ 

" " 7SSSS3S si . 1281 = 100 ) 

NEW YORK. August 1R. 
Cocua— Scjrt. 139.20 09925), Dec. 1MM 
flSS.OS;. March 150.78, Ma>‘ 147J3. July 
ULSO. SepL 14L30. Dec. Salmi 

S44 tats. 

Coffee—" C 1 Contract: SepL 139.S0* 
1MJ0 i(3K25), Dec. I2S.S0 Md (ISL5«1i 
March 118.71 hkl, Kay U4.W Ud, July 
11340 bid. SCPL 11255 bid, DOC. 1*9-38 
hfd. Sales: IA40 lota. 

Cupper— Aw. 64.60 ’6SJ5). ScpL 64JB 
t5S.3Ct, Oct. 65.40, Dee. 0630* Jan. 6B3S, 
March 6740. May 6S.75. July 68.63. &CVU 
7945. Dec. 7LSS. Jan. 73.05, March 5346, 
May 73.40. Sales: 7,900 lots. 

Cotton — No. 2: OcL 6*88 (62.651. Dra 
64.77-64.75 ( 64.46). March 66,50. Map 67.40- 
67.47. July 68.3»«8J7. Oct 655045.70, Dec 
65-55-65.75. Sales: 3^50 bales. 

. *GuW— iAns- 312.00 (212.60), Sept.- 2129# 
(31SJ0), OCL 214.10, Dec. 21798, Frt, 
220.60, April 234X0, June 227.40. ADR. 
230X0. OcL 234.10. Dec. =37X0. Ft*. 241.48. 
April 241X0, Jlme 248.40. Sales: 2S.U7 

+L#rf— CMcagn loose not available, NY 
prime a earn 23.00 traded f samel. 

tMa/ro— Sept. 2»L2iSi 02251. Dec. 
2241-2241 C2291, March 33U32L May 2S81- 
2384. July 241i. Sept- 24». 

5Pt*tinom— Oct. 272X0^74X0 (274X51, 

Jan. 273.30-376.50 (277. (SI. April S77.D0, 
Jrty 2SL2K8L40. Oct. SSi.OOSStSO, Jan , 
2VT.B0-2S8.90. April 29L40-2B1.60. Satar. 
2X35 lots. 

TSItocr-Aos. 3K.00 (561.40), SepL 556.40 
IWCX01. Oct. 560X0. Dec. 368.60. Ju. 
572.50, March 580X0, May 589X0, July 
3W.0O. SepL 916X0. Dec. 628.50. Jan. 
625J0, March 634.5a, May 643X0. Sales; 
21.000 lots. 

Smrabaaaa-AnK. 63M384 (6494). SroL 
‘MMV Nov. 6254-627, Jam 633. 
834. March 6(1-6414, May 6404. July 64S, 
A US. 644. 

„ .IP**-***- 154.™ OB6X0L 

Sept ira.00-1KX0 067.00). Oct. 166.00,^ Dec. 1TO.80-16BXO. Jau.- 188X0-188.40, 
Maret* 172.00-172X0. May 174X0, ju» 
17 |-00-1 7 5.50. Aug. 176.00-176X0. 

Soya boon OR— Aug. 25X8-23X3 Off.WL 
5pPL 24X5-24.45 (25.12), OCL 28.75-23.79. 
Sf , S Jli 5 " 8 ? 08 . J “- 33.10-33.0S, March 
M-OO-MX^ May 12.98. July 23.66-21X0. 
Aug. SS.6S asked, 

„ s “aar— No. U: 'Scut, 7.03-7.06 rrxfi); 
OCL 7.11-7.12 <TJ2), Jan. 7X1-7.52. March 
o^H* 1 ^ 7 - 85 - 78 ** 8.04-8X3, SepL 

OCL 8 XL Jan. S AO-8. 70; Salesa 
5,179 tats. 

jrt»— OlOflK) nom.- (same). 
~Wtorab-^eBL S24-3242 (3381), Dec, 

S29M201 13261). March 314+3141. May 
M2M£July 3021. SepL 3851 nom. 
WP*WIWSG. August IS. tt Rye— Oct, 

( !ISS ) 'J r y ri «s.80 asfced rss.00 btfii 

Dec. 82.80 hid. May 88X0 asked, Juhf 
96. aO nom, . 

“ 472X8). Dec. 7 
fTS^O astaocn. March 7150 aKtaL 
MajrJiM July B-50 nom. 

71X0 (71X8 bW), Dee, 
5r n iP.r 0 March 72X0 asked, 

MSXO (249X0 Wd). Nov. 
Sr 1 243X0 

W asked, July 258.00. 
Wboat--SCWBS 13X per cent pnflcW 
content af Sl Lawrence 164.86 (157.081 . 
mIuL ” . nts ■ ” T*®** exoraretwuse 
olhorvrisc atated. **h per troy 
t Chicago loose 
StJSV” r ^ s ~ Dept - °* Ac. prices t>r+ 
vIoub (toy. PvhiK steam fob. NY bulk 

w ‘ r 58 lb bushel tf- 
ware ) g iusc‘. 3.000 bisltd lots. JJa per 
omr oBPoc for so m units of WX per 


nicflt sales, aioaunied to 168 tonnes, 
bringing Ihe total tor the wed; so far 
to 780 tenues: V. W. Tartersad reported. 
Modest operations were reportsd. with., 
out any lares scale demand. Users 
landed to cowxntrale On Latui American 
arowths. .abhMisb Alriuff (malitles were 
not nesSrdniL 

Of lm Short tons dcUrered f .oT^ rara 

“Ccnu ^f 018 Bna Al,w * 

4*Sj“ . ^ buahrl in store. 

m ## emu per 

s. im *■** 

Wool dearer 

WOOL WAS generally dearor a* 
Australmn atxotxons 
»n Udboume, Fremantle and 

88 5 9* 

10 '?Zr offered 

®t Melbourne; 92.5 per cent of 
Fre^antte^ 13-369 bales; and 
85 per eem of Sydney's 33,373 

Wool Corporation 

Wffcbass at the an^ted 

to 5.5 per cent per cent and 
14 per cent respectively. 




financial Times Thursday August- 17 1978 




Quietly dull conditions persist but underlying tone 

jw s v <■■■• ■ 

£ *% helped by interim results from Tube Investments 

* • v 

Account Oeallns Dates . 

St ‘ Tl reflecting the record pensation cash In acquiring fhe meat Trust. Dual vest fell 7 to Prices moved ahead strongly in 
nomJiif* resu ? 5, Newmark rose shares in the company it does not 23QP, while losses of . around 6 overnight dotn^w markets and 

Sep. 25 i n « the agnws. easen closed 5 better at »60p following mem and Alexander Russell 345p and City and Foreign Invest- w?veiop«i. Parwuiany in 

nimf _ j® 4>p on the anxiuw profits, the second-quarter figures. MK added 3 to 67p following the ment declined 5 to Wp. In Finan- The . mo . re speculative diamond 

im 9J8 two mmimm aaSrerE j*fore raUyjnG . to Electric improved 6 to 222 p. but chaitman’s report of the excellent flaky - Challenge Corporation “Ploraitoo a ®T fcs * 1 . but 

rr . . .. . M .. Close H higher <UJ balance at profit-taking in the wake of start to the current year. By way reflected currency influences with ?*? raU - decJme in the premium 

Encouraged by the better-than- 451 p. Elsewhere: m « lethannc Tuesday’s annual meeting left of contrast, nervous selling ahead a fall of 8 to 140» London Mer lott prwes showing an uncertain 
ipccted half -swirly results from banking sector, tire major Rnca! Electronics 8 easier at of next Wednesday's interim HiamSeeuriUesho 

Sep. 14 Sep. 

* " Now tlmo " deal loss mw 
(ram 9 JO *.m. two twin*** days 

expected _ _ . . . . 

Tubes, up a to 420p, leading Indus- deerers closed A shade harder 305p. 
trials picked up from a dull Mart with Midland 2. to the good at 
yesterday. Earlier Ionics ranging 364p. Overseas piuues. * 

to around 7 were reduced by a gave ground on domestic __ __ .... „ _ 

few pence or so and the FT investment currency • influences, dynamics interests. Hawker re- in Ricardo. 

SDOd „ Following M m™« .* th. cKin»B .dm™ 99p and STot 5 on "Sffi 

%rsr2&rzss.*E saw.wygtt «L°° •“ sa-jt-r 

... _ . , 4 “wmiun mrr- j 

Wednesdays interim chant Securities, however, edged trenfl - 
!?„ _ *r^f? n «« Gron 5 forward 2 to 118p for a two-day Conrinc Riotinto attracted some 
^ ' ' nd rose 6 to a 1878 

, — — — while North West 

P moves. Mining and Haoma Gold hardened 

30-sha're index, which touched its .Bankers N.Y.iost U points to turned at 950 am from its brief Mof '” anf , ®£5“ . f Tr *"*P|| lt , fiosed 2\ 2 to G2p and 44p respectively, 

lowest of the day at 11 ajn. with £284 and Deutsche receded if to suspension 10 higher at 252p but on adSl mre^TS^lu ^Sfahle 1 h.^lnlec - 1 "^- a So - urh African Grids remained 

a rail of 3 points, rallied to close 2119*. then succumbed to profit-taking * U ine and^rk^r^fiL-S^SS Sfi* S? ^rA f f A volati,e and closed lowing 

only 15 down on balance at 520.B. -Insurance brokers continued and fell away. to close only 2 mewd u pj to l?5p. but P & O fairly sizeable losses despite the 

Fresh selling in the tnitia! dealings easier on cneeno about the effects harder on balance at 244p._ Other comm^L ^u^both fi t™ I J e9S of the bullion price 


"Ssssstsst^ssi SwiXfcSjwSS in ttc „ rice 

=rSB3 SKsswrtiSM ^ * * e sar-rs^ jsu-ft .« A »? was 

| financial times stock INDICES S 



Aug. 1 

Alls. Au-i, 1 Am:- 1 Aug. 

A nw 1 



Id | 

14 | 

11 J 10 j 9 

ago 1 

I Goeemmem Stoi 



71.09; 71.28) 71.33- 71.24 

70.91 8 

■ Pixcil Intifv^i 




72.891 72.89' 72.83 

£0.18 fl 

1 liffwftrtal Onllfterv... 



513.5: 514.B 514.0', 516.2) 485.3 1 

1 GoW Mine. 



206.6* 203.C1J 198.5 200.6| 110.9 | 

«>M. Div. Y ii-ld. 


5 28 


S.2&; 5.27! 5.24 




15.B8 1 

P>8 Katwi in«,i*t,...^ 



8. 37 j 

8.37i 8.3 61 8.40 


Dtt’mg- merknl..., „ 



5.618. 6.064 1 6.717 6.3B1 


8(|uitr tnmiiipr Em „ 



69.16’ 98.78 1 188.47 145.17 


Eguity hifca 

ina Iumi^. 

— _ 

21,347 17.323' 23.034! 26.369 25.414 


ID am 

588-*- 11 

am SCfl^ 

. Noun 50S.J. 1 pm a«s.8. 


pm 508.6. 

3 pm S09 .J. 

Latest Index 01-M6 8026. 

’ Based on SI per cent cnrporannn 

lax. 1 NI1=S 13. 

■ Bans it* c;..vl 

Secs. 1S-10?6 Fixed Idl 

1K9. tnd. Ord. 1 7 35. Golfl 1 

■ Hue, 12 B 50 . se Activity July-Dee. 1*12. 







Sinve Ci*ni,iiVMif,n 






A UR. 







Govt. *«»... 





— Dally | 





Fixed Im.... 





ulmir,-...: 51.4 





lid. -ib) 

T.-ihis j 1C8.S 


lud. Onj..._ 




j-ilay Ar-rHR«J 


(2 <i) 



Gold Mines. 










T.-lai 1 132.7 


nationalisation compensation jjfw 39 °P- £ front of todays since its excellent results In June, ui Newspapers Textiles. Scottish Solds P here at thl Opening. d The 

terms for Hawker Slddeley results - .... -_ n 3o *\ n Brown raced further ahead and kindred trades became selec- e^, h g and TSSSn roily fn the bullion price then 

- * - - - Following recent : strength, and closed 14 higher at a new tive m a limited turnover. ftKL.*". European hardened encoura?ed some m0 ^ buy i ng 

announced late on 

oouem on re.wveo nopes or a Did — ^ cuKdgcu tne company .7^,„ , n T _ — . „r to aeai witn me proDiems set o 

from Hawker Siddelev now that Pacemaker, reacted 6 to nervous level of 4Mp before the as its advertising agencj-. left “SSLh “JJ5 on *** sharply declining dollar brought in 

the latfer.has settled payment for 283 Pw,Jl“ ,e . *1^ anJMaanrcmMit to clo^ day 8 Saatchi and Saatchi modestly earnings. _ persisient U^. selling orders 

nationalisation of its aerospace “*? Highland, 152p, shed a penny better at 420p in response to the higher at lup. In contrast, Poster Australians mixed which lowered prices at the dose. 

gut Jgg nr*-- 

ull at 225p, down 8. liSJfS - ? , HfU f “ d A ^ en *f^ r ' hd^et- in the vicinity of the rniDe. 


DEALING DATES Cbarterhill, UDT. Ultramar, 

First Last Last For Swan Burner, Westland, Lee 
Deal- Deal- Declare- Settle- L’ooper, Johnson Group, Chad des- 
ings ings tton merit Icy, French Kier, Siaflex Inler- 
Aug- 15 Aug. 29 Nov. 9 Nov. 21 national. BL, Central and Skcer- 
Aog.30 Sep. 11 Nov, 23 Dec. 5 wood, Sabah Timber, Milciiell 
Sep. 12 Sep. 25 Dec. 7 Dec. 19 Colts, Cableform, Lister, Thom- 
jP/vr Tnr, s °n Organisation. K Shoes and 

F S}mre hSSSSSL^LSS^ Cons - C«W Fields, while doubles 
Share Information Service were arrangcd in cahlcfonu. 

Stocks favoured for the call Brliainuia Arrow, BL and 
were British Land. Lonrbo, Ultramar. 


FT- Actuaries All-Share index Southerns encountered profit- session. 

^M^renttoaB^ ' SrTfiS ofS^^thSrwrek ««onil 9 to 180p. after 172p. 

Activity in BriUsh Funds was at Ti * s *£$1 to J fffi JBibbf were So on off?r 5 Elsewhere, encouraging interim 

a Inw ebb. Short-dated stocks were wrin ‘ srifin- ^P. down 4, while Nardin and roaulti lifted Olives Paper Min 

inclinod harder. .A little interest William WhittinghaiR^iet selJin p . qq 0 and save 85p 2 to a 1978 peak of 46p. but the 

profit left 

was shown in Excbeqner Of per * nfl Cheapened J ‘° shed 3 apiece RHM eased a penny stagnant annual profits 1 

cent 19ffi. which improved *,>, to on the Melody aUh 6 cheaper at 97p. 

33*xd. but little else worthy of ■£* S? Awaiting fresh developments in Properties receded on a li 

note developed. The • longer- JJ^OO 1 to Trevis.anJ Arni rid and the bid B situaUoTlf j. B . Eastwood of imereM. but the leaders 

maturities held- quietly steady Jf” Ji^f.^SSnSj^^uoyani shaded 2 to l 45o: **■ compares attracted a few buyers « the 

tmtii the announcement of the of 9 once last Thi^«r. Buoyant with imperial Group's 160p per lower levels and consequently 

average earnings figures which ot tot « share cash offer which has been ck , S ed onU modestly ^er on- - BEE 

Tended to unrettie this area of the . anT «»l profits, Vfbro^jht cased a extended until August 25 awaiting tbe day. British Land shed a on Dua 
market and final quotations c0 HP, le af .P®”ce to llrip. a decision as to whether nr not penny to 40p after Shin and Mmtnih 

.k L he proposed merger will ^ SocJ ^er^onTtn 3ft, S 


U» following securities OvotM In the INSURANCE (Z> 

Soar* Information Scrrlee vrsTCday P— rvldont A Trade Indemnity 

attained new Highs and Lows tor 197S. ~ “ 


Da B 


LCCS:pc 85-87 

«..» BANKS lit 

only modestly lower on-^^ 

BEERS tit 


Westhrlck Prods- 
Wiggins Constr. 


E. Midland Allied A Untied Newspapers 
PAPER 12 ■ 

Ollres Pa par Mills Saatchi & Saatchi 

Land. Pro*. Shop 

. i, « :i™j __ , w « — — - -wy. r inn me previous aay on chemicals isi 

lo 71.09. ctosed unchanged, qn. the day. at Commission. the chairman's annual statemenL *>■*■»• B«n. Ransom twm.t 

The premium opened at 1021 400p and 37 ®P respectively, after Hotels and Caterers had an Allnatt London eased S to 6 230p oe " A N ‘ v stores u- 

per cent in the investment narrow fluctuations. , easier bias, but small speculative w hile small sellin*' left Great Co*wSporr<wc,r a 

nirrency market yesterday. This vm OH' bid S»T r Eplcnie 2 to a 1978 Portland Estates £ cheaper at ^'"eulctiucImS”? h 

proved to he the highest of the v* , auuo up vu uiu- peak of 191p. 302p. m a Ma» m.k. Electric 

riav. uilh the rate soon easing to -Wades Departmental.-' Stood out J ATinl • Awaiting todav's interim fi«urp« K^!H*rL c . L A 

9SJ before an active two-way in Stares, the ordinary jumping JohllSOIl C-OTp flOWIl Shell encountered a little nervous engineering 

trade developed on institutional 3S to JOlp and the A 39 to 99p Miscellaneous Industrial leaders selling and cheapened a couple Sl5* uT f 
and arbitrage account which left following the bid front Associated plotted an irregular course in of pence to 570p British Petro- Cfapwing 

the rate at 100 per cent, down Dairies, 5 easier at 94$?. Bourne ihm trading. Further profit-taking | eam remained steady through- iSSfc' 1 Mpta - 

lf on balance. Yesterday’s con- and Hollingsworth gtHed 3 more afier recent strength ahead of out and closed unchanged at 8B4p SKe* 

version factor whs 0.G573 to 268p, after 273pi on hopes of the 100 per cent scrip-issue next Sneculative counter Siebens “ 

(0.(44851. early news of the ibd discussions month prompted a fresh decline (UK) fell away to 35fip on a with- Ho? ?- rn hotels n> 

Another quiet day in the equity and F. W. 'Woohrbrifei hardened nf S to 607p in Pilkington. while drawal of support but recovered &- “ re 

market was reflected in Traded li tn 72Jp. after 73p.tia response Roccham gave up 5 to 705p. after in later dealings’ and closed 5 agb Rn**rc" 

Options where the number of to (he belter- than- expected firsi- 703p. and Bowaier receded 2 to lower on balance at 370p. amoc. s P r JVe r* 

contracts done fell to 437 from half profits; Marks At#' Spenn-r 199p. Feed Internal ional, however, Inrhcape provided a dull spot CrSEtiJi 

i he previous day’s 504. What edged forward a jenny to ss p improved 3 to i33p following an at -TTOp. down 7, on the chairman's 

interest there was centred on after Press comment: but Mother- investment recommendation. Else- statement. a."'* 

IC1 ahead of (he interim results care came on offer at K6p. down where, persisting suggestions that Capital issues were particularly HaiwSJ-.ah 

due On September 7, and 278 6. ..." - Hawker mav use some nf its mm. r lanmnarf in I..!. t — Mw4H9'mani 



Merwy Dock 



Lloyd 'F H.1 
M.L. Holdings 

Sandoraon Kavser 
Spencer Gears 
Tube Irtvs. 

Hawker may use some of its com- depressed in lack-lustre Invest- lcS^ST 


Macanle rtond.i 
Nil inn wide Leisure 
Pritchard Services 
Pullman fit. & j.) 
Partiant M>MI 
Powan S Roden 
P..««'l (A.) 

S*i“ Plnev 

Fisher (J.j 

Lev ex 

Dunhlll (A.) 

Blshodsgete Trust Kakuzf 

Jardlne Japan Lond. Merchant 

Harrisons ft Crosheld 


Harrisons Mtv. Estv Kuala Keoonfl 

r . . TEAS (1) 

Sing lo 

_ ^ MINES (5) 

Tanganyika Kamuntlno 

C onnnc Rotlnto Tronoh 

Gopeng Consld. 

Genl. Elect. 
York Trailer 




_ TRUSTS (1) 
Bishoosgate Proo. 

O-i 1 






K*> iw 


Cl. Kill! 


< iptirti, 

,-ii e 






| Vol. 

i««-e § 











1C 5 










9 JO 






lom. Union 



■ 0 

’(t 6 



I.4TTH, 1 nii in 







Corn. L’ninii 






von- In*.. 








































Court* a Mi 































3 i. 



' 3iS 










ZB I; 

Itrand Mel. 




.3i P 

I — 

Sr 5 


Gtnn-i Mel. 








flnuM Mel. 











• 2 






















6i B 





l*nd Se>*. 






La n.l Bo-a. 




11 | 


Lend Sect. 


18 l Z 




L»n • Sc>. 






\lnrfc« A »i . 



3Cli S 



Mur** A >p_ 






2 1; 

Mark* A 




111; I 


14 1; 


SIitkbI Sp. 




7 1 








84 1 



57Qp D 

















" I 





* has acquired 

& major interest in .. • 


The undersigned anted as financial advisers in this transaction.. 



' Has entered into 



- involving vir‘ ; 

XJS$ 50,000,000 

advisers to the transacticoi 



The following table Vww UW p ww amw 
camtty section* of ib* FT Actuaries Sian taScac. 

GoW Nine* FT ! 

Minina rinaace 

Tor* end Ba nwa • 

Mechanhrai Enghmerlna — 

Eaalncdi’inS Caniiaciurs — — 

Can tract ina and Cmtmha 

CapHeJ G*dd« Gnaw - - ............. 

C u> ui dtwtls ureiw ■ m — 

• immiiMM Tmu 

Overseas Traders 

Building Materials 

Electron tea — 

Ciectr«<rtc(. natfl* and tv 

mk* have taken place dwe Drcember JO. 11T7. h the principal 
h MM chijih II» C*M Mine* indoa. 

H anp MClt BHi 
HlwifW H tel PuMMtna 


Ttewn • — 

ElMJMCalf - 

Cmsuoi r Goods DursNfl 
Mann- mri dwtibwot* 

p *r*i igl— t and Paper . 
wtma and Satrtts — 

Tadwisinai Gmup 

CiHwr fowrotmt .. - — 
O'Jicr Groups 

Msui end Mezat Fgnntes 


+» 29 





■m a 

+ L5JS 

SOILSbare Index . _ lll4 . — 

Ail-Hdare Imm : , , , ^ 

Iiturmre Br*karc 

Cana- Go*** CHM4> Nth Croup' 

htswanw <W«| ... 

Teenies — 

Food - — 

Pharma co in (cal PludiiLls «... 

Fawt Reialttn# _ 


Oils --- - . 

Entertainment and cacariaa 

HauMhaM CtW 

Rrcwvria* ; . — . — 

puuni*i Cmsp , _ 

More ham ■»** 

Hire Pnrdiaac. 

Ranks — • 

Inuraica (ComaQates) 

Olinte Hflusna. — ~ 

SltteMn* - - - 

t PiT«nU» ctaanzea burnt o a Tuesday, 
jms f ra il cf s 

+ 1-tt 

+ 1 J 1 
Y «J*2 


+ 7-89 
+ » JO. 
+ LSI 
+ t J? 
+ t.e 

f *.« 

+ SJ* 

— + S53 

+ M9 
+ 3-15 
.+ 3^2 
.w. -I- 3JU 


.... + 7J2 
.... •FOdE 

- 0J» 

- OJZ 

— - 0 B* 

• - BAT 

Attgust IS. 











marks pric® ( p) 

on day 









BAT Inds. 



S25 • 

- 1 2 

346 . 


Hawker Siddeley 
Johnson Group 




+ 2 




25 o 





76 k 

Grand Met 




- 3 



, Marks & Spencer 




+ l 


67 \ 

nunn.ih Oil 

£1 . 










+ 1 

















-+ 5 



Allied Breweries 




- 1 














+ 1 



Tate & Lyle 



1S2 . 






1 i _ — i - 

»-«* !?= ■ 
•‘nr* • | — jS~. 

s; HI- 

5 = 


> 5 

= > ^ r 




s Hi; li-w 

• ' ; 




■so r.P. jl^ si rl .til m -his^ii.-- 1 — .'77 — 1 

« ' r.P. - . IZJji « Enirar .'1U1» — 

oo 1 r.V. i 6>7 \r2 i*2 ,ltZ +1 

*9 F.P. : Z**-. 3S si Hunnnc Mt. i r.rY -92 ^-J 

115 F.P. fl-9 IS: LSr JnaniK.i J** 1 r- IJ|'1*6 —I 

4.1 *.7 6.9 

■.-•r.t*. i.t 2.2 li h 

. *.6t 3-C 7.7 6.S 

1 '.5.5. <!.) 9.6 lk J 



! <L H± . Hi*:. ’■ U-n 


= r 4 

■ I (■.I*. 
- i r.p. 
t-99.«: F.P 
! F.P. 
C9BJ» t.f. 

cue :cio 

lOOl [ r.p 
:i ! F.P. 

• • I F.P. 
■ - \ f -P. 

(96 ! F.P. 
«« : p.p. 
*■9 ! F P 

• • :• f.p 
« 100 i F.P. 

)lD0p ■ F.P. 


Joi «CW 
^999*. F.P. 




-■ i* 

• 8 9 




. i * 
.£ 9-0 




Ht . 

9r ■ 


1 JoU 
33 I 
- '32i z{ 




ht_ - 
4s: t 

15.-9 : 
1D« ( 

20 it 

i — • 

:13 9 • 
19 ■ 




*« e 















221 J 



Air*, w .-iiena-. -u-- K-I Cn. 
\ r Beru.ri •: I* 1 * 1 - ,,, 
rm a V ,- !>■* 

(Ja-Tiu- ICj, I'rr... 

•^iralBI Wt. h*'- ••Vi. Wei-..., 

In., it,* K.-\ ITT 

‘-rain*. & sheer* - -I 10X Pm 

Cn»lY kpriGs l ("•-nr* pm 

M 1 An..a Wile. - J jla. Piei. In-.... 

.■Alt- in r« In . | , ‘l |< YU%itn-Je*iGuinPir). 

r.7r.n »!. . Ia.:-S 

«i. li. HiiMlnr- I - 1 PW ■ 

Hnv rtitui aenl.-u Luiti. | , wt-.„ 

J mnw PniHv- l' "* Guni. Pret. 

jIv n«if- <; 

' >> !^. I*«ri i Ltatt. L m. la. 'e.'r- . 

il "it ti r«-rr« i - ■'»' L-mti. Pr~t 

■><3rtha3i(<ti<n Vnr. I^te Bed. 

I'm. « I.’-. !■*** 

Pitsaec It'S Cum. I’ r e(— 

tti. % L il 

Hkriiv 1 !» 'firi 1'uat Him 

V::«iq I'm. i-ni- !.■■ •• 1*.- : 

s i- #■ Ifni. Inci...... 

M'eni:r»,«tr. 1 <ir *Wr 

Kri Krni B‘*ii i Kd'. idr,...,,,.,..,... 
Tonne t t « — »rn i»x Prw 



9 li 

9b lj 
s t> 


104 t . 
98i 2l 
' os 
34 In 
99 I 

105, - 










- I 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


F i cures in parentheses show number of 
stocks per section 


BnlMin* Materialst27> 

rontracling.ConKt ruction l27i_ 

Electricals 114 1 

Engineering Contractors i I4i 

Mechanical Engineer! ncri2i — 
Metals and Metal Forming* I6>... 


Li. Electronics. Badio TV (15>._. 

Household Goods i \2» 

Motors and Disl ri butors i25i 


Breweries 1 141 

H ines and SpiriLsi6i_. 

Entertainment. Catering 1 17) 

Food Muufacturi ng (21 1 

Food Retailing' I5i 

Newspapers. Publishing <1&> ..... 

Packaging and Paper 1 15) 

Stores >40» — 

Textiles ‘25i 

Tobaccos i3i 

Toys and Games 1 6i 


Chemicals • I9i 

Pharmaceutical Products i7l 

Office Equipment (6). 

Shipping ilOi.. 

Miscellaneous I56) 






Discount Houses r 10) 

Hire Purchase 'Si — 

Insurance iljfollO) 

Insurance. Compost lei (7). 

Insurance Brokers i IOj — 

Merchant BanksIMi 

Property i3li_: 

Miscellaneous 1 ?! 

Investment Trusts i50> — 

Mining Finance '4 1 

Overseas Traders i )9i 


Wed., Aug. 16, 1978 














1 appro x.i 





P E 



Yield S 

Vivid *» 









(Mas 1 

at 33%i 

Tax SI*. 














200 00 

220 44 






222 03 


169 87 





396 96 

392 27 


















350 52 













193 03 












218 95 


















266 19 



- 0.2 












































283 73 



282 89 



















215 08 









229 32 













146 95 



























185 61 










261 49 















8 63 



215 81 











269 23 






278 65 


278 65 





















454 70 



r L i 













EE 3 


Ce'II i 











ff ) t-f-' ■ 






E33 1 

254 98 

223 64 






178 73 


147 85 














223 J3 










166 82 











113 99 





137 88 











372 27 

370 81 









as is 




c a 




258 18 

258 44 

258 61 









113 78 


93 98 






240 BS 






+ 0.1 










- 0.4 


6 91 


















r: * 

- i 




• II H-si 



U w 


. Prw 


1 Nil ; 

30 8 24- 1! 2J«r. 

!7;rri liAian 

■ ; H"dge . , 


• e.t*. •. 

IB • 


•• tiiia. - 


i ».p. 

a b 

It =5 ■ 

4c rlm-irin 



i p.p- 

4 b 

l.L =► 

r F .-.A.l'.... 

— ■■■■ - - lir— 1BB 


. c.f. 

3 b 

1 b -«■ 

St Al Ttl II 

W. " ■■ 


1 Nil 

21 b 

4.10. 1k*. 

iCpsi l*i'ienj 

I’ai tnrJBhn» . j 


1 P.P. 

cB 4 

ct IA 

i*-. iiiii.i:-' 

-{-h-oiml... ! 


: F.P. 

14 1 

88 U9 

124 1 ten « »*• 

1 1 


i All i 

25 8 

22-9 ^ - 

*■* n| *l»Aoji.Vfini(ili*i 

X9, mi ... 

95 ' ., 
46 ... 

IS, ii. ... 
68 -I 
157 -1 


IWMCM i w dare mciang las say (or dt-Jina free « u*my itary. n 
t»(M au prasuecna esumaie. a Assomro mwwiifi wna neia. „ Kbrcvas mnitom 
rt*o BurQ on on-nmia veal's rammas • Di*m«0“ *an vield baseo on gnmn-iu, 
at tuber otbcial d>inu« tat IPT3 q Grass i •■‘MOiB usumM • Caver tlhnm- 
•at tou e »t B»op (X tbiiti mn amt runns >or divtfluno or rancituc oniv (nr resirir4>«i 
omdeoas ( Plat»- once id mnbe Vt Pcoct uiiea mberww imiK-auri. r i 9K »~h 
tn lender. w (Ifleraa >o hoMera w onunarr «-«* «* I - nmuv." — Iu.^ 

nv wav m eaonaim^mn r» Mumnwn tender oni* <1 Reinfr«vtucrrt tssw-n in 

emncrrwn ws^ t r o r aan isanpa mercer or rake over. S3 Introduaioa : 
tn torvuz nreieregee twior*. ■ Anonnent letie« (or (nOg-pate). • PnjvtHOQal 
as gazdjr.paad siiii uw-n l eacO . 4e Wiib wutub. 

“ “ 







Br. Gott. Av. Gross Red. 



! approach 



*d adj. 



5 years 




*rt adj. 


_ m 



10 88 

Hntisn irovernment 






lo dale 


25 years 





- . 


Under 5 years 







15 years 





51? years. 






25 years 






- 0.12 



5 rears 






15 years 

32 47 






- 0.02 




25 rears 





All slocks— . 






Irredeemables — 




Wed.. Aur, 16 

Index 1 Yield 
X". I * 







Friday 1 Tliur*. i Wed. ! Tw. 
Aug. j A Jig. I Aug. Aug. 
1 1 ; 10 1 v I e 

Mua. J Yew 
Aug. st“ 
i fapl'rox.) 

is !20-yr. Re± Deb & Loans (15) 

16 ! Investment Trust Prefs. (15 j 

17 fComL and XndL Prefs. (20) 

67.30 .112.94 





57J3 57.30 ) 57.26 57.261 57.24 , 57^5 : 57.30 53.84 

S«7' 51-57 j SI. 57 1 51..57 , 51.66 
70.49 70.47 j 70.47 70.19. 70.19 

51.66 | 51.66 i 
70.19 . 70.04! 



. t Rednsadan rleld. (Hobs and lew* racord, base datoc and values and cnosthueiit changes are published !■ Saturday 
Kata, EC4P ^ ntbluwiL me Financial Times. Bracken Hnttsa, Cannon Suwg 

Landowners reduce the scope 

Financial Times Thursday August 17~1978 • 


THE HI'ifffcA NDS and- Wands 

lipwlnpnii'ni Bodi'd is one cif 
Hie more ninnus of llie British 
Slate’s instruments of inier- 
veiuion into the count ry's 
>r»nomiC I : j . I: operate- m an 
a if a where feudal relations re- 
mained vital for centuries 
lunecr than elsewhere in the 
!‘K and thiiudi the clan .\vslr'm 
v I in'Ii nndet pinned these rela- 
lmns was largely destroyed 
aTlei the Brittle of Cu linden in 
174."i. the eeonnnjir power of 
the " FunrlnwneiVf — iwhld- 
nvj iho*i«* chiefs who came to 
ari-tunniodatinn with the Stale 
hefure nr after that defeat — 
was not first roved 

[i is n colourful exasperation 
in say that Inner day 

chiefs — they are now often 
canny invesmient trusts and 
pifier financial institutions — are 
.Mill feudal barons: bill it is a 

pardonable one. They may not 
In* aide to raise clansmen to 
anus under their standards (the 
men of Sun Life raiding die 
Chin of the Commercial Union? ) 
but they do’ retain the ability to 
tfn much as they wish with their 
nfien vast tracts of Land. The 
n ->* of that power con ha\o and 
has had profound effects on the 
communities which live on (and 
otfi dial land. 

Knr exam pie. a man acquires 
nr Already owns land mi winch 
sheep are raised, A small rum- 
niiinity of people mala- ihnr 
In in? hy llje sheep Tl»e taml- 
n't nrr wants n» use Hie land for 
shoot me nr nmre pl.msihly and 


profitably to-r p nt In people who 
want to shoot- The land is 
cleared of sheep and thus nf 
people. The community is 

The “rlassie" in the recent 
annals of lh** HUihlands Board 
is that of Dr. John Creen a 
medical man frnm Sussex who 
houdif la Rf i 'acts: of. rhe li^r 
farnua? land on the island of 
Fussav from lAfifi onwards and 
who hit bv lot has turned the 
fanners off it- 


The nl.tnder* complained to 
th'* hoard who . Tried per- 
suasion r hen compulsion: 
neither worked. Dr. flreen has 
let ihe land he fallow though 
il now appears that he means 
lo turn H assay House into 3 
hotel and io develop his land 
Tor tourism. 

There are other examples 
notably on the island of Mull 
and in the Strath of Kildonan. 
both areas which the board 
has investigated carefully, in 
these ar»*a« a -mall number of 
landowners cuntrol a creat 
deal ot land and have proved 
i in pom mi.- in Mieaestions from 
ihe Ruanl th:n they should put 
n to u prod u dive use or sell 
it to others who would. 

Mailers hsv<’ evidently mu 
imprtv.ed. He i ween T9RI and 
IPfif* iippuri uni ties for .ivncul- 
lur.'d #*mpl<c. nn-nf droppr-tf hy 
4fl j*i-r cent: hv ' 1970 24 p«*r 

cent of rhe people lived off rhe 
land, an enutmous figure by 
general UK standards but a 
large decline for Hull. That 
decline has continued: between 
1969 and 1975 agricultural 
employment dropped a further 
S.4 per cent. As with any 
primary industry that figure 
understates the problem: it -is 
estimated that for every one 
person employed in agriculture 
in Ihe Scots rural counties a 
further one and two thirds to 
1' workers- are employed in a 
service / local employment 
directly dependent on it. 

There is of course the argu- 
ment which runs: I hr continu- 
ing depopulation nr The High- 
lands is no bad thing, for the 
Highlander- and islanders have 
since the lSth century moved 
c!<e where and those who sur- 
vived the move have generally 
raised their standard of living 
by doing so. That is correct: but 
against that must be set the 
counter arguments first, that in 
a period of continuing high 
unemployment. . there is no 
longer any need for the reserve 
army of labour which the High- 
landers used to provide (nor 
incidentally are there expand- 
ing employment opportunities 
in ihe regular army among 
whose shock troops the High- 
landers like to he counted i; and 
second the land which is cleared 
is either let g« lo waste nr 
ii-cd merely for hunting, 
neither nf which conirihule lo 
Un» .tnre nt agricultural p ro- 
il ii re ihe country need-. 

The Board naturally fakes il<e 
latter argument but its hand-' 
have heen tied. 'While it was 
thought on the Board's appoini- 
ment in 1985 that it had powers 
of compulsory purchase this 
turned out not to. be the ra.-c. 
To its chagrin when the Board 
tried • tn flex- its muscle- it 
found they were ftabby. 

The reason was that though 
Section 4 (1) nf the -Highland 
and Islands (Scotland ) Act 
1965 says: “ l r or the purpose- 
of any or their functions the 
Board may . . . acquire hind 
compulsorily if so authored 
by the Secretary of State." Sec- 
tion 4 12; unhelpfully qualifies 
this hy saying -that “the Acqui- 
sition of Land ( lion 
Procedure) (Scotland) Act 1947 

shall apply in relation to the 
compulsory purchase of land hy 
tlie Board.” 

That means in practice that 
before land may be purcha-cd 
the exact purpose for which it 

is required must- be specified. 
Local authorities wishin-’ lo 
build advance factories or a 
bousing development have no 
problems: the KEDB, an 

authority in search nf r ,r,> * 
dueers who are uncertain what 
they can do with the land until 
they possess and know iu can- 
not he so specific. On .several 
occasions The Board was p-u.-ed 
to acquire land but was advised 
hy. its lawyers lhat it could n"i 
prove its right to do so under 
Ihe Act. 

Sn now it wants to change ibe 

niles. Indeed its chairman since 
1976 Professor (and now also 
Sir) Kenneth Alexander (on 
leave of absence from his chair 
of economics at Strathclyde 
University) insisted recently 
that if it Uici nut get- ihe .pules 
changed it 'would he unable to 
carry out its sialulury duties. 
Professor Alexander wants ihe 
power lit purchase land compul- 
sorily or to assign tenants to 
land without purchasing it. if it 
can he shown ihat the land is 
presently misused and that 
there is a substantia! number of 
people in the local community 
— Uie suggest ion is 10 per cent 
— who are prepared tn support 
an aHer native strategy’ for tlie 

His proposals are Thus radical 
on twn counts. In the first place 
a criterion or "social use ” or 
rather ** unsocial misuse " is 
being employed as die basis for 
the purchase: and second the 
scheme relies on the enthu- 
siastic participation oF rural 
cadres- ' 

The Board hopes that much 
of .the initiative for designating 
land in be purchased will come 
I ruin the Inca) people, and the 
procedure for designation which 
is proposed assumes a local 
advisory’ committee which must 
approve the plans before they 
are pu-i into effect. The owner, 
while he can call for a public 
hearing and in the end appeal 
'»> ;he Secretary of State for 
Scotland (ihe final arbiter of 

the plait), has no veto. 

Professor Alexander’s plans 
are almost certain to be 
accepted by a Labour Scottish 
Secretary : and perhaps by any 
future Tory holding the office 
as well. For be has guarded his 
flanks exceptionally- carefully: 
his land development officer, 
Mr. John Bryden, has toured 
the National Farmers Union 
branches arguing tn these 
generally far from radical m«*n 
that the Board's plans, dlscrlnu- 
naie in favour of working pni-’ 
ductivc farmers. only ihe 
unproductive. drones need 
worry and few ari> queuing up 
fur inclusion in such a category. 

Mr. Alex Murray, a Suther- 
land Farmer who is chairman of 
the Highlands Committee nf the 
Scmtish MFC. is a strong sup- 
porter of the proposals. He 
points out that sometimes as 
many as 1(10 farmers will 
attempt to purchase one piece' 
of lend which might be used 
for sheep or cattle farming. 
“There is nu shortage of pro- 
ductive farmers who want land 
and they are the people the. 
board wants lo get It. The land- 
owners need have no fears if 
they’re farming the land in a 
progressive fashion. It's only 
the extreme cases of misuse 
where these plans ’will apply." 

Even the Scottish Land- 
owners Federation is strangely 
muted, complaining gently this 
week that it does nr»i like the 
principle nf compulsory pur- 
chase. hut admitting that per- 

haps there was some misuse «f 
land, and awaiting further tnlks 
with the hoard before coin men l* 
ing further . . . Prnf. Alexander 
seems tn have cul the Land- 
owners' Cordtan Knot. 

But there may he pnckels of 
resistance Lord Burton owns 
5.000 : acres • mere five miles 
from.- the hoard"- 1 -' modern head- 
quartets in Inverness and other 
bits, and piece*’’ throughout the 
Highlands. 1» *P', te " f hls 
Anglo-Saxon name, his ltfie* 1 ^ 0 
ffoes^bflck fu John ISalliol. briefly 
King of Scotlaml before up- 
staged by Hubert the Bruce who 
defeated the Fuglish »n whom 
Baiitol had relied for his pro- 


The Bailing are manifestly 
bad at chousing the winning side 
but still Lord Burton is unlikely 
to eede gracefully ihe case to 
the modern Cumberlands in 
Inverness. On a drive round 
ihe; boarder* »f his estate he 
.pointed out a variety of pieces 
of land which in his words had 
been “nationalised." Here the 
local authority had acquired a 
plot for a cemetery (“water 
drains into .that land: they 11 
have watery graves”): there a 
hospital had bought laud for 

possibly expansion. They were 
overgrown with weeds. "That s 
what happens _ when you 
national ise land.” »>aid Lord 
Burin n. 

“Farming ami caring for ihe 

land is ’ a difficult business, 
people from the town don't 
know what they’re about." 

He thumbed thTOUgh Sir Ken- 
neth's proposals. “ Absolutely 
lerrifving. I read these reportc 
on Mull and on the Strath uf 
Kildonan. Riddled with uns- 
lakes. What confidence can you 
have in people why make such 

"They have this idea that 
landowners are feudal lords. 
It’s a nonsense I can’t qei rid 
of tentuils I don’t like. There's 
one I would very much like to 
get rid »f. 1 can’!. Sorup 

months ago someone wanted to 
buy it croFt in the middle of 
some of my land. He goi lhp 
Crofters Commission behind 
him and lie got the right to 
buy ti- What could -I do? 

“These proposals are obviously 
□leant to encourage people to 
sneak on others to the High- 
lands Board. Very bad.” 

Vet it is hard to see what 
Lord Burton and others who 
dislike the Board's plans can 
do. The Inverness branch of 
the NFU — io which Burton 
belong* — has stood against them 
refusing lo invite Mr. Bryden 
to speak to them — but il the 
exception. Other larmcrs are 
stronglv in favour. The . High- 
lands seem certain to he if not 
nationalised then at least mildly 

Sir Kenneth has taken on 
centuries of privilege and 
appears to he winning. Tlie 
knighi is Hiking ihe castle 

Michael Taylor’s research 
always goes up in smoke. 

Left: Research under icay m Imperials own laboratories. 

Currently the head of the Leaf 
Physics Group in Imperial Tobacco's 
Research Department, Michael Taylor has 
contributed a lot to the development 
of low tar cigarettes. ' 

“Back in the mid-1960s, we decided, 
in consultation with the Government, to 
devote a great deal of time and effort to 
reducurg the “tar yield” of cigarettes. 

And we've made substantial progress— 
largely through basic work on cigarette 
design and specification 

“WeVe developed new tobacco 
blends, and found new sources of supply . 
We Ve improved the performance of filters 
substantially. And we’ve modified die actual 
cigarette paper a good deal, too. 

“All this research and development 
has contributed to the fact that British 
smokers today enjoy cigarettes yielding 
over 40% less tar than they did 
a few years ago; helped, naturally by 
increased advertising and promotion of low-tar brands. 

“One of the disciplines which I personally find interesting, is the need to 
produce improvements which are acceptable to the customer. We’re a business, 
after all, employing more than 20,000 people in the UK alone; and there’ s no 
point devising a new cigarette that nobody actually wants to smoke 

“We make a very considerable investment in research and development 
in Imperial Tobacco; several million a year, in fact There are a lot of very 
complicated problems to be solved— but then, the job would hardly be so 
interesting without them. All in all, I find it a 
fascinating and worthwhile job? A 

Michael Taylor, an important contributor to 
what the Minister of State for Health 
described last year as the tobacco 
industry’s ‘Tong-standing policy of 
reducing ... the tar yield of cigarettes* 
is just one of the 20,000 people in 
the UK who make up Imperial 
Tobacco, the major British-owned * 
tobacco company trading in the 

United Kingdom and a major ■ , 
taxpayer and investor in 
Britain s future. 

Imperial Tobacco: people at work 

Imperial Tobacco Limited— a member of Imperial Group Limited- 

H.M. Government Health Departments' WARNING: 

The unsecret 

Friend I ■ and ciiicirnt service in a dynamic economy is 
the winning combination that assured our growth into a 
city hank 01 !r.p,m. And nmv wo re developing into an 
international i manual complex. 

Perhaps nvu>- than any other Japanese hank, Sailama 
oilers /(:- the iull heneiils ■.»/' its vigor and 

vision. The vigor dial ha< made ii one ni fa/ tan’s i aides t 
growing major hanks. And the vision of a bank Jiat 
never forget, people are people. 

Ih m .hi/H/tiCM i In;! hi /f \ Vi>:i “(.*»«• 



• I Wli BUM QfltCL MnjffV4IRNM. WLfT & !9f|k^ lO«3 W* 1 1 1 1t»|v Tif 41) HtJJff 


a. ‘ I r? . t 

• itw (pi ^aBh«h' H *wv 0 • l««*4|air bfu^Hinii 

• i • Zm rn*l antih rr 0*t^r • 5>^t4 I Vhl ■ 

« tkM ManikMil [Hvi kn]i 

This advertisement is issued in compliance with [tic requirement! 
nf the Council of The S lock Exchange. 1 1 dne s not constitute nn 
invitation to any person to sut-scribc For or purchase any 
Convertible Preference Shares 



I Reentered »n England. No. -103669 ) 

Issue of 921,244 Convertible 
Cumulative Redeemable Preference 
Shares of £1 each at par 

TK r Council of The iioclc Exchange has admitted ch» abo-P 
Convertible .Preference Shams ro the Official List. Particulars 
relating to the Convertible Preference Shares are available in the 
Statistical -Service of Exte» Statistical 5crvi C es Limited and copies 
of such particulars may be obtained during normal business hours 
on any weekday (Saturdays and public holidays excepted) up to 
and including 3 1 si August 1978, from: 

91 Wacerioo Road 
London SE I 8XP 

Basildon House 
7-1 1 Moor-atc 


17fh August 197P 





'•Wi-rh K\> 

1,1 r ^:-4 .. < 

Conference? Seminar? 
Company Meeting? Reception? 
Film Preview? 
Advertising Presentation? 

l! Wof . 

l 'AMl 

There's no need to hunt around the West 
End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offers seating 
in comfort for 5(H- people. Full 16mm film 
| projection facilities. National Panasonic Vz n colour | 
video tape and Philips 1501M video cassette 
viewing. Flectrosonic 3601 slide presentation 
system. And luxurious private dining rooms with 
extensive catering facilities. 


%,l v, 

A 1 1\ v 



' INiii i 

All enquiries lo: E. J. Dnrrer. Cinema Manager, 

The f inanciaJ limes. Bracken House. 10 Cannon Street 
London EC4P 4BY. Tel: Cl 248 8000 (ext. 670). 


Financial Times Thursday August 17. 1978 



Thursday August 17 1978 

American Banking 


The turbulent political climate of the Central American region- 
wbere military dictatorships abound — might be thought to 
limit world interest But its growth potential still attracts 
foreign investment, for reasons explained in this survey by 
Joseph Mann, our correspondent in Caracas. 




FOR MANY visitors to this part 
of the world Central America 
means little more than a jigsaw 
pattern of little countries that 
happen to lie between Mexico 
and South America. Almost 
everyone has heard of the 
Panama Canal, banana republics 
and Central American coffee, 
but what else is there ? In fact, 
there is a great deal more. 

Central America is a patch' 
work of agricultural- -societies 
and political systems in trans- 
formation that share a region 
of great physical beauty and 
awesome topographical varia- 
tion. Its area embraces 
important producers of agricul- 
tural goods and economies offer- 
ing new trade horizons to 
foreign bankers and business- 
men. Its people — living in 
overcrowded capital cities or 
rural settings out of the last 
century — incorporate a mixture 
of races, customs and life styles. 
Theirs is a territory of fertile 
valleys, smouldering volcanoes, 
endless jungles and sometimes 
terrible confrontations with 

Governments range from a 
model democracy in Costa Rica 
via the 40-year-old Somoza 
dynasty in Nicaragua to a 
dictatorship in Panama headed 
by an amicable autocrat with a 

ever, is grim in some countries. 

Terrorism from the. Right and 
Left forms a regular part of the 
political scene,; and bloody 
clashes between police, peasants 
and students ..- axe common. 

Violations of human rights in 
Guatemala, El Salvador and 
Nicaragua have -oqcaired with 
great frequency governments 
there seek to suppress legiti- 
mate dissent, put down demon- 
strations or becomeoverzealous 
in their efforts tb! stamp out 

violent anti-government groups. u s . ^ mofit import trade 

The only country in' Central partner of all of them, followed 
America ( excluding Belize) by regional customers, the 
where regular free: elections are European Common Market, 
held is Costa Rica. In-Guatemala Japan and other countries, 
and El Salvador,;where citizens The region’s main effort at 
ostensibly can exercise the right economic integration took shape 
to choose their leaders, opposi- in th e Central American 
tion groups labelled; _tbe most Common Market (CACM). corn- 
recent elections as_frauds. posed of Guatemala, El Salvador, 

Military men are. the Presi- Honduras, Nicaragua and Costa 
dents or Chiefs of State in Rica. The market was good for 
Panama, Nicaragua^ Honduras, boosting intraregional trade but 
Guatemala and El Salvador, did not produce results in terms 
although each : -government of linking economic develop- 
permits varying- degrees of ment among members. 

Press, personal and political The market's effectiveness has 
freedom. Some political reforms been seriously impaired, though, 
are taking shape ip Panama, since longs tanding border 
Honduras and Nicaragua, but it differences between Honduras 

remains to be seen whether real and El Salvador erupted into a regional development projects, 
changes will be permitted in the four-day war in 1969. El The bank, whose officers are 
existing systems. Salvador, the most densely drawn from all member coun- 

populated country in the area, tries, makes loans to Honduras, 
Y) . invaded Honduras with the hope El Salvador, Costa Rica, Guate- 

X OVCrlV of expanding into under- mala and Nicaragua without 

populated Honduran territory discrimination. 

Despite several instances of The countries still have not q; nrp Tfl a T pauft errant** 
vigorous economic growth, and renewed diplomatic or commer- 0V e“s|pim m 
regular attempts to improve ciaJ ties , ^ vi e w each other P 

social conditions, millions of ^th varying levels of suspicion p te PJt 
Central Americans suffer from an d dis dain Both recently Compared to Latin American 
varying degrees of poverty and took steps formally to resolve giants like Mexico. Brazil and 
underemployment, and from their differences by means of an Argentina, Centra] America- 
great inadequacies- in housing ou tside mediator, but no results ***& a combined population of 
and basic services., .-lie ever- ^ visible vet ’ just over 19m — is small fry, 

present problems of -indigence Despite this feud between two Despite this limitation, and the 
are exacerbated in .the region members of the market, one of fact 11181 some countries in the 
by a .population growth jfpte that t b e most effective products of region stand very low on the 
hovers arolund 3 percent. the integration movement has development ladder. Central 
• Central American’ economies emerged in the form of the American nations are pushing 
rely principally on exports of Central American Bank for ahead with development pro- 
agricultural goods— especially Economic Integration (CABEI). grammes and major public and 
coffee, bananas and cotton— and CABEI. which is based in ? n va f ^ a Ifoi 

their fates are therefore highly Tegucigalpa, uses funds sup- d 

dependent on imponderables plied by member States and from fore] ? n institutions, 
like the weather a#d- inter- international organisations to Nations eager to reduce their 

obtained from oil have launched 
hydro-electric projects valued at 
hundreds of millions of dollars 
each. Even the poorest of the 
Central American States have 
elaborated ambitious public 
works, programmes. Others are 
seeking private and public 
financing not only for public 
works but for extension of tele- 
communications systems, new or 
improved port facilities, 
expanded agricultural capacity 
and hew lines of export enter- 


sense of humour. The political _ 

panorama on the whole, how- national commodity prices. The finance a broad spectrum of dependence on costly energy 

These types of priority 
government projects, finance for 
Stalfrbacked development pro- 
grammes and budget 
deficiencies, plus the entire 
gamut of private sector invest- 
mentneeds. must all be serviced 
by foreign capital centres. While 
international financial institu- 
tioB£jiind foreign aid from the 

U.S. will supply much of the 
capital that will be needed over 
the coming years, it is quite 
clear that foreign banks' and 
other credit institutions will 
continue to play a vital role. In 
one recent example of co- 
financing that is novel for the 
region. Bank of America joined 
the World Bank in supplying 
the Guatemalan Government 
with a credit for part of the 
$3 60m Chixoy hydro-electric 
complex. While this kind of 
effort is not uousual in other 
parts of the world, it signalled 
an -advance in Central American 
finance and may indicate a use- 
ful trend for future loans. 

Other areas that foreign 
banks may want to look into 
include crop diversification pro- 
grammes being advanced by 
multi-national growers and 
governments eager to broaden 
their export potential. 

Furthermore, dimensions for 
new investment in agriculture 
and agro-business could increase 
spectacularly if governments 
and/or private growers in the 
area begin to implement 
massive new operations geared 
toward mating international 
market needs that will develop 
as food shortages occur later in 
the century. 

On a more prosaic front 
Central America will probably 
always require outside help for 
financing agriculture — its 
economic mainstay — at critical 
times of the year. Food pro- 
ducers. processors and exporters 
need extra capital in order to 
harvest store and move crops to 
foreign markets, and local banks 

cannot meet all of these needs. 
Beyond straight bank financing 
some local producers and 

exporters also receive funding 
from foreign commodity buyers, 
especially when long-term rela- 
tionships have been established. 

As in other parts of the world, 
banking laws in the various 
Central American republics 
present a bewildering system of 
regulations, limitations and 

unusual requirements. In 

Nicaragua, for example, all 
foreign and domestic banks 
have equal rights. But in Costa 
Rica only State-owned banks are 
permitted to accept regular 
deposits. In El Salvador some 
foreign banks enjoy more privi- 
leges simply because they 

arrived first. Panama’s banking 
law. In contrast seems to have 
been drawn up by bankers. 


A M •* 
/ * * 

_ * 

•' ^ * 

* * * 

* * 
\ * * * 

- ;■ RA’J 




■ Capital: Balboas 12 £00 ,000 ... Reserves: Balboas 885 £22 

Via Espana y Calle Colombia Apartado No 1846 PANAMA 9A REP. of PANAMA 

Telex: SUDINT 3480155 3282289 368637 

A fully owned subsidiary of the 


Full Banking Services available through the SUDAMERIS NETWORK in: 






Despite myriad regulations 
that often make life difficult for 
foreign bankers, heme offices of 
Bank of London (now known 
as Lloyds International, a sub- 
sidiary of Lloyds Bank) 
Citibank, Bank of America, 
Chase Manhattan and 
other American banks believe 
that the rewards of doing busi- 
ness on the spot are well worth 
the trouble. Bank of London 
and the American institutions 
are omni-present througbout 
Central America hi one form 
or another. 

One sees an occasional new 
bank from Spain (Banco 
Santander and Banco Exterior 
are two), and traces of Swiss 
and other European bankers. 
But beyond Bank of London and 
the Spanish banks, the Euro- 
pean presence is min imal. 

Other American banks which 
operate regularly in Central 
America outside Panama are 
First National Bank of Boston. 
First National of Chicago and 
Wells Fargo Bank. 

International financial institu- 
tions, making a range of soft 
loans available to Central 
American governments, play a 
critical role in the region. 
Without help from these 

agencies recovery after earth- 
quakes in Nicaragua and Guate- 
mala and a 1974 hurricane in 
Honduras would have been 
seriously impeded. 

Last year the Inter-American. 
Development Bank made avail- 
able 9423.5m to tbe six Spanish- 
speaking Central American 
States, up from 9319.3m in 1976. 
The World Bank (including 
IBRD and IDA credits) gave 
loans to the region totalling 

Over the past ten years the 
Inter-American Bank has 
granted the region credits 
amounting to 31.8m, out of a 
total loan package of S11.9bn. 
Since 1975 the IDB has been 
able to make use of a 9500m 
trust fund established by 
Venezuela to aid neighbouring 

In addition, Venezuela has 
granted Central American 
States $199m since 1974 in other 
loans for a variety of develop- 
ment projects. Under a special 
agreement with Central 
American leaders Venezuela 
makes available part of the 
money spent by regional govern- 
ments in purchasing Venezuelan 
oil. The Venezuelan Investment 
Funds (VIF), a State-owned 
financial institution. loans the 
money at around 8 per cent, 
usually in conjunction with 
financing from international 

Since 1974 the VIF has 
approved foreign aid pro- 
grammes totalling 91.88bn. 

CABEI, which obtains funds 
from its own member nations 
and from international agencies, 
approred loans in the 1976-77 
fiscal year of 3153m for public 
and private projects, compared 
with $12Sm in the previous 

Total international aid last 
year to Central American 
republics (not including U.S. or 
other government assistance) 
reached 3820m 

CABEI receives good marks 
from foreign bankers, who see 
it as a reasonably efficient and 
important instrument of 
regional finance 

i ” 



International Mexican BanKLtd. 

$5,000,000 Loan to 
E.C.O.N.S.A., Guatemala 
(The Maria Linda Hydro Electric 
Power Station) 

$12,000,000 Loan to the 

Banco Centroamerlcano 
de Integracion Economica 

$30,000,000 Loan to the 
C.E.Hidroelectrica del Rio 
Lempa, El Salvador (The Cerro 
Grande Hydro Electric - Power Station) 

“More than Mexican Specialises” 


29 Gresham Street 
London EC2V 7ES 

Tel 01-600 0880 
Telex 8811017 

Mexico city 
T iber 1 10-3 5 Piso 
Mexico 5, D.F. 

Tel 528 7708/528 7868 
Telex 01773394 

Shareholders: Banco_NacionaI de Mexico, S.A. Bank of America NTS S.A. Deutsche Bank AG 
i he Dai— Ichi Kangyo Bank, Ltd. Union Bank oi S.vitrsnand. 


financial Tunes Thuisday ' August !? 1978 



COSTA RICA is an unusual 
Latin American nation for a 
variety of _ reasons.’ With a 
modem history of regular 
popular elections, it stands out 
as a thriving patch of demo* 
cracy in a jungle of military- 
dominated governments. . Its 
healthy and well educated 
middle class belies the stereo- 
type image of Latin American 
nations wallowing in poverty 
and ignorance. In 1948 the 
country's leaders decided Costa 
Rica had no need to retain one 
of the principal ingredients in 
tropical politics — the military. 
So it abolished the army. 

In the same year the Govern- 
ment “ nationalised * the coun- 
try’s banking system. But even 
this seemingly drastic step was 
carried out in a way which did 
not wreck the economy or 
estrange the country from new 
sources of capital. It was 
decreed that only state-owned 
banks could accept deposits, and 
the government then proceeded 
to buy out nearly all the exist- 
ing private banks. 

Today Costa Rica still. retains 
a nationalised- banking system, 
but it is a system which allows 
the participation of privately 
owned domestic, and foreign 

banks. The central bank— 
Banco Central de Costa Rica— - 
was established In 1950 as tthe 
sole bank of currency issue, 
administrator of the country's 
monetary reserves, advisor and 
fiscal agent of the State and 
supervisor of foreign exchange 
transactions. The central bank 
also establishes and directs 
national credit priorities, con- 
trols money supply and sets 
interest rates. 

There are four State-owned 
national banks which function 
as autonomous institutions, 
accepting all types of deposits 
(even dollar deposits) and 


Banco SaJvadcreno is the most 
experienced full service bank, 
with branches throughout 
the country and a worldwide 
network of correspondents. 

Established in 1885 


2 AN. 129 
Sen Salvad or 
P.O Box (0 61 73 
PHONE: 22 6222 
TELEX: 2017 2 
CABLE: Bancosaha. 

offering the usual range of 
banking services. These are the 
Banco Anglo Co starrier use, 
Banco Nacional de Costa Rica, 
Banco de Costa Rica and Banco 
Credito Agricola .de Cartago. 

Over a period of tim e these 
banks have developed special- 
ised activities. Spurted by the 
Government’s desire to provide 
ample credit facilities for 

thousand? of medium-size 
farmers and cattlemen /Costa 
Rica lacks, the pattern of large 
land-holdings so characi eristic 
of other Latin American 
nations}, the Banco National de 
Costa Rica has channelled its 
energies into domestic agricul- 
ture. . “ . 

Banco Anglo Costarricense 
places stress on commercial 
loans and services, the Banco de 
Costa Rica works chiefly with 
industrial credits and the Banco 
Credito Agricola, de Carta go 
gives piority to housing. 

Private banks, prohibited by 
law from accepting local 
currency deposits, nonetheless 
operate using their own capita} 
bases and access - to foreign 
exchange markets. The four 
privately-owned institutions 
currently working in Costa Rica 
are Bank of America, Banco 
Santander (Spanish), Banco 
Lyon, and Banco de la Con- 
struction (domestically owned). 
Banco La tin am erica no, a private 
bank principally controlled by 
local investors, is now in the 
process of liquidation. 

In addition there is a host of 
representative offices and 
finance companies (ftnancieras). 
Representative offices in Costa 
Rica, according to one foreign 
banker, “are authorised to do 
nothing, absolutely nothing." In 
reality, though, the representa- 
tive office of a foreign bank will 
act as a go-between for foreign 
currency loans, offshore deposits 
and other services. 

Privately owned commercial 
banks in Costa Rica are obliged 
by the Government to place 
most of their commercial loans 
in productive sectors of the 
economy, and except for the 
restriction on local currency 
deposits are able to engage in 
all other aspects of banking 
services. These institutions 

handle letters of credit, foreign 
exchange, credit cards, 
remittances, travellers cheques, 
letters of acceptance and Euro- 
dollar financing, act as agents 
for their home banks (in the 
case of those that are sub- 
sidiaries of foreign banks) and 
arrange Eurodollar deposits. 

The finanden w, also known 
here as development banks, are 
both privately and publicly 
owned. They compete tor local 
currency time, deposits (one 
year or more) and devote them- 
selves mainly to consumer 
finance— cars; - tractors, trade 
acceptances, etc. But they are 
quite restricted in their opera- 
tions: 10 per cent of their 
deposits must be placed in 
Government bonds and the rest 
of the portfolio is split into 
other economic sectors which 
are offering a range of interest 
rates set by the Government. 

Development banks are 
operated by foreign institutions 
such as First National Bank of 
Boston. Bank of America. Banco 
de Londres y Montreal (Lloyds 
Bank international subsidiary) 
and the Baoque Nationale de 
Paris. However, local ftnancrems 
owned by First National Bank 
of Chicago and Chase Manhattan 
have closed down, in recent 
years. The question for some 
banks is whether -slim profit 
mar g in ^ .from the relatively 
small loans granted hy 
iznancieros are worth the 

Bankers say it is still too 
early to predict whether Costa 
Rica’s new President Rodrigo 
Carazo Odio, will adopt a more 
lenient attitude towards foreign 
and private banking than pre- 
vious governments. The new 
chief executive, who took office 
May 8 last, has created a com- 
mission to study the country’s 
banking system in order to find 
ways in which it can respond 


Through its subsidiaries, the Bank of London & South 
America and the Bank of London & Montreal, Lloyds Bank 
International is established throughout Central America, with 
offices in Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica 
and Panama as well as in the Bahamas and the Cayman Islands. 

In addition to the traditionalrange of financial services 
provided by our branches, our special knowledge of the people, 
the markets and local conditions, makes us uniquely well-equipped 
to assist international companies with import and export 
arrangements, the introduction of capital, joint ventures and 
all other aspects of trade with Central America. 

For further information, please contact our 
Regional Head Office: 

Bank of London & Montreal Limited, 

Bolam House, King and George Streets, Nassau, Bahamas. 

P.O. BoxN-1262. Telephone: 28711 (area code 80932). 

Telegrams: BOLAM. Nassau, 

or our Latin America Division in London. 


40/66 Queen Victoria Stionfa EMP«UH:OWtt 9822 

LBI, the Bank of London & South America and their subsidiaries have offices in: Argentina, Australia, Bahamas, 
Bahrain, Belgium, Brazil, Canada, Cayman fclands,Chile f Colombia, Costa Rica, Ecuador, Egypt, El Saivado^Fiance, 
Federal Republic of Germany, Guatemala, Guernsey, Honduras, Hong Kong, Iran, Japan, jersey, 

Malaysia, Mexico, Monaco, Netherlands, Nicaragua, Panama, Paraguay, Peru, PHHppmes, Portugal, Republic of Korea, 
Singapore, Spain, Switzerland,UmtedArab Emirates, United Kingdom, U.S AjU-S-Sil, Uruguay, Venezuela. 

better to social and economic tions last year remained at a 
needs. high level, there is ample room 

Sr. Carazo, -who won the for ...private 
presidency in elections held financing as well. 
last February, represents the Rica received 
Unidad (unity) Party and W-Sm in oedits^m ^the 
governs hy means -of a Centre- Tnter Amencan^pevelop 
Right coalition group. He took Sank <as compared with $33m 
office this year after eight years i* 1976), 934.5m from tim Worm 
of uninterrupted rule by the Brink ($39m in 1976) and |28m 
National Liberation Parly from the Central AmonqanK^ 
(PLN). The PLN bad pursued for' Economic Integration 
policies characterised' ., by (CABEI). 
increasing Government inter- '.Like other Central American 
vention in private sector affairs, nations Costa Rica has also been 
and by the establishment of a a recipient of considerable sums 
broadly based public welfare front the U.S. Agency for Inter- 
system. national Development the 

Since taking office. President Export Import Bank of theU.S. 
Carazo has underscored his and the Venezuelan Investment 
intention to trim -down Govern- B\md, an international ana 
ment spending and promote domestic finance agency set up 
efficiency in public administrar by Die Venezuelan Government 
tion. The Government has run in 1974. 

a budget deficit for the past •“'"-Esutlier this year the Inter 
six years, and despite the Prest' American Bank lent Costa Rica 
dent's good intentions it will for construction work and 
be difficult to reverse the design work on two 

trend. Much Government hydro-electric projects, while 

expenditure — especially in Q, e 'w 0T \& Bank made available 

social welfare — is fixed by for establishment of 
existing legislation, in addition m industrial credit fund. The 
Sr. Carazo faces a Congress in fu nd. to be called Fodein, will 
which his party is in the ^ administered by the Central 
minority. Bank. 

" *’• ip loans from private institu- 
— tion the Costa Rican Govern- 

Costa Rica’s economic pro* i2SiSnd£i 

leras, however, • should not • be November last ^ _ „ - . 

viewed as grave. Inflation, - three public 

excess Government spending. finance 

increasing official debt "and s**™ projects. Taking put m 

unemployment are all at 2^ e .*°* n - w fEf 

manageable levels. Prospects bank, Guinne 

are good for continued high manajnng banks Continental 

earnings from agricultural 

exports, despite the slump in of Commerce and Lloyds 
coffee prices from last year’s Bank r International The | loan 

peak. Current account deficits; vas for se Z p *} ye ^ ^LAJ-JSh 
funded for over a decade by cent over Libor for ox-month 
capital inputs, are tikely G.S. dollar deposits, 
covered in the same way over ■ : The biggest Government pro- 
the next few years. -'And ject on the horizon today is the 
pressures on the colon, whose Borneo hydro-electric complex 
value vis-a-vis the U.S. dollar j n southern Costa Rica, — a dam 
has been unchanged since 1975, with a planned capacity of 
seems to be under control for 760MW. This plant would not 
the near future. ; ' be built primarily to supply 

What bankers certainly are dqme s t ic power needs but 
looking at today are the coun- to provide power for an 

tty’s growing needs for outside ^minium processing plant 
capital in several important- would begin operations in 
areas. Financing of public and jggg an( j eventually produce 
private external debt plus new jon qoO tonnes of aluminium 
projects being earned out by f ’ rt 
both sectors will require sub- • ' 

stan rial new infusions of capital The dam itself, the most 
from private financial institu- ambitious project of its type in 
tions. Although assistance from the country's history, would 
international financial institu- cost an estimated $50 (to and the 



Spectacular growth 

aluminium fatality around 
$816ni. Total cost for both 
facilities is projected at around 

According to current plans 
only about fifteen per cent of 
the dam’s «U?>ut would be 
reserved for the Costa Rican 
market, with the remainder 
being used for transforming 
alumina into, akmunmm ingots. 

The dam would be built for 
ICE, file Costa Kean electric 
power institute, and a number 
of foreign companies are 
already discussing terms for the 
construction of t he al uminium 
plant ICE, is carrying. out a 
number of ambitious projects. 
It receives high marks from 
bankers, who praise its high 
quality technical, administrative 
and financial staff* One 
American banker commented: 
«* it's one nf the better operated 
government institutions in the 

In spite of ICE’S excellent 
reputation, several bankers said 
they were still waiting for more 
information on the hydro- 
electric / aluminium project 
before making a judgement on 
its potential profitability, "The 
dam just won’t be feasible with- 
out the aluminium plant” A 
high level foreign banker said. 
Meanwhile, the Government is 
pushing ahead with final design 
preparations for the power com- 

ICE is new completing work 
on a 157MW hydro-electric 
development at Arenal. This 
plant is the first stage in the 
development of the Lake Arenal 
watershed. A second project to 
(be located at CorobiciV will rely 
princip ally on water discharged 
by the Arenal dam. ICE 
reports that the Arenal-Corobici 
complex will increase the 
country’s generating capacity 
from 437MW now to 7683tW 
by 1983. 

Costa Rica’s heavy spending 
on hvdro-electric power parallels 
trends in niher Central 
American countries as govern- 
ments turn away from costly 
imported fuel and thermal 
power plants. Governments' of 
the region believe that they 
cannot afford to finance future 
economic development with 
thermal energy, and are there- 
fore willing to get into 
considerable debt now for new 
hydro-electric installations. 

international banking centre 
since the start of the decade has 
been nothing short of spec- 
tacular. By June last, there were 
86 banks in the country, with 
fire applications for new bank- 
ing licences under considera- 

An analysis of bank activities 
given earlier this year by the 
Government — in which 83 banks 
were classified — showed that 47 
of the total applied themselves 
to both domestic and offshore 
business. 25 did offshore exclu- 
sively, nine had representative 
offices and two were govern- 
ment-owned. Since 1970 banking 
operations have grown at an 
astounding pace. Between 1970 
and 1977 total bank assets 
quadrupled, rising from $853 .6m 
to $3.7bn. . Deposits increased 
from $420.7 m eight years ago 
to $152hn last March. Of this 
figure $1.2bn are domestic 

Banking, which accounts for 
more than 6 per cent of 
Panama's Gross Domestic Pro- 
duct has been the most dynamic 
sector of the economy in recent 


The presence of a host of 
foreign banks has given Panama 
not only access to international 
capital but has also' created 
employment for around 7,000, 
97 per cent of whom are 
Panamanians. In addition, as the 
financial community grew and 
prospered. Panama enjoyed a 
boost in its international reputa- 
tion and came to be more 
attractive as a base for- other 
types of foreign investment 

While most of the banks are 
American, Britain, Europe, 
Japan. Brazil, Venezuela, Argen- 
tina, Canada and Colombia — to 
name but a few • — are also 
represented. The government, 
though, remains interested in 
broadening the bank com- 
munity’s geographical distribu- 
tion as much as possible. 

The key year in Panama's 
modern banking history was 
1970, when the Government 
promulgated a banking law 
which eliminated “pirate” or 
paper banks and defined regula- 
tions for the establishment and 
functioning of financial insti- 
tutions. Before the law was in- 
troduced there were 247 
“banks” operating out of 
Panama. With the elimination 
of v pirate ” banks the number 

of authorised banking institu- 
tions fell to 20. 

What has lured banks’ funds 
from 26 countries to this humid 
but pleasant city? Among 
other things Panama’s geo- 
graphical location ranks as a 
tremendous asset It is stra- 
tegically located between North 
and South America, with access 
to both the Atlantic and Pacific 
Oceans. The country, under a 
Goverment headed by Pana- 
manian strong man General 
Omar Torrijos, bas enjoyed 
political stability for a decade. 
Telephone, Telex, air and sea 
connections to the rest of the 
world are excellent, and many 
Panamanians speak English. 

Most Important, however, are 
the country’s- liberal banking 
rules and unusual currency 
situation. The Government of 
Panama allows banks ’ the 
following advantages: 

• Income tax exemptions for 
offshore business; 

• No taxes levied on interest 
from domestic or offshore 

• No limits on interest rates; 

• Accounts in any currency 
are permitted, as well as 
numbered accounts; 

• Foreigners may be em- 
ployed as long as their number 
does not exceed 15 per cent of 
the workforce, and banks may- 
set their own fiscal year. 

While Panama’s official 
currency is the balboa, this 
monetary unit exists only for 
book-keeping purposes and for 
coinage. No balboa banknotes 
are printed, but the Govern- 
ment does coin small change 
(less than one balboa) which is 
interchangeable with American 
coins— at least in the slot 
machines found all over the 

The ILS, dollar is the Pana- 
manian unit of exchange. It 
circulates freely and no con- 
trols exist If a shopkeeper 
tells a visitor that a pair of 
shoes costs $25, the bill is paid 
in U.S. greenbacks and change 
is returned in the same 

Although Panama does not 
have a ‘central bank, the Banco 
Nacional de Panama— a wholly- 
owned autonomous Government 
agency— operates as a commer- 
cial bank and carries out central 
bank functions at the same time. 
A National Banking Commission, 
was set up in 1970 to “ensure 
that the solidity and efficiency 
of the banking system are main- 
tained so as to promote mone- 
tary and credit conditions con- 

ducive to the stability and 
sustained growth of the national 
economy” and “to strengthen 
and promote the proper condi- 
tions for the development of 
Panama as an international 
financial centre.” The commis- 
sion is chaired by the Minister 
of Planning and Economic 
Policy and has four representa- 
tives of the public sector and 
three from private banks. 

The' Commission’s regulatory 
powers include the issue of 
banking licences, the modifica- 
tion and regulation of reserve 
requirements, contingency 
credits, capital requirements 
and interest rates: the last 
though,' are allowed to move 
freely. In addition to other 
responsibilities, the commission 
negotiates with banks that are 
in trouble and can grant special 
short-term loans. 

Three types of licences are 
issued in Panama. “Type A" 
requires Sim in paid-up capital 
and allows a bank to cany out 
both domestic and offshore busi- 
ness. . “Type B" requires 
$250,000 capital and is valid 
only for offshore work. A third 
classification allows foreign 
banks -to -operate a representa- 
tive office only. 

While some bankers believe 
that the regulations for grant- 
ing bank licences are fine as 
they stand, others would prefer 
to see thein stiffened up. “Per- 
haps tiie $ttn mini mum capital 
base should be raised " the head 
of : a major American bank 
stated. “-If a bank wants to come 
in, let -them make a commit- 
ment, a worthwhile investment 
rather than a token payment.” 

Virtually every banker I inter- 
viewed,- however, was optimistic 
about the industry’s future and 
pleased with profits. “Com- 
petition, is a little stiff for 
domestic business,” an Ameri- 
can bar* executive said, “but 
offshore trade has been active. 
The Government has demon- 
strated a very positive attitude 
toward U.S. and other foreign 
investment in general And 
with the Canal treaties out of 
the way, we don’t have to worry 
about anti - American dis- 

Fears about violent reactions 
here if the Panama Canal 
treaties had not been approved 
by the U.S. Senate have been 
put to rest,' at least temporarily. 
But problems could occur on 
the political scene as Gen. 
Torrijos moves to permit more 
political freedom. 

Ironically, it was the Torrijos 
Government ■— which includes 

some Communists in middle 
level jobs — that opened the 
doors to international banks in 
Panama. However, the General 
has clearly adopted a policy in 
favour of foreign enterprise and 
knows that, at least for now, his 
“house Communists” will fol- 
low Government policy in return 
for access to limited amounts of 

Panama's economy, which 
showed consistently high growth 
rates between 1960 and 1973. is 
presently attempting to recover 
from a recession that has left 
it with an inflation rate of over 
7 per cent, a relatively high 
external debt ($l.7bn at end-’ 
1977). and unemployment hover- 
ing around 10 per cent. 

The Government has taken a 
number of measures, though, 
which seem to be spurring 
growth after two years of 
stagnancy. Besides offering 
ample incentives to domestic 
and foreign investors, it has 
adjusted the labour code in 
order to increase productivity 
and in 1976 launched ah 
ambitious five-year development 
plan. This sets out a large 
number of projects in hydro- 
electric power, mining, port 
development, tourism, fishing, 
and other areas. 


Total costs for this develop" 
meat scheme have been 
estimated at more than $ 3 . 3 b it 
The Government plans to obtain 
funds from the following 
sources: commercial banks (47 J- 
per cent of the total); inter- 
national agencies (21.7 per 
cent); suppliers’ credits (15-2 
per cent); buyers' credits (6JJ 
per cent): the -Venezuelan IB" 
vestment Fund (2.9 per cent) 
and others (8.8 per cent). 

A special addition 'to 
Panama's banking community is 
Blades, the Latin American Ex- 
port Bank. This new institution, 
now being formally sot up, was 
founded last year in Cartagena* 
Colombia, by twenty central 
banks with the purpose of in* 
creasing the flow of funds for 
Latin America's Don-traditional 
ex POris. Over 100 . Latin 
American commercial banks and 
twenty-si* of the largest multi- 
national banks are shareholders 
in Bladex. 

The bank will create a redis- 
count market for Tjtin 
American bankers’ acceptances 
and will grant direct medium- 
term finance, it is expected that 
it will handle business valued 
at $896m by 1883. 


Fmantial .limes Thursday August .17. J97S 


. v yVg^ T " J ? r V-.. ; . -• ■ _Q^ 



OUTBREAKS^. OP - politically 
motivated violence, earlier this 
year have not noticeably 
dampened investor . enthusiasm 
in Guatemala's economy, the 
most important in the Central 
Americas .V region. Despite 
terrorists acts directed against 
the Government, a bloody 
shoot-out between Guatemalan 
soldiers and peasants that Iqft 
more than 30 Indians dead, 
and a state of high political 
tension before the inauguration 
of President .Fernando Romeo 
Lucas Garcia, on . July I . last, 
life continues at a bnormal pace 
in this nation of over On., 
tensions have eased consider- 
ably since the' new Government 
assumed power last month, and 
Confidence in the Guatemalan 
economy is high. 

In a round of recent Inter- 
views both foreign arid, 
domestic bankers said, that 
although lower commodity 
prices this year will dearly 
reduce the country’s income 
from export items like coffee, 
sugar and cotton, prospects for 
sustained economic growth are 
excellent. In spite- of inflation, 
which rose to a rate of between 
13 and 14 per cent last year 
and constant pressures for wage 
increases, most of Guatemala's 
economic indicators were over- 
whelmingly favourable. - 

Net foreign exchange reserves 
at year end were $630zn (only 
recently they rose to a record 
high of $800m) . and Gross 
Domestic Product grew last 
year by 13.1 per cent at 
constant prices. Growth follow- 
ing the devastating earthquake 
of 1.976 — which killed an esti- 
mated 23,000, injured over 
70,000 and left lm homeless— 
has been consistently high, 

. One economist predicted a 7 
per cent increase in real GDP 
this year, with inflation running 
at around 14 per cent. In 1977 
Guatemala almost achieved' a 
balance on its current account, 
with exports and imports each 
totalling around $L14bn. 

According to government sta- 
tistics total official debt at the 
end of last year was |724^m, 
with external obligations 
amounting to $227. 6m. 

Central government spending 
this year is projected at 
lLS.$942m, up 18 per cent on 
3977. Finance from foreign 
sources will supply about $197m 

Of the total,- although this figure 
is likely to rise. V ., ' V 
In addition, th e.G over omen t — 
using the abjcuKbmt- resources 
that began entering the country 
after the 1976 'earthquake— Is 
continuing a bread-based spend- 
ing programme' for projects in 
water and sewage; -communica- 
tions, roads, - schools, bous lag 
. and health services. ''' 

<3 o v e r n merit , development 
funds are also being made avail- 
able for small indastiy/tourisin 
and' a^culture, ; ^Ps^t of the 
country’s stimulus for growth 
came from the earthquake.” On 
economist said. “Izr spite of the 
tremendous odds 'and built-in 
bureaucratic- inefficiency, the 
Government is generally given 
credit for doing, a'good job in 
directing reMnatrnfcfionL" 

As a result. International aid 
and foreign ddqatiqns flowed 
into the country - and the 
‘ Government spent ^impressive 
sums of its own resources in 
reconstruction efforts.-; 

- ‘ ‘ r i.. I 'i • 

Projects ' . 

- Standing -ont among the pro- 
jects -currently ,bjMng. under- 
taken by the Government is the 
Chixoy hydroelectric complex, a 
$3 60m installation; which will 
generate 300 MYT, r and is 
scheduled for dmhptetion by 
1982. Chixoy, the" most: import- 
ant element in Guatemala's 
integral energy policy, .is receiv- 
ing financing from the World 
Bank, the /!Ditbr^American 
Development Bank,: the” Central 
American Bank -Economic 
Integration,- the-Venezuelan 
Investment Fund’ 'Bank of 
America and the Government of 
Guatemala. In a inpvfil arrange- 
ment-.- for - Central ^^American 
finance the Wor|d-:Bank asked 
-Bank of "America to participate 
in the funding nf the^ixoy pro- 
jet as a co-financier'' Chixoy 
construction work and capital 
equipment will be. sqgplied by : 
companies from Itaiy^WestGer. 
many, Mexico, Switzerland, 
Japan, Portugal and, the U.S. 

In an effort to , induce its 
costly bill for impost® pH, the 
Government and it*v£fati final 
Electrification Instiwtfr— DtfDE ' 
—have embarked onth ambi- 
tious programme for developing 
new and cheaper ^sources of 
energy. Experts estimate that 

current national electric gener- 
ating capacity stands at between 
203 MW and 227.8 MW, and 
that the country will need 
3,000 MW of capacity by the 
year 2000— or 10 times the 
current level. 

UTDE lists .' an ' impressive 
number of other projects now 
under way, including a 90 MW 
hydroelectric dam at Aguacapa 
(total cost $100m). a 103 MW 
thermal power station, geother- 
mal stations, plus transmission 
lines,' substations, rural electri- 
fication and other items. Finance 
for- these projects js coming 
from international financial 
institutions, private banks and 
the Governments of Guatemala, 
El Salvador, Canada and the 

Capita] goods and services 
are being supplied by com- 
panies from Mexico, Portugal, 
West Germany, Guatemala, 
Venezuela, France, Spain, Italy, 
the U.S., Belgium and Canada. 
Other hydro-electric complexes 
that will cost several hundred 
million dollars, are already on 
the drawing boards. 

The Government is .also 
planning a $55m port expansion 
on the Atlantic, and has 
received financing commitments 
from foreign companies' now 
exploring for oil and building 
an oil pipeline In the north-east. 
There was talk under former 
President Kjell Eugenio Lauge- 
rud Garcia of building a. giant 
pipeline across Guatemala — 
foT transhipment of Alaskan 
crude to the eastern U.S. Critics 
said the pipeline would not only 
present potential environmental 
problems but would create a 
situation in Guatemala not 
unlike that of the Panama Canal. 
The project — estimated to cost 
around USSSOOm or more — is 
officially still under considera- 
tion by the Government hut 
no-one here b expecting & 
positive response on the Issue. 

One good example of joint 
financing on a major industrial 
project is the Exmibal nickel 
plant, a $224m installation 
opened last year. Exmibal, 
owned by the International 
Nickel Company of Canada and 
the Hana Mining Co., includes 
a modern mining and processing 
operation capable of producing 
28m lb of nickel in a high purity 
njnkel sulphide. 

Shareholder equity and loans 

for the project amounted to understandably concerned about 
US$65m in export limitations on their profitable 
credits were obtained from the offshore activities. 

Export-Import bank of the U.S-, Despite the high optimism 
Canada’s EDO, Britain’s ECGD that reigns when most bosiness- 
arid Norway's Export-Import men ' discuss the economic 
Agency. The Worid Bank and future of Guatemala, there are 
the Central American Bank for important elements in the 
Economic Integration con- political and social spheres 
tributed $21m, while Euro- which could u peer the smooth 
dollar loans totalling $20m came course of development. Wide- 
from Irion Bank, Chase Man- spread- poverty and., great 
battan, Chemical Bank and Bank deficiencies in health,' educa- 
of America. tkm and sanitation for millions 

of; Guatemalans are far from 
g 1 lOllfl being conquered. . One inter- 

v/iuuu national organisation says that 

The Exmibal plan is currently around half the residents of 
closed for maintenance and is Guatemala City lack adequate 
expected to be back in produo- drinking water and . .sewage 
tion by October. However, lines*. 

lower world prices for nickel . Besides coping with poverty- 
have cast a cloud over the related problems, Guatemalan 
plant's future profit potential, authorities .mast face chronic 
.Foreign bank services in outbreaks of violence in the 
Guatemala include full-service provinces as peasants and land- 
offices run by Bank of London holders clash over property 
and Montreal . (whose name .claims. Guatemalan peasants, 
retains “Montreal” since the some of whose families have 
Government would not permit a worked the land for gen era- 
change], Bank of America, and tioh$ regularly encounter diffi- 
rep resen tative offices of Citi- cutties with large landowners, 
bank. First National Bank of the Government, or both, in dis- 
Chlcago, First National Bank of pnl&s over property rights. 
Boston' and others. ^Political violence, whidh used 

Although the current adminis- to fee a tradition in Guatemala, 
tration is still shaping its policy is^still a problem, but activities 
in a variety of areas, foreign by ' Left- and Right-wing 
bankers here are concerned extremists have diminished in 
about the possibility of future recent years. (Following the 
restrictions. “The Government Panzos incident far-Left 
doesn't welcome foreign banks terrorists blew up a military 
in Guatemala,” ode foreign thick and killed several soldiers 
executive said. "It sometimes in 'retaliation for the peasant 
makes things tough. Local massacre.) The Laugerund 
banks are very successful and Administration, while hardly 
jealous of foreign competition, open to liberal causes, has been 
“ Foreign banks have enjoyed given credit for reducing the 
a. high degree of success m activities of far-Right ' para- 
Guatemala, and the last govern- military groups and assigning 
ment was considering Limrta- responsibility for combating 
tions on their sphere of antHJovernment outbreaks to 
activity.” duly constituted authorities. 

The Government is now President Lucas Garda is 
revising the national banking seen as a moderate in Guate- 
law, and some foreign bankers nwln politics, and began his 
fear that taxes on their opera- term on a condliatorv note. A 
tions may be increased or that major task of his Government 
restrictions may be placed on ^ be to insure that 
offshore loans and the establish- Guataemala’s moderate Left 
ment of new banks. Near the fe not ignored and isolated, 
end of the Laugerud Adminis- aim., that political polarisation 
tration a Government offidal jai'that occurring in nearby 
pointed out that dollar loans EL Salvador does not take root 
made bF foreign banks (not by in Guatemala. I 

representative offices) to the " — " 

Government and the private -. 
sector were technically illegal; / 'I 
No action has been taken yet on V, 
the matter but bankers are 

Tbat’s What Bncomer is all about. You say the word and 
our banking organisation, 'one of the largest in 
Latin America, starts a comprehensive- system of 
integrated services rolling to make your business easier, 
mote profitable, bigger. 
Being ooc of the largest banking operations in Latin America 
-helps. ft will cHBorc that you'gct up to dale information 
on bU markets in the area - and worldwide for that 
matter - accurate and reliable investment counseling on: 

direct investment, joint ventures 
fa industries of manufacturing and construction, tourism, 
where we offer our trustee services. 
For professionals in banking, remember Bancomer. 

It's a good word to know. 

Say the word: Bancomei; One of Latin America's 
Largest Banking Systems, Mexico. 


I fUUSA 2Kxx-n 



HONDURAS, A counted; which /the -rate of. two lempiras on thermal power stations and 

has come to typify the uoMwa of dollar for 45 years.) .imported oil. Plans call for 

a “ banana repubhc," » mwring Economic performance W domestic use of the power plus 

into a period of accelerated oco- client in recent yeAre, ***** of ****& to 

nonric devetopmeist. Adrauttedty, real GNP growing by <L8 Nlcara ® fUa * Financing rhus far 

the American-owned tetnaaa Tv art in lVfiTnri S3 per hasbwn Pledged by the World 

companies are *M a Y** part £ l£t year Part of ttS- ** Luer-American De- 

of the national economy, the ^Ut is ie resalt of t 

military remain firmly ur control infusion of capital that began 

of Eovemanent and the nation is after Hurricane Rfi did seriot* 2 ano " 

still considered the kast d ere- damage-in 1974. The centi* -“t* * , Gennany ’ 

Joped of the re^lp^ but. changes bank% international reserve! ^ ^ ' 

are in the offing. . . ... at the'etid of last year were- \ * ™ e Aguan. 

Coffoe puUed ahead <rf u.S.$148au compared to $99 in Valley agricultural and forestry 
bananas last year, gs the No. 1 i n 1976. ’ : t0 carried out 

export said the country is at end-1977 w*s‘ iSJL 1 ® 8 ® 8 T at a Pf°i eete d cost of 

actively looking into mm- JhUeexte^Ml E*S“* lT ? m ? ra ces compre- 

tradilinnal exoorts such « ,' 01 bn exie Z?\ hensive agricultural develop- 

^ debt was 734.5m Commen^.^ o| ^ plus ^ 

oSm' iZS aS construction of a pulp and 

ot *** banks ng system) paper buu (cost $l82m) and 

MV® -moved steadily upward in a wmiUs at $20m each- 
il MSSs Z 8^ Other projects indude a 

August 7 last^^The^MelCTr 1 * m ^' vr * s ^1^6,1.09 bn lu im &Om cement plant at Piedras 

awi 1.12 bn at the end of la*. Aaules and a variety o! schemes 
AlJSnSs nSJ March. The inflation rate ww;in tourism, agriculture, small 
way. b ™?cver; for ^ 8.4. per cent last year, five pex 'industry, . telecommunications 

crammes which should alter : the Sr. GuUlertno Bueso, ft - The Government has been 
image of Honduras as a sleepy, American > trained econom^ r successful in attracting foreign 
backwater republic. • ' — Who is president of the central investors over the last few 

,.bank, iold the Financial ■naflSs years through its open policy 
KTiriYmlafo ' " that be expected the ectomny 1 towards foreign capital, but 

r.uuuuiAiC : to- g«w ; bF betw-een 7 and 7J 'these enterprises have been 

The now, .Government, headed per. cent -in the near futures relatively small. American, 
by General Polie&rpo Paa "Investment, in Honduras vritt r Japanese, French, W. German 
. Garda, . has had -little time- to beozi.-tbe rise -sharply over the 'and Israeli companies have 
formulate its economic plans, next few years,” he said, noting invested in Honduras, and 
but thus far has Indicated that that prime .areas for Govern- domestic investment last year, 
ihero wilt be no radical :4epar- mem attention will he hydro^- reached & peak of $50m. 
ires from the: .Jielsar- Castro electric -prower, agriculture, in- ‘- 
jne with regard to the country's, dustry, tourism, forestry and « JTJ D c 

major development projects. It milting. ■ . fe - f- dtullicb 

flj ' With ready access to .re-: The Government offers 

before the mw Government's sources from international -foreign investors the facilities 

tvcratl political and economic finangjal Institutions and a v«y of a free zone at Puerto Cortes 
plans become c»u;. -. good . reputation trith foreign on .fte Caribbean (perhaps the 

Honduras battKiAg system— banks. "the Honduran Govern- most efficient port in .the area), 
which started oyer $0 y<jars afco jqeot Is embarking on im' low labour costs, tax incen- 
as an agency established to Mabitious. programme... of tives and free profit remission, 
serve the banana companies-— development projects. One . of -The-local currency is eminently, 
now has 22 banks (not.eountins! the most important of these' is uStable iiid freely convertible, 
the central bank). One of these jsx Cajon hj-dro-electric : - Ohe foreign banker noted. that 
—Banco Atlantida— ranks as complex, rwith costs projected althaugh Honduras - is viewed 
one of the largest: financial. « more than. $435m. hy.ouisltJers “ as the backwater 

institutions, in CentraTAmerlca, ' The plant.uhich eventually of tbe backwater," his loan 
with assets last March df 2W» Amtid be able to generate portfolio had trebled to nearly 
lempiras. (The lempira has. SOttvntf, will be. used to lessen SlfiOm in three years and that 
been tied to the U.S. doJlw at- Honduras' current dependence Im hati far more work than he 

could handle. Another banker 
was equally enthusiastic: “The 
opportunities for foreign 
bankers here are incredible. 
We’re very bullish on Honduras 
and we think things are going 
to take off for next few years.” 

In Tegucigalpa, the political 
and commercial capital, the 
city's two best hotels are full 
most of the year. On a recent 
visit I found the Honduras Maya 
Hotel packed with businessmen 
from other Latin American 
countries, the U.S., and Europe. 

San Pedro Sul a, located near 
the headquarters of the major 
fruit companies, has become the 
industrial capital of Honduras 
and is experiencing a period of 
steady growth and prosperity. 

Just recently the British 
Government reopened its 
embassy in Honduras, partly 
to keep an eye on the rapidly 
expanding commercial possi- 
bilities. Britain provides finan- 
cial and technical aid and 
currently has six experts in the 
field working in forestry man- 
agement and other aspects of 

Foreign banks have a strong 
foothold, with the same rights 
and obligations as domestic 
banks. The country has no 
exchange controls and. accord- 
ing to one government official, 
the central bank registers 
foreign .currency .loans only, as 
a matter of bookkeeping. 

Chase Manhattan Bank works 
In Honduras through its hold- 
ings in the Banco Atlantida. the 
nation’s largest financial insti- 

..Citibank currently owns 90 
per cent of the Banco fle 
Honduras (assets I59m lem- 
piras) but has asked permission 
to open a branch bonk under 
its own name and will presum- 
ably sell at least part of its 
equity in Banco de Honduras. 

Bank of America (assets 
232m lempiras) and Bank of 
London (assets 88m lempiras) 
both operate fall-service facili- 
ties here. 

Guatemala. Honduras. Nicaragua. HI Salvador. Costa Rica. 
Pick a country in Central America and Bank of America is 
there. With an office to serve you. And with specialists who 
know the ins and outs of international banking from project 
financing to trade financing. 

When you make vour Central American connection with 
Bank of-Aroerica, you plug into a global banking network with 
a uniform standard of excellence. And that’s goad to know if 
you’re in London and have business m Honduras. Or in Guate- 
malajwith an important transaction in Hong Kong. ' - 1 i 

So the next time you have business in Central America, / 
connect with us. And well connect you with any banking j k 
service you need. .... Am 



• • World Banking Division 

'Sc ' "On the spot when yo.u need us: 


; Ffnandal Tilaes Thursday August l7 ^?8 



Business amid turmoil 

SHOWING UP for a meeting 
recently at the office of a well- 
known Salvadoran businessman, 
a foreign visitor was startled by 
six heavily-armed men who 
challenged him as be entered 
the foyer of the Salvadoran's 
office. The men, casually 
dressed and carrying sawn-off 
shotguns and high calibre 
pistols, were private bodyguards 
hired by the Salvadoran. Once 
the visitor’s appointment had 
been confirmed they allowed 
him to enter — slightly shaken 
but otherwise unmolested. 

Armed bodyguards and elab- 
orate security measures are 

comm onplace in EH Salvador 
for many Government officials, 
diplomats and prominent busi- 
nessmen as a result of a wave 
of kidnappings in recent years, 
-which have cost victims an 
estimated UJS.$20m in ransom. 

In one recent kidnapping, 
the family of a Salvadoran 
industrialist paid U.S.$4xn for 
his release. A group calling 
itself the Armed Forces of 
National Resistance kidnapped 
a Japanese executive on May 17, 
and has asked .for approxi- 
mately $4m in ransom and the 
release of 38 political prisoners. 
The Japanese, Ur. Fujio 

Matsumoto, has not been heard 
from for some time. 

Fear of kidnapping is but one 
facet of a long-standing conflict 
that holds Salvadoran society in 
its grip. With a population of 
45m, £1 Salvador ranks as the 
most overpopulated nation in 
Latin America. Geographically, 
it is the smallest country in 
the region and wealth is con- 
centrated in the hands of a 
small group of families- It is 
estimated that less than 2 per 
cent of the population owns 
57.5 per cent of the land. 

For the past 46 years the 
army has ruled El Salvador 




Principal Office 

Apartado Postal 440 

Tel: 52-13-47, 52-18-47 
Cable: Sogerin 
Telex: 5526 Sogerin HT 

San Pedro Sula, Honduras, Central America 

Apartado Postal 320 

Tel: 22-60-32,22-73-09 

Tegucigalpa, D.C., Honduras, Central America 

and np to now has seen its 
principal role as that of defend- 
ing the Interests of the 
privileged class. Although 
poverty, hunger and ®al- 
nutrition are ' real social 
problems in El Salvador, they 
seem to receive little attention 
from authorities . 

Even though elections have 
been held every five years to 
choose a president, it is widely 
believed that the military 
manipulated results is 1872 and 
1977 so that victories by 
Christian Democrat . opposition 
candidates would be blocked. 
The Salvadoran army created 
the National Conciliation Party 
in 1962 to further its own 
political ambitions. Last year 
the party's candidate, General 
Carlos Humberto Romero, was 
elected to a five-year- term as 
President His victory, how- 
ever, was marred by a 
massive protest that began 
after the election results 
were announced. The authori- 
ties suppressed the demonstra- 
tion, killing at least eight 
people and deporting opposition 

The Government of General 
Romero had sought to satisfy the 
demands of both the populist 
and conservative setcors of 
Salvadoran society, but late last 
year yielded to Right-wing 
pressure • to mount a new 
offensive against “subversion.” 
In November, the “ Law to 
defend and guarantee public 
order” was adopted, enabling 
authorities to ban public meet- 
ings, break strikes and harass 
opposition elements. 

The law has been widely 
criticised for allowing the 
Government to take practically 
any measures it deems necessary 
to combat its enemies. 

Over the past five years, 
radical youths have put 
together at least three Left-wing 
guerrilla groups which have 
carried out numerous assassina- 
tions, bombings and kidnap- 
pings. Up to now, the Govern- 
ment has shown little or no 
progress in controlling the Left- 
wing extremists. 

However, authorities and 
Right-wing paramilitary groups 
have directed their attention 
toward other elements — ■ 
peasants. liberal Catholic 
priests. anti-Government groups 

— seen as enemies of law and 
order and sources of Communist 
" subversion.” 

Within this increasingly 
violent environment, .foreign 
and domestic bankers continue 
to work as usuaL There are cur- 
rently 15 domestic banks In -El 
Salvador, the largest of which 
are Banco Salvadoreno, Banco 
Agricola Comerdal and Banco 
de Comercio. In the official 
sector, the Banco Central de 
Reservas acts as the country’s 
central bank and also offers 
some customer services. Other 
state-owned institutions are the 
Banco Hipotecario, which does 
commercial and mortgage bank- 
ing. and two finance-type com- 
panies, Insafi and Figape. The 
latter institutions are principally 
involved in medium and long 
term financing, but also supply 
savings accounts for the public. 


Four foreign banks operate 
branches in El Salvador: Bank 
of London and South America 
(a Lloyds subsidiary, which 
opened its doors in 1917), Citi- 
bank (operating since the late 
1960s), Bank of America 
(opened in 1976) and a Spanish 
bank. Banco de Santander y 
Panama (opened 1978). 

Of these, only Bank of London 
and South America (BOLSA) 
has a full service branch. 
BOLSA. which runs a main 
office and four agencies, was 

able to avoid limitations on its 
activities when the banking 
law was changed during fhe : 
last decade' due to -its status as 
the oldest foreign hank in. the 
country. Citibank is permitted 
to operate current accounts and 
accept time deposits (30 days 
to two years). But Bank’ of 
America and Banco de San- 
tander are limited to work in 
foreign currency and trust 
accounts. - 

Local banks are chiefly 
involved in agricultural loans. 
The economy is principally 
agricultural and El Salvador 
relies almost exclusively on 
exports from this sector, 
especially coffee. Locally-owned 
banks therefore dedicate the 
bulk of their loan portfolios to 
coffee growers, millers and, 
exporters, as well as to other 
agricultural producers. - 

Foreign bankers, while, also 
supplying credit to farmers; 
make most of their loans to 
industries such as metal pro- 
duction. textiles, cigarettes; 
footwear and fishing. According 
to Government regulations, 80 
per cent of a bank’s total loan 
portfolio most go to clients in 
the productive sectors of the 
economy, while a 13 per cent 
limit is set on loans to com- 
merce and credit for consumer 

The central bank registers all 
foreign loans and sets interest 
rates on domestic deposits and 
credits. The unit of currency 
in El Salvador— tiie colon — has 
been pegged at 2.5 to the U.S, 
dollar since the 1930s. 

The Government enforces 
exchange controls on importers, 
who are required to obtain a 
permit from the central bank, 
and on travellers, who can buy 
up to $2,000 for trips outside 
Central America. (Foreign 
exchange for items such as 
medical care, education, etc. js 
permitted beyond the 52,000 

limi t,) 

The private banking sector, 
which experienced a liquidity 
- at the end of August, 
1977, now sees banks compet- 
ing furiously for deposits. The 
■ Gove rnmen t wants to increase 
private savings, local bankers 
say. and boosted interest rates 
in July in order to attract more, 
money to domestic savings 

. . Bankers here are in disagree- 
‘ -meat as to whether competition 
for deposits is too stiff, and if 
in reality El Salvador has too 
many banks. One Salvadoran 
banker said that liquidity, is now. 
ti ghtening and some institutions 
are offering bigherthan-legal 
-in tere st rates for deposits 
“under the table.” 


■ u Tbe central bank’s attitude 
Is asinine,” on® local banker 
commented. “ We already have 
more banks than we need and 
there are three more applica- 
tions awaiting central bank 
approval. The government is 
afraid to say ‘no' because it 

- doesn’t want to admit that the 
economy can't absorb any more 

- i To- establish a bank in El 
Salvador, a minimum capital 
base of 2.5ra colons is required. 
Total lending may not exceed 
12$ times capital plus reserves, 
with- a deduction made for part 
of property value. 

. Foreign bankers . report that 
they see no signs of greater 
.Government controls on their 
operations for the present, but 
are not sanguine about the 
appearance of new foreign 
.branches on the scene. “ The 
Government is not clamping 
down on foreign banks." a bank 
officer said, “it is maintaining 
ah open attitude toward them.” 

' Bankers here, however, are 
seriously concerned about the 

political outlook. While the 
economy's performance was 
satisfactory last year and holds 
the same prospects over the 
medium term, analysts fear 
that in the long run increasing 
polarisation and violence from 
Right and Left could stunt 
growth, driving out both domes- 
tic and foreign capital. Some 
analysts were disappointed 
with the country's economic 
growth last year (between 5 and 
7 per cent in real terms) de- 
spite the boom caused by 
higher coffee prices. They also 
point to high inflation, virtually 
no growth in private invest- 
ment last year and a trend to 
lower coffee prices. 

Nevertheless, the government 
is pushing ahead with a variety 
of projects, some of which will 
require - considerable financing 
from private banks. 

• San Lorenzo hydroelectric 
dam; Total cost to be more 
than 8200m; 890m in comple- 
mentary financing arranged 
from Interamerican Develop- 
ment Bank. 

• Geothermal power plant: 
planned for the central part of 
the country in 1980s. 

■te Highway construction: Vari- 
ous projects, the most impor- 
tant of which is 5100m freeway 
system for the capital city. 

• Container port- Govern- 
ment plans a $35-40m facility at 
the main port of Acajutla. 

• Telecommunications. The 

national teleco mmu ni cation s 
administration (ANTEL) 

expects to spend 860m between 
1978-82 on a range of projects, 
with a high degree of import 
content About 70 per cent of 
total cost expected to be sup- 
plied by the World Bank, • 

• Other outlays in food 
packaging and processing, 
health care, agriculture (over 
$100m investment forseen) 
and public works. 


Investment inhibited 




Central American Banking and Finance 
is just one of a series of Surveys the 
Financial Times is planning to 
publish on Latin America. 

4th October 
12th October 
2nd November 
21st November 
7th December 






For details of these Surveys or any aspects of 
The Financial Times, please contact: 

Overseas Advertisement Department, 
Bracken House 
10 Camion Street 
London EC4P 4BY 

“TO AN outsider things look are good, the present state of 
normal. Buses and cars are all anxiety has thrown a wet 
over the piece, people go to blanket on new investment 
work as usual, stores are open. Private domestic investment 
kids play in the street But I this year is expected to be 
: think most people have this marginal and tbe construction' 
awful sense that things could industry — an important source 
,go wrong at any time, that of employment— will probably 
' chaos could take- over. But this remain in the- doldrums, 
time it won't be an earthquake.” Economists predict that little or 
This statement by a no economic growth will occur 
Nicaraguan not long ago this year despite a record of 
captures the feeling held by average GDP increases of 
many living in Nicaragua today, around 5 per cent for the past 
Over the past year this nation two decades, 
of 2.3m, shaken by a massive Even without the current poli- 
earthquake six years ago, has ^ri.ds the country would 
been jolted by bloody dashes nonetheless be confronted by 
between civilians and police a gome economic problems. Over- 
general strike that virtually by official sector 

shut down ^ 3 in recent years has produced 

SirSeni budget deficits. The waste factor 
sieze sad ^ ^ in Government spending is high, 

^ 156 POil Cal MP*tal investment has been low, 
Lrft and Right inflation reached around IS per 

Opposition to the govern- cent last overa n 

? €nl v Ge , neral u balance of payments tor 1977 

Somoza Debayle i f was in the red by more than 

“SEJSS- “ d external debt has 

four decades, turned more steenlv 

aggressive than ever before 115611 5ieep y * 
early this year. In recent weeks Last year foreign debt was 
more than a dozen people have at 5820m, compared with 8503m 
died during violent confronta- in 1974. Debt service as a share 
tions between police and anti- of exports is projected to reach 
government demonstrators, around 20 per cent in 1978. The 
mostly students. Several Government which depends 
Nicaraguan towns mounted heavily on foreign financing, has 
anti -Somoza protests that lasted asked tor a stand-by credit of 
several days at a time, practic- 350m from the International 
ally declaring themselves in Monetary Fund (IMF). Repre- 
rebellion against the regime, sentatives of the IMF have 
A range of opposition groups already visited Nicaragua but 
covering ell shades of have yet to make public fonnu- 
Nicaragua’s political spectrum las under which the Government 
has called for tbe resignation would be granted additional 
of President Somoza, whose funds. 

term of office legally expires in Most ]agAj the IMF is going 
»»*£ «° redactions in GoveS 
1 , * l ? r ment spending, controls on 

popular elections are held in impart £ rescheduling of debts 

1 ^ l ?hinn re rf^inric SI thai In hp reduction of foreign borrowing 

sraursKd *5 £ - «■“'»" -s 

country’s only military force— ^rovemente in the ^come tax 
the National Guard — General 25 ,Btl "? e - bankers — 

Somoza clearly possesses the XS,?™*! 16 “ d 
means to put down all but a "g* t0 see r wbat the 

general rebellion. «*■ Nicaragua to do, and 

_ , ■*. .. - . how the Somoza Government 

The political situation has responds, 
regrettably deteriorated, polar- . 

ising to the extent that ,«» e economist pointed out 
opposition groups — usually at that while b us i n ess is moving 
odds with each other— have nbenff with on-going investment 
essentially united in their programmes, new projects are 
demands for the President’s developing " at a glacial pace.” 
ouster. “ We’re- not turning away good 

customers,” a banker added, 

— j but if someone comes in with a 

V acuum new scheme and wants a loan, 

it’ll have to be unusually 

In the unlikely event that sound.” 

General Somoza were to step Qne problem facing bankers 

d0W iH h 9 m°!f eV 7tfnna7 l iSn? U ? bere « thou S b - S* tbat tbe Somoza 
would have no national political Administration is eagerly seek- 

STthf »«* funds, to order to fill the 

fill the vacuum. Meanwhile, 

rural guerrillas known as the , 15 apparently not 

Sandinistas continue to plague Pressure. The 

the National Guard, and police am ?“ ed 

are faced with unruly student “***“?' specialist: 
demonstrations in the cities. . Government walks 

Clashes between police, students J 11 says we want 
and other demonstrator? can how do r° u no gracefully?” 


easily spread, provoking more 
bloodshed and violence. 

The Nicaraguan banking 
system is undergoing a liquidity 

Tel: 01-248 8000 Ext: 276 or 238 

Telex: 885033 FINTIM G 

With no relief in sight, stJueeze at to* 5 present, and 
Nicaragua's political situation is ^riiough bankers say there was 
hardly conducive to generating 06 capital flight last year 
confidence among private “ e departure ” of capital from 
investors. Domestic or foreign. country has been occurring 
•• Business goes on,” one banker 311 unhealthy pace, 
said, “ but if any growth occurs Over the past two years the 
at all this year, it will be Government managed to 
minimal.” Although Nicaragua's acquire foreign credits of about 
long-term economic prospects 5270m, with 5120m coming from 

international financial institu- U.S. dollar for the past two 
tions. $S0m (equivalent) from decades. New loans by com- 
. Spain, $l0m from Brazil, $8m mercial banks last year reached 
from the Export toaport Bank 95hfl eordobas. up from ftfibn 
of the U.S. and 550m from pn- .. 
rate banks an the U.S. and the previous 
Canada. Another 558.5m is add Foreign banks enjoy unusual 
to have been provided in loans freedom in this Central Amert- 
from a Swiss bank and a credit ran nation since Nicaraguan : 
line from a U.S. bank. i a w does not differentiate be- : 

On top of this the Somoza tween foreign and domestic ■ 
Government obtained a 520m banks. Profits can be freely ; 
loan from Central American remitted and banks can open r 
centra! banks. But one highly fixed accounts for dollar 
placed source said that sister deposits (six months and a i 
central banks were wary of minimum of $10,000). ? 

tying up «»y more of their ^ide from the Central Bank. 

Government’s funds, especially of Nicaragua , which enjoys an.; 
m long-term commitments to excellent reputation among? 
Nicaragua. Sources in the forei bankers, the Govero . 
financial community also said ment ^ owns ^ Banco 

IS Nacional de Nicaragua, which- 

?n?n ” competes with private banks, 

loan recently for the Govern- Among the nation's private, 
ment amounting to 540m. A banks, the Banco Nicaraguense. 

atteS ptSf to* 1 ^ T ad*°- 

“« SO”- ZSSSS^SSSS ”■* “ ■ 

regime. _ . 

Foreign banks with full sub- 
sidiaries in Nicaragua are the 

IT a rf lira naif P Bank of London (a Lloyds Bank 

ILdU lUtjUdJht: affiliate), Bank of America and 

A TJ.S. Embassy official in S t a i I b * nk - Banco Exterior of 
Managua, the Zl* MM STA^A' 

Ambrosla "° of ^ 
to NSaS^some Ainev to? ^ugurated an office for offshore 

SS “SpLn ?“ S ‘ n »L i V the ' 

f Ami was still due tn free zone - Other foreign banks 
Nicaragua for earthquake re- “ a, £l 

construction work that would comoanii 3 m loCal finance 
continue. during 2979. companies. 

In addition, other U.S. In the Nica raguan hankin g 
foreign aid- funds would be paid system commercial banks chiefly 
out to the Government for pro- provide short-term finance to 
jects in rural development industry, commerce and agricui- 
bealth .and education. 44 The ture, while finance companies - 
idea is not to bit the poor fel- (/inancieros) accept long-term 
low over the head twice,” the deposits at up to 121 per cent 
American official said. and lend long term to the above 

Bankers generally are quite sectors. A savings and loan 
reluctant to make any new system also operates to provide- 
capital commitments in either Property credits, 
the public or private sectors. The Bank nf T.nn 
One local businessman ex- not onlv a* ih/» tSSS 11 *. 11 ?* 
Pained: “•». foreign bank 

merrily .. supplies the Somoza as the 0 M» ■tfcXii...? - 
Government with mere money £„*?„ '£*J25F 'i?’ S 

just so- It can cover its losses, eariv davc Z n j ^ ■ . 

the babk could find itself i n a sSSdim? US-?** 1 *5* 
difficult situation were an anti- countrv^renr^ 6 !? l M t . 

Somoza regime to take over, hai^ebrht offiSoJS?* 

Any new credits to the Govern- NicanSiuL ^ located ^ OTCr 
ment will have to be for pro . 

jects -that stand on their own, f nr foreign banks- . 

projects with some social f used ^ay be con- 

U till tv ” tusea when they see two differ- 

. .. ... . €n t offices alongside each other. 

Apparently with these criteria one carrying tiie name? Banco 
in mind, foreign credit institu- de America and the otberXX' 
tions from Canada. Venezuela of America. While Bank of 
and Brazil are already negotiat- America is a whoUvS^Jd 
ing with the Nicaraguan Gov- subsidiary of the* Ctfitoniia . 
eminent for financing the holding company. Banco de 
^.50-MW Copalar hydroelectric America is owned jointly by 
project whose total cost is local investors and the ^Welb 
estimated at around 5500m. Fargo Bank of the US 
Talks on financing for another ■«,. ... 

hydroelectric project at Brito situation came about 

on the Pacific, an expanded ^Garaguan investors 

national telephone system and t 5 e ?**** “Banco de 

other projects are at various tSTS tolk5 with 

stages of maturity. Costs for on establisb- 

the Brito hydroelectric complex * b f*nch. Bank of 

are put at $250m. locaI Partners 

Despite intermittent periods Lent howl^T* ff ^ ’ 

of political turmoil, Nicaragua's Nicaraguan* 

State and private: banks stowed diTS- Un ?£! d 
signs of growth. Total asset* of 

the public and private banks Fargo and the American 
reached 49Sbn eordobas at end botjht a mmori^Sin^ 

1977. np ftora 44bn in 1976. ,„e NicaraS’ 

Tbe cordoba has been valued of America later set up^m 
at tbe rate of seven to one office under its own name. 

v w 

-r+s aapprS-v 

, 51SiartSar r Tfnies ^Tffursdax^Angust; 17 1978 



Abbey Unit Ttt» Wgrt..LtA ta» 


M, I ^ lter Fnnd M ” ls ** rs LML 


Anbi? Incwatt^. .^. 

Abbey Im.TW pit. 

Abbey Gen. Til 

Allied H&mbro Group* ial ik) • 


Balanced nu«k 




i-J* ' American ... ; _ ,_H 

IS • c*p««* I*---- ... . v_ x 

fnciMbcTrt Jltf 

'lOttirwhFd..,. .J 127.4,; :UM — 

Do ftmui. .’..-. B5lA • wMl 

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Provincial Ufa Inv. On U4.V Swc * fMftr coothnwd 

bt H vf Anbur Si .EU-L Gl-fizJios) 222^p.-ea'e lcj Ol-jfTtf-u ScotWIS Securities Lid.* 

ifBasaw’dBt ~« ; -i w we** . m ,.. . .«« 



10L3[ .|1214' ' 1301] 




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income funds 
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. i r.lcm atunai ; " 

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btelM Pends . 

... SroillwCn.-kiU^ 

2nd S ml r. Co's Fti. - 

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Friends’ Provdt. Unit Tr. Sign.* iild Wuveii snvcLSWiH sjg. oi-sbotsss 

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ir., Copthall A^ECSRTBUL 
WjffiBJnn Mutual See. Plus™ B3J 57. 

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Quadrant lneomu-1132.5 1347) „...| 7.72 g 

Income Dine.,. . . . 41.1 

Reliance Unit Mars. Ltd.* ■lac.itPfTMrwL.--. |u 

aHisSdSrBOT top i 

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wi( -Hi 442] Ridgefield Management Ltd- ?P£ _ 

1A4 Gartmore Fond SSiunEns* (*Hgi Naiitnud Provident Inv. Hngra. Ud.9 3B4D.KeimM)FSuMmKtM)it«r wa 2308921 
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7JI _<GL PMaJEiFti . _ 1417... 
447 g-T. [bi'L Fuad 1544 - 
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iB S.7U0lcWiRd n BrcnWq04 
J; B a* a. P5.3 ' 

3<0 Ijutua Jnr.Tm — 73 J 
3H JJuIuhI blue Chip— 147.0 
7M auu»iHi|hyitfr.F 

S-S National and CommercUl 

Ijfl •*!. 5t. .tndifv Sd^orc. Ed !_ * 

723 1 Drams Auefl--..-- (145.0 
1 Amim. Umt*>..__ 277.0 

Target Tst. Mgrs. I Scotland 1 <aWH> (Alexander Fund 
:S AtholCrwcenc, Lthn.3.. . 0at-ZH8621. , S 3?. *‘ ue Noire Dame. LuxembeiirS 

Target Anmr EasleUOJ Sift -0JI 139 AJ«mderFund._; Si:s7 54 I f — 

Tantet Thistle.^ ..M2 9 - *4n -04 . 5.«7 N'et.aww lt .l ue .\nm* 9, 

S-0 mS-Oj} 4 40 Eatra Income Fd..|M3 65.W . .. [ 993 

. Jm.i ;; ;[ |jj jArbnlhnot Securities fCJ.l Limited 

01-4C0SH2 -PHOT* » Aupirt 9. sai «b. aw Ausum 23 TYades Union Unit Tst. Managers* 

1433! -05i «« seUajiuger Trust Mucrs. Lid. fat fei MawoodSueer.EC a 0l«£»!l| ' xw 

^^^^ TUTTAlig. 3 ...» — ..[52 0 55.<l ... J 5J0 (tetSteW- |r Bta“* "”£0' ~4 ttD* 

kUCUfit !“■ 

2JB SctxbUM-- 

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ProdL Portfolio .Ungrs. Ltd.* iUIbKO 
PrudranaJ .,1135.0 

2iM -02) Z59 
3Z4 -fl.4 
29 2 ~%1\ 

2Z9 -02 
312a -(IJ 
41 i! -0.2 
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94SAU -DA 
3LB -0 2 
33.6 — 0-2 


.0. Bva SBL 5 l richer. Jersey OSH 7X177 k<T»i«x Japan ' 

ISap-Tet tJetw)._lm.O m ffl — J 4 n Cent Asset Cap_ 
01«£W.!| NCal dUrlint^dOte Acssrt 30. 

Keyselex MagU Jersey Ltd. 

PO Sm BO, it, Heiicr. Jcivey.. (Ene. ftMOOTOTB! 




Keyaalex Europe.. 

Japan Git. Fund , 



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92 17J , 

£335-60 i-iOM 


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~ 0,3 ' 470 Rlyhinra»Tst— U{. ..gte -W 

Andemn Vi^Tmat Managers Ltd. v*\i SS 

lflBFwbWTCDBtiKSMfiAA 8010231 inti Pd- — 9lj . .- 9W *$2 

Aadcrsoo f.T. —— fffc 2 604J ..—4 s.9o laflinl. Tdc tAccj ^ p72- • rfiMl'— -I 

Anxbicfaer Unit VTpmf Cn. rti Gibbs t Antony) lMt Jtt llp. lAd,' j Inc. 

tSSSuwSSl^ otS.«« sSsegfe 

luc. Montbiy Fund . p75 D 1850x4*3 0] W.,Xll«e-iBt V- 

Ax^uthaot Seraritks.Udci^to .1- 

37. Queen st. London EC4R18Y 024SSG281 ■ > DraUag^ifaL 

Govett Udhn)* : 

IQ T7.KiodP0WaIJ.EJ12. 

,_.i 390 
1373 i“| 

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JR'Iew an July 27. Next dauIbtK Ancma 3 1- 
Ptioes on AuputO.'NcKV<MaUllgABguit 22. 

Ridgefield Ine«oc.n4.ll 

% 1 Truant Ixntic sod Gen. Sent Co.* 
<un 01-55 New London Rd. Cdeims&inriCuaiGi]] 

JS Bartdten A«, 10 . 
9F7 fAeciim. Cnite-1 .. 
— Ua rtiExM JuIt 28. 
3A6 BucJan.ABE.lD. 

3-® fAccum. Umta) — 
4J2 CoiMPO August 1J . 

urn {^gafera 

JWn.ifi 12JB CtunlJM. Accrtwt 
Hi — OJf LW U mim. u ona> - 
30 S -OZJ “ - 

5 S -o3 

|n National Westminster*! aj .. 


•:*■•■(- IJ2 1 Inv. Fd.^-1 

Entrc Income FU,... 111.6 

H let Jne. Fund 6l 

OtAcmun. Cnitm. ..Ha 
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P ref ereo^c Food. .. 2* 4 

(Accvux. UftHtf.*— S7-9 

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CmmoodltyFiiiitf... Bi 

lActuintUnlal « 4 

i!<l'«Wdwl.Uj__ 33.6 
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GrmtthFunil. 33 

. (Acctmt Uuiu.}__^ 44.6 
Smaller Co't F<t 


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. N. Amor, a lot. Kd.»4l3 


Rothschild Asset Management (g> 
7240. Gct ehm ia r Ba. Ayloatrory. 029090*1 

teWSkim ffll=L - - 

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N.C. lull. Fid. (Acc.) 58.7 1»31 -l2l 1.41 

Nr. Smllr Coya FilUM O Z7SA| -0^ 4 AO 

Rothschild ft Lowndes Mgmt. fa) 

SL Sort thin* Lane. LdruSQ. OJ-ffiG4390 

Z23 oiea-Aueu«15_— 

— »» S3 43) 15 SSSG^SStso 

111 J. Henry Schrader Wagg & Co. Ltd.* 



fAccmn. Untoi . ._ 
VuHvAus. 15 — 

Vang. Toe An#. 9 — 
fAccum Units ) — 
WtrirtAutf.10. — _ 


Do.Accum.__ ! 

Tyndall Managers Ltd.* 

18. CanyoBeRoJid. Bristol. 

Next dealing due August 

Australian Selection Fund N'" 


4.95 Mart« Opportnnjtloa. c 0 blah Your.2 ft 
4.7* RSirSL 11 *- ,37, Kwt Ssnacy. 

4.46 LSW Shares sDsL 56 1 .....I — 

4.46 Net Aset value Avail 10. 


•IS Bash of America International SA 

Ring & Shuwn Mgrs. 

3-4*. I CMrix? Crow. St. Miller. Jenwjr. (nSHlTSTVl 
Volley Hae. St Peter Ptm. Cnvsj-. tu*8ii 


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4. OS fflitliivwt limaie- [H HOll w ru*M - . I 
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Kletnwort Benson Limited 

756 3J.FBncaiurehSl.ECS ' oi«aam 

Not sub. d a August 1& EnrkmesL. Lax P 

Guernsey Inc 

DouAccum. : 

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Bnnqne Bruxelles Lambert 

KBlirtl. Fund- 





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7.E6 I. awing GrM6.ia.HeUer.Jr0. OTS4 73741 

ss»'sssi:ek, -^a^ssi s 

~ dbond Trust ~.UuuL57 an I 8 

■Subject to fee aad wiihholilina taxes 






0 72 

Income Ang]8. — 
(Attaint UniTsi__ 

117 New Ct. Exempt .._.]£12X0 338^1 365 Scottish .Equitable Fad. MgTS. LUIL* Capital Ana- mC£ 

Prices oa Jajy 17. Next dealing Aug. IX 38 Bl A ndrew# irfl. Edinbureti 031 4101 fA ccnnt -PnltoV. 

Income **-**• K>i «« i jh Exiimpt Ang, 14... 

4.9* . £7iir, August 1] . — flW.3 .M5._ . 

Do.Accum. VnltL-|l867 . MMT'..i4 

Next dekUng dagr AipteXL - 
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OTGreshaiaSuECEPSDS. '' •. '•! 01-8084^azZi - 
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Rndaar. Au& 15.— 2245' . 

I Aecma. Unluj; 23Z4 .. ^ 1B.9 " 
(Areuu. U nasi 1079. 

IVEL Trast Managers Xrfd.* (>Kg> . _ 

coutt. Dorfcing. Surrey: soil Rowan Cn it Trust MngL LltL*fai 

NeUar j£53 te.7] -041 <31 CUy Gale Hse.. Rodmiy Sq.. EO- 014106 SOW 

j N «J star High loc. -153 56jJ -0 Ji AM Araertcen .Vo*. UL. 

Securities Aop. 15_ 

Norwich Union Insurance Group (b> 

r.O. Box 4, Norawll. \"R1 3NG. 0003X2200 Merlin Aus lei 

Group Tat. Fd. -15709 3904{-ZI| 480 lAcmmj. Lulnft. . . 













TSIjPeari Trast Managers. Ltd. faXgH**' Royal Tst. Can. Fd. Mgre. Ltd. 

01-4038441 5*.J«ni«tnSlx*m.S.W.\. 

CapftaJFd fW7. 


7J& 252 High Holborn. WC1V 7SB 
2 70 Pw^GjSWhPB— B4J9 . 26. 

SS 4comn Ifidta _§9^4 XL 

£•2 Pau-linc. 043 36.' 

Pearl Unit TH. B7.9 -W.; __ 

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ii .f m f Guaidlan Rogal E Ltd. PtUcm LllitA Admi ^ ^ ecxp sep 

Ltd.* i »KO Royal Rwrli a w ite,ECTPlDM.' .‘^V-DWDSHill gj Fnrrr tf ^ piU. 001-2365085 58-33 Queen St_ Ediuhunh EH2 

3 IT. High Holborn. BfCl V 7NU 91-8518383. (agldoardhlUTSL-IOAO ... A19 Pelican Oaim— —I9L7 9A5I J 474 DMlInga to. 01-35* 88SB or 031-22S 7M1 

Henderfltej Adminstrstiop*H>tc)(g) - Save ft Prosper Securities Lid.* 

aihuk w. Ktet mb. dv August 11 DT Admin- s R*i«JgbR»«A HuttpoJ Perpetual Unit Trast Mngmt.* (a) ixiemaahmui Fu»d> 

. Exempt Aug. 1 A— 

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0-*9 intEara.Aug.Ml- 
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7JW POBWMLRel^HTe,!:^* 01^28 5000 S ttga^ ep-Aim. 14. 

IS SJKSSlSa:®.! 59d| ig tsSsStrr. 

UJ laafta Won Group 

SecnittF Selecaon Ud. - - 

15-1 A LiOtttU/s Irto Fields, WC2 D)-83189?G9 ^iral^GiwSr 

^ ta=t 

Dealiog day Wcdn «d0. 






(170 .6 

*S9 an as London paying agents only. 

lieyds Bk. (CJL> V/T Mgrs. 

P.Ol Box IDS. St Heller. Jersey. OSH 2361 

^o.O*m*_]6£J> 459J. •.. 

Next dealing dare Sept 15. 

8asses..rBi _ ' aaj 

2.19 Po-Accuhl. 

2J9 Financial Prtty - 
Do. Accmn. 

^SS-aSglSL deHiii £* ™* Maimfers Ltd. fH 

4.72 U rhHUUjd-Ed nlffifh M1.MT171 SJrSiriKf' 

45. C3ia*Sot»S<i_ Edinburgh. 
tsieMrt Aaaorlcn Fjwd 


W10ld«W»ICmta..|573 I 
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031-2393371 Special 811*. _7-" 


iuj 7ig 1 Barclays Umeorn In LiLOi Man 1 Ltd. Uoyds Imentatiimal Mrmnt. &A- 

+m lThumMSL.Dwieles.ljsJfl. - WJH4838 * ^ 

Seltr.;— r.i raj 


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T*"3 iu | Do. Grtr. Pnclfre..— 

, ,3 Do. Inti. Incoam. 

l *^ igm tH>.l USauT*J Ml 

jgfta iDo.ManxMinual— [27 5 
-iiji *3st 

I +2.4) ^MjBisbopscate Commodity Str. Ltd. 

-2« AM 







I F.O. Bov *£. Due El If . . 

ARMAC-Juls-J. -pL-SIK 
CANRHO— .W7..IC1.D47 J 
COUNT —Ang ~ — (£2432 Z 
Ortsinully uraed at *U0 ; 

7 Sue dn Rhone. P.O.Box 170. 1211 Geneva IZ 

J* H3SiS!:2S!S:EgS IS 


M ft G Group 

Tire* Quyi, Toser HUI Kffi flBQ. 01428 
.4d antic Aug. 15. SW . .. 

An«t Ex. Anu. 1A . [$VS2» 2M-M» 



003423911 CtaldBxAsCAug 16. 
' _ Island — 

_ ( Accnm Unljxt 



Barclays Unicom Ltd. (aKg)*(e) ' Rrcatwoed. 

Unicom H*.’£52 RtxnfurdRd. E7. OiuSHSM JjjLfcia'de - 

1 ia Sw. Gnwthluc. 
liJ Cap.GnwflhAet._t 
iacono ft Awets- —E 

4J9 glgh lnewoe F^un* 

ft *m Hi rii p 

15 C»5otEjctr* Xac. ^.V 

5^7 C«I * Nnr. Ha» p 

lg ?^sr t,war u 

16 S^aar.TzE 

t 5 l wlcmdaAte.'M_]l 
f *g - DWUM Fate . 
}5 ,.AUKZUluu_ P 


m -North Amur. „.fi 

CBbotAmer.5m.Co: M 



- i. oicora America. 

, Do. Atm Aec 

cyt-Attst. inn 

IH>. I'apUal. — 

Da Exempt TVL 

, na r.xtra luccane _ 

Da Fliumcial 

. Da.'OO. 

ft’ 1 



■ *L. 

Da Growth Ace__ 

■ "So. l9Com«>Tet_._; 

«■■■ ^ 

.•Do.Prf. A’naTta.j 
Prices » July 3L 

“ -5a'Rctonciy. : 

Do Tnuteerimd-. 
•: 'Vl 't'tdi+ldcTtt— 


3a Acras. 

3 435 BBJ 


*8Han St . Henley on Thames D40128B88 CapUaL- 

PpetualGp.Gth_-.RZ. 6 45 7| J 3J0 JiS 

Baring Brothers ft Co. Ltd.* (aftx) 
&UadcohailSt.&.C3 ." 015883820 

Bratton Ttt. fllW .4 • MJJf . .-I 4X7 

3o. Aecum tzZA6 73*. 21 ..A' 4X7 

Next 511 b. tbs' August 1A 

BiahopsguLe Progressive Mgmt. Co.* 

I. BihhapBgalF. E.G2 01ftB8OT0 

rgal rPr.^AuAlB- Mt2 1UV ...I 321 
ter. lla.**A«MS-f»49 . 2553 ..._J 3J» 

t'gatelat AnK 0 hcM 194*3 .. 1 2X8 

Accuavl AuftA.....Cp6.8 220.1) .. u . l 2J*. 

Next xub. day •AagiOl 22. **Aoguai 20. 

BUI Samnel Unit TsL 


R|1 British Trust : 

{gl loll Trust 

Bridge Fund MatmgenfiaMci • 

i\t»S Willtaox EC*R BAR ' 01405*851 

Vraeri can ft Gca4. &7 7 
nce<ne*__, — _ 562 

■pUal Inc.T no 

Aid «J 

-iMiiipn 1500 

oierutL 1 dc_T 1A2 

:*u. Acc.t po.o 

leaiiufl Tw* fW«4. tTbu». 

l5fl8.IT, , 

fb> Capital Trust.,. 
fWIocomc Trust, _l 
< blSecud w Tw it _ 

Intel* («KKV 
15. ChriHopher Street- RCl ■: 

lateL Inv. Fund- [0.7 

Hey Band Managers Ltd-! 
21 Milk St..EC2VAIF. ' .* 
Xey Energy ln.Fd_|ttX < 
K^Enpl^ftGm- XZA . 

^ KwffipIlAFd. KL5 

ces Aqgnat Kay SmaU Co* Fd. . fS/« 

KWuWJrt BesisctU Unit 

Britannia Traet Management (a) (g) jm. Feocburrfi s*_ ecj. 
t London Wall Braiding* Loodotr Wall. FA Inc. _ J892 


-0UB8 801 ll 

5« Piccadilly Unit Trust (aHbl 

Antany GUrtM IMt Tnm Mantecn Ud. 

2 *4 3. FradericV* Place. Old Jewry. EC2R SHD. 

Extra incase 1347 JSifad -0 l21 

1« Small Co# Fd. CUT 744X1 -0.4 

2- <4 Capital Fend *6.4 58 3\ -a t 

lht. Era*, ft Aucts_ 50.6 54.4 -0 * 2.48 

2.66 Private Fund.,. J7.4 463d -OX 3-» 

1A7 AccumHrFund 65 J 71)3 -OX 2M 

411 Technology Fund— 622 46.U -8.4 290 

FarEaRFd. 29 0 512rf -Oj L40 

248 American Piled—.. 25.9 2Afl) -03 1.90 

Practical Invest. Co. Ltd.* (yHc) .. 

2.46 44. Bloom»baj7Sq. WC1A2RA . 01-0238893 RigbXttadrmtni Funds 

L28 Practical Aug. 18 im.4] +0J| 3.98 Select Internal-- 


Cuftf. Growth 77 - [7B 5 

Tnenastag Income Fund 

High- YieW .1572 

High Income F un d# 

High Recaro — -.-{69X 

ivW (445 

CJL Funds 

UK Equity (46A 

Ofuseas FnndHz) 

Europ* ..._ (92.7 


SaUt Foods 
Cmmtndity (MX 


DeafiiigtPn. «wS" 

IS Sun ABxance Fond MngL Ltd. 

SimAlttfhceHjie- HorshiBL 0*036*1*1 lb) Do. Actum 

— “ ^sskh*.:® 7 aai^ 

TSB Unit Trust® fy) 

21, chanto Way, Andover, Hula ' 0261 1 
Deslinn to 0284 63432-3 

fb)T8B General «BJ 

CbJDo. Aoeian. - 6L8 

(b) TSB rncomn {3.1 

rbj D o. Actum- - SS M 

TSB Scottish 90A 




Samuel Montagu Ldn. AgM. 

1 14.010 Bmtn.KC'2 Ol^SSlMft* 


17U125 12S .1 l.B 

5.13 5^ ( an 

am i2Si --! - 
Britannia Tst. Mngmt. (Cl) Ltd. Murray; Johnstone (Inv. Adviser) 

30BsihSt-3l.Helier.JerM}' «»™* m 55.£ ' Ml«aKt 

Sterling. Denaannaied Ftts. . -Rope» Fd _] SUS38.72al 

*UuiToy Fund .1 iUhUJOri 

L8J *NAV July 31. 


HJ0 Negit S.A. 

10a Boulevard Royal. Lusanbourg 

fH Bridge Management Ltd. 

74* p.o. Box 508. Grand Caj-nun. Cayman Is. 
NWu July 31 . | 315.93* ' I ---I - 

i K uPO. Box 5B0. Hour Rone 

NtppunFd-Auc'a0« !Uad|iOfi6| 6 7* 

353 Chuwtb'lnvest . 

7 53 Inal. ML ftU 

7.03 Jerbey EnernylW. . |142.' 

2.H GaivsL 5Tst- Sjg — 

2.60 WChlnLStljiTrf — 

US. DM* r Oencmiuaed Fd#. 

1:4 = 

50.1ut -OA! 

Accuxn. Units . 

3.90 Select Income p7.1 

J” Target.**. Mugrs. LW-* tagg) 

n.diiiTitnifir rr- 


319 TUrfet *fc&.T«^72 

?S MSfcu: 

2 “ 

Ua 5 Kr«-i5? a : :] 4W -NAVAug«4 1 5US11M !......! - 

Ulster Bank* (a) 

Wiring total iteteMM^ya _ _ 

Deenn^lafi65Ml fhKTljler Growth — JOT 8 42.7a* -0XJ 497 v **°* Aw * Usl 14 Nr « bating A**™ 1 =»• N«Sl* Ltd. 

Dtelinge: KSBSMI M . Bank of Bermuda Bldgs.. HaaiTtoa. Bnuda. 

*3 v, - . , . __ ftRfm Shipley Tst. Co. (Jersey) Ltd. navau S 4 11*22 - ; | - 

5.72 Unit Trust Account «c Mgntt. Ltd. FO. Box 583 . Sf Heller. Jersey. 083474777. 

GO* KjngWim«nSi.SC4R0AR OlftSHflSl Sterling Bond Fd- (00 34 Ujq I U.78 PhocnLx International 

3B0 Sn!i2.%&^iRrf ~|wV 37 |52 +Lfi} J95 RtrMarflold Mnummiil fin. IM w R° T 97, St. Peter Port, Guentscy. 

4M OT.4^ilJ5 3.5 *S 1 *™“®5* ,e, 2 eBt 5 to ‘ LllL Uder-Dollar Fund-|S2A4 2M| .._.J - 

1ST - 1-1 PU Boa IBS. JUmiUcn, BonnuOa. 

IS Wider Growth Fund ISSwSuSoSfc^f* IS -"I Quest Fund Mngnuat. f Jersey) Ltd. 

— Pnce* at August 7. Ncm mb. day FOpi- 11. P.O.Box 104,51. Betaer. Jersey. 0^427*41 

leedStis-Ead.lot-l tl 

Sec# I iv?l 


70A -OJ] 



3x33 iO 

175x2 77; 


7X2 King WiIflaaiSt-EC*R BAR 

1179 Income Units i323 

412 Accum. LnM# .1364 


Mil +ixi iw Capital Internalionai S-A- 

— - 37 rue Notre- Dame, Luxembourg. 


5351 Abbey Life Awnnmct Ca Ud. Crow Life AsstURnce Co. Ltd.* Lloyds fife Assurance 

IB Si. Paul'* Churchyard, EC4, 01-3*831X1 Crown Lifa Use. Woking. GLTa 1 XW HK2SQ33 20. Olfitt SU. EC2A *M\ 


*cs(ts r _ 1 

— 1 





■ -tWth 

Inc. ft Growth,....^.. 

Nut HiKhlnt f 

. Xwliwi 

North .tnmtcwi 
ProfemionaL. . 


iiatm Cflange JJ3J 

"niv Energy -JX39 

01-838 0C7R1MTB *KJL UnflFdAr _ fll2 8 
84.4-031 473 fcS.Fd-Inv.TiM _ hZ2 


iu sa^i*»Se~r^ »i 

” AC Unit-Trust Matuigi 

The Stock Eehnse. BCST 1HK 

:||j HKh Vld.Fd.Arc.-i '.SOB 

*5 The atocK Bcnaase, sis: 




Lawson Sees. Ud. fOttie) _ 
S7it)ii«eo‘>SL, loodud EC4R h*Y. 1 

lEouitpFund B9.5 

. M j Eaulty Ace *41 

bJS (Property Fd.. 150J3 

Property Ace; 156J. 
Selective Fund __ 15J - 
Comortihle Fund _ if IB 

HS OTtcney Fund 122B 

J49 Pens. Property. .. 17*5 

5-43 Penn. Selective W J 

J-55 Insecurity 137.9 

13.K Pens. Managed USX 

551 Perm Equity 1721 

- VProp. Fd. SCr.4^. 1U-* 

fMan.Fd.Ser.4 J3R5 

““ tEquitv Fd. Ser. 4 _ 37.7 
522 Vi.onv>fL Scr. *L_ 1X25 
5X2 vMoncy Fd. Ser 


IMA | 



ih ::::: 

i»j ZD 


Lte I Prices at Au|i.iis^Lu*tion n«^HyTu«day. 

Mxnird Fund AccXM7.5 
, _ Minc’d Fd.IoraL_Dff75 
bM9Ug K Uug’d Fd. In!- QUA 

I ” Equity fd- In an. 

Equity Fd. IniL 

(MpMlyFd. Acc._ 
Property Fd,|ncai_ 
Projwrty Fd. Ink. _ 
Ibt.iSl Fd. Aee._ 

Inv. Tst. Fd. loan. _ 
Irrr.TsL DLIbIL— 


XnterL Fd. Inetu. ._ 


^ Albany Life Anuuce Co. Ltd. 

_ 3I.OIdBiirIIn8tonSt,W.L 
— TEquIty Fd. Acc__(XT7J 

a VElxca Int-Acc 14L8. 

, ‘ T 9Gfd.MonwFd.Ac_ USB 
2804 vintljlsn J4-Acm. U3J 
7.76 VPropiFlLArc^— _ 1*9J 
X.H VST pie lev. Arc. M __[U12 

DUt-Fulncm t 

Crown Bn 

3UX -05 
1X3X -05 
1X20 -0.5 
1875 -DA 
1875 -0.6 
187.8 -Ob 
1824 — D-J 
19284 -Oj 

310.7 -63 
11U -14 
1165 -3.4 
315.4 -1.4 

im.S+ox 1X84 The 
X2SJ -oj - 

m=o is sc 

- * — - Ftedhi 


Schroder Life Group* 

EnMrprlae House. Ptortmuoutli. 

Equity Aug. IS I 2457 1*15.71 

Equity 2 Aug ]fi..-.b335 2*5fl + iJfl 

EqultyaAnc.16 p?5 

- Fbuuf Ini- Aug. 1J_ 1X39.7 

Capital lm. Fnnd— [ 3US1%» 1 J - 

Charterhouse Japhet 

1 . Paternobter Hot'. EC* - 

Adlropa — I01O6M 

Adivertm IUHUS 

Foadak DMOII 

Ftondta knnui 

Quest lull Bd. ] SCSI 

Price at Angust 9- Nest deaUng Aupiit 10L 

Richmond Life Ass. Ltd. 

01-S4829M «.Alhol Street, DnoeI»a.W5L 092428914 

ft GnL Ins. Co. Ltd. 

1840,noMriwi7, ReattingMSau. 

mi — 1 - 


4c Manchester Ass. Gp.* 

Exeter. 0M&S21S5 

Eq^-ftnuFdAcc pa*.9 

*Rs» - . VUerials.^ 

Ate British Life Office UML* UO - 
:elkjmcc Hmr. TuRbndgeVriK Rl OWBZ2271 


Til res August ft XW deaUag August XR 

tram Sbijrfry ft Cft Ltd* 

insra. Founders CL. EC! 01*008530 TJ^rhJ 

■jaarwjw *®A rj- i& 

rode Tout* l nr 



roitth Art-urn - 
tghlnramq — 

uifDrCvI . _ 


.mK. August 

.tAwcri cs aypA..^ 

■ ■aAcnaBUnitti 
— {Actttm.UidtJ'i 

D«I. JWm 
Legal ft Gcnena 

18 Caniagc Road. 

lActuun. Lntttl 

, Next ntjjfday Sept 




. PraAae_ 180.4 

HI A Won Pen. Arc.. 2395 
IntIJtePuFtiAcc _ UM 

PrenkPenAcc 1241 

If pK luvJkmAtt^teU. 

AMSV Life Assurance (Ad-* 

2 S Almi Hml, aIuw RtU. Relgnte. 

.Smss d-fcKS 


n Fund* . A3TSV Fixed [«■„ 93.7 

rnsnu z?£ 

*-**• . Anrow Life Assurance 

S?® r :*hrid«e Bead, W.lR 

|s ■ as . ja ; a Jsag i a* s= ^| 

us ly 3 ™ Btfrhji Life Aisttr. C*. Ua. 

Tomer Hill ECffi BBQ O1-8J8 -CSS 


i-lUi - 

Managed Bd-T*^. 1X492 
Property Bd,"TL-_g59.6 
Ex. Yield Fri-W^, (872 
Bccovery Fd. Bd.*.l*8J 

1 -0 
6L8 -0.7 
77.7 -IX 
935 -0-' 
1303 -0.7 
78J -OJ 



_ - 1X1.4 

raaiPavirty. X05.J 

6K R^j^cnuZ*..l_^6 7Sfl -o-M '■** ltaa*^i 

«* Udrift Life UhU Tst Mnjcrs. Ud j^SjjenaAccuwL-jloiA 
anoda Ufr lull Tst. Vagf* Ltd* 

SHlghSurnttrrttBur.HarU P.RarBl)=2 ^ 

m . Can Qihf _. .Mfl.? MOat^Jl AXT ■'* * © IFKcKri 




iiSr:5tSt5rj.-B* %t 

ip#I i James! BfafR Ud* 

*1 'UJ B road SU EC2.V 1 8Q 01-3888010 

p'.tal __-_.jgn e 

on Auptn dr 

irii<H Unit Td Sign. Ltd* iaRcil 

IhiimHutM*. NawrexUe-npnn T)™? 21ME i'Acttantt'niui I; 
rUnl --ES-S ■“ ' * 

• Lraru L’iilU.-laB 9 

• HigH Yield ;iM5 

• Arrom l.nil* , BS 7 , . , „ 

Ncaci dpaUng 1W6 August 33 

nrilies Official forest. Fdt 

Lnndm W6U.EC2N 1DB, OtJMIMB 

-uav July ii^.. . (234.27 — I . -J *.« 
cum July lfl [5* 61 — — 

1 njoith. Onh **«H#We 10 Reg. Otarktu, 

1 art or house Japhec* 

'Mertieu »r Re*. W4. 

U Inteman B{ 

■ c-irtL 1*9/ 

Vu* Q Tom- H iH ECSH flBQ 01«tf 4RB 


lAbnoo-i: ui»*' F 

Fund of inv T#i# j 
xAccwn t’nla> fi 


(ARam. rat*).- ,f 

Wc» f prf 

t Xccttm tinflas t 

B w wi r- — ^ — ,f 


Accum L’MIU i 


<M -Ol IJff 
594) -OB 1*5 

MJm -fD.5 


126 -OJ 

74^1 Tl 


975 -85 
130*1 -OA 
. 492 -05 
7«i ... 

90.7 -0-3 
X98.7C -OJ 

. Sli M 

m if 

205 *J 

•Current unit taluc August 10 

01-075802 enuader Insurance Co. Ltd. 

Yineula House. Ton-ecPU, Era. 01-C2BM31 rjrd! 

Gih. Prop. Aut 118} .... | - jj fc€ 

Eagle Star InsnxfUDdlaod Ass- rue* 

1. Thread newdleSL.EC! et-oBBlSlS pur#. 

EagtB'Mia.Giuta— }555 57 *j -0 *1 it* Cray. 

Equity ft Lav Life Ass. Sec. Ltd* k2S^ 

Atoemhut Read. HifkWg comb* 840*33377 Fwuiy... 

Equity Fd. 11215 i27«-o.9( — ' V 4 ' 1 ** 

Property Fd- 3073 1X2-^ _ - 

Fixed IntercitF. .filQ2 1X5.9, -OJ — 

Gid.ncpa#itFVL_n98 «&«_.. _ 

■ Hci sate 40101 tlXA* XX*.9| -03} — qenm ny;taj 

136JI 1- General Portfolio life tea. C. Ud* aa#^c« , Fd.Bd..;g| 

" SS5S?S^i*^^ *?*** ‘O- ^.xug. n. 

Fcrtfaito(^iuil.:l422 44.*j r_'4 — Meirliant Ittmtarv Assurance- 
Gresham' Life ass. Soc. Ltd. aK8;St,l*iqBmv»«j««». 

2 prince of Wales JM- BMioath 0203 7tHB3 Propehy ¥&■*._, J 

GECathFtfWl j97.4 10251 +01! — EqultJ - -.— — 

GE. Equity Fund — 1114.7 120.7J +63 _ Equtfl Pen*— 

U1 It F und ill* .1 UO 2 --tva — Money ilarget , _ 

GJ. Inti. Fund Jueo 236J| -*Llj — Money MU Plena. _ 

01-7(9 till GA. Ppty. Fo«l___]97 J 182.4J -r8J| — Deposit... — 

-~| - Growth ft Sec. Life As*. Sms. Ud* 

Weir Bank. Bra^-cm-Ttaniev ilerks. OfCSJOS* Mowed Peas. 

FlcldUo Finance _J 0208 I I — , ; 

landbankSett. — SOI I J - lefi. Stonagsd, , 

L™fcMfc»a AoeJlXM - NEL PfeSSlRB Ud 

G. ft S. Su per Kd._ j __ q. m 1—1 - MUwo Court. Diatea,KuiMy. 

Guardian Royal Exchange Nricx Eq. c#o__025 

Regal Exr hence. E.C1L 91-383 7287 & ffl- 2 

Property Boate-niBJ WX _ 

Hxrobrv Ule Assurance Limited * IS S# 

7 OM Park Lane, Lmukm. VI 01-4990031 q# 

Flxad IcLDep B2S.9 ‘ - 

Eqnitr .Bwi 

Froperlv — _ — — .11145 

.. 7T=-. jy 


FlxOdInt_3 Aur_15 .. 159.4 
Irt. AuilSZl 1395 
KftS GQt Aug. 19_ 1*97 

KlcSc.AOg.ia 12X5 

MngtlRIx. Aug. 13- 1375 
Managed Aug. 1&_ 151.0 

Money Aug l5„ U32 

Mone!-3Ang 19 _ 118.4 
“ 1 petty At i 15w J*7.* 
srty3Aug.l3_ 135.2 

CpB. Aug. IS. ECU. 

BSPnAceSAug. 16- 1335 
MsPnC3pR.\ug.lfi. 201* 
MaPnAeeBAuC.15. 248.8 
PnUnLPciLCgaB. 97.7 
FxdlnLpmAccJl— 98.* 

Prop. P*bu. Cap B H.l 

Prep. Plan Aec.B._. 97.0 
Money Pen. Cap. B MX 
Money Peh.Acc.B_ 971 
owta-w*. p* ? 

870927733 I Bttpernr Fund .OTSJ7 


1342 *U 
2471 +0 2 
1575 +i3 
1*45 +15 

146.9 -0.6 
127.1 -05 
144.6 +0J 

158.9 +02 

113.9 +01 
12*5 +01 
1*65 +01 
U3.4 +C1 
1282 +02 
1405 +05 
Z195 +05 
26L4 +11 

102.9 +08 
103.4 +85 
1015 +01 
1022 +01 
1015 +81 
1825 +02 

184.9 -05 

(MTtv Silver Trust pot.4 
Rlehmend Band 87. 174.9 

no. Rail Bum Bd 130.9 

Do.GoWBd.___. 114.0 
Do.Ba.p7 02 Bd.-.. 177.1 



Rothschild Asset Management (CU 

P.O-BoxMlSl Juliana CL Gmrneey. M8238S3I 

ClWe tnvMtm e uls Ueneyi Ltd 

P.aBox320.St_ Falter. JeTWV 1*53*37*1. O.CXqJYJulyai _W.S 

CUve GDt Fd-ICLi. 1954 9JM-051| 1158 **»*■■ 0514 

CUveGUlFd. 1 Jay,*. [9 .81 9OT^-a03 1150 O.C.Inti.Fd.1 tSi3* 

Scottish Widows' Group . 

PO Box 802. Edinburgh EKl 6 SBC. 0S1-86S 6000 j VAu *UsnO 

InvJ*ty5erie>! 1_ __IU35 U3.G 

I nr. Ply. Srrie#2 1875 U27 . 

Inv. Cash Aug 4. — 985 1035 . 

JWhAce Auc-2 — 144.1. 1585 , _ 

SS^Sgaftel ®.- :J 

JCornhill Ins. f Guernsey) Ltd 
I P CI Bex 157. St Peter Port. Guernsey 
I Intel. Man. Fd. 11695 U45] ( — 

Delta Group 

P.O. Box 8012, NiW»u_ Bahamas. 

Delta Inv. Aug. B IS2.99 211} 1 ■ — - 

Deutscber ImtetaunPTnut 

Ptetfach ZSS3 Biebergn jae 9-100000 FtinUinL 

ftmcenm IDSOBJ* ZLM .._.} — 

iuL Rooenfo nd* — |la5» AQ | — 

Dieyfus Intercontinental lay. Fd 

P.O. Box K37I% Nassau. Ba h a m a#. 

pBSaSM ILK} . ...I — 






O-CSmCoFiin j3J_ h945 
O.C. Cnmnjpdily _JM3.7 

O.C DJ r.Com dty.l _jSZ755 __ 

•Prices oa -Aug. 14 Next dealng Amt bi. 
IFHcns on August v. ftaoctanauag August JL. 

Royal Trust <C!) Fd. MgV Ud 

P Q. Box 19*. Raya! Tvl Hre, Jeoey. 033427*41 

RT. ItCL Fd. I It59 89 It >9+0111 100 

R.T.toLXaay.)Fd-l95 till 5l| 321 
Men ai Aug. E+ Next dealing Ang. 22. 

Save ft Prosper International 

Dealing to: 

87 Broad St, S l BeUer. Jersey 


TJLS- DaBar-demulnated Fund* 

IHeMlw.*** 195* 

1 ntercaL GV.« t — _ 8.11 
FarEntteni*t~.- *9.64 

North American *4- *55 
Seprw*^— P551 

— Solar Life Assurance Limited 

Emson.ft Dudley TsUVftJno’JUd 
P.O. Box 73. 8t.Heher, JemC^ ' 033*20691 
TtDiC.T- ..p*r ~ mst . } 580 SffiSS®SfcSj 

eurobond Holdings NX 

Handelsfcade 24. WHlemrtad. Cnraraf* 

10.'12 Ely Place Loodnn E.CJN HTT. 01 242 2905 1 1^“^° ^ 

NAV per aharo August ll JUS3IWO. 


+St Deporit 

St. Fixed**** 

'Prices on August : 


12? * 
m 2 

12 ? ft 

- SI ....-l - 








Solar Managed S_ A3Z.4 

solar PropmyS 1122 

Solar Eqifif>-S 1742 

OI-OTStm solar WMCfot.8 . . Ul.J 

Solar CashS XCS.6 — 102.9 

Solar MaaasedP„ 131.9 

Solar Property P 1120 

Solar Equity P 1735 

Solar FxdJntP 117 A 

Solar Cash P 1885 

Solar ZntLP 102.9 

0951-8^ — 
1182 : 

183.4 -14 
124 1 

®.9 ^ 

1B9J -02} - 

138.9 -0^ 

317.9 ...... 

1835 -Ul 

1095} -821 



"Adgnst ! 
r Initial oflcr. *ffnk>? DeaUnga. 

13551 —0.5) 

1315 -83} 

H7J +0lJ 
1103 .. ‘J 
1201 -021 
1845 +8H 



Son AUtance Fnnd TOangmt. Ltd 

Sun Al Dance House, Honrtuux M0364M! 

ExpJ’d.InL ilitg. 9,10562 16251 [ - 

lnUSu.Aus.13 | 0521 j J — 

Z F. ft C. Mfcmt. Ud Inv. Advisers 
1-2. Lxar+nce Foontnay HIU. EC*R OBA. 
01-CC3 4880 . 

CenLPd.AuE.9 | SUS6.D9 ] „.J — 

FideGty HgmL ft Reg. (Bda.) Ud 
P.O. Box 870. BmUtOa, Bermuda. 
FJd.riin-Am.Aaa — I SCSOT.7* [+0311 — 

FWM.lyIfltFl.ndJ J -- 

Fidelity Pttr.Fd_J SUSS651 l ..73 — 
FidrillyWrtdraZj 5US1751 -oifif - 

ScUnlnger Inte rn atio n al Mngt. Ltd. 
dl.UMoaeSL.SLHeUer.Mne}- 053*73563. 



uu. to. jeraey a+u 

InteLFdJ-smbrg. _ SllJO 

•Par East Fund JlOl 106} 

'Next sub. day August : 

Schroder Life Group 

Enterprise House. Ponxmouth- 

FldfiDtj’ Afgmt. Research (Jersey) Ltd MerualtouJ Pnuda 


Beehive Life Ajsar. Co. Ud* 
ri-Lomterd suEca. ' 
8U.tite«eAagl_l 152.08 

SlanagM Cap — - — 1483 

Managed .Arc 3X3 5 

Oreraeas _____ 129.1 

GUt Edged 125.9 

American Acc. 18*2 

fVn.F.Jjp+p.l’ap__ 1285 

01 -6C3 1288 Fra.F.!.DrpArc.— 138.6 

I ... 1 — Pea. Prop, Lap . _ ,1863 

-0-2} - 

Son Alliance Linked life Ins. Lid 

Sim Alliance House. Horsham 0403 BU 41 {Series B (Pact 

__ Equity Fund. . 1 

_ P^xealnterestFd ; 

iS |M. High St. Palter# Bar. Hem P.Ba.- 51122 Pcn.iaitEdcCap7to5 
7Jfc »»*mt Fed. Aug.7.J 

62 2 


Pee, Pirn*, act 

Canute Lift Assurance Co. ?£m£S5L ZSwj 

Pen. *7ilt Edc. Cap_ {1235 1304!.., 

Pea. GUI Edg. Arc.. .mi ZUft ..._ 

Pen. BLSLCap »4 8 1314; .. .. 

Pn, Bj*. Act. —11425 1585$ - .J 

&*v*n Ltd.* Jft8»gR:H ! 17 

Wc ^TJ iAS0N ' B < Hrans Of oak Benefit Society 

tU; __ ‘ 15-17. Tarfageck Place. WC1HBSM 010873020 MaaagttFcnd 

HeuTao'Oak. — _ 136.6 387) __ ) - 

HUI Samnel Life Assar. Ltd* F^ediux mod 

N 1A TVr.. Adrfiaconb* 1U1. Crov 014884355 

Special _ 

laNwi amts* - 

. fPTWMTuih 

Trx»rc • - — W65 

«i.4, -8J 
-8 « 

.IttXMBC. PO* 

Cure Fie _ -UD 
cum rntm. . 
yit tin- TW... . {Eo 

pijM-I nit*. . _.|35 7 — . - . ^ _ _ 

rice# Aagwt Id Next drallbg Augm 33. 

iiafurin Trast Shuagen L«L*f «Hg) 

MmR EC2M4TP . 

Krt.-aia . hj«.5 

ihlitcenn - . ml. J 1 
•yariltwalTM. griMi*. M-. 

’ie Hwrcc '38.1 

•nfedetstlaa fhnft Mgt. Ltd* W Pa&StMs S . .. 

. towuse.wajuafi ok| 4303«3 HanuUI* Itetegemcnl lAd 

jetii Fuad .-MM . ■ •_ «*U ... . J 195 M GeoRe'sKXy. StoretuagO. 0*385*180 
«ww» Ht*ti Fund Nanagcra. ' .ptuttl'®®*-— .?M • S98I It 
rotrt £>«■«. Umdon 8V13 BFJ. 1)1 -*1583211. C °- , 

iAyinrtliv';fh.Fd-(l|9 _ 2Ut J. 4.46 I4 , HT Grea h am St_ m*2v TAU . OlftMl 

S2S5?FuriS« -^J ;r4 ais -**«■£** E?* ms - } 1 
P8«iit unit tbl a«nL Ltd woo . jBS&T.' > RS • 35! '. -i 

china Crex^Edjnhurghft _ 83153**88 Mercury Puad iluujtn Ltd. 


IfnlW. ps_«* 

‘ Colls 00.19 . 

’KjS*C-Q22fc 12 97MUW - 
.___I*OC— 03*2 l*2d*d01, 

,'ZzKV alt 0357 ’143*1 .. .. 


^“^663- n „ 

lly U12 1875 -0-3| 

Ptvprtty 185.3 111.4 +0-1 

Maaagod 1810 206.4 -«u 

JWttl— . 03 1032 +02 

L 184 0 1181 -05] 

PtesJACc - 1045 UO.I .... —| 

Pro# Arc _ 1095 1357 +8 S 

_ ^A. Bms'Arc 103 4 W4 5 -ffl 3i 

*ad PewTAcc. 49 7 UU — J 
IJHtf PnaiACC. IL7 475 +0.g 

£SXF. (05 43.0 

ESXF Z. [21.5 .305 

. Cumm ystne Augud 

life Assurance* 

«Ptttpeity L*niU — 

Property Sene# A_, 

Mimaged i;n)« jl7S 6 

Managed Serte A-M3.7 
Stosag+d SerlesC-hlM.? 
Money Carta — _P2L 4 
MnocySeitoBA — mi 

Fixed lot. Scr. A (43.6 

Pna. Manaaed Cap_ }1425 
Pna. Hanaaed Arc- [1310 
Pna: GHccd. ranL-_|U6 8 

Paj.ffittiL.vt illic 

Pen*. EquStyCap— JM2.4 
PeuLEqul^ .\ce_lM3J 
railFxd.lEt.Cap — W.7 
Pnf.Fxd.Ini. Act — *4S 6 
Pens. Prop. r *8 — 1955 
Fn*« Prop. Arc *76.6 

NeIMxd.Fd.Aa_ [4*5 

Nett Sub. day Angnst 

NPI Pensions MuBigement Ltd 

48,GnceclmxchSt.EC3P8HB. 01-8834800 

Managed Fund J1J6J 1*25} .....J — 

Pnces Aaaw LMttt dealing SqpL 1 
N«4V zeahrod In*, Co. (ILK.) Ud* 

Maftlaad House. Bootbend SSI 32S 07026399* Hffllllw - riL 

Hi* i Key Inv. Plan .p585 m3]... - 

itaafl '-’a'f. FcL- Up 1105 -LB _ 

Tevbrp>.ug% T4___ gp DU -Ob - 

ExWinc.Fd Ml 10+3 -OA — 

American Fd— _ 1125 1175 -L4 — 

Far East Fd 1165 122.6 -15 _ 

GlHEdsedFij — UU 553 . . — 

Cro. L»epotit Fd._jW2 Ui3j . _. - 

Norwich Union tesarance Group* 

POBoaA NortWcb ,~ gl 3NG. OSOSSSWO 

1375) +0.1 — 

33* 7 iiinj -04 

2Z35 n2 T+U2 

WateriooHse^Den St_Sc HeUor. Jersey- 

0534 27581 

SenesAnntnl.) I £458 

-.-teeillel — 1 aa .08 

Series D (AblAmjI £2# St 

^ ud __ 

International Fd—. 
Deposit FUori_ 
Manag ed Fund 

Sun Life of Canada (U.K.) Ltd 

=.a,4,CocicsparSt.SWIY9BR 01-8005400 

Maple IF. Grth 1 2135 

MstdelXMaagd..-} 1985 

Maple LLEgtr. | 13*5 


— (First YTMn* Ccamnodlty Trusts 

tst George'* SL, Dooriax. loAL 

u- AAe-Tygnb+r ft Co- XAL. 

ffiqnhj - -- 

SEqnirt. 1415 

£ Fixed ] ptgregt. 1405 

SFSxed Interest M6.0 

CMnmKod 1335 

^Managed 0232 

1295 +ft«W — • - 
149.4 +25 — 

149.2 -52 — 
1127 +0,8 — 
1*2.9 -1A — 
1JL9 +28 - 

0604 +082. Uu. 

Ita Pall Man. London SW17SJH. 
F»L Vik. Cm. TSL _B32 J* 

Fleming Japan Fund S-A. 

37. run Notre-Dmne, Liamnbeuri: 
Fleming Auguat 15 | SUSU55 (+174} 

X Henry Schroder Wkgg ft Oft Ltd. 
im Cheopside. E.C2- O15E84O0O 

_ _ — - -— jj,. 


lil] ...J] 056 

uOTtsttaafedflM a s 

795) i 150 Asian »L Aug. S__gCS30S 35 ... ti 

Darling PmLZ_ ‘ 

Japan rd. Ang. 10 

Target life Assurance Co. Ltd 
Tarxet Honxc, Goiebou&c Rd-Ariwbnn'. 
Buns. AyleabuyiOZMiSHl 

•Nor. L'mt .sag.13. 

Man. Tnnrl Int- 

Man. Fond Arc 

Prop. Fd. Inc. 

Prop. Fd. Act 

Prop. Fltlm-., , 

Fixed IcL Fd. lne.| 
Hop. Fd.Acc.Iac_. 
Ref. Plan Ac. Pen. _ 
Rer-PUnCap 3%r__ 
He£_PLi nMan-*cc. - 

— fteI-PlcnUaiiXap_ 0215 

1M.7 Ui5[ 

rv ( Mo.o 

10U 10721 

fe M 




Phoenix Assnance Co. Ltd 
+-5 RmcTUUanst-iwiP+xte 01-8289878 Truutalenutlonal Life Ins. Co. Ltd 
Wealth Ass -_[117J 124.0j -D9! — 2 Bream Bldgs.. EOUNV. 01-4036 40? 

StISfes: gi 

Its, Crsaforc Street, WUfTAb. D1-48G0837 Man. Pen. Fd. Arc. . 137.7 

R Silk Pro p.fM 1 UU j ...I - Mmtgd Inv Fdlnti- 1035 

ge.Btawj-M- 1 732 I - MogilH-X-Fd Acc^ . !lBJ .7 

Flex H«ei Bd 1 1505 } ( — 

Property Growth Assnr. Co. Ltd* Trident Life Assurance Co. Ltd* 

Leon Hoa#+. ■tiqpdini.GOta ILU 01*5800605 RrosU-te Hon#c. G1 <mk-ci,Ut fHS2 35341 

Free World Fnnd Ltd 

BatUcBefal Bldg, Hmrfltbn, Bermuda. 

NAV July BI— 1 508190 J4 1 — I - 

G-T. Management ted 

Fwrk Him.. 18 FhHbuxr Circns, Uiudea ECS. 
Tel: Ol-ma 8I3L TLX: 888100 
London Agents for 

AnctKK-’B - Unita f 

Anchor Gih Edge _ 

Anchor lm. Fd 

Anchor In. Jsy. Trt . 


Berry Pac Ftrlg _ 

G.T. Asia Fd— 

GX Asia Sterling. J 

C.T. Bond Fund 

G.T. Dollar Fd. 


Sentry Assurance International LUL- 
P.O. Box 336. Hamilton 3. Bermuda 
Managed Fund PCSUU 1QS( ( — 

Singer ft Friedlander Ldn. Agent# ' 

tt. Cannon St-.EC* 01ft«S!WM 

rwiafoads . jamiA jdmj .....j sjs 

Tokyo Tsi- Aug. 1-4 SL'SOTFO 

zoo Stronghold Management limited 
1279 P.O. Box .lift Si H«lzer. Jersey. 0534-71*80 
2D0 CammodiW Twsl [WAS qjjaj [ — 

S: ja ' Surterest (Jersey! Ltd (xl 
159 Queens Hna. Don. RdL 8t Haller. Jsy. 0934 Z7249 
tii Awwiraa lnd.’r 8 v _ KBA7 8*m-fla7 

1605 _... 




i ilwusc. dupci AabWTmn n9022e»i Imperial life- Asa. Co. «f Canada 

*> *z rri r rl ' 29&S | I - la D+rtal House. Garidtard. TjStt .VSba+NaLFund.. 


Magna Gp.* 

fflwar*-® 8 

. sa- 

Linked Pwrftete 

i^Jl v .}gB_ _ 7XH _ 

iCqtnuvraSa. VxbndOT UB81NE asm SS“J ^ 

d Ear rev 

175 " 


Scew* Cap. Fd —,|«6.6 
EtnmjrPund— ; — U«02 

- .*8 ftnxx Fd_ 
.■a.lcterari’) .... 


-8* 15s ^'Siwbwtii-.BCSPm. 

3aM £2 Hrcoatoi lB.«nft 

2Sa JS Atr5M.6i£TC.m8 

At<ftso-:_. (J4* ; sm-«3 BJ ' 

• scretitmmy l'ait Fond Managers 

BlenrfWJEUlT’aMYftL 01-«S44W fflSEa, J 5Sgv.-’C**f.^ 

.y;-eahftafcaa u+» <» 

F. mnetwatef .Frind Mngt- Ltd courtuMd (*«»+, Btbvr ntn+t, Bjui 
Ue+rj.Fra . •• ShriUftASI^T ^TetPWa 

■SlWInriwrtCT, U7\ -UU ...|. 521 ConmwUtHtGw ~ 

.wither O'ttwrtM : ..- n%. ...{ *26 noAteaw.-j]?!. 

turn ft MngmiiL Ud rEgfeiCX' 

Arfiiifiionft.dlM.— . - Q;! 

*, a p-dfeyTti V»* : »at . .: F-388 }*: *** **-.’ ■.‘r- 

iUliafi Sec*. Ltd (ei-Hgl ."■ o^5«Ja 

'■ Westminster Asfitr. Co. Ltd 

H«ne. 8 Uhltriumte Road. gty 

HO 21 A- DlWMt Prop. 

WdMgrif.ECT i-:, . . Bl-mUBl {S c K?^* r r 

■fra«rte in.2 -1SR.HM M*-rfitfrSS^r. , T3 

{Hits- ft T+w I'h. Tr. M.*liefl«ewo . 
hnl-agiliil.Hwh^YCBA*. * 

#ny ft Law — -,JhJ 

ft . .588683377 Do. Aretnv* -.nfitl 1120! • i .5 69 

7S 2} -86} 18 *Pri«ia at Ji^p nx^t dealing Anguat 3L 

81.51 -8.H 
qiq. -git 

4*8, -»■ 

ni| -9.1 

§3-3 -34 


Ttn -0 

1 Royal Exchange And, London £C3V 3LU. Tel-r01-2S3 110L 
Index Guide as at August 15, 1879(Ba»e ufi tt Idl .7*1 

. CIJvcFimkJ Interest Capnal,,,*.,.., : 132.07 

Clivf Fixed foterert Income,-. 114.65 



♦ Props 1 rtyGrowth - ; . C...L W 5 *** ■ 

tVanbrngb Guaranteed ^j... ... 

- • ‘ MiWtm -abwn under Insurawr and Proprm Bond T«*Wr 


»jr, — 

Irish Life Assnnnee Co. Ltd 

lLFlMhttfySqnate,EC3. - OI4C88233 



. ---"nqullj ArF. -i+1.7 64.41 +0 1| 

■Faod pwr+ntiy dastdla new in-wtemK. 

^aaneCnHg-^. } ZBlfl | i - 

Property Fund——, 

Axn2 y ibus . -VJ-— _ 
AjP+T N*L Fn® - 
Ato+rNn-FiL 1 

TnxcCnea: Fd-tAIJ 

E^tt? fy F\un1 _ 

Stones' Fncil -■ — 


Artu»x«I Fnnd-_. 


«• awn 

King ft Sfaxwn Ltd 

iso* sir r A « cs -T - 

— ( 

010235423 Cenr. Peas. Fd.. 

Karres KTTOSEi'. 

i^ali lehUL, ..SB.* 

1>*. Arcag- .9*5 

End Ijr Initial J1387 

Do-Arenw __._J338 

Fixed Iniuat .5X87 

JVt. ACCDBt <1215 

lnH.lqftiri UC8D 

IWAtm . DB62 

’ oi-mstsm 

CttgftS SS !■.-.! = {Jr 0 ”®- 

■e ■ Lqa) 

PmEbdentlra Life Inranncc Co- Ewaptc+tbinB.- g75 

oi-naossi j?*-***^ . - ■ PfY 

.ShudFd Cxo3tpt_HD2J2 Itiild . 4 - £»■'"?». era. Ct 

Nett dentine dafie Angus* ML P^s-Fd ___ 

tengbam life Assa ranee Ch. Ltd. 

LanflJjaro Hn. Hehcbrcofc Dr, NV+ 01-3033131 PropJV uit'xp.ltt*. 

l+USlrtM’A'Maa-Ml 68ft &V\VV,* — _..So* inJ . | - SfeStt.capja-. 

»Spi Man 50)761 20ft] . . — PmLneuI Life Assurance Co. Ltd 

Legal ft General (Vail Assnrj Ud ss.BDbopx^te.ECg. 

littgaeri. Ko’iue. KtiSfHMed. Ta^nroni. Prpr. Fd - 0B4 127. 










1 * 6.6 






-I - 


r Amcrii^B- 

. i Yield 


BU MS— . 


Fried — 

Growth Gap — 

Urtnrtb Arc. 

Fens- Itoyd. Arc. _ 
Pens. Gtd. Bap .Cup.. 
Pen*. Ply- Arc— 
Trdt. Bond ___ 

*Trdt.GJ. Bond 

'Cuh nine 

TJutUlI Asstirincc/Pr nsiohsT 

18. C+370g* R 0+d< Bristol 08 

S-tF+j-Aug. 10 J 

Equity Ang. 10— — I 

Hang Ang. 10 

Frwpmr ahc. jo.. 

Powell Abj£. I !L 



Gartmore Invest. Ltd Ldn. Agt*. TSB Unit Trast Managers (CJL) Ud 

Is. St- Mai? Axr.LondM.BC9. 0:-Z£B3331 BncatellnBdSLSarlnu. Jertey. 0S347345* 

Gartm+ce Fund HngL tFar Eun Ltd. ieiaej' Fund 505 535ri __ J 4.48 

1303 Huteblson Hr*. 10 Harconrt Rd. H-Eonif Guernsey Fund— UC5 535^ ._ . ( 4.48 
R)> ft Pac. U. T«t._ gHCt « 3 g»!t ...A 250 Prtc** on August l£ Not sub d+y August 9L 
japan Fd. — 0 60 

g a" SJO TO ten Pacific Holdings N.V. 

GarteMte Inwrimrol Dm. Lid. latimi# Xwugeiattl Co N V. Cmcw. 

PAL Box 33. DouBl«*5®2lr 063*2291 1 NAY per share Aug !4 SUSIOjC 

{GgrtmorelntLIneTaSA j+.U . .J 1058 
Gartmore Inti. GrthfSa 78>3 i. 1 

Baailiro Pacific fhn} HgmL. Ltd 
3110. Connauchx Ctatre.'HftaE Kona 

BSfflSiSt^rBW 43^3 = 

JM Tokyo Pacific Hldgs. (Seaboard) N.T. 

Intimri Mjnacem+nt Co. N.V, ruraeno. 

NAV per abarr Ang 14 SUS51.03 

Hwnbres Bank (Gaerns^i UUU 
Hamteos Fd Mgrs. (CO.1 Ud. 

PO. BoxSB, Gnanuey 0481-^321 

CJ.Kbnd -11543 

IntnLBoad srsjlMJS 

Tyndall Group 

r.O. Box 1354 Hindi t+n S. Bermuda, Z-E7M 

1.9 , 





O iwaarc AnC-9 

tAeenm. cmrii— 1 
3-W«rlM_Juiy20 — 
___ TOFSLAnglO. 
its (Arnnn. Shares 
*zn Anmrknn Apg2tl_ 
XSO (Aermnshuteii 



tint. Equity 5USto36 
j jnt- S*b*. 'A' SUgftjtt 

Meet m ^usi id .*Jna Aa-usTS ?^S .aSA£ 
Henderson Baring F oaA Mgn. Ltd 

HG. Gammon Home,. HqaitsW. 

VSrtnry Boapr. IM+eU+i I*le nf Kan. 404 ! 
Managed July 20 |19L2 13751 - ( 

Westminster Anar. Sec. Ud. 
fy 4 1*0 *9 01-684 Son 

(SSacrJB 1 TO’-};' 

jOvteirrcial -Union Group 

S*3su«4fy LMM.SC3A 1HE 

-11655 -._J — 

& si 

MS* “+W - 

288,9! *A1[ 
•uaT . . ' 
i37ft -a* 
1499; -Or 

tax *42 
inv -ii; 
US5; -i3 

3320; -8.4; 

1348 -83j 


ftcacnl ftnfi hastens 1st 

— i 

Bcfih Beate 53438 *Tnr.CxiiF«i 

Gtir Forad». 

3 wpy Pen. July 20 
._ . Om9lnr.Asg.10. 
OI*347BS33 34E.P05-W Aus. I 
Do. Equity Ang 1_ 
(m. Bood Angt- 
Da. Prop. Ang 1... , 





nl |, 








Vanbrugh life Assurance 

41-43 Maddox St. U.i.RIRPUX niAOT+SZl 

lltMHd Fd. 1153.8 lull -0 ft 

EtrAlHW. 3*8,2 xtia -\A - 

Intel. Fitcd UBSJ 1UJ -1ft — 

n«*l Intent I'd ..114? 5 17BJ +Cjf — 

PrrpenyFtL _U*35 1509 . 

Casa Fund 0LU.6 125.J . 

+t» — 
+£ft — 

Qmopl Eqty, bitt_Jl23_2 

Pe.Arctt at ^12275 

Esempt Fixed igitjU35 

lk>. AretSiL. 1254 

Esrmpl Stof* j»Jt «5 
Dy.-Wrum— UU 
EnnpilYojbftte-. 17ft 
Do. Acenm. ______ *9.9 

iQteUli Insurance Co>- Ud 
sbCahtWiLlLcn. -- oiftasaiifl 

*»j Tl = 

jGrtdJt ft Commerce Insurance - 
jlM.R+*enJ Sl.LWMlon BlgSTE 1|i-497BSl* 
C.fcCaagO.,Fd___ (U28 - -.132 0} ..( — 


u«3 ,.._ 

123 3; __. _ 

-rr?i] __| 

ptelT^^dProp. WLMvL Li 

lL«neMYiiftrtiSl-ECC;*TP «4«SC» SEP. 

LkCTtp5d_Au* + 146.7 28T7I _._l — 

Next auk day. 5rpL i, 
life AhsmvCo. «f Ptensylntnla 

to+d ■jt.trjr^SQ 8:-4238330 

Hi-OPEnrtjL_. .- ,+4C 28+s; ; ._ 

Lloyd* Bt Unit Txt. Xnxra. Ud 

?l ImattSSt-EK’. BJ'ftassWi 

Ettaipl_ w _ 0012 137 i; t 7A2 

uvn _ 

agfl .. 


Prudential Feudns Limited^ 

Km'ber'-B+W.ECUdgn, CM859322 

EapA I’d. J*- (Q7JI , 28,921 _ . .1 __ 

FM-l+LAu;. JL-.K9.48 19 a3 _ 

Prop. fd. Aue ‘S— £2656 2732 —.j — 

Reliance Mutual 

m , , °5 ! ^ 71 Vanbrugh Pensions Limited 
Rothschild AsMt Manage ment 
&gtfdhitLBBe.i*)n8aa,BC4. 0;-6£fl<sJ0 


Royal Insurance Group 

NqwmUFUtt.Unarowi. 051239443 

Royal ShieW Fti.-+D«5 153.4; , __j _ 

HUJ-Samuel ft Co. (Guernsey i ted. 

8 UPtirtre SU Peter Pon’GOertisw r > 

UueraasyTn ...... |1*L6_ -27+01-13; 359 

Hill Samuel Overseas Fund S.A. 

.17. Hue NntrcJjnme, Uwenbenrc 

(93S8S Zgi-OC*’ — 

International Pacific for. Mnjt. Ud S. G. Wartmr* ft Co. Ltd 

PCI 30 x R237. 38. Pin S i. ftfiniv. .U151. 

J avalln Equity Tor..fSA257 2281 I — 

l id Intni. Mngnmt. (CU Ud 
It. Malcaetar Sued. Si ttelier. 3eney. 
rjAFond-. — tasiui uun.. j >j& 

United States TsL Iifl. Adv. Co. 

14. Rn« AUringer. tdscesdxnirg 
LATtl.Inr.Fnd._l S12J4 l-fllll( 088 
Net met August 13- 

41^3M»d<Snj<a,Ldn.Viaa_A 01-4894833 

souttged ;a#n7 imjj ~sj\ - 

ss3jj Z01 — 
ItQjJ +05| — 

Gcanateod «ae Ten Base Kn«’ tab!*. 

nt+hrt M;. 


DopaiRPm - . 


•as^j -r 

Welfare Insurance Co. Ltd* 

a! «ao WtetedePartEaBw 0382-32) 3S 

lOMUratt ytoacrnafcerFd — ( , . U8J J [ _ 

Psr atber lDad+ please refer to The London ft 
SJMchcater Group 

Windsor Life Assur. Co- Ud 
Royal Alb*n H#+_ Shrct S*-.^ Windsor 
Lite tar Plwis. .._ 1692 728; . 

FstunsAnti.Gtiiiai.i 2LB0 i . 

FuteroAtoiLGiton. } **« 

Roi A*dlW.. .J ^55.90 J . 

n«A In* Groisti: .',1057 »1 3} .... 

t _ 

JJE.T. Managers fJF ersey) Ltd 

PD Bm 194. Reyri Trt. Hac_ jbp^gtm 27441 
lertey LstrnL T«L_jzy6jO ’ ww .. [ — 
AS at Jtis 3t- ?»iaa tab, day' auCbk 31- 

Jordlne Fleming ft Ca,.ud 

(oa Floor. Connaught Outre. Boar Sons 

JmUl+FMB Tm I 
J+rdloe JVp-Fd.-^ 


NAV July 3L 




HW1M 1 .. .. - 

Emrinitac 1,'SW320. 

Neat sub. Aoeuc a, 

30. ijfcitiaai Street, ECS. 

Gone. EtL Au- 15..I SUOTOT 

Enc.lui.Auc W I SCSU73 

GrSiFdJnL-3l_ tV5?33 
MercEWFd AugS-fiCSiS U 

Warburg lnvesL MafL Jrsy. ted 

1. OsarintCrttK. St Heller, Jar.CT 0834 9741 
CW( 14d Jnls27-_pi'W|« 

CMTUti, Jnly27__ 0520 
Metals TsL Jbte 20_ EIIOT 
TOT Angus 1 1, IiySJS 

TUTLW.Anc.ll— &L« 

World Wide Growth Management^ 
JUa, Bonler+fd RnsL Laxenbonrs- 
WorUejde Gtfa F«fi SL'SUJt 1+006] - 


•uhmi+ 2 •*' * PteaSuai, estttf “hero i mlltttefl y. and are ir. pence ar.le#* nther+^tt 

“{“yatnl** colamai. aflo y far afi borne expeSSi a oeerod ptice- 
i^^SL^jLoglgaa g* .* T» d»’a p-i'pt.v l '«M taged on oiler price, d r .riny.ari. a To+l*w'i 
•‘roem 1 c ^ WCJ P Pjpodie pr«WWfl lasnrascesUs? a Slr.Sk 
£“St«S 3| .°tT+rtt! prtrc ’? c Jji. d *L e^ropt mjfi rcmmwoit 

OfTered pn«( me] 

v Net of us on 

. r"j 


■Financial Times T^tu^day . August 17- 1. 978 


I Wet M W®S 

rf*' m .4 




BANKS .& HP— Continued 


Rl | I I- «f TteH 

Lw I Stork * | £ ] — {liLlSet 

“Shorts" (Lives up to Five Years! 

98ft En-kSpr'JMKt M'/J SOS 

101,1 Treasure U;pr7!ttt lOllial +,*« 1130 B.2 

14ft Treasury jpcTlt; 95ftol 333 fci 

Win Flertr.r4-iw 74-73... 9a 4*3 71 

99ft Treasure WMvTSti.. 301 + ‘ 10.40 f 5 
Wft EleMncSftprT*'*.. ®5ft 3.46 7J 

’%,! Treasury 9*.- IP8K1-. 99ftfl! 

97>| Treasury Sftpr R'ri „. 90 

92 1 j TwawTr&.pe’TUn-.. 94ft 

9?ft Fundjmrakix "*««.. 941* 

. _ 103, l , P*ch«;iicr 13pc ISMS 304,1 

®9*.I Treasury llftpcISRIti 301 ft 

8S 1 * TreaanxStfcliTJMI. 90ft 

t 9aft TreasniyOftpt 1931# 97 A 

. 911 EvcK»iprl98l 94>, 

941. Eich S-pe I9R1 96ft 

\i 05 "a &ch 3pc 1881 86>.d 

,* 15 V« Tims Variable ‘81 if _ 95*. V 

102-i Exrfi ttftpc IPS It; 1041, 

91 ft TreasEftpe 80-82*: __ 93 U 

K r * {Treasury 3pc ‘ffitj... .. 35 

. lOt 1 * Tiearor 14prl££. .. 108 Art 
. 94ft Treat. Variable TJty .. •M 1 , 1 , 

It’s 89ft Treasury Rftp: C 92 

100>4 91ft prlSC 93, ir! 

94 ft «1 ' H Exch PUpr 1982 A 93 

9611 {Wj Exch.*ftpr!3S3 91ft 

79ft £«h 3pr W 81*50 

?a 443 

101 *}, 10.40 

IS ft 3.46 

99fta) 933 

99 .... 960 

94ft .... 3 72 

941^ 5-58 

104,'. 12.46 

Ml ft ... 1134 

901a 3.E3 

97 A -ft 10 03 
94ft *■£ 875 
96ft *U 

85*.«a 343 

95ft .. 983 

104i* -ft 12 22 
93 d . . 9.07 

35 353 

08ft HT +ft 12.93 

92 897 

93ftri-ft 9.90 
93,-, t-ft 9.91 
91ft +ft 956 
81ft«d 3.68 

U7* I 
HJ*h Lac ! 

55 42 I 

2 65 

as aai 2 , 

41 79 ; 

42$ 265 | 

87 68V 

■ 160 140" 

S p -Wp 

599 594ft. 
DM91 DMSiil 
97 94 

U.S. s 


High Low 

Hub? 14 A « 55 

Iceland fikpCS"*-® 66 fll« 83 ..... 

DoakpcWefi— 79U«I .... 
Japan -ips "13 Asf. 400 -25 

Pn0pc8M8.^ - 71 

Peru Ass 3pc 140 .... 

SGlfiLpcIMO— 75p 

TunhSkwlffll S94ft 

Turin SjpriSW.-. DM91 

Lrngua>S:pc 97 

& DM prices exclude inv. 

4:, 5.06 

- 12 JO 
71; 12.42 
9ft 12.63 

61; 8.6! 
9 W 
- 6ft an 
3 ft 3.61 
S premium 


{4- «H Di>. 

- Grets Cfti 

. ,.100i;lTreasun- !2pc IPKl^T _ 102 ft nl -*- ft 11.70 
OVl 89% fTrei«iire9‘ipr - C ...) 92ft l-t}. |l0.03 

Five to Fifteen Years 

9? Frrh 10j*- 13R3* ... . 94?, -i, 10.64 

SOft PuBflioE i’Pr 83>; -1, 663 

86ft TreamnBiipc itMKt 89ft -ft 9 63 

77ft FutidrnsS.-pc "8S-fl7tJ_ '80ft -ft 826 

T°h TrearajyT\fcW.S8tt 81^ -ft 9 51 

60ft Transrnrt3wTTMB 64 ft -ft 4 66 

-a 64ft Treasury 5pr 8689.-. 68>; -ft 7.49 

101ft Treasure 13pc !!WHt . 106ft -ft 12 36 

77 ft Treasure, 87 SOU 81ft -ft 10.27 

92ft Treasure 11^ ISSW . 9Sft -ft 12.13 

67ft Furvdinf Kftp? 'Sl-SItt . hT\ -ft 8.74 

r j98>; Treanjrr|;>^,-TC.“.. 303ft -ft 12.44 

64ft Trr.-iim' tOrir 1PK 86i-n! -I, 11.55 

| 97ft Exrh.ISftjK'JC . 99ftrt -ft 12.44 

Over Fifteen Years 

1 9fris Trwsuiy 12i’P<'.9MJ... 101ft -ft 12.43 

60 ft rundircfin: 1095“ _ 62ftri -ft 9 53 
104U Treasury I3ftpr liTOJJ UC T e -ft 12.73 
110ft Treasure Uftpc 'Kti— 112ftui -ft 12.32 

97 ft Ereh ISl;|v ll« lOOd -ft 1248 

Tbft Treasar Ppc'WtJ 81ft -ft 1132 

,,93 Tre.«ure I2nr TB5 98 -I, 12 34 

ft 43ft i',;s’.rr-»SS 461* -ft 661 

82-4 EcctinftpcIPSfi . — 87 -ft 11.88 

**3*j Treasure 12 1.0C list;.. 1051 c -ft us 

7Sft Tre.K'jrePw ffi'fiett... 77ftsf-ft 1145 
3,114ft Treasure iSftpe 96U .. 121ft -ft 13 01 

I 101ft Etflwauer ISftpr «6t 108ft -ft 12.62 i 

I 42ft Rntenpuojilpcipnf-M- 45ft -ft 6.82 
,100ft Treasure lSUpeTlTt* . 105ft -ft 12.63 

98ft 85 E\cfirqncr1l>ijpt [PUT. 86ftd -ft 12.07 
SSV 74ft Trea?ure8fti>r 19PT;t_ 75ftd -ft 1L53 

72-4 60 Treirure *6re Uf SRtJ 63ft -ft 10.91 

135ft 118ft Trear. l'ftpe'fiftj; 125ft -ft 1299 

99'j a 3ft Ent llp r 1SW 99*4 -ft 12 47 

90ft 77ft Treasure «n.n-I9£«:c 81ft 11.82 

%ft 83ft Treasure Iff.-ocinSP... 89 1215 

15 EublSr WCflSrdt. 15ft 12.49 

34ft Fundin^wWM „ 36ft -ft 9J8 

67ft Trean-re 0p.- TC-OSti _ 70ft -ft 11.80 

<7 Treasure l'-re 0R-U“. 47ftd -ft UJ2 
62ft Tren-urj TVpc'IMSJt. 65ft -ft 11 94 

" ‘ 97ft 1246 


Unda ed 

371, 30ft Orsnftlp— 

37i, zoft War LnanH'.-nct; 

3 a: 4 33 Crm W;pc «a 40. 

28ft 23ft Treasury r,nr MAH .. . 

24ft 19ft Cnnr<4t2»pr 

24 39ft TreainreSi’pc.. . _ 

I3»j ASA 20ft 

60ft AJ!FS*;Cmi.’87.. 60 ft 

22 ArnxSl 31*4 (B 

21ft American Express ■ 29ft 

11 Amer. Medic. 2nt_ 22ft 

969p A« re oi nc 12 

18ft Beker ItMal.Cwp. SI ^ 25V» 

ll^a flames Gm.»j — left 

22 BCMUxCorp.Sn^-. 32ft 

13 Edh.5l«lSB 19«l 

SZSp Brown's Fer rl Pi. lift 

857b BnmsoickCarptUL 13ffl 

41ft BumraghsCorp 55 63 

30ft CBSS2'D 47ft 

28*i rrc.Sft 39ft 

32ft Catena 11 art 46ftnJ 

17ft Oiawim^LSIlj- 26i; 

lift iTiesehrooehSl^ 19ft 

765p Chrysler S6ft 948 dm 

13ft Citicorp S4 20ft 

r:3p Citylps.5125 13n 

14ft DaCm.Prf.B51.. -ft 

12ft Coftale-P.Sl 16M 

29 Collin dsS I 31a 

15ft CoQt. IllineisSlO — 24ft 

17 Cool Oil S5. — — 22d 

20ft Crown ZeiL S5 28ftd 

20ft Cutler HamtwrSS. 43 

22 EaionCrp.J050 SOftrf 

17ft Esnurfc 22-ft 

28ft Exxon n — 36*;ri 

670p FlresoneTirel — 96/n 

lift First Chrcapn 19 'b 

20ft FluorCwp Sft 30ft 

26ft Fort Motor S2 35i;tf 

16ft GATX 23ft al 

42ft Gon. Elec>32i| — 42ft 

15ft Gillette SI 22ftni 

28 Honeywell 1L»._ 53ft 

750p Hatton EF Ifert 

lR I.BALCnroH 223d 

34 la;enoU-P.S2 47ft ol 

735p lot SsftfitBkCon SI 19ft 

705p I.L'.inlernalionalU 939p 

18 FTawrAl.Si]- 26>4id 

29 Mart . Han Li SIT 54 30 

26ft Morgan UM'5S25 38ft 

12 horuHSimre Inr.SL 15n 

13ft Chreo5-IU.Sai2.i_ 17ftd 

14ft Qiwieri'isL'VSSa- 19*> 

15ft RoliuieeS0 25 26fta 

16*4 Bep.\ Y Corp.S5_ 29ft 

11 ReitnnrtS.'i 15 «d 

14ft Sjchdm.-linllSlft 22ft 

255p SauliB. F.'Sl 498p 

1»; ShdlOilSl 25bd 

ll-« Sin*»rSW-_ 15ft 

22ft Sperry Rand 1050- 37ft 

18ft TH Wine. SI ft 31d 

18ft Teniwco 23?sri 

131 KFi La.Sk. S.’ gj 152 

505p TenroPil SMi.HS, 812p 

16ft TirraroSfi25 20in»d 

22ft Tinwlnc 37ft 

S65p TransaraenraSI_ 13ft «d 

21ft l : Id. Tech. SUSS 38ft 

17ft VASiwIJI 21ft 

lift Wool worths Rh;.— 15 ft 

2Bft XemCorp SI 47ft 

385p Xnursinc. 10c 805 p 

10ft ZafaiaCorp. 25c.._ 137, 

List Prnniuni 52U*V biased on 
Conversion factor 0.6572 

ilj® - 

-ft 30c 
-1; 40c 

-lft 64c 
-ft 90 r 
-ft S2.2B 
■ft 9U0 
-ft 40c 
-ft 70c 

-lft 52-00 
-lft S2L40 
-ft 52.50 
-lft IL30 
-1 S2 20 
-ft 94c 
-29 S1.00 
. . . 51.06 
-ft S1.00 
-ft S2 
-ft SLOT 
-r 52.10 
-ft 5132 
-1; 51.40 
-ft 5110 
-ft ♦Sl.nO 
-ft 52J25 
-ft SLB4 
-ft 53.20 
-9 51.10 


-lft 51.20 
-ft 53 20 
-ft 5230 
-f 52.20 
-1 51.60 
-lft 52.20 


-2 51152 
-1 5309 
-ft 25c 
-29 95n 

-ft SL60 
-I 52.00 

-ft 5220 
-ft 76c 
-ft SL16 
-ft S1.04 
-ft 15c 


-1 88c 

ft $1.80 
.. 80c 

ft 5132 
t; 51.80 
ft 5100 
.... JD?i 
7 — 

ft $200 
lft 51.50 
ft 80c 
ft 5200 
ft 5L60 
ft 51.40 
ft 5200 
-25 7ftc 
-ft s3ue 


Trlex: Editorial SSG34172. 883S97. .^dvertiscuHnits: 8S5033. Telegrams: Fi nan l into. London PS4. 

Telephone; 01-2-18 8000. 

For Share Index and Business News Summary { n Leaden. Birmingham, 

Liverpoal and Manchester. Tel: 246 S026 


AmstmiaRT P.O. Bn* 1206. AnKterdanvC. 

Trlrx 12171 Tel- 240 SSS 
Birmingham' iirorv Hwi«. Cwrw Road. 

7rlv\ 55S «PP T* 1 OUl-JW OSB? 

Prenn Prr'^-.hju^ 11 iM HcurasUcc 2-10- 
Tclo IWSM2 Trl SlW» 

Bni«rcU- r*J Rup Diiraln 
T<-I«-x ZlSXt rw SIZ4VB7 
C aim P.o Pm JAW. 

Tol mss to 

P*iMii». R Filfwilll?ni Squam. 

Telex Ml 4 Tel: 785321 
F.rlinhuKh- .TT C.nnrRr .STrort 
Telex- 77484 Tol aU-=® 4120 
Frankfurt- In Pnchr-cnlac-r S3. 

Tries -nraffl Trl .5S5T3-1 
Jrtwnnefibiire: ro Bo* 2123 
Telex F-tOT Tel fiaa-TMS 
Luton- Proca da AKcna .W-ID. Li»ben 2. 

Tries 12.T33 Tel 3(C -'4» 

Madrid. Esnronccda 32, Madrid 3. 

Tel: «1 6T:2 


M^nehwter: Quern's Hoose. Queen Street. 

Trie* fiGBBia Tel 061-834 9381 
Jl« cm*- SadonvSvnMechnnyfl 12-24. Apt, 15. 

Trli-X 7800 Tel: 29* 3748 

York: 73 Rockefellrr Plara. Tff.Y. 10019. 

Telex «0«J Trl '.212i Ml 4«2S 
Pi*rix rig Syr du Srnlirr. 7WW2. 

T.le, 220O44 Trl: 238574,1 
Hi- dc Jiwm: Avon itln Fre«. Varga': 418-10. 

Tel 2S3 4M8 

Fnn*;- Via della Wercedc 53. 

Telex 610:12 Tel: 678 3814 

fiiorithnlm e o Sixnsha DasbladeL Baafainbsvasen 7 
Telex 17503 Tel: SOffl 88 
Tehran: P.O. Pox 11-1670 
T-tcx 212KU TeL- 8829PB 
TuLto mh Floor. Nihon Belial Phimbun 
Rullrljnp, !4>-5 D'-cmachi. fhlyoda-ltu. 

Tries 1 27104 Tel: 241 SBflJ 
W^-hmeton- 2nd Floor. 1325 E. Street, 
n wash melon P.C. 206 W 
Telex 443KS Tel: KM2i 347 8878 

L44 33 

406 6 

0.65 W 
4.13 6 

tlJS 2-1 

*12 73 3J 
K3-J0 - 
4.94 * 

391- 5 3 
IUS232 23 
th2.64 25 
itLTO P 
(953 22 
3.75 5.0 

5.M 24 

♦-7.69 0.2 
rt929 3.4 
Td7J7 L2 

7.7? -63 
9« 6 ■ 

2-3 * 

7« 69 
i tnm 



b . 9 .a«sib 

4.7] 6« 

sJ 64 

11« 93 

86 9.7 
64 (&B) 
4.8 99 
41 9 2 
7.7 6 
6.1 T9 
6.0 7.0 

3.3 4J 
1 U 6.9 
Ui 7.4 

49 « 

8.4 72 

4.6 18.0 

6.7 7.7 Cmrse Hreiw-. (Trrerge Road. Manshesfer: Quccti'? House. Queen Street. 

Telex JBMVn Tel 021-4M 0«2 1 °l«* 668813 Tel: 061-834 WSJ 

Edinbursh; 37 Geerpr Street K E" r . v * r,s ' 73 Ftockefeller Plaza N.Y. IMIS 

Telex 7-Wt Tel- (U1-22W 4139 T^l^x 23S009 TeL i21Ti 488 8300 

Frankfurt Ini SJch-enlaEer 13. P ^£T ® ^ SentiCf. 7500E. 

Telex IfCffl Tel 354667 Telex 220044 Tel: 23H86L01 

LredK Permanent House. The Headrnw. Trttp Kauhara Building. 1-6-10 Uchikanda. 

Tci. 0532 434080 '-hlynda-ku. Telex J 27104 TeL 293 4030 

<hTCP*ew adi-erti?eroeri. repncyencaticee in 

Central and Scuih America. Africa. Uic Middle e«ul Asia and the Far East 
For further details, please contact. 

Overseas Advcrtiwmcri Department. 

Financial Time*. Bracken House. 10. Cannon Street lAmdon EC4P 4BY 


Coeie* eMiinahle from reu'agett's and bookrtalb u^rldu-iitr nr on rrRvilar subscription from 
Subxrrinnon Pepartnwn*. Financial Tlmea. London 




27 'lift 
Ml; 45ft 
*40 16 

57 1 42 

60 j 26 I 

Sigh Lav 

'56 134 
ib* 220 

W, TOj 
112 9S«* 
24 20 

65 45 

41 35 

m 92 
38 28 

82 61 

390 C72 




30 I 3 ? 

95 I 64 


51>* 39 
15 lb 
305 149 
32*? 23ij 
■121? io 
1» 76*? 

480 375 

45 32 

33 28 

110 68 
47 23 

£204 900 
721? M 
95 76 

43 32 

« ■ 341* 
68 • 53 
164 128 
120 99 

■ 49 38 

56 43lj 
70 36 

373 333 
143 102 





+ uH Dfg 

- 1 |Cir|&M FE 

-1 12.99 ( 5JI 3.8f 75 

119 j 88 

106 I 82 


100 (Pauls ft Whites— 



30 (rUsSri'wis. Wp 

; 25 
274 1??6 


I 24 

37 +2 

S 3 

5C? .... 



-Jj ttJLS 

-6 1 

-7 It4.13 


85 cl 



, nths 
Imdevonlm — 1 107i? 




fcl IS 




Tokyo, Japan 

•N«w Japan Securities Europe Limited 

1. hiMffrft, Lk' r .''.gn EiL2fi tSJri 7c; 606-6751 8 
•Ftfenl.fnii Oltirr 

MINES— Continued 

1.41 3.8) 3. 



iff 1 

. . — rr n 

V«J load lav.. 34 

C 70 

50?. 81 


761? 65 
77 I 42 





1 ro.ijc 1. 

Sharpe tv NT 

Js r rre»k , )rt i J8p 




Richard: m . .. 


lo : 97 
211 z 
_ ,147 
3.8) 30!: 
3.7 j «*r 
4> S 32 
Ml 106 
6.7 1 »34i; 

m g 


2.44 11 

1J3 11 

t4J7 n 




Pr;l** PWC* 





4.4 * 
*« 54 
S3 6.5 
Sit 81 
2§ 59 
83! 7.3 
3Ji 94 



TTi Taw- 

302 f-6 U43 


1U (-1 <385 
45V ’ U ** 


t»ta» othenri** IsdcMri. prtaM end npl Avlitratfa wrn to 
peace md denocUa*rioa* are Zip Eotlmaled n Wa u iilap 
ratios aid cm its are taxed m latest aairaa] report* ud accounts 

I and. where patalMe. ate updated on half-yearly figure*. P/Eaatv 
calculated an the basis of aet dfttrUnttbni: bracketed figure* 

, IwBcaie 18 per ceaL Or more difference If calculated on -air* 
<S«tri notion. Corcr* are based an mg itautn " distribution. 
■ 1 Yields are baaed no middle price*, are urn**, adfcnded t* ACT of 
?? M per renL and allow for mine of declared dutrUmUaon and 
,1 righto. Securities with draanutpHoo* other (ban sterling era 
<P»ot*d inrhdte of the investment dollar premna. 

A Sterling denominated securities which include investment 
dollar premium. 

0 Tap" Stock. 

* Highs »n<! Lew* imrked thus hare been adjusted to allow 
for Tight* Issue* for cash 

e Interim store Increased or resumed. 

1 Interim since reduced, passed or deferred. 

=5 Taa-tree to non-reldenl* on application. 

* Figures or report a trailed 
»r L nlt-ded rerurit>. 

0 Price at time of suspension. 

* indicated dividend idler pending *crip and or rights issuec 
rover relates 10 jTe'imi* dlnrtends or forecast*. 

* Merger bid or reoisanintinn in pregrea*. 

6 M» cotnparablc. 

* Same interim: reduced Onsl and or reduced earning* 

} Forecast dividend; ewer on earnings updated bp latest 
inionm statement 

' Cover allows- tor conversion ol share* not now ranting lor 
dividends or ranking only for resinned dividend. 

Jt Cover does not allow for share* which may also rank for 
dividend al a future dure. .No P~E ratio usually provided. 

* excluding a finnJ dividend declaration. 

* heciooai price. 

II No par value. 

a Tas tree, b Figures based on prospectus or other official 
estimate, c Ccnta d Dividend rale paid or pay able on part 
of capital: cover based on dividend .in tnQ capital, 
e Redemption yield, f Flat yield. K Assumed dirldend And 
yield, fa Assumed dmdend and %idd after scrip Issue, 
j Payment Irnro capital sources, k Kenya, m Jntcnm higher 
ihun pretious loial. a Righu issue pending q Earnings 
based cm preliminary figure*, a lliv idemd and yield exclude a 
fpcciaJ paytiH-nL i Indicated dividend; curcr relates to 
previous dividend. P E ratio hosed on latest annual 
earnings, u Forecast dividend: cover b*sed on prin-louayear* 
ir-rning* r Tax free up to 30p rn The C. w Yield allows for 
:um-n«yclau»c. y Dividend and yield bawd on ittergwr Verms 

1 DiviJmd and yield include a spiyUd pay metil: Cover does not 
apply 10 special psttnoii: .1 Nit dividend and yield. It 
VrefTcncc dindrad peeved or deferred. C Canadian. E Issue 
price F Dividend and yield ln»'rf on proip»rtas or other 
•uncial niimBies tie 1399^1. G .A/vumcd dividend and yield 
after pending scrip and «r right* i^«uc H Dividend and yield 
based on pruapecni.' or other ufficial estimates for." 
IP78-7P K Figure? baW on pmspeefus .ir .<her official 
.:*umate« for 1BT8. M Dividend and vieid based on prosperim 
nr rtner oflu'ia) edimsuir for IO >’ Tbiideod and yield 
based va pro«peciu* or other official e»liroaies for 1913. P 
Figures based on prospeMu* or other official «*rtire*les for 
l(rra-7P. C| 'irtssv. T Figurev a? -u rued. Z Dnidead total to 
date, ff Yield na ;ed m asvumpiUm Trossurr BiD Rate fix’* 
jochanged until maiunty of stock. 

Abhrcitatlnn*- arx dividend: ccx «npisvee c esTtgbw. t»ta 
dll: d ex capital disinbuiic-o. 

■■ Recent Issues " and •• Rights " Page 2 

This am ice is available to **very Company dealt in no 
stock Exchanges throughout the United Kingdom for a 
fee tf £4M per annum for each security 


The following is it «1 or lion of London quotslioD* of share* 
previously Ijtletl in regional irarkct.- 1 Pricer of Irish 
is'ire* .non of which are not nffli'iilly listed in Loudest, 
ore ax quoted on the ln*b eschanGe. 

[Albanrlnr 20p 
.'.shSpinnine - 


Mj’»ir Let. S0p 
Clover Croft ... 
r*v«i.r>iH. A.i,\ 
Kill# A ilcHdj 

L»e:eti „. 

rife Force . . 
Finlay Pkg sp.. 
"-rjicShip. t1_. 
HiC'tnivBn?* .. 
I O M Stm tl . .. 
Holt • Jos i2Sp .. 
N'h't Mdiniib 
PewreT H 1. 

peel Mills 

iheMi eld Brick 

Sheff Rsfrffarat.J 62 1 

Sind^fl ■irti' I 205 ) 

font 5% '&> Kl 
Alliance £>15.... 

Amott . „ 

• urroli P J t . . 
Clond.ilkin.. ..j 

1 'mere* !• 
Hciton'HIdgs. ■ 

ln« Ciwp. • 

Irish Rope*-. . 
Jacob .._... 


i. nidare 


3-month Call Rates 


I.'.' I I 28 iTubr Invest... 50 

.v.6r*'* - 6»» “tsipi" 6 Lntlevcr 55 

,\ P Cenu-nt . 18 ICL. 20 i. :d. Drapery! 71? | 

B.bif _. — 9 Inve-cik 8 V|ekms . . 15 1 

pa bench.. . . 11 KCA 3 tVoolwprthi_J 5 I 

Bank 25 Larfbrokc - 17 

Beecham 35 LepalftCen... 24 Prope rt y 

Bout.*. Drug .-.. 15 Lev >emee _. 7 pri* t - n H w. 

8 f cai&wStJS. 

2rtritri riirVgen' 6 I-^nOon Bnc'lt 5 f^ u ^' ! 

Bn.iuu'J.i. 20 Lonrno.__„ . 5 L»ndC<ws 16 

BiirioTi 'A' — 12 Jjicaslnds — 25 y:EHr rl . “ 12 

Cadbury 0 .... .. 5 lionsiJ.i. ..... 18 pn.,.v~ ■ 

rvniiTiioM* ....[ 20 "Mare," 7 Aaimie 1 VrnoZ" 9 

DWM*tai» - * Mriu. tSpr.qr 10 "C. &S 

nTifillcn. _• i 15 Midland Bank 25 - ** 

j'ili-uai jo .... i _ •* i-i - .. — - “ itni* 

21 Nat *> :. 3nL 22 | _ _ . . 

7 0] f.’I I .14 Dc.Wi.-runU. 10 |2ntPetrcej3. « 

2 J *I 14 

Con Arc idem i 17 Pin Did, B gumah OO. _ 5 

lea Eleefnc lfl Pl«5-ey_. ... 8 Charternfall.... 3 

vJI„».o - « ft H.a . - - . S f /jeli 23 

■JnrpdM-i. 9 Rank Ore "A - 1* L'ltraniar .. 2a 

i-.fS V 20 Heed Jntnl 12 

:iiardian 18 bpillerj: ... 3 Stine* 

■J- ■' • ■■■ - Zjj Tmn .. . 4 Charter Core ] 12 ; 

Hn«kcr?*4it.. M Tnom . 22 >. on-. C*o!d ... [lfl 1 

acaifrt rnwr. *2 Trust Reuses 15 pioT. Zinc. ' | 36 j 

A tfcleclien of Optier.* traded i« a:ver. on the 
London Slock Ekchwnce Report page 




From only £1.50 per week 


13 Upper Brook Street, London. W1Y 2HS 

‘ «v. :.w ' • 

J^Simply the twstinclustrialerd 
<xjnsbix^^cGmpressors . 

01-629 9232 

Thursday August 17 1978 

• Rsddilch r? — = 


U.S. may ease curb 
on S. Africa trade 



Barrow losses 
at subsidiary 
may top £4m 


Consumer revival 

THE U.S. Government has 
informed American companies 
operating in South Africa that it 
ia considering softening the 
embargo it imposed last Febru- 
ary on the supply of all U.S. 

goods and technical data to the 
South African armed forces and 

It is believed lhai Washington 
may in future be prepared to 
allow deliveries of certain non- 
sirategic goods to these bodies. 
Items beinc mentioned include 
tyres and pharmaceuticals. 

The move follow.*, Lhe dis- 
closure that South Africa's 
imports from the U.S. have fallen 
sharply since the beginning of 
the yuar. According to South 
African trade figures, purchases 
rrom the U.S. during the first 
four months of 197S totalled 
TLI87m. about Rum lower than 
imports during January- April 

The U.S. Commerce Depart- 
ment is believed ‘n have ordered 
an investigation into the decline, 
particularly since imports from 
South Africa's other chief trad- 
ing partners— the UK, France, 
West Germany and Japan — rose 
substantially during the period. 

The U.S. embargo has already 
cost several American companies 
valuable business, the most re- 

cent example being ICL’s con- 
tract to srpply the police with 
computer equipment valued at 
about RSm. Two American com- 
panies. Burroughs and Sperry 
Univac. also tendered for the 
work but had to withdraw after 
Washincton banned deiiveries 
to the police. 

Play on fear 

The U S. Government has also 
been reluctant to authorise ex- 
port permits for equipment de- 
stined far South African bodies 
concerned with the administra- 
tion of lhe country’s black 
populating as well as tbe atomic 
energy authorities. Burroughs, 
for instance, had to withdraw 
from deals worth R1.5m with 
Bantu administration boards 
when it failed to obtain export 

Washington has also appar- 
ently decided to classify traffic 
authorities as “police," which 
means U.S. companies will not 
be allowed to trade with them. 
It is uncertain to what extent 
U.S. companies' non-military 
business has been affected. 

Several non-American com- 
panies candidly play on South 
African cusinmers’ fears of be- 
ing cut off from American sup- 

plies to generate business fnr 

Some U.S. companies concede 
that this tactic, with general un- 
certainty about the future of 
South Africa-U.S. trade relations, 
has persuaded several South 
African concerns to switch 
orders to Eurooean and Japanese 

Others say they have not been 
affected. Kodak says it has had 
no loss of business “ because 
we're American.’* Mr. Tom 
Brown, general manager of 
Burroughs South Africa, 

declares: “ I don’t kno wof any 
deals which have not gone 
through because of anti- 
American feelings. Some 
customers ask questions, hut we 
point out that the embargo 
applies to certain Government 
departments . and not to 


• This year South Africa has 
obtained well over 3300m in 
loans, especially from West 
Germany and Switzerland, with 
tbe assistance of British financial 
institutions. Mr. Leslie Harriman 
of Nigeria told a UN 

conference on racism in Geneva. 
Sir James Murray, the British 
Ambassador, defended UK links 
with South Africa. 


BARROW HEPBURN is bracing 
itself for lasses of as much as 
£4^2m in its Glasgow subsidiary 
where “serious irregularities" 
going back several years came 
to light late last year. 

At tbe same - time it is taking 
legal . advice as to its rights 
against third parties Involved in 
the affair. 

In its last accounts the Jpatiier 
and chemicals group provided 
£945.000 against its exposure to 
the problems at Schrader 
Mitchell and -Weir, its hide-deal- 
ing subsidiary, and also called in 
Glasgow detectives to investigate 
the possibility of fraud. 

At that time the company 
warned that the true costs could 
be “very substantially greaier” 

Now accountants. Whinney 
Murray, called in to conduct a 
special investigation, has warned 
the company that its maximum 
exposure is- likely to be £4.2m 
before tax. 

considering legal action against 
both “individuals and groups." 

The company did not have 
adequate insurance against 
irregularities such as these, 
v-htch might involve fraud, and 
the management therefore had a 
responsibility to press for tbe 
maximum restitution open to It. 

On the basis of the pre- 
liminary reports and following 
two meetings with the Glasgow 
Fraud Squad, the company now 
felt it had a possible case. 


Quaker stock sale. Page 4 


The precise figure will not be 
known until Whinney Murray 
finally reports in abend another 
two months. 

Yesterday, Mr. Richard Odey. 
Barrow's chief executive, con- 
firmed that the company was 

Yesterday's revelations accom- 
panied interim figures which 
excluded results from British 
Tanners Products. Barrow is now 
a partner fn BTP with the 
National Enterprise Board. 

Because there could be a 
further £lm write-off on BTP as 
well as the threat of £3m further 
losses at Schrader. Barrow has 
decided not to pay an interim 

Only last May, Professor 
Roland Smith, the chairman, told 
the annual meeting that 
dividends would resume their 
regular pattern this year after 
last year's final dividend was 

Sharp fall in Japanese 
current account surplus 

Toolroom workers 
threaten strikes 



TOKYO. August 16. 

JAPAN'S TRADE and current 
account surpluses fell in July, 
according to figures released 

After seasonal adjustment the 
decline was quite substantial, 
leaving Japan's basic balance — 
the current account surplus less 
the country's long-term capital 
deficit— almost in equilibrium. 

Japan showed a current 
account surplus of Sl'.05bn in 
July, down from 92.35b n in June. 
Her trade surplus wa.< S*2.7hn 
compared with S2.9bn the pre- 
vious month. 

The deficit on invisible': was up 
slightly at StRSOm. while the long- 
term capital deficit rose to 
S1.40hn— just below the record 
Sl.-iShn set in May. June's long- 
term capital deficit was S1.04bn. 

Japan’s basic balance thus 
showed a surplus of $650ni 

hefore seasonal adjustment in 

The current surplus and the 
trade surplus were each 32 per 
cent higher than in July last 
year, but the increases were due 
entirely to price changes caused 
by the higher Yen. 

Volume indices compiled by 
lhe Japanese Ministry of 
Finance showed exports down 8 
per cent and imports up 4.3 per 
cent compared with levels a year 

Seasonally adjusled, lhe cur- 
rent account surplus was 81.5m 
and the trade surplus S2.1bn. 
Seasonally adjusted imports 
showed a larger increase than 
unadjusted imports because 
imports of food amt non-ferrous 
metals are normally slow in -July, 
the Finance Ministry said. 

On a seasonally adjusted basis, 
the surplus on Japan's basic 
balance was only $94m. 

The generally stable trade 
statistics concealed considerable 
variations from country to 
country. Customs clearance 
figures released earlier this week 
showed that the U.S. trade deficit 
with Japan was nearly constant 
at the levels of the previous year, 
while Western Europe's declined 
sharply as Japanese exports fell 
and imports rose. 

The UK showed one of the 
bast performances, according to 
the Japanese figures, with ao 
export rise of 23.5 per cent in 
yen terms and 81 per cent in 
dollar terms. Japanese exports 
to the UK fell 15 per cent in yen 

£14m compensation 
for ship company 


FREIGHTERS i* to receive 
£14 m For its nationalised ship- 
building subsidiary. Austin and 
PickcrsgiH. it was announced 
yesterday, a day after Hawker 
Siddelcy agreed EfiOin com- 
pensattun for us two aerospace 

Mr. Stanley Sedgwick, inanae- 
irg director, said he was satisfied 
with the compensation given the 
Cun -train is of the Act. 

Under lhe Aircraft and Ship- 
building Industries Act. 1977, 
lhe compensation paid depends 
«n the notional Mock market 
value of the business in the six 
months ending February. 197-S. 
Austin and Pickersgill fared 
much better than must ship- 
builders since 1974. 

The Government has settled 
with three or 1 lie 15 groups 
whose unquoted interests have 
been nationalised — the third 
bc'iig Swan Hunter in July — and 
is negotiating with most < the 

Interest now is forused on 
Bnnsh Aircraft Corporation 
which was owned jointly hy GEC 
and Vickers. 

Vickers said Inst night that 

negotiations had started hut wok 

particularly difficult in relatinn 
to the corporation. whose profits 
had increased substantially since 

Vickers’ shares rose 5p to 195p 
yesterday and other companies 
with settlements to conic also 
gained ground. Yarrow rose lop 
to 290p and Vosper ISp to 20Sp. 

Payment of the compensation 
will be particularly welcome for 
London and Overseas, which 
made a loss nf E4m in 1977 and 
stopped paying dividends. The 
annual report Mated: “ The cash 
generated b ylhe fleet was an 
insignificant sum compared with 
attributable outgoings. The 
result was that the group's cash 
resources, standing at £S.58tu at 
the end of the financial year, 
were £8.74 ri less than at the 

The company has been seeking 
agreement with its bankers for 
the deferoiem of loan repay- 
ments with the guarantee of the 
Swedish and UK Governments. 

Thes moratoria nn debts arc 
still being sought. Mr. Sedgwick 
said yesterday, although possibly 
on an amended hasis after the 
compensation settlement. 

London and Overseas has re- 
reived £5.5m of the £14m by way 

of payments nn account. 

Japanese figures have consist- 
ently showed Britain as an out- 
standing export performer this 
year. For the first six months 
of this year. Japanese statistics 
showed imports from Britain up 
39 per cent Britis hstatistics. 
though, put the rise in exports 
to Japan at only 14 per cent. 

Neither Japanese nor British 
officials claim to be able to 
explain the discrepancy, but a 
partial cause is that Japanese 
statistics include non-monetary 
gold, while British statistics 
exclude this. 

TWO GROUPS of skilled workers 
whose disputes caused serious 
disruption in the motor industry 
last year, yesterday threatened 
further trouble. 

Lucas toolroom workers, who 
staged a 10-week stoppage last 
1 year, voted in Birmingham yester- 
day to stage a series of selective 
strikes from next Wednesday. 

At the centre of the dispule is 
a productivity scheme deviser! in 
September to halt the last strike. 
The men claim that the company 
wants to replace the scheme, 
which could yield up to £8 a 
week, with a fiat rate £3 payment. 

After the strike vote by about 
1,000 men, Mr. Ron Morris, the 
j Lucas union’s tool croup secre- 
tary. said: “ The . company has 
reneced nn its agreement We 
are hoping they will see sense 
before nst Wednesday. 

Also in Birminaham yesterday 
leaders of the BL toolmakers 
who caused a crippling strike in 
the company's car factories last 
year, called a meeting of their 
60-strong committee for Septem- 
ber 2 to decide the next step 
In their fight for separate 
bargaining rights. 

Their leader. Mr. Ro.v Fraser, 
warned lltut they would have 
to consider further industrial 
action and said he hoped for a 
" positive resolution " from the 
September meeting. 

“Wc have explored all the 
avenues and it appears we have 
only one option left," he said, 

A further blow to peace in the 
motor industry was delivered 
yesterday when shop stewards 
representing 1,500 machine 
operators at BL’s Bathgate. Scot- 
land, truck and tractor factory 
rejected an Instruction from the 
Amalgamated Union of Engineer- 
ing Workers executive to end a 
strike which has halted all 

The men are demanding extra 
pay for operating new machinery 
but the ACTEW executive decided i 
that under the terms of their 
agreement with the company i 
they should do the work. ' 

Mr. Gavin Laird, executive 
member for Scotland, said after: 
the shop stewards' decision that 
the company would not negoti- 
ate while the strike, now in its 
second week, continued. It is 
possible the shop stewards trill 
report the executive instruction 1 
to a mass meeting. 

• Mr. Moss Evans, general secre- 
tary of the Transport and 
General Workers Union, told 
foreign journalists in London 
yesterday that his union would 
be willing to back • BL if the 
state-financed company- decided 
to make a bid for Chrysler’s 
European operations. The 
Government, he said, should not 
he forced to welcome the 
Peugeot-Citroen offer for 
Chrysler simply because there 
were no alternatives. 

The performance of engineer- 
ing companies this year is going, 

to depend to a large extent; on 

how close they are to the con- 
sumer. The message from Tube 
Investments, fnr* example, is 
that there is no sign of any 
revival in demand from the. 
capital -goods sector. So -the 
modest improvement in overall-, 
pre-tax profits from £27.3 m to. 
£31.4m for the first six months’ 
can be traced to a sharp 
improvement in the domestic- 
appliance division, tosethervrith 
lhe interest saving effect of the' 
rights issue a year ago. For. 
The rest, steel tube remains' in.: 
the doldrums, except in those, 
sections closely linked to the. 
ear Industry, while British. 
Aluminium shows little change 
— though compared to Alcan-. 
(UK) this is : a good perform-; 
ance—and among fhe other 
divisions the swings just about 
cancel out the roundabouts. 

After the 25 per cent jiimn 
in first half turnover achieved 
hv- the rinmesric appliance divi- 
sion. with pre-interest profits 
£2 .2m higher at £3.3m. a further ■ 
substantial advance is in pros- 
pect f rt r the seasonally more 
favourable second half. Cycles, 
ton. should nick -up after a dis- 
qnpointing first rix months when 
the late 1977 strike left 
orohrems in its wake and 
Nigeria was hit by price ennr 
trols. now eased. So long as 
nther sectors remain reasonably 
stable, advances in these areas 
should allow decent overall 
growth for lhe full year, per- 
haps to the £65m pre-tax 
region, against £55 .2m. The 
danver remains. though. of 
further industrial troubles, like 
the Desfnrd shutdown which 
affected steel tube profits In the 
first half: some croup companies 
are already starting Stage 4 
negotiations. As for the 
shares, tin 8p to a new 1978 
| peak of 420o. main appeal con- 
tinues to lie in the generous, 
yield— prospectively of 8.5 per 
cent ■ 

(bdex fell 1-2 to 510-0 




£iq IT] Otter .' 

O 1 "f T I * ' I 

wai 1975 1978 1977 1978] 

The indications are that Wool- 
ivorthis getting to grips with 
its expanding clothing side, 
which caused such trouble last 
summer, and with the highly 
competitive food business where 
another 40 or 50 outlets may 
disappear this year. -Yet this is 
against the background of a 
favourable retail environment, 
and. a profits rise from £46.Sm 
to, say, £55m or a bit more this 
year would not mean that the 
long term problems had been 
solved. The yield is' 8.9 per cent, 
covered over 1} times by pros- 
pective earnings. 


Wnolworth’s pre-tax profits 
are 37 per cent higher in the 
three months to July, which 
only represents a recovery from 
a dismal period last year. And 
a sales gain of. under 15 per 
cent is probably a shade below 
the retail average. . 

However, the rise in half-year 
profits from £1 0.9m to £12.6m is 
ahead of budget and comes 
after a number of specific cost 
increases recently. Pension con- 
tributions have gone up, there 
are double running costs on a 
new distribution system, and 
annual spending on the stores 
is up from about £3 5m to £18m. 


Only a cnuple of months ago 
London *nd Overseas Freighters 
was saying that a £5.2m interim 
compensation payment for the 
nationalisation of its Austin and 
PickersgiH shipbuilding sub- 
sidiary was “but a fraction nf 
the total figure we are looking 
for." Fnr all that.,it should be 
well pleased with the £14m total 
compensation it has secured. 

Given that Lofs lost £4m last 
year, passed its dividend, and 
faces a pretijfr uncertain future 
in the tanker market the auth- 
orities could possibly have 
screwed' tighter terras. As it is 
Lofs has only received £lm less 
than Swaii Hunter even though 
the latter’s interests were mak- 
ing roughly thre.e times as much 
as A and P back in 1973-74 — 
which is supposed to be the 
relevant period nn. which com- 
pensation is based. Admittedly, 
A and P has been one of the 
most successful (and profitable) 
UK shipyards subsequently, but 
even so the agreed compensa- 
tion looks fairly generous when 
looked at In the contest nf the 
group's current market capital- 
isation of just under £lOm. The 
shares should open above their 
30p suspension price when deal- 
ings start this morning. 

At tbe end of March Lofs 


After adding back £5.5m o( 
South African provisions and 
£3.0ra for Australia, UDT’s pre- 
tax profits of £17ra (against 
£l2.2mi do not look too bad 
especially since last year’s 
moneyspinner, the International 
Commodities Clearing House, 
chipped in £2m less. However, 
after taxation, preference divi- 
dends and £4.9m of extra- 
ordinary items, UDT's retained 
profits only crept up front 
£Q.5m to £2.2m which shows why 
the group is still not paying an 
ordinary dividend. 

The group now' seems to have 
cleaned up most of its overseas 
problems and lhe UK instal- 
ment credit operation has been 
surging ahead. However, the 
recent rise in interest rate*- will 
put a brake on progress on this 
score, and the group is still 
having to rely on the "lifeboat" 
for close to £300m of funds. 

BL pay hopes. Page 8 

Continued from Page 1 

President Carter holds talks Dreamland Group 

C r 


.had liquid resources of £13m 
(Including cbe compensation 
stock), to which must be. wicked 
another £5m, say. from ship 
sales. Meanwhile, the balance 

of the compensation due 

(£8.5m) roughly cancels out the 
£9m of loan repayments and 
interest due tiris year. Lofs has 
to repay another £24m of loans 
over tbe next few years, but U 
is far more comfortably placed 
than it was a mouth ago when 
■it announced it had applied for 
a loan moratorium. ; 

, trin 



Philips's second quarter 
figures have turned out to be .a 
lot better than those for Jaitu- 
ary-March. and were promising 
enough to send the share price 
up hy a guilder to FI 26.5 yes- 
terday. Sales were up by li 
per cent on those for the first 
three months and earnings rose 
from 1.9 per cent of turnover 
to 2.4 per cent. Also, the half 
year figures were an Improve- 
ment on the management's very 
subdued predictions in the 1$77 
annual report. Sales were up 
10 per cent by volume .and 7 
per cent in guilders (the 
strength of the Dutch current? 
remains a problem for Philips) 
whereas the company had been 
looking in April for an increase 
in cash sales for the year of 
only 2-3 per cent. The manage- 
ment remains reserved about 
profit prospects however. Half 
year trading profits are down by 
6 per cent and earnings are only 
sustained by a tax adjustment 
and by a healthy contribution 
from a joint venture with 


i ;v v ‘£t' -.j 

2 > Trip 



committee, urged the Adminis- 
tration not to be panicked into 

Walker joins Tory team 
for campaign tours 


the fast .senior moderate Con- 
sen atives kept uut in the cold 
h» Mrs. Tliaicher, Is to under- 
take an official speaking tour 
during the forthcoming 
general election campaign. 

The Invitation from the 
Conservative campaign com- 
mittee. which has burn 
accepted, confirms recent 
speculation or a reconciliation 
with Mrs- Thatcher and 
increases the prospect of Mr. 
Walker's return to a senior 
Government post should the 
Tories win the election. 

Mr. Walker, former Industry 
and Em ironment Secretary, 
and Mr. Heath will he the only 
tw o Tories outside the present 
front bench who will under- 
take official campaign tours. 
Mr. Walker. MP for Worcester, 
will have no specific role but 
wilt fulfil an arduous scries of 
engagements in marginals in 
Scittiapd and tliroughonl Eng- 

News of the- Invitation will 


come a' a relief to many 
moderate Tories who believe 
that the inllurncc of Mr, Heath 

and Mr. Walker could balance 
the effect of some nf thr more 
Right-wing shndnw Ministers 
in what premises to he. a 
highly aggressiv c campaign. 

Mr. Walker, Mr. Heath's 
campaign manager In the 
leadership _ contest with Mrs. 
Thatcher in February .1875, 
has wanted In return to the 
Tory front bench for some 
time, but he has- continued to 
take a» . Independent and 
trenchant line in hLs speeches, 
and it is only recently that 
Mrs. Tluticher’s suspicions or 
hls attitude have waned. 

Nevertheless, Mr. Walker Is 
known to be unhappy about a 
number or recent Tory policy 
development*, particularly the 
emphasis being placed on law 
and order and cutting hack 
coloured Immigration. Should 
these issues become prominent 
In the campaign hls official 
status could be an embarrass- 

But the Administration it 
seems has become aware of the 
dangers that the falling dollar 
— which make imports more 
expensive — now poses to its 
attempt tn curb the rising 
inflation rate. 

Inflation for the first half oF 

1978 was running at an annual 
rate of 10.4 per cent. 

At the same time, tbe trade 
deficit, which was S16.5bn in the 
first six monlbs of this year, is 
running now at ao annual rate 
well above the S26.5bn recorded 
in 1977. 

The Administration feels that 
foreign oil imports have been a 
big cause, and it cannot be ruled 
out that it plans to impose a 
surcharg' on oil imports. 

The Administration's difficulty 
is that the dollar's decline is fast 
hrenming a crisis of political 
leadership as far as the Foreign 
exchange markets are concerned. 

Foreign opinion is increasingly 
alarmed at the rate of U.S. infla- 
tion and the Carter Administra- 
tion's apparent inability to 
produce a credible response. 

The President has ' ruled out 
wage and price controls of the 
Nixon variety but has failed tn 
win the acquiescence of 
organised labour in a policy of 

pa> restraint. 

Indeed, relations with the 
American federation of lahnur 
-congress of industrial organi- 
sations have deteriorated badly 
ro the past week or so with Mr. 
George Meany, federation presi- 
dent, making no secret of his 
lack of confidence ip the 

In addition, the hick of con- 
cern from Congress Is alarming 
the markets. Influential voices 
have not been raised on matters 
which might have reassured 
foreign opinion, such as saying, 
for example, that tbe projected 

1979 budget deficit ought to be 
radically reduced. 

At the same time, however, the 
President is seen to be in per- 
petual difficulties in piloting his 
policies through Congress from 
energy to tax legislation. 

The dollar's recent problems 

have been deepneed by a 
weakening of confidence in Mr. 
Miller. His statement at the 
beginning of the month that 
interest rates may be peaking 
towards the end of the year was 
seen as the adoption or a more 
henign view on inflation and as 
possibly weakening nne of the 
props which has helped the 
dollar through the spring and 
summer: the differential between 
U.S. and foreign interest rates." 

Most economists tiiiak there is 
no immediate solution to the host 
of problems which are weakening 
the dollar and that pending a 
much tougher Government action 
the Fed must increase interest 
rates and. in the process, reduce 

the supply of U.S. bank reserves. 

This would cut the rate of 
econmic growth and inflationary: 
pressures in tbe economy, it is| 
claimed. I 

Europe's Largest Manufacturer of Electric Blankets 

Traders believe that the Fed 
funds rate, the economy's key 
short-term rate, was boosted 
yesterday from 7 per cent to 
8 per but this is thought to be 
insignificant in terms of what is 

Within the next day or two the 
Fed is expected to raise the dis- 
count rate on borrowings by 
member banks in a further 
attempt to assure the world that 
mnnelary policy will not be too 

Record Half-Year Profits 


Continued Increase in Electric Blanket Sales 


# Pre-tax profit- unaudited - of £254,300 for the half year 
ended 30th June, 1978 compares with a loss of £21,400 
for the first half of 1977. Profit after tax was £174,000. 



DRY. occasional rain in NW. 
London, SE, Cent. S England, 
E Anglia. Midlands 
Dry, sunny periods. Max. 23C 

Channel Is., E, Cent. N, NE 
SW England, Wales 
Borders, Edinburgh. Dundee, 
Aberdeen. Highlands, NE 

Dry, sunny periods. Max. 20C 

N Wales, NW England, Lakes, 
Isle or Han. SW Scotland, 

Sunny periods, perhaps rain. 
Max. 19C {66F). 

Argyll, NW Scotland 

Becoming cloudy, rain later. 
Max. 16C (61F). 

* Improved order position for Group’s range of products 
reflects continued confidence within the trade. There is 

growing acceptance of the electric blanket as an all-year- 

round product. 

* Orders for the Group's Alarmline fire detection systems 
continue to grow, .. 

Orkney. Shetland 
Dry. bright intervals. Max. 15C 

* Interim dividend Q.45p per share net- 1977 Q.4p ■ 
equivalent. . . 7 . . . 





Got nn 








B. Aires 












H, Kortn 




V Via » , 


'C ‘F. 

F IS fil l.'Urcmb'jS 
S -S. ST Madrid 
s 40 nn Maiviisrr. 
F 57 fljMVIlmiinte 
C 14 37 1 Mexico C. 
s 53 H: Milan 
F 24 «.i[ Mam real 
£ It MjJMwcw 
C W MiMunu'h 
F IS fi4 Newcastle 
S 28 7p j New York 
S 16 ill Oslo 
S 31 S? | Pa ns 
F 18 All Perth 
i- S 7.'|Praiur 
J. ' a « Reykjavik 
F ?i 72 
R IS 61 ! Rome 
C 17 S3 1 Singapore 
F 2-1 73 1 -SlOL-Shnlm 
C Is filtSyrtru«y 
C 13 K 1 ' Tehran 
F 17 iki’VpI .V iv 
S 2n 6* Tnfcvp 
c 24 73 Toronto 
.« ■>« Tn'Waroaw 

21 6-1 Zurich 

«c ’f 
c 18 61 

F Ml JM 
R. 17 fO 
S 16 SI 
S 21 f# 
F M 77 
a n SI 
C 16 « 
F 22 72 
B 17 63 
S 29 M 
F 2D 6S 
C 20 6S 

R W « 

C 22 72 
S 11 32 
C 22 72 

f a si 

r. 3 si 
c 20 1 ft 
Si ir. 33 

* as m 

S 2? *? 
C ni or. 
c 20 «* 

r 23 77 
K 16 111 

N Ireland 

Bright, becnmios cloudy, rain. 
Max. ISC (HF). 

Outlook: -Early rain, sunny 


* Although the improvement in profitability reflects to some 
extent an earlier than normal trade demand, the Directors 
consider, unforeseen circumstances apart, that profits 
for the full year should well exceed those for 1977. 










Capo Town 










Y'day | 
» c .(? 

5 28 7S Isle of Mm 
S 29 W Istanbul 
C 18 64 Jersey 
C 13 59 Las Pints. 
S S3 72 Locarno 
C IG 61 Malts 
S 24 73 Nairobi 
r i< 5Tf Naples 
R 3 M Nice 
S 27 61 Oporto 
S » K| Rhodes 
P 29 7S:SaLzbure 
r. 3 72 ! Tanner 
s 27 SI .Ten*>nfe 
S 17 £3 ; Tunis 
C 24 73 . Venae 
C 17 63 1 

•C *F 
C 16 SI 
F 26 TO 
S S3 13 
F 23 73 
F 27 61 
S 22 72 

Copies of the last Annual Report may be obtained from the Secretary 

u?is ^ES 

S 24 7.1 
C -21 70 
S 27 61 
23 77 
S 3 73 
S 23 TO 
S 24 73 




Dreamland Electrical 
Appliances Limited, 

Southampton S04 6YE. 

C— Cloudy, p— Fair. H— Ha#. H— Run. 
S— Sun, 

' u * l ,he p °si Offl«u Printed by St. demonVa Prea lor and mihUEhm 

w l S f Efn*®cial Tlmi-s Lid.. Bracken Hook. Cannon Siren. London, ecip irv 
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